Annual Report PT Smi 2018

Sustaining Innovation
for Sustainable Development

Across the Nation
annual report 2018

Sustaining Innovation
for Sustainable Development
across the nation
By always innovating, PT Sarana Multi Infrastruktur (Persero) (“PT SMI”)
continues to improve the implementation of its mandate as a catalyst
for infrastructure development in Indonesia. The Company’s presence
in various infrastructure sectors, the development of innovative and
attractive financing schemes, continuous creation to look for alternative
financing structure options, as well as the Company’s performance
have made PT SMI a trusted government institution that contributes
significantly to infrastructure development.
The Company’s numerous achievements throughout 2018 are

a reflection of are a reflection of Indonesia’s gradual progress in
responding to challenges of development in a sustainable way.
The SDG Indonesia One initiative, the Green Bond issuance, and the
access to the Green Climate Fund are some examples of the Company’s
innovation intended to encourage development activities with more
attention to environmental conditions, a development that is not only
‘green’ but also has sustainable impacts on various aspects of life.
Through its three business pillars, in the year 2018 the Company’s
financing has provided 6.03 times of multiplier effect to the total
commitments and 18.14 times of multiplier effects to the paid-up
capital. The Company also continues to grow strongly due to the
support of innovative, unique and flexible financing products.
With its various achievements, the Company has been able to provide
social and economic benefits to the community. PT SMI is determined to
continue working hard to build infrastructure throughout the country
for equitable welfare and sustainable support for the communities.
Achievements in 2018
Annual Report 2018
PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

HIGHLIGHTS
Commercial Financing Advisory

9 6 Rp
261.4 trillion
23
Toll Roads
Total Project Value
Electricity
13
Mandates
New Projects 7
Transportation
1
Telecommunication
Rp
200.9 trillion New Project Value Regional Financing
20
Offering
Letters
Project Development Valued at
Rp
1.7 trillion
Rp
4.8 trillion New Commitments
Total Project Value Commitment Value Position
3
PPP
Assignment
17
Capacity Building,
Socialization &
FGD Activities
Rp
4.4 trillion
Sharia Financing
Commitment value position
Sustainability Financing
Rp
2.3 trillion
3
Electricity
Generator
(First Loss Mechanism for
First Financial Institution
PLTS Ende & Maumere Solar
Power Plant)
to:
Step Up Musyarakah Mutanaqisah
(MMQ) for Paspro Toll road
Rp
465.5 billion Sharia Hedging valued at
1.3 trillion
Total Commitment
Rp
Non-Performing Loan (Net) Cost Efficiency Ratio (CER) Productivity Return On Equity
0.65% 18.22% Rp
161 4.65%
billion/employee
(outstanding
loan value)
102.77% from RKAP
7 International Awards
from a total of 16 Awards
in 2018.
2 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

Annual Report 2018
GOOD CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY 2018 CONSOLIDATED FINANCIAL statements
Business Growth Increase

Total Assets Commitment
Rp
62.49 trillion
12.83
An increase of
Rp
77.19 trillion An increase of
from 2017
%
47.85
from 2017
%
Outstanding Net Profit
Rp
46.71 trillion An increase of
Rp
1.53 trillion % An increase of
%
37
from 2017
21.32
from 2017
Sustainable Growth
Financing Distribution Financing Commitment Equity Growth Net Profit
Growth Growth Growth
37% 47.85% 3.66% 21.32%

Asset Growth GCG Score Total Outstanding Increase KPI Score
12.83% 96.12 Rp12.6 trillion 102.53

The Company’s excellent performance has provided a
strong foundation for the Company to grow sustainably
in the future.
PT Sarana Multi Infrastruktur (Persero) Sustaining Innovation for Sustainable Development Across the Nation 3
Annual Report 2018
Innovation 2018
HIGHLIGHTS
Various innovations have been carried out by PT SMI, from

creating a financing structure to close the gap, to financing
activities to access new funding sources, as well as establishing
a blended finance platform & knowledge management system.
Take Out Financing First Corporate Green Ijarah al Maushufah

Facilities Bond Issuance fi al-Zimmah (IMFZ)
A financing facility where PT Issues the first Green Bond which Sharia financing that is used to
SMI is committed to take over is part of the part of the Green finance leasing agreement for
the remaining financing value Bond Sustainable Public Offering the benefits of an item (‘ain) and
from a project previously (PUB) worth Rp3 trillion with an / or services (‘amal) which at the
funded by other creditors. emission value of Rp500 billion in time of the contract, only the
Phase I 2018. characteristics and specifications
(quantity and quality) are stated.
Syariah
Launched the Step Sharia Hedging Obtaining the GCF

Up MMQ Musyaraqah Facility Project Preparation
Mutanaqisah Facility
A sharia financing scheme To mitigate the risk of market After being accredited by
based on profit sharing and fluctuations to the Sharia the Green Climate Fund
uses tiered pricing which business activities, PT SMI (GCF) in the previous year,
matches with the client’s utilizes Sharia hedging the Company then obtained
cash flow capacity. facilities from Maybank approval to access PPF funds
Indonesia. This is the first from the GCF for preparing
Sharia hedging facilities in sustainable transportation in
Indonesia. the city of Semarang.

Annual Report 2018
SDG Indonesia One (SIO) is an integrated platform that

PT SARANA MULTI INFRASTRUKTUR (PERSERO)
includes 4 (four) types of facilities: Development Facilities,

De-Risking Facilities, Financing Facilities, and Investment
Facilities. The platform aims to raise funding from investors,
donors and philanthropies to be channeled to projects in
Indonesia that support the achievement of Sustainable
Development Goals (SDGs).
After being introduced in March 2018, the Indonesia

Infrastructure Library or Infralib Application continued to The development process began in quarter IV-2018, with 3
be developed by PT SMI. Development is intended to provide (three) stages of the development process: 1) Development
a knowledge reference and to provide collaboration area of knowledge platforms, 2) Development of collaboration
for stakeholders consisting of academics, infrastructure platforms, and 3) Development of data platforms. The first
practitioners / developers who form groups in preparing and second platforms are targeted for completion in quarter
outputs with significant benefits, either in the form of II-2019 and the data platform is targeted to be completed in
studies, research results, lessons learned, policy briefs or quarter IV-2019.
policy memo.
Mandate as
the Catalyst
Diverse and Flexible Fulfill the enabler role
financing products to through Project Preparation
close the gap and Advisory Services.
06
Innovative
01
Financing Infrastructure
Products acceleration
enabler
Municipal Financing
Accelerate accelerates
regional regional
infrastructure
05 infrastructure Leveraging
development.
development. from bilateral,
Optimization of multilateral,
fundraising 02 the capital
market, and
Optimization banking
of Strategic (conventional
Partnership.
Support SDGs and and sharia).
Climate Change
04
Partnership with 03 SDG Indonesia One as an
various bilateral integrated platform that
/ multilateral supports sustainable
institutions. development.

Implementation of PT SMI’s
mandate as a catalyst
to accelerate National
Infrastructure Development
Total Project Cost

Rp553.6 triliun* total project cost from
Financing and Investment Business Pillar
Rp51.6 triliun* total project cost from

Project Development Business Pillar
Rp546.6 triliun* total project cost

from Advisory Services Business Pillar
Multiplier Effect
6.03 times
Multiplier effect to total
financing commitment;
18.14 times Multiplier effect to paid-

up capital;
*) There are projects which overlaps between business pillars with a total project cost
Rp28.5 trillion
Annual Report 2018

HIGHLIGHTS
The Government of The

Republic of Indonesia
PT SMI at a glance
100% PT SMI is an infrastructure financing
company whose 100% shares are owned
by the Government through the Ministry
of Finance.
Vision
Regulation Acting as a catalyst in the
Minister of Finance Regulation No.100/ acceleration of national
PMK.010/2009 as an Infrastructure Financing infrastructure development
Company (containing business scope and
infrastructure financing sector)
Mission
Legality 1. Become a strategic partner
that provides added value in
• PP No. 66/2007 jo PP No. 75/2008 as an
Infrastructure Financing Company
infrastructure development in
• KMK No. 396 / KMK.01 / 2009 as an Indonesia
Infrastructure Financing Company (Non- 2. Creating flexible financing
Bank Financial Industry (IKNB) products
3. Providing quality services with
Ownership good governance
100% owned by the Government
of the Republic of Indonesia

Annual Report 2018
PT SMI Business Pillars

PILLAR#1 PILLAR#2 PILLAR#3
Financing & Advisory Project
Source of FundING Investment Services Development
CONVENTIONAL
Capital Injection
from Government Infrastructure Financial PPP Project
Financing Advisory Development
Investment Financing
Takeout Financing
Promoter Financing
Working Capital Financing
Capital Market Bridge Loan
Fund Management
(Bonds, Notes, Subordinated/Junior Loan
for Geothermal
Securitization, Mezzanine Investment
Equity Investment Advisory Infrastructre
Green Bond) Regional/Municipal Development
Financing Arranger &
Underwriter Service
Cash Deficiency
Loans and Grants Support (CDS)
Renewable Energy
Project Development
Financing & Energy Efficiency
Arranger
Sharia Capital
Market (Sukuk,
Sharia Hedging) Sharia
Financing
Project Development
IMBT/Lease with option for Municipal
BPJS/Sharia for own Financing
SHARIA
Murabahah/Installment
Insurance sale with Deferred Investment
Payment
Advisory
MMQ/Dimishing
Partnership & Financial
Musyarakah/Joint Advisory
(Sharia) Capacity Building and
Hajj & Syirkah Partnership
Technical Assistance
IMFZ*/Indent Lease with
Funds Option To Own
MMOB*
Sovereign PT SARANA MULTI INFRASTRUKTUR (PERSERO)
Wealth Fund
Hospital Correctional Education

SECTORAL Electricity Transportation Telecommunication Rolling Stock Oil & Gas
Infrastructure Infrastructure
FOCUS
Regional Tourism
Infrastructure Market Infrastructure
Energy Water Waste Water & Waste
Efficiency Supply Road & Bridge Irrigation Management
Social Infrastructure
PTPT
Sarana
Sarana
Multi
Multi
Infrastruktur
Infrastruktur
(Persero)
(Persero) Sustaining Innovation for Sustainable Development Across the Nation 9
Annual Report 2018

HIGHLIGHTS
First
Busines Pillar
Equity Investment
PT Indonesia Infrastruktur Finance PT Jasa Marga Pandaan Malang PT Waskita Toll Road
Investment Investment Investment
Rp
600 billion Rp
62.5 billion Rp
2.4 trillion
2018 Equity Value 2018 Fair Value 2018 Fair Value
Rp
640.5 billion Rp
77.3 billion Rp
2.8 trillion

Annual Report 2018
Financing and
Investment
Total Financing & Investments Total Nilai Proyek Baru
Rp
77.19 trillion Rp
205.38 trillion
infrastructure financing commitment
Financing Sector Distribution

Toll Roads Electricity PT PLN (ex PIP) Transportation Oil and Gas Jalan
Social Water Supply Renewable

Telecommunication Rolling Stock Irrigation
Infrastructure Energy
The Company’s financing and investment activities are carried out through Commercial Financing, Municipal
Financing, Sharia Financing, Sustainable Financing and Equity Investment.
As of 2018, total commitment of infrastructure Most commitments are in the form of

financing by PT SMI amounted to Rp77.19 trillion investment credit which amounted to
Rp
66.5 trillion
with a total outstanding of
Rp
46.71 trillion
The Company also undertakes equity investment in companies engaged in the infrastructure sector: PT Indonesia
Infrastructure Finance (IIF), PT Jasa Marga Pandaan Malang and PT Waskita Toll Road.
*) New financing or other facilities effective in 2018
PTPT
Sarana
Sarana
Multi
Multi
Infrastruktur
Infrastruktur
(Persero)
Annual Report 2018

HIGHLIGHTS
Second
Business Pillar
Through the Advisory Services business

pillar, the Company plays its role as an
enabler for accelerating infrastructure
development in Indonesia. The company
is involved both in national strategic
Advisory
projects (PSN) and Non PSN.
In 2018, PT SMI received mandates for

13 advisory projects with a total project
Services
value of Rp261.4 trillion. The thirteen
mandates consisted of 4 Investment
Advisory projects, 5 Financial Advisory
projects, and 4 Financing Arranger
projects.
In addition, there were a total of 6
The Company’s role and mandates that support the National

Strategic Project (PSN), namely the
Trans Sumatra Phase II Toll Road Project,
performance in providing the Multifunctional Government Satellite

Project (SMF) and the Mandalika Special
advisory services on
Economic Zone Development Project.
infrastructure projects.

Annual Report 2018
Total Project Value supported

through Advisory Services in 2018 is
Rp261.4 trillion from 13

mandated Advisory projects, 6 of which
are National Strategic Projects (PSN).
PTPT
Sarana
Sarana
Multi
Multi
Infrastruktur
Infrastruktur
(Persero)
Annual Report 2018

HIGHLIGHTS
Third
Business Pillar
14
14
#MembangunNegeriKitaBisa
PT Sarana Multi Infrastruktur (Persero)
Annual Report 2018
Project
Development
PT SMI provides support in PPP project preparation through the Project
Development Facility (PDF) and continues to support the Government for
other projects structured as municipal financing as well as other models.
Total Project supported by Project Development Pillar

The total project value that have been supported through
project development activities as of end 2018 amounted to
which spans across the Water
Rp
51.6 trillion Supply , Telecommunications, Public
Transportation and Hospital Sector.
Throughout 2018, through the Project Development The total project value in the
business pillar, PT SMI prepared PPP projects through Project Development Pillar for 2018
project preparation facilities (PDF) in the Water, amounted to:
36.6 trillion
Telecommunications, Transportation and Hospital Rp
projects.
Project PDF Drinking water includes, West Project Transportation value

Semarang SPAM and Pekanbaru SPAM with a amounted to:
total project value of Rp
20.9 trillion
Rp
5.0 trillion for LRT and BRT in City of Medan
and Hang Nadim Airport.
Telecommunications projects include the PDF Hospital the value is equal

construction of the Western Palapa Ring Package, to
the Central Palapa Ring Package and the East Palapa
Ring Package with a project value of
Rp
1.58 trilliuon
for the project of Dr.Pirngadi Medan
Rp
7.75 trillion Hospital, Krian Hospital and Sam
Ratulangi University Hospital

Sustaining Innovation for Sustainable Development Across the Nation
Sustaining Innovation for Sustainable Development Across the Nation 15
15
Annual Report 2018

HIGHLIGHTS
PT SMI as the Implementing

Agency for SDG Indonesia One Platform
Supports for SDGs

SDG Indonesia One Provides End-to-End Financing Support

to Project Development
Donor Commercial Banks
Donor, Impact/ Institutional
(Philanthropist) and Institutional
Investors Climate Funds and Investors and
and Impact/Climate Investors
Development Banks Developers
Funds
Contributions: Contributions: Contributions: Contributions:

Grant, Technical Assistance Concessional Loan, Grant Loan, Bond, Sukuk Equity
Objective:
Objective: Objective: Objective:
Contributions Investment in high
Pre-construction project Project de-risking Construction / post-
impact / new frontier
development support (improving bankability) construction finance
SDG sector
SDG Indonesia One
(Managed by PT SMI)
SDG Development Facilities SDG De-Risking Facilities SDG Financing Facilities SDG Equity Facilities
Grant (Project Preparation, Concessional Loan, Senior Loan, Subordinated Equity, Equity-Linked
Technical Assistance, First-Loss Facility, Interest Loan Investment
Product Research) Subsidy, Guarantee
Premium Subsidy, VGF etc
SDG Projects
16
16
Annual Report 2018
Integrated Impact Risk Mitigation Creating

Platform Maximizing Leverage
PT SMI receives a mandate from the Ministry of Finance to manage SDG Indonesia
One, an integrated funding cooperation platform to support infrastructure
development oriented towards Sustainable Development Goals or SDGs.
The integrated funding comes from a In 2018, SDG Indonesia One managed to raise
variety of sources including the private a funding commitment as much as
USD
2.46 billion
sector, philanthropists, donor agencies,
multilateral and bilateral financial
institutions, banking, insurance, and (around Rp34.5 trillion).
investors.
17
Annual Report 2018

HIGHLIGHTS
The role of PT SMI in Realizing Sustainable

Development Goals (SDG)
Green Bond GCF Funding Access

PT SMI is committed to support the achievement This further strengthens the commitment to achieving
of the SDGs, one of which is climate change. The SDGS, after PT SMI was accredited by the Green Climate Fund
commitments in anticipating climate change is (GCF) in 2017. In 2018 a Project Preparation Facility (PPF) was
realized among other things through the issuance of developed for the construction of the Semarang City BRT, PPF,
Green Bond in the amount of and the preparation of a financing framework for Mitigating
500 billion
Exploration of Geothermal Development (GREM) Risk.
Rp
at the Phase I 2018
and is part of the Green Bond Sustainable
Public Offering (PUB) valued at: Implementasi Environmental &
3
Rp trillion Social Safeguard (ESS)
PT SMI also continues to maintain the consistency of
Sustainable Financing Division the standard Environmental & Social Safeguard (ESS)
in Achieving SDG application which is a guideline in complying with
awareness of the social and environmental impacts of
In addition, other support in the form of climate
infrastructure projects’ construction. The discipline in
change mitigation and adaptation programs by
the application is inherent in the main process of the
strengthening the role of the Sustainable Financing
Company, which is in the making of financial decisions.
Division, the Company supports the achievement of
SDG by establishing a Sustainable Financing Division
which focuses on developing financing for renewable
energy projects, energy efficiency and projects in the
context of change mitigation and adaptation climate.
18
18
Annual Report 2018
PT SMI’s role in realizing the

Sustainable Development Goals (SDG)
Example of PT SMI Business Pillar activities
An actual step towards Climate Action
1. Financing and Investments 4. Application of 10 Elements

Location: East Sumba, NTT
of Environmental and Social
Protection
Role in Project:
Working capital financing for
project completion 5. Activities Related To
Sumba PLTS Project Climate Action
1. Accreditation by the Green Climate
Fund (GCF)
2. Advisory Service 2. Financing & project development in
Central & Eastern Indonesia
Location: Majalengka, West Java 3. Establishment of the Sustainable
Financing Division
Role in Project 4. Collaboration on green financing for
As the Mandated Lead Arranger renewable energy projects with the
French Development Bank (AFD)
5. Financing Geothermal (geothermal)
Kertajati Airport a. Wae Sano (Geothermal drilling)
b. Jailolo (Geothermal drilling)
3. Project Development
Location: Umbulan, East Java 6. Pembentukan platform
Role in Project SDG Indonesia One
Having a role in project
preparation for PPP Business PT SARANA MULTI INFRASTRUKTUR (PERSERO)
Entity auction process
Umbulan Drinking Water

Supply System
With its 3 Business Pillars, the Company

supports 17 goals of Sustainable
Development Goals (2 Goals through CSR)

19
Annual Report 2018

HIGHLIGHTS
Socio-Economic Benefits of
Funded Projects
Better access
2.0 millions
households with access
3.2 millions
households with access to
21 thousands
households with
to clean water (8.1 million electricity (12 million people) natural gas networks
people)
Production increase
10,000 MT 31,000 I/S 14,140 I/S 2,884 MW

Increased gas supply Additional 31,000 bpd of Additional production Additional electric
capacity fuel production of clean water power capacity
20
20
Annual Report 2018
Socio-Economic Benefits of
Infrastructure Project Portfolio
Job Climate Change

Creation Mitigation Support
1,97 millions
920 ton/year
Labor during construction CO2 emission reducti
Improvement of Infrastructure and Rolling Stock
52 Thousands 7.3
telecommunication
Thousands
Trans city passengers
2,700 Km
Fiber optic in Central
2,181 Km
Roads and Toll Roads
towers per year Indonesian
Community Service Improvement
720
Additional facilities
1,031 2.3 Millions

Port goods flow service
new patients per year
new beds capacity (TEUs)
37.5 Millions
airport passengers
185 Thousands
agricultural land
7.6 Millions
users of telecommunications
per year irrigation services throughout Indonesia
Infrastructure project value Multiplier Effect as much as Multiplier Effect as much as

Rp
553.6 Trillions 18.1 times of paid-up capital
6.0 times
of commitment

21
Annual Report 2018

HIGHLIGHTS
Table of Contents
02 Achievements in 2018 88 Company Profile 138 Office Address and Branch
Office or Representative Office
04 Innovations 2018 139 Corporate Website Information
91 Corporate Identity
06 Mandate as the Catalyst 140 Workshops & Trainings of the
95 The Meaning of the Logo Board of Commissioners, Board
of Directors, Committees,
10 First Business Pillar
Corporate Secretary & Internal
96 The Company at a Glance
Audit.
12 Second Business Pillar
99 Line of Business
14 Third Business Pillar 146 Management
100 Product and Services
Discussion & Analysis
16 PT SMI as the Implementing
Agency for SDG Indonesia 104 Infrastructure Project Distribution
One Platform
106 Milestones
148 General Highlights
18 The role of PT SMI in realizing
Sustainable Development 108 Organizaitonal Structure
Goals (SDG) 156 Operational Review
110 Vision, Mission, and Corporate

166 Business Segment Review
20 Socio-Economic Benefits of Culture
Funded Projects
112 Board of Commissioners’ Profile 169 Pillar I Business Segment
24 Performance 177 Commercial Financing

117 Board of Director’s Profile 182 Municipal Financing
Highlights
186 Sharia Financing
26 2018 Performance Summary 122 Sharia Supervisory Board’s Profile
188 Sustainable Financing
30 Financial Highlights 124 Division Head 194 Equity Investment

197 Pillar II Business Segment
34 Bonds Highlights 126 Employees Demography
207 Pillar III Business Segment
39 Events Highlights 128 Shareholders Composition 212 Project Development Assignment

and Assistance
129 Corporate Structure 218 The Socio-Economics Benefits
52 Management of Business Pillar III – Project
Development
Report 130 Joint Venture and Associates
219 Partnership and Business
Development
131 Other Securities Listing
54 Board of Commissioners’ Chronologym 232 Financial Review
Report
249 Human Resources Management
134 Name and Address of and Development
64 Report of the Sharia Supporting Institutions &
Supervisory Board Profession 269 Information Technology
Implementation and Development
68 Board of Directors’ Report
86 Statement of Accountability 136 Awards and Certifications
2018 Annual Report by the
Board of Commissioners
and Board of Directors

Annual Report 2018
274 Corporate 391 Public Accountant 436 Social and Community

Development
Governance 394 Risk Management
444 Responsibility to the
Consumer
404 Compliance
274 Corporate Governance
406 Litigation 448 2018 Consolidated
286 General Meeting of Shareholders
(GMS)
406 Administrative Sanctions Financial Statements
297 Board of Commissioners
407 Information Access and Corporate
313 Independent Commissioners Data
316 Sharia Supervisory Board 408 Code of Conduct
320 Board of Directors 410 Corporate Culture
328 2018 GCG Assessment 410 Whistleblowing System
332 Remuneration Policy of the Board 412 Diversity Policy of The Board of
of Commissioners and Board of Directors and Commissioners
Directors
413 GCG Guidelines Application
334 Meetings of the Board of
Commissioners adn Board of
Directors 414 GCG Report on Sharia Business
2018
339 Information on the Main

Shareholders and the Controlling
Shareholders
340 Affilition betweeen Members of
the Board of Directors, the Board
Commissioners and the Main and/ 416 Corporate Social
or Controlling Shareholders
Responsibility
342 Committees of the Board of
Commissioners
422 Environmental Management
358 Committees of the Board of
Directors 430 Labor, Occupational Health
and Safety
378 Secretary of the Board of
Commissioners
379 Corporate Secretary
384 Internal Audit
390 Internal Control System
Performance
Highlights
PT SMI recorded positive developments in the three

pillars of its business activities, and succeeded
in mobilizing multilateral cooperation to support
financing of environmentally friendly projects
and substantial social and environmental impacts
according to the SDGs.
</>
Annual Report 2018

HIGHLIGHTS
2018 Performance Summary
Maintaining AAA Domestic Ranking and BBB

Global Ranking (Sovereign equivalent)
PT SMI’s financing during 2018 has created

multiplier effects as much as
18.14 times on paid-up capital and

6.03 times on commitment
NPL 0.65 % Asset quality is well-maintained in

growing business conditions
The GCG score of 96.12, with GCG application continued

to improve along with a score that increased from 90.10
of the previous year.

Annual Report 2018
Until 2018, PT SMI managed to

register financial close with a
total accumulated project value of
Rp553.6 trillion
with the total commitment of 2018 reaching Rp77.19 trillion
from the realization of Rp46.71 trillion of outstanding financing.
CER 18.22% the Company’s level of operational

efficiency can be maintained at a very good level.
Rp 161.5 billion employee productivity at a very good

level, which greatly supports business growth.
Excellent corporate performance provides an overview of the Company’s strong foundation for
sustainable growth.
Annual Report 2018

HIGHLIGHTS
Grand Strategy
Commercial Financing Project Development Risk Management @
Audit
Partnerships with project developers, • Develop project preparation • Good corporate governance in
financing institutions, Multilateral facilities through & pool experts accordance with GCG principles
Financial Institutions, KPPIP, and other (consultant)
Government Agencies. • Prudent risk management: creation
• Acting as the main guard in the of risk management guidelines, Risk
Funding and support for projects in formulation of outcome-based & Compliance Manager (URCM),
the Central and East regions. performance indicators (KPI) and implementation of Environmental
linking them with SDG targets; Social Safeguard
Development of new financing
products includes: • Strengthening capacity building • Enhancement of Enterprise Risk
programs for Regional Financing & Management Governance Process
• Standby Financing Business Entity Cooperation (PPP) (including gap analysis)
• Together with consulting services, in this case so that the person in
develop innovative financing charge of the project can cooperate • The effectiveness of internal control
products for Staple Financing & with the private sector in the future. through the making of guidelines for
Product Guarantee various activities of the Company, the
• Collaboration with multilateral assessment process and self assessment
/ bilateral institutions in the control
creation of innovative and
thematic financing products in • Risk mitigation to suppress NPLs
the field of climate change for includes: process improvements on the
adaptation and mitigation. front-end (revised financing guidelines &
SLA, EWS), middle-end (strengthening
monitoring), back-end (restructuring,
establishment of adequate CKPN)
Integrity - Service Excellence -Partnerships -

Annual Report 2018
Sharia Business Advisory Operasional & Human Capital
• Together with Financing and • Adjustment of organizational

• Sharia products cross-
Investment, developing Staple structure to support business needs
selling
Financing financing products, • HR planning and development
• Dual engine booking
primarily striving for risk mitigation program (Career Path Development)
• Syndicated financing
for project preparation which will • Training & Recruitment
• Alternative leveraging of
become a financing pipeline; • Reward management & retention
Sharia funding
• Increasing the focus of service on program
• Tapping the funds of
the social infrastructure sector; • Shared KPI
multilateral / bilateral
• Development of credit • Development of a management
institutions
enhancement for crowding in the information system unit, automation,
• Product development
market e-procurement
includes: Credit guarantee,
• Establishment of investment • Scriptless business process
Ijarah indent and MMOB
management unit..
Local Financing Funding & Treasury Fund Management
• Increasing the Regional Financing • Conformity between assets - liability

project pipeline and expanding the • Suppressing the Cost of Fund - Gapping Strategy
scope of the debtor (BLU, PTNBH • Diversification of funding sources
and Foundation); • ALM Optimization
• Maintain lending rates in order • Asset re-allocation
to remain competitive primarily • Product Development
through the use of Government • Mobilization of long-term sources of domestic funds
Guarantee support.
Resilience - Innovation - Trust

Annual Report 2018

HIGHLIGHTS
Financial Highlights
In Rp millions, except Financial ratios
2018 2017 2016 2015 2014
Revenue*) 3,810,445 3,032,699 2,178,715 719,355 571,412
Operating Expense 1,990,573 1,483,310 794,476 367,747 313,798
Profit (Loss) from Jointly

(12,885) (24,487) 30,538 18,294 33,950
Controlled Entities
Profit Before Income Tax 1,815,295 1,534,694 1,426,292 365,327 290,129
Net Profit 1,531,110 1,262,008 1,212,803 305,389 244,663
Comprehensive Income 1,525,737 1,728,004 1,243,035 289,906 239,725
Project Development
45,697 21,134 34,686 11,616 31,818
Finance Revenue
Loan Receivables - Nett**) 45,611,115 33,323,778 32,648,418 19,708,455 6,577,242
Investments 3,498,777 2,759,169 690,751 662,422 644,983
Total Assets 62,493,191 55,385,896 44,332,137 32,714,276 9,169,501
Total Liabilities***) 26,917,301 21,064,743 13,496,427 7,281,601 4,383,332
Total Equity 35,575,890 34,321,153 30,835,710 25,432,674 4,786,168
Cash Flow from (used in)

(10,012,815) 425,535 (11,952,395) (3,730,926) (592,725)
Operating Activities

Annual Report 2018
2018 2017 2016 2015 2014

(2,222,194) (2,293,696) 3,940,347 (6,090,653) 135,909
Investing Activities

4,435,961 9,176,793 10,329,406 14,108,217 1,368,538
Financing Activities
Cash and Cash Equivalents 7,599,091 15,398,139 8,089,506 5,772,147 1,485,509
Financial Ratios
Return on Investment 2.96% 2.91% 3.57% 3.01% 3.21%
Return on Assets 2.45% 2.36% 3.01% 2.47% 2.67%
Return on Equity****) 4.50% 4.06% 4.75% 6.40% 5.39%
Cost Efficiency Ratio (CER) 18.22% 18.65% 15.50% 32.23% 30.20%
Productivity (Net Profit/

5,354 4,835 5,117 1,829 2,845
Employee) - Rp million
*) Operating Income is presented net after deducting Final Tax
**) Position in the Financial Position Report, after deducting Reserves for Impairment Losses (CKPN)
***) Total Liabilities in 2018 include Temporary Syirkah Funds - Sukuk Mudharabah amounting to Rp1 Trillion
****) Returns on equity are totally different from calculations with return on equity on KPI
Annual Report 2018

HIGHLIGHTS
Revenues Total Equity

In Rp million In Rp million
3,810,445 35,575,890
2018 2018
3,032,699 34,321,153
2017 2017
2,178,715 30,835,710
2016 2016
719,355 25,432,674
2015 2015
571,412 4,786,168
2014 2014
Total Assets Net Profit

62,493,191 1,531,110
2018 2018
55,385,896 1,262,008
2017 2017
44,332,137 1,212,803
2016 2016
32,714,276 305,389
2015 2015
9,169,501 244,663
2014 2014

Annual Report 2018
Financing Commitment*) Financing Outstanding*)

77,187 46,706
2018 2018
52,205 34,092
2017 2017
47,583 33,060
2016 2016
23,322 18,599
2015 2015
8,065 6,697
2014 2014
Investments
In Rp million
3,498
2018
2,759
2017
691
2016
662 *) Gross / not including CKPN and includes

2015 Subordinated Financing
645
2014
Shares Highlights
PT SMI is not a listed company hence until the publication of this 2018 Annual Report the Company
does not submit reports on the Share Highlights.
Annual Report 2018

HIGHLIGHTS
Bonds Highlights
Bonds Highlights 2014
Tenure Maturity Bonds
Bonds Outstanding Coupon Objectives
(Years) Date Rating
Financing for
Sarana Multi Infrastruktur June 11,
Rp100 billion 3 9.60% idAA+ infrastructure
Bond I Serie A 2017
projects
Financing for
Sarana Multi Infrastruktur June 11,
Rp900 billion 5 10% idAA+ infrastructure
Bond I Serie B 2019
projects
5 Largest Bond Holders

No. Name %
1 BPJS Ketenagakerjaan 29.0%
2 PT Taspen (Persero) 17.4%
3 PT Bank Rakyat Indonesia (Persero)-Divisi Treasury 6.6%
4 DP Bank Indonesia 4.8%
5 BRI Retirement Funds 3.6%
Bond Holders by Investor Types

No. Name %
1 Jamsostek 29.0%
2 Pension Fund 27.7%
3 Taspen 17.4%
4 Bank 9.9%
5 Mutual Fund 5.5%
6 Insurance 5.0%
7 Limited Liability Companies 3.0%
8 Foundations 2.4%
9 Individual 0.1%
Total 100.0%

(year) Date Rating
Sarana Multi Infrastruktur Rp2,298 Nov 18, Financing for infrastructure
3 7.85% idAAA
Bond I Phase I 2016 Serie A billion 2019 projects
Sarana Multi Infrastruktur Rp1,328 Nov 18, Financing for infrastructure
5 8.20% idAAA
Bond I Phase I 2016 Serie B billion 2021 projects
Sarana Multi Infrastruktur Rp700 Nov 18, Financing for infrastructure
10 8.65% idAAA
Bond I Phase I 2016 Serie C billion 2026 projects
Sarana Multi Infrastruktur Rp674 Nov 18, Financing for infrastructure
15 8.90% idAAA
Bond I Phase I 2016 Serie D billion 2031 projects

Annual Report 2018
Bonds Highlights

No. Name %
1 PT Maybank Indonesia 22.0%
4 PT Bank Central Asia 6.0%
5 Citibank Singapore S/A Monetary Authority of 5.4%
Singapore

No. Name %
1 Bank 40.2%
2 Jamsostek 16.8%
3 Foreign 8.8%
4 Taspen 8.6%
5 Mutual Fund 7.8%
6 Insurance 7.2%
7 Pension Fund 6.4%
8 Limited Liability Companies 2.2%
9 Indonesian Government 1.5%
10 Individuals 0.3%
11 Co-operatives 0.2%
Total 100.0%

(year) Date Rating
Nov 25, Augmenting National
Sarana Multi Infrastruktur
Rp1.2 trillion 1 6.15% 2018 idAAA infrastructure projects
Bond I Phase II 2017 Serie A
capacity
Augmenting National
Sarana Multi Infrastruktur Nov 15,
Rp4.5 trillion 3 7.40% idAAA infrastructure projects
Bond I Phase II 2017 Serie B 2020
capacity
Nov 15, Augmenting National
Sarana Multi Infrastruktur
Rp1.3 trillion 5 7.60% 2022 idAAA infrastructure projects
Bond I Phase II 2017 Serie C
capacity
Annual Report 2018

HIGHLIGHTS
Bonds Highlights

No. Name %
2 Government of Singapore 21.4%
3 Eastspring Funds 5.4%
4 PT Maybank Indonesia 5.0%
5 PT Bank Central Asia 4.3%

No. Name %
1 Foreign Institutions 28.9%
2 Banks 25.4%
3 Reksa Dana 13.2%
4 BPJS & Taspen 12.9%
5 Insurance 12.7%
6 Retirement Funds 4.3%
7 Others 2.7%
Total 100.0%

Bonds Oiutstanding Coupon Objectives
(year) Date Rating
Sarana Multi
Financing or refinancing
Infrastruktur Green Rp251.5
3 7.55% July 6, 2021 idAAA environmentally-friendly
Bond I Phase I 2018 billion
projects
Serie A
Sarana Multi
Financing or refinancing
Infrastruktur Green Rp248.5
5 7.80% July 6, 2023 idAAA environmentally-friendly
Bond I Phase I 2018 billion
projects
Serie B

Annual Report 2018
Bonds Highlights
Sarana Multi Projects financing,

Infrastruktur Sukuk Sharia-schemed
Rp680.0
Mudharabah I Phase I 3 7.55% July 6, 2021 idAAA infrastructure
billion
2018 Serie A investment, and
advisory activities.
Sarana Multi Projects financing,
Infrastruktur Sukuk Sharia-schemed
Rp320.0
Mudharabah I Phase I 5 7.80% July 6, 2023 idAAA infrastructure
billion
2018 Serie B investment, and
advisory activities.
Sarana Multi
Dec 14, Financing for
Infrastruktur Bond I Rp846 billion 1 8.20%
2019 Infrastructure projects
Phase III 2018 Serie A
Sarana Multi
Rp199.25 Financing for
Infrastruktur Bond I 3 8.70% Dec 4, 2021
billion Infrastructure projects
Phase III 2018 Serie B
5 Largest Bond Holder

No. Name %
1 Education Funds Management Institution 40%
2 Reksa Dana Insight Infra Development (I-Infra) 13%
3 Reksa Dana Mandiri Investa Dana Pendapatan
Optimal 10%
4 PT Bank Maybank Indonesia 7%
5 PT Penjaminan Infrastruktur Indonesia (Persero) 5%
Annual Report 2018

HIGHLIGHTS
Bonds Highlights

No. Name %
1 Indonesian Government 40.0%
2 Mutual Fund 36.4%
3 Banks – Domestic 9.0%
4 Retirement Funds 7.8%
5 Infrastructure Guarantee Company 5.0%
6 Insurance 1.6%
7 Individuals – Domestic 0.2%
Total 100.0%

Annual Report 2018
Event Highlights
January
15 The signing of a Syndicated Financing

Agreement amounted to Rp1 trillion for
Salatiga Kartasura Toll Road Construction.
23 Financing Agreement signing between PT
SMI and Lampung Provincial Government
amounted to Rp600 billion for road
construction.
25 The signing of a Financing Agreement

between PT SMI and PT Petrosea Tbk for
16 PT SMI participated as a speaker in the
Green Bond Technical Workshop organized
the Offshore Supply Base project in Sorong by the Ministry of Finance, World Bank,
OJK, and SECO.
Annual Report 2018

HIGHLIGHTS
Event Highlights
February March
7 The signing of the Assignment

Implementation Agreement between the 1 The signing of the financing
agreement for roads
Ministry of Finance and PT SMI as well as the and bridges construction
Facility Implementation Agreement between between PT SMI and the
the Mayor of Medan and PT SMI RSUD dr. regency government of
Pirngadi Medan City PPP Project. Abab Lematang Ilir.
13 The signing of PT SMI

Financing Agreement 14 The signing of Bandar
Lampung SPAM PPP 23
The inauguration of Desa
Bakti untuk Negeri, PT SMI’s
CSR which is an integration of
with Musi Banyuasin Agreement that benefits
environmental preservation,
Regency Government around 300,000 residents. water sources revitalization,
for the roads and transportation facilities
bridges construction. constructions, and village
governance, as well as the
strengthening of the village
economy.

Annual Report 2018
Event Highlights
9 The signing of the financing

agreement between PT SMI 15 The Nawabakti Celebration,
9 years PT SMI “Membangun
Negeri Kita Bisa”
and the Way Kanan regency
government for roads and
bridges constructions.
20 MoU signing between

PT SMI and PT Bank UOB
26 Financing agreement
signing between PT SMI
with PTPN XI for PG
Indonesia to support the Assembagoes Biomass
realization acceleration Power Plant worth
of various infrastructure Rp206.506 billion.
projects in Indonesia.
Annual Report 2018

HIGHLIGHTS
Event Highlights
April
5 Public Consultation on Medan City

Transportation PPP Project. In this project, PT 5 The signing of PT SMI Financing Agreement
with PTPN XI for the PG Djatiroto Biomass
SMI provided assistance from the preparation Power Plant worth Rp263.791 billion
of AMDAL documents, organizing public
consultations, exploring market interests
until the completion of Final Business Case
Documents.
6 The signing of the Syndicated Financing

Agreement for the Batang - Semarang Toll
Road Construction Project of Rp.7.7 trillion.
23 The signing of the Green Bond OJK Registration
I Document and 2018 PT SMI Sukuk.

Annual Report 2018
Event Highlights
May
8 SMI Goes to School, PT SMI employees actively

participated in sharing and teaching in 9 16 PT SMI shares the knowledge and participates
in building younger generation through the
elementary schools in Wakatobi, Southeast Asian Financial Leaders Program held by
Sulawesi. the Post-Graduate of UI.
June
8 The signing of the Financing Agreement

between PT SMI and PT Krakatau Bandar 6 PT SMI acted as the Lead Transaction
Advisor in assisting the Ministry of
Samudera for the financing of a pier worth Communication and Information through
Rp.217.6 billion. BAKTI (Telecommunications and Information
Accessibility Agency) for Government Multi-
Function Satellite PPP Projects.
Annual Report 2018

HIGHLIGHTS
Event Highlights
July
10 The listing of PT SMI Green Bonds and Sukuk.

between PT SMI and PT Mega Hydro Energy
for the Mega Hydro Power Plant with 9,99MW
capacity in Lebong Regency, Bengkulu.
30 The signing of the

financing agreement 31 The signing of the
Syndicated Credit
between PT SMI and Agreement for the
the Ogan Komering Ulu construction of Jakarta
Regency Government Cikampek II (Elevated)
for the construction of a Toll Road worth Rp.
regional hospital. 11,363 trillion.

Annual Report 2018
Event Highlights
August
2 The signing of the financing agreement

between PT SMI and PT Marga Sarana Jabar
in the amount of Rp660 billion for Section 2B
22 The signing of Mudharabah PLN Syndication
Agreement amounted to Rp.4.4 trillion and the
Conventional Financing Facility amounted to
Bogor Ring Road Toll Road. Rp9 trillion
29 The inauguration of Konawe General Hospital,

Southeast Sulawesi Province, which uses PT
SMI Regional Loan facility, by the Minister
of Finance of the Republic of Indonesia, Sri
Mulyani Indrawati.
Annual Report 2018

HIGHLIGHTS
Event Highlights
September
6 MoU signing between PT SMI and PT Geodipa

in the IIGCE 2018 event. 17 The signing of PT Lintas Marga Sedaya, Cipali,
Syndicated Credit Agreement, amounted to
Rp9 trillion.
26 The acceptance of 2 award recognitions

from Infobank Award in BUMN category for
Excellent Performance 2017 and for Excellent
28 Corruption Prevention Education, through a
Gratification Prevention Workshop with KPK
Performance for the period 2013-2017, in

Jakarta.

Annual Report 2018
Event Highlights
October
3 The signing of USD100 million of Conventional

and Sharia Credit Facility Agreement and Sharia 4 The acceptance of 3 awards in the 2018 TOP
CSR Award event, for the category TOP Leader
Hedging Facility between PT SMI and PT Bank on CSR Commitment, TOP CSR Infrastructure
Maybank Indonesia. sector, and TOP CSR - Perahu Pustaka Program,
Jakarta.
5 The launch of SDG Indonesia One, as an

integrated funding platform to support the 13 The acceptance of the Award as Asia’s Most
influential Companies at the Asia’s Corporate
development of infrastructure that is oriented Excellence & Sustainability Award event,
towards sustainable development (Sustainable Singapore.
Development Goals).
Annual Report 2018

HIGHLIGHTS
Event Highlights
October
5 The signing of the Syndication Financing

Agreement for the construction of the Trans 11 The signing of the Syndicated Financing
Agreement to PT Hutama Karya worth Rp4.5
Java Toll Road, Pasuruan - Probolinggo section trillion and Rp14.3 trillion to support the
worth Rp.2.29 trillion. construction of the Trans Sumatra Toll Road.
14 PT SMI participated in Annual Meeting IMF-

World Bank 2018. 31 MoU signing between PT SMI and
Deutsche Gesellschaft fur Internationale
Zusammenarbeit GmbH in the Framework of
SUTRI NAMA.

Annual Report 2018
Event Highlights
November
14 The signing of the Financing Agreement with

PT Telekomunikasi Indonesia amounting to
Rp1 trillion to finance Satelit Merah Putih
21 The signing of the Investment Financing
Agreement to support the development of an
airport amounted to Rp1.5 trillion between PT
and telecommunications infrastructure in SMI and PT Angkasa Pura II (Persero).
Indonesia.
21 The acceptance of 2 Awards at the 2018 BUMN

Branding and Marketing Award event, for the
Best Brand Communication category and Best
between PT SMI and PT Brantas Cakrawala
Energi for the Sako 6 MW Minihidro Power
CEO for Corporate Reputation Development, Plant Project, Pesisir Selatan Regency, West
Jakarta. Sumatra.
Annual Report 2018

HIGHLIGHTS
Event Highlights
December
3 Kick-off Meeting
the preparation of the
Banjarbaru City, South
for
12 The
the
inauguration
West
of
Semarang
SPAM project with the
13 Market Sounding of PPP
Hang Nadim Airport Project
Batam.
Kalimantan Market Project Minister of Finance of the
through the RIDF-PDF Republic of Indonesia,Sri
Facility funded by the World Mulyani Indrawati and
Bank Grants. PUPR Minister, Basuki
Hadimuljono.
17 The GMS, Corporate Plan, and

Work & Budget Plan PT SMI 2019 18 The signing of the Investment Financing
Agreement with PT Angkasa Pura I amounted
to Rp2.5 trillion.

Annual Report 2018
Event Highlights
19 The acceptance of an Award from Investor

Magazine as An Innovative Figure for 21 The signing of the syndicated financing for
Balikpapan-Samarinda Toll Road Section
Infrastructure Financing 2018, Jakarta. construction at Rp6.98 trillion.
21 The signing of the syndicates loan facility for

the 2x50MW PLTU Sulut-3 project amounted
to USD157.98 million with PT Minahasa
31 The signing of the Mandalika Urban & Tourism
Infrastructure Project (MUTIP) Financing
Agreement worth USD248.4 million from the
Cahaya Lestari. Asian Infrastructure Investment Bank (“AIIB”)
for infrastructure development in the Special
Economic Zone. This project has received the
financial advisory services from PT SMI for the
funding process.
Annual Report 2018
Management
HIGHLIGHTS
Report
in 2018, as a mandate from the government of

republic of indonesia through the ministry of
finance, the company enacts an important role as
the implementing agency for sdg indonesia one. an
integrated platform to collaborate funding from
various sources for the financing of sdg oriented
projects in indonesia.

Annual Report 2018
Annual Report 2018

HIGHLIGHTS
Board of Commissioners’
Report
The Company has shown more successes
in playing its role as a catalyst for
infrastructure development acceleration.
The Company’s innovative capacity to
design more bankable infrastructure
financing schemes and to match the
needs of projects in the field have
attracted more participation from
financial and banking institutions as
well as investors to provide adequate
financing. Furthermore, going forward
the Company will have a more strategic
role in sustainable development, as it is
building its readiness to perform as an
implementing agent of SDG Indonesia
One platform.

Annual Report 2018
Mahendra Siregar*
President Commissioner
& Independent Commissioner
*Served until 4 April 2019
Annual Report 2018

HIGHLIGHTS
Board of Commissioners’ Report
Assalaamu’alaikum Wr. Wb.

Dear Distinguished Shareholders and
Stakeholders,
We extend our gratitude to God the Almighty for His Indonesian economy grew by 5.17%, or higher than
blessings that enabled PT Sarana Multi Infrastruktur 5.07% in the previous year, and performed fairly well
(Persero) to successfully overcome the many challenges across other macroeconomic indicators compared to the
presented in 2018 and delivered an overall solid other countries in the region. Inflation rate was under
performance. Concluding the 2018 financial year, control at around 3.13% from 3.61% in the previous
please allow us to present the report from the Board year, while BI-7 day Reverse (Repo) rate increased in a
of Commissioners on its supervisory function of the scalable manner to around 6.0% as a response to The
Company’s performance for the financial year ended on Fed’s increased interest rate. Indonesia’s foreign exchange
31 December 2018. reserve remained high at US$120.65 billion compared to
US$130.20 billion as of the end of 2017, which indicated
The infrastructure development in Indonesia has some economic pressure.
continued to escalate, as more financing and banking
institutions as well as investors are actively participated in Nevertheless, it is encouraging to see that in terms of
infrastructure funding. This indicates PT SMI’s success in quality, investment conditions in Indonesia kept on
acting as a fiscal tool and a catalyst for the acceleration improving, as indicated by the Investment Grade awarded
of infrastructure development in Indonesia. Given the by three international rating agencies, namely Fitch
increasing number of infrastructure financing structure Ratings, Moody’s and Standard & Poor’s to Indonesian
models that the Company managed to close and the external debt. Apart from these ratings, the Government’s
strong support from all stakeholders, we view that PT various efforts to improve investment conditions have
SMI has become more prepared to take a bigger role in resulted in other qualitative improvements, namely
supporting the nation development. Indonesia’s increased global competitiveness. Indonesia
ranked 45th in the Global Competitiveness Index issued
ECONOMIC AND INFRASTRUCTURE SECTORS by the World Economic Forum in October 2018, or
up by two positions from 47 in the previous year. The
CONDITION IN 2018 competitiveness index was established to understand the
The global economic condition in 2018 was less global competitiveness landscape, in line with Industrial
conducive to growth and presented many uncertainties Revolution 4.0.
and challenges. This was mainly due to The Fed’s
continuing normalization program and trade dispute These improvements in business conditions have enabled
between the United States and China. As a result, the national infrastructure sector to continued improving
growth realization in major countries in the world was rapidly. In addition, the Government has been consistent
corrected and the global economic growth did not meet in realizing the national infrastructure development
the predicted target. Indonesia, however, continued to programs as set forth in the 2015-2019 National
render a positive growth rate on the back of its domestic Medium-Term Development Plan (RPJMN). Other efforts
consumption which remained consistently strong, the include the designing of National Strategic Project (PSN)
continuing increase in domestic investment driven from development in line with the Presidential Regulation No.
massive infrastructure development activities, and solid 3 of 2016 and the amendment thereto in Presidential
national macroeconomic condition. Regulation No. 58 of 2017, and the assigning of 37
projects with high economic impacts as Priority Projects
in accordance with the Regulation of the Minister of
Economics No. 5 of 2017.

Annual Report 2018
company performan 2018 The completion of Trans Java Toll Road that extends from
PT SMI in general has continued to improve the Cilegon to Merak and Surabaya is another testament
performance of its role as a catalyst for infrastructure to this success. This project is now fully operational and
development in Indonesia. The Company’s contribution will be followed by another phase that connects the toll
in initiating and facilitating the involvement of other road to Banyuwangi. Some parts of the road were built
financial institutions, banking sector, and potential with financing support from PT SMI. Moreover, PT SMI
investors to actively participate in developing various has successfully resumed infrastructure projects that
infrastructure means and facilities across Indonesia are were significantly delayed by initiating new financing
becoming more notable. The involvement of these parties schemes and inviting the participation of other financing
is getting more massive, as evident in the realization of institutions. Today, some of these projects have been
various infrastructure projects that are performing well, officially operational.
despite their previous delay due to bankability issues.
Todate, together with other relevant ministries, PT SMI
In addition to successfully creating innovative has entered a new phase of being the implementing
infrastructure financing products and improving the agent for SDG Indonesia One framework, an integrated
bankability of infrastructure projects, PT SMI in 2018 have multinational funding cooperation platform to support
also entered a new phase, as it has assumed a duty as infrastructure development projects, which are oriented
an implementing agent of SDG Indonesia One platform towards the attainment of Sustainable Development
initiative. Goals in Indonesia. PT SMI has set a target to achieve
15 out of 17 goals of the Sustainable Development
Performance as a Catalyst for the Goals (SDGs). This framework is supported by a funding
Acceleration of National Infrastructure commitment from various multinational institutions,
Development such as Green Climate Fund (GCF), Agence Française de
Développement (AFD), GEF, KFW, Geothermal Energy
The national infrastructure development has been Upstream Development Project (GEUDP), the World
realized more intensely in the last few years and so does Bank, and others. The cooperation and trust from these
PT SMI’s involvement in strategic projects assigned by international financing institutions will increase PT SMI’s
the government. It is encouraging to see that there have capability in accelerating infrastructure development in
been more infrastructure projects that are independently Indonesia.
performing from the government’s budget support.
With these achievements, the management in 2018 has
These changes are evidence of PT SMI’s success in playing successfully scored the Company Soundness level of
its role as a catalyst for infrastructure development 102.53, or classified into Green category of SOE.
acceleration. It has indicated the Company’s improved
capability in designing more bankable infrastructure Financial Performance in 2018
financing schemes and its success in creating innovative Financially, the Company performed fairly well in 2018.
infrastructure financing products and in performing PT SMI recorded a net profit of Rp1.53 trillion, or up by
its mandate as a catalyst, thereby attracting financial 21.32% from Rp1.26 trillion in the previous year. While,
and banking institutions as well as investors to provide the Company’s total assets in 2018 increased to Rp62.49
adequate financing. trillion, or up by 12.83% from Rp55.39 trillion in the
previous year.
Annual Report 2018

HIGHLIGHTS
In 2018, the Company achieved a historical milestone The Company was also successful in performing its
of becoming the first issuer of Green Bonds in Indonesia mandate to support the acceleration of infrastructure
amounted to Rp500 billion, which was part of Green financing through its role as an enabler from the
Bonds Shelf Registration Bonds amounted to Rp3 trillion. realization of various infrastructure projects assigned by
It was awarded Medium Green rating by the Center for the Government, in particular infrastructure projects of
International Climate Research (Cicero) and id AAA (Triple the Regional Governments that previously attracted less
A) rank by PT Pemeringkat Efek Indonesia (Pefindo). In investors and financial institutions in Indonesia.
terms of financing, the Company also successfully issued
Sukuk Mudharabah amounted to Rp1 trillion in tranche In addition, the Company in 2018 managed to launch
I-2018, which was part of Sukuk Shelf Registration Bonds, several new innovative infrastructure financing products,
which planned for a total amount of Rp3 trillion and rated namely: Take Out Financing, Step up Musyarakah
id AAA (Triple A) by Pefindo. Mutanaqisah (MMQ), Ijarah Mausufah Fiz Zimmah (IMFZ),
and Cash Deficiency Support (CDS), which have met the
These achievements indicated that the business infrastructure financing needs. One sharia-based facility,
strategy implemented by the Board of Directors is Step up Musyarakah Mutanaqisah (MMQ), has even been
indeed appropriate. The implementation of financing applied in the financing of Pasuruan-Probolinggo Toll
governance was also performed well and so the Board of Road Project.
Commissioners appreciates the Company’s performance
in 2018. The Board of Commissioners shares the opinion of several
national independent institutions that forecast a bright
future for sharia economy, including sharia financing.
Operational Performance Having developed sharia-based innovative products, PT
The Company in 2018 successfully recorded a substantial SMI’s business development potentials will only grow
growth of financing commitment reaching Rp77.19 extensively. The Board of Commissioners would like to
trillion, or up by 47.85% from Rp52.20 trillion in the express its highest appreciation for these operational
previous year. During 2018, the Company financed several achievements.
infrastructure projects included in the National Strategic
Projects (PSN), the National Medium-Term Development
Plan (RPJMN) Projects, and the National Priority Projects,
BUSINESS OUTLOOK
In reference to the opinion of Bank Indonesia, the World
with toll road sector taking the biggest portion.
Bank, Asian Development Bank and international and
national financial institutions, global economic growth in
In 2018, the portion of equity investment including joint
the coming year is predicted to be relatively restrained, due
venture investment increased, particularly in the shares
to the trade dispute and The Fed’s normalization program
investment of Available for Sale (AFS) in PT Jasa Marga
taht are potentially ongoing. As such, the global trade
Pandaan Malang (JPM) which increased by Rp33,697
volume will be relatively constrained. This condition will
million and on PT Waskita Toll Road (WTR) increased
create a pressure on the national economic development,
by Rp732,867 million. The total achievement of equity
in particular the trade balance. However, given high
investment in 2018 amounted to Rp3.50 trillion, up
domestic consumption, strong macroeconomic condition
from the previous year (2017) of Rp2.76 trillion. This
and improved inter-region connectivity, Indonesia is
achievement proves that the Company always manages
predicted to enjoy a moderate growth at around 5.20%
challenges to become opportunities that will continue to
to 5.40%.
be optimized to encourage future business sustainability,
including increasing the portion of equity investment
from year to year.

Annual Report 2018
The Government’s infrastructure expenditure is predicted of Commissioners regularly holds a joint internal meeting,
to remain high with additional budget allocation for HR which is mandatory to all members of both the Board
development. Coupled with macroeconomic condition of Directors and the Board of Commissioners. In these
remaining robust and stable, the private sector’s meetings, we discuss the development of the Company’s
interest in realizing delayed expansion plan is expected condition, provide suggestions, recommendations and
to consistently improve. As a result, activities in the advices to the Board of Directors in overcoming any
infrastructure sector and the manufacturing of import issues, and establish various policies that are beyond the
substitution products are expected to grow stronger. authority of the Board of Directors.
Against the backdrop of this situation, the Company
should expect greater challenges; at the same time, the In 2018 the Company held several joint meetings in
Shareholders will raise its expectation for the Company to response to the increasing challenges to overcome.
continue growing as a credible, resilient, and reputable
institution to support infrastructure development.
GOOD CORPORATE GOVERNANCE
We would like to convey our mandate to the Board of
The Company will also need to better anticipate
Directors to continue enhancing the quality of its Good
the increased intensity of regional infrastructure
Corporate Governance, which will ultimately be reflected
development by improving its project preparation
in the implementation of GCG basic principles as part
service for disadvantaged areas. The Company should
of the day-to-day business operations. The Board of
also expect intense activities around the preparation for
Commissioners fully supported the implementation
the establishment of Indonesia Development Funding
of various programs to increase the quality of good
Institution (LPPI) and this should serve as the Company’s
governance implementation which were carried out in
development direction in 2019 and in the coming years.
2018, including: improvement of various guidelines,
The development of LPPI is an important initiative given
renewal of Employee’s Integrity Pact, and the drafting of
the growing expectation of scaling up PT SMI’s role in
Risk Appetite Statement as part of the effort to improve
the national development, on the back of the Company’s
the quality of risk management and mitigation.
proven successes in exercising its mandate.
We believe that, once finalized, the Risk Appetite

To the Sharia Business Unit and the Sustainable
Statement will improve risk management and mitigation
Financing Division, the Board of Commissioners would
quality. The Company will have many benefits to
like to mandate for their improved performance. Their
experience from a better risk mitigation, other than being
achievements would contribute to augmenting the
able to better avert its key risks, PT SMI will also be able
Company’s role in the infrastructure sector and the
to explore other business opportunities. With respect to
attainment of SDGs.
this risk management, the Board of Commissioners fully
supports the completion of various initiatives to improve
SUPERVISORY AND ADVISORY PERFORMANCE the quality of risk management, which include improving
the communication aspect with the Risk Taking Division,
FOR THE BOARD OF DIRECTORS as risk culture and risk awareness increases. This will
The Board of Commissioners is fully committed to
better ensure the success of each risk-mitigating effort
perform its function to supervise the management’s
under the enterprise risk management framework.
policy implementation, the Company’s management
and operational mechanism carried out by the Board of
Directors and to provide the best possible directions to the
Board of Directors. In performing this function, the Board
Annual Report 2018

HIGHLIGHTS
We also fully support the implementation of the Based on this assessment, the Board of Commissioners
whistleblowing system and awareness on gratification views that despite their limitations, the committees
prevention by inviting a guest speaker from the Corruption have performed their duties and obligations well and in
Eradication Commission. This is part of PT SMI’s efforts of full dedication. However, given the increased intensity
preventing the occurrence of any corruption crime or any of infrastructure development in Indonesia, the Board
other fraud. The Board of Commissioners views that this of Commissioners gives a mandate to improve the
is vital, considering such wrongdoings are behind most competency and the quality of support of all Committees
of the many projects that were halted and low quality under the Board of the Commissioners.
projects. The Board of Commissioners is committed to
improve its supervisory of the implementation of said
prevention mechanism.
CHANGES IN THE COMPOSITION OF THE BOARD OF
COMMISSIONERS
In accordance with the Decree of the Minister of Finance
BOARD OF COMMISSIONERS’ COMMITTEES of the Republic of Indonesia as a Shareholder of the
PERFORMANCE ASSESSMENT Company in lieu of Extraordinary Meeting of Shareholders
As of the end of 2018, the Board of Commissioners (RUPSLB) on 5 June 2018, there were several changes in
had two committees, namely Audit Committee and Risk the composition of the Board of Commissioners in 2018,
Monitoring Committee. While in accordance with the as the term of service of Langgeng Subur ended and Dini
Financial Services Authority (POJK) Regulation No. 34 Kusumawati joined the Board.
of 2015, the nomination and remuneration function is
performed by the Board of Commissioners. As such the members of the Board of Commissioners
remain 5 members, including 2 Independent
The Board of Commissioners consistently assesses the Commissioners. This is in line with the FSA’s requirements
performance of its committees. The key assessment that 30% members of the Board of Commissioners shall
criteria included the recommendations and performance be independent commissioners.
of the duties assigned by the Board of Commissioners.
The Composition of the Board of Commissioners
following the EGMS is as follows:
1. Mahendra Siregar, President Commissioner and
Independent Commissioner
2. Dini Kusumawati, Commissioner
3. Wahyu Utomo, Commissioner
4. A. Kunta Wibawa Dasa Nugraha, Commissioner
5. Sukatmo Padmosukarso, Independent Commissioner

Annual Report 2018
In relation to these changes, on behalf of the Board of We would also like to extend our gratitude for the trust
Commissioners, we would like to extend our appreciation given by the shareholders, for the advice and full support
for the dedication and contribution of Langgeng Subur from all stakeholders, which have enabled the Company
for the development of the Company’s business. to present the best result in supporting the nation
development. We hope upon God, the Most Benevolent
and Compassionate, will continue to bestow us with His
APPRECIATION blessings.
In conclusion, we would like to take this opportunity
to express our gratitude to God the Almighty for the
Finally, we encourage the Board of Directors, the
Company’s success throughout 2018, a year which
management, and all employees who have given their
was full of dynamics and challenges. Derived by solid
hard work during 2018 to maintain the commitment to
performance, the Company is able to attain a stronger
make the Company as a highly competitive enterprise
foundation to anticipate and overcome challenges in
and one that continually contributes to the development
the future. All of these achievements are attainable
of the State and the Nation of Indonesia.
because of the hard work and strong dedication of the
Board of Directors and the entire ranks of the Company’s
employees.
Jakarta, March 2019

On behalf of the Board of Commissioners
Mahendra Siregar* Wahyu Utomo**

President Commissioner Commissioner

**Served as Commissioner until 4 April 2019. Appointed as President
Commissioner since 5 April 2019
Annual Report 2018

HIGHLIGHTS
A. Kunta Wibawa Dasa Nugraha Mahendra Siregar* Dini Kusumawati

Commissioner President Commissioner Commissioner

Annual Report 2018

**Served as Commissioner until 4
April 2019. Appointed as President
Commissioner since 5 April 2019
Sukatmo Padmosukarso Wahyu Utomo**

Commissioner
Annual Report 2018

HIGHLIGHTS
Report of the Sharia

Supervisory Board
The Sharia Supervisory Board of PT SMI has

issued several Sharia Opinions pertaining to the
release of two sharia-based financing products,
syndicated financing scheme for toll road
construction project, sharia hedging, and the
Mudharabah sukuk issuance. The sharia hedging
financing scheme was one of the largest sharia-
based hedging by value in Indonesia.

Annual Report 2018
Adiwarman Azwar Karim

Chairman of Sharia Supervisory Board Munifah Syanwani
Member of Sharia Supervisory Board
Annual Report 2018

HIGHLIGHTS
Report of the Sharia Supervisory Board
Assalamualaikum wr.wb
Bismillahirrahmanirrahim
All praise is due to Allah SWT, the Most Beneficent and Performance in 2018
Merciful. It is our prayer that all of us will remain in His In 2018, the Sharia Supervisory Board of PT SMI has issued
mercy and protection. Allow us to take this opportunity several Sharia Opinions pertaining to the release of two
to share PT Sarana Multi Infrastruktur (Persero) 2018 sharia-based financing products, syndicated financing
Sharia Supervisory Board Report. scheme for toll road construction project, sharia hedging,
and the Mudharabah sukuk issuance. The sharia hedging
The Sharia Supervisory Board shares our view that the financing scheme was one of the largest sharia-based
sharia business activities carried out by the Company are hedging by value in Indonesia.
in accordance with the Sharia Supervisory Board Opinion,
the fatwa of the National Sharia Council - the Indonesian The Sharia Supervisory Board has carried out its functions,
Ulema Council, and other provisions, including sharia duties and responsibilities in supervising the new Sharia
principles in the capital market. products and activities development process of the
Company, conducting sharia review, as well as providing
opinions on new products and fund raising activities and
Sharia Supervisory Board Activities in 2018 financing based on Sharia principles and good corporate
In line with the Financial Services Authority (OJK) governance while continue implementing the principle
regulation No. 15/POJK.04/2015, the Sharia Supervisory of prudence, transparency, accountability, responsibility,
Board monitors PT SMI sharia activities by: independence and fairness.
1. Providing Sharia Opinions for the sharia-based
products and services released by PT SMI with
reference to Fatwa of National Sharia Board of
Indonesian Ulema Council (DSN-MUI) and sharia
accounting provisions.
2. Reviewing the sharia aspects in the applicable
internal provisions in case of any indications of non-
compliance with the Sharia Principles application.
3. Reporting the monitoring results to the Board of
Directors and Board of Commissioners in a Joint
Meeting of the Board of Commissioners, Board of
Directors, and Sharia Supervisory Board.

Annual Report 2018
Report of the Sharia Supervisory Board
Sharia Supervisory Board Composition

In 2018, the composition of PT SMI Sharia Supervisory
Board is as follows:
No Name Position
1 Adiwarman Azwar Karim Chairman
2 Munifah Syanwani Member
We hereby conclude the 2018 report of the Sharia Supervisory Board and wish to continually remind the management of
PT SMI to comply with sharia principles and the applicable laws and regulations in carrying out its sharia-based business.
Wassalamualaikum Wr.Wb.
Jakarta, March 2019

On behalf of the Sharia Supervisory Board

Chairman of Sharia Supervisory Board
Annual Report 2018

HIGHLIGHTS
Board of Directors’ Report

As an enabler that closes financing gaps,
the Company consistently demonstrates
its competency in creating innovations
in infrastructure financing to answer
the need of accelerated infrastructure
development while optimizing the
government’s available budget, hence
supporting the realization of financial
close in infrastructure development.
Moreover, the Company is poised to play
its role mandated by the Finance Ministry
as an implementing agent for SDG
Indonesia One framework, an integrated
platform that pools funds from various
sources to finance SDG-oriented projects
in Indonesia.

Annual Report 2018
Emma Sri Martini

President Director
Annual Report 2018

HIGHLIGHTS
Assalamualaikum Wr Wb
Dear Distinguished Shareholders and
Stakeholders,
The Company has never ceased to innovate and Additionally, we render our support to sustainable
create various outcomes for Indonesia’s infrastructure development by pledging a total of Rp465.5 billlion for
development. In 2018, we achieved numerous important three renewable energy projects. The Company has also
milestones that strengthened our foundation and made applied de-risking innovation through first loss mechanism
us better prepared to bolster our sustainable growth in product in two solar energy projects in eastern Indonesia.
the future. The new projects we financed last year, for
instance, totaled to Rp200.9 trillion in value and the Our support to sustainable development was further
Company contributed up to Rp28.2 trillion. There were strengthened by Green Bond issuance in mid 2018. The
23 projects in total, comprising 9 toll road projects, 6 Company was the first in Indonesia to issue a green bond
power projects, 7 projects in the transportation sector, that adheres to international standard even though the
and 1 project in the telecommunication sector. More than bond offering was exercised in the Indonesia capital
a few were national strategic projects, among others the market.
Trans Sumatra toll road, Jakarta-Cikampek Elevated II
toll road, LRT in Greater Jakarta area, and the national We also launched the SDG Indonesia One platform with
satellite project, Merah Putih Satellite. the support from the Ministry of Finance. The Company
is playing the role of the implementing agency of this
We also facilitated the acceleration of infrastructure platform that pools funds from various sources (bilateral/
development in the regions through our regional multilateral/donor/philanthropic organizations) to support
financing facility scheme. In 2018, there were a total of SDG-oriented projects in Indonesia, including for disaster
Rp1.7 trillion of new loan commitment and 20 offering recovery programs.
letters from regional governments – 12 letters on road
construction, 7 on regional hospital (RSUD), and 1 on The following section summarizes the Company’s
traditional market development. The support we provided performance for the financial year ended 31 December
was intended to generate meaningful benefits for the 2018, and the plan that we have prepared for 2019
people and reduce regional gaps. financial year. This report is presented in compliance
with and to be accountable to relevant Shareholders and
Moreover, we saw an increase in our capital participation, stakeholders.
including in joint ventures investment especially
investment in stocks available for sale (AFS); there was
an increase of Rp33,697 million in our inestment in PT
Jasa Marga and Rp732,867 million increase in PT Waskita
Toll Road (WTR). Overall, our capital participation reached
Rp3.50 trillion in 2018 from Rp2.76 trillion in 2017. This
achievement shows how the Company consistently
transforms a challenge in an opportunity, optimized to
boost business continuity in the future and to increase
our equity share from year to year.

Annual Report 2018
CHALLENGES IN 2018 projects. There are, however, several common obstacles

The global economy saw dynamic and challenging times with respect to project execution, for example the lengthy
throughout 2018, and they caused the failure of nearly process of land acquisition, limited Government budget,
all major economies to achieve their growth targets. The and low project preparedness. The Company continues
trade war between the United States and China, the Fed’s to synergize and work closely with relevant stakeholders
interest rate policy and Brexit discussion in the European to support the improvement of infrastructure financing
region contributed to global uncertainy. Indonesia’s ecosystem. In addition, PT SMI continues to come up with
domestic growth was affected as the result although innovative financing structure.
growth improved at 5.17% from 5.07% in the previous
year. Nevertheless, Indonesia’s macroeconomic condition In terms of PPP financing provided for regional
remained robust as reflected in the relatively limited governments, the Company still seeks to improve the
weakening of Rupiah’s exchange rate compared to the capacity of local governments in planning and debt
other countries in the region and the inflation level which management through various capacity building and
remained low between 3.30% and 3.61%. Meanwhile, information dissemination programs. Additionally, solid
BI 7-Day (Reverse) Repo Rate was adjusted in a scalable coordination between stakeholders in the legislative and
manner to 6.00% from 4.50% previously, as a response executive branches is key to accelerating infrastructure
to The Fed’s increased reference interest rate. development in the regions through regional loan. This
is an element that the Company pursues by having
Realization of various infrastructure projects coupled dialogues and discussions with legislative and executive
with deregulation efforts to improve Indonesia’s business members of the subnational government.
climate have brought the country to yet again deliver
improvements across various qualitative indicators, In terms of funding, the Company had to address
including its rank in the Global Competitiveness Index investors’ expectation of getting coupons with high
report, relased by the World Economic Forum (WEF) in interest rate and long tenor due to the increase in the
October 2018, where Indonesia jumped from 47 to 45. Fed’s benchmark interest rate. This was a challenge,
The competitiveness index was established to understand considering that the capital market is the ideal long-term
the global competitiveness landscape, in line with the source of financing for inrastructure projects. To appeal
Fourth Industrial Revolution or Industry 4.0. Moreover, to investors, the Company carried out different funding
Indonesia was awarded investment-grade by three global strategies and innovated among others through the
rating agencies, namely Fitch Ratings, Moodys, and issuance of Green Bond, the first of its kind in Indonesia,
Standard & Poor’s (S&P). and corporate Islamic bond Sukuk based on Mudharabah
agreement scheme. The Company also exercised the first
The Government also intensified its efforts of encouraging sharia cross-currency hedging in Indonesia and designed
the role of private investments in infrastructure projects a synthetic loan scheme that involved foreign banks.
through, among other things, the public-private partnership Regardless of the challenges in 2018, the Company
(PPP) scheme. Indeed, the solid macroeconomic condition managed to continue transforming the challenges into
was conducive to the growing interests of domestic opportunities, optimized to boost business continuity in
and foreign investments to participate in infrastructure the future.
Annual Report 2018

HIGHLIGHTS
STRATEGIC POLICIES AND INITIATIVES Several innovative financing projects that we implemented
PT SMI endeavors to solidify its role as the catalyst of in 2018 among others were takeout financing for a toll
infrastructure development financing in Indonesia in road project and a Step-Up musyarakah matanaqishoh
supporting infrastructure development programs. The (MMQ) sharia financing for Pasuruan-Probolinggo toll
Company also serves as an enabler in both PPP and road project.
non-PPP projects in terms of financing as well as the
development of projects assigned by the Government. The Company was able to financially support the
In 2018, the Company’s project portfolio, supported Pasuruan-Probolinggo toll road development through
by means of financing facility and project preparation, Step-Up MMQ, committing a total of Rp293.20 billion.
included a number of National strategic projects such as Overall, the Company booked Rp2.29 trillion sharia
Trans Sumatra Toll Road Project, Trans Java Toll Road, financing commitment with an outstanding of Rp2.17
city transportation, telecommunication, renewable trillion.
energy and social infrastructure projects, e.g. low-cost
apartments and hospitals. While on the Project Development, the Company is
currently executing 14 Government Project assignments
on a Private-Public Partnership (PPP) basis and 1 non-PPP
STRATEGIC POLICIES assignment. Other than that, the Company carried out 9
To reinforce its role as the catalyst of Indonesia’s capacity building activities and 8 information dissemination
infrastructure development, the Company has continued and focused group discussion sessions aimed to provide
pursuing two goals at the same time, namely maximizing better understanding among Government Contracting
the social and economic impacts of each infrastructure Agencies (GCA) on PPP scheme.
project that the Company finances and sustaining
business continuity. To those ends, the Company’s In terms of funding, the Company seek innovative funding
financing decision is based not only on a project’s financial through the strategic partnerships it entered into with
viability, but also the socio-economic impact potentials. various bilateral/multilateral institutions. As the result,
More importantly, each project is linked to Sustainable the Company, for example, issued the first Green Bond in
Development Goals (SDGs), thereby contributing to the Indonesia and established the integrated SDG Indonesia
national attainment of SDGs. One platform. As of the end of 2018, as many as 25 SDGs
partners have joined the platform, representing donor
In 2018, for the financing and investment business pillar, agencies, bilateral/multilateral institutions, philanthropic
the Company focused on realizing sustainable financing, organizations, commercial banks, insurance companies,
financing to regional governments, and sharia financing. and investors. The platform has raised a total of US$2.46
The Company also strengthened its Consulting Services billion in funding commitment.
and Project Development Pillar. In the Consulting Service
side, the Company completed 10 of the total 13 mandates
it received while the remaining three mandates are
ongoing. Sector-wise, the mandates covered a variety of
sectors from ports, toll roads, power, telecommunication,
zone development, to the gas industry with total project
value amounting to Rp261.4 trillion.

Annual Report 2018
To ensure that its business continues to grow moving CORPORATE ACTIONS

forward, the Company pays close attention to good In 2018, PT SMI recorded history by being the first Green
corporate governance principles and operational Bonds issuer in Indonesia. Amounting to Rp500 billion,
efficiency. Net non-performing loan (NPL) in 2018 stood the bonds was rated Medium Green by the Center for
at 0.65% while cost efficiency ratio (CER) at 18.22% was International Climate Research (Cicero) and id AAA
lower than the other financial and banking institutions on (Triple A) by PT Pemeringkat Efek Indonesia (Pefindo). The
average. These figures show the Company’s success in Green Bonds issuance was part of the Green Bonds Shelf
applying corporate governance whilst playing the role as Registration Bond (PUB) amounting to Rp3 trillion.
a catalyst of infrastructure development financing that is
able to provide long-term loans for higher-risk schemes. PT SMI also issued Sukuk Mudharabah in the amount of
Rp1 trillion in tranche I-2018, which was part of Sukuk
STRATEGIC INITIATIVES Shelf Registration Bond (PUB) planned to amount to Rp3
Throughout 2018, PT SMI implemented several strategic trillion. Pefindo’s rating for Sukuk Mudharabah was id
initiatives to support the Company’s performance while AAA (Triple A). Additionally, in order to mitigate the risk
still observing the social and economic mandates and of market fluctuation in Sharia business, the Company
impacts of the Company’s activities. The 2018 strategic performed sharia hedging for sharia portfolio in the
initiatives include: amount of USD128 million. For the hedging purpose,
1. Improving partnerships with project developers, PT SMI partnered with PT Bank Maybank Indonesia Tbk
financing institutions, Multilateral Financing and received Cross Currency Hedging iB service, a sharia-
Institutions, the Committee for Acceleration of based hedging product and the first and the only one of
Priority Infrastructure Delivery (KPPIP), and other its kind in Indonesia. In the same year, PT SMI, having
Government Institutions. been accredited in the previous year by GCF (as the first
2. Providing innovative and flexible financing products corporation in Southeast Asia), managed to obtain the its
to close the gap from senior loans to equity very first approval to receive fund in the form of Project
investment through: shareholders loan, bridging Preparation Facility in the amount of USD788,000 relating
finance, take-out financing, credit guarantee as well to development of mass transportation project (BRT - Bus
as other initiatives. Rapid Transport) in Semarang.
3. Increasing the leveraging by utilizing multilateral
fund and donor fund to support loans to the Regional BUSINESS PERFORMANCE IN 2018
Government. In general, the 2018 Performance achievement, measured
4. Strengthening its credentials in advisory and project by corporate KPIs, remained within the category of
development service. “AAA” or “sound” with the rating score of 102.53 in
5. Sharia product cross-selling. accordance with State-Owned Enterprise soundness
6. Aiming for asset-liability alignment and reduction of level category issued by the Ministry of State-Owned
Cost of Fund. Enterprises. Overall, PT SMI’s performance is assessed
7. Improving the quality of risk management and from three indicators, namely operational performance,
audit, including by completing the preparation socio-economic impacts, and financial performance that
of risk appetite statement and by improving are elaborated below.
the implementation quality of Enterprise Risk
Management.
8. Supporting the achievement of SDGs by launching OPERATIONAL PERFORMANCE
SDG Indonesia One framework. As at 31 December 2018, the Company’s total assets stood
9. Adjusting its organizational structure to support at Rp62.49 trillion or up 12.83% from Rp55.39 trillion as
business needs and increasing the internal resources at the end of 2017. The growth was primarily contributed
competency for the planned transformation of the by 37.00% increase in financing outstanding to Rp46.71
Company into Indonesia Developing Financing trillion in 2018 from Rp34.09 trillion in 2017. Financing
Institution LPPI). commitment also rose by 47.85% to Rp77.19 trillion
Annual Report 2018

HIGHLIGHTS
in 2018 fom Rp52.20 trillion in 2017. The susbtantial (GEUDP), Agence Francaise de Development (AFD) and
growth reflects Indonesia’s vast need for infrastructure the United Nations for Development Program (UNDP) as
development financing. As the government’s fiscal well as others have shown their commitment to support
tool, the Company consistently endeavors to support the implementation of said platform.
infrastructure financing in the country.
Under the Advisory business pillar, PT SMI in 2018 has
In 2018, the Company booked Rp1.53 trillion of net completed 13 advisory mandates of the 9 targeted
income or achieved 102.13% of its 2018 Work Plan mandates. Through its consultancy service, the Company
target of Rp1.50 trillion. The consistent growth from year supported the acceleration of national infrastructure
to year evidences the Company’s business continuity. development both conventional and sharia-based. One of
the scheme innovations produced out of the Consultancy
In 2018, PT SMI supported the financing of power Service was Equity Limited Participation Mutual Fund
infrastructure projects (3 renewable energy-based power (Reksadana Penyertaan Terbatas (RDPT) Ekuitas) for
projects), with a total value of Rp7.4 trillion, in addition Kertajati airport project. PT SMI also served as the Lead
to 13 other infrastructure projects, with a total value of Transaction Advisor for a Multifunction Satellite Project
Rp19.4 trillion. In all of these large projects, PT SMI’s that has a total value of Rp6.7 trillion and managed to
innovative products played a key role in their financial attract international bidders. Other activities include: the
close. In the regions, the Company supports infrastructure management of projects, transactions, project structural
development by increasing financing outstanding by preparation, financial planning, fund raising and
twofold compared to 2017 from Rp1.21 trillion to Rp2.42 connecting funding access and investment opportunities
trillion with a total of 29 facilities that are available for to infrastructure projects.
local governments. As for Sharia financing, through the
new Step Up MMQ, the Company is able to finance Under Project Development Business Pillar, PT SMI
Pasuruan-Probolinggo Toll Road Project that has a total obtained 4 new assignment projects from the
value of Rp293.20 billion. The Company posted sharia Government. Under this pillar, the Company performed
financing commitment of Rp2.29 trillion in total and its catalyst mandate as an enabler of the acceleration of
outstanding of Rp2.17 trillion. project development by providing capacity building and
other kinds of assistance. As part of the performance of
PT SMI took a step further by taking actions as an this business pillar, the Company managed to organize
implementing agent for SDG Indonesia One platform not less than nine capacity building programs, involving
– an integrated platform that suppots SDG-oriented infrastructure stakeholders, to support sustainable
infrastructure development projects with a commitment infrastructure development.
value of US$2.46 billion. The Company is to provide four
types of financing schemes in this framework, namely: We note positive progress in the projects facilitated by the
SDG Development Facilities, SDG De-Risking Facilities, Company. The Palapa Ring satellite has commenced its
SDG Financing Facilities and SDG Equity Fund. Various operations, SPAM Lampung project groundbreaking took
multinational financial institutions which have concerns place in mid 2018, and West Semarang SPAM project
for sustainability issues such as Green Climate Fund had completed its bidding process and was preparing for
(GCF), Climate Policy Initiative (CPI), the World Bank financial close as per end of 2018.
in Geothermal Energy Upstream Development Project

Annual Report 2018
Growth 2018 - 2017

(In Rp Million)
Description 2018 Realization 2017 Realization Growth
Assets 62,493,191 55,385,898 12.83%
Liabilities 26,917,301 21,064,743 27.78%
Equity 35,575,890 34,321,153 3.66%
Operating Income* 3,810,445 3,032,699 25.65%
Profit for the Period 1,531,110 1,262,008 21.32%
*) Net of Final Tax
The above overview clearly shows how the Company’s presence has been substantially effetive in raising
the interests of the private sector and other business firms in participating in Indonesia’s infrastructure
financing. Furthermore, it articulates the Company’s solid position as the government’s fiscal tool.
FINANCIAL PERFORMANCE in 2018

The Company is able to deliver robust performance as indicated by various financial indicators during
2018. Net income reached Rp1.53 trillion or 102.3% achievement from the Work Plan target and grew
by 21.32% from Rp1.26 trillion in 2017. Net income growth in 2018 was contributed by a higher
employee productivity level that achieved Rp161.47 billion/employee or 24.2% higher than the Work
Plan target of Rp130 billion/employee. The Company’s operations were also efficient and effective as
shown by 18.22% CER compared to the target of 23.61%.
Growth was further contributed by successful implementation of corporate governance and risk
management as shown by sound assets quality. Net NPL stood at a low 0.65% or far below 2017 net
NPL of 1.19%. The outstanding performance is reflected from the Company’s 2018 KPI score of 102.53
or Green status. The excellent achievements in many fronts create a strong foundation for the Company
to grow sustainably.
Annual Report 2018

HIGHLIGHTS
Target and Realization

(In Rp Million )
Description 2018 Realization 2018 Target Achievement
Assets 62,493,191 67,828,495 92.13%
Liabilities 26,917,301 32,304,470 83.32%
Equity 35,575,890 35,524,025 100.15%
Operating Income* 3,810,445 4,186,019 91.03%
Profit for the Period 1,531,110 1,499,149 102.13%
*) Net of Final Tax
TARGET AND REALIZATION COMPARISON 2019 BUSINESS OUTLOOK ANALYSIS

The Company’s target for total assets in 2018 was Rp67.83 Global economic condition in the coming year is projected
trillion and target realization achieved at Rp62.49 trillion. to remain under pressure, as the global economic
In terms of financing, the Company recorded Rp77,187 giants, the United States and China, have yet to reach
billion financing commitment or 91.92% of the Work a bilateral trading agreement. There remain, however,
Plan target amounting to Rp83,976 billion. Financing opportunities for Indonesia to benefit from this condition,
outstanding amounted to Rp46.71 trillion or 92.42% of namely by withdrawing manufacturing facilities from
the 2018 target at Rp50,534 billion that included local China so as to avoid trading sanctions from the United
government financing. As at 31 December 2018, local States, developing adequate supporting infrastructure,
government financing commitment portfolio amounted as well as providing an greater ease of investment
to Rp4,356 billion with an outsanding of Rp2,424 billion. rules for investors. This, coupled with strong domestic
Taking the results into account, the Company booked consumption, will keep increasing the need for realization
Rp1.53 trillion of net income (after tax) or 102.13% of of permanent infrastructure development to facilitate the
2018 target amounted Rp1.50 trillion. Comprehensive flow of goods between regions and countries, in addition
income was posted at Rp1.53 trillion or 94.29% of the to people movement as the tourism business grows. If all
targeted Rp1.62 trillion. This achievement was the result these opportunities are appropriately seized, Indonesian
of the Company’s product diversification strategy. economy is expected to enjoy a moderate growth.
The performance record indicates the Company’s focus To that end, the Indonesian Government is committed
and priority of optimizing the socio-economic impacts to maintain infrastructure development as a top priority
of its financing activities while still observing business to keep up with infrastructure development in the other
sustainability. The focus was evidenced by net income countries in the region. In addition, education and health
realization amounted to Rp2.40 trillion or 104.81% of sector will also part the government’s priority.
the 2018 target at Rp2.29 trillion. This was one of the
Company’s strategies to maintain growth.

Annual Report 2018
In line with the program to build the tourism industry, the Company will continue to promote basic
infrastructure development programs to ensure improved connectivity between regions, in particular
regions with ample tourism potential, to complement Bali Island as Indonesia’s tourism icon. As such,
the Company is determined to improve its implementation of Business Pillar III development and intensify
Regional Government financing development, with the focus on improving the connectivity between
regions with major tourism potential, such as Toba Lake, Raja Ampat, West Nusa Tenggara, and others.
PT SMI will also increase its attention to the infrastructure development of sanitation, water availability,
renewable energy sources and power. With the development plans in mind, the Company is confident
that the infrastructure financing industry will continute growing stronger and more reliable for the
attainment of sustainable goals.
SOCIo-ECONOMICs benefits
The Company’s significant progress has resulted in the realization of infrastructure projects that bring
greater benefits for the people. More than presenting physical structures, those projects also create
substantial socio-economic impacts..
The results of the infrastructure projects backed by PT SMI are as follows:
Power - 2,884 MW additional - 80 additional electric Urban Transport

power plant capacity locomotives and revitalization
- Electrification of 3.2 million of 438 coaches
homes or 12 million people - Increase in passenger capacity
of urban transportation to 7.3
million per year
Clean Water and - Additional clean water - Natural gas network for 21,000 Oil and Gas
Irrigation production of 14,140 l/s households
- Clean water contribution - Additional 31,000 bpd of fuel
to 2 million homes or 8.1 production
million people - 10,000 MT additional gas
availability capacity
Toll Road - 2,290.6 km of road and toll - Health facilities for 720 new Social
road patients/year Infrastructure
- 1.97 million of workers - Additional facility of 1,031 new
hired during construction beds
period
Air and Seaports - Capacity increase of 37.5 - 52 thousand Telecommunication

million airport passengers telecommunication towers
per year project
- Increase of seaport flow of - 2.700 km fiber optic network in
goods to 2.26 million TEUs Central Indonesia
per year - Serve 76 million of
telecommunication service
users across Indonesia
Annual Report 2018

HIGHLIGHTS
DIVIDEND PAYOUT In addition to enhancing the guidelines and risk

The Company’s GMS has approved dividend payment for management, the Company also focuses on meeting
financial year 2017. For financial year 2018, as identified and implementing the recommendations (Area of
in the Company’s Work Plan, the target is to allocate Improvement) made by the Independent Assessor in
20% dividend from PT SMI’s net income. The payment, the 2017 GCG Assessment. As the result, the Company
provided that the GMS approve this target, will be made achieved a score of 96.12 (“Very Good”) in 2018, a 6.02
in 2019. In comparison, the Company stipulated the improvement from the previous score of the 2017 GCG
dividend payout for fiscal year 2017 of Rp271 billion or Assessment.
21.47% of net income for the relevant year. The payment
was made in 2018. performance of the board of directors’
committees
ENHANCING THE QUALITY OF CORPORATE There are five committees that assist the Board of Directors
GOVERNANCE particularly in making strategic operational decisions. Each
PT SMI has shown its commitment to enhance the quality of the committee has specific duties and functions in line
implementation of governance principles, through the with the Company’s business activities. The committees
enactment of 5 GCG-related key programs: first, the are: Risk and Capital Committee, Financing Committee,
corporate manuals refinement include GCG Manual, Equity Investment Committee, Project Development
Code of Conduct, Board Manual, Sharia Supervisory & Advisory Committee, and Information System and
Council, CSR Manual, Internal Audit Charter, and several Technology Committee.
other operating manuals of the Company. Second, update
of Employee’s Statement of Compliance or Integrity Pact, We view that the committees have fulfilled their duties
as mandated by Code of Conduct Manual. Third, the and responsibilities exceptionally well during 2018. The
drafting of Risk Appetite Statement as part of the effort committees have performed their roles in supporting the
to improve risk management and mitigation quality. Board of Directors and providing second opinions prior
Fourth, dissemination on gratification prevention by to decision-making on relevant operational policies,
inviting guest speakers from the Corruption Eradication according to each of their scope of work.
Commission. Fifth, conducting GCG eQuiz to measure
the level of understanding across the Company on GCG Considering the difficult challenges and tasks of the
Manual, Code of Conduct Manual, and the Gratification Committee’s members today and in the future, the Board
Control Manual. The result of the eQuiz shows that 98% of Directors mandates all members to enhance their skills
of the Company’s employees have good understanding by attending available competency-building programs
of the manuals. and by complying with the policy on the minimum hours
of training attended.

Annual Report 2018
CHANGES IN THE COMPOSITION OF thE BOARD are feasible for implementation by the Company. Idea
box represents the Company’s real efforts to nurture
OF DIRECTORS our fourth corporate culture elements namely innovation
In 2018, based on the resolution of Extraordinary GMS on culture to ultimately realize sustainable business and life.
3 May 2018, some changes were made to the composition
of the Company’s Board of Directors. Effective as of the We have also identified the indicators of an ideal
closing of the Meeting, Agresius R. Kadiaman ended his corporate environment and culture that we aim to foster
term of service. On behalf of the Board of Directors, we and embed in the way we work and implement our role
would like to extend our gratitude for his contribution, on daily basis. We have started by inculcating the values
efforts and insights while performing his duties in the of i-sprint and evaluating HR strategy. The evaluation
Company. Subsequently, as of the closing of the EGMS is carried out by conducting an engagement survey to
up until the next 5 (five) years, Faaris Pranawa was our employees, particularly our millenial staffs, to learn
appointed as the new member of the Board of Directors. of their aspirations towards the Company. Executed by
an independent surveyor, the survey shows that our
As such, the Board of Directors personnel remained consist employees appreciate teamwork, reward, and pioneering
of one President Director and four Directors, namely: spirit as well as self-learning and development. The
Emma Sri Martini as the President Director, and Edwin Company is committed to accommodate these aspirations
Syahruzad, Darwin Trisna Djajawinata, Faaris Pranawa, in the future HR development strategies.
and Mohammad Ghozie Indra Dalel as Directors.
At the same time, we find that employees wish to have
accelerated career development experience and are more
HUMAN RESOURCE DEVELOPMENT, proactive, as they recognize the rapid changes around
ENCOURAGING CREATIVITY FOR INNOVATION them and in the market. For this reason, capacity and
Having the best, creative, and resilient human resource is professional competency building were our strategic
crucial for the exercise of our mandate as a catalyst and and key HR development programs in 2018, which we
enabler of infrastructure development acceleration and to delivered through:
ensure that the Company is able to sustainably generate
growth and values. Several initiaties were launched in 1) Induction Program, a one-month training
2018 to make sure we recruit and retain the best talents. program organized by the Company for new
employees. Participants are trained about
The idea box program introduced in 2018 is a forum the Company’s overall business process and
for employees to express their creative business and products. The training aims to help new
improvement ideas for the Company, wthether to propose employees to quickly adapt and be able to
organizational or business process improvements. The perform and deliver their targets.
Company’s commitment is to appreciate employees for
submitting the ideas and to reward the best ideas that
Annual Report 2018

HIGHLIGHTS
2) Scholarship and overseas learning experience We are committed to create a work environment that
program. These opportunities are available inspires our employees to have better understanding
for high-performing employees in the STAR and be even more dedicated to what we do and why
category. we do it. In 2018, for example, 21 managers and above
participated in a leadership program where they learned
3) Opportunity to Develop Professional Skills in to align their personal interests with the Company’s
Other Work Areas. To fulfill career progression goals, thereby motivating and giving them the clarity of
and professional development needs, employees purpose to become better leaders.
may apply to move to a different department.
This opportunity gives employees the chance to As a company that cares about the welfare of our
increase productivity and to work according to employees, we would like to ensure that our employees
their passion. can maintain a balance in their lives (physically,
emotionally, mentally where personal and professional
4) Refine balanced scorecard-based performance purpose align). Not only we encourage the company
assessment system by cascading corporate leaders to make sure that their team members are
objectives and targes to individual employee leading balanced lives, we also provide various supporting
level. Employees are expected to better facilities at the work place, such as comfortable work
understand how their performance contributes facilities, clean and green work area, adequate IT system,
to the Company’s achievements. PT SMI also gym facility, and establishment of different hobby groups
applies 360 degree feedback system to assess that offer our employees the opportunity to grow outside
employee behavior; in this system, employees of their professional field, e.g. basketball group, music
are evaluated not only by their superiors but group, runners’ group, diving group, badminton group,
also their team members and peers. The i-Sprint yoga group, pilates group, and futsal group.
values are embedded in the evaluation indicators
to ensure that the corporate culture remains a
strong part of PT SMI’s employees and their day-
to-day conduct.
5) Talent classification based on potential and

performance reviews. By identifying groups
of talents, the Company can develop effective
Individual Development Plan for each employee.

Annual Report 2018
INFORMATION TECHNOLOGY DEVELOPMENT In Occupational Health and Safety (OHS) and Environment,
Wth respect to information technology (IT) development, the Company delivers its commitment by carrying out
the Company realized its policy on digital-based infrastructure development support and operational
integrated IT Transformation to support its core activiteis that adhere to OHS and environmental
businesses and to respond to the rapid changes in the preservation principles. The activities include: electricity
business environment. The Company implemented and fuel consumption management, emission reduction,
a digital-based IT transformation to support its core water management, waste management, and green
businesses and to respond to the rapid changes in the office implementation. To meet its OHS responsibility,
business environment. The transformation was integrated the Company ensures that it has an established OHS
and aligned with the Company’s strategic direction so as management system according to the applicable laws and
to provide added value in its support for infrastructure regulations as well as adequate OHS facilities in order to
development. The Company’s strategic IT initiatives create safe, comfortable, and healthy work environment.
include: Core Modernization; business process efficiency, The Company has in place OHS Policy and Manual for
automation and streamlining; Datawarehouse, including Employees, First Aid kits, health facility, and work safety
datawarehouse budget and the development of dashboard and security infrastructure (safety signs, evacuation route,
information to monitor the company’s financing portfolio safety induction program, PPE, portable fire fighting
and budget; the development of applications to support equipment, hydrant, CCTV system, and other safety tools.
mobility, including Mobile approval & alert and mobile
inquiry; infralib implementation; Transaction Monitoring In terms of our responsibility towards the community,
& IT Contact Centre; Strengthening of IT Security; as well the Company focuses on activities intended to improve
as DRC rehearsal and updated DRP procedures. education quality and the welfare of the people in
general. The programs include the construction and
Going forward, the Company plans to enhance iexisting repair of educational facilities, and the training of female
applications and to develop new applications to serve as a artisans of Flores hand-woven textiles, scholarship
Digital Factory. The Company will also continue improving programs and the development of transportation
its mobile digital application both in terms of software facilities. The Company also played its role in improving
and hardware so as to facilitate business developments. the community’s health through community nutritional
assessment and community health check, as well as by
actively participated in helping the victims of the disasters
CORPORATE SOCIAL RESPONSIBILITY in Palu-Donggala, Situbondo, Lombok and Carita-Tanjung
Corporate Social Responsibility (CSR) Programs are Lesung in Banten and Kalianda-Lampung. The Company
focused on activities, which are closely linked to also actively supported the development of other basic
infrastructure development programs. Broadly, the CSR facilities and infrastructures in various areas of project
activities come from four categories: Responsibility for the activities which are supported by PT SMI.
Environment, Responsibility for Manpower, Occupational
Health and Safety, Social and Community Development, Finally, we fulfill our responsibility towards the consumers
and Responsibility for Consumers. by building close cooperation with our service customers
and financing customers. We make sure their rights as
customes are always fulfilled.
Annual Report 2018

HIGHLIGHTS
AWARDS • Top 10 in the Bloomberg League 2018 as Mandated

The Company received the following awards from Lead Arranger.
external parties as a form of their appreciation towards • Best Inaugural Green Bond In South East Asia by
the Company’s operational, financial, and social and Alpha Magazine.
economic performance in its business. The Company • Winner “Innovative Product in Financing Bakauheni
received a total of 16 awards including 7 awards from Terbanggi Besar Toll Road Project”, Category 4
foreign organizations: Infrastructure Development, ADFIAP Awards 2019.
• Merit Award, Category 9: Unit Risk and Compliance
• Best Innovation in Financial Services to recognize Manager (URCM), ADFIAP Awards 2019.
success in financing renewable energy through “First • “Innovative Figure in Infrastructure Financing”
Loss Mechanism Program” Award. award for Emma Sri Martini, in Indonesia’s Figures
• “Excellent” SoE for its 2017 Financial Year in the Financial Sector and Best SOE 2018 Awards by
Performance in the 9th Infobank BUMN Awards Investor Magazine, 19 Desember 2018.
2018. • Bronze Rank Asia Sustainability Reporting Rating
• Golden Trophy for Excellent Financial Performance 2018, National Center for Sustainability Reportingî.
for 5 (five) consecutive years from 2013 to 2017 in • Special Award ìBest Sustainability Reportî, ADFIAP
the 9th Infobank BUMN Awards 2018. Awards 2019.
• “TOP CSR 2018 on Infrastructure Financing Sector”
Award in TOP CSR 2018.
• “TOP CSR 2018 on Education Program - Perahu
Pustaka” Award in TOP CSR 2018.
• “TOP Leader on CSR Commitment, Ibu Emma Sri
Martini” Award in TOP CSR 2018.
• “Asia’s Most Influential Companies” Award in Asia’s
Corporate Excellence & Sustainability Awards 2018.
• “Best Brand Communication” in BUMN Branding
and Marketing Award 2018.
• “The Best CEO in Corporate Reputation
Development” Award, Emma Sri Martini, in BUMN
Branding and Marketing Award 2018.

Annual Report 2018
APRECIATION more dynamic and presented many challenges, all the

We would like to take this opportunity to extend our while enriching the Company’s competency in preparing
deepest gratitude and appreciation to the Ministry of the best financing structure to attract enterprises to
Finance as the shareholder representing the Government actively support infrastructure financing in Indonesia.
of the Republic of Indonesia for their trust and support,
and to the Board of Commissioners for their guidance We are confident that our various efforts together will
and advice, as well as to our stakeholders and business improve PT SMI’s capacity in exercising its mandate
partners for their cooperation and support. as a catalyst for national infrastructure development
acceleration in Indonesia, to play a bigger role to support
We would also like to extend our deepest gratitude this nation’s development, and even further, to actively
and appreciation to all Employees for their hard work, participate in supporting the achievement of sustainable
synergy that continually improves, their commitment for development goals in SDGs together with fellow citizens
integrity in their conduct and their contribution to the of the world, for a better and brighter future.
development of the nation. These have supported the
Company to realize its work plan in 2018 which grew
Jakarta, March 2019

On behalf of the Board of Directors
Emma Sri Martini

President Director
Annual Report 2018
Board of Directors
HIGHLIGHTS
Mohammad Ghozie Indra Dalel Faaris Pranawa Emma Sri Martini

Operation & Finance Director Risk Management Director President Director
Annual Report 2018
Edwin Syahruzad Darwin Trisna Djajawinata

Financing and Investment Director Project Development and Advisory Director
Annual Report 2018

HIGHLIGHTS
Statement of Accountability
2018 Annual Report by the Board of
Commissioners and Board of Directors
Jakarta, March 2019
Mahendra Siregar*
President Commissioner & Independent Commissioner
Dini Kusumawati Wahyu Utomo**

Commissioner Commissioner
A. Kunta Wibawa Dasa Nugraha Sukatmo Padmosukarso

Commissioner Independent Commissioner

**Served as Commissioner until 4 April 2019. Appointed as
President Commissioner since 5 April 2019

Annual Report 2018
We, the signatories, hereby stated that all information contained in the 2018 Annual Report of PT Sarana
Multi Infrastruktur (Persero) has been comprehensively presented and that we are fully accountable for
the accuracy of the contents of the Company’s Annual Report
This statement is made truthfully.
Jakarta, March 2019
Board of Directors
Emma Sri Martini

President Director
Mohammad Ghozie Indra

Darwin Trisna Djajawinata Dalel
Project Development and Advisory Director
Operation & Finance Director
Faaris Pranawa Edwin Syahruzad

Risk Management Director Financing and Investment Director
Annual Report 2018
Company
HIGHLIGHTS
Profile
A trustworthy institution, PT SMI sets to become an ‘enabler’ for

the infrastructure development in Indonesia. This is executed
through innovative, unique and flexible Financing Products.
The Company, in which its stake are 100% fully owned by the
Government, also serves as the first private agency in South
East Asia accredited by the Green Climate Fund (GCF) to foster
the achievement of Sustainable Development Goals (SDG) and
Climate Change programs.

Annual Report 2018
Annual Report 2018

HIGHLIGHTS
HIGHLIGHTS
The Company delivers excellent performance

throughout 2018, received 9 awards from the
national institutions and media, and 7 awards
from the international institutions.
PT SMI offers Innovative Product

Development PT SMI Financing Resources
√√ Long Tenor Financing derived from the State Equity,
√√ Cash Deficiency Support Bonds Issuance, and Multilateral/
√√ Take-Out Financing Bilateral Fundings including
donors.
√√ First Loss Mechanism
√√ Interest Subsidy
√√ Quasi-Equity Facility

Annual Report 2018
Corporate Identity
company name
Line of Business Date of Establishment

Infrastructure Financing
26 February 2009
Legal Basis of Establishment
1. G overnment Regulation No. 66 of 2007, dated 10 December 2007 on the State Capital
Investment of Republic of Indonesia for the Establishment of the Company (Persero) in the
field of infrastructure financing, as amended by Government Regulation Number 75 of
2008, dated 16 December 2008.
2. Presidential Decree No. 9 of 2009 in conjunction with Minister of Finance Regulation No.
100/ PMK.010/2009 on Infrastructure Financing Companies.
3. Deed of Establishment Number 17, dated 26 February 2009, drawn up before Notary Lolani
Kurniati Irdham-Idroes, SH, LLM in Jakarta which received approval from the Minister of
Justice and Human Rights of the Republic of Indonesia No. AHU- 09067.AH.01.01. dated
24 March 2009, registered in the Company Register No. AHU-0011180.01.09. dated 24
March 2009, and published in the State Gazette of the Republic of Indonesia No. 40, dated
19 May 2009, Supplement No. 13273.
PTPT
Sarana
Sarana
Multi
Multi
Infrastruktur
Infrastruktur
(Persero)
Annual Report 2018

HIGHLIGHTS
Corporate Identity
Articles of Association and Amendment

Following the drafted of Deed of Establishment, 4. D
eed of Shareholders Resolution of the
the Articles of Association were amended: Company (Persero) No. 13, dated 21 March
1.
Deed of Shareholders Resolution of the 2016, drawn up before Notary Purnamasari
Company No. 20, dated 15 April 2011, Irma Devita, SH, MKn, in North Jakarta, has
drawn up before Notary Lolani Kurniati been notified to the Minister of Law and
Irdham-Idroes, SH, LLM in South Jakarta, Human Rights of the Republic of Indonesia
has been notified to the Minister of Law and with the receipt of the notification letter No
Human Rights of the Republic of Indonesia AHU.AH.01.03.0033252, dated 21 March
with the receipt of the notification letter No. 2016, registered in the Company Register
AHU-AH.01.10-13260 dated 4 May 2011, No. AHU-00035948. AH.01.11. Year 2016,
and registered in the Company Register No. dated 21 March 2016.
AHU-0035616.AH.01.09. Year 2011, dated 5.
Deed of Shareholders Resolution of the
4 May 2011. Company (Persero) No. 34, dated 20 October
2.
Deed of the Shareholders Resolution of 2016, drawn up before Notary Purnamasari
the Company (Persero) No. 416, dated Irma Devita, SH, MKn, in North Jakarta, has
27 March 2013, drawn up before Notary been approved by the Minister of Law and
Purnamasari Irma Devita, SH, MKn, in North Human Rights of the Republic of Indonesia
Jakarta, has been approved by the Minister No. AHU-0019472. AH.01.02.Year 2016,
of Law and Human Rights of the Republic dated 21 October 2016.
of Indonesia No. AHU- 17492.AH.01.02. 6.
Deed of Shareholders Resoluiton of the
Year 2013, dated 4 April 2013, registered Company (Persero) No. 44, dated April 27,
in the Company Register No. AHU-0029793. 2017, drawn up before Notary Purnamasari
AH.01.09. Year 2013, dated 4 April 2013, Irma Devita, SH, MKn, in North Jakarta, has
and published in the State Gazette of the been notified to the Minister of Law and
Republic of Indonesia No. 72, Supplement of Human Rights of the Republic of Indonesia
the Republic of Indonesia No. 91 063, dated with the receipt of the notification letter
6 September 2013. No. AHU-AH.01.03-0132939, dated 3 Mei
3.
Deed of Shareholders Resolution of the 2017, registered in the Company Register
Company (Persero) No. 50, dated 23 No. AHU-0057345.AH.01.11.Year2017,
December 2015, drawn before Notary Irma dated 3 May 2017.
Devita Purnamasari, SH, MKn, a notary in
North Jakarta, has been approved by the
Minister of Law and Human Rights of the
Republic of Indonesia. No. AHU-0948826.
AH.01.02 Year 2015, dated 23 December
2015 State Gazete of Republic Indonesia
Number 5169 dated 5 April 2016.

Annual Report 2018
Corporate Identity
Minister of Finance Decree No. 396/KMK.010/2009 dated 12

Business License October 2009.
Subscribed and paid up capital Authorized Capital

Rp50,000,000,000,000 (fifty trillion
Rp30,516,600,000,000 (thirty trillion five
Rupiah) which consist of 50,000,000
hundred and sixteen billion six hundred
(fifty million) shares with a nominal
million Rupiah).
value of Rp1,000,000 (one million
Rupiah).
PTPT
Sarana
Sarana
Multi
Multi
Infrastruktur
Infrastruktur
(Persero)
Annual Report 2018

HIGHLIGHTS
Corporate Identity
Composition of the shareholders

100% owned by the State of the Republic of Indonesia as shareholder,
represented by the Ministry of Finance
Head Office Address Company’s Website and email

Sahid Sudirman Center, 47-48 Floor E-mail: corporatesecretary@ptsmi.co.id
Jl. Jenderal Sudirman No. 86 Website: www.ptsmi.co.id
Jakarta 10220 - Indonesia Phone: +62 21 8082 5288
Fax: +62 21 8082 5258
Type/Corporate Entity social media

Limited Liability Company
@ptsmi
ptsmi_id
infralib.ptsmi.co.id

Annual Report 2018
The Meaning of
The Logo
Blue Green Red

Represents high integrity in Represents growth and the ability to Represents the spirit, courage and
maintaining professionalism in increase the capacity of the Company decisiveness to perform its tasks
performing duties. to meet the need of financing honestly, in the best and way possible
infrastructure projects in Indonesia. for the people of Indonesia, while
respecting the principles of law.
PT SMI’s basic logo shape reflects the highway connecting every direction, propelling the connectivity development and
better access. The symbols feature the expanding reversed apex with 3 colors combination, which represent growth
dynamics, spirits and strong forces complemented by integrity and professionalism to carry out duties, in order to boost
the acceleration of Infrastructure development in Indonesia. Since its inception, PT SMI applies this logo from February
2009 up to present time.
PTPT
Sarana
Sarana
Multi
Multi
Infrastruktur
Infrastruktur
(Persero)
Annual Report 2018

HIGHLIGHTS
The Company at a Glance
PT Sarana Multi Infrastruktur (Persero) (hereinafter

referred to as PT SMI or the Company) is a company engaged
in the field of infrastructure financing. Established on 26
February 2009, the Company is a State-Owned Enterprise
(SOE) with its total capital shares owned by the Republic
of Indonesia through the Ministry of Finance.

Annual Report 2018
The Company was established pursuant to Presidential Decree No. 9 Year 2009, in conjunction
with the Regulation of the Finance Minister No. 100/PMK.010/2009 regarding infrastructure
financing company. Since its establishment up to the end of 2018, the Company has not
changed its name.
The Company was established with a mandate to be a the enabler of infrastructure acceleration and measured
catalyst for the acceleration of infrastructure development risk management. The Company’s elements of mandate
in Indonesia, and to support the implementation of are focused on supporting the Sustainable Development
Public Private Partnership (PPP) schemes. In accordance Goals (SDGs), efforts to respond to climate changes
with the Regulation of the Ministry of Finance No.100/ (adaptation and mitigation) and optimizing the economic
PMK.010/2009, there are 8 sectors that may be social benefits.
financed by the Company, namely roads and bridges,
transportation, oil and gas, telecommunications, waste In order to expand its role in the development of
management, electricity, irrigation and water supply, national infrastructure, the Company together with
and drinking water supply. In 2015, the Government the Asian Development Bank (ADB), the International
rendered the shifting of assets and the function of Finance Corporation (IFC) and Deutsche Investitions
Government Investment Agency to PT SMI, with one of und Entwicklungsgesellschaft mbH (DEG), set up a joint
the functions to finance the geothermal projects and venture company, dealing with infrastructure financing,
financing for the regional government. As such, by virtue which was named PT Indonesia Infrastructure Finance (PT
of Letter No. S-48/D.05/2015 from the Financial Services IIF).
Authority (OJK), the Company has obtained sector
expansion permit from the OJK, which covers financing The Company has continuously carried out business
for social infrastructure (hospitals, wet-markets, terminals diversification by expanding the Operations Directorate
and others), tourism and rolling stocks. With 12 focused into Financing and Investment Directorate, and Project
sectors for financing, PT SMI has the ability to provide Development and Advisory Directorate. The Company,
innovative solution for the nation development by its through this business expansion, may offer comprehensive
participation in eradicating poverty, facilitations of health solution to augment its role in the future development of
access, education and the achievement of other SDGs Indonesia through infrastructure.
objectives in Indonesia.
The Company also supports inclusive infrastructure
The Company has defined 6 elements of mandate in development across Indonesia. The financing for
implementing the functions to realize the Company’s regional government emphasized on the development
vision and mission. The mandate is implemented to in East Indonesia areas. The Company also focuses on
create innovative financing products, implement regional sustainable infrastructure development by initiating the
infrastructure acceleration programs, optimize strategic Environmental Social Safeguard (ESS) aspect.
cooperation, and optimize funding acquisition, becoming
Annual Report 2018

HIGHLIGHTS
Development efforts to expand the Company’s services PT Pemeringkat Efek Indonesia (Pefindo). The Company
continued with the opening of a Sharia Business Unit in also issued the Bonds Shelf I Sarana Multi Infrastruktur
2017 to accommodate the needs of Sharia financing, Tranche II Year 2017 with the issuance value of Rp7
investment and advisory services. At the end of 2017, the trillion. The Bonds issuance was continuation of Shelf
Sharia Business Unit has been changed into special Public Offering Tranche I in 2016 and as part of the Public
Division, namely Sharia Business Division in line with Offering of Bonds Shelf I Sarana Multi Infrastructure with
the Company’s Organization Restructuring in 2017. total issuance value of Rp30 trillion.
The Company also launched sustainable financing
product at the same time established the Sustainable PT SMI begins its milestones as the first company in
Financing Division. This Division has the duty to disburse Indonesia that is issuing a Green Bond in 2018. This
infrastructure financing specifically for renewable new issuance is part of Green Bond Shelf Public Offering
energy and energy conservation sectors. At the end valued at Rp3 trillion with the emission value of Rp500
of 2017, the Company undertook the Organization billion of Tranche I 2018. PT SMI also executed Sukuk
Structure changes through the Board of Directors’ Shelf Public Offering of Rp3 trillion in value, with issued
Decree No. PD-25/SMI/1217 dated 29 December 2017 value of Rp1 trillion of Tranche I 2018. PT SMI also
on the Core Duties & Division Functions. The Company launched SDGs Indonesia One, the Company initiatives
issued its first corporate bond in 2014 in the amount in setting the platform that integrates financing sources,
of Rp1 trillion. Then in 2016, the Company held a Due technology and knowledge, including risk management
Diligence Meeting & Public Expose in Continued Public to foster development acceleration in Indonesia, which
Offering Bond I Sarana Multi Infrastructure Phase I Year aims at targeting 15 of 17 points from Sustainable
2016 worth a total of Rp30 trillion. The emission value Development Goals.
of phase I in 2016 was up to Rp5 trillion, for which the
Company received debt rating of idAAA (Triple A) from

Annual Report 2018
Line of Business
In general, the Company implements the mandate b. Temporary equity investment activity that derives
as the catalyst in fostering infrastructure financing in from debt conversion into shares to the borrowers
Indonesia. The mandate focuses on two main objectives, or other related parties to address loan failures, by
which are optimizing the economic and social benefits divesting its investments according to the laws.
for the communities and supporting the achievement
of Sustainable Development Goals (SDGs) as well as
mitigating the climate changes.
ADVISORY SERVICES
The facilitation of advisory and supporting services to
both domestic and foreign investors, such as financing
To support the achievement of these objectives, the
consultation, strategies, projects or investments and
Company represents the mandate’s elements by:
other activities to realize investment improvement in
• Creating innovative financing products
infrastructure.
• Becoming the enabler of infrastructure development
acceleration
• Optimizing fund acquisition PROJECT DEVELOPMENT
• Optimizing strategic cooperation, and · Project development activity including preparation
• Accelerating regional infrastructure facilitation and development of PPP and Non-PPP
projects in infrastructure facilitation.
All mandate’s elements are conducted with the measured · Capacity socialization, trainings, and developments.
risk management.
The Company also carries out the following activities::
In its business processes, the Company conducts main
businesses, which includes:
COOPERATION, RESEARCH, AND DEVELOPMENT
· ooperation with private sectors, State-Owned
C
FINANCING AND INVESTMENT Enterprises, Regional-Owned Enterprises, Local
The infrastructure financing activity including financing of Governments, and multilateral financial agencies, for
sharia-based principles rendered to private sectors, State- the establishment of companies in particular engaging
Owned Enterprises, Regional-Owned Enterprises, and in infrastructure financing.
Local Governments as stipulated in the prevailing laws · Development of partnership and/or cooperation with
and regulations including: third parties to fostering infrastructure development
a. Equity investment of direct or in loan conversion into acceleration.
equity investment; and · Research and development as well as socialization on
b. Loan or credit facility for infrastructure financing. infrastructure activities.
The Company also carries out financing recovery activity,

which include:
FUND MANAGEMENT
· F und management to optimize infrastructure
a. Transfer of ownership on collaterals, in full or in part,
financing, including grants and sponsor fund
in the event that the borrowers are not fulfilling its
management.
liabilities to the companies, by immediately settle the
· Issuance of securities for infrastructure development
collaterals according to the laws; and/or
financing.
Annual Report 2018

HIGHLIGHTS
Products and Services
FINANCING AND INVESTMENT 4. Equity investment

The following are the Company’s financing and The investment product in direct share ownerships
investment products: in infrastructure sectors/projects of companies,
where the share ownerships are not permanent. The
1. Senior Loan product consists of:
A financing facility with senior re-payment priority a. Equity investment
by the debtors compared with other debtors’ junior b. Shareholder Loan, Bridging Loan
financing/lending.
5. Financing Services
The Company’s senior loan products are consists of: Services that potentially able to deliver income out of
a. Investment/Term Loan the financing interest income. This financing services
b. Working Capital Loan are:
c. Bridging Loan a. Arranger service
d. Take Out Financing b. Underwriter service
e. Promotor Financing
f. Pembiayaan Non-Cash In terms of financing functions, the Company also has
in place two types of unique infrastructure financing,
2. Subordinated Loan namely:
The junior loan (lower priorities) product in terms of
financing re-payment compared with the debtors/ 1. Municipal Financing
creditors’ senior financing/lending. Financing facilities for the Regional Governments
to support the acceleration of basic and social
3. Mezzanine Loan infrastructure with middle and long-term financing.
The junior loan (lower priorities) product in terms of This facility is beneficial to accelerate the regional
financing re-payment compared with other debtors’ infrastructure development.
senior financing/lending, and has a repayment plan
with debt to equity conversion option, a combination 2. Sustainable Financing
of cash flows and debt to equity conversion or Financing facilities for infrastructure development
combination of cash flows and stock purchase projects that contribute in the environmental issues
options. management, environmental quality improvement,
reduction of global warming threat, anticipation of the
climate change impacts, and support in low-carbon
development. This facility indicates the Company’s
commitment to address the climate change issues.

Annual Report 2018
SHARIA FINANCING
1. Financing Based on Lease-Tenancy Principle 3. Pembiayaan Berdasarkan Prinsip Bagi Hasil
Ijarah Muntahiyyah Bit Tamlik Musyarakah Mutanaqisah (MMQ) Financing
(IMBT) Financing Musyarakah Mutanaqisah (MMQ) Financing Financing
Funding for the transfer of utility or benefit rights from based on musyarakah principle, namely syirkatul
goods or services based on lease transaction with the ‘inan (every party to submit the capital), which
option to transfer the goods ownership at the end or portion (hishshah) of the capital of one of syarik (the
completion of financing term. This financing can be in Company) is deducted by the gradual transferring
a form of senior and junior financing. (naqlul hishshah bil ‘iwadh mutanaqisah) to the other
syarik (Counterparty). This financing can be in a form
2. Financing Based on Buy and Sell Principle of senior and junior financing.
Murabahah Financing
Funding or receivables qualized for buying and selling Musyarakah Financing
transaction of goods in the amount of principal Funding or receivables for certain business cooperation
cost plus margin based on the agreement between with a portion of fund from each party, based on the
the Company and counterparty, which requires the agreement to divide the profit by the agreed nisbah,
counterparty to settle its obligations. This financing whereas each party shall take the losses by the portion
can be in a form of senior and junior financing. of each fund.
Annual Report 2018

HIGHLIGHTS
ADVISORY
Financial consulting products and services are developed 3. Financial restructuring
in accordance with the characteristics and needs of each Financial restructuring model, creditor/investor
infrastructure project, which includes: negotiation support.
(1) Investment Advisory, 4. Merger & Acquisition
(2) Financial Advisory, and Client support for corporate action through merger
(3) Financing Arranger. and acquisition.
Investment Advisory Financing Arranger

1. Financial feasibility 1. Equity fund raising
Financial due diligence and investment decision Fund raising using equity instruments, both directly
support. and indirectly.
2. Business planning 2. Loan fund raising
Corporate strategic planning development, with Fund raising using debt/loan instruments be it
various horizons: short term as well as long term. bilateral, club deal, or syndication.
3. Transaction Advisory
Client supports in project bidding process, which can In relation to activities for financing arranger, in addition
be from buyers or from sellers. to its role as Mandated Lead Arranger (MLA) for bank
loans, the Company also develops project finance
Financial Advisory structure in terms of equity fulfillment through direct and
1. Financial modeling indirect equity investment.
Financial model for tender, investment, and other
transaction schemes.
2. Capital structuring
Financial structure analysis for investment decision
making.

Annual Report 2018
PROJECT DEVELOPMENT
1. PPP PDF through Assignment Mechanism Outputs produced by the Company through this
The Project Development Facility (PDF) is aimed for facility are assistance for: technical assistance for
Private-Public Partnership (PPP) projects through study and supporting documents, bid documents,
assignment from the Ministry of Finance. The and sustainable financing products. In practice, the
recipient of the PDF is the project owner or the Company optimizes the use of the facility through
Government Contracting Agency (PJPK) from the both internal funds and donor/multilateral funds.
Central Government or Local Government body.
3. T
echnical Assistance and Donor Fund
This facility is a solution to create project pipelines Management
that are ready to be financed. By strengthening the The Company is able to provide technical assistance
project preparation, specifically in the credibility of the in the form of project assistance, pre-feasibility
study, project structure, administration system, and studies, feasibility studies, supporting documents,
transparency in its processes, projects will become detailed designs, transaction advisory, and not limited
more attractive to the private sector. to any particular scheme. The recipients of this PDF
are Government bodies, which may include both
Output produced by the Company through this facility Central and Local Government as project owners or
is assistance for: pre-feasibility study, supporting Government Contracting Agency.
documents and bid document. Other facilities include
assistance in the transaction phase until the project The purpose of this product is to complete the
obtains funding. necessary documentation or study of projects
conducted by the government to obtain funding from
2. Project Development Facility and Donor financial institutions. The Company may use facilities
Fund Management This type of Project Development provided by Multilateral Organisations and donors
Facility (PDF) is aimed for sustainable projects such that it works with, such as funds or experts.
as development of new energy, renewable enery
and energy conservation (EBT). The recipients of this 4. Training and Capacity Building
facility are project owners, which may include the The Company has a regular capacity building and
Central Government, Local Government, or private training programs with the following modules:
institution. Alternative Financing for Local Governments and
Beginner, Intermediate, Advanced PPP Training
The purpose for this facility is to promote and develop Programs. Moreover, the Company can also conduct
EBTKE projects from the project preparation side as capacity building and training programs tailored to
well as the financing side, hence producing projects the specific needs of the audience such as: Potential
that are feasible and bankable. Investment in the Water Supply Sector, Investments
in the Hospital Sector, Project Finance, Alternative
Financing in Infrastructure, and others. Participants
range from both the public and private sector.
Annual Report 2018

HIGHLIGHTS
Infrastructure Project
Distribution
69
1 Medan - Binjai Toll Road
(Trans Sumatera Toll Road)
1 64 35
59
2 Biogas Power Plant
Rakan Hulu Riau 5 65
3 Palembang - Indrajaya Toll Road
(Trans Sumatera)
7 15
13
4 Bakaheuni - Terbanggi Besar
(Trans Sumatera) 2 11 12 67 39 42
70 56
5 Hydro Power Plant Asahan
8 77 43
North Sumatera
6 58 79
10
6 Coal - Fired Power Plant
26 9 41 40
Sumsel 600 MW
75 72
7 Hydro Power Plant, Humbahas 3 4
North Sumatera 16
8 Financial Services Port 18 Permata Hospital Depok 73 33
Concession Period Pekanbaru 17 22
Working Capital for Port
19
9 Power Plant, Musi Banyuasin
Operations Banten
14 18 20 71 31 61
South Sumatera
19 Water Treatment & Supply
57 21 23 36 30
10 Mini Hydro Power Plant South
Project Tegal Gede, Bekasi
60 25 29
Solok, West Sumatera Bogor Toll Ring Road
63 45 28 34
West Java
37 32
24 27
62 44
11 Panaran Gas - Fired Power Plant
Batam 20 Cikopo - Palimanan Toll Road
West Java 68
12 Gas - Fired Power Plant Jakarta Cikampek Toll Road
26 Palembang Light Rapid Transit
Tanjung Lincang Batam (LRT) Project South Sumatera
21 Citarum Drainage Project Bajulmati Reservoir

13 Singkawang Water Treatment 27 Banyuwangi
Project Karawang - Bekasi, West Java
32 PPP Umbulan Water Spring,
28 Mass Rapid Transit Project, East Java
14 Water Treatment & Supply 22 Port Container & Cigading Surabaya
Cipasauran, Banten Port Cilegon
Sidoarjo Regional Public Hospital
Project Preparation for Water 29 Floating, Storage Offloading,
15 Coal-Fired Power Plant Supply Project, Karawang - Madura
Lobam Bintan West Java 33 Soekarno Hatta Airport Rail Link
LRT Jabodebek
30 Surabaya - Mojokerto Toll
16 Mini Hydro Power Plant Road
Lebong, Bengkulu 23 Rentang Irrigation 35 Floating, Storage Offloading
Majalengka, West Java Natuna, Riau Islands
Semarang - Solo Toll Road,
Central Java 36
Cinere - Jagorawi Toll Road, Ngawi - Kertosono Toll Road Solo
17 Jabung Irrigation Project
West Java -B
TS Tower, Shelter throughout - Ngawi Toll Road
East Lampung
Indonesia
Tugu Station & Pedestrian - Working Capitalin 37 New Jogja Internatinal Airport
24 Telecommunication Jogjakarta
LRT Jabodetabek Revitalization Yogyakarta
25 Pejagan - Pematang Toll Road 38 Paselloreng Dam Project,

31 Bulk Port, Gresik - East Java Waja, South Sulawesi
Water Supply Project Jakarta (Trans Java Toll Road) Central Java
80 29 2
Projects Projects Projects
Commercial Financing Municipal Financing Equity Investment
10 18 2
Projects Projects Projects
Project Development Advisory Sustainable Financing

Annual Report 2018
Infrastructure Project Distribution
59 Financial Advisor Port of

Kuala Tanjung
60 Leasing Rolling Stock Schemein

Corporation with PT KAI, Jakarta
61 Activity Based Costing Tanjung

Perak, Surabaya, East Java
63 Titab Reservoir Project,

Buleleng, Bali
70
53 63 Financial Advisor for Kertajati
Airport Development West Java
52
Waste to Energy Project Namba,
70 West Java
54 64
Case Study of Integrated Railway
and Kualanamu Airport, North
38 Sumatera
48 65 Mini Hydro Power Plant, Lau

Gunung, North Sumatera
46 55
47 66 Coal-Fired Power Plant,
Tenayan, Riau
67 Entikong Borderline Road,

West Kalimantan
78
Sosok-Tayan & Tanjung Sanggau
Road, West Kalimantan
76 68 Lavelette Hospital Malang,

East Java
34 69 PPP Transportation Project
Medan
70 PPP Palapa Ring Project
71 West Semarang Water

39 Coal Gasification Power 45 Electric
Train Rolling Stock Project 53 Bridge Project Kali Api, Manokwari Treatment Project
Plant, West Kutai for INKA
40 Coal - Fired Power Plant Tanah Garrongkong Port Bridge Wariki Project Manokwari 72 Penajam Port Project, East
46 Sout Sulawesi Kalimantan
Grogot, East Kalimantan
Jeneponto-Bantaeng Road, 54 Logistic Murphy Semai Oil, Fakfak
41 Financial Services for Coal 47 South Sulawesi Lampung City Water Treatment
Fired Power Plant Sumsel 73 PPP Project
Wunduloko Irrigation Kotaka, 55 Dekai-Oksibil Road Project, Papua
Central Palapa Ring Project Southeast Sulawesi
Passanger Terminal Project, Supadio 74 Jasamarga Pandaan Malang
48 Power Plant, Kendari Southeast 56 Airport, Pontianak, West Kalimantan Toll Road
42 River Kujang Drainase Project, Sulawesi
Samarinda Expansion Project of Tanjung
Coal-Fired Power Plant Project, 57 Waskita Toll Road
Gorontalo Priok Port, Jakarta
Container Port Project
43 Development and Supporting Soekarno-Hatta Airport
Facilities at Palaran Port, East 49 Marisa Port, Gorontalo
Development Gas-Fired Power Plant
75
Kalimantan Megang, South Sumatera
44 Investment Planning Project at 50 Manado-Bitung Toll Road 58 Gas Pipleline Construction,
Lombok Airport (Development) Batam
Coal-Fired Power Plant Sumsel
Mandalika Special Economic Lolak Dam, Bolaang Bhaldi Timah Hospital, Pangkal 300 MW South Sumatera
51 Mongondow, North Sulawesi Pinang
Zones, Lombok, West Nusa
Tenggara 76
52 Arar Port Project Sorong Ratiklot Dam, Belu NTT
Wind Energy Power Plant
Sumba and Lebak
77 Coal-Fired Power Plant Kalteng 1
COMMERCIAL FINANCING MUNICIPAL FINANCING
1
A. Toll Jakarta Cikampek Elevated II AA. Road & Bridge, Muba Regency
Project B. Toll Salatiga Kartasura BB. Road & Bridge, PALI Regency
Sharia Financing C. PLT Biomasa Lumajang & Situbondo CC. Road, Pakpak Bharat Regency
D. Improvement of Offshore Supply Base Sorong DD. Road, Simalungun Regency
E. Construction of Cigading- Cilegon Port Dock EE. Road, Tulang Bawang Barat Regency
F. PLTU Rungan Gunung Mas Central Kalimantan FF. Market & Road, South Halmahera Regency
G. PLTGU Senipah 117 MW Kukar – Kaltim GG. Road & Bridge, Central Mamuju Regency
HH. Regional Hospital, Tabanan
II. Road & Bridge, Way Kanan Regency
JJ. Market, Central Lombok Regency
Annual Report 2018

HIGHLIGHTS
Milestones
Launching of third business pillar
Advisory to complement the
Having the assignment from Financing and Project Preparation
the Minister of Finance to pillar.
the Company to act as facili-
tator for two PPP showcase Cikampek-Palimanan toll project
projects: Soekarno- Hatta sydicated financing with 21
Airport Railway project and financial institutions.
Successful launching of PT IIF, a Umbulan Water Supply
subsidiary company established project. “AA (idn)” rating by PT Fitch
as a joint venture with ADB, Ratings Indonesia to the Company
Establishment of PT Sarana Multi
IFC and DEG also additional with Stable Outlook.
Infrastruktur (Persero) (“PT SMI”) on 29
Government capital injection of
February 2009 under the coordination of
Rp1 trillion.
Ministry of Finance with the mandate as
the catalyst of Indonesia infrastructure
development. The first infrastructure
financing in irrigation sector amounted to
Rp284 billion.
2009 2010 2011 2012
• Pefindo increased the Company’s corporate rating to “AAA” • Establishment of Sharia Business Unit • S ignificant role in the achievement of
to accomodate financing needs with Financial Close of LRT Jabodebek funding
• Fitch increased the Company’s outlook to positive from stable. sharia scheme. and obtained strong interest from the
national and international banking in the
• The Company is accredited by Green Climate Fund (GCF), the • P articipating in the largest Sharia financing syndication.
first and only in the Southeast Asia. syndicated financing of electricity
sector. • S ignificant role to attain private participation
• Actively preparing KPBU project of Optical Fibre Network West for financing syndication of Sumatra Trans
Palapa Ring Barat. • S igning of the first PPP project with toll road project Bakeuheni-Terbanggi Besar
the availability payment (AP) scheme lanes through cash deficiency support (CDS)
• Issuance of Bonds Shelf Tranche I Year 2016 amounted to Rp 5 for Palapa Ring East Package. facility of Rp7.5 trillion.
trillion from the planned commitment of Rp 30 trillion.
• J oint host with Ministry of Finance • P T SMI participates in enhancing economic
• Launching of new product innovation cash deficiency support at “The 3rd IDB Member Countries growth in Indonesia Eastern Region through
(CDS), implemented for project financing of Sumatra Trans Toll Sovereign Investments Forum”. the financing of Biomass Power Plant
Palembang-Indralaya Lanes (25 years tenor). construction in Merauke.
• Issuance of Bonds Shelf Tranche
• S igning of KPBU first projects with the support of VGF from II with the biggest nominal in one • P articipating in the Investment Financing
Government (SPAM Umbulan). subscription (Rp7 trillion). scheme of Non-Government Budget (PINA) in
the shares of Waskita Toll Road.
• Implementation of Enviromental and Social Safeguards.
2016 2017

Annual Report 2018
Obtained financing sector expansion permit from OJK, namely

Social Infrastructure.
PIP’s assets transferred amounted to Rp18.3 trillion to strengthen

the Company’s capital.
Credit Facility and Quasi Equity Facility Cooperation with French

Official inauguration of SMinfra18 The “Finance Project of The Year” Development Bank (AFD) for the development of renewable
infrastructure index with Indonesia Award for the Umbulan Project energy sector and climage change
Stock Exchange. Fitch Ratings also at the 7th Global Infrastructure
upgraded the Company’s National Leadership Forum in New York, USA. Financing of Sumatra Trans Toll Road Medan – Binjai Lanes with
Long Term Rating to ‘AA+(idn)’ with the extensive tenor (25 years) and grace period of 15 years.
Stable outlook and issues (BBB-/ The first bonds issuance of the
Stable) international ratings. Company amounted to Rp 1.0 trillion
with idAA+ rating from Pefindo.
2013 2014 2015
2018
• Issued a Green Bond, which was part of the • Takeout
Financing Facility, a financing
Green Bond Shelf Public Offering amounted to scheme where PT SMI has the commitment
Rp3 trillion of Tranche I in 2018. to take over the balance of financing value
from a project that previously funded by
• Executed Sukuk Shelf Public Offering amounted other creditors.
to Rp3 trillion, with issuance value of Rp1 trillion
of Tranche I in 2018. • SDG One Indonesia
• Launched Stepup MMQ Musyarakah

Mutanaqisah, a financing scheme of profit
sharing basis with tiered pricing according to the
cashflow capacity of the customers.
• Sharia Hedging Facility. To mitigate risk of

market fluctuation on sharia business activities,
PT SMI in cooperation with Maybank offered a
Sharia Hedging facility, the first in Indonesia.
Annual Report 2018

HIGHLIGHTS
Organizational Structure
1. Mahendra Siregar*
2. Dini Kusumawati
3. Wahyu Utomo**
4. Kunta Wibawa Dasa Nugraha
5. Sukatmo Padmosukarso
Secretary of the Board of Commissioners Audit Committee
1. Sukatmo Padmosukarso
Dodok Dwi Handoko 2. Akbar Anwar
3. Agustinus Nicholas L. Tobing
President Director
Emma Sri Martini

Corporate Development and Initiative
Management
Agus Imam Solihin
Legal
(Acting) Ramona Harimurti*

* Serves since 9 July 2018
Financing and Investment Project Development and

Director Advisory Director
Edwin Syahruzad Darwin Trisna Djajawinata
Financing & Investment I Advisory
Rintis Sitaresmi Suparno*

* Serves since 1 October 2018
Financing & Investment II
Project Development
Eri Wibowo
Pradana Murti
Financing & Investment III
Sustainable Financing
Indar Barung
Adi Pranasatrya*
Municipal Financing * Serves since 1 Febuary 2018
Erdian Dharmaputra Competence Management

Center
Sharia Business Victor Edward Sasdyarto*
* Serves since 1 October 2018
M. Adi Kusuma*
* Serves since 15 August 2018

Annual Report 2018
Organizational Structure
Sharia Supervisory Board
1. Adiwarman Azwar Karim

2. Munifah Syanwani
Risk Monitoring Committee
1. Mahendra Siregar*
2. Wahyu Utomo**
3. Kunta Wibawa Desa Nugraha
4. Edyanto Rachman
5. Jadi Haposan Manurung
Internal Audit
Setyo Wibowo
Human Resource
Boyke T. Subekti
Corporate Secretariat
Ramona Harimurti
Operation & Finance Director Risk Management Director
Faaris Pranawa*
M. Ghozie Indra Dalel* * Serves since 9 July 2018
* Serves since 9 July 2018
Financing & Investment
Finance & Investor Relations Evaluation
Hanif Osman
David Widianto
Social Environmental Evaluation
Accounting & Assets & Advisory Division
Administration
Dadang Purnama
Syahrial Noviananta * Serves since 17 December 2018
General Affairs & Procurement Integrated Risk Management
Cipto Adi Utomo Muhammad Oriza
Information Technology Financing Management &

Special Investment
Romanus Tory Kusumantara
Abdul Hakim Supriyadi
Equity Investment Management
& Operational
Aradita Priyanti
Annual Report 2018

HIGHLIGHTS
Vision, Mission, & Corporate Culture
Vision
A leading catalyst in the acceleration on the national
infrastructure development.
Mission
• To become a strategic partner with value added in
developing infrastructure in Indonesia.
• To establish flexible financing products.
• To provide quality services which comply with good

corporate governance.
Approval of Vision and Mission

The Vision and Mission of the Company has been filed and approved by the Board of Commissioners and
Board of Directors since 2014 as stated in the Company’s Long-Term Plan 2014-2018.

