pt indah prakasa sentosa tbk -...

TRUE POWERTO BE A LEADER

Annual Report 2017

PT INDAH PRAKASA SENTOSA Tbk

PT INDAH PRAKASA SENTOSA TbkJl. Plumpang Semper No.24 RT. 012 RW. 002,

Kel. Tugu Utara, Kec. Koja, Jakarta Utara 14260Phone: (62-21) 436 1876, 436 1877, Fax: (62-21) 436 1878

Kantor Pusat:Jl. Sunter Garden Raya, Blok D8. No. 3G-3H, Jakarta Utara 14350Phone +62.21.658 37620, 658 37621, Faximile +62.21.658 37838

E mail : [email protected] : http://www.inprasegroup.co.id/

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Semut adalah mahluk hidup yang dikenal dengan perilakunya yang ulet, pekerja keras serta selalu kerjasama, seperti para INPRASIERs* yang memiliki perilaku ulet, pekerja keras dan selalu bekerjasama dalam mencapai tujuan.

Ants are living creatures known for their tough behavior, hardworking and always team work, like the INPRASIERs * who have a tough, hardworking and always team work in achieving goals.

ANNUAL REPORT | 2017 1


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1-4.DaftarIsi Table of Contents7. SanggahanDanBatasanTanggungJawab Disclaimer And Limitation Of Liability8. PenjelasanTema Theme Explanation10. Visi,MisiDanNilai-NilaiPerusahaan Corporate Vision, Mission, And Values12. Nilai-NilaiPerusahaan Corporate Values16. PenghargaanDanSertifikasi Awards And Certification18. PeristiwaPenting2017 Event Highlights In 2017

Laporan ManajemenManagement Report26. LaporanDewanKomisaris Board Of Commissioners’ Report31. LaporanDireksi Board Of Directors’ Report

Daftar IsiTable of Contents

Profil PerusahaanCompany Profile42. IdentitasPerusahaan Company’s Identity44. SekilasPerusahaan Company at a Glance45. JejakLangkah Milestones46. BidangUsahaPerusahaan Company Business Segments48. StrukturOrganisasi Organization Structure49. ProfilDewanKomisaris Board Of Commissioners’ Profile50. ProfilDireksi Board Of Directors’ Profile52. EntitasAnakPerusahaan Subsidiaries Entities58. StrukturGrupPerusahaan Corporate Group Structure58. KomposisiPemegangSaham Shareholder Composition58. KronologisPencatatanSaham Share Listing Chronology59. AlamatPerseroan,AnakPerusahaan,

KantorCabang,danKantorPerwakilan Company Address, subsidiary, Branch Office,

and Representative Office

41

LAPORAN TAHUNAN 20172


Kilas Kinerja 2017Performance Overview 2017128. IkhtisarKeuanganPenting Financial Highlights136. IkhtisarSaham Share Highlights

Fungsi Penunjang BisnisBusiness Support Functions140. SumberDayaManusia Human Capital148. TeknologiInformasi Information Technology

Tata Kelola PerusahaanGood Corporate Governance156. TataKelolaPerusahaan Corporate Governance156. DasarAcuanImplementasi Implementation Basis157. PrinsipTataKelola Corporate Governance Principles158. Kewajarandankesetaraan Fairness and Equality158. TujuanPenerapanGCG Purpose of GCG Implementation

Analisis Dan Pembahasan ManajemenManagement Discussion And Analysis62. TinjauanBisnis Business Review70. TinjauanOperasi Operation Highlight90. AnalisaEksternal&Internal External & Internal analysis95. AnalisaSWOT SWOT Analysis

Strategi KorporasiCorporate Strategy112. FaktorKunciSukses Key Success Factor112. KeunggulanKompetitif Competitive Advantage114. ProsesBisnisTingkatTinggi High Level Business Process115. StrategiBisnis Business Strategy116. IndikatorKinerjaKunci Key Performace Indicators (KPI)116. PetaStrategis Strategic Map116. MilestonePengembanganBisnis Milestone Business Development117. PetaJalanStrategis Strategic Road Map119. SasaranDanStrategiBisnisPerseroan Business Targets And Strategies Of The

Company

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127

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158. PenerapanPrinsipTataKelola Implementation of Governance Principles159. PelaksanaanPenerapanAspekDanPrinsipTata

KelolaPerusahaanSesuaiKetentuanOtoritasJasaKeuangan

Implementation of Aspects and Principles of Corporate Governance In accordance with the provisions of the Financial Services Authority

160. StrukturTataKelolaPerusahaan Corporate Governance Structure160. SoftStrukturGCG Soft Structure GCG161. MekanismeTataKelola Governance Mechanism161. PemegangSahamUtamaDanPemegangSaham

Pengendali Principal Shareholders And Controlling

Shareholders161. WewenangRUPS Authority of GMS162. TataCaraPenyelenggaraanRUPS Procedures of the Extraordinary General

Meeting of Shareholders164. PelaksanaanRUPSsecaraumummengacupada

ketentuandalamAnggaranDasar The General Meeting of Shareholders in

general refers to the provisions in the Articles of Association

164. DewanKomisaris Board of Commissioners165. PenunjukanDanKriteriaDewanKomisaris Appointment and Criteria of the Board of

Commissioners166. TugasdantanggungjawabDewanKomisaris Roles and Responsibilities of the Board of

Commissioners174. KebijakanSuksesiDireksi Succession Policy of the Board of Directors174. KomiteDibawahDewanKomisaris Committees Under the Board of Commissioners174. KomiteAudit Audit Committee 175. IndependensiKomiteAudit Independence of the Audit Committee175. FungsiKomiteAudit Audit Committee Function176. TugasDanTanggungJawabKomiteAudit Duties and Responsibilities of the Audit

Committee176. WewenangKomiteAudit The authority of the Audit Committee177. PiagamKomiteNominasidanRemunerasi Charter of the Nomination and Remuneration

Committee



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177. KriteriaanggotaKomiteNominasidanRemunerasi

Criteria for Nomination and Remuneration Committee members

178. TugasdanTanggungJawabKomiteNominasidanRemunerasi

Duties and Responsibilities of the Nomination and Remuneration Committee

180. Wewenang,HakDanKewajiban Authority, Rights and Obligations180. SekretarisPerusahaan Corporate Secretary181. TugasdanTanggungJawabSekretaris

Perusahaan Duties and Responsibilities of the

Corporate Secretary183. UnitAuditInternal Internal Audit Unit184. FungsiUnitAuditInternal Internal Audit Unit Function

184. KedudukanUnitAuditInternal Position of the Internal Audit Unit185. TugasDanTanggungJawabUnitAudit

Internal Duties and Responsibilities of the Internal

Audit Unit185. WewenangUnitAuditInternal Authority of the Internal Audit Unit186. AkuntanPublikDanAuditEksternal Public Accountant And External Auditor

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Surat Pernyataan Anggota Dewan Komisaris dan Direksi Tentang Tanggung Jawab atas Laporan Tahunan 2017 PT Indah Prakasa Sentosa TbkStatement of Members of Board of Commissioners and Board of Directors on the Responsibility for the 2017 Annual Report of PT Indah Prakasa Sentosa Tbk

Laporan KeuanganFinancial Report




Commitment of Our PromisesCommitment of Our Promises



Sanggahan Dan Batasan Tanggung JawabDisclaimer And Limitation Of Liability

Laporantahunaninimemuatpernyataanposisikeuangan,danhasiloperasi,jugameliputiproyeksi,rencana,strategi,kebijakan,dantujuanPerseroan,yangdigolongkansebagaipernyataan ke depan dalam pelaksanaan peraturanperundang-undangannya yang berlaku, kecuali hal-halyangbersifathistoris.

Pernyataan-pernyataantersebutmemilikiprospekrisiko,ketidakpastian,sertadapatmengakibatkanperkembanganaktual secara material berbeda dari yang dilaporkan.Pernyataan-pernyataanprospektifdalamlaporantahunaninidibuatberdasarkanberbagaiasumsimengenaikondisiterkinidankondisimendatangPerseroansertalingkunganbisnis di mana Perseroan menjalankan kegiatan usaha.Perseroan tidak menjamin bahwa dokumen-dokumenyangtelahdipastikankeabsahannyaakanmembawahasil-hasiltertentusesuaiharapan.

Laporan tahunan ini memuat kata INPRASE Group dan“Perseroan”yangdidefinisikansebagaiPTIndahPrakasaSentosa Tbk. Yang menjalankan bisnis dalam bidangPerdagangandanDistribusiBahanBakarPadat,CairdanMinyakPelumas,GasdanProdukyangberkaitandenganitusertapeneyediaJasaLogistikdanPergudangan.

This annual report consist of statement of financial position, and results of operations, also including the Company’s projections, plans, strategies, policies and the Company’s goals and objectives, which are classified as forward statements implemented in accordance with laws and regulations, except for matters which are historical in nature.

These statements have prospects for risk, uncertainty, and may result in actual development being materially different from that reported. The prospective statements in this annual report are made on the basis of various assumptions regarding the current state and future conditions of the Company and the business environment in which it operates. The Company does not guarantee validity of the documents and the results may not match expectations.

This annual report contains the words INPRASE Group and “Company” defined as PT Indah Prakasa Sentosa Tbk. Who carries on business in the Trade and Distribution of Solid Fuel, Liquid and Lubricating Oils, Gas and Related Products as well as Providers of Logistics and Warehousing Services.



Penjelasan TemaTheme Explanation

True Power To Be A LeaderAnts are living creatures known for their tough behavior, hardworking and always team work, like the INPRASIERs * who have a tough, hardworking and always team work in achieving goals.

Green leaves give the symbol of ‘go green’, which has a meaning back and care for the environment, a philosophy embraced by PT Indah Prakasa Sentosa Tbk and subsidiaries (INPRASE Group) in running the business. INPRASE Group always uphold the environmental values through health, safety, secure, and environment (HSSE) programs and also care about the social environment of the company as stated in the corporate social responsibility program (CSR).

Ants that is lifting green leaves of a size much larger than their body size suggest that INPRASE Group have the ability to face greater challenges to grow rapidly from year to year. In addition, INPRASE Group also have optimism to achieve 2 (two) times business growth in 2018.

Kekuatan Sejati Untuk Menjadi PemimpinSemut adalah mahluk hidup yang dikenal denganperilakunya yang ulet, pekerja keras serta selalukerjasama, seperti para INPRASIERs* yang memilikiperilaku ulet, pekerja keras dan selalu bekerjasamadalammencapaitujuan.

Daun hijau memberikan simbol ‘go green’,yang memiliki arti kembali dan peduli terhadaplingkungan, satu filosofi yang dianut olehINPRASE Group dalam menjalankan usaha. PT IndahPrakasa Sentosa Tbkdananakperusahaan(INPRASEGroup) senantiasamenjunjungtingginilai-nilai lingkungan melalui program health, safety,secure, and environment (HSSE) dan juga peduliterhadap kondisi lingkungan sosial perusahaan yangdituangkan melalui program tanggung jawab sosialperusahan(CSR).

Semut yang sedangmengangkat daun hijau denganukuran yang jauh lebih besar dari ukuran tubuhnyamenunjukkan bahwa PT Indah Prakasa Sentosa Tbkdan anak perusahaan (INPRASE Group) memilikikemampuanuntukmenghadapitantanganyanglebihbesar untuk bisa berkembang dengan cepat daritahunke tahun. Selain ituPT IndahPrakasaSentosaTbk dan anak perusahaan (INPRASE Group) jugamemilikioptimismeuntukmampumeraih2(dua)kalipertumbuhanusahaditahun2018ini.



With true power to be a leader, INPRASIERs believed that INPRASE Group will be able to continue to grow and become a leading company in Indonesia so as to boast its shareholders and scent Indonesia as well.

With the slogan of 0.6 trillion, it could! ... INPRASIERs are full of optimism facing 2018, like ants illustrated in this picture …

* INPRASIERs Is a term for the Board of Commissioners, Board of Directors and all employees who joined PT Indah Prakasa Sentosa Tbk and subsidiaries (INPRASE Group).

Dengan kekuatan sejati untuk menjadi pemimpin,INPRASIERsmeyakinibahwaINPRASEGroupakanbisaterusberkembangdanmenjadiperusahaanterkemukadi Indonesia sehingga mampu membanggakan parapemegang saham dan mengharumkan Indonesiatentunya.

Denganslogan0,6Trilyun,Bisa!… INPRASIERspenuhoptimisme menghadapi tahun 2018, seperti semutyangdiilustrasikanpadagambarini…

*INPRASIERsAdalah sebutan bagi jajaran Komisaris, Direksi dansemua karyawan/ti yang bergabung di PT IndahPrakasaSentosaTbkdananakperusahaan (INPRASEGroup).



Visi, Misi Dan Nilai-Nilai PerusahaanCorporate Vision, Mission, And Values

VisiMenjadi Group Perusahaan Terkemuka Di IndonesiaDi Bidang Penyedia Jasa Logistik, Perdagangan &Distribusi,DanRetailEnergi.

VisionTo Be The Leading Group Of Company In Indonesia In Logistics Service Provider, Trading & Distribution, And Energy Retail

V i s i o nTo Be The Leading Group Of Company In Indonesia In Logistik Service Provider, Trading & Distribution, And Energy Retail.

Leading Means As A Group Company Is Having A Position In The Lead Among Other Group Company Logistics Service Provider, Trading & Distribution, And Energy Retail Indicates By Common Measurement.

In Indonesia Means Group Company Will Become Top Logistics Service Provider, Trading & Distribution, And Energy Retail In Indonesia For Domestic Service Compared With Its Local Competitor Properly.

Logistics Services & Solution Provider is a company that provides Services & Solution to its Customers of Outsourced Logistics Services for Part or All of Customers’ Supply Chain Management Function.

Trading & Distribution means a company that provides oil and gas, lubricants include distribution for industry market.

Energy Retail means a company that provide oil and gas (energy) station for retails.




Misi1. Menyediakan Barang Dan Jasa logistik

Terintegrasi Dengan Biaya Efektif, Efisien,Fleksible,DanNilaiTambahBagiPelanggan.

2. Mengembangkan Sumber DayaManusia Yangkompeten Dan menciptakan lingkungan kerjayangkondusif.

3. Menerapkan prinsip-prinsip tata kelolaperusahaandiseluruhaspekbisnis.

4. Membangun kapabilitas dan kredibilitasperusahaan melalui strategi sinergis denganstakeholders.

5. Meningkatkan nilai tambah korporasi bagishareholders.

Mission1. Provide Products And Integrated Logistics

Services With Cost Effective, Efficient, Flexible, And Added Value For Customers.

2. Developing Human Resources Competent And creating a conducive working environment.

3. Applying the principles of corporate governance throughout all aspects of business.

4. Build capability and credibility of the company through a synergistic strategy with stakeholders.

5. Increase the added value of corporations to shareholders.



Nilai-Nilai PerusahaanCorporate Values

Integrity

Professional

CustomeR SAtisfactionSafety

TEam work

INnovative

Nilai-Nilai

INTEGRITAS INTEGRITY

Menjunjungtinggikejujuran,ketulusan,keterbukaandan selaras kata dan perbuatan dengan tetapmemperhatikan prinsip kehati-hatian, termasukjuga menjaga kerahasiaan perusahaan. Memilikipemahamandan keinginan untukmenyesuaikan diridengankebijakandanetikatersebut.

Upholding honesty, sincerity, openness and alignment of words and deeds by keeping in mind the precautionary principle, including also maintaining corporate secrecy. Have the understanding and desire to adapt to such policies and ethics.

Ciri-ciriPrilaku: Key Behaviors:1. Berani,Jujur,TulusdanTerbuka2. DapatDipercaya3. TidakSalingMenyalahkan4. MenjagaKerahasianPerusahaan

1. Bold, Honesty, Sincerity and Openness2. Can Be Trusted3. Don’t Blame Others4. Guard Confidential Company Information

INOVASI INNOVATIVE

Berpikir dan bertindak secara kreatif untukmenghasilkan terobosanbarudalamhal pemecahanmasalah, mencari peluang-peluang agar dapatmengerjakan pekerjaan dengan lebih efektif danefisien, mengemukakan ide-ide yang kreatif melaluipendekatan-pendekatanbarudanberanimengambilresiko.

Think and act creatively to produce new breakthroughs in terms of solving the problem, look for opportunities to be able to do the job more effectively and efficiently, put forward creative ideas through new approaches and take risks.

Ciri-ciriPrilaku: Key Behaviors:1. Kreatif&Inovatif2. Efektifdanefisien3. TerbukaTerhadapPerubahan4. KemauanUntukBelajar

1. Creative and Innovative2. Effective & Efficient3. Flexible and Adaptive4. Willingness to Learn



PROFESIONAL PROFESSIONAL

Bertindak konsisten sesuai dengan kebijakan, kodeetikperusahaan,dannilai-nilaimasyarakat.Memilikipemahaman dan keinginan untuk menyesuaikandiri dengan kebijakan, etika dan nilai-nilai tersebut.Menjaga harkat dan martabat serta menghindarkandiridariperbuatan tercelayangdapatmerusakcitraprofesidanperusahaan.

Act consistently in accordance with company policies, codes of ethics, and community values. Have the understanding and desire to adapt to such policies, ethics, and values. Keeping dignity and avoiding disgraceful acts that can damage the image of the profession and the company.

Ciri-ciriPrilaku: Key Behaviors:1. Cepat,TepatdanAkurat2. BertanggungJawab3. PekerjaKeras,CerdasdanTeliti4. BerpengetahuanLuas

1. Prompt, Exact and Accurate2. Responsible 3. Hardworking, Smart and Thorough4. Well-Informed

KEPUASAN PELANGGAN CUSTOMER SATISFACTION

Pelayanan yangmengutamakan kepuasanpelanggandengancaramengenalpelangganyangmanaberartimemfokuskan upaya memahami dan memenuhikebutuhan dan keinginan customer baik dari dalammaupundariluarperusahaan.

Service customer satisfaction with the way the customer knows which means focusing efforts to understand and meet the needs and desires of customers both inside and outside the company.

Ciri-ciriPrilaku: Key Behaviors:1. RamahTamah,Hangat,danBersahabat2. ResponsifdanProaktif3. HandaldanTerpercaya4. MelayaniDenganEmpatidanGairah

1. Amicable, Warm and Friendly2. Responsive and Proactive3. Reliable and Honorable4. Empathy and Enthusiasm



KESELAMATAN SAFETY

Bertindak konsisten dan selalu berupaya untukmenjamin keutuhan dan kesempurnaan jasmanimaupun rohani di dalam lingkungan kerja maupunkehidupansehari-haridenganbertindaksesuaidenganaturandanregulasikesehatandankeselamatankerja(K3). Menjadikan budaya keselamatan sebagai halyangdipahamidandiprioritaskandidalamlingkunganpekerjaandankehidupansehari-hari.

Act Acts consistently and always strives to ensure physical and spiritual integrity and perfection in the workplace and daily life by acting in accordance with the rules and regulations of occupational health and safety (OSH). Make safety culture a thing that is understood and prioritized in the work environment and everyday life.

Ciri-ciriPrilaku: Key Behaviors:1. Disiplin2. AktifdanBerkomitmen3. PeduliPadaKeselamatandanLingkungan4. Konsisten dan Mematuhi SOP, Aturan dan

Peraturan

1. Discipline2. Actively and Commit3. Caring For Safety and Environment4. Consistent and Adhere to SOP, Rules and

Regulations



KERJASAMA TIM TEAM WORK

Bekerjasamadenganorang laindanmenjadibagiandari kelompok dengan tujuan untuk meningkatkanefisiensi dan efektifitas dalam pekerjaan. Maknaefisien dan efektif adalah bekerja dengan akurat,hematdantepatwaktuuntukmemberikanhasilyangberkualitas.

Working together with others and become part of a group with the aim to improve efficiency and effectiveness in the work. Meaning efficient and effective is working with accurate, efficient, and timely to provide quality results.

Ciri-ciriPrilaku: Key Behaviors:1. RasaMemilikidanBersatu2. Keberagaman, Memahami Kelemahan dan

Kekuatan3. KomunikasiBaik4. Memotivasi

1. Sense of Belonging and Harmony2. Diversity and Synergy3. Effective Communication4. Inspire and Motivate Others



Penghargaan Dan Sertifikasi Awards And Certification

Selama kurun waktu 2017, Perseroan berhasilmendapatkanpenghargaanantaralain:

During the period of FY 2017, the Company was awarded among others:

TheBestAchievementuntukAgenBBMIndustritahun2017,RegionIIIJabodetabek&BandungdariPTPertamina

Indonesia(Persero)The Best Achievement of Industrial Fuel Agent FY 2017, Region III Jabodetabek & Bandung from PT Pertamina

Indonesia (Persero)

TheBestCaptaintahun2017dariTerminalTankiVopakJakarta

The Best Captain FY 2017 from Vopak Jakarta Tank Terminal

TheBestCaptaintahun2017dariShellIndonesiaThe Best Captain FY 2017 from Shell Indonesia

GoalZeroMissiontahun2017dariShellIndonesiaGoal Zero Mission FY 2017 from Shell Indonesia

SertifikatpencatatandiBursaEfekIndonesia(BEI)Certificate of Listing at Indonesia Exchange (IDX)



TheBestPertaminaAgentRegionIIIFY2017,Jakarta&Bandung

TheBestCaptainFY2017fromVopakTankTerminal-Jakarta

TheBestPertaminaAgentRegionIIIFY2017,Jakarta&Bandung

TheBestCaptainFY2017fromShellIndonesia

PencatatansahamperdananINPS



Peristiwa Penting 2017 Event Highlights In 2017

Untuk mendukung kemampuan armada khususnyadi angkutan bahan cair baik chemical maupun nonchemical,perseroantidakhanyamelakukaninvestasipenambahandiheadtractorsajatapijugasupportingunit.Padatahun2017perseroanmelakukaninvestasipenambahanunitisotankmerek“Peacock”sebanyak4unityangditerimapadatanggal9Februari2017.Keempat Isotank ini memiliki kapasitas masing-masing25 kilo liter (KL). dengan penambahan isotank inidiharapkan bisa meningkatkan kapasitas perseorankhusunya dalam angkutan bahan cair baik chemicalmaupunnonchemical.

To support the capability of the fleet, especially in the transportation of liquid materials both chemical and non-chemical, the company not only make additional investment in the head tractor alone but also in supporting unit. In 2017, the company has invested 4 (four) additional units of isotank “Peacock” brand and received on 9 of February 2017. The four Isotank has a capacity of 25 kilo liters each (KL). with the addition of isotank is expected to increase the capacity of Perseoran especially in liquid material transportation both chemical and non-chemical.

Pada Tanggal 13 Maret 2017 PT. Softex Indonesia(PTSI)menunjukPTIndahPrakasaSentosaTbkdalamhal mengelola pergudangan dan distribusi produkmereka untuk area kota Medan (Sumatera Utara)dan sekitarnya.Distribusimeliputiprimary transportyaituangkutanprodukPTSIdaripabriksampaidengandi pergudangan, kemudian melakukan pengelolaandigudang mulai dari manajemen penerimaan,manajemen pengelolaan stok dan inventori,manajemen distribusi dan pengiriman yang disebutdengan secondary transport yaitu angkutan darigudangkepelangganPTSIantaralaintokotradisional,pasar-pasar, mini market, super market, sampaidengan hypermarket serta juga ke distributor PTSI.

On March 13, 2017 PT. Softex Indonesia (PTSI) appointed PT Indah Prakasa Sentosa Tbk in terms of managing the warehousing and distribution of their products for the area of Medan city (North Sumatra) and surrounding areas. Distribution includes primary transport i.e. PTSI product transportation from factory up to warehousing, then doing warehouse management from acceptance management, inventory & stock management, distribution and delivery management called secondary transport i.e. transportation from warehouse to PTSI customer such as traditional market (traditional store) and modernmarkets (mini market, super market, up to hyper market) as well as to PTSI distributor.

Isotank



Kerjasama pergudangan dan distribusi transportasiini adalah untuk area kedua bagi perseroan setelahkerjasama yang sama di lokasi kota Banjarmasin(Kalimantan Selatan) untuk distribusi arenaBanjarmasindansekitarnya.

This warehousing and transportation distribution cooperation is for the second area for the company after the same cooperation in Banjarmasin city (South Kalimantan) location for Banjarmasin and surrounding arena distribution.

Pada Tanggal 15 Mei 2017 PT Homeco (Homeco)menunjuk PT Indah Prakasa Sentosa Tbk. dalampengelolaan pergudangan dan distribusi produkmereka untuk area Padalarang, kota Bandung dansekitarnya. Distribusi meliputi primary transportyaitu angkutan produk Homeco dari pabrik sampaidengan di pergudangan, kemudian melakukanpengelolaan gudang mulai dari manajemenpenerimaan, manajemen pengelolaan stok daninventori, manajemen distribusi dan pengiriman(secondary transport)yaituangkutandarigudangkepelangganHomecoantaralaintokotradisional,pasar-pasar,minimarket, supermarket,danhypermarketyang disebut dengan offline dan juga yang langsungdikirim ke pembeli retail perseorangan/pribadi yangdisebutdenganonline.IniadalahkerjasamapertamaPerseroandenganHomeco.

On May 15, 2017 PT Homeco (Homeco) appointed PT Indah Prakasa Sentosa Tbk. in the management of warehousing and distribution of their products to the area Padalarang, Bandung city and surrounding areas. The distribution includes primary transport i.e. Homeco product transportation from factory up to warehousing, then warehouse management starting from acceptance management, inventory and stock management, distribution and delivery management (secondary transport) i.e. transportation from warehouse to Homeco customer such as traditional markets (traditional stre) and modern markets (mini markets, super markets, and hyper markets) called as offline market and also directly sent to individual / private retailers called as online market. This is the Company’s first partnership with Homeco for warehousing, distribution and transportation.

SoftexMedanProject

HomecoProject



Skidtank

Untuk meningkatkan layanan perseroan khususnyadiunitbisnistransportlogistik,perseroanmelakukanpenambahanarmadaberupawingsbox jenis trontonsebanyak 5 unit yang diterima oleh perseroanpada tanggal 27 Juli 2017. Penambahan armadaini diharapkan bisa meningkatkan kapasitas dayaangkut perusahaan. Sesuai dengan perkembanganindustripenambahanarmadawingsboxiniakanterusdilakukanditahun-tahunmendatang.

To increase the company’s service, especially in the logistics transport business unit, the company invested the fleet of 5 units of wingsbox type of tronton on 2017 and received by the company on 27 of July 2017. The addition of this fleets is expected to increase the company’s carrying capacity. In accordance with the logistics market grow, the company will be invested the additional of wingsbox fleets the coming years.

Permintaan yang semakin besar di pasar domestikuntuk permintaan LPG khususnya pada LPG 3 KgmenyebabkanpermintaanpengisianLPGdiSPBEjugaterus meningkat. Disamping itu beberapa truk LPGyang dimiliki perseroan saat ini perlu peremajaansehingga pada tahun 2017 perseroan melakukanpenambahanunitangkutanLPGbaik15tonmaupun20tonsebanyak6unittermasukskidtank.Penerimaanarmada angkutan ini pada tanggal 30Agustus 2017.Penambahandanperemajaanarmadainidiharapkanbisa meningkatkan layanan perusahaan dari sisiketersediaan dan utilitas truk juga meningkatkanvolumeangkutpalingtidak10%.

Increasing demand in the domestic market for LPG’s demand, especially on LPG 3 Kg causes the demand for LPG filling in SPBE also continues to increase. Besides, some LPG trucks owned by the company now need rejuvenation so that in 2017 the company has added LPG transport units either 15 tons or 20 tons of 6 units including skidtank. Reception of this transport fleet on 30 of August 2017. The addition and rejuvenation of the fleet is expected to improve the company’s services in terms of truck availability and utility as well as increase transport volume by at least 10%.

wingsboxs



Pada hari Rabu, 13 September 2017, Bapak SuryaWinata pendiri sekaligus pemimpin tertinggi InpraseGrouppergimenghadapsangkhaliksetelahsempatdirawatdiSingapuraselama lebihkurang1bulan.PakSurya Winata telah mendedikasikan hampir seluruhhidupnya untuk memulai bisnis Perseroan sampaiseperti saat ini. Almarhum adalah juga menjadisuri tauladan, pimpinan dan panutan bagi seluruhInprasier.Menjadikehilangandankedukaanterbesarbagi InpraseGroupdengankepergianbeliau,namunmanajemen dan seluruh karyawan bertekat akanterusberjuangdanmembuatInprasebisalebihmajulagisesuaidengancita-citapendiriperusahaan,BapakSuryaWinata.

On Wednesday, September 13, 2017, Mr. Surya Winata founder and supreme leader of Inprase Group rest in peace after being treated in Singapore for approximately 1 month. Mr. Surya Winata has dedicated almost his entire life to started the Company business as it is today. The deceased is also a leader and role model for all Inprasier members. Be the biggest loss and grief for the Inprase Group with his departure, but the management and all employees will continue to strive and make Inprase can be more advanced in accordance with the ideals of the founder of the company, Mr. Surya Winata.

PengumumanRIPPakSuryaWinata(FounderInpraseGroup)



Annualmeeting

Pada tanggal 14 - 15 September 201, Perseroanmengadakan rapat tahunanyangmelibatkanDireksi,seluruh Kepala Divisi, seluruh Branch Manager, timSales dan beberapa posisi manajemen kunci. Rapatini memiliki agenda review pencapaian bisnis yangada, sosialisasi program Perseroan yang akan IPO,pembuatanperencanaanbisnisdanperencanaabudjetuntuk tahun2018 sertadesignKPI setiapunitbisnisuntuk tahun 2018. Kegiatan ini sendiri berlangsungselama 2 hari yang dilakukan di kantor pusatPerseroan. Rapat ini kemudian dilanjutkan denganpertemuan berikutnya di tanggal 26 - 28 Oktober2017untukpresentasidarisetiapunitbisnissekaliguskonsolidasi target-targetdarisetiapunitbisnisuntukdi finalkan menjadi perencanaan bisnis dan budjetuntuk tahun 2018 serta pengembangan KPI setiapunit bisnis yang ada. Pertemuanakhir dilanjutkanditanggal18Desember2017untukpresentasifinaldansekalgus penandatanganan perencanaan bisnis danbudjet2018,KPIsekaliguskickoffbisnisuntuktahun2018.

On 14 - 15 September 201, the Company held an annual meeting involving Directors, all Heads of Divisions, all Branch Managers, Sales teams and several key management positions. This meeting has an agenda of reviewing existing business achievements, socialization of the Company’s IPO program, business planning and budget planning for 2018 and the design of KPIs for each business unit for 2018. This activity lasts for 2 days conducted at the Company’s head office. This meeting is then continued with the next meeting on 26 - 28 October 2017 at the Company’s head office for the presentation of each business unit as well as consolidating the targets of each business unit to be finalized into business and budjet planning for 2018 as well as development of KPI of every existing business unit. The final meeting resumed on December 18, 2017 at Company’s head office for the final presentation and signing of the business and budget planning 2018, KPI and kick off business for 2018.



IPO

Padatanggal6April2018adalahharibersejarahbagiPT IndahPrakasaSentosaTbk.Dimanapada tanggaltersebutsecararesmiPT IndahPrakasaSentosaTbk.listingdiBursaEfekIndonesiadengankodeperusahaanINPS.Setelahberjuangselama8bulanuntukpersiapanIPO. Dengan listingnya Perseroan diharapkan bisalebihbaikdanlebihmajukedepannya.

On April 6, 2018 was a historic day for PT Indah Prakasa Sentosa Tbk. Where on the date is officially PT Indah Prakasa Sentosa Tbk. listing on the Indonesia Stock Exchange (IDX) with the company code of INPS. After struggling for 8 months for the preparation of the IPO. With the listing of the Company is expected to be better and more advanced in the future.




SalahsatuyangsangatdiapresiasiolehDewanKomisarisadalah keberhasilan Perseroan dibawah kepemimpinanDewan Direksi dalam melakukan pencatatan di BursaEfekIndonesia(BEI).Langkahinimerupakanjejaklangkahbersejarah bagi perusahaan yang bertransformasi dariperusahaankeluargamenjadiperusahaanpublik. Prosespencatatan juga terbilang cukupcepatdanmulushanyamembutuhkanwaktusekitar7-8bulansaja.

One of the highly appreciated by the Board of Commissioners is the success of the Company under the leadership of the Board of Directors in listing on the Indonesia Stock Exchange (IDX). This step is a historic step in the footsteps for a company transforming from a family company into a public company. The listing process is also fairly fast and smooth where only takes about 7 - 8 months only.



Laporan ManajemenManagement Report



Laporan Dewan Komisaris Board Of Commissioners’ Report

Lies Erliawati WinataKomisarisUtama

President Commissioner

Para Pemegang Saham dan PemangkuKepentingan yang Terhormat, Dewan KomisarisPTIndahPrakasaSentosaTbk.memulailaporanini dengan kerendahan hati memanjatkan rasasyukurkepadaTuhanYangMahaEsa,atassegalalimpahan rahmat dan karunia-Nya. Laporanini kami sampaikan sebagai bentuk laporanpelaksanaan tugas dan tanggung jawab DewanKomisarisuntuktahunbuku2017yangberakhirpada31Desember2017.

Dear Honorable Shareholders and Stakeholders, Board of Commissioners PT Indah Prakasa Sentosa Tbk. started this report with humility to offer gratitude to God Almighty, over all the abundance of His mercy and grace. We submit this report as a report on the implementation of the duties and responsibilities of the Board of Commissioners for the fiscal year 2017 ending 31 December 2017.

Kondisi Ekonomi Economic Conditions

Pada tahun 2017, kondisi ekonomi global mulaimenunjukan perbaikan. Harga produk-produkkomoditasyangsempatterpurukkembalimengalamipeningkatan. Sejalan dengan itu, perekonomiandi negara-negara maju juga kembali mengalamipertumbuhanyangpositif.Sejalandenganmembaiknyapertumbuhan ekonomi global, perekonomianIndonesia juga mengalami pertumbuhan yangpositifwalau relatif terbatas. PertumbuhanekonomiIndonesiatahun2017terealisasisebesar5,07%,lebihtinggi dibandingkan pertumbuhan ekonomi tahunsebelumnya sebesar 5,02%. Selain itu, pemerintahjuga mampu mengendalikan inflasi pada level yangcukup rendah dan menjaga kestabilan nilai tukarRupiahterhadapDolarAmerikaSerikat.

By 2017, global economic conditions are beginning to show improvement. Prices of commodity products that had slumped back increased. At the same time, the economies of developed countries are also experiencing positive growth again. In line with improving global economic growth, Indonesia’s economy is also experiencing positive growth although relatively limited. Indonesia’s economic growth in 2017 was realized at 5.07%, higher than the previous year’s economic growth of 5.02%. In addition, the government is also able to control inflation at a fairly low level and maintain the stability of the Rupiah exchange rate against the US Dollar.



Penilaian Kinerja Direksi Performance Appraisal of Directors

Perseroan mencatat kinerja yang sangat baik tahun2017. Hampir semua indikator keuangan Perseroanmengalami pertumbuhan positif. Demikian jugapada aspek operasional, dimana Perseroan semakinmemantapkan pondasi untuk meraih pertumbuhanberkelanjutan. Tahun 2017, Perseroan berhasilmembukukan pertumbuhan pendapatan usahasebesar 11%menjadi Rp310.665.280.356 dari tahunsebelumnya sebesar Rp 277.900.834.416 milliar.Pertumbuhan pendapatan usaha tersebut didukungoleh semua lini bisnis utama dengan kontribusi daripenjualan BBM terjadi peningkatan penjualan dariRp. 81.478.237.210.- pada tahun 2016 menjadi Rp.105.934.463.821.- pada tahun 2017 ataumeningkatsekitar 30% sementara itu dari penjualan Gas (LPG)terjadipeningkatanpenjualandariRp.5.572.438.120.-pada tahun 2016 menjadi Rp. 6.950.985.428.- padatahun 2017 atau meningkat sekitar 24,7%, laludari penjualan SPBU (Retail) terjadi peningkatanpenjualan dari Rp. 40.256.181.300.- pada tahun2016menjadiRp.46.728.773.400.-padatahun2017atau meningkat sekitar 16,1%, sementara itu daripenjualanSPBE(Retail)terjadipeningkatanpenjualandari Rp. 5.081.288.733.- pada tahun 2016 menjadiRp.7.707.675.489.-padatahun2017ataumeningkatsekitar 51,7%, dari penjualan Logistik (termasukpergudangan) terjadi peningkatan penjualan dariRp. 118.416.534.502.- pada tahun2016menjadi Rp.127.166.965.329.- pada tahun 2017 ataumeningkatsekitar7,4%,sementaraitupenjualanyangmengalamipenurunan adalah pada penjualan Pelumas dimanapenjualandariRp.27.096.154.551.-padatahun2016turunmenjadiRp.16.176.416.890.-padatahun2017ataumenurunsekitar40%.

The Company has performed very well in 2017. Almost all of the Company’s financial indicators have experienced positive growth. Similarly, in the operational aspects, the Company has established the foundation to achieve sustainable growth. In 2017, the Company recorded a revenue growth of 11% to Rp310,665,280,356 from Rp 277,900,834,416 billion in the previous year. The growth of operating income is supported by all major business lines with the contribution from the sale of fuel increased sales from Rp. 81.478.237.210.- in 2016 to Rp. 105.934.463.821.- in 2017 or an increase of approximately 30% meanwhile from the sale of Gas (LPG) there is an increase in sales from Rp. 5.572.438.120.- in 2016 to Rp. 6.950.985.428.- in 2017 or an increase of about 24.7%, then from retail sales (retail) sales increased from Rp. 40.256.181.300.- in 2016 to Rp. 46.728.773.400.- in 2017 or an increase of about 16.1%, meanwhile from sales of SPBE (Retail) there is an increase of sales from Rp. 5,081,288,733.- in 2016 to Rp. 7,707,675,489.- in 2017 or an increase of about 51.7%, from the sale of logistics (including warehousing) an increase in sales from Rp. 118.416.534.502.- in 2016 to Rp. 127.166.965.329.- in 2017 or an increase of about 7.4%, meanwhile sales decrease is in the sale of lubricant where sales from Rp. 27.096.154.551.- in the year 2016 decreased to Rp. 16,176,416,890.- in 2017 or decreased by about 40%.

Dewan Komisaris juga menyetujui langkah yangdiambilDireksiuntukmemperkuatkondisiperusahaanmelalui strategi listing di Bursa Efek Indonesia (BEI),memperkuat SDM serta teknologi Perseroanmelaluireorganisasi, peambahan aset produkti berupapenambahan truk, isotank maupun skidtank untukantisipasi pertumbuhan bisnis dan permintaanpelanggansertaperbaikandarisisitimITyangada.

The Board of Commissioners also approved the steps taken by the Board of Directors to strengthen the company’s condition through a listing strategy on the Indonesia Stock Exchange, strengthening the Company’s human resources and technology through reorganization, additional production assets in the form of additional trucks, isotanks and skidtank to anticipate business growth and customer demand.

Dewan Komisaris memberikan apresiasi yang tinggikepada Direksi dan seluruh jajarannya atas raihankinerja yang sangat baik tersebut. Dewan Komisarismeyakinicapaiankinerjadanlangkah-langkahstrategisyangtelahdiambilDireksisepanjangtahun2017akanmengantarkanPerseroanuntukmewujudkanvisidanmisi Perseroan. Namun demikian, Dewan Komisaris

The Board of Commissioners gives high appreciation to the Board of Directors and all its staff for the excellent performance. The Board of Commissioners believes that the performance and strategic steps taken by the Board of Directors throughout 2017 will lead the Company to realize its vision and mission. Nevertheless, the Board of Commissioners continues



terus mengingatkan Direksi untuk melakukanpengembangan usaha dengan mengedepankanprinsipkehati-hatiandanmematuhisemuaperaturanperundang-undanganyangberlaku.

to remind the Board of Directors to conduct business development by prioritizing prudent principles and complying with all applicable laws and regulations.

Pengawasan Implementasi Strategi Supervision of Strategy Implementation

Fungsi utama Dewan Komisaris adalah melakukanpengawasan terhadappengelolaanperusahaan yangdijalankanolehDireksi.Tahun2017,DewanKomisaristelah menjalankan fungsi tersebut dengan secaraaktifmelakukanpengawasan terhadap implementasistrategi yang telah ditetapkan bersama denganDireksi. Dewan Komisaris secara berkala melakukanreview terhadap kinerja Perseroan dan memintapenjelasan Direksi terkait perkembangan usaha danlangkah-langkah yang telah dan akan diambil olehDireksi. Tahun 2017 juga telah dilakukan designstrategi perusahaan untuk menghadapi tahun 2018termasuk juga target sampai dengan KPI setiap unitbisnis.SelainituuntuklebihmemperkuatpengawasandanreviewjugatelahdibentukKomiteAuditdanjugaKomiteManajemenRisiko.Dewankomisarisberupayauntukmenguatkansistimyangadadenganperanaktifberupa:

The main function of the Board of Commissioners is to supervise the management of the company run by the Board of Directors. In 2017, the Board of Commissioners has performed this function by actively supervising the implementation of the strategies established with the Board of Directors. The Board of Commissioners periodically reviews the performance of the Company and asks the Board of Directors to explain the progress of the business and the steps that have been taken and will be taken by the Board of Directors. In 2017, the company’s strategy design to face the year 2018 also includes the target up to KPI of each business unit. In addition to further strengthening the monitoring and review also has established the Audit Committee and also the Risk Management Committee. The Board of Commissioners seeks to strengthen the system with active participation in the form of:

1. Meningkatkan peran dan fungsi Audit Internaldan Manajemen Risiko untuk mengetahui hasiloperasional dan upaya mitigasi yang dapatdilakukanPerseroan.

2. Meningkatkan penerapan prinsip transparansidan akuntabilitas Perseroan agar dapat terusmendapatkan kepercayaan dari pemangkukepentingan.

3. MencaripeluangbaruyangsejalandenganbisnisintiPerseroan.

1. Increase the role and function of Internal Audit and Risk Management to know the operational results and mitigation efforts that can be done by the Company.

2. Improving the application of the transparency and accountability principles of the Company in order to continue to gain the trust of stakeholders.

3. Search for new opportunities that are in line with the Company’s core business.

Pandangan Atas Prospek Usaha Outlook on Business Prospects

PerekonomianIndonesiatahun2018diharapkanakanlebihbaikdibandingkantahun2017.KondisitersebutakanmendukungrencanapengembanganusahayangtelahdisusunPerseroan.DewanKomisarismenyetujuitarget-target yang telah disusun Direksi bersamadengan Dewan Komisaris dan menyatakan bahwatarget-targettersebutmerupakantargetyangrealistisdan dapat dicapai Perseroan. Di bidang distribusidanperdaganganBBM,LPGdanPelumas,Perseroanakan terus memperkuat kepemimpinannya denganmelakukan penguatan dalam hal distribusi barangdenganmemanfaatkan teknologi. Dengan demikian,kepercayaan dan kepuasan pelanggan diharapkanakan meningkat seiring dengan lebih tingginyatingkatkepastiandanakurasidalamsistemdistribusi.

The Indonesian economy in 2018 is expected to be better than in 2017. The condition will support the business development plan that has been prepared by the Company. The Board of Commissioners approved the targets set by the Board of Directors together with the Board of Commissioners and stated that those targets are realistic and achievable targets. In the field of distribution and trade of Fuel, LPG and Lubricants, the Company will continue to strengthen its leadership by strengthening the distribution of goods by utilizing technology. Thus, customer confidence and satisfaction are expected to increase along with higher levels of certainty and accuracy in the distribution system. In the field of integrated logistics, will also continue to be enhanced company capabilities through asset



Dibidang Logistik terintegrasi, juga akan terusditingkatkankemampuanperusahaanmelaluiinvestasiaset antara lainpenambahanarmadabaikwingsboxmapunheadtractordantrailer,penambahanisotank,lalu penambahan armada untuk angkutan LPG yaituskidtank. Disisi pergduangan akan diupayakan jugauntuk meningkatkan tingkat keterisian dan jugapenambahan layanan khususnya layanan handlingdanjugatransportasibaikprimarymaupunsecondary.Tahun 2018 juga akan dilakukan penambahan SPBUyangberlokasidiJakartaUtara.

investment, among others, the addition of a fleet of both wingsbox, head tractor and trailer, adding isotank, and the addition of a fleet for LPG transport and skidtank. On the side of the struggle will be attempted also to improve the level of filling and also the addition of services, especially handling services and also transport both primary and secondary. This year there the Company will also be additional gas stations in North Jakarta.

Penilaian Atas Penerapan Prinsip Tata Kelola Perusahaan

Assessment of the Implementation of Corporate Governance Principles

Penerapan prinsip tata kelola perusahaan yangbaik di lingkungan Inprase Group terus mengalamikemajuan yang berarti. Perseroan terus berupayauntukmeningkatkankualitaspenerapanprinsipGCGdengan menyempurnakan organ dan tata laksanapenerapan GCG. Dewan Komisaris mengapresiasiupaya yang dilakukanDireksi yang telahmenjadikanGCG sebagai landasandalamoperasional Perseroan.Perseroan terus memperbaiki penerapan danpenegakan nilai-nilai GCG agar dapat memberikanpondasiyangkuatuntukdapat terus tumbuhsecaraberkelanjutandimasayangakandatang.Tatakelolayang baik dalam tataran operasional sangat pentinguntukdapatmenjagapencapaiantargetdalamjangkamenengah maupun jangka panjang. Karenanya,DewanKomisarisselalumendukungsetiapupayadanlangkah Direksi untuk melakukan perbaikan dalammengimplementasikan GCG dari waktu ke waktuuntuk memastikan Perseroan dikelola secara baik,adil,transparan,danakuntabel.

The implementation of good corporate governance principles in the Inprase Group environment continues to make significant progress. The Company continuously strives to improve the quality of GCG principles by perfecting the organ and the implementation of GCG. The Board of Commissioners appreciates the efforts of the Board of Directors that have made the GCG a cornerstone of the Company’s operations. The Company continues to improve the implementation and enforcement of GCG values in order to provide a strong foundation for sustainable growth in the future. Good governance at the operational level is crucial in order to maintain target achievement in the medium to long term. Therefore, the Board of Commissioners always supports every effort and step of the Board of Directors to make improvements in implementing GCG from time to time to ensure the Company is managed in a fair, transparent and accountable manner.

Penilaian Kinerja Komite Di Bawah Dewan Komisaris Performance Assessment of Committees Under the Board of Commissioners

Dalam menjalankan tugas dan fungsi besertatanggung jawabnya, Dewan Komisaris dibantu olehKomitedibawahpengawasanDewanKomisaris yaituKomite Audit dan KomiteNominasi dan RemunerasiyangdiketuaiolehKomisarisIndependen.Tahun2017semuaperangkatinitelahterbentukdanterlengkapi.

In performing its duties and functions and responsibilities, the Board of Commissioners is assisted by a Committee under the supervision of the Board of Commissioners, namely the Audit Committee and the Nomination and Remuneration Committee, chaired by an Independent Commissioner. By 2017 all of these devices have been established and equipped.

Perubahan Komposisi Dewan Komisaris Changes in the Composition of the Board of Commissioners

Pada tahun 2017 Komposisi Dewan KomisarisPerseroan mengalami perubahan. Komposisi DewanKomisaris pada tahun buku 2017 berubahn sesuaidengan keputusan RUPS Tahunan sebagaimanaAktaNo.29tanggal27September2017,yaitu:

In 2017 the composition of the Board of Commissioners of the Company has changed. The composition of the Board of Commissioners in the fiscal year 2017 in accordance with the resolution of the AGMS as per Deed. 29 dated 27 September 2017, which are:



PresidenKomisaris : IbuLiesErliawatiWinataKomisarisIndependen: BapakJuliusSidharta

President Commissioner : Mrs. Lies Erliawati WinataIndependent Commissioner : Mr. Julius Sidharta

Apresiasi Appreciation

Salah satu yang sangat diapresiasi oleh DewanKomisaris adalah keberhasilan Perseroan dibawahkepemimpinan Dewan Direksi dalam melakukanpencatatandiBursaEfekIndonesia(BEI).Langkahinimerupakanjejaklangkahbersejarahbagiperusahaanyang bertransformasi dari perusahaan keluargamenjadi perubahan publik. Proses pencatatan jugaterbilangcukupcepatdanmulushanyamembutuhkanwaktusekitar7-8bulansaja.

One of the highly appreciated by the Board of Commissioners is the success of the Company under the leadership of the Board of Directors in listing on the Indonesia Stock Exchange (IDX). This step is a historic step in the footsteps for a company transforming from a family company into a public company. The listing process is also fairly fast and smooth where only takes about 7 - 8 months.

Kinerja yang baik sepanjang tahun 2017 tidak akantercapai tanpa kerja keras, dedikasi, komitmen dankontribusi yang telah dicurahkan Direksi, jajaranManajemen dan seluruh karyawan, serta tentunyaberkat kepercayaan dan dukungan penuh seluruhpemegang saham maupun pemangku kepentinganlainnya. Karenanya, pada kesempatan ini atas namaDewan Komisaris, kami menyampaikan terima kasihdanapreasiasiyangmendalamkepadaseluruhpihak.Akhirkata,semogaprestasiyangtelahditorehkanditahun ini semakin mendorong kita untuk berusahalebih keras pada tahun 2018 dan semoga Perseroandapatmelalui tantangandemitantanganusahayangdihadapiPerseroan.

Good performance throughout 2017 will not be achieved without the hard work, dedication, commitment and contributions that the Board has devoted to, the management and all employees, and of course, thanks to the trust and full support of all shareholders and other stakeholders. Therefore, on this occasion on behalf of the Board of Commissioners, we extend our gratitude and deep appreciation to all parties. Finally, hopefully the achievements that have been incised in this year will encourage us to try harder in 2018 and hopefully the Company can pass the challenge for the business challenge faced by the Company.

True Power To Be A Leader...0,6 T, Bisa!

Lies Erliawati WinataKomisarisUtama/President Commissioner



Laporan Direksi Board Of Directors’ Report

Eddy Purwanto WinataDirekturUtama

President Director

Pemegang Saham dan Dewan Komisaris yang Terhormat,

Pertama-tama kita mengucapkan puji dan syukuratas berkah dan karunia yang telah dilimpahkanolehTuhanYangMahaEsa,dimanaberkatkasihdanperlindungannya InpraseGroupmampuberkembangdan meningkatkan hasil yang lebih baik biladibandingkandengantahunsebelumnya.Selanjutnyakami menyampaikan laporan pertanggung jawabanDireksi atas pengelolaan Perseroan untuk tahunbukuyangberakhirpada31Desember2017besertaLaporan Keuangan Konsolidasian yang telah diauditolehKantorAkuntanPublicPaulHadiwinata,Hidajat,Arsono,Achmad,Suharli&Rekandanmendapatopini“wajar dalam semua hal yangmaterial”. Laporan inijugamerupakansalahsatubentukpenerapanprinsipTataKelolaPerusahaanyangbaikyangtelahmenjadiruhdiPerseroan.

Dear Honorable Shareholder and Board of Commissioners,

First of all we praise and thanks God for the blessings and gifts that have been bestowed by God Almighty, where thanks to the love and protection of the Inprase Group is able to grow and improve the results better when compared with the previous year. We subsequently submit the Board of Directors accountability report for the management of the Company for the fiscal year ending December 31, 2017 and the Consolidated Financial Statements audited by the Public Accounting Firm Paul Hadiwinata, Hidajat, Arsono, Achmad, Suharli & Rekan and received a “reasonable opinion in all material respects”. This report is also one form of application of Good Corporate Governance principles that have become the spirit in the Company.

Perseroan telah menunjukkan pertumbuhanbisnisyangcukupbaikyaitusekitar11,8%selamatahun 2016 - 2017, kemudian dari sisi EBITDA,EBIT, EBT, dan juga EAT terjadi peningkatan jugadaritahun2016.EBITDAnaiksekitar40%laluEBITnaiksekitar87%,EBTnaiksekitar51%danEATjuganaik sekitar 46%. Secara komposisi pendapatanjugasemakinberimbangantarunitbisnisdimanadari Logistik memberikan kontribusi 41%, daripenjualan dan distribusi BBM sekitar 34%, 7,5%dari penjualan LPG dan Pelumas, dan 17,5%dari penjualan ritel (SPBU dan SPBE). dengankondisi ini Perseroan akan siap melanjutkanpertumbuhan di tahun-tahun berikutnya denganmengimplementasikaninisiatifstrategis.

The Company has shown good business growth of around 11.8% during 2016 - 2017, then from EBITDA, EBIT, EBT, and EAT also increased from 2016. EBITDA increased by 39.6% and EBIT rose around 86.6%, EBT increased about 51.3% and EAT also increased about 45.9%. The composition of income is also more balanced between business units which from Logistics contributed 41%, from sales and distribution of fuel about 34%, from LPG and Lubricants sales about 7.5%, and from retail sales (SPBU and SPBE) about 17.5%. with this condition the Company will be ready to continue growth in the following years by implementing strategic initiatives.



Kondisi Ekonomi Economic Conditions

Periodebisnistahun2017adalahmerupakanperiodebisnisyangpenuhdenganberbagai situasibaikyangsesuai dengan yang diprediksikan maupun yangmelesetdariprediksi.SecaraekonomipadasemesterpertamakondisimasihcukupterkendalidenganbaiknamunmemasukQ3mulaiterjadisedikitgejolaknilairupiahterhadapdolarUSAdisampingituterjadi jugapeningkatanhargaminyakdunia yangmenyebabkanjuga terjadinya peningkatan harga BBM di dalamnegeri.

The business period of 2017 is a business period filled with situations that match both predicted and missed predictions. Economically in the first half of the condition is still quite well controlled but enter Q3 began a little fluctuation in the value of the rupiah against the US dollar as well as the increase in world oil prices which led to an increase in fuel prices in the country.

Kondisi perekonomian global tahun lalu mulaimenunjukkan perbaikan yang cukup berarti.Membaiknya harga komoditas dan meningkatnyapertumbuhan GDP yang tercatat pada beberapaekonomi negara maju di 2017. Ekonomi AmerikaSerikat, negara dengan ekonomi terbesar di dunia,tumbuh cukup solid dengan pertumbuhan sebesar2,3%,lebihtinggidibandingkanpertumbuhanekonomitahun sebelumnya sebesar 1,6%. Membaiknyaperekonomian global memberikan dampak positifterhadap perekonomian negara-negara berkembang,terutama negara yang menjadi mitra dagangnya,termasuk Indonesia.Ekonomi Indonesia relatifbaikdi2017, namun kita juga melihat beberapa titik lemahdidalamnya.Dari sisipositifdapatdilihatdariNeracaPerdagangan Indonesia yang pada tahun 2017 yangberadapadaposisiyangcukupbaikdenganmencatatsurplussebesarUS$11,84miliar,dengankenaikannilaiekspor sebesar 16,22%. Cadangan devisa IndonesiajugaberadapadaposisiyangcukupbaikyaitumencapaiUS$130,20miliarataunaik11,9%dibandingkanposisitahun2016yangmencapaiUS$116,4miliar.Investasidi2017jugatumbuh13%ketitikRp692,8triliun,namunangkainidibantuolehpemulangandanaterkaitdengantaxamnestypadatahunsebelumnya.Disisilainrealisasipenerimaan pajak di 2017 tidak mencapai targetpemerintah.Kamijugamelihatpertumbuhanpinjamanyanglambatdi2017mencapai8,24%dibawahtargetBank Indonesia 11%. Pertumbuhan konsumsi rumahtangga jugamelemahke4,95%di2017dibandingkan5,01%di2016.

Global economic conditions last year began to show significant improvement. Stronger commodity prices and rising GDP growth recorded in some developed economies in 2017. The US economy, the world’s largest economy, grew solidly with growth of 2.3%, higher than the 1.6% growth in the previous year %. The improving global economy has a positive impact on the economies of developing countries, especially the countries that are trading partners, including Indonesia. Indonesia’s economy is relatively good in 2017, but we also see some weak points in it. From the positive side, it can be seen from the Trade Balance of Indonesia which in 2017 is in a good position with a surplus of US $ 11.84 billion, with an increase of export value of 16.22%. Indonesia’s foreign exchange reserves are also well positioned at US $ 130.20 billion, an increase of 11.9% compared to 2016’s position at US $ 116.4 billion. Investments in 2017 also grew 13% to Rp692.8 trillion, but this figure was helped by the return of funds related to tax amnesties in the previous year. On the other hand the realization of tax revenue in 2017 did not reach the government target. We also see a slow loan growth in 2017 reaching 8.24% below Bank Indonesia’s target of 11%. Household consumption growth also weakened to 4.95% in 2017 compared to 5.01% in 2016.



Dalam rangka mendorong ekonomi, PemerintahIndonesiatelahmemformulasikanberbagaikebijakan,meliputi pengenalan beberapa paket kebijakanekonomi,koordinasikebijakandenganBankIndonesia,menjagastabilitas,danpemberianinsentifpadaduniausaha,sertapembangunaninfrastuktur.Pertumbuhanekonomi Indonesia sepanjang tahun2017 terealisasisebesar5,07%,lebihtinggidibandingkanpertumbuhanekonomi tahun sebelumnya sebesar 5,02%. Tingkatinflasitercatatpadalevel3,61%,tercatatlebihtinggidari sebelumnya 3,02%. Pemerintah dan BankIndonesiajugamampumenjagakestabilannilaitukarRupiah terhadapDolarAmerika Serikatpada kisaranRp13.300 - Rp13.500/Dolar Amerika Serikat danmenjaga tingkat suku bunga Surat PerbendaharaanNegaratigabulandi5,3%.

In order to boost the economy, the Government of Indonesia has formulated various policies, including the introduction of several economic policy packages, policy coordination with Bank Indonesia, maintaining stability, and providing incentives to businesses, as well as infrastructure development. Indonesia’s economic growth throughout 2017 was realized at 5.07%, higher than the previous year’s economic growth of 5.02%. Inflation rate was recorded at 3.61%, recorded higher from the previous 3.02%. The Government and Bank Indonesia are also able to maintain the stability of the Rupiah exchange rate against the US Dollar in the range of Rp13.300 - Rp13.500 / US Dollar and keep the three month Treasury Notes rate at 5.3%.

Inisiatif Strategi Manajemen Management Strategy Initiative

Ditengahkondisiekonomiyangpenuhtantanganpadatahun 2017, terutama pada pertengahan pertamatahun2017yangcenderungstagnan,DewanKomisaristelah memberikan beberapa arahan kepada DewanDireksi untuk mempertahankan tingkat profitabilitasdan mencapai pertumbuhan pendapatan, terutamadi beberapa segmen. Manajemen telah mengambilbeberapalangkahuntukmengalokasisumberdayanyapada proyek-proyek yang sedang berjalan, selain itumanajemen telah mengambil pendekatan penuhkehati-hatianuntukmengelolarisikobaikdisisihutangmaupunpiutang,jugadisisiinvestasidanmembentukduakomitebaruyaituinternalauditdanmanajemenresiko,kemudianjugamembentukdepartemenHealth,Safety, Security and Environment dan departemenInternalKontrol(SatuanPengawasInternal).

In the midst of challenging economic conditions in 2017, especially in the first half of 2017 which tends to be stagnant, the Board of Commissioners has given some direction to the Board of Directors to maintain profitability level and achieve revenue growth, especially in some segments. Management has taken several steps to allocate resources to ongoing projects, while management has taken a prudent approach to managing risks on both sides of debt and accounts, as well as investments and establishes two new committees of internal audit and risk management, then also set up the department of Health, Safety, Security and Environment and the department of Internal Control (Internal Control Unit).

Dengan arahan Dewan Komisaris, Direksi juga telahmelakukanrestrukturisasikeuangansebagaipersiapanuntuk melakukan pencatatan (listing) di Bursa EfekIndonesia.

With the direction of the Board of Commissioners, the Board of Directors has also conducted a financial restructuring in preparation for listing on the Indonesia Stock Exchange.

Transformasi Inprase Group Inprase Group Transformation

Perseroan telah menunjukkan pertumbuhan bisnisyangcukupbaikyaitusekitar11,8%selamatahun2016-2017,kemudiandarisisiEBITDA,EBIT,EBT,danjugaEATterjadipeningkatanjugadaritahun2016.EBITDAnaiksekitar40%laluEBITnaiksekitar87%,EBTnaiksekitar51%danEATjuganaiksekitar46%.SecarakomposisipendapatanjugasemakinberimbangantarunitbisnisdimanadariLogistikmemberikankontribusi41%,daripenjualandandistribusiBBMsekitar34%,7,5%daripenjualanLPGdanPelumas,dan17,5%daripenjualanritel (SPBU dan SPBE). dengan kondisi ini Perseroan

The Company has shown good business growth of around 11.8% during 2016 - 2017, then EBITDA, EBIT, EBT and EAT also increased from 2016. EBITDA increased by about 40% and EBIT rose about 87% , EBT increased about 51% and EAT also increased about 46%. The composition of income is also more balanced between business units which from Logistic contributed 41%, from sales and distribution of BBM about 34%, from LPG and Lubricant sales about 7.5%, and from retail sales (SPBU and SPBE) about 17.5%. with this condition the Company will



akan siapmelanjutkan pertumbuhan di tahun-tahunberikutnya dengan mengimplementasikan inisiatifstrategis. Inisiatif strategis yang telah diambil olehPerseroan harus dipastikan dapat dilaksanakansecara berkelanjutan melalui 7 pilar yang meliputi:

be ready to continue growth in the following years by implementing strategic initiatives. The strategic initiatives taken by the Company must be ensured in a sustainable manner through 7 pillars covering:

1. RestrukturisasiKeuangan2. BrandingdanPublikEkpose3. AkusisiPerusahaanYangSejenis4. OperationalExcellent5. CapitalizeBisnisDenganStrategicPartner6. Memaksimalkan Pendapatan Dari Pelanggan

Lama7. Ekspansi Binsis Baru Yang Berhubugan dengan

BisnisYangAda

1. Financial Restructuring2. Branding and Public Expose3. Acquisition of Similar Companies4. Operational Excellent5. Capitalize Business With Strategic Partner6. Maximizing Revenue From Existing Customers

7. Expansion New Business with Related Existing Business

Program transformasi ini menjadi bagian pentingdalam pengembangan usaha Perseroan ke depan.Melalui program transformasi ini, Inprase Groupkembali menata fokus bisnisnya pada sektor-sektordengan tingkat pertumbuhan yang konsisten danterukur. Perseroan akan melakukan investasi ke linibisnisdimanaPerseroanmemilikikeunggulanbersaingyangkuatdengantetapmengacupadakompetensiintidibidangtradingenergi,llogistikdanretailenergi.

This transformation program becomes an important part in developing the Company’s business in the future. Through this transformation program, Inprase Group reorganized its business focus on sectors with consistent and measurable growth rates. The Company will invest in a business line where the Company has a strong competitive advantage while still referring to its core competencies in energy trading, logistics and energy retail.

Tantangan dan Kesempatan Challenges and Opportunities

Ditahun2017selainmenghadapitantanganPerseroanjugamendapatkanpeluang-peluangusahauntukbisaberkembang. Secara umum, Perseroan menghadapipasar yang lebih kompetitif dan tekanan biaya di2017.PermintaanpasarBBMkhususnyasolarindustriagak menurun yang dikarenakan melambatnyapertumbuhan industri, berkembangnya energiterbarukan serta semakin gencarnya minyak swastadalam merebut pasar. Disisi lain meski persaingancukup kompetitif dan terjadinya perang tarif namunsecaragarisbesarpertumbuhanbisnis logistikmasihcukupmenjanjikandisampingitupeningkatanindustrikimiajugacukupbaikyangmenjadipeluangjugapadasisi angkutannya. Efisiensi yang banyak dicanangkandi perusahaan-perusahaan besar dan semakinfokusnya mereka di bisnis inti mereka juga menjadipeluang yang cukup baik bagi perusahaan logistikuntukbisamenjadipartnerbaikdari sisipenyediaandan pengelolaan pergudangan maupun dari sisiangkutannya baik primary maupun secondary-nya.Pertumbuhan penggunaan LPG yang semakin besarjugamembuatkenaikanbaikdisisiangkutanmaupunpengisian pada SPBE. Petumbuhan penjualan mobildan motor juga mempengaruhi kenaikan penjualanSPBUmeskipunpersaingandiSPBUbaikantaraSPBUPertamina dengan Pertaminamaupun dengan pihakswasta lainnya yang juga terus bertambah cukupkompetitifjuga.

In 2017, besides faced challenges, the Company also gets business opportunities to grew. In general, the Company faced a more competitive market and cost pressures. Fuel market demand, especially solar industry, declined somewhat due to slowing industrial growth, renewable energy development and increasingly vigorous private oil in seizing the market. On the other hand, although competition is quite competitive and the occurrence of tariff war but in general the growth of logistics business is still quite promising in addition to the improvement of chemical industry is also quite good which becomes an opportunity also on the side of transportation. The efficiency that many proclaimed in big companies and their focus on their core business is also a good opportunity for logistics companies to be a partner both from the provision and management of warehousing as well as from the side of the transport both primary and secondary it. The growing use of LPG also makes a good increase in both transportation and charging at the SPBE. The growth of car and motorcycle sales also affects the increase of SPBU sales although competition in gas stations either between gas stations Pertamina versus Pertamina or with other private parties which also continue to grow quite competitive as well.



Kinerja Inprase Group 2017 Performance of Inprase Group 2017

Tahun2017,Perseroanberhasilmembukukankinerjayangcukupbaikdansecaraumumberhasilmencapaitargetyangditetapkan.Darisisikeuangan,Perseroanberhasilmerealisasikanbeberapapencapaiansebagaiberikut;

In 2017, the Company managed to record good performance and generally managed to achieve the target set. From the financial perspective, the Company has successfully realized some of the following achievements;

Indikatorpendapatan:

1. Perseroan berhasil membukukan pertumbuhanpendapatan usaha sebesar 11,8% menjadiRp310.665.280.356 dari tahun sebelumnyasebesarRp277.900.834.416milliar.

2. Pertumbuhan pendapatan usaha penjualanBBM terjadi peningkatan penjualan dari Rp.81.478.237.210.- pada tahun 2016 menjadiRp. 105.934.463.821.- pada tahun 2017 ataumeningkatsekitar30%.

3. Pertumbuhan pendapatan usaha dari penjualanGas(LPG)terjadipeningkatanpenjualandariRp.5.572.438.120.- pada tahun 2016 menjadi Rp.6.950.985.428.-padatahun2017ataumeningkatsekitar24,7%.

4. Pertumbuhan pendapatan dari penjualan SPBU(Retail) terjadi peningkatan penjualan dari Rp.40.256.181.300.- pada tahun 2016 menjadi Rp.46.728.773.400.-padatahun2017ataumeningkatsekitar16,1%.

5. Pertumbuhan pendapatan dari penjualan SPBE(Retail) terjadi peningkatan penjualan dari Rp.5.081.288.733.- pada tahun 2016 menjadi Rp.7.707.675.489.-padatahun2017ataumeningkatsekitar51,7%.

6. PertumbuhanpendapatandaripenjualanLogistik(termasuk pergudangan) terjadi peningkatanpenjualandariRp.118.416.534.502.-padatahun2016menjadi Rp. 127.166.965.329.- pada tahun2017ataumeningkatsekitar7,4%

7. Hanya terjadi penjualan yang mengalamipenurunan pada penjualan Pelumas dimanapenjualan dari Rp. 27.096.154.551.- pada tahun2016 turun menjadi Rp. 16.176.416.890.- padatahun2017ataumenurunsekitar40%.

Income indicator:

1. The Company successfully booked a revenue growth of 11.8% to Rp310,665,280,356 from the previous year of Rp 277,900,834,416 billion.

2. The growth of the fuel sales business revenues increased sales from Rp. 81.478.237.210.- in 2016 to Rp. 105.934.463.821.- in 2017 or an increase of about 30%.

3. The growth of operating revenues from the sale of Gas (LPG) increased sales from Rp. 5.572.438.120.- in 2016 to Rp. 6.950.985.428.- in 2017 or an increase of about 24.7%.

4. Income growth from retail sales (retail) sales increased from Rp. 40.256.181.300.- in 2016 to Rp. 46.728.773.400.- in 2017 or an increase of about 16.1%.

5. Income growth from SPBE (Retail) sales increased sales from Rp. 5,081,288,733.- in 2016 to Rp. 7707.675.489.- in 2017 or an increase of about 51.7%.

6. Income growth from Logistics sales (including warehousing) increased sales from Rp. 118.416.534.502.- in 2016 to Rp. 127.166.965.329.- in 2017 or an increase of about 7.4%

7. Only sales have decreased in sales of lubricants where sales from Rp. 27.096.154.551.- in the year 2016 decreased to Rp. 16,176,416,890.- in 2017 or decreased by about 40%.



Indikatorlainnya:

1. Dari sisi laba bersih juga terjadi peningkatansekitar 73,1%, lalu dari rugi sebelum pajak jugaterjadi penurunan sebesar 45,4% serta dari rugibersihsetelahpajakterjadipenurunanjugasekitar39,5%.

2. Disisi lain aktiva lancar terjadi kenaikan daritahun2016ke2017sebesar3,9%dariangkaRp.53.894.090.204,- menjadi Rp. 55.973.387.892,-laludarisisiaktivatetapjugaterjadipeningkatandari Rp. 298.959.169.132,- pada tahun 2016menjadiRp. 379.776.728.013,-pada tahun2017ataunaiksekitar27%.

3. Darisisirasiobeberapaterjadiperubahanantaralaindebt to total asset rasio terjadipeningkatansedikitdari0,72menjadi0,73

4. Debttoequityrasioterjadipeningkatanjugadari2,54menjadi2,70

5. DarisisiAccountReceivable(AR)turnoverterjadipenurunandari48,21harimenjadi37,05hari.

6. Persentase COGS mengalami penurunan dari84,60%menjadi80,05%.

7. Dari sisi gross profit margin terjadi peningkatandari15,40%menjadi19,95%

8. Danakhirnyaoperatingprofitmarginjugaterjadipeningkatandari3,02%menjadi4,76%.

Other indicators:

1. From the side of net income also increased about 73.1%, while from the pre-tax loss decreased by 45.4% and from the net loss after tax also decreased also about 39.5%.

2. Other current assets increased from 2016 to 2017 by 3.9% from Rp. 53.894.090.204,- to Rp. 55.973.387.892,- and from the side of fixed assets also increased from Rp. 298.959.169.132,- in 2016 to Rp. 379,776,728,013,- in 2017 or increased of about 27%.

3. Meanwhile, in terms of debt to total asset ratio ratio, there is a slight increase from 0.72 to 0.73

4. Debt to equity ratio also increased from 2.54 to 2.70

5. From Account Receivable (AR) side turnover decreased from 48.21 days to 37.05 days

6. COGS percentage decreased from 84.60% to 80.05%.

7. From the side of gross profit margin increased from 15.40% to 19.95%

8. And finally operating profit margin also increased from 3.02% to 4.76%.

Dari sisi proyekdapatdilaporkanbahwapada tahun2017InpraseGroupberhasilmenjalinkerjasamabarudenganbeberapapelangganantaralain:

1. Kerjasama dengan PT Softex Indonesia dalamhal pengelolaan gudang dan distribusi SoftexIndonesiauntuklokasikotaMedandansekitarnya.

2. Kerjasama dengan PT Homeco dalam halpengelolaanpergudangandandistribusiHomecountuk lokasi Padalarang dan kota bandungsekitarnya.

From the side of the project can be reported that in 2017 Inprase Group managed to establish new cooperation with several customers, among others:

1. Cooperation with PT Softex Indonesia in terms of warehouse management and distribution Softex Indonesia for the location of the city of Medan and surrounding areas.

2. Cooperation with PT Homeco in terms of warehouse management and distribution Homeco for Padalarang location and the surrounding city of Bandung.

Darisisipemasaran jugabisa laporkanbahwaterjadiperubahan komposisi pelanggan besar dimanasebelumnyakontribusi10pelangganterbesarsekitar41% pada tahun 2016 menurun menjadi 35% padatahun 2017 yang artinya bahwa pelanggan secaraperseroansemakinbanyakdanketergantungansecarapendapatan terhadap hanya pada 10 pelangganutamajugasemakinberkurang.Selainitumunculnyapelanggan baru yang masuk dalam 10 pelangganterbesarperusahaanjugaakanmemberikankemajuanbagiperseroan.

In terms of marketing, it can also report that there has been a shift in the composition of large customers, whereas the previous contribution of the top 10 customers by 41% in 2016 has decreased to 35% by 2017, which means that the company’s customers are more and more dependent on revenue on only 10 major customers decreasing. In addition, the emergence of new customers in the 10 largest customers of the company will also provide progress for the company.



Dari sisi operasional, pada tahun 2017 Perseroantelahmelakukanpenambahanunitarmadauntukbisameningkatkandayaangkut sekaligus jugamemenuhipermintaan pelanggan dan pertumbuhan pasardiantaranyapenambahanunitWingsbox5(lima)unit,head tractors dan skidtank sejumlah 6 (enam) unit,danisotanksejumlah4(empat)unit.Selainitutahun2017Perseroanjugamelakukaninvestasitanahuntukdibangun SPBU baru yang berlokasi di Jakarta utaradan rencananya akanmulai dibangun di awal tahun2018sehinggadiawalJuli2018sudahbisadiperasikan.Penambahan pergudangan juga dilakukan untukantisipasipertumbuhanpasardengantelahmembelitanahdi area Jababekadan telahmulai dibangundipertangahan tahun 2017dan diharapkan sudah bisamulaiberproduksidipertengahantahun2018.

From the operational side, in 2017, the Company has expanded its fleet units to increase its carrying capacity while also meeting customer demand and market growth including the addition of Wingsbox 5 (five) units, head tractors and skidtank 6 (six) units, and isotank 4 (four) units. In addition, in 2017, the Company also invested in land for new gas stations located in north Jakarta and planned to start construction in early 2018 so that in early July 2018 can be implemented. The addition of warehouse is also being done to anticipate market growth by purchasing land in the Jababeka area and has begun to be built in 2017 and is expected to start production in 2018.

Tahun 2018 tingkat keterisian (utilisasi) armadaperseroan rata-rata diangka 78,8% sehingga inimemberikan indikasi bahwaditahun2018Perseroanharusmelakukan investasi lagididalampenambahanarmada truk baik wingsbox maupun head traktortermasuk unit pendukungnya misalnya Isotank,Skidtank maupun Lorrytank. Penambahan unittrailer untuk angkutan kontaner juga akan dilakukansesuai dengan strategi Perseroann yang juga akanmerambahdiangkutanpelabuhandanexport-importkedepannya.

In 2018, the company’s fleet utilization rate is on average 78,8%, thus indicating that in 2018, the Company must invest again in the addition of truck fleet of both wingsbox and tractor head including its supporting units such as Isotank, Skidtank and Lorrytank. The addition of trailer units for cash transport will also be carried out in accordance with The Company strategy which will also expand to ports and export-imports in the future.



Selamatahun2017Perseroanmendapatkansertifikasimaupunpenghargaanantaralain:

1. TheBestAchievementuntukAgenBBM Industritahun 2017, Region III Jabodetabek & BandungdariPTPertaminaIndonesia(Persero)

2. TheBestCaptaintahun2017dariTerminalTangkiVopakJakarta

3. TheBestCaptaintahun2017dariShellIndonesia4. GoalZeroMissiontahun2017dariShellIndonesia5. SertifikatpencatatandiBursaEfekIndonesia(BEI)

During the year 2017 the Company obtained certification and awards include:

1. The Best Achievement of Industrial Fuel Agent FY 2017, Region III Jabodetabek & Bandung from PT Pertamina Indonesia (Persero)

2. The Best Captain FY 2017 from Vopak Jakarta Tank Terminal

3. The Best Captain FY 2017 from Shell Indonesia4. Goal Zero Mission FY 2017 from Shell Indonesia5. Certificate of Listing at Indonesia Exchange (IDX)

Perubahan Komposisi Dewan Direksi Changes in the Composition of the Board of Directors

Padatahun2017KomposisiDewanDirkesiPerseroanmengalami perubahan. Komposisi Dewan Komisarispada tahunbuku 2017menjadi sepertidi bawah inisesuaidengankeputusanRUPSTahunansebagaimanaAktaNo.29tanggal27September2017,yaitu:

PresidenDirektur/ DirekturUtama : BapakEddyPurwantoWinataDirektur : IbuLiesYulianaWinataDirekturIndependen: BapakIr.HadiAvillaTamzil

In 2017 the composition of the Board of Directors of the Company has changed. The composition of the Board of Commissioners in fiscal year 2017 shall be as follows in accordance with the resolution of the Annual General Meeting of Shareholders as notarized under Deed. 29 dated 27 September 2017, which are:

President Director / President Director : Mr. Eddy Purwanto WinataDirector : Mrs. Lies Yuliana WinataIndependent Director : Mr. Ir. Hadi Avilla Tamzil



Apresiasi Appreciation

Perseroan telahberhasilmelalui tahun2017denganmembukukan kinerja yang cukup baik. Atas namaDireksikamimengucapkanterimakasihdanapresiasiyang sebesar-besarnya kepada Dewan Komisarisatas segala arahan yang diberikan kepada Direksi.Penghargaan yang sama juga disampaikan kepadaparapemegangsaham,pelanggan,banker,danmitrausaha atas dukungan, kepercayaan, dan kerjasamayangtelahterjalin.Direksijugamenyampaikanterimakasih dan penghargaan kepada seluruh karyawanyang telah berkarya dengan penuh dedikasi dankecintaan dalam melaksanakan tugas dan tanggungjawabmasing-masing sertamendukungupayauntukmewujudkanvisi,misi,dantargetPerseroansehinggaPerseroan dapat mencapai pertumbuhan yang kuatdanberkelanjutan.Satukebangganjugabahwatahun2017 sampai dengan awal 2018 kita berhasil listingdiBursaEfek Indonesia. Inisemuaberkatkerjakeraskitasemua.Terimakasih jugabuatsemuapihakyangtelah membantu sampai tercapainya proses listingini, kepada segenap lembaga profesi pendukungdan penunjang pasar modal, kepada Otoritas JasaKeuangan(OJK),BursaEfek Indonesia (BEI).KSEIdansemua pihak. Kita akan terus mempertahankan danbahkanmeningkatkankinerjaperusahaaniniditahun2018.kitasangatoptimisdalammenghadapitahunini.

The Company has succeeded through 2017 by posting good performance. On behalf of our Board of Directors, we would like to extend our gratitude and appreciation to the Board of Commissioners for all directions given to the Board of Directors. The same rewards are also shared with shareholders, customers, bankers, and business partners for the support, confidence and cooperation that have been established. The Board of Directors also expressed our gratitude and appreciation to all employees who have worked with dedication and love in performing their respective duties and responsibilities and support the effort to realize the Company’s vision, mission and targets so that the Company can achieve strong and sustainable growth. One pride also that the year 2017 until the beginning of 2018 we successfully listing on the Indonesia Stock Exchange. It’s all thanks to our hard work. Thank you also for all parties who have helped to achieve this listing process, to all supporting professional institutions and capital market supporters, to the Financial Services Authority (OJK), Indonesia Stock Exchange (BEI). KSEI and all parties. We will continue to maintain and even improve the performance of this company in 2018. we are very optimistic in facing this year!

True Power To Be A Leader...0,6 T, Bisa!

Eddy Purwanto WinataDirekturUtama/President Director



Profil PerusahaanCompany Profile



Identitas Perusahaan Company’s Identity

NamaPerusahaanCompany Name

PTIndahPrakasaSentosaTbk

BidangUsahaLine of Business

PerdaganganBesardanDistribusiBahanbakarpadat,cairdanminyakpelumas,gasdanprodukyangberkaitandenganitusertaPenyediaJasaLogistik

Large Trades and Distributions Solid, liquid and lubricating fuels, gas and related products as well as Logistics Service Providers

TanggalPendirianDate of Establishment

15Januari1988January 15, 1988

DasarHukumPendirianLegal Basis of establishment

PerseroandidirikanberdasarkanAktaNotarisNo.44tanggal15Januari1988yangmengalamiperubahandenganAktaNo.73tanggal30Maret1988yangkeduanyadibuatdihadapanNotarisBachruddinHardigaluh,SH.,NotarisdiCirebon.Akta tersebut telahmemperolehpengesahandariMenkumhamberdasarkanKeputusanNo.C2-5287-HT.01.01.TH’88tanggal23Juni1988sebagaipengesahanataspendirianPerseroan.

The Company was established based on Notarial Deed. 44 dated January 15, 1988 which was amended by Deed No. 73 dated March 30, 1988, both of which were made before Notary Bachruddin Hardigaluh, SH., Notary in Cirebon. The deed has been approved by the Minister of Law and Human Rights based on the Decree no. C2-5287-HT.01.01.TH’88 dated 23 June 1988 as an endorsement of the establishment of the Company

Anggaran Dasar Perseroan mengalami perubahan dengan AktaNo. 25 tanggal 15 September 2008 tentang penyesuaian denganUndang-Undang Perseroan Terbatas No. 40 Tahun 2007 yang dibuatdi hadapan Notaris Mutiara Hartanto, SH., Notaris di Jakarta. Aktatersebut telah mendapatkan pengesahan dari Menkumham dengansuratkeputusannyatanggal28Novembertahun2008No.AHU-91085.AHA.0102.Tahun2008.

The Articles of Association of the Company have been amended by Deed No. 25 dated September 15, 2008 concerning the adjustment with the Company Law No. 40 of 2007 made before Notary Mutiara Hartanto, SH., Notary in Jakarta. The deed has been approved by Menkumham in its decree dated 28 November 2008. AHU-91085.AHA.0102.Tahun 2008.

Anggaran dasar Perseroan diubah terakhir kali dengan Akta No. 03tanggal12Desember2017yangdibuatdihadapanRahayuNingsihS.H.,NotarisdiJakarta,dantelahmendapatpengesahandariMenteriHukumdan Hak Asasi Manusia dalam keputusannya Nomor: AHU-0159904.AH.01.11.TAHUN 2017 tanggal 15 Desember 2017 serta telah dicatatdanditerimadalamSistemAdministrasiBadanHukumdenganNomorSuratAHU-AH.01.03-0201369tanggal15Desember2017.



The Articles of Association of the Company amended the latest by Deed No. 03 dated December 12, 2017 made before Rahayu Ningsih SH, Notary in Jakarta, and has been approved by the Minister of Justice and Human Rights in its decision Number: AHU-0159904.AH.01.11.TAHUN 2017 dated 15 December 2017 and has been recorded and received in the Legal Entity Administration System by Letter Number AHU-AH.01.03-0201369 dated December 15, 2017.

Persetujuan perubahan seluruh ketentuan Anggaran Dasar Perseroandalam rangka menjadi Perusahaan Terbuka antara lain untukdisesuaikandenganPeraturanBapepamLKNo : IX.J.1 tentangPokok-Pokok Anggaran Dasar Perseroan yangmelakukan Penawaran UmumEfekBersifatEkuitasdanPerusahaanPublik,LampiranKeputusanKetuaBapepam&LKNo:Kep-179/BL/2008,tanggal14Mei2008,PeraturanOtoritas Jasa Keuangan No : 32/POJK.04/2014 tentang Rencana danPenyelenggaraanRapatUmumPemegangSahamPerusahaanTerbuka,Peraturan Otoritas Jasa Keuangan No : 33/POJK.04/2014 tentangDireksidanDewanKomisarisEmitenatauPerusahaanPublik;keduanyatertanggal8Desember2014.

Approval of the amendment to the entire Articles of Association of the Company in order to become a Public Company, among others, to be adjusted to Bapepam LK Regulation No: IX.J.1 on the Principles of Articles of Association of Companies Conducting Public Offering of Equity Securities and Public Companies, Appendix of Decision of Chairman of Bapepam & LK No: Kep-179 / BL / 2008 dated May 14, 2008, Regulation of the Financial Services Authority No: 32 / POJK.04 / 2014 on the Plan and Implementation of the Open Company General Meeting of Shareholders, Regulation of the Financial Services Authority No: 33 / POJK. 04/2014 regarding the Board of Directors and Board of Commissioners of Issuers or Public Companies; both dated December 8, 2014.

ModalDasarAuthorized Capital

IDR200.000.000.000.-

ModalDisetorPaid-in Capital

IDR50.000.000.000,-

PemegangSahamShareholders

69,23% PTSuryaPerkasaSentosa 6,92% PTSinarRatuSentosa 0,77% Bpk.EddyPurwantoWinata23,08% Masyarakat/Public

KodeSahamTicker Code

INPS

AlamatKantorOffice Address

KegiatanUsahaUtama/MainBusinessActivities:Jl.PlumpangSemperNo.24RT012RW002KelurahanTuguUtara,KecamatanKojaJakartaUtara-14260

Kantor Pusat/Head Office:Jl. Sunter Garden Raya Blok D8 No. 3G - 3HJakarta Utara - 14350



TeleponeTelephone

62-2165837620,6583762162-214361876,4361877

FaksimiliFacsimile

62-21 6583783862-21 436 1878

Surelemail

[email protected]

Website www.inprasegroup.co.id

Sekilas Perusahaan Company at a Glance

PT Indah Prakasa Sentosa Tbk selanjutnya disebutdengan INPRASE adalah perusahaan nasional yangberdiripada15Januari1988.Meskipunberdiripadatahun tersebut namun INPRASE sendiri sebenarnyasecarabisnissudahdimulaisejaktahun1960-anyangdimulai dengan usaha perdagangan dan angkutanbahan bakar berskala kecil oleh pendiri perusahaanAlm.BapakSuryaWinata.

PT Indah Prakasa Sentosa Tbk hereinafter referred to as INPRASE is a national company which was established on January 15, 1988. Although it was established in that year but INPRASE itself is actually a business started in the 1960s which started with small-scale trading and transportation business by founder company Alm. Mr. Surya Winata.

Dari tahun-ketahun perusahaan berkembang dariperdagangandanangkutanbahanbakarberskalakecilkemudian dipercaya menjadi perusahaan distribusibahanbakarminyakuntukPertaminasampaidengandistribusi pelumas dan LPG dan pada akhirnyaberkembang pula dengan masuk ke jalur distribusibahanbakarminyak dan LPG ke retailmelalui SPBUdanSPBEsampaidengansaatiniyangjugamembukausahadibidanglogistikdanpergudangan.

From year-to-year the company developed from small-scale trading and fuel transportation and then believed to be a fuel distribution company for Pertamina up to the distribution of lubricants and LPG and eventually developed by entering the distribution line of fuel oil and LPG to retail through gas station and SPBE to date which also opened the business in the field of logistics and warehousing.

INPRASE sendiri memiliki 5 anak perusahaan yangmeliputi:

INPRASE itself has 5 subsidiaries which include:

PT Trasindo Sentosa yaitu perusahaan yangbergerak dibidang distribusi pelumas PertaminadandistribusibahanbakarminyakdanLPGuntukretailmelaluiSPBUdanSPBE

PT Barisan Nusantara yaitu perusahaan yangbergerakdibidangdistribusipelumasPertamina

PTElpindoReksayaituperusahaanyangbergerakdibidangtransportasiLPGdanpergudangan

PTEkatamaRayayaituperusahaanyangbergerakdibidang transportasi bahan bakar dan bahankimiakhusus,logistikumum,ekspor-impor

PT Jono Gas Pejagalan yaitu perusahaan yangbergerakdibidangdistribusidantransportasiLPG

PT Trasindo Sentosa is a company engaged in the distribution of Pertamina lubricants and the distribution of fuel oil and LPG for retail through SPBU and SPBE

PT Barisan Nusantara is a company engaged in the distribution of Pertamina lubricants

PT Elpindo Reksa is a company engaged in the transportation of LPG and warehousing

PT Ekatama Raya is a company engaged in the transportation of fuel and specialty chemicals, general logistics, export-import

PT Jono Gas Pejagalan is a company engaged in the distribution and transportation of LPG

Saat ini INPRASE memiliki 3 kantor cabang utamayangadadiBandung,Cilegon,danSamarinda, serta5kantorperwakilanyangadadiSurabaya,Semarang,Medan,Balikpapan,danBanjarmasin.

Currently INPRASE has 3 main branches in Bandung, Cilegon and Samarinda, and 5 representative offices in Surabaya, Semarang, Medan, Balikpapan and Banjarmasin.



Salahsatulompatanbesardanmenjadimomenyangsangat penting yang dilakukan INPRASE adalah saatperusahaan melakukan Initial Public Offering (IPO)padaawalApril2018dengankodesahamINPS.

One of the big jumps and become a very important moment of INPRASE is when the company conducted Initial Public Offering (IPO) in early of April 2018 with INPS ticker code INPS.

Jejak Langkah Milestones

1960’sBerawalsebagaiperusahanperdagangandanangkutanbahanbakarberskalakecilolehPakSuryaWinata

Started as a smail-scale trading and fuel transportation company by founding father, Mr. Surya Winata

1980’sBerkembangmenjadiperusahaandistribusiBBMdanPelumasmitrabisnisPertaminauntukareaJabodetabek

Developed into a fuel distribution company and lubricants Pertamina business partners for Jabodetabek area

1990’sDariperusahaandistribusiBBMdanPelumasdiJabodetabekkemudianberkembangdenganperluasanbisniskedalamlogistik,transportasi,dandistribusipelumasdanjugaLPGdiJabodetabekdancabang-cabanglainnyaantaralainBanten,JawaBaratdanKalimantan

From oil and gas distribution companies in Jabodetabek then expanded with the expansion of business into logistics, transportation, and distribution of lubricants as well as LPG in Jabodetabek and other branches such as Banten, West Java and Kalimantan

NOWPenyediajasalogistikterpadu(integratedlogistics),perdagangan&distribusi,danretailenergi(SPBUdanSPPBE)dikota-kotabesardiIndonesia.MengelolatransnportasilautdansubcontuntuktransportasidandistribusiBBMdanLPGmelaluipengembanganusahamaupunakuisisiPerusahaanberelasi

Integrated logistics service providers, trade & distribution, and retail energy (SPBU and SPPBE) in major cities in Indonesia. Managing sea transport and sub cont for transportation and distribution of BBM and LPG through business development and acquisition of related Company



Bidang Usaha Perusahaan Company Business Segments

Berdasarkan Pasal 3 Anggaran Dasar Perseroan,maksuddantujuanutamaPerseroanadalahBerusahadalambidangPerdagangan,Pembangunan,Pertanian,Industri, Percetakan, Pengangkutan, PerbengkelandanJasa.

Based on Article 3 of the Company’s Articles of Association, the main purpose and objectives of the Company are to seek in the areas of Trade, Development, Agriculture, Industry, Printing, Transportation, Workshop and Services.

Untukmencapaimaksuddantujuantersebutdiatas,Perseroan melaksanakan kegiatan usaha sebagaiberikut:

To achieve these objectives, the Company conducts the following business activities:

Kegiatan Usaha Utama: Main Business Activities:

Menjalankan usaha dalam bidang perdagangantermasukekspor,impor,lokal,antarpulau(interinsuler) danbertindaksebagaisupplier,leveransir,distributor,grosir,perwakilan,keagenanbaikdaridalammaupunluar negeri untuk segala macam barang yang dapatdiperdagangkan,antaralainyaitubahanbakarminyak(BBM), penyaluran minyak tanah, pelumas dan gaselpiji, baik untukperhitungan sendirimaupununtukperhitunganorang/badanlainsecarakomisi.

Conducting business in the field of trade including export, import, local, inter island (interinsuler) and acting as supplier, supplier, distributor, wholesaler, representative, agency both domestic and foreign for all kinds of tradable goods, oil (BBM), kerosene, lubricant and LPG, both for self-calculation and for the calculation of other persons / bodies on a commission basis.

Kegiatan Usaha Penunjang: Supporting Business Activities:

Menjalankan usaha dalam bidang logistik berupatransportasi darat, laut dan udara baik angkutanbarang-barangumummaupunBarangBerbahayadanBeracun(B3),antaralainBahanBakarMinyak(BBM),LPG,Pelumasmaupuncairanbahankimialainnya.

Conducting business in the field of logistics in the form of land transportation, sea, and air both public goods and dangerous goods, among others, Fuel Oil, LPG, Lubricants and others chemicals liquid.

Selainituperusahaanjugamemilikiusahapergudangandanjugapengelolaanpergudangantermasukdistribusibarang pelanggan Secara garis besar bidang usahaperusahaanPTIndahPrakasaSentosaTbkdanEntitasAnakdikelompokkanmenjadidua,yaitu:

In addition, the company also has warehousing business as well as warehouse management including distribution of customer goods Broadly speaking, the business of PT Indah Prakasa Sentosa Tbk and Subsidiaries are grouped into two categories, i.e.:

- Perdagangan Energi yang berdasarkan pasarnyadibagimenjadi2yaitu:

Perdagangan BBM, LPG dan Pelumas untukpasarindustri

Perdagangan BBM, LPG dan Pelumas untukpasarretail

- Transportasi dan Logistik terpadu yang meliputiTransportasi (barang umum maupun BBM,LPG, Pelumas dan cairan Bahan Kimia lainnya,pergudangan termasuk pengelolaan dan jugadistribusi.

- Trading Energy, based on market divided into two categories:

Trading of Fuel, LPG and Lubricants for industrial markets

Trading of Fuel, LPG and Lubricants for retail market (SPBU and SPBE)

- Transportation and integrated Logistics, covering Transportation (general goods, Fuel, LPG, Lubricants and other Chemicals liquids), warehousing including management of warehousing as well as distribution.



DetailkegiatanusahayangdijalankanolehPerseroanadalah:

The details of the business activities carried out by the Company are as follows:

Distribusi Bahan bakarminya, pelumas dan LPGYangmeliputi: Minyakindustri Minyakkapal Minyakretail(SPBU) Pelumasindustri Pelumasretail LPGindustri LPGretail(SPBE)

Fuel distribution, lubricants and LPG Includes: Industrial fuel oil Ship fuel oil Retail fuel oil (gas station/SPBU) Industrial lubricants Retail lubricants LPG for industry LPG for retail (SPBE)

TransportasidanLogistikTerpaduYangmeliputi: Transportasidarat,laut,danudara Pergudangandanpengelolaan Distribusi KontanerDepo Forwarding

Transportation and Integrated Logistics Which includes:

Transportation of land, sea, and air Warehousing and warehouse’s management Distribution Container Depo Forwarding



Struktur Organisasi Organization Structure

OPERATION GROUP

CORPORATE SERVICES

BRANCHES/REPRESENTATIVE OFFICE

EdwardAlbert

KaryaBaktiKaban

Deddy(JakartaRaya)Nandi(BantenRaya)Sriyono(JawaBarat)

EkoSugeng(JawaTimur)Suryo(Kalimantan)

BOARD OF COMMISSIONERSLiesErliawatiWinata(PresidentCommissioner)JuliusSidharta(IndependentCommissioner)

NOMINATION & REMUNERATION COMMITTEE

JulusSidharta(Chairman)KaryaBaktiKaban(Member)AdreanusTatang(Member)

AUDIT COMMITTEEJulusSidharta(Chairman)

AriBinsar(Member)AchmadSyafei(Member)

BOARD OF DIRECTORSEddyPurwantoWinata(PresidentDirector)

LiesYulianaWinata(Director)HadiAvillaTamzil(IndependentDirector)

PRESIDENT DIRECTOR & CEOEddyPurwantoWinata

SUBSIDIARIESPTTrasindoSentosaPTEkatamaRayaPTElpindoReksa

PTBarisanNusantaraSentosaPTJonoGasPejagalan

RISK MANAGEMENT COMMITTEEAdreanusTatang(Chairman)KaryaBaktiKaban(Member)AntoniusP.K.H.(Member)

Nurdani(Member)EdwardAlbert(Member)

MbayM.Rohana(Member)

HEALTH, SAFETY, SECURITY & ENVIRONMENT

ArsiyadiHarisCORPORATE SECRETARY

KaryaBaktiKaban

QUALITY MANAGEMENT & INTERNAL CONTROL (SPI)

Steven

FINANCE DIRECTORLiesYulianaWinata

CORPORATE FINANCE,ACCOUNTING & TAX

AdreanusTatang

CORPORATE PURCHASINGChristianAdam

BUSINESS DEVELOPMENT DIRECTORHadiAvillaTamzil

BUSINESS DEVELOPMENTMbayM.Rohana

MARKETING & SALES TRADING ENERGY

AntoniusP.K.H.

