Annual Report SMGR

DELIVERING
SUSTAINABLE VALUES
AMIDST CHALLENGES
Annual Report
PT Semen Indonesia (Persero) Tbk
2020
Disclaimer and
Limitation
of Liability
This Annual Report includes a statement
of financial positions, results
of operations, projections, plans,
strategies, policies, and objectives of
the Company, which are classified as
forward-looking in terms of the
implementation of prevailing laws,
except for historical matters. These
statements contain the prospect of
risks and uncertainties that may
eventually differ materially from
what has been reported.
Prospective statements in this Annual

Report are based on various
assumptions of the Company’s current
state and future condition,
including the business environment
in which the Company operates.
The Company does not guarantee that
the expectations in this report will
match the actual end results.
This Annual Report refers to PT Semen

Indonesia (Persero) Tbk as “the
Company”, “SIG” and “Semen
Indonesia”, and their activities in the
cement industry. This Report also
contains the word “Group”, which
represents the Company’s performance
on a consolidated basis. The
currency denomination of “Rupiah”,
“Rp”, and “IDR” refers to the official
currency of the Republic of Indonesia,
while “US Dollar” or “USD” refers
to the official currency of the United
States. All financial information is
presented in Rupiah.
This Report is presented in two languages,

Indonesian and English, which are published
separately. Both books are printed using easily
readable font and type sizes, and are made of
good quality. This Annual Report is also available
on and can be downloaded from the official
website of Semen Indonesia: www.SIG.id.
Delivering
Sustainable Values
Amidst Challenges
We started 2020 with a corporate SIG knows that as a company we must
rebranding as ‘SIG’ that included be flexible and resilient to face and adapt
a new logo, identity and spirit that to changes present in an increasingly
strengthens our efforts toward competitive market, especially during a
continued sustainability. We also made decline in national and global economies
several internal changes to achieve our caused by trade wars and the Covid-19
sustainability values even during the pandemic. With our vision to be the largest
challenges we faced throughout the building material solutions provider in
year. the region, SIG is determined to be a
pioneer in the industry and empower our
stakeholders to create a sustainable living
future.
2020 HIGHLIGHTS
Installed Capacity
53 million Ton/Year
#1
Cement Producer
in Southeast Asia
>50%
Indonesian
Market Share
9 Integrated
Cement Plant
8 Locations
7 Ports
4 Grinding
Plant
32 Packing
Plant
Gross Profit
Margin Growth 1,53%
Net Profit
Margin Growth 2,01%
EBITDA
Margin Growth 4,25%
EBITDA Growth
4,30%
Penurunan Beban Keuangan
884 miliar
Intensitas Emisi Karbon

(Spesifik Cakupan 1)
634
kg CO2/ton cement (2019)
607
kg CO2/ton cement (2020)
TRANSFORMATION OF THE COMPANY
On February 11, 2020, PT Semen Indonesia (Persero) At the same occasion SIG introduced an integration
Tbk launched the new logo of Semen Indonesia to of various services related to development needs
become SIG. This rebranding marks the beginning of such as the need for a design (architect) and builder
the transformation of Semen Indonesia and confirms (contractor) in an online-based network platform
SIG vision To Be The Biggest Building Materials “SobatBangun”. This platform is expected to be
and Solution Provider in the Region. The launch of a solution that makes it easier for stakeholders to
new logo is also part of the Company’s strategy in meet the needs of building materials.
responding fast changes and the challenges in the
field of building materials industry that pay attention Meanwhile in his remarks, Deputy Minister of BUMN,
more to sustainability. Budi Gunadi Sadikin said that Of the several state-
owned companies that he has noticed, Semen
Indonesia is the best company in dealing with this
change.
“ Of the several state-owned
companies that he has noticed,
Semen Indonesia is the best company
in dealing with this change “
Budi Gunadi Sadikin - Deputy Minister of BUMN
6 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

INOVASI DAN
IKHTISAR 2020
SOLUSI
ONE-DAY-ONEHOME
HOME CONSTRUCTION
IN HOURS
SIG offers construction technology solutions

for building houses quickly through One-Day-
One-Home. This innovation is a monolithic
construction development strategy with liquid
concrete with the on-site printing method to
speed up the process.
DynaHome offers a home building solution

in responding high demand of high quality
and massive house building with an efficient
cost from stakeholders. This technology from
developer, contractor and homeowner point
of view provide a good benefit because as the
innovation can speed up the process of high
quality house wall work in one day.
SpeedCrete
ROAD CONSTRUCTION
IN HOURS
SIG offers SpeedCrete as a solution for road

construction/repairs without causing a traffic
jam. With this technology the road construction/
repairs can speed up the process and reduction
of gas emition due to the traffic jam.
Annual Report 2020 PT Semen Indonesia (Persero) Tbk 7

INTEGRATED
CEMENT PLANT
SEMEN PADANG SEMEN GRESIK SEMEN TONASA

Operates five cement plants with an Operates five cement plants with Operates four cement plants with
installed capacity of 8.5 million tons installed capacity of 17.7 million an installed capacity of 7.4 million
of cement per year, in Indarung, West tons of cement per year in Tuban- tons of cement per year, in Pangkep,
Sumatra. Semen Padang also has East Java and Rembang-Central South Sulawesi. Semen Tonasa also
ports in Teluk Bayur and Dumai, a Java. Semen Gresik also has two has a port in Biringkassi and packing
grinding plant in Dumai, and packing ports, Semen Gresik Special Port in plants in Biringkassi, Makassar,
plants in Teluk Bayur, Belawan, Tuban and Gresik, and operates a Mamuju, Sofifi, Palu, Bitung, Kendari,
Batam, Tanjung Priok, Ciwandan, grinding plant in Gresik and packing Samarinda, Ambon, and Celukan
Malahayati, Lhokseumawe, Bengkulu plants in Ciwandan, Banyuwangi, Bawang, Bali.
and Lampung. Sorong, Balikpapan, Pontianak and
Banjarmasin.
Indarung Plant Tuban SI Plant
Lhoknga Plant Rembang Plant

THANG LONG CEMENT SOLUSI BANGUN INDONESIA
Operates one integrated cement Operates six cement plants with installed capacity of 14.8 million tons of cement per
plant in Quang Ninh Province, year, located in Lhoknga-Aceh, Narogong-West Java, Cilacap-Central Java, and
Vietnam and one grinding plant in Tuban-East Java. SBI has two ports in Tuban and Lhoknga, as well as grinding plants
Ho Chi Minh, Vietnam, with a total in Kuala Indah and Ciwandan.
installed capacity of 2.3 million tons
of cement per year. Thang Long has PT Solusi Bangun Indonesia Tbk owns Grinding Plants in Ciwandan and Kuala Indah
its own port. and operates packing plants in Lhokseumawe, Belawan, Dumai, Perawang, Batam,
Palembang, Pontianak and Lampung.
Narogong Plant
Tonasa Plant
Thang Long Plant
Cilacap Plant
Tuban SBI Plant

DAFTAR ISI
1 4
IKHTISAR DATA 58 Jaringan Bisnis Dan ANALISIS DAN
KEUANGAN DAN Wilayah Operasi DISKUSI
OPERASIONAL 60 Visi, Misi Dan Budaya MANAJEMEN
Perusahaan
62 Struktur Organisasi
10 Ikhtisar Keuangan 64 Profil Dewan 104 Tinjauan Perekonomian
12 Ikhtisar Operasional Komisaris Dan Industri
13 Ikhtisar Saham 68 Profil Direksi 106 Tinjauan Operasional
15 Ikhtisar Efek Lainnya 72 Demografi Karyawan 110 Tinjauan Per
16 Penghargaan Dan Dan Pengembangan Segmen Operasi
Sertifikasi Kompetensi 116 Tinjauan Keuangan
81 Pendidikan Dan/
Atau Pelatihan Dewan
2 5
Komisaris, Direksi,
LAPORAN 81 Komite-Komite, Sekretaris TATA KELOLA
MANAJEMEN Perusahaan, Dan Unit PERUSAHAAN
Audit Internal YANG BAIK
88 Struktur Dan Komposisi
88 Pemegang Saham
28 Laporan Dewan Komisaris 91 Entitas Anak Dan 138 Kebijakan Tata Kelola
32 Dewan Komisaris Entitas Asosiasi Perusahaan Yang Baik
34 Laporan Direksi 94 Struktur Group Perusahaan 141 Perkembangan Penerapan
38 Direksi 96 Kronologi Penerbitan Tata Kelola Perusahaan
Dan/Atau Yang Baik Di Lingkup
96 Pencatatan Saham Perusahaan
3
97 Kronologi Penerbitan 144 Struktur Organ Tata
PROFIL Dan/Atau Pencatatan Kelola Perusahaan Yang
PERUSAHAAN Efek Lainnya Baik
98 Lembaga Dan/Atau 146 Rapat Umum
Profesi Penunjang Pemegang Saham
99 Informasi Pada Situs 153 Realisasi Keputusan Rups
44 Data Perseroan Web Perseroan Tahun Sebelumnya
46 Jejak Langkah 157 Dewan Komisaris
48 Bidang Usaha 165 Komisaris Independen
56 Logo Perseroan 168 Direksi

6
176 Penilaian Kinerja Dewan 249 Keberadaan Kode Etik TANGGUNG
Komisaris Dan Direksi 249 Kode Etik JAWAB SOSIAL
180 Rapat Dewan Komisaris 251 Kebijakan PERUSAHAAN
180 Rapat Dewan Komisaris Anti Korupsi
Dan Direksi 252 Pengendalian
190 Remunerasi Gratifikasi 264 Komitmen Pada
Dewan Komisaris 253 Transparansi Kondisi Tanggung Jawab Sosial
Dan Direksi Keuangan Dan Non- Dan Pembangunan
193 Hubungan Afiliasi Keuangan Perusahaan Berkelanjutan
194 Keberagaman Komposisi 254 Kebijakan Pengadaan 268 Tanggung Jawab
Dewan Komisaris Barang Dan Jasa Perusahaan Dalam
Dan Direksi 254 Laporan Harta Kekayaan Pengelolaan
197 Organ Pendukung Penyelenggara Lingkungan Hidup
Dewan Komisaris Negara (Lhkpn) 273 Tanggung Jawab Sosial
197 Sekretaris Dewan 255 Whistleblowing Bidang Ketenagakerjaan,
Komisaris System Kesehatan Dan
201 Komite Audit 258 Kebijakan Insider Keselamatan Kerja
207 Komite Nominasi Trading 278 Tanggung Jawab
Dan Remunerasi 258 Informasi Tentang Buy Perusahaan Bidang Sosial
213 Komite Strategi, Back Saham Dan Buy Dan Kemasyarakatan
213 Manajemen Risiko Back Obligasi 280 Tanggung Jawab Terhadap
Dan Investasi 259 Penyediaan Dana Untuk Produk Dan Konsumen
221 Organ Pendukung Kegiatan Politik
Direksi 259 Penyediaan Dana
7
221 Sekretaris Kepada Pihak Terkait
Perusahaan 260 Transparansi Praktik LAPORAN
227 Unit Audit Internal Bad Governance KEUANGAN
234 Akuntan Publik KONSOLIDASI
235 Manajemen Risiko
245 Sistem Pengendalian
Intern 280 2019 Annual Reporting
246 Perkara Penting Liability
247 Sanksi Administrasi 285 Consolidated Financial
248 Akses Informasi Dan Data Statements
Perusahaan 381 Cross References

SUSTAINABLE MARKET
EXPANSION
Even given the uncertain pandemic situation, we
are committed to our strategy of growing as a
multi-national company by focusing on product
innovation and sustainable market reach
expansion.
1
Summary of
Financial and
Operational
Data
Financial and Operational Highlights Management Report Company Profile
SUMMARY OF FINANCIAL
Description 2020 2019 b) 2018 a)
Consolidated Statements of Financial Position

Current Assets 15,564,604 16,658,531 16,091,024
Investments in Associates Entities 35,133 89,001 85,638
Fixed Assets 56,053,483 56,601,702 32,391,950
Goodwill and Intangible Assets 3,961,695 4,260,059 1,084,687
Other Noncurrent Assets 2,391,329 2,197,774 1,130,537
Total Assets 78,006,244 79,807,067 50,783,836
Current Liabilities 11,506,163 12,240,252 8,179,819
Noncurrent Liabilities 29,065,511 31,674,891 9,988,702
Total Liabilities 40,571,674 43,915,143 18,168,521
Temporary Syirkah Funds 1,781,235 2,000,000 -
Total Equity 35,653,335 33,891,924 32,615,315
Capital Expenditure 1,821,882* 1,629,496 1,796,158
Net Working Capital 4,058,441 4,418,279 7,911,205
Consolidated Statements of Profit or Loss and Other Comprehensive Income
Revenues 35,171,668 40,368,107 30,687,626
Gross Profit 11,617,101 12,713,983 9,330,530
Operating Income 5,648,243 6,185,043 4,880,639
Income for the Year 2,674,343 2,371,233 3,085,704
Total Comprehensive Income for the Year 2,317,236 2,268,151 3,517,374
Profit for the Year Attributable to the Owners of Parent Entity 2,792,321 2,392,151 3,079,115
Profit for the Year Attributable to the Non-Controlling Interests (117,978) (20,918) 6,589
Total 2,674,343 2,371,233 3,085,704
Comprehensive Income Attributable to Owners of Parent Entity 2,423,372 2,316,376 3,475,788
Comprehensive Income Attributable to Non-Controlling Interests (106,136) (48,225) 41,585
Total 2,317,236 2,268,151 3,517,373
EBITDA a) 9,072,537 8,699,497 6,576,705
Market Capitalization 73,699,136 71,178,240 68,212,480
Weighted Average of Outstanding Shares (in Thousands) 5,931,520 5,931,520 5,931,520
Earnings Per Share (Full Amount) 471 403 519
Financial Ratios
Gross Profit Margin (%) 33.03 31.50 30.40
Operating Margin (%) 16.06 15.32 15.90
Net Profit Margin (%) 7.49 5.93 10.03
EBITDA Margin (%) 25.80 21.55 21.43
EBITDA to Interest (X) 3.91 2.71 6.86
Return on Equity (%) b) 8.17 7.41 9.87
Return on Asset (%) 3.58 3.00 6.06
Current Ratio (%) 135.27 136.10 196.72
Debt to Equity Ratio (%) c) 75.31 93.08 30.79
Debt to Asset Ratio (%) d) 32.99 37.64 18.91
Debt to Capital Ratio (%) e) 42.96 48.21 23.54
Information: * In 2020 put in the impact of PSAK 73: leases of IDR 522,170 million which will be implemented in 2020
a) Calculated by operating income (including revenues and other operating expenses) coupled with depletion,
depreciation, amortization and reduction in the value of fixed assets and intangible assets
b) Equity attributable to the owners of parent entity
c) Total interest-bearing debt and equity attributable to the owners of parent entity
d & e) Total interest-bearing debt

Management Discussion and Analysis Good Corporate Governance Corporate Social Responsibility Consolidated Financial Statements
Total Assets Revenues

(Rp billion) (Rp billion)
2020 78,006,244 2020 35,171,668
2019 79,807,067 2019 40,368,107
2018 50,783,836 2018 30,687,626
Profit for the Year Attributable to EBITDA

the Owners of Parent Entity (Rp billion)
(Rp billion)
2020 2,792,321 2020 9,072,537
2019 2,392,151 2019 8,699,497
2018 3,079,115 2018 6,576,705
Return on Equity/ROE Return to Assets/ROA

(%) (%)
2020 8.17 2020 3.58
2019 7.41 2019 3.00
2018 9.87 2018 6.06

OPERATIONAL HIGHLIGHTS
Industry Unit 2020 2019 2018
Cement
Total Production Capacity a) Thousand Tonnes 52,600 52,600 37,800
Domestic Production Thousand Tonnes 32,599 38,280 28,566
Regional Production Thousand Tonnes 1,335 1,430 1,994
Total Production b) Thousand Tonnes 33,935 39,710 30,560
Domestic Sales c) Thousand Tonnes 31,972 36,341 27,421
Regional Sales Thousand Tonnes 7,720 6,271 5,750
Domestic Clinker Thousand Tonnes 157 668 213
Total Sales Thousand Tonnes 39,849 43,280 33,384
a)
Including grinding plant
b)
The decline in production in 2020 is due to the COVID-19 pandemic
c)
Excluding domestic clinker
SHARE HIGHLIGHTS
Quarterly Share Performance
2020 Stock Price (Rp) Total Shares Volume Market

Opening Highest Lowest Closing Capitalization
(Rp Billion)
1st Quarter 12,200 13,050 5,875 7,625 5,931,520,000 368,593,900 77,406
2nd Quarter 7,700 10,150 5,900 9,625 5,931,520,000 435,885,500 60,205
3rd Quarter 9,650 11,000 8,800 9,175 5,931,520,000 314,549,400 65,247
4th Quarter 9,575 12,925 8,925 12,425 5,931,520,000 340,753,400 76,665
2020 Stock Price (Rp) Total Shares Volume Market

Opening Highest Lowest Closing Capitalization
(Rp Billion)
1st Quarter 11,475 13,950 11,200 13,875 5,931,520,000 327,151,600 82,745
2nd Quarter 13,800 14,300 10,475 11,575 5,931,520.000 498,787,900 68,657
3rd Quarter 12,475 13,450 11,550 11,550 5,931,520.000 420,872,000 68,509
4th Quarter 11,200 13,325 10,825 12,000 5,931,520.000 328,980,300 71,178

Price and Volume Chart of SMGR Shares Compared to IHSG on the IDX
2020
12,000 30,000,000
10,000 25,000,000
8,000 20,000,000
6,000 15,000,000
4,000 10,000,000
2,000 5,000,000
0 -
2/1/2020
2/2/2020
2/3/2020
2/4/2020
2/5/2020
2/6/2020
2/7/2020
2/8/2020
2/9/2020
2/10/2020
2/11/2020
2/12/2020
SMGR Volume SMGR Price JCI Price
2019
16,000 40,000,000
14,000 35,000,000
12,000 30,000,000
10,000 25,000,000
8,000 20,000,000
6,000 15,000,000
4,000 10,000,000
2,000 5,000,000
0 0
2/1/2019
2/2/2019
2/3/2019
2/4/2019
2/5/2019
2/6/2019
2/7/2019
2/8/2019
2/9/2019
2/10/2019
2/11/2019
2/12/2019
SMGR Volume SMGR Price JCI Price

Comparison of SMGR Performance with JCI and LQ45 as

well Cement Industry Peer Group
SMGR Peers 1 Peers 2 JCI LQ45
Profitability up to end of the 3rd quarter/2020
Growth revenue -8.88% -10.56% -19.22% N/A N/A
Gross profit 32.12% 33.87% 39.01% 22.81% N/A
EBITDA margin 24.54% 22.82% 16.99% N/A N/A
Operating profit 15.49% 10.97% 3.72% 12.13% 18.77%
Net profit margin 6.02% 11.00% -9.79% 6.05% 12.09%
ROE 8.14% 7.94% -3.09% 6.34% 11.58%
Source : Bloomberg (diolah)
Shareholder Composition
51.01%
Shareholders Total Shares %
Government of Indonesia 3,025,406,000 51.01%
13.63%
Foreign Institutions 2,050,892,009 34.57%
Foreign Individuals 485,100 0.01%
Domestic Individuals 46,321,692 0.78%
0.78%
Domestic Institutions 808,415,199 13.63% 0.01% 34.57%
Total 5,931,520,000 100.00%
Share Trade Sanction

In 2020, there was no temporary suspension and/ Indonesia, especially those relating to the field of
or delisting of shares sanctioned to PT Semen capital market.
Indonesia (Persero) Tbk. This proved that the
Company obeyed all the laws and regulations in
Corporate Actions
In 2020, Semen Indonesia did not hold any corporate actions related to stock splits, reverse stock, bonus
shares nor changes in the nominal value of shares.

OTHER STOCK HIGHLIGHTS
Stock Name Exchange Date of Tenor Mata Value Due Interest Securities Trustee
Name Issue (year) Uang (Billion) Date Rate Rating
2020 2019
Continuous BEI 20 June 5 Rupiah 3,000 20 June 8.6% AA AA PT Bank
Bonds I Semen 2017 2022 Tabungan
Indonesia Negara
Phase I (Persero) Tbk
Year 2017
Continuous BEI 28 May 5 Rupiah 3,364 28 May 9% AA AA PT Bank
Indonesia Negara
Phase II Year (Persero) Tbk
2019 Series A.
Continuous BEI 28 May 7 Rupiah 714 28 May 9.1% AA AA PT Bank
Indonesia Negara
Phase II Year (Persero) Tbk
2019 Series B

AWARDS AND CERTIFICATION
Awards
28 4 5
FEB MAR MAR
Serambi Award Excellence Award Directorate General of

Taxation Award
PT Solusi Bangun Andalas (SBA)’s SIG won the Industry Leader title in 2020 at PT Semen Gresik’s 2019 tax
commitment in building regional the SOEs Performance Excellence Award contribution to the state budget
economy through community (BUMN PEA). This event, organized by the received commendation by the Central
empowerment was awarded with the SOEs Ekselen Forum (FEB) in collaboration Java’s Tax Office, receiving the “Top
Community Ecnonomic Development with Infobank, is an award event for state- Ten Taxpayer” as the largest tax-paying
Serambi Award 2020 for Community owned enterprises which strive to build company in Pati for 2019.
Economic Development. their competitive edge by maximizing
various management systems to achieve
excellent performance.
The Singapore Environment Council hereby grant
PT Krakatau Semen Indonesia

Kawasan Krakatau Bandar Samudera, Jl. Mayjen S.Parman KM 13
Ciwandan – Cilegon 42445 Banten, Indonesia
_____________________________
KSI BFJEN
Slag Cement
TEO
022-158-3656
Executive Director
Singapore Environment Council
Eco-Friendly Building Material
(In accordance to SEC Green Label Category 22: Cement and Concrete Version 2)
Validity: 8 April 2020 to 7 April 2022
8 20
APR APR
Green Label Certificate Public Relation Indonesia Award
PT Krakatau Semen Indonesia (KSI) received PT Semen Indonesia (Persero) Tbk. Won four our awards at the
the Green Label Certificate from Singapore Public Relations Indonesia Awards 2020 for the public-listed state-
Environment Council (SEC) for consistently owned enterprises category. SIG received the Silver Winner award
producing eco-friendly raw materials and cement for the Annual Report sub-category and the Silver Winner for the
mix. The eco-friendly building material certificate is Sustainability Report sub-category. It also received Silver Winner for
valid from 8 April 2020 until 7 April 2022. the Community Based Development (Semen Indonesia Community
Day) sub-category and The Most Popular in Media Awards in the
Mainstream Media Monitoring category.

Asia’s Outstanding Companies Poll
SIG was named the Most Outstanding Company in Indonesia’s Materials Sector
in the Asia’s Outstanding Companies Poll 2020, held by Asiamoney. The poll was
conducted to give recognition to public companies in the Asian region for their
excellence in various businesses and markets.
SEPT
Penghargaan Zero Accident
PT Solusi Bangun Andalas (SBA) made brilliant achievements in the midst of the
COVID-19 pandemic which has caused disruption to almost all business sectors. This
subsidiary of PT Solusi Bangun Indonesia (SBI) won the Zero Accident Award from the
Ministry of Manpower of the Republic of Indonesia.
8
OKT SBA recorded zero accidents for the Lhoknga Factory and the Lhokseumawe Packing
Plant (PP Lhokseumawe). The Lhoknga factory managed to maintain 3,918,658 working
hours of people (JKO) had zero accidents for the period January 1, 2017 to October 31,
2019.
Nusantara CSR Award
PT Semen Indonesia (Persero) Tbk, (SIG) triumphed at the Nusantara Corporate

Social Responsibility (CSR) Award 2020, held by The La Tofi School of CSR. SIG,
which has consistently rolled out various CSR programs to improve the welfare and
independence of the community, took home three award categories at once.
22 The three awards are Health and Economic Assistance for Emergency Management
OKT
of COVID-19, Inspirational Leader for CSR Practices, and Community Involvement in
Handling Waste.
ASEAN Marketing Summit 2020
At the 2020 ASEAN Marketing Summit (AMS) held virtually by MarkPlus Inc. in Jakarta,
Singapore, Seoul and California, SIG was awarded the ASEAN Branded Export
Champion 2020 which confirmed SIG’s ability in producing valuable export products
that contributed to the Indonesian economy.
9
NOV
National Quality & Productivity Gathering
The outstanding results were made by the SIG Group innovators in the XXIV-2020
National Quality & Productivity Gathering event which was held virtually, 15-17
November 2020. Sending 30 innovation teams, SIG Group succeeded in bringing
17 home 2 Diamonds, 11 Platinum, 15 Gold and 2 Silver in an innovation event entitled
NOV
‘Work and Innovate in Improving Quality and Productivity in this New Adaptation Era’.

17 25
NOV NOV
Padmamitra Award Digital Marketing & Human Capital Awards
PT Solusi Bangun Andalas (SBA) PT Semen Indonesia (Persero) Tbk, (SIG) successfully won three awards at the Digital
Aceh won the Padmamitra Award Marketing & Human Capital Awards (DMHC). SIG managed to get five platinum stars
2020. Indonesia’s Social Minister in the Manufacture & Process Industries category and was named The Best Overall
Juliari P. Batubara gave this award for Corporate in Digital Marketing & Human Capital 2020.
to SBA Director Agung Wiharto at
the Grand Mercure Kemayoran, In addition, Director of Human Capital & &
Jakarta, for corporate excellence in Legal SIG Tina T. Kemala Intan was also
carrying out social and environmental named The Best Chief Human Capital
responsibilities to end poverty through Officer 2020, while SIG Marketing & Supply
social welfare Chain Director Adi Munandir successfully
won the Best Chief Marketing Officer 2020
award.
3
30 DES
NOV
The Most Resilient BUMN Award ICQCC 2020
SIG won the Most Resilient SOE Award SIG’s innovation team won the ICQCC
2020, Category for Non-Financial 2020 award at the International
Public Company Sector with Assets Convention on Quality Control
above. It also won the Best SOE Circles 2020 hosted virtually by the
CEO Award 2020 Category for Non- Bangladesh Society for Total Quality
Financial Public Company Sector with Management from Dhaka, Baldadesh,
Assets above Rp15 Trillion under the 1-3 December 2020. The SIG
guidance of SIG President Director delegation won 10 Platinum medals,
Hendi Prio Santoso. Hendi was the highest accolade throughout the
considered successful in keeping event.
the company afloat in the midst
of economic uncertainties due to
COVID-19.

Iconomics CSR Award
SIG realizes that the impact of the COVID-19 Community Empowerment

COVID-19 pandemic on the community’s Initiative program. The Iconomics CSR
economy is tremendous. So it took Award 2020 aimed to give appreciation
mutual cooperation and care from all to the best companies in Indonesia
5 parties so that the economy wheel which carried out targeted CSR
DES remains active. This motivated SIG to activities to the community affected by
continuously roll out CSR programs so the COVID-19 pandemic. In addition,
that the community remains empowered appreciation was also given to the
during this pandemic. best companies in Indonesia whose
CSR activities had a significant impact
This consistency in striving for the on sustainable community economic
community led SIG to win the Iconomics activities.
CSR Award 2020, especially in the
Bisnis Indonesia Award 2020
SIG’s ability to maintain business (14/12), in an event attended by the

performance in the midst of the Minister of Finance Sri Mulyani and the
COVID-19 pandemic again received Coordinating Minister for the Economy
positive appreciation. Through the Airlangga Hartarto.
14 Bisnis Indonesia Award 2020 event,
DES this building material solution company SIG is considered as a producer able to
was named the best producer in the survive and achieve excellent growth
cement industry sector. The award for in the era of COVID-19, which had
SIG was presented virtually on Monday negatively impacted the economy.
Green Proper Award
PT Solusi Bangun Indonesia Tbk (SBI) won the Green Proper again in 2020 for its
Narogong Factory, West Java and Cilacap Factory, Central Java from the Ministry of
Environment and Forestry (Kementerian Lingkungan Hidup dan Kehutanan - KLHK).
14
DES

Certifications
Certificate Period Scope of Certifications Description Institution Scale
Names
SMK3 2020- Manufacture of Cement Occupational Health and Safety Ministry of Regional
(PP No. 50 2023* (Tuban & Gresik Plant) Management Systems PT Semen Labor of the
Tahun 2012) Indonesia (Persero) Tbk. Republic of
Indonesia
ISPS Code 19 Jul Special terminal PT Semen International Code about Directorate International
2025 Indonesia (Persero) Tbk - Tuban Ship Security and General
Port Facilities of Marine
Transportation
LSP BNSP 25 Sept Profession and Competency Competency standards and Badan Nasional Regional
2021 workforce recognition on Sertifikasi
all professional field with Profesi (BNSP)
the certification process job
competence, either that come
from job training graduates as
well as from work experience.
ISO 20 August Manufacture of Cement Management system standards Sucofindo Regional
50001 : 2011 2021 Plant 4 & 5 and Power purposeful energy building
Generation Facilities Unit systems and processes to
C & D PT Semen Tonasa improve performance, efficiency,
and energy consumption.
ISO 17 Jun Sistem Manajemen Energi Management system standards SGS International
50001 : 2018 2022 yang telah direvisi purposeful energy building
systems and processes to
improve performance, efficiency,
and energy consumption.
ISO 20 Okt Management of Business Quality Management SGS International
9001 : 2015 2021 Development, Research & System of PT Semen
Development, Manufacturing, Indonesia (Persero) Tbk
Supply Chain, Procurement and
Marketing for Cement & Building
Material and Manufacture of
Cement at Grinding Plant (Slag
Portland Cement, OPC, PPC, PCC)
ISO 14 Okt Management of Business Quality Management SGS International
14001 : 2015 2021 Development, Research & System of PT Semen
Development, Manufacturing, Indonesia (Persero) Tbk
Supply Chain, Procurement and
Marketing for Cement & Building
Material and Manufacture of
Cement at Grinding Plant (Slag
Portland Cement, OPC, PPC, PCC)
ISO 27 Apr Safety Management System Manufacture of cement for Sucofindo International
45001 : 2018 2023 and Occupational Health of Tuban Plant, Grinding Plant
PT Semen Indonesia (Persero) Tbk. Gresik, Grinding Plant Cigading,
Grinding Plant Dumai and
Semen Gresik office-Tuban
ISO 23 Apr Testing Laboratory General requirements For National International
17025 : 2017 2024 Competence Testing Laboratory Accreditation
and Calibration Laboratory Committee
PT Semen Indonesia (Komite
(Persero) Tbk. Akreditasi
Nasional - KAN)
ISO 9 August Anti-Bribery Management Anti-bribery management Sucofindo International
37001 : 2016 2023 System PT Semen system designed to help
Indonesia (Persero) Tbk. organization establishes,
implement, maintain and
improve anti-bribery programs.
Sertifikat 8 Oct SNI 8363:2017 Product certification to use SNI Balai Besar Regional
Produk 2023 Semen Portland Slag mark for Max Strength Cement Bahan dan
Penggunaan (Brand of Portland Slag Cement) Barang Teknik
Tanda SNI (B4T)
(SPPT SNI)
Catatan *Masih dalam proses penerbitan sertifikat di Kementerian Tenaga Kerja

IMPORTANT HIGHLIGHTS
SIG Revitalized the SIG Corporate SIG Launched SI-KRISNA
23 11 14
JAN Civil Engineering Lab of FEB Rebranding FEB
Bung Hatta University
SIG Revitalized the civil engineering SIG renewed its logo as part of In responding to the issue of affordable
lab of Bung Hatta University (UBH) in rebranding, launched at the Jakarta and quality housing, SIG introduced
Padang, West Sumatera, by modernizing Convention Center. The name change innovative housing product SI-KRISNA
its lab equipment. SIG’s CSR program from Semen Indonesia to SIG was also (Semen Indonesia - Kepemilikan
Si Cerdas, the continuation of BUMN part of the company’s transformation Rumah Indah dan Sehat Nasional), a
Goes to Campus, made this endeavor to build a more sustainable future. 36m2 house type with eco-friendly
possible materials based on green concrete
which uses Fly Ash and Bottom Ash
(FABA) waste.
SIG Launches Edupark SIG Opened COVID-19 Centers

22 30
FEB in Rembang Factory MAR in Solo and Semarang
SIG opened COVID-19 Centers in Solo and Semarang, Central Java, in collaboration
with other SOEs to fight the global pandemic. The centers act as an information and
relief effort center, located in De Tjolomadoe Semarang and Pesona Hotel in Solo.
SIG launched Education Park (Edupark)

as one of the tools to improve the skills
of the surrounding communities in
Rembang to achieve food, energy and
economic sustainability. The Edupark
is equipped with various agricultural
and farming facilities, as well as organic
fertilizer and biogas facility from animal
waste.