Annual Report 2018
Corporate Values
i-sprint
To achieve its Vision and
06.
Mission, the Company TRUST
01.
continuously develops its INTEGRIT
Y
corporate culture through the

socialization on its corporate
values to all employees. The
corporate values includes: 05.
INNOVATION 02.
SERVICE
EXCELLENCE
04. 03.
RESILIENCE PARTNERSHIP
• Integrity
A Company with character, which conducts business ethically and always promotes good
governance
• Service Excellence
Services that consistently meet customer expectations
• Partnership
Partnership to achieve the vision and mission of the Company
• Resilience
Resilient and persistent in carrying out its tasks & responsibilities
• Innovation
Provides solutions in the development of infrastructure projects
• Trust
A Company that consistently builds customer and stakeholder trust
Annual Report 2018

HIGHLIGHTS
Board of Commissioners’ Profile
Mahendra Siregar*
Indonesian Citizen, 56 years old, based in Indonesia. Obtained Economics

Degree from the University of Indonesia and Post Graduate in Economy of
Monash University, Australia.
He concurrently serves as Special Staff of Foreign Minister for Priority Programs

Solidification, Executive Director of Council of Palm Oil Producing Countries
(CPOPC) and Independent Commissioner of other companies. He also active as
lecturer in the Bank Indonesia Institute. In addition, He served key positions in
several Ministries, including as Chief of Investment Coordinating Board (2013-
2014), Deputy Minister of Finance (2011-2013), Deputy Minister of Trade
(2009-2011), and Deputy Coordinating Minister for Economic Affairs-Economic
Cooperation and International Financing (2005-2009). He also served as Chief
Executive Director and Executive Director of Indonesian Export Financing
Agency/Indonesia Eximbank (2009-2010) and President Commissioner of PT
Semen Indonesia (2012-2017), and several other companies.
Appointed President Commissioner and Independent Commissioner of PT SMI

since 18 August 2017, pursuant to the Minister of Finance Decree No. 625/
KMK.06/2017. In addition, pursuant to the Board of Commissioners’ Decree
No. SK-04/SMI/DK/0917 dated 14 September 2017 he concurrently serves as
the Chairman of Risk Monitoring Committee of the Company.

Annual Report 2018
Wahyu Utomo**
Commissioner
Indonesian Citizen, 55 years old, based in Indonesia. Obtained PhD in 2002

and Master’s of Science in Regional Science from Cornell University, USA in
1999, and Bachelor’s Degree in Civil Engineering from Bandung Institute of
Technology in 1987.
He concurrently serves as Deputy of Infrastructure Acceleration and Regional

Development, Chairman of the National Council for Special Economic Zones,
Secretary of One Map Policy Acceleration, and other positions.. He previously
served as Assistant Deputy for Housing Development, Land and Public Private
Partnership at the Coordinating Ministry for Economic Affairs of the Republic
of Indonesia (2012-2014), Assistant Deputy for Housing Development (2007-
2012), Acted as Assistant Deputy for Infrastructure and Kalimantan-Sulawesi
Regional Development (2005-2007), Head of Economic Decentralization at
the Coordinating Ministry for Economic Affairs (2002- 2005), and Vice Head
of the Central Project Management Office, Directorate General of Cipta
Karya, Ministry of Public Works (1987-1996).
Appointed Commissioner PT SMI since 23 February 2009 pursuant to Minister

of Finance Decrees No. 43/KMK.06/2009, No. 277/KMK.06/2014, and No.
360/KMK.06/2016. He was reappointed and served as the Commissioner
on 8 July 2014 based on the Decree of Finance Minister No. 277/
KMK.06/2014 that was amended based on the Decree of Finance Minister
No. 360/KMK.06/2016 dated 16 May 2016. He also serves as Member of
the Company’s Risk Monitoring Committee since 14 September 2017 based
on the Decree of the Board of Commissioners No. SK 07/SMI/DK/0917 dated
14 September 2017. Currently, he also serves as Deputy for Coordination of
Acceleration of Infrastructure and Regional Development.

Annual Report 2018

HIGHLIGHTS
Kunta Wibawa Dasa Nugraha

Commissioner
Indonesian Citizen, 50 years old, based in Indonesia. Kunta Wibawa Dasa

Nugraha earned PhD in Public Finance from University of Canberra, Australia in
2013, Master’s of Art in Macroeconomics from Boston University, USA in 1999,
and Bachelor’s Degree in Economics from Gadjah Mada University in 1993.
Currently he also serves as Director of State Budget Planning, Directorate

General of Budget in the Ministry of Finance, Republic of Indonesia since 2014.
Previously, he served as Head of the Multilateral Sector Forum (2013-2014),
Head of Tax Policy Analysis (2008-2009), and Head of Sub-Directorate of Tax
Acceptance Analysis in the Ministry of Finance, Republic of Indonesia (2005-
2008).
Appointed Commissioner of PT SMI on 16 May 2016 pursuant to Minister

of Finance Decree No. 360/KMK.06/2016. He also serves as Member of the
Company’s Risk Monitoring Committee since 14 September 2017 based on
the Decree of the Board of Commissioners No. SK-07/SMI/DK/0917 dated 14
September 2017.

Annual Report 2018
Dini Kusumawati
Commissioner
Indonesian citizen, 44 yearsl old, based in Indonesia. Dini Kusumawati

obtained Bachelor of Economics degree majoring in Development Economics
at Padjadjaran University in 1997, gained Master of Economics degree
with a Postgraduate degree in Economics at the University of Indonesia,
and obtained his Doctor degree by continuing Applied in Economic at
Padjadjaran University in 2004.
Appointed Commissioner of PT SMI since 5 June 2018, pursuant to Minister

of Finance Decree No. 436/KMK.06/2018 dated 5 June 2018.
She concurrently serves as Head of the Organization and Management

Bureau, Secretariat General to the Ministry of Finance, Republic of
Indonesia. Previously, she served as Chief of Screening Sub-Section at
Personnel Section of Employee Development Bureau Secretariat General to
Ministry of Finance (2004), Head of Human Resource Planning at Human
Resources Bureau Secretariat General to Ministry of Finance (2007), Head of
Planning and Procurement Human Resources at Human Resources Bureau
Secretariat General to Ministry of Finance (2009), Researcher of Strategic
Planning Sector Secretariat General to Ministry of Finance (2013).
Annual Report 2018

HIGHLIGHTS
Sukatmo Padmosukarso
Indonesian Citizen, 62 years old, based in Indonesia. Sukatmo

Padmosukarso obtained Master’s of Business Administration (MBA) from
Curtin University of Technology, Perth, Australia in 1993, and Bachelor’s
Degree in Economics from University of Indonesia in 1986.
Currently serves as Chairman of the Banks Association Education

Foundation since 2009, and as a Founder/Senior Partner of PT Asta
Konsultant Indonesia since 2016. Previously, he served as President Director
and CEO of Indonesia Infrastructure Finance (IIF) (2014-2016), Deputy
President Director PT Pos Indonesia (Persero) (2009-2013), Executive
Director Indonesia Bank Association (Perbanas) (2009), Deputy President
Director (2007- 2009) and Managing Director (2002-2007) of PT Bank
Internasional Indonesia (BII), Vice President of PT Bank Mandiri (Persero)
Tbk (1999-2002), and held several positions at PT Bank Pembangunan
Indonesia (Bapindo) (1980-1999).
Appointed Independent Commissioner on 16 May 2016 pursuant to

Minister of Finance Decree No. 360/KMK.06/2016. He also serves as the
Chairman of the Company’s Audit Committee since 15 June 2016 based
on the Decree of the Board of Commissioners No. SK-01/SMI/DK/0616
dated 15 June 2016.

Annual Report 2018
Board of Directors’ Profile
Emma Sri Martini

President Director
Indonesian Citizen, 48 years old, based in Indonesia. Emma Sri Martini

obtained Bachelor’s Degree in Informatical Engineering from Bandung
Institute of Technology in 1993 and attended the Infrastructure in a
Market Economy program at the Harvard Kennedy School of Executive
Education, USA in 2011.
She previously served as Director of Finance and Support at PT Perusahaan

Pengelola Aset (Persero) (2004-2009), Commissioner of PT Trans Pacific
Petrochemical Indotama (2004-2009), Senior Vice President (2002-2004)
and Vice President (1998-2001) of the Indonesian Bank Restructuring
Agency (IBRA) and Indonesian Clearing and Depository System (1993-
1998).
Appointed President Director of PT SMI since the establishment of

the Company in 2009 pursuant to Minister of Finance Decree No. 42/
KMK.06/2009 dated 23 February 2009. She was reappointed as the
Company’s President Director on 19 August 2014 based on the Decree
of Finance Minister No. 389/KMK.06/2014 dated 19 August 2014 up to
now.
As President Director of the Company, from the early stage to the date, the
Company has been transformed into an innovative institution with various
product development and business pillars and fast-growing company
within the last 8 years under her leadership. Moreover, under her direction,
the Company has involved and participated in many Goverment’s strategic
projects, including projects under RPJMN, National Priority Projects and
National Strategic Projects. With her strategic initiatives, She has turned
the Company to be a more credible and trustworthy institution that plays
an important role in infrastructure development in Indonesia and gain
trust from many bilateral/multilateral institutions.
Annual Report 2018

HIGHLIGHTS
Edwin Syahruzad
Financing & Investment Director
Indonesian Citizen, 50 years old, based in Indonesia. Edwin Syahruzad earned

Bachelor’s Degree in Economics from University of Indonesia in 1993.
He joined the Company in 2009 as Executive Vice President/Division Head of

Financing & Investment. Prior to that, he served for 9 years at PT Danareksa
(Persero), culminating in the position of Director at PT Danareksa Sekuritas. In
addition, he worked as an Analyst at PT Penthasena Securities (1996-1999), PT
Amstel Securities Indonesia (1995-1996), The Industrial Bank of Japan, Jakarta
Branch (1993-1995) and as Audit Committee Member, PT Timah Tbk (Persero)
(2011-2012).
Appointed Director of PT SMI since 19 August 2014 pursuant to the Minister of

Finance Decree No.389/KMK.06/2014. He serves as Financing and Investment
Director, managing Company funding and investment, and monitors facility,
administrative and custodial activities.

Annual Report 2018
Darwin Trisna Djajawinata

Project Development & Advisory Director
Indonesian Citizen, 47 years old, based in Indonesia. Darwin Trisna

Djajawinata obtained Bachelor’s Degree in Civil Engineering, Parahyangan
Catholic University (1995) in Aviation Engineering, Bandung Institute of
Technology (1996), and Master’s of Science from Leeds University, United
Kingdom (1999).
From 2012, he served as Senior Vice President, Division Head of Advisory

of PT SMI. Prior to joining the Company, he served as Director at PT
Independent Research & Advisory Indonesia (2008-2011), Lead Advisor for
Policy Advisory Unit in the Ministry of Transportation under an AUSAID
program (2009-2011), Infrastructure Specialist for the Asian Development
Bank (Indonesia Resident Mission) (2007-2008), Guest Lecturer on Project
Finance & Infrastructure Management at the Faculty of Engineering of
the University of Indonesia (2006-present), Programme Officer to the
Committee Secretariat for Acceleration of Infrastructure Provision (KKPPI)
for the Coordinating Ministry of Economic Affairs (2005-2006), and
Consultant to the World Bank for Infrastructure Program (2000-2005).
Appointed Director of PT SMI since 19 August 2014 pursuant to Minister of

Finance Decree No. 389/KMK.06/2014. He serves as Project Development
and Advisory Director. Responsible on business activities related to project
development, advisory services, and sustainable financing.
Annual Report 2018

HIGHLIGHTS
Mohammad Ghozie Indra Dalel

Operation & Finance Director
Indonesian Citizen, 39 years old, based in Indonesia. Mohammad

Ghozie Indra Dalel earned a Bachelor of Engineering with Honours
(Cum laude) in Manufacturing & Engineering Management from
Royal Melbourne Institute of Technology (RMIT) University, and a
Master of Business in Banking and Finance from Monash University,
Australia.
Previously he served as Risk Management Director of PT SMI (2016-

2018). Prior to join PT SMI, he held various positions at PT IBM
Indonesia, with last position as Director of Global Technology
Services Unit (2014-2016), Director of Cross Industry – Sales &
Distribution Unit (2012-2014). Within 12 years working period
in PT IBM Indonesia, he was awarded with many national and
international awards for his excellent achievements.
Appointed Director of PT SMI since 16 June 2016, pursuant to

Minister of Finance Decree No. 464/KMK.06/2016. As Operation
& Finance Director, he is responsible to lead and monitor financial
policy, financial transaction, treasury, accounting, budgeting and
manage all business support activities.

Annual Report 2018
Faaris Pranawa
Risk Management Director
Indonesian Citizen, 44 years old, based in Indonesia. Faaris Pranawa

earned his Bachelor of Law from University of Indonesia in 1998.
Previously he served as Head of Legal Division of PT SMI since 2011 and

also served as Head of Corporate Legal and Development Division (2011-
2013) and Head of Monitoring Division (2009-2011). In addition, he
has served as Temporary Acting Corporate Secretary (2016-2017). Prior
to joining PT SMI, he served as Head of Bureau of Directors, Corporate
Secretary Division of PT Perusahaan Pengelola Aset (Persero) (February
2009-Juli 2009) and various other positions since 2004.
Appointed Director of PT SMI, pursuant to Minister of Finance Decree

No. 480/KMK.06/2018 dated 9 July 2018. As Risk Management Director,
he is in charge of identifying, evaluating, mitigating and monitoring the
Company’s operation, investment and credit risk.
Annual Report 2018

HIGHLIGHTS
Sharia Supervisory Board’s Profile

Indonesian Citizen, 55 years old, currently based in Indonesia. He serves as

Chairman of Sharia Supervisory Board of the Company since November 30, 2016
based on Minister of Finance Decree No. 871/KMK.06/2016. He was reappointed
as Chairman of Sharia Supervisory Board based on Minister of Finance Decree No.
667/KMK.06/2018 dated 5 October 2018.
Obtained Engineering degree from the Bogor Agricultural Institute in 1986 and
Bachelor Degree in Economics from the University of Indonesia in 1989. He
completed MBA study at the European university Belgium in 1988 and earned
Master in Economics from Boston University USA in 1992.
He previously served as Research Assistant at the National Development Planning

Agency (Bappenas) (1987-1990), Research and Development Staff of Bank
Muamalat (1992), Treasury Officer/Forex Trade at Bank Muamalat (1993), several
positions in Bank Muamalat (1992-2001), Founder of Karim Business Consulting
(2001-2013) and Founder of Karim Consulting Indonesia (2013-present).
In addition, he had also served as member of Sharia Supervisory Board at several

other business institutions, including at Prudential Life Assurance (2007-2012),
at BNP Paribas Investment Partners (2007-2012), at UFO Multi Level Marketing
Company (2006-present), at HSBC Amanah Syariah Indonesia (2003-2008), at
Bank Danamon Syariah (2002-2010, at Asuransi Great Eastern Syariah (2002-
2012), at Bank BPRS Harta Insan Karimah (2002-2011) and member of Sharia
Supervisory Board at PT Veritra Sentosa Internasional (2017-present).
He was mandated as Deputy Chairman of the Daily Executive Board of the National
Sharia MUI (2010-present), National Executive Board of the Indonesian Institute
of Accountants (DSAS IAI, 2016-2020), Executive Board of the Association of
Indonesian Islamic Economists (DPP IAEI, 2015- 2019), Member of International
Islamic Financial Market (IIFM) Shari’ah Advisory Panel (January 2011-2012).

Annual Report 2018
Sharia Supervisory Board’s Profile
Munifah Syanwani
Indonesian Citizen, 44 years old, currently based in Bogor. She serves

as member of the Sharia Supervisory Board of the Company since
November 30, 2016 based on Minister of Finance Decree No. 871/
KMK.06/2016. She was reappointed as Member of Sharia Supervisory
Board based on the Minister of Finance Decree No. 667/KMK.06/2018
dated 5 October 2018.
Obtained Bachelor Degree in Islamic Studies from Unida in 2000, and

Master Degree in Science from PHI-KTTI-UI in 2004. She is now working
on her Doctoral study at the University of Malaya, Malaysia.
In her professional career, she served several key positions include,

Finance Manager (1999-2002), Finance Director (2002-2007) at Al-
Ahsan College, Lecturer in Dakwah Philosophy at Djuanda University,
Bogor (2000-2004), Lecturer in Education Management at Al-Karimab
Islamic High School Depok (2001-2007), Lecturer at University of
Indonesia (2009-2013), Expert in the House of Representatives (2008-
2014), and member of Nomination and Remuneration Committee at
BNI Syariah (2016).
Annual Report 2018

HIGHLIGHTS
Division Head
Main Directorate Financing & Investment Directorate
Ramona Harimurti Rintis Sitaresmi

Division Head Division Head
Corporate Secretary Division Financing and Investment I
Acting Division Head Division
Legal Division
Setyo Wibowo Eri Wibowo

Internal Audit Division Financing and Investment II
Division
Agus Iman Solihin

Division Head
Business Development Strategic Indar Barung
Plan Division Division Head
Financing and Investment
III Division
Boyke T Subekti
Division Head
Human Capital Division
Erdian Dharmaputra
Division Head
Municipal Financing
Division
M. Adi Kusuma
Division Head
Sharia Unit Division

Annual Report 2018
Division Head
Project Development & Advisory Services Directorate

DADANG PURNAMA
Division Head
Victor Edward Sasdiyarto Social Environmental
Division Head Evaluation & Advisory Division
Center of Competence Division
Operation & Financial Directorate

Pradana Murti
Division Head
Project Development Division Syahrial Noviananta
Division Head
Accounting & Asset Administration
Division
Adi PranaSatrya
Division Head
Sustainable Financing Division
Tjipto Adi Utomo
Division Head
General Affairs & Procurement
Division
SUPARNO
Division Head
Advisory Division
David Widianto
Division Head
Finance & Investor Relations
Division
Risk Management Directorate
Muhammad Oriza Romanus Tory Kusumantara

Division Head
Division Head
Integrated Risk Management
Information Technology
Division
Division
Hanif Osman Aradita Priyanti

Financing & Investment Equity Investment Management &
Evaluation Division Operational Division
Abdul Hakim supriyadi

Division Head
Financing Management and
Special Investment Division
Annual Report 2018

HIGHLIGHTS
Employees Demography
As of 31 December 2018, PT SMI recorded a total of 281 The Company regularly conducts regular training as part
employees, which consisted of 278 permanent employees of its employee competence enhancement program. The
and 3 contract employees, increased by 20 employees training programs is carried out by taking into account
(10%) from 261 employees in 2017. The following the Company requirements and based on the formulated
are several indicators on the Company’s employee Training Need Analysis (TNA). However every Division
demographics in two years comparison: may propose trainings as necessary and in line with the
Company Work & Budget Plan.
Total Employee Based on Organization Level
Level 2017 2018

Administrators 17 19
Junior Management 83 90
Middle Management 98 115
Senior Management 45 43
Executives & Technical Advisors 18 19
Total 261 286
Total Employee Based on Education
Education 2017 2018

High School 9 9
Diploma 10 10
Bachelor Degree 180 190
Master Degree 62 77
Total 261 286
Total Employee Based on Employment Status
Employment Status 2017 2018

Permanent 258 286
Contract 3 0
Total 261 286

Annual Report 2018
Employees Demography
The policy on education and training programs has been Training cost
developed under the Education and Training Guidelines, During 2018, the Company allocates budget for training
which stated that every employee has the right to programs and competency development covering
attain trainings in order to enhance and develop their inhouse trainings, public, assignment, knowledge sharing
competencies. and employee scholarships amounted to Rp9.59 billion.
During 2018, the Company has carried out a total of 110

training and competence development programs, with a equal opportunities for employee
total training hours of 37 hour/employee from the target The Company provides equal opportunities to all
of 30 hour/employee, which covered 80 public training employees in attaining jobs, promotions as well as self
program, 28 in-house training and 2 knowledge sharing. and competence development.
Trainings, Total Participants and Average of Training Hours
Training Category Total Training Themes Training Participants Training Hours
In House 30 782 6,783

Knowledge Sharing 10 315 935
Public Training 127 253 5,982
Grand Total 167 1,350 13,700
Of the organized trainings, the average duration of

trainings for Division Head was at 58 hour/employee,
Team Leader at 42 hour/employee, and Staff at 48 hour/
employee.
Position Training Training Hours Average Duration of Training/Employee

Participants (Hourly)
Kepala Divisi 22 1,281.5 58

Team Leader 222 1,810 42
Staf 43 10,608.5 48
Grand Total 286 13,700 48
Annual Report 2018

HIGHLIGHTS
Shareholders Composition
The Company is a State-Owned Enterprise in which all Company shares are 100% fully owned by the Government of
the Republic of Indonesia, which represented by the Ministry of Finance of the Republic of Indonesia.
Goverment of the Republic of Indonesia
100%

Annual Report 2018
Corporate Structure
PT SMI Structure Subsidiaries Structure
Pemerintahan Indonesia
Indonesia Goverment Founding Shareholders
30.00% 19.99% 19.99% 15.12% 14.909%
100%
Annual Report 2018

HIGHLIGHTS
Joint Venture and Associates
Joint Venture Shares Listing Chronology

Up to 31 December 2017, the Company does not By the publication of this Annual Report, the Company
have any subsidiary, hence any information on has never executed any Initial Public Offerings in any stock
subsidiaries, such as names, ownership, business exchanges. The Government of the Republic of Indonesia
activities and or the operational status of subsidiaries holds all shares. Hence, the chronological recordings of
are not disclosed. securities, listing of shares or other information on shares
are not declared.
Joint Venture
Name PT Indonesia Infrastructure Finance
Equity 30%
Core Business Infrastructure Financing
Operational Status Fully Operating
Equity Investment
Name PT Waskita Toll Road PT Jasamarga Pandaan Malang
Equity 10.67% 5.00%
Core Business Toll Road Holding of 18 toll lanes, namely Kanci Toll Road Business, with concession on
– Pejagan, Pejagan – Pemalang, Pemalang – Toll lanes of Pandaan – Malang
Batang, Batang – Semarang, Solo – Ngawi, Ngawi
– Kertosono, Pasuruan – Probolinggo, Krian –
Legundi – Bunder, Cimanggis – Cibitung, Cibitung
– Cilincing, Cinere – Serpong, Depok – Antasari,
Bekasi – Cawang – Kampung Melayu, Bogor –
Ciawi – Sukabumi, Cileunyi – Dawuan, Kayu Agung
– Palembang – Betung, Tebing Tinggi – Parapat,
Medan – Kualanamu
Operational Status 16 toll lanes are under construction and 2 toll lanes Under Construction, not yet operating.
are already operating.

Annual Report 2018
Other Securities Listing Chronology

2018 • Issued a Green Bond, which was part of the Green Bond Shelf Public Offering amounted to Rp3
trillion with the emission value of Rp500 billion of Tranche I in 2018.
• Executed Sukuk Shelf Public Offering amounted to Rp3 trillion, with issuance value of Rp1 trillion
of Tranche I in 2018.
• Executed Sukuk Shelf Public Offering amounted to Rp3 trillion, with issuance value of Rp1,045
trillion of Tranche III in 2018.
2017 Issued Shelf Bonds I Sarana Multi Infrastructure Phase II of 2017 with the value of Rp7 trillion. The bonds
is a continuation from the Rights Issue Phase I in 2016, and as part of the Public Offering of Bonds I
Sarana Multi Infrastructure with a total value of Rp30 trillion.
The issuance of Rp7 trillion in one phase is currently considered as the largest issuance. PT SMI has again
oversubscribed in this phase II issuance, both from the national investors and foreign investors. A positive
outcome for PT SMI and the National Infrastructure Development, as its functions as the intermediaries,
PT SMI can mobilize the national fundings (banking, pension fund and insurance) and foreign fundings
for the national infrastructure development. The investors’ high demand on the Company Bonds in the
current low interest rate era has illustrated the trend of Infrastructure Sector as class assets.
The bonds was issued as scripless bonds, except the Jumbo Certificate Bonds issued for PT Kustodian
Sentral Efek Indonesia (KSEI) as debt receipt for the Bonds Holders interest. The Bonds consisted of three
series, as follows:
Serie A: The total Principal of Bonds Serie A was offered at Rp1.200 trillion with Bonds fixed interest rate
of 6.15% per annum. The Bonds terms of payment is at 100% bullet payment from the total principal
of Bonds Serie A on the mature date of 25 November 2018.
Serie B: The total Principal of Bonds Serie B was offered at Rp4.455 trillion with Bonds fixed interest rate
of Bonds Serie B on the mature date of 15 November 2018.
Serie C: The total Principal of Bonds Serie C was offered at Rp1.345 trillion with Bonds fixed interest rate
of Bonds Serie C on the mature date of 15 November 2018.
Annual Report 2018

HIGHLIGHTS

2016 Issued Shelf Bonds I Sarana Multi Infrastructure Phase I of 2016 with the value of Rp5 trillion.
The Bonds consisted of four series, as follows:
Serie A: The total Principal of Bonds Serie A was offered at Rp2.298 billion with Bonds fixed interest rate
of Bonds Serie A on the mature date of 18 November 2019.
Serie B: The total Principal of Bonds Serie B was offered at Rp1.328 billion with Bonds fixed interest rate
of Bonds Serie B on the mature date of 18 November 2021.
Serie C: The total Principal of Bonds Serie C was offered at Rp700 billion with Bonds fixed interest rate
Serie D: The total Principal of Bonds Serie D was offered at Rp674 billion with Bonds fixed interest rate

Annual Report 2018

2016 Issued Medium Term Notes USD Sarana Multi Infrastruktur I of 2016 amounted to USD100 billion with
a 2-year maturity that has been due and fully completed on 28 March 2018.
2015 Issued Medium Term Notes IDR Sarana Multi Infrastruktur I of 2015 amounted to Rp850 billion with a
3-month maturity that has been due and fully completed on 29 March 2016.
2014 Issued Bonds I Sarana Multi Infrastructure Phase I of 2014 with the value of Rp1 trillion.
The Bonds consisted of two series, as follows:
Serie A: The total Principal of Bonds Serie A was offered at Rp100 billion with Bonds fixed interest rate
of Bonds Serie A on the mature date of 11 June 2017. This bond is paid and fully completed.
Serie B: The total Principal of Bonds Serie B was offered at Rp900 billion with Bonds fixed interest rate
of 10% per annum. The Bonds terms of payment is at 100% bullet payment from the total principal of
Bonds Serie B on the mature date of 11 June 2019.
Annual Report 2018

HIGHLIGHTS
Name and Address of

Supporting Institution &
Profession
Independent Auditor Rating Agencies
KAP Amir Abadi Jusuf, Aryanto, Mawar & Rekan International Ratings Agency
(RSM Indonesia, member of RSM network)
Plaza ASIA, Level 10 Jl. Jend. Sudirman Kav.59 Samuel Kwok
Jakarta 12190 Indonesia
(samuel.kwok@fitchratings.com)
Fitch (Hong Kong) Limited
Phone: +62 21 5140 1340
19/F Man Yee Building
Fax: +62 21 5140 1350 68 Des Voeux Road Central
Contact: Rudi Hartono Purba Hong Kong
Email: rudi.hartono@rsm.id
Website: https://www.rsm.global/indonesia International Ratings Agency
Iwan Wisaksana
Trustee PT Fitch Ratings Indonesia
DBS Bank Tower Lantai 24, Suite 2403
PT Bank Mandiri (Persero) Tbk Jl. Prof. Dr. Satrio Kav. 3-5
Plaza Mandiri Lantai 22 Jakarta 12940 Indonesia
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta 12190 Salyadi Saputra
www.bankmandiri.co.id PT Pemeringkat Efek Indonesia
Tel. : (021) 5275370, 5245161 Panin Tower Senayan City, Lantai 17
Fax. : (021) 5268201, 5263602 Jl. Asia Afrika Lot 19
Jakarta 10270 Indonesia
Facility Agent
PT Kustodian Sentral Efek Indonesia
Gedung Bursa Efek Indonesia, Tower I, Lantai 5
Jl. Jenderal Sudirman, Kav. 52-53, Jakarta 12190
Tel.: (021) 5299 1099
Fax.: (021) 5299 1199

Annual Report 2018
Name and Address of Supporting Institution & Profession
Legal Consultant and Notary

Irma Devita Purnamasari, SH
Notaris di Jakarta, Indonesia
Jl. Pulau Singkep Blok E3 No.6,
Kel. Kec. Kelapa Gading, RT.2/RW.9, Kelapa Gading
Barat,
Jakarta Utara, DKI Jakarta 14240, Indonesia
Soemarjono, Herman & Rekan

Kantor Advokat (Law Office)
Jalan Sultan Agung No. 62
Jakarta 12970, Indonesia
Tel.: 021 - 8294960, 021 - 8303400
Fax.: 021 ñ 8280530
Nanette Cahyani Handari Adi Warsito, SH

Notaris di Jakarta, Indonesia
Jl. Panglima Polim V No.11, RT.7/RW.6,
Melawai, Kebayoran Baru,
Kota Jakarta Selatan, DKI Jakarta 12160, Indonesia
Annual Report 2018

HIGHLIGHTS
Awards & Certifications

Total 16 awards: 9 national awards and 7 International awards
performance & finance
“2017 Financial Performance of “Golden Trophy for ‘Very Top 10 in Bloomberg League Best Inaugural Green Bond Winner of “Innovative Product in
“Very Excellent” SOE Category, Excellent’ Financial Performance 2018 for Mandated Lead In South East Asia by Alpha Financing Bakauheni Terbanggi
9th Infobank BUMN Awards, during 5 Consecutive Years for Arranger Magazine Besar Toll Road Project”, Category
2018 the Period of 2013-2017”, 9th of 4 Infrastructure Development,
Infobank BUMN Awards, 2018 ADFIAP Awards 2019
Marketing, Branding and InNovation
Best Innovation in Sustainable “Asia’s Most Influential “The Best Brand Communication”, “The Best CEO BUMN Corporate “Infrastructure Financing Figure
Financial Products and Services, Companies” from MORS Group, BUMN Branding and Marketing Reputation Development for Emma Innovative” Award for Emma Sri
The Karlsruhe Sustainable Finance Singapore Award 2018 Sri Martini”, BUMN Branding and Martini, at the The Best Indonesian
Awards, 2018 Marketing Award 2018 Financial and SOE Figures 2018
held by Investor Magazine, 19
December 2018.

Annual Report 2018
Awards & Certifications
Governance, Risk and CompliAnce
Merit Award, Category 9: Unit Risk “Bronze Rank”, Asia Sustainability Special Award “Best Sustainability
and Compliance Manager (URCM), Reporting Rating 2018, National Report”, ADFIAP Awards 2019
ADFIAP Awards 2019 Center for Sustainability Reporting
Corporate Social responsibility
“Top CSR 2018 in Infrastructure “Top CSR 2018 in Educational “Top Leader on CSR Commitment
Financing Sector”, Top CSR Program-Library Boat”, Top CSR 2018 for Emma Sri Martini”, Top
Awards 2018, BusinessNews Awards 2018, BusinessNews CSR Awards 2018, BusinessNews
Indonesia Magazine Indonesia Magazine Indonesia Magazine
Annual Report 2018

HIGHLIGHTS
Office Address and Branch

Office or Representative Office
Head Office
Gedung Sahid Sudirman Center Lantai 48
Jl. Jenderal Sudirman No. 86
Jakarta 10220
Up to the publication of this Annual Report, the Company does not have
established any branches or representative offices.

Annual Report 2018
Corporate Website
Information
Referring to POJK No. 8/POJK.04/2015 concerning 1. Information related to the Company Profile (About Us):
websites of issuers or public companies, the Company has Company Profile, Management Profile, Shareholder
in place the corporate website: http://www.ptsmi.co.id, Structure, Regulatory Framework, Organizational
which has been functional since 2009. The Company Structure, Business Strategy, Flashback, and Human
continuously improving its corporate website for a more Capital Strategy.
informative and easy accessibility. 2. Information related to Investor Relations (IR): Financial
Reports, Annual Reports, Financial Highlights,
During 2018 the Company has completed its corporate Debentures Instruments, Corporate Governance
website with several keys information, as follows: Ratings, and SMinfra 18.
• Shareholders information 3. Information related to PT SMI’s business: Products and
• Code of Conduct Services, Portfolio and Strategic Partners.
• Annual financial reports – separately for the last 5 4. Information related to the Company (News &
years Publications): Activities, Press Release, News,
• Profile of the Board of Commissioners and Board of Publications, Research and SMI Insight.
Directors
PT SMI also disclose any updated information on the
The website is delivered in two languages, Indonesian and activities or events which were held by PT SMI at the
English and is broadly divided into four major sections social media of PT SMI as follows:
consisting of:
@ptsmi ptsmi_id PT Sarana Multi Infrastruktur (Persero)
Annual Report 2018

HIGHLIGHTS
Workshops & Trainings of the Board of

Commissioners, Board of Directors, Committees,
Corporate Secretary, & Internal Audit
Workshops and Trainings for the Board of Commissioners in 2018
Name Position Workshops/Trainings Organizers Venue/Regions
Mahendra President Commissioner 1. Policy Makers’ Indonesia Africa Bali

Siregar* and Independent Perspective and Indonesia Forum
Commissioner Africa Business Forum
Financing Session
2. Blended Finance for Bali
Smallholders: Addressing Government of RI,
Global Challenges with UN Environment &
SDG Focused Solutions Tropical Landscape
Finance Facility/TLFF
Wahyu Utomo** Commissioner 1. Knowledge Management Korea International South Korea
Capacity Building for Cooperation Agency
the National Capital (KOICA)
Integrated Coastal
Development (NCICD)
(High-level)
Kunta Wibawa Commissioner 1. Designing Effective Social Asian Development Yogyakarta
Dasa Nugraha Health Security System in Bank Institute
Asia Countries
2. Australia-Indonesia University of Sydney
Virtual Lab: A Technology Sydney
and Innovation
Collaboration Platform
3. Creating and Leading a
Northwestern Chicago
Culture Of Innovation,
University
Kellog School of
Management
Dini Kusumawati Commissioner 1. Business IT Architecture ATD Learning Jakarta

Series Asia Conference
2018
2. International Conference Center for Risk Yogyakarta
Risk Beyond 2018 Management Studies
(CRMS) Indonesia
Sukatmo Independent 1. Understanding Cyber BARa Bali
Padmosukarso Commissioner Risk Management and
Financial Crime for
Financial Institution
2. Panel Discussion: Audit Indonesian Audit Jakarta
Committee Responsibility Committee
toward Financial Association
Statements Fraud
3. Panel Discussion Jakarta
“Effectiveness of the Indonesian Audit
Board of Commissioners Committee
& Audit Committee Association
Oversight: Learning from
PT SNP Finance”

Annual Report 2018
Workshops & Trainings of the Board of Commissioners, Board of

Directors, Committees, Corporate Secretary, & Internal Audit
Trainings for the Sharia Supervisory Board in 2018

Name Position Workshops/Trainings Organizers Location
Adiwarman Chairman of Sharia Pra Ijtima Sanawi Workshop by DSN MUI Jakarta
Azwar Karim Supervisory Board the Sharia Supervisory Board
of Sharia Financial Institution
2018 of Sharia Capital Market
Munifah Member of Sharia Assessor Competency Training BNSP Bogor

Syanwani Supervisory Board LSP EKSBISI
Training /Test of Sertification LSP DSN MUI Jakarta

Institution of Sharia
Supervisory Board Professions
Workshops and Trainings for the Board of Directors in 2018

Emma Sri President Director 1. Leadership Dialogue on World Bank Singapore

Martini Maximizing Finance for
Development
1. How to Mobilize Private Finance Ministry and Japan Bali
Investment for Green Bank for International
Cooperation (JBIC)
1. A Dialogue to Unlock Deloitte Jakarta

Investment Potential from
Public and Private
Edwin Financing and 1. Pengembangan Sukuk DJPPR Finance Ministry Jakarta

Syahruzad Investment untuk Pembiayaan
Director Infrastruktur
1. Financing for Gas Indonesian Oil & Gas Pipeline Jakarta
Infrastructure Projects in Association (IAPMIGAS)
Indonesia
Darwin Trisna Project 1. Encouraging Investment KADIN Jakarta
Djajawinata Development and and Infrastructure for
Advisory Director Economic Growth and
Equity in Indonesia
1. National Energy Policy ASEAN Centre for Energy Jakarta
Strategy: Growth,
Modernisation and
Greening
Annual Report 2018

HIGHLIGHTS

Workshops and Trainings for the Board of Directors in 2018

Mohammad Operation & 1. Navigating Risk in the PwC (PricewaterhouseCooper) Jakarta

Ghozie Indra Finance Director Digital Era
Dalel 2. Global Associations of Risk Management Jakarta
Risk Professionals (GARP): Certification Agency (BSMR)
UKMR Sertification Level
V
Faaris Risk Management 1. Private Class BSMR Level 1 PT GPS & Partners Jakarta
Pranawa Director 2. Leadership Building PT DBS Bali
Synergy to Improve
Performance
Workshops and Trainings for the Audit Committee in 2018

Sukatmo Chairman 1. Understanding Cyber Risk BARa Bali

Padmosukarso Management and Financial Crime
for Financial Institution
2. Panel Discussion: Audit Committee Indonesian Audit Jakarta

Responsibility toward Financial Committee Association
Statements Fraud
3. Panel Discussion “Effectiveness Indonesian Audit
of the Board of Commissioners Jakarta
& Audit Committee Oversight: Committee Association
Learning from PT SNP Finance”
Akbar Anwar Member European Confederation of IIA European Confederation Madrid

Conference 2018 Program of Institutes of Internal
Auditing
Agustinus L. Member Panel Discussion “Effectiveness of Indonesian Audit Jakarta
Tobing the Board of Commissioners & Audit Committee Association
Committee Oversight: Learning from PT
SNP Finance”

Annual Report 2018

Workshops and Trainings for the Risk Monitoring Committee in 2018

Mahendra Ketua 1. Policy Makers’ Perspective and Indonesia Africa Bali

Siregar* Indonesia Africa Business Forum Forum
sesi Financing
2. Blended Finance for Government of RI, UN Bali
Smallholders: Addressing Global Environment dan Tropical
Challenges with SDG Focused Lamdscapes Finance Facility/
Solutions. TLFF
Wahyu Komisaris Knowledge Management Capacity Korea International South Korea

Utomo** Building for the National Capital Cooperation Agency (KOICA)
Integrated Coastal Development
(NCICD) (High-level)
Kunta Komisaris 1. Designing Effective Social Health Asian Development Bank Yogyakarta
Wibawa Dasa Security System in Asia Countries, Institute
Nugraha
2. Australia-Indonesia Virtual Lab: University of Sydney Sydney
A Technology and Innovation
3. Creating and Leading a Culture Northwestern University Chicago
Of Innovation, Kellog School of
Management

Annual Report 2018

HIGHLIGHTS

Workshops and Trainings for the Risk Monitoring Committee in 2018

Edyanto Member 1. Operation Risk Management in FitchLearning Frankfurt

Rachman Financial institutions
2. International Conference Risk Center for Risk Management Yogyakarta
Beyond 2018 Studies (CRMS) Indonesia
Jadi Haposan Member Operation Risk Management in FitchLearning Frankfurt
Manurung Financial institutions
Workshops and Trainings for the Corporate Secretary in 2018

Ramona Division Head 1. Leadership Building Synergy PT DBS Bali

Harimurti Corporate Secretariat to Improve Performance
2. Menghidupkan i-Sprint dalam Ary Ginanjar ESQ Jakarta
peningkatan etos kerja pada
diri SMIers : Bring i-Sprint to
life in the improvement of
work ethics within SMIers
3. Corporate Communication: Intipesan Jakarta
The Role of Corporate
Corporation to Build &
Increase

Annual Report 2018

Workshops and Trainings for the Internal Audit in 2018
Setyo Division 1. SNIA-2018 Audit Internal National Seminar Yayasan Pendidikan Yogyakarta
Wibowo Head - Audit Internal National Seminar 2018: Internal Auditor
Internal “The Auditor of The Future: Trusted &
Audit Influencing Advisor”
2. IIA Professional Auditor Forum. IA Quality : Institute of Internal Jakarta
Capability, Maturity, and Assurance Auditor Indonesia
3. Leadership Building Synergy to Improve PT DBS Bali

Performance
4. Enliven i-Sprint in enhancing work ethics Ary Ginanjar ESQ Jakarta
in SMIers
5. National Conference III of 2018 FKSPI Internal Control Unit Jakarta
Communication Forum
6. Early Warning System (EWS) KIRAN Solo
Implementation European Confederation
7. European Confederation of IIA Conference of Institutes of Internal Madrid
2018 Program Auditing
Annual Report 2018
Management
HIGHLIGHTS
Discussion &
Analysis
Reaffirming the Company’s role as the

catalyst in achieving the Sustainable
Development Goals.

Annual Report 2018
Annual Report 2018

HIGHLIGHTS
General Highlights
3.7 % Global Economic Growth
The global economic growth in 2018 was weakened from previously

3.8% (yoy) to 3.7% (yoy).
(Source: Economic Outlook IMF Report, January 2019).
5.17 % Indonesia’s economic growth
Indonesia’s economic growth in 2018 reached 5.17% (yoy) increased

from 5.07% (yoy) in 2017.
(Source: BPS, February 2019).
Growth was supported by low inflation at 2.88%, a high level of

foreign exchange reserves of USD120.075 billion, and a maintained
fiscal deficit.
(Source: Bank Indonesia, 2019).
45 Indonesia’s Competitiveness Rating
Indonesia’s competitiveness is ranked 45th, up by 2 places from

2017’s Frank of 47th.
Indonesia is in the category of Investment Grade, the rating

results from 3 global sale rating agencies.

Annual Report 2018
8.1 % Increase in infrastructure spending
Infrastructure expenditure increased 8.1% to Rp410.4 trillion in

2018, compared to 2017 of Rp379.2 trillion.
20 % Banking Infrastructure Loan Growth
The loan growth in the banking infrastructure sector is higher than the
growth of industrial loan at 12.45% (yoy).
(Source OJK 2019)
Rp
553.6 trillion Total Project Value Financed
by the Company
The total value of the government program project includes the RPJMN project,
national priority projects, and national strategic projects that were financed
by the company.
18.14 Multiplier Effect
Multiplier effect on the project values to paid-up capital.
Annual Report 2018

HIGHLIGHTS
3 Financing Products Innovations
PT SMI launched 3 financing product innovations namely Take out

financing, IMFZ, and Step Up MMQ.
6 Projects Development
The Company obtained 6 Projects Development consisting of 4 PPP

assignment projects and 2 geothermal assignments.
13 Implementation of Advisory Mandate
PT SMI expanded its advisory to include Investment advisory, financial advisory,

Financing arranger, and sharia investment advisory & sharia financial advisory.
20 Offering Letters to the Regional

Government
The regional heads increased awareness related to the acceleration of
regional infrastructure Development
The regional financing stakeholders increasing commitments to

accelerate procedures for regional financing approvals.
5 disbursed grants & incentives

Disbursement of other grants and incentives for
the sustainable financing development.

Annual Report 2018
General Highlights
KONDISI PEREKONOMIAN GLOBAL DAN NASIONAL Based on these factors, BPS recorded Indonesia’s economic
growth as 5.17%. Bank Indonesia projects economic
The ongoing Federal Reserve monetary normalization
growth by the end of 2018 to be in the lower range of
policy as well as the tensions between the US and its
5.0% to 5.4%. This growth was supported by the position
trading partners are the main drivers of uncertainty and
of foreign exchange reserves which was at a fairly high
uneven economic growth distribution at the global level
level of USD114.8 billion. Economic growth is followed
throughout 2018. The Federal Open Market Committee
by low inflation at 2.88% and a safeguarded fiscal deficit.
(FOMC) meeting raised the benchmark interest rates
This shows that Indonesia’s economic fundamentals are
The Federal Fund Rate (FFR) to 2-2.25%, following the
strong enough to face the global uncertainty risk.
improving employment data and inflation that meet
expectations in the US. It was the third increase of the
On the financial market, in the October 2018 edition of
benchmark interest rate in 2018 (September).
the World Bank East Asia and Pacific Economic Update,
the risk of financing Indonesian debt increases. However,
The global economic uncertainty has also resulted in the
Indonesia is considered to have the capacity to repay its
decline in the world trade volume and low commodity
debt due to the relatively low level of its foreign debt;
prices, especially metals and agricultural products. The
strong financial sector capital adequacy and liquidity; as
global economic growth projection was then revised
well as sufficient monetary and fiscal foundations.
in line with this trend. In the World Economic Outlook
report published in October 2018, the International
Various structural improvements efforts carried out by the
Monetary Fund (IMF) revised its global economic growth
Government has increased Indonesia’s competitiveness
target from 3.8% to 3.7%, or relatively similar to 2017.
on the global stage. In the report by the Global
Competitiveness Index published by the World Economic
Global developments has also impacted the Indonesian
Forum (WEF) in October 2018, Indonesia is ranked 45th,
economy. The export performance has declined due to the
or two positions higher than the previous year’s 47th.
weakening prices of agricultural and mining commodities
such as CPO and coal along with the declining market
The competitiveness index has been prepared to help
demand and the move do the more environmentally
understand the landscape of global competitiveness,
friendly fuels. Amid the downward trend in global
in relation with the Fourth Industrial Revolution or
demand, the Central Statistics Agency (BPS) noted that
Industry 4.0. The index components include institutions,
export growth has remained positive at 7.52%.
infrastructure, information and communication
technology readiness, macroeconomic stability, health,
Investment is still growing quite high, supported
skills, market share, labor market, financial system,
by the investments in constructions, related do the
business dynamics, and innovation capacity.
infrastructure and property projects, as well as non-
construction investments. On government expenditure,
With good economic fundamental described above,
based on budget realization, the growth has continued,
Indonesia managed to achieve a decent investment rating
especially in goods and personnel expenditure. The
from three world rating agencies, Fitch Ratings, Moodys,
household consumption sector also continues to grow
and Standard & Poor’s (S&P).
due to maintained purchasing power and high consumer
confidence.
Annual Report 2018

HIGHLIGHTS
General Highlights
INFRASTRUCTURE FINANCING INDUSTRIAL REVIEW

The government is committed in continuing the infrastructure development as an effort in expanding
connectivity and improve the people’s welfare. In the National Medium Term Development Plan (RPJMN)
for 2015-2019, a total investment of Rp4,769 trillion is needed to develop the infrastructure. The sources of
funding come from the State Revenue and Expenditure Budget (APBN) which made up 13% of the funding,
30% comes from the State Owned Enterprises, and 57% from the private sector.
Infrastructure Financing Requirements 2015-2019
4,796
328
403
451
280
507
1.000
144 47 86
591
226
233
Roads
Railway
Ports
Airports
Land Transport
City Transport
Electricity
Oil & GAs
Information
Technology
Water Resources
Clean Water & Sanitation
Housing
Total
To accelerate the infrastructure development, the Government continues to increase its budget. In the 2018
State Budget, the Government allocated Rp410.4 trillion of infrastructure expenditure, an increase of 8.1%
from 2017, amounting to Rp379.7 trillion. The infrastructure budget portion amounted to 28.2% of the total
central government expenditure which was Rp1,453.6 trillion.

Annual Report 2018
General Highlights
Infrastructure Budget
Directed to support the strengthening of connectivity, provision of housing and

food security
65.6% Through central

41.1% government’s
expenditures
5.1% 3.1% 173.8
1.1%
2015 : 103,0
Triliun Rupiah
379.7 410.4 415.0 Through transfers
to regions and rural
funds*
256.1 269.1
157.4
196.2
2015 : 39.1
*Including 25% utilization
for infrastructure
Through
Financing
Outlook APBN
2014 2015 2016 2017 2018 2019 45.0
2015 : 34.1
Infrastructure Budget Infrastructure Budget Growth (%)
Source : APBN 2019
Aligned with the addition of infrastructure budget allocations, the Government expanded infrastructure
projects, especially those included in the National Strategic Project (PSN). The determination of the new PSN
list was conducted through Presidential Regulation No. 56 of 2018 concerning the Second Amendment
to Presidential Regulation No. 3 of 2016 concerning the Acceleration of the Implementation of National
Strategic Projects. The PSN list includes 223 projects and 3 programs where there are additions to the
airport and education projects and the addition of an economic equalization program.
Development of the infrastructure sector requires substantial funding. Consequently, the Government
endeavors to bring out innovative financing schemes so as not to burden the state budget. There are three
schemes developed, namely cooperation between the government and business entities (PPP), non-budget
government investment financing (PINA), and a combination of funding from Multilateral, Government, or
Philanthropy (blended finance).
Sectors that can be conducted in cooperation using PPP schemes include connectivity, urban, and social
infrastructure. Data from the Ministry of National Development Planning / Bappenas states that there are
17 large-scale infrastructure projects that have applied the PPP schemes including 2,647 kilometers of the
Central Package Palapa Ring, 8,454 kilometers of East Package Palapa Ring, Bitung-Manado Toll Road,
Balikpapan-Samarinda Toll Road, Pandaan-Malang Toll Road , Batang PLTU, Umbulan Drinking Water
Supply System, and Probolinggo-Banyuwangi Toll Road.
The PINA scheme is an infrastructure financing scheme that focuses on projects that have secured more
than 13% Internal Rate of Return (IRR). The projects financed through the PINA scheme include toll road
projects, airports, renewable energy and others with a total investment of USD2.3 billion.
Annual Report 2018

HIGHLIGHTS
General Highlights
Infrastructure Development achievements

and Target
Roads (km) Dams (unit)*
5.229.0 2.528.7 2.754.2 2.271.3 1.834.7 29 32 36 48 48
2015 2016 2017 2018 2019

2015 2016 2017 2018 2019
*Including construction continuation
Bridges (m) Initial development and completion of
29,176 18,352 19,875 52,449 37,177
railway (km’sp)
176.25 68.99 269.98 615.05 394.8
2015 2016 2017 2018 2019

2015 2016 2017 2018 2019
New Airports Completion

Toll Roads through Trans Sumatra Toll Road through (location)
LMAN (project) PT Hutama karya (km) 2 2 3 4 4
43 12 16 199 405 229
2015 2016 2017 2018 2019
2017 2018 2019 2017 2018 2019

Irrigation Lines (construction and rehab)
(thousand ha)
Housing for MBR
KPR Sejahtera/ FLPP (thousand units) 647.3 343.7 329.4 194.7 170.4
58.4 23.7 50.0 68.9
2016 2017 2018 2019 2015 2016 2017 2018 2019
Flats (units)
10,497 7,740 13,251 13,405 6,873
2015 2016 2017 2018 2019
Source: APBN Book 2019.

Annual Report 2018
General Highlights
PT SMI INNOVATION IN SUPPORTING THE ACCELERATION OF

INFRASTRUCTURE DEVELOPMENT
In carrying out its mandate as a catalyst in accelerating national infrastructure development, PT SMI continues to refine
the financing innovations, both in the scheme and in its structure. In 2018, financing scheme innovations that were
carried out including Take Out Financing, Step up Musyarakah Mutanaqisah (MMQ), Ijarah Mausufah Fiz Zimmah
(IMFZ), and Cash Deficiency Support (CDS).
Take out Financing is a facility for taking over the remaining value from a project previously funded by another
creditor. This product has been applied to the Pekanbaru-Dumai Toll Project Financing.
Step up MMQ is a profit-based financing scheme that has a tiered price level adapted to the customer’s cash flow
capacity. This scheme is specifically designed to support the sustainability of projects which at the beginning tends to
have unfavorable cash flow. This product has been implemented in the Pasuruan - Probolinggo Toll Road Project.
IMFZ is an Ijarah derivative product with a rental scheme that is unrecorded in the financial statements, where the
goods or assets leased are still under construction or in assembly. With the off balance sheet, the IMFZ sharia finance
product, PT SMI can overcome the tight liquidity and debt ratio problems faced by the debtors. As of 2018, IMFZ
products are still in the exploration stage for prospective debtors.
Greenbond PT SMI issued the first environmentally friendly bonds in Indonesia, or Green Bonds. Differed with regular
corporate bonds, funding from this bonds issuance shall be allocated to finance green projects.
PT SMI continues implementing CDS in 2018 as a financing facility for debtors to cope with their cash shortages that
happen during the project, until the conclusion of the investment credit facility. CDS products have been applied to the
Trans Sumatra Project Palembang-Indralaya and Bakauheni - Terbanggi Besar Sections.
The financing innovation that has been carried out by PT SMI can foster greater involvement of the private sector and
local government in supporting the acceleration of infrastructure development in Indonesia.
Annual Report 2018

HIGHLIGHTS
Operational Review

Annual Report 2018
Highlights
With a mandate as the catalyst supported by innovative, unique and
flexible financing products for “closing the gap” and becoming a
complementary product for Banking, PT SMI has disbursed financing
commitment facility of Rp553.6 trillion for 198 projects.
Rp
553.6 trillion 18.14 times 1
Rp trillion
The total value of projects Multiplier effect on the Take out Financing
financed by the Company in 2018, Company’s financing commitment
(including closing projects). commitments in 2018.
32 Regional
Government
has been financed by the
3
Company with a total project
Sustainable Financing Projects value of Rp9.8 trillion.
Financing of 1 mini hydro power plant project in Bengkulu, with a

total commitment value of Rp248.7 billion and assignment of 2
Geothermal Projects including the Waesano geothermal project
with a capacity of 30 megawatts at USD30.04 million and the
Rp
2.17 trillion
Sharia Financing
Jailolo 35 MW geothermal project.
Outstanding.
Annual Report 2018

HIGHLIGHTS
Highlights
13Strategic Cooperation 6 National

Projects
Strategic
Strategic collaboration Facilitated by PT SMI Tol Semarang-Batang,
with bilateral/multilateral SPAM Lampung, SPAM West Semarang, KEK
institutions to strengthen Mandalika, Multifunction Satellite, Jakarta-
technical and funding capacity. Cikampek elevated toll road .
Advisory business pillar completed Advisory’s sectors was

13 Advisory mandates, an increase increasingly diversified.
compared to 2017 by 9 Advisory mandates.
Through Project Development Business Pillar, PT SMI has developed 15 assignment projects consist
of 14 PPP assignments and 1 non-PPP assignment.
Assignment of 3 PPP PT SMI is the only financial institution

development projects and in Southeast Asia that has been Green
Climate Fund (GCF) accredited.
Establishing cooperation with bilateral/multilateral institutions including

the New Zealand Foreign Affairs & Trade, Climate Policy Initiative (CPI), and
the French Development Bank (AFD).

Annual Report 2018
Highlights
16 Sectors Financed by PT SMI
Electricity Transportation Telecommunication Waste Management Railway

& Waste Rolling Stock
Oil & Gas Energy Efficiency Drinking Water Roads & Bridges Irrigation
Hospitals Correctional Education Regional Market Tourism

Infrastructure Infrastructure Infrastructure Infrastructure
PT SMI has enacted its role into 15 goals to support the achievement
of the Sustainable Development Goals.
Annual Report 2018

HIGHLIGHTS
Operational Review
socio-economics benefits
socio-economics benefits of the beneficiary projects

Better Access Infrastructure and Rolling Stock Improvement
Electricity for Clean water Natural gas 2,118 kms of Addition of 52 thousands
3.2 million contribution for 2 network for Toll and toll 80 electric telecommuniation
homes or million home or 21,000 homes roads trains and towers
revitalization of
12 8.1 2,181 438 52

million million km train thousand
21,000
people people cars
households 2,700 km of fiber optic netwotk

in Eastern Indonesia area
2,700 km
Climate Change Mitigation’s Support

Public Service Improvement
920 ton/year
CO2 reduction equivalent of Serving
of
76 million Health facility
for 720 new
Facility
addition of
1,031
patients/year
Production Improvement telecommunication
service users across
720
Electricity Clean water Additional fuel patients
capacity production production by Indonesia new beds
addition by addition
2.884 14.140 31.000

MW L/s L/s Capacity Increased port
Urban areas addition of
passenger goods flow to
37.5
transportation million
10,000 2.26
Increased gas supply MT capacity increase to million
7.3
capacity by million airport travelers
per year per year TEUs per year
Job Creation
185
thousand Irrigation to 185 thousand
1.97
man power during million hectares of rice fields
construction period
Assumptions:
a) 1 house is powered by 900 Watts of electricity b) 1 house is occupied by 4 people c) Basic clean water needs per person in the metropolitan city = 150 liters/day
d) 1 Km = 862 Construction Workers
Data per October 2018

Annual Report 2018
Operational Review
A. Analysis Approach B. I nfrastructure Projects Economic

PT SMI uses two approaches to measure the socio-
economic benefits of infrastructure projects that
Benefits Analysis
As stated above, PT SMI focuses on financing the
have been built, the econometrics approach and the
construction of basic infrastructure projects and
inter regional input-output (IRIO) approach.
social infrastructure. In general, the construction of
infrastructure funded by the Company has a positive
Econometrics Approach
impact on improving the local economy.
The formula used in the econometric approach is
a determinant model of gross regional domestic
Based on the econometric approach, infrastructure
product (PDRB) which is regressed using the Ordinary
development has not had much economic impact
Least Square (OLS) method. This is to measure the
in short term. This is normal considering that the
impact of infrastructure projects that have been
impact of infrastructure projects usually can only be
funded ex post. The variables used in this approach
seen in the medium and long term.
are PDRB as dependent variable, project value,
human development index (IPM), labor level, number
Regional economic improvement (PDRB) comes
of workers, population, household expenditure,
from two ways, the man power and the IPM. The
government and private consumption, government
involvement of local workers in an infrastructure
revenue and expenditure, and investments.
projects can increase their purchasing power, which
in turn will increase the consumption in the local
Input Output Approach
area. As for IPM, the infrastructure development
The method used in this study is to use an analysis
itself has improved community welfare at the project
of the IO (Input Output) model. Model analysis
site. This is positively correlated with an increase in
Input Output Table (Table I-O) is a tool that will
economic productivity which will ultimately increase
be used to see the interrelationships between
regional economic growth.
sectors contained in the economy. Input-Output
table is a statistical translation using a matrix table
that contains transactions in the use of goods and
services between various sectors of the economy.
Analysis Method Input-Output simulation is an Ex-
Ante approach.
.
Annual Report 2018

HIGHLIGHTS
Operational Review
c. Economic Impact Analysis of Selected Projects

1. Merah Putih Satellite Development in the National Economy
PT SMI also contributes to the national infrastructure projects, namely the Merah Putih
Satellite development. Particularly for this project, funding is directed at the transportation
and communication sector because the construction of this project is not directly related to
the construction sector. Total disbursed funds was Rp36.35 Trillion. As a result of such large
exposure, it is estimated that the output of the national economy increased by 0.37%, equivalent
to Rp74 Trillion. This is 2 times greater than the funding. As such, the national added value is
predicted to increase by 0.36% (Rp33.7 trillion) and household income increases by 0.42%,
equivalent to Rp12.5 trillion. Finally, the construction of this project is also expected to provide
new jobs for 408,316 people. Based on econometric analysis, PT SMI funding is estimated to
increase the national HDI, which is equal to 0.84%.
10the Goal, Reduce inequality within and among countries.
11th Goal, Make cities inclusive, safe, resilient and sustainable.
2. Konawe Regional Hospital Project Development in the Southeast

Sulawesi Province Economy
Konawe Regional hospital provides easy access to patient in the surrounding areas of Konawe,
and improves the Konawe regency PAD potential directly from the regional hospital operations
that projected to become the hub for Southeast Sulawesi province as well as an increase of
future economic activities in both culinary, transportation as well as tourism sectors.

Annual Report 2018
Operational Review
The immediate impact received by public during the construction was increased income of
culinary entrepreneurs around the Regional Hospital in the range of 30% to 300%. This is
caused by construction workers looking for food alternatives within a radius of 100 to 300
meters from development projects, increased labor absorption during the construction process
with more than 600 workers ranging from construction workers to janitors, and increased
added value to production factors, which is indicated by the increase in land prices along the
main route to the Regional Hospital. The price of land has doubled during the construction of
the Regional Hospital.
Furthermore, the expected impact that will receive by public is the increase of income allocation
for future savings to finance school children, business expansion, and emergency funds for
illness, increase the eradicaiton chronic and accute illness that may reduce productivities and or
cause death, as well as cost and time efficiency.
In addition to providing a direct impact, based on the results of the social benefit cost analysis
(ABMS) in the table below, the construction of the Konawe Regional Hospital shown a positive
economic net value and the Economic Internal Rate of Return (EIRR) greater than the 10% social
discount rate. So the project has the potential to generate positive net benefits to the economy.
Social Cost Benefit Analysis of Konawe Regional Hospital Project in Southeast Sulawesi
Analysis Results Value (Rp trillion)
Undiscounted Value
Total Economic Cost 2.68
Capital Cost 0.32
- Operating expense 1.18
- Cost of Goods Sold 1.20
Total Economic Benefit 43.31
- Action/Medical Benefit 15
- Project Term Value 28
50-year Discount
Economic NPV @ 10% Social Discount Rate 11
EIRR 53%
Benefit and Cost Ratio 12
Construction of hospital infrastructure in accordance with the

objectives of the SDGs:
3rd Goal, Ensure healthy lives and promote well-being for all at all ages.
Annual Report 2018

HIGHLIGHTS
Operational Review
3. Gianyar Regional Hospital Project Development in Bali Province

Economy
PT SMI also provided funding of Rp150 billion for the construction of the Gianyar Hospital in Bali. The
construction of the Regional Hospital is estimated to increase output by Rp191.6 billion, added value
of Rp125.5 billion, household income of Rp46.3 billion, additional employment for 9,012 people and
an increase in HDI of 8.89%. Based on econometric analysis, PT SMI funds against the construction
of Sanjiwani Hospital was estimated to have an influence on the HDI increase, which amounted to
4.7%. This increase in HDI can occur due to the direct impact of PT SMI funding or indirectly through a
significant increase in labor and community income (GRDP).
This analysis is validated through qualitative analysis by directly visiting the location. There were 3
data compilation methods conducted, namely nonparticipants observation, interview and focus group
discussion. From qualitative analysis, there were information on the impact of the Sanjiwani Regional
Hospital Development through 2 aspects, namely social impact and economic impact. On social impact,
the Sanjiwani Regional Hosiptal has the role to improve:
1. The reach of patients being served,

2. Service satisfaction,
3. Capacity of Sanjiwani Regional Hospital institutions,
4. Capacity and quality of Sanjiwani Regional Hospital, and
5. Mentoring program to patients and their families.
Hospital infrastructure development as per SDGs goals:

3rd Goal, Ensure healthy lives and promote well-being for all at all ages.

Annual Report 2018
Operational Review
4. 31 MW Bengkulu PLTA Project Development in Bengkulu Province

Economy
In the energy sector, PT SMI contributed to the construction of the 31 MW Bengkulu Water Power
Plant (PLTA). The funding of Rp267.75 billion by PT SMI may create additional output of Rp506.4
billion (0.76%), additional value of Rp176.7 billion (0.52%), additional household income of
Rp69.1 billion ( 0.58%), additional employment for 7,779 people (0.77%) and an increase in HDI
of 7.98%.
In other parts of Sumatra, namely in West Sumatra Province, PT SMI also assited in the financing
of power plants construction. from hydropower plant in Bengkulu, the power plant built in West
Sumatra is the Minihydro Power Plant (PLTM). To finance the construction of this 2x3 Mw Sako
PLTM, the funds disbursed amounted to Rp186.01 billion. As a result, the financing of PLTM
construction is predicted to increase output by Rp332.3 billion or 0.14%, added value of Rp161.4
billion or 0.47%, household income of Rp58.5 billion or 0, 12%, and new employment for 3,603
people or 0.15%. Based on econometric analysis, PT SMI’s funding is estimated to increase the HDI,
which is equal to 1.47%. This increase in HDI was due to the direct impact of PT SMI’s funding or
indirectly through a significant increase in labor and community income (GRDP).
Environmentally friendly power plant infrastructure

financing, according to SDGs goals:
7th Goal, Ensure access to affordable, reliable, sustainable and
modern energy for all.
13th Goal, Take urgent action to combat climate change and its impacts.
Annual Report 2018

HIGHLIGHTS
Business Segment Review

Annual Report 2018
In the course of exercising its mandate, PT SMI provides

infrastructure financing comprehensive solution that include
three business pillars, Financing and Investment; Advisory; and
Project Development
These three business pillars’ activities are supported by
innovative and varied funding sources. These funding comes from
PMN; conventional capital markets (bonds, bonds, securitization,
and green bonds) and Sharia capital markets (sukuk and sharia
hedging).
The three business pillars’ activities are supported by innovative and varied funding
sources. These funding comes from PMN; conventional capital markets (bonds, bonds,
securitization, and green bonds) and Sharia capital markets (sukuk and sharia hedging);
loans and grants; BPJS or Sharia insurance; Hajj and Syirkah funds; and sovereign wealth
funds (SWF). The company also continues to develop financing innovations like Take out
financing and IMFZ which are supported by varied funding sources. The infrastructure
financing that has been carried out also supports 15 Sustainable Development Goals
(SDGs).
Annual Report 2018

HIGHLIGHTS
Operasional Review
PT SMI focuses on financing the basic infrastructure and social infrastructure development, which
includes the electricity, transportation, telecommunications, railroad rolling stock, oil and gas, energy
efficiency, drinking water, roads and bridges, irrigation, and waste water and waste management. While
social infrastructure consists of hospitals, correctional infrastructure, education infrastructure, regional
infrastructure, markets and tourism infrastructure.
PT SMI Three Business Pillars

PIlLAR#1 PILlAR#2 PILlAR#3
FUNDING SOURCES Financing & project sectorals
advisory
investment development
State Equity Infrastructure

Investment (PMN) Financing Financial ppp Project
Advisory Development Electricity Transportation
conventional
Pembiayaan Investasi
Takeout Financing
Promoter Financing Telecommunication Railway
Rolling Stock
Capital Market Pembiayaan Modal Kerja
Geothermal Sector
(Bonds and Dana Talangan
Infrastructure
Subordinasi Investment
Securities) Mezzanine Advisory Development Funds
Penyertaan Modal (Equity) Management
Pembiayaan Pemerintah Oil & Gas Energy Efficiency
Daerah
Jasa Arranger &
Underwriter
Loans and Grants Drinking Water Roads & Bridges

Cash deficiency
Support (CDS) Renewable Energy
& Energy Efficiency
Financing Projects Development Irrigation Waste Water & Waste
Arranger Management
Sharia Capital
Market
Sharia
Financing
Regional Government
IMBT/Lease with Financing Projects Hospitals Correctional
BPJS/Sharia option for own Development Infrastructure
Murabahah/
Insurance Installment sale with
Financing
Deferred Payment Arranger,
sharia
MMQ/Dimishing Investment
Partnership Advisory & Capacity Building and Education Regional
Infrastructure Infrastructure
Musyarakah/Joint Financial Advisory Assistance
Haj Funds & Partnership (Syariah)
Ijarah Indent*
Syirkah MMOB*
Market Tourism
Infrastructure
Sovereign Social Infrastructure
Wealth Fund
IMBT : Ijarah Muntahia Bittamlik

MMQ : Musyarakah Mutanaqisah
MMOB : Mudharabah Muqayyadah on Balance Sheet
*Under construction progress

Annual Report 2018
Pillar I Business Segment

The Company remains focuses on long term

financing with the
largest portfolio types in Investment Loan. In 2018, investment loan
recorded a largest portion of 76%.
Annual Report 2018

HIGHLIGHTS
Highlights
OUTSTANDING commitment
17% 29%
29% 17% Toll Roads
4% Electricity
Transportation
4%
4% Telecommunication
4%
Oil and Gas
4% 4%
Irrigation
4% 1%
1% Roads and Irrigation
1% Drinking Water
Social
43% 43%
Rp28.2 Trillion
9 7 6 1
Sectors :
• Toll Roads
New Commitments • Telecommunication
Toll Roads Transportation Electricity Telecommunication
23 •
•
Electricity
Transportation
Commitments of • Irrigation
New Project Access to Tanjung Priok Merah Putih Satellite
Commitment of Commitment of
Rp3.1 trillion Rp1.0 trillion
Pasuruan- Probolinggo Toll Jakarta-Cikampek Toll

Take Out Financing CDS for Terbanggi
for Tanjung Priok tol Commitment of Elevated II
Besar – Kayu Agung Toll
Access (Equity Portion) Rp1.0 triliun Commitment of
Rp1,604 trillion
1
Angkasa Pura II Airport LRT Jabodetabek
PT SMI’s First Shareholder’s Loan - Bridging
Commitment of Commitment of
Loan for WTR Land project
Rp1.2 trillion
Rp2 trillion

Annual Report 2018
financing activities diversification

As of December 2018
CAGR commitment (2014 until December 2018): 83%

CAGR outstanding (2014 until December 2018): 74%
CAGR Commitment CAGR Outstanding

91,795
86,979
67,874
CAGR
52,604
83%
CAGR
44,896
74% 49,205
35,873
30,442
23,004
17,157
5,577 4,262
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Realization Realization
Work & Budget Plan Work & Budget Plan
financed project values

In Rp Trillion
553.6
132
95.8
50 197.9
77.8
until 2014 2015 2016 2017 2018 Total

Project
Value
Annual Report 2018

HIGHLIGHTS
commitment based on products
7.86%
2.94%
3.27%
2.50%
Subordinated
2.50%
Bridging Loan
Equity Investment
Promotor Financing
Sharia Financing
Investment Loan
76.0%
(in Rp Trillion)
Investment Working Subordinated Bridging Loan Equity Promotor Sharia
Loan Capital Loan Investment Financing Financing
66.5 5.6 7.2 3.7 3.0 1.4 2.3

Annual Report 2018
Outstanding based on products

4%
3%
6%
5% Sharia Financing
Promotor Financing
Equity Investment
8%
Bridging Loan
Subordinated
Working Capital Loan
5% Investment Loan
69%
(in Rp Trillion)
Investment Working Subordinated Bridging Loan Equity Promotor Sharia
Loan Capital Loan Investment Financing Financing
29,7 2,2 3,6 2,0 2,5 1,0 2,1
Annual Report 2018

HIGHLIGHTS
Sector Diversification and Location Distribution

The Company is committed to implement the risk management in every business activity, including in
channeling the infrastructure financing. One of the methods to mitigate the risk is sector diversification.
financing diversification based on sector

Financing Commitment
10%
1%
9%
Others
Rolling Stock
Transportation
Electricity
Roads and Toll Roads
26%
48%
In addition to business sector based finance diversification, the Company also distributes infrastructure
development projects in all regions in the country. This is in line with the Government’s commitment to
realize economic equality through infrastructure development.
Distribution of Infrastructure Project Locations

3%
2%
8%
4,2%
Papua, Maluku
Bali, Nusa tenggara
Kalimantan
Sulawesi
Sumatra
Java
33%
50%

Annual Report 2018
The Company’s financing and investment activities are supported by innovative, unique and flexible
products for closing the gap. The unique financing and investment products that are available includes
financing tenor flexibility (> 5-25 years), the grace periode length (up to 15 years), innovative, and
the creation of large multiplier effect. This uniqueness complements the banking products and other
financial institutions in providing infrastructure financing schemes in Indonesia. In addition, PT SMI is a
non-bank financial institution (LKBB), making it more flexible in disbursing the financing.
PT SMI financing and investment product uniqueness

Based on Project Financing Structure Based on Project Financing Tenor
Financing and Investment Products

Investment Financing/Term
Investment Financing/Term

Take-Out Financing
Take-Out Financing

Promoter Financing
Promoter Financing

Working Capital Financing
Subordinated Loan

Bridging Loan
Mezzanine

Sharia Financing Long Term
Equity Investment
Project Financing Structure
70-80% Tenor
Cash Deficiency Support (CDS)
Debt (>5 Years)
Financing Products
Quasi-Equity
Subordinated Financing
Pembiayaan Modal Kerja
Short Term
Pembiayaan Dana Talangan
20-30% Mezzanine
Tenor
Equity (1-5 Years)
Convertibles
Equity
Implementing Catalyst Function with Product Uniqueness and Excellence
Annual Report 2018

HIGHLIGHTS
PT SMI serves conventional and sharia infrastructure financing. And in addition to financing, the
Company can also invest in capital participation in infrastructure projects or in companies engaged in
infrastructure. In addition, the Company can also conduct arranger and underwriter services which are
usually employed in syndicated financing for the large valued infrastructure projects. The aim is that
more banks or other financial service companies are involved in financing infrastructure. Throughout
2018 (September), PT SMI’s total financing commitment amounted to Rp77.19 trillion with a multiplier
effect of 6.03 times. This signifies the Company’s ability to encourage banking institutions and other
financial institutions to form a better infrastructure financing ecosystem. The multiplier effect on paid-up
capital is 18.14 times. This means that PT SMI managed to provide a significant multiplier effect on the
capital it received from the government.
In Rp billion
Commitment (including IIF, Exc equalization) Outstanding (including IIF)
Year Target Realization Achievement Year Target Realization Achievement

2018 83,976 77,187 91.92% 2018 50,534 46,706 92.42%
2017 67,585 52,205 77.24% 2017 40,393 34,092 84.40%
2016 33,437 47,583 142.31% 2016 28,054 33,060 117.85%
2015 9,702 23,322 240.39% 2015 8,285 18,599 224.50%
2014 5,570 8,065 144.80% 2014 4,082 6,697 164.06%
Financing and Investment activities conducted by PT SMI, among others:
Commercial Municipal Sharia Sustainable Equity

Financing Financing Financing Financing Investment

Annual Report 2018
Commercial Financing
In 2018, the Company has realized new commercial financing
amounted to Rp 28.2 trillion
commtiment
for 23 new projects. The sectors under this financing
includes toll roads, telecommunications, electricity, transportation
and irrigation.
Throughout 2018 the Company enacts several product innovations such as Take Out Financing for Tanjung Priok access
toll (Equity Portion) and CDS for Terbanggi Besar - Kayu Agung Toll. The Company alos recorded the first shareholders’
loan through Bridging Loan for WTR Land project.
Annual Report 2018

HIGHLIGHTS
commitment & outstanding

(in rp billion)
77,187
52,205
46,706
47,583
34,092
33,060
23,322
18,599
3,087 4,477 6,697 8,065
2013 2014 2015 2016 2017 Des-2018

* termasuk pinjaman kepada Pemda,friendly
Environmentally Subordinasi IIF infrastructure financing, in accordance with SDGs goals:
electricity
7th Goal, Ensure access to affordable, reliable, sustainable and modern energy for all.
Outstanding
Commitment

Annual Report 2018
Project Value
No Project Name Sectors Project Value (Rp) Total Ceiling
(US$)
1. Tol Jakarta Cikampek Elevated Toll Road 13,627,900,000,000 - 1,604,624,000,000
II Toll Project
2. Salatiga Kartasura toll road Toll Road 2,699,074,010,000 - 250,000,000,000
construction project
3. Jabodebek LRT rolling stock Transportation 4,165,734,988,000 - 1,200,000,000,000
project
4. Asembagus Sugar Factory Electricity 727,730,000,000 - 206,506,000,000
Biomass Power Plant
Construction Project,
Situbondo Regency
5. Jatiroto Sugar Plant Biomass Electricity 870,000,000,000 - 263,791,000,000
Power Plant Project, Lumajang
Regency
6. Integrated Light Railroad (LRT) Transportation 21,772,640,362,000 - 1,923,125,000,000
Project in Jakarta, Bogor,
Depok and Bekasi regions
(Jabodebek)
7. Capacity building project Transportation 256,634,000,000 - 187,342,820,000
(addition of infrastructure
facilities) Terminal for Self-
interest (TUKS) located in
the Regional Area of Work
Environment Petrosea
Offshore Supply Base Sorong
8. Dock project 7.1 - 7.2 Port of Transportation 349,951,290,687 - 217,645,400,000
Cigading, Cilegon - Banten
9. Central Kalimantan 1 PLTU Electricity - 332,140,410 1,086,075,000,000
project in Tumbang Kajuei
Village, Rungan District,
Gunung Mas Regency,
Central Kalimantan Province
10. Section 2B Bogor Ring Road Toll Road 926,575,000,000 - 660,000,000,000
Toll Road (Kedung Badak -
Simpang Yasmin) for +/- 2.65
km Project
11. Capex VIII financing for Electricity 9,900,000,000,000 - 1,000,000,000,000
investment in accordance
with the 2018 RKAP and
unrealized (carry over)
revisions in the 2019 RKAP
Annual Report 2018

HIGHLIGHTS
Project Value
No Project Name Sectors Project Value (Rp) Total Ceiling
(US$)
12. Senipah 117 MW Steam Electricity - 217,122,301 434,430,000,000
Power Plant (PLTGU) Project
in Teluk Pemedas, Samboja
District, Kutai Kartanegara
Regency - East Kalimantan
13. 116 Km Cikopo Palimanan Toll Road 12,562,720,000,000 - 1,418,700,000,000
Toll Road Project, West Java
14. Bakauheni - Terbanggi Toll Toll Road 16,795,363,937,436 - 7,525,000,000,000
Road Project
15. Airport development project Transportation 18,678,834,262,000 - 1,500,000,000,000
in PT Angkasa Pura II (Persero)
16. Kuala Tanjung Phase I Transportation 3,522,733,329,132 - 479,600,000,000
(multipurpose) Port Project,
Batubara Regency - North
Sumatra
17. Procurement of Telecommunication 36,349,000,000,000 - 1,000,000,000,000
communication satellites
Project (Merah Putih Satellite)
18. Pasuruan Regency Toll Road Toll Road 2,988,707,000,000 - 1,000,000,000,000
Section Project - 31.3 km
Probolinggo Regency Section
1-3
19. Regular airport development Transportation 18,801,775,000,000 - 2,000,000,000,000
and investment managed in
the debtor’s working area in
accordance with the debtors’
RKAP from 2018 to 2021
20. Tanjung Priok Access Toll Toll Road - - 3,100,000,000,000
Road Project
21. The Balikpapan Samarinda Toll Road 9,972,558,987,129 - 700,000,000,000
toll road construction project
is +/- 99.35 km in East
Kalimantan
22. Construction of the Batang - Toll Road 11,045,548,000,000 - 850,000,000,000
Semarang toll road Project
23. 5A 2x150 MW Power Electricity - 480,422,579 861,619,500,000
Project South Sumatra, Musi
Banyuasin - South Sumatra

Annual Report 2018
13th Goal, Take urgent action to combat climate change and its impacts.
6th Goal, Ensure access to water and sanitation for all.
9th Goal, Build resilient infrastructure, promote sustainable industrialization

and foster innovation.
Annual Report 2018

HIGHLIGHTS
Municipal Financing
PT SMI committed to supporting equal distribution of infrastructure

development in all regions of Indonesia. In 2018, the Company’s
Municipal Financing commitment was Rp4.36 trillion and outstanding
of Rp2.42 trillion, with a financing concentration outside Java for
economic equality.
PT SMI disburses municipal financing as the The company also continues to improve the ecosystem
implementation of duties from the government as of regional financing to accelerate the infrastructure
stipulated in the Minister of Finance Regulation No. 174/ development in the region. In this case, the Company
PMK.08/2016 concerning the Provision of Guarantees to continues to try to involve financial service companies
the Company in the interest of Financing assignment for such as banking, insurance, financing institutions and
Regional infrastructure. guarantees in infrastructure financing.
PT SMI’s strategy in disbursing the municipal financing In the disbursement of municipal financing, the Company
is to increase leveraging through the use of multilateral provides project development facilities (PDF) in the form
and donor funds. Also, with government guarantees of feasibility study preparation grants, engineering design
and synchronization of Special Allocation Funds (DAK), details, or environmental studies through the company’s
Regional Incentive Funds (DID) and the incentive and donor agencies’ funds.
mechanisms for regional governments who receive the
municipal financing for the acceleration of infrastructure In 2018, PT SMI’s commitment in municipal financing
in the Central and Eastern regions. was Rp4.36 trillion and outstanding amounted to Rp2.42
tillion.

Annual Report 2018
Municipal Financing
Municipal Financing
New Commitment 2018 Commitment until 2018 • Roads for Lampung
Rp 1.7 trillion Rp 5.1 trillion

Province
• Bridges & Roads for
Musi Banyuasin
Province
• Roads for
Penajam Paser Utara
Province
• Roads and Bridges
for PALI
7 1
Activities Highlights:
20 Offering
Letters
Hospitals Market
• Preparation for pipeline
RIDF (3 Municipalities/ 4
Roads Facility)
• Dissemination of
Alternative Financing
commitment based on regions

2%
5%
10%
Java
8%
Papua, Maluku
Bali Nusa Tenggara
Kalimantan
Sulawesi
Sumatra
50%
25%
Annual Report 2018

HIGHLIGHTS
Municipal Financing
Commitment by Project Sector
4% 34%
Market
Regional Hospital
Roads & Bridges
62%
Market sector Infrastructure Development in accordance to the SDGs goals:

- 8th Goal, Promote inclusive and sustainable economic growth, employment and decent
work for all.
- 12th Goal, Ensure sustainable consumption and production patterns.

Annual Report 2018
Municipal Financing
The Construction of Road and Bridge infrastructure in accordance with the SDGs goals:
work for all.
- 9th Goal, Build resilient infrastructure, promote sustainable industrialization and foster
innovation.
- 11th Goal, Make cities inclusive, safe, resilient and sustainable.
Hospital sector infrastructure development in accordance with the SDGs goals:

- 3rd Goal, Ensure healthy lives and promote well-being for all at all ages.
The Company supports the regional infrastructure development by providing financing with an
outstanding multiplier of 2 times from the previous period in 2017 amounting to Rp1.21 trillion to
Rp2.42 trillion with a total of 29 municipal financing facilities.
Moving forward, PT SMI will be more active in introducing the concept of regional financing, especially
in central and eastern Indonesia. In this case, the Company will continue to collaborate with regional
government associations such as the Association of Regency Governments throughout Indonesia
(APKASI) and the Association of Indonesian City Governments (APEKSI).
For 2019, the Regional Financing Division plans to identify potential funding for public service agencies
(BLU), looking at other sectors that can become the regional loan financing objects and focusing on
regional government financing in central and eastern Indonesia and border areas.
Annual Report 2018

HIGHLIGHTS
Sharia Financing
The Company continues the innovation in delivering sharia
financing products. In 2018, the Sharia Business Division has
launched 2 financing product innovations aimed to give more
flexibilities to the debtors. One is Step Up Musyarakah Mutanaqisah
MMQ, the other is Ijarah Maushufah Fi Al Dzimmah IMFZ.
Rp
1.3 trillion 2 new project Rp
7 trillion of
new commitment commitment project value*
*) Paspro Toll Road Project Value has

been calculated in the Commercial
Financing
Ijarah Maushufah
Fii al-Dzimmah
(IMFZ) for working
Product Innovation capital has been
Go Live at Quarter
Step up Scheme III 2018 Continuous
– Musyarakah improvement
Mutanaqishoh of Sharia
(MMQ) for Pasuruan Financing
Probolinggo Toll Procedures
Road
Sharia Product
Sharia core Katalis Development
system Infrastruktur includes: IMFZ
application for investment
development financing
Initiation of Issuance of Sukuk

Sharia financing Mudharabah with
to health sukuk emission
infrastructure value of IDR 1
sector trillion with a tenor
of 3 & 5 years.

Annual Report 2018
Sharia Financing
In 2018 the PT SMI Sharia Business Division has carried out the following initiatives:
The CAPEX VIII Sharia Financing Syndication to PT PLN amounted to Rp.4.6 trillion (Total Syndication
14.4 trillion) with PT SMI’s UUS portion amounted to Rp1 trillion. This is the largest Sharia financing in
Indonesia.
Rp1.29 trillion of Musyarakah Mutanaqisah Sharia Financing Syndication to PT Trans Jawa Paspro Toll Road
for the 31.30 km Pasuruan - Probolinggo toll road construction project. In the Musharaka Mutanaqisah
financing facility provided by the Sharia Banks there is a scheme from PT Sarana Multi Infrastruktur
(Persero) Sharia Business Unit with a tiered/step up pricing structure to support the sustainability of the
project.
In the first and second qurater of 2018 The Company Sharia Business Division and Advisory Division are
participating in developing the Haj Financial Management Agency (BPKH).
In the third quarter of 2018 the Company issued the first syariah funding instrument in the form of
Sukuk Mudharabah with emission value of Rp1 trillion with a 3 and 5 years tenor. The sukuk was issued
simultaneously with the issuance of environmentally sound bonds or Green Bond.
Work programs will be implemented in 2019

Enabler
1. To assist the development of the Sharia ecosystem by becoming an enabler in strengthening the
structure/scheme and contract of Sharia financing.
2. To increase the targeted customers in the High Grade Company customer category
3. To distribute Sharia finance in new sectors
Product Advancement
To add and to enrich sharia financing and funding schemes in the interest of accelerating the Company’s
pillar business development by adding new sharia financing and sharia funding products and innovations
of the Company.
Alternative Sharia Funding

1. Use of Sharia underlying assets and use of other instruments for alternative Sharia corporate funding
2. Exploring the use of sharia funding from abroad.
Human Resources
Strengthening human resources that are reliable and able to multi-task.
Annual Report 2018

HIGHLIGHTS
Sustainable Financing Division has a mandate

to enhance the Company’s roles in fostering the
environmentally friendly oriented infrastructure
development.
Fund resources 3 current

projects 16 MW commitment:
Rp465.5 billion 5 potential projects
PLTBN project development with PLTP Dieng central java
capacity of 3.5 MW
• value: Rp 60 billion
• location: Wapeko, Merauke
PLTA Lebong Bengkulu

PLTMH Tunggang 3 x 3,33 MW PLTMH Parlilitan north sumatra
development
• value: Rp248 billion
• location: Lebong, Bengkulu
PLTS Ende Maumere
Pembangunan PLTM Sako 2 x 3 MW

• value: US$10.8 million
• location: Pesisir Selatan, west Sumatra PLTM Padang Guci 2
innovation
First Loss Mechanism or Guarantee for renewable
energy project development of PLTS Ende and
Maumere 2 x 1MW
Others
PLTBM: Biomass Power Plant PLTP: Geothermal Power Plant

PLTMH: Micro Hydro Power Plant PLTA: Hydroelectric power plant
PLTM: Mini Hydro Power Plant PLTS: Solar Power Plant

Annual Report 2018
In general, the strategies used by the Sustainable Financing Special Division are as follows:
• To build strategic relationships with potential clients
• To build cooperations with multilateral institutions
• To improve coordination with relevant government agencies in order to encourage the creation of a
more favorable climate to develop projects that support sustainable development
• To increase the internal capacity for sustainable financing
In 2018, realization of sustainable financing outstanding amounted to Rp243.38 billion, a significant

growth compared to the previous year of Rp7,45 miliar. Moreover, realization value of commitment
amounted to Rp465.47 billion has also exceeding the target of Rp371.02 billion recorded a result of
125.46%.
On financing activities, this Division was targeting a sustainable financing commitment of Rp371,02
billion and sustainable financing outstanding of Rp305,81 billion. To achieve these targets, the
Sustainable Financing Division has taken a number of steps which include participating in activities
related to renewable energy such as workshops and training; as well as deepening the potential of
existing pipelines, including geothermal exploration facilities.
The company also continues to innovate the financing structure that maximizes the de-risking mechanism
(eg interest subsidies and first loss mechanism) available for Sustainable Financing by collaborating with
international donor institutions such as the French Development Bank (AFD) and Green Climate Fund
(GCF).
In 2018, the Sustainable Financing Division financed one project, the mini hydro power plant (PLTMH)
project in Bengkulu, Sumatra with a total commitment value amounted to Rp248.7 billion and Rp122
billion of total outstanding value. In addition, there were two assignments, the Waesano geothermal
project with a capacity of 30 megawatts (MW) worth USD30.04 million, and the Jailolo 35 MW
geothermal project. The division also received the World Bank grant commitments coming from the
Clean Technology Fund (CTF) fund amounted to USD49 million and the World Bank – managed Global
Environment Facility (GEF) amounted to USD6.25 million.
Financing PLTMH infrastructure and Geothermal in accordance with the SDGs goals:
- 7th Goal, Ensure access to affordable, reliable, sustainable and modern energy for all.
- 13th Goal, Take urgent action to combat climate change and its impacts.
Annual Report 2018

HIGHLIGHTS
For geothermal activities, the Division is targeting the Geothermal Energy Data Upstream Development
Project (GEUDP) assignment to provide Data & Information on Geothermal Energy.
In 2018, the focus was on the plan and execution of the assignment in providing the first data and
information for the Wae Sano region. Preparatory activities include the submission of UKL / UPL
documents, submission of necessary licenses from both local and central government, procurement
of civil infrastructure contractors, drilling contractors, and other service contractors. Exploration drilling
activities are planned for the second quarter of 2019.
Related to the management of geothermal funding facilities (Funds for Geothermal Sector Infrastructure
Financing/PISP Funds) in accordance with Minister of Finance Regulation No. 62/PMK.08/2017 dated
May 15th, 2017, one form of utilization of PISP Fund facilities is in supporting the activities of providing
geothermal data and information carried out by the government and SOE/SOE subsidiaries through an
assignment mechanism to the Company.

Annual Report 2018
On its commitment toward infrastructure financing that support SDGs, The

Company received the “Best Innovation in Sustainable Financial Products &
Services” award at The Karlsruhe Sustainable Finance Awards 2018 event in
Germany.
In addition, the Company has also collaborated with the New Zealand Ministry of Foreign Affairs and
Trade (NZ MFAT) through Partnership Arrangements (PA) which will provide grants in the form of
technical assistance to the Company in its activities in the geothermal field.
The company has signed a Cooperation Agreement with the Climate Policy Initiative (CPI) on January
2, 2018 regarding the collaboration in clean energy projects development in Indonesia. To support this
collaboraton, the Company received a grant of USD200,000 in the form of technical assistance from CPI
to be used to assess clean energy projects and improve the Company’s employees’ capacity. In addition,
the Company has also signed a Memorandum of Understanding with the Deutsche Gesellschaft für
Internationale Zusammenarbeit GmbH (GIZ) regarding sustainable transportation development.
As an Accredited Entity Green Climate Fund (GCF), PT SMI can submit proposals to the GCF both for project
preparation through the Project Preparation Facility (“PPF”) and for funding project implementation
through Funding Proposal (FP) for infrastructure projects related to climate change handling.
In 2018, PT SMI prepared a PPF proposal related to the development of the Semarang BRT transportation
project to obtain support from the GCF in the form of a grant for the Project preparation activities. As for
November 28, 2018, PT SMI has obtained approval from the GCF for the proposed proposal. The GCF
will provide a grant of USD788,000 for the project preparation phase.
In addition, on September 29, 2018, PT SMI signed a Memorandum of Understanding with Deutsche
Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) in the framework of “Sustainable Urban
Transport Program Indonesia” (SUTRI NAMA) and “Indonesian Bus Rapid Transit Corridor Development”
(INDOBUS ) related to cooperation in the field of sustainable transportation. SUTRI NAMA - INDOBUS
is a collaboration program between GIZ and the Ministry of Transportation. During the implementation
phase of project preparation, PT SMI will work with SUTRI NAMA - INDOBUS so that the grant funds
from the GCF will be supplemented with a grant from SUTRI NAMA - INDOBUS of USD300,000.
Annual Report 2018

HIGHLIGHTS
The activities that will be carried out related to the preparation of the Semarang BRT project include:
preparation of pre-feasibility studies, feasibility studies, studies of laws and regulations, environmental
and social studies, gender studies, risk analysis, and stakeholder management. These activities will be
carried out with coordination between PT SMI, Semarang City Government, GIZ, and the Ministry of
Transportation.
One of the geothermal sector development activities carried out by the Sustainable Financing Division is
the implementation of the assignment of Geothermal Data and Information Provision facilities based on
Minister of Finance Regulation No. 62/PMK.08/2017 on May 15, 2017. The assignment was given by the
Ministry of Finance as part of the geothermal exploration program by the Government to support the
Government in establishing a Geothermal Working Area (“WKP”) so that it can later be auctioned off
to investors to do development or exploitation. In its activities, the Company collaborates with several
International Institutions namely the World Bank and the New Zealand Ministry of Foreign Affairs and
Trade (“NZ-MFAT”).
Cooperation with the World Bank was marked by the signing of the Geothermal Energy Upstream
Development Project (GEUDP) grant agreement since 2017 where PT SMI obtained a Clean Technology
Fund (CTF) facility of USD49 million and USD6.25 million from Global funds Environmental Facility (GEF).
In this case, PT SMI also provided co-financing funds of USD49 million to support the GEUDP program.
The cooperation with NZ-MFAT was marked by the signing of a partnership agreement where PT SMI
received a grant in the form of NZD2.13 million technical assistance since the same year.
The technical assistance has been used to complete 5 (five) evaluation activities for new (greenfield)
geothermal potential areas, namely: Wae Sano - East Nusa Tenggara Province, Bonjol - West Sumatra
Province, Jailolo - North Maluku Province, Bittuang - Gorontalo Province, and Nage - East Nusa Tenggara
Province. The overall evaluation activities were carried out in 2018 and the initial evaluation report was
sent to the Ministry of Finance. Following up on the initial evaluation report, the Ministry of Finance
in 2018 has assigned the Company to conduct Geothermal Data and Information Provision in 2 (two)
regions, namely Wae Sano and Jailolo, exceeding the Company’s target in 2018, namely 1 (one)
assignment.
As of the end of 2018, the implementation of the Company’s assignments at Wae Sano has completed
important stages, namely:
• The implementation of several public awareness and consultation activities on environmental, social
and land use aspects involving the community since 2016;
Geoscience studies and surveys deepening aspects of geology, geophysics, geochemistry from 2016 to
2017;
• Field visits by inviting the surrounding community to Patuha and Kamojang areas in West Java in 2017
in order to understand more about the geothermal electricity generation industry. Completion of
UKL/UPL documents in mid-2018 is required as one of the requirements for conducting exploration
activities;

Annual Report 2018
• Issuance of Environmental Permit by the West Manggarai Regency Government to the Ministry
of Energy and Mineral Resources as the project initiator at the end of 2018 and facilitation of the
completion of other licensing processes required by project initiators;
• Publish technical procurement packages such as the procurement of civil contractors and
infrastructure, drilling contractors, and contractors of other goods and services; and
• Other pre-construction activities such as various kinds of surveys, studies, field visits, filing and
measurement of technical, social, environmental and land utilization aspects;
The Company expects the support of stakeholders, especially the Regional Government and local
communities, to be able to create and maintain a conducive social situation to facilitate the completion
of pre-construction activities that have begun so that the next stage can begin immediately. Furthermore,
related to the implementation of the assignment in Jailolo, in 2018 the Company is preparing several
stages, namely related procurement packages and enhancing human resource capacity.
PT SMI is currently exploring cooperation with the World Bank regarding the geothermal sector
development through the Geothermal Resource Risk Mitigation Project (GREM) project. The GREM
project is the financing facilities with the aim of supporting geothermal exploration activities that will be
carried out by private and public (BUMN) geothermal development companies. The main feature is the
existence of a risk sharing scheme (partial forgiveness) to help mitigate the risk of exploration failure. The
project is a development of the Geothermal Energy Upstream Development Project which is currently
under the implementation stage by PT SMI.
The facility features are as follows:

• Total facility of USD 500 million, consist of soft loan and grants from Green Climate Fund – GCF
(USD 100 million), soft loan and grants from Clean Technology Fund – CTF (USD 75 million), and
soft loans of World Bank (USD 325 million)
• GCF (amounted to USD 100 million) such as concessional loan at USD 7,5 milllion and reimbursable
grants at USD 90 million, and grants from TA at USD 2,5 milllion
• CTF (at USD 75 million) a soft loan concessional loan at USD 40 million, Contingent Recovery Grant
(USD 32,5 million) and grants of TA (USD 2,5 million)
• World Bank (at USD 325 million) as soft loan. The World Bank’s requirements to leverage fund
commitment of reimbursable grant GCF and Contingent Recovery Grant from CTF
• The form of GREM’s support for the activities of geothermal exploration is carried out by reducing
the risk of exploration activities, namely by applying risk-sharing allocation if the results of a
geothermal exploration are not feasible to proceed into the next stage. In this scheme, if a drilling
process fails or does not show economic results, then there is a portion of the facility that is not
returned (forgiveness).
For 2019, the Sustainable Financing Division has prepared a number of work programs, namely::
• Financing, de-risking mechanism and other incentives for the expansion of sustainable development
sector
• Implementation of PISP fund management in supporting the geothermal sector
• Use of international climate funds such as the Green Climate Fund and other funds
Annual Report 2018

HIGHLIGHTS
Equity Investment
The Company’s equity investment in infrastructure related

businesses aims to strengthen the funding aspect in
supporting the implementation of the mandate.
The Company conducts investment financing in order to increase funding sources to support infrastructure
financing. It is carried out in the form of equity participation in existing subsidiaries, as well as in other
business entities engaged in infrastructure. The following are investment financing models conducted
by the Company:
1. Equity Investment in IIF

PT Indonesia Infrastructure Finance (IIF) was established on January 15, 2010 at the Republic of
Indonesia’s government’s initiative. IIF was designed to be a private non-bank financial institution
that collaborated with the World Bank, the Asian Development Bank (ADB) and international
multilateral institutions.
Shareholders Total Shares Shares Value %

PT Sarana Multi Infrastruktur (Persero) 600,000 600,000,000,000 30.00
Asian Development Bank 399,800 399,800,000,000 19.99
International Finance Corporation 399,800 399,800,000,000 19.99
DEG 302,400 302,400,000,000 15.12
SMBC 298,000 298,000,000,000 14.90
Total 2,000,000 2,000,000,000,000 100.00
Highlights of Equity Investment in 2018
Investment
Equity Value 2018
Rp600 billion
Rp640.5 billion
Investment
Fair Value 2018
Rp62.5 billion
Rp77.3 billion
Investment
Fair Value 2018
Rp2.4 trillion
Rp2.8 trillion

Annual Report 2018
Equity Investment
In 2018, IIF continues to develop its assets through value-added products and develops the pipelines
for infrastructure projects. Also, to develop advisory services, to develop HR capacity, and to increase
internal processes’ effectiveness and efficiency.
2. PT Jasa Marga Pandaan Malang’s Equity Investment

PT Jasamarga Pandaan Malang (JPM) is a joint venture in the form of a limited liability company
established by PT SMI, PT Jasa Marga (Persero) Tbk (Jasa Marga) and PT Pembangunan Perumahan
(Persero) Tbk (PP) on June 6, 2016.
No Shareholders of PT JPM Ownership Composition

1 PT Jasa Marga (Persero) Tbk 60%
2 PT Pembangunan Perumahan (Persero) Tbk 35%
3 PT Sarana Multi Infrastruktur (Persero) 5%
3. PT Waskita Toll Road’s Equity Investment

PT SMI has officially become one of the shareholders of PT Waskita Toll Road (WTR) in February
2017, with a total capital participation of Rp2.44 trillion with 11.05% share ownership. WTR is a
subsidiary of PT Waskita Karya (Persero) Tbk which was established in June 2014 and is operates in
toll road business.
No Shareholders of PT WTR Ownership Composition

1 PT Waskita Karya (Persero) Tbk 79.88%
3 PT Sarana Multi Infrastruktur (Persero) 11.05%
Total 100.00%
Annual Report 2018

HIGHLIGHTS
socio-economics benefits from business

pillar I - financing and investment
Electricity Sector - 2,884 MW electricity - Addition of 80 electric Urban
capacity addition trains and revitalization Transportation
Lighting for 3.1 homes - 438 electric trains
or 12 million people - Increasing the urban
transportation passenger
capacity to 7.3 millions
per year
Clean Water and Irrigation - Clean water production - Natural gas network for Oil & Gas
addition by 14,140 l/s 21,000 homes
- Clean water contribution - Additional 31.000 bpd
for 2 million homes or of fuel production
8.1 million people - 10,000 MT gas supply
capacity increase
Toll Roads - 2,181 km of road and - Health facilities for 720 Social Infrastructure
toll roads new patient/year
- 1.97 million of - Addition of 1,031 new
manpower during beds
contruction periods
Aiports and Ports - Addition of 37.5 million - 52 thousands Telecommunication
airport passenger per telecommunication
year tower project
- Increased port goods - 2,700 kms of fibre
flow to 2.26 million TEUs optic network in central
per year Indonesia area
- Servicing 76 million
telecommunication users
in Indonesia

Annual Report 2018
Business Segment Pilar II
Advisory
The Company’s Advisory provides comprehensive solutions from project

documents preparation to financing execution process assistance.
Annual Report 2018

HIGHLIGHTS
Highlights
Of the 13 Advisory Mandates, 6 of them are Financing Scheme Innovation

National Strategic Projects (PSN)
PT SMI also continues innovating to design
The Company received 13 Advisory mandates throughout creative and innovative financing schemes
2018. Six of them are National Strategic Projects (PSN), the so it could optimize the accumulation of
Jakarta Cikampek II Elevated Toll Road Project, Trans Sumatra funds from various sources, such as the
Phase II Toll Road Project, Kuala Tanjung International Hub Mandalika Special Economic Zone (KEK)
Port Project, Multifunctional Government Satellite Project Project where PT SMI acts as the ITDC
(SMF), Patimban Port Project, and Mandalika Special financial advisor related to the funding
Economic Zone (KEK) Development Project. that will provided by the multilateral
institution Asian Infrastructure Investment
Bank (AIIB).
Rp
261.4 trillion
Total project
10 completed 3 mandates
mandates on progress
values in 2018
Advisory Advisory Activities in

accordance with SDGs
As an example is the Kertajati Airport
Kertajati airport project in Majalengka where PT SMI
acts as a Mandated Lead Arranger
that fits the 9th goal, building
quality infrastructure, encouraging
Location Majalengka, West Java sustainable industry improvement and
Roles in the Project encouraging innovation.
As Mandated Lead Arranger

Annual Report 2018
Advisory
The Advisory business pillar acts as an enabler of infrastructure development accelaration in Indonesia.
The Advisory provided by PT SMI include end-to-end services, starting from the stage of project
documents preparation, transaction process assistance, to the financing execution process assistance up
to the financial close. The details of the process provided by the Advisory are as follows:
Project Project Financial

Stages Documentation Transaction Close
Prepare documentation • Assisting the clients • Acting as arranger in the
and project structure for in order to conduct financing collection in
transaction phase such as fundraising preparations terms of debt and equity
Financial Models, Feasibility both in terms of equity and involving other financial
Study, Bidding Documents, debt. institutions (MDB/Non
Info Memos Project, and • Assisting the clients in MDB)
company business planners conducting bidding / M
DJK Roles & A processes in seeking
strategic partners
• KEK Mandalika • Multifunction Satellite • Jakarta - Cikampek

• PLTU Batu Bara Cilegon • Patimban Port Highway
• Marunda Port • PPP Project - AP • PLTMH Tunggang
• Batu Ampar Port Unsolicited • KEK Mandalika
• Penajam Port • Bridges
• Trans Sumatera Phase II
Projects Toll Road
• Telecommunication • Telecommunication • Toll Roads

• Toll Roads • Toll Roads • Ports
• Ports • Ports • Electricity
• Electricity • Electricity • District
Sectors • District
• Construction
• District
• Construction
Annual Report 2018

HIGHLIGHTS
Advisory
Advisory services provided by PT SMI include:

• Investment Advisory
• Finance Advisory
• Fund Raising Advisory
In carrying out their duties and responsibilities, Advisory have the following strategies:
• Improve the knowledge and infrastructure insight in the focused sectors like transportation, energy
and utilities.
• Sharing and transfer of knowledge about infrastructure.
• Improve the advisory services linked to financing project, especially syndication activities
• Increase project financing arranging activity through alternative instrumental
• Improve Co-Advisory activities with Investment Management and / or Securities Companies.
• Establishing BUMN synergies, especially those related to infrastructure assignments.
• Involved in working on projects that ari the government’s focus such as the 10 Tourism Destinations.
• Participate in non-assignment/PDF projects with PPP schemes.
PT SMI through its Advisory business pillar is involved in both the National Strategic Project (PSN) and
Non-PSN infrastructure projects. To realize the infrastructure development plan that requires substantial
investment, PT SMI also continues to design innovative and creative financing schemes to optimize fund
acquisitions from various sources.
The strategy was well executed with PT SMI obtained several new consulting
services mandates. Up to 2018, PT SMI posted 13 advisory mandates with a
total project value of Rp261.4 trillion.
The mandate is divided into 4 Investment Advisory mandates, 5 Financial Advisory Mandates, and 4
Fundraising Service Mandates. The following are the details of the advisory mandate:

Annual Report 2018
Advisory
4 Investment Advisory
Mandates 5 Financial Advisory Mandates
4 Fund Raising Advisory
Mandate
• Government Multi-function • Review of the Financial Model • Mandated Lead Arranger (MLA)
Satellite transaction assistance. and the Project Memorandum of the Jakarta Cikampek II
• PT Krakatau Daya Listrik Company Information preparation of (Elevated) Toll Road Project by PT
Long Term Plan Preparation. the Mandalina KEK Project by Jasamarga Jalanlayang Cikampek
PT Perkembangan Pariwisata
• Financial Planning for Batu • Financial Advisor of the
Indonesia (PT ITDC)
Ampar, Batam PT Pelindo I Mandalika Special Economic
• Financial Advisor on the Stage II
(Persero) Port Development Area (KEK) Development Project
Trans Sumatra Toll Road Project
• Initiator Determining Stage Funding Process Assistance by
by PT Hutama Karya (Persero)
Assistance related to PT Adhi • Bid Preparation Advisory to the PT Pengembangan Pariwisata
Karya (Persero) Tbk project Strategic Partner Selection for Indonesia (ITDC)
initiative PT Pelindo II (Persero)’s Patimban • Financial Advisor on the Fund
Harbor Project Raising for the 1x150MW
• Financial Model Review of the Batubara Steam Electric Power
Low Deck Berth Development Plant Project by PT Krakatau Daya
Plan related to PT Pelabuhan Listrik
Tegar Indonesia’s Marunda Harbor • Financing Arranger for the 3x3.33
Concession
MW Tunggang Minihydro Electric
• Study update of the Penajam
Power Plant Project by PT Mega
Harbor Concession of PT
Hydro Energy
Pelabuhan Penajam Banua Taka
(Astra Group)
Total Advisory Mandate by Sector in 2018

Telecommunication 1
District 2
Roads & Bridges 3
Electricity 3
Ports 4
Annual Report 2018

HIGHLIGHTS
Advisory
Composition of Advisory Mandates in 2018

2.3%
3.6%
2.3%
3.7%
District
Electricity
Telecommunication
Ports
Roads & Bridges
88.1%
Of the 13 mandates in total, 6 of which are National

Strategic Projects (PSN), the Jakarta Cikampek II Elevated
Toll Road Project, Trans Sumatra Phase II Toll Road
Project, Kuala Tanjung International Hub Port Project,
Multifunctional Government Satellite Project (SMF), Port
Project Patimban, and Mandalika Special Economic Zone
(KEK) Development Project. The following is the role of PT
SMI Consulting Services in the PSN project:
1. Jakarta Cikampek Elevated II Toll Road Project

The company was given a mandate by PT Jasamarga
Jalanlayang Cikampek as the mandated lead arranger
(MLA) for the funding of the Jakarta Cikampek
(elevated II) Toll Road. The 36.4 km long project with
a total investment value of around Rp. 16.2 trillion
is intended to reduce congestion on the Jakarta -
Cikampek Toll Road section.

Annual Report 2018
Advisory
2. Trans Sumatra Phase II Toll Road Project 6. Mandalika Special Economic Zone Development
In this project, the Company acts as the financial Project
advisor for PT Hutama Karya in the matter of project The Company acts as the financial advisor for PT
financing using the Contractor Pre-Financing (CPF) Indonesia Tourism Development (Persero) (ITDC)
scheme. in relation to financial model review and indicative
making of the Project Information Memorandum
3. Kuala Tanjung International Hub Port Project for the development of Mandalika Special Economic
The Company acts as the financial advisor to PT Zones (KEK).
Pelabuhan Indonesia I (Persero) to review the
feasibility study carried out previously. For 2019, PT SMI through its Advisory has set a number
of targets, including to increase the advisory activities
4. Multifunctional Government Satellite Project that correlates with financing activities, especially
The Company has received the mandate as the syndication; to develop project financing fund collection
Government Multifunctional Satellite (SMF) Project activities through alternative investments; and to increase
Lead Transaction Advisor with the role to oversee the multiplier effect of infrastructure projects that is
project implementation starting from the preparation supported by the Company.
of the Final Business Case, preparation of the auction
documentation to the transaction phase (auction) in The Company’s strategy to achieve next year’s targets and
order to find investors or Executing Agencies (BUP). objectives are increasing the skill-sets and specialization
In accordance with the plan, the SMF Project will for the key infrastructure sectors, strengthening product
begin construction in mid-2019 and be launched by innovation, and involvement in strategic projects.
the end of 2022.
5. Patimban Port Project

The Company acts as a Companion Consultant
for Selection of Terminal Operation Cooperation
Partners in Patimban Port with PT Pelabuhan
Indonesia II (Persero) (Pelindo II). The company plays
a role in assisting Pelindo II’s Management to select
the potential national or international partners to
then colaboratively offer a proposal to the Ministry
of Transportation.
Annual Report 2018

HIGHLIGHTS
Advisory
socio-economics benefits of selected

projects of business pillar II – advisory
Jakarta Cikampek Elevated II Toll Phase II Trans Sumatra Toll Road Kuala Tanjung International Hub
Road Project Project Port Project
• Reducing the congestion on the • Stimulating the economy of • Serving 600,000 TEUs per year
Jakarta - Cikampek Toll Road Sumatera Island, especially in phase 1 and 13,000,000 TEUs
Section. during the construction of the per year in the ultimate phase so
• Streamlining the homecoming toll road, due to the utilization as to make this port the largest
flow of 2019 when this toll of many local resources. port on the island of Sumatra
road is targeted to operate • The absorption of ±573.000 • Capturing the market potential
functionally with 85%-90% manpower per year with the in the Malacca Strait waters
progress. estimated multiplier effect of which can reach 100 million
2.32 times. TEUs per year
• The improvement of connectivity • Becoming a hub for loading
in Sumatera Island which will and unloading goods for the
have an impact in reducing the domestic market from large
logistic costs. tonnage vessels
• Support the Sea Toll program
launched by the government

Annual Report 2018
Advisory
Multifunctional Government Patimban Port Project Mandalika Special Economic Zone

Satellite Project (SMF) • Serving 7.5 million TEUs (KEK) Project
• Improved connectivity in the 3T containers per year and 600,000 • Absorb ± 58,000 workers in the
(disadvantaged, leading, and completely built-up vehicles immediate province of West
outermost) areas, including areas • Improve the efficient distribution Nusa Tenggara
that cannot be served by the of goods, especially for the • Increase regional income in West
Palapa Ring national fiber optic automotive industry located in Nusa Tenggara through growth
backbone network the Cikarang and Karawang in the tourism sector, logistics,
• Reaching 149,400 public service areas local arts, and so on
points spread throughout • Realizing environmentally
Indonesia friendly infrastructure with the
• Save the Government budget for existence of a water treatment
private transponder leasing up to system with Sea Water Reverse
Rp3 trillion per year Osmosis technology and solar-
• Save the Government’s powered power plants
operational budget up to
Rp800 billion per year through
the implementation of
e-government, e-education, and
e-health
Annual Report 2018

HIGHLIGHTS
Advisory
Construction of Satellite Infrastructure (Telecommunications) is in accordance with

SDGs goals:
work for all.
innovation.
Port Infrastructure Development is in accordance with the SDGs goals:

work for all.
innovation.
- 10,th Goal, Reduce inequality within and among countries.
Development of Special Economic Zone Projects (SEZ) in accordance with the SDGs
goals:
- 1st Goal, End poverty in all its forms everywhere
work for all.
innovation.

Annual Report 2018
Business Segment Pilar III
Project Development
Jasa Konsultasi
Advisory
ppp project
assignment
Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis
produk pembiayaan, sebagian besar atau 72,90% berasal
dari kredit
The Company investasi. trusted
is increasingly Selain itu,to prepare
portfolio PPP projects
pembiayaan terdiri
dari kredit modal kerja, dana talangan, pinjaman subordinasi dan
in 2018. In addition, the Company collaborates with
pembiayaan promotor, penyertaan modal, pembiayaan syariah.
international institutions on assistance programs for the
Regional Government.
Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis produk pembiayaan, sebagian
besar atau 72,90% berasal dari kredit investasi. Selain itu, portfolio pembiayaan terdiri dari kredit
modal kerja, dana talangan, pinjaman subordinasi dan pembiayaan promotor, penyertaan modal,
pembiayaan syariah.
Annual Report 2018

HIGHLIGHTS
Highlights
Project Development
Rp
35.6 trillion PPP Project
Value
Scopes:
• Market
Mandates:
a. PPP Project Preparation and Transaction
b. Non-PPP Project Preparation
11 PPP • Drinking Water
Projects • Hospitals
• Transportation
2 Linking to Finance National Regional Renewable
9
With CDIA Capacity Building Strategic Project Energy
Project Project
6 Projects through
RIDF-PDF
8 Socialization &
FGD
• Linking to Finance With Cities

• PPP Project Preparation and Development Initiatives for Asia (CDIA)
Transaction - Assistance for Sepaku Balikpapan PPP Project
Preparation
- SHIA Train Station - Assistance for South Singkawang PPP Project
- Pala Paring (West Central East) Preparation
- SPAM Umbulan
- SPAM Bandar Lampung
- SPAM Kota Pekanbaru
SPAM Semarang Barat
- Krian LRT Regional Hospital and BRT Medan • Capacity Building
Regional Hospital Pirngadi, Medan
- PTN Universitas Sumratulangi Hospital • Socialization & Focus Group Discussion
-
-
Hang Dadim Airport
PJU Surakarta
(FGD)
• Project through Regional Infrastructure Development

Fund – Project Development Facility (RIDF-PDF)
- Roads and Bridges of Kepahiang Regency
- RSUD North Sulawesi Regional Hospital
- North Sulawesi Regional Hospital, Eye Specialist
- Traditional Modern Market Development Kota Banjarbaru
- Kapuas Hulu Regency Regional Hospital
- Main Roads of Bengkulu City

Annual Report 2018
Project Development
Assistance to Ministries/
Institutions and Regions
Regional Government assistance through the Regional
Infrastructure Development Fund - Project Development
Facility (RIDF-PDF) for the preparation of detailed engineering
design and environmental assessment documents for various
projects such as North Sulawesi Provincial Hospital, North
Sulawesi Eye Hospital and Modern Traditional Market Projects.
The total value of the project that has obtained this facility is
Rp800 billion.
Regional Government assistance through Assistance to central government

A collaboration with Cities Development agencies is carried laut to the Toll
for Asia (CDIA) for the preparation of Road Regulatory Agency by utilizing the
the feasibility preliminary study of technical assistance from the Asian
SPAM projects in Balikpapan City and in Development Bank (ADB).
Singkawang City with a total value of
both projects reaching Rp1.6 trillion.
The Project Development business segment is the enabler One of the PPP scheme’s aim is to meet the funding
in accelerating infrastructure development in Indonesia needs for sustainable infrastructure provision through
through the scheme of Government and Business the deployment of private funds due to the limitations
Entity Cooperation (PPP). This scheme is based on of the state budget. The Company’s involvement in
Presidential Regulation Number 67 of 2005 which was encouraging the development of bankable, financially
subsequently refined by Presidential Regulation Number viable PPP projects and fulfill the provisions of applicable
38 of 2015 concerning Government Cooperation with laws and regulations has been started since the issuance
Business Entities in the Provision of Infrastructure. The of Minister of Finance Decree Number 126/KMK.01/2011
Presidential Regulation stated that the implementation year 2011 to implement Soekarno Hatta Airport Railway
of PPP is based on the principles of Partnership, Benefit, and Umbulan SPAM PPP Project preparation facilities.
Competitiveness, Risk Control and Management,
Effective and Efficient. The infrastructure that can be
conducted in PPP coperations are basic infrastructure and
social infrastructure.
Annual Report 2018

HIGHLIGHTS
Project Development
In 2018, the Project Development continues to expand its scope with the increasing assignment of PPP
project preparation from the Ministry of Finance both in terms of sector and geographical distribution,
in collaboration with various international institutions to provide assistance to local governments and
the development of funding schemes for capacity building activities. With these developments, it is
expected that the Company can provide more comprehensive support to the government so that the
prepared projects will be faster to realize. In the long term, it is expected that knowledge transfer about
good practices related to project preparation activities will occur so that the government both at the
central and regional levels can improve the management practices of infrastructure projects under their
authority.
project development product
Project development product as the “Enabler” of Infrastructure Development Acceleration
Project Development

Improvement of the quality of infrastructure project investment packages
that will be offered/funded
Activity Scopes
Coordination of project management office

Assistance in improving governance standards and project execution

Management of communication and cooperation between project
stakeholders (stakeholder management)
Project Development Facility
Project Types
National Priority/ Renewable Energy
Regional Projects
Strategic Projects Projects

Annual Report 2018
Project Development
The Project Development Business Pillar supports the Company in carrying out its mandate through 4
sectors, PPP project assignments, non-PPP project assignments, mentoring of Ministries/Institutions and
Regions, and capacity building.
1. PPP Projects Assignment

Based on the Minister of Finance Regulation Number 265/PMK.11/2016 (and its amendments), PT
SMI performs the project preparation facilities and assists in PPP Project transactions. The scope of
the assignment includes the preparation of the feasibility preliminary studies final review, assistance
in the implementation of the procurement of Business Entities, to financial close. Through the PPP
Project assignments, the Company plays an active role in accelerating the development of priority,
national, and regional infrastructure.
2. Non-PPP Projects Assignment

The Company also plays an active role in encouraging the acceleration of infrastructure development
using non-PPP schemes. In 2018, there were no Non-PPP project assignments carried out by PT SMI.
3. Assistance of Ministries/Institutions and Regions

Assistance is performed by providing technical assistance to Ministries/Institutions and Regions in
policy formulations related to the PPP scheme implementations as well as the preparation of project
feasibility studies.
4. Capacity Building
The aims of the Capacity Building and Assistance activities are to improve understanding and insight
of other stakeholders such as the Regional Government, business entities in financing infrastructure
projects.
Annual Report 2018

HIGHLIGHTS
Project Development
Assignment and Assistance
The mandate implementation as the Catalyst of Infrastructure development

Project Development December 2018
PPP Project Development Mandate Assistance for Central and Regional Governments
• SPAM Bandar Lampung • RIDF – PDF

• SPAM Kota Pekanbaru • CDIA
• SPAM Semarang Barat • Technical Assistance from ADB
• RSUD Krian Hospital
• LRT & BRT Medan
• RSUD Pirngadi Medan
• RSPTN Universitas Sam Ratulangi Hospital (2018) Capacity Building
• Hang Nadim Airport (2018)
• PJU Surakarta (2018) • Sidoarjo Provincial Government
• Medan Municipality
• Linking to Finance Cooperation with CDIA
PPP Project Assignment during 2018

The projects under the PPP assignment are as follows:
a. Bandar Lampung City SPAM PPP Project is the first project to run after the issuance of Government
Regulation No. 122 of 2015 which aims to add services to 300,000 residents of Bandar Lampung
City with an additional production capacity of 750 liters/second. The project has experienced a failed
auction in 2015, and it started to benefit from the Company’s involvement in project preparation
since 2016 and on August 13, 2018 it has reached the financial close stage which was then followed
by construction.
b. The SPAM PPP Project in City of Pekanbaru is the first SPAM project in Indonesia conducted by
combining the bundling schemes, namely Rehabilitation-Operate-Transfer (ROT) and Build-Operate-
Transfer + (BOT +). The project that has been prepared by the Company since 2017 aims to improve
drinking water services for 48,000 new home connections covering 240,000 people in 7 sub-districts
in City of Pekanbaru with production capacity to be increased to 750 liters/second.
c. The West Semarang City SPAM PPP Project is a project aimed at adding services to 350,000 residents
of Semarang City in the form of additional production capacity of 1,000 liters/second. The project
which was prepared by the Company since 2017 has completed the auction process in mid-2018 and
there were 7 consortiums of international companies that submit prequalification documents. This
project is one of the showcases in the IMF-World Bank Annual Meeting in Bali, and on November 23,
2018 the signing of the PPP Agreement between PT Air Semarang Barat as the Executing Agencies
(“BUP”) and Acting Director of PDAM Tirta Moedal Semarang City in his capacity as the Person in
Charge of the Cooperation Project (“PJPK”) of the West Semarang SPAM PPP Project.

Annual Report 2018
Project Development
d. P PP Project of Krian Hospital in Sidoarjo Regency is the first health sector PPP project in Indonesia.
The Type C RSUD development project is intended to provide 191 beds (including intensive care) of
superior health care facilities of the Traumatology Center. The project is expected to meet hospital
demand projections including 180 outpatient visits per day, 9,133 inpatients and intensive care. The
project is expected to be one of the solutions for providing health services in the West Sidoarjo region
and is expected to increase the standards of government hospitals in an effort to realize the 2019
Universal Health Coverage Road Map. The project that has been prepared by the Company since
2017 has also encouraged the issuance of regulations on PPP projects in the sector health as outlined
in Minister of Health Regulation Number 40 of 2018.
e. The Medan City Transport PPP Project is The first PPP project in the urban transportation sector
in Indonesia and encourages a collaborative financing scheme between the central and regional
governments launched through National Urban Transport Support Program (NUTSP). This project
was prepared by the Company since 2017 and consists of 17.4 km of Light Rail Transit (LRT) and an
18.3 km of Bus Rapid Transit (BRT) which is projected to serve 162 million riderships in 2054 with an
estimated project value of Rp13.4 trillion. The Company acts as an enabler and its role in unlocking
the regulations needed for the collaborative financing scheme through NUTSP has facilitated the
construction of urban transportation systems with very large project costs.
The West Semarang City SPAM PPP Project
Project Profile Project Location
Person in Charge PDAM Tirta Moedal Semarang

of the Cooperation
Project (PJPK)
Project Category National Strategic Projects

and National Priority Projects
Sectors Drinking Water Facilities
Water Capacity 1,000 litre per second
Consumption 10 years to reach full
consumption. The average
new connection per year is +/-
7,900 connections (including
switching)
Concession Period 25 Years
Service Area Ngaliyan and West Semarang

Coverage Tugu (divided into 5 PDAM
service zones)
Water Resources Jatibarang Dam (Kreo River)
Indication of Collaboration between the

Modality Government and Business
Entities (PPP) in the BOT
scheme with Viability Gap
Fund (VGF)
CAPEX Indication • Total Investment Cost:
Rp1.19 trillion
• Business Entity Capex
Portion: Rp458.5 billion
Indications of PT • Project Preparation and
SMI’s Engagement Transaction Assistance
• Capacity Building
(together with KPPIP
and PII)
Annual Report 2018

HIGHLIGHTS
Project Development
f. The PPP Project at RSUD dr. Pirngadi Medan City is the first Brownfield Hospital PPP project in
Indonesia prepared by the Company since 2017 and in collaboration with JICA. JICA’s role in this
project was to provide a grant in the form of a consultant to update the Online Business Case. The
project’s goal is to add 117 beds and rehabilitate 436 existing beds in order to serve 1,500 outpatient
visits per day and 21,400 hospitalizations per year, and to support the National Health Insurance
program held in Medan city area by providing superior services on the Oncology Center.
g. The PPP Project at the RSPTN at Sam Ratulangi University is the first PPP project in the health & high
education sector in Indonesia. Not only it provides health service functions, but it also serves as the
eduation functions especially for practical learning and research centers. The project prepared by the
Company since 2018 and designed as a type B hospital which will be operated as a type C hospital
in the early stages of operation and will provide an additional 200 beds. This project supports the
National Health Insurance program held in Manado City area.
h. The Hang Nadim Airport Batam PPP Project is the first airport project in Indonesia to use the PPP
scheme. The project was prepared by the Company since 2018 and aims to overcome the current
over capacity problem at Hang Nadim Airport and to support the concept of Logistics Aerocity
with the main objective increasing national competitiveness which cuts the supply chain costs in
connection with Batam’s status as a Free Trade Zone Area, which is one of the drivers of the national
economy. This project has one of the aggressive timeline with the prequalification stage targeted to
be executed by the end of December 2018.

Annual Report 2018
Project Development
i. The PPP Project for Public Road Lighting in the City of Surakarta is the first energy conservation sector
project in Indonesia that uses the PPP scheme. This project aims to improve street lighting services
in accordance with the Indonesian National Standard (“SNI”), increase efficiency in urban electricity
use, and efficiency in the use of the Surakarta City Budget for street lighting services. The scope of
this project includes the installation of a number of ± 31,000 energy saving lighting points along the
± 975 km of roads in the city of Surakarta and maintenance of the street lighting system during the
concession period. The company has been assigned to carry out project preparation facilitation and
project transaction assistance since December 2018.
SPAM Infrastructure Development is in accordance with the SDGs goals:

6th Goal, Ensure access to water and sanitation for all.
Regional Hospital (RSUD) Infrastructure Development is in accordance with the

SDGs goals:
7th Goal, Ensure access to affordable, reliable, sustainable and modern energy for all.
Airport Infrastructure Development is in accordance with the SDGs goals:

9th Goal, Build resilient infrastructure, promote sustainable industrialization and foster
innovation.
Annual Report 2018

HIGHLIGHTS
Project Development
Assistance to the Central and Regional Governments

a. The Company has conducted the assistance to the regional government through the Regional
Infrastructure Development Fund – Project Development Facility throughout 2018. The assistance
was for the preparation of the detailed engineering design and environmental studies documents
for various projects such as the North Sulawesi Provincial Hospital with a capacity of 400 beds,
North Sulawesi Eye Hospital with 50 bed capacity and Modern Traditional Market Project that will
accommodate 819 sellers. The total value of the project that has received this facility is Rp800 billion.
The assistance was funded by a grant from SECO - Switzerland managed by the World Bank with a
total budget of USD3 million.
b. The Company has carried out the assistance for the regional government through a collaboration
with Cities Development for Asia (CDIA) throughout 2018. The assistance was for the preparation
of feasibility studies for SPAM projects in Balikpapan City with a capacity of 390 liters/second for an
additional 40,000 home connections and in Singkawang City with a capacity of 170 liters/second
for an additional 16,000 home connections with the total value of both projects amounted to Rp1.6
trillion. The USD500 thousand budgeted activity is funded by CDIA which is a trust fund managed by
the Asian Development Bank. This assistance is also accompanied by capacity development activity
funded by the Asian Development Bank for PDAM employees in both cities through the Water
Operator Partnership program which is a mentoring program with water operators in the Philippines.
c. The assistance to the central government agencies is carried out at the Toll Road Regulatory Agency
by utilizing technical assistance from the Asian Development Bank. The scope of this activity is in the
form of rapid assessment of the Suramadu Toll Bridge which concludes that there are no significant
technical obstacles in terms of bridge quality.

