CONsisTENCy And ChOiCE - Indonesia-Investments
Consistencyand choice2014 ANNUAL REPORT Laporan TahunanGG 2014 ANNUAL REPORT Laporan TahunanPT. GUDANG GARAM Tbka
contentsdaftar isi610121822303640465361Company ProfileProfil PerseroanFinancial HighlightsData Keuangan PokokThe Report of The Board of CommissionersLaporan Dewan KomisarisThe Report of The Board of DirectorsLaporan DireksiManagement’s Discussion of Financial Conditionand Result of OperationsAnalisa dan Pembahasan oleh Manajemen atasKondisi Keuangan dan Kinerja OperasionalOperationsKegiatan OperasionalRisk ManagementManajemen RisikoCorporate Social ResponsibilityTanggung Jawab Sosial PerusahaanCorporate GovernanceTata Kelola PerusahaanCorporate DataData PerseroanConsolidated Financial StatementsLaporan Keuangan KonsolidasiFront cover: robot palletizer at Gempol production facilityCover: robot palletizer di fasilitas produksi GempolbGG 2014 ANNUAL REPORT Laporan Tahunan
Consistency and choiceGudang Garam maintained aconsistent path in 2014, a yearof regulatory change for thekretek sector and additionalfiscal responsibility. We recordedsound sales and earningsgrowth, grew market share,streamlined operations to reflectchanging market preferencesand offered further choice withthree new products.Gudang Garam tetap mempertahankan strategi bisnisnyasecara konsisten pada tahun 2014, tahun dimana industri rokokdi Indonesia mengalami sejumlah perubahan peraturan dankebijakan fiskal terkait tembakau. Kami mencatat pertumbuhanpenjualan dan laba, meningkatkan pangsa pasar dan melakukanpenyesuaian tenaga kerja sebagai dampak dari perubahanpreferensi pasar. Tiga produk baru telah diluncurkan gunamenyediakan pilihan yang lebih beragam bagi pelanggan kami.GG 2014 ANNUAL REPORT Laporan Tahunan1
Indonesia’s volcanic soils are suited to growing the tobaccoplant (pictured in flower). The highly prized warm, sweet aromaof cloves brought the world’s traders to our shores and cloveflavoured cigarettes, kretek have been a tradition since the19th century.2GG 2014 ANNUAL REPORT Laporan Tahunan
Tanaman tembakau tumbuh subur di tanah Indonesia yangmengandung abu vulkanik (gambar bunga). Cengkeh aromatikyang sangat berharga membawa para pedagang dunia kekepulauan Indonesia dan cengkeh sebagai campuran bahan bakurokok kretek telah menjadi tradisi sejak abad ke-19.GG 2014 ANNUAL REPORT Laporan Tahunan3
Gudang Garam ProductsProduk-produk Gudang GaramKlobotSriwedariGudang Garam SeriesSurya Pro MildHand madeSigaret Kretek Tangan (SKT)Machine madeSigaret Kretek Mesin (SKM)Low-tar, low-nicotineRokok rendah tar dan nikotin4GG 2014 ANNUAL REPORT Laporan TahunanDjaja
Merah SeriesGoldSurya SeriesGG MildGG 2014 ANNUAL REPORT Laporan Tahunan5
Company ProfileProfil PerseroanGudang Garam, is a leading producer of kretek, theclove cigarette synonymous with Indonesia and thedominant cigarette category, drawing on its uniquereputation as a major centre of the spice trade. Witha population of approximately 250 million, Indonesiarepresents one of the largest consumer markets inthe world whereby an estimated 67.5 per cent of adultmen are smokers. Based on Nielsen market research,the company has a market share of about 21.9 percent of the domestic cigarette market at the endof 2014 and is a major consumer brand recognizedthroughout the archipelago. Gudang Garam provideslivelihoods for a workforce of over 36,400, engaged incigarette manufacturing, marketing, and distribution atthe end of 2014.Employee welfare is a priority, from proper safetypractices and health facilities to training in leadership,management, clerical and technical skills through amixture of internal and external courses.Gudang Garam contributes indirectly to the lives ofabout 4 million people comprising tobacco and clovefarmers, retailers and hawkers across the archipelago.The cigarette industry, in which Gudang Garam is aleading producer, is a major source of revenue forGovernment in excise duty.Gudang Garam operates production facilities at twomain sites each with its own primary and secondarykretek manufacturing operations. The first site is inthe