Semen Gresik Signed SIG and SBI Signed SIG Hosted Annual
9 21 19
APR Partnership with APR MoU with Taiheiyo JUN General Meeting
6 Village-Owned Cement Corporation
Enterprises (BUMDes)
As part of its commitment to build the SIG and SBI signed a Memorandum SIG conducted its Annual General Meeting
surrounding communities of its Rembang of Understanding (MoU) with Taiheiyo (AGM) on the 20th floor of South Quarter,
factory, Central Java, SIG initiated a joint- Cement Corporation (TCC), Japan. TCC Tower A, in Cilandak, Jakarta. Among
venture company between Semen Gresik is exploring investing in SBI while SIG others, the AGM agreed on the portion
(SG) with 6 BUMDes. The joint-venture is pursing an opporutnity to expand its of the current year’s net profit attributable
companies aimed to improve the welfare global market reach through TCC. to owners of the parent entity of Rp2.39
of the people around its Rembang factory. trillion in 2019, of which 10% or Rp239.22
billion would be allocated as dividend. The
remaining 90% or Rp2.15 trillion would be
kept for reserves.
21
Official Opening of RDF 29
SIG Partnered 24 SIG Innovation Award
JUL Facility in Cilacap Factory JUL with Bank BTN SEP 2020
SIG through PT Solusi Bangun Indonesia SIG signed an agreement with BTN to SIG hosted the Innovation Award
Tbk. was successful in converting urban speed up housing sector recovery as 2020 Company Code 2000 & 7000
waste into refuse derived fuel (RDF), an part of the government’s program to virtually. This year, 112 innovation teams
alternative energy for cement production reduce the effect of COVID-19 towards took part in submitting an innovation
in SBI Cilacap factory, Central Java. The national economy. The agreement project, consisting of 89 Breakthrough
RDF facility is officially inaugurated by was signed by SIG President Director innovation teams and 34 Incremental
Coordinating Minister of Maritime Affairs Hendi Prio Santoso and BTN President innovation teams. This was a 60%
and Investment, Luhut Binsar Pandjaitan, Director Pahala N. Mansury. increase compared to the previous year,
also attended by Minister of Maritime which recorded 70 teams consisting of
Affairs and Fisheries Edhy Prabowo, 21 Breakthrough innovation teams and
Minister of Energy and Mineral Resources 49 Incremental innovation teams.
Arifin Tasrif, Central Java Vice Governor
Taj Yassin Maimoen, Cilacap Mayor
Tatto Suwarto Pamuji, SIG Director of
Production Benny Wendry, SBI President
Director Aulia Mulki Oemar, and PT
Pertamina (Persero) President Director
Nicke Widyawati
Semen Padang and Semen

SEP Andalas Supplied 1 Million
Tonnes of Cement for Trans
Sumatera Toll Road
PT Semen Padang and PT Solusi Bangun

Andalas supplied all the cement needs for
the construction of the Sumatera Toll Road,
amounting to 1 million tonnes as of September
2020. The Kayu Agung-Palembang-Betung
which stretches 112 km, Kisaran-Tebing Tinggi,
section 6 Padang-Pekanbaru, Pekanbaru-
Bangkinang, Pekanbaru-Dumai which stretches
131.48 km, and Sigli-Banda Aceh which stretches
74.2 km, all used SIG products.
SIG Launched Collaborating with Semen SIG and KAI Signed MoU
14 26 26
OKT Dynamix Masonry NOV Baturaja, SIG Launched NOV for Optimization and
Indonesia Cement Development of Cargo
Research Institute Transport
SIG launched this new product to In support of research development In continuing a long tradition of
address the increasingly varied as well as continuous learning and synergy, SIG and PT Kereta Api
customer needs. Dynamix Masonry, innovation, SIG collaborated with Indonesia (Persero) signed an MoU for
with its green packaging, cement PT Semen Baturaja (Persero) Tbk. optimization and development of cargo
was formulated for non-structural to establish the Indonesia Cement transport. This partnership covers
application. This is an S-type masonry Research Institute (ICRI), which covers increasing volume of train-based
cement formulated for non-structural joint research and collaboration transport and medium-to-longer term
application with dry control agent, with other research agencies for rental of land and building. The two
which will result in fluffier mix, with development of cement, concrete, companies also agreed to conduct joint
appropriate drying time and adhesion, building materials and AFR by utilizing study for commercial and operational
so that the work could be completed existing facilities such as Gedung plans in relations to train routes and
sooner with longer lasting result. Pusat Penelitian Semen (PPS) Gresik, infrastructure to support SIG product
Narogong Plant SBI Bogor, Baturaja distribution. The partnership will also
OKU South Sumatera and Nathabumi look into other potential collaboration
Narogong Bogor. to benefit both parties.

2
Management
Report
BOARD OF COMMISSIONERS REPORT
Dear Shareholders and Stakeholders,
All praise and thanks to God Almighty for His Throughout 2020, the Board of Commissioners
gifts and blessings that allowed PT Semen consistently prompted the Board of Directors
Indonesia (Persero) Tbk (SIG) to get through to improve operational excellence, especially
the challenges of 2020 with some good efficiency, in all of the Company’s business
performances. We hereby present the core lines, and encourage improved corporate risk
points of the report on the supervision of the management. It is the Board of Commissioners
Company’s management for the fiscal year view that a company that operates effectively
ending on 31 December 2020, including part and efficiently with reliable risk management
of our implementation of Good Corporate will survive any challenge, including the
Governance principles. 2020 pandemic. This is evident, among
other indications, from the Company’s cost of
Improved Performance amid Challenges goods manufactured, that was relatively stable
throughout 2020.
The COVID-19 pandemic is the main challenge
everyone had to face in 2020, and it resulted The Board also considers that the steps
in a decline in global and national economic taken by the Board of Directors for corporate
performance. Companies, both state- and rebranding are in line with the Company’s
privately-owned, were severely affected by new vision and mission. The Company must
the pandemic as they struggled to perform remove its being seen as a company that only
throughout the year manufactures cement, considering the wide
range of products and services it currently
Based on data released by Bloomberg, at the offers. The Board of Commissioners hopes
end of the third quarter of 2020 the operating that the corporate rebranding effort is not
profit margin of public companies listed on only about changing SIG’s name and logo,
Indonesia stock exchange decreased by but also about the continuous improvement of
18.15% compared previous year, while net profit operational excellence and investment so as to
margins decreased by 3.01%. Even the average constantly gain competitive edge and market
net profit margin of public companies was down capitalization.
by 33.15%. This is an evidence of how big the
impact of COVID-19 to the entire industrial sector. The Board continues to promote the
development of a culture of innovation within
Even with the challenges, SIG’s performance the SIG environment. The Company must be
improved compared on average to that of other able to develop new and innovative products,
public companies. Despite a decrease in the devise new ways that are consistent with the
Company’s revenues compared to the previous needs of the market, and create effective
year, profit realization actually increased, thanks and efficient work processes. In the middle of
to the Company’s implementation of operational increased competition, innovation is the key
excellence, especially its improvement in overall factor that determines the Company’s success.
efficiency. In line with such innovations, the Board also

The Board continues

to promote the
development of a culture
of innovation within the
SIG environment. The
Company must be
able to develop new
and innovative
products that
are consistent
with the needs
of the market.
Rudiantara
President Commissioner

encourages the Company to provide more SIG’s Business Prospects

opportunities for women and millennials to
play roles in advancing SIG based on the merit In 2021, the Government continued to increase
system. the procurement of COVID-19 vaccines and
started distributing them to the public. This
The Board of Commissioners would like to is expected to cut the spread of COVID-19
express its appreciation to the Directors and and provide a positive stimulus to Indonesia’s
all their staff for carrying out the mandate of economic development.
the General Meetings of Shareholders and
achieving the Company’s targets. As the pandemic and its impact will still consume
the world in 2021, the Company must stay alert
Active Supervision by the to any possible challenges. Consequently, the
Board of Commissioners Board of Commissioners has emphasized to
the Directors that the implementation of risk
In 2020, the Board of Commissioners management should be forward-looking to
increased the effectiveness of its supervision maintain business continuity. Therefore, any
of the Company’s management on the part decisions made by the Directors should already
of the Directors. The Board thought that the anticipate how to comprehensively mitigate
abnormality of the situation called for a different any possible risks.
approach from normal.
In an attempt to anticipate any missed growth-
The Board improved its relationship with the targets, the Board of Commissioners also
Directors, in both formal and informal manners, encourages the Directors to keep improving the
while still observing the governance aspects and Company’s operational excellence.
respecting each other’s rights and authorities. The
Board built more intense communication with the Implementation of Good Corporate
Directors through meetings and other forums. Governance and Sustainability Commitment
In every discussion with the Directors, the The Board of Commissioners believes it
Board raised substantial issues that affect the necessary for the Company to constantly
Company. Such discussions provided inputs for improve the quality of its Good Corporate
the Directors to develop and execute strategies Governance (GCG) implementation, particularly
that boosted the Company’s performance. in these challenging economic and business
conditions. Achieving the best quality
In addition, through its Committees, the implemention of GCG principles is the only
Board of Commissioners actively performed way for SIG to keep maintain and improve its
its supervisory function by conducting performance and gain the confidence of all
meetings, both internally among Committee its stakeholders, especially customers and
members and externally with directors or investors, and therefore positively grow its
related management staff. Throughout 2020, business scale.
18 meetings were conducted by the Audit
Committee, 5 meetings by the Nomination and The Board sees that the implementation of
Remuneration Committee, and 30 meetings GCG within the Company keeps showing good
by the Risk Management Strategy Committee progress. The Directors constantly improve and
These numbers saw a significant increase enhance the organs, structure, and mechanism
from last year’s. The quality of the meeting of SIG’s GCG by observing the development of
resolutions also improved, which indicates applicable laws and regulations. In 2020, SIG
the Board’s considerable attention to the also received the Anti-Bribery Management SNI
Company’s management during the pandemic. (ISO 37001:2016), which shows its commitment

to being a company free of bribery practices. President

This is an important achievement, as SIG’s Commissioner : Rudiantara
status as a Public Company is bound by many Commissioner : Sony Subrata
regulations. The Company’s attempt to improve Commissioner : Astera Primanto Bhakti
its CGC implementation is also seen by how the Independent
Directors and their staff follow up the results of Commissioner : Mochamad Choliq
those GCG assessments regularly conducted Independent
by the Company. Commissioner : Nasaruddin Umar
Commissioner : Hendrika Nora Osloi
Besides, SIG is also committed to achieving Sinaga
the Sustainable Development Goals (SDGs) Commissioner : Lydia Silvanna Djaman
of Indonesia, as demonstrated in various
environmentally and socially friendly programs
carried out by the Company. In performing On behalf of SIG, we would like to express
its business activities, the Company seeks to our highest gratitude and appreciation to Mr.
maintain a balance among its economic, social, Soekarwo for his dedication during his tenure
and environmental aspects. as the President Commissioner of the Company.
One of the real steps that have been taken and Appreciation
will keep being improved on by the Company
is utilizing waste as an alternative fuel. The The Board of Commissioners would also like
Company always endeavors to use refuse- to express its deep appreciation and gratitude
derived-fuel (RDF) to help the Government to the Directors and all employees of the
address the waste issue. Company for their hard work and dedication,
which allowed the Company to perform well in
Changes in the Composition of 2020. We also extend our highest appreciation
the Board of Commissioners to SIG’s shareholders and stakeholders for their
Ikhtisar Data Keuangan dan Operasional Laporan Manajemen Profil Perusahaan
confidence and support. We sincerely hope
In 2020, SIG’s Board of Commissioners that SIG will keep progressing continuously and
underwent some changes following the Annual provide positive contributions to Indonesia’s
General Meeting conducted on 19 June, development.
2020, which honorably discharged Soekarwo
ataan Anggota from
Dewan his Komisaris
position asdan theAnggota
Company’s President
Direksi
ggung Jawab Atas Laporan Tahunan
Commissioner and appointed 2020 Rudiantara as
ndonesia (Persero) Tbk
his replacement. The new composition of the
Board of Commissioners is as follows:
da tangan di bawah ini menyatakan bahwa semua informasi dalam Laporan
en Indonesia (Persero) Tbk tahun buku 2020 telah dimuat secara lengkap dan
g jawab penuh atas kebenaran isi Laporan Tahunan dan Laporan Keuangan
usahaan. Demikian pernyataan ini dibuat dengan sebenarnya.
2021
DEWAN2KOMISARIS
Jakarta, March 2021
Rudiantara
Rudiantara
Komisaris Utama

asaruddin Umar Mochamad Choliq
BOARD OF COMMISSIONERS
Top left to right
Rudiantara
Nasaruddin Umar
Commissioner Independent
Mochamad Choliq
Commissioner Independent
Bottom left to right
Hendrika Nora Osloi Sinaga

Commissioner
Astera Primanto Bhakti

Commissioner
Lydia Silvanna Djaman

Commissioner
Sony Subrata
Commissioner


BOARD OF DIRECTORS REPORT
Dear Respected Shareholders and Stakeholders,
Despite increasingly fierce competition, the pandemic. These protocols were strictly
Indonesia’s shrinking economic condition, imposed at all units, especially at those that
and a decline in cement demand due to the were required to work in our offices or factories.
COVID-19 pandemic, we are proud to announce,
with much gratitude, that the Company Even with the increasingly aggressive
survived 2020 and even recorded a satisfying competition in the cement industry, SIG
performance. Other accomplishments were successfully booked revenues totaling Rp35,172
also made during the year, which were geared billion, compared to the Rp40,368 billion total
toward achieving our vision to be the “Leading of the year previous, a decrease of 12,87%.
Building Material Solution Provider in the The decrease was due to a lower demand for
Region,” through the strength of the Group’s building materials and the postponement of
synergies and innovative spirit. several strategic projects at the national level
owing to the government’s budget reallocation.
Strategic Initiatives and In response to the domestic market, the
Performance of 2020 Company pushed for export sales to Australia,
Fiji, Bangladesh, Sri Lanka, and China.
The spread of COVID-19 severely impacted the
world economy. The International Monetary Fund By implementing various efficiency initiatives,
(IMF), in its World Economic Outlook (October the Cost of Revenue for 2020 decreased
2020), projected that the global economy would more compared to the decrease in revenue.
decrease -3,5% because of the pandemic. This resulted in an EBITDA increase of 4.30%
Although the Indonesian government initiated and an EBITDA margin of 25.80%, an increase
various economic stimuli and imposed a number of 4.25%. Profit for the Year Attributable to
of policies, the national economy did not show Owners of the Parent Company increased to
optimum improvement. Indonesia’s economy Rp2,792 billion or 16.72% higher than 2019.
grew by -2,07%. However, that is still far superior The Company also prudently managed its cash
to the average growth of other countries. flow and strictly applied its capital expenditure
policies. This enabled SIG to keep its cash
The Company set up a task force to create and flow from operating activities positive. With
ensure the application of health protocols during its tight financial performance and cash flow

By implementing
various efficiency
initiatives, the Cost
of Revenue for 2020
decreased more
compared to the
decrease in revenue.
This resulted in an
EBITDA increase of
4.30% and an EBITDA
margin of 25.80%,
Hendi Prio Santoso

President Director

The corporate objective is also being

transformed into creating sustainable
living that constantly exceed
expectations and ensure that more
people benefit from SIG’s various high
quality products and building solutions.
management, The company is able to pay off Business Prospects

loans with a interest impact of more than IDR 5
trillion. Indonesia’s economic growth for 2021 is
In general, SIG’s performance in 2020 was better predicted to fall between 4.8%-5.8%, according
than that of other cement companies listed on to Bank Indonesia. Based on BI’s survey, retail
the IDX, especially in terms of EBITDA margin sales are increasing and exports of non-oil
and operating margin. Its operating margin was and gas products are showing positive trends.
even better than that of IHSG. The private sector is also predicted to pick up
in 2021. The government has increased the
To overcome overcapacity, and to maintain infrastructure budget by 37.3%, to Rp387.4
domination in the cement industry, the Company trillion, from the 2020 post-pandemic adjusted
has implemented a centralized marketing total of Rp282.1 trillion. SIG therefore welcomes
strategy since 2018. Among the measures used 2021 with optimism as the development of
to achieve its vision, in 2020 SIG launched strategic projects at the national level resumes.
a number of new products, one of which was SIG will also continue to offer appropriate
masonry cement. The Company also developed solutions for its customers in 2021 by constantly
its digital marketing using a number of platforms strengthening the synergy between its entities.
such as SobatBangun, AksesToko, and SIG
official online store, to make its products more Implementation of Corporate Governance
accessible.
One of the SIG’s organizational strengthening
At the beginning of 2020, the Company agendas was the implementation of GCG.
rebranded by changing its logo to SIG. The In 2020, the Company achieved a score of
corporate objective is also being transformed 95.08 with the title, “Very Good.” This is an
into creating sustainable living that constantly improvement compared to the previous year
exceed expectations and ensure that more when the company achieved a score of 94.54,
people benefit from SIG’s various high quality also “Very Good.” The title is in reference to a
products and building solutions. decree (No.SK-16/S.MBU/2012) by the Secretary

of the Ministry of State-Owned Enterprises integrated waste management facility for

on the Assessment and Evaluation of Good processing waste into fuel (RDF – Refuse
Governance Implementation by state-owned Derived Fuel) in Cilacap, Central Java. SIG also
enterprises. The 2020 GCG assessment was uses several other alternative fuels such as rice
conducted by PT Multi Utama Indojasa (MUC husks, cocopeat, tobacco plantation waste and
Consulting Group). The Company also received cigarette waste. The total alternative fuel used
ISO 37001 Anti-bribery Management System in 2020 was 532,260 ton or equivalent to 4.04%
certification with its commitment to preventing of the Company’s fuel consumption.
bribery in its environs.
Changes to the Composition of the Board of
Commitment to Sustainability Directors
SIG fully supports achieving Indonesia’s In 2020, no changes were made to the
sustainable development objectives through composition of SIG’s Board of Directors.
the Company’s community development
program, among others. The Company is Closure
working toward the use of more environmentally
friendly products such as non-OPC cement, SIG successfully met the challenges of 2020
which contains less clinker and is more energy and even logged a satisfactory performance
efficient in its production, SIG also recorded a level. On behalf of the Company, we extend our
Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial Perusahaan Laporan Keuangan Konsolidasi
decrease in carbon emissions from 634 kgs of most sincere appreciation to all SIG employees
CO2/ton of cement (from clinker) in 2019 to 607 for their hard work and contributions. We
kgs in 2020. also express our appreciation to the Board of
Commissioners, the shareholders, and all our
In 2020, SIG, through PT Solusi Bangun stakeholders for the cooperation and support
Indonesia Tbk, in collaboration with the Cilacap they have provided us over the years.
regency regional government, launched an
DIREKSI
Jakarta, 2 Maret 2021
Hendi Prio Santoso

Hendi
Direktur Prio Santoso
Utama
Direktur Utama

BOARD OF DIRECTORS
Top left to right
Hendi Prio Santoso

President Director
Doddy Sulasmono Diniawan

Director of Finance
Fadjar Judisiawan
Director of Business Strategy
& Development
Bottom left to right
Benny Wendry
Director of Production
Tri Abdisatrijo
Director of Engineering & Projects
Adi Munandir
Director of Marketing & Supply Chain
Tina T. Kemala Intan

Director of Human Capital & Legal

ssa

SUSTAINABLE COST
EFFICIENCY
Financial responsibility with all of SIG’s
stakeholders is a main concern, especially
during the global economic downturn. So
we maintain business sustainability through
a number of strengths and policies that
improve cost efficiency.
3
Company
Profile
COMPANY IDENTITY
Nama Legal Incorporation Authorized Capital

PT Semen Indonesia (Persero) Tbk. Indonesian Government IDR 2,000,000,000,000
Regulation no. 132 of 1961 on the
Line of Business Establishment of the State-Owned Issued and Fully
Cement industry Enterprise of Semen Gresik Paid Capital
IDR 593,152,000,000
Date of Establishment Ownership
7 August 1957 • Republic of Indonesia 51.01% Stock Listing Date

• General public 48.99% 8 July 1991

Stock Exchange Head Office Website

Indonesia Stock Exchange South Quarter, www.sig.id
Tower A, Lantai 19-20
Stock Code Jalan R.A. Kartini Kav.8, Contact
SMGR Cilandak Barat
@sig.id
Jakarta Selatan 12430,
sig.id
Corporate Secretary Indonesia
Tel. +62-21-5261174-5 @semenku
Vita Mahreyni Semen Indonesia
Fax. +62-21-5261176
Email: info@sig.id PT Semen Indonesia
0 800 1088888

MILESTONES
• Completion of 2 cement
plant units’ construction
• Acquisition of Thang
Long Cement Joint
Blue Valley Holdings
Stock Company
bought SMGR’s shares
(TLCC) in Vietnam
from CEMEX with
• Transition into a strategic
a capitalized value
holding Company and
CEMEX became a of Rp21.5 trillion.
changed its name to
strategic partner with PT Semen Indonesia
14.0% ownership. The Ownership structure:
(Persero) Tbk.
ownership structure Government of
changed to: Indonesia : 51%
Government of Public : 24.1%
Indonesia : 51% Blue Valley : 24.9%
Public : 35% 2012
CEMEX : 14.0%
Initial Public Offering
(IPO) with a market
Market capitalized 2010
value went up to
capitalization of Rp4.9 trillion
Rp0.63 trillion. 2006
Ownership structure:
Government of 1999 Blue Valley Holdings
Indonesia : 73% sold its entire
Public : 27%
1998 shares of SMGR at
a market value of
Rp72.31 trillion (as
1995 CEMEX increased its
of April, 2010).
share of ownership to
1991 25.5%. The ownership
Ownership structure:
structure changed to:
Government of
Government of
1957 Acquired local
cement Company
Indonesia : 51%
Indonesia : 51%
Public : 49%
Public : 23.5%
PT Semen Padang
CEMEX : 25.5%
(Persero and PT
Market capitalized
Semen Tonasa
value went up to
The Company (Persero).
Rp6.6 trillion
started one
production facility
with a design
capacity of 250,000
tonnes per annum.

Established PT Krakatau
Semen Indonesia, a waste
management joint venture
Company to produce slag
powder, a raw material for
cement manufacturing.
This was followed by Established PT Semen
the establishment of Indonesia International • PT Semen Industri Bangunan
PT Semen Gresik as (SII), PT Semen Indonesia Indonesia acquired 80.64% shares
the next step in the Aceh (SIA) and PT Semen of PT Holcim Indonesia Tbk,
corporate transformation. Kupang Indonesia (SKI). on 31 January 2019, previously
Also changed the name of owned by Holdervin B.V., and
PT SGG Prima Beton to became the majority shareholder
PT Semen Indonesia Beton of PT Holcim Indonesia Tbk.
(SIB) as part of the Company’s • Renamed PT Holcim
2013 expansion plan into cement Indonesia Tbk to PT Solusi
and non-cement businesses. Bangun Indonesia (SBI)
• Conducted a mandatory tender
2014 offer so that PT Semen Industri
Bangun Indonesia’s share
ownership increased to 98.3%
2016 • Changed the brand name
Holcim to Dynamix
• Initiated the
construction of new
plants in Rembang
2017
and Padang
(Indarung VI)
• Established PT Sinergi
2019
Informatika Semen • Established a building materials
Indonesia (SISI) joint venture Company PT Semen
Indonesia Industri Bangunan (SIIB) 2020
to seize the growth opportunity in
this industry sector while improving
synergy amongst subsidiaries
• Commercial operation of Rembang,
Central Java and Indarung VI, Corporate re-branding
West Sumatera production to SIG and renewing
facilities, each with a capacity of the Company logo
3 million tonnes per annum

LINE OF BUSINESS
Line of Business According to the Latest Article of Association

According to the most recent Article of Association cement as well as cement derivative products. The
of the Company, the aims and objectives of the Company has now expanded to other businesses
Company is to conduct businesses in the cement connected to, and supporting, the cement industry.
industry, including production and distribution of
Business Activities within the Fiscal Year

During the fiscal year 2020, SIG has conducted all business activities as laid out in the Company’s Article of
Association.
Products and Services
Cement
Semen Serbaguna Semen Aplikasi Khusus
Portland Composite Cement (PPC) Dynamix Extra Power
• Better adhesion • Easy to work with

• Easy to work with • More water resistant
• Lower concrete temperature, more • Lower concrete
difficult for cracks to form temperature, more
• Stronger and smoother finish difficult for cracks to form
• Stronger concrete
without the need
for additives
Dynamix Masonry
Dynamix Masonry - A
special cement for non
structural applications
such as masonry-ceramic
pairing, plastering, binding,
profiling and angle.

Bulk Cement
EzPro PwrPro
EzPro is easy to work with PwrPro uses an

and has high adhesion. This environmentally-friendly
simplifies the construction formula to achieve
work, giving it a strong faster initial compressive
and smooth finish. strength performance
to improve construction productivity
Applications: while maintaining quality.
• Applications:
• Soil Stabilization Applications:
• General Concrete Construction • Applications:
• Housing • Medium-to-high quality cast
• Irrigation System and precast concrete
• Paving, Concrete Brick and Concrete Roof
- Drymix Mortar Industry
UltraPro
UltraPro combines ease of SprintPro

work and optimum strength
result, ideal for construction SprintPro offers best
projects requiring high initial speed in achieving high
and end pressure strength. initial pressure while
maintaining hydration heat.
Applications:
• High quality cast and Precast Concrete Applications:
• Structural Drymix Mortar Industry • Pre-stress Concrete, such as Box Grider
• Airplane runway • Light Brick Industry
• Fiber Cement Board Industry
DuPro+ SBC, LH, HSR & MSR
DuPro+ SBC, LH, HSR & MSR results Applications:

in concrete with low hydration and • Offshore Construction
optimum protection against • Power Plant, Smelter
sulfate and chloride. • Wastewater Tunnels
• Tunnels

SuperTermo MaxStrength
SuperTermo is produced Max Strength Cement is
with API 10A specification a portland slag cement
which provides good formulated specifically for
response to ligno-sulfonate the ready mix and precast
retarder and provides industry for construction
sufficient thickening time of mega projects such
with well cementing application as high rise buildings, flyover bridges,
underground tunnels, in accordance
Applications: to the needs of modern society.
• Oil and Gas Mining
• Geothermal Power Plant Applications:
• Can be used for Class G HSR Design General construction such as concrete
• Can be combined with Silica road, buildings and construction requiring
for Strength Retrogeration high sulfate resistance and low hydration
heat, such as bridges that are exposed
to sea water, docks, power plants,
and waste management facilities.
infrastructure projects
using GIS products

Concrete Products
MiniMix SpeedCrete
MiniMix is an innovative concrete delivery SpeedCrete is an innovative solution for

truck fleet, only a third of the size of a applied concrete, with early strength and
normal concrete delivery truck. MiniMix high performance, drying within hours.
passes through narrow roads or side roads SpeedCrete is produced using the latest
with height limitation. Customers can technology, applied with a high level of
now use high quality ready mix in smaller expertise, craftsmanship and professionalism,
volumes. Suitable for houses, shops, full giving customers superior strength and
construction or renovation projects. work speed. SpeedCrete is proven to be
effective in reducing traffic jam usually
Applications: caused by roadwork on busy roads.
• Village Roads
• Roofing, Canopy, Staircases Applications:
and Concrete Floors • Ports • Busway
• Concrete walls • Main Roads • Toll Roads
PakCrete
PakCrete is an instant concrete solution that comes in

special packaging, consisting of aggregate, cement,
special additives, without water. PakCrete’s quality is
on par with ready mix concrete in the cities, produced
using the same stirring process with command batch
and the same command QC, but in smaller volume
- per cubic meter. PakCrete can be produced with
custom specification depending on the project need.
PakCrete has received the TKDN (local content)
certification from the Ministry of Industry in Indonesia.
Applications:
To fulfill the need for project concrete in rural
areas in accordance to Project specification.