Annual Report 2018
Project Development
CAPACITY BUILDING
Socialization and Capacity Building
The Company held various capacity development events in 2018 and it was recorded that more than 50
local governments from the West, Central and East Indonesia participated. Some capacity development
activities are carried out specifically for 1 local government who are related to 1 specific PPP project such
as the Sidoarjo Regency Government and the Medan Municipal Government.
Another format of this activity is a series of actions consisting of project screenings, project consultations,
and project selections called Linking to Finance through collaboration with CDIA. With this method, it
is expected that participants from the government to be more focused when executing the projects
from the concept to the implementation stage. In this activity, the Company acts as the implementing
agency for funds deposited by CDIA through GIZ, it is expected that this arrangement can be used as a
pilot when mobilizing funds originating from international institutions to be managed by the Company
in relation to the implementation of capacity building.
Following are the Capacity Building activities carried out by PT SMI throughout 2018:
• Capacity Building of PPP Project in RSUD dr. Pirngadi Medan
• Capacity Building of Krian District Public Hospital PPP Project
• Linking to Finance Workshop Series: Public Investment & Project Screening
• Linking to Finance Workshop Series: Public Investment & Project Screening Batch I
• Linking to Finance Workshop Series: Public Investment & Project Screening Batch II
• Capacity Building of Medan Transportation PPP Project
• 3 One-on-One Session Linking to Finance Workshop Series
• Capacity Building Financing Infrastructure Projects
• Linking to Finance Workshop Series: Project Selection
Annual Report 2018

HIGHLIGHTS
The Socio-Economics Benefits

of Business Pillar Iii – Project
Development
Assistance through Collaboration with
Government Assignment
Donors (CDIA and RIDF-PDF)

Bandar Lampung City SPAM PPP Project adds services Traditional Hospitals and Markets
to 300,000 Bandar Lampung City residents with an • Preparation of detailed engineering design and
additional production capacity of 750 liters/second. environmental assessment documents for various

Pekanbaru SPBU PPP Project can improve drinking water projects like the North Sulawesi Provincial Hospital
services for 48,000 new home connections covering with a capacity of 400 beds, North Sulawesi Provincial
240,000 people in 7 sub-districts in Pekanbaru City with Eye Hospital with a capacity of 50 beds and a Modern
an increased production capacity to 750 liters/second. Traditional Market Project that will accommodate

The West Semarang City SPAM PPP Project can add 819 vendors. The total value of the project that has
services to 350,000 Semarang City residents with an received this facility is Rp800 billion.
additional production capacity of 1,000 liters/second. • Preparation of feasibility studies for SPAM projects in
Balikpapan City with 390 liters/second capacity for an
additional 40,000 house connections and in the city
of Singkawang with a capacity 170 liters/second for
additional 16,000 house connections with a total value
of both projects amounted to Rp1.6 trillion.
Transportation
The Medan City PPP Transportation Project, consisting of 17.4 Hospital

km of Light Rail Transit (LRT) and 18.3 km of Bus Rapid Transit
PPP Project at Krian Hospital in Sidoarjo Regency is
(BRT), is expected to serve 162 million riderships in 2054 with
expected to accommodate 180 outpatient visits per
an estimated project value of Rp13.4 trillion.
day, 9,133 inpatients and intensive care.
PPP Project at RSUD dr. Pirngadi Medan City aims
to add 117 beds and rehabilitate 436 existing beds
in order to serve 1,500 outpatient visits per day and
21,400 hospitalizations per year.
The PPP project at the Sam Ratulangi University
Hospital is designed as a type B hospital which will
be operated as a type C hospital in the beginning of
the operation and will provide an additional 200 beds.
Airport
Hang Nadim Airport Batam can solve the over capacity problem
and to support the Logistics Aerocity concept which cuts supply
chain costs.

Annual Report 2018
Partnership and Business

Development Jasa Konsultasi
Advisory
Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis

SDG Indonesia One platform
Managing the with
72,90%
amounted to USD2.3
funding support
berasal
produk pembiayaan, sebagian besar atau
billion
dari kredit investasi. Selain itu, portfolio pembiayaan terdiri
dari kredit modal kerja, dana talangan, pinjaman subordinasi dan
pembiayaan promotor, penyertaan modal, pembiayaan syariah.
Mengelola platform SDG Indonesia One dengan perolehan dukungan dana sebesar USD2,3
miliar
Pada tahun 2018, portofolio pembiayaan Perseroan berdasarkan jenis produk pembiayaan, sebagian
besar atau 72,90% berasal dari kredit investasi. Selain itu, portfolio pembiayaan terdiri dari kredit
modal kerja, dana talangan, pinjaman subordinasi dan pembiayaan promotor, penyertaan modal,
pembiayaan syariah.
Annual Report 2018

HIGHLIGHTS
Highlights
Implementing Agency for SDG

Indonesia One platform
has received a funding commitment of USD 2.3 billion during the
launch.
PT SMI readiness to transforming into LPPI
infralib.ptsmi.co.id InfraLib Launching
BUSINESS DEVELOPMENT
PT SMI fully supports the Government’s agenda in achieving the Sustainable Development Goals (SDGs).
The support is given through the Company’s contributions to SDGs supporting sectors, including energy,
water, sanitation, and the new and renewable energy sector and energy efficiency.
Since 2017, the Company initiated The operations of the Sustainable Financing Division. This division
will conduct its mandate to enhance the Company’s role in encouraging infrastructure development
that supports the handling of environmental problems, improving environmental quality, reducing the
impact of global warming, anticipating the impact of climate change and the realization of low-carbon
development. In addition, since October 2018 the Company is mandated by the Ministry of Finance to
form and manage SDG Indonesia One.

Annual Report 2018
Partnership and Business Development
SDG INDONESIA ONE

SDG Indonesia One is an integrated funding cooperation platform to support infrastructure development
oriented towards achieving the Sustainable Development Goals (SDGs) in Indonesia. This integrated
funding comes from various sources, including private, philanthropic, donor agencies, multilateral and
bilateral financial institutions, banking, insurance, and investors.
This platform provides a number of facilities, including project development facilities, risk mitigation
facilities, financing facilities and investment facilities. These facilities enable broader benefits to be
created for Indonesia, such as mobilizing and coordinating the role of Government partners; increased
access to funding sources; and to reduce the government’s fiscal burden in financing various projects
that are oriented towards achieving the SDGs.
While the Company’s partners will get a number of benefits including access to market opportunities in
Indonesia; mitigate and accelerate implementation with a strategic partnership with PT SMI; benefit from
risk mitigation efforts from mixed financing schemes; and obtaining a leverage from investments made
while obtaining socio-economic benefits.
In addition, the SDG Indonesia One platform is used to support the Government’s efforts in handling
reconstruction and rehabilitation in disaster areas, such as Palu, Sigi, Donggala, and Lombok, along with
partners who are concerned about disaster management.
SDG Indonesia One will transform needs into opportunities for many
stakeholders to participate in various infrastructure projects in Indonesia by
combining various appropriate instruments. In 2018, the amount of support has
reached more than USD2.3 billion (around Rp34.5 trillion).
Annual Report 2018

HIGHLIGHTS
Support to SDGs
SDG Indonesia One Provides Comprehensive Financing Support to Support
Infrastructure Projects in Achieving SDG Targets
Donor Donor, Impact/ commercial banks Institutional

Investors
(Filantropi) dan Climate Funds and and Institutional Investors and

Impact/Climate development bank Investors Developer
Funds
Contribution: Contribution: Contribution: Contribution:
Grants, Technical Assistance Concessional Loan, Grant Pinjaman, Obligasi, Sukuk Ekuitas
Contribution
Goals: Goals: Goals: Goals:

Support for pre-construction De-risking project (Improve Financing during Investment in the SDG
project development bankability) construction/post sector with high impact/
construction new frontier
SDG Indonesia One (managed by PT SMI)
SDG Development SDG De-Risking SDG Financing SDG Equity Fund

Facilities Facilities Facilities Equity, Equity Linked
Products
Grants (Project Concessional Loans, Senior Loan, Subordinated Investment

Preparation, Technical First-Loss Facility, Interest Loan
Assistance, Research) Subsidies, Guarantee
Premium Subsidy, VGF etc.
SDG projects
transformation to become LPPI

PT SMI is ready to transform the Indonesian Development Financing Agency (LPPI) in accordance with the
direction of the Government. The readiness is based on three aspects, capital, human resources (SDM),
and track record.
From the capital aspect, the Government has provided PMN since 2007
amounted to Rp30.5 trillion. While the Company’s assets amounted to Rp.58.2
trillion which could be used as the initial capital to initiate the steps towards
LPPI transformation.

Annual Report 2018
In addition, PT SMI employs competent and experienced financing HR. The company also has a good
track record and thereby trusted by many international institutions and investors.
PT SMI Transformation Readiness to become LPPI
The availability of HR who are highlyexperienced

and skilled in the field of financing will speed up
the efficient institution establishment and transition
process as opposed to creating a new institution.
“Capital” “Human Capital” “Trusworthy”

PT SMI’s existing capital can be Human Resources who are highly Good track record and is trusted
the beginning of LPPI capital experienced in the field of Financing by the investors and lenders
The Government has provided the Equity PT SMI’s success and good reputation
Investment amounted to Rp30.5 trillion since has provided a positive signal that its
2007. As of 2018, PT SMI recorded assets of transformation to the LPPI will provide greater
Rp58.2 trillion that can be allocated for initial depth and reach.
capital as LPPI.
INFRASTRUCTURE LIBRARY - Infralib

In 2018 PT SMI launched a mobile-based application service and website that provides information
about infrastructure projects in Indonesia. It is called the Infrastructure Library or Infralib and has various
features like library project, sectoral studies of each project, and the legal framework in the project.
This application aims to disseminate the information on government infrastructure projects transparently.
The application can be downloaded from Play Store or App Store before the registration.
Annual Report 2018

HIGHLIGHTS
Infralib Uniqueness
Features
• Documents sharing
• Data & document repository
• Search feature by title, tagging,
Collaboration, active participation and content, author and category
1 feedback from all stakeholders

Employee’s
Brain
• Download document
• Tagging, Bookmarks, Likes Paper
Document
Can be used anytime and anywhere online
2 - Knowledge Sharing
- Access to expert/
academia
Repository Files
3 User-friendly download feature
Electronic Features Electronic

Knowledge Document
• Documents sharing
Data repository infrastructure (project library, Base
4
• Data & document repository
sectoral legal framework review)
• Search feature by title, tagging,
content, author and category Repository Files
Reading material
• Download document
recommendation
• Tagging, Bookmarks, Likes
Indonesian Infrastructure Information Transparency

Indonesia Infrastructure
Library (Infralib) is a
website-based platform
and mobile application
that can store data and be
used to share experiences
and knowledge about Our lesson from Information on infrastructure The socio- Role of
the construction infrastructure Highlights economic PT SMI in
infrastructure in Indonesia
of infrastructure development benefits of infrastructure
projects infrastructure development
development
COMPANY PARTNERSHIPS
The Company continues developing cooperations with strategic partner, both bilateral and multilateral
institutions to support its business development. These collaborations include financing, technical
assistance, and geothermal energy development with the following details:

Annual Report 2018
FINANCING
French Development PT SMI signed a partnership with the French Development Bank on December 3, 2015.
Bank (AFD) The collaboration includes credit facility agreement (CFA), Quasi Equity Facility (QEF), and
Technical Assistance Program (TAP). The CFA facility is in the form of USD100 million of
soft loans which ended on March 15, 2018. While the QEF is a USD5 million of facility
and ends on December 31, 2017. TAF provides facilities amounted to Euro400 thousand
for renewable energy projects and energy efficiency.
Green Climate Fund PT SMI’s collaboration with the Green Climate Fund (GCF) is in the fields of renewable
(GCF) new energy, energy efficiency and climate change. The instruments in this collaboration
include grants, loans, and equity participation. PT SMI is the first private institution in
Southeast Asia to be accredited by the GCF.
Asian Development In ADB’s cooperation with PT SMI, ADB distributed a subordinated loan to PT Indonesia
Bank (ADB) Infrastructure Finance (IIF) amounted to USD100 million.
Asian Infrastructure In this collaboration, AIIB distributed a USD100 million Regional Infrastructure
Investment Bank (AIIB) Development Fund (RIDF) loan.
ASSISTANCE
United Nations PT SMI has signed a cooperation agreement with United Nations Development Programs
Development Programs (UNDP) for the development of wind power plants. In this collaboration UNDP prepared
(UNDP) the assistance fund of USD300 thousand.
Cities Development PT SMI’s collaboration with CDIA is related to infrastructure development for urban
Initiative Asia (CDIA) groups.
SECO PT SMI cooperates with SECO (an institution under the World Bank) in developing regional
infrastructure. SECO provides a grant amounted to USD3 million.
Climate Policy Initiative In collaboration with PT SMI, the CPI provided a technical assistance of USD200 thousand.
(CPI)
Center for International Provide “Medium Green” opinion on the Green Bond issuance of PT SMI as the first
Climate Research company in Indonesia to issue the Green Bond.
(CICERO)
Annual Report 2018

HIGHLIGHTS
geothermal development
World Bank – Clean World Bank - CTF cooperates with PT SMI in developing geothermal projects. CTF provides
Technology Fund (CTF) a grant of USD49 million.
World Bank – Global The cooperation between PT SMI and the World Bank - Global Environment Facility is
Environment Facility available with a grant of USD6.25 million.
New Zealand Trade and The cooperation agreement between PT SMI and the New Zealand Ministry of Trade and
Foreign Affairs Ministry Foreign Affairs was conducted in the framework of assistance to develop geothermal
energy. In this collaboration, assistance funds amounting to NZD2.13 million is available.
strategic cooperation of PT SMI with Multilateral/Bilateral organization
RIDF Loan - USD100 Million ASIAN DEVELOPMENT BANK AIIB CTF

Subordinated loan to IIF - USD 200 ADB RIDF Loan - USD100 million Grand USD49 million for
million Subordinated loan to IIF - geothermal projects
USD 100 million
GEF CDIA UNDP AFD

Grand USD6.25 million for ”Linking Cities’ Infrastructure Technical Assistance Wind Power - USD Loan USD100 million, Grand USD6
geothermal projects Investment Projects to Finance” 300 ,000 million, & TA EURA400,000 for RE
Capacity Building & EE
Schweizerische Eidgenossenschaft
Confederation suisse
Confederatione Svizzera
Confederaziun Svizra
NZ Aid Programme SECO - State Secretariat for Economic PT SMI as the first Accredited Entity PT SMI merupakan penerbit pertama
TA - NZD2, 13 million Affairs (SECO) in South East Asia to channel Green Corporate Green Bond di Indonesia
Grant USD3 million Climate Fund to promote and develop (reviewed by KFW) atas bantuan
renewable energy and climate projects World Bank

Annual Report 2018
Fund Management
“To develop the capital provided by the

Government, PT SMI continues to deepen its
funding sources by issuing innovative products”
Highlights
Issuance of Green Bond Issuance of Rp1 trillion
amounted to Rp500 billion in Sukuk Mudharabah in
making PT SMI as the pioneer of Green phase I-2018
Bond issuance in Indonesia that uses
global standards and is certified by
CICERO
sharia Hedging
at USD128 million
Annual Report 2018

HIGHLIGHTS
Fund Management
The Company has diverse funding sources which come from the state treasury in the form of state
capital participation (PMN); capital market through the issuance of bonds, bonds, securitization, green
bonds; and loans and grants. The company also seeks profit-sharing based financing (sharia) from the
Sharia capital market, including Sharia sukuk and hedging, BPJS/Sharia insurance, hajj/syirkah funds, and
sovereign wealth funds (SWF).
PT SMI continues to develop innovative funding alternatives to support the achievement of the Company’s vision.
In 2018, the funding innovations carried out by the Company are as follows:
1. Issuance of Green Bond, valued at Rp500 billion
2. Issuance of Sukuk Mudharabah, valued at Rp1 trillion
3. Sharia Hedging Activities, valued at USD 128 million
GREEN BOND
The issuance of Green Bond is a historical record for PT SMI as the first issuer of environmentally sound
bonds in Indonesia. The issuance of Green Bond is part of Rp3 trillion of Green Bond Sustainable Public
Offering (PUB). The proceeds from the Green Bond issuance are allocated to finance various sectors such
as renewable energy, environmentally friendly transportation, and clean water management.
The Green Bond emission has the support of the World

Bank Group who has been one of the Green Bond pioneers
globally with a total issuance value of more than USD11
billion.

Annual Report 2018
Fund Management
The World Bank Group together with CICERO has provided PT SMI with the technical support in
developing a Green Bond framework that complies with international principles and standards related to
green bonds (Green Bond Principles) and ASEAN Green Bonds Standards. This makes Indonesia one of
the first countries in Southeast Asia to implement these two standards. This collaboration runs under a
broader technical assistance program related to capital markets and infrastructure financing supported
by SECO, Switzerland and Global Affairs Canada (GAC), Canada.
The “Medium Green” Opinion Citation from CICERO were based on an assessment of the framework
in the context of project selection and evaluation criteria, governance policies, and procedures of green
bonds issuance proceeds fund reporting. As part of transparency and accountability, PT SMI will also
issue environmental impact reports on the use of proceeds from the issuance of green bonds periodically
every year and will be audited by independent environmental experts.
In Green Bond issuance, the Company has obtained a

rating on Long Term Debt Notes from PT Pemeringkat
Efek Indonesia (Pefindo) with the title id AAA (Triple A).
Annual Report 2018

HIGHLIGHTS
Fund Management
SUKUK MUDHARABAH
The issuance of Rp1 trillion of Sukuk Mudharabah in

stage I-2018 is part of the planned Sukuk Mudharabah
Public Offering (PUB) worth Rp 3 trillion.
Mudharabah sukuk instruments issued by PT SMI are divided into two series, Series A with profit sharing
equal to 7.55% and three years tenor, and Series B with profit sharing equal to 7.8% and five years
tenor. In accordance with sharia principles, sukuk has an underlying asset. In this case, PT SMI’s sukuk
issuance is based on two underlying, PT SMI’s Sharia financing to PT PLN (Persero), and Sharia finance to
PT Inka Multi Solusi (IMS) which is a subsidiary of PT Industri Kereta Api (Persero) or INKA.
In issuing this Sukuk Mudharabah, the Company has obtained a Long Term Debt Instruments rating from
Pefindo with the title id AAA (Triple A Sharia).

Annual Report 2018
Fund Management
sharia HEDGING
Sharia hedging activities carried out by PT SMI worth

USD128 million was aimed to mitigate the risk of market
fluctuations in Sharia business activities. The hedging is
in collaboration with PT Bank Maybank Indonesia Tbk,
through the provision of the first and only iB Foreign
Currency Hedging services or sharia-based products in
Indonesia.
PT SMI’s Foreign Currency Hedging iB is implemented through the iB Cross Currency Hedging transaction
mechanism. This transaction is an agreement between two parties to carry out a series of two different
currency exchanges for a certain period based on the Shariah principles of al-Tahawwuth al-Murakkab
or Complex Al-Tahawwud al-Basith Hedging Transactions which means Simple Hedging transactions in
accordance with the complexity of the transaction.
This iB Foreign Currency Hedging Facility is a breakthrough done by PT SMI with Maybank Indonesia
in increasing domestic foreign exchange liquidity and sharia financial market deepening. This hedging
facility is very relevant in exchange rate volatility conditions as a financial risk mitigation and prudent
financial management.
PT SMI hopes that this sharia hedging transaction can become the forerunner of alternative funding
sources for finance companies and to manage exchange rate risk while maintaining the principle of
prudence.
Annual Report 2018

HIGHLIGHTS
Financial Review
The discussion of financial performance refers to financial

and operational data and the financial statements attached
to this 2018 annual report. The financial statements of PT
Sarana Multi Infrastruktur (Persero) on the date and for the
years ended 31 December 2018 and 2017, which have been
audited by Public Accountant Firm Amir Abadi Jusuf, Aryanto,
Mawar & rekan, and has been presented fairly, in all material
respects, and its financial performance and cash flows for
the year then ended in accordance with Indonesian Financial
Accounting Standards.
statements of financial position

Assets
Realization of total assets for Fiscal Year 2018 was Rp62.49 trillion reahed 112.83% compared to 2017
total assets of Rp55.39 trillion. The increase of assets was mainly influenced by the increase of loan
receivables at Rp12.287,34 billion and Investment in Equity and Investment in Joint Venture at Rp739.61
billion.
In Rp Million
Growth
Description 2017 2018 ∆ Rp
(2017-2018)
Casj and Cash Equivalents 15,398,139 7,599,091 (7,799,048) -50.65%
Restricted Funds 170,062 204,349 34,287 20.16%
Securities 2,867,639 4,501,190 1,633,551 56.97%
Loan Receivables 33,323,778 45,611,115 12,287,338 36.87%

Annual Report 2018
Financial Review
In Rp Million
Growth
Description 2017 2018 ∆ Rp
(2017-2018)
Receivable from Assignment for Facilitation on
12,747 15,390 2,643 20.74%
Project Preparation
Prepaid Expenses 1,693 1,992 299 17.64%
Accrued Income 325,172 553,598 228,426 70.25%
Prepaid taxes 12,522 12,333 (189) -1.51%
Investment in Equity 2,759,169 3,498,777 739,608 26.81%
Properties and and equipments - net of

440,600 420,379 (20,221) -4.59%
accumulated
Intangible assets - net 30,167 31,430 1,263 4.19%
Deffered tax assets 30,403 32,087 1,684 5.54%
Other assets - net 13,807 11,460 (2,347) -17.00%
Total Assets 55,385,896 62,493,191 7,107,295 12.83%
Cash and cash equivalents

Cash and cash equivalents in 2018 reached Rp7.60 trillion, decreased by 50.65% from Rp15.40 trillion
in the previous year. This was mainly due the growth of loans receivables realization that exceeded the
annual target, thereby cash and cash equivalents at beginning of the year was utilized as financing.
Securities
Securities increased by Rp1.63 trillion or 56.97% from Rp2.87 trillion to Rp4.50 trillion. This post
represents the fund received from principal repayment as well as bank loans and financial institutions
where it’s partly placed in securities by considering its risk and return, prior to disbursement as Financing.
Loans Receivables
As per the statements of financial position, loans receivables (net) increased from Rp33.32 trillion in
2017 to Rp45.61 trillion in 2018. The increase was mainly derived from the increase of financing by the
Company, in both Conventional, Sharia financing, as well as loan to PT IIF.
Annual Report 2018

HIGHLIGHTS
Financial Review
Loans Quality (NPL)

The Company computes credit risk on loans receivables. The Company’s loans receivables consists of
commercial financing, municipal financing and sharia financing rendered for infrastructure projects. The
Company has in place the stringent policy in managing credit risk, which is only providing financing to
feasible borrowers and included in internal rating category. The financing is generally guaranteed with
the collaterals such as fixed assets, shares, machineries, receivables, bank accounts, or other collaterals.
This policy is effective in maintain credit quality provided by the Company that reflected from the Non
Performing Loan (NPL) level of 1.19%.
Non Performing Loan Progress
In Rp Million
Description 2016 2017 2018
Total Outstanding Performing Loans 32,677,829 33,386,071 46,001,853
Total Outstanding Non Performing Loans 382,159 705,732 703,681
Total Outstanding Loans 33,059,988 34,091,803 46,705,534
NPL Gross 1.16% 2.07% 1.51%
NPL Nett 0.44% 1.19% 0.65%
Receivables from Assignment for Facilitation on Project Preparation

Receivables from Assignment for Facilitation on Project Preparation increased by Rp2.64 billion or
20.74% from Rp12.75 billion to Rp15.39 billion. The increase was mainly derived from new PPP projects
that began to realize in 2018.
Accrued Income
Accrued Income increased by Rp228.43 billion or 70.25% from Rp325.17 billion in 2017 to Rp553.60
billion in 2018. The increase was mainly derived from accrued interest of loans due to an increase of the
Company’s financing and accrued interest from funding both in time deposits or securities.
Investment in Equity and Investment in Joint Venture

The equity investment portion including investment in joint venture increased, mainly equity investment
in PT Jasa Marga Pandaan Malang (JPM) amounted to Rp27,700 billion and PT Waskita Toll Road (WTR)
amounted to Rp690,654 billion. In 2018 equity investment was recorded at Rp3.50 triliun, increased
from the previous year (2017) figure of Rp2.76 trillion. The equity investment and investment in joint
venture in 2018 increased by 26.81% from 2017.

Annual Report 2018
Financial Review
Fixed Assets
The Company’s fixed assets in 2018 reached Rp420.38 billion or decreased by 4.59% from 2017 which
amounted to Rp440.60 billion. This was mainly due to an increase of depreciation expense in 2018 at
Rp26.22 billion which was higher than increase of assets at Rp5.99 billion. There was no fixed assets
reduction/selling or reclasification during 2018.
LIABILITieS
In Rp Million
Growth
Uraian 2017 2018 ∆ Rp
(2017-2018)
Loans received from Banks and other Financial Institutions 3,715,561 8,558,203 4,842,642 130.33%
Taxes Payable 32,257 69,393 37,136 115.12%
Accrued Expenses 216,367 269,781 53,414 24.69%
Unearned Revenue 17,973 95,535 77,562 431.55%
Derivative Liabilities 44,196 2,087 (42,111) -95.28%
Debt securities issued - net 14,243,219 12,736,471 (1,010,444) -7.09%
Green Bond issued - net 0 496,304
Borrowings from the Government of Republic of Indonesia 2,608,996 3,358,083 749,087 28.71%
Employee Benefits Obligation 70,458 77,214 6,756 9.59%
Other Liabilities 115,715 254,230 138,515 119.70%
Sub Total Liabilities 21,064,743 25,917,301 4,852,558 23.04%
Temporary Syirkah Fund 1,000,000
Total Liabilities 21,064,743 26,917,301 5,852,558 27.78%
As of 31 December 2018, total liabilities was amounted to Rp26.92 trillion, increased by 27.78%
compared to the previous period of Rp21.06 trillion. The largest contributor of this increase was from
Loans received from banks and other financial institution which increased by Rp4.84 trillion from Rp3.72
trillion in 2017 to Rp8.56 trillion in 2018 or increased by 130.33%. In addition there are additional
components on liabilities namely Temporary Syirkah Fund and Green Bond at Rp1.00 trillion and Rp0.50
trillion in 2018.
Annual Report 2018

HIGHLIGHTS
Financial Review
Loans Received from Banks and Other Financial Institution

In 2018, The Company’s loans received from banks and other financial institution amounted to Rp8.56
trillion, increased by 130.33% from the previous period of Rp3.72 trillion. The loans include loan from
MUFG Bank amounted to Rp2.95 trillion (at US$89 million and JPY11.060 million), Bank UOB Indonesia
Rp2.37 trillion (at US$50 million and Rp200 billion), Bank Mandiri Rp1.23 trillion (at US$35 million and
US$50 million), Bank Maybank Indonesia Rp579,24 billion and from Agence Francaise Developpement
amounted to Rp1.45 trillion (at US$50 million and US$50 million). The loans were in rupiah, US Dolar
and Japanese Yen denomination.
Taxes Payable
In 2018, the Company recorded an increase of taxes payable by 115.12% to Rp69.39 billion compared
to the previous year of Rp32.26 billion. The increase was due to an increase of Corporate Tax article 29
of payable amounted to Rp36.42 billion.
Accrued Expenses
The Company recorded accrued expenses amounted to Rp269.78 billion in 2018, increased by 24.69%
from the previous period of Rp216.37 billion. The increase was mainly derived from loan interest rate
including green bond amounted to Rp12.90 billion.
Unearned Revenue
The Company recorded unearned revenue in 2018 at Rp95.53 billion, increased by 431.55% from
previous figure of Rp17.97 billion. The increased was mainly derived from unamortised receipt from
provision due to undrawdown of the loan.
Derivative Liabilities
Total derivative liabilities at the end of 2018 decreased by 95.28% from Rp44.20 billion to Rp2.09 billion.
This is an effort of the Company to protect the value from exchange rate fluctuation risk of BTMU loan
at equivalent Rp1.45 trillion.
Debt Securities Issued

Securities, Green Bond and Temporary Syirkah Fund was amounted to Rp14.23 trillion, slightly decrease
from the previous period of Rp14.24 trillion. Fund raising activity by issuing securities is adjusted to the
Company needs on financing. In 2018, the Company issued Bonds amounted to Rp1.04 trillion, Green
Bond at Rp496.30 billion and Sukuk Mudharabah amounted to Rp1 trillion.

Annual Report 2018
Financial Review
Borrowings from the Government of Republic of Indonesia

In financing, the Company also receives borrowings from the Government of Republic of Indonesia,
which represent funds from World Bank and Asian Development Bank. Total borrowings reached Rp3.36
trillion, increased from the previous figure of Rp2.61 trillion. Some of the borrowings were distributed to
IIF amounted to Rp3.02 trillion and to Regional Infrastructure Development Fund Project (RIDF) at Rp335
billion.
Employee Benefits Obligation

The Company booked employee benefits obligation in accordance with the Manpower Law No. 13/2003.
By using several assumptions including normal pension age, mortality level and salary increase level per
year, the Company allocated employee benefits obligation amounted to Rp77.21 billion at the end
of 2018, increased from Rp70.46 billion in the previous period. The allowance for post employment
benefits was calculated based on independent actuary.
Other Liabilities
At the end of 2018 total other liabilities increased more than doubled to Rp254.23 billion compared to
the previous figure of Rp115.72 billion. This liabilities consits of debtors’ deposits, fund from Agence
Francaise De Developpement (AFD), donation fund from Li Ka Shing (Overseas) Foundation and
Hutchison International limited for the assistance to the victims of natural disasters in Palu, fund related
to Global Environment Facility (GEF) and Clean Technology Fund (CTF) with World Bank, fund from
Regional Infrastructure Development Fund (RIDF), and subsidized local fund from Deutsche Gessellschaft
fur Internationale Zusammenarbeit (GIZ) as part of the contribution of the Republic of Federal Germany
for the enhancement of employees’ quality in the cities in Indonesia.
Equity
The Company Equity as of 31 December 2018 increased to Rp35.58 trillion from the previous period of
Rp34.32 trillion. The increase was due to an increase of retained earnings that has been set its allocation
by 43.74% to Rp360.00 billion, Retained earnings increased by 53,66% at Rp641.28 billion and Profit
for the Period increased by 21.32% at Rp269.10 billion.
Annual Report 2018

HIGHLIGHTS
Financial Review
STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

In Rp Million
Description 2017 2018 Growth

Revenues*) 3,032,699 3,810,445 25.65%
Operating expenses (1,483,310) (1,990,573) 34.19%
Final tax expense (122,164) (197,618) 61.76%
Income from operations 1,549,390 1,819,871 17.45%
Other income (expense
Equity in net profit (loss) in joint venture (24,487) (12,885) 47.38%
Gain foreign exchange rate 3,065 14,554 374.84%
Other income 16,292 8,148 -49.98%
Other expense (9,566) (14,394) 50.47%
Other income (expense (14,695) (4,576) 68.86%
Profit before tax 1,534,694 1,815,295 18.28%
Final tax expense (272,686) (284,185) 4.22%
Profit for the period 1,262,008 1,531,110 21.32%
Comprehensive income for the year 465,996 (5,373) -101.15%
Total comprehensive income for the year 1,728,004 1,525,737 11.70%
Earning per share 46,524 51,429 10.54%

*) Revenues was presented net of Final Tax expense
Throughout 2018 the Company booked net profit of Rp1.53 trillion, grew 21.32% compared to 2017
achievement of Rp1.26 trillion. The increase of net profit was mainly derived by an increase of revenues
by 25.65% secara year on year or increased by Rp0.78 trillion, which was able to set off an increase of
operating expense at Rp0.51 trillion, thereby the Company was able to book an increase of income from
operations amounted to Rp1.82 trillion from previously Rp1.55 trillion, or increased by 17.45%.

Annual Report 2018
Financial Review
Revenues
The Company’s net revenues (net of final tax) amounted to Rp3.81 trillion was derived from interest
income on loans receivables as the largest contributor, which was increased from Rp2.45 trillion to
Rp2.84 trillion. Followed by income from fund management of Rp905.66 billion, increased from
Rp554.55 billion in the previous year. Income from project preparation facilitation assignment increased
to more than doubled to Rp45.70 billion, while income from advisory increased to almost three times to
Rp15.45 billion.
In Rp Million
Growth
Revenues 2017 2018
(2017-2018)
Income from Financing 2,451,008 2,843,640 16.02%
Income from Advisory 6,008 15,448 157.13%
Income from Project Preparation (PDF) 21,134 45,697 116.23%
Income from Investment (Fund Management)* 554,550 905,660 63.31%
Total Revenues 3,154,863 3,810,445 25.65%

*) Income from Fund Management was presented net of Final Tax expense
Operating Expenses
As of December 2018 operating expenses reached Rp1.99 trillion, or increased by 34.20%
compared to Rp1.48 trillion in 2017. The increase of operating expenses was derived by the increase of
financing expenses by the Company. As of December 2018, financing expenses increased by 39.12%
year on year to Rp1.55 trillion. The increase of financing expenses was due to an increase of interest
expense (72.74%). The increase also occured in the business development expense by 28.19% to
Rp165.09 billion due to an increased business activities. The increase of general and administrative
expense and other operating expense reached 14.13% and23.11% respectively.
In Rp Million
Growth
Operating Expenses 2017 2018
(2017-2018)
Financing Expenses 1,114,925 1,551,149 39.12%
Business Development Expenses 128,783 165,085 28.19%
General & Administrative Expenses 229,132 261,500 14.13%
Other Operating Expenses 10,429 12,839 23.11%
Total Operating Expenses 1,483,310 1,990,573 34.20%
Annual Report 2018

HIGHLIGHTS
Financial Review
Profit Before Income Tax

As of the end of 2018, the Company booked profit before income tax amounted to Rp1.82 trillion, grew
18.28% compared to Rp1.53 trillion in 2017. The growth was mainly derived by income from financing
which increased by 16.02% compared to 2017.
Profit For The Year

In 2018, the Company profit for the year reached Rp1.53 trillion, or grew by 21.32% compared to
Rp1.26 trillion in 2017. In the period, tax expense reached Rp284.19 billion or increased by 4.22% from
the previous period of Rp 272.69 billion. The increase is in line with the Company’s business development
during 2018.
Comprehensive Income
Comprehensive Income in 2018 reached Rp1.53 trillion or decreased by 11.71% from Rp1.73 trillion in
2017. The decrease of Comprehensive Income through other comprehensive expense at Rp5.37 billion,
decreased by 101.15% from the previous year. This was due to a decrease of financial assets increase
in equity investment at Rp48.21 billion, decreased by 84.49% from Rp310.89 billion in 2017 and a
decrease of short-term investment value as unrealized loss at minus Rp49.73 billion or decreased by
231.71% from Rp156.33 billion in 2017.
cash flows
Cash and cash equivalents position at the beginning of the year reached Rp15.40 trillion. This was
resulted from the used of cash flows from operating activities and cash flows from investing activities
mainly to support the increase of the Company’s financing actvities. The decrease of net cash and cash
equivalents at the end of 2018 reached Rp7.80 trillion thereby the position of cash and cash equivalent
at the end of 2018 was Rp7.60 trillion. If compared to the 2017 figure of Rp15.40 trillion, a decrease of
net cash and cash equivalents at the end of 2018 was lower by 50.65% year on year.

Annual Report 2018
Financial Review
In Rp Million
Growth
Cash Flows 2017 2018
(2017-2018)
Cash Flows Provided by/(Used for) Operating
425,535 (10,012,815) -2.452.99%
Activities
Cash Flows Provided by/(Used for) Investing

(2,293,696) (2,222,194) -3.12%
Activities
Cash Flows Provided by/(Used for) Financing

9,176,793 4,435,961 -51.66%
Activities
Net Increase/(Decrease) Cash and Cash

7,308,633 (7,799,048) -206.71%
Equivalents
Cash Flows Provided by/(Used for) Operating Activities

The Company cash flows provided by/(used for) operating activities position in 2018 minus Rp10.01
trillion which means cash flows from operating activities used for Loans Receivables was Rp19.07 trillion
and disbursement of interest expense at Rp1.15 trillion, were higher than receipt from settlements
of loan receivables amounted to Rp7.41 trillion, as well as receipt from interest of loan receivables
amounted to Rp2.37 trillion.
Cash Flows Provided by/(Used for) Investing Activities

Cash flows from investing activities in 2018 was minus Rp2.22 trillion due to higher cash flows used for
placements in short term investment at Rp3.32 trillion and share investment of Rp0.72 trillion, compared
to cash flows from withdrawal of short term investment at Rp1.67 trillion and receipts of income from
investments amounted to Rp0.16 trillion, to support the increase of the Company’s financing activities.
Cash Flows Provided by/(Used for) Financing Activities

Cash flows from financing activities amounted to Rp4.44 trillion which was provided by cash flows from
Bank and Financial Institution Loans amounted to Rp5.64 trillion, receipts of income from investments
amounted to Rp1.05 trillion and receipts from the issuance of Sukuk Mudharabah amounted to Rp1.00
trillion. While cash flows used for payment of securities principal amounted to Rp2.57 trillion, dividend
payment of Rp0.27 trillion, payment of principal loans from Bank and Financial Institution amounted to
Rp0.90 trillion, and payment of bonds emission at Rp0.01 trillion.
Annual Report 2018

HIGHLIGHTS
Financial Review
solvency and receivables collectability

Solvency
The Company’s solvency is reflected in the management of liquidity risk. The Company manages liquidity
risk by maintaining adequate liquid assets, loan facilities and by continuously monitoring the estimates
and realization of cash flows and managing the profile of maturity of financial assets and liabilities. The
Company also periodically monitors liquidity positions against applicable limit provisions. The position
of the Company’s liquidity throughout 2018 is still relatively safe. In periods of more than one to three
years, the Company has less difference in the maturity profile of financial assets and liabilities. However,
the difference is classified as insignificant when compared to the capital and the potential for increasing
the Company’s profit for the period.
The Company fulfills its long-term financial obligations by comparing liabilities with the Company’s
assets. The solvency level of the Company in 2018 was 43.07% higher than in 2017 which was 38.03%.
While the loan to capital ratio reached 75.66%, increased compared to 2017 of 61.38%.
Receivables Collectability
The Company has a strict policy in managing loan, which only provides financing to eligible debtors and
is included in the investment rating category based on the results of internal ratings. The Company also
applies the precautionary principle by placing bank balances and mutual fund participation units only in
financial institutions that are ranked as feasible and reliable.
The Company also set the allowance for impairment losses on the financing and is currently assessed that
the allowance for impairment losses has been adequate to cover the potential of loss. The Company’s
non-performing loans in 2018 was maintained at 0.65% (net), improved from the previous year of
1.19% (net).
Working capital and investment financing is generally guaranteed by collateral. The Company also forms
an allowance for impairment losses on loans receivables and the Company currently considers that
the allowance for impairment losses on loans receivables is sufficient to cover potential losses. The
Company’s level of non-performing loans in 2018 was maintained at 0.65% (net), improving from the
previous year of 1.19% (net).

Annual Report 2018
Financial Review
capital structure
In managing capital risk, the Company ensures the ability to continue business continuity, while maximizing
the profits of shareholders through optimizing the balance of debt and equity. The Management
periodically reviews the Company’s capital structure by considering capital costs and related risks.
In Rp Million
Capital Structure 2017 2018
Liabilities 21,064,743 26,917,301
Equity 34,321,153 35,575,890
Investment (2,759,169) (3,498,777)
Debt to Equity Ratio 61.38% 75.66%
capital investment/expenditures realization

In 2018 the Company recorded the purchases/additions of Fixed Assets and Intangible Assets of Rp14.06
billion consisting of Fixed Assets - Servers of Rp1.18 billion, Fixed Assets - Office Equipment of Rp3.63
billion, Fixed Assets - Furniture of Rp0.79 billion, Fixed Assets - Partitions amounting to Rp11 billion, Fixed
Assets - Software and Licenses amounting to Rp0.79 billion.
TARGET and realization 2018

Compared to the targets in the 2018 RKAP according to the table below, there are two main financial
indicators which realization is able to exceed the 2018 target, namely the achievement of equity and
net profit. For targets that were not achieved, the contributing factors included the crowding-in process
of banks in financing infrastructure, hence the achievement of financing performance was below the
target and was accompanied by adjustments to the Company’s fund raising activities. But on the other
hand, the presence of crowding-in is a good indicator of the continuity of financing the infrastructure
sector in Indonesia.
Annual Report 2018

HIGHLIGHTS
Financial Review
Indicators 2018 Realization RKAP 2018

Return on Equity (ROE) 4.65% 4.52%
Cost Efficiency Ratio (CER) 18.22% 23.61%
Productivity 161 130
The realization of Return on Equity (ROE) ratio, Cost Efficiency Ratio (CER) and Manpower Productivity
(total outstanding financing divided by the number of manpower) in 2018 is above the target ratio in
the 2018 RKAP.
The Company considers that all of the achievements are sufficient in supporting the sustainability of the
program that has been planned in the future and in maintaining business continuity. The following is a
comparison between targets and realization of some of the Company’s main financial indicators:
performance achievement in 2018
In Rp Million
Description 2018 Target 2018 Realization Achievement (%)
Assets 67.828.495 62.493.191 92,13%
Liabilities 32.304.470 26.917.301 83,32%
Equity 35.524.025 35.575.890 100,15%
Revenues* 4.186.019 3.810.445 91,03%
Net Profit 1.499.149 1.531.110 102,13%
*Net Revenues is Revenue net of final tax expense
subsequent events
There was no material information and facts that occur after the date of the accountant’s report until
the issuance of audited financial statements that can affect the Company’s business performance and
risk in the future.
business prospect
Global and domestic economic prospects are predicted to improve. One of the drivers of economic
improvement is expected from infrastructure development projects. In 2018, the funds allocation for
infrastructure development is projected to increase to Rp409 trillion. In the 2018 State Budget Draft,
the detailed funds allocation for infrastructure development includes the construction of economic
infrastructure of Rp395.1 trillion, social infrastructure of Rp9 trillion, and infrastructure support of Rp4.9
trillion.

Annual Report 2018
Financial Review
As a government institution that holds the mandate to support the acceleration of infrastructure
development, the Company implements various efforts, including improving business conditions and
providing fiscal instruments that support and promote the acceleration of infrastructure development.
The easing of monetary rules from Bank Indonesia and the Financial Services Authority has made banks
begin to extend the financing tenor hence it can facilitate funding needs in infrastructure projects.
Increased interest also emerged from sharia industry players, particularly from Middle East fund managers
which made Indonesia one of the goals for funds investment. Backed by this positive development,
coupled with the increase in support from financial institutions/investors, as well as the Company’s ability
to obtain various funding sources, the Company is optimistic on its business prospects in the future.
Going forward, the Company will focus on developing basic infrastructure to ensure connectivity
between regions, especially regions with superior tourism potential. At the same time, the Company will
consistently support the development program of four leading tourism destinations, including the area
of Lake Toba, Raja Ampat, West Nusa Tenggara and so forth.
In 2018, the development of sharia businesses such as sharia finance, and sharia consulting services
will continue to be developed in supporting the development of the National Strategic Project. To that
end, the Company plans to strengthen sharia-based fund sources, among others, through raising funds
from countries in the Middle East and also from the Islamic Development Bank (IDB) and optimizing the
Hajj Fund for financing infrastructure. In addition, the Company considers the need to establish a core
system for sharia finance by expanding sharia business schemes through synergy of financing origination
between conventional financing that the Company has and Sharia financing.
marketing aspect
The Company manages three business pillars as the catalyst for the acceleration of Indonesia’s
infrastructure development, namely financing and investment; advisory; and project development. In
addition to the three business pillars, the Company also has strong funding sources in the form of State
Equity Investment (PMN), as well as loans and grants supported by capable capabilities in raising funds
from capital markets (bonds and securities). At present, the Company has also established a Sharia
Business Unit complete with Sharia-based financing and fundraising products.
The focus of the infrastructure sector financed by PT Sarana Multi Infrastruktur is basic infrastructure
covering transportation, electricity, telecommunications, oil and gas, railway rolling stock, energy
efficiency, roads and bridges, drinking water, irrigation, and waste water and waste management.
In addition, the Company also funds social infrastructure, namely hospitals, markets, education
infrastructure, tourism infrastructure, correctional infrastructure, and regional infrastructure.
In 2017, the Company established a Sustainable Financing Division. This indicates the Company’s
commitment and insight in supporting the achievement of sustainable development goals in the Sustainable
Development Goals, which has also become a commitment of the Government. Through this division,
the Company will focus on financing disbursement from collaboration with international institutions
that have high concern for environmental mitigation efforts, including handling of environmental issues,
improving environmental quality, reducing the impact of global warming, anticipating the impact of
climate change and the realization of low-carbon development.
Annual Report 2018

HIGHLIGHTS
Financial Review
In line with the Company’s mission to increase capital provided by the Government, the Company always
initiates and explores various forms and sources of funds. These initiatives include the issuance of Green
Bonds, IDR Global Bonds (Komodo Bond), or other forms of fundraising to increase the Company’s
financing capacity for infrastructure projects.
DIVIDENd policy
Based on the Limited Liability Company Law, the Company is required to set aside a certain amount of
net profit each year as a reserve if the Company records a positive profit balance. Allowance for such
net income is made until statutory reserves reach at least 20% of the total issued and fully paid-up
capital. The allocation of net profit for the 2018 financial year will be determined through the Company’s
General Meeting of Shareholders in 2019. For the record, for the 2017 financial year the Company has
set a dividend distribution of Rp271 billion, 21.50% of the net profit for the year.
stock option program by employee and management

As a State-Owned Enterprise which shares are 100% owned by the Government of Indonesia, the
Company does not implement a share ownership program by management and/or employees.
bonds proceeds allocation

Proceeds obtained by the Company from the bond issuance in 2018 after deducting the costs of
emissions, all of which are distributed for infrastructure financing.
MATERIAL transactions contain conflict of interest

In 2018 there were no material transactions that contained conflicts of interest and had a significant
effect on the financial statements.
transaction with related parties

The Company has significant business transactions with related parties. Full details regarding the nature
and related transactions can be seen in Note 33 of the Financial Statements in this Annual Report.
The Company’s management is of the opinion that all transactions with affiliated parties are carried out
at a price level and normal conditions as is done with third parties.
investment, expansion and divestment

The increase in paid-up capital of Rp2,000,000,000,000 which was previously recorded as a capital
deposit has been stated in the amendment to the Company’s articles of association in the deed No.
29 dated May 17, 2018. Thereby, the authorized capital in May 2018 will be Rp30.52 trillion. While in
2018, there was no additional paid-up capital from the Shareholders (Government of the Republic of
Indonesia).

Annual Report 2018
Financial Review
regulatory changes
Throughout 2018, there were no changes to the Laws and Regulations that had a significant impact on
the Company.
accounting policy changes application

In the current year, the Company has implemented all new standards and amendments and interpretations
issued by the Indonesian Accounting Association’s Financial Accounting Standards Board that are relevant
to its operations and effective for the accounting period beginning January 1, 2018. Implementation of
these standards has no significant impact to the amount reported in the current period or the previous
year.
business continuity
The Company manages capital risk to ensure the ability to continue business continuity, in addition
to maximizing shareholder profits through optimizing the balance of debt and equity. The Company
periodically reviews the capital structure. As part of this review, the Company considers capital costs and
related risks.
The Company operates a business segment, namely financing infrastructure with the development areas
in the territory of Indonesia. During 2018, there were no issues that can potentially have a significant
impact on the Company’s business.
Annual Report 2018

HIGHLIGHTS

Annual Report 2018
HUMAN RESOURCES
MANAGEMENT AND
DEVELOPMENT
In its development, PT SMI always produces the best work

supported by human resources with integrity and high
quality work attitudes to channel positive energy in
developing the country.
Annual Report 2018

HIGHLIGHTS
Highlights
In the effort to improve employee competency and engagement, PT SMI

launched the idea box program as a way to channel
creativity in thinking and provide ideas of change for
the Company both in the organization and business
processes. This program is the first to be launched in 2018.
Launched the Strategic HR Development Program to

support the catalyst for accelerating infrastructure development:
1. Merit System Culture

2. Talent Classification & Career Path Development;
3. People Development and Employee Scholarships;
4. Employee Retention Program;
5. Learning Experience with Opportunities for Business Trip Abroad; and
6. Work / life Balance.

Annual Report 2018
Human Resources Management and Development
PT SMI is a State-Owned Enterprise under the Ministry of and training programs conducted by the company.
Finance and plays the role as a catalyst in supporting the Therefore, the Company designed the management
acceleration of infrastructure development in Indonesia. and development of employees in accordance with the
At present, PT SMI is known as one of the SOEs that Human Resources Master Plan (HRMP) which has 6 (six)
has a strong commitment to sustainable development pillars namely Organization Design & Manpower Plan;
through the provision of financing facilities to a variety of Recruitment & Placement; Performance Management
environmentally sound infrastructure projects in Indonesia & Talent Classification; People Development & Talent
that are in line with the Indonesian government’s Management; Reward Management; and Retain &
commitment to protect and maintain ecosystems and Engage.
environmental quality.
In its development, PT SMI always produces the best

HR MANAGEMENT POLICY
work supported by human resources with integrity and
To support the Company’s target to become the
high quality work attitudes to channel positive energy
largest and leading finance company in accelerating
in developing the country. One of them is by building
the development of basic infrastructure and social
a strong organizational culture and improving the
infrastructure throughout the country, the Company is
employee’s work ethics through i-Sprint which is PT SMI’s
committed to improving HR competencies.
corporate value. Through a good work ethic, it is expected
that employees can advance their careers, continue to
In 2018, the Company prepared a number of policies
grow, improve self-actualization, and be useful to many
related to the management and development of
people.
competency-based human resources, including,
compiling a dictionary of core competencies, roles and
On the one hand, the Company believes that to realize
functionalities, compiling the Individual Development
its vision of being a catalyst in accelerating national
Plan program which contained plans for developing
infrastructure development, it requires the support
employee capacity and capabilities, as well as employee
from productive, loyal and competent human resources
career planning. The entire program is based on and
(HR). Referring to best practices in HR management,
refers to competencies at each position level, as well as
productivity is influenced by the remuneration system,
induction & basic training programs.
internalization of corporate values and corporate culture,
as well as technology.
Employee development is carried out through
competency-based capacity and capability development.
Referring to the Company’s engagement survey in
As a form of developing employee potential and as an
2017, employee engagement or loyalty, among others,
expansion of employee career paths, through the Human
is influenced by pay & benefit factors, leadership,
Resources Division, the Company also conducts employee
opportunities to develop, management performance,
promotion, transfer and rotation processes to optimize
and existing business processes. Whereas competency
their ability and competence to achieve the Company’s
in general is strongly influenced by the education
performance targets as well as its vision and mission.
Annual Report 2018

HIGHLIGHTS
2018 FOCUS and indoor activities such as muay thai, strong by zumba
Within the framework of the HRMP implementation, in (SBZ) and pound fit. All were aimed at supporting the
2018 the Company focuses its HR development in an improvement of employee health. In addition, the slim
effort to improve employee competency and engagement. down challenge was also carried out as an effort to bring
Competency improvement is conducted by providing employees towards ideal conditions. In the end, these
scholarship programs to outstanding employees. This activities can increase employee productivity.
scholarship program is a form of academic employee
development program aside from training, seminars, and The Company through the Human Resources Division
workshop. (DSDM) also continues to campaign the i-Sprint, which
consists of Integrity, Service Excellence, Partnerships,
In addition to the implementation of Employee self- Resilience, Innovation and Trust as a corporate value
development programs, as a form of employee retention, through various activities including SMI Day, Outing, TV
the Company also conducts employee career planning display, e-mail, and posters. The Company also conducts
and development through a Career Development morning briefings on every Tuesday and Thursday
program that includes both employee promotion, transfer morning to encourage employees to be on time and
and rotation. The program is supported by a Performance the wearing of SMI uniform to increase the pride to the
Management System and a good Leadership System, by Company.
the implementation of leadership training with the Head
Divisions and Team Leaders as the participants. There Meanwhile, the Company also assesses that in fulfilling
is also a weekly meeting which was attended by the HR Needs, one of the components that must be budgeted
Company’s management, namely Wildly Important Goals by the Company is the availability of IT facilities and other
(WIG), and sharing sessions from various resources in matters like the availability of workstations, so that the
order to increase the capability of the Company’s leaders. overhead cost and profitability of the company need to
be taken into account in fulfilling HR in 2018.
The company also undertakes to improve employee

engagement through the provision of facilities, RECRUITMENT SYSTEM
compensation and benefits that are in accordance with The Company conducts a recruitment process to meet
the market. Training and development are also carried the needs to support the achievement of business
out according to the needs and positions. In addition, targets in accordance with the Company’s Budget Work
promotions, transfers and rotations were also carried Plan (RKAP). The employee recruitment policy is based
out as an expansion of the career path of employees. on PT SMI Employees Acceptance Procedure 2009 on
In 2018, the Company launched the idea box program September 11, 2009.
as a means to channel creativity in thinking and provide
ideas for change for PT SMI both organizationally and Information about recruitment is delivered using various
in business processes. Efforts to improve employee distribution channels such as the Company’s website, job
engagement are also carried out by creating work- search sites, social media and professional networking
life balance through several activities including regular media. Only applicants who match the qualifications
employee sports activities, regular religious activities, are accepted, who are then selected according to the
slimdown challenges, and other internal activities mechanisms in effect.
involving employee participation. Some sports activities
include outdoor futsal, badminton, table tennis, diving

Annual Report 2018
TRAINING AND COMPETENCE DEVELOPMENT

To improve employee competency, the Company regularly conducts training activities. It is implemented
while observing the needs of the Company and based on the Training Need Analysis (TNA) that has been
prepared. However, each Division can submit training proposals according to the needs and Copany’s RKAP.
The training can be in the form of public training, in house training, and knowledge sharing.
Policies on education and training are outlined in the Education and Training Guidelines. According to this
guideline, every employee has the right to receive training in order to improve and develop his competence.
In 2018, the Company has conducted 48 hours of training / employees from the targeted 30 hours
/ employees, which includes 127 public training programs, 30 in-house training and 10 knowledge
sharing.
Trainings, Total Participants and Average of Training Hours

Training Category Total Themes Training Participants Training Hours
In House 30 728 6.783

Knowledge Sharing 10 315 935
Public Training 127 253 5.982
Grand Total 167 1.350 13.700
From the amount of training held, the average duration of training at the Division Head level is 58 hours
/ employee, 42 hour Team Leader / employee, and staff 48 hour / employee
Position Training Participants Training Hours Average Duration of

Training/Employee
(Hourly)
Division Head 22 1.281,5 58
Team Leader 43 1.810 42
Staff 222 10.608,5 48
Grand Total 286 13.700 48
Annual Report 2018

HIGHLIGHTS
Training Training Topic Total Training

Category Participant Duration
(In Hour)
IN HOUSE The Legal and Commercial Aspects of Renewable Energy 24 192

Projects in Indonesia
Technical Guidance for Completing LHKPN 2018 11 44

Corporate Rating Tools Training 19 304
Islamic burial preparations training 28 224
Disaster Emergency & Safety Plan for High-Rise Building 2018 29 232
Discussions of industrial relations 5 15
Geothermal Exploration Contracts 37 116
Green Ilamic Bonds 15 60
Loan IFRS 6 48
Early Warning System (EWS) Implementation 24 96
Knowledge Sharing The World Bank’s Procurement and 21 42
Consultant Guidelines
Leadership ”Building Synergy to Improve Performance 20 480
Turning on the i-Sprint in increasing the work ethic in SMIers 213 1.704
Negotiations Skills 11 88
Law and Regulation Drafting Training 21 280

Legal Settlements in the Civil Sector 9 72
Presentation Skills 14 224
Project rating tools S&P 14 112
Social Protection in the Geothermal Energy sector Sharing 34 102
Session
Toll Road Sector Session Sharing 35 140
Organizational Structure and Legal Aspects of the 14 42

Muhammadiyah Organization
Challenges and Efforts to Eradicate and Prevent Actions 25 168
Washing Crime and Terrorism Funding
Training for Trainer 26 392
Training Sharia Application System 10 136

Visual Risk - Training Manual for Asset Liabilities Management 5 80
System
Workshop DBJ&JERI from Japan 32 512

Annual Report 2018

(In Hour)
Workshop on Early Handling of Potential Problems in 39 312

Financing and Problematic Financing Legal Effects
Government Guarantee Workshop 10 30
Workshop People Development Plan 13 104
Project Workshop for Preparation & Determination of Risk 18 432

Limits and PT SMI’s Risk Profile
Total IN HOUSE 782 6.783

KNOWLEDGE Health Talk "How to Reduce Your Body Fat" 28 102
SHARING
Ngofi - Ngobrol Tentang Gratifikasi 98 294
Running For Beginner-From Couch to 5k in a month 14 28
Sharing Session "Investasi ala Nabi Yusuf" 28 70
Sharing Session Development Bank Practices 21 63
Sharing Session Mengelola Data Dengan Ms. Excel 20 60
Sharing Session Mengenal Fungsi-Fungsi pada Ms. Outlook 23 69
Sharing Session PPh 23 29 87
Sharing Session SDG Indonesia One 39 117
Sharing Session Tips & Triks Penggunaan PPT 15 45
total KNOWLEDGE SHARING 315 935
Public Application and Implementation of Procurement of Goods/ 1 24

Services & Resource Management
“Dissecting the Legal Aspects of Company Mergers, 3 24

Acquisitions and Consolidation”
Certified Contract Management Specialist (CCMs) 1 24

Certified Strategic Procurement Specialist (CSPs) 1 24
2018 IIA Indonesia Nasional Conference 3 72
3 Day Masterclass Infrastructure Project Finance and 2 48
Documentation
40th New Zealand Geothermal Workshop 1 24

7th Indonesia Corporate Communication:The Role of 1 16
Corporate Corporation to Build & Increase
Accounting for Derivative and Hedging Activities 1 8
Annual Report 2018

HIGHLIGHTS

(In Hour)
ACIIA Kuala Lumpur Conference & On Site Learning 2018 2 80

Advanced Financial Modeling 1 120
Agile Scrum Training 1 16

ASEAN Workshop on Project Structuring and Financing 3 24
Basic Financial Risk Management 1 24
Best Practice in Internal Auditing 1 16
Business Continuity Management 5 120
Cash Management 1 16
Certified Recruitment Selection Professional (CRSP) 1 16
CFA Level 1 Training Program 1 120

Corporate Financing and Treasury Management 5 80
Corporate Governance 1 24
Corporate Valuation: Analysis & Best Practics 3 72
Creative Accounting vs Tax Planning 1 24
Creative Monitoring & Supervision 3 72
Credit Risk Management For Banking To Maintain NPL & 3 48

Achieve Target Credit
Islamic Funeral Preparation Public Training 3 18
Presentation Slide Design 2 32
Designing Standard Operating Procedure (SOP) 1 16
Directors & Officers Liability Insurance and Corporate 1 4
Responsibility Panel Discussions
Due Diligence in Renewable Energy Project Course 1 40
Equity 3 72
Feasibility Analysis Technical, Economic, Commercial, & Project 7 168
Financing
Finance For Non Finance 1 16
Financial Modeling 2 32
General Affair Management 1 16
Geothermal Conference 2 64

Annual Report 2018

(In Hour)
Geothermal Project Management 2 256

Good Corporate Governance in the Framework of Legal Risk 3 24
Minimizing and Compliance with the Financial Industry
Implementing a Data Warehouse with Microsoft SQL Server 1 40
2014
Indonesia Transport Supply Chain & Logistics Program 1 24
International Seminar - Workshop Development Banking 1 40
Program
Introduction to Green Bonds 2 32
ISO 31000: Implementation of Risk Management in Public 1 24
Sector
ISO/IEC 27001 Internal Auditor Training Course 4 64
Kaukus Indonesia Participant at 9 WUF
th
1 8
KPI Masterclass Training Course 1 16
Work Agreement In depth Discussion: Partnership, Guarantee 4 24
Clause and Most Popular Industrial Relations Issues
Leadership for Millenial 1 16
Professional Engineer Certification Workshop (LSIP) 1 8
Management Training & Development 1 24
Managing and Presenting Business Data in Excel 2016 1 8
Managing IT Helpdesk 1 40
Airport Management 6 144
Corporate Social Responsibility (CSR) Management and 1 24
Community Development
General Management of Pension Fund (MUDP) 1 56

Mastering Business Analysis (BABOK-v3) - A Practical 1 32
Approach
Dissecting the Results of Assessment of National Risk AML & 2 32
CFT
Modern Office Administration for Leader and Staff 2 48
National Anti Fraud Conference 2018 - Call For Paper 2 48

Next Generation Cyber Security 1 4
Basic Training of Sharia Banking 1 32
Special Training for Advocate (PKPA) 3 144
Annual Report 2018

HIGHLIGHTS

(In Hour)
Government Goods / Services Procurement 1 16
Grant Management 1 16
SME Modules Structuring - PT SMI 23 253
Exam Preparation PFM (Professional Financial Modeler) 2 16
Port Master Planning training Course in Indonesia 3 72
PPP Certification Program - Foundation Level 5 160
Private Equity Training 1 16
Problem Solving and Decision Making 1 24

Professional Financial Modeller (PFM) 2 96
Program ECIIA Madrid European Conference 2018 1 80

Program Training IT Audit Technique 2 32
Project Management 1 24
Procurement of Goods and Service Procedures 3 64
Protocol and Archival Management 1 24
Protocol and Secretariat Management 2 32
PSAK 71: Instrumen Keuangan 1 16
Public Budgeting and Fiscal Management 1 40
Public Private Partnerships 3 48
Refresher BSMR Program 1 8
Remuneration & Compensation Management 1 16
Remuneration Management 1 24
Renewable Energy Project Management 1 240
Financial Report Restatement: Legal Responsibility of the 3 9

Board of Directors and Board of Commissioners
Shcolarship on Geothermal Energy Project Management 1 320
SDGs Bonds/Sukuk and Blue Bonds/Sukuk Initiative 2 32

Annual Report 2018

(In Hour)
Selling and Negotiation 3 48
International Congress Seminar XIII & 61st IAI Anniversary 1 16
National Seminar on Preparing Industrial Estates Facing 1 5

disasters
National Seminar and Workshop on SOE taxation 2018 2 48
accountability of Corporate Benefit Owner Seminar According 2 16

to Presidential Regulation No. 13 Year 2018
Certified Risk Management 1 32
HCMC Certification 1 104
Regional Financial Management System 4 64
SNIA-2018 National Seminar of Internal Audit: “The Auditor 4 96

of The Future: Trusted & Influencing Advisor.”
Socialization of Presidential Regulation No. 16 Year 2008 1 16
Speak to Change - Batch 29 1 56
Starting a Project Management Office/PMO 1 16
Communication Strategy 1 24
Study Tour AFD 6 48
Study Tour Program on Development Banking Practices 4 160
Systems Analysis and Design with UML 1 24
TAL Dasar Angkatan IV 1 6
Techincal Workshop on Project Preparation for 1 16

Transformational Climate Resilience Water Projects in Asia
Training Corporate Valuation 1 16
Training CAPM 1 24
Training Data Management & Analysis in Excel 2016 1 16
Training ESQ Quantum Excellent Angkatan VII 1 16
Training Introduction ISO27001 6 48
Training Mastering Asset Liability Management 1 24
Annual Report 2018

HIGHLIGHTS

(In Hour)
Training Programme on Concept Note Development for the 1 80

GCF
Training Project Procurement 1 24
Training Purchasing Management 1 16
Training Tax In Business: How To Be A Legally Smart Tax Payer 1 24

In Taxation
Training-Workshop on Grievance Redress Mechanism and 2 48
Problem Solving for Executing and Implementing Agencies of
ADB-Supported Projects in Indonesia
Travel Business Mangement 1 24
Treasury & Cash Management 2 48
Using Business Intelligence In Corporate Budgeting 2 32
Valuable Procurement & Cost Saving 1 16
Withholding Tax (PPh Pasal 21, 22, 23, 26 dan Pasal 4 Ayat 2 48
(2))
Workshop Accounting and Asset Administration 1 16
Workshop Inovasi Pengembangan produk Syariah 4 64
Workshop on Enhancing Readiness of ADB Developing 2 19

Member Countries for Scaled Up Climate Finance
PSAK Workshop on Employee Benefits, Workshop Benefits, 1 24
and Tax Aspects
Workshop PSAK 71: Instrumen Keuangan 2 32
World Bank Workshop: Knowledge Exchange Event on Energy 1 24

Efficiency
total PUBLIC 253 5.982
GRAND TOTAL 1.350 13.700
In addition to training, employee development is also carried out by providing scholarship programs to
be able to continue further studies, both Bachelor level (S1), master level (S2), and doctoral level (S3) to
employees who perform based on the results of performance appraisal and pass the selection process.
This program is one of the Company’s strategies to improve and develop Employee’s Competencies,
particularly related to knowledge, expertise and work skills, to support the achievement of the Company’s
vision and mission.

Annual Report 2018
Employee of the Company get scholarship programs either for undergraduate program or postgraduate
program. Total scholarships that has been given until 2018 are 9 scholarships, which consist of 4 people
for undergraduate programs and 5 people for postgraduate programs. The company also provides
opportunities for outstanding employees to gain knowledge and insight through business trips abroad
or training abroad.
Training Costs
To support the implementation of training and development of competencies which include
in-house, public training, assignments, knowledge sharing and employee scholarships, the Company
budgeted costs of IDR 9.59 billion for 2018 with the realization of IDR 7.04 billion.
PERFORMANCE AND REMUNERATION ASSESSMENT

Performance appraisal is carried out as a form of measuring the performance results or achievements of
each individual employee. Each employee will receive a final assessment regarding the potential review
and performance review. From this result, the Company will obtain talent groups. These results will then
continue with the IDP program as a form of employee development.
Remuneration
In order to obtain the best HR from the labor market, to maintain employee engagement, to maintain
high-performance and potential employees and to increase employee value proposition, the Company
has implemented a remuneration strategy through the provision of pay and benefits in accordance
with applied laws and regulations. In addition, to adjust to the market and maintain competitiveness,
the Company establishes a remuneration policy based on level of rank, grade and salary structure.
The remuneration component consists of Basic Salary, Transportation Allowance, Position Allowance,
Holiday Allowance (THR), Leave Benefits, BPJS Employment, BPJS Health, Inpatient Insurance, Outpatient
Insurance, and Life and Accident Insurance.
The transportation allowances are only given to the staff level personnels (non structural). Whereas the
position allowance is given to the Team Leader and Division Head (structural) level. Insurance coverage is
given according to employee grade. For other benefits provided such as BPJS Employment, BPJS Health,
and leave allowance given in accordance with applied rules and policies.
In terms of employment status, the Company does not distinguish the welfare facilities between
permanent and non-permanent employees. The same facilities are given the both status according to
the applied rules. The company also provides compensation in the form of overtime meal allowance to
employees who had to work overtime. The overtime meal allowance is only for the staff level and is given
if the work time is over 10 hours / more calculated from the hour of arrival and subject to approval from
the supervisor of the staff.
Annual Report 2018

HIGHLIGHTS
CAREER DEVELOPMENT
Policies related to employee career development are listed in the Employee Promotion Guidelines.
During the promotion stage, the entire process of competency test is carried out by cooperating and
coordinating with the designated Assessment Center organizers. The implementation of the competency
test is carried out in the process of employee structural promotion by paying attention to the results
Jumlah % Perubahan Status

No. Types of Change in Employee Status
Karyawan Karyawan/ Total karyawan
1 Employee Structural Promotion 13 4.5%
2 Employee Functional Promotion 2 0.7%
3 Employee Transfer 18 6.3%
4 Employee Rotation 4 1.4%
5 Employee Demotion 0 0%
of performance appraisals and Job Evaluation. The number of participants for each level is adjusted
to the needs of the Company. In addition to promotions, the Company also has transfer, rotation and
demotion policies. The details are as follows:
The Company, through the Human Resources Division, implements HR development and management
programs through the Talent Classification program, which is the basis for the Company, especially the
Human Resources Division, in determining employee development programs for capacity development,
employee capability and employee career development. The implementation of the Talent Management
program is carried out every year by the Human Resources Division.
The Talent Management Program (Talent Classification) implemented at the Company is carried out by
mapping employees based on the potential of each employee based on employee performance and
the competencies of each employee. The employee mapping is based on 2 (two) dimensions of Talent
Classification, which are:
a. Performance Review
Employee mapping which implemented based on Performance Review, grouping the Employee in
each Division by their Performance Appraisal score, which consists of 5 (five) levels of Performance
Level.

Annual Report 2018
b. Potential Review
Employee mapping based on Potential Review, is a grouping based on the potential of each
employee based on the characteristics of each group of predetermined talents.
The results of the merger of 2 (two) dimensions of the Talent Classification will be obtained by Talent
Classification Matrix. It is consist of 5 (five) Talent Classes, which will become the basis for determining
the Talent Pool employees, which will be used as the basis for implementing employee development
programs, such as:
1. The basis for determining employee development programs, both public and in-house training.
2. The basis for determining the employee scholarship program participants.
3. Basis for determining employee career development through Promotion, Mutation and Rotation.
4. the basis for implementing the Individual Development Plan program that is in the process stage
programming.
Considering the importance of preparing and carrying out planning in preparation for successors who
will occupy important and critical positions, the Company through the Human Resources Division begins
to develop an implementation program for the Individual Development Plan, which includes employee
development planning which are capacity building, employee competency planning and employee’s
career development planning, to prepare the Company’s successors in the future.
The Individual Development Plan program consists of:

1. Employee Development Plan
It is a development plan that contains the planning and determination of the appropriate development
program for employees, which is based on 5 (five) categories of PT SMI employee development
programs (Five Cluster SMI Employee Development Program), which are:
1. Competency development program
2. The Company’s cultural development program
3. Special development programs
4. Mentoring program
5. Succession preparation program
2. Career Development Plan

An employee development plan that contains the planning and determination of Employee’s career
plan:
• Short-term career plan (with a period of between 1 (one) to 2 (two) years)
• Long-term career plan (with a period of between 4 (four) and 6 (six) years)
By compiling the Individual Development Plan program, hopefully it can be a form of program in preparing
the Company’s future leaders through the process of preparing career paths, succession programs and
other employee development programs along with monitoring their achievements. It is expected that the
Company can maintain and develop employees, especially employees who fall into the talent category.
Annual Report 2018

HIGHLIGHTS
The following is HR Development Strategy scheme:
Human Resource Information System

Organization Design Recruitment & Performance Mgt. & Reward Retain &
& Manpower Plan Placement Talent Classification Development
Management Engage
Process & Tools
1. Organization Design 1. Assessment Center 1. Balanced Scorecard 1. Training Need Analysis 1. Salary Survey 1. Engagement Survey
2. Job Analysis 2. C
omprehensive Recruitment 2. Talent Classification 2. Job Assignment, Rotation & 2. Mark to-Market 2. HR survey
3. Job Evaluation process 3. PMS Monitoring Movement 3. Overseas 3. Effective communication
4. Manning/Worldoad Analysis 3. Job Requirement 4. Coaching & Counselling 3. Advanced Management School 4. Training/Attachment 4. Culture Awareness
5. Manpower Plan 4. Right Man in the Right Place 4. Talent Management
I II III IV V VI
Building the Organizaton Design Comprehensive Recruitment Developing the Performance People Development & Talent Provide appropriate pay & Increasing HR Engagement &
& Manpower Plan According to Process & Effective Strategic Culture & Talent Classification Management benefits Effective Industrial Relations
the Corporate Strategy Placement
• Aligning the corporate • Performing the • Monitoring and • Performing the • onducting the salary
C • reating a working
C
strategy with comprehensive developing the observation on HR survey via independent environment
Organization Design recruitment process performance culture who has the potential consultant regularly which increases HR
Planning based on the job and each employee’s to become the future • Performing the Pay engagement through
• Performing Manpower requirement and the potential via annual leader & Benefit benchmark HR program regular
Plan which matches prepared manpower performance • HR development which matches the review & effective
the Organization plan to obtain assessment (360 through rotation, market communication
Design, Job & Manning personnels who degree) as well mentorship program, • Implementing the • Becoming the employer
Analysis, and Talent matches the company’s as conducting talent management, merit system culture, of choice via:
Pool needs the coaching and job assignment, and which is connecting the
• Placing the personnels counseling training based in reward system with the - Reputation as a well
according to their • Grouping the training need analysis performance culture managed company
strength to accelerate employees into talent • Talent pool -g an
eth
et
sam
Ig
ae
the transformation classification as part of development of development
talent management • Specialization while increasing the
development role in infrastucture
building in indonesia
HR SUPPORT INFRASTRUCTURE
The Company uses the Human Capital Information System (HCIS) as an HR supporting infrastructure. At
present, PT SMI is in the process of preparing the HCIS development Master Plan in collaboration with
the IT Division.
STRATEGIC INITIATIVE 2019

In order to encourage the implementation of strategic initiatives and the achievement of the Company’s
business targets, the Human Capital Division has developed a strategy and roadmap for HR development.
The focus of HR development is to improve employee competencies, skills and capabilities. In addition,
HR development was also carried out in order to prepare the Company’s transformation process to
become LPPI. Following is the HR development strategy:
EMPLOYEE DEMOGRAPHY
In 2018, the number of employees of the Company reached 286 employees, an increase of 25 employees
compared to 261 employees at 2017. The increase of employee number is in accordance withn the
needs of the Company to support the acceleration of financing infrastructure development.
In that period, the number of employees who left reached 23 employees with various reasons such as
study leave, moving to work in another company, personal reasons. The turnover rate was recorded at
8% and is considered normal.

Annual Report 2018
Employee Number by Business Units

Keterangan Unit Usaha 2018 2017
PRIMARY DIRECTORATE - DU 71 72
DH 17 17
DAI 10 10
DSP 21 21
DPKMI 11 10
DSDM 12 14
DIRECTIRATE OF FINANCING & INVESTMENT 45 51
DPI-1 8 9
DPI-2 10 11
DPI-3 10 10
DPD 13 15
UUS 4 6
PROJECT DEVELOPMENT & CONSULTING SERVICE 39 46

DIRETORATE
DJK 10 8
DPP 14 16
DPB 8 10
DPPK 7 12
OPERATIONAL AND MONETARY DIRECTORATE 75 79
DAAA 15 17
DKHI 9 9
DTI 12 13
DUP 23 23
DPPMO 16 17
RISK MANAGEMENT DIRECTORATE 31 38
DELSJK 6 9
DMRT 14 17
DEPI 9 9
DPPIK 2 3
Total 261 286
Annual Report 2018

HIGHLIGHTS
Employee number by Education

2016 2017 2018
Education Pria Wanita Pria Wanita Pria Wanita
Total Total Total
Male Female Male Female Male Female
High School 8 1 9 8 1 9 8 1 9
3 year diploma 1 9 10 1 9 10 1 9 10
Bachelor 101 63 164 111 69 180 116 74 190
Postgraduate 40 14 54 43 19 62 52 25 77
Total 150 87 237 163 98 261 177 109 286
Employee number by age

2016 2017 2018
Age Pria Wanita Pria Wanita Pria Wanita
Total Total Total
Male Female Male Female Male Female
18-25 5 4 9 6 5 11 4 7 11
26-35 63 52 115 69 62 131 86 72 158
36-45 55 24 79 60 24 84 55 23 78
46-55 27 7 34 28 7 35 32 7 39
>55 0 0 0
Jumlah 150 87 237 163 98 261 177 109 286
Employee number by Organizational level

Description 2017 2018
Staf/Administrators 17 19
Junior Management 83 90
Middle Management 98 115
Senior Management 45 43
Executives & Technical Advisors 18 19
Total 261 286

Annual Report 2018
Employee number by Employment status

Permanent 258 286
Contract 3 0
Total 261 286
Employee number by position

Division Head 20 22
Team Leader 39 43
Staff 202 221
Total 261 286
Employee number by years of service

0 <1 Years 44 81
1 <2 Years 80 87
<2 Years 137 118
Total 261 286
Employee number by gender

Male 163 177
Female 98 109
Total 261 286
Annual Report 2018

HIGHLIGHTS

Annual Report 2018
INFORMATION
TECHNOLOGY
IMPLEMENTATION AND
DEVELOPMENT
Implementation of the main system that is adaptive and flexible has
contributed towards the growth of PT SMI’s infrastructure financing
business in 2018. In line with the trends in the development of Information
Technology, digitalization of the business processes and information
continues to be accelerated in order to face the era of digital-based
information technology transformation, to support the effectiveness
and quality of key business processes, and to respond to changes in the
increasingly fast business world.
Annual Report 2018

HIGHLIGHTS
Highlights
Launched Infralib, a platform Modernizing the main
used to share knowledge and experience system (core) to become
by key development actors & supporters more adaptive and integrated,
in Indonesia in order to support acceleration including strengthening the
infrastructure. Loan Origination System, developing new financing
scheme features, developing Document Management
System, and integration of the payments using virtual
accounts.
Mobility
supporting application
development, including
Mobile approval & alerts and Strengthening the IT Security which
mobile inquiry includes Antivirus, Email Gateway, Data Loss Prevention
(DLP), Firewall, and Privilege Management
The IT Transformation Program supports the efficiency of business processes,

through the implementation of automation processes (official travel, e-procurement, vehicle
reservations, correspondence) that have proven to give the following benefits:
1. Shorten the processing time;
2. Increasing the efficiency of operational costs;
3. Reducing paper use;
4. Improve compliance; and
5. Minimizing operational risk.

Annual Report 2018
Information Technology Implementation and Development
INFORMATION TECHNOLOGY DEVELOPMENT 4. D evelopment of application to support mobility for

faster decision making, includes mobile approval &
POLICY alerts, and mobility inquiry.
The Company realizes that in carrying out its role as a 5. Implementation of Indonesia Infrastructure Library
catalyst for infrastructure development, it requires the services, which is the platform used for sharing
support of reliable, responsive and flexible information knowledge and experience by the main players in
technology (IT) systems. For this reason, the Company the acceleration of infrastructure development in
pursues a digital-based IT transformation policy to Indonesia.
support the key businesses and respond to the ever- 6. Implementation of IT Contact Centers and systems
changing business world. Transformation is done in an monitoring which has increased IT service SLA to
integrated way, not only on the system aspects, but also 99.32%
the aspects of procedures, processes, and behavior of the 7. Strengthening IT Security functions (including
user (human behavior). strengthening of antivirus, email gateway, data loss
prevention, firewall, and privilege management) which
In 2018, after almost 3 years of transformation since 2016, helped the achievement of zero security incident
technology infrastructure has been able to transform during 2018.
from a legacy information system which is a stand-alone 8. System recovery simulation in the event of a disaster
system and has island of information to become a system (disaster recovery rehabilitation).
that adopts best practices that is integrated end-to-end,
has a standard platform (common platform), and supports As for some that consistently remain as the Company’s
mobility. In this transformation, system development was policies, including:
carried out with a strategy to meet the business need for 1. Modernization of the main system to support the
a faster time-to-market namely how to minimize coding company’s business, including the development /
(low code), use standard platform, and ensure integration implementation of conventional financing systems,
between applications with standard protocols (application Islamic financing systems, asset and liability
programming interface - API). This strategy is also proven management, PSAK 50-55 systems, fixed asset
to be able to streamline the cost of IT infrastructure, and management, and enterprise resource planning
at the same time able to increase reliability system. (ERP) upgrades.
2. Automation program by developing digital
During 2018, the Company has implemented some applications to streamline the business processes in
strategic initiatives which are as follows: the form of accelerating the processes, efficiency of
operational costs, reducing paper use, and minimizing
1. M odernization of the main system which includes operational risks. The automation program that was
strengthening loan origination system, development carried out includes administration of official travel,
of financing scheme feature for new products, notes and dispositions, and e-procurement.
development of financing document management, 3. Information digitalization to build the data-based
implementation of virtual account payment system, and analytical organization capability. The initiatives
and Asset & Liability Management development that have been carried out include:
(ALM). a. Development of a data warehouse for consolidating
2.
Implementation of e-Procurement which is a more data from various sources, including the main
streamlined and automated business processes for system, general ledger, PSAK 50 - 55, internal risk
a faster, more efficient, and transparent business management data and financing document data.
process. b. Automation of data preparation to cater needs for
3. Development of a data warehouse for internal and internal and external regulator reporting.
external reporting.
Annual Report 2018

HIGHLIGHTS
c. Analytical development, which includes among ACHIEVEMENT OF INFORMATION TECHNOLOGY

other things sector-based financing distribution,
rating, asset quality and operational cost PERFORMANCE
management. The IT Transformation Program implemented by the
d.
Development of dashboards for information Company has had a positive impact, especially in
management to support corporate strategic supporting the efficiency of business processes. The
decision-makings, which are among other things implementation of three automation processes (official
include information about company’s business travel, vehicle reservations, correspondence and
performance and information about the debtor. dispositions) has proven to provide the following benefits:
4. Implementation of Knowledge Management System 1. Shorten the processing time by around 25% to 40%;
(KMS) to encourage organizational culture that is 2. Increasing the efficiency of operational costs;
always learning. 3. Reducing paper use;
5. Standardization of interfaces with the Application 4. Improve compliance; and
Programming Interface (API), allows for lean 5. Minimizing operational risk.
interconnection between major applications, GL,
and applications (front-end and back-end) to support In 2018, PT SMI has implemented Mobile Approval &
business operations in an integrated manner. Notification which among others is used for the approval
6. Implementation of applications for approval and of SPPD & FPPD, Human Capital Information System,
alerts, enabling the process of inspection and eProcurement, and Arium notification. Additionally,
approval of management to be carried out faster the Company has also implemented a Knowledge
through mobile devices. Management System (KMS) - Infralib which is a platform
7. Transformation of increasing IT capabilities which used to share knowledge and experience by key
includes: development actors & supporters in Indonesia in order to
• adoption of system development by minimizing support the acceleration of development.
coding (low-code), enabling system development
30% - 40% faster; To strengthen the Company’s technological and
• strengthening of IT security functions; operational infrastructure, PT SMI has also invested
• strengthening the quality assurance function to in IT. In addition, the Company also developed several
minimize system errors (defects); and applications that support the Company’s business
• capacity building for Data Centers and Disaster initiatives. The 2 (two) largest investment costs are
Recovery Centers. allocated to the Network & Security Appliance and
Temenos projects.

Annual Report 2018
To support the improvement of IT HR, throughout 2018 IT STRATEGIC INITIATIVES 2019

PT SMI has also organized education and training for IT HR In 2019, the Company is determined to continue
both internally and externally (formal and informal). The optimizing the role of information technology to support
education and training provided focuses on developing the Company’s operations and business. Initiative
skills that support the Company’s business activities. the main in 2019 include:
IT 2018 STRATEGIC INITIATIVES 1. Preparation of IT Master Plan 2019 - 2023

The Company has a strategic IT initiative with “shape 2. Development of core systems to support the main
agility for best run business” as the theme, which means business of the company
conducting development of, among other things, the 3. Development of infrastructure library services to
corporate services development. support the Company’s role as ecosystem enabler
4. Development of mobility for a more agile business
From that vision and mission, a strategic initiative for processes
capacity building and knowledge management had 5. Implementation of PSAK 71
emerged which gave birth to Infralib as a catalyst to 6. System development for project management and
achieve the vision and mission. Infralib is a platform used advisory
to share knowledge and experience by key development
actors & supporters in Indonesia in order to support the The Company continues to develop internal Information
acceleration of development including through: Technology capabilities, namely by conducting training
continuously and develop the best talents in the field of
1. Developing the information / knowledge sharing Information Technology.
communities (community practices),
2. Enrichment of knowledge and data for new sectors,
3. Development of a mechanism for project socio-
economic impact analysis as well
4. Expanding the access for ministries / agencies /
regional governments & other parties related to the
project.
Annual Report 2018
Corporate
HIGHLIGHTS
Governance
PT SMI continuously maintains and enhances its GCG implementation in

accordance with the prevailing regulations. The Company regularly
refines its internal rules in order to fulfilling and adjusting with
all the latest regulatories enactment, improving risk management
quality as well as focusing and implementing the area of improvements
derived from the GCG assessment result From Independent Appraisers
and increase the GCG Assessment score from 2017 by 90.10 (“Very Good”)
to 96.12 in 2018 (“Very Good”).

Annual Report 2018
Annual Report 2018

HIGHLIGHTS
Highlights
The refinement of corporate The reenactment of Compliance

guidelines, including Board Manual, GCG Statement or Employee Integrity Pact as
Manual, Code of Conduct, CSR Guideline, Internal mandated in the Code of
Audit Charter, and other operational guidelines. Conduct.
The Implementation of Risk Appetite

Statement (RAS) aimed to guide the Company in
maintaining the balance between its roles as the
catalyst and business continuity in order to perform
the Company’s mandate.

Annual Report 2018
Highlights
The development of corporate

The Early
risk profile framework
Warning System
for comprehensive risk
implementation
management through so
in the financing
that the Company can make
activities.
early detection of problems or activities that have
significant impacts so that it can immediately take Socialization on grafts prevention by inviting
preventive, remedial, risk management measures speakers from the Corruption Eradication
effectively and efficiently. Committee and the creation
of infographics titled “Ayo
Tolak Gratifikasi” (Say No to
Gratification). Korupsi
Implementation of eQuiz GCG to indicate the Company’s employees and

management understanding on the GCG Manual, Code of Conduct, and
Grafts Control Guideline. The result of eQuiz stated that around 98% of
employees have an excellent understanding on these guidelines.
Annual Report 2018

HIGHLIGHTS
Corporate Governance
GCG IMPLEMENTATION REFERENCES The target and purpose of GCG best practices across
The Company’s GCG practice is in compliance with the SMI’s operations are as follows:
following regulatories: 1. Optimizing the value of the Company.
2. Decision making is based on high moral values.
1. Law No. 19 of 2003 on State-Owned Enterprises 3. Compliance with applicable laws and regulations.
(SOE). 4. The Company’s management to be more professional,
2. Law No. 40 of 2007 Regarding Limited Liability transparent and efficient.
Companies. 5. Improve the image and competitiveness of the
3. Regulation of Minister of Finance No. 100/ Company.
PMK.010/2009 on Infreastructure Financing 6. Encouraging the development of the Company’s
Company. resources.
4. Minister of Finance Regulation No.88/PMK.06/2015 7. Improve business risk management of the Company.
concerning Implementation of Good Corporate 8. Encouraging the corporate social responsibility and
Governance in a Company (Persero) under the awareness
guidance and supervision of the Minister of Finance. 9. Developing the attitudes and behaviors towards a
5. Secretary of the Minister of SOEs Decision No. SK- better Corporate Culture.
16/S. MBU/2012 dated 6 June 2012 regarding GCG IMPLEMENTATION IN 2018
indicators/parameters of Assessment and Evaluation To ensure the achievement of the above targets and
of the Implementation of GCG in State-Owned objectives, PT SMI continuously implements regular
Enterprises. review on every organization management governance
and carries out various improvement programs on GCG
PURPOSE AND COMMITMENT practices. The Company realizes these enhancement
To ensure the achievement of global sustainability during 2018, as follows:
development objectives within the concept of Sustainable
Development Goals (SDGs) referred by global development • The refinement and adjustment of corporate
in the world, PT SMI is committed to continuously guidelines, including the Board Manual, GCG
maintain the trust of all stakeholders, in particular the Manual, Code of Conduct, CSR Guideline, Internal
Shareholders and Financiers/ Investors as well as project Audit Charter, and other operational guidelines.
owners. This serves as core capital for the Company’s • The implementation of Risk Appetite Statement
business continuity and accomplishment in carrying out (RAS) aimed to guide the Company in maintaining
its roles and responsibilities. As such, the Company is fully the balance between its roles as the catalyst
committed to implement GCG best practices by enacting and business continuity in order to perform the
GCG basic principles in every aspect of its operations. Company’s mandate.
• The implementation of corporate risk profile

Annual Report 2018
framework for comprehensive risk management from the Corruption Eradication Committeeand the
through benchmarking towards the Development creation of infographics titled “Ayo Tolak Gratifikasi”
Financial Institution (DFI), Banking, and financing (Say No to Gratification).
company with business characteristics in line with • The implementation of e-Quiz GCG to indicate the
PT SMI, including other resources that can foster the Company’s employees understanding on the GCG
Company’s business characteristics. Manual, Code of Conduct, and Grafts Control
• The Early Warning System implementation in the Guideline. The result of eQuiz stated that around
financing activities. 98% of employees have an excellent understanding
• The reenactment of Compliance Statement or on these guidelines.
Employee Integrity Pact as mandated in the Code of
Conduct.
• The grafts prevention socialization by inviting speakers
PT SMI’s GCG strategy and focus in 2018 evolves around maintaining and improving
the quality among others, by improving guideline tools for organization and
operations, improving the quality of risk management by implementing Risk
Appetite Statement and Risk Profile, enhancing the understanding of Company
Personnel to GCG, including increasing the value or GCG assessment score from
2017 by 90.10 (“Very Good” ) to 96.12 (“Very Good”) in 2018 “
PT SMI’s GCG
Strategy &
Focus in 2018
Annual Report 2018

HIGHLIGHTS
GCG ROADMAP
The Company has established GCG roadmap and its achievement for 2018, which is a continuation of
GCG roadmap implementation that has been constructed since the establishment of the Company in
2009.
The GCG roadmap and its achievements from 2009 to 2018 are as follows:
Year GCG Roadmap Achievements

2009-2010 • The establishment of GCG infrastructure covering Committees under the Board of
Commissioners, namely the Audit Committee and Committees under the Board of Directors,
namely Credit &Investment Committee.
• GCG policies stipulation, among others the Company’s Articles of Association, GCG Code,
Board Manual, Audit Committee Charter, Internal Audit Charter, and Risk Management
Manual.
• GCG Self Assessment implementation.
2011-2012 • Stipulation on Code of Conduct.
• GCG Assessment for fiscal year 2010 by Independent Assessor BPKP.
2013-2014 • The appointment of Independent Commissioner.
• The establishment of Project Development & Advisory Directorate and its Divisions
complemented with principal duties and functions description.
• The establishment of Committees under the Board of Directors, namely Risk & Capital
Committee with Sub Committees, namely Risk Management Sub Committee, Assets &
Liabilities Sub Committee and Target & Monitoring Sub Committee, Project Development &
Advisory Committee, and Information System Technology Committee.
• The appointment of Whistle Blowing System (“WBS”) Officers.
• GCG policies stipulation, among others Policy Development Manual, Whistleblowing System
Manual, Oversight Guideline of the Board of Commissioners to the Board of Directors for the
implementation of Good Corporate Governance.
• WBS application formulation.
• Financing Agreement standardization.
2015 • Expansion of social infrastructure financing objects and establishment of Regional and Other
Government Agencies Financing Division.
• GCG policies stipulation, among others Environmental & Social Management System (ESMS)
Project Guideline, Corporate Environmental & Social Management System (ESMS) Guideline,
Communication, Socialization and Information Disclosures Manual.
• GCG Assessment for fiscal year 2014 by Independent Assessor BPKP.
• The establishment of Legal Compliance Management System.
2016 • The appointment of Sharia Supervisory Board.
• The establishment of Committee under the Board of Commissioners, namely Risk Monitoring
Committee.
• The establishment of Risk Management Directorate and its Division including principal duties &
functions.
• The establishment of Committee under the Board of Directors, namely Equity investment
Committee.
• The establishment of Environmental Social Safeguard & Business Continuity Management
Division.
• The establishment of Risk Unit & Compliance Manager.
• GCG policies stipulation, among others Risk Monitoring Committee Charter, Risk Management
Policy, Risk Compliance Manager Unit, Consumers Protection Guideline, Multilateral
Environmental & Social Management System (ESMS) Guideline, Gratification Control Guideline,
Guideline and Procedures of Anti Money Laundering and Counter Terrorism Financing Program.
• Regional Financing Agreement Standardization.
• The development and publication of Gratification Book.

Annual Report 2018
Year GCG Roadmap Achievements

2017 • The establishment of Financing Management & Special Investment Division including principal
duties and functions.
• The establishment of Sustainable Financing Committee.
• The separation of Target & Monitoring Sub Committee into 2 (two), namely Target Sub
Committee and Monitoring Sub Committee.
• GCG policies stipulation, among others Guideline for the Impacted Community & Observer
Group Claims Management Procedures, Multilateral Environmental & Social Management
System (ESMS) Guideline, Work & Budget Plan and Corporate Plan Development Guideline,
Funding Acquisition Procedures, The Board of Commissioners Oversight Function Manual for
Certain Financing, Establishment of State Treasury Report within the Company, Employees
Placements Manual in the Joint Venture and/or Subsidiary, Non-Employees Placements Manual
in the Joint Venture and/or Subsidiary.
• Risk Compliance Manager Unit Implementation.
• GCG Assessment for fiscal year 2016 by the Independent Assessor, MUC Consulting.
• Stakeholders Perception Evaluation by Burson-Marsteller Consultant.
• Pre-assessment of quality management process ISO 9001:2009.
• Procurement Process Gap Analysis.
• Risk Management Gap Analysis by Consultant, EY.
• The development of Sustainability Report Fiscal Year 2017
• Acceptance of the 3rd place prize in the Listed BUMN category in the 2016 Annual Report
Award.
2018 • Refinement of Board Manual, GCG Manual, Code of Conduct, CSR Guideline, and Internal
Audit Chapter.
• Won the “Bronze Rank” award at the Asia Sustainability Reporting Rating 2018.
• Reenactment of Compliance Statement or Employee Integrity Pact.
• The Implementation Risk Appetite Statement and Company Risk Profile.Pelaksanaan GCG
Assessment Tahun Buku 2017 oleh Penilai Independen MUC Consulting dengan skor final 90,10
(“Sangat Baik”) dimana meningkat dibandingkan dengan skor pada GCG Assessment 2016.
• Early Warning System implementation for financing activities..
• Socialization of graft prevention by inviting speakers from the Corruption Eradication
Committee.
• Implementation of eQuiz GCG to indicate the Company’s employees on the GCG
Manual, Code of Conduct, and Graft Control Manual, with almost 98% has an excellent
understanding on all the guidelines.
• The establishment of PT SMI’s ERT (Emergency Response Team) and PT SMI’s Disaster Recovery
Center System, related to prevention, mitigation and recovery measures for risks caused by
disasters such as fire, earthquake, flood, tsunami, etc.
• Improved Operational Risk Management with General Operating and Control Environment
(GOCEQ).
• Adjustment of the Directors Committee.
• Determination and Improvement of Operational Policies to support governance, especially for
the activities of the Company’s main business pillars.
GCG KEY PLANS IN 2019

• Refinement of corporate guidelines in order to
conform with the Company’s condition, in particular
for the achievement of SDGs targets by the Company.
• Improvement of GCG Assessment results
Annual Report 2018

HIGHLIGHTS
GCG PRINCIPLES AND POLICIES

PT SMI adheres to implement the five (5) basic principles of GCG in every business activities, which are
continuously socialized to all employees. They are as follows:
1. Transparency The Company discloses material and relevant information, which may affect the shareholders
and investors decision in a transparent manner. The main rule of thumb of this material
information is accountable, easy to access as well as understood by shareholders, stakeholders
and public.
2. Accountability Clarity of duties, function, rights, obligations, authority and responsibility of the Company’s
Organs namely the General Meeting of Shareholders, the Board of Commissioners and Board
of Directors.
3. Responsibility The Company complies with laws and regulations in carrying out the operational activities
and are responsible on every action taken in the operational activities.
4. Independence The Company shall avoid any domination and interference by any parties, not influenced by
certain interest and is free from conflict of interests from all pressures and influence.
5. Fairness and The Company grants the same opportunity to the Stakeholders to provide inputs and
Equality obtains information in accordance with benefit and contributions given to the Company. The
Company also gives equal opportunity to all employees in terms of recruitment, career path
and working performance in professional manner.
The implementation of five (5) GCG basic principles within the Company’s environment is supported by
the following GCG relevant policies:
1. Company’s Articles The Articles of Association (AoA) is in accordance with Law No. 40 Year 2007 on Limited
of Association Liabilities Company.
2. GCG Code Based on the aforementioned background, purposes and objectives, the Company develops
the GCG Manual that provides direction in the management of the Company. Periodical
review is conducted for the GCG Manual and the latest revision was issued on 23 Februari
2018 through the Joint Decree of the Board of Commissioners and Board of Directors No.
PER-01/SMI/DK/0218 No. PD-002/SMI/0218.

Annual Report 2018
3. Work Guidelines The Board Manual is one of GCG instrument elaborating the GCG Manual, which refers to
of Board of the AoA of the Company. The Board Manual consists of agreement between the Board of
Commissioners, Directors and Board of Commissioners with the following purposes:
Sharia Supervisory a. Describing the work relationship between the Board of Commissioners, Sharia
Board, and Supervisory Board and Board of Directors in carrying out their duties hence the
Directors (Manual Company management is established in a transparent, efficient and professional
Board) manner;
b. Being the reference of main duties and main function of each Company’s Organ
c. Enhancing the quality and effectiveness working of cross-function working
relationship
d. Implementing the GCG principles.
The Board Manual was enacted in 2009 and further revised on 15 December 2015 through
Joint Decree of the Board of Commissioners and Board of Directors No. PB-01/SMI/DK/1215
and PD-13/SMI/1215. This revision has accommodated the latest provisions as an effort to
comply with prevailing regulations.
4. Code of Conduct As part of GCG Principles implementation, the Company needs to further define the Code
of Conduct in accordance with GCG in a form of Guideline. The latest Code of Conduct was
approved on 23 February 2018 through Joint Regulation of the Board of Commissioners
and Board of Directors No. PER-02/SMI/DK/0218 and No. PD-003/SMI/0218. The Code of
Conduct is periodically reviewed to achieve the best working standard for the Company. The
Code of Conduct stipulates the interaction between the Company’s elements (the Company’s
Board of Commissioners, Board of Directors and employees) with the Stakeholders.
5. Whistle Blowing To ensure the achievement of GCG implementation, the Company established the Violation
System Guideline Reporting System (SPP). SPP implementation is one of early detections method on any
violation in the Company and is expected to encourage more transparent and accountable
corporate culture hence able to improve the Company’s performance and protect the
stakeholders. The SPP Policy is outlined in the Whistle Blowing Guideline, which was
approved by the Board of Commissioners and Board of Directors as stipulated in Memo No.
M-16/ SMI/DU/DAI/0414 dated 25 April 2014.
6. Gratuity Control To achieve a transparent and accountable business activities, the Company stipulates the
Guideline mechanism on graft involving the Company’s elements. This arrangement is made in order
that each of the Company’s employees has a common understanding of matters related to
graft so as to uphold and apply integrity in practice so that the Company’s business activities
are free of Corruption, Collusion and Nepotism (KKN). The gratuity guideline is set forth
under the Gratuity Control Guideline stated in the Board of Directors Decree No. PD-3/
SMI/0316 dated 14 March 2016.
7. Consumer In order to provide best services to consumer in line with Financial Services Regulation No.1/
Protection POJK.07/2013 on Consumer Protection in Financial Services Sector, the Company issued
Guideline the Consumer Protection Guideline as a normative policy in providing the best services as
well as creates a reliable consumer protection system. Provisions of consumer protection are
available in the Consumer Protection Guideline approved by Board of Directors Decree No.
PD-6/SMI/0416 dated 1 April 2016.
Annual Report 2018

HIGHLIGHTS
GCG MANUAL AND STRUCTURE

The Company has in place the GCG Manual, which is regularly reviewed with the last revision on 23
February through the Joint Decree of the Board of Commissioners and Board of Directors No. PER-01/
SMI/DK/0218 and No. PD-002/SMI/0218.
The GCG Manual is applied as reference in implementing the Company’s business activities. This is done
by the main Organ and supporting elements as the GCG Structure, as follows:
1. Shareholders;
2. Board of Commissioners;
3. Sharia Supervisory Board
4. Board of Directors;
5. Organ and/or function under the Board of Commissioners, namely Secretary of the Board of
Commissioners, Audit Committee, and Risk Monitoring Committee.
6. Committees under the Board of Directors;
7. Corporate Secretary;
8. Internal Audit; and
9. Employees and stakeholders among others the Government, Investors, Project Owners, External
Auditor, and so forth.

Annual Report 2018
The complete GCG structures is as follows:
GCG structure
Minister of Finance in the Company Shareholder
Vision & Mission
Stakeholders Board of Commissioners Syariah Supervisory Board

GCG Infrastructure
• Whistleblowing System Officer
Central Government & • Consumer Protection Officer
• Anti-Money Laundering and
Local Governments Terrorism Funding Officers
Secretary of Board of Risk Monitoring Officials
Audit Committee • Ethics Officer
Commissioners Committee • Gratification Control Unit
Investors
Project Owners Risk Management

Board of Directors
Multilateral Financial Committees of The Board of Compliance

Institutions and Other Directors
Financial Institutions
Corporate Secretary Audit Internal

External Auditors Internal Control
Regulator Company Employees
Others
GCG Principles
Transparancy, Accountability, Responsibility, Independency, Fairness
Corporate Values
Integrity, Service Excellence, Partnership, Resilience, Innovation, Trust (I-SPRINT)
Annual Report 2018

HIGHLIGHTS
GENERAL MEETING OF
SHAREHOLDERS (GMS)
The GMS is a main forum for the Shareholders to establish key decisions for the Company and/or for
decision making on matters whose authority is not delegated to the Board of Directors or Board of
Commissioners.
Pursuant to the Articles of Association, there are two (2) types of GMS, the Annual GMS, held once per
year; and the Extraordinary GMS, held at any time, as needed. The GMS is organized by the Board of
Directors and may be based on request of the Board of Commissioners. The GMS is convened at least 2
times annually, or as necessary by agreement.
GMS Rights and Authorities

GMS authorities are including among others:
1. To appoint and dismiss members of the Board of Commissioners and Board of Directors.
2. To evaluate the performance of the Board of Commissioners and Board of Directors.
3. To approve amendments of the Articles of Association.
4. To set the allocations of profit.
5. To appoint a public accountant and determine the form and the amount of remuneration for the
Board of Commissioners and Board of Directors.
Issuance of Publication on GMS Information

The Company does not undertake publication of information regarding the GMS to the public, as the
Company is not a Public Company.
GMS Implementation In 2018

In 2018, the Company convened 2 (two) Annual GMS, and 6 (six) Extraordinary GMS. The details of
these Meetings, are as follows:
ANNUAL GMS ON ANNUAL REPORT OF FISCAL YEAR 2017

Venue & Date
5 June 2018, (in the Directors Meeting Room State Treasury General), Syafrudin Prawiranegara Building 10th Floor,
Jalan Lapangan Banteng Timur No 2-4, Central Jakarta.
Follow Up & Realization

The GMS results have all been realized and followed up.

Annual Report 2018
General Meeting of Shareholders (Gms)
ANNUAL GMS ON ANNUAL REPORT OF FISCAL YEAR 2017

Agenda 1
Approval on the 2017 Company Annual Report which consisted of:
a. The ratification of Financial Statements of the Company for Fiscal Year 2017.
b. The grant of full release and discharge (acquit et de charge) to all members of the Board of Commissioners and
Board of Directors of the Company regarding the supervisory and management duties in fiscal year 2017.
Resolution
Approved the 2017 Company Annual Report which consisted of:
a. Ratification of the Financial Statements of the Company for Fiscal Year 2017.
b. Granted of full release and discharge (acquit et de charge) to all members of the Board of Commissioners and Board
of Directors of the Company regarding the supervisory and management duties in fiscal year 2017.
Agenda 2
Approval of the use of the Net Profit of the Company for the financial year 2017.
Resolution
Approved the use of the Company’s profit of fiscal year 2017 to be allocated as:
• General reserve at 28.5% from the Company’s net profit with rounded value at Rp360,000,000,000;
• Dividend at 21.5% from the Company’s net profit with rounded value at Rp271,000,000,000; and
• The remaining as retained earnings.
The dividend payout shall be done in accordance with the Minister of Finance Regulation No. 5/PMK.02/2013 regarding
the Procedures for Non-Tax State Revenues from Dividend.
Agenda 3
Payment of Tantiem for the Board of Commissioners and Board of Directors of the Company based on 2017 Fiscal Year
performance as well as the determination of remuneration for the Board of Commissioners and Board of Directors for
Fiscal Year 2018.
Resolution
Payment of Tantiem for the Board of Commissioners and Board of Directors of the Company based on 2017 Fiscal Year
performance as well as the determination of remuneration for the Board of Commissioners and Board of Directors for
Fiscal Year 2018 shall be separately stipulated through the circular Shareholders Resolution.
ANNUAL GMS ON WORK AND BUDGET PLAN 2019

Venue & Date
17 December 2018, in the Directors Meeting Room State Treasury General, Syafrudin Prawiranegara Building 10th
Floor, Jalan Lapangan Banteng Timur No 2-4, Central Jakarta.
Annual Report 2018

HIGHLIGHTS
ANNUAL GMS ON WORK AND BUDGET PLAN 2019

Agenda 1
Discussion and Approval/ Ratification of the Company Work and Budget Plan 2019 as well as the Discussion and
Approval/ Ratification of Performance Contract of the Board of Directors and the Board of Commissioners Year 2019.
Resolution
Approved and ratified the Company Work and Budget Plan 2019 as well as Approved and ratified the Performance
Contract of the Board of Directors and the Board of Commissioners Year 2019.
EXTRAORDINARY GMS 1
The Addition of Equity Investment and the Amendment of the Articles of Association
Date & Time

The Company convened the Extraordinary GMS (EGMS) under the Decree of Finance Ministry of RI (Minister Decree)
No. 369/KMK.06/2018 dated 3 May 2018 on the Equity Investment Addition of Republic of Indonesia into the Shares
Capital and the Amendment of the Articles of Association of PT Sarana Multi Infrastruktur (Persero). The convention
of Minister Decree as the GMS Resolution has met the Company’s Articles of Associaton rules and has been made into
Shareholder Resolution Statement Deed in the Deed No. 29 dated 17 May 2018 by Irma Devita Purnamasari, S.H.,
Mkn., Notary in Jakarta.


Annual Report 2018
EXTRAORDINARY GMS 1
Resolutions
1. Approved the equity investment of the Republic of Indonesia into the Company’s share capital amounted to
Rp2,000,000,000,000 with cash paid up according to the Government Regulation No. 58 of 2017 on the Equity
investment of Republic of Indonesia into the Company’s Share Capital.
2. Approved the expenditure/ placements in shares (portepel) amounted to 2,000,000 shares, each with nominal
value of Rp1,000,000, subsequently amounted to Rp2,000,000,000,000 which in total is taken by the Government
of Republic of Indonesia.
3. Approved the amendment of the Article 4 paragraph (2) of the Company’s Articles of Association as stated in the
Enclosure that included in the Minister Decree.
4. Approved the amendment of the Article 4 paragraph (3) of the Company’s Articles of Association as stated in the
Enclosure that included in the Minister Decree.
5. Granted the authority with substitution rights to the Company’s Board of Directors to state all resolutions in the
Minister Decree in auntheticity before the authorized notary.
6. The Company’s Board of Directors reports the implementation results of the Minister Decree to the Minister of
Finance as the Company’s General Meeting of Shareholders.
7. This Minister Decree is valid on the date of stipulation.
EXTRAORDINARY GMS 2
The Changes of Members of the Board of Commissioners
Date & Time
Company convened the Extraordinary GMS (EGMS) under the Decree of Finance Ministry of RI (Minister Decree)
No. 436/KMK.06/2018 dated 5 June 2018 on the Termination and the Appointment of Members of the Board of
Commissioners of the Company. The convention of Minister Decree has met the Company’s Articles of Associaton rules
and has been made into Shareholder Resolution Statement Deed in the Deed No. 21 dated 22 June 2018 by Irma Devita
Purnamasari, S.H., Mkn., Notary in Jakarta.

Keseluruhan keputusan hasil RUPS telah sepenuhnya direalisasikan dan ditindaklanjuti.
Resolutions
1. Honourably dismissed Mr. Langgeng Subur as Commissioner of the Company appointed based on the Ministry
of Finance Decree No. 360/KMK.06/2016 dated 16 May 2016 with appreciation on all contribution and insight
during his tenure.
2. Appointed Mrs. Dini Kusumawati as Commissioner of the Company.
3. Stipulated the tenure of members of the Board of Commissioners effective as of the stipulation of this Minister
Decree until the completion of tenure in accordance with the Finance Minister Decree No. 360/KMK.06/2016
dated 16 May 2016 and the Company’s Articles of Association.
5. The Minister Decree is effective as of the set date.
Annual Report 2018

HIGHLIGHTS
EXTRAORDINARY GMS 2
And with regards to the Minister Decree, the composition of members of the Board of Commissioners of the Company
is as follows:
President Commissioner serves also as Independent Commissioner:

• Mahendra Siregar
Commissioner:
• Wahyu Utomo
• Kunta Wibawa Dasa Nugraha
• Dini Kusumawati
• Sukatmo Padmosukarso
EXTRAORDINARY GMS 3
The Changes of Members of the Board of Directors
Date & Time
Members of the Board of Commissioners of the Company convened the Extraordinary GMS (EGMS) under the Decree
of Finance Ministry of RI (Minister Decree) No. 480/KMK.06/2018 dated 9 July 2018 on the Termination and the
Appointment of Members of the Board of Directors of the Company. The convention of Minister Decree has met the
Company’s Articles of Associaton rules and has been made into Shareholder Resolution Statement Deed in the Deed
No. 30 dated 19 July 2018 by Irma Devita Purnamasari, S.H., Mkn., Notary in Jakarta.

Resolutions
1. Honourably dismissed Mr. Agresius R. Kadiaman as Director of the Company with appreciation on all contribution
and insights during his tenure.
2. Appointed Mr. Faaris Pranawa as Director of the Company with 5 (five) years tenure, effective as of the stipulation
of the Minister Decree.
With regards to the Minister Decree, the composition of members of the Company’s Board of Directors is as follows:
President Director:
• Emma Sri Martini
Directors:
• Edwin Syahruzad
• Darwin Trisna Djajawinata
• M. Ghozie Indra Dalel
• Faaris Pranawa

Annual Report 2018
EXTRAORDINARY GMS 4
The Appointment of Public Accountant Firm to Audit the Financial Statements for Fiscal Year 2018
Date & Time

The Company convened the Extraordinary GMS (EGMS) under the Circular Decree of Minister of Finance regarding the
Appointment of Public Accountant Firm to Audit the 2018 Financial Statements No: KMK-177/KM.6/2018 dated 27
August 2018. The Circular Decree has complied with the Company’s Articles of Association.

Resolutions
1. Appointed Public Accountant Firm Amir Abadi Jusuf, Aryanto, Mawar & Rekan as Public Accountant that will
audit the Financial Statements Year 2018.
2. Approved to grant attorney and authority to every member of the Board of Directors of the Company (for and on
behalf of the Company) with substitution rights to carry out every and all acts, and to sign and submit every and
all documents required to implement every and all Decisions, including to come before the notary, and to submit
as well as register every and all documents to the authorities, and in general to carry out every and all necessary
matters to process and finalize the appointment of Public Accountant Firm.
3. This attorney shall be implemented according to the prevailing laws and regulations.
4. The Company shall implement the implementation of this resolution to the Minister of Finance as the Company’s
Shareholders.
EXTRAORDINARY GMS 5
The Appointment of the Company’s Sharia Supervisory Board
Date & Time

The Company convened the Extraordinary GMS (EGMS) under the Circular Decree of Minister of Finance regarding the
Appointment of the Company’s Sharia Supervisory Board No: 667/KM.06/2018 dated 5 October 2018. The Circular
Decree has complied with the Company’s Articles of Association and has been stated in the Statement of Shareholders
Decree No. 04 dated 26 October 2018 by Irma Devita Purnamasari, S.H., M.Kn., Notary in Jakarta.
Annual Report 2018

HIGHLIGHTS
EXTRAORDINARY GMS 5
Resolutions
1. Appointed the following members as the Company’s Sharia Supervisory Board:
a. Mr. Adiwarman Azwar Karim as Chairman of the Sharia Supervisory Board;
b. Mrs. Munifah Syanwani as Member of the Sharia Sharia Supervisory Board.
2. Stipulated the tenure of members of the Sharia Supervisory Board effective as of the stipulation of Minister Decree
up to the closing of the Annual GMS on the accountability of Financial Statements Fiscal Year 2019.
4. The Company’s Board of Directors to report the Minister Decree implementation to the Finance Minister as the
Company’s GMS
And with regards to the Minister Decree, the composition of members of the Company’s Sharia Supervisory Board is
as follows:
Chairman of Sharia Supervisory Board:

• Adiwarman Azwar Karim
Member of Sharia Supervisory Board:

• Munifah Syanwani
EXTRAORDINARY GMS 6
Discussion and Approval/ Ratification of the Company’s Corporate Plan 2019-2023

17 December 2018, in the Directors Meeting Room, State Treasury General, Syafrudin Prawiranegara Building 10th
Floor, Jalan Lapangan Banteng Timur No 2-4, Central Jakarta.

Resolutions
Approved and ratified the Company’s Corporate Plan 2019-2023.

Annual Report 2018
SUMMARY OF GMS REALIZATION IN 2017

In 2017, the Company convened eight (6) GMS implemented under the Annual GMS and Extraordinary
GMS and all decisions have been fully realized with the following summary:
Annual GMS 2017

GMS Dated 18 May 2017 on the Annual Report of Fiscal Year 2016
Realization
The Minutes of GMS was made by Irma Devita Purnamasari, SH, MK, Notary in North Jakarta, in the Deed No. 37
dated 18 May 2017.
Resolutions
3. Approved the Company’s Annual Report for Fiscal Year 2016 which included:
a. Ratification of the Company’s Financial Statements for Fiscal Year 2016.
b. Granted a full release and discharge (acquit et de charge) to all members of the Board of Commissioners and
the Board of Directors for their actions of supervision and management during fiscal year 2016 in so far as
such actions were not violate law and were reflected in the annual report and financial statements of the
Company.
2. Taking into account the proposal of the use of profits and feedback from the Board of Commissioners, the GMS
approved the use of profits to be allocated as a general reserve at 30%, dividend at 20% and retained earnings at
50% of 2016 net profit. The dividend payout shall be done in accordance with the Minister of Finance Regulation
No. 5/PMK.02/2013 regarding the Procedures for Non-Tax State Revenues from Dividend.
3. Payment of Tantiem for the Board of Commissioners and Board of Directors of the Company based on 2016 Fiscal
Year performance as well as the determination of remuneration for the Board of Commissioners and Board of
Directors for Fiscal Year 2017 shall be separately stipulated through the circular Shareholders Resolution.
Annual Report 2018

HIGHLIGHTS
GMS Dated 29 December 2017 on the Work and Budget Plan 2018
Realization
The Minutes of GMS was made by Irma Devita Purnamasari, SH, MK, Notary in North Jakarta, in the Deed No. 22 dated
29 December 2017.
Resolutions
1. a. Approved and ratified the Work and Budget Plan 2018, excluding the office space expansion and establishment
of new Directorate in the Company’s organization structure;
b. Approved and ratified the Performance Contract of the Company’s Board of Directors Year 2018; and
c. Approved and ratified the Performance Contract of the Company’s Board of Commissioners Year 2018 with the
note regarding refinement and improvement within the period of maximum 1 month for further signatories.
2. Approved the delegation of authority from the Shareholder to the Board of Commissioners for the selection of a
public accounting firm to audit the Company’s financial statements for financial year 2018.
Extraordinary GMS 2017
Extraordinary GMS dated 30 March 2017 on the Equity investment and Article of Association Amendment
The Extraordinary GMS under the Decree of Ministry of Finance of Republic Indonesia (Minister Decree) No. 311/
KMK.06/2017 dated 30 March 2017 on State Equity Investment of Republic of Indonesia into Share Capital and
Amendment of the Articles of Association
Realization
The GMS results have all been realized and followed up. The Minister Decree as GMS which have been stipulated
under the Deed of Statement of Shareholders Resolution in the Deed No. 44 dated 27 April 2017 made before Irma
Devita Purnamasari, SH, MK, Notary in Jakarta.
Resolutions
1. Approved the additional equity investment of the Republic of Indonesia into the share capital of the Company
amounting to Rp4,160,000,000,000, with cash deposit in accordance with Government Regulation No. 80 of 2016
on Additional Government Capital Deposit to the Company’s Share Capital.
2. Approved the share placement of 4,160,000 shares within portepel with each nominal value of Rp1,000,000 hence
in total amount of Rp4,160,000,000,000, all held by the Republic of Indonesia.
3. Approved the additional rules on the assignment of the Company’s representative to become Members’ Candidate
of the Board of Directors and the Board of Commissioners in the Joint Venture and/or Subsidiary under Controlling
Entity.
4. Approved the amendment of the Company’s Articles of Association as stated in the Enclosure that included in the
Minister Decree.

Annual Report 2018
Extraordinary GMS dated 18 August 2017 on the Changes of Members of the Board of Commissioners
The Extraordinary GMS under the Decree of Ministry of Finance of Republic Indonesia (Minister Decree) No. 625/
KMK.06/2017 dated 18 August 2017 on the Termination and Appointment of Members of the Company’s Board of
Commissioners.
Realization
The Minister Decree has been stipulated under the Deed of Statement of Shareholders Resolution No. 19 dated 8
September 2017 made before Irma Devita Purnamasari, SH, MK, Notary in Jakarta.
Resolutions
1. Honourably dismissed Mr. Eko Putro Adijayanto as President Commissioner and Independent Commissioner of
the Company appointed based on the Ministry of Finance Decree No. 360/KMK.06/206 dated 16 May 2016 with
appreciation on all contribution and insight during his tenure.
2. Appointed Mr. Mahendra Siregar as President Commissioner serves Independent Commissioner of the Company.
3. Stipulated the tenure of members of the Board of Commissioners effective as of the stipulation of this Minister
Decree until the completion of tenure in accordance with the Finance Minister Decree No. 360/KMK.06/2016
dated 16 May 2016 and the Company’s Articles of Association.
With regards to the Minister Decree, the composition of members of the Board of Commissioners of the Company
is as follows:
President Commissioner serves also as Independent Commissioner

• Mahendra Siregar
Commissioners:
• Langgeng Subur
• Kunta Wibawa Dasa Nugraha
• Dr. Ir. Wahyu Utomo
• Sukatmo Padmosukarso
The appointment of members of the Board of Commissioners is became effective as of the set date of Finance
Minister of Republic of Indonesia Decree with the terms following the remaining terms of the supervision of
each members of the Board of Commissioners as stated in the Finance Minister Decree No. 360/KMK.06/2016 or
effective as of 16 May 2016 to 08 July 2019.
Annual Report 2018

HIGHLIGHTS
Extraordinary GMS on October 16, 2017 concerning the Determination of the Public Accountant Office for
the 2017 Financial Year
Extraordinary GMS through Circular Decision of the Minister of Finance regarding the Determination of Public
Accountant Office to Conduct Examination of Financial Statements for 2017 Number: KMK-735/KM.6/2017 dated
October 16, 2017.
Realization
The entire decision of the results of the GMS has been fully realized and followed up.
Resolution
1. Determine a Public Accountant Office (KAP) Doli, Bambang, Sulistyanto, Dadang, & Ali (BKR International) as Public
Accountants who will conduct audits of the 2017 Financial Statements.
2. Approve to give power and authority to each member of the Board of Directors of the Company (for and on behalf
of the Company) with the right of substitution to carry out every and all actions, and sign and deliver every and all
documents required to carry out each and all of these Decrees, including facing a notary, and to deliver and register
each and all documents to the authorized parties, and in general to carry out any and all matters necessary for the
process and completion of the determination of the Public Accounting Firm.
Extraordinary GMS dated 29 December 2017 on the Amendment of Corporate Plan 2014-2018
Realization
The Minutes of EGMS No. 21 dated 29 December 2017 made before Irma Devita Purnamasari, SH, MK, Notary in
Jakarta.
Resolutions
Approved and ratified the Corporate Plan 2014-2018 – its Amendment by taking into account the opinions discussed
in the Meeting.

Annual Report 2018
The Board of Commissioners is a Company Organ collectively responsible in carrying out supervisory
function and providing advisory to the Board of Directors on the management of the Company in
accordance with the Articles of Association, as well as to ensure that the Company has properly applies
the GCG principles.
The legal basis on the Company’s Board of Commissioners including the appointment, criteria, authority
as well as the duties and responsibilities refers to the Regulation of Minister of Finance No. 88/
PMK.06/2015 regarding the Implementation of Good Corporate Governance by the Company (Persero)
under the guidance and supervision of the Minister of Finance.
For effective implementation of the Board of Commissioners’ duties, the following principles shall be
met:
1. The composition of the Board of Commissioners shall enable effective, accurate, fast, and independent
decision making;
2. The Commissioners shall be professional, namely have the integrity and ability to function well,
including ensuring that the Board of Directors has taken into account the interests of Stakeholders;
and
3. Effective execution of the monitoring and advisory functions of the Board of Commissioners includes
preventive and corrective measures leading to the termination of Directors.
Board of Commissioners Composition

Pursuant to the Company’s Articles of Association, the term of office of the Board of Commissioners
member is 5 (five) years and may be reappointed for 1 (one) period of terms of office.
As of December 31, 2018, the structure and composition of the Board of Commissioners are as follows.
Name Position Appointment Basis Tenure
Mahendra Siregar President Minister of Finance Decree No. 625/KMK.06/2017 2017 - 2019
Commissioner serves dated 18 August 2017
also as Independent
Commissioner
Wahyu Utomo Commissioner Period 1: Periode 1:
Minister of Finance Decree No. 43/KMK.06/2009 2009-2014
dated 23 February 2009
Period 2: Periode 2:
Minister of Finance Decree No.277/KMK.06/2014 2014 - 2019
dated 8 July 2014 as amended by Minister of
Finance Decree No. No.360/KMK.06/2016 dated
16 May 2016
Kunta Wibawa Commissioner Minister of Finance Decree No. 360/KMK.06/2016 2016 - 2019
Dasa Nugraha dated 16 May 2016
Dini Kusumawati Commissioner Minister of Finance Decree No. 436/KMK.06/2018 2018 - 2020
dated 5 June 2018
Sukatmo Independent Minister of Finance Decree No. 360/KMK.06/2016 2016 - 2019
Padmosukarso Commissioner dated 16 May 2016
Annual Report 2018

HIGHLIGHTS
Duties and Responsibilities

The duties and responsibilities of the Board of Commissioners are stipulated in the Article of Association
and the Board Manual amongst others:
1. As supervisors and advisors to the Board of Directors in managing the Company; and
2. In carrying out supervisory function, the Board of Commissioners submits the supervisory
accountability reports on the Board of Directors’ management of the Company to the GMS in order
to obtain release and discharge of duties (acquit et decharge) from the GMS.
Distribution of the Board of Commissioners Duties

The abovementioned scope of supervision will require the distribution of duties among the members of
the Board of Commissioners based on the Board of Commissioners Regulation No. PER-01/SMI/DK/0618
dated 7 June 2018 on the Job Description of the Board of Commissioners of PT Sarana Multi Infrastruktur
(Persero) For the Period of 2018-2019, as follows:
Name Title Duties

Mahendra Siregar President Commissioner Supervising works associated with policies in general and sharia
serves also Independent financing, as well as to act as the Chairman of the Risk Monitoring
Commissioner Committee.
Wahyu Utomo Commissioner Supervising works related to infrastructure financing activities, both
through direct financing and through a scheme of setting up Public-
Private Partnership (PPP) projects, as well as serves as Member of the
Risk Monitoring Committee.
Kunta Wibawa Commissioner Supervising works related to infrastructure financing development

Dasa Nugraha activities and relationships with other agencies, both domestic
and abroad as well as serves as Member of the Risk Monitoring
Committee.
Dini Kusumawati Commissioner Supervising works related to financial services industry, transformation
and institutional relations, good corporate governance activity, as well
as supporting the duties implementation of the Audit Committee.
Sukatmo Independent Supervising works related to financial aspects of compliance and

Padmosukarso Commissioner audits, financing development activities, and serves as Chairman of
the Audit Committee.
The Board of Commissioners Work Plans

1. Targets in 2018
The Board of Commissioners’ work targets for 2018 are integrated with the entire corporate
targets, which is aimed to optimize the Board of Commissioners’ functions and duties as well as
in order to fulfill the Shareholder expectations and targets. The principal targets in 2018 are as
follows:

Annual Report 2018
a. Increase of the Board of Commissioners’ optimum oversight function effectiveness toward the
company’s progress.
b. Improve the deliverable of the Board of Commssioners’ analysis and review quality on the
company’s performance achievement realization for fiscal year 2018 and Work & Budget Plan
2018 as the Board of Commissioners’ recommendation to the Shareholder.
c. Provide quality recommendation to the Board of Directors on every corporate action thereby
can render positive support on the corporate targets achievement.
d. Implement the Board of Commissioners’ assessment results on the Board of Directors’
performance submitted to the Shareholder.
e. Assign a capable external auditor to audit the Company’s financial statements for fiscal year
2018.
f. Increase of the Board of Commissioners’ competency in particular related to the corporate
business and the Board of Commissioners duties implementation.
g. Increase of the Board of Commissioners understanding and application on GCG principles
based on the parameter sets in the decree No. SK-16/S.MBU/2013 regarding the Assessment
Indicators/ Parameters and Evaluation on Good Corporate Governance implementation in the
State-Owned Enterprises.
h. Increase of GCG principles implementation scores especially on the Board of Commissioners’
aspects from the previous year.
i. Optimize the Board of Commissioners’ supporting tools and organs in fostering the Board of
Commissioners’ duties implementation.
2. Work Plans in 2018

To achieve the above principal targets 2018, the following are the Board of Commissioners Work
Plans and its implementation schedules:
No. Work Plans Schedule

1 Submit report to Shareholders about implementation of the mandate of Annually
establishment of PT Sarana Multi Infrastruktur (Persero)
2 Convene the Board of Commissioners’ regular meetings. Monthly
3 Convene the joint meetings of the Board of Commissioners and Board of Once in 4 months
Directors
4 Provide opinion and directive, on the request of the Board of Directors, on the As required
financing facility with certain criteria.
5 Provide written feedback or opinion on the Board of Directors’ request related to As required
various company’s activities, with due observance to the Board of Commissioners
authority.
Annual Report 2018

HIGHLIGHTS

6 Submit the duties implementation and responsibility report to the Shareholder. Quarterly, or as per the
Shareholder’s request
7 Submit the performance achievement report to the Shareholder. Quarterly
8 Submit the supervisory report on the Work & Budget Plan implementation to By Half Year
the Shareholder.
9 Provide feedback to the GMS on the company’s performance fiscal year 2017, Annually
as the recommendation of the Board of Commissioners to the Shareholder for
the ratification of the company’s financial statements fiscal year 2017 (audited).
10 Provide feedback to the GMS on the Work & Budget Plan 2019, as the Annually
recommendation of the Board of Commissioners to the Shareholder for the
ratification of the Work & Budget Plan fiscal year 2019.
11 Submit opinion, directive, and targets to the Board of Directors on monitoring As required
and evaluation results regarding the external auditor and internal auditor
findings follow up.
12 Participate in the seminars, trainings, and workshops for the Board of Once in a year
Commissioners’ competency development and to enhance competency on
certain skills.
13 Provide supervisory and advice on the internal control system policy/ design and As required
its implementation.
14 Provide supervisory and advice on the human resources policy and its As required
implementation.
15 Provide supervisory and advice on the accounting policy and Financial As required
Statements development in accordance with the general accounting standard in
Indonesia.
16 Provide supervisory and advice on the procurement policy and its As required
implementation.
17 Provide supervisory and advice on the Board of Directors’ compliance towards As required
the laws and regulations and agreements with the third parties.
18 Provide supervisory and advice on the Company’s risk management policy. As required
19 Provide supervisory and advice on the Company’s information technology As required

system policy.
20 Provide supervisory and advice on the quality and service policy.. As required

Annual Report 2018

21 Submit the proposition on the Public Accounting Firm to carry out the General Annually
Audit Service on the Company’s Financial Statements fiscal year 2018.
Board of Commissioners’ Duties Implementation in 2018

Throughout 2018, the Board of Commissioners has performed the duties and responsibilities, among
others as follows:
1. Provided the Board of Commissioners’ assessment to the Shareholders on Audit Results of PT SMI
Fiscal Year 2017 audited by the Public Accounting Firm Doli, Bambang, Sulistyanto, Dadang, & Ali
(BKR International).
2. Submitted the Board of Commissioners’ Performance Achievement Realization Report of 2nd Half
of 2017.
3. Submitted the Board of Commissioners’ Performance Achievement Realization Report of 1st Half of
2018.
4. Submitted the Board of Commissioners’ oversight report to the Shareholder on the Work and Budget
Plan of PT SMI 2nd Half of 2017.
5. Submitted the Board of Commissioners’ oversight report to the Shareholders on the Work and
Budget Plan of PT SMI 1st Half of 2018.
6. Submitted the Monitoring Report on the implementation of Good Corporate Governance Principles
in the Company’s Business Activities.
7. Submitted the Board of Commissioners’ Responsibilities and Duties Report Quarterly.
8. Provided directives and opinions to PT SMI’s Board of Directors regarding the formulation of Work
and Budget Plan 2019 and Corporate Plan 2019-2023 prior to submission to the Shareholder.
9. Provided recommendations to the Shareholder on the Appointment of Public Accounting Firm for the
General Audit Service of PT SMI’s Financial Statements fiscal year 2018.
10. rovided approval to the Board of Directors with due observance of the Board of Commissioners’
authorities, among others the approval on the appointment of independent assessor for PT SMI’s
GCG 2017 and 2018, and the Approval on the Refinement of the Code of Conduct and GCG Code.
11. Provided directives and opinion on financings with certain criteria, such as financing above the value
of Rp 750 billion.
12. Oversight on the plan and evaluation of the Company’s mandate and business strategies.
13. Evaluation on risk profile report and the Company’s risk management application.
14. Oversight on the follow up on the recommendations of the audit results by internal auditors as well
as external auditors.
15. Oversight on the follow up on the Borrowers under the watchlist.
16. Convention of the Board of Commissioners’ Regular Meetings and Joint Meetings of the Board of
Commisioners and the Board of Directors.
Annual Report 2018

HIGHLIGHTS
Board of Commissioners’ Trainings in 2018

The Board of Commissioners has participated in the following trainings during 2018:
Name Title Workshops/Trainings Organizers Venue/Regions
Mahendra President Commissioner 1. Policy Makers’ Indonesia Africa Bali

Siregar and Independent Perspective and Indonesia Forum
Commissioner Africa Business Forum
Financing Session
2. Blended Finance for Bali
Smallholders: Addressing Government of
Global Challenges with Indonesia, UN
SDG Focused Solutions Environment &
Tropical Landscape
Finance Facility/TLFF
Wahyu Utomo Commissioner Knowledge Management Korea International South Korea
Capacity Building for the Cooperation Agency
National Capital Integrated (KOICA)
Coastal Development (NCICD)
(High-level)
Kunta Wibawa Commissioner 1. Designing Effective Social Asian Development Yogyakarta
Dasa Nugraha Health Security System in Bank Institute
Asia Countries
2. Australia-Indonesia University of Sydney
Virtual Lab: A Technology Sydney
and Innovation
3. Creating and Leading a
Northwestern Chicago
Culture Of Innovation,
University
Kellog School of
Management
Dini Kusumawati Commissioner 1. Business IT Architecture ATD Learning Jakarta

Series Asia Conference
2018
2. International Conference Center for Risk Yogyakarta
Risk Beyond 2018 Management Studies
(CRMS) Indonesia

Annual Report 2018
Name Title Workshops/Trainings Organizers Venue/Regions
Sukatmo Independent 1. Understanding of Cyber BARa Bali

Padmosukarso Commissioner Risk Management and
Financial Crime for
Financial Institutions
2. Panel Discussion: The Indonesia Audit Jakarta
Audit Committee Committee
Responsibility on the Association
Financial Statements’
Fraud Indonesia Audit Jakarta
3. Panel Discussion “Board Committee
of Commissioners Association
& Audit Committee
Oversight Effectiveness:
Learning from PT SNP
Finance”
Performance Assessment of Committees Under the Board of Commissioners

In the implementation of its duties and responsibilities, the Board of Commissioners may establish
Committees. The Committees are directly responsible to the Board of Commissioners in providing
professional opinion in accordance with prevailing policies and regulations.
The Company’s Board of Commissioners has formed 2 (two) committees, namely the Audit Committee
and Risk Monitoring Committee. The nomination and remuneration function in accordance to the
Financial Services Authority Regulation (POJK) No. 34 of 2015 is executed directly by the Board of
Commissioners.
Throughout 2018 the Company considers that both Committees have performed their duties optimally
through the provision of recommendations to the Board of Commissioners, which have been thoroughly
reviewed in their respective committee meetings.
Annual Report 2018

HIGHLIGHTS
Total
Committee Total Meetings
Meetings Committees’ Recommendation to the Board of Commissioners
in 2018
in 2018
Audit 12 Monitoring the 1. The Audit Committee provided recommendations for the
Committee meetings implementation preparation of 2018 & 2019 Internal Audit Division Annual Work
of Internal Audit Plan so that they are risk-based and can improve the quality
Division activities of GCG, the Code of Ethics, fraud prevention and auditor’s
to ensure the competence and professionalism in dealing with changes that
effectiveness of occur to the Company.
internal auditors 2. The Audit Committee reviewed the improvement of PT SMI’s
internal audit manual assisted by PricewaterhouseCoopers (PwC)
consultants. The Audit Committee believed that the manual audit
and the internal audit charter have been prepared in accordance
with the International Professional Practice Framework (IPPF)
published by The Institute of Internal Auditors (IIA). With the
manual audit update, it is expected that there is increase in the
professionalism of PT SMI’s internal audit activities.
3. In 2018, the Audit Committee held 12 monitoring meetings
related to the implementation of the Internal Audit Division
duties. From these meetings, the Audit Committee has scheduled
7 discussions on the Internal Audit Division assignment report
and the follow up monitoring. The Audit Committee proposed
3 things for continuous improvement related to findings that
are still outstanding, financing origination process and Loan
Application implementation.
General Audit The Audit Committee has reported the results of the 2017 General
Management Audit and the results of the performance evaluation the Public
Fiscal Year 2017 Accounting Firm, Doli, Bambang, Sulistiyanto, Dadang & Ali (DBSA)
to the Board of Commissioners.
The Audit Committee delivered 4 evaluation points and concluded

that the DBSA had carried out the assignment well and the
statement of opinion given had been based on adequate audit
procedures and processes.