MARKETING & SALES INTEGRATED LOGISTICS

Nurdani



Profil Dewan Komisaris Board Of Commissioners’ Profile

LIES ERLIAWATI WINATAKomisarisUtama


WargaNegaraIndonesia,umur47Tahun.BeliaumemperolehgelarMasterofCommercedariMurdochUniversity,Australiapadatahun1994.BergabungdenganPerseroansejaktahun2017danmenjabatsebagai Komisaris utama. Sebelum menjabat sebagai KomisarisUtama Perseroan, beliau pernah menjabat beberapa posisidiantaranya:sebagaiDirekturpadaPTElpindoReksa,DirekturpadaPT BarisanNusantara Sentosa, Komisaris pada PT Elpindo Reksa,danKomisarispadaPTTrasindoSentosa.

Indonesian citizen, 47 years old. She obtained his Master of Commerce degree from Murdoch University, Australia in 1994. Joined the Company in 2017 and serves as the President Commissioner. Prior to her appointment as the President Commissioner of the Company, he held several positions i.e.: Director of PT Elpindo Reksa, Director of PT Barisan Nusantara Sentosa, Commissioner of PT Elpindo Reksa, and Commissioner of PT Trasindo Sentosa.

JULIUS SIDHARTAKomisarisIndependen

Independent Commissioner

Warga negara Indonesia, umur 48 tahun. Beliau Bachelor ofEngineering (Honors), Curtin University of Technology, WesternAustralia pada tahun 1993, Bergabung dengan Perseroan sejaktahun2017danmenjabatsebagaiKomisarisIndependen.SebelummenjabatsebagaiKomisarisIndependen,beliaumenjabat/pernahmenjabat beberapa posisi antara lain: Direktur dan pemegangsahamdari PTAdvancedTechnology Solution/Asia Tech SoftwareSdn Bhd., Jakarta, Senior Sales Manager pada PT Prima SentraMegahJakarta,danTechnicalSalesExecutivepadaPTDanakoMitraAdhesiveJakarta.

Indonesian citizen, 48 years old. He was Bachelor of Engineering (Honors), Curtin University of Technology, Western Australia in 1993, Joined the Company since 2017 and serves as Independent Commissioner. Prior to his appointment as Independent Commissioner, he held several positions i.e: Director and stockholder of PT Advanced Technology Solution/Asia Tech Software Sdn Bhd., Jakarta, Senior Sales Manager of PT Prima Sentra Megah Jakarta, and Technical Sales Executive of PT Danako Mitra Adhesive Jakarta.



Profil Direksi Board Of Directors’ Profile

EDY PURWANTO WINATADirekturUtama

President Director

WargaNegaraIndonesia,umur44Tahun.BeliaumemperolehgelarMaster of Business Administration di Woodbury University, USApadatahun1997.BergabungdenganPerseroansejaktahun1999danmenjabat sebagai Direktur.Mulaimenjabat sebagai DirekturUtama Perseroan sejak tahun 2003. Sebelum menjabat sebagaiDirektur Utama Perseroan, beliau pernah menjabat beberapaposisisebagaiberikut:DirekturpadaPT.TrasindoSentosa,DirekturPadaPT.IndahPrakasaSentosa,DirekturPT.SuryaPerkasaSentosa,DirekturUtamaPT.TrasindoSentosa,DirekturUtamapadaPTIndahPrakasa Sentosa, Komisaris padaPT. SinarRatu Sentosa,DirekturUtama pada PT. Elpindo Reksa, Direktur pada PT. Surya PerkasaSentosa, Direktur pada PT. Sinar Ratu Sentosa, Direktur pada PT.TrasindoSentosa,danDirekturpadaPT.BarisanNusantaraSentosa.

Indonesian citizen, age 44 years. He obtained his Master of Business Administration degree at Woodbury University, USA in 1997. Joined the Company since 1999 and serves as Director. He has served as President Director of the Company since 2003. Prior to his appointment as President Director of the Company, he held several positions as follows: Director at PT. Trasindo Sentosa, Director of PT. Indah Prakasa Sentosa, Director of PT. Surya Perkasa Sentosa, President Director of PT. Trasindo Sentosa, President Director of PT Indah Prakasa Sentosa, Commissioner of PT. Sinar Ratu Sentosa, President Director of PT. Elpindo Reksa, Director at PT. Surya Perkasa Sentosa, Director at PT. Sinar Ratu Sentosa, Director at PT. Trasindo Sentosa, and Director at PT. Barisan Nusantara Sentosa.

LIES YULIANA WINATADirekturKeuanganDirector of Finance

WargaNegaraIndonesia,umur43Tahun.BeliaumemperolehgelarMasterdiCurtinUniversity,Australiapadatahun1998.BergabungdenganPerseroansejaktahun1999danmenjabatsebagaiKomisaris.MulaimenjabatsebagaiDirekturKeuanganPerseroansejaktahun2017. Sebelum menjabat sebagai Direktur Keuangan Perseroan,beliaupernahmenjabatbeberapaposisiantaralain:DirekturpadaPT. Trasindo Sentosa, Komisaris pada PT. Indah Prakasa Sentosa,Komisaris pada PT. Surya Perkasa Sentosa, Komisaris pada PT.ElpindoReksa,KomisarispadaPT.TrasindoSentosa,dankomisarispadaPT.BarisanNusantaraSentosa.

Indonesian citizen, 43 years old. She obtained her Master’s degree at Curtin University, Australia in 1998. Joined the Company since 1999 and serves as Commissioner. She has served as Finance Director of the Company since 2017. Prior to his position as Finance Director of the Company, he held several position i.e.: Director at PT. Trasindo Sentosa, Commissioner of PT. Indah Prakasa Sentosa, Commissioner of PT. Surya Perkasa Sentosa, Commissioner of PT. Elpindo Reksa, Commissioner of PT. Trasindo Sentosa, and Commissioner at PT. Barisan Nusantara Sentosa.



HADI AVILLA TAMZILDirekturIndependendanBusinessDevelopmentIndependent Director and Business Development

WargaNegaraIndonesia,umur55Tahun.BeliauBachelorDegreeofArchitectdariUniversitasKatholikParahyangan,Bandungpadatahun 1988. Bergabung dengan Perseroan sejak tahun 2017 danmenjabatsebagaiDirekturIndependen.SebelummenjabatsebagaiDirekturIndependenPerseroan,beliaupernahmenjabatberbagaiposisi antara lain: Senior Manager, Unit Head pada unit sektorPublik-CorporateBankingGroup,BankNiagaJakarta,TeamLeader(AssistantVicePresident) - LoanWorkOut&CollectionsTeam inAMC,TheIndonesianBankingRestructuringAgency(IBRA),GroupHead(VicePresident)-System,Procedure&ComplianceGroupinAMC The Indonesian Bank Restructuring Agency (IBRA), DivisionHead(VicePresident) -Equity&CorporateManagementDivisioninAMI,TheIndonesianBankRestructuringAgency(IBRA),DivisionHead (Senior Vice President) - Asset Disposal Division IBRA, TheIndonesian Bank Restructuring Agency (IBRA),Managing Partner,PT. Primrose Gantari Indonesia, Partner - Corporate Finance & Transaction Support Services, RSM International, Director -Relationship & Business Development,RSMInternational,danCFOpadaPTDalleEngineering Construction.

Indonesian citizen, 55 years old. He was Bachelor Degree of Architect from Parahyangan Catholic University, Bandung in 1988. Joined the Company in 2017 and served as Independent Director. Prior to his position as Independent Director of the Company, he held various positions i.e. Senior Manager, Head Unit of Public Sector Unit - Corporate Banking Group, Bank Niaga Jakarta, Team Leader (Assistant Vice President) - Loan Work Out & Collections Team in AMC, The Indonesian Bank Restructuring Agency (IBRA), Group Head (Vice President) - System, Procedure & Compliance Group in AMC The Indonesian Bank Restructuring Agency (IBRA), Division Head (Vice President) - Equity & Corporate Management Division in AMI, The Indonesian Bank Restructuring Agency (IBRA), Division Head (Senior Vice President) - IBRA Asset Disposal Division, The Indonesian Bank Restructuring Agency (IBRA), Managing Partner, PT. Primrose Gantari Indonesia, Partner - Corporate Finance & Transaction Support Services, RSM International, Director - Relationship & Business Development, RSM International and CFO at PT Dalle Engineering Construction.



Entitas Anak Perusahaan Subsidiaries Entities

PT. Indah Prakasa Sentosa Tbk, memiliki 5 (lima) anakperusahaan yaitu: PT Trasindo Sentosa, PT BarisanNusantara,PTElpindoReksa,PTEkatamaRaya,danPTJonoGasPejagalan.Berikutdetailtentanganakperusahaan:

PT. Indah Prakasa Sentosa Tbk, has 5 (five) subsidiaries i.e.: PT Trasindo Sentosa, PT Barisan Nusantara, PT Elpindo Reksa, PT Ekatama Raya, and PT Jono Gas Pejagalan. Following the details of subsidiaries:

PT Trasindo Sentosa (“TS”) PT Trasindo Sentosa (“TS”)

Riwayat Singkat Brief History

TSdidirikanberdasarkanAktaPerseroanTerbatasPTTrasindoSentosaNo.52tanggal17Oktober1990yangdibuatdihadapanSoetomoRamelan,S.H.,NotarisdiJakarta, telahmemperolehpersetujuandariMenteriHukum dan Hak Asasi Manusia Republik Indonesiasesuai dengan Surat KeputusanMenteri HukumdanHak AsasiManusia Republik IndonesiaNo. C2-4950.NT.01.01.TH’93 tertanggal 22 Juni 1993 dan salinanAkta tersebut telah didaftarkan pada PengadilanNegeri JakartaPusatdenganNo.Register1781/1993pada tanggal 8 Juli 1993 serta telah diumumkandalam Tambahan Berita Negara Republik Indonesianomor4078 tahun1993danBeritaNegaraRepublikIndonesianomor71tanggal3September1993.

TS was established based on the Deed of PT Trasindo Sentosa No. Limited. 52 dated October 17, 1990 made before Soetomo Ramelan, S.H., Notary in Jakarta, has obtained approval from the Minister of Justice and Human Rights of the Republic of Indonesia in accordance with the Decree of the Minister of Justice and Human Rights of the Republic of Indonesia No. C2-4950.NT.01.01.TH’93 dated June 22, 1993 and a copy of the Deed has been registered with the Central Jakarta District Court with no. Register 1781/1993 on July 8, 1993 and has been published in Supplement to State Gazette of the Republic of Indonesia number 4078 of 1993 and State Gazette of the Republic of Indonesia number 71 dated 3 September 1993.

Anggaran dasar TS mengalami perubahan denganAktaPernyataanKeputusanRapatPerseroanTerbatasPT Trasindo Sentosa No. 022, dibuat di hadapanMutiaraHartanto,S.H.,NotarisdiJakarta,tanggal15September 2008 mengenai persetujuan perubahanmaksud dan tujuan dalam TS, perubahan seluruhanggarandasarTSgunadisesuaikandenganketentuandalamUUPT.PerubahananggarandasartersebuttelahdisetujuiolehMenteriHukumdanHakAsasiManusiaRepublik Indonesia berdasarkan No. AHU-100969.AH.01.02tahun2008tanggal31Desember2008.

The Articles of Association of the TS are amended by Deed of Limited Meeting of PT Trasindo Sentosa Limited Liability Company. 022, made in the presence of Mutiara Hartanto, S.H., Notary in Jakarta, dated 15 September 2008 concerning the approval of the change of intent and purpose in the TS, the amendment of the entire Articles of Association TS in accordance with the provisions of the Company Law. The amendment of the articles of association has been approved by the Minister of Justice and Human Rights of the Republic of Indonesia based on no. AHU-100969.AH.01.02 of 2008 dated December 31, 2008.

Kantor pusat TS berlokasi di Jl. Sunter Garden RayaBlok D8 No. 3G dan 3H, Jakarta Utara 14350 danmemiliki kantor cabang di Jl. Raya Serang Cilegon No.5,Banten.

The TS head office is located on Jl. Sunter Garden Raya Block D8 No. 3G and 3H, North Jakarta 14350 and has a branch office on Jl. Raya Serang Cilegon No. 5, Banten.

Maksud dan Tujuan serta Kegiatan Usaha Purpose and Objectives and Business Activities

Maksuddan tujuanPerusahaan sesuai denganPasal3 Anggaran Dasar TS adalah bergerak dalam bidangpengangkutan umum, pembangunan, perdaganganumum, industri,pertanian,perkebunan,perhutanan,perikanan, peternakan, jasa pembengkelan dan jasalainnya.SaatiniTSbergerakdalambidangperdaganganumum terutama perdagangan BBM secara impor,ekspor, lokal, serta antar pulau dan pengangkutansertapendistribusianBBMdanLPG.

The purposes and objectives of the Company in accordance with Article 3 of the Articles of Association of TS are to engage in public transport, development, general trade, industry, agriculture, plantation, forestry, fishery, livestock, swelling services and other services. Currently TS is engaged in general trading, especially the import of fuel oil, exports, local, and inter island and the transportation and distribution of fuel and LPG.



Kepemilikan Saham Share Ownership

PT Indah Prakasa Sentosa Tbk memiliki sahamdiPTTrasindoSentosasebesar99%

PT Indah Prakasa Sentosa Tbk has a stake in PT Trasindo Sentosa of 99%

Status Operasi Operational Status

SaatiniPTTrasindoSentosatelahberoperasi Currently PT Trasindo Sentosa is operating

Izin Prinsip yang dimiliki TS Permission Principle owned by TS

Sehubungan dengan kegiatan usaha TS yangbergerak dalam bidang perdagangan umumterutama perdagangan BBM dan pengangkutanserta pendistribusian BBM dan LPG, maka TStelah memperoleh izin pembangunan SPBU yangberlokasi di Desa Bitung Jaya Kecamatan CikupaKabupaten Tangerang yang telah dikeluarkan olehUnit Pembekalan dan Pemasaran Dalam NegeriIII Perusahaan Pertambangan Minyak dan GasBumi Negara (“PERTAMINA”) dengan nomor 1644/F3000/96-S3tanggal23MeiTahun1996.

In connection with the business activities of TS engaged in general trading, especially the trade of fuel and transportation and distribution of fuel and LPG, the TS has obtained a permit for the construction of gas stations located in the Village Bitung Jaya Cikupa District Tangerang District issued by the Unit of Supply and Marketing of Domestic III Company State Oil and Gas Mining (“PERTAMINA”) with number 1644 / F3000 / 96-S3 dated May 23, 1996.

PT Elpindo Reksa (“ER”) PT Elpindo Reksa (“ER”)


ERdidirikanberdasarkanAktaPerseroanTerbatasPTElpindo Reksa No. 19 tanggal 12 Maret 1992 yangdibuat di hadapan Neneng Salmiah, SH., M.Hum.,NotarisdiJakarta,aktatersebutberisianggarandasarER.AktatersebuttelahmemperolehpengesahandariKementerian Kehakiman Republik Indonesia sesuaidengan Surat Keputusan Kementerian KehakimanRepublik Indonesia RI No.C2-7386.HT.01.01. TH.’96tertanggal 6 Maret 1996 dan didaftarkan padaPengadilan Negeri Jakarta Selatan dengan nomorpendaftaran 1100 / A.PT / HKM / 1996 /PN.Jak.Seltanggal 5 Agustus 1996 serta telah diumumkandalam Tambahan Berita Negara Republik Indonesianomor8931 tahun1996danBeritaNegaraRepublikIndonesia nomor 84 pada tanggal 18Oktober 1996.Anggaran dasar ER mengalami perubahan denganAkta Pernyataan Keputusan Rapat PT Elpindo ReksaNo.03tanggal15September2008,dibuatdihadapanNeneng Salmiah S.H. M.H., Notaris di Jakarta,mengenaipersetujuanperubahanmaksuddantujuandalam ER, perubahan seluruh Anggaran Dasar ERguna disesuaikan dengan ketentuan dalam UUPT.Perubahan anggaran dasar tersebut telah disetujuiolehMenteriHukumdanHakAsasiManusiaRepublikIndonesia No. AHU-84697.AH.01.02 tahun 2008tanggal12September2008.

ER was established based on the Deed of Limited Liability Company of PT Elpindo Reksa no. 19 dated March 12, 1992 made before Neneng Salmiah, SH., M.Hum., Notary in Jakarta, the deed contains the articles of association of ER. The deed has been approved by the Ministry of Justice of the Republic of Indonesia in accordance with the Decree of the Ministry of Justice of the Republic of Indonesia No.C2-7386.HT.01.01. TH.’96 dated March 6, 1996 and registered at the South Jakarta District Court with registration number 1100 / A.PT / HKM / 1996 / PN.Jak.Sel on August 5, 1996 and has been published in Supplement to State Gazette of the Republic of Indonesia number 8931 of 1996 and State Gazette of the Republic of Indonesia number 84 dated October 18, 1996. The articles of association of the ER have been amended by Deed of Resolution of PT Elpindo Reksa No. Decree. 03 dated 15 September 2008, made in the presence of Neneng Salmiah S.H. M.H., Notary in Jakarta, concerning the approval of the change of intent and purpose in the ER, the amendment of the entire ER Statutes in accordance with the provisions in UUPT. The amendment of the articles of association has been approved by the Minister of Justice and Human Rights of the Republic of Indonesia. AHU-84697.AH.01.02 of 2008 dated September 12, 2008.



ERberkantorpusatdiJl.PlumpangSemperNo.24RT012RW002KelurahanTuguUtara,KecamatanKoja,JakartaUtara.

ER is headquartered at Jl. Plumpang Semper No.24 RT 012 RW 002 Tugu Utara Village, Koja Sub-district, North Jakarta.

Maksud dan Tujuan ER Purpose and Objectives and Business Activities of ER

MaksuddantujuanERsesuaidenganPasal3AnggaranDasar ER adalah bergerak dalam bidang angkutanumumdandistribusiBBMdangasbumi. Saat ini ERmelakukanpemberianjasapengangkutanLPG.

The purpose and objective of ER in accordance with Article 3 of the ER Statute is to move in the field of public transport and distribution of fuel and natural gas. Currently, ER is providing LPG transportation services.


PT Indah Prakasa Sentosa Tbk memiliki saham diPTElpindoReksasebesar99%

PT Indah Prakasa Sentosa Tbk has a stake in PT Elpindo Reksa of 99%


SaatiniPTElpindoReksatelahberoperasi Currently PT Elpindo Reksa is operating

Izin Prinsip yang dimiliki ER Permission Principle owned by ER

SehubungandengankegiatanusahaangkutanumumdandistribusiBBMdangasbumi,dimanamemerlukanlokasi yang memadai, maka lokasi pergudanganyangdimiliki ER yangberalamatdi Kawasan IndustriJababekaVIIB3/B,kelurahanWangunharja,kecamatanCikarangUtara, Kabupaten Bekasi, Jawa Barat, telahmemperoleh izinTandaDaftarGudang(TDG)Nomor503.36/046/DPMPTPSP/TDG-00/XII/2017 dari KepalaDinasPenanamanModaldanPelayananTerpaduSatuPintuKabupatenBekasi,tanggal22DesemberTahun2017.

In relation to the business of public transport and the distribution of fuel and natural gas, which requires adequate location, ER warehousing location having its address at Jababeka Industrial Estate VII B3 / B, Wangunharja urban village, North Cikarang sub-district, Bekasi regency, West Java obtains the license of Warehouse Registration (TDG) Number 503.36 / 046 / DPMPTPSP / TDG-00 / XII / 2017 from the Head of One Stop Service of Bekasi Regency One Stop Service, dated December 22nd of 2017.

PT Ekatama Raya (“ERA”) PT Ekatama Raya (“ERA”)


ERA berkedudukan di Kabupaten Serang, didirikanberdasarkan Akta Pendirian Perseroan Terbatas PTEkatama Raya No. 30 tanggal 14 Maret 2006 yangdibuatdihadapanMutiaraHartanto,S.H.,NotarisdiJakarta.AnggarandasarERAtelahdisesuaikandenganUUPTsebagaimanadimuatdalamAktaNo.041tanggal13 Agustus 2008 yang dibuat di hadapan MutiaraHartanto,S.H.,NotarisdiJakarta.Aktatersebuttelahmendapatkan pengesahan dari Menteri Hukum danHak AsasiManusia Republik Indonesia dengan suratkeputusannya No. AHU-50334.AH.01.02.Tahun 2009tanggal20Oktober2009.

ERA is domiciled in Serang Regency, established on the Establishment Deed of PT Ekatama Raya No. Company Limited. 30 dated March 14, 2006 made before Mutiara Hartanto, S.H., Notary in Jakarta. The Articles of Association of the ERA have been adjusted to the Company Law as contained in the Deed. 041 dated August 13, 2008 made before Mutiara Hartanto, S.H., Notary in Jakarta. The deed has been approved by the Minister of Justice and Human Rights of the Republic of Indonesia in his Decision Letter no. AHU-50334.AH.01.02.Tahun 2009 dated October 20, 2009.

ERAberkantorpusatdiJl.RayaCilegonKM.09PejatenSerang,Banten.

ERA is headquartered at Jl. Raya Cilegon KM. 09 Pejaten Serang, Banten.



Maksud dan Tujuan ERA Purpose and Objectives and Business Activities of ERA

MaksuddantujuanERAberdasarkanPasal3AnggaranDasarERAadalahbergerakdalambidangperdagangan,pembangunan, pertanian, pertambangan, industri,percetakan, pengangkutan dan jasa. Saat ini ERAbergerak dalam bidang jasa transportasi BBM danBahan Kimia milik PT Baria Bulk Terminal (BBT), PTSolarPremiumCentral(SPC),danPTShellIndonesia.

The purposes and objectives of the ERA under Article 3 of the ERA Statute are to engage in trade, development, agriculture, mining, industry, printing, transportation and services. Currently ERA is engaged in fuel transportation services and Chemicals owned by PT Baria Bulk Terminal (BBT), PT Solar Premium Central (SPC), and PT Shell Indonesia.


PT IndahPrakasa Sentosa Tbkmemiliki sahamdi PTEkatamaRayasebesar99%

PT Indah Prakasa Sentosa Tbk has a stake in PT Ekatama Raya of 99%


SaatiniPTEkatamaRayatelahberoperasi Currently PT Ekatama Raya is operating

PT Barisan Nusantara Sentosa (“BNS”) PT Barisan Nusantara Sentosa (“BNS”)


BNSdidirikanberdasarkanAktaNotarisNo.03tanggal14Maret2011yangdibuatdihadapanSubandiParto,SH., MBA., Notaris di Jakarta, yang berisi AnggaranDasar BNS. Pendirian BNS tersebut telah mendapatpengesahan dari Menteri Hukum dan Hak AsasiManusiaRepublikIndonesiadenganNo.AHU-16450.AH.01.01.Tahun.2011tanggal31Maret2011.

BNS was established based on Notarial Deed. 03 dated March 14, 2011 made before Subandi Parto, SH., MBA., Notary in Jakarta, which contains BNS Articles of Association. The establishment of BNS has been approved by the Minister of Law and Human Rights of the Republic of Indonesia with No. AHU- 16450.AH.01.01.Tahun.2011 dated March 31, 2011.

BNS berkantor pusat di Jl. Plumpang Semper No.24KelurahanTugu,Kec.KojaJakartaUtara14350.

BNS is headquartered at Jl. Plumpang Semper No.24 Kelurahan Tugu, Kec. Koja North Jakarta 14350.

Maksud dan Tujuan BNS Purpose and Objectives and Business Activities of BNS

MaksuddantujuanBNSberdasarkanAnggaranDasarPasal3,BNbergerakdalambidangperdaganganumumterutama perdagangan BBM dan gas, pengangkutanserta pendistribusian BBM dan gas, menjalankanusaha dan bertindak sebagai perwakilan dan atauperagenan dari perusahaan lain baik dalam negerimaupunluarnegeri,mengerjakanjasapadaumumnyatermasuk pemasaran, periklanan jasa administrasidanmanagement,penyalurantenagakerjakhususnyadisektorminyakdangasalam,pelumas,jasaekspedisiangkutandaratdanpengepakankecualijasadibidanghukumdanpajak.SaatiniBNSbergerakdalambidangpenjualan Pelumas ke perusahaan-perusahaantertentu.

The purpose and objectives of BNS pursuant to Articles of Association of Article 3, BNS is engaged in general trading, especially petroleum and gas trade, transportation and distribution of fuel and gas, conducting business and acting as representative and or agency of other companies both domestically and abroad, generally includes marketing, advertising administration and management services, manpower distribution especially in the oil and natural gas sectors, lubricants, land freight forwarding and packing services except legal and tax services. Currently BNS is engaged in the sale of Lubricants to certain companies.




PT IndahPrakasa Sentosa Tbkmemiliki sahamdi PTBarisanNusantaraSentosasebesar99%

PT Indah Prakasa Sentosa Tbk has a stake in PT Barisan Nusantara Sentosa of 99%


SaatiniPTBarisanNusantaraSentosatelahberoperasi Currently PT Barisan Nusantara Sentosa is operating

PT Jono Gas Pejagalan (“JGP”) PT Jono Gas Pejagalan (“JGP”)


JGP berkedudukan di Jakarta Utara, didirikanberdasarkan Akta pendirian Perseroan TerbatasPTJonoGasPejagalanNo.109tanggal21November1987,dibuatdihadapanYudoParipurno,S.H.,NotarisdiJakartadantelahmemperolehpengesahansebagaibadan hukum dari Menkumham, sebagaimanadinyatakan dalam Surat Keputusan MenkumhamNo. C-17205-HT.01.01.TH.2002 tanggal 6 September2002. Akta Pendirian Perusahaan Sasaran tersebuttelahdidaftarkandalamDaftarPerusahaansesuaiUUWDP dengan No. TDP 0901.15201757 pada KantorPendaftaranPerusahaanKodyaJakartaUtaradengannomor agenda 066/H09.01/I/2003 pada tanggal15Januari2003.

JGP domiciled in North Jakarta, established under the Deed of establishment of Limited Liability Company PT Jono Gas Pejagalan no. 109 dated November 21, 1987, drawn up before Yudo Paripurno, S.H., a Notary in Jakarta and has obtained ratification as a legal entity of the Minister of Law and Human Rights, as stated in the Decree of the Minister of Law and Human Right. C-17205-HT.01.01.TH.2002 dated September 6, 2002. The Deed of Establishment of the Target Company has been registered in the Company Register pursuant to the WDP Act with no. TDP 0901.15201757 at North Jakarta Office of Registration with the agenda number 066 / H09.01 / I / 2003 on January 15, 2003.

Anggaran dasar Perusahaan Sasaran telah diubahbeberapa kali dan telah disesuaikan dengan UUPTyaituberdasarkanAktaPernyataanKeputusanRapatPerseroan Terbatas PT Jono Gas Pejagalan No. 63tanggal15Agustus2008,dibuatdihadapanMutiaraHartanto,S.H.,NotarisdiJakartadantelahmendapatpersetujuan Menkumham sebagaimana ternyatadalam Surat Keputusan No. AHU-18962.AH.01.02.Tahun2009tanggal7Mei2009.

The Articles of Association of the Target Company have been amended several times and have been adjusted to the Company Law, which is based on the Deed of Limited Meeting of PT Jono Gas Pejagalan No. PT. 63 dated August 15, 2008, drawn up before Mutiara Hartanto, S.H., Notary in Jakarta and has been approved by the Minister of Law and Human Rights as evident in its Decision Letter no. AHU-18962.AH.01.02.Tahun 2009 dated May 7, 2009.

JGP berkantor pusat di Jl. Plumpang Semper No.24KelurahanTugu,Kec.KojaJakartaUtara14350.

JGP is headquartered at Jl. Plumpang Semper No.24 Kelurahan Tugu, Kec. Koja North Jakarta 14350.

Maksud dan Tujuan JGP Purpose and Objectives and Business Activities of JGP

Adapun maksud dan tujuan serta kegiatan JGPberdasarkanPasal3anggarandasarnyasebagaimanadicantumkandalamAktaPernyataanKeputusanRapatPerseroan Terbatas PT Jono Gas Pejagalan No. 63tanggal15Agustus2008,dibuatdihadapanMutiaraHartanto, S.H., Notaris di Jakarta, adalah sebagaiberikut:

The purpose and objectives and activities of JGP pursuant to Article 3 of its articles of association as stipulated in the Deed of Limited Meeting Resolution of PT Jono Gas Pejagalan No. 63 dated August 15, 2008, drawn up before Mutiara Hartanto, S.H., Notary in Jakarta, is as follows:



a. Menjalankan usaha dalam bidang perdagangantermasuk ekspor, impor, lokal, antar pulau(interinsuler) dan bertindak sebagai supplier, leveransir, distributor, grossier, perwakilankeagenan baik dari dalam maupun luar negeriuntuk segala macam barang yang dapatdiperdagangkan,khususnyapenyalurbahanbakarminyak tanah, solar dan gas elpiji, baik untukperhitungan sendiri maupun untuk perhitunganorang/badanlainsecarakomisi;

a. Conducting business in the field of trade including exports, imports, local, inter-island (interinsuler) and acts as a supplier, supplier, distributor, grossier, agency representative both domestic and overseas for all kinds of tradable goods, kerosene, diesel and LPG gas, either for self-calculation or for the calculation of other persons / entities on a commission basis;

b. Melakukan usaha dalam bidang industri, yaituindustritabunggas,oxygen,hidrogen,industrigasdanLPG(liquid petroleum gas);

b. Conducting business in the field of industry, namely industrial gas cylinders, oxygen, hydrogen, gas industry and LPG (liquid petroleum gas);

c. Menjalankan usaha di bidang transportasi, yaitutransportasi pertambangan dan perminyakanmeliputi pengelolaan dan pemeliharaan fasilitastransportasipertambangandanperminyakan;

C. Conducting business in the field of transportation, namely mining and petroleum transportation, including the management and maintenance of mining and petroleum transportation facilities;

d. Menjalankanusahadalambidangjasa,antaralainjasapenunjangpertambangan,penjualangas,jasapengisiangaselpiji,jasastasionpengangkutandanpengisisan bulk elpiji, konsultan pertambangan,jasa pengangkutan, bahan bakar minyak tanahdan gas elpiji, kecuali jasa dalam bidang hukumdanpajak.

d. Conducting business in the field of services, including mining support services, gas sales, gas filling services, transportation and bulk elpiji transportation services, mining consultants, transportation services, kerosene and LPG, except for legal and tax services.


PT Indah Prakasa Sentosa Tbk memiliki sahamdiPTJonoGasPejagalansebesar99%

PT Indah Prakasa Sentosa Tbk has a stake in PT Jono Gas Pejagalan of 99%


SaatiniPTJonoGasPejagalantelahberoperasi Currently PT Jono Gas Pejagalan is operating

Izin Prinsip Yang Dimiliki Oleh JGP Permission Principle Owned By JGP

Izin-izinmaterialyangdimilikiolehJGPsesuaidenganlingkupusahanyaantaralain:

Material licenses held by JGP in accordance with the scope of its business include:

• Perizinan yang diterbitkan oleh Unit PelaksanaPelayanan Terpadu Satu Pintu Kota AdministrasiJakartaUtarayaituTandaDaftarPerusahaanNo.668/24.3PT.7/31.72/-1.824.27/e/2017, tanggal15 Juli 2016; dan Surat Izin Usaha PerdaganganMenengah No. 592/24.IPM.7/31.72/-1.824.27/e/2016tanggal13Juli2016.

• PerizinanyangditerbitkanolehSatuanPelaksanaPelayanan Terpadu Satu Pintu Kelurahan TuguUtarayaituSuratKeteranganDomisiliUsahaNo.13/27.1BU1/31.72.03.1002/-071.562/e/2017tanggal22Februari2017.

• The licenses issued by the Integrated Service Implementing Unit One Pintu Kota Administrasi Jakarta Utara are Company Registration Certificate no. 668 / 24.3PT.7 / 31.72 / -1.824.27 / e / 2017, dated 15 July 2016; and Medium Trading Business License No. 592 / 24.IPM.7 / 31.72 / -1.824.27 / e / 2016 dated July 13, 2016.

• The licenses issued by the Integrated Service Executive Unit of Satu Pintu Kelurahan Tugu Utara is the Certificate of Domicile of Business no. 13 / 27.1BU1 / 31.72.03.1002 / -071.562 / e / 2017 dated February 22, 2017.



• PerizinanUsaha yaituKeputusanMenteri Energidan Sumber Daya Mineral No. 316.K/10.01/DJM.O/IU/2016tentangIzinUsahaPengangkutanLiquefied Petroleum Gas PT Jono Gas Pejagalantanggal 21 November 2016; dan Sertifikat IzinUsahaPengangkutanLiquefiedPetroleumGasPTJonoGasPejagalantanggal21November2016.

• Effective Business License Decree of the Minister of Energy and Mineral Resources No. 316.K / 10.01 / DJM.O / IU / 2016 concerning Transportation License for Liquefied Petroleum Gas PT Jono Gas dated November 21, 2016; and Certificate of License for Freight Transportation of Liquefied Petroleum Gas PT Jono Gas Pejagalan dated November 21, 2016.

Struktur Grup Perusahaan Corporate Group Structure

PT Surya Perkasa Sentosa Tn. Eddy P. Winata Masyarakat/PublicPT Sinar Ratu Sentosa

PT Ekatama RayaPT Trasindo Sentosa Tn. Elpindo Reksa PT Barisan Nusantara Sentosa PT Jono Gas Pejagalan

99%99%99%99%99%

69,23% 6,92% 0,77% 23,08%

PT Indah Prakasa Sentosa Tbk.

Komposisi Pemegang Saham Shareholder Composition

Nama Pemegang SahamShareholder Name

Jumlah SahamNumber of Shares

Jumlah Modal Yang DisetorTotal Paid-up Capital

Persentase KepemilikanPercentage Ownership

(1)PTSuryaPerkasaSentosa 450,000,000 45,000,000,000 69,23%(2)PTSinarRatuSentosa 45,000,000 4,500,000,000 6,92%(3)EddyPurwantoWinata 5,000,000 500,000,000 0,77%(4)Masyarakat/Public 150,000,000 15,000,000,000 23,08%Jumlah/Total 650,000,000 65,000,000,000 100,00%SahamDalamPortepel Shares in Portepel 1,350,000,000 135,000,000,000

Kronologis Pencatatan Saham Share Listing Chronology

TanggalDate

Tindakan KorporasiCorporate Action

Nominal/Saham (Rp)Per Calue/Nominal (IDR)

Tambahan Modal Disetor (Saham)Additional Paid In Capital (Share)

Jumlah Saham BerdarNumber of Outstanding

Shares

6April2018April 6, 2018

[email protected] Public Offering (IPO) @ IDR 276

276 41,400,000,000 650,000,000



Alamat Perseroan, Anak Perusahaan, Kantor Cabang, dan Kantor Perwakilan

Company Address, subsidiary, Branch Office, and Representative Office

HEAD OFFICEJl.SuntergardenBlokD8No.3G-3HJakartaUtara14350Tlp:(021)65837620,65837621Fax:(021)65831848

SEMARANGJl.YosSudarsoArteriUtaraNo.1KomplekPasindraK4/3,Semarang50144

JAKARTA RAYAJl.PlumpangSemperNo.24JakartaUtara14260

SURABAYAJl.TambakOsowilangunNo.06Surabaya

CILEGONJl.RayaSerangKm.5 DesaSerdang-Kec.Kramatwatu(SampingDealerNissan).Tlp:085945027580

BALIKPAPANKomp.BalikpapanRegencyBlokV2No.9,Balikpapan KalimantanTimur96115

CIKAMPEKJl.KaliAsinDesaPangulahUtaraRt.003/001,Kec.kotaBaru kab.Kerawang41373 (DepanPOBusWargaBaru)Telp:0264-8386056Fax:(0264)8386056

BANJARMASINJl.GubernurSoebarjoKm19KomplekPergudanganBentengBlok18-20Banjarmasin KalimantanSelatan

BANDUNGJl.SoekarnoHattaNo.678 BandungTelp:(022)7503355

MEDANJl.MangaanVIIIPasar3LinkXVIIMabar,MedanDeli-Medan20242

SAMARINDA BRANCHJl.PelitaNo.1,Kel.HarapanBaruSamarindaSeberangKec.LoanananIlir75243



Analisis Dan Pembahasan ManajemenManagement Discussion And Analysis



Tinjauan Bisnis Business Review

Perseroanmemulaikegiatanusahanyapadatahun1988yangbergerakdibidangdistribusiBBMdanPelumasMitrabisnisPertaminauntukareaJabodetabek.Padatahun 1990, Perseroan memperluas usahanya kebidang logistik, transportasi dan distribusi pelumassertaLPGdiJabodetabekdancabang-cabanglainnyaantaralainBanten,JawaBaratdanKalimantan.

Seiring dengan perkembangan Perseroan, makamaksud dan tujuan Perseroan sesuai dengan Pasal3 Anggaran Dasar Perseroan adalah perdagangan,pembangunan, pertanian, industri, percetakan,pengangkutan,perbengkelandanjasa.SaatiniusahautamaPerseroanadalahbergerakdibidangdistribusiBBM (Bahan Bakar Minyak), LPG (Liquid PetroleumGas),danbahanbahankimia,perdaganganBBMdanpelumas, kendaraan angkutan (transportasi), logistikdanjasa.

The Company started its business activities in 1988 engaged in the distribution of fuel and lubricants Pertamina business partners for Jabodetabek area. In 1990, the Company expanded its business into the logistics, transportation and distribution of lubricants and LPG in Jabodetabek and other branches such as Banten, West Java and Kalimantan.

Along with the development of the Company, the purpose and objectives of the Company in accordance with Article 3 of the Company’s Articles of Association are trade, development, agriculture, industry, printing, transportation, workshop and services. Currently, the Company’s main business is engaged in the distribution of fuel, LPG (Liquid Petroleum Gas), and chemicals, fuel and lubricant trade, transportation vehicles, logistics and services.

Seiring berjalannya waktu, pertumbuhan pendudukdi Indonesia semakin meningkat sejalan denganpertumbuhan penggunaan kendaraan bermotor.Penjualan mobil 2017 diperkirakan sekitar 1,1 jutaunitdenganpertumbuhanditahun2018diperkirakansekitar3%(menjadi1,13jutaunit),penjualanmotorsekitar6,1jutaunitdenganrata-ratakenaikansekitar2 -4%sehingga tahun2018diperkirakan sekitar6,3jutaunit.

Sejalan dengan penambahan kendaraan bermotorpenambahanSPBUjugameningkatcukuptinggibaikitu milik pertamina maupun milik swasta lainnya.Beberapapemain swastabaru jugamencobamasukke bisnis ini. Sebelumnya pemain swasta terbesaradalahSPBUShell,sementaraituAKRbermaindisisiSPBU HSD di daerah, namun sekarang mereka jugamencoba masuk di Jakarta dengan membuka SPBUpertama yang cukup besar di Pantai Indah Kapuk.PemainbarulainyangjugamasukadalahVIVO,yangbermain cukup agresif dari sisi harga. SementaraSPBUPertaminajugabertambahcukupcepatdenganmenggandengpartnershippihakswasta.PertumbuhansektorperdaganganBBM,Gas,danKimiaDasardanproduk lainnya yang cukup tinggi yang mencapai11%. Hal ini dipicu dari tingginya pembangunaninfrastruktur, kemudian adanya kenaikan beberapaindustri antara lain industri barang logam, bukanmesindanperalatannyayangnaik10,86persen,danjugaprogramtollautdaripemerintah.

As time passes, population growth in Indonesia is increasing in line with the growth of motor vehicle usage. The 2017 car sales are estimated to be around 1.1 million units with growth in 2018 estimated at around 3% (to 1.13 million units), motorcycle sales of around 6.1 million units with an average increase of 2 - 4% so that by 2018 it is estimated about 6.3 million units.

In line with addition of motor vehicles, addition of gas stations also increased quite high whether it belonged to Pertamina or other private property. Some new private players are also trying to get into this business. Previously the largest private player was Shell gas station, while AKR played on the side of the HSD filling station in the area, but now they are also trying to enter Jakarta by opening the first big enough gas station at Pantai Indah Kapuk. Another new player who also signed in was VIVO, who played quite aggressively in terms of price. While Pertamina gas stations are also increasing quite quickly by holding a private partnership. The growth of the trade sector of fuel, gas, and basic chemicals and other products is quite high which reached 11%. This is triggered by the high infrastructure development, then the increase of several industries such as metal goods industry, not the machinery and equipment which rose 10.86 percent, and also the government’s toll sea program.



PengalihanenergidariBBMkeelpijiyangdicanangkanolehpemerintahbaikdirumahtanggamaupunindustri,membuat pertumbuhan pengguna elpiji meningkatcukup signifikan.Di sisi lainpenggunaanelpiji subsididaripemerintahuntukkeluargamiskinsemakindibatasidandigantikandenganelpijiyangnonsubsidi.

Sementaraitudiusahalogistikjugaterjadipeningkatandari tahun ke tahun dengan rata-rata pertumbuhansekitar 14,7% pertahun dengan nilai di tahun 2017sekitarRp.2,757T,tahun2018sekitarRp.3.162T,dantahun 2019 sekitar Rp. 3.627 T, dengan perbandingansekitar27%(Rp.854TFY2018)darisektortransportasidan 73% (Rp. 2.303 T FY 2018) dari kegiatan industrilogistik. Potensi pendapatan juga masih sangat besardari cargo, dengan pertumbuh sekitar 5.8% pertahun,dimana tahun 2017 diperkirakan sekitar 1.117 jutaton dan tahun 2018 sekitar 1.182 juta ton.Disisi lainpertumbuhan terhadap permintaan pergudangan jugameningkatcukupbaik.SaatinipergudangandiIndonesiadipasoksekitar8,1jutam2,94%diantaranyadigunakanolehperusahaankonsumer,3%olehperusahaanlogistik,dan3%digunakanolehperusahaaneCommerce.Rata-rata kenaikanharga sewagudang sekitar 5 - 7%, yieldsekitar 6 - 8%. Harga rental gudang modern sekitaridr 60 - 80 ribu rupiah/m2/bulan dan pada tahun2023 diperkirakan sekitar 94 ribu rupiah/m2/bulan.PerusahaaneCommercejugaberkembangsangatpesatdandiperkirakansampaidengan tahun2020akanadapertambahan sekitar 13.000 perusahaan ecommerce.Sementara itu Jumlah pertumbuhan kontainer importsaat ini sekitar 4,1% pertahun. Kemudian saat iniangkutan barang menggunakan moda darat (truk)mencapai91,25%dibandingkandenganyanglainnya.

The transfer of energy from BBM to LPG proclaimed by the government both in household and industry, makes the growth of LPG users increased significantly. On the other hand the use of LPG subsidy from the government for poor families is increasingly limited and replaced with non-subsidized LPG.

Meanwhile, in logistics business also increased from year to year with an average growth of about 14.7% per year with value in 2017 around Rp. 2.757 T, in 2018 around Rp. 3.162 T, and in 2019 around Rp. 3,627 T, with a ratio of about 27% (Rp 854 T FY 2018) from the transport sector and 73% (Rp 2,303 T FY 2018) from logistics industry activities. The potential income is still very large from cargo, with growth of about 5.8% per year, where 2017 is estimated at about 1,117 million tons and 2018 of about 1,182 million tons. On the other hand growth in demand for warehouses also increased quite well. Currently warehousing in Indonesia is about 8.1 million m2, 94% of which is used by consumer companies, 3% by logistics companies, and 3% is used by eCommerce companies. Average warehouse rental price increase is about 5 - 7%, yield about 6 - 8%. Modern warehouse rental price around idr 60 - 80 thousand rupiah / m2 / month and in year 2023 is estimated about 94 thousand rupiah / m2 / month. eCommerce companies are also growing very rapidly and it is estimated that by 2020 there will be an increase of about 13,000 ecommerce companies. Meanwhile, the number of imported container growth is currently around 4.1% per year. Then the current transportation of goods using land mode (truck) reached 91.25% compared to the others.

PenggunaanModaTransportdiIndonesiaUsage of Transport in Indonesia

Moda / Transportation Persentase / PercentageTrucking 91.25%KeretaApi/Railway 0.63%Penyeberangan/Fery Transportation 0.99%Laut/sea freight 7.07%Udara/air freight 0.05%Sungai/river transport 0.01%Total 100.00%

PertumbuhanLogisticdiIndonesiaLogistics Growth in Indonesia

Tahun / Year Nilai / Value (IDR)2015 2,0832016 2,7572017 3,1622018 3,6272019 4,1602020 4,772



1. Prospek Usaha Industri Sektor Migas di Indonesia 1. The Prospect of Industrial Business Oil and Gas Sector In Indonesia

a. Pertumbuhan Konsumsi Migas

Di Indonesia, energi migas masih menjadi andalanutama perekonomian Indonesia, baik sebagaipenghasildevisamaupunpemasokkebutuhanenergidalam negeri. Pembangunan prasarana dan industriyang sedang giat-giatnya dilakukan di Indonesia,membuat pertumbuhan konsumsi energi rata-ratamencapai 7% dalam 10 tahun terakhir. Peningkatanyang sangat tinggi, melebihi rata-rata kebutuhanenergiglobal,

Proyeksi Kebutuhan Minyak dan Gas Bumi Indonesia

a. Growth of Oil and Gas Consumption

In Indonesia, oil and gas energy is still the mainstay of the Indonesian economy, both as a foreign exchange earner and supplier of domestic energy needs. The ongoing development of infrastructure and industry in Indonesia has made the growth of energy consumption an average of 7% in the last 10 years. A very high increase, surpassing the average global energy requirement,

Projection of Indonesia’s Oil and Gas Needs

5000

4000

3000

2000

1000

02010 2015

654

1672

OilDemand GasDemandCurrentOilProduction CurrentGasProduction

SUMBER:DEWANENERGINASIONALviaSKKMIGAS

1874

Net gas importer?

16491467

3748

4497

832

2020 2025 2030 2035 2040 2045 2050 2055



b. Bahan Bakar Minyak b. Fuel oil

BerdasarkandatayangdiperolehdariBadanPengaturHilirMinyakdanGas,diketahuikonsumsiBBMadalahsebagaiberikut:

Konsumsi BBM Nasional Per Tahun 2006-2017

Based on data obtained from the Oil and Gas Downstream Regulatory Agency, it is known that fuel consumption is as follows:

National Fuel Consumption Per Year 2006-2017

37,456,263.76

24,021,399 23,428,384 23,880,287

39,223,095,623 38,228,696,128

45,070,036,967

KOMSUSIBBMJBU,JBKP,JBTDARITAHUN2006-2017

46,789,625.18

14,894,147.288

21,247,119.24

8,420,274.501

48,655,005,967

25,352,758,87126,248,80029,944,036 29,776,792

27,656,038

VOLU

ME(L)

60M

40M

20M

0

2006 2007 2008 2009

JBU JBKP JBT

2010 2011 2012 2013 2014 2015 2016 2017

Realisasi Jenis Bahan Bakar Umum Triwulan II Tahun 2017 Per Provinsi

Realization of General Fuel Type Quarter II Year 2017 Per Province

3,500M

3,000M

2,500M

2,000M

VOLU

ME(L)

1,500M

1,029,905,752

230,921,680

464,534,646267,803,089

462,613,745

173,774,032

1.553.155.224

1,976,231,301

2,897,703,5142,731,671,080

360,072,684

891,112,909

315,485,255

Propinsi

109,309,851

1,447,246,221

919,509,883

315,760,512164,315,063 184,037,245

399,414,617

19,695,660

313,433,441103,771,559

PapuaBarat

SulawesiBarat

SulawesiSelatan

SulawesiTen

ggara

SulawesiTen

gah

SulawesiUta

ra

Kalima

ntanU

tara

Kalima

ntanTimu

r

Kalima

ntanSelatan

Kalima

ntanTeng

ah

Kalima

ntanBarat

NusaT

enggaraTimu

r

NusaT

enggaraBarat

Bali

JawaTimu

r

JawaTe

ngah

JawaBarat

Banten

DKIJakarta

Lampun

g

Bangka

-Belitung

SumateraS

elatan

SumateraB

arat

SumateraU

tara

Nangg

roeAcehDar

ussalam

Bengku

luJam

bi

Kepulauan

Riau

Riau

DIYogy

akarta

Gorontalo Pap

ua

MalukuU

tara

Maluku

1,000M

500M

0



Pada segmen usaha Trading Energy, untuk dapatmasuk ke dalam bisnis yang saat ini Perusahaanlakukan, perusahaan baru sangatlah sulit untukbersaing.Hal-halyangberpengaruhpadamudahatausulitnyapemainbarumasukkedalambisnisiniadalah:

In the segment of Trading Energy business, to be able to enter into the business that the Company is currently doing, the new company is very difficult to compete. The things that have an effect on the easy or difficult new players coming into this business are:

DiperlukandanayangsangatbesaruntukmemulaiusahaTradingEnergy.

Pengalaman yang sangat lama sehingga produkyang dihasilkan menjadi berkualitas dankompetitif.

Pemahaman, kemampuan, jaringan yang sangatmendalam, terspesialisasi dan kuat memasukiusahaTradingEnergy.

Tingkat kepercayaan yang didapatkan darisuppliermaupuncustomermerupakanakumulasidarihubunganyangdibangunjangkapanjang.

There is a huge amount of money to start a Trading Energy business.

The experience is so long that the resulting product becomes qualified and competitive.

Update, capability, deep, specialized and strong network entering Trading Energy business.

The level of trust gained from suppliers and customers is an accumulation of long-term built relationships.

c. Elpiji

Konsumsielpijidi Indonesiamengalamipeningkatan.Konsumsi elpiji pada 2007 hanya sekitar satu jutametrik ton per tahun menjadi hampir mencapai 7juta metrik ton pada 2016. Angka tersebut tumbuhsebesar 700 persen selama embilan tahun. WakilDirektur Utama Pertamina Ahmad Bambangmengatakan,peningkatankonsumsielpijidisebabkanadanyaprogramkonversiBBMkeelpijiyangdilakukanpemerintah untuk kebutuhan rumah tangga sejak2007danuntukmesinkapalnelayanyangdilaksanakanmulai 2016 yang rencananya akan dilanjutkan pada2017.Pertaminabersamadenganpemerintahdaerahsedangmelakukansosialisasipenggunaanelpijinon-PSO untuk memastikan subsidi LPG tepat sasarankepadayangberhak.Saatini,pemerintahjugasedangmenyiapkan Program Distribusi Elpiji 3 Kg TepatSasaranyangdiharapkandapatterlaksanapadatahunini. Pelaksanaan subsidi elpiji tabung 3 Kg dilakukandengan pola distribusi terbuka dan dilakukan secarabertahap untuk 26 juta rumah tanggamiskin (RTM)dan2,3jutausahamikro.Saatinisedangberlangsungpembangunan infrastruktur elpiji di seluruh wilayahIndonesia,diantaranya,beradadiwilayah IndonesiaTimur,sepertidepotelpijidiKupang-DepotLPGNTT,Bima-NTB,Wayame-Maluku,maupun depot elpiji diJayapura-Papua.

c. LPG

LPG consumption in Indonesia has increased. LPG consumption in 2007 was only about one million metric tons per year to almost 7 million metric tons in 2016. The figure grew by 700 percent over the past year. Vice President Director of Pertamina Ahmad Bambang said that the increase of LPG consumption is caused by the conversion of BBM to the LPG conducted by the government for household needs since 2007 and for the fishing vessel machinery which is implemented starting 2016 which is planned to be continued in 2017. Pertamina together with local government is doing socializing the use of non-PSO LPGs to ensure LPG subsidy is targeted to the rightful. Currently, the government is also preparing a 3 Eligible LPG Distribution Program that is expected to be implemented this year. Implementation of the 3 Kg tube LPG subsidy is done with an open distribution pattern and is done gradually for 26 million poor households (RTM) and 2.3 million micro-enterprises. Currently ongoing LPG infrastructure development in all parts of Indonesia, including in East Indonesia, such as LPG depot in Kupang-Depot LPG NTT, Bima-NTB, Wayame-Maluku, and LPG depot in Jayapura-Papua.



2. Prospek Usaha Segmen Transport dan Logistik di Indonesia

2. The Prospect of Business Segment Transport and Logistics in Indonesia

Bisnislogistikmerupakansalahsatusektorusahayangsaat ini memiliki tingkat pertumbuhan yang tinggi,seiring dengan kebutuhanmasyarakat yang semakinmeningkat dan perkembangan teknologi yangsemakincanggih.Peranperusahaan logistikdi tanahairjugaakanterusberkembangseiringpertumbuhanekonomi yang semakin membaik. Perkembangantersebut harus didukung dengan upayaupaya yangdilakukanuntukmencapaisistemlogistikyangefektifdanefisien.PencapaianitudipengaruhiolehkeadaanIndonesia yang memiliki 17.504 pulau, 350 juta

Logistics business is one of the business sectors that currently have high growth rates, along with the increasing community needs and the increasingly sophisticated technological developments. The role of logistics companies in the country will also continue to grow as the economic growth is getting better. These developments should be supported by efforts made to achieve an effective and efficient logistics system. The achievement is influenced by the state of Indonesia which has 17,504 islands, 350 million inhabitants and abundant natural resources such as oil, gas, coal,

penduduk dan sumber daya alam yang melimpahsepertiminyak,gas,batubara,dankelapasawit.Potensikomoditas Indonesia yang beragam juga menjadipeluang industri logistik. Keadaan ini menunjukkanbahwa Indonesia adalah pasar yang menjanjikandengankekayaansumberdayayangdimiliki.

and palm oil. The diverse potential of Indonesia’s commodities is also an opportunity for the logistics industry. This situation shows that Indonesia is a promising market with a wealth of resources owned.

Sektor logistik juga menghadapi tantanganinternasional. Penawaran dan permintaan distribusitelah menjadi isu krusial dan membutuhkan sistemdistribusi yang handal. Perdagangan kesepakatanbebas di ASEAN mengarah ke pasar yang lebihkompetitif.Harapanpelangganadalahbarangdanjasayangditawarkandapatmeningkatdanmendapatkanbiaya yang lebih rendah. Untuk menghadapi situasitersebut, Indonesia membutuhkan kinerja logistikyangunggulsehinggadapatmengamatiseberapajauhkinerjasektorlogistikIndonesia.Kinerjasektorlogistiksuatu negara dibandingkan dengan sektor logistikdi negara lain di dunia dapat diidentifikasi denganmenggunakanIndeksLogistikKinerja(LPI).LPIadalahrata-ratatertimbang country skorpadaenamdimensikunciyangterdiridariefisiensiproseskliring,kualitasperdagangan dan transportasi infrastruktur terkait,kemudahan mengatur pengiriman, kompetensi dankualitas logistik jasa (kemampuan untuk melacakkiriman dan ketepatan waktu pengiriman) dalammencapaitujuanyangdiharapkansesuaidenganwaktupengiriman. Saat ini, tren yang sedang berkembangadalah kepastian (certainty), komparabilitas(comparability),danukuran(measurability).

The logistics sector also faces international challenges. Supply supply and demand has become a crucial issue and requires a reliable distribution system. Trade free deals in ASEAN leads to a more competitive market. The customer’s expectation is that the goods and services offered can increase and get a lower cost. To cope with the situation, Indonesia needs a superior logistics performance so it can observe how far the performance of Indonesia’s logistics sector. The performance of a country’s logistics sector compared to the logistics sector in other countries in the world can be identified using the Performance Logistics Index (LPI). LPI is the weighted average of country scores on six key dimensions comprising the efficiency of the clearing process, the quality of trade and transport of related infrastructure, the ease of organizing delivery, the competence and quality of service logistics (the ability to track shipments and on-time delivery) in achieving the expected goals according to delivery time. Currently, developing trends are certainty, comparability (comparability), and size (measurability).



Market size industri logistik di Indonesia dapat dilihat pada gambar berikut:

Market size logistics industry in Indonesia can be seen in the following figure:

DISTRIBUSI PRODUK DOMESTIK BRUTO 2016

Jasa-jasa20%

PertambangandanPenggalian

6%

InformasidanKomunikasi

3%

Perdagangan11%

Sumber: Supply Chain Indonesia, diolah dari BPS

Konstruksi9%

IndustriPengolahanNon

Migas16%

PertanianKehutanan,dan

Perikanan12%

IndistriPengolahan

Migas18%

Transportasidan

Pergudangan5%

DISTRIBUSI PDB SEKTOR TRANSPORTASI & PERGUDANGAN 2016PergudangandanJasaPenunjang

Angkutan:PosdanKurir16%

AngkutansungaiDanaudan

Penyeberangan2%

AngkutanLaut6%

AngkutanRel1%

AngkutanDarat47%

Sumber: Supply Chain Indonesia, diolah dari BPS

AngkutanUdara28%

Semakin banyaknya perusahaan baru yangbergerak di bidang transportasi dan logistik dengankeunggulannya masing-masing, hal tersebut dapatmengancamkeberadaanPerseroankarenapelanggandapat menentukan dan memilih perusahaan manayang memiliki kualitas layanan yang terbaik. Akantetapi dengan adanya pengalaman yang cukup lamadalam pendistribusian BBM, Perseroan memilikikompetensi dan sumber daya yang andal untukmengatasi ancaman tersebut. Di sisi lain, Perseroantetapharuswaspadadenganmenyiasatipeningkatankualitaspelayanankepadaparapelanggan.

The growing number of new companies engaged in transportation and logistics with their respective advantages, it can threaten the existence of the Company because customers can determine and choose which companies have the best quality of service. However, with considerable experience in the distribution of fuel, the Company has the competence and resources to overcome these threats reliably. On the other hand, the Company must remain vigilant by addressing the improvement of service quality to its customers.



3. Prospek Usaha Manufaktur 3. The Prospect of Manufacturing Enterprises

Sesuai dengan pengertian dari industri manufakturyaitu industri yang mengaplikasikan peralatandan suatu medium proses yang mengubah daribahanmentahmenjadi barang jadi, industri ini eratkaitannya dengan pertumbuhan ekonomi suatunegara. Pertumbuhan industri ini bergantung padatingkatkonsumsidandayabelimasyarakat.Semakintinggi tingkat konsumsi maka akan semakin tinggitingkat permintaan pada barang sehingga industrimanufakturakanmengalamipeningkatan.

BadanPusatStatistik(BPS)menyebutkanpertumbuhanproduksiindustrimanufakturbesardansedangkuartalII-2017naik4,00persen(yoy)terhadapkuartalII-2016.Kenaikantersebutterutamadisebabkanolehnaiknyaproduksi industri barang logam, bukan mesin danperalatannya,naik10,86persen.Sementaraitu,jenis-jenis industri yang mengalami penurunan produksiadalah industri pengolahan lainnya, turun 10,53persen,industriminuman,turun8,26persen;danjasareparasidanpemasanganmesindanperalatan,turun7,57persen.

Kekuatan dari para pembeli dalam industridipengaruhiolehseberapabesarpengaruhPerseroanterhadapkeputusanparapembeli.Beberapahalyangberpengaruhpadakekuatanpembeliadalah:

Harga jual kompetitif pada pembeli yang telahmemiliki hubungan yang sangat lama dan jugapara pembeli yang memiliki brand equity yangbaik seperti Pertamina, Pertamina Patra Niaga,Shell,Dunlop,Kao,Baygon,danWilmarsehinggapembeli mempunyai kekuatan untuk negosiasiharga.

Untuk beberapa produk diferensiasi sepertiangkutan bahan kimia menggunakan armadaLorry Tank dan ISO Tank, Perseroan memilikikekuatan yang tinggi. Hal ini terjadi karenaPerseroanmerupakansalahsatupilihandariparapembeli sebagai perusahaan transportasi danlogistikyangdapatmengangkutBarangBerbahayadanBeracun(B3).

In accordance with the understanding of the manufacturing industry is the industry that applies equipment and a process medium that converts from raw materials into finished goods, the industry is closely related to the economic growth of a country. The growth of this industry depends on the level of consumption and purchasing power of the people. The higher the level of consumption will be the higher the level of demand on goods so that the manufacturing industry will experience an increase

Central Bureau of Statistics (BPS) said that the production growth of large and medium manufacturing industries in the second quarter of 2017 increased by 4.00 percent (yoy) from the second quarter of 2016. The increase was mainly due to the rise in production of the metals industry, not machinery and equipment, up 10.86 percent. Meanwhile, the types of industries that experienced a decline in production were other processing industries, down 10.53 percent, the beverage industry, down 8.26 percent; and repair and installation services of machinery and equipment, down 7.57 percent.

The strength of buyers in the industry is influenced by how much influence the Company has on buyers’ decisions. Some things that affect the power of buyers are:

Competitive selling price to long-term buyers and also buyers with good brand equity such as Pertamina, Pertamina Patra Niaga, Shell, Dunlop, Kao, Baygon and Wilmar so that buyers have the power to negotiate prices.

For several differentiation products such as chemical transportation using the Lorry Tank fleet and ISO Tank, the Company has high strength. This happens because the Company is one of the choices of the buyers as a transportation and logistics company that can transport Dangerous Goods and Toxic (B3).

Bagi Perseroan, supplier merupakan kuncipenting karena berkaitan dengan proses bisnis.Perusahaanperusahaan yangmenjadi supplier untukPerseroandiantaranyaadalahPertamina,PertaminaPatraNiaga,danShell.Perseroandapatbekerjasamadengan beberapa perusahaan pemasok sekaligus,baikberdasarkankontrakmaupuntidak,untukdapatmemasarkan produk ke berbagai perusahaan sesuaidenganpermintaanpelanggan.

For the Company, the supplier is an important key because it is related to the business process. Companies that are suppliers for the Company include Pertamina, Pertamina Patra Niaga and Shell. The Company may cooperate with several supplier companies, whether under contract or not, to be able to market products to various companies according to customer demand.



Perkembangan teknologi pada dewasa inimempengaruhi perindustrian minyak denganmunculnya produk–produk baru yang lahir dengankualitas yang lebih baik, di antaranya pengalihanbahan bakar pabrik dari minyak diesel menjadi gasatau batubara. Hal inimenjadi ancaman serius bagiPerseroansehinggaharusmemaksimalkankinerjadankualitas produk untuk tetapmenjaga persaingan. Disamping itu, pada segmen transportasi dan logistik,berkembangnya jasa logistik online dan produksubtitusiyangsemakinberagamsepertipengangkutanmelalui keretadanpesawat kargomenjadi ancamanbagi Perseroan, sehingga dituntut untuk mamputerjun dalambisnis jasa logistik online danmenjalinkerjasama dengan perusahaan kereta dan pesawatkargo.

The development of technology in today’s affects the oil industry with its emergence new products are born with better quality, including the transfer of fuel plant from diesel oil to gas or coal. This poses a serious threat to the Company so it should maximize the performance and quality of the product to keep up the competition. Besides that, in the transportation and logistics segments, the development of online logistics services and substitution products which are increasingly diverse as freight through trains and cargo planes are a threat to Company, so it is required to be able to plunge in the online logistics services business and establish cooperation with railway companies and cargo planes.

Tinjauan Operasi Operation Highlight

Perseroan secara terukur terus melakukan investasiuntuk memperkuat bisnis Perusahaan sehinggamampu bersaing di pasar trading energy dan jugalogistik. Investasi antara lain dilakukan pada unitarmada yang dimiliki oleh perusahaan baik headtractors,isotank,lorrytank,skidtankmaupunarmadakecil,lalupeningkatankapasitaspergudanganmelaluipembanguna gudang sendiri, dan juga penambahanunitSPBU.

Berikutlistdariasetperusahaan:

The Company measurably continues to invest in strengthening the Company’s business so as to compete in the trading energy market as well as logistics. Among other investments are the fleet units owned by the company, both head tractors, isotank, lorry tank, skidtank or small fleet, and warehousing capacity increase through the warehouse itself, and also the addition of SPBU units.

Here’s a list of company assets:

Nama Perusahaan Quantity Capacity jenis angkutan produk/asset type company name

PTIndahPrakasaSentosaTbk.


KapanBunker(1.100KL&615KL)

2Unit 1.715KL MFO/BasedOil BunkerShip(1.100KL&615KL)

TrukTrailerTangki 46Unit 746Ton BBM,BahanKimiaCair/ChemicalLiquidMaterial,LPG

TrailerandTankTruck

TrukWingsbox(18Ton&48Ton)

81Unit 1458Ton ConsumerGood,BahanKimia/ChemicalMaterial

WingsboxTruck(18Ton748Ton)

TractorHead 52Unit - - TractorHead

LightTruck 3Unit - ConsumerGood,BahanKimia/ChemicalMaterial

LightTruck

IsoTank 41Unit 1025Ton BBM,BahanKimiaCair/ChemicalMaterial

IsoTank




PTTrasindoSentosa PTTrasindoSentosa

SPBU 1Unit 215KL Premium,Pertalite,Pertamax,Solar,PertaminaDex,Dexlite

SPBU

SPBE 1Unit 15Ton LPG(3Kgs) SPBE

TrukTrailerTangki 1Unit 15Ton LPG Trailer&TankTruck


LightTruck 4Unit - Pelumas/Lubricants LightTruck

PTElpindoReksa PTElpindoReksa

TrukTrailerTangki(20Ton&15Ton)

38Unit 665Ton LPG Trailer&TankTruck(20Ton&15Ton)

PTEkatamaRaya PTEkatamaRaya

trukTangki 29Unit 357KL BBM,Aspal/Asphalat,Pelumas/Lubricants

TankTruck


PTBarisanNusantara

PTBarisanNusantara

LightTruck 2Unit - Pelumas/Lubricants LightTruck




Pergudangan Warehousing

Banjarmasin 1Unit 5.000aqm SoftexIndonesia BanjarmasinCity

Medan 1Unit 4.000aqm SoftexIndonesia MedanCity

Padalarang 1Unit 2.000sqm Homeco PadalarangCity

PTTrasindoSentosa PTTrasindoSentosa


Karawaci 1Unit 800sqm - KarawaciCity

Cilegon 1Unit 4.000sqm - CilegonCity

PTElpindoReksa PTElpindoReksa


Jababeka JababekaCity

Indoor 1Unit 7.000sqm - Indoor

Outdoor 1Unit 2.000sqm - Outdoor



Productive Asset

140

120

100

80

60

40

20

0Tangki Bigmana Isotank Container BunkerShip Chasis Warehouse Total

Asset Type

53

41

19

125

3 7 62

Fleet Asset

175

150

125

100

75

50

25

0LightTruck TractorHead Wingsbox TankTruck TankTrailer TotalTankTronton

Truck Type

9

64

81

31 3140

154



Utility Report of Fleet

Ritase/DksekusiOrder 1;2;3dst...Pengiriman/OTW DAntriBongkar CStandby(NoOrder) SBreakdown/Service MHariKerja 24

No NomorPolisi Tahun Unit Total Ritase Avg. Ritase Delivery Customer Standby Breakdown / Service Utilisasi Total

VolumeHari % Hari % %1 B9007UFV 2014 21 2100% 0 0 10 41,7% 0 0,0% 87,5% 168

21 0 0 10 42% 0 0% 88% 168TOTALUNIT 1

MAINTENANCE/SERVICE 0TARGETKESIAPANUNIT 1

ReadyForUse/Availability 1TotalUnitOperasional 1TotalUnisStandBay 0 10

%TargetAvailabilityUnit/Hari 95%%AvailabilityUnit/Hari 100%

%Maintenance/Hari(Target5%) 0%%UtilisasivsAvailability(FRU) 58%

Pada tahun 2017 rata-rata utilitas armada 78,8%dengan utilitas tertinggi di angkutan LPG denganutilitas94%.denganutilitassebesarinimakatentusajaperencanaanakanmenjadihalkrusialdisisioperation.

Untuk memperkuat struktur di operation pada unitbisnislogistik,tahun2017telahdilakukanpembenahanbaik dari sisi struktur organisasi, uraian pekerjaanmaupun dari sisi SOP. Setiap Pool telah ditetapkanmemilki struktur yang seragam yaitu Kepala Poolatau TransportManager akanmembawahi 4 bagianyaituRTSO,Operation,DriverMentordanWorkshop(Repair&Maintenance).

In 2017 the average fleet utility is 78.8% with the highest utility in LPG transport with utility 94%. with utilities of this magnitude then of course planning will be crucial thing beside operation.

To strengthen the structure in operation on the logistics business unit, 2017 has been done improvements both in terms of organizational structure, job description and from the side of the SOP. Each Pool has been set to have a uniform structure ie Head Pool or Transport Manager will supervise 4 parts of RTSO, Operation, Driver Mentor and Workshop (Repair & Maintenance).

TRANSPORTMANAGER/POOLHEAD

ROADTRANSPORTSAFETYOFFICER(RTSO)

OPERATIONSUPERVISOR REPAIR&MAINTENANCESUPERVISOR

DRIVERMENTOR

DRIVERROTAA PLANNER

ADMIN

-MECHANIC-WELDER-BODYREPAIR- TIREMAN

SPAREPARTS

ROTABSECURITY

RHM-HSSE



Pengembangan Dan Inovasi Pelayanan

SebagaiPerseroanyangmemilikiberbagaimacambisnismaka pengembangan dan inovasi pelayanan menjadihal mutlak yang perlu dilakukan. Di bisnis transportdan logistik khususnya untuk angkutan barang-barangtertentu maka inovasi menjadi salah satu penggerak,misalnya angkutan bahan kimia tertentu yangmembutuhkkanspekdandesaintertentudaritangkinya.DibisnisTradingEnergykhususnyapenjualankeindustripengembangan dan inovasi juga menjadi salah satufaktorpenggerakmisalnyaadanyakebutuhancustomerakanelpijidenganspesifikasikhususdantertentu,makadiperlukaninovasidariperseroanbekerjasamadenganprincipal untuk menyiapkan produk yang dibutuhkan.Sementara itudibisnisTradingEnergyretailkhususnyaSPBUdibutuhkanpengembangandaninovasipelayananuntuk memenuhi perubahan gaya hidup masyarakat,misalnya SPBU tidak lagi sekadar untuk mengisi BBMmelainkan jugabisamenjadi tempat istirahat,meetingpoint,bahkansampaitempatrekreasi.

Semua hal pengembangan dan inovasi pelayanandiatas menjadi tanggung jawab divisi bussinessdevelopment. Divisi ini memiliki komitmen untukterusmemenuhikebutuhandankepuasanpelangganatas produk dan jasa Perseroan dengan melakukanpenelitian atas karakteristik produk dan jasa yangdibutuhkan oleh pelanggan secara berkala sertamelakukanpengembangandanujicobayangterukuragar produk tersebut dapat memenuhi kebutuhanpelanggan. Perseroan yakin dengan adanyapengembangandaninovasiprodukdanjasa,Perseroandapat mengantisipasi persaingan-persaingan yangakanmunculdimasakinidanyangakandatang.

Development and Service Innovation

As a company that has a wide range of business, the development and innovation of service becomes the absolute thing that needs to be done. In the transport and logistics business especially for the transportation of certain goods, innovation becomes one of the drivers, such as transportation of certain chemicals that need spec and design of tank. In the business of Trading Energy, especially sales to the industry development and innovation is also one of the driving factors such as the existence of customer needs for LPG with specific and specific specifications, it is necessary innovation of the company in cooperation with the principal to prepare the required products. Meanwhile, in the business of Trading Energy retail SPBU especially needed development and innovation services to meet the lifestyle changes of society, for example gas stations are no longer just to fill the fuel but also can be a place of rest, meeting point, even to the place of recreation.

All the development and innovation of the above services become the responsibility of the business development division. This division is committed to continuously meet the needs and customer satisfaction of the Company’s products and services by conducting research on the characteristics of products and services required by customers on a regular basis as well as conducting measurable development and testing so that the product can meet customer needs. The Company believes in the development and innovation of products and services, the Company can anticipate emerging competition in the present and future.

Manajemen Persediaan

PadaTradingEnergyindustridimanapersediaanbahanbakar yang sifat perputarannya cepat dan barang-barang dari principal langsung diangkut kepadakonsumenyangmembutuhkanmakaPerseroantidakmelakukan stock persediaan, namun disisi lain padaTradingEnergyretailSPBUmembutuhkanpersediaanyangbergantungkepadaketersediaanBBMdi tangkitimbun dan aturan delivery order yang diterapkanPertamina dengan jangka waktu H+1. Karena SPBUmerupakan penyedia BBM yang dikonsumsi rakyatbanyak maka stock BBM harus selalu ada dalamambang batas aman. Khusus untuk persediaanpelumas yang sifatnya perdaganganmaka Perseroanmempunyai persediaan sesuai proyeksi dan kuotayang ditetapkan Pertamina agar dapat memenuhipermintaankonsumensetiapsaat.UntukpersediaanelpijiindustriPerseroanmempunyaipersediaansesuai

Inventory Management

In Trading Energy industry where the inventory of fast rotating fuel and goods from the principal are directly transported to the needy consumers, the Company does not stock inventory, but on the other hand trading retail SPBU requires inventory that depends on the availability of fuel in tank and delivery order rules applied by Pertamina with a period of H + 1. Because gas stations are suppliers of fuel consumed by the people a lot then the stock of fuel must always exist within the safe threshold. Especially for the supply of lubricants which are trading in nature, the Company has inventory in accordance with the projection and quota set by Pertamina in order to meet the demand of consumers at any time. For industrial LPG stocks, the Company has inventory in accordance with the projection and quota set by Pertamina in order to fulfill the demand of consumers at any time while for retail



proyeksi dan kuota yang ditetapkan Pertamina agardapat memenuhi permintaan konsumen setiap saatsementarauntukelpijiretailsubsidiyangditempatkandi SPBU merupakan persediaan milik Pertamina,PerseroanhanyamelakukanpenjualandanmembuatlaporanpersediaankePertaminasecarareguler.UntukSPPBE persediaan elpiji ditetapkan oleh Pertaminaberdasarkan kuota hubungan keagenan denganPertamina.

retail subsidized LPG which is placed in the gas station is Pertamina’s inventory, the Company only sells and makes inventory report to Pertamina on regular basis. For SPPBE, LPG stock is determined by Pertamina based on the quota of agency relationship with Pertamina.

Pengendalian Kualitas Produk dan Jasa

Segmen Jasa Transportasi dan Logistik

Perseroan harus menjaga kualitas jasanya untukmempertahankan pangsa pasar Perseroan.Pengendalian kualitas jasa Perseroan dimulaidari Standard Operating Procedure (SOP) bakuyang meliputi : safety, proses loading / unloading,standarisasi armada angkutan, awak armada danoperator, on time delivery dan standar pelayananserta legalitas perizinan. Tak kalah pentingnyaadalah pemanfaatan sistem IT untuk mendukungpengendalian kualitas jasa. Kemudian PerseroanmemastikanbahwaSOPbakudiatasterlaksanasecaraberkelanjutan dan konsisten sehingga terwujud zerolossessdanzeroaccident.

Quality Control of Products and Services

Segment of Transportation and Logistics Services

The Company must maintain the quality of its services to maintain its market share. The quality control of the Company’s services is started from Standard Operating Procedure (SOP) which covers: safety, loading / unloading process, transportation fleet standardization, fleet crew and operator, on time delivery and service standard and legality of licensing. No less important is the utilization of IT systems to support quality control services. The Company then ensures that the above Standard Operating Procedure (SOP) is implemented in a sustainable and consistent manner so as to achieve zero losses and zero accident.

Segmen Trading Energy

Sama seperti segmen jasa transportasi dan logistik,pengendaliankualitasprodukdanjasasegmenTradingEnergyPerseroandimulaidariSOPbakuyangmeliputi:safety,prosesloading/unloading,standarisasiarmadaangkutan,awakarmadadanoperator,ontimedelivery,standar pelayanan dan legalitas perizinan sertamemastikan ketersediaan produk sesuai kebutuhan.Perseroan memastikan pemenuhan supply produkke konsumen dan SOP tersebut dilaksanakan secaraberkelanjutan dan konsisten sehingga terwujud zerolossess,zeroaccidentdanminimumcomplain.

Energy Trading Segment

Same like the transportation and logistics services segment, the quality control of the Company’s Trading Energy product and services segment starts from standard SOP which includes: safety, loading / unloading process, standardization of fleet, fleet and operator, on time delivery, service standard and legality of licensing as well ensure product availability as needed. The Company ensures the fulfillment of supply of products to consumers and SOP is implemented in a sustainable and consistent so as to manifest zero lossess, zero accident and minimum complain.



Pelanggan

Pada tahun 2017 terjadi penambahan beberapapelangganbarudenganpermintaanlayananyangbarujuga. Beberapa pelanggan besar juga tetap dirawatdengan baik oleh tim penjualan melalu programaccount management. Pelanggan besar baru yangmemberikan kontribusi ke Perseroan di tahun 2017antara lain PT Homeco untuk layanan pergudangan,distribusi dan juga tranportasi untuk area PadalangdanBandung,lalujugaadaNisinLogistics,perusahaanPMAasalJepanginicukupagresifdanperkembanganbinsis mereka juga cukup pesat. Layanan yangPerseroan berikan antara lain transportasi baikmenggunakan armada wingsbox khususnya yangbertipetronton, isotanksampaidengantraileruntukangkutan kontaner. Pada tahun 2017 Perseroanmelakukanpenambahan5unitarmadawingsboxjenistrontonyangdipergunakankhususuntukmendukungangkutankeNisinLogistics.

Customers

By 2017 there will be additional new customers with new service requested as well. Some large customers are also well maintained by the sales team through the account management program. New big customers who contributed to the Company in 2017 i.e. PT Homeco for warehousing, distribution and transportation services for Padalarang and Bandung area, and also Nisin Logistics, a Japanese PMA company is quite aggressive and their binsis development is also quite rapid. The services that the Company provides include transportation using the wingsbox fleet, especially the type of tronton, isotank up to trailer for the transport of the container. In 2017, the Company added 5 units of wingsbox type of tronton which is used specifically to support transportation to Nisin Logistics.

Pada tahun2018 iniPerseroan jugaakanmelakukaninvestasi penambahan armada wingsbox lagi untukbisameng-cover secara lebihbesar lagibaikdiNisinmaupun perusahaan-perusahaan lainnya. Tahun2018diperkirakanNisinakanmenjadisalahsatuklienterbesardariPerseroan. Pada tahun 2017 Perseroan juga berhasil menjalinkerjasamadenganperusahaanMiwonuntukangkutaningredients food untuk angkutan dari Surabaya kebeberapa kota lainnya di sekitar jawa antara lainSemarang, Solo, Pekalongan, Demak, Kudus, sampaidengan Malang dengan menggunakan unit baiklorry tank maupun isotank. Tahun 2018 rencananyaPerseroanakanmelakukanpenambahanarmadalorrytankbuatMiwonSurabayadenganspesifikasikhususseperti yang diminta oleh Miwon dengan memilkitambahanpemanasdisekelilingtangki.

UntukpelangganeksisitingmisalnyaPertamina,untukangkutan LPG, tahun 2017 Perseroan melakukanperemajaantruksesuaidengankomitmenperusahaanuntuktetapmemberikanlayananyangterbaiksekaliguspenambahan unit armada agar bisa mendukungPertamina lebih baik lagi. Tahun 2017 Perseroanmelakukanpenambahan6unitheadtractorsdanjuga3unitskidtankdengankapasitas15dan20ton.

Demikian juga dengan pelanggan SPC, perseroanmelakukanpenambahanunitarmadaangkutanHSD3unitdengankapasitasmasing-masing8KL.

In 2018, the Company will also invest in adding more wingsbox fleets to cover even more in Nisin and other companies. In 2018 Nissin is expected to become one of the largest clients of the Company.

In 2017, the Company also succeeded in establishing cooperation with Miwon Company to deliver ingredients food for transportation from Surabaya to several other cities around Java such as Semarang, Solo, Pekalongan, Demak, Kudus, and Malang by using both lorry tank and isotank units. In 2018 the plan of Company will make additional lorry tanks for Miwon Surabaya with special specifications as requested by Miwon with additional heating around the tank.

For exisiting customers such as Pertamina, for LPG transportation, by 2017 the Company will rejuvenate the truck in accordance with the company’s commitment to keep providing the best service as well as the addition of fleet units in order to support Pertamina better. In 2017, the Company added 6 units of head tractors and 3 skidtank units with 15.000 and 20.000 tons capacity.

Likewise with SPC customers, the company added 3 units of HSD transport units with a capacity of 8 KL each.



Kemudianuntukmendukungangkutanbahankimiacairmaupunminyak sawit baik di Polichem, SUJ,Wilmar,Indorama, dan Musim Mas Group, Perseroan jugamelakukanpenambahanunit isotank sebanyak4unitditahun2017dengankapasitasmasing-masingsekitar25ton.Tahun2018 jugaakandilakukanpenambahanlagi unit isotank menlihat pasarnya yang cukup baikdisamping penambahan beberapa pelanggan yangrencananyaakanmulaiberoperasiditahun2018.

Tahun 2017 juga perseroan menjalin kerjasama denganGroup Sinar Mas untuk angkutan fame tujuan Jakarta -Madura.Angkutaniniakanmasihberlanjutditahun2018denganpenambahanrutekeMalangdenganmenggunakanunitlorrytankkapasitas40KLmaupun32KL.

Then, to support the transportation of liquid chemicals and palm oil in Polichem, SUJ, Wilmar, Indorama, and Musim Mas Group, the Company also added 4 units of isotank units in 2017 with a capacity of approximately 25 tons each. The year 2018 will also be done again the isotank unit saw its market is quite good besides the addition of several customers who plan to start operating in 2018.

In 2017, the company also cooperates with Sinar Mas Group for Jakarta-Madura fame transportation. This transportation will continue in 2018 with the addition of route to Malang by using lorry tank unit of 40 KL capacity as well as 32 KL.

BerikutbeberapapelangganbesaryangdimilikiolehPerseroan:

Here are some big customers owned by the Company:


Profil Pelanggan Customer profile

Pada tahun 2016, 10 (sepuluh) pelanggan terbesarPerseroan adalah: Pertamina, PT PerusahaanPelayaranGuritaLintasSamudra,NSK,FastrataBuana(KapalApi),NusantaraNuraga,BBT,Indorama,TrilionEnergydanPelindoEnergyNusatara.

In 2016, the top 10 (ten) customers of the Company are: Pertamina, PT Pelita Gurita Lintas Samudra, NSK, Fastrata Buana (Kapal Api), Nusantara Nuraga, BBT, Indorama, Trilion Energy and Pelindo Energy Nusatara.

Ke 10 pelanggan terbesar inimemberikan kontribuspendapatankePerseroansekitar41%danpelangganlainnyasekitar59%.

The 10 (ten) largest customers contributed 41 percent to the Company’s revenue and 59 percent for other customers.



PELANGGAN TAHUN 2016PT.Pertamina(Persero)11%

RetailLainnya 59%

PT.PerusahaanPelayaranGuritaLintasSamudra6%

NSKBearingManufacturing4%

PTFastrataBuna4%

PTNusantaraNaruga4%

PTNusantaraNaruga4%

PTBariaBulkTerminal3%

PTindoramaVentureIndonesia2%

TrillionEnergyPTELtd2%PTPelindoEnergiLogistik2%

PELANGGAN TAHUN 2017

PT.Pertamina(Persero)11%

NSKBearingManufacturing 4%

PTSoftexIndonesia 4%

PTFastrataBuna3%

PTPelindoEnergiLogistik3%

PTBariaBulkTerminal 3%

PT.PerusahaanPelayaranGurita LintasSamudra2%

PTindoramaVentureIndonesia3%

PT.SheelIndonesia2%

Lainnya 65%



Pada tahun 2017 terjadi sedikit perubahan dimana10 pelanggan terbesar terjadi menjadi: Pertamina,NSK, Softex, Fastrata Buana (Kapal Api), PelindoEnegi Logistik, BBT, Perusahaan Pelayaran GuritaLintas Samudra, Indorama dan Shell Indonesia.Secara kontribusi pendapatan ke Perseroan makake 10pelanggan terbesar inimemberikan kontribusitinggal35%dandiluarmerekamemberikankontribusisekitar 65%. Hal ini menunjukkan bahwa Perseroanpadatahun2017berhasilmenambahpelangganbarudan jugameningkatkanbelanjapelangganbaik yangbarumaupunyanglamadiluar10pelangganterbesaruntukmemberikankontribusipendapatanlebihbesar.Hal inimengurasi jugaresikoPerseroansecarabisnisdanpendapatan.

In 2017 there is a slight change in which the top 10 (ten) customers are: Pertamina, NSK, Softex, Fastrata Buana (Kapal Api), Pelindo Enegi Logistik, BBT, Pelayaran Gurita Lintas Samudra, Indorama, and Shell Indonesia. In terms of revenue contribution to the Company, the 10 largest customers contributed 35% of the revenue and outside of them contributed around 65%. This shows that the Company in 2017 succeeded in adding new customers as well as increasing both new and old customer spending beyond the top 10 customers to contribute more revenue. This also curbs the Company’s risks in terms of business and revenue.

Kesehatan, Keselamatan, Keamanan, dan Lingkungan Kerja

Health, Safety, Security and Environment (HSSE)

Perseroan yang memiliki bisnis di trading energy,transport dan distribusi serta trading energy tentusangat memiliki komitmen terhadap kesehatan,keselamatan, keamanan dan lingkungan kerja. Halini ditujukkan dengan ada departemen HSSE yanglangsungdibawahDirekturUtamadandipimpinolehseorangManajerHSEdengan sertifikasiK3.ManajerHSE ini berkedudukan di kantor pusat dan memilikiperwakilan disetiap pool yang disebut denganRTSO (Road Transport safety Officer). HSE Manajermemiliki tugasdan fungsiuntukmembuatkebijakanHSSE, target-target dan program-program yang akandilaksanakanolehRTSOdilokasimasing-masing.

Companies that have business in trading energy, transport and distribution as well as trading energy certainly have a commitment to health, safety, security and work environment. This is indicated by an HSSE department directly under the President Director and headed by an HSE Manager with K3 certification. The HSE Manager is domiciled at the head office and has a representative in each pool called the RTSO (Road Transport safety Officer). HSE Managers have the duty and function to create HSSE policies, targets and programs to be implemented by RTSO in their respective locations.



Departemen HSSE ini sendiri memiliki target yangtercantumdalamHSEKPI,yangmencangkupsemuaindicator HSE namun secara komitement corporatemencapaiTarget: ZeroIncident ZeroLosses ZeroClaim

The HSSE Department itself has the targets listed in the HSE KPI, which includes all HSE indicators but the corporate commitment reaches Target:

Zero Incident Zero Losses Zero Claim



Safety On The Road

Shipping & Marrine

Loss of Containment

Asset Integrity

HEALTH

INPRASE 2018 HSE One Page Strategic Plan

Culture & Mindset

SecurityHSE Competency• SafeDrivingdenganfokuspada

TrainingDefensiveDriving.• KuatdalamImplementasiROTA-A• ManagementDriver(Driver

SchooluntukprosesrekruitmentDriverBaru)

• Maintenanceprosesdanclearreport

• engineeringControl

• ROTA-A• ROTA-B• MaintenanceManagement• Legalation

• MedicalCheckuntukKaryawanbaru

• Yearlyatautiap2tahunsekalilakukanmedicalCheckuntuksemuakaryawan

• MenanamkanAturan,Policy,misiandvisi

• LanjutkanMelaksanakanrencanaHearts&Minds

• MeningkatkanKomunikasiPembelajaran

• MengembangkandanmengumpulkanKonsekuensiManajemen

• MenanamkanPrilakuGoalZero

• ParikButtondiGPSsisttem• ERP(EmergencyResponse

Procedure)Sharingdansimulasi• ConductperformanceSecurity• Managementdriver

• TrainingDDTDriver• BasicHSE• Policy,danSOP



Adapun visi dari HSSE adalah:

Keselamatan adalah prioritas utama dengankerjasama Team dan Support management, dapattercapainyaZeroIncident

Kemudian Misi dari HSSE adalah:

1. MengingatkanselaluPotensi-potensiatauyangakanmengakibatkanKecelakaan.

2. MemprioritaskanKeselamatan,KeselamatandanLingkungan

3. Selalu mengikuti aturan perusahaan danPemerintah.

4. MeningkatkankompetensiparaStaff,DriverdanmanagementperihalHSE.

SecararutinjugadilakukanpelatihanbaikK3,Damkar,danjugasafetyridingbaikyangdilakukandi internalmaupuneksternalperusahaandenganpembicaradanpelatihdaridalammaupundariluarperusahaan.

The vision of HSSE:

Safety is a top priority with Team and Support management cooperation, achieving Zero Incident

Then the mission of HSSE:

1. Always Remind Potentials that will lead to Accidents.

2. Prioritize Safety, Safety and Environment

3. Always follow company rules and Government.

4. Increase the competence of Staff, Driver and management regarding HSE.

Routine training is also done both K3, Damkar, and also safety riding both conducted in internal and external companies with speakers and trainers from within and from outside the company.



Untuktahun2017pencapaianPerseroanterhadapKPIHSSEadalahsebagaiberikut:

For the year 2017, the Company’s achievement of HSE KPI is as follows:

No Key Perfomance Indikator Unit of Target January February March April May June July August Septembe October Novembe December Total

1 FATALITYKematian Nomer 0 0 0 1 0 0 0 0 0 1 0 0 0 2

2 ACCIDENTKecelakaan Nomer 0 0 0 0 0 0 0 0 0 1 1 0 0 2

3 LOST TIME INJURY (LTI)Hilang Jam Kerja karena kecelakaan

Nomer 0 0 1 0 0 0 0 0 0 0 1 0 0 2

4 MVI (Moving Vehide Incident)Kecelakaan Pada kendaraan Nomer 0 0 0 1 0 1 1 0 5 0 1 0 0 9

5 TRC (Total Reportable Cases)Jumlah yang terlaporkan Nomer 0 0 1 3 0 1 1 1 6 2 3 0 0 18

6 LOPC (Lost Off Primary ContaimentHilang dari Penapung utama

Nomer 0 0 0 1 0 0 0 1 1 0 0 0 0 3

7 Total Jam Kerja Jam 11,339 26,866 18,552 16,760 16,965 1,216 1,347 1,391 1,405 2,364 0 0 98,205

8 Total Hari kerja Hari 31 52 57 53 55 30 31 31 30 31 0 0 401

9 Total KM Mengemudi km 24,570 271,502 296,309 265,575 269,584 16,982 16,734 17,445 17,100 17,769 0 0 1,213,570

10 Jumlah Spot Check yang dilakukan Nomer 6 6 6 6 6 6 6 6 6 6 0 0 60

11 TOTAL RECORDABLE OCCUPATIONAL ILL NESSTotal yang sakit di karenakan kerja

Nomer 0 0 0 0 0 0 0 0 0 0 0 0 0 0

7

6

5

4

3

Jumlahrepo

rt

January

Febru

aryMarch Ap

rilMay

June

JulyAugust

September

October

November

December

2

1

0 FATALITYKematianNomer

ACCIDENTKecelakaanNomer

LOSTTIMEINJURY(LTI)HilangJamKerjakarenaKecelakaanNomer

MVI(MovingVehideIncedent)KecelakaanPadakendaraanNomer

LOPC(LossOffPrimarycontaiment)HilangdariPenapungutamaNomer

ANNUAL KPI HSE 2017PT. INPRASE Group



7

6

5

4

3

2

1

Jumlah

0

January

Febru

aryMarch Ap

rilMay

June

July

August

September

October

November

December

TRC (Total Reportable Cases)PT. INPRASE Group

Untuk tahun2018 telahdisusun agenda kerjauntukDepartemenHSSEsepertiberikutini:

For the year 2018 has been arranged the work agenda for the Department of HSE as follows:



Sementara untuk KPI HSSE tahun 2018 juga telahdisusunsepertidibawahini:

As for the HSSE KPI in 2018 have also been prepared as below:

PT INPRASE GroupKEY PERFORMANCE INDICATOR 2018

No Key Perfomance Indicator Unit of Target

1 FATALITYKematian Nomer 0

2 ACCIDENTKecelakaan Nomer 0

3 LOST TIME INJURY (LTI)Hilang Jam Kerja karena Kecelakaan Nomer 0

4 MVI (Moving Vehide Incident)Kecelakaan Pada kendaraan Nomer 0

5 TRC (Total Reportable Cases)Jumlah yang terlaporkan Nomer 0

6 LOPC (Lost Off Primary ContaimentHilang dari Penapung utama Nomer 0

7 Total Jam Kerja Jam

8 Total Hari kerja Hari

9 Total KM Mengemudi KM

10 Jumlah Spot Check yang dilakukan Nomer

11 TOTAL RECORDABLE OCCUPATIONAL ILL NESSTotal yang sakit di karenakan kerja Nomer 0

TRAINING LIST HSE

No Tanggal Kegiatan Peserta oleh Photo

1 30-Apr-17 TrainingpengemudiAngkutBahanBahayadanBeracun(B3)

17Peserta PerawakilanCabang

SKI(PT.SJMKKINARYAINDONESIA)




2 19-Aug-17 TRAININGP3K(FIRSTAID)

26Peserta PerwakilanHOdanCabang

Dr.AhmadMeiyantoWahyuUtomo DokterK3RumahSakitSariAsihSerang

3 23-Sep-17 DefensiveDriverTrainingPertaminaMORIII

SemuaDriveruntukMORIIIPertamina

2PesertadariIPS,Perwakilan

PERTAMINA

4 11-Nov-17 LatihanPemadammenggunakanAlatpemadamRingan(APAR)dancarapemadaman

18Peserta DAMKAR

5 2-Feb-18 TrainingperihalPerawatanunitkendaraan

25 TeamRM




6 12Maret2018

TrainingPengangkutanB3

5 SKI(PT.SJMKKINARYAINDONESIA)

7 19Maret2018

TrainingPenanganan Kebakaran,PenggunaanAPARdanAkibatAPI

18 DAMKAR

8 27Maret2018

TrainingFirstAid/P3K

18 RS.PELABUHANTJ.Priuk

9 29Maret2018

TrainingProductKnowledgeMercedesBenz

8 MercedesBenz



Sistim Monitoring Monitoring System

Untuk mendukung operasional, Perseroan memilkitimMonitoringterhadapsemuaarmadayangdimilkioleh Perseroan dengan memanfaatkan teknologiGlobal Positioning System (GPS) yang di pasangdisetiap armada yang ada. Monitoring dilakukanoleh tim monitoring selama 24/7 di kantor pusat.SistimGPSyangdimilikimemiliki kemampuanuntukmemantaupergerakanunit,penentuanjaluryangakandipergunakanunit,kontrolunitbaikdaripenggunaanBBM, pengereman sampai dengan kontrol dokumenperijinan.Sistiminijugamemungkinantimmonitoringmelakukan deteksi terhadap prilaku psikologis darisetiapsupir.Sistiminijugamampumelakukananalisaprediksilamaperjalanan,lamaisidanbongkarmuatan.

To support operation, the Company has a Monitoring team on all fleets owned by the Company by utilizing Global Positioning System (GPS) technology which is installed in every fleet. Monitoring is performed by a 24/7 monitoring team at headquarters. The GPS system has the ability to monitor the movement of the unit, the determination of the path that will be used unit, control unit either from the use of fuel, braking up to the control of licensing documents. This system also allows the monitoring team to detect the psychological behavior of each driver. This system is also capable of analyzing the prediction of long trips, long contents and loading and unloading.

Denganlayananmonitoringcenterdancontactcenterselama 24/7 diharapkan bisa lebih meningkatkanlayanankepadaparapelanggan.

With 24/7 monitoring center and contact center services expected to further improve the service to the customers.



Analisa Eksternal & Internal External & Internal analysis

Tinjauan Makro Ekonomi Indonesia Indonesia Macroeconomic Review

PertumbuhanProdukDomestikBruto Gross Domestic Product Growth

Indonesia merupakan perekonomian terbesar didalamASEAN,denganbagiansebesar36,4%daritotalPDB regionaldi tahun2016. Sampai saat ini,tingkatpertumbuhanPDBdiIndonesiatelahmelaluiberbagaifluktuasi yang rentan, yang terjadi akibat dampakdari faktor internal dan faktor eksternal. Salah satufaktor terbesar yangmendukung pertumbuhan PDBdi Indonesia yaitu disebabkan adanya peningkatanpada proyek perkembangan infrastruktur sepertipembangunan jalanan, relkeretaapidanpelabuhanyang menyebabkan peningkatan sekitar 5% padakonsumsi domestik di tahun 2016. Selain itu,pengeluaran Pemerintah pada infrastruktur danlayanan social seperti pendidikan dan kesehatanjuga dapat memberikan pertumbuhan pada skalayang lebih besar. Langkah-langkah deregulasi yangdidukungolehkebijakanfiscaldanmoneteryangkuatjuga berkontribusi pada berkembangnya investasiswasta di Indonesia. Tingkat suku bunga turunsebanyak enam kali pada tahun 2016. Tingkat sukubungaacuan(Reverserepo) Indonesiamenurundari7,5%padaawaltahun2016menjadi4,75%padaakhirkuartaltahun2016.Namun,tingkatinflasitetapstabildi3,3%,salahsatutingkatterendahdalam16tahunterakhir (2000 - 2016). InternationalMonetary Fund(IMF)danBankDuniamemperkirakanbahwapada5tahunkedepanprospekpertumbuhanperekonomianIndonesiaakansemakinmembaik.

