List of Contents - temasline.com · List of Contents Theme of the Year ... PT Pelayaran Tempuran Emas Tbk 3 ... MV Sungai Mas ex PWM Valparaiso’s with the

List of Contents

16

60

Financial Highlights

Share Highlights

Share Performance

Milestones

Significant Events in 2016

List of Contents

Theme of the Year

Disclaimer and Scope of Responsibility

INTRODUCTION

Board of Commissioners’ Report

Profile of Board of Commissioners

Board of Directors’ Report

Profile of Board of Directors

MANAGEMENT REPORTS

Overview

Structure of Corporate Governance

General Meeting of Shareholders (GMS)

Board of Commissioners

Board of Directors

Assessment on the Board of Commissioners

Assessment on the Board of Directors’ Performance

Table of Affiliation

Audit Committee

Corporate Secretary

Internal Audit

Public Accountant

Risk Management

Legal Disputes

Information of Administrative Sanction

Access to Corporate Information and Data

Whistleblowing System

GOOD CORPORATE GOVERNANCE

Social and Community Sector

Employment Responsibility

CORPORATE SOCIAL RESPONSIBILITY

Company Identity

Company in Brief

Vision, Mission, and Corporate Core Values

Corporate Structure

Structure of The Group

Composition of Share Ownership

Human Resources

Occupational Health and Safety

Information Technology

Supporting Professional Institutions

Addresses of Branch Offices and Agents

Work Area and Operational Map

MANAGEMENT REPORTS

Shipping Industry Outlook

Operational Review

Operational Review on Business Segments

Investment Performance Review in 2016

Income Statements

Solvability And Receivables Collectability

Capital Structure And Policy On Capital Structure

Business Outlook

Marketing Aspects

Cash Dividend Policy and Distribution

Material Information on Investment,

MANAGEMENT DISCUSSION AND ANALYSIS

PERFORMANCE HIGHLIGHTS 2016

Expansion, Divestment, Business Merger/ Consolidation, Acquisition, or Debt/Capital Restructuring Material Obligation For Goods and Capital Investment

Amendment in Regulations

Amendment in Accounting Standards

STATEMENT OF RESPONSIBILITY OF THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS REGARDING THE 2016 ANNUAL REPORT

CONSOLIDATED FINANCIAL STATEMENTS

2

3

4

7

10

10

12

14

18

22

24

28

33

34

37

39

40

41

42

44

45

46

47

50

62

63

63

66

66

69

69

69

70

71

73

74

74

75

75

75

76

80

80

54

54

54

55

56

57

59

59

59

59

59

59

59

6

78

82

84

30 52

2 Annual Report 2016PT Pelayaran Tempuran Emas Tbk 3Annual Report 2016

PT Pelayaran Tempuran Emas Tbk

INTRODUCTION MANAJEMENT REPORT COMPANY PROFILEMANAGEMENT DISCUSSIONAND ANALYSIS

GOOD CORPORATEGOVERNANCE


2016 AUDITEDFINANCIAL STATEMENTS

2016 PERFORMANCE HIGHLIGHTS

ENABLING INDONESIA THROUGH CONNECTIVITY

Providing integrated solutions supported by innovative, competitive and reliable shipping service in Indonesia has become the Company’s solid commitment. Now, TEMAS Line has also been a pioneer in supporting the Government’s Sea Toll Program in order to realize the Republic of Indonesia as the Nation of strong Maritime Axis, through the opening of pilot ports in East Indonesia as the effort to improve interregional connectivity.








Disclaimer and Scope of Responsibility

This Annual Report contains statements of financial condition, operational results, projections, plans, strategies, policies, as well as the Company’s objectives, categorized as forward statements in the implementation of prevailing legislation, where historical things are exception.

The statements have possibilities of risk, uncertainty, and can lead to actual developments that are materially different from the ones reported. Prospective statements in this Annual Report are based on various assumptions regarding current and future conditions, and also the Company’s business environment. The Company provides no guarantee that documents that have been validated will bring certain results as expectated.

The Annual Report contains the words of “TEMAS Line” or “the Company” that are defined as PT Pelayaran Tempuran Emas Tbk that operates its business in providing services of goods delivery in containers by marine lines. The words are used on the basis of consideration for ease in addressing PT Pelayaran Tempuran Emas Tbk in general.















2016 PERFORMANCE HIGHLIGHTS The National Network is an initial strategic action developed by the Company.















FINANCIAL HIGHLIGHTS

Consolidated Statements of Financial Position

Total Assets

Total Liabilities

Total Equities

2.525.662

1.530.986

994.676

1.782.061

967.395

814.666

58,51

118,75

54,29

17,80

19,56

38,93

1.626.838

1.092.953

533.885

49,49

204, 72

67,18

12,52

13,38

38,14

DESCRIPTION 2016 2015 2014

(in million Rupiah)

(in million Rupiah)

Income Statement 2016 2015 2014

Sales Revenue

Gross Profit

Operating Income

Net Income

Total Comprehensive Income (Losses) Attributable to Owner of the Parent Entity

Total Comprehensive Income (Losses) Attributable to Non-Controlling Interest

42,28

153,92

60,62

9,17

13,85

23,28

Financial and Operating Ratios (%) 2016 2015 2014

In %

Current Ratio

Debt to Equity Ratio

Debt to Total Asset Ratio

Return on Assets

Return on Revenue

Return on Equity

321,402

1.141.030.000

1.141.030.000

203

284.175

1.141.030.000

1.141.030.000

278

270.104

1.141.030.000

1.141.030.000

178

Others 2016 2015 2014

(in million Rupiah)

Sales Volume (TEUs)

Outstanding Shares (number of shares)

Weighted Average of Outstanding Shares (shares)

Earning Per Share (Rupiah)

1.671.905

444.055

303.847

231.521

231.308

213

1.621.364

453.693

407.999

317.174

316.970

204

1.522.131

387.854

323.422

203.631

203.059

572








CHARTS OF FINANCIAL HIGHLIGHTS (In Million Rupiah)

20162014 2015

Total Assets

2,5

25

,66

2

1,78

2,0

61

1,78

2,0

61

20162014 2015

Total Liabilities

1,5

30

,98

6

96

7,3

95

20162014 2015

Total Equity

99

4.6

76

814

.66

6

20162014 2015

Sales Revenue

1,6

71,9

05

1,6

21,3

64

20162014 2015

Net Income

23

1,521

317

,174

20162014 2015

Sales Volume (TEUs)

53

3.8

85

1.522.13

1

1,6

26

,83

8

1,0

92,9

53

20

3,6

31

321,4

02

28

4,175

270

,10

4








STOCK HIGHLIGHTS

STOCK PERFORMANCE

2015Highest

(Rp)

2,285

2,100

1,760

2,200

Lowest(Rp)

1,730

1,495

1,250

1,380

Closing(Rp)

1,800

1,650

1,430

1,950

Average Volume

41,325,900

30,252,300

9,421,100

14,772,800

Q1

Q2

Q3

Q4

2016Highest

(Rp)Lowest

(Rp)Closing

(Rp)Average Volume

2,000

1,945

1,720

1,765

1,710

1,370

1,375

1,365

1,900

1,475

1,385

1,750

5,966,100

24,302,500

98,310,800

116,655,700

Period

500

0

10.000.000

0

4500

5000

5500

6000

4000

3500

3000

2500

2000

1500

1000

90.000.000

80.000.000

100.000.000

110.000.000

120.000.000

70.000.000

60.000.000

50.000.000

40.000.000

30.000.000

20.000.000

2015 2016Closing Price

Average Volume

Closing Price

Average Volume

Closing Price (Rp) Average Volume















3Laporan TahunanPT Pelayaran Tempuran Emas Tbk 3Laporan TahunanPT Pelayaran Tempuran Emas Tbk

1987 Founded by Harto Khusumo and Koentojo, the Company was initially founded with KM Latoa as the first ship which was afterwards replaced by KM Teluk Mas.

2002TEMAS Line received Adi Karya Bahari Pralabda Award from Minister of Transportation and Telecommunications for its achievement in Marine Transportation.

2003 The Company listed its shares on Indonesia Stock Exchange and became a public company with ticker code “TMAS”. In October 2015, Director of TEMAS Line, Mr. Harto Khusumo, received an award for Indonesian Best Entrepreneur from Ernst &Young for Entrepreneurial Spirit Category.

2004The Company received Value Creator Award from SWA Magazine and MarkPlus & Co. for the category of best public companies with assets less than Rp1 trillion.

2005Apart from being unanimously crowned as the Model of National Shipping Company in the year of 2005 by Ministry of Transportation of the Republic of Indonesia, The Company also received Value Creator Award (EVA) from SWA Magazine and MarkPlus & Co for its notable achievement in creating added value for its business.

2006 – 2012The Company rejuvenated its fleet by reducing 12 units of ships and adding 23 units of ships, consisting of 6 units of used ships and 17 units of new building ships.

2013JanuaryThe Company acquired 99.67% shares of PT Escorindo Stevedoring, a stevedoring company in North Jakarta that operates in Tanjung Priok Port, to improve the Company’s performance.

JuneTo improve service quality to customers, the Company purchased 2,500 units of new Food Grade Container, specifically for transporting products of foods, beverages and pharmaceuticals.

2014June The structure of the Company’s Executive Board changed to:Board of Directors:

President DirectorHarto Khusumo

DirectorFaty Khusumo

DirectorGanny Zheng

DirectorTeddy Arief Setiawan

Board of Commissioners:

President CommissionerWong Chau Lin Independent Commissioner Edward SimangunsongIndependent CommissionerAlfred Natsir

September1. The Handover of KM Spring

Mas with capacity of 16,705 DWT - 1,560 TEUs.

2. Signing The MOU of Pendulum Route (sea toll) for the route of Belawan–Tanjung Priok–Tanjung Perak–Makassar–Bitung, to realize a continuous synergy among Shipping, Pelindo I (Belawan International Container Terminal), Pelindo III (Surabaya Container Terminal), and Pelindo IV (Makassar Container Terminal and Bitung Container Terminal).

October1. Signed MOU to purchase

3,000 units of 20ft Food Grade and 500 units of High Cube container.

2. Received an award from IPC (International Port Container) for the category of Best Shipping Line in Pontianak.

NovemberOpened new route of Jakarta-Dumai

2015MarchSigned an order contract of constructing 6 units of new ship to increase the Company’s capacity.

June1. Opened a new route from

Surabaya–Palu 2. PT Escorindo Stevedoring,

the Company’s Subsidiary, signed purchase contract for 3 units of Harbor Mobile Cranes to further enhance the Company’s operation.

MILESTONES










September1. The Company bought a

shophouse in Banjarmasin as the Company’s Branch Office.

2. The Company’s Head Office moved to a new building.

OctoberThe Company signed a Memorandum of Understanding (MoU) with PT Pelabuhan Tanjung Priok regarding Cooperation in Stevedoring Activities in Tanjung Priok Port.

November 1. Obtained TOP Infrastructure

Award 2015 for the category of TOP Infrastructure on Transportation 2015.

2. The Company purchased MV Sungai Mas ex PWM Valparaiso’s with the capacity of 28,876 DWT, 2,135 TEUs.

DecemberPT Olah Jasa Trisari Andal, the Company’s Subsidiary, signed purchase contract of 1 unit Reach Stacker to support the Company’s operation.








SIGNIFICANT EVENTS IN 2016

January

Delivery of MV Sungai Mas ex PWM Valparaiso with a capacity of 28,876 DWT, 2,135 TEUs.

MayReceived Investor

Award for the category of

Infrastructure Sector.

February

1. Delivery of KM Teluk Mas and KM Kisik Mas, 2 of 6 new building vessels.

2. Opening new routes of Timika and Merauke

April

Sold KM Kedung Mas in order to rejuvenated

Company’s fleet.








July

Opening new route ofMalahayati.

November

1. Delivery of KM Segara Mas ex Conti Emden with capacity of 38,103 DWT, 2,702 TEUs.

2. Delivery of KM Ayer Mas and KM Muara Mas, the 5th and 6th fleet of 6 new fleets in order.

3. Opening new route of Tual

June

1. 1. Delivery of KM Curug Mas and KM Bahar Mas, the 3rd and 4th fleet out of 6 new fleets in order.

2. Opening new route of Serui.

3. Opening new route of Kumai and Sampit.

October

Delivery of KM Sendang Mas ex Larentia with capacity of 38,121

DWT, 2,702 TEUs.

December

Received an award as the Best GCG with A Predicate

for Listed Companies in Transportation Sector

from Economic Review.








MANAGEMENT REPORTS The realization of Government Programme in achieving sustainable and equitable development throughout Indonesia serve as motivation for Board of Directors to contribute for prosperity of Nations.















REPORT OF THE BOARD OF COMMISSIONERS

Wong Chau LinPresident Commissioner








Dear Valued Shareholders,

One of the influential parameters that greatly affected the Company’s achievement in 2016 came from national economic growth that reached 5%, which was particularly sufficient to constantly generate the domestic economy. A fairly restrained inflation and a relatively steady rupiah exchange to US Dollar contribute as well. Aside from the abovementioned factors, The other supporting factor, likewise, the price of fuel as the largest component of the Company’s operating cost remained constant. During 2016, domestic politics and security condition remained relatively under control, allowing the Company to run its activity well and carry out expansion for further development.

However, global economy for the year showed a contrast situation where its continued sluggish climate caused difficulties for some global shipping industries. Most of them were forced to downsize their business capacity. Those who did not survive would certainly cease to operate, and it was reflected on the sales of ships with cheap price in global market.

“We, as the Board Commissioners voluntarily dedicate ourselves as an advisor and counterpart for Directors in determining important policies for Company.

A different story happened in national shipping industry or domestic transportation. Supported by above mentioned parameters, domestic transportation, containerized shipping in particular, grew well. Growth in container freight was also encouraged by the Government program of Sea Toll policy, ports development and advancement, mainly in Eastern Indonesia. Nevertheless, the important thing for TEMAS Line was the competition factor among domestic providers of container transportation throughout the year 2016 that would certainly affect the Company’s performance.

Board of Commissioners’ Performance

As mandated in the Articles of Association, the main duty of the Board of Commissioners is monitoring and supervising the Company’s operations carried out by the Board of Directors. The Board of Commissioners’supervision starts from planning to implementing aspects and provides corrective








Alfred Natsir Independent Commissioner


Edward SimangunsongIndependent Commissioner

action if required. In our Monthly Meeting, we have supervised financial. operational performances, and the performance of main production equipment (ships& tools).We have to ensure that Internal Control,Risk Management and Good Corporate Governance (GCG) are well implemented. In addition to our main duty, the Board of Commissioners also provides itself as an advisor, a counterpart for the Board of Directors in making Company’s important policies, such as addition of vessels, equipment, route opening, and feasibility study of investment.

As for improving the human resources’ professionalism, integrity and competency, we would like to be the resourceful mentor. With the collaboration of the Board of Commissioners, Board of Directors and all the Company’s organs, it is expected that the Company could continue to grow in the midst of tighter competition, especially in the industry of domestic containerized shipping line.

Evaluation on the Company’s PerformanceThe Company’s key performance indicators in 2016 can be described as follows: cargo volume amounted to 321,402 TEUs, increased 13.10% if compared to 2015; net profit for the year was Rp231,521 million or down 27.01% from 2015; total cash was Rp32,968 million or higher 25.9% than cash in 2015; and total assets reached Rp2,525,662 million or increased 29.4% compared to 2015. These performance indicators in 2016 demonstrated that the Company has been in progress in carrying out the mission toward the dream vision.

Addition of Main Production EquipmentDuring the period of 2016, the Company has purchased 3 units of new large ships with capacity of 2,700 TEUs and 4 vessels with capacity of 360 TEUs, while renewing our fleet by selling 1 unit of unproductive ship. Therefore, at the end of 2016 the number of our owned fleet amounted to 31 units of ship with total capacity of 22,363 TEUs or grew 42.59% compared to 2015. Along with the vessels, the Company has also purchased supporting tool of 2 units of heavy equipment and additional 3,500 units of container









On behalf of the Board of Commissioner,

Outlook on Business ProspectWe see an optimistic growth on domestic container transportation under favorable government policies that are supportive to economic improvement, including sea toll policy to prioritize and promote an integrated ocean freight, infrastructure development policy for the port in particular, simplification in licensing, new energy over tax amnesty policy, invitation to foreign investors for economic and infrastructure development, eradication and prevention of corruption, including in transportation sector. All of these create an optimism, mainly for domestic container transportation. Accordingly, the Company has set a strategy to seize the growing opportunities through providing a pendulum service of the nation, developing new services, adding vessels, tools and containers, planning efficient and effective shipping service. Organization policy and human resources development have also been prepared so as to make the Company more confident in welcoming the future success.

Closing To end our report, the Board of Commissioners would like to convey appreciation and gratitude to the Board of Directors, all employees of TEMAS Line and Subsidiaries who have dedicated their hard work. Similar appreciation goes to the Shareholders and Government who always support, to PT Pelindo I, II, III, and IV, and subsidiaries for the given cooperation. To the customers for their trust to keep using the Temasline’s services, hopefully our partnership in the future could be better. In the end, together we can contribute for the advancement and prosperity of the Republic of Indonesia.

Thank you.








PROFILE OF BOARD OF COMMISSIONERS


She has served as President Commissioner of the Company since July 31, 1996, based on Decree of Extraordinary General Meeting of Shareholders (EGMS) Resolution No. 333, dated on July 31, 1996. As one of the founders of TEMAS Line, Wong Chau Lin previously served in several significant positions within the Company, such as Commissioner of TEMAS Line (1987–1996), President Commissioner of PT Pelayaran Tirtamas Express (2000–2003), and President Commissioner of PT PBM Olah Jasa Andal (2005–2012). Currently, she also serves as President Commissioner of PT Temas Lestari since 2002. She was graduated from Wellington College, Hong Kong (1972).









He has served as Independent Commissioner of TEMAS Line since June 6, 2014, based on Decree of EGMS Resolution No. 26 dated on July 4, 2014. Graduated with Bachelor of Civil Engineering from ITB Bandung, he started his career as Employment Staff at Department of Transportation (1977); Planning Division Staff at Directorate General of Marine Transportation (1978); Head Division of Engineering and Project at Maluku and South Kalimantan Ports (1983); Head of Engineering Division at Perum Pelabuhan IV Makassar (1990); Head of Sub-Directorate of Port Building at Perum Pelabuhan IV, Makassar (1992); Senior Manager of Business Development at PT Pelindo IV, Makassar (2000); Director at PT Pelabuhan Indonesia IV (Persero), Makassar (2002-2009); and President Director at PT Pelabuhan Indonesia I (Persero), Medan (2011-2013).


He has served as Independent Commissioner of the Company since June 28, 2010, based on Decree of EGMS Resolution No. 89 dated on July 15, 2010. He began his career as an auditor and financial consultant at KPMG Public Accountant Firm in 1978, and had served in significant positions, such as: Internal Audit to Controller at PT Dowell Schlumberger Indonesia (1983-1988); Finance/Adm/HRD at PT Orindo Alam Ayu (1989-1991); Director of PT CMC Bina Amsali (1992-1995); Technical Advisor at PT Pentasena Artha Sentosa (1991); and Corporate Finance Head at KPMG. (1996-1998) Currently, he serves as member of Audit Committee for TEMAS Line since 2003, also as Director and Founder of IPE Associates since 1998. Edward Simangunsong was graduated with Bachelor of Economics in 1981 and Master of Strategic Management in 2008 from University of Indonesia.








Harto KhusumoPresident Director

BOARD OF DIRECTORS’ REPORT

PENDAHULUAN LAPORAN MANAJEMEN PROFIL PERUSAHAANKILAS KINERJA








Dear Valued Shareholders,

Time flies and we have passed through the year 2016. Therefore, we are grateful to God the Almighty that even under uneasy conditions, the Company could successfully move on with all the existing challenges.

Our journey in 2016 was not easy, particularly in shipping industry. Global shipping industry underwent a challenging period due to slowdown in global economic growth at only 2.3% according to the World Bank. Decrease of global mining and offshore production created an impact on transportation industry in general, and shipping industry in particular. As the result, many of the world’s shipping companes experienced downsizing capacity. In fact, some world’s giant shipping companies suffered losses, or even bankruptcy.

Slowdown in global economic growthand crisis in world’s shipping industry also influenced national shipping industry as well. However, the Company’s Board of Directors remained confident with Indonesia’s economic growth and development. Many infrastructure projects are currently in progress to support the Government’s Sea Toll Program. Furthermore, Indonesia’s Central Bureau of Statistics recorded that economic growth in Indonesia reached to 5.02%, while the economic growth in Maluku and Papua recorded at 13%. In this case, the Board of Directors could see the potential development, coupled with huge Indonesian population that mostly is within the category of young population. Thus, there is an opportunity for increased demand towards daily consumption needs, which requires thorough distribution lines, since Indonesia is an archipelago country connected by the sea.

ANALISIS DAN PEMBAHASAN MANAJEMEN

TATA KELOLAPERUSAHAAN

TANGGUNG JAWABSOSIAL PERUSAHAAN

LAPORAN KEUANGAN

The integrated and continuous improvement in infrastructure development by the Government is expected to facilitate the distribution flows of products and services nationwide, which in turn could reduce logistics cost from Sabang to Merauke. Realization of the Government Program for equal development in all regions of Indonesia becomes the driver for the Board of Directors to contribute for the developmet of the nation.

Company’s Performance in 2016

The Company has implemented some strategic actions in order to participate supporting the Sea Toll Program initiated by the Government. The establishment of National Network is our initial strategic step in 2016, by opening 7 new ports of Timika, Merauke, Serui, Kumai, Sampit, Malahayati, and Tual. The opening of the ports certainly needs a fleet to provide route services, and therefore the Company has made investment by using its capital expenditures to add a number of fleets and other supporting equipment. The additional 3 large ships with capacity of 2,700 TEUs and 4 ships with capacity of 360 TEUs –as continued building project of 6 new ships in 2015– were prepared to support market penetration. Thus, the number of Company’s owned vessels increased to 31 units with total capacity of 22,363 TEUs compared to 2015 with 22 units with total capacity of 12,838 TEUs. The number of ports served also increased from 20 ports in 2015 to 27 ports in 2016. Other supporting facilities were also added, including containers, stevedoring equipment, and land for container depot. With the additional supporting facilities, the operational activities would be effectively and efficiently conducted.

“TEMAS Line has been the pioneer and continuously committed to supporting the Government’s program in realizing the Maritime Axis of the Nation through Sea Toll implementation aimed at reducing price disparity between western and eastern regions of Indonesia.









By 2016, the Pendulum Service initiated in 2013 has been developed to become S4 Service and A3 Service. S4 Service with the route of Belawan-Jakarta-Surabaya-Makassar-Bitung-Palu, is served with 4 units of ships, and A3 Service with the route of Belawan-Jakarta-Surabaya-Makassar-Ambon, is served with 3 units of ships in the first quarter of 2017. Meanwhile, small-sized ships will serve as feeder service/loop service to smaller ports.

From financial side, compared to 2015 the Company’s Service revenue increased 3.15% at the end of 2016, from Rp1,621 billion to Rp1,672 billion. While Income attributable to the Owner of Parent Entity declined 27.01%, from Rp316.9 billion in 2015 to Rp231.3 billion in 2016. The decline of Company’s Income was due to market penetration for some new ports’ service, where the price experienced a significant decline. New acquired ships were not also able to generate revenue in such a short time. The Company’s total assets reached Rp1,782 billion in 2015 to become Rp2,525.6 billion or increased 41.73% in 2016.

To provide timely shipping schedule, we have always cooperated with Pelindo and Port Operator to improve stevedoring performance in all ports. Accordingly, the Company has signed a Memorandum of Understanding (MOU) of Pendulum Service with five Port Operators of Terminal Petikemas Domestik Belawan (TPKDB), Pelabuhan Tanjung Priok (PTP), Terminal Petikemas Surabaya (TPS), Terminal Petikemas Makassar (TPM) and Terminal Petikemas Bitung (TPB). With this collaboration of the Company and five Port Operators, it is expected that the customers have an assurance regarding the service schedules provided by the Company, to help them making better planning for their business activities.

Harto KhusumoDirektur Utama

Teddy Arief SetiawanDirektur Komersial

Faty KhusumoDirektur Pengelola

Ganny ZhengDirektur Keuangan








On behalf of the Board of Directors,





LAPORAN KEUANGAN

Business Prospect

With the implementation of Pendulum Service S4 and A3 that connects all Port Hubs with consistently scheduled ships, interisland goods distribution in the entire regions of Indonesia will be better, coupled with future developed routes that will realize an integrated Sea Toll and quicker transit time of delivery. Goods distribution from economic centres will reach out to remote areas so that logistics cost could really be reduced and price disparity between the center and the regions, western and eastern regions of Indonesia, can be decreased. The wheels of economy will spin faster and prosperity can be equally realized.

Backed by 31 fleets of vessel with total capacity of 22,363 TEUs serving 27 ports throughout Indonesia, the Company can offer more alternatives to customers, so that demand for services to remote areas and small ports can be fulfilled properly. The Company’s National Network that is in progress and will continue to be carried out, is our contribution to realize more varied limitless connectivity for marine cargo transportation of Indonesia’s Sea Toll. The Company will continue to innovate and create solutions for logistics industry and distribution of economic goods.

With the new investment, TEMAS Line will stand strong to realize Fixed Schedule and On-Time Delivery throughout Indonesia, in which it has been the long expectation in the National Logistics Industry. Therefore, we invite all relevant parties, from customers, port operators, regulators, employees and ship crews, to build a synergized cooperation in realizing Indonesia as the strong maritime country.

In closing, the Board of Directors would like to convey deepest gratitude to all Stakeholders, Directorate General of Sea Transportation, Pelindo, INSA, Bureau of Classification, Customers and Suppliers for the support and cooperation over the time. Our high esteem is also provided to all Employees, Crews and the Big Family of Temasian for the contribution and hard work through this time. May God the Almighty always bless each of our efforts and works.









He served as President Director of the Company since December 16, 2002, based on Decree of AGMS Resolution No. 23. He had previously served in several positions, such as Commissioner at PT Dermaga Emas Jaya (1989-1990); Director at TEMAS Line (1987-2002); Director at PT Pelayaran Tirtamas Express (2000-2003); and President Director at PT Temas Lestari (2002-2003). Currently, Harto Khusumo also serves as Commissioner at PT Bongkar Muat Olah Jasa Trisari Andal (since 2003); Commissioner at PT Pelayaran Tirtamas Express (since 2003); and Commissioner at PT Temas Lestari (since 2003). He was awarded as Entrepreneur of the Year for Entrepreneurial Spirit from Ernst & Young in 2003. He was graduated from senior high school in Surabaya in 1965.

Faty KhusumoManaging Director

She was appointed as Director of the Company since June 6, 2014, based on Decree of AGMS Resolution No. 26 dated on July 4, 2014. Faty Khusumo started her career as Commissioner at PT Pelayaran Tirtamas Express (1993-2003), then as Commissioner at PT Olah Jasa Andal (1997-2012), Commissioner of PT Pelayaran Tempuran Emas (1999-2002), and Director at PT Tempuran Emas (2002-2003). Currently, she has also served as President Director of PT Temas Lestari (since 2003). Faty Khusumo was graduated as Bachelor of Business Administration from Pepperdine University, Malibu, CA, USA (1998) and received her Master of Corporate Finance from Case Western Reserve University, Cleveland, Ohio, USA (1999).

PROFILE OF BOARD OF DIRECTORS








Ganny ZhengFinancial Director

He was appointed as Director of the Company since June 6, 2014, based on Decree of AGMS Resolution No. 26 dated on July 4, 2014. Ganny Zheng started his career as Accounting Staff at Stein Devisser & Mintz, New York, USA (1996-1999); and had served as Account Manager at Intergraph, Singapore (1999-2003). Currently, he is also appointed as Director of PT Pelayaran Tirtamas Express since 2003. Ganny Zheng was graduated with Bachelor of Mechanical Engineering from Rutgers University, New Jersey, USA, 1996, and Master of Business Administration in Finance and Investment from Zicklin School of Business, City University of New York, USA, 1998.

Teddy Arief SetiawanCommercial Director

He has served as Commercial Director of the Company since June 30, 2011, based on Decree of Meeting Resolution No. 44 dated on July 12, 2011. He had previously served in some significant positions, such as Site Engineer at PT Aldy Karya Utama (1994-1995), Project Engineer at Geo Optima Inc. (1995-1997), Field Manager at PT Zurich Life Insurance Indonesia (1998-2001) and Site Manager of PT Borpiling Lestari (1997-1998). He then joined TEMAS Line in 2001 as Business Development & Head of Marketing, and later was trusted as General Manager Liner. Teddy Arief Setiawan is an expertise in planning and marketing division for both industrial and services sectors, with Bachelor of Civil Engineering degree from National Institute of Science and Technology (1996).








COMPANY PROFILEThe continuous support from 31 vessels of ours with their capacity of 22,363 TEUs has been a great help for us to serve 27 ports in Indonesia. Moreover, Company can also provide a lot of choices for Customers so that all their needs in almost all regions of Indonesia notwithstanding the small portscan be well achieved.






















COMPANY IDENTITY

Company’s Name PT Pelayaran Tempuran Emas Tbk

Shipping

Established on September 17, 1987, under the name of PT Tempuran Emas

Decree No. C2-2545.HT.01.01.TH’88 dated on March 22, 1988

PT Pelayaran Tempuran Emas TbkJakarta Head Office

Jl. Yos Sudarso Kav. 33

Sunter Jaya, Tanjung Priok

Jakarta 14350

Phone : (62-21) 430 2388

Fax : (62-21) 4393 8658

Email : [email protected]

Website : www.temasline.com

Rp570.000.000.000

Rp142.628.750.000

Non-Management• PT Temas Lestari: 80,84%

Management• Wong Chau Lin: 0,01%• Harto Khusumo: 0,02%• Teddy Arief Setiawan: 0,01%• Ganny Zheng: 0,40%

Publik: 18,72%

Line of Business

Date of Establishment

Ownership

Deed of Establishment

Authorized Capital

Issued and Paid-Up Capital

Office Address








The Company’s involment in shipping industry dated back to the time when Harto Khusumo and Koentojo agreed to set up a first shipping

company in Indonesia that pioneered in containerized cargo delivery via sea transportation, under initial name of PT Tempuran Emas on September 17, 1987.

Six years later, the Company managed to transform into a public company by joining the Indonesia Stock Exchange in 2003 with the name of TEMAS Line and stock code of “TMAS”. TEMAS Line listed its shares on June 25, 2003, through offering 451,000,000 shares, making the Company first national containerized shipping line listed in the Indonesia Stock Exchange since July 9, 2003. The Company’s name then changed into PT Pelayaran Tempuran Emas Tbk until today.

The Company initiated its business through the provision of container transportation services by rental vessels. TEMAS Line’s rapid growth required the Company to keep on strengthening its position and competitiveness in the industry. Growing number of fleet and more expansive range of services have become TEMAS Line’s service excellence, backed by

TEMAS LINE AT GLANCE

heavy equipment of stevedoring activities, such as Harbour Mobile Crane (HMC), Reach Stakers, Empty Container Handler and Forklift Container. Today, the Company has become one of leading companies in Indonesia’s shipping industry, providing integrated services with modern fleet of ships and supporting owned equipment.

In line with the dynamics of national shipping industry development, the Company continues to expand its services by developing the business lines of shipping management, agency, and stevedoring services that are operated through four Subsidiaries, namely PT Olah Jasa Trisari Andal that is engaged in depots management; PT Pelayaran Tirtamas Express in shipping management; Anemi Maritime Co. Ltd. (Anemi) in lease of containers management; and PT Escorindo Stevedoring in stevedoring services.

Not only its services, the Company’s network and shipping routes also continues to be expanded to the entire country. Until the end of 2016, the Company has 12 (twelve) branch offices in Jakarta, Ambon, Banjarmasin, Belawan, Bitung, Jayapura, Makassar, Pekanbaru, Pontianak, Surabaya, Sorong,








and Samarinda, as well as establishing 15 (fifteen) agencies in Malahayati, Batam, Dumai, Palembang, Sampit, Kumai, Balikpapan, Palu, Kupang, Manokwari, Tual, Timika, Merauke, Biak and Serui. Consequently, the number of fleet and supporting facilities are also growing. Up to the year 2016, the Company’s total owned containers have reached 30,631 units, consisting of 9,421 units of food grade containers and 21,210 units of non-food grade containers. The number of the fleet reached 31 ships with a total cargo capacity of 22,363 TEUs.

Line of Business

According to Article 3 of the Company’s Articles ofAssociation, the business activity of TEMAS Line is tomanage shipping services, to initiate and to organize anational shipping company engaged with transportation ofgoods, vehicles, passengers, and animals, with ships, bothwithin and outside the country.

Products and Services

The Company is engaged in transportation business, especially marine transportation services that provide containerized goods delivery. Services offered include managing container transportation and stevedoring services nationwide. The marine transportation business is implemented in the main ports centralized in Jakarta, Surabaya and Makassar. Whereas the containerized commodities are mainly rice, flour, sugar, cement, also vehicles and other cargos usually shipped by containers.








TABLE OF VESSELS

KM SENDANG MAS

KM SEGARA MAS

KM. SUNGAI MAS

KM. SPRING MAS

KM SELAT MAS

KM STRAIT MAS

KM LAGOA MAS

KM KUALA MAS

KM BELIK MAS

KM HILIR MAS

KM KANAL MAS

KM TASIK MAS

KM TELAGA MAS

KM UMBUL MAS

KM WARIH MAS

KM ESTUARI MAS

KM JALES MAS

KM KALI MAS

KM MARE MAS

KM. TELUK MAS

KM. KISIK MAS

KM. PALUNG MAS

KM. GULF MAS

KM. CURUG MAS

KM BAHAR MAS

KM. AYER MAS

KM. MUARA MAS

KM SEGORO MAS

KM SAMUDERA MAS

KM GUHI MAS

KM LAGUN MAS

TOTAL

AVERAGE

11

10

17

18

20

21

7

7

3

3

3

3

3

3

3

6

5

6

6

0

0

0

0

0

0

0

0

11

11

7

7

6

38,121

38,103

28,876

24,341

18,106

18,106

8,753

8,700

8,180

8,180

8,180

8,180

8,180

8,180

8,180

8,100

8,100

8,100

8,100

5,300

5,300

5,300

5,300

5,300

5,300

5,300

5,300

5,252

5,222

5,200

5,200

336,040

10,840

2016

2016

2016

2015

2014

2014

2008

2009

2012

2012

2012

2012

2012

2012

2012

2009

2010

2009

2009

2016

2016

2016

2016

2016

2016

2016

2016

2004

2004

2008

2008

2,702

2,702

2,135

1,560

1,048

1,048

538

538

558

558

558

558

558

558

558

537

537

537

537

360

360

360

360

360

360

360

360

296

296

283

283

22,363

721

Name of VesselsDeadweight

(Tons)Year of

AcquisitionCapacity (TEUs) Age of Vessel








VisiTo become the No. 1 ShippingCompany in Indonesia by 2017.

MisiTo provide innovative, competitive and reliable shipping service in Indonesia and to professionally serve the customers in order to generate maximum profit for the stakeholders.








ProfessionalTo engage in the assigned duty and responsibilities in accordance with their

expertise and skills.

Effective To achieve target performance in a timely manner by utilizing all existing resources.

Discipline To comply and conform to the prevailing rules and procedures in all activities.

CORPORATE CORE VALUES

EnthusiasmTo continuously strive and be vivacious in attaining achievement and meeting all targets.

Loyalty To be fully dedicated in developing the Company and attaining mutual welfare.

Innovative To generate new and unique ideas or actions in every activity for the development of the Company.








Chairmain of Audit Commitee

Edward Simangunsong

Human Resources

Ship Management

Finance & Accounting

HR GA System & Ship Management

System Management

Corporate Secretary

Marthalia Vigita

LEGAL

Operation & Marketing

Liner Operation

Operation Development

Container &Depot Mgmt

Branches

Head of Internal AuditSusan Natalia

Directors

Managing Director : Faty Khusumo

Commercial Director : Teddy Arief Setiawan

Finance Director : Ganny Zheng

President DirectorHarto Khusumo

Controller

Accounting & Tax

Finance & Treasury

Organization & People Development

General Affairs

Board of Commissioner

President Commissioner : Wong Chau Lin

Independent Commissioner : :• Edward Simangunsong• Alfred Natsir

CORPORATE STRUCTURE








Publik

80.84%

19.16%

0.31%

99.69% 99.80% 99.00% 99.67%

0.33%

1.00%

0.20%

Harto Khusumo

Harto Khusumo

PT PelayaranTirtamasExpress

AnemiMaritimeCo.Ltd

PT BM OlahJasa Trisari

Andal

PT EscorindoStevedoring

Temas Lestari


19.16%

80.84% PT Temas Lestari

Public

STRUCTURE OF COMPANY’S GROUP

STRUCTURE OF COMPANY’S GROUP








TABLE OF SHAREHOLDERS’ COMPOSITION

SHAREHOLDERS COMPOSITION

SHARE LISTING CHRONOLOGY

Shareholding (%)

Amount (Rp)

80.84

0.01

0.02

0.01

0.40

18.72

100

115.306.619.500

8.687.500

30.816.500

13.872.500

565.443.125

26.703.310.875

142.628.750.000

Shareholders

(Par value of Rp125)

Non Management

PT Temas Lestari

Management

Wong Chau Lin

Harto Khusumo

Teddy Arief Setiawan

Ganny Zheng

Public

TOTAL

Shares Issued and Fully Paid

922,452,956

69,500

246,532

110,680

4,523,545

213,626,787

1,141,030,000

Operational Status

Number of Additional Shares

Ownership (%)

Number of Accumulative Shares

Operating

Operating

Operating

Operating

99,00

99,69

99,67

99,80

Subsidiary

Description

PT Perusahaan Bongkar Muat Olah Jasa Trisari Andal

PT Pelayaran Tirtamas Express

PT Escorindo Stevedoring

Anemi Maritime Co. Ltd.

Line of Business

Listing Date

Depot Management Services

Shipping Management

Stevedoring Services

Container Leasing

55.000.000

396.000.000

45.100.000

496.100 000

148.830.000

55.000.000

451.000.000

496.100.000

992.200.000

1.141.030.000

Initial Public Offering

Listing

Bonus Share

Stock Split

Stock Dividend

9 Juli 2003

9 Juli 2003

19 Juli 2005

17 Maret 2006

3 Juli 2006








In line with the Company’s business growth marked by increasing number of fleet and shipping lines, TEMAS Line is constantly

working to organize and manage reliable and professional human resources (HR) in order that the whole business unit’s activities can operate optimally. Thus, the productivity and effectiveness of TEMAS Line performance will continue to grow and increase.

Consistently, the Company continues the development program and performance improvement, especially in providing a satisfactory operational excellence to all customers. The operational excellence can only be provided by reliable, loyal, competent and highly dedicated manpower. Not only as the Company’s human capital to achieve the vision and mission, the Company’s employees are also the Company’s major asset in improving competitiveness in the middle of business dynamics and challenging tighter competition.

HUMAN RESOURCES DEVELOPMENT

In order to develop its employees, the Company has set competence standards and qualifications for each key function in the Company’s organization as a shipping company. In general, the competence standards applied in the Company include Core Competence, as the basic competence the entire employees should own; Functional Competence, as a competence with specific roles and functions; and Leadership Competence, which should be owned by leaders in the organization of the Company. All competence standards are the elaboration of the Company’s business requirement and objectives in short, medium and long terms.

For the implementation of Human Resources development program, during 2016 the Company has allocated a total of Rp363 million, covering for various forms of training, such as managerial training, soft skill training and technical training. Until the end of December 2016, the total of the Company’s employees who participated training or development program reached to 134 persons, or about 18% of the overall Company’s employees.








2016At Office

15

2

47

59

364

250

737

In Vessels

62

185

309

55

611

Total

15

2

109

59

364

250

185

309

55

1,348

2015At Office

14

5

35

54

246

295

-

-

-

649

In Vessels

46

132

220

42

440

Total

14

5

81

54

246

295

132

220

42

1,089

Directors’ Management

General Manager

Manager/Equal to Manager

Supervisor/Equal to Supervisor

Staff

Non-Staff

Officer/Engineer

Rating

Trainee

Total

Position

2016

17

211

70

404

35

737

56

185

17

350

3

611

73

396

87

754

38

1,348

2015

13

174

58

369

35

649

30

43

84

280

3

440

43

217

142

649

38

1,089

> Master Degree

Bachelor Degree

Diploma

Senior High or Equivalent

< Senior High

Total

Education

2016

410

327

737

611

611

410

938

1,348

2015

367

282

649

440

440

367

722

1,089

Permanent

Temporary

Total

Employement Status

COMPOSITION OF THE EMPLOYEES

Based on Education

Based on Employement Status

Employee Turnover RateEmployee turnover rate shows the Company’s effort in creating a conducive work environment for the whole employees. Through the following table, the total of employee turnover rate during the year 2016 amounted to 135 employees, or 10.01% of the total Company’s employees.

Total

4

130

1

135

Percentage(%)

0.5

17.6

0.1

18.3

Retired

Resigned

Passed Away

Total

Reasons

At Office

At Office

In Vessels

In Vessels

Total

Total

In Vessels

In Vessels

Total

Total








Shipping activity has a close relation with occupational health and safety factor that is very important to the success of a company’s business growth and sustainability. In order to realize its commitment and determination, TEMAS Line continually strives to improve the productivity of their employees through the implementation of a management system for Occupational Health and Safety (OHS).

The Company applies the OHS provisions based on the rules contained in the International Safety Management (ISM) Code issued by the International Maritime Organization (IMO), an agency under the United Nations. The Company has also been certified with the Document of Compliance (DOC) and Safety Management Certificate (SMC) for each of its owned vessels.

In every shipping activity, the Company always applies strict procedures as an effort in preventing potential and possibly detrimental incidents. The OHS procedure is implemented

through various activities in regular basis, such as fleet inspection and supervision, provision and distribution of protective tools, installation of safety marking in ships, safety equipment against fire accident, as well as preparation and anticipation for emergency situations. Periodically, the Company also conducts OHS training and crew assistance.

Beside the application of standard safety procedures, the ISM Code also requires that the crews in charge are in good physical and mental condition all the time. Therefore, medical examination is always carried out for every crew to acquire notification letter of health that must be updated within a certain period. Thanks to the application of standard safety procedures, the number of work accidents or incidents that can harm the Company’s shipping operation can be reduced. As the result, throughout 2016 TEMAS Line has never suffered work accident or harmful incident in its shipping operation.

OCCUPATIONAL HEALTH AND SAFETY (OHS)








INFORMATION TECHNOLOGYThe Company’s business success could not be

apart from a reliable information technology

support. For the Company as a services provider,

information technology becomes one of the main

keys in accelerating information and performing

effectiveness that leads to increase the level of

customer satisfaction. Therefore, the utilization

of latest, appropriate, and integrated information

technology becomes the Company’s priority in the

information technology sector in relation with the

shipping industry.

Currently, TEMAS Line has activated “TEMAS

Accurate” system that serves to closely monitor

an operated container’s position. By applying

this system, the movement of a container can be

monitored in real time. Also, forecast calculation for

container availability can be measured precisely, and

estimation on demurrage, detention, and storage can

be more accurately to reduce the risk of losses. More

than that, this container tracking system has been

applied into mobile version so it can be accessed

online through various gadgets.

The development of the Company’s information

technology is also implemented to the financial

services system through the application of Oracle-

based “I-FAST” program for accounting and

finance recording system that enables to produce

more integrated and efficient financial statements.

Maintenance process for vessels will also be more

measured and controlled withShip Management

System. In addition, customers are also facilitated

with monitoring feature towards container

movement and automation in transaction of renting

container from email and sms notification.

The internal development of information technology

is implemented through upgrading EDI (Electronic

Data Interchange) in the entire branches of

the Company, and ERP system that integrates

commercial, operational, management, and human

resources sections with the finance division towards

the whole activities of the Company and Subsidiaries

so that the consolidation of Temas Group becomes

faster and easier. In addition, we enhance the VOIP

quality to increase efficiency in communication

costs.








Share RegistrarPT ADIMITRA JASA KORPORA

Rukan Kirana Boutique Office

Jl. Kirana Avenue III Blok F3 No. 5

Kelapa Gading

Jakarta Utara 14250

Notary OfficeHERDIMANSYAH CHAIDIRSYAH, S.H.

Jl. Pelepah Elok 1 Blok. QA 2 No. 12

Kelapa Gading

Jakarta Utara 14240

SRI ISMIYATI, SH., M.Kn

Rukan Artha Gading Niaga, Blok B, No. 7-8

Jl. Boulevard Artha Gading, Kelapa Gading Barat,

Jakarta Utara

ESTER A. FERDINANDUS, SH

Jl. Boulevard Barat Raya Blok C-67

Komplek Plaza Kelapa gading Ruko Inkopal,

Jakarta Utara

Dr. IRAWAN SOERODJO, SH. MSi

Jl. K.H. Zainul Arifin No.2

Komp. Ketapang Indah Blok B-2, No. 4-5,

Jakarta 11140

MYRA YUWONO

Jl. Kyai Maja Blok E No. 11A

Kebayoran Baru

Jakarta Selatan 12120

STEPHANIE WILAMARTA, SH., MH

Jl. Raya Boulevard Barat

Plaza Kelapa Gading Blok G No. 5

Kelapa Gading

Jakarta Utara

BADARUSYAMSI, SH., MKn

Komplek Ruko Mutiara Faza Blok RD4

Jl. Raya Condet No. 27,

Jakarta Timur 13760

ANTONIUS WAHONO. P,SH

Gedung Maspion Plaza Lt.3, Unit 3A

Jl. Gunung Sahari Raya Kav. 18

Jakarta Utara 14420

RUDY SISWANTO, SH

Plaza Maspion Lt. 6-H,

JL. Gunung Sahari Raya Kav.18,

Pademangan Barat

Jakarta Utara 14420

AGUSTINA DJUNAEDI, SH

Jl. Wolter Monginsidi, RT.1/RW.4, Petogogan,

Kebayoran Baru

Jakarta Selatan 12170

ANITA ANGGAWIDJAJA, SH

Jl.Genteng Kali 77A

Surabaya, Jawa Timur 60275

Rating AgencyKJPP Iwan Bachron & Rekan

Pusat Niaga Duta Mas Fatmawati

Blok D1 No. 29

Jl. RS. Fatmawati Raya No. 39

Jakarta 12150

Public AccountantKAP Purwantono, Sungkoro & Surja

Gedung Bursa Efek Indonesia Tower II, Lantai 7

Jl. Jendral Sudirman Kav. 52-53

Jakarta

BankingPT Bank Mandiri (Persero), Tbk.

PT Bank Syariah Mandiri (Persero)

PT Bank Danamon Indonesia, Tbk.