Annual Report 2018
Total
in 2018
in 2018
Appointment of The Audit Committee has provided recommendations to the Board
Public Accounting of Commissioners for 3 (three) Public Accounting Firms that passed
Firm Fiscal Year the selection process to be proposed to the General Meeting of
2018 Shareholders as the Public Accounting Firm that will provide general
audit services with the following scope:
• Financial statements.
• Compliance with laws and regulations.
• Effectiveness of the Internal Control System.
• Compliance with financing agreements and quasi equity facility
with Agence Francaise de Developpment (AFD).
• Financial Report on the Partnership and Community Development
Program.
• Performance Evaluation Report.
The 3 (three) Public Accounting Firms that passed the selection
process and have been recommended to the Board of
Commissioners are as follows:
1. Amir Abadi Jusuf, Aryanto, Mawar & Rekan (RSM) as ranked 1.
2. D oli, Bambang, Sulistiyanto, Dadang & Ali (BKR International) as
ranked 2.
3. Hendrawinata, Hanny, Erwin & Sumargo (Kreston) as ranked 3.
Monitoring the 1. The Audit Committee has monitored the implementation of
effectiveness Financial Services Authority (OJK) duties towards PT SMI. The
on the inspection result report was issued by the OJK on November
implementation of 28 2018 with Report No.: S-726 / NB.2 / 2018. The report has
External Auditors stated that in general PT SMI has complied with the regulations in
activities Infrastructure Financing Companies
2. The Audit Committee has monitored the implementation of the
Corporate Governance assessment (assessment of implementation
GCG principles on corporate governance) in 2018 by an
independent consultant, namely PT Multi Utama Indojasa (MUC).
The Audit Committee has requested the consultant to work
professionally, independently and objectively, as well as using tools
& methodology that meets the GCG standards.
Annual Report 2018

HIGHLIGHTS
Total
in 2018
in 2018
Effectiveness The Audit Committee has evaluated and submitted to the Board
Supervision of of Commissioners for:
the Company’s 1. Information and Communication Technology Process
Internal Control In general, the IT process has been optimal, but there are still
System several areas that still need improvement and enhancement
to meet IT governance standards (COBIT).
2. Financing Records and Financial Reports
The Audit Committee has advised the Accounting Division to
maintain internal control over the financial report preparation
process, particularly in manual adjustment entries that
must be supported by good data and accountability, and
to maintain the fairness of backup requirements, cost and
income accruals.
3. Supervision of Subsidiaries
In connection with the management of subsidiaries, the
Audit Committee has encouraged the PMO Division to
conduct supervision, monitoring and other control aspects to
be better, and periodically report to the Committee / Board
of Commissioners and seek Board approval for placement of
Company representatives in the directors and commissioners
of subsidiaries.
4. Human resource Management
The Audit Committee has advised the HC Division that the
preparation of the HC Management strategy plan is adjusted
to the RJPP that has been approved by the shareholders.
Financing Projects The Audit Committee conducted 7 field visits on the project:
Monitoring to 1. Construction of 7 Roads in Penajam Paser Utara, East Kalimantan
Confirm the Use 2. Semarang-Solo Toll Road Stage 2, Central Java
of Facilities in 3. Production of Rolling Stock LRT Jabodebek, East Java
accordance with 4. Surabaya-Mojokerto Toll Road, East Java
the Financing
5. West Java International Airport
Agreement
6. Konawe Regional General Hospital
7. Biomass Power Plant owned by PTPN XI Jember
The Audit Committee concluded that there were no discrepancies

in the using of the facility in the projects visited. The Committee in
general also assesses the fairness of the project’s progress with the
amount of financing that has been realized, as well as the obstacles
that may exist during the construction period of the project.

Annual Report 2018
Total
in 2018
in 2018
KPI & RKAP The Audit Committee has monitored the preparation of the 2019
Planning RKAP that will be submitted by the Board of Directors before being
submitted to the Board of Commissioners and Shareholders. In
this process, the Audit Committee has reviewed the prognosis of
subsidiaries (PT IIF). The reviewing was done because of changes in
the process of drafting the RKAP, the results of this reviewing have
been reported and explained at the Board of Commissioners meeting
on November 27th, 2018.
KPI & RKAP The Audit Committee has received and evaluated monthly financial
Evaluation reports, and the latest reports in October, November and December
2018. The reports were submitted by the Accounting Division by
comparing monthly performance achievements compared to the
performance of the previous period and with the RKAP plan for the
same period. In addition, the Audit Committee also assessed the
fairness of the numbers, the correctness of the reporting method, and
other matters to ensure that the monthly financial statements reflect
the actual performance of the Company.
Fulfillment of 1. The Audit Committee has proposed to the Board of Commissioners

Audit Committee regarding the appointment of Mr. Agustinus L. Tobing as the
Resources replacement for Mr. Boy Michael who has resigned.
2. The Audit Committee has also introduced the Company to new
members. The Chairman of the Audit Committee introduces the
Internal Audit Division team to their duties and explained about the
Audit Committee charter.
3. During 2018, the Chair and members of the Audit Committee
attended courses and seminars in the fields of supervision, risk
management, auditing and the roles and functions of the Audit
Committee, both as participants and speakers, to improve and
develop the competence and capacity of the Committee.
Annual Report 2018

HIGHLIGHTS
Total
in 2018
in 2018
Risk 2 meetings Oversight on the • Municipal Financing:
Monitoring Risk Management 1. Make improvements / adjustments to regional loan
Commitee Implementation policies related to origination, meeting mechanisms and
documentation
2. Conducting the preparation of the Risk Management
Protocol for managing municipal financing together with
the relevant Ministries. This step is expected to further
support the process of improving Corporate Governance
(GCG), which in turn can make process acceleration better
and faster.
3. Risk Management System for Municipal Financing. Loan
proposals submitted by the Local Government can be
processed as long as they meet the criteria for municipal
financing in accordance with applicable regulations, namely
PP Number 30 Year 2011, PMK Number 174 Year 2016 and
PD SMI Number 17 Year 2017.
Carrying out Municipal Financing Risk mitigation measures

includes:
• Fulfillment of municipal financing criteria
• Implementation of Regional BMPP in accordance with
the internal rating of the Local Government
• Implementation of the four eyes principle by the
Financing and Investment Division as the reviewer
• Implementation of Local Government rating tools
• Engagement of the Competency Management Center
Division to provide opinions related to technical aspects
• Involvement of the Environmental Evaluation Division
and Consultation Services in environmental and social
studies
• Regular portfolio monitoring
• Making risk profile maps of each Local Government
with reference to the Ministry of Home Affairs data
4. Compilation
of Risk Management Protocol (RMP)
The RMP aims as a guideline for PT SMI and related parties
in conducting monitoring and taking necessary actions for
budgeting and fulfilling municipal financing obligations.
This RMP includes the following:

• Budgeting of Municipal Financing Payments to ensure
that there is an adequate budget to meet the obligations
of Local Governments to PT SMI; and
• Fulfillment of Municipal Financing Payments during the
Remedial Period, to ensure that the Local Government
implements payment of its obligations to PT SMI.
For default payment, the RMP has been set in:

• PMK/174/PMK.08/2016 concerning Provision of
Guarantees to PT SMI in the context of Assigning
Provision of Municipal Infrastructure Financing
• PMK/121/PMK.07/2017 concerning Procedures for
resolving Local Government Loan Arrears through
Deduction of General Allocation Funds and / or Revenue
Sharing Funds.
• PMK 125/PMK.08/2017 concerning Procedures for
Managing Guarantee Funds Assigning Municipal
Infrastructure Financing.
.

Annual Report 2018
Total
in 2018
in 2018
• Deliverable of Risk Appetite Statement (RAS) by E&Y:
Recommend the use of the PT SMI RAS by taking into account
the following:
1. Establish RAS as a reference/ guideline in every policy making,
strategy formulation and Corporate Budget Work Plan in
order to support the development of the Company’s business
in line with prudential principles and the implementation of
good corporate governance.
2. Conducting socialization so that it is believed that every
employee of PT SMI has understood well every aspect
contained in the RAS.
3. Periodically update the RAS in accordance with the
Company’s business development in accordance with the
prevailing laws and regulations.
It is expected that the application of the Risk Appetite Statement

(RAS) can improve value and governance better in all pillars of the
Company’s activities.
BOC Charters
The Board of Commissioners has in place the BOC Charter as stated in the Work Guideline and Code of Conduct of the
Board of Commissioners stipulated in Joint Decree of the Board of Commissioners, Sharia Superisory Board, and Board
of Directors of PT Sarana Multi Infrastruktur (Persero) Nomor: PER-04/SMI/DK/1218 Nomor:PD-010/SMI/1218 Nomor:
PER-01/SMI/DPS/1218 on the Board Manual of Board of Commissioners, Sharia Supervisory Boad, dan Board of Directors
developed based on the Company’s Articles of Association and prevailing laws and regulations.
The Board of Commissioners also has in place the Oversight Guidelines to the Board of Directors in regards to Good
Corporate Governance as stated in the Board of Commissioners Decree No. PER-01/SMI/DK/1214 dated 23 December
2014.
Independency of the Board of Commissioners

Every member of the Board of Commissioners is independent from any parties having a potential conflict of interest with
the Company. Each member of the Board of Commissioners shall set aside personal interests and avoid any conflict of
interest from any parties including family relationships in any settlement of business issues and corporate actions. This
working professionalism is firmly stipulated and is part of the Board Manual.
Appointment Criteria of the BOC Members

Every member of the Company’s Board of Commissioners must fulfil criteria based on the Company’s Articles of Association
and Law No. 40 Year 2007 on Limited Liability Company, as follows:
Annual Report 2018

HIGHLIGHTS
i. Capable and competent in carrying out legal actions;

ii. Within 5 years prior to appointment has never been in the following condition based on legally
binding court decision:
a. Declared bankrupt.
b. As a member of a Board of Directors or the Board of Commissioners that is found at fault in
causing a company to be declared bankrupt.
c. Being punished for any crime, which caused damages to the State’s finances and/or in relation
to the financial sector.
iii. Has never performed any action violating ethical and/or propriety standards that should be honored
as a member of the Board of Commissioners of a State-Owned Enterprise.
Induction Program for the New Board Members

The Company convenes an Induction Program for new member of the Board of Commissioners with the
purpose to provide insights on the Company including its organs and policies related with GCG hence
the new members of the Board of Commissioners are able to gain a comprehensive understanding of
the Company, both organizationally and operationally.
The Corporate Secretary organizes the induction program for new Commissioners, with at least
presenting the following materials:
• Implementation of GCG principles in the Company.
• Description of the Company related to the purpose, nature and scope of activities, financial and
operations performance, strategy, short-term and long-term business plans, competitive position,
risks and other strategic issues.
• Information related to the authority delegated to Internal Audit and external auditors, internal
control systems and policies including the Audit Committee, other committees (if any) and Secretary
of the Board of Commissioners.
• Information related to the duties and responsibilities of the Board of Commissioners, and the
matters that are prohibited.
• Regulations related to the Company’s business activities.
The induction program for new members of the Board of Commissioners may include presentations,
meetings, and review of documents or other programs illustrative of Company policy, activity and
programs. This program is implemented at latest 3 (three) months after appointment of the Commissioner.
Board of Commissioners’ Shares Ownership

The following are shares ownership disclosure of the Board of Commissioners during 2018:

Annual Report 2018
Shares Ownership
Position/Familial Nominal
No Name Company
Relations Values of Date of
Total Shares Names
All Sahres Acquisition
1 Mahendra Siregar President Commissioner ----- ----- ----- -----

serves Independent
Commissioner
2 Wahyu Utomo Commissioner ----- ----- ----- -----
3 Kunta Wibawa Dasa Commissioner ----- ----- ----- -----

Nugraha
4 Dini Kusumawati Commissioner ----- ----- ----- -----
5 Sukatmo Padmosukarso Independent Commissioner ----- ----- ----- -----
Board of Commissioners Concurrent Position

Pursuant to the Company’s Articles of Association, members of the Board of Commissioners may serve
multiple board memberships. The following are the Board of Commissioners’ concurrent positions during
2018:
Name Position Position in other Companies/

Business Fields
Institutions
Mahendra Siregar President Special Staff of the Minister of Foreign Affairs Ministry
Commissioner Foreign Affairs for Priority Programs
serves as Enhancement
Independent
Commissioner Executive Director, Council of Palm Oil Inter Government Institution of Palm
Producing Countries (CPOPC) Oil Producers
Chairman, Bank Mandiri (Europe), Ltd, Banking

London
Lecturer, Bank Indonesia Institute Banking Education
Board of Commissioners, PT Merdeka Mining

Copper Gold Tbk
Independent Commissioner, PT Vale Mining

Indonesia
Independent Commissioner, PT Unilever Consumer Goods

Indonesia
Commissioner, PT AKR Corporindo Chemicals Trading
Independent Commissioner, PT Asuransi Life Insurance

Jiwa Sequis Life
Annual Report 2018

HIGHLIGHTS
Name Position Position in other Companies/

Business Fields
Institutions
Wahyu Utomo Commissioner Deputy of Infrastructure Acceleration Infrastructure Acceleration and
and Regional Development Regional Development Institution
Head of Implementation Team - Priority Infrastructure Acceleration

Committee for Acceleration of Priority Institution
Infrastructure Delivery (KPPIP)
Secretary of One Map Policy Acceleration One Map Policy Acceleration Team
Team
Chairman of Special Economic Region Special Economic Region National

National Board Team Board
Suramadu Developer Team Member Suramadu Developer Team
Secretary II of Flats Development Flats Development Technical Team

Technical Team
Vice Chairman of Soil Reserves Techical Soil Reserves Technical Team

Team
Kunta Wibawa Commissioner Director of State Revenues and Ministry of Finance

Dasa Nugraha Expenditures Development of Finance
Ministry
Dini Kusumawati Commissioner Head of Organization and Management Ministry of Finance

Bureau
Secretariat General of the Ministry of
Finance
Sukatmo Independent Commissioner, PT Digi Asia Bios Financial Services
Padmosukarso Commissioner
Senior Partner, PT Asta Konsultan Consultant

Indonesia

Annual Report 2018
Criteria of Independent Commissioner 6. Not be working in or have authority and responsibility
for planning, directing, controlling, or supervising the
Stipulation activities of the Company within the previous 6 (six)
months, except for reappointment as independent
The Company’s Independent Commissioners have met commissioner of the Company in subsequent periods.
the criteria as stated in the Financial Services Authority 7. Does not have shares either directly or indirectly in
Regulation No. 33/POJK.04/2014 on the Board of the Company.
Directors and Board of Commissioners of Issuers or Public 8. Does not have business relationships, either directly
Companies as follows: or indirectly related to the business activities of the
Company.
1. Have good attitude, morals, and integrity. Cakap
melakukan perbuatan hukum. Statement of Independency
2. Within five (5) years prior to appointment and during Independent Commissioners are members of the Board
his/her tenure, he/she: of Commissioners that have no affiliations with other
• Has never been declared bankrupt Commissioners, Directors or the controlling Shareholders,
• Has never been served as members of a board and have no business relationships with the Company
of directors and/or commissioners found guilty or other relationships, which can affect the ability to act
of being responsible for causing a company to independently or solely for the interests of the Company.
go bankrupt.
• Has never been sentenced for a criminal offense The principal responsibility of Independent Commissioner
detrimental to the country’s nances and/or to is to encourage GCG principles application in the
the nancial sector. Company by empowering the Board of Commissioners to
3. Has never been a member of a board of directors and/ effectively conduct its supervisory functions and advisory
or commissioners that during his/her tenure: to the Board of Directors and to provide added value to
• Did not hold an AGMS as required the Company.
• Had his/her responsibility as a member of
the board of directors and/or commissioners The Company currently has Independent Commissioner,
rejected by the GMS or did not give an account namely Mr. Mahendra Siregar and Mr. Sukatmo
of responsibility to the GMS as a member of the Padmosukarso in which has exceeded 30% of total Board
board of directors and/or commissioners. of Commissioners members.
• Did not cause a company – with permits,
approval, or registration from the Financial
Services Authority - to not fulfill the obligations
to submit an annual report and/or financial
reports to the Financial Services Authority.
4. Has the commitment to comply with all applicable
regulations and laws.
5. Has knowledge and/or expertise in the field required
by the Company
Annual Report 2018

HIGHLIGHTS
STATEMENT LETTER OF INDEPENDENCY AS INDEPENDENT COMMISSIONER
I, the undersigned below, in my capacity as an Independent Commissioner at PT Sarana Multi Infrastruktur

(Persero), hereby declares and declares that:
• I have and continue to demonstrate my independence and autonomy in carrying out the duties of
supervision, responsibility and authority of the Board of Commissioners independently.
• I continually maintain to always adhere to the independence criteria setin the applicable regulations.
• I realized that I was also responsible for informing in a timely manner all conditions that arise during
the tenure that reduce or may reduce my independence.
Jakarta, April 2019
SUKATMO PADMOSUKARSO

Annual Report 2018
STATEMENT LETTER OF INDEPENDENCY AS INDEPENDENT COMMISSIONER
I, the undersigned below, in my capacity as an Independent Commissioner at PT Sarana Multi Infrastruktur

(Persero), hereby declares and declares that:
• I have and continue to demonstrate my independence and autonomy in carrying out the duties of
supervision, responsibility and authority of the Board of Commissioners independently.
• I continually maintain to always adhere to the independence criteria setin the applicable regulations.
• I realized that I was also responsible for informing in a timely manner all conditions that arise during
the tenure that reduce or may reduce my independence.
Jakarta, April 2019
MAHENDRA SIREGAR
Annual Report 2018

HIGHLIGHTS
SHARIA SUPERVISORY BOARD

PT SMI has conducted business activity based on sharia principles since 2016, as stated in the Articles
of Association. The Sharia Supervisory Board has been established pursuant to the Finance Minister’s
Decree No. 871/KMK.06/2016 which further amended based on the Decree of Finance Minster No. 667/
KMK.06/2018, for the oversight function on PT SMI sharia business.
Sharia Supervisory Board Profile

As of 31 December 2018, the following are the Sharia Supervisory Board Profiles:

56 Years
Indonesian
Dasar Pengangkatan Periode 1:
Minister of Finance Decree No. 871/KMK.06/2016 dated 30 November 2016.
Periode 2:
Minister of Finance Decree No. 667/KMK.06/2018 dated 5 October 2018.
Educational Background Presented in the Sharia Supervisory Board Profile section on page 120 of this Annual
Report
Professional Experience Presented in the Sharia Supervisory Board Profile section on page 120 of this Annual
Report

Annual Report 2018
Munifah Syanwani
45 Years
Indonesian
Appointment Basis Periode 1:
Minister of Finance Decree No. 871/KMK.06/2016 dated 30 November 2016.
Periode 2:
Minister of Finance Decree No. 667/KMK.06/2018 dated 5 October 2018.
Educational Background Presented in the Sharia Supervisory Board Profile section on page 121 of this Annual Report
Professional Experience Presented in the Sharia Supervisory Board Profile section on page 121 of this Annual Report
Annual Report 2018

HIGHLIGHTS
Sharia Supervisory Board Multiple Memberships

Pursuant to the Company’s Articles of Association, members of the Sharia Supervisory Board may serve
multiple positions. The following are the concurrent positions during 2018:
Name Position Position in Other Companies/ Business Fields

Institutions
Adiwarman Azwar Chairman of Sharia Founding Partner Karim Consulting Business Consultant
Karim Supervisory Board Indonesia
Sharia Supervisory Board PT Veritra Sentosa Information Technology
Internasional
Vice Chairman of MUI National Sharia Religious Institution

Executive Board
Munifah Syanwani Member of Sharia - -

Supervisory Board
Sharia Supervisory Board Trainings

Name Position Pendidikan/Pelatihan Penyelenggara Lokasi
Adiwarman Chairman of Sharia Pra Ijtima Sanawi Workshop DSN MUI Jakarta
Azwar Karim Supervisory Board of Sharia Financing Institutions
2018 Sharia Capital Market
Munifah Member of Sharia LSP EKSBISI Competency BNSP Bogor

Syanwani Supervisory Board Assessor Training
Sharia Supervisory Board LSP DSN MUI Jakarta

Profession Certification
Institution Test/ Training

Annual Report 2018
Duties and Responsibilities Duties Implementation of Sharia

Dewan Pengawas Syariah mempunyai tugas dan fungsi
utama:
Supervisory Board in 2018
The Sharia Supervisory Board has provided opinion and
a. As a representative of the National Sharia Board –
recommendations on the financing sharia activities of PT
Indonesian Council of Ulema that are positioned in
SMI during 2018, as follows:
the Company;
1. Opinion on sharia financing plan using the Ijarah al
b. In charge as supervisor on the Company’s sharia
Maushufah Fi al-Zimmah financing scheme.
business activities to be in compliance with Sharia
2. Opinion on the Fatwa of National Sharia Board –
Principles;
Majelis Ulama Indonesia (DSN-MUI) No. 102/DSN-
c. Functioning as advisor and counselor to the Board
MUI/X/2016 for Infrastructure Financing.
of Directors, regarding matters related to Sharia
3. Opinion on the Sharia Appropriateness of Sukuk
Principels; and
Scheme of PT Sarana Multi Infrastructure (Persero).
d. Functioning as mediator between the Company
4. Opinion on the Sharia Financing Assessment
with the National Sharia Board – Indonesian Council
Compliance Checklist Verification.
of Ulema in communicating the suggestions and
5. Opinion on Sharia Financing Plan on the Use of IMBT
recommendations on the Company’s products and
financing agreement with Co-Borrower scheme.
services that require review and fatwa of the National
Sharia Board – Indonesian Council of Ulema.
In addition, during 2018, the Sharia Supervisory Board and
Sharia Business Division have also convened consultation
The Sharia Supervisory Board has the meeting in physical meeting or circular meeting which is
related to the sharia business of PT SMI.
obligation to:
a. Conforming the fatwa of the National Sharia Board –
Indonesian Council of Ulema; and
b. With integrity, prudent and full responsibility conducts
its duties for the Company interests and in accordance
with the Company’s purpose and objectives by
adhering to the laws and regulations and the fatwa
of the National Sharia Board – Indonesian Council of
Ulema.
Annual Report 2018

HIGHLIGHTS
BOARD OF DIRECTORS
The Board of Directors is responsible for the management of PT SMI daily operations for the Company’s
best interests, in accordance with its target and objectives, based on the provisions of the Articles of
Association and prevailing laws.
The legal basis on the Company’s Board of Commissioners including the appointment, criteria, authority
as well as the duties and responsibilities refers to the Regulation of Minister of Finance No. 88/
PMK.06/2015 regarding the Implementation of Good Corporate Governance by the Company (Persero)
under the guidance and supervision of the Minister of Finance.
To perform effectively, the Board of Directors shall fulfill the following principles:
1. Composition of the Board of Directors is established to enable effective, accurate and fast decision
making, and to act independently in the interests of the Company.
2. The Board of Directors shall exhibit good character and professionalism with integrity and experience
as well as the skills necessary to carry out its duties.
3. The Board of Directors is responsible for the effective management of the Company and for ensuring
the continuity of business.
4. The Board of Directors is accountable to the Shareholder at the GMS under the provisions of the
Articles of Association and prevailing laws.
Board of Directors Composition

Pursuant to the Company’s Articles of Association, the term of office of the Board of Directors member
is 5 (five) years and may be reappointed for 1 (one) period of terms of office.
As of December 31, 2018, the structure and composition of the Directors are as follows.
Name Title Appointment References Tenure

Emma Sri Martini President Director Periode 1: Periode 1:
Minister of Finance Decree No. 42/ 2009-2014
KMK.06/2009 dated 23 February 2009
Periode 2:
Minister of Finance Decree No. 389/ Periode 2:
KMK.06/2014 dated 19 August 2014 2014 - 2019
Edwin Syahruzad Financing and Investment Minister of Finance Decree No. 389/ 2014 - 2019
Director KMK.06/2014 on 19 August 2014
Darwin Trisna Project Development and Minister of Finance Decree No. 389/ 2014 - 2019
Djajawinata Advisory Director KMK.06/2014 dated 19 Agustus 2014

Annual Report 2018
Board of Directors
Name Title Appointment References Tenure

Mohammad Ghozie Operation & Finance Director Minister of Finance Decree No. 464/ 2016 - 2021
Indra Dalel KMK.06/2016 dated 16 June 2016
Faaris Pranawa Director of Risk Management Minister of Finance Decree No. 480/ 2018 - 2023
KMK.06/2016 dated 16 June 2016
duties and responsibilities of each Board of Directors members

The functions, duties and responsibilities of each Board of Directors members refer to the Board of
Directors Decree No. PD-26/SMI/1217 dated 29 Desember 2017 on the Segregation of Duties and Work
Guideline of the Board of Directors of PT Sarana Multi Infrastruktur (Persero) as amended by the Decree of
the Board of Directors No. PD-004/SMI/0718 regarding the Board of Directors Regulatories Amendement
No. PD-26/SMI/1217 on the Division of Main Duties and Functions, as follows:
Position Duties and Responsibilities

President Director 1. To provide direction and control of the policies, vision, mission and strategy of the Company.
2. To represent the Company inside and outside the court based on the approval of members of
the Board of Directors and in compliance with the Company’s Articles of Association.
3. To lead and stipulate the Board of Directors decisions, if in the process of decision making/
voting there are the same number of approve and against.
4. To coordinate solutions to issues of the Company, formulate the Corporate Plan of the
Company, the Company Budget & Work Plan, control the achievement of the Corporate Plan
and Budget & Work Plan targets, direct audit policy, shape the Companyís image and corporate
culture, and lead the implementation of GCG.
5. To lead, direct, control, and take appropriate decisions within its authority for the Corporate
Secretary, Internal Audit, Corporate Developmet & Initiative Management Division, Human
Capital Division, Anti-Money Laundering and Prevention of Terrorism Funding Programme, and
Legal Division according to Corporate Plan and Work & Budget Plan.
6. To provide coaching to employees in accordance with the Companyís prevailing laws and
regulations.
7. To prepare reports on the activities of the Directorate and employment reports, which are
required by the Minister of Finance and/or prevailing laws and regulations.
8. To develop reports on Directorate activities in order to meet reporting obligations according to
prevailing regulations.
9. To sign the require documents in connection with the implementation of the above duties.
Annual Report 2018

HIGHLIGHTS
Board of Directors

Director of 1. To lead, direct and control the drafting of policy and decisions on the core business activities as
Financing and stipulated in the Companyís Articles of Association.
Investment 2. To coordinate and be responsible on the Financing and Investment Division, Sharia Business
Division, and Municipal Financing Division.
3. To lead, direct, and control the activities of the Investment & Financing Division, Sharia Business
Division, and Municipal Financing Division in accordance with Corporate Plan and Budget &
Work Plan.
4. To draft the Directorate’s activity reports in order to fulfill reporting duties in accordance with
prevailing regulations.
5. To sign the documents related to the implementation of the assigned duties.
Director 1. To lead, direct and control the drafting of policy and decisions on the core business activities as
of Project stipulated in the Companyís Articles of Association.
Development and 2. To coordinate and be responsible on the Project Development Division, Advisory Services
Advisory Division, Sustaianble Financing Division and Comptence Management Center.
3. To lead, direct and control the activities of Project Development Division, Advisory Services
Division, Sustaianble Financing Division and Center of Competence in accordance with
Corporate Plan and Budget & Work Plan.
4. To draft the directorateís activity reports in order to fulfill reporting obligation in accordance
with the prevailing regulations.
5. To sign documents related to the implementation of the assigned duties.

Annual Report 2018
Board of Directors

Director of 1. To lead, direct and control the drafting of policy and decisions on the core business activities as
Operational and stipulated in the Companyís Articles of Association.
Finance 2. To coordinate and be responsible for the Finance & Investor Relations Division, Accounting
& Assets Administration Division, Information Technology Division, Equity investment
Management & Operational, and General Affairs & Procurement Division.
3. To coordinate the preparation of Long Term Corporate Plan and Budget & Work Plan and
monitor the Companyís financial targets.
4. To lead, direct and control the activities of the Finance & Investor Relations Division, Accounting
& Assets Administration Division, Information Technology Division, Equity investment
Management & Operational, and General Affairs & Procurement Divisionin accordance with
the Corporate Plan and Budget & Work Plan.
5. To manage fund raising through banking, capital market & other resources in accordance with
the Companyís prevailing laws and regulations aiming to provide (liquidity) and the Company.
6. To manage funding in the money market instrument, capital market and other intruments
according to the Companyís prevailing laws and regulations aiming to optimize the Companyís
funding.
7. To prepare reports on the activities of the directorate and reports related to finance, and
taxation, which are required by the Minister of Finance and/or by the provisions of prevailing
legislation.
Director of Risk 1. To lead, direct and control the drafting of policy and decisions on the core business activities as
Management stipulated in the Companyís Articles of Association.
2. To coordinate and be responsible for the Financing Evaluation and Investment Division,
Integrated Risk Management Division, and Social Environmental Evaluation & Advisory Services,
and Financing Management & Investment Division in accordance with the Corporate Plan and
Budget & Work Plan.
3. To lead, direct and control the activities of the Financing Evaluation and Investment Division,
Integrated Risk Management Division, and Social Environmental Evaluation & Advisory Services,
and Financing Management & Investment Division in accordance with the Corporate Plan and
Budget & Work Plan.
4. To draft the Directorateís activity reports in order to fulfill reporting obligation in accordance
with the prevailing regulations.
Annual Report 2018

HIGHLIGHTS
Board of Directors
Board of Directors’ Trainings in 2018

Throughout 2018, members of the Board of Directors has participated in the following trainings:
Name Title Workshops/Trainings Organizers Location
Emma Sri President Director 1. Leadership Dialogue on World Bank Singapura

Martini Maximizing Finance for
Development
2. How to Mobilize Private Ministry of Finance and Bali
Investment for Green Japan Bank for International
Cooperation (JBIC)
3. A Dialogue to Unlock Deloitte Jakarta

Investment Potential from
Public and Private
Edwin Director of 1. Pengembangan Sukuk DJPPR Ministry of Finance Jakarta

Syahruzad Financing and untuk Pembiayaan
Investment Infrastruktur
2. Financing for Gas Indonesian Oil & Gas Pipeline Jakarta
Infrastructure Projects in Association (IAPMIGAS)
Indonesia
Darwin Trisna Director of Project 1. Encouraging Investment KADIN Jakarta
Djajawinata Development and and Infrastructure for
Advisory Economic Growth and
Equity in Indonesia
2. National Energy Policy ASEAN Centre for Energy Jakarta
Strategy: Growth,
Modernisation and
Greening
Mohammad Director of 1. Navigating Risk in the PwC (PricewaterhouseCooper) Jakarta
Ghozie Indra Operations & Digital Era
Dalel Finance 2. Global Associations of Badan Sertifikasi Manajemen Jakarta
Risk Professionals (GARP): Risiko (BSMR)
UKMR Sertification Level
V
Faaris Director of Risk 1. Private Class BSMR Level 1 PT GPS & Partners Jakarta
Pranawa Management 2. Leadership Building PT DBS Bali
Synergy to Improve
Performance

Annual Report 2018
Board of Directors
Performance Assessment of the Board of The manual serves as the guideline for the Board of
Directors in the implementation of their duties and
Directors’ Committees responsibilities. The Charter was developed based on
the Articles of Association and prevailing laws, as well as
In implementation of the Company’s management, best practices, and is reviewed periodically by taking into
the Board of Directors establishes commitees that account the prevailing laws and regulations.
are responsible to the Board of Directors in providing
recommendation in accordance to given scope and
function of each committee. Requirement and Tenure of the Board of
Directors
The following are the Board of Directors’ Commitees: Members of the Board of Directors are selected and
1. Risk & Capital Committee, with 4 (four) sub Commitees, appointed by the GMS with 5 (five) years of terms of
namely Risk Management Sub Committee, Asset & office for each member and may be reappointed by
Liabilities Sub Committee, Target Sub Committee, GMS decision. All members of the Board of Directors are
and Monitoring Sub Committee. domiciled in Indonesia.
2. Financing Committee
3. Sustainability Financing Committee Pursuant to the Company’s Articles of Association and
4. Equity Investment Committee Law No. 40 Year 2007 on Limited Liability Company,
5. Project Development and Advisory Committee. every member of the Company’s Board of Directors shall
6. Information Technology System Committee. fulfil the following criteria:
From the Board of Directors point of view, the assessment 1. Capable and competent in carrying out legal actions,
on all Committees’ performance during 2018 has met 2. Within 5 years prior to appointment has never been
the Company’s plans and targets, and the Committees in the following condition based on legally binding
had performed the duties and responsibilities effectively court decision:
and efficiently. The Committees have provided in-depth a. Declared bankrupt.
recommendations prior to being submitted to the Board b. As a member of the Board of Directors or
of Directors. Each member in each committee has optimal Board of Commissioners that is found at fault
contribution in the meeting of each committee. in causing a company to be declared bankrupt.
c. Punished for any crime, which caused damages
Description on membership, function and duties of each to the State’s finances and/or in relation to the
Committee is available in page 358 of this Annual Report. financial sector.
3. Has never been performed any action violating ethical
BOD Charter and/or propriety standards that should be honored as
The Company has in place the BOD Charter stipulated a member of the Board of Commissioners of a State-
under the Joint Regulation of the Board of Commissioners Owned Enterprise.
and Board of Directors No. PB-01/SMI/DK/1215 dated
15 December 2015 on the Board Manual and Board
of Directors Regulation No. PD-26/SMI/1217 dated 29
December 2017 on the Allocation of Duties and Work
Guidelines of PT SMI as amended by the Decree of the
Board of Directors No. PD-004/SMI/0718 regarding the
Board of Directors Regulatories Amendement No. PD-26/
SMI/1217 on the Division of Main Duties and Functions.
Annual Report 2018

HIGHLIGHTS
Board of Directors
Board of Directors Succession Policy

Pursuant to the GCG Manual, the Directors’ succession process is conducted with the following
mechanisms:
1. The Board of Directors establishes requirements and selection process for the position of Division
Head and other subordinate positions in accordance with the needs of the Company in implementing
its strategy.
2. Approval for positions one level below the Board of Directors must be reported to the Board of
Commissioners.
3. The Board of Directors establishes development program for the Company employees, both
functionally and structurally in a transparent manner.
4. The Board of Commissioners monitors the completion of positions one level below the Board of
Directors to support its responsibility to select and propose candidates for the Board to the GMS.
5. The Board of Commissioners Ensures the placement of the position is held by the principles of
professionalism in line with competency, performance and based on requirements set by the Board
of Directors.
Independency of the Board of Directors

Members of the Company’s Board of Directors shall be independent in deciding matters concerning
the interests of the Company without interference from other parties prohibited by current laws and
regulations.
Each member of the Board of Directors shall avoid any conflict of interest from any party including family
relationships with members of the Board of Directors and Board of Commissioners.
Board of Directors’ Shares Ownership

The following are shares ownership disclosure of the Board of Directors during 2018:
Shares Ownership
Position/Familial
No Name Total Nominal Values Date of
Relations Company Names
Shares of All Sahres Acquisition
1 Emma Sri Martini President Director
----- ----- ----- -----
2 Edwin Syahruzad Director
----- ----- ----- -----
3 Darwin Trisna Director
----- ----- ----- -----
Djajawinata
4 Mohammad Director 1.000 Rp 7.850.000 PT Bank Mandiri, Tbk 6 October
Ghozie Indra 2010
Dalel 1.000 Rp 416.000 PT Krakatu Steel, Tbk 10 November
2010
480 Rp 480.000.000 PT Zapfindo Arzieta 9 November
Perdana 2009
5 Faaris Pranawa Director
----- ----- ----- -----

Annual Report 2018
Board of Directors
Board of Directors Multiple Membership

As of 31 December 2018, no members of the Board of Directors serve concurrent position in other
companies or government institutions.
Induction Program For the New Directors

The Company holds an induction program for new members of the Board of Directors for effective
implementation of duties assignment and responsibilities. The orientation program covers:
• Implementation of GCG principles by the Company.
• Overview of the Company related to its goals, nature, and scope of activities, operational and financial
performance, short and long term work plans, competitive position, risk, and other strategic issues.
• Information related to the delegation of authority, internal and external audit, internal control system,
and Audit Committee.
• Information on duties and responsibilities of the Board of Directors and matters that are prohibited.
Every member of the Board of Directors has received an Induction Program after his/her appointment.
Annual Report 2018

HIGHLIGHTS
2018 GCG ASSESSMENT

Pursuant to the Article 72 (b) of Minister of Finance Regulation No. 88/PMK.06/2015, the Company
conducted GCG evaluation in 2018 with the assistance of independent assessor MUC Consulting Group.
Assessment Criteria
The 2018 GCG assessment refers to criteria of test tools standard of the Secretary of SOE Minister
Decree No. SK-16/S.MBU/2012 on the Indicators/ Parameters of Assessment and Evaluation of GCG
Implementation in SOEs. The GCG assessment implementation in the Company covers six main aspects,
namely:
a. Sustainable Commitment on the Implementation of Good Corporate Governance;

b. Shareholders and GMS;
c. Board of Commissioners;
d. Board of Directors;
e. Disclosure of Information and Transparency;
f. Other Aspects.
GCG ASSESSMENT BY INDEPENDENT PARTY

2018 GCG Assessment is carried out by an Independent Appraiser, MUC Consulting, with the Company
achieving 96.12 as the GCG final score (“Very Good” Category), an increase by 6.02 points from the
2017 GCG assessment which were also carried out by MUC Consulting which scored 90.10 (Category
“Very Good”).
This increase in GCG value in 2018 was achieved due to the Area of Improvement and a significant
increase in the Information and Transparency Disclosure Aspects and the inclusion of Other Aspects (such
as the awards received by PT SMI during 2018 and PT SMI becoming the benchmark in some areas by
other companies ) into the calculation of GCG value for 2018.

Annual Report 2018
2018 GCG Assessment
Other aspects are included in the valuation because the total value of GCG in 2018 for the Commitment
Aspects of Good Corporate Governance Implementation Continuously, Shareholder Aspects, Board of
Commissioners Aspects, Directors Aspects and Information Disclosure and Transparency Aspects have
reached more than 85,000. This is in accordance with the provisions of the Decree of the Secretary
of BUMN Minister No. SK-16 / S.MBU / 2012 concerning Indicators / Parameters for Evaluating and
Evaluating the Implementation of Good Corporate Governance in SOEs.
The following is comparison matrix of GCG Assessment 2018 and 2017:

2017 2018
Increase &
No. Aspect Weight % %
Score Score Achievement
Achievemenent Achievement
I Commitment on 7 6,30 90,04 6,54 93,48 3,44
Sustainable Good
II Shareholders and GMS/ 9 8,74 97,12 8,91 99,04 1,92

Capital Holders
III Board of Commissioners/ 35 31,51 90,02 33,66 96,17 6,15
Supervisory Board
IV Board of Directors 35 33,19 94,83 34,25 97,87 3,04
V Information Disclosure & 9 7,86 87,31 8,37 93,02 5,71

Transparency
VI Other Aspects 5 2,50 50,00 4,38 87,50 37,50
100 90,10 90,10 96,12 96,12 6,02
Annual Report 2018

HIGHLIGHTS
2018 GCG Assessment
PERFORMANCE ASSESSMENT OF THE BOARD OF COMMISSIONERS AND BOARD OF

DIRECTORS
Pursuant to the Company’s GCG Manual, the mechanism of performance assessment of the Board of
Commissioners and Board of Directors is as follows:
Board of Directors • Response indicators and perform on targets anually

• Stipulate the performance benchmark of each unit and conduct performance assessment
transparently annually
Board of • Review and provide guidance on the Board of Directors performance target for improvement
Commissioners • Proposing the Board of Commissioners’ Key Performance Indicator targets to the
Shareholders.
• Advise the Shareholder on the proposal of the Board of Directors as stated in the
Management Contract
• Exercise supervision on the Companie’s performance and report to Shareholder in
indication of decline in the Company performance
Shareholders • Approve the Management Contract propose by the Board of Commissioners and Board
of Directors
• Assess the performance of the Company Board of Commissioners and Directors through
General Meeting of Shareholders
Performance Assessment Criteria

The performance criteria for the Board of Commissioners and the Board of Directors refer to each
Personal Key Indicator (KPI).
KPI of the Board of Commissioners

The Company proposed the KPI 2018 to the Minister of Finance of the Republic of Indonesia as the
shareholder of the Company through Letter No. S--41/SMI/DK/1017 tanggal 26 Oktober 2017 and has
been approved by the GMS, through the Board of Commissioners Performance Agreement dated 29
December 2017 of the Board of Commissioners’ KPI 2018.

Annual Report 2018
2018 GCG Assessment
The Board of Commissioners KPI is divided into 2 (two) main perspective components, as follows:
1. Oversight Perspective; and

2. Reporting Perspective.
KPI of the Board of Directors

The Board of Directors’ KPI refers to the 2018 Key Performance Indicators and has been approved
by the GMS in the Company’s Performance Contract dated 29 December 2017 that include the main
perspective components, as follows:
1. Mandate and Financial Perspective

2. Stakeholders Perspective
3. Business Process Perspective
4. Learning and Growth Perspective
Performance Assessment Procedures

The procedures for performance assessments are as follows:
• The Shareholder assesses the performance of the Company, Board of Commissioners, and Board of
Directors through the GMS.
• The Board of Commissioners establishes indicators and performance appraisals for each Director and
informs the Director and the Shareholder.
• The Board of Commissioners prepares work plan and targets at the beginning of each year, as well
as a self-assessment evaluating their achievements.
• The Board of Commissioners reports to the Shareholder on any indicator for any decline in the
Company performance.
• The Board of Directors sets performance indicators for each unit and performs a transparent annual
assessment of the Company performance against these targets.
• The Board of Commissioners assesses the accountability of the Directors in regard to the
implementation of risk management.
Annual Report 2018

HIGHLIGHTS
REMUNERATION POLICY OF THE

BOARD OF COMMISSIONERS AND
BOARD OF DIRECTORS
The remuneration for members of the Board of Commissioners and Board of Directors is approved by
the GMS by taking into account the fairness on components such as the Company performance and
inflation rate.
Remuneration Procedures
The remuneration procedures of the Board of Commissioners and Board of Directors is described as
follows:
Board of Directors • Proposal of remuneration, honorariun, tantiem, and other facilities for the Board of
Commissioners
Board of Commissioners • Consideration on the increase level of motivation performance, integrity and
professionalism in performing the duties of the Board of Directors
• Consideration on the proposal from the Board of Directors based on performance

and audit report
• Propose the remuneration of the Board of Commissioners and the Board of

Directors to the Shareholder
Shareholders • Determine and stipulate the remuneration, tantiem, bonuses and other facilities
for the Board of Directors and the Board of Commissioners through the General
Meeting of Shareholders
Board of Commissioners Remuneration Structure
The Board of Commissioners remuneration for 2018 refers to the Resolution of the General Meeting of
Shareholders of the Company No.KMK-163/KM.6/2018 dated 1 August 2018, which consists of:
a. Honorarium
b. Allowances
c. Holidays Allowance (THR)
d. Tantiem

Annual Report 2018
Remuneration Policy of The Board of Commissioners and Board of Directors
Total remuneration for the Board of Commissioners in 2018 is Rp9.231.085.067 with the following
details:
Total Received in 2018

Remuneration & Other Facilities
Personnel Rupiah
Remuneration (Honor, Allowance, Holiday Allowance, Tantiem) 5 9.231.085.067
Total 5 9.231.085.067
Excluding of the remuneration components, there is no stock option received by the BOC members.
Board of Directors Remuneration Structure

The Board of Directors remuneration for 2018 refers to the Resolution of the General Meeting of
Shareholders of the Company No.KMK-163/KM.6/2018 dated 1 August 2018, which consists of:
a. Salary
b. Allowances
c. Housing Allowance
d. Holiday Allowance (THR)
e. Tantiem
Total Remuneration for the Board of Directors in 2018 is Rp24.528.324.740 with the following details:
Remuneration & Other Facilities Total Received in 2018

Personnel Rupiah
Remuneration (Salary, Allowances, Housing, Holiday Allowance, 5 24.528.324.740
Tantiem)
Total 5 24.528.324.740
Excluding of the remuneration components, there are no stock options received by members of the
Board of Directors.
Annual Report 2018

HIGHLIGHTS
MEETINGS OF THE BOARD OF COMISSIONERS

AND BOARD OF DIRECTORS
Board of Commissioners Meeting

The Board of Commissioners meetings is implemented pursuant to the OJK Regulation No. 33/
POJK.04/2014 on the meeting convetion by the Board at least once every two months. The Company’s
Board of Commissioners Meeting Policy is stipulated in the Board Manual and refers to the Company’s
Articles of Association, whereby the Board of Commissioners shall meet at least once a month. The
Board of Commissioners Meeting may also be held at any time upon request of members of the Board of
Commissioners, request of the Board of Directors, or by written request of the Shareholders.
The Company’s Board of Commissioners has convened 12 (twelve) meetings in 2018, with the following
details:
Meeting Attendance of Board of Commissioners

Meeting Agenda
Date MS LS WU KW DK SP
11.01.2018 a. Revision of Main Performance Indicators of the BOC √ √ √ √ √
Year 2018
b. Work Plan of the BOC and Organ Year 2018
c. Others
20.02.2018 The BOC Report to the Shareholder √ √ √ √ √
26.03.2018 a. Results of GCG Assessment 2017 – The BOC Aspect √ √ √ √ √

b. Audit Committee Report
c. Risk Monitoring Committee Report
16.04.2018 a. Formation of Audit Committee √ √ √ √ √

b. Others
30.05.2018 a. Duties and Responsibilities Report of BOC Quarter 1 √ √ √ √ √

Year 2018
b. Audit Committee Update
c. Risk Monitoring Committee Update
d. Others
7.06.2018 a. Changes of BOC √ √ √ √ √ √

b. Others
25.07.2018 a. Discussion on Board Manual Revision (BOC Aspects √ √ √ √ √

– follow up of GCG Assessment recommendation)
b. Discussion on the Appointment of Public Accounting
Firm – Audit of Financial Statements Fiscal Book
2018
c. BOC Report First Half 2018
d. Others

Annual Report 2018
Meetings of The Board of Comissioners and Board of Directors
Meeting Attendance of Board of Commissioners

Meeting Agenda
Date MS LS WU KW DK SP
27.08.2018 a. Presentation of Risk Management Gap Analysis √ √ √ √ √
b. Duties and Responsibilities Report of BOC Quarter 2
Year 2018
c. Supervisory Report of the BOC on Work and Budget
Plan of PT SMI First Half 2018
d. Others
18.09.2018 Appointment/ Stipulation of Independent Assessor for √ √ √ √ √

GCG Assessment of PT SMI Year 2018
18.10.2018 a. The Board of Commissioners’ Performance Contract √ √ √ √ √

Draft Year 2019 for the Work & Budget Plan 2019
b. Board Manual Revision Finalization
c. Others
27.11.2018 a. Audit Committee Report √ √ √ √ √

b. Others
18.12.2018 a. The BOC Duties Implementation Evaluation Year 2018 √ √ √ √ √

b. Others
Total Percentage of Attendance 100 100 100 100 100 100

Remarks
MS: Mahendra Siregar
WU: Wahyu Utomo
LS: Langgeng Subur (sudah tidak menjabat per 5 Juni 2018 )
DK: Dini Kusumawati (menjabat sejak per 5 Juni 2018)
KW: Kunta Wibawa
SP: Sukatmo Padmosukarso
Joint Meeting of the Board of Commissioners

and Board of Directors
In the Company’s compliance with OJK Regulation No.33/POJK.04/2014, Directors and
Board of Commissioners must hold joint meetings periodically at least 1 (one) time in 4
(four) months.
Joint meetings of the Board of Commissioners and Directors are held to maintain
coordination, synergy and alignment between the Board of Commissioners and the
Board of Directors in carrying out the tasks of achieving the Company’s objectives. The
meeting will cover strategic issues including the sustainability of the Company’s business
and reporting on the performance of the Directors.
Annual Report 2018

HIGHLIGHTS
In 2018, joint meetings are held 7 (seven) times, with details of frequency and attendance as follows:
Date Agenda
20.02.2018 a. Corporate Governance Guidelines

b. Code of Business Ethics and Behavior
c. Discussion on Performance of Quarter IV of 2017
16.04.2018 a. Plan for the Annual GMS of 2017 Financial Statements

b. Proposed Use of 2017 Company Profits
c. Employee Performance Reward Discussion (confidential)
d. Discussion regarding Green Bond and Sukuk PUB
e. Etc
26.04.2018 a. Preparation of the Annual GMS for 2017 Financial Statements
b. Etc
07.06.2018 a. Changes to the Internal Audit Charter

b. Information Technology Review
c. Achievement of KPI Targets as of April 2018 and Achievement Strategies
18.09.2018 2019-2023 RJPP discussion
30.10.2018 a. RKAP 2019 RKAP Discussion

b. Etc
27.11.2018 a. Discussion of Proposed Amendments to the Company’s Articles of Association

a. Discussion of RJPP Design Changes for the Period 2019-2023 and the RKAP draft in
2019
a. Etc

Annual Report 2018
Attendance
Dates
Board of Commissioners Board of Directors
MS LS WU KW DK SP ESM ES DTD ARK FP MGID
20.02.2018 √ √ √ √ √ √ √ √ √ √
16.04.2018 √ √ √ √ √ √ √ - √ √
26.04.2018 √ √ √ √ √ √ - √ - √
07.06.2018 √ √ √ √ √ √ √ √ √ √ √
18.09.2018 √ √ √ √ √ √ √ √ √ √ √
30.10.2018 √ √ √ √ √ √ √ √ √ √ √
27.11.2018 √ √ √ √ √ √ √ √ √ √ √
Total 100 100 100 100 100 100 100 86 86 86 100 100
Catatan
MS: Mahendra Siregar
WU: Wahyu Utomo
LS: Langgeng Subur (sudah tidak menjabat per 5 Juni 2018 )
DK: Dini Kusumawati (menjabat sejak per 5 Juni 2018 )
KW: Kunta Wibawa
ESM: Emma Sri Martini
ES: Edwin Syahruzad
DTD: Darwin Trisnadjajadinata
ARK: Agresius R. Kadiaman (sudah tidak menjabat per 9 Juli 2018 )
FP: Faaris Pranawa (menjabat sejak per 9 Juli 2018 )
MGID: M. Ghozie Indra Dalel
Board of Directors Meeting

The Board of Directors’ meetings are carried out based on OJK Regulation No.33/POJK.04/2014
concerning the stipulation of the obligations of the Board of Directors meeting of at least once a month.
Apart from these obligations, Directors’ Meetings can also be held at any time if and when needed. The
Board of Directors’ Meeting Policy refers to the provisions of the Articles of Association where the Board
of Directors must hold regular meetings at least 1 (one) time in a month to make important decisions
related to the management of the Company.
In 2018, 15 (fifteen) Board of Directors meetings have been held with attendance details as follows:
Annual Report 2018

HIGHLIGHTS
Meeting Board of Director’s Member’s Attendance

Agenda
Date ESM ES DTD ARK FP MGID
08.01.2018 Monitoring of Corporate KPI Achievements in the √ √ √ √ √
52nd week of 2017.
26.02.2018 Monitoring the fulfillment of the Company’s KPI in √ √ √ √ √
accordance with the 2017 RKAP and the Company’s
8th week KPI status in 2018.
27.02.2018 Discussion of Requests for Changes in Terms √ √ √ √ √
& Conditions of Shareholder Loan Facilities
(Shareholders Loans) for Bridging Loan (SHL DTT) to
PT Jasamarga Pandaan Malang (PT JPM).
KPI status for the 11th week of 2018.
03.05.2018 Approval of the Waesano Geothermal Exploration √ √ √ √ √
Assignment, East Nusa Tenggara.
28.05.2018 Proposal of the determination of the Company’s √ √ √ √ √
Green Bond and Sukuk Coupon Range.
21.06.2018 Market Development Updates and Book Building √ √ √ √ √
Results.
22.06.2018 Determination of the Company’s Green Bond and √ √ √ √ √
Sukuk Coupon Finals.
17.07.2018 Monitoring the fulfillment of the Company’s 28th √ √ √ √ √
KPI in accordance with the 2018 RKAP.
KPI status in the 33rd week of 2018.
KPI status for the 43rd week of 2018.
26.11.2018 Monitoring the fulfillment of the Company’s week √ √ √ √ √
47th KPI in accordance with the 2018 RKAP.
10.12.2018 Monitoring the fulfillment of the Company’s 48th KPI √ √ √ √ √
in accordance with the 2018 RKAP.
Total Persentase kehadiran 100 100 100 100 100 100

Catatan
ESM: Emma Sri Martini
ES: Edwin Syahruzad
DTD: Darwin Trisnadjajadinata
ARK: Agresius R. Kadiaman (sudah tidak menjabat per 9 Juli 2018 )
FP: Faaris Pranawa (menjabat sejak per 9 Juli 2018 )
MGID: M. Ghozie Indra Dalel

Annual Report 2018
Information of the Main

Shareholders and the
Controlling Shareholders
The Company is fully owned by the State of the Republic of Indonesia as the Company’s Shareholder, in
accordance with statutory provisions, including:
1. Article 14 paragraph (1) Law No. 19 of 2003 concerning State-Owned Enterprises, Government
Regulation No. 45 of 2005 concerning the Establishment, Management, Supervision and Dissolution
of State-Owned Enterprises.
2. Government Regulation No. 66 of 2007 concerning the State Equity Participation of the Republic of
Indonesia for the Establishment of Company Companies in the Field of Infrastructure Financing as
amended by Government Regulation No. 75 of 2008.
Annual Report 2018

HIGHLIGHTS
Affiliation between Members of

the Board of Directors, the Board of
Commissioners, and the Main and/or
Controlling Shareholders
Members of the Board of Commissioners and the Board of Directors do not have affiliated relations in the
form of family relationships or financial relationships between one and the other and / or Shareholders
that lead to a conflict of interest. Each member of the Board of Commissioners and Directors upholds
integrity and independence in carrying out their duties.
Family Relationship with Financial Relationship with
Board of Board of Share Board of Board of Share

Remark Commissioners Directors Holders Commissioners Directors Holders
Yes No Yes No Yes No Yes No Yes No Yes No
Mahendra √ √ √ √ √ √
Siregar
Wahyu Utomo √ √ √ √ √ √
Kunta √ √ √ √ √ √
Wibawa Dasa
Nugraha
Dini √ √ √ √ √ √
Kusumawati
Sukatmo √ √ √ √ √ √
Padmosukarso

Annual Report 2018
Affiliation between Members of the Board of Directors, the Board of Commissioners, and
the Main and/or Controlling Shareholders
Family Relationship with Financial Relationship with
Remark
Board of Board of Share Board of Board of Share
Commissioners Directors Holders Commissioners Directors Holders
Yes No Yes No Yes No Yes No Yes No Yes No

Emma Sri √ √ √ √ √ √
Martini
Edwin √ √ √ √ √ √
Syahruzad
Darwin Trisna √ √ √ √ √ √
Djajawinata
Mohammad √ √ √ √ √ √
Ghozie Indra
Dalel
Faaris Pranawa √ √ √ √ √ √
Annual Report 2018

HIGHLIGHTS
Committees of the Board of

Commissioners
Audit Committee
Legal Basis of Formation
The legal basis for establishing the Company’s Audit Committee is:
• POJK No. 33 / POJK.04 / 2014 dated 8 December 2014 concerning Directors and Board of
Commissioners of Issuers or Public Companies.
• POJK No. 55 / POJK.04 / 2015 dated December 23, 2015 concerning the Establishment and
Guidelines of the Audit Committee.
The Audit Committee of the Company is formed through a Board of Commissioners Decision and is
responsible to the Board of Commissioners in carrying out the task of providing opinion independently
on matters that require the attention of the Board of Commissioners in accordance with the principles of
GCG and applicable laws and regulations.
Audit Committee Charter

In carrying out its duties, the Audit Committee is guided by the Audit Committee Charter with the latest
renewal of the Audit Committee Charter on December 1, 2016. The charter covers the composition
of membership, membership requirements including competency and independence requirements,
authority, duties & responsibilities, work methods and procedures as well as reporting.
Appointment and Dismissal & Composition

The Audit Committee is appointed and dismissed by the Board of Commissioners of the Company. The
composition of the Audit Committee membership is at least 3 people where the Chairman of the Audit
Committee is an Independent Commissioner while Members come from outside the Company.
The composition and tenure of the Audit Committee in accordance with the criteria contained in the
Audit Committee Charter as of December 31, 2018 are as follows:
Name Position Terms of Membership Terms Completion
Sukatmo Padmosukarso Chairman June 2016 July 2019
Akbar Anwar Member October 2017 October 2020
Agustinus L. Tobing Member May 2018 May 2021

Annual Report 2018
Committees of the Board of Commissioners
Audit Committee Member Profile
Sukatmo Padmosukarso
Chairman
62 years
Indonesian
Terms of Office Juni 2016 - Juli 201
Appointment Basis Decree of the Board of Commissioners No. SK-01/ SMI/ DK/0616 dated June 15, 2016.
Educational Background Presented in the Board of Commissioners’ profile section on page 116 of this Annual
Report.
Professional Experience Presented in the Board of Commissioners’ profile section on page 116 of this Annual
Report.
Annual Report 2018

HIGHLIGHTS
Akbar Anwar
Member
60 Years
Indonesian
Terms of Office Oktober 2017 - Oktober 2020
Appointment Basis Decree of the Board of Commissioners No. SK-05/SMI/DK/0917 dated September 14, 2017
Educational Background He obtained a Diploma-IV Accountant from STAN in 1989 and obtained a Masters in
Management from the 2012 IPWI School of Economics.
In terms of profession, he obtained the degrees / certifications:
• The 2014 Chartered Accountant (CA) from the Indonesian Institute of Accountants and
the International Federation of Accountant.
• 2012 Qualified Internal Auditor (QIA) from the Qualified Internal Auditor Certification
Board.
• 2015 Certified Risk Management Professional (CRMP) from the National Board of
Professional Certification and the Risk Management Professional Certification Institute.
• Certification in Audit Committee Practices (CACP) 2017 - Indonesian Institute of Audit
Committee.
• 2010 Government Goods and Services Procurement Expert Certificate from LKPP
(Government Procurement Policy Agency) and BNSP.
In addition, he was also certified as a 2010 Government Goods and Services Procurement
Expert from LKPP (Government Procurement Policy Agency) and BNSP.
Professional Experience Serving as a member of the Company’s Audit Committee since October 2017, he is also
the Secretary of the Board of Commissioners of PT MRT Jakarta since May 2017 until now.
Previously he held various key positions at PT MRT Jakarta, as the Board of Directors Advisor
(Feb 2017-Apr 2017), Head of Internal Audit PT MRT (2009-Feb 2017), Secretary of the Audit
Committee (2011-2013) and Chairperson of Management Task Force Risk (2010-2012).
Before joining PT MRT Jakarta, he worked at the BPKP (1983-2009). In addition, he has various
professional experiences as Instructors at the Indonesian Institute of Accountants and the
Internal Audit Education Foundation. For his professional development and abilities he joined as
an active member of the Indonesian Institute of Accountants (IAI), Fraud Examiner Association
of Certified, The Institute of Internal Auditors (IIA), Indonesian Audit Committee Association
and hukumonline.com in order to follow the latest laws and regulations in particular related
to his profession.

Annual Report 2018
Agustinus L. Tobing
Member
41 Years
Indonesian
Terms of Office Mei 2018 - Mei 2021
Appointment Basis Decree of the Board of Commissioners No. SK-01/SMI/DK/0518 dated May 1, 2018
Educational Background He obtained a Bachelor of Economics from the University of Indonesia in 2000, an MA in
Finance from Rotterdam Business School in 2003, and he is a PhD Candidate in Strategy
from the University of Pelita Harapan, Indonesia (2017–2021).In terms of profession, he
obtained degrees / certifications:
1. Registered Accountant dari Ikatan Akuntan Indonesia.
2. Chartered Accountant (CA) dari Ikatan Akuntan Indonesia.
3. Certified Internal Auditor (CIA) dari Institute of Internal Auditor (USA - Florida).
4. Certified Fraud Examiners from Association of Certified Fraud Examiners (USA – Texas).
5. Certified Risk Management Assurance from Institute of Internal Auditor (USA – Florida).
6. Business Continuity Certified Planner from BCI Institute (Singapore).
7. Certified Compliance and Risk Professional from GRC Institute (Australia).
Professional Expeience Currently he is still actively working as Vice President - Chief Compliance Officer at PT AIA
Financial Indonesia since 2016. Previously he served as Vice President - Group Compliance
Head at PT Sun Life Financial Indonesia (2014-2016). He is also active as a speaker in
Governance, Risk Management and Internal Audit at conference activities. In 2018,
Agustinus was the speaker at several activities:
1. Keynote Speaker in 9th International Conference on Financial Criminology: Financial
Criminology and Financial Governance in Digital Era, 4-5 December 2018, Jakarta.
2. Risk Management Guard (RMG) Workshop, Connecting The Dot between Compliance,
Business and Risk Management, Jakarta, 22 -23 November 2018.
3. Risk Management Guard (RMG) Workshop, Membangun Fungsi Kepatuhan sesuai
dengan POJK No. 73, Jakarta, 22 Oktober 2018.
4. Association of Certified Fraud Examiners (ACFE) Workshop, Fraud in Insurance Industry,
21-22 September 2018, Makassar – Indonesia.
5. Keynote Speaker in ACAMS Regional Conference, 4th Enhanced Practical AML &
Financial Crime Tools and Techniques Seminar, 8 Mei 2018, Jakarta.
Annual Report 2018

HIGHLIGHTS
Independency of Audit Committee 8. Providing an independent opinion in the event of

disagreement between the management of the
Indepency of Audit Committee refers to Financial Services
Company and public accountant for its services;
Authority Regulation No. 55/POJK.04/2015, whereby the
9. Examining complaints related to accounting and the
members of Audit Committee shall fulfill the following
financial reporting processes of the Company;
requirement:
10. Reviewing and provide advice to the Board of
1. Is not currently or at any time within the last 6
Commissioners of the Company related to potential
months employed in a Public Accounting Firm,
conflict of interests;
Legal Firm, Public Appraisal Service or other business
11. Maintaining confidentiality of documents, data and
providing assuranceservices, non-assurance services,
information related to the operational activities of
appraisal services and/or other consulting services to
the Company;
the Company within the last 6 (six) months;
12. Providing recommendations to the Board of
2. Is not a person that works or has the authority and
Commissioners of the Company regarding the
responsibility in planning, directing, controlling, or
appointment of the public accountant based on
monitoring the activities of the Company within the
independence, scope of the assignment, and
last 6 months;
compensation for services; and
3. Has no affliation with members of the Board of
13. Performing other duties assigned by the Board
Commissioners, members of the Board of Directors,
Commissioners of the Company
or the majority shareholder of the Company; and
4. Does not have business relationship, directly or
indirectly related to the business activities of the Authorities of the Audit Committee
Company. In order to achieve effective oversight of the Company
as set out in the Audit Committee Charter, the Audit
Duties and Responsibilities of Audit Committee has the authority to:
a. Perform the selection process of the Public
Committee Accountant Firm to be appointed as the auditor of
The Audit Committee assists the Board of Commissioners the Company, provide consideration regarding the
in carrying out its supervisory duties of the Company. In audit fees, and supervise the work of the Public
achieving these objectives, the Audit Committee duties Accountant Firm;
and responsibilities, are among others: b. Provide an independent opinion in order to facilitate
1. Assisting the Board of Commissioners to ensure settlement of disagreements between the Company
the effectiveness of the Company’s internal control and the Public Accountant Firm related to financial
systems and the effectiveness of the external and reporting;
internal auditors; c. Provide input on the proposed work plan of the
2. Reviewing the implementation and results of audits lnternal Audit Division related to the audit and
carried out by Internal Audit and external auditor; nonaudit activities, including assurance, consulting,
3. Ensuring that there has been a comprehensive and audit management;
evaluation of all information issued by the Company; d. Access notes or information about employees, funds,
4. Reviewing the Company‘s fnancial information to assets and other resources owned by the Company
be released to the public and/or authorities, among related to the implementation of their tasks and
others, financial statements, projections, and other responsibilities;
reports containing financial information; e. Obtain information from related employees of the
5. Identifying issues and other tasks that require the Company and invite external parties in order to
attention of the Board of Commissioners of the obtain supplemental information, as required;
Company; f. If necessary, engage independent parties other than
6. Drafting and submit annual work plans to the Board audit Committee members; and
of Commissioners of the Company for approval, as g. Perform other tasks assigned by the Board of
well as report on the implementation of the annual Commissioners of the Company.
workplan to the Board of Commissioners;
7. Reviewing compliance in accordance with laws and
regulations related to the activities of the Company;

Annual Report 2018
Report on Audit Committee Activities in • Discussed the Company’s financial

performance as many as 5 times during
2018 2018.
The following activities were carried out by the Audit 5. Ensuring the effectiveness of the Company’s
Committee during 2018: internal control system.
A. Monitoring and Consultation Perspective Evaluated the effectiveness of internal controls
1. Reviewed the implementation of DAI activities over the Information and Communication
to ensure the effectiveness of internal auditors: Technology process, Financing Records and
• Approved the Internal Audit Division Financial Reports, Supervision of Subsidiaries
Annual Assignment Plan (RKPT) in 2018 and Human Resources during 2018.
• Provided input and approval for the 6. Financing Projects Monitoring & site visit to
Revised II Internal Audit Charter. The Audit ensure the use of facilities are in accordance
Committee also provided input on the PT with the Financing Agreement.
SMI audit manual. During 2018, the Audit Committee carried out
• Discussed the DAI report and monitored 7 visits to the Company’s financing projects,
the follow-up of DAI findings 6 times namely:
during 20188. • Construction of 7 Roads in Penajam Paser
2. Ensuring the reliability & independence of the Utara, East Kalimantan.
Public Accounting Firm: • Semarang - Solo Stage 2 Toll Road, Central
• Has monitored the progress of the Java.
implementation of the 2017 financial • Production of Rolling Stock LRT Jabodebek,
year general audit by KAP Doli, Bambang, East Java.
Sulistiyanto, Dadang & Ali. • Surabaya Mojokerto Toll Road, East Java.
• Has determined the scope of general audits, • West Java International Airport.
selected and submitted recommendations • Konawe Regional General Hospital.
for prospective KAPs that will carry out • Biomass Power Plant owned by PTPN XI
general audits for fiscal year 2018. Jember.
3. Monitor the effectiveness of the external B. KA Plan Compilation and Task Implementation
auditor activities: Evaluations.
• Has carried out monitoring of the 1. Compiled the Audit Committee Performance
assessment of the implementation of 2017 Indicators and Work Plans & Budgets in 2018
Good Corporate Governance principles by as a guideline in the implementation of tasks.
the MUC Consulting Group. 2. Evaluated the Audit Committee work program
• Has carried out monitoring of the audit and budget per semester.
by the Financial Services Authority during C. Learning & Growth
2018. 1. Carried out induction to a New Member, Mr.
• Monitor the completion of follow-up on Agustinus L. Tobing.
the findings of external auditors.r. 2. Cumulatively attended 6 sessions of education /
4. Reviewing the preparation and monitoring of training during 2018.
the Company’s work plan:
• Reviewed the Company’s 2019 Work Plan
and Budget. Audit Committee Meeting
• Reviewed the Company’s Long-Term Plan In accordance with the Audit Committee Charter, the
for 2019-2023. Committee should hold meetings at least equal in number
• Reviewed the audited draft of the to the provision that regulates meetings of the Board
Company’s Financial Statements for the of Commissioners, which are set out in the Articles
financial year 2017. of Association, and may hold additional meetings as
necessary.
Annual Report 2018

HIGHLIGHTS
During 2018, Audit Committee had 14 (fourteen) meetings, with composition as of 31 December 2018
and attendance level as follow:
Attendance
Meeting Dates Meeting Agenda
SP AK AT*
16.01.2018 a. Public Accounting Firm progress fiscal year 2017 √ √
b. Update of BRP RI finding and recommendation December 2017
c. IAU Audit assignment Report
d. Internal audit charter and procedures development by consultant.
02.02.2018 Discussion with the Public Accounting Firm on audited financial statements. √ √
06.03.2018 a. Presentation and socialization of audit charter and guidelines by PWC √ √
b. Discussion of IAU work assignment plan 2018
24.04.2018 a. Review of quarter I 2018 financial statements √ √
b. Preparation to assign the Public Accounting Firm to audit fiscal year 2018
c. IAU activity report and follow up on internal audit findings.
d. Monitoring the Human Capital Management (Human Capital Division).
23.05.2018 a. DTI activity update √ √ √
b. IAU activity update
06.06.2018 a. Public Accounting Firm Beauty Contest √ √ √
b. Budget Proposal Opening
03.07.2018 a. Technical Discussion with PWC on Internal Audit Charter and Audit √ √ √
Manual
b. Induction to New Member of the Audit Committee by the Audit
Committee Chairman
c. Update of Public Accounting Firm Selection Progress to Audit Fiscal Year
2018
20.08.2018 a. Update of PT SMI Financial Performance 1st Half 2018 and Update up to √ √ √
July 2018 Accounting & Assets Administration Division
b. Update of Public Accounting Firm Selection to Audit Fiscal Year 2018
Internal Audit Division
c. Audit Committee Work and Budget Plan Realization 1st Half 2018
d. Update of the IAU Assignment and Findings Progress
06.09.2018 a. Audit Committe Work & Budget Plan Program Evaluation 1st Half 2018 √ √ √
b. Update of Public Accounting Firm Selection Progress to Audit Fiscal Year
2018
c. Update of OJK Audit

Annual Report 2018
Attendance
Meeting Dates Meeting Agenda
SP AK AT*
19.09.2018 Kick Off Meeting KAP RSM AAJ. √ √ -
15.10.2018 a. Update of PT SMI Financial Statements up to Quarter 3/2018 √ √ -

b. GCG Assessment Progress by MUC Consulting
c. 2018 Financial Statements Audit Progress of PT SMI by Public Accounting
Firm
d. IAU Audit Progress
e. Follow up on External and Internal findings
15.11.2018 Review of Subsidiaries monitoring √ √ √
27.11.18 The Audit Committee report to BOC about the reviewing of the prognosis √ √ √
changes in 2018 and PT IIF 2019 Year 2018 RKAP and their effects on the PT
SMI RKAP in 2019.
18.12.2018 a. Update of IAU activity on OJK audit development, Update of IAU √ √ √
assignment and follow up monitoring
b. GCG assessment progress by MUC
c. Organizational development by DHC
Attendance Percentage Total 100 100 89
AA: Akbar Anwar
AT*: Agustinus L Tobing (menjabat sejak tanggal 1 Mei 2018)
Audit Committee Member Training Program

In accordance with the Audit Charter, the Audit Committee members shall be willing to enhance their
competence through continuous education and training. During 2018, members of Audit Committee
have participated in the following Trainings.
Annual Report 2018

HIGHLIGHTS
Name Position Education/Training Organizer Location

Sukatmo Chairman 1. Cyber Risk Management and BARa Bali
Padmosukarso Financial Crime Awareness for
Financial Institutions.
2. Panel Discussion: Audit Committee Ikatan Komite Audit Jakarta
Responsibility on the Financial Indonesia
Statements Fraud.
3. Panel Discussion: “Oversight Ikatan Komite Audit Jakarta
Effectiveness of the Board Indonesia
of Commissioners and Audit
Committee: Learning from PT SNP
Finance”.
Akbar Anwar Anggota Program European Confederation of IIA European Confederation Madrid
Conference 2018. of Institutes of Internal
Auditing
Agustinus L. Anggota 1. Panel Discussion: “Oversight Ikatan Komite Audit Jakarta
Tobing Effectiveness of the Board Indonesia
of Commissioners and Audit
Committee: Learning from PT SNP
Finance”.
2. Qualitative Research Methods IAI Sorbonne Business Paris
School

Annual Report 2018
The Risk Monitoring Committee assists the Board of Commissioners in monitoring the implementation
of risk management as well as assessing the Company’s risk tolerance. This committee was established
to enhance corporate governance and maintain the Company’s continuity.
Appointment and Dismissal & Composition

The Member of Risk Monitoring Committee composition at least 3 persons where the Chairman of Risk
Monitoring Committee is an Independent Commissioner while the members is partly of commissioner
member and other members from out of Company. Risk Monitoring Committee are appointed and
dismissed by Company’s Board of Commissioners.
As of 31 December 2018, the composition of Risk Monitoring Committee consists of 5 members, with
the following structure:
Name Position Terms of Membership Terms Completion

Mahendra Siregar Chairman August 2017 July 2019
Wahyu Utomo Member September 2017 July 2019
Kunta Wibawa Dasa Nugraha Member September 2017 July 2019
Edyanto Rachman Member August 2016 August 2019
Jadi Haposan Manurung Member August 2016 August 2019
Annual Report 2018

HIGHLIGHTS
Profile of Risk Monitoring Committee
Mahendra Siregar
Chairman
56 Years
Indonesian
Terms of Office Agustus 2017 - Juli 2019
Appointment Basis Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017.
Educational Background Presented in the Board of Commissioners’ Profile section on page 112 of this Annual
Report.
Professional Experience Presented in the Board of Commissioners’ Profile section on page 112 of this Annual
Report.
Wahyu Utomo
Member
55 Years
Indonesian
Terms of Offfice September 2017 - Juli 2019
Appointment Basis Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017
Report.
Report.

Annual Report 2018
Kunta Wibawa Dasa Nugraha

Member
50 Years
Indonesian
Terms of Office September 2017 - July 2019
Appointment Basis Board of Commissioners’ Decree No. SK-04/SMI/DK/0917 dated 14 September 2017.
Report.
Report
Edyanto Rachman
Member
65 Years
Indonesian
Terms of Office August 2016 - August 2019
Appointment Basis Board of Commissioners’ Decree No. SK-03/SMI/DK/0816 dated 5 August 2016
Educational Background Edyanto Rachman obtained a Physics Degree from the Bandung Institute of Technology
(1973-1978) and Master of Management from the University of Indonesia (1989-1991)
Professional Experience LBorn in Cirebon March 27, 1954. Appointed as a Member of the Risk Monitoring
Committee on Aug. 5, 2016. He has previously held the following positions: Supervisor
of Parts Department at PT Astra Motor Sales (1978-1983), Head of BAPINDO branch
office (1996-1999), Vice President/ Regional Risk Manager of PT Bank Mandiri (Persero)
Tbk. (2004-2009), Commissioner of PT Wahana Optima Permai ñ subsidiaries of Bank
Mandiri Pension Fund IV (2009- 2013), Commissioner of PT Media Wave Interactive
(2009-2010) and Member of the Risk Monitoring Committee of PT Bank Syariah Mandiri
(2010-2016)..
Annual Report 2018

HIGHLIGHTS
Jadi Haposan Manurung

Member
45 Year
Indonesian
Masa Jabatan August 2016 - August 2019
Dasar Pengangkatan Board of Commissioners’ Decree No. SK-03/SMI/DK/0816 dated 5 August 2016
Riwayat Pendidikan Obtained Phd, College of Law and Justice in 2016 from Victoria University, Melbourne,
the Master Degree, Flinders Institute of Public Administration and Management in 2007
from Adelaide, South Australia. Bachelor of Law from North Sumatra University in 1996.
Pengalaman Kerja He currently serves as Deputy Director of Policy Analysis and Harmonization for
Governance and Compliance of Government Apparatus (2016-present). In addition, he
also worked at the Capital Market and Financial Institution Supervisory Agency (1998-
2012).
Independency of Risk Monitoring

Committee
The Risk Monitoring Committee is independent both in c. roviding input to the Board of Commissioners on the
carrying out its duties and in reporting, and is directly preparation and improvement of risk management
responsible to the Board of Commissioners. policies related to risk management associated
with assets and liability, liquidity, financing and
operations, prior to obtaining approval of the Board
Duties and Responsibilities of the Risk of Commissioners.
Monitoring Committee d. Holding discussions with the Board of Directors or any
The Company’s Risk Monitoring Committee works work units experiencing risk management issues.
collectively it performig their activities to assist the Board e. Identifying issues that require the attention of the
of Commissioners. In accordance with the Charter, the Board of Commissioners.
Risk Monitoring Committee has the following duties: f. Preparing and submitting annual work plans to the
a. Evaluating the conformity of risk management policies Board of Commissioners to be determined and report
with their implementation. the implementation of the annual work plan to the
b. Monitoring and evaluating the implementation of the Board of Commissioners.
duties of the Risk Management Committee and the
Risk Management Unit.

Annual Report 2018
g. Making recommendations to the Board of

Commissioners on the policies taken by the Board of
Directors relating to risk management.
Activities of the Risk Monitoring
h. Reviewing the Company’s compliance with the laws Committee in 2018
and regulations with significant risk impact associated The Risk Monitoring Committee has carried out the
with the Company’s activities. following activities in 2018:
i. Providing recommendations to the Board of 1. Monitoring the deliverables of E&Y consultant
Commissioners on the threshold that requires regarding the determination of risk limits (Risk
the approval from the Board of Commissioners Appetite, Risk Tolerance and Risk Limit) and PT SMI’s
as mentioned in the Articles of Association, and risk profiles.
determined by the Bank Supervisory Authority and 2. Developed the strategy framework of debtors
Capital Markets. handling that falls under watchlist and Non
j. Reviewing and providing advice to the Board of Performing Loan (NPL).
Commissioners in relation to potential conflicts of 3. Assisted the Board of Commissioners in the
interest. supervisory function of the Company’s performance.
k. Maintaining confidentiality of documents, data and 4. Assisted the Board of Commissioners in monitoring
information. and ensuring the application of GCG principles in the
l. Performing other duties assigned by the Board of Company.
Commissioners. 5. Provided opinion to the Board of Commissioners
through the Risk Committee Meetings, Board of
Commissioners Meetings, and Joint Meetings of the
Authorities of Risk Monitoring Committee Board of Commissioners and Directors with regards
In order to support the effective implementation of its
to the investment and financing decision of PT SMI.
duties, the Risk Monitoring Committee is authorized to:
6. Participated in the workshops and seminars that can
a. Request internal reports relating to risk control in the
enhance the Risk Monitoring Committee productivity
areas of assets and liability, funding, liquidity and
and supervisory function.
operations. The report contains information among
7. Convened meetings and project visits.
others on the following:
1. Risk exposure.
2. Compliance with policies and procedures, and
establishment of limits.
3. Actual implementation of risk control compared
to the target.
4. Periodic reports of the Company’s risk profile.
b. Work closely with the Audit Committee, and request
Internal Audit to conduct an examination of specific
areas in which exposure to risk is increasing.
c. Access records and information about employees,
funds, assets and other financial resources owned
by the Company and related to the performance of
its duties;
d. Obtain information from related employees, and
request information from external parties.
e. Other authority granted by the Board of
Commissioners..
Annual Report 2018

HIGHLIGHTS
Risk Monitoring Committee Meetings

The Risk Monitoring Committee conducted 2 (two) meetings during 2018, with the following attendance:
Attendance
Meeting Kunta
Meeting Agenda Edyanto Jadi
Dates Mahendra Wahyu Wibawa
Rachman Haposan
Siregar Utomo Dasa
Manurung
Nugraha
16.03.2018 1. Financing and Debtors Portfolio 1 1 1 1 1
under watchlist as of 31 January
2018
2. Lesson Learned from Municipal
Financing plan of Central Lampung
and relevant mitigations
3. Risk Management System for
Municipal Financing
4. Others
09.07.2018 1. Risk Assessment of Municipality 1 1 1 1 1

vis-à-vis Central Government Policy
in relations with PT SMI’s business
2. Others
Total Attendance Percentage 100 100 100 100 100
Training Programs for Members of Committee

Pursuant to the Risk Monitoring Committee Charter, the Committee should continuously improve the
competence of its members through education and training programs. During 2018, members of the
Risk Monitoring Committee attended the following training programs:

Annual Report 2018
Workshops and Trainings for Risk Monitoring Committee in 2018

Name Position Education/Training Organisers Location
Mahendra Chairman 1. Policy Makers’ Perspective and Indonesia Africa Bali

Siregar Indonesia Africa Business Forum Forum
sesi Financing
2. Blended Finance for RI Government, UN Bali
Smallholders: Addressing Global Environment and Tropical
Challenges with SDG Focused Lamdscapes Finance Facility/
Solutions. TLFF
Wahyu Commissioner Knowledge Management Capacity Korea International Korea
Utomo Building for the National Capital Cooperation Agency (KOICA) Selatan
Integrated Coastal Development
(NCICD) (High-level).
Kunta Commissioner 1. Designing Effective Social Health Asian Development Bank Yogyakarta
Wibawa Security System in Asia Countries. Institute
Dasa 2. Australia-Indonesia Virtual Lab: University of Sydney Sydney
Nugraha A Technology and Innovation
Collaboration Platform.
3. Creating and Leading a Culture Northwestern University Chicago
Of Innovation, Kellog School of
Management.
Edyanto Member 1. Operation Risk Management in Fitch Learning Frankfurt

Rachman Financial institutions.
2. International Conference Risk Center for Risk Management Yogyakarta
Beyond 2018. Studies (CRMS) Indonesia
Jadi Haposan Member Operation Risk Management in Fitch Learning Frankfurt
Manurung Financial institutions.
Annual Report 2018

HIGHLIGHTS
COMMITTEES OF THE BOARD OF DIRECTORS
The Committees established by the Board of Directors consist of Director and Senior Managers/Executives
that serves as Authorized Officers (PBM) responsible for making recommendations to the Board of
Directors
The Committees establishment under the Board of Directors is in line with the business complexity as set
for the implementation of three business pillars. The objectives are as follows:
1. Improving the efficiency of the decision making process by the Board of Directors in accordance
with the object/scope of each committee, in order to promote prudential principles and good
governance;
2. Improving the governance structure of risk management; and
3. Increasing the efficiency of transactional decision making related to the quality of the services
offered by the Company, particularly in the Company’s primary activity.
The Committees under the Board of Directors :
Board of Directors
Risk and Capital Financing Committee*) Equity Investment Project Development and Information System
Committee*)
Committee Comittee*) Advisory Committee*) Technology Committee
Assets and Liabilities Sub

Risk Management Sub Committee Target Sub Comittee Monitoring Sub Committee*)
Committee
*) Related to Transactional Decision

Annual Report 2018
Committees of The Board of Directors
RISK & CAPITAL COMMITTEE 2. Assets & Liabilities Sub Committee

Pursuant to the Board of Directors Decree No. SK-3/ The duties and activities of the Assets & Liabilities Sub
SMI/0214 dated February 17, 2014 in lieu of the Board Committee include:
of Directors Decree No. SK-9/ SMI/1115 dated November a. Formulating annual strategy for Asset and
4, 2015, which futher amended by the Board of Directors Liability Management (ALM), which includes
Decree No. SK-6/SMI/0616 dated June 6, 2016, and again risk exposure management associated with
amended by the Decree of the Board of Directors No. SK- interest rates, currency, liquidity and fund
10a/SMI/0817 dated 1 August 2017, which stipulates the management strategies to optimize the returns,
establishment of the Risk & Capital Committee with the and formulating alternative sources of funding
following duties and activities: in order to minimize the cost of funds to achieve
ALM strategies based on Work and Budget Plan.
1. Ensuring alignment of the Company’s main business b. To give the reference for cost of fund and interest
strategy with the Company’s mission and the annual rate for pricing with the following condition:
targets set out in the Work and Budget Plan. - The pricing is binding on each of any
2. Ensuring effective and prudent management of decision-making, i.e pricing set by
risks associated with the Company’s activities in Financing Committee and Equity Invesment
accordance with the Company’s capital and risk Committee during the committee meeting.
appetite. - Any decision, which is not in accordance
with the agreed pricing must be approved
Sub Committee of Risk & Capital Committee by the Board of Directors.
In managing more specific risks, several Sub Committees c. Providing recommendations for any changes
are established as follows: on ALM policies (guidelines, procedures, limit)
with regards to financial transactions, macro
1. Risk Management Sub Committee environment, and alternative hedging available
The duties and activities of the Risk Management Sub in the market.
Committee include:
a. Establishing risk management framework 3. Target Sub Committee
aligned with the Company’s specific risks, based The duties and activities of Target Sub Committee
on the Work and Budget Plan and Corporate are to formulate the annual strategy on the company
KPIs, in accordance with the Management resources allocation, strategy evaluation, and product
Contract. appropriateness towards the market.
b. Establishing policies (guidelines, procedures,
4. Monitoring Sub Committee
limits), as well as managing the changes brought
The duties and activities of Monitoring Sub
by the policies as a response to the Risk Taking
Committee are To provide decision on assets quality,
Divisions’ proposal and/or recommendations
restructuring, financing, financing monitoring and
.
recovery efforts on non-performing loans.
Annual Report 2018

HIGHLIGHTS
Membership of Risk & Capital Committee and its Sub Committee

Membership and certification/ trainings of each member of Risk & Capital Committee and its Sub
Committee are as follows:
Risk & Capital Committee

Chairman President Director
Secretary Head of Integrated Risk Management

Permanent Members
1. President Director
2. Operation & Finance Director
3. Risk Management Director
4. Financing and Investment Director
5. Project Development and Advisory Director
6. Head of Financing and Investment Evaluation Division
7. Head of Integrated Risk Management Division
8. Head of Social Environmental Evaluation & Advisory Division
Non-permanent Members -
Risk Management Sub Committee

Chairman Risk Management Director
Secretary Head of Integrated Risk Management Division
Permanent Members
1. President Director
Non-permanent Members Head of Divisions related with spesific managed risk

Annual Report 2018
Asset & Liabilities Sub Committees

Chairman Operation & Finance Director
Secretary Head of Finance & Investor Relations Divisionr

Permanent Members 1. President Director
5. Head of Finance & Investor Relations Division
Non-permanent 1. Head of Accounting & Asset Administration Division

Members 2. Head of Financing and Investment Division I
3. Head of Financing and Investment Division II
4. Head of Financing and Investment Division III
5. Head of Equity Investment Management & Operations Division
6. Head of Municipal Financing Division
7. Head of Syariah Business Division
Target Sub Committee

Secretary Head of Corporate Development & Initiative Management Division

6. Head of Financing and Investment Division I
10. Head of Advisory Division
11. Head of Project Development Division
12. Head of Sustainable Financing Division
14. Head of Equity Investment Management & Operational
Division
15. Head of Financing & Investment Evaluation Division.
17. Head of Finance & Investor Relation Division
18. Head of Accounting & Asset Administration Division
Non-permanent 1. Head of Integrated Risk Management Division
Members 2. Head of Legal Division
Annual Report 2018

HIGHLIGHTS
Sub Komite Monitoring

Secretary Head of Proposer
Permanent 1. President Director

Members 2. Risk Management Director
4. Project Development and Consulting Services Director
11. Head of Equity Investment Management & Operational Division
12. Head of Evaluation Division of Financing & Investment Division
Non-permanent 1. Head of Integrated Risk Management Division

Members 2. Head of Legal Division
4. Head of Accounting & Asset Administration Division
Certification of Division Head and Directors

Name Position Certification
Emma Sri Martini President Director -

Edwin Syahruzad Financing & Investment Director -
Darwin Trisna Djajawinata Project Development & Advisory Director -
Mohammad Ghozie Indra Direktur Operasional & Keuangan BSMR V
Dalel
Faaris Pranawa Risk Management Director BSMR I
Agus Iman Solihin Head of Corporate Development & Initiative -

Management Division
Setyo Wibowo Head of Internal Audit Division 1. Certified Internal Auditor (CIA)
2. Certified Information System
Auditor (CISA)
3. Certification in Risk
Management Assurance
(CRMA)
4. Chartered Accountant (CA)
5. Qualified Internal Auditor (QIA)
Boyke T. Subekti Head of Human Resources Division BSMR I
Ramona Harimurti Head of Corporate Secretary Division BSMR II

Acting as Head of Legal Division
Rintis Sitaresmi Head of Financing & Investment I -
Eri Wibowo Head of Financing & Investment II BSMR III

Annual Report 2018
Name Position Certification
Indar Barung Head of Financing & Investment III BSMR IV
Erdian Dharmaputra Head of Municipal Financing Division -
M. Adi Kusuma Head of Syariah Business Division 1. BSMR II

2. OMEGA Credit Certification
Victor Edward Sasdiyarto Head of Center of Competence Division BSMR I
Suparno Head of Advisory Division -
Pradana Murti Head of Project Development Division -
Adi Pranasatrya Head of Sustainable Financing Division BSMR II
David Widianto Head of Finance & Investor Relations Division -

Syahrial Noviananta Head of Accounting & Asset Administration Division Chartered Accountant (CA)
Cipto Adi Utomo Head of General Affairs & Procurement Division -
Romanus Tory Head of Information Technology Division BARa (LSPP) III
Kusumantara
Aradita Priyanti Head of Equity Investment Management & Operation BSMR I, Certified Information
Division Systems Auditor
Hanif Osman Head of Financing Evaluation & Investment Division BARa (LSPP) III
Muhammad Oriza Head of Integrated Risk Management Division BSMR IV
Acting Head of Social Environmental Evaluation &
Advisory Division
Abdul Hakim Supriyadi Head of Financing Management & Special Investment BARa (LSPP) III
Division
Duties and Responsibilities Implementation Report

During 2018, the Risk and Capital Committee has effectively implemented its duties with prudent
principal in ensuring alignment of main business strategy and risk management in accordance with
its capital and predetermined risk appetite. The Sub Committes has also performed an effective and
optimal duties as follows:
Risk & Capital Committee

The Risk & Capital Committee has convened 3 (three) times meetings. The discussion is in accordance
with its scope of work, including implementation of prudent principles in its duties, ensuring alignment
of the Company’s strategic business and risk management in accordance with its capital and risk appetite.

The Risk Management Sub Committee has convened 26 (twenty six) meetings. The discussion is in
accordance with its scope of work, which related to the establishment of risk management framework
and the Company’s policies.
Annual Report 2018

HIGHLIGHTS
Asset and Liabilities Sub Committee

The Asset and Liabilities Sub Committee has convened 3 (three) meetings. The discussion is in accordance
with its scope of work, which related to formulation of ALM’s annual strategy and establishment of
pricing range for both the interest rate of the loan and the Company’s fund.

The Target Sub Committee has convened 12 (twelve) meetings. The discussion is in accordance with its
scope of work, which related to human resources allocation, evaluation of strategy, performance, and
product appropriateness toward the market.
Monitoring Sub Committee

The Monitoring Sub Committee has convened 4 (four) meetings. The discussion is in accordance with
its scope of work, which related to assets quality, restructuring, financing, financing monitoring and
recovery of non-performing loans.
The following are attendance details of the Committee and Sub Committee Meetings in 2018:
Total Total
No Name Position Meetings Attendaance
Risk and Capital Committee

1. Emma Sri Martini President Director 4 4
2. Edwin Syahruzad Financing & Investment Director 4 4
3. Darwin Trisna Project Development & Advisory Director 4 4
Djajawinata
4. Agresius Robajanto Operation & Finance Director 3 3
Kadiaman (served until 8 July 2018)
5. Mohammad Ghozie Operation & Finance Director 3 3
Indra Dalel (serves since 9 July 2018)
Risk Management Director 2 2
(served until 8 July 2018 )
6. Faaris Pranawa Risk Management Director 2 2
(serves since 9 July 2018)
7. Muhammad Oriza Head of Integrated Risk Management Division 4 4
Advisory Division
8. Hanif Osman Head of Financing Evaluation & Investment 4 4
Total Total
No Name Position
Meetings Attendance

Annual Report 2018
Total Total
No Name Position
Meetings Attendance
Djajawinata
4. Agresius R. Operation & Finance Director 4 4
Advisory Division
Total
No Name Position Total Attendance
Meetings
Sub Komite Asset & Liabilities
Kadiaman (served until 8 July 2018
6. David Widianto Head of Finance & Investor Relations Division 4 4
Acting Head of Social Environmental Evaluation
& Advisory Division
8. Syahrial Noviananta Head of Accounting & Assets Administration 4 4
Division (not mandatory to
attend)
9. Rintis Sitaresmi Head of Financing & Investment I Division 4 -
(not mandatory to
attend)
10. Eri Wibowo Head of Financing & Investment II Division 4 -
(not mandatory to
attend)
11. Indar Barung Head of Financing & Investment III Division 4 -
Acting Head of Syariah Business Division (not mandatory to
(served until 14 August 2018) attend)
4 -
(not mandatory to
attend)
Annual Report 2018

HIGHLIGHTS
Total
Meetings
Sub Komite Asset & Liabilities
12. Aradita Priyanti Head of Equity investment Management & 4 -
Operations (not mandatory to
atttend)
13. Erdian Dharmaputra Head of Municipal Financing Division 4 -
(not mandatory to
atttend)
14. M. Adi Kusuma Acting Head of Syariah Business Division 4 -
(serves since 15 August 2018) (not mandatory to
atttend)
Total Total
No Name Position
Meetings Attendance

Djajawinata
(served until 8 July 2018)
(serves since 2018)
Head of Legal Division 6 5
7. Agus Iman Solihin Head of Corporate Development & Initiative 12 12
Management Division
8. Rintis Sitaresmi Head of Financing & Investment I Division 12 12
9. Eri Wibowo Head of Financing & Investment II Division 12 12
10. Indar Barung Head of Financing & Investment III Division 12 10
Acting Head of Syariah Business Division
(served until 14 August 2018)
12 10
11. Erdian Dharmaputra Head of Municipal Financing Division 12 10
12. M. Adi Kusuma Head of Syariah Business Division 5 5

(serves since 15 August 2018)

Annual Report 2018
Total Total
No Name Position
Meetings Attendance
13. Victor Edward Head of Competence Management Center Division 3 3
Sasdiyarto (serves since 1 October 2018)
Head of Advisory Division 9 8

(served until 30 September 2018)
Acting Head of Sustainability Financing Division 1 1

(served until 31 January 2018)
Head of Advisory Division 3 3

14. Suparno
(serves since 1 October 2018)
Head of Sustainability Financing Division 10 7
15. Adi Pranasatrya
(serves since 1 February 2018)
16. Pradana Murti Head of Project Development Division 12 10
Acting Head of Competence Management Center 9 7

Division
17. Aradita Priyanti Head of Equity investment Management & Operations 12 12
18. Muhammad Oriza Acting Head of Social Environmental Evaluation & 12 11
Advisory Division
Head of Integrated Risk Management Division 12 11
(tidak wajib
(not mandatory hadir)
to attend)
19. Hanif Osman Head of Financing Evaluation & Investment Division 11 10
20. David Widianto Head of Finance & Investor Relations Division 12 12
21. Syarial Noviananta Head of Accounting & Assets Administration Division 12 11

22. Ramona Harimurti Acting Head of Legal Division 6 6
(serves since 9 Juli 2018) (tidak wajib
hadir)
Total
Meetings
Monitoring Sub Comittee
Djajawinata
4. Agresius R. Operation & Finance Director 2 2
Annual Report 2018

HIGHLIGHTS
Total
Meetings
Monitoring Sub Comittee
(serves since 2018)
Head of Legal Division 1 1
(served until 8 July 2018) (tidak wajib hadir)
7. Rintis Sitaresmi Head of Financing & Investment I Division 5 -
8. Eri Wibowo Head of Financing & Investment II Division 5 1
(served until 14 August 2018) - -
10. Erdian Dharmaputra Head of Municipal Financing Division 5 -
11. M. Adi Kusuma Head of Syariah Business Division 5 -

12. Victor Edward Head of Advisory Division 4 -
Sasdiyarto (served until 30 September 2018)
Acting Head of Sustainability Financing Division -

(served until 31 January 2018) -
13. Suparno Head of Advisory Division - -

14. Adi Pranasatrya Head of Sustainability Financing Division 5 -
15. Aradita Priyanti Head of Equity investment Management & 5
Operations
16. Hanif Osman Head of Financing Evaluation & Investment Division 5 5

Advisory Division (not mandatory to
attend)
Head of Integrated Risk Management Division 5 2
(not mandatory to
attend)
(serves since 9 Juli 2018) (not mandatory to
attend)
19. Syahrial Noviananta Head of Accounting & Assets Administration Division 5 5
(not mandatory to
attend)

Annual Report 2018
FINANCING COMMITTEE
The Financing Committee is established since 2009 with duties and activities renewed according to
the Company’s need. The amendment was enacted through the Board of Directors Decree No. SK-4/
SMI/0514 dated 8 May 2014, in lieu of the Board of Directors Decree No. SK-10/SMI/1115 dated 4
November 2015 and was last amended by the Board of Directors Decree No. BOD.SK-8/SMI/0616 dated
6 June 2016 stipulating the following:
1. The establishment of the Financing Committee.
2. The membership of the Financing Committee.
3. The Board of Directors serving as members on the Financing Committee shall act as Authorized
Officials.
4. Duties and Activities of Financing Committee.
Duties and Activities

The Financing Committee has the duties to stipulate financing activities and services, including sharia
schemes by taking into account all risk mitigations in every financing transaction.
Membership
Function in
Position
Committe
Secretary Head of the Proposing Division
2. Financing & Investment Director
4. Operation and Finance Director
5. Head of Financing & Investment Division I
6. Head of Financing & Investment Division II
7. Head of Financing & Investment Division III
10. Head of Legal Division
11. Head of Financing Evaluation & Investment Division
Non-permanent Head of Social Environmental Evaluation and Advisory

Members Division
Annual Report 2018

HIGHLIGHTS
Duties and Meetings of Financing Committee in 2018

During 2018, the Financing Committee has performed its duties related with financing activities as
well as services and convened meetings based on the proposals of each Divisions, namely Financing &
Investment Division and Sharia Business Division, with the following details:
1. Financing Committee meeting based on the proposal of Financing & Investment Division I of 9 (nine)
times.
2. Financing Committee meeting based on the proposal of Financing & Investment Division II of 5 (five)
times.
3. Financing Committee meeting based on the proposal of Financing & Investment Division III of 13
(thirteen) times.
4. Financing Committee meeting based on the proposal of Municipal Financing Division of 11 (eleven)
times.
5. Financing Committee meeting based on the proposal of Sharia Business Division of 4 (four) times.
No Name Position Total Meetings Total Attendance

2. Edwin Syahruzad Financing & Investment Director
51 51
3. Mohammad Operation & Finance Director
19 19
Ghozie Indra Dalel (serves since 9 July 2018)
Risk Management Director
32 32
4. Agresius Robajanto Operation & Finance Director
19 19
(serves since 2018)
Head of Legal Division
(served until 8 July 2018) 20 20
6. Rintis Sitaresmi Head of Financing & Investment I Division 10 10
7. Eri Wibowo Head of Financing & Investment II Division

5 5
8. Indar Barung Head of Financing & Investment III Division 14 14

(served until 14 August 2018) 3 3
9. Erdian Head of Municipal Financing Division 16 16
Dharmaputra
10. M. Adi Kusuma Head of Syariah Business Division 1 1
(serves since 9 Juli 2018)

Annual Report 2018
No Name Position Total Meetings Total Attendance
Muhammad Acting Head of Social Environmental Evaluation & 51 51

12 Advisory Division (tidak wajib hadir)
Oriza
13 Hanif Osman Head of Financing Evaluation & Investment Division 51 51
SUSTAINABLE FINANCING COMMITTEE

The Sustainable Financing Committee is established in 2017 by virtue of the Board of Directors Decree
No. SK-012/SMI/0917 dated 13 September 2017 which stipulate and regulate the following:
1. Sustainable Financing Committee establishment.

2. Sustainable Financing Committee membership.
3. The Board of Directors serving as members on the Sustainable Financing Committee shall act as
Authorized Officials.
4. The duties and activities of the Sustainable Financing Committee.

The Sustainable Financing Committee has the duty and activity to carry out the decision making on
sustainable financing activities and services including Sharia schemes.
Membership
Function in
Position
Committee
Secretary Head of Sustainable Financing Division
3. Operation and Finance Director
Non-permanent 1. Head of Center of Competence Division

Members 2. Head of Social Environmental Evaluation & Advisory
Division

Annual Report 2018

HIGHLIGHTS
Duties and Meetings of Sustainable Financing Committee in 2018

During 2018, the Sustainable Financing Committee has performed its duties related with financing
activities as well as services and convened 2 (two) meetings with the following details::
Total
Meetings
Djajawinata
3. Mohammad Ghozie Risk Management Director (served until 8 July 2018) 1 1
Indra Dalel
Operation & Finance Director (serves since 9 July 1 1
2018)
4. Agresius Robajanto Operation & Finance Director (served until 8 July 1 1
Kadiaman 2018)
5. Adi Pranasatrya Head of Sustainable Financing Division (serves since 2 2

1 February 2018)
6. Faaris Pranawa Risk Management Director (served until 9 July 2018) 1 1
Head of Legal Division (served until 8 July 2018) 1 1

7. Ramona Harimurti Head of Legal Division (serves since 9 July 2018) 1 1
8. Hanif Osman Head of Financing & Investment Evaluation Division 2 2

Advisory Division (not mandatory to
attend)
EQUITY INVESTMENT COMMITTEE

The Equity Investment Committee was established by virtue of the Board of Directors Decree No. SK-5/
SMI/0616 dated 1 June 2016, which stipulate and regulate:
1. Equity Investment Committee establishment.

2. Equity Investment Committee membership.
3. The Board of Directors serves as members of the Equity Investment Committee, act as the Authorized
Official.
4. Equity Investment Committee Duties and Activities.

The Equity Investment Committee has the duty to carry out the decision making on activities related to
equity investment, establishment of subsidiaries/ joint ventures including the disposal of partial or full
equity investment.

Annual Report 2018
Membership
Function in the Position
Committee
Secretary Head of Proposing Division

2. Financing & Investment Director
3. Operation & Finance
5. Project Development & Advisory Director
9. Head of Equity Investment Management & Operational Division
12. Head of Financing & Investment Evaluation Division
Non-Permanent Head of Social Environmental Evaluation & Advisory

Members Division
Duties and Meetings of Equity Investment Committee in 2018

During 2018, the Equity Investement Committee has performed its duties related to financing activities
as well as services and convened 1 (one) meetings with the following details:
Total Total Attendance

No Name Title
Meetings
2. Edwin Syahruzad Direktur Pembiayaan & Investasi 1 1

3. Mohammad Ghozie Risk Management Director (served until 8 July 2018) - -
Indra Dalel Operation & Finance Director (serves since 9 July
2018)
1 1
4. Faaris Pranawa Risk Management Director (serves since 9 July 2018) 1 1
Head of Legal Division (served until 8 July 2018) - -

Djajawinata
6. Agresius Robajanto Operation & Finance Director (served until 8 July 1 1
Kadiaman 2018)
7. Rintis Sitaresmi Head of Financing and Investment Division I 1 -
(not mandatory to
attend)
8. Eri Wibowo Head of Financing and Investment Division II 1 -
(not mandatory to
attend)
Annual Report 2018

HIGHLIGHTS
Committees Of The Board Of Directors
Total Total Attendance

No Name Title
Meetings
(not mandatory to
Acting as Head of Sharia Business Division attend)
(served until 14 August 2018)
-
-
10. M. Adi Kusuma Head of Sharia Business Division 1 -
(served until 15 August 2018) (not mandatory to
attend)
11. Aradita Priyanti Head of Equity Investment Management & 1 1
Operational Division
Acting Head of Social Environmental Evaluation & 1 1
13. Muhammad Oriza Advisory Division (not mandatory to
attend)
14. Hanif Osman Head of Financing & Investment Evaluation Division 1 1
PROJECT DEVELOPMENT & ADVISORY COMMITTEE
The Project Development & Advisory Committee is established by virtue of the Board of Directors Decree
No. SK-5/SMI/0514 dated 8 May 2014 and renewed with the Board of Directors Decree No. SK-11/
SMI/1115 dated 4 November 2015, the Board of Directors Decree No. SK-9/SMI/0616 dated 6 June
2016, and was last renewed by the Board of Directors Decree No. SK-14/SMI/0916 dated 28 September
2016, which stipulate and regulate:
1. Project Development & Advisory Committee establishment

2. Project Development & Advisory Committee Membership
3. The Board of Directors serves as members of the Project Development & Advisory Committee, act
as Authorized Officials.
4. Duties and Activities.

Project Development & Advisory Committee has duty to decide activities related to the mandate and
project preparation.

Annual Report 2018
Committees Of The Board Of Directors
Membership
Committee
Secretary Head of Proposer’s Division
Anggota Tetap 1. President Director

Permanent Members 2. Project Development & Advisory Director
4. Head of Advisory Division
5. Head of Project Development Division
8. Had of Integrated Risk Management Division
Non-Permanent
-
Members
Duties and Meetings of Project Development & Advisory Committee in 2018

In 2017, the Project Development & Advisory Committee has performed its duties related with assignment
activities related to consultation services and project preparation, as well as services and convened 13
(thirteen) meetings with the following details:
Total Total
No Name Title
Meetings Attendance
Djajawinata
3. Mohammad Ghozie Risk Management Director 5 5
Indra Dalel (served until 8 July 2018)
4. Faaris Pranawa Risk Management Director (serves since 9 July 2018) 10 10
Head of Legal Division

(served until 8 July 2018) 5 5
5. Victor Edward Head of Center of Competencies Division 3 4

Sasdiyarto (serves since 1 October 2018)
Head of Advisory Division (served until 30 September 10 10

2018)
Acting Head of Sustainable Financing Division
(served until 31 January 2018) - -
6. Suparno Head of Advisory Division - -
Annual Report 2018

HIGHLIGHTS
Total Total
No Name Title
Meetings Attendance
Acting Head of Center of Competence Division
10 10
8. Adi Pranasatrya Kepala Divisi Pembiayaan Berkelanjutan 12 12
10. Muhammad Oriza Head of Integrated Risk Management Division and 15 15

Acting Head of Social Environmental Evaluation and
Advisory Division
INFORMATION TECHNOLOGY SYSTEM COMMITTEE

Pursuant to the Board of Directors Decree No. SK-6/SMI/0514 dated May 8, 2014, and the Board of
Directors Decree No. SK-12/SMI/1115 dated November 4, 2015 and lastly amanded by the Board of
Directors Decree No. SK-7/SMI/0616 dated June 6, 2016, which stipulated and regulated:
1. Technology & Information Systems Committee establishment

2. Technology & Information Systems Committee Membership
3. The Board of Directors serves as members of the Technology & Information Systems Committee, act
as Authorized Officials.
4. Duties and Activities.

The Technology & Information Systems Committee has the following duties:
a. Formulating annual strategy in the context of technology and information system management
development.
b. Providing recommendations to the Board of Directors on the conformity of the IT Master Plan with
the Company business strategy plan.
c. Providing recommendations to the Board of Directors related to the Company’s management of
technology and information systems.

Annual Report 2018
Keanggotaan
Committee
Chairman Operation & Finance Director
Secretary Head of Information Technology Division
Anggota Tetap 1. Operation & Finance Director

Permanent Members 2. Head of Information Technology Division
3. Head of Equity Investment Management &
Operational
4. Head of Accounting & Asset Administration
Division
5. Head of Corporate Development & Initiative
Management Division
6. Head of Integrated Risk Management
Division
Non-Permanent Head of Division that related to the topic of
Members discussion
Duties and Meetings of Information Technology System Committee in 2018

The Information System Technology Committee has convened 4 (four) meeting. The discussion was
conducted in accordance with its scope of duties, which include the formulation of annual strategy for
the development and management of information system technology, providing recommendation to the
Board of Directors related to master plan and the application of information system technology as well
as monitoring the implementation of Information Technology plan.
Name Position Total Attendance

No Total Meetings
2. Mohammad Ghozie Operation & Finance Director (serves since 9 July 3 3
Indra Dalel 2018)
3. Romanus Tory Head of Information Technology Division 4 4
Kusumantara
4. Aradita Priyanti Head of Equity Investment Management & 4 1
Operational
6. Syahrial Noviananta Head of Accounting & Asset Administration 4 4
Division
8. Agus Iman Solihin Head of Corporate Development & Initiative 4 4
Management Division
Annual Report 2018

HIGHLIGHTS
SECRETARY OF THE BOARD OF

COMMISSIONERS
The Board of Commissioners appoints the Secretary of the Board of Commissioners to assists in secretarial
activities, which include:
1. Carrying out secretariat and administrative duties within the Commissioners’ office;
2. Organizing meetings of the Board of Commissioners, and conferences/ meetings between the Board
of Commissioners, Shareholder, Directors and other related parties, and providing any necessary
information at the meetings.
Profile of the Secretary of the BOC

Dodok Dwi Handoko, 43 Years
Born in Magetan, on 15 August 1975. He was appointed as the Secretary of the Board
of Commissioners in 2017. Obtained Master of Science from Graduate School of
International Development and Cooperation, Hiroshima University Japan in 2010 and
a Bachelor of Accounting from Stage college of Accountancy in 2001. He has recently
been appointed as a Deputy Director at Directorate General of State Assets, Ministry of
Finance. Previously, he was Secretary of the Board of Commissioners and member of
Audit Commitee at PT Sarana Multigriya Finansial (Persero).
Legal Basis of In accordance with the Board of Commissioners Decree No. SK-02/SMI/DK/0617 dated
Appointment June 14, 2014 on the Appointment of the Secretary of the Board of Commissioners,
Dodok Dwi Handoko was appointed as the Secretary of the Board of Commissioners on
June 14, 2017.

Annual Report 2018
CORPORATE SECRETARY
The Corporate Secretary functions as a liaison between the Company and the stakeholders. The Corporate
Secretary performs communication function and is responsible for the good image of the Company by
maintaining good relationships with all Stakeholders.
As such, the Corporate Secretary is responsible for:

1. Implementation of information disclosures and regulatory compliance.
2. Effective and efficient communication.
3. Administration of corporate documents.
4. Implementation of the Company’s social responsibility.
Profile of the Corporate Secretary

Ramona Harimurti, 47 Years
Indonesian citizen, and domiciled in Indonesia, 47 years old, appointed Corporate
Secretary since 3 April 2017. She graduated from the University of Indonesia in
1995. She has joined PT Sarana Multi Infrastrukur (Persero) since 2013 as Senior VP
Relationship Manager - Financing and Investment Division before being appointed as
Corporate Secretary. She has been certified Risk Management Certification Level 1 and
Level 2 of Risk Management Certification Board (BSMR), and Global Association of Risk
Professionals (GARP) respectively in August 2006 and November 2008.
Legal Basis of Appointment Ramona Harimurti was appointed as Corporate Secretary based on the Decision Letter
of the Board of Directors. SK-005/SMI/0317 dated March 31, 2017, which has been
approved by the Board of Commissioners dated March 2, 2017 with letter number
S-007/SMI/DK/0317.
Term of Office The term of office shall prevail until the dismissal based on the decision of the Board
of Directors.
Annual Report 2018

HIGHLIGHTS
Corporate Secretary
Corporate Secretary Main Duties and Functions

Pursuant to the Board of Directors Regulation No. PD-25/SMI/1217, the Corporate Secretary performs
the following functions:
1. Corporate a. Submission of reports and information of Company’s activities to Shareholder and

Governance supervisory institution.
Function b. Implementation of corporate activities such as GMS, meetings of the Board of Directors
and other corporate events.
c. Implementation of GCG compliance.
2. Communication a. Maintenance and development of good relations with the Company’s external
Function Stakeholders, including Shareholder, related agencies, the media, investors and the
general public.
b. Implementation of the Company’s internal communication activities, both through the
delivery of information and the organization of employees.
3. Administrative a. Organizing meetings of the Board of Directors and other meetings.

Functions for b. Administration and safekeeping of of corporate documents.
the Board of c. Support of the Board of Directors
Directors
4. Corporate Social a. CSR and Community Development.
Responsibility b. Non CSR and Community Development
5. Gratuities Managing the gratuities service and control information

Control
6. Customer Handling the customers’ complaints
Complaints
Implementation of Duties and Activities of the Corporate Secretary in 2018

During 2018, the Corporate Secretary led the division, and carried out duties and various activities, as
follows:
1. Preparation of the Annual GMS and Extraordinary GMS, Board of Directors Meetings, and
coordinated with the Board of Commissioners’ Secretary to convene the Board of Commissioners’
Meetings including Joint Meetings of the Board of Commissioners with Directors, and other internal
or external meetings.
2. Submitted regular reports and latest developments to the Minister of Finance as the Shareholder,
to the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) as the regulator, in
PT SMI’s capacity as issuer.

Annual Report 2018
Corporate Secretary
3. Renewed the Code of Conduct and the GCG Manual. 15. Administered and filing of the company’s documents
4. The Board Manual update. 16. Carried out room renovations and independent
5. Regularly disseminated the Code of Conduct and borrowed system development in the Company’s
GCG Manual to the Company’s employees, as well as library.
to new employees of PT SMI through the Induction 17. Facilitated coordination meetings with various
Program. directorates in the Ministry of Finance, Coordinating
6. Monitoring compliance on the Code of Conduct and Ministry for Economic Affairs, Bappenas, Ministry of
GCG Manual. Transportation, House of Representatives (DPR), as
7. Conducted awareness survey on the Code of well as other related institutions.
Conduct, GCG Manual, and Graft Control Guideline 18. Conducted and participated in capacity building
through e-Quiz. programs to enhance the capacity and competence.
8. Submitted the Company’s Annual Report and 19. Updated communication channels such as websites
Sustainability Report for the year 2017 to the in order to improve the Company’s quality of
Shareholder, Regulators, and Stakeholders in communication, especially in relation to providing
compliance with information disclosure provisions, information to all Stakeholders.
and its publication on the Company’s website. 20. Regularly updated the media about the Company’s
9. Submitted the Quarterly Management Report for performance, either through press releases or fact
the year 2018 to the Shareholder and the Board of sheets.
Commissioners. 21. Conducted Stakeholder engagement with
10. Coordinated with Human Resources Division to Stakeholders and the media.
renew the Integrity pact signed by all Company’s 22. Provided support on the signatories of important
employees as a commitment in business interaction, agreements with the Company’s debtors.
always based on ethical values and morals as part of 23. Carried out socialization efforts through various
the Company’s corporate culture. seminars, workshops, special events and sponsorship
11. Renewed the integrity pact of the Board of 24. Organized quarterly event of “Town Hall Meeting”
Commissioners and Board of Directors. between the Board of Directors and the employees.
12. Submitted the GCG assessment results by The Townhall Meeting discussed among others
Independent Assessor to the Shareholder, Board of the Company’s performance and accomplishment
Commissioners, Board of Directors and relevant work highlights in 2018, and followed up inputs and
units for follow up and fulfillment on suggested area suggestions from each division and direction from
of improvements. the Board of Directors.
13. Provided support on the Board of Directors’ 25. Implemented CSR activities, which consisted of CSR
activities including but not limited on the schedule Partnership Program and Community Development
arrangement of the Board of Directors and assistance (CSR), in particular for the Community Development
to the Board of Directors. Program (BL), and CSR non-PKBL.
14. Facilitated visit to projects financed and/or advisory
by the Company
Annual Report 2018

HIGHLIGHTS
Corporate Secretary
Workshops and Trainings for Corporate Secretary in 2018
Ramona Head of 1. Leadership Building Synergy PT DBS Bali

Harimurti Corporate Secretary to Improve Performance
Division 2. Bring i-Sprint to life in the Ary Ginanjar ESQ Jakarta
improvement of work ethics
within SMIers
3. Corporate Communication:
The Role of Corporate
Corporation to Build & Intipesan Jakarta
Increase
INVESTOR RELATIONS
In addition to Corporate Secretary Division, the Company has also in place the Finance and Investor
Relations Division that has the duties to manage transparent communication and fair disclosure of
information and consistent to assist investors and potential investors in making investment decisions.
This Division proactively communicates with analysts and investors that require the comprehensive
information about the Company.
The Company delivers a comprehensive, balance, accurate and timely information to the Shareholders
and Investors through communication media such as telephones, emails, investors and analysts gathering,
public expose, projects visits and participation in IR’s activities both locally and globally.
The Division distributes several publications such as Annual Report, which consists of business review,
and financial statements, quarterly financial reports, and press releases that provides information about
the corporate actions and other updates of the Company.
The information on the Company are also available through the website www.ptsmi.co.id that can be
accessed by external parties to obtain information for investors and potential investors, among others
financial statements, annual reports, corporate activities publications, press releases and others.

Annual Report 2018
Corporate Secretary
Investor Relations Duties and Activities

During 2018 the Company as bonds issuer has conducted investor relations activities, as follows:
No. Date and Venue Events / Activities

1. 24-25 May 2018, Imvestor Meeting with Sentosa Capital Pte.Ltd., Government of Singapore
Singapura Investment Corporation (GIC), Eastpring Investments, DBS PB, and Western Asset
Management Company Pte.Ltd.
2. 10 July 2018, Jakarta The Launching of Greed Bond and Suku I Phase I Year 2018 PT SMI.
Annual Report 2018

HIGHLIGHTS
Internal Audit
The Head of Internal Audit is appointed and dismissed by the President Director, with the approval of
the Board of Commissioners. The appointment, replacement or dismissal of the Head of Internal Audit
shall be notified to The Financial Services Authoriy. Internal Audit is led by the Head of Internal Audit
Division (IAU).
The Head of IAU is currently served by Setyo Wibowo, CIA, CRMA, CISA, CA, Ak., MM. He was appointed
based on the Approval Letter of the Company’s Board of Commissioners No. S-22/SMI/DK/0617 dated 8
June 2017 and the Board of Directors’ Decree No. SK 270/SMI//DKD/DHC/1017 dated 19 October 2017.
The appointment of Setyo Wibowo has been reported to the Financial Services Authority through Letter
No. S-1104/SMI/ DU/1117 dated 8 November 2017.
Profile of Head of Internal Audit
Setyo Wibowo, Ak. MM , CA, CIA, CISA, CRMA, QIA.

Obtained his Accountant degree after completing his Diploma III (1987-1990) and
Diploma IV (1993-1996) education at State College of Accountancy, in Jakarta. The
Master of Management obtained from the Bogor Agricultural School Business School
in 2006. He currently is undertaking the Doctor Program at the Agriculture Institute of
Bogor. Since 1990, Setyo became a government functional supervisory personel at the
Board of Financial Supervision and Development until 1998.
After 6 full years of working as an internal auditor at the Indonesian Bank Restructuring
Agency, since 2004 Setyo has continued his work in several positions at PT Perusahaan
Pengelola Aset (Persero) and its affiliated companies until the first half of 2017. Currently
Setyo is the Head of the Internal Audit Division (CAE) at PT Sarana Multi Infrastruktur
(Persero) in Jakarta pursuant to the approval of the Board of Commissioners dated June
8, 2017 with letter number S-22/SMI/DK/0617. As an activist in the development of
the internal audit profession in Indonesia, in the last decade, Setyo has been active in
volunteering with IIA Indonesia and several other internal audit profession organizations.
In his spare time, he also took the time to become a trainer and write various articles
related to internal audit.

Annual Report 2018
Internal Audit
Workshops and Trainings for Head of Internal Audit Division in 2018
Setyo Head of 1. SNIA-2018 Seminar Nasional Internal Yayasan Pendidikan Yogyakarta

Wibowo Internal Audit - Seminar Nasional Internal Audit Internal Auditor
Audit 2018: “The Auditor of The Future: Trusted
Division & Influencing Advisor”
2. IIA Professional Auditor Forum. IA Quality : Institute of Internal Jakarta
Capability, Maturity, and Assurance Auditor Indonesia
3. Leadership Building Synergy to Improve PT DBS Bali

Performance
4. Bring i-Sprint to life in the improvement of Ary Ginanjar ESQ Jakarta
work ethics within SMIers
5. III National Conference 2018 FKSPI Forum Komunikasi Satuan Jakarta
Pengawas Intern
6. Implementation of Early Warning System KIRAN Solo
(EWS) European Confederation
7. 2018 European Confederation of IIA of Institutes of Internal Madrid
Conference Program Auditing
Qualifications of Internal Auditors

Pursuant to the Internal Audit Charter, auditors shall have at least the following qualifiications:
a. Knowledge, skills, and competencies to carry out technical audits and other relevant disciplines in
their respective fields;
b. Integrity, professional behavior, independence, honesty and objectivity;
c. An internal auditor shall adhere to the profession standards issued by the Internal Audit Association;
d. An internal auditor should maintain the confidentiality of the Company’s information and/or data
with regards to the implementation of internal audits unless required by the law or a court decision;
and
e. Have the understanding of risk management principles, the Company’s good corporate governance
practices and internal control.
Annual Report 2018

HIGHLIGHTS
Internal Audit
Qualification/Certification of Internal Audit

The details of fulfilment of required qualification/ certification by Internal Audit Division are as follows:
Certification Setyo Asep Dimas Irvan Jan Hadi

Wibowo Yusuf Tejo Surya Putra
Mamun Purbowo Lesmana
Certified Information System Auditor (CISA) √
Chartered Accountant (CA) √
Certification in Risk Management Assurance (CRMA) √
Certified Internal Auditor (CIA) √ √
Qualified Internal Auditor √
BSMR 1 √ √ √
BSMR 2 √
Certified Risk Professional √
Trainings of Internal Audit Personel in 2018

No. Training Topic Date SW EW ISL RR ESF JHP AS ARA AYM DP
1. IIA Professional Auditor Forum: 18 Januari 2018 √
Ratings in Audit Reports : Lights or
Lighting Roads?
2. Disaster Emergency Response and 7 Februari 2018 √ √
Safety Plan
3. Tax Compliance in the Era of 21 Februari √ √
Transparency and its Legal 2018
Consequences.
4. IIA Professional Auditor Forum: 22 Februari √ √ √ √ √ √
IA Quality : Capability, Maturity, 2018
and Assurance
5. Certified Risk Professional 26 – 29 Maret √
Preparation 2018
6. From Clearer Thinking to 4-5 April 2018 √
Compeling Presentation – PT SMI
7. Green Bond Issuance Capacity 10 April 2018 √
Building by Ministry of Finance
8. Internal Auditor National Seminar 18-19 April √ √ √ √
2018 - Yayasan Pendidikan Internal 2018
Audit
9. PSAK Updates on IFRS 17-20 April √
Convergence Workshop 2018
10. Implementation of The World 18 April 2018 √
Bank’s Procurement & Consultant
Guideline on Geothermal Energy
Upstream Development Project - PT
SMI
11. PwC’s Global Economic Crime and 19 April 2018 √ √
Fraud Survey 2018
12 Workshop Arium 19 - 20 April √
2018

Annual Report 2018
Internal Audit
Trainings of Internal Audit Personel in 2018

No. Training Topic Date SW EW ISL RR ESF JHP AS ARA AYM DP
13 Workshop Development Bank of 25 - 26 April √ √
Japan – PT SMI 2018
14. Foundation Legal Concept and 26 April 2018 √ √
Practice in the Education Sector
15. I-SPRINT in SMIers to improve work 14 Mei 2018 √ √ √ √ √ √ √ √ √
ethic
16. Ethics & Pressure 22 Mei 2018 √
17. ISO/IEC 27001 Internal Auditor 12 – 13 Juli √
Training Course 2018
18. National Anti Fraud Conference 19 – 20 Juli √ √
2018
19. Third National Conference year 8 – 10 Agustus
√ √
2018 FKSPI in Solo 2018
20. 2018 National Conference The 27 – 29 Agustus √ √ √
Institute of Internal Auditors 2018
Indonesia - IIA Indonesia
21. The Ooutlook of Indonesia’s 12 – 14 √
Logistics Business for 2019 September 2018
22. APU-PPT 25 September √ √ √
2018
23. Talking about Gratuities 28 September √ √ √ √ √ √ √ √
2018
24. Sharing Session – Typical 4 Oktober 2018 √ √ √ √ √ √ √
Geothermal Exploration Contracts
25. European Confederation of IIA 29 September – √
Conference 2018 7 October 2018
26. ACIIA Conference 2018 28 Oktober – 1 √
November 2018
27. Best Practice in Internal Auditing 5 – 6 Desember √
2018
28. Drafting Regulation Training 12- 13 √
Desember 2018
SW = Setyo Wibowo
AYM = Asep Yusuf Mamun
EW = Erwin Windrasto
ISL = Irvan Surya Lesmana
RR = Rifka Rezkita
ESF = Erwin Sandy Firdausy
JHP = Jan Hadi Putra
AS = Ayu Setyaningrum
ARA = Andrei Rizky Anjana Putra
DP = Dimas Tejo Purbowo
In addition, member of Internal Audit Division shall joint
as members of internal auditor professional organization,
both national and international. The purpose of
Annual Report 2018

HIGHLIGHTS
Internal Audit
memberships is to maintain the professional competency by complying with the code of conduct
and profession practices standard set by professional organizations. The following are organization
memberships joined by Internal Audit:
Membership of Setyo Erwin Jan Hadi Rifka Erwin Sandy

Organization Wibowo Windrasto Putra Rizkita Firdausy
Ikatan Akuntan Indonesia √ √ √

Information Systems Audit and Control √
Association
Internal Audit Unit Communication √ √ √
Forum (Forum Komunikasi Satuan
Pengawasan Intern)
Human Resources and Organization

The Internal Audit Division has 10 employees, consisting of 1 Division Head, 1 Team Leader, 1 Quality
Assurance & Internal Management Officer, 1 Counterpart & Coordination Officer, and 6 staffs.
IAU Position in the Organzation Structure

For an independent and objective duties implementation, the Internal Audit Division is directly responsible
to the President Director, with the following organizational structure:
Head of IAU
Head of Setyo Wibowo
Division
Counterpart & Coordination QA & Internal Management

Sr. Specialist Erwin Windrasto Irvan S Lesmana
Team Leader Team Leader CORE Team Leader SUPP

Asep Yusuf M. (Vacant)
Senior Auditor Senior Auditor WBS/ Senior Auditor Senior Auditor Senior Auditor Senior Auditor IT
Syariah FRM Dimas Tejo Jan Hadi Putra Rifka Rizkita (Vacant)
(Vacant) (Vacant)
Staff
Pool of Auditors
Junior Auditor Junior Auditor Junior Auditor
Ayu Setyaningrum Andrei Rizky Erwin Sandy
Anjana Putra Firdausy
Duties and Functions

In accordance with the Internal Audit Charter, the Division duties and responsibilities include:
1. Preparing and submitting the Annual Work Assignment Plan to the President Director and the Audit
Committee;
2. Developing and maintaining the Company’s Internal Audit Guidelines to ensure all processes and
advisory are performed in accordance with the agreed quality standards;
3. Providing feedback to the Board of Directors on matters related to the process of internal control

Annual Report 2018
Internal Audit
systems, risk management, the application of good corporate governance principles, and compliance
with internal regulations as well as applicable laws;
4. Carrying out assignments based on the work plan of Internal Audit, related internal audit guidelines,
as well as internal audit professional standards and general internal auditors’ codes of conduct
(based on the arrangement of Indonesia’s internal audit profession consortium and The Institute of
Internal Auditors); and
5. Providing recommendations for the improvement of assignments, and/or recommendations related
to the impact of the weaknesses/deficiencies found in the assignments.
Internal Audit Charter

The Company has in place the Internal Audit Charter, which describe the Division’s vision and mission,
the general policy of internal control, the limits of authority and responsibility, management, the code
of ethics, internal auditor qualifications, and reporting and follow-up mechanisms. The Company has
renewed the Internal Audit Charter, which has been signed by the President Commissioner and President
Director on 1 October 2018.
Internal Audit Duties Implementation in 2018

During 2018, Internal Audit carried out the following duties and responsibilities:
No. Work Programs Deliverables
1. Asurance Completed 12 assurance assignments for high risk activities and 3 ongoing assurance
assignments.
2. Consultation Completed 3 consultation programs to business units.
3. Assistance Completed assistance to 6 parties both external and internal parties.
4. Internal Management To strengthen internal audit management, the IAU has carried out:
a. Annual Planning
b. Resource Management
c. Monitoring the follow up on external auditor and ISU recommendation
d. Internal Audit Charter Update
e. Internal Audit Procedres and Manual Update
f. Anti Fraud Control Guidelines Development
g. Internal Control System Guidelines Development
h. Audti Management System Procurement
5. WBS During 2018, there were no reports came through WBS.
Annual Report 2018

HIGHLIGHTS
INTERNAL CONTROL SYSTEM

Objective of the Internal Control System Conformity of the Internal Control
The Internal Control System is an essential component
of the business and is the foundation for the sound
System with International Standardsl
The implementation of the Company’s internal control
and secures operation of the Company. The Internal
system refers to international framework issued by COSO,
Control System aims to support the achievement of the
which forms under five (5) controlling components in
Company’s performance objective, improve value to the
accordance with COSO:
stakeholders and assure effectiveness and efficiency of
operation, reliability of financial reports, sufficiency of
1. Control environment
financial and operational controls, and compliance with
2. Risk assessment
prevailing laws and regulations.
3. Control activities
4. Information and communications system
Internal control system encompasses the processes,
5. Monitoring activities
structures, and systems that are designed to provide
reasonable assurance, after taking into account the cost,
time and or other relevant aspects, that: Overview of Effectiviness of Internal
1. The Company’s operations are carried out effectively,
efficiently, and economically.
Control System
The Company’s internal control system effectiveness that
2. Comply with rules and applicable laws.
impacted the Financial Statements as of 31 December
3. Company information systems, including financial
2018 has been evaluated by the Public Accountant Firm
reporting system are reliable.
with the opinion of “No issues related to the Internal
Control and its Operations”.