town of Kediri where the company was founded,which today has a population of 249,000, is a busyregional commercial centre and home to GudangGaram headquarters. The second, is a site 130kilometres away in Gempol. Both sites ensure we arewell positioned to meet future demand.Gudang Garam adalah produsen rokok kretekterkemuka yang identik dengan Indonesia yangmerupakan salah satu sentra utama perdaganganrempah di dunia. Dengan total penduduk yang hampirmencapai 250 juta jiwa, Indonesia merupakan pasarkonsumen yang besar dan beragam dengan persentaseperokok dewasa yang signifikan, diperkirakan 67,5% lakilaki dewasa di Indonesia adalah perokok. Berdasarkanriset pasar Nielsen, pada akhir tahun 2014 GudangGaram memiliki pangsa pasar rokok dalam negerisekitar 21,9% dengan produk-produk yang sudah dikenalluas oleh masyarakat di seluruh Nusantara. GudangGaram menyediakan lapangan kerja bagi sekitar 36.400orang yang terlibat dalam produksi rokok, pemasarandan distribusi di akhir tahun 2014.The company produces a wide range of kretekcigarettes including low-tar, low-nicotine variants,widely known as light and mild, as well as traditionalhand-rolled kretek. Gudang Garam operates an inhouse printing facility and four major operatingsubsidiaries:Kesejahteraan karyawan menjadi perhatian utama,dari standar keselamatan kerja dan penyediaanfasilitas kesehatan hingga pelatihan kepemimpinan,manajemen, administrasi dan ketrampilan teknik, yangdiselenggarakan di dalam maupun di luar perusahaan. Surya Pamenang, producing paperboard for GudangGaram packaging Surya Madistrindo, sole distributor of the company’sproducts Surya Air, providing non-scheduled air transportservices Graha Surya Media, engaged in entertainmentservicesGudang Garam secara tidak langsung juga mendukungpenciptaan lapangan kerja, bagi kurang lebih empatjuta komunitas di sektor perkebunan tembakau dancengkeh yang menyediakan bahan baku bagi Perseroan,serta sektor distribusi seperti pengecer dan pedagangasongan yang tersebar di seluruh Indonesia. Industrirokok sendiri, termasuk Perseroan, merupakan sumberutama pendapatan cukai bagi negara.6GG 2014 ANNUAL REPORT Laporan Tahunan
Gudang Garam memiliki fasilitas produksi rokokkretek di dua lokasi. Pertama, di kota Kediri, denganjumlah penduduk 249 ribu jiwa yang merupakan pusatperdagangan regional sekaligus lokasi kantor pusatPerseroan. Fasilitas produksi kedua berjarak 130kilometer dari kota ini, tepatnya di Gempol. Dari keduafasilitas produksi ini Perseroan mampu memenuhipermintaan produk rokok yang ada.Perseroan memproduksi berbagai jenis rokok kretek,termasuk jenis rendah tar dan nikotin (LTN) sertaproduk tradisional sigaret kretek tangan. GudangGaram mengoperasikan fasilitas percetakan kemasanrokok, dan di samping itu juga memiliki empat anakperusahaan yang sudah beroperasi yaitu: PT Surya Pamenang, produsen kertas karton untukkemasan rokok PT Surya Madistrindo, distributor tunggal produkPerseroan PT Surya Air, penyedia layanan jasa penerbangantidak berjadwal PT Graha Surya Media, penyedia jasa hiburanUnder reference GGRM on the Indonesian StockExchange (IDX), the company’s shares were traded ina range from Rp 39,700 to Rp 64,250 per share during2014. There were no changes to the issued and paidup capital of the company in 2014 and a dividend ofRp 800 per share was distributed from 2013 earnings,as approved at the Annual General Meeting ofShareholders.VisionTo be a nation’s pride, as a leading and responsiblecompany providing added value for shareholders andsustainable benefits for stakeholders.MissionThe founding principles of Gudang Garam, known asthe ‘Catur Dharma’, embrace timeless and relevantvalues, including harmony and respect for one another,the value of hard work, honesty and diligence, carefor health, respect towards faith, and the recognitionof mutual cooperation, considering our employees aspartners in business.Saham Perseroan yang tercatat di Bursa EfekIndonesia (BEI) dengan kode GGRM diperdagangkanpada kisaran harga Rp 39.700 hingga Rp 64.250 perlembar saham sepanjang tahun 2014. Jumlah modaldisetor dan ditempatkan tidak