ThruCrete
ThruCrete is an applied concrete solution with

high absorption, which can quickly move rainwater
from roads, parking surfaces, garage, or footpaths
to the ground or reservoir. ThruCrete, as a most
recent technology, also supports the KDH 30%
Zero Run-Off program. Exceeding the standards
required for porous concrete surface, ThruCrete
is a sustainable solution which combines concrete
durability and the latest water absorption technology.
Applications:
• Runway Stripe and Airport’s Taxi Lane
- Jogging Tracks
- Parks, Footpaths and Sidewalks
MassCrete ApexCrete
MassCrete is a total solution for mass ApexCrete is an applied concrete

casting, combining high performance solution for warehouse and industrial
concrete with added-value services. floors. ApexCrete is formulated by our
Every mixing of MassCrete concrete experts using high quality materials and
has a low peak temperature to reduce equipment, the laser screed technology
thermal crack. Continuous casting and 3D profilers, making it an integrated
management is also provided to prevent solution for industrial floor construction.
cold connection during the casting
process, including on-site management Applications:
and supervision of construction materials. • Suitable for big construction size area
• Low maintenance costs
Applications: • Super flat floors, high FF/Fl numbers
• Large-sized Columns • Floor without extension
• Raft Foundation

OptimaCrete ComfilPlas
OptimaCrete mix is formulated to give ComfilPlas is an applied concrete

strength and durability to the structure solution with lightweight materials that
and surrounding of multi-storey buildings. works as the bottom layer of a road
OptimaCrete has a minimum pressure structure foundation or as the foundation
strength of 60MPa, and is contributing layer of a bridge. ComfilPlas has good
to the reduction of structural component consistency and is easy to apply.
size and the use of building materials.
Applications:
Applications: • Main Roads
• Infrastructure: • Toll Roads
Bridge Columns • Approach Slabs/Oprit
& Wide Span
Beams
• Multi-storey
Buildings:
Sliding Wall
& Columns
DekoCrete
DekoCrete is an innovative and decorative applied

concrete in multiple colors, fit for interior and exterior floors.
DekoCrete provides many choices for colors and high quality
patterns. The mix is designed to meet the high aesthetic and
durability requirement of our customers, while reducing the
amount of paint needed. DekoCrete can be used together
with ThruCrete to improve water absorption on concrete
footphaths. DekoCrete can also be shaped to mimic granite,
ceramic and natural stone floors. Its natural texture is anti-slip
for pedestrians. With proper maintenance, DekoCrete will
look as good as the day it was installed as the years go by.
Applications:
• Parking area • Parks
• Roads • Footpaths and Sidewalks

EzyfloCrete
EzyfloCrete is a concrete solution that can be

poured without segregation, making it easy to
pour into the formwork and perfectly covering the
reinforcement. EzyfloCrete application ensures
cost-saving due to faster casting using vibration.
It requires less man hours to produce a smooth,
geometrically accurate surface that is also durable.
Applications:
• Screed
• Element Precast
• Horizontal and Vertical Structures
• Uniquely-shaped elements
• Foundation
MarineCrete StilCrete
MarineCrete is designed with high density StilCrete is a solution for problems usually
special materials that can reduce corrosion occurring on structural concrete work
during reinforcement in a high-chloride in areas with high sulfate and chloride
environment. Due to its virtues, MarineCrete environments. The issue could cause
can reduce concrete expansion and damage to the structural concrete and
shrinkage. MarineCrete holds well against corrosion on the concrete reinforcement
chloride, has low water-to-cement ratio, because the concrete is unable to hold
and is made with high quality materials. itself while protecting the reinforcement.
Applications: Applications:
• Ports • Ports
• Docks • Docks
• Power Plants • Geothermal Power Plants
• Oil and Gas Projects • Roads that are prone to Seawater Intrusion

Cement Aggregate and Derivative Products
Aggregates
Aggregates is a collection of rock fragments,

gravel, sand and other minerals be it from
nature or synthetic. Aggregates is processed
through three steps of granulation so
that customers can determine gradation,
powder index and washing loss.
Applications:
• Asphalt stirring
• Readymix concrete stirring
• Precast concrete stirring
• Breakwater
• Road construction
• Railroad construction
• Load-bearing walls
Expose Concrete
3D concrete tiles have art and functional values.

Materials and designs are carefully curated
through modern and contemporary ideas coupled
with experimentation with unordinary materials,
shapes and color combination never before
existed. Every process is done carefully and with
great attention to detail. Expose Concrete is
the perfect solution for those wanting freshness
and originality on their wall and floor decor.
Applications:
Suitable for exterior or interior
wall/floor decoration.

Precast Concrete
Product development of precast or pre-

stressed concrete and all its variants
such as canal U, girder block, square pile,
spun pile, bearing carriage and others.
Applications:
• Box Culvert
• Sheet Pile
• Slab
• Girder
• Pile
• Other Custom Precast Products
Ground Granulated
Blast Furnace Slag
Ground Granulated Blast Furnace Slag

(GGBFS) is a green product used to build
strong and durable concrete after combining
it with Ordinary Portland Cement (OPC)
or pozzolan material. Another edge to
GGBFS is improving chemical stability of
concrete and mortar, increasing pressure
strength, high quality final surface
and brighter color. It is great for use in
infrastructure projects such as ports,
bridges, roads and multi-storey building.
Applications:
• Sand replacement aggregate
• Cement replacement

Services
• Logistics • Cement Packaging • Information System
• Ready-Mix Concrete Production • Waste Management
• Building Materials Trading • Industrial Estate (Nathabumi)
• Mining Services • Property • International Trading
Integrated with four factory

locations in Narogong,
Cilacap, Tuban and Lhoknga,
Nathabumi is the Company’s
waste management service that
provides innovative solutions that
are safe, reliable and guaranteed
for all industrial waste.
Cement Manufacturing Process
Preheat
Coal
Rotary Klin
Raw
Blending
Clinker
Cement
Clinker Cement
Cement Cement Cement

Roller Press
Transporting

KEMUDAHAN
BAGI PELANGGAN
Through SobatBangun, SIG offers House 2.0,

designed and built in a way that allows for future
expansion using high quality, long-lasting and
environmentally-friendly materials.
House 2.0 concept is also designed to be energy-

efficient through the use of alternative energy or by
applying design concept that allows for optimum
natural light and air circulation to reduce energy use.
People wishing to own a home could choose from

our list of trusted contractors, comply with pertaining
building codes, use high quality materials, and
take advantage of financing options. SobatBangun
works with various trusted architects such as Studio
Arsitektropis, AGo Architects, US&P Architects,
Studio SA_e, and ArMSchitecture.
62 Annual
Annual Report 2020 PT
PTSemen
SemenIndonesia
Indonesia (Persero)
(Persero) Tbk
SIG innovation as part of company’s commitment to provide the best
service for society based on the online technology by integrating all
processes into one solution. Distributors and retail stores can view and
order all SIG products, pay with various payment methods, and update
their shipping address via AksesToko.id.
SIG Official Store The Indonesian government imposeda
on Tokopedia
large-scale social restriction (PSBB) policy
to curb COVID-19 transmission, which
impacted people’s mobiltiy. During the
pandemic, people had to follow health
protocols including in construction sites and
during renovation work.
SIG seeks to make it easy for people to find

quality materials by opening SIG’s official
store on the leading online marketplace
Tokopedia.

LOGO PERSEROAN
In 2020, we examined our brand positioning to put comprehensive range of quality products and
an emphasis on Semen Indonesia’s new vision: “To services. In line with this vision, the SIG corporate
be the Biggest Supplier of Building Material in the brand represents:
Region.”
• SIG wants to be a leader (trendsetter) in the
Historically, Semen Indonesia has been the pillar building materials industry.
for national development and has built a strong • SIG’s goal is to be at the forefront in providing
reputation as a leader in the cement industry in the most innovative, newest, and most valuable
Indonesia. Now, Semen Indonesia is at the frontier material solutions
in lobbying stakeholders to establish sustainable • SIG’s goal to be a recognisable and trustworthy
living and transform into SIG. brand of good quality and value
SIG’s goal is to become the largest supplier of

building materials in the region by providing a

Color Philosophy and The Shape of the Company Logo
Our corporate identity (logo) forms a

triangle with 45o angle and a strong base,
representing a sharp focus and a vision
8 2 for progress. The logo is formed with 9
straight lines as nine is believed to be the
7 3 best number.
6
45o 4
The Edge of the Arrow:

Represents SIG who keeps moving
forward
Wide Base:
Represents a solid foundation which
provides protection and attention to the
Company
Upward Direction:
Represents growth and continuous
improvement
Sharp Angle (On Top):

Represents SIG’s focus on detailed
approach.
Red Color
Representing courage and leadership, red
is a symbol of determination, passion, and
action. Red also symbolizes the main color
of Indonesia.
Black
As the strongest neutral color, black is a
symbol of elegant strength. Black also
represents an absolute willpower.

BUSINESS NETWORK
AND OPERATIONAL AREAS
Vietnam
Aceh
East Kalimantan
North Sumatera
West Kalimantan
West Sumatera
Bengkulu
Lampung
West Java
Central Java
East Java

Integrated Cement Plants Packing Plants
Quang Ninh Plant - Vietnam Lhokseumawe Banjarmasin

Capacity: 2.3 MT/Year Malahayati Balikpapan
Lhoknga Plant Belawan Samarinda
Capacity: 1.8 MT/Year Dumai Makassar
Batam Mamuju
Indarung Plant
Teluk Bayur Palu
Capacity: 8.5 MT/Year
Bengkulu Biringkassi
Narogong Plant Palembang Kendari
Capacity: 6 MT/Year Lampung Bitung
Rembang Plant Ciwandan Celukan Bawang
Capacity: 3 MT/Year Tanjung Priok Maluku Utara
Cilacap Plant Banyuwangi Ambon
Capacity: 3.4 MT/Year Pontianak Sorong
Tuban Plant
Capacity SI: 14.7 MT/Year
Capacity SBI: 3.6 MT/Year
Pangkep Plant
Grinding Plants
Capacity: 7.4 MT/Year
Ho cimin
Kuala Indah
Dumai
Cigading
Ciwandan
North Sulawesi Gresik
Central Sulawesi
Ports
Southeast Sulawesi Thang Long Port Tuban
Lhoknga Gresik
Dumai Biringkasi
Maluku Teluk Bayur
South Sulawesi Papua

VISION, MISSION AND CORPORATE CULTURE
Vision
Leading Building Material Solution
Provider in the Region
Mission
1. Being customer satisfaction-oriented
in every business initiative.
2. Applying the best standard practice
for superior quality.
3. Focusing on the environment preservation
and sustainable social responsibility.
4. Providing best added value for all stakeholders.
5. Focusing on human capital as the center
of the Company’s development.
(Selalu Melebihi Jangkauan)
SIG has become a company that is undergoing a transformation.

To build sustainable living conditions for future generations, SIG
will act differently and always go beyond (Go Beyond Next).

Reviewing the 2019 Vision and Mission

Up to the end of 2020, the Company still practices development, stakeholder needs and the direction
the vision and mission formalized on May 13, 2019. of competition among business actors.
After being reviewed by management, the vision
and mission is still considered relevant to business
Corporate Culture
In the year 2020, the Company adjusted its core that formed corporate culture and the foundation for
values. In line with the Ministry of State-Owned- the Company’s operations. As such the Company
Enterprises’ directive in Ministerial Decree No. strived to communicate and stregnthen AKHLAK
SE-7/MBU/07/2020 on July 1, 2020 about Core in SIG. By implementing AKHLAK, it is hoped that
Values of SOE’s Human Resources, followed by the Company could achieve more synergy and its
the Board of Directors’ decree No. 047/2020 people could be more in sync in working towards
about SIG’s AKHLAK Core Values Guidelines, The achieving common vision.
Company decided on AKHLAK as the core values
TRUSTWORTHINESS COMPETENCE HARMONIUS LOYAL ADAPTIVE COLLABORATIVE

We hold firm to Continuing to learn We care for each Dedicated and We continue to We build synergistic
the trust that has and developing other and respect putting national innovate and cooperations
been given us capabilities differences interest above self are enthusiastic
in driving or 1. Providing
1. Fulfilling promises 1. Improving 1. Respect for 1. Maintaining facing changes opportunities
and commitment. competence people from all the reputation for many parties
2. Responsible with to address walks of life. of fellow 1. Quick to adapt to contribute.
tasks, decision the changing 2. Helping other employees, to improve. 2. Open and to
and actions. challenges. people. supervisors, 2. Continuously collaboration to
3. Holding firm 2. Helping others 3. Building a the SOE and seeking create added value.
to moral and to learn. conducive work the country. improvement 3. Working towards
ethical values. 3. Completing environment. 2. Willing to in line with the optimizing resources
tasks with the sacrifice to latest technology. for common good.
best of quality. achieve a 3. Working
bigger goal. proactively.
3. Obeying the
leadership for
as long as it is
in accordance
with the law
and ethics.

Strengthening the Corporate Culture

The Company decided on AKHLAK as the core values With the adoption of AKHLAK, all employees are
that formed corporate culture and the foundation for required to:
the Company’s operations. As such the Company 1. Understand, comply and actively participate in
strived to communicate and stregnthen AKHLAK bringing AKHLAK to life
in SIG. By implementing AKHLAK, it is hoped that 2. Become an agent of change in AKHLAK’s
the Company could achieve more synergy and its implementation, be it at work, at home or in the
people could be more in sync in working towards community
achieving common vision.
Meanwhile, Work Unit Leader or supervisor is
AKHLK was implemented in stages, starting with required to:
socialization, internalization, implementation, 1. Act as AKHLAK’s role model
monitoring and evaluation and then continuous 2. Socialize and internalize AKHLAK to all Work
improvement in each Work Unit and to all employees Unit team members, the implementation of
in SIG. This way, AKHLAK is consistently on every which will be reflected in the behaviour of the
individual’s top of mind. AKHLAK’s internalization team members as well as the work culture in the
was conducted through: Work Unit.
1. Communication media and/or cultural artefact 3. Regularly monitor, evaluate and provide feedback
2. AKHLAK becoming the point of reference in to team members about the implementation and
implementing the Company’s code of ethics strengthening of AKHLAK in the Work Unit.
3. AKHLAK becoming the benchmark for character 4. Monitor, evaluate
development and the employees’ behavioural
skills
4. Strengthening Work Unit Leaders as role models
and employees as agents of change for AKHLAK
implementation


ORGANIZATIONAL STRUCTURE
Direktur Utama
Hendi Prio Santoso
Business Strategy & Enterprise Production Engineering & Project

Development Directorate Directorate Directorate
Chief of Staff
& Corporate
Fadjar Judisiawan Benny Wendry Tri Abdisatrijo Secretary
Heri Yusuf
Group Head Group Head Group Head Group Head

of Corporate of Business of SCM Corporate of SMO & Department
Planning & Development Infrastructure Secretary Investor of Internal Audit
Portfolio & Asset Management Relation
Antonius Ardian TBA Heru Vita Ami Tantri Pramono
Bermana Indrawidjajanto Mahreyni Harjanto
Department
Department Department Department of SCM Department Department Department
of Strategic of Business of Production Infrastructure of Research & of Institutional of Investor
Planning Development Management Management Development Relation Relation
I
Department
Department Department Department of of SCM Department Department Strategic
of Portfolio of Strategic Maintenance Infrastructure of Design & of Corporate Management
Management Asset Management Management Engineering Office Office
II
Department Unit of SCM Transformation Department

Department Department
of Group Infrastructure Management of Corporate
of ERM of SHE
Restructuring Planning Office Communication
Building
Material Department
Department
Business of Quality
of CSR
Development Assurance
Group Head
of Plant
Operation
Group Head of Group Head of

Production Supporting

Management
Analisis dan Diskusi
Discussion
Manajemen
and Analysis Tata Kelola
GoodPerusahaan
Corporate Governance
yang Baik Tanggung
Corporate
Jawab
SocialSosial
Responsibility
Perusahaan Consolidated
Laporan Keuangan
Financial Konsolidasi
Statements
Marketing & Supply Human Capital & Finance

Chain Directorate Legal Directorate Directorate
Adi Munandir Tina T. Kemala Intan Doddy Sulasmono Diniawan
Group Head Group Head

Group Head of Supply Group Head of Human Group Head Group Head Group Head
of Sales Chain of Marketing Capital of Procurement of Finance of ICT
Rahman Wahyu TBA Tigor Hadi Setiadi Andriano Hosny Fachlul

Kurniawan Purnomo Pangaribuan Panangian Infithar
Department
Department Department of Department Department Department Department of
of Financial
of Regional Trasportation of Marketing of HC Policy of Strategic ICT Strategic &
Planning &
Sales I Management Intelligence & Strategy Procurement Governance
Analysis
Department Department Department Department of Department of Department Department of

Department of
of Regional of Distribution of Product Performance Busines Process of Operational ICT Solution
Accounting
Sales II Management Management & Talent Mgt Development Procurement & Project
Department of
Department Department of Department
Department Unit of Department ICT Service &
of Regional Pricing & Margin of Learning &
of Legal Inventory of Treasury Performance
Sales III Management Development
Evaluation
Department Department Department

Department
of Regional of Brand of HC Shared
of Tax
Sales IV Management Service
Department
of Channel Department Department of
& Salesforce of MSC Digital Finance Policy
Management Solution & Excellence
Group of
Department
Corporate
of Ready Mix
Sales
Group of
Corporate
Sales
Department of
Ready Mix & Department of
Infrastructure SOE Sales
Department of Department of
Industrial Sales Technical Sales

Rudiantara
President Commisioner
Age: 61 years
Citizenship: Indonesia
Domicile: Jakarta
Education:
• Bachelor’s degree of statistics from
University of Padjadjaran, Bandung (1984)
• Master of Business Administration
from IPPM, Jakarta (1988)
Experience:
• Minister of Communication and Information
of Republic of Indonesia (2014-2019)
• Director/Commissioner of PT
Telekomunikasi Seluler, PT XL Axiata Tbk,
PT Indosat Tbk, PT Telkom Indonesia
(Persero) Tbk (between 1996-2014)
Other experience:
• President Commissioner of PT Solusi
Sinergi Digital (2020-now)
• Commissioner of of PT Vale
Indonesia Tbk (2020-nov)
• Commissioner of PT Rukun
Raharja Tbk (2020-now)
Legal base of first appointment:
Appointed as President Commissioner by the
AGMS on 19 June 2020, serving until 2025
Share ownership: Nil
Affiliation:
No affiliation with members of the
Board of Commissioners, Board of
Directors and Shareholders
Term of office: 2020-now

Nasaruddin Umar Mochamad Choliq

Independent Commisioner Independent Commisioner
Age: 61 years Age: 68 years

Citizenship: Indonesia Citizenship: Indonesia
Domicile: Jakarta Domicile: Jakarta
Education: Education:
• PhD from Syarif Hidayatullah • Master of Management from STM
Islamic Public University (UIN Syarif Prasetya Mulya, Jakarta (1997)
Hidayatullah), Jakarta (1999) • Bachelor of Engineering from Institut Teknologi
• Master’s degree from UIN Syarif Sepuluh Nopember (ITS), Surabaya (1979)
Hidayatullah, Jakarta, Indonesia (1992) Experience:
• Bachelor’s degree from Faculty of Shariah, IAIN • President Director of PT Waskita
Alauddin, Ujung Pandang, Indonesia (1984) Karya (Persero) Tbk. (2008-2018)
Experience: • Director of PT Adi Karya (Persero) (2001-2006)
• Vice Minister of Religious Affairs (2012-2014) Other experience: Nil
• Director General of Islamic
Community Education, the Ministry Legal base of first appointment:
of Religious Affairs (2006-2012) Appointed as Independent Commissioner by
the AGMS on 30 April 2018, serving until 2023
Other experience:
• Great Imam of Masjid Negara Istiqlal Share ownership: Nil
• Professor at UIN Syarif Hidayatullah Affiliation:
Legal base of first appointment: No affiliation with members of the
Appointed as Independent Commissioner by the Board of Commissioners, Board of
AGMS on 31 March 2017, serving until 2022 Directors and Shareholders
Share ownership: Nil Term of office: 2018-now
Affiliation:

Sony Subrata Astera Primanto Bhakti

Commisioner Commisioner

• Bachelor of Commerce in Marketing • Master’s degree in Taxation from the
from the University of New South University of Denver, USA (1997)
Wales, Sydney, Australia (1988) • Bachelor of Economics in Management from the
University of Jenderal Soedirman, Purwokerto (1990)
Experience:
• Independent Commissioner of Experience:
PT Ciputra Surya Tbk (1999-2003) • Head of Financial Education and Training
• Chairperson of Yayasan Bangsa (1997-1999) for the Ministry of Finance (2017-2018)
• President Director of PT Adiriasindo (1995) • Federal Income Policy Expert Staff to
the Minister of Finance (2015-2017)
Other experience: Nil
• Federal Income Expert Staff to the
Legal base of first appointment: Minister of Finance (2015)
Appointed as Commissioner by the EGMS
Other experience:
on 23 January 2015, serving until 2020 and
Director General of Financial Balance
reappointed by AGMS decision on 19 June 2020.
for the Ministry of Finance
Affiliation: Appointed as Commissioner by the AGMS
No affiliation with members of the on 31 March 2017, serving until 2022.
Affiliation:
No affiliation with members of the Board of
Commissioners, Board of Directors and Shareholders

Hendrika Nora Lydia Silvanna

Osloi Sinaga Djaman
Commisioner Commisioner

• Master of Management from the • Master of Law from the University
University of Indonesia, Depok (2003) of Technology, Sydney (1998)
• Bachelor of Chemical Engineering from Bandung • Bachelor of Law from Sebelas
Institute of Technology, Bandung (1994) Maret University, Solo (1992)
Experience: Experience:
• Assistant Deputy for Construction of • Assistant Deputy of Economics for the
Transportation Facilities and Infrastructure Ministry of State Secretariat (2015-2018)
(KSPP) III of the Ministry of SOEs • Assistant Deputy of Economics Regulations for
• Commissioners of PT Perusahaan Gas the Ministry of State Secretariat (2012-2018)
Negara (Persero) Tbk (2016-2018) • Legal and Human Rights Expert Staff for the
• Commissioners of PT Perusahaan Minister of State Secretariat (July-October 2012)
Pengelola Aset (Persero) (2014-2016) Other experience:
Other experience: Deputy of Law and Legislation for the
Assistant Deputy of Construction, Ministry of State Secretariat
Transportation Facilities and Infrastructure for Legal base of first appointment:
the Ministry of State-Owned Enterprises Appointed as Commissioner by the AGMS
Legal base of first appointment: on 22 May 2019, serving until 2024.
Appointed as Commissioner by the AGMS Share ownership: Nil
on 30 April 2018, serving until 2023.
Affiliation:
Share ownership: Nil No affiliation with members of the
Affiliation: Board of Commissioners, Board of
No affiliation with members of the Directors and Shareholders
Board of Commissioners, Board of Term of office: 2019-now

DIRECTORS’ PROFILES
Hendi Prio Santoso

President Director
Age: 53 years
Domicile: Jakarta
Education:
• Bachelor of Business Administration (BBA) in
Finance and Economics (double major) from
the University of Houston, Texas, USA (1990)
• Master of Economics from the The
University of Texas, Austin, USA (1988)
Experience:
• President Director of PT Perusahaan Gas
Negara (Persero) Tbk (2008-2017)
• Director of Finance of PT Perusahaan Gas
Negara (Persero) Tbk (2007-2008)
• Director of Investment Banking of PT JP
Morgan Securities Indonesia (2001-2007).
Other experience:
• President Commissioner of
PT Semen Gresik (2018-now)
• President Commissioner of PT Semen
Indonesia International (2018-now)
Appointed as President Director by the EGMS
on 15 September 2017, serving until 2022.
Affiliation:

Doddy Sulasmono
Diniawan Fadjar Judisiawan
Director of Finance Director of Business Strategy and Development
• Master of Financial Management from University • Master of Management from the University
of Padjadjaran, Bandung, Indonesia (2005) of Gadjah Mada, Jogjakarta (2002).
• Bachelor of Economics majoring • Bachelor of Engineering from
in Management from Parahyangan Sepuluh Nopember Institute of
Catholic University, Bandung (1990) Technology, Surabaya (1995)
Experience: Experience:
• Director of Business Strategy & • Director of Finance PT Semen Indonesia
Business Development PT Semen (Persero) Tbk (2017-2018)
Indonesia (Persero) Tbk (2017-2018) • Acting Deputy of Construction, Transportation
• Director of Finance and Human Resources Facilities and Infrastructure for the Ministry
of PT Rekayasa Industri (April 2016-2017) of State-Owned Enterprise (2017)
• Executive Vice President, and then CEO • Assistant Deputy of Construction, Transportation
of Jakarta Regional Office of PT Bank Facilities and Infrastructure 1 for the Ministry
Negara Indonesia (Persero) Tbk (2016) of State-Owned Enterprise (2015-2017)
Other experience: Other experience:

• President Commissioner of PT Semen • President Commissioner of PT Solusi
Indonesia Logistik (2019-now) Bangun Indonesia (2019-now)
• President Commissioner of PT Semen • President Commissioner of PT Sinergi
Indonesia Beton (2019-now) Mitra Investama (2019-now)
Legal base of first appointment: Legal base of first appointment:

Appointed as Director by the EGMS on Appointed as Director by the EGMS on
15 September 2017, serving until 2022. 15 September 2017, serving until 2022.
Share ownership: Nil Share ownership: Nil
Affiliation: Affiliation:
No affiliation with members of the No affiliation with members of the
Board of Commissioners, Board of Board of Commissioners, Board of
Directors and Shareholders Directors and Shareholders
Term of office: 2017-2022 Term of office: 2017-now

Benny Wendry Tri Abdisatrijo

Director of Production Director of Engineering & Projects

• Master of Management from University • Bachelor of Chemical Engineering
of Gadjah Mada, Jogjakarta (2001) from Sepuluh Nopember Institute of
• Bachelor of Chemical Engineering from Bandung Technology, Surabaya (1992)
Institute of Technology, Bandung (1994) Experience:
Experience: • Commercial Director, PT Semen
• President Director of PT Semen Tonasa (2014-2017)
Padang (2014-2017) • General Manager for Energy, Materials
• Director of Finance of PT Semen and Environment of PT Semen
Padang (2011-2014) Indonesia (Persero) Tbk (2014)
• Corporate Secretary of • General Manager Project Specialist OOTC
PT Semen Padang (2008) PT Semen Indonesia (Persero) Tbk (2013-2014)
Other experience: Other experience:
• President Commissioner of PT United • President Commissioner of PT Semen
Tractor Semen Gresik (2019-now) Indonesia Aceh (2018-now)
• President Commissioner of • Acting President Director of PT Semen
PT Semen Tonasa (2018-now) Indonesia Aceh (2018-now)
Legal base of first appointment: Legal base of first appointment:
Appointed as Director by the EGMS on Appointed as Director by the EGMS on
15 September 2017, serving until 2022. 15 September 2017, serving until 2022.
Share ownership: Nil Share ownership: Nil
Affiliation: Affiliation:
No affiliation with members of the No affiliation with members of the
Board of Commissioners, Board of Board of Commissioners, Board of
Directors and Shareholders Directors and Shareholders
Term of office: 2017-now Term of office: 2017-now

Adi Munandir Tina T. Kemala Intan

Director, Marketing and Supply Chain Director of Human Capital & Legal

• Magister Ilmu Manajemen, Kekhususan • Bachelor of Psychology, Psychologist from
Manajemen Stratejik, Universitas University of Padjadjaran, Bandung (1985)
Indonesia, Depok (2013) Experience:
• Bachelor of Engineering from University • Director of Human Resources, General
of Indonesia, Depok (2003) Affairs and Information Technology
Experience: of Angkasa Pura II (2017-2019)
• Group Head of Marketing of PT Perusahaan • Consultant for UNDP, USAID,
Gas Negara (Persero) Tbk (2016-2018). AUSAID & GIZ (2012-2017)
• Head of Strategic Management Other experience:
Division of PT Perusahaan Gas Negara • President Commissioner of PT Sinergi
(Persero) Tbk (2015-2016) Informatika Semen Indonesia (2019-now)
• Executive Officer – Strategic Management • President Commissioner of PT Industri
Office of PT Perusahaan Gas Negara Kemasan Semen Gresik (2019-now)
(Persero) Tbk (2013-2015)
Other experience: Appointed as Director by the AGMS on
• President Commissioner of PT Semen 22 May 2019, serving until 2024.
Kupang Indonesia (2019-now)
• Commissioner of PT Solusi Bangun Share ownership: Nil
Indonesia Tbk (2019-now) Affiliation:
Legal base of first appointment: No affiliation with members of the
Appointed as Director by the AGMS on Board of Commissioners, Board of
30 April 2018, serving until 2023. Directors and Shareholders
Share ownership: Nil Term of office: 2019-now
Affiliation:

EMPLOYEE DEMOGRAPHICS AND

COMPETENCY DEVELOPMENT
Employees by
Employment Status 2020 2019 2018 2017 2016
Permanent 7,597 7,644 5,403 5,465 5,145
Internship 0 0 0 1 10
Contract 132 125 45 87 89
Total 7,729 7,769 5,448 5,553 5,244
Employees by Level Jabatan 2020 2019 2018 2017 2016

Position Level
Band 1 141 115 116 164 151
Band 2 365 327 323 359 315
Band 3 1,133 1,110 685 776 674
Band 4 3,440 3,372 1,835 2,037 1,825
Band 5 2,650 2,769 2,489 2,217 2,279
Total 7,729 7,769 5,448 5,553 5,244
Employees by Latest Qualification 2020 2019 2018 2017 2016

Age Group
< 25 tahun 138 139 175 190 297
26-30 tahun 930 1,214 1,145 1,092 1,041
31-35 tahun 1,504 1,432 979 763 701
36-40 tahun 1,051 885 541 580 598
41-45 tahun 1,226 1,554 1,221 1,377 1,170
46-50 tahun 1,749 1,645 908 941 747
>50 tahun 1,131 875 479 610 690
Total 7,729 7,769 5,448 5,553 5,244
Employees Gender 2020 2019 2018 2017 2016

by Gender
Male 6,926 6,990 4,910 5,111 4,812
Female 803 779 538 442 432
Total 7,729 7,769 5,448 5,553 5,244
Employees by Latest Qualification 2020 2019 2018 2017 2016

Educational Qualification
Postgraduate degree 314 277 181 187 176
Bachelor degree 2,688 2,643 1,752 1,704 1,443
Diploma degree 1,385 1,061 636 617 702
High school or
3,342 3,788 2,879 3,045 2,923
equivalent
Total 7,729 7,769 5,448 5,553 5,244

Synergy in Human Capital Transformation

Since end 2019, SIG prepares the foundation to 6. Planting the AKHLAK core values in all elements
transform its human capital in accordance to the of SIG;
Company’s vision. The roadmap includes: 7. Endorsing skill growth through talent
1. Establishing the Human Capital Management development and talent mobility programs
Framework as the foundation for the between entities under SIG’s management.
transformation;
2. Establishing a lifecycle and a single digital The Company established the Human Capital
platform in the Human Capital infrastructure to Management Framework as the foundation for the
accelerate digitalization in Human Capital; Human Capital transformation in the PT Semen
3. Centralizing all Human Capital policies and Indonesia Board of Directors Decree No. 003/
procedures; Kpts/Dir/2020 concerning the Human Capital
4. Redefining the Human Capital operational Management System of the Semen Indonesia Group
system through shared services; as detailed in the framework below:
5. Building a culture of performance, innovation,
and continuous learning in SIG;
Governance & Code of Conduct
Talent Strategy & Business Alignment

Vision
Workforce Planning Center of
Excellence
Mission Capability and Competency Management
Corporate Performance Management

Value
Corporate
Career Management
Talent Total profit,
Acquisition Reward growth &
Corporate Succession Management
Sustainabilty
Strategy
Leadership Management
Business
Process
Learning and Capability Development
Country Global
Organization Talent Infrastructure Competitiveness
Design
Talent Management Audit
Communication

To accelerate digitalization in Human Capital, the Company decides on a Human Capital lifecycle and a single
digital platform as below:
Learning Management Standardized Data

• Ensures that employees receive and Process
the correct training procedures • Centralized HC data
• Ensure development goals are & business process
aligned with learning activities • Easier to pull
Performance & • Gain visibility into compliance human capital
Goal Management training status related report
• Track goal • Increase employee
status, progress experience thru
and probability employee and
of success manager self service
• Simple feedback • Easier access
and coaching thru desktop and
• Performance mobile access
review, calibration,
360 assessment
SIG Approach to
Digital Transformation
Onboarding
Management
• Centralized
human resource
business process
• Ensure smooth
Employee Central and completed
• Centralized master transition and on/
employee data of cross boarding for
all companies Succession & Development
new and current
• Centralized • Identify critical roles and high
employees
human resources potential employees
business process • Perform company-wide talent search
• Define career paths and assess role-
readiness
• Determine objective and accurate
ratings

Learning and Development

The Company strives to build and develop this by developing a Framework for Learning and
competencies to improve performance in Capacity Building, as follows:
addressing business needs sustainably. We do
SIG
Business Target & Strategy
Learning & Development Programs

Policy & Roles
Guideline • Corporate (HC
• Clear Concept Learning Value Chain Committee)
• Clear • HC Unit
Methodology • Line Function
• Easy to • Leader
Learning Learning learning Learning • Individual
Understand
Need Design & Delivery & Evaluation &
• L&D Campaign
Diagnostic Development Development Measurement
Knowledge Management
Learning & Development Tools & Technology
Learning & Development Governance

The learning value chain consists of four steps: The Company actively organizes learning and
1. Learning Need Diagnostic development opportunities for employees, so
2. Learning Design & Development that the Company can keep up with the business
3. Learning Delivery & Deployment development dynamic.
4. Learning Evaluation & Measurement
The Company invests in Learning and Development
The Company is committed to develop its conducted by each department or unit in Corporate
human resources as its main asset, continuously. Learning & Development, such as:
1. Learning & Development Design
SIG conducted a skills development planning and Management System (SF LMS) as the platform.
learning design in 2020 based on Learning Need
Diagnosis (LND) consisting of: Learning Content Design was done in partnership
1. Developmental Need Analysis (DNA) with internal subject matter experts, people with the
2. Training Need Analysis (TNA) knowledge, expertise and extensive experience in
3. Core Competency Analysis (CCA) the field. They were chosen by the Company based
4. Certification Need Analysis (CNA) on specific criteria. Among the digital content that
have been developed are:
The learning program implementation was 1. New learning modules consisting of 7 learning
then done based on job function priority and videos:
competencies. SIG developed a Guideline for a. Product Knowledge (3 videos)
Learning and Development as stipulated in Decree b. Risk Management (3 videos)
No. 023/Kpts/Dir/2020 to support effective c. KPKU (1 video)
implementation of learning and development as 2. Webinar
well as talent management within SIG’s Human a. Project Management Office (PMO)
Capital Management Model. b. Finance for Non Finance 1 (Finon 1)
c. Total Productive Maintenance (TPM)
In line with learning concept development and the 3. 40 materials for Learning & Storyboard from every
progress in learning technologies, SIG focused job function
on conducting learning through digital platforms 4. 31 curriculum and syllabus from each job function
and digital content. The Company played a role in
providing learning access and making learning a part It is hoped that the digital platform and digital
of employees’ daily life by designing their learning content will encourage employees to proactively
needs, known as Personal Learning Plan (PLP) and seek learning.
digitalization. We used uccess Factor Learning
2. Learning & Development Operational and Certification
The Company adjusts materials in the learning We prioritize mandatory over non-mandatory
plan based on the LND approach. This approach is learning and development programs. This is
done to address the learning needs of employees because certain job titles / positions require
as identified in their competency gap as they do specific competencies to be able to fulfill the
their task or their need to develop in the areas of Company needs.
business issues or performance issues. b. Levelling
The basic principles of Learning and Development The Company prioritizes learning and
in the Company are: development to fulfill competency
1) Priority-Based requirements that are done in stages, starting
a. Need to know or nice to know with basic, intermediate to advanced levels.