PT Bank Nasional Indonesia (Persero) Tbk

SUPPORTING PROFESSIONAL INSTITUTIONS








ADDRESS OF BRANCH AND AGENCY OFFICES

AmbonGd. PT Pelabuhan Indonesia IV Ambon, LT.1

Phone. (+62-911) 353 055, 348 880

Fax. (+62-911) 34179

BanjarmasinJL. Soetoyo S, RT 1 RW 1, No.1

Kel. Telaga biru, Kec. Banjarmasin Barat

Banjarmasin 70119

Phone. (0511) 336 4038

Fax. (0511) 336 4125

BelawanJl. Krakatau Simpang Cemara No.A-4

Kel. Pulo Brayan Barat, Kec. Medan Utara

Medan 20238

Phone. (+62-61) 663 1102

Fax. (+62-61) 663 4739

BitungJl. 46 S.H. Sarundajang

Kel. Bitung Barat 2, Kec. Maesa Kota Bitung

Sulawesi Utara 95512

Phone. (+62-438) 36747, 31255

Fax. (+62-438) 32357

JayapuraJl. Argapura Kanon

No. 8 RT. 03 RW. 01

Kel. Argapura, Kec. Jayapura Selatan 99222

Phone. (+62-967) 521271

Fax. (+62-967) 550924

MakassarJl. Sultan Abdullah No. 75

Makassar 90212, Indonesia

Phone. (+62-411) 457 324, 457 325, 446 153, 446 013

Fax. (+62-411) 446 154

Branch Offices’ Address

PekanbaruJl. Nenas/Utama No. 19A-2

Kel. Jadirejo Kec. Sukajadi,

Pekanbaru 28113, Indonesia

Phone. (+62-761) 23 624

Fax. (+62-761) 27 291

PontianakJl. Gusti Hamzah No.8

Pontianak 78117, Indonesia

Phone. (+62-561) 747 703

Fax. (+62-561) 746 274

SurabayaJl. Perak Timur No 216-A

Surabaya 60165

Phone. (+62-31) 328 2525

Fax. (+62-31) 328 2524

SamarindaJl. Untung Suropati Blok C No. 3

Samarinda, Kalimantan Timur

Phone. 085230100355

SorongJl. Ahmad Yani Kuda Laut

Komp. PT. Perikanan Nusantara Ex. Usaha Mina

Sorong Kota. Papua Barat 98414

Phone. (+62-778) 751 3899, 705 9838

Fax. (+62-778) 412 750 Samarinda








BatamMega Cipta Industrial Park Blok A No. 3 Batu Ampar, BatamPhone. (+62-778) 751 3899, 705 9838Fax. (+62-981) 21608

BiakJl. Jend. Sudirman No.6 Biak, PapuaPhone. (+62-981) 21724 Fax. (+62-981) 21608

DumaiJl. Jendral Sudirman No. 318 Dumai - Riau Phone. (+62-765) 439 660Fax. (+62-765) 439 663

KupangPT Taruna Kusan KupangJl. Sunan Gunung Jati No. 18, Nusa Tenggara Timur Phone. (+62-380) 832 115Fax. (+62-380) 831 718

ManokwariPT. Luas LINEJl. Siliwangi No. 11 ManokwariPhone. (+62-986) 212 2558 Fax. (+62-986) 212 906

Agency Offices’ Address

PalembangJl. AKBP Cek Agus 1344 F PalembangPhone. (+62-711) 369 920, 367 997 Fax. (+62-711) 364 451

BalikpapanPT Armada Samudera Raya Jl. Arjuna No. 9 - Samarinda Phone. (+62-541) 707 8452 Fax. (+62-541) 203 020

TimikaPT. Pelayaran Tempuran Emas TbkJl. Hasanudin Timika, PapuaPhone. (+62-971) 323250Fax. (+62-21) 411 876

Palu PT Metta Maju PerkasaJl. Sungai Lewara 37,Palu, Sulawesi TengahPhone. (+62-21) 411 800 / 411 880Fax. (+62-21) 411 876

Merauke PT. LUAS LINE Jl. Ermasu No. 5 Merauke, PapuaPhone. (+62-971) 323250

MalahayatiPT Pelayaran Sea Asih LinesJl. Sultan Iskandar Muda, Punge Ujung, Kec. Meuraxa Banda Aceh 23234 Phone. 08126962990

SampitPT Lintas Mitra BahariJl. A. Yani No. 12Sampit, Kalimantan TengahPhone. 0531-31343

KumaiPT Pelayaran Haluan Segara LineKomp. Kumai Damai, Gg. Rambutan No. 40Kel. Sei Tendang, Kec. Kumai KobarKalimantan Tengah 74181Phone. 0532-23648

TualPT Dharma IndahBTN UN Indah Blok D/23Tual, MalukuPhone. 081343023095

SeruiPT Citrabaru AdinusantaraJl. P. Dipenogoro, SeruiKab. Kepulauan Yapen, PapuaPhone. 08124842543















Merauke

Timika

Tual Dobo

Serui

NabireFakfak

Malahayati

Lhokseumawe

SampitKumai

Palu

WORK AREA AND OPERATIONAL MAP

Makassar

Makassar

Makassar

Makassar

Makassar

Makassar

Makassar

Makassar

Palu

Kupang

Papua

Ambon

Bitung

Surabaya

Jakarta

Jayapura

4x

4x

4x

4x

4x

4x

4x

4x

Loading Port

Unloading Port

Frequency (per month)

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Surabaya

Banjarmasin

Makassar

Bitung

Jayapura

Balikpapan

Samarinda

Ambon

Palu

Sampit

Kumai

Tarakan

Papua

5x

12x

4x

4x

4x

6x

4x

4x

5x

5x

2x

4x

Loading Port

Unloading Port


Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Jakarta

Pontianak

Pekanbaru

Dumai

Palembang

Banjarmasin

Batam

Balikpapan

Samarinda

Belawan

Surabaya

Makassar

Bitung

Papua

Malahayati

Lhokseumawe

8x

4x

4x

4x

4x

3x

4x

4x

8x

12x

8x

4x

4x

2x

2x

Loading Port

Unloading Port









Merauke

Timika

Tual Dobo

Serui

NabireFakfak

Malahayati

Lhokseumawe

SampitKumai

Palu

Pendulum Service

Service S4Jakarta-Belawan-Jakarta-Surabaya-Makassar-Bitung-Palu

Service A3Jakarta-Belawan-Jakarta-Surabaya-Makassar-Ambon

Serving 32 Ports

Sumatera

Malahayati

Lhokseumawe

Belawan

Dumai

Pekanbaru

Batam

Palembang

Jawa

Jakarta

Surabaya

Kalimantan

Pontianak

Kumai

Sampit

Banjarmasin

Balikpapan

Samarinda

Sulawesi

Makassar

Palu

Bitung

NTB

Kupang

Kep. Ambon

Ambon

Tual

Dobo

Papua

Sorong

Manokwari

Fakfak

Nabire

Timika

Merauke

Biak

Serui

Nabire

Jayapura















MANAGEMENT ANALYSIS AND DISCUSSIONTEMAS Line shall stand strong and upright to fully implement Fixed Schedule and On -time Delivery throughout Indonesia which has been longingly expected by National Logistic Industry.















Review On Shipping Industry

National maritime industry, particularly shipping industry, is a strategic sector as a bridge to unite the islands scattered throughout Indonesia. Therefore, the people of the national shipping believes that the Government is very aware and pays attention to the existence and contribution of shipping industry in supporting the economy development of Indonesia. And this has been realized in the progress of two main programs, namely Sea Toll and World’s Maritime Axis.

According to the Indonesian National Shipowners’ Association (INSA), the Government measure also includes private shipping entrepreneurs to drive interisland connectivity and encourage an initiative of one-price commodity in the entire Country. So hopefully, the people in remote areas can also enjoy the same situation as felt in major cities. In addition, the cabotage principle that requires the entire interport and interisland transportation in Indonesia to use national flag, has been applied well by national shipping companies.

Based on the data of Ministry of Transportation, the population of national fleets until May 2016 amounted to 20,687 units or increased to 242% compared to 6,041 units in 2005. The number of national shipping companies until May 2016 also increased significantly, from 1,591 companies in 2005 to 3,296 companies or grew 107%.

However, the national shipping industry remained facing a big challenge to make Indonesia the Nation of World’s Maritime Axis. A possible effort to make is to implement ‘beyond cabotage’ for the shipping entrepreneurs to compete in international sea transportation, especially for export-import commodities transportation. It is expected that the next Government’s economic policy will give a positive impact on the national maritime industry and shipping entrepreneurs in particular.

Operational Review

Shipping management and stevedoring services remained the core business operation for the Company during 2016. The business development strategy of TEMAS Line increasingly emphasized on strengthening the shipping management, especially in the stevedoring services, through Subsidiary of PT Escorindo, and Depot Services Management by PT Olah Jasa Trisari Andal. While for lease of

MANAGEMENT ANALYSIS AND DISCUSSION

containers services and other shipping services, the Company has operated other two Subsidiaries of Anemi Maritime Co. Ltd. (Anemi) and PT Pelayaran Tirtamas Express.

With careful, comprehensive, and integrated management and coordination between the Company and entire Subsidiaries, the Company is very confident to be able to further improve the performance optimization to obtain better business results.

Operational Review On Business Segments

The integrated solution with “safe and on time delivery” assurance is the TEMAS Line’s commitment to operational activities as the provider of innovative, competitive, and reliable shipping services in Indonesia. In particular, the Company is engaged in comprehensive container transportation through domestic linesfor cargo delivery of goods and commodities. Today, the mechanism of goods delivery has undergone further development on demand.

• Stevedoring Services in Jakarta During 2016, the Company’s stevedoring

services in Jakarta conducted by the Subsidiary of PT Escorindo Stevedoring experienced significant performance in terms of both volume and speed. The throughput increased to 6.70% from 307,319 TEUs in 2015 to 328,100 TEUs in 2016. The increase in throughput imposed to the increase of Stevedoring Services’ net income to be Rp241.7 billion or 17.50% increase from last year’s Rp205.7 billion.

• Shipping Management As the Company’s Subsidiary, PT Pelayaran

Tirtamas Express is entrusted to provide shipping management services including the provision of professional crews, procurement of spare parts and other vessel’s needs, conducting ship maintenance, and fulfillment of safety standards and shipping regulations.

PT Pelayaran Tirtamas Express has recently implemented Ship Management System in running its operation. The system helps to monitor ship maintenance process, logistic delivery to the ship and fulfillment of prevailing shipping regulations.








• Lease of ContainersManagement As one of the preeminent TEMAS Line services,

Lease of Containers Management is offered with integrated and fully containerized services. Recent available containers reached a total of 30,631 TEUs, an increase of 18% from 25,916 TEUs in 2015.

• Container TerminalThe Company owns container terminals in some national ports, such as in Tanjung Priok of Jakarta, Tanjung Perak of Surabaya, Makassar, Belawan, Bitung, and Pontianak.

Review of Investment Performance in 2016

Investment activity has been the Company’s significant strategy to improve its productivity as well as revenues. In 2016, TEMAS Line has been carrying out the investment activity through the purchase of 6 new building ships entirely delivered to the Company

ASSETSTEMAS Line’s total assets in the end of December 2016 amounted to Rp2,525,662 million that came from Current Assets of Rp275,648 million and Non-Current Assets of Rp2,250,014 million. The Total Assets increased by Rp743,601 million or 41.73% compared to Total Assets of 2015 that amounted to Rp1,782,061 million.

Current AssetsThe Company’s Current Assets in 2016 increased Rp4,496 million from previous year’s amount of Rp271,152 million, or up to 1.66%. The increase was mainly due to increased inventories – net, other current assets and tax advances.

Fixed AssetsFixed assets increased 48.49% in 2016 to Rp2,166,137 million compared to last year’s fixed assets that was recorded at Rp1,458,800 million due to additional fixed assets of containers, vehicles, office building, vessels, and vessel maintenance.

Non-Current AssetsDue to additional fixed assets of containers, vehicles, office building, vessels and vessel maintenance, as well as additional deferred tax assets, the Company increased its non-current assets of 2016 amounting to Rp739.105 million or 48.92% compared to last year’s non-current assets of Rp1,510,909 million.

Total AssetsUntil December 31, 2016, TEMAS Line recorded an increase in total assets of Rp743,601 million or 41.73% of total assets compared to last year, as the impact of increased non-current assets.

LiabilitasThe TEMAS Line’s liabilities recorded an increase of Rp563,592 million at the end of 2016. The number showed a decrease of 58.26% from last year.

Short Term LiabilitiesIn 2016, the Company recorded its short-term liabilities at Rp652,010 million, showing an increase of 40.69% or about Rp188,584 million compared to 2015 with the recorded short-term liabilities at Rp463,426 million. This was due to decrease in short-term bank loans, related parties trade payables and write-off unwound derivative liability.

Long Term LiabilitiesThe total of long-term liabilities of TEMAS Line in 2016 experienced an increase of Rp375,007 million to Rp878,976 million, an increase of 74.41%. Last year, the Company’s long-term liabilities amounted to Rp503,969 million.

Total LiabilityTEMAS Line recorded total liabilities of Rp1,530,987 million in 2016. The number increased by Rp563,592 million or 58.26% compared to 2015’s total liabilities of Rp967,395 million.

EquityThe increase in the Company’s net profit influenced the increase in equity percentage. Until the end of 2016, TEMAS Line’s total equity was Rp994,676 million which increased Rp180,010 million or 22.1% from the period of 2015 at Rp814,666 million.

RevenueTEMAS Line’s revenue was recorded increasing in line with the increase in cargo volume. If the 2015’s revenue of the Company was at Rp1,621,364 million, this year’s revenue became Rp1,671,905 million, an increase of 3.12% or Rp50,541 million. While the cargo volume of 2016 showed an amount of 321,402 TEUs, 13.1% or 37,227 TEUs increase compared to 2015 that reached the cargo volume of 284,175 TEUs.Shipping activities became the main contribution for the increase in the Company’s revenue, which contributed consolidated revenue of 69.25%, anincrease of 8.69% compared to 2015.








Proceeds from Non-Operational Cash FlowIn 2016, proceeds from non-operational cash flow of TEMAS Line amounted to Rp385,450 million, a decline of Rp53,657 million or 12.22% from last year at Rp439,107 million. Meanwhile, net revenue became Rp1,671,905 million which increased by Rp50,541 million or 3.12% from the period of 2015 of Rp1,621,364 million.

Cash Flows from Operating ActivitiesNet cash flows generated from operating activities consist of cash received from interest, customers, and insurance claims; and cash paid to suppliers, employees and vessel crews, and payments for interest, taxes, and operating expenses. In 2016, TEMAS Line managed to obtain net cash from operating activities by Rp392,381 million or decrease to 7.98% from 2015 that obtained Rp426,429 million.

Cash Flows for Investing ActivitiesNet cash flows for investing activities are used for addition of short-term investment, fixed assets, and non-current assets. Net cash flows for investing activities in 2016 amounted to Rp795,784 million or up to 1,350.57% from 2015 that reached Rp54,860 million, due to decrease in proceeds from disposal of fixed assets and increase in acquisitions of fixed assets.

Cash Flows for Financing ActivitiesNet cash flows for financing activities is cash received from capital deposit and loan payments, which in 2016 amounted to Rp410,334 million, increasing 6.8% from 2015 that amounted to Rp384,247 million due to obtaining bank loans.

INCOME STATEMENTS

Gross ProfitThe Company’s total gross profit amounted to Rp444,055 million in 2016 as a decrease of Rp9,638 million or equivalent to 2.12% compared to 2015’s amount of Rp453,694 million.

Operating ExpensesOperating expenses in 2016 showed a number of Rp110,080 million which was an increase of Rp13,453 million from the last year’s amount of Rp96,627 million. The increased operating expenses was equivalent to 13.92%, mainly due to increased salaries and employees benefits expenses, and rent expense.

Net IncomeTEMAS Line managed to obtain net income in 2016 amounted to Rp231,521 million, which declined by 27% or Rp85,653 million, compared to net income for the year 2015 recorded at Rp317,174 million. The decrease was primarily due to an increase in cost of services and operating expenses.

Other Comprehensive RevenueDue to exchange rate differences translation, other comprehensive expenses in 2016 decreased Rp11,887 million compared to the year 2015 which earned Rp15,750 million, or decrease by 75.47%.

Net Comprehensive Income of Current Year From 2015’s comprehensive income of Rp301,424 million, this year TEMAS Line managed to obtain net comprehensive income of current year amounting to Rp227,658 million. Decrease of 24.47% or equivalent to Rp73,766 million was due to exchange rates differences in financial statements translation.








SOLVENCY AND COLLECTABILITY

SolvencyThe Company always maintains its liquidity ratio so that the ability to meet liabilities can be properly managed. While to maintain ability in fulfilling all liabilities, the Company’s solvency ratio is used by meeting entire liabilities to all assets and meeting entire liabilities toward equity.

1. Liquidity Ratio The Company’s ability to meet Short-term

Liabilities is reflected by comparing Current Assets to total Short-term Liabilities. In 2016, TEMAS Line’s Current Assets was recorded at Rp275,648 million, that if compared to 2015’s amount of Rp271,152 million, showing an increase of 1.66%. Short-term liabilities of TEMAS Line and Subsidiaries in 2016 at the amount of Rp652,010 million increased 40.69% compared to 2015 at the amount of Rp463,426 million. Therefore, TEMAS Line’s liquidity ratio became 42.28% as of December 31, 2016. This liquidity ratio was lower than last year’s liquidity ratio of 58.5%.

2. Solvency Comparison of consolidated liabilities to

consolidated equity with consolidated liabilities to total consolidated assets becomes a reference in determining solvency rasio that demonstrates the Company’s ability to meet all liabilities. Until the end of 2016 and 2015, comparison between total liabilities with total assets of TEMAS Line and Subsidiaries amounted to 60.62% and 54.28% respectively. Whereas, comparison of total liabilities to total equity amounted to 153.92% and 118.75% respectively.The resulting solvency ratio shows an increase reflecting the impact of additional bank loans.

3. Collectability The Company’s effectiveness in implementing

collectability policy strongly influences the level of customers’ timeliness to make payment, which in the end determines collectability level of the Company’s accounts receivables. In 2016, TEMAS Line’s collectability level showed a constant effectiveness of AR Collection Division in collecting debts with the period of 39 days.

20152016

Cash Flows from operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

392.380.798.612

(795.784.086.252)

410.334.228.921

426.429.247.543

(54.859.779.229)

(384.247.210.383)

The Income Statements of TEMAS Line can be described as follows:

ProfitabilityTEMAS Line’s profitability or operating margin is generated from operating income divided by net sales. The Company’s profitability in 2016 was recorded at 18.17%, lower than 25.16% in 2015. Payload volume as well as addition of new routes and fleet of ships that were not in pair with decrease in price, became the main factors in decreasing profitability. Shipping segment dominated the profitability for the Company by its 84.71% contribution.

CASH FLOWSCash flows as per December 31 of 2015 to 2016 can be described as follows:








CAPITAL STRUCTURE AND POLICY ON CAPITAL STRUCTURE

Capital StructureCapital structure of TEMAS Line as for December 31, 2016, consisted of authorized capital of Rp570,000,000,000 with the amount of paid-up at Rp142,628,750,000. Further information of the Company’s capital structure can be seen in the following table:

Material Obligation For Goods And Capital Investment TEMAS Line has conducted several material obligations in 2016, in the form of building 3 units of new ship and purchasing 4 units of used ship, along with land purchase for container terminal.

Comparison Between Target/Projectionand RealizationThe comparison between the target/projection established by the Company at the beginning of the year and the realization at the end of the fiscal year can be seen in the following table:

Authorized Capital

Unpaid Capital

Paid-UP Capital

Increase in Debt Securities

Retained Earnings

Appropriated outher Comprehensive income

Unappropriated outher Comprehensive income

Comprehensive income

Net equity attribution to ownersof the Parent Entity

Non- Controlling Interests

Total Equity

570.000.000.000

427.371.250.000

142,628,750,000

145,603,049,314

34,823,179,931

589,933,190,599

(99,488,884,785)

813,499,285,059

1,166,475,743

814,665,760,802

2016

570.000.000.000

427.371.250.000

142,628,750,000

145,603,049,314

34,823,179,931

773.660.578.307

(103.349.363.063)

993.366.194.489

1.309.521.748

994.675.716.237

2015

2016 REALIZATIONINITIAL BUDGET

Volume (TEUs)

Service Revenue (Rp)

Oprational Expenses (Rp)

Net Profit (Rp)

350.000

1.872.000.000.000

1.514.470.270.000

250.000.000.000

321.402

1.671.905.016.010

1.227.850.405.646

231.521.148.688

DESCRIPTION








Significant Increases/Decreases from Net Sales/IncomeThe Company’s net income demonstated a significant increase throughout 2016, due to increasing payload volume of 13% after the opening of new routes, namely Timika, Merauke, Serui, Kumai, Sampit, Malahayati, and Tual, coupled with maintaining and developing Pendulum Route services already started in 2013.

Subsequent Events Of Material Information And FactsDuring 2016, the Company has no material information and facts occurred in the business activities after accountant’s reporting date.

BUSINESS OUTLOOK

The potential of shipping industry remains very promising, both nationwide as well as worldwide. Interisland, even international, distribution of goods is still more effective and efficient by using ocean freight. On the other hand, regional economic growth in Indonesia is increasingly developing and providing its own potential to create interregional and interisland transactions.

The establishment of the Government program in making Indonesia as one of the world’s maritime fulcrum along with the Asean Free Trade Area (AFTA 2015) will provide opportunities for TEMAS Line to seize more customers from existing trade activities. However, this can only be supported by more professional system of performance management. Higher market expectation demands TEMAS Line to prioritize punctuality and safety of the goods in accordance with the Company’s commitment of ‘safe and on-time shipping delivery’.

As an anticipative measure, TEMAS Line strives to prepare for the development of fleet and provision of more adequate supporting facilities. This is another implementation of strategic planning established since five years ago, which is directed at fulfilling expectation of the stakeholders through operational excellence for the achievement of the Company’s vision in the year 2017

MARKETING ASPECT

In tighter business competition, the Company’s expansive marketing strategy is established to further expand cargo delivery coverage through the opening of new potentially strategic routes. Not only to boost revenue growth, this strategy is also aimed at reaching new potential customers. On the other hand, maintaining the customer’s trust with professional and personal for timely and safe delivery becomes the main basis for TEMAS Line to be the first choice in meeting the need for cargo transportation.

Some challenges to deal with the marketing strategies applied by the Company, include:

a. In term of price competition, TEMAS Line applies a strategy of the provision of services with guaranteed and optimal quality, either through increasing time efficiency as well as goods security.

b. The Company continues to enhance cooperation in freight forwarding and strengthen other customer base, such as cargo transshipment, given the fact that freight forwarding lines provides the highestcontribution from all revenues or total goods orders.

c. Service quality continues to be improved through timely and satisfactory service, provision of current information about the arrival and departure of ships,and also dedicated services.

Cash Dividend Policy And Distribution

Based on Minutes of Meeting of Annual General Meeting of Shareholders held on April 27, 2016 made in the Deed of Notary No. 132, the Company decided to distribute cash dividends amounting to Rp47,580,951,000from Net Income for Fiscal Year 2015 that was distributed in Cash Dividend of Rp41.70 per share (excluding tax).

Material Information on Investment, Business Expansion, Divestment, Merger/Acquisition, or Debt/Capital Restructuring

Throughout the year 2016, Temas Line has no material information related to activities of investment, business expansion, divestment, merger/acquisition, or debt/capital restructuring. Transactions with Conflicts of Interest and with Affiliated PartiesDuring 2016, there has been no transactions whatsoever containing conflicts of interest or transaction with affiliated parties

Amendment in Regulations

During the year 2016, there were no amendments in regulations that affected significantly to the Company’s business activities.

Amendment in Accounting Standards

During the year 2016, there were no amendments in TEMAS Line’s accountingstandards in 2016.

GOOD CORPORATE GOVERNANCEWe are highly confident that we can maintain our successful achievement if we can be consistent in keeping up with GCG practice.















General Overview

PT Pelayaran Tempuran Emas Tbk is very aware of the consistency in applying the principles of Good Corporate Governance (GCG) that becomes a necessity. For the Company, the consistency should be manifested in the form of discipline in complying with and carrying out various rules, such as applicable regulations, provisions, or policies, so that the Company’s business activities can be managed with optimum and transparent manner without conflicts of interest.

It is not easy to apply GCG principles, given that the business situation of the Company is filled with dynamic changes in the industry market as well as stock exchange. However, the Company believes that the application of GCG principles that supported with application of the Company’s corporate values will lead the Company’s growth to the right direction in accordance with the established vision and mission.

In order to make the GCG implementation come up with expected results, its application procedure and the process will always be reviewed at regular basis, either in the business activities within the Company’s environment or in conjunction with stakeholders. The review or supervision is aimed to:

• Increase efficiency and effectiveness while keeping the Company’s sustainability to create benefits for shareholders, employees and other stakeholders;

• Be constructive solution enabling to transform challenges into opportunities;

• Increase the Company’s legitimacy as an organisation managed with transparency, fairness and reliability;

• Recognize and protect the rights and obligations of all Shareholders and stakeholders

Currently, the Company has formed and owned Organs of Corporate Governance in TEMAS Line’s environment, such as General Meeting of Shareholders, Board of Commissioners, Board of Directors, Audit Committee, Internal Audit, Risk Management, Corporate Secretary, as well as Code of Ethics Charter, under the application of the following five principles:

• Transparency To maintain objectivity in running the business,

the Company provides material and relevant information in a way that is easily accessible and understood by stakeholders. The Company also takes an initiative to disclose not only issues required by laws and regulations, but also other important things for decision making by the shareholders and other stakeholders.

• Accountability The Company is fully responsible for its

transparent and reasonable performance, by managing the Company in proper and measurable way, and in accordance with the Company’s interests and the interests of shareholders and other stakeholders at the same time.

• Responsibility The Company shall comply with laws and

regulations, as well as carry out its responsibility toward society and environment so that the business continuity could bepreserved in the long run and the Company could earn recognition as a good corporate citizen.

• Independency To facilitate the implementation of GCG

principles, the Company shall be managed independently and professionally so that organs of the Company do not dominate each other and cannot be intervened by other parties. As a matter of fact, it has been implemented through appointment of Independent Commissioner as much as 30%, establishment of Audit Committee and disclosure of affiliated relationship to public.

• Fairness In carrying out its activities, the Company

applies fair conduct and pays attention to the interests of shareholders and other stakeholders based on agreement, applicable legislation, and principles of fairness and equality.

GOOD CORPORATE GOVERNANCE








General Meeting of Shareholders (GMS)

General Meeting of Shareholders (GMS) is the highest organ with highest authority in the Structure of Corporate Governance, as stated in Regulation No. 40/2007 on Limited Liability Companies and the Company’s Articles of Association.

GMS can be conducted in the form of Annual GMS and Extraordinary GMS where necessary. Annual GMS is organized once in a year of which the meeting agenda should be announced 14 days before its providence. While Extraordinary GMS is carried out at any time when certain changes related with laws and regulations, accounting policies or other specific issues requiring common decision from all Shareholders beyond Boards of Commissioners and Directors’ authority.

In 2016, the Company conducted Annual GMS for fiscal year of 2015 and Extraordinary GMS on April 27, 2016, in Indonesia Stock Exchange Building, with the resolutions as follows:

Structure of Corporate Governance

GMS

Board of Director

Internal Audit

Corporate Secretary

Audit Commitee

Board of Commissioner

2015

Cash Dividend

Rp47,580,951,000 from Net Income for Fiscal Year 2015 was distributed in Cash Dividend of Rp41.70 per share (excluding tax).

10% of Net Income for fiscal year 2014 or Rp20,324,182,893 was distributed in Cash Dividend of Rp17.81 per share(excluding tax).

2016DESCRIPTION

Cash Dividend policy

Schedules of Notification, Announcement, Invitation, Execution and Submittance of GMS Resolutions

Date of11 March 2016

Date of5 April 2016

Date of21 March 2016

Date of27 April 2016

Date of29 April 2016

Submittance of written

Notification of AGMS

and EGMS Plans

to OJK and IDX

Announced in

advertisementofBisnis

Indonesia Daily and in

the IDX’and Company’s

website (via e-Reporting

to IDX and OJK)

Announced in


Indonesia Daily and in the

IDX’and Company’s

website (via e-Reporting to

IDX and OJK)

AGMS was conducted at

09.10–09.40 am in Cendana

Room, Holiday Inn Hotel,

2ndFloor,Jl. Griya Utama

Block B No. 1, Jakarta 14350

EGMS was conducted at

09.46–10.00 am in Cendana

Room, Holiday Inn Hotel, 2nd

Floor,Jl. Griya Utama Block B

No. 1, Jakarta 14350

Announced in


Indonesia Daily and in

the IDX’and Company’s

website (via e-Reporting

to IDX and OJK)








Realization

Approval and ratification on the Company’s Annual Report for the fiscal year 2015, including the Company’s Operational Report, Supervisory Report of the Board of Commissioners, and Consolidated Audited Financial Statements of the Company and Subsidiaries for fiscal year 2015; and grant discharge and release of responsibility (acquit et de charge) to the Boards of Directors and Commissioners of the Company for the management and supervisory actions conducted in fiscal year 2015.

Establishment of the use of the Company’sProfit for the fiscal year 2015

Appointment of Public Accountant to carry out auditing the Company’s financial statements for the year 2016, and grant authority to determine the Public Accountant’s honorarium and other requirements.

1

Approve and ratify the Company’s Annual Report for the fiscal year 2015, including the Company’s Operational Report, Supervisory Report of the Board of Commissioners and Financial Statements of 2015 audited by Public Accountant Firm of “Purwantono, Sungkoro & Surja” as contained in its report on March 22, 2016, No. RPC-610/PSS/2016 with fair opinion in all material respects, and grant discharge and release of responsibility (acquit et de charge) to the Boards of Directors and Commissioners of the Company for the management and supervisory actions conducted in fiscal year 2015 to the extend that those actions are reflected in the Annual Report.

Approved directly in the Meetingand already distributed to all Shareholders according to the prevailing regulations.

Based on the Letter of Approval of the Board of Commissioners No. 004/DEKOMSRT/TE-JKT/X/2016 dated on October 7, 2016, KAP Purwantono,Sungokoro & Surja was the appointed Public Accountant.

Approve the use of the Company’s net profit for the fiscal year 2015, as follows:

• About Rp47,580,951,000 would be delivered in the form of Cash Dividends for the distribution of 1,141,030,000 shares or equal to Rp41.7 per share (before prevailing tax);

• The remaining would be as retained earnings used to increase the Company’s capacity and business purposes.

Grant power and authority to the Board of Directors to make any necessary actions in respect with the aforesaid decisions, including and in carrying out cash dividend disbursement with the schedule and procedure as required by applicable legislations.

Grant power and authority to the Company’s Board of Commissioners to appoint Public Accountant in auditing the Company’s financial statements for the year ended on December 31, 2016, and determine the amount of honorarium and other requirements for the appointed Public Accountant.

Approved directly in the Meeting

Resolution No. Agenda

2

3

Resolutions of Annual GMS 2016








RealizationResolutionNo. Agenda

Determining the honorarium, salary and other allowances for the members of the Company’s Board of Commissioners and Board of Directors.

Based on letter of approval from Principal Shareholders

Had been executed with the Board of Commissioners’ approval

• Determine the amount of honorarium and other allowances for all members of the Company’s Board of Commissioners for the fiscal year 2016 with the maximum amount of Rp2 billionand grant authority to the Majority/Principal Shareholders of the Company to determine the allocation of salaries and other benefits for each member of the Board of Commissioners from the aforesaid amount.

• Grant authority to the Company’s Board of Commissioners to determine the salaries and allowances for the members of the Company’s Board of Directors for the fiscal year 2016.

4

Approval on the plan to sell and purchase (capital goods investment/capex) fleets, gears, equipment, and other supporting facilities of the Company and Subsidiaries.

Grant power and/or approval of the Board of Directors’ and/or Board of Commissioners’particular actions for transfer, purchase of vessel and/or other actions, including granting of guarantee to third parties in the form of fixed assets related with the Company’s main activities.

Approve the plan to sell and purchase (capital goods investment/Capex) fleets, gears, equipment, and other supporting facilities of the Company and Subsidiaries with the amount of Rp550 billion for the period from the decision made in the Meeting until the closing of the Company’s Annual General Meeting of Shareholders for the fiscal year 2016.

Grant power and/or approval of the Directors’ particular actions upon approval of the Board of Commissioners to be implemented for transfer, purchase of vessel and/or other actions, including granting of guarantee to third parties in the form of fixed assets related with the Company’s main activities.

All plans had been executed during 2016.

Directly approved in the Meeting.

No.

1

2

Resolutions of Extraordinary GMS 2016

RealizationResolutionAgenda








Attendance Percentage

Meeting Attendance

PositionName

Wong Chau Lin Edward

Simangunsong

Alfred Natsir

President Commissioner

Independent Commissioner


6 / 6

6 / 6

6 / 6

100

100

100

BOARD OF COMMISSIONERS

The composition of members of the Company’s Board of Commissioners is as follows:

Duties and ResponsibilitiesBased on Regulation No. 40 Year 2007 on Limited Liability Companies, Board of Commissioners is responsible for supervising the company and ensures that Board of Directors is able to run its duties, as well as continually observes the effective implementation of policy, performance and decision-making process undertaken by the Board of Directors in order to be aligned with shareholders’ direction.

The Board of Commissioners’ duties and responsibilities are:

Meeting Agenda and Board of Commissioners’ RecommendationsIn all meetings conducted in 2016, the Board of Commissioners has compiled several agendas and recommendations over the course of Temas Line operation, such as:

a. a. To always evaluate the study of port services;b. Ships maintenance is based on good plan of

maintenance system;c. To further extend market penetration;d. To improve services of quality, cost and delivery

for customer satisfaction;e. To enhance the employees’ competence and

professionalism.

Meeting Frequency and AttendanceDuring 2016, the Company’s Board of Commissioners has conducted regular meeting for 6 times with average attendance of 100%, as the following details:

Training ProgramThe Board of Commissioners has not participated any training programs during 2016.

The Board of Commissioners’ Guidelines and Code of ConductThe Company’s Board of Commissioners has carried out its duties based on the Board of Commissioners’ Decision No. 019/DEKOM-SKEP/TE-JKT/XII/13 regarding Stipulation of the Board of Commissioners’ Annual Work Program.

1. To supervise the implementation of the Board of Directors’ duties and responsibilities;

2. To address advises and inputs to the Board of Directors to ensure that the Company’s vision and mission are properly followed;

3. To direct, monitor, evaluate and actively be responsible in strategic planning process as well as its implementation due to mitigate the Company’s risks;

4. To review the application of Good Corporate Governance principles;

5. To secure the information disclosed to Shareholders and public

Name Position

Wong Chau Lin

Edward Simangunsong

Alfred Natsir











BOARD OF DIRECTORS

As of the end of 2016, members of the Company’s Board of Directors has not changed with the following composition:

Harto Khusumo

Faty Khusumo


Ganny Zheng

President Director

Managing Director

Operational and Commercial Director

Finance Director

Name Position

Scope and Responsibility of the Members of Board of DirectorsThe Company’s Board of Directors has duties and responsibilities to lead, manage and take control of the Company to be in line with Company’s directions, objectives, and Corporate Vision-Misson, and also to formulate strategic, well-planned and integrated measures in order that the Company can operate efficiently and effectively. Until the end of 2016, the Company’s Board of Directors consists of four members with respective duties and authorities as follows:

President DirectorCurrently, the Company’s President Director is Harto Khusumo, with duties and authorities as follows:

1. To be responsible to lead and manage the entire business operatons along with other Directors;

2. To significantly involve in making strategic decisions for the Company’s advancement; and

3. To legally act on behalf of the Company toward third parties, including to Shareholders.

Managing DirectorThe Company’s Managing Director is currently assigned to Faty Khusumo who has duties and authorities as follows:

1. To be responsible in operational management of the Company to achieve optimal results;

2. To coordinate all organization functions to maintain and improve Company’s market share as well as to achieve financial performance targeted;

3. To prepare Company’s Business Plan internally;4. To establish the shipping line and properly

manage the vessels for respective routes;5. To develop Company organization and improve

HR performance; and6. To optimize the fleet management and other

productive assets.

Finance DirectorThe Company’s recent Finance Director is Ganny Zheng who has duties and authorities:

1. To establish strategic planning in finance to support operational performance;

2. To manage financial performance effectively and efficiently;

3. To find sources of funding for the Company’s financial needs effectively and efficiently.

Operational and Commercial DirectorCurrently,Teddy Arief Setiawan is positioned as Operational and Commercial Director with duties and authorities as follows:

1. To be responsible for excellent performance of all branch offices and agents;

2. To develop effective and efficient standard operation to deliver customer satisfaction;

3. To secure Company’s position against potential claims by ensuring excellent business performance and staying compliant with proper standard procedures;

4. To supervise vessel operations, port activities and other related activities; and

5. To develop pricing strategy for all services offered to customers

Board of Directors’ MeetingBoard of Directors’s Meeting is a forum for all Directors’ members to coordinate and report their respective responsibilities and duties. Any issues of the Company require mandatory policies and strategic decisions shall also be discussed through Directors’ meeting.

To conduct meetings of all members of the Board of Directors, the schedules were at any time if deemed necessary by one or more members of the Board of Directors, or upon written request from one or more Shareholders who commonly represent 1/10 or more of the total share amount with legal voting rights. President Director is entitled to lead every meeting, or in term of any absent of President Director, Managing Director shall be entitled to lead the meeting.

The decisions in the meeting are taken with deliberation for consensus or by voting if not reached the consensus, on the basis of agreed votes of more than half the number of valid votes in the meeting.








In the meetings above mentioned, some major decisions have been made, as follows:

1. Opening 7 new routes, namely Timika, Merauke, Serui, Kumai, Sampit, Malahayati, and Tual;

2. Increasing the number of containers;

3. Conducting rejuvenation and increasing the number of fleets consisting of 4 new ships and 3 used ships;

4. Adding supporting facilities for the Company’s main activities in the form of heavy equipment and land for Container Terminal.

Joint MeetingThe Boards of Commissioners and Directors convene joint meeting in order to optimize the application of Corporate Governance and monitoring the Company operations run by the Board of Directors so that its management remains in accordance with best practices. The agenda and conditions of joint meeting include:

1. Joint meeting is organized at least once a month attended by all members of the Boards of Commissioners and Directors;

2. Every agenda of joint meeting should discuss the Company’s progress, evaluation and recommendations required to anticipate and overcome the problems;

3. Strategic decisions requiring approval of the Board of Commissioners will be discussed in an ad hoc meeting.

Attendance PercentageAttendance PositionName

Harto Khusumo

Faty Khusumo

Ganny Zheng


President Director

Managing Director

Financial Director

Financial and Commercial Director

14/14

14/14

14/14

14/14

100

100

100

100

Wong Chau Lin

Edward Simangunsong

Alfred Natsir

Harto Khusumo

Faty Khusumo

Ganny Zheng





President Director

Managing Director

Financial Director

Financial and Commercial Director

13/13

13/13

13/13

13/13

13/13

13/13

13/13

100

100

100

100

100

100

100

During 2016, joint meetings of the Boards of Commissioners and Directors have been held with the following frequency of attendance:

Training ProgramThroughout 2016, members of the Board of Directors have not participated any training programs.

In addition to official meetings, the Board of Directors may also hold informal meetings if necessary, with the invitation and minutes meeting sent through email to each of Directors’ members. During 2016, annual meetings of Board of Directors have been conducted for 14 times.

The following table describes the frequency and attendance of Board of Directors’ members at Directors’ meetings during 2016:

Attendance PercentageAttendance PositionName








Assessment on the Board of Directors’ Performance

The Company has defined the criteria of performance evaluation for the Board of Directors’ members based on performance targets stated in the management contract as well as their commitment in fulfilling Shareholders’ directions. Each of Directors shall sign the management contract at the time of appointment and it will be evaluated annually. Whereas, the Board of Directors’ performance will be evaluated annually by Shareholders in GMS based on defined criteria of performance evaluation.

Formal evaluation criteria are presented openly to the Board of Directors since their appointment. The criteria include their attendance in meetings, contributions in the process of decision-making, involvement in specific assignment, commitment in advancing the Company’s interests, and fulfillment to defined performance targets. Evaluation results of entire performance of Board of Directors and individual Directors will become the material of evaluation in determining remuneration scheme for the Board of Directors.

Remuneration Policy for the Board of DirectorsRemuneration for the Board of Directors established under Regulation No. 40/2007 on Limited Liability Companies and Paragraph 13 Article 6 of the Company’s Articles of Association stating that remuneration and other benefits for all members of the Board of Directors are designated through General Meeting of Shareholders, and the authority may be delegated by GMS to the Board of Commissioners based on prevailing regulations. Therefore, based on the Company’s GMS results on April 27, 2016, policy on remuneration and other benefits for the Company’s Board of Directors was authorized toward the Company’s Board of Commissioners.

Assessment on the Board of Commissioners

Assessment process toward the Board of Commissioners’ performance is conducted annually through GMS mechanism by Shareholders. The main objective of performance assessment is to increase the effectiveness of Board of Commissioners’ work program. In general, the performance of Board of Commissioners is assessed based on the duties and obligations set forth in applicable regulations in the Company’s Articles of Association.

Formal evaluation criteria are presented openly to the Board of Commissioners since their appointment. Whereas, individual evaluation criteria include the attendance in meetings, contributions in the process of decision-making, involvement in specific assignment and commitment in advancing the Company’s interests. Evaluation results of entire performance of Board of Commissioners and individual Commissioners are inseparable part in determining remuneration scheme for the Board of Commissioners.

Remuneration Policy for the Board of CommissionersRemuneration for the Board of Commissioners is established under Regulation No. 40/2007 on Limited Liability Companies, Paragraph 10 Article 4 and Paragraph 13 Article 6 of the Company’s Articles of Association stating that remuneration and other benefits for all members of the Board of Commissioners are designated through General Meeting of Shareholders.

Based on the Company’s GMS results on April 27, 2016, total remuneration for all 3 (three) members of TEMAS Line’s Board of Commissioners for the year 2016 was Rp2 billion, with the remuneration consisting of honorarium, tantiem, and allowances.

Yes No Yes No Yes No

Affiliation

ControlingShareholders

Name

Wong Chau Lin President Commissioner

Edward Simangunsong Independent Commissioner


Harto Khusumo President Director

Faty Khusumo Managing Director

Teddy Arief Setiawan Commercial Director

Ganny Zheng Finance Director

The Board of Commissioners

Table of Affiliation

The Board of Directors








AUDIT COMMITTEE

Audit Committee is established under the Board of Commissioners functioning to help supervising the management of the Company. Audit Committee’s members are appointed and dismissed by the Board of Commissioners, and carrying out its functions based on the Company’s Board of Commissioner Decree No. 010/DEKOMSKEP/TE-JKT/VI/14 and Charter of Audit Committee No. 018/DEKOMSKEP/TE-JKT/XII/13 containing vision and mission, authority, also duties and responsibilities of Audit Committee.

Profile of Audit CommitteeThe Company’s Audit Committee has three members consisting of 1 Chairman and 2 independent members. For the period of 2016, the composition of Audit Committee’s membership is :

Currently, Chairman of the Company’s Audit Committee is assigned to Edward Simangunsong who has served since June 18, 2009. Edward Simangunsong’s profile can be found on the profile of Board of Commissioners.

Alfred Natsir has served as Audit Committee member since Juni 6, 2014. He is also the Company’s Independent Commissioners, so his profile can been found on the profile of Board of Commissioners. The other member is Ardi Dharmono who has served since November 15, 2015. He completed his study at Engineering Academy of Surabaya, Faculty of Civil Engineering in 1976, with experience of more than 20 years in banking.

Duties and Responsibility of Audit CommitteeIn general, duties and responsibilities of Audit Committee is:

1. To provide independent professional opinions to the Board of Commissioners regarding the report submitted by Board of Directors;

2. To identify all matters concerned with financial statements, internal control, compliance level toward regulations, as well as potential frauds over the decisions made by Board of Directors, and other issues related with Company’s operational performance;

3. To implement principles of Good Corporate Governance

Executive Report of Audit Committee ActivitiesThroughout the year 2016, Audit Committee has executed its duties and responsibilities in assisting the Board of Commissioners’ work program for the implementation of supervisory function and GCG application, including:1. Review of monthly financial information2. Review of monthly operationalactivities related

to the results and management3. Selection and appointment of Independent

Auditor4. Supervision over the effectiveness of internal

control5. Discussion of risk management6. Supervision over the compliance with regulation

and legislation, and review of the implementation of Good Corporate Governance and Risk Management

Meeting of Audit CommitteeThe Company’s Audit Committee has conducted several internal meetings as an implementation of its duties and responsibility and to discuss their executed supervisory functions.

In the meetings of Audit Committee, some agenda and recommendations resulted were as follows:• Review on current SOP and policies• Need for questionnaire to managers on

understanding their role and functions.• Need for mentoring to each manager and head

candidate of new branch

PeriodLegal AppointmentPositionName

Edward Simangunsong

Alfred Natsir

Ardi Dharmono

Chairman

Mamber

Mamber

Decree of the Board of Commissioners No. 011/DEKOM-SKEP/TE-JKT/XI/15

16 November 2015 –GMS of 2018

Meetings of Audit Committee

PercentageAttendance PositionName

Edward Simangunsong

Alfred Natsir

Ardi Dharmono

Chairman

Member

Member

12/12

12/12

12/12

100

100

100








Other Committees under the Board of CommissionersThe Company has formed Remuneration and Nomination Committee of which its functions carried out by the Board of Commissioners.

CORPORATE SECRETARY Corporate Secretary has an important role in facilitating communication among organs of the Company, relationship between the Company and stakeholders, and compliance with legislation and regulations.

Corporate Secretary has the mission to establish, develop, direct and formulate strategy in the implementation of Investor Relation and Corporate Communication, Good Corporate Governance and corporate secretarial administration, while paying attention to the Company’s Code of Conduct and Corporate values.

The establishment of Corporate Secretary has been carried out since July 2003 at a time when the Company transformed into public company. The appointment by Board of Directors has been in accordance with Regulation of Financial Services Authority Number: 35/POJK.04/2014 about Corporate Secretary of Issuers or Public Companies.

In 2016, Corporate Secretary of TEMAS Line was assigned to Marthalia Vigita. She is Indonesian citizen, 37 years old. Served as Company’s Corporate Secretary since June 6, 2014, based on Decree of Board of Directors No. 019/LGL/S.Kep-DIR/TE-JKT/VI/14 on June 6, 2014. Marthalia holds Bachelor’s degree in Financial Management, University of 17 Agustus 1945, Jakarta. She joined PT Pelayaran Tempuran Emas, Tbk. in 2003 as Secretary to

Director and Commissioners until 2011, then served as Assistant to Corporate Secretary (2011-2013). Prior to join the Company, Marthalia Vigita served as Secretary to Director of PT Intraco Penta, Tbk. (2000-2003).

Duties and Responsibilities of Corporate SecretaryThe Corporate Secretary’s duties and responsibilities are:

1. To keep updated with Capital Market development,

particularly regarding with Capital Market

regulations;

2. To disseminate information of the Company’s

condition to public (investors);

3. To provide inputs to Board of Directors to meet

the conditions of Capital Market;

4. To be a liaison between the Company with Capital

Market and public;

5. To prepare a special list of the Boards of Directors

and Commissioners, both within Registered

Company and its affiliates.

6. To be responsible for organizing General Meeting

of Shareholders (GMS);

7. To deliver reports of compliance, such as

information disclosure of the Company’s activities,

financial statements, and annual reports to OJK

and Indonesia Stock Exchange.

Marthalia VigitaCorporate Secretary








Implementation of Duties of Corporate Secretary in 2016In accordance with the function of the Corporate Secretary, several activities carried out by the Company’s Corporate Secretary during 2016 are as follows:

1. Delivering information disclosure to the Public via online web reporting of the Indonesia Financial Services Authority and Indonesia Stock Exchange, which is also displayed in the website of Stakeholders Information section, such as:

a. Information disclosure regarding the Signing

of MoU in Cooperation of Pendulum Service on

Time Schedule, on February 16, 2016.

b. Information disclosure about Delivery of New

Building Vessel (KM Teluk Mas) on February 16,

2016.

c. Information disclosure about Delivery of New

Building Vessel (KM Kisik Mas) on February 22,

2016.

d. Information disclosure about the Sale of Vessel

(KM Lagoa Mas) on March 17, 2016.

e. Information disclosure about the Purchase of

two New Vessels (WZ 106 and WZ 107) on April

6, 2016.

f. Information disclosure about the Signing

Agreement of 2 units of New Vessels (WZ 108

and WZ 109) on June 2, 2016.

g. Information disclosure about Particular

Shareholders on the purchase of shares by the

Company’s Director (Teddy Arief Setiawan) on

August 3, 2016.

h. Information disclosure about the purchase

of 1 Unit of Used Vessel (KM Larentia) on

September 21, 2016.

i. Information disclosure of Particular Shareholder

on the sale of shares by the Company’s Director

(Teddy Arief Setiawan) on October 21, 2016.

j. Information disclosure about the purchase of

1 Unit of Used Vessel (KM Conti Emden) on

November 9, 2016.

k. Information disclosure about the purchase of

land in Kalianak Surabaya, on December 23,

2016.