mengalami perubahanpada tahun 2014, dan Perseroan membagikan dividensenilai Rp 800 per saham dari laba tahun 2013 sesuaikeputusan Rapat Umum Pemegang Saham Tahunan.VisiMenjadi perusahaan terkemuka kebanggaannasional yang bertanggung jawab dan memberikannilai tambah bagi para pemegang saham, sertamanfaat bagi segenap pemangku kepentingan secaraberkesinambungan.MisiCatur Dharma yang merupakan misi Perseroan: Kehidupan yang bermakna dan berfaedah bagimasyarakat luas merupakan suatu kebahagiaan. Kerja keras, ulet, jujur, sehat dan beriman adalahprasyarat kesuksesan Kesuksesan tidak dapat terlepas dari peranan dankerja sama dengan orang lain. Karyawan adalah mitra usaha yang utama.GG 2014 ANNUAL REPORT Laporan Tahunan7
Company ProfileProfil PerseroanCompany Milestones1980s195819711979Companyfounded by thelate Mr. SuryaWonowidjojo inKediri, East JavaLimited Liabilitystatus achievedFirst cigarettemanufacturingmachines wereinstalledMajorexpansions inmachine madecapacityPemasanganmesin pembuatrokok yangpertamaSerangkaiankegiatanperluasan gunameningkatkankapasitasproduksi rokokSKM (sigaretkretek mesin)Gudang Garamdidirikan olehalmarhumSuryaWonowidjojodi Kediri, JawaTimur8Bentuk badanhukum GudangGaram diubahmenjadiperseroanterbatasGG 2014 ANNUAL REPORT Laporan Tahunan19831990The lateRachman HalimappointedPresidentDirectorListed on theJakarta andSurabaya StockExchangesAlmarhumRachmanHalim diangkatmenjadiPresidenDirekturPerseroandengan suksesmencatatkansahamnya diBursa EfekJakarta danSurabaya
19932002200420082008 - 20092009Subsidiary PTSurya Pamenangestablishedin 1990 tomanufacturefolding boxboard,commencedoperationsThe secondmanufacturingfacility at GempollaunchedSubsidiaryPT SuryaMadistrindoestablishedin 2002,commencedoperationsCelebrated 50thAnniversarysinceincorporationSubsidiaryPT SuryaMadistrindoappointed DirectorAnakperusahaan,PT SuryaPamenangsebagaiprodusen kertaskarton yangdidirikan padatahun 1990,mulai beroperasiFasilitasproduksi keduamulai beroperasidi GempolAnakperusahaan,PT uni Entry intothe SKM LTNsegmentMemasukisegmen Skmrendah tarrendah nikotinAnakPerusahaanPT SuryaMadistrindo,yang didirikanpada tahun2002, mulaiberoperasiPerseroanmerayakan harijadinya turJuni isGG 2014 ANNUAL REPORT Laporan Tahunan9
Financial HighlightsData Keuangan PokokYear (Rp million)SalesDomestic Net SalesExport Net SalesNet SalesProfitGross ProfitOperating ProfitProfitProfit Attributable to Ownersof the CompanyPer Share DataOutstanding Shares(in thousand shares)Earning per ShareBalance SheetTotal AssetsTotal LiabilitiesTotal EquityAddition to Fixed AssetsNet Working CapitalMargin and Ratio Analysis (%)Gross Profit MarginOperating Profit MarginProfit MarginProfit Margin Attributable toOwners of the CompanyCurrent RatioProfit to Equity RatioProfit to Asset RatioDebt to Equity RatioDebt to Asset RatioMarket Share andSales Volume Data(in million sticks)Market Share (estimated %)*Domestic SalesExport SalesSKT Sales (hand made)SKM Sales (machine 2756,43922.9%57,8946,34310,16154,076* Source Market Share Data: From 2009 onwards, market share has been calculated based uponpurchases of excise duty for the entire cigarette industry and Nielsen Market Research. Forthe years prior to 2009, market share was calculated based upon purchases of excise duty forkretek producers, members of GAPPRI (Association of Clove-Blended Cigarette Manufacturersof Indonesia).10GG 2014 ANNUAL REPORT Laporan Tahunan
20102011201220132014Tahun (Rp PenjualanPenjualan Bersih LokalPenjualan Bersih EksporPenjualan ,0882,790Data per SahamSaham dalam Peredaran (dalam ribuan saham)Laba per eracaJumlah AsetJumlah LiabilitasJumlah EkuitasPenambahan Aset TetapModal Kerja 6.24%9.27%75.21%42.93%Analisa Laba dan Rasio (%)Marjin Laba KotorMarjin Laba UsahaMarjin LabaMarjin Laba yang Dapat Diatribusikan KepadaPemilik Entitas IndukRasio LancarRasio Laba terhadap EkuitasRasio Laba terhadap AsetRasio Utang terhadap EkuitasRasio Utang terhadap Aset21.9%75,8984,6998,04672,551Data Pangsa Pasar danJumlah Penjualan(dalam jutaan batang)Pangsa Pasar (perkiraan dalam %) *Penjualan LokalPenjualan EksporPenjualan SKTPenjualan 0819,22167,335LabaLaba KotorLaba UsahaLabaLaba yang Dapat Diatribusikan KepadaPemilik Entitas Induk* Sumber Data Pangsa Pasar: Sejak tahun 2009 pangsa pasar telah dihitung berdasarkanpembelian pita cukai untuk industri rokok secara keseluruhan dan Riset Pasar Nielsen.Untuk tahun sebelum tahun 2009, pangsa pasar dihitung berdasarkan pada pembelianpita cukai bagi produsen rokok kretek, anggota GapprI (Gabungan Perserikatan PabrikRokok Indonesia).GG 2014 ANNUAL REPORT Laporan Tahunan11