Indonesia is the largest economy within ASEAN, with a share of 36.4% of total regional GDP by 2016. To date, Indonesia’s GDP growth rate has been through various vulnerable fluctuations, resulting from the impact of internal and external factors. One of the biggest factors supporting GDP growth in Indonesia is due to an increase in infrastructure development projects such as road construction, railroads and ports which led to a 5% increase in domestic consumption in 2016. In addition, government spending on infrastructure and social services such as education and health can also provide growth on a larger scale. Deregulation measures supported by strong fiscal and monetary policies also contribute to the development of private investment in Indonesia. The interest rate fell by six times in 2016. Indonesia’s Reverse Repo rate declined from 7.5% in early 2016 to 4.75% by the end of the quarter of 2016. However, the inflation rate remained stable at 3, 3%, one of the lowest levels in the last 16 years (2000 - 2016). The International Monetary Fund (IMF) and World Bank estimates that in the next 5 years the prospects for Indonesia’s economic growth will improve.

PDBnominalIndonesiameningkatdariRp7.832Triliun(USD892,6juta)padatahun2011menjadiRp12.553Triliun(USD941,0juta)padatahun2016denganCAGR9,8%selamaperiodetersebut.NamunpertumbuhanYOYPDBNominalmengalamipenurunandari 14,1%padatahun2011-2012menjadi10%padatahun2012– 2013, dan terus mengalami penurunan ke 8,8%pada tahun 2016. Berdasarkan IMF, perekonomianIndonesiadiperkirakanakanpulihdimulaipadatahun2016danseterusnyadenganCAGR10,10%dariPDBRp12.553 triliun (USD941,0 juta) pada tahun 2016menjadiPDBRp20.305triliun(USD1.408,1juta)padatahun 2021, dan dengan perkiraan pertumbuhannominal PDB YOY dari 8,8% pada tahun 2015-2016menjadi10,2%padatahun2020-2021.

Indonesia’s nominal GDP increased from Rp7,832 Trillion (USD 892.6 million) in 2011 to Rp12,553 Trillion (USD941.0 million) in 2016 with a CAGR of 9.8% during the period. However, YOY GDP Nominal growth decreased from 14.1% in 2011-2012 to 10% in 2012 - 2013, and continues to decline to 8.8% in 2016. Based on the IMF, the Indonesian economy is expected to recover starting in the year 2016 and beyond with a CAGR of 10.10% of GDP of Rp12,553 trillion (USD941.0 million) in 2016 to GDP of Rp20,305 trillion (USD 1,408.1 million) in 2021, and with an estimated nominal growth of YOY GDP of 8 , 8% in 2015-2016 to 10.2% in 2020-2021.



PDB Rp12.553 triliun (USD941,0 juta) FY 2016 estimate to Rp20.305 triliun

(USD 1.408,1 juta) FY 2021

Growth GDP from 8.8% FY 2015 - 2016 to 10.2% in FY 2020 - 2021

Nilai PDB Nominal dan Tingkat Pertumbuhan PDB Nominal di Indonesia, 2011-2021F (dalam Triliun Rupiah)Value of Nominal GDP and Growth Rate of Nominal GDP in Indonesia, 2011-2021F (in Trillion Rupiah)

14,10%

100,00% 25.000

20.000

15.000

10.000

5.000

-

90,00%

80,00%

70,00%

7.832

10,00%

CAGR 2011 - 2016 : 9,90%

CAGR 2016 - 2021 : 10,10%

10,80% 10,70% 9,20% 9,80% 10,10% 10,30% 10,30% 10,20%

8.616 9.54610.566 11.541

12.55313.735

15.12816.693

18.41920.305

60,00%

50,00%

40,00%30,00%

20,00%

10,00%

0,00%2011 2012 2013 2014

PDBNominal PertumbuhanPDBNominal

2015 2016E 2017F 2018F 2019F 2020F 2021F

9,40%

Sumber: IMF, World Economic Outlook Report, October 2016, Disusun oleh Frost & SullivanSource: IMF, World Economic Outlook Report, October 2016, Compiled by Frost & Sullivan

DalamhalpertumbuhanPDBriilselamaperiode2011-2016, Indonesiamemilikikinerjayang lebihbaik jikadibandingkananggotaASEANlainnyasepertiMalaysiadan Singapura. Indonesia mencatat pertumbuhanPDB Riil 5,2% selama tahun 2011 sampai dengan2016, sedangkan Malaysia dan Singapura mencatatpertumbuhan 5,09% dan 3,06% pada periode yangsama. Tingkat pertumbuhan Indonesia diperkirakanakanbertahandalamjangkawaktu5tahunkedepandari 2016 sampai dengan 2021. IMF optimis bahwapertumbuhanPDBriilsecaraYOYakanmenetapdi6%padaperiode2020-2021.

In terms of real GDP growth during the period 2011-2016, Indonesia performs better than other ASEAN members such as Malaysia and Singapore. Indonesia recorded real GDP growth of 5.2% during 2011 to 2016, while Malaysia and Singapore recorded 5.09% and 3.06% growth over the same period. Indonesia’s growth rate is expected to persist in the next 5 years from 2016 to 2021. The IMF is optimistic that the real GDP growth by YOY will settle at 6% in the period 2020-2021.

Indonesia Growth Rate 5% FY 2016 - 2021 and 6%

FY 2020 - 2021



Nilai PDB Riil dan Tingkat Pertumbuhan PDB Riil di Indonesia, 2011-2021F(dalam Triliun Rupiah)

Real GDP and Real GDP Growth Rate in Indonesia, 2011-2021F(in Trillion Rupiah)

6,20%

100,00% 14.000

12.000

10.000

6.000

8.000

2.000

4.000

-

90,00%80,00%70,00%

7.288

6,00%

CAGR 2011 - 2016 : 5,27%CAGR 2016 - 2021 : 5,72%

5,60% 5,00% 4,80% 4,90% 5,50% 5,80% 6,00% 6,00%

7.727 8.156 8.566 8.977 9.420 9.91910.465

11.07211.736

12.440

60,00%50,00%40,00%30,00%20,00%10,00%0,00%

2011 2012 2013 2014

PDBRiil PertumbuhanPDBRiil

2015 2016E 2017F 2018F 2019F 2020F 2021F

5,30%

Sumber:IMF,WorldEconomicOutlookReport,October2016,DisusunolehFrost&SullivanSource: IMF, World Economic Outlook Report, October 2016, Compiled by Frost & Sullivan

Sebagai perekonomian terbesar di asia tenggara,eksporIndonesiaterutamaberasaldarisumberdayaalam yang dimiliki seperti kelapa sawit dan karet.Penurunan yang terjadi pada pertumbuhan PDBselama tahun 2015 dan 2016 sebagian disebabkanoleh turunnya pendapatan ekspor sumber dayaalam yang diakibatkan oleh melemahnya hargakomoditas. Disamping itu, prospek ekonomi globalyang melambat, khususnya di Cina, menyebabkanpenurunan pada ekspor Indonesia ke CIna dari USD17,6miliarpadatahun2014menjadiUSD15,0miliarpadatahun2015.MengingatCinamemilikikontribusisebesar10%daritotaleksporIndonesia,perlambatanekonomiyangterjadidinegaranya jugamemberikantekananpadaekonomiIndonesia.

As the largest economy in southeast asia, Indonesia’s exports mainly come from natural resources such as oil palm and rubber. The decline in GDP growth during 2015 and 2016 was partly due to the decline in natural resources export revenues due to weakening commodity prices. In addition, the sluggish global economic outlook, particularly in China, led to a decline in Indonesia’s exports to China from USD 17.6 billion in 2014 to USD 15.0 billion in 2015. Considering China contributes 10 percent of Indonesia’s total exports , the economic slowdown that occurred in the country also put pressure on the Indonesian economy.

LajuPertumbuhanKumulatifdanDistribusiPDBTriwulanIIMenurutLapanganUsahaTahun2015-2017Cumulative Growth Rate and GDP Distribution Quarter II by Business Field 2015 - 2017

No Lapangan Usaha / Business Field

Laju Pertumbuhan / growth rate

Distribusi / Distribution

1 PengadaanListrikdanGasProcurement of Electricity and Gas 1,24 6,86 -0,50 1,16 1,14 1,17

2 PerdaganganBesardanEceran;ReparasiMobildanSepedaMotorGreat Trade and Retail; Car Repair andMotorcycle

2,64 4,12 4,36 13,32 13,29 13,03

3 TransportasidanPergudanganTransportation and Warehousing 5,85 7,40 8,20 4,87 4,99 5,27



Berdasarkan asumsi APBNP tahun 2017 tingkatpertumbuhan ekonomi adalah 5,02%, sedangkanberdasarkan RAPBN 2018 proyeksi pertumbuhanperekonomian Indonesia tahun2018adalah sebesar5,4% - 6,1%. Sedangkan menurut Bank Indonesiaadalah5,1%-5,5%.

Based on the APBNP assumption of 2017, the economic growth rate is 5.02%, while based on RAPBN 2018, the projected growth of Indonesian economy in 2018 is 5.4% - 6.1%. Meanwhile, according to Bank Indonesia is 5.1% -5.5%.

Indonesia Economic Growth Rate FY 2018: 5,4% - 6.1% (RAPBN)

and 5.1% - 5.5% (BI)

Inflasi Inflation

Pada Juni 2017 terjadi inflasi sebesar 0,69 persen.Sementara itu pada Juni 2016 terjadi inflasi sebesar0,66 persen. Pada bulan ini semua kelompokmengalamiinflasi.KelompokTransportasi,Komunikasi& Jasa Keuangan (1,27 persen), Kelompok Sandang(0,78persen),KelompokPerumahan,Air, Listrik,GasDan Bahan Bakar (0,75 persen), Kelompok BahanMakanan (0,69 persen), Kelompok Makanan Jadi,Minuman, Rokok Dan Tembakau (0,39 persen),Kelompok Kesehatan (0,34 persen), KelompokPendidikan,Rekreasi,danOlahraga(0,07persen).

In June 2017 there was inflation of 0.69 percent. Meanwhile, in June 2016 there was inflation of 0.66 percent. In this month all groups experienced inflation. Transportation, Communication & Financial Services Group (1.27 percent), Clothing Group (0.78 percent), Housing, Water, Electricity, Gas and Fuel (0.75 percent), Foodstuff (0.69 percent) (0.39 percent), Health Group (0.34 percent), Education, Recreation and Sports (0.07 percent).

Uang yang beredar pada bulan Juni 2017mencapaiRp 1.341,89 triliun dengan komposisi 42 persenuangkartaldan58persenuanggiralJumlahtersebutmengalami kenaikan sebesar 5,17 persen dibandingjumlah uang beredar pada bulan sebelumnya. Uangkartalmengalamikenaikansebesar15,82persendanuanggiralturunsebesar1,36persen.Sementarajikadibandingkan Juni 2016, jumlah uang yang beredarmengalami kenaikan sebesar13,30persen, kenaikansebesar 9,89 persen pada uang kartal dan kenaikansebesar15,90persenpadauanggiral.

Money circulating in June 2017 reached Rp 1,341.89 trillion with a composition of 42 percent of currency and 58 percent of demand deposits. The amount increased by 5.17 percent compared to the money supply in the previous month. The currency experienced an increase of 15.82 percent and demand deposit fell by 1.36 percent. While compared to June 2016, the amount of money in circulation increased by 13.30 percent, an increase of 9.89 percent in currency and an increase of 15.90 percent in demand deposit.

TingkatinflasiberdasarkanasumsiAPBNPtahun2017adalah sebesar 4,3% sedangkan berdasarkan RAPBN2018adalahsebesar3,5%.

Inflation rate based on APBNP assumption year 2017 is equal to 4,3% while based on RAPBN 2018 is equal to 3,5%.

Inflation FY 2018: 3.5%

(RAPBN)



Tingkat Suku Bunga Interest Rate

BankIndonesia(BI)melaporkan,rata-ratasukubungakreditmaupunsukubungasimpananpadaMei2017mengalamipenurunan.PadaMei2017,rata-ratasukubunga kredit tercatat 11,83 persen. Angka tersebutturun dibandingkan bulan sebelumnya sebesar11,92persen.Adapunsukubungasimpanandengantenor 3 dan 24 bulan masing-masing tercatat 6,62persen dan 6,97 persen, turun dibandingkan bulansebelumnyayangmasing-masingsebesar6,64persendan7,02persen.Sementaraitu,sukubungasimpanandengan tenor 1 bulan tidak mengalami perubahandibanding bulan sebelumnya yakni sebesar 6,37persen.Banksentral jugamelaporkan,pertumbuhanlikuiditas perekonomian atau uang beredar dalamarti luas (M2)meningkat padaMei 2017. PosisiM2sebesar Rp 5.126,2 triliun atau tumbuh 11,1 persensecara tahunan (yoy), lebih tinggi dibanding denganbulansebelumnyayangtumbuhsebesar10,2persen(yoy). Berdasarkan komponennya, peningkatanpertumbuhan M2 bersumber dari komponen uangkuasidan suratberharga selain sahamyangmasing-masing tumbuh 10 persen (yoy) dan 43,2 persen(yoy). Angka tersebut lebih tinggi dibandingkanpertumbuhan bulan April 2017 yangmasing-masingsebesar8,7persen(yoy)dan30persen(yoy).

Bank Indonesia (BI) reported that average loan interest rate and deposit interest rate in May 2017 decreased. In May 2017, the average lending rate was recorded at 11.83 percent. The number is down compared to the previous month by 11.92 percent. The deposit rates with 3 and 24 month tenors were 6.62 percent and 6.97 percent respectively, down from 6.64 percent and 7.02 percent in the previous month. Meanwhile, the one-month deposit interest rate was unchanged from 6.37 percent in the previous month. The central bank also reported that economic liquidity or money supply in the broadest sense (M2) increased in May 2017. The M2 position stood at Rp 5,126.2 trillion, or grew 11.1 percent on an annual basis (yoy), higher than the previous month’s growth by 10.2 percent (yoy). Based on its components, M2 growth increased from quasi-money and securities besides 10 percent (yoy) and 43.2 percent (yoy), respectively. The figure is higher than April 2010 growth of 8.7 percent (yoy) and 30 percent (yoy), respectively.

Average Interest RateFY 2017: 11.83%

Nilai Tukar Rupiah Rupiah exchange rate

Bank Indonesia (BI) menilai pelemahan nilai tukarrupiah yang sempat menembus level Rp13.500per dolar AS banyak dipengaruhi oleh kondisieksternal dan sifatnya sementara. BI menuturkanpenguatandolarASterjadiseiringdenganpernyataanPresiden Amerika Serikat Donald Trump yang sudahmenyampaikanlebihjauhrencanareformasipajakdiNegeriPamanSamtersebutdankemungkinanbesarmendapatkandukungandariparlemen.

Bank Indonesia (BI) assessed the weakening of rupiah exchange rate that had penetrated the level of Rp13.500 per US dollar is much influenced by external conditions and its temporary nature. BI said the strengthening of the US dollar occurred in line with the statement of President of the United States Donald Trump who has conveyed further tax reform plan in the land of Uncle Sam and most likely get support from parliament.

Nilai tukar rupiah yang ditransaksikan antarbank diJakarta pada Selasa 3 September 2017 mencapailevel Rp 13.542 per dolar AS, kemudian bergerakmenguat 89 poin menjadi Rp 13.453 per dolar AS.Terkait dengan asumsi nilai tukar rupiah terhadapdolar AS dalam RAPBN 2018 di level Rp 13.400,asumsi tersebut masih sejalan dengan kisaran nilaitukarrupiahyangdisampaikanBI.DolarASmelemahterhadap mayoritas mata uang dunia, termasukrupiah di tengah ekspektasi pasar terhadap datatenagakerjaASversiADP(AutomaticDataProcessing)

The rupiah exchange rate interbanked in Jakarta on Tuesday, September 3, 2017 reached the level of Rp 13,542 per US dollar, then moved up 89 points to become Rp 13.453 per US dollar. Associated with the assumption of rupiah exchange rate against US dollar in RAPBN 2018 at level Rp 13,400, the assumption is still in line with the range of rupiah exchange rate submitted by BI. The US dollar weakened against the majority of the world’s currencies, including the rupiah amid market expectations of US employment data of the ADP (Automatic Data Processing) version which



yang kemungkinan menunjukkan jumlah yang lebihsedikitpadaSeptemberdibandingkanbulanAgustus.EkspektasiituakibatdampakdaribadaiyangmelandasebagianwilayahAmerikaSerikat.Kendatidemikian,penguatanrupiahdiprediksirelatifterbatasmenyusulkomentarpejabatbanksentralAS(TheFed)bernadaoptimistis dalam menaikkan suku bunga acuan TheFed,kondisiitudapatmemulihkandolarAS.

is likely to show fewer numbers in September than in August. Expectations are due to the impact of the storm that hit parts of the United States. Nevertheless, the strengthening of the rupiah is predicted to be relatively limited following comments by US central bank officials (the Fed) is optimistic in raising the Fed’s benchmark rate, a condition that could recover the US dollar.

Analisa SWOT SWOT Analysis

Bisnis Perdagangan Energi (BBM) Trading Energy (BBM) Business

Kekuatan Strength

1. Perusahaansudahbergelutdibidangusahasejak1960dantelahbekerjasamadenganPertaminasehinggamemilikikompetensidanpengalamanyangsangatbaik

1. The company has been in business since 1960 and has been working with Pertamina to have excellent competence and experience

2. HubunganbaikdenganPertaminadancustomerexistingbesaryangtelahterjalincukuplama

2. Good relationship with Pertamina and large existing customers that have been established long enough

Kelemahan Weakness

1. Ketergantungan kepada Principal utama yaituPertamina

1. Dependence on the principal Principal of Pertamina

2. BelummaksimalnyasisteminformasidanteknologiuntukmenyelenggarakanusahadistribusiBBM.

2. Information system and technology is not maximaze to organize BBM distribution business.

3. Sumberpendanaanperusahaansebagianbesardaripinjamanbank

3. The source of the company’s funding is mostly from bank loans

Kesempatan Opportunity

1. PertumbuhanekonomiIndonesiayangstabil 1. Indonesian economic is stable

2. Pembangunaninfrastrukturyangcukuptinggi 2. Infrastructure development is still high

3. Pertumbuhan sektor perdagangan BBM, Gas,danKimiaDasardanproduklainnyayangcukuptinggiyangmencapai11%.

3. The growth of the trade sector of fuel, gas, and basic chemicals and other products is quite high which reached 11%.

4. AdanyahubunganbaikyangtelahterjalindenganpihakPrincipal

4. The existence of good relationships that have been established with the Principal

Hambatan Threat

1. Persaingan yang cukup ketat antar agen BBM,baikPertaminamaupunnonPertamina

1. Fairly tight competition between fuel agents, both Pertamina and non Pertamina

2. KetergantunganhanyakepadasatuPrincipal 2. Dependency only to one Principal

3. Barang subtitusi (energi terbarukan) misalnyalistrik,gas,danbatubara

3. Substitution products (renewable energy) such as electricity, gas and coal

4. Fluktuasihargasesuaidenganhukumpasar 4. Fluktuasi harga sesuai dengan hukum pasar



Matriks SWOT SWOT Matrix

Strategy SO

1. Penetrasi terhadap customer baru,memaksimalkan customer yang ada, danwinbackcustomerlama(S1,S3,O1,O2,O3)

1. Penetration to new customer, maximizing existing customer, and winback of old customer (S1, S3, O1, O2, O3)

2. Menjalin hubungan baik dengan carameningkatkankualitaslayanandanmemberikanhargayangkompetitif(S2,O4)

2. Establish good relationships by improving service quality and providing competitive pricing (S2, O4)

Strategy ST

1. Menjalin hubungan yang lebih baik denganPrincipal(S2,T2)

1. Establish a better relationship with the Principal (S2, T2)

2. Menjalin hubungan yang lebih intim dengancustomer dengan cara meningkatkan kualitaslayanandanmemberikanhargayangkompetitif(S2,T3)

2. Establish a more intimate relationship with customers by improving service quality and providing competitive prices (S2, T3)

3. Penetrasi terhadap customer baru,memaksimalkan customer yang ada, danwinbackcustomerlama(S2,T3)

3. Penetration to new customer, maximizing existing customer, and winback of old customer (S2, T3)







Strategy WO

1. Menjalin hubungan yang lebih baik denganPrincipal(W1,O4)

1. Establish a better relationship with the Principal (W1, O4)

2. Menjajaki untuk memiliki BBM sendiri dengankonsepINUuntukmenurunkanketergantunganterhadapprincipal(W1,O1,O3)

2. Exploring to have own fuel with INU concept to decrease dependence on principal (W1, O1, O3)

Strategy WT

1. Menjalin hubungan yang lebih baik denganPrincipal(W1,T2)

1. Establish a better relationship with the Principal (W1, T2)

2. Menjajaki untuk memiliki BBM sendiri dengankonsepINUuntukmenurunkanketergantunganterhadapprincipal(W1,T2)

2. Exploring to have its own fuel with the concept of INU to decrease dependence on principal (W1, T2)



Bisnis Perdagangan Pelumas Trading Lubricants Business

Kekuatan Strength

1. BrandimageyangtelahterbentuksebagaiagenpelumasPertaminaterbesardiwilayahBanten

1. Brand image that has been formed as the biggest Pertamina lubricant agent in Banten region

2. Infrastruktur yang dimiliki sebagai distributorpelumas telah memadai dan berada di lokasiyangstrategis

2. Infrastructure owned as a lubricant distributor has been adequate and located in a strategic location

3. Memiliki hubungan yang baik dengan Principaldancustomerexisting

3. Have a good relationship with the Principal and existing customer

4. Hargaproduklebihekonomisdibandingdenganpelumasimpor

4. The price of the product is more economical compared to the imported lubricant

Kelemahan Weakness

1. Kompetensisalesengineeryangmasihrendah 1. Competence of sales engineer is still low

2. Sumber pendanaan sebagian besar daripinjamanbank

2. Most funding sources of bank loans

3. KetergantungandengansatuPrincipal 3. Dependency with one Principal

4. Kebijakan pemasaran region cross border yangdilakukanolehPertamina

4. The marketing policy of the cross border region conducted by Pertamina

5. BelummemilikisertifikasiISO 5. Not yet ISO certified


1. Pertumbuhan ekonomi Indonesia yang cukuptinggi yang berdampak pada pertumbuhanindustri manufaktur, perdagangan, daninfrastruktur

1. Indonesia’s economic growth is high enough to affect the growth of manufacturing, trade, and infrastructure industries

2. Kebutuhan akan Pelumas di area Bantenmasih akan terus berkembang seiring denganperkembangankawasanindustridanpelabuhan

2. The need for lubricants in Banten area will continue to grow in line with the development of industrial and port areas

3. Kebutuhan impor minyak pelumas masihtinggi yang disebabkan kemampuan produksipertamina yang tidak mencukupi dan industriasingmensyaratkanpenggunaanpelumasimpor

3. The need for imports of lubricants is still high due to inadequate Pertamina production capability and foreign industries require the use of imported lubricants

Hambatan Threat

1. Banyaknya produk pelumas impor yangmembanjiriIndonesia

1. The number of imported lubricant products that flooded Indonesia

2. Persainganhargayangsemakinketat 2. Tighter price competition

3. Persaingan antar agen Pertamina sehubungandenganpenerapanregioncrossborder

3. Competition among Pertamina agents in connection with the implementation of cross border region



Hambatan Threat

4. Skala ekonomi yang kecilmengakibatkanhargayangditawarkan lebihmahal ataumarginyangkecil dibanding perusahaan dengan skala yanglebihbesar

4. The small scale of the economy leads to more expensive or smaller margins than larger-scale firms

5. Ekspektasicustomeryang lebihtinggi terhadapstandarpelayanandansafety

5. Higher customer expectation on service and safety standards


Strategy SO

1. Penetrasi terhadap customer baru,memaksimalkan customer yang ada, danwinbackcustomerlama(S1,S3,O1,O2,O3)

1. Penetration to new customer, maximizing existing customer, and winback of old customer (S1, S3, O1, O2, O3)

2. Menjalin hubungan baik dengan carameningkatkankualitaslayanandanmemberikanhargayangkompetitif(S2,O4)

2. Establish good relationships by improving service quality and providing competitive pricing (S2, O4)

Strategy ST







Strategy WO

1. Menjalin hubungan yang lebih baik denganPrincipal(W1,O4)

1. Establish a better relationship with the Principal (W1, O4)

2. Menjajakiuntukkerjasamadenganprincipallainmenurunkanketergantunganterhadapprincipal(W3,W4,O2)

2. Exploring for cooperation with other principals reduces dependence on principals (W3, W4, O2)

Strategy WT

1. Menjalin hubungan yang lebih baik denganPrincipal(W1,T2)

1. Establish a better relationship with the Principal (W1, T2)

2. Menjajakiuntukkerjasamadenganprincipallainmenurunkanketergantunganterhadapprincipal(W3,W4,T3)

2. Exploring for cooperation with other principals reduces dependence on principals (W3, W4, T3)



Bisnis Transportasi LPG LPG Transportation Business

Kekuatan Strength

1. MemilikihubunganbaikdenganPertamina 1. Having a good relationship with Pertamina

2. MemilikihubunganbaikdenganSPPBE 2. Have a good relationship with SPPBE

3. Brandimageyangtelahterbentuk 3. Brand image that has been formed

Kelemahan Weakness

1. KetergantungandenganPrincipal 1. Reliance with the Principal

2. TransportManagementyangbelumbaik 2. Transport Management is not good

3. Terdapatbeberapainsidenkecelakaan 3. There are several incidents of accidents


1. Pertumbuhanekonomiyangstabil 1. Stable economic growth

2. Pasaryangtumbuhcukupbesar 2. The market is growing big enough

3. AdanyahubunganbaikyangtelahterjalindenganpihakPrincipal

3. The existence of good relationships that have been established with the Principal

4. Kebijakan pemerintah yang mengganti energiterbarukan yaitu mengganti minyak tanahdenganGasElpiji

4. The government policy that replaces renewable energy is replacing kerosene with LPG

5. Program pemerintah membatasi penggunaanLPG 3kg hanya untuk masyarakat golonganbawah

5. The government program limits the use of 3kg of LPG only to lower classes

6. MunculnyaperusahaanGasElpijiswasta 6. The emergence of private LPG company

Hambatan Threat

1. Resiko pemutusan atau tidak diperpanjangkontrakolehPrincipal

1. The risk of termination or not renewed by the Principal contract






Strategy SO

1. Mempererat hubungan dengan Pertamina danSPPBE(S1,S2,O3)

1. Strengthen the relationship with Pertamina and SPPBE (S1, S2, O3)

2. EkspansimenjaditransportirLPGnonPertamina(swasta)(S3,O1,O2,O6)

2. The expansion becomes non-Pertamina (private) LPG transporters (S3, O1, O2, O6)



Strategy ST

1. Menjaga hubungan yang lebih baik denganPertaminadanSPPBE(S1,S2,T1)

1. Maintaining better relationship with Pertamina and SPBE (S1, S2, T1)

2. EkspansimenjaditransportirLPGnonPertamina(swasta)(S3,T1)

2. Expansion into non-Pertamina (private) private LPG transporters (S3, T1)

3. MonitoringdanControlyanglbhbaik(S3,T2,T3) 3. Better Monitoring and Control (S3, T2, T3)

Strategy WO

1. Meningkatkan Transport Management yanglebih baik dan konsisten dilaksanakan melaluiJourneyManagement,DriverManagement,danSafetyManagement(W2,W3,T2,T3)

1. Improving Transport Management better and consistently implemented through Journey Management, Driver Management, and Safety Management (W2, W3, T2, T3)

2. Mempererat hubungan dengan Pertamina danSPPBEMempererathubungandenganPertaminadanSPPBE(S1,S2,O3)

2. Tighten the relationship with Pertamina and SPPBThe relationship with Pertamina and SPPBE (S1, S2, O3)

3. EkspansimenjaditransportirLPGnonPertamina(swasta)(S3,O1,O2,O6)

3. The expansion becomes non-Pertamina (private) LPG transporters (S3, O1, O2, O6)

Strategy WT

1. Meningkatkan Transport Management yanglebih baik dan konsisten dilaksanakan melaluiJourneyManagement,DriverManagement,danSafetyManagement(W2,W3,T2,T3)

1. Improving Transport Management better and consistently implemented through Journey Management, Driver Management, and Safety Management (W2, W3, T2, T3)

Bisnis Logistik Terintegrasi dan Transportasi Integrated Logistic and Transportation Business

Kekuatan Strength

1. Kompetensi dan pengalaman Perusahaan dibidangtransportasiBBMdanBahanKimia

1. Competence and experience of the Company in the field of transportation of Fuel and Chemicals

2. Salah satu pemain utama dalam penggunaanarmada Isotank dan Lorrytank untuk angkutanchemicalmaupunnonchemical.

2. One of the major players in the use of Isotank fleet and Lorry Tank for both chemical and non chemical transportation.

3. Memilikicabangyangtersebardikota-kotabesarIndonesiakhususnyabagianbarat.

3. Company has branches spread across major cities of Indonesia especially the western part.

4. Memiliki sumber daya manusia yangberpengalaman dan kompeten di dalammemberikanjasalogistikterintegrasi.

4. Company Have experienced and competent human resources in providing integrated logistics services.

5. Hubungan baik dengan customer khususnyaPertamina dan customer eksisting besar yangtelah terjalin cukup lama (Kapal Api, Softex,Wilmar).

5. Good relationship with customers especially Pertamina and existing large customer that has been established long enough (Ship Fire, Softex, Wilmar).

6. Memiliki standar keamanan yang sangat baikdammemilikihubunganbaikdenganPertamina

6. Compay has excellent safety standards and having a good relationship with Pertamina

7. Brand image yang telah terbentuk (INPRASELogistics)

7. Brand image that has been formed (INPRASE Logistics)



Kelemahan Weakness

1. Optimalisasi aset berupa armada transportasidanbunkermasihdibawahkapasitas

1. The optimization of assets in the form of transportation fleet and bunkers is still below capacity



3. Belum maksimalnya sistem informasi danteknologi untuk menyelenggarakan usahalogistikterintegrasi.

3. Information and technology system is not optimal to carry out integrated logistics business.

4. Belum memiliki sertifikasi ISO 9000 (Quality),ISO14000(Environment),danISO39001(RoadTrafficSafetyManagementSystem).

4. Not certified ISO 9000 (Quality), ISO 14000 (Environment), and ISO 39001 (Road Traffic Safety Management System).

5. Belum konsistensi dalam hal controlling &monitoring

5. Not consistency in terms of controlling & monitoring

6. Mentalitas dan kompetensi SDM yang masihlemah

6. Mentality and human resource competencies are still weak


1. Pertumbuhan ekonomi Indonesia yang cukuptinggi(rata-rata5%/tahun)danjumlahpendudukyangbesardenganmemilikipulauyangbanyakdan Sumber Daya Alam yang melimpah sertakomoditasyangberagammemberipeluangbagiindustrilogistikdantransportasi

1. Indonesia’s high economic growth (average 5% / year) and large populations with large islands and abundant natural resources and diverse commodities provide opportunities for the logistics and transportation industries

2. Pertumbuhan industri perdagangan,pertumbuhan infrastruktur dan perkembanganinternet dengan bisnis onlinenya di Indonesiamemberikan peluang besar bagi pertumbuhanusahatransportasidanlogistik.

2. The growth of the trading industry, the growth of infrastructure and the development of the internet with its online business in Indonesia provides a great opportunity for the growth of transportation and logistics business.

3. Potensi pendapatan yangmasih sangat besar,pertumbuhanlogistikdiIndonesiasekitar14,7%pertahun dengan nilai di tahun 2017 sekitarRp. 2,757 T, tahun 2018 sekitar Rp. 3.0162 T,dan tahun 2019 sekitar Rp. 3.627 T, denganperbandingan sekitar 27% (Rp. 854 T FY 2018)darisektortransportasidan73%(Rp.2.303TFY2018)darikegiatanindustrilogistik

3. The potential income is still very large, logistics growth in Indonesia about 14.7% per year with value in 2017 around Rp. 2.757 T, in 2018 around Rp. 3.0162 T, and in 2019 around Rp. 3,627 T, with a ratio of about 27% (Rp 854 T FY 2018) from the transport sector and 73% (Rp 2,303 T FY 2018) from logistics industry activities.

4. Potensi pendapatan yang masih sangat besardari cargo, dengan pertumbuh sekitar 5.8%pertahun, FY 2017 diperkirakan sekitar 1.117jutatondanFY2018sekitar1.182jutaton.

4. The potential income is still very large from the cargo, with a growth of about 5.8% per year, FY 2017 is estimated at about 1,117 million tons and FY 2018 about 1,182 million tons.

5. Tren perusahaan besar yang cenderungmenyerahkan (outsourcing) urusan logistikterintegrasi ke pihak ketiga untuk mencapaiefisiensi dan efektivitas sehingga memberikanpeluangbagiperusahaanyangsudahmempunyaiarmadatransportasi.

5. The trends of large corporations that tend to outsource logistics affairs are integrated to third parties to achieve efficiency and effectiveness thus providing an opportunity for companies that already have a fleet of transport.



Hambatan Threat

1. Persainganyangcukupketatperusahaanlogistikterintegrasi khususnya penambahan pemainbaruperusahaanasing

1. Competition is quite tight integrated logistics company in particular the addition of new players of foreign companies

2. Ekspektasicustomeryang lebihtinggi terhadapstandarpelayanandansafety(ISO,OHASdsb.)

2. Higher customer expectations of service and safety standards (ISO, OHAS etc.)

3. PemutusanatautidakdiperpanjangnyakontrakdariPrincipal

3. Termination or non-renewal of contract from Principal

4. Pelemahan kondisi ekonomi dan perdaganganyang bisa menyebabkan turunnya industrilogistikterintegrasi

4. The weakening economic and trade conditions could lead to the decline of the integrated logistics industry

5. Perusahaan pabrikasi yang besar yangmembuatanakperusahaandibidanglogistikdantransportasi.

5. A large manufacturing company that creates subsidiaries in the field of logistics and transportation.

6. Berkembangnyajasalogistikonline 6. The development of online logistics services

7. Produksubtitusiyangsemakinberagamsepertikeretadanpesawatkargo

7. Increasingly diverse substitution products such as trains and cargo planes

8. Kenaikan biaya suku cadang, biaya uang jalansopir, dan biaya bahan bakar mengakibatkanmargin menjadi semakin kecil sehingga tidakdapatmenutupibiayabungapinjamanbank

8. The increase in the cost of spare parts, the cost of the driver’s money, and the fuel costs resulted in a smaller margin that could not cover the cost of bank loan interest


Strategy SO

1. Penetrasi ke industri produk-produk kimia dangeneralcargo(S2,O4)

1. Penetration into chemical products and general cargo industry (S2 O4)

2. MemaksimalkanangkutanBBMyangadasaatinikePTPertaminadanPTPertaminaPatraNiaga(S5,O3-5)

2. Maximizing existing fuel transportation to PT Pertamina and PT Pertamina Patra Niaga (S5, O3 - 5)

3. Memaksimalkan jasa secara bersaing danfleksibel(S1,O5)

3. Maximize services competitively and flexibly (S1, O5)

4. Memaksimlakan cabang di setiap daerah untukmenjangkaupengirimandiberbagaipulau(S2,O1)

4. Maximize branches in each region to reach shipments in various islands (S2, O1)

5. Memaksimalkan general cargo pada customeryangsudahada(S1,S2,O3-5)

5. Maximize general cargo on existing customers (S1, S2, O3 - 5)

Strategy ST

1. Mempererathubungandengancustomer (S5,T1,T5,T6,T7)

1. Strengthening relationship with customer (S5, T1, T5, T6, T7)

2. Mulai ikutdalambisnis jasa logistikonline (S1,S2,S3,T6)

2. Began to participate in online logistics services business (S1, S2, S3, T6)

3. Menjalin kerjasama dengan perusahaan keretadanpesawatkargo(S1,S2,T7)

3. Cooperating with railway companies and cargo planes (S1, S2, T7)



Strategy WO

1. Menuju perusahaan terbuka (W1, O1, O2, O3,O4,O5,O6)

1. Toward open company (W1, O1, O2, O3, O4, O5, O6)

2. Penetrasi terhadap customer baru,memaksimalkan customer yang ada, danwinbackcustomerlama(W2,W3,O3)

2. Penetration to new customer, maximizing existing customer, and winback of old customer (W2, W3, O3)

3. Mendapatkan sumber pendanaan murah baikpinjaman dari pihak ketiga, lembaga keuanganmaupunpasarmodal.(w3,O1-5)

3. Obtain low-cost sources of loans from third parties, financial institutions and capital markets. (w3, O1-5)

4. Target implementasi sistem informasi yangmendukung bisnis perusahaan (EnterpriseResources Planning) (W5,O1, O2, O3, O4, O5,O6)

4. Enterprise Resources Planning (W5, O1, O2, O3, O4, O5, O6) enterprise information implementation targets

5. Implementasi sertifikasi ISO secara bertahap.(W5,O1-5)

5. Implementation of ISO certification gradually. (W5, O1-5)

Strategy WT

1. Implementasi sertifikasi ISO secara bertahap.(W5,T2)

1. Implementation of ISO certification gradually. (W5, T2)

Bisnis Transporter dan Logistik Ekatama Raya Logistic and Transporter Ekatama Raya Business

Kekuatan Strength

1. Kompetensi dan pengalaman Perusahaan dibidang transportasi BBM dan Bahan Kimiasehingga memudahkan Perusahaan untukmenjalankan kegiatan usaha di bidang logistikdan transportasi untuk barang lainnya secarahandal

1. Competence and experience of the Company in the field of transportation of fuel and chemicals so as to facilitate the Company to run business activities in the field of logistics and transportation for other goods reliably

2. Memiliki sumber daya manusia yangberpengalaman dan kompeten di dalammemberikanjasalogistikterintegrasi

2. Have experienced and competent human resources in providing integrated logistics services

3. Hubungan baik dengan customer khususnyaShell,BBT,SPC,IPE,danPanalpina

3. Good relationship with customer especially Shell, BBT, SPC, IPE, and Panalpina

4. Memiliki standar keamanan yang sangat baikkhususnyadenganShell

4. It has excellent security standards especially with Shell

5. Ketergantungan customer dengan PT EkatamaRayakhususnyaBBTdanSPC

5. Customer dependence with PT Ekatama Raya especially BBT and SPC

Kelemahan Weakness

1. Brand image belum terbentuk dan dikenalmasyarakatbanyak

1. Brand image has not been formed and known to the public a lot





Kelemahan Weakness

3. Belum maksimalnya sistem informasi danteknologi untuk menyelenggarakan usahalogistikterintegrasi

3. Information and technology system is not optimal to carry out integrated logistics business

4. BelummemilikisertifikasiISO9000,ISO14000,danISO39001(RoadTrafficSafetyManagementSystem)

4. Not certified ISO 9000, ISO 14000, and ISO 39001 (Road Traffic Safety Management System)

5. Memiliki ketergantungan terhadap customerkhususnyaangkutanBBM (Shell,BBT)misalnyaarmada yang telah kontrak dengan customertertentutidakdapatdigunakanuntukangkutanyanglain

5. Having dependence on customer especially BBM transportation (Shell, BBT) eg fleet that have contract with certain customer can not be used for other transportation


1. Pertumbuhan ekonomi Indonesia yang cukuptinggidanjumlahpendudukyangbesardenganmemiliki pulau yang banyak dan Sumber DayaAlam yang melimpah serta komoditas yangberagammemberipeluangbagiindustrilogistikdantransportasi

1. Indonesia’s high economic growth and large population with large islands and abundant natural resources and diverse commodities provide opportunities for the logistics and transportation industries

2. Pertumbuhan industri perdagangan,pertumbuhan infrastruktur dan perkembanganinternet dengan bisnis onlinenya di Indonesiamemberikan peluang besar bagi pertumbuhanusahatransportasidanlogistik.

2. The growth of the trading industry, the growth of infrastructure and the development of the internet with its online business in Indonesia provides a great opportunity for the growth of transportation and logistics business.

3. Penjualan mobil FY 2017 diperkirakan sekitar1,1 juta unit dengan growth di tahun depandiperkirakan sekitar 3% (sekitar 1,13 juta unitFY2018),penjualanmotorsekitar6,1 jutaunitdenganrata-ratakenaikansekitar2-4%sehinggaFY2018diperkirakansekitar6,3jutaunit.

3. FY 2017 car sales are estimated to be around 1.1 million units with growth in next year estimated at about 3% (about 1.13 million units FY 2018), motorcycle sales of around 6.1 million units with an average increase of about 2 - 4% FY 2018 is estimated at around 6.3 million units.

4. Potensi pendapatan yangmasih sangat besar,pertumbuhanlogistikdiIndonesiasekitar14,7%pertahun dengan nilai di tahun 2017 sekitarRp. 2,757 T, tahun 2018 sekitar Rp. 3.0162 T,dan tahun 2019 sekitar Rp. 3.627 T, denganperbandingan sekitar 27% (Rp. 854 T FY 2018)darisektortransportasidan73%(Rp.2.303TFY2018)darikegiatanindustrilogistik

4. The potential income is still very large, logistics growth in Indonesia about 14.7% per year with value in 2017 around Rp. 2.757 T, in 2018 around Rp. 3.0162 T, and in 2019 around Rp. 3,627 T, with a ratio of about 27% (Rp 854 T FY 2018) from the transport sector and 73% (Rp 2,303 T FY 2018) from logistics industry activities

5. Potensi pendapatan yang masih sangat besardari cargo, dengan pertumbuh sekitar 5.8%pertahun, FY 2017 diperkirakan sekitar 1.117jutatondanFY2018sekitar1.182jutaton.

5. The potential income is still very large from the cargo, with a growth of about 5.8% per year, FY 2017 is estimated at about 1,117 million tons and FY 2018 about 1,182 million tons.

6. Tren perusahaan besar yang cenderungmenyerahkan (outsourcing) urusan logistikterintegrasi ke pihak ketiga untuk mencapaiefisiensi dan efektivitas sehingga memberikanpeluangbagiperusahaanyangsudahmempunyaiarmadatransportasi.

6. The trends of large corporations that tend to outsource logistics affairs are integrated to third parties to achieve efficiency and effectiveness thus providing an opportunity for companies that already have a fleet of transport.



Hambatan Threat

1. Persainganyangcukupketatperusahaanlogistikterintegrasi khususnya penambahan pemainbaruperusahaanasing

1. Competition is quite tight integrated logistics company in particular the addition of new players of foreign companies

2. Ekspektasicustomeryang lebihtinggi terhadapstandarpelayanandansafety(ISO,OHASdsb)

2. Higher customer expectation on service and safety standard (ISO, OHAS etc)

3. PemutusanatautidakdiperpanjangnyakontrakdariPrincipal

3. Termination or non-renewal of contract from Principal

4. Pelemahan kondisi ekonomi dan perdaganganyang bisa menyebabkan turunnya industrilogistikterintegrasi

4. The weakening economic and trade conditions could lead to the decline of the integrated logistics industry

5. Perusahaanpabrikasiyangbesaryangmembuatanak perusahaan di bidang logistik dantransportasi.

5. A large manufacturing company that creates subsidiaries in the field of logistics and transportation.

6. Berkembangnyajasalogistikonline 6. The development of online logistics services

7. Produksubtitusiyangsemakinberagamsepertikeretadanpesawatkargo

7. Substitution products are increasingly diverse such as trains and cargo planes

8. Kenaikan biaya suku cadang, biaya uang jalansopir, dan biaya bahan bakar mengakibatkanmargin menjadi kecil sehingga tidak dapatmenutupibiayabungapinjamanbank

8. Increased cost of spare parts, the cost of the driver’s money, and fuel costs resulted in a margin to be small so it can not cover the cost of bank loan interest

Strategy SO

1. Mempererathubungandengancustomer (S1 -3,O1-6)

1. Strengthening relationship with customer (S1 - 3, O1 - 6)

2. PenetrasiterhadapcustomerbarubaikangkutanBBM,CairanKimia,CairannonKimia,dangeneralcargo(S1-3,O1-6)

2. Penetration to new customer either Fuel Transportation, Chemical Liquid, Non-Chemical Liquids, and General Cargo (S1 - 3, O1 - 6)

3. Memaksimalkan angkutan pada customerexistingmisalnya Shell, Panalpina, dan IPE (S5,O1-6)

3. Maximize transport on existing customer such as Shell, Panalpina, and IPE (S5, O1 - 6)

Strategy ST

1. Mempererathubungandengancustomer (S1 -3,T1-3)

1. Strengthening relationship with customer (S1 - 3, T1 - 3)

2. Mulaiikutdalambisnisjasalogistikonline(S1-3,T6)

2. Began to participate in online logistics service business (S1 - 3, T6)

3. Menjalin kerjasama dengan perusahaan keretadanpesawatkargo(S1-3,T7)

3. Cooperating with railway companies and cargo planes (S1 - 3, T7)



Strategy WO

1. Menujuperusahaanterbuka(W1,O1-5) 1. Toward open company (W1, O1 - 5)

2. Penetrasi terhadap customer baru,memaksimalkan customer yang ada, danwinbackcustomerlama(W5,O1-5)

2. Penetration of new customer, maximizing existing customer, and winback of old customer (W5, O1 - 5)

3. Implementasi sertifikasi ISO secara bertahap(W4,O1-6)

3. Implementation of ISO certification in stages (W4, O1 - 6)

4. Mendapatkan sumber pendanaan murah baikpinjaman dari pihak ketiga, lembaga keuanganmaupunpasarmodal(W2,O1-6)

4. Obtain cheap funding sources of loans from third parties, financial institutions and capital markets (W2, O1 - 6)

5. Target implementasi sistem informasi yangmendukung bisnis perusahaan (EnterpriseResourcesPlanning)(W3,O1-6)

5. The target implementation of enterprise information systems supporting Enterprise (Planning Resource Planning) (W3, O1 - 6)

Strategy WT

1. Implementasi sertifikasi ISO secara bertahap.(W5,T2)

1. Implementation of ISO certification gradually. (W5, T2)

2. Membentuk Brand Image yang baik denganmelakukanpengoptimalisasianasetperusahaansehingga setiap pendisribusian barang dapatsampai tepat waktu yang nantinya akanmeningkatkan kepercayaan principal danmengurangiresikopemutusankontrak(W1,W2,T3)

2. Form a good Brand Image by optimizing the assets of the company so that any distribution of goods can be up to the time that will increase the trust of principal and reduce the risk of termination of contract (W1, W2, T3)

3. Efisiensidalampengelolaanbisnis.(T8,W3). 3. Efficiency in business management. (T8, W3).

Bisnis Pergudangan Warehousing Business

Kekuatan Strength

1. Memilikigudangsendiri 1. It has its own warehouse

2. Memiliki kompetensi dan pengalaman dalammengelolamanajemenpergudangan

2. Have competence and experience in managing warehousing management

3. Memiliki sistem pergudangan (WarehouseManagementSystem)

3. Has a warehouse system (Warehouse Management System)

4. Memilikilayananlogistikterintegrasi 4. Have an integrated logistics service

5. MenjadiperusahaanGoPublic 5. Become a Go Public

Kelemahan Weakness

1. Belummemilikibrandimageyangkuatdiduniawarehousing

1. Do not have a strong brand image in the world of warehousing

2. Pengembangan sistim WMS kedepannya yangbelumterplanningdenganbaikuntukantisipasiperubahansistimWMS

2. The development of a future WMS system that has not been well-explored to anticipate changes to the WMS system




1. Tren perusahaan besar yang cenderungmenyerahkan (outsourcing) urusan logistikterintegrasi ke pihak ketiga untuk mencapaiefisiensi dan efektivitas sehingga memberikanpeluangbagiperusahaanyangsudahmempunyaiarmadatransportasi

1. The trend of large companies that tend to outsource logistics affairs integrated to third parties to achieve efficiency and effectiveness thus providing opportunities for companies that already have a fleet of transport

2. eCommercegrowingfast-->hinggatahun2020sekitarbertambahsekitar13.000

2. eCommerce growing fast -> by 2020 around about 13,000 increases

3. Pemain raksasamasuk ke Indonesia (Blibli -->Alibabacorp.)

3. Giant players enter Indonesia (Blibli -> Alibaba corp.)

4. PergudangandiIndonesia:* Pasokangudang8,1jutam2,94%digunakan

perusahaan konsumer, 3% logistik, 3%eCommerce

* Rata-rata kenaikan harga sewa sekitar 5 -7%,yieldsekitar6-8%

* Harga rental gudangmodern sekitar idr60-80rb/m2/bulandanFY2023diperkirakansekitaridr94rb/m2/bulan

4. Warehousing in Indonesia:* 8.1 million m2 warehouse supply, 94% used

by consumer companies, 3% logistics, 3% eCommerce

* Average rental price increase of about 5 - 7%, yield about 6 - 8%

* Modern warehouse rental price around idr 60 - 80 rb / m2 / month and FY 2023 is estimated around idr 94 rb / m2 / month

5. MenjadiperusahaanGoPublic 5. Become a Go Public

Hambatan Threat

1. MunculnyapemainlogisticsPMA 1. The rise of PMA logistics players

2. Kompetisiyangcukupbesardiwarehousing 2. Competition is big enough in warehousing

3. Beberapa perusahaan non logistic yangmembukausahalogistics

3. Some non logistic companies that open the logistics business


Strategy SO

1. Fokusdalammenjualgudangjababeka(S1,O1,O4,O5)

1. Focused in selling jababeka warehouse (S1, O1, O4, O5)

2. Fokus ke penjualan integrated logistics sesuaidengan bisnis yang dimiliki (transporter,warehousing,handling)(S2,S3,S4,O1,O4,O5)

2. Focus on selling integrated logistics according to owned business (transporter, warehousing, handling) (S2, S3, S4, O1, O4, O5)

Strategy ST

1. Ekspansilebihagresifdipasarwarehousing(S1,S2,S3,S4,T1,T2,T3)

1. More aggressive expansion in warehousing market (S1, S2, S3, S4, T1, T2, T3)

2. Implementasi sistimWMS yang lebih baik (S3,S4,T1,T2,T3)

2. Implementation of a better WMS system (S3, S4, T1, T2, T3)



Strategy WO

1. Ekspansilebihagresifdipasarwarehousing(W1,O1,O2,O3,O4)

1. More aggressive expansion in the warehousing market (W1, O1, O2, O3, O4)

2. Fokusdalammenjualgudangjababeka(W1,O1,O4,O5)

2. Focus on selling jababeka warehouse (W1, O1, O4, O5)

3. Fokus ke penjualan integrated logistics sesuaidengan bisnis yang dimiliki (transporter,warehousing,handling)(W1,S3,S4,O1,O4,O5)

3. Focus on selling integrated logistics according to owned business (transporter, warehousing, handling) (W1, S3, S4, O1, O4, O5)

4. Implementasi sistimWMS yang lebih baik (S2,S3,T1,T2,T3)

4. Implementation of a better WMS system (S2, S3, T1, T2, T3)

Strategy WT

1. Ekspansilebihagresifdipasarwarehousing(W1,T1,T2,T3)

1. More aggressive expansion in warehousing market (W1, T1, T2, T3)

2. ImplementasisistimWMSyang lebihbaik(W2,T1,T2,T3)

2. Implementation of a better WMS system (W2, T1, T2, T3)



Strategi KorporasiCorporate Strategy



Faktor Kunci Sukses Key Success Factor

DEFENISI:Areaatauaspek-aspekyangmerupakanpotensiuntukmemperoleh competitive advantage dalam suatuindustritertentu,terutamadalamhal-halyangpentingbagi kemampuan perusahaan untuk bertahan danberhasildengansepenuhnyamemanfaatkanpeluangyang ada danmenghindari tantangan yang dihadapiperusahaan

DEFENITION:Areas or aspects that are potential to gain competitive advantage in a particular industry, especially in matters that are important to the company’s ability to survive and succeed by fully exploiting the opportunities that exist and avoiding the challenges facing the company

CARAIDENTIFIKASIKSF:1. Analisis konsumen dan permintaan. Siapakahkonsumen perusahaan dan apakah yang merekainginkan?Bagaimanacarakonsumentersebutmemilihdiantaraperusahaanyangsalingbersaing?

2. Analisis persaingan dalam industri, apakah faktorstruktural utama yang memicu persaingan? Apakahdimensi yang utama dari persaingan? Sampaiseberapa ketat persaingan yang terjadi? Bagaimanacaraperusahaanmemperolehposisipersainganyanglebihbaikdibandingkandenganpesaing?

HOW TO IDENTIFY KSF:1. Consumer analysis and demand. Who are the company’s customers and what do they want? How do these consumers choose between competing firms?

2. Analysis of competition in the industry, what are the major structural factors that trigger competition? What is the main dimension of competition? How tight is the competition going? How does the company gain a better competitive position than its competitors?

Dari hasil analisa eksternal dan internal makadidapatkankuncisuksesdaribisnisperseroanadalah:

From the external and internal analysis results, the key to success of the company’s business are:

FAKTOR AREA Services/Layanan • Relatedtopeople

• Technicalandnontechnicalskill• RelatedtoSOP• Unique

LogisticsConcept • TotalLogisticsSolution• Relatedtobusinessprocess(SOP)• Relatedtoorganization• Branding

ITandManagementTool • SistemIT/ERP• SistemMonitoring&Control/GPS• e-Commerce• Relatedtoprocess(SOP)• Relatedtopeople

Keunggulan Kompetitif Competitive Advantage

Perusahaan memiliki pengalaman dan sumberdaya yang kompeten di bidang trading energy sertatransportasidanlogistikkhususnyadibidangtransportBBM,Elpijidanbahankimiacair

The Company has the experience and competent resources in the field of energy trading and transportation and logistics especially in the field of transportation of fuel, LPG and liquid chemicals



Berdiri sejak tahun 1988, yang dimulai dari bisnisperdaganganBBMPertaminayangdipadukandengantransportasinyahinggaakhirnyameluaskanusahakepenjualan pelumas dan elpiji besarta angkutannyasertabahankimiacairmembuatperusahaanmemilikipengalamandansumberdayayangkompeten.NamaInpraseGroupjugasudahcukupdikenaldipenjualanBBM, pelumas dan elpiji untuk industri. SepertidiketahuibahwaangkutanBBMelpijidanbahankimiacairmembutuhkantingkat safety yang sangattinggi.Perseroan dengan pengalaman yang lebih dari 25tahundibidanginimembuatPerseroanmenjadisalahsatupemainutamadanterpercayadibidangini.Selainpengalaman ini, Perseroan juga didukung dengankelengkapanarmadauntukangkutan ini,antara lain:isotank,lorrytankdanskidtank.

Established since 1988, starting from Pertamina’s petroleum trade business combined with its transportation to expand its sales to lubricants and LPGs as well as liquid chemicals, the company has the experience and competent resources. Inprase Group’s name is also well known in the sale of fuel, lubricants and LPG for the industry. As it is known that the transportation of LPG fuel and liquid chemicals require a very high level of safety. The Company with more than 25 years experience in this field makes the Company one of the leading and trusted players in this field. In addition to this experience, the Company is also supported by a fleet of equipment for this transportation, among others: iso tanks, lorry tanks and skid tanks.

Memiliki tim manajemen yang handal dan berpengalaman dibidangnya serta sumber daya manusia yang handal dibidangnya

The Company has a reliable and experienced management team in their field and reliable human resources in their field

Perseroan saat ini memiliki tim manajemen yangmemiliki pengalaman dan pengetahuan yang tinggimengenai Perseroan dan kegiatan usaha yangdijalankanolehPerseroan.TimmanajemenPerseroandipimpinolehEddyP.Winata, yang jugamerupakanpemilik sekaligus kunci dari keberhasilan yangtelah dicapai Perseroan sampai saat ini. Perseroanyakin dengan adanya tim manajemen yang ahlidan memahami bidang usaha yang dijalankanPerseroansertahubunganbaikyangtelahdijalankandengan mitra usaha, pemasok dan pelanggan akanmemberikankeuntunganterhadappertumbuhandanperkembanganPerseroandimasayangakandatang.

The Company currently has a management team with extensive experience and knowledge of the Company and the business activities conducted by the Company. The Company’s management team is led by Eddy P. Winata, who is also the owner and key to the success achieved by the Company to date. The Company believes that an expert management team that understands the business field run by the Company and the good relationships that have been run with business partners, suppliers and customers will benefit the Company’s growth and development in the future.

Memiliki hubungan jangka panjang yang baik dengan principal antara lain Pertamina

The Company has a good long-term relationship with the principal, among others, Pertamina

Perseroan telah membina dan menjaga hubunganyangbaikdandalamjangkapanjangdenganprincipal.Dengan terjaganya hubungan yang baik denganprincipal khususnya Pertamina, Perseroan dapatmenjamin kelancaran pasokan BBM, pelumas danelpiji yang digunakan Perseroan untuk kegiatanusaha,sehinggakegiatanusahaPerseroanjugadapatberlangsungdenganlancar.

The Company has fostered and maintained good and long term relationships with the principal. By maintaining good relations with principals especially Pertamina, the Company can guarantee the smooth supply of fuel, lubricants and LPG used by the Company for its business activities, so that the Company’s business activities can also run smoothly.

Memiliki hubungan jangka panjang yang baik dengan pelanggan

The Company has a good long-term relationship with customers

Perjalanan panjang dari Perseroan telah membuathubunganyangbaikdenganpelanggan.HaliniterlihatdariTop10CustomeryangtidakpernahberalihdariInprase Group. Hubungan baik yang terjalin dalamwaktu yang panjang ini juga telah menciptakan

The long journey from the Company has made a good relationship with the customers. This is evident from Top 10 Customers who have never switched from Inprase Group. This long established relationship has also created customer loyalty. High customer loyalty



loyalitas pelanggan. Loyalitas pelanggan yang tinggimembuat Perseroan dapat memposisikan diri sebagaiprice leaderdi industri.KemampuanPerseroanmenjadiprice leader disertai dengan tingkat loyalitas pelangganyang tinggi dapat membantu Perseroan meminimalisiradanya risiko kehilangan pelanggan. Dengan adanyahubunganyangbaiksertakepuasandaripelanggan,halinidiharapkanakanterusterjalindimasayangakandatangdanmempertahankanpangsapasarPerseroan.Beberapapelanggankhususnyaditransportdanlogistikmembuatikatankontrakyangpanjangdenganperseroan.

enables the Company to position itself as a price leader in the industry. The Company’s ability to be a price leader along with a high level of customer loyalty can help the Company minimize the risk of losing customers. With good relationships and customer satisfaction, it is expected to continue in the future and maintain the market share of the Company. Some customers, especially in transport and logistics, make long-term contracts with the company.

Memiliki cabang yang tersebar di 7 kota besar di Banten, Jakarta, Jawa Barat, Jawa Tengah, Jawa Timur, Kalimantan Timur, Kalimantan Selatan

The Company has branches spread over 7 major cities in Banten, Jakarta, West Java, Central Java, East Java, East Kalimantan, South Kalimantan

Pada tanggal Prospektus ini diterbitkan, Perseroanmemiliki jaringan distribusi yang menjangkau 7kota besar di Indonesia yaitu Banten, Jakarta, JawaBarat, Jawa Tengah, Jawa Timur, Kalimantan Timur,Kalimantan Selatan. Didukung dengan pengalamandan keahlian dalam penjualan BBM, pelumas danelpiji, serta mengelola transport dan logistik, sertahubungan yang baik dengan customer, Perseroantelah berhasil mengembangkan jaringan secarakonsistendalam5tahunterakhir.Selainitu,Perseroanjugamemiliki SPBUyang tersebardiBitung,Banten;Jakarta dan customer-customer di cabang-cabangsehinggapengirimanbarangdapatdilakukandenganlebihcepatdansesuaidengankebutuhanpelanggan.

On the date of this Prospectus, the Company has a distribution network covering 7 major cities in Indonesia, namely Banten, Jakarta, West Java, Central Java, East Java, East Kalimantan, South Kalimantan. Supported by experience and expertise in the sale of fuel, lubricants and LPG, as well as managing transport and logistics, and good relationship with customers, the Company has successfully developed the network consistently in the last 5 years. In addition, the Company also has gas stations spread across Bitung, Banten; Jakarta and customers in the branches so that delivery of goods can be done more quickly and in accordance with customer needs.

Proses Bisnis Tingkat Tinggi High Level Business Process



Strategi Bisnis Business Strategy

Untuk mencapai tujuan perusahaan yaitumemaksimalkannilaibagiparapmegangsahammakaPerseroanmenetapkanprogramtransformasiberupastrategi bisnis yang termaktup dalam 7 pilar yangterdiridari:

1. RestrukturisasiKeuangan2. BrandingdanPublikEkpose3. AkusisiPerusahaanYangSejenis4. OperationalExcellent5. CapitalizeBisnisDenganStrategicPartner6. Memaksimalkan Pendapatan Dari Pelanggan

Lama7. Ekspansi Binsis Baru Yang Berhubugan dengan

BisnisYangAda

To achieve the company’s objective of maximizingvalue for shareholders, the Company establisheda transformation program in the form of businessstrategythatiscontainedin7pillarsconsistingof:

1. FinancialRestructuring2. BrandingandPublicExpose3. AcquisitionofSimilarCompanies4. OperationalExcellent5. CapitalizeBusinessWithStrategicPartner6. MaximizingRevenueFromExistingCustomers

7. Expansion New Business with Related ExistingBusiness

Maximize Shareholders

Value Creation

Maximize Revenue Dari

Eksisting Klien

Ekspansi Business Baru

Yang Related

Restructuring Financial

Branding dan Public Expose

Akusisi Perusahaan

Yang Related

Capitalize Bisnis Dengan

Strategic Partnership

Operational excellence

Program transformasi ini menjadi bagian pentingdalam pengembangan usaha Perseroan ke depan.Melalui program transformasi ini, Inprase Groupkembali menata fokus bisnisnya pada sektor-sektordengan tingkat pertumbuhan yang konsisten danterukur. Perseroan akan melakukan investasi ke linibisnisdimanaPerseroanmemilikikeunggulanbersaingyangkuatdengantetapmengacupadakompetensiintidibidangtradingenergi,logistikdanretailenergi.

This transformation program becomes an important part in developing the Company’s business in the future. Through this transformation program, Inprase Group reorganized its business focus on sectors with consistent and measurable growth rates. The Company will invest in a business line where the Company has a strong competitive advantage while still referring to its core competencies in energy trading, logistics and energy retail.



Indikator Kinerja Kunci Key Performace Indicators (KPI)

Peta Strategis Strategic Map

Perusahaan melakukan pemetaan strategis dengankonsep Balanced Score Card (BSC) yaitu melalui4 (empat) pendekatan yang meliputi keuangan,pelanggan, internal bisnis dan pembelajaran danpengambangan.Berikuthasilanalisadankesepakatanmanajemandalampenetapanstrategipengembanganbisnisyangdipetakandalampetastrategik.

The company undertook strategic mapping with Balanced Score Card (BSC) concept through 4 (four) approaches covering finance, customer, internal business and learning and mining. Here are the results of the analysis and management agreement in determining the business development strategy mapped in the strategic map.

Fina

ncia

lCu

stom

erIn

tern

al

Proc

ess

Lear

ning

&

Gro

wth

ROI ROE

Revenue GrowthImprove Profitability

Repeat Order

New Customer

CompetencyImplementasi

sistim ITKepuasan Karyawan

Produktifitas

Customer Satisfaction

Penambahan Jaringan/aset/

produk

Improve Branding

Improve Pencapaian Utilitas, Volume

penjualan, occupancyOperational

Excellent

Improve Standar Kualitas dan safety

Cost Optimization

Milestone Pengembangan Bisnis Milestone Business Development

Dalam pengembangan bisnis, perseroan telahmenetapkanvisiyangakandicapaiyaitumenjadi:

1. Penyediasolusilayananlogistikyangterpadu2. Memiliki Ijin Niaga Umum (INU) serta memiliki

terminalsendirisehinggabisamenjadisalahsatupemain utama dibidang perdagangan energi diIndonesia

3. Memilik pemasukan yang mencapai 60% : 40%antara pendapatan inti (penjualan BBM retail)dengan non inti berupa pemanfaatan lokasi dansumberdayayangadadisekitarSPBU

In business development, the company has set a vision to be achieved that is to be:

1. Total Logistics Solution2. Own Public Trade Permit (INU) and has its own

terminal so that it can to become one of the major players in the field of energy trade in Indonesia

3. Owning revenue that reaches 60%: 40% between core income (retail BBM sales) and non-core in the form of utilization of location and resources in the vicinity of SPBU



Untukbisamencapaitargetdiatasmakadicanangkanmilestone waktu yang dibagi dalam 4 (empat) faseyangmeliputi:

1. Fase-1Growth&Development(2011-2014)2. Fase-2Restructuring(2014-2017)3. Fase-3Anchoring(2018-2019)4. Fase-4SustainableGrowth(2020andbeyond)

To be able to reach the target above then proclaimed milestone time divided into 4 (four) phases that include:

1. Fase-1 Growth & Development (2011 - 2014)2. Fase -2 Restructuring (2014 - 2017)3. Fase-3 Anchoring (2018 - 2019)4. Fase-4 Sustainable Growth (2020 and beyond)

Fase-12011 - 2014GROWTH &

DEVELOPMENT

Fase-22015 - 2017

RESTRUCTURING

Fase-32018 - 2019ANCHORING

Fase-42020 and beyond

SUSTAINABLE GROWTH

Total Logistics Solution INU (Principal) + Terminal (The Leading in Trading Energy) Revenue Core vs Non Core 70% vs 30% - One Stop Shopping

Peta Jalan Strategis Strategic Road Map

Untukmencapaitarget-targetdalamsetiapfaseyangtelah dibuat, Perseroan menjabarkan dalam petajalan strategis yaituhal-hal yangakandilakukandantarget-targetyangakandicapaidalamsetiapfaseyangadamulaidariFase-1Growth&Development (2011- 2014), Fase -2 Restructuring (2014 - 2017), Fase-3 Anchoring (2018 - 2019), dan Fase-4 SustainableGrowth(2020danseterusnya).

To achieve the targets in each of the phases that have been made, the Company outlined in the strategic roadmap of things to do and targets to be achieved in each phase starting from Phase-1 Growth & Development (2011 - 2014), Phase -2 Restructuring (2014 - 2017), Phase-3 Anchoring (2018 - 2019), and Phase-4 Sustainable Growth (2020 and beyond).



2011-2014

FASE: GROWTH & DEVELOPMENT

• Adaptasibisnisterhadapkondisipasar/Business adaptation to market conditions

• Meningkatkandayasaingdipasar/industri/Improve competitiveness in markets / industries

• Perolehanpendanaandariperbankanuntukpengembanganusaha / Obtaining funding from banks for business development

FASE: RESTRUCTURING2015-2017

• MeningkatkanefisiensidanimplementasisisteminformasiyangmendukungbisnisPerusahaan(Enterprise Resources Planning)/Improve the efficiency and implementation of information systems that support the Company's business (Enterprise Resources Planning)

• Pertumbuhanbisnissecaraorganikdanunorganik/Growth of business in organic and inorganic

• Mengembangkanbisnislogistikterintegrasi/Develop an integrated logistics business

• Meningkatkansales/revenuedanstrategiefisiensibiaya/Increase sales / revenue and cost efficiency strategies

• Akuisisi4Perusahaanberelasi/Acquisition Related Companies

• RencanaperolehanpendanaandariPasarModaluntukpengembanganusahadenganbiayabersaing/Plan for acquisition of funding from the Capital Market for business development at competitive cost

• Peremajaanasetmachine (Head tractor, Isotank, Skidtank, Lorrytank, Wingsbox)/Rejuvenating asset machine (Head tractor, Isotank, Skidtank, Lorrytank, Wingsbox)

• Ekspansi area yang mencakup seluruh Indonesiabaik trading energy, transportasi BBM dan logistikterintegrasimelaluipembangunanbarumaupunakuisisiPerusahaanlain/Expansion areas covering the whole of Indonesia both trading energy, fuel transportation and integrated logistics through new development as well as acquisitions of other Companies

• Pembangunan depo terminal danContainer Yard (CY)yang merupakan bagian dari bidang usaha logistik /Construction of terminal depot and Container Yard (CY) which is part of logistic business field

• Kerja samadengan strategik investor yangmempunyainilaitambahdanrelevandenganbisnisyangdijalankanoleh Perusahaan baik di dalam negeri maupun di luarnegeri / Cooperate with strategic investors who have added value and relevant to the business run by the Company both domestically and abroad

• Peremajaan aset machine (Head tractor, Isotank, Skidtank, Lorrytank, Wingsbox) / Rejuvenating asset machine (Head tractor, Isotank, Skidtank, Lorrytank, Wingsbox)

FASE: SUSTAINABLE GROWTH

2018-2019

FASE: ANCHORING

2020 and beyond

• Aktif di capital market/Bursa Efek Indonesia (Listing) dan Fund raisingmelalui money market & capital market / Active in capital market / Indonesia Stock Exchange (Listing) and Fund raising through money market & capital market

• Meningkatkan brand image dan kerjasama serta penambahan principalbaruyangbesar-besar /Enhance brand image and cooperation and the addition of large new principal

• MemaksimalkantradingBBMdariPTPertamina/Maximizing BBM trading from PT Pertamina and PT Pertamina Patra Niaga

• Akuisisi perusahaan berelasi yang bergerak di bidang distribusi danpenjualangas serta jugabidangusahabunker/Acquisition of a related company engaged in the distribution and sale of gas as well as bunker business

• Ekspansi bisnis dibidang: general cargo melalui pembangunan gudangdan penerapan konsep PLB (Pusat Logistik Berikat), pembangunan 2SPBUbaru,pembangunanterminalBBMdanstoragetankdiBalikpapan/ Business expansion: general cargo through warehouse development and application of the concept of PLB (bonded logistics company), hauling transportation, construction of 2 new gas stations, construction of fuel terminal and storage tank in Balikpapan

• Peremajaan aset machine (Head tractor, Isotank, Skidtank, Lorrytank, Wingsbox)/Rejuvenating asset machine (Head tractor, Isotank, Skidtank, Lorrytank, Wingsbox)

• Maksimalkan pendapatan non BBM dari SPBU melalui pengembanganasetyangada/Maximize non-fuel revenues from gas stations through the development of existing assets



Sasaran Dan Strategi Bisnis Perseroan Business Targets And Strategies Of The Company

a. Sasaran Perusahaan Tahun 2018 - 2022 a. Company’s Goals Year 2018 - 2022

Sasaranstrategiyangingindicapaiperusahaanselamaperiode2018-2022adalahsebagaiberikut:

The target of the strategy to be achieved by the company during the period 2018-2022 is as follows:

Profitability growthMempertahankan performa finansial soliddemi terciptanya pertumbuhan laba yangberkesinambungan.

Profitability growthMaintain solid financial performance in order to create sustainable profit growth.

Customer focusMembangun dan mempertahankan hubungan baikdengancustomer/clientbaikyanglamamaupunyangbaru.

Customer focusBuild and maintain good relationship with customer / client both old and new.

Operational excellentMemberikanpelayananyangprimagunapemenuhanekspektasipelangganatasmutupelayanan.

Operational excellentProviding excellent service to fulfill customer’s expectation on service quality.

Perbaikan service performanceMelakukan perbaikan kinerja layanan operasionalPerusahaangunamemenuhiharapanpelanggan.

Improved service performanceImproving the Company’s operational service performance to meet customer expectations.

Business & logistic developmentMelakukanpengembangandanperbaikanatasseluruhbusiness process untuk mendukung pencapaiankepuasanseluruhstakeholder.

Business & logistic developmentConducting development and improvement of all business process to support the achievement of all stakeholder satisfaction.

Asset optimalization & developmentMelakukan pengembangan dan pendayagunaan asetsertamemanfaatkan kapasitas leverage yangdimilikiuntuk meningkatkan pendapatan dan mendukungproduktifitasoperasional.

Asset optimization & developmentDeveloping and utilizing assets and utilizing the capacity of leverage to increase revenue and support operational productivity.

Legal compliance & settlementMenciptakanperikatanyangsehatdantaathukum.

Legal compliance & settlementCreating a healthy and law-abiding engagement.

Organization fitMembangunorganisasiPerusahaanyangtangguh.

Organization fitBuild a strong Company organization.

Leadership & HR EffectivenessMenciptakan sistem kepemimpinan dan SDM yangmampumenjamin efektifitas dan kualitas pemimpindan personil untuk mendukung keberlangsunganusahaPerusahaan.

Leadership & HR EffectivenessCreating a leadership and human resources system capable of ensuring the leader’s effectiveness and quality personnel to support the Company’s business continuity.



b. Sasaran dan Strategi PT Indah Prakasa Sentosa Tbk. dan Entitas Anak

b. Business Target and Strategy PT Indah Prakasa Sentosa Tbk. and Subsidiaries

Perencanaan dan formulasi strategi Perusahaanserta sasaran dan arah pengembangan Perusahaantercermin dari perumusan visi Perusahaan yaitu“Menjadimitrabisnisyangterpercayadanpemimpinpasar dalam perdagangan Bahan Bakar, PenyediaJasa Transportasi, dan Logistik”. Sedangkan misiPerusahaanadalah

The planning and formulation of the Company’s strategy and objectives and direction of the Company’s development are reflected in the Company’s vision of “To be a trusted business partner and market leader in Fuel Trade, Transport Service Providers and Logistics”. The Company’s mission is to:

(1)Menyediakanbarangdanjasalogistikterintegrasiserta jasa transportasi dengan biaya efektif,efisien,fleksibel,dannilaitambahbagipelanggan

(2) Mengembangkan sumber daya manusia yangkompetendanmenciptakanlingkungankerjayangkondusif

(3) Menerapkan prinsip-prinsip tata kelolaperusahaanyangbaikdiseluruhaspekbisnis

(4) Membangun kapabilitas dan kredibilitasperusahaan melalui strategis sinergis denganstakeholder

(5) Meningkatkan nilai tambah korporasi bagishareholder.

(1) Provide integrated goods and logistics services and transportation services in a cost effective, efficient, flexible, and add value to customers

(2) Develop competent human resources and create a conducive working environment

(3) good corporate governance principles across all aspects of the business

(4) Building corporate capabilities and credibility through synergistic strategic with stakeholders

(5) Increasing corporate value added for shareholders.

Strategi bisnis yang akan dilaksanakan oleh Groupuntuk segmen transportasi dan logistik dalam limatahun ke depan adalahmeningkatkan pertumbuhanorganik yaitu meningkatkan kegiatan pemasaranmelalui pendekatan kepada konsumen yang adamaupunyangbarudanmeningkatkantingkatutilisasiinfrastrukturfisik,kemampuanSDM,pemanfaatanIT,sertifikasi ISO 9000 (Quality Management System),ISO 14000 (Environmental Management), dan ISO39001 (Road Traffic Safety Management System)serta melakukan kerjasama dengan pihak ketigadimanapihakketigamenyiapkaninfrastrukturfisiknyasedangkanPerusahaanhanyamelakukanpengelolaanoperasinya. Sementara strategi di sektor keuanganadalah dengan cara mencari alternatif sumberpendanaan ekuitas melalui IPO untuk membiayaimodal kerja maupun investasi atau menurunkanpinjaman bank sedangkan pinjaman dari lembagakeuangan lainnya hanya digunakan semata-matauntuk membiayai investasi yang berjangka panjang.Dengandemikiandiharapkanterdapatperbaikanrasiorentabilitas,likuiditas,maupunsolvabilitas.

The business strategy to be implemented by the Group for the transportation and logistics segment in the next five years is to increase organic growth by enhancing marketing activities through approaches to existing and new customers and increasing the utilization rate of physical infrastructure, human resource capability, IT utilization, ISO 9000 (Quality Management System), ISO 14000 (Environmental Management) and ISO 39001 (Road Traffic Safety Management System) as well as cooperating with third parties where third parties prepare their physical infrastructure while the Company only operates its operations. While the strategy in the financial sector is to find an alternative source of equity financing through IPO to finance working capital or investment or lower bank loans while loans from other financial institutions are used solely to finance long-term investments. Therefore, it is expected to improve the ratio of rentability, liquidity, and solvency.



Strategi segmen usaha trading energy yang akandilaksanakanolehGrouppadaakhir tahun2017dan2018adalahmeningkatkanpertumbuhanorganikyaitumeningkatkan penjualan BBM melalui penambahanmodal kerja dan bank garansi yang akan digunakanuntuk penebusan kepada Pertamina, meningkatkantingkat utilitas infrastruktur fisik serta sumber dayamanusiadanmelakukanpendekatankepadakonsumenataupembelisebelumnyayangtelahberalihkepihaklain atau konsumen yang baru. Sementara di sektorkeuanganadalahdengancaramencaripinjamanmodalkerjadari lembagakeuangan lainnyayangdigunakanuntukpembiayaanmodalkerjadanbankgaransibagipenebusan BBM dari Pertamina dan pihak lainnyadenganmenggunakanasetyangsudahtidakdijadikanjaminan pinjaman. Strategi Group untuk lima tahunkedepan lainnya adalahmeningkatkan pertumbuhanorganikdibidangusaha tradingpelumasdaneceranBBMmelaluipembangunanSPBU,terminalBBMdantank storage, di samping menambah fasilitas yangmenunjangSPBUyangberupabangunanyangdapatdisewakan.StrategidibidangkeuanganlainnyaadalahmencarialternatifsumberpendanaanekuitasmelaluiIPOyangdigunakanuntukmodalkerjaatauinvestasidan pinjaman jangka panjang lainnya yang khususdigunakanuntukinvestasisaja.

The strategy of the energy trading segment to be carried out by the Group at the end of 2017 and 2018 is to increase organic growth by increasing the fuel sales through the addition of working capital and bank guarantees to be used for redemption to Pertamina, increasing the utility level of physical infrastructure as well as human resources and doing approach to the previous consumer or buyer who has switched to another party or a new consumer. While in the financial sector is a way to find working capital loans from other financial institutions used for working capital financing and bank guarantees for redemption of fuel from Pertamina and other parties by using assets that have not been used as collateral for loans. The Group’s strategy for the next five years is to increase organic growth in the trading of lubricants and retail fuel through the development of gas station, fuel terminal and tank storage, in addition to the additional facilities that support gas stations in the form of leased buildings. Another financial strategy is to seek an alternative source of equity financing through an IPO used for working capital or investment and other long-term loans that are specifically used for investment only.

SasarandanStrategiPTIndahPrakasaSentosaTbk.danEntitasAnakdenganasetyangdimilikiper1Desember2017 secara kuantitatif adalah untukmencapai lababersihsebesarRp17,58.Miliarpadatahun2018dansebesarRp78,98Miliarpadatahun2022.

Goals and Strategies PT Indah Prakasa Sentosa and Subsidiaries with assets owned per December 1, 2017 quantitatively is to achieve a net income of Rp 17.58. Billion in 2018 and Rp 78.98 Billion in 2022.



Manajementelahmenetapkanstrategipertumbuhanperusahaan secara selektif dan bertahap denganmempertimbangkan kemudahan implementasi sertadampak yang dihasilkan bagi perusahaan adalahsebagaiberikut:

Management has determined the company’s growth strategy in a selective and gradual manner by considering the ease of implementation and resulting impact for the company are as follows:

1) Menyusundanmenerapkanstrategipertumbuhanbisnis,yangterdiridari:

• Memaksimalkanpendapatandarilayanandanprodukyangtelahada(existing)dandimanakomposisi segmen usaha transportasi danlogistik yang mempunyai margin yang lebihtinggimelebihi50%dariseluruhpendapatanPerusahaan;

• Ekspansi segmen usaha logistik generalcargo melalui pembangunan gudang danpenerapankonsepPLB(PusatLogistikBerikat)dankerjasamadenganprincipalbaru;

• Mendorongpertumbuhanproduk/ jasayangmenguntungkandenganmempertimbangkanmanfaat jangka pendek maupun panjang,biayainvestasidanoperasional,potensisertarisiko;

• Optimalisasiasetyangdimiliki;

• Kerjasamadenganpihakketigabaikdidalammaupundiluarnegeri.

2) Mendapatkandandiversifikasisumberpendanaanyang murah baik dari pinjaman pihak ketiga,lembagakeuanganmaupunpasarmodal;

3) Meningkatkan kapabilitas dan kapasitas SDMmelalui sistem rektrutmen, pembinaan danpengembanganyangefektif;

4) Menerapkan prinsip-prinsip Good CorporateGovernancedalampengelolaanperusahaan.

1) Develop and implement business growth strategies, consisting of:

• Maximizing revenues from existing services and products and where the composition of transportation and logistics business segments with higher margins exceeds 50% of all revenues of the Company;

• Expansion of general cargo logistics business segment through warehouse development and application of the concept of PLB (Bonded Logistics Center) and cooperation with new principal;

• Encouraging the growth of profitable products / services taking into account short-term and long-term benefits, investment and operational costs, potential and risks;

• Obtimization of assets owned;

• Cooperate with third parties both inside and outside the country.

2) Obtain and diversify low-cost sources of funding from third party loans, financial institutions and capital markets;

3) Enhance HR capability and capacity through effective recruitment, development and development system;

4) Applying the principles of Good Corporate Governance in the management of the company.

Dengan sasaran dan arah pengembangan secarakorporasiadalahsebagaiberikut:

1) ListingdiBursaEfekIndonesia2) Akuisisiperusahaanberelasi3) Right issue atau penerbitan MTM untuk

pembiayaanekspansi4) Kerjasamadenganstrategikinvestoratauprincipal

baru

With corporate goals and direction of development as follows:

1) Listing on the Indonesia Stock Exchange2) Acquisition of related companies3) Right issue or issuance of MTM for financing

expansion4) Cooperation with strategic investor or new

principal



c. Strategi Segmen Usaha c. Strategy of Business Segment

1) Strategi Segmen Usaha Trading Energy 1) Energy Segment Trading Business Strategy

• Meningkatkanpertumbuhanpendapatandanlaba dengan cara mengoptimalkan tradingBBM, pelumas, dan gas yang periode dantahun sebelumnya mengalami penurunanyang tajam melalui penyiapan modal kerjasehingga mempunyai kemampuan untukmelakukan penebusan dengan jumlah yangoptimal dan tepat waktu. Modal kerja yangberupa pinjaman dari lembaga keuanganmelalui sales and leaseback sebesar Rp 20miliar sudah diperoleh Perusahaan padaakhir bulan September 2017 sehingga padabulan Oktober telah dapat digunakan untukmeningkatkan penjualan. Dan pada akhirtahun2017modalkerjadanbankgaransidariperbankanakanditambahlagisebesarRp10miliar.

• Memperluas pasar sampai ke daerah untukdapatmenyerapkebutuhanpelanggansecarafleksibel.

• Optimalisasi aset SPBU yang berupapembangunan fasilitas SPBU yang dapatdisewakan.

• Menjaga hubungan baik dengan principalyang ada dan melakukan kerjasama denganprincipalyangbaru.

• Perolehan pendanaan untuk kepentinganpeningkatanoperasional yang ada (existing),optimalisasiasetSPBU,danekspansi.

• Akuisisiperusahaanberelasiyangbergerakdibidangdistribusidanpenjualangas.

• Pembangunan SPBU baru di Semper yangakan selesai pada pertengahan tahun 2018danSPBUdiJababekayangakanselesaipadaakhirtahun2018.

• AkuisisiperusahaanberelasiyangbergerakdibidangusahatradingBBM.

• Mengembangkan sistem informasi teknisoperasionaldankeuangan.

• Increase revenue and profit growth by optimizing the trading of fuel, lubricants, and gas that the period and the previous year experienced a sharp decline through the preparation of working capital so as to have the ability to make redemption with the optimal amount and on time. Working capital in the form of loans from financial institutions through sales and leaseback amounting to Rp 20 billion already obtained by the Company at the end of September 2017 so that in October has been used to increase sales. And at the end of 2017 working capital and bank guarantee from banks will be added again amounting to Rp 10 billion.

• Expanding the market to regions to be able to absorb customer needs flexibly.

• Optimization of SPBU assets in the form of construction of gas station facilities that can be leased.

• Maintain good relationships with existing principals and cooperate with new principals.

• Acquisition of funding for the benefit of existing operational improvements (existing), optimization of gas station assets, and expansion.

• Acquisition of a related company engaged in the distribution and sale of gas

• New gas station construction in Semper which will be completed by mid 2018 and gas stations in Jababeka which will be completed by the end of 2018.

• Acquisition of a related company engaged in the business of fuel trading.

• Develop operational and financial technical information systems.



• Rekrutmen sales engineer untuk penjualanpelumas dalam rangka winback customerlamadanperolehancustomerbaru.

• Peningkatan kemampuan Sumber DayaManusiamelaluipelatihan-pelatihan.

• Recruit sales engineers for the sale of lubricants in the framework of winback of old customers and the acquisition of new customers.

• Improvement of Human Resource skills through trainings.

2) Strategi Segmen Transportasi dan Logistik 2) Strategy of Transportation and Logistics Segment

• Meningkatkanpertumbuhanpendapatandanlabamelaluipengadaanarmadatruk,tangki,dan isotank untuk pengangkutan BBM, LPG,danBahanKimia.

• Optimalisasi aset armada/kendaraan yangtelahdimilikiolehPerusahaan.

• Meningkatkanhubungansecara intensifagarkontrak-kontrak jangka panjang yang telahberjalan saat ini dapat diperpanjang karenaadanyaketerikatanprodukantarapelanggandanperusahaan.

• Melakukan kerjasama dengan mitrabaru untuk pengangkutan batubara yangperjanjiannya diperoleh Perusahaan padabulan November 2017 dan akan beroperasisejakawaltahun2018.

• Penambahan armada logistik sebanyak 30unituntukmemenuhikontrakdenganNissinyangPO-nyaakandiperolehpadaakhirtahun2017 dan akan beroperasi sejak awal tahun2018.

• Akuisisiperusahaanberelasiyangbergerakdibidangusahabunker.

• Ekspansigeneralcargomelaluipembangunangudang dan penerapan konsep PLB(PerusahaanLogistikBerikat).

• PembangunanterminalBBMdanstoragetankyangdapatdisewakandiBalikpapan.

• Increase revenue and profit growth through the procurement of truck fleets, tanks, and isotanks for the transportation of fuel, LPG, and Chemicals.

• Overtimalization of fleet assets / vehicles already owned by the Company.

• Increase relationships intensively so long-term contracts that have been running at this time can be extended because of the product attachment between customers and companies.

• Conduct cooperation with new partner for coal transportation whose agreement is obtained by the Company in November 2017 and will be operational since early 2018.

• The addition of 30 logistic fleets to meet the contract with Nissin whose PO will be obtained at the end of 2017 and will be operational since early 2018.

• Acquisition of a related company engaged in bunker business.

• General cargo expansion through warehouse development and application of the concept of PLB (Bonded Logistics Company).

• Construction of fuel and tank terminals that can be leased in Balikpapan.

• Mengembangkan sistem informasi teknisoperasionaldankeuangan.

• Peningkatan kemampuan Sumber DayaManusiamelaluipelatihan-pelatihan.

• Develop operational and financial technical information systems.

• Improvement of Human Resource skills through trainings.



d. Strategi Pemasaran d. Strategic of Marketing

Dalam upaya mewujudkan kepuasan pelanggan,Perseroan melaksanakan strategi. denganmenitikberatkan pada keunggulan mutu danpengembangan produk dan jasa. Sedangkan untukmencapai efisiensi dan tingkat harga yang bersaing,PerseroansenantiasamempertimbangkanpembagiankerjamutualistikdenganmitrakerjadanoptimalisasikapasitasproduksiPerseroan.

In an effort to realize customer satisfaction, the Company executes the strategy. with emphasis on quality excellence and product and service development. In order to achieve efficiency and competitive price level, the Company always considers the division of mutualistic work with its partners and the optimization of the Company’s production capacity.

Dengan latar belakang itu, Perseroan melakukanpenetrasi pasar secara spesifik menurut jenis danmacam produk. Pendekatan itu diperkaya denganusaha menawarkan pilihan pemecahan masalahyang dihadapi pelanggan melalui barang dan jasayangdihasilkanPerseroan.Meskipun sebagianbesarpelanggan Perseroan adalah Badan Pemerintah,Perseroan berusaha menghindari ketergantunganpada tender produk tunggal. Sebaliknya, Perseroanlebih menekankan pada penawaran pekerjaan yangbersifatterintergrasidalamsatupaketkegiatan.

Against this background, the Company penetrates the market specifically by type and product type. The approach is enriched by offering businesses a choice of problem solving faced by customers through the goods and services produced by the Company. Although most of the Company’s customers are Government Bodies, the Company seeks to avoid dependence on single product tenders. Instead, the Company put more emphasis on offering integrated work in a single package of activities.

e. Strategi Sumber Daya Manusia e. Strategy of Human Resources

Sumber daya manusia merupakan salah satu asetterpenting Perseroan untuk mendukung Perseroandalammencapaivisidanmisinya.PencapaianprestasiPerseroanhinggahariinitidakterlepasdaridukungansumberdayamanusiayangberkualitas,kompetendanberdedikasitinggi.

Human resources is one of the Company’s most important assets to support the Company in achieving its vision and mission. Achievement of the achievement of the Company to this day can not be separated from the support of qualified human resources, competent and dedicated.

Kondisi persaingan usaha yang semakin kompetitifmengharuskanPerseroanmeningkatkanproduktivitasseluruh sumber daya yang dimilikinya, termasuksumber daya manusia. Untuk meningkatkankompetensi dan profesionalitas karyawannya,Perseroan menawarkan berbagai macam kegiatanpengembangandanpelatihanbaikdilaksanakansecarainternalmaupuneksternalkepadaseluruhkaryawan,termasuk paramanajer dan direksi. Tujuan lain dariprogram pelatihan tersebut adalah memberikankesempatan yang sama untuk meraih jenjang karirsetinggi-tingginya. Sebelum melaksanakan programpelatihan,Perseroansenantiasamelakukanpemetaankompetensi untukmenentukan kebutuhan program,peserta,waktu,mediapelatihandanbentukevaluasiagar tujuan pelatihan tercapai. Kegiatan pelatihanpadatahun2010meliputibidangteknikdanproduksi,SDM,pemasaran,akuntansi,perpajakan,danCSR.

The increasingly competitive business competition conditions require the Company to increase the productivity of all its resources, including human resources. To improve the competence and professionalism of its employees, the Company offers a wide range of development and training activities both internally and externally to all employees, including managers and directors. Another goal of the training program is to provide equal opportunities to achieve the highest career path. Prior to implementing the training program, the Company constantly conducts competency mapping to determine the needs of the program, participants, time, training medium and form of evaluation so that the training objectives are achieved. Training activities in 2010 include engineering and production, human resources, marketing, accounting, taxation, and CSR.



Kilas Kinerja 2017Performance Overview 2017



Ikhtisar Keuangan Penting Financial Highlights

Pendapatan Revenue

Padatahun2017terjadipeningkatanpenjualanmaupunkomposisipendapatanberdasarkanunitbisnisyangadadiInpraseGroup.Secarakomposisipadatahuniniunitbisnis logistik terintegrasi dan transportasi termasukpergudangan memberikan kontribus mencapai 41%dariseluruhpendapatanperusahaan.Treninimemangmemang sudah terjadi sejah tahun 2016 dimanakontribusi terbesar secara unit bisnis bergeser daritrading energi (BBM) bergeser ke arah bisnis logistikterintegrasi dan transportasi termasuk pergudangan.Sementara itu unit bisnis SPBU dan SPBE cenderungstabil.Berikutkomposisidaripendapatanperusahaanberdasarkankontribusiperunitbisnis:

In 2017 there is an increase in sales and income composition based on existing business units in Inprase Group. In composition this year integrated logistics business units and transportation including warehousing contribute to reach 41% of all revenue of the company. This trend is indeed already happening in 2016 where the largest contribution of business units shifted from energy trading (BBM) shifted to integrated logistics business and transportation including warehousing. Meanwhile, SPBU and SPBE business units tend to be stable. Here’s the composition of company revenue based on contribution per business unit:

Pendapatan / Revenue (%) 2017

40.93%34.10%

2.24%5.21%

15.04%2.48%

PENDAPATANAGENBBM/REVENUE OF FUEL (BBM) AGENTPENDAPATANGAS/REVENUE OF LPGPENDAPATANPELUMAS/REVENUE OF LUBRICANTS

PENDAPATANRETAIL/REVENUE OF RETAIL (SPBU)PENDAPATANFILLINGFEE/REVENUE OF FEELING FEE (SPBE)PENDAPATANLOGISTIC/ REVENUE OF LOGISTICS

PENDAPATAN/REVENUE (IDR) 2017

PENDAPATAN AGENBBM/

REVENUE OF FUEL (BBM) AGENT

105,93

4,46

3,82

1

81,478

,237

,210

6,95

0,98

5,42

8

5,57

2,43

8,12

0

16,176

,416

,890

27,096

,154

,551

46,728

,773

,400

40,256

,181

,300

7,70

7,67

5,48

9

5,08

1,28

8,73

3

127,16

6,96

5,32

9

118,41

6,53

4,50

2

310,66

5,28

0,35

6

277,90

0,83

4,41

6

PENDAPATAN GAS / REVENUE

OF LPG

TOTALPENDAPATAN LOGISTIC/

REVENUE OF LOGISTICS

PENDAPATAN FILLINGFEE/REVENUE OF FEELING FEE

(SPBE)

PENDAPATAN RETAIL/REVENUE OF RETAIL (SPBU)

PENDAPATAN PELUMAS/

REVENUE OF LUBRICANTS

PENDAPATAN/REVENUE (IDR) 2016

REVENUE 2017 VS. 2018



Sementara itu jika dibandingkan antara pendapatan2017 dengan 2016 terjadi peningkatan sekitar11,8%. jika dianalisa lebih kedalam antara proporsipendapatandarisetiapunitbisnismakabisadiketahuibahwa dari penjualan BBM terjadi peningkatanpenjualan dari Rp. 81.478.237.210.- pada tahun2016 menjadi Rp. 105.934.463.821.- pada tahun2017ataumeningkatsekitar30%sementara itudaripenjualan Gas (LPG) terjadi peningkatan penjualandari Rp. 5.572.438.120.- pada tahun 2016 menjadiRp.6.950.985.428.-padatahun2017ataumeningkatsekitar24,7%,laludaripenjualanSPBU(Retail)terjadipeningkatanpenjualandariRp.40.256.181.300.-padatahun2016menjadiRp.46.728.773.400.-padatahun2017ataumeningkatsekitar16,1%.

Meanwhile, when compared between 2017 revenues by 2016 there was an increase of about 11%. if analyzed more into between the proportion of income from each business unit it can be seen that from the sale of fuel sales increased from Rp. 81.478.237.210.- in 2016 to Rp. 105.934.463.821.- in 2017 or an increase of approximately 30% meanwhile from the sale of Gas (LPG) there is an increase in sales from Rp. 5.572.438.120.- in 2016 to Rp. 6.950.985.428.- in 2017 or an increase of about 24.7%, then from retail sales (retail) sales increased from Rp. 40.256.181.300.- in 2016 to Rp. 46.728.773.400.- in 2017 or an increase of about 16.1%.