Annual Report 2018
PUBLIC ACCOUNTANT
The Public Accountant is an independent third party appointed by the Company to review the Financial
Statements and assess the fairness of the Company’s financials in accordance with the principles and
accounting standards applicable in Indonesia. The appointment procedure for Public Accountant Firm
has been conducted based on Financial Services Authority Regulation No.13/POJK.03/2017.
The Company through EGMS dated 27 August 2018 has appointed Public Accountant Firm Amir Abadi
Jusuf, Aryanto, Mawar & Rekan to audit the Company’s Financial Statements for Financial Year ended on
31 December 2018 with due observation that the appointed Public Accountant Firm is an independent
firm and listed in the Financial Services Authority.
The AGMS also delegates full authority to the Board of Directors to set the honorarium and other
requirements for the appointment thereof, by taking into account the approval from the Company’s
Board of Commissioners.
The selection mechanism for the Public Accounting Firm of the Company can be seen in the chart below:
Board of Commissioner
Develop Selection Criteria for Stipulation of Public ccountant

Public Accountant Firm Firm to conduct the general
Evaluation on the Audit
Procurement activities audit of the Company
Committee Recommendation
Selection of Public Accountant
Recommendation of Public
Firm Candidates and
Accountant Firm Candidates
Recommendation to the Board of
to the Shareholders/GMS for
Commissionerss
stipulation
Audit Committee Shareholder/GMS
Annual Report 2018

HIGHLIGHTS
Public Accountant
Public Accountant Timeline Period and Fee

The following are Public Accountant Firms that conducted the Company’s financial audits in the last five
years:
Audit Year Appointed Public Accountants Fees
2018 Amir Abadi Jusuf, Aryanto, Mawar dan Rekan (RSM) Rp610,000,000
2017 Doli, Bambang, Sulistyanto, Dadang & Ali (BKR International) Rp563,750,000
2016 Osman Bing Satrio & Enny (Deloitte) Rp770,000,000
Other Services Besides Financial Statement Audit provided by Auditors

There were no other services rendered by the Auditors from the audit of the Financial Statements.
Public Accountant Firm Opinions 2014 - 2018

The opinions of public accountant firm on the Company performance 2014-2018 are as follows:
2014 2015 2016 2017 2018

Financial Unqualified Opinion Unqualified Opinion Unqualified Opinion Unqualified Opinion Financial
Statement Statements
Audit has been fairly
in all material
respects according
to applicable
Financial
Accounting
Standard in
Indonesia
Compliance Complied in all PComplied in all Complied in all Complied in all Complied in all
Audit things material things material things material things material things material
Control System No issues related to No issues related to No issues related to No issues related to No issues related
Audit internal control and internal control and internal control and internal control and to internal control
its operations its operations its operations its operations and its operations

Annual Report 2018
Public Accountant
2014 2015 2016 2017 2018

Performance Report presentation Report presentation Report presentation Report presentation Report
Report has been adequate has been adequate has been adequate has been adequate presentation has
in all things material in all things material in all things material in all things material been adequate in
all things material
Audit Unqualified Unqualified Unqualified Unqualified No statements

that made
the unfairly
presentation
of Financial
Statements
AFD Compliance NA NA No failures in No failures in No failures in

the fulfillment of the fulfillment of the fulfillment of
the credit facility the credit facility the credit facility
agreement with AFD agreement with AFD agreement with
AFD
Auditor Public Accounting Public Accounting Public Accounting Public Accounting Public Accounting
Firm Osman Bing Firm Osman Bing Firm Osman Bing Firm Doli, Bambang, Firm Amir Abadi
Satrio & Eny Satrio & Eny Satrio & Eny Sulistyanto, Jusuf, Aryanto,
(Deloitte) (Deloitte) (Deloitte) Dadang & Ali (BKR Mawar & Rekan
International) (RSM)
Annual Report 2018

HIGHLIGHTS
RISK MANAGEMENT
RISK MANAGEMENT SYSTEM APPLICATION
The Company has implemented risk management function that align with the risk management
framework aiming at ensuring no losses occur in business activities that may disrupt the Company’s
business continuity.
The Company’s risk management framework applies the Enterprise Risk Management approach which
is a comprehensive and integrated framework to manage credit risk, equity investment risk, operational
risk, market risk, liquidity risk, legal risk, strategic risk, compliance risk, reputation risk, sharia risk, and
environmental and social risk, in an effort to balance of the Company’s risks and return.
Risk Management Implementation Framework
Risk Management Implementation
Proper Risk Governance Risk Management

Comprehensive and Integrated
4 Pillars General Guidelines for Risk Management Implementation
Risk
Management
Adequate Process and
Guidelines, Comprehensive
Organization Information Internal Control
Procedures and System Risk
and Human Limits of Risk System
Resources Management
Management
Pillars
Three Line of Defense
Product, Business Activities, and Corporate Activities

Annual Report 2018
Risk Management
The Risk Management Framework applied by the Company includes the

following four pillars:
1.
Organization and Human Resources risk management pillars that support good risk
governance.
Risk management organization is an organization established to support and facilitate the
implementation of risk management across all lines of the company and support a sound risk
governance. The risk management organizations framework that can realize such risk management
organizations are:
a. Active supervision of the Board of Commissioners and Board of Directors, and Sharia Supervisory
Board (DPS) is specifically required for the supervision on sharia business.
b. Establishment and execution of Committees under the coordination of the Board of
Commissioners or Board of Directors.
c. Establishment of Units with risk management function, compliance, and internal audit
independent of Risk Taking Division Function as risk taker/ risk owner.
2. Adequate Guidelines, Procedures and Limits of Risk Management Pillar.

The Company periodically continues to undertake the development and evaluation of established
guidelines and procedures with the aim to improve the implementation of risk management. In
addition to guidelines and procedures, the Company will also establish and continue to evaluate
the applicable risk limit, risk appetite and risk tolerance policies to limit the risks acceptable to the
Company, establish risk limits and risk control in the hope that it will not cause any harm to the
Company.
3. P
roper and accurate Pillar of Risk Management Process and Information System Risk
Management.
The Company carries out risk management process, namely: identification, measurement, monitoring
and controlling of all risk types managed by the Company on the Company’s products and activities.
An adequate and timely Risk Management Information System shall support the implementation of
risk management process, as well as an accurate and informative report on the Company’s financial
condition, functional activity performance, and risk exposure.
Annual Report 2018

HIGHLIGHTS
Risk Management
4. Comprehensive Pillar of Internal Control System. Management Unit is required to review and propose
The Company implements an effective internal control risk limits for the Risk Taking Division, and further
system toward its business conduct and operational work with the Risk Taking Division to ensure that
activities at all levels of the Company’s organization. the risks are accurately identified, measurable and
They are required to carry out self-assessments related managed in accordance with agreed parameters and
to Code of Conduct, Good Corporate Governance, reported to related parties. The Risk Management
corporate values, and awareness of possible risks. An Unit has the role of ensuring the implementation of
Internal Control is initiated from prevention efforts risk management framework, including guidelines,
as early as possible for the occurrence of matters procedures, systems and other tools by Risk Taking
that may harm the Company’s business activities or Division.
the emergence of unhealthy practices based on the
principle of prudence and is expected to be able to A compliance unit manages compliance risks and
detect the weaknesses and irregularities that occur in is responsible for ensuring that all binding external
a timely manner. regulations have been socialized and complied with
by all Risk Taking Divisions in relation to each of the
Company’s activities.
RISK MANAGEMENT GOVERNANCE STRUCTURES
The Company has in place risk management framework
3. Third Line of Defense
and governance which is implemented through the
The role of Internal Audit is continuously enhanced
principles of Three Lines of Defense at all levels, with the
as a third line of defense in a risk management and
following description:
control framework through independent testing and
auditing.
1. First Line of Defense
Risk taking Division acts as the first-line of defense and
The Internal Audit ensures the effectiveness of risk
responsible for identifying, evaluating, controlling,
management process undertaken by Risk Taking
mitigating risks, and ensuring the adequacy of
Division, the accuracy of process at Risk Taking
internal controls in Risk Taking Division products or
Division to ensure the performance of functions
activities by appointing Risk & Compliance Manager
and responsibilities and adhere to the guidelines,
(URCM) units.
procedures, systems and tools established by the
Board of Directors. Internal Audit also independently
Risk Taking Division has the primary responsibility
examines the quality of each business line portfolio.
for managing business risk or business risk exposure
by implementing a risk management framework,
including guidelines, procedures, systems and other
applicable tools and monitoring the performance of
each risk management unit.
2. S
econd Line of Defense
A Risk Management Unit and a working unit with
compliance function are expected to enhance the
role of main working unit in providing second line
of defense through an independent monitoring/
monitoring function. An independent Risk

Annual Report 2018
Risk Management
Board of Monitoring, Supervision, and Direction

Supervision of the Risk Management Policy (Risk Appetite and Limit) Implemantation
Commissioners
Committees under
the Board of Audit Commitee
Commissioners Risk Monitoring Commitee
Policy Development
Director
Implamentation Compliance
Internal Control System
Determine Organization structure, Authorities, and Responsibilities
Committees Under Financing Committee Risk & Capital Committee

the Board of Directors Sustainable Financing Committee Risk Management Sub
Equity Investment Committee Committee
Information systems Technology Asset and Liability Sub
Committee Committee
Sub Komite Target
Sub Komite Monitoring
Division
1st line of defense 2nd line of defense 3rd line of defense
Daily risk 7 response Risk Management Framework, Policy Independent Audit
and Methodology, Facilitator and Review
Risk Mangement
Risk Taking Division Internal Audit Division
Division
Transactional Policy Assurance
The Board of Commissioners conducts monitoring, supervision and direction of the organization
assisted by the Risk Management Committee. As for the formulation of policy, ensuring compliance
implementation, internal control system and establishment of organizational structure, authority and
responsibilities are carried out by the Board of Directors assisted by the Committees under the Board
of Directors. As Second Line of Defense, Risk Management in addition to being responsible for carrying
out the risk management governance function independently also cooperates and in partners with
all business units and supporting units in order to establish a process of identification, measurement,
monitoring, risk control, and information systems, as well as comprehensive internal control system.
One of risk management frameworks is carried out through the Risk and Compliance Manager (URCM)
Unit. URCM is the key person in every Division that serves as a single point of contact in the implementation
of Risk Management, Compliance aspect, Governance, and Audit follow-up. The presence of URCM in
each Division is expected to assist in improving internal control, especially in the face of increasing
business complexity. Since 2017, the URCM forum is carried out regularly every year with the results
reported to the Board of Directors.
Annual Report 2018

HIGHLIGHTS
Risk Management
Internal Audit
“URCM will be on each Risk Management

Division/Function”
Compliance
2nd & 3rd line of defense
URCM URCM URCM URCM URCM URCM URCM URCM URCM URCM URCM
(DSP) (DPKM) (DAI) (DH) (DSDM) (DPI-1) (DPI-2) (DPI-3) (DPD) (DJK) (DUS)
URCM URCM URCM URCM URCM URCM URCM URCM URCM URCM URCM URCM
(DPP) (DPB) (DPPK) (DKHI) (DAA) (DUP) (DTI) (DPMO) (DEPI) (DELJ) (DMRT) (DPPI)
1st line of defense
RISKS ENCOUNTERED BY THE COMPANY

Types of Company’s Risks
1. Credit Risk
Credit risk is the risk due to the failure of other parties in meeting its financial obligations to the
Company, including Financing Risk due to the failure of counterparty or other party to meet its
financial obligations to the Company based in the agreed contract, Concentration Risk, counterparty
financing risk, and settlement risk.
2. Equity Investment Risk

Equity Investment Risk is the risk that may arise from the Company’s investment in the form of shares
in other institutions.
3. Operational Risk
Operational Risk is the risk of loss that may arise from inadequate internal process, failure in internal
process, human error, system failure, and/or external events that have an impact on the Company’s
operations.
4. Market Risk
Market Risk is the risk threatening balance sheet position and administrative account, including
derivative transactions, which may emerge due to severe changes in market conditions, including
the risk of changes in option prices and market prices, including risk of changes in the value of
tradable or leased assets.
5. Liquidity Risk
Liquidity Risk is the risk due to the Company’s failure to meet its matured financial obligations from
cash flow and/or high quality liquid assets that can be placed as collateral without disrupting the
Company’s financial activities and condition.

Annual Report 2018
Risk Management
1. Risk governance improvement through the

6. Legal Risk
Adjustment of Committees under the Board of
Legal Risk is the risk due to lawsuits and/or an
Directors in line with the Company’s business
inadequate juridical approach.
development and effectiveness of Committees
implementation.
7. Strategic Risk
Strategic Risk is Risk due to inaccuracy in making
2. Fundamental review on the risk management
and/or executing a strategic decision and failure in
organization structure, the Company’s committees,
anticipating changes in the business environment.
existing risk management framework, risk appetite,
risk tolerance, risk management supervision process,
8. Compliance Risk
adequacy of policies and limits, risk management
Compliance Risk is the Risk due the Company’s failure
processes, methodologies and systems, and internal
to comply with and/or to enforce applicable laws and
control system in accordance with the characteristics
regulations, including Sharia Principles.
and complexity of the Company’s business in
response to PT SMI’s transformation.
9. Reputation Risk
Reputation Risk is the Risk due to decrease in the
3. Develop company risk profile framework to
level of stakeholders’ trust as a result of negative
manage risk thoroughly through benchmarking
perceptions the Company may have unintentionally
with Development Financial Institution, Banks
built.
and Financial Institutions with similar business
characteristics with the Company, as well as other
10. Sharia Risk
sources that are relevant with the Company. The
Sharia Risk is the risk of losses arising from all of the
Company Risk Profile allows the Company to
Company’s sharia business activities, including sharia
conduct early detection on issues or activities that
financing and funding.
may significantly impact the Company. This way, the
Company may take necessary steps to mitigate risk,
11. Environmental and Social Risk
make improvements and manage risk effectively and
Environmental and Social Risk is the Risk that may
efficiently.
arise from failure to comply with and/or enforce
Indonesian or international environmental and
4. Develop studies brought by the weakening of the
social regulations related to projects finance by the
Rupiah as well as the increase in interest rate that has
Company.
had a continued effect on the Company’s portfolio.
The study is developed to understand the capacity
of the Company to withstand financial stresses
RISK MANAGEMENT EFFORTS brought by macroeconomic conditions that may
Sustainable Risk Management Process effect the sustainability of the Company. The result
The growing complexity of the Company’s activities/ of the study has been submitted to the Shareholders
transactions and the maturity level requires the through DJKN, Ministry of Finance.
improvement of methodology and/or risk management
process by Risk Management Directorate. Efforts by Risk 5. Implement Operational Risk Management
Management Directorate to improve Risk Management in Methodology through the General Operating and
2018 are as follows: Control Environment Questionairre (GOCEQ) that
aims to identify operational risk exposure for the
ongoing month to increase the effectivity of the
Company’s URCM.
Annual Report 2018

HIGHLIGHTS
Risk Management
6. Conduct the Disaster Recovery Plan (DRP) test that is 10. Financial Restructuring of Non Performing Loan (NPL)
part of the Business Continuity Plan (BCP). BCP is an in the PJK Division to improve the asset quality of the
integrated and full management process to ensure Company.
the Company’s operational activity that is planned
and coordinated. This is aimed to minimize risk 11. Capacity building on the Early Identification
and manage the impact of disaster as well as the of Potential Financing Problems and its Legal
recovery process so that the Company’s operational Implications with an aim to achieve healthy financing
process can continue which includes the IT Division . This is aligned with the Company’s vission and
and Human Resources which support the business mission as catalyst of infrastructure development.
function as well as critical operational activities.
DRP stresses the technological aspects with a 12. Conduct improvements of risk management
focus on data recovery or restoration plan as well through the committee adjustment. The committee
as a functioning application system and critical TSI under the Board of Directors is aligned with the
infrastructure. Company’s business development and the efective
implementation of the Comiitee.
7. Support the development of Sharia financing, DMR
is involved in the process of obtaining the permit 13. Initiate risk management that is done gradually and
from OJK on the implementation of the Ijarah Al continuously to improve risk governance, aligning
Maushufah Fi Al Dzimmah (IMFZ) scheme, as a with the risk needs and priorities of the Company.
a requirement for the issuance of the IMZF Sharia
financing product. Throughout 2018, the Risk Management Directorate
has completed 43 improvement initiatives to manage
8. The Company has successfuly issued first Green risk as follows:
Bond in Indonesia. The funds raised by the Green – Risk Appetite Statement and Risk Profile
Bond issuance will be used to to fund green eligible Framework.
projects. – Implementation of Early Warning System for
financing activities
9. Sustainable development of the Corporate Rating – Adjustment of Guideline and Procedures with
Tool methodology involves Moody’s Analytical and the change in organizational structure
Project Rating Tools as well as S&P Global and – Strengthening Finance Management activities,
Municipal rating tools. The Company supports the Market Risk control and Managing liquidity risk
advancing of regional infrastructure development – Development of portfolio management and risk
through the improvement of Regional Government management report
regulation through the Risk Management Protocol
(RMP) of Regional Governments with relevant
Ministry stakeholders.

Annual Report 2018
Risk Management
14. S everal improvement efforts from the implemenation 16. Form the Sustainability Report to describe the efforts
of Environmental and Social Safeguards in 2018 are made by the Company in managing its sustainability
as follows: efforts, while trying to balance the environmental
– Create manual for ESS for road and bridge and social economic aspects.
sector, health sector, renewable energy
sector,and mini-hydro and dam sector financing 17. Completion of Project Development and Advisory
– Capacity Building of ESS implementation Guidelines to support the governance of its activities.
through several workshops involving debitors,
Ministries, Agencies and Company staff. The Company considers that ESS implementation
– Create Customer Complaint Guideline. that best suits the conditions in Indonesia today is an
– Improve ESDD quality through additional spatial application based on propriety, rational, supported
plan and geography analysis using the GIS by relevant parties and adapted to the real conditions
software in the field.
– Development of database mechanism for CAP
monitoring
– Strengthening insitutional framework regarding
Risk Management Initiatives
Risk Management Initiatives is a continuous activity,
ESS (guideline, procedure, manual): final
which also refers to the recommendation of review
review of ESS guideline at corporate level by
results from the Enterprise Risk Management application.
Management, form guideline on Gender,
The initiative continues in 2018 and the following years
finalizing instruction for GIS use, finalizing
hence the Company is able to apply risk management
the ESS manual (4 sectors) and Good Practice
that best suits the needs of the Company. These strategic
Sector for bridge and traditional market.
initiatives support the completion of the Company’s
initiatives, which are:
15. Semester II 2018, DELJ and Corporate Secretary
has completed the Desa Bakti untuk Negeri (DBuN)
1. Implementing the Risk Appetite Statemen (RAS)

Program. DBuN is part of the Company’s concern for
which aims to provide guidance for the Company
the environment through community participation.
to maintain the balance between the role of catalyst
DBuN Program is held in Sukoharjo Village, Pabelan
and business continuity in order to carry out the
District, Semarang Regency, which is along the
mandate given to Company.
the Bawen - Salatiga Tol. Sukoharjo village was
2. Implementation of the corporate risk profile

chosen because of the toll road construction project
framework to manage risk thoroughly so that the
which has directly impacted the community and
Company can carry out early detection of issues
environment with damage to several important
or activities that significantly impact the Company
components of the environment, such as water
so that it can immediately take steps to prevent,
sources for villages as well as dust and sound
improve, and manage risk effectively and efficiently.
pollution. This may affect the economic sustainability
3. Risk Management initiatives is a continuous activity,
and environmental impact of the village.
and also refers to the recommendations from the
results of the study of ERM implementation in the
Company by consultant. The initiative will continue
Annual Report 2018

HIGHLIGHTS
Risk Management
until 2019 and subsequent years so that the company risk information, and internal control systems
can implement risk management which best suits the according to the characteristics and complexity of
needs of the Company, namely, among others: the business The Company is in response to PT SMI’s
transformation.
- Continuous improvement towards the
Company’s ability to identify, measure, monitor, 5. Develop new initiatives on risk management in
and controlling the risks. continuous, gradual and sustainable way to improve
- Human Resource Development related to Risk corporate governance risks that are in line with
management. needs and priorities of Company’s risk management.
- Strengthening risk culture for all employees.
- Strong risk management improvement through 6. Always communicate with Risk Taking Division
the preparation of policies & procedures, (RTD) to continue developing risk culture and
accountability and technology development. increasing risk awareness and compliance of RTD
- Increasing quality on Human Resources. to Company Policy that has been approved by the
- System improvement to support performance. Board of Directors, where risk management must be
- Intensive communication with all related parties implemented by each of the Company’s personnel,
in risk management. from the most level down to the highest level.
- Improve understanding and cooperation
internally in regards to application Environmental 7. Business process analysis on an ongoing basis along
and Social Safeguards. with the increase the complexity of the Company’s
- Improve the understanding of debtors and activities through making and the application of
prospective debtors with regard to application Guidelines / Procedures, both of which initiated by
of Environmental and Social Safeguards. the Directorate of Risk Management, Division of
- Strengthening Environmental and Social Internal Audit, and/or RTD to improve management
documents Management Framework and risks, including identification of changes policies
its application and synchronization with the for existing activities and activities - new activities
Company’s policies. carried out by the Company.
- Maintain cooperation with institutions and
other government agencies. 8. Continuous study of the application of provisions
- Assist monitoring process and provide advice environmental and social safeguards that are most
for financing assets in the watchlist category. appropriate to the needs of the Company, as long as
- Manage and monitor assets in the Non- it can be implemented based on propriety, rational,
Performing Loan category. and the real conditions faced in Indonesia.
- Make efforts to save the assets watchlist and
Non Performing Loan category to improve the
quality of financing assets.
4. Perform a fundamental review on the risk

management organization structure, risk appetite,
risk management supervision process, adequacy
of policies, processes, methodologies and systems

Annual Report 2018
Risk Management
RISK MONITORING • URCM Forum results reported to the Company’s

Board of Directors.
Results of Risk Management Review in 2018 • Operational Risk Management Report to the Board
Risk monitoring is carried out as an integral part of risk of Directors quarterly, a report explaining the
management to monitor and review progress and risk operational risk management covering Risk Event
changes, strategy effectiveness and implementation of Reporting (RER), Risk Control Self Assessment
risk treatment and control. Monitoring is continuously (RCSA), and General Operating Control Environment
carried out by RTD as risk owner and periodically by Risk Questionnaire (GOCEQ). This reporting is a form of
Management Directorate. escalation from risk event and improvement follow
up in each Risk Taking Division (RTD).
Monitoring results are documented in the form of periodic • In addition to the report to the Board of Directors,
risk management reports to the Board of Directors, the Risk Management Directorate also periodically
among others: submitted the financing and investment portfolio
reports to the Risk Monitoring Committee.
• Risk Management Report, a report describing the
risk management based on the Company’s risk The reports are aimed at providing different perspectives
management framework with an Enterprise Risk to the Company’s Management on the latest condition of
Management (ERM) approach that manages the 11 the Company and are expected to be taken into further
(eleven) risks faced by the Company in an effort to consideration on the established decisions.
balance the Company’s risks and returns.
• Portfolio Report on Financing, Investment, Treasury,
Project Development and Corporate Consultation
Services, a report that explains the portfolio &
risk concern information of financing activities,
investments, treasury, project development &
advisory services and sustainable financing in an
updated, efficient and consistent manner.
• Market & Liquidity Report, a report explaining
compliance checks on treasury activities and risk &
market risk management of treasury activities.
Annual Report 2018

HIGHLIGHTS
COMPLIANCE
The Compliance function is integrated in the Legal Division 8. Minister of Finance Regulation No. 88/PMK.06/2015
under the supervision of the Board of Directors. The main on the Good Corporate Governance Implementation
duties of compliance function are in accordance with the in the Company under the Mentoring and Oversight
Board of Directors Decree No. PD-25/SMI/1217 dated 29 of Minister of Finance;
December 2017 that includes: 9. Minister of Finance Regulation No. 106/
PMK.06/2017 on the Board of Directors and Board
1. Developing guidelines for application of know your of Commissioners Performance Management in the
customer principles. Company under the Mentoring and Oversight of
2. Managing compliance with applicable regulations. Minister of Finance;
10. Minister of Finance Regulation No. 62 of 2017
During 2018, a compliance checklist was developed on Geothermal Infrastructure Financing Fund
to carry out compliance monitoring of the Company Management Geothermal Sector in PT SMI;
obligation pursuant to the applicable laws and regulations. 11. Minister of Finance Regulation No. 73 of 2018 on
The aforementioned checklist was tested within the Preparation and Implementation Facilities for PPP
Company. The Public Accounting Firm will use the test Project Transactions in Infrastructure Provision;
results as the basis for the Company’s compliance audit 12. Minister of Finance Regulation No. 200 of 2018 on
towards prevailing laws and regulation. Guidelines for Determining the Company’s Board of
Directors and Commissioners Remuneration under
The laws and regulations as the legal reference of audit the Guidance and Supervision of Minister of Finance;
compliance, including clauses and articles in the laws and 13. Minister of Finance Regulation No. 201 of 2018 on
regulations applicable to the Company are as below: Procedures for Elimination and Transfer of Fixed
1. Law No. 40 of 2007 on Limited Liabilities Company; Assets of the Limited Liability Company under the
2. Law No. 19 of 2003 on State-Owned Enterprises; Guidance and Supervision of the Minister of Finance;
3. Law No. 3 of 1982 on the Corporate Compulsory 14. Financial Services Authority Regulation No. 3/
Registration; POJK.05/2013 on the Monthly Report of Non Bank
4. Government Regulation No. 24 of 2018 on Electronic Financial Services Institutions;
Integrated Business Licensing Services; 15. Decision Letter of the Chair of Bapepam No. 712/
5. Government regulation No. 45 of 2005 on the BL/2012 of 2012 on Rating of Debt and/or Sukuk
Establishment, Management, Supervisory and Securities;
Liquidation of State-Owned Enterprises; 16. Decision Letter of the Chair of Bapepam No. 346/
6. Minister of Finance Regulation No. 100/ BL/2011 of 2011 on Submission of Periodic Financial
PMK.010/2009 on the Infrastructure Financing Report of Issuers or Public Companies;
Company; 17. Financial Services Authority Regulation No. 1/
7. Minister of Finance Regulation No. 28/PMK.06/2013 POJK.07/2013 on the Consumer Protection of
on the Development, Submission, and Changes Financial Services Sector;
of Corporate Plan and Work & Budget Plan of the 18. Financial Services Authority Regulation No. 33/
company under the Mentoring and Oversight of POJK.04/2014 on the Board of Directors and Board
Minister of Finance; of Commissioners of Issuers or Public Companies;

Annual Report 2018
Compliance
19. Financial Services Authority Regulation No. 35/ 31. Financial Services Authority Regulation No. 3/
POJK.04/2014 on Corporate Secretary of Issuers or POJK.04/2018 on Amendments to Regulations
Public Companies; 32. Financial Services Authority No. 18/POJK.04/2015 on
20. Financial Services Authority Regulation No. 31/ Issuance and Requirements of Sukuk; and
POJK.04/2015 on the Information Transparency or 33. Financial Services Authority Regulation No. 18/
Material Facts by Issuers or Public Companies; POJK.07/2018 on Consumers Complaint Service in
21. Financial Services Authority Regulation No. 29/ the Financial Services Sector.
POJK.04/2016 on the Annual Reports of Issuers or
Public Companies; Pursuant to the Independent Accounting Report
22. Financial Services Authority Regulation No. Nomor: R/007.AAT/rhp/2019 dated 18 Febuari 2019,
55/POJK.04/2015 on the Audit Committee the Company has been in compliance with all material
Establishmentand Charter; respects.
23. Financial Services Authority Regulation No. 12/
POJK.01/2017 on the Anti Money Laundering
and Counter Terrorism Financing Program
Implementation in Financial Services Sector.
Activities Implementation
In 2018, the Legal Department has conducted
important initiatives namely the Refinement of Anti
POJK.04/2015 on Application of Sharia Principles in
Money Laundering and Counter Terrorism Financing
Capital Market;
Implementation Guidelines and Procedures.
POJK.04/2018 on Issuance and Requirements of
Sukuk;
POJK.04/2014 on the Committee of Nomination and
27. Remuneration of Issuers or Public Companies;
Financial Services Authority Regulation No. 56/
POJK.04/2015 on Establishment and Preparation of
the Internal Audit Unit Charter Guidelines;
POJK.04/2016 on Issuer’s Annual Report or Public
Company;
POJK.04/2017 on Statement Documents Registration
in The Securities Public Offering Equity, Debt
Securities, and / or Sukuk;
POJK.04/2017 on Issuance and Requirements of
Environmentally Debt Properties (Green Bond);
Annual Report 2018

HIGHLIGHTS
LITIGATION
The Company is currently not involved in any civil, criminal, tax, labor, state administrative, or any other
legal cases registered/recorded in the Indonesian National Arbitration Board and Indonesian Capital
Market Arbitration Board or cases of bankruptcy at the Commercial Court in Central Jakarta District
Court where the Company is domiciled.
As of the end of 2018, there were no lawsuits or litigations encountered by the company, subsidiaries,
or members of the Board of Commissioners and Board of Directors that serving within the annual
report period.
ADMINISTRATIVE SANCTIONS
During 2018, the Company did not receive any administrative sanctions at any form.

Annual Report 2018
INFORMATION ACCESS
AND CORPORATE DATA
As part of the transparency and equality principles of information for shareholders and stakeholders,
the Company’s related information and related corporate data in bilingual form (Bahasa Indonesia and
English) can be accessed through the following media:
1. Company Website (www.ptsmi.co.id)

2. Written documents that can be uploaded from the Company’s Website, include Annual Reports,
Financial Statements and Press Release.
3. Shareholders meetings organized by the Corporate Secretary Division and Investor meetings held by
the Finance & Investor Relations Division.
Further information on the Company may be obtained by contacting:
Corporate Secretary
Sahid Sudirman Center 48th Floor Jl. Jend Sudirman No. 86
Jakarta Pusat 10220, Indonesia
Ph. (62-21-8082 5288
Fax (62-21-8082 5258
Email: corporatesecretary@ptsmi.co.id
Annual Report 2018

HIGHLIGHTS
CODE OF CONDUCT
In 2018, the Company refined its code of ethics and Principles of Code of Ethics and Conduct
conduct through Code of Conduct of PT SMI as stated The scope of the Company’s Code of Ethics and Conduct
in the Joint Decree of the Board of Commissioners and is as follows:
Board of Directors No. PER-02/SMI/DK/0218 – PER-003/ 1. Corporate Ethic with Government
SMI/0218 that has been approved on 23 February 2018. 2. Corporate Ethic with Employees
3. Corporate Ethic with Shareholder
4. Corporate Ethic with Creditors/Investors
The refinement was conducted to conform with the latest 5. Corporate Ethic with Debtors
regulatories and conditions of the Company including 6. Corporate Ethic with Suppliers of goods and services
as part of fulfilling the area of improvements delivered 7. Corporate Ethic with Partners
by Independent Assessor on the GCG Assessment Year 8. Corporate Ethic with Public
2017. 9. Corporate Ethic with Competitors
10. Corporate Ethic with Media
Meanwhile, the principles and scope of Code of Conduct

Code of Ethics is the system of values and norms are as follows:
implemented by the Company, which serve as a reference 1. Work interaction among Fellow Employees.
point for the Company and its employees to deal with the 2. Compliance with Laws, Rules and Other Regulations.
internal and external environment. 3. Maintaining Safety and Occupational Health, and
Environmental Protection (OHSE).
Code of Conduct is the system of values or norms that 4. Maintaning Confidentiality of Data and Corporate
are used by all employees of the Company to carry out Information.
their duties 5. Adequate Protection and Use of Assets.
6. Financial Information Disclosures.
7. Avoiding Conflict of Interest.
8. Never Receiving or Giving Gratuities.
9. No Corruption and Prohibition of Bribery.
10. Fair Competition.
11. Disclosure of Financial Information.
12. Political Contributions and Activities

Annual Report 2018
Code of Conduct
Implementation of Code of Ethics and Sanction will be applied to any proven violation depending
on severity, nature and frequency of the violation that was
Conduct committed. Sanctions to employees of the Company are
The Code of Ethics and Conduct applies to all level of referred to in the Articles of Association, in its regulations
employees in the Company. Every violation proven against and Guidelines of Whistleblowing System.
the code will be imposed sanctioned in accordance
with prevailing company regulation as well as laws and
regulation.
Violation on Code of Ethics and Conduct in
Socialization and Monitoring of Code of 2018
Ethics and Conduct
The Company ensures that the Code of Ethics and Throughout 2018 there were no materials code of ethics
Conduct is understood by all level in the Company. To or conduct violations within the Company. This indicated
achieve this, the Corporate Secretarial Division (DSP) that the constant socialization and monitoring of the
conducts monitoring over the implementation of the code of ethics has been implemented by all organs of the
Code of Ethic and Conduct. The monitoring results are Company.
reported quarterly to the President Director through the
Corporate Secretary Division Activitiy Report.
Enforcement and Sanctions for Violations

of the Code of Ethics and Conduct
The Company has provided a means of reporting violations
through the whistleblowing system to enforce the Code
of Ethics and Conduct. The details are described in the
Whistle Blowing System section of this Annual Report.
Annual Report 2018

HIGHLIGHTS
Corporate Culture
The implementation of good corporate governance is expected to improve and enhance the corporate
culture in carrying out business activities, such as:
a. Assurance in controlling the results.
b. Assurance of better implementation in every aspect.
c. Have the competence, capacity and capability.
d. Have the transparency and capability in teamwork.
e. Have the engagement toward environment.
f. Able to perform and compete with full responsibilities.
g. Able to perform self-development, building creativity and innovation.
h. Able to selectively conduct with accountable risks.
i. Able to benefit feedbacks for continuous improvements.
WHISTLEBLOWING SYSTEM
The Company has been adopting Whistleblowing System (WBS) Guidelines since 2014. Under the policy,
the Company has developed a web-based application. This system is one of the mechanisms used to
report violations to ensure the effectiveness of GCG principles implementation.
Through the WBS, whistleblowers can report violations committed by employees or executives of the
Company based on the Code of Ethics and Code of Conduct and GCG Manual.
Whistleblowing System aims to:

1. Encourage employees and other Stakeholders to report to the Company’s internal authorities
information about violations and/or deviations from code of ethics, laws, standard operating
procedures, management policies and other matters that are considered to be harmful or
jeopardizing to the Company.
2. Minimize the likelihood that violations will remain undetected and potentially harming the Company.
3. Increase the confidence of the Company’s employees and other Stakeholders regarding the
protection from punishment, reprisals, and unreasonable or unfair treatment if the relevant
whistleblower reveals an infringement in good faith and with adequate proof.
4. Supports the establishment of a culture of transparency, accountability and integrity.
5. Improves the effectiveness of good corporate governance, internal control, and performance of
employees and the Company.

Annual Report 2018
Reporting Mechanism
To report a violation, whistleblowers can use internet sites provided for WBS or through other media
such as:
Fax: 62-21-8082-5258
Telephone: 62-21-8082-5288 (hunting)
Email: spp@ptsmi.co.id
Letter:
PT Sarana Multi Infrastruktur (Persero) Sahid Sudirman Center, Lantai 47-48 Jl. Jend Sudirman No. 86
Addressed to:
President Director or Head of Internal Audit (in the case the reported employee is other than a Director
or Audit Committee member) or Chairman of the Board of Commissioners (in the case the reported
employee is a Director or Audit Committee member).
Whistleblower protection
The Company will provide protection to whistleblowers that includes:
1. Guarantee the anonymity of whistleblowers and the content of the submitted reports.
2. Guarantee of protection against adverse treatment of whistleblowers.
3. Guarantee of protection against threats, intimidation, punishment or unpleasant acts from the
reported personnel.
4. An employee who retaliates against whistleblowers will be subject to disciplinary action including
termination of employment.
Whistleblowing Handling
To handle whistleblower report, the Company assigns a WBS officer to manage the incoming report. The
WBS officer has an obligation to report the result of WBS management that has fulfilled requirements
on a periodic basis of at least 1 (one) month and submit it to the person in charge to follow-up with the
following criteria:
1. When the complaint is related to a member of the Audit Committee or Board of Directors, it will be
forwarded to the Board of Commissioners.
2. When a complaint is related to the financial reporting process or responsibilities of the Board of
Commissioners, it will be forwarded to the Audit Committee.
3. Other than the above criteria, it must be submitted to the President Director.
Whistleblowing System Manager

In accordance to the Board of Directors Decree No. SK-12/SMI/1214 concerning the Appointment of
Whistleblower System Manager, the Internal Audit Division was established as the WBS manager.
Number of Complaints and Process

As of 31 December 2018, there were no whistleblowing reporting or processes..
Sanctions/ Follow Up on Processed

Whistleblowing
There were no whistleblowing reporting or processes.
Annual Report 2018

HIGHLIGHTS
DIVERSITY POLICY OF THE

BOARD OF DIRECTORS AND
COMMISSIONERS
The Company does not have the Policy that regulates the Diversity of the Board of Commissioners and
Board of Directors Composition. In principle, the Company prioritizes the quality and competence of
the individual by considering the educational background and experience to support the Company’s
performance.
Currently, the educational and professional background of the Board of Commissioners and Board of
Directors has properly diversed in accordance with the Company’s need hence able to enrich insight for
the decision making of the Board of Commissioners and Board of Directors.

Annual Report 2018
GCG GUIDELINES APPLICATION

In 2018, PT SMI has refined the Company latest GCG The principles of GCG Manual are as follows:
Manual that has been approved on 23 February 2018 1. Business Integrity
through the Joint Decree of the Board of Commissioners 2. Control System
and Board of Directors No. PER-01/SMI/DK/0218 – PER- 3. Induction and Development Program for the Board
002/SMI/0218. of Commissioners and Board of Directors
4. Corporate Plan and Work & Budget Plan
5. Conflict of Interest
The refinement was to conform with the latest regulatories 6. Risk Management
and the Company’s conditions in order to adhere to area 7. Decision Making
of improvements recommended by the Independent 8. Communication Media and Information
Assessor on GCG Assessment. 9. Delegation of Authority
10. Financial Management
11. Goods and Services Procurement
The GCG Manual regulates for: 12. Employee Formation Fulfillment
1. The Company Organs (GMS, Board of Commissioners, 13. Management Succession
and Board of Directors) 14. Corporate Social Responsibility
2. Committees under the Board of Commissioners, 15. Environment, Occupational Health and Safety (EOHS)
Committees under the Board of Directors, Corporate 16. Internal Control
Secretary, Internal Auditor and External Auditor. 17. Quality Management
3. Other Stakeholders, namely Central and Municipal 18. Reporting
Government, Legislative and Jurisdicative Institutions. 19. GMS, Other Meetings and Minutes of Meetings
Mass Media, Goods & Services Providers, Social and 20. Performance Assessment
Environment, and Business Partners. 21. Appointment Process and Roles of External Auditor
22. Work Mechansims of the Audit Committee, Internal
Audit Division, and External Auditor
23. Code of Ethics and Code of Conduct
24. Monitoring of GCG Compliance
Annual Report 2018

HIGHLIGHTS
GCG REPORT ON SHARIA

BUSINESS 2018
Pursuant to the Board of Directors’ Decree No. PD-7A/SMI/0317 regarding the Establishment of
Main Duties and Functions and Organization Structure of Sharia Business Division, the objective of
the establishment of the Company Sharia Business Unit which further affirmed into Sharia Business
Division, is to accelerate the infrastructure development by fostering sharia financing schemes and
developing sharia funds potential both locally and overseas, in order to optimally utilize the Infrastructure
development in Indonesia.
In taking the mandate, the Company’s Sharia Business Division in executing work programs and activities
strives to take into account the corporate governance principles and compliance with the prevailing
regulations.
In 2018, to ensure the Company’s Sharia Business is in conformity with the Sharia principles and as
stipulated in the Company’s Articles of Association, the Company through the Decree of the Finance
Minister No. 667/SKMK.06/2018 dated 5 October 2018 has reappointed Mr. Adiwarman Azwar Karim as
the Chairman of Sharia Supervisory Board and Mrs. Munifah Syanwani as Member of Sharia Supervisory
Board for the tenure until the Annual GMS Fiscal Year 2019.
During 2018, the Sharia Supervisory Board has actively undertaken the duties and obligations such as
providing recommendation and opinion on sharia principles fulfillment within the Company’s sharia
financing business activities and organizing meetings with the Sharia Business Division and/or the Board
of Directors. The Company’s Sharia Supervisory Board has actively involved in oversight function, by
providing opinion both on sharia financing and funding, among others: opinion on sharia financing with
IMFZ financing, opinion on the Company’s Sharia Compliance of Sukuk Scheme and others. In addition
if necessary, the Sharia Supervisory Board convenes the meeting with the Sharia Business Division to
discuss matters related to the Company’s sharia business aspects.

Annual Report 2018
Gcg Report on Sharia Business 2018
In developing the sharia financing product, the Company has obtained the license for Ijarah al Maushufah
fi al-Zimmah (IMFZ) financing or indent lease financing from the Financial Services Authority (OJK)
via letter No. S-668/NB.223/2018 dated 24 May 2018. The product has been accommodated in the
Company’s Sharia Product Library thereby may be used in the Company’s sharia financing activities, in
particular for the infrastructure projects where the assets are remained indent.
The Company’s Sharia Business Division hence have obtained 5 (five) sharia financing products licenses
form OJK, which are Ijarah Muntahiyah Bit Tamlik (IMBT) financing, Murabahah financing, Musyarakah
financing, Musyarakah Mutanaqisah (MMQ) financing and Ijarah al Maushufah fi al-Zimmah (IMFZ)
financing.Regarding Sharia Financing, the Sharia Business Division has launched the PT Sarana Multi
Infrastructure Sharia Bond Opinion No. S-309/SMI/DPI/0418 dated 17 April 2018.
In order to fulfill the regulatories obligation, the Company has also regularly submitted Sharia Business
Unit Monthly Report to the Financial Services Authority in accordance with the prevailing regulations.
Annual Report 2018
CORPORATE
HIGHLIGHTS
SOCIAL
RESPONSIBILITY
“The company designs and realizes corporate social

responsibility programs by involving the surrounding
community to meet the expectations of all stakeholders,
participate in environmental conservation efforts and
support the achievement of global scale Sustainable
Development Goals”

Annual Report 2018
Annual Report 2018

HIGHLIGHTS
HIGHLIGHts
The Company has compiled The Company emphasizes
internal policies and has the implementation of CSR
formed an organizational activities that is related to the
structure that specifically construction of infrastructure
handles the management or infrastructure supporting
of CSR Programs. facilities.
In the Social & Community The Company began to realize the

Development Aspect, the Sustainable Financing Program, which
Company emphasizes the is a minihydro construction
implementation of programs financing in Sumatra,
related to education and the development in addition to realizing
of its supporting infrastructure. the technical assistance
program and distributing
related development grants.
In the Occupational Health

and Safety (OHS) aspect,
the Company trying to ensure
In the environmental field, in
the fulfillment of OHS aspects
addition to saving electricity
by improving the Company’s OHS
and fuel, the Company
performance through the application of the OHS
consistently implements the
culture in the workplace and the application of a
“Environmentally Friendly Office”
good OHS management system in accordance
program.
with the applicable OHS rules and
regulations.

Annual Report 2018
Corporate Social Responsibility
For PT SMI, conducting good business activities also means carrying out the responsibility and
concern for key stakeholders, especially the communities around the areas of operations, as
well as in other regions throughout Indonesia. To that end, the Company is fully committed to
harmonizing its business performance achievements with efforts to provide benefits to the
community and the surrounding environment.
Annual Report 2018

HIGHLIGHTS
This commitment is implemented through the Corporate Social Responsibility (CSR) program. The focus
is to meet the expectations of all stakeholders through the realization of various programs with the
aim of balancing the achievement of economic aspects of performance with the performance of social
aspects and the environmental sustainability aspects. Also called the fulfillment of the triple bottom line
concept, including employee development and consumer protection.
Commitment to Corporate Social Responsibility

The Company has compiled internal policies and established an organizational structure that specifically
handles the management of CSR Programs. The Company measures the success of the realization of the
CSR Program through the implementation of periodic evaluations, and by paying attention to standard
parameters of economic, social and environmental aspects.
In order to support the Government’s program to realize its commitment to achieve various goals in the
Sustainable Development Goals (SDGs), PT SMI realizes the development of various basic infrastructure in
various sectors, including energy, water, sanitation and renewable energy sector. The implementation of
the SDGs agenda is the first strategic step of national development, and for Indonesia. SDGs are not only
relevant as global commitments, but also serve as a guide for Indonesia to become a developed country.
The Company has established a Sustainable Financing Division to develop multilateral and bilateral
partnerships with international institutions. The partnership is focused on channeling grants and other
incentives to help develop infrastructure development projects that contribute to the handling of
environmental problems, improve environmental quality, reduce the threat of global warming, anticipate
the impact of climate change and support a low-carbon development.
The implementation of CSR carried out by the Company is delivered in four sub-chapters, which are:
Responsibility to the Environment, Responsibility to Employment, Occupational Health and Safety, Social
and Community Development, and Responsibilities to Consumers.

Annual Report 2018
In order to support the Government’s efforts to realize its commitment to achieve sustainable
development goals, the Company through its Sustainable Financing Division has begun
to actively channel financing to infrastructure development projects that contribute to
handling environmental problems, improving environmental quality, reducing the threat of
global warming, anticipating the impact of climate change and supporting the low-carbon
development.
PT SMI CSR Program Implementing Organization

The CSR team is led by the Head of the Corporate Secretariat Division / Corporate Secretary and is
responsible directly to the President Director. In implementing CSR, the Corporate Secretariat Division
(DSP) develops work plans and strategies.
Especially for Community Development CSR (CSR BL) assistance, the CSR Team verifies the data and
/ or conducts surveys directly to the recipient’s location. As for the aids for natural disasters victims,
the CSR Team can submit a proposal without having to conduct a survey to the location, considering
that the proposed natural disaster aids will be in line with the national natural disaster management
program set by the Government.
Annual Report 2018

HIGHLIGHTS
ENVIRONMENTAL
MANAGEMENT

Annual Report 2018
Environmental Management
The Company proved its full commitment to contribute on the efforts to

preserve the environment with other world citizens, so that the symptoms
of climate change and extreme weather on a global scale can be overcome.
Given the fact that basic infrastructure development The Company’s policies are issued in the form of Directors’
activities implemented in open fields, and intersect Regulations, as follows:
directly with public areas where the community activities
take place, such development activities also have the • Guidelines for Corporate Environmental and
potential to raise risks to the environment, the executor Social Management Systems (ESMS)
and the surrounding community. Therefore the Company Corporate ESMS Policy Statement based on Directors
is fully committed to establishing adequate operational Regulation No. PD-7 / SMI / 0615 and Directors
policies and also contributing to the efforts of preserving Regulation No. PD-4 / SMI / 0115 concerning
the environment along with the world citizens, so that “Project Environmental and Social Management
the symptoms of climate change and extreme weather on System Guidelines”, affirming that the Company is
a global scale can be overcome. committed to manage the Corporation by:
a. Ensuring the safety and health of the work of
Environmental Policy employees and visitors in the Company’s office
To mitigate the impact of infrastructure project b. Ensuring the control of environmental impact
development activities carried out by PT SMI, the Company of the Company’s operations.
has compiled 3 basic policies in the field of environmental c. Ensuring the control of social issues the
protection. Two environmental protection policies include Company’s operations.
mentioning the fulfillment of occupational health and d. Complying with the laws and regulations
safety aspects and social aspects, while a special policy and other applicable requirements related
regulates the mechanism of resolving complaints from to environment, health and safety, as well as
the public and observers. social.
e. Performing continuous improvements for the
creation of a healthy environment, health and
safety, and social work in the Company’s office.
Annual Report 2018

HIGHLIGHTS
• Guidelines for Project Environmental and Social In order to support the ESS, the Company sets out
Management Systems (ESMS) ten Elements of Environmental and Social Protection,
The Project ESMS Policy Statement referring to namely:
PD-4/SMI/0115 concerning the Guidelines for the 1. Assessment and Management of Environmental
Project Environmental and Social Management and Social Impacts
System (ESMS) confirms the Company’s commitment 2. Employment and Work Environment
to manage its business activities to always be 3. Pollution Prevention and Reduction
environmentally and socially minded. The Company 4. Safety, Health and Safety
regulates financing and investment activities, 5. Land Acquisition and Resettlement
develops projects, and provides consulting services 6. Biodiversity Conservation and Natural Resource
in compliance with all regulations related to the Management
environment, occupational safety and health, and 7. Indigenous Peoples and Local Communities
social. 8. Cultural Heritage
9. Energy Conservation and Use of Environmentally
• Guidelines for Multilateral Project Environmental Friendly Energy
and Social Safeguards (ESS) 10. Complaints Consultation and Handling
The Company’s Environmental and Social Protection
Policy Statement which was formed based on the
Directors Regulation No. PD-19/SMI/0916 confirms • Guidelines and Procedures for Complaint
that PT SMI, as a State-Owned Enterprise that carries Management of Affected Communities and
out financing and investment activities, project Observer Groups
development, and providing consulting services to This guideline regulates the management of
the infrastructure sector, is committed to: complaints, responses and opinions related to the
a. Develop and implement environmental and environment and social aspects of the Affected
social protection systems that refer to applicable Communities and Observer Groups that were
laws and standards. submitted to the Company and resolved without
b. Prioritize the development of financing that has going through the legal channels.
the minimal negative impact on the environment
and social. The complaint resolution will be guided by the
c. Support the conservation of natural and energy Grievance Panel, if necessary, a team consisting of
resources optimally. external parties of the Company. This team was
d. Obtain, implement, and fulfill the provisions of formed through a mechanism for the procurement
environmental and social documents in every of goods and services to assist the Company in
operational activity. resolving environmental and social grievance issues.
e. Identify and manage the impact of environmental
and social risks
f. Evaluate to improve environmental and social
performance.

Annual Report 2018
Targets of Environmental Activities reducing the threat of global warming, anticipating

Several environmental performance targets set for 2017 the impact of climate change and supporting low-
include: carbon development.
• To demonstrate a participation in energy Some examples of projects that can be supported
conservation efforts, water conservation and through the Sustainable Financing Program include:
reduction of greenhouse gas emissions. • Renewable Energy
• To increase the operational efficiency as a positive • Energy Conservation
result of implementing a green office program. • Waste Management
• To help prevent and mitigate the occurrence of
environmental pollution and other environmental The Company has developed a geothermal financing
damage in all projects involving the participation of scheme sourced from “Geothermal Sector Infrastructure
the Company. Funding Fund” (PISP Fund) which the management
• To support the efforts to reduce and utilize B3 and is regulated in the Minister of Finance Regulation
Non-B3 waste and biodiversity protection carried Number 62/PMK.08/2017. In the Regulation it is stated
out by project owners. that PISP funds can be used for: 1) Provision of Loans;
2) Equity Participation; and 3) Data and Information
Provisioning Activities. In the Data and Information
Environmental Protection Programs Provisioning Activities, in 2018 PT SMI had received two
Various environmental related programs that can be special assignments to Facilitate the Provision of Data
implemented by the Company together with other and Information on the Open Area prospects in Wae
stakeholders are: Sano (East Nusa Tenggara) and Jailolo (North Maluku).
In conducting these activities, PT SMI received support
• Implementation of the Sustainable Financing from the World Bank and the New Zealand Ministry
Policy of Trade and Foreign Affairs through the support of a
The Company applies various provisions for USD49 million exploration funding grant (from the Clean
environmentally friendly financing, as stipulated Technology Fund - CTF), USD6.25 million from Global
in the Environmental and Social Safeguards (ESS) funds Environment Facility - GEF) and in the form of
Guidelines. technical assistance from the New Zealand Government
amounting to NZD2.13 million for phase I and estimated
Through the Sustainable Financing Division, the at NZD900 thousand for phase II. In this case, PISP funds
Company has begun to actively develop the are used as co-financing of the grant funding with an
Sustainable Financing Program, which are the allocation of USD49 million.
financing specifically aimed at supporting business
activities in three environmentally friendly business
fields. This includes infrastructure development
projects that contribute to handling environmental
problems, improving environmental quality,
Annual Report 2018

HIGHLIGHTS
In 2018, the Company began to realize the distribution of funding based on the Sustainable Financing
scheme on several projects, as follows:
• a mini hydro power plant project in Bengkulu, Sumatra. The total commitment value is
Rp248.73 Billion and the total outstanding value is Rp122 Billion. The generating capacity is
9.99 MW.
• Distribution of technical assistance funds (TA) and Grants for 5 projects, namely: (1) KEITI for
the Lake Toba project (2) GIZ for BRT Semarang (3) CPI for 2 (two) RE/EE projects (4) GGGI
Cooperation for RE PLN in Eastern Indonesia).
• Management of Energy Consumption

There are only 2 types of energy used by the Company to support its operational activities, namely:
the use of electricity in the office and the consumption of fuel for transportation.
To reduce electricity consumption, the Company implemented austerity policy by imposing

lighting time, use of supporting facilities and air conditioning arrangements. To manage the use
of transportation fuel, the Company applies the latest fuel-efficient vehicle use, in addition to
implementing control of official vehicle use.

Annual Report 2018
The realization of the Company’s energy consumption over the past three years is as follows:
Types of Energy Units 2016 2017 2018
Gasoline Fuel litre 75,891.10 74,289.18 50,658
Electricity KWH n.a 1,012.181 1,008.976
• Reduction of CO2 Emissions

To reduce CO2 emissions, the Company conducted energy consumption savings and fully supports
the development of potential new renewable energy (EBT) such as the construction of geothermal
power plants, hydropower plants and wind power plants. The company also actively participates in
the green movements, so that part of CO2 emissions is absorbed by plants through photosynthesis.
Based on the realization of energy consumption, the estimates of CO2 emissions issued by the
Company are as follows:
CO2 Emission
Types of Energy Units CO2 Emision 2016 2017 2018
Conversion
Gasoline Fuel Litre 5,117 Kg eq CO2 176,145 172,427 117,579
Electricity KWH 1,515 Kg eq CO2 n.a 695,559 693,356
Note: Converision Index according to EIA.
• Management of Water Consumption

Management of water consumption, especially for MCK (bath, wash, toilet) needs is carried out
through the implementation of water saving policies, including the use of faucets that can limit
water consumption, and installation of banners/appeals to save water.
The description of the company’s water consumption is as follows:

Types of Energy Units 2016 2017 2018
Consumption Water Litre 113,313 94,742 29,173
MCK (bath, wash, toilet) M3 n.a 1,412 1,482
• Implementation of Green Office Operational Programs (Green Office)

Some of the initiatives implemented include:
o Controlling the use of Air Conference (AC) office space by using Intelligent Touch Manager
(ITM) devices which function to receive or regulate the cooling system automatically and can
be adjusted as needed. Through the installation of ITM devices, the Company can reduce the
use of electrical energy for air conditioning by ± 30%.
Annual Report 2018

HIGHLIGHTS
o Running a waste management program by sorting the waste based on categories loke Organic
and Inorganic, and inviting the building management to involve and socialize all tenants
in the building to implement together an integrated waste management system, so it is
expected that the generated waste can provide benefits to the community and environmental
sustainability.
o Implement a Management Print Service (MPS) system, which is the Printer & Photo copy
Machine Integration System that aims to reduce paper use with a target of 20% reduction.
With this system the use of paper from each employee can be monitored and the authorization
and control over the use of printer ink can be applied as needed.
o Implementing an office operational support equipment management system that pays

attention to aspects of effectiveness and energy efficiency (energy saving), which is realized
by using Information Technology (IT), namely by replacing desktop PCs that have a book value
of 0 and a 5-year replacement period with a laptop as a working tool for PT SMI’s employees
and directors in carrying out their daily tasks and work. Using laptops can reduce the use of
electrical energy by 7% and to save on average electricity costs per month by 14%.
Environmental Certification
The company has not received international certification for the environmental management programs.

Annual Report 2018
However, CSR activities related to the environmental preservation are carried out by the Company.
Throughout 2018, PT SMI allocated CSR funds for environmental conservation efforts amounting to
Rp 595,480,000 for revitalization of Ciliwung River, Brantas River and water conservation training in
Pasuruan, East Java.
Annual Report 2018

HIGHLIGHTS
LABOR, OCCUPATIONAL HEALTH

AND SAFETY

Annual Report 2018
Labor, Occupational Health and Safety
OHS aspects, Occupational, Health and Safety (OHS) become one of

the important aspects for the Company in carrying out its operations
and business. Effective emergency preparedness requires an
effective and structured emergency response team. For this reason,
in 2018 PT SMI through the General and Procurement Division (DUP)
established an Emergency Response Team (ERT) which is a strategic
work team to develop and practice strategies in providing Emergency
Support to the Company’s personnel during disaster emergency
situations , both in the office environment, and outside the office
environment.
PT SMI is a State Owned Enterprise that is engaged in financing infrastructure, where infrastructure
projects that are financed are spread in various parts of Indonesia which have geographical, geological,
and demographic conditions that allow disasters to occur, whether caused by natural factors, non-
natural factors, or human factors, such as earthquakes, tsunamis, fires / explosions, disease outbreaks,
mass demonstrations, bomb / terrorist threats / sabotage.
For these conditions, the ability of PT SMI to respond to emergencies quickly in carrying out rescue efforts
both to save the lives of the Company’s employees and to save important assets of the Company which
is also a state asset.
Effective emergency preparedness requires an effective and structured emergency response team. For
That is, in 2018 PT SMI through the General and Procurement Division (DUP) established an Emergency
Response Team (ERT) which is a strategic work team to develop and implement emergency response
strategies in providing emergency support to SMI people during an emergency disasters, whether inside
the office environment, or outside the office environment.
Furthermore, for the company’s corporate social responsibility commitment to the fulfillment of OSH
aspects, it is carried out based on policies, objectives and work programs of OSH according to the norms
and provisions and regulations related to OSH that are currently in effect.
Annual Report 2018

HIGHLIGHTS
Occupational Health and Safety (OHS) Target of Occupational Health and Safety
The Company is committed to ensuring the security,
safety and health of employees in the workplace and
(OHS) Activities
A. Improvement of Occupational Health and Safety:
is committed to complying with applicable laws and
• Ensure the achievement of zero accident in
regulations regarding OHS, as well as making continuous
all of the Company’s infrastructure financing
improvements to the management system and the
projects.
company’s OHS performance in order to improve good
• Zero lost time.
OHS culture in the workplace. The company’s commitment
• Reduction in employee turnover by creating a
is realized through:
safe and comfortable work environment.
1. Build and maintain a sustainable work health and
• Reliable and effective Emergency Response
safety management system and relevant resources.
Team (ERT) of the Company in an effort
2. Build workplaces and jobs in accordance with the
to carry out prevention and disaster relief
laws and regulations and other requirements related
measures through integrated OHS training.
to OHS.
• The creation of OHS awareness to all employees
3. Provide adequate OHS facilities and infrastructure.
and stakeholders of the Company, through
4. Providing education or training related to OHS
OHS campaign activities using infographic
to all employees to improve the Company’s OHS
media, TV, Posters, Safety Induction Videos,
performance
OHS training and certification.
• The implementation of a good and effective
Emergency Management Guidelines OHS Management System in accordance with
In 2018, the Company draws up the Guidelines for the rules and regulations of the applicable
Emergency Management with the aims including: OHS invitation
a. Reference for officials/executives within the B. Improved Health Performance:
Company in determining objectives, approaches, • Reduction in incidence of illness caused by
and programs to respond to possible emergencies, work.
including identifying the incident and making the • Reduction in number of employee absence
correct plan to prepare and respond effectively due to illnesses
within the Company. • Protection of employees from injuries, as well
b. Provide direction so that the implementation of as work-caused illness or other hazards
handling the emergencies complies with the basic
principles and a good and effective emergency
management ethics.
Facilities and Infrastructure of
c. Provide procedures for implementation and stages Occupational Health and Safety (OHS)
in the process of handling disasters. In realizing the commitment of social responsibility
d. Determine crisis management organizations in the towards the fulfillment of OHS aspects, the Company
process of handling disasters. through the General and Procurement Division ensures
availability of adequate OHS facilities and infrastructure, to
create a safe, comfortable and healthy work environment.
OHS facilities and infrastructure that are provided by the
Company include:

Annual Report 2018
1. Health Room and digital checkup equipment for 6. OHS campaign (through: Infographics, Posters, OHS
health checks (Blood Sugar Check, Blood Pressure, Signs, TV, Induction Safety Videos, OHS Training and
Cholesterol Levels, Body Temperature Measurement, Certification).
Scales, etc.). 7. PPE (Personal Protective Equipment) for employees
2. Fitness Equipment and Fitness Center. who visit the infrastructure projects financed by the
3. Lactation Room. Company.
4. First aid kits, equipment and drugs (stretchers, 8. Room temperature measurement.
wheelchairs, oxygen cylinders and first aid drugs). 9. Appropriate sanitation equipment and equipment.
5. Emergency Security and Mitigation Equipment 10. Sports Club Facilities and Infrastructures (Basketball,
(APAR, Hydrant, Sprinkle, Paging System, Evacuation Soccer, Badminton, Yoga, Zumba, Pilates, Diving,
Line, CCTV). Running and other sports).
Annual Report 2018

HIGHLIGHTS
Emergency RespoNse Team Work Accident Rate

For the Company’s preparedness in facing all disaster Throughout 2018, there was no accident in the work
risks that can occur at any time, in 2018, the Company place.
forms an emergency and disaster management team
called the Emergency Response Team (ERT). The teams
consist of 47 employees who are representatives of
Employee Turnover Rate
In 2018, the Company added 25 employees. However,
each Division. The role and function of the emergency
23 employees resigned for various reasons, including
response team consists of the floor warden team, first
pursuing education, changing jobs, personal reasons, or
aid team and evacuation team. The Emergency Response
continuing careers in other companies. The Company’s
Team personnel equipped with integrated OHS training
total number of employees by the end of 2018 is 286
in dealing with various possible scenarios, including spill
persons, an increase of 25 personnel from 261 in 2017.
simulation, fire, explosion, natural disasters, and security
incidents.
Programs Related to Safety, Health and

Work Accidents
a. Periodically check the conditions of existing OHS
facilities and infrastructure to ensure that they are
always in a good and adequate condition.
b. Regular Medical Check-up as an early detection of
the risk of infectious diseases as well as work-related
illness.
c. Implementation of the Disaster Mitigation Training
Program, especially for fire and earthquake risks for
all employees.
d. The implementation of disaster management training
which provided to all members of the Emergency
Response Team.
e. OHS awareness training for all employees.

Annual Report 2018
Annual Report 2018

HIGHLIGHTS
SOCIAL & COMMUNITY

DEVELOPMENT

Annual Report 2018
Social & Community Development
The Company develops a series of CSR programs and

executes them in a timely and appropriate manner so that they
can bring sustainable and long term positive impact for the
people of Indonesia, both directly or indirectly. As a State-Owned
Enterprise (BUMN), the Company has an obligation to implement
the CSR program in the form of Community Partnership and
Development Program (PKBL).
The implementation of the Company’s CSR activities has been

regulated in the CSR management as referred to the international
standard of ISO 26000 about guidelines for implementing social
responsibility.
The legal basis for the implementation of the PKBL are • Regulation of the Minister of State-Owned
as follows: Enterprises No. PER-09/MBU/07/2015 dated July
• Law No. 40 of 2007 regarding Limited Liability 3, 2015 regarding the Community Partnership and
Company. Development Program of State-Owned Enterprises
• Law No. 19 of 2003 on State-Owned Enterprises.
• Circular Letter of Ministry of State-Owned
Enterprises No. SE-07/MBU/2008 dated May 5, Targets of Social & Community
2008 regarding the Implementation of Community Development Program
Partnership and Development Program and the Positive targets and benefits expected from the
Implementation of Article 74 of Law No. 40 of 2007 implementation of CSR programs during the reporting
regarding Limited Liability Company. period including:
• Circular Letter of Ministry of State-Owned • Improved parameters of the local Human
Enterprises No. SE-14/MBU/2008 dated 30 June Development Index.
2008 on the Optimization of Partnership Program • Adequate basic infrastructure.
Funds through Distribution Cooperation. • Increased local communities’ competence in
• Letter from the Ministry of SOEs No. S-92/ entrepreneurship.
D5.MBU/2013 egarding the Management of • Increased public health index.
Partnership and Community Development Program. • Improved financial and social conditions.
Annual Report 2018

HIGHLIGHTS
CSR budget Education and Training Assistance

In 2018, the Company allocated Rp14 billion for its The company provides three educational assistance
CSR activities. Thefocus of the activities targeted for packages. These include training and capital to increase
implementation are as follows: the capacity of Flores native weaving female craftswomen
1. To provide micro-scale infrastructure that can open in Alor, East Nusa Tenggara. The results of this training are
connectivity. expected to provide opportunities for the craftswomen to
2. To maintain water resilience get additional income to support their families. In 2018,
3. To support the improvement of education quality. the education and training assistance provided by PT SMI
4. Improving the public health level. amounted to Rp1,719,158,268.
5. Provide an energy source that is environmentally
sound (green energy). Community Health Improvement Assistance
The Company carries out three health activities, which
include:
Realized Activities • Assistance in providing free ambulances to serve
The Company realized a wide range of social & community disadvantaged residents, distributed over 18
development programs, which included assistance to (eighteen) regions in West and East Indonesia to be
victims of natural disasters, education, public health, utilized by 54,000 residents.
development of public facilities, religious facilities aid, • Free Medical Examinations for War Veterans in
and non-CSR social services through “SMI Berbagi”. Bogor to be used by 150 people.
• The amount of assistance to improve public health
Natural Disaster Victims Aid in 2018 reaches Rp2,906,000,000.
The Company provided aid the people who are directly
or indirectly affected by the natural disasters in many Nature Conservation / Environmental Maintenance
areas. In 2018 the aid was given to those affected by Program
the earthquake in Lombok, West Nusa Tenggara, Palu- Support was given to environmental activists in
Dongga, Central Sulawesi, and Situbondo, East Java, Surabaya, Ecoton (Ecological Observation and Wetlands
with the total number of recipients of 3.300 assistance. Conservation). This institution fights for the citizens’
The total amount of aid for the affected people in 2018 rights to enjoy good quality river water. The fact that
is Rp988,000,000. there is very high mercury pollution in Kali Surabaya river,
Financing Diversification by Sector Distribution of Infrastructure Project

Financing Commitments Location 2% 3%
10%
8%
1%
4,2%
9%
Papua, Maluku
lainnya Bali, Nusa tenggara
Rolling Stock Kalimantan
Transportasi Sulawesi
Ketenagalistrikan Sumatera
Jalan dan Jalan Tol Jawa
26%
48% 33%
50%

Annual Report 2018
resulting in various diseases for the residents. Ecoton facilities in the Desa Bakti untuk Negeri Project
performed research to reveal the potential of biodiversity in Waesano, East Nusa Tenggara for 10,000
and the threat of damage and sources of pollution in beneficiaries.
Brantas and Surabaya rivers. For natural conservation in • Road construction assistance for residents that
2018 PT SMI disbursed Rp595,480,000. opens community access to educational facilities in
Dharmasraya, West Sumatra, with 1100 residents
Development of Public Facilities and Infrastructure beneficiaries.
The Company implements 39 public facilities and • Assistance to disaster response vehicle units in
infrastructure development programs, including: Palembang, South Sumatra and Tulungagung, East
• Development, renovation and educational Java to support the mobility of 26,000 residents.
equipment assistance for 10 educational • For the assistance of public facilities and
institutions (PAUD, SD, SMP, SMA and equivalent infrastructure, PT SMI throughout 2018 has realized
and Universities) spread throughout Indonesia with assistance amounting to Rp.7,258,861,732.
11,000 beneficiaries.
• Construction of 19 infrastructure facilities with Aside from the CSR programs, the Company builds
38,000 beneficiaries. various public infrastructure facilities, in the form of
• Construction of people and small vehicles crossings roads, dams, power plants, clean water facilities and so
in 3 locations, namely Pekanbaru and Banten, with on through direct financing activities, consulting services
7,800 residents beneficiaries. and through the distribution of Sharia funds.
• Concreteization of village roads in Bogor Regency,
Semarang Regency, Dharmasraya Regency, East
Lampung Regency with 7,200 residents beneficiaries
• Assistance in developing and restoring public
Annual Report 2018

HIGHLIGHTS
Keeping the Spirit After the Party

City of Palembang, South Sumatra
Keeping the Spirit After the Party - City of Palembang, South Sumatra
“We do not want to only succeed in organizing sports parties, both nationally
and internationally, but also can produce the future sportsmen. For this reason,
sports facilities that can be easily accessed by the people must be added. “
Heavy rain that fell throughout the afternoon, just subsided in the city of Palembang, South Sumatra. In
a park that was still wet, Rayhan Pratama and three of his friends were already playing. Various sports
equipment is immovable or static, they try them. They laughed, the feel cheerful. “I often come here
because other than playing, I can exercise too,” Rayhan said while continuing to exercise.
Rayhan, who is a third grade students of Palembang State Middle School 46, and also a soccer and
running enthusiasts, said, “If you can add more exercise equipment, like static bicycles, but the important
thing is that the existing tools are maintained so they are not broken,” he said.
Rayhan is enjoying the Dharma Wanita Park, in Loro Pajo Village, Ilir Barat 1, Palembang, along with
three of his peers. The park that has just been restored by PT Sarana Multi Infrastruktur (SMI) is now a
favorite of local residents. Located in a strategic location, namely the edge of the POM 9 highway, the
Campus, this beautiful park, now it is not only a children’s playground, but also a place for doing futsal,
basketball, running and two static sports, including walking and jogging.
The head of the neighborhood of RT 30 / RW 09 Kelurahan Loro Pajo, Safril, said the park was built by
the Government of Palembang City, five years ago. Later, the park was damaged that people were no
longer comfortable playing and exercising in the area. “The cement has cracked everywhere,” he said.
Then PT SMI renovated the park and added some sports equipment. Last September, ahead of the
closing of the 2018 Asian Game, the park with a new look was inaugurated. The Head of the Palembang
City Youth and Sports Agency, Ahmad Zazuli, said the renovation was very useful, especially for the
people around the campus because before the park was not maintained, to the point that it could no
longer be used.

Annual Report 2018
Since it was repaired, the park has come back to life. The Not just renovating and adding sports facilities at the
community, especially teenagers, began to use the park. Dharma Wanita Park, SMI also improved sports facilities
Even if the park is not in a rural neighborhood, but an elite at 23 and 33 Public Elementary Schools (SDN). At SDN
environment, it still provide the surrounding community 23, SMI built a futsal court, which can also be used for
already has a place to exercise again. “Residents who like basketball, and other activities such as school ceremonies
to exercise, now have direct access to sports facilities and and other children’s activities that require large yards such
infrastructure every day.” as storytelling and congklak games.
This greatly helped the vision and mission of the The Principal of Palembang Elementary School 23 in Ilir
Palembang City Youth and Sports Agency who wanted to Barat 1 Subdistrict, Bajo Block, Palembang, Cik Ijah said
groom future great sportsmen. “We don’t want to only the futsal field built by SMI was very helpful for schools in
succeed in becoming a national and international sports carrying out many activities, especially sports. “It wasn’t
organizer, but also can produce future sportsmen. For good like this before, if it rains heavily, it flooded,” he
this reason, sports facilities that can be easily accessed by said.
the public must be added, “he said.
Now, children can play futsal and basketball well. “This
At present, although Palembang has a good sports can increase the children’s motivation and achievements.
complex, even one of the best in Indonesia, the place When we participated in a competition at a company, we
is not easily accessible to the public. There are only a won 3rd place, “said Cik Ijah.
few sports venues that can be accessed by people in
Palembang, especially green open spaces. There are This elementary school has seven hundred students with
limited jogging tracks, but no free style sporting activities three sports teachers. New fields make multiple sports
like futsal and three on three classcan be held simultaneously. “Someone is playing
there, playing here. Some learn to play volleyball, run,
Palembang, often called Bumi Sriwijaya, continues to others can play futsal. So the benefits are double, three
make itself lok better. The success of organizing various teachers can use the facility simultaneously because the
sports events from national to international makes this field is very large. “
city increasingly known as a city of sports. The last is the
2018 Asian Games, where Palembang is entrusted to In SDN 33, PT SMI also renovates the court for futsal,
host ten sports competitions. soccer and basketball. The Principal of the 33th
Elementary School in the District of Magarayu, Palembang,
It was this lively Asian Games in Jakarta and also in Hartiningsih said that the help from PT SMI was very
Palembang that compelled PT SMI to bring the positive beneficial for the students. The basic introduction to
energy of the Asian Games in Bumi Sriwijaya. Although sports for elementary school students starts from playing
it has often organized large sports events,in the province futsal, basketball, then footballs. “By knowing, they love
with an area of 40 thousand hectares and a population sports. PT SMI’s help makes them more enthusiastic about
of 1.8 million people, there are still very few sports exercising. “According to her, Palembang should not
infrastructure facilities that are open to the public. just stop being just a sport event host, but give birth to
national and international athletes.
Annual Report 2018

HIGHLIGHTS
Religious Facilites Aid

The company also provide assistance in the repair and construction of 6 worship facilities spread across
various regions in Indonesia, to be utilized by around 10,800 residents.
The total cost used to support the implementation of PT SMI’s Non PKBL CSR activities in 2018 is IDR200
million.
Testimonials of PT SMI’s CSR Beneficiaries
I am very happy now that we have a good sports facility. The old one was already
cracked at places because parts of the fields were broken. It becomes difficult to play
and exercise, so it’s repaired so that we can practice smoothly. I like soccer because I
want to be a great soccer player.
I am grateful because now the soccer field has been improved so people can play
soccer, and can play all other sports. My soccer game is pretty good now because I
often practice. At least once every two days with friends in this field. As for basketball,
I’m still lacking, needing to practice more.
M. Rasya Previously, before this field was repaired, if it rained we could not play football because
6th grade students at
after the rain stopped, the field was muddy. We were very disturbed, if we continued
SDN 23, Palembang
to play in a muddy field, we often slipped. Now it’s no longer like that.

Annual Report 2018
This playground was built by the Palembang City Government about five years
ago. The condition lately was rather saddening, the futsal and basketball courts
had cracked cement floor, but the children were still using them even though they
were not comfortable to exercise.
PT SMI then took the initiative to repair them. Maybe the consideration is because
the strategic location and field conditions are no longer good. With the renovation,
repairing a field that has been damaged and adding sports equipment for static
walk or static jog, this field has again become the gathering place for children
around here. The benefits are huge, it becomes a place to exercise, a place to play
for both children and for refreshing for parents and families.
Safril On behalf of residents of Loro Pajo Village, Palembang, we would like to thank
Head of RT 30 / RW 09,
PT SMI and the Children’s Inspiration Foundation for renovating the Dharma
Campus Housing at Loro
Wanita Park. Improvements make people happy and children are exercising
Pajo Village, Ilir Barat 1
again. Currently, I observed more and more children of the surrounding residents
District, Palembang City,
and residents from the adjoining housing, perhaps from other sub-districts and
South Sumater.
villages, came here too.
Annual Report 2018

HIGHLIGHTS
RESPONSIBILITY TO THE
CONSUMER

Annual Report 2018
Responsibility to the Consumer
Policy Product Information

The implementation of the responsibility to the consumers To inform the full range of products and services the
program, both clients of lending and securitization as well Company conducted, among others:
as the investors, is carried out by providing a variety of 1. Development of the Company’s website, namely
products and services that meet their needs. www.ptsmi.co.id, where all product and service
information is regularly updated.
2. Publication of products in print and electronic
Target media.
• Completion of all customer resolutions.
3. Direct visits to consumers to explain about the
• Fulfillment of consumer expectations for complete
Company and its product products.
financial services and financing for consultancy in
4. Company participations in exhibitions.
the infrastructure sector.
5. Throughout 2018, PT SMI realized socialization
• Increased customer satisfaction index in customer
fund to the amount of Rp 11.404.149.188.
satisfaction surveysn.
Implementation of Activities Means, Amounts and Management of

In 2018, the Company conducted 6 outreach activities Consumer Complaints
to educate customers and prospective customers about As part of the Consumer Protection effort, the Company
infrastructure in general and about financing products has provided a channel for submitting complaints that can
provided by the Company. Some overview of activities be addressed to the Secretary of the Company, namely
include: through the complaint address to the office:
1. Dissemination of Regional Infrastructure Financing
Alternatives in several regions in Indonesia such as
Bali, Maluku, South Kalimantan, and others
Stakeholder Perception Survey
To get the feedback on the Company’s existence
2. Participation in the biggest infrastructure event in
and activities, PT SMI again conducted a stakeholder
Indonesia - Indonesia Infrastructure Conference and
perception survey. Through the survey, the Company
Exhibition 2018 in Jakarta.
seeks to explore stakeholders’ perceptions of several
key issues, namely: Stakeholder assessment of services
provided by PT SMI and Stakeholder satisfaction levels
Annual Report 2018

HIGHLIGHTS
Based on the survey results, general conclusions are obtained as follows:

1. Stakeholders recognize and know the products provided by PT SMI as an infrastructure finance
company that includes financing & investment products, project development and consulting
services.
2. Stakeholders believe that PT SMI is a partner who is easy to work with, communicative, and
responsive in doing work. In addition, PT SMI has Human Resources that have special capabilities
and technical competencies needed in infrastructure financing.
Overall Satisfaction
Base: All User Respondent PT SMI 2018 (n=71)
97,74 98,58
94,62
86,38 86,84 86,73 81,08
83,70 82,53 83,64 82,98 82,65
82,07 80,44 82,57 81,21
79,41 79,98 78,39 78,68
74,12
Overall (n=71) GCA (n=32) Multilateral (n=8) Debitur/Project Local Government Co-Financier (n=5)
Executor(n=17) (n=10)
2015 (n : 50) 2016 (n : 73) 2017 (n : 70) 2018 (n : 71)
PT SMI
Sahid Sudirman Center, Lantai 48
Phone: (+62-21) 8082 5288
Fax: (+62-21) 8082 5258
Email: corporatesecretary@ptsmi.co.id

Annual Report 2018
In addition, the Company also provides online complaints services which are called the Whistle Blower
System. Through this website-based application, the public, including customers, can submit complaints,
especially for violations committed by PT SMI’s employees and management. This complaint application
can be accessed through the PT SMI website: www.ptsmi.co.id.
During 2018 there were zero (0) complaints received by the Company. The Company is committed to
following up and completing all complaints.
Annual Report 2018

HIGHLIGHTS
2018
Consolidated
Financial
Statements
Annual Report 2018
PT SARANA MULTI INFRASTRUKTUR (PERSERO) PT SARANA MULTI INFRASTRUKTUR (PERSERO)
Daftar Isi Halaman/ Table of Contents

Page
Surat Pernyataan Direksi Directors’ Statement Letter
Laporan Auditor Independen Independent Auditor’s Report
Laporan Keuangan Financial Statements

Untuk Tahun-tahun yang Berakhir pada tanggal For the Years Ended
31 Desember 2018 dan 2017 December 31, 2018 and 2017
Laporan Posisi Keuangan 1

457 Statements of Financial Position
Laporan Laba Rugi dan 3

459 Statements of Profit or Loss and
Penghasilan Komprehensif Lain Other Comprehensive Income
Laporan Perubahan Ekuitas 460

4 Statements of Changes in Equity
Laporan Arus Kas 5

461 Statements of Cash Flows
Catatan Atas Laporan Keuangan 462

6 Notes to the Financial Statements



LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
Per 31 Desember 2018 dan 2017 As of December 31, 2018 and 2017
(Dalam rupiah penuh, kecuali dinyatakan lain) (In full rupiah, unless otherwise stated)
Catatan/ 2018 2017

Notes Rp Rp
ASET ASSETS
Kas dan setara kas 3j, 5 7,599,090,796,763 15,398,138,608,077 Cash and cash equivalents
Dana dibatasi penggunaannya 6 204,349,247,677 170,061,801,716 Restricted fund
Efek-efek 7 4,501,189,906,006 2,867,638,589,487 Securities
Pinjaman diberikan dan Loans receivables and
pembiayaan/ piutang syariah Sharia financing/ Receivables
- setelah dikurangi cadangan - net of allowance
kerugian penurunan nilai for impairment Losses of
masing-masing sebesar Rp829,187,872,662 and
Rp829.187.872.662 dan Rp602,894,159,814 in 2018
Rp602.894.159.814 tahun 2018 and 2017
dan 2017 8 45,611,115,334,507 33,323,777,526,587 respectively
Piutang atas penugasan fasilitasi Receivables from assignment for
penyiapan proyek 9 15,389,784,580 12,746,535,957 facilitation on project preparation
Biaya dibayar dimuka 10 1,991,807,256 1,693,194,166 Prepaid expenses
Pendapatan masih harus diterima 11 553,597,534,694 325,171,969,561 Accrued income
Pajak dibayar dimuka 24a 12,332,997,650 12,521,676,268 Prepaid taxes
Penyertaan saham 12 3,498,776,844,348 2,759,168,633,303 Investment in equity
Aset tetap - Properties and equipments -
setelah dikurangi akumulasi net of accumulated
penyusutan sebesar Rp56.292.896.127 depreciation of
tahun 2018 dan Rp30.073.422.962 Rp56,292,896,127 in 2018 and
tahun 2017 13 420,379,408,119 440,600,302,304 Rp30,073,422,962 in 2017
Aset takberwujud - neto 14 31,430,245,629 30,166,956,482 Intangible assets - net
Aset pajak tangguhan 24d 32,086,746,753 30,402,850,286 Deferred tax assets
Aset lain-lain - neto 11,459,927,393 13,807,071,699 Other assets - net
JUMLAH ASET 62,493,190,581,375 55,385,895,715,893 TOTAL ASSETS
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form integral part of these
laporan keuangan secara keseluruhan financial statements
Draft/March 14, 2019 paraf:
1


LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
(Lanjutan) (Continued)
Per 31 Desember 2018 dan 2017 As of December 31, 2018 and 2017
Catatan/ 2018 2017

Notes Rp Rp
LIABILITAS, DANA SYIRKAH LIABILITIES, SYIRKAH

TEMPORER DAN EKUITAS TEMPORARY FUNDS AND EQUITY
LIABILITAS LIABILITIES
Pinjaman diterima dari bank Loans received from banks and other
dan lembaga keuangan lainnya 15 8,558,203,041,310 3,715,561,347,970 financial institution
Utang pajak 24b 69,393,124,143 32,257,347,270 Taxes payable
Beban akrual 16 269,780,612,310 216,366,964,020 Accrued expenses
Pendapatan diterima dimuka 17 95,534,906,540 17,972,911,209 Unearned revenue
Liabilitas derivatif 18 2,086,893,667 44,195,817,382 Derivative liabilities
Surat utang diterbitkan - neto 19 12,736,471,270,268 14,243,218,865,512 Debt securities issued - net
Green bond diterbitkan - neto 20 496,304,005,715 -- Green bond issued - net
Pinjaman diterima dari Borrowings from the Government of
Pemerintah Republik Indonesia 22 3,358,083,204,158 2,608,995,997,588 Republic of Indonesia
Kewajiban imbalan kerja 26 77,214,058,000 70,458,261,001 Employee benefits obligation
Liabilitas lain-lain 23 254,229,809,085 115,715,250,193 Other liabilities
Jumlah Liabilitas 25,917,300,925,196 21,064,742,762,145 Total Liabilities
DANA SYIRKAH TEMPORER TEMPORARY SYIRKAH FUNDS

Sukuk Mudharabah 21 1,000,000,000,000 -- Sukuk Mudharabah
EKUITAS EQUITY
Modal saham - nilai nominal Rp 1 juta Capital stock - Rp 1 million par value
per saham per share
Modal dasar - 50.000.000 saham pada Authorized capital - 50,000,000 shares
31 Desember 2018 dan 2017 at December 31, 2018 and 2017
Modal ditempatkan dan disetor Subscribed and paid-up capital -
penuh - 30.516.600 saham dan 30,516,600 and
dan 28.516.600 saham 28,516,600 shares at
pada 31 Desember 2018 dan 2017 27 30,516,600,000,000 28,516,600,000,000 December 31, 2018 and 2017
Tambahan modal disetor 28 -- 2,000,000,000,000 Additional paid-in capital
Penghasilan komprehensif lain 507,343,678,196 524,503,331,056 Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 1,182,982,733,885 822,982,733,885 Appropriated
Belum ditentukan penggunaannya 3,368,963,244,098 2,457,066,888,807 Unappropriated
Jumlah Ekuitas 35,575,889,656,179 34,321,152,953,748 Total Equity
JUMLAH LIABILITAS, DANA SYIRKAH TOTAL LIABILITIES, SYIRKAH

TEMPORER DAN EKUITAS 62,493,190,581,375 55,385,895,715,893 TEMPORARY FUNDS AND EQUITY
458 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur2 (Persero)


LAPORAN LABA RUGI DAN STATEMENTS OF PROFIT OR LOSS AND
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
Catatan/ 2018 2017

Notes Rp Rp
PENDAPATAN USAHA 30 4,008,063,076,873 3,154,863,449,477 REVENUES

BEBAN USAHA 31 (1,990,573,493,793) (1,483,309,785,306) OPERATING EXPENSES
BEBAN PAJAK FINAL (197,618,506,327) (122,164,011,678) FINAL TAX EXPENSE
LABA USAHA 1,819,871,076,753 1,549,389,652,493 OPERATING PROFIT
PENDAPATAN (BEBAN) LAIN-LAIN OTHER INCOME (EXPENSES)
Bagian rugi pada ventura bersama 12 (12,884,896,748) (24,486,520,935) Equity in net loss in joint venture
Laba selisih kurs 14,553,744,367 3,065,140,025 Gain foreign exchange rate
Pendapatan lain-lain 8,148,353,669 16,291,794,915 Other income
Beban lain-lain (14,393,547,918) (9,565,739,691) Other expenses
Pendapatan lain-lain - net (4,576,346,630) (14,695,325,686) Other income - net
LABA SEBELUM PAJAK 1,815,294,730,123 1,534,694,326,807 PROFIT BEFORE TAX
BEBAN PAJAK 24c (284,184,774,358) (272,686,346,355) TAX EXPENSE
LABA BERSIH TAHUN BERJALAN 1,531,109,955,765 1,262,007,980,452 PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
Pos-pos yang tidak akan direklasifikasi Items that will not be reclassified
ke laba rugi: to profit or loss:
Bagian penghasilan (beban) komprehensif Share in other comprehensive income
lain atas ventura bersama 12 (14,070,995,497) 10,971,351,646 (expense) of joint venture
Pengukuran kembali atas program 26 Remeasurement of defined benefit
imbalan pasti 15,715,199,368 (15,039,817,175) obligation
Manfaat pajak terkait pos-pos Income tax expense relating to items that
yang tidak akan direklasifikasi 24d (3,928,799,842) 3,759,954,294 will not be reclassified
Pos-pos yang akan direklasifikasi Items that may be reclassified

ke laba rugi: to profit or loss:
Keuntungan atas aset keuangan Gain on available-for-sale financial
tersedia untuk dijual : assets
Investasi dalam instrumen ekuitas 12 48,210,337,818 310,888,325,494 Investment in equity instrument
Investasi jangka pendek 7 (63,425,858,932) (34,106,589,202) Short term investment
Dikurangi: Penyesuaian reklasifikasi Less: Reclassification adjustment
atas keuntungan yang termasuk on gain which already included
dalam laba rugi 7 13,692,034,001 190,939,848,278 in profit or loss
Bagian efektif atas perubahan nilai wajar Effective portion on fair value changes
instrumen derivatif yang memenuhi from derivative instruments qualified as
lindung nilai arus kas 18 (2,086,893,667) (1,889,552,398) cash flow hedge
Manfaat (beban) pajak terkait pos-pos Income (expense) tax benefit relating to
yang akan direklasifikasi 24d 521,723,417 472,388,099 items that will be reclassified
Jumlah penghasilan komprehensif lain tahun Total other compehensive income for
berjalan setelah pajak (5,373,253,334) 465,995,909,036 the current year, net of tax
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME
TAHUN BERJALAN 1,525,736,702,431 1,728,003,889,488 FOR THE YEAR
LABA PER SAHAM 25 51,429 46,524 EARNING PER SHARE
3


LAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITY
Penghasilan komprehensif lain/ Other comprehensive income

Bagian penghasilan
Revaluasi investasi Cadangan komprehensif lain
Tambahan modal efek tersedia lindung nilai atas ventura Saldo laba/ Retained earnings
Modal disetor/ untuk dijual/ arus kas/ bersama/ Share Ditentukan Belum ditentukan
460 #MembangunNegeriKitaBisa
Catatan/ disetor/ Additional paid-in AFS investment Cash flow in other comprehensive penggunaannya/ penggunaannya/ Jumlah ekuitas/
Notes Paid-up capital capital revaluation hedging reserve income of joint venture Appropriated Unappropriated Total equity
Rp Rp Rp Rp Rp Rp Rp Rp
Saldo per 31 Desember 2016 24,356,600,000,000 4,160,000,000,000 50,424,109,298 1,417,164,299 (4,613,714,458) 459,141,725,195 1,812,740,452,385 30,835,709,736,719 Balance as of December 31, 2016
Tambahan modal disetor 28 4,160,000,000,000 (4,160,000,000,000) -- -- -- -- -- -- Additional paid-in capital

Tambahan modal disetor 27, 28 -- 2,000,000,000,000 -- -- -- -- -- 2,000,000,000,000 Additional paid-in capital
Cadangan umum 29 -- -- -- -- -- 363,841,008,690 (363,841,008,690) -- General reserve
Penghasilan komprehensif lain: Other comprehensive income:
Revaluasi investasi efek
tersedia untuk dijual -- -- 467,721,584,570 -- -- -- -- 467,721,584,570 AFS investment revaluation
Cadangan lindung nilai
arus kas -- -- -- (1,417,164,299) -- -- -- (1,417,164,299) Cash flow hedging reserve
Bagian penghasilan
komprehensif lain Share in other comprehensive
atas ventura bersama -- -- -- -- 10,971,351,646 -- -- 10,971,351,646 income of joint venture
Pengukuran kembali atas Remeasurement of defined
program imbalan pasti 26 -- -- -- -- -- -- (11,279,862,880) (11,279,862,880) benefit obligation
Dividen Tunai 29 -- -- -- -- -- -- (242,560,672,460) (242,560,672,460) Cash Dividend
--

Laba tahun berjalan -- -- -- -- -- -- 1,262,007,980,452 1,262,007,980,452 Profit for the year
Saldo per 31 Desember 2017 28,516,600,000,000 2,000,000,000,000 518,145,693,868 -- 6,357,637,188 822,982,733,885 2,457,066,888,807 34,321,152,953,748 Balance as of December 31, 2017
Tambahan modal disetor 27, 28 2,000,000,000,000 (2,000,000,000,000) -- -- -- -- -- -- Additional paid-in capital

Cadangan umum 29 -- -- -- -- -- 360,000,000,000 (360,000,000,000) -- General reserve
Penghasilan komprehensif lain: Other comprehensive income:
Revaluasi investasi efek
tersedia untuk dijual -- -- (1,523,487,113) -- -- -- -- (1,523,487,113) AFS investment revaluation
Cadangan lindung nilai
arus kas - bersih -- -- -- (1,565,170,250) -- -- -- (1,565,170,250) Cash flow hedging reserve - net
Bagian penghasilan
komprehensif lain Share in other comprehensive
atas ventura bersama -- -- -- -- (14,070,995,497) -- -- (14,070,995,497) income of joint venture
Pengukuran kembali atas Remeasurement of defined
program imbalan pasti 26 -- -- -- -- -- -- 11,786,399,526 11,786,399,526 benefit obligation
Dividen Tunai 29 -- -- -- -- -- -- (271,000,000,000) (271,000,000,000) Cash Dividend
Laba tahun berjalan -- -- -- -- -- -- 1,531,109,955,765 1,531,109,955,765 Profit for the year
Saldo per 31 Desember 2018 30,516,600,000,000 -- 516,622,206,755 (1,565,170,250) (7,713,358,309) 1,182,982,733,885 3,368,963,244,098 35,575,889,656,179 Balance as of December 31, 2018
4


LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
Catatan/ 2018 2017

Notes Rp Rp
ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES
Penerimaan bunga pinjaman diberikan 2,365,662,672,358 2,116,632,648,842 Receipt from interest of loan receivables
Penerimaan provisi dan jasa komitmen 267,601,320,741 118,359,883,955 Receipt from provision and commitment fee
Penerimaan dari bunga deposito berjangka 756,507,877,906 440,293,772,202 Receipt from interest of time deposits
Penerimaan dari pelunasan pinjaman diberikan 7,413,330,567,373 11,804,722,896,095 Receipt from settlements of loan receivables
Penerimaan dari penugasan fasilitasi Receipts from assignment for facilitation on
penyiapan proyek 42,193,093,659 34,243,157,011 project preparation
Penerimaan dari jasa konsultasi 15,636,854,404 5,201,588,566 Receipts from advisory
Penyaluran pinjaman diberikan (19,065,145,379,511) (12,680,163,334,634) Disbursements for loan receivables
Pembayaran beban operasional (321,921,659,585) (399,558,067,207) Disbursements for operating expenses
Disbursements for provision
Pembayaran beban provisi dan jasa komitmen (16,969,220,368) (4,396,407,082) and commitment fee
Pembayaran pajak penghasilan (254,500,000,000) (215,658,000,000) Disbursements for income taxes
Pembayaran bunga pinjaman (1,147,524,183,460) (689,502,460,750) Disbursements for interest expense
Dana dibatasi penggunaannya (34,287,445,961) (101,607,020,962) Restricted fund
Penerimaan dividen -- 6,107,581,780 Receipts of dividens
Pembayaran bagi hasil sukuk mudharabah (19,200,000,000) -- Disbursement for Mudharabah profit sharing
Penyaluran dana Program Bina Lingkungan Disbursements for Community Development
dan Tanggung Jawab Sosial (14,199,559,482) (9,140,901,021) Program and Corporate Social Responsibility
Kas Neto Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in)
Aktivitas Operasi (10,012,815,061,926) 425,535,336,795 Operating Activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Pencairan dari investasi jangka pendek 1,672,722,894,905 1,200,741,117,536 Withdrawal of short term investment
Penerimaan dari hasil investasi efek-efek 160,333,951,586 87,046,187,604 Receipts of income from investments
Penempatan pada investasi jangka pendek (3,322,023,135,000) (1,727,005,750,000) Payment for short-term investment
Penempatan pada investasi saham (718,353,765,472) (1,782,902,495,116) Investment in equity
Pembelian aset tetap (5,145,282,509) (49,718,176,311) Acquisition of property and equipment
Pembelian aset takberwujud (9,728,442,185) (21,856,478,987) Acquisition of intangible assets
Kas Neto Digunakan untuk Aktivitas Investasi (2,222,193,778,675) (2,293,695,595,274) Net Cash Used in Investing Activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan dari pinjaman 5,640,680,886,000 2,884,367,000,000 Receipts from loan
Penerimaan dari penerbitan surat utang 1,045,250,000,000 7,000,000,000,000 Receipts from issued bond
Penerimaan dari penerbitan sukuk mudharabah 1,000,000,000,000 -- Receipts from sukuk mudharabah
Penerimaan dari penerbitan green bond 500,000,000,000 -- Receipts from green bond
Penerimaan dari setoran modal -- 2,000,000,000,000 Receipts from paid-in capital
Pembayaran pokok surat utang (2,570,700,000,000) (100,000,000,000) Disbursements for issued bond
Pembayaran dividen (271,000,000,000) (242,560,672,460) Disbursements for dividen payment
Pembayaran pokok pinjaman (901,577,010,251) (2,359,564,268,539) Disbursements for loan
Pembayaran emisi obligasi (6,692,846,462) (5,448,835,727) Disbursements for bond's emission
Kas Neto Diperoleh dari Aktivitas Pendanaan 4,435,961,029,287 9,176,793,223,274 Net Cash Provided by Financing Activities
KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) OF CASH
KAS DAN SETARA KAS (7,799,047,811,314) 7,308,632,964,795 AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA AWAL TAHUN 15,398,138,608,077 8,089,505,643,282 AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS PADA AKHIR TAHUN 5 7,599,090,796,763 15,398,138,608,077 AT END OF YEAR
Lihat Catatan 40 atas laporan keuangan untuk See Note 40 to the financial statements for the
pengungkapan informasi tambahan arus kas. supplemental disclosures of cash flows
information.
5
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Untuk Tahun-tahun yang Berakhir For The Years Ended
Pada Tanggal 31 Desember 2018 dan 2017 December 31, 2018 and 2017
1. Umum 1. General
a. Pendirian dan Informasi Umum a. Establishment and General Information

PT Sarana Multi Infrastruktur (Persero) PT Sarana Multi Infrastruktur (Persero)
"Perusahaan" didirikan berdasarkan "the Company" was established under the
Peraturan Pemerintah No. 66 Tahun 2007 Government Regulation No. 66 Year 2007,
yang kemudian diubah dengan Peraturan which was amended by the Government
Pemerintah No. 75 Tahun 2008, Regulation No. 75 Year 2008, as
sebagaimana tercantum dalam Akta No. mentioned in Notarial Deed No. 17 dated
17 tanggal 26 Februari 2009 dibuat di February 26, 2009 of Lolani Kurniati
hadapan Lolani Kurniati Irdham - Idroes, Irdham - Idroes, S.H., LLM, notary in
S.H., LLM, notaris di Jakarta, telah Jakarta, the deed was approved by the
mendapatkan pengesahan dari Menteri Minister of Law of the Republic of
Kehakiman Republik Indonesia Indonesia in its Decision Letter No. AHU-
berdasarkan Surat Keputusan No. AHU- 09067.AH.01.01 dated March 24, 2009,
09067.AH.01.01 tanggal 24 Maret 2009, and published in the State Gazette of the
serta diumumkan dalam Berita Negara Republic of Indonesia No. 40 dated May
Republik Indonesia No. 40 tanggal 19 Mei 19, 2009 and Supplement State Gazette of
2009 dan Tambahan Berita Negara the Republic of Indonesia No. 13273/2009
Republik Indonesia No. 13273/2009 (“Akta (“Deed of Establisment”). The Company
Pendirian”). Perusahaan mendapatkan izin obtained the license as infrastructure
usaha sebagai perusahaan pembiayaan financing company based on Decree of the
infrastruktur berdasarkan Keputusan Minister of Finance of the Republic of
Menteri Keuangan Republik Indonesia Indonesia No. 396/KMK.010/2009 and
No. 396/KMK.010/2009 dan beroperasi started operating commercially on
komersial pada tanggal 12 Oktober 2009. October 12, 2009.
Anggaran dasar Perusahaan telah The Company’s Article of Association had

mengalami beberapa kali perubahan, been amended several times and the
terakhir dinyatakan dalam Akta No. 29 latest amendment was stipulated in Deed
tanggal 17 Mei 2018 dari Irma Devita No. 29 dated May 17, 2018 of Irma Devita
Purnamasari, S.H., MKn, notaris di Purnamasari, S.H., MKn, notary in Jakarta.
Jakarta. Perubahan Anggaran Dasar The amendment consist of:
Perusahaan meliputi:
1) Perubahan modal dasar ditempatkan/ 1) Changes of authorized capital

diambil bagian oleh Negara Republik 30,516,600 (thirty million five hundred
Indonesia sebanyak 30.516.600 (tiga sixteen thousand six hundred)
puluh juta lima ratus enam belas ribu shares have been issued/ subscribed
enam ratus) lembar saham dengan by the Republic of Indonesia
nilai nominal seluruhnya sebesar with total nominal value of
Rp30.516.600.000.000 (tiga puluh Rp30,516,600,000,000 (thirty trillion
triliun lima ratus enam belas miliar five hundred sixteen billion six hundred
enam ratus juta Rupiah) dan million Rupiah) and
2) Sebesar 100% dari nilai nominal 2) 100% of such authorized capital with
saham yang ditempatkan sebesar total value amounting to
Rp30.516.600.000.000 (tiga puluh Rp30,516,600,000,000 (thirty trillion
triliun lima ratus enam belas miliar five hundred sixteen billion six hundred
enam ratus juta Rupiah) seluruhnya million Rupiah) has been paid by the
telah di setor penuh oleh Negara Republic of Indonesia.
Republik Indonesia.

462 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur6(Persero)
Perubahan tersebut telah memperoleh The amendment was approved by the

persetujuan dari Kementerian Hukum dan Ministry of Justice and Human Rights of
Hak Asasi Manusia Republik Indonesia the Republic of Indonesia in its Decision
berdasarkan Surat Keputusan No. AHU- Letter No. AHU-AH.01.03-0199973 Year
AH.01.03-0199973 Tahun 2018 tanggal 2018 dated May 17, 2018.
17 Mei 2018.
Perusahaan berdomisili di Gedung Sahid The Company is domiciled at Sahid

th
Sudirman Center, Lantai 47-48 Jl. Jend. Sudirman Center Building 47-48 Floor
Sudirman No. 86 Jakarta. Jl. Jend. Sudirman No. 86 Jakarta.
Maksud dan tujuan pendirian Perusahaan The purpose and objective of the
untuk mendorong percepatan penyediaan establishment of the Company was to
pembiayaan infrastruktur melalui accelerate the provision of infrastructure
kemitraan dengan pihak swasta dan/atau financing through partnerships with private
lembaga keuangan multilateral. Dalam sectors and/or multilateral financial
melaksanakan maksud tersebut, institutions. To achieve such purpose,
Perusahaan melaksanakan kegiatan the Company carries out the following
pembiayaan infrastruktur dan investasi infrastructure financing and investing
sebagai berikut: activities:
1) Kerja sama dengan pihak swasta, 1) Cooperation with private sectors,

Badan Usaha Milik Negara (BUMN), State-Owned Enterprises (BUMN),
Badan Usaha Milik Daerah (BUMD), Regional Owned Enterprises (BUMD),
Pemerintah Daerah maupun lembaga Regional Government, and other
keuangan multilateral dalam rangka multilateral financial institutions to
pendirian perusahaan yang khusus establish an infrastructure financing
bergerak di bidang pembiayaan company;
infrastruktur;
2) Kegiatan pembiayaan bidang 2) Financing activities in the

infrastruktur termasuk pembiayaan infrastructure sector is part of the
yang dilaksanakan berdasarkan financing activities based on shariah
prinsip syariah yang diberikan kepada principle provided to private sectors,
pihak swasta, Badan Usaha Milik State-Owned Enterprises (BUMN),
Negara (BUMN), Badan Usaha Milik Regional Owned Enterprises (BUMD)
Daerah (BUMD), dan Pemerintah and Regional Governments as
Daerah sebagaimana diatur dalam stipulated in the prevailing laws and
peraturan perundang-undangan yang regulations including in the form of:
berlaku termasuk dalam bentuk:
a. penyertaan modal baik secara a. capital participation either directly

langsung atau dalam bentuk or in the form of loan conversion
konversi pinjaman menjadi into capital participation;
penyertaan modal;
b. pinjaman maupun kegiatan b. loan or provision of credit support
pemberian dukungan kredit untuk for infrastructure financing;
pembiayaan infrastruktur;
3) Pengembangan kemitraan dan/atau 3) Develop a partnership and/or

kerjasama dengan pihak ketiga dalam collaboration with third parties to
mendorong percepatan pembangunan accelerate the infrastructure
infrastruktur; development;

PT Sarana Multi Infrastruktur (Persero) 7
4) Penyediaan jasa pendukung untuk 4) Provision of support services for the

investor baik investor domestik investor, both domestic and foreign
maupun investor asing seperti investors such as investment advisory
konsultasi investasi dan aktivitas and other activities to increase
lainnya untuk mewujudkan investment in infrastructure;
peningkatan investasi dalam bidang
infrastruktur;
5) Kegiatan penelitian dan 5) Research, development and promotion

pengembangan serta sosialisasi related to infrastructure activities;
terkait kegiatan infrastruktur;
6) Pengelolaan dana dalam rangka 6) Fund management to optimize

optimalisasi dana pembiayaan infrastructure financing fund;
infrastruktur;
7) Kegiatan jasa konsultasi, termasuk 7) Provision of consulting services,

dalam bentuk fasilitasi penyiapan dan including facilitation of project
pengembangan proyek kerjasama preparation and development of
Pemerintah dengan badan usaha collaboration between the government
dalam penyediaan infrastruktur; and business entities in the provision
of infrastructure facility;
8) Kegiatan penerbitan surat utang dalam 8) Issuance of debt securities in relation

rangka pembiayaan pembangunan to the financing of infrastructure
infrastruktur; development;
9) Kegiatan terkait upaya penyelamatan 9) Activities related to financing bail-out

pembiayaan yang antara lain meliputi: including the following:
a) pengambilalihan kepemilikan atas a) acquisition of ownership of
agunan, baik semua maupun collateral, either all or in part, in the
sebagian, dalam hal debitur tidak event that the debtor could not
memenuhi kewajibannya kepada meet its obligation to the
Perusahaan, dengan ketentuan Company, on a provision that the
agunan tersebut wajib dicairkan collateral is immediately converted
secepatnya sesuai ketentuan into fund in accordance with the
peraturan perundang-undangan; laws and regulations; and/or
dan/atau
b) melakukan kegiatan penyertaan b) participation of temporary capital

modal sementara yang berasal derived from the conversion of
dari konversi utang menjadi debt into equity to the debtor or
saham kepada debitur atau pihak other related parties to resolve the
terkait lainnya untuk mengatasi consequences of the credit failure,
akibat kegagalan kredit, dengan on a condition that it shall withdraw
syarat harus menarik kembali its participation in accordance with
penyertaannya sesuai ketentuan the provisions of laws and
peraturan perundang-undangan; regulations;
10) Kegiatan lainnya terkait upaya 10) Other activities related to the
percepatan pembangunan acceleration of the infrastructure
infrastruktur. development.

8
Dalam melaksanakan kegiatan tersebut, In carrying out the aforementioned

Perusahaan mengacu pada Peraturan activities, the Company refers to the
Menteri Keuangan (PMK) Minister of Finance Regulation (PMK)
No. 100/PMK.010/ 2009 tentang No. 100/PMK.010/2009 regarding
Perusahaan Pembiayaan Infrastruktur dan Infrastructure Financing Companies and
surat persetujuan izin penambahan obyek approval letter for the addition of the
pembiayaan infrastruktur pada Company’s infrastructure financing objects
Perusahaan dari Otoritas Jasa Keuangan from Indonesia Financial Services
No.S-48/D.05/2015 tanggal 30 April 2015. Authority No.S-48/D.05/2015 dated
April 30, 2015.
Pembentukan Unit Usaha Syariah Establishment of the Company’s Sharia

Perusahaan Business Unit
Pada tanggal 20 April 2016, OJK On April 20, 2016, OJK issued a license
menerbitkan persetujuan izin for the establishment of the Company’s
pembentukan Unit Usaha Syariah Sharia Business Unit, as stated in OJK
Perusahaan sebagaimana dinyatakan letter No. S-372/NB.223/2016 regarding
dalam surat OJK No. S-372/NB.223/2016 the Approval and Registration of Sharia
perihal Persetujuan dan Pencatatan Unit Business Unit and Other Business Related
Usaha Syariah dan Pelaksanaan Kegiatan to Infrastructure Financing by PT Sarana
Lain Terkait dengan Pembiayaan Multi Infrastruktur (Persero).
Infrastruktur oleh PT Sarana Multi
Infrastruktur (Persero).
b. Penawaran Umum Obligasi dan Sukuk b. Bonds Public and Sukuk Mudharabah
Mudharabah Offering
Obligasi Bonds
Pada tanggal 4 Juni 2014, Perusahaan On June 4, 2014, the Company obtained
memperoleh pernyataan efektif dari the effective statement from Financial
Otoritas Jasa Keuangan dengan surat Services Authority in letter
No.S-26/D.04/2014 untuk menerbitkan No. S-26/D.04/2014 to issued the bonds
obligasi dengan nama “Obligasi Sarana namely “Obligasi Sarana Multi
Multi Infrastruktur I Tahun 2014” kepada Infrastruktur I Tahun 2014” to public with a
masyarakat dengan nilai nominal nominal value of Rp1,000,000,000,000.
Rp1.000.000.000.000. Pada tanggal On June 12, 2014, all of the bonds were
12 Juni 2014, seluruh obligasi tersebut listed in Indonesia Stock Exchange.
telah dicatatkan di Bursa Efek Indonesia.
Pada tanggal 9 November 2016, On November 9, 2016, the Company

Perusahaan memperoleh pernyataan obtained the effective statement from
efektif dari Otoritas Jasa Keuangan Financial Services Authority in letter
dengan surat No. S-654/D.04/2016 untuk No. S-654/D.04/2016 to issued the Bonds
menerbitkan obligasi dengan nama namely “Obligasi Berkelanjutan I Sarana
“Obligasi Berkelanjutan I Sarana Multi Multi Infrastruktur Tahap I Tahun 2016”
Infrastruktur Tahap I tahun 2016” kepada to public with a nominal value of
masyarakat dengan nilai nominal Rp5,000,000,000,000. On November 21,
Rp5.000.000.000.000. Pada tanggal 2016, all of the bonds were listed in
21 November 2016, seluruh obligasi Indonesia Stock Exchange.
tersebut telah dicatatkan di Bursa Efek
Indonesia.

9

Perusahaan menerbitkan “Obligasi issued the bonds namely “Obligasi
Berkelanjutan I Sarana Multi Infrastruktur Berkelanjutan I Sarana Multi Infrastruktur
Tahap II Tahun 2017” kepada masyarakat Tahap II Tahun 2017” to public with a
dengan nilai nominal nominal value of Rp7,000,000,000,000.
Rp7.000.000.000.000.
No. S-9/D.04/2018 menerbitkan obligasi No. S-9/D.04/2018 to issued the green
infrastruktur berwawasan lingkungan bonds infrastructure sustainable public
dengan nama “Obligasi Infrastruktur “Obligasi Infrastruktur Berwawasan
Berwawasan Lingkungan Berkelanjutan I Lingkungan Berkelanjutan I Sarana Multi
Sarana Multi Infrastruktur Tahap I Infrastruktur Tahap I Tahun 2018“ with
Tahun 2018” dengan nominal nominal value of Rp500,000,000,000.
Rp500.000.000.000.
Otoritas Jasa Keuangan dengan surat No. Services Authority in letter
S-9/D.04/2018 untuk melakukan No.S-9/D.04/2018 to conduct a
penawaran umum berkelanjutan “Obligasi sustainable public offering on “Obligasi
Tahap III Tahun 2018” kepada Tahap III Tahun 2018” to public with a
masyarakat dengan nilai nominal nominal value Rp1,045,250,000,000.
Rp1.045.250.000.000.
Sukuk Mudharabah Sukuk Mudharabah

No. S-9/D.04/2018 untuk menerbitkan No. S-9/D.04/2018 to issued Sukuk
Sukuk Mudharabah “Sukuk Mudharabah Mudharabah “Sukuk Mudharabah
Tahap I Tahun 2018” dengan nilai nominal Tahap I Tahun 2018” with nominal value
Rp1.000.000.000.000. of Rp1,000,000,000,000.
Pada tanggal 31 Desember 2018 seluruh As of December 31, 2018 all of the bonds
obligasi dan sukuk mudharabah telah and sukuk mudharabah were listed in
dicatatkan di Bursa Efek Indonesia. Indonesia Stock Indonesia.
c. Susunan Dewan Komisaris, Direksi, c. Composition of Board of

Komite Audit, Komite Pemantau Risiko, Commissioners, Directors, Audit
Pengawas Syariah, Sekretaris Committee, Risk Oversight Committee,
Perusahaan dan Audit Internal Sharia Supervisory, Corporate
Secretary and Internal Audit
Dewan Komisaris Board of Commissioners

Berdasarkan Keputusan Menteri Based on Decree of the Minister of
Keuangan Republik Indonesia No. Finance of the Republic of Indonesia
625/KMK.06/2017 tanggal 18 Agustus No. 625/KMK.06/2017 dated August 18,
2017 dan Surat Penerimaan 2017 and Notification Letter of the changes
Pemberitahuan perubahan komposisi in the composition of the Board of
Dewan Komisaris dari Kementerian Commissioners from Ministry of Law and
Hukum dan Hak Asasi Manusia Republik Human Rights of the Republic of Indonesia
Indonesia No. AHU-AH.01.03-0169793 No. AHU-AH.01.03-0169793 dated
10
tanggal 8 September 2017, dan Akta September 8, 2017, and Deed Number 19
Nomor 19 Tahun 2017 tanggal Year 2017 dated September 8, 2017.
8 September 2017.
Berdasarkan Keputusan Menteri Based on Decree of the Minister of

Keuangan Republik Indonesia Finance of the Republic of Indonesia
No. 436/KMK.06/2018 tanggal 5 Juni 2018 No. 436/KMK.06/2018 dated
dan Surat Penerimaan Pemberitahuan June 5, 2018 and Notification Letter of the
perubahan komposisi Dewan Komisaris changes in the composition of the Board of
dari Kementerian Hukum dan Hak Asasi Commissioners from Ministry of Law and
Manusia Republik Indonesia No. AHU- Human Rights of the Republic of Indonesia
AH.01.03-0215585 tanggal 22 Juni 2018, No. AHU-AH.01.03-0215585 dated June
dan Akta Nomor 21 Tahun 2018 tanggal 22, 2018, and Deed Number 21 Year 2018
22 Juni 2018. dated June 22, 2018.
Susunan Dewan Komisaris Perusahaan The composition of the Company’s Board

per 31 Desember 2018 dan 2017 adalah of Commissioners as of December 31,
sebagai berikut: 2018 and 2017 are as follows:
2018 2017
Komisaris Utama merangkap President Commissioner

Independen Mahendra Siregar Mahendra Siregar concurrently Independent
Komisaris Wahyu Utomo Langgeng Subur Commissioner
Komisaris Dini Kusumawati Wahyu Utomo Commissioner
Komisaris A. Kunta Wibawa Dasa A. Kunta Wibawa Dasa Commissioner
Nugraha Nugraha
Komisaris Independen Sukatmo Padmosukarso Sukatmo Padmosukarso Independent Commissioner
Dewan Direksi Board of Directors

Berdasarkan keputusan Menteri Keuangan Based on Decree of the Minister of
Republik Indonesia No. 464/KMK.06/2016 Finance of the Republic of Indonesia
tanggal 16 Juni 2016 dan No. 464/KMK.06/2016 dated
No. 480/KMK.06/2018 tanggal 9 Juli 2018, June 16, 2016 and No. 480/KMK.06/2018
Surat Penerimaan Pemberitahuan dated July 9, 2018, and Notification Letter
perubahan komposisi Dewan Direksi dari of the changes in the composition of the
Kementerian Hukum dan Hak Asasi Board of Directors from Ministry of Law
Manusia Republik Indonesia and Human Rights of the Republic of
No. AHU-AH.01.03-0223667 tanggal 19 Indonesia No. AHU-AH.01.03-0223667
Juli 2018, dan Akta Nomor 30 Tahun 2018 dated July 19, 2018, and Deed Number 30
tanggal 19 Juli 2018, susunan Direksi Year 2018 dated July 19, 2018, the
Perusahaan per 31 Desember 2018 dan composition of the Company’s Board of
2017 adalah sebagai berikut: Directors as of December 31, 2018 and
2017 are as follows:
2018 2017
Direktur Utama Emma Sri Martini Emma Sri Martini President Director
Direktur Pembiayaan Investment and
dan Investasi Edwin Syahruzad Edwin Syahruzad Financing Director
Direktur Pengembangan Proyek Project Development and
dan Jasa Konsultasi Darwin Trisna Djajawinata Darwin Trisna Djajawinata Advisory Director
Direktur Operasional Operation and
dan Keuangan M. Ghozie Indra Dalel Agresius R. Kadiaman Finance Director
Direktur Manajemen Risiko Faaris Pranawa M. Ghozie Indra Dalel Risk Management Director

11
Komite Audit Audit Committee

Berdasarkan Surat Keputusan Dewan Based on Commissioner Decrees
Komisaris No. SK-06/SMI/DK/0917 tanggal No. SK-06/SMI/DK/0917 dated September
14 September 2017, No. SK- 14, 2017, No. SK-08/SMI/DK/1117 dated
08/SMI/DK/1117 tanggal 30 November November 30, 2017 and
2017 dan No. SK-03/SMI/DK/1118 tanggal No. SK-03/SMI/DK/1118 dated November
21 November 2018, susunan Dewan 21, 2018, the composition of the
Komite Audit Perusahaan per Company’s Audit Committee as of
31 Desember 2018 dan 2017 adalah December 31, 2018 and 2017 are as
sebagai berikut: follows:
2018 2017
Ketua Sukatmo Padmosukarso Sukatmo Padmosukarso Chairman

Anggota Akbar Anwar Langgeng Subur Member
Anggota Agustinus Nicholas L. Tobing Akbar Anwar Member
Komite Pemantau Risiko Risk Oversight Committee

Berdasarkan Surat Keputusan Dewan Based on Commissioner Decree
Komisaris No. SK-07/SMI/DK/0917 tanggal No. SK-07/SMI/DK/0917 dated September
14 September 2017, susunan Komite 14, 2017, the composition of the
Pemantau Risiko Perusahaan per Company’s Risk Oversight Committee as
31 Desember 2018 dan 2017 adalah of December 31, 2018 and 2017 are as
sebagai berikut: follows:
Ketua Mahendra Siregar Chairman

Anggota Wahyu Utomo Member
Anggota A. Kunta Wibawa Dasa Nugraha Member
Anggota Edyanto Rachman Member
Anggota Jadi Manurung Member
Dewan Pengawas Syariah/Staf Ahli Sharia Expert/ Supervisory Board

Syariah
Berdasarkan Surat Keputusan Based on the Ministry of Finance
Kementerian Keuangan Republik of the Republic Indonesia Decree
Indonesia No. S-667/KMK.06/2018 tanggal No. S-667/KMK.06/2018 dated October 5,
5 Oktober 2018 dan Surat Keputusan 2018, the Minister of Finance of the
Menteri Keuangan Republik Indonesia Republic Indonesia Decree No. S-
No. S-871/KMK.06/2016 tanggal 871/KMK.06/2016 dated November 30,
30 November 2016 tentang 2016 regarding "Sharia Supervisory Board
“Pengangkatan Anggota Dewan Member Appointment of State Owned
Pengawas Syariah Perusahaan Perseroan Company (Persero) PT Sarana Multi
(Persero) PT Sarana Multi Infrastruktur”, Infrastruktur”, the composition of the
susunan Dewan Pengawas Syariah Company’s Sharia Supervisory Board as
Perusahaan tanggal 31 Desember 2018 of December 31, 2018 and 2017 are as
dan 2017 adalah sebagai berikut: follows:
Ketua Adiwarman Azwar Karim Chairman

Anggota Munifah Syanwani Member
Sekretaris Perusahaan Corporate Secretary

Pada tanggal 31 Desember 2018 dan As of December 31, 2018 and 2017, based
2017, berdasarkan Surat Keputusan on Directors Decree No. SK-005/SMI/0317
Direksi No. SK-005/SMI/0317 tanggal dated March 31, 2017, Corporate
31 Maret 2017, Sekretaris Perusahaan Secretary is Ramona Harimurti.
adalah Ramona Harimurti.
12
Audit Internal Internal Audit

Pada tanggal 31 Desember 2018 dan As of December 31, 2018 and 2017,
2017, berdasarkan Surat Keputusan based on Directors Decree
Direksi No SK-270/SMI/DKD/DHC/1017 No SK-270/SMI/DKD/DHC/1017 dated
tanggal 19 Oktober 2017, Kepala Audit October 19, 2017, the Company’s Internal
Internal Perusahaan adalah Setyo Audit Head is Setyo Wibowo.
Wibowo.
Pada tanggal 31 Desember 2018 and As of December 31, 2018 and 2017,
2017, Perusahaan memiliki karyawan the Company had 286 and 261
sebanyak 286 dan 261 orang. employees, respectively.
2. Penerapan Standar Akuntansi Keuangan 2. Adoption of New and Revised Statements

Baru dan Revisi (PSAK) dan Interpretasi of Financial Accounting Standards
Standar Akuntansi Keuangan (ISAK) (“PSAK”) and Interpretations of PSAK
(“ISAK”)
Dalam tahun berjalan, Perusahaan telah In the current year, the Company has applied
menerapkan standar baru, sejumlah new standards, number of amendments, and
amandemen dan interpretasi PSAK yang interpretation to PSAK issued by the Financial
dikeluarkan oleh Dewan Standar Akuntansi Accounting Standard Board of the Indonesian
Keuangan dari Ikatan Akuntan Indonesia yang Institute of Accountants that are effective for
efektif untuk periode akuntansi yang dimulai the accounting period beginning on
pada 1 Januari 2018. January 1, 2018.
Berikut adalah revisi, amandemen dan The following are revision, amendments and
penyesuaian atas standar akuntansi adjustments of standards and interpretation of
keuangan (SAK) serta interpretasi atas SAK standard issued by DSAK - IAI and effectively
berlaku efektif untuk tahun buku yang dimulai applied for the year starting on or after January
pada atau setelah 1 Januari 2018, yaitu: 1, 2018, namely:
 PSAK 16 (Amandemen 2015): “Aset Tetap  PSAK 16 (Amendment 2015): “Property,
tentang Agrikultur: Tanaman Produktif” Plant and Equipment regarding Agriculture:
Bearer Plants”
 PSAK 69: “ Agrikultur”  PSAK 69: “ Agriculture”
 PSAK 2 (Amandemen 2016): “Laporan  PSAK 2 (Amendment 2016): “Statements of
Arus Kas tentang Prakarsa Cash Flows regarding Disclosure Initiative”
Pengungkapan”
 PSAK 46 (Amandemen 2016): “Pajak  PSAK 46 (Amendment 2016): “Income Tax
Penghasilan tentang Pengakuan Aset regarding Deferred Tax Assets Recognition
Pajak Pajak Tangguhan untuk Rugi yang for Unrealised Loss”.
Belum Direalisasi”
 PSAK 13 (Amandemen 2017): “Properti  PSAK 13 (Amendment 2017): “Investment
Investasi tentang Pengalihan Properti Property regarding Transfer of Investment
Investasi” Property”
 PSAK 53 (Amandemen 2017):  PSAK 53 (Amendment 2017): “Share-based
“Pembayaran Berbasis Saham tentang Payment regarding Classification and
Klasifikasi dan Pengukuran Transaksi Measurement of Share-based Payment
Pembayaran Berbasis Saham” Transaction”
 PSAK 15 (Penyesuaian 2017): “Investasi  PSAK 15 (Improvement 2017): “Investment

pada Entitas Asosiasi dan Ventura in Associates and Joint Ventures”
Bersama”
 PSAK 67 (Penyesuaian 2017):  PSAK 67 (Improvement 2017): “Disclosure
“Pengungkapan Kepentingan dalam of Interests in Other Entities”
Entitas Lain”
13
Implementasi dari standar-standar tersebut The implementation of the above standards

tidak memiliki dampak yang signifikan had no significant effect on the amounts
terhadap jumlah yang dilaporkan di periode reported for the current period or prior financial
berjalan atau tahun sebelumnya. year.
Namun, penerapan PSAK 2 (Amandemen However, the implementation of PSAK 2

2016) mensyaratkan Perusahaan (Amendment 2016) requires the Company to
menyediakan pengungkapan bagi pengguna provide disclosures to users of financial
laporan keuangan untuk mengevaluasi statements to evaluate changes in liabilities
perubahan pada liabilitas yang timbul dari arising from financing activities. These
aktivitas pendanaan. Persyaratan tersebut requirements have been disclosed in Note 40b.
telah diungkapkan di Catatan 40b.
3. Kebijakan Akuntansi yang Signifikan 3. Summary of Significant Accounting

Policies
a. Kepatuhan kepada Standar Akuntansi a. Statements of Compliance with

Keuangan (SAK) Financial Accounting Standards (SAK)
Laporan keuangan Perusahaan telah The Company financial statements were
disusun dan disajikan sesuai dengan prepared and presented in accordance
Standar Akuntansi Keuangan di Indonesia with Indonesian Financial Accounting
yang meliputi Pernyataan Standar Standards which include the Statement of
Akuntansi Keuangan (PSAK) dan Financial Accounting Standards (PSAK)
Interpretasi Standar Akuntansi Keuangan and Interpretation of Financial Accounting
(ISAK) yang diterbitkan oleh Dewan Standards (ISAK) issued by the Financial
Standar Akuntansi Keuangan – Ikatan Accounting Standard Board – Indonesian
Akuntan Indonesia (DSAK – IAI), serta Institute of Accountant (DSAK – IAI), and
peraturan Pasar Modal yang berlaku regulations in the Capital Market include
antara lain Peraturan Otoritas Jasa Regulations of Financial Sevices
Keuangan/Badan Pengawas Pasar Modal Authority/Capital Market and Supervisory
dan Lembaga Keuangan (OJK/Bapepam- Board and Financial Institution
LK) No. VIII.G.7 tentang pedoman (OJK/Bapepam-LK) No. VIII.G.7 regarding
penyajian laporan keuangan, keputusan guidelines for the presentation of financial
Ketua Bapepam-LK No. KEP-347/BL/2012 statements, decree of Chairman of
tentang penyajian dan pengungkapan Bapepam-LK No. KEP-347/BL/2012
laporan keuangan emiten atau perusahaan regarding presentation and disclosure of
publik. financial statements of the issuer or public
company.
b. Dasar Pengukuran dan Penyusunan b. Basis of Measurement and Preparation

Laporan Keuangan of the Financial Statements
Laporan keuangan Perusahaan disusun The Company’s financial statements have
dan disajikan berdasarkan asumsi been prepared and presented based on
kelangsungan usaha serta atas dasar going concern assumption and accrual
akrual, kecuali pendapatan dari istishna basic of accounting, except for istishna
dan bagi hasil dari pembiayaan revenues and profit sharing from
mudharabah dan musyarakah serta mudharabah and musyarakah financing
laporan arus kas Perusahaan. Dasar and the Company’s statement of cash
pengukuran dalam penyusunan laporan flows. The Basis of measurement in
keuangan ini adalah konsep biaya preparation of these financial statements is
perolehan, kecuali beberapa akun tertentu the historical costs concept, except for
yang didasarkan pengukuran lain certain accounts which have been
sebagaimana dijelaskan dalam kebijakan prepared on the basis of other
akuntansi masing-masing akun tersebut. measurements as described in their
Biaya perolehan umumnya didasarkan respective policies. Historical cost in
14
pada nilai wajar imbalan yang diserahkan generally based on the fair value of the
dalam perolehan aset. consideration given in exchange for
assets.
Laporan keuangan unit syariah The financial statements of the Company’s
Perusahaan yang didasarkan pada prinsip sharia unit have been presented in
syariah disajikan sesuai dengan PSAK No. accordance with the PSAK No. 101
101 tentang “Penyajian Laporan Keuangan regarding "Presentation of Sharia Financial
Syariah”, PSAK No. 102 (Revisi 2013) Statements", PSAK No. 102 (Revised
tentang “Akuntansi Murabahah”, PSAK No. 2013) regarding, "Accounting for
104 tentang “Akuntansi Istishna”, PSAK Murabahah", PSAK No. 104 regarding
No. 105 tentang “Akuntansi Mudharabah”, "Accounting for Istishna", PSAK No. 105
PSAK No. 106 tentang “Akuntansi regarding "Accounting for Mudharabah",
Musyarakah”, PSAK No. 107 tentang PSAK No. 106 regarding, "Accounting for
“Akuntansi Ijarah” dan PSAK No. 110 Musyarakah", PSAK No. 107
tentang “Akuntansi Sukuk”. regarding,"Accounting for Ijarah" and
PSAK No.110 regarding
"Accounting for Sukuk".
Laporan keuangan telah disajikan The financial statements have been
berdasarkan nilai historis, kecuali untuk prepared on a historical cost basis, except
beberapa akun yang dinilai menggunakan for some accounts that were assessed
dasar pengukuran lain sebagaimana using another measurement basis as
dijelaskan pada kebijakan akuntansi dari explained in the accounting policies of the
akun tersebut. account.
Biaya historis umumnya didasarkan pada Historical cost is generally based on the
nilai wajar dari imbalan yang diberikan fair value of the consideration given in
dalam pertukaran barang dan jasa. exchange for goods and services.
Nilai wajar adalah harga yang akan Fair value is the price that would be
diterima untuk menjual suatu aset atau received to sell an asset or paid to transfer
harga yang akan dibayar untuk a liability in an orderly transaction between
mengalihkan suatu liabilitas dalam suatu market participants at the measurement
transaksi teratur antara pelaku pasar pada date.
tanggal pengukuran.
Laporan arus kas disusun dengan The statements of cash flows are prepared
menggunakan metode langsung dengan using the direct method with classifications
mengelompokkan arus kas dalam aktivitas of cash flows into operating, investing and
operasi, investasi dan pendanaan. financing activities.
c. Transaksi dan Saldo dalam Mata Uang c. Foreign Currency Transactions and
Asing Balance
Laporan keuangan Perusahaan diukur dan The financial statements of the Company
disajikan dalam mata uang dari lingkungan are measured and presented in the
ekonomi utama dimana entitas beroperasi currency of the primary economic
(mata uang fungsional). Laporan environment in which the entity operates
keuangan Perusahaan disajikan dalam (its functional currency). The financial
mata uang Rupiah yang merupakan mata statements of the Company are presented
uang fungsional dan mata uang penyajian in Indonesian Rupiah, which is the
untuk laporan keuangan. functional currency and the presentation
currency for the financial statements.

15
Dalam penyusunan laporan keuangan In preparing the financial statements of

Perusahaan, transaksi dalam mata uang the Company, transactions in currencies
asing selain mata uang fungsional entitas other than the entity’s functional currency
(mata uang asing) diakui pada kurs yang (foreign currencies) are recognized at the
berlaku pada tanggal transaksi. Pada rates of exchange prevailing at the dates
setiap akhir periode pelaporan, pos of the transactions. At the end of each
moneter dalam valuta asing dijabarkan reporting period, monetary items
kembali pada kurs yang berlaku pada denominated in foreign currencies are
tanggal tersebut. Pos-pos non moneter retranslated at the rates prevailing at that
yang diukur pada nilai wajar dalam valuta date. Non-monetary items carried at fair
asing dijabarkan kembali pada kurs yang value that are denominated in foreign
berlaku pada tanggal ketika nilai wajar currencies are retranslated at the rates
ditentukan. Pos non moneter diukur dalam prevailing at the date when the fair value
biaya historis dalam valuta asing yang was determined. Non-monetary items that
tidak dijabarkan kembali. are measured in terms of historical cost in
a foreign currency are not retranslated.
Aset dan liabilitas moneter dalam mata Monetary assets and liabilities
uang asing dalam Dolar Amerika Serikat denominated in foreign currency in United
dan Yen Jepang disesuaikan dengan States Dollar and Japanese Yen are
menggunakan kurs tengah yang adjusted using middle rate published by
diterbitkan Bank Indonesia untuk Bank Indonesia to reflect the rates of
mencerminkan kurs yang berlaku pada exchange prevailing at that date. The
tanggal tersebut. Keuntungan atau resulting gains or losses are credited or
kerugian kurs yang timbul dikreditkan atau charged to current operations.
dibebankan dalam laba rugi tahun yang
bersangkutan.
Pada tanggal 31 Desember 2018 dan As of December 31, 2018 and 2017, the
2017, kurs yang digunakan adalah sebagai exchange rate used are as follows:
berikut:
2018 2017
Dolar Amerika Serikat 14,481 13,548 United States Dollars

100 Yen Jepang 13,111 12,022 100 Japanese Yen
d. Transaksi Pihak-pihak Berelasi d. Transactions with Related Parties
Pihak-pihak Berelasi, adalah orang atau A Related Party, is a person or entity that
entitas yang terkait dengan entitas is related to the reporting entity:
pelapor:
a. Orang atau anggota keluarga dekatnya a. A person or a close member of that
mempunyai relasi dengan entitas person's family is related to the
pelapor jika orang tersebut: reporting entity if that person:
i. memiliki pengendalian atau i. has control or joint control over the
pengendalian bersama entitas reporting entity;
pelapor;
ii. memiliki pengaruh signifikan ii. has significant influence over the
entitas pelapor; atau reporting entity; or
iii. merupakan personil manajemen iii. is a member of the key
kunci entitas pelapor atau entitas management personnel of the
induk dari entitas pelapor. reporting entity or of a parent of
the reporting entity.