2. Delivering Periodic Reports to the Indonesia Financial Services Authority and Indonesia Stock Exchange on time, including:

a. a. Report of the shareownership of the Boards

of Directors, Commissioners and Shareholders

above 5% every month

b. Financial Statements as of 31 December 2015

(audited)

c. Financial Statements as of 31 March 2016

(unaudited)

d. 2015 Annual Report

e. Financial Statements as of 30 June 2016

(unaudited)

f. Financial Statements as of 30 September 2016

(unaudited)

The submission of the periodic reports is by online through the website of OJK and IDX, and also displayed on the Company’s website. In addition to electronic submission, our periodic reports are also submitted in hardcopy to OJK and IDX.

3. Corporate Events & Meetings in 2016, such as:A. Organizing General Meeting of Shareholders

and Public Exposure:

a. Submitting notifications of AGMS &

EGMS to OJK and BEI

b. Publishing Ads of Notice, Invitation, and

Meetings’ Decisions in Bisnis Indonesia

Daily

c. Preparing General Meeting’s agenda,

also scenarios and list of events of GMS

d. Coordinating with Notary for drafting

Minutes of Meetings

e. Submitting Plans and Timetable,

Contents, and Results of Public

Exposure to the Indonesia Financial

Services Authority and Indonesia Stock

Exchange

f. Executing the GMS on April 27, 2016,

venued in the Holiday Inn Hotel,

Kemayoran, Jakarta

g. Submitting Minutes of Meetings of

Annual General Meeting of Shareholders

(Deed No. 132) and Minutes of

Extraordinary General Meeting of

Shareholders (Deed No. 133) to the

Indonesia Financial Services Authority

and Indonesia Stock Exchange

h. Publishing the schedule and procedure

of dividend distribution for the year

2015

i. Coordinating with Share Registrar

and Indonesian Central Securities

Depository for the execution of Dividend

distribution.

B. Signing MOU of Route S4 (Sea Toll) on February 12, 2016, in Borobudur Hotel

C. Conducting the 29th Anniversary of Temasline, located in the Head Office Jakarta, on September 17, 2016








Regular Meetings of the Management:

A. Conducting and documenting the results of Joint Meeting of the Boards of Directors and Commissioners. During 2016, the Boards conducted 13 meetings.

B. Conducting joint meetings of the Audit Committee and Internal AuditC. Conducting management meeting on April 28, 2016

4. Carrying out Corporate Social Responsibility.

5. Conducting Corporate Rating by PT PEFINDO, with the rating of “Single A” for the period of 1 September 2016 – 1 September 2017.The given rating is based on the data and information of unaudited financial statements as of June 30, 2016, and audited financial statements as of December 31, 2015.

Training for Corporate SecretaryDuring 2016, Corporate Secretary did not participate any training programs, but has attended several seminars

organized by OJK and IDX as well as some socializations related to Capital Market regulations.

DateOrganizersTrainingNo

1

2

3

4

5

CSR Talks for Leaders

Sosialisasi Program AEI dan IssuerGathering

Quality Empowerment System

Konsolidasi Laporan Keuangan danSistem Pelaporan Keuangan

Workshop Keterbukaan Informasiatau Fakta Material, Transaksi Afiliasi,

Transaksi Material, PengungkapanTata Kelola Emiten

BEI

Asosiasi Emiten Indonesia

Asosiasi Emiten Indonesia

Otoritas Jasa Keuangan

Total Quality Indonesia

1 Februari 2016

1 Juni 2016

23-24 September2016

27 Oktober 2016

16 November 2016

INTERNAL AUDIT

The Company has undertaken the establishment

of internal audit early in 2010 through Board of

Commissioners’ Approval Letter No. 002/B/LGL/

SP-KOM/TE-JKT/I/10 and Decree of Directors No.

002/C/LGL/SKEP-DIR/TEJKT/I/10.Based on these

decrees, Board of Commissioners has the right and

responsibility to appoint and dismiss theChairman

of Internal Audit, who will then form teamwork

to carry out the unit’s duties and responsibilities

professionally and independently.

Position of Internal AuditThe membership of Internal Audit Unit is appointed

and dismissed by and responsible directly to

President Director, based on Decree of Directors

No. 094/LGL/S.Kep-DIR/TE-JKT/VIII/13 dated on

August 26, 2013, related to Organization Structure

of the Company.

Profile of Head of Internal AuditHead of Company’s Internal Audit Unit is currently

assigned to Susan Natalia, Indonesian citizen, 30

years old. She has been Head of Internal Audit Unit

since September 2, 2013, after previously served as

the Company’s Internal Auditor since September

2012. Susan Natalia holds Bachelor of Accounting

from Catholic University of Atmajaya, Jakarta. Prior

to joining the Company, she served as Auditor at

Ernst & Young Indonesia (2010-2012), and Internal

Auditor on PT Karya Inti Petroleum (2012).

To maintain its independence and objectivity,

the Company’s Internal Audit Unit consisting

of 3 members has no affiliation with Boards of

Commissioners and Directors, or Shareholders of

the Company








During 2016, the duties and responsibilities of

Internal Audit Unit can be outlined as follows:

1. Planning and draftingthe Annual Internal Audit

Program;

2. Examining and evaluating the implementation of

internal control and risk management systems in

accordance with the Company’s policy;

3. Conducting examination and assessment on

the efficiency and effectiveness in the areas

of finance, accounting, operations, human

resources, marketing, information technology, as

well as special examinations assigned, including

auditing on work flow if possible;

4. Making reports of audit results and submitting to

President Director, the Board of Commissioners

and Audit Committee;

5. Monitoring and evaluating over the audit findings,

and providing advice or recommendations of

improvementin conducting the Company’s

activities to all levels of Management;

6. Visiting to the Company’s branches and/or ships,

either as a routine visit or sudden inspection;

7. Monitoring safety procedureson the Company’s

treasures and interests in order to be

implemented properly, by way of checking the

correctness and accuracy of bookkeeping data

and completeness of supporting documents,

either by random sampling or comprehensive

examination;

8. Maintainingthe confidentiality of the data

examined and information obtained, and

reserved only for the purposes of audit

examination;

9. Providing monthly reports to Audit Committee

periodically on the implementation of audit

activities performed;

10. Providing evaluation of independent auditresults,

maintaining the confidentiality, which can only

be accessed by Management, Audit Committee,

Public Accountant or other parties with the

Management’s approval;

11. Drafting programme in order to evaluate the

quality of the performing internal audit activities.

PUBLIC ACCOUNTANT

The Company has assigned KAP Purwantono,

Sungkoro & Surja as the Company’s Public

Accountant based on Appointment Letter No. 119/

SRT/CORPSEC/ TE-JKT/X/2016 and Approval Letter

of the Board of Commissioners No. 004/DEKOM-

SRT/TE-JKT/X/2016 dated on October 7, 2016, to

carry out auditing on the Company’s 2016 Financial

Statements, with the fee amount of Rp1.1 billion

(excluding VAT). Beside duties and responsibilities

as agreed, the Company’s Accountant provides no

other services.

RISK MANAGEMENT

In each operational activity, the Company cannot

avoid the incidence of business risks. However, the

existence of potential risks is still manageable and

the Company has a system of risk management that

includes identification, evaluation and control of risks

that might threaten the sustainability of Company’s

business activity.

By 2016, the Company has identified some possible

risks that might arise and affect the growth of TEMAS

Line. The risks are divided into two categories,

namely operational risks and economy risks, with

the following descriptions and countermeasures:

Operational Risks• Fleet Risk Fleet damages are strongly influencing the

Company’s operational continuity. Therefore,

the Company strives to carry out maintenance,

repair and docking of all vessels periodically. In

this case, the Company has been working with

Jurong Shipyard in Singapore and Triwarako

Utama in Jakarta.

• Accident Risk Risk of ship accident can lead to material

losses for the Company. Therefore, the entire

Company’s fleet has been equipped with

Shipping Insurance.

• Fuel Risk Significant increase in fuel price would be

a negative impact on Company’s finance.

To anticipate, the Company will continue its

rejuvenation program by selling inefficient

and ineffective ships and replacing them with

the ones specially designed for operating in

Indonesian sea and fuel-efficient.








Economy Risks• Bank Interest Risk Increase in bank interest rates has a direct

impact on costs increase. The Company’s

strategic effort to manage loan is negotiating

with the bank and if necessary by conducting

debt restructuring.

• Credit Risk Losses can arise if customers fail to fulfill their

obligations in the agreed contract. Therefore, the

Company strives to establish good relationship

with credible customers and continues to

periodically monitor accounts receivable

collectability.

• Industrial Risk Marine transportation industry strongly depends

on economic growth. As the anticipation, the

Company continues to develop marketing

strategies and seizes opportunities in wider

areas necessary for equitable distribution

logistics.

• Inflation Risk Rising prices in general will lead to the rise in price

of spare parts and in operating costs. Therefore,

the Company strives to apply efficiency in all

operational lines.

The Company applies risk management system

through several strategic measures, such as:

1. Active supervision by Boards of Commissioners

and Directors;

2. Implementation effective and efficient policy

procedures;

3. Supervision under reliable information

technology system;

4. Proper insurance coverage for ship problems.

The Company always evaluates and reviews risk

management system to ensure its effectiveness

every 3 months through periodic meetings between

the Company’s Board of Directors and Board of

Commissioners.

INTERNAL CONTROL SYSTEMReliable Internal Control System (ICS) should be

established and applied in order to protect the

Company’s property and performance, and also to

meet regulations. To carry out ICS activities, Board

of Directors has formed an Internal Control Unit and

placed it evenly on each layer of human resources to

improve an effective, efficient, and thorough work

system at TEMAS Line.

During the year 2016, Internal Control Unit has carried

out its duties in assisting the Board of Directors by

ensuring the Company’s achievement and business

continuity, and is responsible for:

1. Conducting evaluation on implementation of

Company’s initiatives;

2. Providing advices to improve effectiveness of

risk control process;

3. Conducting evaluation on Company’s

compliance toward GCG implementation,

applicable regulations and legislations; and

4. Facilitate better audit implementation by

external auditor.

Legal Disputes

During 2016, the Company dealt with two cases and

lawsuits between the Company and PT Multi Diesel

Services (MDS), and between the Company and Mr.

Setyo Hartono (Commissioner of PT Senopati Samudera

Perkasa). Until the completion of this Annual Report,

both cases are still in judicial process. Both cases have no

material impact on the Company’s operational continuity.

Information Of Administrative Sanction

The Company also did not receive administrative

sanction in any forms throughout 2016, so that

relevant discussion is not necessarily presented.

Access To Corporate Information And Data

To provide easy way for all stakeholders to receive

Corporate information, TEMAS Line is constantly

working to provide information updates about the

Company, both through annual reports as well as

official website of www.temasline.com. In addition, the

Company also continuously provides E-Reporting to

Indonesia Financial Services Authority and Indonesia

Stock Exchange (IDX) in accordance with prevailing

policies and regulations.

Other stakeholders, such as customers, prospective

customers, or business partners and all those who

want to get more information about the Company, can

also contact Corporate Secretary via:

Email : [email protected]

Mail : Head Office Jakarta, Jl. Yos Sudarso Kav. 33,

Sunter Jaya, Tanjung Priok, Jakarta 14350,

Phone : (62-21) 430 2388, Fax: (62-21) 4393 8658.









76 Laporan Tahunan 2016PT Pelayaran Tempuran Emas Tbk

Whistleblowing System

In 2016, the Company has officially formed a

task force who is responsible in following up any

incidents or events considered having elements

of misconducts or irregularities. In the mean time,

the task force consists of the members of Internal

Audit Unit to investigate any reports of irregularity

indications.

According to guideline of whistleblowing system,

any form of reporting, evidence of violence, and

informant identity will be secured and protected

against various possibilities of intervention or threat

risk. However, during the year 2016 the Company

did not receive any reports related to violences

or activities containing elements of fraud or

irregularities.











LAPORAN KEUANGAN

77Laporan Tahunan 2016PT Pelayaran Tempuran Emas Tbk76 Annual Report 2016

PT Pelayaran Tempuran Emas Tbk 77Annual Report 2016PT Pelayaran Tempuran Emas Tbk






CORPORATE SOCIAL RESPONSIBILITYIt has been our goals to not only base our working ethics on business matters but also we have strong emphasis to create a great benefits for our society welfare.















During the year 2016, the Company has became an integral part inits operationalsurrounding environment. Therefore, the orientation of the Company’s performance is not only for the business interests, but also aiming to create great benefits for the surrounding welfare, providing more valuesto all stakeholders, and maintaining local environment preservation.

The Company’s commitment to the community through the implementation of varied CSR programs becomesan effective means in providing contributions continuously and accountably to all stakeholders, whether to the employees, consumers, shareholders, communities and environment. The Company’s annualCSR program activities include education, social, and welfare programs, and also responsibility to the employment.

For the year 2016, the Company has allocated a total of Rp558 million in various forms of CSR activities as follows:


• Community Development

1. Distribution of basic needs for local community

around the Company at Kebon Bawang Village,

North Jakarta;

2. Social Service to the elderly in Pemalang;

3. Participated in Eid al-Adha feast in the

neighborhood around the Company’s depot

4. Participated in the event of Social Service

Operation of Surya Baskara Jaya,Indonesian

Navy,in Tablasupa Village, Jayapura

5. Donations to “Himpunan Peduli Kasih untuk

Mimika”

• Responsibility to Employment

Highly dedicated, reliable and professional human resources becomes the main asset for the Company’s increasing business growth. Therefore, the demand for maximum performance of all Company’s employees should be coupled with efforts to improve manpower quality, includingthe increase of employees’ welfare in accordance with employment regulations.

To realize it, the Company has established a policy regarding provision of labor wages at the level of Provincial/Regional minimum wage based on Regulation of the Governor of DKI Jakarta No. 123 Year 2013 on Regional Minimum Wage in DKI Jakarta, and regulations on Regional Minimum Wage in the regions of each branch.








Wage policy is also based on decision of Board of Directorsand imposes wage and salary adjustments in line withperformance level of employees, and based on comparativewage system in related industry. In addition to salary,various allowances and other facilities are also provided inorder to improve employee performance, including:

1. Health and insurance facilities through BPJS or

otherprivate insurance providers,

2. Employment coverage through BPJS

Employmentprogram, including Provident Fund

Benefit, Work-Related Accident Benefit and

Death Benefit,

3. Housing for employees,

4. Small mosque for Moslem employees,

5. Sport activities,

6. Provision of nutritious and hygienic lunch, and

7. Holiday allowances.

The Company continues to always pay attention toemployees’ welfare and their rights in order to encouragethem to perform effectively and productively in achievingthe Company’s vision and mission. The Company’s fullattention also lies on gender equality, provision of trainingand development evenly across all employee levels,career improvement, and granting remuneration withoutdiscrimination, including provision of special leave foremployees who are about to give birth or other specialleave permits according to applicable regulations.















THIS PAGE IS INTENTIONALLY LEFT BLANK








BOARD OF DIRECTORS

Teddy Arief Setiawan Director

Faty Khusumo Director

Ganny Zheng Director

BOARD OF COMMISSIONERS


Alfred NatsirIndependent Commissioner



STATEMENT OF RESPONSIBILITY OF BOARD OF COMMISIONERS AND DIRECTORS CONCERNING THE 2016 ANNUAL REPORT OF

PT PELAYARAN TEMPURAN EMAS TBK

We, the undersigned declare that all information in the 2016 Annual Report of PT Pelayaran Tempuran Emas Tbk has been completely stated, and are responsible for the validity of this Annual Report of the Company.

We hereby affirm that this statement is made in solemn and conscientious acknowledgment.








LAPORAN KEUANGAN KONSOLIDASIAN

CONSOLIDATED FINANCIAL STATEMENTS















THIS PAGE IS INTENTIONALLY LEFT BLANK








PT Pelayaran Tempuran Emas Tbkdan entitas anaknya/and its subsidiaries

Laporan keuangan konsolidasian tanggal 31 Desember 2016 dan untuk tahunyang berakhir pada tanggal tersebut beserta laporan auditor independen/Consolidated financial statements as of December 31, 2016 and for the year thenended with independent auditors’ report




































The original consolidated financial statements included herein are in theIndonesian language.

Catatan atas laporan keuangan konsolidasian terlampir merupakanbagian yang tidak terpisahkan dari laporan keuangan konsolidasian

secara keseluruhan.

The accompanying notes to the consolidated financial statements forman integral part of these consolidated financial statements

taken as a whole.

1

PT PELAYARAN TEMPURAN EMAS TbkDAN ENTITAS ANAKNYA

LAPORAN POSISI KEUANGAN KONSOLIDASIANTanggal 31 Desember 2016

(Disajikan dalam rupiah)

PT PELAYARAN TEMPURAN EMAS TbkAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OFFINANCIAL POSITION

As of December 31, 2016(Expressed in rupiah)

31 Desember 2016/ Catatan/ 31 Desember 2015/December 31, 2016 Notes December 31, 2015

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 32.967.646.232 2c,2p,4,38,39 24.430.338.156 Cash and cash equivalentsPiutang usaha 2p,5,38,39 Trade receivables

Pihak ketiga - neto 134.699.876.942 13,19 172.707.435.021 Third parties - netPihak berelasi 1.854.320.785 2d,35 2.459.400.189 Related party

Piutang lain-lain 3.446.847.962 2p,6,38,39 6.648.655.466 Other receivablesPersediaan - neto 47.074.615.432 2e,8,13,19 22.908.822.963 Inventories - netBiaya dibayar dimuka 4.800.354.823 2f,9 4.334.772.366 Prepaid expensesPajak dibayar dimuka 35.435.765.613 2o,18 27.717.676.038 Prepaid taxes

2c,2p,7,37a,Aset keuangan lancar lainnya 870.460.896 38,39 913.671.550 Other current financial assetsAset lancar lain-lain 14.498.437.923 10 9.031.490.576 Other current assets

TOTAL ASET LANCAR 275.648.326.608 271.152.262.325 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

Aset pajak tangguhan - neto 60.576.695.129 2o,18 25.162.538.201 Deferred tax assets - net2g,2h,2i,2u,11,

Aset tetap - neto 2.166.137.439.420 13,19,20,21 1.458.799.630.538 Fixed assets - netTaksiran tagihan pajak - 2o,18 1.869.704.033 Estimated claim for tax refundAset tidak lancar lainnya 23.299.878.632 2f,12 25.076.740.092 Other non-current assets

TOTAL ASET TIDAK LANCAR 2.250.014.013.181 1.510.908.612.864 TOTAL NON-CURRENT ASSETS

TOTAL ASET 2.525.662.339.789 1.782.060.875.189 TOTAL ASSETS










secara keseluruhan.


taken as a whole.

2


LAPORAN POSISI KEUANGANKONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2016



CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)



LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek 156.500.000.000 2p,13,38,39 85.800.000.000 Short-term bank loansUtang usaha 2p,14,38,39 Trade payables

Pihak ketiga 106.706.790.609 92.529.990.088 Third partiesPihak-pihak berelasi 1.500.700.727 2d,35 2.775.754 Related parties

Utang lain-lain 161.574.813 2p,15,38,39 535.819.094 Other payablesBeban akrual 10.204.874.599 2p,16,38,39 10.270.705.550 Accrued expensesUtang pajak 7.683.968.483 2o,18 5.146.554.379 Taxes payablePendapatan diterima dimuka 7.876.709.142 2l 1.335.187.796 Unearned revenuesBagian pinjaman jangka panjang

yang jatuh tempo dalam waktu Current maturities ofsatu tahun 2p,38,39 long-term debtsUtang lain-lain - pihak berelasi 44.000.000.000 2d,19,35 59.318.500.000 Other payables - related partyUtang bank 183.798.741.082 19 96.691.360.000 Bank loans

Loan payable toUtang lembaga keuangan 47.391.160.528 19 40.104.345.778 financial institutionUtang sewa pembiayaan 30.616.151.773 2i,20 29.478.963.609 Finance lease liabilities

Obligation under syariahUtang transaksi syariah 55.114.084.724 2q,21 41.577.064.994 transactionsUtang pembiayaan konsumen 455.424.156 19 634.716.849 Consumer financing payables

TOTAL LIABILITAS JANGKA TOTALPENDEK 652.010.180.636 463.425.983.891 CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Pinjaman jangka panjang - setelahdikurangi bagian yang jatuh Long-term debts - net oftempo dalam waktu satu tahun 2p,38,39 current maturitiesUtang bank 508.771.617.719 19 225.251.417.537 Bank loans

Loan payable toUtang lembaga keuangan 127.739.101.322 19 89.889.965.431 financial institutionUtang sewa pembiayaan 25.639.434.326 2i,20 56.754.721.961 Finance lease liabilities

Obligation under syariahUtang transaksi syariah 186.740.521.508 2q,21 105.486.009.783 transactionsUtang pembiayaan konsumen - 19 481.598.738 Consumer financing payables

Liabilitas pajak tangguhan - neto 4.991.977.635 2o,18 4.908.909.117 Deferred tax liabilities - netLiabilitas imbalan kerja Long-term employee

jangka panjang 25.093.790.406 2m,22 21.196.507.929 benefits liability

TOTAL LIABILITAS JANGKA TOTAL NON-CURRENTPANJANG 878.976.442.916 503.969.130.496 LIABILITIES

TOTAL LIABILITAS 1.530.986.623.552 967.395.114.387 TOTAL LIABILITIES










secara keseluruhan.


taken as a whole.

3


LAPORAN POSISI KEUANGANKONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2016



CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)



EKUITAS EQUITY

Ekuitas yang Dapat Diatribusikan Equity Attributable to Ownerskepada Pemilik Entitas Induk of the Parent Entity

Modal saham - nilai nominal Rp125 Capital stock - Rp125 par valueper saham per shareModal dasar - 4.560.000.000 saham Authorized - 4,560,000,000 sharesModal ditempatkan dan disetor Issued and fully paid -penuh - 1.141.030.000 saham 142.628.750.000 23 142.628.750.000 1,141,030,000 shares

Tambahan modal disetor 145.603.049.314 1b,2j,2k,24 145.603.049.314 Additional paid-in capitalSaldo laba Retained earnings

Telah ditentukan penggunaannya 34.823.179.931 26 34.823.179.931 AppropriatedBelum ditentukan penggunaannya 773.660.578.307 589.933.190.599 Unappropriated

Rugi komprehensif lain (103.349.363.063) 2b,25 (99.488.884.785) Other comprehensive loss

Ekuitas Neto yang DapatDiatribusikan kepada Net Equity Attributable toPemilik Entitas Induk 993.366.194.489 813.499.285.059 Owners of the Parent Entity

Kepentingan Nonpengendali 1.309.521.748 28 1.166.475.743 Non-controlling Interests

TOTAL EKUITAS 994.675.716.237 814.665.760.802 TOTAL EQUITY

TOTAL LIABILITAS DAN TOTAL LIABILITIES ANDEKUITAS 2.525.662.339.789 1.782.060.875.189 EQUITY










secara keseluruhan.


taken as a whole.

4


LAPORAN LABA RUGI DAN PENGHASILANKOMPREHENSIF LAIN KONSOLIDASIANUntuk Tahun yang Berakhir pada Tanggal

31 Desember 2016(Disajikan dalam rupiah)


CONSOLIDATED STATEMENT OF PROFIT OR LOSSAND OTHER COMPREHENSIVE INCOMEFor the Year Ended December 31, 2016

(Expressed in rupiah)

Tahun yang Berakhir pada tanggal 31 Desember/Year Ended December 31,

Catatan/2016 Notes 2015

Pendapatan jasa 1.755.284.162.001 2l,30 1.720.965.422.311 Service revenue

Pendapatan jasa yang salingdihapuskan dengan beban jasa Service revenue net off with relatedterkait (83.379.145.991) 2l,30 (99.601.083.071) cost of service

PENDAPATAN JASA NETO 1.671.905.016.010 1.621.364.339.240 NET SERVICE REVENUE

Beban jasa 1.311.229.551.637 2l,31 1.267.271.914.201 Cost of services

Beban jasa yang saling dihapuskandengan pendapatan jasa Cost of services for offset off withterkait (83.379.145.991) 2l,31 (99.601.083.071) related service

BEBAN JASA NETO 1.227.850.405.646 1.167.670.831.130 NET COST OF SERVICES

LABA BRUTO 444.054.610.364 453.693.508.110 GROSS PROFIT

Beban usaha (110.080.441.402) 2l,2d,32 (96.626.647.995) Operating expensesLaba pelepasan aset tetap 2.672.501.813 2g,11 24.009.312.881 Gain on disposal of fixed assetsRugi penurunan nilai aset - 2h,11 (10.980.005.000) Loss on impairment of assetPenghasilan (rugi) operasi lain (32.799.358.183) 2l,17 37.902.745.536 Other operating income (loss)

LABA USAHA 303.847.312.592 407.998.913.532 INCOME FROM OPERATIONS

Laba (rugi) selisih kurs - neto 9.057.492.012 (20.635.915.370) Gain (loss) on foreign exchange - netPendapatan keuangan 1.132.880.343 2l,33 1.187.825.640 Finance incomePajak final atas

pendapatan bunga (226.576.069) (237.565.128) Final tax on interest incomeLaba atas nilai wajar 9.385.875.850 - Gain on fair valueBeban keuangan (91.100.348.680) 2l,34 (70.672.637.820) Finance costs

LABA SEBELUM PAJAK FINALDAN BEBAN PAJAK INCOME BEFORE FINAL TAXPENGHASILAN 232.096.636.048 317.640.620.854 AND INCOME TAX EXPENSE

Pajak final (14.313.248.487) 2o,18 (13.164.302.705) Final tax

LABA SEBELUM BEBAN INCOME BEFOREPAJAK PENGHASILAN 217.783.387.561 304.476.318.149 INCOME TAX EXPENSE

Manfaat pajak penghasilan 13.737.761.127 2o,18 12.697.817.092 Income tax benefit

LABA TAHUN BERJALAN 231.521.148.688 317.174.135.241 INCOME FOR THE YEAR










secara keseluruhan.


taken as a whole.

5


LAPORAN LABA RUGI DAN PENGHASILANKOMPREHENSIF LAIN KONSOLIDASIAN (lanjutan)

Untuk Tahun yang Berakhir pada Tanggal31 Desember 2016



CONSOLIDATED STATEMENT OF PROFIT OR LOSSAND OTHER COMPREHENSIVE INCOME

(continued)For the Year Ended December 31, 2016




PENGHASILAN (RUGI) OTHER COMPREHENSIVEKOMPREHENSIF LAIN INCOME (LOSS)

Rugi komprehensif lain Other comprehensive lossyang akan direklasifikasikan to be reclassifiedlaba rugi pada to profit or loss inperiode berikutnya: subsequent periods:Selisih kurs karena penjabaran Difference in foreignlaporan keuangan (3.082.598.838) 2b,25 (14.943.226.495) currency translation

Penghasilan (rugi) komprehensif lainyang tidak akan direklasifikasikan Other comprehensive incomeke menjadi laba rugi pada (loss) not to be reclassifiedperiode berikutnya: to profit or loss in

subsequent periods:Laba (rugi) pengukuran kembali Remeasurement income (loss) onliabilitas imbalan pascakerja (935.007.781) 22 (704.612.759) post-employment benefits liabilityPajak penghasilan terkait 154.031.033 18 (102.425.987) Related income tax

PENGHASILAN KOMPREHENSIF NET COMPREHENSIVENETO TAHUN BERJALAN 227.657.573.102 301.423.870.000 INCOME FOR THE YEAR

Laba tahun berjalan yang dapatdiatribusikan kepada: Income for the year attributable to:Pemilik Entitas Induk 231.308.338.708 316.970.250.888 Owners of the Parent EntityKepentingan Nonpengendali 212.809.980 203.884.353 Non-controlling Interests

Total 231.521.148.688 317.174.135.241 Total

Total Laba (rugi) komprehensiftahun berjalan yang dapat Total comprehensive incomediatribusikan kepada: for the year attributable to:Pemilik Entitas Induk 227.447.860.430 301.219.985.647 Owners of the Parent EntityKepentingan Nonpengendali 209.712.672 203.884.353 Non-controlling Interests

Total 227.657.573.102 301.423.870.000 Total

LABA PER SAHAM EARNINGS PERYANG DAPAT DIATRIBUSIKAN SHARE ATTRIBUTABLE TOKEPADA PEMILIK ENTITAS INDUK 203 2r,29 278 OWNERS OF THE PARENT ENTITY








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Catatan atas laporan keuangan konsolidasian terlampir merupakanbagian yang tidak terpisahkan dari laporan keuangan

konsolidasian secara keseluruhan.

The accompanying notes form an integral part of these consolidatedfinancial statements.

7


LAPORAN ARUS KAS KONSOLIDASIANUntuk Tahun yang Berakhir pada Tanggal



CONSOLIDATED STATEMENT OF CASH FLOWSFor the Year Ended December 31, 2016




ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATINGOPERASI ACTIVITIESPenerimaan kas dari pelanggan 1.710.280.429.466 1.627.807.417.138 Cash received from customersPengeluaran kas kepada pemasok Cash paid to suppliers

dan untuk beban usaha (1.067.600.743.823) (992.710.475.452) and for operating expensesPengeluaran kas kepada karyawan Cash paid to employees

dan anak buah kapal (131.675.127.579) (110.308.882.220) and vessel crewsPenerimaan dari klaim asuransi 3.787.721.551 7.287.103.260 Proceeds from insurance claimsPenerimaan dari pendapatan bunga 906.304.274 33 950.260.512 Receipts of interest incomePembayaran atas: Payments for:

Beban bunga (78.993.449.260) (59.747.314.901) Interest expensePajak (30.994.413.805) (29.466.197.959) TaxesBeban murabahah (13.329.922.212) 21 (17.382.662.835) Murabahah expense

Kas neto diperoleh dari Net cash provided byaktivitas operasi 392.380.798.612 426.429.247.543 operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTINGINVESTASI ACTIVITIESHasil pelepasan aset tetap 51.697.791.044 11 6.623.603.098 Proceeds from disposal of fixed assetsPerolehan aset tetap (847.481.877.296) (61.483.382.327) Acquisitions of fixed assets

Kas neto digunakan untuk Net cash used foraktivitas investasi (795.784.086.252) (54.859.779.229) investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCINGPENDANAAN ACTIVITIESPerolehan dari utang Proceeds of long-term

bank jangka panjang 493.170.700.000 - bank loansPerolehan dari utang Proceeds from obligation

transaksi syariah 143.079.389.600 82.493.823.194 under syariah transactionsPenerimaan (pembayaran) utang Proceeds (payment) of short-term

bank jangka pendek - neto 70.700.000.000 (43.495.823.910) bank loans - netPembayaran utang Payment of other

pihak berelasi lain-lain - neto (15.318.500.000) (39.100.142.606) related party payables - netPembayaran: Payments for:

Utang bank jangka panjang (118.356.849.019) 19 (255.190.796.519) Long-term bank loansUtang lembaga keuangan (44.229.189.992) 19 (32.964.966.398) financial institution

Obligation under syariahUtang transaksi syariah (42.938.973.597) 21 (37.052.761.921) transactionsUtang sewa pembiayaan (27.530.505.640) (37.735.282.616) Finance lease liabilities

Loan payable toUtang pembiayaan konsumen (660.891.431) 19 (877.076.714) Consumer financing payables

Pembayaran dividen (47.580.951.000) 27 (20.324.182.893) Dividend payment

Kas neto diperoleh dari (digunakan Net cash provided byuntuk) aktivitas pendanaan 410.334.228.921 (384.247.210.383) (used for) financing activities









Catatan atas laporan keuangan konsolidasian terlampir merupakanbagian yang tidak terpisahkan dari laporan keuangan

konsolidasian secara keseluruhan.

The accompanying notes form an integral part of these consolidatedfinancial statements.

8


LAPORAN ARUS KAS KONSOLIDASIAN (lanjutan)Untuk Tahun yang Berakhir pada Tanggal



CONSOLIDATED STATEMENT OFCASH FLOWS (continued)

For the Year Ended December 31, 2016(Expressed in rupiah)



PENGARUH NETO PERUBAHAN NET EFFECT OF CHANGES INKURS PADA KAS DAN EXCHANGE RATES ON CASHSETARA KAS 1.606.366.795 (5.772.502.758) AND CASH EQUIVALENTS

KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) INKAS DAN SETARA KAS 8.537.308.076 (18.450.244.827) CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSAWAL TAHUN 24.430.338.156 42.880.582.983 AT BEGINNING OF YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSAKHIR TAHUN 32.967.646.232 4 24.430.338.156 AT END OF YEAR

Informasi tambahan aktivitas arus kas diungkapkandalam Catatan 42.

Supplementary cash flow information is disclosed inNote 42.








The original consolidated financial statements included herein are inthe Indonesian language.


CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2016 danUntuk Tahun yang Berakhir pada Tanggal Tersebut

(Disajikan dalam rupiah, kecuali dinyatakan lain)


NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS

As of December 31, 2016 andfor the Year Then Ended

(Expressed in rupiah, unless otherwise stated)

9

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. Company’s Establishment

PT Pelayaran Tempuran Emas Tbk(“Perusahaan”) didirikan dengan namaPT Tempuran Emas berdasarkan akta notarisMisahardi Wilamarta, S.H., No. 252 tanggal17 September 1987, yang telah diubah denganakta notaris No. 350 tanggal 18 November 1987oleh notaris yang sama. Akta pendirian danperubahannya telah disahkan oleh MenteriKehakiman Republik Indonesia dalam SuratKeputusan No. C2-2545.HT.01.01.TH’88tanggal 22 Maret 1988, serta telah diumumkandalam Berita Negara Republik IndonesiaNo. 101, Tambahan No. 1376 tanggal16 Desember 1988. Perubahan namaPerusahaan menjadi PT Pelayaran TempuranEmas dilakukan berdasarkan akta notarisMisahardi Wilamarta, S.H., No. 28 tanggal5 Februari 1997 dan telah mendapatpersetujuan dari Menteri Kehakiman RepublikIndonesia dalam Surat KeputusanNo. C2-1656.HT.01.04.TH.98 tanggal 12 Maret1998 dan telah diumumkan dalam BeritaNegara Republik Indonesia No. 91, TambahanNo. 6347 tanggal 13 November 1998.

PT Pelayaran Tempuran Emas Tbk (the“Company”) was established under the namePT Tempuran Emas based on notarial deedNo. 252 dated September 17, 1987 ofMisahardi Wilamarta, S.H., which wasamended by notarial deed No. 350 datedNovember 18, 1987 of the same notary. Thedeed of establishment and its amendmentwere approved by the Ministry of Justice ofthe Republic of Indonesia in its DecisionLetter No. C2-2545.HT.01.01.TH’88 datedMarch 22, 1988 and were published inSupplement No. 1376 of State GazetteNo. 101 dated December 16, 1988. TheCompany changed its name to PT PelayaranTempuran Emas based on notarial deedNo. 28 dated February 5, 1997 of MisahardiWilamarta, S.H., which was approved by theMinistry of Justice of the Republic ofIndonesia in its Decision LetterNo. C2-1656.HT.01.04.TH.98 datedMarch 12, 1998 and was published inSupplement No. 6347 of State GazetteNo. 91 dated November 13, 1998.

Anggaran dasar Perusahaan telah mengalamibeberapa kali perubahan, terakhir diubahdengan akta notaris Herdimansyah Chaidirsyah,S.H., No. 22 tanggal 4 Desember 2015,mengenai perubahan beberapa pasal padaAnggaran Dasar Perusahaan. Perubahantersebut telah disetujui oleh Menteri Hukum danHak Asasi Manusia Republik Indonesia dalamSurat Keputusan No. AHU-0947340.AH.01.02.2015 tanggal 4 Desember2015.

The Company’s articles of association hasbeen amended from time to time, the latest ofwhich was amended by notarial deed No. 22dated December 4, 2015 of HerdimansyahChaidirsyah, S.H., concerning changes inseveral articles in the Company’s articles ofassociation. The amendment was approvedby the Ministry of Law and Human Rights ofthe Republic of Indonesia in its DecisionLetter No. AHU-0947340.AH.01.02.2015dated December 4, 2015.

















10

1. UMUM (lanjutan) 1. GENERAL (continued)

a. Pendirian Perusahaan (lanjutan) a. Company’s Establishment (continued)

Perubahan terakhir susunan dewan komisarisdan direksi Perusahaan termuat dalam aktanotaris Herdimansyah Chaidirsyah, S.H., No. 26tanggal 4 Juli 2014, dimana perubahan ini telahditerima dan dicatat oleh Menteri Hukum danHak Asasi Manusia Republik Indonesiaberdasarkan Surat No. AHU-18455.40.22.2014tanggal 8 Juli 2014.

The last change of the Company’s boards ofcommissioners and directors was notarizedunder deed No. 26 dated July 4, 2014 ofHerdimansyah Chaidirsyah, S.H., which wasreported and acknowledged by the Ministry ofLaw and Human Rights of the Republic ofIndonesia based on its Letter No. AHU-18455.40.22.2014 dated July 8, 2014.

Sesuai dengan pasal 3 anggaran dasarPerusahaan, Perusahaan bergerak dalambidang pengangkutan baik domestik maupuninternasional, terutama pengangkutanpenumpang, kendaraan, barang dan hewandengan kapal laut, bertindak sebagai agen dariusaha pelayaran serta melaksanakanpembelian dan penjualan kapal-kapal danperlengkapannya. Kegiatan usaha penunjangdari persereoan adalah sewa-menyewa kapal,lahan, bangunan, serta kegiatan transportasidarat dan logistik.

In accordance with article 3 of the Company’sarticles of association, the Company engagesin both domestic and internationaltransportation activities, particularly intransporting passengers, cargoes andanimals by vessels, acts as an agent in theshipping business and is involved in thepurchase and sale of vessels and relatedequipment. Supporting activities of theCompany is leasing of vessels, land,buildings, and activities of transportation andlogistic.

Kantor pusat Perusahaan berlokasi di Jalan YosSudarso Kavling 33, Jakarta Utara, dengankantor cabang di Medan, Surabaya, Makassar,Bitung, Pontianak, Banjarmasin, Pekanbaru,Ambon, Jayapura dan Sorong. Kapal yangdioperasikan oleh Perusahaan hanya berlayardi perairan dalam negeri. Perusahaan mulaiberoperasi secara komersial pada tahun 1988.

The Company’s head office is located atJl. Yos Sudarso Kavling 33, North Jakartawith branches in Medan, Surabaya,Makassar, Bitung, Pontianak, Banjarmasin,Pekanbaru, Ambon, Jayapura and Sorong.The Company’s vessels operate only indomestic seas. The Company started itscommercial operations in 1988.

b. Penawaran Umum efek ekuitas Perusahaan b. Public offerings of the Company's equitysecurities

Pada tahun 2003, Perusahaan menawarkan55.000.000 saham dengan nilai nominalsebesar Rp250 per saham kepada masyarakatpada harga penawaran sebesar Rp550 persaham. Penawaran tersebut sesuai denganSurat No. S-1516/PM/2003 tanggal25 Juni 2003, yang diterbitkan oleh KetuaBadan Pengawas Pasar Modal (BAPEPAM).Selisih lebih antara harga penawaran dengannilai nominal per saham, setelahmemperhitungkan biaya penerbitan saham dantransaksi selanjutnya yang berkaitan dengandividen saham dan saham bonus, dicatatsebagai “Tambahan Modal Disetor” yangdisajikan sebagai bagian dari Ekuitas padalaporan posisi keuangan konsolidasian.Perusahaan telah mencatatkan seluruhsahamnya di Bursa Efek Indonesia sesuaidengan Surat Direksi PT Bursa Efek JakartaNo. S-1155/BEJ-PSJ/07-2003 tanggal 3 Juli2003.

In 2003, the Company offered 55,000,000shares with a par value of Rp250 per share tothe public at an offering price of Rp550 pershare. Such offering was in accordance withLetter No. S-1516/PM/2003 datedJune 25, 2003 issued by the Head of theCapital Market Supervisory Agency(BAPEPAM). The excess of the share offerprice over the par value per share, net ofstock issuance costs and the subsequenttransactions relating to stock dividend andbonus shares, was recognized as “AdditionalPaid-in Capital”, which is presented under theEquity section of the consolidated statementof financial position. The Company hasregistered all of its shares in the IndonesiaStock Exchange in accordance with LetterNo. S-1155/BEJ-PSJ/07-2003 dated July 3,2003 from the Director of PT Bursa EfekJakarta.

















11


c. Dewan Komisaris dan Direksi, Komite Auditserta Karyawan

c. Boards of Commissioners and Directors,Audit Committee and Employees

Susunan Dewan Komisaris dan DireksiPerusahaan pada tanggal-tanggal 31 Desember2016 dan 2015 adalah sebagai berikut:

The composition of the Company’s Boards ofCommissioners and Directors as ofDecember 31, 2016 and 2015 was as follows:

31 Desember 2016 dan 2015/December 31, 2016 and 2015

Dewan Komisaris Board of CommissionersKomisaris Utama Wong Chau Lin President CommissionerKomisaris Independen Edward Simangunsong Independent CommissionerKomisaris Independen Alfred Natsir Independent CommissionerDireksi Board of DirectorsDirektur Utama Harto Khusumo President DirectorDirektur Faty Khusumo DirectorDirektur Ganny Zheng DirectorDirektur Teddy Arief Setiawan Director

Susunan Komite Audit Perusahaan padatanggal-tanggal 31 Desember 2016 dan 2015adalah sebagai berikut:

The composition of the Company’s AuditCommittee as of December 31, 2016 and2015 was follows:

31 Desember 2016 dan 2015/December 31, 2016 and 2015

Komite Audit Audit CommitteeKetua Edward Simangunsong ChairmanAnggota Alfred Natsir MemberAnggota Ardi Dharmono Member

Perusahaan dan Entitas Anak (selanjutnyadisebut “Kelompok Usaha”) memiliki 407 dan367 karyawan tetap (tidak diaudit) masing-masing pada tanggal-tanggal 31 Desember2016 dan 2015.

As of December 31, 2016 and 2015, theCompany and its Subsidiaries (collectivelyreferred to hereafter as “the Group”) had 407and 367 permanent employees, respectively(unaudited).

PT Temas Lestari adalah entitas induk langsungPerusahaan dan juga merupakan entitas indukterakhir dalam Kelompok Usaha.

PT Temas Lestari is the immediate parentcompany of the Company and also theultimate parent company of the Group.

Manajemen Kelompok Usaha bertanggungjawab atas penyusunan laporan keuangankonsolidasian yang diotorisasi untuk terbit padatanggal 29 Maret 2017.

The management of the Group is responsiblefor the preparation of the consolidatedfinancial statements that were authorized forissue on March 29, 2017.

















12


d. Entitas Anak d. Subsidiaries

Pada tanggal 31 Desember 2016 dan 2015,perusahaan telah mengkonsolidasikan laporankeuangan semua entitas anak yang dimilikisecara langsung maupun tidak langsung,sebagai berikut:

As of December 31, 2016 and 2015 , theCompany has consolidated the followingdirectly or indirectly owned subsidiaries:

Tahunberoperasi

secarakomersial/ Persentase Jumlah asset sebelum eliminasi/

Start of kepemilikan/ Total assets before eliminationNama entitas anak/ Lokasi/ Kegiatan usaha/ commercial Percentage

Name of subsidiaries Location Principal activity operations of ownership 2016 2015

Anemi Maritime Co.,Ltd. Malta Jasa penyewaan 200 99,993 % 545.618.225 630.044.433(Anemi) petikemas/

Lease of containers

PT Bongkar Muat Jakarta Jasa bongkar muat 2002 99,00% 148.283.343.683 153.366.530.734Olah Jasa Trisari dan jasa terkait/Andal (Trisari) Stevedoring and

other relatedservices

PT Pelayaran Tirtamas Jakarta Jasa pelayaran/ 2003 99,69% 158.719.278.360 107.834.870.618Express (Tirtamas) Shipping

PT Escorindo Stevedoring Jakarta Jasa bongkar muat 2003 99,67% 178.596.270.772 106.258.650.413(Escorindo) dan jasa terkait/

Stevedoring andother related

services

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

a. Dasar penyajian laporan keuangankonsolidasian

a. Basis of preparation of the consolidatedfinancial statements

Laporan keuangan konsolidasian telah disusundan disajikan sesuai dengan Standar AkuntansiKeuangan di Indonesia (“SAK”), yangmencakup Pernyataan Standar AkuntansiKeuangan (“PSAK”) dan Interpretasi StandarAkuntansi Keuangan (“ISAK”) yang dikeluarkanoleh Dewan Standar Akuntansi Keuangan(“DSAK”) Ikatan Akuntan Indonesia danperaturan yang terkait dengan penyajian danpengungkapan laporan keuangan yangdikeluarkan oleh Otoritas Jasa Keuangan(“OJK”).

The consolidated financial statements havebeen prepared and presented in accordancewith Indonesian Financial AccountingStandards (“SAK”), which comprise theStatements of Financial AccountingStandards (“PSAK”) and Interpretations ofFinancial Accounting Standards (“ISAK”)issued by the Financial Accounting StandardsBoard (“DSAK”) of the Indonesian Institute ofAccountants and the regulations relating tofinancial statement presentation anddisclosures issued by the Otoritas JasaKeuangan (“OJK”).

















13

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

a. Dasar penyajian laporan keuangankonsolidasian (lanjutan)

a. Basis of preparation of the consolidatedfinancial statements (continued)

Laporan keuangan konsolidasian disusunberdasarkan asas akrual, denganmenggunakan konsep biaya historis, kecualiuntuk beberapa akun tertentu yang disajikanberdasarkan pengukuran lain sebagaimanadiuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements havebeen prepared on the accrual basis, using thehistorical cost basis of accounting, except forcertain accounts which are stated on thebases described in the related accountingpolicies for those accounts.

Laporan arus kas konsolidasian disusundengan menggunakan metode langsung danmengelompokkan arus kas dalam aktivitasoperasi, investasi dan pendanaan.

The consolidated statement of cash flows isprepared using the direct method andpresents cash flows classified into operating,investing and financing activities.

Mata uang pelaporan yang digunakan dalampenyusunan laporan keuangan konsolidasianadalah rupiah (Rp), yang juga merupakan matauang fungsional Perusahaan dan Entitas Anakkecuali Anemi Maritime Co. Ltd., yang matauang fungsionalnya adalah dollar AmerikaSerikat.

The reporting currency used in theconsolidated financial statements is theIndonesian rupiah (Rp), which is also thefunctional currency of the Company andSubsidiaries except Anemi Maritime Co. Ltd.,whose functional currency is the U.S. dollar.

b. Prinsip-prinsip konsolidasian b. Principles of consolidation

Laporan keuangan konsolidasian terdiri darilaporan keuangan Perusahaan dan EntitasAnaknya.

The consolidated financial statementscomprise the financial statements of theCompany and its Subsidiaries.

Pengendalian didapat ketika Perusahaanterekspos atau memiliki hak atas imbal hasilvariabel dari keterlibatannya dengan investeedan memiliki kemampuan untukmempengaruhi imbal hasil tersebut melaluikekuasaannya atas investee.

Control is achieved when the Group isexposed, or has rights, to variable returns fromits involvement with the investee and has theability to affect those returns through its powerover the investee.

Secara spesifik, Kelompok Usahamengendalikan investee jika dan hanya jikaKelompok Usaha memiliki seluruh hal berikutini:

Specifically, the Group controls an investee ifand only if the Group has:

• Kekuasaan atas investee (misal, hak yangada memberi kemampuan kini untukmengarahkan aktivitas relevan investee)

• Eksposur atau hak atas imbal hasilvariabel dari keterlibatannya denganinvestee

• Kemampuan untuk menggunakankekuasaannya atas investee untukmempengaruhi jumlah imbal hasil investor

• Power over the investee (i.e., existingrights that give it the current ability todirect the relevant activities of theinvestee)

• Exposure, or rights, to variable returnsfrom its involvement with the investee

• The ability to use its power over theinvestee to affect its returns.

















14



b. Prinsip-prinsip konsolidasian (lanjutan) b. Principles of consolidation (continued)

Ketika Kelompok Usaha memiliki kurang darihak suara mayoritas, Kelompok Usaha dapatmempertimbangkan semua fakta dan keadaanyang relevan dalam menilai apakah memilikikekuasaan atas investee, termasuk:

When the Group has less than a majority ofthe voting or similar rights of an investee, theGroup considers all relevant facts andcircumstances in assessing whether it haspower over an investee, including:

• Pengaturan kontraktual dengan pemilikhak suara yang lain

• Hak yang timbul dari pengaturankontraktual lain

• Hak suara dan hak suara potensialKelompok Usaha.