Dari penjualan SPBE (Retail) terjadi peningkatanpenjualan dari Rp. 5.081.288.733.- pada tahun 2016menjadi Rp. 7.707.675.489.- pada tahun 2017 ataumeningkat sekitar 51,7%, dari penjualan Logistik(termasuk pergudangan) terjadi peningkatanpenjualan dari Rp. 118.416.534.502.- pada tahun2016menjadiRp.127.166.965.329.-padatahun2017ataumeningkatsekitar7,4%,sementaraitupenjualanyang mengalami penurunan adalah pada penjualanPelumasdimanapenjualandariRp.27.096.154.551.-padatahun2016turunmenjadiRp.16.176.416.890.-padatahun2017ataumenurunsekitar40%

From the sale of SPBE (Retail) there is an increase in sales from Rp. 5,081,288,733.- in 2016 to Rp. 7,707,675,489.- in 2017 or an increase of about 51.7%, from the sale of logistics (including warehousing) an increase in sales from Rp. 118.416.534.502.- in 2016 to Rp. 127.166.965.329.- in 2017 or an increase of about 7.4%, meanwhile sales decrease is in the sale of lubricant where sales from Rp. 27.096.154.551.- in the year 2016 decreased to Rp. 16,176,416,890.- in 2017 or decreased by about 40%



Company sales TOTAL

INCREASED 11,8%

FY 2017 vs 2016

Sales logistics including warehousing contributed 41% of

total company sales

Sales in fuel (BBM) trading

INCREASED 30%



PENDAPATAN / REVENUE

KETERANGAN / REMARKSPENDAPATAN / REVENUE (IDR)

2017 2016 2015 2014 2013

PENDAPATANAGENBBM/ REVENUE OF FUEL (BBM) AGENT 105,934,463,821 81,478,237,210 140,344,495,762 364,750,128,956 604,775,808,525

PENDAPATANGAS/REVENUE OF LPG 6,950,985,428 5,572,438,120 6,034,790,609 10,790,072,183

PENDAPATANPELUMAS/ REVENUE OF LUBRICANTS 16,176,416,890 27,096,154,551 59,815,538,946 80,637,727,263 88,084,601,569

PENDAPATANRETAIL/ REVENUE OF RETAIL (SPBU) 46,728,773,400 40,256,181,300 41,518,110,750 35,901,184,050

PENDAPATANFILLINGFEE/REVENUE OF FEELING FEE (SPBE) 7,707,675,489 5,081,288,733 7,109,685,466 5,376,226,375 5,203,557,056

PENDAPATANLOGISTIC/REVENUE OF LOGISTICS 127,166,965,329 118,416,534,502 105,801,494,160 39,080,571,063 23,874,649,522

TOTAL 310,665,280,356 277,900,834,416 360,624,115,693 536,535,909,890 721,938,616,672

Dari sisi EBITDA, EBIT, EBT, dan juga EAT terjadipeningkatanjugadaritahun2016.EBITDAnaiksekitar40%laluEBITnaiksekitar87%,EBTnaiksekitar51%danEATjuganaiksekitar46%.

EBITDA, EBIT, EBT and EAT also increased from 2016. EBITDA is up about 40% and EBIT is up about 87%, EBT is up about 51% and EAT is also up about 46%.

EBITDA, EBIT & EAT

KETERANGAN / DESCRIPTIONTAHUN / YEAR (IDR)

2017 2016 2015 2014

%EBITDA/Sales 14.40% 10.31% 13.77% 8.23%

%EBIT/Sales 4.44% 2.38% 8.64% 5.74%

%EBT/Sales -3.08% -6.32% 1.66% 2.87%

%EAT/Sales -3.67% -6.79% 0.99% 2.48%

Profitability20.00%

15.00%

10.00%

-10.00%

%EBITDA/Sales %EBIT/Sales

TAHUN/YEAR(IDR)2017 TAHUN/YEAR(IDR)2016

%EBT/Sales %EAT/Sales

5.00%

-5.00%

0.00%



PROFITABILITAS / PROFITABILITY

Sementaraitudarisisi labaoperasiterjadipeningkatandariRp.8.379.245.754,-pada tahun2016menjadiRp.14.506.777.684,-padatahun2017ataumeningkatsekitar73%. Sementara Perseroan juga berhasil menurunkanrugisebelumpajakdariRp.17.547.850.572.-padatahun2016menjadiRp.9.577.725.228padatahun2017ataumenurun sebesar 45%, hal ini juga menyembabkanperseroanberhasil jugamenurunkanrugisetelahpajakdari Rp. 18.840.766.506.- pada tahun 2016 menjadiRp. 11.397.701.790.- pada tahun 2017 atau menurunsebesar40%.

In terms of operating profit increased from Rp. 8,379,245,754 in 2016 to Rp. 14,506,777,684 by 2017 or increased of about 73%. Meanwhile the Company also succeeded to reducing the pre-tax loss from Rp. 17,547,850,572 in 2016 to Rp. 9,577,725,228 by 2017 or decreased by 45%, also the Company succeeded to reduced the loss after tax from Rp. 18,840,766,506 in 2016 to Rp. 11,397,701,790 in 2017 or decreased by 40%.

PENDAPATAN / REVENUE

KETERANGAN / DESCRIPTIONLABA ( RUGI ) USAHA / OPERATING PROFIT (LOSS)

2017 2016 2015 2014

LABA USAHA / OPERATING PROFIT 14,506,777,684 8,379,245,754 32,145,040,217 31,647,292,429

LABA (RUGI) BERSIH SEBELUM PAJAK / PROFIT (LOSS) CURRENT BEFORE TAX (9,577,725,228) (17,547,850,572) 5,972,442,763 15,406,943,025

LABA (RUGI) BERSIH SETELAH PAJAK / NET EARNING (LOSS) AFTER TAXES (11,397,701,790) (18,840,766,506) 3,587,661,750 13,304,549,998

OperatingProfitbySBU20,000,000,000

15,000,000,000

10,000,000,000

5,000,000,000

(5,000,000,000)

(10,000,000,000)

(15,000,000,000)

(20,000,000,000)

(25,000,000,000)

-

LABA(RUGI)USAHA/OPERATING PROFIT (LOSS)2017 LABA(RUGI)USAHA/OPERATING PROFIT (LOSS) 2016

LABAUSAHA/OPERATING PROFIT

LABA(RUGI)BERSIH SEBELUMPAJAK/PROFIT

(LOSS) CURRENT BEFORE TAX

LABA(RUGI)BERSIHSETELAH PAJAK/NET EARNING (LOSS)

AFTER TAXES

EAT LOSS DECREASED

from Rp. -18.840.766.506

to Rp. -11.397.701.790



AKTIVA / ASSETS

KETERANGAN / DESCRIPTIONAKTIVA / ASSETS (IDR)

2017 2016 2015 2014 2013

AKTIVA LANCAR / CURRENT ASSETS 55,973,387,892 53,894,090,204 56,451,370,481 83,333,293,545 74,935,609,301

AKTIVA TETAP (NET) / FIX ASSETS 379,776,728,013 298,959,169,132 213,303,497,987 195,164,195,066 93,920,673,525

Disisilainaktivalancarterjadikenaikandaritahun2016ke2017sebesar7,1%dariangkaRp.53.894.090.204,-menjadiRp.57.709.902.683,-laludarisisiaktivatetapjuga terjadi peningkatan dari Rp. 298.959.169.132,-padatahun2016menjadiRp.380.235.886.897,-padatahun2017ataunaiksekitar27,2%.

In the other side of current assets increased from 2016 to 2017 by 7.1% from Rp. 53.894.090.204, - to Rp. 57.709.902.683, - and from the side of fixed assets also increased from Rp. 298.959.169.132, - in 2016 to Rp. 380,235,886,897, - in 2017 or an increase of about 27.2%.

Aktiva / Assets400,000,000,000

350,000,000,000

300,000,000,000

250,000,000,000

200,000,000,000

150,000,000,000

100,000,000,000

50,000,000,000

AKTIVA/ASSETS (IDR)

AKTIVALANCAR/CURRENT ASSETS AKTIVATETAP(NET)/ FIX ASSETS

2017 2016-

Current assets INCREASED 3.9 %

Fix asset INCREASED 27%



RASIO / RATIOS

KETERANGAN / DESCRIPTIONRASIO KEUANGAN / FINANCIAL RATIO

2017 2016 2015 2014

Current Ratio 0.31 0.35 0.34 0.46

Cash Ratio 0.03 0.03 0.04 0.08

Quick Ratio 0.25 0.31 0.32 0.46

Debt to Total Aset 0.73 0.72 0.74 0.83

Debt to Equity Ratio 2.70 2.54 2.92 4.84

EBITDA/Interest Expense atau ICR 1.84 1.10 1.90 2.72

Total Aset Turnover (kali) 0.69 0.76 1.25 1.78

Account Receivable Turnover (days) 37.05 48.21 42.06 34.85

Inventory Turnover (days) 12.93 10.53 7.49 12.02

%COGS 80.05% 84.60% 84.39% 90.72%

Gross profit margin 19.95% 15.40% 15.61% 9.28%

Operating profit margin 4.76% 3.02% 8.91% 5.90%

Retun on Investment / Aset -2.52% -5.14% 1.24% 4.41%

Return on Equity -9.32% -18.21% 4.88% 25.73%

Dari sisi rasio beberapa terjadi perubahan antaralaindisinidebttototalassetterjadipeningkatandari0,72menjadi0,73laludebttoequityterjadikenaikandari 2,54 menjadi 2,70, sementara itu AR turnoverterjadipenurunandari48,21harimenjadi37,05hari.PersentaseCOGSmengalamipenurunandari84,60%menjadi80,05%.

In terms of the ratio of several changes occurred, among others, debt to total assets increased from 0.72 to 0.73 and debt to equity increased from 2.54 to 2.70, while AR turnover decreased from 48.21 days to 37.05 days. COGS percentage decreased from 84.60% to 80.05%.

Sementara itu dari sisi gross profit margin terjadipeningkatandari15,40%menjadi19,95%danakhirnyaoperatingprofitmargin jugaterjadipeningkatandari3,02%menjadi4,76%.

Gross profit margin increased from 15.40% to 19.95% and finally operating profit margin also increased from 3.02% to 4.76%.

Akhirnyadarisisireturnoninvestmentterhadapasetterjadi peningkatan dari -5,14%menjadi -2,52%danreturn on equity terjadi peningkatan dari -18,21%menjadi-9,32%.

Finally, in terms of return on investment to assets increased from -5.14% to -2.52% and return on equity increased from -18.21% to -9.32%.

AR Turnover DECREASED from

48.21 days to

37.05 days



COGS DECREASED from 84.6% to 80.05%

GPM INCREASED from 15.40%

to 19.95%

ROI INCREASED from -5.14%

to -2.25%

ROE INCREASED from -18.21%

to 9.32%



Ikhtisar Saham Share Highlights

PT Indah Prakasa Sentosa Tbk. (Perseroan)mencatatkandiridiBursaEfekIndonesia(BEI)diawaltahun 2018 dengan kode INPS, setelah melakukanpersiapan sejak pertengahan tahun 2017. Persiapanpencatatan sampai dengan pencatatan, Perseroandi bantu oleh beberapa lembaga penunjang profesiantaralain:

PT Indah Prakasa Sentosa Tbk. (The Company) listed on the Indonesia Stock Exchange (IDX) in early 2018 with the code of INPS, after preparing since mid-2017. Preparation of recording until listing, the Company assisted by several professional support institutions, among others:

PROFESI/LEMBAGA PENUNJANG PASAR MODAL COMPANY

PROFESSION / INSTITUTION OF CAPITAL MARKET

SUPPORT

PenjaminPelaksanaEmisiEfekPTInvestindoNusantaraSekuritas

UnderwriterPTJasaUtamaCapitalSekuritas

PenjaminPelaksanaEmisiPTPancaGlobalSekuritas

UnderwriterPTBinaarthaSekuritas

AkuntanPublik KAPRamaWendra Public AccountantKonsultanHukum AdnanBuyungNasutionandPartnersLawFirm Law consultantPenilai KJPPAbdullahFitriantoro&Rekan EvaluatorNotaris RahayuNingsih,S.H. Notary Public

BiroAdministrasiEfek PTAdimitraJasaCorpora Securities Administration Bureau

BerikutjadwalprosespencatatanPerseroan: Following schedule of listing process of Company:

AKTIFITAS DATE ACTIVITYSiteVisitolehBEI 18-19January2018 Site Visit by BEIMiniExposediBEI 24-Jan-18 Mini Expose at BEI

PublicExpose 24-Mar-18 Public Expose

TanggalEfektif 29-Mar-18 Effective date

MasaPenawaranUmum 2-3April2018 Public Offer Period

TanggalPenjatahan 5April2018 Allotment DateTanggalDistribusiSahamSecaraElektronik 5April2018 Date of Electronic Stock Distribution

TanggalPengembalianUangPemesanan 5April2018 Refund Dates

TanggalPencatatanSahamPadaBEI 6April2018 Share Listing Date on IDX

Perseroan melakukan pencatatan perdana di BEIpada tanggal 6 April 2018 tepat pada pukul 09.00WIB. Pencatatan ini dihadiri olehDireksi BEI,Direksidan Komisaris Perseroan, Seluruh Lembaga ProfesiPenunjang, Pelanggan, Pemasok, Wartawan, danperwakilan karyawan Perseroan. Penjualan perdanasahamyangdilepas kepublik sebanyak150.000.000(seratuslimapuluhjuta)lembarsahamatausejumlah23,08%(duapuluhtigakomakosongdelapanpersen)dengan harga per-saham Rp. 276 atau total nilaisekitarRp.41.400.000.000(empatpuluhsatumilyarempatratusjutarupiah).

The Company conducted its initial listing on BEI on April 6, 2018 at 09.00 WIB. This listing is attended by the Board of Directors of BEI, Board of Directors and Commissioners of the Company, All Professional Supporting Institutions, Customers, Suppliers, Journalists, and employees’ representatives. Initial sale of shares issued to the public of 150,000,000 (one hundred and fifty million) shares or 23.08% (twenty three point blank eight per cent) at a price per share of Rp. 276 or the total value of about Rp. 41.400.000.000 (forty one billion four hundred million rupiah).



Saham Yang Ditawarkan dalam rangka PenawaranUmum Perdana Saham ini seluruhnya merupakansaham baru yang berasal dari portepel dan akanmemberikankepadapemegangnyahakyangsamadansederajatdalamsegalahaldengansahamlainnyadariPerseroanyangtelahditempatkandandisetorpenuh,termasuk hak atas pembagian dividen, hak untukmengeluarkansuaradalamRUPS,hakataspembagiansahambonusdanhakmemesanefekterlebihdahulusesuaidenganketentuandalamUUPTdanUUPM.

The shares offered in the framework of the Initial Public Offering of Shares are entirely new shares originating from the portfolio and shall grant to the holder the same and equal rights in all respects with other shares of the Company which have been placed and fully paid, including the right to the distribution of dividends, to issue votes in the GMS, the right to share bonus shares and preemptive rights in accordance with the provisions in UUPT and UUPM.

Berikut kinerja saham perusahaan selama 5 (lima)mingguawalyangberhasilterekam:

Here are the company’s stock performance during the initial in 5 (five) weeks recorded:

PTIndahPrakasaSentosaTbkIDX:INPS

IDR+40,00(1,70%)17Mei14.30WIB-Penaflan

1hari

3.000

2.500

2.000

1.500

DukaTinggiRendahKappasarRasioP/E -

-2.350,002.400,002.360,00 Div.yield

TutupsblmTnggi52mgRndah52mg 414,00

3.700,002.350,00-

23Apr 25Apr 30Apr 4Mei 8Mei 11Mei

5hari 1bulan 1tahun 5tahun Maks

2.390,00

2.350 IDR Rab, 15 Mei



Fungsi Penunjang BisnisBusiness Support Functions



Sumber Daya Manusia Human Capital

Perkembangan dan keberhasilan bisnis perseroanpada tahun 2017 tidak lepas dari peran sumberdayamanusia di Inprase Group. Secara keseluruhansumber daya manusia memiliki andil besar dalammenentukankelangsunganbisnisperseroan.Memilikisumberdayamanusiayangkompetendanberdedikasitinggimerupakanasetberhargadantakternilaibagiperusahaan dalam pengembangan bisnis jangkapanjangperseroan.

The development and success of the company’s business in 2017 can not be separated from the role of Human Capital in Inprase Group. Overall Human Capital have a big part in determining the business continuity of the company. Having competent and dedicated Human Capital is a valuable and invaluable asset for the company in its long-term business development.

Sepanjang tahun 2017 perseroan terus membenanisumber daya manusia termasuk melakukan prosesrekrutmen dengan standar kompetensi yangmeliputiknowledge,skilldanattitudeuntuksemakinmenguatkan posisi perusahaan dalam menjalankanbisnis. Terjadi penambahan karyawandi tahun 2017sebanyak33orangdarijumlah303menjadi306orang(11%).

Throughout the year 2017 the company continues to fix human resources including conducting recruitment process with competence standards that include knowledge, skills and attitude to further strengthen the company’s position in running the business. Employee additions in 2017 reached 33 people from 303 to 306 (11%).

Perseroan memiliki komitmen yang sangat kuatuntuk terusmeningkatkan kompetensi SumberDayaManusia (SDM) yang dimilikinya. Perseroan percaya,SDM akan menjadi kunci keberhasilan Perseroan,baik untuk jangka pendek maupun jangka panjang.seiring bertambahnya jumlah anak perusahaan danmeningkatnya bisnis perusahaan, Perseroan secaraaktifmemotivasistakeholderuntukmeningkatkanskilldankemampuanmanajerialmerekaagarsiaptumbuhbersama Perseroan. Perseroan secara konsistenmelakukanprogrampengembangankaryawanmelaluisejumlah pelatihan yang diberikan sesuai dengankebutuhan dan perkembangan lingkungan bisnis.Perseroanmemberikankesempatanyangluaskepadaseluruh karyawan untuk melakukan pengembangankompetensi. Berikut adalah jumlah karyawanberdasarkanbeberapakategori:

The Company has a strong commitment to continuously improving competence of its Human Capital (HC), the Company believes that Human Capital will be the key to the Company’s success, both in the short and the long term. In line with the increasing number of subsidiaries and the increasing business of the company, the Company is actively motivating its stakeholders to improve their skills and managerial capabilities to be ready to grow with the Company. The Company consistently conducts employee development programs, through a number of training programs, in accordance with the needs and development of the business environment. The Company provides extensive opportunities to all its employees to develop their competencies. The number of employees, based on several categories, is shown below:



KomposisiKaryawanBerdasarkanJumlahEmployee Composition by Number

JumlahKaryawan/Number Of Emeployee

237258

303336

20172016

Year

20152014

KomposisiKaryawanBerdasarkanStatusKepegawaianEmployee Composition by Employment Status

Status

200

150

100

50

02014

144 143115 124

179 165 171

93

2015

Year

2016 2017

Contract Permanent

KomposisiKaryawanBerdasarkanJenisKelaminEmployee Composition by Gender

Gender

2014

46 41 5040

191 218 262 286

2015Year

2016 2017

Female Male



Komposisi Karyawan Berdasarkan Level PendidikanEmployee Composition by Education Level

Year

2014 2015 2016 2017

SD 9 9 9 9

SMP 38 38 38 38

SMA 100 118 151 166

Diploma 43 43 45 50

S1 46 50 58 70

S2 1 0 2 3

Komposisi Karyawan Berdasarkan UsiaEmployee Composition by Age

Year

2014 2015 2016 2017

<30 96 100 111 122

31 - 40 87 102 119 133

41 - 50 43 45 63 71

>50 11 11 10 10

Komposisi Karyawan Berdasarkan Masa KerjaEmployee Composition by Length of Services

Year

2014 2015 2016 2017

<1 93 78 51 77

1 - <3 78 96 105 106

3 - 5 26 41 61 66

>5tahun 40 43 86 87

Komposisi Karyawan Berdasarkan PosisiEmployee Composition by Position

Year

2014 2015 2016 2017

Commissioner 2 2 2 2

Director 4 3 3 3

GeneralManager 2 2 5 5

Manager 15 16 17 19

Staf 70 74 75 85

NonStaf 146 163 203 224



Komposisi Karyawan Berdasarkan Unit BisnisEmployee Composition by Business Unit

Year

2014 2015 2016 2017

TradingEnergy 66 82 87 95

Transport&Logistics 171 176 216 241

Komposisi Karyawan Berdasarkan Lokasi Unit Bisnis Employee Composition by Business Unit Location

Year

2014 2015 2016 2017

DKI+HO 128 138 148 169

Banten 58 62 49 51

JawaBarat 26 25 36 47

JawaTengah - 1 2 3

JawaTimur 10 10 13 15

Samarinda 10 17 14 10

Banjarmasin - - 34 35

Balikpapan 5 5 3 3

Medan 0 0 4 3

Selain itu untuk mempermudah pekerjaan makabagian Human Capital Services (HCS) membangundan mengimplementasikan sistim Human ResourcesInformationSystemyangdiberinamasystemGENESIS(General Employee Services). Sistim ini dibangundan dikembangkan sendiri oleh bagian HCS bekerjasama dengan bagian Corporate Information System(IT)perusahaan.Systimyangsudahberjalan(golive)antaralain:

EmployeeDataBase EmployeeSelfService(ESS) ManagerSelfService(MSS) Leaveonlinesystem

Ke depannya sistimGENESIS ini akan dikembangkansampai ke system Performance Management danKnowledgeManagementSystem.

Tahun 2018 dicanangkan akan menjadi tahunpengembangan sistim GENESIS, sistim kompetensi(CompetencyBasedHumanResourcesManagement)serta design Key Performance Indicator (KPI) untuksistim penilaian kinerja (Performance ManagementSystem)karyawan.

In addition to simplify the work, the Human Capital Services (HCS) department builds and implements a Human Resources Information System (HRIS) called as GENESIS System (General Employee Services system). The system is built and developed by the HCS department in cooperation with Corporate Information Systems (IT) Department. System that has been running (go live), i.e.:

Employee Data Base Employee Self Service (ESS) Manager Self Service (MSS) Leave on line system

In the future GENESIS system will be developed to support Performance Management System and Knowledge Management System.

Strategy Human Capital Services in 2018 will be continued to develop GENESIS system, design and develop the Competency Based Human Resources Management (CBHRM) and Key Performance Indicator (KPI) to support Performance Management System (Employee Performance Management System).



LoginkeSistimGENESISLogin to GENESIS System

TampilanawalSistimGENESISGENESIS System cover view



DatabaseKaryawanEmployee Database

SistimcutipadaSistimGENESISLeave System in GENESIS System



Programlainyangtelahdikembangkanditahun2017adalah pembuatan visi, misi dan value perusahaan.Dengan value ini diharapkan bisa dibentuk budayaperusahaanyangakanmenjadipedomanbagisetiapanggota organisasi perusahaandalambertindakdanbertingkahlakudanjugamenjadialatbagimanajemendalam mengambil keputusan. Tahun 2018 programsosialisasiterhadapvisi,misidankhususnyavalueiniakanmenjadiprioritasutamaperseroan.

Selain itu tahun 2017 juga sudah selesai dibuat jobgrading atau sistim kepangkatan di Inprase Grouptermasukjugastrukturpenggajian.

Another program that has been developed in 2017 is develop and design the vision, mission and corporate value of company. With this value is expected to be formed corporate culture that will be a guide for each of member the company’s organization in acting and behaving and also become a tool for management in making decisions. In 2018, the program of socialization of the vision, mission and especially this value will be the company’s top priority.

In addition, the year 2017 also has been made job grading or the system rank of positin in Inprase Group as well as payroll structure.

VISI:MenjadiGroupPerusahaanTerkemukaDiIndonesiaDiBidangPenyediaJasaLogistik,Perdagangan&Distribusi,DanRetailEnergi.

MISI:1. Menyediakan BarangDanJasa logistikTerintegrasi DenganBiayaEfektif,

Efisien,Fleksible,DanNilaiTambahBagiPelanggan.2. MengembangkanSumberDayaManusiaYangKompetenDanMenciptakan

LingkunganKerjaYangKondusif.3. MenerapkanPrinsip-prinsipTataKelolaPerusahaanDiseluruhAspekBisnis.4. Membangun Kapabilitas Dan Kredibilitas Perusahaan Melalui Strategi

SinergisDenganStakeholders.5. MeningkatkanNilaiTambahKorporasiBagiShareholders.

Integrity Innovative Professional

Customer Satisfaction Safety Team Work

nILaI-nILaI :



KELAS JABATAN JABATAN SESUAI GRADEGRADE

GOL LEVEL

PRESIDENT DIRECTORPresidentDirector

(KomisarissecaraGoldanGrademasukdiVnamunsecarasalarytergantungkesepakatandidalamRUPS)

V

37363534

ASS. DIREKTUR/ DIREKTUR

Direktur3332

Ass.Direktur/DeputyDirektur3130

General Manager KepalaDivisi/DivisonHead,BranchManager,AdvisorIV

2928

Senior Manager DivisonHead,DepartmentHead,SeniorAccountManager,BranchManager,Advisor,DeputyKadiv

2726

MANAGER DepartmentHead,Specialist,SeniorConsultant,DeputyKadiv,BranchManager

III

2524

Ass. Manager DepartmentHead,SubDepartmentHead,Specialist,SeniorConsultant,DeputyDepartmentHead

2322

Junior ManagerSubDepartmentHead,SectionHead,SubSectionHead,Specialist,Consultant,DeputyDepartment

Head,ExecutiveSecretary

II

21201918

Supervisor / Superitendent

SectionHead,SubSectionHead,Supervisor/Superitendent,AdminHead,SeniorSecretary,Nahkoda,KKM,ChiefOfficer,ChiefEngineering

17161514

Senior Staff

SeniorStaff,Koordinator,DriverMentor,CrewKapal,SalesIndustri,SPPBESpv.,SPBUSpv.,Nahkoda,

KKM,SeniorOfficer,CrewKapal,ChiefOfficer,ChiefEgineering

13

12

StaffStaff,DriverMentor,SalesIndustri,SalesRetail,Nahkoda,Officer,CrewKapal,ChiefOfficer,Chief

Engineering

11

10

Junior StaffJuniorStaff,AdministrationStaff,SalesRetail,Ka.Gudang,Collector,MaintenancePlanner,Welder,

AdmInvoicing,Trainee,CrewKapal

I

9876

Non Staff / Non Executive

CrewKapal,Segel,HelperMekanik,Driver,OB,CleaningService,Security,Opr.SPBU/E,KasirSPBU/E,

Kerani

54321



Darisisipengembanganorganisasi,padatahun2017telah dilakukan strukturisasi organisasi dan jugapemisahantugasdantanggungjawabantarapusatdancabang. Organisasi cabang juga sudah dibentuk danlebihdikuatkanlagisementaradisinipusatdiarahkanke fungsi analisa dan kontrol. Diyakini dengansemakin kuat dan solidnya organisasi cabang makaakan berdampak baik ke perkembangan perseroankedepannya.Tahun2018akanlebihdifokuskanuntukmelakukan restrukturisasi secara organisasi di anakperusahaan sehingga bisa lebih berkembang lagikhususnyadalammensupportbisnisperusahaan.

In terms of organizational development, in 2017 organizational structuring has been carried out and also the separation of duties and responsibilities between head office and branches. Branch organizations have also been established and further reinforced while the head office is directed to analytical and control functions. Management believed with the stronger and solid branch organization will have a good impact to the company’s future development. The year 2018 will be more focused to organize restructuring in subsidiary so that it can be more developed especially in supporting company business.

Teknologi Informasi Information Technology

Teknologi Informasi (TI) saat ini sudah merambahdisetiap industri. TI telah bertransformasi menjadisalah satu kebutuhan pokok bagi seluruh industri.PengembangandanadaptasidarisistimTIyangandaldanmampumendukungprosesbisnismenjadi salahsatutujuanPerseroan.SolusiTIyangterintegrasidanmencakupprosesbisnisPerseroansecaramenyeluruhakanmeningkatkankualitas,efisiensi,efektifitas,danproduktifitaskerja.Ketersediaandatayangakuratdanterkini akan membantu manajemen dalam prosespengambilankeputusanyangcepatdantepat.

Information Technology (IT) is now penetrated in every industry. IT has transformed into one of the basic needs for the entire industry. The development and adaptation of a reliable IT system capable of supporting business processes is one of the Company’s goals. The integrated IT solution and covering the Company’s business processes will thoroughly improve the quality, efficiency, effectiveness, and work productivity. The availability of accurate and up-to-date data will help management in a fast and precise decision-making process.



Perkembangan TI sendiri dalam melakukantransformasi di industri dari zaman ke zamanbegitucepat yang diistilahkan dengan Industry 1.0 sampaidengan saat ini yang sudah sampai pada Industry4.0, dimana ciri-cirinya adalah sistim TI yang beralihke sistim inteligen, teknologi cloud sampai denganteknologibigdata.

The development of IT itself in the transformation in the industry from time to time so fast which is termed with Industry 1.0 until now that has reached the Industry 4.0, where the characteristics of IT systems that switch to the intelligence system, cloud technology until big data technology.

18thCentury 19thCentury 20thCentury Today

Industry 1.0Mechanical productionequipmentpoweredbysteam

Industry 2.0Mass Production assemblylines requiring labour andelectricalenergy

Industry 3.0AutomatedproductionusingelectronicsandIT

Industry 4.0IntelligentproductionincorporatedwithloT,cloudtechnology&bigdata

TransformasisistimTIIT System Transformation

Perseroanmelakukanpengembangansistimintegrasiyang ada denganmelakukan pembenahan sekaligusperapihansistimyangtelahdimilki.SaatiniPerseroantelah memilki sistim untuk Keuangan yang disebutdengansistimIPS.Sistiminidibangunsecarain-houseolehPerseroansejak4tahunyanglalu.Namundenganperkembanganbisnisdirasakanbahwasistiminisudahkurangmemadaisehinggatahun2018inidicanangkanakan dilakukan implementasi sistim ERP (EnterpriseResources Planning) yang baru yang diharapkanbisa go live di Q3. Sistim ERP ini diharapkan bisamengintegrasikan kebutuhan sistim TI di Perseroanyangmencakup:

The Company undertakes the development of existing integration systems by undertaking improvements as well as the weaning of existing systems. Currently the Company has a system for Finance called the IPS system. This system was built in-house by the Company since 4 years ago. But with the business development is felt that this system is inadequate so that the year 2018 is planned to be implemented implementation of a new ERP system (Enterprise Resources Planning) is expected to go live in Q3. The ERP system is expected to integrate IT system requirements in the Company that include:

Sistimaccountingdankeuangan Sistim sales distribusi yang mencakup database

pelanggan,proposal,quotation,invoicingsampaidengan penagihan dan juga tentu diharapkansampaikee-commerce.

Sistim Operational yang mencakup persediaan,pergudangan, uang jalan, utilitas armada,monitoring (manajemen ban, manajemenspareparts, GPS) sampai dengan bengkel (repairandmaintenance)

Sistimpengadaandanmanajemenvendor Dashboardataumanajemenreporting

Accounting and Finance system Sales distribution system that includes customer

database, proposal, quotation, invoicing up to billing and also expected to get to e-commerce.

System Operational that includes inventory, warehousing, uang jalan, fleet utility, monitoring (tire management, spare parts management, GPS) until workshop (repair and maintenance)

System procurement and vendor management Reporting management (dash board)



Pada tahun 2017 Perseroan telah mulai membangunsistim untuk di Sumberdaya Manusia dengan berhasildiimplementasikan sistim payrol yang bisa melakukanproses perhitungan penggajian sampai denganperhitunganpajakyanglebihbaik,jugaberhasildibangunsistim HRIS (Human Resources Information System)secara in-house yang disebut dengan Sistim Genesis(GeneralEmployeeServices).Sistiminimencakup: Pengelolaandatabasekaryawan Employee Self Service (cuti, iji dinas, perubahan

datakaryawan) ManagerSelfService(approval)

By 2017 the Company has started to build the system for Human Resources by successfully implementing a payroll system that can perform the payroll calculation process until tax calculation, also successfully built an in-house HRIS (Human Resources Information System) system called as Genesis System (General Employee Services). This system includes:

Employee database management Employee Self Service (leave, office service,

employee data changes) Manager Self Service (approval)

Ditahun2018sistimGenesisiniakanterusdikembangkansecara in-house yang melibatkan Departemen HCS(Human Capital Services) dengan Departemen IT(InformationTechnology)yangakanmencakup: Sistimklaim Sistim penilaian kinerja dengan konsep KPI dan

CBHRM Sistimknowledgemanagement

By 2018 the Genesis system will continue to be developed in-house involving the HCS Department (Human Capital Services) with the IT Department (Information Technology) which will include:

System claims The performance appraisal system with the

concept of KPI and CBHRM Knowledge management system

WebsitePerseroan/Company Website

Disisiwebsite (www.inprasegroup.co.id), tahun2017Perseroantelahmembangunulangwebsesuaidenganperkembangan Perseroan dan telah di-launchingdengan tampilan yang lebih fresh dan menarik.Pengembanganwebditahun2018akanmembangune-commerceyangterpadudidalamwebsitePerseroan.

On the website ( www.inprasegroup.co.id ), in 2017 the Company has been rebuilding the web in accordance with the Company’s development and has been launched with a more fresh and attractive appearance. Web development plan in 2018 will build integrated e-commerce within the Company’s website.

Dari sisi operasional, tahun 2017 Perseroan jugamelakukan perubahan dan pembenahan di sektorpengendalian (monitoring), semua lokasi kantorcabang, pool, bengkel, pergudangan, SPBU, SPBEsudah bisa terpantau melalui CCTV yang dipasangdan tersentralisasi ke kantorpusat.UntukmonitoringarmadaPerseroanjugatelahmelakukanpembenahandari sisivendorpenyedia jasaGPS (GlobalPositioningSystem) dan semua unit armada Perseroan saatini sudah dilengkapi dengan GPS. Selain itu untuksentralisasi monitoring juga telah dibentuk timmonitoring di kantor pusat yang beroperasi 24/7.

In operational side FY. 2017, the Company also made changes and improvements in the monitoring sector, all branches offices, pools, workshops, warehouses, gas stations, and SPBEs can be monitored through CCTV installed and centralized to headquarters. For fleet monitoring, the Company has also undertaken improvements in terms of vendor GPS (Global Positioning System) service providers and all units of the Company’s fleet is now equipped with GPS. In addition to the centralization of monitoring has also established a monitoring team at the headquarters that operates 24/7.



Untuk tahun 2018 ini pengembangan monitoringini akan terus dilanjutkan dimana semua kapal yangdimilikiPerseroanjugaakandilengkapidenganGPSlalumonitoring center akan dikembangkan juga sehinggabisa menjadi sekaligus terintegrasi dengan contactcenter.

For 2018, the development of this monitoring will continue where all ships owned by the Company will also be equipped with GPS and monitoring center will be developed so that it can be integrated with contact center.

PusatPengendalian/Monitoring Center

GPS



Pada sisi infrastruktur, Departemen TI mulaimembangun sistim IT Infrastuktur yang bisamengdukungsemuasistimaplikasiyangsudahadadanyangakandibangunmaupunyangakandikembangkanke depannya. Penambahan server dan storage telahdilakukan. Perencanaan kedepannya akandilakukanpembangunan sistim DRC (Data Recovery Center),penambahan storage dan juga server yang lebihmemadaiuntukmendukungsemuasistimdanaplikasiyang ada maupun yang akan dibangun dan akandikembangkan, juga pembangunan sistim help deskuntukbisamen-supportseluruhkantorcabang,pool,pergudangan,SPBU,danSPBE.

On the infrastructure side, IT department is beginning to build an IT Infrastructure system that can support all existing and future application systems that will be built and to be developed in the future. Added server and storage has been done. Future planning will be the development of DRC (Data Recovery Center) systems, the addition of storage as well as servers that are more adequate to support all existing systems and applications that will be built and will be developed, as well as building a help desk system to support all offices branches, pools, warehouses, gas stations, and SPBEs.

CORPORATE PORTAL AS PLATFORM, INTERFACE & INTEFRATOR

CORPORATE PORTAL AS PLATFORM, INTERFACE & INTEFRATOR

SUPPLIER

EMPLOYEE MANAGEMENT SHAREHOLDER

SUPPLIERRELATIONSHIPMANAGEMENT

INTERN

ALACC

ESS

EXTERN

AL

WOREFLOW KNOWLEDGEMANAGEMENT DOCUMENTMANAGEMENT

COMMUNICATION,COLABORATION,COORDINATIONTOOLS

PUBLIC CUSTOMER

PRUCHASE&AP

INVENTORYMANAGEMENT

SELLING&AP

CUSTOMERRELATIONSHIPMANAGEMENT

INTEGRATEDINTERMODEHUMANRESOURCESMANAGEMENTFINANCE,ACCOUNTING,BILLING

PlatformpengembangansistimTIIT System Platform Development

Departemen TI Perseroan juga telah menyusun ITMasterPlanyangdipersiapkanuntukmengantisipasiperkembangan dan perubahan sistim sehinggakedepannya diharapkan Departmen IT tidak hanyamenjadi pendukung namun bisa menjadi businessenabler.

The IT Department of the Company has also prepared an IT Master Plan which is prepared to anticipate the development and change of the system so that in the future it is expected that IT Department not only become a supporter but it can be a business enabler.



Tata Kelola PerusahaanGood Corporate Governance



Tata Kelola Perusahaan Corporate Governance

InpraseGroup(Perseroan)senantiasamemperhatikandanmematuhiprinsip-prinsipTataKelolaPerusahaanyangBaik(Good Corporate Governance)sebagaimanadiaturdalamperaturanOJKdanBursaEfek.Perseroanjuga memiliki komitmen untuk selalu menerapkanstandartatakelolayangterbaik.Perseroanmeyakini,penerapan Good Corporate Governance (GCG) perludilakukan secara berkesinambungan dan lebih darisekedar kepatuhan terhadap standar dan peraturanperundang-undangan, dengan tetap menjagakeseimbanganantara kepentinganPemegangSahammaupunkepentinganStakeholders lainnya.

Inprase Group (the Company) always pay attention and adhere to the principles of Good Corporate Governance as governed by OJK and Stock Exchange regulations. The Company also has a commitment to always implement the best governance standards. The Company believes that the implementation of Good Corporate Governance (GCG) needs to be done on an ongoing basis and more than compliance with statutory standards and regulations, while maintaining a balance between the interest of Shareholders and other Stakeholders interests.

Perseroan berusaha mentaati semua peraturan danperundang-undangan yang berlaku. Penerapannyaantara lain dengan telah ditaatinya peraturan danperundang-undangandalammenjalankanPerseroan;telah diterapkannya prinsip-prinsip reward andpunishment; ketaatan terhadap penerapan HSSE(Health, Safety, Security, and Environment), danlainnya. Perseroan memiliki tekad yang sangat kuatuntuk terus memperbaiki berbagai hal yang terkaitdenganimplementasiGCG.Halinidimaksudkanagardapat tercipta sinergi antara unit bisnis Perseroan,mengingat cakupan bisnis Perseroan yang begituberagam(antaralainBahanBakarMinyakbaikinudtrimaupunretail,LPG,Pelumas,Logistik,danlain-lain).

The Company endeavors to comply with all applicable laws and regulations. Its application, among others, has been complied with regulations and legislation in running the Company; the application of reward and punishment principles; adherence to the application of HSSE (Health, Safety, Security, and Environment), and others. The Company has a very strong determination to continue improving various matters related to GCG implementation. This is intended to create synergies between the Company’s business units, given the diverse business range of the Company (such as Fuel Petroleum, LPG, Lubricant, Logistics and others).

Perseroan telah memiliki alat-alat kelengkapansepertiKomisaris Independen,Direktur Independen,Sekretaris Perusahaan, Komite Audit, KomiteManajemen Resiko, dan Komite Nominasi danRemunerasi.PerseroanjugatelahmemilikiUnitAuditInternal (Satuan Pengawas Internal) yang berfungsiuntuk melakukan pengawasan dan penerapan darikebijakan yang telah ditetapkan oleh manajemenPerseroan.

The Company already has fittings such as Independent Commissioner, Independent Director, Corporate Secretary, Audit Committee, Risk Management Committee, and Nomination & Remuneration Committee. The Company also has an Internal Audit Unit (Internal Supervisory Unit) that serves to supervise and implement the policies established by the management of the Company.

Dasar Acuan Implementasi Implementation Basis

Perseroan dalammelakukan penerapan prinsip TataKelolaPerusahaandiPerseroanberlandaskanpada: Undang-UndangRepublikIndonesiaNo.40Tahun

2007tentangPerseroanTerbatas; Undang-UndangRepublik IndonesiaNo.8Tahun

1995tentangPasarModal. Peraturan Otoritas Jasa Keuangan No. 21/

POJK.04/2015tentangPenerapanPedomanTataKelolaPerusahaanTerbuka;

PeraturanOtoritasJasaKeuanganNo.32/POJK.04/2014 tentang Rencana dan PenyelenggaraanRapat Umum Pemegang Saham PerusahaanTerbuka;

The Corporate Governance principles applied by the Company are based on:

2007 Republic of Indonesia Law No. 40 concerning Limited Liability Companies;

1995 Republic of Indonesia Law No. 8 concerning the Capital Market.

Otoritas Jasa Keuangan Regulation No. 21/POJK.04/2015 concerning Corporate Governance Implementation Guidelines;

Otoritas Jasa Keuangan Regulation No. 32/POJK.04/2014 concerning the Planning and Organization of Public Company General Meeting of Shareholders;



Peraturan Otoritas Jasa Keuangan No. 33/POJK.04/2014 tentang Direksi dan DewanKomisarisEmitendanPerusahaanPublik;

PedomanUmumGCGIndonesia,dikeluarkanolehKomiteNasionalKebijakanGovernance;

RoadmapTataKelolaPerusahaanIndonesiayangdikeluarkanolehOtoritasJasaKeuangan.

Otoritas Jasa Keuangan Regulation No. 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers and Public Companies;

Indonesia’s GCG Guidelines issued by the National Governance Policy Committee;

Indonesian Corporate Governance Roadmap issued by Otoritas Jasa Keuangan.

Prinsip Tata Kelola Corporate Governance Principles

Kerangka kerja GCG Perseroan berlandaskan padaprinsip-prinsip transparansi, akuntabilitas, tanggungjawab,independensi,sertakewajarandankesetaraan.

The Company’s GCG framework is based on the principles of transparency, accountability, responsibility, independency as well as fairness and equality.

Transparansi Transparency

Perseroan senantiasa menyediakan informasi yangmaterialdanrelevandengancarayangmudahdiaksesdandipahamiolehpemangkukepentingan.Perseroanjuga senantiasa mengungkapkan hal-hal yangdisyaratkanolehperaturanperundang-undangandanyangpentingbagiparapemangkukepentingan.

The Company always provides material and relevant information in a way that is easily accessible and understandable to stakeholders. The Company also continuously discloses matters required by legislation and which are important to the stakeholders.

Akuntabilitas Accuntability

Perseroan dapat mempertanggungjawabkankinerjanya secara transparan dan wajar melaluipengelolaan perusahaan secara benar sesuaidengan kepentingan perusahaan dengan tetapmemperhitungkankepentinganpemegangsahamdanpemangkukepentinganlain.

The Company may be accountable for its performance in a transparent and reasonable manner through the proper management of the company in accordance with the interests of the company while taking into account the interests of shareholders and other stakeholders.

Tanggung Jawab Responsibility

Perseroan mematuhi perundang-undangan sertamelaksanakan tanggung jawab terhadapmasyarakatdanlingkungansehinggakesinambunganusahadalamjangka panjang dapat terpelihara dan mendapatpengakuansebagaigood corporate citizen.

The Company complies with legislation and carries out its responsibilities to society and the environment so that long-term business continuity can be maintained and recognized as a good corporate citizen.

Independensi independently

Perseroan dikelola secara independen sehinggamasingmasing organ perusahaan tidak salingmendominasidantidakdapatdiintervensiolehpihaklain.

The Company is managed independently so that each company’s organs do not dominate each other and can not be interfered by others.



Kewajaran dan kesetaraan Fairness and Equality

Perseroan senantiasa membuka akses terhadapinformasi dan memberikan kesempatan kepadapemangkukepentinganuntukmemberikanmasukandan menyampaikan pendapat bagi kepentinganperusahaan. Perseroanmemberikan perlakuan yangsetaradanwajarkepadapemangkukepentingansesuaidenganmanfaatdankontribusiyangdiberikankepadaperusahaan. Selain itu, Perseroan juga memberikankesempatanyangsamadalampenerimaankaryawandan karir tanpa membedakan suku, agama, jeniskelamin,dankondisifisik.

The Company continues to open access to information and provide an opportunity for stakeholders to provide input and express opinions for the benefit of the company. The Company provides equitable and reasonable treatment to the stakeholders in accordance with the benefits and contributions made to the company. In addition, the Company also provides equal opportunities in employee and career recruitment regardless of ethnicity, religion, gender, and physical condition.

Tujuan Penerapan GCG Purpose of GCG Implementation

Perseroan memiliki keyakinan bahwa penerapantata kelola perusahaan yang baik sebagai salah satupilar dari sistem ekonomi pasar, akan mendorongterciptanyapersainganyangsehatdaniklimusahayangkondusif. Selain itu, pelaksanaan GCG juga menjadibagianpentingdalammenunjangpertumbuhandanstabilitas ekonomi yang berkelanjutan. PemahamaninimendasarikomitmenPerseroanuntuksenantiasamenegakkan penerapan GCG dalam setiap jenjangorganisasi dan kegiatan operasionalnya. Penerapanprinsip-prinsip GCG dalam organisasi Perseroanberlandaskan pada komitmen untuk menciptakanperusahaan yang transparan dan terpercayamelaluimanajemenbisnisyangdapatdipertanggungjawabkan.Penerapan GCG yang baik akan memperkokohkepercayaansertameningkatkannilaibagipemegangsahamdanpemangkukepentinganlainnya.

The Company believes that the implementation of good corporate governance as one of the pillars of the market economy system will encourage the creation of healthy competition and a conducive business climate. In addition, the implementation of GCG also becomes an important part in supporting sustainable economic growth and stability. This understanding underpins the Company’s commitment to continuously uphold the implementation of GCG in all levels of the organization and its operational activities. The implementation of GCG principles within the organization of the Company is based on a commitment to create a transparent and trustworthy company through responsible business management. Good GCG implementation will strengthen trust and increase value for shareholders and other stakeholders.

Penerapan Prinsip Tata Kelola Implementation of Governance Principles

Perseroanterusberupayauntukmemaksimalkanlimaprinsip dasar GCG yaitu keterbukaan, akuntabilitas,tanggungjawab,kemandirian,dankewajaransebagailandasan dari operasional Perseroan sehari-hari. Haltersebut dilandasi atas kesadaran Perseroan akanpentingnya penerapan prinsip GCG dalam upayapencapaianvisidanmisiPerseroan.

The Company continuously strives to maximize the five basic principles of GCG: transparency, accountability, responsibility, independence, and fairness as the foundation of day to day operations. This is based on the Company’s awareness of the importance of applying GCG principles in an effort to achieve the vision and mission of the Company.

Internalisasi GCG di lingkungan Perseroan dilakukandenganmenerapkannilai-nilaiGCGkedalamseluruhproses bisnis termasuk di dalamnya ProsedurPengadaan Barang, Prosedur Seleksi Pegawai,Prosedur Penerimaan, Prosedur Pelaporan, sertaProsedur Pemasaran. Perseroan juga secara berkalamengadakan kegiatan yang sifatnya memberikaninformasi kepada pihak eksternal mengenai kinerjaoperasionaldankeuanganPerseroanmelalui:

Internalization of GCG within the Company is carried out by applying GCG values into all business processes including Procurement Procedures, Employee Selection Procedures, Acceptance Procedures, Reporting Procedures, and Marketing Procedures. The Company also periodically conducts activities that provide information to external parties regarding the operational and financial performance of the Company through:



Kegiatanhubunganinvestor(analystmeetingdanroadshowkeberbagailembagainvestasi)

Paparanpubliktahunan UpdatewebsitePerseroansecaraberkala (www.

inprasegroup.co.id) Penyebaraninformasisecaraberkalaberupanews

releasekepadaparapemangkukepentingan.

Investing activities (analyst meetings and roadshows to various investment institutions)

Annual public exposure Update the Company’s website periodically (www.

inprasegroup.co.id) Distribution of information periodically in the form

of news releases to stakeholders.

PengenalandanpemahamanataskomitmenPerseroanterhadapGCGkepadaseluruhjajaranPerseroansecaraberkesinambungan diimplementasikan pada setiapkegiatanusahaPerseroan.Terdapattigafokusutamayangmenjadi perhatian Perseroan atas pelaksanaanGCGdiPerseroan,antaralain:

The recognition and understanding of the Company’s commitment to GCG to all levels of the Company is continuously implemented in every business of the Company. There are three main focuses of concern to the Company’s implementation of GCG in the Company, among others:

Compliance, merupakan prinsip kepatuhanPerseroan terhadap tata kelola perusahaanyang baik di semua aspek, termasuk penerapankebijakanPerseroan.

Confidence,penanamansikapoptimisdanpercayadiri bahwa Perseroan senantiasa memberikanyangterbaikbagiseluruhpemangkukepentingan.

Transparency, Perseroan senantiasamengedepankan prinsip keterbukaan dansenantiasa memberikan informasi yangdibutuhkanbagiinvestor.

Compliance is the Company’s principle of compliance with good corporate governance in all aspects, including the implementation of Company policy.

Confidence, planting an optimistic and confident attitude that the Company always provides the best for all stakeholders.

Transparency, the Company always put forward the principle of openness and always provide the information needed for investors.

Perseroan berkomitmen untuk terus meningkatkankualitas penerapan GCG di lingkungan Perseroan.Selain terus meriview kesesuaian kebijakan internaldenganperaturanperundang-undanganyangberlaku,pada tahun 2017 juga telah menggambil beberapalangkahuntukmeningkatkankualitaspenerapanGCG.

The Company is committed to continuously improve the quality of GCG implementation within the Company. In addition to continuing to review internal policy compliance with prevailing laws and regulations, by 2017 it has also taken several steps to improve the quality of GCG implementation.

Pelaksanaan Penerapan Aspek Dan Prinsip Tata Kelola Perusahaan Sesuai Ketentuan Otoritas Jasa Keuangan

Implementation of Aspects and Principles of Corporate Governance In accordance with the provisions of the Financial Services Authority

Pedoman Tata Kelola mencakup 5 aspek, 8 prinsipdan 25 rekomendasi penerapan aspek dan prinsiptata kelola perusahaan yang baik. Rekomendasipenerapanaspekdanprinsip tatakelolaperusahaanyangbaikdalamPedomanTataKelolaadalahstandarpenerapanaspekdanprinsip tatakelolaperusahaanyang baik yang harus diterapkan Perseroan untukmengimplementasikanprinsiptatakelola.

The GCG Manual includes 5 aspects, 8 principles and 25 recommendations on applying aspects and principles of good corporate governance. Recommendations on the application of good corporate governance aspects and principles in the Code of Good Corporate Governance are the standards for implementing the aspects and principles of good corporate governance that must be implemented by the Company to implement the principles of good governance.



Struktur Tata Kelola Perusahaan Corporate Governance Structure

Sesuai dengan Undang-undang No. 40 tahun 2007tentang Perseroan Terbatas, struktur tata kelolaperusahaantergambarkanpadaorganperseroanyangterdiridariRapatUmumPemegangSaham(“RUPS”),DewanKomisarisdanDireksi.

In accordance with Law no. The Company’s corporate governance structure consists of the General Meeting of Shareholders (“GMS”), the Board of Commissioners and the Board of Directors.

• RUPS adalah organ Perseroan yang mempunyaiwewenang yang tidak diberikan kepada Direksiatau Dewan Komisaris dalam batas yangditentukan dalam Undang-undang dan/atauAnggaranDasar.

• Dewan Komisaris adalah organ Perseroan yangbertugas melakukan pengawasan secara umumdan/ataukhusussesuaidenganAnggaranDasarsertamemberinasihatkepadaDireksi

• Direksi adalahorganPerseroanyangberwenangdan bertanggung jawab penuh atas pengurusanPerseroan untuk kepentingan Perseroan, sesuaidengan maksud dan tujuan Perseroan sertamewakili Perseroan, sesuai dengan ketentuanAnggaranDasar.

• RUPS is an organ of the Company which has authority not granted to the Board of Directors or Board of Commissioners within the limits specified in the Law and / or Articles of Association.

• The Board of Commissioners is an organ of the Company which is in charge of supervising in general and / or specifically in accordance with the Articles of Association and giving advice to the Board of Directors

• Directions are the authorized organs of the Company and are fully responsible for the maintenance of the Company for the benefit of the Company, in accordance with the purposes and objectives of the Company and to represent the Company, in accordance with the provisions of the Articles of Association.

Selain organ utama, Perseroan juga memiliki organpendukung,antaralain:

1. OrganpendukungDewanKomisaris KomiteAudit KomiteNominasidanRemunerasi

2. OrganpendukungDireksi SekretarisPerusahaan AuditInternal KomiteManajemenResiko

In addition to the main organ, the Company also has supporting organs, including:

1. The supporting organ of the Board of Commissioners Audit Committee Nomination and Remuneration Committee

2. The organ supporting the Board of Directors Corporate Secretary Internal Audit Risk Management Committee

Soft Structure GCG Soft Structure GCG

AgarpenerapanGCGdiPerseroanberjalansesuaidenganperaturan perundang-undangan dan best practice,Perseroan telah memberlakukan beberapa kebijakanyangberkaitandenganpenerapanGCG,yaitu:

In order to implement GCG in the Company in accordance with the laws and best practices, the Company has implemented several policies related to the implementation of GCG:

1. AnggaranDasarPerseroan;2. PedomanDireksidanDewanKomisaris;

3. PiagamKomiteAudit;4. PiagamAuditInternal;5. PiagamKomiteNominasidanRemunerasi;

6. KebijakanManajemenResiko;7. WhistleblowingSystem&KebijakanAntiKorupsi;8. KodeEtik.

1. The Company’s Basis of Association;2. Board of Directors and Board of Commissioners

Guidelines;3. Charter of the Audit Committee;4. Charter of Internal Audit;5. Charter of Nomination and Remuneration

Committee;6. Risk Management Policy;7. Whistleblowing System & Anti-Corruption Policy;8. Code of Conduct.



Mekanisme Tata Kelola Governance Mechanism

Dalam menjalankan hubungan tata kelola, DewanKomisaris melakukan fungsi pengawasannyadengan dibantu oleh Komite Audit dan KomiteNominasi danRemunerasi, sedangkanDireksi dalammelakukan fungsi pengelolaannya dibantu olehUnitAudit Internal, Sekretaris Perusahaan dan KomiteManajemenResiko.

In conducting the governance relationship, the Board of Commissioners performs its supervisory functions assisted by the Audit Committee and the Nomination and Remuneration Committee, while the Board of Directors in performing its management functions is assisted by the Internal Audit Unit, Corporate Secretary and Risk Management Committee.

Pemegang Saham Utama Dan Pemegang Saham Pengendali

Principal Shareholders And Controlling Shareholders

RUPSmerupakanwadahbagipemegangsahamdalammemutuskan arah Perseroan danmerupakan forumDewanKomisarisdanDireksiuntukmelaporkandanbertanggungjawabterhadappelaksanaantugassertakinerjakepadapemegangsaham.MelaluiRUPS,parapemegangsahamdapatmempergunakanhaknyadanmemberikan pendapat untuk mengambil keputusanpentingdalammenentukanarahperusahaan.

GSM is a forum for shareholders in deciding the direction of the Company and is a forum of the Board of Commissioners and the Board of Directors to report and take responsibility for the implementation of duties and performance to shareholders. Through the GMS, shareholders can exercise their rights and provide opinions to make important decisions in determining the direction of the company.

SesuaiAnggaranDasarPerseroan,RUPSdibagimenjadi2 (dua) yaitu: RUPS Tahunan, yang diselenggarakansetiaptahundanRUPSLuarBiasa,yangdapatdiadakansetiap kali apabila dianggap perlu oleh Direksi ataspermintaan tertulis dari Dewan Komisaris atau daripemegangsaham.

In accordance with the Articles of Association of the Company, the GMS is divided into 2 (two): Annual GMS, held annually and Extraordinary GMS, which may be held whenever deemed necessary by the Board of Directors upon written request from the Board of Commissioners or shareholders.

Wewenang RUPS Authority of GMS

RapatUmumPemegang Sahammemilikiwewenangantaralainuntuk:

1. Mengangkat, memberhentikan dan/ataumenggantianggotaDireksidenganmemperhatikanrekomendasi dari Dewan Komisaris dan/atauKomiteNominasi.

2. Mengangkat, memberhentikan dan/ataumengganti anggota Dewan Komisaris denganmemperhatikan rekomendasi dari KomiteNominasi.

3. Memberikan persetujuan laporan tahunantermasuk pengesahan laporan keuangan sertatugas pengawasan Dewan Komisaris sesuaiperaturan perundang-undangan dan/atauAnggaranDasar.

4. MemberikanpersetujuanpenetapanpenggunaanlababersihPerseroan.

5. Memberikan pengesahan/keputusan yangdiperlukan untuk menjaga kepentingan usahaPerseroan dalam jangka panjang dan jangkapendek sesuai dengan peraturan perundang-undangandan/atauAnggaranDasar.

The General Meeting of Shareholders has the authority to:

1. Appoint, dismiss and / or replace members of the Board of Directors with due observance of the recommendations of the Board of Commissioners and / or the Nomination Committee.

2. Appoint, dismiss and / or replace members of the Board of Commissioners with due observance of the recommendations of the Nomination Committee.

3. To grant approval of the annual report including the approval of the financial statements as well as the supervisory duties of the Board of Commissioners in accordance with laws and / or Articles of Association.

4. To issue approval for the determination of the use of the Company’s net profit.

5. To provide the necessary approvals / decisions to safeguard the Company’s business interests in the long term and short term in accordance with the laws and / or Articles of Association.



6. Memberikan persetujuan penetapan gaji dantunjangan lainnya anggota Direksi PerseroansertahonorariumdantunjanganlainnyaanggotaDewanKomisarisPerseroan.

7. Menetapkan penunjukan Kantor Akuntan PublikIndependen untuk melakukan audit keuanganPerseroan.

8. MenyetujuiperubahananggarandasarPerseroandenganmengacukepadaperaturanperundanganyangberlaku.

6. To issue approval for the determination of salaries and other allowances for members of the Board of Directors of the Company and other honorarium and allowances for members of the Board of Commissioners of the Company.

7. Establish the appointment of Independent Public Accounting Firm to conduct a financial audit of the Company.

8. To approve the amendment of the Company’s articles of association by referring to applicable laws and regulations.

9. Mengambilkeputusanmelaluiprosesyangterbukadanadilsertadapatdipertanggungjawabkan.

10. Melaksanakan tata kelola perusahaan yang baiksesuaidenganwewenangdantanggungjawabnya.

9. Make decisions through an open and fair and accountable process.

10. Implement good corporate governance in accordance with the authority and responsibility.

Tata Cara Penyelenggaraan RUPS Procedures of the Extraordinary General Meeting of Shareholders

Tata cara penyelenggaraan RUPS telah diatur dalamAnggaranDasarPerseroan,yangmeliputi:

1. PengumumandanPemanggilanRUPSdisampaikanoleh Perseroan melalui surat kabar, situs webBursaEfekIndonesiadansituswebPerseroan.

2. Perseroan tidak mengirimkan surat undangantersendiri kepada pemegang saham, sehinggaiklanpanggilanmerupakanundanganresmibagipemegangsahamPerseroan.

3. PemegangSahamyangberhakhadirataudiwakilidalamRUPSadalah:a. Untuk saham-saham Perseroan yang tidak

berada dalam Penitipan Kolektif PemegangSaham Perseroan atau kuasa PemegangSaham Perseroan yang namanamanyatercatat secara sah dalam daftar PemegangSahamPerseroan.

b. Untuk saham-sahamPerseroan yangberadadidalamPenitipanKolektif:PemegangSahamPerseroan atau kuasa Pemegang SahamPerseroan yang namanya tercatat padapemegang rekening atau Bank Kustodian diPTKustodianSentralEfekIndonesia(“KSEI”).Bagi pemegang rekening efek KSEI dalamPenitipan Kolektif diwajibkan memberikandaftar Pemegang Saham Perseroan yangdikelolanyakepadaKSEIuntukmendapatkanKonfirmasiTertulisUntukRUPS(“KTUR”).

The procedures for the conduct of the GMS are set forth in the Company’s Articles of Association, which include:

1. The announcement and summons of the GMS are submitted by the Company through newspapers, the Indonesia Stock Exchange website and the Company’s website.

2. The Company does not send a separate invitation letter to the shareholders, so the call advertisement is an official invitation for the shareholders of the Company.

3. Shareholders entitled to attend or be represented in the GMS are:a. Untuk shares of the Company that are not

in the Collective Custody of the Shareholder of the Company or the authorization of the Shareholder of the Company whose names are legally registered in the Company’s Shareholder list.

b. For shares of the Company in the Collective Custody: Shareholder of the Company or the authorization of the Shareholder of the Company whose name is registered to the account holder or Custodian Bank at PT Kustodian Sentral Efek Indonesia (“KSEI”). For KSEI Securities account holder in Collective Custody is obliged to provide list of Shareholders of the Company that she manage to KSEI to get Written Confirmation For AGM (“KTUR”).



4. PemegangSahamPerseroanataukuasanyayangakan menghadiri RUPS, diminta dengan hormatuntuk membawa dan menyerahkan fotokopiSurat Kolektif Saham dan fotokopi Kartu TandaPenduduk(KTP)atautandapengenallainnyayangmasih berlaku kepada petugas Biro AdministrasiEfek(“BAE”)Perseroan,sebelummemasukiruangRUPS.UntukPemegangSahamPerseroandalampenitipan kolektif wajib membawa Surat KTURyangdapatdiperolehmelaluiAnggotaBursaatauBankKustodian.

4. The Shareholder of the Company or its proxies attending the General Meeting of Shareholders shall be requested with respect to bringing and delivering photocopies of the Share Collective License and photocopy of Identity Card (KTP) or other valid ID to the Securities Administration Agency (“BAE”) of the Company, before entering the GMS room. For the Shareholders of the Company in collective custody shall be obliged to bring KTUR Letters which may be obtained through the Exchange Member or Custodian Bank.

a. Pemegang Saham yang tidak dapat hadirdalam RUPS dapat diwakili oleh kuasanyayangsahdenganmembawaSuratKuasayangsah sebagaimana ditentukan oleh DireksiPerseroan,denganketentuananggotaDireksi,anggota Dewan Komisaris dan karyawanPerseroan boleh bertindak selaku kuasaPemegang Saham Perseroan dalam RUPS,namun suara yang mereka keluarkan tidakdiperhitungkandalampemungutansuara.

b. Formulir surat kuasa dapat diperoleh padasetiapharikerjadikantorBAEPerseroan.

c. Semua Surat Kuasa harus diterima olehDireksi Perseroan di kantor BAE Perseroanselambatlambatnya3(tiga)harikerjasebelumtanggalRUPS.

5. BagiPemegangSahamPerseroanyangberbentukbadan hukum seperti perseroan terbatas,koperasi, yayasan atau dana pensiun agarmembawafotokopidarianggarandasarnyayanglengkap.

6. Bahwabahan-bahanterkaitRUPStelahtersediadiKantorPerseroansejaktanggalPanggilansampaidengan tanggal RUPS dan salinan-salinan daribahanRUPStersebutdapatdiperolehPemegangSaham melalui permintaan tertulis kepadaPerseroan.

7. Untukmempermudahpengaturandan tertibnyaRUPS pemegang saham atau kuasanya dimintadengan hormat untuk hadir di tempat rapat 30(tigapuluh)menitsebelumRUPSdimulai.

a. Shareholders who can not be present at the GMS may be represented by their legal representatives by bringing a valid Power of Attorney as determined by the Board of Directors of the Company, provided that members of the Board of Directors, members of the Board of Commissioners and employees of the Company may act as proxy of the Company’s Shareholders in the GMS, the votes they cast out were not taken into account in the voting.

b. The power of attorney form may be obtained on every working day at the Company’s BAE office.

c. All Power of Attorney must be received by the Board of Directors of the Company at the Company’s Registrar office no later than 3 (three) working days prior to the GMS.

5. For Shareholders of the Company in the form of legal entities such as limited liability companies, cooperatives, foundations or pension funds in order to bring photocopies of their complete articles of association.

6. Whereas the relevant materials of the GMS are available at the Company’s Office from the date of the Calls up to the date of the GMS and copies of the GMS material may be obtained by the Shareholders through written request to the Company.

7. To facilitate the arrangement and ordering of the shareholders’ meeting or their proxies are required with respect to attend the meeting place 30 (thirty) minutes before the GMS begins.



Pelaksanaan RUPS secara umum mengacu pada ketentuan dalam Anggaran Dasar

The General Meeting of Shareholders in general refers to the provisions in the Articles of Association

RUPS dipimpin oleh anggota Dewan Komisaris yangdi tunjuk oleh Dewan Komisaris dengan terlebihdahulumembacakantatatertibRUPSpadasaatRUPSberlangsungyangmenjadibagiandalamBeritaAcaraRUPS. Pimpinan RUPS memberikan kesempatankepada pemegang saham atau kuasanya untukmengajukan pertanyaan pada setiap mata acararapatmelaluiSuratSuaraRUPS.Kemudian,PimpinanRUPS menanggapi pertanyaan pemegang sahamyang hadir. Setelah semua pertanyaan ditanggapi,selanjutnyapemungutansuaradilakukansecaralisandanhanyapemegangsahamataukuasanyayangsahyang berhak untukmengeluarkan suara. Setiap satusahammemberikanhakkepadapemegangnyauntukmengeluarkansatusuara.PerseroantelahmenunjukKantor Notaris Rahayu Ningsih, S.H., sebagai PihakIndependen dalam melakukan penghitungan dan/ataumemvalidasisuara.

The GMS is chaired by a member of the Board of Commissioners appointed by the Board of Commissioners by first reading the rules of the GMS at the GMS taking place which is part of the Minutes of General Meeting of Shareholders. The Chairman of the GMS provides an opportunity to the shareholders or their proxies to ask questions on the eyes of each meeting through the GMS Letter of Voice. Then, the GMS Chairman responds to the questions of the shareholders present. After all questions are answered, then the voting is done verbally and only the shareholders or their legal representatives are eligible to vote. Each share gives the holder the right to issue one vote. The Company has appointed the Office of Notary Rahayu Ningsih, S.H., as an Independent Party in calculating and / or validating votes

Dewan Komisaris Board of Commissioners

Dewan Komisaris bertanggung jawab kepadaRUPS. Dewan Komisaris secara kolektif melakukanpengawasan terhadap pengurusan Perseroanyang dilakukan Direksi serta memberikan nasihatberkenaan dengan kebijakan Direksi terkait rencanapengembangan Perusahaan, rencana kerja dananggaran tahunan Perusahaan, pelaksanaanketentuanketentuan Anggaran Dasar dan keputusanRUPS, serta semua peraturan perundang-undanganyangberlakudanrelevan.

Dewan Komisaris juga memantau dan melakukanevaluasi terhadap penerapan GCG, meneliti danmenelaah laporan tahunan yang disiapkan Direksi,serta menandatangani laporan tersebut sepanjangDewan Komisaris setuju dengan isi materi laporantahunan.

Dewan Komisaris secara terus menerus memantauefektivitaskebijakanperusahaan,kinerja,danprosespengambilan keputusan oleh Direksi, termasukpelaksanaan strategi untukmemenuhi harapanparapemegangsahamdanpemangkukepentinganlainnya.HasilpengawasandisertaikajiandanpendapatDewanKomisarisdisampaikanpadaRUPSsebagaibagiandaripenilaiankinerjaDireksi.

The Board of Commissioners is responsible to the GMS. The Board of Commissioners collectively supervises the management of the Company by the Board of Directors and provides advice regarding the Board of Directors’ policy regarding the Company’s development plan, annual work plan and budget, the implementation of the Articles of Association and the resolutions of the GMS, as well as all applicable and relevant laws and regulations.

The Board of Commissioners also monitors and evaluates the implementation of GCG, examines and reviews the annual reports prepared by the Board of Directors, and signs the reports as long as the Board of Commissioners agrees with the contents of the annual report.

The Board of Commissioners continuously monitors the effectiveness of the Company’s policies, performance, and decision-making processes by the Board of Directors, including the implementation of strategies to meet the expectations of shareholders and other stakeholders. The results of supervision along with the review and opinion of the Board of Commissioners are submitted to the GMS as part of the Board of Directors’ performance assessment.



DewanKomisaris jugamengevaluasidanmenyetujuibusinessplanperusahaanyangdisusunDireksisetiaptahunnya.

Dewan Komisaris diwajibkan untuk mengadakanrapat dewan komisaris sekurang-kurang 1 (satu)kali setiap 2 (dua) bulan. Dewan Komisaris telahmenyelenggarakan rapat internal sebanyak 6(enam) kali serta rapat gabungan antara DewanKomisaris danDireksi sebanyak 6 (enam) kali dalamsetahun untuk membahas kinerja perusahaan sertauntuk memperoleh persetujuan atas suatu agendakorporasi penting. Pengambilan keputusan dalamrapat Dewan Komisaris bersifat musyawarah untukmufakat. Sepanjang tahun 2016, Dewan Komisaristelah melaksanakan tugas-tugasnya, mencakuppengadaanrapatterkaitpembahasanpersoalanyangberhubungan dengan manajemen Perseroan danmengevaluasikinerjaPerseroan.

The Board of Commissioners also evaluates and approves the Company’s business plans drawn up by the Board of Directors each year.

The Board of Commissioners is required to hold a board of commissioner meeting at least once every 2 (two) months. The Board of Commissioners has held 6 (six) internal meetings and joint meetings between the Board of Commissioners and the Board of Directors 6 (six) times a year to discuss company performance and to obtain approval of an important corporate agenda. Decision making in the Board of Commissioners meetings is consensus for consensus. Throughout the year 2016, the Board of Commissioners has performed its duties, covering the procurement of meetings related to the discussion of issues related to the management of the Company and evaluating the performance of the Company.

Selainmerekomendasikanpelaksanaanprinsip-prinsipGood Corporate Governance dengan baik, DewanKomisarisjugaberupayauntukmencaripeluangbarudalampengembanganusahaPerseroan.

In addition to recommending the implementation of the principles of Good Corporate Governance well, the Board of Commissioners also seeks to seek new opportunities in the development of the Company’s business.

Penunjukan Dan Kriteria Dewan Komisaris

Appointment and Criteria of the Board of Commissioners

Dalam pengangkatan Dewan Komisaris, kandidatKomisaris dapat dinominasikan oleh pemegangsahampengendali.KomiteNominasidanRemunerasikemudian akan membahas profil dan kualifikasimasing-masing kandidat dalam rapat nominasi.Kandidat terpilih kemudian akan diangkat denganpersetujuan Rapat Umum Pemegang Saham. Dalamrangka memenuhi kebutuhan Perusahaan, DewanKomisaris diangkat berdasarkan kualifikasi merekasesuaipersyaratanyangtelahditetapkanolehOtoritasJasaKeuangan,sebagaimanadiaturdalamPeraturanOtoritasJasaKeuanganNo.33/POJK.04/2014TentangDireksidanDewanKomisarisemitenatauPerusahaanPublik,antaralain:

In the appointment of the Board of Commissioners, candidates for the Board of Commissioners may be nominated by the controlling shareholder. The Nomination and Remuneration Committee will then discuss the profiles and qualifications of each candidate in a nomination meeting. Selected candidates will then be appointed with the approval of the General Meeting of Shareholders. In order to meet the needs of the Company, the Board of Commissioners is appointed based on their qualifications in accordance with the requirements set forth by the Financial Services Authority, as set forth in the Financial Services Authority Regulation no. 33 / POJK.04 / 2014 Regarding Board of Directors and Board of Commissioners of issuers or Public Companies, among others:

1. Mempunyai akhlak, moral, dan integritas yangbaik;

2. Dalam5(lima)tahunsebelumpengangkatandanselamamenjabat:a. Tidakpernahdinyatakanpailit;b. Tidak pernah menjadi anggota Direksi

dan/atau anggota Dewan Komisaris yangdinyatakan bersalah menyebabkan suatuperusahaandinyatakanpailit;

1. Have good character, morals, and integrity;

2. In 5 (five) years before appointment and during the term of office:a. Never declared bankrupt;b. Never become a member of the Board of

Directors and / or a member of the Board of Commissioners who is found guilty of causing a company to be declared bankrupt;



c. Tidak pernah dihukum karena melakukantindak pidana yang merugikan keuangannegara dan/atau yang berkaitan dengansektorkeuangan;dan

d. Tidak pernah menjadi anggota Direksi dan/atau anggotaDewanKomisaris yang selamamenjabat: Pernah tidak menyelenggarakan RUPS

Tahunan; Pertanggungjawabannya sebagai

anggotaDireksidan/atauanggotaDewanKomisaris pernah tidak diterima olehRUPS atau pernah tidak memberikanpertanggungjawaban sebagai anggotaDireksi dan/atau anggota DewanKomisariskepadaRUPS;dan

Pernah menyebabkan perusahaanyang memperoleh izin, persetujuan,atau pendaftaran dari Otoritas JasaKeuangan tidak memenuhi kewajibanmenyampaikan laporan tahunan dan/atau laporan keuangan kepada OtoritasJasaKeuangan.

3. Memiliki komitmen untuk mematuhi peraturanperundang-undangan;dan

4. Memilikipengetahuandan/ataukeahliandibidangyangdibutuhkanemitenatauPerusahaanPublik.

c. Never be punished for committing a crime that is detrimental to state finances and / or relating to the financial sector; and

d. Never be a member of the Board of Directors and / or members of the Board of Commissioners during their term of office:

Never held the Annual General Meeting of Shareholders;

The accountability as a member of the Board of Directors and / or members of the Board of Commissioners has never been accepted by the GMS or has not granted responsibility as a member of the Board of Directors and / or members of the Board of Commissioners to the General Meeting of Shareholders; and

Never cause a company obtaining permit, approval or registration from the Financial Services Authority fails to comply with the obligation to submit annual reports and / or financial statements to the Financial Services Authority.

3. Have a commitment to comply with laws and regulations; and

4. Have knowledge and / or expertise in the field required by the issuer or Public Company.

Jumlah Dan Komposisi Dewan Komisaris Number and Composition of Board of Commissioners

Anggota Dewan Komisaris Perseroan berjumlah 2(dua) orang, dimana satu diantaranya merupakanKomisaris Independen, sehingga komposisi DewanKomisaris Perseroan telah sesuai dengan peraturanperundangan yang berlaku. Pada tahun 2017,komposisiDewanKomisarisPerseroanadalahsebagaiberikut:

1. LiesErliawatiWinatasebagaiKomisarisUtama2. JuliusSidhartasebagaiKomisarisIndependen

Members of the Board of Commissioners of the Company amount to 2 (two) persons, of whom one is an Independent Commissioner, so that the composition of the Board of Commissioners of the Company is in compliance with prevailing laws and regulations. In 2017, the composition of the Board of Commissioners of the Company is as follows:

1. Lies Erliawati Winata as President Commissioner2. Julius Sidharta as Independent Commissioner

Tugas Dan Tanggung Jawab Dewan Komisaris

Roles and Responsibilities of the Board of Commissioners

Secara umum, Dewan Komisaris berperan untukmelakukan pengawasan dan memberikan nasihatkepada Direksi. Peran dan tanggung jawab DewanKomisarisadalahsebagaiberikut:

In general, the Board of Commissioners plays a role in supervising and providing advice to the Board of Directors. The roles and responsibilities of the Board of Commissioners are as follows:



1. Dewan Komisaris melakukan pengawasan ataskebijaksanaan pengurusan, jalannya pengurusanpada umumnya, baik mengenai Perseroanmaupun usaha Perseroan, serta memberikannasihat kepada Direksi. Dewan Komisaris wajibmenjalankan tugas dan tanggung jawab denganitikad baik, penuh tanggung jawab dan kehati-hatian.

2. Dalam menjalankan tugas Dewan KomisarisberhakmemperolehpenjelasandariDireksiatausetiap anggota Direksi tentang segala hal yangdiperlukanolehDewanKomisaris.

3. Dalamrangkamendukungefektivitaspelaksanaantugas dan tanggung jawab Dewan Komisaris,DewanKomisariswajibmembentukKomiteAuditdandapatmembentukkomitelainnya.

4. Dewan Komisaris setiap waktu berhakmemberhentikanuntuk sementara seorangataulebih anggota Direksi, apabila anggota DireksitersebutbertindakbertentangandenganAnggaranDasar dan/ atau peraturan perundangundanganyangberlakuataumerugikanmaksuddantujuanPerseroanataumelalaikankewajibannya.

5. Pemberhentiansementaraituharusdiberitahukansecaratertuliskepadayangbersangkutandisertaialasannya.

1. The Board of Commissioners shall supervise the management policies, the general management of the Company and the Company’s business, and provide advice to the Board of Directors. The Board of Commissioners shall exercise duties and responsibilities in good faith, with full responsibility and prudence.

2. In performing the duties of the Board of Commissioners shall be entitled to an explanation from the Board of Directors or each member of the Board of Directors on all matters required by the Board of Commissioners.

3. In order to support the effectiveness of the duties and responsibilities of the Board of Commissioners, the Board of Commissioners shall establish an Audit Committee and may establish other committees.

4. The Board of Commissioners shall at all times be entitled to terminate one or more members of the Board of Directors, if the member of the Board of Directors acts contrary to the Articles of Association and / or regulations prevailing or harming the purposes and objectives of the Company or neglecting its obligations.

5. Such suspension shall be notified in writing to the person concerned with the reasons thereof.

6. Dalam jangka waktu paling lambat 90 (sembilanpuluh hari) setelah tanggal pemberhentiansementara, Dewan Komisaris harusmenyelenggarakan RUPS untuk mencabut ataumenguatkankeputusanpemberhentiansementaratersebut. dalam RUPS sebagaimana dimaksud,anggota Direksi yang bersangkutan diberikesempatanuntukhadirgunamembeladiri.

7. RUPSsebagaimanadimaksuddiatasdipimpinolehPresidenKomisarisdanapabilaPresidenKomisaristidak hadir, hal tersebut tidak perlu dibuktikankepadapihaklain,makaRUPSdipimpinolehsalahseorang anggota Dewan Komisaris lainnya yangditunjuk oleh RUPS tersebut dan pemanggilanharusdilakukansesuaidenganketentuan.

8. Apabila seluruh anggota Direksi diberhentikansementara dan Perseroan tidak mempunyaiseorangpun anggota Direksi maka untuksementara Dewan Komisaris diwajibkan untukmengurus Perseroan, dalam hal demikian rapatDewan Komisaris berhak untuk memberikankekuasaan sementara kepada seorang ataulebih di antaramereka atas tanggunganmerekabersama,satudanlain.

6. Within a period of at least 90 (ninety days) after the date of discharge, the Board of Commissioners shall convene the General Meeting of Shareholders to withdraw or enforce the decision of such dismissal. in the GMS as intended, the members of the Board of Directors concerned shall be given an opportunity to attend in order to defend themselves.

7. The GMS as referred to above is chaired by the President Commissioner and if the President Commissioner is absent, it does not need to be proven to other parties, then the GMS is chaired by one of the other members of the Board of Commissioners appointed by the GMS and the summons shall be made in accordance with the provisions.

8. If all members of the Board of Directors are suspended and the Company does not have any member of the Board of Directors, the Board of Commissioners is temporarily required to administer the Company in the event that the Board of Commissioners is entitled to grant temporary power to one or more of them at their joint, other.



9. DenganlampaunyajangkawaktupenyelenggaraanRUPS atau RUPS tidak dapat mengambilkeputusan, maka pemberhentian sementarasebagaimanadimaksuddiatasmenjadibatal.

10. Anggota Dewan Komisaris baik bersama-samamaupun sendiri-sendiri setiap waktu dalamjam kerja kantor Perseroan berhak memasukibangunan dan halaman atau tempat lain yangdipergunakanatauyangdikuasaiolehPerseroandan berhak memeriksa semua pembukuan,surat dan alat bukti lainnya, memeriksa danmencocokkan keadaan uang kas dan lain-lainserta berhak untukmengetahui segala tindakanyangtelahdijalankanolehDireksi.

11. Direksi dan setiap anggota Direksi wajib untukmemberikanpenjelasan tentang segalahal yangditanyakanolehanggotaDewanKomisaris.

12. RapatDewanKomisaris dengan suara terbanyaksetiap waktu berhak memberhentikan untuksementara seorang atau lebih anggota Direksiapabila anggota Direksi tersebut bertindakbertentangan dengan Anggaran Dasar danperaturan perundang-undangan yang berlakuatau merugikan maksud dan tujuan Perseroanataumelalaikankewajibannya.

9. With the expiration of the period of the holding of the GMS or the GMS can not take a decision, the temporary dismissal referred to above shall be void.

10. Members of the Board of Commissioners, whether jointly or separately, at all times during office hours, the Company is entitled to enter the building and the pages or other premises used or controlled by the Company and is entitled to inspect all books, letters and other evidence, check and match cash and other circumstances and is entitled to know all actions taken by the Board of Directors.

11. The Board of Directors and each member of the Board of Directors shall be required to provide an explanation of all matters asked by members of the Board of Commissioners.

12. The Meeting of the Board of Commissioners with the most votes shall at all times be entitled to temporarily terminate one or more members of the Board of Directors if the member of the Board of Directors acts contrary to the Articles of Association and regulations applicable or prejudice to the intent and purpose of the Company or neglect its obligations.

13. Apabila seluruh anggota Direksi diberhentikansementara dan Perseroan tidak mempunyaiseorangpun anggota Direksi, maka untuksementara Dewan Komisaris diwajibkan untukmengurusPerseroan,dalamhaldemikianDewanKomisaris berhak untuk memberikan kekuasaansementara kepada seorang atau lebih di antaramereka atas tanggungan mereka bersama, satudanlain.

14. Terkaittugasdantanggungjawabsertawewenangmasing-masing anggota Dewan Komisaris akandiatur tersendiri oleh Dewan Komisaris dalamsuatu Keputusan Dewan Komisaris berikutperubahannyadariwaktukewaktu.

13. If all members of the Board of Directors are suspended and the Company does not have any member of the Board of Directors, the Board of Commissioners shall temporarily assign the Board of Commissioners a temporary authority to one or more of them for their joint, other.

14. Related duties and responsibilities and authority of each member of the Board of Commissioners shall be regulated separately by the Board of Commissioners in a Decision of the Board of Commissioners and their amendment from time to time.

Komisaris Independen Independent Commissioner

Komisaris Independen adalah anggota DewanKomisaris yang tidak terafiliasi dengan Direksi,anggota Dewan Komisaris lainnya dan pemegangsahampengendali, sertabebasdarihubunganbisnisatau hubungan lainnya yang dapat mempengaruhikemampuannya untuk bertindak independen ataubertindaksemata-matauntukkepentinganPerseroan.

Independent Commissioner is a member of the Board of Commissioners who is not affiliated with the Board of Directors, other members of the Board of Commissioners and the controlling shareholder, and is free from any business relationship or other relationship that may affect his ability to act independently or act solely for the benefit of the Company.



SelaintugasdanfungsipengawasanterhadapjalannyaoperasionalPerseroansecaraumumdanmemastikankepatuhan terhadap peraturan dan perundanganyangberlaku,KomisarisIndependenjugamempunyaitanggung jawab khusus yaitu mewakili kepentinganpemegangsahamminoritasPerseroan.

Undang-UndangNo.40Tahun2007tentangPerseroanTerbatas dan Peraturan Otoritas Jasa KeuanganNo. 33/POJK.04/2014 Tentang Direksi dan DewanKomisaris emiten atauPerusahaanPublik,mengaturbahwaPerseroanminimalmenempatkan satuorangKomisaris Independen atau sekurang-kurangnya30% dari jumlah anggota Dewan Komisaris. Saat iniPerseroanmemilikisatuorangKomisarisIndependenatau lebih dari 30% dari jumlah anggota DewanKomisaris.

In addition to the duties and functions of oversight of the operation of the Company in general and ensuring compliance with prevailing rules and regulations, the Independent Commissioner also has a special responsibility to represent the interests of the minority shareholders of the Company.

Law no. 40 Year 2007 regarding Limited Liability Company and Regulation of Financial Services Authority No. 33 / POJK.04 / 2014 Regarding the Board of Directors and Board of Commissioners of the issuer or Public Company, stipulates that the Company shall at least place one Independent Commissioner or at least 30% of the total members of the Board of Commissioners. Currently the Company has one Independent Commissioner or more than 30% of the total members of the Board of Commissioners.

Kriteria Komisaris Independen Criteria Independent Commissioner

Dalam menunjuk Komisaris Independen, Perseroanmengacu pada kriteria peraturan perundangan yangberlaku, dalam hal ini yaitu Peraturan Otoritas JasaKeuanganNo.33/POJK.04/2014TentangDireksidanDewan Komisaris Emiten atau Perusahaan Publik,yang menetapkan kriteria Komisaris Independenadalahsebagaiberikut:

In appointing Independent Commissioners, the Company refers to the criteria of prevailing law and regulation, in this case the Regulation of the Financial Services Authority No. 33 / POJK.04 / 2014 Regarding Board of Directors and Board of Commissioners of Issuers or Public Companies, which stipulates the criteria of Independent Commissioners are as follows:

1. Bukan merupakan orang yang bekerja ataumempunyaiwewenangdantanggungjawabuntukmerencanakan,memimpin,mengendalikan,ataumengawasi kegiatan emiten atau PerusahaanPublik tersebut dalam waktu 6 (enam) bulanterakhir, kecuali untuk pengangkatan kembalisebagai Komisaris Independen Emiten atauPerusahaanPublikpadaperiodeberikutnya;

2. Tidakmempunyai sahambaik langsungmaupuntidak langsung pada Emiten atau PerusahaanPubliktersebut;

3. Tidak mempunyai hubungan Afiliasi denganemiten atau Perusahaan Publik, anggotaDewanKomisaris,anggotaDireksi,ataupemegangsahamutama Emiten atau Perusahaan Publik tersebut;dan Tiidak mempunyai hubungan usaha baiklangsungmaupuntidak langsungyangberkaitandengan kegiatan usaha Emiten atau PerusahaanPubliktersebut.

1. Not a person who is employed or has the authority and responsibility to plan, direct, control or supervise the activities of the issuer or Public Company within the last 6 (six) months, except for re-appointment as Independent Commissioner of Issuers or Public Companies in the period next;

2. Not having any share either directly or indirectly in the Issuer or Public Company;

3. Not having an Affiliated relationship with the issuer or Public Company, a member of the Board of Commissioners, a member of the Board of Directors, or the principal shareholder of the Issuer or Public Company; and Not having a direct or indirect business relationship relating to the Issuer or the Public Company’s business activities.



DIREKSI BOARD OF DIRECTORS

Direksi adalah organ perusahaan yang bertugas danbertanggung jawab secara kolektif untukmelakukanpengelolaan Perusahaan serta melaksanakan GCGpadaseluruhtingkatanataujenjangorganisasi.Direksiadalah organ perusahaan yang bertanggung jawabpenuhataspengurusanPerseroanuntukkepentingandan tujuan Perseroan sesuai dengan ketentuanAnggaranDasar.

The Board of Directors is a corporate organ duty and collectively responsible for managing the Company and implementing GCG at all levels or levels of the organization. The Board of Directors shall be the organ of the company which is solely responsible for the management of the Company for the purposes and objectives of the Company in accordance with the provisions of the Articles of Association.

Penunjukan Direksi The Appointment of Directors

Dalam pengangkatan Direksi, kandidat Direksi dapatdinominasikan oleh pemegang saham pengendali.Komite Nominasi dan Remunerasi kemudian akanmembahas profil dan kualifikasi masing-masingkandidat dalam rapat nominasi. Kandidat terpilihkemudian akan diangkat dengan persetujuan RapatUmum Pemegang Saham. Dalam rangka memenuhikebutuhanPerusahaan,Direksidiangkatberdasarkankualifikasi mereka sesuai persyaratan yang telahditetapkanolehOtoritasJasaKeuangan,sebagaimanadiaturdalamPeraturanOtoritasJasaKeuanganNo.33/POJK.04/2014TentangDireksidanDewanKomisarisemitenatauPerusahaanPublik,antaralain:

In the appointment of the Board of Directors, the candidate of the Board of Directors may be nominated by the controlling shareholder. The Nomination and Remuneration Committee will then discuss the profiles and qualifications of each candidate in a nomination meeting. Selected candidates will then be appointed with the approval of the General Meeting of Shareholders. In order to meet the needs of the Company, the Board of Directors is appointed based on their qualifications in accordance with the requirements set forth by the Financial Services Authority, as set forth in the Financial Services Authority Regulation no. 33 / POJK.04 / 2014 Regarding Board of Directors and Board of Commissioners of issuers or Public Companies, among others:

1. Direksi Perseroan paling kurang terdiri dari 3(tiga)oranganggotaDireksi,dengansatuanggotaDireksi merupakan Direksi Independen dan 1(satu)diantaraanggotaDireksidiangkatmenjadiPresidenDirektur.

2. Yang dapat diangkat sebagai anggota DireksiadalahWargaNegaraIndonesiadan/atauWargaNegaraAsingyangtelahmemenuhisyaratuntukdiangkat sebagai Direksi Perseroan berdasarkanketentuanPeraturanOtoritasJasaKeuangandanperaturanperundangundanganlainnya.

3. Cakapmelakukanperbuatanhukum.4. Mempunyaiakhlak,moral,integritasdanreputasi

yang baik, yaitu tidak pernah secara langsungmaupuntidaklangsungterlibatdalamperbuatanrekayasa dan praktikpraktik menyimpang,cidera janji sertaperbuatan lainyangmerugikanPerseroan dimana yang bersangkutan bekerjaataupernahbekerja.

5. Dalam5(lima)tahunsebelumpengangkatandanselamamenjabat:a. Tidak pernah dinyatakan pailit oleh

Pengadilan;b. Tidak pernah menjadi dan/atau Dewan

Komisaris yang dinyatakan bersalahmenyebabkan suatu Perseroan dinyatakanpailit;

1. The Directors of the Company shall consist of at least 3 (three) members of the Board of Directors, with one member of the Board of Directors being Independent Directors and 1 (one) member of the Board of Directors appointed as President Director.

2. Who may be appointed as a member of the Board of Directors are Indonesian Citizens and / or Foreign Citizens who have been eligible to be appointed as Board of Directors of the Company pursuant to the provisions of the Financial Services Authority Regulations and other legislation.

3. Conducting legal action.4. Have good moral, integrity and reputation,

which is never directly or indirectly involved in misconduct of engineering and practices, injuries and other actions that harm the Company in which the employee works or has worked.

5. In 5 (five) years before appointment and during the term of office:a. Never been declared bankrupt by the Court;

b. Never become and / or the Board of Commissioners found guilty of causing a Company to be declared bankrupt;



c. Tidak pernah dihukum karena melakukanperbuatanpidanayangmerugikankeuangannegara dan/atau yang berkaitan dengansektorkeuangan;dan

d. Tidak pemah menjadi anggota Direksi dan/atauDewanKomisarisyangselamamenjabat:

Pernah tidak menyelenggarakan RUPSTahunan;

PertanggungjawabannyasebagaianggotaDireksidan/atauDewanKomisarispernahtidak diterima oleh RUPS atau pernahtidak diterima oleh RUPS atau pernahtidak memberikan pertanggungjawabansebagai anggota Direksi dan/ atauanggotaDewanKomisariskepadaRUPS;dan

Pernah menyebabkan perusahaanyang memperoleh izin, persetujuan,atau pendaftaran dari Otoritas JasaKeuangan tidak memenuhi kewajibanmenyampaikan laporan tahunan dan/atau laporan keuangan kepada OtoritasJasaKeuangan.

c. Has never been punished for committing criminal acts that are detrimental to state finances and / or relating to the financial sector; and

d. Has never been a member of the Board of Directors and / or Board of Commissioners who during his term of office:

Never held the Annual General Meeting of Shareholders;

The accountability as a member of the Board of Directors and / or the Board of Commissioners has never been accepted by the GMS or has never been accepted by the GMS or has not given any responsibility as a member of the Board of Directors and / or members of the Board of Commissioners to the General Meeting of Shareholders; and

Never cause a company obtaining permit, approval or registration from the Financial Services Authority fails to comply with the obligation to submit annual reports and / or financial statements to the Financial Services Authority.

6. Berwatak baik dan mempunyai kemampuanuntuk mengembangkan usaha guna kemajuanPerseroan.

7. Memiliki kompetensi, yaitu kemampuandan pengalaman dalam bidang-bidang yangmenunjang pelaksanaan tugas dan kewajibanDireksi.

6. Berwatak good and have the ability to develop business for the progress of the Company.

7. Memiliki competence, namely the ability and experience in areas that support the implementation of duties and obligations of the Board of Directors.

8. Memiliki komitmen untuk mematuhi peraturanperundang-undanganyangberlaku.

9. Memiliki pengetahuan dan pengalaman yangmemadaidanrelevandenganjabatannya.

10. Khusus untuk Direktur Independen diangkatberdasarkankriteriasebagaiberikut:a. Tidak mempunyai hubungan afiliasi dengan

perusahaan pengendali Perseroan palingkurang selama 6 (enam) bulan sebelumpenunjukansebagaiDirekturIndependen;

b. Tidak mempunyai hubungan afiliasi denganKomisarisatauDireksilainnya;

c. Tidak bekerja rangkap sebagai Direksi padaperusahaanlain;

d. Tidak menjadi orang dalam pada lembagaatau Profesi Penunjang Pasar Modal yangjasanyadigunakanPerseroanselama6(enam)bulansebelumpenunjukkansebagaiDirektur.

8. Have a commitment to comply with applicable laws and regulations.

9. Have adequate knowledge and experience relevant to his position.

10. Specific to the Independent Director shall be appointed based on the following criteria:a. Not having affiliation with the Company’s

controlling company for at least 6 (six) months prior to appointment as Independent Director;

b. Has no affiliation relationship with other Commissioners or Directors;

c. Does not work as a Board of Directors in other companies;

d. Not become an insider at the Capital Market Supporting Institution or Company whose services are used by the Company for 6 (six) months prior to appointment as Director.



Jumlah Dan Komposisi Direktur Number And Composition Of Directors

Pada periode tahun 2017, jumlah Direksi Perseroanadalah 3 (tiga) orang dengan komposisi sebagaiberikut:

1. EddyPurwantoWinatasebagaiDirekturUtama2. LiesYulianaWinatasebagaiDirekturKeuangan3. Ir.HadiAvillaTamzilsebagaiDirekturIndependen

sekaigusDirekturPengembanganUsaha

In the period of 2017, the number of Directors of the Company is 3 (three) people with the following composition:

1. Eddy Purwanto Winata as President Director2. Lies Yuliana Winata as Finance Director3. Ir. Hadi Avilla Tamzil as Independent Director and

Director of Business Development

Ruang Lingkup Pekerjaan Dan Tanggung Jawab Direksi

Scope of Work and Responsibility of the Board of Directors

Secara umum, Direksi berperan untuk mengelolakegiatan operasional perusahaan dengan orientasikepentingan terbaik perusahaan. Ruang lingkuppekerjaan dan tanggung jawab Direksi dijabarkansebagaiberikut:

In general, the Board of Directors plays a role to manage the company’s operational activities with the best interests of the company. The scope of work and responsibilities of the Board of Directors are described as follows:

1. Direksi bertugas menjalankan dan bertanggungjawab atas pengurusan Perseroan untukkepentingan Perseroan sesuai dengan maksuddan tujuan Perseroan yang ditetapkan dalamAnggaran Dasar. Setiap anggota Direksi wajibmelaksanakantugasdantanggungjawabdenganitikad baik, penuh tanggung jawab dan kehati-hatian.

2. Dalam menjalankan tugas dan tanggung jawabataspengurusan,DireksiwajibmenyelenggarakanRUPS tahunan dan RUPS lainnya sebagaimanadiaturdalamperaturanperundang-undangandanAnggaranDasar.

3. Direksi berhak mewakili Perseroan didalam dandiluar Pengadilan tentang segala hal dan dalamsegala kejadian, mengikat Perseroan denganpihaklaindanpihaklaindenganPerseroan,sertamenjalankansegalatindakan,baikyangmengenaikepengurusanmaupunkepemilikan;a. MeminjamuangatasnamaPerseroan;b. Menggadaikan atau mempertanggungkan

harta;c. MengikatPerseroansebagaipenjamin;d. Mendirikananak-anakperusahaan;e. Mengambil bahagian atau ikut serta dalam

Perseroan atau badan hukum lain ataumenyelenggarakanperusahaanbaru;

f. Membuat perjanjian atas nama Perseroanyang berjangka waktu lebih dari 1 (satu)tahunsertabernilaimelebihi5%(limapersen)daritotalnilaiPendapatanPerseroan;Direksiharus mendapat persetujuan dari DewanKomisaris.

1. The Board of Directors is in charge of carrying out and is responsible for the maintenance of the Company for the interest of the Company in accordance with the purposes and objectives of the Company stipulated in the Articles of Association. Each member of the Board of Directors shall perform duties and responsibilities in good faith, with full responsibility and prudence.

2. In carrying out its duties and responsibilities of management, the Board of Directors shall convene the Annual General Meeting of Shareholders and other GMS as stipulated in the laws and regulations of the Articles of Association.

3. The Board of Directors shall be entitled to represent the Company in and out of the Court on all matters and in any event, binding the Company with other parties and other parties with the Company, and carrying out all acts, whether concerning stewardship or ownership;a. Borrowing money on behalf of the Company;b. Mortgaging or insuring property;

c. Binding the Company as a guarantor;d. Establishes subsidiaries;e. Take part or participate in the Company or

other legal entity or organize a new company;

f. Establish an agreement on behalf of the Company with a term of more than 1 (one) year and exceed 5% (five percent) of the total value of the Company’s Revenues; The Board of Directors must obtain approval from the Board of Commissioners.