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b. Suatu entitas berelasi dengan entitas b. An entity’s is related to the reporting

pelapor jika memenuhi salah satu hal entity if any of the following conditions
berikut: applies:
i. Entitas dan entitas pelapor adalah i. The entity, and the reporting entity
anggota dari kelompok usaha yang are members of the same group
sama (artinya entitas induk, entitas (which means that each parent,
anak, dan entitas anak berikutnya subsidiary and fellow subsidiary is
saling berelasi dengan entitas lain); related to the others);
ii. Satu entitas adalah entitas asosiasi ii. One entity is an associate or joint
atau ventura bersama dari entitas venture of the other entity (or an
lain (atau entitas asosiasi atau associate or joint venture of a
ventura bersama yang merupakan member of a group of which the
anggota suatu kelompok usaha, other entity is a member);
yang mana entitas lain tersebut
adalah anggotanya);
iii. Kedua entitas tersebut adalah iii. Both entities are joint ventures of
ventura bersama dari pihak ketiga the same third party;
yang sama;
iv. Satu entitas adalah ventura iv. One entity is a joint venture of a
bersama dari entitas ketiga dan third entity and the other entity is
entitas yang lain adalah entitas an associate of the third entity;
asosiasi dari entitas ketiga;
v. Entitas tersebut adalah suatu v. The entity is a post-employment
program imbalan pascakerja untuk benefit plan for the benefit of
imbalan kerja dari salah satu employees of either the reporting
entitas pelapor atau entitas yang entity, or an entity related to the
terkait dengan entitas pelapor. Jika reporting entity. If the reporting
entitas pelapor adalah entitas yang entity in itself such a plan, the
menyelenggarakan program sponsoring entity are also related
tersebut, maka entitas sponsor to the reporting entity;
juga berelasi dengan entitas
pelapor;
vi. Entitas yang dikendalikan atau vi. The entity is controlled or jointly
dikendalikan bersama oleh orang controlled by a person identified in
yang diidentifikasi dalam huruf (a); (a);
vii. Orang yang diidentifikasi dalam vii. A person identified in (a) (i) has
huruf (a) (i) memiliki pengaruh significant influence over the entity
signifikan atas entitas atau personil or is a member of the key
manajemen kunci entitas (atau management personnel of the
entitas induk dari entitas); entity (or a parent of the entity);
viii. Entitas, atau anggota dari viii. The entity, or any member of a
kelompok yang mana entitas group of which it is a part, provides
merupakan bagian dari kelompok key management personnel
tersebut, menyediakan jasa services to the reporting entity or
personil manajemen kunci kepada to the parent of the reporting entity.
entitas pelapor atau kepada entitas
induk dari entitas pelapor.
Entitas yang berelasi dengan pemerintah A government-related entity is an entity

adalah entitas yang dikendalikan, that is controlled, jointly controlled or
dikendalikan bersama atau dipengaruhi siqnificant influence by a government.
oleh pemerintah. Pemerintah mengacu Government refers to government,
kepada pemerintah, instansi pemerintah government agencies and similiar agency
dan badan yang serupa baik lokal, whether local, national or Internasional.
nasional maupun Internasional.

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Entitas yang berelasi dengan Pemerintah A Government related entity can be an

dapat berupa entitas yang dikendalikan entity which controlled or significantly
atau dipengaruhi secara signifikan oleh influenced by the Ministry of Finance or
Kementerian Keuangan atau Pemerintah Local Government that representing as the
Daerah yang merupakan pemegang shareholders of the entity or entity
saham entitas, atau entitas yang controlled by the Government of Republik
dikendalikan oleh Pemerintah Republik of Indonesia refresented by the SOE’e
Indonesia melalui Kementerian BUMN Ministry as shareholder’s representative.
selaku pemegang saham.
Seluruh transaksi dan saldo yang All significant transactions and balances
signifikan dengan pihak berelasi with related parties are disclosed in the
diungkapkan dalam Catatan yang relevan. relevant Notes.
e. Aset Keuangan e. Financial Assets
Seluruh aset keuangan diakui dan All financial assets are recognized and
dihentikan pengakuannya pada tanggal derecognized on trade date where the
diperdagangkan dimana pembelian dan purchase or sale of a financial asset is
penjualan aset keuangan berdasarkan under a contract whose terms require
kontrak yang mensyaratkan penyerahan delivery of the financial asset within the
aset keuangan dalam kurun waktu yang time frame established by the market
ditetapkan oleh kebiasaan pasar yang concerned, and are initially measured at
berlaku, dan awalnya diukur sebesar nilai fair value plus transaction costs, except for
wajar ditambah biaya transaksi, kecuali those financial assets classified as at fair
untuk aset keuangan yang diukur pada value through profit or loss, which are
nilai wajar melalui laba rugi, yang awalnya initially measured at fair value. Transaction
diukur sebesar nilai wajar. Biaya transaksi costs incurred on acquisition of a financial
yang dikeluarakan sehubungan dengan asset classified at Fair Value through profit
perolehan aset keuangan yang or loss are expensed immediately.
diklasifikasikan pada nilai wajar melalui
laba rugi dibebankan segera.
Aset keuangan Perusahaan The Company’s financial assets are

diklasifikasikan sebagai berikut: classified as follows:
 Dimiliki hingga jatuh tempo   Held to maturity
 Nilai wajar melalui laba rugi (FVTPL)  Fair Value Through Profit or Loss
(FVTPL)
 Tersedia untuk dijual (AFS)  Available-for-Sale (AFS)
 Pinjaman diberikan dan piutang  Loan receivables and receivables
Dimiliki Hingga Jatuh Tempo Held to Maturity

Perusahaan mempunyai Surat The Company has a Government Treasury
Perbendaharaan Negara yang dikeluarkan Bills issued by the Government of Republic
oleh Pemerintah Republik Indonesia yang of Indonesia which is classified as held to
diklasifikasikan sebagai dimiliki hingga maturity as the Company has a positive
jatuh tempo karena Perusahaan memiliki intent and ability to hold the bonds to
intensi positif dan kemampuan untuk maturity. The Government Treasury Bills
memiliki obligasi tersebut hingga jatuh are measured at amortized cost using the
tempo. Surat Perbendaharaan Negara effective interest method less impairment,
diukur pada biaya perolehan diamortisasi with revenue recognized on an effective
dengan menggunakan metode suku bunga yield basis.
efektif dikurangi penurunan nilai, dengan
pendapatan diakui berdasarkan metode
hasil efektif.

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Nilai Wajar Melalui Laba Rugi (FVTPL) Fair Value Through Profit or Loss (FVTPL)
Aset keuangan diklasifikasi dalam FVTPL, Financial assets are classified as at FVTPL
jika aset keuangan dimiliki untuk where the financial asset is either held for
diperdagangkan atau pada saat trading or is designated as at FVTPL at the
pengakuan awal ditetapkan untuk diukur initial recognition.
pada FVTPL.
Aset keuangan diklasifikasi sebagai A financial asset is classified as held for

kelompok diperdagangkan, jika: trading if:
 diperoleh atau dimiliki terutama untuk   it has been acquired principally for the
tujuan dijual kembali dalam waktu purpose of selling in the near term; or
dekat; atau
 pada pengakuan awal merupakan   on initial recognition it is a part of
bagian dari portofolio instrumen identified portfolio of financial
keuangan tertentu yang dikelola instruments that the entity manages
bersama dan terdapat bukti mengenai together and has proof of a recent
pola ambil untung dalam jangka actual pattern of short-term profit
pendek aktual terkini; atau taking; or
 merupakan derivatif yang tidak  it is a derivative that is not designated
ditetapkan dan tidak efektif sebagai and effective as a hedging instrument.
instrumen lindung nilai.
Aset keuangan selain aset keuangan yang A financial asset other than a financial
diperdagangkan, dapat ditetapkan sebagai asset held for trading may be designated
FVTPL pada saat pengakuan awal, jika: as at FVTPL upon initial recognition if:
 penetapan tersebut mengeliminasi   such designation eliminates or
atau mengurangi secara signifikan significantly reduces a measurement
inkonsistensi pengukuran dan or recognition inconsistency that would
pengakuan yang dapat timbul; atau otherwise arise; or
 kelompok aset keuangan, liabilitas   a group of financial assets, financial
keuangan atau keduanya, dikelola dan liabilities or both, is managed and its
kinerjanya dievaluasi berdasarkan nilai performance is evaluated on a fair
wajar, sesuai dengan manajemen value basis, in accordance with a
risiko atau strategi investasi yang documented risk management or
didokumentasikan, dan informasi investment strategy, and information
tentang disediakan secara internal about it is provided internally on that
kepada manajemen kunci entitas, basis to the entity’s key management
misalnya Direksi Operasional dan personnel, for example Chief
Keuangan. Operation and Finance Officer.
-
Aset keuangan FVTPL disajikan sebesar - Financial assets at FVTPL are stated at fair
nilai wajar, keuntungan atau kerugian yang value, with any resultant gain or loss
timbul diakui dalam laba rugi. Keuntungan recognized in profit or loss. The net gain or
atau kerugian bersih yang diakui dalam loss recognized in profit or loss
laba rugi mencakup dividen atau bunga incorporates any dividend or interest
yang diperoleh dari aset keuangan. earned on the financial asset.
Tersedia untuk Dijual (AFS) Available-for-Sale (AFS)

AFS aset keuangan adalah aset keuangan AFS financial assets are non-derivative
non-derivatif yang ditetapkan baik sebagai financial assets that are either designated
AFS atau yang tidak diklasifikasikan as AFS or are not classified as (a) loans
sebagai (a) pinjaman yang diberikan dan and receivables, (b) held-to-maturity
piutang, (b) dimiliki hingga jatuh tempo investments or (c) financial assets at fair
atau (c) aset keuangan pada nilai wajar value through profit or loss (FVTPL).
melalui laba rugi (FVTPL).

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Reksadana, Medium Term Notes dan Mutual Funds, Medium Term Notes and
obligasi milik Perusahaan yang tercatat bonds held by the Company that are
di bursa dan diperdagangkan pada pasar traded in an active market are classified as
aktif diklasifikasikan sebagai AFS dan AFS and are stated at fair value.
dinyatakan pada nilai wajar.
Keuntungan atau kerugian yang timbul dari Gains and losses arising from changes in
perubahan nilai wajar diakui dalam fair value are recognized in other
pendapatan komprehensif lain dan di comprehensive income and in equity, with
ekuitas, kecuali untuk kerugian penurunan the exception of impairment losses,
nilai, bunga yang dihitung dengan metode interest calculated using the effective
suku bunga efektif dan laba rugi selisih interest method, and foreign exchange
kurs atas aset moneter yang diakui pada gains and losses on monetary assets,
laba rugi. Jika investasi dilepas atau which are recognized in profit or loss.
mengalami penurunan nilai, akumulasi Where the investment is disposed of or is
laba atau rugi yang sebelumnya determined to be impaired, the cumulative
diakumulasi pada ekuitas, direklasifikasi ke gain or loss previously accumulated in
laba rugi. equity is reclassified to profit or loss.
Investasi dalam instrumen ekuitas yang Investments in unlisted equity instruments

tidak tercatat di bursa yang tidak that are not quoted in an active market and
mempunyai kuotasi di pasar aktif dan nilai whose fair value cannot be reliably
wajarnya tidak dapat diukur secara andal measured are also classified as AFS,
diklasifikasikan sebagai AFS, diukur pada measured at cost less impairment.
biaya perolehan dikurangi penurunan nilai.
Pinjaman Diberikan dan Piutang Loan Receivables and Receivables

Pinjaman diberikan dan piutang dengan Loan receivables and receivables that
pembayaran tetap atau telah ditentukan have fixed or determinable payments that
dan tidak mempunyai kuotasi di pasar aktif are not quoted in an active market are
diklasifikasikan sebagai “pinjaman classified as “loan receivables and
diberikan dan piutang”, yang diukur pada receivables”, which are measured at
biaya perolehan diamortisasi dengan amortized cost using the effective interest
menggunakan metode suku bunga efektif rate method less impairment.
dikurangi penurunan nilai.
Pada saat pengakuan awal, pinjaman Loan receivables and receivables are
diberikan dan piutang diakui pada nilai initially recognized at fair value plus
wajarnya ditambah biaya transaksi transaction costs (if any) and subsequently
(jika ada) dan selanjutnya diukur pada measured at amortized cost using the
biaya perolehan diamortisasi dengan effective interest rate method.
menggunakan metode suku bunga efektif.
Bunga diakui pada laba rugi dengan Interest is recognized in profit or loss by
menggunakan metode suku bunga efektif, applying the effective interest rate method,
kecuali piutang jangka pendek dimana except for short-term receivables whereby
pengakuan bunga tidak material. the recognition of interest would be
immaterial.
Pembiayaan/ Piutang Syariah Sharia Financing/ Receivables

Pembiayaan/ piutang syariah adalah Sharia Financing/ receivables are funds
penyediaan uang atau tagihan yang dapat provision or other similar form of
disamakan dengan itu, yang timbul dari receivables arising from transactions
transaksi berdasarkan prinsip jual beli dan based on sale or purchase arrangements
bagi hasil antara Perusahaan dengan and profit sharing between the Company
pihak lain selama jangka waktu tertentu. and other parties for a certain period of
time.
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Piutang tersebut meliputi piutang Such receivables consist of receivables

murabahah, untuk pembiayaan meliputi arising from murabahah transactions for
pembiayaan mudharabah dan pembiayaan financing consist of mudharabah and
musyarakah. musyarakah financing.
Murabahah adalah akad jual beli antara Murabahah is a sale and purchase
nasabah dengan Perusahaan, dimana contract between the customer and the
Perusahaan membiayai kebutuhan Company, whereby Company finances the
konsumsi, investasi dan modal kerja consumption, investment and working
nasabah yang dijual dengan harga pokok capital needs of the customer that is sold
ditambah dengan keuntungan yang at a principal price plus a certain margin
diketahui dan disepakati bersama. tha is mutually informed and agreed.
Pembayaran atas pembiayaan ini Repayment on this financing is made in
dilakukan dengan cara mengangsur dalam installments within a specified period.
jangka waktu yang ditentukan.
Piutang murabahah pada awalnya diukur Murabahah receivables are initially
pada nilai wajar ditambah dengan biaya measured at fair value plus direct
transaksi yang dapat diatribusikan secara attributable transaction costs and is an
langsung dan merupakan biaya tambahan additional cost to obtain the respected
untuk memperoleh aset keuangan tersebut financial assets and after the initial
dan setelah pengakuan awal diukur pada recognition are measured at amortized
biaya perolehan diamortisasi cost using the effective margin method
menggunakan metode margin efektif less any allowance for impairment losses
dikurangi dengan cadangan kerugian value.
penurunan nilai.
Mudharabah merupakan pembiayaan Mudharabah financing is a joint financing
kerjasama antara Perusahaan sebagai made between Company as the owner of
pemilik dana (shahibul maal) dengan the funds (shahibul maal) and the
nasabah sebagai pelaksana usaha customer as a business executor
(mudharib) selama jangka waktu tertentu. (mudharib) during a certain period. The
Pembagian hasil keuntungan dari proyek profit sharing from the project or the
atau usaha tersebut ditentukan sesuai business is determined in accordance with
dengan nisbah (pre-determined ratio) yang the mutually agreed nisbah (pre-
telah disepakati bersama. Pada tanggal determined ratio). On the statement of
laporan posisi keuangan, pembiayaan financial position date, mudharabah
mudharabah dinyatakan sebesar kontribusi financing is stated at the Company’s
modal yang dikeluarkan Perusahaan. contribution funds.
Musyarakah adalah akad kerjasama yang Musyarakah is a partnership contract
terjadi diantara para pemilik modal (mitra among fund’s owners (musyarakah
musyarakah) untuk menggabungkan partners) to contribute funds and conduct a
modal dan melakukan usaha secara business on a joint basis through
bersama dalam suatu kemitraan dengan partnership with the profit sharing based
nisbah pembagian hasil sesuai dengan on a predetermined ratio, while the losses
kesepakatan, sedangkan kerugian are borne proportionally based on the
ditanggung secara proporsional sesuai capital contribution. On the statement of
dengan kontribusi modal. Pada tanggal financial position date, Musyarakah
laporan posisi keuangan, pembiayaan financing is stated at the Company’s
musyarakah dinyatakan sebesar kontribusi contribution funds.
modal yang dikeluarkan Perusahaan.
Akad ijarah adalah akad penyediaan dana Akad Ijarah is a funding contract in the
dalam rangka memindahkan hak guna context of transferring the use rights or
atau manfaat dari suatu barang atau jasa benefits of a good or service based on a
berdasarkan transaksi sewa, tanpa diikuti lease transaction, without being followed
dengan pemindahan kepemilikan barang by the transfer of ownership of the goods to
tersebut kepada penyewa. the lessee.
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Piutang pendapatan ijarah diakui pada Ijarah revenue receivable is recognized on

saat jatuh tempo sebesar sewa yang the maturity date of rental that has not
belum diterima dan disajikan sebesar nilai been received and is presented at net
bersih yang dapat direalisasikan, yaitu realizable value, which is the amount of the
sebesar saldo piutang. outstanding balance of receivables.
Restrukturisasi Pinjaman Loan Restructuring
Kerugian yang timbul dari restrukturisasi Losses resulting from loan restructuring
pinjaman diberikan yang berkaitan dengan related to modification of loan receivable
modifikasi persyaratan kredit diakui bila terms are recognized if the present value
nilai sekarang dari jumlah penerimaan kas of future cash proceeds which have been
yang akan datang yang telah ditentukan determined in new loan receivable terms,
dalam persyaratan pinjaman diberikan including proceeds designated as interest
yang baru, termasuk penerimaan yang or principal, is less than the amount of
diperuntukkan sebagai bunga maupun outstanding loan receivable before the
pokok, adalah lebih kecil dari nilai restructuring.
pinjaman diberikan yang diberikan yang
tercatat sebelum restrukturisasi.
Investasi pada Sukuk Investments in Sukuk
Sukuk dapat diklasifikasikan berdasarkan Sukuk can be classified based on business
model usaha pada saat perolehan sebagai model at acquisition as follow:
berikut:
(i) Diukur pada biaya perolehan jika (i) Measured at cost if the investments
investasi tersebut dimiliki dalam suatu are held within a business model
model usaha yang bertujuan utama whose primary purpose is to obtain
untuk memperoleh arus kas contractual cash flows; and
kontraktual; dan persyaratan contractual requirements specify a
kontraktual menentukan tanggal specific date of payment of principals
tertentu pembayaran pokok dan/atau and/or the revenue.
hasilnya.
Pada saat pengakuan awal, investasi At the initial recognition, investments
pada sukuk diukur pada biaya in sukuk are measured at cost,
perolehan termasuk biaya transaksi including the transaction costs and the
dan selisih antara biaya perolehan dan difference between the acquisition
nilai nominal diamortisasi secara garis cost and the nominal value is
lurus selama jangka waktu sukuk dan amortized using straight-line method
diakui dalam laba rugi. during sukuk period and recognized in
profit or loss.
(ii) Diukur pada nilai wajar melalui (ii) Measured at fair value through other
penghasilan komprehensif lain jika comprehensive income if the
investasi tersebut dimiliki dalam suatu investments are held within a business
model usaha yang bertujuan utama model whose primary purpose is to
untuk memperoleh arus kas obtain contractual cash flows and
kontraktual dan melakukan penjualan selling the sukuk; and contractual
sukuk; dan persyaratan kontraktual requirements specify a specific date of
menentukan tanggal tertentu payment of principals and/or the
pembayaran pokok dan/atau hasilnya. revenue.
Pada saat pengakuan awal, investasi At the initial recognition, investments
pada sukuk diukur pada nilai wajar in sukuk are measured at fair value
melalui penghasilan komprehensif lain through other comprehensive income,
termasuk biaya transaksi dan selisih including transaction costs and the
antara biaya perolehan dan nilai difference between the acquisition
nominal diamortisasi secara garis lurus cost and the nominal value is
selama jangka waktu sukuk dan diakui amortized using straight-line method
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dalam laba rugi. Keuntungan atau during sukuk period and recognized in
kerugian dari perubahan nilai wajar profit or loss. Gains or losses from
diakui dalam penghasilan changes in fair value are recognized in
komprehensif lain setelah other comprehensive income after
memperhitungkan saldo selisih biaya taking into account the balance of the
perolehan dan nilai nominal yang difference between the acquisition
belum diamortisasi dan saldo cost and the nominal value and the
akumulasi keuntungan atau kerugian unamortized balance of the cumulative
nilai wajar yang telah diakui gain or loss in fair value previously
sebelumnya dalam penghasilan recognized in other comprehensive
komprehensif lain. income.
(iii) Diukur pada nilai wajar melalui laba (iii) Measured at fair value through profit
rugi jika investasi pada sukuk tidak or loss if the investments in sukuk are
diklasifikasikan sebagai diukur pada not classified as measured at cost and
biaya perolehan dan diukur pada nilai measured at fair value through other
wajar melalui penghasilan comprehensive income. At the initial
komprehensif lain. Pada saat recognition, investments are
pengakuan awal, investasi diukur pada measured at fair value at acquisition
nilai wajar sebesar biaya perolehan cost exclude transaction costs and
tidak termasuk biaya transaksi dan subsequently, this investment is
selanjutnya diukur pada nilai wajar. measured at fair value. The difference
Selisih antara nilai wajar dan jumlah between the fair value and the
tercatat diakui dalam laba rugi. carrying amount is recognized in profit
or loss.
Untuk investasi pada sukuk yang diukur For investments in sukuk measured at cost
pada biaya perolehan dan nilai wajar and at fair value through other
melalui penghasilan komprehensif lain, jika comprehensive income, if there is
terdapat indikasi penurunan nilai, maka indication of impairment, the Company
Perusahaan mengukur jumlah measures the recoverable amount. If the
terpulihkannya. Jika jumlah terpulihkan recoverable amount is less than the
lebih kecil daripada jumlah tercatat, maka carrying amount, the Company recognized
Perusahaan mengakui rugi penurunan an impairment losses. For investments in
nilai. Untuk investasi sukuk pada nilai sukuk at fair value through other
wajar melalui penghasilan komprehensif comprehensive income, an impairment
lain, rugi penurunan nilai yang diakui pada losses recognized in profit or loss is the
laba rugi adalah jumlah setelah amount after taking into account the
memperhitungkan saldo dalam balance recorded in other comprehensive
penghasilan komprehensif lain. Jumlah income. Recoverable amount is the
terpulihkan merupakan jumlah yang akan amount that would be received from the
diperoleh dari pengembalian pokok tanpa principal repayment regardless its present
memperhitungkan nilai kininya. value.
Metode Suku Bunga Efektif Effective Interest Rate Method
Metode suku bunga efektif adalah metode The effective interest rate method is a
yang digunakan untuk menghitung biaya method of calculating the amortized cost of
perolehan diamortisasi dari instrumen a financial instrument and allocating the
keuangan dan metode untuk interest income over the relevant period.
mengalokasikan pendapatan bunga The effective interest rate is the rate that
selama periode yang relevan. Suku bunga precisely discounts estimated future cash
efektif adalah suku bunga yang secara proceeds (including all fees and
tepat mendiskontokan estimasi commisions paid or received that form an
penerimaan kas di masa datang integral part of the effective interest rate,
(mencakup seluruh komisi dan bentuk lain transaction costs and
yang dibayarkan dan diterima yang
merupakan bagian tak terpisahkan dari
suku bunga efektif, biaya transaksi dan
23
premium dan diskonto lainnya) selama other premiums or discounts) through the
perkiraan umur instrumen keuangan, atau, expected life of the financial instrument, or,
jika lebih tepat, digunakan periode yang where appropriate, a shorter period to the
lebih singkat untuk memperoleh nilai net carrying amount on initial recognition.
tercatat bersih dari aset keuangan pada
saat pengakuan awal.
Pendapatan diakui berdasarkan suku Revenue is recognized on an effective

bunga efektif untuk instrumen utang. interest rate basis for debt instruments.
Perhitungan Penurunan Nilai secara Individual Impairment Calculations

Individual
Jumlah kerugian penurunan nilai diukur The total impairment loss is measured as
berdasarkan selisih antara nilai tercatat the difference between the carrying value
aset keuangan dengan nilai kini dari of financial assets with the present value of
estimasi arus kas masa datang yang estimated future cash flows discounted
didiskontokan menggunakan tingkat suku using the original effective interest rate of
bunga efektif awal dari aset keuangan the financial asset. The carrying amount of
tersebut. Nilai tercatat aset tersebut the asset is reduced by allowance for
dikurangi sebesar cadangan kerugian impairment and the amount of impairment
penurunan nilai dan jumlah kerugian losses is recognized as impairment losses
penurunan nilai diakui pada laba rugi. Jika in profit or loss. If a loan or held to maturity
pinjaman yang diberikan atau investasi investment has a variable interest rate, the
dimiliki hingga jatuh tempo memiliki suku discount rate for measuring any impairment
bunga variabel, maka tingkat diskonto yang loss is the current effective interest rate
digunakan untuk mengukur setiap kerugian determined under the contract.
penurunan nilai adalah suku bunga efektif
yang berlaku yang ditetapkan di dalam
kontrak.
Penurunan Nilai Aset Keuangan Impairment of Financial Assets

Aset keuangan dievaluasi terhadap Financial assets are assessed for
indikator penurunan nilai pada setiap indicators of impairment at each reporting
tanggal pelaporan. Aset keuangan date. Financial assets are impaired where
diturunkan nilainya bila terdapat bukti there is objective evidence that, as a result
objektif, sebagai akibat dari satu atau lebih of one or more events that occurred after
peristiwa yang terjadi setelah pengakuan the initial recognition of the financial asset,
awal aset keuangan, dan peristiwa yang the estimated future cash flows of the
merugikan tersebut berdampak pada investment have been impacted.
estimasi arus kas masa depan atas aset
keuangan yang dapat diestimasi secara
andal.
Untuk investasi ekuitas AFS yang tercatat For listed and unlisted equity investments
dan tidak tercatat di bursa, penurunan classified as AFS, a significant or
yang signifikan atau jangka panjang dalam prolonged decline in the fair value of the
nilai wajar dari instrumen ekuitas di bawah security below its cost is considered to be
biaya perolehannya dianggap sebagai objective evidence of impairment.
bukti objektif terjadinya penurunan nilai.
Untuk aset keuangan, bukti objektif For financial assets, the objective
penurunan nilai termasuk sebagai berikut: evidences of impairment may include:
 kesulitan keuangan signifikan yang  significant financial difficulty of the
dialami penerbit atau pihak peminjam; issuer or counterparty; or
atau

24
 pelanggaran kontrak, seperti terjadinya  breach of contract, such as default or

wanprestasi atau tunggakan delinquency in interest or principal
pembayaran pokok atau bunga; atau payments; or
 terdapat kemungkinan bahwa pihak  There is a probability that the borrower
peminjam akan dinyatakan pailit atau will enter bankruptcy or financial re-
melakukan restrukturisasi keuangan. structuring.
Untuk kelompok aset keuangan tertentu, For certain categories of financial asset,
seperti pinjaman diberikan, aset yang tidak such as loan receivables, assets that are
akan diturunkan secara individual akan assessed not to be impaired individually
dievaluasi penurunan nilainya secara are, in addition, assessed for impairment
kolektif. Bukti objektif dari penurunan nilai on a collective basis. Objective evidence of
portofolio pinjaman yang diberikan dan impairment for a portfolio of loan and
pembiayaan/ piutang syariah dapat sharia finances/ receivables may include
termasuk pengalaman Perusahaan atas the Company’s past experiences of
tertagihnya pinjaman yang diberikan dan collecting payments, an increase in the
pembiayaan/ piutang syariah di masa lalu, number of delayed payments in the
peningkatan keterlambatan penerimaan portfolio past the average credit and sharia
pembayaran pinjaman yang diberikan dari finances/ receivables period, as well as
rata-rata periode kredit dan pembiayaan/ observable changes in national or local
piutang syariah, dan juga pengamatan economic conditions that correlate with
atas perubahan kondisi ekonomi nasional default on loan receivables and sharia
atau lokal yang berkorelasi dengan gagal finances/ receivables.
bayar atas pinjaman diberikan dan
pembiayaan/ piutang syariah.
Untuk aset keuangan yang diukur pada For financial assets carried at amortized
biaya perolehan diamortisasi, jumlah cost, the amount of the impairment is the
kerugian penurunan nilai merupakan difference between the asset’s carrying
selisih antara nilai tercatat aset keuangan amount and the present value of estimated
dengan nilai kini dari estimasi arus kas future cash flows, discounted at the
masa datang yang didiskontokan financial asset’s original effective interest
menggunakan tingkat suku bunga efektif rate.
awal dari aset keuangan.
Jumlah tercatat aset keuangan tersebut The carrying amount of the financial asset
dikurangi dengan kerugian penurunan nilai is reduced by the impairment loss directly
secara langsung atas aset keuangan, for all financial assets with the exception of
kecuali piutang yang jumlah tercatatnya receivables, where the carrying amount is
dikurangi melalui penggunaan akun reduced through the use of an allowance
cadangan pinjaman diberikan dan account. When a loan receivables and
pembiayaan/ piutang syariah. Jika sharia finances/ receivables is considered
pinjaman dan pembiayaan/ piutang syariah uncollectible, it is written off against the
tidak tertagih, pinjaman diberikan dan allowance account. Subsequent recoveries
pembiayaan/ piutang syariah tersebut of amounts previously written off are
dihapuskan melalui akun cadangan credited against the allowance account.
pinjaman diberikan dan pembiayaan/ Changes in the carrying amount of the
piutang syariah. Pemulihan kemudian dari allowance account are recognized in
jumlah yang sebelumnya telah dihapuskan statements of profit or loss.
dikreditkan terhadap akun cadangan.
Perubahan jumlah tercatat akun cadangan
pinjaman diberikan dan pembiayaan/
piutang syariah diakui dalam laba rugi.

25
Jika aset keuangan AFS dianggap When an AFS financial asset is considered
menurun nilainya, keuntungan atau to be impaired, cumulative gains or losses
kerugian kumulatif yang sebelumnya telah previously recognized in equity are
diakui dalam ekuitas direklasifikasi ke laba reclassified to profit or loss.
rugi.
Kecuali instrumen ekuitas AFS, jika, pada With the exception of AFS equity
periode berikutnya, jumlah kerugian instruments, if, in a subsequent period, the
penurunan nilai berkurang dan amount of the impairment loss decreases
pengurangan tersebut dapat dikaitkan and the decrease can be related
secara objektif dengan peristiwa yang objectively to an event occurring upon the
terjadi setelah penurunan nilai diakui, recognition of the impairment was
kerugian penurunan nilai yang diakui recognized, the previous recognized
sebelumnya dibalik melalui laba rugi impairment loss is reversed through profit
hingga nilai tercatat investasi pada tanggal or loss to the extent that the carrying
pemulihan penurunan nilai tidak melebihi amount of the investment at the date the
biaya perolehan diamortisasi sebelum impairment is reversed does not exceed
adanya pengakuan kerugian penurunan what the amortized cost would have been
nilai dilakukan. had the impairment not been recognized.
Dalam hal efek ekuitas AFS, kerugian In respect of AFS equity investments,
penurunan nilai yang sebelumnya diakui impairment losses previously recognized in
dalam laba rugi tidak boleh dibalik melalui profit or loss are not reversed through
laba rugi. Setiap kenaikan nilai wajar profit or loss. Any increase in fair value
setelah penurunan nilai diakui secara subsequent to an impairment loss is
langsung ke pendapatan komprehensif recognized directly in other comprehensive
lain. income.
Reklasifikasi Aset Keuangan Reclassification of Financial Assets

Aset keuangan yang tidak lagi dimiliki Financial assets that are no longer-held for
untuk tujuan penjualan atau pembelian the purpose of selling or repurchasing in
kembali aset keuangan dalam waktu dekat the near term (and have not been required
(jika aset keuangan tidak disyaratkan to be classified as held for trading at initial
untuk diklasifikasikan sebagai recognition) could be reclassified as loans
diperdagangkan pada saat pengakuan and receivables if they meet the definition
awal) dapat direklasifikasikan ke pinjaman of loans and receivables and the Entity has
yang diberikan dan piutang jika memenuhi the intention and ability to hold the financial
definisi pinjaman yang diberikan dan assets for foreseeable future or until
piutang dan entitas memiliki intensi dan maturity date.
kemampuan memiliki aset keuangan untuk
masa mendatang yang dapat diperkirakan
atau hingga jatuh tempo.
Perusahaan tidak boleh The Company cannot classify any financial

mengklasifikasikan aset keuangan sebagai assets as held - to - maturity investments,
investasi dimiliki hingga jatuh tempo, jika if the entity has, during the current financial
dalam tahun berjalan atau dalam kurun year or during the 2 preceding financial
waktu 2 tahun sebelumnya, telah menjual years, sold or reclassified a significant
atau mereklasifikasi investasi dimiliki amount of held-to-maturity investments
hingga jatuh tempo dalam jumlah yang before maturity (more than insignificant in
lebih dari jumlah yang tidak signifikan relation to the total amount of held-to-
sebelum jatuh tempo (lebih dari jumlah maturity investments) other than sales or
yang tidak signifikan dibandingkan dengan reclassifications that:
jumlah nilai investasi dimiliki hingga jatuh
tempo), kecuali penjualan atau reklasifikasi
tersebut dimana:
26
a. dilakukan ketika aset keuangan sudah a. are so close to maturity or the financial
mendekati jatuh tempo atau tanggal asset’s repurchase date that changes
pembelian kembali di mana perubahan in the market rate of interest would not
suku bunga tidak akan berpengaruh have a significant effect on the
secara signifikan terhadap nilai wajar financial asset’s fair value;
aset keuangan tersebut;
b. terjadi setelah Perusahaan telah b. occur after the Company has collected
memperoleh secara substansial substantially all of the original principal
seluruh jumlah pokok aset keuangan of the financial assets through
tersebut sesuai jadwal pembayaran scheduled payments or prepayments;
atau Perusahaan telah memperoleh or
pelunasan dipercepat; atau
c. terkait dengan kejadian tertentu yang c. are attributable to an isolated event
berada di luar kendali Perusahaan, that is beyond the Company’s control,
tidak berulang, dan tidak dapat is non-recurring and could not have
diantisipasi secara wajar oleh been reasonably anticipated by
Perusahaan. the Company.
Reklasifikasi aset keuangan dari kelompok Reclassifications of financial assets from

dimiliki hingga jatuh tempo ke kelompok held-to-maturity classification to available-
tersedia untuk dijual dicatat sebesar nilai for-sale are recorded at fair value. The
wajarnya. Keuntungan atau kerugian yang unrealized gains or losses are recorded in
belum direalisasi tetap dilaporkan dalam equity section until the financial assets are
komponen ekuitas sampai aset keuangan derecognized, at which time the
tersebut dihentikan pengakuannya, dan accumulative gain or loss previously
pada saat itu keuntungan atau kerugian recognized in equity shall be recognized as
kumulatif yang sebelumnya diakui dalam current year profit/loss.
ekuitas harus diakui sebagai laba/rugi
tahun berjalan.
Reklasifikasi aset keuangan dari kelompok Reclassification of financial assets from

tersedia untuk dijual ke kelompok dimiliki available-for-sale to held-to-maturity
hingga jatuh tempo dicatat pada nilai classification are recorded at carrying
tercatat. Keuntungan atau kerugian yang amount. The unrealized gains or losses
belum direalisasi harus diamortisasi are amortised by using effective interest
menggunakan suku bunga efektif sampai rate up to the maturity date of that
dengan tanggal jatuh tempo instrumen instrument.
tersebut.
Reklasifikasi Sukuk Sukuk Reclassification

Model usaha yang bertujuan untuk A business model that aims to obtain
memperoleh arus kas kontraktual contractual cash flows is based on the
didasarkan pada tujuan investasi yang investment objectives determined by the
ditentukan oleh entitas. Arus kas entity. The contractual cash flows referred
kontraktual yang dimaksud adalah arus to cash flows from sukuk mudharabah’s
kas bagi hasil dan pokok dari sukuk profit sharing and principal; or cash flow of
mudharabah; atau arus kas imbalan dari benefits from sukuk ijarah. After initial
sukuk ijarah. Setelah pengakuan awal, jika recognition, if the actual investment is
aktual berbeda dengan tujuan investasi different from the specified investment
yang telah ditetapkan, maka entitas objectives, the entity reviews the
menelaah kembali konsistensi tujuan consistency of its investment objectives.
investasinya.
Entitas tidak dapat mengubah klasifikasi Entity can’t change the investment
investasi kecuali terjadi perubahan tujuan classification unless there is a change in
model usaha. the purpose of the business model.

27
Penghentian Pengakuan Aset Derecognition of Financial Assets

Keuangan
Perusahaan menghentikan pengakuan The Company derecognises a financial
aset keuangan jika dan hanya jika hak asset only when the contractual rights to
kontraktual atas arus kas yang berasal dari the cash flows from the asset expire, or
aset berakhir, atau Perusahaan when it transfers the financial asset and
mentransfer aset keuangan dan secara substantially all the risks and rewards of
substansial mentransfer seluruh risiko dan ownership of the asset to another entity. If
manfaat atas kepemilikan aset kepada the Company neither transfers nor retains
entitas lain. Jika Perusahaan tidak substantially all the risks and rewards of
mentransfer serta tidak memiliki secara ownership and continues to control the
substansial atas seluruh risiko dan transferred asset, the Company
manfaat kepemilikan serta masih recognises its retained interest in the asset
mengendalikan aset yang ditransfer, maka and an associated liability for the amounts
Perusahaan mengakui keterlibatan it may have to pay. If the Company retains
berkelanjutan atas aset yang ditransfer substantially all the risks and rewards of
dan liabilitas terkait sebesar jumlah yang ownership of a transferred financial asset,
mungkin harus dibayar. Jika Perusahaan the Company continues to recognise the
memiliki secara substansial seluruh risiko financial asset and also recognises a
dan manfaat kepemilikan aset keuangan collateralised borrowing for the proceeds
yang ditransfer, Perusahaan masih received.
mengakui aset keuangan dan juga
mengakui pinjaman yang dijamin sebesar
pinjaman yang diterima.
Pada penghentian pengakuan aset On derecognition of financial asset in its

keuangan secara keseluruhan, selisih entirety, the difference between the asset’s
antara jumlah tercatat aset dan jumlah carrying amount and the sum of the
pembayaran dan piutang yang diterima consideration received and receivable and
dan keuntungan atau kerugian kumulatif the cumulative gain or loss that had been
yang telah diakui dalam pendapatan recognized in other comprehensive income
komprehensif lain dan terakumulasi dalam and accumulated in equity is recognized in
ekuitas diakui dalam laba rugi. profit or loss.
Pada penghentian pengakuan aset On derecognition of financial asset other

keuangan terhadap satu bagian saja than its entirety (e.g., when the Company
(misalnya ketika Perusahaan masih retains an option to repurchase part of a
memiliki hak untuk membeli kembali transferred asset), the Company allocates
bagian aset yang ditransfer), Perusahaan the previous carrying amount of the
mengalokasikan jumlah tercatat financial asset between the part it
sebelumnya dari aset keuangan tersebut continues to recognize under continuing
pada bagian yang tetap diakui involvement, and the part it no longer
berdasarkan keterlibatan berkelanjutan recognizes on the basis of the relative fair
dan bagian yang tidak lagi diakui values of those parts on the date of the
berdasarkan nilai wajar relatif dari kedua transfer.
bagian tersebut pada tanggal transfer.
Selisih antara jumlah tercatat yang The difference between the carrying
dialokasikan pada bagian yang tidak lagi amount allocated to the part that is no
diakui dan jumlah dari pembayaran yang longer recognized and the sum of the
diterima untuk bagian yang yang tidak lagi consideration received for the part no
diakui dan setiap keuntungan atau longer recognized and any cumulative gain
kerugian kumulatif yang dialokasikan pada or loss allocated to it that had been
bagian yang tidak lagi diakui tersebut yang recognized in other comprehensive income
sebelumnya telah diakui dalam is recognized in profit or loss. A cumulative
pendapatan komprehensif lain diakui pada gain or loss that had been recognized in
laba rugi. Keuntungan dan kerugian other comprehensive income is allocated
28
kumulatif yang sebelumnya diakui dalam between the part that continues to be
pendapatan komprehensif lain recognized and the part that is no longer
dialokasikan pada bagian yang tetap recognized on the basis of the relative fair
diakui dan bagian yang dihentikan values of those parts.
pengakuannya, berdasarkan nilai wajar
relatif kedua bagian tersebut.
f. Liabilitas Keuangan dan Instrumen f. Financial Liabilities and Equity

Ekuitas Instruments
Klasifikasi sebagai Liabilitas atau Ekuitas Classification as Debt or Equity
Liabilitas keuangan dan instrumen ekuitas Financial liabilities and equity instruments
yang diterbitkan oleh Perusahaan issued by the Company are classified
diklasifikasikan sesuai dengan substansi according to the substance of the
perjanjian kontraktual dan definisi liabilitas contractual arrangements entered into and
keuangan dan instrumen ekuitas. the definitions of a financial liability and an
equity instrument.
Instrumen Ekuitas Equity Instruments
Instrumen ekuitas adalah setiap kontrak An equity instrument is any contract that
yang memberikan hak residual atas aset evidences a residual interest in the assets
Perusahaan setelah dikurangi dengan of the Company after deducting all of its
seluruh liabilitasnya. liabilities.
Instrumen ekuitas yang diterbitkan oleh Equity instruments issued by the Company
Perusahaan dicatat sebesar hasil are recorded at the proceeds received, net
penerimaan bersih setelah dikurangi biaya of direct issue costs.
penerbitan langsung.
Liabilitas Keuangan Financial Liabilities
Liabilitas keuangan diklasifikasikan Financial liabilities are classified as either
sebagai “FVTPL” atau “pada biaya “at FVTPL” or “at amortized cost”.
perolehan diamortisasi”.
Liabilitas Keuangan yang Diukur Pada Financial Liabilities at Fair Value through
Nilai Wajar melalui Laba Rugi (FVTPL) Profit or Loss (FVTPL)
Liabilitas keuangan diklasifikasikan Financial liabilities are classified as at
sebagai FVTPL pada saat liabilitas FVTPL when the financial liability is either
keuangan baik dimiliki untuk held for trading or it is designated as at
diperdagangkan atau ditetapkan pada FVTPL.
FVTPL.
Liabilitas keuangan dimiliki untuk A financial liability is classified as held for
diperdagangkan jika: trading if:
 diperoleh terutama untuk tujuan dibeli  it has been acquired principally for the
kembali dalam waktu dekat; atau purpose of repurchasing in the near
term; or
 pada pengakuan awal merupakan  on initial recognition it is part of an
bagian dari portofolio instrumen identified portfolio of financial
keuangan tertentu yang dikelola instruments that the entity manages
bersama dan terdapat bukti mengenai together and has a recent actual
pola ambil untung dalam jangka pattern of short-term profit-taking; or
pendek aktual terkini; atau

29
 merupakan derivatif yang tidak  it is a derivative that is not designated

ditetapkan dan tidak efektif sebagai and effective as a hedging instrument.
instrumen lindung nilai.
Liabilitas keuangan selain liabilitas A financial liability other than a financial
keuangan yang diperdagangkan dapat liability held for trading may be designated
ditetapkan sebagai FVTPL pada saat as at FVTPL upon initial recognition if:
pengakuan awal jika:
 mengeliminasi atau mengurangi  such designation eliminates or
secara signifikan inkonsistensi significantly reduces a measurement
pengukuran dan pengakuan yang or recognition inconsistency that would
dapat timbul; atau otherwise arise; or
 kelompok aset keuangan, liabilitas  a group of financial assets, financial
keuangan atau keduanya dikelola dan liabilities or both is managed and its
kinerjanya dievaluasi berdasarkan nilai performance is evaluated on a fair
wajar, sesuai dengan manajemen value basis, in accordance with a
risiko atau strategi investasi yang documented risk management or
didokumentasikan dan informasi investment strategy, and information
tentang kelompok tersebut disediakan about the Group is provided internally
secara internal kepada manajemen on that basis to the entity’s key
kunci entitas (sebagaimana management personnel (as defined in
didefenisikan dalam PSAK 7: PSAK 7: Related Party Disclosures).
Pengungkapan Pihak-pihak Berelasi).
Liabilitas keuangan sebagai FVTPL yang Financial liabilities at FVTPL are stated at
diukur pada nilai wajar, keuntungan atau fair value, with any resultant gain or loss
kerugian yang timbul diakui dalam laba recognized in profit or loss. The net gain or
rugi. Keuntungan atau kerugian bersih loss recognized in profit or loss
yang diakui dalam laba rugi mencakup incorporates any interest paid on the
setiap bunga yang dibayar dari liabilitas financial liability. Fair value is determined
keuangan. Nilai wajar ditentukan dengan in the manner described in Note 39.
cara yang dijelaskan dalam Catatan 39.
Liabilitas Keuangan pada Biaya Perolehan Financial Liabilities at Amortized Cost

Diamortisasi
Liabilitas keuangan diklasifikasikan Financial liabilities are classified as
sebagai biaya perolehan diamortisasi, amortized cost, which includes other
terdiri dari utang lain-lain, pinjaman payables, borrowings and debt securities
diterima dan surat utang diterbitkan pada issued, which are initially measured at fair
awalnya diukur pada nilai wajar, setelah value, net of transaction costs, and are
dikurangi biaya transaksi, dan selanjutnya subsequently measured at amortized cost,
diukur pada biaya perolehan diamortisasi using the effective interest rate method,
dengan menggunakan metode suku bunga with interest expense recognized on an
efektif, dengan beban bunga diakui effective interest rate method.
berdasarkan metode suku bunga efektif.
Dana Syirkah Temporer Temporary Syirkah Funds

Dana syirkah temporer adalah investasi Temporary syirkah funds represent
yang diterima oleh Perusahaan. investment received by the Company.
Perusahaan mempunyai hak untuk The Company has the rights to manage
mengelola dan menginvestasikan dana and invest the funds in accordance with
sesuai kebijakan pembatasan dari pemilik restriction set by the depositors with the
dana, dengan keuntungan dibagikan agreed profit sharing. Temporary syirkah
sesuai dengan kesepakatan. Dana syirkah funds consist of mudharabah sukuk
temporer terdiri dari sukuk mudharabah issued.
yang diterbitkan.
30
Dana syirkah temporer tidak dapat Temporary syirkah funds cannot be

digolongkan sebagai liabilitas. Hal ini classified as liability. This was due to
karena Perusahaan tidak berkewajiban the Company does not have any liability to
untuk mengembalikan jumlah dana awal return the fund to the owners, except for
dari pemilik dana kecuali akibat kelalaian losses due to the Company’s management
atau wanprestasi ketika mengalami negligence or misrepresentation.
kerugian.
Di sisi lain dana syirkah temporer tidak On the other hand temporary syirkah funds
dapat digolongkan sebagai ekuitas karena cannot also be classified as equity,
mempunyai waktu jatuh tempo dan pemilik because of the existence of maturity period
dana tidak mempunyai hak kepemilikan and the depositors do not have the same
yang sama dengan pemegang saham, rights as the shareholders, such as voting
seperti hak voting dan hak atas realisasi rights and the rights to realized gain from
keuntungan yang berasal dari aset lancar current assets and other non-investment
dan aset non-investasi. assets.
Dana syirkah temporer merupakan salah Temporary syirkah funds represent one of
satu unsur laporan posisi keuangan. Hal the statement of financial position
tersebut sesuai dengan prinsip syariah accounts which is in accordance with
yang memberikan hak kepada Perusahan sharia principles that provide rights to the
untuk mengelola dan menginvestasikan Company’s to manage and invest funds,
dana, termasuk untuk mencampur dana including mixing of one fund with the other
dimaksud dengan dana lainnya. funds.
Pemilik dana syirkah temporer The owners of temporary syirkah funds

memperoleh bagian atas keuntungan receive parts of profit in accordance with
sesuai kesepakatan dan menerima the agreement and receive loss based on
kerugian berdasarkan jumlah dana dari the proportion of fund from each parties.
masing-masing pihak. Pembagian hasil The profit distribution of temporary syirkah
dana syirkah temporer dapat dilakukan funds might be based on profit sharing or
dengan konsep bagi hasil atau bagi revenue sharing concept.
keuntungan.
Penghentian Pengakuan Liabilitas Derecognition of Financial Liabilities
Keuangan
Perusahaan menghentikan pengakuan The Company derecognises financial
liabilitas keuangan, jika dan hanya jika, liabilities when, and only when,
liabilitas Perusahaan telah dilepaskan, the Company’s obligations are discharged
dibatalkan atau kadaluarsa. Selisih antara or cancelled or they expire. The difference
jumlah tercatat liabilitas keuangan yang between the carrying amount of financial
dihentikan pengakuannya dan imbalan liability derecognized and the
yang dibayarkan dan utang diakui dalam consideration paid and payables is
laba rugi. recognized in profit or loss.
g. Saling Hapus antar Aset Keuangan dan g. Offsetting of Financial Assets and
Liabilitas Keuangan Financial Liabilities
Aset dan liabilitas keuangan Perusahaan The Company only offsets financial assets
saling hapus dan nilai bersihnya disajikan and liabilities and presents the net amount
dalam laporan posisi keuangan, jika dan in the statement of financial position, when
hanya jika: and only when:
 saat ini memiliki hak yang berkekuatan  currently has a legal enforceable right
hukum untuk melakukan saling hapus to set off the recognized amount; and
atas jumlah yang telah diakui tersebut;
dan
31
 berniat untuk menyelesaikan secara  intends either to settle on a net basis,

neto atau untuk merealisasikan aset or to realize the asset and settle the
dan menyelesaikan liabilitasnya secara liability simultaneously.
simultan.
h. Instrumen Keuangan Derivatif h. Derivative Financial Instruments
Perusahaan menggunakan instrumen The Company uses derivative financial

keuangan derivatif untuk mengelola instruments to manage its exposure to
eksposur atas risiko suku bunga interest rate and foreign exchange rate
dan tingkat perubahan nilai tukar mata risks. More detailed use of derivatives is
uang asing. Penggunaan derivatif lebih disclosed on Note 18.
rinci diungkapkan pada Catatan 18.
Derivatif awalnya diakui pada nilai wajar Derivatives are initially recognized at fair
saat kontrak dilakukan dan sesudahnya value at the date the derivative contract is
diukur pada nilai wajarnya pada setiap entered into and are subsequently
tanggal periode pelaporan. Keuntungan measured to their fair value at each of
atau kerugian yang dihasilkan akan diakui reporting period. The resulting gain or loss
pada laba atau rugi, kecuali instrumen is recognized in profit or loss immediately
derivatif yang ditetapkan untuk tujuan unless the derivative is designated and
lindung nilai dan efektif, dimana saat effective as a hedging instrument in which
pengakuan keuntungan atau kerugian di event the timing of the recognition in profit
laba rugi tergantung pada sifat lindung or loss depends on the nature of the hedge
nilainya. Perusahaan menetapkan relationship. The Company determines
komitmen pasti derivatif tertentu sebagai certain derivatives commitment as hedges
lindung nilai atas risiko perubahan mata of foreign currency risk.
uang.
i. Akuntansi Lindung Nilai i. Hedge Accounting
Perusahaan menunjuk instrumen lindung The Company designates certain hedging

nilai tertentu, termasuk derivatif, instruments, which include derivatives, in
sehubungan dengan risiko perubahan nilai respect of foreign currency risk, as cash
tukar sebagai lindung nilai atas arus kas. flow hedges.
Pada awal dimulainya hubungan lindung At the inception of the hedge relationship,
nilai, Perusahaan mendokumentasi the Company documents the relationship
hubungan antara instrumen lindung nilai between the hedging instrument and the
dan item yang dilindung nilai, bersama hedged item, along with its risk
dengan tujuan manajemen risiko dan management objectives and its strategy.
strategi pelaksanaan lindung nilai. Furthermore, at the inception of the hedge
Selanjutnya, pada saat dimulainya lindung and on an ongoing basis, the Company
nilai dan secara berkelanjutan, documents whether the hedging
Perusahaan mendokumentasikan apakah instrument is highly effective in offsetting
instrumen lindung nilai sangat efektif changes in fair values or cash flows of the
dalam rangka saling hapus perubahan nilai hedged item attributable to the hedged
wajar atau arus kas dari item yang risk.
dilindung nilai yang berhubungan dengan
risiko lindung nilai.

32
Lindung Nilai atas Arus Kas Cash Flow Hedges

Bagian efektif dari perubahan nilai wajar The effective portion of changes in the fair
derivatif yang ditujukan dan memenuhi value of derivatives that are designated
kualifikasi sebagai lindung nilai arus kas and qualify as cash flow hedges is
diakui sebagai penghasilan komprehensif recognized in other comprehensive income
lain dan terakumulasi pada cadangan and accumulated under cash flow hedging.
lindung nilai arus kas.
Keuntungan atau kerugian yang terkait The gain or loss relating to the ineffective
dengan bagian yang tidak efektif langsung portion is recognized immediately in profit
diakui dalam laba rugi. or loss.
Jumlah yang sebelumnya diakui sebagai Amounts previously recognized in other

penghasilan komprehensif lain dan comprehensive income and accumulated
terakumulasi di ekuitas direklasifikasi ke in equity are reclassified to profit or loss in
laba rugi pada periode ketika item yang the periods when the hedged item is
dilindung nilai diakui dalam laba rugi, di recognized in profit or loss, in the same
baris yang sama dari laporan laba rugi dan line of the statement of profit or loss and
penghasilan komprehensif lain sebagai other comprehensive income as the
item lindung nilai yang diakui. Namun, recognized hedged item. However, when
ketika suatu lindung nilai atas prakiraan the hedged forecast transaction results in
transaksi kemudian menimbulkan the recognition of a non-financial asset or
pengakuan aset non-keuangan atau a non-financial liability, the gains and
liabilitas non-keuangan, keuntungan dan losses previously recognized in other
kerugian yang sebelumnya diakui sebagai comprehensive income and accumulated
penghasilan komprehensif lain dan in equity are transferred from equity and
terakumulasi di ekuitas dipindahkan dari included in the initial measurement of the
ekuitas dan termasuk dalam pengukuran cost of the non-financial asset or non-
awal biaya dari aset non-keuangan atau financial liability.
liabilitas non-keuangan.
Akuntansi lindung nilai dihentikan pada Hedge accounting is discontinued when
saat Perusahaan membatalkan hubungan the Company revokes the hedging
lindung nilai, ketika instrumen lindung nilai relationship, when the hedging instrument
kadaluwarsa atau dijual, dihentikan atau expires or is sold, terminated, or exercised,
dilaksanakan, atau ketika tidak lagi or it no longer qualifies for hedge
memenuhi persyaratan akuntansi lindung accounting. Any gain or loss recognized in
nilai. Keuntungan dan kerugian diakui other comprehensive income and
dalam penghasilan komprehensif lain dan accumulated in equity at that time remains
terakumulasi di ekuitas saat itu tetap in equity and is recognized when the
berada di bagian ekuitas dan akan diakui forecast transaction is ultimately
pada saat prakiraan transaksi yang pada recognized in profit or loss. When a
akhirnya diakui dalam laba rugi. Ketika forecast transaction is no longer expected
prakiraan transaksi tidak lagi diharapkan to occur, the gain or loss accumulated in
akan terjadi, akumulasi keuntungan atau equity is recognized immediately in profit
kerugian dalam ekuitas langsung diakui or loss.
dalam laba rugi.
j. Kas dan Setara Kas j. Cash and Cash Equivalents

Untuk tujuan penyajian arus kas, kas dan For cash flow presentation purposes, cash
setara kas terdiri dari kas, bank dan and cash equivalents consist of cash on
semua investasi yang jatuh tempo dalam hand and in banks and all unrestricted
waktu tiga bulan atau kurang dari tanggal investments with maturities of three
perolehannya dan yang tidak dijaminkan months or less from the date of placement.
serta tidak dibatasi penggunaannya.

33
k. Investasi pada Ventura Bersama k. Investments in Joint Ventures

Ventura bersama adalah pengaturan A joint venture is a joint arrangement
bersama di mana para pihak yang memiliki whereby the parties that have joint control
pengendalian bersama atas pengaturan of the arrangements have rights to the net
memiliki hak atas aset neto dari assets of the joint arrangement. Joint
pengaturan tersebut. Pengendalian control is the contractually agreed sharing
bersama adalah persetujuan kontraktual of control of an arrangement, which exists
untuk berbagi pengendalian atas suatu only when decisions about the relevant
pengaturan, yang ada hanya ketika activities require unanimous consent of the
keputusan tentang aktivitas relevan parties sharing control.
mensyaratkan persetujuan dengan suara
bulat dari seluruh pihak yang berbagi
pengendalian.
Penghasilan dan aset dan liabilitas dari The results of operations and assets and
ventura bersama dicatat dalam laporan liabilities of joint ventures are incorporated
keuangan dengan menggunakan in these financial statements using
metode ekuitas. Dengan metode ekuitas, the equity method of accounting. Under
investasi pada ventura bersama diakui di the equity method, a joint venture is initially
laporan posisi keuangan sebesar biaya recognized in the statement of financial
perolehan dan selanjutnya disesuaikan position at cost and adjusted thereafter to
untuk perubahan dalam bagian recognize the Company’s share of the
kepemilikan Perusahaan atas laba rugi profit or loss and other comprehensive
dan penghasilan komprehensif lain dari income of the associate or joint venture.
ventura bersama yang terjadi setelah When the Company’s share of losses of a
perolehan. Ketika bagian Perusahaan atas joint venture exceeds the Company’s
kerugian ventura bersama melebihi interest in that joint venture (which
kepentingan Perusahaan pada ventura includes any long-term interests that, in
bersama (yang mencakup semua substance, form part of the Company’s net
kepentingan jangka panjang, yang secara investment in the joint venture), the
substansi, membentuk bagian dari Company discontinues recognizing it’s
investasi bersih Perusahaan dalam share of further losses. Additional losses
ventura bersama), Perusahaan are recognized only to the extent that the
menghentikan pengakuan bagiannya atas Company has incurred legal or
kerugian selanjutnya. Kerugian selanjutnya constructive obligations or made payments
diakui hanya apabila Perusahaan on behalf of the joint venture.
mempunyai kewajiban bersifat hukum atau
konstruktif atau melakukan pembayaran
atas nama ventura bersama.
Investasi pada ventura bersama dicatat An investmet in a joint venture is
dengan menggunakan metode ekuitas accounted for using the equity method
sejak tanggal saat investee menjadi from the date on which the investee
ventura bersama. Setiap kelebihan biaya becomes a joint venture. Any excess of the
perolehan investasi atas bagian cost of acquisition over the Company’s
Perusahaan atas nilai wajar bersih dari share of the net fair value of identifiable
aset yang teridentifikasi, liabilitas dan assets, liabilities and contingent liabilities
liabilitas kontinjen dari ventura bersama of the associate or a joint venture
yang diakui pada tanggal akuisisi, diakui recognized at the date of acquisition, is
sebagai goodwill. Goodwill termasuk recognized as goodwill, which is included
dalam jumlah tercatat investasi, dan diuji within the carrying amount of the
penurunan nilainya sebagai bagian dari investment.
investasi.

34
Setiap kelebihan kepemilikan Perusahaan Any excess of the Company’s share of the
dari nilai wajar bersih aset yang net fair value of the identifiable assets,
teridentifikasi, liabilitas dan liabilitas liabilities and contingent liabilities over the
kontinjen atas biaya perolehan investasi, cost of acquisition, after reassessment, is
sesudah pengujian kembali segera diakui recognized immediately in profit or loss in
di dalam laba rugi pada periode the period in which the investment is
diperolehnya investasinya. acquired.
Persyaratan dalam PSAK 55, Instrumen The requirements of PSAK 55, Financial
Keuangan: Pengakuan dan Pengukuran, Instruments: Recognition and
diterapkan untuk menentukan apakah Measurement, are applied to determine
perlu untuk mengakui setiap penurunan whether it is necessary to recognize any
nilainya sehubungan dengan investasi impairment loss with respect to the
pada ventura bersama. Jumlah tercatat Company’s investment in joint venture.
investasi yang tersisa (termasuk goodwill) When necessary, the entire carrying
diuji penurunan nilai sesuai dengan amount of the investment (including
PSAK 48, Penurunan Nilai Aset, sebagai goodwill) is tested for impairment in
suatu aset tunggal dengan accordance with PSAK 48, Impairment of
membandingkan antara jumlah terpulihkan Assets, as a single asset by comparing its
(mana yang lebih tinggi antara nilai pakai recoverable amount (higher of value in use
dan nilai wajar dikurangi biaya pelepasan) and fair value less costs to sell) with its
dengan jumlah tercatatnya. Rugi carrying amount. Any impairment loss
penurunan nilai diakui langsung pada nilai recognized forms part of the carrying
tercatat investasi. Setiap pembalikan dari amount of the investment. Any reversal of
penurunan nilai diakui sesuai dengan that impairment loss is recognized in
PSAK 48 sepanjang jumlah terpulihkan accordance with PSAK 48 to the extent
dari investasi tersebut kemudian that the recoverable amount of the
meningkat. investment subsequently increases.
Perusahaan menghentikan penggunaan The Company discontinues the use of the

metode ekuitas sejak tanggal saat equity method from the date when the
investasinya berhenti menjadi investasi investment ceases to be a joint venture, or
pada ventura bersama atau ketika when the investment is classified as held
investasi diklasifikasi sebagai dimiliki untuk for sale. When the Company retains an
dijual. Ketika Perusahaan interest in the former associate or joint
mempertahankan kepemilikan dalam venture and the retained interest is a
entitas yang sebelumnya merupakan financial asset, the Company measures
ventura bersama dan sisa investasi any retained investment at fair value at
tersebut merupakan aset keuangan, that date and the fair value is regarded as
Perusahaan mengukur setiap sisa its fair value on initial recognition in
investasi pada nilai wajar pada tanggal accordance with PSAK 55. The difference
tersebut dan nilai wajar tersebut dianggap between the carrying amount of the joint
sebagai nilai wajar pada saat pengakuan venture at the date the equity method was
awal sesuai dengan PSAK 55. discontinued, and the fair value of any
Perusahaan mengakui keuntungan dan retained interest and any proceeds from
kerugian atas pelepasan investasi ventura disposing of a part interest in the joint
bersama dalam laba rugi dengan turut venture is included in the determination of
memperhitungkan nilai wajar dari investasi the gain or loss on disposal of the joint
yang tersisa. Selanjutnya, Perusahaan venture. In addition, the Company
mencatat seluruh jumlah yang sebelumnya accounts for all amounts previously
telah diakui dalam penghasilan recognized in other comprehensive income
komprehensif lain yang terkait dengan in relation to that joint venture on the same
ventura bersama tersebut dengan basis as would be required if that joint
menggunakan dasar perlakuan yang sama venture had directly disposed of the
dengan yang disyaratkan jika ventura related assets or liabilities. Therefore, if a
bersama telah melepaskan secara gain or loss previously recognized in other
langsung aset dan liabilitas yang terkait. comprehensive income by that joint
35
Seluruh jumlah yang diakui dalam venture would be reclassified to profit or

penghasilan komprehensif lain yang terkait loss on the disposal of the related assets
dengan ventura bersama direklasifikasi ke or liabilities, the Company reclassifies the
laba rugi (sebagai penyesuaian gain or loss from equity to profit or loss (as
reklasifikasi) pada saat penghentian a reclassification adjustment) when the
metode ekuitas. equity method is discontinued.
Jika Perusahaan mengurangi bagian When the Company reduces its ownership
kepemilikan pada ventura bersama tetapi interest in a joint venture but the Company
Perusahaan tetap menerapkan metode continues to use the equity method,
ekuitas, Perusahaan mereklasifikasi ke the Company reclassifies to profit or loss
laba rugi proporsi keuntungan yang telah the proportion of the gain that had
diakui sebelumnya dalam penghasilan previously been recognized in other
komprehensif lain yang terkait dengan comprehensive income relating to that
pengurangan bagian kepemilikan (jika reduction in ownership interest (if that gain
keuntungan atau kerugian tersebut akan or loss would be reclassified to profit or
direklasifikasi ke laba rugi atas pelepasan loss on the disposal of the related assets
aset atau liabilitas yang terkait). or liabilities).
Ketika Perusahaan melakukan transaksi When the Company has transaction with a
dengan ventura bersama, keuntungan dan joint venture, profits and losses resulting
kerugian yang timbul dari transaksi dengan from the transactions with the associate or
ventura bersama diakui dalam laporan joint venture are recognized in
keuangan Perusahaan hanya sepanjang the Company’s financial statements only to
kepemilikan dalam ventura bersama yang the extent of its interest in the joint venture
tidak terkait dengan Perusahaan. that are not related to the Company.
l. Biaya Dibayar Dimuka l. Prepaid Expenses

Biaya dibayar dimuka diamortisasi selama Prepaid expenses are amortized over their
manfaat masing-masing biaya dengan beneficial periods using the straight-line
menggunakan metode garis lurus. method.
m. Aset Tetap m. Property and Equipment

Aset tetap dicatat sebesar biaya perolehan Property and equipment are stated at cost
dikurangi akumulasi penyusutan dan less accumulated depreciation and
akumulasi rugi penurunan nilai. Biaya accumulated impairment. Acquisition cost
perolehan mencakup semua pengeluaran includes expenditures that are directly
yang terkait secara langsung dengan attributable to the acquisition of the items.
perolehan aset tetap.
Penyusutan dihitung dengan Depreciation of property and equipment is

menggunakan metode garis lurus setelah recognized so as to write-off the cost of
memperhitungkan nilai residu masing- assets less residual values using the
masing dengan tarif sebagai berikut: straight-line method, as follows:
Tahun/Year Tarif/Tariff
Ruang kantor 25 4% Office space

Komputer 5 20% Computers
Peralatan kantor 5 20% Office equipment
Perabotan kantor 5 20% Office furniture
Partisi 5 20% Partitions

36
Masa manfaat ekonomis, nilai residu dan The economic useful lives, residual values
metode penyusutan dievaluasi minimum and depreciation method are evaluated at
setiap akhir tahun, dan pengaruh dari least each year end and the effect of any
setiap perubahan estimasi akuntansi changes in estimate is accounted for on a
diterapkan secara prospektif. prospective basis.
Beban pemeliharaan dan perbaikan The cost of maintenance and repairs is

dibebankan pada laba rugi pada saat charged to operations as incurred. Other
terjadinya. Biaya-biaya lain yang terjadi costs incurred subsequently to add to,
selanjutnya yang timbul untuk menambah, replace part of, or service an item of
mengganti atau memperbaiki aset tetap properties and equipments, are recognized
dicatat sebagai biaya perolehan aset jika as asset if, and only if it is probable that
dan hanya jika besar kemungkinan future economic benefits associated with
manfaat ekonomis di masa depan the item will flow to the entity and the cost
berkenaan dengan aset tersebut akan of the item can be measured reliably.
mengalir ke entitas dan biaya perolehan
aset dapat diukur secara andal.
Aset tetap yang dihentikan pengakuannya When assets are retired or otherwise
atau yang dijual, nilai tercatatnya disposed of, their carrying values are
dikeluarkan dari kelompok aset tetap. removed from the accounts and any
Keuntungan atau kerugian dari penjualan resulting gain or loss is reflected in profit or
aset tetap tersebut dibukukan dalam laba loss.
rugi.
Aset dalam penyelesaian dinyatakan Construction in progress is stated at cost

sebesar biaya perolehan dipindahkan ke and transferred to the respective property,
masing-masing aset tetap yang plant and equipment account when
bersangkutan pada saat selesai dan siap completed and ready for use.
digunakan.
n. Aset Takberwujud n. Intangible Assets

Aset takberwujud pada awalnya dicatat Intangible assets are are initially measured
sebesar biaya perolehan dan selanjutnya at cost and subsequently less accumulated
dikurangi akumulasi amortisasi dan amortization and impairment. Cost
akumulasi rugi penurunan nilai. Biaya includes expenditures that are directly
perolehan mencakup semua pengeluaran attributable to the acquisition of the items.
yang terkait secara langsung dengan Intangible assets are amortized using the
perolehan aset takberwujud. Aset straight-lines method over estimated useful
takberwujud diamortisasi dengan metode life of 5 (five) years.
garis lurus berdasarkan estimasi umur
manfaat selama 5 (lima) tahun.
Aset takberwujud dihentikan Intangible assets are derecognized when

pengakuannya jika dilepas atau ketika disposed or when there is no longer a
tidak terdapat lagi manfaat ekonomi masa future economic benefits expected from its
depan yang diharapkan dari penggunaan use or disposal.
atau pelepasannya.
Taksiran masa manfaat, nilai residu dan The estimated useful lives, residual values
metode amortisasi dievaluasi minimum and amortization method are evaluated at
setiap akhir tahun dan pengaruh dari least each year end and the effect of any
setiap perubahan estimasi akuntansi changes in estimate is accounted for on a
diterapkan secara prospektif. prospective basis.

37
o. Penurunan Nilai Aset Non-keuangan o. Impairment of Non-financial Assets

Pada setiap akhir periode pelaporan, At the end of each reporting period, the
Perusahaan menelaah nilai tercatat aset Company reviews the carrying amounts of
non-keuangan untuk menentukan apakah non-financial assets to determine whether
terdapat indikasi bahwa aset tersebut telah there is any indication that those assets
mengalami penurunan nilai. Jika terdapat have suffered an impairment loss. If any
indikasi tersebut, jumlah terpulihkan dari such indication exists, the recoverable
aset diestimasi untuk menentukan tingkat amount of the asset is estimated in order
kerugian penurunan nilai (jika ada). Bila to determine the extent of the impairment
tidak memungkinkan untuk mengestimasi loss (if any). Where it is not possible to
jumlah terpulihkan atas suatu aset estimate the recoverable amount of an
individu, Perusahaan mengestimasi jumlah individual asset, the Company estimates
terpulihkan dari unit penghasil kas atas the recoverable amount of the cash
aset. generating unit to which the asset belongs.
Estimasi jumlah terpulihkan adalah nilai Estimated recoverable amount is the

tertinggi antara nilai wajar dikurangi biaya higher of fair value less cost to sell or
pelepasan dan nilai pakai. Jika jumlah value in use. If the recoverable amount of
terpulihkan dari aset non-keuangan (unit the non-financial asset (cash generating
penghasil kas) lebih kecil dari nilai unit) is less than its carrying amount, the
tercatatnya, nilai tercatat aset (unit carrying amount of the asset (cash
penghasil kas) diturunkan menjadi sebesar generating unit) is reduced to its
jumlah terpulihkan dan rugi penurunan recoverable amount and an impairment
nilai segera diakui dalam laba rugi. loss is recognized immediately against
earnings.
Kebijakan akuntansi untuk penurunan nilai Accounting policy for impairment of
aset keuangan dijelaskan dalam financial assets is discussed in Note 3e.
Catatan 3e.
p. Sewa p. Leases
Sewa diklasifikasikan sebagai sewa Leases are classified as finance leases
pembiayaan jika sewa tersebut whenever the terms of the lease transfer
mengalihkan secara substantial seluruh substantially all the risks and rewards of
risiko dan manfaat yang terkait dengan ownership to the lessee. All other leases
kepemilikan aset. Sewa lainnya, yang tidak are classified as operating leases.
memenuhi kriteria tersebut, diklasifikasikan
sebagai sewa operasi.
Pembayaran sewa operasi diakui sebagai Operating lease payments are recognized
beban dengan dasar garis lurus selama as expenses on a straight-line basis over
masa sewa, kecuali terdapat dasar the lease term, except where another
sistematis lain yang dapat lebih systematic basis is more representative of
mencerminkan pola waktu dari manfaat the time pattern in which economic
aset yang dinikmati pengguna. Rental benefits from the leased asset are
kontinjen diakui sebagai beban di dalam consumed. Contingent rentals arising
periode terjadinya. under operating leases are recognized as
an expense in the period in which they are
incurred.
Dalam hal insentif diperoleh dalam sewa In the case of incentives obtained in
operasi, insentif tersebut diakui sebagai operating leases, that incentives are
liabilitas. Keseluruhan manfaat dari insentif recognized as a liability. The aggregate
diakui sebagai pengurangan dari biaya benefit of incentives is recognized as a
sewa dengan dasar garis lurus kecuali reduction of rental expense on a straight-

38
terdapat dasar sistematis lain yang lebih line basis, unless there is another
mencerminkan pola waktu dari manfaat systematic basis that better reflect the time
yang dinikmati pengguna. pattern of benefits consumed by user.
q. Provisi q. Provisions
Provisi diakui ketika Perusahaan memiliki Provisions are recognized when the
kewajiban kini (baik bersifat hukum Company has a present obligation (legal or
maupun bersifat konstruktif) sebagai akibat constructive) as a result of a past event, it
peristiwa masa lalu, kemungkinan besar is probable that the Company will be
Perusahaan diharuskan menyelesaikan required to settle the obligation, and a
kewajiban dan estimasi yang andal reliable estimate can be made of the
mengenai jumlah kewajiban tersebut dapat amount of the obligation.
dibuat.
Jumlah yang diakui sebagai provisi adalah The amount recognized as a provision is
hasil estimasi terbaik pengeluaran yang the best estimate of the consideration
diperlukan untuk menyelesaikan kewajiban required to settle the present obligation at
kini pada akhir periode pelaporan, dengan the end of the reporting period, consider
mempertimbangkan risiko dan the risks and uncertainties surrounding the
ketidakpastian yang meliputi obligation. Where a provision is measured
kewajibannya. Apabila suatu provisi diukur using the cash flows estimated to settle the
menggunakan arus kas yang diperkirakan present obligation, its carrying amount is
untuk menyelesaikan kewajiban kini, maka the present value of those cash flows.
nilai tercatatnya adalah nilai kini dari arus
kas.
Ketika beberapa atau seluruh manfaat When some or all of the economic benefits
ekonomi untuk penyelesaian provisi yang required to settle a provision are expected
diharapkan dapat dipulihkan dari pihak to be recovered from a third party, a
ketiga, piutang diakui sebagai aset apabila receivables is recognized as an asset if it
terdapat kepastian bahwa penggantian is virtually certain that reimbursement will
akan diterima dan jumlah piutang dapat be received and the amount of the
diukur secara andal. receivable can be measured reliably.
r. Pengakuan Pendapatan dan Beban r. Recognition of Revenues and Expenses

Pendapatan dan beban bunga Interest income and expense
Pendapatan dan beban bunga diakui Interest income and expense are
secara akrual menggunakan metode suku recognized on an accrual basis using the
bunga efektif (Catatan 3e). effective interest rate method (Note 3e).
Pendapatan bunga dari pinjaman diberikan Interest income from impaired loan
yang mengalami penurunan nilai dihitung receivables are computed using the
menggunakan suku bunga efektif atas effective interest rate method based on the
dasar nilai kredit setelah memperhitungkan amount of loan – net of impairment loss.
kerugian penurunan nilai.
Pendapatan dan beban bunga yang diakui Interest income and expense recognized in
dalam laporan keuangan termasuk: the financial statements include:
 Bunga pada aset dan liabilitas  Interest on financial assets and
keuangan pada biaya perolehan liabilities measured at amortized costs
diamortisasi yang dihitung using the effective interest rate
menggunakan suku bunga efektif. method.
 Bunga pada instrumen sekuritas  Interest on available-for-sale financial
investasi tersedia untuk dijual dihitung asset is computed using the effective
menggunakan metode suku bunga interest rate method.
efektif.
39
Pendapatan bagi hasil dan beban bonus Sharia profit sharing income and bonus
secara syariah expense
Pendapatan bagi hasil secara Syariah Sharia profit sharing income represents
merupakan marjin murabahah dan bagi margin from murabahah and profit-sharing
hasil pembiayaan mudharabah dan on mudharabah and musyarakah financing
musyarakah serta aset produktif lainnya and other productive assets which are
yang diakui dengan menggunakan metode recognized on the accrual basis. Sharia
akrual. Beban secara syariah merupakan expense represents the bonus distribution
distribusi bonus dan bagi hasil kepada and profit-sharing to fund owners which
pemilik dana yang diakui berdasarkan are recognized on an accrual basis.
metode akrual.
Pendapatan murabahah diakui secara Murabahah revenue are recognized on

akrual menggunakan metode tingkat imbal accrual basis using the effective rate of
hasil efektif. return method.
Pendapatan usaha musyarakah yang Revenue from musyarakah distributed to

menjadi hak mitra aktif diakui sebesar an active partner is recognized in
haknya sesuai dengan kesepakatan atas accordance with the agreement on
pendapatan usaha musyarakah, musyarakah revenue, whereas revenue
sedangkan pendapatan usaha untuk mitra distributed to passive partner is recognized
pasif diakui sebagai hak pihak mitra pasif as right of the passive partner on the
atas bagi hasil dan liabilitas. revenue sharing and as a liability.
Pendapatan usaha mudharabah diakui Revenue from mudharabah is recognized

dalam periode terjadinya hak bagi hasil during the period of revenue sharing in
sesuai nisbah yang disepakati dan tidak accordance with the agreed revenue
diperkenankan mengakui pendapatan dari sharing ratio and recognition of revenue
proyeksi hasil usaha. Kerugian akibat based on projected result is not allowed.
kelalaian atau kesalahan mudharib Loss incurred due to negligence of
dibebankan pada mudharib dan tidak mudharib is charged to mudharib and will
mengurangi investasi mudharabah. not reduce the mudharabah investment.
Pendapatan jasa Service fee

Pendapatan jasa (termasuk pengakuan Service fee revenue (including recognition
pendapatan Penugasan Fasilitasi of revenue from assignment of Public
Penyiapan Proyek Kerjasama Pemerintah Private Partnership Project Development
dan Swasta) diakui ketika jasa telah Facilitation) is recognized when services
dilaksanakan, manfaat ekonomi besar have been rendered, where it is probable
kemungkinan akan mengalir ke entitas, that the economic benefits will flow to the
dapat diukur, dan biayabiaya yang terjadi entity, measurable, and expenses incurred
atau untuk menyelesaikan dapat diukur or to complete can be reliably measured.
secara andal. Perusahaan menyajikan The Company presents the gross bill to the
tagihan bruto kepada Pemerintah sebagai Government as an asset for costs incurred
aset untuk biaya-biaya yang terjadi plus recognized margin for all the work in
ditambah marjin yang diakui untuk semua process up to the stage of completion as
pekerjaan dalam proses sampai dengan agreed upon.
tahapan penyelesaian yang diperjanjikan.
Beban Expenses
Beban diakui pada saat terjadinya. Expenses are recognized when incurred.

40
s. Pajak Penghasilan s. Income Tax

Beban pajak adalah jumlah gabungan pajak Tax expense is the aggregate amount
kini dan pajak tangguhan yang included in the determinination of profit or
diperhitungkan dalam menentukan laba rugi loss for the period in respect of current tax
pada suatu periode. Pajak kini dan pajak and deferred tax. Current tax and deferred
tangguhan diakui dalam laba rugi, kecuali tax is recognized in profit or loss, except for
pajak penghasilan yang timbul dari transaksi income tax arising from transactions or
atau peristiwa yang diakui dalam events that are recognized in other
penghasilan komprehensif lain atau secara comprehensive income or directly in equity.
langsung di ekuitas. Dalam hal ini, pajak In this case, the tax is recognized in other
tersebut masing-masing diakui dalam comprehensive income or equity,
penghasilan komprehensif lain atau ekuitas. respectively.
Jumlah pajak kini untuk periode berjalan Current tax for current and prior periods that
dan periode sebelumnya yang belum have not been paid recognized as a liability.
dibayar diakui sebagai liabilitas. Jika jumlah If the amount already paid in respect of
pajak yang telah dibayar untuk periode current and prior periods exceeds the
berjalan dan periode-periode sebelumnya amount due for those periods, the excess
melebihi jumlah pajak yang terutang untuk shall be recognized as an asset. Current tax
periode tersebut, maka kelebihannya diakui liabilities (assets) for the current and prior
sebagai aset. Liabilitas (aset) pajak kini periods shall be measured at the amount
untuk periode berjalan dan periode expected to be paid to (recovered from) the
sebelumnya diukur sebesar jumlah yang taxation authorities,using the tax rates (and
diperkirakan akan dibayar kepada tax laws) that have been enacted or
(di restitusi dari) otoritas perpajakan, yang substantively enacted by the end of the
dihitung menggunakan tarif pajak (dan reporting period.
undang-undang pajak) yang telah berlaku
atau secara substantif telah berlaku pada
akhir periode pelaporan.
Manfaat terkait dengan rugi pajak yang Tax benefits relating to tax loss that can be
dapat ditarik untuk memulihkan pajak kini carried back to recover current tax of a
dari periode sebelumnya diakui sebagai previous periods is recognized as an asset.
aset. Aset pajak tangguhan diakui untuk Deferred tax asset is recognized for the
akumulasi rugi pajak belum dikompensasi carryforward of unused tax losses and
dan kredit pajak belum dimanfaatkan unused tax credit to the extent that it is
sepanjang kemungkinan besar laba kena probable that future taxable profit will be
pajak masa depan akan tersedia untuk available against which the unused tax
dimanfaatkan dengan rugi pajak belum losses and unused tax credits can be
dikompensasi dan kredit pajak belum utilized.
dimanfaatkan.
Seluruh perbedaan temporer kena pajak A deferred tax liability shall be recognized
diakui sebagai liabilitas pajak tangguhan, for all taxable temporary differences, except
kecuali perbedaan temporer kena pajak to the extent that the deferred tax liability
yang berasal dari: arises from:
a) Pengakuan awal goodwill; atau a) The initial recognition of goodwill; or
b) Pengakuan awal aset atau liabilitas dari b) The initial recognition of an asset or
transaksi yang bukan kombinasi bisnis liability in a transaction which is not a
dan pada saat transaksi tidak business combination and at the time
mempengaruhi laba akuntansi atau laba of the transaction, affects neither
kena pajak (rugi pajak). accounting profit nor taxable profit
(tax loss).

41
Aset pajak tangguhan diakui untuk seluruh A deferred tax asset shall be recognized for
perbedaan temporer dapat dikurangkan all deductible temporary differences to the
sepanjang kemungkinan besar laba kena extent that it is probable that taxable profit
pajak akan tersedia sehingga perbedaan will be available against which the
temporer dapat dimanfaatkan untuk deductible temporary difference can be
mengurangi laba dimaksud, kecuali jika aset utilised, unless the deferred tax asset arises
pajak tangguhan timbul dari pengakuan from the initial recognition of an asset or
awal aset atau pengakuan awal liabilitas liability in a transaction that is not a business
dalam transaksi yang bukan kombinasi combination and at the time of the
bisnis dan pada saat transaksi tidak transaction affects neither accounting profit
mempengaruhi laba akuntansi atau laba nor taxable profit (tax loss).
kena pajak (rugi pajak).
Aset dan liabilitas pajak tangguhan diukur Deferred tax assets and liabilities are
dengan menggunakan tarif pajak yang measured at the tax rates that are expected
diharapkan berlaku ketika aset dipulihkan to apply to the period when the asset is
atau liabilitas diselesaikan, berdasarkan tarif realized or the liability is settled, based on
pajak (dan peraturan pajak) yang telah tax rates (and tax laws) that have been
berlaku atau secara substantif telah berlaku enacted or substantively enacted by the end
pada akhir periode pelaporan. Pengukuran of the reporting period. The measurement of
aset dan liabilitas pajak tangguhan deferred tax liabilities and deferred tax
mencerminkan konsekuensi pajak yang assets shall reflect the tax consequences
sesuai dengan cara Perusahaan that would follow from the manner in which
memperkirakan, pada akhir periode the Perusahaan expects, at the end of the
pelaporan, untuk memulihkan atau reporting period, to recover or settle the
menyelesaikan jumlah tercatat aset dan carrying amount of its assets and liabilities.
liabilitasnya.
Jumlah tercatat aset pajak tangguhan The carrying amount of a deferred tax asset
ditelaah ulang pada akhir periode reviewed at the end of each reporting
pelaporan. Perusahaan mengurangi jumlah period. The Perusahaan shall reduce the
tercatat aset pajak tangguhan jika carrying amount of a deferred tax asset to
kemungkinan besar laba kena pajak tidak the extent that it is no longer probable that
lagi tersedia dalam jumlah yang memadai sufficient taxable profit will be available to
untuk mengkompensasikan sebagian atau allow the benefit of part or all of that
seluruh aset pajak tangguhan tersebut. deferred tax asset to be utilised. Any such
Setiap pengurangan tersebut dilakukan reduction shall be reversed to the extent that
pembalikan atas aset pajak tangguhan it becomes probable that sufficient taxable
hingga kemungkinan besar laba kena pajak profit will be available.
yang tersedia jumlahnya memadai.
Perusahaan melakukan saling hapus aset The Company offsets deferred tax assets
pajak tangguhan dan liabilitas pajak and deferred tax liabilities if, and only if:
tangguhan jika dan hanya jika:
a) Perusahaan memiliki hak yang dapat c) a) The Company has a legally enforceable
dipaksakan secara hukum untuk right to set off current tax assets against
melakukan saling hapus aset pajak kini current tax liabilities; and
terhadap liabilitas pajak kini; dan
b) Aset pajak tangguhan dan liabilitas b) The deferred tax assets and the
pajak tangguhan terkait dengan pajak deferred tax liabilities relate to income
penghasilan yang dikenakan oleh taxes levied by the same taxation
otoritas perpajakan yang sama atas: authority on either:
i. Entitas kena pajak yang sama; atau i. The same taxable entity; or

42
ii. Entitas kena pajak yang berbeda ii. Different taxable entities which
yang bermaksud untuk memulihkan intend either to settle current tax
aset dan liabilitas pajak kini dengan liabilities and assets on a net basis,
dasar neto, atau merealisasikan aset or to realize the assets and settle
dan menyelesaikan liabilitas secara the liabilities simultaneously, in each
bersamaan, pada setiap periode future period in which significant
masa depan dimana jumlah amounts of deferred tax liabilities or
signifikan atas aset atau liabilitas assets are expected to be settled or
pajak tangguhan diperkirakan untuk recovered.
diselesaikan atau dipulihkan.
Beban pajak kini ditentukan berdasarkan Current tax expense is determined based on
penghasilan kena pajak untuk tahun taxable income for the year and computed
berjalan dan dihitung menggunakan tarif using prevailing tax rates.
pajak yang berlaku.
t. Imbalan Pascakerja t. Employee Benefits
Liabilitas imbalan pascakerja Post-employment benefit obligation
Perusahaan memberikan imbalan pasca The Company provides defined post-
kerja imbalan pasti untuk karyawan sesuai employment benefits to its employees in
dengan Undang-Undang Ketenagakerjaan accordance with Labor Law No. 13/2003.
No. 13/2003. Tidak terdapat pendanaan No funding has been made to this defined
yang disisihkan oleh Perusahaan benefit plan.
sehubungan dengan imbalan pascakerja
ini.
Imbalan pascakerja yang dicatat sebagai Post-employment benefits accounted for
imbalan manfaat pasti ditentukan as defined benefit plan are determined
menggunakan metode Projected Unit using the Projected Unit Credit Method
Credit dengan penilaian aktuaria yang with actuarial valuations being carried out
dilakukan setiap akhir periode pelaporan. at the end of each annual reporting period.
Pengukuran kembali, yang terdiri Remeasurement, comprising actuarial
keuntungan dan kerugian aktuaria, gains and losses, is reflected immediately
tercermin langsung dalam laporan posisi in the statement of financial position with a
keuangan dengan beban atau kredit yang charge or credit recognized in other
diakui dalam pendapatan komprehensif comprehensive income in the period in
lain pada periode terjadinya. Pengukuran which they occur. Remeasurement
kembali diakui dalam pendapatan recognized in other comprehensive income
komprehensif lain tercermin langsung is reflected immediately in retained
dalam saldo laba dan tidak akan earnings and will not be reclassified to
direklasifikasi ke laporan laba rugi. Biaya profit or loss. Past service cost is
jasa lalu diakui dalam laporan laba rugi recognized in profit or loss in the period of
pada periode amandemen program. a plan amendment. Net interest is
Bunga neto dihitung dengan calculated by applying the discount rate at
menggunakan tingkat diskonto pada awal the beginning of the period to the net
periode dengan liabilitas atau aset imbalan defined benefit liability or asset. Defined
pasti neto. Biaya imbalan pasti benefit costs are categorized as follows: (i)
dikategorikan sebagai berikut: (i) biaya service cost (including current service cost,
jasa (termasuk biaya jasa saat ini, biaya past service cost, as well as gains and
jasa lalu, serta keuntungan dan kerugian losses on curtailments and settlements);
kurtailmen dan penyelesaian); (ii) beban (ii) net interest expense or income; and (iii)
atau pendapatan bunga neto; dan (iii) remeasurement.
pengukuran kembali.

43
Perusahaan menyajikan dua komponen The Company presents the first two
awal biaya imbalan pasti di laba rugi. components of defined benefit cost in profit
Keuntungan dan kerugian kurtailmen or loss. Curtailment gains and losses are
dicatat sebagai biaya jasa lalu. accounted for as past service cost.
Imbalan kerja jangka panjang lain Other long-term benefits
Perusahaan memberikan imbalan kerja The Company provides other long-term
jangka panjang lain berupa cuti besar benefits in form of long-service leaves to
kepada karyawan yang telah bekerja employee who already rendered 6 years or
selama 6 tahun atau lebih secara terus- more of services.
menerus.
Perhitungan imbalan kerja jangka panjang The cost of providing other long-term
lain ditentukan dengan menggunakan benefits is determined by the Projected
metode Projected Unit Credit. Jumlah Unit Credited method. The other long-term
diakui sebagai imbalan kerja jangka benefits recognized in statement of
panjang lain di laporan posisi keuangan financial position represents the present
adalah nilai kini kewajiban imbalan pasti. value of the defined benefit obligation.
u. Laba per Saham u. Earning per Shares
Laba per saham dasar dihitung dengan Basic earnings per share is computed by
membagi laba bersih dengan jumlah rata- dividing net income by the weighted
rata tertimbang saham yang beredar pada average number of shares outstanding
tahun yang bersangkutan. during the year.
v. Informasi Segmen v. Segments Information
Informasi segmen diidentifikasi Segments information are identified on the
berdasarkan laporan internal mengenai basis of internal reports about components
komponen yang secara regular di reviu that are regularly reviewed by the chief
oleh “pengambil keputusan operasional” operating decision maker in order to
dalam rangka mengalokasikan sumber allocate resources to the segments and to
daya dan menilai kinerja informasi assess their performances.
segmen.
Informasi segmen adalah suatu komponen A segment information is a component of
dari entitas: an entity:
a) yang terlibat dalam aktivitas bisnis a) that engages in business activities
yang mana memperoleh pendapatan from which it may earn revenues and
dan menimbulkan beban (termasuk incurred expenses (including revenues
pendapatan dan beban terkait dengan and expenses relating to the
transaksi dengan komponen lain dari transactions with other components of
entitas yang sama); the same entity);
b) yang hasil operasinya dikaji ulang b) whose operating results are reviewed
secara regular oleh pengambil regularly by the entity’s chief operating
keputusan operasional untuk membuat decision maker to make decision about
keputusan tentang sumber daya yang resources to be allocated to the
dialokasikan pada segmen tersebut segments and assess its performance;
dan menilai kinerjanya; dan and
c) dimana tersedia informasi keuangan c) whereby discrete financial information
yang dapat dipisahkan. is available.

44
4. Pertimbangan Kritis Akuntansi dan 4. Critical Accounting Judgments and

Estimasi Akuntansi yang Signifikan Estimates
Dalam penerapan kebijakan akuntansi, In the application of accounting policies

sebagaimana dijelaskan dalam Catatan 3, described in Note 3, the director is required to
direksi diwajibkan untuk membuat make judgments, estimates and assumptions
pertimbangan, estimasi dan asumsi mengenai about the carrying amount of assets and
nilai tercatat aset dan liabilitas yang tidak liabilities that are not readily available from
tersedia dari sumber lain. Estimasi dan asumsi other source. The estimates and associated
yang terkait didasarkan pada pengalaman assumptions are based on historical
historis dan faktor-faktor lain yang dianggap experience and other factors that are
relevan. Hasil aktualnya mungkin berbeda dari considered to be relevant. Actual results may
estimasi tersebut. differ from these estimates.
Estimasi dan asumsi yang mendasari ditelaah The estimates and underlying assumptions are
secara berkelanjutan. Revisi estimasi reviewed on an ongoing basis. Revisions to
akuntansi diakui dalam periode dimana accounting estimates are recognized in the
estimasi tersebut direvisi jika revisi hanya period which the estimate is revised if the
mempengaruhi periode tersebut, atau pada revision affects only that period, or in the
periode revisi dan periode masa depan jika period of the revision and future periods if the
revisi mempengaruhi periode saat ini dan revision affects both current and future
masa depan. periods.
Pertimbangan Kritis dalam Penerapan Critical Judgments in Applying Accounting

Kebijakan Akuntansi Policies
Berikut ini adalah pertimbangan kritis, selain The following are the critical judgments, apart
yang berkaitan dengan estimasi, di mana from those involving estimations, that the
direksi telah membuat suatu proses penerapan directors have made in the process of applying
kebijakan akuntansi Perusahaan dan memiliki the Company accounting policies and that
pengaruh paling signifikan terhadap jumlah have the most significant effect on the
yang diakui dalam laporan keuangan. amounts recognized in the financial
statements.
Perusahaan menetapkan klasifikasi atas aset The Company determines the classification of
dan liabilitas tertentu sebagai aset keuangan certain assets and liabilities as financial assets
dan liabilitas keuangan dengan and financial liabilities by judging if they meet
mempertimbangkan bila definisi yang the definition in PSAK 55 (Revised 2014).
ditetapkan PSAK 55 (Revisi 2014) dipenuhi.
Dengan demikian, aset keuangan dan liabilitas Accordingly, the financial assets and liabilities
keuangan diakui sesuai dengan kebijakan are accounted for in accordance with the
akuntansi seperti yang diungkapkan pada accounting policies disclosed in Note 3.
Catatan 3.
Sumber Estimasi Ketidakpastian Key Sources of Uncertainty Estimation

Asumsi utama mengenai masa depan dan The key assumptions concerning future and
sumber utama dari estimasi ketidakpastian lain other key sources of uncertainty estimation at
pada akhir periode pelaporan, yang memiliki the end of the reporting period, that have the
risiko signifikan yang mengakibatkan significant risk of causing a material
penyesuaian material terhadap jumlah tercatat adjustment to the carrying amounts of assets
aset dan liabilitas dalam periode pelaporan and liabilities within the next financial year are
berikutnya dijelaskan dibawah ini. discussed below.

45
Rugi Penurunan Nilai Pinjaman Diberikan Impairment Loss on Loan Receivables and
dan Pembiayaan/ Piutang Syariah dan Sharia Financing/ Receivables and
Piutang atas Penugasan Fasilitasi Receivables from Assignmnent for
Penyiapan Proyek Facilitation on Project Preparation
Perusahaan menilai penurunan nilai pinjaman The Company assess its loan receivables and
diberikan dan pembiayaan/ piutang syariah, sharia financing and receivables, and
dan piutang atas penugasan fasilitasi receivables from assignment for facilitation on
penyiapan proyek pada setiap tanggal project preparation for impairment at each
pelaporan. Dalam menentukan apakah rugi reporting date. In determining whether an
penurunan nilai harus dicatat dalam laba rugi, impairment loss should be recorded in profit or
manajemen membuat penilaian, apakah loss, management makes judgment as to
terdapat bukti objektif bahwa kerugian telah whether there is an objective evidence that
terjadi. Manajemen juga membuat penilaian loss event has occurred. Management also
atas metodologi dan asumsi untuk makes judgment of the methodology and
memperkirakan jumlah dan waktu arus kas assumptions used to estimate the amount and
masa depan yang ditinjau kembali secara timing of future cash flows which are reviewed
berkala untuk mengurangi perbedaan antara regularly to reduce any differences between
estimasi kerugian dan kerugian aktualnya. estimated loss and actual loss.
Nilai tercatat pinjaman diberikan dan The carrying amount of loan receivables and
pembiayaan/ piutang Syariah dan piutang atas sharia financing/ receivables and receivables
penugasan fasilitasi penyiapan proyek from assignment for facilitation on project
diungkapkan pada Catatan 8 dan 9. preparation are disclosed in Notes 8 and 9.
Taksiran Masa Manfaat Ekonomis Aset Estimated Useful Life of Properties and
Tetap dan Aset Takberwujud Equipments and Intangible Assets
Masa manfaat setiap aset tetap dan aset The useful life of each item of the Company’s
takberwujud Perusahaan ditentukan properties and equipments and intangible
berdasarkan kegunaan yang diharapkan dari assets is estimated based on the period over
penggunaan aset tersebut. Estimasi ini which the asset is expected to be available for
ditentukan berdasarkan evaluasi teknis internal use. Such estimation is based on internal
dan pengalaman Perusahaan atas aset technical evaluation and experience with
sejenis. Masa manfaat setiap aset dilihat similar assets. The estimated useful life of
kembali secara periodik dan disesuaikan each asset is reviewed periodically and
apabila perkiraan berbeda dengan estimasi updated if expectations differ from previous
sebelumnya karena keausan, keusangan estimates due to physical wear and tear,
teknis dan komersial, hukum atau technical or commercial obsolescence and
keterbatasan lainnya atas pemakaian aset. legal or other limits on the use of the asset. It
Namun terdapat kemungkinan bahwa hasil is possible, however, that future results of
operasi dimasa mendatang dapat dipengaruhi operations could be materially affected by
secara signifikan oleh perubahan atas jumlah changes in the amounts and timing of recorded
serta periode pencatatan biaya yang expenses brought about by changes in the
diakibatkan karena perubahan faktor yang factors mentioned above.
disebutkan diatas.
Tidak terdapat perubahan masa manfaat aset There is no change in the estimated useful life
tetap dan aset takberwujud selama periode of properties and equipments and intangible
berjalan. Nilai tercatat aset tetap dan aset assets during the period. The carrying value of
takberwujud diungkapkan pada Catatan 13 properties and equipments and intangible
dan 14. assets are disclosed in Notes 13 and 14.

46
Pajak Penghasilan Income Tax

Dalam situasi tertentu, Perusahaan tidak dapat In certain circumstances, the Company may
menentukan secara pasti jumlah utang pajak not be able to determine the exact amount of
pada saat ini atau masa depan karena proses its current or future tax liabilities due to
pemeriksaan, atau negosiasi dengan otoritas ongoing investigations by, or negotiations with,
perpajakan. Ketidakpastian timbul terkait the taxation authority. Uncertainties exist with
dengan interpretasi dari peraturan perpajakan respect to the interpretation of complex tax
yang kompleks dan jumlah dan waktu dari regulations and the amount and timing of
penghasilan kena pajak di masa depan. Dalam future taxable income. In determining the
menentukan jumlah yang harus diakui terkait amount to be recognized in respect of an
dengan utang pajak yang tidak pasti, uncertain tax liability, the Company applies
Perusahaan menerapkan pertimbangan yang similar considerations as it would use in
sama yang akan digunakan dalam determining the amount of a provision to be
menentukan jumlah cadangan yang harus recognized in accordance with PSAK 57:
diakui sesuai dengan PSAK 57: Provisi, Provisions, Contingent Liabilities and
Liabilitas Kontijensi dan Aset Kontijensi. Contingent Asset.
Pajak penghasilan telah diungkapkan dalam Income tax is disclosed in Note 24c.
Catatan 24c.
Imbalan Kerja Employee Benefits

Kewajiban imbalan kerja ditentukan oleh Employee benefits obligation are determined
penilaian aktuarial dengan menggunakan based on actuarial valuation which utilized
beberapa asumsi diantaranya tingkat diskonto, various assumptions such as discount rates,
tingkat kenaikan gaji dan tingkat kematian. the rates of salaries increases and mortality
Walaupun asumsi Perusahaan dianggap tepat rates. Although the assumptions used by the
dan wajar, namun perubahan signifikan pada Company are deemed to be appropriate and
kenyataannya atau perubahan signifikan fair, significant changes in actual events or
dalam asumsi yang digunakan dapat significant changes in the assumptions used
berpengaruh secara signifikan terhadap can significantly affect the Company's
kewajiban imbalan kerja Perusahaan. employee benefits obligation.
Nilai tercatat liabilitas imbalan pascakerja telah The carrying amount of employment benefit
diungkapkan pada Catatan 26. obligations are disclosed in Note 26.

47
5. Kas dan Setara Kas 5. Cash and Cash Equivalents
2018 2017
Rp Rp
Kas/ Cash on Hand
Dolar Amerika Serikat / United States Dollar 72,405,000 67,740,000
Rupiah / Rupiah 50,000,000 50,000,000
Jumlah Kas/ Total Cash 122,405,000 117,740,000
Bank/ Cash in Banks

Pihak Berelasi (Catatan 33) / Related Parties (Note 33)
Rupiah/ Rupiah
PT Bank Rakyat Indonesia (Persero) Tbk 11,490,081,355 25,048,949,251
PT Bank Mandiri (Persero) Tbk 15,064,323 1,574,876,836
Sub Jumlah/ Sub Total 11,505,145,678 26,623,826,087
Dolar Amerika Serikat / United States Dollar

PT Bank Mandiri (Persero) Tbk 316,992,276 336,446,290
PT Bank Rakyat Indonesia (Persero) Tbk 26,173,249 300,144,424
Sub Jumlah/ Sub Total 343,165,525 636,590,714
Pihak Ketiga/ Third Parties

Rupiah/ Rupiah
PT Bank Danamon Tbk 212,071,771,024 104,054,185,094
PT Bank Maybank Indonesia Tbk 550,442,763 9,640,102
PT Bank Muamalat Indonesia Tbk 211,382,105 563,803,916
PT Bank Permata Tbk 66,878,226 68,075,226
Standard Chartered Bank 9,311,595 9,503,595
PT Bank ICBC Indonesia 7,931,905 2,528,447
PT Bank ANZ Indonesia 5,807,322 11,397,633
PT Bank UOB Indonesia 3,779,517 2,495,977

PT Bank Maybank Indonesia Tbk 461,428,119,073 9,626,165,198
PT Bank Danamon Tbk 4,636,952,321 4,367,281,120
PT Bank ANZ Indonesia 1,815,440,830 5,028,024,667
Standard Chartered Bank 105,726,505 6,806,335,012
PT Bank UOB Indonesia 86,858,486 424,064,864
MUFG Bank, Ltd 72,761,088 76,452,854
Jumlah Bank/ Total Cash in Banks 692,921,473,963 158,310,370,506
Deposito Berjangka/ Time Deposits
Rupiah/ Rupiah
PT Bank Tabungan Negara (Persero) Tbk 1,614,859,207,639 1,502,632,764,711
PT Bank Rakyat Indonesia (Persero) Tbk 1,217,944,363,639 1,766,508,000,000
PT Bank Mandiri (Persero) Tbk 879,911,000,000 1,809,083,000,000
PT Bank Rakyat Indonesia Agroniaga Tbk 750,717,388,991 1,923,668,454,377
PT Bank Jabar Banten (Persero) Tbk 588,550,777,448 200,960,000,000
PT Bank Negara Indonesia (Persero) Tbk 316,246,972,857 700,800,000,000

48
2018 2017
Rp Rp

PT Bank Riau Kepri 130,086,785,375 506,058,228,315
PT Bank Nagari 101,174,936,837 --
PT Bank Mandiri Taspen Pos 56,798,000,046 460,536,221,130
PT Bank DKI -- 1,714,584,778,077
PT Bank Pembangunan Daerah
Jawa Tengah -- 633,697,936,662
PT Bank Pembangunan Daerah
Sumatera Utara -- 204,074,587,242
Sub Jumlah/ Sub Total 5,656,289,432,832 11,422,603,970,514

PT Bank BRI Agroniaga Tbk 189,432,214,185 --

Rupiah/ Rupiah
PT Bank Woori Saudara Indonesia 1906 Tbk 730,382,770,783 200,981,917,808
PT Bank Bukopin Tbk -- 1,506,413,436,074
PT Bank ICBC Indonesia -- 700,000,000,000
PT Bank UOB Indonesia -- 500,000,000,000
PT Bank Pan Indonesia Tbk -- 201,325,897,242
PT Bank Tabungan Pensiunan
Nasional (Persero) Tbk -- 200,821,917,808

PT Bank Maybank Indonesia Tbk -- 203,220,000,000
PT Bank Tabungan Pensiunan Nasional -- 40,740,712,125
Sub Jumlah -- 243,960,712,125
Jumlah Deposito Berjangka/ Total Time Deposits 6,906,046,917,800 15,239,710,497,571
Jumlah Kas dan Setara Kas/ Total Cash and Cash Equivalents 7,599,090,796,763 15,398,138,608,077
Tingkat bunga dan jangka waktu deposito Interest rate and term period of time deposits
berjangka sebagai berikut: as follows:
2018 2017
Rupiah/ Rupiah 7.20 - 9.00 % 6.00 - 9.50 %

Dolar Amerika Serikat / United States Dollar 2.75 - 3.50 % 1.25 - 1.85 %
Jangka waktu/ Time of Period 1-3 Bulan/ Month 1-3 Bulan/ Month

49
6. Dana Dibatasi Penggunaannya 6. Restricted Funds
2018 2017
Rp Rp
Bank
Pihak Berelasi (Catatan 33)/ Related Parties (Note 33)
Rupiah/ Rupiah
PT Bank Rakyat Indonesia (Persero) Tbk 1,189,400,979 --
Sub Jumlah/ Sub Total 1,189,400,979 --

PT Bank Rakyat Indonesia (persero) Tbk 54,008,708,603 5,016,133,452

PT Bank Maybank Indonesia Tbk 1,746,138,095 805,668,264
Sub Jumlah/ Sub Total 1,746,138,095 805,668,264
Jumlah Bank/ Total Cash in Banks 56,944,247,677 5,821,801,716

Rupiah/ Rupiah
PT Bank Mandiri (Persero) Tbk -- 96,500,000,000

Jumlah Deposito Berjangka/ Total Time Deposits 147,405,000,000 164,240,000,000
Jumlah Dana Dibatasi Penggunaanya/ Total Restricted Fund 204,349,247,677 c 170,061,801,716
Dana dibatasi penggunaannya merupakan Restricted funds represent funds from the
dana sehubungan dengan perjanjian Company’s financing agreement with Agence
pembiayaan antara Perusahaan dengan Francaise De Developpement (AFD) (Note
Agence Française de Développement (AFD) 34f), World Bank for Regional Infrastructure
(Catatan 34f), World Bank untuk Regional Development Fund – Project Development
Infrastructure Development Fund – Project Facility (RIDF-PDF) (Note 34i). Grant
Development Facility (RIDF-PDF), agreement of Clean Technology Fund (CTF)
(Catatan 34i). Perjanjian Penerimaan hibah and Global Environment Facility (GEF)
berupa dana Clean Technology Fund (CTF) (Note 34g), local subsidy agreement with
dan Global Environment Facility (GEF) Deutsche Gesellschaft fur Internationale
(Catatan 34g), Perjanjian dana subsidi lokal Zisammenarbeit (GIZ) (Note 34j) and Mandiri
Deutsche Gesellschaft fur Internationale Call Spread Option transactions (Note 18).
Zisammenarbeit (GIZ) (Catatan 34j) dan
transaksi Mandiri Call Spread Option (Catatan
18).

50
7. Efek-Efek 7. Securities
Efek-efek yang dimiliki Perusahaan The securities that are held by the Company
berdasarkan sifat, mata uang dan tujuan based on nature, currencies and purposes are
sebagai berikut : as follows:
2018 2017
Rp Rp
Pihak berelasi (Catatan 33) / Related Parties (Note 33)

Rupiah/ Rupiah
Tersedia untuk dijual/ Available for Sale
Reksadana/ Mutual Funds
Reksa Dana Danareksa Melati Pendapatan Tetap Multi Plus 710,951,517,827 459,986,643,182
Mandiri Obligasi Optima II 392,142,324,039 241,349,804,148
Sub Jumlah/ Sub Total 1,103,093,841,866 701,336,447,330
Medium Term Notes
MTN Subordinasi I Bank Mandiri Th 2018 12,000,000,000 --
MTN II Bank BJB Tahun 2016 -- 50,000,000,000
Obligasi/ Bonds
Obligasi Surat Perbendaharaan Negara 198,535,371,925 --
Obligasi I Pelindo IV Thn 2018 Seri B 181,415,325,000 --
Obligasi Berkelanjutan I Semen Indonesia Tahap I Thn 2017 48,498,111,111 52,534,100,000
Obligasi Berkelanjutan II PNM Thp. I Tahun 2017 seri B 40,157,098,333 30,048,090,000
Obligasi Berkelanjutan Eximbank IV Tahap II Tahun 2018 Seri A 29,796,133,333 --
Obligasi Berkelanjutan III Waskita Karya Thp II Thn 2018 Seri A 28,667,383,333 --
Obligasi Berkelanjutan II PNM Thp. II Th. 2018 Seri A 28,580,900,000 --
Obligasi II Bank Maluku Utara Tahun 2017 Seri B 24,445,437,500 25,050,825,000
Obligasi Berkelanjutan I Timah Tahap I Tahun 2017 Seri A 9,799,516,667 10,035,450,000
Obligasi Berkelanjutan I Timah Tahap I Tahun 2017 Seri B 7,530,646,667 92,068,650,000
Obligasi Berkelanjutan IV SMF Thp I Tahun 2017 seri A -- 39,665,663,000
Kontrak Investasi Kolektif Efek Beragun Aset/
Collective Instrument contract asset backed securities
KIK EBA Jasa Marga 120,093,018,851 151,854,450,000
EBA Danareksa Indonesia Power PLN-1 110,067,710,421 135,432,303,717

Obligasi/ Bonds
Obligasi Global Republik Indonesia 74,510,892,474 72,701,142,120
Obligasi Pertamina (Persero) 71,315,505,891 70,879,749,000
Obligasi Pelabuhan Indonesia II (Persero) 68,504,462,136 69,602,850,000
Rupiah/ Rupiah
Nilai wajar melalui penghasilan komprehensif lain/
Fair value through other compherensive income
Sukuk / Sukuk
Surat Berharga Syariah Negara 279,514,010,870 --

51
2018 2017
Rp Rp

Sukuk / Sukuk
Indonesia Global Sukuk 2022 49,544,191,250 48,129,270,000
Indonesia Global Sukuk 2026 -- 251,054,601,000

Diukur dengan biaya perolehan/ Measured at cost
Sukuk / Sukuk
Indonesia Global Sukuk 2026 254,316,451,084 --
Pihak ketiga/ Third Parties

Rupiah/ Rupiah
Reksa Dana Trimegah Dana Tetap Nusantara 782,535,844,798 442,851,128,435
Insight Infra Development 708,334,678,945 443,238,919,885
Unit Kreasi Premier ETF SMInfra18 49,731,000,000 28,890,600,000
Makara Prima 5,004,067,995 --
Obligasi/ Bonds
Obligasi Berkelanjutan II TAFS Thp. II Th. 2017 Seri B 50,310,138,889 51,203,050,000
Obligasi Berkelanjutan II CIMB Niaga Tahap IV
Tahun 2018 Seri A 32,159,650,000 --
Obligasi Berkelanjutan III Medco Energi Internasional
Tahap II Th. 2018 Seri A 19,254,277,778 --
Obligasi Berkelanjutan Serasi Auto Raya Thp I Th. 2018 Seri B 14,473,683,333 --
Sukuk / Sukuk
Sukuk Mudharabah Berkelanjutan II Maybank Indonesia
Thp. II Th. 2017 99,000,555,556 101,061,300,000
Jumlah Efek-efek/ Total Securities 4,501,189,906,006 c 2,867,638,589,487
Efek-efek yang dimiliki Perusahaan The securities that are held by the Company
berdasarkan penerbit dan peringkat obligasi based on issuer and rating are as follows:
adalah:
2018 2017
Peringkat/ Peringkat/
Rp Rp
Rating Rating

Rupiah/ Rupiah
PT Danareksa (Persero) 710,951,517,827 -- 459,986,643,182 --
PT Mandiri Manajemen Investasi 392,142,324,039 -- 241,349,804,148 --

52
2018 2017
Peringkat/ Peringkat/
Rp Rp
Rating Rating

Medium Term Notes
PT Bank Mandiri (Persero) Tbk 12,000,000,000 idAAA --
PT Bank Jabar Banten Tbk -- -- 50,000,000,000 idAA-
Sukuk
Kementerian Keuangan RI 279,514,010,870 --
Kontrak Investasi Kolektif Efek Beragun Aset/
Collective Investment contract asset backed securities
PT Jasa Marga (Persero) 120,093,018,851 idAAAsf 151,854,450,000 idAAA
PT Indonesia Power 110,067,710,421 idAAAsf 135,432,303,717 idAAAsf
Obligasi/ Bonds
PT Pelabuhan Indonesia IV (Persero) 181,415,325,000 idAA --
PT Permodalan Nasional Madani (Persero) 68,737,998,333 idA 30,048,090,000 idA
PT Semen Indonesia (Persero) Tbk 48,498,111,111 idAA+ 52,534,100,000 idAA+
Indonesia Eximbank 29,796,133,333 idAAA --
PT Waskita Karya (Persero) Tbk 28,667,383,333 idA- --
PT Bank Maluku Malut 24,445,437,500 A(idn) 25,050,825,000 A(idn)
PT Timah (Persero)Tbk 17,330,163,334 idA+ 102,104,100,000 idA+
PT Sarana Multigriya Finansial (Persero) -- 39,665,663,000 idAAA

SBSN Indonesia - II 254,316,451,084 BBB -- BBB
Pemerintah Republik Indonesia 49,544,191,250 BBB 299,183,871,000 BBB
Obligasi/ Bonds
Pemerintah Republik Indonesia 74,510,892,474 BBB 72,701,142,120 BBB
PT Pertamina (Persero) 71,315,505,891 BBB 70,879,749,000 BBB
PT Pelabuhan Indonesia II (Persero) 68,504,462,136 BBB- 69,602,850,000 BBB-

Rupiah/ Rupiah
PT Trimegah Asset Management 782,535,844,798 442,851,128,435
PT Insight Investments Management 708,334,678,945 443,238,919,885
PT Indopremier Investmanet Management 49,731,000,000 28,890,600,000
PT Bahana TCW Investment Management 5,004,067,995 --
Sukuk/ Sukuk
PT Bank Maybank Indonesia Tbk 99,000,555,556 idAAA(sy) 101,061,300,000 idAAA(sy)
PT Toyota Astra Finance Services 50,310,138,889 AAA(idn) 51,203,050,000 idA
PT Bank CIMB Niaga Tbk 32,159,650,000 AAA(idn) --
PT Medco Energi International Tbk 19,254,277,778 idA+ --
PT Serasi Autoraya 14,473,683,333 AA-(idn) --
Sub Jumlah/ Sub Total 116,197,750,000 c 51,203,050,000
Jumlah Efek - efek/ Total Securities 4,501,189,906,006 c 2,867,638,589,487
Biaya perolehan atas efek tersedia untuk dijual Cost of available-for-sale (AFS) securities
(AFS) pada tanggal 31 Desember 2018 dan as of December 31, 2018 and 2017 amounted
2017, masing - masing sebesar to Rp4,343,666,362,563 and to
Rp4.343.666.362.563 dan Rp2,660,381,221,113, respectively.
Rp2.660.381.221.113.

53
Perubahan yang belum direalisasi dalam nilai Unrealized changes in value of available-for-
wajar efek tersedia untuk dijual: sale securities:
2018 2017
Rp Rp
Saldo 207,257,368,374 50,424,109,298 Beginning balance

Realisasi atas penjualan Realized on sale in available-for-sale
efek tersedia untuk dijual (63,425,858,932) (34,106,589,202) securities
Perubahaan nilai wajar efek 13,692,034,001 190,939,848,278 Change in fair value
Saldo akhir 157,523,543,443 207,257,368,374 c Ending balance
8. Pinjaman Diberikan dan Pembiayaan/ 8. Loan Receivables and Sharia Financing/

Piutang Syariah Receivables
Pinjaman diberikan dan pembiayaan/piutang Loan receivables and sharia financing/

syariah menurut sektor infrastruktur adalah receivables based on infrastructure sectors are
sebagai berikut: as follows:
2018 2017
Rp Rp
Pinjaman Diberikan Loan Receivables

Pihak berelasi (Catatan 33) Related parties (Note 33)
Rupiah Rupiah
Ketenagalistrikan 11,271,048,183,138 10,603,214,098,590 Electricity
Jalan 10,277,902,310,311 5,113,670,681,870 Roads
Transportasi 3,001,334,969,698 2,659,526,388,529 Transportations
Telekomunikasi 2,433,244,627,092 1,323,461,534,747 Telecommunications
Sosial - Jalan 1,647,182,044,979 -- Social - Road
Multi sektor 818,640,025,250 442,877,724,771 Multi Sector
Sosial - Rumah Sakit Umum Daerah 739,372,347,009 817,029,476,407 Social - Hospital
Rolling Stock Kereta Api 280,613,004,501 229,753,851,424 Train Rolling Stock
Air Minum 134,159,593,476 168,962,567,266 Potable water
Sosial - Pasar 10,758,709,902 17,510,603,000 Social - Market
Sosial - Terminal -- 3,472,673,679 Social - Station
Sub Jumlah 30,614,255,815,356 21,379,479,600,283 Sub Total
Dolar Amerika Serikat United States Dollar
Multi sektor 2,723,737,171,008 2,608,995,997,588 Multi sector
Minyak dan gas bumi 2,160,176,173,438 2,018,240,258,997 Oil and gas
Ketenagalistrikan 117,730,493,363 7,376,886,000 Electricity
Rolling Stock Kereta Api -- 148,283,961,046 Train Rolling Stock
Pihak ketiga Third parties

Rupiah Rupiah
Jalan 3,475,023,847,933 2,571,691,769,572 Roads
Transportasi 412,593,525,544 481,014,047,983 Transportations
Ketenagalistrikan 331,605,058,557 555,744,968,125 Electricity
Air minum 311,737,129,569 108,406,499,312 Potable water
Minyak dan gas bumi 89,444,012,482 -- Oil and gas
Sosial - Rumah Sakit 60,812,020,866 62,825,300,773 Social - Hospital
Telekomunikasi -- 337,411,722,826 Telecommunications
Minyak dan gas bumi 199,912,386,128 564,319,500,584 Oil and gas

54
2018 2017
Rp Rp

Rupiah Rupiah
Jalan 168,834,185,665 -- Road
Sub Jumlah 2,168,834,185,665 1,000,000,000,000
c Sub Total
Jumlah Pinjaman diberikan dan Total Loan Receivables and Sharia
Pembiayaan/ Piutang Syariah 46,440,303,207,169 33,926,671,686,401 Financing/ Receivables
Cadangan Kerugian Penurunan Nilai (829,187,872,662) (602,894,159,814) Allowance for Impairment Losses
Pinjaman Diberikan dan Pembiayaan/ Loan Receivables and Sharia Financing/
Piutang Syariah - neto 45,611,115,334,507 33,323,777,526,587 Receivables - net
Pinjaman diberikan dan pembiayaan/ piutang Loan receivables and sharia financing/
syariah menurut jenis pembiayaan terdiri dari: receivables by type of financing consists of:
2018 2017
Rp Rp
Rupiah Rupiah
Investasi 27,212,722,081,314 17,366,738,384,019 Investment
Modal kerja 3,401,533,734,042 4,012,741,216,264 Working capital
Modal kerja -- 155,660,847,046 Working capital

Rupiah Rupiah
Pembiayaan /Piutang Syariah Sharia Financing/ Receivables

Rupiah Rupiah
Sub Jumlah 2,168,834,185,665 1,000,000,000,000
c Sub Total
Jumlah Pinjaman Diberikan dan Total Loan Receivables and Sharia
Piutang Syariah - neto 45,611,115,334,507 33,323,777,526,587 Receivables - net

55
Pinjaman diberikan dan pembiayaan/piutang Loan receivables and sharia financing/

syariah berdasarkan jatuh tempo angsuran receivables based on installment due date
sebagai berikut: are as follows:
2018 2017
Rp Rp
Rupiah Rupiah
Kurang dari 1 tahun 4,815,326,184,827 5,086,282,390,588 Less than 1 year
1 - 5 tahun 12,831,073,533,067 8,515,969,946,864 1 - 5 years
Lebih dari 5 tahun 17,649,071,692,413 11,894,321,571,422 Over 5 years
Kurang dari 1 tahun 487,488,815,099 441,578,781,310 Less than 1 year
1 - 5 tahun 3,406,905,366,488 2,198,263,353,559 1 - 5 years
Lebih dari 5 tahun 5,081,603,429,610 4,790,255,642,658 Over 5 years

Rupiah Rupiah
1 - 5 tahun 1,431,948,112,281 285,714,285,712 1 - 5 years
Lebih dari 5 tahun 736,886,073,384 714,285,714,288 Over 5 years
Sub Jumlah 2,168,834,185,665 1,000,000,000,000
c Sub Total
Jumlah Pinjaman Diberikan dan Total Loan Receivables and Sharia
Piutang Syariah - bersih 45,611,115,334,507 33,323,777,526,587 Receivables - net
Kisaran bunga efektif pinjaman diberikan per Range of effective interest rate on loan
tahun berdasakan mata uang sebagai berikut: receivables based on currencies are as
follows:
2018 2017
Rupiah 5,25 - 12,67% 5,25 - 12,83% Rupiah

Dolar Amerika Serikat 2,68 - 8,36% 2,68 - 8,36% United States Dollar
Biaya perolehan diamortisasi pinjaman The amortization cost of loan receivables is as

diberikan adalah sebagai berikut: follows:
2018 2017
Rp Rp
Pinjaman diberikan 46,440,303,207,169 33,926,671,686,401 Loan receivable

Akrual bunga atas pinjaman Accrued interest on loan
diberikan (Catatan 11) 514,649,364,623 277,447,801,809 receivables (Note 11)
Jumlah 46,954,952,571,792 34,204,119,488,210 Total
Mutasi cadangan kerugian penurunan nilai Changes in the allowance for impairment
atas pinjaman diberikan dan pembiayaan/ losses of loan receivables and sharia
piutang syariah adalah sebagai berikut: financing/ receivables are as follow:
2018 2017
Rp Rp
Balance at beginning
Saldo awal tahun 602,894,159,814 278,173,564,852 of the year
Penambahan (Catatan 31) 310,003,142,176 322,461,148,379 Addition (Note 31)
Pemulihan (Catatan 31) (101,936,454,244) -- Recovery (Note 31)
Selisih kurs 18,227,024,916 2,259,446,583 Foreign exchange
Saldo akhir tahun 829,187,872,662 602,894,159,814 Balance at ending of the year

56
Termasuk dalam cadangan kerugian Included in the allowance for impairment

penurunan nilai adalah cadangan pinjaman losses are individually impaired loan
diberikan yang diturunkan nilainya receivables amounted to Rp414,041,842,324
secara individual pada tanggal and Rp303,672,829,306 at December 31,
31 Desember 2018 dan 2017 masing-masing 2018 and 2017, respectively.
sebesar Rp414.041.842.324 dan
Rp303.672.829.306.
Manajemen berpendapat bahwa cadangan Management believes the allowance for

kerugian penurunan nilai atas pinjaman impairment losses on loan receivables is
diberikan telah memadai untuk menutup sufficient to cover the possible losses.
potensi kerugian.
Tidak terdapat pinjaman diberikan dan There are no written-off loan receivables and
pembiayaan/ piutang syariah yang sharia financing/ receivables as of
dihapusbukukan pada tanggal 31 Desember December 31, 2018 and 2017.
2018 dan 2017.
9. Piutang atas Penugasan Fasilitasi 9. Receivables from Assignment For

Penyiapan Proyek Facilitation on Project Preparation
2018 2017
Rp Rp
Saldo awal tahun 12,746,535,957 26,554,942,898 Balance at beginning of the year

Biaya terjadi (Catatan 31) 41,169,227,818 18,953,310,442 Cost incurred (Note 31)
Margin diakui 4,528,198,009 2,180,279,566 Recognized margin
Sub Jumlah 58,443,961,784 47,688,532,906 Sub Total
Pembayaran diterima (43,054,177,204) (34,941,996,949) Payments received
Jumlah 15,389,784,580 12,746,535,957 Total
Akun ini merupakan piutang dari Pemerintah This account represents receivables from the
Republik Indonesia, pihak berelasi, berupa Government of the Republic of Indonesia,
kompensasi dalam rangka penugasan untuk related party, in the form of compensation
memfasilitasi penyiapan proyek kerjasama owed in relation with assignment to facilitate
pemerintah dan swasta (Catatan 34a). the preparation of public-private partnership
projects (Note 34a).
Manajemen tidak membentuk cadangan Management does not form an impairment for
penurunan nilai untuk piutang usaha yang losses of receivable from Indonesia
berasal dari Pemerintah Indonesia, sebab Government, because management believes
manajemen berkeyakinan bahwa seluruh that all the receivables are collectible.
piutang tersebut dapat tertagih.
10. Biaya Dibayar Dimuka 10. Prepaid Expenses
2018 2017
Rp Rp
Asuransi 1,507,007,586 1,666,380,802 Insurance

Biaya penerbitan Sukuk Mudharabah 484,799,670 -- Issuing cost of Sukuk Mudharabah
Internet -- 26,813,364 Internet
Jumlah 1,991,807,256 1,693,194,166 Total

57
11. Pendapatan Masih Harus Diterima 11. Accrued Income
2018 2017
Rp Rp
Bunga atas pinjaman diberikan Interest on loan

(Catatan 8) 514,649,364,623 277,447,801,809 receivables (Note 8)
Efek-efek 20,555,780,693 9,464,810,760 Securities
Deposito berjangka 17,043,445,034 37,868,045,992 Time deposits
Provision fee 1,348,944,344 391,311,000 Provision fee
Jumlah 553,597,534,694 325,171,969,561 Total
12. Penyertaan Saham 12. Investment In Equity
2018 2017
Rp Rp
Ekuitas/ Equity
PT Indonesia Infrastructure Finance 640,571,920,448 667,527,812,693

PT Waskita Toll Road 2,780,937,000,000 2,048,070,315,610
PT Jasamarga Pandaan Malang 77,267,923,900 43,570,505,000
Jumlah/ Total 3,498,776,844,348 2,759,168,633,303
Investasi saham Perusahaan dengan The Company’s equity investments classified

klasifikasi tersedia untuk dijual: as available for sale:
31 Desember/ December 31, 2018

Keuntungan yang
Nilai perolehan/ Nilai wajar/ belum direalisasi/
Acqusition Cost Fair value Unrealized gain
Rp Rp Rp

PT Waskita Toll Road 2,436,557,260,588 2,780,937,000,000 344,379,739,412
PT Jasamarga Pandaan Malang 62,549,000,000 77,267,923,900 14,718,923,900
Jumlah/ Total 2,499,106,260,588 2,858,204,923,900 359,098,663,312
31 Desember/ December 31, 2017

Keuntungan yang
Nilai perolehan/ Nilai wajar/ belum direalisasi/
Acqusition Cost Fair value Unrealized gain
Rp Rp Rp

PT Waskita Toll Road 1,745,903,495,116 2,048,070,315,610 302,166,820,494
PT Jasamarga Pandaan Malang 34,849,000,000 43,570,505,000 8,721,505,000
Jumlah/ Total 1,780,752,495,116 2,091,640,820,610 310,888,325,494

58
Perubahan yang belum direalisasi dalam nilai Unrealized changes in value of equity
wajar penyertaan saham yang diklasifikasikan investment which classified as available-for-
tersedia untuk dijual: sale:
2018 2017
Rp Rp
Saldo awal 310,888,325,494 -- Beginning balance

Perubahan nilai wajar 48,210,337,818 310,888,325,494 Change in fair value
Saldo akhir 359,098,663,312 310,888,325,494 Ending balance
PT Indonesia Infrastructure Finance PT Indonesia Infrastructure Finance

Perusahaan mempunyai investasi pada The Company has investment in joint venture
ventura bersama pada PT Indonesia in PT Indonesia Infrastructure Finance (IIF),
Infrastructure Finance (IIF) yang which is domiciled in Jakarta.
berkedudukan di Jakarta.
IIF didirikan oleh Perusahaan bersama-sama IIF was established by the Company together
dengan Asian Development Bank (ADB), with the Asian Development Bank (ADB),
International Finance Corporation (IFC), dan International Finance Corporation (IFC), and
Deutsche Investitions - und Deutsche Investitions - und
Entwicklungsgesellschaft mbH (DEG) pada Entwicklungsgesellschaft mbH (DEG) on
tanggal 15 Januari 2010. Pada tahun 2012, January 15, 2010. In 2012, Sumitomo Mitsui
Sumitomo Mitsui Banking Corporation (SMBC) Banking Corporation (SMBC) entered as a
masuk sebagai pemesan dan pemegang buyer and new shareholder of IIF.
saham baru pada IIF.
IIF mendapatkan izin usaha sebagai IIF obtained the license as infrastructure
perusahaan pembiayaan infrastruktur financing company based on Decree of the
berdasarkan Keputusan Menteri Keuangan Ministry of Finance No. Kep-439/KM.10/2010
No. Kep-439/KM.10/2010 dan beroperasi and started operated commercially on
komersial pada tanggal 6 Agustus 2010. August 6, 2010.
Perusahaan memiliki penyertaan pada IIF The Company’s ownership in IIF is 30.00% on
sebesar 30,00% pada tahun 2018 dan 2017. year of 2018 and 2017, respectively.
Investasi pada ventura bersama pada IIF Investment in joint venture in IIF is accounted
dicatat dengan menggunakan metode ekuitas for using the equity method on the Company’s
pada laporan keuangan Perusahaan. financial statements.
Ringkasan informasi keuangan dari ventura Summary of financial information in respect of

bersama diatas adalah sebagai berikut: joint venture entity are as follows:
2018 2017
Rp Rp
Jumlah aset 10,573,233,825,269 12,972,405,217,910 Total assets
Jumlah liabilitas 8,437,994,090,441 10,747,313,808,934 Total liabilities

Jumlah ekuitas 2,135,239,734,828 2,225,091,408,976 Total equity
Total liabilitas dan ekuitas 10,573,233,825,269 12,972,405,217,910 Total liabilities and equity
Jumlah pendapatan usaha tahun berjalan 764,931,938,685 638,040,256,127 Total revenue for the year
Jumlah beban usaha tahun berjalan (811,628,749,489) (739,090,562,825) Total expenses for the year
Laba bersih tahun berjalan (42,948,055,830) (81,621,736,448) Net income for the year
Penghasilan komprehensif lain (46,903,318,318) 36,571,172,154 Other comprehensive income
Rugi komprehensif tahun berjalan (89,851,374,148) (45,050,564,294) Comprehensive loss for the year

59
Rekonsiliasi dari ringkasan informasi Reconciliation of the above summarized

keuangan di atas terhadap jumlah tercatat dari financial information to the carrying amount of
investasi pada ventura bersama yang diakui investment in joint venture in the financial
dalam laporan keuangan tanggal statements as of December 31, 2018 and
31 Desember 2018 dan 2017, adalah sebagai 2017, are as follows:
berikut:
2018 2017
Persentase kepemilikan 30% 30% Percentage of ownership

Biaya perolehan 600,000,000,000 600,000,000,000 Acquisition cost
Tambahan modal disetor oleh Additional paid-in capital
pemegang saham lain 8,940,000,000 8,940,000,000 by other shareholders
Akumulasi bagian laba (rugi) - neto 39,990,026,951 58,310,106,563 Accumulated share in profit (loss) - net
Penerimaan deviden -- (6,107,581,780) Devidend received
Akumulasi bagian penghasilan
komprehensif lainnya (8,358,106,502) 6,384,807,910 Accumulated other compherensive income
Nilai tercatat 640,571,920,448 667,527,332,693 Carrying value
PT Jasamarga Pandaan Malang PT Jasamarga Pandaan Malang

Pada tanggal 20 Juni 2016, Perusahaan On June 20, 2016, the Company placed
melakukan investasi saham pada investment in share of PT Jasamarga Pandaan
PT Jasamarga Pandaan Malang (JPM) Malang (JPM) amounting to Rp3,600,000,000,
sebesar Rp3.600.000.000, dengan persentase with 5% ownership which was classified as
kepemilikan saham sebesar 5% yang available for sale (AFS). In 2017, the Company
diklasifikasikan sebagai tersedia untuk dijual made additional investment in share of
(AFS). Selama tahun 2017, Perusahaan JPM that made the Company’s investment until
melakukan penambahan penyertaan saham December 31, 2017 amounting to
pada JPM sehingga per 31 Desember 2017 Rp34,849,000,000 with fair value
jumlah penyertaan menjadi sebesar amounting to Rp43,570,505,000 which was
Rp34.849.000.000 dengan nilai wajar calculated by an independent appraisal
Rp43.570.505.000 yang dihitung oleh company.
perusahaan penilai independen.
Pada tanggal 11 Mei 2018 dan 4 Oktober On May 11, 2018 and October 4, 2018, the
2018, Perusahaan telah melakukan Company made additional investment in JPM
penambahan investasi saham di JPM sebesar amounting to Rp17,850,000,000 and
Rp17.850.000.000 dan Rp9.850.000.000 Rp9,850,000,000, respectively and the total
sehingga jumlah penyertaan saham the Company’s investment in share of
Perusahaan per 31 Desember 2018 sebesar JPM as of December 31, 2018 amounting to
Rp62.549.000.000 dengan nilai wajar Rp62,549,000,000 with fair value
Rp77.267.924.000 yang dihitung oleh amounting to Rp77,267,924,000 which was
perusahaan penilai independen. Penambahan calculated by an independent appraisal
investasi ini tidak mengubah persentase company. This additions on investment was
kepemilikan Perusahaan pada JPM. not change the Company’s ownership in
JPM.
PT Waskita Toll Road PT Waskita Toll Road

Pada tanggal 16 Februari 2017, Perusahaan On February 16, 2017, the Company investing
melakukan investasi saham pada in share in PT Waskita Toll Road (WTR)
PT Waskita Toll Road (WTR) sebesar amounting to Rp1,499,999,078,908.
Rp1.499.999.078.908.
Pada tanggal 3 Mei 2017, Perusahaan On May 3, 2017, the Company made
melakukan penambahan investasi saham di additional equity investment in WTR
WTR sebesar Rp245.904.416.208, sehingga amounting to Rp245,904,416,208, thus the
jumlah Penyertaan per 31 Desember 2017 investment as of December 31, 2017 is
adalah Rp1.745.903.495.116 dengan nilai Rp1,745,903,495,116 with fair value
wajar sebesar Rp2.048.070.315.610 yang amounting to Rp2,048,070,315,610 as
dihitung oleh perusahaan penilai independen calculated by an independent appraisal
60
menggunakan informasi laporan keuangan company using the information in the proforma
proforma tanggal 31 Desember 2017, financial statements as of December 31, 2017,
persentase kepemilikan saham Perusahaan di in which the Company’s ownership in WTR is
WTR sebesar 10,67%. 10.67%.
Selama tahun 2018, Perusahaan telah In 2018, the Company made additional equity
melakukan penambahan investasi saham di investment in WTR amounting to
WTR sebesar Rp690.653.765.472 sehingga Rp690,653,765,472, thus the investment as of
jumlah Penyertaan per 31 Desember 2018 December 31, 2018 amounted to
adalah Rp2.436.557.260.588 dengan Rp2,436,557,260,588, in which the Company’s
persentase kepemilikan saham Perusahaan di ownership in WTR become 11,05% and is
WTR menjadi sebesar 11,05% dan classified as available for sale (AFS). The fair
diklasifikasikan sebagai tersedia untuk dijual. value of the Company’s investment in WTR
Nilai wajar penyertaan saham Perusahaan di amounted to Rp2,780,937,000,000
WTR sebesar Rp2.780.937.000.000 yang as calculated by an independent appraisal
dihitung oleh perusahaan penilai independen company using the information in the proforma
menggunakan proforma Laporan Keuangan financial statements as of December 31, 2018.
tanggal 31 Desember 2018.
Tidak ada cadangan penurunan nilai yang There no impairment for losses on
dibentuk pada tanggal 31 Desember 2018 dan the Company’s equity investment as of
2017 atas penyertaan saham Perusahaan. December 31, 2018 and 2017.
13. Aset Tetap 13. Properties and Equipments
2018
Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/
Beginning Balance Additions Deductions Reclasification Ending Balance
Rp Rp Rp Rp Rp
Biaya perolehan Acqusition cost

Ruang Kantor 418,979,774,000 -- -- -- 418,979,774,000 Office space
Komputer 6,697,757,197 1,546,186,280 -- -- 8,243,943,477 Computers
Peralatan kantor 14,611,100,477 3,633,425,200 -- -- 18,244,525,677 Office equipments
Perabotan kantor 10,820,724,102 709,431,500 -- -- 11,530,155,602 Office furnitures
Partisi 19,564,369,490 109,536,000 -- -- 19,673,905,490 Fixtures
Jumlah 470,673,725,266 5,998,578,980 -- -- 476,672,304,246 Total
Akumulasi penyusutan Accumulated depreciation

Ruang Kantor 11,172,793,973 16,759,190,960 -- -- 27,931,984,933 Office space
Peralatan kantor 7,015,862,676 2,383,545,307 -- -- 9,399,407,983 Office equipments
Perabotan kantor 4,377,495,565 1,868,238,701 -- -- 6,245,734,266 Office furnitures
Partisi 5,200,858,620 3,932,675,572 -- -- 9,133,534,192 Fixtures
Jumlah 30,073,422,962 26,219,473,165 -- -- 56,292,896,127 Total
Jumlah Tercatat 440,600,302,304 420,379,408,119 Net Carrying Value

61
2017
Rp Rp Rp Rp Rp

Ruang Kantor -- 418,979,774,000 -- -- 418,979,774,000 Office space
Peralatan kantor 13,016,905,453 2,216,107,826 -- (621,912,802) 14,611,100,477 Office equipments
Perabotan kantor 11,853,048,965 199,528,001 310,773,085 (921,079,779) 10,820,724,102 Office furnitures
Partisi 26,557,723,570 61,600,000 7,048,904,080 (6,050,000) 19,564,369,490 Fixtures
Jumlah 56,396,235,181 423,186,209,831 7,359,677,165 (1,549,042,581) 470,673,725,266 Total

Ruang Kantor -- 11,172,793,973 -- -- 11,172,793,973 Office space
Komputer 1,394,645,594 911,766,534 -- -- 2,306,412,128 Computers
Peralatan kantor 5,164,806,960 2,327,506,899 -- (476,451,183) 7,015,862,676 Office equipments
Perabotan kantor 3,546,374,010 2,001,362,039 310,773,085 (859,467,399) 4,377,495,565 Office furnitures
Partisi 8,347,036,232 3,904,843,968 7,048,904,080 (2,117,500) 5,200,858,620 Fixtures
Jumlah 18,452,862,796 20,318,273,413 7,359,677,165 (1,338,036,082) 30,073,422,962 Total
Penyusutan aset tetap disajikan sebagai Depreciation expense is presented as part of

bagian beban umum dan administrasi di dalam general and administrative expenses under
beban usaha (Catatan 31). operating expenses (Note 31).
Pada tanggal 31 Desember 2018 dan 2017, On December 31, 2018 and 2017, properties
aset tetap selain ruang kantor telah and equipments excluding office space were
diasuransikan kepada PT Asuransi Dayin Mitra insured with PT Asuransi Dayin Mitra
dengan nilai pertanggungan masing-masing amounting to Rp34,691,883,346 and
sebesar Rp34.691.883.346 dan Rp53,807,839,326, respectively.
Rp53.807.839.326.
Ruang kantor yang terletak di Gedung Sahid Office space is located in Sahid Sudirman
Sudirman Center telah diasuransikan kepada Center Building has been insured to
PT Asuransi ACA oleh Perhimpunan Pemilik PT Asuransi ACA by Perhimpunan Pemilik dan
dan Penghuni Satuan Rumah Susun Penghuni Satuan Rumah Susun (PPPSRS)
(PPPSRS) Sahid Sudirman Center dengan with insurance period of one half years since
jangka waktu asuransi satu setengah tahun December 12, 2018 until June 12, 2020.
sejak tanggal 12 Desember 2018 sampai Premium of insurance is paid by the Company
dengan 12 Juni 2020. Premi atas asuransi to PPPSRS Sahid Sudirman Center every
tersebut dibayarkan oleh Perusahaan kepada month as part of the service charge fee.
PPPSRS Sahid Sudirman Center setiap bulan
sebagai bagian dari biaya jasa.
Manajemen berpendapat bahwa nilai Management believes that the insurance

pertanggungan tersebut cukup untuk menutupi coverage is adequate to cover possible losses
kemungkinan kerugian atas aset yang on the assets insured.
dipertanggungkan.