2) Adult Learning Principles formal learning (10%). This is done so employees

a. Reciprocal learning could be exposed to real-life experiences.
The employees play an active role as self- 3) Blended learning
learners responsible for their own learning The learning and development programs use a
needs, also we ask that they share their combination of online (digital learning / e-learning)
experiences as learning points for the instructor and offline (classroom setting).
and other training participants.
b. Experiential learning The implementation of learning and development
The Company puts high priority on experiential programs refer to the following learning method and
learning (70%), then social learning (20%) and learning model described in the table below:
Learning Method Learning Effectiveness Description Learning Model
Experiential 70% Learning done through practical 1. Project Assignment

Learning channels, under the supervision of a 2. Internship
mentor or a leader in the Company.
Social 20% Learning done through social 1. Learn and Share
Learning interaction, involving internal or 2. Workshop
external subject matter experts. 3. Mentoring
4. Benchmark
Formal 10% Learning done through structured 1. Digital Learning
Learning courses be it in class, digital learning 2. Classroom
programs, or certification. 3. Certification
a) Project Assignment, is a type of learning whereby f) Benchmark, a learning tour to another company
employees are assigned to a project to solve or organization that sets the best practice in a
a problem or complete a task, whereby the particular competency relevant to the participants’
assignment is counted as learning hours. work.
b) Internship, a type of learning through work g) Digital Learning/Self-Paced Learning, an online
practicum, directly affecting competencies while learning model that can be accessed anywhere
improving networking. and whenever according to the skills that needed
c) Learn and Share, sharing of knowledge between to be developed. .
individuals or groups within the Company to h) Classroom/Live Webinars, classroom setting, be it
achieve competitive advantage. online or face-to-face, facilitated by an internal or
d) Workshop, a learning model that discusses a external instructor with relevant expertise.
topic along with practice time under the guidance i) Certification, a systematic and objective
of an internal or external subject matter expert in certification through an assessment based on
a relevant work area. Indonesia’s or the international competency
e) Mentoring, a learning model through the standards.
guidance of a manager with mastery in a particular During the pandemic in 2020, learning activities
competency who shares his/her knowledge to were optimized through SF-LMS, a digital learning
a team member or employee who needs that platform developed by the Company. This platform
competency for work. went live on March 20, 2020.

Towards the end of 2020 the number of users achieving 100% of their target was 7,024, detailed as follows:
% Access SF LMS SIG
100%
Have Access
Have Not Access
3. Professional Certification Board
In 2015, the Company established the Professional vi) determine requirements, verify and decide on
Certification Board (Lembaga Sertifikasi Profesi the place for competency examination (Tempat
- LSP) in partnership with the National Board of Uji Kompetensi – TUK),
Professional Certification (Badan Nasional Sertifikasi vii) maintain the performance of assessors and
Profesi - BNSP). LSP as the center for competency TUK, and
certification for the Company and its subsidiaries is vii) develop certification services. LPS currently
tasked to: issues 106 types of certification to improve
i) design and develop the certification scheme, employees’ competitive advantage at regional
ii) create assessment and competency examination level.
tools,
iii) provide assessors, In 2020, during the pandemic, LSP continued to
iv) conduct certification, provide certification services remotely to fulfill
v) conduct surveillance of certification maintenance, employee needs.

4. Knowledge Management & Innovation
The Company believes that knowledge management 7) Technology

is a pillar to support organizational knowledge. 8) Change Management
Organizational knowledge is managed within a 9) Strategy
framework consisting nine competencies, where the
first six competencies are the practice of knowledge The Company has planned and implemented
sharing, while the last three are the provision of knowledge management programs on of them is
supporting infrastructure, structured policy and the Shared Learning:
leadership commitment in knowledge management.
The nine competencies are: Shared Learning consistent and continuous shared
1) Expert Locator learning was done by inviting external speakers
2) Communities of Interest with experience in relevant fields to share their
3) Peer Assist knowledge and experience on a wide range of
4) Shared Learning relevant topics that could boost SIG employees’
5) Project Retrospectives competencies and performance.
6) Community of Practice
Below are some shared learning sessions with external speakers that were done in 2020:
No Date Topic Speaker(s)
Joko Sogie
1 23 January Semen Indonesia Facing the Cement Industry Competition
Arini Kasmira
Improving Employee Concern for the Environment Teddy Caster Sianturi
2 11 March
as Part of SIG’s Application as a Green Industry M. Aris Syukriyanto
How to mind your mental health during
3 01 April Dr. Rismiyati E. Koesma
The COVID-19 Pandemic
4 09 April Be a Great Communicator in Business Presentation Becky Tumewu
Keep Calm and Stay Positive while WFH:
5 17 April Dr. Rahkman Ardi, M.Psych.
A Psychological Perspective
6 29 April Coaching for Peak Performance Session 2 Dadan Sukma Putra
7 30 April Successful Financial Management during #COVID19 Diaz Adritya Putra
Digital Leadership & Transformation
8 08 May Isdar Andre Marwan
During the Pandemic
9 15 May Key Success Factor in Applying Employee Database Management Dharma Syahputra
Creating Innovation Culture, The Road to
10 19 May Hiskia Purwoko
SIGIA 2020
11 20 May KPK’s Socialization on Gratuity Direktorat Gratifikasi KPK
Surviving The New Normal with Digital
12 04 June Antonius Erwin Handoko
Readiness
Aryani Tri Wrastari
What’s Up with the New Normal?
13 12 June Ayudia C.
(Event by CovidRangers)
Ditto P.
Productivity & Work Smart in
14 10 July Sylvano Damanik
The New Normal
Budi Gunadi Sadikin
AKHLAK Core Values Internalization for SOEs
15 30 July Alex Denni
Ary Ginanjar Agustian

No Tanggal Judul Nama Pembicara
Managing Employee Productivity
16 27 August Dudi Arisandi
During & Post Pandemic
17 10 September Are You Ready to be SIG’s Next Top Talent? T. Zilmahram
Tina T.K. Intan
NGOPI “Ngobrolin Pandemi” #3 // Pandemic Coffee Talks #3
18 18 September Prita Ghozie
Money Lessons from The Pandemic
Indamora Harahap
Implementation of Human Capital (HC) &
19 28 September Tri Indra Basoeki
Shared Service (SS)
Nurcahyo Adi Kusumo
20 09 October Strengthening Immunity and Compliance during the Pandemic
dr. Selfi Farisha
Establish an Effective Performance &
21 16 October Kaspar Situmorang, PMP., ITIL
Innovation Culture
22 23 October People Analytics Didi Haryadi
Wuryono Prakoso
23 10 December SIG Bersih #1”
Ariz Dedy Arham
Moreover, the Company has consistently and involved all employees as participants. Below
continuously hosted shared learning sessions with are some shared learning sessions with internal
internal SIG speakers, namely Directors, Senior Vice speakers that were done in 2020:
Presidents and other senior leaders. The events
No Date Topic
1 23 January Alternative Fuels & Raw Materials
2 23 January Supply Chain Performance Alignment
3 05 June HC Challenges in New Era
4 17 July Anti-Bribery Management System ISO 37001 : 2016
5 25 August New Appreoaches in Developing the Internal Audit Work Plan
6 08 October Restructuring Program to Improve Company Value
7 15 October Staying Excellent in Procurement duringPandemic
8 05 November AKHLAK Core Values Internalization
9 13 November Riding the Wave of Hypercompetition
10 03 December Distribution & Transportation : The Delivery Agent in The Supply Chain

With regards to innovation activities in 2020, SIG won several awards in national and international innovation
events
No Event Name Innovation Innovation Award

Category Group Name
1 National Working Meeting for Quality and QCP Fb-Ash Gold
Productivity (TKMPN) XXIV - 2020 Mine Energi Gold
Via Online 15-18 November 2020
Miner Empire Gold
QIC Green Mining Diamond
Si Krisna Diamond
Si Milo Platinum
2 45th International Convention on QCP Minimize Platinum

Quality Control Circles (ICQCC)
Dhaka, Bangladesh (Online) QIC Win_007 Platinum
27-30 Oktober 2020
Data for Corporate Human Resources Competencies
Between June and December 2020, the Company conducted Coaching and Feedback Program to Enhance
Performance for Leaders, attended by all Band 1 to Band 3 employees and hosted by PT Daya Dimensi
Indonesia.
Investment in Human Resources Development
The Company puts a high priority to continue program. In the year 2020, learning and development
improving the quality and capacity of its people. competency runs 100% according to the budget
Among the clear examples of this commitment was that has been provided by the Company.
the budgeted amount for learning and development

EDUCATION AND/OR TRAINING FOR

MEMBERS OF BOARD OF COMMISSIONERS,
BOARD OF DIRECTORS, COMMITTEES
Competency Development for the Board of Commissioners
Competency Development Training

Name Title Date and Place
/ Training Materials Provider
Nasaruddin Umar Independent Training on the Capital Market, 1 September 2020 Financial Services
Commissioner Responsibilities for the Issuer, and in Jakarta (Virtual) Authority (OJK)
the Roles of Board of Directors and
Commissioners in Managing the
Company to Fulfill Expectations and
Protect Shareholders’ Interest
Mochamad Choliq Independent 1. Training on the Capital Market, 1 September 2020 Financial Services
Commissioner Responsibilities for the Issuer, and in Jakarta (Virtual) Authority (OJK)
2. Training in Application of Good 5 October 2020 in Ministry of State-

Corporate Governance in Jakarta (Virtual) Owned Enterprise
State-Owned Enterprises alongside the IFC
Astera Primanto Commissioner Training in Application of Good Corporate 5 October 2020 in Ministry of State-
Bhakti Governance in State-Owned Enterprises Jakarta (Virtual) Owned Enterprise
alongside the IFC
Hendrika Nora Commissioner Training in Application of Good Corporate 5 October 2020 in Ministry of State-
Osloi Sinaga Governance in State-Owned Enterprises Jakarta (Virtual) Owned Enterprise
alongside the IFC
Lydia Silvanna Commissioner Training on the Capital Market, 1 September 2020 Financial Services
Djaman Responsibilities for the Issuer, and in Jakarta (Virtual) Authority (OJK)

Competency Development for the Board of Directors
Name Title Competency Development Date and Place Training

Hendi Prio CEO 1. Communication Strategy 13 August 2020 Ministry of State-

Santoso and Agenda-Setting. Owned Enterprise
2. Good Corporate Governance 5 October 2020 Ministry of State-
Implementation in SOEs Owned Enterprise
Doddy Director of 1. Socialization and Dissemination 1 September 2020 OJK
Sulasmono Finance Relating to the Capital Market, and
Diniawan the Role in Fulfilling Expectations
and Interest of the Shareholders
Fadjar Director of 1. PMMB Strenghtnening 12 February 2020 Ministry of State-
Judisiawan Business Strategy for SOEs in 2020 Owned Enterprise
and Business 2. Leadership Potential Inventory 14 April 2020 Daya Dimensi
Development Indonesia
3. Synergy for Speeding Up the 29 July 2020 Ministry of State-
Recovery in the Housing Sector Owned Enterprise
4. Socialization and Dissemination 1 September 2020 OJK
Relating to the Capital Market, and
the Role in Fulfilling Expectations
and Interest of the Shareholders
Benny Wendry Director of 1. Economy Outlook 2020 23 January 2020 Indonesian
Production Cement
Association
2. Synergy for Speeding Up the 29 July 2020 Ministry of State-
Recovery in the Housing Sector Owned Enterprise
4. Growth Mindset Investment Program 7 November 2020 Mahadibya
Nurcahyo
Chakrasana
Tri Abdisatrijo Director of 1. Challenges and Innovation in 17 September 2020 Indonesian
Engineering Indonesia’s Cement Industry Cement
and Projects Association
3. Growth Mindset Investment Program 5 November 2020 Mahadibya
Nurcahyo
Chakrasana
Adi Munandir Direktur of 1. Kellogg Digital Marketing Strategies: 1 September 2020 MarkPlus
Marketing and Data, Automation, AI & Analytic
Supply Chain 2. Good Corporate Governance 5 October 2020 Ministry of State-


Tina T. Kemala Direktur of Human 1. The Big Reset for Leadership: 20 May 2020 Daya Dimensi
Intan Capital and Legal Five Lessons for the Future Indonesia
2. Optimizing Cost while 20 May 2020 Korn Ferry
Investing for the Future of Your
Company and Indonesia
3. Maintaining Organization 10 June 2020 Forum Human
Effectiveness during the Pandemic Capital Indonesia
4. Digitalization and AKHLAK Core 14 September 2020 One GML
Values Implementation as the Spirit
in Boosting SOE Performance
6. Revolutionized Learning 13 October 2020 PMSM Indonesia
for Industry 5.0
7. Transformation Starts with 21 October 2020 Britcham
Change-Agile Leaders Indonesia
8. Business & Leadership: 7 November 2020 ICF
Business Rebounding Through
Coaching & Leadership

Competency Development for the Audit Committee
Competency Development
Name Title Date and Place Training Provider
/ Training Materials
Elok Member 1. Panel Discussion: Manipulation of 14 February 2020 The Indonesian

Tresnaningsih Financial Reports: Responsibilities Audit Committee
and Relationship between the Audit Association (IKAI)
Committee and External Auditor
2. Webinar: Agile Auditing – 22 June 2020 IKAI and the

Partnership between the Audit Indonesian Accountant
Committee and Internal Auditor Association (IAI)
in Response to Disruption “
3. Panel Discussion: Key Audit 30 June 2020 the Indonesian Institute

Matters in the context of the of Public Accountant
new audit regulation”. (IAPI) -ACCA
4. Panel discussion: “Three-Line 25 June 2020 The Indonesian Audit

Model as Catalyst of Business Committee Association
Recovery in the New Normal Era (IKAI), the Indonesian
Accountant Association
(IIA), IRMAPA
5. Panel discussion: Roles of Internal 29 July 2020 The Indonesian Audit

Auditor, Audit Committee and External Committee Association
Auditor in ISO ISO 37001: 2016 (IKAI), the Indonesian
Anti-Bribery Management System Accountant Association
(IIA), the Indonesian
Institute of Public
Accountant (IAPI)
6. Panel Discussion: Optimizing 12 October 2020 Ikatan Komite Audit

the Role of Audit Committee in Indonesia (IKAI) dan
Monitoring and Evaluation of Audit Institut Akuntan Publik
Services by Public Accountant Indonesia (IAPI)
and Public Accounting Firm
7. IIA Indonesia National Conference 2-3 December Ikatan Akuntan

“Enhancing Communication 2020 Indonesia (IAI)
& Collaboration: Learning
from the Pandemic”.
M.Z. Abidin Member 1. Financial Reporting 21-23 Juy 2020 Ikatan Akuntan
Indonesia (IAI)
2. Risk for Neglecting the Accountant’s 29 August 2020 Ikatan Akuntan

Code of Ethics in Financial Reporting. Indonesia (IAI)
3. Three-Line Model: Implementation 29 September The Institute of Internal

Challenges and Realities in Indonesia 2020 Audit (IIA), Institut Akuntan
Publik Indonesia (IAPI) dan
Association of Certified
Fraud Examiners (ACFE)
4. Optimizing the Role of Audit 12 October 2020 The Indonesian Audit

Committee in Monitoring and Committee Association
Evaluation of Audit Services (IKAI), and the Indonesian
by Public Accountant and Institute of Public
Public Accounting Firm Accountant (IAPI)

Name Title Date and Place Training Provider
5. 2020 IIA National Conference: 2-3 December The Institute of

Enhancing Communication 2020 Internal Audit (IIA)
& Collaboration: Learning
From the Pandemic.
6. 2020 IAI Conference of Business 8-10 December The Institute of

Finance Accounting: “Resilience 2020 Internal Audit (IIA)
Toward Recovery Path – Indonesia’s
Business Landscape in 2021”.
7. Corruption in the midst of the Pandeic 19 December Internal Audit Educational

2020 Foundation - Yayasan
Pendidikan Internal
Audit (YPIA), Anti
Corruption Agency
(KPK) dan Financial
and Development
Monitoring Board (BPKP)
Competency Development for the Corporate Secretary
Name Title Competency Development Date and Place Training Provider

Vita Mahreyni Sekretaris Cultivating AKHLAK 30 July 2020 Ministry of SOEs

Perusahaan to Accelerate SOE
Transformation
Corporations and 13 August 2020 Ministry of SOEs

Busiensses with Integrity
Limited Liability Company 20 October 2020 SIG

and Capital Market Laws
Corporations and 10 December 2020 SIG – KPK

Busiensses with Integrity
PR Summit: Communication 17 December 2020 SIG

Outlook 2021
Competency Development fo the Internal Audit Unit Head

Daniel Wirjawan D., SE., Cisa. SM of ICT & Membership of ISACA 4 February 2020 Eksternal
BSED Audit - CISA 2020
Daniel Wirjawan D., SE., Cisa. SM of ICT & Executive Briefing 14 April 2020 PT International
BSED Audit Implementation of Anti- Sinergi Quantum
Bribery Management
System ISO 37001:2016

SHAREHOLDERS’ STRUCTURE
AND COMPOSITION
51.01%
Government of Indonesia
C/Q The Ministry of SOEs
48.99%
Public
Controlling shareholders
Non controlling shareholders
No Shareholders Total Shares Percentage of Share Ownership
Shareholders with 5% or More Shares
1 Republic of Indonesia 3,025,406,000 51.006

C/Q Minister of SOEs of Indonesia
Shareholding Members of the Board of Directors and Commissioners
1 Board of Commissioners 0 0
2 Board of Directors 0 0
Public Shareholders with Less than 5% Shares
1 Public (under 5%) 2,906,114,000 48.99
Total 5,931,520,000 100.00

Shareholders’ Composition based on Classification
Type Number of Shareholders Total Shares Composition (%)
Local Investors
Republic of Indonesia 1 3,025,406,000 51.00558
Indonesian Individuals 9,015 46,321,692 0.78094
Employees 32 122,000 0.00206
Cooperatives 7 172,700 0.00291
Foundation 11 5,618,900 0.09473
Pension Funds 126 358,343,850 6.04135
Insurance 109 248,277,167 4.18573
Bank 2 35,390 0.00060
Limited Liability Companies 60 2,529,615 0.04265
Association 1 5,000 0.00008
Other Business Entities 18 84,000 0.00142
Mutual Funds 317 193,226,577 3.25762
Sub Total 9,699 3,880,142,891 65.41567
Foreign Investors
Foreign Individuals 72 485,100 0.00818
Foreign Institutions 763 2,050,892,009 34.57616
Sub Total 835 2,051,377,109 34.58434
Total 10,534 5,931,520,000 100.00000

Profil Pemegang Saham Pengendali
State-Owned Enterprises Jl. Medan Merdeka Selatan No. 13 Jakarta 10110 Indonesia
Telp. 021-29935678
Fax. 021-29935740
Management Minister : Erick Thohir

Vice Minister : Kartika Wirjoatmodjo dan Pahala Nugraha Mansury
Secretary : Susyanto
History The Ministry of SOEs is a transformation from the Echelon II Work Unit of the Ministry of
Finance (1973-1993) which then became Echelon I (1993-1998 and 2000-2001). Between
1998-2000 and 2001-now, the Work Unit became the Ministry of State-Owned Enterprises.
Considering its financial contribution to the nation, in 1998, the Indonesian

government put its supervisory and management role into the ministerial level. The
change occurred during the VI Development Cabinet, under the name “Office of
the State Minister for Investment and Development of BUMN / Head of the BUMN
Development Agency.” In 2009, following the change in nomenclature for all
ministries, the unit changed its name to the State-Owned Enterprises (BUMN).
Responsibilities The Ministry of State-Owned Enterprises’s responsibilities is to carry out

government affairs in the SOEs, which in the Ministerial Decree is called
BUMN, to help the President in carrying out his/her governance duties.
The leadership over SOEs includes those directly or indirectly
controlled by the government, which according to Article 2, the
Ministry of SOEs is to hold the following functions:
1. Formulating and stipulating policies for strategic business initiatives,
strengthening of competitive advantage, restructuring, business development,
and improvement of the SOE’s business infrastructure capacity.
2. Coordinating and synchronizing the implementation of policies in the areas of strategic
business initiatives, strengthening of competitive advantage, restructuring, business
development, and improvement of the SOE’s business infrastructure capacity.
3. Coordination for the implementation of tasks, mentoring and
administrative support within the Ministry of SOEs
4. Management of state property / assets which fall under the
responsibility of the Ministry of State-Owned Enterprises
5. Supervising the implementation of projects within the
Ministry of State-Owned Enterprises

SUBSIDIARIES AND AFFILIATED ENTITIES
Perseroan memiliki entitas anak yang bergerak dalam bidang usaha terkait persemenan, dari produksi
semen, distribusi, penggunaan produk semen dan jasa pendukung lainnya.
Name Address
PT Semen Padang Indarung, Padang 25237, Sumatera Barat

Tel. : +62-751-815250 Fax. : +62-751-815590
Email : layanan.sp@sig.id www.semenpadang.co.id
PT Semen Gresik Jl. Veteran Gresik 61122 Jawa Timur, Indonesia
Tel. : +62-31-3981732 Fax. : +62-31-3983209
www.semengresik.sig.id
PT Semen Tonasa Kantor Pusat Desa Bantoa, Kec. Minasate’ne, Kab. Pangkep, Sulawesi Selatan 90651
Tel. : +62-410-312345 Fax. : +62-410-310113
Email : tonasa@sementonasa.co.id www. sementonasa.co.id
PT Thang Long Le Loi Commune – Hoanh Bo District – Quang Ninh, Vietnam
Cement Company Tel. : +84-03-33691325 Fax. : +84-03-33691326
(TLCC) www.thanglongcement.com.vn
PT Sinergi Mitra Perumdin PT Semen Indonesia (Persero) Tbk. Jl. Awikoen Blok A-7 Segunting, Gresik 61122
Investama (SMI) Tel. : +62-31 3970374 Fax. : +62-31 3972263
PT Semen Indonesia Jl. Tebet Timur Dalam VIII X/15 Jakarta Selatan 12820
Beton (SIB) Tel. : +62-21-8295327 Fax. : +62-21-29222849
Email: info@semenindonesiabeton.com www.semenindonesiabeton.com
PT United Tractors Jalan Raya Kerek, Desa Sumberarum, Kec. Kerek, Kab. Tuban
Semen Gresik Tel. : +62-356-711800
(UTSG)
PT Industri Kemasan Desa Socorejo, Kec. Jenu, Tuban-Jawa Timur 62352
Semen Gresik (IKSG) Tel. : +62-356-491200 Fax. : +62-356-491234
Email : pt.iksg@iksg.co.id www.iksg.co.id
PT Kawasan Industri Gresik Jl. Tridharma No.3 Gresik 61121
(KIG) Tel. : +62-31-3984707 Fax. : +62-31-3984472
Email : marketing@kig.co.id www.kig.co.id
PT Semen Kupang Jl. Yos Sudarso, Alak, Tenau, Kupang, NTT
Indonesia (KSI)
PT Semen Indonesia Jakarta
Industri Bangunan* (SIIB)
PT Semen Indonesia Jl. Banda Aceh – Medan KM 107 No.100,
Aceh (SIA) Gampong, Kampong Baro, Kec. Pidie, Kab. Pidie 24151
PT Sinergi Informatika Graha Irama (Indorama) Building lantai 6, Jl. HR Rasuna Said kav. 1-2, Jakarta 12950
Semen Indonesia (SISI) Tel. : +62-21-5213711 Fax. : +62-21-5261176
Email : ptsisi@sisi.id www.sisi.id
PT Semen Indonesia Menara Anugrah, Kantor Taman E.3.3, No.22F Jl. Mega Kuningan Lot 8.6-8,7, Jakarta12950
Internasional (SII) Tel. : +62-21-57853977 Fax. : +62-21-57942294
www.semenindonesiainternational.com
PT Semen Indonesia Jl. Veteran No.129, Gresik-Jawa Timur 61122
Logistik (SILOG) Tel. : +62-31-3981463 Fax. : +62-31-3982304
Email : contact@silog.co.id www.silog.co.id
Catatan: (*) SIIB merupakan perusahaan induk dari PT Solusi Bangun Indonesia Tbk.

Line of Business Commencement Total Asset (Rp Million)

Share Ownership (%)
Year
2020 2019
Cement manufacturing 1913 99.99% 10,328,170 9,914,107
Building Rental 2012 97.00% 35,467 44,010
Production of ready mix concrete 2012 99.99% 1,426,857 1,955,369
Limestone and clay 1992 55.00% 454,493 544,900

mining service
Cement bag manufacturing 1994 60.00% 393,903 405,019
Industrial real estate development 1991 65.00% 401,101 396,560
Cement distribution 2019 99.48% 210,872 204,843
Building material - 100% 32,909,755 32,471,647
Cement manufacturing - 52.28% 571,548 569,861
Information system 2014 100% 119,586 113,264
Trade, service logistic 2016 100% 603,670 517,328

management
and investment
Trade, transporation, 1974 73.65% 2,165,615 2,243,388
and construction

CORPORATE GROUP STRUCTURE
PT Semen Padang
99.99%
PT Semen Gresik
99.96%
PT Semen Tonasa
99.99%
TLCC
70%
PT Semen
Indonesia Aceh
52.28%
PT Semen Kupang
Indonesia
99.48%
SBI PT Semen
(melalui SIIB) Indonesia
98.31%
Industri Bangunan
100%

PT Semen
Indonesia Beton
99.99%
PT Semen
Indonesia Logistic
73.65%
PT Sinergi
Informatika
Semen Indonesia
100%
PT Sinergi Mitra
Investama
97%
PT Kawasan
Industri Gresik
65%
Industri Kemasan
Semen Gresik
60%
United Tractor
Semen Gresik
55%
PT Semen Indonesia
International
100%

CHRONOLOGY OF ISSUANCE AND/

OR LISTING OF OTHER SHARES
The Company did its initial public offering (IPO) at 593,152,000, followed by changes in the value of
the Jakarta Stock Exchange (now IDX) on 8 July authorized capital and paid-up capital
1991. Since the IPO up to reporting year 2014, the • A ten-for-one stock split on 7 August 2007 which
Company has exercised three corporate actions increased total number of shares to 5,931,520,000
impacting the number of outstanding shares, • Buy/sell-back between 13 October 2009 and
namely: January 2009 for buy-back and 6-7 October 2009
• A rights issue on 2 June 1995, which changed for sell-back. This did not impact the number of
the total number of shares from 148,288,000 to outstanding shares
Dates Description Nominal of Total Shares Total Outstanding Stock

Shares (Rp) Shares
17 May 1991 IPO 7,000 40,000,000 40,000,000 JSX
4 July 1991 Company listing 30,000,000 70,000,000 JSX
30 May 1995 Company listing 78,288,000 148,288,000 JSX
2 June 1995 Rights issue 444,864,000 593,152,000 JSX
7 August 2007 Ten-for-one 5,000 5,338,368,000 5,931,520,000 IDX

stock split
13 October 2008 - Share buyback 2,919 68,032,000 5,863,488,000 IDX
9 January 2009
6-7 October 2009 Share sell-back 6,075 68,032,000 5,931,520,000 IDX

CHRONOLOGY OF ISSUANCE AND/

OR LISTING OF OTHER SECURITIES
Securities Stock Date of Tenor Currency Value Maturity Interest Securities Trustee
Exchange Issuance (year) (IDR Date Rate Rating
billion) 2019 2018
Obligasi BEI 20 June 5 IDR 3,000 20 June 8.6% AA AA PT Bank

Berkelanjutan 2017 2022 Tabungan
I Semen Negara
Indonesia (Persero)
Tahap I Tbk
Tahun 2017
Obligasi BEI 28 May 5 IDR 3,364 28 May 9% AA AA PT Bank

I Semen Negara
Indonesia (Persero)
Tahap II Tbk
Tahun 2019
Seri A
Obligasi BEI 28 May 7 IDR 714 28 May 9.1% AA AA PT Bank

I Semen Negara
Indonesia (Persero)
Tahap II Tbk
Tahun 2019
Seri B

SUPPORTING INSTITUTIONS
AND/OR PROFESSIONS
Certified Public Name Tanudiredja, Wibisana, Rintis & Rekan (a member of PwC network
Accountant of firms) Business License Number: KEP-241/KM.1/2015
Address World Trade Center 3, Jl. Jend. Sudirman Kav.
29-31, Jakarta 12920, Indonesia
Phone +62 21 50992901
Fax +62 21 52905555 / 52905050
Website www.pwc.com/id
Services General audit services for consolidated financial statements
for the fiscal year ended on 31 December 2020
Assignment Period 2020
Cost Rp7,733,350,000.-
Securities Name PT Pemeringkat Efek Indonesia

Rating Address Panin Tower Senayan City Lt. 17 Jl. Asia Afrika Lot. 19 Jakarta 10270
Agency Indonesia
Phone +62 21 – 7278 2380
Fax +62 21 – 7278 2370
Website www.pefindo.com
Services Annual monitoring services for shelf registration bond
of PT Semen Indonesia and the Company.
Cost Rp155,000,000.-
Securities Name PT Datindo Entrycom

Administration Address Jalan Hayam Wuruk No. 28 Jakarta 10120
Bureau Phone +62 21 3508077 (hunting)
Fax +62 21 3508078
Website www.datindo.com
Services Stock administration services, dividend administration,
AGM’s securities administration.
Cost Rp245,110,000,-
Public Name Leolin Jayayanti, SH

Notary Address Jl. Pulo Raya VI/I, Keb. BAru – Jakarta 12170
Phone +62 21 7278 7232/ 7278 7233
Fax +62 21 7234 607
Website
Services Notarial services
Assignment Period according to the needs
Cost Rp45,000,000,-

INFORMATION ON THE COMPANY WEBSITE
PT Semen Indonesia (Persero) Tbk’s official website language. All information about the Company’s
is www.sig.id, launched to improve transparency condition should be current, accurate and easy to
whilst improving shareholders’ and stakeholders’ understand.
access to official public Company information from
the Issuer. It is also an application of our good Article 5 of said regulation stipulated that the
corporate governance principles as an issuer website should at least contain the following:
and public Company. We strive to use the latest 1. Information about the issuer or the public
communication technology to provide transparency Company;
to information. 2. Information about the investors;
3. Information about corporate governance; and
In accordance with Financial Services Athority’s 4. Information about corporate social responsibility.
regulation number 8/POJK.04/2015 about Issuer
and Public Company Website; a public Company is PT Semen Indonesia (Persero) Tbk regularly
required to have a website that reflects its identity maintains and updates the data and information on
in 2 (two) languages, one of which the Indonesian the Company website.