4. Direksi menyampaikan rencana kerja yangmemuatjugaanggarantahunanPerseroankepadaDewan Komisaris untuk mendapat persetujuan,sebelumtahunbukudimulai.

5. Direksi wajib meminta persetujuan RUPSuntuk mengalihkan kekayaan Perseroan ataumenjadikan jaminan utang kekayaan Perseroanyang merupakan lebih dari 50% (lima puluhpersen)jumlahkekayaanbersihPerseroandalam1(satu)transaksiataulebih,baikyangberkaitansatusamalainmaupuntidak.

6. Direksi wajib mengumumkan dalam 2 (dua)surat kabar harian yang terbit atau beredar ditempat kedudukanatau tempat kegiatanusahaPerseroan mengenai rancangan penggabungan,peleburan, pengambilalihan atau pemisahanPerseroan selambat-lambatnya14 (empatbelas)harisebelumpemanggilanRUPS.

7. Presiden Direktur berhak dan berwenangbertindak untuk dan atas nama Direksi sertamewakiliPerseroan.

4. The Board of Directors submits a work plan containing the Company’s annual budget to the Board of Commissioners for approval prior to the year the book begins.

5. The Board of Directors shall request the approval of the GMS to transfer the Company’s wealth or to guarantee the Company’s debt assets which constitute more than 50% (fifty percent) of the Company’s net worth in 1 (one) transaction or more, whether related to each other or not.

6. The Board of Directors shall announce in 2 (two) daily newspapers published or circulated in the place of domicile or place of business of the Company concerning the design of merger, consolidation, acquisition or separation of the Company at the latest 14 (fourteen) days prior to the call of the GMS

7. The President Director shall have the right and authority to act for and on behalf of the Board of Directors and to represent the Company.

8. Dalam hal Presiden Direktur tidak hadir atauberhalangankarenasebabapapunjuga,halmanatidakperludibuktikankepadapihakketiga,makaDireksiakandiwakiliolehsalahseorangDirekturyang ditunjuk secara tertulis oleh PresidenDirekturdandidalamhalPresidenDirekturtidakmelakukan penunjukan tersebut, maka Direksiakan diwakili oleh 2 (dua) orang Direktur, yangberwenangbertindakuntukdanatasnamaDireksisertamewakiliPerseroan.

8. In the event that the President Director is absent or unavailable for any reason whatsoever is not required to be proven to a third party, the Board of Directors shall be represented by one of the Directors appointed in writing by the President Director and in the event the President Director does not make such appointment, the Board of Directors shall be represented by 2 (two) Directors, authorized to act for and on behalf of the Board of Directors and represent the Company.

9. Tanpa mengurangi tanggung jawabnyaDireksi untuk perbuatan tertentu berhak pulamengangkat seorang atau lebih sebagai wakilatau kuasanya dengan syarat yang ditentukanoleh Direksi dalam suatu surat kuasa khusus,wewenang yang demikian harus dilaksanakansesuaidenganAnggaranDasar.

10. DalamhalanggotaDireksimempunyaibenturankepentingan dengan Perseroan, maka yangberhakmewakiliPerseroanadalah:a. AnggotaDireksilainnyayangtidakmempunyai

benturankepentingandenganPerseroan.b. DewanKomisaris,dalamhalseluruhanggota

Direksi mempunyai benturan kepentingandenganPerseroan,atau

c. Pihak lain yang ditunjuk oleh RUPS, dalamhal seluruh anggota Direksi atau DewanKomisarismempunyaibenturankepentingandenganPerseroan.

11. Terkaittugasdantanggungjawabsertawewenangmasing-masing anggota Direksi akan diaturtersendiri oleh Direksi dalam suatu KeputusanDireksi berikut perubahannya dari waktu kewaktu.

9. Without prejudice to the responsibility of the Board of Directors for certain acts shall also be entitled to appoint one or more as a representative or proxy with the conditions prescribed by the Board of Directors in a special power of attorney, such powers shall be exercised in accordance with the Articles of Association.

10. In the event that a member of the Board of Directors has a conflict of interest with the Company, the right to represent the Company is:a. Other members of the Board of Directors who

have no conflict of interest with the Company.b. Board of Commissioners, in the case of all

members of the Board of Directors having a conflict of interest with the Company, or

c. Other parties appointed by the GMS, in the event that all members of the Board of Directors or Board of Commissioners have a conflict of interest with the Company.

11. Related duties and responsibilities and authority of each member of the Board of Directors shall be regulated separately by the Board of Directors in a Decision of the Board of Directors and its amendment from time to time.



Kebijakan Suksesi Direksi Succession Policy of the Board of Directors

Perseroan melakukan program pengembangankaryawan secara berkesinambungan. Dalammenominasikan anggota Direksi, Perseroanmendahulukan pihak internal terlebih dahulu.Perseroan juga memiliki Komite Nominasi danRemunerasiyangsalahsatutugasnyaadalahmenelaahdan mengusulkan perencanaan suksesi anggotaDireksidan/atauDewanKomisaris.Prosedurnominasisebagaimanadimaksuddijalankan secara transparandansesuaidengankondisidankebutuhanPerseroan,sertaperaturanperundang-undangan.

Program suksesi Direksi Perseroan dilakukan secaraberkesinambungan sesuai dengan kebutuhan danperkembangan usaha Perseroan. Program suksesidilakukandengancarasebagaiberikut:

1. Program pendidikan dan pelatihan, baik yangdilakukan di internal Perseroan atau yangdiselenggarakanolehpihakeksternal.

2. Pendelegasianwewenang.

The Company conducts sustainable employee development programs. In nominating members of the Board of Directors, the Company prioritizes internal parties first. The Company also has a Nomination and Remuneration Committee whose task is to review and propose succession planning for members of the Board of Directors and / or Board of Commissioners. The nomination procedure referred to is executed transparently and in accordance with the conditions and needs of the Company, as well as the laws and regulations.

The Company’s succession program is conducted continuously in accordance with the needs and business development of the Company. Succession program is done in the following way:

1. Educational and training programs, whether conducted within the Company or those held by external parties.

2. Delegation of authority.

Komite Di bawah Dewan Komisaris Committees Under the Board of Commissioners

Dalam pelaksanaan tugas dan tanggung jawabpengawasan, pemberian saran serta rekomendasi,DewanKomisarisdibantuolehduakomite,yaitu:

1. KomiteAudit2. KomiteNominasi&Remunerasi

Keberadaankomite-komitedibawahDewanKomisaristersebut telah sesuai dengan ketentuan-ketentuanyangberlakusertabertujuanuntukmenyempurnakanimplementasi prinsip-prinsip GCG dalam kegiatanoperasionalPerusahaan.

In performing the duties and responsibilities of supervision, giving advice and recommendation, the Board of Commissioners is assisted by two committees, namely:

1. Audit Committee2. Nomination & Remuneration Committee

The existence of committees under the Board of Commissioners is in conformity with prevailing provisions and aims to improve the implementation of GCG principles in the Company’s operational activities.

Komite Audit Audit Committee

Komite Audit Perseroan dan Piagam Komite AudittelahdibentuksesuaidenganketentuanPOJKNo.55/POJK.04/2015 Tentang Pembentukan Dan Pedomanpelaksanaan Kerja Komite Audit berdasarkan SuratKeputusanDewanKomisarisPT.IndahPrakasaSentosaTbk.No.120/Skep/IPS/XII/17tentangPengangkatanKomite Audit tertanggal 21 Desember 2017 dengansusunan Komite Audit Perseroan sebagai berikut,

The Audit Committee of the Company and the Charter of the Audit Committee have been established in accordance with the provisions of POJK No.55 / POJK.04 / 2015 on the Establishment and Guidance of the Audit Committee’s implementation based on the Decision Letter of the Board of Commissioners of PT. Indah Prakasa Sentosa Tbk. No. 120 / Skep / IPS / XII / 17 on the Appointment of Audit Committee dated



dan susunan anggota Komite Audit sebagai berikut,yaitu:

Ketua : JuliusSidhrata(KomisarisIndependen)Anggota : -AriBinsar -AchmadSyafei

21 December 2017 with the composition of the Audit Committee of the Company as follows, and the composition of the Audit Committee as follows:

Chairman : Julius Sidhrata (Independent Commissioner)Members : - Ari Binsar - Achmad Syafei

Independensi Komite Audit Independence of the Audit Committee

Seluruh anggota Komite Audit merupakan pihakindependendaneksternalyangdipilihsesuaidengankemampuan dan latar belakang pendidikannya,serta telah memenuhi syarat yang ditetapkandalam Peraturan Otoritas Jasa Keuangan No.55/POJK.04/2015 Tentang Pembentukan dan PedomanPelaksanaan Kerja Komite Audit, antara lain tidakmempunyai hubungan afiliasi dengan DewanKomisaris,Direksi,danpemegangsahampengendaliPerseroan.

All members of the Audit Committee are independent and external parties elected in accordance with their educational capacity and background, and have met the requirements set forth in the Financial Services Authority Regulation No.55 / POJK.04 / 2015 on the Establishment and Implementation Guidelines of the Audit Committee, among others has no affiliation relationship with the Board of Commissioners, the Board of Directors, and the controlling shareholders of the Company.

Fungsi Komite Audit The functions of the Audit Committee

Fungsi utama dari Komite Audit dijelaskan sebagaiberikut:

1. Melaporkan hasil evaluasi pengelolaan risikokepada Dewan Komisaris untuk menanggulangipotensiterjadinyarisikoyangdapatmenggangguberjalannyausaha;

2. Mengevaluasi kinerja Perseroan dan anakperusahaannya secara rutin (triwulan, semester,dantahunan)mengenaipencapaiantargetusaha,kondisi pasar dan tren, prediksi kinerja dimasamendatang, juga melaporkan temuan sertamemberi saran demi terjadinya peningkatankinerjaKomisaris;

3. Menyampaikan laporan yang telah dilakukanDireksisecaraprofesionaldanindependen;

4. Bersama Audit Internal, memberikan penilaianprosedur dokumentasi dan pelaksanaanpengelolaan yang disarankan oleh bagianoperasionaluntukmeningkatkankinerjatransaksikeuangandansistempelaporan;

5. Membahas pengembangan lingkungan usahadenganmengidentifikasi potensi pengembangankinerjaPerseroan;

6. Memastikan laporan keuangan Perseroan sesuaidenganprinsipakuntansiyangditetapkan;

7. Memastikanberjalannya sistemkontrol internal,proses pelaporan keuangan, dan pelaksanaanGCGyangbaikdiPerseroan.

The main functions of the Audit Committee are described as follows:

1. Reporting the results of risk management evaluation to the Board of Commissioners to address potential risks that may disrupt business operations;

2. Evaluate the performance of the Company and its subsidiaries on a regular basis (quarterly, semester and yearly) on the achievement of business targets, market conditions and trends, prediction of future performance, as well as reporting findings and suggestions for improvements in the performance of the Board of Commissioners;

3. Publish reports that have been conducted by the Board of Directors in a professional and independent manner;

4. Together with Internal Audit, provides an assessment of the documentation procedures and management practices suggested by the operational section to improve the performance of financial transactions and reporting systems;

5. Discusses the development of the business environment by identifying the potential for the development of the Company’s performance;

6. Ensure that the Company’s financial statements are in accordance with established accounting principles;

7. Ensure good internal control system, financial reporting process and GCG implementation in the Company.



Tugas Dan Tanggung Jawab Komite Audit

Duties and Responsibilities of the Audit Committee

Rapat anggota Komite Audit dilakukan setiap 3(tiga)bulandan rapat tersebutdihadirioleh seluruhanggota Komite Audit. Masa tugas anggota KomiteAudit5 (lima) tahundantidakboleh lebih lamadarimasajabatanDewanKomisaris.

Tugas, wewenang, dan tanggung jawab KomiteAudit sebagaimana termaktub dalam POJK No.55/POJK.04/2015yangmengaturhal–halsebagaiberikut:

Audit Committee members meetings are held every 3 (three) months and the meeting is attended by all members of the Audit Committee. The term of office of the Audit Committee members is 5 (five) years and may not be longer than the term of office of the Board of Commissioners.

The duties, authorities and responsibilities of the Audit Committee as set forth in the POJK No.55 / POJK.04 / 2015 which govern the following matters:

1. Melakukan penelaahan atas informasi keuanganyang akan dikeluarkan antara lain laporankeuangan, proyeksi, dan laporan lainnya terkaitdenganinformasikeuangan;

2. Melakukan penelaahan atas ketaatan terhadapperaturanperundang-undangan;

3. Memberikan pendapat independen kepadaDewan Komisaris tentang perbedaan pendapatantaramanajemendanakuntan;

1. Undertake a review of the financial information to be issued, among others, financial statements, projections, and other reports related to financial information;

2. To review the compliance with laws and regulations;

3. To provide an independent opinion to the Board of Commissioners on differences of opinion between management and accountants;

4. Memberikan informasi kepadaDewanKomisarismengenai penunjukan akuntan yang didasarkankepada independensi, ruang lingkup penugasandanimbalanjasa;

5. Melakukan penelaahan atas pemeriksaan yangdilaksanakanolehauditorinternaldanmengawasitindaklanjutnyaatastemuanauditorinternal;

6. Melakukan penelaahan terhadap aktivitaspelaksanaanmanajemenrisikoyangdilaksanakanolehmanajemen;

7. Menelaah pengaduan yang berkaitan denganprosesakuntansidanpelaporankeuangan;

8. MenelaahdanmemberikansarankepadaDewanKomisaristerkaitdenganadanyapotensibenturankepentingan;

9. Menjaga kerahasiaan dokumen, data daninformasi;

4. To provide information to the Board of Commissioners regarding the appointment of accountants based on the independence, scope of the assignment and remuneration;

5. Conducting a review of examinations conducted by the internal auditor and overseeing the follow-up of the findings of the internal auditor;

6. To review the implementation of risk management activities carried out by management;

7. Review complaints relating to accounting and financial reporting processes;

8. Review and advise the Board of Commissioners regarding the potential conflict of interest;

9. Maintaining the confidentiality of documents, data and information;

Wewenang Komite Audit The authority of the Audit Committee

Dalam menjalankan tugasnya Komite Auditmempunyaiwewenangsebagaiberikut:

1. Mengaksesdata,dokumen,daninformasilainnyatentangkaryawan,dana, aset, dan sumberdayaPerseroanyangdiperlukan;

2. Berkomunikasi langsung dengan karyawantermasukDireksidanaudit internaldanakuntanterkaitdengantugasdantanggungjawabnya;

In performing its duties the Audit Committee has the following powers:

1. To access data, documents, and other information about the Company’s employees, funds, assets, and resources required;

2. Communicate directly with employees including the Board of Directors and internal audit and accountants related to their duties and responsibilities;



3. Bila diperlukan dapat melibatkan pihakindependen diluar anggota Komite Audit yangdiperlukan untuk membantu pelaksanaantugasnyaatastanggunganPerseroan.KewenanganiniatasijinDewanKomisaris;

4. MelakukankewenanganlainyangdiberikanolehDewanKomisaris.

3. Where necessary, it may involve independent parties outside the members of the Audit Committee required to assist in the performance of its duties at the expense of the Company. This authority is with the permission of the Board of Commissioners;

4. Do other authority granted by the Board of Commissioners.

Piagam Komite Nominasi dan Remunerasi

Charter of the Nomination and Remuneration Committee

Sesuai Piagam Komite Nominasi dan Remunerasisesuai dengan POJK No. 34/2014, Perseroan akanmembentuk Komite Nominasi dan Remunerasidalam rangka mewujudkan efektivitas pelaksanaanfungsi pengawasan oleh Dewan Komisaris terhadappengelolaan perusahaan oleh Direksi, terutamasehubungan dengan hal-hal seperti penetapankriteria calon anggotaDewan Komisaris danDireksi,penetapan sistem penilaian kinerja dan sistemremunerasinya. Komite Nominasi dan Remunerasibertanggungjawablangsung,baiksecarakolektifdan/atauindividu,ataspelaksanaantugas,wewenangdankewajibannyakepadaDewanKomisaris.

As per the Charter of the Nomination and Remuneration Committee in accordance with the POJK No. 34/2014, the Company will establish a Nomination and Remuneration Committee in order to realize the effectiveness of the implementation of the supervisory function by the Board of Commissioners on the management of the company by the Board of Directors, especially in relation to matters such as determination of criteria for candidates for the Board of Commissioners and Board of Directors, stipulation of performance appraisal system and remuneration system . The Nomination and Remuneration Committee is directly responsible, collectively and / or individually, on the performance of its duties, authorities and obligations to the Board of Commissioners.

Perseroan telah membentuk Komite Nominasi danRemunerasi dalam Surat Keputusan No. 119/Skep/IPS/XII/17 tertanggal 21 Desember 2017. Strukturkeanggotaan Komite Nominasi dan RemunerasiPerseroanadalahsebagaiberikut:

Ketua :JuliusSidhrata(KomisarisIndependen)Anggota :-KaryaBaktiKaban -AdreanusTatang

Komite Nominasi dan Remunerasi melakukan rapatsecara berkala sekurang-kurangnya sekali dalam 4(empat)bulanatausesuaikebutuhan.

The Company has established the Nomination and Remuneration Committee in its Decision Letter no. 119 / Skep / IPS / XII / 17 dated December 21, 2017. The membership structure of the Company’s Nomination and Remuneration Committee is as follows:

Chairman : Julius Sidhrata (Independent Commissioner)Members : - Karya Bakti Kaban - Adreanus Tatang

The Nomination and Remuneration Committee conducts regular meetings at least once in 4 (four) months or as required.

Kriteria anggota Komite Nominasi dan Remunerasi

Criteria for Nomination and Remuneration Committee members

Komite Nominasi dan Remunerasi berperan dalammemproses pencalonan kandidat anggota DewanKomisarisdanDireksi,mulaidarimenetapkankriteria,melaksanakan uji kepatutan dan kelayakan (fit andproper test), serta menyampaikan hasilnya kepadaDewan Komisaris. Komite ini juga bertugas untukmelakukanevaluasiterhadapkinerjaDewanKomisaris

The Nomination and Remuneration Committee plays a role in the process of nominating candidates for members of the Board of Commissioners and Board of Directors, starting from defining criteria, conducting fit and proper test and delivering the results to the Board of Commissioners. The Committee also has the duty to evaluate the performance of the Board



dan Direksi danmengaitkannya dengan remunerasi,serta mengusulkan hasil evaluasi kepada DewanKomisaris. Hasil kedua evaluasi tersebut kemudiandiajukan kepada RUPS untuk memperolehpersetujuan. Persyaratan anggota Komite NominasidanRemunerasiadalahsebagaiberikut:

1. Memahami dengan baik visi, misi dan budayakerjaPerseroan.

2. Memiliki integritas yang tinggi, kemampuan,pengetahuan dan pengalaman kerja yangmemadai.

3. Tidak memiliki kepentingan pribadi yang dapatmenimbulkan dampak negatif dan benturankepentinganterhadapperusahaan.

4. Mempunyai waktu yang cukup untukmenyelesaikantugasnya.

5. Mampuberkomunikasidanbekerjasamadenganbaikdanefektif.

6. Khusus untuk ketua komite yang juga sebagaikomisaris independen,berlakuketentuanumumbahwa yang bersangkutan tidak mempunyaihubungan dengan perusahaan; anggota Direksi;anggota Dewan Komisaris atau pemegangsaham utama serta tidak mempunyai saham diperusahaan.

of Commissioners and the Board of Directors and relate it to remuneration, and to propose evaluation results to the Board of Commissioners. The results of both evaluations are then submitted to the GMS for approval. The requirements of the Nomination and Remuneration Committee members are as follows:

1. Understand well the vision, mission and work culture of the Company.

2. Have high integrity, ability, knowledge and sufficient work experience.

3. It has no personal interests that could have a negative impact and conflict of interest on the company.

4. Have enough time to complete the task.

5. Able to communicate and work together well and effectively.

6. Especially for committee chairman who is also an independent commissioner, the general provisions that the relevant company has no relationship with; members of the Board of Directors; a member of the Board of Commissioners or a major shareholder and has no shares in the company.

Tugas dan Tanggung Jawab Komite Nominasi dan Remunerasi

Duties and Responsibilities of the Nomination and Remuneration Committee

Tugas dan tanggung jawab Komite Nominasi danRemunerasi sebagaimana disebutkan dalam PiagamKomite Nominasi dan Remunerasi adalah sebagaiberikut:1. Terkaitdengannominasi

a. Menyusun sistem penyeleksian danperekrutan bagi calon anggota Direksi danDewanKomisaris. Menyusun kriteria dan jumlah calon

anggota Direksi dan Dewan Komisarisuntuk kemudian diajukan ke DewanKomisaris guna mendapat persetujuanRUPS.

Menyusunsistempenilaiandannominasibagi calon anggota Direksi maupunDewanKomisaris.

The duties and responsibilities of the Nomination and Remuneration Committee as mentioned in the Charter of the Nomination and Remuneration Committee are as follows:1. Related to nomination

a. Develop a selection and recruitment system for candidates for members of the Board of Directors and Board of Commissioners.

Create criteria and number of candidates for members of the Board of Directors and Board of Commissioners to be submitted to the Board of Commissioners for approval of the GMS.

Assembling appraisal and nomination system for prospective members of the Board of Directors and Board of Commissioners.



b. Mengkaji dan mengevaluasi setiap kinerjaanggotaDireksidananggotaDewanKomisarisyang berkaitan dengan budaya kerja yangditerapkan di perusahaan; pelaksanaangood corporate governance; pelaksanaanoperasional perusahaan secaramenyeluruh;yang berkaitan dengan pencapaian aktualperusahaan; keselarasan kerja antara visidan misi perusahaan; kesesuaian denganstrategi dan inovasi yang dilaksanakan sertapencapaian dalam meningkatkan nilai bagipemegangsaham.

c. Berdasarkanhaltersebutdiatas,dilaksanakanpembahasan untuk menetapkan usulananggota Direksi dan atau anggota DewanKomisaris baru kepada Dewan Komisarisyang selanjutnya digunakan sebagai materibahasandalamRUPS.

d. Melaksanakan tugas-tugas lainnya yangberhubungan dengan nominasi, yangdiberikanolehDewanKomisaris.

2. Terkaitdenganremunerasia. Mengkaji dan mengevaluasi pelaksanaan

setiap kinerja anggota Direksi dan anggotaDewan Komisaris yang berkaitan denganpelaksanaan good corporate governance;pelaksanaan operasional perusahaan secaramenyeluruh, berkaitan dengan pencapaianaktual perusahaan; keselarasan kerja antaravisi danmisi perusahaan; kesesuaian antarastrategi dan inovasi sertapencapaiandalammeningkatkannilaibagipemegangsaham.

b. Review and evaluate the performance of all members of the Board of Directors and members of the Board of Commissioners relating to the work culture applied in the company; implementation of good corporate governance; the full implementation of the company’s operations; relating to the actual achievement of the company; alignment of work between the vision and mission of the company; conformity with the strategy and innovation implemented and the achievement in increasing shareholder value.

c. Based on the above matters, a discussion is held to determine the proposed members of the Board of Directors and / or members of the new Board of Commissioners to the Board of Commissioners which are further used as subject matter in the GMS.

d. Carries out other duties relating to nominations, provided by the Board of Commissioners.

2. Related to remunerationa. examine and evaluate the performance of

each member of the Board of Directors and Board of Commissioners members related to the implementation of good corporate governance; the implementation of the company’s operations as a whole, in relation to the actual achievement of the company; alignment of work between the vision and mission of the company; conformity between strategy and innovation and achievement in increasing shareholder value.

b. Menyusun jenis dan jumlah gaji atauhonorarium, tunjangan serta fasilitas yangditerima oleh anggota Direksi dan DewanKomisaris untukdapatdiajukanolehDewanKomisariskepadaRUPS.

c. Melakukan evaluasi dan analisis terhadapsistem penggajian, penetapan honorarium,tunjanganmaupun fasilitas bagi Direksi danDewanKomisaris.

d. Menyusun Rencana Anggaran Tahunan danProgramKerjaKomite.

e. Membuat self-assessment tool danmelakukan self-assessment terhadap kinerjaKomite Nominasi dan Remunerasi untukkemudiandilaporkanhasilnyakepadaDewanKomisaris.

f. Mendokumentasikanhasilpelaksanaantugaskomite dan melaporkannya secara periodik,mininal satu kali dalam setahun, kepadaDewanKomisaris.

b. To prepare the type and amount of salary or honorarium, allowances and facilities received by members of the Board of Directors and Board of Commissioners to be submitted by the Board of Commissioners to the General Meeting of Shareholders.

c. Melakukan evaluation and analysis of the payroll system, determination of honorarium, allowances and facilities for the Board of Directors and Board of Commissioners.

d. Preparing the Annual Budget Plan and Work Program of the Committee.

e. Make self-assessment tool and conduct self-assessment on the performance of the Nomination and Remuneration Committee to report the results to the Board of Commissioners.

f. Documenting the results of the execution of committee duties and reporting them periodically, minally once a year, to the Board of Commissioners.



g. Melaksanakan tugas-tugas lainnya yangberhubungan dengan remunerasi yangdiberikanolehDewanKomisaris.

g. Carries out other duties relating to remuneration granted by the Board of Commissioners.

Wewenang, Hak Dan Kewajiban Authority, Rights and Obligations

1. Komite Nominasi dan Remunerasi dapatmengakses catatan ataupun informasi tentangkaryawan, dana, aset dan sumber daya lainnyamilik perusahaan yang berkaitan denganpelaksanaantugasnya.

2. Dalam pelaksanaan tugasnya Komite Nominasidan Remunerasi dapat bekerja sama denganbagian personalia, keuangan dan bagian yangterkaitdenganbidangtugasnya.

3. KomiteNominasidanRemunerasidapatbekerjasama dengan pihak ketiga atas persetujuan dariDewanKomisaris.

4. SetiapanggotaKomiteNominasidanRemunerasiwajib menjalankan tugas dengan baik danmenjaga kerahasiaan seluruh dokumen, datadaninformasiperusahaan.Setiapdokumen,datamaupun informasi tersebut hanya digunakanuntukkepentinganpelaksanaantugasKomite.

5. Komite Nominasi dan Remunerasi dalammenjalankantugasnyawajibmemperhatikanhal-halsepertikinerjakeuanganperusahaan;prestasikerja individual; kewajaran; dan pertimbangansasaran dan strategi jangka panjang perusahaandanpertimbangan-pertimbanganlainnya.

1. The Nomination and Remuneration Committee may access records or information about employees, funds, assets and other resources of the company relating to the performance of their duties.

2. In the performance of its duties the Nomination and Remuneration Committee may cooperate with the personnel, finance and parts related to their field of duty.

3. The Nomination and Remuneration Committee may cooperate with third parties with the approval of the Board of Commissioners.

4. Each member of the Nomination and Remuneration Committee shall perform the duties properly and maintain the confidentiality of all company documents, data and information. Any such document, data or information shall be used only for the purposes of the performance of the Committee’s duties.

5. The Nomination and Remuneration Committee in performing its duties shall pay attention to matters such as the financial performance of the company; individual work performance; fairness; and consideration of company long-term goals and strategies and other considerations.

6. Komite Nominasi dan Remunerasi membuatrencana kerja yang disampaikan kepada DewanKomisaris.

7. KomiteNominasidanRemunerasiwajibmembuatlaporan pelaksanaan tugasnya kepada DewanKomisaris.

6. The Nomination and Remuneration Committee shall prepare a work plan submitted to the Board of Commissioners.

7. The Nomination and Remuneration Committee shall make a report of the performance of its duties to the Board of Commissioners.

Sekretaris Perusahaan Corporate Secretary

Perseroan telah membentuk Sekretaris Perseroansebagaimana disyaratkan dalam POJK No. 35/2014.Berdasarkan surat Perseroan No. 091/Skep/IPS/IX/17, tanggal 18 September 2017, Perseroan telahmenunjuk Sdr. Karya Bakti Kaban sebagai SekretarisPerseroan(Corporate Secretary).

The Company has established the Corporate Secretary as required in POJK No. 35/2014. Based on the letter of the Company. 091 / Skep / IPS / IX / 17 dated September 18, 2017, the Company has appointed Sdr. Karya Bakti Kaban as Corporate Secretary (Corporate Secretary).



Profil Sekretaris Perusahaan Profile of Corporate Secretary

Karya Bakti Kaban

WNI,47tahun,lulusandariUniversitasSumateraUtara(USU)jurusanTeknikKimiadengangelarSarjanaTeknik (S1)danSekolahTinggiManajemenPPMjurusanPemasarandengangelarMagisterManagement(S2),pengalamankerjasebagaiOperationsManagerpadaPPKMedicomMedan(1995-1997);sebagaiTrainingOfficerdanTrainerpadaPTPindoDeliPulp&PaperMills-SinarMasGroup (1997); sebagaiManajer Training, Recruitment& EmployeeRelationscumKnowledgeManagementManagerpadaPTBercaHardayaperkasa(1999- 2005); sebagai Senior Manager HRD, GA, MIS cum Change ManagementConsultanSAPdiPTSoltiusIndonesia-MetrodataGroup(2005-2011);sebagaiGeneralManagerHRD,GA&ITcumCorporatePlanningOffice(CPO)ManajerpadaPTAeroSystemIndonesia-GarudaIndonesiaGroup(2011-2013);VPofCorporateServicespadaPTKeretaApiLogistics-KeretaApiIndonesia(KAI)Group (2013 - 2015); sebagai SeniorManagerHuman Resources&GeneralAffairspadaPTKeretaApiIndonesia(Persero)(2015);sebagaiSeniorManagerofHumanResourcesManagement&GeneralAffairspadaPTPuninarLogistic-TriputraGroup(2015-2016);sebagaiGeneralManagerofCorporateServices&CorporateSecretaryPerseroan(September2016sampaisekarang).

WNI, 47 years old, graduated from University of North Sumatra (USU), majoring in Chemical Engineering with Bachelor of Engineering (S1) and PPM Management School, majoring in Marketing with Master of Management degree (S2), work experience as Operations Manager at PPK Medicom Medan (1995 - 1997); as Training Officer and Trainer at PT Pindo Deli Pulp & Paper Mills - Sinar Mas Group (1997); as Training, Recruitment & Employee Relations Manager cum Knowledge Management Manager at PT Berca Hardayaperkasa (1999 - 2005); as Senior Manager of HRD, GA, MIS cum Change Management Consultant for SAP at PT Soltius Indonesia - Metrodata Group (2005 - 2011); as General Manager of HRD, GA & IT cum Corporate Planning Office (CPO) Manager at PT Aero System Indonesia - Garuda Indonesia Group (2011 - 2013); VP of Corporate Services at PT Kereta Api Logistics - Kereta Api Indonesia (KAI) Group (2013 - 2015); as Senior Manager of Human Resources & General Affairs at PT Kereta Api Indonesia (Persero) (2015); as Senior Manager of Human Resources Management & General Affairs at PT Puninar Logistic - Triputra Group (2015 - 2016); as General Manager of Corporate Services & Corporate Secretary of the Company (September 2016 to present).

Tugas dan Tanggung Jawab Sekretaris Perusahaan

Duties and Responsibilities of the Corporate Secretary

SekretarisPerusahaanmemilikiperanpentingdalamimplementasitatakelolaperusahaan.Berikutadalah4fungsiutamaSekretarisPerusahaan:

1. MengikutiperkembanganPasarModalkhususnyaperaturan perundang-undangan yang berlaku dibidangPasarModal;

2. MemberikanmasukankepadaDireksidanDewanKomisaris untukmematuhi ketentuan peraturanperundang-undangandibidangPasarModal;

3. Membantu Direksi dan Dewan Komisaris dalampelaksanaantatakelolaperusahaanyangmeliputi:

a. Keterbukaan informasi kepada masyarakat,termasuk ketersediaan informasi padawebsiteemitenatauPerusahaanPublik;

The Corporate Secretary has an important role in the implementation of corporate governance. Here are 4 main functions of Corporate Secretary:

1. Following the development of the Capital Market, in particular the prevailing laws and regulations in the Capital Market;

2. To give input to the Board of Directors and Board of Commissioners to comply with the provisions of laws and regulations in the Capital Market;

3. Assist the Board of Directors and Board of Commissioners in the implementation of corporate governance which includes:a. Disclosure of information to the public,

including the availability of information on the website of the issuer or Public Company;



b. Penyampaian laporan kepada Otoritas JasaKeuangantepatwaktu;

c. Penyelenggaraan dan dokumentasi RapatUmumPemegangSaham;

d. Penyelenggaraan dan dokumentasi rapatDireksidan/atauDewanKomisaris;dan

e. Pelaksanaan program orientasi terhadapPerseroan bagi Direksi dan/atau DewanKomisari.

4. Sebagai penghubung Perseroan denganpemegangsahamPerseroan,OJK,danPemangkukepentinganumumlainnya.

5. Sekretaris Perusahaan dan pegawai dalamunit kerja yang menjalankan fungsi SekretarisPerusahaanwajibmenjagakerahasiaandokumen,data dan informasi yang bersifat rahasia kecualidalamrangkamemenuhikewajibansesuaidenganperaturan perundangundangan atau ditentukanlaindalamperaturanperundang-undangan.

6. Sekretaris Perusahaan dan pegawai dalamunit kerja yang menjalankan fungsi SekretarisPerusahaan dilarang mengambil keuntunganpribadi secara langsungmaupuntidak langsung,yangmerugikanPerseroan.

b. Delivery of reports to the Financial Services Authority on time;

c. Implementation and documentation of the General Meeting of Shareholders;

d. Implementation and documentation of meetings of the Board of Directors and / or Board of Commissioners; and

e. Implementation of the orientation program of the Company for the Board of Directors and / or the Board of Commissioners.

4. As the Company’s liaison with shareholders of the Company, OJK, and other public stakeholders.

5. The Corporate Secretary and employees in the work unit performing the functions of the Corporate Secretary are required to maintain the confidentiality of confidential documents, data and information except in compliance with obligations in accordance with laws and regulations or otherwise provided in the laws and regulations.

6. The Company’s secretaries and employees in the work unit performing the functions of the Corporate Secretary are prohibited from taking personal advantage directly or indirectly, which is detrimental to the Company.

7. Dalam rangka meningkatkan pengetahuan danpemahaman untuk membantu pelaksanaantugasnya,SekretarisPerusahaanharusmengikutipendidikandan/ataupelatihan.

8. SekretarisPerusahaanbertanggungjawabkepadaDireksi.

9. SetiapinformasiyangdisampaikanolehSekretarisPerusahaan kepada masyarakat merupakaninformasiresmiPerseroan.

10. Mengelola Rapat Gabungan Komisaris danDireksidanmerecordAgenda,Minute,Kebijakan,Keputusan, dan data - data yang dihasilkandidalamRapatGabunganKomisarisdanDireksi.

11. Membantu Direksi dalam pemecahanmasalah -masalahPerseroansecaraumum.

12. Mengawasi jalannya aplikasi peraturan yangberlaku dengan tetap berpedoman pada prinsipGCG.

13. Menata-usahakan serta menyimpan dokumen -dokumenPerseroan.

14. Memberikan pelayanan kepadamasyarakat ataushareholder atas informasi yang dibutuhkanpemodal yang berkaitan dengan kondisiPerseroan:a. LaporanKeuanganTahunan(Audited);b. LaporanKinerjaPerusahaanTahunan(Annual

Report);c. InformasiFaktaMateri;

7. In order to improve knowledge and understanding to assist the execution of its duties, Corporate Secretary must follow education and / or training.

8. The Corporate Secretary is responsible to the Board of Directors.

9. Any information submitted by the Corporate Secretary to the public is the official information of the Company.

10. Managing Joint Meetings of Commissioners and Directors and recording Agenda, Minute, Policies, Decisions, and data generated in the Joint Meeting of Commissioners and Directors.

11. Assist the Board of Directors in solving the Company’s problems in general.

12. Supervise the application of the applicable regulations while maintaining the GCG principles.

13. Realize and maintain the Company’s documents.

14. To provide services to the public or shareholders for information required by investors in relation to the condition of the Company:

a. Annual Financial Statement (Audited);b. Annual Report of Annual Report;

c. Information of Material Facts;



d. Produk atau penemuan yang berarti(penghargaan, proyek unggulan, penemuanmetodekhusus,dll);

e. Perubahan dalam sistem pengendalian atauperubahanpentingdalammanajemen.

AlamatSekretaris Perusahaan : Jl.SunterGardenRayaBlokD8, No.3G-3H,JakartaUtara,14350No.Telepon :021-65837620,65837621Faksimile : 021-65837838AlamatE-mail :corporate.secretary@ inprasegroup.co.id

d. Significant products or inventions (awards, flagship projects, inventions of specific methods, etc.);

e. Changes in control systems or important changes in management.

Address of Corporate Secretary : Jl. Sunter Garden Raya Block D8, No. 3G-3H, North Jakarta, 14350No. Phone : 021 - 658 37620, 658 37621Facsimile : 021 - 658 37838E-mail Address : corporate.secretary@ inprasegroup.co.id

Unit Audit Internal Internal Audit Unit

UnitAuditInternalmerupakansuatuunitkerjadalamPerseroan yang menjalankan fungsi audit internal,sebagaimana yang disyaratkan dalam ketentuanPeraturan OJK Nomor 56/POJK.04/2015 tentangPembentukandanPedomanPenyusunanPiagamUnitAuditInternal.

Perseroan telah membentuk Unit Audit Internaldibawah Kendali Satuan Pengawasan Internalsebagaimana termaktub dalam Surat PenunjukanUnitInternalPTIndahPrakasaSentosaTbk.No.120/Skep/IPS/XII/2017 tentang Pengangkatan InternalAudittertanggal21Desember2017,DireksiPerseroanmengangkat Sdr. Suharto Ak. sebagai Kepala SatuanPengawasInternalPerseroandananggotasdr.StevenKurniawan.

Profil: Suharto Ak.

WargaNegaraIndonesia,54tahun.MenjabatsebagaiUnit Audit Internal Perseroan sejakDesember 2017.Lulusan dari D4 STANpada tahun 1993, pada tahun1985-1989sebagaiBPKPPerwakilanDKIJakarta,padatahun1993-1996sebgaiAuditordiAKPSantoso2012Harsokusumo aff Earnst & Young Int. Jakarta, 1996-2003sebagaiAsistenManajerFinance&AccountingPTKomselindoJakarta,2003-2009SupervisorFinance&AccountingPTMobile-8TelecomTbk.Jakarta,2009-2011sebagaiTaxManajerPTMobile-8TelecomTbk.Jakarta, 2011-2012, 2012 sebagai Tax Section HeadPTMNCNetworkTbk.Jakarta.

The Internal Audit Unit is a unit of work within the Company that carries out the internal audit function, as required by the provisions of OJK Regulation No. 56 / POJK.04 / 2015 on the Establishment and Guidelines for Formulating the Charter of the Internal Audit Unit.

The Company has established an Internal Audit Unit under the Control of the Internal Control Unit as set forth in Letter of Appointment of Internal Unit of PT Indah Prakasa Sentosa Tbk. No. 120 / Skep / IPS / XII / 2017 on the Appointment of Internal Audit dated December 21, 2017, the Company’s Board of Directors appointed Br. Suharto Ak. as Head of the Company’s Internal Supervisory Unit and member of BRR. Steven Kurniawan.

Profile: Suharto Ak.

Indonesian citizen, 54 years old. Served as the Company’s Internal Audit Unit since December 2017. Graduated from D4 STAN in 1993, from 1985-1989 as BPKP DKI Jakarta Representative, from 1993-1996 as Auditor at AKP Santoso 2012 Harsokusumo aff Earnst & Young Int. Jakarta, 1996-2003 as Assistant Manager of Finance & Accounting PT Komselindo Jakarta, 2003-2009 Supervisor Finance & Accounting PT Mobile-8 Telecom Tbk. Jakarta, 2009-2011 as Tax Manager of PT Mobile-8 Telecom Tbk. Jakarta, 2011-2012, 2012 as Tax Section Head of PT MNC Network Tbk. Jakarta.



Profil: Steven Kurniawan

WargaNegaraIndonesia,30tahun.MenjabatsebagaiUnit Audit Internal Perseroan sejakDesember 2017.MemperolehgelarSarjanaAkuntansidariUniversitasKristen Krida Wacana, Jakarta pada tahun 2009,sebelumnya menjabat sebagai Auditor KAP Drs.Tommy Santoso Jakarta pada tahun 2009-2011,Sebagai Supervisor Accounting PT. Teletama ArthaMandiri Jakarta pada tahun 2011-2013, SupervisorTax Accounting PT Mayer Sukses Jaya Jakarta padatahun2013-2016,sebagaiSupervisorTaxAccountingPT Indopacific Nusantara, Jakarta pada tahun 2016-2017.

Profile: Steven Kurniawan

Indonesian citizen, 30 years old. Served as the Company’s Internal Audit Unit since December 2017. Obtained his Bachelor Degree in Accounting from Krida Wacana Christian University, Jakarta in 2009, previously serving as Auditor of KAP Drs. Tommy Santoso Jakarta in 2009-2011, As Accounting Supervisor PT. Teletama Artha Mandiri Jakarta in 2011-2013, Tax Accounting Supervisor of PT Mayer Sukses Jaya Jakarta from 2013-2016, as Tax Accounting Supervisor of PT Indopacific Nusantara, Jakarta in 2016-2017.

Fungsi Unit Audit Internal Internal Audit Unit Function

1. Melakukan kegiatan pemberian keyakinan(assurance) dan konsultasi yang bersifatindependen dan obyektif, dengan tujuan untukmeningkatkannilaidanmemperbaikioperasionalPerseroan, melalui pendekatan yang sistematis,dengan cara mengevaluasi dan meningkatkanefektivitasmanajemen risiko, pengendalian, danprosestatakelolaPerseroan.

2. Membantu Manajemen Perseroan dalampenerapanTataKelolaPerusahaanyangbaikyangmeliputipemeriksaan/audit,penilaian,penyajian,evaluasi, saran perbaikan serta mengadakankegiatan assurance dan konsultasi kepada unitkerja, sehingga unit kerja dapat melaksanakantugas dan tanggung jawab secara efektif, efisiendansesuaidengankebijakanyangditentukanolehPerseroan.

1. To engage in independent and objective assurance and consultation activities, with the objective of increasing the value and improving the Company’s operations, through a systematic approach, by evaluating and improving the effectiveness of risk management, control and corporate governance processes.

2. Membantu Management Company in the implementation of Good Corporate Governance which includes audit / assessment, assessment, presentation, evaluation, suggestions for improvement and conduct assurance activities and consultation to the work unit, so that the work unit can perform tasks and responsibilities effectively, efficiently and in accordance with the policies determined by the Company.

Kedudukan Unit Audit Internal

1. UnitAuditInternalsecarastrukturaldikepalaiolehKepalaUnitAuditInternal.

2. Kepala Unit Audit Internal ditunjuk dandiberhentikan secara langsung oleh PresidenDirektursetelahdisetujuiolehDewanKomisaris.

3. PresidenDirekturdapatmemberhentikanKepalaUnitAuditInternal,setelahmendapatpersetujuanDewanKomisaris, jikaKepalaUnitAudit Internaltidak memenuhi persyaratan sebagai AuditorInternal sebagaimana diatur dalam PeraturanOtoritasJasaKeuanganNo.56/POJK.04/2015danataugagalatautidakcakapmenjalankantugas.

4. Kepala Unit Audit Internal bertanggung jawabsecara penuh dan langsung kepada PresidenDirektur.

5. Anggota Unit Audit Internal bertanggung jawabsecaralangsungkepadaKepalaUnitAuditInternal.

Position of the Internal Audit Unit

1. Internal Audit Unit is structurally headed by Head of Internal Audit Unit.

2. The Head of Internal Audit Unit is appointed and dismissed directly by the President Director upon approval by the Board of Commissioners.

3. The President Director may dismiss the Head of the Internal Audit Unit, after obtaining approval from the Board of Commissioners, if the Head of the Internal Audit Unit does not meet the requirements as an Internal Auditor as stipulated in the Regulation of the Financial Services Authority No. 56 / POJK.04 / 2015 and or fail or incompetent to perform the task.

4. The Head of the Internal Audit Unit is fully and directly responsible to the President Director.

5. Members of the Internal Audit Unit are directly responsible to the Head of the Internal Audit Unit.



Tugas Dan Tanggung Jawab Unit Audit Internal

1. Menyusun strategi dan rencana kerja audittahunan serta rencana pengembangankemampuan dan keterampilan auditor sehinggaselalu update dan inline dengan perkembanganPerseroansesuaimasukandariPresidenDirekturdanDewanKomisaris.

2. Mempersiapkan dan melaksanakan audit atasefektifitas sistem pengendalian internal danmanajemenrisikosesuaisesuaidengankebijakanPerseroan.

3. Mempersiapkan dan melaksanakan auditkepatuhan terhadap jalannya pengelolaanPerseroan untuk memastikan bahwa seluruhkegiatan Perseroan telah sesuai ketentuan/kebijakan peraturan perusahaan yang berlakusertaterhadapberbagaiperaturanhukumnegarayangberlaku.

4. Mempersiapkan dan melaksanakan auditoperasionaluntukmengukurtingkatefisiensidanefektifitassemuakegiatanPerseroan.

5. Mempersiapkan dan melaksanakan auditkhusus (investigativeaudit)ataspermintaandariManajemen.

6. Berdasarkan hasil audit, memberikan bantuanmasukan/rekomendasiterhadappenyempurnaansistem dan prosedur serta kebijakan PerseroansehinggatercapainyaefisiensidanefektifitasyangselarasdenganvisidanmisiPerseroan.

7. Membuat dan menyampaikan laporan audit,rekomendasi dan tindak lanjut yang belum,sedang dan telah dilaksanakan kepada PresidenDirekturdanDewanKomisaris.

8. Menyusun program untuk mengevaluasi mutukegiatanauditinternalyangdilakukannya.

Duties and Responsibilities of the Internal Audit Unit

1. To prepare annual audit work plan and plan as well as capacity building plan and auditor skill so that it is always updated and inline with the development of the Company according to input from the President Director and Board of Commissioners.

2. Prepare and conduct an audit on the effectiveness of the internal control system and risk management in accordance with the Company’s policy.

3. Prepare and conduct compliance audits on the management of the Company to ensure that all of the Company’s activities are in compliance with applicable company regulations and regulations and to applicable laws of the country.

4. Prepare and conduct operational audits to measure the efficiency and effectiveness of all of the Company’s activities.

5. Prepare and conduct a special audit (audit investigation) at the request of the Management.

6. Based on audit results, providing input / recommendation assistance to the improvement of the Company’s system and procedures and policies so as to achieve efficiency and effectiveness in line with the Company’s vision and mission.

7. Membuat and submit audit reports, recommendations and follow-up that has not been, is and has been implemented to the President Director and Board of Commissioners.

8. Develop a program to evaluate the quality of internal audit activities it undertakes.

Wewenang Unit Audit Internal

1. Menentukan strategi, ruang lingkup, metodedan frekuensi audit secara independen ataspersetujuanPresidenDirektur.

2. Mempunyai akses terhadap seluruh dokumen,pencatatan, sistem, fisik aset dan informasimilik Perseroan terkait obyek audit yangdilaksanakannya.

3. Melakukan komunikasi secara langsung denganDireksi,DewanKomisarisdan/atauKomiteAuditsertaanggotadariDireksi,DewanKomisarisdan/atauKomiteAudit.

Authority of the Internal Audit Unit

1. Determine the strategy, scope, method and frequency of audit independently with the approval of the President Director.

2. Having access to all documents, records, systems, physical assets and information of the Company in relation to the object of the audit conducted.

3. Conduct direct communication with the Board of Directors, Board of Commissioners and / or Audit Committee as well as members of the Board of Directors, Board of Commissioners and / or Audit Committee.



4. Menyampaikan hambatan dan tindak lanjutnyakepadaPresidenDirektursecaralangsung.

5. MelakukanpertemuansecararutindantidakrutindenganPresidenDirektur,DewanKomisarisdan/atauKomiteAudit.

6. Melakukan koordinasi kegiatannya dengankegiatanAuditeksternal.

7. Melakukan kerja sama dan koordinasi denganKomiteAudit.

4. Publish the obstacles and follow-up to the President Director directly.

5. Conduct regular and non-routine meetings with the President Director, the Board of Commissioners and / or the Audit Committee.

6. To coordinate its activities with external audit activities.

7. Melakukan cooperation and coordination with the Audit Committee.

Akuntan Publik Dan Audit Eksternal

Dalam memastikan integritas penyajian laporankeuangan kepada pemegang saham, Perseroanmenggunakan jasa auditor eksternal. PenunjukanAuditor eksternal untuk mengaudit LaporanKeuangan Perusahaan Tahun Buku 2017 ditetapkanoleh Direksi berdasarkan rekomendasi dari DewanKomisaris dan Komite Audit. Auditor eksternal yangditunjuk tidak diperkenankan memiliki benturankepentingan(Conflict of Interest)denganPerusahaanguna menjamin independensi dan kualitas hasilaudit. Auditor eksternal bertanggung jawab untukmenyampaikanopiniatasketaatanLaporanKeuanganPerusahaanyangdiauditterhadapStandarAkuntansiKeuangan yangberlakuumumdi Indonesia. InternalAudit yang ditunjuk untukmelakukan audit LaporanKeuangan Perusahaan Tahun Buku 2017 adalah:Kantor Akuntan Publik Paul Hadiwinata, Hidajat,Arsono,Achmad,Suharli&Rekan.

Public Accountant And External Auditor

In ensuring the integrity of financial statement presentation to shareholders, the Company uses the services of an external auditor. The appointment of an external auditor to audit the Company’s Financial Statements for the fiscal year 2017 shall be determined by the Board of Directors on the recommendation of the Board of Commissioners and the Audit Committee. The designated external auditor may not have a conflict of interest with the Company to ensure the independence and quality of the audit results. The external auditor is responsible for submitting an opinion on the compliance of the Audited Financial Statement of the Company to the generally accepted Financial Accounting Standards in Indonesia. Internal Audit appointed to audit Corporate Financial Report of Book Year 2017 are: Public Accounting Firm Paul Hadiwinata, Hidajat, Arsono, Achmad, Suharli & Rekan.

Manajemen Risiko

Perseroanberkomitmenuntukmengimplementasikanmanajemen risikountukberbagai jenis risiko sepertirisiko operasional, risiko keuangan, risiko strategi,sertarisikokeselamatandanlingkungan.

Perseroan senantiasa mengantisipasi kemungkinanterjadinyarisikodanakibatyangmungkinditimbulkannya.

Risk management

The Company is committed to implementing risk management for various types of risks such as operational risk, financial risk, strategic risk, and safety and environmental risks.

The Company always anticipates the possibility of risks and possible consequences.

Perseroanmeninjausistemdankebijakanmanajemenrisiko secara berkala untuk kemudian disesuaikandengankeadaandipasarusaha.Dalammenjalankanoperasi Perseroan, risikorisiko diatur secara hati-hatiuntukmenghindaripotensikerugianuntukPerseroan.

Perseroan juga senantiasa mengingatkan pegawainyamengenai kesadaran risiko agar mereka dapatberkontribusidalammengelolarisikodanmemberikanmasukanyangpentingdalampengambilankeputusan.Dengandemikian,manajemenbesertaseluruhpegawaiberkomitmendalammenjalankanpengelolaanrisikodiseluruhfungsidanaktivitasbisnisperusahaan.

The Company reviews the risk management system and policies on a regular basis to be adjusted to the conditions in the business market. In conducting the Company’s operations, risk is carefully regulated to avoid potential losses for the Company.

The Company also constantly reminds employees about risk awareness so that they can contribute in managing risk and provide important inputs in decision making. Thus, management and all employees are committed to running risk management throughout the company’s business functions and activities.



Evaluasi Atas Efektivitas Sistem Manajemen Risiko

Manajemen risiko telah berkontribusi positif dalamproses perencanaan, pengambilan keputusan, danpenguatan penerapan Good Corporate Governance(GCG) di perusahaan. Sistem manajemen risiko yangditerapkanPerseroanmampumeminimalisirdan/ataumenekantingkatdampakdankemungkinanterjadinyarisiko. Hal ini terlihat dari efektivitas atas kualitas,kuantitas, dan waktu penyelesaian suatu rencanamitigasi risiko yang telah ditetapkan. Melalui sistemmanajemen risiko ini dapat mendukung Perseroandalam mencapai pertumbuhan pendapatan yangsignifikanhinggamencapaitargetyangtelahditetapkan.

Berikutadalahrisikomaterialyangdisusunberdasarkanbobotrisikoyangpalingberatdandimulaidaririsikoutama yang dihadapi Perseroan dalammenjalankankegiatanusahanyayangdapatmempengaruhikinerjamaupunhargasahamPerseroanbaiksecaralangsungmaupuntidaklangsung:

Evaluation of the Effectiveness of Risk Management System

Risk management has contributed positively to the process of planning, decision making, and strengthening the implementation of Good Corporate Governance (GCG) in the company. The risk management system implemented by the Company is able to minimize and / or reduce the level of impact and possible risks. This is evident from the effectiveness of the quality, quantity, and timing of completion of a predetermined risk mitigation plan. Through this risk management system can support the Company in achieving significant revenue growth to achieve the target set.

The following are the material risks that are based on the most severe risk weight and start from the main risks faced by the Company in conducting its business activities that may affect the performance and share price of the Company either directly or indirectly:

A. Risiko Utama yang Mempunyai Pengaruh Signifikan terhadap Kelangsungan Usaha Perseroan

Risiko ketergantungan kepada permintaan (demand) akan bahan kimia dasar dan BBM di Indonesia

A. Major Risks That Have Significant Influence on Business Continuity of the Company

Risk of dependence on demand for basic

chemicals and BBM in Indonesia

Sekitar 43,61% pendapatan Perseroan berasal dariliniusahatransportdanlogistikditahun2017dimanaPerseroan mendistribusikan bahan kimia dasar,menjual dan mendistribusikan BBM dan barangmanufaktur lainnya kepada perusahaan-perusahaandiberbagaiindustridiIndonesia.Tingkatpermintaanbahankimiadasar,BBMdanbarangmanufakturlainnyabergantung kepada kondisi perekonomian Indonesiadan regional serta kegiatan usaha pada masing-masing industri. Penjualan BBM tidak bersubsidi(yang mencakup 75% dari pendapatan) sebagianbesar berasal dari sektor pertambangan dan energi,sehinggapenurunan signifikanpermintaanBBMdarisektor pertambangan dan energi dapat berdampakburukterhadapkinerjakeuanganPerseroan.

Perlambatan perekonomian dapat mengakibatkanpenurunan permintaan akan barang konsumsi yangmendorongpenurunanbahankimiadasar,BBMdanbarang manufaktur. Kondisi pasar dipandang masihfluktuatif dan penurunan pada tingkat permintaandi sektor-sektor barang konsumsi tersebut akanmengurangi permintaan jasa Perseroan sehinggadapatmemberikan dampak negatif terhadap kinerjakeuanganPerseroan

Approximately 43.61% of the Company’s revenue comes from the transport and logistics business line in 2017 where the Company distributes basic chemicals, sells and distributes BBM and other manufactured goods to companies in various industries in Indonesia. Levels of demand for basic chemicals, fuel and other manufactured goods depend on Indonesia and regional economic conditions and business activities in each industry. Unsubsidized subsidized fuel sales (which account for 75% of revenues) are mostly from the mining and energy sectors, so a significant reduction in fuel demand from the mining and energy sectors could adversely affect our financial performance.

The slowdown in the economy may lead to a decline in demand for consumer goods that is driving down the decline in basic chemicals, fuel and manufactured goods. Market conditions are seen as still fluctuating and a decrease in demand in these consumer goods sectors will reduce the demand for services of the Company so as to have a negative impact on the financial performance of the Company



B. Risiko Usaha

1. Risiko hasil usaha perdagangan BBM, pelumas dan elpiji yang bergantung kepada pasokan dan penentuan harga BBM

B. Business Risk

1. Risk of trading result of BBM, lubricant and LPG which depend on supply and fuel pricing

Lini usaha perdagangan BBM, pelumas dan elpijidipengaruhi oleh fluktuasi harga BBM, pelumas danelpijiyangmemberikankontribusisebesar56,39%daritotal pendapatan konsolidasian Perseroan di tahun2017. Harga pasar minyak dunia berfluktuasi dariwaktu ke waktu dan penurunan harga minyak yangsedikitpundapat berpengaruh terhadappendapatanPerseroan. Margin dari lini usaha perdaganganBBM, pelumas dan elpiji dipengaruhi oleh hargakomoditasdunia,marjindariBBM,pelumasdanelpijimerupakan prosentase dari harga penjualan yangdipengaruhisecarasignifikanolehhargaminyakduniasehingga fluktuasi penurunan harga minyak duniadapatmemberikan dampak negatif terhadap kinerjakeuanganPerseroan.

Oil, lubricant and LPG trading business lines are influenced by fluctuations in the price of fuel, lubricants and LPG which contributed 56.39% of the total consolidated revenue of the Company in 2017. World oil market prices fluctuate over time and the slightest decline in oil prices can affect the Company’s revenue. The margin of oil, lubricant and LPG trading business line is influenced by world commodity price, margin of BBM, lubricant and LPG is a percentage of sales price which is influenced significantly by world oil price so that fluctuation of world oil price decrease can give negative impact to financial performance of Company .

2. Risiko ketergantungan kepada Pertamina

Perseroan tergantung pada Pertamina untukpendapatan Perseroan. Pada periode 9 (sembilan)bulanyangberakhirpada30September2017,hampir12% dari total pendapatan Perseroan berasal dariperdagangan BBM. Resiko yang bisa terjadi adalahkarena saat ini principal untuk BBM, Elpiji danlubricantshanyakePertaminamakaPerseroansangattergantung kepada Pertamina khusus pada TradingEnergi. Jika terjadiPertaminamemutuskantidak lagimenjadiprincipaluntukPerseroanmakaakanterjadipotensikehilanganpendapatanmencapai60%-70%.

2. Risk of dependence on Pertamina

The Company depends on Pertamina for the Company’s revenues. In the period of 9 (nine) months ended September 30, 2017, almost 12% of the Company’s total revenues came from BBM trade. The risk that can happen is because currently the principal for BBM, Elpiji and lubricants only to Pertamina then the Company is very dependent on Pertamina specialized in Energy Trading. If Pertamina decides to no longer be a principal for the Company then there will be a potential loss of revenue reaches 60% - 70%.

3. Risiko ketergantungan Perseroan terhadap manajemen dan karyawan kunci

Perseroan bergantung kepada komitmendan kinerja manajemen dan karyawan kunciPerseroan serta kemampuan Perseroan dalammengidentifikasi, merekrut, melakukan pelatihandan mempertahankanmanajemen dan karyawankunci untuk posisi teknis dan manajerial. TidakterdapatkepastianbahwaPerseroanakanterusdapatmempertahankan manajemen dan karyawan kunci,bilahaliniterjadi,dapatmemberikandampaknegatifterhadapkinerjaPerseroan.

3. The risk of the Company’s reliance on management and key personnel

The Company is dependent on the commitment and performance of the Company’s key management and employees as well as the Company’s ability to identify, recruit, conduct training and maintain key management and employees for technical and managerial positions. There is no certainty that the Company will continue to maintain the management and key employees, if this happens, may adversely affect the Company’s performance.



4. Risiko tidak diperpanjangnya kontrak

Perseroanmelakukankegiatanusahanyaberdasarkankontrakkerjayangditandatangani,yangmemilikijangkawaktu tertentu serta syarat komersial dan kondisitertentu seperti tarif dan jumlah minimum barangyang akan dipindahmuatkan. Walaupun Perseroanberkeyakinan memiliki hubungan yang baik denganpelanggannya, tetapi tidak ada kepastian bahwapara pelanggan tersebut akan terus menggunakanjasaPerseroanpadamasayangakandatang,dengansyaratdankondisiyangsama.Beberapasaatsebelumkontrak jatuh tempo, kontrak dapat diperpanjangdenganmenggunakan syarat dan kondisi yang samaatauyangberbeda.Ketidaksepakatanatassyaratdankondisi tersebut dapat menyebabkan kontrak tidakdiperpanjang. Jika kontrak kerja tidak diperpanjangatau terjadi pemutusan kontrak kerja dari satu ataubeberapa pelanggannya, maka hal tersebut dapatmenyebabkan berkurangnya pendapatan dan lababersih Perseroan sehingga berdampak pada kondisikeuangan,operasionaldankinerjausahaPerseroan.

4. Risk of non-renewal of contract

The Company conducts its business activities under a signed contract of employment, which has a certain period of time as well as commercial terms and certain conditions such as tariffs and minimum quantities of goods to be transferred. Although the Company believes to have a good relationship with its customers, there is no certainty that these customers will continue to use the Company’s services in the future, under the same terms and conditions. Shortly before the contract expires, the contract may be extended by using the same or different terms and conditions. Disagreements over these terms and conditions may result in the contract not being renewed. If the employment contract is not renewed or termination of one or more of its clients, it may result in a decrease in the Company’s revenue and net income resulting in an impact on the Company’s financial, operational and business performance.

5. Risiko persaingan usaha dari perusahaan-perusahaan lain dengan kegiatan usaha yang sama dengan lini usaha Perseroan

Produk bahan kimia dasar diperdagangkan di pasarinternasional dan tidak terdapat kepastian bahwapelanggan Perseroan tidak akanmendapatkan bahankimia dasar dari perusahaan-perusahaan pesaingPerseroandiliniusahatersebut.Perseroanmenghadapipersaingan dalam distribusi bahan kimia dasar didalam negeri dengan beberapa perusahaan untukproduk-produk bahan kimia dasar tertentu. PesaingPerseroandiantaranyaadalahPTLautanLuasTbkdanPTSulfindoAdiUsaha. Selain,Perseroan,perusahaanlainyangbergerakdibidangdistribusiBBMdiIndonesiaserta perusahaan-perusahaan lainnya. Kompetisi daripersusahaan-perusahaandengankegiatanusahayangsama dengan lini usaha Perseroan dapat berdampakpadakinerjakeuanganPerseroan.

Diliniusahalogistik,Perseroantidakmemilikipesaingyangmampumemberikan jasa layanan logistik yangterpadu dan terintegrasi seperti yang diberikanoleh Perseroan. Namun demikian, di lini usaha ini,Perseroanmenghadapipersaingandi kegiatanusahafasilitas terminal tangki dari perusahaanOil Tanking (Jerman)yangberoperasidiMerak-Banten,PTRedecodanProIntal.Perseroan jugamenghadapipersaingandijasakepelabuhan(port handling)untukpetikemas

5. The risk of business competition from other companies with the same business activities as the Company’s business lines

Basic chemicals products are traded on the international market and there is no certainty that the Company’s customers will not obtain basic chemicals from the Company’s competing companies in the line of business. The Company faces competition in the distribution of basic chemicals in the country with several companies for certain basic chemical products. Competitors of the Company include PT Lautan Luas Tbk and PT Sulfindo Adi Usaha. In addition, the Company, other companies engaged in the distribution of fuel in Indonesia and other companies. Competition from companies with the same business activity as the Company’s line of business may affect the Company’s financial performance.

In the logistics business line, the Company has no competitor capable of providing integrated and integrated logistics services as provided by the Company. However, in this line of business, the Company faces competition in tank terminal facility business from Oil Tanking (Germany) operating in Merak-Banten, PT Redeco and ProIntal. The Company also faces competition in port services (port handling) for containers in Surabaya from PT Terminal Peti



di Surabaya dari PT Terminal Peti Kemas Surabayadan lain sebagainya. Bila Perseroan tidak dapatmeningkatkan kapasitas dan mengembangkanjaringan logistik,makahal tersebutakanberdampakterhadapkinerjakeuanganPerseroan.

Kemas Surabaya and others. If the Company can not improve its capacity and develop its logistics network, it will have an impact on the Company’s financial performance.

6. Risiko kenaikan harga bahan bakar

Bahanbakarmerupakansalahsatukomponenutamadalammenentukan tarif jasa yang akan dibebankanoleh Perseroan kepada para pelanggannya. Hargabahanbakarsulituntukdiprediksikarenadipengaruhioleh berbagai faktor di luar kendali Perseroan.Walaupun banyak kontrak yang dimiliki Perseroanmencantumkan ketentuan untuk membebankanharga bahan bakar kepada pelanggannya, akantetapi jika terjadi peningkatan harga bahan bakarsecarasignifikan,makadapatmempengaruhikondisikeuangandanaruskasPerseroan.

6. Risk of fuel price increase

Fuel is one of the main components in determining the tariff of services to be charged by the Company to its customers. Fuel prices are difficult to predict because they are influenced by various factors beyond the control of the Company. Although many of the Company’s contracts include provisions to charge fuel prices to customers, but if significant increases in fuel prices affect the Company’s financial condition and cash flows.

7. Risiko terhadap Keselamatan, Kesehatan dan Lingkungan (K3)

Lini usaha perdagangan dan distribusi bergantungkepada terminal tangki penyimpanan, fasilitaspelabuhan dan transportasi, yang memerlukanpenanganan khusus untuk bahan kimia dasar danBBM yang sifatnya mudah terbakar dan korosif,sehinggamemilikirisikoK3.WalaupunPerseroantelahmemilikiprosedurdanstandarK3yangberpedomanpada International Safety Management Code namun Perseroan tetapmemiliki eksposur terhadapkecelakaan kerja yang dapat memberikan dampaknegatifterhadapkinerjausahaPerseroan.

7. Risks to Safety, Health and Environment (SHE)

The line of trade and distribution depends on the storage tank terminals, port and transport facilities, which require special handling for flammable and corrosive chemicals and fuels, thereby having an OSH risk. Although the Company already has SHE procedures and standards that are guided by the International Safety Management Code but the Company retains exposure to work accidents which may adversely affect the Company’s business performance.

8. Risiko kebijakan impor dan hambatan perdagangan yang berpengaruh kepada Perseroan

Hampir seluruh produk BBM dan sebagian produkbahan kimia dasar yang diperdagangkan dandidistribusikan oleh Perseroan diimpor dari luarnegeri. Bila terjadi perubahan kebijakan, laranganimpor,pembatasankuotaimpor,peraturanbeamasukmaupun tarif impor yang dapatmenghambat imporPerseroan atau menyebabkan peningkatan biayaimpormaupunmenyebabkan Perseroan tidak dapatmemenuhipermintaan(demand)daripelanggan,haltersebutdapatmemberikandampaknegatifterhadapkegiatan usaha, reputasi dan kinerja keuanganPerseroan.

8. Risks of import policies and trade barriers that affect the Company

Almost all BBM products and some of the basic chemical products traded and distributed by the Company are imported from abroad. In the event of policy changes, import restrictions, import quota restrictions, import duties and import tariffs that may impede the Company’s imports or cause an increase in import costs or cause the Company to fail to meet customer demand, it may adversely affect business activities , reputation and financial performance of the Company.



9. Risiko terkait sebagian atau seluruh rencana proyek Perseroan tidak dapat diselesaikan

Keberhasilan dan kinerja keuangan Perseroan dalammenyelesaikan proyeknya sesuai dengan biayayang efisiendan tepatwaktu akanbergantungpadakemampuan Perseroan dalam mengidentifikasi,mengembangkan, memasarkan, menjual,menyewakan dan mengoperasikan proyeknyasecaratepatwaktusertabiayayangefektif.Kegiatanpengembangan Perseroan dipengaruhi oleh risikopenundaan dalam mendapatkan persetujuan yangdiperlukan, ketersediaan bahan bangunan, kenaikanbiaya konstruksi, bencana alam dan ketergantunganpadakontraktorpihakketiga,sertarisikomenurunnyapermintaan pasar selama pengembangan sebuahproyek tersebut. Sebagai akibat dari faktor ini danberbagai faktor lainnya yang telah dijelaskan diatas,tidakada jaminanyangdapatdiberikanbahwaproyek-proyekyangadapadasaattanggalProspektusini diterbitkan dan yang masih direncanakandapat berhasil untuk diselesaikan. Walaupun padasaat tanggal prospektus ini diterbitkan Perseroanmenerapkan strategi pembangunan dan pemasaranyang sama seperti yang telahditerapkanpadamasalalu,proyek-proyekbarudapatmenghadapitantangandan tuntutan yang tidak terduga pada sumber dayaoperasional dan keuangan Perseroan. KegagalanPerseroan dalam menyelesaikan proyeknya akanmemiliki dampak yang signifikan terhadap kegiatanusaha, reputasi, pendapatan usaha, hasil usaha danprospekusahaPerseroan.

9. The risk associated with part or all of the Company’s project plan can not be resolved

The Company’s financial success and performance in completing its projects in an efficient and timely manner will depend on the Company’s ability to identify, develop, market, sell, lease and operate its projects in a timely and cost effective manner. The Company’s development activities are affected by the risk of delays in obtaining necessary approvals, availability of construction materials, increased construction costs, natural disasters and dependence on third party contractors, as well as the risk of declining market demand during the development of a project. As a result of these and other factors described above, there is no guarantee that the existing projects on the date of this Prospectus are published and which are still planned can be successfully completed. Although at the date of the date of this prospectus, the Company has adopted the same development and marketing strategy as implemented in the past, new projects can face unexpected challenges and demands on the Company’s operational and financial resources. Failure of the Company to complete its project will have a significant impact on our business activities, reputation, operating revenues, results of operations and prospects.

10. Risiko Likuiditas

RisikolikuiditasadalahrisikoPerseroan,kesulitandalampembiayaan ekspansi dan memenuhi kewajibannyayang telah jatuh tempo. Perseroanmengelola risikolikuiditas yangmemperhatikan rasiopendanaandaripihakketiga(pinjaman)danpendanaanmelaluimodalsendiri. Perseroanmengelola risiko likuiditasdenganmenjagakecukupandana,fasilitasbankdanlembagakeuangan lainnya dengan terusmenerusmemonitorperkiraandanaruskasaktualdanmencocokkanprofiljatuhtempoasetdanliabilitaskeuangan.

10. Risk of Liquidity

Liquidity risk is the risk of the Company, difficulties in financing expansion and fulfilling its due obligations. The Company manages liquidity risk taking into account the funding ratio of third parties (loans) and funding through its own capital. The Company manages liquidity risk by maintaining sufficient funds, bank facilities and other financial institutions by continuously monitoring actual estimates and cash flows and matching the profile of maturity of financial assets and liabilities.

11. Risiko terkait keterlambatan atau peningkatan biaya konstruksi dapat timbul selama Pembangunan

Proses konstruksi untuk pembangunan proyek barumemiliki risiko yang signifikan termasuk kekuranganbahan baku atau tenaga kerja terampil, masalah-masalah tak terdugadalamaspek teknis, lingkungandan geologis, pemogokan kerja, tuntutan hukum,

11. Risk associated with delays or increases in construction costs may arise during Development

The construction process for the construction of new projects has significant risks including sl̄ack of raw materials or skilled labor, unforeseen issues in technical, environmental and geological aspects, work strikes, lawsuits, weather disturbances, floods and



gangguan cuaca, banjir dan kenaikan biaya takterduga, yang dapat menimbulkan keterlambatanatau peningkatan biaya konstruksi. Sebagai contoh,setiappeningkatanyangsignifikandalamhargabahanbangunan akan meningkatkan biaya pengembanganPerseroan. Kesulitan dalam memperoleh sertifikasiyang diperlukan seperti izin, alokasi atau otorisasidari Pemerintah atau setiap perubahan yang takterduga dalam peraturan yang berlaku, juga dapatmeningkatkan biaya, atau menunda konstruksi ataumenundapembukaansebuahproyekbaru.

unexpected cost increases, which may cause delays or increased construction costs. For example, any significant increase in the price of building materials will increase the Company’s development costs. Difficulties in obtaining necessary certifications such as permits, allocations or authorization from the Government or any unforeseen changes in applicable regulations may also increase costs, or delay construction or delay the opening of a new project.

12. Risiko terkait Perseroan belum memperoleh seluruh perizinan yang diperlukan untuk kegiatan usaha Perseroan

Dalammenjalankankegiatanusaha,Perseroanharusmemenuhiberbagaimacamperijinan terkaitdenganusaha perdagangan maupun izin-izin pengoperasianpelabuhan/terminal tangki penyimpanan. Apabilaterjadi perubahan kebijakan ataupun pembatasanusaha maupun pembatasan izin pengoperasianpelabuhan/terminal tangki penyimpananmaka akanberdampak negatif terhadap kegiatan usaha dankinerjakeuanganPerseroan

12. Risk related The Company has not obtained all the necessary licenses for the Company’s business activities

In conducting business activities, the Company must meet various licenses in connection with the trading business as well as the operating permits of the port / terminal storage tanks. In the event of any policy changes or restrictions on business or limitation of the operating license of the port / terminal of the storage tank will have a negative impact on the business activities and financial performance of the Company

13. Risiko terkait kegiatan operasi Perseroan dapat terpengaruh apabila hubungan dengan karyawan memburuk

Di masa depan, Perseroan atau sub kontraktorPerseroan dapat terlibat dalam perselisihanperburuhan yang dapat menyebabkan demonstrasi,pemogokankerjaataugangguantenagakerjalainnya,dimana hal ini dapat menyebabkan penundaanoperasional yang merugikan terhadap kegiatanusaha, kondisi keuanganatauhasilusahaPerseroan.Walaupun Perseroan tidak memiliki perselisihanperburuhanyangsignifikan,perselisihanperburuhanmerupakan hal umum yang terjadi di Indonesia danPerseroantidakdapatmenjaminbahwaperselisihantersebuttidakakanterjadidimasadepan.KompetitorPerseroandiIndonesiamungkinmembayarkaryawanmerekalebihtinggidariyangdiberikanolehPerseroandariwaktukewaktu.Kondisi inidapatmenyebabkanhilangnyakaryawanataukenaikanbiayatenagakerja.Kurangnya tenaga kerja terampil atau peningkatanbiaya tenaga kerja dapatmemberikan dampak yangmerugikanterhadapkegiatanusaha,lababersih,hasilusahadanprospekusahaPerseroan.

13. Risks relating to the operations of the Company may be affected if the relationship with employees deteriorate

In the future, the Company or its subcontractors may engage in labor disputes that may lead to demonstrations, work strikes or other labor disruptions, which may cause adverse operational delays to the Company’s business, financial condition or results of operations. Although the Company does not have significant labor disputes, labor disputes are common in Indonesia and the Company can not guarantee that such disputes will not occur in the future. The Company’s competitors in Indonesia may pay their employees higher than those granted by the Company from time to time. This condition can leadto loss of employees or increase in labor costs. Lack of skilled labor or increased labor costs may adversely affect our business activities, net income, results of operations and prospects.



C. Risiko Umum

1. Risiko perubahan kebijakan/Peraturan Pemerintah

Padaumumnya, kegiatanusahaPerseroandi bidangusahaperdagangandandistribusisertajasadukunganlogistik dan kegiatan distribusi industri minyak dangas bumi akan sangat tergantung pada kebijakanPemerintah Indonesia baik secara langsungmaupuntidak langsung. Pemerintah Indonesia pada suatuwaktu tertentu dapat menerbitkan, mengubah danmenerapkan kebijakan baru dalam bidang usaha iniyangmenyangkutberbagaiaspeksepertiperpajakandanundang-undangyangberkaitandenganlingkunganhidupatau sosial yang semuanya itutidakberadadibawahkendaliPerseroan.Apabilakebijakan/peraturantersebut diterapkan, kepatuhan terhadap undang-undang, peraturan, kesepakatan dan perjanjiantersebut mungkin dapat mengakibatkan dampakmaterialterhadapbisnisatauhasiloperasiPerseroan.Selain itu, gagalnya Perseroan untuk menerapkanatau menyesuaikan dengan kebijakan / peraturanpemerintah dapat menyebabkan peningkatan biaya,denda,penaltiatau tuntutanhukumdimasadatangyang dapat memberikan dampak negatif pada labausahadanlababersihPerseroan.

C. General Risk

1. Risk of policy change / Government Regulation

In general, the Company’s business activities in the field of trading and distribution business and logistic support services and distribution activities of the oil and gas industry will depend on the Government of Indonesia’s policies directly or indirectly. The Government of Indonesia may at any given time be able to publish, modify and implement new policies in this field of business involving aspects such as taxation and environmental or social laws that are not under the control of the Company. Where such policy / regulation is applied, compliance with such laws, regulations, agreements and agreements may have a material impact on the business or results of operations of the Company. In addition, the failure of the Company to apply or adapt to government policies / regulations may lead to increased costs, penalties, penalties or future lawsuits that could adversely affect our operating income and net income.

2. Risiko perubahan tingkat suku bunga

Perseroan memiliki pinjaman dalam bentukdenominasi rupiah. Dengan demikian Perseroanmemiliki risiko perubahan tingkat suku bunga. Olehkarena itu Perseroan telah melakukan manajemenresiko seperti penggunaan tingkat suku bungatetap untuk utang jangka panjang dan melakukanrefinancingdengansumberdanayanglebihmurah.

2. Risk of interest rate changes

The Company has a loan in the form of rupiah denomination. Therefore, the Company has risk of interest rate change. Therefore, the Company has conducted risk management such as the use of fixed interest rate for long-term debt and refinancing with cheaper sources of fund.

3. Risiko terkait depresiasi nilai Rupiah terhadap US Dollar dapat berdampak negatif terhadap kondisi keuangan dan hasil usaha Perseroan.

Penjualan BBM di Indonesia dilakukan dalam matauang Rupiah dan US$. Sementara biaya pasokanBBM dalam US$, terdapat beberapa biaya yangterjadidalammatauanglain.ApabilaadafluktuasididalamberbagaimatauangasingyangditransaksikanPerseroan,kemungkinanberdampakburuk terhadaplaba. Perseroan melakukan hedging terhadap risikonilai tukar mata uang asing dengan melakukankontrak forward untuk pembelian BBM dalam US$yang piutang pendapatannya dalam Rupiah. ApabilahedgingPerseroantidaktersediaatautidakefektifdanadanyaketidakcocokanantaramatauangpendapatan

3. Risks related to the depreciation of the value of Rupiah against US Dollar may adversely affect the Company’s financial condition and results of operations.

Fuel sales in Indonesia are conducted in Rupiah and US $. While the cost of fuel supply is in US $, there are some costs incurred in other currencies. In the case of any fluctuations in various foreign currencies traded by the Company, there may be adverse effects on earnings. The Company hedges against foreign exchange risk by forwarding contracts for fuel purchases in US $ which are receivable in Rupiah. If the Company’s hedging is unavailable or ineffective and there is a discrepancy between the currency of income with the cost or the time difference between collection and payment, the Company remains exposed to foreign



dengan biaya atau adanya perbedaan waktu antarakoleksi dan pembayaran, Perseroan tetap tereksposterhadap fluktuasi mata uang asing, yang dapatmemberikandampakburukterhadappendapatandantingkatkeuntunganPerseroan.

currency fluctuations, which could adversely affect the Company’s revenue and profitability.

4. Risiko ketergantungan pertumbuhan kedepan kepada kelanjutan deregulasi distribusi BBM bersubsidi

Pemberian kontrak distribusi BBM bersubsidi dibeberapa lokasi pada tahun 2013 dan tahun-tahunberikutnya akan berdasarkan kepada proses tenderPemerintah dan kelanjutan kebijakan deregulasiPemerintah. Pemberian kontrak Pemerintah dimasayang akan datang tergantung kepada kemampuanPerseroan untuk memenuhi berbagai kriteria. Jikalangkah-langkah deregulasi selanjutnya tidak terjadidan atau Perseroan tidak dapat bersaing denganperusahaan-perusahaandengankegiatanusahayangsamadenganPerseroanuntukmendapatkankontrakPemerintah,halinidapatmemberikandampaknegatifterhadapkinerjakeuanganPerseroan.

4. Risks of future growth dependence on the continuation of deregulation of subsidized fuel distribution

The granting of subsidized fuel distribution contracts in several locations by 2013 and subsequent years will be based on the Government’s tendering process and the continuation of Government deregulation policies. Future government contracts are subject to the Company’s ability to meet various criteria. If further deregulation steps do not occur and or the Company can not compete with companies with the same business activities as the Company to obtain Government contracts, this may have a material adverse effect on the Company’s financial performance.

5. Risiko bencana alam dan kejadian di luar kendali Perseroan.

Kejadian gempa bumi, banjir, kekeringan danbencana alam lainnya yangmungkin terjadi dilokasidimana fasilitas produksi, tangki penyimpanan danaset Perseroan berada dapat memberikan dampaknegatif terhadap kinerja operasional dan keuanganPerseroan.Kejadiandi luarkendaliPerseroansepertiserangan teroris, bom dan konflik bersenjata jugadapatmemberikan dampak negatif terhadap kinerjaPerseroansecaraumum.

5. The risk of natural disasters and events beyond the control of the Company.

The occurrence of earthquakes, floods, droughts and other natural disasters that may occur where the Company’s production facilities, storage tanks and assets may adversely affect our operational and financial performance. Events beyond the Company’s control such as terrorist attacks, bombings and armed conflicts may also negatively impact the Company’s performance in general.

6. Risiko terkait dengan kondisi perekonomian Indonesia

Pada umumnya perkembangan permintaan BBM,pelumasdanelpijisertajasatransportasidanlogistiksangat tergantung pada pertumbuhan ekonomi diwilayah tersebut. Meskipun secara statistik padasaat ini menunjukkan pertumbuhan konsumsi BBM,pelumas dan elpiji serta transportasi dan logistikmasihdiatas7%,akantetapidimasayangakandatangada kemungkinan dimana pertumbuhan ekonomiIndonesia mengalami gangguan yang pada akhirnyadapatmengakibatkanmenurunnyapermintaanBBM,pelumasdanelpijisertajasatransportasidanlogistik.Gangguan tersebut dapat berupa ketidakstabilan

6. Risk related to the condition of Indonesian economy

In general, the development of demand for fuel, lubricants and LPG as well as transportation and logistics services is highly dependent on economic growth in the region. Although statistically this time shows the growth of fuel consumption, lubricant and LPG and transportation and logistics is still above 7%, but in the future there is a possibility where the economic growth of Indonesia suffered disruption which in turn could lead to decreased demand for fuel, lubricants and LPG and transportation and logistics services. Such disturbances may include political, social and economic instability, exchange rate volatility, state



politik, sosial dan ekonomi, volatilitas nilai tukar,intervensi negara (tarif, proteksi, dan subsidi) danperubahan perubahan peraturan perundang-undangan yang dapat berpengaruh pada kegiatanusaha Perseroan. Akan tetapi Perseroan selalumencermati perubahan kondisi makro ekonomimaupun sosial dan politik di Indonesia, sehinggaPerseroan dapat mengantisipasi perubahan-perubahanyangterjadi.

intervention (tariffs, protection, and subsidies) and changes to changes in legislation that may affect the Company’s business activities. However, the Company is always looking at changes in macroeconomic and social and political conditions in Indonesia, so that the Company can anticipate the changes that occur

D. Risiko Terkait Investasi Saham Perseroan

1. Risiko Likuiditas Saham

Terdapat risiko terkait tidak likuidnya saham yangditawarkan pada Penawaran Umum Perdana Sahamini, mengingat jumlah saham yang ditawarkanPerseroantidak terlalu besar. Selanjutnya,meskipunPerseroan akan mencatatkan sahamnya di BEI,tidak ada jaminan bahwa saham Perseroan yangdiperdagangkanakanaktifataulikuidkarenaterdapatkemungkinan bahwa saham Perseroan akan dimilikisatu atau beberapa pihak tertentu yang tidakmemperdagangkan sahamnya di pasar sekunder.Dengandemikian,Perseroantidakdapatmemprediksiapakah pasar dari saham Perseroan akan aktif ataulikuiditassahamPerseroanakanterjaga.

D. Risks Related to Shares Investment of the Company

1. Risk of Stock Liquidity

There are risks related to the liquidity of shares offered in this Initial Public Offering, considering the number of shares offered by the Company is not too large. Furthermore, although the Company will list its shares on the IDX, there is no guarantee that the shares of the traded Company will be active or liquid because there is a possibility that the Company’s shares will be owned by one or more parties that do not trade its shares in the secondary market. Thus, the Company can not predict whether the market of the Company’s shares will be active or the Company’s liquidity will be maintained.

2. Risiko atas fluktuasi harga Saham Perseroan

Harga saham Perseroan setelah Penawaran UmumPerdana dapat mengalami fluktuasi sehinggadiperdagangkan di bawah harga penawaran saham,yangdisebabkanoleh:

• Kinerja aktual operasional dan keuanganPerseroan berbeda dengan ekspektasi caloninvestordananalis;

• Adanyaketerbukaaninformasiatastransaksiyangsifatnya material yang diumumkan Perseroan,termasukdalamhaladanyaketerlibatanPerseroandalam kasus hukum yang berdampak materialterhadapkelangsunganPerseroan;

• Perubahan kondisi Pasar Modal Indonesia yangberfluktuasibaikkarenafaktordomestikmaupunpengaruhpasarmodalnegaralain;

• PerubahankondisimakroekonomiIndonesia.

2. Risk of price fluctuations of the Company’s shares

The share price of the Company after the Initial Public Offering may fluctuate so that it is traded below the offering price of the shares, which is caused by:

• The actual performance of the Company’s operational and financial differs from expectations of potential investors and analysts;

• Only information disclosure of material transactions announced by the Company, including in the case of the Company’s involvement in legal cases affecting the Company’s sustainability;

• Change changes in the condition of the Indonesian Capital Market due to domestic factors as well as the influence of capital markets of other countries;

• Change of Indonesia’s macroeconomic conditions.



3. Risiko atas pembagian deviden

Pembagian dividen akan dilakukan berdasarkankeputusan Rapat Umum Pemegang Saham denganmempertimbangkan kinerja Perseroan secaralangsung. Kerugian yang dibukukan dalam laporankeuanganPerseroandapatmenjadisalahsatualasanuntuktidakdibagikannyadividenolehPerseroan.

Lebih lanjut, kebutuhan pendanaan atas rencanapengembangan usaha di masa yang akan datangjuga dapat mempengaruhi keputusan untuk tidakmembagikan dividen, dimana laba yang terkumpulakandigunakanPerseroansebagaidanainternalbagipengembanganusahaPerseroan.

3. Risk of dividend payout

The distribution of dividends will be made based on the resolution of the General Meeting of Shareholders taking into account the Company’s performance directly. Losses posted in the Company’s financial statements may be one of the reasons for the dividend not being distributed by the Company.

Further, funding needs for future business development plans may also affect the decision not to pay dividends, where the accumulated profit will be used by the Company as an internal fund for the development of the Company’s business.



Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility



Perseroan selain melakukan kegiatan usahanyadan menciptakan lapangan kerja untuk masyarakatsetempat, juga terlibat dalam berbagai kegiatansosial sebagai bukti atas kepedulian dan tanggungjawabPerseroanterhadaplingkungandanmasyarakatsekitar.Perseroanmelaluiunitbisnis tradingenergy-nya (SPBU) menjalankan program sosial dimanaPerseroan menyisihkan sebagian dari pendapatanataspenjualanBBMtersebutuntukdisumbangkankesekolah-sekolah yang membutuhkan bantuan dana.Selain itu pada saat Idul Adha, Perseroan juga rutinmenyumbangkanhewanqurbankelingkungansekitarPerseroan serta dalam setiap pembukaan cabang/gudang baru, Perseroan akan mengadakan acarapegajianyangmengundangmasyarakatsekitar.

The Company, in addition to conducting its business activities and creating employment opportunities for local communities, is also involved in various social activities as evidence of the Company’s care and responsibility for the environment and surrounding communities. The Company through its trading business unit (SPBU) runs a social program whereby the Company sets aside a portion of its revenues from the fuel sales to be donated to schools requiring financial assistance. In addition to Eid al-Adha, the Company also routinely donate qurban animals to the surrounding environment of the Company as well as in every new branch / warehouse opening, the Company will hold an event that invites the surrounding community.

BerikutbeberaparangkumankegiatanCSRperusahaanyangtelahdilakukandisepanjangtahun2017:

Here are some summaries of corporate CSR activities that have been done throughout 2017:

Pada bulan Februari 2017 dilakukan pengajianbersama dan dibarengi dengan pemberiansantunan kepada anak yatim di sekitar gudangperusahaandiPadalarangpadaproyekHomeco.

In February 2017 a prayer together was conducted and accompanied by granting donations to orphans around the company’s warehouse in Padalarang site on the Homeco project

Pembagian Ta’jil secara gratis kepada pelangganSPBU yang dilaksanakan pada bulan Juni2017 selama masa bulan suci Ramadhan yangdilaksanakandi lingkungan SPBUdengan jumlahtotal sekitar 1.000 buah dan nilai total sekitarRp.2.217.080.-.

The sharing of Ta’jil free of charge to SPBU subscribers conducted in June 2017 during Ramadhan holy month conducted in SPBU neighborhood with a total of about 1,000 pieces and a total value of about Rp. 2,217,080.-

PadabulanJuli2017dilakukankegiatanpemberianbantuan kepada Yayasan Pendidikan Islam (YPI)Al-Khoirot, Gebang - Cikupa Tangerang, berupaperalatan belajar - mengajar sebanyak 75 unitdengannilaitotalsekitarRp.2.207.780.-.

In July 2017, the donation was conducted to Al-Khoirot Islamic Foundation (YPI), Gebang - Cikupa Tangerang, in the form of teaching and learning equipment of 75 units with a total value of about Rp. 2,207,780.-



Pada bulan Agustus 2017 dilakukan kegiatanpemberian bantuan kepada SD Negeri Cirewed,Cikupa Tangerang berupa alat-alat belajar bagisiswadanalat-alatmengajarbagitenagapendidikdengan jumlah50unitdengannilai totaldekitarRp.2.421.290.-.

In August 2017, the activities of providing assistance to the State Elementary School Cirewed, Cikupa Tangerang in the form of learning tools for students and teaching tools for educators with the number of 50 units with a total value of Rp. 2,421,290.-

Pada bulan September 2017 dilakukan kegiatanpemberian bantuan kepada MTS Al-Hidayah,Bitung Jaya, Tangerang berupa alat-alat belajarbagi siswa dengan jumlah 40 unit dengan nilaitotaldekitarRp.2.228.580.-.

In September 2017, the activities of providing assistance to MTS Al-Hidayah, Bitung Jaya, Tangerang in the form of learning tools for students with the number of 40 units with a total value of Rp. 2,228,580.-

Pada bulan Oktober 2017 dilakukan kegiatanpemberian bantuan kepada SD Negeri 1 BitungJaya,Tangerangberupaalat-alatbelajarbagisiswadengan jumlah40unitdengannilai totaldekitarRp.2.31.6040.-.

In October 2017, the activities of providing assistance to SD Negeri 1 Bitung Jaya, Tangerang in the form of learning tools for students with the number of 40 units with a total value of Rp. 2.31.6040.-

Pada bulan Oktober 2017 dilakukan kegiatansyukurandanperayaanMaulidNabiMuhammadSAWdiPoolCikampekyangdihadiriolehkaryawan,penduduk sekitar Pool dan juga mengundangsekaliguspemberiansantunankepadaanakyatimpiatuyangdisekitarPool.

In October 2017, the celebration of Maulid Prophet Muhammad SAW in Pool Cikampek was attended by employees, residents around Pool and also invited as well as providing compensation to orphans around the Pool.



Pada bulan November 2017 dilakukan kegiatanpemberian bantuan kepada SD Negeri 2 BitungJaya,Tangerangberupaalat-alatbelajarbagisiswadengan jumlah25unitdengannilai totaldekitarRp.2.268.900.-

In November 2017, the activities of providing assistance to SD Negeri 2 Bitung Jaya, Tangerang in the form of learning tools for students with a total of 25 units with a total value of Rp. 2.268.900.-

Pada bulan Desember 2017 dilakukan kegiatanpemberianbantuankepadaSDNegeri1Cirewed,Cikupa, Tangerang berupa alat-alat belajar bagisiswa dengan jumlah 25 unit dengan nilai totaldekitarRp.2.819.500.-.

In December 2017, the activities of providing assistance to SD Negeri 1 Cirewed, Cikupa, Tangerang in the form of learning tools for students with a total of 25 units with a total value of Rp. 2,819,500.-.



Surat Pernyataan Anggota Dewan Komisaris dan DireksiTentang Tanggung Jawab atas Laporan Tahunan 2017

PT Indah Prakasa Sentosa Tbk

Statement of Members of Board of Commissioners and Board of Directors on the Responsibility for the 2017 Annual Report of

PT Indah Prakasa Sentosa Tbk

KamiyangbertandatangandibawahinimenyatakanbahwasemuaninformasidalamLaporanTahunanPTIndahPrakasaSentosaTbk tahun2017 telahdimuatsecara lengkap dan bertanggung jawab penuh ataskebenaranisiLaporanTahunandanLporanKeuanganPerseroan.

Demikianpernyataaninidibuatdengansebenarnya.

We, the undersigned, testify that all information in the Annual Report of PT Indah Prakasa Sentosa Tbk for 2017 is presented in its entirety and we are fully responsible for the correctness of the content in the Annual Report and Financial statement of the Company

This statement is hereby made in all truthfulness.

Dewan KomisarisBoard of Commissioners

Lies Erliawati WinataKomisarisUtama


Julius SidhartaKomisarisIndependen

Independent Commissioner

DireksiBoard of Directors

Eddy Purwanto WinataDirekturUtama

President Director

Lies Yuliana WinataDirekturDirector

Ir. Hadi Avilla TamzilDirekturIndependenIndependent Director



Laporan KeuanganFinancial Report

i

PT Indah Prakasa Sentosa Tbkdan Entitas Anak/and Subsidiaries

Laporan Keuangan Konsolidasianper tanggal dan untuk tahun-tahun yang berakhir

pada tanggal 31 Desember 2017 dan 2016beserta Laporan Auditor Independen

Consolidated Financial Statementsas of and for the years ended31 December 2017 and 2016

with Independent Auditor’s Report thereon

ii

Halaman/Page

Pernyataan Direksi Directors’ Statement

Laporan Auditor Independen Independent Auditor’s Report

Laporan Keuangan Konsolidasian Consolidated Financial Statements

Laporan Posisi Keuangan Konsolidasian 1 - 3 Consolidated Statements of Financial Position

Laporan Laba Rugi dan Penghasilan Consolidated Statements of Profit or LossKomprehensif Lain Konsolidasian 4 - 5 and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian 6 Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian 7 Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian 8 - 96 Notes to the Consolidated Financial Statements

*************************

1

1

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesLaporan Posisi Keuangan Konsolidasian Consolidated Statements of Financial PositionPer tanggal 31 Desember 2017 dan 2016 As of 31 December 2017 and 2016

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

Catatan/ 31 Desember/ DecemberNote 2017 2016

Aset Assets

Aset lancar Current assets

Kas dan setara kas 5 4.353.180.489 4.019.652.273 Cash and cash equivalentsRekening yang dibatasi Restricted

penggunaannya 6 750.000.000 750.000.000 accountsPiutang usaha Trade receivables

Pihak ketiga - setelah Third parties - net ofdikurangi cadangan allowance for decliningpenurunan nilai sebesar in value amounting toRp 3.438.136.116 Rp 3,438,136,116(31 Desember 2017) dan (31 December 2017) andRp 3.183.376.837 Rp 3,183,376,837(31 Desember 2016) 7 31.535.513.148 36.660.258.065 (31 December 2016)

Persediaan 8 8.809.793.025 6.774.543.043 InventoriesPajak dibayar di muka 9a 5.465.853.948 3.573.139.301 Prepaid taxesBiaya dibayar di muka 5.087.095.661 2.116.497.522 Prepaid expenses

Jumlah aset lancar 56.001.436.271 53.894.090.204 Total current assets

Aset tidak lancar Non-current assets

Uang muka pembelian tanah 1.812.500.000 1.000.000.000 Advance on land purchaseAset pajak tangguhan 9e 3.229.581.577 2.230.323.114 Deferred tax assetsAset tetap Fixed assets

- setelah dikurangi akumulasi - net of accumulatedpenyusutan sebesar depreciation ofRp 106.225.596.263 Rp 106,225,596,263(31 Desember 2017) dan (31 December 2017) andRp 78.476.969.457 Rp 78,476,969,457(31 Desember 2016) 10 379.776.728.012 298.959.169.132 (31 December 2016)

Aset lain-lain 11 11.466.666.667 10.166.666.667 Other assets

Jumlah aset tidak lancar 396.285.476.256 312.356.158.913 Total non-current assets

Jumlah aset 452.286.912.527 366.250.249.117 Total assets

Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.

The accompanying notes to the consolidated financial statements form an integral part of the consolidatedfinancial statements.