62
14. Aset Takberwujud - neto 14. Intangible Assets - net

2018
Rp Rp Rp Rp Rp

Software dan lisensi 35,180,389,902 -- -- 15,844,985,606 51,025,375,508 Software and license
Software dan lisensi Software and license
dalam proses 9,059,332,072 8,433,884,603 -- (15,844,985,606) 1,648,231,069 in process
Jumlah 44,239,721,974 8,433,884,603 -- -- 52,673,606,577 Total

Software dan lisensi 14,072,765,492 7,170,595,456 -- -- 21,243,360,948 Software and license
Jumlah 14,072,765,492 7,170,595,456 -- -- 21,243,360,948 Total
2017
Rp Rp Rp Rp Rp

Software dan lisensi 18,910,070,631 -- -- 16,270,319,271 35,180,389,902 Software and license
Software dan lisensi Software and license
dalam proses 10,327,371,614 15,002,279,729 -- (16,270,319,271) 9,059,332,072 in process
Jumlah 29,237,442,245 15,002,279,729 -- -- 44,239,721,974 Total

Software dan lisensi 8,321,086,723 5,751,678,769 -- 14,072,765,492 Software and license
Jumlah 8,321,086,723 5,751,678,769 -- -- 14,072,765,492 Total
Beban amortisasi aset takberwujud untuk Amortization expense of intangible assets for
tahun yang berakhir pada tanggal the year ended Decembe 31, 2018 and is
31 Desember 2018 dan 2017 disajikan dalam presented in general and administrative
beban umum dan administrasi dalam beban expenses under operating expenses (Note 31).
usaha (Catatan 31).
15. Pinjaman Diterima dari Bank dan Lembaga 15. Loans Received from Banks and Other
Keuangan Lainnya Financial Institution
2018 2017
Rp Rp
Bank/ Bank
PT Bank Mandiri (Persero) Tbk 1,230,885,000,000 677,400,000,000

Rupiah/ Rupiah
PT Bank UOB Indonesia 200,000,000,000 --

PT Bank UOB Indonesia 2,172,150,000,000 1,354,800,000,000
MUFG Bank, Ltd 1,506,024,000,000 1,029,648,000,000
PT Bank Maybank Indonesia Tbk 579,240,000,000 --
Yen Jepang/ Japanese Yen

MUFG Bank, Ltd 1,450,133,006,000 --

63
2018 2017
Rp Rp
Lembaga keuangan lainnya/ Other financial institution

Agence Francaise De Developpement 1,448,100,000,000 c 677,400,000,000
Jumlah pinjaman yang diterima/ Total loan received 8,586,532,006,000 c 3,739,248,000,000
Dikurangi/ Less:
Biaya transaksi yang belum diamortisasi/ Unamortized cost (28,328,964,690) c (23,686,652,030)
Pinjaman yang diterima - bersih/ Loan received - net 8,558,203,041,310 c 3,715,561,347,970
Biaya perolehan diamortisasi pinjaman The amortized cost of loans received from
diterima dari bank dan lembaga keuangan banks and other financial institution are as
lainnya adalah sebagai berikut: follows:
2018 2017
Rp Rp
Bank/ Bank

Rupiah/ Rupiah
PT Bank UOB Indonesia 200,000,000,000 --

PT Bank UOB Indonesia 2,163,186,623,025 1,346,908,384,836
MUFG Bank, Ltd 1,500,613,840,476 1,025,316,270,864
PT Bank Maybank Indonesia Tbk 576,362,683,224 --
Yen Jepang/ Japanese Yen

MUFG Bank, Ltd 1,450,133,006,000 --
Sub Jumlah/ Sub Total 1,450,133,006,000 --
Lembaga keuangan lainnya/ Other financial institution

Agence Francaise De Developpement 1,444,825,076,670 673,969,098,250
Sub Jumlah/ Sub Total 1,444,825,076,670 c 673,969,098,250
Akrual bunga pinjaman bank dan
lembaga keuangan lainnya (Catatan 16)/ Accrued interest of
bank loan and other financial institution (Note 16) 12,354,307,068 c 5,047,730,910

64
MUFG Bank, Ltd MUFG Bank, Ltd

Pada tanggal 31 Maret 2016, Perusahaan dan On March 31, 2016, the Company and The
MUFG Bank, Ltd menandatangani perjanjian MUFG Bank, Ltd signed The Committed Term
pemberian fasilitas pinjaman (Committed Term Loan Facility with maximum amount of
Loan Facility) sebesar USD100 juta untuk USD100 million with the term of two years,
jangka waktu dua tahun, jatuh tempo pada which matured on June 30, 2018. This facility
tanggal 30 Juni 2018. Pinjaman tersebut akan is used to support the Company’s financing
digunakan untuk menunjang kegiatan infrastructure projects. The agreed interest rate
Perusahaan dalam pembiayaan proyek-proyek is 3 months LIBOR + 1.55% per annum. This
infrastruktur. Bunga pinjaman yang disepakati loan was repaid on March 29, 2018.
adalah LIBOR 3 bulan + 1,55% per tahun.
Pinjaman ini telah dibayarkan pada tanggal
29 Maret 2018.
Pada tanggal 22 Juni 2017, Perusahaan dan On June 22, 2017, the Company and
MUFG Bank, Ltd menandatangani perjanjian MUFG Bank, Ltd signed loan facility with
kredit sebesar USD50 juta untuk jangka waktu maximum amount of USD50 million with the
tiga tahun, jatuh tempo pada tanggal 22 Juni term of three years, which will matured on
2020. Pinjaman tersebut akan digunakan June 22, 2020. This facility is used to support
untuk menunjang kegiatan Perusahaan dalam the Company’s financing infrastructure
pembiayaan proyek-proyek infrastruktur. projects. The agreed interest rate is 3 months
Bunga pinjaman yang disepakati adalah LIBOR + 1.15% per annum.
LIBOR 3 bulan + 1,15% per tahun.
Pada tanggal 26 Maret 2018, Perusahaan dan On March 26, 2018, the Company and
MUFG Bank, Ltd menandatangani perjanjian MUFG Bank, Ltd signed loan facility with
kredit sebesar USD100 juta untuk jangka maximum amount of USD100 million with the
waktu dua tahun, jatuh tempo pada tanggal 26 term of two years, which will matured on March
Maret 2020. Pinjaman tersebut akan 26, 2020. This facility is used to support the
digunakan untuk menunjang kegiatan Company’s financing infrastructure projects.
Perusahaan dalam pembiayaan proyek-proyek
infrastruktur.
Pada tanggal 26 Desember 2018, Perusahaan On December 26, 2018, the Company and The
dan MUFG Bank, Ltd menandatangani MUFG Bank, Ltd signed Loan Facility with
perjanjian kredit sebesar JPY11.060.000.000 maximum amount of JPY11,060,000,000 with
untuk jangka waktu tiga tahun, jatuh tempo the term of three years, which will matured on
pada tanggal 28 Desember 2021. Pinjaman December 28, 2021. This facility is used to
tersebut akan digunakan untuk menunjang support the Company’s financing infrastructure
kegiatan Perusahaan dalam pembiayaan projects. The agreed interest rate is 1.25%
proyek-proyek infrastruktur. Bunga pinjaman per annum.
yang disepakati adalah 1,25% per tahun.
Fasilitas pinjaman ini mencakup persyaratan Bank loan includes certain financial
keuangan tertentu antara lain: convenants as follows:
 Menjaga Gearing Ratio maksimal 3,00 kali;  Maintain Gearing Ratio maximum of 3.00
times;
 Memastikan bahwa Pemerintah Republik  Ensure the Government of Republic
Indonesia mempertahankan minimum 51% Indonesia maintains minimum 51%
kepemilikan saham kepada Perusahaan. shareholdings of the Company.
Berdasarkan perjanjian kredit Perusahaan dan Based on the loan agreement the Company’s
MUFG Bank, Ltd, Perusahaan tidak akan, and MUFG Bank, Ltd, the Company shall not
tanpa persetujuan tertulis terlebih dahulu dari without prior written consent of
MUFG Bank, Ltd, melakukan hal-hal antara lain MUFG Bank, Ltd in the events of as follows:
berikut :

65
 Menjual, menyewakan, memindahkan atau  Sell, lease, transfer or otherwise dispose of

dengan cara lain melepaskan, kecuali business, or grant any securities interest
dalam rangka menjalankan kegiatan over of the borrower’s assets for obtaining
usahanya sehari-hari, atau memberikan new or any loan;
kepentingan jaminan apapun atas, salah
satu dari aset-aset debitur untuk
memperoleh pinjaman baru atau pinjaman
apapun;
 Memperoleh suatu pinjaman dari pihak   Obtain a loan from any other party, except
lainnya manapun, kecuali dalam rangka in its ordinary course of business;
menjalankan kegiatan usahanya sehari-
hari;
 Bertindak sebagai penjamin atau   Act as a guarantor or perform any act with
melakukan tindakan apapun yang memiliki similiar effect, against any third party’s
dampak sejenis sehubungan dengan obligations, except guarantees made in
kewajiban-kewajiban pihak ketiga manapun, ordinary course of business.
kecuali penjaminan yang dilakukan dalam
kegiatan usaha sehari-hari.
Perusahaan akan memberikan pemberitahuan The Company shall deliver post notification to
terlebih dahulu kepada MUFG Bank, Ltd, MUFG Bank, Ltd, in the events of as follows:
dalam hal-hal antara lain:
 Membayar lebih awal hutang lainnya   Pay in advance any other loan other than
manapun selain dari hutang berdasarkan loan under this Agreement and in its
Perjanjian dan dalam rangka menjalankan ordinary course of business; or
kegiatan usahanya sehari-hari, atau
 Membagikan atau membayarkan dividen   Share or pay dividends to shareholders.
kepada para pemegang saham.
Terkait dengan pinjaman ini, tidak terdapat Related to the credit facility, there are
agunan khusus kepada MUFG Bank, Ltd. no special collateral to MUFG Bank, Ltd.
Sampai dengan tanggal 31 Desember 2018, As of December 31, 2018, the Company had
Perusahaan telah mematuhi pembatasan complied to the covenant of this loan facility.
penting yang berkaitan dengan fasilitas
pinjaman ini.
Pada tahun 2018, Jumlah penarikan pinjaman In 2018, total drawdown of this loan
ini sebesar USD89.000.000 (ekuivalen amounted to USD89,000,000 (equivalent
Rp1.239.349.000.000). Rp1,239,349,000,000).
Pada tanggal 31 Desember 2018 As of December 31, 2018 and 2017,

dan 2017, saldo utang Perusahaan the Company’s outstanding loan to
kepada MUFG Bank, Ltd setelah MUFG Bank, Ltd after unamortized transaction
dikurangi biaya transaksi yang cost amounted to USD103,626,396 (equivalent
belum diamortisasi masing-masing adalah Rp1,500,613,840,476) and USD75,680,268
sebesar USD103.626.396 (ekuivalen (equivalent to Rp1,025,316,270,864),
Rp1.500.613.840.476) dan USD75.680.268 respectively, for loan in United States Dollar
(ekuivalen Rp1.025.316.270.864) untuk and JPY11,060,000,000 (equivalent
pinjaman dengan mata uang Dolar Amerika Rp1,450,133,006.000) for loan in Japanese
dan sebesar JPY11.060.000.000 (ekuivalen Yen.
Rp1.450.133.006.000) untuk pinjaman dalam
mata uang Yen Jepang.

66
Perusahaan melakukan lindung nilai atas The Company hedges the loan, this done to
pinjaman yang diterima tersebut hal ini protect the risk of foreign currency exchange
dilakukan untuk risiko nilai tukar mata uang rate through currency swap. Hedging is done
asing melalui currency swap. Lindung nilai by exchanging fixed foreign exchange rates
yang dilakukan adalah mempertukarkan against variable foreign exchange rates. Fair
tingkat nilai tukar mata uang asing tetap value of the derivative instrument is disclosed
terhadap nilai tukar mata uang asing variabel. in Note 18.
Nilai wajar instrumen derivatif dijelaskan pada
Catatan 18.
Agence Francaise De Developpement Agence Francaise De Developpement

Pada tanggal 3 Desember 2015, Perusahaan On December 3, 2015, the Company obtained
mendapatkan fasilitas kredit dari Agence a loan facility from Agence Francaise De
Francaise De Developpment (AFD) sebesar Developpment (AFD) amounting to
USD100 juta dengan jangka waktu sepuluh USD100 million with the term of ten years
tahun (Catatan 34f). Fasilitas ini dikenakan (Note 34f). The interest rate charged is
bunga sebesar suku bunga LIBOR 6 bulan + 6 months LIBOR + 2.15% per annum.
2,15% per tahun.
Pada tanggal 31 Desember 2018 dan 2017, As of December 31, 2018 and 2017, the
saldo utang Perusahaan kepada AFD Company’s outstanding loan to AFD after
setelah dikurangi biaya transaksi yang belum unamortized transaction cost amounted
diamortisasi masing-masing adalah to USD99,773,847 (equivalent
sebesar USD99.773.847 (ekuivalen Rp1,444,825,076,670) and USD49,746,760
Rp1.444.825.076.670) dan USD49.746.760 equivalent to Rp673,969,098,250),
(ekuivalen Rp673.969.098.250). respectively.
Pada tanggal 31 Desember 2018, Perusahaan As of December 31, 2018, the Company had
telah mematuhi pembatasan penting yang complied to the covenant of this of credit
berkaitan dengan fasilitas kredit ini sesuai facility as disclosed in Note 34f.
yang diungkapkan pada Catatan 34f.
PT Bank UOB Indonesia PT Bank UOB Indonesia

Pada tanggal 19 Juni 2017, Perusahaan dan On June 19, 2017, the Company and
PT Bank UOB Indonesia (UOB) PT Bank UOB Indonesia (UOB) signed Loan
menandatangani perjanjian kedit dalam mata Facility with maximum amount of USD100
uang USD sebesar USD100 juta untuk jangka million with the term of three years and the
tiga tahun dengan tingkat suku bunga sebesar interest rate is LIBOR + 1.15% per annum. As
LIBOR + 1,15% per tahun. Sampai dengan 30 of September 30, 2018, the Company has
September 2018, Perusahaan telah made 3 times drawdowns on June 21, 22 and
melakukan 3 kali penarikan fasilitas kredit December 15, 2017 each amounting to
pada tanggal 21, 22 Juni dan USD40 million, USD40 million, and USD20
15 Desember 2017 masing-masing sebesar million, respectively. The total facility
USD40 juta, USD40 juta, dan USD20 juta. drawdown amounted to USD100 million.
Sehingga total fasilitas yang sudah ditarik
adalah sebesar USD100 juta.
Pada tanggal 29 Maret 2018, Perusahaan dan On March 29, 2018 the Company and UOB
UOB menandatangani perjanjian kedit dalam signed loan facility in USD currency amounting
mata uang USD sebesar USD50 juta untuk to USD50 million with the term of two years
jangka dua tahun dengan tingkat suku bunga with LIBOR + 0.85% per annum. The
sebesar LIBOR + 0,85% per tahun. Company has drawdown amounting to USD27
Perusahaan telah melakukan penarikan million as of April 4, 2018, USD10 million as of
sebesar USD27 juta pada tanggal 4 April August 30, 2018, and USD13 million as of
2018, USD10 juta pada tanggal 30 Agustus September 28, 2018. The total facility
2018, dan USD13 juta pada tanggal 28 drawdown amounted to USD50 million.
September 2018. Total fasilitas yang sudah
ditarik adalah sebesar USD50 juta.
67
Pada tanggal 20 Desember 2018, Perusahaan On December 20, 2018 the Company and
dan UOB menandatangani perjanjian fasilitas UOB signed revolving loan facility in IDR
kredit revolving dalam mata uang IDR sebesar currency amounting to Rp1 trillion with the
Rp1 triliun untuk jangka 1 tahun. Sampai 31 term of one years. As of December 31, 2018,
Desember 2018, Perusahaan telah melakukan the Company has drawdown amounting to
penarikan kredit sebesar Rp200 miliar dengan Rp200 billion with interest rate 8.85%
tingkat suku bunga sebesar 8,85% per tahun. per annum.
Fasilitas pinjaman ini mencakup persyaratan Loan Facilities includes certain financial
keuangan yaitu menjaga Debt to Consolidated convenants to maintain Debt to Consolidated
tangible net worth tidak boleh melebihi 3 kali. tangible net worth is not higher 3 times.
Berdasarkan perjanjian kredit Perusahaan dan Based on the loan agreement the Company’s
UOB Indonesia, Perusahaan tidak akan, and UOB Indonesia the Company shall not
tanpa persetujuan tertulis terlebih dahulu dari without prior written consent of UOB Indonesia
UOB Indonesia melakukan, antara lain: in the events of as follows:
 Mengalihkan, Menjaminkan dan   Transfer, pledge, and rent of assets;
Menyewakan Harta Kekayaan;
 Pailit dan penundaan pembayaran utang;   Bankrupt and postponement payment of a
debt;
 Penyertaan Modal dan Investasi di   Capital investments and investments in
perusahaan lain atau mendirikan anak other company or established of subsidiary;
perusahaan;
 Menggadaikan saham Perusahan, atau   Mortaging the Company’s shares or issuing
melakukan penerbitan saham atau efek shares or debt securities both inside and
bersifat hutang baik di dalam maupun di outside capital market (except made in the
luar Pasar Modal (kecuali dilakukan dalam context of daily business in accordance with
rangka kegiatan usaha sehari-hari sesuai the articles of the Company the decision of
Anggaran Dasar Perusahaan atau atas Government of the Republic of Indonesia in
keputusan Pemerintah Republik Indonesia as long as this does not affect the
sepanjang hal ini tidak mempengaruhi Company’s payment obligations under the
kewajiban pembayaran Perusahaan agreement);
berdasarkan perjanjian);
 Mengalihkan Hak dan Kewajiban   Transferring of Right and Obligation based
berdasarkan Perjanjian Kredit kepada pihak on Credit Agreement to other parties
Manapun (kecuali dalam rangka program (except in the context of the program the
transformasi badan hukum yang merupakan transformation of legal entity constitutes at
keputusan Pemerintah Republik Indonesia the decision of Government of Republic
dimana kepemilikan sepenuhnya tetap Indonesia where ownership fully are
dikuasai oleh Pemerintah Republik controlled by the Government of the
Indonesia); Republic of Indonesia);
 Mengikatkan diri sebagai penjamin/   Act as guarantor of corporate guarantee to
penanggung corporate guarantee kepada other parties, (except if it is in the context
pihak lain manapun, (kecuali dilakukan of), daily business activities in accordance
dalam rangka kegiatan usaha sehari-hari with the Company’s articles of association
sesuai anggaran dasar Perusahaan as long as it is does not affect the payment
sepanjang hal ini tidak mempengaruhi obligation to the bank based on the credit
kewajiban pembayaran kepada Bank agreement;
berdasarkan Perjanjian Kredit);
 Melakukan perubahan atas kegiatan usaha   Changes of business activities of
Perusahaan yaitu dalam hal penyediaan the Company as provide financing
pembiayaan infrastruktur; receivables infrastructure;

Terkait dengan pinjaman ini Perusahaan tidak Related to the credit facility provides the
terdapat agunan khusus kepada UOB. Company’s there are no exclusive collateral to
UOB.

68
saldo utang dalam mata uang Company’s outstanding loan to UOB in
USD Perusahaan kepada UOB setelah USD after unamortized transaction cost
dikurangi biaya transaksi yang belum amounted to USD149,381,025 (equivalent
diamortisasi masing-masing adalah Rp2,163,186,623,025) and USD99,417,507
sebesar USD149.381.025 (ekuivalen (equivalent to Rp1,346,908,384,836),
Rp2.163.186.623.025) dan USD99.417.507 respectively.
(ekuivalen Rp1.346.908.384.836).
PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Pada tanggal 20 Juni 2017, Perusahaan dan On June 20, 2017, the Company and PT Bank
PT Bank Mandiri (Persero) Tbk (Bank Mandiri) Mandiri (Persero) Tbk (Bank Mandiri) signed a
menandatangani perjanjian kedit pinjaman Special Transaction Loan Facility Agreement
transaksi khusus dalam mata uang USD with maximum amount of USD100 million with
sebesar USD100 juta untuk jangka tiga tahun the term of three years and the interest rate is
dengan tingkat suku bunga sebesar LIBOR + LIBOR + 1.15% per annum.
1,15% per tahun.
Pada tanggal 20 Desember 2018, terdapaat On December 20, 2018, there was an
addendum perjanjian yang merubah tingkat addendum to the agreement change of interest
suku bunga menjadi sebesar LIBOR + 1,00% rate became LIBOR + 1.00% per annum.
per tahun.
Fasilitas pinjaman ini mencakup persyaratan Bank loan includes certain financial
keuangan tertentu antara lain: convenants as follows:
 Menjaga Debt to Equity Ratio kurang dari  Maintain Debt to Equity Ratio is lower from
atau sama dengan 3 kali, or equal with 3 times,
 Menjaga Perbandingan Aktiva Produktif  Maintain ratio of earning asset with long-
dengan Utang dalam jangka waktu kurang term liabilities within more one year or
dari 1 tahun lebih besar atau sama equal with 100%.
dengan 100%.
Sampai dengan tahun 2018 and 2017, In 2018 and 2017, the Company had drawn
Perusahaan telah melakukan penarikan down credit facility amounting to USD35 million
fasilitas kredit masing-masing sebesar and USD50 million, respectively.
USD35 juta dan USD50 juta.
saldo utang Perusahaan kepada Bank Mandiri Company’s outstanding loan to Bank Mandiri
setelah dikurangi biaya transaksi yang belum after unamortized transaction cost amounted
diamortisasi masing-masing adalah to USD84,461,143 (ekuivalen
sebesar USD84.461.143 (ekuivalen Rp1,223,081,290,915) and USD49,407,115
Rp1.223.081.290.915) dan USD49.407.115 (equivalent to Rp669,367,594,020),
(ekuivalen Rp669.367.594.020). respectively.
PT Bank Maybank Indonesia Tbk PT Maybank Indonesia Tbk

Pada tanggal 3 Oktober 2018, Perusahaan On October 3, 2018, the Company and
dan PT Bank Maybank Indonesia Tbk (Bank PT Bank Maybank Indonesia Tbk (Bank
Maybank) menandatangani perjanjian kredit Maybank) signed a loan and Financing Facility
dan pembiayaan dalam mata uang USD Agreement with maximum amount of USD100
sebesar USD100 juta untuk jangka dua tahun million with the term of two years and the
dengan tingkat suku bunga sebesar LIBOR 3 interest rate is LIBOR 3 month + 0.90% per
bulan + 0,90% per tahun. Fasilitas kredit annum. The Facilities divided into two facilities
tersebut terbagi dalam 2 fasilitas yaitu fasilitas such as conventional loan facility and Syariah
pinjaman konvensional dan fasilitas financing facility.
pembiayaan syariah.

69
Sampai dengan tanggal Laporan Keuangan, Until the date of Financial Statements, loan
perjanjian pinjaman ini masih dalam proses. agreement is still on process. Loan
Perjanjian pinjaman berbentuk dalam Cover agreements conform in Cover Letter.
Letter.
16. Beban Akrual 16. Accrued Expenses

2018 2017
Rp Rp
Bunga surat utang dan green bond Interest of debt securities and green bond
diterbitkan (Catatan 19 dan 20) 125,899,843,056 116,163,028,137 issued (Notes 19 and 20)
Tantiem dan jasa produksi 67,242,167,467 60,515,836,029 Provision for tantiem and bonus
Jasa profesional 33,617,390,326 7,565,677,710 Professional fee
Bunga pinjaman diterima dari Interest from borrowings from
Pemerintah Republik Indonesia the Government of Republic
(Catatan 22) 19,163,977,567 13,667,705,657 of Indonesia (Note 22)
Bunga pinjaman diterima dari bank
dan lembaga keuangan lainnya Interest from bank loan and
(Catatan 15) 12,354,307,068 5,047,730,910 other financial institution (Note 15)
Pengadaan aset tetap dan Acquisition of properties and
aset takberwujud 3,161,515,832 3,602,776,943 equipments and intangible assets
Lain-lain 8,341,410,994 9,804,208,634 Others
Jumlah 269,780,612,310 216,366,964,020 Total
17. Pendapatan Diterima Dimuka 17. Unearned Revenue
Pendapatan diterima dimuka merupakan Unearned revenue represents provision

provisi yang diterima terkait pinjaman diberikan received from loan receivables (Note 8).
(Catatan 8).
18. Liabilitas Derivatif 18. Derivative Liabilities
Pada tanggal 28 Desember 2018, Perusahaan On December 28, 2018, the Company
melakukan Transaksi Currency Swap dan engages in Currency Swap and Coupon Swap
Coupon Swap dengan MUFG Bank, Ltd., pihak contract with MUFG Bank, Ltd., third party,
ketiga, tanggal penyelesaian 28 Desember with settlement date on December 28, 2021.
2021. Tujuan transaksi ini adalah sebagai The purpose of this transaction is to hedge the
lindung nilai atas risiko fluktuasi nilai tukar dan risks of fluctuations in exchange rates and
tingkat suku bunga. interest rates.
Estimasi nilai wajar instrumen liabilitas derivatif The estimated fair values of the Company’s
Perusahaan adalah sebagai berikut: derivative liabilities instruments are
summarized below:
2018 2017
Jumlah Nilai Jumlah Nilai
nosional/ wajar/ nosional/ wajar/
Total notional Fair value Total notional Fair value
Rp Rp Rp Rp
Coupon swap 742,372,993 --

Currency swap -- 135,480,000,000 44,196,254,711
Call spread 1,450,076,600,000 1,344,520,674 365,796,000,000 (437,329)
Jumlah nilai wajar yang disajikan sebagai liabilitas derivatif/
Total fair value presented as derivative liabilities 2,086,893,667 44,195,817,382

70
Liabilitas derivatif merupakan kerugian yang Derivative liabilities represents unrealized

belum direalisasikan dari kontrak derivatif yang losses from derivative contracts designated as
ditujukan sebagai lindung nilai atas arus kas. cash flow hedges.
Bagian efektif dari kerugian lindung nilai yang The effective hedging loss recognized
diakui sebagai bagian dari penghasilan as part of other comprehensive income
komprehensif lain pada tanggal 31 Desember December 31, 2018 and 2017 amounted to
2018 dan 2017 masing-masing sebesar Rp2,086,893,667 and Rp1,889,552,398,
Rp2.086.893.667 dan Rp1.889.552.398. respectively.
Perubahan nilai lindung nilai yang diakui di Changes in value of cash flow hedge which
penghasilan komprehensif lain: were recognized in other comprehensive
income:
2018 2017
Rp Rp
Saldo awal -- 1,417,164,299 Beginning balance

Perubahan nilai wajar (2,086,893,667) (1,889,552,398) Changes in fair value
Jumlah (2,086,893,667) (472,388,099) Total
Dampak pajak tangguhan 521,723,417 472,388,099 Effect of deferred tax
Saldo akhir (1,565,170,250) -- Ending balance
Sehubungan dengan penerapan Peraturan In relation to the application of Bank Indonesia

Bank Indonesia No. 16/21 / PBI /2014 Regulation No. 16/21 / PBI / 2014 regarding
mengenai Penerapan Prinsip Kehati-hatian the Implementation of Prudential Principles of
Pengelolaan Utang Luar Negeri Korporasi Non Non-Bank Corporate Foreign Debt
Bank, maka Perusahaan memiliki kewajiban Management, the Company has an obligation
untuk memenuhi rasio lindung nilai dan rasio to meet the hedging and liquidity ratios set out
likuiditas yang tertera dalam ketentuan in the provisions. As the fulfillment of PBI
tersebut. Sebagai pemenuhan atas PBI No. 16/21 of 2014 and the implementation of
No. 16/21 tahun 2014 dan pelaksanaan prinsip prudential principles, the Company uses
kehati-hatian, Perusahaan menggunakan derivative instruments as a hedge to manage
instrumen derivatif sebagai lindung nilai untuk the risk of foreign currency movements and
mengelola risiko pergerakan mata uang asing interest rates.
dan suku bunga.
Pada tanggal 29 September 2017, On September 29, 2017, the Company entered
Perusahaan melakukan transaksi Call Spread into a Call Spread Option transaction with
Option dengan notional sebesar notional amount of USD27,000,000, which will
USD27.000.000, tanggal jatuh tempo pada mature on March 30, 2018 and deposited
30 Maret 2018 dan menyerahkan dana untuk funds to be blocked as required by Bank
diblokir sebagaimana yang diwajibkan oleh Indonesia amounting to 10% of the transaction
Bank Indonesia sebesar 10% dari jumlah amount.
transaksi.
Pada tanggal 28 Desember 2017, Perusahaan On December 28, 2017, the Company entered
melakukan Call Spread Option dengan into a Call Spread Option with notional amount
notional sebesar USD30.000.000, tanggal of USD30,000,000, which will mature on March
jatuh tempo pada 28 Maret 2018, dan 28, 2018 and deposited funds to be blocked as
menyerahkan dana untuk diblokir required by Bank Indonesia amounting to 10%
sebagaimana yang diwajibkan oleh Bank of the transaction amount.
Indonesia sebesar 10% dari jumlah transaksi.

71
Pada tanggal 28 Desember 2018, Perusahaan On December 28, 2018, the Company entered
melakukan transaksi Coupon Only Swap dan into a Coupon Only Swap and Call Spread
Call Spread Option dengan notional sebesar Option transaction with a notional amount of
JPY11.060.000.000 (sebesar jumlah penarikan JPY11,060,000,000 (in the amount of
fasilitas pinjaman dalam mata uang JPY), withdrawal of the loan facility in JPY), with the
dengan tanggal jatuh tempo pada maturity date is December 28, 2021.
28 Desember 2021.
19. Surat Utang Diterbitkan 19. Debt Securities Issued
Surat Utang diterbitkan berdasarkan jenis dan Debt Securities Issued based on type and
mata uang sebagai berikut: currencies as follows:
2018 2017
Rp Rp
Obligasi/ Bonds
Rupiah/ Rupiah
Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap III
Tahun/ Year 2018:
Seri/ Series A 846,000,000,000 --
Seri/ Series B 199,250,000,000 --
Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap II
Tahun/ Year 2017:
Seri/ Series A -- 1,200,000,000,000
Seri/ Series B 4,455,000,000,000 4,455,000,000,000
Seri/ Series C 1,345,000,000,000 1,345,000,000,000
Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I
Tahun/ Year 2016:
Seri/ Series A 2,298,000,000,000 2,298,000,000,000
Seri/ Series B 1,328,000,000,000 1,328,000,000,000
Seri/ Series C 700,000,000,000 700,000,000,000
Seri/ Series D 674,000,000,000 674,000,000,000
Obligasi Sarana Multi Infrastruktur I
Tahun/ Year 2014:
Seri/ Series B 900,000,000,000 900,000,000,000
Surat Utang yang Beredar/ Outstanding Debt Securities 12,745,250,000,000 12,900,000,000,000
Dikurangi/ Less
Biaya transaksi yang belum diamortisasi/
Unamortized transaction cost (8,778,729,732) (11,292,035,279)
Sub Jumlah 12,736,471,270,268 12,888,707,964,721
Medium Term Notes

Dolar Amerika Serikat/ United States Dollar
Medium Term Notes USD Sarana Multi Infrastruktur I
Tahun/ Year 2016 -- 1,354,800,000,000
Dikurangi/ less :
Unamortized transaction cost -- (289,099,209)
Sub Jumlah -- 1,354,510,900,791
Surat utang diterbitkan - neto/ Debt securities - net 12,736,471,270,268 14,243,218,865,512

72
Biaya perolehan diamortisasi surat utang yang The amortized cost of debt securities issued is
diterbitkan adalah sebagai berikut: as follows:
2018 2017
Rp Rp
Surat utang diterbitkan 12,736,471,270,268 14,243,218,865,512 Debts securities issued

Akrual bunga surat utang Accrued interest of debt securities
diterbitkan (Catatan 16) 116,839,964,584 116,163,028,137 issued (Note 16)
Jumlah 12,853,311,234,852 14,359,381,893,649 Total
Obligasi Bonds
Obligasi Berkelanjutan I Sarana Multi Obligasi Berkelanjutan I Sarana Multi

Infrastruktur Tahap III Tahun 2018 Infrastuktur Tahap III Tahun 2018
Pada tanggal 5 Desember 2018 Perusahaan On December 5, 2018, the Company issued
menerbitkan “Obligasi Berkelanjutan I Sarana "Obligasi Berkelanjutan I Sarana Multi
Multi Infrastruktur Tahap III Tahun 2018” yang Infrastruktur Tahap III Tahun 2018” bond listed
dicatatkan di PT Bursa Efek Indonesia dengan in Indonesia Stock Exchange with the nominal
nilai nominal sebesar Rp1.045.250.000.000 value of Rp1,045,250,000,000 (one trillion
(satu triliun empat puluh lima miliar dua ratus fourty five billion two hundred and fifty million
lima puluh juta Rupiah) yang terdiri dari 2 (dua) Rupiah). The bonds consist of two series were
seri sebagai berikut: as follows:
Tingkat Bunga
Jumlah Nominal/ per tahun/
Nominal Amount Tanggal Jatuh Tempo/ Interest Rate
Obligasi/ Bonds Rp Maturity Date per annum Seri/ Series
Obligasi Berkelanjutan I 14 Desember/

Sarana Multi Infrastruktur Tahap III - 2018 846,000,000,000 December , 2019 8,20% Seri/ Series A
Obligasi Berkelanjutan I 4 Desember/

Sarana Multi Infrastruktur Tahap III - 2018 199,250,000,000 December , 2021 8,70% Seri/ Series B
Pembayaran “Obligasi Berkelanjutan I Sarana The bonds "Obligasi Berkelanjutan I Sarana

Multi Infrastruktur Tahap III Tahun 2018” Multi Infrastruktur Tahap III Tahun 2018”
dilakukan secara penuh (bullet payment) saat principal is to be settled at bullet payment on
jatuh tempo. maturity.
Dana yang diperoleh dari penerbitan obligasi The proceeds from this issuance, net of
ini, setelah dikurangi dengan biaya-biaya issuance costs, will be entirely channeled to
emisi, seluruhnya akan disalurkan untuk infrastructure financing.
pembiayaan infrastruktur.
Obligasi ini tidak dijamin dengan suatu jaminan The bonds are not secured by any specific
khusus, namun dijamin dengan seluruh harta collateral but secured by all assets that the
kekayaan Perusahaan, baik barang bergerak Company's owned both movable and
maupun barang tidak bergerak, baik yang immovable, either existing or that will exist in
telah ada maupun yang akan ada di kemudian the future.
hari.
PT Bank Mandiri (Persero) Tbk bertindak The trustee for the bonds is PT Bank Mandiri
sebagai wali amanat. (Persero) Tbk.

73

Infrastruktur Tahap II Tahun 2017 Infrastuktur Tahap II Tahun 2017
Pada tanggal 16 November 2017 Perusahaan On November 16, 2017, the Company issued
menerbitkan “Obligasi Berkelanjutan I Sarana "Obligasi Berkelanjutan I Sarana Multi
Multi Infrastruktur Tahap II Tahun 2017” yang Infrastruktur Tahap II Tahun 2017” bond listed
dicatatkan di PT Bursa Efek Indonesia dengan in Indonesia Stock Exchange with the nominal
nilai nominal sebesar Rp7.000.000.000.000 value of Rp7,000,000,000,000 (seven trillion
(tujuh triliun Rupiah) yang terdiri dari 3 (tiga) Rupiah). Of consisted of three series as
seri sebagai berikut: follows:
Tingkat Bunga
Obligasi Berkelanjutan I 25 November/

Sarana Multi Infrastruktur Tahap II - 2017 1,200,000,000,000 November , 2018 6,15% Seri/ Series A

Sarana Multi Infrastruktur Tahap II - 2017 4,455,000,000,000 November , 2020 7,40% Seri/ Series B

Sarana Multi Infrastruktur Tahap II - 2017 1,345,000,000,000 November , 2022 7,60% Seri/ Series C
Pembayaran obligasi “Obligasi Berkelanjutan I The bonds "Obligasi Berkelanjutan I Sarana

Sarana Multi Infrastruktur Tahap II Tahun Multi Infrastruktur Tahap II Tahun 2017”
2017” dilakukan secara penuh (bullet principal is to be settled at bullet payment on
payment) saat jatuh tempo. maturity date.
kekayaan Perusahaan, baik barang bergerak Company's owned both movable and
telah ada maupun yang akan ada di kemudian the future.
hari.

Infrastruktur Tahap II Tahun 2017 Seri A telah Infrastruktur Tahap I Tahun 2017 Series A
jatuh tempo dan dilunasi pada tanggal were matured and had been fully paid on
19 November 2018. November 19, 2018.

74

Infrastuktur Tahap I Tahun 2016 Infrastuktur Tahap I Tahun 2016
Pada tanggal 21 November 2016, Perusahaan On November 21, 2016, the Company issued
menerbitkan obligasi dengan nama “Obligasi “Obligasi Berkelanjutan I Sarana Multi
Berkelanjutan I Sarana Multi Infrastruktur Infrastruktur Tahap I Tahun 2016” bond listed
Tahap I Tahun 2016” yang dicatatkan di in Indonesia Stock Exchange with the nominal
PT Bursa Efek Indonesia dengan nilai nominal value of Rp5,000,000,000,000 (five trillion
sebesar Rp5.000.000.000.000 (lima triliun Rupiah). The bonds consisted of four series as
Rupiah). Obligasi ini terdiri dari empat seri follows:
sebagai berikut:
Tingkat Bunga

Sarana Multi Infrastruktur Tahap I - 2016 2,298,000,000,000 November , 2019 7,85% Seri/ Series A

Sarana Multi Infrastruktur Tahap I - 2016 1,328,000,000,000 November , 2021 8,20% Seri/ Series B

Sarana Multi Infrastruktur Tahap I - 2016 700,000,000,000 November , 2026 8,65% Seri/ Series C

Sarana Multi Infrastruktur Tahap I - 2016 674,000,000,000 November , 2031 8,90% Seri/ Series D
Pembayaran obligasi “Obligasi Berkelanjutan I The bonds "Obligasi Berkelanjutan I Sarana

Sarana Multi Infrastruktur Tahap I Tahun 2016” Multi Infrastruktur Tahap I Tahun 2016”
dilakukan secara penuh (bullet payment) saat principal is to be settled at bullet payment on
jatuh tempo. maturity.
kekayaan Perusahaan, baik barang bergerak Company’s owned both movable and
telah ada maupun yang akan ada dikemudian the future.
hari.
sebagai wali amanat. Obligasi ini (Persero) Tbk. The bonds are traded in the
diperdagangkan di Bursa Efek Indonesia. Indonesia Stock Exchange. For the period
Untuk periode 20 April 2018 sampai dengan from April 20, 2018 until April 1, 2019, the
1 April 2019, obligasi ini mendapat peringkat bonds is rated at AAA ratings by
AAA berdasarkan hasil pemeringkatan oleh PT Pemeringkat Efek Indonesia (Pefindo).
PT Pemeringkat Efek Indonesia (Pefindo).

75
Obligasi Sarana Multi Infrastruktur I Tahun Obligasi Sarana Multi Infrastruktur I Tahun
2014 2014
Pada tanggal 11 Juni 2014, Perusahaan On June 11, 2014, the Company issued
menerbitkan obligasi dengan nama “Obligasi “Obligasi Sarana Multi Infrastruktur I Tahun
Sarana Multi Infrastruktur I Tahun 2014” yang 2014” bond listed in Indonesia Stock Exchange
dicatatkan di PT Bursa Efek Indonesia dengan with the nominal value of
nilai nominal sebesar Rp1.000.000.000.000. Rp1,000,000,000,000. The bonds consisted of
Obligasi ini terdiri dari dua seri yaitu: two series:
Tingkat Bunga
Obligasi 11 Juni/
Sarana Multi Infrastruktur I Tahun - 2014 100,000,000,000 June , 2017 9,60% Seri/ Series A
Obligasi 11 Juni/
Sarana Multi Infrastruktur I Tahun - 2014 900,000,000,000 June , 2019 10,00% Seri/ Series B
Pembayaran obligasi “Obligasi Sarana Multi The bonds "Obligasi Sarana Multi
Infrastruktur I Tahun 2014” dilakukan secara Infrastruktur I Tahun 2014” principal is to be
penuh (bullet payment) saat jatuh tempo. settled at bullet payment on maturity.
hari.
sebagai wali amanat. Obligasi ini (Persero) Tbk. The bonds are traded in the
diperdagangkan di Bursa Efek Indonesia. Indonesia Stock Exchange. For the period
Untuk 20 April 2018 sampai dengan 1 April from April 20, 2018 until April 1, 2019, the
2019, obligasi ini mendapat peringkat AAA bonds is rated at AAA ratings by
berdasarkan hasil pemeringkatan oleh PT Pemeringkat Efek Indonesia (Pefindo).
PT Pemeringkat Efek Indonesia (Pefindo).
Obligasi Sarana Multi Infrastruktur I Tahun Obligasi Sarana Multi Infrastruktur I Tahun
2014 Seri A telah jatuh dan dilunasi pada 2014 Series A were matured and had been
tahun 2017. fully paid in 2017.

76
Medium Term Notes Medium Term Notes
Medium Term Notes USD Sarana Multi Medium Term Notes USD Sarana Multi
Infrastruktur I Tahun 2016 Infrastruktur I Tahun 2016
Perusahaan menerbitkan Medium Term Notes The Company issued a Medium Term Notes
(MTN) USD Sarana Multi Infrastruktur I Tahun (MTN) USD Sarana Multi Infrastruktur I Tahun
2016 dengan nilai hingga USD300.000.000 2016, which permitted the Company to issue a
dengan jangka waktu 2 (dua) tahun. Pada MTN up to USD300,000,000 for a period of 2
tanggal 28 Maret 2016, MTN tahap pertama (two) years. On March 28, 2016, the first
sebesar USD100 juta diterbitkan dengan phase of MTN amounted to USD100 million
tingkat bunga sebesar LIBOR 3 bulan + 1,75% was issued at interest rate of 3 month
per tahun dan telah jatuh tempo pada tanggal LIBOR + 1.75% per annum and was matured
28 Maret 2018. Tujuan penerbitan MTN ini on March 28, 2018. The purpose of this MTN
adalah untuk pembiayaan proyek-proyek is to support the Company’s financing
infrastruktur. infrastructure project.
PT Bank Mandiri (Persero) Tbk bertindak The monitoring agent is PT Bank Mandiri
sebagai agen pemantau. MTN ini mendapat (Persero) Tbk. MTN is rated AA+ (idn) rating
peringkat AA+ (idn) berdasarkan hasil by Fitch Ratings. Principal and interest
pemeringkatan oleh Fitch Ratings. payments are being paid as scheduled through
Pembayaran bunga dan nominal MTN Kustodian Sentral Efek Indonesia (KSEI).
dilakukan melalui Kustodian Sentral Efek
Indonesia (KSEI) sesuai jadwal.
Pembayaran MTN ini telah dilakukan secara The MTN had been settled at bullet payment
penuh (bullet payment) pada saat tanggal on March 27, 2018.
27 Maret 2018.
20. Green Bond 20. Green Bond
2018 Tingkat bunga/ Tanggal jatuh tempo/

Rp Interest rate Maturity date
Obligasi/ Bonds
Rupiah/ Rupiah
Green Bond Tahun 2018/ Green Bond Year 2018
Seri/ Series A 251,500,000,000 7,55% 6 Juli/ July 6, 2021
Seri/ Series B 248,500,000,000 7,80% 6 Juli/ July 6, 2023
Green Bonds yang Beredar/ Outstanding Green Bonds 500,000,000,000
Dikurangi/ Less
Unamortized transaction cost (3,695,994,285)
Green Bonds diterbitkan - bersih/ Green Bonds - net 496,304,005,715
Biaya perolehan diamortisasi green bonds The amortized cost of green bonds issued is
yang diterbitkan adalah sebagai berikut: as follows:
2018 2017
Rp Rp
Green Bonds diterbitkan 496,304,005,715 -- Green Bonds issued

Akrual bunga green bonds Accrued interest of green bonds
diterbitkan (Catatan 16) 9,059,878,472 -- issued (Note 16)
Jumlah 505,363,884,187 -- Total

77
Pada tanggal 9 Juli 2018, Perusahaan telah On July 9, 2018, the Company has issued
menerbitkan obligasi berwawasan lingkungan. green bonds.
Dana yang diperoleh dari penerbitan obligasi The proceeds from the bonds issuance, after
ini, setelah dikurangi dengan biaya-biaya net of emissions costs, all funds will be
emisi, seluruhnya akan disalurkan untuk disbursed to finance infrastructure KUBL
pembiayaan infrastruktur kategori KUBL category will be entirely channeled to
(Kegiatan Usaha Berwawasan Lingkungan) infrastructure financing KUBL category
atas dana dari green bonds. (Business Activity with Environmental Based)
of fund from green bonds.
hari.
21. Sukuk Mudharabah 21. Sukuk Mudharabah
Pada tanggal 9 Juli 2018, Perusahaan telah On July 9, 2018, the Company has issued
menerbitkan sukuk mudharabah dengan sukuk mudharabah which consists of:
rincian sebagai berikut:
Indikator
bagi hasil/
2018 Profit sharing Tanggal jatuh tempo/
Rp indicator Maturity date
Sukuk Mudharabah/ Sukuk Mudharabah

Rupiah/ Rupiah
Sukuk Mudharabah PT SMI Thp I Tahun 2018/ Year 2018
Seri/ Series A 680,000,000,000 7,55% 6 Juli/ July 6, 2021
Seri/ Series B 320,000,000,000 7,80% 6 Juli/ July 6, 2023
Sukuk Mudharabah yang beredar/ Sukuk Mudharabah
issued 1,000,000,000,000
Pembayaran sukuk mudharabah dilakukan Sukuk mudharabah, principal is to be settled at

secara penuh (bullet payment) saat jatuh bullet payment on maturity.
tempo.
Dana yang diperoleh dari penerbitan sukuk The proceeds from the issuance of sukuk
mudharabah disalurkan untuk pembiayaan mudharabah are channeled to finance
infrastruktur syariah melalui Unit Usaha infrastructure sharia through the Company’s
Syariah Perusahan. Sharia Business Units.
Sukuk ini tidak dijamin dengan suatu jaminan The Sukuk are not secured by any specific
kekayaan Perusahaan, baik barang bergerak Company owned, both movable and
hari.

78
22. Pinjaman Diterima dari Pemerintah 22. Borrowings from the Government of
Republik Indonesia Republic of Indonesia
2018 2017
Rp Rp
Penerusan Pinjaman kepada IIF Two-steps Loan Facility to IIF

Rupiah Rupiah
Pemerintah Republik Indonesia - Government of Republic Indonesia -
Dana dari World Bank 300,000,000,000 -- Fund from World Bank

Dana dari World Bank 1,446,362,280,000 1,353,174,240,000 Fund from World Bank
Dana dari Asian Development Bank 1,278,249,269,443 1,257,453,064,487 Fund Asian Development Bank
Regional Infrastructur Development Regional Infrastructur Development

Fund Project Fund Project
Rupiah Rupiah
Dana dari World Bank 167,500,000,000 -- Fund from World Bank
Asian Infrastructure Investment Bank 167,500,000,000 -- Asian Infrastructure Investment Bank
Sub Jumlah 335,000,000,000 -- Sub Total
Dikurangi: Biaya transaksi yang belum Less:
diamortisasi (1,528,345,285) (1,631,306,899) Unamortized transaction cost
Jumlah 3,358,083,204,158 2,608,995,997,588 Total
Biaya perolehan diamortisasi pinjaman The amortized cost of borrowings is as follows:

diterima adalah sebagai berikut:
2018 2017
Rp Rp
Pinjaman diterima dari Borrowings from

Pemerintah Indonesia 3,358,083,204,158 2,608,995,997,588 Government of Indonesia
Akrual bunga pinjaman (Catatan 16) 19,163,977,567 13,667,705,657 Accrued interest in borrowings (Note 16)
Jumlah 3,377,247,181,725 2,622,663,703,245 Total
Penerusan Pinjaman kepada IIF Two-steps Loan Facility to IIF

Perusahaan memperoleh pinjaman diterima The Company obtained borrowings from the
dari Pemerintah Republik Indonesia Government of Republic of Indonesia (which
(merupakan penerusan dana pinjaman dari represent two-steps loan facility from Asian
Asia Development Bank dan World Bank) Development Bank and World Bank) to IIF
kepada IIF masing-masing sebesar USD100 amounting to USD100 million from each
juta (Catatan 34.d.i dan 34.e.i). creditor (Notes 34.d.i and 34.e.i).

79
Pinjaman diterima yang merupakan penerusan The borrowings which represents two-steps
pinjaman kepada IIF dari ADB dengan tingkat loan to IIF from ADB bears interest rate of 6
bunga LIBOR 6 bulan + 0,2% + 0,5% per months LIBOR + 0.2% + 0.5% per annum paid
tahun yang dibayarkan setiap enam bulanan semiannually on March 1 and September 1.
pada tanggal 1 Maret dan 1 September. The first installment of the loan principal
Pembayaran pokok pinjaman yang pertama started on September 1, 2014 and will be due
dimulai pada tanggal 1 September 2014 dan on March 1, 2034.
akan jatuh tempo pada tanggal 1 Maret 2034.
Pinjaman diterima yang merupakan penerusan The borrowings which represent two-steps
pinjaman kepada IIF dari WB dengan tingkat loan to IIF from WB bears interest rate rate of
bunga LIBOR 6 bulan + variable spread + 6 months LIBOR + variable spread + 0.5% per
0,5% per tahun yang dibayarkan setiap enam annum paid semi annually on May 1 and
bulanan pada tanggal 1 Mei dan 1 November. November 1. The first installment of the loan
Pembayaran pokok pinjaman yang pertama principal started on November 1, 2018 and will
dilakukan pada tanggal 1 November 2018 dan be due on November 1, 2033.
akan jatuh tempo pada tanggal 1 November
2033.
Berdasarkan surat No. S-2114/MK.5/2016 Based on the letter No. S-2114/MK.5/2016

tanggal 8 Maret 2016 perihal Perubahan dated March 8, 2016 concerning Amendment
(Amandemen) Perjanjian Penerusan Pinjaman Two-steps Loan Agreement No. SLA-
No. SLA-1230/DSMI/2010 tanggal 4 Maret 1230/DSMI/2010 dated March 4, 2010, as
2010 sebagaimana telah diubah dengan amended by amendment No. AMA-466/SLA
perubahan perjanjian No. AMA-466/SLA- 1230/DSMI/2012 dated December 13, 2012
1230/DSMI/2012 tanggal 13 Desember 2012 between the Government of Republic of
antara Pemerintah Republik Indonesia dan Indonesia and the Company, the interest rate
Perusahaan, tingkat bunga pinjaman dari WB of the loan from WB was changed to a variable
berubah menjadi tingkat bunga LIBOR 6 bulan interest rate of 6 months LIBOR + variable
+ variable spread + 0,45% per tahun. spread + 0.45% per year. These provisions did
Ketentuan tersebut berlaku untuk tagihan yang not apply to receivable that matured on
belum jatuh tempo pada tanggal October 1, 2015.
1 Oktober 2015.
Pada tanggal 26 September 2017, On September 26, 2017 the Company

Perusahaan memperoleh tambahan pinjaman obtained additional borrowings from the
diterima dari Pemerintah Republik Indonesia Government of Republic of Indonesia (which
(merupakan penerusan dana pinjaman dari represent two-steps loan facility from World
World Bank kepada IIF) sebesar USD200 juta Bank to IIF) amounting to USD200 million
yang diteruspinjamkan dalam mata uang which was loaned out in Rupiah. The facility
Rupiah. Perjanjian pinjaman ini efektif pada was effective on September 26, 2017 (Notes
tanggal 26 September 2017 (Catatan 34.d.ii 34.d.ii and 34.e.ii).
dan 34.e.ii).
Pinjaman diterima yang merupakan penerusan The borrowings are two-steps loan to IIF from
pinjaman kepada IIF dari WB dengan tingkat WB with an interest rate of Benchmark Series
bunga sebesar SUN Seri Benchmark tahun SUN of 20 (twenty) years per annum + 0.75%
berkenaan 20 (dua puluh) tahun + 0,75% per per every six months on March 1 and
tahun yang dibayarkan setiap enam bulanan September 1. The principal repayment will be
pada tanggal 1 Maret dan 1 September. in 3 installments, on March 1, 2027, March 1,
Pembayaran pokok pinjaman dibayar dalam 3 2032 and will be due on September 1, 2036.
(tiga) kali angsuran pada 1 Maret 2027,
1 Maret 2032 dan 1 September 2036.

80
Pada tahun 2018, pinjaman telah ditarik In 2018, Loan has been drawdown for Rp300
sebesar Rp300 miliar (dalam mata uang billion (In Rupiah currency).
rupiah).
Rincian pinjaman diterima dari Pemerintah Details of borrowings from the Government of
Republik Indonesia – Penerusan Pinjaman Republic of Indonesia – Two-steps Loan
kepada IIF pada tanggal 31 Desember 2018 Facility to IIF as of December 31, 2018 and
dan 2017, sebagai berikut: 2017, as follows:
2018
Mata Uang/ Jumlah Pokok/ Tingkat Bunga / Pembayaran kembali/ Jangka Waktu/
IIF Currency Total Principal Interest Rate Repayment Maturity
Pemerintah Republik Indonesia/
Government of Republic of Indonesia -
World Bank IDR 300,000,000,000 SUN Seri 20 tahun/ years 1 Maret dan 1 September / 3 kali pembayaran/ 3 times installment
+ 0,75% per annum March 1, and September 1, 1 Maret/ March 1 , 2027
1 Maret/ March 1 , 2032
1 Maret/ March 1 , 2036
USD 99,880,000 Libor 6 bulan/ month + 1 Mei dan 1 November / 1 Maret/ March 1 , 2033
Variable Spread + 0,45% May 1, and November 1,

Government of Republic of Indonesia - USD 88,270,787 Libor 6 bulan/ month + 1 Maret dan 1 September / 1 Maret/ March 1 , 2034
Asian Development Bank 0,2% + 0,5% March 1, and September 1,
2017
IIF Currency Total Principal Interest Rate Repayment Maturity
Government of Republic of Indonesia - USD 99,880,000 Libor 6 bulan/ month + 1 Mei dan 1 November / 1 Maret/ March 1 , 2033
World Bank Variable Spread + 0,45% May 1, and November 1,

Government of Republic of Indonesia - USD 92,814,664 Libor 6 bulan/ month + 1 Maret dan 1 September / 1 Maret/ March 1 , 2034
Asian Development Bank 0,2% + 0,5% March 1, and September 1,
Regional Infrastructure Development Fund Regional Infrastructure Development Fund

Project (RIDF) Project (RIDF)
Perusahaan juga memperoleh fasilitas diterima The Company also obtained borrowings from
dari Pemerintah Republik Indonesia the Government of Republic of Indonesia
(merupakan penerusan dana pinjaman dari (which represent two-steps loan facility from
World Bank dan Asian Infrastructure World Bank and Asian Infrastructure
Investment Bank) dalam rangka Pembiayaan Investment Bank) in order to financing RIDF
RIDF sebesar masing-masing USD100 juta amounting to USD100 million from each
(Catatan 34h). creditor (Note 34h).
Pinjaman diterima yang merupakan penerusan The borrowings are two-steps loan to RIDF
pinjaman untuk Pembiayaan RIDF dari World financing from World Bank and Asian
Bank dan Asian Infrastructure Investment Infrastructure Investment Bank (AIIB) with an
Bank (AIIB) dengan tingkat bunga sebesar interest rate of Benchmark Series SUN of the
SUN seri tenor 20 tahun pembayaran pokok tenor of 20 (twenty) years. The principal
pinjaman per tahun yang dibayarkan setiap repayment will be done in every six months
enam bulanan pada tanggal 15 Februari dan on February 15 and August 15.
15 Agustus.
Pembayaran pokok pinjaman yang pertama The first principal repayment from AIIB is on
dari AIIB dimulai pada tanggal 15 Agustus August 15, 2022 and will mature on
2022 dan akan jatuh tempo pada tanggal February 15, 2027,
15 Februari 2027,

81
sementara untuk pinjaman dari World Bank while loan from World Bank, the first principal
pembayaran pokok pinjaman yang pertama repayment on February 15, 2022 and mature
dimulai pada tanggal 15 Februari 2022 dan on February 15, 2026.
akan jatuh tempo pada tanggal 15 Agustus
2026.
Rincian pinjaman diterima dari Pemerintah Details of borrowings from The Government of
Republik Indonesia - Penerusan Dana Republic of Indonesia – Two-steps Loan
Pinjaman kepada RIDF pada tanggal Facility to RIDF as of December 31, 2018 are
31 Desember 2018, sebagai berikut: as follows:
2018
Currency Total Principal Interest Rate Repayment Maturity
RIDF
Government of Republic of Indonesia IDR 167,500,000,000 SUN Seri 20 tahun/ years 15 Februari dan 15 Agustus / 15 Agustus/ August 15 , 2026
World Bank February 15, and August 15,

Government of Republic of Indonesia - IDR 167,500,000,000 SUN Seri 20 tahun/ years 15 Februari dan 15 Agustus / 15 Pebruari/ February 15 , 2027
Asian Infrastructure Investment Bank February 15, and August 15,
23. Liabilitas Lain-Lain 23. Other Liabilities
2018 2017
Rp Rp
Titipan debitur 55,138,589,301 42,153,448,369 Debtors' deposits

Dana AFD (Catatan 34f) 73,981,771,070 68,545,668,264 AFD Funds (Note 34f)
Dana Palu (Catatan 34k) 72,996,648,942 -- Palu Funds (Note 34k)
Dana CTF (Catatan 34g) 30,409,810,380 -- CTF Fund (Note 34g)
Dana GEF (Catatan 34g) 10,185,173,258 -- GEF Fund (Note 34g)
Dana RIDF-PDF (Catatan 34i) 11,387,502,734 5,016,133,560 RIDF-PDF Fund (Note 34i)
Dana GIZ (Catatan 34j) 130,313,400 -- GIZ Fund (Note 34j)
Jumlah 254,229,809,085 115,715,250,193 Total
Titipan debitur merupakan penerimaan atas Debtor’s deposits represent receipt of principal
pembayaran pokok dan bunga yang dilakukan and interest payment from debtor’s before
oleh debitur sebelum tanggal jatuh tempo maturity date, therefore the Company has not
sehingga Perusahaan belum mengalokasikan allocated these receipts.
penerimaan tersebut.
Dana dari Agence Francaise De The Agence Francaise De Developpement

Developpement (AFD) merupakan dana yang (AFD) funds represent fund from financing
berasal dari perjanjian pembiayaan dengan agreement with AFD in relation to the increase
AFD sehubungan dengan peningkatan of the Company's capacity in financing
kapasitas Perusahaan dalam aktivitas activities of renewable energy projects
pembiayaan proyek-proyek energi terbarukan amounted to USD5,000,000 and already
sebesar USD5.000.000 dan telah dicairkan disbursed on June 2, 2016 (Note 34f).
pada tanggal 2 Juni 2016 (Catatan 34f).

82
Dana GEF dan CTF adalah uang yang GEF and CTF funds represent funds received
diterima Perusahaan dari World Bank untuk by the Company from World Bank to support
mendukung kegiatan eksplorasi panas bumi geothermal exploration activities conducted by
yang dilakukan Pemerintah Indonesia dan the Government of Indonesia which will be
akan dilaksanakan Perusahaan melalui skema implemented by the Company through the
penugasan dari Kementerian Keuangan assignment scheme from the Ministry of
(Catatan 34g). Finance (Note 34g).
Dana RIDF-PDF adalah uang yang diterima RIDF-PDF fund represent funds received by
Perusahaan dari World Bank untuk membantu the Company from World Bank to assist
pemerintah daerah di Indonesia dalam regional governments in Indonesia to develop
mengembangkan proyek infrastruktur (Catatan infrastructure project (Note 34i).
34i).
Dana GIZ adalah dana subsidi local yang GIZ fund represent a local subsidy received by
diterima oleh Perusahaan dari Deutsche the Company from Deutsche Gesellschaft für
Gesellschaft für Internationale Internationale Zusammenarbeit (GIZ) GmbH,
Zusammenarbeit (GIZ) GmbH, Eschborn Eschborn as part of the contributions of the
sebagai bagian dari kontribusi Republik Federal Republic of Germany is intended
Federal Jerman yang ditujukan khusus untuk exclusively for the payment of Implementation
pembayaran Pelaksanaan Pelatihan Proyek of the training course “Linking Cities”
Investasi Infrastruktur “Linking Cities” Infrastructure Investment Projects to Finance
sehubungan dengan pembiayaan untuk for the Benefit of Staff of the Indonesian Cities
pegawai dari kota di Indonesia dan and Implementation of Learning Exchange
pelaksanaan dari Learning Exchange Program Program between PT Sarana Multi Infrastruktur
antara PT Sarana Multi Infrastruktur (Persero) (Persero) Indonesia and PPP Center
Indonesia dan PPP Center Philippines Philippines (Note 34j).
(Catatan 34j).
Dana Palu adalah dana donasi yang diterima Palu fund represent donation fund received by
Perusahaan dari Li Ka Shing (Overseas) Company from Li Ka Shing (Overseas)
Foundation dan Hutchison International Foundation and Hutchison International Limited
Limited dengan tujuan untuk membantu for the victims of natural disaster occurred in
korban bencana alam yang terjadi di Palu, Palu, Donggala and Sigi, Indonesia through the
Donggala, dan Sigi melalui tahapan rehabilitation and reconstruction stages to
rehabilitasi dan rekonstruksi guna mendukung support the social infrastructure development
pembangunan infrastruktur sosial (Note 34k).
(Catatan 34k).
24. Perpajakan 24. Taxation
a. Pajak dibayar dimuka a. Prepaid tax
2018 2017
Rp Rp
PPh Badan pasal 28A 12,332,997,650 12,521,676,268 Corporate Tax article 28A

83
b. Utang pajak b. Taxes payable
2018 2017
Rp Rp
Pajak Penghasilan Income Tax
Pasal 29 36,422,330,566 -- Article 29
Pasal 25 20,958,000,000 23,962,000,000 Article 25
Pasal 21 6,450,793,056 5,574,782,250 Article 21
Pasal 23 561,129,084 452,101,115 Article 23
Pasal 4(2) 518,030,748 11,536,932 Article 4(2)
Pasal 22 58,446,768 14,479,617 Article 22
Pasal 26 593,780 161,033,727 Article 26
Pajak pertambahan nilai 4,423,800,141 2,081,413,629 Value added tax
Jumlah 69,393,124,143 32,257,347,270 Total
c. Beban Pajak c. Tax Expense
2018 2017
Rp Rp
Pajak kini (289,275,747,250) (275,981,195,000) Current tax

Pajak tangguhan 5,090,972,892 3,294,848,645 Deferred tax
Jumlah (284,184,774,358) (272,686,346,355) Total
Rekonsiliasi antara laba sebelum pajak The reconciliation between income before
menurut laporan laba rugi dan penghasilan tax per statements of profit or loss and
komprehensif lain dan estimasi laba kena other comprehensive income and
pajak adalah sebagai berikut: estimated taxable income is as follows:
2018 2017
Rp Rp
Laba sebelum pajak menurut Profit before tax per statements

laporan laba rugi dan of profit or loss and other
penghasilan komprehensif lain 1,815,294,730,123 1,534,694,326,807 comprehensive income
Beda temporer: Temporary differences:

Beban imbalan kerja - bersih 22,215,749,267 18,054,401,826 Employee benefit expense - net
Bonus karyawan dan tantiem 14,475,444,073 834,977,438 Employee bonus and tantiem
Penyusutan aset tetap (6,219,472,665) (4,648,492,810) Depreciation of fixed assets
Amortisasi aset tak berwujud (1,994,559,513) (1,061,491,877) Amortization of intangible assets
Pendapatan lainnya (8,113,269,593) -- Other income
Sub Jumlah 20,363,891,570 13,179,394,577 Sub Total
Beda tetap: Permanent differences:

Penghasilan dikenakan pajak final (842,233,979,954) (520,443,471,757) Income subjected to final tax
Penghasilan bukan merupakan
obyek pajak (63,425,858,932) (34,106,589,202) Non-taxable income
Beban yang tidak dapat
dikurangkan 207,468,799,907 35,419,405,741 Non-deductible expenses
Bagian laba bersih pada
ventura bersama 12,884,896,748 24,486,520,935 Equity in net profit of joint venture
Proporsi beban atas
penghasilan yang merupakan Proportional of expenses related
objek pajak final 6,750,509,540 50,695,193,053 to income that subject to final
Sub Jumlah (678,555,632,691) (443,948,941,230) Sub Total
Laba kena pajak 1,157,102,989,002 1,103,924,780,154 Taxable income
Laba kena pajak - pembulatan 1,157,102,989,000 1,103,924,780,000 Taxable income - round off

84
2018 2017
Rp Rp
Beban pajak kini 289,275,747,250 275,981,195,000 Current Income Tax

Dikurangi Less:
Pembayaran Pajak Dibayar Dimuka 252,853,416,684 288,502,871,268 Prepayment of Income Tax
Taksiran kurang (lebih) bayar Estimated underpayment (over)
Pajak Penghasilan 36,422,330,566 (12,521,676,268) of income tax
Laba kena pajak tahun 2017 telah sesuai Taxable income for the year 2017 has
dengan Surat Pemberitahuan Tahunan been in accordance with the Annual Tax
Pajak yang disampaikan ke kantor pajak. Return submitted to the tax office.
Pada tanggal 14 November On November 14, 2018,

2018, Perusahaan menerima surat the Company received tax investigation
No.PEMB-00423/WPJ.19/KP.0405/RK.SIS/ notification letter No.PEMB-00423/
2018 perihal Pemberitahuan Pemeriksaan WPJ.19/KP.0405/RK.SIS/2018 from Tax
Lapangan dari Kantor Pajak untuk tahun Office for fiscal year 2017. Until the
pajak 2017. Sampai dengan laporan issuance date of the financial statements,
keuangan ini diterbitkan, pemeriksaan the tax investigation is still in progress.
pajak tersebut masih dalam proses.
Rekonsiliasi antara beban pajak dan hasil A reconciliation between the total tax
perkalian laba akuntansi sebelum pajak expense and the amounts computed by
dengan tarif pajak yang berlaku adalah applying the effective tax rates to income
sebagai berikut: before tax is as follows:
2018 2017
Rp Rp
Laba sebelum pajak menurut laporan Income before tax per statements
laba rugi dan penghasilan of profit or loss and other
komprehensif lain 1,815,294,730,123 1,534,694,326,807 comprehensive income
Beban pajak dengan tarif Tax expense at effective
pajak efektif 453,823,682,531 383,673,581,702 tax rate
Pengaruh pajak atas laba (beban)
yang tidak dapat diperhitungkan Tax effect of non taxable income
menurut fiskal: and non deductible expenses:
Penghasilan yang telah dikenakan
pajak final (210,558,494,989) (130,110,867,939) Income subjected to final tax
Penghasilan yang bukan
merupakan obyek pajak (15,856,464,733) (8,526,647,301) Non-taxable income
Beban yang tidak dapat dikurangkan 51,867,199,977 8,854,851,396 Non deductible expense
Bagian laba bersih pada ventura bersama 3,221,224,187 6,121,630,234 Equity in net profit from joint venture
Proporsi beban atas
penghasilan yang merupakan Proportional of expenses related
objek pajak final 1,687,627,385 12,673,798,263 to income that subject to final
Sub Jumlah (169,638,908,173) (110,987,235,347) Sub Total
Jumlah 284,184,774,358 272,686,346,355 Total

85
d. Aset pajak tangguhan d. Deferred tax assets
Dikreditkan
(dibebankan) ke
Dikreditkan penghasilan
(dibebankan) ke komprehensif
laporan laba rugi/ lain/
Credited (charged) Credited
to statements (charged) to other
1 Januari/ profit or loss comprehensive 31 Desember/
January 1, 2018 for the year income Decembe r 31, 2018
Rp Rp Rp Rp
Liabilitas imbalan Employee benefits

pasca kerja 17,614,565,252 5,553,937,317 (3,928,799,842) 19,239,702,727 obligation
Tantiem dan bonus Tantiem and employee
karyawan 15,194,159,794 3,618,861,018 -- 18,813,020,812 bonus
Aset tetap dan Fixed assets
aset takberwujud (2,405,874,760) (2,053,508,045) -- (4,459,382,805) and intagible assets
Instrumen derivatif -- -- 521,723,417 521,723,417 Derivative instrument
Pendapatan lainnya -- (2,028,317,398) -- (2,028,317,398) Other income
Aset pajak tangguhan 30,402,850,286 5,090,972,892 (3,407,076,425) 32,086,746,753 Deferred tax assets
Dikreditkan
(dibebankan) ke
Dikreditkan penghasilan
(dibebankan) ke komprehensif
laporan laba rugi/ lain/
Credited (charged) Credited
to statements (charged) to other
1 Januari/ profit or loss comprehensive 31 Desember/
January 1, 2017 for the year income Decembe r 31, 2017
Rp Rp Rp Rp
Liabilitas imbalan Employee benefits

pasca kerja 9,341,010,501 4,513,600,457 3,759,954,294 17,614,565,252 obligation
Tantiem dan bonus Tantiem and employee
karyawan 14,985,415,434 208,744,360 -- 15,194,159,794 bonus
Aset tetap dan Fixed assets
aset takberwujud (978,378,588) (1,427,496,172) -- (2,405,874,760) and intagible assets
Instrumen derivatif (472,388,099) -- 472,388,099 -- Derivative instrument
Aset pajak tangguhan 22,875,659,248 3,294,848,645 4,232,342,393 30,402,850,286 Deferred tax assets
25. Laba Per Saham 25. Earnings Per Share
2018 2017
Rp Rp
Laba bersih untuk perhitungan laba Net Income for computation of basic
per saham dasar 1,531,109,955,765 1,262,007,980,452 earings per share
Jumlah Saham Numbers of Shares

Jumlah rata-rata tertimbang saham Weighted average number of ordinary
biasa untuk perhitungan laba bersih shares for computation of basic
per saham dasar 29,771,395 27,126,134 per share
Laba per Saham 51,429 46,524 Earning per shares

86
26. Liabilitas Imbalan Kerja 26. Employee Benefits Obligation
Program imbalan pasti Defined benefit plan

Perusahaan membukukan imbalan pasca kerja The Company provides post-employment
untuk karyawannya sesuai dengan Undang- benefits for its qualifying employees in
undang Ketenagakerjaan No. 13/2003. Jumlah accordance with Labor Law No. 13/2003. The
karyawan yang berhak atas imbalan pasca number of employees entitled to the benefits
kerja adalah 278 dan 254 orang masing- are 278 and 254 as of December 31, 2018 and
masing per 31 Desember 2018 dan 2017. 2017, respectively.
Berikut ini adalah hal-hal penting yang The following are the significant items
diungkapkan dalam laporan aktuaris disclosed in the actuarial reports independent
independen PT Dayamandiri Dharmakonsilido prepared by PT Dayamandiri Dharmakonsilido
masing-masing tertanggal 20 Desember 2018 dated December 20, 2018 and January 23,
dan 23 Januari 2018, masing-masing untuk 2018, for the years ended December 31, 2018
tahun yang berakhir pada 31 Desember 2018 and 2017, respectively.
dan 2017.
Imbalan kerja jangka panjang lain Other long-term employment benefit

Perusahaan juga memberikan imbalan kerja The Company provides other long-term benefit
jangka panjang lain berupa cuti besar kepada in form of grand leaves to employee who
karyawan yang telah bekerja selama 6 tahun already rendered 6 years or more of services.
atau lebih secara terus-menerus. Tidak ada There is no funding on these other longterm
pendanaan yang dilakukan sehubungan employee benefits program.
dengan program imbalan kerja ini.
Jumlah karyawan yang diperhitungkan atas The number of employees entitled to the other
imbalan kerja jangka panjang lain adalah 278 long-term employement benefit are 278 and
and 254 orang masing-masing per 254 as of December 31, 2018 and 2017,
31 Desember 2018 dan 2017. respectively.
Asumsi-asumsi yang digunakan oleh aktuaris The assumptions used by the actuary for
dalam perhitungan Liabilitas Imbalan Kerja Employee Benefit Obligation calculation are as
adalah sebagai berikut: follows:
2018 2017
Usia normal pensiun 56 Tahun/ Years 56 Tahun/ Years Normal retirement age
Tingkat mortalita TMII - 2011 TMII - 2011 Mortality rate
Tingkat kenaikan gaji per tahun 10,00% 10,00% Annual salary increase rates
Tingkat diskonto per tahun 8,80% 7,70% Annual discount rates
Risiko tingkat bunga Interest risk

Penurunan suku bunga obligasi akan A decrease in the bond interest rate will
meningkatkan liabilitas program. increase the plan liability.
Risiko harapan hidup Longevity risk

Nilai kini kewajiban imbalan pasti dihitung The present value of the defined benefit plan
dengan mengacu pada estimasi terbaik dari liability is calculated with reference to the best
mortalitas peserta program baik selama dan estimate of the mortality of plan participants
setelah kontrak kerja. Peningkatan harapan both during and after their employment. An
hidup peserta program akan meningkatkan increase in the life expectancy of the plan
liabilitas program. participants will increase the plan’s liability.

87
Risiko gaji Salary risk

Nilai kini kewajiban imbalan pasti dihitung The present value of the defined benefit plan
dengan mengacu pada gaji masa depan liability is calculated with reference to the future
peserta program. Dengan demikian, kenaikan salaries of plan participants. As such, an
gaji peserta program akan meningkatkan increase in the salary of the plan participants
liabilitas program itu. will increase the plan’s liability.
Kewajiban imbalan kerja terdiri atas: Employee benefit obligation consists of:
2018 2017
Rp Rp
Imbalan kerja manfaat pasti 56,171,231,000 52,192,917,001 Employee benefit plans

Imbalan kerja jangka panjang lainnya 21,042,827,000 18,265,344,000 Other long-term employement benefits
Jumlah 77,214,058,000 70,458,261,001 Total
Beban imbalan kerja yang diakui di laporan Amounts recognized in the statement of profit
laba rugi dan penghasilan komprehensif lain or loss and other comprehensive income in
adalah sebagai berikut: respect of the defined benefit plan are as
follows:
2018
Imbalan kerja jangka
Imbalan kerja panjang lainnya/
manfaat pasti/ Other long-term
Employee employement Jumlah/
benefit plans benefits Total
Rp Rp Rp
Biaya jasa Cost service

Biaya jasa kini 15,595,299,000 6,746,117,000 22,341,416,000 Current service cost
Biaya bunga 4,204,841,451 1,437,252,661 5,642,094,112 Interest cost
Biaya jasa lalu 94,954,000 60,887,000 155,841,000 Past service cost
Kelebihan pembayaran 60,510,842 -- 60,510,842 Excess benefit
Kerugian (keuntungan) aktuarial -- (4,283,366,258) (4,283,366,258) Actuarial loss (gain)
Komponen dari beban
imbalan pasti yang diakui Component of benefit expense
laba rugi 19,955,605,293 3,960,890,403 23,916,495,696 recognized in profit loss
Pengukuran kembali Remeasurement of the

kewajiban imbalan pasti defined benefit obligation
(Keuntungan) kerugian aktuarial Actuarial (gain) loss raising from
yang timbul dari perubahaan: changes in:
Asumsi keuangan (10,787,384,000) -- (10,787,384,000) Financial assumption
Penyesuaian pengalaman (4,927,815,368) -- (4,927,815,368) Adjustment experience
Komponen dari (pendapatan)
imbalan pasti yang diakui Component of (income) of
dalam penghasilan recognized in employee benefit
komprehensif lainnya (15,715,199,368) -- (15,715,199,368) other comphrensive income

88
2017
Rp Rp Rp
Biaya jasa Cost service

Kerugian (keuntungan) aktuarial -- 765,630,298 765,630,298 Actuarial loss (gain)
Komponen dari beban
imbalan pasti yang diakui Component of benefit expense
laba rugi 14,235,609,513 7,477,706,884 21,713,316,397 recognized in profit loss

Asumsi keuangan 15,614,963,000 -- 15,614,963,000 Financial assumption
Penyesuaian pengalaman (575,145,825) -- (575,145,825) Adjustment experience
Komponen dari beban
imbalan pasti yang diakui Component of benefit cost
dalam penghasilan recognized in
komprehensif lainnya 15,039,817,175 -- 15,039,817,175 other comphrensive income
Mutasi nilai kini kewajiban imbalan pascakerja Movement in the present value obligations are
adalah sebagai berikut: as follows:
2018
Rp Rp Rp
Kewajiban imbalan pasti awal 52,192,917,001 18,265,344,000 70,458,261,001 Beginning of defined obligation
Asumsi keuangan (10,787,384,000) (1,919,638,000) (12,707,022,000) Financial assumption
Penyesuaian pengalaman (4,927,815,368) (2,363,728,258) (7,291,543,626) Adjustment experience
Pembayaran manfaat (262,091,926) (1,183,407,403) (1,445,499,329) Benefit paid
Saldo Akhir 56,171,231,000 21,042,827,000 77,214,058,000 Ending Balance

89
2017
Rp Rp Rp
Kewajiban imbalan pasti awal 25,435,926,000 11,928,116,000 37,364,042,000 Beginning of defined obligation
Asumsi keuangan 15,614,963,000 2,927,422,000 18,542,385,000 Financial assumption
Penyesuaian pengalaman (575,145,825) (2,161,791,702) (2,736,937,527) Adjustment experience
Pembayaran manfaat (2,518,435,687) (1,140,478,884) (3,658,914,571) Benefit paid
Saldo Akhir 52,192,917,001 18,265,344,000 70,458,261,001 Ending Balance
Asumsi aktuarial yang signifikan untuk Significant actuarial assumptions for the
penentuan kewajiban imbalan pasti adalah determination of the defined obligation are
tingkat diskonto, kenaikan gaji yang discount rate, expected salary increase and
diharapkan dan mortalitas. Sensitivitas mortality. The sensitivity analyses below have
analisis di bawah ini ditentukan berdasarkan been determined based on reasonably
masing-masing perubahan asumsi yang possible changes of the respective
mungkin terjadi pada akhir periode pelaporan, assumptions occurring at the end of the
dengan semua asumsi lain konstan, sebagai reporting period, while holding all other
berikut: assumptions constant, as follows:
2018
Perubahan Imbalan kerja panjang lainnya/
Persentase/ manfaat pasti/ Other long-term
Percentage Employee employement Jumlah/
Change benefit plans benefits Total
% Rp Rp Rp
Tingkat diskonto/ Discount rate

Kenaikan/ Increase 1% 49,933,177,000 19,981,849,000 69,915,026,000
Penurunan/ Decrease 1% 63,945,226,000 22,213,714,000 86,158,940,000
Tingkat kenaikan/ Salary growth rate

2017
Perubahan Imbalan kerja panjang lainnya/
Persentase/ manfaat pasti/ Other long-term
Percentage Employee employement Jumlah/
Change benefit plans benefits Total
% Rp Rp Rp
Tingkat diskonto/ Discount rate

Tingkat kenaikan/ Salary growth rate


90
Analisis sensitivitas yang disajikan di atas The sensitivity analysis presented above may
mungkin tidak mewakili perubahan yang not be representative of the actual change in
sebenarnya dalam kewajiban imbalan pasti the defined benefit obligations it is unlikely that
mengingat bahwa perubahan asumsi the change in assumptions would occur in
terjadinya tidak terisolasi satu sama lain isolation of one another as some of the
karena beberapa asumsi tersebut mungkin assumptions maybe correlated.
berkorelasi.
Selanjutnya, dalam menyajikan analisis Furthermore, in presenting the above

sensitivitas di atas, nilai kini kewajiban imbalan sensitivity analysis, the present value of the
pasti dihitung dengan menggunakan metode defined benefit obligation has been calculated
Projected Unit Credit pada akhir periode using the Projected Unit Credit method at the
pelaporan, yang sama dengan yang end of the reporting period, which is the same
diterapkan dalam menghitung liabilitas as that applied in calculating the defined
manfaat pasti yang diakui dalam laporan posisi benefit obligation liability recognized in the
keuangan. statement of financial position.
Tidak ada perubahan dalam metode dan There was no change in the methods and
asumsi yang digunakan dalam penyusunan assumptions used in preparing the sensitivity
analisis sensitivitas dari tahun sebelumnya. analysis from prior years.
27. Modal Saham 27. Capital Stock
Seluruh saham Perusahaan dimiliki oleh The Company’s shares of stock are wholly
Pemerintah Republik Indonesia. owned by the Government of the Republic of
Indonesia.
2009 2009
Sesuai dengan akta No. 17 tanggal In accordance with Deed No. 17 dated
26 Februari 2009 dari Lolani Kurniati Irdham - February 26, 2009 from Lolani Kurniati Irdham
Idroes, SH, LLM notaris di Jakarta, mengenai - Idroes, SH, LLM notary in Jakarta concerning
Pendirian Perusahaan, dinyatakan bahwa Company Establishment, it was stated that the
modal dasar Perusahaan sebesar Company authorized capital amounting to
Rp4.000.000.000.000, terdiri atas 4.000.000 Rp4,000,000,000,000, consist of 4,000,000
saham biasa dengan nominal Rp1.000.000 per shares with nominal value of Rp1,000,000 per
saham. share.
Berdasarkan Peraturan Pemerintah (PP) No. Based on Government Regulation (PP) No. 66
66 tahun 2007 yang diubah dengan PP No. 75 year 2007 as amended by PP No. 75 Year
Tahun 2008, modal ditempatkan dan disetor 2008 paid up capital of Rp1,000,000,000,000
sebesar Rp1.000.000.000.000 terdiri dari consisted of 1,000,000 shares on March 31,
1.000.000 lembar saham pada tanggal 2009.
31 Maret 2009.
2011 2011
Pada tanggal 31 Desember 2010 berdasarkan On December 31, 2010 based on Government
Peraturan Pemerintah (PP) No. 85 Tahun Regulation (PP) No. 85 Year 2010, the
2010, pemegang saham Perusahaan telah shareholders had increase their investment in
meningkatkan penyertaan di Perusahaan the Company by increasing the Company’s
dengan melakukan penambahan modal disetor paid up capital amounting to
sebesar Rp1.000.000.000.000. Rp1,000,000,000,000.

91
Peningkatan modal disetor telah dituangkan The increase in paid-in capital had been
dalam perubahan anggaran dasar Perusahaan stipulated in amendment of the Company's
yang dinyatakan dalam akta No. 20 tanggal Articles of Association as stated in Deed
15 April 2011 dari Lolani Kurniati Irdham - No. 20 dated April 15, 2011 from Lolani
Idroes, SH, LLM, notaris di Jakarta. Akta Kurniati Irdham - Idroes, SH, LLM, a notary in
perubahan ini telah mendapat persetujuan Jakarta. The Amendment Deed was approved
Menteri Hukum dan Hak Asasi Manusia by the Minister of Justice and Human Rights
dengan surat keputusan No. AHU-AH.01.10- which was stipulated under the Minister
13260 tanggal 4 Mei 2011. Decree No. AHU-AH.01.10-13260 dated
May 4, 2011.
2013 2013
Berdasarkan Peraturan Pemerintah (PP) No. Based on the Government Regulation (PP)
104 Tahun 2012 tanggal 14 Desember 2012, No. 104 Year 2012 dated on December 14,
pemegang saham Perusahaan telah 2012 the Company’s shareholder had increase
meningkatkan penyertaan di Perusahaan its investment to the Company by increasing
dengan melakukan penambahan modal disetor the Company’s paid up capital amounting to
sebesar Rp2.000.000.000.000 yang berasal Rp2,000,000,000,000 from other paid in
dari modal disetor lainnya. capital.
Sesuai dengan akta No. 416 tanggal In accordance with Deed No. 416 dated March
27 Maret 2013 dibuat dihadapan Irma Devita 27, 2013 passed before Irma Devita
Purnamasari, S.H., notaris di Jakarta, Purnamasari, S.H., a notary in Jakarta,
mengenai perubahan anggaran dasar regarding Amendment of the Company's
Perusahaan, dinyatakan bahwa modal dasar Articles, it was stated that the Company
Perusahaan sebesar Rp16.000.000.000.000, authorized capital amounted to
terdiri atas 16.000.000 saham biasa dengan Rp16,000,000,000,000, consist of 16,000,000
nominal Rp1.000.000 per saham. Dari modal shares with nominal value of Rp1,000,000 per
tersebut telah disetor dan ditempatkan sebesar share. Out of which, Rp4,000,000,000,000
Rp4.000.000.000.000 yang terdiri dari consisting of 4,000,000 shares has been paid
4.000.000 lembar saham. Akta perubahan ini for and placed. The amendment deed was
telah mendapat persetujuan Menteri Hukum approved by the Minister of Justice and
dan Hak Asasi Manusia dengan Surat Human Rights which was stipulated under the
Keputusan No. AHU-17492.AH.01.02 tanggal Minister Decree No. AHU-17492.AH.01.02
4 April 2013. dated April 4, 2013.
2015 2015
Pada tahun 2015, Pemerintah Republik In 2015, the Government of Republic of
Indonesia menerbitkan dua Peraturan Indonesia issued two Government Regulations
Pemerintah (PP) terkait penambahan (PP) related to increase on the State Capital
Penyertaan Modal Negara (PMN) untuk Investment for the Company which
Perusahaan yang merupakan pelaksanaan represented the implementation of the Law No.
dari Undang-Undang No. 27 Tahun 2014 27 Year 2014 concerning State Budget of 2015
tentang Anggaran Pendapatan dan Belanja which had been amended with Law No. 3 Year
Negara Tahun 2015 yang telah diubah dengan 2015, as follows:
Undang-undang No. 3 Tahun 2015, yaitu:
1. PP No. 61 tahun 2015 tanggal 12 Agustus 1. PP No. 61 year 2015 dated August 12,
2015 2015
Berdasarkan Peraturan Pemerintah (PP) Based on the Government Regulation
No. 61 Tahun 2015 tanggal 12 Agustus (PP) No. 61 Year 2015 dated on August
2015, pemegang saham Perusahaan telah 12, 2015 the shareholders had increase
meningkatkan penyertaan modal di its investment in the Company by
Perusahaan dengan melakukan providing the Company’s paid up capital
penambahan modal disetor sebesar amounting to Rp2,000,000,000,000 which
Rp2.000.000.000.000 yang diterima was received by the Company on
Perusahaan pada tanggal December 31, 2015.
31 Desember 2015.
92
Pada tanggal 31 Desember 2015, akta As of December 31, 2015, the deed of
perubahan anggaran dasar sehubungan amendment in the Articles of Association
dengan PP ini belum dibuat, sehingga related to this PP had not been made,
setoran tersebut dicatat sebagai uang therefore it was recorded as advance for
muka setoran modal. paid up capital.
2. PP No. 95 tahun 2015 tanggal 2. PP No. 95 year 2015 dated December 14,
14 Desember 2015 2015
Berdasarkan Peraturan Pemerintah (PP) Based on the Government Regulation (PP)
No. 95 Tahun 2015 tanggal 14 Desember No. 95 Year 2015 dated December 14,
2015, pemegang saham Perusahaan telah 2015, the Shareholder had increase its
meningkatkan penyertaan di Perusahaan investment in the Company by increasing
dengan melakukan penambahan modal the Company’s paid up capital amounted
saham sebesar Rp18.356.600.000.000 to Rp18,356,600,000,000 which was
yang diterima Perusahaan pada tanggal received by the Company in
23 Desember 2015. December 23, 2015.
Modal disetor dan ditempatkan berasal Subscribed and paid up capital were
dari pengalihan aset Pusat Investasi derived from the transfer of assets of
Pemerintah (PIP) ke Perusahaan. Government Investment Center (PIP) to
Pengalihan aset terdiri dari: the Company. Transfer of assets consisted
of:
a. Kas dan setara kas sebesar a. Cash and cash equivalent amounting
Rp9.607.031.911.079; to Rp9,607,031,911,079;
b. Pinjaman diberikan sebesar b. Loan receivables amounting to
Rp8.749.568.088.921. Rp8,749,568,088,921.
23 Desember 2015 dibuat dihadapan Irma December 23, 2015 passed before Irma
Devita Purnamasari, SH, notaris di Devita Purnamasari, SH, a notary in
Jakarta, mengenai perubahan anggaran Jakarta, regarding Amendment of the
dasar Perusahaan, dinyatakan bahwa Company's Articles of Association, it was
modal dasar Perusahaan sebesar stated that the Company authorized
Rp25.000.000.000.000, terdiri atas capital of the Company amounted to
25.000.000 saham biasa dengan nominal Rp25,000,000,000,000, consisting of
Rp1.000.000 per saham. Dari modal 25,000,000 shares with nominal value of
tersebut telah disetor dan ditempatkan Rp1,000,000 per share. Paid-up capital
sebesar Rp22.356.600.000.000 yang had been placed amounting to
terdiri dari 22.356.600 lembar saham. Rp22,356,600,000,000 which consisted of
22,356,600 shares.
Akta perubahan anggaran dasar tersebut The deed of amendment deed was
telah mendapat persetujuan Menteri approved by the Minister of Justice and
Hukum dan Hak Asasi Manusia dengan Human Rights which was stipulated under
surat keputusan No.AHU- the Minister Decree
0948826.AH.01.02 Tahun 2015 tanggal No. AHU-0948826.AH.01.02 Year 2015
23 Desember 2015 dan telah memperoleh dated December 23, 2015 and had
penerimaan pemberitahuan perubahan obtained through acceptance of the notice
Anggaran Dasar No. AHU-AH.01.03- of amendment of Articles of Association
0991179. No. AHU-AH.01.03-0991179.

93
2016 2016
Peningkatan modal disetor sebesar The increase in paid-in capital amounted to
Rp2.000.000.000.000 yang sebelumnya Rp2,000,000,000,000 which was previously
dicatat sebagai uang muka setoran modal, recorded as advance for paid up capital had
telah dituangkan dalam perubahan anggaran been stipulated in amendment of the
dasar Perusahaan yang dinyatakan dalam Company's Articles of Association as stated in
akta No. 13 tanggal 21 Maret 2016 dibuat Deed No. 13 dated March 21, 2016 made in
dihadapan Irma Novita Purnamasari, S.H., the presence of Irma Novita Purnamasari,
notaris di Jakarta. Akta Perubahan Anggaran S.H., a notary in Jakarta. The Amendment of
dasar telah mendapat penerimaan Deed had obtained the acceptance of
pemberitahuan dari Menteri Hukum dan Hak notification from the Minister of Law and
Asasi Manusia dengan surat keputusan Human Rights which was stipulated under the
No. AHU-AH.01.03-0033252 tanggal Minister of Law and Human Rights No. AHU-
21 Maret 2016. AH.01.03-0033252 dated March 21, 2016.
Dengan demikian, dari modal dasar Therefore, out of the Company’s authorized
Perusahaan sebesar Rp25.000.000.000.000 capital of the Company amounting to
yang telah disetor dan ditempatkan penuh Rp25,000,000,000,000, the paid-up capital that
menjadi sebesar Rp24.356.600.000.000 yang had been subscribe amounted to
terdiri dari 24.356.600 lembar saham. Rp24,356,600,000,000 consisting of
24,356,600 shares.
20 Oktober 2016 dibuat dihadapan Irma Devita October 20, 2016 passed before Irma Devita
Purnamasari, SH, notaris di Jakarta, mengenai Purnamasari, SH, a notary in Jakarta,
perubahan anggaran dasar Perusahaan, regarding Amendmentof the Company's
modal dasar Perusahaan berubah Articles, it was stated that the Company
dari Rp25.000.000.000.000 menjadi authorized capital had increased
Rp50.000.000.000.000, terdiri atas 50.000.000 from Rp25,000,000,000,000 to
saham biasa dengan nominal Rp1.000.000 per Rp50,000,000,000,000, consisting of
saham. Akta perubahan ini telah mendapat 50,000,000 shares with nominal value of
persetujuan Menteri Hukum dan Hak Asasi Rp1,000,000 per share. The Amendment Deed
Manusia dengan surat keputusan No. AHU- was approved by the Minister of Justice and
0019472.AH.01.02 Tahun 2016 tanggal Human Rights which was stipulated under the
21 Oktober 2016. Minister Decree No. AHU-0019472.AH.01.02
Year 2016 dated October 21, 2016.
2017 2017
Rp4.160.000.000.000 yang sebelumnya Rp4,160,000,000,000 which previously
akta No. 44 tanggal 27 April 2017 dibuat Deed No. 44 dated April 27, 2017 made in the
dihadapan Irma Novita Purnamasari, S.H., presence of Irma Novita Purnamasari, S.H., a
notaris di Jakarta. Akta Perubahan Anggaran notary in Jakarta. The Amendment of Deed
dasar telah mendapat penerimaan had obtained the acceptance of notification
pemberitahuan dari Menteri Hukum dan Hak from the Minister of Law and Human Rights
Asasi Manusia dengan surat keputusan which was stipulated under the Minister of Law
No. AHU-AH.01.03-0132939 tanggal and Human Rights No.AHU-AH.01.03-
3 Mei 2017. 0132939 dated May 3, 2017.
Dengan demikian, modal dasar Perusahaan Therefore, all of the Company’s authorized
sebesar Rp28.516.600.000.000 seluruhnya capital amounted to Rp28,516,600,000,000
telah disetor dan ditempatkan penuh yang had been subscribed consisting of 28,516,600
terdiri dari 28.516.600 lembar saham. shares.

94
2018 2018
Rp2.000.000.000.000 yang sebelumnya Rp2,000,000,000,000 which previously
akta No. 29 tanggal 17 Mei 2018 dibuat Deed No. 29 dated May 17, 2018 made in the
dihadapan Irma Novita Purnamasari, S.H., presence of Irma Novita Purnamasari, S.H.,
notaris di Jakarta. Akta Perubahan Anggaran a notary in Jakarta. The Amendment of Deed
dasar telah mendapat penerimaan had obtained the acceptance of notification
pemberitahuan dari Menteri Hukum dan Hak from the Minister of Law and Human Rights
Asasi Manusia dengan surat keputusan No. which was stipulated under the Minister of Law
AHU-AH.01.03-0199973 tanggal 17 Mei 2018. and Human Rights No. AHU-AH.01.03-
0199973 dated May 17, 2018.
Dengan demikian, modal dasar Perusahaan Therefore, all of the Company’s authorized
sebesar Rp30.516.600.000.000 seluruhnya capital amounting to Rp30,516,600,000,000
telah disetor dan ditempatkan penuh yang had been subscribed consisting of 30,516,600
terdiri dari 30.516.600 lembar saham. shares.
28. Tambahan Modal Disetor 28. Additional Paid-In Capital

Berdasarkan Peraturan Pemerintah (PP) Based on the Government Regulation (PP)
No. 58 Tahun 2017 tanggal 27 Desember No. 58 year 2017 dated on December 27,
2017, pemegang saham Perusahaan telah 2017, the shareholders had increase its
meningkatkan penyertaan modal di investment in the Company by providing the
Perusahaan dengan melakukan penambahan Company’s paid up capital amounted to
modal disetor sebesar Rp2.000.000.000.000 Rp2,000,000,000,000 which was received by
yang diterima Perusahaan pada tanggal the Company in December 31, 2017.
31 Desember 2017.
Pada tanggal 31 Desember 2017, Akta As of December 31, 2017, the deed of change
perubahan anggaran dasar sehubungan in the articles of association related to this PP
dengan PP ini belum dibuat, sehingga setoran has not been made, therefore it was still
tersebut masih dicatat sebagai uang muka recorded as advance for paid up capital.
setoran modal.
Rp2.000.000.000.000 yang sebelumnya Rp2,000,000,000,000 which was previously
akta No. 29 tanggal 17 Mei 2018 dibuat Deed No. 29 dated May 17, 2018 made in the
dihadapan Irma Novita Purnamasari, S.H., presence of Irma Novita Purnamasari, S.H., a
notaris di Jakarta (Catatan 27) dan dicatat notary in Jakarta (Note 27) and recorded as
sebagai setoran modal di tahun 2018. paid up capital in year 2018.
29. Alokasi Laba 29. Allocation of Profit
Berdasarkan Undang-Undang Perseroan Based on Indonesian Company Law, the

Terbatas, Perusahaan wajib menyisihkan Company are obliged to allocate certain
jumlah tertentu dari laba bersih setiap tahun amount from the net earnings of each
untuk cadangan apabila Perusahaan accounting year to reserve fund if the
mempunyai saldo laba positif. Penyisihan laba Company has a positive profit balance. The
bersih tersebut dilakukan sampai cadangan allocation of net earnings shall be performed
wajib mencapai paling sedikit 20% dari jumlah up to an amount of 20% of the Company’s
modal yang ditempatkan disetor penuh. issued and paid up capital.
95
Pada tahun 2017, alokasi laba bersih In 2017, the allocation of the Company’s net
Perusahaan ditetapkan melalui Rapat Umum profit was determined at the General Meeting
Pemegang Saham pada tahun 2017. of Shareholder in 2017. The allocation of the
Pembagian laba bersih Perusahaan atas tahun Company’s net profit for fiscal year 2016
buku 2016 sebesar Rp1.212.803.362.287 amounting to Rp1,212,803,362,287 was based
berdasarkan Akta Rapat Umum Pemegang on Notarial Deed of Annual General Meeting of
Saham Tahunan No. 37 tanggal 18 Mei 2017 Shareholder No. 37 dated May 18, 2017 by
dibuat oleh Irma Devita Purnamasari, S.H., Irma Devita Purnamasari, S.H., MKn, notary in
MKn, notaris di Jakarta. Jakarta.
Pada tahun 2018, alokasi laba bersih In 2018, the allocation of the Company’s net
Perusahaan ditetapkan melalui Rapat Umum profit was determined at the General Meeting
Pemegang Saham pada tahun 2018. of Shareholder in 2018. The allocation of the
Pembagian laba bersih Perusahaan atas tahun Company’s net profit for fiscal year 2017
buku 2017 sebesar Rp1.262.007.980.452 amounted to Rp1,262,007,980,452 was based
berdasarkan Akta Rapat umum Pemegang on Notarial Deed of Annual General Meeting of
Saham Tahunan No. 1 tanggal 5 Juni 2018 Shareholder No. 1 dated June 5, 2018 by Irma
dibuat oleh Irma Devita Purnamasari, S.H., Devita Purnamasari, S.H., MKn, notary in
MKn, notaris di Jakarta. Jakarta.
Rincian alokasi adalah sebagai berikut: The details of the allocations are as follows:
2018 2017
Rp Rp
Cadangan umum 360,000,000,000 363,841,008,690 General reserves

Pembagian dividen 271,000,000,000 242,560,672,460 Distribution of dividends
Saldo laba 631,007,980,452 606,401,681,137 Retained earnings
Jumlah 1,262,007,980,452 1,212,803,362,287 Total
30. Pendapatan Usaha 30. Revenues
2018 2017
Rp Rp
Bunga atas pinjaman diberikan 2,744,685,122,784 2,438,341,976,105 Interest on loan receivables

Bunga atas deposito berjangka 902,563,289,947 578,175,372,716 Interest on time deposits
Pendapatan dari penyertaan
pada efek-efek 185,438,137,117 93,581,866,681 Income from invesment in securities
Pendapatan Bagi Hasil Musyarakah 78,824,073,297 -- Musyarakah income
Penerimaan dari penugasan Revenue from facilitation assignment
fasilitasi penyiapan proyek 45,697,425,827 21,133,590,008 for project preparation
Pendapatan advisory 15,447,554,871 6,007,784,885 Advisory income
Bunga jasa giro 15,276,918,149 4,956,833,239 Interest on current account
Komitmen dan fasilitas garansi fee 10,505,814,878 5,666,025,843 Commitment and guarantee facility fee
Up front fee Musyarakah 9,624,740,003 7,000,000,000 Up front fee Musyarakah
Jumlah 4,008,063,076,873 3,154,863,449,477 Total
Pada tanggal 31 Desember 2018 dan 2017 For the years ended of December 31,
termasuk dalam pendapatan usaha adalah 2018 and 2017 revenue includes
pendapatan dari pihak berelasi masing-masing revenue from related parties
sebesar Rp3.057.423.441.379 dan amounting to Rp3,057,423,441,379 and
Rp2.282.287.688.441 (Catatan 33). Rp2,282,287,688,441, respectively (Note 33).

96
Pada tahun 2018 dan 2017, Perusahaan In 2018 and 2017, the Company received
memperoleh pendapatan yang melebihi 10% revenues exceeding 10% of the total overall
dari jumlah pendapatan secara keseluruhan revenues from PT Perusahaan Listrik Negara
yaitu dari PT Perusahaan Listrik Negara (Persero) amounting to Rp712,597,690,547
(Persero) masing-masing sebesar and Rp626,470,539,948, respectively.
Rp712.597.690.547 dan Rp626.470.539.948.
31. Beban Usaha 31. Operating Expenses
2018 2017
Rp Rp
Beban bunga dan bagi hasil sukuk Interest expenses and sukuk profit sharing
(Catatan 15, 19, 20 dan 22) 1,331,176,188,424 770,614,232,535 (Notes 15, 19, 20 and 22)
Beban cadangan kerugian penurunan Allowance for impairment losses
nilai pinjaman diberikan (Catatan 8) 310,003,142,176 322,461,148,379 on loan receivables expense (Note 8)
Beban umum dan administrasi 261,500,246,583 229,132,154,848 General and administrative expenses
Pemulihan cadangan kerugian penurunan Recovery of allowance for impairment
nilai pinjaman diberikan (Catatan 8) (101,936,454,244) -- losses on loan receivables (Note 8)
Beban pengembangan usaha 164,749,059,039 128,782,562,652 Business development expenses
Beban komitmen fee 12,792,616,003 21,850,511,249 Commitment fee expenses
Beban lainnya 13,174,827,165 10,469,175,643 Other expenses
Pemulihan cadangan kerugian penurunan Recovery of allowance for impairment
nilai talangan biaya konsultan (886,131,353) -- losses on other receivable
Jumlah 1,990,573,493,793 1,483,309,785,306 Total
Beban usaha termasuk beban yang Operating expenses included expenses

dikeluarkan terkait penugasan penyiapan incurred related to the assignment for the
proyek Kerjasama Pemerintah dan Swasta preparations of Public-Private Partnership
(KPS). (PPP) projects.
Selain beban fasilitas persiapan proyek In addition to the burden of the project
Kerjasama Pemerintah dengan Badan Usaha preparation facilities for the Government
Sistem Penyediaan Air Minum Umbulan, Cooperation with the Umbulan Drinking Water
beban yang terjadi terkait dengan penugasan Supply System Business Entity, the costs
fasilitas penyiapan proyek kerjasama associated with the assignment of facilities for
pemerintah dan swasta juga terdiri dari beban preparing government and private cooperation
fasilitas Penyiapan Proyek dan Pendampingan projects also consist of Project Preparation
Transaksi pada Proyek Infrastruktur facilities and Transaction Assistance in
Kerjasama Pemerintah dan Badan Usaha Government and Business Cooperation
(Catatan 34a): Infrastructure Projects (Note 34a):
 Sistem Penyediaan Air Minum Kota Bandar  Water Supply System in Bandar Lampung
Lampung, City,
 Transportasi kota Medan,  Medan city transportation,
 Rumah Sakit Umum Krian,  Krian General Hospital,
 Sistem Penyediaan Air Minum Semarang  Water Supply System in West Semarang
Barat dan Kota Pekanbaru, and Pekanbaru City,
 Rumah Sakit Dr Pirngadi Medan,  Dr. Pirngadi Hospital, Medan,
 Rumah Sakit PTN Unsrat,  PTN Unsrat Hospital,
 Bandar Udara Hang Nadim, dan  Hang Nadim Airport ,and
 Proyek Infrastruktur Kerjasama Pemerintah  Government Cooperation Infrastructure
dan Badan Usaha Pembangunan Jaringan Project and Business Entity for Palapa
Tulang Punggung Serat Optik Nasional National Fiber.
Palapa.