SUSTAINABLE
INTEGRATED SOLUTIONS
We continue to strengthen the synergies
between our entities and maximize the use of
integrated solutions to meet community needs
for building materials in a responsible and
sustainable manner.
4
Management
Analysis and
Elaboration
:
ECONOMIC AND INDUSTRY REVIEW
Global Economic Analysis

Due to the COVID-19 pandemic, the year 2020 was Korea, Germany and Italy – countries categorized as
a challenging year for all economic and business advanced econonomic nations. In the midst of this
players around the world. Its spread was quick and condition, the US-Chinese relationship soured and
massive, almost no country was spared from the the world felt its ripple considering that these two
deadly impact of this virus. Many countries have countreis had a big role in the global economy.
responded to this condition by putting forward a
health-first policy by implementing a lockdown, be The International Monetary Fund (IMF) in the World
it at city or national level. Economic Outlook released in October 2020
predicted a global economic decline of -3.5% in
The lockdown policy has had a huge impact to the 2020. However, IMF also indicated that the global
economic performance of countries who decided economic performance has started showing
to use it, considering that economic activities improvement in the third quarter of 2020 as
almost came to a standstill. This is reflected in the lockdown eased and countries started to re-open
economic growth rate for most countries in the and allowed economic acctivities to continue albeit
world, which suffered negative growth in the first and some protocols in place. In 2020, IMF predicted that
second quarters of 2020. Many countries fell into the global economy will return to growth at 5.5%.
recession, including the United States, Japan, South
National Economic Analysis

COVID-19 became the main challenge for the the government could reallocate the budget to
Indonesian economy in 2020. The Coronavirus respond to the COVID-19 pandemic.
quickly spread to all areas of Indonesia. Since the
President announced the first case in Depok, West In line with the actions taken by the central
Java, in early March 2020, no less than 740,000 government, the reigonal government also took
people have been confirmed positive by the end of similar steps and created policies to curb th espread
2020 with the number of death exceeding 22,000 of COVID-19, among others by implementing
people. The numbers continue to rise as of the time Large-Scale Social Restrictions (Pembatasan Sosial
of this writing. Berskala Besar – PSBB). While unpopular from
economic standpoint, this policy was supposed to
The government has given much thought to this be the key to curbing the spread of the Coronavirus.
problem where the safety of the people became
the main focus. They have taken swift action to deal The government has also handed out various
with the pandemic. One of the actions taken was econonomic stimuli be it cash or non cash,
issuing of Government Regulation in lieu of Law No. especially to low-income communities impacted by
1/2020 about National Financial Policy and Financial the pandemic. These actions were done to safe the
System Stability to Handle the COVID-19 Pandemic national economy and prevented recession.
and/or In the Interest of Responding to Threats
Endangering the National Economic and/or the The Central Bank (Bank Indonesia - BI) has also
Financial System Stability (Perppu 1/2020). This was issued an accomodating policy by reducing the
then ratified as Law No. 2/2020. With this regulation BI 7-day reverse repo rate. Throughout 2020, BI

reduced the 7-day reverse repo rate five times from mainly due to reduction of imports. The government
5.00% to 3.75%. and the Central Bank (BI) were also able to maintain
stability of currency exchange, especially between
With the various measures, Indonesia’s economic Rupiah and the US dollar.
growth in 2020 came to -2.07%, lower than the
previous year’s growth of 5.02%. Meanwhile, the With this condition, the government is confident that
inflation reached 1.68%, illustrates a decrease in Indonesia will return to growth in 2021, whereby the
community purchasing power in line with declining Central Bank is predicting a 4.3%-5.3% growth. This
economic growth in 2020. confidence is based on the improving economic
sentiment between Q3 to the end of 2020.
In the midst of the condition, Indonesia’s trade
balance continued to show a surplus in 2020,
National Cement Industry Analysis

The pandemi also became the main challenge for export sales went up by 47.62% to 9.3 million tonnes.
the country’s cement industry. Demand for cement Within these numbers, the biggest decrease was
products decreased compared to the previous experienced by bulk cement, which went down by
year due to the decline in people’s buying power. 23.4%, while bagged cement only a decline of 4.2%.
The pandemic has brought with it an economic
downturn. Majority of property and infrastructure Meanwhile, cement supply in the market went up
projects, be it government or private projects, were along with the operations of new cement factories
delayed or even put on hold. PT Semen Imasco Asiatic in Jember, East Java.
This has caused an increase of of national cement
Data from the Indonesian Cement Association supply by 2.7% to 115.3 million tonnes. The added
(Asosiasi Semen Indonesia – ASI) stated that capacity and the declining demang has caused
cement sales in 2020 only amounted to 72.0 million an oversupply of cement in the market. ASI’s data
tonnes, a decline of 5.4% compared to the previous stated that the cement oversupply in 2020 has
year’s sales at 76.1 million tonnes. Domestic sales gone up to 34.3 million tonnes, a 19.61% increased
went down by 10% to 62.7 million tonnes, meanwhile compared to 2019.
Table of Capacity Development, Demand for Cement Domestic and Average Utilization 2019-2020
Description In 2020 2019
Installed Capacity Million tonnes 115.3 112.3

Domestic Demand Million tonnes 62.7 69.8
Export Sales Million tonnes 9.3 6.3
Total Sales of the National Cement Industry Million tonnes 72.0 76.1
Utilization % 64.1* 67.4
* Using an installed capacity of 112.3 million tonnes (exclude the capacity of a new cement plant in Jember,
where the sales volume is not recorded in Indonesian Cement Association’s data)

SIG’s Position In The National Cement Industry

SIG is the main player in the national cement tonnes, making SIG the largest cement producer
industry. The Company has the largest production both in Indonesia and Southeast Asia.
and distribution facilities in various parts of Indonesia
and Vietnam. This is one of the Company’s main With five major brands under its wings: Semen
strengths in facing the increasingly competitive Gresik, Semen Padang, Semen Tonasa, Semen
landscape in the national cement industry. SIG’s Andalas and Dynamix, SIG also shared more than
installed capacity in 2020 reached 52.6 million 50% of the cement market in Indonesia.
SIG Supplied Concrete for

Istiqlal Mosque Renovation
SIG proudly took part in the renovation of the largest mosque

in Southeast Asia, inaugurated by President Joko Widodo on
7 January 2021. Istiqlal is not only the biggest mosque in the
region, but also a monumental landmark in Indonesia.

OPERATIONAL REVIEW
SIG’s Strategic Policy

COVID-19 that hit Indonesia throughout 2020 was b. Innovative ideas from sis process was done
a trying time for SIG’s roadmap for achieving its by every area/directorate with a focus on
vision as the Largest Building Materials Solution cost efficiency and added value in winning
Provider, which was penned in 2019. The four competition to continue and improve the
strategic priorities set by the Company were intensity of strategic initiatives to create cost
Operation Excellent “Obsession”; Partner of Choice effciency through various programs in the
“Reinforce”; Innovate to “Disrupt” dan Policy whole Directorate.
Advocate to “Win” with the following explanation: 4. Policy Advocate to “Win”
1. Operation Excellent “Obsession” Bertujuan untuk menciptakan kondisi yang
a. Aimed at continuing and improving the kondusif dalam industri bagi SIG dalam memenuhi
intensity of strategic initiatives by creating tugas nya sebagai BUMN dalam penyediaan
cost efficiency through various programs in all barang penting serta penciptaan nilai sebagai
directorates. bentuk penyertaan kekayaan negara; Bentuk
b. Cost efficieny is done by changing its business koordinasi dan komunikasi yang proaktif dengan
model, improvement of business processes, seluruh stakeholder kunci dan mendorong
collaboration with strategic partners, to adanya perubahan industri yang lebih kondusif
adoption of the latest technoligcal solution for dalam merealisasikan visi dan misi.
process efficiency and effectiveness.
2. Partner of Choice “Reinforce” As a leader in Indonesia’s cement industry, SIG
a. Aimed at returning the positioning of SIG as a needs to continue improving its leadership in the
company and its products as the first and main industry. Through cost leadership strategy, the
choice for customers and stakeholders. Company is focused on internal improvements
b. Strengthening this positioning is done through to keep becoming more efficient, especially in
marketing communications, new product relations to production cost and financial burdens,
development and creating added values to to stay ahead of the competition in an increasingly
differentiate ourselves from comptetitors. challenging condition.
Developing strong production base and
distribution channels to acquire opportunities SIG also continues to push product and service
in new markets. innovations that can provide added value to
3. Innovate to “Disrupt” customers along with the Company’s new vision
a. Aimed at revolutionizing the cement and to be “The Largest Building Materials Company in
building materials industry by bringing the Region”. This is done through the development
innovative new products, solution products, of various products and services that could be the
and introduce processes that are beyond solution for customers and turn SIG into the leader
business as usual in construction materials solution for the customers.

The Marketing Aspect

The cement industry went through considerable For SIG, the pandemic gave us double meaning.
challenges in 2020. Demand for cement products In one hand, the pandemic is a threat because it
went down along with the economic slowdown has caused a decline demand and an increase in
due to the COVID-19 pandemic. On the other hand, competition. On the other hand, it has become a
cement supply in the market went up along with catalyst for the Company to accelerate innovation
new entrants which started to operate in 2020. This processes that have been planned and to bring it
has caused an increase in cement oversupply in the to reality.
market.
SIG applied a comprehensive marketing strategy to
adapt, among others:
Mega Distributor
The pandemic has caused a decline in demand market and distribute all SIG products, not just
for cement products and construction materials. limited to cement, through a vast distribution
This has intensified competition between industry network throughout Indonesia.
players. To improve competitive advantage, SIG
has to conduct cost efficiency. Within the context There are many benefits from this scheme. From the
of marketing and supply chain, efficiency could be economic aspect, the Company gains a significant
done by reducing marketing and distribution cost. amount of efficiency by saving transactions cost
and simplifying distribution operations. On the other
In 2020, SIG implemented a new business model, hand, the mega distributor scheme will make it
especially for SIG’s distribution and trade activities, easier to market the full portfolio of the Company
by applying a sole distributor scheme, or mega because the customer could access the whole
distributor. In this scheme, SIG as the holding product portfolio by only dealing with one party.
company plays a role as th esole distributor to
Digital Marketing
Along with the development in information The Company also developed the AksesToko
technology and communication, SIG will continue to platformed for distributors and retail shops selling
improve its digital marketing channels. This strategy SIG products. Through this platform, retailers could
fit the 2020 condition whereby people are expected order online and are also supported by financial
to practice physical distancing to avoid COVID-19 service companies to make it easy for users to
transmission. transact.
The Company has also built several digital In addition, the Company also opened an official
marketing platforms for customers as well as SIG’s online store in the online marketplace as a solution
business partiers. SIG developed the SobatBangun for customers wanting to purchase SIG products
platform, supported by architects, contractors, without the trouble of having to visit a building
construction workers to financial services, to provide materials shop especially during the pandemic.
a comprehensive solution to the customers wanting
to build their property.

Strengthening Export
In responding to the declining domestic marketing States and several other countries. In addition, SIG
during the pandemic, the Company tried to improve will continue to maintain established markets such
exports. This approach was also done to maintain as Australia, Fiji, Bangladesh, Sri Lanka, China and
production capacity utilization. This was done as several other countries.
part of capacity management implementaty as well
as to strengthen SIG’s position as the largest cement To improve the export market, the Company
industry player in Southeast Asia. approved enhancement in several ports to increase
loading rate to increase supply capabilities in the
The Company will continue to improve access to new regional market.
export markets such as Mozambique, the United
Product Innovation
The Company continued to push for product Product innovation was done to strengthen SIG’s
innovation to widen the market. Product innovation positioning as a building material solution provider
is also developed in line with customers’ needs. with a complete porfolio for various applications.
In 2020, the Company intorduced several types This way, customers could find an accurate solution
of cement that could be adapted to the type of according to their needs at a budget that suit them.
building/construction and customer needs, among
then Dynamix Masonry.
Marketing Communications
To support the ongoing marketing strategy, the Marketing communication program played a big
Company is also active in marketing communications. role in maintaining ongoing interaction between
Since 2019, SIG has roleld out an integrated principals and consumers to shape, wide and
marketing communication program whereby the increase awareness. Other than that, the Company
Company no longer played a major role in national- also engaged actively in marketing communications
level marketing communications, but focused on through professionally-run social media.
localized strategies to strengthen the position of a
brand.
Market Share
More than 50% of national cement consumption in production and distribution facilities that is not
2020 were in Java, however COVID-19 has caused concentrated in Java but throughout Indonesia, the
a consumption decline in 2020 compared to 2019 Company was able to maintain its leading position
due to Java being the center of the pandemic. in the national cement market with a market share
Consumption decline in Java went down at a of over 50%.
larger percentage compared to other areas. With

PER-SEGMENT OPERATIONAL REVIEW
SIG operates in the cement industry. Along with and non-cement production segment, in accordance
its busines development, the Company initiated to PSAK 5 (2015 revision). See note No. 31 for details.
various supporting industries to optimize its assets.
The Company’s 2020 cement production decline
Based on the Company financial report that had was caused by the COVID-19 pandemic, which
been audited by Public Accounting Firm Tanuredja, brought down the demand for cement in Indonesia.
Wibisana, Rintis & Partners (part of PwC’s network The Company adjusted its cement production
of firms), SIG presented its business segment report volume with the latest demands to prevent
into two large groups: cement production segment oversupply.
Cement Business
SIG produces and markets cement products in Other than production facilities, the Company is
all of Indonesia and export them to several other also supported by packing and distribution facilities
countries. SIG is the largest cement produces spread throughout Indonesia and Vietnam.
in Southesat Asia with an installed capacity of In 2020, with six leading brands
52.6 million tonnes per annum in 22020, through
factories in 8 locations in Indonesia and Vietnam. Semen Gresik, Semen Padang, Semen Andalas,
This capacity has not changed since the previous Semen Tonasa, Thang Long Cement and Dynamix,
year. the cement business gave the largest contribution
to the Company’s consolidated income at 75.36%
Cement Production
Along with the declining demand for cement, SIG’s in 2020. In total, the Company produced 33,934,637
cement production in 2020 went down. Realization tonnes of cement in 2020, a 15% total production
of slag production in Indonesia for the year 2020 decline compared to 2019, which amounted to
went down by 10% compared to the previous year. 39,709,199 tonnes.
The TLCC production volume in Vietnam also
decreased by 9% compared to the year before. The Company’s 2020 cement production decline
The Company’s domestic cement production in was caused by the COVID-19 pandemic, which
2020 reached 32,599,268 tonnes, a decline of 15% brought down the demand for cement in Indonesia.
compared to 2019, which amounted to 38,279,602 The Company adjusted its cement production
tonnes. Likewise, TLCC production went down by 7% volume with the latest demands to prevent
from 1,429,597 tonnes in 2019 to 1,335,369 tonnes oversupply

Description 2020 2019* Growth

1 2 1:2
Domestic 28,873,150 31,988,817 -10%
Slag Production Regional 1,725,790 1,900,107 -9%
Total 30,598,940 33,888,924 -10%
Domestic 32,599,268 38,279,602 -15%
Cement Production Regional 1,335,369 1,429,597 -7%
Total 33,934,637 39,709,199 -15%
Domestic 50,300,000 50,300,000 0%
Installed Capacity Regional 2,300,000 2,300,000 0%
Total 52,600,000 52,600,000 0%
Domestic 65% 76.26% -9%
Utilization Regional 58% 62.16% -8%
Total 65% 75.65% -9%
* including SBI production in January 2019 before the acquisition of 774,636 tonnes of slag and 867,873 tonnes of cement
** Utilization is calculated from cement production volume plus slag sales volume against cement production capacity
Production Volume
Slag Domestic 2020 28,873,150

(Tonnes)
2019* 31,988,817
2018 24,279,631
Slag Regional 2020 1,725,790

(Tonnes)
2019* 1,900,107
2018 2,024,572
Total Slag 2020 30,598,940

(Tonnes)
2019* 33,888,924
2018 26,304,204
** Utilization is calculated from cement production volume plus slag sales volume against cement production capacity

Production Volume
Cement Domestic
(Tonnes)
2020 32,599,268
2019 38,279,602
2018 28,565,618
Cement Regional
(Tonnes)
2020 1,335,369
2019 1,429,597
2018 1,994,351
Total Cement
(Tonnes)
2020 33,934,637
2019 39,709,199
2018 30,559,969
Sales Performance
In the midst of declining demand due to COVID-19, sales in 2020 recorded 7,719,408 tonnes of cement
the Company managed to close 31,972,151 tonnes and slag. Regional sales went up 23% compared
of cement sales domestically in 2020. Compared to to the previous year and has helped the Company
the prevous year, the Company’s cement sales went to maintain production utilization in the midst of
down by 12% whereby the previous year noted a declining demand domestically.
domestic cement sales of 36,340,833 tonnes.
The largest export destinations were China, Australia
SIG’s decrease sales was consistent with the decline and Bangladesh, while the Company attempted to
in demand for cement products in 2020 as a result break into new markets such as Taiwan and Brunei
of the pandemic. Domestic cement sales in 2020 Darussalam.
was still dominated by Java. Meanwhile, regional

Financial Performance
In the midst of declining demand for cement previous year. This was in line with the Company’s
products, the Company was successful in recording efficiency efforts in various areas, specifically in
(before elimination) a sales value of Rp31,904 billion cement production process.
in 2020, a 10.08% decline compared to the previous
year’s figure of Rp35,480 billion. However, the Profit before tax in the cement production segment
cement production segment in 2020 experienced in 2020 also went up by 21.13% to Rp5,687 billion,
an increase to Rp7,716 billion from Rp7,503 the compared to Rp4,695 billion the previous year.

Non-Cement Business
Non-cement segment of the business consists of construction and interior, to financial services
limestone and clay mining, cement bag production, • Production of ready mix concrete to fulfill
industrial complex development, logistics, trade the need for construction projects
of construction materials, design and construction • Industrial waste and urban waste management,
services, ready mix concrete, and industrial waste including analysis, management and transport
management. Each of these segments include: of waste, preparation and treatment of waste,
• Limestone and clay mining is aimed at fulfilling mapping and calculation of waste volume, and
the Company’s needs for raw material consultation on waste management to help
• Cement bags support the need clients improve their environmental performance.
for cement packaging • Other businesses
• Industrial complex development turned former
mining areas into productive area that could be The Company earned non-cement income through
used for commercial purposes or as public facilities the abovementioned business activities. Along
• Logistical services and trading of building materials with the shift in the Company’s business paradigm
• Design and construction services using an to continue developing non-cement downstream
online platform which integrates various products, the contribution from non-cement
services relating to building needs, such segment in the future in the future is expected to
as design (architect), builder (contractor), contonue to rise.
Production & Sales Performance
The largest production and sales activity from production segment income which went down by
the non-cement production segment came from 10.08% considering that the two segments were
sales of building materials, including ready-to-use closely related. The largest decline in production
concrete, and income from various activities which and sales of non-cement production segment came
supported SIG’s value chain such as mining services, from production activities and sales of ready-to-
logistics and packaging. In 2020, production and use concrete, due to the decrease in infrastructure
revenue in this segment went down, whereby non- project activities as a result of the pandemic.
cement production segment decreased by 16.71% This has caused some budget reallocation, from
to Rp10.429 billion (before elimination). This was infrastructure to pandemic handling.
in line with the decline in production and cement
In billion Rupiah
Non-Cement Production Segment 2020 2019 Growth (Decline)
Rp %
Sales to third parties and related parties 8,930 10,492 (1,562) (14.89)
Sales between segments 1,499 2,030 (531) (26.16)
Total income before elimination 10,429 12,522 (2,093) (16.71)
Financial Performance
The Company recorded a total revenue (before caused the Company to book a loss of Rp2,298
elimination) from the non-cement production billion in the current year, a bigger loss compared
segment of Rp10,429 billion in 2020. This was a to the year before whereby the Company booked a
16.71% decrease compared to the previous year, loss from the non-cement production segment of Rp
which totaled Rp12,522 billion. This decline has 1,483 billion.

FINANCIAL REVIEW
The following financial review is based on the Firm Tanudiredja, Wibisana, Rintis & Partners (part
consolidated PT Semen Indonesia (Persero) Tbk.’s of PwC’s network of firms) with opinion without
Financial Report for the year ending 31 December modification.
2020, which has been audited by Public Accounting
Consolidated Financial Position Report

in billion Rupiah
Growth (Decline)
Finance Position 2020 2019
Rp %
Current Assets 15,564 16,658 (1,094) (6.57%)
Noncurrent Assets 62,442 63,149 (707) (1.12%)
Total Assets 78,006 79,807 (1,801) (2.26%)
Short Term Liabilities 11,506 12,240 (734) (6.00%)
Long Term Liabilities 29,066 31,675 (2,609) (8.24%)
Total Liabilities 40,572 43,915 (3,343) (7.61%)
Temporary Syirkah Fund 1,781 2,000 (219) (10.95%)
Equities Attributable To
- Parent Entity Owners 34,173 32,277 1,897 5.87%
- Non-Controlling Interests 1,480 1,615 (135) (8.37%)
Total Equity 35,653 33,892 1,761 5.20%
Total Liabilities, Temporary Syirkah Fund and Equity 78,006 79,807 (1,801) (2.26%)
Assets
SIG’s total assets on 31 December 2020 amounted to billion or a 1.12% less compared to the year 2019.
Rp78,006 billion, a 2.26% decline from the previous The Company’s asset composition in 2020 was
year, which totaled Rp79,807 billion. The decline still dominated by Non-Current Assets, recorded
in total asset occurred in both Current Assets, at Rp62,442 billion or equivalent to 80.05% of the
which decreased by Rp1,094 billion or 6.57%, and Company’s Total Assets.
Non-Current Assets, which went down to Rp707
2020 2019
19.95% 20.87%
80.05% 79.13%
Current Assets
Non-Current Assets

Current Assets
in billion Rupiah
Growth (Decline)
Current Assets 2020 2019
Rp %
Cash and Cash Equivalent 2,931 3,950 (1,019) (25.80%)
Accounts Receivable 1,103 67 1,036 1546.27%
Other Receivables 5,777 6,490 (713) (10.99%)
Short Term Investment 261 370 (109) (29.46%)
Inventory / Stockpile 4,548 4,641 (93) (2.00%)
Down Payment 114 136 (22) (16.18%)
Prepaid Expenses 197 216 (19) (8.80%)
Prepaid Taxes 601 764 (163) (21.34%)
Other Current Assets 32 24 8 33.33%
Total Current Assets 15,564 16,658 (1,094) (6.57%)
On 31 December 2020, the Company’s total current • Inventory

assets amounted to Rp15,564 billion, an increase To maintain a shorter cash cycle especially
of 6.57% compared to the year before at Rp16.658 during the pandemic, the Company attempted
billion. The increase in current asset value was to maintain a low stockpile. The amount of net
mainly the result of: inventory at the end of 2020 was worth Rp4,548
• Accounts Receivable billion, a decline of 2.00% compared to the same
The total Accounts Receivable went down by period in 2019, which amounted Rp4,641 billion.
Rp713 billion or by 10.99% compared to the year
2019. This was consistent with the decline in • Prepaid Taxes
revenue due the COVID-19 pandemic which has The amount of prepaid taxes went down by
caused a downturn in the economy, purchasing Rp163 billion as compared to 2019, mostly due
power, and -in turn- national cement demand. The to income tax reclassification article 28 whereby
decline in Accounts Receivable was also caused overpayment of income tax in the years 2016
by the increase in Allowance for Impairment of and 2017 was moved to the Tax Refund Bill on
Accounts Receivables by Rp389 billion in 2020. Non-Current Assets, in line with the appeal to the
This came as an effect of opening balance Tax Court.
adjustment to the Allowance for Impairment
of Accounts Receivables due to the PSAK 71
“Financial Instruments” implementation.

Noncurrent Assets
In billion Rupiah
Growth (Decline)
Noncurrent Assets 2020 2019
Rp %
Cash for Restricted Use 61 58 3 5.17%
Deferred Tax Assets 552 658 (106) (16.11%)
Investment in Associates 35 89 (54) (60.67%)
Investment in Joint Ventures 53 52 1 1.92%
Property Investment 110 120 (10) (8.33%)
Fixed Assets 56,053 56,602 (549) (0.97%)
Goodwill and Intangible Assets 3,962 4,260 (298) (7.00%)
Tax Refund Bill 847 443 404 91.20%
Other Noncurrent Assets 769 867 (98) (11.30%)
Total Noncurrent Assets 62,442 63,149 (707) (1.12%)
At the end of 2020, SIG’s total noncurrent assets Rp56,053 billion, a 0.97% decrease from the
amounted to Rp552 billion, an increase of 1.12% previous year’s total of Rp56,602. The decline
compared to the year before, which totalled was in line with the increase in Accumulated
Rp63,149 billion. The increase in noncurrent assets Depreciation and Depletion that was higher than
was caused mainly by: the increase in Fixed Asset value throughout 2020.
• Deferred Tax Assets The Company has imposed various restrictions
The amount of deferred tax assets in 2020 and was selective with capital expenditure as a
went up by 16.11% to Rp552 billion from Rp 658 strategy to maintain liquidity during the COVID-19
billion in 2019. The increase was caused by pandemic.
The increase was caused by the decline in the • Goodwill dan Aset Takberwujud
value of accumulated fiscal losses as well as less Goodwill and intangible assets went down by
corporate income taxes in accordance to Law No. Rp298billion or 7% compared to 2019, mostly
2/2020. caused by amortization and intangible asset
• Fixed Assets devaluation.
At the end of 2020, SIG’s fixed assets totaled
Liabilities
At the end of 2020, the Company’s liabilities Same as the year before, the Company’s liabilities
amounted to Rp43,915 billion, an increase of 7.61% composition in 2020 was still dominated by long-
from the year before, which totalled Rp 43.915 term liabilities, amounting to Rp29,006 billion or
billion. The increase in total liabilities was caused 71.64% of total liabilities. Meanwhile, short-term
mainly by due to the Company’s effort in liabilities in 2020 was recorded at Rp11,506 billion
make repayment of bank loans. or 28.36% of total liabilities.
2020 2019
28.36% 27.87%
71.64% 72.13%
Short Term Liabilities
Long Term Liabilities

Short-Term Liabilities
In billion Rupiah
Growth (Decline)
Liabilitas Jangka Pendek 2020 2019
Rp %
Short-Term Loan 496 1,212 (716) (59.08%)
Accounts payable 6,521 5,670 851 15.01%
Other debts 307 575 (268) (46.61%)
Accrual 1,130 1,222 (92) (7.53%)
Tax Debt 561 626 (65) (10.38%)
Short-Term Employee Benefits Liabilities 773 735 38 5.17%
Down Payment 104 120 (16) (13.33%)
Long-Term Liabilities Due and
1,614 2,080 (466) (22.40%)
Payable in One Year
Total Short-Term Liabilities 11,506 12,240 (734) (6.00%)
As of 31 Desember 2020, short-term liabiliities was Year of Rp 466 billion or 22.40% as compared to
Rp29,066 billion an 8.24% decrease from previous 2019. This decrease was due to on-schedule and
year’s Rp31.675 billion. The decline in short-term accelerated settlement of the Group’s loans as
liabilities mainly stemmed from a 59.08% decrease cash flows from the Group’s operating activities
in the number of short-term loans from Rp1,212 increased as a result of tighter and disciplined cash
billion in 2019 to Rp496 billion in 2020, as well as flow management throughout 2020.
a decrease in Long-term Loans with Maturity in One
Long-Term Liabilities
In billion Rupiah
Growth (Decline)
Long-Term Liabilities 2020 2019
Rp %
Deferred Tax Liabilities 3,364 3,839 (475) (12.37%)
Long-Term Employee Benefits Liabilities 2,887 2,236 651 29.11%
Long-Term Liabilities Less Those

21,844 24,749 (2,905) (11.74%)
Due and Payable in One-Year
Long-Term Provisions 304 265 39 14.72%
Other Long-Term Liabilities 667 586 81 13.82%
Total Long-Term Liabilities 29,066 31,675 (2,609) (8.24%)
SIG’s total long-term liabilities by the end of 2020 to Rp3,364 billion by the end of 2020, down
was Rp29,066 billion, an 8.24% decrease from 12.37% from the previous year’s Rp3,839 billion.
previous year’s Rp31,675 billion. The decrease in The decrease was due to an adjustment in the
total long-term liabilities comes from: corporate income tax rate to 22% for tax years
• Deferred Tax Liabilities 2020 and 2021, and to 20% for tax year 2022 and
The Company’s deferred tax liabilities amounted beyond.