2

2

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesLaporan Posisi Keuangan Konsolidasian Consolidated Statements of Financial Position(lanjutan) (continued)Per tanggal 31 Desember 2017 dan 2016 As of 31 December 2017 and 2016



Liabilitas Liabilities

Liabilitas jangka pendek Current liabilities

Utang bank jangka pendek 12 98.967.023.058 80.871.981.725 Short term bank loansUtang usaha 13 Trade payables

Pihak ketiga 17.477.202.606 23.490.466.024 Third partiesPihak berelasi 19.838.803.835 19.061.658.385 Related parties

Utang lain-lain 277.744.333 - Other payablesUtang pajak 9b 2.171.732.965 859.724.733 Taxes payableBeban masih harus dibayar 3.391.159.737 2.046.749.054 Accrued expensesLiabilitas jangka panjang yang akan Long term liabilities that will

jatuh tempo dalam satu tahun mature in one yearUtang bank 15 15.704.778.186 13.467.567.350 Bank loanUtang lembaga keuangan lainnya 16 24.060.148.596 14.498.977.798 Other financial institution loan

Jumlah liabilitas jangka pendek 181.888.593.316 154.297.125.069 Total current liabilities

Liabilitas jangka panjang Non-current liabilities

Utang pihak berelasi 14 1.091.918.923 9.246.800.509 Amount due to related partiesLiabilitas jangka panjang setelah Long term liabilities after

dikurangi bagian yang jatuh tempo deducting portion which mature dalam satu tahun in one yearUtang bank 15 95.167.491.072 64.953.911.886 Bank loanUtang lembaga keuangan lainnya 16 41.098.767.417 27.564.889.017 Other financial institution loan

Liabilitas imbalan kerja 17 10.753.082.803 6.744.699.867 Employee benefits liability

Jumlah liabilitas jangka panjang 148.081.250.215 108.510.301.279 Total non-current liabilities

Jumlah liabilitas 329.999.853.531 262.807.426.348 Total liabilities

Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangankonsolidasian.


3

3

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesLaporan Posisi Keuangan Konsolidasian Consolidated Statements of Financial Position(lanjutan) (continued)Per tanggal 31 Desember 2017 dan 2016 As of 31 December 2017 and 2016



Ekuitas Equity

Ekuitas yang dapat diatribusikan Equity attributable to kepada pemilik entitas induk owners of the Company

Modal saham Share capitalModal dasar - 2.000.000.000 saham Authorized capital - 2,000,000,000(31 Desember 2017) dan shares (31 December 2017) 20.000 saham (31 Desember 2016), and 20,000 shares nilai nominal (31 December 2016),Rp 100 per saham par value of Rp 100 per share (31 Desember 2017) dan (31 December 2017) andRp 1.000.000 per saham Rp 1,000,000 per share(31 Desember 2016) (31 December 2016)Telah ditempatkan dan disetor Issued and fully paidpenuh 500.000.000 saham 500,000,000 shares(31 Desember 2017) dan (31 December 2017) and20.000 saham 20,000 shares(31 Desember 2016) 18 50.000.000.000 20.000.000.000 (31 December 2016)

Tambahan modal disetor lainnya : 19 Additional other paid in capital :- Selisih kombinasi - The difference in business

bisnis entitas combination of under commonsepengendali 2 66.631.422.727 - control entities

- Pengampunan pajak 6.766.567.000 - - Tax amnestyEkuitas entitas anak yang Equity of the subsidiary derived

berasal dari kombinasi bisnis from business combination of entitas sepengendali - 85.243.906.539 under common control entities

Saldo laba yang belum Retained earnings whichditentukan penggunaanya (54.095.308.055) (44.005.047.495) unappropriated

Penghasilan komprehensif lain : Other comprehensive income :- Selisih revaluasi aset tetap 10 52.084.320.000 40.731.356.000 - Surplus on revaluation of fixed assets- Pengukuran kembali - Remeasurement of net

liabilitas imbalan pasti - 1.472.607.725 defined benefit liability

Jumlah ekuitas yang dapat Total equity attributablediatribusikan kepada to owners of the parentpemilik entitas induk 121.387.001.672 103.442.822.769 entity

Kepentingan non-pengendali 20 900.057.324 - Non-controlling interests

Jumlah ekuitas 122.287.058.996 103.442.822.769 Total equity

Jumlah liabilitas dan ekuitas 452.286.912.527 366.250.249.117 Total liabilities and equity



4

4

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesLaporan Laba Rugi dan Penghasilan Consolidated Statements of Profit or LossKomprehensif Lain Konsolidasian and Other Comprehensive IncomeUntuk tahun-tahun yang berakhir pada tanggal For the years ended31 Desember 2017 dan 2016 31 December 2017 and 2016


Catatan/ 31 Desember/ DecemberNote 2017 2016*)

Pendapatan 21 310.665.280.356 277.528.406.909 RevenuesBeban pokok penjualan 22 248.681.525.641 234.782.105.127 Cost of revenues

Laba bruto 61.983.754.715 42.746.301.782 Gross profit

Beban penjualan 23 (2.901.019.895) (3.803.316.704) Selling expensesBeban umum dan General and administrative

administrasi 24 (44.575.957.136) (27.195.003.330) expensesBeban pajak final 9c (367.055.868) (463.209.034) Final tax expensesBeban penyisihan piutang (254.759.279) (3.131.589.804) Allowance for receivablesLaba (rugi) penjualan aset tetap 450.714.285 - Gain (loss) on sales of fixed assetsPendapatan bunga 33.528.756 69.936.901 Interest incomeProvisi dan administrasi bank (1.002.802.638) (1.844.170.665) Bank charges and provisionBunga pinjaman bank (17.232.987.460) (19.818.612.032) Interest on bank loansBunga pembiayaan konsumen (6.152.286.937) (4.334.250.530) Interest on consumer financingPendapatan (beban) lainnya 74.090.360 (237.146.190) Other income (expenses)

Rugi sebelum beban pajak (9.944.781.097) (18.011.059.606) Loss before tax expenses

Beban pajak 9d (1.452.920.694) (829.706.900) Tax expenses

Rugi tahun berjalan (11.397.701.791) (18.840.766.506) Loss for the year

Penghasilan komprehensif lain : Other comprehensive income :- Pos-pos yang tidak akan - Items that will not be reclassified

direklasifikasi ke laba rugi : subsequently to profit or loss :- Revaluasi aset tetap 24.442.539.748 28.859.836.000 - Revaluation of fixed assets- Pengukuran kembali - Remeasurement of a net

liabilitas imbalan pasti 17 (544.753.987) 265.306.659 defined benefit liability- Pajak penghasilan terkait 9e 125.285.257 (37.029.627) - Related income tax

- Pos-pos yang akan - Items that will be reclassifieddireklasifikasi ke laba rugi - - subsequently to profit or loss

Jumlah penghasilan komprehensif Total other comprehensive incomelain tahun berjalan, setelah pajak 24.023.071.018 29.088.113.032 for current year, after tax

Jumlah penghasilan komprehensif Total comprehensive incometahun berjalan 12.625.369.227 10.247.346.526 for the year

*) Penyajian penyesuaian proforma dicatat dalam laporan perubahan ekuitas. (Lihat Catatan 33)

*) The presentation of proforma adjustments is recorded in the statement of changes in equity. (See Note 33)



5

5

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesLaporan Laba Rugi dan Penghasilan Consolidated Statements of Profit or LossKomprehensif Lain Konsolidasian (lanjutan) and Other Comprehensive Income (continued)Untuk tahun-tahun yang berakhir pada tanggal For the years ended31 Desember 2017 dan 2016 31 December 2017 and 2016



Jumlah laba (rugi) tahun berjalan Total profit (loss) for the yearyang dapat diatribusikan kepada : attributable to :Pemilik entitas induk (11.386.337.976) (18.840.766.506) Owners of the parent companyKepentingan non-pengendali 20 (11.363.815) - Non-controlling interest

(11.397.701.791) (18.840.766.506)Jumlah penghasilan komprehensif

tahun berjalan yang dapat Total comprehensive income for diatribusikan kepada : the year attributable to :Pemilik entitas induk 12.636.656.577 10.247.346.526 Owners of the parent companyKepentingan non-pengendali 20 (11.287.350) - Non-controlling interest

12.625.369.227 10.247.346.526

Rugi per saham - dasar 3r,25 (40,94) (94,20) Loss per share - basic



6

6

PT Indah Prakasa Sentosa

Tbk

PT Indah Prakasa SentosaTbk

dan Entitas A

nakand Subsidiaries

Laporan Perubahan E

kuitas Konsolidasian

Consolidated

Statements of C

hanges in Equity

Untuk tahun-tahun

yang berakhir pada tanggalFor the years ended

31 Desem

ber 2017 dan 201631 D

ecember 2017 and 2016

(Dinyatakan dalam

Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

Diatribusikan kepada pem

ilik entitas induk/ Atributable to owners of the parent company

Kepentingan

Ekuitas entitas anaknon-pengendali

yang berasal dariPendapatan

atas aset bersihkom

binasi bisnis/kom

prehensifentitas anak/

Tambahan

Equity ofthelain/

Non-controlling

modal disetor/

subsidiaryderived

Other

interests in netC

atatan/M

odal saham/

Additionalfrom

businessSaldo laba/

comprehensive

Jumlah/

assets ofJum

lah ekuitas/N

otesShare capital

paid in capitalcom

binationRetained earnings

income

Totalsubsidiaries

Totalequity

Saldo 1 Januari 201620.000.000.000

-46.579.107.681

(24.844.303.384)31.836.682.199

73.571.486.496-

73.571.486.496Balance 1 January 2016

Tambahan m

odal disetor entitas anakAdditional paid-in capital of subsidiaries

yang berasal dari kombinasi bisnis

19-

-8.900.000.000

--

8.900.000.000-

8.900.000.000derived from

business combination

Pengampunan pajak entitas anak

Tax amnesty of subsidiaries derived

berasal dari kombinasi bisnis

19-

-10.723.989.747

--

10.723.989.747-

10.723.989.747from


Pendapatan komprehensif :

Com

prehensive income :

Rugitahun berjalan

--

-(18.840.766.506)

-(18.840.766.506)

-(18.840.766.506)

Lossfor the yearPenyesuaian

proforma

--

319.977.605(319.977.605)

--

--

Proforma adjustm

entPenghasilan (rugi) kom

prehensif lain :O

ther comprehensive incom

e (loss) :-

Pos-pos yang tidak akan-

Items that will not be reclassified

direklasifikasi ke laba rugi :subsequently to profit or loss :

-R

evaluasi aset tetap-

--

-28.859.836.000

28.859.836.000-

28.859.836.000-

Revaluation of fixed assets-

Pengukuran kembali

-Rem

easurement of net

liabilitas imbalan pasti

--

--

228.277.032228.277.032

-228.277.032

defined benefitsliability-

Penyesuaian proforma

--

18.720.831.506-

(18.720.831.506)-

--

-Proform

a adjustment

Saldo 31 Desem

ber 201620.000.000.000

-85.243.906.539

(44.005.047.495)42.203.963.725

103.442.822.769-

103.442.822.769B

alance 31 Decem

ber 2016Tam

bahan modal disetor entitas anak

Additional paid-in capital of subsidiariesyang berasal dari kom

binasi bisnis19

30.000.000.000-

--

-30.000.000.000

-30.000.000.000

derived from business com

binationPenurunan m

odal entitas anak yangD

eduction of capital of subsidiariesberasal dari kom

binasi bisnis19

--

(7.070.000.000)-

-(7.070.000.000)

-(7.070.000.000)

derived from business com

binationPengam

punan pajak19

-6.766.567.000

--

-6.766.567.000

-6.766.567.000

Tax amnesty

Pengampunan pajak entitas anak

Tax amnesty of subsidiaries derived

berasal dari kombinasi bisnis

19-

-114.000.000

--

114.000.000-

114.000.000from


Pendapatan komprehensif :

Com

prehensive income :

Rugitahun

berjalan-

--

(11.386.337.976)-

(11.386.337.976)(11.363.815)

(11.397.701.791)Loss for the year


--

610.467.755(610.467.755)

--

--

Proforma adjustm

entPenghasilan (rugi) kom

prehensif lain :O

ther comprehensive incom

e (loss) :-

Pos-pos yang tidak akan-

Items that will not be reclassified

direklasifikasi ke laba rugi :subsequently to profit or loss :

-R

evaluasi aset tetap-

--

-24.442.539.748

24.442.539.748-

24.442.539.748-

Revaluation of fixed assets-

Pengukuran kembali

-Rem

easurement of net


--

--

(419.545.195)(419.545.195)

76.465(419.468.730)

defined benefitsliability-


--

12.236.093.107-

(12.236.093.107)-

--

-Proform

a adjustment

Reversal atas kom

binasi bisnisReverse ofbusiness com

binationentitas sepengendali

2-

66.631.422.727(91.134.467.401)

--

(24.503.044.674)911.344.674

(23.591.700.000)under com

mon control

Reklasifikasi pengukuran kem

baliReclassification of rem

easurement


--

-1.906.545.171

(1.906.545.171)-

--

of net defined benefitsliability

Saldo 31 Desem

ber 201750.000.000.000

73.397.989.727-

(54.095.308.055)52.084.320.000

121.387.001.672900.057.324

122.287.058.996B

alance 31 Decem

ber 2017

Catatan atas laporan keuangan konsolidasian m

erupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.

The accompanying notes to the consolidated

financial statements form

an integral part of the consolidated

financial statements.

7

7

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesLaporan Arus Kas Konsolidasian Consolidated Statements of Cash FlowsUntuk tahun-tahun yang berakhir pada tanggal For the years ended31 Desember 2017 dan 2016 31 December 2017 and 2016



Arus kas dari aktivitas Cash flows from operatingoperasi activities

Penerimaan dari pelanggan 315.535.265.994 279.289.725.944 Received from customersPembayaran kepada direksi, Payments to directors,

karyawan dan pemasok (272.356.713.238) (198.112.399.355) employees and suppliers

Kas dari operasi 43.178.552.756 81.177.326.589 Cash generated from operationsPembayaran bunga pinjaman - (25.927.096.326) Payment of interest loanPembayaran pajak (2.476.879.129) (7.027.806.232) Tax paymentsPembayaran (penerimaan) lainnya 311.273.089 (6.947.842.456) Other payment (received)

Kas bersih dari aktivitas operasi 41.012.946.716 41.274.581.575 Net cash from operating activities

Arus kas dari aktivitas Cash flow from investinginvestasi activities

Perolehan aset tetap 10,32 (51.158.361.648) (41.330.452.961) Acquisition of fixed assetsInvestasi pada entitas anak 2 (23.591.700.000) - Investment on subsidiaries Uang muka pembelian tanah (812.500.000) (1.000.000.000) Advance on purchase of landHasil penjualan aset tetap 10 450.714.285 - Proceeds from sales of fixed assetsPerolehan aset lainnya - (200.000.000) Acquisition of other assets

Kas bersih digunakan untuk Net cash used to investingaktivitas investasi (75.111.847.363) (42.530.452.961) activities

Arus kas dari aktivitas pendanaan Cash flows from financing activities

Pencairan (pembayaran) utang bank 50.545.831.355 (22.577.131.926) Withdrawn (payment) of bank loanPembayaran bunga pinjaman (27.224.846.272) - Payment of interest loanPembayaran biaya terkait penawaran Payment related costs of initial

umum perdana saham (4.000.000.000) - public offering (IPO)Kenaikan modal disetor 18 30.000.000.000 - Increase of paid in capitalPenambahan (pengembalian) Additional (refund) of subsidairies’

modal disetor entitas anak (7.070.000.000) 8.900.000.000 paid in capital(Pembayaran) penerimaan dari (Payment) received from

lembaga keuangan lainnya - besih 336.210.454 (13.212.685.741) other financial instritution - netPenerimaan (pembayaran) dari Received (payment) from

pihak berelasi 14 (8.154.881.586) 26.829.862.711 related parties

Kas bersih dari (digunakan untuk) Net cash from (used in) financingaktivitas pendanaan 34.432.313.951 (59.954.956) activities

Kenaikan (penurunan) bersih kas Net increase (decrease) in cash dan setara kas 333.413.304 (1.315.826.342) and cash equivalents

Kas dan setara kas Cash and cash equivalentsawal tahun 4.019.652.273 5.335.870.209 at beginning of the year

Dampak perubahan selisih kurs Effect of exchange rate changesterhadap kas dan setara kas 114.912 (391.594) on cash and cash equivalent

Kas dan setara kas Cash and cash equivalentsakhir tahun 5 4.353.180.489 4.019.652.273 at end of the year

Transaksi yang tidak mempengaruhi kas dan setara kas, lihat Catatan 32.

Transactions which not affecting to cash and cash equivalents, see Note 32.


The accompanying notes to the consolidated financial statements form an integral part of the consolidated financial statements.

8

8

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesCatatan atas Laporan Keuangan Konsolidasian Notes to the Consolidated Financial StatementsPer tanggal dan untuk tahun-tahun yang berakhir As of and for the years endedpada tanggal 31 Desember 2017 dan 2016 31 December2017 and 2016

1. U m u m 1. General

a. Pendirian Perusahaan a. The Company’s establishment

PT Indah Prakasa Sentosa ("Perusahaan") didirikan berdasarkan akta notaris No. 44 tanggal 15 Januari 1988 yang mengalami perubahan dengan Akta No. 73 tanggal 30 Maret 1988 yang keduanya dibuat di hadapan Notaris Bachruddin Hardigaluh, S.H., di Cirebon. Akta tersebut telah memperoleh pengesahan dari Menteri Kehakiman Republik Indonesia (“Menkumham”) berdasarkan Keputusan No. C2-5287-HT.01.01.TH'88 tanggal 23 Juni 1988. Anggaran Dasar Perusahaan mengalami perubahan dengan Akta No. 025 tanggal 15 September 2008 tentang penyesuaian dengan Undang-Undang Perseroan Terbatas No. 40 Tahun 2007 dari Notaris Mutiara Hartanto, S.H., Notaris di Jakarta. Akta tersebut telah mendapatkan pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat keputusannya tanggal 28 November tahun 2008 No. AHU-91085.AHA.0102 tahun 2008.

PT Indah Prakasa Sentosa Tbk (“the Company”),was established based on notarial deed No. 44dated 15 January 1988 which was amended by Deed No. 73 dated 30 March 1988, both of which were made before Notary Bachruddin Hardigaluh, S.H., in Cirebon. The deed has been approved by the Minister of Justice of the Republic of Indonesia ("Menkumham") pursuant to Decree No. C2-5287-HT.01.01.TH'88 dated 23 June 1988. The Company’s Articles of Association have been amended by Deed No. 025 dated 15 September 2008 to conform with Law of Liability Company No. 40 Year 2007 from Notary Mutiara Hartanto, S.H., Notary in Jakarta. The deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia with his Decree dated 28 November 2008 No.AHU-91085.AHA.0102 tahun 2008.

Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan,dan perubahan terakhir dilakukan berdasarkan Akta No. 29 tanggal 27 September 2017 yang dibuat dihadapan Mutiara Hertanto S.H., Notaris di Jakarta, dan telah mendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam keputusannya No. AHU-0019999.AH.01.02.Tahun 2017 tanggal 28 September 2017 serta telah dicatat dan diterima dalam Sistem Administrasi Badan Hukum dengan Nomor Surat AHU-AH.01.03-0175765 tanggal 28 September 2017. Perubahan Anggaran Dasar terakhir tersebut antara lain menyetujui :

The Company's Articles of Association has been amended several times, and the latest amendment is based on Deed No. 29 dated 27 September 2017 made before Mutiara Hertanto SH, Notary in Jakarta, and has been approved by the Minister of Justice and Human Rights in its decision No. AHU-0019999.AH.01.02.Tahun 2017 dated 28 September 2017 and has been recorded and received in the Legal Entity Administration System by Letter Number AHU-AH.01.03-0175765 dated 28 September 2017. The last amendment of the Articles of Association shall include approving :

1. Jual beli saham dalam Perusahaan sebanyak 12.500 saham yang semula masing-masing dimiliki oleh pemegang saham, antara lain :Tn. Eddy Purwanto Winata sebanyak 6.875 saham, Ny. Lies Purwati Winata sebanyak 1.250 saham, Ny. Lies Murtiningsih sebanyak 1.875 saham dan Ny. Lies Erliawati Winata sebanyak 1.250 saham menjadi PT Surya Perkasa Sentosa sebanyak 11.250 saham dan PT Sinar Ratu Sentosa sebanyak 1.250 saham.

1. Sale and purchase of the Company’s shares of 12,500 shares originally owned by shareholders, among others: Mr. Eddy Purwanto Winata of 6,875 shares, Mrs. Lies Purwati Winata of 1,250 shares, Mrs. Lies Murtiningsih of 1,875 shares and Mrs. Lies Erliawati Winata of 1,250 shares to PT Surya Perkasa Sentosa with 11,250 shares and PT Sinar Ratu Sentosa with 1,250 shares.

9

PT Indah Prakasa Sentosa Tbk PT Indah Prakasa Sentosa Tbkdan Entitas Anak and SubsidiariesCatatan atas Laporan Keuangan Konsolidasian Notes to the Consolidated Financial Statements(lanjutan) (continued)Per tanggal dan untuk tahun-tahun yang berakhir As of and for the years endedpada tanggal 31 Desember 2017 dan 2016 31 December 2017 and 2016

9

1. Umum (lanjutan) 1. General (continued)

a. Pendirian Perusahaan (lanjutan) a. The Company’s establishment (continued)

2. Persetujuan untuk penurunan nilai nominal saham yang semula sebesar Rp 1.000.000 menjadi Rp 100, penyesuaian Anggaran Dasar Perusahaan dengan peraturan perundang-undangan di pasar modal, dengan diadakannya penurunan nilai nominal saham, maka komposisi pemilikan saham dalam perseroan menjadi PT Surya Perkasa Sentosa sebanyak 112.500.000 saham dan PT Sinar Ratu Sentosa sebanyak 12.500.000 saham.

2. Approval for the decline in the par value of the original shares of Rp 1,000,000 to Rp 100, the adjustment of the Company's Articles of Association to the prevailing laws and regulations in the capital market, with the decrease of the par value of the shares,the composition of the Company's share ownership becomes PT Surya Perkasa Sentosa totaling 112,500 shares and PT Sinar Ratu Sentosa totaling 12,500,000 shares.

3. Menyetujui perubahan susunan Dewan Komisaris dan Dewan Direksi.

3. To approve the change of the composition of the Board of Commissioners and Board of Directors.

4. Menyetujui peningkatan modal dasar Perseroan yaitu yang semula berjumlah Rp50.000.000.000 terbagi atas 500.000.000 saham, masing-masing saham bernilai nominal sebesar Rp 100, menjadi berjumlah Rp 200.000.000.000 terbagi atas 2.000.000.000 saham, masing-masing saham bernilai sebesar Rp 100. Modal ditempatkan dan disetor sebesar 125.000.000 saham dengan nilai nominal seluruhnya sebesar Rp 12.500.000.000 ditingkatkan menjadi sebesarRp 50.000.000.000, penambahan modal yang ditempatkan dan disetor dalam Peseroan sebanyak 37.500.000.000 saham atau sebesar Rp 375.000.000.000 yang diambil bagian masing-masing oleh PT Surya Perkasa Sentosa sebanyak 337.500.000 saham atau sebesar Rp 33.750.000.000, dan PT Sinar Ratu Sentosa sebanyak 37.500.000 saham atau sebesar Rp 3.750.000.000.

4. Approved the increase in the authorized capital of the Company, which originally amounted to Rp 50,000,000,000 divided into 500,000,000 shares, each having nominalvalue of Rp 100, become amounting to Rp 200,000,000,000, divided into 2,000,000,000 shares, each valued at Rp 100. Issued and paid up capital of 125,000,000 shares with total nominal value of Rp 12,500,000,000 increased becomeamounting to Rp 50,000,000,000, the addition of the Company’s issued and fully paid up capital amounting to 37,500,000,000 shares or Rp 375,000,000,000 thousands which was subscribed by PT Surya Perkasa Sentosa amounting to 337,500,000 shares or Rp 33,750,000,000 and PT Sinar Ratu Sentosa amounting to 37,500,000 shares or Rp 3,750,000,000.

Maksud dan tujuan Perusahaan sesuai dengan pasal 3 Anggaran Dasar Perusahaan adalah bergerak dalam bidang transportasi atau angkutan umum, pembangunan, perdagangan, industri,pertanian, dan jasa. Saat ini usaha utama Perusahaan adalah bergerak dibidang distribusi BBM (Bahan Bakar Minyak), LPG (Liquified Petroleum Gas), dan bahan bahan kimia, perdagangan BBM dan pelumas, kendaraan angkutan (transportasi), logistik dan jasa.

The Company's purposes and objectives pursuant to article 3 of the Company's Articles of Association are engaged in transportation or public transport, development, trade, industry, agriculture, and services. Currently the Company's main business is engaged in the distribution of Fuel (Petroleum Fuel), LPG (Liquified Petroleum Gas), and chemicals, fuel and lubricant trade, transport vehicles (transportation), logistics and services.

Perusahaan memulai kegiatan komersialnya pada tahun 1988.

The Company started its commercial activities in 1988.

10


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Perusahaan berdomisili di Jl. Sunter Garden Raya Blok D8 No. 3G-3H, Jakarta Utara 14350. Perusahaan dan Entitas Anak memiliki kantor cabang yang berlokasi di Cilegon, Bandung dan Samarinda.

The Company is domiciled at Jl. Sunter Garden Raya Block D8 No. 3G-3H, North Jakarta 14350. The Company and Subsidiaries have branch offices located in Cilegon, Bandung and Samarinda.

Berdasarkan Akta No. 03 tanggal 12 Desember 2017 yang dibuat dihadapan Rahayu Ningsih S.H., Notaris di Jakarta, dan telah mendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia dalam keputusannya No. AHU-0026511.AH.01.02.TAHUN 2017 tanggal 15 Desember 2017 telah diterima perubahan Anggaran Dasarnya oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana menurut Surat Penerimaan Pemberitahuan Perubahan Anggaran Dasar PT Indah Prakasa Sentosa Tbk No. AHU-AH.01.03.0201368 tanggal 15 Desember 2017, Daftar Perseroan No. AHU-0159904.AH.01.11.TAHUN 2017 tanggal 15 Desember 2017, dan telah diterima perubahan datanya oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana menurut Surat Penerimaan Pemberitahuan Perubahan Data PT Indah Prakasa Sentosa Tbk No. AHU-AH.01.03.0201369 tanggal 15 Desember 2017, Daftar Perseroan No. AHU-0159904.AH.01.11.TAHUN 2017 tanggal 15 Desember 2017. Perubahan Anggaran Dasar terakhir tersebut antara lain menyetujui :

Based on Deed No. 03 dated 12 December 2017 made before Rahayu Ningsih S.H., Notary in Jakarta, and has been approved by the Minister of Justice and Human Rights in its decision No. AHU-0026511.AH.01.02.TAHUN 2017 dated 15 December 2017 has been accepted amendment of its Articles of Association by the Minister of Justice and Human Rights of the Republic of Indonesia as described in the Letter of Acceptance of Notification of Amendment of Articles of Association of PT Indah Prakasa Sentosa Tbk No. AHU-AH.01.03.0201368 dated 15 December 2017, List of Company No. AHU-0159904.AH.01.11.TAHUN 2017 dated 15 December 2017, and has received changes to its data by the Minister of Justice and Human Rights of the Republic of Indonesia as described in the Letter of Receipt of Data Change Notification PT Indah Prakasa Sentosa Tbk No. AHU-AH.01.03.0201369 dated 15 December 2017, List of Company No. AHU-0159904.AH.01.11.TAHUN 2017 dated 15 December 2017. The latest amendments to the Articles of Association shall include, among other things, approving :

a. Persetujuan perubahan nama dan status Perseroran yang semula Perseroan Terbatas Tertutup menjadi Perseroan Terbatas Terbuka.

a. Approval of change of name and status of the Company which was previously a Limited Liability Company to become an Open Limited Liability Company.

b. Persetujuan melepaskan dan mengesampingkan hak PT Surya Perkasa Sentosa untukmenawarkan terlebih dahulu saham Perusahaan yang dimiliki oleh PT Surya Perkasa Sentosa yang akan dijual, sehingga selanjutnya saham yang dimiliki oleh PT Surya Perkasa Sentosa sebanyak 5.000.000 (lima juta) lembar saham dijual kepada Tn. Eddy Purwanto Winata.

b. Approval to release and override PT Surya Perkasa Sentosa's right to offer the Company’s shares owned by PT Surya Perkasa Sentosa which will be sold, that the share of the Company owned by PT Surya Perkasa Sentosa amounted to 5,000,000 (five million) shares sell to Mr. Eddy Purwanto Winata.

c. Persetujuan Jual Beli Saham dalam Perseroan milik PT Sinar Ratu Sentosa kepada Tn. Eddy Purwanto Winata, sebanyak 5.000.000 (lima juta) lembar saham.

c. Approval of Sale and Purchase of Shares in the Company owned by PT Sinar Ratu Sentosa to Mr. Eddy Purwanto Winata, as many as 5,000,000 (five million) shares.

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Persentasekepemilikan/

Pemegang saham/ Jumlah saham/ Percentage of Jumlah/Shareholder’s name Number of share ownership (%) Total

PT Surya Perkasa Sentosa 450.000.000 90,00 45.000.000.000PT Sinar Ratu Sentosa 45.000.000 9,00 4.500.000.000Tn/ Mr. Eddy Purwanto Winata 5.000.000 1,00 500.000.000

Jumlah 500.000.000 100,00 50.000.000.000

d. Persetujuan perubahan maksud dan tujuan Perusahaan.

d. Approval to change the purpose and objectives of the Company.

e. Persetujuan rencana Perusahaan untuk melakukan Penawaran Umum Perdana Saham (Initial Public Offering).

e. Approval of the Company's plan to conduct Initial Public Offering.

f. Persetujuan pengeluaran saham dalam simpanan atau portepel Perusahaan dalam jumlah sebanyak-banyaknya 200.000.000 (dua ratus juta) lembar saham baru (selanjutnya disebut “Saham Baru”) untuk ditawarkan kepada masyarakat dalam Initial Public Offering dengan memperhatikan ketentuan perundang-undangan yang berlaku termasuk tetapi tidak terbatas pada peraturan-peraturan Pasar Modal dan Bursa Efek Indonesia.

f. Approval of the release of shares in the Company's stock or portfolio in the amount of 200,000,000 (two hundred million) newshares (hereinafter referred to as "New Share") to be offered to the public in Initial Public Offering with due regard to the applicable laws and regulations but not limited to the regulations of the Capital Market and Indonesia Stock Exchange.

g. Persetujuan melepaskan dan mengesampingkan hak masing-masing pemegang saham Perusahaan untuk mengambil bagian terlebih dahulu (right of first refusal) atas saham baru yang disyaratkan dalam Anggaran Dasar Perusahaan.

g. Approval to waive and exclude the right of each shareholder of the Company to take the first (right of first refusal) share of new shares as required in the Company's Articles of Association.

h. Persetujuan rencana Perusahaan untuk melakukan pencatatan saham-saham Perusahaan di Bursa Efek Indonesia.

h. Approval of the Company's plan to record the Company's shares in the Indonesia Stock Exchange.

i. Persetujuan perubahan susunan Dewan Direksi dan Dewan Komisaris Perusahaanyang baru.

i. Approval of changes in the composition of the new Board of Directors and the Board of Commissioners of the Company.

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Persetujuan perubahan seluruh ketentuan Anggaran Dasar Perusahaan dalam rangka menjadi Perusahaan Terbuka antara lain untuk disesuaikan dengan Peraturan Bapepam LK No : IX.J.1 tentang Pokok-Pokok Anggaran Dasar Perusahaan yang melakukan Penawaran Umum Efek Bersifat Ekuitas dan Perusahaan Publik, Lampiran Keputusan Ketua Bapepam & LK No : Kep-179/BL/2008, tanggal 14 Mei 2008, Peraturan Otoritas Jasa Keuangan No : 32/POJK.04/2014 tentang Rencana dan Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan Terbuka, Peraturan Otoritas Jasa Keuangan No : 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik; keduanya tertanggal 8 Desember 2014.

Approval of the amendment to the entire Articles of Association of the Company in order to become a Public Company, among others, to be adjusted to Bapepam LK Regulation No: IX.J.1 on thePrinciples of Articles of Association of Companies Conducting Public Offering of Equity Securities and Public Companies, Appendix of Decision of Chairman of Bapepam & LK No: Kep-179/BL/2008, dated 14 May 2008, Regulation of the Financial Services Authority No: 32/POJK.04/ 2014 on the Plan and Implementation of the Open Company General Meeting of Shareholders, Regulation of the Financial Services Authority No: 33/POJK.04/2014 regarding the Board of Directors and Board of Commissioners of Issuers or Public Companies; both dated 8 December 2014.

b. Entitas Induk dan Entitas Induk Utama b. Parent and Ultimate Parent Company

Pemegang saham utama dan pengendali Grup adalah PT Surya Perkasa Sentosa dan PT Sinar Ratu Sentosa yang merupakan bagian dari Grupyang dimiliki oleh keluarga Tn. Eddy Winata yang berbasis di Indonesia.

The principal shareholder and the controlling of the Group are PT Surya Perkasa Sentosa and PT Sinar Ratu Sentosa which are part of the Group owned by the family of Mr. Eddy Winata based in Indonesia.

c. Dewan Komisaris dan Direksi, Komite Audit, Sekretaris Perusahaan dan Karyawan

c. Board of Commissioners and Directors, Audit Committee, Corporate Secretary and Employees

Susunan Dewan Komisaris dan Direksi Perusahaan adalah sebagai berikut :

The compositions of Board of Commissioners andDirectors of the Company are as follows :

Akta No. 03 tanggal 12 Desember Akta No. 20 tanggal 17 September2017 yang dibuat dihadapan 2014 yang dibuat dihadapan

Rahayu Ningsih S.H./ Mutiara Hertanto S.H./Deed No. 03 dated 12 December Deed No. 20 dated 17 September

2017 made by 2014 made byRahayu Ningsih S.H. Mutiara Hertanto S.H.

Dewan Komisaris/Board of Commissioners

Komisaris Utama/President Commissioner : - Ny/ Mrs. Lies Murtiningsih

Komisaris/ Commissioner : Ny/ Mrs. Lies Erliawati Winata Tn/ Mr. Surya WinataKomisaris Independen/

Independent Commissioner : Tn/ Mr. Julius Sidharta -

Dewan Direksi/ Board of DirectorsDirektur Utama/

President Director : Tn/ Mr. Eddy Purwanto Winata Tn/ Mr. Eddy Purwanto WinataDirektur/ Director : Ny/ Mrs. Lies Yuliana Winata Ny/ Mrs. Lies Purwati WinataDirektur Independen/

Independent Director : Tn/ Mr. Ir. Hadi Avilla Tamzil -

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c. Dewan Komisaris dan Direksi, Komite Audit, Sekretaris Perusahaan dan Karyawan(lanjutan)

c. Boards of Commissioners and Directors, Audit Committee, Corporate Secretary and Employees(continued)

Berdasarkan Surat Keputusan No. 120/Skep/IPS/XII tanggal 21 Desember 2017mengenai pengangkatan Julius Sidharta sebagai Ketua Komite Audit dan Ari Binsyar sebagaianggota serta pengangkatan Suharto Ak., sebagai Kepala Satuan Pengawas Internal Perusahaan danSteven Kurniawan sebagai anggota.

Based on Decree No. 120/Skep/IPS/XII dated 21December 2017 with the appointment of Julius Sidharta as Chairman of Audit Committee andAri Binsyar as a member and appointment ofSuharto Ak., as Head of the Company's Internal Control Unit and Steven Kurniawan as a member.

Berdasarkan surat tanggal 18 September 2017,Perusahaan menunjuk Karya Bakti Kaban sebagai Sekretaris Perusahaan.

Based on the letter dated 18 September 2017, the Company appointed Karya Bakti Kaban as Corporate Secretary.

Jumlah remunerasi yang diberikan kepada Dewan Komisaris dan Direksi Perusahaan sebesar Rp 4.141.250.000 masing-masing untuk tahun yang berakhir pada tanggal 31 Desember 2017 dan 2016.

Total remuneration given to Board of Commissioners and Directors of the Company amounted to Rp 4,141,250,000 for the yearsended 31 December 2017 and 2016, respectively.

Perusahaan dan entitas anak memiliki 328 orang dan 278 orang masing-maing pada tanggal-tanggal 31 Desember 2017 dan 31 Desember 2016 (tidak diaudit).

The Company and its subsidiaries employed 328and 278 employees as of 31 December 2017 and 31 December 2016, respectively (unaudited).

d. Penyusunan dan penerbitan laporan keuangan konsolidasian

d. The preparation and publication of the consolidated financial statements

Laporan keuangan konsolidasian PT Indah Prakasa Sentosa Tbk dan entitas anak untuk tahun yang berakhir pada tanggal 31 Desember 2017telah diselesaikan dan diotorisasi untuk diterbitkan oleh direksi Perusahaan pada tanggal 28 April 2018. Direksi Perusahaanbertanggungjawab atas penyusunan dan penyajian laporan keuangan konsolidasian tersebut.

The consolidated financial statements of PT Indah Prakasa Sentosa Tbk and its subsidiaries for the year ended 31 December 2017 were completed and authorized for issuanceby the Company’s Directors on 28 April 2018.The Company’s Directors are responsible for the preparation and presentation of the consolidated financial statements.

e. Struktur Perusahaan dan entitas anak e. The structure of the Company and its subsidiaries

Pada tanggal 31 Desember 2017 dan 2016, entitas anak yang dikonsolidasikan adalah sebagai berikut :

As of 31 December 2017 and 2016, the consolidated subsidiaries are as follows :

Nama entitas anak/ Kegiatan utama/ Kedudukan/ Tahun mulai operasi/Subsidiaries name Main activities Domicile Years of commencing operations

PT Trasindo Sentosa (“TS”) Perdagangan, transportasi Jakarta 1991dan logistik/ Trading,

transportation and logisticPT Elpindo Reksa (“ER”) Transportasi dan logistik/ Jakarta 1993

Transportation and logisticPT Barisan Nusantara (“BN”) Perdagangan/ Trading Jakarta 2012PT Ekatama Raya (“ERA”) Transportasi dan logistik/ Jakarta 2007

Transportation and logistic

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e. Struktur Perusahaan dan entitas anak(lanjutan)

e. The structure of the Company and its subsidiaries (continued)

Persentase pemilikan (%)/Percentage of ownership (%)

Nama entitas anak/ Subsidiaries’ name 31 Des./ Dec. 2017 31 Des./ Dec. 2016

PT Trasindo Sentosa (“TS”) 99,00 -PT Elpindo Reksa (“ER”) 99,00 -PT Barisan Nusantara (“BN”) 99,00 -PT Ekatama Raya (“ERA”) 99,00 -

Total aset (sebelum eliminasi)/Total assets (before elimination)

31 Des./ Dec. 2017 31 Des./ Dec. 2016(dalam Rupiah/ (dalam Rupiah/

Nama entitas anak/ Subsidiaries’ name expressed in Rupiah) expressed in Rupiah)

PT Trasindo Sentosa (“TS”) 85.579.301.150 81.142.063.701PT Elpindo Reksa (“ER”) 92.766.831.594 58.972.841.923PT Barisan Nusantara (“BN”) 3.150.747.406 6.434.544.789PT Ekatama Raya (“ERA”) 59.302.584.522 24.003.648.751

2. Kombinasi bisnis entitas sepengendali 2. Business combination of under common controlentities

Perusahaan melakukan berbagai transaksi yang merupakan transaksi kombinasi bisnis entitas sepengendali sebagai berikut :

The Company conducted several transactions which represent business combination of under common control entities as follows :

PT Trasindo Sentosa (“TS”) PT Trasindo Sentosa (“TS”)

Berdasarkan akta No. 32 tanggal 28 September 2017 oleh Notaris Mutiara Hartanto, S.H., di Jakarta mengenai persetujuan :

Based on notarial deed No. 32 dated 28 September 2017 by Notary Mutiara Hartanto, S.H., in Jakarta on approval :

1. Jual beli saham sebanyak 9.999 saham terdiri darimilik Ny. Lies Erliawati Winata sebanyak 2.020 saham dan Tn. Eddy Purwanto Winata sebanyak 7.979 saham, kesemuanya dijual kepada Perusahaan.

1. Sale and purchase shares of 9,999 shares consist of owned by Mrs. Lies Erliawati Winata amounted 2,020 shares and Mr. Eddy Purwanto Winata of 7,979 shares, all of which were sold to the Company.

2. Perubahan penurunan nilai nominal setiap saham Perusahaan yang semula sebesar Rp 1.000.000 menjadi Rp 100.

2. Changes in the decrease of nominal value of each shares of the Company which originally amounted Rp 1,000,000 to Rp 100.

3. Menyetujui perubahan susunan anggota Direksi dan Dewan Komisaris.

3. To approve the amendment of the members of the Directors and Board of Commissioners.

Akta Pernyataan Keputusan Rapat tersebut telah diterima dan dicatat di dalam Sistem Administrasi Badan Hukum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia Direktorat Jenderal Administrasi Hukum Umum dengan No. AHU-AH.01.03-0176185 tanggal 29 September 2017.

The Deed of Statement of the Meeting has been received and recorded in the Legal Entity Administration System of the Ministry of Justice and Human Rights of the Republic of Indonesia of the Directorate General of General Law Administration with No. AHU-AH.01.03-0176185 dated 29 September 2017.

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2. Kombinasi bisnis entitas sepengendali (lanjutan) 2. Business combination of under common control entities (continued)

Jual beli saham sebanyak 2.020 saham milik Ny. Lies Erliawati Winata dan sebanyak 7.979 saham milik Tn. Eddy Purwanto Winata, kepada Perusahaan adalah merupakan transaksi kombinasi bisnis entitas sepengendali.

The sale and purchase of 2,020 shares owned by Mrs.Lies Erliawati Winata and amounted 7,979 sharesowned by Mr. Eddy Purwanto Winata, to the Company is a transaction of business combination of under common control entities.

TS bergerak dalam bidang perdagangan pelumasterutama perdagangan BBM (SPBU), pengangkutan dan jasa pengisian LPG.

TS is engaged in the trading of lubricants, especially the trade of fuel (SPBU), transportation and service of LPG filling.

TS berlokasi di Jl. Sunter Garden Raya Blok D8 No. 3G dan 3H, Jakarta Utara 14350 dan memiliki kantor cabang di Jl. Raya Serang Cilegon No. 5, Banten.

TS is located on Jl. Sunter Garden Raya Block D8 No. 3G and 3H, North Jakarta 14350 and has a branch office on Jl. Raya Serang Cilegon No. 5, Banten.

Perhitungan selisih transaksi kombinasi bisnis entitas sepengendali, adalah sebagai berikut :

The calculation of the difference of the business combination of under common control entities are as follows :

Rupiah

Jumlah aset 86.779.280.970 Total assetsJumlah liabilitas (17.122.224.799) Total liabilities

Jumlah nilai aset bersih TS 69.657.056.171 Total value of TS net assets

Bagian aset bersih yang diambil alih The portion of net assetsdi PT TS dengan kepemilikan taken over in PT TS with shares saham sebesar 99% 68.960.485.609 ownership of 99%

Harga perolehan untuk kepemilikan Acquisition cost for sharessaham sebesar 99% 9.999.000.000 ownership of 99%

Difference between the considerationSelisih imbalan yang dialihkan transferred and the carrying

dengan jumlah tercatat yang timbul amount arising from transaction ofdari transaksi kombinasi bisnis the business combination of underentitas sepengendali 58.961.485.609 common control entities

Selisih tersebut disajikan sebagai bagian dari pos tambahan modal disetor lainnya (catatan 19).

The difference is presented as part of additional other paid-in capital (note 19).

PT Elpindo Reksa (“ER”) PT Elpindo Reksa (“ER”)

Berdasarkan Akta No. 31 tanggal 28 September 2017 Notaris Mutiara Hartanto, S.H., di Jakarta, mengenai persetujuan :

Based on Deed No. 31 dated 28 September 2017 Notary Mutiara Hartanto, S.H., in Jakarta, concerning approval :

1. Jual beli saham sebanyak 2.997 saham terdiri dari2.088 lembar saham milik Tn. Eddy Purwanto Winata dan 909 lembar saham milik Ny. Lies Erliawati Winata, yang kesemuanya dijual kepada Perusahaan.

1. Share sale and purchase of 2,997 shares consist of 2,088 shares owned by Mr. Eddy Purwanto Winata and 909 shares owned by Mrs. Lies Erliawati Winata, all of which were sold to the Company.

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2. Penurunan nilai nominal saham yang semula sebesar Rp 1.000.000 menjadi Rp 100. Terdapat perubahan komposisi kepemilikan saham dengan nilai nominal yang baru yaitu Perusahaanmemiliki 29.997.000 lembar saham atau dengan nilai nominal seluruhnya sebesar Rp 2.999.700.000 dan Tn. Eddy Purwanto Winata memiliki 303.000 lembar saham atau dengan nilai nominal seluruhnya sebesar Rp 30.300.000.

2. Decrease in the par value of the original shares of Rp 1,000,000 to Rp 100. There is a change in the composition of share ownership with a new nominal value of the Company having 29,997,000 shares or with a total nominal value of Rp 2,999,700,000 and Mr. Eddy Purwanto Winata has 303,000 shares or with a total nominal value of Rp 30,300,000.

3. Perubahan susunan anggota Direksi dan Dewan Komisaris.

3. Changes in the composition of DirectorsMember and Board of Commissioners.

Akta Resolusi Peryataan Keputusan Rapat tersebut telah diterima dan dicatat di dalam Sistem Administrasi Badan Hukum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia Direktorat Jenderal Administrasi Hukum Umum dengan No. AHU-AH.01.03-0175782 tanggal 28 September 2017.

The Deed of Decision of the Meeting Resolution has been received and recorded in the Legal Entity Administration System of the Ministry of Justice and Human Rights of the Republic of Indonesia of the Directorate General of General Law Administration with no. AHU-AH.01.03-0175782 dated 28 September 2017.

Jual beli saham sebanyak 2.088 saham milik Tn. Eddy Purwanto Winata dan 909 saham milik Ny. Lies Erliawati Winata kepada Perusahaan adalah merupakan transaksi kombinasi bisnis entitas sepengendali.

The sale and purchase of 2,088 shares owned by Mr.Eddy Purwanto Winata and 909 shares owned by Mrs. Lies Erliawati Winata to the Company is a transaction of business combination of under common control entities.

ER melakukan pemberian jasa pengangkutan LPG. ER undertakes the provision of LPG transportation services.

ER berlokasi di Jl. Sunter Garden Raya Blok D8 No. 3G dan 3H, Jakarta Utara 14350.

ER is located on Jl. Sunter Garden Raya Block D8 No. 3G and 3H, North Jakarta 14350.



Rupiah


Jumlah nilai aset bersih ER 19.030.122.735 Total value of ER net assets

Bagian aset bersih yang diambil alih The portion of net assets di PT ER dengan kepemilikan taken over in PT ER with shares saham sebesar 99% 18.839.821.508 ownership of 99%

Harga perolehan untuk kepemilikan Acquisition cost for shares saham sebesar 99% 2.999.700.000 ownership of 99%


dengan jumlah tercatat yang timbul amount arising from transaction ofdari transaksi kombinasi bisnis the business combination of underentitas sepengendali 15.840.121.508 common control entities



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PT Barisan Nusantara (“BN”) PT Barisan Nusantara (“BN”)

Berdasarkan Akta Pernyataan Keputusan Rapat No. 33 tanggal 28 September 2017, mengenai persetujuan :

Based on the Deed of Meeting Decision No. 33 dated 28 September 2017, regarding approval :

1. Jual beli saham sebanyak 594 saham terdiri darimilik Ny. Lies Erliawati Winata sebanyak 180saham dan Tn. Eddy Purwanto Winata sebanyak 414 saham, kesemuanya dijual kepada Perusahaan.

1. Sale and purchase of shares of 594 shares consist owned by Mrs. Lies Erliawati Winata amounted 180 shares and Mr. Eddy Purwanto Winata amounted 414 shares, all of which were sold to the Company.

2. Perubahan penurunan nilai nominal setiap saham dalam Perusahaan yang semula sebesar Rp 1.000.000 menjadi Rp 100.

2. Changes in the nominal value of any shares in the Company which originally amounted to Rp 1,000,000 to Rp 100.

3. Menyetujui perubahan susunan anggota Direksi dan Dewan Komisaris.

3. To approve the amendment of the members of the Directors and Board of Commissioners.

Akta Pernyataan Keputusan Rapat tersebut telah diterima dan dicatat di dalam Sistem Administrasi Badan Hukum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia Direktorat Jenderal Administrasi Hukum Umum dengan No. AHU-AH.01.03-0176153 tanggal 28 September 2017.

The Deed of Decision of Statement of the Meeting has been received and recorded in the Legal Entity Administration System of the Ministry of Justice and Human Rights of the Republic of Indonesia of the Directorate General of General Law Administration with No. AHU-AH.01.03-0176153 dated 28 September 2017.

Jual beli saham sebanyak 180 saham milik Ny. Lies Erliawati Winata dan sebanyak 414 saham Tn. Eddy Purwanto Winata, kesemuanya dijual kepada Perusahaan adalah merupakan transaksi kombinasi bisnis Entitas Sepengendali.

The sale and purchase of 180 shares owned by Mrs.Lies Erliawati Winata and 414 shares owned by Mr.Eddy Purwanto Winata, all sold to the Company is a transaction of business combination of under common control entities.

BN bergerak dalam bidang penjualan pelumas ke Perusahaan-perusahaan tertentu.

BN is engaged in the sale of lubricants to certain companies.

BN berlokasi di Jl. Sunter Garden Raya Blok D8 No. 3G – 3H, Jakarta Utara 14350.

BN is located on Jl. Sunter Garden Raya Block D8 No. 3G - 3H, North Jakarta 14350.



Rupiah

Jumlah aset 3.359.957.276 Total assetsJumlah liabilitas (7.681.060.241) Total liabilitiesJumlah nilai aset bersih BN (4.321.102.965) Total value of BN net assets

Bagian aset bersih yang diambil alih The portion of net assets di PT BN dengan kepemilikan taken over in PT BN with shares saham sebesar 99% (4.277.891.935) ownership of 99%

Harga perolehan untuk kepemilikan Acquisition cost for sharessaham sebesar 99% 594.000.000 ownership of 99%


dengan jumlah tercatat yang timbul amount arising from transaction ofdari transaksi kombinasi bisnis the business combination of underentitas sepengendali (4.871.891.935) common control entities



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PT Ekatama Raya (“ERA”) PT Ekatama Raya (“ERA”)

Berdasarkan Akta No. 34 tanggal 28 September 2017 dari Mutiara Hartanto, S.H., Notaris di Jakarta, dan telah mendapat Surat Penerimaan Pemberitahuan Perubahan Anggaran Dasar dengan nomor: AHU-AH.01.03-0176146 tanggal 29 September 2017. Perubahan Anggaran Dasar terakhir tersebut antara lain menyetujui :

Based on Deed No. 34 dated 28 September 2017 from Mutiara Hartanto, S.H., a Notary in Jakarta, and has received Letter of Acceptance of Notification of Amendment of Articles of Association with number: AHU-AH.01.03-0176146 dated 29 September 2017. The latest amendments to the Articles of Association include approving :

1. Jual beli seluruh saham milik Ny. Lies Murtiningsih sebanyak 50.500 lembar saham dan49.490 lembar saham kepada Tn. Eddy Purwanto Winata, sebagian atau sebanyak 1.010 lembar saham. Jual beli seluruh kepemilikan saham Ny. Lies Purwati Winata dan Ny. Karina Elizabeth Surjadi sebanyak masing-masing 25.250 lembar saham Perusahaan.

1. Sale and purchase all shares owned by Mrs. Lies Murtiningsih amounting to 50,500 shares and 49,490 shares to Mr. Eddy Purwanto Winata,some or amounted 1,010 shares. Sale and purchase all shares ownership of Mrs. Lies Purwati Winata and Mrs. Karina Elizabeth Surjadi amounting to 25,250 shares of the Company, respectively.

2. Perubahan penurunan nilai nominal setiap saham dalam Perusahaan yang semula sebesar Rp 1.000.000 menjadi Rp 100.

2. Changes in the nominal value of any shares in the Company which originally amounted to Rp 1,000,000 to Rp 100.

3. Menyetujui perubahan susunan anggota Dewan Direksi dan Dewan Komisaris.

3. To approve the amendment of the members of the Member of Board of Directors and Board of Commissioners.

Atas Akta Pernyataan Keputusan Rapat tersebut telah diterima dan dicatat di dalam Sistem Administrasi Badan Hukum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia Direktorat Jenderal Administrasi Hukum Umum dengan No. AHU-AH.01.03-0176147 tanggal 29 September 2017.

On the Deed of Statement of Meeting Resolution has been received and recorded in the Legal Entity Administration System of the Ministry of Justice and Human Rights of the Republic of Indonesia of the Directorate General of General Law Administration with no. AHU-AH.01.03-0176147 dated 29 September 2017.

Jual beli seluruh saham milik Ny. Lies Murtiningsih sebanyak 50.500 lembar saham kepada Perusahaansebagian atau sebanyak 49.490 lembar saham dan kepada Tn. Eddy Purwanto Winata sebagian atau sebanyak 1.010 lembar saham. Jual beli seluruh kepemilikan saham Ny. Lies Purwati Winata dan Ny.Karina Elizabeth Surjadi sebanyak masing-masing 25.250 lembar saham kepada Perusahaan merupakan transaksi kombinasi bisnis Entitas pengendali.

Sale and purchase all shares owned by Mrs. Lies Murtiningsih as much as 50,500 shares of theCompany in part or as much as 49,490 shares and to Mr. Eddy Purwanto Winata or some 1,010 shares. Sale and purchase all shares ownership Mrs. Lies Purwati Winata and Mrs. Karina Elizabeth Surjadi as much as 25,250 shares of the Company is atransaction of business combination of under common control entities.

ERA bergerak dalam bidang jasa transportasi BBM dan bahan kimia.

ERA is engaged in fuel transportation services and chemicals.

ERA berlokasi di Jl. Raya Cilegon KM. 09 Pejaten Serang, Banten.

ERA is located on Jl. Raya Cilegon KM. 09 Pejaten Serang, Banten.



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Rupiah


Jumlah nilai aset bersih ERA 6.768.391.460 Total value of ERA net assets

Bagian aset bersih yang diambil alih The portion of net assets di PT ERA dengan kepemilikan taken over in PT ERA with shares saham sebesar 99% 6.700.707.545 ownership of 99%

Harga perolehan untuk kepemilikan Acquisition cost for sharessaham sebesar 99% 9.999.000.000 ownership of 99%


dengan jumlah tercatat yang timbul amount arising from transaction ofdari transaksi kombinasi bisnis the business combination of underentitas sepengendali (3.298.292.455) common control entities



Rincian jumlah lembar saham, harga perolehan dan bagian proporsional saham atas nilai buku aset bersih entitas anak pada saat diakuisisi adalah sebagai berikut :

The breakdown of total shares, acquisition cost and share proportion on book value of subsidiaries’s net assets at acquisition date are as follows :

Selisih nilai transaksiBagian proporsional kombinasi bisnis entitas

saham atas nilai sepengendali/buku aset bersih/ Difference in value of

Jumlah Portion of transaction of business lembar saham/ Harga perolehan/ share on book combination of under

Total shares Acquisition cost value of net assets common control entities(Rp) (Rp) (Rp)

PT Trasindo Sentosa 99.990.000 9.999.000.000 68.960.485.609 58.961.485.609PT Elpindo Reksa 29.997.000 2.999.700.000 18.839.821.508 15.840.121.508PT Barisan Nusantara 5.940.000 594.000.000 (4.277.891.935) (4.871.891.935)PT Ekatama Raya 99.990.000 9.999.000.000 6.700.707.545 (3.298.292.455)

Jumlah/ Total 235.917.000 23.591.700.000 90.223.122.727 66.631.422.727

3. Ikhtisar kebijakan akuntansi penting 3. Summary of significant accounting policies

Kebijakan akuntansi penting yang diterapkan Perusahaan dan entitas anak (“Grup”) dalam penyusunan dan penyajian laporan keuangan konsolidasian ini adalah sebagai berikut :

The significant accounting policies adopted by the Company and its subsidiaries (“The Group”) in the preparation and presentation of these consolidated financial statements are as follows :

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3. Ikhtisar kebijakan akuntansi penting (lanjutan) 3. Summary of significant accounting policies(continued)

a. Dasar penyusunan dan pengukuran laporan keuangan konsolidasian

a. Basis of preparation and measurement of consolidated financial statements

Laporan keuangan konsolidasian telah disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”), yang mencakup Pernyataan Standar Akuntansi Keuangan dan Interpretasi Standar Akuntansi Keuangan yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia serta Peraturan No. VIII.G.7 tentang “Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik”Lampiran Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK) (sekarang Otoritas Jasa Keuangan/OJK)berdasarkan keputusan Ketua BAPEPAM-LK No. KEP-347/BL/2012 tanggal 25 Juni 2012.

The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“SAK”), which comprise of the Statements of Financial Accounting Standards and Interpretations of Financial Accounting Standards issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants and the Regulations No. VIII.G.7 regarding“Presentation and Disclosure of Financial Statements of Public Companies” included in the appendix of the Decree of the Chairman of theCapital Market and Financial Institution Supervisory Agency (Bapepam-LK) (currentlyFinancial Services Authority) No. KEP-347/BL/2012 dated 25 June 2012.

Laporan keuangan konsolidasian, kecuali laporan arus kas konsolidasian, disusun berdasarkan metode akrual dengan menggunakan konsep biaya historis, kecuali untuk beberapa akun tertentu yang diukur berdasarkan pengukuran sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements, except for the consolidated statements of cash flows, have been prepared based on the accrual basis using the historical cost concept of accounting, except for certain accounts which are measured on the bases described in the related accounting policies of each account.

Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung, yang menyajikan penerimaan dan pengeluaran kas dan setara kas yang diklasifikasikan sebagai aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows have been prepared by using the direct method, presents receipts and disbursements of cash and cash equivalents classified into operating, investing and financing activities.

Kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian untuk tahun yang berakhir 31 Desember 2017 adalah konsisten dengan kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian untuk tahun yang berakhir 31 Desember 2016.

The accounting policies adopted in the preparation of the consolidated financial statements for the year ended 31 December 2017 are consistent with the accounting policies adopted in the preparation of the consolidated financial statements for the year ended 31 December 2016.

Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasian adalah Rupiah yang merupakan mata uangfungsional Grup. Seluruh angka dalam laporan keuangan konsolidasian ini, kecuali dinyatakan secara khusus, disajikan dalam Rupiah penuh.

The reporting currency used in the preparation of the consolidated financial statements is Indonesian Rupiah, which is the functional currency of the Group. All figures in the consolidated financial statements, unless stated specifically, are presented in full Rupiah.

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a. Dasar penyusunan dan pengukuran laporan keuangan konsolidasian (lanjutan)

a. Basis of preparation and measurement of consolidated financial statements (continued)

Penyusunan laporan keuangan konsolidasian sesuai dengan Standar Akuntansi Keuangan di Indonesia mengharuskan penggunaan estimasi tertentu. Hal tersebut juga mengharuskan manajemen untuk membuat pertimbangan dalam proses penerapan kebijakan akuntansi Grup. Area yang kompleks atau memerlukan tingkat pertimbangan yang lebih tinggi atau area di manaasumsi dan estimasi berdampak signifikan terhadap laporan keuangan konsolidasian diungkapkan di Catatan 4.

The preparation of consolidated financial statements in conformity with Indonesian Financial Accounting Standard requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumption and estimates are significant to the consolidated financial statement are disclosed in Note 4.

Perubahan atas Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Interpretasi Standar Akuntansi Keuangan (“ISAK”)

Changes to the statements of financial accounting standards (“SFAS”) and interpretations of statements of financial accounting standards (“IFAS”)

Berikut adalah revisi, amandemen dan penyesuaian baru atas standar akuntansi keuangan (SAK) serta interpretasi atas SAK.

The following are new revision, amendments and improvements of financial accounting standards (FAS) and interpretation of FAS.

Berlaku efektif 1 Januari 2017 Effective on 1 January 2017

- PSAK 1 (Amandemen 2015) ”Penyajian Laporan Keuangan tentang Prakarsa Pengungkapan”

- PSAK No. 3 (Penyesuaian 2016) ”Laporan Keuangan Interim”

- PSAK No. 24 (Penyesuaian 2016) ”Imbalan Kerja”

- PSAK No. 58 (Penyesuaian 2016) ”Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan”

- PSAK No. 60 (Penyesuaian 2016) ”Instrumen Keuangan : Pengungkapan”

- ISAK No. 31 “Interpretasi atas Ruang Lingkup PSAK No. 13 : Properti Investasi”

- ISAK No. 32 “Definisi dan Hierarki Standar Akuntansi Keuangan”

- SFAS 1 (Amendment 2015) ”Presentation of Financial Statements of Disclosure Initiative”

- SFAS No. 3 (Improvement 2016) ”Interim Financial Reporting”

- SFAS No. 24 (Improvement 2016) ”Employee Benefits”

- SFAS No. 58 (Improvement 2016) ”Non-Current Assets Held for Sale and Discontinued Operation”

- SFAS No. 60 (Improvement 2016) ”Financial Instrument : Disclosure”

- IFAS No. 31 “Interpretation of Scope of SFAS No. 13 : Investing Property”

- IFAS No. 32 “Definition and Hierarchy of Financial Accounting Standards”

Penerapan standar akuntansi keuangan tersebut tidak memiliki pengaruh signifikan terhadap laporan keuangan konsolidasian Grup.

The adoption of the financial accounting standards do not have significant impact to the Group’s consolidated financial statements.

Berikut adalah standar akuntansi yang telah diterbitkan namun belum berlaku efektif

The following are accounting standards issued but not yet effective


- PSAK No. 2 (Amandemen 2016) ”Laporan Arus Kas tentang Prakarsa Pengungkapan”

- SFAS No. 2 (Amendment 2016) ”Statement of Cash Flows about Disclosure Initiative”

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Berikut adalah standar akuntansi yang telah diterbitkan namun belum berlaku efektif (lanjutan)

The following are accounting standards issued but not yet effective (continued)

Berlaku efektif 1 Januari 2018 (lanjutan) Effective on 1 January 2018 (continued)

- PSAK No. 13 (Amandemen 2017) ”Properti Investasi tentang Pengalihan Properti Investasi”

- PSAK No. 15 (Penyesuaian 2017) ”Investasi pada Entitas Asosiasi dan Ventura Bersama”

- PSAK No. 16 (Amandemen 2015) “Aset Tetap tentang Agrikultur : Tanaman Produktif”

- PSAK No. 46 (Amandemen 2016) ”Pajak Penghasilan tentang Pengakuan Aset Pajak Tangguhan untuk Rugi yang belum direalisasi”

- PSAK No. 53 (Amandemen 2017) ”Klasifikasi dan Pengukuran Transaksi Pembayaran Berbasis Saham”

- PSAK No. 67 (Penyesuaian 2017) ”Pengungkapan Kepentingan dalam Entitas Lain”

- PSAK No. 69 “Agrikultur ”

- SFAS No. 13 (Amendment 2017) ”Investment Property about Transfers of Investment Property”

- SFAS No. 15 (Improvement 2017) ”Investments in Associates and Joint Ventures”

- SFAS No. 16 (Amendment 2015) “Fixed Assets about Agriculture : Bearer Plants”

- SFAS No. 46 (Amendment 2016) ”Income Taxes about Deferred Tax Assets for Unrealized Losses”

- SFAS No. 53 (Amendment 2017) ”Classification and Measurement of Share-based Payment Transactions”

- SFAS No. 67 (Improvement 2017) ”Disclosures of Interest in Other Entities”

- SFAS No. 69 “Agriculture”


- ISAK No. 33 ”Transaksi Valuta Asing dan Imbalan Dimuka”

- IFAS No. 33 ”Foreign Currency Transactions and Advance Considerations”


- PSAK No. 15 (Amandemen 2017) “Investasi pada Entitas Asosiasi dan Ventura Bersama tentang Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama”

- PSAK No. 62 (Amandemen 2017) “Kontrak Asuransi – Menerapkan PSAK No. 71 : Instrumen Keuangan dengan PSAK 62 : Kontrak Asuransi”

- PSAK No. 71 “Instrumen Keuangan”- PSAK No. 71 (Amandemen 2017)

“Instrumen Keuangan tentang Fitur Percepatan Pelunasan dengan Kompensasi Negatif”

- PSAK No. 72 “Pendapatan dari Kontrak dengan Pelanggan”

- PSAK No. 73 “Sewa”

- SFAS No. 15 (Amendment 2017) ”Investments in Associates and Joint Ventures about Long Term Interest in Associate and Joint Ventures”

- SFAS No. 62 (Amendment 2017) ”Insurance Contract – Applying SFAS No. 71 : Financial Instruments with SFAS No. 62 : Insurance Contract”

- SFAS No. 71 “Financial Instruments”- SFAS No. 71 (Amendment 2017) “Financial

Instruments about Prepayment Features with Negative Compensation”

- SFAS No. 72 “Revenue from Contracts with Customers”

- SFAS No. 73 “Leases”

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Grup masih mengevaluasi dampak penerapan PSAK dan ISAK di atas dan dampak terhadap laporan keuangan konsolidasian Grup dari penerapan PSAK dan ISAK tersebut belum dapat ditentukan.

The Group is still evaluating the impact of adoption of the above SFAS and IFAS and the impact on the Group’s consolidated financial statements from the adoption of the SFAS and IFAS has not yet to be determined.

b. Prinsip konsolidasian b. Principles of consolidation

Grup menerapkan PSAK No. 65, “Laporan Keuangan Konsolidasian”. PSAK amandemen ini menetapkan prinsip penyusunan dan penyajian laporan keuangan konsolidasian ketika entitas mengendalikan satu atau lebih entitas lain.

The Group adopted SFAS No. 65, “ConsolidatedFinancial Statements”. This amendment SFAS provides guidance for the preparation and presentation of consolidated financial statements when an entity has control over another entity.

Laporan keuangan konsolidasian menggabungkan seluruh entitas anak yang dikendalikan oleh Perusahaan dan entitas anak (Grup).

The consolidated financial statements consolidate all subsidiaries that are controlled by the Company and its subsidiaries (Group).

Grup memiliki pengendalian jika dan hanya jika memiliki seluruh hal berikut :

The Group has control if and only if the investor has all of the following elements :

• kekuasaan atas investee; • power over the investee.

• eksposur atau hak atas imbal hasil variabel dari keterlibatannya dengan investee; dan

• exposure, or rights, to variable returns from its involvement with the investee.

• kemampuan untuk menggunakan kekuasaanya atas investee untuk mempengaruhi jumlah imbal hasil Grup.

• the ability to use its power over the investee to affect the amount of the investor's returns.

Pengkonsolidasian entitas anak dimulai pada saatGrup memperoleh pengendalian atas entitasanak dan berakhir pada saat Grup kehilanganpengendalian atas entitas anak. Secara khusus,penghasilan dan beban entitas anak yangdiakuisisi atau dilepaskan selama tahun berjalantermasuk dalam laba rugi sejak tanggal Grup memperoleh pengendalian sampai dengantanggal Grup kehilangan pengendalian atas entitas anak.

Consolidation of a subsidiary begins when theGroup obtains control over the subsidiaryand ceases when the Group losses control of the subsidiary. Specifically, income andexpenses of a subsidiary acquired or disposedof during the year are included in profit or lossfrom the date the Group gains control until the date when the Group ceases to control the subsidiary.

Laba rugi dan setiap komponen penghasilan komprehensif lain diatribusikan kepada pemilikPerusahaan dan kepentingan non-pengendali(KNP) meskipun hal tersebut mengakibatkanKNP memiliki saldo defisit.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interest (NCI) even if this results inthe NCI having a deficit balance.

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

Seluruh aset dan liabilitas, ekuitas, penghasilan,beban dan arus kas dalam intra kelompok usahaterkait dengan transaksi antar entitas dalamGrup dieliminasi secara penuh dalam laporankeuangan konsolidasian.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating totransactions between members of the Group are fully eliminated upon consolidation.

Jika kehilangan pengendalian atas entitas anak,maka Grup :

In case of loss of control over a subsidiary, theGroup :

• menghentikan pengakuan aset (termasuksetiap goodwill) dan liabilitas entitas anak;

• menghentikan pengakuan jumlah tercatatsetiap KNP

• derecognizes the assets (including goodwill) and liabilities of the subsidiary;

• derecognizes the carrying amount of any NCI;

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

• mengakui nilai wajar pembayaran yangditerima;

• mengakui setiap sisa investasi pada nilai wajarnya;

• mengakui setiap perbedaan yang dihasilkansebagai keuntungan atau kerugian dalamlaba rugi; dan

• mereklasifikasi bagian entitas induk atas komponen yang sebelumnya diakuisebagai penghasilan komprehensif lain kelaba rugi, atau mengalihkan secaralangsung ke saldo laba.

• derecognizes the cumulative translationdifferences, recorded in equity, if any;

• recognizes the fair value of the consideration received;

• recognizes the fair value of any investment retained;

• recognizes any surplus or deficit inprofit or loss; and

• reclassifies the parent’s share ofcomponents previously recognized in other comprehensive income to profit orloss or retained earnings, asappropriate.

KNP mencerminkan bagian atas keuntungan ataukerugian dan aset neto dari entitas-entitasanak yang tidak dapat diatribusikan secaralangsung maupun tidak langsung olehPerusahaan, yang masing-masing disajikandalam laporan laba rugi dan penghasilankomprehensif lain konsolidasian dan dalamekuitas pada laporan posisi keuangankonsolidasian, terpisah dari bagian yang dapatdiatribusikan kepada pemilik entitas induk.

NCI represents the portion of the profit or lossand net assets of the subsidiaries attributableto equity interests that are not owned directly or indirectly by the Company, which arepresented in the consolidated statement ofprofit or loss and other comprehensiveincome and under the equity section of theconsolidated statement of financial position,respectively, separately from the correspondingportion attributable to owners of the parent company.

Transaksi dengan kepentingan non-pengendali yang tidak mengakibatkan hilangnya pengendalian dicatat sebagai transaksi ekuitas. Selisih antara nilai wajar imbalan yang dialihkan dengan bagian relatif atas nilai tercatat aset bersih entitas anak yang diakuisisi dicatat di ekuitas. Keuntungan atau kerugian dari pelepasan kepada kepentingan non-pengendali juga dicatat di ekuitas.

Transactions with NCI that do not result in lossof control are accounted for as equity transactions. The difference between the fairvalue of any consideration paid and therelevant share acquired of the carrying value ofnet assets of the subsidiary is recorded inequity. Gains or losses on disposals to NCIare also recorded in equity.

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c. Instrumen keuangan c. Financial instruments

i. Aset keuangan i. Financial assets

Seluruh aset keuangan diakui dan dihentikan pengakuannya pada tanggal diperdagangkan di mana pembelian dan penjualan aset keuangan berdasarkan kontrak yang mensyaratkan penyerahan aset keuangan dalam kurun waktu yang ditetapkan oleh kebiasaan pasar yang berlaku, dan awalnya diukur sebesar nilai wajar ditambah biaya transaksi.

All financial assets are recognized and derecognized on trade date where the purchase and sale of a financial asset under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs.

Pada tanggal 31 Desember 2017 dan 2016, aset keuangan Perusahaan dan entitas anak diklasifikasikan sebagai pinjaman yang diberikan dan piutang.

As of 31 December 2017 and 2016, financial assets of the Company and its subsidiaries are classified as loans and receivables.

Pinjaman yang diberikan dan piutang Loans and receivables

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan, yang tidak mempunyai kuotasi di pasar aktif. Aset keuangan tersebut diukur sebesar biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, dikurangi dengan penurunan nilai. Keuntungan dan kerugian diakui dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian pada saat pinjaman yang diberikan dan piutang dihentikan pengakuannya atau mengalami penurunan nilai, serta melalui proses amortisasi.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted on an active market. Such financial assets are carried at amortized cost using the effective interest method, less any impairment. Gains and losses are recognized in the consolidated statements of income and other comprehensive income when the loans and receivables are derecognized or impaired, as well as through the amortization process.

Kas dan setara kas, rekening yang dibatasi penggunaannya dan piutang usaha termasuk dalam kategori pinjaman yang diberikan dan piutang.

Cash and cash equivalents, restricted accounts and trade receivables are included in loans and receivables category.

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

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

Metode suku bunga efektif The effective interest method

Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari instrumen keuangan dan metode untuk mengalokasikan pendapatan bunga selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi penerimaan kas di masa datang (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima oleh para pihak dalam kontrak yang merupakan bagian yang tak terpisahkan dari suku bunga efektif, biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal.

The effective interest method is a method used for calculating the amortized cost of a financial instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and other forms of paid and received by the parties to the contract that are an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or, if more appropriate, a shorter period to the net carrying amount of the financial assets at initial recognition.

Pendapatan diakui berdasarkan suku bunga efektif untuk instrumen keuangan.

Revenue is recognized based on effective interest rates for financial instruments.

Grup tidak mempunyai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi (“FVTPL”), investasi dimiliki hingga jatuh tempo (“HTM”) dan aset keuangan tersedia untuk dijual (“AFS”) per 31 Desember 2017 dan 2016.

The Group did not have any financial assets at fair value through profit or loss (“FVTPL”), held-to-maturity investments (“HTM”) and available-for-sale financial assets (“AFS”) as of 31 December 2017 and 2016.

Penurunan nilai aset keuangan Impairment of financial assets

Aset keuangan dievaluasi terhadap indikator penurunan nilai pada setiap tanggal laporan posisi keuangan. Aset keuangan diturunkan nilainya bila terdapat bukti objektif, sebagai akibat dari satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset keuangan, dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan yang dapat di estimasi secara handal.

Financial assets are assessed for indicators of impairment at each financial position date. Financial assets are impaired where there is objective evidence, as a result of one or more events that occurred after the initial recognition of financial assets, and the adverse event has an impact on the estimated future cash flows of the financial asset that can be reliably estimated.

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Penurunan nilai aset keuangan (lanjutan) Impairment of financial assets (continued)

Untuk aset keuangan lainnya, bukti objektif penurunan nilai termasuk sebagai berikut:

For other financial assets, objective evidence of impairment could include the following:

− kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau

− pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakan pembayaran pokok atau bunga; atau

− terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan.

− significant financial difficulty of the issueror obligor; or

− breach of contract, such as a default or delinquency in interest or principal payments, or

− it is probable that the borrower will enter bankruptcy or financial reorganization.

Untuk kelompok aset keuangan tertentu, seperti piutang, aset yang dinilai tidak diturunkan secara individual akan dievaluasi penurunan nilainya secara kolektif. Bukti objektif dari penurunan nilai portofolio piutang dapat termasuk pengalaman Perusahaan atas tertagihnya piutang di masa lalu, peningkatan keterlambatan penerimaan pembayaran piutang dari rata-rata periode kredit, dan juga pengamatan atas perubahan kondisi ekonomi nasional atau lokal yang berkorelasi dengan kegagalan atas piutang.

For a group of financial assets, such as receivables, assets that are assessed not be lowered individual will be evaluated collectively for impairment. Objective evidence of impairment of receivables portfolio may include the Company's accounts receivable experience in the past, increasing delays in receipt of payments due from the average credit period, as well as observations of changes in national or local economic conditions that correlate with the failure of the receivables.

Untuk aset keuangan yang diukur pada biaya perolehan yang diamortisasi, jumlah kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa datang yang didiskontokan menggunakan tingkat suku bunga efektif awal dari aset keuangan.

For financial assets measured at amortized cost, the amount of the impairment loss is the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the original effective interest rate of financial assets.

Nilai tercatat aset keuangan tersebut dikurangi dengan kerugian penurunan nilai secara langsung atas aset keuangan, kecuali piutang yang nilai tercatatnya dikurangi melalui penggunaan akun penyisihan piutang. Jika piutang tidak tertagih, piutang tersebut dihapuskan melalui akun penyisihan piutang. Pemulihan kemudian dari jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap akun penyisihan. Perubahan nilai tercatat akun penyisihan piutang diakui dalam laporan laba rugi dan penghasilan komprehensif lain.

The carrying amount of the financial asset is reduced by the impairment loss directly for financial assets, except for receivables carrying amount is reduced through the use of an allowance account receivable. If doubtful accounts, accounts receivable written off through the allowance account. Later recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying value of accounts receivable allowance account are recognized in profit or loss and other comprehensive income.

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Penghentian pengakuan aset keuangan Derecognition of financial assets

Grup menghentikan pengakuan aset keuangan, jika dan hanya jika: hak kontraktual atas arus kas yang berasal dari aset keuangan tersebut berakhir; atau Grup telah mentransfer hak kontraktual untuk menerima arus kas yang berasal dari aset keuangan; atau tetap memiliki hak kontraktual untuk menerima arus kas yang berasal dari aset keuangan namun juga menanggung liabilitas kontraktual untuk membayar arus kas yang diterima tersebut kepada satu atau lebih pihak penerima melalui suatu kesepakatan yang memenuhi persyaratan tertentu. Ketika Grup mentransfer aset keuangan, maka Grup mengevaluasi sejauh mana Grup tetap memiliki risiko dan manfaat atas kepemilikan aset keuangan tersebut.

The Group shall derecognize financial assets when, and only when: the contractual rights to the cash flows from the financial asset expire; or the contractual rights to receive the cash flows of the financial asset are transferred to another entity; or the contractual rights to receive the cash flows of the financial asset are retained but they assume a contractual obligation to pay the cash flows to one or more recipients in an arrangement that meets certain conditions. When the Group transfers a financial asset, they shall evaluate the extent to which they retain the risks and rewards of ownership of the financial asset.

ii. Liabilitas keuangan dan instrumen ekuitas ii. Financial liabilities and equity instruments

Liabilitas keuangan dan instrumen ekuitas yang diterbitkan oleh Perusahaan dan entitas anak diklasifikasi sesuai dengan substansi perjanjian kontraktual dan definisi liabilitas keuangan dan instrumen ekuitas.

Financial liabilities and equity instruments issued by the Company and its subsidiaries are classified according to the substance of the contractual arrangement and the definitions of financial liabilities and equity instruments.

Instrumen ekuitas Equity instruments

Instrumen ekuitas adalah setiap kontrak yang memberikan hak residual atas aset Perusahaan dan entitas anak setelah dikurangi dengan seluruh liabilitasnya. Instrumen ekuitas dicatat sebesar hasil penerimaan bersih setelah dikurangi biaya penerbitan langsung.

An equity instrument is any contract that provides a residual interest in the assets of the Company and its subsidiaries after deducting all liabilities. Equity instruments are recorded at the proceeds received, net of direct issuancecosts.

Pembelian kembali instrumen ekuitas Perusahaan (saham diperoleh kembali) diakui dan dikurangkan secara langsung dari ekuitas. Keuntungan dan kerugian yang timbul dari pembelian, penjualan, penerbitan atau pembatalan instrumen ekuitas Perusahaan tersebut tidak diakui dalam laba rugi.

Repurchase of the Company’s own equity instruments (treasury shares) is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.

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ii. Liabilitas keuangan dan instrumen ekuitas(lanjutan)

ii. Financial liabilities and equity instruments(continued)

Liabilitas keuangan diukur pada biaya perolehan yang diamortisasi

Financial liabilities measured at amortized cost

Pada saat pengakuan awal, liabilitas keuangan yang diukur pada biaya perolehan yang diamortisasi, diakui pada nilai wajarnya, setelah dikurangi biaya transaksi yang dapat diatribusikan secara langsung dengan penerbitan liabilitas keuangan tersebut. Pengukuran selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

At the time of initial recognition, financial liabilities measured at amortized cost are recognized at fair value, after less of transaction costs that are directly attributable to the issuance of financial liabilities. Measurement are subsequently measured at amortized cost using the effective interest method.

Selisih antara hasil emisi (setelah dikurangi biaya transaksi) dengan penyelesaian atau pelunasan pinjaman diakui sebagai beban selama jangka waktu pinjaman.

The difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is recognized as expenses over the term of the loan.

Utang bank jangka pendek, utang usaha, utang lain-lain, beban masih harus dibayar, utang pihak berelasi, utang bank jangka panjang dan utang lembaga keuangan lainnya diukur pada biaya perolehan yang diamortisasi.

Short term bank loan, trade payables, otherpayables, accrued expenses, due to related parties, long term bank loan and financial institution liabilities measured at amortized cost.

Liabilitas keuangan diukur pada nilai wajar melalui laporan laba rugi (“FVTPL”)

Financial liabilities measured at fair value through profit or loss (“FVTPL”)

Grup tidak memiliki liabilitas keuangan diklasifikasikan dalam nilai wajar melalui laba rugi (“FVTPL”).

Group has no financial liabilities classified as fair value through profit or loss (“FVTPL”).

Penghentian pengakuan liabilitas keuangan Derecognition of financial liabilities

Perusahaan dan entitas anak menghentikan pengakuan liabilitas keuangan, jika dan hanya jika, liabilitas Perusahaan dan entitas anak telah dilepaskan, dibatalkan atau kadaluarsa.

The Company and its subsidiaries derecognizes financial liabilities, if and only if, the liabilities of the Company and its subsidiaries have been released, cancelled or expired.

iii. Saling hapus antar aset dan liabilitas keuangan

iii. Offsetting between financial assets and liabilities

Aset dan liabilitas keuangan Perusahaan dan entitas anak saling hapus dan nilai bersihnya disajikan dalam laporan posisi keuangan jika dan hanya jika,

Financial assets and financial liabilities of the Company and its subsidiaries are offset and the net amount presented in the statement of financial position if, and only if,

• saat ini memiliki hak yang berkekuatanhukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut; dan

• berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

• currently has a legally enforceable right to offset the recognized amounts of such, and

• intends to settle on a net basis or to realize the assets and settle liabilities simultaneously.

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iv. PSAK No. 60 mengungkapkan tiga tingkat hirarki pengungkapan nilai wajar dan mengharuskan entitas untuk menyediakan pengungkapan tambahan mengenai keandalan pengukuran nilai wajar. Sebagai tambahan, standar ini menjelaskan keharusan atas pengungkapan risiko manajemen.

iv. SFAS No. 60 introduces three hierarchy levelsfor fair value measurement disclosures and require entities to provide additional disclosures about the relative reliability of fair value measurements. In addition, the standard clarify the requirement for the disclosure of management risk.

Penerapan standar tersebut berdampak terhadap pengungkapan pada Catatan 28 dan 29.

The adoption of this standard affected the disclosure on Notes 28 and 29.

d. Akuntansi kombinasi bisnis entitas sepengendali

d. Accounting for business combination of under common control entities

Sejak 1 Januari 2013, Perusahaan menerapkan secara prospektif PSAK No. 38 (revisi 2012), “Kombinasi Bisnis Entitas Sepengendali” yang menggantikan PSAK No. 38 (revisi 2004), “Akuntansi Restrukturisasi Entitas Sepengendali”, kecuali atas saldo transaksi kombinasi entitas sepengendali yang diakui sebelumnya, disajikan sebagai bagian dari “Tambahan Modal Disetor” dalam bagianEkuitas. PSAK No. 38 (revisi 2012) mengatur tentang kombinasi bisnis entitas sepengendali, baik untuk entitas yang menerima bisnis maupun untuk entitas yang melepaskan bisnis.

Starting from 1 January 2013, the Company has prospectively applied PSAK No. 38 (revised 2012), "Business Combination of under Common Control Entities ", which supersedes PSAK No. 38 (revised 2004), "Accounting for Restructuring of under Common Control Entities", except for the balance of transactions between under common control entities previously recognized, is presented as part of "Additional Paid-in Capital" under the Shareholders' Equity section. PSAK No. 38 (revised 2012) provides for the business combination of under common control entities,both for entities that accept business as well as for business-releasing entities.

Pengalihan bisnis antara entitas sepengendali tidak mengakibatkan perubahan substansi ekonomi kepemilikan atas bisnis yang dialihkan dan tidak dapat menimbulkan laba atau rugi bagi Grup secara keseluruhan ataupun bagi entitas individual dalam Kelompok Usaha tersebut. Karena kombinasi bisnis entitas sepengendali tidak mengakibatkan perubahan pada substansi ekonomi atas bisnis yang dipertukarkan, maka transaksi ini dicatat pada jumlah tercatat menggunakan metode penyatuan kepemilikan.

The transfer of business between under common control entities does not result in a change in the economic substance of ownership of a business transferred and may not result in a gain or loss for the Group as a whole or for the individual entity within the Group. Since the business combination of under common control entities does not result in a change in the economic substance of the business exchanged, the transaction is recorded at the carrying amount using the pooling of interest method.

Bagi entitas yang menerima pengalihan, selisih antara jumlah imbalan yang dialihkan dan jumlah tercatat dari setiap transaksi kombinasi entitas sepengendali diakui di ekuitas dalam akun “Tambahan Modal Disetor”.

For the entity receiving the transfer, the difference between the amount of the transferred benefit and the carrying amount of each under common control entities transaction is recognized in equity in "Additional Paid-in Capital" account.

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d. Akuntansi kombinasi bisnis entitas sepengendali (lanjutan)

d. Accounting for business combination of under common control entities (continued)

Bagi entitas yang melepaskan bisnis, selisih antara imbalan yang diterima dan jumlah tercatat bisnis yang dilepas juga diakui dalam akun “Tambahan Modal Disetor”.

For a business-releasing entity, the difference between the benefits received and the carrying amount of the disposed business is alsorecognized in the "Additional Paid-in Capital" account.

Dalam menerapkan metode penyatuan kepemilikan, komponen laporan keuangan entitas yang bergabung, untuk periode dimana terjadi kombinasi bisnis dan untuk periode komparatif lain yang disajikan, disajikan sedemikian rupa seolah-olah penggabungan tersebut telah terjadi sejak awal periode komparatif yang disajikan. Laporan keuangan Perusahaan tidak boleh memasukkan adanya penyatuan kepemilikan jika penyatuan kepemilikan terjadi pada tanggal setelah akhir periode pelaporan.

In applying the pooling of interest method, the components of the entity's aggregate financial statements, for the period in which a business combination occurs and for other comparative periods presented, are presented in such a way as if the merger has taken place since the beginning of the comparative period presented. The Company's financial statements may not include any unification of ownership if the pooling of ownership occurs on the date after the end of the reporting period.

Biaya sehubungan dengan transaksi kombinasi bisnis entitas sepengendali diakui sebagai beban pada periode terjadinya.

Costs in connection with the combined business transactions of under common control entities are recognized as expenses in the period in which they are incurred.

e. Transaksi dengan pihak berelasi e. Transactions with related parties

Pihak-pihak berelasi adalah orang atau entitas yang terkait dengan entitas pelapor :

A related party is a person or entity who is related to the reporting entity :

a. Orang atau anggota keluarga terdekat mempunyai relasi dengan entitas pelapor jika orang tersebut :

a. A person or a close member of that person’s family is related to the reporting entity if that person :

i. memiliki pengendalian atau pengendalian bersama entitas pelapor;

i. has control or joint control over the reporting entity;

ii. memiliki pengaruh signifikan atas entitas pelapor; atau

iii. personil manajemen kunci entitas pelapor atau entitas induk dari entitas pelapor.

ii. has significant influence over the reporting entity; or

iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.

b. Suatu entitas berelasi dengan entitas pelapor jika memenuhi salah satu hal berikut :

b. An entity is related to the reporting entity if any of the following conditions applies :

i. Entitas dan entitas pelapor adalah anggota kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain).

i. The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

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e. Transaksi dengan pihak berelasi (lanjutan) e. Transactions with related parties (continued)

ii. Suatu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau entitas ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya).

iii. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama.

iv. Suatu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga.

ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

iii. Both entities are joint ventures of the same third party.

iv. One entity is a joint venture of the third entity and the other entity is an associate of the third party.

v. Entitas tersebut adalah suatu program imbalan pasca kerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas pelapor adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor.

vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a).

vii.Orang yang diidentifikasi dalam huruf (a) (i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas).

v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity, or an entity related to the reporting entity. If the reporting entity is maintaining such plan by itself, the sponsoring employers are also related to the reporting entity.

vi. The entity is controlled or jointly controlled by a person identified in (a).

vii.A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity).

Transaksi signifikan yang dilakukan dengan pihak-pihak berelasi diungkapkan dalam catatanlaporan keuangan konsolidasian.

Significant transactions with related parties are disclosed in the consolidated financial statements.

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

Kas dan setara kas terdiri dari uang kas, uang yang ada di bank serta deposito berjangka yang akan jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal penempatannya dan tidak digunakan sebagai jaminan atas utang serta tidak dibatasi penggunaannya.

Cash and cash equivalents consists of cash on hand and in banks and term deposits with maturity in three months or less after placement date and are not used as collateral for loan and the usage are not restricted.

g. Piutang usaha dan piutang lain-lain g. Trade and other receivables

Piutang pada awalnya diakui sebesar nilai wajar dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode bunga efektif, dikurangi penyisihan atas penurunan nilai. Penyisihan atas penurunan nilai piutang dibentuk pada saat terdapat bukti obyektif bahwa saldo piutang Grup tidak dapat ditagih.

Receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for impairment. An allowance for impairment of receivables is established when there is objective evidence that the outstanding amounts of the Group’s receivables can not be collected.

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g. Piutang usaha dan piutang lain-lain (lanjutan) g. Trade and other receivables (continued)

Besarnya penyisihan merupakan selisih antara nilai aset tercatat dan nilai sekarang dari estimasi arus kas masa depan, didiskontokan dengan tingkat suku bunga efektif. Penurunan nilai aset tercatat dicatat di dalam akun penyisihan dan nilai kerugian diakui di dalam laba atau rugi. Ketika tidak dapat ditagih, piutang dihapuskan bersama dengan penyisihan piutang. Pemulihan nilai setelah penghapusan piutang diakui sebagai penghasilan di dalam laba atau rugi tahun berjalan.

The amount of the allowance is the difference between the assets carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The carrying amount of the receivables is reduced through the use of an allowance account, and the amount of the loss is recognized in profit or loss. When a receivable is uncollectible, it is written off against the allowance for impairment of receivables. Subsequent recoveries of amounts previously written off are credited as income in current year’s profit or loss.

h. Persediaan h. Inventories

Persediaan dinyatakan berdasarkan nilai terendah antara harga perolehan atau nilai yang dapat direalisasikan (Net Realizable Value).

Inventories are stated at lower of cost or net realizable value.

Biaya perolehan ditentukan berdasarkan metode pertama masuk pertama keluar dan meliputi semua biaya pembelian, biaya konversi dan biaya tidak langsung yang terjadi untuk membawa persediaan ke lokasi dan kondisi sekarang.Penyisihan atas persediaan usang dan penurunan nilai persediaan, jika ada, dibentuk untuk mengurangi nilai tercatat persediaan menjadi nilai realisasi neto.

Acquisition cost is determined based on the first in first out method and is comprises of all costs of purchase, costs of conversion and appropriate overheads incurred in bringing the inventory to its present location and condition. Provisions for obsolete inventory and declining value of inventories, if any, are provide to decrease thecarrying value of inventories to net realizable value.

Nilai realisasi bersih adalah taksiran harga jual dalam kegiatan usaha normal, dikurangi taksiran biaya penyelesaian dan taksiran biaya yang diperlukan untuk melaksanakan penjualan.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated cost necessary to make the sale.

i. Aset tetap i. Fixed assets

Aset tetap, kecuali tanah dinyatakan berdasarkan biaya perolehan dikurangi akumulasi penyusutan dan akumulasi penurunan nilai, jika ada. Tanah tidak disusutkan dan dinyatakan sebesar nilai revaluasian, dikurangi penurunan nilai, jika ada.

Fixed assets except land are carried at cost less accumulated depreciation, and impairment in value, if any. Land is not depreciated and is stated at revaluation value, less impairment in value, if any.

Awalnya suatu aset tetap diukur sebesar biaya perolehan, yang terdiri dari harga perolehannya dan biaya-biaya yang dapat diatribusikan secara langsung untuk membawa aset ke lokasi dan kondisi yang diinginkan agar aset siap digunakan sesuai dengan keinginan dan maksud manajemen, serta estimasi awal biaya pembongkaran dan pemindahan aset tetap dan restorasi lokasi aset.

Initially an item of fixed assets is measured at cost which consists of its acquisition costs and any costs directly attributable to taking the assets to the location and condition necessary for it to be capable of operating in the manner intended by management, and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

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

Biaya pengurusan legal hak atas tanah ketika tanah diperoleh pertama kali diakui sebagai bagian dari biaya perolehan aset tanah dan biaya ini tidak disusutkan. Biaya pengurusan perpanjangan atau pembaharuan legal hak atas tanah diakui sebagai aset takberwujud dan diamortisasi sepanjang umur hukum hak atau umur ekonomis tanah, mana yang lebih pendek.

Initial legal costs incurred to obtain legal rights are recognized as part of the acquisition cost of the land and these costs are not depreciated. The legal cost incurred to extend or renew the land rights are recorded as intangible assets and amortized over the shorter of the rights legal life or land’s economic life.

Biaya-biaya setelah perolehan awal seperti penggantian komponen dan inspeksi yang signifikan, diakui dalam jumlah tercatat aset tetap jika besar kemungkinan manfaat ekonomis di masa depan akan mengalir ke Perusahaan dan biaya tersebut dapat diukur secara andal. Sisa jumlah tercatat biaya komponen yang diganti atau biaya inspeksi terdahulu dihentikan pengakuannya. Biaya perbaikan dan pemeliharaan yang tidak memenuhi kriteria pengakuan diakui dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian pada saat terjadinya.

Subsequent costs after initial acquisition such as significant cost of replacing part of the assets and major inspection cost, are recognized in the carrying amounts if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Any remaining carrying amounts of the cost of the previous replacement or inspection cost is derecognized. Repairs and maintenance cost that do not meet the recognition criteria are recognized in the consolidated statements of profit or loss and other comprehensive income as incurred.

Penyusutan aset tetap dihitung dengan menggunakan metode garis lurus, berdasarkan estimasi masa manfaat ekonomis aset tetap sebagai berikut :

Depreciation of fixed assets is computed on straight-line method, based on the estimated economic useful lives of fixed assets as follows :

Jenis aset tetap Masa manfaat

Bangunan 20 tahunKapal 16 tahunMesin dan peralatan 4 - 8 tahunKendaraan 4 - 10 tahunPeralatan kantor 4 tahun

Type of fixed assets Useful lives

Buildings 20 yearsVessel 16 yearsMachineries and equipments 4 - 8 yearsVehicles 4 - 10 yearsOffice equipments 4 years

Nilai residu, umur manfaat dan metode penyusutan direviu setiap akhir tahun buku untuk memastikan nilai residu, umur manfaat dan metode depresiasi diterapkan secara konsisten sesuai dengan ekspektasi pola manfaat ekonomis dari aset tersebut.

The residual value, useful lives and depreciation methods shall be reviewed at each financial year end to ensure the residual value, useful lives and depreciation methods are applied consistently in line with the expected pattern of economic benefits of that assets.

Ketika suatu aset dilepaskan atau tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya, biaya perolehan dan akumulasi penyusutan dan akumulasi rugi penurunan nilai, jika ada, dikeluarkan dari akun tersebut. Laba atau rugi yang timbul dari penghentian pengakuan aset tetap akan dimasukkan dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian.

When an item of assets is disposed of or when no future economic benefits are expected from its use or disposal, acquisition costs and accumulated depreciation and accumulated impairment loss, if any, are removed from the accounts. Any resulting gains or losses on the disposal of fixed assets are recognized in the consolidated statements of profit or loss and other comprehensive income.

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

Sebelum tanggal 1 Januari 2015 aset tetap - tanahdinyatakan sebesar biaya perolehan. Perusahaan menerapkan PSAK No. 16 (Revisi 2015) tentang “Aset Tetap”, dimana Perusahaan telah mengubah kebijakan akuntansi dari metode biaya perolehan ke metode revaluasi untuk pencatatan nilai tanah. Perubahan kebijakan akuntansi dari metode biaya perolehan ke metode revaluasi dalam pencatatan nilai tanah berlaku prospektif.

Before 1 January 2015 fixed assets - land are stated at acquisition costs. The Company has implemented SFAS No. 16 (Revision 2015) regarding “Fixed Assets”, where the Company has changed accounting policy from acquisition cost method to revaluation method for recorded the land value. Change to this policy from acquisition cost method to revaluation method for recorded the land value applies prospectively.