The Report of the Board of CommissionersLaporan Dewan KomisarisJuni Setiawati WonowidjojoThe steady improvement in top line sales, marketshare and earnings for Gudang Garam in 2014, isheartening news for our shareholders12GG 2014 ANNUAL REPORT Laporan Tahunan
Sustained results in challenging timesThe macro trends from a year earlier continued into2014 with a further slowdown in the economy, asGDP growth declined. Preoccupation with weakercommodity prices and a widening current accountdeficit resulted in exchange rate volatility, and higherinflation with commercial interest rates adjustedaccordingly, to reflect the perceived higher riskpremium. Uncertainty, often associated with anelection year, gave way to more positive consumersentiment toward year-end with some key economicreforms accomplished during the fourth quarternotably the reduction of the fuel subsidy, generatingbudget headroom. Post reporting date, inflation hassubsequently trended down from a December peak,and substantial plans by government to invest invarious programmes, including infrastructure, offersome prospect for resurgence. Concerns remain overweak global demand and the likely prospect of risingUS interest rates on foreign investment sentiment,while Indonesia’s non-commodity sector still requiressignificant investment in capital and skills.Within this context, the steady improvementin top line sales, market share and earnings forGudang Garam in 2014, is heartening news forour shareholders. This performance has also beenachieved in a tougher regulatory environment, fullcompliance having been made in respect of higherfiscal requirements, restrictions on sponsorships,promotions and the introduction of new graphicalhealth warnings. The company has continued toinvest in providing adequate training facilities andbenefits to employees, supported a regular programmeof corporate community, religious and social activitiesand invested in machinery and equipment as well asfurther expertise in marketing and sales to contributeto improved quality and efficiency in our operationsand more choice for our customers.Mempertahankan kinerja di masa yang penuhtantanganTren makroekonomi dari tahun 2013 berlanjut ketahun 2014 dimana perekonomian melemah dan lajupertumbuhan PDB menurun. Melemahnya hargakomoditas dan meningkatnya defisit transaksi berjalanmenimbulkan gejolak nilai tukar valuta asing dankenaikan inflasi yang juga berimbas pada peningkatansuku bunga yang berlaku di pasaran. Ketidakpastianyang kerap muncul pada tahun pelaksanaan pemilu,beralih ke sentimen pasar yang lebih positif di triwulankeempat dengan adanya langkah-langkah reformasiekonomi antara lain pengurangan subsidi BBM yangdapat mengurangi beban anggaran pemerintah.Setelah periode penyusunan laporan, inflasi cenderungmenurun dari angka tertinggi pada bulan Desember2014. Di samping itu, rencana investasi pemerintahdalam berbagai proyek pembangunan infrastrukturmerupakan proskpek yang baik untuk menguatkankembali perekonomian Indonesia. Sejumlah risikoeksternal masih akan menjadi tantangan sepertipenurunan permintaan pasar dunia dan kemungkinankenaikan suku bunga Fed Fund Rate di AS. Sedangkandi sisi domestik, sektor non-komoditas di Indonesiamasih tetap membutuhkan dukungan modal dantenaga ahli yang kuat.Di tengah kondisi seperti ini, peningkatan penjualan,laba dan pangsa pasar yang dicatat Gudang Garampada tahun 2014 tentu merupakan kabar gembira bagipara pemegang saham. Hasil tersebut telah dicapaidi tengah pengetatan peraturan oleh pemerintahantara lain kenaikan cukai, pembatasan sponsor,promosi dan penerapan gambar peringatan kesehatanyang selama ini telah kami laksanakan. Perseroanjuga terus berupaya memberikan fasilitas pelatihanyang memadai dan program kesejahteraan bagikaryawan serta mendukung aktifitas tanggung jawabsosial perusahaan. Investasi dalam penambahanfasilitas produksi serta rekrutmen dalam bidangpemasaran dan penjualan juga dilaksanakan agardapat meningkatkan kemampuan produksi sekaligusmenyediakan produk yang lebih beragam bagipelanggan kami.GG 2014 ANNUAL REPORT Laporan Tahunan13