• The contractual arrangement with theother vote holders of the investee

• Rights arising from other contractualarrangements

• The Group’s voting rights and potentialvoting rights.

Kelompok Usaha menilai kembali apakahinvestor mengendalikan investee jika fakta dankeadaan mengindikasikan adanya perubahanterhadap satu atau lebih dari tiga elemenpengendalian. Konsolidasi atas entitas anakdimulai ketika Kelompok Usaha memilikipengendalian atas entitas anak dan berhentiketika Kelompok Usaha kehilanganpengendalian atas entitas anak. Aset, liabilitas,penghasilan dan beban atas entitas anak yangdiakuisisi atau dilepas selama periodetermasuk dalam laporan laba rugi danpenghasilan komprehensif lain konsolidasiandari tanggal Kelompok Usaha memperolehpengendalian sampai dengan tanggalKelompok Usaha menghentikan pengendalianatas entitas anak.

The Group re-assesses whether or not itcontrols an investee if facts and circumstancesindicate that there are changes to one or moreof the three elements of control. Consolidationof a subsidiary begins when the Group obtainscontrol over the subsidiary and ceases whenthe Group loses control of the subsidiary.Assets, liabilities, income and expenses of asubsidiary acquired or disposed of during theperiod are included in the consolidatedstatement of profit or loss and othercomprehensive income from the date theGroup gains control until the date the Groupceases to control the subsidiary.

Laba atau rugi dan setiap komponen ataspenghasilan komprehensif lain diatribusikanpada pemegang saham entitas indukKelompok Usaha dan pada kepentingan nonpengendali, walaupun hasil di kepentingan nonpengendali mempunyai saldo defisit. Biladiperlukan, penyesuaian dilakukan padalaporan keuangan entitas anak agar kebijakanakuntansinya sesuai dengan kebijakanakuntansi Kelompok Usaha. Semua aset danliabilitas, ekuitas, penghasilan, beban dan aruskas berkaitan dengan transaksi antar anggotaKelompok Usaha akan dieliminasi secarapenuh dalam proses konsolidasi.

Profit or loss and each component of othercomprehensive income (OCI) are attributed tothe equity holders of the parent of the Groupand to the non-controlling interests (“NCI”),even if this results in the NCI having a deficitbalance. When necessary, adjustments aremade to the financial statements ofsubsidiaries to bring their accounting policiesin line with the Group’s accounting policies. Allintra-group assets and liabilities, equity,income, expenses and cash flows relating totransactions between members of the Groupare eliminated in full on consolidation.

















15



b. Prinsip-prinsip konsolidasian (lanjutan) b. Principles of consolidation (continued)

Perubahan kepemilikan di entitas anak, tanpakehilangan pengendalian, dihitung sebagaitransaksi ekuitas. Jika Kelompok Usahakehilangan pengendalian atas entitas anak,maka:

A change in the ownership interest of asubsidiary, without a loss of control, isaccounted for as an equity transaction. If theGroup loses control over a subsidiary, it:

• menghentikan pengakuan aset (termasukgoodwill) dan liabilitas entitas anak

• menghentikan pengakuan jumlah tercatatsetiap Kepentingan nonpengendali (KNP)

• menghentikan pengakuan akumulasi selisihpenjabaran, yang dicatat di ekuitas, bilaada

• derecognizes the assets (includinggoodwill) and liabilities of the subsidiary

• derecognizes the carrying amount of anynon-controlling interests

• derecognizes the cumulative translationdifferences recorded in equity

Perubahan kepemilikan di entitas anak, tanpakehilangan pengendalian, dihitung sebagaitransaksi ekuitas. Jika Kelompok Usahakehilangan pengendalian atas entitas anak,maka:

A change in the ownership interest of asubsidiary, without a loss of control, isaccounted for as an equity transaction. If theGroup loses control over a subsidiary, it:

• menghentikan pengakuan aset (termasukgoodwill) dan liabilitas entitas anak

• menghentikan pengakuan jumlah tercatatsetiap Kepentingan nonpengendali (KNP)

• menghentikan pengakuan akumulasi selisihpenjabaran, yang dicatat di ekuitas, bilaada

• derecognizes the assets (includinggoodwill) and liabilities of the subsidiary

• derecognizes the carrying amount of anynon-controlling interests

• derecognizes the cumulative translationdifferences recorded in equity

• mengakui nilai wajar pembayaran yangditerima

• mengakui setiap sisa investasi pada nilaiwajarnya

• mengakui setiap perbedaan yangdihasilkan sebagai keuntungan ataukerugian dalam laba rugi

• mereklasifikasi ke laba rugi proporsikeuntungan dan kerugian yang telah diakuisebelumnya dalam penghasilankomprehensif lain atau saldo laba, begitupula menjadi persyaratan jika KelompokUsaha akan melepas secara langsung asetatau liabilitas yang terkait.

• recognizes the fair value of theconsideration received

• recognizes the fair value of any investmentretained

• recognizes any surplus or deficit in profit orloss

• reclassifies the parent’s share ofcomponents previously recognized in OCIto profit or loss or retained earnings, asappropriate, as would be required if theGroup had directly disposed of the relatedassets or liabilities.

















16



c. Kas dan setara kas c. Cash and cash equivalents

Deposito berjangka dengan jangka waktu tigabulan atau kurang sejak tanggal penempatanyang tidak dibatasi penggunaannyadiklasifikasikan sebagai “Setara Kas”.

Time deposits with maturities of three monthsor less at the time of placement, which are notrestricted, are classified as “CashEquivalents”.

Bank yang dibatasi penggunaannya digunakanuntuk pembayaran on-line sehubungan denganjasa layanan kapal dengan PT PelabuhanIndonesia (Persero), dan deposito berjangkayang dijadikan jaminan untuk bank garansi tidakdiklasifikasikan sebagai bagian dari “Kas danSetara Kas” akan tetapi disajikan sebagaibagian dari “Aset Keuangan Lancar Lainnya”.

Cash in bank accounts which are restricted tobe used for the on-line payment of shipservice fees to PT Pelabuhan Indonesia(Persero), and time deposits which arepledged as collateral for bank guarantees arenot classified as part of “Cash and CashEquivalents”. These are presented as part of“Other Current Financial Assets”.

d. Transaksi dengan pihak-pihak berelasi d. Transactions with related parties

Seluruh transaksi dan saldo yang signifikandengan pihak-pihak berelasi diungkapkandalam catatan atas laporan keuangankonsolidasian yang terkait.

All significant transactions and balances withrelated parties are disclosed in the relevantnotes to the consolidated financialstatements.

e. Persediaan e. Inventories

Persediaan dinyatakan sebesar nilai yang lebihrendah antara biaya perolehan atau nilairealisasi neto (the lower of cost or net realizablevalue).

Inventories are stated at the lower of cost ornet realizable value.

Biaya perolehan ditentukan dengan metodemasuk pertama, keluar pertama (FIFO).Penyisihan persediaan usang dan/ataupenurunan nilai persediaan disajikan untukmengurangi nilai tercatat persediaan menjadinilai realisasi neto.

Cost is determined by the first-in, first-out(FIFO) method. Allowance for inventoryobsolescence and/or decline in the value ofinventories is provided to reduce the carryingvalue of inventories to their net realizablevalue.

f. Biaya dibayar dimuka f. Prepaid expenses

Biaya dibayar dimuka diamortisasi dandibebankan pada operasi selama masa manfaatdengan menggunakan metode garis lurus.Bagian jangka panjang dari biaya dibayardimuka disajikan sebagai bagian dari “AsetTidak Lancar Lainnya” pada laporan posisikeuangan konsolidasian.

Prepaid expenses are amortized and chargedto operations over the years benefited usingthe straight-line method. The long-termportion of prepaid expenses is shown as partof “Other Non-current Assets” in theconsolidated statement of financial position.

















17



g. Aset tetap g. Fixed assets

Kelompok Usaha menggunakan model biayadalam pengukuran aset tetapnya. Aset tetap,kecuali tanah, dinyatakan sebesar biayaperolehan dikurangi akumulasi penyusutan danamortisasi dan rugi penurunan nilai, jika ada.Biaya perolehan aset tetap termasuk hargapembelian dan setiap biaya yang diatribusikansecara langsung untuk membawa aset ke lokasidan kondisi masa kini. Pada saat pemeliharaandan perbaikan yang signifikan dilakukan, biayatersebut diakui ke dalam nilai tercatat (carryingamount) aset tetap sebagai suatu penggantianjika memenuhi kriteria pengakuan. Semuabiaya pemeliharaan dan perbaikan yang tidakmemenuhi kriteria pengakuan dibebankanlangsung pada operasi berjalan.

The Group uses the cost model for fixedassets measurement. Fixed assets, exceptfor land, are stated at cost less accumulateddepreciation and amortization andimpairment loss, if any. The cost of fixedassets includes purchase price and any costsdirectly attributable to bringing the assets totheir present location and condition. Whensignificant renewals and betterments areperformed, their costs are recognized in thecarrying amount of the fixed assets as areplacement if the recognition criteria aresatisfied. All other repairs and maintenancecosts that do not meet the recognition criteriaare charged directly to current operations.

Biaya pemugaran kapal (docking) danperbaikan lambung kapal (replating)dikapitalisasi pada saat terjadinya dandiamortisasi dengan menggunakan metodegaris lurus sampai dengan periode pemugarankapal berikutnya.

Vessel dry docking costs and hull repairs(replating) are capitalized when incurred andare amortized on a straight-line basis over theperiod to the next dry docking.

Penyusutan dan amortisasi dihitung denganmenggunakan metode di bawah iniberdasarkan taksiran masa manfaat ekonomisaset:

Depreciation and amortization are computedusing the following methods over theestimated useful lives of the assets:

Tahun/YearsMetode garis lurus Straight-line method

Bangunan dan prasarana 5 - 20 Buildings and improvementsKapal 16 VesselsAlat berat 4 - 8 Heavy equipmentBiaya pemugaran dan perbaikan kapal 3 - 4 Dry docking costs and replatingPeti kemas 8 ContainersPeralatan kapal 4 Vessel equipment

Metode saldo menurun ganda Double-declining methodKendaraan 4 VehiclesPeralatan kantor 4 - 8 Office equipment

Tanah dinyatakan sebesar biaya perolehan dantidak disusutkan. Biaya pengurusan legal hakatas tanah dalam bentuk Hak Guna Bangunan(HGB), Hak Guna Usaha (HGU) dan Hak Pakai(HP) ketika tanah diperoleh pertama kali diakuisebagai bagian dari biaya perolehan tanahpada akun aset tetap dan tidak diamortisasi.Biaya pengurusan legal untuk perpanjanganatau pembaharuan hak atas tanah diakuisebagai bagian dari akun “Aset Tidak LancarLainnya” pada laporan posisi keuangankonsolidasian dan diamortisasi sepanjang manayang lebih pendek antara umur hukum hak danumur ekonomis tanah.

Land is stated at cost and is not depreciated.Legal cost of landright in the form of BuildingUsage Rights (Hak Guna Bangunan or HGB),Business Usage Rights (Hak Guna Usaha orHGU) and Usage Rights (Hak Pakai or HP)when the land is acquired initially isrecognized as part of the cost of the landunder the “Fixed Assets” account and notamortized. The extension or the legal renewalcost of landright is recognized as part of“Other Non-current Assets” account in theconsolidated statement of financial positionand is amortized over the shorter of therights’ legal life and the land’s economicuseful life.

















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g. Aset tetap (lanjutan) g. Fixed assets (continued)

Jumlah tercatat aset tetap dihentikanpengakuannya pada saat dilepaskan atau saattidak ada manfaat ekonomis masa depan yangdiharapkan dari penggunaan ataupelepasannya. Laba atau rugi yang timbul daripenghentian pengakuan aset (dihitung sebagaiselisih antara jumlah neto hasil pelepasan danjumlah tercatat dari aset) dikreditkan ataudibebankan pada laba rugi tahun berjalan saataset tersebut dihentikan pengakuannya.

An item of fixed assets is derecognized upondisposal or when no future economic benefitsare expected from its use or disposal. Anygain or loss arising from the derecognition ofthe asset (calculated as the differencebetween the net disposal proceeds and thecarrying amount of the asset) is credited orcharged to current profit or loss in the yearthe asset is derecognized.

Nilai residu, masa manfaat dan metodepenyusutan dan amortisasi aset tetap ditelaahdan disesuaikan secara prospektif, apabiladiperlukan, pada setiap akhir tahun buku.

The fixed assets’ residual values, useful livesand methods of depreciation and amortizationare reviewed and adjusted prospectively, ifappropriate, at each financial year.

h. Penurunan nilai aset non-keuangan h. Impairment of non-financial assets

Pada setiap akhir periode pelaporan, KelompokUsaha menilai apakah terdapat indikasi suatuaset mengalami penurunan nilai. Jika terdapatindikasi tersebut, maka Kelompok Usahamembuat estimasi formal jumlah terpulihkanaset tersebut.

The Group assesses at each annual reportingperiod whether there is an indication that anasset may be impaired. If any such indicationexists, the Group makes an estimate of theasset’s recoverable amount.

Jumlah terpulihkan yang ditentukan untuk asetindividual adalah jumlah yang lebih tinggi antaranilai wajar aset atau unit penghasil kas (UPK)dikurangi biaya untuk menjual dengan nilaipakainya, kecuali aset tersebut tidakmenghasilkan arus kas masuk yang sebagianbesar independen dari aset atau kelompok asetlain. Jika nilai tercatat aset lebih besar daripadanilai terpulihkannya, maka aset tersebutdipertimbangkan mengalami penurunan nilaidan nilai tercatat aset diturunkan nilainyamenjadi sebesar nilai terpulihkannya. Rugipenurunan nilai dari operasi yang berkelanjutandiakui pada laporan laba rugi dan penghasilankomprehensif lain konsolidasian sebagai “rugipenurunan nilai”.

An asset’s recoverable amount is the higherof the asset’s or its cash-generating unit’s(CGU’s) fair value less costs to sell and itsvalue in use, and is determined for anindividual asset, unless the asset does notgenerate cash inflows that are largelyindependent of those from other assets orgroups of assets. Where the carrying amountof an asset exceeds its recoverable amount,the asset is considered impaired and iswritten down to its recoverable amount.Impairment losses of continuing operationsare recognized in the consolidated statementof profit or loss and other comprehensiveincome as “impairment losses”.

















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h. Penurunan nilai aset non-keuangan(lanjutan)

h. Impairment of non-financial assets(continued)

Dalam menghitung nilai pakai, estimasi arus kasmasa depan neto didiskontokan ke nilai kinidengan menggunakan tingkat diskonto sebelumpajak yang menggambarkan penilaian pasarkini dari nilai waktu uang dan risiko spesifik atasaset.

In assessing the value in use, the estimatednet future cash flows are discounted to theirpresent value using a pre-tax discount ratethat reflects current market assessments ofthe time value of money and the risks specificto the asset.

Dalam menentukan nilai wajar dikurangi biayauntuk menjual, transaksi pasar terkini dijadikansebagai acuan, jika tersedia. Jika tidak terdapattransaksi tersebut, digunakan model penilaianyang sesuai untuk menentukan nilai wajar aset.

In determining fair value less costs to sell,recent market transactions are taken intoaccount, if available. If no such transactionscan be identified, an appropriate valuationmodel is used to determine the fair value ofthe asset.

Kerugian penurunan nilai dari operasi yangberkelanjutan, jika ada, diakui pada laporanlaba rugi dan penghasilan komprehensif lainkonsolidasian sesuai dengan kategori biayayang konsisten dengan fungsi dari aset yangditurunkan nilainya.

Impairment losses of continuing operations, ifany, are recognized in the consolidatedstatement of profit or loss and othercomprehensive income under expensecategories that are consistent with thefunctions of the impaired assets.

Penilaian dilakukan pada akhir setiap periodepelaporan apakah terdapat indikasi bahwa rugipenurunan nilai yang telah diakui dalam periodesebelumnya untuk aset selain goodwill mungkintidak ada lagi atau mungkin telah menurun. Jikaindikasi dimaksud ditemukan, maka entitasmengestimasi jumlah terpulihkan aset tersebut.Kerugian penurunan nilai yang telah diakuidalam periode sebelumnya untuk aset selaingoodwill dibalik hanya jika terdapat perubahanasumsi-asumsi yang digunakan untukmenentukan jumlah terpulihkan aset tersebutsejak rugi penurunan nilai terakhir diakui.

An assessment is made at each reportingperiod as to whether there is any indicationthat previously recognized impairment lossesrecognized for an asset other than goodwillmay no longer exist or may have decreased.If such indication exists, the recoverableamount is estimated. A previously recognizedimpairment loss for an asset other thangoodwill is reversed only if there has been achange in the assumptions used to determinethe asset’s recoverable amount since the lastimpairment loss was recognized.

Dalam hal ini, jumlah tercatat aset dinaikkan kejumlah terpulihkannya. Pembalikan tersebutdibatasi sehingga jumlah tercatat aset tidakmelebihi jumlah terpulihkannya maupun jumlahtercatat yang telah disesuaikan, penyusutanbersih, seandainya tidak ada rugi penurunannilai yang telah diakui untuk aset tersebut padatahun sebelumnya. Pembalikan rugi penurunannilai diakui sebagai laba rugi. Setelahpembalikan tersebut, penyusutan aset tersebutdisesuaikan di tahun mendatang untukmengalokasikan jumlah tercatat aset yangdirevisi, dikurangi nilai sisanya, dengan dasaryang sistematis selama sisa umur manfaatnya.

If that is the case, the carrying amount of theasset is increased to its recoverable amount.The reversal is limited so that the carryingamount of the asset does not exceed itsrecoverable amount, nor exceeds the carryingamount that would have been determined, netof depreciation, had no impairment loss beenrecognized for the asset in prior years.Reversal of an impairment loss is recognizedin profit or loss. After such a reversal, thedepreciation charge on the said asset isadjusted in future years to allocate the asset’srevised carrying amount, less any residualvalue, on a systematic basis over itsremaining useful life.

















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i. Sewa i. Leases

Penentuan apakah suatu perjanjian merupakanperjanjian sewa, atau perjanjian yangmengandung sewa, didasarkan atas substansiperjanjian pada tanggal awal sewa dan apakahpemenuhan perjanjian tergantung padapenggunaan suatu aset dan perjanjian tersebutmemberikan suatu hak untuk menggunakanaset tersebut. Sewa yang mengalihkan secarasubstansial seluruh risiko dan manfaat yangterkait dengan kepemilikan aset, diklasifikasikansebagai sewa pembiayaan.

The determination of whether an arrangementis, or contains, a lease is based on thesubstance of the arrangement at inceptiondate and whether the fulfillment of thearrangement is dependent on the use of aspecific asset and the arrangement conveys aright to use the asset. A lease that transferssubstantially to the lessee all the risks andrewards incidental to ownership of the leasedasset is classified as a finance lease.

Pada awal masa sewa, lessee mengakui sewapembiayaan sebagai aset dan liabilitas dalamlaporan posisi keuangan sebesar nilai wajaraset sewa pembiayaan atau sebesar nilai kinidari pembayaran sewa minimum, jika nilai kinilebih rendah dari nilai wajar.

At the commencement of the lease term, alessee recognizes finance lease as an assetand a liability in its statement of financialposition at an amount equal to the fair valueof the leased property or, if lower, the presentvalue of the minimum lease payments.

Pembayaran sewa minimum dipisahkan antarabagian yang merupakan beban keuangan danbagian yang merupakan pelunasan liabilitas.Beban keuangan dialokasikan ke setiap periodeselama masa sewa.

Minimum lease payments are apportionedbetween the finance charges and thereduction of the outstanding liability. Thefinance charges are allocated to each periodduring the lease term.

Aset sewa pembiayaan yang dimiliki oleh lesseedengan dasar sewa pembiayaan disusutkansecara konsisten dengan metode yang samayang digunakan untuk aset yang dimilikilangsung, atau disusutkan secara penuhselama jangka waktu yang lebih pendek antaraperiode masa sewa dan umur manfaat asetsewa pembiayaan, jika tidak ada kepastianyang memadai bahwa lessee akanmendapatkan hak kepemilikan pada akhir masasewa.

Leased asset held by the lessee under afinance lease is depreciated consistentlyusing the same method used with that fordepreciable assets that are directly owned, oris fully depreciated over the shorter of thelease term and its useful life, if there is noreasonable certainty that the lessee willobtain ownership by the end of the leaseterm.

Sewa yang tidak mengalihkan secarasubstansial seluruh risiko dan manfaat yangterkait dengan kepemilikan aset diklasifikasikansebagai sewa operasi. Pembayaran sewadalam sewa operasi diakui sebagai bebandalam laporan laba rugi dan penghasilankomprehensif lain konsolidasian dengan dasargaris lurus (straight-line basis) selama masasewa.

Leases which do not transfer substantially allthe risks and rewards incidental to ownershipare classified as operating leases. Operatinglease payments are recognized as anexpense in the consolidated statement ofprofit or loss and other comprehensiveincome on a straight-line basis over the leaseterm.

















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j. Biaya atas penerbitan saham j. Stock issuance costs

Biaya-biaya yang terjadi sehubungan denganpenerbitan modal saham disajikan sebagaipengurang atas tambahan modal disetor.

Costs incurred in connection with theissuance of capital stock are presented asdeduction from additional paid-in capital.

k. Kombinasi bisnis entitas sepengendali k. Business combination of entities undercommon control

Kombinasi bisnis entitas sepengendali dicatatdengan metode penyatuan kepemilikan(pooling-of-interests), dimana nilai buku historisatas ekuitas neto dari entitas yang diakuisisidigabungkan seolah-olah mereka merupakanentitas tunggal sejak awal periode entitas yangbergabung berada dalam sepengendalian.

Business combination under common controlare accounted for using the pooling-of-interests method, whereby the historicalcarrying amounts of the net equities of theentities acquired are combined as if they area single entity since the beginning of theperiod of the combining entity become undercommon control.

Selisih antara jumlah imbalan yang dialihkandengan nilai tercatat aset neto entitas yangdiakuisisi diakui sebagai bagian dari akun“Tambahan Modal Disetor”.

The difference between the considerationtransferred and book value of the net assetsof the acquiree is recognized as part of“Additional Paid-in Capital” account.

l. Pengakuan pendapatan dan beban l. Revenue and expense recognition

Pendapatan diakui bila besar kemungkinanmanfaat ekonomi akan diperoleh KelompokUsaha dan jumlahnya dapat diukur secaraandal. Pendapatan diukur pada nilai wajarpembayaran yang diterima, tidak termasukdiskon dan Pajak Pertambahan Nilai (“PPN”).

Revenue is recognized to the extent that it isprobable that the economic benefits will flowto the Group and the revenue can be reliablymeasured. Revenue is measured at the fairvalue of the consideration received, excludingdiscounts and Value Added Taxes (“VAT”).

Pendapatan dari kegiatan jasa pengangkutandiakui selama periode perjalanan. Pendapatandari kegiatan bongkar muat diakui pada saatjasa diserahkan. Penerimaan pembayaran dimuka diakui sebagai “Pendapatan Diterima diMuka” dan disajikan sebagai liabilitas jangkapendek dalam laporan posisi keuangankonsolidasian.

Revenues on freight operations arerecognized over the periods of the relatedvoyages. Revenues from stevedoringactivities are recognized when the servicesare rendered. Payments received in advanceare recognized as “Unearned Revenue”,which is presented under the current liabilitiessection of the consolidated statement offinancial position.

Pendapatan time charter diakui selama periodeperjanjian time charter. Biaya dan beban diakuipada saat terjadinya.

Time charter revenue is recognized over theterm of the time charter agreement. Cost andexpenses are recognized when incurred.

















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m. Imbalan kerja m. Employee benefits

Kelompok Usaha menerapkan PSAK 24 (Revisi2013), “Imbalan Kerja”.

The Group has adopted PSAK 24 (Revised2013), “Employee Benefits”.

• Keuntungan dan kerugian aktuarial saatini diharuskan untuk diakui dalampenghasilan komprehensif lainnya (OCI)dan dikeluarkan secara permanen darilaba rugi.

• Actuarial gains and losses are nowrequired to be recognized in othercomprehensive income (OCI) andexcluded permanently from profit or loss.

• Keuntungan yang diharapkan atas planassets tidak lagi diakui dalam laba rugi.Keuntungan yang diharapkan digantikandengan mengakui pendapatan bunga(atau beban) atas program manfaat pastibersih (atau liabilitas) dalam laba ataurugi, yang dihitung menggunakan tingkatdiskonto untuk mengukur kewajibanpensiun.

• Expected return on plan assets will nolonger be recognized in profit or loss.Expected returns are replaced byrecognizing interest income (or expense)on the net defined benefit asset (orliability) in profit or loss, which iscalculated using the discount rate used tomeasure the pension obligation.

• Biaya jasa lalu yang belum menjadi hakkaryawan tidak bisa lagi ditangguhkan dandiakui periode mendatang. Semua biayajasa lalu akan diakui lebih awal ketikaamandemen/kurtailmen terjadi atau ketikaKelompok Usaha mengakui biayarestrukturisasi atau biaya pemutusanterkait.

• Unvested past service costs can nolonger be deferred and recognized overthe future vesting period. Instead, all pastservice costs will be recognized at theearlier of when theamendment/curtailment occurs or whenthe Group recognizes relatedrestructuring or termination costs.

Perubahan tersebut dibuat agar aset atauliabilitas pensiun bersih diakui dalam laporanposisi keuangan konsolidasian untukmenggambarkan nilai penuh dari defisit atausurplus program.

Such changes are made in order that the netpension assets or liabilities are recognized inthe consolidated statement of financial positionto reflect the full value of the plan deficit orsurplus.

Perusahaan mengakui liabilitas imbalan kerjajangka pendek ketika jasa diberikan olehkaryawan dan imbalan atas jasa tersebut akandibayarkan dalam waktu dua belas bulansetelah jasa tersebut diberikan.

The Company recognizes short-term employeebenefits liability when services are renderedand the compensation for such services are tobe paid within twelve months after therendering of such services.

PSAK ini menetapkan antara lain, (i)menghapuskan “corridor approach” yangdigunakan dalam PSAK sebelumnya dan (ii)perubahan signifikan dalam pengakuan,penyajian dan pengungkapan imbalan pasca-kerja yang antara lain sebagai berikut:

This PSAK provides, among others, (i) theelimination of the “corridor approach”permitted under the previous version and (ii)significant changes in the recognition,presentation and disclosure of post-employment benefits which, among others,are as follows:

















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n. Transaksi dan saldo dalam mata uang asing n. Foreign currency transactions andbalances

Transaksi dalam mata uang asing dicatat dalammata uang rupiah berdasarkan kurs tengahyang berlaku pada saat transaksi dilakukan.Pada akhir periode laporan, aset dan liabilitasmoneter dalam mata uang asing dijabarkansesuai dengan rata-rata kurs jual dan beli yangditerbitkan oleh Bank Indonesia pada tanggaltransaksi perbankan terakhir untuk tahun yangbersangkutan.

Transactions involving foreign currencies arerecorded in rupiah at the middle rates ofexchange prevailing at the time thetransactions are made. At the end of thereporting period, monetary assets andliabilities denominated in foreign currenciesare adjusted to reflect the average of theselling and buying rates of exchangeprevailing at the last banking transaction dayof the year, as published by Bank Indonesia.

31 Desember/December 31,

2016 2015

1 Euro Eropa 14.162 15.070 1 European euro1 Dolar Amerika Serikat 13.436 13.795 1 United States dollar1 Dolar Singapura 9.299 9.751 1 Singapore dollar1 Yuan Tiongkok 1.937 2.124 1 Chinese yuan1 Yen Jepang 115 115 1 Japan yen

Transaksi dalam mata uang asing lainnya tidaksignifikan.

Transactions in other foreign currencies areinsignificant.

o. Perpajakan o. Taxation

Pajak penghasilan non-final Non-final income tax

Pajak kini Current tax

Aset dan liabilitas pajak kini untuk tahunberjalan dan tahun sebelumnya diukur padajumlah yang diharapkan dapat direstitusi dariatau dibayarkan kepada otoritas perpajakan.Tarif pajak dan peraturan pajak yang digunakanuntuk menghitung jumlah tersebut adalah yangberlaku atau secara substantif telah berlakupada tanggal pelaporan.

Current tax assets and liabilities for thecurrent and prior years are measured at theamount expected to be recovered from orpaid to the taxation authorities. The tax ratesand tax laws used to compute the amount arethose that are enacted or substantivelyenacted by the reporting date.

Beban pajak kini ditentukan berdasarkan labakena pajak tahun berjalan yang dihitungberdasarkan tarif pajak yang berlaku.

Current tax expense is determined based onthe taxable profit for the year computed usingthe prevailing tax rates.

Laba atau rugi kurs yang timbul dikreditkan ataudibebankan pada operasi tahun berjalan.

The resulting gains or losses are credited orcharged to operations of the current year.

Kurs yang digunakan adalah sebagai berikut: The rates of exchange used were as follows:

















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o. Perpajakan (lanjutan) o. Taxation (continued)

Pajak kini (lanjutan) Current tax (continued)

Kekurangan/kelebihan pembayaran pajakpenghasilan dicatat sebagai bagian dari “BebanPajak Kini” dalam laporan laba rugi danpenghasilan komprehensif lain konsolidasian.Kelompok Usaha juga menyajikanbunga/denda, jika ada, sebagai bagian dari“Beban Pajak Kini”.

Underpayment/overpayment of income taxare presented as part of “Tax Expense -Current” in the consolidated statements ofprofit or loss and other comprehensiveincome. The Group also presentedinterest/penalty, if any, as part of “TaxExpense - Current”.

Koreksi terhadap liabilitas perpajakan diakuipada saat surat ketetapan pajak diterima atau,jika diajukan keberatan, pada saat keputusanatas keberatan ditetapkan.

Amendments to tax obligations are recordedwhen a tax assessment letter is received or, ifappealed against, when the result of theappeal is determined.

Pajak tangguhan Deferred tax

Pajak tangguhan diakui menggunakan metodeliabilitas atas perbedaan temporer pada tanggalpelaporan antara dasar pengenaan pajak dariaset dan liabilitas dan nilai tercatatnya untuktujuan pelaporan keuangan pada akhir tahunpelaporan.

Deferred tax is provided using the liabilitymethod on temporary differences at thereporting date between the tax bases ofassets and liabilities and their carryingamounts for financial reporting purposes atthe end of the reporting year.

Liabilitas pajak tangguhan diakui untuk setiapperbedaan temporer kena pajak.

Deferred tax liabilities are recognized for alltaxable temporary differences.

Aset pajak tangguhan diakui untuk semuaperbedaan temporer yang dapat dikurangkandan rugi fiskal belum dikompensasi, sejauhterdapat kemungkinan besar bahwa laba kenapajak akan tersedia untuk dimanfaatkan denganperbedaan temporer yang dapat dikurangkandan rugi fiskal belum dikompensasi.

Deferred tax assets are recognized for alldeductible temporary differences andcarryforward benefits of unused tax losses, tothe extent that it is probable that sufficientfuture taxable income will be availableagainst which the deductible temporarydifferences, and the carryforward benefits ofunused tax losses can be utilized.

















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Pajak tangguhan (lanjutan) Deferred tax (continued)

Nilai tercatat dari aset pajak tangguhan ditelaahpada setiap akhir periode pelaporan danditurunkan ketika tidak lagi terdapatkemungkinan bahwa akan terdapat laba kenapajak yang memungkinkan semua atausebagian dari aset pajak tangguhan tersediauntuk direalisasi.

The carrying amount of deferred tax assets isreviewed at the end of each reporting periodand reduced to the extent that it is no longerprobable that sufficient taxable income will beavailable to allow all or part of the deferredtax assets to be utilized.

Penelaahan dilakukan pada setiap akhir periodepelaporan atas aset pajak tangguhan yang tidakdiakui sebelumnya dan aset pajak tangguhantersebut diakui sepanjang kemungkinan besarlaba kena pajak mendatang akan tersediasehingga aset pajak tangguhan tersebutdipulihkan.

Unrecognized deferred tax assets arereassessed at the end of each reportingperiod and are recognized to the extent that ithas become probable that future taxableincome will allow the deferred tax assets to be recovered.

Aset dan liabilitas pajak tangguhan diukurdengan menggunakan tarif pajak yangdiharapkan akan berlaku pada tahun saat asetdipulihkan atau liabilitas diselesaikan,berdasarkan tarif pajak (dan peraturanperpajakan) yang berlaku atau secara substantiftelah berlaku pada tanggal pelaporan.

Deferred tax assets and liabilities aremeasured at the tax rates that are expectedto apply in the year when the asset is realizedor the liability is settled, based on tax rates(and tax laws) that have been enacted orsubstantively enacted at the reporting date.

Aset pajak tangguhan dan liabilitas pajaktangguhan disaling-hapuskan jika terdapat haksecara hukum untuk melakukan saling hapusantara aset pajak kini terhadap liabilitas pajakkini, atau aset dan liabilitas pajak tangguhanpada entitas yang sama dan otoritas perpajakanyang sama.

Deferred tax assets and deferred tax liabilitiesare offset when legally enforceable rightexists to offset current tax assets againstcurrent tax liabilities, or the deferred taxassets and the deferred tax liabilities relate tothe same taxable entity and the sametaxation authority.

Pajak final Final tax

Peraturan perpajakan di Indonesia mengaturbeberapa jenis penghasilan dikenakan pajakyang bersifat final. Pajak final yang dikenakanatas nilai bruto transaksi tetap dikenakanwalaupun atas transaksi tersebut pelakutransaksi mengalami kerugian.

Tax regulation in Indonesia determined thatcertain taxable income is subject to final tax.Final tax applied to gross value oftransactions is applied even when the partiescarrying the transaction recognizing losses.

Mengacu PSAK No. 46, pajak final tersebuttidak termasuk dalam lingkup yang diatur olehPSAK No. 46. Oleh karena itu, KelompokUsaha memutuskan untuk menyajikan bebanpajak final sehubungan dengan pendapatandari jasa angkutan laut dan sewa kapal sebagaipos tersendiri.

Referring PSAK No. 46, final tax is no longergoverned by PSAK No. 46. Therefore, theGroup has decided to present all of the finaltax arising from revenue from sea freightoperations and charter of vessels as separateitem.

















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Pajak final (lanjutan) Final tax (continued)

Berdasarkan Surat Keputusan MenteriKeuangan Republik Indonesia No. 416/KMK.04/1996 dan No. 417/KMK.04/1996tanggal 14 Juni 1996 dan Surat EdaranDirektorat Jenderal Pajak No. 29/PJ.4/1996tanggal 13 Agustus 1996, pendapatan dari jasaangkutan laut dan sewa kapal yang diterimaWajib Pajak Dalam Negeri dan Wajib PajakLuar Negeri dikenakan pajak bersifat finalmasing-masing sebesar 1,20% dan 2,64% daripendapatan, serta biaya sehubungan dengankegiatan di atas tidak dapat dikurangkan untuktujuan perhitungan pajak penghasilan.

Based on the Decision Letters No. 416/KMK.04/1996 and No. 417/KMK.04/1996dated June 14, 1996 of the Ministry ofFinance of the Republic of Indonesia andCircular Letter No. 29/PJ.4/1996 datedAugust 13, 1996 of the Directorate General ofTaxes, revenues from sea freight operationsand charter of vessels are subject to final taxcomputed at 1.20% and 2.64% of therevenues for domestic and foreigncompanies, respectively, and the relatedcosts and expenses are considered non-deductible for income tax purposes.

Pendapatan Perusahaan dari jasa angkutanlaut dan sewa kapal dikenakan pajak bersifatfinal sebesar 1,20% oleh karena seluruhpenghasilan berasal dari wajib pajak dalamnegeri.

The Company’s revenues from sea freightoperations and charter of vessels are subjectto final tax at 1.20%, all its revenues beingderived from domestic companies.

Perbedaan nilai tercatat aset atau liabilitas yangberhubungan dengan pajak final dengan dasarpengenaan pajaknya tidak diakui sebagai asetatau liabilitas pajak tangguhan.

The differences between the carryingamounts of existing assets orliabilities related to the final tax and theirrespective tax bases are not recognized asdeferred tax assets or liabilities.

Selisih antara jumlah pajak final yang telahdibayar dengan jumlah yang dibebankansebagai beban pajak final pada laporan labarugi dan penghasilan komprehensif lainkonsolidasian diakui sebagai pajak dibayar dimuka atau utang pajak.

The difference between the final tax paid andthe amount charged as final tax expense inthe consolidated statement of profit or lossand other comprehensive income isrecognized as prepaid tax or tax payable.

Pajak pertambahan nilai (PPN) Value added tax (VAT)

Pendapatan, beban dan aset diakui setelahdikurangi dengan jumlah PPN, kecuali:

• Ketika PPN yang terjadi sehubungandengan pembelian aset atau jasa tidakdapat diklaim kepada Kantor Pajak,dimana PPN diakui sebagai bagian daribiaya perolehan aset atau sebagai beban.

• Piutang dan utang yang dinyatakandengan termasuk PPN.

Revenues, expenses and assets arerecognized net of the amount of VAT except:

• Where the VAT incurred on a purchaseof assets or services is not recoverablefrom the Tax Office, in which case theVAT is recognized as part of the cost ofacquisition of the asset or as part of theexpense item as applicable.

• Receivables and payables that arestated with the amount of VAT included.

















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p. Instrumen keuangan p. Financial instruments

1. Aset keuangan 1. Financial assets

Pengakuan awal dan pengukuran Initial recognition and measurement

Aset keuangan dalam lingkup PSAK No. 55(Revisi 2014) diklasifikasikan sebagai asetkeuangan yang diukur pada nilai wajarmelalui laba rugi, pinjaman yang diberikandan piutang, investasi dimiliki hingga jatuhtempo, atau aset keuangan tersedia untukdijual, mana yang sesuai.

Financial assets within the scope of PSAKNo. 55 (Revised 2014) are classified asfinancial assets at fair value through profitor loss, loans and receivables, held-to-maturity investments, or available-for-salefinancial assets, as appropriate.

Kelompok Usaha menentukan klasifikasiaset keuangan pada saat pengakuan awaldan, jika diperbolehkan dan sesuai, akandievaluasi kembali pengklasifikasian asettersebut pada setiap akhir periodepelaporan.

The Group determines the classification ofits financial assets at initial recognitionand, where allowed and appropriate, re-evaluates the designation of such assetsat each end of reporting period.

Pada saat pengakuan awal, aset keuangandiukur pada nilai wajar dan, dalam halinvestasi yang diukur bukan pada nilaiwajar melalui laba rugi, nilai wajartersebut ditambah dengan biaya transaksiyang dapat diatribusikan secara langsung.

At initial recognition, financial assets arerecognized at fair value and, in the case ofinvestments not at fair value through profitor loss, the fair value shall include directlyattributable transaction costs.

Aset keuangan Kelompok Usahamencakup kas dan setara kas, piutangusaha, piutang lain-lain, dan aset keuanganlancar lainnya.

The Group’s financial assets include cashand cash equivalents, trade receivables,other receivables, and other currentfinancial assets.

Pengukuran setelah pengakuan awal Subsequent measurement

Pinjaman yang diberikan dan piutangadalah aset keuangan non-derivatif denganpembayaran tetap atau telah ditentukan,yang tidak mempunyai kuotasi di pasaraktif. Aset keuangan tersebut dicatatsebesar biaya perolehan diamortisasidengan menggunakan metode suku bungaefektif. Keuntungan dan kerugian diakuidalam laba rugi pada saat pinjaman danpiutang dihentikan pengakuannya ataumengalami penurunan nilai, maupun padasaat proses amortisasi.

Loans and receivables are non-derivativefinancial assets with fixed or determinablepayments that are not quoted in an activemarket. Such financial assets are carriedat amortized cost using the effectiveinterest rate method. Gains and losses arerecognized in profit or loss when the loansand receivables are derecognized orimpaired, as well as through theamortization process.

Kas dan setara kas, piutang usaha, piutanglain-lain, dan aset keuangan lancar lainnyamilik Kelompok Usaha diklasifikasi dalamkategori pinjaman yang diberikan danpiutang.

The Group’s cash and cash equivalents,trade receivables, other receivables, andother current financial assets are classifiedin the loans and receivables category.

















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p. Instrumen keuangan (lanjutan) p. Financial instruments (continued)

1. Aset keuangan (lanjutan) 1. Financial assets (continued)

Penghentian pengakuan Derecognition

Aset keuangan (atau mana yang lebihtepat, bagian dari aset keuangan ataubagian dari kelompok aset keuangansejenis) dihentikan pengakuannya padasaat: (1) hak kontraktual atas arus kas yangberasal dari aset keuangan tersebut telahberakhir; atau (2) Kelompok Usaha telahmentransfer hak kontraktual mereka untukmenerima arus kas yang berasal dari asetkeuangan atau berkewajiban untukmembayar arus kas yang diterima secarapenuh tanpa penundaan yang materialkepada pihak ketiga dalam perjanjian“pass-through”; dan baik (a) KelompokUsaha telah secara substansialmentransfer seluruh risiko dan manfaat dariaset, atau (b) Kelompok Usaha secarasubstansial tidak mentransfer atau tidakmemiliki seluruh risiko dan manfaat suatuaset, namun telah mentransfer kendali atasaset tersebut.

A financial asset (or where applicable, apart of a financial asset or part of a groupof similar financial assets) isderecognized when: (1) the rights toreceive cash flows from the asset haveexpired; or (2) the Group has transferredrights to receive cash flows from theasset or has assumed an obligation topay the received cash flows in full withoutmaterial delay to a third party under a“pass-through” arrangement, and either(a) the Group has transferredsubstantially all the risks and rewards ofthe asset, or (b) the Group has neithertransferred nor retained substantially allthe risks and rewards of the asset, buthas transferred control of the asset.

Penurunan nilai Impairment

Pada setiap akhir periode pelaporanKelompok Usaha mengevaluasi apakahterdapat bukti yang obyektif bahwa asetkeuangan atau kelompok aset keuanganmengalami penurunan nilai. Penurunannilai atas aset keuangan atau kelompokaset keuangan dianggap telah terjadi, jikadan hanya jika, terdapat bukti yang objektifmengenai penurunan nilai sebagai akibatdari satu atau lebih peristiwa yang terjadisetelah pengakuan awal aset tersebut(“peristiwa yang merugikan”), dan peristiwayang merugikan tersebut berdampak padaestimasi arus kas masa depan atas asetkeuangan atau kelompok aset keuanganyang dapat diestimasi secara handal.

The Group assesses at the end of eachreporting date whether there is anyobjective evidence that a financial assetor a group of financial assets is impaired.A financial asset or a group of financialassets is deemed to be impaired if, andonly if, there is an objective evidence ofimpairment as a result of one or moreevents that have occurred after the initialrecognition of the asset (incurred “lossevents”) and those loss events have animpact on the estimated future cashflows of the financial asset or the groupof financial assets that can be reliablyestimated.

















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Penurunan nilai (lanjutan) Impairment (continued)

Bukti penurunan nilai dapat meliputiindikasi pihak peminjam atau kelompokpihak peminjam mengalami kesulitankeuangan signifikan, wanprestasi atautunggakan pembayaran bunga atau pokok,terdapat kemungkinan bahwa pihakpeminjam akan dinyatakan pailit ataumelakukan reorganisasi keuangan lainnyadan pada saat data yang dapat diobservasimengindikasikan adanya penurunan yangdapat diukur atas estimasi arus kas masadatang, seperti meningkatnya tunggakanatau kondisi ekonomi yang berkorelasidengan wanprestasi.

Evidence of impairment may includeindications that the debtors or a group ofdebtors is experiencing significantfinancial difficulty, default or delinquencyin interest or principal payments, theprobability that they will enter bankruptcyor other financial reorganization, andwhen observable data indicate that thereis a measurable decrease in theestimated future cash flows, such aschanges in arrears or economicconditions that correlate with defaults.

Untuk pinjaman yang diberikan dan piutangyang dicatat pada biaya perolehandiamortisasi, Kelompok Usaha pertama kalimenentukan apakah terdapat bukti obyektifmengenai penurunan nilai secara individualatas aset keuangan yang signifikan secaraindividual, atau secara kolektif untuk asetkeuangan yang jumlahnya tidak signifikansecara individual. Jika Kelompok Usahamenentukan tidak terdapat bukti obyektifmengenai penurunan nilai atas asetkeuangan yang dinilai secara individual,terlepas aset keuangan tersebut signifikanatau tidak, maka aset tersebut dimasukkanke dalam kelompok aset keuangan yangmemiliki karakteristik risiko kredit yangsejenis dan kelompok usaha menilaipenurunan nilai kelompok tersebut secarakolektif.

For loans and receivables carried atamortized cost, the Group first assesseswhether objective evidence ofimpairment exists individually for financialassets that are individually significant, orcollectively for financial assets that arenot individually significant. If the Groupdetermines that no objective evidence ofimpairment exists for an individuallyassessed financial asset, whethersignificant or not, the asset is included ina group of financial assets with similarcredit risk characteristics and the groupis collectively assessed for impairment.

















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Penurunan nilai (lanjutan) Impairment (continued)

Aset yang penurunan nilainya dinilai secaraindividual, dan untuk itu kerugianpenurunan nilai diakui atau tetap diakui,tidak termasuk dalam penilaian penurunannilai secara kolektif.

Assets that are individually assessed forimpairment and for which an impairmentloss is, or continues to be, recognizedare not included in a collectiveassessment of impairment.

Jika terdapat bukti obyektif bahwa kerugianpenurunan nilai telah terjadi, jumlahkerugian tersebut diukur sebagai selisihantara nilai tercatat aset dengan nilai kiniestimasi arus kas masa datang (tidaktermasuk ekspektasi kerugian kredit masadatang yang belum terjadi).

If there is objective evidence that animpairment loss has occurred, theamount of the loss is measured as thedifference between the asset’s carryingamount and the present value ofestimated future cash flows (excludingfuture expected credit losses that havenot yet been incurred).

Nilai tercatat aset keuangan dikurangimelalui penggunaan akun cadangan danjumlah kerugian diakui dalam laba rugi.Pendapatan bunga selanjutnya diakuisebesar nilai tercatat yang diturunkannilainya berdasarkan tingkat suku bungaefektif awal dari aset keuangan. Pinjamanyang diberikan dan piutang, besertadengan penyisihan terkait, dihapuskan jikatidak terdapat kemungkinan atas pemulihandi masa depan dan semua agunan telahterealisasi atau dialihkan kepada KelompokUsaha. Jika, pada tahun berikutnya, nilaiestimasi kerugian penurunan nilai asetkeuangan bertambah atau berkurangkarena suatu peristiwa yang terjadi setelahpenurunan nilai tersebut diakui, makakerugian penurunan nilai yang sebelumnyadiakui ditambah atau dikurangi denganmenyesuaikan akun cadangan. Pemulihantersebut tidak boleh mengakibatkan nilaitercatat aset keuangan melebihi biayaperolehan diamortisasi yang seharusnyajika penurunan nilai tidak diakui padatanggal pemulihan dilakukan. Jumlahpemulihan aset keuangan diakui pada labarugi.

The carrying amount of the financialasset is reduced through the use of anallowance account and the amount of theloss is recognized in profit or loss.Interest income continues to be accruedon the reduced carrying amount basedon the original effective interest rate ofthe financial asset. Loans andreceivables, together with the associatedallowance, are written off when there isno realistic prospect of future recoveryand all collateral has been realized orhas been transferred to the Group. If, in a subsequent year, the amount of theestimated impairment loss increases ordecreases because of an event occurringafter the impairment was recognized, thepreviously recognized impairment loss isincreased or reduced by adjusting theallowance account. The reversal shall notresult in the carrying amount of thefinancial asset that exceeds what theamortized cost would have been had theimpairment not been recognized at thedate the impairment is reversed. Therecovery is recognized in profit or loss.

















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2. Liabilitas keuangan 2. Financial liabilities

Pengakuan awal dan pengukuran Initial recognition and measurement

Liabilitas keuangan dalam lingkupPSAK No. 55 (Revisi 2014) diklasifikasikansebagai liabilitas keuangan yang diukurpada nilai wajar melalui laba rugi danliabilitas keuangan yang diukur denganbiaya diamortisasi. Kelompok Usahamenentukan klasifikasi liabilitaskeuangannya pada saat pengakuan awal.Pada tanggal laporan posisi keuangankonsolidasian, liabilitas keuanganKelompok Usaha diklasifikasikan sebagailiabilitas keuangan yang diukur denganbiaya amortisasi.