• Long-term loans after deducting the portion loans as cash flows from the Group’s operating
due in one year activities increased as a result of tighter and
Long-term loans after deducting the portion disciplined cash flow management throughout
due in one year was down 11.74% to Rp 21,844 2020. Throughout 2020, the Group has settled
billion. This decrease was due to on-schedule more than Rp5 trillion loan, including accelerated
and accelerated settlement of the Group’s settlement.
Temporary Syirkah Fund

In billion Rupiah
Growth (Decline)
Temporary Syirkah Fund 2020 2019
Rp %
Temporary syirkah fund is a fund receved by the the amount of temporary syirkah funds decreased
Company pursuant to a financing facility based by 10.95% to Rp1,781 billion as compared to the
on a musyarakah agreement with a Shariah bank, previous year. This is due to the Company’s gradual
with profit sharing ratio paid every month. In 2020, payments throughout 2020.
Equity
In billion Rupiah
Pertumbuhan (Penurunan)
Ekuitas 2020 2019
Rp %
Capital stock 593 593 - 0.00%
Additional paid-in capital 1,458 1,458 - 0.00%
Difference in equity transactions 29 29 - 0.00%
with non-controlling parties
Other equity components 53 422 (369) (87.44%)
Retained earnings:
Determined use 253 253 - 0.00%
Undetermined use 31,786 29,521 2,265 7.67%
Total equity attributable to
34,173 32,277 1,896 5.87%
owners of the parent entity
Non-controlling interests 1,480 1,615 (135) (8.37%)
Total equity 35,653 33,892 1,761 5.20%
The Company’s total equities on 31 December 2020 in Rp2,265 billion retained earnings, of which the
totalled Rp35,653 billion, a rise of 5.20%, compared use had not been determined, derived from the
to the year before which amounted to Rp 33,892 Group’s net profit in 2020.
billion. The increase was mainly due to an increase

Consolidated Income Statement and Other

Comprehensive Income Report
In billion Rupiah
Profit/Loss and Other Growth (Decline)
2020 2019
Comprehensive Income Rp %
Revenues 35,172 40,368 (5,196) (12.87%)
Cost of Revenue (23,555) (27,654) 4,099 (14.82%)
Gross Profit 11,617 12,714 (1,097) (8.63%)
Operating Expenses (5,969) (6,529) 560 (8.58%)
Profit before Income Tax 3,489 3,196 293 9.17%
Profit for the Year Attributable to:
Owners of the parent entity 2,792 2,392 400 16.72%
Non-controlling interests (118) (21) (97) (461.90%)
Comprehensive Income for
the Year Attributable to:
Owners of the parent entity 2,423 2,316 107 4.62%
Non-controlling interests (106) (48) (58) (120.83%)
EBITDA 9,073* 8,699 374 4.30%
Weighted Average Number of Shares 5,931,520 5,931,520 - 0.00%
Distributed (in Thousands)
Basic Earnings per Share (Rupiah) 471 403 68 16.87%
*including impairment of fixed assets and intangible assets in 2020
During the COVID-19 pandemic, the Company made entity, which in 2020 rose by 16.72% to Rp2,792
a notable performance especially in achieving profit billion from Rp2,392 billion the year before.
for the year attributable to the owners of the parent
Income
In billion Rupiah
Growth (Decline)
Pendapatan 2020 2019
Rp %
Cement* 31,918 36,224 (4,306) (11.89%)
Non-Cement 3,254 4,144 (890) (21.48%)
Total 35,172 40,368 (5,196) (12.87%)
* Including the sale of slag
COVID-19 has caused a decline in cement and before. The Company’s main income continued to
building materials demand. This is evident from be from the cement segment, which in 2020 totalled
SIG’s income in 2020 which went down by 12.87%to Rp31,918 billion, while the non-cement segment
Rp35,175 billion from Rp40.368 billion the year contributed Rp3,254 billion.

Cost of Revenue
In billion Rupiah
Growth (Decline)
Cost of Revenue 2020 2019
Rp %
Use of Raw Materials 1,628 1,874 (246) (13.13%)
Personnel / Labor / Salaries 2,228 2,254 (26) (1.15%)
Manufacturing Expenses
Fuel and Energy 7,818 8,996 (1,178) (13.09%)
Depreciation and Ammortization 2,781 1,956 825 42.18%
Others 9,367 12,711 (3,344) (26.31%)
Total Production Expenses 23,822 27,791 (3,969) (14.28%)
Work-in-Process Inventory
At the beginning of the year 693 689 4 0.58%
Purchase / Procurement - 42 (42) (100.00%)
At the end of the year (735) (693) 42 6.06%
Cost of goods sold 23,780 27,829 (4,049) (14.55%)
Finished Goods Inventory
At the beginning of the year 776 596 180 30.20%
Purchase / Procurement 0 5 (5) (100.00%)
At the end of the year (1,001) (776) (225) (28.99%)
Total 23,555 27,654 (4,099) (14.82%)
The Company’s cost of revenue in 2020 totalled decrease is in line with the decrease in the
Rp23,555 billion, a decline of 14.82% from the Company’s production volume and is supported
previous year which amounted to Rp27,654 billion. by several raw material management initiatives,
This decrease is caused by the production volume including:
reduction due to declining demand for cement • Optimizing acquisition of raw materials from
and building materials, aside from the Company’s the most efficient sources.
efficiency and initiative Operational Excellence • Optimizing efficiency in material and
conducted by the Company. The Company was able composition use
to keep the growth rate of cost of revenue lower • Optimizing and utilizing recycled materials
than the rate of revenue growth. This is shown by • Optimizing use of waste from other industries.
the achievement of the Rp591.10 thousand cost of
goods sold per tonne in 2020, which is lower than • Cost of Energy
2019’s Rp638.96 thousand, or a decrease of 7.49%. Absolute Energy Costs in 2020 was Rp7.818
In addition, the ratio of cost of income in 2020 billion, a 13.09% decrease from 2019’s Rp8.996
decreased to 66.97% from previous year’s 68.50%. billion. This decrease is in line with the decline
in production volume in 2020 and energy costs
The following is an explanation of the Company’s per tonne of sales, which experienced a 5.61%
efforts to manage cost of revenue as part of the cost decrease due to lower coal prices as well as
transformation. various cost transformation efforts in the area of
energy costs, including:
• Raw Material Costs • Reduce coal consumption and fuel
Raw material costs in 2020 were Rp1,628 billion, consumption index at the factory by retaining
down 13.13% from 2019’s Rp1,874 billion. This best performance.

• Evaluate coal purchases by prioritizing bulk • Integrate distribution and transportation

purchase and close proximity between the contract procurement and renegotiation.
mine site and the production facilities so as • Evaluate carrier vessel contracts to obtain
to get the best price and the most efficient optimal freight routes and rates.
freight costs. The goal is to reduce energy • Optimize and utilize vessels through
costs per tonne of slag. synergy in order to increase transport cost
• Centralize optimization and industrial fuel efficiency.
purchases for competitive prices. • Optimize land transportation by selecting
• Optimize factory’s electricity consumption type of transport and distribution patterns.
index, especially for equipment that In addition, the decrease in distribution
consumes large power/kWh while retaining costs was also a result of the PSAK
best performance in each tool. 73 “leases” implementation, hence it
• Optimize use of currently-operating WHRPG was reclassified as depreciation and
power plant and facilities. amortization, and interest expenses.
• Other Manufacturing Expenses • Decrease in expenses related to the
Other manufacturing expenses in 2020 were Transitional Service and License Agreement
Rp9,367 billion, down 26.31% from 2019’s Rp12,711 (TSLA) between SBI and Holcim Service
billion. Costs in other manufacturing expenses (South Asia) Limited and Holcim Technology
include: distribution costs, packaging costs, Ltd for one-year period ended January 31,
maintenance costs, general & administrative 2020.
costs, tax and insurance costs, and others. The • The continuous efforts for efficiency efforts
decrease in other manufacturing expenses – include:
besides due to lower production and sales • Efficient maintenance cost index and
volumes– mainly originated from: reducing job patches.
• The decrease in the Company’s sales • Centralization of outsourcing and material
volume and production volume in 2020 due management.
to the COVID-19 pandemic, which reduces • Optimization of heavy equipment
the distribution costs. The reduction in procurement with more effective and
distribution costs also came from the synergy efficient patterns.
and integration of supply chain management • Increasing the use of local and alternative
after the acquisition of PT Solusi Bangun spare parts and substituting into more
Indonesia Tbk and the implementation of competitive lubricants.
cost transformation initiatives, including: • Standardization and centralization of
• Maximize supply chain management by spare parts materials for more competitive
integrating the Company’s distribution prices.
facilities.
Gross Profit
At the end of 2020, the Company’s gross profit was profit margin was maintained with a 1.53% increase
recorded Rp11,617 billion, an increase/decline of in gross profit margin to 33.03% from previous year’s
8.63% compared to the year before, which amounted 31.50%. This is the result of the Company’s efforts to
to Rp12,714 billion. The decline in gross profit is a suppress the growth rate of cost of revenue under
consequence of the decline in domestic demand for the decline in revenue with the various Operational
cement products and building materials due to the Excellence initiatives described above.
COVID-19 pandemic. However, the Company’s gross

Business Expenditure
In billion Rupiah
Growth (Decline)
Operating Expenses 2020 2019
Rp %
Sales Expenses 2,803 3,084 (281) (9.11%)
General and Administrative Expenses 3,162 3,537 (375) (10.60%)
Other Operational (Expense) Income 4 (92) 96 (104.35%)
Total 5,969 6,529 (560) (8.58%)
The Company’s total operating expenses in 2020 2020. This decrease was also a consequence of the
was Rp5,969 billion, a 8.58% decrease compared COVID-19 pandemic and implementation of health
to previous year’s Rp6,529 billion. Sales expenses protocols, where most of the Group’s administrative
decreased by 9.11% from 2019, mainly due to a activities are carried out on a Work from Home
decrease in freight and unloading costs in line with a (WFH) basis, thereby reducing the burden on office
decrease in sales volume. General & administrative needs, guest meals, official travel, as well as the
expenses also decreased by 10.60% due to lower burden of education, training and development that
TSLA costs with Holcim Service (South Asia) Limited are done virtually.
and Holcim Technology Ltd that ended on 31 January
Operational Profit and EBITDA

In billion Rupiah
Growth (Decline)
Operational Profit 2020 2019
Rp %
Business Profit 5,648 6,185 (537) (8.68%)
Gross Profit Margin (%) 16,06 15,32 0.74 0.74%
EBITDA 9,073* 8,669 374 4.30%
EBITDA Margin (%) 25,80 21,55 4.25 3.68%
* Including the impairment of fixed assets and intangible assets in 2020
The Company’s operating profit in 2020 was down margin. EBITDA in absolute terms increased 4.30%
8.68% to Rp5,649 billion from Rp6,185 billion. to Rp9,073 billion as compared to 2019, while the
The decline in operational profit was caused by a EBITDA margin increased to 25.80% from the
decrease in sales volume as a result of the COVID-19 previous’ 21.55%. The increases in EBITDA and
pandemic. However, the Company was able to EBITDA margin were mainly derived from various
maintain efficiency and Operational Excellence so efficiency and Operational Excellence efforts carried
that the operational profit margin increased from out in 2020, lower fuel and distribution costs, the
15.32% in 2019 to 16.06% in 2020. expiration of the TSLA contract in January 2020,
and the implementation of PSAK 73 “lease”.
The Company also managed to record an increase
in EBITDA, both in absolute terms and in EBITDA

Financial Expenditure
SIG’s financial expenditure in 2020 experienced 2019 for competitive interest rates, settlement of
a significant decrease of Rp884 billion to Rp2,321 bank loans throughout 2020 –both on-schedule
billion from 2019’s Rp3,205 billion. The decrease and accelerated– as well as a reduction in the loan
was the result of loan refinancing in May and July reference interest rate (JIBOR) in 2020.
Profit for the Year Attributable to Owners of the Parent Entity
Despite the many challenges in 2020, the Company The increase in profit for the year attributable to
successfully recorded an increase in profit for the owners of the parent entity also pushed up the
year attributable to owners of th eparent entity of Company’s gross profit margin from 5.93% in 2019
16.72% valued at Rp2,792 billion, compared to the to 7.94% in 2020.
previous year which amounted to sebelumnya
Rp2.392 billion.
Current Period Comprehensive Income
In 2020, the Company recorded current period comprehensive income of Rp2,317 billion, an compared to the
year before, which amounted to Rp2,268 miliar.
Profit per Share
Along with the improvement in profit for the year in 2020, SIG’s earning per share also went up to Rp....... from
Rp403 in 2019.
Consolidated Cash Flow Report
In billion Rupiah
Growth (Decline)
Cash Flow 2020 2019
Rp %
Net Cash Flow from Operating Activities 7,221 5,609 1,612 28.74%
Net Cash Flow for Investment (2,251) (17,161) 14,910 (86.88%)
Net Cash Flow from (for) Funding (6,003) 10,285 (16,288) (158.37%)
Increase/ (Decrease) if Cash (1,033)
(1,267) (234) (18.47%)
and Cash Equivalent
Starting Balance – Cash and Cash Equivalent 3,950 5,246 (1,296) (24.70%)
Impact of Changes in Exchange Rates 14 (29) 43 (148.28%)
Ending Balance – Cash and 2,931 3,950 (1,019) (25.80%)
Cash Equivalent

Cash Flow from Operations
Net cash flow obtained from operating activities in Company’s efforts to maintain liquidity during
2020 was Rp7,221 billion, a 28.74% increase from the COVID-19 pandemic when the Company can
Rp5,609 billion in 2019. This increase was mainly manage a more optimal cash cycle.
derived from a strict cash flow management and
Cash Flow from Investment
Total net cash flows used for investing activities especially due to the acquisition of PT Solusi Bangun
in 2020 reached Rp2,251 billion, a decrease as Indonesia Tbk (formerly PT Holcim Indonesia Tbk).
compared to the previous year’s Rp17,161 billion. This
decrease was due to the capital expenditure (capex) Throughout 2020, there were short-term investment
activities in 2020 which were mostly directed to in the form of time deposits in banks amounted
maintain the daily operations (selective CAPEX), to Rp1,036 billion, and purchases of fixed assets
while 2019’s capex activities were much broader, amounted to Rp1,280 billion.
Cash Flows from Financing
In 2020, SIG recorded a net cash flow of Rp6,003 floating interest rate due to JIBOR, the Company
billion for financing. Throughout 2020, on a net was able to reduce its financial burden in 2020. This
basis, the Company has made loan payments, both condition is inversely proportional to the previous
short- and long-term, as well as temporary syirkah year when the Company recorded a net cash flow
funds of Rp5,384 billion. This amount is higher of Rp10,285 billion from financing activities used to
than the loan amount due in 2020 according to the fund the acquisition of PT Solusi Bangun Indonesia
repayment schedule. With a decrease in the amount Tbk (Formerly PT Holcim Indonesia Tbk).
of interest-affected loans and a decrease in the
Ability To Pay Debts And Debt Collectability

SIG is committed to fulfill its loan obligations as The Company’s ability in fulfilling all obligations be it
evident in the on time payment of principals and long-term or short-term is measured through various
interests. The Company continues to strive to ratios, among htem liquidity and solvability ratios.
manage liquidity and monitor the maturity of debt The liquidity ratio is used to measure its ability to
principals and interest payment. repay short-term loans while solvability ratios are
used to gauge ability to fulfill all obligations.

Important Financial Ratios 2020 2019
Gross Profit Margin (%) 33.03 31.50

Operating Profit Margin (%) 16.06 15.32
Net Profit Margin (%) 7.94 5.93
EBITDA Margin (%) 25.80 21.55

EBITDA to Interest Expense (x) 3.91 2.71
Return on Equity (%)* 8.17 7.41
Return on Total Assets (%) 3.58 3.00
Current Ratio (%) 135.27 136.10
Liabilities to Asset (%) 32.99 37.64
Liabilities/Capital (%) 42.96 48.21

Equities/Capital (%) 57.04 51.79
Liabilities/EBITDA (x) 2.84 3.45
Liabilities/Equities (%) 75.31 93.08
Liabilities are liabilities bearing interest

*) Profit for the year attributable to owners of the parent company
Current Ratio
The Company’s ability to fulfill short-term obligations 2020, the Company’s current ratio was 135.27% an
is measured through the current ratio, calculated increase of 136.10% compared to the same ratio in
by dividing net assets with short-term liabilities. In 2019.
Solvability Ratio
In 2020, liability ratio with interest effect/equity went interest effect/total asset also experienced a decline
down to 75.31%, liability ratio with interest effect/ to 32.99%
capital decreased to 42.96% an liability ratio with
Account Receivables Collectability
Average Collection Period (ACP) is calculated by and projects that were significantly affected by
comparing the average account receivables with COVID-19. On the other hand, SIG experienced
income times the number days in a year (365 days). better cash cycle by managing the average trade
payables turnover by optimizing the utilization of
In 2020, the ACP was 63 days, slower from the year the Supplier Financing facility so that vendors can
before which was 55 days. The increase was mainly adjust the desired payment time with a competitive
derived from the extension of the Term of Payment cost of funds.
which selectively given to several distributors

Capital Structure And Capital Structure Policy

Details of Capital Structure
The Company’s capital structure in 2020 was that equity. This composition was relatively unchanged
40% came from liabilities bearing interest, 3% from compared to 2019.
temporary syirkah fund, and 57% in the form of
In billion Rupiah
Growth (Decline)
Cash Flow 2020 2019
Rp %
Liabilities* 23,954 28,042 (4,088) (14.58%)
Equities that can be Attributable 34,173 32,277 1,896 5.87%
to Owners of the Parent Entity
Total Capital 59,908 62,319 (2,411) (3.87%)
*) Liabilities are liabilities bearing interest
Capital Structure Policy
The Company continuously applies healthy and taking into account the need for funding
prudent financial management policy to maintain a and the Company’s cash flow situation
solid balance sheet, strong cash flow and healthy 3. The combination of capital structure
financial ratios. is determined after conducting a
sensitivity analysis of various scenarios
The capital structure policy ensures that the most likely faced by the Company
Company has a strong capital structure to cover
its current business development strategy and The Company maintains the health of its capital
supports its future development. structure by using the net gearing ratio, which
divides total liabilities bearing interest after
Generally, the Company’s capital structure policy deduction of cash and cash equivalent with total
are: equities attributable to owners of the parent
1. The capital structure continuously considers entity. The Company policy is to maintain leverage
the balance between financial risks and rate at optimal range by comparing it with similar
of return in improving the Company’s value companies in Indonesia. This is done to ensure that
2. Optimization of capital structure by the Company’s financial condition continues to be
managing the combination of debt and at prime condition to maintain access to competitive
equity to achieve an ideal position whilst funding sources.
Base for Choosing Management Policy on Capital Structure
The management policy on capital structure was capital expenditures.

done to protect the Company’s ability in maintaining
sustainability of the business, securing benefits The Company complies with the Minister of Finance
for shareholders and other stakeholders, and Regulation No. 169/PMK.010/2015, which stated
maintaining an optimal capital structure to reduce the maximum ratio for Debt to Equity (DER) with

calculation of Interest Bearing Debt divided by Total calculation of Interest Bearing Debt divided by Total
Equity, which is allowed for tax purposes is 4:1. As Equity owned by the Company was 0.72:1. Hence
of December 31, 2020, the Company’s DER with the putting the Company’s debt to equity ratio is good.
Material Bonds for Capital Goods Investment

In the Regulation of the Financial Services Authority In 2020, the Company did not realize material
of the Republic of Indonesia No. 17/POJK.04/2020 transactions with a value of more than 20%
dated 21 April 2020 concerning Material equity, hence no information regarding material
Transactions and Changes in Business Activities, a commitments for investment in capital goods.
transaction is categorized as a material transaction
if the transaction value is equal to 20% or more of
the equity of the Public Company.
Realization Of Capital Expenditures

The Company believes that investment is one asset investement and development investment.
of the most important things to do in running Capital expenditure of the Company throughout
and developing its businesses. Through capital 2020 amounted to Rp1,293 billion, consisting of
expenditure, which is the expenses to purchase mining fields, buildings, roads, bridges and ports;
assets or investment, the Company hoped to machineries; heavy equipment and vehicles; and
optimize value going forward. office equipment intended for investment and
supporting the Company’s operations
The Company’s capital expenditures included
capital investment (investasi penyertaan), fixed Below is the details of capital expenditures in 2020
Value (In billion

Capital Expenditure Purpose
Rupiah)
Direct Ownership
Mining Land Investment and Operations 10
Buildings, roads, bridges and ports Investment and Operational Support 25
Machinery Operational Support 166
Heavy equipment and vehicles Operational Support 37
Office supplies and equipment Operational Support 23
Assets in Development
Land Operational Support 27
Buildings, roads, bridges and ports Operational Support 156
Machinery Operational Support 786
Heavy equipment and vehicles Operational Support 5
Tools Operational Support 58
Total 1,293

foto/ilustrasi

Material Information and Facts Occurring After

the Date of the Accountant’s Report
No material information and facts occurred after the date of the accountant’s report.
Achievement of Target With Realization, and Future Targets
Target and Realization: A Comparison adjusted to the declining cement demand last year.
At the beginning of the 2020 financial year, the In addition, market competition is increasing where
Company set a number of targets. However, the players must maintain their utilization through more
COVID-19 pandemic that affected various activities aggressive promotional programs.
and economic conditions has significantly affected
the condition of the cement industry and the This can be seen from the Company’s net profit in
Company’s ability to achieve these targets. 2020 which was 16.72% higher than the previous
year.
Production volumes and utilization rates must be
Upcoming One Year Projection
In 2021, with the COVID-19 vaccination program and compared to 2020 which will be one of the drives
the economic growth predicted by the government for domestic cement demand. SIG is expected
to increase by 5%, domestic cement demand is to increase its sales volume in 2021, both from
expected to grow as well. The government has also domestic and export sales.
allocated a higher 2021 infrastructure budget as
Dividend Policy And Distribution

Dividend Policy
Based on Law No. 40 year 2007 about Limited regulations and the Company’s financial condition.
Liability Companies, the distribution of dividend is to Aside from that, the Company also considers the
be decided at an Annual General Meeting. future growth and expansion plans its decision to
release dividend.
The Company strives to consider shareholders’
rights without neglecting the Company’s financial The Company is expected to pay dividend in cash to
condition. The decision to issue dividend is related rightful shareholders no later than 30 days after the
to, among others, net profit for the previous fiscal announcement of the AGM summary which made
year and the Company’s obligation to set aside the decision to issue dividend.
some reserve fund in compliance with pertaining

Chronology of Dividend Distribution
The chronology of dividend distribution in the last two fiscal years are as follows:
Description Financial Year 2019 Financial Year 2020
Net Profit (Rp million) 2,392,151 3,079,115

Total Dividend (Rp million) 239,215 1,231,646
Dividend per Share (Rp) 40.34 208
Payout Ratio (%) 10% 40%
Announcement Date 22 June 2020 22 May 2019
Payment Date 23 July 2020 21 June 2019
Tax Compliance
As a company that complies with all regulations, contributions from the Company in 2019 and 2020
the Company has settled its tax obligations. The tax are as follows:
in million Rupiah
Tax 2020 2019

(Rp) (Rp)
Income Tax 1,911,199 1,418,699
Value Added Tax 1,480,573 1,667,673
Import Duty 22,178 26,404
Property Tax 56,315 24,124
Local Tax 261,547 604,555
Total 3,731,812 3,741,455
Share Ownership Program

The Company has never held a share ownership program for employees and/or management (ESOP/MSOP).

Material Information Regarding Investment, Expansion, Divestment,

Merger/Consolidation, Acquisition, Debt/Capital Restructure
In the first quarter of 2020, the Company mitigated and Operational Continuity type (to maintain the
the cement market (and its derivatives) economic Company’s business operations continuity) as well
downturn due to the COVID-19 pandemic by as the capex that previously has been committed
establishing specific financial policies in times with external parties. Meanwhile, the capex for
of crisis. The Company reviewed the Company’s operational support activities, such as procurement
activity plans and monitored more closely changes of facilities and infrastructure, has been postponed.
in the business environment, trends in cement
absorption as the main source of income, increased Realization of developmental capex are also delayed
efficiency and optimized activities to generate except for those that provide quick yields to increase
additional income. income and efficiency. This is all for the Company’s
financial resilience in continuing operations amidst
The Company also adjusts the capital expenditure the pandemic, which is estimated to remain difficult
plan (capex) by focusing on the Mandatory capex in the next one or two years.
type (to comply with applicable laws and regulations)
Expansion
In 2020, there is no material information regarding expansion carried out by the Company.
Divestment
In 2020, there is no material information regarding divestment carried out by the Company.
Business Merger/Consolidation
In 2020, there is no material information regarding business merger/consolidation carried out by the Company.
Debt/Capital Restructure
In 2020, there is no material information regarding the debt/capital restructure carried out by the Company.
Realization of Proceeds Use from Public Offering

In 2020, SIG did not conduct a public offering in Semen Indonesia Phase II have been used entirely
securities, either equity or debt. All proceeds from in 2019 as reported in the 2019 Annual Report.
the public offering of the 2019 Sustainable Bonds I

Material Transaction Information Containing Conflict of

Interest and/or Transactions with Affiliated Parties
Transactions containing Conflict of Interest
In 2020, the Company did not conduct transactions with the terms and conditions as well as economic
with conflict of interest. All of the Company’s benefits that are substantially comparable to
transactions have been carried out in accordance transactions with third parties.
Fairness and Reason for Conducting the Transaction
All transactions in 2020 were carried out at arm’s In relations to transactions with related parties, the
length and in accordance with normal commercial Company and its subsidiaries conduct transactions
requirements. Transactions with relevant parties or with related parties as defined in PSAK No. 7
potentially containing conflict of interest have been “Disclosure of Related Parties” and Bapepam’s
done at arm’s length according to pertaining laws regulation LK No. KEP-347/BL/2012 dated 25 June
and regulations, and are done based on Company’s 2012 about “Presentation and Disclosure of Issuer’s
needs and free of conflict of interest. or Public Company’s Financial Report”.
Name, Nature of Relationships, and Balance
The Company and its subsidiaries have transactions As a result of these related transactions, the
with related parties. Complete information regarding Company has a balance of assets and liabilities
Transactions with Related Parties is listed in Note that are recorded in the following accounts: cash
No. 30 “Nature and Related Party Transactions” in and cash equivalents, trade receivables, other
the Consolidated Financial Statements, a part of this receivables, trade payables, other payables, short-
Annual Report. term loans, and long-term loans. term, income, cost
of revenue, finance income and finance expense.
Amendments to the Laws and Regulations on

Companies in the Last Financial Year
No. Regulation Explanation Impact to Company
1. Regulation No. 3 Year 2020 concerning Refinement of regulation related to the Changes in rules
amendment on Regulation No. 4 Year coal and mineral mining activities in related to the
2009 on Coal and Mineral Mining Indonesia. The government will issue Company’s mining
the derivatives of this regulation. activities.
2. Financial Services Authority (OJK) The use of information technology in running Rules in granting power
Regulation No. 15/POJK.04/2020 GMS, including providing information related of authority virtually and
on Plan and Execution of General to the GMS so as to improve efficiency in the media regarding
Meeting of Shareholders and effectivity in the GMS execution announcement
of the GMS.
3. OJK Regulation Virtual GMS acts as an The Company can
No. 16 /POJK.04/2020 on Execution of alternative to the physical Conduct GMS virtually
Virtual General Meeting of GMS. Virtual GMS can be done through: as an alternative to
Shareholders e-GMS provided by the e-GMS provider; or a physical GMS.
a system provided by a listed company.

No. Regulation Explanation Impact to Company
4. OJK Regulation Refining the definition and procedure for Refining the definition
No.17 /POJK.04/2020 Material Transaction, clarifying of Material Transaction
on Material Transaction and the substance of and Changes of
Changes in Business Activities regulation, and improve Business Activities
regulation effectiveness in order to support
in order to improve protection towards the the Company’s
public shareholders and transparency in corporate action.
Material Transaction and Changes in Business
Activities.
5. OJK Regulation Refining the definition, scope, and Refining the regulation
No. 42/POJK.04/2020 procedure of The Affiliation Transaction for Affiliation
on Affiliation Transaction and and Transaction with Conflict of Interest, Transaction
Transaction with Conflict of Interest clarifying the substance of the Regulation, and Transaction with
and improve regulation effectiveness in Conflict of Interest
order to improve protection towards the in order to support the
public shareholders and the quality of Company’s corporate
transparency in Affiliation Transaction and action.
Transaction with Conflict of Interest.
6. Ministry of SOE Decree No. PER-02/ Fostering acceleration of Partnership program Refining the internal
MBU/04/2020 on Third Amendment by SOEs so as to provide strong foundation for PKBL process
Over Ministry of SOE Decree SOEs to help with the fight against COVID-19
No. PER-09/MBU/07/2015 on through community development program.
Partnership Program and SOE’s
Community Development
7. Ministry of SOE Decree No. PER-04/ To create a process of candidate nomination Refining the guideline
MBU/06/2020 on Amendment for Board of Directors and Commissioners in for appointing
Concerning Ministry of SOE Decree SOE’s subsidiaries so it will become more SOE’s Board of
No. PER-03/MBU/2012 concerning accountable to fulfill the need of the subsidiary Directors
Guideline on Board’s Appointment while maintaining a recent
in SOE’s Subsidiaries trend in management
practice suitable to the SOE’s industry.
8. Ministry of SOE Decree No. PER-10/ To obtain a more competent and Refining the guideline
MBU/10/2020 on Amendment experienced Board of Commissioners/ for appointment and
Concerning Ministry of SOE Decree Advisory, improve the advisory role of dismissal of the
No. PER-02/MBU/02/2015 regarding the Board of Commissioners/Advisory, member(s) of the Board
Requirements and Procedures for and create a good governance in the of Commissioners
Appointment and Dismissal of the nomination of the Board of Commissioners/
SOE’s Board Member Advisory suitable to the current need.
9. Ministry of SOE Decree No. Penetapan acuan mengenai kontrak Penyesuaian
PER-11/MBU/11/2020 concerning manajemen bagi calon anggota Direksi atas Kontrak
BOD’s Management Badan Usaha Milik Negara berikut indikator Manajemen dan
Contract and Annual kinerja guna memonitor dan menilai efektifitas Kontrak Manajemen
Management Contract in SOE pelaksanaan tugas anggota Direksi Tahunan Direksi
10. Ministry of SOE Decree No. PER-12/ Restructure of the remuneration system Refining the structure
MBU/11/2020 on the Fifth Amendment for the executive bodies of an SOE. of Director’s income
on Ministry of SOE Decree No. PER-
04/MBU/2014 concerning Guideline
for Remuneration for Board of
Directors and Commissioners and
the Supervisory Board of SOE.