Revaluasi dilakukan dengan keteraturan yang cukup untuk memastikan bahwa nilai tercatat tidak berbeda secara material dari jumlah yang ditentukan dengan menggunakan nilai wajar pada tanggal pelaporan.

Revaluation is made with sufficient regularity to ensure that the carrying amount does not differ materiality from that which would be determined using fair value at the reporting date.

Aset tetap yang tidak mengalami perubahan nilai wajar secara signifikan wajib direvaluasi paling kurang setiap 3 (tiga) tahun.

Fixed assets that do not experience significant changes in fair value must be revalued at least every 3 (three) years.

Kenaikan yang berasal dari revaluasi tanah diakui pada penghasilan komprehensif lain dan dicatat dalam ekuitas pada bagian surplus revaluasi aset tetap, kecuali sebelumnya penurunan revaluasi atas aset yang sama pernah diakui dalam laba rugi, dalam hal ini kenaikan revaluasi hingga sebesar penurunan nilai aset akibat revaluasi tersebut, dikreditkan dalam laba rugi.

Any revaluation increase arising on the revaluation of land is recognized in other comprehensive income and recorded in equity under the heading of revaluation surplus of fixed assets, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit or loss to the extent of the decrease previously charged.

Penurunan jumlah tercatat yang berasal dari revaluasi tanah dibebankan dalam laba rugi apabila penurunan tersebut melebihi saldo surplus revaluasi aset yang bersangkutan, jika ada.

The decrease in the carrying amount arising from the revaluation of land is charged to profit or loss if the decrease exceeds the surplus balance of such assets, if any.

Aset dalam penyelesaian Assets in progress

Aset dalam penyelesaian dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari aset tetap. Biaya pinjaman, termasuk selisih kurs yang timbul dari pinjaman dalam mata uang asing sejauh bahwa selisih kurs adalah penyesuaian terhadap biaya bunga yang dikeluarkan khusus untuk mendanai pembangunan, dikapitalisasi selama periode sampai selesai. Setelah pembangunan selesai, biaya yang dikapitalisasi tersebut dipindahkan ke aset tetap.

Assets in progress is stated at cost and presented as part of fixed assets. Borrowing costs, including exchange differences arising from borrowings denominated in foreign currencies to the extent that the exchange differences are adjustments to interest costs incurred specifically to fund the construction, are capitalized during the period until completion. Upon completion of construction, the costs capitalized are transferred to fixed assets.

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

Perusahaan menerapkan PSAK No. 48 (Revisi 2014), “Penurunan Nilai Aset”. PSAK revisi menetapkan prosedur-prosedur yang diterapkan entitas agar aset dicatat tidak melebihi jumlah terpulihkannya. Suatu aset dicatat melebihi jumlah terpulihkannya jika jumlah tersebut melebihi jumlah yang akan dipulihkan melalui penggunaan atau penjualan aset. Pada kasus demikian, aset mengalami penurunan nilai dan pernyataan ini mensyaratkan entitas mengakui rugi penurunan nilai. PSAK yang direvisi ini juga menentukan kapan entitas membalik suatu rugi penurunan nilai dan pengungkapan yang diperlukan.

The Company applied SFAS No. 48 (Revised 2014), “Impairment of Assets”. This revised SFAS prescribes the procedures to be employed by an entity to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset. If this is the case, the asset is described as impaired and this revised SFAS requires the entity to recognize an impairment loss. This revised SFAS also specifies when an entity should reverse an impairment loss and prescribes disclosures.

Pada setiap akhir periode pelaporan, Grup menilai apakah terdapat indikasi aset mengalami penurunan nilai. Jika terdapat indikasi tersebut, maka Grup mengestimasi jumlah terpulihkan aset tersebut. Jumlah terpulihkan suatu aset atau unit penghasil kas adalah jumlah yang lebih tinggi antara nilai wajar dikurangi biaya untuk menjual dan nilai pakainya. Jika jumlah terpulihkan suatu aset lebih kecil dari nilai tercatatnya, nilai tercatat aset harus diturunkan menjadi sebesar jumlah terpulihkan. Kerugian penurunan nilai diakui segera dalam laba atau rugi.

At the end of reporting period, the Group evaluates whether any indication that an assetmay be impaired. If any such indication exists, the Group estimates the recoverable amount of the asset. The recoverable amount of an asset or a cash generating unit is the higher of its fair value less costs to sell and its value in use. Whenever the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The impairment loss is recognized immediately in profit or loss.

k. Pengakuan pendapatan dan beban k. Revenue recognition and expenses

Grup menerapkan PSAK No. 23, “Pendapatan”. PSAK ini mengidentifikasi terpenuhinya kriteria pengakuan pendapatan, sehingga pendapatan dapat diakui, dan mengatur perlakuan akuntansi atas pendapatan yang timbul dari transaksi dan kejadian tertentu, serta memberikan panduan praktis dalam penerapan kriteria mengenai pengakuan pendapatan.

The Group adopted SFAS No. 23, “Revenue”. This SFAS identifies the circumstances in which the criteria on revenue recognition will be met and, therefore revenue may be recognized, and prescribes the accounting treatment of revenue arising from certain types of transactions and events, and also provides practical guidance on the application of the criteria on revenue recognition.

Pendapatan dari agen penjualan bahan bakar, pelumas dan gas diakui pada saat risiko dan manfaat kepemilikan telah beralih dan barang telah diserahkan kepada pelanggan.

Revenues from sale of fuel, lubricant and gas are recognized when risk and benefits of ownership are transferred and after goods have been delivered to customers.

Pendapatan jasa transportasi dan logistik dan stasiun pengisian pengangkutan bulk elpiji diakui pada saat jasa diberikan dan faktur penjualan diterbitkan berdasarkan kontrak kerja sama.

Revenue from transportation and logistics services and refueling stations for bulk LPG is recognized when services are rendered and sales invoices issued by a cooperation contract.

Pendapatan sewa dicatat pada saat jasa sewa diberikan sesuai dengan masa sewa.

Rental revenue is recorded when the rental service is rendered according to the rentalperiod.

Beban diakui pada saat terjadinya (accrualbasis).

Expenses are recognized when incurred (accrual basis).

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l. Pajak penghasilan l. Income tax

PSAK No. 46 (Penyesuaian 2014) mengisyaratkan Grup untuk memperhitungkan konsekuensi pajak kini dan mendatang dari pemulihan (penyelesaian) jumlah tercatat aset (liabilitas) masa depan yang diakui dalam laporan posisi keuangan konsolidasian, dan transaksi dan kejadian lain dari periode kini yang diakui dalam laporan keuangan konsolidasian.

SFAS No. 46 (Improvements 2014) requies the Group to calculate the tax consequences of current and future tax from recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in the consolidated statement of financial position, and the transactions and events another of the current period that are recognized in the consolidated financial statements.

Beban pajak terdiri dari pajak kini dan pajak tangguhan. Beban pajak diakui dalam laba rugi tahun berjalan, kecuali jika pajak tersebut terkait dengan transaksi atau kejadian yang diakui di pendapatan komprehensif lain. Dalam hal ini, pajak tersebut masing-masing diakui dalam pendapatan komprehensif lain.

The tax expense comprises of current and deferred tax. Tax expense is recognized in the net income for the year, except to the extent that it relates to items recognized in othercomprehensive income. In this case, the tax is also recognized in other comprehensive income.

Pajak kini Current tax

Pajak kini ditentukan berdasarkan laba kena pajak dalam tahun yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku.

Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.

Pajak tangguhan Deferred tax

Aset dan liabilitas pajak tangguhan diakui atas perbedaan temporer antara aset dan liabilitas untuk tujuan komersial dan untuk tujuan perpajakan setiap tanggal pelaporan.

Deferred tax assets and liabilities are recognized for temporary differences between the financial and tax bases of assets and liabilities at each reporting date.

Aset pajak tangguhan diakui untuk seluruh perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan perbedaan temporer yang boleh dikurangkan tersebut dapat dimanfaatkan untuk mengurangi laba fiskal pada masa yang akan datang. Liabilitas pajak tangguhan diakui atas semua perbedaan temporer kena pajak. Manfaat pajak di masa mendatang, seperti saldo rugi fiskal yang belum digunakan, diakui sejauh besar kemungkinan realisasi atas manfaat pajak tersebut.

Deferred tax assets are recognized for all deductible temporary differences to the extent it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences. Future tax benefits, such as the carry-forward of unused tax losses, are also recognized to the extent that realization of such benefits is probable.

Aset dan liabilitas pajak tangguhan diukur pada tarif pajak yang diharapkan akan digunakan pada periode ketika aset direalisasi atau ketika liabilitas dilunasi berdasarkan tarif pajak (dan peraturan perpajakan) yang berlaku atau secara substansial telah diberlakukan pada akhir periode pelaporan.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period.

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l. Pajak penghasilan (lanjutan) l. Income tax (continued)

Surat Ketetapan Pajak Tax Assessment Notice

Jumlah tambahan pokok dan denda pajak yang ditetapkan dengan Surat Ketetapan Pajak (“SKP”) diakui masing-masing sebagai beban pajak kini dan beban lain-lain dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian, kecuali jika diajukan upaya penyelesaian selanjutnya. Jumlah tambahan pokok pajak dan denda yang ditetapkan dengan SKP ditangguhkan pembebanannya sepanjang memenuhi kriteria pengakuan aset.

Additional principal amount of taxes and penalties determined by the Tax Assessment Notice ("SKP") is recognized respectively as current tax and other expense in the consolidated statements of income and other comprehensive income, unless there is further settlement efforts. An additional principal amount of taxes and penalties determined by SKP are deferred as long as its meets the recognition criteria of assets.

Pajak final Final tax

Peraturan perpajakan di Indonesia mengatur beberapa jenis penghasilan dikenakan pajak yang bersifat final. Pajak final yang dikenakan atas nilai bruto transaksi tetap dikenakan walaupun atas transaksi tersebut pelaku transaksi mengalami kerugian.

Tax regulation in Indonesia determined that certain taxable income is subject to final tax. Final tax applied to the gross value of transactions is applied even when the parties carrying the transaction recognizing losses.

Mengacu pada PSAK No. 46 yang disebutkan di atas, beban pajak final tersebut tidak termasuk dalam lingkup yang diatur oleh PSAK No. 46. Oleh karena itu Grup memutuskan untuk menyajikan beban pajak final sehubungan dengan pendapatan sewa dan pengalihan hak atas tanah dan/atau bangunan sebagai beban pajak final.

Referring to SFAS No. 46 as mentioned above, final tax expense is no longer in scope of SFAS No. 46. Therefore, the Group has decided to present all of the final tax arising from rental income and transfer land and/or building right as final tax expenses.

m. Transaksi dan saldo dalam mata uang asing m. Transactions and balances in foreign currencies

Grup menyelenggarakan pembukuannya dalam Rupiah. Transaksi dalam mata uang selain Rupiah dicatat dengan menggunakan kurs tukar yang berlaku pada tanggal transaksi.

The Group maintains its accounting records in Rupiah. Transactions in currencies other than Rupiah are recorded at the prevailing rates of exchange in effect on the date of the transactions.

Pada tanggal laporan posisi keuangan konsolidasian, seluruh aset dan liabilitas moneter dalam mata uang selain Rupiah telah dijabarkan dengan menggunakan kurs tengah yang ditetapkan oleh Bank Indonesia pada tanggal tersebut. Keuntungan atau kerugian selisih kurs bersih yang timbul dari penjabaran tersebut diakui dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian tahun berjalan, kecuali jika ditangguhkan di dalam ekuitas sebagai lindung nilai arus kas dan lindung nilai investasi bersih yang memenuhi syarat.

As of the consolidated statements of financial position date, all monetary assets and liabilities denominated in currencies other than Rupiah have been translated at the middle exchange rates quoted by Bank Indonesia (Indonesian Central Bank) on that date. The net foreign exchange gains or losses arising from the translation are recognized in the current year’s consolidated statements of profit or loss and other comprehensive income, except when deferred in the equity as qualifying cash flow hedges and qualifying net investment hedges.

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m. Transaksi dan saldo dalam mata uang asing(lanjutan)

m. Transactions and balances in foreign currencies (continued)

Kurs yang berlaku pada tanggal-tanggal tersebut adalah sebagai berikut :

The exchange rates prevailing at those dates are as follows :

31 Desember/ December2017 2016

USD 1 Rp 13.548 Rp 13.436 USD 1

n. Imbalan kerja n. Employee benefits

Imbalan kerja jangka pendek Short term employee benefits

Imbalan kerja jangka pendek diakui pada saat terutang kepada karyawan berdasarkan metode akrual.

Short term employee benefits are recognized when payable to employees on the accrual basis.

Imbalan pasca kerja Post employment benefits

Imbalan pasca kerja seperti pensiun, uang pisah dan uang penghargaan masa kerja dihitung berdasarkan Undang-Undang Ketenagakerjaan No. 13/2003.

Post employment benefits such as retirement, severance and service payment are calculated based on Labour Law No. 13/2003.

Grup mengakui jumlah liabilitas imbalan pasti neto sebesar nilai kini kewajiban imbalan pasti pada akhir periode pelaporan dikurangi nilai wajar aset program yang dihitung oleh aktuaris independen dengan menggunakan metode Projected Unit Credit. Nilai kini kewajiban imbalan pasti ditentukan dengan mendiskontokan imbalan tersebut.

The Group recognizes the amount of the net defined benefit obligation at the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets as determined by an independent actuary using the Projected Unit Credit method. The present value of the defined benefit obligation is determined by discounting the benefits.

Grup mencatat tidak hanya kewajiban hukum berdasarkan persyaratan formal program imbalan pasti, tetapi juga kewajiban konstruktif yang timbul dari praktik informal entitas.

The Group account not only for its legal obligation under the formal terms of a defined benefit plan, but also for any constructive obligations that arises from the informal practices of the entity.

Biaya jasa kini, setiap biaya jasa lalu dan keuntungan atau kerugian atas penyelesaian dan bunga neto atas liabilitas (aset) imbalan pasti neto diakui dalam laba rugi.

Current service cost, any past service cost and gain or loss on settlement and net interests on the net defined benefit liabilities (assets) recognized in profit or loss.

Pengukuran kembali atas liabilitas (aset) imbalan pasti neto yang terdiri dari keuntungan dan kerugian aktuarial, imbal hasil atas aset program dan setiap perubahan dampak batas atas aset diakui sebagai penghasilan komprehensif lain.

The remeasurement of the net defined benefit liability (assets) comprise actuarial gain and losses, return on plan assets and any change in effect of the asset ceiling recognized in other comprehensive income.

o. Biaya pinjaman o. Borrowing costs

Biaya pinjaman yang dapat diatribusikan secara langsung dengan perolehan, konstruksi atau pembuatan aset kualifikasian, merupakan aset yang membutuhkan waktu yang cukup lama agar siap untuk digunakan atau dijual, dikapitalisasi pada biaya perolehan aset tersebut.

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, an asset that takes a long time to get ready for use or sale, are capitalized to the cost of that asset.

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o. Biaya pinjaman (lanjutan) o. Borrowing costs (continued)

Penghasilan investasi yang diperoleh atas investasi sementara dari pinjaman yang secara spesifik belum digunakan untuk pengeluaran aset kualifikasian dikurangi dari biaya pinjaman yang dikapitalisasi.

Investment income earned from temporary investment of specific borrowings not yet used for qualifying assets is deducted from the capitalized borrowing costs.

Kapitalisasi biaya pinjaman dihentikan pada saat aktivitas yang diperlukan untuk mempersiapkan aset kualifikasian dinyatakan selesai secara substansial dan aset dapat digunakan atau dijual.

Capitalization of borrowing costs ceases when the activities necessary to prepare the qualifying assets is completed substantially and assets can be used or sold.

Semua biaya pinjaman lainnya diakui dalam laporan laba rugi dan penghasilan komprehensif lain pada periode terjadinya.

All other borrowing costs are recognized in the statement of income and other comprehensive income in the period incurred.

p. Sewa p. Leases

Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Sewa lainnya, yang tidak memenuhi kriteria tersebut, diklasifikasikan sebagai sewa operasi.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Aset pada sewa pembiayaan pada awal masa sewa sebesar nilai wajar aset sewaan dicatat yangditentukan pada awal kontrak atau, jika lebih rendah, sebesar nilai kini dari pembayaran sewa minimum. Kewajiban kepada lessor disajikan di dalam laporan posisi keuangan konsolidasian sebagai kewajiban sewa pembiayaan.

Assets held under finance leases are initially recognized as assets at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statements of financial position as a finance lease obligations.

Pembayaran sewa harus dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pengurangan dari kewajiban sewa sehingga mencapai suatu tingkat bunga yang konstan (tetap) atas saldo kewajiban. Rentalkontijen dibebankan pada periode terjadinya.

Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred.

Pembayaran sewa operasi diakui sebagai beban dengan dasar garis lurus (straight-line basis)selama masa sewa, kecuali terdapat dasar sistematis lain yang dapat lebih mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Rental kontijen diakui sebagai beban di dalam periode terjadinya.

Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.

Dalam hal insentif diperoleh dalam sewa operasi, insentif tersebut diakui sebagai kewajiban. Keseluruhan manfaat dari insentif diakui sebagai pengurangan dari biaya sewa dengan dasar garis lurus kecuali terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna.

In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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q. Provisi q. Provisions

Provisi diakui jika Perusahaan mempunyai kewajiban kini (hukum maupun konstruktif) sebagai akibat peristiwa masa lalu, yang memungkinkan Perusahaan harus menyelesaikan kewajiban tersebut dan estimasi yang andal mengenai jumlah kewajiban tersebut dapat dibuat.

Provisions are recognized when the Company has present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Jumlah yang diakui sebagai provisi adalah hasil estimasi terbaik pengeluaran yang diperlukan untuk menyelesaikan kewajiban kini pada tanggal pelaporan, dengan mempertimbangkan risiko dan ketidakpastian terkait kewajiban tersebut.

The amount recognized as a provision is the best estimate of the consideration required to settle the obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.

r. Laba per saham dasar r. Earning per share - basic

Laba per saham dasar dihitung dengan membagi laba bersih yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar pada periode yang bersangkutan.

Earning per share - basic is computed by dividing net income attributable to owners of the parent company over the weighted average number of shares outstanding during the period.

s. Modal saham s. Shares capital

Saham biasa dikelompokkan sebagai ekuitas. Ordinary shares are classified as equity.

Biaya langsung yang berkaitan dengan penerbitan saham baru disajikan sebagai pegurang ekuitas, setelah dikurangi pajak, dari jumlah yang diterima.

Direct costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

t. Dividen t. Dividend

Pembagian dividen kepada pemegang saham Perusahaan yang belum dibayarkan diakui sebagai liabilitas dalam laporan keuangan konsolidasian dalam tahun di mana pembagian dividen tersebut disetujui oleh pemegang saham Perusahaan.

Dividend distributions to the Company’s shareholders which have not been paid are recognized as liabilities in the consolidatedfinancial statements in the year in which the dividends are approved by the Company’s shareholders.

u. Segmen operasi u. Operating segment

PSAK 5 (Penyesuaian 2015) mengharuskan segmen operasi diidentifikasi berdasarkan laporan internal mengenai komponen dari Perusahaan dan entitas anak yang secara regular direviu oleh “pengambil keputusan operasional” dalam rangka mengalokasikan sumber daya dan menilai kinerja segmen operasi.

SFAS 5 (Improvements 2015) requires that operating segments are identified based on internal reports about components of the Company and its subsidiaries, and are regularly reviewed by the "operational decision makers" in order to allocate resources and assess performance of the operating segments.

Segmen operasi adalah suatu komponen dari entitas:

Operating segment is a component of an entity:

i. yang terlibat dalam aktivitas bisnis yang mana memperoleh pendapatan dan menimbulkan beban (termasuk pendapatan dan beban terkait dengan transaksi dengan komponen lain dari entitas yang sama);

i. engaged in the business activities which generate revenue and burdens (including revenues and expenses relating to transactions with other components of the same entity);

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u. Segmen operasi (lanjutan) u. Operating segment (continued)

ii. yang hasil operasinya dikaji ulang secara regular oleh pengambil keputusan operasional untuk membuat keputusan tentang sumber daya yang dialokasikan pada segmen tersebut dan menilai kinerjanya; dan

iii. di mana tersedia informasi keuangan yang dapat dipisahkan.

ii. whose operating results are reviewed regularly by operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and

iii. where the financial information that can be separated is available.

Informasi yang digunakan oleh pengambil keputusan operasional dalam rangka alokasi sumber daya dan penilaian kinerja mereka terfokus pada kategori dari setiap produk, yang menyerupai informasi segmen usaha yang dilaporkan di periode sebelumnya.

The information used by operational decision-makers in resource allocation and performance evaluation focused on the category of each product, which resembles a business segment information reported in the previous period.

Perusahaan dan entitas anak beroperasi pada bidang keagenan : bahan bakar minyak dan SPBU, pelumas dan gas; SPBE serta transportasi dan logistik.

The Company and its subsidiaries operate in the agents : fuel and SPBU, lubricant and gas; SPBE and transportation and logistics.

4. Pertimbangan kritis akuntansi, estimasi dan asumsi akuntansi yang signifikan

4. Critical accounting judgement, estimates and significant accounting assumptions

Penyusunan laporan keuangan konsolidasian sesuai dengan Standar Akuntansi Keuangan di Indonesia mewajibkan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah-jumlah yang dilaporkan dalam laporan keuangan konsolidasian. Sehubungan dengan adanya ketidakpastian yang melekat dalam membuat estimasi, hasil sebenarnya yang dilaporkan di masa mendatang dapat berbeda dengan jumlah estimasi yang dibuat. Manajemen berkeyakinan bahwa pengungkapan berikut telah mencakup ikhtisar pertimbangan, estimasi dan asumsi signifikan yang berpengaruh terhadap jumlah-jumlah yang dilaporkan serta pengungkapan dalam laporan keuangan konsolidasian :

The preparation of consolidated financial statements, in conformity with Indonesian Financial Accounting Standards, requires management to make judgements, estimations and assumptions that affect amounts reported in the consolidated financial statements. Due to inherent uncertainty in making estimates, actual results reported in future periods may differ from those estimates. Management believes that the following disclosure has included a summary of considerations, estimates and significant assumptions that affect the reported amounts and disclosures in the consolidated financial statements:

Pertimbangan Considerations

Menentukan klasifikasi aset dan liabilitas keuangan Determining classification of financial assets and financial liabilities

Grup menetapkan klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan dengan mempertimbangkan apakah definisi yang ditetapkan PSAK No. 55 dipenuhi. Dengan demikian, aset keuangan dan liabilitas keuangan diakui sesuaidengan kebijakan akuntansi Grup seperti diungkapkan pada Catatan 3.

The Group determines the classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in SFAS No. 55. Accordingly, the financial assets and financial liabilities are accounted for in accordance with the Group’s accounting policies disclosed in Note 3.

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4. Pertimbangan kritis akuntansi, estimasi dan asumsi akuntansi yang signifikan (lanjutan)

4. Critical accounting considerations, estimates and significant accounting assumptions (continued)

Aset keuangan yang tidak memiliki kuotasi harga di pasar aktif

Financial assets not quoted in active market

Grup mengklasifikasikan aset keuangan dengan mengevaluasi, antara lain, apakah aset tersebut memiliki atau tidak memiliki kuotasi harga di pasar yang aktif. Evaluasi tersebut juga mencakup apakah kuotasi harga suatu aset keuangan di pasar yang aktif, merupakan kuotasi harga yang tersedia secara reguler, dan kuotasi harga tersebut mencerminkan transaksi di pasar yang aktual dan terjadi secara reguler dalam suatu transaksi wajar.

The Group classifies financial assets by evaluating, among others, whether the asset is quoted or not in an active market. Included in the evaluation on whether a financial asset is quoted in an active market is the determination on whether quoted prices are readily and regularly available, and whether those prices represent actual and regularly occurring market transactions on an arm’s length basis.

Estimasi dan asumsi Estimates and assumptions

Menentukan nilai wajar atas instrumen keuangan Determining fair value of financial instruments

Grup mencatat aset dan liabilitas keuangan tertentu pada nilai wajar, yang mengharuskan penggunaanestimasi akuntansi. Sementara komponen signifikan atas pengukuran nilai wajar ditentukan menggunakan bukti objektif yang dapat diverifikasi, jumlah perubahan nilai wajar dapat berbeda bila Grup menggunakan metodologi penilaian yang berbeda. Perubahan nilai wajar aset dan liabilitas keuangan tersebut dapat mempengaruhi secara langsung laba atau rugi Grup.

The Group carries certain financial assets and liabilities at fair values, which requires the use of accounting estimates. While significant components offair value measurement were determined using verifiable objective evidences, the amount of changes in fair values would differ if the Group utilized different valuation methodology. Any changes in fair values of these financial assets and liabilities would affect directly the Group’s profit or loss.

Nilai wajar aset dan liabilitas keuangan per 31 Desember 2017 dan 2016 telah diungkapkan dalam catatan 28.

The fair value of financial assets and liabilities as of 31 December 2017 and 2016 are disclosed in note 28.

Menilai penyisihan penurunan nilai piutang Assessing impairment of receivables

Grup mengevaluasi akun tertentu yang diketahui bahwa para pelanggannya tidak dapat memenuhi liabilitas keuangannya. Dalam hal tersebut, Grup mempertimbangkan, berdasarkan fakta dan situasi yang tersedia, termasuk namun tidak terbatas pada, jangka waktu hubungan dengan pelanggan dan status kredit dari pelanggan berdasarkan catatan kredit dari pihak ketiga yang tersedia dan faktor pasar yang telah diketahui, untuk mencatat provisi spesifik atas pelanggan terhadap jumlah terutang guna mengurangi jumlah piutang yang diharapkan dapat diterima oleh Grup.

The Group evaluates specific accounts where it has information that certain customers are unable to meet their financial obligations. In these cases, the Group uses judgment, based on available facts and circumstances, including but not limited to, the length of its relationship with the customer and the customer’s current credit status based on any available third party credit reports and known market factors, to record specific provisions for customers against amounts due to reduce its receivable amounts that the Group expects to collect.

Provisi spesifik ini dievaluasi kembali dan disesuaikan jika tambahan informasi yang diterima mempengaruhi jumlah penyisihan atas penurunan nilai piutang.

These specific provisions are reevaluated and adjusted as additional information received affects the allowance for impairment.

Nilai tercatat atas piutang telah diungkapkan dalam catatan 7.

The carrying amount of receivables are disclosed in note 7.

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Menentukan masa manfaat aset tetap Determining useful lives of fixed assets

Biaya perolehan aset tetap disusutkan dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomisnya. Manajemen mengestimasi masa manfaat ekonomis aset tetap antara 4 sampai 20 tahun. Ini adalah masa manfaatyang secara umum diharapkan dalam industri di mana Grup menjalankan bisnisnya. Perubahan tingkat pemakaian dan perkembangan teknologi dapat mempengaruhi masa manfaat ekonomis dan nilai sisa aset, dan karenanya biaya penyusutan masa depan mungkin direvisi.

The costs of fixed assets are depreciated on a straight line basis over their estimated useful lives. Management properly estimates the useful lives of these fixed assets ranging from 4 to 20 years. These are generally useful lives expectancies applied in the industries where the Group conducts its businesses. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual values of these assets, and therefore future depreciation charges could be revised.

Nilai tercatat atas aset tetap telah diungkapkan dalam catatan 10.

The carrying amount of fixed assets are disclosed in note 10.

Menilai penurunan nilai aset non-keuangan tertentu Assessing impairment of certain non-financial assets

PSAK No. 48 (Revisi 2014) mensyaratkan bahwa penilaian penurunan nilai dilakukan pada aset non-keuangan tertentu apabila terdapat kejadian atau perubahan keadaan yang mengindikasikan bahwa nilai tercatat tidak dapat diperoleh kembali. Faktor-faktor yang dianggap penting oleh Grup yang dapat memicu penelaahan atas penurunan nilai adalah sebagai berikut :

SFAS No. 48 (Revised 2014) requires that an impairment review to be performed on certain non-financial assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The factors that the Group considers important which could trigger an impairment review include the following :

a. kinerja yang kurang signifikan relatif terhadap expected historical atau hasil dari operasional yang diharapkan dari proyek masa depan;

a. significant underperformance relative to the expected historical or project future operating results;

b. perubahan signifikan dalam cara penggunaan aset yang diperoleh atau strategi bisnis secara keseluruhan; dan

c. tren negatif yang signifikan atas industri atau ekonomi.

b. significant changes in the manner of use of the acquired assets or the strategy for overall business; and

c. significant negative industry or economic trends.

Kerugian akibat penurunan nilai diakui apabila nilai tercatat aset non-keuangan melebihi jumlah yang dapat dipulihkan. Menentukan jumlah yang dapat dipulihkan atas aset-aset tersebut membutuhkan estimasi atas arus kas yang diharapkan dapat dihasilkan dari penggunaan lanjutan dan disposisi akhir dari aset tersebut.

An impairment loss is recognized whenever the carrying amount of a non-financial asset exceeds its recoverable amount. Determining the recoverable amount of such assets requires the estimation of cash flows expected to be generate from the continued use and ultimate disposition of such assets.

Per 31 Desember 2017 dan 2016, Grup menilai bahwa tidak terdapat penurunan nilai aset non-keuangan.

As of 31 December 2017 and 2016, the Group assessed that there is no certain impairment non-financial assets.

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Menentukan biaya dan liabilitas imbalan kerja Determining employee benefits expense and obligation

Penentuan biaya dan liabilitas imbalan kerja Grupbergantung pada pemilihan asumsi yang digunakan oleh aktuaris independen dalam menghitung jumlah-jumlah tersebut. Asumsi tersebut termasuk antara lain, tingkat diskonto, tingkat kenaikan gaji tahunan, umur pensiun dan tingkat kematian. Perubahan signifikan dalam asumsi yang ditetapkan Grup dapat mempengaruhi secara material liabilitas diestimasi atas imbalan kerja dan beban imbalan kerja bersih. Sementara hasil aktual dapat berbeda dari asumsi yang ditetapkan Grup. Grup berkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai.

The determination of the Group’s obligations and expense for employee benefits is dependent on its selection of certain assumptions used by the independent actuaries in calculating such amounts. Those assumptions include among others, discount rates, annual salary increase rate, retirement age and mortality rate. Significant changes in the Group’s assumptions may materially affect its estimated liabilities for employee benefits and net employee benefits expense. While the actual results that differ from the Group’s assumptions. The Group believes that its assumptions are reasonable and appropriate.

Nilai tercatat liabilitas imbalan kerja per 31 Desember 2017 dan 2016 telah diungkapkan dalam catatan 17.

The carrying amount of employee benefits obligations as of 31 December 2017 and 2016 are disclosed in note 17.

Menilai pajak dibayar di muka Assessing prepaid taxes

Grup menelaah pajak dibayar di muka pada setiap tanggal pelaporan dan menentukan cadangan mengurangi nilai tercatat apabila Grup berkeyakinan pajak dibayar di muka tersebut tidak dapat diterima kembali.

The Group reviews its prepaid taxes at each reporting date and reduces the carrying amount if the Groupbelieves that the prepaid taxes can not be refund.

Terdapat ketidakpastian mengenai estimasi jumlah pajak dibayar di muka yang dapat digunakandikarenakan terdapat interpretasi dari peraturan perpajakan yang kompleks.

There is uncertainty regarding the estimated amount of prepaid taxes that can be used because there are complex interpretation of tax regulations.

Nilai tercatat pajak dibayar di muka per 31 Desember 2017 dan 2016 telah diungkapkan dalam Catatan 9a.

The carrying amount of prepaid tax as of 31 December 2017 and 2016 are disclosed in Note 9a.

Menilai provisi atas pajak penghasilan Assessing provision for income tax

Menentukan provisi atas Pajak Penghasilan Badan mewajibkan pertimbangan signifikan oleh manajemen. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti sepanjang kegiatan usaha normal. Grup mengakui liabilitas atas Pajak Penghasilan Badan berdasarkan estimasi Pajak Penghasilan Badan.

Determining the provision for Corporate Income Tax requires significant judgment by management. There are certain transactions and computation for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for Corporate Income Tax based on estimation of Corporate Income Tax.

Liabilitas atas Pajak Penghasilan Badan Grup per 31Desember 2017 dan 2016 telah diungkapkan dalam catatan 9b dan 9d.

The Group’s Corporate Income Tax Payable as of 31December 2017 and 2016 are disclosed in notes 9b and 9d.

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Menilai pajak tangguhan Assessing deferred tax

Grup menelaah aset/liabilitas pajak tangguhan pada setiap tanggal pelaporan dan mengurangi nilai tercatat sepanjang tidak ada kemungkinan bahwa laba kena pajak memadai untuk mengkompensasi sebagian atau seluruh aset pajak tangguhan. Grup juga menelaah waktu yang diharapkan dan tarif pajak atas pemulihan perbedaan temporer dan menyesuaikan pengaruh atas pajak tangguhan yang sesuai.

The Group reviews its deferred tax assets/liabilities at each reporting date and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized. The Group also reviews the expected timing and tax rates upon reversal of temporary differences and adjusts the impact of deferred tax accordingly.

Aset/liabilitas pajak tangguhan bersih Grup per 31Desember 2017 dan 2016 diungkapkan dalam catatan 9e.

The Group’s net deferred tax assets/liabilities as of 31December 2017 and 2016 are disclosed in note 9e.

5. Kas dan setara kas 5. Cash and cash equivalents


Terdiri dari : Consist of :

Kas 931.183.107 1.155.000.000 Cash on hand

Bank - pihak ketiga : Bank - third parties :

Dalam Rupiah : In Rupiah :

PT Bank Mandiri (Persero) Tbk 3.348.197.969 2.851.734.729 PT Bank Mandiri (Persero) TbkPT Bank Central Asia Tbk 406.864.992 701.477.837 PT Bank Central Asia TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 12.929.913 12.929.913 (Persero) TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 24.129.623 23.976.958 (Persero) TbkPT Bank Central Asia Syariah 365.978.638 9.876.981 PT Bank Central Asia Syariah

Dalam Dolar Amerika Serikat : In United States Dollar :

PT Bank Mandiri (Persero) Tbk 13.896.247 14.655.855 PT Bank Mandiri (Persero) Tbk

Dikurangi (Catatan 6) : Less (Note 6) :

Rekening yang dibatasipenggunaannya Restricted accounts

Dalam Rupiah : In Rupiah :

PT Bank Mandiri (Persero) Tbk (750.000.000) (750.000.000) PT Bank Mandiri (Persero) Tbk

Jumlah 4.353.180.489 4.019.652.273 Total

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6. Rekening yang dibatasi penggunaannya 6. Restricted accounts


PT Bank Mandiri (Persero) Tbk 750.000.000 750.000.000 PT Bank Mandiri (Persero) Tbk

Rekening yang dibatasi penggunaannya merupakan dana milik Perusahaan yang ditempatkan pada Bank sebagai jaminan untuk kegiatan usaha sebagai agen penyalur BBM dari PT Pertamina (Persero).

The restricted accounts represents fund owned by the Company which is placed in the Bank as security for the business activities as a fuel supplier agent of PT Pertamina (Persero).

7. Piutang usaha 7. Trade receivables


Pihak ketiga - Rupiah : Third parties - Rupiah :

Transportasi dan logistik 20.509.741.398 19.014.976.878 Transportation and logisticAgen bahan bakar minyak 9.605.749.163 15.178.356.096 Fuel agentAgen pelumas 2.763.528.575 3.266.982.667 Lubicant agentAgen gas 1.242.531.804 1.153.487.693 Gas agentSPBE 852.098.324 1.229.831.568 SPBE

Jumlah piutang usaha Total trade receivables- pihak ketiga 34.973.649.264 39.843.634.902 - third parties

Dikurangi : cadangan Deduct : allowance forpenurunan nilai (3.438.136.116) (3.183.376.837) declining in value

Jumlah 31.535.513.148 36.660.258.065 Total

Rincian umur piutang usaha yang dihitung sejak tanggal faktur adalah sebagai berikut :

The accounts receivable aging are calculated since the date of invoices with the following details :


Pihak ketiga Third partiesBelum lewat jatuh tempo

dan tidak mengalami Neither past due norpenurunan nilai 16.355.713.760 18.633.932.106 impaired

Telah jatuh tempo tetapi tidak Past due butmengalami penurunan nilai : not impaired :Sampai dengan 30 hari 8.624.963.845 9.120.478.338 Up to 30 days31 hari – 60 hari 2.213.163.951 2.347.870.059 31 days – 60 days61 hari – 90 hari 450.727.291 872.336.051 61 days – 90 days> 90 hari 7.329.080.417 8.869.018.348 > 90 days

Jumlah piutang usaha Total trade receivables - pihak ketiga 34.973.649.264 39.843.634.902 - third parties

Mutasi akun cadangan kerugian penurunan nilai adalah sebagai berikut :

The movements of the allowance of impairment value are as follows :


Saldo awal 3.183.376.837 51.787.033 Beginning balancePenambahan 254.759.279 3.131.589.804 Additional

Saldo akhir 3.438.136.116 3.183.376.837 Ending balance

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7. Piutang usaha (lanjutan) 7. Trade receivables (continued)

Berdasarkan hasil penilaian manajemen dalam menentukan cadangan penurunan nilai piutang pada 31 Desember 2017 dan 2016, yang dibuat secara individu atau secara kolektif, manajemen percaya bahwa penyisihan cadangan penurunan nilai tersebut memadai untuk menutupi kemungkinan kerugian dari piutang tak tertagih.

Based on the assessment made by the management in determining the declining in value of receivables at 31 December 2017 and 2016, which are made individually or collectively, the management believes that the allowance for declining in value is adequate to cover possible losses from bad debts.

Piutang usaha pada tanggal 31 Desember 2017 dan 2016 dijadikan jaminan terhadap pinjaman yang dimiliki oleh Perusahaan (Lihat Catatan 12 dan 15).

Trade receivables as of 31 December 2017 and 2016 are pledged as collateral for loans owned by the Company (See Notes 12 and 15).

8. Persediaan 8. Inventories



Bahan bakar minyak 5.800.055.162 3.161.532.799 FuelPelumas 1.871.244.602 2.767.474.379 LubricantTabung gas 1.138.493.261 652.562.431 Gas tubeSuku cadang dan lainnya - 192.973.434 Spare part and others

Jumlah 8.809.793.025 6.774.543.043 Total

Pada tanggal 31 Desember 2017 dan 2016 persediaan telah diasuransikan terhadap resiko kebakaran, kebanjiran dan risiko lainnya kepada pihak ketiga yaitu PT Asuransi Bringin Sejahtera Artamakmur terhadap seluruh risiko dengan nilai jumlahpertanggungan sebesar Rp 5.606.451.700.

As of 31 December 2017 and 2016 inventories owned are covered by insurance against the risks of fire, flood and other risks to third parties namely PT Asuransi Bringin Sejahtera Artamakmur against all risks with total coverage amounted Rp 5,606,451,700.

Pada tanggal 31 Desember 2017 dan 2016 persediaan Perusahaan dijadikan sebagai jaminan atas utang Perusahaan (Lihat Catatan12).

As of 31 December 2017 and 2016, the Company's inventories are pledged as collateral for the Company's loan (See Note 12).

Grup menelaah secara berkala atas jumlah nilai tercatat persediaan, dan memastikan bahwa jumlah nilai tercatatnya tidak melebihi nilai realisasi bersihnya. Manajemen berkeyakinan bahwa tidak terdapat penurunan nilai persediaan per 31 Desember 2017 dan 2016.

The Group regularly reviewed tha carrying amount of inventories, and ensured that the carrying amount not exceed the net realizable value. Management believes that there was no declining value of inventories as of 31 December 2017 and 2016.

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9. Perpajakan 9. Taxation

a. Pajak dibayar di muka a. Prepaid taxes



Perusahaan : Company :

Pajak Pertambahan Nilai - 34.714.593 Value Added Tax

Entitas anak : Subsidiaries :

Pajak Pertambahan Nilai 5.465.853.948 3.538.424.708 Value Added Tax

Jumlah 5.465.853.948 3.573.139.301 Total

b. Utang pajak b. Taxes payable


Perusahaan : Company :

Pajak penghasilan pasal 21 75.428.485 58.997.280 Income tax article 21Pajak penghasilan pasal 15 4.800.000 5.191.680 Income tax article 15Pajak penghasilan pasal 23 7.735.318 9.591.120 Income tax article 23Pajak penghasilan pasal 25 78.340.545 30.211.932 Income tax article 25Pajak penghasilan pasal 29 35.270.621 78.849.730 Income tax article 29Pajak Pertambahan Nilai 1.492.871.356 - Value Added TaxJumlah 1.694.446.325 182.841.742 Total

Entitas anak : Subsidiaries :

Pajak penghasilan pasal 21 12.388.836 68.018.379 Income tax article 21Pajak penghasilan pasal 15 6.232.921 - Income tax article 15Pajak penghasilan pasal 23 483.300 492.880 Income tax article 23Pajak penghasilan pasal 25 15.238.264 10.688.555 Income tax article 25Pajak penghasilan pasal 29 257.615.430 55.485.245 Income tax article 29Pajak Pertambahan Nilai 185.327.889 542.197.932 Value Added TaxJumlah 477.286.640 676.882.991 Total

Jumlah 2.171.732.965 859.724.733 Total

c. Beban pajak final c. Final tax expenses

Rincian beban pajak final Grup untuk tahun yang berakhir pada tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut :

The details of the final tax expense of the Group for the year ended 31 December 2017 and 2016 are as follows :

Perusahaan 330.891.973 227.343.644 The CompanyEntitas anak 36.163.895 235.865.390 The subsidiariesJumlah 367.055.868 463.209.034 Total

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9. Perpajakan (lanjutan) 9. Taxation (continued)


d. Beban pajak d. Tax expenses

Pajak kini : Current tax :- Perusahaan - Company

Tahun berjalan 1.076.612.426 971.764.386 Current yearPajak tangguhan (682.077.443) (957.131.962) Deferred tax

- Entitas anak - SubsidiariesTahun berjalan 1.250.281.474 950.643.034 Current yearPajak tangguhan (191.895.763) (135.568.558) Deferred tax

Jumlah 1.452.920.694 829.706.900 Total

Rekonsiliasi beban pajak Reconciliation of tax expenses

Rekonsiliasi antara laba sebelum beban pajak dan beban pajak yang dihitung dengan tarif pajak yang berlaku sebagai berikut :

Reconciliation between income before tax expenses and tax expenses calculated by using the prevailing income tax rate is as follows :

Laba konsolidasian sebelum (9.944.781.097) (18.011.059.606) Consolidated income beforebeban pajak tax expense

(Laba) rugi entitas anak Subsidiary’s (income) losssebelum pajak (532.471.920) (907.708.438) before tax

Rugi induk perusahaan Parent Company’s losssebelum pajak (10.477.253.017) (18.918.768.044) before tax

Beban pajak penghasilan Income tax expenseberdasarkan tarip (2.594.313.254) (4.729.692.011) based on tax rate

Jumlah koreksi fiskal 2.988.848.237 4.744.324.435 Total fiscal correctionBeban pajak Tax expenses- Perusahaan 394.534.983 14.632.424 - Company- Entitas anak - Subsidiaries

- Tahun berjalan 1.250.281.474 950.643.034 - Current year- Pajak tangguhan (191.895.763) (135.568.558) - Deferred tax

Beban pajak Tax expenses- konsolidasian 1.452.920.694 829.706.900 - consolidated

Pajak kini Current tax

Rekonsiliasi antara laba sebelum beban pajak ke laba fiskal adalah sebagai berikut :

The reconciliation between income before tax expenses and fiscal profit is as follow:

Laba konsolidasian sebelum (9.944.781.097) (18.011.059.606) Consolidated income beforebeban pajak tax expense

(Laba) rugi entitas anak Subsidiary’s (income) losssebelum pajak (532.471.920) (907.708.438) before tax

Rugi induk perusahaan Parent Company’s losssebelum pajak (10.477.253.017) (18.918.768.044) before tax

Ditambah (dikurangi) : Add (deduct) :Perbedaan permanen 11.932.892.956 18.977.297.741 Permanent differencePerbedaan waktu 2.850.809.770 3.828.527.850 Timing difference

Penghasilan kena pajak 4.306.449.709 3.887.057.547 Taxable income

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d. Beban pajak (lanjutan) d. Tax expenses (continued)


Beban pajak kini Current tax expenses(Pajak penghasilan badan) 1.076.612.426 971.764.386 (Corporate Income Tax)

Dikurangi : Less :Pajak penghasilan pasal 23 731.903.915 638.135.811 Income tax article 23Pajak penghasilan pasal 25 309.437.890 254.778.845 Income tax article 25

Utang pajak penghasilan Corporate income taxbadan 35.270.621 78.849.730 payable

Dalam laporan keuangan konsolidasian ini, estimasi penghasilan kena pajak didasarkan atas perhitungan sementara.

In these consolidated financial statements, the estimate of taxable income is based on preliminary calculations.

e. Aset (liabilitas) pajak tangguhan e. Deferred tax assets (liabilities)

Pajak tangguhan dihitung berdasarkan pengaruh dari perbedaan temporer antara jumlah tercatat aset dan liabilitas pada laporan keuangan konsolidasian dengan dasar pengenaan pajak aset dan liabilitas. Rincian dari aset dan liabilitas pajak tangguhan adalah sebagai berikut :

Deferred tax is calculated based on the effect of temporary difference between carrying amount of assets and liabilities on consolidated financial statements with the tax based on assets and liabilities. Details of deferred tax assets and liabilities are as follows :

Dibebankan Dibebankan(dikreditkan) (dikreditkan)

ke laporan ke laporanlaba rugi dan laba rugi dan

penghasilan penghasilankomprehensif lain komprehensif lain

konsolidasian/ konsolidasian/Debited (credited) in Penghasilan Debited (credited) in Penghasilan

consolidated komprehensif consolidated komprehensifstatements of lain/ statements of lain/

31 Desember/ income and other Other 31 Desember/ income and other Other 31 Desember/December comprehensive comprehensive December comprehensive comprehensive December

2015 income income 2016 income income 2017

Perusahaan/ The CompanyImbalan kerja karyawan/

Employee benefits 980.737.779 410.386.037 (50.381.842) 1.340.741.974 656.479.867 (142.122.486) 1.855.099.355Cadangan penurunan nilai

piutang/ Allowance fordeclining value ofreceivables - 549.739.022 - 549.739.022 63.689.820 - 613.428.842

Transaksi sewapembiayaan/Finance leasetransaction - (2.993.097) - (2.993.097) (38.092.244) - (41.085.341)

Entitas anak/ SubsidiariesImbalan kerja karyawan/

Employee benefits 193.914.441 94.358.448 13.352.216 301.625.105 191.890.993 267.407.743 760.923.841Cadangan penurunan nilai

piutang/ Allowance for declining value ofreceivables - 41.210.110 - 41.210.110 4.770 - 41.214.880

Aset (liabilitas) pajaktangguhan, bersih/Deferred tax assets(liabilities), net 1.174.652.220 1.092.700.520 (37.029.626) 2.230.323.114 873.973.206 125.285.257 3.229.581.577

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f. Perusahaan dan beberapa entitas anak mengikuti program pengampunan pajak di tahun 2016 dan 2017. Atas Surat Ketetapan Pajak yang diterima oleh Perusahaan dan entitas anak telah dilunasi dan dicatat pada akun beban lain-lain pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir 31 Desember 2017 dan 2016.

f. The Company and certain subsidiaries participate in tax amnesty programs in 2016 and 2017. The tax assessment letters received by the Company and subsidiaries have been paid and recorded in other expense accounts in the consolidated statements of profit or loss and other comprehensive income for the year ended 31 December 2017 and 2016.

g. Tarif pajak g. Tax rates

Pendapatan Grup dari keagenan dikenakan pajak final sebesar 0,2%, dan sewa dikenakan pajak final 10%.

Revenue of the Group from the agency is subject to final tax of 0.2%, and the rent is subject to a final tax of 10%.

Untuk pendapatan Grup yang tidak terkena pajak final, dikenakan tarif sebesar 25% atas jumlah pendapatan kena pajaknya.

Revenues of the Group which are not subject to final tax, are taxed at 25% on the amount of its taxable income.

h. Grup melaporkan pajak berdasarkan self-assessment. Direktorat Jenderal Pajak dapat menetapkan atau mengubah kewajiban pajak dalam batas waktu lima tahun berdasarkan Undang-undang No. 28/2007

h. The Group submit tax returns on the basis of self-assessment. The tax authorities may assess or amend taxes within five years based on Law No. 28/2007.

10. Aset tetap 10. Fixed assets

Saldo dan perubahan aset tetap - untuk tahun yang berakhir pada tanggal 31 Desember 2017

Balance and movements of fixed assets - for the year ended 31 December 2017

Saldo/ Penambahan/ Pengurangan/ Revaluasi/ Saldo/Balance Additions Disposals Revaluation Balance

Jenis aset tetap 1 Jan. 2017 2017 2017 2017 31 Dec. 2017 Type of fixed assets

Harga perolehan Acquisition cost

Kepemilikan langsung Direct ownershipTanah 137.916.896.000 24.414.064.252 - 24.442.539.748 186.773.500.000 LandBangunan 8.079.422.538 - - - 8.079.422.538 BuildingsKendaraan angkutan 197.588.153.281 29.829.838.744 452.833.329 - 226.965.158.696 Transport vehiclesKendaraan operasional 6.912.099.738 465.295.112 125.000.000 - 7.252.394.850 Operational vehiclesKapal 18.000.000.000 - - - 18.000.000.000 VesselsMesin dan peralatan 6.271.673.823 35.850.000 - - 6.307.523.823 Machineries and equipmentsInventaris kantor 2.177.893.209 464.868.900 - - 2.642.762.109 Office equipments

Jumlah 376.946.138.589 55.209.917.008 577.833.329 24.442.539.748 456.020.762.016 Total

Aset dalam penyelesaian Assets in progressBangunan - 29.491.562.259 - - 29.491.562.259 Building

Jumlah 376.946.138.589 84.701.479.267 577.833.329 24.442.539.748 485.512.324.275 Total

Sewa pembiayaan Finance leaseKendaraan 490.000.000 - - - 490.000.000 Vehicles

Jumlah 377.436.138.589 84.701.479.267 577.833.329 24.442.539.748 486.002.324.275 Total

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10. Aset tetap (lanjutan) 10. Fixed assets (continued)

Saldo/ Penambahan/ Pengurangan/ Revaluasi/ Saldo/Balance Additions Disposals Revaluation Balance

Jenis aset tetap 1 Jan. 2017 2017 2017 2017 31 Dec. 2017 Type of fixed assets

Dikurangi : Less :Akumulasi penyusutan Accumulated depreciation

Bangunan 3.197.500.636 371.471.127 - - 3.568.971.763 BuildingsKendaraan angkutan 61.424.535.329 24.126.818.530 452.833.329 - 85.098.520.530 Transport vehiclesKendaraan operasional 3.897.112.178 1.220.876.441 125.000.000 - 4.992.988.619 Operational vehiclesKapal 3.808.593.750 1.125.000.000 - - 4.933.593.750 VesselsMesin dan peralatan 5.189.588.431 837.709.751 - - 6.027.298.182 Machineries and equipmentsInventaris kantor 888.180.800 522.084.286 - - 1.410.265.086 Office equipments

Jumlah 78.405.511.124 28.203.960.135 577.833.329 - 106.031.637.930 Total

Sewa pembiayaan Finance leaseKendaraan 71.458.333 122.500.000 - - 193.958.333 Vehicles

Jumlah 78.476.969.457 28.326.460.135 577.833.329 - 106.225.596.263 Total

Nilai buku 298.959.169.132 379.776.728.012 Book value

Saldo dan perubahan aset tetap - untuk tahun yang berakhir pada tanggal 31 Desember 2016

Balance and movements of fixed assets - for the year ended 31 December 2016

PengampunanSaldo/ Penambahan/ Pengurangan/ pajak/ Revaluasi/ Saldo/

Balance Additions Disposals Tax amnesty Revaluation BalanceJenis aset tetap 1 Jan. 2016 2016 2016 2016 2016 31 Dec. 2016 Type of fixed assets

Harga perolehan Acquisition cost

Kepemilikan langsung Direct ownershipTanah 72.684.300.000 35.723.160.000 - 649.600.000 28.859.836.000 137.916.896.000 LandBangunan 7.094.284.910 985.137.628 - - - 8.079.422.538 BuildingsKendaraan angkutan 161.366.662.355 31.246.490.926 - 4.975.000.000 - 197.588.153.281 Transport vehiclesKendaraan operasional 4.606.482.738 1.215.117.000 - 1.090.500.000 - 6.912.099.738 Operational vehiclesKapal 18.000.000.000 - - - - 18.000.000.000 VesselsMesin dan peralatan 5.882.961.300 388.712.523 - - - 6.271.673.823 Machineries and equipmentsInventaris kantor 558.450.402 1.619.442.807 - - - 2.177.893.209 Office equipments

Jumlah 270.193.141.705 71.178.060.884 - 6.715.100.000 28.859.836.000 376.946.138.589 Total

Sewa pembiayaan Finance leaseKendaraan - 490.000.000 - - - 490.000.000 Vehicles

Jumlah 270.193.141.705 71.668.060.884 - 6.715.100.000 28.859.836.000 377.436.138.589 Total

Dikurangi : Less :Akumulasi penyusutan Accumulated depreciation

Bangunan 2.802.009.741 395.490.895 - - - 3.197.500.636 BuildingsKendaraan angkutan 43.813.541.873 17.610.993.456 - - - 61.424.535.329 Transport vehiclesKendaraan operasional 2.783.205.618 1.113.906.560 - - - 3.897.112.178 Operational vehiclesKapal 2.683.593.750 1.125.000.000 - - - 3.808.593.750 VesselsMesin dan peralatan 4.379.083.476 810.504.955 - - - 5.189.588.431 Machineries and equipmentsInventaris kantor 428.209.260 459.971.540 - - - 888.180.800 Office equipments

Jumlah 56.889.643.718 21.515.867.406 - - - 78.405.511.124 Total

Sewa pembiayaan Finance leaseKendaraan - 71.458.333 - - - 71.458.333 Vehicles

Jumlah 56.889.643.718 21.587.325.739 - - 78.476.969.457 Total


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Sekitar 47,01% dari luas tanah yang dimiliki oleh Perusahaan pada tanggal 31 Desember 2017 (31 Desember 2016: 50,71%) dari keseluruhan luas tanah Perusahaan masih belum atas nama Perusahaan. Sampai dengan laporan diterbitkan proses balik nama kepemilikan atas tanah menjadi nama Perusahaan masih dalam proses. Hak Guna Bangunan (HGB) akan berakhir pada berbagai tanggal sampai dengan 16 Februari 2035. Seluruh HGB akan diperpanjang dan Perusahaan yakin tidak akan mengalami kesulitan dalam perpanjangan HGB tersebut.

Approximately 47.01 % of the land area owned by theCompany as of 31 December 2017 (31 December 2016: 50.71%) of the Company's total land area is still not on behalf of the Company. Up to the report is issued the process of returning the name of ownership of land into the name of the Company is still in process. The Right to Building (HGB) will expire on various dates up to 16 February 2035. All HGBs will be extended and the Company believes there will be no difficulty in the extension of the HGB.

Perusahaan telah melakukan penilaian kembali aset tetap tanah untuk tujuan akuntansi yang dilakukan oleh penilai independen eksternal per 31 Desember 2017 dan 2016. Penilaian kembali dilakukan atas tanah dengan nilai tercatat sebelum revaluasi dengan menghasilkan surplus revaluasi yang dicatat sebagai “Pendapatan Komprehensif Lain” dengan rincian sebagai berikut :

The Company has revalued its land assets for accounting purposes performed by independent external appraisal as of 31 December 2017 and 2016. The revaluation is made on land with carrying amount prior to the revaluation by generating a revaluation surplus recorded as "Other Comprehensive Income" with details as follows :

Sebelum revaluasi/ Sesudah revaluasi/ Selisih (kenaikan)/Before revaluation After revaluation Difference (increase)

Perusahaan/ The CompanyTahun 2017 61.247.536.000 72.600.500.000 11.352.964.000Tahun 2016 51.031.400.000 61.247.536.000 10.216.136.000Tahun 2015 44.627.500.000 51.031.400.000 6.403.900.000Tahun 2014 20.516.180.000 44.627.500.000 24.111.320.000

177.422.616.000 229.506.936.000 52.084.320.000

Entitas anak/ SubsidiariesTahun 2017 101.083.424.252 114.173.000.000 13.089.575.748Tahun 2016 22.302.500.000 40.946.200.000 18.643.700.000Tahun 2015 10.769.000.000 21.652.900.000 10.883.900.000Tahun 2014 800.000.000 10.769.000.000 9.969.000.000

134.954.924.252 187.541.100.000 52.586.175.748

Surplus revaluasi aset tetap entitas anak tahun 2014 –2017 sebesar Rp 52.586.175.748 dilakukan sebelum transaksi kombinasi bisnis entitas sepengendali.

The surplus on revaluation of the subsidiaries' fixed assets of 2014 – 2017 amounted Rp 52,586,175,748 conducted before transaction of business combination of the under common control entities.

Rincian penilaian kembali aset tetap untuk tujuan akuntansi yang dilakukan oleh penilai independen adalah sebagai berikut :

The details of revaluation of fixed assets for the accounting purposes of independent valuers are as follows :

31 Desember/ December 2017Nama perusahaan/ No. laporan/ Tanggal laporan/ Metode penilaian/Name of the Company KJPP No. report Date of report Valuation method

PT Indah Prakasa KJPP Abdullah 0818/LAP/0.0-KJPP/XII/17 7 Desember 2017 Penilaian tanah menggunakanSentosa Fitriantoro & Rekan pendekatan pasar dan pendekatan

biaya/ Land valuation uses marketapproach and cost approach

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Nama perusahaan/ No. laporan/ Tanggal laporan/ Metode penilaian/Name of the Company KJPP No. report Date of report Valuation method

PT Trasindo Sentosa KJPP Abdullah 0818/LAP/0.0-KJPP/XII/17 7 Desember 2017 Penilaian tanah menggunakanFitriantoro & Rekan pendekatan pasar dan pendekatan


PT Elpindo Reksa KJPP Abdullah 0818/LAP/0.0-KJPP/XII/17 7 Desember 2017 Penilaian tanah menggunakanFitriantoro & Rekan pendekatan pasar dan pendekatan


PT Ekatama Raya KJPP Abdullah 0818/LAP/0.0-KJPP/XII/17 7 Desember 2017 Penilaian tanah menggunakanFitriantoro & Rekan pendekatan pasar dan pendekatan


31 Desember/ December 2016

Nama perusahaan/ No. laporan/ Tanggal laporan/ Metode penilaian/Name of the Company KJPP No. report Date of report Valuation method

PT Indah Prakasa KJPP Abdullah 0757/LAP/0.0-KJPP/XI/17 22 November 2017 Penilaian tanah menggunakanSentosa Fitriantoro & Rekan pendekatan pasar dan pendekatan


PT Trasindo Sentosa KJPP Abdullah 0758/LAP/0.0-KJPP/XI/17 22 November 2017 Penilaian tanah menggunakanFitriantoro & Rekan pendekatan pasar dan pendekatan


PT Elpindo Reksa KJPP Abdullah 0755/LAP/0.0-KJPP/XI/17 22 November 2017 Penilaian tanah menggunakanFitriantoro & Rekan pendekatan pasar dan pendekatan


Seluruh aset tetap kecuali sebagian tanah yang dimiliki adalah atas nama Perusahaan dan entitas anak.

All fixed assets except some part of land owned are in the name the Company and its subsidiaries.

Pada 31 Desember 2017 dan 2016, aset dalam penyelesaian - bangunan merupakan pekerjaan pembangunan gudang di Bekasi dan stasiun pengisian bahan bakar umum yang berlokasi di Jakarta Utara yang diperkirakan selesai tahun 2018. Manajemen berpendapat bahwa tidak ada hambatan dalam penyelesaian pekerjaan tersebut.

As of 31 December 2017 and 2016, assets in progress - buildings represents warehouse construction work in Bekasi and a public refueling station located in North Jakarta, which is expected to be completed in 2018. Management believes that there are no obstacles in the completion of the work.

Per tanggal 31 Desember 2017, aset tetap - kendaraan, bangunan, gudang, kapal dan mesin diasuransikan pada pihak ketiga, terhadap risiko kebakaran dan risiko kerugian lainnya berdasarkan suatu paket polis tertentu dengan jumlah pertanggungan seluruhnya sebesar Rp 203.871.224.520.

As of 31 December 2017, fixed assets - vehicles, building, warehouse, vessels and machineries are insured to third party, for risk of fire and other losses under a certain policy package with total coverage amounting to Rp 203,871,224,520.

Beban penyusutan untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut :

Depreciation expense for the years ended 31 December 2017 and 2016 are as follow :

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Beban pokok penjualan Cost of sales(lihat catatan 22) 26.212.028.279 19.814.833.756 (see note 22)

Beban umum dan administrasi General and administrative(lihat catatan 24) 2.114.431.856 1.772.491.983 expenses (see note 24)

Jumlah 28.326.460.135 21.587.325.739 Total

Pengurangan aset tetap merupakan penjualan aset dengan rincian sebagai berikut :

Disposals on fixed assets represents sales of assets with details as follows :


Harga jual 450.714.285 - Sales priceNilai buku - - Book valueLaba penjualan aset tetap 450.714.285 - Gain on sales of fixed assets

Jumlah biaya pinjaman yang dikapitalisasi oleh Grup untuk tahun yang berakhir pada tanggal 31 Desember 2017 adalah sebesar Rp 3.839.571.875 (31 Desember 2016: Nihil). Jumlah biaya pinjaman yang dikapitalisasi adalah berasal dari pinjaman spesifik yang digunakan untuk membiayai pembelian tanah dan pembangunan aset SPBU.

The total cost of borrowings capitalized by the Group for the year ended 31 December 2017 is Rp 3,839,571,875 (31 December 2016: Nil). The amount of the borrowing cost capitalized is derived from the specific loan used to finance of land purchase and construction of the SPBU assets.

Aset tetap yang digunakan sebagai jaminan atas pinjaman yang diperoleh Grup pada tanggal 31 Desember 2017 dan 2016 telah diungkapkan pada Catatan 12 dan 15.

Fixed assets used as collateral for loans obtained by the Group on 31 December 2017 and 2016 are disclosed in Notes 12 and 15.

Manajemen berkeyakinan bahwa tidak terdapat penurunan nilai aset tetap pada tanggal 31 Desember 2017 dan 2016.

Management believes that there is no impairment value of fixed assets as of 31 December 2017 and 2016.

11. Aset lain-lain 11. Other assets


Bank garansi 100.000.000 200.000.000 Bank guaranteeBiaya terkait penawaran umum Related costs of initial public

perdana saham 4.000.000.000 - offering (IPO)Aset lainnya 7.366.666.667 9.966.666.667 Other assets

Jumlah 11.466.666.667 10.166.666.667 Total

Aset lainnya merupakan aset pengampunan pajak berupa kendaraan mewah yang tidak digunakan dalam kegiatan operasional Perusahaan dengan kepemilikan atas PT Trasindo Sentosa.

Other assets are tax amnesty assets in the form of luxury vehicles which not used in the operations of the Company with ownership of PT Trasindo Sentosa.

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11. Aset lain-lain (lanjutan) 11. Other assets (continued)

Adapun rincian aset lainnya adalah sebagai berikut : The details of other assets are as follows :

Saldo/ Penambahan/ Pengurangan/ Saldo/Balance Additions Disposals Balance

1 Jan. 2017 2017 2017 31 Dec. 2017

Nilai tercatat Carrying amountKendaraan 10.400.000.000 - - 10.400.000.000 Vehicles

Jumlah 10.400.000.000 - - 10.400.000.000 Total

Akumulasi penyusutan Accumulated depreciationKendaraan 433.333.333 2.600.000.000 - 3.033.333.333 Vehicles

Jumlah 433.333.333 2.600.000.000 - 3.033.333.333 Total


Saldo/ Penambahan/ Pengurangan/ Saldo/Balance Additions Disposals Balance

1 Jan. 2016 2016 2016 31 Dec. 2016

Nilai tercatat Carrying amountKendaraan - 10.400.000.000 - 10.400.000.000 Vehicles

Jumlah - 10.400.000.000 - 10.400.000.000 Jumlah

Akumulasi penyusutan Accumulated depreciationKendaraan - 433.333.333 - 433.333.333 Vehicles

Jumlah - 433.333.333 - 433.333.333 Total

Nilai buku - 9.966.666.667 Book value

Beban penyusutan untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2017 dan 2016 adalah sebagai berikut :

Depreciation expense for the years ended 31 December 2017 and 2016 are as follow :


Beban umum dan administrasi General and administration(lihat catatan 24) 2.600.000.000 433.333.333 expenses (see note 24)

Jumlah 2.600.000.000 433.333.333 Total

12. Utang bank jangka pendek 12. Short term bank loans



Perusahaan The CompanyPT Bank Mandiri (Persero) Tbk 77.907.999.230 65.873.259.372 PT Bank Mandiri (Persero) TbkPT Bank Central Asia Tbk 6.100.000.000 - PT Bank Central Asia Tbk

Entitas Anak SubsidiaryPT Bank Mandiri (Persero) Tbk 14.959.023.828 14.998.722.353 PT Bank Mandiri (Persero) Tbk

Jumlah 98.967.023.058 80.871.981.725 Total

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12. Utang bank jangka pendek (lanjutan) 12. Short term bank loans (continued)

Perusahaan The Company

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Perusahaan memperoleh fasilitas kredit berdasarkanPerjanjian Pemberian Fasilitas Noncash No. 11 tanggal 5 September 2013 dan Perjanjian Kredit Investasi No. 14 tanggal 5 Juni 2014, yang dibuat dihadapan Notaris N.M. Dipo Nusantara Pua Upa, S.H., Mkn. Perjanjian telah mengalami beberapa kali perubahan, terakhir berdasarkan surat penawaran pemberian kredit No. CMI.JKG/11030/2017 tanggal 23 November 2017 sebagai berikut :

The Company obtained credit facility based onNoncash Facility Granting Agreement No. 11 dated 5 September 2013 and Investment Credit Agreement No. 14 dated 5 June 2014, by Notary N.M. Dipo Nusantara Pua Upa, S.H., Mkn. The agreement has been amended several times, most recently based on the credit offering letter No. CMI.JKG/11030/2017dated 23 November 2017 as follows :

I. Perpanjangan fasilitas kredit modal kerjarevolving

I. Extension of revolving working capital credit facility

Maksimum sebesar Rp 50.000.000.000, bersifat revolving. Jangka waktu sampai dengan 25 November 2018. Tingkat bunga 10,75% per tahun.

Maximum amounting to Rp 50,000,000,000,revolving. Period up to 25 November 2018.Interest rate is 10.75% per annum.

Jaminan berupa : Collateral are :

- Piutang yang diikat fidusia sebesar Rp 180.278.000.000. Persediaan yang diikat secara fidusia sebesar Rp 20.000.000.000.

- Receivables which fiduciary bounded amounting to Rp 180,278,000,000. Inventory which fiduciary bounded amounting to Rp 20,000,000,000.

- Tanah SHGB No. 23/Bitung Jaya atas nama PT Trasindo Sentosa seluas 4.220 m2 berikut bangunan, mesin-mesin SPBU dan sarana diatas terletak di Jl. Raya Serang Km. 13,8 Desa Bitung Jaya, Kecamatan Cikupa, Kota Tangerang. Atas jaminan ini telah diikat Hak Tanggungan sebesar Rp 16.043.000.000.

- Land SHGB No. 23/Bitung Jaya on behalf of PT Trasindo Sentosa with area of 4,220 sq.mincluding buildings, fuel station machines and facilities located on Jl. Raya Serang Km. 13.8 Bitung Jaya Village, Cikupa Sub-district, Tangerang City. This collateral has been bound by Hak Tanggungan amountedRp 16,043,000,000.

- Tanah dan bangunan bengkel, SHGB No. 985 dan 2811/Tugu Utara atas nama Lies Murtiningsih dan Surya Winata seluas 4.320 m2 berikut sarana diatas terletak di Jl Raya Plumpang Semper No. 24 Kelurahan Tugu Utara, Kecamatan Koja, Jakarta Utara. Atas jaminan ini masing-masing telah diikat Hak Tanggungan sebesar Rp 16.660.800.000.

- Land and workshop building, SHGB No. 985 and 2811/Tugu Utara on behalf of Lies Murtiningsih and Surya Winata covering 4,320 sq.m and the above facilities are located on Jl Raya Plumpang Semper No. 24 Tugu Utara Sub district, Koja District, North Jakarta. This collateral has bounded with Hak Tanggungan amounted Rp 16,660,800,000, respectively.

- Tanah SHM No. 1150 atas nama Eddy Purwanto Winata seluas 2.115 m2 berikut bangunan dan sarana terletak di Jl Raya Serang Persil No. 53/III, Desa Serdang, Kecamatan Kramatwatu, Kabupaten Serang, Banten. Atasjaminan ini telah diikat Hak Tanggungan sebesar Rp 4.639.500.000.

- Land SHM No. 1150 on behalf of Eddy Purwanto Winata covering an area of 2,115 sq.m including buildings and facilities located on Jl Raya Serang Persil No. 53/III,Serdang Village, Kramatwatu Sub district, Serang District, Banten. The collateral has bounded with Hak Tanggungan amountedRp 4,639,500,000.

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- Tanah SHGB No. 194/Wanayasa atas nama Eddy Purwanto Winata seluas 5.075 m2 berikut bangunan beserta prasarana lengkap serta mesin-mesin dan peralatannya terletak di Jl Raya Serang Cilegon Km. 11 kamp/ Toyomerto, Desa Wanayasa, Cilegon Timur, Banten. Atas jaminan ini telah diikat Hak Tanggungan sebesar Rp 14.757.000.000.

- Land SHGB No. 194/Wanayasa on behalf of Eddy Purwanto Winata area of 5,075 sq.m including the building and complete infrastructure and machinery and equipment located on Jl Raya Serang Cilegon Km. 11 camps/ Toyomerto, Wanayasa Village, East Cilegon, Banten. The collateral has bounded with Hak Tanggungan amounted Rp 14,757,000,000.

- Tanah SHM No. 271/Cipamokolan atas nama Eddy Purwanto Winata dan bangunan seluas 1.918 m2 terletak di Jl Soekarno Hatta No. 678,Kelurahan Cipamokolan, Kecamatan Rancasari, Bandung. Atas jaminan ini telah diikat Hak Tanggungan sebesar Rp 16.619.200.000.

- Land SHM No. 271/Cipamokolan on behalf of Eddy Purwanto Winata and the 1.918 sq.m building is located on Jl. Soekarno Hatta No. 678, Cipamokolan Sub district, RancasariDistrict, Bandung. The collateral has bounded with Hak Tanggungan amountedRp 16,619,200,000.

- Tanah SHM No. 01534/Pangulah Utara seluas 3.731 m2 berikut bangunan atas nama Eddy Purwanto Winata yang terletak di Jl Raya Pangulah RT 003/001, Desa Pangulah Utara,Kecamatan Jatisari, Kabupaten Karawang Jawa Barat. Atas jaminan ini telah diikat Hak Tanggungan sebesar Rp 4.857.600.000.

- Land SHM No. 01534/Pangulah Utara area of 3,731 sq.m and building on behalf of Eddy Purwanto Winata located on Jl Raya Pangulah RT 003/001, North PangulahVillage, Jatisari District, Karawang Regency, West Java. The collateral has bounded with Hak Tanggungan amounted Rp 4,857,600,000.

- Kapal SPOB Inprase I. Grosse akta pendaftaran No. 3393 tanggal 10 Januari 2013 atas nama PT Indah Prakasa Sentosa, yangtelah diikat hipotik sebesar Rp 7.000.000.000.

- SPOB Ship Inprase I. Grosse registration deed No. 3393 dated 10 January 2013 on behalf of PT Indah Prakasa Sentosa, whichhas been bounded by mortgage amountedRp 7,000,000,000.

- Kapal SPOB Nusa Nur I. Grosse akta balik nama kapal No. 8093 tanggal 20 September 2013 atas nama PT Indah Prakasa Sentosa,yang telah diikat hipotek sebesar Rp 17.000.000.000.

- SPOB Ship Nusa Nur I. Grosse deeds of ship's name No. 8093 dated 20 September 2013 on behalf of PT Indah Prakasa Sentosa,which has been bounded by mortgage amounted Rp 17,000,000,000.

Jaminan tersebut join collateral dan cross defaultdengan seluruh fasilitas kredit atas nama PT Nusantara Nuraga, fasilitas kredit modal kerja, kredit investasi dan bank garansi atas namaPerusahaan dan fasilitas kredit modal kerja dan kredit modal kerja sublimit bank garansi atas nama PT Trasindo Sentosa.

Collateral is joint collateral and cross defaults with all credit facilities on behalf of PT Nusantara Nuraga, working capital credit facilities, investment credit and bank guarantees on behalf of the Company and working capital credit facilities and working capital credit sublimit of bank guarantee on behalf of PT Trasindo Sentosa.

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Jaminan lainnya Other collateral

- Jaminan pribadi atas nama Eddy Purwanto Winata.

- Personal guarantee on behalf of Eddy Purwanto Winata.

- Jaminan deficit cash flow dari PT Nusantara Nuraga untuk fasilitas pinjaman PT Indah Prakasa Sentosa di Bank Mandiri.

- Cash Deficit Guarantee from PT Nusantara Nuraga for loan facility PT Indah Prakasa Sentosa at Bank Mandiri.

- Jaminan Perusahaan dari PT Nusantara Nuraga.

- Corporate Guarantee from PT Nusantara Nuraga.

II. Perpanjangan Fasilitas Kredit Modal Kerja Transaksional dengan sublimit bank garansi

II. Extension of Credit Facility for Transactional Working Capital with sublimit of bank guarantee

Fasilitas Kredit Modal Kerja transaksional,maksimal sebesar Rp 33.500.000.000, bersifat revolving. Jangka waktu sampai dengan 25 November 2018. Tingkat bunga sebesar 10,75% per tahun. Jaminan terkait (joint collateral), cross collateral dan cross default dengan seluruh fasilitas kredit Perusahaan, entitas anak - PT Trasindo Sentosa dan PT Nusantara Nuraga.

Facility for Transactional Credit Working Capital, maximum amounting to Rp 33,500,000,000, revolving. Period up to 25 November 2018. Interest rate of 10.75% per annum. Joint collateral, cross collateral andcross default with all credit facilities of the Company, subsidiary - PT Trasindo Sentosa and PT Nusantara Nuraga.

Sublimit bank garansi maksimal Rp 5.000.000.000 dengan setoran jaminan sebesar 15% dari nominal bank garansi.

Sublimit maximum bank guarantee amounted Rp5,000,000,000 with guarantee deposit of 15% from nominal bank guarantee.

III.Perpanjangan dan Perubahan Fasilitas Bank Garansi

III. Extension and Change of Bank Guarantee Facility

Fasilitas Bank Garansi maksimal sebesar Rp17.000.000.000. Jangka waktu sampai dengan 25 November 2018. Setoran jaminan berupa 5% blokir Giro/Giro Escrow atau deposito. Setoran jaminan dibayar paling lambat pada saat penerbitan Garansi Bank. Gabungan jaminan (joint collateral), cross collateral dan cross default dengan seluruh fasilitas kredit Perusahaan, PT Trasindo Sentosa dan PT Nusantara Nuraga.

Bank Guarantee facility maximum amounting to Rp 17,000,000,000. Period up to 25 November 2018. Guarantee deposit of 5% from Block on Current Accounts/ Escrow Current Accounts or deposit. Warranty deposit is paid no later than the time of issue of Bank Guarantee. Joint collateral, cross collateral and cross default with all credit facilities of the Company, PT Trasindo Sentosa and PT Nusantara Nuraga.

Perjanjian selengkapnya diuraikan dalam perjanjian. The complete agreement is described in the agreement.

PT Bank Central Asia Tbk PT Bank Central Asia Tbk

Berdasarkan Surat Pemberitahuan Kredit (SPPK) dari PT Bank Central Asia Tbk No. 00328/MTM/SPPK/2017 tanggal 25 Oktober 2017, Perusahaan memperoleh fasilitas time loan maksimal sebesar Rp 6.100.000.000. Jangka waktu 1 tahun. Tingkat bunga sebesar 12,25% per tahun.

Based on Notification Letter Granting Credit Facility from PT Bank Central Asia Tbk No. 00328/MTM/SPPK/2017 dated 25 October 2017, the Company obtained time loan facility maximum amounting to Rp 6,100,000,000. Period of 1 year. Interest rate of 12.25% per annum.

Selanjutnya lihat Catatan 15. Further see Note 15.

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Entitas anak - PT Trasindo Sentosa Subsidiary - PT Trasindo Sentosa

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) TbkEntitas anak - PT Trasindo Sentosa memperolehfasilitas pinjaman dari PT Bank Mandiri (Persero) Tbk. dalam bentuk kredit modal kerja maksimal sebesar Rp 5.000.000.000 sesuai dengan akta perjanjian No. 3CRO.JKB/400/KMK/2013 tanggal 5September 2013 yang dibuat oleh notaris N.M Dipo Nusantara Pua Upa, S.H., MKn. Pada tahun 2017, Entitas telah memperoleh perpanjangan fasilitas pinjaman atas kredit modal kerja maksimalkeseluruhan sebesar Rp 10.000.000.000 sesuai dengan surat pemberitahuan pemberian fasilitas kredit No. CMI.JKG/11031/2017 tanggal 23 November 2017sebagai berikut :

Subsidiary - PT Trasindo Sentosa obtained a loan facility from PT Bank Mandiri (Persero) Tbk. in the form of working capital credit maximum of Rp 5,000,000,000 in accordance with the deed of agreement No. 3CRO.JKB/400/KMK/2013 dated 5September 2013 made by notary N.M. Dipo Nusantara Pua Upa, S.H., MKn. In 2017, the Company has obtained the loan facility on working capital loan with maximum of Rp 10,000,000,000 in accordance with notification letter of credit facility No. CMI.JKG/11031/2017 dated 23 November 2017as follows :

I. Perpanjangan Fasilitas Kredit Modal Kerja Revolving sub limit Bank Garansi

I. Extension of Working Capital Credit Facility Revolving sub limit of Bank Guarantee

Fasilitas KMK : Tambahan Modal Kerja dan Fasilitas BG : Jaminan Pembayaran Pembelian Pelumas Pertamina, maksimal sebesar Rp10.000.000.000 sublimit Bank Garansi sebesar Rp 5.000.000.000. Tingkat bunga sebesar 11,25% per tahun. Jatuh tempo tanggal 25 November 2018.

KMK Facility : Additional Working Capital and BG Facilities : Pertamina Lubricant Purchase Payment Guarantee, maximum amounting to Rp 10,000,000,000 sublimit of Bank Guarantee amounting to Rp 5,000,000,000. Interest rate is 11.25% per annum. Maturity date on 25 November 2018.

Jaminan berupa : Collateral are :- Piutang diikat secara fidusia sebesar Rp

8.642.598.000. Persediaan diikat secara fidusia sebesar Rp 11.357.402.000.

- Receivables has been fiduciary boundedamounting to Rp 8,642,598,000. Inventory has been fiduciary bounded amounting to Rp 11,357,402,000.

- Tanah SHGB No. 23 atas nama PT Trasindo Sentosa seluas 4.220 m2 berikut bangunan, mesin-mesin SPBU dan sarana diatas terletak di Jl. Raya Serang Km. 13,8, Desa Bitung Jaya, Kec. Cikupa, Kota Tangerang. Atas jaminan ini telah diikat Hak Tanggungansebesar Rp 16.043.000.000.

- Land SHGB No. 23 on behalf of PT Trasindo Sentosa covering an area of 4,220 sq.m with buildings, fuel station machines and the above facilities located on Jl. Raya Serang Km. 13.8, Bitung Jaya Village, CikupaDistrict, Tangerang City. This collateral has been bounded with Hak Tanggungan amounted Rp 16,043,000,000.

- Tanah, bangunan bengkel dan gudang seluas 4.320 m2 dengan SHGB No. 985 dan 2811/Tugu Utara atas nama Surya Winata yang terletak di Jl. Raya Plumpang Semper No. 24 Kel. Tugu Utara, Kec. Koja, Jakarta Utara yang masing-masing diikat Hak Tanggungan sebesar Rp 16.660.800.000.

- Land, workshop and warehouse area of 4,320 sq.m SHGB No. 985 and 2811/Tugu Utara on behalf of Surya Winata whichlocated on Jl. Raya Plumpang Semper No. 24 Tugu Utara Sub district, Koja District, North Jakarta which has been bounded with Hak Tanggungan amounted Rp 16,660,800,000,respectively.

- Tanah seluas 2.115 m2 berikut bangunan dan sarana terletak di Jl. Raya Serang Persil No. 53/III, Desa Serdang, Kec. Kramatwatu, Kab. Serang, Prov. Jawa Barat, SHM No. 1150/Serdang atas nama Eddy Purwanto Winata. Atas jaminan ini telah diikat Hak Tanggungan sebesar Rp 4.639.500.000.

- Land area of 2,115 sq.m following buildings and facilities located on Jl. Raya Serang Persil No. 53/III, Serdang Village, Kramatwatu District, Serang Regency, West Java Province, SHM No. 1150/Serdang on behalf of Eddy Purwanto Winata. This collateral has been bounded with Hak Tanggungan amounting amounted Rp 4,639,500,000.

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- Tanah dan bangunan seluas 5.075 m2 berikut prasarana lengkap serta mesin dan peralatannya. SHGB No. 194/Wanayasa atas nama Eddy Purwanto Winata terletak di Jl. Raya Serang Cilegon KM 6 No. 5, Desa Wanayasa, Kec. Kramatwatu, Kab. Serang,Prov. Banten. Atas jaminan ini telah diikat Hak Tanggungan sebesar Rp 14.757.000.000.

- Land and building in area of 5,075 sq.m including complete infrastructure and machinery and equipment. SHGB No. 194/Wanayasa on behalf of Eddy Purwanto Winata is located on Jl. Raya Serang Cilegon KM 6 No. 5, Wanayasa Village, KramatwatuSub district, Serang Regency, BantenProvince. For this collateral has been bounded with Hak Tanggungan amounted Rp 14,757,000,000.

- Tanah dan bangunan seluas 1.918 m2 SHM No. 271/Cipamokolan atas nama Eddy Purwanto Winata, terletak di Jl.Soekarno Hatta No. 678, Desa Cipamokolan, Kecamatan Rancasari, Kotamadya Bandung Wilayah Gedebage, Provinsi Jawa Barat. Atas jaminanini telah diikat Hak Tanggungan sebesar Rp 16.619.200.000.

- Land and building in area of 1918 sq.m SHM No. 271/Cipamokolan on behalf of Eddy Purwanto Winata, located at Jl. Soekarno Hatta No. 678, Cipamokolan Village, Rancasari District, Bandung Municipality Gedebage Area, West Java Province. For this collateral has been bounded with Hak Tanggungan amounted Rp 16,619,200,000.

- Tanah seluas 3.731 m2 berikut bangunan diatasnya SHM No. 01534/Pangulah Utara atas nama Eddy Purwanto Winata terletak di Jl. Raya Pangulah RT 03/ RW 01, Desa Pangulah Utara, Kecamatan Kotabaru, Kabupaten Karawang, Provinsi Jawa Barat. Atas jaminanini telah diikat Hak Tanggungan sebesar Rp 4.857.600.000.

- Land in area of 3,731 sq.m and related building above SHM No. 01534/Pangulah Utara on behalf of Eddy Purwanto Winata is located on Jl. Raya Pangulah RT 03/ RW 01, North Pangulah Village, Kotabaru Subdistrict, Karawang Regency, West Java Province. This collateral has been bounded with Hak Tanggungan amounting amountedRp 4,857,600,000.

- 1 (satu) unit kapal SPOB Inprase 1 dengan bukti kepemilikan berupa Grosse Akta Pendaftaran Kapal No. 2293 tanggal 10 Januari 2013 atas nama PT Indah Prakasa Sentosa, yang telah diikat hipotik sebesar Rp 7.000.000.000.

- 1 (one) unit ship SPOB Inprase 1 with proof of ownership in the form of Grosse Deed of Ship Registration No. 2293 dated 10 January 2013 on behalf of PT Indah Prakasa Sentosa, which has been bounded by Mortgage amounted Rp 7,000,000,000.

- 1 (satu) unit kapal SPOB Nusa Nur 1 dengan bukti kepemilikan berupa Grosse Akta Balik Nama Kapal No. 8093 tanggal 20 September 2013 atas nama PT Indah Prakasa Sentosa, yang telah diikat Hipotik sebesar Rp 17.000.000.000.

- 1 (one) unit ship SPOB Nusa Nur 1 with proof of ownership in the form of Ship Grosse Akta Balik Nama No. 8093 dated 20 September 2013 on behalf of PT Indah Prakasa Sentosa, which has been bounded by Mortgage amounted Rp 17,000,000,000.

Jaminan aset tetap tersebut cross collateral dancross default dengan seluruh fasilitas kredit atas nama PT Trasindo Sentosa, fasilitas kredit modal kerja, kredit investasi dan Bank Garansi atas nama PT Indah Prakasa Sentosa dan fasilitas kredit modal kerja atas nama PT Nusantara Nuraga.

Collateral such fixed assets is cross collateral and cross default with all credit facilities on behalf of PT Trasindo Sentosa, working capital credit facility, investment credit and Bank Guarantee on behalf of PT Indah Prakasa Sentosa and working capital credit facility on behalf of PT. Nusantara Nuraga.

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Jaminan lain berupa : Other collateral are :- Jaminan pribadi dari Eddy Purwanto Winata. - Personal Guarantee from Eddy Purwanto

Winata.- Jaminan Perusahaan dari PT Indah Prakasa

Sentosa.- Corporate Guarantee from PT Indah

Prakasa Sentosa.

Sublimit Bank Garansi Sublimit Bank Guarantee

Fasilitas Bank Garansi maksimal sebesar Rp 5.000.000.000. Setoran jaminan 5% dari nominal Bank Garansi, dapat berupa blokir rekening atau deposito.

Bank Guarantee facility with maximum amountedRp 5,000,000,000. Guarantee deposit of 5% fromnominal of Bank Guarantee, can be a block of current account or deposit.

Jaminan terkait fasilitas kredit modal kerja revolving dan kredit modal kerja (W-KMK).

Collateral related to revolving working capital credit facility and working capital credit (W-KMK).

II. Perpanjangan Fasilitas W-KMK II. Extension of W-KMK Facility

Fasilitas Kredit Modal Kerja (W-KMK) - non revolving maksimal sebesar Rp 5.000.000.000. Jangka waktu sampai dengan 25 November 2018.Tingkat bunga sebesar 11,25% per tahun.

Working Capital Credit Facility (W-KMK) - nonrevolving is maximum amounting to Rp 5,000,000,000. Period up to 25 November 2018.Interest rate is 11.25% per annum.

Jaminan terkait fasilitas kredit modal kerja revolving dan kredit modal kerja (W-KMK).

Collateral related to revolving working capital credit facility and working capital credit (W-KMK).


13. Utang usaha 13. Trade payables

Utang usaha pada pihak ketiga merupakan liabilitas yang timbul atas pembelian barang dagangan dan suku cadang dengan rincian sebagai berikut :

Trade payables to third parties represent liabilities arising from purchases of merchandise and spare parts with the following details :


Dalam Rupiah In RupiahPihak ketiga : Third parties :

PT Pertamina (Persero) Tbk. 558.250.000 12.333.059.000 PT Pertamina (Persero) Tbk.PT Hartono Raya Motor 1.756.300.000 - PT Hartono Raya MotorPT Grahabuana Cikarang 345.936.219 - PT Grahabuana CikarangPT Arta Batrindo 856.268.169 - PT Arta BatrindoPT Paderona Arthajaya 436.998.348 769.416.000 PT Paderona ArthajayaPT Dirgaputra Ekapratama 456.129.313 - PT Dirgaputra EkapratamaCV Jaya Trans 765.030.000 - CV Jaya TransPT Gunung Sumber Murni 370.135.725 2.322.046.239 PT Gunung Sumber MurniPT Sumber Rejeki 151.600.009 525.970.000 PT Sumber RejekiPT Patra Logistik - 2.818.750.000 PT Patra LogistikLainnya Others

(dibawah Rp 500.000.000) 11.780.554.823 4.721.224.785 (below Rp 500,000,000)17.477.202.606 23.490.466.024

Pihak berelasi : Related parties :PT Nusantara Nuraga 19.838.803.835 19.061.658.385 PT Nusantara Nuraga

Jumlah 37.316.006.441 42.552.124.409 Total

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13. Utang usaha (lanjutan) 13. Trade payables (continued)


Belum jatuh tempo dan tidak Neither past due normengalami penurunan nilai 1.668.386.878 4.679.340.864 impaired

Telah jatuh tempo tetapi tidak Past due butmengalami penurunan nilai : not impaired :31 hari – 60 hari 9.842.429.631 2.267.497.986 31 days – 60 days61 hari – 90 hari 815.989.826 867.235.772 61 days – 90 days> 90 hari 24.989.200.106 34.738.049.787 > 90 days

Jumlah 37.316.006.441 42.552.124.409 Total

14. Utang pihak berelasi 14. Amount due to related parties



Perusahaan The CompanyPT Inprase Utama Mandiri 201.960.623 240.000.000 PT Inprase Utama MandiriPT Nusantara Nuraga 889.958.300 9.006.800.509 PT Nusantara Nuraga

Jumlah 1.091.918.923 9.246.800.509 Total

Utang pihak berelasi merupakan pinjaman tanpa dibebani bunga dan sewaktu-waktu dapat ditagih oleh kreditur.

Amount due to related parties comprises of loan without interest charges and any time can be demanded by the creditor.

15. Utang bank jangka panjang 15. Long term bank loans



Perusahaan The CompanyPT Bank Central Asia Syariah 22.289.551.528 27.085.725.955 PT Bank Central Asia SyariahPT Bank Central Asia Tbk 8.087.702.880 11.228.047.708 PT Bank Central Asia TbkPT Bank Mandiri (Persero) Tbk 7.040.014.850 12.607.705.573 PT Bank Mandiri (Persero) Tbk

Entitas Anak SubsidiariesPT Bank Central Asia Syariah 73.455.000.000 27.500.000.000 PT Bank Central Asia Syariah

Jumlah 110.872.269.258 78.421.479.236 Total

Dikurangi - bagian lancar atas Less - current portion of long termutang bank jangka panjang 15.704.778.186 13.467.567.350 bank loan

Utang bank jangka panjang 95.167.491.072 64.953.911.886 Long term bank loan

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15. Utang bank jangka panjang (lanjutan) 15. Long term bank loans (continued)


PT Bank Central Asia Syariah PT Bank Central Asia Syariah

Perusahaan memperoleh fasilitas kredit dari PT Bank Central Asia Syariah berdasarkan perjanjian kreditNo. 080/ADP/2016 tanggal 11 April 2016. Perjanjian telah mengalami perubahan berdasarkan Akad Pemberian Limit Fasilitas Pembiayaan (line facility)No. 24 tanggal 21 April 2016 yang dibuat oleh Notaris Mahmud Said, S.H., S.E., dengan ketentuan dan syarat sebagai berikut :

The Company obtained a credit facility from PT Bank Central Asia Syariah based on credit agreement No.080/ADP/2016 dated 11 April 2016. The agreement has been amended based on the Agreement of the Financing Facility Limit (line facility) No. 24 dated 21 April 2016 made by Notary Mahmud Said, S.H., S.E.,with terms and conditions as follows :

Fasilitas Pembiayaan Baru New Financing Facility

Akad Qardh, Ba'i, Murabahah. Tujuan untuk take overpembiayaan angsuran nasabah di Bank Mandiri. Maksimal sebesar Rp 30 Milyar atau sisa outstandingkredit nasabah di Bank Mandiri yang akan di take over(mana yang lebih kecil). Jangka waktu maksimal 60 bulan. Biaya administrasi sebesar Rp 100.000.000 (ditarik dimuka sekaligus).

Akad Qardh, Ba'i, Murabahah. Purpose for takeover financing of customer installment in Bank Mandiri. Maximum amounted Rp 30 billion or outstanding outstanding customer loan at Bank Mandiri which will be taken over (whichever is smaller). Maximum period of 60 months. Administrative fee amounted Rp 100,000,000 (withdrawn in advance).

Mekanisme Akad Akad Mechanism

Skema Qardh Qardh scheme

Para pihak yaitu Pemilik Dana - Bank Central Asia Syariah dan Penerima Dana - Nasabah. Tujuan untuk Melunasai Fasilitas Kredit atas nama Nasabah di Bank Mandiri. Yang mendasari adalah informasi/ pernyataan tertulis Outstanding terakhir dari Bank Mandiri dan Surat Kesanggupan menyerahkan dokumen dari Bank Mandiri. Nilai maksimal Rp 30.000.000.000 dan tidak melebihi Outstandingterakhir di Bank Mandiri.

The parties are Fund Owners - Bank Central Asia Syariah and Beneficiary - Customer. Objective to Complete Credit Facility on behalf of Customer in Bank Mandiri. The underlying information/ written statement of the last Outstanding from Bank Mandiri and the Letter of Ability to submit documents from Bank Mandiri. The maximum value is Rp 30,000,000,000 and does not exceed the latest Outstanding in Bank Mandiri.

Skema Ba’i Ba’i scheme

Para pihak yaitu Penjual - Nasabah dan Pembeli -Bank Central Asia Syariah. Tujuan adalah nasabah menjual barangnya untuk melunasi Qardh. Yang mendasari adalah BPKB Kendaraan yang dibiayai. Nilai maksimal Rp 30.000.000.000 dan tidak melebihi nilai Qardh.

The parties are Seller - Customer and Buyer - Bank Central Asia Syariah. The goal is the customer sells his goods to pay off Qardh. Underlying is the BPKB Vehicle financed. The maximum value is Rp 30,000,000,000 and does not exceed the Qardh value.

Skema Murabahah Murabahah scheme

Para pihak yaitu Pemilik Dana - Bank Central Asia Syariah dan Penerima Dana - Nasabah. Tujuan untuk jual beli kendaraan truk. Yang mendasari adalah BPKB Kendaraan yang dibiayai. Nilai maksimal Rp 30.000.000.000 dan tidak melebihi nilai Qardh.

The parties are Fund Owners - Bank Central Asia Syariah and Beneficiary - Customer. The purpose of buying and selling trucks. Underlying is the BPKB Vehicle financed. The maximum value is Rp 30,000,000,000 and does not exceed the Qardh value.

Limit fasilitas lainnya yang ditentukan kemudian dan disepakati oleh para pihak.

Limit of other facilities determined later and agreed upon by the parties.

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Jaminan yang akan diserahkan untuk fasilitas limit pembiayaan adalah sebagai berikut :

The collateral to be delivered for the financing limit facility are as follows :

- 2 unit kendaraan merk Mitsubishi Type Colt Diesel FE73MT 4x2 model mobil tangki tahun 2015

- 2 units of vehicle Mitsubishi brand Type Colt Diesel FE73MT 4x2 car tank vehicle model year 2015

- 5 unit kendaraan merk Hino Type FM260TH model tractor head tahun 2014.

- 5 units of vehicle Hino brand Type FM260TH tractor head model year 2014.

- 10 unit kendaraan merk Hino Type FL235JW model wingbox tahun 2014.

- 10 units of vehicle Hino brand Type FL235JW wingbox model year 2014.

- 8 unit kendaraan merk Hino Type SG260 M/T model trailer tanki tahun 2014.

- 8 units of vehicle Hino brand Type SG260 M / T trailer tank model year 2014.

- 8 unit kendaraan merk UD TrucksType PK260CT model tractor head tahun 2014.

- 8 units of vehicle UD Trucks brand Type PK260CT tractor head model year 2014.

- 9 unit kendaraan merk Hino Type SG260 model tractor head tahun 2014.

- 9 units of vehicle Hino brand Type SG260 tractor head model year 2014.

Maksimal sebesar Rp 30 Milyar atau sisa outstandingkredit nasabah di Bank Mandiri yang akan di takeover (mana yang lebih kecil). Jangka waktu maksimal 60 bulan. Biaya administrasi sebesar Rp 100.000.000 (ditarik dimuka sekaligus).

Maximum of Rp 30 Billion or remaining outstanding customer credit at Bank Mandiri which will be taken over (whichever is smaller). Maximum period of 60 months. Administrative fee amounted Rp 100,000,000 (withdrawn in advance).


PT Bank Central Asia Tbk. PT Bank Central Asia Tbk.