The Report of the Board of CommissionersLaporan Dewan KomisarisGovernanceTata kelolaThe Board of Commissioners has reviewed the auditedfinancial statements and the work of the auditcommittee, examined the company’s performancein 2014, relative to its business plans throughoutthe year, and believes the result to be a fair and inline with expectations. Effective risk assessmentand regular control procedures have been carriedout during the year and all capital expenditures areconsidered appropriate to future needs. The level offunding is adequate and cash management has beeneffective. A report by the independent audit committeeis provided in the pages that follow. The company isoperating in full accord with all changes introduced inthe regulatory environment in 2014, and has compliedwith capital m
GG 2014 ANNUAL REPORT Laporan Tahunan a PT. GUDANG GARAM Tbk CONsisTENCy and ChOiCE 2014 ANNUAL REPORT Laporan Tahunan. b GG 2014 ANNUAL REPORT Laporan Tahunan 6 Company Profile Profil Perseroan 10 Financial highlights Data Keuangan Pokok 12 The Report of The Board of Commissioners
Dr. Didik Wahjudi (Indonesia) Dr. Oki Sunardi (Indonesia) Dr. Ishak Ramli (Indonesia) Dr. Moeljono Widjaja (Indonesia) Dr. Iwan Aang Soenandi (Indonesia) Ignasia Yuyun, M.Pd. (Indonesia) Dr. Evans Garey (Indonesia) Yuseva Ariyani Iswandari, M.Pd. (Indonesia) PUBLISHED FIRST TIME BY: UKRIDA PRESS
Types of Eventual Consistency 57 Casual Consistency 57 Read-Your-Writes Consistency 57 Session Consistency 58 Monotonic Read Consistency 58 Monotonic Write Consistency 58 Four Types of NoSQL Databases 59 Key-Value Pair Databases 60 Keys 60 Values 64 Differences Between Key-Value and Relational Databases 65 Document Databases 66
DKI, Indonesia: Kemenristekdikti. Presiden Republik Indonesia. (17 Januari, 2012). Kerangka Kualifikasi Nasional Indonesia. Peraturan Presiden Republik Indonesia Nomor 8 Tahun 2012. Jakarta, Jakarta, Indonesia: Menteri Hukum dan Hak Asasi Manusia Republik Indonesia. Presiden Republik Indonesia. (10 Agustus, 2012). Pendidikan Tinggi.
Consistency: The consistency property guarantees that an operation or a transac-tion is performed atomically and leaves the systems in a consistent state, or fails in-stead. This is equivalent to the atomicity and consistency properties (AC) of the ACID (Atomicity, Consistency, Isolation and Durability) semantics in relational database
Types of Consistency Whole Food Consistency Food should appear as it is served in a restaurant. Assistance may be needed with cutting. Chopped Food Consistency Food is cut by hand or as directed to pea-sized pieces (¼" x ¼" x ¼").Food must also be moist. No "finger foods." Cut-up Food Consistency All foods must be
Executive summary 4 Foreword 6 Introduction - Doing business in Indonesia 8 Conducting business in Indonesia 12 Taxation in Indonesia 18 Audit and accountancy 26 Human Resources and Employment Law 28 Trade 30 Banking in Indonesia 32 HSBC in Indonesia 34 Country overview 36 . coming to an agreement. Initial meetings generally serve to make .
Running head: DOES CHOICE CAUSE AN ILLUSION OF CONTROL? 8 Koehler, Gibbs, & Hogarth, 1994; Langer, 1975; Nichols, Stich, Leslie, & Klein, 1996). In these studies, participants were randomly assigned to one of four conditions in a 2 x 2 design: Choice (Choice vs. No-choice) x Timing of Choice (Choice-first vs. Choice-last). Participants in the
6 C4 C5 Tourer post 2010 1.6 Hdi 16v 110bhp (non dpfs) 66 1.6 Hdi 16V 110bhp 52 C4 PICASSO 2.0 Hdi 16V 160bhp 67 All models pre 2010 60 2.0 Hdi 16V 160bhp Auto 53 1.6i 16v Vti 120bhp 60 3.0 Hdi V6 240bhp Auto 63