Financial liabilities within the scope ofPSAK No. 55 (Revised 2014) areclassified as financial liabilities at fairvalue through profit or loss and financialliabilities at amortized cost. The Groupdetermines the classification of itsfinancial liabilities at initial recognition. Asat the consolidated statement of financialposition date, the Group’s financialliabilities are classified as financialliabilities at amortized cost.

Pada saat pengakuan awal, liabilitaskeuangan diukur pada nilai wajar dan,dalam hal liabilitas keuangan yang diukurdengan biaya diamortisasi, termasuk biayatransaksi yang dapat diatribusikan secaralangsung.

At initial recognition, financial liabilitiesare recognized at fair value and, in thecase of financial liabilities at amortizedcost, include directly attributabletransaction costs.

Liabilitas keuangan Kelompok Usahamencakup utang bank jangka pendek,utang usaha, utang lain-lain, beban akrual,dan pinjaman jangka panjang.

The Group’s financial liabilities includeshort-term bank loans, trade payables,other payables, accrued expenses, andlong-term debts.

Setelah pengakuan awal, liabilitaskeuangan yang diukur dengan biayaamortisasi yang dikenakan bungaselanjutnya diukur pada biaya perolehandiamortisasi dengan menggunakan metodesuku bunga efektif.

After initial recognition, interest-bearingfinancial liabilities at amortized value aresubsequently measured at amortizedcost using the effective interest ratemethod.

Keuntungan dan kerugian diakui dalamlaba rugi pada saat liabilitas tersebutdihentikan pengakuannya serta melaluiproses amortisasi.

Gains and losses are recognized in profitor loss when the liabilities arederecognized as well as through theamortization process.

Penghentian pengakuan Derecognition

Liabilitas keuangan dihentikanpengakuannya pada saat liabilitas tersebutdihentikan atau dibatalkan ataukadaluwarsa.

A financial liability is derecognized whenit is discharged or cancelled or hasexpired.

















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2. Liabilitas keuangan (lanjutan) 2. Financial liabilities (continued)

Penghentian pengakuan (lanjutan) Derecognition (continued)

Ketika liabilitas keuangan awal digantikandengan liabilitas keuangan lain daripemberi pinjaman yang sama denganpersyaratan yang berbeda secarasubstansial, atau modifikasi secarasubstansial atas persyaratan liabilitaskeuangan yang saat ini ada, makapertukaran atau modifikasi tersebutdiperlakukan sebagai penghentianpengakuan liabilitas keuangan awal danpengakuan liabilitas keuangan baru, danselisih antara nilai tercatat masing-masingliabilitas keuangan diakui dalam laba rugi.

When an existing financial liability isreplaced by another from the samelender on substantially different terms, orthe terms of an existing financial liabilityare substantially modified, such anexchange or modification is treated as aderecognition of the original financialliability and the recognition of a newfinancial liability, and the difference in therespective carrying amounts isrecognized in profit or loss.

3. Saling hapus dari instrumen keuangan 3. Offsetting of financial instruments

Aset keuangan dan liabilitas keuangansaling hapus dan nilai netonya dilaporkandalam laporan posisi keuangankonsolidasian jika, dan hanya jika, memilikihak yang berkekuatan hukum untukmelakukan saling hapus atas jumlah yangtelah diakui dan terdapat maksud untukmenyelesaikan secara neto, atau untukmerealisasikan aset dan menyelesaikanliabilitasnya secara bersamaan.

Financial assets and financial liabilitiesare offset and the net amount reported inthe consolidated statement of financialposition if, and only if, there is a currentlyenforceable legal right to offset therecognized amounts and there is anintention to settle on a net basis, or torealize the assets and settle the liabilitiessimultaneously.

4. Nilai wajar instrumen keuangan 4. Fair value of financial instruments

Nilai wajar instrumen keuangan yangdiperdagangkan secara aktif di pasarkeuangan yang terorganisasi ditentukandengan mengacu pada kuotasi hargapenawaran atau harga yang diminta padapenutupan bisnis pada akhir tahunpelaporan. Untuk instrumen keuangan yangtidak memiliki pasar aktif, nilai wajarditentukan dengan menggunakan teknikpenilaian. Teknik penilaian tersebutmencakup penggunaan transaksi-transaksipasar yang wajar antara pihak-pihak yangmengerti dan berkeinginan (arm’s lengthmarket transactions), referensi atas nilaiwajar terkini dari instrumen lain yangsecara substansial sama, analisa arus kasyang didiskontokan, atau model penilaianlainnya.

The fair value of financial instrumentsthat are actively traded in organizedfinancial markets is determined byreference to quoted market bid or askprices at the close of business at the endof the reporting year. For financialinstruments where there is no activemarket, fair value is determined usingvaluation techniques. Such techniquesmay include using recent arm’s lengthmarket transaction, reference to thecurrent fair value of another instrumentthat is substantially the same, discountedcash flow analysis, or other valuationmodels.

















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4. Nilai wajar instrumen keuangan(lanjutan)

4. Fair value of financial instruments(continued)

Bila nilai wajar instrumen keuangan yangtidak diperdagangkan di pasar aktif tidakdapat ditentukan secara handal, asetkeuangan tersebut diakui dan diukur padanilai tercatatnya.

When the fair value of the financialinstruments not traded in an activemarket cannot be reliably determined,such financial assets are recognized andmeasured at their carrying amount.

q. Utang transaksi syariah - Murabahah q. Obligation under syariah transaction -Murabahah

Sebagai pembeli, selisih antara harga beli yangdisepakati dengan biaya perolehan secara tunaidiakui sebagai “Beban Murabahah Tangguhan”dan diamortisasi secara proporsional denganporsi utang murabahah.

For the buyer, the difference between theagreed purchase price of assets and theacquisition price of the assets by cash isrecorded as “Margin on Syariah transactions”which is amortized proportionally with themurabahah loan portion.

r. Laba per saham r. Earnings per share

Laba per saham dihitung dengan membagi labatahun berjalan yang dapat diatribusikan kepadaPemilik Entitas Induk dengan rata-ratatertimbang jumlah saham yang beredar dandisetor penuh selama tahun yangbersangkutan.

Earnings per share amount is computed bydividing the income for the year attributable toOwners of the Parent Entity by the weightedaverage number of issued and fully paidshares during the year.

Pada tanggal 31 Desember 2016 dan 2015,Kelompok Usaha tidak mempunyai efekberpotensi saham biasa yang bersifat dilutive;oleh karena itu, jumlah laba per saham dilusiantidak dihitung dan disajikan pada laporan labarugi dan penghasilan komprehensif lainkonsolidasian.

As of December 31, 2016 and 2015, theGroup has no outstanding potential dilutiveordinary shares; accordingly, no dilutedearnings per share amounts are calculatedand presented in the consolidated statementof proft or loss and other comprehensiveincome.

s. Pelaporan segmen s. Segment reporting

Kelompok Usaha mengidentifikasikan segmenoperasi berdasarkan pelaporan internal yangdikaji secara regular oleh pengambil keputusanoperasional dalam mengalokasikan sumberdaya dan menilai kinerja segmen operasiKelompok Usaha.

The Group identifies its operating segmentson the basis of internal reports that areregularly reviewed by the Group's chiefoperating decision maker in order to allocateresources to the segment and assess itsperformance.

















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s. Pelaporan segmen (lanjutan) s. Segment reporting (continued)

Kegiatan Kelompok Usaha dikelompokkanmenjadi dua kelompok usaha utama: jasapelayaran dan jasa bongkar muat.

The Group’s businesses are grouped into twomajor operating businesses: shipping andstevedoring.

t. Provisi t. Provisions

Provisi diakui jika Kelompok Usaha memilikikewajiban kini (baik bersifat hukum maupunbersifat konstruktif) sebagai akibat peristiwamasa lalu dimana ada kemungkinan besarbahwa untuk penyelesaian kewajiban tersebutdiperlukan arus keluar sumber daya yangmengandung manfaat ekonomi dan jumlahkewajiban tersebut dapat diestimasi secaraandal.

A provision is recognized when the Grouphas a present obligation (legal orconstructive) where, as a result of a pastevent, it is probable that an outflow ofresources embodying economic benefits willbe required to settle the obligation and areliable estimate can be made of the amountof the obligation.

Seluruh provisi ditelaah pada setiap tanggalpelaporan dan disesuaikan untukmencerminkan estimasi terbaik saat ini. Jikaarus keluar sumber daya untuk menyelesaikankewajiban kemungkinan besar tidak terjadi,maka provisi tersebut dibatalkan.

All provisions are reviewed at each reportingyear and adjusted to reflect the current bestestimate. If it is no longer probable that anoutflow of resources embodying economicbenefits will be required to settle theobligations, the provisions are reversed.

u. Kapitalisasi Biaya Pinjaman9

u. Capitalization of Borrowing Costs

Berdasarkan PSAK No. 26 (Revisi 2011),“Biaya Pinjaman”, biaya pinjaman yang dapatdiatribusikan langsung dengan perolehan,konstruksi atau pembuatan aset kualifikasiandikapitalisasi sebagai bagian biaya perolehanaset tersebut. Biaya pinjaman lainnya diakuisebagai beban pada periode terjadinya. Biayapinjaman dapat meliputi beban bunga, bebankeuangan dalam sewa pembiayaan yangdiakui sesuai dengan PSAK No. 30 (Revisi2011) dan selisih kurs yang berasal daripinjaman dalam mata uang asing sepanjangselisih kurs tersebut diperlakukan sebagaipenyesuaian atas biaya bunga.

In accordance with PSAK No. 26 (Revised2011), “Borrowing Costs”, borrowing costs thatare directly attributable to the acquisition,construction or production of a qualifying assetare capitalized as part of the cost of the relatedasset. Other borrowing costs are recognizedas expenses in the period in which they areincurred. Borrowing costs may include interest,finance charges in respect of finance leasesrecognized in accordance with PSAK No. 30(Revised 2011) and foreign exchangedifferences arising from foreign currencyborrowings to the extent that they are regardedas adjustments to interest costs.

Kapitalisasi biaya pinjaman dimulai pada saatdimulainya aktivitas yang diperlukan untukmempersiapkan aset kualifikasian agar dapatdigunakan sesuai dengan maksudnya danpengeluaran untuk aset dan biayapinjamannya telah terjadi. Kapitalisasi biayapinjaman dihentikan pada saat selesainyasecara substansial seluruh aktivitas yangdiperlukan untuk mempersiapkan asetkualifikasian agar dapat digunakan sesuaidengan maksudnya. Pada tahun 2016 tidakada biaya pinjaman yang dikapitalisasi.

Capitalization of borrowing costs commenceswhen the activities to prepare the qualifyingasset for its intended use have started and theexpenditures for the qualifying asset and theborrowing costs have been incurred.Capitalization of borrowing costs ceases whenall the activities necessary to prepare thequalifying asset for its intended use aresubstantially completed. In 2016 no borrowingcosts were capitalized.

















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3. PENGGUNAAN PERTIMBANGAN, ESTIMASI DANASUMSI OLEH MANAJEMEN

3. MANAGEMENT’S USE OF JUDGMENTS,ESTIMATES AND ASSUMPTIONS

Penyusunan laporan keuangan konsolidasianKelompok Usaha mensyaratkan manajemen untukmembuat pertimbangan, estimasi dan asumsi yangmempengaruhi jumlah yang dilaporkan ataspendapatan, beban, aset dan liabilitas, sertapengungkapan liabilitas kontinjensi, pada akhirtahun pelaporan. Namun, ketidakpastian atasasumsi dan estimasi ini dapat menyebabkan hasilyang memerlukan penyesuaian material atas nilaitercatat aset dan liabilitas yang terdampak padamasa mendatang.

The preparation of the Group’s consolidatedfinancial statements requires management tomake judgments, estimates and assumptionsthat affect the reported amounts of revenues,expenses, assets and liabilities, and thedisclosure of contingent liabilities, at the end ofthe reporting year. However, uncertainty aboutthese assumptions and estimates could result inoutcomes that require a material adjustment tothe carrying amounts of the assets or liabilitiesaffected in future periods.

a. Pertimbangan a. Judgments

Dalam proses penerapan kebijakan akuntansiKelompok Usaha, manajemen telah membuatpertimbangan-pertimbangan berikut ini, yangterpisah dari estimasi dan asumsi, yang memilikipengaruh paling signifikan terhadap jumlahyang dicatat dalam laporan keuangankonsolidasian:

In the process of applying the Group’saccounting policies, management has madethe following judgments, apart from thoseincluding estimations and assumptions, whichhave the most significant effect on theamounts recognized in the consolidatedfinancial statements:

• Penentuan Mata Uang Fungsional • Determination of Functional Currency

Mata uang fungsional dari masing-masingentitas dalam Kelompok Usaha adalah matauang dari lingkungan ekonomi primerdimana entitas beroperasi. Mata uangtersebut adalah mata uang yangmempengaruhi pendapatan dan beban darijasa yang diberikan.

The functional currency of each of theentities under the Group is the currency ofthe primary economic environment inwhich each entity operates. It is thecurrency that mainly influences therevenue and cost of rendering services.

• Sewa • Leases

Kelompok Usaha mempunyai perjanjian-perjanjian sewa yang bervariasi sebagailessee untuk beberapa aset tetaptertentu. Kelompok Usaha mengevaluasiapakah terdapat risiko dan manfaat yangsignifikan dari aset pembiayaan yangdialihkan kepada Kelompok Usaha atautetap ditahan oleh lessor berdasarkan PSAKNo. 30 (Revisi 2011), “Sewa”, yangmensyaratkan Kelompok Usaha untukmembuat pertimbangan terhadappengalihan risiko dan manfaat darikepemilikan aset pembiayaan.

The Group has various lease agreementsas lessee in respect of certain fixedassets. The Group evaluates whethersignificant risks and rewards of ownershipof the leased assets are transferred to theGroup or retained by the lessors based onPSAK No. 30 (Revised 2011), “Leases”,which requires the Group to makejudgments on the transfer of risks andrewards of ownership of the leasedassets.

















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3. PENGGUNAAN PERTIMBANGAN, ESTIMASI DANASUMSI OLEH MANAJEMEN (lanjutan)

3. MANAGEMENT’S USE OF JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

a. Pertimbangan (lanjutan) a. Judgments (continued)

• Pengelompokan Aset Keuangan danLiabilitas Keuangan

• Classification of Financial Assets andFinancial Liabilities

Kelompok Usaha menetapkanpengelompokan aset dan liabilitas tertentusebagai aset keuangan dan liabilitaskeuangan dengan pertimbangan bila definisiyang ditetapkan dalam PSAK No. 55 (Revisi2014) terpenuhi. Dengan demikian, asetkeuangan dan liabilitas keuangan diakuisesuai dengan kebijakan akuntansiKelompok Usaha seperti yang diungkapkanpada Catatan 2p.

The Group determines the classificationsof certain assets and liabilities as financialassets and financial liabilities by judging ifthey meet the definition set forth in PSAKNo. 55 (Revised 2014). Accordingly, thefinancial assets and financial liabilities areaccounted for in accordance with theGroup’s accounting policies disclosed inNote 2p.

• Penyisihan Penurunan Nilai Piutang Usaha -Evaluasi Individual

• Allowance for Impairment of TradeReceivables - Individual Assessments

Kelompok Usaha mengevaluasi pelanggantertentu yang menurut informasi pelanggantersebut tidak dapat memenuhi kewajibankeuangannya.

The Group evaluates specific accounts onwhich it has information that thecustomers are unable to meet theirfinancial obligations.

Dalam kondisi ini, Kelompok Usahamempertimbangkan, berdasarkan fakta dansituasi yang tersedia, termasuk namun tidakterbatas pada, jangka waktu hubungandengan pelanggan dan status kreditpelanggan berdasarkan catatan kredit pihakketiga dan faktor pasar yang telah diketahui,untuk mencatat provisi spesifik ataspelanggan terhadap jumlah terutang gunamengurangi jumlah piutang yang diharapkandapat diterima oleh Kelompok Usaha.

In these cases, the Group uses judgment,based on available facts andcircumstances, including but not limitedto, the length of its relationship with thecustomers and the customers’ currentcredit status based on any available third-party credit reports and known marketfactors, to record specific provisions forcustomers against amounts due to reducethe Group’s receivable amounts that itexpects to collect.

Pencadangan spesifik ini dievaluasi kembalidan disesuaikan jika tambahan informasiyang diterima mempengaruhi jumlahpenyisihan untuk penurunan nilai piutangusaha. Penjelasan lebih lanjut diungkapkandalam Catatan 2p.

These specific provisions are re-evaluatedand adjusted as additional informationreceived affects the amounts of theallowance for impairment of tradereceivables. Further details are disclosedin Note 2p.

















37



b. Estimasi dan asumsi b. Estimates and assumptions

Asumsi utama terkait masa depan dan sumberutama estimasi ketidakpastian lain pada tanggalpelaporan yang memiliki risiko signifikan bagipenyesuaian yang material terhadap nilaitercatat aset dan liabilitas untuk tahunberikutnya diungkapkan di bawah ini.

The key assumptions concerning the futureand other key sources of estimationuncertainty at the reporting date that have asignificant risk of causing a materialadjustment to the carrying amounts of assetsand liabilities within the next financial year aredisclosed below.

Kelompok Usaha mendasarkan asumsi danestimasi pada parameter yang tersedia padasaat laporan keuangan konsolidasian disusun.Situasi saat ini dan asumsi mengenaiperkembangan di masa depan dapat berubahakibat perubahan pasar atau situasi di luarkendali Kelompok Usaha. Perubahan tersebuttercermin dalam asumsi terkait pada saatterjadinya.

The Group based its assumptions andestimates on parameters available when theconsolidated financial statements wereprepared. Existing circumstances andassumptions about future developments maychange due to market changes orcircumstances arising beyond the control ofthe Group. Such changes are reflected in theassumptions when they occur.

• Imbalan Kerja • Employee Benefits

Beban dari program pensiun dan nilai kinidari kewajiban pensiun ditentukan denganmenggunakan metode projected-unit-credit.Penilaian aktuaris termasuk membuatvariasi asumsi yang terdiri dari, antara lain,tingkat diskonto, tingkat pengembalian danapensiun yang diharapkan, tingkat kenaikankompensasi dan tingkat kematian.Dikarenakan kompleksitas dari penilaian dandasar asumsinya dan periode jangkapanjang, kewajiban manfaat pasti sangatsensitif terhadap perubahan asumsi.

The pension cost and the present value ofthe pension obligation are determinedusing the projected-unit-credit method.Actuarial valuation includes makingvarious assumptions which consist of,among other things, discount rates,expected rates of return on plan assets,rates of compensation increases andmortality rates. Due to the complexity ofthe valuation and its underlyingassumptions and long-term nature, adefined benefit obligation is highlysensitive to changes in assumptions.

Sementara Kelompok Usaha berkeyakinanbahwa asumsi tersebut adalah wajar dansesuai, perbedaan signifikan pada hasilaktual atau perubahan signifikan dalamasumsi yang ditetapkan Kelompok Usahadapat mempengaruhi secara materialestimasi liabilitas imbalan kerja dan bebanimbalan kerja neto. Penjelasan lebih lanjutdiungkapkan dalam Catatan 22.

While the Group believes that itsassumptions are reasonable andappropriate, significant differences in theGroup’s actual results or significantchanges in the Group’s assumptions maymaterially affect its estimated employeebenefits liability and net employeebenefits expense. Further details aredisclosed in Note 22.

• Penyusutan Aset Tetap • Depreciation of Fixed Assets

Aset tetap disusutkan selama masa manfaatekonomisnya. Dalam menyusutkan asettetapnya, Kelompok Usaha menggunakanmetode garis lurus dan metode saldomenurun-ganda.

Fixed assets are depreciated over theirestimated useful lives. In depreciating itsfixed assets, the Group uses the straight-line method and the double-decliningmethod.

















38



b. Estimasi dan asumsi (lanjutan) b. Estimates and assumptions (continued)

• Penyusutan Aset Tetap (lanjutan) • Depreciation of Fixed Assets (continued)

Manajemen mengestimasi masa manfaatekonomis aset tetap antara3 tahun sampai dengan 20 tahun. Iniadalah masa manfaat yang secara umumdiharapkan diterapkan dalam industridimana Kelompok Usaha menjalankanbisnisnya. Perubahan tingkat pemakaiandan perkembangan teknologi dapatmempengaruhi masa manfaat ekonomisdan nilai sisa aset dan, karenanya, biayapenyusutan masa depan mungkin direvisi.Penjelasan lebih lanjut diungkapkan dalamCatatan 11.

Management estimates the useful lives ofthe fixed assets to be within 3 to 20 years.These are common life expectanciesapplied in the industry where the Groupconducts its business. Changes in theexpected level of usage and technologicaldevelopment could impact the economicuseful lives and the residual values ofthese assets and, therefore, futuredepreciation charges could be revised.Further details are disclosed in Note 11.

• Pajak Penghasilan • Income Tax

Estimasi signifikan dilakukan dalammenentukan provisi atas pajak penghasilanbadan. Terdapat transaksi dan perhitungantertentu yang penentuan pajak akhirnyaadalah tidak pasti sepanjang kegiatanusaha normal. Kelompok Usaha mengakuiliabilitas atas pajak penghasilan badanberdasarkan estimasi apakah akanterdapat tambahan pajak penghasilanbadan.

Significant estimation is involved indetermining provision for corporateincome tax. There are certain transactionsand computation for which the ultimate taxdetermination is uncertain during theordinary course of business. The Grouprecognizes liabilities for expectedcorporate income tax issues based onestimates of whether additional corporateincome tax will be due.

• Penyisihan Persediaan Usang • Allowance for Obsolescence of Inventories

Penyisihan persediaan usang, jika ada,diestimasi berdasarkan fakta dan situasiyang tersedia, termasuk namun tidakterbatas pada, kondisi fisik persediaantersebut. Kelompok Usaha memilikipengalaman dalam mengevaluasipersediaan dengan mempertimbangkankegunaan dari persediaan tersebut.Kelompok Usaha, mengevaluasi danmenilai kondisi persediaan pada setiaptanggal pelaporan.

Allowance for obsolescence of inventories,if any, is estimated based on availablefacts and circumstances, including but notlimited to, the inventories’ own physicalcondition. The Group has experience inevaluating its inventories by consideringthe usage of the inventories. The Groupevaluates and assesses the inventories’condition at each reporting date.

















39



b. Estimasi dan asumsi (lanjutan) b. Estimates and assumptions (continued)

• Estimasi Cadangan untuk KerugianPenurunan Nilai atas Piutang Usaha

• Estimating Allowance for Impairment Losson Trade Receivables

Bila Kelompok Usaha memutuskan bahwatidak terdapat bukti objektif atas penurunannilai pada evaluasi individual atas piutangusaha, baik yang nilainya signifikan atautidak, Kelompok Usaha menyertakannyadalam kelompok piutang usaha dengankarakteristiknya risiko kredit yang serupadan melakukan evaluasi kolektif ataspenurunan nilai. Karakteristik yang dipilihmempengaruhi estimasi arus kas masadepan atas kelompok piutang usahatersebut karena merupakan indikasi bagikemampuan pelanggan untuk melunasijumlah terutang.

If the Group determines that no objectiveevidence of impairment exists for anindividually assessed trade receivable,whether significant or not, it includes thetrade receivable in a group of financialassets with similar credit riskcharacteristics and collectively assessesthem for impairment. The characteristicschosen are relevant to the estimation offuture cash flow for groups of such tradereceivables by being indicative of thecustomers’ ability to pay all amounts due.

Arus kas masa depan pada kelompokpiutang usaha yang dievaluasi secarakolektif untuk penurunan nilai diestimasiberdasarkan pengalaman kerugian historisbagi piutang usaha dengan karakteristikrisiko kredit yang serupa dengan piutangusaha pada kelompok tersebut.

Future cash flows in a group of tradereceivables that are collectively evaluatedfor impairment are estimated on the basisof historical loss experience for the tradereceivables with credit risk characteristicssimilar to those in the group.

• Penyisihan atas Penurunan Nilai Aset Non-keuangan

• Allowance for Impairment of Non-financialAsset

Penurunan nilai aset non-keuangan adajika terdapat indikasi ketika nilai tercatatsuatu aset atau unit penghasil kas melebihinilai terpulihkannya, yang merupakan nilaitertinggi dari nilai wajar dikurangi biayauntuk menjual dan nilai pakai.

Impairment of non-financial asset exists ifthere is an indication that the carryingvalue of the asset or its cash-generatingunit exceeds its recoverable amount,which is the higher of its fair value lesscosts to sell and its value in use.

Manajemen melakukan estimasi atas nilaiterpulihkan aset dengan menghitung nilaiwajar dikurangi biaya untuk menjualberdasarkan data yang tersedia daritransaksi penjualan yang mengikat danbersifat arm’s length untuk aset yangsejenis atau harga pasar yang tersediadikurangi tambahan biaya yang diperlukanuntuk melepas aset tersebut.

Management estimates the asset’srecoverable amount from a calculation ofits fair value less costs to sell based onavailable data from binding salestransactions in arm’s length transactionsof similar assets or observable marketprice, less incremental costs for disposingof the asset.

Perhitungan nilai pakai didasarkan padamodel arus kas yang didiskontokan. Padamodel ini, nilai yang terpulihkan sangatsensitif terhadap tarif diskonto yangdigunakan, termasuk juga arus kas masukdimasa yang akan datang dan tarifpertumbuhan yang digunakan untuk tujuanekstrapolasi.

The value in use calculation is based onthe discounted cash flow model. Therecoverable amount is most sensitive tothe discount rate used for the expectedfuture cash inflows and the growth rateused for extrapolation purposes.

















40

4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS

Akun ini terdiri dari: This account consists of:


2016 2015

Kas Cash on handRupiah 1.587.392.609 1.073.544.084 RupiahDolar Amerika Serikat United States dollar

(US$4.228 pada tahun 2016 (US$4,228 in 2016 anddan US$2.287 pada tahun 2015) 56.802.705 31.551.083 US$2,287 in 2015)

Dolar Singapura Singapore dollar(Sin$3.159 pada tahun 2016 (Sin$3,159 in 2016dan Sin$4.509 pada tahun 2015) 29.377.454 43.969.364 and Sin$4,509 in 2015)

Yuan Tiongkok Chinese yuan(CNY6.281 pada tahun 2016) 12.165.018 - (CNY6,281 in 2016)

Total kas 1.685.737.786 1.149.064.531 Total cash on hand

Bank Cash in banksRupiah Rupiah

PT Bank Mandiri (Persero) Tbk 16.191.718.676 7.178.551.245 PT Bank Mandiri (Persero) TbkPT Bank Central Asia Tbk 2.301.458.271 3.038.862.390 PT Bank Central Asia TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 320.032.466 410.326.691 (Persero) TbkPT Bank Danamon Indonesia Tbk 288.198.135 287.798.312 PT Bank Danamon Indonesia TbkPT Bank Mega Tbk 72.277.861 72.473.542 PT Bank Mega TbkPT Bank Syariah Mandiri 61.954.398 1.458.220.944 PT Bank Syariah MandiriPT Bank Ganesha - 492.075 PT Bank GaneshaPT Bank CIMB Niaga Tbk - 281.988.896 PT Bank CIMB Niaga TbkPT Bank Bukopin Tbk - 21.509.317 PT Bank Bukopin TbkPT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan

Nasional Tbk - 10.131.710 Nasional TbkPT Bank Maybank Indonesia Tbk - 6.303.984 PT Bank Maybank Indonesia Tbk

Dolar Amerika Serikat United States dollarPT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

(US$24.336 pada tahun 2016 (US$24,336 in 2016 anddan US$139.938 pada tahun 2015) 326.975.808 1.930.437.366 US$139,938 in 2015)

PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk(US$783 pada tahun 2016 (US$783 in 2016 anddan US$903 pada tahun 2015) 10.525.359 12.461.960 US$903 in 2015)

OCBC Limited Singapura OCBC Limited Singapore(US$657 pada tahun 2016 dan (US$657 in 2016 andUS$750 pada tahun 2015) 8.822.593 10.350.685 US$750 in 2015)

PT Bank Mega Tbk PT Bank Mega Tbk(US$657 pada tahun 2016 (US$657 in 2016 anddan US$722 pada tahun 2015) 7.727.447 9.961.043 US$722 in 2015)

Dolar Singapura Singapore dollarPT Bank Mega Tbk PT Bank Mega Tbk

(Sin$1.748 pada tahun 2016 dan (Sin$1,748 in 2016 andSin$1.816 pada tahun 2015) 16.257.209 17.706.544 Sin$1,816 in 2015)

Yuan Tiongkok Chinese yuanPT Bank Mega Tbk PT Bank Mega Tbk

(CNY23.373 pada tahun 2016) 45.270.965 - (CNY23,373 in 2016)

Total bank 19.651.219.188 14.747.576.704 Total cash in banks

















41

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)


2016 2015

Deposito berjangka - rupiah Time deposits - rupiahPT Bank Mandiri (Persero) Tbk 8.100.000.000 5.950.000.000 PT Bank Mandiri (Persero) Tbk

PT Bank Negara Indonesia PT Bank Negara Indonesia(Persero) Tbk 2.000.000.000 - (Persero) Tbk

PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia(Persero) Tbk 1.530.689.258 - (Persero) Tbk

PT Bank Tabungan Pensiunan PT Bank Tabungan PensiunanNasional Tbk - 1.567.993.523 Nasional Tbk

PT Bank Bank Mega Tbk - 1.015.703.398 PT Bank Mega Tbk

Total kas dan setara kas 32.967.646.232 24.430.338.156 Total cash and cash equivalents

Deposito berjangka dalam rupiah memperolehbunga dengan tingkat suku bunga tahunan berkisarantara 3,9% sampai dengan 6,5% pada tahun 2016dan 5% sampai dengan 7,75% pada tahun 2015.

The rupiah time deposits earned interest at annualrates ranging from 3.9% to 6.5% in 2016 and 5%to 7.75% in 2015.

Pada tanggal 31 Desember 2016 dan 2015, tidakterdapat kas dan setara kas Kelompok Usaha yangdibatasi penggunaannya atau ditempatkan padapihak berelasi.

As of December 31, 2016 and 2015, none of theGroup’s cash and cash equivalents are restrictedin use or held by a related party.

Semua rekening bank dan deposito berjangkaditempatkan pada bank pihak ketiga.

All bank accounts and time deposits are placed inthird-party banks.

5. PIUTANG USAHA 5. TRADE RECEIVABLES

Piutang usaha terdiri dari: Trade receivables consist of:


2016 2015

Pihak berelasi (Catatan 35) Related party (Note 35)PT Temas Suzue Indonesia 1.854.320.785 2.459.400.189 PT Temas Suzue Indonesia

Pihak ketiga Third partiesRupiah 134.436.898.145 171.110.045.281 RupiahDolar Amerika Serikat United States dollar

(US$19.573 pada tahun 2016 (US$19,573 in 2016dan US$115.795 pada tahun 2015) 262.978.797 1.597.389.740 and US$115,795 in 2015)

Total pihak ketiga 134.699.876.942 172.707.435.021 Total third parties

Total piutang usaha 136.554.197.727 175.166.835.210 Total trade receivables

















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5. PIUTANG USAHA (lanjutan) 5. TRADE RECEIVABLES (continued)

Analisis umur piutang usaha adalah sebagai berikut: The aging analysis of trade receivables is asfollows:


2016 2015

Belum jatuh tempo 106.541.813.540 143.551.392.545 CurrentLewat jatuh tempo Overdue

1 sampai 30 hari 23.556.357.818 25.079.214.547 1 to 30 days31 sampai 60 hari 2.730.271.014 3.272.343.498 31 to 60 days61 sampai 90 hari 1.156.375.071 1.049.658.978 61 to 90 daysLebih dari 90 hari 2.569.380.284 2.214.225.642 More than 90 days

Total piutang usaha 136.554.197.727 175.166.835.210 Total trade receivables

Manajemen berpendapat tidak perlu dilakukanpenyisihan penurunan nilai piutang usaha padatanggal 31 Desember 2016 dan 2015 karenaseluruh piutang usaha tersebut dapat tertagihsepenuhnya.

Management believes that there is no need toprovide allowance for impairment of tradereceivables as of December 31, 2016 and 2015since all of the trade receivable can be fullycollected.

Pada tanggal 31 Desember 2016 dan 2015, piutangusaha - pihak ketiga digunakan sebagai jaminanatas utang bank jangka pendek dan utang bankjangka panjang yang diperoleh dari PT BankMandiri (Persero) Tbk (Catatan 13 dan 19).

As of December 31, 2016 and 2015, tradereceivables - third parties are pledged ascollateral for short-term and long-term bank loansobtained from PT Bank Mandiri (Persero) Tbk(Notes 13 and 19).

6. PIUTANG LAIN-LAIN 6. OTHER RECEIVABLES

Piutang lain-lain terdiri dari: Other receivables consist of the following:


2016 2015

Piutang penjualan kapal - 3.800.000.000 Receivable from sale of vesselLain-lain 3.446.847.962 2.848.655.466 Others

Total 3.446.847.962 6.648.655.466 Total

Piutang penjualan kapal merupakan piutangkepada pihak ketiga atas penjualan kapal milikPerusahaan KM Sendang pada tahun 2015. Padatahun 2016, piutang tersebut telah dilunasiseluruhnya.

Receivable from sale of vessel consist ofreceivable from a third party in relation to the saleof the Company’s vessel MV Sendang in 2015.In 2016, the receivables has been settled.

Berdasarkan hasil telaah terhadap piutang lain-lainpada akhir periode pelaporan, manajemenberkeyakinan bahwa tidak diperlukan cadanganpenurunan nilai pada tanggal 31 Desember 2016dan 2015 karena manajemen berkeyakinan bahwaseluruh piutang lain-lain dapat tertagih seluruhnya.

Based on the review of other receivables at theend of the reporting period, managementbelieves that no allowance for impairment needsto be provided as of December 31, 2016 and2015, since management believes all otherreceivables can be collected in full.

















43

7. ASET KEUANGAN LANCAR LAINNYA 7. OTHER CURRENT FINANCIAL ASSETS

Akun ini merupakan saldo yang dibatasipenggunaannya yang ditempatkan pada PT BankMandiri (Persero) Tbk sehubungan denganperjanjian kerjasama antara Kelompok Usaha danPT Pelabuhan Indonesia (Persero) dalam rangkapembayaran pelayanan jasa pelabuhan melaluisistem cash on-line pada beberapa pelabuhantertentu (Catatan 37a).

This account represents restricted cash which isplaced in PT Bank Mandiri (Persero)Tbk in connection with the cooperation agreementbetween the Group and PT Pelabuhan Indonesia(Persero) for the payment of port service feesthrough a cash on-line system in certain ports(Note 37a).

Pada tanggal 31 Desember 2016 dan 2015, tidakterdapat saldo yang dibatasi penggunaannyaditempatkan pada pihak berelasi.

As of December 31, 2016 and 2015, none of theGroup’s restricted cash accounts are held by arelated party.

8. PERSEDIAAN 8. INVENTORIES



2016 2015

Bahan bakar kapal 23.720.655.883 17.407.820.100 BunkerSuku cadang 23.353.959.549 6.879.338.863 Spareparts

Total 47.074.615.432 24.287.158.963 TotalCadangan keusangan/kerugian - (1.378.336.000) Allowance for obsolescence/losses

Neto 47.074.615.432 22.908.822.963 Net

Mutasi cadangan keusangan/kerugian adalahsebagai berikut:

The movements of the allowance forobsolescence/ losses are as follows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2016 2015

Saldo awal 1.378.336.000 827.001.600 Beginning balanceCadangan selama tahun berjalan - 964.835.200 Provision during the yearPemulihan selama tahun berjalan (1.378.336.000) (413.500.800) Reversal during the year

Saldo akhir tahun - 1.378.336.000 Balance at end of year

Berdasarkan hasil penelaahan terhadap nilai pasardan kondisi fisik persediaan pada akhir tahun,manajemen berkeyakinan bahwa cadangankeusangan/kerugian tidak diperlukan dalam rangkamenutup potensi kerugian dari keusangan danpenurunan nilai pasar persediaan pada tanggal31 December 2016.

Based on a review of the market prices andphysical conditions of the inventories at the end ofthe year, management believes that no allowanceneeds to be provided to cover possible lossesfrom obsolescence and decline in market valuesof inventories as of December 31, 2016.

Berdasarkan hasil penelaahan terhadap kondisimasing-masing persediaan pada akhir tahun,manajemen Kelompok Usaha berkeyakinan bahwacadangan keusangan/kerugian di atas adalah cukupuntuk menurunkan nilai tercatat persediaan ke nilairealisasi netonya pada tanggal 31 Desember 2015.

Based on the review of the individual status of theinventories at the end of the year, the Group’smanagement believes that the above allowancefor obsolescence/losses is sufficient to reduce thecarrying amounts of inventories to their netrealizable values as of December 31, 2015.

















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8. PERSEDIAAN (lanjutan) 8. INVENTORIES (continued)

Pada tanggal 31 Desember 2016, seluruhpersediaan suku cadang yang dimiliki olehPerusahaan diasuransikan terhadap semua risikodengan nilai pertanggungan sebesarRp9.010.068.529 melalui PT Asuransi Jasa TaniaTbk. Manajemen Kelompok Usaha berpendapatbahwa nilai pertanggungan asuransi adalah cukupuntuk menutup kemungkinan kerugian atas risikotersebut.

As of December 31, 2016, the sparepartsinventories, which are owned by the Company iscovered by insurance from all risks for a totalcoverage sum of Rp9,010,068,529 through PTAsuransi Jasa Tania Tbk. The Group’smanagement is of the opinion that the insurancecoverage is adequate to cover possible lossesarising from such risks.

Pada tanggal 31 Desember 2016 dan 2015, saldopersediaan digunakan sebagai jaminan atas utangbank jangka pendek dan utang bank jangka panjangyang diperoleh dari PT Bank Mandiri (Persero) Tbk(Catatan 13 dan 19).

As of December 31, 2016 and 2015, theinventories are pledged as collateral for short-termand long-term bank loans obtained from PT BankMandiri (Persero) Tbk (Notes 13 and 19).

9. BIAYA DIBAYAR DIMUKA 9. PREPAID EXPENSES



2016 2015

Sewa 2.524.317.634 1.523.747.024 RentAsuransi 1.734.377.951 2.811.025.342 InsuranceLain-lain 541.659.238 - Others

Total 4.800.354.823 4.334.772.366 Total

10. ASET LANCAR LAIN-LAIN 10. OTHER CURRENT ASSETS



2016 2015

Uang muka operasional 13.357.024.911 8.719.950.767 Advance for operationsLain-lain 1.141.413.012 311.539.809 Others

Total 14.498.437.923 9.031.490.576 Total

















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11. ASET TETAP 11. FIXED ASSETS

Rincian aset tetap adalah sebagai berikut: The details of fixed assets are as follows:

Tahun yang berakhir pada tanggal 31 Desember 2016/Year ended December 31, 2016

Selisih Kurskarena Penjabaran

Saldo Laporan Keuangan/ SaldoAwal/ Difference in Akhir/

Beginning Foreign Currency Penambahan/ Pengurangan/ Reklasifikasi/ EndingBalance Translation Additions/ Deductions/ Reclassifications Balance

Biaya Perolehan CostPemilikan langsung Direct ownershipTanah 19.778.809.743 - - - - 19.778.809.743 LandBangunan dan prasarana 20.210.795.810 - - - - 20.210.795.810 Buildings and infrastructureKapal 1.212.063.950.936 - 488.802.647.305 128.927.111.599 185.941.693.056 1.757.881.179.698 VesselsBiaya pemugaran dan

perbaikan kapal 52.819.067.804 - 2.819.045.014 8.048.674.400 - 47.589.438.418 Dry docking and replatingPeti kemas 183.657.274.191 (1.572.126.856) 2.225.697.210 5.358.216.456 - 178.952.628.089 ContainersPeralatan kapal 23.894.320.276 - 13.772.572.764 - - 37.666.893.040 Vessel equipmentKendaraan 11.484.775.423 - 1.153.839.635 - - 12.638.615.058 VehiclesAlat berat 233.681.519.801 - 89.504.733.674 - 9.318.392.876 332.504.646.351 Heavy equipmentPeralatan kantor 15.686.666.501 - 990.303.252 - - 16.676.969.753 Office equipment

Sub-total 1.773.277.180.485 (1.572.126.856) 599.268.838.854 142.334.002.455 195.260.085.932 2.423.899.975.960 Sub-total

Sewa pembiayaan Finance leasesPeti kemas 264.385.748.074 - 91.187.548.583 50.552.964 - 355.522.743.693 Containers

Aset dalam penyelesaian - - 440.946.848 - 407.605.792 848.552.640 Construction in progress

Uang muka pembelian Advances for purchase ofaset tetap 195.677.691.724 247.935.756.651 (195.667.691.724) 247.945.756.651 fixed assets

Total 2.233.340.620.283 (1.572.126.856) 938.833.090.936 142.384.555.419 - 3.028.217.028.944 Total

Akumulasi Penyusutan Accumulated Depreciationdan Amortisasi and Amortization

Pemilikan langsung Direct ownershipBangunan dan prasarana 7.785.589.361 - 761.542.235 - - 8.547.131.596 Buildings and infrastructureKapal 374.167.088.566 - 89.901.438.657 68.964.998.025 - 395.103.529.198 VesselsBiaya pemugaran dan

perbaikan kapal 16.197.502.985 - 16.007.336.939 8.048.674.400 - 24.156.165.524 Dry docking and replatingPeti kemas 177.620.325.702 (1.560.099.800) 1.248.029.822 5.358.216.456 - 171.950.039.268 ContainersPeralatan kapal 17.833.115.458 - 4.829.918.121 - - 22.663.033.579 Vessel equipmentKendaraan 9.026.235.182 - 1.662.476.947 - - 10.688.712.129 VehiclesAlat berat 98.518.436.914 - 29.053.456.072 - - 127.571.892.986 Heavy equipmentPeralatan kantor 10.473.041.745 - 2.661.811.066 - - 13.134.852.811 Office equipment

Sub-total 711.621.335.913 (1.560.099.800) 146.126.009.859 82.371.888.881 - 773.815.357.091 Sub-total

Sewa pembiayaan Finance leasesPeti kemas 51.939.648.832 - 36.331.955.908 7.372.307 - 88.264.232.433 Containers

Total 763.560.984.745 (1.560.099.800) 182.457.965.767 82.379.261.188 - 862.079.589.524 Total

Penurunan nilai aset 10.980.005.000 - - 10.980.005.000 - - Impairment of asset

Nilai buku neto 1.458.799.630.538 2.166.137.439.420 Net book value

















46

11. ASET TETAP (lanjutan) 11. FIXED ASSETS (continued)

Tahun yang berakhir pada tanggal 31 Desember 2015/Year ended December 31, 2015

Selisih Kurskarena Penjabaran

Saldo Laporan Keuangan/ SaldoAwal/ Difference in Akhir/

Beginning Foreign Currency Penambahan/ Pengurangan/ Reklasifikasi/ EndingBalance Translation Additions/ Deductions/ Reclassifications Balance

Biaya Perolehan CostPemilikan langsung Direct ownershipTanah 19.778.809.743 - - - - 19.778.809.743 LandBangunan dan prasarana 15.986.977.410 - 4.224.100.900 282.500 - 20.210.795.810 Buildings and infrastructureKapal 1.243.931.450.936 - - 31.867.500.000 - 1.212.063.950.936 VesselsBiaya pemugaran dan

perbaikan kapal 22.824.033.629 - 37.952.267.949 7.957.233.774 - 52.819.067.804 Dry docking and replatingPeti kemas 141.586.202.762 1.453.167.265 903.686.000 6.017.034.536 45.731.252.700 183.657.274.191 ContainersPeralatan kapal 19.398.416.776 - 4.495.903.500 - - 23.894.320.276 Vessel equipmentKendaraan 11.158.725.423 - 738.150.000 412.100.000 - 11.484.775.423 VehiclesAlat berat 223.035.755.925 - 9.498.213.876 10.750.000.000 11.897.550.000 233.681.519.801 Heavy equipmentPeralatan kantor 12.002.331.053 - 2.222.349.712 10.514.000 1.472.499.736 15.686.666.501 Office equipment

Sub-total 1.709.702.703.657 1.453.167.265 60.034.671.937 57.014.664.810 59.101.302.436 1.773.277.180.485 Sub-total

Sewa pembiayaan Finance leasesPeti kemas 248.114.198.420 9.195.978.500 101.040.061.673 48.233.237.819 (45.731.252.700) 264.385.748.074 ContainersAlat berat 11.897.550.000 - - - (11.897.550.000) - Heavy equipment

Sub-total 260.011.748.420 9.195.978.500 101.040.061.673 48.233.237.819 (57.628.802.700) 264.385.748.074 Sub-total

Uang muka pembelian Advances for purchase ofaset tetap 490.773.728 - 195.186.917.996 - - 195.677.691.724 fixed assets

Total 1.970.205.225.805 10.649.145.765 356.261.651.606 105.247.902.629 1.472.499.736 2.233.340.620.283 Total

Akumulasi Penyusutan Accumulated Depreciationdan Amortisasi and Amortization

Pemilikan langsung Direct ownershipBangunan dan prasarana 7.162.126.129 - 623.463.232 - - 7.785.589.361 Buildings and infrastructureKapal 313.847.760.883 - 77.746.866.696 17.427.539.013 - 374.167.088.566 VesselsBiaya pemugaran dan

perbaikan kapal 12.285.996.308 - 11.638.096.065 7.726.589.388 - 16.197.502.985 Dry docking and replatingPeti kemas 135.416.790.651 1.404.733.504 1.084.583.384 6.017.034.537 45.731.252.700 177.620.325.702 ContainersPeralatan kapal 15.617.935.917 - 2.215.179.541 - - 17.833.115.458 Vessel equipmentKendaraan 7.097.776.701 - 2.340.558.473 412.099.992 - 9.026.235.182 VehiclesAlat berat 72.939.903.640 - 25.366.836.158 6.152.960.526 6.364.657.642 98.518.436.914 Heavy equipmentPeralatan kantor 8.621.770.117 - 1.854.484.239 3.212.611 - 10.473.041.745 Office equipment

Sub-total 572.990.060.346 1.404.733.504 122.870.067.788 37.739.436.067 52.095.910.342 711.621.335.913 Sub-total

Sewa pembiayaan Finance leasesPeti kemas 95.872.023.656 8.270.900.260 37.634.797.941 44.106.820.325 (45.731.252.700) 51.939.648.832 ContainersAlat berat 5.978.920.815 - 385.736.827 - (6.364.657.642) - Heavy equipment

Sub-total 101.850.944.471 8.270.900.260 38.020.534.768 44.106.820.325 (52.095.910.342) 51.939.648.832 Sub-total

Total 674.841.004.817 9.675.633.764 160.890.602.556 81.846.256.392 - 763.560.984.745 Total

Penurunan nilai aset - - 10.980.005.000 - - 10.980.005.000 Impairment of asset

Nilai buku neto 1.295.364.220.988 1.458.799.630.538 Net book value

Beban penyusutan dialokasikan sebagai berikut: Depreciation expense was allocated to thefollowing:


2016 2015

Beban jasa (Catatan 31) 177.371.835.519 156.072.096.605 Cost of services (Note 31)Beban usaha (Catatan 32) 5.086.130.248 4.818.505.951 Operating expenses (Note 32)

Total 182.457.965.767 160.890.602.556 Total

















47


Rincian pelepasan aset tetap adalah sebagaiberikut:

The details of disposal of fixed assets are asfollows:


2016 2015

Biaya perolehan (142.384.555.419) (49.284.614.055) CostAkumulasi penyusutan 82.379.261.188 30.006.631.838 Accumulated depreciationPembalikan rugi penurunan nilai aset 10.980.005.000 - Reversal of impairment of asset

Total nilai tercatat (49.025.289.231) (19.277.982.217) Total carrying amountHarga jual 51.697.791.044 6.623.603.098 ProceedsPenyelesaian utang (Catatan 15) - 36.663.692.000 Loan settlement (Note 15)

Laba pelepasan aset tetap 2.672.501.813 24.009.312.881 Gain on disposal of fixed assets

Pengurangan aset tetap pada tahun 2016 terutamaberasal dari penjualan kapal motor yang dimilikioleh Perusahaan dengan nilai buku sebesarRp48.982.108.575 dan penghapusan biayapemugaran yang telah diamortisasi seluruhnyasebesar Rp8.048.674.399.