Perusahaan memperoleh fasilitas kredit investasi sebagai berikut :

The Company obtained a investment credit facility as follows :

I. Fasilitas Kredit Investasi - 1 I. Investment Credit Facility - 1

Pinjaman dari PT Bank Central Asia Tbk. sesuai dengan surat pemberitahuan pemberian fasilitas kredit No. 3795/BLS/2013 tanggal 10 Desember 2013 yang diubah dengan surat No. 1339/BLS/2014 tanggal 5 Mei 2014.

Loan from PT Bank Central Asia Tbk. in accordance with notification letter granting credit facility No. 3795/BLS/2013 dated 10 December 2013 which was changed by letter No. 1339/BLS/2014 dated 5 May 2014.

Fasilitas Kredit Investasi - 1 maksimal sebesar Rp 15.000.000.000 diubah menjadi sebesar Rp 14.938.560.000. Jangka waktu 7 (tujuh) tahun (dengan grace period 6 bulan) sejak penandatanganan perjanjian kredit. Tingkat bunga sebesar 11,5% per tahun.

Investment Credit Facility - 1 maximum amounting to Rp 15,000,000,000 changed become Rp 14,938,560,000. Period of 7 (seven) years (with a grace period of 6 months) since the signing of credit agreement. Interest rate is 11.5% per annum.

II. Fasilitas Kredit Investasi - 2 II. Investment Credit Facility - 2

Pinjaman dari PT Bank Central Asia Tbk. sesuai dengan surat pemberitahuan pemberian fasilitas kredit No. 1339/BLS/2014 tanggal 5 Mei 2014 sebagai berikut :

Loan from PT Bank Central Asia Tbk. in accordance with notification letter granting credit facility No. 1339/BLS/2014 dated 5 May 2014 are as follows :

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Fasilitas Kredit Investasi - 2 maksimal sebesar Rp 4.000.000.000. Jangka waktu 5 (lima) tahun (dengan grace period 3 bulan) sejak penandatanganan perjanjian kredit. Tingkat bunga sebesar 11,75% per tahun.

Investment Credit Facility - 2 maximum amounting to Rp 4,000,000,000. Period of 5 (five)years (with a grace period of 3 months) since the signing of credit agreement. The interest rate is 11.75% per annum.

Jaminan berupa : Collateral are :

- 1 unit tanah bangunan di Jl Raya Serang Cilegon Km. 9, Kampung Kebagusan persil No. 40/II RT 001/01, Kramatwatu, Serang,Banten Pejaten, SHM No. 176/Pejaten dan SHM No. 143/Pejaten keduanya atas nama Eddy Purwanto Winata.

- 1 unit of building land on Jl Raya Serang Cilegon Km. 9, Kebagusan Village persil No. 40/II RT 001/01, Kramatwatu, Serang,Banten, Pejaten, SHM No. 176/Pejaten and SHM No. 143/Pejaten both on behalf of Eddy Purwanto Winata.

- 1 unit tanah kosong di Jl Raya Serang,Cilegon, lingkungan Bidungkul, RT 001/01 Serdang, Kramatwatu, Serang, Banten, SHM No. 422/Serdang, dan SHM No. 459/Serdang atas nama Eddy Purwanto Winata.

- 1 unit of vacant land in Jl Raya Serang,Cilegon, Bidungkul neighborhood, RT 001/01, Serdang, Kramatwatu, Serang,Banten, SHM No. 422/Serdang, and SHM No. 459/Serdang on behalf of Eddy Purwanto Winata.

Berdasarkan Surat Perubahan Perjanjian Kredit dari PT Bank Central Asia, Tbk dengan No. 00328/MTM/ SPPK/2017 tanggal 25 Oktober 2017, disetujui pemberian fasilitas kredit yang terdiri dari :

Based on Letter of Amendment to Credit Agreement from PT Bank Central Asia, Tbk with No. 00328/MTM/SPPK/2017 dated 25 October 2017, ithave been approved the granting credit facilities consisting of :

a. Fasilitas Kredit Investasi-I, maksimal sebesar Rp15.000.000.000 (lima belas miliar rupiah) dengan baki debet per tanggal 25 Oktober 2017 sebesar Rp 7.469.280.000, tingkat bunga 11,25% per tahun.

a. Investment Credit Facility-I, maximum amounting to Rp 15,000,000,000 (fifteen billion rupiah) with outstanding balance as of 25 October 2017 amounting to Rp 7,469,280,000, interest rate 11.25% per annum.

b. Fasilitas Kredit Investasi-II, maksimal sebesar Rp4.000.000.000 (empat miliar rupiah) dengan baki debet per tanggal 25 Oktober 2017 sebesar Rp1.403.508.757, tingkat bunga 11,25% per tahun.

b. Investment Credit Facility-II, maximum amounting to Rp 4,000,000,000 (four billion rupiah) with outstanding balance as of 25 October 2017 amounting to Rp 1,403,508,757,interest rate 11.25% per annum.

c. Fasilitas time loan, maksimal sebesar Rp 6.100.000.000, tingkat bunga sebesar 12,25% per tahun.

c. Time loan facility, maximum amounting to Rp 6,100,000,000, interest rate 12.25% per annum.

Jaminan : Collateral :

2 (Dua) bidang tanah yang merupakan satu kesatuan masing-masing sebagai berikut :

2 (Two) parcels of land constituting one unity each as follows :

1. Sertifikat Hak Guna Bangunan No. 3917/Ujung Menteng, terletak di Jalan Raya Bekasi KM. 26, No. 7 Rt. 004/03, Kelurahan Ujung Menteng, Kecamatan Cakung, Jakarta Timur, seluas 1.014 m2 atas nama PT Nusantara Nuraga.

1. Building Right Certificate No. 3917/Ujung Menteng, located in Jalan Raya Bekasi KM. 26, No. 7 Rt. 004/03, Ujung Menteng Sub district,Cakung District, East Jakarta, for area of 1,014 sq.m on behalf of PT Nusantara Nuraga.


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PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Perusahaan memperoleh fasilitas kredit dari PT Bank Mandiri (Persero) Tbk., berdasarkan akta Perjanjian Pemberian Fasilitas Noncash No. 11 tanggal 5 September 2013 dan Perjanjian Kredit Investasi No. 14 tanggal 5 Juni 2014, yang dibuat dihadapan Notaris N.M. Dipo Nusantara Pua Upa, S.H., Mkn. Perjanjian telah mengalami beberapa kali perubahan, terakhir berdasarkan surat penawaran pemberian kredit PT Indah Prakasa Sentosa kepada Direktur Utama No. R03.CMG/JKG.10407/2016 tanggal 23 November 2016, Perusahaan memperoleh Fasilitas kredit modal kerja Non revolving maksimal sebesar Rp 6.500.000.000. Tingkat bunga 10,75% per tahun. Jangka waktu 60 bulan sejak tandatangan perjanjian kredit. Pembayaran secara angsuran selama 60 bulan sejak tandatangan perjanjian kredit.

The Company obtained a credit facility from PT Bank Mandiri (Persero) Tbk., based on Deed of Noncash Facility Agreement No. 11 dated 5 September 2013 and Investment Credit Agreement No. 14 dated 5 June 2014, by Notary N.M. Dipo Nusantara Pua Upa, S.H., Mkn. The agreement has been amended several times, most recently based on credit offering letter of PT Indah Prakasa Sentosa to President Director No.R03.CMG/JKG.10407/2016 dated 23 November 2016,the Company obtained working credit loan Non Revolving facility maximum amounting to Rp 6,500,000,000. Interest rate 10.75% per annum. Period of 60 months from the signing of credit agreement. Payments by installments for 60 months from the signing of credit agreement.

Berdasarkan perjanjian kredit investasi No. CRO.JKB/566/KI/2012 tanggal 14 November 2012,Perusahaan memperoleh fasilitas kredit investasi maksimal sebesar Rp 5.250.000.000 yang digunakan untuk pembiayaan pembelian kapal. Jangka waktu 60 bulan sejak pencairan kredit, tingkat bunga 10,50% per tahun.

Based on investment credit agreement No. CRO.JKB/566/KI/2012 dated 14 November 2012, the Company obtained investment credit with maximum amounted Rp 5,250,000,000 which is used for financing the ship purchase. Period of 60 months from the credit disbursement, interest rate 10.50% per annum.

Berdasarkan perjanjian kredit investasi No. CRO.JKB/404/KI/2013 tanggal 5 September 2013, Perusahaan memperoleh fasilitas kredit investasi maksimal sebesar Rp 12.750.000.000 yang digunakan untuk pembiayaan pembelian kapal. Jangka waktu 63 bulan sejak pencairan kredit, tingkat bunga 10,75% per tahun.

Based on investment credit agreement No. CRO.JKB/404/KI/2013 dated 5 September 2013, the Company obtained investment credit with maximum amounted Rp 12,750,000,000 which is used for financing the ship purchase. Period of 60 months from the credit disbursement, interest rate 10.75% per annum.

Jaminan tersebut join collateral dan cross defaultdengan seluruh fasilitas kredit atas nama PT Nusantara Nuraga, fasilitas kredit modal kerja, kreditinvestasi dan bank garansi atas nama Perusahaan dan fasilitas kredit modal kerja dan kredit modal kerja sublimit bank garansi atas nama PT Trasindo Sentosa.

Collateral is joint collateral and cross defaults with all credit facilities on behalf of PT Nusantara Nuraga, working capital credit facilities, investment credit and bank guarantees on behalf of the Company and working capital credit facilities and working capital credit sublimit of bank guarantee on behalf of PT Trasindo Sentosa.


PT Bank Central Asia Syariah PT Bank Central Asia Syariah


PT Elpindo Reksa 50.525.000.000 27.500.000.000 PT Elpindo ReksaPT Ekatama Raya 22.930.000.000 - PT Ekatama Raya

Jumlah 73.455.000.000 27.500.000.000 Total

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Entitas anak - PT Elpindo Reksa The subsidiary - PT Elpindo Reksa

Entitas anak - PT Elpindo Reksa memperoleh fasilitas kredit dari PT Bank Central Asia Syariah sebagaimana termuat dalam Surat Persetujuan Pemberian Fasilitas Pembiayaan No. 245/ADP/2016 tanggal 5 November 2016 sebagai berikut :

The subsidiary - PT Elpindo Reksa obtains credit facilities from PT Bank Central Asia Syariah as contained in the Letter of Agreement for Granting of Financing Facility No. 245/ADP/2016 dated 5 November 2016 as follows :

A. Fasilitas Pembiayaan Baru A. New Financing Facility

Pemberian Limit Fasilitas Pembiayaan (Line Facility) yang terdiri dari :

Provision of Line Facility Limitations consisting of :

1. Pembiayaan Investasi (PI) Murabahah 1 (Non Revolving) maksimal sebesar Rp 27.500.000.000. Jangka waktu pembiayaan120 bulan termasuk grace period 12 bulan sejak pencairan pertama.

1. Investment Financing (PI) Murabahah 1 (Non Revolving) maximum amounting to Rp 27,500,000,000. Financing period are 120 months including 12-month grace period from first disbursement.

2. Pembiayaan Investasi (PI) Murabahah 2 (Non Revolving) maksimal sebesar Rp 27.500.000.000 untuk Investasi Pembangunan Gudang. Jangka waktu pembiayaan 120 bulan termasuk grace period 12 bulan sejak pencairan pertama.

2. Investment Financing (PI) Murabahah 2 (Non Revolving) maximum amounting to Rp27,500,000,000 for Investment of Warehouse Development. Financing period are 120 months including 12-month grace period from first disbursement.

3. Limit fasilitas lainnya yang ditentukan kemudian dan disetujui oleh kedua belah pihak

3. Limit of other facilities specified later and approved by both parties

Pada tahun 2016, Entitas anak - PT Elpindo Reksamemperoleh Fasilitas Pembiayaan Murabahah sebagaimana termuat dalam Akad Pembiayaan Murabahah No. 636/MRBH-BCAS/XII/16 tanggal 23 Desember 2016 dengan rincian sebagai berikut :

In 2016, the subsidiary - PT Elpindo Reksaobtains the Murabahah Financing Facility as contained in the Murabahah Financing Agreement No. 636/MRBH-BCAS/XII/16 dated 23 December 2016 with details as follows :

Harga beli Rp 34.513.163.648,00Margin Rp 24.261.295.639,04Harga jual bank Rp 58.774.459.287,04Uang muka nasabah Rp 7.013.163.648,00Jumlah hutang/kewajiban

nasabah Rp 51.761.295.639,04

Purchase price Rp 34,513,163,648.00Margin Rp 24,261,295,639.04Selling price of bank Rp 58,774,459,287.04Advance customers Rp 7,013,163,648.00Total debt/liabilities of

customers Rp 51,761,295,639.04

Tujuannya untuk pembelian dua bidang tanah, yaitu :

Purpose to purchase of two parcels of land, namely :

- Tanah seluas 783 m2 dengan sertifikat Hak Guna Bangunan No. 00500/Wangunharja yang terletak di Kawasan Industri Jababeka, Blok B 3B KIJ Phase 7 dengan Akta Jual Beli tanggal 22 Desember 2016 No. 669/2016 yang dibuat dihadapan Sri Sunarti, S.H., Pejabat Pembuat Akta Tanah, di Bekasi.

- Land area of 783 sq.m with certificate of Right to Build No. 00500/Wangunharja located in Jababeka Industrial Estate, Block B 3B KIJ Phase 7 with Deed of Sale and Purchase dated of 22 December 2016 No. 669/2016 made before Sri Sunarti, S.H., Land Titles Registrar, in Bekasi.

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- Tanah seluas 11.245 m2 dengan sertifikat Hak Guna Bangunan No. 00502/Wangunharja yang terletak di Kawasan Industri Jababeka Blok B 3B KIJ Phase 7 dengan Akta Jual Beli tanggal 22 Desember 2016 No. 668/2016 yang dibuat dihadapan Sri Sunarti, S.H., Pejabat Pembuat Akta Tanah, di Bekasi.

- Land area of 11,245 sqm with certificate of Right of Building Right No. 00502/Wangunharja located in Jababeka Industrial Estate Block B 3B KIJ Phase 7 with Deed of Sale and Purchase dated 22 December 2016 No. 668/2016 which was made before Sri Sunarti, S.H., Land Titles Registrar, in Bekasi.

Jangka waktu pembiayaan 120 bulan termasuk grace period 12 bulan sejak pencairan pertama terhitung sejak tanggal 23 Desember 2016 sampai dengan tanggal 23 Desember 2026. Pembayaran secara angsuran selama 120 bulan.

Financing period are 120 months including a grace period of 12 months from the first drawdown starting from 23 December 2016 to 23 December 2026. Payment is in installments for 120 months.

Pada tahun 2017, Entitas anak - PT Elpindo Reksamemperoleh Fasilitas Pembiayaan Murabahah sebagaimana termuat dalam Akad Pembiayaan Murabahah No. 182/MRBH-BCAS/III/17 tanggal 22 Maret 2017 maksimal sebesar Rp 27.500.000.000. Berdasarkan akad pembiayaan murabahah, jumlah pembiayaan yang diterima adalah sebagai berikut :

In 2017, the subsidiary - PT Elpindo Reksaobtains the Murabahah Financing Facility as contained in the Murabahah FinancingAgreement No. 182/MRBH-BCAS/III/17 dated 22 March 2017 maximum amounting to Rp 27,500,000,000. Based on the Agreement of the form of murabahah, the amount of financing received are as follows :

Harga beli Rp 7.920.000.000,00Margin Rp 4.774.375.293,32Harga jual bank Rp 12.694.375.293,32Uang muka nasabah Rp 2.420.000.000,00Jumlah hutang/kewajiban

nasabah Rp 10.274.375.293,32


customers Rp 10,274,375,293.32

Tujuannya untuk pembelian bahan material untuk pembangunan gudang dan kantor di Kawasan Jababeka Kavling B3B-Bekasi.

Purpose for purchase of materials for the construction of warehouses and offices in Jababeka Region B3B-Bekasi.

Jangka waktu pembiayaan 120 bulan termasuk grace period 12 bulan sejak pencairan pertama terhitung sejak tanggal 24 Maret 2017 sampai dengan tanggal 24 Maret 2027. Pembayaran secara angsuran selama 120 bulan.

Financing period are 120 months including a grace period of 12 months from the first drawdown starting from 24 March 2017 until 24March 2027. Payment is in installments for 120 months.

Selanjutnya entitas anak - PT Elpindo Reksamemperoleh Fasilitas Pembiayaan Murabahah sebagaimana termuat dalam Akad Pembiayaan Murabahah No. 331/MRBH-BCAS/V/17 tanggal 22 April 2017 maksimal sebesar Rp 27.500.000.000. Berdasarkan Akad Pembiayaan Murabahah, jumlah pembiayaan yang diterima adalah sebagai berikut :

Furthermore, subsidiary - PT Elpindo Reksaobtains the Murabahah Financing Facility as contained in the Murabahah Financing Agreement No. 331/MRBH-BCAS/V/17 dated 22 April 2017 maximum amounting to Rp 27,500,000,000. Based on the Agreement of of Murabahah Financing, the amount of financing received are as follows :

Harga beli Rp 7.920.000.000,00Margin Rp 4.665.705.258,97Harga jual bank Rp 12.585.705.258,97Uang muka nasabah Rp 2.420.000.000,00Total hutang/kewajiban

nasabah Rp 10.165.705.258,97


customers Rp 10,165,705,258.97

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Tujuan untuk pembelian bahan material untuk pembangunan gudang dan kantor di Kawasan Jababeka Kavling B3B-Bekasi.

Purpose to the purchase of materials for the construction of warehouses and offices in Jababeka Region B3B-Bekasi.

Jangka waktu pembiayaan adalah 118 bulan termasuk grace period 12 bulan sejak pencairan pertama terhitung sejak tanggal 23 Mei 2017 sampai dengan tanggal 23 Maret 2027.Pembayaran secara angsuran selama 118 bulan.

Financing period are 118 months including a grace period of 12 months from the first drawdown starting on 23 May 2017 up to 23 March 2027. Payment is in installments for 118 months.

Jaminan yang diserahkan untuk mengcover seluruh fasilitas Nasabah sebesar Rp. 55.000.000.000 dan saling mengikat, antara lain :

Collateral delivered to cover all Customer facilities amounting to Rp. 55,000,000,000 and binding each other, among others :

- SHGB No. 00500/ Wangunharja atas nama PT Mercuagung Graha Relty (akan dibalik nama ke PT Elpindo Reksa)

- SHGB No. 00500/Wangunharja on behalf of PT Mercuagung Graha Relty (will be transferred of title to PT Elpindo Reksa)

- SHGB No. 00502/ Wangunharja atas nama PT Graba Buana Cikarang (akan dibalik nama ke PT Elpindo Reksa)

- SHGB No. 00502/Wangunharja on behalf ofPT Graba Buana Cikarang (will transferred of title to PT Elpindo Reksa)

- Jaminan Perusahaan dari PT Indah Prakasa Sentosa

- Corporate guarantee from PT Indah Prakasa Sentosa

- Jaminan pribadi dari Eddy Purwanto Winata minimal senilai Plafon

- Personal guarantee from Eddy Purwanto Winata at least worth of Ceiling


Saldo per 31 Desember 2017 dan 2016 masing-masing sebesar Rp 50.525.000.000 dan Rp 27.500.000.000.

Balance as of 31 December 2017 and 2016 amounting to Rp 50,525,000,000 and Rp 27,500,000,000, respectively.

Entitas anak - PT Ekatama Raya The subsidiary - PT Ekatama Raya

Entitas anak - PT Ekatama Raya memperoleh fasilitas kredit yang disetujui oleh PT Bank Central Asia Syariah sebagaimana termuat dalam Surat Persetujuan Pemberian Fasilitas Pembiayaan No. 034/ADP/2017 tanggal 23 Februari 2017. Perjanjian telah mengalami beberapa perubahan, terakhir berdasarkan Akad Pembiayaan Murabahah No. 276/MRBH-BCAS/V/17 dan Akta Pemberian Limit Fasilitas Pembiayaan (Line Facility) No. 2 tanggal 3 Mei 2017, yang dibuat dihadapan Notaris Herdimansyah Chaidirsyah, S.H., sebagai berikut :

The subsidiary - PT Ekatama Raya obtained a credit facility approved by PT Bank Central Asia Syariah as contained in the Letter of Approval for the Provision of Financing Facility No. 034/ADP/2017 dated 23 February 2017. The agreement has been amended several times, most recently based on Murabahah Financing Agreement No. 276/MRBH-BCAS/V/17 and Financing Facility Limit Deed No. 2 dated 3 May 2017, by Notary Herdimansyah Chaidirsyah, S.H., as follows :

1. Pembiayaan Investasi (PI) Murabahah 1 (Non Revolving)

1. Investment Financing (PI) Murabahah 1 (Non Revolving)

Fasilitas murabahah untuk investasi pembelian tanah bangunan eks gudang (SHGB No. 6444), maksimal sebesar Rp 23.000.000.000 untuk pembelian tanah, bangunan ex gudang. Jangka waktu pembiayaan maksimal 120 bulan termasuk grace period 12 bulan sejak pencairan pertama.

Murabahah facility for investment of purchase of building ex warehouse (SHGB No. 6444), maximum amounting to Rp 23,000,000,000 to purchase of land, building ex warehouse. Financing period maximum of 120 months includes a grace period of 12 months from the first drawdown.

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2. Pembiayaan Investasi (PI) Murabahah 2 (Non Revolving)

2. Investment Financing (PI) Murabahah 2 (Non Revolving)

Fasilitas murabahah untuk investasi pembangunan SPBU, maksimal sebesar Rp 9.000.000.000 untuk pembiayaan pembangunan SPBU. Jangka waktu pembiayaan maksimal 120 bulan termasuk grace period 12 bulan sejak pencairan pertama.

Murabahah facility for investment of fuel station construction, maximum amounting to Rp 9,000,000,000 to financing of SPBU construction. Financing period maximum of 120 months includes a grace period of 12 months from the first drawdown.

A. Jaminan pembiayaan A. Collateral financing- Sertifikat Hak Guna Bangunan No. 6444

seluas 2.650 m2 terletak di Jl. Raya Plumpang Semper, Jakarta Utara atas nama PT Ekatama Raya dan diikat Hak Tanggungan peringkat I sebesar Rp 40.000.000.000

- Certificate of Building Use Right No. 6444 area of 2,650 sq.m are located on Jl Raya Plumpang Semper, North Jakarta on behalf of PT Ekatama Raya and has bounded with Hak Tanggungan rank I amounted Rp 40,000,000,000.

- Peralatan SPBU, mesin dispenser dan tangki BBM

- Fuel station equipment, dispenser machine and fuel tank

- Jaminan Perusahaan dari PT Indah Prakasa Sentosa senilai Rp 32.000.000.000.

- Corporate Guarantee from PT Indah Prakasa Sentosa amounted Rp 32,000,000,000.


Saldo per 31 Desember 2017 dan 2016 masing-masingsebesar Rp 22.930.000.000 dan Nihil.

Balance as of 31 December 2017 and 2016 amounting to Rp 22,930,000,000 and Nil, respectively.

16. Liabilitas lembaga keuangan lainnya 16. Other financial institution liabilities

Perusahaan memiliki utang lembaga keuangan lainnya dengan pihak ketiga dengan rincian sebagai berikut :

The Company has other financial institution liabilities with third parties with details as follows :


Pembiayaan konsumen Consumer financingPT Mandiri Tunas Finance 32.521.360.020 12.071.345.669 PT Mandiri Tunas FinancePT Dipo Star Finance 13.495.571.565 8.881.157.765 PT Dipo Star FinancePT Hino Finance Indonesia 12.054.615.277 14.002.522.268 PT Hino Finance IndonesiaPT Orix Indonesia Finance 6.316.350.740 3.692.130.140 PT Orix Indonesia FinancePT BCA Finance 608.693.108 937.044.834 PT BCA FinancePT SMFL Leasing Indonesia - 2.195.596.859 PT SMFL Leasing Indonesia

64.996.590.710 41.779.797.555Sewa Pembiayaan Financial LeasePT Mandiri Tunas Finance 162.325.303 284.069.280 PT Mandiri Tunas FinanceJumlah utang pembiayaan Total consumer financing

konsumen 65.158.916.013 42.063.866.835 liabilities

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16. Liabilitas lembaga keuangan lainnya (lanjutan) 16. Other financial institution liabilities (continued)


Tahun : 2017 - 18.824.313.976 Year : 20172018 30.807.669.292 13.941.629.426 20182019 26.587.271.987 11.030.344.901 20192020 15.180.297.241 6.279.637.015 20202021 3.859.350.663 1.139.417.680 20212022 1.101.976.325 - 2022

Jumlah liabilitas lembaga keuangan 77.536.565.508 51.215.342.998 Total other financial institutionlainnya liabilities

Jumlah bunga dibebankan 12.377.649.495 9.151.476.185 Amounts applicable to interest

Liabilitas lembaga keuangan lainnya Other financial institution liabilities- bersih 65.158.916.013 42.063.866.813 - net

Dikurangi : Bagian lancar yang Less : Portion maturing jatuh tempo satu tahun 24.060.148.596 14.498.977.798 within one year

Jumlah liabilitas lembaga keuangan Total long-term other financiallainnya jangka panjang 41.098.767.417 27.564.889.015 institution liabilities

Liabilitas lembaga keuangan lainnya dijamin dengan aset yang diperoleh dari liabilitas tersebut.

Other financial institution liabilities are secured by the assets acquired from those liabilities.

17. Liabilitas imbalan kerja 17. Employee benefits obligation

Perusahaan dan entitas anak menghitung dan membukukan liabilitas imbalan kerja untuk seluruh karyawannya yang memenuhi kualifikasi sesuai dengan UU Ketenagakerjaan No. 13/2003 tanggal 25 Maret 2003 dan PSAK No. 24 “Imbalan Kerja”.

The Company and its subsidiaries calculate and provide employee benefits obligation for all employees who met the qualification of Labor Law No. 13/2003 dated 25 March 2003 and Statements of FinancialAccounting Standard (SFAS) No. 24 “Employee benefits“.

Beban imbalan kerja yang diakui dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian adalah sebagai berikut :

Amounts recognized in consolidated statements of income and other comprehensive income in respect of these employee benefits are as follows :


Biaya jasa kini 2.916.102.635 1.632.522.942 Current service costBiaya bunga 566.554.789 448.534.377 Interest cost

Jumlah 3.482.657.424 2.081.057.319 Total

Kewajiban imbalan kerja di laporan posisi keuangan konsolidasian sebagai berikut :

The amounts included in the consolidated statements of financial position are as follows :

Nilai kini kewajiban yang tidak Present value of unfundeddidanai 10.753.082.803 6.744.699.867 obligations

Nilai wajar aset program - - Fair value of plan assets

Kewajiban bersih 10.753.082.803 6.744.699.867 Net liability

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17. Liabilitas imbalan kerja (lanjutan) 17. Employee benefits obligation (continued)

Mutasi kewajiban bersih di laporan posisi keuangan konsolidasian adalah sebagai berikut :

Movements in the net liability in the consolidated statements of financial position are as follows :


Saldo awal 6.744.699.867 4.928.949.207 Beginning balancePembayaran manfaat (19.028.475) - Benefits paymentBeban periode berjalan 3.482.657.424 2.081.057.319 Current period expensePendapatan komprehensif lain Other comprehensive income

- pengukuran kembali liabilitas - remeasurement of a netimbalan pasti 544.753.987 (265.306.659) defined benefits liability

Saldo akhir 10.753.082.803 6.744.699.867 Ending balance

Perhitungan aktuarial program manfaat pasti tahun 2017 dan 2016, dilakukan oleh PT Dian Artha Tama -aktuaris independen, dengan menggunakan metode ”Projected Unit Credit”. Asumsi utama yang digunakan dalam menentukan penilaian aktuarialadalah sebagai berikut :

Defined benefit plan actuarial calculations in year 2017 and 2016, were performed by PT Dian Artha Tama - an independent actuary, using the "Projected Unit Credit" method. The actuarial valuation was carried out by using the following key assumptions :

Tingkat diskonto 8% 8% Discount rateTingkat kenaikan gaji 10% 10% Salary increment rateTingkat kematian TMI-3 TMI-3 Mortality rateUsia pengunduran diri 55 tahun/year old 55 tahun/year old Normal retirement rateJumlah karyawan yang berhak 328 278 Number of entitled employees

Analisis sensitivitas dari perubahan asumsi-asumsi utama terhadap liabilitas imbalan kerjajangka panjang untuk tahun-tahun yang berakhir 31 Desember 2017 dan 2016 adalah sebagai berikut :

The sensitivity analysis of the overall long-termemployee benefit liabilities to changes in the weighted principal assumptions for the years ended 31 December 2017 and 2016 are as follows :

Dampak terhadap liabilitas imbalan pasti kenaikan (penurunan)/Impact on defined benefit

liability increase (decrease)Perubahan asumsi/ Kenaikan dari asumsi/ Penurunan asumsi/

Change in assumptions Increase in assumption Decrease in assumptions

31 Desember 2017 31 Desember 2017Bunga diskonto 1% (1.564.678.138) 1.824.236.699 Discount rate

31 Desember 2016 31 Desember 2016Bunga diskonto 1% (631.642.678) 743.765.977 Discount rate

18. Modal saham 18. Share capital


Modal dasar 200.000.000.000 50.000.000.000 Authorized capitalTelah ditempatkan dan Issued and

disetor penuh 50.000.000.000 20.000.000.000 fully paid

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18. Modal saham (lanjutan) 18. Share capital (continued)

Berdasarkan akta No. 42 tanggal 24 Februari 2017 oleh notaris Mutiara Hertanto S.H, yang telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat keputusan No. AHU-0006605.AH.01.02.TAHUN 2017 tanggal 17 Maret 2017, disetujui untuk menurunkan modal ditempatkan dan disetor penuh dari Rp 50.000.000.000 menjadi Rp 12.500.000.000.

Based on deed No. 42 dated 24 February 2017 by notary Mutiara Hertanto S.H, which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia with decision letter No. AHU-0006605.AH.01.02.TAHUN 2017 dated 17 March 2017, it has been approved to reduce its issued and fully paid share capital from Rp 50,000,000,000 to Rp 12,500,000,000.

Berdasarkan akta No. 51 tanggal 31 Agustus 2017oleh notaris Mutiara Hertanto S.H, telah disetujui untuk menjual saham Perusahaan milik Tn. Surya Winata sebanyak 1.875 saham kepada Tn. Eddy Purwanto Winata.

Based on deed No. 51 dated 31 August 2017 by notary Mutiara Hertanto S.H, is approved to sell the shares of the Company owned by Mr. Surya Winata amounted 1,875 shares to Mr. Eddy Purwanto Winata.

Berdasarkan akta No. 29 tanggal 27 September 2017 oleh notaris Mutiara Hertanto S.H, yang telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat keputusan No. AHU-0019999.AH.01.02.TAHUN 2017 tanggal 28 September 2017, sebagai berikut :

Based on deed No. 29 dated 27 September 2017 by notary Mutiara Hertanto S.H, which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia with decision letter No. AHU-0019999.AH.01.02.TAHUN 2017 dated 28 September 2017, as follows :

a. disetujui untuk dilakukan jual beli saham Perusahaan sebanyak 11.250 saham antara lain milik Tn. Eddy Purwanto Winata sebanyak 6.875 saham, Ny. Lies Purwati Winata sebanyak 1.250 saham, Ny. Lies Yuliana Winata sebanyak 1.250 saham, Ny. Lies Murtiningsih sebanyak 1.875 saham dijual kepada PT Surya Perkasa Sentosa dan Ny. Lies Erliawati Winata sebanyak 1.250 saham dijual kepada PT Sinar Ratu Sentosa.

a. approved for the sale and purchase of the Company's shares totaling 11,250 shares, among others, owned Mr. Eddy Purwanto Winata of 6,875 shares, Mrs. Lies Purwati Winata of 1,250 shares, Ny. Lies Yuliana Winata of 1,250 shares,Mrs. Lies Murtiningsih of 1,875 shares were sold to PT Surya Perkasa Sentosa and Mrs. Lies Erliawati Winata of 1,250 shares are sold to PT Sinar Ratu Sentosa.

b. disetujui untuk menurunkan nilai nominal saham dari Rp 1.000.000 menjadi Rp 100 per saham.

b. approved to decrease the nominal value of shares from Rp 1,000,000 to Rp 100 per share.

c. disetujui untuk meningkatkan modal dasar Perusahaan dari Rp 50.000.000.000 menjadi Rp 200.000.000.000.

c. approved to increase the Company's authorized capital from Rp 50,000,000,000 to Rp 200,000,000,000.

d. penambahan modal ditempatkan dan disetor penuh sebesar Rp 37.500.000.000, yang diambil bagian oleh PT Surya Perkasa Sentosa sebesar Rp 33.750.000.000 dan PT Sinar Ratu Sentosa sebesar Rp 3.750.000.000.

d. additional of issued and fully paid up capital amounting to Rp 37,500,000,000, taken by PT Surya Perkasa Sentosa amounting to Rp 33,750,000,000 and PT Sinar Ratu Sentosa amounting to Rp 3,750,000,000.

Berdasarkan akta No. 03 tanggal 12 Desember 2017 oleh notaris Rahayu Ningsih S.H, yang telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat keputusan No. AHU-0026511.AH.01.02.TAHUN 2017 tanggal 15 Desember 2017, disetujui untuk menjual saham milik PT Sinar Ratu Sentosa kepada Tn. Eddy Purwanto Winata sebanyak 5.000.000 saham.

Based on deed No. 03 dated 12 December 2017 by notary Rahayu Ningsih S.H, which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia with decision letter No. AHU-0026511.AH.01.02.TAHUN 2017 dated 15 December 2017, approved to sell shares owned by PT Sinar Ratu Sentosa to Mr. Eddy Purwanto Winata amounted 5,000,000 shares.

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18. Modal saham (lanjutan) 18. Share capital (continued)

Susunan pemegang saham adalah sebagai berikut : The composition of shareholders are as follows :

31 Desember/ December 2017Persentase

kepemilikan/Pemegang saham/ Jumlah saham/ Percentage of Jumlah/Shareholder’s name Number of share ownership Total

PT Surya Perkasa Sentosa 450.000.000 90% 45.000.000.000PT Sinar Ratu Sentosa 45.000.000 9% 4.500.000.000Tn Eddy Purwanto Winata 5.000.000 1% 500.000.000Jumlah/ Total 500.000.000 100% 50.000.000.000

Berdasarkan akta No. 31 tanggal 17 Maret 2016 oleh notaris Mutiara Hartanto, S.H., telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat keputusan No. AHU-0006322.AH.01.02.TAHUN 2016 tanggal 4 April 2016, bahwa modal dasar Perusahaan sebesar Rp 50.000.000.000 terbagi atas 50.000 saham dengan nilai nominal sebesar Rp 1.000.000. Modal ditempatkan dan disetor penuh adalah sebagai berikut :

Based on deed No. 31 dated 17 March 2016 by notary Mutiara Hartanto, S.H., it have been approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-0006322.AH.01.02. TAHUN 2016 dated 4 April 2016, that the authorized capital of the Company amounting to Rp 50,000,000,000 is divided into 50,000 shares with nominal value of Rp 1,000,000. The issued and fully paid capital are as follows :

31 Desember/ December 2016Persentase

kepemilikan/Pemegang saham/ Jumlah saham/ Percentage of Jumlah/Shareholder’s name Number of share ownership Total

Tn/Mr. Eddy Purwanto Winata 8.000 40% 8.000.000.000Tn/Mr. Surya Winata 3.000 15% 3.000.000.000Ny/Mrs. Lies Murtiningsih 3.000 15% 3.000.000.000Ny/Mrs. Lies Yuliana Winata 2.000 10% 2.000.000.000Ny/Mrs. Lies Erliawati Winata 2.000 10% 2.000.000.000Ny/Mrs. Lies Purwati Winata 2.000 10% 2.000.000.000Jumlah/ Total 20.000 100% 20.000.000.000

19. Tambahan modal disetor lainnya - bersih 19. Additional other paid in capital - net



a. Selisih kombinasi bisnis a. The difference in business entitas sepengendali combination of entities under(catatan 2) 66.631.422.727 - common control (note 2)

b. Pengampunan pajak 6.766.567.000 - b. Tax amnesty

Jumlah 73.397.989.727 - Total

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19. Tambahan modal disetor lainnya - neto (lanjutan) 19. Additional other paid in capital - net (continued)

a. Selisih nilai transaksi restrukturisasi entitas sepengendali

a. Difference in value of restructuring transaction between entities under common control

Lihat catatan 2. See note 2.

b. Pengampunan pajak b. Tax amnesty

Sehubungan dengan diberlakukannya Peraturan Menteri Keuangan Nomor 118/PMK.03/2016 tentang Pelaksanaan Undang-Undang Nomor 11 Tahun 2016 tentang Pengampunan Pajak sebagaimana telah diubah dengan Peraturan Menteri Keuangan Nomor 141/PMK.03/2016 dan Peraturan Direktorat Jenderal Pajak Nomor PER-18/PJ/2016 tentang Pengembalian Kelebihan Pembayaran Uang Tebusan Dalam Rangka Pengampunan Pajak, Perusahaan dan Entitas Anak telah mengikuti pengampunan pajak ini, dengan rincian sebagai berikut :

In connection with the enactment of Regulation of the Minister of Finance No. 118/PMK.03/2016 concerning the Implementation of Law Number 11 Year 2016 concerning Tax Amnesty as amended by Regulation of the Minister of Finance No. 141/PMK.03/2016 and Regulation of Directorate General of Tax Number PER-18/PJ/2016 on the Refund of Excess Payments for Ransom for Tax Amnesty, the Company and Subsidiaries has pursuethis tax amnesty, with details as follows :

Nama entitas/ Surat keterangan pengampunan/ Harta yang diakui/Name of entity Amnesty letter Tanggal/Date Recognized assets

Perusahaan/ The Company :PT Indah Prakasa Sentosa KET-999/PP/WPJ.21/2017 4 Januari/ January 2017 6.766.567.000

Entitas anak/ Subsidiaries :PT Trasindo Sentosa KET-31791/PP/WPJ.21/2016 18 Oktober/ October 2016 9.124.656.000PT Elpindo Reksa KET-37255/PP/WPJ.21/2016 22 Desember/ December 2016 1.245.500.000PT Ekatama Raya KET-22881/PP/WPJ.08/2016 9 Desember/ December 2016 353.833.747PT Barisan Nusantara KET-2134/PP/WPJ.21/2017 10 Januari/ January 2017 114.000.000

Jumlah/ Total 10.837.989.747

Berdasarkan Surat Keterangan Pengampunan Pajak tertanggal 4 Januari 2017, Perusahaan telah menyampaikan Surat Pernyataan Harta untuk Pengampunan Pajak yang diterima oleh KantorPelayanan Pajak dengan nilai harta bersih yang dinyatakan sebesar Rp 6.766.567.000, dan Perusahaan telah membayar uang tebusan sebesar Rp 202.977.010 pada tanggal 27 Desember 2016.

Based on Tax Amnesty Letter dated 4 January 2017, the Company submitted a Form of Declaration for Assets for Tax Amnesty which received by the Tax Office Service with the net assets stated amounting to Rp 6,766,567,000, and the Company paid a ransom amounted Rp 202,977,010 on 27 December 2016.

Pada laporan keuangan konsolidasian per 31 Desember 2017, aset bersih pengampunan pajak entitas anak sebesar Rp 10.837.989.747 yang dilakukan sebelum transaksi kombinasi bisnisentitas sepengendali dan dicatat pada akun tambahan modal disetor - restrukturisasi entitas sepengendali.

In the consolidated financial statements as of 31 December 2017, net assets of the subsidiary amounted Rp 10,837,989,747 which are conduct before transaction of business combination of under common control entities are recorded in the additional paid-in capital account of business combination of under common control entity.

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20. Kepentingan non-pengendali 20. Non-controlling interests


Jumlah/ Total % Jumlah/ Total %

Bagian kepentingan Portion of non-controlling non-pengendali atas aset interest on subsidiaries bersih entitas anak net assets

PT Trasindo Sentosa 685.424.098 1% - - PT Trasindo SentosaPT Elpindo Reksa 183.663.161 1% - - PT Elpindo ReksaPT Ekatama Raya 76.680.461 1% - - PT Ekatama RayaPT Barisan Nusantara (45.710.396) 1% - - PT Barisan Nusantara

900.057.324 -

Bagian kepentingan Portion of non-controllingnon-pengendali atas jumlah interest on total profit (loss)laba (rugi) periode berjalan for the period ofentitas anak subsidiaries

PT Trasindo Sentosa (11.127.334) 1% - - PT Trasindo SentosaPT Elpindo Reksa (6.541.825) 1% - - PT Elpindo ReksaPT Ekatama Raya 8.899.608 1% - - PT Ekatama RayaPT Barisan Nusantara (2.594.264) 1% - - PT Barisan Nusantara

(11.363.815) -

21. Pendapatan 21. Revenues


Keagenan : Agent :BBM dan SPBU 152.663.237.221 121.852.585.026 Fuel and SPBUPelumas 16.175.842.920 26.723.727.044 LubricantGas 6.950.985.428 5.454.271.604 Gas

Transportasi dan logistik 127.167.939.298 118.416.534.502 Transportation and logisticStasiun pengisian pengangkutan Elpiji bulk replenishment

bulk elpiji (SPBE) 7.707.275.489 5.081.288.733 carriage station (SPBE)

Jumlah 310.665.280.356 277.528.406.909 Total

Penjualan yang melebihi 10% dari pendapatan grup adalah sebagai berikut :

Sales which exceeded of 10% of the revenue of the grup are as follows :


PT Pertamina (Persero) Tbk. 32.715.255.206 28.678.117.255 PT Pertamina (Persero) Tbk.

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22. Beban pokok penjualan 22. Cost of sales

Rincian beban pokok penjualan berdasarkan kelompok produk utama adalah sebagai berikut :

The details of cost of sales according to main product group are as follows :


Keagenan : Agent :

Persediaan awal Beginning inventoriesBBM 3.161.532.799 401.731.432 FuelPelumas 2.767.474.379 5.111.362.078 Lubricant

5.929.007.178 5.513.093.510

Pembelian PurchaseBBM 134.596.296.748 114.009.949.278 FuelPelumas 13.511.863.160 20.567.116.354 LubricantGas 3.050.421.608 4.898.148.827 Gas

151.158.581.516 139.475.214.459

Persediaan akhir Ending inventoriesBBM (5.800.055.162) (3.161.532.799) FuelPelumas (1.871.244.602) (2.767.474.379) Lubricant

(7.671.299.764) (5.929.007.178)

Jumlah beban pokok pendapatan Total cost of sales of fuel,keagenan BBM, pelumas dan lubricant and gasgas 149.416.288.930 139.059.300.791 agent

Operasional langsung : Direct operational :Uang jalan dan bahan bakar 47.542.427.924 42.999.654.692 Travelling expenses and fuelPerawatan, suku cadang dan garasi 11.418.906.306 13.055.953.847 Maintenance, sparepart and garagePenyusutan aset tetap 26.212.028.279 19.814.833.756 Depreciation of fixed assetsOperasional lainnya 14.091.874.202 19.852.362.041 Other operational

Jumlah 248.681.525.641 234.782.105.127 Total

Perusahaan melakukan pembelian sebesar 10% atau lebih dari beban pokok pendapatan konsolidasian dari pihak ketiga sebagai berikut :

The Company made a purchase of 10% or more of the consolidated cost of sales from the third party as follows :


PT Pertamina (Persero) Tbk. 120.259.732.992 139.475.214.459 PT Pertamina (Persero) Tbk.

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23. Beban penjualan 23. Selling expenses


Representasi 2.651.412.912 2.107.795.046 RpresentationPemasaran 164.275.960 1.041.234.588 MarketingLainnya 85.331.023 654.287.070 Others

Jumlah 2.901.019.895 3.803.316.704 Total

24. Beban umum dan administrasi 24. General and administrative expenses


Gaji dan kesejahteraan 22.614.882.582 15.398.491.045 Salaries and wagesImbalan kerja karyawan 3.482.657.424 2.081.057.319 Provision of employee benefitsPenyusutan aset tetap 2.114.431.856 1.772.491.983 Depreciation of fixed assetsPenyusutan aset lain-lain 2.600.000.000 433.333.333 Depreciation of other assetsTransportasi dan perjalan dinas 468.054.244 1.153.424.087 Transportations and travellingPajak 721.790.479 1.013.193.291 TaxesPerlengkapan kantor 1.884.340.707 736.614.773 Office suppliesBeban kantor 2.082.192.537 1.294.346.960 Office expensesPerbaikan dan perawatan 875.373.390 572.344.467 Repair and maintenanceBeban profesional 2.511.807.077 - Professional feesDokumen dan perijinan 2.012.402.657 346.322.962 Document and permitAsuransi 797.782.425 10.905.508 InsuranceLain-lain 2.410.241.758 2.382.477.602 Others

Jumlah 44.575.957.136 27.195.003.330 Total

25. Laba (rugi) per saham 25. Earning (loss) per share

Laba (rugi) per saham dihitung dengan membagi laba bersih yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar dalam periode tersebut.

Earning (loss) per share is calculated by dividing net income attributable to shareholders of the parent company over the weighted average number of shares outstanding during the period.


Jumlah laba (rugi) tahun berjalan Total profit (loss) for the current yearyang dapat diatribusikan kepada attributable to owners of pemilik entitas induk (11.386.337.976) (18.840.766.506) the parent company

Rata-rata tertimbang jumlah Weighted average of totallembar saham yang beredar 278.082.192 200.000.000 outstanding shares

Rugi per saham (40,94) (94,20) Loss per share

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26. Transaksi dengan pihak berelasi 26. Transactions with related parties

Rincian sifat hubungan dan jenis transaksi yang material dengan pihak berelasi adalah sebagai berikut :

The details of nature of relationship and type of material transactions with related parties are as follows :

Sifat hubungan istimewa/Pihak berelasi/Related parties Nature of relationship Transaksi/Transactions

PT Nusantara Nuraga Pemegang saham dan memiliki Pembelian, utang usaha dan piutang lain-lain/kesamaan personil manajemen Purchases, trade payables and other kunci/ Shareholders and have the same receivableskey management personnel

PT Inprase Utama Mandiri Pemegang saham dan memiliki Pinjaman tunai/ Cash loankesamaan personil manajemenkunci/ Shareholders and have the samekey management personnel


Akun ini terdiri dari : This accounts consists of :

Utang usaha (Catatan 13) Trade payables (Note 13)PT Nusantara Nuraga 19.838.803.835 19.061.658.385 PT Nusantara Nuraga

Persentase dari jumlah liabilitas 6,01% 7,25% Percentage from total liabilities

Utang pihak berelasi (Catatan 14) Amount due to related parties (Note 14)PT Inprase Utama Mandiri 201.960.623 240.000.000 PT Inprase Utama MandiriPT Nusantara Nuraga 889.958.300 9.006.800.509 PT Nusantara Nuraga

Jumlah 1.091.918.923 9.246.800.509 Total

Persentase dari jumlah liabilitas 0.33% 3,52% Percentage from total liabilities

Penjualan SalesPT Nusantara Nuraga 22.975.341.021 1.801.253.786 PT Nusantara Nuraga

Persentase dari jumlah penjualan 7.39% 0,65% Percentage from total sales

Pembelian PurchasesPT Nusantara Nuraga 13.876.818.237 17.230.501.266 PT Nusantara Nuraga

Persentase dari jumlah beban Percentage from total cost ofpokok penjualan 5.58% 7,34% sales

27. Segmen operasi 27. Operating segment

Usaha operasional Perusahaan dikelompokkan dan dikelola secara terpisah berdasarkan jenis produk dan jasa yang dihasilkan dimana setiap segmen merupakan suatu unit usaha strategis yang melayani pasar yang berbeda.

The Company's operations are grouped and managed separately on the basis of the type of products and services produced by which each segment is a strategic business unit serving different markets.

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27. Segmen operasi (lanjutan) 27. Operating segment (continued)

Perusahaan mengelompokkan usahanya dalam tiga (3) segmen usaha sebagai berikut :

The Company classifies its business into three (3) business segments as follows :

a. Keagenan bahan bakar minyak, pelumas dan gasb. SPBEc. Transportasi dan logistik

a. Agents of fuel, lubricant and gasb. SPBEc. Transportation and logistic

Tabel berikut ini menyajikan informasi tentang pendapatan dan laba dan yang berhubungan dengan segmen usaha pada 31 Desember 2017 dan 2016 :

The following table presents information on incomeand earnings and related to business segments as of 31 December 2017 and 2016 :

31 Desember/ December 2017Keagenan bahan

bakar minyak, Transportasipelumas dan gas/ dan logistik/

Agents of fuel, SPBE/ Transportation Lainnya/Keterangan/ Information lubricant and gas SPBE and logistic Others Jumlah/ Total

Pendapatan/ Revenues 175.790.065.569 7.707.275.489 127.167.939.298 - 310.665.280.356Laba bruto/ Gross profit 30.332.604.455 3.748.447.671 27.902.702.589 - 61.983.754.715Pendapatan bunga/ Interest income - - - - 33.528.756Bunga pinjaman/

Interest on loans - - - - (23.385.274.397)Penyusutan dan amortisasi/

Depreciation and amortization 2.307.943.180 942.280.090 22.961.805.010 4.714.431.855 30.926.460.135Beban pajak penghasilan/ Income tax expense - - - - 1.452.920.694Rugi tahun berjalan/ Loss for the year - - - - (11.397.701.791)

Informasi lainnya/ Other informationAset segmen dilaporkan/

Segment assets reporting 109.997.906.730 56.562.474.710 285.726.531.087 - 452.286.912.527Liabilitas segmen dilaporkan/

Segment liabilities reporting 63.983.960.432 107.115.450 265.908.777.649 - 329.999.853.531

31 Desember/ December 2016Keagenan bahan

bakar minyak, Transportasipelumas dan gas/ dan logistik/

Agents of fuel, SPBE/ Transportation Lainnya/Keterangan/ Information lubricant and gas SPBE and logistic Others Jumlah/ Total

Pendapatan/ Revenues 154.030.583.674 5.081.288.733 118.416.534.502 - 277.528.406.909Laba bruto/ Gross profit 14.971.282.883 768.032.947 27.006.985.952 - 42.746.301.782Pendapatan bunga/ Interest income - - - - 69.936.901Bunga pinjaman/

Interest on loans - - - - (24.152.862.562)Penyusutan dan amortisasi/

Depreciation and amortization 1.759.551.396 1.016.821.565 17.038.460.795 2.205.825.316 22.020.659.072Beban pajak penghasilan/ Income tax expense - - - - 829.706.900Rugi tahun berjalan/ Loss for the year - - - - (18.840.766.506)

Informasi lainnya/ Other informationAset segmen dilaporkan/

Segment assets reporting 97.054.139.441 61.163.348.229 208.032.761.447 - 366.250.249.117Liabilitas segmen dilaporkan/

Segment liabilities reporting 107.716.897.876 1.285.987.378 153.804.541.094 - 262.807.426.348

28. Instrumen keuangan 28. Financial instruments

Nilai tercatat instrumen keuangan yang disajikan di dalam laporan posisi keuangan konsolidasian kurang lebih sebesar nilai wajarnya, atau disajikan pada biaya perolehan karena nilai wajarnya tidak dapat diukur secara handal.

The carrying amounts of financial instruments presented in the consolidated statement of financial position approximate their fair values, otherwise, they are presented at cost as their fair values cannot be reliably measured.

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28. Instrumen keuangan (lanjutan) 28. Financial instruments (continued)

Manajemen menetapkan bahwa nilai tercatat (berdasarkan jumlah nosional) kas dan setara kas, rekening dibatasi penggunaannya, piutang usaha, utang usaha, utang lain-lain dan beban masih harus dibayar kurang lebih sebesar nilai wajarnya karena instrumen keuangan tersebut berjangka pendek.

Management has determined that the carrying amounts (based on notional amounts) of cash and cash equivalents, restricted accounts, trade receivables, trade payables, others payable andaccrued expenses reasonably approximate their fair values because of their short-term maturities.

Nilai tercatat dari utang bank jangka panjang dan utang lembaga keuangan lainnya dengan suku bunga mengambang kurang lebih sebesar nilai wajarnya karena dinilai ulang secara berkala.

The carrying amounts of long-term bank loans and other financial institution loan with floating interest rates approximate their fair values as they are re-priced frequently.

Nilai tercatat dari utang pihak berelasi kurang lebih sebesar nilai dibayar atau diterimanya karena nilai wajarnya tidak dapat diukur secara handal.

The carrying amounts of amount due from related parties approximately equal to their amount paid or received due to fair values cannot be reliably measured.

Tabel dibawah ini menggambarkan nilai wajar dari aset dan liabilitas keuangan :

The fair values of financial assets and liabilities, together with the carrying amounts, are as follows :

31 Desember/ December 2017 31 Desember/ December 2016Nilai Nilai Nilai Nilai

tercatat/ wajar/ tercatat/ wajar/Carrying Fair Carrying Fair

amount value amount value

Aset keuangan Financial assets

Pinjaman yang diberikandan piutang : Loans and receivables :

Kas dan setara kas 4.353.180.489 4.353.180.489 4.019.652.273 4.019.652.273 Cash and cash equivalentsRekening dibatasi penggunaannya 750.000.000 750.000.000 750.000.000 750.000.000 Restricted accountsPiutang usaha 31.535.513.148 31.535.513.148 36.660.258.065 36.660.258.065 Trade receivables

Jumlah aset keuangan 36.638.693.637 36.638.693.637 41.429.910.338 41.429.910.338 Total financial assets

Liabilitas keuangan Financial liabilities

Liabilitas keuangan yang diukur dengan biaya Financial liabilitiesperolehan amortisasi : at amortized cost :

Utang usaha 37.316.006.441 37.316.006.441 42.552.124.409 42.552.124.409 Trade payablesUtang lain-lain 277.744.333 277.744.333 - - Other payablesBeban masih harus dibayar 3.391.159.737 3.391.159.737 2.046.749.054 2.046.749.054 Accrued expensesUtang pihak berelasi 1.091.918.923 1.091.918.923 9.246.800.509 9.246.800.509 Amount due to related partiesUtang bank Bank loan

Jangka pendek 98.967.023.058 98.967.023.058 80.871.981.725 80.871.981.725 Short termJangka panjang 110.872.269.258 110.872.269.258 78.421.479.236 78.421.479.236 Long term

Utang lembaga keuangan lainnya 65.158.916.013 65.158.916.013 42.063.866.835 42.063.866.835 Other financial institution loan

Jumlah liabilitas keuangan 317.075.037.763 317.075.037.763 255.203.001.768 255.203.001.768 Total financial liabilities

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29. Kebijakan dan tujuan manajemen risiko keuangan 29. Policies and objectives of financial risk management

Manajemen risiko Risk management

Risiko utama dari instrumen keuangan Grup adalah risiko kredit, risiko mata uang asing, risiko suku bunga dan risiko likuiditas yang timbul dalam kegiatan usaha normal. Manajemen terus menerus memantau proses manajemen risiko untuk memastikan tercapainya keseimbangan yang memadai antara risiko dan kontrol. Kebijakan manajemen risiko dan sistem direviu secara berkala untuk mencerminkan perubahan dalam kondisi pasar dan kegiatan Grup.

The main risk of the Group's financial instruments are credit risk, foreign currency risk, interest rate risk, and liquidity risk arising in the normal course of business. The management continually monitors the Group’s risk management process to ensure the appropriate balance between risk and control is achieved. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group activities.

a. Risiko kredit a. Credit risk

Risiko kredit timbul dari kemungkinanketidakmampuan pelanggan untuk memenuhikewajibannya sesuai dengan syarat normaltransaksi pada saat jatuh tempo pembayaran.

Credit risk is the risk that the Group will incura loss arising from the customers orcounterparties’ failure to fulfill their contractualobligations on the due dates.

Risiko kredit pelanggan dikelola oleh masing-masing unit usaha sesuai dengan kebijakan prosedur dan pengendalian dari Perusahaan yang berhubungan dengan pengelolaan risiko kredit pelanggan. Batasan kredit ditentukan untuk semua pelanggan berdasarkan kriteria penilaian secara internal. Saldo piutang pelanggan dimonitor secara teratur oleh unit-unit usaha terkait.

Customer credit risk is managed by each business unit in accordance with the Company's procedures and control policies relating to customer credit risk management. Credit limits are defined for all customers based on the internal scoring criteria. The balance ofcustomer's receivables is monitored regularly by the respective business units.

Manajemen menempatkan kas dan setara kas, deposito berjangka dan aset keuangan lainnya hanya pada bank dan lembaga keuangan yang bereputasi baik dan terpercaya.

Management deposits cash and cash equivalents, time deposits and other financial assets only to banks and financial institutionswhich are reputable and reliable.

Berdasarkan evaluasi tersebut pihak manajemenakan menentukan perkiraan jumlah yang tidakdapat ditagih atas piutang tersebut sertamenentukan pembentukan akun cadangan kerugian penurunan nilai atas piutang usaha tersebut. Lihat Catatan 7 atas laporan keuangan konsolidasian untuk informasi jumlah piutang usaha berdasarkan umur (hari) dihitung sejak tanggal faktur.

Based on that evaluation, management willdetermine the approximate uncollectible amount as well as determine the amount of impairment losses on trade accounts receivable. Refer to Note 7 to the consolidated financial statements for the information regarding the aging analysis of trade accounts receivable from the date of invoice.

Risiko maksimal dari risiko kredit dicerminkan dalam jumlah tercatat pada masing-masing golongan aset keuangan dalam laporan posisi keuangan konsolidasian (lihat catatan 28).

The maximum exposure to credit risk is represented by the carrying amount of each class of financial assets in the statement of financial position (see note 28).

Tabel di bawah ini menunjukkan analisa umur aset keuangan Grup pada tanggal-tanggal pelaporan.

The tables below present the aging analysis of the Group’s financial assets as at reporting dates.

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29. Kebijakan dan tujuan manajemen risiko keuangan(lanjutan)

29. Policies and objectives of financial risk management(continued)

31 Desember/ December 2017Belum jatuh Telah

tempo dan jatuhtidak Telah jatuh tempo namun tidak mengalami tempo

mengalami penurunan nilai/ dan/ataupenurunan Past due but not impaired mengalami

nilai/ 6 bulan – penurunanNeither past 1 tahun/ nilai/ Past

Jumlah/ due nor ≤ 3 bulan/ 3 – 6 bulan/ 6 months – > I tahun/ due and/orTotal impaired ≤ 3 months 3 – 6 months 1 year > 1 year impaired

Pinjaman yang diberikan dan piutang/Loans and receivables

Kas dan setara kas/Cash and cash equivalents 4.353.180.489 4.353.180.489 - - - - -

Rekening dibatasi penggunaannya/Restricted accounts 750.000.000 750.000.000 - - - - -

Piutang usaha/Trade receivables 34.973.649.264 16.355.713.763 8.624.963.845 2.663.891.242 3.890.944.298 - 3.438.136.116

Jumlah/ Total 40.076.829.753 21.458.894.252 8.624.963.845 2.663.891.242 3.890.944.298 - 3.438.136.116

b. Risiko mata uang asing b. Foreign currency risk

Risiko nilai tukar adalah risiko usaha dalamnilai instrumen keuangan akibat berfluktuasinyaperubahan nilai tukar.

Foreign exchange rate risk is the risk that thevalue of a financial instrument will fluctuatebecause of changes in foreign exchange rates.

Grup dalam melakukan kegiatan usahanyasebagian besar mempergunakan mata uangRupiah dalam hal transaksi penjualan, pembelianbahan baku dan beban usaha. Grup tidak memiliki aset atau kewajiban dalam mata uang asing yang material.

The Group’s major transactions (i.e. sale,purchases and operating expenses) aremostly denominated in Indonesian currency. The Group has no assets or liabilities in material foreign currency.

c. Risiko suku bunga c. Interest rate risk

Risiko suku bunga adalah risiko dimana nilaiwajar atau arus kas kontraktual masa datang dari suatu instrument keuangan akan terpengaruhakibat perubahan suku bunga pasar. Eksposurutama Grup yang terkait dengan risiko sukubunga adalah utang bank.

Interest rate risk is the risk that the fair value orcontractual future cash flows of a financialinstrument will be affected due to changes inmarket interest rates. The Group’s exposurerelates to the interest rate risk relatedprimarily to bank loans.

Untuk meminimalkan risiko suku bunga, Grupmengelola beban bunga melalui kombinasiutang dengan suku bunga tetap dan sukubunga variabel, dengan mengevaluasikecenderungan suku bunga pasar. Manajemenjuga melakukan penelaahan berbagai sukubunga yang ditawarkan oleh kreditur untukmendapatkan suku bunga yang menguntungkansebelum mengambil keputusan untuk melakukanperikatan utang.

To minimize interest rate risk, the Groupmanages interest cost through a mix of fixed-rateand variable-rate debts, by evaluating market rate trends. Management also conductsassessment among interest rates offered bycreditors to obtain the most favorableinterest rate before taking any decision toenter into a new loan agreement.

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c. Risiko suku bunga (lanjutan) c. Interest rate risk (continued)

Pada tanggal 31 Desember 2017, berdasarkan simulasi yang rasional, jika tingkat suku bunga utang bank lebih tinggi/lebih rendah 1%, dengan seluruh variabel-variabel lain tidak berubah, maka laba sebelum pajak penghasilan untuk tahun yang berakhir pada tanggal 31 Desember 2017 akan lebih rendah/lebih tinggi sebesar Rp 1.190.888.840 terutama sebagai akibat dari beban bunga utang bank dengan tingkat bunga mengambang yang lebih tinggi/lebih rendah.

As of 31 December 2017, based on a rational simulation, if the debt interest rate of the bank is higher/lower 1%, with all other variables unchanged, the income before income tax for the year ended 31 December 2017 will be morelower/higher amounteing to Rp 1,190,888,840 primarily as a result of bank debt interest expense with higher floating interest rate/lower.

Asumsi pergerakan dalam analisis sensitivitas suku bunga berdasarkan observasi historis terhadap lingkungan pasar. Tidak ada dampak lain pada ekuitas Grup selain yang sudah mempengaruhi laba sebelum pajak penghasilan.

Assumptions movements in interest rate sensitivity analysis are based on historical observations of the market environment. There is no other impact on the Group's equity other than those already affecting the income before income tax.

d. Risiko harga komoditas d. Comodity risk

Secara khusus Perusahaan, dipengaruhi oleh labilnya harga beberapa komoditas di pasar dari waktu ke waktu, terutama dari komoditas harga minyak (BBM). Sebagian besar pendapatan perusahaan berupa penjualan BBM. Manajemen memonitor pergerakan (tren) dan analisa pasar atas harga BBM secara ketat dan terus menerus untuk meminimalisasi efek signifikan dan negative terhadap kinerja keuangannya. Manajemen juga mengurangi risiko ini dengan memelihara tingkat persediaan secara tepat untuk mengambil efek terbaik dari lindung nilai alami.

Specifically, the Company is affected by the volatility of prices of some commodities in the market over time, especially from oil price commodities (BBM). Most of the Company's revenues are fuel sales. Management monitors the movement (trend) and market analysis of fuel prices strictly and continuously to minimize the significant and negative effects on its financial performance. Management also reduces this risk by maintaining proper inventory levels to take the best effect of a natural hedge.

e. Risiko likuiditas e. Liquidity risk

Risiko likuiditas adalah risiko bahwa Grup akan menghadapi kesulitan dalam memenuhi liabilitas keuangan karena kurangnya dana.

Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds.

Grup memantau likuiditasnya dengan memantau ketat jadwal pembayaran utang untuk liabilitas keuangan dan arus kas keluar untuk kegiatan sehari-hari, serta memastikan ketersediaan pendanaan melalui jumlah fasilitas kredit yang cukup, baik yang mengikat dan tidak mengikat.

The Group monitors its liquidity needs by closely monitoring schedule of debt servicing payments for financial liabilities and its cash outflows due to day-to-day operations, as well as ensuring the availability of funding through adequate amount of credit facilities, both committed and uncommitted.

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e. Risiko likuiditas (lanjutan) e. Liquidity risk (continued)

Tabel di bawah ini menganalisa liabilitas keuangan Grup yang diselesaikan secara neto yang dikelompokkan berdasarkan periode yangtersisa sampai dengan tanggal jatuh tempokontraktual. Jumlah yang diungkapkan dalamtabel merupakan arus kas kontraktual yang tidakdidiskontokan:

The table below analyzes the Group’s financialliabilities into relevant maturity groupingsbased on the remaining period to thecontractual maturity date. The amounts disclosedin the table are the contractual undiscountedcash flows:

31 Desember/ December 2017<= 1 tahun/ 1-2 tahun/ 2-5 tahun/ > 5 tahun/ Jumlah/ Nilai tercatat/<= 1 year 1-2 years 2-5 years > 5 years Total As reported

Liabilitas keuangan/ Financial liabilitiesUtang usaha/ Trade payables 37.316.006.441 - - - 37.316.006.441 37.316.006.441Utang lain-lain/ Other payables 277.744.333 - - - 277.744.333 277.744.333Beban masih harus dibayar/

Accrued expenses 3.391.159.737 - - - 3.391.159.737 3.391.159.737Utang pihak berelasi/

Amount due to related parties 1.091.918.923 - - - 1.091.918.923 1.091.918.923Utang bank/ Bank loan

Jangka pendek/ Short term 98.967.023.058 - - - 98.967.023.058 98.967.023.058Jangka panjang/ Long term 15.704.778.186 15.727.359.235 35.221.865.678 44.218.266.159 110.872.269.258 110.872.269.258

Utang lembaga keuangan lainnya/Other financial institution loan 24.060.148.596 22.661.483.946 18.437.283.471 - 65.158.916.013 65.158.916.013

Jumlah/ Total 180.808.779.274 38.388.843.181 53.659.149.149 44.218.266.159 317.075.037.763 317.075.037.763

31 Desember/ December 2016<= 1 tahun/ 1-2 tahun/ 2-5 tahun/ > 5 tahun/ Jumlah/ Nilai tercatat/<= 1 year 1-2 years 2-5 years > 5 years Total As reported

Liabilitas keuangan/ Financial liabilitiesUtang usaha/ Trade payables 42.552.124.409 - - - 42.552.124.409 42.552.124.409Utang lain-lain/ Other payables - - - - - -Beban masih harus dibayar/

Accrued expenses 2.046.749.054 - - - 2.046.749.054 2.046.749.054Utang pihak berelasi/

Amount due to related parties 9.246.800.509 - - - 9.246.800.509 9.246.800.509Utang bank/ Bank loan

Jangka pendek/ Short term 80.871.981.725 - - - 80.871.981.725 80.871.981.725Jangka panjang/ Long term 13.467.567.350 13.925.790.389 32.405.830.462 18.622.291.035 78.421.479.236 78.421.479.236

Utang lembaga keuangan lainnya/Other financial institution loan 14.498.977.798 11.156.390.693 16.408.498.324 - 42.063.866.815 42.063.866.815

Jumlah/ Total 162.684.200.845 25.082.181.082 48.814.328.786 18.622.291.035 255.203.001.748 255.203.001.748

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Manajemen modal Capital management

Tujuan utama dari pengelolaan modal Grup adalah untuk memastikan bahwa rasio modal selalu dalam kondisi sehat agar dapat mendukung kinerja usaha dan memaksimalkan nilai dari pemegang saham. Grup mengelola struktur modalnya dan membuat penyesuaian-penyesuaian sehubungan dengan perubahan kondisi ekonomi dan karakteristik dari risiko usahanya. Agar dapat menjaga dan menyesuaikan struktur modalnya, Grup akan menyesuaikan jumlah utang, pembayaran dividen kepada para pemegang saham atau menerbitkan surat saham. Tidak ada perubahan dalam tujuan, kebijakan dan proses dan sama seperti penerapan tahun-tahun sebelumnya.

The main objective of the Group's capital management is to ensure that the capital ratio is always in a healthy condition in order to support business performance and maximize the shareholder value. The Group manages its capital structure and makes adjustments with respect to changes in economic conditions and the characteristics of their business risks. In order to maintain and adjust its capital structure, the Group may adjust the amount of debt, dividend payments to shareholders, or issue shares certificates. No changes have been made in the objectives, policies and processes as they have been applied in previous years.

Secara periodik, Grup melakukan penilaian utang untuk menilai kemungkinan pembiayaan kembali utang yang ada dengan utang baru yang memiliki biaya yang lebih efisien sehingga mengoptimalkan biaya utang dan menggunakan hasil pinjaman untuk investasi yang lebih menguntungkan.

Periodically, the Group conducts debt valuation to assess possibilities of refinancing existing debts with new ones which have more efficient cost that will lead to more optimized cost-of-debt and use of the proceeds for more profitable investment.

Manajemen juga memantau modal dengan menggunakan beberapa ukuran leverage keuangan seperti rasio pinjaman terhadap ekuitas. Tujuan Grup adalah berusaha untuk menjaga kepatuhan sebagaimana yang dipersyaratkan oleh pemberi pinjaman.

Management also conducts capital monitoring by using some measures of financial leverage such as debt to equity ratio. The purpose of Group is attempted to maintain the compliance as required by the lender.

Rasio pinjaman berbunga terhadap ekuitas Grup per 31 Desember 2017 dan 2016 adalah sebagai berikut :

The Group’s debt-to-equity ratios as of 31 December 2017 and 2016 were as follows :


Pinjaman berbunga 274.998.208.329 201.357.327.776 Interest bearing borrowingsJumlah ekuitas 122.287.058.996 103.442.822.769 Total equity

Rasio pinjaman terhadap ekuitas 224.9% 194.6% Debt to equity ratio

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30. Aset dan liabilitas dalam mata uang asing 30. Assets and liabilities denominated in foreign currencies

31 Desember/ December 2017Mata uang asing/ Ekuivalen/

Foreign currencies EquivalentUSD SGD Rupiah

Aset Assets

Kas dan setara kas 1.026 - 13.896.248 Cash and cash equivalents

Liabilitas - - - Liabilities

Jumlah aset (liabilitas) Total assets (liabilities)- bersih 1.026 - 13.896.248 - net

31 Desember/ December 2016Mata uang asing/ Ekuivalen/

Foreign currencies EquivalentUSD SGD Rupiah

Aset Assets

Kas dan setara kas 1.091 - 14.655.855 Cash and cash equivalents

Liabilitas - - - Liabilities

Jumlah aset (liabilitas) Total assets (liabilities)- bersih 1.091 - 14.655.855 - net

Kurs yang berlaku pada tanggal-tanggal tersebut adalah sebagai berikut :

The exchange rates prevailing at that date of are as follows :


1 USD Rp 13.548 Rp 13.436 USD 1

31. Perjanjian-perjanjian penting 31. Significant agreements


1. Perjanjian awal agen bahan bakar minyak antara Perusahaan dengan PT Pertamina (Persero) No. 018/F32300/2013-S3 tanggal 18 Februari 2013,diubah dengan Perjanjian Agen Bahan Bakar Minyak No. 014/F10200/2015-S3 tanggal 17 Februari 2017. Jangka waktu perjanjian berlaku untuk jangka waktu 5 (lima) tahun terhitung mulai tanggal 13 Juli 2013 sampai dengan 12 Juli 2018.

1. The initial agreement of the fuel agent between the Company and PT Pertamina (Persero) No. 018/F32300/2013-S3 dated 18 February 2013, amended with Agreement of Fuel Agent No. 014/F10200/2015-S3 dated 17 February 2017. The terms of the agreement are valid for a period of 5 (five) years commencing 13 July 2013 up to12 July 2018.

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31. Perjanjian-perjanjian penting (lanjutan) 31. Significant agreements (continued)

2. Pada tanggal 13 Januari 2015, berdasarkan Perjanjian Pengangkutan Bahan Bakar Minyak (BBM) dari Terminal BBM (TBBM) / Jobber ke Lokasi Penyalur BBM, PT Pertamina Patra Niaga menyerahkan pengangkutan BBM milik Pertamina (Persero) (PERTAMINA) kepada Perusahaan sesuai dengan tarif dan ketentuan yang ada.

2. On 13 January 2015, based on the Petroleum Transportation Agreement (BBM) from the BBM Terminal / Jobber to the Petroleum Distribution Site, PT Pertamina Patra Niaga delivers Pertamina (Persero) (PERTAMINA) fuel transportation to the Company at the rate and existing conditions.

Atas pengangkutan BBM milik Pertamina, PT Pertamina Patra Niaga akan memberikan pembayaran Tarif Angkutan BBM kepada Perusahaan, dengan rincian sebagai berikut :

For Pertamina's petroleum fuel transportation, PT Pertamina Patra Niaga will provide the payment of Fuel Tariff to the Company, with details as follows :

Nomor penyalur/ Instalasi/ terminalagen BBM/ transit/ depot BBM/No. dealer/ Installation/ terminal Lokasi penyalur/ Tarif/ Tariff

No. fuel agent transit/ Fuel depot Dealer location (Rupiah/liter)

1. 37.0113 TBBM Tanjung Gerem PT Pertamina Pelabuhan Merak Rp 15/Liter(Persero)

3. Perusahaan dan PT Softex Indonesia menandatangani Perjanjian Kerjasama Penyedia Jasa Logistik dan Pelayanan Kegiatan Operasional Pergudangan No. 1001/INPRASE-SOFTEX/12/2015 dengan jangka waktu 2 tahun (1 Maret 2016 sampai degan 1 Maret 2018).

3. The Company and PT Softex Indonesia, entered into a Cooperation Agreement for Logistics Service Providers and Services of Operational Activity of Warehousing No. 1001/INPRASE-SOFTEX/12/2015 for a period of 2 years (1 March 2016 to 1 March 2018).

PT Softex Indonesia menunjuk Perusahaan untuk menyediakan Gudang Umum dengan ketentuan sebagai berikut :

PT Softex Indonesia appoints the Company to provide a Public Warehouse under the following conditions :

Lokasi : Jl. Gubernur Soebarjo KM. 19, Banjarmasin, Kalimantan Selatan

Luas gudang : 2.484 m2

Masa sewa : 2 tahun dari terhitung tanggal 1 Januari 2016 sampai dengan 1 Januari 2018

Harga sewa : Rp 40.000/m2/bulan atau total sebesar Rp 2.384.640.000 belum termasuk PPN 10%

Location : Jl. Gubernur Soebarjo KM. 19, Banjarmasin, South Kalimantan

Area of warehouse : 2,484 sq.mRental period : 2 years from 1 January

2016 to 1 January 2018Rental price : Rp 40,000/sq.m/month or a

total of Rp 2,384,640,000 excluding VAT 10%

Cara pembayaran : Payment method :

a. Untuk tahun pertama sebesar Rp 1.192.320.000 akan dibayarkan maksimal 14 hari kerja setelah penandatanganan perjanjian.

a. For the first year of Rp 1,192,320,000 will be paid a maximum of 14 working days after the signing of the agreement.

b. Pembayaran selanjutnya akan ditagihkan oleh PT Indah Prakasa Sentosa setiap bulan, setelah tahun pertama berakhir, yaitu sebesar 2.484 m2 x Rp 40.000 atau sebesar Rp 99.360.000 belum termasuk PPN 10%.

b. The next payment will be charged by PT Indah Prakasa Sentosa every month, after the first year ended, which is 2,484 sq.m x Rp 40,000 or amounting Rp 99,360,000 excluding 10% VAT.

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Untuk Biaya Jasa Handling yang meliputi Barang Masuk dan Barang Keluar dikenakan tarif sebesar Rp 77.000/m3/bulan. Sedangkan untuk Jasa Transportasi (Secondary Transportation)dikenakan tarif sebagaimana tertera dalam lampiran biaya pengiriman ke Distributor.

For Handling Service Cost which includes Goods In and Goods Out is charged the tariff amounting Rp 77,000/m3/bulan. Transportation services (Secondary Transportation) are charged the tariff as stipulated in the attachment of shipping charges to the Distributor.

Perusahaan akan melakukan jasa handling yang akan dihitung berdasarkan minimum volume handling 2.872 Cbm/m3/bulan, dan tagihan atas jasa handling akan dibuat setiap bulan kepada PT Softex Indonesia.

The Company will perform handling services which will be calculated based on the minimum handling volume of 2,872 Cbm/m3/month, and handling fees will be made every month to PT Softex Indonesia.

Untuk kerja lembur (jika ada) dikenakan tarif sebagai berikut :

Tarif (Rp/Jam)Lembur Jam/ Hour Tariff (Rp/Hour) Overtime

Senin s.d Jumat 16:00-24:00 Rp 150.000 Monday to FridaySabtu 12:00-24:00 Rp 200.000 SaturdayHari Libur/Tanggal Merah 08:00-24:00 Rp 250.000 Holiday/Red Date(Hanya dengan adanya ijin) (Only with permission)

PT Softex Indonesia harus memberitahu Perusahaan minimal 2 hari sebelumnya jika adanya pelakanaan pekerjaan lembur.

PT Softex Indonesia must notify to the Company at least 2 days in advance if there is any excessive employment.

4. Pada tanggal 23 Juli 2015, Perusahaan menandatangai Perjanjian Kerjasama No. 10/MOU/WICA/VII/15 dengan PT Wilmar Cahaya Indonesia Tbk (WICA) mengenai jasa angkutan komoditi minyak. Adapun hal yang disepakati adalah :

4. On 23 July 2015, the Company signed a Cooperation Agreement No. 10/MOU/WICA/ VII/15 with PT Wilmar Cahaya Indonesia Tbk (WICA) concerning oil commodity transport services. The agreed thing is :

Tarif angkutan sesuai dengan yang disepakati, yang secara periodik 6 bulan akan dilakukan reviu.

Freight rates in accordance with the agreed, which periodically 6 months will be reviewed.

5. Berdasarkan Perjanjian Kerjasama Jasa Pengangkutan No 043/LGL/FB-KP/IV/16 antaraPerusahaan dan PT Fastrata Buana pada tanggal 25 April 2016 dengan jangka waktu perjanjian selama 1 tahun sejak 1 Mei 2016 dan akan berakhir pada 30 April 2017, dan telah diperpanjang sampai dengan 30 April 2018.

5. Based on Transportation Service Cooperation Agreement No. 043/LGL/FB-KP/IV/16 between the Company and PT Fastrata Buana on 25 April 2016 with a term of agreement of 1 year from 1 May 2016 and will expire on 30 April 2017, and has been extended up to 30 April 2018.

6. Pada tanggal 23 Juni 2016, Perusahaanmenandatangani Perpanjangan Perjanjian Pengangkutan BBM ke VHS Pertamina EP Tambun No. L9PPN300.330/2016/347 dengan PT Pertamina EP terhitung mulai tanggal 15 Mei 2016 sampai dengan 19 Juli 2017, dan telah diperpanjang sampai dengan 31 Desember 2018.

6. On 23 June 2016, the Company signed the Extension of the Petroleum Freight Agreement to VHS Pertamina EP Tambun No. L9PPN300.330/2016/347 with PT Pertamina EP effective from 15 May 2016 until 19 July 2017, and has been extended up to 31 December 2018.

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7. Perusahaan menjalani kerjasama dengan PT Pertamina (Persero) dengan menandatangani Perjanjian Agen Bahan Bakar Minyak (BBM) No. 014/F10200/2015-S3 pada tangal 17 Februari 2015. Perjanjian ini berlaku untuk jangka waktu 5 tahun terhitung tanggal 13 Juli 2013 sampai dengan 12 Juli 2018.

7. The Company is cooperating with PT Pertamina (Persero) by signing the Petroleum Freight Agreement No. 014/F10200/2015-S3 dated 17 February 2015. This agreement is valid for a period of 5 years effective from 13 July 2013 to 12 July 2018.

8. Berdasarkan Perjanjian Pengangkutan No. SS-Indo/Domestics-Box/01/2016/1/03 pada tanggal 20 Januari 2017, Perusahaan menandatangani Perjanjian Pengangkutan dengan PT Sorini Agro Asia Corporindo Tbk. Jangka waktu dari perjanjian ini selama 1 (satu) tahun yang dimulai pada tanggal 20 Januari 2017 dan berakhir pada 20 Januari 2018.

8. Based on the Freight Agreement No. SS-Indo/ Domestics-Box/01/2016/1/03 on 20 January 2017, the Company entered into a Freight Agreement with PT Sorini Agro Asia Corporindo Tbk. The term of this agreement is for 1 (one) year starting on 20 January 2017 and ending on 20 January 2018.

9. Berdasarkan Nota Kesepahaman antara Perusahaan dan PT Nusantara Nuraga tertanggal 21 Desember 2017, di Jakarta, bahwa Perusahaanberencana untuk melakukan akuisisi saham PT Jono Gas Pejagalan milik PT Nusantara Nuraga. Para pihak telah menyepakati dan menyetujui bahwa transaksi akuisisi tersebutsebesar 1.089 (seribu delapan puluh sembilan) lembar saham PT Jono Gas Pejagalan yang dimiliki PT Nusantara Nuraga senilai Rp19.725.869.000 (sembilan belas milyar tujuh ratus dua puluh lima juta delapan ratus enam puluh sembilan ribu Rupiah).

9. Based on the Memorandum of Understanding between the Company and PT Nusantara Nuraga dated 21 December 2017, in Jakarta, that the Company plans to acquire shares of PT Jono GasPejagalan owned by PT Nusantara Nuraga. The parties have agreed and approved that the acquisition transaction of 1,089 (one thousand eighty nine) shares of PT Jono Gas Pejagalan owned by PT Nusantara Nuraga amounted Rp 19,725,869,000 (nineteen billion seven hundred twenty five million eight hundred sixty nine thousand Rupiah).

Selanjutnya lihat Catatan 34b. Further see Note 34b.

Entitas Anak Subsidiaries

PT Ekatama Raya PT Ekatama Raya

1. PT Ekatama Raya menjalani kerjasama dengan PT Shell Indonesia. Kontrak ini dimulai atau dianggap dimulai pada tanggal 1 Januari 2016 dan berlaku selama jangka waktu 3 tahun sejak tanggal permulaan.

1. PT Ekatama Raya cooperates with PT Shell Indonesia. This work commences on 1 January 2016 and is valid for a period of 3 years from the commencement date.

Faktor yang digunakan untuk menentukan perilaku pelanggan Shell adalah sebagai berikut, yang semuanya memiliki dampak terhadap total waktu yang diperlukan untuk menyelesaikan pengiriman kepada pelanggan tertentu dan olehkarena itu, biaya pengiriman tersebut :

The factors used to determine Shell customer behavior are as follows, all of which have an impact on the total time required to complete delivery to a particular customer and therefore, the shipping cost :

a. Ukuran kendaraan yang dapat mengakses tempat usaha pelanggan Shell dan yang dapat diterima oleh mereka;

b. Cara pelaksanaan pemuatan di titik instalasi dan pemasokan Shell, termasuk waktu tunggu;

a. The size of the vehicle that can access the Shell customer's premises and which is acceptable to them;

b. How to implement loading at Shell installation and supply points, including waiting times;

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c. Waktu yang diperlukan untuk menempuh perjlanan dari titik instalasi dan pemasok Shell ke tempat usaha pelanggan Shell dan kembali; dan

d. Cara pelaksanaan penyaluran pada tempat usaha pelanggan Shell.

c. The time it takes to travel from the installation point and Shell suppliers to the Shell customer's premises and back; and

d. How to execute distribution at Shell customer's premises.

Tarif Satuan Pelanggan dapat dihitung dari :((Biaya Tetap per jam untuk Kendaraan Tipe 1 dalam IDR/jam x Waktu yang diperlukan untuk melaksanakan satu pengiriman kepada Pelanggan) + (Biaya Variable per km untuk Kendaraan Tipe 2 dalam IDR/km x Jarak lokasi pengiriman Pelanggan dari titik pemasokan dalam KM x 2))/ Kapasitas Kendaraan Tipe 1 dalam LiterSatuan untuk Tarif Satuan Pekanggan adalah IDR/Liter.

Customer Unit Tariff can be calculated from:((Fixed hourly Fee for Vehicle Type 1 in IDR/hour x Time required to deliver one shipment to Customer) + (Variable cost per km for Vehicle Type 2 in IDR/km x Distance of Customer shipping location from supply point in KM x 2))/ Vehicle Type 1 Capacity in Liter Unit for Pekanggan Unit Tariff is IDR/ Liter.

Untuk setiap trip yang dilakukan, total pembayaran untuk perjalanan tersebut dihitung dengan cara : volume yang dikirim dalam Liter x Tarif Satuan Pelanggan.

For each trip performed, the total payout for the trip is calculated by : volume sent in Liter x Customer Unit Tariff.

PT Elpindo Reksa PT Elpindo Reksa

1. Pada tanggal 6 Maret 2012, PT Elpindo Reksa(ER) menandatangani Perjanjian Penggangkutan LPG dari Supply Point LPG ke Stasiun Pengisian BULK Elpiji atan Stasiun Pengisian dan Pengangkutan BULK Elpiji di Wilayah Kerja PT Pertamina (Persero) No. 015/F10000/2012-S0 dengan PT Pertamina (Persero) dengan jangka waktu perjanjian selama 5 tahun terhitung mulai tanggal 1 Januari 2012 sampai dengan 31 Desember 2017.

1. On 6 March 2012, PT Elpindo Reksa (ER) signed LPG Transportation Agreement from LPG Supply Point to BULK Elpiji Filling Station or Filling Station and Transportation of LPG BULK in Working Area of PT Pertamina (Persero) No.015/F10000/2012-S0 with PT Pertamina (Persero) for a period of 5 years commencing from 1 January 2012 to 31 December 2017.

PT Elpindo Reksa memberikan jasa pengangkutan atas LPG milik Pertamina menggunakan Skid Trailer selama 24 jam/ hari, 7 hari/ minggu, termasuk hari Sabtu, Minggu dan hari libur nasional kecuali hari yang disepakati oleh kedua belah pihak untuk tidak melaksanakan Pengangkutan LPG.

PT Elpindo Reksa provides Pertamina's LPG transportation services using Skid Trailer for 24 hours/day, 7 days/week, including Saturdays, Sundays and public holidays except for the day agreed by both parties not to carry out LPG transportation.

Transport Fee dihitung berdasarkan realisai jumlah LPG yang diangkut oleh PT Elpindo Reksa dengan rumusan sebagai berikut :

Transport Fee is calculated based on the realization of the amount of LPG transported by PT Elpindo Reksa with the following formula :

a. Untuk radius sampai dengan 30 KM dari Supply Point LPG yang telah ditetapkan :30 KM x realisasi jumlah LPG yang diangkut (M.Ton) x Rp 835

a. For a radius of up to 30 KM from a predetermined LPG Supply Point :30 KM x realized amount of LPG transported (M.Ton) x Rp 835

b. Untuk radius lebih dari 30 KM dari Supply Point LPG yang telah ditetapkan :Jarak yang ditempuh (KM) x realisasi jumlah LPG yang diangkut (M.Ton) x Rp 835

b. For a radius of more than 30 KM from a predetermined LPG Supply Point :Distance traveled (KM) x realized amount of LPG transported (M.Ton) x Rp 835

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2. Pada tanggal 23 Desember 2016, ER melakukan Perjanjian Kontrak Kerja dengan PT Tata Surya Perkasa atas pembangunan gudang dan kantoryang berlokasi di JABABEKA, No. 009/IPS-SPK/XII/2016 dengan nilai kontrak sebesar Rp 23.500.000.000 dengan jangka waktu pembangunan 11 bulan.

2. On 23 December 2016, ER entered into a Contract of Work Agreement with PT Tata Surya Perkasa for the construction of a warehouse and office located at JABABEKA, No. 009/IPS-SPK/ XII/2016 with contract value of Rp 23,500,000,000 with 11 months development period.

PT Trasindo Sentosa PT Trasindo Sentosa

1. Berdasarkan Surat Perjanjian Kerjasama Pengusahaan SPBU antara PT Pertamina (Persero) dengan PT Trasindo Sentosa untuk SPBU 34.15707 No. SPJ-1889/F13100/2008-S3 pada tanggal 5 November 2008 menyatakan bahwa PT Trasindo Sentosa memiliki dan/atau menguasai, mengusahakan dan mengoperasikan SPBU No 34.15707 di Jl. Raya Serang KM 13,5, Cikupa, Tangerang diatas tanah HGB atas nama PT Trasindo Sentosa seluas 4.200 m2 berdasarkan Sertifikat No 23 tanggal 26 April 1996 untuk menyalurkan BBM dan/atau BBK dan/atau Produk Lain bagi kepentingan konsumen, khususnya pemakai kendaraan bermotor. Perjanjian ini berlaku selama 20 tahun terhitung sejak tanggal ditandatanganinya Perjanjian ini.

1. Based on the Letter of Agreement of SPBU Concession Cooperation between PT Pertamina (Persero) and PT Trasindo Sentosa for SPBU 34.15707 No. SPJ-1889/F13100/2008-S3 on 5 November 2008 stating that PT Trasindo Sentosa owns and/or controls, attemp and operates Fuelstations No. 34.15707 on Jl. Raya Serang KM 13.5, Cikupa, Tangerang on land of HGB on behalf of PT Trasindo Sentosa covering 4,200 sq.m based on Certificate No 23 dated 26 April 1996 to distribute BBM and/or BBK and/or Other Products for the interest of consumers, especially motor vehicle users. This agreement is valid for 20 years from the date of signing of this Agreement.

Harga jual BBM, BBK serta Produk Lain kepada konsumen/ pengguna akhir yang disediakan Pertamina di SPBU ditetapkan oleh Pemerintah atau Pertamina, PT Trasindo Sentosa diberikan margin terhadap harga BBM, BBK dan Produk Lain.

The selling price of BBM, BBK and other products to consumers/ end-users provided by Pertamina at SPBU shall be determined by the Government or Pertamina, PT Trasindo Sentosa shall be given a margin on the price of BBM, BBK and Other Products.

32. Pengungkapan tambahan atas laporan arus kas konsolidasian

32. Supplementary disclosure for consolidated of cash flows


Transaksi yang tidak mempengaruhi Transactions which not affecting tokas dan setara kas : cash and cash equivalent :

Pembelian aset melalui utang Purchase of fixed assets throughpembiayaan 22.758.838.744 30.337.607.923 financing lease

Perolehan aset tetap melalui Acquisition of fixed assets throughtax amnesty 6.944.707.000 6.715.100.000 tax amnesty

Perolehan aset tetap melalui Acquisition of fixed assets throughkapitalisasi biaya pinjaman 3.839.571.875 - capitalization of borrowing costs

Penambahan aset tetap melalui Addition of fixed assets throughrevaluasi aset tetap 10 24.442.539.748 - fixed assets revaluation

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33. Reklasifikasi akun 33. Reclassification of account

Perusahaan telah mereklasifikasi beberapa akun-akun tertentu dari laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2016 agar sesuai dengan penyajian laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2017.

The Company has reclassified certain account in the consolidated statements of profit or loss and other comprehensive income for the year ended 31 December 2016 to conform with the presentation of the consolidated statements of profit or loss and other comprehensive income for the year ended 31 December 2017.

31 Desember/ December 2016Sebelum Setelah

reklasifikasi/ reklasifikasi/Before Reklasifikasi/ After

reclassification Reclassification reclassification

Rugi tahun berjalan (19.160.744.111) (319.977.605) (18.840.766.506) Loss for the yearPenyesuaian proforma atas laba Proforma adjustment on

(rugi) tahun berjalan (319.977.605) 319.977.605 - current year's profit (loss)Jumlah penghasilan (rugi) Total other comprehensive

komprehensif lain tahun berjalan (8.793.462.585) 18.720.831.506 10.247.346.526 income (loss) for the yearPenyesuaian proforma atas jumlah Proforma adjustment on total

penghasilan komprehensif lain other comprehensive incometahun berjalan (18.720.831.506) (18.720.831.506) - for the year

Rugi per saham (95,80) - (94,20) Loss per share

34. Kejadian penting setelah periode pelaporan 34. Subsequent events after reporting period

a. Berdasarkan Surat Pemberitahuan Efektifnya Pernyataan Pendaftaran dari Otoritas Jasa Keuangan No. S-22/D.04/2018 tertanggal 29 Maret 2018, sehubungan dengan pernyataan pendaftaran dalam rangka penawaran umum perdana saham PT Indah Prakasa Sentosa Tbk dinyatakan efektif pada tanggal tersebut.

a. Based on the Notice of Effectiveness of Registration Statement from the Financial Services Authority No. S-22/D.04/2018 dated 29 March 2018, in connection with the registration statement for the initial public offering of PT Indah Prakasa Sentosa Tbk was declared effective on that date.

b. Berdasarkan prospektus yang diterbitkan tanggal 2 April 2018, Perusahaan berencana untuk melakukan penawaran umum perdana sahamsebanyak 150.000.000 saham biasa atas nama yang merupakan saham baru atau 23,08% dari jumlah seluruh modal ditempatkan dan disetor penuh dalam Perseroan setelah penawaran umum perdana saham dengan nilai nominal Rp 100 setiap saham, yang ditawarkan kepada masyarakat dengan harga penawaran Rp 276 setiap saham yang harus dibayar penuh pada saat mengajukan Formulir Pemesanan Pembelian Saham (“FPPS”). Nilai penawaran umum perdana saham ini adalah sebesar Rp 41.400.000.000 dan dana hasil dari penawaran umum perdana saham ini akan digunakan untuk :

b. Based on the prospectus issued on 2 April 2018, the Company plans to conduct an initial public offering amounted 150,000,000 common shares in the name of new shares or 23.08% of the total issued and fully paid up capital in the Company after the initial public offering of shares nominal value of Rp 100 per share, offered to the public at the offering price of Rp 276 per share to be paid in full upon submission of the Share Subscription Form ("FPPS"). The initial public offering value of this share is Rp 41,400,000,000 and proceeds from the initial public offering of this share will be used to :

1) 47,64% akan digunakan untuk mengakuisisi 99% saham PT Jono Gas Pejagalan yang dimiliki oleh pihak afiliasi;

1) 47.64% will be used for the acquisition of 99% shares of PT Jono Gas Pejagalan owned by affiliates;

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34. Kejadian penting setelah periode pelaporan(lanjutan)

34. Subsequent events after reporting period (continued)

2) 45,12% akan digunakan sebagai tambahan modal kerja Perseroan.

2) 45.12% will be used as additional working capital of the Company.

c. Pada tanggal 5 April 2018, Perusahaan telah menerima dana hasil penawaran umum perdana saham sebesar Rp 40.956.913.944.

c. On 5 April 2018, the Company has received proceeds from the initial public offering amounted Rp 40,956,913,944.

d. Berdasarkan akta No. 04 tanggal 5 April 2018 oleh Notaris Rahayu Ningsih, SH., tentang Pernyataan Keputusan Sirkuler Para Pemegang Saham Perusahaan Terbatas PT Indah Prakasa Sentosa Tbk yang diambil diluar rapat, disetujui rencana penggunaan dana sebesar 47,64% hasil dana yang diperoleh dari penawaran umum perdana saham Perusahaan untuk membeli 1.089 saham PT Jono Gas Pejagalan yang dimiliki oleh PT Nusantara Nuraga. Pembayaran atas pembelian saham ini telah dilakukan pada tanggal 5 April 2018 sebesar Rp 19.725.869.000.

d. Based on deed No. 04 dated 5 April 2018 by Notary Rahayu Ningsih, SH., regarding Circular Decision Statement of Limited Company Shareholders of PT Indah Prakasa Sentosa Tbk which was taken out of the meeting, approved theuse of fund plan of 47.64% of the proceeds obtained from the initial public offering Company to purchase 1,089 shares of PT Jono Gas Pejagalan owned by PT Nusantara Nuraga. The payment of this share purchase was made on 5April 2018 amounting to Rp 19,725,869,000

e. Sampai dengan tanggal penerbitan laporan keuangan konsolidasian, tidak ada kejadian penting lain setelah tanggal laporan posisi keuangan konsolidasian yang mempengaruhi laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2017.

e. Up to the date of issuance of the consolidated financial statements, there is no other significant event after the consolidated financial position date which might affect the consolidated financial statements for the year ended 31 December 2017.




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Ants are living creatures known for their tough behavior, hardworking and always team work, like the INPRASIERs * who have a tough, hardworking and always team work in achieving goals.


Annual Report 2017


PT INDAH PRAKASA SENTOSA TbkJl. Plumpang Semper No.24 RT. 012 RW. 002,

Kel. Tugu Utara, Kec. Koja, Jakarta Utara 14260Phone: (62-21) 436 1876, 436 1877, Fax: (62-21) 436 1878

Kantor Pusat:Jl. Sunter Garden Raya, Blok D8. No. 3G-3H, Jakarta Utara 14350Phone +62.21.658 37620, 658 37621, Faximile +62.21.658 37838

E mail : [email protected] : http://www.inprasegroup.co.id/

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