97
2018
Beban Beban umum dan
pengembangan administrasi/
usaha/ General and
Business development administrative Jumlah/
expenses expenses Total
Rp Rp Rp
Transportasi kota Medan/ Medan Urban Transportation 12,125,297,613 89,883,434 12,215,181,047

SPAM Semarang Barat/ West Semarang water supply 9,640,776,095 22,392,678 9,663,168,773
SPAM Lampung/ Lampung water supply 6,971,907,767 18,564,022 6,990,471,789
Rumah Sakit Umum Daerah Krian/ Krian Regional
Public Hospital 6,028,957,695 21,833,077 6,050,790,772
Rumah Sakit Umum Daerah dr. Pringadi Medan/
dr. Pringadi Medan Public Hospital 4,434,591,939 21,788,847 4,456,380,786
SPAM Pekanbaru/ Pekanbaru water supply 1,301,219,204 17,052,610 1,318,271,814
Rumah Sakit Umum PTN Unsrat/
PTN Unsrat Public Hospital 281,189,718 3,224,800 284,414,518
PDF - Bandar Udara Hang Nadim 186,628,589 3,919,730 190,548,319
Jumlah (Catatan 9) / Total (Note 9) 40,970,568,620 198,659,198 41,169,227,818
2017
Beban Beban umum dan
pengembangan administrasi/
usaha/ General and
Business development administrative Jumlah/
expenses expenses Total
Rp Rp Rp
Palapa ring/ Palapa ring 7,196,819,711 35,925,926 7,232,745,637

SPAM Lampung/ Lampung water supply 3,574,054,041 20,421,509 3,594,475,550
SPAM Umbulan/ Umbulan water supply 2,656,240,362 6,812,811 2,663,053,173
Manajemen proyek/ Project management 1,796,811,179 -- 1,796,811,179
Rumah Sakit Umum Daerah Krian/ Krian Regional
Public Hospital 1,541,318,818 2,248,186 1,543,567,004
Transportasi kota medan/ Medan Urban Transportation 1,515,329,743 1,984,486 1,517,314,229
SPAM Pekanbaru/ Pekanbaru water supply 602,369,832 2,973,838 605,343,670
Jumlah (Catatan 9) / Total (Note 9) 18,882,943,686 70,366,756 18,953,310,442
Pada tahun 2018 dan 2017 termasuk dalam In 2018 and 2017 included in the expenses
beban usaha adalah beban dari pihak berelasi were those made with related parties
masing-masing sebesar Rp172.988.196.236 amounting to Rp172,988,196,236 and
dan Rp138.318.133.915 (Catatan 33). Rp138,318,133,915, respectively (Note 33).
32. Komitmen 32. Commitments
Komitmen merupakan fasilitas pinjaman untuk The commitment refers to outstanding loan
pembiayaan infrastruktur yang belum facility for infrastructure financing with details
digunakan dengan rincian sebagai berikut as follows:
2018 2017
Rp Rp
Tagihan Komitmen Commitment Receivables

Pihak berelasi (Catatan 33) Related party (Note 33)
The Government of the
Pemerintah Republik Indonesia 2,369,600,000,000 2,669,600,000,000 Republic of Indonesia
Jumlah 2,369,600,000,000 2,669,600,000,000 Total

98
2018 2017
Rp Rp
Liabilitas Komitmen Commitment Liabilities

Pihak berelasi (Catatan 33) Related party (Note 33)
Jalan 11,564,473,516,148 5,322,086,985,413 Roads
Transportasi 4,782,240,135,449 2,138,234,093,175 Transportations
Multi sektor 2,639,600,000,000 3,069,600,400,000 Multisector
Rolling stock kereta api 916,532,983,376 398,579,969,328 Rolling stock train
Sosial - Jalan 615,355,184,315 76,588,899,300 Social - roads
Ketenagalistrikan 378,116,098,127 386,631,289,039 Electricty
Sosial - Rumah Sakit Umum Daerah 210,480,276,408 196,269,538,860 Social - Regional Public Hospital
Sosial - Pasar 187,841,547,650 -- Social - market
Sosial - Infrastruktur Kawasan 115,188,852,266 -- Social - infrastruktur areas
Sosial - Rumah Sakit Social - Public
Umum Telekomunikasi -- 117,967,000,000 Hospital Telecommunications
Telekomunikasi -- 167,376,433,564 Telecomunications
Sub-Jumlah 21,409,828,593,739 11,873,334,608,679 Sub-Total

Jalan 2,675,979,691,485 1,680,998,350,506 Roads
Ketenagalistrikan 1,519,291,869,070 667,607,122,636 Electricty
Transportasi 705,707,318,647 39,675,000,000 Transportations
Air Minum 206,269,346,931 408,826,183,372 Portable water
Rumah Sakit 117,967,000,000 -- Public Hospital
Minyak dan bumi 93,657,865,614 65,000,000,000 Oil and Gas
Sub-Jumlah 5,318,873,091,747 2,862,106,656,514 Sub-Total
Jumlah 26,728,701,685,486 14,735,441,265,193 Total
33. Sifat dan Transaksi Pihak Berelasi 33. Nature and Transactions With Related
Parties
Perusahaan memiliki transaksi usaha yang The Company entered into certain significant
signifikan dengan pihak-pihak berelasi sebagai transaction with the following related parties:
berikut:
Pihak berelasi/ Jenis hubungan/ Unsur transaksi pihak berelasi/

Related Party Type of relationship Nature of related party transactions
Kementerian Keuangan Republik Hubungan kepemilikan melalui Pemerintah RI/ Piutang atas Penugasan Fasilitasi
Indonesia (RI) Ownership by the Government of Republic of Indonesia Penyiapan Proyek dan Efek-efek/
Receivables from Assignment for
Facilitation for Project Preparation and
Securities
PT Bank Mandiri (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Penempatan pada Bank, Deposito
Ownership by the Government of Republic of Indonesia Berjangka, Wali amanat untuk
Obligasi, dan liabilitis pinjaman/
Cash in Bank, Time Deposits, Trustee
for the Bonds and loan liabilities
PT Bank Mandiri Taspen Pos Hubungan kepemilikan melalui Pemerintah RI/ Penempatan pada Deposito Berjangka/
Ownership by the Government of Republic of Indonesia Time Deposits
PT Bank Rakyat Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Penempatan pada Bank dan Deposito Berjangka/
(Persero) Tbk Ownership by the Government of Republic of Indonesia Cash in Bank and Time Deposits
PT Bank Negara Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
(Persero) Tbk Ownership by the Government of Republic of Indonesia
PT Bank Pembangunan Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
Daerah Jawa Tengah Ownership by the Government of Republic of Indonesia

99

PT Bank Nagari Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
Ownership by the Government of Republic of Indonesia
PT Bank DKI Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
PT Bank Tabungan Negara Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
PT Bank Pembangunan Daerah Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka dan Efek-efek/
Jabar Banten Tbk Ownership by the Government of Republic of Indonesia Time Deposits and Securities
PT Bank Pembangunan Daerah Riau Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
PT Bank Pembangunan Daerah Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
Sumatera Utara Ownership by the Government of Republic of Indonesia
PT Bank Rakyat Indonesia Hubungan kepemilikan melalui Pemerintah RI/ Deposito Berjangka/ Time Deposits
Agroniaga Tbk Ownership by the Government of Republic of Indonesia
PT Mandiri Manajemen Investasi Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities
PT Pelabuhan Indonesia I Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities

(Persero) Ownership by the Government of Republic of Indonesia
PT Pelabuhan Indonesia II Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities

Lembaga Pembiayaan Ekspor Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities
Indonesia Ownership by the Government of Republic of Indonesia
PT Semen Indonesia (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities
PT Timah (Persero)Tbk Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities

PT Permodalan Nasional Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities

Madani (Persero) Ownership by the Government of Republic of Indonesia
PT Indonesia Power (IDPW) Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities
Bank Maluku Malut Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities
PT Pelabuhan Indonesia IV Hubungan kepemilikan melalui Pemerintah RI/ Efek-efek/ Securities

PT Pertamina (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/
Ownership by the Government of Republic of Indonesia Loan Receivables and Securities
PT Waskita Karya (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/
PT Jasa Marga (Persero) Tbk Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Efek-efek/
PT Adhi Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Nindya Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Angkasa Pura I (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables

100

PT Angkasa Pura II (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Brantas Abipraya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Dayamitra Telekomunikasi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Hutama Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Industri Kereta Api (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT LEN Telekomunikasi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Indonesia (Persero) Ownership by the Government of Republic of Indonesia
PT Perusahaan Listrik Negara Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Pembiayaan/ Piutang Syariah/
(Persero) Ownership by the Government of Republic of Indonesia Loan Receivables and Sharia Finance/ Receivables
PT Perkebunan Nusantara IX Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Pembangunan Perumahan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Pejagan Pemalang Toll Road Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Trans Marga Jateng Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Wijaya Karya (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Jasamarga Pandaan Malang Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Penyertaan Saham/
Ownership by the Government of Republic of Indonesia Loan Receivables and Investment in Equity
PT Indonesia Infrastructure Pengendalian bersama entitas/ Pinjaman Diberikan dan Penyertaan Saham/
Finance Jointly controlled entity Loan Receivables and Investment in Equity
PT Waskita Toll Road Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan dan Penyertaan Saham/
Ownership by the Government of Republic of Indonesia Loan Receivables and Investment in Equity
PT Bandar Udara International Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services
Jawa Barat Ownership by the Government of Republic of Indonesia
PT Jasa Sarana Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services
PT Pelabuhan Indonesia III Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services
PT Pengembangan Pariwisata Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services
Indonesia (Persero) Ownership by the Government of Republic of Indonesia
PT Krakatau Daya Listrik Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services
Badan Penyedia dan Pengelola Hubungan kepemilikan melalui Pemerintah RI/ Jasa konsultasi/ Advisory Services
Pembiayaan Telekomunikasi dan Ownership by the Government of Republic of Indonesia
Informatika
PT Krakatau Bandar Samudera Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Jasamarga Surabaya Mojokerto Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Kereta Api Indonesia (Persero) Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables

101

PT Jasamarga Manado Bitung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
PT Surya Energi Indotama Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Bangkalan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Boalemo Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Bulukumba Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Buton Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Halmahera Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Selatan Ownership by the Government of Republic of Indonesia
Pemerintah Kabupaten Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Karangsem Ownership by the Government of Republic of Indonesia
Pemerintah Kabupaten Konawe Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Lampung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Lombok Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Tengah Ownership by the Government of Republic of Indonesia
Pemerintah Kabupaten Lombok Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Timur Ownership by the Government of Republic of Indonesia
Pemerintah Kabupaten Muna Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Pesisir Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Temanggung Ownership by the Government of Republic of Indonesia
Pemerintah Kota Bandar Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Lampung Ownership by the Government of Republic of Indonesia
Pemerintah Kota Gorontalo Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kota Padang Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kota Palu Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Provinsi Sulawesi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Tenggara Ownership by the Government of Republic of Indonesia
Barat Ownership by the Government of Republic of Indonesia
Pemerintah Kabupaten Gianyar Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables

102

Pemerintah Kabupaten Penajem Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Paser Utara Ownership by the Government of Republic of Indonesia
Pemerintah Kabupaten Musi Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Banyuasin Ownership by the Government of Republic of Indonesia
Pemerintah Provisi Lampung Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Way Kanan Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Pakpak Bharat Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Pemerintah Kabupaten Simalungun Hubungan kepemilikan melalui Pemerintah RI/ Pinjaman Diberikan/ Loan Receivables
Personil Manajemen Kunci Hubungan pengendalian kegiatan Perusahaan/ Pinjaman Karyawan dan Imbalan Kerja/
(Dewan Komisaris, Direksi dan Control in the Company's activities Employee Loan and Benefits
Kepala Divisi)/
Key Management Personnels
(Board of Commissioners,
Directors and Head of Division)
Perusahaan memberikan pinjaman kepada The Company provides loans to the Regional
Pemda dengan tingkat suku bunga yang Government with the interest rate set by the
ditetapkan oleh Pemerintah pada PMK Nomor Government in PMK Number 174/PMK.08/
174/PMK.08/2016 tanggal 18 November 2016 2016 dated November 18, 2016 concerning the
tentang Pemberian Jaminan kepada implementation of guarantee for of State-
Perusahaan Perseroan (Persero) PT Sarana Owned Company (Persero) PT Sarana Multi
Multi Infrastruktur Dalam Rangka Penugasan Infrastruktur in the Context of Assigning the
Penyediaan Pembiayaan Infrastruktur Daerah. Provision of Regional Infrastructure Financing.
Aset Assets
Total/ Persentase terhadap Aset/

Amount Percentage to Assets
2018 2017 2018 2017
Rp Rp % %
Bank (Catatan 5)/ Cash in Banks (Note 5)

Bank/ Cash in Banks
Rupiah/ Rupiah
PT Bank Mandiri (Persero) Tbk 15,064,323 1,574,876,836
Jumlah/ Total 11,505,145,678 26,623,826,087 0.02% 0.05%
PT Bank Mandiri (Persero) Tbk 316,992,276 336,446,290
PT Bank Rakyat Indonesia (Persero) Tbk 26,173,249 300,144,424
Jumlah/ Total 343,165,525 636,590,714 0.00% 0.00%
Deposito Berjangka / Time Deposits

Rupiah/ Rupiah
PT Bank Tabungan Negara (Persero) Tbk 1,614,859,207,639 1,502,632,764,711
PT Bank Rakyat Indonesia (Persero) Tbk 1,217,944,363,639 1,766,508,000,000
PT Bank Mandiri (Persero) Tbk 879,911,000,000 1,809,083,000,000
PT Bank Rakyat Indonesia Agroniaga Tbk 750,717,388,991 1,923,668,454,377
PT Bank Negara Indonesia (Persero) Tbk 316,246,972,857 700,800,000,000

103

2018 2017 2018 2017
Rp Rp % %

Rupiah/ Rupiah
PT Bank Nagari 101,174,936,837 --
PT Bank DKI -- 1,714,584,778,077
PT Bank Pembangunan Daerah Jawa Tengah -- 633,697,936,662
PT Bank Pembangunan Daerah Sumatera Utara -- 204,074,587,242
Jumlah/ Total 5,656,289,432,832 11,422,603,970,514 9.05% 20.62%
PT Bank Rakyat Indonesia Agroniaga Tbk 189,432,214,185 --
Jumlah/ Total 189,432,214,185 -- 0.30% --
Dana dibatasi penggunaannya (Catatan 6)/

Restricted fund (Note 6)
Bank/ Cash in Banks
Rupiah/ Rupiah
Jumlah/ Total 1,189,400,979 -- 0.00% --
Jumlah/ Total 54,008,708,603 5,016,133,452 0.09% 0.01%

Rupiah/ Rupiah
PT Bank Mandiri (Persero) Tbk -- 96,500,000,000
Jumlah/ Total 75,000,000,000 96,500,000,000 0.12% 0.17%
Efek-efek (Catatan 7)/ Securities (Note 7)

Diukur dengan biaya perolehan/ Measured at cost
Sukuk
Indonesia Global Sukuk 2026 254,316,451,084 --
Jumlah/ Total 254,316,451,084 -- 0.41% --
Tersedia untuk dijual/ Available-for-sale
Rupiah/ Rupiah
Reksadana/ Mutual funds
PT Danareksa (Persero) 710,951,517,827 459,986,643,182
PT Mandiri Manajemen Investasi 392,142,324,039 241,349,804,148
Jumlah/ Total 1,103,093,841,866 701,336,447,330 1.77% 1.27%
Medium Term Notes
PT Bank Mandiri (Persero) Tbk 12,000,000,000 --
PT Bank Jabar Banten Tbk -- 50,000,000,000
Jumlah/ Total 12,000,000,000 50,000,000,000 0.02% 0.09%
Obligasi/Bonds
PT Pelabuhan Indonesia IV (Persero) 181,415,325,000 --
PT Permodalan Nasional Madani (Persero) 68,737,998,333 30,048,090,000
PT Semen Indonesia (Persero) Tbk 48,498,111,111 52,534,100,000
Indonesia Eximbank 29,796,133,333 --
PT Waskita Karya (Persero) Tbk 28,667,383,333 --
PT Bank Maluku Malut 24,445,437,500 25,050,825,000
PT Timah (Persero)Tbk 17,330,163,334 102,104,100,000
PT Sarana Multigriya Finansial (Persero) -- 39,665,663,000
Jumlah/ Total 597,425,923,869 249,402,778,000 0.96% 0.45%

104

2018 2017 2018 2017
Rp Rp % %
Efek-efek (Catatan 7)/ Securities (Note 7)

Dimiliki hingga jatuh tempo/ Held to maturity
KIK EBA
PT Jasa Marga (Persero) 120,093,018,851 151,854,450,000
PT Indonesia Power 110,067,710,421 135,432,303,717
Jumlah/ Total 230,160,729,272 287,286,753,717 0.37% 0.52%
Obligasi/ Bonds
Pemerintah Republik Indonesia 74,510,892,474 72,701,142,120
PT Pertamina (Persero) 71,315,505,891 70,879,749,000
PT Pelabuhan Indonesia II (Persero) 68,504,462,136 69,602,850,000
Jumlah/ Total 214,330,860,501 213,183,741,120 0.34% 0.38%
Rupiah/ Rupiah
Sukuk
Jumlah/ Total 279,514,010,870 -- 0.45% 0.00%
Sukuk
Jumlah/ Total 49,544,191,250 299,183,871,000 0.08% 0.54%
Pinjaman Diberikan dan pembiayaan/ piutang syariah

(Catatan 8)/ Loan Receivables and Sharia Financing
Receivables (Note 8)
Kepemilikan melalui Pemerintah RI/
Ownership through government of RI
Rupiah/ Rupiah
PT Perusahaan Listrik Negara (Persero) 12,863,740,320,725 11,603,214,098,590
PT Hutama Karya (Persero) 4,202,493,016,247 1,964,223,238,444
PT Angkasa Pura I (Persero) 1,753,000,327,089 828,566,175,963
PT Dayamitra Telekomunikasi 1,244,950,575,633 1,297,444,514,544
PT Marga Sarana Jabar 1,191,143,197,312 534,165,879,853
PT Telekomunikasi Indonesia (Persero) Tbk 997,510,374,852 --
PT Pejagan Pemalang Tol Road 889,147,166,542 513,083,435,918
PT Trans Jawa Paspro Jalan Tol 729,025,116,616 --
PT Angkasa Pura II (Persero) 703,308,826,538 408,984,133,334
PT Jasamaraga Surabaya Mojokerto 693,485,610,649 455,978,183,190
PT Jasamarga Semarang Batang 685,144,792,844 --
PT Trans Marga Jateng 615,872,726,779 606,406,947,142
PT Wijaya Karya (Persero) Tbk 516,251,596,928 223,328,831,003
PT Adhi Karya (Persero) Tbk 469,560,306,073 121,340,040,377
PT Perkebunan Nusantara XI 407,307,862,413 --
PT Kereta Api Indonesia (Persero) 390,798,520,894 378,453,287,147
PT Waskita Karya (Persero) Tbk 389,026,098,454 918,901,958,751
PT Indonesia Infrastructure Finance 300,000,000,000 --
PT Industri Kereta Api (Persero) 280,613,004,501 229,753,851,424
PT Jasamarga Ngawi Kertosono Kediri 263,317,529,588 --
PT Len Telekomunikasi Indonesia 190,783,676,608 26,017,020,204
PT Krakatau Bandar Samudera 154,227,295,177 124,620,833,333
PT Krakatau Tirta Industri 134,159,593,476 168,962,567,266
PT Jasamaraga Balikpapan Samarinda 107,224,011,810 --
PT Jasamarga Manado Bitung 100,087,823,989 --
PT Nindya Karya (Persero) 64,517,808,219 29,516,082,306
PT Brantas Abipraya (Persero) 49,079,719,175 68,692,771,084
PT Jasa Marga (Persero) Tbk -- 499,131,849,315
PT Jasamarga Pandaan Malang -- 174,025,629,407
Jumlah/ Total 30,385,776,899,131 21,174,811,328,595 48.62% 38.23%

105

2018 2017 2018 2017
Rp Rp % %
Pinjaman Diberikan dan pembiayaan/ piutang syariah
(Catatan 8)/ Loan Receivables and Sharia Financing
Receivables (Note 8)
PT Indonesia Infrastructure Finance 2,723,737,171,008 2,608,995,997,588
PT Pertamina (Persero) 2,160,176,173,438 2,018,240,258,997
PT Brantas Cakrawala Energi 117,730,493,363 --
PT Industri Kereta Api -- 148,283,961,046
PT Surya Energi Indotama -- 7,376,886,000
Jumlah/ Total 5,001,643,837,809 4,782,897,103,631 8.00% 8.64%
Pemerintah daerah/ Local government:
Rupiah/ Rupiah
Pemerintah Provinsi Lampung 474,245,699,769 --
Pemerintah Kabupaten Penajam Paser Utara 306,423,984,271 --
Pemerintah Kota Bandar Lampung 219,574,862,273 159,828,386,560
Pemerintah Kabupaten Konawe 212,376,352,595 151,487,505,314
Pemerintah Provinsi Sulawesi Barat 208,012,607,341 182,944,194,780
Pemerintah kabupaten Musi Banyuasin 180,319,745,500 --
Pemerintah Kabupaten Simalungun 131,726,480,197 --
Pemerintah Kabupaten Penukal Abab Lematang Ilir 121,906,383,273 --
Pemerintah Kabupaten Gianyar 111,673,022,948 112,532,312,945
Pemerintah Kabupaten Pemkab Way Kanan 98,226,863,981 --
Pemerintah Kota Padang 53,658,474,111 58,231,183,790
Pemerintah Kabupaten Muna 45,402,500,008 75,670,833,336
Pemerintah Provinsi Sulawesi Tenggara 45,242,318,982 90,884,637,382
Pemerintah Kabupaten Lampung Selatan 42,281,964,200 66,443,086,600
Pemerintah Kabupaten Bulukumba 33,263,396,414 55,438,994,022
Pemerintah Kabupaten Halmahera Selatan 25,926,091,753 31,797,411,914
Pemerintah Kabupaten Tulang Bawang Barat 17,570,519,530 --
Pemerintah Kabupaten Bangkalan 15,616,839,611 46,850,518,839
Pemerintah Kabupaten Pesisir Selatan 14,126,835,000 23,544,725,000
Pemerintah Kabupaten Buton 12,625,866,000 25,251,731,996
Pemerintah Kabupaten Mamuju Tengah 10,964,356,997 --
Pemerintah Kabupaten Lombok Tengah 10,390,432,370 --
Pemerintah Kabupaten Pakpak Bharat 5,757,504,766 --
Pemerintah Provinsi Sulawesi Selatan -- 64,626,338,548
Pemerintah Kota Palu -- 19,444,571,000
Pemerintah Kabupaten Boalemo -- 18,708,562,983
Pemerintah Kabupaten Temanggung -- 17,510,603,000
Pemerintah Kota Gorontalo -- 3,472,673,679
Jumlah/ Total 2,397,313,101,890 1,204,668,271,688 3.84% 2.18%
Piutang atas Penugasan Fasilitasi Penyiapan Proyek

(Catatan 9)/ Receivables from Assignment for
Facilitation on Project Preparation (Note 9)
Kementerian Keuangan RI 15,389,784,580 12,746,535,957
Jumlah/ Total 15,389,784,580 12,746,535,957 0.02% 0.02%
Penyertaan Saham (Catatan 12)/
Investment in share (Note 12)
Ekuitas/ Equity
Jumlah/ Total 640,571,920,448 667,527,812,693 1.03% 1.21%
PT Waskita Toll Road 2,780,937,000,000 2,048,070,315,610
Jumlah/ Total 2,858,204,923,900 2,091,640,820,610 4.57% 3.78%
Jumlah Aset dari Pihak-pihak Berelasi/
Total Assets from Related Parties 50,027,054,544,272 c 43,286,065,985,108 80.05% 78.15%

106
Liabilitas Liabilities
Total/ Persentase terhadap Liabilitas/
Amount Percentage to Liabilities
2018 2017 2018 2017
Rp Rp % %
Pinjaman Diterima dari Pemerintah Republik Indonesia
(Catatan 22)/ Borrowings from the Government
of Republic of Indonesia (Note 22) 3,358,083,204,158 2,608,995,997,588 12.96% 12.39%
Pinjaman diterima dari bank dan lembaga

keuangan lainnya (Catatan 15)/ Loans received
from banks and other financial institution (Note 15)
Jumlah/ Total 1,223,081,811,915 669,367,594,020 4.72% 3.18%
Jumlah Liabilitas dari Pihak-pihak Berelasi/

Total Liabilities from Related Parties 4,581,165,016,073 3,278,363,591,608 17.68% 15.56%
Pendapatan Revenue
Persentase terhadap
Total/ Pendapatan/
Amount Percentage to Revenue
2018 2017 2018 2017
Rp Rp % %
Pendapatan (Catatan 30)/ Revenues (Note 30)

PT Perusahaan Listrik Negara (Persero) 712,597,690,547 626,470,539,948
PT Hutama Karya (Persero) 201,598,919,032 162,562,908,334
PT Dayamitra Telekomunikasi 109,634,696,393 95,835,682,854
PT Trans Marga Jateng 90,766,174,255 72,768,965,564
PT Waskita Karya (Persero) Tbk 79,242,662,209 123,260,120,660
PT Angkasa Pura I (Persero) 78,381,785,802 71,379,230,103
PT Pejagan Pemalang Tol Road 78,256,428,518 44,153,049,755
PT Marga Sarana Jabar 77,056,035,926 50,474,130,071
PT Jasamaraga Surabaya Mojokerto 60,172,632,912 7,113,364,315
PT Angkasa Pura II (Persero) 42,171,089,846 33,692,716,579
PT Kereta Api Indonesia 38,103,741,006 15,726,186,514
PT Wijaya Karya (Persero) Tbk 35,283,819,131 12,316,309,194
PT Jasamarga Ngawi Kertosono Kediri 24,377,787,573 --
PT Waskita Toll Road 22,086,116,584 --
PT Adhi Karya (Persero) 16,855,599,030 21,576,370,858
PT Karakatau Tirta Industri 14,747,654,000 14,028,325,963
PT Len Telekomunikasi Indonesia 7,926,060,140 3,143,406,342
PT Jasamarga Manado Bitung 5,159,073,082 1,781,772,500
PT Krakatau Bandar Samudra 4,814,198,776 4,358,577,903
PT Kertanegara Energi Perkasa 3,132,169,470 --
PT Jasamaraga Semarang Batang 1,679,418,208 --
PT Telekomunikasi Indonesia (Persero) Tbk 1,170,097,072 --
PT Brantas Cakrawala Energi 367,794,663 --
PT Jasa Marga Balikpapan Samarinda 152,836,931 --
PT Surya Energi Indotama 127,089,572 186,247,774
PT Pembangunan Perumahan (Persero) Tbk -- 6,979,496,630

107
Persentase terhadap
Total/ Pendapatan/
2018 2017 2018 2017
Rp Rp % %

Pemerintah Provinsi Sulawesi Barat 18,885,709,557 12,884,646,250
Pemerintah Kota Bandar Lampung 16,521,122,515 1,703,698,211
Pemerintah Kabupaten Konawe 16,251,642,145 5,726,814,781
Pemerintah Kota Padang 6,127,883,537 4,599,206,792
Pemerintah Kabupaten Muna 5,896,754,784 7,785,889,932
Pemerintah Provinsi Sulawesi Tenggara 5,521,978,409 10,841,905,921
Pemerintah Kabupaten Lampung Selatan 5,335,832,877 7,601,777,037
Pemerintah Kabupaten Bulukumba 4,075,420,530 5,899,269,432
Pemerintah Kabupaten Bangkalan 2,822,960,653 5,831,371,283
Pemerintah Kabupaten Buton 1,851,662,186 3,078,239,314
Pemerintah Kabupaten Pesisir Selatan 1,834,755,416 2,741,881,307
Pemerintah Kabupaten Halmahera Selatan 1,804,008,870 3,768,332,288
Pemerintah Kabupaten Musi Banyuasin 1,643,730,044 --
Pemerintah Provinsi Sulawesi Selatan 1,115,471,489 10,165,118,204
Pemerintah Kabupaten Pemkab Way Kanan 775,415,665 --
Pemerintah Kota Palu 474,176,476 2,462,534,201
Pemerintah Kabupaten Temanggung 207,330,393 2,119,919,975
Pemerintah Kabupaten Pakpak Bharat 167,390,759 --
Pemerintah Kabupaten Penukal Abab Lematang Ilir 121,484,115 --
Pemerintah Kabupaten Boalemo 115,369,494 2,297,492,525
Pemerintah Kabupaten Mamuju Tengah 99,376,314 --
Pemerintah Kota Gorontalo 31,605,834 669,143,196
Pemerintah Kabupaten Tulang Bawang Barat 17,069,877 --
Pemerintah Kabupaten Lombok Tengah 12,978,842 88,231,056
Pemerintah Kabupaten Karangasem -- 552,212,552
Pemerintah Kabupaten Lombok Timur -- 180,252,051
Jumlah/ Total 2,086,087,311,239 1,851,127,939,763 52.05% 58.68%
Bagi Hasil Musyarakah/ Musyarakah Income

PT Perusahaan Listrik Negara (Persero) 82,836,388,889 --
Jumlah/ Total 88,448,813,300 -- 2.21% --
Pendapatan bunga deposito berjangka/ Interest on

time deposits
Rupiah/ Rupiah
PT Bank Tabungan Negara 142,057,664,415 8,526,992,251
PT Bank Rakyat Indonesia Agroniaga Tbk 102,059,617,948 25,400,406,125
PT Bank DKI 89,271,589,828 55,597,228,813
PT Bank Mandiri (Persero) Tbk 54,110,549,382 69,328,566,988
PT Bank Negara Indonesia 35,963,136,844 1,735,600,000
PT Bank Pembangunan Daerah Jawa Tengah 20,344,949,241 59,378,854,334
PT Bank Sumut 18,096,301,784 6,686,693,158
PT Bank Nagari 3,986,352,937 13,437,895,550
Jumlah/ Total 681,899,022,052 343,029,973,895 17.01% 10.87%
PT Bank Rakyat Indonesia Agroniaga Tbk 1,526,566,382 --
PT Bank Rakyat Indonesia (Persero) Tbk -- 595,031,120
Jumlah/ Total 1,526,566,382 595,031,120 0.04% 0.02%

108
Persentase terhadap
Total/ Pendapatan/
2018 2017 2018 2017
Rp Rp % %

Dana dibatasi penggunaannya (Catatan 6)/
Restricted fund (Note 6)
PT Bank Mandiri (Persero) Tbk 1,375,138,000 663,275,000
Jumlah/ Total 1,375,138,000 663,275,000 0.03% 0.02%
Pendapatan dari penugasan fasilitasi penyiapan proyek/

Revenue from facilitation assignment for project
preparation
Jumlah/ Total 45,829,505,022 21,133,590,008 1.14% 0.67%
Pendapatan dari penyertaan pada efek-efek/

Income from investment in securities
Rupiah
PT Danareksa (Persero) 16,700,000,000 9,478,670,259
PT Permodalan Nasional Madani (Persero) 13,088,605,281 3,473,680,555
PT Mandiri Manajemen Investasi 12,000,000,000 2,927,201,278
PT Indonesia Power (IDPW) 9,978,453,390 3,177,108,616
PT Pelabuhan Indonesia IV (Persero) 8,547,625,000 --
PT Garuda Indonesia (Persero) 6,029,833,334 --
PT Semen Indonesia (Persero) Tbk 4,311,944,444 2,269,444,444
PT Timah (Persero)Tbk 4,035,902,777 2,253,958,333
PT Waskita Karya (Persero) Tbk 2,631,666,667 --
PT Bank Maluku Malut 2,200,208,333 141,354,167
PT Sarana Multigriya Financial (Persero) 1,382,499,824 1,459,305,556
PT Pembangunan Jaya Ancol Tbk 717,777,778 --
Lembaga Pembiayaan Ekspor Indonesia 676,666,667 --
PT Bank Mandiri (Persero) 429,929,224 --
PT Bank Jabar Banten Tbk 100,000,000 4,487,500,000
PT Adhi Karya (Persero) Tbk -- 1,137,500,000
PT Industri Kereta Api (Persero) -- 674,666,667
Jumlah/ Total 104,732,001,849 35,785,389,875 2.61% 1.13%
Pendapatan dari penyertaan pada efek-efek/

Income from investment in securities
PT Pelabuhan Indonesia II (Persero) 3,119,570,972 2,856,399,028
Jumlah/ Total 23,839,187,390 23,475,366,607 0.59% 0.74%
Pendapatan komitmen fee / Revenue from commitment fee

PT Wijaya Karya (Persero) Tbk 610,493,467 --
PT Trans Marga Jateng 591,857,844 --
PT Len Komunikasi -- 814,970,229
Jumlah/ Total 9,289,250,365 1,964,970,229 0.23% 0.06%
Pendapatan jasa konsultasi/

Income from advisory services
PT Pengembangan Pariwisata Indonesia
(Indonesia Tourism Development Corporation) 7,540,389,440 356,945,457
PT Adhi Karya KPBU Karimun 2,253,728,000 --
PT Adhi Karya KPBU Tanjung Jabung Timur 2,106,478,000 --
PT Pelabuhan Indonesia I Kuala Tanjung 899,500,000 --
PT Krakatau Daya Listrik 500,000,000 --
PT Pelabuhan Indonesia I Batu Ampar Batam 404,285,000 --

109
Persentase terhadap
Total/ Pendapatan/
2018 2017 2018 2017
Rp Rp % %

Pendapatan jasa konsultasi/
Income from advisory services
PT Energi Dian Kemala 350,000,000 --
PT Bandarudara International Jawa Barat 342,265,340 3,050,196,955
Badan Pengelola Keuangan Haji -- 85,627,067
PT Jasa Sarana -- 8,372,728
PT Krakatau Bandar Samudra -- 700,166,100
PT Tambang Batubara Bukit Asam -- 310,843,637
Jumlah/ Total 14,396,645,780 4,512,151,944 0.36% 0.14%
Jumlah Pendapatan dari Pihak-pihak Berelasi/

Total Revenue from Related Parties 3,057,423,441,379 2,282,287,688,441 76.28% 72.34%
Beban Expense
Total/ Persentase terhadap Beban/

Amount Percentage to Expense
2018 2017 2018 2017
Rp Rp % %
Beban (Catatan 31)/ Expenses (Note 31)

Beban bunga/ Interest expense
Jumlah/ Total 78,025,124,682 53,940,588,639 3.92% 3.64%
Imbalan yang diberikan ke personil manajemen kunci

Perusahaan/ Benefits provided to Company's key
management personnels:
Dewan Komisaris/ Board of Commisioners
Imbalan jangka pendek/ Short-term benefits 9,360,506,577 8,806,092,229
Direktur/ Directors
Kepala Divisi/ Head of Division
Imbalan pasca kerja/ Post-employment benefits 22,543,497,437 16,213,112,402
Jumlah/ Total 94,963,071,554 84,377,545,276 4.77% 5.69%
Jumlah Beban dari Pihak-pihak Berelasi/

Total Expense from Related Parties 172,988,196,236 138,318,133,915 8.69% 9.32%
Tagihan dan Kewajiban Komitmen Receivables and Liabilities Commitment
Total/
Amount
2018 2017
Rp Rp
Tagihan Komitmen (Catatan 32)/

Commitment Receivable (Note 32)
The Government of Republic of Indonesia 2,369,600,000,000 2,669,600,000,000
Jumlah/ Total 2,369,600,000,000 2,669,600,000,000

110
Total/
Amount
2018 2017
Rp Rp
Kewajiban Komitmen (Catatan 32)/
Commitment Liabilities (Note 32)
PT Hutama Karya (Persero) 10,602,869,939,096 1,554,566,760,226
PT Indonesia Infrastructure Finance 2,369,600,000,000 2,669,600,000,000
PT Kereta Api Indonesia (Persero) 1,883,340,239,657 --
PT Angkasa Pura I (Persero) 1,590,688,237,826 515,673,958,081
PT Angkasa Pura II (Persero) 1,278,211,657,966 88,411,404,644
PT Wijaya Karya (Persero) Tbk 882,053,667,961 1,272,399,242,681
PT Waskita Karya (Persero) Tbk 399,066,389,204 2,077,032,938,607
PT Adhi Karya (Persero) 30,000,000,000 1,178,000,000,000
PT Jasamarga Manado Bitung -- 652,824,000,000
PT Jasa Marga (Persero) -- 250,000,000,000
PT Jasamarga Surabaya Mojokerto -- 237,063,939,336
PT LEN Telekomunikasi Indonesia (Persero) -- 167,376,433,564
PT Rumah Sakit Bakti Timah -- 117,967,000,000
PT Perusahaan Listrik Negara (Persero) -- 20,873,666,739
PT Jasamarga Pandaan Malang -- 106,457,313
Pemerintah Kabupaten Tabanan 201,000,000,000 --
Pemerintah Kota Musi Banyuasin 195,986,393,600
Pemerintah Kabupaten Halmahera Selatan 127,874,349,450 --
Pemerintah Kabupaten Penukal Abab Lematang Ilir 115,701,160,238 --
Pemerintah Kabupaten Tulang Bawang Barat 109,715,387,250 --
Pemerintah Kabupaten Lombok Tengah 68,769,517,500 --
Pemerintah Kabupaten Pakpak Bharat 59,106,380,000 --
Pemerintah Kabupaten Mamuju Tengah 54,875,603,400 --
Pemerintah Kabupaten Way Kanan 836,490,000 --
Pemerintah Kabupaten Konawe -- 78,312,454,918
Pemerintah Kota Bandar Lampung -- 76,588,899,300
Pemerintah Kota Padang -- 25,075,816,210
Pemerintah Provinsi Sulawesi Barat -- 56,746,805,220
Jumlah/ Total 21,409,828,593,739 11,873,334,608,679
Jumlah Kewajiban Komitmen dari Pihak-pihak Berelasi - neto/

Total Commitment Liabilities from Related Parties - net (19,040,228,593,739) (9,203,734,608,679)

111
34. Perjanjian Penting 34. Significant Agreements
a. Perjanjian Pelaksanaan Penugasan a. Agreement on Assignment

untuk Memfasilitasi Penyiapan Proyek Implementation of Facilitation on Public
Kerjasama Pemerintah dan Swasta Private Partnership (PPP) and Business
(KPS) dan Badan Usaha (KPBU) Entity Project Preparation
Sistem Penyediaan Air Minum (SPAM) Umbulan Water Supply PPP Project and
Umbulan dan Perkeretaapian Bandara Soekarno-Hatta Airport Railway PPP
Soekarno-Hatta Project
Perusahaan menandatangani perjanjian entered into an agreement with the
dengan Kementerian Keuangan Republik Ministry of Finance of the Republic of
Indonesia tentang pelaksanaan Indonesia on the implementation of the
penugasan fasilitasi penyiapan Proyek assignment to facilitate preparation of
Kerjasama Pemerintah dengan Badan Umbulan Water Supply PPP Project and
Usaha Sistem Penyediaan Air Minum Soekarno-Hatta Airport Railway PPP
(SPAM) Umbulan dan Proyek Kerjasama Project.
Pemerintah dengan Badan Usaha
Perkeretaapian Soekarno-Hatta.
Berdasarkan surat dari Menteri Keuangan Based on Ministry of Finance’s letter

No.S-1007/MK.08/2015 tanggal No. S-1007/MK.08/2015 dated
15 Desember 2015 yang merujuk pada December 15, 2015 which refered to the
surat Menteri Perhubungan kepada Ministry of Transportation’s letter to
Menteri Keuangan No. PR 007/7/3 Phb Ministry of Finance No. PR 007/7/3 Phb
2015 tanggal 28 Oktober 2015 perihal 2015 dated October 28, 2015 regarding
Kelanjutan Fasilitasi Proyek KPBU the Facility Continuation of the Soekarno-
Perkeretaapian Bandara Soekarno-Hatta Hatta Airport Rail PPP Project Preparation
disebutkan bahwa Penanggung Jawab it was stated that the Government
Proyek Kerjasama (PJPK) menyatakan Contracting Agency (GCA) would assume
penyiapan proyek Kereta Bandara akan the Airport Rail project preparation will
dilanjutkan oleh PJPK dan fasilitasi oleh continued by PJPK and that the Company
Perusahaan telah diberhentikan. facilitation had been terminated.
d.
Fasilitasi penyiapan proyek KPBU Sistem e. The facilitation of the Umbulan Water
Penyediaan Air Minum (SPAM) tertuang Supply PPP project preparation as set out
dalam perjanjian fasilitasi antara in the facilitation agreement between the
Pemerintah Provinsi Jawa Timur dengan Provincial Government of East Java and
Perusahaan tanggal 25 November 2011 the Company dated November 25, 2011,
yang kemudian diubah melalui perjanjian was amended on May 2, 2013 and again
tanggal 2 Mei 2013 dan diubah kembali on December 1, 2014, included the
melalui perjanjian tanggal 1 Desember following activities:
2014, meliputi kegiatan:
f.
a. Pendampingan kepada PJPK dalam g. a. Assistance to the GCA in executing
melaksanakan penyiapan proyek the Umbulan Water Supply PPP
SPAM Umbulan; project preparation;
b. Penyediaan konsultan untuk b. Provision of consultants for
penyiapan dan/atau transaksi proyek, preparation and/ or transaction of the
mempersiapkan pra-studi kelayakan, project, due diligence study, pre-
penjajakan minat investor, penyiapan feasibility study, market sounding,
dokumen pelelangan, asistensi preparation of tender documents,
pelaksanaan pelelangan dan asistensi assistance in bidding process and
dalam proses perolehan pembiayaan financial close process.
(financial close).
112
h.
Pembangunan Jaringan Tulang i. National Fiber Optic Backbone Network
Punggung Serat Optik Nasional Palapa Palapa Ring PPP Project (“Palapa Ring
Ring PPP Project”)
j.
Sebagai tindak lanjut Keputusan Direktur k. Following up the Director General of

Jenderal Pengelolaan Pembiayaan dan Finance and Risk Management of the
Risiko Kementerian Keuangan Republik Ministry of Finance of the Republic of
Indonesia No. Kep-7/PR/2016 tanggal Indonesia Decree No. Kep-7/PR/2016
12 Februari 2016, tentang penugasan dated February 12, 2016, Assignment to
kepada Perusahaan Perseroan (Persero) State-Owned Enterprises (Persero) to
Badan Usaha Milik Negara untuk facilitate preparation and transaction
melaksanakan fasilitasi penyiapan proyek assistance of National Fiber Optic
dan pendampingan transaksi pada proyek Backbone Network Palapa Ring PPP
infrastruktur dengan skema kerjasama Project (“Palapa Ring PPP Project”) on
pemerintah dan badan usaha June 28, 2016, the Company entered into
Pembangunan Jaringan Tulang Punggung an agreement with the Ministry of Finance
Serat Optik Nasional Palapa Ring, pada of the Republic of Indonesia on the
tanggal 28 Juni 2016, Perusahaan Implementation of the Assignment to
menandatangani perjanjian dengan Facilitate Preparation and Transaction
Kementerian Keuangan Republik Assistance of National Backbone Fiber
Indonesia untuk Melaksanakan Fasilitas Optic Network Palapa Ring PPP Project
Penyiapan Proyek dan Pendampingan (“Palapa Ring PPP Project”). Then on
Transaksi pada Proyek Infrastruktur October 31, 2016, the Company had also
Kerjasama Pemerintah dan Badan Usaha signed the facilitation agreement with
Pembangunan Jaringan Tulang Punggung Government Contracting Agency (GCA) of
Serat Optik Nasional Palapa Ring. the projects, Ministry of Communication
Selanjutnya pada tanggal 31 Oktober and Information of the Republic of
2016, Perusahaan juga telah Indonesia.
menandatangani Perjanjian fasilitasi
dengan Penanggung Jawab Proyek
Kerjasama (PJPK) yaitu Kementerian
Komunikasi dan Informasi Republik
Indonesia.
l.
Sistem Penyediaan Air Minum Kota Bandar Lampung Water Supply Project
Bandar Lampung
m.
Perjanjian Pelaksanaan Penugasan Bandar Lampung Water Supply Project

Sistem Penyediaan Air Minum Kota Assignment’s Implementation Agreement
Bandar Lampung Nomor PRJ- Number PRJ-257/PR/2016; PERJ-
257/PR/2016; PERJ-25/SMI/0816 25/SMI/0816 was signed on August 2,
ditandatangani pada tanggal 2 Agustus 2016 between the Company and the
2016 antara Perusahaan dengan Ministry of Finance based on the Director
Kementerian Keuangan berdasarkan General of Finance and Risk Management
Keputusan Direktur Jenderal Pengelolaan of the Ministry of Finance of the Republic
Pembiayaan dan Risiko Kementerian of Indonesia Decree Number KEP-
Keuangan Republik Indonesia 12/PR/2016 dated March 8, 2016
Nomor KEP-12/PR/2016 tanggal 8 Maret regarding Assignment to State-Owned
2016 tentang Penugasan kepada Enterprises (Persero) to Facilitate
Perusahaan Perseroan (Persero) Badan Preparation and Transaction Assistance of
Usaha Milik Negara untuk Melaksanakan Kota Bandar Lampung Water Supply
Fasilitasi Penyiapan Proyek Dan Project PPP Project. The Facilitation
Pendampingan Transaksi pada Proyek Agreement Number 610/1330/I.10/2016;
Kerjasama Pemerintah dan Badan Usaha
Sistem Penyediaan Air Minum Kota
Bandar Lampung. Perjanjian Fasilitas
Nomor 610/1330/I.10/2016;
113
PERJ-47/SMI/1116 ditandatangani pada PERJ-47/SMI/1116 was signed on

tanggal 4 November 2016 antara November 4, 2016 between the Company
Perusahaan dengan Pemerintah Kota and the Government of Bandar Lampung
Bandar Lampung sebagai PJPK. as GCA of the Project.
Transportasi Kota Medan Medan Urban Transportation

n.
Perjanjian Pelaksanaan Penugasan Medan Urban Transportation Project

Transportasi Kota Medan Nomor PRJ- Assignment’s Implementation Agreement
182/PR/2017; PERJ-043/SMI/0617 Number PRJ-182/PR/2017; PERJ-
ditandatangani pada tanggal 9 Juni 2017 043/SMI/0617 was signed on June 9, 2017
antara Perusahaan dengan Kementerian between the Company and the Ministry of
Keuangan berdasarkan Keputusan Finance based on the Director General of
Direktur Jenderal Pengelolaan Finance and Risk Management of the
Pembiayaan dan Risiko Kementerian Ministry of Finance of the Republic of
Keuangan Republik Indonesia Nomor Indonesia Decree Number KEP-
KEP-30/PR/2017 tanggal 8 Mei 2017 30/PR/2017 dated May 8, 2017 regarding
tentang Penugasan kepada Perusahaan Assignment to the Company to Facilitate
Perseroan (Persero) Badan Usaha Milik Preparation and Transaction Assistance of
Negara untuk Melaksanakan Fasilitas Medan Urban Transportation PPP Project.
dalam Rangka Penyiapan Proyek dan The Facilitation Agreement Number
Pendampingan Transaksi pada Proyek 551/6112/2017; PERJ-044/SMI/0617 was
Infrastruktur Transportasi Kota Medan signed on June 9, 2017 between the
dengan Skema Kerjasama Pemerintah Company and the Government of Medan
dan Badan Usaha. Perjanjian Fasilitas as Government Contracting Agency (GCA)
Nomor 551/6112/2017; PERJ- of the Project.
044/SMI/0617 ditandatangani pada
tanggal 9 Juni 2017 antara Perusahaan
dengan Pemerintah Kota Medan sebagai
Penanggung Jawab Proyek Kerjasama
(PJPK).
Rumah Sakit Umum Daerah Krian Krian Regional Public Hospital

Perjanjian Pelaksanaan Penugasan Krian Regional Public Hospital
Rumah Sakit Umum Daerah Krian Nomor Assignment’s Implementation Agreement
PRJ-387/PR/2017; PERJ-065/SMI/1017 Number PRJ-387/PR/2017; PERJ-
ditandangani pada tanggal 5 Oktober 2017 065/SMI/1017 was signed on
antara Perusahaan dengan Kementerian October 5, 2017 between the Company
Keuangan berdasarkan Keputusan and the Ministry of Finance based on the
Direktur Jenderal Pengelolaan Directorate General of Finance and Risk
Pembiayaan dan Risiko Kementerian Management of the Ministry of Finance of
Keuangan Republik Indonesia Nomor the Republic of Indonesia Decree Number
KEP-50/PR/2017 tanggal 22 Agustus 2017 KEP-50/PR/2017 dated August 22, 2017
tentang Penugasan kepada Perusahaan regarding Assignment to
Perseroan (Persero) Badan Usaha Milik the Company to Facilitate Preparation and
Negara untuk Melaksanakan Fasilitas Transaction Assistance of Krian Regional
dalam Rangka Penyiapan Proyek dan Public Hospital PPP Project.
Pendampingan Transaksi pada Proyek The Facilitation Agreement
Infrastruktur Rumah Sakit Umum Daerah Number 188/16/404.1.1.1/2017;
Krian dengan Skema Kerjasama PERJ 066/SMI/1017 was signed on
Pemerintah dan Badan Usaha. Perjanjian October 5, 2017 between the Company
Fasilitas Nomor 188/16/404.1.1.1/2017; and the Government of Sidoarjo as
PERJ-066/SMI/1017 ditandatangani pada Government Contracting Agency (GCA) of
tanggal 5 Oktober 2017 antara the Project.
Perusahaan dengan Pemerintah
Kabupaten Sidoarjo sebagai Penanggung
Jawab Proyek Kerjasama (PJPK).
114
Sistem Penyediaan Air Minum Kota Pekanbaru Water Supply Project

Pekanbaru
Perjanjian Pelaksanaan Penugasan Pekanbaru Water Supply Project
Sistem Penyediaan Air Minum Kota Assignment’s Implementation Agreement
Pekanbaru Nomor PRJ-386/PR/2017; Number PRJ-386/PR/2017; PERJ-
PERJ-067/SMI/1017 ditandatangani pada 067/SMI/1017 was signed on October 5,
tanggal 5 Oktober 2017 antara 2017 between the Company and the
Perusahaan dengan Kementerian Ministry of Finance based on the
Keuangan berdasarkan Keputusan Directorate General of Finance and Risk
Direktur Jenderal Pengelolaan Management of the Ministry of Finance of
Pembiayaan dan Risiko Kementerian the Republic of Indonesia Decree Number
Keuangan Republik Indonesia Nomor KEP-51/PR/2017 dated August 22, 2017
KEP-51/PR/2017 tanggal 22 Agustus 2017 regarding Assignment to the Company to
tentang Penugasan kepada Perusahaan Facilitate Preparation and Transaction
Perseroan (Persero) Badan Usaha Milik Assistance of Pekanbaru Water Supply
Negara untuk Melaksanakan Fasilitas PPP Project. The Facilitation Agreement
dalam Rangka Penyiapan Proyek dan Number 48/PDAM-KPBU/II/X/2017; PERJ-
Pendampingan Transaksi pada Proyek 68/SMI/1017 was signed on October 5,
Infrastruktur Sistem Penyediaan Air Minum 2017 between the Company and PDAM
Pekanbaru dengan Skema Kerjasama Tirta Siak as Government Contracting
Pemerintah dan Badan Usaha. Agency (GCA) of the Project.
Perjanjian Fasilitas Nomor 48/PDAM-
KPBU/II/X/2017; PERJ-068/SMI/1017
ditandatangani pada tanggal 5 Oktober
2017 antara Perusahaan dengan PDAM
Tirta Siak sebagai Penanggung Jawab
Proyek Kerjasama (PJPK).
Sistem Penyediaan Air Minum Semarang Barat Water Supply Project
Semarang Barat
Perjanjian Pelaksanaan Penugasan West Semarang Water Supply Project
Sistem Penyediaan Air Minum Semarang Assignment’s Implementation Agreement
Barat Nomor PRJ-419/PR/2017; PERJ- Number PRJ-419/PR/2017; PERJ-
076/SMI/1117 ditandatangani pada 076/SMI/1117 was signed on November 3,
tanggal 3 November 2017 antara 2017 between the Company and the
Perusahaan dengan Kementerian Ministry of Finance based on the
Keuangan Republik Indonesia Nomor KEP-62/PR/2017 dated September 29,
KEP-62/PR/2017 tanggal 29 September 2017 regarding Assignment to the
2017 tentang Penugasan kepada Company to Facilitate Preparation and
Perusahaan Perseroan (Persero) Badan Transaction Assistance of Semarang Barat
Usaha Milik Negara untuk Melaksanakan Water Supply PPP Project.
Fasilitas dalam Rangka Penyiapan Proyek
dan Pendampingan Transaksi pada
Proyek Infrastruktur Kerjasama
Pemerintah dan Badan Usaha Sistem
Penyediaan Air Minum Semarang Barat.

115
Perjanjian Fasilitas Nomor The Facilitation Agreement Number

690/175/XI/2017; PERJ-079/SMI/1117 690/175/XI/2017; PERJ-079/SMI/1117 was
ditandatangani pada tanggal 10 November signed on November 10, 2017 between
2017 antara Perusahaan dengan PDAM the Company and PDAM Tirta Moedal as
Tirta Moedal sebagai Penanggung Jawab Government Contracting Agency (GCA) of
Proyek Kerjasama (PJPK). the Project.
Rumah Sakit Umum Daerah Dr. Pirngadi Dr. Pirngadi Regional Public Hospital of
Kota Medan Medan City
Perjanjian Pelaksanaan Penugasan Dr. Pirngadi Regional Public Hospital of

Rumah Sakit Umum Daerah dr. Pirngadi Medan City Assignment’s Implementation
Kota Medan Nomor PRJ-52/PR/2018; Agreement Number PRJ-52/PR/2018;
PERJ-013/SMI/0218 ditandatangani pada PERJ-013/SMI/0218 was signed on
tanggal 7 Februari 2018 antara February 7, 2018 between the Company
Perusahaan dengan Kementerian and the Ministry of Finance based on the
Keuangan Republik Indonesia Nomor KEP-73/PR/2017 dated December 8, 2017
KEP-73/PR/2017 tanggal 8 Desember regarding Assignment to the Company to
2017 tentang Penugasan kepada Facilitate Preparation and Transaction
Perusahaan Perseroan (Persero) Badan Assistance of Dr. Pirngadi Regional Public
Usaha Milik Negara untuk Melaksanakan Hospital of Medan City PPP Project. The
Fasilitas dalam Rangka Penyiapan Proyek Facilitation Agreement Number 050/1181;
dan Pendampingan Transaksi pada PERJ-014/SMI/0218 was signed on
Proyek Infrastruktur Rumah Sakit Umum February 7, 2018 between the Company
Daerah Dr. Pirngadi Kota Medan dengan and Government of Medan as Government
Skema Kerjasama Pemerintah dan Contracting Agency (GCA) of the Project.
Badan Usaha. Perjanjian Fasilitas Cooperation Agreement Number PERJ-
Nomor 050/1181; PERJ-014/SMI/0218 015/SMI/028 was signed on
ditandatangani pada tanggal February 7, 2018 between the Company
7 Februari 2018 antara Perusahaan and JICA Consultant Consortium regarding
dengan Pemerintah Kota Medan sebagai the provision of Financial-Technical
Penanggung Jawab Proyek Kerjasama Consultant for Project Preparation stage.
(PJPK). Perjanjian Kerjasama Nomor
PERJ-015/SMI/028 ditandatangani pada
tanggal 7 Februari 2018 antara
Perusahaan dengan Konsorsium
Konsultan JICA terkait dengan penyediaan
Konsultan Finansial-Teknis pada tahap
Penyiapan Proyek.
b. Nota Kesepahaman dengan Cities b. Memorandum of Understanding with

Development Initiative for Asia (CDIA) Cities Development Initiative for Asia
(CDIA)
Nota Kesepahaman Nomor MOU- Memorandum of Understanding Number

2/SMI/0316 ditandatangani antara MOU-2/SMI/0316 was signed on March 8,
Perusahaan dengan CDIA pada tanggal 2016 between the Company and CDIA.
8 Maret 2016. Kerjasama antara Cooperation between the Company and
Perusahaan dengan CDIA berfokus pada CDIA is focusing on two main activities:
dua kegiatan utama:
 Fasilitas Penyiapan Proyek untuk kota;  Project Development Facility for cities;
 Program pengembangan kapasitas.  Capacity development program.

116
Pada tanggal 9 Februari 2018, CDIA On February 9, 2018, CDIA was issuing a
menerbitkan surat terkait arahan dan letter regarding direction and approach of
pendekatan atas kerjasama Perusahaan cooperation between the Company and
dan CDIA untuk 5 tahun ke depan: CDIA for the coming 5 years:
 Pembentukan CDIA Trust Fund oleh  The creation of a CDIA Trust Fund by
ADB untuk penyelenggaraan kegiatan ADB for implementation of cooperation
kerjasama antara Perusahaaan activities between the Company and
dengan CDIA; CDIA;
 Pelaksanaan Pengembangan  The implementation of a focused
Kapasitas yang berfokus untuk Capacity Development to improve the
meningkatkan keberlanjutan dari project’s sustainability.
proyek.
c. Nota Kesepahaman Kerjasama dengan c. Memorandum of Understanding with

Japan International Cooperation Japan International Cooperation
Agency (JICA) Agency (JICA)
Nota Kesepahaman Nomor MoU- Memorandum of Understanding Number
013/SMI/1117 ditandatangani antara MoU-013/SMI/1117 was signed on
Perusahaan dengan JICA pada tanggal November 8, 2017 between the Company
8 November 2017. Ruang lingkup dari and JICA. The scope of the Memorandum
Nota Kesepahaman adalah: of Understanding is:
 Penyiapan proyek KPBU dan  PPP project preparation and capacity
pengembangan kapasitas; building;
 Dukungan untuk kegiatan yang terkait  Non-PPP infrastructure financing
dengan pembiayaan infrastruktur non- related activity support;
KPBU;
 Dukungan JICA lainnya kepada  Any other mutually agreed JICA
Perusahaan yang disepakati bersama support to the Company through
melalui pendampingan teknis atau technical assistance or through other
bentuk lainnya. means of JICA resource.
d. Penerusan pinjaman diterima dari d. Borrowing received from the

Pemerintah atas dana pinjaman World Government for loans of World Bank
Bank
i. Berdasarkan perjanjian No. SLA - ii. i. Under the agreement No. SLA -
1230/DSMI/2010, tanggal 4 Maret 1230/DSMI/2010, dated March 4,
2010 Pemerintah Republik Indonesia 2010, the Government of Republic of
meneruskan dana yang bersumber Indonesia shall channel the fund
dari Naskah Perjanjian Pinjaman Luar sourced from the Subsidiary Loan
Negeri (NPPLN) Nomor: 7731-ID Agreement Document (NPPLN)
tanggal 15 Januari 2010 kepada Number: 7731-ID dated January 15,
Perusahaan dengan jumlah yang tidak 2010 to the Company in an amount not
melebihi sebesar ekuivalen exceeding the equivalent of
USD100.000.000, dengan tingkat suku USD100,000,000, with the interest rate
bunga Sertifikat Bank Indonesia (SBI) of Bank Indonesia Certificates (SBI)
satu bulanan + satu per seratus per one month + one percent per year
tahun terhitung sejak penarikan upon drawdown of the loan. The
pinjaman. Jangka waktu Pinjaman subordinated loan period is over 24
Penerusan adalah selama 24 tahun 6 years and 6 months, including a grace
bulan termasuk masa tenggang period of nine years, commencing from
sembilan tahun, terhitung sejak the effective date of the NPPLN.
tanggal efektifnya NPPLN.

117
Berdasarkan surat No. S- Based on the Letter of the Directorate

4492/PB/2011 tanggal 3 Mei 2011 dari General of Treasury of the Ministry of
Direktorat Jenderal Perbendaharaan Finance of the Republic of Indonesia
Kementerian Keuangan Republik No. S-4492/PB/2011 dated May 3,
Indonesia, Perjanjian Penerusan 2011, the NPPLN is effective on
Pinjaman ini berlaku efektif tanggal May 3, 2011.
3 Mei 2011.
Berdasarkan perjanjian perubahan Under the amendment agreement

No. AMA-466/SLA1230/DSMI/2012, No. AMA-466/SLA-1230/DSMI/2012,
tanggal 13 Desember 2012, dilakukan dated December 13, 2012, changes
perubahan antara lain: had been made to include:
 Jumlah Pinjaman Penerusan  Subordinated loan amounted to
sebesar USD100.000.000; USD100,000,000;
 Tingkat suku bunga sebesar  The interest rate of LIBOR +
tingkat bunga LIBOR + variable variable spread + 0.5%
spread + 0,5%.
Penerusan pinjaman ke IIF sesuai The loan channeled to IIF was based
Perjanjian Pinjaman Subordinasi pada on Subordinated Loan Agreement
tanggal 20 April 2011 yang diubah dated April 20, 2011 which was
pada tanggal 14 Desember 2012, amended on December 14, 2012, had
berjangka waktu 24 tahun 6 bulan a term of 24 years and 6 months,
dengan tanggal jatuh tempo final pada maturity date on November 1, 2033 at
1 November 2033 dan tingkat suku the interest rate of the borrowings
bunga sebesar tingkat suku bunga received plus administration fee and
pinjaman yang diterima ditambah the Company’s risk premium of 0.75%
dengan biaya administrasi dan premi per annum.
risiko Perusahaan sebesar 0,75%
per tahun.
Berdasarkan surat No. S- Based on the letter of Minister of

1938/MK.5/2014 tanggal 24 Maret Finance of Republic of Indonesia No.
2014 dari Menteri Keuangan Republik S-1938/MK.5/2014 dated March 24,
Indonesia, batas akhir penerusan 2014, due date of two-steps loan had
pinjaman diperpanjang dari been extended from December 31,
31 Desember 2013 menjadi 2013 to November 30, 2015.
30 November 2015. Batas akhir The due date of two-steps loan was
penerusan pinjaman ini kemudian reextended to November 30, 2016
diperpanjang kembali menjadi based on the letter of Ministry of
30 November 2016 berdasarkan surat Finance of Republic of Indonesia No.
No. S-848/PR.2/2015 tanggal S-848/PR.2/2015 dated November 27,
27 November 2015 dari Kementerian 2015 which was reextended again to
Keuangan Republik Indonesia yang March 31, 2017 based on the letter of
kemudian diperpanjang kembali Ministry of Finance of Republic of
menjadi 31 Maret 2017 berdasarkan Indonesia No. S-999/PR/2016 dated
surat No. S-999/PR/2016 tanggal November 30, 2016.
30 November 2016 dari Kementerian
Keuangan Republik Indonesia.
Berdasarkan surat No. S- Based on the letter No. S-

2114/MK.5/2016 tanggal 8 Maret 2016 2114/MK.5/2016 dated March 8, 2016
perihal Perubahan (Amandemen) concerning Loan Agreement
Perjanjian Penerusan Pinjaman Amendment No. SLA-1230/DSMI/2010
No. SLA-1230/DSMI/2010 tanggal dated March 4, 2010, as amended by
4 Maret 2010 sebagaimana telah amendment No. AMA- 466/SLA-
diubah dengan perubahan 1230/DSMI/2012 dated 13 December
118
perjanjian No. AMA-466/SLA- 2012 between the Government and the

1230/DSMI/2012 tanggal 13 Desember Company, the interest rate of the loan
2012 antara Pemerintah dan from WB turned into a variable interest
Perusahaan, tingkat bunga pinjaman rate of LIBOR + spread + 0.45% per
dari WB berubah menjadi tingkat year. These provisions do not apply to
bunga LIBOR + variable spread + receivable that mature on October 1,
0,45% per tahun. Ketentuan tersebut 2015.
berlaku untuk tagihan yang belum
jatuh tempo pada tanggal 1 Oktober
2015.
ii. Berdasarkan perjanjian ii. Under the agreement

No. SLA 268/DSMI/2017, tanggal No. SLA - 1268/DSMI/2017, dated
26 September 2017 Pemerintah September 26, 2017, the Government
Republik Indonesia meneruskan dana of Republic of Indonesia shall channel
yang bersumber dari International the fund sourced from the International
Bank for Reconstruction and Bank for Reconstruction and
Development perjanjian pinjaman Development loan agreement Number
8715-ID tanggal 29 Mei 2017 dalam 8715-ID dated May 29, 2017 as
rangka tambahan pembiayaan untuk financing addition to Indonesia
Indonesia Infrastructure Finance Infrastructure Finance Facility Project
Facility Project kepada Perusahaan to the Company in an amount not
dengan jumlah yang tidak melebihi exceeding the equivalent of
sebesar ekuivalen USD200.000.000, USD200,000,000, with the interest rate
dengan tingkat suku bunga sebesar of Benchmark Series SUN interest rate
SUN Seri Benchmark tahun berkenaan with the tenor of 20 (twenty) years per
20 (dua puluh) tahun + margin 0,75% annum + 0.75% (zero point seventy
(nol koma tujuh lima persen) per tahun five prosen) margin per year paid semi
yang dibayarkan setiap persetengah annually on March 1 and September 1.
tahunan/enam bulanan pada tanggal The loan period is over 20 years,
1 Maret dan 1 September. Jangka including a grace period of ten years,
waktu Pinjaman Penerusan adalah commencing from the effective date of
selama 20 tahun termasuk masa September 26, 2017.
tenggang sepuluh tahun, efektif sejak
tanggal 26 September 2017.
e. Penerusan pinjaman yang diterima dari e. Borrowing received from the

Pemerintah atas dana pinjaman ADB Government of the ADB loan
Berdasarkan perjanjian No. SLA - Under the Agreement No. SLA -

1229/DSMI /2010, tanggal 4 Maret 2010 1229/DSMI /2010, dated March 4, 2010,
Pemerintah meneruskan dana yang the Government shall channel the fund
bersumber dari Naskah Perjanjian sourced from the Loan Agreement
Pinjaman Luar Negeri (NPPLN) No. 2516- (NPPLN) No. 2516-INO dated January 20,
INO tanggal 20 Januari 2010 kepada 2010 to the Company in an amount not
Perusahaan dengan jumlah yang tidak exceeding the equivalent of
melebihi sebesar ekuivalen USD100,000,000, withinterest rate of Bank
USD100.000.000, dengan tingkat suku Indonesia Certificates (SBI) one month +
bunga Sertifikat Bank Indonesia (SBI) satu one percent per annum upon drawdown of
bulanan + satu perseratus per tahun the loan. The subordinated loan period is
terhitung sejak penarikan pinjaman. 25 years, including a grace period of five
Jangka waktu Pinjaman Penerusan adalah years, commencing from the effective date
selama 25 tahun termasuk masa tenggang of the NPPLN.
lima tahun, terhitung sejak tanggal
efektifnya NPPLN.

119
Berdasarkan surat No. S-4491/PB/2011 Based on the Letter of the Directorate

tanggal 3 Mei 2011 dari Direktorat General of Treasury of the Ministry of
Jenderal Perbendaharaan Kementerian Finance of the Republic of Indonesia No.
Keuangan Republik Indonesia, NPPLN ini S-4491/PB/2011 dated May 3, 2011, the
berlaku efektif tanggal 3 Mei 2011. NPPLN was effective on of May 3, 2011.
Berdasarkan perjanjian perubahan Under the amendment agreement

No. AMA-464/SLA-1229/DSMI/2012, No. AMA-464/SLA-1229/DSMI/2012, dated
tanggal 27 November 2012, dilakukan November 27, 2012, changes had been
perubahan antara lain: made to include:
 Jumlah Pinjaman Penerusan sebesar  Subordinated Loan amounting to
USD100.000.000; USD100,000,000;
 Tingkat suku bunga sebesar tingkat  The interest of LIBOR + 0.2% + 0.5%.
bunga LIBOR + 0,2% + 0,5%.
Penerusan pinjaman ke IIF sesuai The loan channeled to IIF was based on
Perjanjian Pinjaman Subordinasi pada Subordinated Loan Agreement dated
tanggal 20 April 2011 yang diubah pada April 20, 2011 which was amended on
tanggal 28 November 2012, berjangka November 28, 2012, had a term of 25
waktu 25 tahun dengan tanggal jatuh years, maturity date on March 1, 2034
tempo pada 1 Maret 2034 dan tingkat suku interest at the interest rate of the
bunga sebesar tingkat suku bunga borrowings received plus administration
pinjaman yang diterima ditambah dengan fee and the Company’s risk premium of
administrasi dan premi risiko Perusahaan 0.75% per annum.
sebesar 0,75% per tahun.
Berdasarkan surat No. S-1939/MK.5/2014 Based on the letter of Minister of Finance

tanggal 24 Maret 2014 dari Menteri of Republic of Indonesia
Keuangan Republik Indonesia, batas akhir No. S 1939/MK.5/2014 dated March 24,
penerusan pinjaman diperpanjang dari 2014, closing date had been extended
31 Desember 2013 menjadi from December 31, 2013 to
31 Desember 2014. December 31, 2014.
Berkaitan dengan penerusan pinjaman Relating to the borrowings received from

yang diterima dari Pemerintah Republik the Government of Republic of Indonesia
Indonesia atas dana pinjaman World Bank from World Bank (WB) and Asian
(WB) dan Asia Development Bank (ADB), Development Bank (ADB), there is
terdapat ketentuan mengenai kondisi subordination condition in which IIF’s
subordinasi dimana kewajiban payment obligation to the Company will not
pembayaran setiap jumlah dari IIF kepada result in the IIF to be under the following
Perusahaan tidak akan menyebabkan IIF conditions (i) current ratio is less than 1.2
mengalami kondisi-kondisi sebagai berikut: or (ii) capital adequacy ratio is less than
(i) rasio lancar sebesar IIF kurang dari 1,2 12%. In the event that such payment
dan atau (ii) rasio kecukupan modal obligation resulting the IIF to be under
sebesar kurang dari 12%. Dalam hal subordination conditions then the
pembayaran dari IIF menyebabkan Company agrees to subordinate its right
terjadinya kondisi subordinasi maka against senior liabilities.
Perusahaan setuju untuk
mensubordinasikan haknya terhadap
kewajiban senior.

120
Selain itu, kecuali mendapatkan Furhtermore, unless prior written consent

persetujuan tertulis dari Perusahaan, IIF of the Company had been obtained, IIF
tidak diperkenankan melakukan hal-hal was not allowed to carry-out the following,
berikut, di antaranya: among others:
1. Menjamin atau bertanggung jawab 1. Guarantee or liable with respect to any
atas kewajiban utang, baik kontinjen indebtedness, whether contingent or
atau dengan cara lain kecuali otherwise, unless it was in the ordinary
merupakan bagian dari kegiatan course of IIF’s business and in
usaha normal IIF dan tetap memenuhi compliance with the leverage ratio
persyaratan rasio leverage yang requirements;
ditetapkan;
2. Mengubah tahun fiskal; 2. Change its financial year;
3. Melakukan penggabungan, 3. Undertake any merger, spin off,
pemisahan, konsolidasi atau consolidation or reorganization;
reorganisasi;
4. Membayar kembali atau membayar 4. Repay or prepay, purchase, redeem,
dimuka, membeli, menebus, reimburse or discharge any of its
mengganti atau melepaskan diri dari indebtedness other than in accordance
kewajiban utang apapun selain sesuai with the provisions of the Loan
dengan ketentuan dalam Perjanjian Agreement;
Kredit;
5. Melakukan tindakan pencucian uang 5. Commit to any act that will cause
dan pembiayaan terorisme, penipuan, money laundering, financing of
atau tindakan korupsi dan praktek terrorism, fraud, or other corrupt or
ilegal lainnya; illegal practices;
6. Kecuali jika ADB dan Pemerintah 6. Except as ADB and Government shall
menyetujui lain, menimbulkan utang otherwise agree, Incur any
subordinasi apapun, jika setelah subordinated debt, if after the
timbulnya utang subordinasi tersebut incurrence of such subordinated debt
rasio utang subordinasi terhadap the ratio of subordinated debt to equity
ekuitas akan lebih besar dari 2,5 shall be greater than 2.5 to 1.
berbanding 1.
f. Agence Francaise De Developpement f. Agence Francaise De Developpement
Perjanjian Fasilitas Kredit Facility Credit Agreement

Pada tanggal 3 Desember 2015, On December 3, 2015, the Company
Perusahaan mendapatkan fasilitas kredit obtained a credit facility from Agence
dari Agence Francaise De Developpement Francaise De Developpement (AFD)
(AFD) sebesar USD100.000.000 dengan amounted to USD100,000,000. The term
jangka waktu sepuluh tahun. of the loan was ten years.
Tingkat suku bunga yang dikenakan The interest rate charged varied
bervariasi tergantung dari pilihan yang depending on the choice made by the
diambil oleh Perusahaan. Perusahaan Company. The Company can choose:
dapat memilih:
 Suku bunga mengambang yaitu   A floating interest rate of 6-month
LIBOR 6 bulan + margin per tahun. LIBOR + margin per annum. For the
Untuk penarikan pertama tingkat suku first withdrawal, the interest rate may
bunga dapat berbeda sesuai dengan vary according to the interest period. If
periode bunga. Bila periode bunga the interest period is less than 60
kurang dari 60 hari maka akan days, the Company will be charged an
dikenakan bunga sebesar LIBOR 1 interest rate of LIBOR 1 month +
bulan + margin per tahun atau LIBOR margin per annum or LIBOR 3 months
3 bulan + margin per tahun bila + margin per annum if the interest
periode bunga antara 60 - 135 hari; period is between 60 - 135 days;
121
 Suku bunga tetap yaitu tingkat suku   Fixed interest rate of the minimum
bunga minimum adalah 0,25%. interest rate was 0.25%.
Selama periode perjanjian, dengan During the period of the agreement, with
persetujuan kreditur, Perusahaan dapat the consent from the creditors, the
meminta perubahan suku bunga atas Company may request a change in the
kreditnya. interest rates.
Fasilitas ini digunakan sebagai sumber This facility had been used to finance
pembiayaan proyek infrastruktur terutama infrastructure projects, especially for
pada proyek energi terbarukan atau pada renewable energy projects or projects
proyek yang memiliki dampak positif which have positive impact to the climate
terhadap perubahan iklim. change.
Pembatasan penting atas fasilitas kredit ini The major covenant of this credit facility
adalah sebagai berikut: are as follows:
a. Non-Performing Loan Ratio tidak lebih a. Non-Performing Loan Ratio is lower
dari 5%; than 5%;
b. Net Non-Performing Loan to Capital b. Net Non-Performing Loan to Capital
Ratio tidak lebih dari 10%; Ratio is lower than 10%;
c. Gearing Ratio tidak lebih dari 3. c. Gearing Ratio is not higher than 3.
Perjanjian Pembiayaan Financing Agreement

Perusahaan menandatangani perjanjian signed a grant agreement in the form of
pemberian hibah berupa Fasilitas Kuasi Quasi Equity Facility (QEF) with AFD
Ekuitas (QEF) dengan AFD sebesar amounted to USD5,000,000 with effective
USD5.000.000 dengan jangka waktu period up to December 31, 2026. The QEF
efektif sampai dengan 31 Desember 2026. was intended to enhance the credit quality
QEF ditujukan untuk menopang kualitas of the Renewable Energy (RE) projects
kredit proyek-proyek Energi Baru financed by the AFD’s (as stipulated in the
Terbarukan (EBT) yang dibiayai dari Credit Facility Agreement) with schemes
fasilitas kredit AFD (sebagaimana that had been set by AFD. The fund has
dituangkan dalam perjanjian pembiayaan been fully disbursed by AFD to the
Credit Facility Agreement) dengan skema Company on June 2, 2016 amounted to
penggunaan yang telah ditetapkan oleh USD5,000,000 and placed in a restricted
AFD. Dana ini telah dicairkan seluruhnya account (Note 6).
oleh AFD kepada Perusahaan pada
tanggal 2 Juni 2016 sebesar
USD5.000.000 dan ditempatkan dalam
satu rekening khusus yang dibatasi
penggunaannya (Catatan 6).
Dana ini harus digunakan (dialokasikan This fund shall be used (allocated or
atau dicairkan) untuk: drawdown) to:
 menurunkan risiko kredit yang  lower the credit risk taken by the
ditanggung oleh Perusahaan sebagai Company as senior lenders or equity
pemberi pinjaman senior atau investor investors of the high risk EBT projects
ekuitas dari proyek EBT berisiko tinggi or EBT investment with low profitability;
atau investasi EBT dengan or
profitabilitas rendah; atau
 sebagai insentif bagi sponsor atau  as an incentive for the sponsor or
pemilik proyek untuk terlibat dalam project owners to get involved in
proyek-proyek EBT yang inovatif atau projects of innovative EBT or low levels
yang rendah tingkat profitabilitasnya. of profitability.

122
Penggunaan dana ini harus dengan The use of these funds must be with the
persetujuan dan memenuhi persyaratan consent and meet the requirements
yang ditentukan oleh AFD. specified by the AFD.
Perusahaan harus telah menglokasikan The Company should have allocated or

atau mencairkan dana hibah ke proyek- disbursed the grant to the eligible RE
proyek EBT yang memenuhi syarat projects ("eligible allocations" or "eligible
(“eligible allocations” or “eligible drawdowns") no later than
drawdowns”) paling lambat December 31, 2017. In case the funds that
tanggal 31 Desember 2017. Bila dana have been allocated to the project could
yang telah dialokasikan ke proyek tersebut not be disbursed due to it does not meet
pada akhirnya tidak bisa dicairkan karena the AFD disbursement requirements, the
tidak memenuhi persyaratan pencairan Company must allocate the funds to new
AFD, Perusahaan harus mengalokasi eligible projects before December 31,
dana tersebut ke proyek baru yang 2026. Any remaining unallocated funds
memenuhi syarat sebelum tanggal after December 31, 2026 will belong to the
31 Desember 2026. Dana yang tersisa Company and will be managed for the
setelah 31 Desember 2026 akan menjadi development of EBT projects outside the
milik Perusahaan dan akan dikelola untuk scope of this agreement.
pembangunan proyek EBT di luar cakupan
perjanjian ini.
Program Bantuan Teknis Technical Assistance Program (TAP)

Sebagai bagian dari dua perjanjian di atas, As part of two of the above agreement, the
Perusahaan dan AFD juga Company and AFD also signed a
menandatangani nota kesepakatan memorandum of understanding about
Program Bantuan Teknis yang ditujukan Technical Assistance Program aimed to
untuk meningkatkan kapabilitas improve the capability of the Company to
Perusahaan untuk mengevaluasi proyek- evaluate renewable energy projects and
proyek energi terbarukan dan perubahan climate change and to increase the
iklim serta untuk meningkatkan project’s bankability.
bankabilitas proyek tersebut.
g. Perjanjian penerimaan hibah berupa g. Grant Agreement of Clean Technology

dana Clean Technology Fund (“CTF”) Fund (“CTF”) and Global Environment
dan Global Environment Facility Facility (“GEF”) with World Bank
(“GEF”) dengan World Bank
Pada tanggal 7 Maret 2017, Perusahaan On March 7, 2017, the Company signed a
menandatangani perjanjian penerimaan grant agreement in the form of Clean
dana hibah berupa dana Clean Technology Fund (“CTF”) amounted to
Technology Fund (“CTF”) sebesar USD49,000,000 and Global Environment
USD49.000.000 dan Global Environment Facility (“GEF”) amounted to
Facility (“GEF”) sebesar USD6.250.000 USD6,250,000 with World Bank with
dengan World Bank dengan jangka waktu agreement effective date until
efektif perjanjian sampai dengan December 31, 2022.
31 Desember 2022.
Tujuan dari hibah tersebut adalah untuk The purpose of the grant is to support
mendukung kegiatan eksplorasi panas geothermal exploration activities
bumi yang dilakukan Pemerintah yang conducted by the Government of
akan dilaksanakan Perusahaan melalui Indonesia which will be implemented by
skema penugasan dari Kementerian the Company through the assignment
Keuangan. Perjanjian hibah ini baru akan scheme from the Ministry of Finance. This
efektif berlaku apabila dalam waktu 90 hari grant agreement will only become effective
setelah penandatanganan perjanjian if within 90 days after the signing of grant
123
hibah, beberapa kondisi yang agreement, some of the conditions

dipersyaratkan World Bank telah terpenuhi precedent required by the World Bank had
antara lain: been fulfilled such as:
 Perusahaan telah membentuk Project  The Company had established a

Management Unit untuk mendukung Project Management Unit to support
penugasan dari Kementerian the assignment of the Ministry of
Keuangan; Finance;
 Pemerintah telah menerbitkan  The Government had issued
Peraturan Menteri Keuangan yang Regulation of the Minister of Finance
mengatur mengenai pengelolaan on the administration of geothermal
dana geothermal yang ada di fund which is currently managed by the
Perusahaan; Company;
 Nota kesepahaman antara  A Memorandum of Understanding
Kementerian Keuangan dan between Ministry of Finance and
Kementerian ESDM yang mengatur Ministry of Energy and Mineral
mengenai tata cara kegiatan Resources governing the procedures
eksplorasi panas bumi yang dilakukan for geothermal exploration activities
pemerintah telah berlaku. conducted by the Government had
been in force.
Berdasarkan surat dari World Bank Based on the letter of World Bank No. CD-
tanggal No. CD-137/WB/VIII/2017, sejak 137/WB/VIII/2017, since August 4, 2017,
tanggal 4 Agustus 2017 Perjanjian hibah the grant agreement of Clean Technology
dana Clean Technology Fund (“CTF”) dan Fund (“CTF”) and Global Environment
Global Environment Facility (“GEF”) telah Facility (“GEF”) had became effective.
berlaku secara efektif.
Sampai dengan tanggal 31 Desember Until December 31, 2018, GEF fund that
2018, dana GEF yang telah dicairkan had been disbursed was USD1,536,696
adalah sebesar USD1.536.696 (ekuivalen (equivalent Rp22,252,894,776). Out of
Rp22.252.894.776). Dari dana tersebut, this amount, the fund that had been used
yang sudah digunakan sampai dengan as per December 31, 2018 with details as
31 Desember 2018 dengan rincian follows:
sebagai berikut:
2018
Rp
Biaya konsultan/ Consultant fee 9,685,839,302

Biaya perjalanan dinas/ Official Travel fee 896,643,068
Biaya sosialisasi/ Socialization fee 676,043,690
Biaya sewa gedung/ Office Rent fee 646,777,778
Biaya operasional/ Operational fee 302,639,502
Jumlah/ Total 12,207,943,340
Sedangkan Sampai dengan tanggal Until December 31, 2018, CTF fund that
31 Desember 2018, dana CTF yang telah had been disbursed was USD2,099,980
dicairkan adalah sebesar USD2.099.980 (equivalent Rp30,409,810,380) (Note 23).
(ekuivalen Rp30.409.810.380) The fund had not been used as per
(Catatan 23). Sampai dengan December 31, 2018.
31 Desember 2018 belum ada
penggunaan atas dana yang dimaksud.

124
h. Regional Infrastructure Development h. Regional Infrastructure Development

Fund Fund
Perusahaan memperoleh pinjaman The Company obtained a Regional

Regional Infrastructure Development Fund Infrastructure Development Fund (RIDF)
(RIDF) dari Pemerintah Republik loan from the Government of the Republic
Indonesia dan merupakan penerusan dana of Indonesia. RIDF is an on-lending from
pinjaman dari World Bank dan Asian World Bank and Asian Infrastructure
Infrastructure Investment Bank dengan Investment Bank amounting to
nilai masing-masing sebesar USD100,000,000 each.
USD100.000.000.
Pinjaman tersebut bertujuan untuk The loan was aimed to improve the
meningkatkan kapasitas Perusahaan Company's capacity in providing regional
dalam rangka penyediaan pembiayaan infrastructure financing in accordance with
infrastruktur daerah sesuai dengan amanat the mandate of PMK 174 / PMK.08 / 2016
PMK 174/PMK.08/2016 tentang on Guarantee to the Company for
Pemberian Jaminan kepada PT Sarana Provision of Regional Infrastructure
Multi Infrastruktur (Persero) dalam rangka Financing. The interest rate had been
Penugasan Penyediaan Pembiayaan charged at Benchmark Series SUN
Infrastruktur Daerah. Tingkat bunga yang interest rate in respect of the tenor of 20
diberikan sebesar tingkat suku bunga SUN (twenty) years per annum,
Seri Benchmark tahun berkenaan dengan as stipulated in PMK Number 40/
tenor 20 (dua puluh) tahun per tahun, PMK.05/ 2015 regarding the Interest Rates
sebagaimana diatur dalam and the Administration of On-Lending.
PMK Nomor 40/PMK.05/2015 tentang
Tingkat Suku Bunga dan Penatausahaan
Penerusan Pinjaman Luar Negeri.
Bunga dibayarkan setiap tanggal Interest payments are due every

15 Februari dan 15 Agustus. Pembayaran February 15 and August 15. The first
pokok pinjaman yang pertama dimulai principal repayments will commence on
pada tanggal 15 Februari 2022 untuk February 15, 2022 for loans originating
pinjaman yang bersumber dari World Bank from the World Bank and August 15, 2022
dan 15 Agustus 2022 untuk pinjaman yang for loans sourced from the Asian
bersumber dari Asian Infrastructure Infrastructure Investment Bank
Investment Bank.
i. Regional Infrastructure Development i. Regional Infrastructure Development

Fund - Project Development Facility Fund - Project Development Facility
(“RIDF-PDF”) (“RIDF-PDF”)
Pada tanggal 12 Mei 2017, Perusahaan On May 12, 2017, The Company signed a
menandatangani perjanjian hibah dengan grant agreement with The World Bank on
World Bank terkait program RIDF-PDF. RIDF-PDF. This grant funding was
Dana hibah tersebut berasal dari Indonesia provided by Indonesia Sustainable Multi
Sustainable Multi Donor Trust Fund yang Donor Trust Fund which is managed by
dikelola oleh World Bank untuk membantu The World Bank to assist regional/ local
pemerintah daerah di Indonesia dalam governments in Indonesia to develop
mengembangkan proyek infrastruktur. infrastructure projects. The USD3,000,000
Hibah senilai USD3.000.000 tersebut grant is channeled through a Recipient
disalurkan dengan skema Recipient Executed Trust Fund scheme so the
Executed Trust Fund sehingga project selection, financial management,
Perusahaan melakukan seleksi proyek, and the procurement are conducted by the
pengelolaan keuangan dan pengadaan. Company.

125
Kegiatan yang memenuhi syarat untuk Eligible activities under RIDF-PDF funding
dibiayai dari dana hibah RIDF-PDF adalah are as follows:
sebagai berikut:
- Kegiatan identifikasi proyek dan - Project identification and preliminary
structuring awal; structuring;
- Studi penyiapan proyek, seperti studi - Project preparation studies, such as
kelayakan dan detailed engineering feasibility studies and detailed
designs; engineering designs;
- Bantuan pengawasan desain; - Design-supervision assistance;
- Penyiapan dokumen pengadaan dan - Preparation of procurement and
kontrak; contract documents;
- Pengembangan kapasitas Pemda. - Capacity building for regional/ local
governments.
Kegiatan lainnya seperti pengembangan Other activities, such as capacity building
kapasitas anggota RIDF-PDF atau for RIDF-PDF team members or other
kegiatan lainnya yang disetujui Bank activities approved by the World Bank.
Dunia.
j. Kontrak Untuk Subsidi Lokal dengan j. Contract for Local Subsidies with
Deutsche Gesellschaft für Internationale Deutsche Gesellschaft für Internationale
Zusammenarbeit (GIZ) GmbH, Eschborn Zusammenarbeit (GIZ) GmbH, Eschborn
Berdasarkan Kontrak No. 83287455 Based on Contract No. 83287455 dated
tanggal 27 April 2018 antara Deutsche April 27, 2018 between Deutsche
Gesellschaft für Internationale Gesellschaft für Internationale
Zusammenarbeit (GIZ) GmbH, Eschborn Zusammenarbeit (GIZ) GmbH, Eschborn
dengan PT Sarana Multi Infrastruktur and PT Sarana Multi Infrastruktur
(Persero). Kontrak ini mengatur mengenai (Persero). This contract is to govern the
pemberian subsidi lokal dari dana proyek granting of a local subsidy from GIZ project
GIZ sebagai bagian dari kontrbusi dari funds as part of the contributions of the
Republik Federal Jerman. Subsidi sebesar Federal Republic of Germany. The subsidy
Rp661.000.000 (enam ratus enam puluh in amount of Rp661,000,000 (six hundred
satu juta rupiah) ditujukan khusus untuk sixty one million Indonesian rupiah) is
pembayaran Pelaksanaan Pelatihan intended exclusively for the payment of
Proyek Investasi Infrastruktur “Linking Implementation of the training course
Cities” sehubungan dengan pembiayaan “Linking Cities” Infrastructure Investment
untuk pegawai dari kota di Indonesia dan Projects to Finance for the Benefit of Staff
pelaksanaan dari Learning Exchange of the Indonesian Cities and
Program antara Perusahaan dan PPP Implementation of Learning Exchange
Center Philippines. Program between the Company and PPP
Center Philippines.
k. Perjanjian Donasi dengan Li Ka Shing k. Donation Agreement with Li Ka Shing
(Overseas) Foundation dan Hutchison (Overseas) Foundation and Hutchison
International Limited International Limited
Pada tanggal 23 Oktober 2018, On October 23, 2018, the Company
Perusahaan menerima dana donasi dari Li received donation fund from Li Ka Shing
Ka Shing (Overseas) Foundation dan (Overseas) Foundation and
Hutchison International Limited masing- Hutchison International Limited amounted
masing sebesar USD3.000.000 dan to USD3,000,000 and USD2,000,000
USD2.000.000 dengan tujuan untuk respectively, for the victims of natural
membantu korban bencana alam yang disaster occurred in Palu, Donggala and
terjadi di Palu, Donggala dan Sigi melalui Sigi, Indonesia through the rehabilitation
tahapan rehabilitasi dan rekonstruksi guna and reconstruction stages to support the
mendukung pembangunan infrastruktur social infrastructure development.
sosial.

126
Donasi ini akan dikonversi menjadi rupiah The donation will be converted to Rupiah
pada nilai spot saat perjanjian. on spot value at disbursement date.
Penggunaan dan penyaluran donasi Utilization and distribution of the Donation
dilakukan dengan, namun tidak terbatas shall be made by, but not limited to:
pada:
- Pemberian uang tunai dalam bentuk - Cash provisions in the form of grant;
hibah;
- Penyerahaan barang; - Delivery of goods;
- Penyerahan jasa, termasuk namun - Delivery of services, including but not
tidak terbatas pada pendampingan limited to technical assistance and
teknis dan peningkatan kapasitas; capacity building; and/or
dan/atau
- Cara-cara pengurangan risiko untuk - De-risking tools for financing, with a
pembiayaan, dengan skema scheme of blended finance or any de-
pembiayaan campuran atau skema risking scheme, including but not
pengurangan risiko apapun, termasuk limited to interest rate subsidy.
namun tidak terbatas pada subsidi
tingkat bunga.
Adapun jangka waktu perjanjian adalah A period of the agreement is 3 (three)

3 tahun sejak tanggal pencairan yang years since the disbursement date which
dapat diperpanjang, dikembalikan ataupun can be extended, returned or distributes all
disalurkan seluruh sisanya melalui Badan of the remaining donation that has not
Nasional Penanggulangan Bencana been utilized through cash provision to the
(BNPB) atau Pemerintah Daerah Palu, National Board of Disaster Management
Donggala, dan Sigi dalam waktu 30 hari (“BNPB”) or Regional Government of Palu,
kerja setelah periode penggunaan Donggala and Sigi within 30 (thirty)
berakhir, berdasarkan persetujuan tertulis business days after the end of the
dari Donor. utilization period, based on approval from
the Foundation.
l. Dana Pembiayaan Infrastruktur Sektor l. Geothermal Infrastructure Funds

Panas Bumi

Perusahaan menerima penambahan received the additional capital from the
setoran modal saham yang berasal dari transfer of assets of Government
pengalihan aset Pusat Investasi Investment Center (PIP) which consisted of
Pemerintah (PIP) yang terdiri dari kas dan cash and cash equivalent and loan
setara kas dan pinjaman diberikan receivable (Note 27). From total cash and
(Catatan 27). Atas kas dan setara kas yang cash equivalent, there was geothermal
diterima tersebut, terdapat dana fund amounted to Rp3,129,500,000,000
geothermal sebesar Rp3.129.500.000.000 which will used the Company for
yang akan digunakan oleh Perusahaan infrastructure financing in geothermal
untuk pembiayaan infrastruktur sektor sector.
geothermal.
Berdasarkan Peraturan Menteri Keuangan According to Ministry of Finance of

Republik Indonesia Nomor Republic Indonesia Regulation Number
232/PMK.06/2015 tentang Pelaksanaan 232/PMK.06/2015 on the implementation of
Pengalihan Investasi Pemerintah dalam transfer of the Government’s Investment in
Pusat Investasi Pemerintah menjadi Government Investment Center (PIP) to be
Penyertaan Modal Negara pada the State Capital Investment in State-
Perusahaan Perseroan (Persero) Owned Company (Persero) PT Sarana
PT Sarana Multi Infrastruktur, sepanjang Multi Infrastruktur, as long as the regulation
belum diterbitkannya peraturan menteri regarding geothermal fund has not been
tentang pembiayaan geothermal. issued.

127
Perusahaan dapat menggunakan dana the Company may use the funds for:
tersebut untuk:
a. Pembiayaan infrastruktur; a. Infrastructure financing;
b. Penempatan dana dalam bentuk Surat b. Fund placements in the form of
Utang Negara, Sertifikat Bank Sovereign Debt Instruments, Bank
Indonesia, dan/atau instrument Indonesia Certificates, and or other
keuangan lainya sesuai dengan financial instruments in accordance
ketentuan peraturan perundang- with statutory provisions.
undangan.
Berdasarkan PMK nomor 62/PMK.08/2017 According to Ministry of Finance

tanggal 12 Mei 2017 tentang Pengelolaan Regulation Number 62/PMK.08/2017 dated
Dana Pembiayaan Infrastruktur Sektor 12 May 2017 about Management of
Panas Bumi pada Perusahaan Perseroan Geothermal Sector Infrastructure Financing
(Persero) PT Sarana Multi Infrastruktur, Funds in State-Owned Company (Persero)
Perusahaan dapat mengelola Dana PT Sarana Multi Infrastruktur, the
Penyediaan Infrastruktur Sektor Panas Company shall manage the Geothermal
Bumi melalui kegiatan: Fund through:
a. Pemberian pinjaman; a. Loan;
b. Penyertaan modal; dan/atau b. Equity investment; and/or
c. Penyediaan Data dan Informasi c. Provision of Geothermal Data and
Panas Bumi. Information.
35. Aset dan Liabilitas Moneter dalam Mata 35. Monetary Assets and Liabilities
Uang Asing Denominated in Foreign Currency
Pada tanggal 31 Desember 2018 dan As of December 31, 2018 and 2017, the
2017, Perusahaan memiliki aset dan liabilitas Company had monetary assets and liabilities
moneter dalam mata uang asing sebagai denominated in foreign currencies as follows:
berikut:
2018
Mata uang asing/ Ekuivalen/
Foreign currency Equivalent
USD JPY Rp
Aset Asset
Kas dan setara kas 45,438,412 -- 657,993,643,013 Cash and cash equivalent
Dana dibatasi penggunaannya 8,850,207 -- 128,159,846,698 Restricted fund
Efek-efek 35,784,235 -- 518,191,502,835 Securities
Pinjaman diberikan 619,846,531 -- 8,975,997,611,197 Loan receivables
Pendapatan masih harus diterima 5,703,798 -- 82,596,692,756 Accrued income
Jumlah aset 715,623,183 -- 10,362,939,296,499 Total asset
Pinjaman diterima dari bank dan Loans received from banks and
lembaga keuangan lainnya 477,043,715 11,060,000,000 8,358,203,041,310 other financial institution
Beban akrual 2,081,115 1,536,111 30,338,028,132 Accrued expenses
Pemerintah Republik Indonesia 188,045,246 -- 2,723,083,204,158 Republic of Indonesia
Liabilitas lain-lain 15,225,500 -- 220,480,465,500 Other liabilities
Jumlah liabilitas 682,395,576 11,061,536,111 11,332,104,739,100 Total liabilities
(Liabilitas) Aset moneter - bersih 33,227,607 (11,061,536,111) (969,165,442,601) Monetary (liabilities) asset - net

128
2017
Mata uang asing/ Ekuivalen/
Foreign currency Equivalent
USD JPY Rp
Aset Asset
Kas dan setara kas 20,002,463 -- 270,993,366,554 Cash and cash equivalent
Dana dibatasi penggunaannya 5,429,717 -- 73,561,801,716 Restricted fund
Efek-efek 37,818,690 -- 512,367,612,120 Securities
Pinjaman diberikan 548,427,648 -- 7,430,097,777,528 Loan receivables
Pendapatan masih harus diterima 4,878,328 -- 66,091,588,150 Accrued income
Jumlah aset 616,556,846 -- 8,353,112,146,068 Total asset
lembaga keuangan lainnya 274,251,650 -- 3,715,561,347,970 other financial institution
Beban akrual 1,926,536 -- 26,100,703,089 Accrued expenses
Surat utang diterbitkan 99,978,661 -- 1,354,510,900,791 Debt securities issued
Pemerintah Republik Indonesia 192,574,254 -- 2,608,995,997,588 Republic of Indonesia
Liabilitas lain-lain 6,392,607 -- 86,607,042,888 Other liabilities
Jumlah liabilitas 575,123,708 -- 7,791,775,992,326 Total liabilities
Aset moneter - bersih 41,433,138 -- 561,336,153,742 Monetary asset - net
Kurs yang digunakan oleh Perusahaan untuk The foreign exchange rates used by the
menjabarkan aset dan liabilitas moneter dalam Company’s to translate the monetary assets
mata uang asing adalah kurs tengah Bank and liabilities denominated in foreign
Indonesia dengan rincian sebagai berikut: currencies are middle rate exchange
determined by Bank Indonesia as follows:
18 Februari/
February 31 Desember/ December,
2019 2018 2017
Dolar Amerika Serikat 14,106 14,481 13,548 United States Dollars

100 Yen Jepang 12,762 13,111 12,022 100 Japanese Yen
36. Kategori dan Kelas Instrumen Keuangan 36. Categories and Classes of Financial
Instruments
Berikut ini adalah kategori aset dan liabilitas The following are the financial assets and
keuangan Perusahaan per 31 Desember 2018 liabilities of the Company as of December 31,
dan 2017: 2018 and 2017:
2018
Tersedia untuk dijual/
Diukur pada nilai wajar
melalui penghasilan
Pinjaman komprehensif lain/ Liabilitas pada Nilai wajar pada
yang diberikan Available-for-sale/ Diukur dengan biaya perolehan Laba rugi/
dan piutang/ Fair value through biaya perolehan/ diamortisasi/ Fair value through
Loan receivables other comprehensive Measured Liabilities at Profit and
and receivables income at cost amortized cost Loss
Aset keuangan Financial assets

Kas dan setara kas 7,599,090,796,763 -- -- -- -- Cash and cash equivalents
Dana dibatasi penggunaannya 204,349,247,677 -- -- -- -- Restricted f unds
Efek-efek -- 4,246,873,454,922 254,316,451,084 -- -- Securities
Pinjaman diberikan dan Pembiayaan/ Loan receivables and
Piutang Syariah 45,611,115,334,507 -- -- -- -- Sharia Financing/ Receivables
Piutang atas penugasan Receivable f rom assignment
fasilitasi penyiapan proyek 15,389,784,580 -- -- -- -- for facilitiation on project preparation
Penyertaan saham -- 2,858,204,923,900 -- -- -- Investment in equity
Pendapatan masih harus diterima 553,597,534,694 -- -- -- -- Accrued income
Jumlah 53,983,542,698,221 7,105,078,378,822 254,316,451,084 -- -- Total

129
2018
melalui penghasilan
yang diberikan Available-for-sale/ Diukur dengan biaya perolehan Laba rugi/
Liabilitas keuangan Financial liabilities

Pinjaman diterima dari Bank dan Loan from Banks and other
lembaga keuangan lainnya -- -- -- 8,558,203,041,310 -- financial institutions
Beban Akrual -- -- -- 269,780,612,310 -- Accrued expenses
Liabilitas derivatif -- -- -- -- 2,086,893,667 Derivative liabilities
Surat utang yang diterbitkan -- -- -- 12,736,471,270,268 -- Debt securities issued
Green bond yang diterbitkan -- -- -- 496,304,005,715 -- Green bond issued
Pinjaman diterima dari Borrow ings f rom the Government
Pemerintah Republik Indonesia -- -- -- 3,358,083,204,158 -- of Republic of Indonesia
Liabilitas lain-lain -- -- -- 254,229,809,085 -- Other liabilities
Jumlah -- -- -- 25,673,071,942,847 2,086,893,667 Total
2017
melalui penghasilan
yang diberikan Available-for-sale / Diukur dengan biaya perolehan Laba rugi/

Kas dan setara kas 15,398,138,608,077 -- -- -- -- Cash and cash equivalents
Dana dibatasi penggunaannya 170,061,801,716 -- -- -- -- Restricted f unds
Efek-efek -- 2,867,638,589,487 -- -- -- Securities
Pinjaman diberikan dan Pembiayaan/ Loan receivables and
Piutang Syariah 33,323,777,526,587 -- -- -- -- Sharia Financing/ Receivables
Piutang atas penugasan Receivable f rom assignment
fasilitasi penyiapan proyek 12,746,535,957 -- -- -- -- for facilitiation on project preparation
Penyertaan saham -- 2,091,640,820,610 -- -- -- Investment in equity
Pendapatan masih harus diterima 325,171,969,561 -- -- -- -- Accrued income
Piutang karyawan 8,361,665,200 -- -- -- -- Employee receivables
Jumlah 49,238,258,107,098 4,959,279,410,097 -- -- -- Total

Pinjaman diterima dari Bank dan Loan from Banks and other
lembaga keuangan lainnya -- -- -- 3,715,561,347,970 -- financial institutions
Beban akrual -- -- -- 216,366,964,020 -- Accrued expenses
Liabilitas derivatif -- -- -- -- 44,195,817,382 Derivative liabilities
Surat utang yang diterbitkan -- -- -- 14,243,218,865,512 -- Debt securities issued
Pinjaman diterima dari Borrowings f rom the Government
Pemerintah Republik Indonesia -- -- -- 2,608,995,997,588 -- of Republic Indonesia
Liabilitas lain-lain -- -- -- 115,715,250,193 -- Other liabilities
Jumlah -- -- -- 20,899,858,425,283 44,195,817,382 Total
37. Instrumen Keuangan, Manajemen Risiko 37. Financial Instruments, Financial Risk and
Keuangan dan Risiko Modal Capital Risk Management
Perusahaan senantiasa melakukan The Company continually manages its

pengelolaan risiko secara menyeluruh dengan organization-wide risk by observing the
memperhatikan regulasi dan praktek terbaik di regulations and best practices in the financial
industri keuangan dalam rangka memastikan services industry in order to achieve the
tercapainya visi dan misi Perusahaan. Company’s vision and mission.
Dalam menerapkan pengelolaan risiko secara The implementation of organization-wide risk

menyeluruh, Perusahaan antara lain telah management includes the utilization of, among
menerapkan Internal Scoring Model untuk others, Internal Scoring Models for Project
Project Rating, Corporate Rating, dan Rating, Corporate Rating, and Municipal
Municipal Rating. Rating.
Perusahaan senantiasa melakukan The Company continues to develop risk

pengembangan metodologi pengelolaan management methodology according to the
manajemen risiko sesuai kebutuhan dan needs and complexity of the business
kompleksitas aktivitas usaha. activities.

130
a. Tujuan dan kebijakan manajemen risiko a. Financial risk management objectives

keuangan and policies
Tujuan dan kebijakan manajemen risiko The policies and objectives of financial risk
keuangan Perusahaan adalah untuk management are in place to ensure that
memastikan bahwa sumber daya financial resources are sufficient to carry
keuangan yang memadai tersedia untuk out the activities and business
menjalankan aktivitas dan pengembangan development, as well as to manage the
usaha, serta untuk mengelola risiko kredit, credit risk, equity investment risk, market
risiko penyertaan modal, risiko pasar (baik risk (including foreign exchange and
risiko nilai tukar dan risiko tingkat suku interest rate risk), liquidity risk and other
bunga), risiko likuiditas, dan risiko-risiko risks.
lainnya.
i. Manajemen risiko nilai tukar mata i. Foreign exchange risk management
uang asing
Perusahaan berpotensi terpengaruh The Company is potentially exposed to
atas setiap fluktuasi nilai tukar mata foreign exchange rate fluctuations
uang apabila terjadi selisih antara which may arise from the difference
posisi aset dan liabilitas dalam mata between assets and liabilities position
uang asing. Mulai tahun 2014, in foreign currency denomination.
Perusahaan memiliki sumber Since 2014 the Company has
pendanaan dalam bentuk Dolar established funding source in United
Amerika Serikat (bank loans) yang States Dollars (bank loans) which is
disalurkan kembali sebagai subsequently disbursed through the
pembiayaan dalam mata uang yang financing in the same denomination.
sama.
Perusahaan mengelola eksposur The Company manages the foreign
terhadap mata uang asing dengan currency exposure by maintaining the
menjaga keseimbangan komposisi balance of financial assets and
aset dan liabilitas moneter dalam mata liabilities in foreign currency. The
uang asing. Jumlah eksposur mata Company’s net open foreign currency
uang asing bersih Perusahaan pada exposure as of reporting date is
tanggal pelaporan diungkapkan dalam disclosed in Note 35.
Catatan 35.
Tabel berikut merinci sensitivitas The following table details the
Perusahaan terhadap peningkatan Company’s sensitivity to a 5%
dan penurunan 5% dalam nilai tukar increase and decrease in the Rupiah
Rupiah terhadap mata uang asing against the relevant foreign currencies.
yang relevan. 5% adalah tingkat 5% is considered as the significant
sensitivitas terhadap perubahan yang sensitivity rate by management when
mungkin terjadi pada nilai tukar valuta assessing the reasonably possible
asing yang dianggap signifikan change in foreign exchange rates. The
oleh manajemen. Dampak impact of the 5% weakening/
pelemahan/penguatan 5% kurs strengthening of Rupiah against
Rupiah terhadap Dolar Amerika United States Dollar would potentially
Serikat, berpotensi membuat laba make the net income after tax as of
setelah pajak posisi 31 Desember Desember 31, 2018 and 2017,
2018 dan 2017 masing-masing respectively increased/decreased by
meningkat/menurun sebesar 4,38% 4.38%, and 3,49%.
dan 3,49%.
2018 2017
± 5% ± 5%
Laba rugi setelah pajak 67,069,578,792 44,066,279,915 Profit or loss after tax

131
Menurut pendapat manajemen, In management’s opinion, the

analisis sensitivitas tidak representatif sensitivity analysis is unrepresentative
dari risiko valuta asing melekat karena of the inherent foreign exchange risk
eksposur pada akhir periode because the exposure at the end of
pelaporan tidak mencerminkan the reporting period does not reflect
eksposur selama tahun berjalan. the exposure during the year.
Swap Mata Uang, Suku Bunga dan Cross Currency, Interest Rate Swap
Forward Mata Uang and Currency Forward
Pada triwulan I tahun 2018, In the first quarter of 2018, the
Perusahaan memiliki kontrak swap Company has cross currency and
mata uang dan suku bunga serta interest rate swap contracts. Such
forward mata uang. Kontrak tersebut contracts enable the Company to
memungkinkan Perusahaan untuk mitigate the risk of changes in
mengurangi risiko perubahan nilai exchange rate of United States Dollar
tukar Dolar Amerika Serikat terhadap against Rupiah and changes in
Rupiah dan perubahan suku bunga interest rate on loans.
atas pinjaman yang diberikan.
Seluruh swap suku bunga, swap mata All interest rate swaps and cross
uang, carrying forwards exchanging currency swaps, carrying forwards
interest dan pembayaran pokok dalam exchanging interest and principal
USD ke IDR ditetapkan sebagai payments of borrowings in USD to IDR
lindung nilai arus kas untuk are designated as cash flow hedges in
mengurangi paparan arus kas order to reduce the Company’s cash
Perusahaan akibat fluktuasi nilai tukar flow exposure resulting from
dan suku bunga. Swap suku bunga fluctuation of exchange rates and
dan pembayaran bunga pinjaman interest rates. The interest rate swaps
terjadi secara simultan dan jumlah and the interest payments on the loan
akumulasi tercatat di ekuitas occur simultaneously and the amount
direklasifikasi ke laba rugi selama accumulated in equity is reclassified to
periode pembayaran bunga dan pokok profit or loss over the period that the
utang dalam USD mempengaruhi laba interest and principal payments in
rugi. Pada akhir Maret 2018, seluruh USD on debt affects profit or loss. At
kontrak tersebut telah jatuh tempo dan the end of March 2018, all such
derivatif Perusahaan melakukan derivative contracts have matured and
natural hedge untuk memitigasi risiko the Company do the natural hedge to
nilai tukar mata uang. mitigate the foreign exchange risk.
Pada tanggal 28 Desember 2018, On December 28, 2018, in connection

sehubungan dengan penarikan with the withdrawal of loan facilities in
fasilitas pinjaman dalam mata uang JPY and the Company's efforts to
JPY dan upaya Perusahaan untuk minimize currency risk, the Company
meminimalkan risiko mata uang, hedged these loan facilities by
Perusahaan melakukan lindung nilai conducting transactions - hedging
atas fasilitas pinjaman tersebut transactions, the Company entered
dengan melakukan transaksi - into a Currency Swap and Coupon
transaksi lindung nilai, antara lain Swap transaction with a notional
Currency Swap dan Coupon Swap amount of JPY11,060,000,000 (in the
dengan notional sebesar amount of withdrawal of the loan
JPY11.060.000.000 (sebesar jumlah facility in JPY), the maturity date is
penarikan fasilitas pinjaman dalam December 28, 2021.
mata uang JPY), tanggal jatuh tempo
pada 28 Desember 2021.

132
ii. Manajemen risiko tingkat bunga ii. Interest rate risk management
Analisis sensitivitas suku bunga Interest rate sensitivity analysis

Perusahaan juga terekspos terhadap The Company is also exposed to
dampak perubahan tingkat bunga changes in interest rates mainly due to
terutama karena adanya dampak the impact such changes may have on
perubahan terhadap pinjaman yang borrowings that carry floating interest
mempunyai tingkat bunga rate. To manage the interest rate risk,
mengambang. Untuk mengelola risiko the Company has a policy of obtaining
tingkat bunga, Perusahaan memiliki financing that would provide an
kebijakan dalam memperoleh appropriate mix of floating and fixed
pembiayaan yang akan memberikan interest rates.
campuran yang sesuai tingkat suku
bunga mengambang dan tingkat suku
bunga tetap.
Saat ini eksposur Perusahaan atas Currently, the Company’s exposure to

risiko tingkat bunga terbatas pada interest rates risk is limited to the
pembiayaan dengan suku bunga financing with floating interest rate
mengambang yang tidak dilakukan which is not hedged.
lindung nilai.
Analisis sensitivitas di bawah ini telah The sensitivity analysis below have
ditentukan berdasarkan eksposur suku been determined based on the
bunga untuk instrumen keuangan pada exposure to interest rates for financial
akhir periode pelaporan. Untuk instruments at the end of the reporting
liabilitas tingkat suku bunga period. For floating rate liabilities, the
mengambang, analisis tersebut analysis is prepared under the
disusun dengan asumsi jumlah assumption that the amount of the
liabilitas terutang pada akhir periode liability outstanding at the end of the
pelaporan itu terutang sepanjang reporting period was outstanding for
tahun. Kenaikan atau penurunan 50 the whole year. A 50 basis point
basis poin dianggap signifikan dalam increase or decrease is considered
penilaian manajemen terhadap significant in the management's
perubahan yang mungkin terjadi pada assessment of the reasonably possible
suku bunga. change in interest rates.
Jika suku bunga lebih tinggi atau If interest rates had been 50 basis
rendah 50 basis poin dan semua points higher or lower and all other
variabel lainnya tetap konstan, variables were held constant, the
Perusahaan: Company:
- Laba untuk tahun-tahun yang - Profit for the years ended
berakhir 31 Desember 2018 dan December 31, 2018 and 2017
2017 akan turun atau naik would decrease or increase by
masing-masing sebesar Rp189,214,807,537 and
Rp189.214.807.537 dan Rp143,160,129,597, after tax,
Rp143.160.129.597, setelah pajak respectively. This was mainly
Hal ini terutama disebabkan oleh caused by the Company’s
eksposur Perusahaan terhadap exposure to the interest rates on
suku bunga atas pinjaman yang its variable rate borrowings.
diberikan dengan suku bunga
mengambang.

133
- Pendapatan komprehensif lain - Other comprehensive for the years

untuk tahun-tahun yang berakhir ended December 31, 2018 and
31 Desember 2018 dan 2017 akan 2017, would increase or
naik atau turun Rp7.617.435 dan decrease Rp7,617,435 and
Rp2.338.607.923, terutama Rp2,338,607,923, mainly as a
sebagai akibat dari perubahan nilai result of the changes in the fair
wajar atas instrumen efek tersedia value of the available-for-sale fixed
untuk dijual dengan tingkat suku rate investments.
bunga tetap.
Risiko harga lain Other price risks

Perusahaan terekspos risiko harga The Company is exposed to price risk
yang timbul dari investasi. Investasi arising from investments. Investments
dimiliki untuk tujuan strategis dan are held for strategic purpose and the
Perusahaan tidak aktif Company does not actively trade these
memperdagangkan investasi yang investments.
ada.
Analisis sensitivitas harga ekuitas Equity price sensitivity analysis
Analisis sensitivitas dibawah telah The sensitivity analysis below have
ditentukan berdasarkan eksposur been determined based on the
terhadap risiko harga instrumen pada exposure to instruments price risk at
akhir periode pelaporan. the end of the reporting period.
Jika harga instrumen 5% lebih tinggi If instruments price had been 5%
atau rendah, maka pendapatan higher or lower then other
komprehensif lainnya untuk tahun comprehensive income for the years
yang berakhir 31 Desember 2018 dan ended December 31, 2018 and 2017
2017 akan naik atau turun masing- would decrease or increase by
masing sebesar Rp225.059.495.300 Rp225,059,495,300 and
dan Rp143.381.929.474 sebagai Rp143,381,929,474, respectively, as a
akibat dari perubahan nilai wajar efek result of the changes in fair value of
tersedia untuk dijual. available for sale shares.
iii. Manajemen risiko kredit iii. Credit risk management
Risiko kredit mengacu pada risiko Credit risk refers to the risk that a
dimana counterparty gagal dalam counterparty will default on its
memenuhi kewajiban kontraktualnya contractual obligation resulting in a
yang mengakibatkan kerugian bagi loss to the Company.
Perusahaan.
Saat ini risiko kredit Perusahaan Currently, the Company’s credit risk is
terutama melekat pada pinjaman yang primarily attributed to loans receivables
diberikan (pembiayaan komersial, and sharia financing and receivable
pembiayaan daerah maupun and placement of its cash in banks.
pembiayaan syariah) dan penempatan The Company has a strict policy of
pada bank. Perusahaan memiliki managing credit risk which is to lend
kebijakan yang ketat dalam mengelola and finance to trust-worthy borrowers
risiko kredit yaitu hanya memberikan that have meet investment grade
pembiayaan kepada debitur yang category based on internal rating
layak dan masuk dalam kategori assessment and place its bank
peringkat investasi berdasarkan hasil balances and mutual funds only to the
peringkat internal serta menempatkan trustworthy financial institutions with
saldo bank dan unit penyertaan sufficient credit rating.
reksadana hanya pada institusi
keuangan yang memiliki peringkat
yang layak serta terpercaya.
134
Untuk aktivitas investasi atas For its investment activity on excess

kelebihan dana (idle funds) yang idle funds, the Company always
tersedia, Perusahaan selalu implements prudent and conservative
menerapkan prinsip kehati-hatian principles where the Company only
(prudent) dan konservatif dimana invests its funds on assets with
Perusahaan hanya melakukan underlying investment that has
penempatan pada aset dengan sufficient credit rating and limit the
underlying investment yang investment period of maximum one
mendapatkan rating kredit yang layak year.
serta membatasi periode maksimum
satu tahun.
Nilai tercatat aset keuangan pada The carrying amount of financial

laporan keuangan setelah dikurangi assets recorded in the financial
dengan cadangan kerugian penurunan statements, net of any allowance for
nilai yang mencerminkan eksposur losses represents the Company’s
Perusahaan terhadap risiko kredit. exposure to credit risk.
Agunan pinjaman diberikan Collateral of loan receivables

Perusahaan memberikan pinjaman The Company provides loans to
untuk pembiayaan proyek-proyek finance infrastructure projects in the
infrastruktur dalam bentuk form of working capital financing,
pembiayaan modal kerja, pembiayaan investment financing (both of corporate
investasi (baik berupa corporate finance and project finance) and
finance atau project finance) dan subordinated debt. Financing of
hutang subordinasi. Pembiayaan working capital and investments are
modal kerja dan investasi yang generally secured by collateral in the
diberikan pada umumnya dijamin form of one or a combination of fixed
dengan agunan berupa salah satu assets, shares, machinery or
atau kombinasi dari aset tetap, saham, equipment, accounts receivable, bank
mesin atau peralatan, piutang, accounts, personal and corporate
rekening bank, jaminan perusahaan guarantees, or other relevant
atau personal dan jaminan lain yang guarantees as well as performed as a
relevan, serta dilakukan pengikatan binding mortgage, lien or fiduciary.
secara hak tanggungan, gadai atau
fidusia.
Pada beberapa debitur, pemberian To some debtors, loans were provided

pinjaman diberikan secara sindikasi by the way of syndicated loan or club
atau club deal dengan melibatkan deal involving at least two creditors. In
minimal dua kreditur. Dalam hal ini, this case, the collateral received is in
agunan yang diterima dilakukan accordance with the Company’s
pengikatan secara pari passu sesuai portion on the syndicated loan
proporsional dengan nilai fasilitas yang provided to the debtor.
diberikan.
Agunan milik Perusahaan terdiri atas: The Company’s collateral consist of:
1. First way out, merupakan agunan 1. First way out, represents a
yang didasarkan keyakinan collateral that is based on the
terhadap kemampuan debitur ability of the debtor to repay their
untuk membayar kembali loans, with funds derived from
pinjamannya, dengan dana yang activities financed by the
berasal dari aktivitas usaha yang corresponding loan, which is
dibiayai dengan pinjaman reflected in the cash flow of the
tersebut, yang tercermin dalam debtor that is calculated by
arus kas debitur yang diperoleh analyzing and
135
dengan melakukan analisis dan evaluating the characteristic,

evaluasi atas karakter, ability, capital structure and
kemampuan, modal serta prospek business prospects;
usaha;
2. Second way out, merupakan 2. Second way out, represent
agunan yang didasarkan atas collateral that based on the
likuidasi yang akan dilakukan di liquidation of the collateral that will
kemudian hari apabila first way out be done in the future in case of the
tidak dapat digunakan sebagai alat first way out can not be used to
pelunasan pinjaman. repay the loan.
iv. Manajemen risiko likuiditas iv. Liquidity risk management

Risiko likuiditas terutama dari Liquidity risk arises from general
pendanaan umum aktivitas usaha funding of the Company’s operations.
Perusahaan. Perusahaan mengelola The Company manages liquidity risk
risiko likuiditas dengan menjaga by maintaining adequate liquid assets,
kecukupan aset likuid, fasilitas borrowing facilities and by
pinjaman dan dengan terus menerus continuously monitoring forecast and
memonitor perkiraan dan realisasi realized cash flows and managing the
arus kas serta mengelola profil jatuh maturity profiles of financial assets and
tempo aset dan liabilitas keuangan. liabilities. The Company also monitors
Perusahaan juga melakukan monitor the liquidity position against available
secara berkala posisi likuiditas maximum limit policy.
terhadap ketentuan limit yang berlaku.
Posisi likuiditas Perusahaan masih The company's liquidity position has

tergolong aman. Pada periode di atas been relatively safe. In the period
1 sampai dengan 3 tahun, Perusahaan between 1 to 3 years, the Company
memiliki selisih kurang pada profil had negative differences in the
jatuh tempo aset dan liabilitas maturity profile of financial assets and
keuangan. Namun selisih tersebut liabilities. The difference, however,
tergolong tidak signifikan bila was relatively insignificant compared
dibandingkan dengan permodalan dan to the capital and to the potential
potensi pemupukan laba Perusahaan company profit on the period.
pada periode tersebut.
2018
Lebih dari satu Lebih dari tiga
tahun tetapi tahun tetapi
tidak lebih dari tidak lebih dari
Dalam tiga tahun/ lima tahun/ Lebih dari
satu tahun/ Over one year Over three years lima tahun/
Within but not longer but not longer Over five Jumlah/
one year than three years five years years Total

Kas dan setara kas 7,599,090,796,763 -- -- -- 7,599,090,796,763 Cash and cash equivalents
Dana dibatasi
penggunaannya 204,349,247,677 -- 204,349,247,677 Restricted funds
Efek-efek 2,909,190,584,365 339,243,275,291 929,935,133,628 322,820,912,722 4,501,189,906,006 Securities
Pinjaman diberikan dan Loan receivables and sharia
Pembiayaan/ piutang Syariah 5,634,137,384,258 7,204,077,426,855 9,069,252,814,872 23,703,647,708,522 45,611,115,334,507 financing/ Receivables
Receivables from assignment
Piutang atas penugasan facilitation on project
fasilitasi penyiapan proyek 15,389,784,580 -- -- -- 15,389,784,580 preparation
Pendapatan masih
harus diterima 553,597,534,694 -- -- -- 553,597,534,694 Accrued income
Piutang karyawan 1,057,891,802 1,624,536,464 1,173,206,407 1,479,870,528 5,335,505,200 Employee receivables
Jumlah 16,916,813,224,139 7,544,945,238,610 10,000,361,154,907 24,027,948,491,772 58,490,068,109,428 Total

136
2018

Pinjaman diterima dari Loans received from
bank dan Lembaga banks and other
keuangan lainnya 199,340,153,518 5,688,716,481,932 -- 2,670,146,405,860 8,558,203,041,310 financial institutions
Beban akrual 269,780,612,310 -- -- -- 269,780,612,310 Accrued expenses
Liabilitas derivatif 2,086,893,667 -- -- -- 2,086,893,667 Derivative liabilities
Surat utang, green bonds dan Debt securities, green bonds
sukuk mudharabah and sukuk mudharabah
yang diterbitkan - bersih 4,041,214,555,774 6,907,770,434,231 1,910,736,675,784 1,373,053,610,194 14,232,775,275,983 issued - net
Pinjaman diterima Borrowings from the
dari Pemerintah Government of
Republik Indonesia 111,498,042,328 393,549,794,131 311,314,471,990 2,541,720,895,708 3,358,083,204,158 Republic of Indonesia
Liabilitas lain-lain 254,229,809,085 -- -- -- 254,229,809,085 Other liabilities
Jumlah 4,878,150,066,682 12,990,036,710,294 2,222,051,147,775 6,584,920,911,763 26,675,158,836,513 Total
Bersih 12,038,663,157,458 (5,445,091,471,684) 7,778,310,007,132 17,443,027,580,009 31,814,909,272,915 Net
2017

Kas dan setara kas 15,398,138,608,077 -- -- -- 15,398,138,608,077 Cash and cash equivalents
Dana dibatasi
penggunaannya 170,061,801,716 -- -- -- 170,061,801,716 Restricted funds
Efek-efek 1,705,982,762,701 250,016,316,248 520,102,311,903 391,537,198,635 2,867,638,589,487 Securities
Pinjaman diberikan dan Loan receivables and sharia
Pembiayaan/ piutang Syariah 5,742,548,864,895 5,447,510,944,204 5,337,748,948,934 16,795,968,768,554 33,323,777,526,587 financing/ Receivables
Receivables from assignment
Piutang atas penugasan facilitation on
fasilitasi penyiapan proyek 12,746,535,957 -- -- -- 12,746,535,957 project preparation
Pendapatan masih
harus diterima 325,171,969,561 -- -- -- 325,171,969,561 Accrued income
Piutang karyawan 1,591,318,345 2,336,298,088 1,576,910,259 2,857,138,508 8,361,665,200 Employee receivables
Jumlah 23,356,241,861,252 5,699,863,558,540 5,859,428,171,096 17,190,363,105,697 52,105,896,696,585 Total

Pinjaman diterima dari Loans received from
bank dan Lembaga banks and other
keuangan lainnya -- 2,369,343,468,271 -- 1,346,217,879,699 3,715,561,347,970 financial institutions
Beban akrual 216,366,964,020 -- -- -- 216,366,964,020 Accrued expenses
Liabilitas derivatif 44,195,817,382 -- -- -- 44,195,817,382 Derivative liabilities
Surat utang yang
diterbitkan - bersih 2,553,460,478,904 7,646,300,934,420 2,670,660,185,248 1,372,797,266,940 14,243,218,865,512 Debt securities issued - net
Pinjaman diterima Borrowings from the
dari Pemerintah Government of
Republik Indonesia 61,521,972,144 310,005,860,614 244,785,710,626 1,992,682,454,204 2,608,995,997,588 Republic of Indonesia
Liabilitas lain-lain 115,715,250,193 -- -- -- 115,715,250,193 Other liabilities
Jumlah 2,991,260,482,643 10,325,650,263,305 2,915,445,895,874 4,711,697,600,843 20,944,054,242,665 Total
Bersih 20,364,981,378,609 (4,625,786,704,765) 2,943,982,275,222 12,478,665,504,854 31,161,842,453,920 Net
Fasilitas Pembiayaan Financing facilities

Perusahaan memperoleh pembiayaan dari The Company obtained financing facilities
pinjaman diterima dari bank dan lembaga from bank loans and other financial
keuangan lainnya untuk menunjang institutions for the Company’s operational
operasional Perusahaan seperti activities as described in Note 15. In 2014,
diungkapkan dalam Catatan 15. Pada the Company issued bonds in two series
tahun 2014, Perusahaan menerbitkan with a total of Rp1,000,000,000,000
obligasi dalam dua seri dengan (Note 19).
jumlah nominal Rp1.000.000.000.000
(Catatan 19).

137
Pada tahun 2016, Perusahaan In 2016, the Company obtained MTN with
menerbitkan MTN dengan nominal total USD100,000,000 and issued bonds in
USD100.000.000 dan obligasi dalam four series with a total of
empat seri dengan jumlah nominal Rp5,000,000,000,000 and obtained loan
sebesar Rp5.000.000.000.000 dan from MUFG Bank, Ltd and AFD with a
mendapatkan pinjaman dari MUFG Bank, total of USD60,000,000, as disclosed in
Ltd dan AFD sebesar USD60.000.000 Notes 19 and 15, respectively.
sebagaimana diungkapkan masing-masing
dalam Catatan 19 dan 15.
Pada tahun 2017, Perusahaan In 2017, the Company issued bonds in

menerbitkan obligasi dalam tiga seri three series with a total of
dengan jumlah nominal sebesar Rp7,000,000,000,000, as disclosed in
Rp7.000.000.000.000 sebagaimana Note 19.
diungkapkan dalam Catatan 19.
Pada tahun 2018 Perusahaan menerbitkan In 2018, the Company obtained green
green bonds dalam dua seri dengan bond in two series with a total of
jumlah nominal Rp500.000.000.000, sukuk Rp500,000,000,000, sukuk mudharabah in
mudharabah dalam dua seri dengan two series with a total
jumlah nominal Rp1.000.000.000.000 Rp1,000,000,000,000 and Obligasi
dan Obligasi Berkelanjutan I SMI Berkelanjutan I SMI tahap III with total
tahap III sebesar Rp1.045.250.000.000 Rp1,045,250,000,000 as disclosed in
sebagaimana diungkapkan masing-masing Notes 20 and 21, respectively.
dalam Catatan 20 dan 21.
Pada tahun 2018, jumlah penarikan atas In 2018, loan facility received withdrawn
fasilitas kredit yang diterima dari from AFD, MUFG Bank, Ltd in USD and
AFD, MUFG Bank, Ltd dalam USD dan Japanese Yen, UOB Indonesia and
Yen Jepang, UOB Indonesia dan PT Bank Mandiri (Persero) Tbk amounted
PT Bank Mandiri (Persero) Tbk masing- to USD100,000,000, USD89,000,000 and
masing sebesar USD100.000.000, JPY11,060,000,000, Rp200,000,000,000,
USD89.000.000 dan JPY11.060.000.000, USD100,000,000 and USD50,000,000,
Rp200.000.000.000, USD100.000.000 dan respectively as disclosed in Note 15.
USD50.000.000 sebagaimana
diungkapkan masing-masing dalam
Catatan 15.
Berikut ini komposisi fasilitas pembiayaan Below was the Company’s composition of
Perusahaan: the financing facilities:
2018 2017
Rp Rp
lembaga keuangan lainnya other financial ins titutions
Jumlah yang ditarik 8,558,203,041,310 3,739,248,000,000 Disbursed amount
Jumlah yang belum ditarik 2,580,529,964,690 2,381,038,652,030 Undisbursed amount
Jumlah 11,138,733,006,000 6,120,286,652,030 Total
Surat utang yang diterbitkan Debt securities issued

Jumlah yang diterbitkan 14,245,250,000,000 14,254,800,000,000 Issued amount
Pinjaman yang diterima dari Borrowings from Government of

Pemerintah Republik Indonesia Republic of Indonesia
Jumlah yang ditarik 3,358,083,204,158 2,608,995,997,588 Disbursed amount
Jumlah yang belum ditarik 5,330,516,795,842 2,810,204,002,412 Undisbursed amount
Jumlah 8,688,600,000,000 5,419,200,000,000 Total

138
b. Manajemen Risiko Modal b. Capital Risk Management

Perusahaan mengelola risiko modal untuk The Company manages the capital risk to
memastikan kemampuan melanjutkan ensure continued the business going
kelangsungan usaha, selain concern capabilities, in addition to
mengoptimalkan keuntungan para optimizing the profit of the shareholders
pemegang saham melalui optimalisasi through the optimization of the debt and
saldo utang dan ekuitas. equity balance.
Struktur modal Perusahaan berupa ekuitas The Company's capital structure are
pemegang saham (Catatan 27) dan shareholder’s equity (Note 27) and debt
pinjaman (Catatan 15, 19, 20, 21 dan 22). (Notes 15, 19, 20, 21 and 22).
Direksi Perusahaan secara berkala The Company’s Directors periodically

melakukan peninjauan kembali struktur review the Company's capital structure. As
permodalan Perusahaan. Sebagai bagian part of this review, the Directors consider
dari peninjauan kembali ini, Direksi the cost of capital and related risks.
mempertimbangkan biaya permodalan dan
risiko yang berhubungan.
Debt to equity ratio pada tanggal The debt to equity ratio as of December
31 Desember 2018 dan 2017 adalah 31, 2018 and 2017 are as follows:
sebagai berikut:
2018 2017
Rp Rp
Pinjaman 25,149,061,521,451 20,567,776,211,070 Debts

Ekuitas 35,575,889,656,179 34,321,152,953,748 Equity
Investasi (3,498,776,844,348) (2,759,168,633,303) Investments
Jumlah 57,226,174,333,282 52,129,760,531,515 Total
Rasio pinjaman terhadap modal 78.40% 65.17% Debt to equity ratio
38. Informasi Segmen 38. Segment Information
Perusahaan hanya memiliki satu segmen The Company has only one business segment,
usaha, yaitu pembiayaan infrastruktur yang which is infrastructure financing located in
berada di wilayah Indonesia sehingga seluruh Indonesia thus all the Company’s non current
aset tidak lancar Perusahaan juga berlokasi di assets are also located in Indonesia.
Indonesia.
Informasi mengenai pembiayaan yang Information about infrastructure financing used

digunakan untuk tujuan pelaporan manajemen for management reporting purposes is as
adalah sebagai berikut: follows:
2018 2017
Rp Rp
Pembiayaan komersial Commercial financing

Modal kerja 414,041,631,172 219,158,329,518 Working capital
Pembiayaan Pemda 116,374,389,186 58,874,718,801 Regional financing
Pembiayaan syariah- investasi 88,448,813,300 -- Sharia financing- investme
Lain-lain 1,177,588,664,136 719,746,796,248 Others
Jumlah Pendapatan Usaha 4,008,063,076,873 3,154,863,449,477 Total Revenues

139
39. Pengukuran Nilai Wajar 39. Fair Value of Financial Instruments
Nilai wajar instrumen keuangan yang dicatat Fair value of financial instruments carried at
pada biaya perolehan diamortisasi amortized cost
Kecuali sebagaimana tercantum dalam tabel Except as detailed in the table below,
berikut ini, manajemen berpendapat bahwa management believes that the carrying
nilai tercatat aset dan liabilitas keuangan yang amounts of financial assets and financial
dicatat sebesar biaya perolehan diamortisasi liabilities recorded at amortized cost in the
dalam laporan keuangan mendekati nilai financial statements approximate their fair
wajarnya baik yang jatuh tempo dalam jangka values either because of their short-term
pendek atau menggunakan tingkat suku bunga maturities or they carry market rates of interest.
pasar.
2018 2017
Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/
Carrying amount Fair value Carrying amount Fair value
Rp Rp Rp Rp
Liabilitas Keuangan dan Financial liabilities and

dana syirkah temporer syirkah temporary funds
Surat utang diterbitkan -bersih*) 14,232,775,275,983 13,914,566,307,915 14,243,218,865,512 14,393,848,871,728 Debt securities issued - net *)
*) Surat utang diterbitkan terdiri dari obligasi, green *) Debt securities issued consists of bonds, green bonds
bonds dan dana syirkah temporer (sukuk mudharabah) and syirkah temporary funds (sukuk mudharabah)
Teknik penilaian dan asumsi yang diterapkan Valuation techniques and assumptions applied
untuk tujuan pengukuran nilai wajar for the purposes of measuring fair value
Nilai wajar aset keuangan dan liabilitas The fair values of financial assets and financial
keuangan ditentukan sebagai berikut: liabilities are determined as follows:
 Nilai wajar aset keuangan dan liabilitas  The fair values of financial assets and
keuangan dengan syarat dan kondisi financial liabilities with standard terms and
standar dan diperdagangkan di pasar aktif conditions and traded on active liquid
ditentukan dengan mengacu pada harga markets are determined with reference to
pasar. quoted market prices.
 Nilai wajar instrumen derivatif dihitung  The fair values of derivative instruments
menggunakan harga kuotasian. Bila harga are calculated using quoted prices. Where
tersebut tidak tersedia, analisis arus kas such prices are not available, a discounted
diskonto dilakukan dengan menggunakan cash flow analysis is performed using the
kurva hasil yang berlaku selama instrumen applicable yield curve for the duration of
untuk non-opsional derivatif, dan model the instruments for non-optional
harga opsi untuk derivatif opsional. derivatives, and option pricing models for
Kontrak valuta berjangka mata uang asing optional derivatives. Foreign currency
diukur dengan menggunakan kurs kuotasi forward contracts are measured using
dan kurva yield yang berasal dari suku quoted forward exchange rates and yield
bunga kuotasi mencocokkan jatuh tempo curves derived from quoted interest rates
kontrak. Swap suku bunga diukur pada matching maturities of the contracts.
nilai kini dari arus kas masa depan yang Interest rate swaps are measured at the
diestimasi dan didiskontokan berdasarkan present value of future cash flows
kurva imbal hasil yang berasal dari suku estimated and discounted based on the
bunga kuotasi. applicable yield curves derived from
quoted interest rates.
 Nilai wajar aset keuangan dan liabilitas  The fair values of other financial assets
keuangan lainnya (tidak termasuk yang and financial liabilities (excluding those
dijelaskan di atas) ditentukan sesuai described above) are determined in
dengan model penentuan harga yang accordance with generally accepted
berlaku umum berdasarkan analisis pricing models based on discounted cash
discounted cash flow menggunakan harga flow analysis using prices from observable
dari transaksi pasar yang dapat diamati current market transactions and dealer
saat ini dan kutipan dealer untuk instrumen quotes for similar instruments.
sejenis.
140
2018
Tingkat 1/ Tingkat 2/ Tingkat 3/ Jumlah/
Level 1 Level 2 Level 3 Total
Rp Rp Rp Rp

Efek-efek Securities
Tersedia untuk dijual Available-for-sale
Medium Term Notes 12,000,000,000 -- -- 12,000,000,000 Medium Term Notes
Reksadana 2,648,699,433,590 -- -- 2,648,699,433,590 Mutual funds
Obligasi 1,461,975,912,928 -- -- 1,461,975,912,928 Bonds
Sukuk 378,514,566,425 101,061,300,000 -- 479,575,866,425 Sukuk
Penyertaan saham -- -- 2,858,204,923,900 2,858,204,923,900 Investment in share
Jumlah 4,501,189,912,943 101,061,300,000 2,858,204,923,900 7,460,456,136,843 Total

Liabilitas derivatif -- 2,086,893,667 -- 2,086,893,667 Derivative liabilities
Surat utang, green bonds dan Debt securities, green bonds
sukuk mudharabah and sukuk mudharabah
yang diterbitkan - bersih -- 14,232,775,275,983 -- 14,232,775,275,983 issued - net
Jumlah -- 14,234,862,169,650 -- 14,234,862,169,650 Total
2017
Tingkat 1/ Tingkat 2/ Tingkat 3/ Jumlah/
Level 1 Level 2 Level 3 Total
Rp Rp Rp Rp

Efek-efek Securities
Tersedia untuk dijual Available-for-sale
Medium Term Notes 50,000,000,000 -- -- 50,000,000,000 Medium Term Notes
Reksadana 1,616,317,105,650 -- -- 1,616,317,105,650 Mutual funds
Obligasi 1,100,260,193,837 -- -- 1,100,260,193,837 Bonds
Sukuk 101,061,300,000 -- -- 101,061,300,000 Sukuk
Penyertaan saham -- -- 2,091,640,820,610 2,091,640,820,610 Investment in share
Jumlah 2,867,638,599,487 -- 2,091,640,820,610 4,959,279,420,097 Total

Liabilitas derivatif -- 44,195,817,382 -- 44,195,817,382 Derivative liabilities
Surat utang diterbitkan - bersih -- 14,243,218,865,512 -- 14,243,218,865,512 Debt securities issued - net
Jumlah -- 14,287,414,682,894 -- 14,287,414,682,894 Total
Pengukuran nilai wajar diakui dalam laporan Fair value measurements recognized in the
posisi keuangan statement of financial position
Tabel berikut ini memberikan analisis dari The following table provides an analysis of
instrument keuangan yang diukur setelah financial instruments that are measured
pengakuan awal sebesar nilai wajar, subsequent to initial recognition at fair value,
dikelompokkan ke Tingkat 1 sampai 3 grouped into Levels 1 to 3 based on the
didasarkan pada sejauh mana nilai wajar degree to which the fair value is observable.
diamati.
 Tingkat 1: pengukuran nilai wajar diperoleh  Level 1: fair values measurements are
dari harga kuotasian pasar aktif those derived from quoted prices
(unadjusted) di pasar aktif untuk aset atau (unadjusted) in active markets for identical
liabilitas keuangan yang identik; assets or liabilities;
 Tingkat 2: pengukuran nilai wajar diperoleh  Level 2: fair value measurements derived
dari input selain dari harga kuotasian from inputs other than quoted prices
pasar yang termasuk dalam Tingkat 1 included within Level 1 that are observable
yang dapat diobservasi untuk aset dan for the asset or liability, either directly (i.e.
liabilitas, baik secara langsung (seperti as prices) or indirectly (i.e. derived from
harga) maupun tidak langsung (diperoleh prices);
dari harga);
 Tingkat 3: pengukuran nilai wajar diperoleh  Level 3: fair value measurements derived
dari teknik valuasi yang di dalamnya from valuation techniques that include
terdapat input untuk aset dan liabilitas inputs for the asset or liability that are not
yang tidak didasarkan pada data yang based on observable market data
dapat diobservasi di pasar (input yang (unobservable inputs).
tidak dapat diobservasi).

141
40. Informasi Tambahan Arus Kas 40. Supplemental Cash Flow Information
a. Transaksi Non-Kas a. Non-Cash Transactions
Tabel dibawah ini menunjukkan transaksi The below table shows the Company’s
non-kas Perusahaan, sebagai berikut: non-cash transactions, as follows:
2018 2017
Rp Rp
Perolehan aset takberwujud Increase in intangible assets

melalui utang usaha 1,987,995,286 3,282,552,868 through account payable
Perolehan aset tetap Increase in property and equipment

melalui utang usaha 1,173,520,546 320,224,075 through account payable
Jumlah 3,161,515,832 3,602,776,943 Total
b. Rekonsiliasi Liabilitas yang Timbul dari b. Reconciliation of Liabilities Arising

Aktivitas Pendanaan from Financing Activities
Tabel dibawah ini menunjukkan The below table sets out a reconciliation of
rekonsiliasi liabilitas yang timbul dari liabilities arising from financing activities
pendanaan untuk tahun yang berakhir for the years ended December 31, 2018
pada tanggal 31 Desember 2018 dan and 2017, as follows:
2017, sebagai berikut:
Transaction Non Kas/ Non Cash Transactions

Kenaikan
Piutang Pihak
Berelasi
Terhadap Biaya
Utang Pihak Transaksi
Berelasi/ (belum) sudah
Pergerakan Increasing amortisasi/
Arus Kas/ Kurs Mata Due From Transactions
Cash flows Uang Asing/ Related Parties Cost
Saldo Awal/ Penerimaan/ Pembayaran/ Foreign Against Due To (Unamortized) Saldo Akhir/
Beginning Balance Receive Payment Exchange Rate Related Parties Amortization Ending Balance
Rp Rp Rp Rp Rp Rp Rp
31 Desember 2018 December 31, 2018
Surat utang diterbitkan - neto 14,243,218,865,512 1,045,250,000,000 (2,570,700,000,000) 15,900,000,000 -- 2,802,404,756 12,736,471,270,268 Debt securities issued - net
Green bond diterbitkan - neto -- 500,000,000,000 -- -- -- (3,695,994,285) 496,304,005,715 Green bond issued - net
Pinjaman diterima dari bank Loans received from banks
dan lembaga keuangan lainnya 3,715,561,347,970 5,305,680,886,000 (836,127,000,000) 377,730,120,000 -- (4,642,312,660) 8,558,203,041,310 and other financial institution
Borrowings from the
Pinjaman diterima dari Government of
Pemerintah Republik Indonesia 2,608,995,997,588 335,000,000,000 (65,450,010,251) 179,640,178,435 300,000,000,000 (102,961,614) 3,358,083,204,158 Republic of Indonesia
Jumlah 20,567,776,211,070 7,185,930,886,000 (3,472,277,010,251) 573,270,298,435 300,000,000,000 (5,638,863,803) 25,149,061,521,451 Total
31 Desember 2017 December 31, 2017

Surat utang diterbitkan - neto 7,333,680,253,076 7,000,000,000,000 (100,000,000,000) (540,535,341) -- 10,079,147,777 14,243,218,865,512 Debt securities issued - net
Pinjaman diterima dari bank Loans received from banks
dan lembaga keuangan lainnya 3,141,318,259,381 2,884,367,000,000 (2,359,564,268,539) 41,895,445,717 -- 7,544,911,411 3,715,561,347,970 and other financial institution
Borrowings from the
Pinjaman diterima dari Government of
Pemerintah Republik Indonesia 2,616,273,048,385 -- (28,739,268,539) 21,565,179,357 -- (102,961,615) 2,608,995,997,588 Republic of Indonesia
Jumlah 13,091,271,560,842 9,884,367,000,000 (2,488,303,537,078) 62,920,089,733 -- 17,521,097,573 20,567,776,211,070 Total
41. Standar Akuntansi dan Interpretasi Standar 41. New Accounting Standard and
yang Telah Disahkan Namun Belum Interpretation of Standard which Has
Berlaku Efektif Issued but Not Yet Effective
DSAK-IAI telah menerbitkan beberapa standar DSAK-IAI has issued several new standards,
baru, amandemen dan penyesuaian atas amendments and improvement to standards,
standar, serta interpretasi atas standar namun and interpretations of the standards but not yet
belum berlaku efektif untuk periode yang effective for the period beginning on January 1,
dimulai pada 1 Januari 2018. 2018.

598 #MembangunNegeriKitaBisa 142
Amandemen dan penyesuaian atas standar, Amendment and improvement to standards,

serta Interpretasi atas standar yang berlaku and Interpretation of standards which effective
efektif untuk periode yang dimulai pada atau for the periods beginning on or after January
setelah 1 Januari 2019, dengan penerapa dini 1, 2019, with early adoption is permitted, are
diperkenankan, yaitu : as follows :
 PSAK 22 (Penyesuaian 2018): “Kombinasi  PSAK 22 (Improvement 2018): “Business
Bisnis” Combination”
 PSAK 24 (Amandemen 2018): “Imbalan  PSAK 24 (Amendment 2018): “Employee
Kerja tentang Amendemen, Kurtailmen Benefit regarding Plan Amendment,
atau Penyelesaian Program” Curtailment or Settlement”
 PSAK 26 (Penyesuaian 2018): “Biaya  PSAK 26 (Improvement 2018): “Borrowing
Pinjaman” Cost”
 PSAK 46 (Penyesuaian 2018): “Pajak  PSAK 46 (Improvement 2018): “Income
Penghasilan” Taxes”
 PSAK 66 (Penyesuaian 2018):  PSAK 66 (Improvement 2018): “Joint
“Pengaturan Bersama” Arrangement”
 ISAK 33: “Transaksi Valuta Asing dan  ISAK 33: “Foreign Currency Transactions
Imbalan di Muka” and Advance Consideration”
 ISAK 34: ”Ketidakpastian dalam Perlakuan  ISAK 34: “Uncertainty over Income Tax
Pajak Penghasilan” Treatments”
Standar dan amandemen standar berikut Standards and amendments to standards
efektif untuk periode yang dimulai pada atau effective for periods beginning on or after
setelah tanggal 1 Januari 2020, dengan January 1, 2020, with early applications is
penerapan dini diperkenankan yaitu: permitted, namely:
 PSAK 71: “Instrumen Keuangan”  PSAK 71: “Financial Instrument”
 PSAK 72: “Pendapatan dari Kontrak  PSAK 72: “Revenue from Contract with
dengan Pelanggan” Customer”
 PSAK 73: “Sewa”  PSAK 73: “Lease”
 PSAK 62 (Amandemen 2017): “Kontrak  PSAK 62 (Amendment 2017): “Insurance
Asuransi tentang Menerapkan PSAK 71: Contract regarding Applying PSAK 71:
Instrumen Keuangan dengan PSAK 62: Financial Instruments with PSAK 62:
Kontrak Asuransi” Insurance Contract”
 PSAK 15 (Amandemen 2017): “Investasi  PSAK 15 (Amendment 2017): “Investment
pada Entitas Asosiasi dan Ventura in Associates and Joint Ventures regarding
Bersama tentang Kepentingan Jangka Long-term Interests in Associates and Joint
Panjang pada Entitas Asosiasi dan Ventura Ventures”
Bersama”
 PSAK 71 (Amandemen 2018): “Instrumen  PSAK 71 (Amendment 2018): “Financial
Keuangan tentang Fitur Percepatan Instrument regarding Prepayment Features
Pelunasan dengan Kompensasi Negatif” with Negative Compensation”
Hingga tanggal laporan keuangan Perusahaan Until the date of the Company financial
ini diotorisasi, Perusahaan masih melakukan statements is authorized,
evaluasi atas dampak potensial dari the Company is still evaluating the potential
penerapan standar baru, amandemen standar impact of the adoption of new standards,
dan interpretasi standar tersebut. amendments to standards and interpretations
of these standards.
42. Tanggung Jawab Manajemen dan 42. Management Responsibility and Approval
Persetujuan atas Laporan Keuangan of Financial Statements
Penyusunan dan penyajian wajar laporan The preparation and fair presentation of the
keuangan dari halaman 1 sampai 143 financial statements on pages 1 to 143 were
merupakan tanggung jawab manajemen, dan the responsibilities of the management, and
telah disetujui oleh Direksi untuk diterbitkan were approved by the Directors and authorized
pada tanggal 18 Februari 2019. for issuance on February 18, 2019.

PT Sarana Multi Infrastruktur (Persero) 143 Innovation for Sustainable Development Across the Nation
Sustaining 599
Sahid Sudirman Center, 48th Floor
Phone : (+62-21) 8082 5288 (hunting),
Fax. : (+62-21) 8082 5258
www.ptsmi.co.id
@ptsmi ptsmi_id
PT Sarana Multi Infrastruktur (Persero) infralib.ptsmi.co.id

Annual Report PT Smi 2018

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Annual Report PT Smi 2018

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Sustaining Innovation

for Sustainable Development

annual report 2018

The Company’s numerous achievements throughout 2018 are

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

Commercial Financing Advisory

Project Development Valued at

2 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

Business Growth Increase

Outstanding Net Profit

37% 47.85% 3.66% 21.32%

12.83% 96.12 Rp12.6 trillion 102.53

Various innovations have been carried out by PT SMI, from

Take Out Financing First Corporate Green Ijarah al Maushufah

Launched the Step Sharia Hedging Obtaining the GCF

4 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

SDG Indonesia One (SIO) is an integrated platform that

includes 4 (four) types of facilities: Development Facilities,

After being introduced in March 2018, the Indonesia

6 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

Total Project Cost

Rp51.6 triliun* total project cost from

Rp546.6 triliun* total project cost

18.14 times Multiplier effect to paid-

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

The Government of The

8 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

PT SMI Business Pillars

Sovereign PT SARANA MULTI INFRASTRUKTUR (PERSERO)

Hospital Correctional Education

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

10 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

Financing Sector Distribution

Social Water Supply Renewable

As of 2018, total commitment of infrastructure Most commitments are in the form of

*) New financing or other facilities effective in 2018

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

Through the Advisory Services business

In 2018, PT SMI received mandates for

In addition, there were a total of 6

The Company’s role and mandates that support the National

performance in providing the Multifunctional Government Satellite

12 #MembangunNegeriKitaBisa PT Sarana Multi Infrastruktur (Persero)

Total Project Value supported

Rp261.4 trillion from 13

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

Total Project supported by Project Development Pillar

Project PDF Drinking water includes, West Project Transportation value

Telecommunications projects include the PDF Hospital the value is equal

PT Sarana Multi Infrastruktur (Persero)

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

PT SMI as the Implementing

Supports for SDGs

SDG Indonesia One Provides End-to-End Financing Support

Contributions: Contributions: Contributions: Contributions:

Integrated Impact Risk Mitigation Creating

PERFORMANCE MANAGEMENT REPORT COMPANY PROFILE MANAGEMENT DISCUSSION & ANALYSIS

The role of PT SMI in Realizing Sustainable

Green Bond GCF Funding Access

PT SMI’s role in realizing the

1. Financing and Investments 4. Application of 10 Elements

Entity auction process