Deductions to fixed assets in 2016 mainly pertainto the sale of a mother vessel owned by theCompany net book value amounting toRp48,982,108,575 and deduction in dry dockingand replating amounting to Rp8,048,674,399represents full amortization of dry docking.

Pengurangan aset tetap pada tahun 2015 terutamaberasal dari penjualan kapal motor yang dimilikioleh Perusahaan, penghapusan kontainer yangtelah disusutkan seluruhnya, dan pelepasanHarbour Mobile Crane yang rusak di AnakPerusahaan. Pengurangan juga termasukpenghapusan biaya pemugaran yang telahdiamortisasi seluruhnya sebesar Rp230.644.386.Pada bulan Juni 2015, beberapa kontainer milikPerusahaan dan Anak Perusahaan yang sedangdalam status pengiriman jatuh ke laut dan tidak bisadiselamatkan. Oleh karena itu, perusahaanmemutuskan untuk menghapus beberapa kontaineratas peristiwa tersebut.

Deductions to fixed assets in 2015 mainlyrepresent the sale of a mother vessel owned bythe Company, disposal of fully depreciatedcontainers, and disposal of damaged HarbourMobile Crane on a Subsidiary. Deduction in drydocking and replating amounting toRp230,644,386 represents full amortization of drydocking. In June 2015, some containers ownedby the Company and its Subsidiaries felloverboard while in transit for a delivery and couldno longer be recovered. Thus, the Companydecided to dispose of the containers in thataccident.

Beban keuangan yang dikapitalisasi ke dalam uangmuka pembelian aset tetap untuk tahun 2015 adalahsebesar Rp7.210.180.556.

Financing costs capitalized to advances of fixedassets in 2015 amounted to Rp7,210,180,556.

















48


Pada tanggal 31 Desember 2016, tanah milikPerusahaan dengan status Hak Guna Bangunan(HGB) dengan luas area sebesar 76.617 meterpersegi, berlokasi di Jakarta, Medan, Banjarmasin,Kalianak dan Pontianak. HGB tersebut akanberakhir pada berbagai tanggal antara tahun 2019dan 2042 dan manajemen Perusahaanberkeyakinan bahwa HGB tersebut dapatdiperpanjang pada saat berakhirnya hak tersebut.Sebagai tambahan, Perusahaan juga memiliki tanahseluas 20.000 meter persegi yang berlokasi diTimika dengan status pelepasan hak.

As of December 31, 2016, the land accountrepresents parcels of land owned by theCompany with certificates of usage rightscovering a total area of 76,617 square meters,located in Jakarta, Medan, Banjarmasin, Kalianakand Pontianak. These certificates will expire onvarious dates between 2019 and 2042 and theCompany’s management is of the opinion that therights can be renewed once they expire. Inaddition, the Company also owns land with a totalarea of 20,000 square meters located in Timikawith the status of a released right (“statuspelepasan hak”).

Aset tetap digunakan sebagai jaminan atas utangbank jangka pendek dan utang bank jangkapanjang, utang sewa pembiayaan, utang transaksisyariah, utang lembaga keuangan dan utangpembiayaan konsumen pada tanggal-tanggal31 Desember 2016 dan 2015 (Catatan 13, 19, 20dan 21). Pada tanggal 31 Desember 2016 dan 2015,nilai buku neto aset tetap yang dijadikansebagai jaminan masing-masing sebesar Rp1,79triliun dan Rp1,07 triliun.

Fixed assets are pledged as collateral for short-term and long-term bank loans, finance leaseliabilities, obligation under syariah transactions,loan payable to financial institution and consumerfinancing payables as of December 31, 2016 and2015 (Notes 13, 19, 20 and 21). As ofDecember 31, 2016 and 2015, the total net bookvalue of fixed assets which are used as collateralsamounted to Rp1.79 trillion and Rp1.07 trillion,respectively.

Pada tanggal 31 Desember 2016, seluruh kapalKelompok Usaha dengan nilai buku neto sebesarRp1.362.777.650.500 diasuransikan terhadap risikokerusakan lambung dan mesin kapal (Hull andMachinery) sebesar Rp1.057.000.000.000 sertaIncreased Value dengan nilai pertanggunganmaksimal sebesar Rp453.000.000.000 melaluiPT Asuransi Wahana Tata dan kapal-kapal dengannilai buku neto sebesar Rp1.362.777.650.500diasuransikan terhadap risiko perang dengan nilaipertanggungan sebesar US$5.000.000 per kapalmelalui British Marine QBE Insurance (Europe) Ltd.

As of December 31, 2016, the Group’s vesselswith net book value amounting toRp1,362,777,650,500 are covered by insuranceagainst damage of Hull and Machinery underblanket policies for Rp1,057,000,000,000 andIncreased Value for a maximum ofRp453,000,000,000 through PT Asuransi WahanaTata and vessels with net book value amountingto Rp1,362,777,650,500 are covered by insuranceagainst risk from wars for US$5,000,000 pervessel through British Marine QBE Insurance(Europe) Ltd.

Seluruh kapal Kelompok Usaha dengan nilai bukuneto sebesar Rp1.362.777.650.500 jugadiasuransikan dengan perlindungan danpenggantian termasuk kerugian pihak ketigasehubungan dengan pengoperasian kapal denganganti rugi maksimum sebesar US$50.000.000 perkapal.

The Group’s vessels with net book valueamounting to Rp1,362,777,650,500 are alsocovered by P&I (Protection and Indemnity)insurance including third party losses connectedwith the vessels’ operations with maximum liabilityof US$50,000,000 per vessel.

















49


Pada tanggal 31 Desember 2016, seluruhbangunan, peti kemas, peralatan kapal, kendaraan,dan alat berat Kelompok Usaha dengan nilai bukuneto sebesar Rp510.886.001.435 diasuransikanterhadap risiko kerugian, kebakaran dan risikolainnya dengan nilai pertanggungansebesar US$27.569.268, EUR371.250 danRp18.802.168.529 melalui PT Mandiri AXA GeneralInsurance, PT Asuransi Wahana Tata, PT ACAAsuransi, PT Lippo General Insurance Tbk., PTAsuransi QBE Pool Indonesia, PT Asuransi SinarMas, pihak ketiga.

As of December 31, 2016, all of the Group’sbuildings, containers, vessel equipment, vehicles,and heavy equipment with net book valueamounting to Rp510,886,001,435 are covered byinsurance from accident, fire and other risks undertotal blanket policies for US$27,569,268,EUR371,250 and Rp18,802,168,529 through PTMandiri AXA General Insurance, PT AsuransiWahana Tata, PT ACA Asuransi, PT LippoGeneral Insurance Tbk., PT Asuransi QBE PoolIndonesia, PT Asuransi Sinar Mas, third parties.

Manajemen Kelompok Usaha berpendapat bahwanilai pertanggungan asuransi di atas cukup untukmenutup kemungkinan kerugian atas risiko tersebut.

The Group’s management is of the opinion thatthese insurance coverages are adequate to coverpossible losses arising from such risks.

Pada tanggal 31 Desember 2015, Perusahaanmengakui rugi penurunan nilai kapal tertentusebesar Rp10.980.005.000.

As of December 31, 2015, th Companyrecognized impairment in value of a vesselamounting to Rp10,980,005,000.

Jumlah terpulihkan untuk kapal tersebut ditentukanberdasarkan nilai wajar setelah dikurangi biayauntuk menjual kapal tersebut.

The recoverable amount at the vessel isdetermined based on fair value less cost to sell ofthe vessel.

Nilai wajar dari kapal tersebut sebesarRp9.330.893.147, ditentukan berdasarkan penilaianyang dilakukan oleh penilai independen KJPP IwanBachron & Rekan dalam laporannya tertanggal28 Desember 2015.

The fair value of the vessel amounting toRp9,330,893,147 was determined by independentappraisers KJPP Iwan Bachron & Rekan in itsreport dated December 28, 2015.

Penilaian kapal tersebut menggunakan PendekatanPasar (Market Approach), yaitu dengan caramembandingkan beberapa data jual beli dari asetyang dinilai, dengan mengadakan penyesuaianperbedaan-perbedaan yang ada antara yang dinilaidengan data jual beli yang ada.

The vessel is appraised based on MarketApproach, comparing some sale and purchasedata of the asset assessed, and makingadjustment on diffrences between the asset beingmeasured and the available sale and purchasedata.

Aset tidak lancar lainnya terdiri dari: Other non-current assets consist of the following:31 Desember/December 31,

2016 2015

Sewa dibayar dimuka jangka panjang 16.566.526.915 17.264.521.533 Prepaid rent - long term portionBeban tangguhan 6.604.863.497 7.809.809.559 Deferred chargesLain - lain 128.488.220 2.409.000 Others

Total 23.299.878.632 25.076.740.092 Total

Pada tanggal 4 April 2013, Perusahaan melakukanperjanjian kerjasama pemanfaatan tanah danbangunan milik TNI-AL dengan PT. SenopatiSamudra Perkasa untuk menyewa sebidang lahanseluas 20.065 m2 dengan jangka waktu sewaselama 26 tahun. Bagian lancar dari sewa dibayardimuka ini dicatat dan disajikan di dalam akun”Biaya dibayar dimuka” (Catatan 9).

On April 4, 2013, the Company entered into acooperation agreement covering the utilization ofland and buildings of TNI-AL with PT. SenopatiSamudra Perkasa to rent the land with an area of20,065 m2 for 26 years. The current portion ofthis prepaid rent is recorded as part of "Prepaidexpenses" (Note 9).

12. ASET TIDAK LANCAR LAINNYA 12. OTHER NON-CURRENT ASSETS

















50

13. UTANG BANK JANGKA PENDEK 13. SHORT-TERM BANK LOANS

Utang bank jangka pendek terdiri dari: Short-term bank loans consist of the following:


2016 2015

Rupiah RupiahPT Bank Mandiri (Persero) Tbk 156.500.000.000 85.800.000.000 PT Bank Mandiri (Persero) Tbk

Total 156.500.000.000 85.800.000.000 Total

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Pada tanggal 11 Agustus 2006, Perusahaanmemperoleh fasilitas kredit modal kerja berulangdari PT Bank Mandiri (Persero) Tbk(“Bank Mandiri”), dengan pagu pinjaman terakhirsebesar Rp60.000.000.000.

On August 11, 2006, the Company obtained arevolving working capital loan facility fromPT Bank Mandiri (Persero) Tbk (“Bank Mandiri”),with the latest maximum credit amounting toRp60,000,000,000.

Fasilitas pinjaman ini pada awalnya berlaku selamasatu (1) tahun dan telah diperpanjang beberapa kali.Pada tanggal 3 Agustus 2016, Perusahaan danBank Mandiri menyepakati dan menyetujuiaddendum atas perjanjian di atas terkait kenaikanpagu pinjaman dari Rp60.000.000.000 menjadiRp110.000.000.000 dan memperpanjang jangkawaktu fasilitas sampai dengan tanggal 10 Agustus2017.

This loan facility was initially valid for one (1) yearand has been extended several times. OnAugust 3, 2016, the Company and Bank Mandirientered into the addendum to the aboveagreement regarding the increase in themaximum credit limit from Rp60,000,000,000 toRp110,000,000,000 and extended the availabilityof the facility until August 10, 2016.

Pada tanggal 27 Agustus 2014, Perusahaanmemperoleh fasilitas kredit modal kerja denganBank Mandiri dengan limit kredit sebesarRp50.000.000.000. Fasilitas pinjaman ini berlakuselama satu (1) tahun terhitung sejakditandatanganinya sampai 10 Agustus 2015 dandapat diperpanjang atas persetujuan bank. Padatanggal 3 Agustus 2016, fasilitas tersebutdiperpanjang hingga 10 Agustus 2017.

On August 27, 2014, the Company obtained aworking capital loan facility with Bank Mandiri withcredit limit of Rp50,000,000,000. This loan facilityis valid for one (1) year since the signing date untilAugust 10, 2015 and may be extended with theconsent of the bank. On August 3, 2016 thefacility was extended until August 10, 2017.

Pinjaman dari fasilitas di atas dikenakan bungadengan tingkat bunga tahunan berkisar antara10,50% sampai dengan 11,25% pada tahun 2016dan antara 11,5% sampai dengan 11,75% padatahun 2015.

The loan from the above facility bears interest atannual rates ranging from 10.50% to 11.25% in2015 and from 11.5% to 11.75% in 2015.

Pinjaman tersebut dijamin dengan piutang usaha -pihak ketiga (Catatan 5), persediaan (Catatan 8),jaminan pribadi Harto Khusumo dan tanah,bangunan dan kapal milik Perusahaan (Catatan 11).Seluruh jaminan ini digunakan sebagai jointcollaterals dengan pinjaman bank jangka panjangyang diperoleh Perusahaan dari Bank Mandiri(Catatan 19).

The loan is collateralized by trade receivables -third parties (Note 5), inventories (Note 8),personal guarantee from Harto Khusumo and theCompany’s land, buildings and vessels (Note 11).All these collaterals are used as joint collateralswith the long-term bank loans obtained by theCompany from Bank Mandiri (Note 19).

















51

13. UTANG BANK JANGKA PENDEK (lanjutan) 13. SHORT-TERM BANK LOANS (continued)

PT Bank Mandiri (Persero) Tbk (lanjutan) PT Bank Mandiri (Persero) Tbk (continued)

Berdasarkan ketentuan dalam perjanjian pinjamandengan Bank Mandiri, Perusahaan diharuskan untukmenjaga rasio utang terhadap ekuitas tidak lebihdari 375% serta debt service coverage minimal satu(1) kali pada tahun 2016. Pada tanggal31 Desember 2016 dan 2015, Perusahaan telahmemenuhi persyaratan keuangan tersebut.

Under the terms of the loan agreement with BankMandiri, the Company is required to maintain totaldebt-to-equity ratio of not more than 375% withtotal debt service coverage at a minimum of one(1) time in 2016. As of December 31, 2016 and2015, the Company has complied with thesefinancial covenants.

Berdasarkan perjanjian, persyaratan tertentu tidakmemperbolehkan untuk, antara lain, melakukanperubahan pada anggaran dasar kecuali perubahanpada direksi Perusahaan, memindahtangankan ataumenjaminkan kembali aset yang dijaminkan,melakukan transaksi derivatif, pengumuman danpembagian dividen kas, melakukan investasi barudan berpartisipasi dalam kepemilikan entitas barutanpa sepengetahuan Bank Mandiri.

Based on the agreement, the restrictive covenantsprohibit, among others, changes in the articles ofassociation except changes in the Company’sboard of directors, transfer or pledge of thecollateral assets, entering into derivativetransactions, declaration and payment of cashdividend, new investment and participation in theownership of a new company without the consentof Bank Mandiri.

14. UTANG USAHA 14. TRADE PAYABLES

Rincian utang usaha berdasarkan umur utangadalah sebagai berikut:

The details of trade payables based on aging ofthe payables are as follows:


2016 2015

Pihak ketiga Third partiesBelum jatuh tempo 39.666.669.732 42.455.484.420 CurrentTelah jatuh tempo Overdue

Sampai dengan 30 hari 26.287.916.839 22.651.496.790 Up to 30 days31 hari sampai 60 hari 10.008.858.890 4.216.148.523 31 to 60 days61 hari sampai 90 hari 8.641.767.545 3.855.099.526 61 to 90 daysLebih dari 90 hari 22.101.577.603 19.351.760.829 More than 90 days

Sub-total 106.706.790.609 92.529.990.088 Sub-total

Pihak-pihak berelasi Related partiesBelum jatuh tempo 30.195.000 - CurrentTelah jatuh tempo Overdue

Sampai dengan 30 hari 1.384.240.000 - Up to 30 days31 hari sampai 60 hari - - 31 to 60 days61 hari sampai 90 hari - - 61 to 90 daysLebih dari 90 hari 86.265.727 2.775.754 More than 90 days

Sub-total 1.500.700.727 2.775.754 Sub-total

Total 108.207.491.336 92.532.765.842 Total

















52

14. UTANG USAHA (lanjutan) 14. TRADE PAYABLES (continued)

Rincian utang usaha berdasarkan mata uang adalahsebagai berikut:

The details of trade payables based on currencydenominations are as follows:


2016 2015

Rupiah RupiahPihak ketiga 71.204.236.660 83.251.348.949 Third partiesPihak-pihak berelasi (Catatan 35) 1.500.700.727 2.775.754 Related parties (Note 35)

Mata uang asing Foreign currenciesPihak ketiga Third parties

Dolar Amerika Serikat 30.214.069.028 2.452.891.847 United States dollarEuro Eropa 3.171.070.987 7.519.768 European euroDolar Singapura 1.163.465.713 6.816.374.346 Singapore dollarYen Jepang 728.027.442 - Japan yenYuan Tiongkok 168.330.934 - Chinese yuanPoundsterling Inggris 41.268.775 - England poundsKroner Denmark 7.773.624 - Denmark kroneDolar Hongkong 6.884.836 - Hongkong dollarKroner Swedia 1.662.610 - Sweden kroneRinggit Malaysia - 1.855.178 Malaysian ringgit

Total 108.207.491.336 92.532.765.842 Total

Tidak ada jaminan yang diberikan Kelompok Usahaatas utang usaha tersebut.

All of the Group’s trade payables are unsecured.

15. UTANG LAIN-LAIN 15. OTHER PAYABLES



2016 2015

Pihak ketiga Third partiesLain-lain 161.574.813 535.819.094 Others

Total utang lain-lain 161.574.813 535.819.094 Total other payables

















53

16. BEBAN AKRUAL 16. ACCRUED EXPENSES

Akun ini terdiri atas beban akrual sebagai berikut: This account consists of accruals for the followingexpenses:


2016 2015

Bunga 3.103.629.033 1.480.659.446 InterestJasa profesional 2.113.815.576 1.502.727.950 Professional feesAsuransi 1.082.418 1.082.418 InsuranceTelepon, listrik dan air - 24.586.875 Telephone, electricity and waterLain-lain 4.986.347.572 7.261.648.861 Others

Total 10.204.874.599 10.270.705.550 Total

17. TRANSAKSI DERIVATIF 17. DERIVATIVE TRANSACTIONS

Liabilitas Derivatif yang Dihentikan Unwound Derivative Liability

Pada tanggal 24 Juli 2008, Perusahaanmenandatangani kontrak WTI crude oil - TargetRedemption Swap dengan Standard CharteredBank (SCB) sehubungan dengan penawarankepada Perusahaan atas perlindungan sebagiandari kenaikan harga WTI crude oil. Berdasarkanperjanjian, jumlah kuantitas nosional sebesar 30.000barel dan jumlah kuantitas geared nosional sebesar60.000 barel dengan harga tetap US$105 per barel.

On July 24, 2008, the Company signed a contractfor WTI crude oil - Target Redemption Swap withStandard Chartered Bank (SCB) regarding theoffering to the Company of partial protectionagainst rising WTI crude oil prices. Based on theagreement, total notional quantity was about30,000 barrels and total geared notional quantitywas about 60,000 barrels with a fixed price ofUS$105 per barrel.

Berdasarkan skenario dari setiap penyelesaian(a) jika Floating Price (FP) di atas US$105 per barel,Perusahaan akan menerima dolar Amerika Serikatberdasarkan perhitungan <(FP dikurangi US$105) x2.500 barel>, (b) jika FP di bawah US$105 per barel,Perusahaan akan membayar dolar Amerika Serikatberdasarkan perhitungan <(US$105 dikurangi FP) x5.000 barel>. Perjanjian ini berlaku sampai dengantanggal 31 Juli 2009, namun, jika seluruhpembayaran yang dilakukan oleh SCB kepadaPerusahaan melebihi target akumulasi intrinsic valuesebesar US$87.500, perjanjian ini akan berakhir danPerusahaan akan kehilangan perlindungan ini.

Based on the scenario on each settlement date,(a) if Floating Price (FP) was above US$105 perbarrel, the Company would receive United Statesdollar based on calculation <(FP minus US$105) x2,500 barrels>, (b) if FP was below US$105 perbarrel, the Company would pay United Statesdollar based on calculation <(US$105 minus FP)x 5,000 barrels>. This agreement was valid untilJuly 31, 2009. However, if the accumulatedpayments made by SCB to the Company reachesmore than the target accumulated intrinsic valueof US$87,500, this agreement would beterminated and the Company would lose theprotection.

Berdasarkan transaksi terakhir tertanggal5 November 2008, harga aktual WTI crude oilsebesar US$76,72 per barel, oleh karena itu,Perusahaan berkewajiban untuk membayar SCBsebesar US$141.380. Sampai dengan tanggal jatuhtempo pembayaran, Perusahaan belum membayarjumlah tersebut. Sebagai akibatnya, SCB melakukanpenghentian lebih awal dan mengusulkan tawaranpenyelesaian sebesar US$2.771.366.

Based on the latest transaction datedNovember 5, 2008, the actual WTI crude oil priceamounted to US$76.72 per barrel, therefore, theCompany was liable to pay SCB the amount ofUS$141,380. Until the due date of this amount,the Company has not made any payment.Consequently, SCB made early termination andproposed a settlement offer worth US$2,771,366.

















54

17. TRANSAKSI DERIVATIF (lanjutan) 17. DERIVATIVE TRANSACTIONS (continued)

Liabilitas Derivatif yang Dihentikan (lanjutan) Unwound Derivative Liability (continued)

Pada tanggal 28 Januari 2011, SCB mengajukangugatan wanprestasi kepada Perusahaan terkaitdengan jumlah klaim Pengakhiran Lebih Awalsebesar US$2.771.366 ditambah dengan ganti rugiberupa bunga atas Jumlah Pengakhiran Lebih Awalhingga tanggal pengajuan gugatan sebesarUS$63.725 dan bunga sejak tanggal gugatansampai dengan tanggal pelunasan.

On January 28, 2011, SCB filed a breach ofcontract lawsuit against the Company for thepayment of its total claim for Early TerminationAmount of US$2,771,366 plus compensation forinterest of Early Termination Amount until theclaim date amounting to US$63,725 and interestfrom the claim date until it is fully paid.

Berdasarkan putusan Pengadilan Negeri JakartaUtara dengan No. 41/PDT/G/2011/PN/JKT.UTtanggal 9 November 2011, Perusahaanberkewajiban untuk membayar seluruh JumlahPengakhiran Lebih Awal berikut dengan bunga yangterutang sampai dengan saat pelunasan jumlahterutang.

Based on decision No.41/PDT/G/2011/PN/JKT.UT dated November 9, 2011 of the DistrictCourt of North Jakarta, the Company is requiredto pay the Early Termination Amount including theinterest payable until all the principal has beenfully paid.

Perusahaan mengajukan Banding atas hasilputusan Pengadilan Negeri ke Pengadilan TinggiJakarta. Berdasarkan putusan Pengadilan TinggiJakarta dengan No. 444/PDT/2012/PT.DKI tanggal14 Januari 2013, Pengadilan Tinggi Jakartamembatalkan keputusan Pengadilan Negeri JakartaUtara No. 41/PDT/G/2011/PN/JKT.UT danmenyatakan untuk menolak gugatan SCBseluruhnya.

The Company appealed the District Court’sdecision to the High Court of Jakarta. Based on itsdecision No. 444/PDT/2012/PT.DKI datedJanuary 14, 2013, the Jakarta High Courtoverturned the decisionNo. 41/PDT/G/2011/PN/JKT.UT of the DistrictCourt of North Jakarta and rejected the SCBlawsuit entirely.

Atas keputusan Pengadilan Tinggi Jakarta tersebut,SCB telah mengajukan kasasi ke Mahkamah Agung,dimana berdasarkan putusan Mahkamah AgungNo. 2532 K/PDT/2013 tanggal 2 April 2014,Mahkamah Agung menolak permohonan kasasi dariSCB.

Upon the decision of the Jakarta High Court, SCBfiled an appeal to the Supreme Court, and basedon its decision No. 2532 K/PDT/2013 datedApril 2, 2014, the Supreme Court rejected theappeal of SCB.

Pada tanggal 14 Januari 2015, Mahkamah Agungmemberitahukan kepada Perusahaan, dimanaMahkamah Agung telah menolak permohonankasasi dari SCB, sehingga Perusahaan tidak lagimencatat estimasi kewajiban ke SCB.

On January 14, 2015, Supreme Court notified theCompany that the appeal made by SCB has beenrejected. As such, the Company no longer recordsthe estimated obligations to SCB.

Keuntungan atas penghapusbukuan liabilitasderivatif sebesar Rp39,3 miliar dicatat sebagaibagian dari akun ‘’Pendapatan Operasi Lain’’ padalaporan laba rugi dan penghasilan komprehensif lainkonsolidasian tahun 2015.

Gain on write-off on unwound derivative liabilityamounting to Rp39.3 billion was recorded as partof “Other Operating Income” in 2015 consolidatedstatement of profit or loss and othercomprehensive income.

















55

18. PERPAJAKAN 18. TAXATION

a. Taksiran tagihan pajak a. Estimated claim for tax refund


2016 2015

Entitas Anak SubsidiariesPT Bongkar Muat Olah Jasa PT Bongkar Muat Olah Jasa

Trisari Andal - 1.127.264.238 Trisari AndalPT Escorindo Stevedoring - 742.439.795 PT Escorindo Stevedoring

Total - 1.869.704.033 Total

b. Rincian beban pajak final adalah sebagaiberikut:

b. The details of final tax expense are as follows:


2016 2015

Final FinalPerusahaan 14.077.688.487 12.991.502.705 CompanyEntitas Anak 235.560.000 172.800.000 Subsidiaries

Total 14.313.248.487 13.164.302.705 Total

c. Rincian manfaat pajak penghasilan adalahsebagai berikut:

c. The details of income tax benefit are asfollows:


2016 2015

Kini CurrentEntitas Anak 21.439.296.250 11.035.426.500 Subsidiaries

Tangguhan DeferredPerusahaan (35.517.311.878) (24.634.170.134) CompanyEntitas Anak 340.254.501 900.926.542 Subsidiaries

(35.177.057.377) (23.733.243.592)

Total (13.737.761.127) (12.697.817.092) Total

















56

18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)

d. Pajak dibayar dimuka d. Prepaid taxes


2016 2015

Perusahaan The CompanyPajak pertambahan nilai 34.439.405.694 10.282.745.920 Value added taxPajak Penghasilan pasal 23 - 529.813.691 Income tax - article 23

Entitas Anak SubsidiariesPajak pertambahan nilai 971.590.057 16.905.116.427 Value added taxPajak Penghasilan pasal 21 24.769.862 - Income tax - article 21

35.435.765.613 27.717.676.038

e. Utang pajak e. Taxes payable


2016 2015

Perusahaan The CompanyPajak penghasilan Income taxes

Pasal 15 969.947.985 1.140.999.116 Article 15Pasal 21 326.793.325 437.479.750 Article 21Pasal 23 1.142.321.034 1.956.639.492 Article 23Pasal 26 73.865.420 143.416.455 Article 26Pasal 4 (2) 147.674.000 - Article 4 (2)

Entitas Anak SubsidiariesPajak penghasilan Income taxes

Pasal 15 47.220.000 14.578.904 Article 15Pasal 21 60.948.029 102.921.031 Article 21Pasal 23 690.051.828 550.227.894 Article 23Pasal 25 479.727.255 797.871.737 Article 25Pasal 4 (2) 8.465.200 2.420.000 Article 4 (2)Pasal 29 3.736.954.407 - Article 29

Total utang pajak 7.683.968.483 5.146.554.379 Total taxes payable

















57


f. Pajak penghasilan kini f. Current income tax

Rekonsiliasi antara laba sebelum pajak finaldan beban pajak penghasilan menurut laporanlaba rugi dan penghasilan komprehensif lainkonsolidasian dengan taksiran rugi fiskalPerusahaan adalah sebagai berikut:

The reconciliation between income beforefinal tax and income tax expense, as shownin the consolidated statement of profit or lossand other comprehensive income, andestimated tax loss of the Company is asfollows:


2016 2015

Laba sebelum pajak final dan bebanpajak penghasilan menurut Income before final tax andlaporan laba rugi income tax expense per consolidateddan penghasilan statement of profit or loss andkomprehensif lain konsolidasian 232.096.636.048 317.640.620.854 other comprehensive income

Laba entitas anak sebelum Income of subsidiaries beforepajak penghasilan (69.627.790.480) (85.923.021.964) income tax

Pembalikan atas jurnal eliminasi Reversal of inter-companyantar perusahaan pada eliminating entriessaat konsolidasi (10.547.025.395) 26.287.834.064 during consolidation

Laba Perusahaan sebelum Income before income taxpajak penghasilan 151.921.820.173 258.005.432.954 attributable to the Company

Beda tetap Permanent differencesPendapatan dan beban yang Income and related expenses

telah dikenakan pajak final already sujected to final taxPendapatan jasa (1.157.715.970.137) (1.072.360.860.255) Service revenuesBeban jasa 601.779.612.506 590.323.220.308 Cost of servicesBeban usaha 68.229.731.593 65.729.968.975 Operating expensesBeban keuangan - neto 95.178.877.821 59.765.557.481 Finance cost - net

(392.527.748.217) (356.542.113.491)Taksiran rugi fiskal Estimated tax loss

Perusahaan (240.605.928.044) (98.536.680.537) of the CompanyTax losses carry-forward

Rugi fiskal awal tahun (255.545.552.470) (226.065.753.801) at beginning of yearKoreksi dari kantor pajak 255.545.552.470 69.056.881.868 Correction from tax office

Rugi fiskal akhir tahun (240.605.928.044) (255.545.552.470) Tax losses carry-forward at end of year

Taksiran rugi fiskal tahun 2016 hasil rekonsiliasidi atas menjadi dasar pengisian SuratPemberitahuan Tahunan pajak penghasilanbadan tahun 2016.

The 2016 estimated tax loss from the abovereconciliation is the basis for the Company’s2016 Annual Corporate Income Tax Returns.

Taksiran rugi fiskal erusahaan untuk tahun2015, sebagaimana disebutkan di atas, sesuaidengan jumlah yang tercantum dalam SPTpajak penghasilan badan tahun 2015 yangdilaporkan ke Kantor Pajak.

The Company’s tax loss for 2015, as statedabove, conforms with the amount reported tothe Tax Office in its 2015 corporate income taxreturn.

















58


f. Pajak penghasilan kini (lanjutan) f. Current income tax (continued)

Perhitungan beban pajak kini dan taksiranutang (tagihan) pajak penghasilan adalahsebagai berikut:

The calculation of current income taxexpense and estimated income tax payable(claim for tax refund) are as follows:


2016 2015

Taksiran penghasilan kena pajak Estimated taxable income(rugi fiskal) (tax loss)Perusahaan (240.605.928.044) (98.536.680.537) Company

Entitas Anak 85.757.185.000 44.141.706.000 Subsidiaries

Beban pajak kini Current income tax expensePerusahaan - - CompanyEntitas Anak 21.439.296.250 11.035.426.500 Subsidiaries

Total 21.439.296.250 11.035.426.500 Total

Pajak penghasilan dibayar dimuka Prepayments of income taxesPerusahaan - - CompanyEntitas Anak 17.702.341.843 12.905.130.533 Subsidiaries

Total 17.702.341.843 12.905.130.533 Total

Taksiran utang (tagihan) Estimated income tax payablepajak penghasilan (claim for tax refund)Perusahaan - - CompanyEntitas Anak 3.736.954.407 (1.869.704.033) Subsidiaries

Neto 3.736.954.407 (1.869.704.033) Net

















59



Rekonsiliasi antara manfaat pajak penghasilan,yang dihitung dengan menggunakan tarif pajakyang berlaku atas laba komersial sebelum pajakpenghasilan, setelah dikurangi pendapatan danbeban yang telah dikenakan pajak final danpendapatan dari entitas anak asing danpembalikan atas jurnal eliminasi antarperusahaan pada saat konsolidasi dan beban(manfaat) pajak penghasilan neto, seperti yangtercantum dalam laporan laba rugi danpenghasilan komprehensif lain konsolidasianadalah sebagai berikut:

The reconciliation between the income taxbenefit as calculated by applying theapplicable tax rate to the commercial incomebefore income tax, after deducting incomeand related expenses already subjected tofinal tax and income from foreign subsidiaryand reversal of inter-company eliminatingentries during consolidation and and the netincome tax expense (benefit) shown in theconsolidated statement of profit or loss andother comprehensive income is as follows:


2016 2015

Laba sebelum pajak final dan beban Income before final tax and income taxpajak penghasilan berdasarkan per consolidated statement oflaporan laba rugi dan penghasilan profit or loss and otherkomprehensif lain konsolidasian 232.096.636.048 317.640.620.854 comprehensive income

Pendapatan dan beban yang telah Income net of related expensesdikenakan pajak final (393.757.586.423) (355.729.468.101) already subjected to final tax

Pendapatan dari entitas anak asing (6.751.430.548) (37.987.896.196) Income from foreign subsidiary

Pembalikan atas jurnal eliminasi Reversal of inter-companyantar perusahaan pada eliminating entriessaat konsolidasi (10.547.025.395) 26.287.834.064 during consolidation

Rugi fiskal (178.959.406.318) (49.788.909.379) Tax loss

Manfaat pajak penghasilan sesuai Income tax benefit based ondengan tarif pajak yang berlaku (44.739.851.580) (12.447.227.345) applicable tax rate

Perusahaan CompanyPembalikan di tahun berjalan 24.634.170.134 - Reversal in current year

Entitas Anak SubsidiariesPengaruh pajak atas beda tetap 6.303.785.769 1.003.206.333 Tax effects of permanent differencesPendapatan yang telah dikenakan

pajak penghasilan yangbersifat final (65.815.952) - Income already subjected to final tax

Lain-lain 129.950.502 (1.253.796.080) Others

Manfaat pajak penghasilan Income tax benefit - net- neto per laporan laba rugi per consolidated statement ofdan penghasilan komprehensif profit or loss and otherlain konsolidasian (13.737.761.127) (12.697.817.092) comprehensive income

















60



Pada tahun 2016, Kelompok Usahamenghapusbukukan taksiran tagihan pajaksebesar Rp1.869.704.033, PPN Masukan (neto)sebesar Rp27.187.862.347, PPh 23 dibayardimuka sebesar Rp529.813.691, taksiran rugifiskal awal tahun sebesar Rp255.545.552.470dan aset pajak tangguhan atas akumulasi rugifiskal awal tahun sebesar Rp24.634.170.134sebagai efek atas partisipasi Kelompok Usahadalam program pengampunan pajak.

In 2016, the Group write off their claim for taxrefund by Rp1,869,704,033, VAT-In (net) byRp27,187,862,347, prepaid PPh 23 byRp529,813,691, tax loss carry-forward atbeginning of the year by Rp255,545,552,470and its deferred tax asset of accumulated taxloss carry-forward by Rp24,634,170,134 asimpact of tax amnesty program participation.

g. Perhitungan pajak final dan utang pajak final g. Final tax and final tax payable computation


2016 2015

Pendapatan dari angkutan laut Income from sea freight anddan sewa kapal yang dikenakan charter of vessels subjectedtarif pajak final final tax rate

Perusahaan 1.157.715.970.137 1.065.158.724.029 CompanyEntitas Anak 19.630.000.000 14.400.000.000 Subsidiary

Total 1.177.345.970.137 1.079.558.724.029 Total

Pajak final Final taxPerusahaan 14.077.688.487 12.991.502.705 CompanyEntitas Anak 235.560.000 172.800.000 Subsidiary

Total 14.313.248.487 13.164.302.705 Total

Pajak final yang telah dibayar Prepayments of Final taxPerusahaan 13.107.740.502 11.850.503.589 CompanyEntitas Anak 188.340.000 158.221.096 Subsidiaries

Total 13.296.080.502 12.008.724.685 Total

Utang pajak final Final tax liabilityPerusahaan 969.947.985 1.140.999.116 CompanyEntitas Anak 47.220.000 14.578.904 Subsidiaries

Total 1.017.167.985 1.155.578.020 Total

















61


h. Aset (liabilitas) pajak tangguhan h. Deferred tax assets (liabilities)Manfaat (Beban) Pajak Tangguhan

Dikreditkan (Dibebankan) ke/Deferred Tax Benefit (Expense)

Credited (Charged) to

Penghasilan31 Desember 2015/ Laba Rugi KomprehensifDecember 31, 2015 Tahun 2016/ Lain/Other(Disajikan Kembali/ 2016 Profit Comprehensive 31 Desember 2016/

Restated) or Loss Income December 31, 2016

Aset Pajak Tangguhan: Deferred Tax Assets:

Perusahaan CompanyRugi fiskal 24.634.170.134 35.517.311.878 - 60.151.482.012 Tax loss carry forward

Entitas Anak - Escorindo Subsidiary - EscorindoLiabilitas imbalan kerja 487.192.218 48.897.654 82.882.693 618.972.565 Employee benefit liabilityPenyusutan 41.175.849 (234.935.297) - (193.759.448) Depreciation

Total 25.162.538.201 35.331.274.235 82.882.693 60.576.695.129 Total

Liabilitas Pajak Tangguhan: Deferred Tax Liabilities:Entitas Anak - Trisari Subsidiary - Trisari

Liabilitas imbalan kerja 589.006.438 122.559.122 71.148.340 782.713.900 Employee benefit liabilityPenyusutan (5.497.915.555) (276.775.980) - (5.774.691.535) DepreciationUtang sewa pembiayaan - Finance lease liabilities

Total (4.908.909.117) (154.216.858) 71.148.340 (4.991.977.635) Total

Manfaat (Beban) Pajak TangguhanDikreditkan (Dibebankan) ke/

Deferred Tax Benefit (Expense)Credited (Charged) to

Penghasilan31 Desember 2014/ Laba Rugi KomprehensifDecember 31, 2014 Tahun 2016/ Lain/Other(Disajikan Kembali/ 2016 Profit Comprehensive 31 Desember 2015/

Restated) or Loss Income December 31, 2015

Aset Pajak Tangguhan: Deferred Tax Assets:

Perusahaan CompanyRugi fiskal - 24.634.170.134 - 24.634.170.134 Tax loss carry forward

Entitas Anak - Escorindo Subsidiary - EscorindoLiabilitas imbalan kerja 407.575.492 91.587.012 (11.970.286) 487.192.218 Employee benefit liabilityPenyusutan 66.012.577 (24.836.728) - 41.175.849 Depreciation

Total 473.588.069 24.700.920.418 (11.970.286) 25.162.538.201 Total

Liabilitas Pajak Tangguhan: Deferred Tax Liabilities:Entitas Anak - Trisari Subsidiary - Trisari

Liabilitas imbalan kerja 1.129.658.900 (450.196.760) (90.455.702) 589.006.438 Employee benefit liabilityPenyusutan (3.563.027.706) (1.934.887.849) - (5.497.915.555) DepreciationUtang sewa pembiayaan (1.417.407.783) 1.417.407.783 - - Finance lease liabilities

Total (3.850.776.589) (967.676.826) (90.455.702) (4.908.909.117) Total

Manajemen Kelompok Usaha berkeyakinanbahwa aset pajak tangguhan di atas dapatterpulihkan melalui penghasilan kena pajak dimasa yang akan datang.

The Group’s management believes that theabove deferred tax assets can be recoveredthrough future taxable income.

Pada tahun 2015, manajemen memutuskanuntuk tidak mengakui aset pajak tangguhansebesar Rp39,3 miliar sehubungan dengan rugifiskal Perusahaan sebesar Rp157 miliar.

In 2015, management decided not torecognize the deferred tax asset for currentyear amounting to Rp39.3 billion on theCompany’s tax losses carry-forwardamounting to Rp157 billion.

















62

19. PINJAMAN JANGKA PANJANG 19. LONG-TERM DEBTS

Akun ini merupakan pinjaman dan pembiayaan yangberasal dari bank-bank dan lembaga keuangansebagai berikut:

This account represents loans and financingobtained from the following banks and financialinstitution:


2016 2015

Utang bank Bank loansRupiah Rupiah

PT Bank Mandiri (Persero) Tbk 638.398.424.307 321.942.777.537 PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 58.901.666.667 - (Persero) TbkDikurangi biaya transaksi yang Less unamortized transaction cost

belum diamortisasi atas utang bank (2.414.626.166) - on bank loansSelisih nilai wajar (2.315.106.007) - Difference in fair value

Neto 692.570.358.801 321.942.777.537 Net

Bagian lancar (183.798.741.082) (96.691.360.000) Current portion

Bagian jangka panjang - utang bank 508.771.617.719 225.251.417.537 Long-term portion of bank loans

Utang lembaga keuangan Loan payable to financial institutionSeaCube Containers LLC., Singapura 175.130.261.850 129.994.311.209 SeaCube Containers LLC., Singapore


Bagian jangka panjang - utang Long-term portion of loan payablelembaga keuangan 127.739.101.322 89.889.965.431 to financial institution

Utang pembiayaan konsumen Consumer financing payablesPT Bank Jasa Jakarta 455.424.156 1.116.315.587 PT Bank Jasa JakartaBagian lancar (455.424.156) (634.716.849) Current portion

Bagian jangka panjang - utang Long-term portion of consumerpembiayaan konsumen - 481.598.738 financing payables

Utang lain-lain - pihak berelasi Other payables - related partyPT Temas Lestari 44.000.000.000 59.318.500.000 PT Temas Lestari


Bagian jangka panjang - utang Long-term portion of other payableslain-lain - pihak berelasi - - - related party

















63

19. PINJAMAN JANGKA PANJANG (lanjutan) 19. LONG-TERM DEBTS (continued)

Pinjaman bank jangka panjang Long-term bank loans

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Perusahaan memperoleh beberapa fasilitas kreditinvestasi dari Bank Mandiri dan telah diubahbeberapa kali. Rincian fasilitas kredit yang masihterutang pada tanggal 31 Desember 2016 dan 2015adalah sebagai berikut:

The Company obtained several investment creditfacilities from Bank Mandiri which have beenamended several times. Details of credit facilitieswhich are still outstanding as ofDecember 31, 2016 and 2015 are as follows:

Pada tahun 2012, Perusahaan memperoleh fasilitasKredit Investasi yang digunakan untuk membiayaipembelian kapal dengan pagu pinjaman sebesarRp258.185.000.000. Pinjaman dari fasilitas initerutang dalam angsuran triwulanan dengan tanggalpembayaran terakhir pada tanggal 1 Mei 2018 dan3 Juni 2018. Pinjaman ini memiliki masa tengganguntuk pembayaran cicilan selama 6 bulan sampaidengan 1 Mei 2013 dan 3 Juni 2013. Pada tanggal31 Desember 2016 dan 2015, pinjaman terutangdari fasilitas ini masing-masing sebesarRp73.685.000.000 dan Rp122.885.000.000. Jumlahpembayaran yang dilakukan selama tahun 2016 dan2015 sebesar Rp49.200.000.000 untuk setiaptahunnya.

In 2012, the Company obtained Investment Creditfacilities totaling Rp258,185,000,000 which wereused to finance the purchase of vessels. Theloans from the facilities are payable in quarterlyinstallments with the last installments being dueon May 1, 2018 and June 3, 2018. These loanshave grace periods for installment payment of sixmonths until May 1, 2013 and June 3, 2013. As ofDecember 31, 2016 and 2015, the outstandingloans from these facilities amounted toRp74,685,000,000 and Rp122,885,000,000,respectively. Total installment payments madeduring 2016 and 2015 amounted toRp49,200,000,000 for each year.

Pada tahun 2014, Perusahaan memperoleh fasilitasKredit Investasi yang digunakan untuk membiayaipembelian kapal dengan pagu pinjaman sebesarRp38.640.000.000. Pinjaman dari fasilitas initerutang dalam angsuran triwulanan dengan tanggalpembayaran terakhir pada tanggal 27 Oktober 2018.Pinjaman ini memiliki masa tenggang untukpembayaran cicilan selama 3 bulan sampai denganDesember 2014. Pada tanggal 31 Desember 2016dan 2015, pinjaman terutang dari fasilitas ini masing-masing sebesar Rp17.776.546.667 danRp27.934.573.333. Jumlah pembayaran yangdilakukan selama tahun 2016 dan 2015 masing-masing sebesar Rp10.158.026.667 danRp10.158.026.667.

In 2014, the Company obtained Investment Creditfacilities totaling Rp38,640,000,000 which wereused to finance the purchase of vessels. Theloans from the facilities are payable in quarterlyinstallments with the last installments being dueon October 27, 2018. These loans have graceperiods for installment payment of three monthsuntil December 2014. As of December 31, 2016and 2015, the outstanding loans from thesefacilities amounted to Rp17,776,546,667 andRp27,934,573,333. Total installment paymentsmade during 2016 and 2015 amounted toRp10,158,026,667 and Rp10,158,026,667.

Pada tahun 2015, Perusahaan memperolehbeberapa fasilitas Kredit Investasi yang digunakanuntuk membiayai pembelian kapal dengan pagupinjaman sebesar Rp180.000.000.000. Pinjaman iniakan jatuh tempo pada berbagai tanggal sejak bulanJuni 2020 sampai dengan bulan November 2020.Pada tanggal 31 Desember 2016 dan 2015,pinjaman terutang dari fasilitas ini masing-masingsebesar Rp135.666.666.661 danRp171.666.666.665. Jumlah pembayaran yangdilakukan selama tahun 2016 dan 2015 adalahmasing-masing sebesar Rp36.000.000.000 danRp8.333.333.335.

In 2015, the Company obtained severalInvestment Credit facilities which were used tofinance the purchase of vessels totallingRp180,000,000,000. The loans were up to variousdates from June 2020 to November 2020. As ofDecember 31, 2016 and 2015, the outstandingloans from these facilities amounted toRp135,666,666,661 and Rp171,666,666,665.Total installment payments made during 2016and 2015 amounted to Rp36,000,000,000 andRp8,333,333,333, respectively..

















64


Pinjaman bank jangka panjang (lanjutan) Long-terms bank loans (continued)


Pada tahun 2016, Perusahaan memperolehbeberapa fasilitas Kredit Investasi yang digunakanuntuk membiayai pembelian kapal dengan pagupinjaman sebesar Rp417.732.000.000. Pinjaman iniakan jatuh tempo pada berbagai tanggal sejak bulanOktober 2021 sampai dengan bulan Desember2022. Pada tanggal 31 Desember 2016, pinjamanterutang dari fasilitas ini sebesarRp361.270.210.984. Jumlah pembayaran yangdilakukan selama tahun 2016 sebesarRp22.000.489.016.

In 2016, the Company obtained severalInvestment Credit facilities which were used tofinance the purchase of vessels totallingRp417,732,000,000. The loans were up to variousdates from October 2021 to December 2022. Asof December 31, 2016, the outstanding loans fromthese facilities amounted to Rp361,270,210,984.Total installment payments made during 2016amounted to Rp22,000,489,016.

Pada tahun 2016, Tirtamas memperoleh fasilitasKredit Investasi yang digunakan untuk membiayaipembelian kapal dengan pagu pinjaman sebesarRp50.000.000.000. Pinjaman ini akan jatuh tempopada bulan Oktober 2021. Pada tanggal31 Desember 2016, pinjaman terutang dari fasilitasini sebesar Rp50.000.000.000.

In 2016, Tirtamas obtained Investment Creditfacilities which were used to finance the purchaseof vessel totalling Rp50,000,000,000. The loansfrom the facilities is due on October 2021. As ofDecember 31, 2016, the outstanding loan fromthis facility amounted to Rp50.000.000.000.

Seluruh pinjaman tersebut di atas yang diperolehdari Bank Mandiri dikenakan bunga mengambangdengan tingkat bunga tahunan berkisar antara10,5% sampai dengan 11,5% pada tahun 2016 danantara 11,25% sampai dengan 11,75% pada tahun2015.

All the above loans obtained from Bank Mandiribore floating interest at annual rates ranging from10.5% to 11.5% in 2016 and from 11.25% to11.75% in 2015.

Pinjaman yang diperoleh dari PT Bank Mandiri(Persero) Tbk di atas dijamin dengan kapal(Catatan 11), piutang usaha - pihak ketiga (Catatan5), persediaan (Catatan 8), tanah, bangunan danpeti kemas (Catatan 11) milik Perusahaan. Seluruhjaminan di atas juga digunakan sebagai jointcollateral dengan utang bank jangka pendek yangdiperoleh Perusahaan dari Bank Mandiri (Catatan13).