Changes In Accounting Practices

In 2020, a number of new accounting standards and • Amendment of PSAK 55: Financial Instrument:
amendments to accounting standards effective as Recognition and Valuation
of 1 January 2020 were adopted in the Company’s • Amendment of PSAK 60: Financial Instrument:
financial statements. This includes: Disclosure
• PSAK 71: Financial Instruments • ISAK 36: Interpretation of the Interaction between
• PSAK 72: Revenue from Customer Contracts Provisions regarding Land Rights in PSAK 16:
• PSAK 73: Lease Fixed Assets and PSAK 73: Leases.
• Annual adjustment on PSAK 1: Delivery of
Financial Report Except for the changes described in the Financial
• Annual adjustment on PSAK 25: Accounting Statement note 2.b, the implementation of these
Policy, Changes in Accounting Estimation, and standards did not result in a substantial change in
Errors. the Group’s accounting policies and did not have
• Amendment of PSAK 15: Investment in Associated a material impact on the consolidated financial
Entities and Joint Ventures statements for 2020 or the previous year.
Business Prospect
Indonesia has a very large potential for cement in bulk demand is much higher than the growth in
demand because it is one of the most densely bag demand, and the bulk share of national cement
populated countries in the world with a population consumption has increased from 22% in 2014 to
of around 270 million, most of whom are in 27% in 2019.
the productive age group. Meanwhile, cement
consumption per capita in Indonesia is still quite low The COVID-19 pandemic has had an impact on the
compared to most other Asian countries. economy and national cement demand, including
demand from infrastructure projects in 2020. By
Based on the census conducted in 2015, Indonesia 2021, the COVID-19 vaccine program is expected
has 11.4 million housing backlogs that have been to increase public and business confidence. The
addressed by the government through various government has also increased the infrastructure
economic housing programs (source: ppdpp.id). budget to Rp417 trillion to boost the economy
as infrastructure has a large multiplier effect on
The government infrastructure budget also had economic growth, as such is expected to affect the
a major influence on cement demand, especially cement demand positively.
for bulk purchase. The government infrastructure
budget increased by more than 150% in 2015-2019
compared to the previous 2010-2014. The growth

5
Good
Corporate
Governance
Report
GOOD CORPORATE
GOVERNANCE POLICY
SIG realizes the importance of effectively and efficiently

implementing good corporate governance in ensuring that the
company could improve business performance sustainably . It is also
our way of being accountable to all stakeholders.
Good Corporate Governance (GCG) is a set of an important part in supporting economic growth
principles and rules that guide the company’s and stability in the long run. This understanding
operations and control in compliance with all shaped our commitment to continuously enforce
stakeholders. GCG implementation can be pushed GCG in every level of our structure and operational
from two sides: ethics and regulations. Ethically- activities.
driven GCG comes from the realization from each
individual business player to conduct business Through our high commitment and consistency
in a way that puts forward sustainability and towards GCG, we believe we could prevent
stakeholders’ interest before quick returns. On the corruption, collusion and nepotism while improving
other side, regulatory-driven GCG mandates us to the monitoring function in the running of the
be compliant to pertaining laws and regulations. company.
SIG is committed to apply GCG principles in each Our commitment to complying with GCG consists of
of the company’s operational activities. To SIG, GCG several policies and provisions, among them:
application is not merely an attempt to be compliant • Implementing the required GCG rules and
to the laws, but a critical part in ensuring optimum regulations, reflected on the management’s
and sustainable growth. GCG application also forms policy and decision making.
a part of our participation in contributing to the • The signing of the Code of Conduct Letter of
nation’s development. Compliance, the Statement Letter on Conflict
of Interest, and the Statement Letter on
The company realizes the importance of GCG as the Stock Ownership to comply with all the GCG
foundation and infrastructure to achieve the vision, regulations. Statement of Compliance on Code
mission and aims of the company so that we can of Conduct was signed by all the company’s
operate sustainably while contributing to the growth management and implementation team.
and economic stability. • Defining the required key performance
indicators related to GCG implementation;
We believe that GCG application will create a • Conducting entity level control tests to ensure an
healthy competition and a conducive business effective implementation of the entity’s internal
climate. In addition, GCG implementation also forms control so as to assure financial report reliability

GCG’s Core Principles

The company holds onto the five (5) Good Corporate Governance principles called TARIF: Transparency,
Accountability, Responsibility, Independence and Fairness as described below:
Principle Description of the Principle The Company’s Commitment
Transparecy Transparency refers to the company’s We provide data and information to all
openness in showing the process of stakeholders including financial report,
decision making and providing relevant annual report, corporate presentation,
information related to the company. and other relevant information. All
these information are available on
The company will heed to all regulations the company’s website www.sig.id.
pertinent to data transparency. Transparency
also refers to public information related to
the company’s products and operational
activities that may affect the stakeholders.
Accountability Accountability refers to the clarity of We have a clear job description

function, execution, and responsibility for each individual in the company
of each part of the company so as to according to the company’s vision
achieve an effective management. and mission and organizational policy.
This policy is the reference for all
Accountability relates to the task and the functions, tasks, and authorities within
authority of any individual or team in executing the company so all actions can be
the responsibility given by the company. accounted for in a Performance Report.
This includes explaining and reporting the
implementation of the task and the authority, as
well as the accountability of the aforementioned.
Responsibility Responsibility is our compliance on We ensure that company’s

required law and regulations as well as management aligns with all
implementing healthy corporate principles. related laws and regulations and
continuously observes for a good
level of compliance. Compliance is
heeded to maximize values, improve
performance and contribution,
and for business sustainability.
Independence Independence refers to the situation whereby the We believe that independence
company is managed professionally without any and professionalism in managing a
conflict of interest and pressure from any party not company is a must. We commit to run
conforming to the regulations and GCG principles. its operations and make decisions
independently, without any pressure,
while complying to the regulations.
Fairness Fairness and equitability in fulfilling the We are fair in fulfilling the rights of all
rights of the stakeholders according to the stakeholders and taking notes on
pertaining agreements and regulations. the stakeholders’ interest based on
the principles of equity and fairness.

Legal Basis for GCG Implementation

In implementing GCG, the Company refers to a Amendments on the Decree of the Minister of
number of rules and regulations, including: SOE No. PER-01/MBU/2011 on Good Corporate
• Law of the Republic of Indonesia No. Governance Implementation in SOE.
40 of 2007 on Limited Company. • SOE Ministry Secretary Decree No.
• Law of the Republic of Indonesia No. 19 of SK-16/S.MBU/2012 on Indicators/
2003 on State-Owned Enterprises (SOE). Parameters for the Implementation of
• Indonesian Government Regulation No. 45 Good Corporate Governance in SOE
of 2001 is hereby no longer applicable; • Financial Services Authority Regulation
• Decree of the Ministry of SOE of the Republic No. 21/POJK.04/2015 on Guidelines for
of Indonesia No. PER-01/MBU/2011 on Good Governance of Public Companies.
Corporate Governance in state-owned • Financial Services Authority Circular No. 32/
enterprises, later amended by the Decree SEOJK.04/2015 on Corporate Governance
of the Ministry of SOE of the Republic of Guidelines in Listed Companies.
Indonesia No. PER-09/MBU/2012 concerning

DEVELOPMENT OF GOOD
CORPORATE GOVERNANCE (GCG)
IMPLEMENTATION IN THE COMPANY
Defining GCG Quality Standard in the Company

Regulation of the Secretary of the Ministry of State- in State-owned Enterprises and Circular Letter
owned Enterprises No. SK-16/S.MBU/2012 on of the Financial Service Authority Number 32/
Assessment and Evaluation Indicators/Parameters SEOJK.04/2015 on Corporate Governance Guideline
for Good Corporate Governance Implementation in Listed Companies is the benchmark used in SIG.
Objective of GCG Implementation

Application of GCG principles within the Company 3. Encouraging the AGM, the BOD and BOC
is aimed at: to make and implement decisions based on
1. Optimizing the Company’s value and high moral value and high level of compliance
improving its competitive edge nationally to pertaining laws, as well as a high sense of
and internationally, enabling it to survive and social responsibility towards all Company
sustainably achieve the Company’s goals stakeholders and the sustainability of
2. Encouraging professional, efficient and effective surrounding communities.
management of the Company, as well as 4. Improving the Company’s contribution to the
empowering the function and independence of national economy.
the Annual General Meeting, Board of Directors, 5. Creating a more conducive climate for the
and Board of Commissioners. growth of national investment.
GCG Education within the Company

In 2020, a thorough coordination with all business parameters in implementing GCG in the Company
units was carried out for a better understanding as well as following up the GCG evaluation and
on assessment and evaluation indicators/ recommendation from the previous year.

Roadmap of GCG
The purpose and initial target of preparing the the aim of becoming an ethical and responsible
GCG road map is to encourage the Management’s company, turning the practice of good governance
commitment in implementing and improving GCG into a culture in the management of the Company,
consistently. The Company has established the as follows:
stages of GCG implementation at the Company with
An Ethical and Responsible Company
Infrastructure & Continous Target

Soft Structure Improvement
• Company Organ • Implementation • GCG as culture

• The Board of Commissioners’ • Review in managing
suppoting Organ • Assesment the Company
• GCG Guideline • Audit
• Company’s Code of Conduct
• Manual Board Charter
• IT Governance
• Whistle Blowing Policy
• System & Procedure
Development of GCG in 2020

In 2020, the Company evaluated the GCG implementation through a program that described follow ups on
GCG implementation from the previous year’s evaluation, including evaluation on results and recommendation
on areas of improvements.
Observation and Assessment on GCG Implementation

To measure the growth of GCG implementation The assessment aims to determine the adequacy of
quality, the Company has since 2009 been GCG implementation in the Company in accordance
consistently assessing the GCG implementation with the regulations so that areas of improvement
through self assessment and third-party service. can be identified.

Criteria Used
Implementation of the assessment and evaluation is on Indicators for Scoring Parameter and Evaluation
carried out by using indicators/parameters set by the for Good Corporate Governance Implementation for
Secretary of the Ministry of SOE No.SK-16/S.MBU/2012 SOEs issued on 6 June 2012.
The Party Conducting the Assessment
In 2020, the Company’s GCG assessment was conducted by the Company (self assessment), supported by
an independent assessor, PT Multi Utama Indojasa (MUC Consulting Group)
2020 Assessment Result
In 2020, the Company scored a total of 95.079 for compared to the previous year, whereby the
GCG implementation and achieved GCG Quality Company also scored “Very Good” but with a total
score of “Very Good”. This is an improvement score of 94.537
2010-2020 GCG Assessment Evaluation Result
The assessment/evaluation result summary of the implementation Company’s GCG for the last 10 (ten) years
using the BUMN Scorecard criteria is as follows:
Year GCG Assessment Score Assessor Category
2020 95.08 Tim Evaluator Internal dan PT Multi Utama Very Good
Indojasa (MUC Consulting Group)
2019 94.54 PT Sinergi Daya Prima Very Good
2018 93.40 Very good
2012 84.57 Good
2011 88.91 Good
2010 88.37 Good
2009 83.88 Good

ASEAN Corporate Governance Scorecard

As an issuer, SIG participated in the ASEAN Corporate 1. Right of shareholders
Governance (ASEAN CG) scorecard which was the 2. Equiteable treatment of shareholders
standard practice for GCG standards based on the 3. Role of stakeholders
principles of Organization for Economic 4. Disclosure and transparency
Cooperation and Development (OECD) Corporate 5. Responsibilities of the board
Governance issued by the ASEAN Capital 6. Bonus and penalty scores
Market Forum.
Based on the Indonesian Institute For Corporate
The six criterias used as a guideline in ASEAN CG Directorship (IICD)’s assessment, which resulted in
assessment: the following:
Year ASEAN CG SCORE
2019 84.96 (Good)

Award: Best Right Of Shareholders
2018 84.15 (Good)
Award: Top 50 Emiten BigCap
2017 93.37 (Very Good)
Award: Best State Owned Enterprise
2016 77.57 (Fair)
At the time of publishing of the 2020 Annual Report, the assessor has not released the result of the ASEAN
CG scorecard for 2020 issuers.

Recommendation based on the Asean Corporate Governance Assessment

IICD’s assessment delivers results and recommendations as below:
Shareholders’ Shareholders’ Shareholders’ Disclosure Boards’ Tantiem/

Rights Equal Role and Responsibilities Penalty as
Treatment Transparency Additional
Criteria
8.57 6 13.85 21.77 30.77 4
Recommendation Recommendation Recommendation Recommendation Recommendation

concerning concerning equal concerning concerning disclosure concerning Boards’
shareholders’ rights shareholders’ shareholders’ roles and transparency responsibilities
• Improve the voting equal treatment • Disclose employee’s • Disclose the • The majority of
quality by using • Include the compensation remuneration the Remuneration
voting-by-poll appointed public structure that focuses details (amount and Nomination
method, which is accounting firm and on continuous structure) received Committee should
provided before the the involved auditors performance, by every member be the Independent
GMS. (v – done) in the Annual GMS’ such as offering of the Board of Commissioners
• Publish Annual GMS’ invitation. (v - done) limited or deferred Commissioners (v-done)
minutes of meetings • Carry out disclosure stock options (v - done). • Disclose the Boards
to the public, one (1) of transaction with • Disclose policies of Directors and the
working day after related parties with related to reviews CEO’s remuneration
the Annual GMS. business fairness and and agreements policy (salary,
properness. (v-done) with related parties. allowance, and
• Disclose costs benefits) (v–done).
exclusive to the • Appoint Independent
external audit fee Commissioners
done by the same as the Company’s
public accounting President
firm. If there is Commissioner.
no other service • Distribute meeting
beyond this, it is agenda and materials
recommended to the Board of
that the Company Commissioners no
disclose the later than five (5)
information that they working days before
use no other service the BOC Meeting.
but the auditing.

CORPORATE GOVERNANCE
STRUCTURE
Corporate governance structure can be seen from Committee, the Nomination and Remuneration
the Company’s main organ, the General Meeting Committee as well as Risk Management Strategy
of Shareholders (GMS), Board of Commissioners and Investment Committee (RMSIC). According to
and Directors, and other supporting organs. Government Regulation No. 01/2011/KBUMN as also
Corporate governance systematic and continuous under the Board of Directors, the operating units
implementation refers to the GCG principles in daily has been formed with the duties to control, monitor
operations. Under the Board of Commissioners, the and responsible on GCG implementation, as well
functional committees have been established to as to serve as working partners of the committees
empower the supervisory function, namely the Audit under the Board of Commissioners.
Corporate Governance Mechanism

A close relationship exists among the Company’s mechanism whereby all GCG units have different
GCG management work units as shown in the responsibilities but are still well integrated in terms
following chart shows that the Company has a good of GCG implementation.
GCG Guidelines for PTSI

Based on Law for Public Company, Law for SOEs, Law for Capital Market, Articles
of Association, GCG, OJK, and Common Practice (ASEAN GCG Std, etc.)
Dept. of Risk Risk

Oversight & Audit System Internal Audit
Corporate Secretary
Management
Charter, Board Committees Charier,
Discipline Enforcement Process

External Auditing & Assesment
Policy, Structure, and System

Whistleblowing Policy and
Board Governance Operational Governance

Board Manual, Integrity GCG Policy, ICT Governance, ICOFR, ERM,
Pact, Management Whistleblowing System, Compliance, Human
Contract Capital, Procurement, and othe policies
Corporate Code of Conduct Guidelin and

SIG’s Culture Values Guidelines
Business Ethics, Code of Conduct, CHAMPS

The GMS has the highest authority where the the Board of Commissioners, the Audit Committee,
shareholders carefully consider their decisions the Nomination and Remuneration Committee, and
in the long-term interests of the Company. After the Risk Management and Investment Strategy
the decision is made, the GMS will hand over Committee.
all supervisory authority and implementation of
the decision to the Board of Commissioners and The Board of Directors, who is responsible for
Directors. managing the Company, will be assisted in carrying
out these management tasks by the Corporate
Based on this mechanism, the management of the Secretary, the Internal Audit, and other work units
company and the implementation of each GMS that carry out the company’s management functions.
decision are carried out by the Board of Directors. The
Board of Commissioners supervises and provides The Company also conducts an independent audit
advice to ensure that the Company’s objectives on its financial statements by a public accountant.
and the resolutions of the GMS are implemented This is important, as financial statements are a vital
and achieved. In carrying out its work, the Board reflection of the Company’s performance carried
of Commissioners is assisted by the organs of the out by the management.
Board of Commissioners, namely the Secretary of
foto/ilustrasi

PUBLIC COMPANY IMPLEMENTATION OF

GOOD CORPORATE GOVERNANCE
As an issuer in the capital market, the Company No. 32/SEOJK.04/2015 about Good Corporate
has an obligation to disclose information about its Governance Guidelines for Public Listed Companies.
Good Corporate Governance practices as laid out The said guidelines covered 5 aspects, 8 principles,
in the Financial Services Authority regulation No. and 25 recommendations for the implementation
21/POJK.04/2015 about the Application of Good of GCG aspects and principles. The application of
Corporate Governance for Public Listed Companies those recommendations is described below:
and the Financial Services Authority circular letter
No Principle Recommendation Application in SIG
I Principle 1 The Public Company possesses This recommendation has been applied. The voting
Improve the a voting mechanism, be it mechanism is expressed in the AGM by laws.
Value of AGMs open or closed, which puts
forward independence and
the interest of shareholders.
All members of Board of This recommendation has been applied. All members
Directors and Commissioners of the Board of Directors and Commissioners
of the public listed Company were present in the 19 June 2020 AGM.
are present in the AGM.
The highlights of AGM minutes This recommendation has been applied. The
of meeting are available in highlights are available on www.sig.id
the Company website for a
minimum period of 1 (one) year
Principle 2 The Public Company has a This recommendation has been applied. The
Improve the communication policy with highlights are available on www.sig.id
Quality of the shareholders and investors
Public Company’s The Public Company has a This recommendation has been applied. The
Communication communication policy with policy is part of the Company’s code of conduct
to Shareholders shareholders and investors and available on https://sig.id//wp-content/
or Investors uploads/2020/11/Kebijakan-Komunikasi.pdf
II Principle 3 Decision on the number This recommendation has been applied according to
Strengthen of members in the Board the Article of Association and PT Semen Indonesia
Membership and of Commissioners takes (Persero) Tbk.’s GCG guidelines. The Company
Composition into account the condition currently has 7 (seven) commissioners, the number
of the Board of of the Public Company of which has taken into account the characteristics,
Commissioners capacity, size and the Company’s business goals.
Decision on the composition This recommendation has been applied according to
of the Board of Commissioners the Article of Association and PT Semen Indonesia
takes into account the range (Persero) Tbk.’s GCG guidelines. The Board of
of expertise, knowledge Commissioners consists of members with varying
and experience needed backgrounds and expertise, enabling them to provide
advice and monitoring from multiple perspectives.

Principle 4 The Board of Commissioners This recommendation has been applied and regulated in
Improve the Quality has a self-assessment policy to the PT Semen Indonesia (Persero) Tbk.’s Board Manual.
of the Board of evaluate its own performance
Commissioners’ The self-assessment is This recommendation has been applied,
Performance and expressed in the Public included in the 2019 Annual Report.
Responsibilities Company’s Annual Report
The Board of Commissioners The Company’s Code of Ethics stated that every individual
possesses a policy relating to within the Company is obligated to avoid any kinds
the resignation of BOC members of potential for conflict of interest that can harm the
involved in financial crimes. Company. The individuals are prohibited from conducting
any activities in the Company for personal or family
gains, be it directly or indirectly. To prevent such conflict
of interest, individuals in a position for potential conflict
should exclude him/herself from the situation or notify
his/her supervisor or the person in charge about the
situation. In such cases, the Board of Commissioners are
obligated to resign if found to be involved in any financial
crimes or any types of crimes relating to the Company,
which carries with it the potential for conflict of interest.
The Board of Commissioners This recommendation has been applied. The Company
or the committee in charge has a Nomination and Remuneration Committee
of the Nomination and along with its Work Charter and Guidelines, which
Remuneration functions designs has been renewed based on the BOC’s decree No.
a succession policy for members 003/SI/Kep.DK/04.2020 dated 16 April 2020.
of the Board of Directors.
III Principle 5 The number of directors This recommendation has been applied in accordance
Strengthen appointed takes into account the to the Article of Association and PT Semen Indonesia
Membership and Public Company’s condition and (Persero) Tbk.’s GCG guidelines. The Company’s
Composition of the effectiveness in decision-making. Board of Directors currently consists of 7 (seven)
Board of Directors people, already taking into account the characteristics,
capacity, size, and the Company’s business goals.
The Board of Directors’ This recommendation has been applied according to
composition considers the the Article of Association and PT Semen Indonesia
range of expertise, knowledge (Persero) Tbk.’s GCG guidelines. The Board of Directors
and experience needed. consists of members with relevant experience and
expertise to manage and grow the Company
Members of the Board of This recommendation has been applied. The Director of
Directors in charge of accounting Finance’s experience and education were well-suited for
or finance must have expertise financial and accounting roles. The Annual Report contains
and/or knowledge in accounting. information about the Director of Finance’s curriculum
vitae, who has gone through a postgraduate education
in financial management at the University of Padjajaran,
graduating in 2005. The Director of Finance formerly
held the same position in PT Rekayasa Industru and was
Regional CEO of PT Bank Negara Indonesia (Persero) Tbk.

Principle 6 The Board of Directors has Performance management or key performance

Improve the a self-assessment policy to indicators (KPIs) of PT Semen Indonesia’s directors follow
Quality of the evaluate its own performance the SOE KPIs as expressed in the Minister of SOE’s
Board of Directors’ regulation about Management Contract and Annual
Performance and Management Contract for the Board of Directors of SOEs
Responsibilities (Ministerial Regulation no. PER – 11/MBU/11/2020).
The Board of Directors’ KPI management consisted
of Mutual KPIs for the Board of Directors and
Individual KPIs. Mutual KPIs is also the individual
KPIs for the CEO. Meanwhile, individual KPIs for
other directors form 60% of the assessment based
on each Directorate’s specific program plans, while
the mutual KPIs form 40% of their assessment.
The regulation also mandates periodic and annual KPI
reporting to the Board of Commissioners, whereby the
annual mutual and individual KPIs need to be reviewed
by a Public Accounting Firm. This way, the assessment
– be it self or external assessments – with regards
to the performance of the Board of Directors could
be optimized according to pertaining regulations.
As written on:
The Minister of SOEs’ regulation about the
Contract Management and Annual Contract
Management for Directors of an SOE (Permen
BUMN No. PER – 11/MBU/11/2020).
The self-assessment is According to the Minister of SOE’s regulation about
expressed in the Public Contract Management and Annual Contract Management
Company’s Annual Report for Directors of an SOE (Permen BUMN No. PER – 11/
MBU/11/2020), the Directors’ performance should be
reported periodically and annually to the Board of
Commissioners. The annual report should also be
reviewed by a public accounting firm to assess compliance
and fairness of the Directors’ KPI in the Company.
Presentation of the Mutual KPI report in the

Company’s Annual Report will be specified further
by the relevant function, Investor Relations,
according to the Company’s terms and policies.
As written on:
The Minister of SOEs’ regulation about the
Contract Management and Annual Contract
Management for Directors of an SOE (Permen
BUMN No. PER – 11/MBU/11/2020)
The Board of Directors This recommendation has been applied. This
possesses a policy relating to policy is written in the Board Manual.
the resignation of members
involved in financial crimes

IV Principle 7 The Public Company possesses The policy about insider trading is laid out in the Code of
Improving Aspect policy to prevent insider trading Conduct on Chapter III, The Company’s Behavioral Ethics
of the Company’s The Public Company has an anti- This recommendation has been applied. The Company
Good Corporate corruption and anti-fraud policy has the policy, the Gratification Control and Anti-Bribery
Governance Team, and has received ISO 37001 certificate.
through Stakeholder
The Public Company has The Company has applied the following
Engagement
a policy for the selection (as per 1 October 2020):
and capacity building of 1. SIG Behavioral Ethics Guideline, Chapter II
suppliers and vendors. Pint 2.4. about Supplier Relationship
2. Work Procedures and Instructions which
regulates the procurement process:
• Procedure for Procurement of Goods
and Services No. P/SIG/PRO/001
• Work Instruction for Master Data Vendor
No. IK/SMI/PRO/50052887/001
• Work Instruction for Vendor Evaluation
No. IK/SMI/PRO/50052887/002
The Public Company has The policy about fulfillment of creditors’ rights is laid
a policy about fulfillment out in the Group Funding Guidelines. This guideline
of creditors’ rights. is used as a reference in implementing group
funding, including how to fulfill creditors’ rights
The Public Company has a This recommendation has been applied. The company
whistleblowing system has a policy and procedures to report possible violations.
The Public Company has a policy This has not been applied. Long-term incentives based
about long-term incentives for on the Company’s long-term achievement, be it for the
Directors and employees Directors or employees, still require further review and
calculation, taking into account the consequences.
V Principle 8 Public Company uses information This recommendation has been applied. Technology
Improving technology beyond a website has been used to disclose information, among others:
Information more widely as tools for Corporate WhatsApp, email, intranet, internal media,
Transparency information transparency. including the OJK-BEI electronic reporting system, as
written in the Communication Policy (https://sig.id//wp-
content/uploads/2020/11/Kebijakan-Komunikasi.pdf).
The Public Company’s annual There are no entities owning more than 5% of shares
report reveals the beneficiaries other than the Ministry of State-Owned Enterprises,
in the Public Company whose which has been disclosed in the Annual Report.
shares is at least 5% (five
percent), beyond revealing
the beneficiaries of key and
controlling shareholders.

GENERAL MEETING OF SHAREHOLDERS
General Meeting of Shareholders (GMS) is the The GMS is conducted by reference to:
Company’s executor with the highest authority. The 1. Law of the Republic of Indonesia No.
authority of the GMS includes, among other things, 40 of 2007 on Limited Company.
appointing and dismissing members of the Board 2. Law of the Republic of Indonesia No. 19 of
of Commissioners and Directors, evaluating the 2003 on State-Owned Enterprises (SOE).
performance of the Board of Commissioners and 3. Financial Services Authority’s Regulation
Directors, approving amendments to the Articles No. 15 POJK.04/2020 on Public Company’s
of Association, approving annual reports and Planned Annual General Meeting.
determining the form and amount of remuneration 4. Financial Services Authority’s Regulation
for members of the Board of Commissioners and No. 16/POJK.04/2020 on Public Company’s
Directors. Electronic Annual General Meeting.
5. The Company’s Article of Association.
Types of GMS
1. Annual GMS, which is held annually no later Board of Commissioners and Directors (if
than six (6) months after the Company’s financial necessary).
year ends. Agenda for the Annual GMS: e. Deciding on other proposed items as deemed
a. Ratification of annual reports on the suitable with the Articles of Association and
condition and operation of the Company. the Law on Limited Companies.
b. Decision on use of profit. 2. Extraordinary GMS may be held at any time
c. Appointment of an independent auditor listed according to the needs to ratify or decide on
in the Financial Services Authority (OJK). items that are not discussed in the Annual GMS.
d. Changes in the composition of the Company’s
Authority of GMS
GMS holds the right to appoint and dismiss members the interests of the Company. Without reducing
of the Board of Commissioners and Directors, approve the power and authority possessed by the GMS,
revision and ratification of the ARticles of Association, the GMS or Shareholders cannot intervene in the
approve the Annual Report and make decisions implementation of the duties, functions and powers
related to corporate actions or other strategic of the Board of Commissioners and Directors to carry
decisions submitted by the Board of Directors. out their obligations and rights in accordance with the
Articles of Association and laws and regulations. GMS
The decisions made at the GMS are based on decisions are made in a fair and transparent manner.
Shareholders
Shareholders are individuals or legal entities that • Series A Dwiwarna, which can only be owned by
legally own shares. Under the Articles of Association, the Republic of Indonesia; and
the Shareholders of the Company consists of: • Series B, which can be owned by the Republic of
Indonesia and/or the public.

Rights of Shareholders
The Company recognizes a person or legal entity as acquisition, separation and dissolution.
the competent authority exercising the right granted e. Approval of the remuneration of members of
by law for the shares. Shareholders of Series A the Board of Directors and Commissioners.
Dwiwarna and Series B Shares have the same f. Approval of transfer of assets by the Articles of
rights and every 1 (one) share provides 1 (one) vote. Association that requires approval of the GMS.
According to the Articles of Association, the shares g. Approval on inclusion and reduction of the
of Series A Dwiwarna is a special share owned by percentage of equity investment in another
the Republic of Indonesia, which gives the holder company that is based on the Articles of
the privilege as Series A Dwiwarna Shareholder. Association requires approval of the GMS.
h. Approval of use of profits.
The privilege of Shareholders of Series A Dwiwarna i. Approval on investment and long-term
are: financing that is not operational by the Articles
1. The right to approve the GMS in of Association requires approval of the GMS.
regards of the following: 2. The right to propose candidates for members
a. Approval of amendment in Articles of of the Board of Directors and Commissioners.
Association. 3. The right to propose the GMS agenda.
b. Approval of change in equity. 4. The right to request and access data and
c. Approval to appoint and dismiss member of documents of the Company with the mechanism
the Board of Directors and Commissioners. of using rights in accordance with provisions
d. Approval related to merger, consolidation, in the Articles of Association and legislation.
GMS Implementation Procedure

GMS implementation procedure follow the protocol 3. GMS Announcement
in the Law of the Republic of Indonesia No. 40 GMS announcement to the shareholders are to
of 2007 on Limited Companies as well as in the take place no later than 14 days before summons
Financial Services Authority Regulations No. 15/ on daily newspaper, Stock Exchange website, and
POJK.04/2014 on the Plan and Implementation the Company’s website that provide information
of Electronic General Meeting of Shareholders of on the terms and conditions for the shareholders
Public Company and the Company’s Articles of to be able to attend the GMS and propose an
Association. agenda, date for GMS, and a summon for GMS.
1. A request for GMS 4. GMS Summon
GMS held by Directors and the GMS can be GMS summons to the shareholders through daily
proposed by the Board of Commissioners or the newspapers, Stock Exchange’s website, and
shareholder of one (1) or more that comprises 1/10 the Company’s website should take place no
or more of the sum of shares proposed to the later than 21 days before the GMS and provide
Directors. information regarding the date, time, and place
2. Notification of GMS Agenda for the GMS, terms and conditions for attending
GMS agenda is to be submitted to the Financial shareholders, agenda, and description of each
Services Authority no later than five (5) working item in the agenda.
days before the announcement of the GMS.

GMS 2020 Implementation and Resolutions

The GMS was held in accordance with the interests to achieve a valid, fair, and transparent resolution to
of the Company while taking into account the Articles sustain the Company’s business interest in the long
of Association and the laws, with ample preparation, run.
The GMS 2020

PT Semen Indonesia (Persero) Tbk held the Annual to 15:55 Jakarta time, at the Company’s office, South
General Meeting of Shareholders for Fiscal Year Quarter Tower A, 20th floor, Jl. R.A. Kartini, Kav. 8,
2020 (the “GMS”) on Friday, 19 June 2020 at 14:31 Cilandak Barat, Jakarta Selatan.
Stages of the GMS
Stages of the Annual General Meeting of Shareholders for the Fiscal Year 2020 is shown below.
Notification Announcement Summons Implementation Resolution
The Company gave The Company The Company The Company held Minutes of Meetings
the Annual GMS published an published a summon the Annual GMS from the Annual GMS
agenda to the Financial announcement on for the Annual GMS on Friday, 19 June was published in Bisnis
Services Authority the Annual GMS in Bisnis Indonesia 2020, in its office. Indonesia on 23 June
on 9 March 2020 as in Republika on on 28 May 2020, the 2020, on the Company’s
stated in the letter 13 May 2020, the Company’s website, website, the Stock
No. 2441/ KS.08.02/ Company’s website, the Stock Exchange, Exchange, and the KSEI.
SUP/ 50045147/2000/ the Stock Exchange, and the KSEI.
03.2020 and Indonesia
Central Securities
Depository (KSEI).
Rules of Meetings
1. Shareholders or their proxies are given the The meeting was attended by the Board of
opportunity to submit questions and/or opinions Commissioners and Directors, Notary, Witnesses,
related to the topic being discussed, before the and Shareholders/Their Proxies with a sum of
voting. 4,939,508,364 registered shares, including Series A
2. The voting is conducted by physically raising Dwiwarna, equivalent to 83.27% of the total shares
hands and electronically using the eASY.KSEI issued by the Company amounted to 5,931,520,000
system. shares.
3. The Company appoints an independent party
Notary Leolin Jayayanti, SH., M.Kn. and Securities
Administration Bureau PT Datindo Entrycom to
execute the counting and/or validate the votes.