The above loans obtained from PT Bank Mandiri(Persero) Tbk are collateralized by vessels(Note 11), trade receivables - third parties (Note5), inventories (Note 8), the Company’s land,buildings and containers (Note 11). All the abovecollaterals are also used as joint collaterals withthe short-term bank loans obtained by theCompany from Bank Mandiri (Note 13).

Berdasarkan ketentuan dalam perjanjian pinjamandengan Bank Mandiri, Perusahaan diharuskan untukmenjaga rasio utang terhadap ekuitas tidak lebihdari 375% serta debt service coverage minimal satu(1) kali. Pada tanggal 31 Desember 2016,Perusahaan telah memenuhi persyaratan keuangantersebut.

Under the terms of the loan agreements with BankMandiri, the Company is required to maintain totaldebt-to-equity ratio of not more than 375% anddebt service coverage at a minimum of one (1)time. As of December 31, 2016, the Company hascomplied with these financial loan covenants.

















65


Pinjaman bank jangka panjang (lanjutan) Long-terms bank loans (continued)


Berdasarkan perjanjian, persyaratan tertentu tidakmemperbolehkan untuk, antara lain, melakukanperubahan pada anggaran dasar kecuali perubahanpada direksi Perusahaan; memindahtangankan ataumenjaminkan aset yang dijaminkan; melakukantransaksi derivatif; mengumumkan dan membagikandividen kas; melakukan investasi baru; danberpartisipasi dalam kepemilikan entitas baru, tanpasepengetahuan Bank Mandiri.

Based on the agreements, the restrictivecovenants prohibit, among others, changes in thearticles of association except changes in theCompany’s board of directors; transfer or pledgeof the collateral assets; entering into derivativetransaction; declaration and payment of cashdividend; new investment; and participation in theownership of a new company, without the consentof Bank Mandiri.

PT Bank Negara Indonesia (Persero) Tbk (BNI) PT Bank Negara Indonesia (Persero) Tbk (BNI)

Pada tahun 2016, Escorindo memperoleh fasilitasKredit Modal Kerja yang digunakan untukmembiayai pembelian mesin peralatan beserta alatpendukungnya dengan pagu pinjaman sebesarRp61.000.000.000. Pinjaman dari fasilitas ini akanterutang dalam angsuran bulanan sebanyak 60 kali.Pinjaman dari fasilitas ini dikenakan suku bungatetap dengan tingkat bunga tahunan sebesar10,75%. Jumlah pembayaran yang dilakukanselama tahun 2016 sebesar Rp998.333.333.

In 2016, Escorindo obtained Working Capital Loanfacility which was used to finance the purchase ofmachine and heavy equipment with total facilityamounting to Rp61,000,000,000. The loan fromthe facility is payable in 60 monthly installments.The loan from this facility bears fixed interest atthe annual rate of 10.75%. Total installmentpayments made during 2016 amounted toRp998,333,333.

Pinjaman tersebut dijamin dengan alat berat yangkepemilikannya dibiayai oleh fasilitas tersebut(Catatan 11).

The loan is collateralized by the heavy equipmentwhose acquisitions were financed by the facility(Note 11).

Berdasarkan ketentuan dalam perjanjian pinjamandengan BNI, Escorindo diharuskan untuk menjagarasio lancar minimal 1 kali, rasio utang terhadapekuitas tidak lebih dari 2,2 dan debt servicecoverage minimal 120%. Pada tanggal 31Desember 2016, Perusahaan telah memenuhipersyaratan keuangan tersebut.

Under the terms of the loan agreements with BNI,Escorindo is required to maintain current ratiominimum 1 time, total debt-to-equity ratio of notmore than 2.2 and debt service coverage at aminimum of 120%. As of December 31, 2016, theCompany has complied with these financial loancovenants.

Utang pembiayaan konsumen Consumer financing payables

PT Bank Jasa Jakarta PT Bank Jasa Jakarta

Pada tahun 2014, Perusahaan memperoleh fasilitaspembiayaan sebesar Rp1.848.700.000 dari PT BankJasa Jakarta yang digunakan untuk membiayaipembelian kendaraan. Jumlah pembayaran yangdilakukan selama tahun 2016 dan 2015 adalahmasing-masing sebesar Rp660.891.431 danRp539.234.069.

In 2014, the Company obtained a financing facilityamounting to Rp1,848,700,000 from PT BankJasa Jakarta to finance the acquisition of vehicles.Total installment payments made during 2016 and2015 amounted to Rp660,891,431 andRp539,234,069 respectively.

Pinjaman dari fasilitas ini terutang dalam angsuranbulanan sampai dengan bulan Juli 2017. Pinjamantersebut dijamin dengan kendaraan yangkepemilikannya dibiayai oleh fasilitas tersebut(Catatan 11).

The loan from the facility is payable in monthlyinstallments up to July 2017. The loan iscollateralized by the vehicles whose acquisitionswere financed by the facility (Note 11).

















66


Utang lembaga keuangan Loan payable to financial institution

SeaCube Containers LLC., Singapura SeaCube Containers LLC., Singapore

Pada tahun 2012, Perusahaan memperoleh fasilitaspembiayaan dari SeaCube Containers LLC., denganjumlah sebesar US$5.000.000. Pinjaman inidikenakan bunga dengan tingkat bunga tahunansebesar 5%. Pinjaman dan fasilitas ini dibayar dalamangsuran bulanan sampai dengan tahun 2017.Pinjaman dari fasilitas tersebut dijamin dengankontainer milik Perusahaan dan Anemi (Catatan 11).Perjanjian ini telah mengalami beberapa perubahan.Perubahan terakhir dilakukan pada 28 April 2016,dimana Perusahaan memperoleh fasilitas tambahanuntuk pembelian 2.000 kontainer 20” dan 1.500kontainer 40” sebesar US$6.925.402 (setaraRp91.187.548.583). Jumlah pembayaran yangdilakukan selama tahun 2016 dan 2015 masing-masing sebesar US$3.314.290 (setaraRp44.229.189.992) dan US$2.449.273 (setaraRp32.964.966.398).

In 2012, the Company obtained a financing facilityamounting to US$5,000,000 from SeaCubeContainers LLC. The loans from the facility bearinterest at the annual rate of 5%. The loans arepayable in monthly installments up to 2017. Theloans are collateralized by containers owned bythe Company and Anemi (Note 11). The loanagreement was amended several times, the latestamendmend was made in Aprik 28, 2016,Company obtained additional loan facility tofinance the acqusitions of 2,000 units ofcontainers 20” and 1,500 units of containers 40”amounting to US$6,925,402 (equivalent toRp91,187,548,583). Total installment paymentsmade during 2016 and 2015 amounted toUS$3,314,290 (equivalent to Rp44,229,189,992)and US$2,449,273 (equivalent toRp32,964,966,398), respectively.

Fasilitas pembiayaan ini akan jatuh tempo padaberbagai tanggal sejak bulan Mei 2017 sampaidengan bulan Januari 2022.

These financing faiclities were up to various datesfrom May 2017 to January 2022

Utang lain-lain Other payables

PT Temas Lestari PT Temas Lestari

Pada tanggal 1 November 2012, Perusahaanmemperoleh pinjaman lain dari PT Temas Lestariuntuk digunakan dalam kegiatan operasionalPerusahaan dengan pagu pinjaman sebesarUS$7.000.000. Pada bulan Januari 2013, perjanjianini mengalami perubahan untuk memperpanjangjatuh tempo utang dari semula bulan Oktober 2014menjadi bulan Oktober 2016. Selain itu, pinjaman iniyang semula dikenakan bunga tahunan sebesar 5%menjadi tanpa bunga sejak 1 Januari 2013. Padatanggal 31 Desember 2015, saldo pinjaman inisebesar US$4.300.000 atau setara denganRp59.318.500.000. Pada tahun 2016, seluruhpinjaman telah dilunasi oleh Perusahaan.

On November 1, 2012, the Company obtainedanother loan from PT Temas Lestari foroperational purposes from a facility with amaximum credit amounting to US$7,000,000. InJanuary 2013, the loan agreement was amended,to extend the due date originally in October 2014to October 2016. In addition, the loan whichoriginally bore interest at the annual rate of 5%became non-interest bearing since January 1,2013. As of December 31, 2015 the loanamounting to US$4,300,000 or equivalent toRp59,318,500,000. In 2016, the loan already fullypaid by the Company.

Pada tanggal 19 Desember 2016, Perusahaanmemperoleh fasilitas pinjaman lainnya dariPT Temas Lestari. Pagu pinjaman dari fasilitas inisebesar Rp44 milyar dengan jangka waktupinjamann selama satu tahun yang akan berakhirpada 30 Juni 2017 dan memiliki tingkat bungasebesar 10% per tahun. Pada tanggal 31 Desember2016 saldo pinjaman ini sebesar Rp44.000.000.000.

On December 19, 2016, the Company obtainedanother loan facility from PT Temas Lestari. Thefacility amounted to Rp44 billion with a term ofone year, expiring on June 30, 2017 and haveinterest bearing rate 10% per year. As ofDecember 31, 2016 the loan amounts toRp44,000,000,000.

Fasilitas pinjaman dan perubahan persyaratanpinjaman tersebut di atas bertujuan untukmenunjang kegiatan usaha utama Perusahaan.

The purpose for above loan facilities and theamendment of the credit term as mentionedabove is to support the main business activities ofthe Company.

















67

20. UTANG SEWA PEMBIAYAAN 20. FINANCE LEASE LIABILITIES


2016 2015

Dolar Amerika Serikat United States dollarInternational Container International Container

Pool Pte., Ltd., Amerika Serikat Pool Pte., Ltd., USA(US$2.346.687 pada tahun 2016 dan (US$1,840,243 in 2016 andUS$3.605.373 pada tahun 2015) 31.530.076.512 49.736.133.916 US$3,605,373 in 2015)

Rosenfeld Gold, Pte. Ltd Rosenfeld Gold, Pte. Ltd(US$1.840.243 pada tahun 2016 dan (US$2,346,687 in 2016 andUS$2.645.710 pada tahun 2015) 24.725.509.587 36.497.551.654 US$2,645,710 in 2015)

Dikurangi bagian lancar (30.616.151.773) (29.478.963.609) Less current portion

Bagian jangka panjang 25.639.434.326 56.754.721.961 Long-term portion

Pembayaran sewa minimum di masa yang akandatang berdasarkan perjanjian-perjanjian tersebutadalah sebagai berikut:

Future minimum rental payments required underthe lease agreements are as follows:


2016 2015

Tahun Years2016 - 33.500.164.674 20162017 32.073.888.613 31.826.228.150 20172018 26.038.467.643 25.182.708.907 2018

Total 58.112.356.256 90.509.101.731 TotalDikurangi bagian dikenakan bunga (1.856.770.157) (4.275.416.161) Less amount applicable to interest

Nilai kini pembayaran minimum 56.255.586.099 86.233.685.570 Present value of minimum paymentsDikurangi bagian lancar (30.616.151.773) (29.478.963.609) Less current portion


Utang sewa pembiayaan tersebut dijamin denganaset yang dibiayai (Catatan 11).

The finance lease liabilities are collateralized bythe leased assets (Note 11).

Kelompok Usaha mengadakan beberapa perjanjiansewa untuk pembiayaan pembelian peti kemas danalat berat, dengan jangka waktu berkisar antara30 sampai dengan 66 bulan dan berakhir padabulan Desember 2018, dengan rincian sebagaiberikut:

The Group entered into several agreements forthe lease of containers and heavy equipment, withlease terms ranging from 30 to 66 months andexpiring on December 2018, with details asfollows:

















68

21. UTANG TRANSAKSI SYARIAH 21. OBLIGATION UNDER SYARIAHTRANSACTIONS

Akun ini merupakan utang yang diperoleh dariPT Bank Syariah Mandiri (BSM) dalam beberapaperjanjian berikut ini:

This account represents loans obtained fromPT Bank Syariah Mandiri (BSM) under thefollowing arrangements:


2016 2015

Al Murabahah 330.845.055.498 181.425.856.509 Al MurabahahDikurangi: Less:

Beban murabahah tangguhan (83.054.154.722) (33.762.873.653) Unamortized Murabahah deferred expenseDikurangi biaya transaksi yang Less unamortized transaction cost

belum diamortisasi atas utang syariah (449.931.059) (599.908.079) on sharia loanSelisih nilai wajar (5.486.363.484) - Difference in fair value

Utang transaksi syariah 241.854.606.233 147.063.074.777 Syariah transaction liabilities



Pada tahun 2010, Perusahaan memperoleh fasilitaspinjaman Al Murabahah dengan pagu pinjamansebesar Rp37.145.000.000 atau maksimal 80% darinilai kapal terkait dengan pembelian kapal sehargaRp59.675.300.000. Pinjaman dari fasilitas initerutang dalam angsuran triwulanan dengan tanggalpembayaran terakhir pada tanggal 6 Februari 2016.Pinjaman tersebut dijamin dengan kapal yangperolehannya dibiayai oleh fasilitas ini, dan tanahmilik Perusahaan (Catatan 11) dan personalguarantee dari Harto Khusumo. Jumlah pembayaranyang dilakukan selama tahun 2016 dan 2015masing-masing sebesar Rp1.958.241.630 danRp10.424.105.718.

In 2010, the Company obtained Al Murabahahloan facility with maximum amount ofRp37,145,000,000 or at the maximum amount of80% of the value of a vessel to be purchased forRp59,675,300,000. The loan from the facility ispayable in quarterly installments with the lastinstallment being due on February 6, 2016. Theloan is collateralized by the vessel whoseacquisition was financed by this facility, and landproperties owned by the Company (Note 11) andpersonal guarantee from Harto Khusumo. Totalinstallment payments made during 2016 and 2015amounted to Rp1,958,2415,630 andRp10,424,105,718, respectively.

Pada tahun 2016 pinjaman ini telah dilunasiseluruhnya.

In 2016, the loan facility has been fully paid.

Pada tahun 2012, Perusahaan memperolehtambahan fasilitas pinjaman Al Murabahah untukpembelian dua buah kapal dengan pagu pinjamansebesar Rp104.983.913.822 atau maksimal 75%dari nilai kapal terkait dengan pembelian kapalseharga Rp141.018.258.334. Pinjaman dari fasilitasini terutang dalam angsuran triwulanan dengantanggal pembayaran terakhir pada tanggal12 Desember 2019. Pinjaman tersebut dijamindengan kapal yang perolehannya dibiayai olehfasilitas ini (Catatan 11). Pinjaman ini memiliki masatenggang untuk pembayaran cicilan selama enambulan sampai dengan tanggal 1 Juli 2013. Jumlahpembayaran yang dilakukan selama tahun 2016 dan2015 masing-masing sebesar Rp14.751.128.441dan Rp12.459.862.747.

In 2012, the Company obtained additionalAl Murabahah loan facility to purchase twovessels with credit facility amounting toRp104,983,913,822 or at the maximum amount of75% of the value of the vessel to be purchased forRp141,018,258,334. The loan from the facility ispayable in quarterly installments with the lastinstallment being due on December 12, 2019. Theloan is collateralized by the vessels whoseacquisition was financed by this facility (Note 11).This loan had a grace period for installmentpayment of six months until July 1, 2013. Totalinstallment payments made during 2016 and2015 amounted to Rp12,459,862,747 andRp14,751,128,441, respectively.

Pada tanggal 31 Desember 2016 dan 2015,pinjaman terutang dari fasilitas ini adalah masing-masing sebesar Rp62.616.042.482 danRp76.975.606.742.

As of December 31, 2016 and 2015, theoutstanding loan from the facility amounted toRp62.616.042.482 and Rp76,975,606,742,respectively.

















69

21. UTANG TRANSAKSI SYARIAH (lanjutan) 21. OBLIGATION UNDER SYARIAHTRANSACTIONS (continued)

Pada tahun 2016, Perusahaan memperolehtambahan fasilitas pinjaman Al Murabahah untukpembelian lahan untuk depo peti kemas denganpagu pinjaman sebesar Rp139.000.000.000.Pinjaman dari fasilitas ini terutang dalam angsuranbulanan dengan tanggal pembayaran terakhir padatanggal 21 Desember 2023. Pinjaman tersebutdijamin dengan lahan yang perolehannya dibiayaioleh fasilitas ini (Catatan 11).

In 2016, the Company obtained additionalAl Murabahah loan facility to purchase land forcontainer depot with credit facility amounting toRp139,000,000,000. The loan from the facility ispayable in monthly installments with the lastinstallment being due on December 21, 2023. Theloan is collateralized by the land whoseacquisition was financed by this facility (Note 11).

Perusahaan harus memperoleh persetujuan tertulisdari BSM sebelum melakukan pengalihan hak atasbarang jaminan kepada pihak lain.

The Company has to obtain written approval fromBSM prior to performing transactions that transferrights over the pledged assets.

Pada tahun 2015, Trisari mendapatkan dua fasilitaspinjaman Al Murabahah dengan pagu pinjamansebesar Rp104.264.250.000, yang terdiri dariRp90.000.000.000 merupakan pengambil-alihanfasilitas kredit dari Bank CIMB Niaga (Catatan 19)dan Rp14.264.250.000 merupakan fasilitas baruuntuk membeli aset tetap. Fasilitas ini akan masing-masing jatuh tempo pada tanggal-tanggal 25 April2018 dan 25 Mei 2019 untuk fasilitas pengambil-alihan dan fasilitas baru. Jumlah pembayaran padatahun 2016 dan 2015 adalah masing-masingsebesar Rp24.867.694.923 dan Rp14.168.793.457.

In 2015, Trisari obtained two Al Murabahah loanfacilities with maximum amount ofRp104,264,250,000, which consists ofRp90,000,000,000 refinancing loan facility fromBank CIMB Niaga (Note 19) andRp14,264,250,000 for a new facility to purchasefix assets. These facilities were up to April 25,2018 and May 25, 2019 for refinancing facility andnew facility, respectively. Total installmentpayments made during 2015 and 2016 amountedto Rp24,867,694,923 and Rp14,168,793,457,respectively.

Pada tanggal 31 Desember 2016, pinjaman terutangdari fasilitas ini adalah sebesar Rp43.457.334.814.

As of December 31, 2016, the outstanding loanfrom the facility amounted to Rp43,457,334,814.

Beban murabahah tangguhan yang diamortisasidan dibebankan pada operasi masing-masingsebesar Rp6.517.248.838 pada tahun 2016(Catatan 34).

Amortization of Murabahah deferred expensecharged to 2016 operations amounted toRp6,517,248,838 in 2016. (Note 34).

Pada tahun 2016, Trisari memperoleh tambahanfasilitas pinjaman Al Murabahah untuk untukmembiayai pembelian mesin peralatan beserta alatpendukungnya dengan pagu pinjaman sebesarRp14.264.250.000. Fasilitas ini akan jatuh tempopada tanggal-tanggal 25 Maret 2018. Jumlahpembayaran pada tahun 2016 adalah sebesarRp1.361.908.603.

In 2016, Trisari obtained additional Al MurabahahLoan facility which was used to finance thepurchase of machine and heavy equipment withtotal falicility amounting to Rp14,264,250,000.These facilities were up to March 25, 2018. Totalinstallment payments made during 2016amounted to Rp1,361,908,60..

Pinjaman tersebut dijamin dengan alat berat yangperolehannya dibiayai oleh fasilitas ini (Catatan 11).

The loan is collateralized by the heavy equipmentwhose acquisition was financed by this facility(Note 11)

















70

22. LIABILITAS IMBALAN KERJA JANGKAPANJANG

22. LONG-TERM EMPLOYEE BENEFITS LIABILITY

Akrual atas imbalan kerja Kelompok Usaha padatahun 2016 dan 2015 ditentukan berdasarkanpenilaian aktuaris yang dilakukan oleh PT DianArtha Tama, aktuaris independen, laporannyamasing-masing pada tanggal 22 Februari 2017 dan22 Februari 2016 untuk tahun yang berakhir padatanggal-tanggal 31 Desember 2016 dan 2015.

The Group’s outstanding accruals for employeebenefits were determined based on the actuarialvaluations performed by PT Dian Artha Tama,an independent actuary, in its reports datedFebruary 22, 2017 and February 22, 2016 for theyears ended December 31, 2016 and 2015,respectively.

Penilaian aktuaris dihitung dengan menggunakanmetode projected-unit-credit, yang berdasarkanasumsi-asumsi berikut:

The actuarial valuations were determined usingthe projected-unit-credit method, whichconsidered the following assumptions:


2016 2015

Umur pensiun normal 55 tahun/years 55 tahun/years Normal pension ageTingkat diskonto 8.4% 9.1% Discount rateTingkat kenaikan gaji 8-10% 8-10% Salary increment rateTingkat kematian TMI - III (2011) TMI - III (2011) Mortality rate

Imbalan kerja neto yang diakui dalam laporan labarugi dan penghasilan komprehensif lainkonsolidasian terdiri dari:

The net employee benefits recognized in theconsolidated statement of profit or loss and othercomprehensive income consisted of the following:


2016 2015

Biaya jasa kini 2.152.405.506 1.953.429.672 Current service costBiaya bunga 1.928.882.222 1.444.051.560 Interest cost

Beban imbalan kerja - neto 4.081.287.728 3.397.481.232 Net employee benefits expense

Mutasi liabilitas imbalan kerja adalah sebagaiberikut:

Movements in the employee benefits liability areas follows:

31 December 2016/ 31 December 2015/December 31, 2016 December 31, 2015

Saldo awal periode 21.196.507.929 18.050.644.507 Balance at beginning of periodBeban imbalan kerja 4.081.287.728 3.397.481.232 Employee Benefits expenseKerugian

pengukuran kembali aktuarial yangdiakui sebagai penghasilan Re-measurement losses inkomprehensif lain 935.007.781 704.612.759 other comprehensive income

Pembayaran selamaperiode berjalan (1.119.013.032) (956.230.569) Payment during the period

Saldo akhir periode 25.093.790.406 21.196.507.929 Balance at end of period

















71

22. LIABILITAS IMBALAN KERJA JANGKAPANJANG (lanjutan)

22. LONG-TERM EMPLOYEE BENEFITS LIABILITY(continued)

Mutasi nilai kini liabilitas imbalan kerja jangkapanjang adalah sebagai berikut:

Movements in the present value of long-termemployee benefits liability are as follows:

31 December 2016/ 31 December 2015/December 31, 2016 December 31, 2015

Saldo awal tahun 21.196.507.929 18.050.644.507 Balance at beginning of yearBiaya bunga 1.928.882.222 1.444.051.560 Interest costBiaya jasa kini 2.152.405.506 1.953.429.672 Current service costManfaat pembayaran (1.119.013.032) (956.230.569) Benefit payment(Laba) rugi aktuarial atas : Actuarial (gain) loss due from :

Penyesuaian historis (179.166.634) 1.398.068.256 Experience adjustmentPerubahan asumsi finansial 1.114.174.415 (1.282.459.119) Change in financial assumptionPerubahan asumsi demografis - 589.003.622 Change in demographic assumption

Saldo akhir tahun 25.093.790.406 21.196.507.929 Balance at end of year

Perubahan sebesar satu persentase pada tingkatdiskonto pada tanggal 31 Desember 2016 dantahun yang berakhir pada tanggal tersebutberdampak sebagai berikut:

One percentage point change in the assumeddiscount rate as of December 31, 2016 and forthe year then ended would have had the followingeffects:

31 December 2016/December 31, 2016

Kenaikan IncreaseAkumulasi kewajiban imbalan pasti 23.532.905.617 Accumulated defined benefits obligationBiaya jasa kini dan bunga 3.915.205.939 Service and interest costs

Penurunan DecreaseAkumulasi kewajiban imbalan pasti 26.880.667.772 Accumulated defined benefits obligationBiaya jasa kini dan bunga 4.273.722.010 Service and interest costs

Perubahan sebesar satu persentase pada tingkatkenaikan gaji pada tanggal 31 Desember 2016dan tahun yang berakhir pada tanggal tersebutberdampak sebagai berikut:

One percentage point change in the assumedsalary increase rate as of December 31, 2016and for the year then ended would have had thefollowing effects:

31 December 2016/December 31, 2016

Kenaikan IncreaseAkumulasi kewajiban imbalan pasti 26.844.956.053 Accumulated defined benefits obligationBiaya jasa kini dan bunga 4.269.694.762 Service and interest costs

Penurunan DecreaseAkumulasi kewajiban imbalan pasti 23.536.156.531 Accumulated defined benefits obligationBiaya jasa kini dan bunga 3.915.732.923 Service and interest costs

Jumlah nilai kini liabilitas imbalan pasti untukimbalan pensiun dan rugi (laba) aktuarial adalahsebagai berikut:

The amounts of the present value of definedbenefit obligation for retirement benefits andactuarial loss (gain) are as follows:

2016 2015 2014 2013

Nilai kini kewajiban Present value of definedimbalan pasti 25.093.790.406 21.196.507.929 18.050.644.507 18.730.348.103 benefits obligation

(Laba) rugi aktuarialatas : Actuarial loss (gain) :Penyesuaian historis (179.166.634) 1.398.068.256 (3.256.212.995) 8.867.311.219 Experience adjustmentPerubahan asumsi

finansial 1.114.174.415 (1.282.459.119) - (3.901.737.464 ) Change in financial assumptionPerubahan asumsi

demografis - 589.003.622 - - Change in demographic assumption

















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22. LIABILITAS IMBALAN KERJA JANGKAPANJANG (lanjutan)

22. LONG-TERM EMPLOYEE BENEFITS LIABILITY(continued)

Manajemen berkeyakinan bahwa liabilitas imbalankerja karyawan telah cukup sesuai dengan yangdisyaratkan oleh UUK.

Management believes that the employee benefitsliability is sufficient in accordance with therequirements of the Labor Law.

Jadwal jatuh tempo dari liabilitas imbalan pasti padatanggal 31 Desember 2016:

The maturity profile of defined benefits obligationas of December 31, 2016:

31 Desember 2016/December 31, 2016

1 tahun 6.181.364.893 Within one year2 - 3 tahun 1.446.976.525 2 - 3 years3 - 5 tahun 3.787.635.342 3 - 5 yearsLebih dari 5 tahun 301.674.182.695 More than 5 years

Total 313.090.159.455 Total

Susunan pemegang saham adalah sebagai berikut: The composition of the stockholders was asfollows:


Jumlah sahamditempatkan dandisetor penuh/ Persentase

Number of shares kepemilikan/issued and Percentage of Jumlah/

Pemegang saham fully paid ownership Total Stockholders

Manajemen ManagementGanny Zheng (Direktur) 4.523.545 0,40% 565.443.125 Ganny Zheng (Director)Harto Khusumo (Direktur Utama) 246.532 0,02% 30.816.500 Harto Khusumo (President Director)Teddy Arief Setiawan (Direktur) 110.980 0,01% 13.872.500 Teddy Arief Setiawan (Director)Wong Chau Lin (Komisaris 69.500 0,01% 8.687.500 Wong Chau Lin

Utama) (President Commissioner)Non-manajemen Non-management

PT Temas Lestari 922.452.956 80,84% 115.306.619.500 PT Temas LestariMasyarakat (masing-masing dengan Public (each with ownership

kepemilikan kurang dari 5%) 213.626.487 18,72% 26.703.310.875 of less than 5%)

Total 1.141.030.000 100,00% 142.628.750.000 Total


Jumlah sahamditempatkan dandisetor penuh/ Persentase

Number of shares kepemilikan/issued and Percentage of Jumlah/

Pemegang saham fully paid ownership Total Stockholders

Manajemen ManagementGanny Zheng (Direktur) 4.523.545 0,40% 565.443.125 Ganny Zheng (Director)Harto Khusumo (Direktur Utama) 246.532 0,02% 30.816.500 Harto Khusumo (President Director)Teddy Arief Setiawan (Direktur) 73.980 0,01% 9.247.500 Teddy Arief Setiawan (Director)Wong Chau Lin (Komisaris 69.500 0,01% 8.687.500 Wong Chau Lin

Utama) (President Commissioner)Non-manajemen Non-management

PT Temas Lestari 922.452.956 80,84% 115.306.619.500 PT Temas LestariMasyarakat (masing-masing dengan Public (each with ownership

kepemilikan kurang dari 5%) 213.663.487 18,72% 26.707.935.875 of less than 5%)

Total 1.141.030.000 100,00% 142.628.750.000 Total

23. MODAL SAHAM 23. CAPITAL STOCK

















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24. TAMBAHAN MODAL DISETOR 24. ADDITIONAL PAID-IN CAPITAL

Pada tanggal-tanggal 31 Desember 2016 dan 2015,rincian tambahan modal disetor adalah sebagaiberikut:

As of December 31, 2016 and 2015, the details ofadditional paid-in capital are as follows:

31 Desember 2016/ 31 Desember 2015/December 31, 2016 December 31, 2015

Agio saham dari: Additional paid-in capital from:Pembagian dividen saham Distribution of 148,830,000 shares

sejumlah 148.830.000 saham 137.667.750.000 137.667.750.000 as stock dividendPenawaran umum saham pada

tahun 2003 16.500.000.000 16.500.000.000 Initial public offering of shares in 2003Biaya emisi efek ekuitas (2.705.284.215) (2.705.284.215) Stock issuance costsPenerbitan saham bonus

sebanyak 45.100.000 saham (11.275.000.000) (11.275.000.000) Declaration of 45,100,000 bonus sharesSelisih nilai transaksi entitas Difference in value from transactions

sepengendali 5.415.583.529 5.415.583.529 of entities under common control

Neto 145.603.049.314 145.603.049.314 Net

Saldo selisih nilai transaksi entitas sepengendalimerupakan selisih antara nilai buku perusahaanyang diperoleh dari entitas sepengendali dandengan imbalan yang dialihkan secara keseluruhan,sebagai berikut:

The balance of difference in value fromtransactions of entities under common controlconsists of the difference between the book valueof the following companies acquired from entitiesunder common control and the totalconsiderations transferred:

31 Desember 2016/ 31 Desember 2015/December 31, 2016 December 31, 2015

PT Pelayaran Tirtamas Express 5.459.450.213 5.459.450.213 PT Pelayaran Tirtamas ExpressPT Bongkar Muat Olah Jasa Trisari Andal (43.866.684) (43.866.684) PT Bongkar Muat Olah Jasa Trisari Andal

Neto 5.415.583.529 5.415.583.529 Net

25. RUGI KOMPREHENSIF LAIN 25. OTHER COMPREHENSIVE LOSS


2016 2015

Saldo awal (99.488.884.785) (83.738.619.544) Beginning balanceSelisih kurs karena penjabaran

laporan keuangan selama tahun berjalan (3.082.598.838) (14.943.226.495) Translation adjustments during the yearRugi pengukuran kembali atas Remeasurement loss of

program imbalan pasti (777.879.440) (807.038.746) defined benefit plan

Saldo akhir (103.349.363.063) (99.488.884.785) Ending balance

















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26. SALDO LABA YANG DITENTUKANPENGGUNAANNYA

26. APPROPRIATED RETAINED EARNINGS

Dalam rangka memenuhi Undang-undangPerseroan Terbatas No. 40 tanggal16 Agustus 2007, yang mengharuskan perusahaan-perusahaan secara bertahap mencadangkansekurang-kurangnya 20% dari modal yangditempatkan sebagai cadangan dana umum, parapemegang saham menyetujui pencadangansebagian dari saldo laba Perusahaan.

In compliance with Corporation Law No. 40 datedAugust 16, 2007, which requires companies to setaside, on a gradual basis, an amount equivalentto at least 20% of their subscribed capital asgeneral reserve, the stockholders have approvedthe partial appropriation of the Company’sretained earnings as general reserve.

Total saldo laba yang telah dicadangkan sebagaicadangan dana umum sampai dengan tanggal31 Desember 2016 adalah sebesarRp34.823.179.931. Tambahan jumlah laba yangtelah ditentukan penggunaannya akan dilakukansetelah memperoleh persetujuan dari parapemegang saham dalam rapat umum pemegangsaham tahunan berikutnya.

Total appropriation of the Company’s retainedearnings as general reserve as of December 31,2016 amounted to Rp34,823,179,931. Additionalappropriation of retained earnings will be madeafter the approval from the stockholders isobtained in their next annual general meeting.

27. DIVIDEN KAS 27. CASH DIVIDEND

Berdasarkan Berita Acara Rapat Umum PemegangSaham Tahunan yang diselenggarakan padatanggal 27 April 2016 dan 26 Juni 2015 yangmasing-masing diaktakan dengan Akta Notaris Dr.Irawan Soerodjo, SH, M.Si., No. 132 danHerdimansyah Chaidirsyah, S.H., No. 96, parapemegang saham memutuskan untuk membagikandividen kas sebesar Rp47.580.951.000 dari labatahun 2015 dan Rp20.324.182.893 dari laba tahunbuku 2014.

Based on the Minutes of the Stockholders’ AnnualMeetings held on April 27, 2016 and June 26,2015 which were notarized under Deeds No. 132of Dr. Irawan Soerodjo, SH, M.Si., and No. 96 ofHerdimansyah Chaidirsyah, S.H., thestockholders decided to distribute cash dividendamounting to Rp47,580,951,000 from the 2015earnings and Rp20,324,182,893 from the 2014earnings.

28. HAK KEPENTINGAN NONPENGENDALI ATASASET NETO ENTITAS ANAK

28. NON-CONTROLLING INTERESTS IN NETASSETS OF SUBSIDIARIES

Hak Kepentingan Nonpengendali (KNP) atas asetneto Entitas Anak merupakan bagian atas aset netoEntitas Anak yang tidak dapat diatribusikan secaralangsung maupun tidak langsung kepada EntitasInduk (Catatan 2).

Non-controlling Interests (NCI) in net assets ofSubsidiaries represent the portion of the netassets of the Subsidiaries that are not attributable,directly or indirectly, to the Parent (Note 2).

Hak KNP atas aset neto Entitas Anak terdiri dari: NCI in net assets of Subsidiaries consist of:


2016 2015

PT Bongkar Muat Olah Jasa Trisari Andal 741.815.762 628.659.073 PT Bongkar Muat Olah Jasa Trisari AndalPT Pelayaran Tirtamas Express 322.485.161 319.559.874 PT Pelayaran Tirtamas ExpressPT Escorindo Stevedoring 245.220.825 218.256.796 PT Escorindo Stevedoring

Saldo akhir 1.309.521.748 1.166.475.743 Ending balance

















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29. LABA PER SAHAM 29. EARNINGS PER SHARE

Rincian perhitungan laba per saham adalah sebagaiberikut:

The details of earnings per share computation areas follows:

LabaTahun Berjalan

yang dapatdiatribusikan

kepada pemilikentitas induk/ Jumlah Rata - rata

Income for Tertimbang Saham/the year Weighted

attributable to Average Number Laba per SahamOwners of of Outstanding Earnings

Tahun yang Berakhir the Parent Entity Shares per Share Years Ended

31 Desember 2016 231.308.338.708 1.141.030.000 203 December 31, 2016

31 Desember 2015 316.970.250.888 1.141.030.000 278 December 31, 2015

Tidak terdapat entitas anak yang secara individumemiliki hak kepentingan nonpengendali yangmaterial.

There is no single subsidiary with material non-controlling interest.

30. PENDAPATAN JASA 30. SERVICE REVENUES

Akun ini terdiri atas pendapatan sebagai berikut: This account consists of revenues from thefollowing:


2016 2015

Pihak berelasi (Catatan 35) Related party (Note 35)Jasa bongkar muat 35.250.000 - Stevedoring service

Pihak ketiga Third partiesJasa pelayaran 1.157.715.970.137 1.065.158.724.029 Shipping serviceJasa bongkar muat 597.532.941.864 655.806.698.282 Stevedoring service

Total pendapatan jasa 1.755.284.162.001 1.720.965.422.311 Total service revenues

Dikurangi pendapatan jasa yang Less service revenuesaling dihapuskan dengan net off with relatedbeban jasa terkait (83.379.145.991) (99.601.083.071) cost of service

Pendapatan jasa neto 1.671.905.016.010 1.621.364.339.240 Net service revenue

Tidak ada pendapatan jasa dari satu pelangganyang melebihi 10% dari total pendapatan jasa padatahun 2016 dan 2015.

No service revenues exceeding 10% of the totalservice revenues during 2016 and 2015 wereearned from a single customer.

















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31. BEBAN JASA 31. COST OF SERVICES

Rincian beban jasa adalah sebagai berikut: The details of cost of services are as follows:


2016 2015

Bongkar muat 624.469.751.608 558.323.586.075 StevedoringBahan bakar dan pelumas 260.948.341.240 302.309.044.222 Fuel and lubricantPenyusutan (Catatan 11) 177.371.835.519 156.072.096.605 Depreciation (Note 11)Gaji dan kesejahteraan karyawan 80.014.098.947 62.705.456.393 Salaries and employee benefitsPelabuhan 54.876.506.705 38.235.671.872 Port chargesPerbaikan dan pemeliharaan 50.825.795.507 69.715.610.602 Repairs and maintenancePelayaran 25.206.663.739 31.068.026.542 Voyage costsAsuransi 15.842.744.647 18.268.953.287 InsuranceSewa (Catatan 35) 15.008.126.970 25.175.193.833 Rent (Note 35)Lain-lain 6.665.686.755 5.398.274.770 Miscellaneous

Total 1.311.229.551.637 1.267.271.914.201 Total

Dikurangi beban jasa yang saling Less cost of servicesdihapuskan dengan pendapatan net off with relatedjasa terkait (83.379.145.991) (99.601.083.071) service revenue

Beban jasa neto 1.227.850.405.646 1.167.670.831.130 Net cost of service

32. BEBAN USAHA 32. OPERATING EXPENSES

Rincian beban usaha adalah sebagai berikut: The details of operating expenses are as follows:


2016 2015

Gaji dan kesejahteraan karyawan 54.780.431.669 49.942.250.503 Salaries and employee benefitsBeban sewa (Catatan 35) 17.589.526.663 6.192.793.211 Rent expense (Note 35)Keperluan kantor 13.702.552.390 13.136.446.127 Office utilitiesPenyusutan (Catatan 11) 5.086.130.248 4.818.505.951 Depreciation (Note 11)Sumbangan dan representasi 4.332.876.085 3.570.795.894 Donation and representationPerjalanan dinas dan perjalanan 3.349.255.258 2.433.090.980 Travelling and transportationJasa profesional 2.669.077.263 4.743.063.715 Professional feesPerbaikan dan pemeliharaan 2.550.579.716 1.835.568.477 Repairs and maintenancePerijinan 2.139.624.144 5.987.709.104 LicensesPerlengkapan kantor 1.354.848.294 1.154.134.800 Office suppliesLain-lain 2.525.539.672 2.812.289.233 Others

Total 110.080.441.402 96.626.647.995 Total

















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33. PENDAPATAN KEUANGAN 33. FINANCE INCOME

Akun ini merupakan pendapatan bunga. This account represents interest income.

34. BEBAN KEUANGAN 34. FINANCE COSTS

Rincian beban keuangan adalah sebagai berikut: The details of finance costs are as follows:


2016 2015

Beban bunga dan beban bank lainnya 78.486.288.144 53.139.997.967 Interest expense and other bank chargesBeban murabahah (Catatan 21) 12.614.060.536 17.532.639.853 Murabahah expense (Note 21)

Total 91.100.348.680 70.672.637.820 Total

35. SALDO DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI

35. BALANCES AND TRANSACTIONS WITHRELATED PARTIES

Rincian dari akun dan transaksi signifikan denganpihak-pihak berelasi dan penjelasan atas hubungandengan pihak-pihak berelasi adalah sebagai berikut:

The details of the accounts and the significanttransactions entered into with related parties andthe description of the relationship with suchrelated parties are as follows:Persentase (%) dariTotal Aset/Liabilitas/

Percentage (%) toJumlah/Total Total Assets/Liabilities

31 Desember/December 31, 31 Desember/December 31,

2016 2015 2016 2015

Piutang usaha (Catatan 5) Trade receivables (Note 5)

Entitas sepengendali Entity under common controlPT Temas Suzue Indonesia 1.854.320.785 2.459.400.189 0,07521 0,13801 PT Temas Suzue Indonesia

Utang usaha (Catatan 14) Trade payables (Note 14)Entitas sepengendali Entity under common control

PT Temas Suzue Indonesia 116.460.727 2.775.754 0,00759 0,00029 PT Temas Suzue Indonesia

Entitas Induk Parent entityPT Temas Lestari 1.384.240.000 - 0,09027 - PT Temas Lestari

Total 1.500.700.727 2.775.754 0,09786 0,00029 Total

Pinjaman jangka panjang (Catatan 19) Long-term debt (Note 19)Utang lain-lain - bagian lancar Other payable - current portionEntitas Induk Parent entity

PT Temas Lestari 44.000.000.000 59.318.500.000 2,86936 6,13178 PT Temas Lestari

















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35. SALDO DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI (lanjutan)

35. BALANCES AND TRANSACTIONS WITHRELATED PARTIES (continued)Persentase (%) dari

Total Pendapatan/BebanPercentage (%) to

Jumlah/Total Total Revenue/Expenses

Tahun yang berakhir Tahun yang berakhirpada tanggal 31 Desember/ pada tanggal 31 Desember/

Year ended December 31, Year ended December 31,

2016 2015 2016 2015

Pendapatan jasa Cost of servicesEntitas sepengendali Entity under common control

PT Temas Suzue Indonesia 35.250.000 - 0,00211 - PT Temas Suzue Indonesia

Beban jasa Cost of servicesEntitas sepengendali Entity under common control

PT Temas Suzue Indonesia 291.826.600 40.689.000 0,02381 0,00348 PT Temas Suzue Indonesia

Personil manajemen kunci Key management personnelHarto Khusumo 434.730.000 1.159.280.000 0,03566 0,09928 Harto KhusumoFaty Khusumo 92.888.880 456.000.000 0,00762 0,03905 Harto KhusumoGanny Zheng 61.111.120 300.000.000 0,00501 0,02569 Ganny Zheng

Total 588.730.000 1.915.280.000 0,04829 0,16402 Total

Beban usaha Operating expensesEntitas induk Parent entity

PT Temas Lestari 16.368.000.000 7.548.000.000 13,17170 7,81151 PT Temas LestariPersonil manajemen kunci Key management personnel

Harto Khusumo 263.280.000 235.800.000 0,21187 0,24403 Harto Khusumo

Ganny Zheng 39.738.564 456.000.000 0,03198 0,47192 Ganny Zheng

Total 16.671.018.564 8.239.800.000 13,41555 8,52746 Total

Perusahaan mengadakan perjanjian sewa denganpihak-pihak berelasi dengan rincian sebagai berikut:

The Company has lease agreements with relatedparties, with details as follows:

Beban sewa per bulan/Monthly rental fee

Pemilik/ Penyewa/ Aset yang disewakan/Owner Tenant Leased property 2016 2015

Harto Khusumo Perusahaan/ Tanah seluas 28.982 m2 di Desa Parangloe,Company Makassar/ Land with an area of 28,982 m2 in

Parangloe Village, Makassar 108.682.500 96.606.667

Ruang gedung di Jalan Tambang Puspita, Jakarta/Building space at Jalan Tambang Puspita, Jakarta 28.320.000 19.448.333

Ruang gedung di Jalan Sultan Abdulah No. 75, Tallo,Makassar/Building space at Jalan Sultan AbdulahNo. 75, Tallo, Makassar 12.500.000 12.500.000

Ganny Zheng Perusahaan/ Ruang gedung di Pekanbaru, Riau/Company Building space in Pekanbaru, Riau 4.967.321 3.166.667

Tanah seluas 5.000 m2 di Bitung, Sulawesi/Land with an area of 5,000 m2 in Bitung, Sulawesi 5.092.592 4.166.667

Faty Khusumo Perusahaan/ Tanah seluas 7.600 m2 di Bitung, Sulawesi/Company Land with an area of 7,600 m2 in Bitung, Sulawesi 7.740.740 6.333.333

Ruang kantor seluas 537 m2 di Jayapura/Office space with an area of 537 m2 in Jayapura 12.870.370 11.583.333

Temas Lestari Kelompok usaha/ Ruang gedung di Jalan Yos Sudarso, Jakarta/Group Building space at Jalan Yos Sudarso, Jakarta 1.452.000.000 1 3. 02 0. 00.000

















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35. SALDO DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI (lanjutan)

35. BALANCES AND TRANSACTIONS WITHRELATED PARTIES (continued)

Sifat hubungan dan rincian transaksi KelompokUsaha dengan pihak-pihak berelasi adalah sebagaiberikut:

The nature of the relationship and the details ofthe Group’s transactions with the related partiesare as follows:

NoPihak-Pihak Berelasi/

Related PartiesSifat Relasi/Relationship

Sifat Saldo Akun/Transaksi/Nature of Account Balances/Transactions

a. PT Temas Suzue Indonesia Entitas sepengendali/Entity under commoncontrol

Sewa-menyewa untuk menunjang kegiatan usahautama Kelompok Usaha/Rental to support theGroup’s main business activities

b. PT Temas Lestari Entitas Induk/Parent entity Perbaikan dan pemeliharaan/Repairs andmaintenance, Utang lain-lain/Other payables

c. Harto Khusumo Personil manajemenkunci/Keymanagementpersonnel

Sewa/Rent

d. Ganny Zheng Personil manajemenkunci/Keymanagementpersonnel

Sewa/Rent

e. Faty Khusumo Personil manajemenkunci/Keymanagementpersonnel

Sewa/Rent

Manajemen kunci merupakan komisaris dan direksiPerusahaan. Total gaji dan kompensasi lainnya darimanajemen kunci masing-masing adalah sekitarRp4,9 miliar dan Rp4,4 miliar untuk tahun yangberakhir pada tanggal-tanggal 31 Desember 2016dan 2015, yang semuanya merupakan imbalan kerjajangka pendek.

Key management represents the Company’scommissioners and directors. Total salaries andother compensation benefits of key managementamounted to approximately Rp4.9 billion andRp4.4 billion for the years ended December 31,2016 and 2015, respectively, all of which wereshort-term benefits.

Transaksi dilakukan berdasarkan persyaratan yangdisetujui oleh kedua belah pihak, di manapersyaratan tersebut mungkin tidak sama dengantransaksi lain yang dilakukan dengan pihak-pihakyang tidak berelasi.

The transactions are made based on termsagreed by the parties, while such terms may notbe the same as those for transactions withunrelated parties.

















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36. INFORMASI SEGMEN 36. SEGMENT INFORMATION

Informasi segmen di bawah ini dilaporkanberdasarkan informasi yang digunakan olehmanajemen untuk mengevaluasi kinerja setiapsegmen usaha dan di dalam mengalokasikansumber daya.

The following segment information is reportedbased on the information used by management inevaluating the performance of each businesssegment and in determining the allocation ofresources.

Kelompok Usaha terutama mengklasifikasikankegiatan usahanya menjadi jasa pelayaran dan jasabongkar muat.

The Group primarily classifies its businessactivities into shipping services and stevedoringservices.

Seluruh transaksi antar segmen telah dieliminasi.Informasi konsolidasian menurut segmen usahasebagai segmen primer adalah sebagai berikut:

All inter-segment transactions have beeneliminated. Consolidated information based onbusiness segment as the primary segment is asfollows:

Tahun yang berakhirpada tanggal 31 Desember 2016/Year ended December 31, 2016

JasaJasa pelayaran/ bongkar muat/ Eliminasi/ Konsolidasi/

Shipping Stevedoring Elimination Consolidated

Pendapatan jasa Service revenuesPendapatan jasa 1.177.345.970.137 889.535.447.342 (311.597.255.478) 1.755.284.162.001 Service revenues

Pendapatan jasa saling dihapuskan Service revenues net off with relateddengan beban jasa terkait - (83.379.145.991) - (83.379.145.991) cost of services

Pendapatan jasa neto 1.177.345.970.137 806.156.301.351 (311.597.255.478) 1.671.905.016.010 Net service revenues

Beban jasa (641.150.629.271) (980.500.051.364) 310.421.128.998 (1.311.229.551.637) Cost of services

Beban jasa yang saling dihapuskan Cost of services net off with relateddengan pendapatan jasa terkait - 83.379.145.991 - 83.379.145.991 services

Beban jasa neto (641.150.629.271) (897.120.905.373) 310.421.128.998 (1.227.850.405.646) Net cost of services

Hasil segmen - laba bruto 536.195.340.866 (90.964.604.022) (1.176.126.480) 444.054.610.364 Segment income - gross profitBeban usaha (100.718.272.481) (9.362.168.921) - (110.080.441.402) Operating expensesLaba pelepasan aset 2.672.501.813 - - 2.672.501.813 Gain on disposal of fixed assetsPenghasilan (beban) operasi lain (13.398.439.062) (18.262.569.952) (1.138.349.169) (32.799.358.183) Other operating income (loss)

Laba usaha 424.751.131.136 (118.589.342.895) (2.314.475.649) 303.847.312.592 Income from operations

Laba (rugi) selisih kurs - neto (3.560.303.422) (243.705.613) 12.861.501.047 9.057.492.012 Gain (loss) on foreign exchange - netPendapatan keuangan 803.800.581 329.079.762 - 1.132.880.343 Finance incomePajak final atas pendapatan

bunga (160.760.116) (65.815.953) - (226.576.069) Final tax on interest incomeLaba atas nilai wajar 8.787.211.582 598.664.268 - 9.385.875.850 Gain on fair valueBeban keuangan (82.896.819.188) (8.203.529.492) - (91.100.348.680) Finance costsPajak final (14.313.248.487) - (14.313.248.487) Final taxManfaat (beban) pajak penghasilan 35.517.311.878 (21.779.550.751) - 13.737.761.127 Income tax benefit (expense)

Laba tahun berjalan 368.928.323.964 (147.954.200.674) 10.547.025.398 231.521.148.688 Income for the year

Informasi Lainnya Other InformationAset segmen 2.573.403.683.145 326.879.614.455 (374.620.957.811) 2.525.662.339.789 Segment assetsLiabilitas segmen 1.827.100.644.585 181.376.090.005 (477.490.111.038) 1.530.986.623.552 Segment liabilitiesPerolehan aset tetap 845.720.129.796 81.353.379.286 11.759.581.854 938.833.090.936 Acquisitions of fixed assetsBeban penyusutan 153.360.209.694 27.921.629.595 1.176.126.478 182.457.965.767 Depreciation expense

















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36. INFORMASI SEGMEN (lanjutan) 36. SEGMENT INFORMATION (continued)




Pendapatan jasa Service revenuesPendapatan jasa 1.567.377.906.737 383.211.435.220 (229.623.919.646) 1.720.965.422.311 Service revenues

Pendapatan jasa saling dihapuskan Service revenues net off with relateddengan beban jasa terkait - (99.601.083.071) - (99.601.083.071) cost of services

Pendapatan jasa neto 1.567.377.906.737 283.610.352.149 (229.623.919.646) 1.621.364.339.240 Net service revenues

Beban jasa (1.191.853.338.153) (304.721.259.190) 229.302.683.142 (1.267.271.914.201) Cost of services

Beban jasa yang saling dihapuskan Cost of services net off with relateddengan pendapatan jasa terkait - 99.601.083.071 - 99.601.083.071 services

Beban jasa neto (1.191.853.338.153) (205.120.176.119) 229.302.683.142 (1.167.670.831.130) Net cost of services

Hasil segmen - laba bruto 375.524.568.584 78.490.176.030 (321.236.504) 453.693.508.110 Segment income - gross profitBeban usaha (85.072.843.465) (11.553.804.530) - (96.626.647.995) Operating expensesLaba pelepasan aset (8.057.339.645) 33.389.571.173 (1.322.918.647) 24.009.312.881 Gain on disposal of fixed assetsRugi penurunan nilai aset (10.980.005.000) - - (10.980.005.000) Loss on impairment of assetPenghasilan operasi lain 40.739.315.740 (2.836.570.204) - 37.902.745.536 Other operating income

Laba usaha 312.153.696.214 97.489.372.469 (1.644.155.151) 407.998.913.532 Income from operations

Laba (rugi) selisih kurs - neto 4.058.092.868 (59.838.555) (24.634.169.683) (20.635.915.370) Gain (loss) on foreign exchange - netPendapatan keuangan 933.829.986 253.995.654 - 1.187.825.640 Finance incomePajak final atas pendapatan

bunga (186.765.997) (50.799.131) (237.565.128) Final tax on interest incomeBeban keuangan (59.775.574.737) (10.897.063.083) - (70.672.637.820) Finance costsPajak final (13.164.302.705) - - (13.164.302.705) Final taxManfaat (beban) pajak penghasilan 24.634.170.134 (11.936.353.042) - 12.697.817.092 Income tax benefit (expense)

Laba tahun berjalan 268.653.145.763 74.799.314.312 (26.278.324.834) 317.174.135.241 Income for the year

Informasi Lainnya Other InformationAset segmen 2.169.834.793.205 260.255.225.580 (648.029.143.596) 1.782.060.875.189 Segment assetsLiabilitas segmen 1.248.468.784.693 506.705.175.076 (787.778.845.382) 967.395.114.387 Segment liabilitiesPerolehan aset tetap 337.935.818.582 18.325.833.024 - 356.261.651.606 Acquisitions of fixed assetsBeban penyusutan 127.575.033.479 32.994.332.576 321.236.501 160.890.602.556 Depreciation expense

Informasi menurut segmen geografis adalah sebagaiberikut:

Information based on geographical segmentfollows:

a. Pendapatan Jasa a. Service Revenues

Tahun yang berakhirpada tanggal 31 Desember 20 61 /Year ended December 31, 20 61



Pendapatan jasa Service revenuesDalam negeri 1.177.345.970.137 806.156.301.351 (311.597.255.478) 1.671.905.016.010 DomesticLuar negeri - - - - Overseas

Total pendapatan jasa segmen 1.177.345.970.137 806.156.301.351 (311.597.255.478) 1.671.905.016.010 Total segment service revenues




Pendapatan jasa Service revenuesDalam negeri 1.567.377.906.737 383.211.435.220 (229.623.919.646) 1.720.965.422.311 DomesticLuar negeri - - - - Overseas

Total pendapatan jasa segmen 1.567.377.906.737 383.211.435.220 (229.623.919.646) 1.720.965.422.311 Total segment service revenues

















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36. INFORMASI SEGMEN (lanjutan) 36. SEGMENT INFORMATION (continued)

b. Aset b. Assets


2016 2015

Jasa pelayaran ShippingDalam negeri 2.512.706.582.910 2.169.834.793.205 DomesticLuar negeri 545.618.224 - Overseas

Jasa bongkar muat StevedoringDalam negeri 326.879.614.455 259.625.181.147 DomesticLuar negeri - 630.044.433 Overseas

Total 2.840.131.815.589 2.430.090.018.785 TotalEliminasi (374.620.957.811) (648.029.143.596) Elimination

2.465.510.857.778 1.782.060.875.189

37. PERJANJIAN DAN IKATAN PENTING 37. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS

a. Perusahaan menandatangani berbagaiperjanjian, berikut dengan perubahannya,dengan PT Pelabuhan Indonesia (Persero) -(“Pelindo”) I, II, III dan IV, dimana Pelindo setujuuntuk menyediakan jasa pelayanan kapal, jasabarang, sewa alat, peti kemas, jasapenyimpanan, listrik dan sebagainya.Berdasarkan perjanjian tersebut, Perusahaandiharuskan untuk menempatkan sejumlah uangdi dalam rekening tertentu untuk dijadikanjaminan atas pembayaran. Rekening yang digunakan sebagai jaminan tersebut disajikansebagai bagian dari “Aset Keuangan LancarLainnya” (Catatan 7). Sampai dengan tanggalpenyelesaian laporan keuangan konsolidasian,perjanjian tersebut masih berlaku.

a. The Company entered into variousagreements, together with their amendments,with PT Pelabuhan Indonesia (Persero) -(“Pelindo”) I, II, III and IV, whereby Pelindoagreed to provide ship services, service ofgoods, equipment for lease, containers,storage service, electricity and others. Basedon the agreements, the Company is requiredto put some amounts in a certain account tobe used as collateral for the payment of theservices. The account which is used ascollateral is presented as part of “OtherCurrent Financial Assets” (Note 7). As of thecompletion date of the consolidated financialstatements, the agreements are still valid.

b. Pada tanggal 3 Agustus 2016, Perusahaanmemperoleh fasilitas bank garansi dari PT BankMandiri (Persero) Tbk dengan jumlah pagu awalsebesar Rp11.000.000.000 sebagai jaminanpembayaran atas pembelian bahan bakar kapaldan pelumas dari PT Pertamina (Persero) sertaperbaikan mesin dan pembelian suku cadang.Jaminan atas penerbitan bank garansi adalahsetara dengan 5% dari bank garansi yangdigunakan.

b. On Augusut 3, 2016, the Company obtained abank guarantee facility from PT Bank Mandiri(Persero)Tbk with initial limit amounting toRp11,000,000,000 to be used as a guaranteefor the purchase of fuel and lubricant oil fromPT Pertamina (Persero), and machine repairand purchase of spareparts. The securitydeposit for the issuance of a bank guaranteewas equal to 5% of the bank guarantee used.

c. Pada tanggal 1 Juni 2016, Perusahaanmengadakan perjanjian dengan LianyungangWuzhou Shipping Industry Co., Ltd. untukpengadaan kapal WZ-108 berdasarkan kontrakGWS16060103. Nilai kontrak tersebut sebesarCNY23.800.000.

c. On June 1, 2016, the Company madearrangement with Lianyungang WuzhouShipping Industry Co., Ltd. untuk pengadaankapal WZ-108 berdasarkan kontrakGWS16060103. The contract fee isCNY23,800,000.

















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37. PERJANJIAN DAN IKATAN PENTING (lanjutan) 37. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS (continued)

Pada tanggal 1 Juni 2016, Perusahaanmengadakan perjanjian dengan LianyungangWuzhou Shipping Industry Co., Ltd. untukpengadaan kapal WZ-109 berdasarkan kontrakGWS16060104. Nilai kontrak tersebut sebesarCNY23.800.000.

On June 1, 2016, the Company madearrangement with Lianyungang WuzhouShipping Industry Co., Ltd. untuk pengadaankapal WZ-109 berdasarkan kontrakGWS16060104. The contract fee isCNY23,800,000.

38. ASET DAN LIABILITAS KEUANGAN 38. FINANCIAL ASSETS AND LIABILITIES

Tabel berikut menyajikan nilai tercatat, yangmendekati nilai wajar, dari instrumen keuanganKelompok Usaha:

The following table sets out the carrying values,which approximate the fair values, of the Group’sfinancial instruments:


2016 2015

Aset Keuangan Financial AssetsKas dan setara kas 32.967.646.232 24.430.338.156 Cash and cash equivalentsPiutang usaha Trade receivables

Pihak ketiga - neto 134.699.876.942 172.707.435.021 Third parties - netPihak berelasi 1.854.320.785 2.459.400.189 Related party

Piutang lain - lain 3.446.847.962 6.648.655.466 Other receivablesAset keuangan lancar lainnya 870.460.896 913.671.550 Other current financial assets

Total Aset Keuangan 173.839.152.817 207.159.500.382 Total Financial Assets

Liabilitas Keuangan Financial LiabilitiesUtang bank jangka pendek 156.500.000.000 85.800.000.000 Short-term bank loansUtang usaha Trade payables

Pihak ketiga 106.706.790.609 92.529.990.088 Third partiesPihak-pihak berelasi 1.500.700.727 2.775.754 Related parties

Utang lain-lain 161.574.813 535.819.094 Other payablesBeban akrual 10.204.874.599 10.270.705.550 Accrued expensesPinjaman jangka panjang Long-term debts

Utang lain-lain - pihak berelasi 44.000.000.000 59.318.500.000 Other payables - related partyUtang bank 692.570.358.801 321.942.777.537 Bank loans

Loan payable toUtang lembaga keuangan 175.130.261.850 129.994.311.209 financial institutionUtang sewa pembiayaan 56.255.586.099 86.233.685.570 Finance lease liabilities

Obligation underUtang transaksi syariah 241.854.606.232 147.063.074.777 syariah transactionsUtang pembiayaan konsumen 455.424.156 1.116.315.587 Consumer financing payables

Total Liabilitas Keuangan 1.485.340.177.886 934.807.955.166 Total Financial Liabilities

















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38. ASET DAN LIABILITAS KEUANGAN (lanjutan) 38. FINANCIAL ASSETS AND LIABILITIES(continued)

Nilai wajar adalah harga yang akan diterima untukmenjual suatu aset atau harga yang akandibayarkan untuk mengalihkan suatu liabilitasdalam transaksi teratur antara pelaku pasar padatanggal pengukuran. Pengukuran nilai wajardidasarkan pada anggapan bahwa transaksi untukmenjual suatu aset atau mengalihkan suatuliabilitas yang berlangsung pada:• Pasar utama untuk aset atau kewajiban, atau• Dengan tidak adanya pasar utama, di pasar

yang paling menguntungkan untuk aset ataukewajiban.

Pasar utama atau pasar yang palingmenguntungkan harus dapat diakses olehKelompok Usaha.Nilai wajar aset atau kewajiban diukur denganmenggunakan asumsi bahwa pelaku pasar akanmenggunakan ketika harga aset atau kewajiban,dengan asumsi bahwa pelaku pasar bertindakdalam kepentingan terbaik ekonomi mereka.

Fair value is the price that would be received tosell an asset or paid to transfer a liability in anorderly transaction between market participants atthe measurement date. The fair valuemeasurement is based on the presumption that thetransaction to sell the asset or transfer the liabilitytakes place either:

• In the principal market for the asset or liability,or

• In the absence of a principal market, in themost advantageous market for the asset orliability.

The principal or the most advantageous marketmust be accessible to the Group.

The fair value of an asset or a liability is measuredusing the assumptions that market participantswould use when pricing the asset or liability,assuming that market participants act in theireconomic best interest.

Semua aset dan liabilitas yang nilai wajarnya diukuratau diungkapkan dalam laporan keuangandikategorikan dalam hirarki nilai wajar berdasarkaninput terendah yang mempunyai pengaruh yangsignifikan terhadap pengukuran nilai wajar secarakeseluruhan sebagai berikut:• Tingkat 1: Harga kuotasian (tidak disesuaikan)

dalam pasar aktif untuk aset atauliabilitas sejenis.

• Tingkat 2:Teknik-teknik valuasi dimana inputterendah yang mempunyai pengaruhyang signifikan atas nilai wajar yangdapat diobservasi baik secaralangsung maupun tidak langsung.

• Tingkat 3:Teknik-teknik valuasi dimana inputyang terendah mempunyai pengaruhyang signifikan atas nilai wajar yangtidak diobservasi.

All assets and liabilities for which fair value ismeasured or disclosed in the financial statementsare categorized within the fair value hierarchydescribed as follows, based on the lowest levelinput that is significant to the fair valuemeasurement as a whole:• Level 1:Quoted (unadjusted) market prices in

active markets for identical assets orliabilites.

• Level 2:Valuation techniques for which thelowest level input that is significant tothe fair value measurement is directlyor indirectly observable.

• Level 3:Valuation techniques for which thelowest level input that is significant tothe fair value measurement isunobservable

















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38. ASET DAN LIABILITAS KEUANGAN (lanjutan) 38. FINANCIAL ASSETS AND LIABILITIES(continued)

Semua instrumen keuangan yang disajikan di dalamlaporan posisi keuangan konsolidasian dicatat padabiaya perolehan diamortisasi. Metode-metode danasumsi-asumsi di bawah ini digunakan untukmengestimasi nilai wajar untuk masing-masing kelasinstrumen keuangan:

All financial instruments presented in theconsolidated statement of financial position arecarried at amortized cost. The following methodsand assumptions were used to estimate the fairvalue of each class of financial instruments:

a. Aset keuangan lancar dan liabilitas keuanganjangka pendek

Nilai wajar aset keuangan lancar dan liabilitaskeuangan jangka pendek yang akan jatuhtempo dalam waktu satu tahun atau kurangdiasumsikan sama dengan nilai tercatatnyakarena bersifat jangka pendek.

b. Aset keuangan tidak lancar dan liabilitaskeuangan jangka panjang

Nilai wajar dari aset keuangan tidak lancar danliabilitas keuangan jangka panjang selainkewajiban sewa pembiayaan diasumsikan samadengan nilai tunai yang akan diterima ataudibayarkan karena saat jatuh temponya tidakdinyatakan dalam kontrak-kontrak terkait,sehingga tidak memungkinkan untukmenentukan kapan aset keuangan dan liabilitaskeuangan jangka panjang tersebut akandirealisasi dan dilunasi. Estimasi nilai wajar dariutang sewa pembiayaan didasarkan pada nilaidiskonto dari arus kas masa datang yangdisesuaikan untuk mencerminkan risiko kreditKelompok Usaha dan menggunakan sukubunga bebas risiko untuk instrumen yangserupa.

a. Short-term financial assets and liabilities

The fair values of current financial assets andliabilities with maturities of one year or less areassumed to be the same as their carryingamounts due to their short-term nature.

b. Non-current financial assets and liabilities

The fair values of non-current financial assetsand liabilities other than obligations underfinance lease are assumed to be the same asthe cash amount that will be received or paiddue to the fact that their maturities are notstated in the related contracts, therefore it isnot possible to determine when the financialassets and financial liabilities will be realizedand settled, respectively. The estimated fairvalue of obligations under finance lease isbased on discounted value of future cash flowsadjusted to reflect the Group’s own credit riskand using risk-free rates for similar instruments.

















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39. TUJUAN DAN KEBIJAKAN MANAJEMEN RISIKOKEUANGAN

39. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES

Risiko utama dari instrumen keuangan KelompokUsaha adalah risiko tingkat suku bunga, risiko matauang asing, risiko kredit, risiko likuiditas, dan risikoharga komoditas. Direksi menelaah dan menyetujuikebijakan untuk mengelola masing-masing risiko,sebagaimana dijelaskan secara rinci sebagaiberikut:

The main risks arising from the Group’s financialinstruments are interest rate risk, foreign currencyrisk, credit risk, liquidity risk, and commodity pricerisk. The Board of Directors reviews and approvesthe policies for managing each of these risks,which are described in more detail as follows:

Manajemen risiko Risk management

a. Risiko tingkat suku bunga a. Interest rate risk

Risiko tingkat suku bunga Kelompok Usahaterutama timbul dari pinjaman untuk tujuanmodal kerja dan investasi. Saat ini, KelompokUsaha tidak mempunyai kebijakan formallindung nilai atas risiko tingkat suku bunga.

The Group’s interest rate risk mainly arisesfrom loans for working capital and investmentpurposes. Currently, the Group does not havea formal hedging policy for interest rateexposures.

Untuk kredit modal kerja dan kredit investasi,Kelompok Usaha berusaha mengurangi risikotingkat suku bunganya dengan cara selalumelakukan pengawasan terhadap tingkat sukubunga yang berlaku di pasar.

For working capital and investment loans, theGroup may seek to mitigate its interest rate riskby continuously monitoring the interest rates inthe market.

Pada tanggal 31 Desember 2016, jika tingkatsuku bunga pinjaman lebih tinggi/lebih rendahsebesar 50 basis poin dengan semua variabelkonstan, laba sebelum pajak penghasilan untuktahun yang berakhir pada tanggal 31 Desember2016 akan lebih rendah/tinggi sebesar Rp454juta terutama sebagai akibat lebih tinggi/lebihrendah biaya bunga atas pinjaman dengantingkat bunga mengambang.

As at December 31, 2016, had the interestrates of the loans and borrowings been 50basis points higher/lower with all othervariables held constant, income before incometax for the year ended December 31, 2016would have been Rp454 million lower/higher,mainly as a result of higher/lower interestcharge on the loans and borrowings withfloating interest rates.

b. Risiko mata uang asing b. Foreign currency risk

Mata uang pelaporan Kelompok Usaha adalahrupiah. Kelompok Usaha menghadapi risiko nilaitukar mata uang asing karena biaya daribeberapa pembelian utamanya dalam matauang asing, seperti dolar Amerika Serikat, euroEropa, dolar Singapura dan yen Jepang. Apabilapembelian Kelompok Usaha di dalam mata uangselain rupiah, dan tidak seimbang dalam halkuantitas/jumlah dan/atau pemilihan waktu,Kelompok Usaha harus menghadapi risiko matauang asing.

The Group’s reporting currency is the rupiah.The Group faces foreign exchange risk as thecosts of certain key purchases aredenominated in foreign currencies, such asU.S. dollar, European euro, Singapore dollar,and Japanese yen. To the extent that thepurchases of the Group are denominated incurrencies other than the rupiah, and are notevenly matched in terms of quantity/volumeand/or timing, the Group has exposure toforeign currency risk.

Kelompok Usaha tidak mempunyai kebijakanlindung nilai yang formal untuk laju pertukaranmata uang asing. Namun demikian, Perusahaanmenjaga transaksi dan saldo mata uang asingpada level minimal untuk meminimalkan risikomata uang asing.

The Group does not have any formal hedgingpolicy for foreign exchange exposure.However, the Company maintains transactionsand balances in foreign currencies at aminimum level in order to minimize foreigncurrency risk exposure.

















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39. TUJUAN DAN KEBIJAKAN MANAJEMEN RISIKOKEUANGAN (lanjutan)

39. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)

Manajemen risiko (lanjutan) Risk management (continued)

b. Risiko mata uang asing (lanjutan) b. Foreign currency risk (continued)

Pada tanggal 31 Desember 2016, jika nilaitukar rupiah terhadap dolar ASmelemah/menguat sebanyak 10% dengansemua variabel konstan, laba sebelum pajakpenghasilan untuk tahun yang berakhir padatanggal 31 Desember 2016 akan lebihrendah/tinggi sebesar Rp26,5 milyar, terutamasebagai akibat kerugian/keuntunganpenjabaran mata uang atas liabilitas neto dalamdolar AS.

As of December 31, 2016, had the exchangerate of the rupiah against the U.S. dollardepreciated/appreciated by 10%, with all othervariables held constant, income before incometax for the year ended December 31, 2016would have been Rp26.5 billion lower/higher,mainly as a result of foreign exchangelosses/gains on the translation of the netliabilities denominated in U.S. dollar.

c. Risiko kredit c. Credit risk

Risiko kredit yang dihadapi oleh KelompokUsaha berasal dari kredit yang diberikankepada pelanggan dan penempatan depositodi bank.

The Group is exposed to credit risk arising fromthe credit granted to its customers and depositsplaced in banks.

Untuk mengurangi risiko ini, Kelompok Usahamemiliki kebijakan untuk memastikan bahwaseluruh jasa hanya diberikan kepadapelanggan yang dapat dipercaya dan terbuktimempunyai catatan kredit yang baik. Inimerupakan kebijakan Kelompok Usahadimana semua pelanggan yang akanmelakukan transaksi secara kredit harusmelalui prosedur verifikasi kredit.

To mitigate this risk, the Group has policies inplace to ensure that all services provided aremade only to creditworthy customers withproven track record or good credit history. It isthe Group’s policy that all customers who wishto trade on credit are subject to creditverification procedures.

Sebagai tambahan, saldo piutang usahadipantau secara terus menerus untukmengurangi kemungkinan piutang yang tidaktertagih.

In addition, trade receivable balances aremonitored on an ongoing basis to reduce theexposure to bad debts.

Ketika pelanggan tidak mampu melakukanpembayaran dalam jangka waktu yangtelah diberikan, Kelompok Usahaakan menghubungi pelanggan untukmenindaklanjuti piutang yang telah lewat jatuhtempo. Jika pelanggan tidak melunasi piutangyang telah jatuh tempo dalam jangka waktuyang telah ditentukan, Kelompok Usaha akanmenindaklanjuti melalui jalur hukum.Tergantung pada penilaian Kelompok Usaha,penyisihan khusus mungkin dibuat jika utangdianggap tidak tertagih. Untuk mengurangirisiko kredit, Kelompok Usaha akanmenghentikan seluruh pelayanan jasa kepadapelanggan jika terjadi keterlambatan dan/ataugagal bayar.

When a customer fails to make paymentwithin the credit term granted, the Groupcontacts the customer to act on the overduereceivable. If the customer does not settle theoverdue receivable within a reasonable time,the Group proceeds to commence legalproceedings. Depending on the Group’sassessment, specific provisions may be madeif the debt is deemed uncollectible. To mitigatecredit risk, the Group ceases to provideservices to the customer in the event of latepayment and/or default.

















88




c. Risiko kredit (lanjutan) c. Credit risk (continued)

Untuk mengurangi risiko gagal bayar Bankatas penempatan deposito, Kelompok Usahamemiliki kebijakan hanya akan menempatkandeposito pada bank yang memiliki reputasiyang baik.

To mitigate the default risk of banks on theGroup’s deposits, the Group has policies toplace its funds only in banks with goodreputation.

Tabel di bawah ini menunjukkan risiko kreditmaksimum untuk komponen-komponen darilaporan posisi keuangan konsolidasian.

The table below shows the maximumexposure to credit risk on the components ofthe consolidated statement of financialposition.

MaximumExposure -

Bruto/Gross (1)

Pinjaman yang diberikan danpiutang: Loans and receivables:

Kas dan setara kas 32.967.646.232 Cash and cash equivalentsPiutang usaha Trade receivables

Pihak ketiga - neto 134.699.876.942 Third parties - netPihak berelasi 1.854.320.785 Related party

Piutang lain-lain 3.446.847.962 Other receivablesAset keuangan lancar lainnya 870.460.896 Other current financial assets

Total 173.839.152.817 Total

(1) Kelompok Usaha tidak memiliki agunan yangditahan maupun perjanjian saling hapusdengan debitur.

(1) The Group does not hold any collateral nordoes it have any offsetting arrangements withits debtors.

d. Risiko likuiditas d. Liquidity risk

Kelompok Usaha mengelola profil likuiditasnyauntuk dapat mendanai pengeluaran modalnyadan membayar utang yang jatuh tempodengan menjaga kecukupan kas, danketersediaan pendanaan melalui jumlahfasilitas kredit berkomitmen yang cukup.

The Group manages its liquidity profile to beable to finance its capital expenditure andservice its maturing debts by maintainingsufficient cash, and the availability of fundingthrough an adequate amount of committedcredit facilities.

Kelompok Usaha secara rutin mengevaluasiproyeksi arus kas dan arus kas aktual danterus menerus menjaga kestabilan haripembayaran utang dan penerimaanpiutangnya.

The Group regularly evaluates its projectedand actual cash flow information andcontinuously maintains its payables andreceivables days’ stability.

Tabel di bawah ini merupakan jadwal jatuhtempo liabilitas keuangan Kelompok Usahaberdasarkan pembayaran kontraktual semulayang tidak didiskontokan:

The table below summarizes the maturityprofile of the Group’s financial liabilities basedon original contractual undiscounted amountsto be paid:

















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d. Risiko likuiditas (lanjutan) d. Liquidity risk (continued)Nilai tercatat

Biaya transaksi pada tanggal/Kurang dari/ Lebih dari/ atas utang/ Carrying value

Below Over Debt issuance as of 31 Desember/1 tahun/year 1-2 tahun/years 2-3 tahun/years 3-5 tahun/years 5 tahun/years cost December 31, 2016

(excluding fair value)

Utang bank jangka pendek/Short-termbank loans 156.500.000.000 - - - - - 156.500.000.000

Utang usaha/Trade payables 108.207.491.336 - - - - - 108.207.491.336

Utang lain-lain/Other payables 161.574.813 - - - - - 161.574.813

Beban akrual/Accruedexpenses 10.204.874.599 - - - - - 10.204.874.599

Pinjaman jangka panjang/Long-term debtsUtang bank/Bank loans 183.798.741.082 161.401.994.141 129.298.474.141 199.340.281.610 23.460.600.000 (2.414.626.166) 694.885.464.808Utang lembaga keuangan/Loan payable

to financial institution 47.391.160.528 43.899.200.742 44.200.690.638 39.639.209.942 - - 175.130.261.850Utang transaksi syariah/Obligation

under syariah transactions 55.114.084.724 47.507.516.923 41.743.201.698 42.570.890.193 60.855.207.238 (449.931.059) 247.340.969.717Utang lain-lain - pihak berelasi PT Temas

Lestari/Other payables - related partyPT Temas Lestari 44.000.000.000 - - - - - 44.000.000.000

Utang sewa pembiayaan/Financelease liabilities 30.616.151.773 25.639.434.326 - - - - 56.255.586.099

Utang pembiayaan konsumen/Consumerfinancing payables 455.424.156 - - - - - 455.424.156

Total 636.449.503.011 278.448.146.132 215.242.366.477 281.550.381.745 84.315.807.238 (2.864.557.225) 1.493.141.647.378

e. Risiko harga komoditas

Dampak risiko harga komoditas yangdihadapi Kelompok Usaha terutamasehubungan dengan pembelian bahanbakar. Harga bahan bakar tersebut secaralangsung dipengaruhi oleh fluktuasi hargakomoditas serta tingkat permintaan danpenawaran di pasar.

e. Commodity price risk

The Group’s exposure to commodity price riskrelates primarily to the purchase of fuel. Theprices of fuel are directly affected by commodityprice fluctuations and the level of demand andsupply in the market.

Kebijakan Kelompok Usaha untukmeminimalkan risiko yang berasal darifluktuasi harga komoditas adalah denganmenjaga tingkat persediaan bahan bakarsecara optimal untuk meyakinkan operasiyang berkelanjutan.

The Group’s policy is to minimize the riskarising from the fluctuations in commodityprices by maintaining the optimum inventorylevel of fuel to ensure continuous operations.

Selain itu, Kelompok Usaha jugamengurangi risiko ini dengan selalumelakukan pembandingan harga daribeberapa pemasok untuk mendapatkanharga yang paling menguntungkan.

In addition, the Group may seek to mitigate itsrisk by doing price comparison from severalsuppliers to get the most favorable price.

















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Pengelolaan modal Capital management

Kelompok Usaha bertujuan mencapaistruktur modal yang optimal untuk memenuhitujuan usaha, di antaranya denganmempertahankan rasio modal yang sehat,dan maksimalisasi nilai pemegang saham.

The Group aims to achieve an optimal capitalstructure in pursuit of its business objectives,which include maintaining healthy capital ratiosand maximizing stockholder value.

Beberapa instrumen utang bank Perusahaanmemiliki persyaratan rasio keuanganmaksimum yang harus dipenuhi. Sebagaitambahan, Perusahaan telah memenuhisemua persyaratan modal yang ditetapkanoleh pihak kreditur bank.

Some of the Company’s debt instrumentscontain covenants that impose maximumleverage ratios. In addition, the Company hascomplied with all capital requirements by bankcreditors.

Ekuitas yang dapat diatribusikan kepadapemilik entitas induk merupakan modal yangdikelola oleh Kelompok Usaha. Tujuanutama pengelolaan modal Kelompok Usahaadalah untuk memastikan pemeliharaanrasio modal yang sehat untuk mendukungusaha dan memaksimalkan nilai pemegangsaham.

The equity attributable to the equity holders ofthe parent is the capital managed by the Group.The primary objective of the Group’s capitalmanagement is to ensure that it maintainshealthy capital ratios in order to support itsbusiness and maximize shareholder value.

Kelompok Usaha mengelola strukturpermodalan dan melakukan penyesuaian,berdasarkan perubahan kondisi ekonomi.

The Group manages its capital structure andmakes adjustments to it, in light of changes ineconomic conditions.

Kelompok Usaha memiliki aset dan liabilitasdalam mata uang asing. Aset dan liabilitas dalammata uang asing disajikan dengan kurs yangberlaku pada tanggal 31 Desember 2016 adalahsebagai berikut:

The Group has assets and liabilities denominated inforeign currencies. These foreign currency-denominated assets and liabilities are presentedusing exchange rates as of December 31, 2016 asfollows:

31 Desember 2016/December 31, 2016Setara dengan

Mata Uang Asing/ Rupiah/Foreign Equivalent

Currencies in RupiahAset AssetsKas dan setara kas US$ 30.579 410.853.913 Cash and cash equivalents

Sin$ 4.908 57.435.983CNY 29.654 45.634.662

Piutang usaha-pihak ketiga US$ 19.573 262.978.797 Trade receivables - third partiesPiutang lain-lain US$ 119.850 1.610.304.600 Other receivablesTotal aset 2.387.207.955 Total assets

40. ASET DAN LIABILITAS DALAM MATA UANGASING

40. ASSET AND LIABILITIES IN FOREIGNCURRENCIES

















91

31 Desember 2016/December 31, 2016Setara dengan

Mata Uang Asing/ Rupiah/Foreign Equivalent

Currencies in RupiahLiabilitas LiabilitiesUtang usaha kepada pihak ketiga US$ 2.248.740 30.214.069.028 Trade payables to third parties

EUR 223.921 3.171.070.987SIN$ 125.118 1.163.465.713JPY 6.308.730 728.027.442CNY 86.909 168.330.934GBP 2.500 41.268.775DKK 4.080 7.773.624HKD 3.974 6.884.836SEK 1.124 1.662.610

Beban akrual US$ 2.163 290.526.818 Accrued expensesPinjaman jangka panjang Long-term debts

Utang lembaga keuangan US$ 13.034.268 175.128.428.980 Loan payable to financial institutionUtang sewa pembiayaan US$ 4.186.930 56.255.590.800 Finance lease liabilities

Total liabilitas 267.177.100.547 Total liabilities

Liabilitas neto 264.789.892.592 Net liabilities

Sebagaimana disajikan pada tabel di bawah ini,nilai mata uang rupiah telah mengalami perubahanberdasarkan kurs tengah yang ditetapkan olehBank Indonesia:

The rupiah currency has changed in value basedon the middle rates of exchange published by BankIndonesia as shown below:

29 Maret 2017/Mata Uang Asing March 29, 2017 Foreign Currencies

Poundsterling Inggris (GBP1) 16.543 England pounds (GBP1)Euro (EUR1) 14.417 Euro (EUR1)Dolar A.S. (US$1) 13.323 U.S. dollar (US$1)Dolar Singapura (SIN$1) 9.532 Singapore dollar (SIN$1)Kroner Denmark (DKK1) 1.938 Denmark krone (DKK1)Yuan Tiongkok (CNY1) 1.933 Chinese yuan (CNY1)Dolar Hongkong (HKD1) 1.715 Hongkong dollar (HKD1)Kroner Swedia (SEK1) 1.509 Sweden krone (SEK1)Yen Jepang (JPY1) 120 Japan yen (JPY1)

Jika aset dan kewajiban dalam mata uang asingpada tanggal 31 Desember 2016 disajikan denganmenggunakan kurs tengah pada tanggal 29 Maret2017, maka liabilitas neto dalam mata uang asing,sebagaimana yang disajikan di atas, akan turunsekitar Rp2.329.737.692 dalam mata uang rupiah.

Had the assets and liabilities denominated inforeign currencies as of December 31, 2016 beenreflected using the above middle rates of exchangeas of March 29, 2017, the net foreign currencydenominated liabilities, as presented above,would have decreased by approximatelyRp2,329,737,692 in terms of rupiah.

a. Pada tanggal 19 November 2011, Perusahaantelah menyampaikan gugatan kepadaPT Multi Diesel Services (“MDS”) melaluiPengadilan Negeri Cibinong denganNo. 24/XI/PMH/LG/11 sehubungan denganperbuatan melawan hukum yang dilakukan olehMDS selama perbaikan kapal KM Bahar Masyang dilakukan pada tahun 2010.

a. On November 19, 2011, the Company filed aclaim against PT Multi Diesel Service(“MDS”) in the District Court of Cibinongunder caseNo. 24/XI/PMH/LG/11 in relation to an actagainst the law committed by MDS during therepair of MV Bahar Mas in 2010.

40. ASET DAN LIABILITAS DALAM MATA UANGASING (lanjutan)

40. ASSET AND LIABILITIES IN FOREIGNCURRENCIES (continued)

41. LIABILITAS KONTINJENSI DAN LITIGASI 41. CONTINGENT LIABILITIES AND LITIGATION

















92

Pihak MDS dinyatakan telah lalai dalammenyelesaikan pekerjaan tidak tepat waktu danhasil pengerjaan tidak sesuai dengankesepakatan dalam kontrak perjanjian antarakedua belah pihak. Akibat dari kelalaian MDStersebut, Perusahaan telah mengalamikerugian baik material maupun immaterialdengan jumlah estimasi nilai sebesarRp523.953.460 ditambah dengan US$822.232dan EUR69.484.

MDS has been declared as negligent for notcompleting the job order in a timely mannerand the work done was not in accordancewith the contract agreement between bothparties. Due to the neglect of MDS, theCompany has suffered both material andimmaterial losses amounting toRp523,953,460 plus US$822,232 andEUR69,484.

Pada tanggal 18 Juli 2012, Pengadilan NegeriCibinong telah mengeluarkan putusansehubungan dengan gugatan tersebut danmemutuskan memenangkan sebagian daripembelaan MDS.

On July 18, 2012, the District Court issued adecision regarding the above claim anddecided in favor of MDS with respect tocertain claims.

Perusahaan memutuskan untuk melakukanbanding keputusan Pengadilan pada tanggal31 Juli 2012 ke Pengadilan Tinggi Bandungdengan No. 590/Pdt/2012/PT.Bdg.

The Company appealed the Court’sdecision on July 31, 2012 to the HighCourt of Bandung under caseNo. 590/Pdt/2012/PT.Bdg.

Pada tanggal 7 Januari 2013 melalui putusanNo. 590/Pdt.2012/PT.Bdg, Pengadilan TinggiBandung memutuskan untuk membatalkanputusan Pengadilan Negeri Cibinong di atas,dan mengadili untuk mengabulkan gugatanPerusahaan untuk sebagian dan menghukumMDS untuk membayar kerugian materiil yangdiderita oleh Perusahaan sebesarRp523.953.460, US$822.232 dan EUR69.484.

On January 7, 2013 by its decision No.590/Pdt.2012/PT.Bdg, the High Court ofBandung decided to annul the decision of theDistrict Court of Cibinong above, and ruled tofavor the Company for the most part andpunish MDS to pay material damagessuffered by the Company amounting toRp523,953,460, US$822,232 andEUR69,484.

Atas keputusan Pengadilan Tinggi Bandungtersebut, MDS telah mengajukan permohonankasasi ke Mahkamah Agung padatanggal 12 Juli 2013 denganNo.590/Pdt/2012/PT.Bdg.Jo.No.180/Pdt/2011/PN.CBN.

Upon the decision of the Bandung HighCourt, MDS filed an appeal on July 12, 2013to the Supreme Court under case No.590/Pdt/2012/PT.Bdg.Jo.No.180/Pdt/2011/PN.CBN.

Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian, Perusahaan masihmenunggu hasil permohonan kasasi dariMahkamah Agung dan belum mencatat nilaigugatan dalam laporan keuangankonsolidasian.

Until the date of completion of theconsolidated financial statements, theCompany is still waiting for the result of theappeal from the Supreme Court and has notrecorded the claim in the consolidatedfinancial statements.

41. LIABILITAS KONTINJENSI DAN LITIGASI(lanjutan)

41. CONTINGENT LIABILITIES AND LITIGATION(continued)

















93

b. Pada tahun 2013, Perusahaan melakukanperjanjian pengoperan pemanfaatan lahan TNIAL dengan PT Senopati Samudera Perkasa(SSP). Pada tahun 2014, pihak TNI ALmengeluarkan surat pemberitahuan kepadaPerusahaan, bahwa Perusahaan tidak bisamemanfaatkan lahan tersebut sesuai denganperjanjiannya dengan pihak SSP. Merasadirugikan, Perusahaan melaporkan SSP atasdugaan tindak pidana penipuan danpenggelapan atas lahan. Penyidik telahmenetapkan Setyo Hartono, komisaris SSP,sebagai tersangka dalam kasus ini.

b. In 2013, the Company entered into anagreement with PT Senopati SamuderaPerkasa (SSP) to operate TNI AL lands. In2014, TNI AL issued a notice to theCompany, that the Company cannot use theland in accordance with its agreement withSSP. The Company reported SSP ongrounds of criminal fraud and embezzlementover the land. The investigators haveestablished Setyo Hartono, a commissione ofSSP, as a suspect in this case.

Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian, kasus ini masih dalamproses persidangan di Pengadilan NegeriSurabaya.

Until the date of completion of theconsolidated financial statements, this caseis still under trial in the Court of Surabaya.

42. INFORMASI TAMBAHAN ARUS KAS 42. SUPPLEMENTARY CASH FLOWINFORMATION

Aktivitas yang tidak mempengaruhi arus kas: Non-cash activities:

Tahun yang Berakhirpada Tanggal 31 Desember/Year Ended December 31,


Penambahan aset Additions to fixedtetap dengan mengkredit: assets credited to:

Utang lembaga keuangan 91.187.548.583 19 100.791.011.673 financial institutionUtang usaha 163.665.057 11 6.777.077.050 Trade payables

Loan payable toUtang bank jangka panjang - 19 180.000.000.000 Long-term bank loans

Kapitalisasi beban keuangan ke Capitalization financing costaset tetap - 11 7.210.180.556 to fixed assets

41. LIABILITAS KONTINJENSI DAN LITIGASI(lanjutan)

41. CONTINGENT LIABILITIES AND LITIGATION(continued)

















94

43. STANDAR AKUNTANSI YANG TELAHDISAHKAN NAMUN BELUM BERLAKU EFEKTIF

43. ACCOUNTING STANDARDS ISSUED BUT NOTYET EFFECTIVE

Standar akuntansi dan interpretasi yang telahdisahkan oleh Dewan Standar Akuntansi Keuangan(DSAK), tetapi belum berlaku efektif untuk laporankeuangan konsolidasian tahun berjalan diungkapandibawah ini. Kelompok Usaha bermaksud untukmenerapkan standar tersebut, jika dipandangrelevan, saat telah menjadi efektif.

The standards and intepretations that are issued bythe Indonesian Financial Accounting StandardsBoard (DSAK), but not yet effective for currentconsolidated financial statements are disclosedbelow. The Group intends to adopt thesestandards, if applicable, when they becomeeffective.

Berlaku efektif 1 Januari 2017: Effective on January 1, 2017:

a. Amandemen PSAK 1: Penyajian LaporanKeuangan tentang Prakarsa Pengungkapan,berlaku efektif 1 Januari 2017. Amandemen inimengklarifikasi, bukan mengubah secarasignifikan, persyaratan PSAK 1, antara lain,mengklarifikasi mengenai materialitas,fleksibilitas urutan sistematis penyajian catatanatas laporan keuangan dan pengidentifikasiankebijakan akuntansi signifikan.

a. Amendments to PSAK 1: Presentation ofFinancial Statements on Disclosures Initiative,effective January 1, 2017. These amendmentsclarify, rather than significantly change,existing PSAK 1 requirements, among others,to clarify the materiality, flexibility as to theorder in which they present the notes tofinancial statements and identification ofsignificant accounting policies.

b. PSAK 3 (Penyesuaian 2016): LaporanKeuangan Interim, berlaku efektif 1 Januari2017 dengan penerapan dini diperkenankan.Penyesuaian ini mengklarifikasi bahwapengungkapan interim yang dipersyaratkanharus dicantumkan dalam laporan keuanganinterim atau melalui referensi silang darilaporan keuangan interim seperti komentarmanajemen atau laporan risiko yang tersediauntuk pengguna laporan keuangan interim danpada saat yang sama.

b. PSAK 3 (2016 Improvement): Interim FinancialReporting, effective January 1, 2017 withearlier application is permitted. Thisimprovement clarifies that the interimdisclosures required should be included in theinterim financial statements or through cross-references of the interim financial statements,such as management commentary or riskmanagement report, that available to users ofthe interim financial statements and should atthe same time.

c. PSAK 24 (Penyesuaian 2016): Imbalan Kerja,berlaku efektif 1 Januari 2017 denganpenerapan dini diperkenankan. Penyesuaianini mengklarifikasi bahwa pasar obligasikorporasi berkualitas tinggi dinilai berdasarkandenominasi mata uang obligasi tersebut danbukan berdasarkan negara di mana obligasitersebut berada.

c. PSAK 24 (2016 Improvement): EmployeeBenefits, effective January 1, 2017 with earlierapplication is permitted. This improvementclarifies that the market of high qualitycorporate bonds is valued by denominatedbonds and not based on the country in whichthe bonds are.

d. PSAK 58 (Penyesuaian 2016): Aset TidakLancar yang Dimiliki Untuk Dijual dan Operasiyang Dihentikan, berlaku efektif 1 Januari 2017dengan penerapan dini diperkenankan.Penyesuaian ini mengklarifikasi bahwaperubahan dari satu metode pelepasan kemetode pelepasan lainnya dianggap sebagairencana awal yang berkelanjutan dan bukansebagai rencana pelepasan baru.Penyesuaian ini juga mengklarifikasi bahwaperubahan metode pelepasan ini tidakmengubah tanggal klasifikasi sebagai asetatau kelompok lepasan.

d. PSAK 58 (2016 Improvement): Non-CurrentAssets, Held for Sale and DiscontinuedOperation, effective January 1, 2017 withearlier application is permitted. Thisimprovement clarifies that a change from onedisposal method to the other disposal methodsare considered as the beginning of asustainable plan and not as a new disposalplan. This improvement also clarifies that thechange in the disposal method does notchange the date of classification as an asset ordisposal group.

















95

43. STANDAR AKUNTANSI YANG TELAHDISAHKAN NAMUN BELUM BERLAKU EFEKTIF(lanjutan)

43. ACCOUNTING STANDARDS ISSUED BUT NOTYET EFFECTIVE (continued)

Berlaku efektif 1 Januari 2017: (lanjutan) Effective on January 1, 2017: (continued)

e. PSAK 60 (Penyesuaian 2016): InstrumenKeuangan: Pengungkapan, berlaku efektif1 Januari 2017 dengan penerapan dinidiperkenankan. Penyesuaian inimengklarifikasi bahwa entitas harus menilaisifat dari imbalan kontrak jasa untukmenentukan apakah entitas memilikiketerlibatan berkelanjutan dalam asetkeuangan dan apakah persyaratanpengungkapan terkait keterlibatanberkelanjutan terpenuhi.

e. PSAK 60 (2016 Improvement): FinancialInstruments, effective January 1, 2017 withearlier application is permitted. Thisimprovement clarifies that an entity mustassess the nature of the service contractbenefits to determine whether the entity has acontinuing involvement in financial assets andwhether the disclosure requirements related tothe continuing involvement are met.

Berlaku efektif 1 Januari 2018: Effective on January 1, 2018:

f. Amandemen PSAK 2: Laporan Arus Kastentang Prakarsa Pengungkapan, berlakuefektif 1 Januari 2018 dengan penerapan dinidiperkenankan. Amandemen ini mensyaratkanentitas untuk menyediakan pengungkapanyang memungkinkan pengguna laporankeuangan untuk mengevaluasi perubahanpada liabilitas yang timbul dari aktivitaspendanaan, termasuk perubahan yang timbuldari arus kas maupun perubahan non-kas.

f. Amendments to PSAK 2: Statement of CashFlows on the Disclosures Initiative, effectiveJanuary 1, 2018 with earlier application ispermitted. These amendments require entitiesto provide disclosures that enable the financialstatements users to evaluate the changes inliabilities arising from financing activities,including changes from cash flow and non-cash.

g. Amandemen PSAK 46: Pajak Penghasilantentang Pengakuan Aset Pajak Tangguhanuntuk Rugi yang Belum Direalisasi, berlakuefektif 1 Januari 2018 dengan penerapan dinidiperkenankan. Amandemen inimengklarifikasi bahwa untuk menentukanapakah laba kena pajak akan tersediasehingga perbedaan temporer yang dapatdikurangkan dapat dimanfaatkan, estimasiatas kemungkinan besar laba kena pajakmasa depan dapat mencakup pemulihanbeberapa aset entitas melebihi jumlahtercatatnya.

g. Amendments to PSAK 46: Income Taxes onthe Recognition of Deferred Tax Assets forUnrealized Losses, effective January 1, 2018with earlier application is permitted. Theseamendments clarify that to determine whetherthe taxable income will be available so that thedeductible temporary differences can beutilized, estimates of the most likely futuretaxable income can include recovery of certainassets of the entity exceeds its carryingamount.

Kelompok Usaha sedang mengevaluasi dampakdari standar akuntansi tersebut dan belummenentukan dampaknya terhadap laporankeuangan konsolidasian.

The Group is presently evaluating and has not yetdetermined the effects of these accountingstandards on its financial statements.








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