The meeting was attended by the Board of Commissioners and Directors as follow;
President Commissioner : Soekarwo
Independent Commissioner : Mochamad Choliq
Commissioner : Hendrika Nora Osloi Sinaga
Commissioner : Lydia Silvanna Djaman
Commissioner : Astera Primanto Bhakti
Independent Commissioner : Nasaruddin Umar
Commissioner : Sony Subrata

President Director : Hendi Prio Santoso
Director of Finance : Doddy Sulasmono Diniawan
Director of Business Strategy and Development : Fadjar Judisiawan
Director of Human Capital and Legal : Tina T. Kemala Intan
Director of Marketing and Supply Chain : Adi Munandir
Director of Engineering and Projects : Tri Abdisatrijo
Director of Productions : Benny Wendry
GMS 2020 Resolution
The GMS 2020’s resolution has been stated in the deed of Minutes of Meeting No. 45/NOT/VI/2020 dated
19 June 2020, made by Notary Leolin Jayayanti, SH., M.Kn., as follows:
First Agenda Approved the Annual Report of Fiscal Year 2019, including the Supervisory Report of
the Board of Commissioners for Fiscal Year 2019, and the ratification of the Financial
Statements for the Fiscal Year 2019, as well as the granting of full redemption and release of
responsibility (volledig acquit et decharge) to the Board of Commissioners and Directors for
the Company’s management and supervision duties carried out during the Fiscal Year 2019.
Number of Shareholders
3
Asking Questions
Decision Making Voting
Agree Disagree Abstain
4,927,776,685 (99.76%) 187,100 (0.003%) 11,544,579 (0.23%)

Decision Approved the Fiscal Year 2019 Annual Report, including the Board of Commissioners’
Supervisory Report and endorse the Financial Statements of the Company for Fiscal Year
2019 audited by the Public Accounting Firm Tanudiredja, Wibisana, Rintis & Rekan (a
member firm of Pricewaterhouse Coopers), as contained in its report Number 00297/2.1025/
AU.1/04/0222-1/1/III/2020 dated 12 March 2020, with the opinion “fair, in all material respects,
consolidated financial statements of PT Semen Indonesia (Persero) Tbk. and its subsidiaries
as of 31 December 2019, and financial and performance of its consolidated cash flows for the
year ended on that date, in accordance with the Indonesian Financial Accounting Standards”,
and provide full redemption and release of responsibility (volledig acquit et de charge) to the
Board of Commissioners and Directors of the Company for the management and supervision
duties that have been carried out in Fiscal Year ended on 31 December 2019, as long as
these actions do not constitute criminal offenses and is reflected in the Company’s report.
Follow-up/Execution Took effect immediately

Second Agenda Ratification of the Annual Report for the Partnership and Community Development
Program for Fiscal Year 2019, as well as granting repayment and acquit et decharge to
the Board of Directors and Commissioners for the management and supervision of the
partnership and community development program carried out during Fiscal Year 2019.
-
Asking Questions
4,927,776,685 (99.43%) 187,100 (0.51%) 11,544,579 (0.23%)

Decision Approved the Annual Report of the Partnership and Community Development Program
for the Fiscal Year 2019 and endorsed the Financial Statements of the Partnership and
Community Development Program audited by Public Accounting Firm Tanudiredja,
Wibisana, Rintis & Rekan (a member firm of PricewaterhouseCoopers), according to their
report No. N20200316006/DC2/MJW/ 2020 dated 16 March 2020, as well as providing
full redemption and release of responsibility (volledig acquit et de charge) to the Board of
Directors and Commissioners of the Company for the management and supervision duties
of the Partnership and Community Development Program for the Fiscal Year 2019, as long as
Third Agenda Appointment of use of the Company’s net profit from the Fiscal Year 2019.
2
Asking Questions
4,911,724,264 (99.43%) 25,380,000 (0.51%) 2,404,100 (0.04%)

Decision 1. Determine the use of the Net Profit of the Owners of the Company for the
Fiscal Year 2019 amounting to Rp2,392,151,000,000,- as follows:
• 10% or Rp239,215,100,000,- determined as cash dividends, hus
the dividend of the Government of the Republic of Indonesia with
51.01% shares was amounted to Rp122,023,622,510,-
• 90% or Rp2,152,935,900,000,- is designated as other reserves.
2. Granted authority and power to the Board of Directors of the Company with
the right of substitution to further regulate the procedure and implementation
of the distribution of cash dividends in accordance with applicable
regulations, including rounding up for payment of dividends per share.
Follow-up/Execution The Company has paid dividends on schedule, 23 July 2020.

Fourth Agenda Determined the Fiscal Year 2019 tantiem, salary for the Board of Directors and honorarium
for the Board of Commissioners along with facilities and other benefits for 2020.
-
Asking Questions
4,587,176,745 (92.86%) 305,423,911 (6.18%) 46,907,708 (0.94%)

Decision 1. Granted authority and power to the Dwiwarna A Series Shareholders to determine the
amount of the tantiem for the Fiscal Year 2019, as well as determine the honorarium,
benefits and facilities for members of the Board of Commissioners for 2020; and
2. Granted authority and power to the Board of Commissioners by first obtaining
written approval from Dwiwarna A Series Shareholders to determine the
amount of tantiem for Fiscal Year 2019, as well as determine salary, benefits,
facilities and other incentives for the Board of Directors for 2020.
Follow-up/Execution Holders of Series A shares have determined the bonuses and honorarium of the
Board of Commissioners and Directors through letter No. S-4/Wk1.MBU.F/08/2020
dated 4 August 2020 concerning Submission of Earnings Determination of the Board
of Directors and Commissioners of PT Semen Indonesia (Persero) Tbk. for 2020.
Fifth Agenda Approved the Appointment of a Public Accountant Firm (“KAP”) to audit the
Company’s Financial Statements including audits of the Partnership and Environment
Program Report for Fiscal Year 2020 and other periods in Fiscal Year 2020.
-
Asking Questions
4,449,426,269 (90.07%) 471,843,201 (9.55%) 18,238,894 (0.36%)

Decision 1. The GMS appointed the Public Accounting Firm (KAP) Tanudireja, Wibisana,
Rintis & Rekan (a member firm of PricewaterhouseCoopers) to carry out the
general audit of the Company’s Consolidated Financial Statements for Fiscal
Year 2018 and other periods of Fiscal Year 2020, and the Use of Funds for the
Partnership and Community Development Program Fiscal Year 2020.
2. Granted delegation of authority to the Board of Commissioners to determine
the amount of compensation for audit services and other appointment
requirements that are reasonable for the Public Accounting Firm.
3. Granted delegation of authority to the Board of Commissioners, with a written
approval from holders of Series A Dwiwarna shares, to appoint a substitute
public accounting firm to the KAP Tanudiredja, Wibisana, Rintis & Rekan
(a member firm of PricewaterhouseCoopers) should the appointed public
accounting firm is unable to carry out or continue its work for any reason.
Follow-up/Execution KAP Tanudireja, Wibisana, Rintis & Rekan (a member firm of PricewaterhouseCoopers)
has been appointed to carry out the work as decided in the Meeting.

Sixth Agenda Changes in the Composition of the Company’s Management

-
Asking Questions
4,856,734,464 (98.32%) 19,493,400 (0.39%) 63,280,500 (1.28%)

Decision 1. Honorably dismissed Mr. Soekarwo as the President Commissioner of the Company
who was appointed in the 2019 Annual GMS dated 22 May 2019, with gratitude for the
contribution of his energy and thoughts given while serving as the President Commissioner.
2. Appointed Mr. Rudiantara as the President Commissioner of the Company.
3. The term of office of the appointed President Commissioner as stated
in 2, in reference to the provisions of the Articles of Association of the
Company, by taking into account the legislation in the Capital Market and
the right of the GMS to dismiss at any time without prejudice.
4. With the transfer of duties in the role of President Commissioner as stated in 1 and
2, Dengan adanya pemberhentian dan pengangkatan Komisaris Utama Perseroan
sebagaimana dimaksud pada angka 1 dan 2, 3, the composition of members of
the Company’s Board of Directors and Commissioners are hereby as follows:
• President Commissioner : Rudiantara
• Commissioner : Astera Primanto Bhakti
• Commissioner : Hendrika Nora Osloi Sinaga
• Commissioner : Lydia Silvanna Djaman
• Commissioner : Sony Subrata
• Independent Commissioner : Mochamad Choliq
• Independent Commissioner : Nasaruddin Umar
5. Appointed President Commissioner, as stated in 2, who is still holding
another position which is prohibited by laws and regulations from
concurrently serving as a member of the Board of Commissioners of a State-
owned Enterprise must resign or be terminated from his position.
6. Granting authority and power to the Board of Directors of the Company with the
right of substitution to take all necessary actions related to the resolutions in this
agenda in accordance with the applicable laws and regulations, including to declare
in a separate Notary Deed and notify the composition of the Company’s Board
of Directors and Commissioners to the Ministry of Law and Human Rights.

RESOLUTIONS OF THE PREVIOUS ANNUAL

GENERAL MEETING OF SHAREHOLDERS
In 2019, the Company held one Annual General available in the deed “Minutes of Annual General
Meeting of Shareholders (AGM) on Wednesday, Meetings of Shareholders of PT Semen Indonesia
22 May 2019, at 15:15 to 16:58, at the Ballroom of (Persero) Tbk.” dated 24 May 2019, made by Notary
Sheraton Hotel Grand Jakarta Gandaria City, Jl. Leolin Jayayanti, S.H., M.Kn. as follows:
Iskandar Muda Kebayoran, Jakarta. Resolutions are
First Agenda Approved the Annual Report on the condition and operation of the Company during the Fiscal
Year 2018 including the Report on the Implementation of the Supervisory Duties of the Board
of Commissioners during the Fiscal Year 2018, and the ratification of the Company’s Financial
Statements for the Fiscal Year 2018, as well as the granting of full redemption and release of
responsibility (volledig acquit et decharge) to the Board of Directors and Commissioners for
the Company’s management and supervision duties carried out during the Fiscal Year 2018.
Decision Approved the Fiscal Year 2018 Annual Report, including the Board of Commissioners’
Supervisory Report and endorse the Financial Statements of the Company for Fiscal Year
2018 and restate the Fiscal Year 2017 Financial Statement dated 31 December 2017 audited
by the Public Accounting Firm Satrio Bing Eny & Partners (a member of Deloitte Touche
Tohmatsu Limited), as contained in its report Number 00282/2.1097/AU.1/04/0565-3/1/
III/2019 dated 30 March 2019, with the opinion “fair, in all material respects, consolidated
financial statements of PT Semen Indonesia (Persero) Tbk. and its subsidiaries as of 31
December 2018, and financial and performance of its consolidated cash flows for the year
ended on that date, in accordance with Indonesian Financial Accounting Standards “, and
provide full redemption and release of responsibility (volledig acquit et de charge) to the
Board of Directors and Commissioners of the Company for the management and supervision
duties that have been carried out in Fiscal Year ended on 31 December 2018, as long as
these actions do not constitute criminal offenses and is reflected in the Company’s report
Status Realized and carried out
Mata Acara Rapat Kesatu
Jumlah Pemegang
Saham yang Bertanya

Second Agenda Ratification of the Annual Report for the Partnership and Community Development
Program for Fiscal Year 2018, as well as granting repayment and acquit et decharge to
the Board of Directors and Commissioners for the management and supervision of the
partnership and community development program carried out during Fiscal Year 2018.
Decision Approved the Annual Report of the Partnership and Community Development Program
for the Fiscal Year 2018 and endorsed the Financial Statements of the Partnership and
Community Development Program audited by Public Accounting Firm Satrio Bing Eny
& Partners (a member of Deloitte Touche Tohmatsu Limited), according to their report
Number NAR119 0006 PKBLSI RBP dated 1 March 2019, as well as providing full redemption
and release of responsibility (volledig acquit et de charge) to the Board of Directors
and Commissioners of the Company for the management and supervision duties of the
Partnership and Community Development Program for the Fiscal Year 2018, as long as
Third Agenda Decision on use of the Company’s net profit from the Fiscal Year 2018.
Decision 1. Determine the use of the Net Income of the Owners of the Company for
the Fiscal Year 2018 amounting to Rp3,079,115,411,000,- as follows:
• 40% or Rp1,231,646,164,400,- or Rp207.64 per share, determined as
cash dividends, thus the dividend of the Government of the Republic of
Indonesia with 51.01% shares was amounted to Rp628,262,708,460.
• 60% or Rp1,847,449,246,600 is designated as other reserve.
2. Granted authority and power to the Board of Directors of the Company with
the right of substitution to further regulate the procedure and implementation
of the distribution of cash dividends in accordance with applicable
regulations, including rounding up for payment of dividends per share.
Fourth Agenda Determined the Fiscal Year 2018 tantiem, salary for the Board of Directors and honorarium
for the Board of Commissioners along with facilities and other benefits for 2019.
Decision a. Granted authority and power to the Dwiwarna A Series Shareholders to determine the
amount of the tantiem for the Fiscal Year 2018, as well as determine the honorarium,
benefits and facilities for members of the Board of Commissioners for 2019.
b. Granted authority and power to the Board of Commissioners by first obtaining
written approval from Dwiwarna A Series Shareholders to determine the
amount of tantiem for Fiscal Year 2018, as well as determine salary, benefits,
facilities and other incentives for the Board of Directors for 2019.

Fifth Agenda Approved the Appointment of a Public Accountant Firm (“KAP”) to audit the Company’s
Financial Statements including auditing the Partnership and Community Development
Program Report for Fiscal Year 2019 and other periods in Fiscal Year 2019.
Decision a. Approved the appointment of Public Accounting Firm of KAP Tanudiredja,

Wibisana, Rintis & Rekan (a member of PwC network of firms) to conduct
audit services on the Company’s Consolidated Financial Statements and the
Financial Statements of the Implementation of the Partnership and Community
Development (PKBL) Program for the Fiscal Year ending 31 December 2019.
b. Granted delegation of authority to the Board of Commissioners of the Company to
determine the amount of compensation for audit services, additional scope of work
required, and other reasonable requirements for the Public Accounting Firm.
c. Granted authority and power to the Board of Commissioners by first obtaining
written approval from Dwiwarna Series A Shareholders to determine a replacement
for the Public Accounting Firm, in the case of Public Accounting Firm of KAP
Tanudiredja, Wibisana, Rintis & Rekan (a member of PwC network of firms) for
whatever reason cannot complete the audit of the Company’s Consolidated
Financial Statements for Fiscal Year 2019 and other periods in Fiscal Year
2019 and the Financial Statements for Implementation of the Partnership and
Community Development (PKBL) Program of the Company for Fiscal Year 2019.
Sixth Agenda Amendment to the Company’s Articles of Association.
Decision a. Approved changes to the Company’s Articles of Association.

b. Approved to rearrange all provisions in the Company’s Articles of Association in
connection with the changes referred to in item a of the above-mentioned decision.
c. Granted power and authority to the Board of Directors with the right of substitution to
take all necessary actions related to the decision of the agenda of this Meeting, including
preparing and restating the entire Articles of Association in a Notary Deed and submitting
to authorized institutions to obtain approval and/or receipt of notification of changes to
the Articles of Association of the Company, to conduct everything deemed necessary and
useful for these purposes with none of which is excluded, including to make additions
and/or changes in the Articles of Association if it is required by the relevant authority.

Seventh Agenda Changes in the Composition of the Company’s Management
Decision 1. Respectfully dismissed the following names:

• Mr. Sutiyoso as President Commissioner;
• Mr. Wahyu Hidayat as Commissioner;
• Mr. Agung Yunanto as Director of Human Resources and Legal, as of
the closing of this GMS, with gratitude for the contribution of energy
and thoughts that have been given while serving as a member of
the Board of Commissioners and Directors of the Company
2. Appointed the following new names:
• Mr. Soekarwo as President Commissioner;
• Mrs. Lydia Silvanna Djaman as Commissioner;
• Mrs. Tina T. Kemala Intan as Director of Human Resources and Law.
3. The term of office of members of the Board of Commissioners and Directors
appointed as in point 2 in accordance with the provision of the Articles of
Association by taking into account the legislation in the Capital Market and
to the rights of the GMS to dismiss at any time without prejudice.
4. With the dismissal and appointment of the Company’s Board
of Commissioners and Directors as referred to previously, the
Company’s new Management Structure is as follows:
a. Board of Commissioners
No Name Position
1 Soekarwo : President Commissioner
2 Lydia Silvanna Djaman : Commissioner
3 Nasaruddin Umar : Independent Commissioner
4 Mochamad Choliq : Independent Commissioner
5 Astera Primanto Bhakti : Commissioner
6 Hendrika Nora Osloi Sinaga : Commissioner
7 Sony Subrata : Commissioner
b. Board of Directors
No Name Position
1 Hendi Prio Santoso : President Director
2 Doddy Sulasmono Diniawan : Director of Finance
3 Benny Wendry : Director of Production
4 Fadjar Judisiawan : Director of Business Strategy and Development
5 Tri Abdisatrijo : Director of Engineering and Projects
6 Adi Munandir : Director of Marketing and Supply Chain
7 Tina T. Kemala Intan : Director of Human Capital and Legal
5. Granted authority and power to the Board of Directors of the Company with the
right of substitution to take all necessary actions related to the decision of this
agenda in accordance with applicable laws and regulations, including to state in
a separate Notary Deed and notify the composition of the Board of Directors and
Commissioners of the Company to the Ministry of Law and Human Rights.

THE BOARD OF COMMISSIONERS
The Board of Commissioners is the Organ of the Each member of the Board of Commissioners
Company whose duty is to conduct oversight in must have high integrity, knowledge, ability and
general and/or specifically in accordance with commitment to provide time in carrying out their
the Articles of Association, provide advice to the duties. Thus, the role of the Board of Commissioners
Directors, and ensure that the Company implements is very strategic. Therefore, the composition of the
GCG principles. The Board of Commissioners is Company’s Board of Commissioners must enable
responsible to Shareholders in terms of overseeing effective, appropriate and speedy decision makers.
the Board of Directors’ policies regarding the In addition, the Board of Commissioners is also
Company’s operations in general, which refers to required to be able to act independently, in the
the business plans that have been approved by the sense that they do not have a conflict of interest that
Board of Commissioners and Shareholders, and can interfere with their ability to carry out their duties
ensures compliance with all applicable laws and independently and be critical, both in relations
regulations. between members of the Board of Commissioners
and with the Directors.
Legal Basis
1. Law No. 40 of 2007 concerning Board of Directors and Commissioners
Limited Liability Companies. of Issuers or Public Companies.
2. Law No. 19 of 2003 concerning State- 4. Regulation of the Minister of SOEs
Owned Enterprises (BUMN). No. PER-02/MBU/02/2015 concerning
3. Financial Services Authority Regulation Requirements, Procedures for Appointment
No. 33/POJK.04/2014 concerning The and Dismissal of Members of the
Board of Commissioners of SOEs.
Board Manual of the Board of Commissioners

The Company has a Board Manual that acts as a 3. Requirement of the Board of Commissioners.
reference for the Board of Commissioners in carrying 4. Membership of the Board of Commissioners.
out its supervisory duties and providing advice to 5. President Commissioner.
the Board of Directors. The Board of Commissioners 6. Independent Commissioner.
and Directors regularly review the Board Manual to 7. Board of Commissioners’ Code of Ethics.
keep its compliance with the applicable laws. SIG’s 8. Orientation and Refresher Program.
Board Manual was last updated on 11 December 9. Duties and Powers of the Board
2019. of Commissioners.
10. Decision Making of the Board of Commissioners.
The Board of Commissioners’ guidelines in the 11. Accountability of the Board of Commissioners.
Board Manual include: 12. Performance Evaluation of the
1. Vision and Mission of the Board of Board of Commissioners.
Commissioners. 13. Supporting Organ of the Board
2. Function of the Board of Commissioners. of Commissioners.

Criteria for the Board of Commissioners

The Board of Commissioners’ requirements are The specific requirements are suited based on the
explained in the Company’s Board Manual, which need and character of the Company’s business
confirms the existence of general and specific in the cement industry. Members of the Board of
requirements. The general requirements include: Commissioners must have specific technical skills,
1. Possess good characters and moral grounds. which are:
2. Has never been declared bankrupt within 1. Has adequate knowledge in the
5 years prior to his appointment. Company’s Business Fields.
3. Has never been a Director or member of 2. Has the ability to conduct strategic oversight
the Board of Commissioners who was found in terms of the Company’s development.
guilty of causing a company went bankrupt 3. Understands the Company’s management
within 5 years prior to his appointment; issues related to one management function.
4. Has never been a Director or member of the
Board of Commissioners in a listed company The specific requirements have become the
that did not fulfill certain obligations required essence of the nomination and selection system and
by the Financial Services Authority (OJK). procedure developed by the Board of Commissioners
5. Has never been convicted of financial crime and proposed to the GMS for ratification. The
within 5 years prior to his appointment. development of specific requirements is meant for a
Board of Commissioners with members whose skills
are suited to the needs of the Company.
Composition and Legal Base of Appointment of BOC Members

Based on the Company’s Board Manual, the Board of the Board of Commissioners underwent a change
of Commissioners comprises a minimum of two as an effect to the AGMS held on 19 June 2020.
(2) people of which one (1) is appointed as the
President Commissioner. In 2020, the Board of The composition of the SIG Board of Commissioners
Commissioners had seven (7) members, fulfilling the serving from 1 January 2020 until 19 June 2020:
terms in the Board Manual. In 2020, the composition
Name Position Legal Base of Appointment
Soekarwo President Commissioner AGMS 22 May 2019

Sony Subrata Commissioner AGMS 23 January 2015
Astera Primanto Bhakti Commissioner AGMS 31 March 2017
Nasaruddin Umar Independent Commissioner AGMS 31 March 2017
Mochamad Choliq Independent Commissioner AGMS 30 April 2018
Hendrika Nora Osloi Sinaga Commissioner AGMS 30 April 2018
Lydia Silvanna Djaman Commissioner AGMS 22 May 2019

The composition of the SIG Board of Commissioners serving since 19 June 2020:
Rudiantara President Commissioner AGMS 19 June 2020

Sony Subrata Commissioner AGMS 19 June 2020
Astera Primanto Bhakti Commissioner AGMS 31 March 2017
Nasaruddin Umar Independent Commissioner AGMS 31 March 2017
Mochamad Choliq Independent Commissioner AGMS 30 April 2018
Hendrika Nora Osloi Sinaga Commissioner AGMS 30 April 2018
Lydia Silvanna Djaman Commissioner AGMS 22 May 2019
Independence of the Board of Commissioners

All members of the Board of Commissioners 3. In implementing the Company’s task and projects,
shall act independently in every decision, free I am willing to not engage in any activities or
from intervention of any party. The Board of transactions which have conflict of interest or any
Commissioners’ independency commitments have potential for conflict of interest;
been substantiated by means of the “Statement 4. For the benefit of the Company, I will not use my
Letter” signed by every member of the Board of title, the information or confidential information
Commissioners on stamp duty. In 2020, all members about the Company, and the Company’s asset for
of the Board of Commissioners had signed the the benefit of my family, myself or other parties
“Statement”. related to me;
5. For the benefit of the Company, I am responsible
The Statement stipulated the following points: to inform my family so they would know and
1. I understood the PT Semen Indonesia (Persero) understand not to receive or give anything from
Tbk (“The Company”)’s Code of Ethics as the and/or to another party that could impact the
guideline on behaviour, awareness, and thinking; Commissioner’s independence; and
so that the Good Corporate Governance 6. I am morally and legally responsible for the
principles could be applied to bring to life the implementation of the Company’s Code of Ethics,
Company’s vision, mission and culture. so that I am willing to be sanctioned according to
2. In implementing the Compan’y s tasks and the Company rules should I be in breach of this
projects, we shall abide by pertaining laws and Statement of Compliance
regulations, as well as avoiding the practice of
gratification, bribery, and other corruption acts;

Duties and Responsibilities

The Board of Commissioners perform supervisory accordance to the law, the Articles of Association,
duties on the policies and management of the and/or the GMS resolution.
Company and provide advice to the Board of 14.
In specific circumstances, holding AGMS and
Directors concerning the interests and the purpose other GMS within their authority stated in the law.
of the Company by taking into account the interests
of the shareholders and are accountable to the In accordance with the Law of the Republic of
General Meeting of Shareholders. Their duties and Indonesia No. 40 of 2007 on Limited Liability
responsibilities include: Companies, the Law of the Republic of Indonesia No.
1. Supervisory over the policies and management of 19 of 2003 on SOE, and the Articles of Association of
the Company and the operational management the Company, the duties and scope of responsibilities
in the Company carried out by the Directors. of the Board of Commissioners are as follows:
2. Provide management advice to the Board of 1. Performing supervisory duties on the policies and
Directors. the management of the Company and providing
3. Provide feedback and approval to the Work Plan advice on the implementation of the Company’s
and Corporate Budget (RKAP) as well as other work Long-Term Plan (RJPP), Work Plan and Corporate
plans prepared by the Board of Directors. The draft Budget (RKAP), including the Company’s KPI and
for the RKAP is to be approved no later than 30 the provisions of the Articles of Association and
(thirty) days after the fiscal year runs (the fiscal year GMS decisions, as well as the laws and regulations
of the related RKAP) or no later than the required that apply to the interests of the Company and in
time stated in the law. Should the draft of the RKAP accordance with the aims and objectives of the
has not been ratified within the aforementioned Company.
period of time, the previous RKAP would apply. 2. Carrying out GCG principles’ implementation
4. Following up the development of the Company’s and supervising their application within the
activities and providing opinion and suggestion to organization.
the GMS regarding any issues deemed important 3. Providing general views and input on the Board
to the Company. of Directors’ performance report to the GMS
5. Report to the holders of Series A Dwiwarna shares 4. Providing reports on the accountability of activities
should there be any symptoms of a decline in the and performance of the Board of Commissioners
Company’s performance. to the GMS.
6. Suggest to the GMS regarding appointment of 5. Leading committees formed by the Board of
a Public Accounting Firm that will carry out the Commissioners in carrying out all the duties and
audit work for the Company’s finance. work relationships of the Committee
7. Assess and analyze the regular and annual 6. Giving approval to the Board of Directors, or
reports prepared by the Board of Directors and providing opinion/response to the GMS on
sign the annual reports. the Board of Directors’ plans in implementing
8. Provide clarification, suggestion, and feedback to their policies in accordance with the Articles of
the GMS regarding the Annual Report, should it Association of the Company.
be required. 7. Following up the development of the Company’s
9. Develop minutes from BOC meetings and keep activities and providing opinion and suggestions
the copies. regarding the plan and implementation of RJPP,
10. Report their and their families share ownership to RKAP, and any issues deemed important to the
the Company and other companies. Company.
11. Provide a supervisory report to the GMS. 8. Ensuring that the Company discloses the
12. Attend all questions and inquiries submitted implementation of GCG principles in the GMS and
by the holders of Series A Dwiwarna shares Annual Report.
according to the laws, specifically the laws for the 9. Conducted meetings with the Board of Directors,
Capital Market. Audit Committee and other units related to the
13. Perform other supervisory and advisory duties in management of the Company.

Division of Duties among the Board of Commissioners

To improve the effectiveness of the BOC supervisory performance of the Company that include the works
duties in the Company, a division of duties among of the Board of Directors and factors that need
the Board of Commissioners is stated in the Decree analysis such as internal control, risk management,
of the Board of Commissioners concerning the business strategy, corporate actions, investment
appointment of Commissioners as the Head and the and capital expenditure, human resources, and
Member of the Committee. This policy will allow the corporate social responsibility of the Company.
BOC to better assess the condition, policies, and
Company Introduction Program for New Commissioners

In 2020, the Company appointed Rudiantara as products and services, financial and
the President Commissioner, replacing Soekarwo, operational performance, business strategy,
through the GMS held on 19 June 2020. The short- and long-term planning, position in the
orientation program to introduce the new competition, risk, and other strategic issues.
Commissioner to the Company has been carried out c. Explanation related to the delegated duties
on 16 July 2020. and responsibilities, internal and external
audits, internal control system and policies,
In carrying out the orientation program, these factors and task and roles of the Audit Committee and
need to be taken into account: other committees established by the Board of
1. The program must be carried out to any new Commissioners.
Commissioner who has never had any position in d. Legal responsibilities of the Board of
the Company. Commissioners.
2. The purpose of the program is to improve the e. Explanation on BOC’s work relations, duties
work function and effectiveness of the Board of and responsibilities.
Commissioners. f. Team building. All members of the BOC should
3. Expenses for the program are budgeted in the participate in this activity, aiming for better
BOC Work Plan and Budgeting. teamwork and collaboration in performing
4. Responsibilities of the implementation of the duties as part of the Board of Commissioners.
program lies on the Secretary of the Company. 6. The program can be carried out with
5. The materials given in the program: presentations, meetings, visits to the Company’s
a. Implementation of the GCG principles, risk facilities, personal introduction to the members
management system, and whistleblowing of the Board of Directors and the employees in
system. the Company as well as other activities deemed
b. A diagram that illustrates the Company’s necessary and can be accounted for and is cost
purpose, character, business activities, efficient.
Education and training programs participated in by the Board of Commissioners in 2020 is available in the
chapter Company Profile in this Annual Report.

Recommendations and Implementation of

Duties of the Board of Commissioners
The sum of letters, memo, and decree issued by the Board of Commissioners in 2020:
49 Internal Memo • 19 memos on Audit Committee

• 6 memos on SMRI Committee
• 7 memos on Nomination and Remuneration Committee
• 17 memos on Secretary to the Board of Commissioners
52 Outgoing Mails • 20 mails on BOC approvals
• 2 mails on remunerations
• 5 mails on audit and public accounting firm
• 1 mail on GCG
• 4 mails on RKAP, CAPEX and RJPP
• 1 mail on KPI
• 1 mail on WBS
• 18 mails on general topic
15 Decree • 1 decree on public accounting firm
• 1 decree on RKAP 2021 ratification
• 1 decree on Audit Committee
• 1 decree on SMRI Committee
• 3 decree on Nomination and Remuneration Committee
• 8 decree on general remuneration
Performance Evaluation on Committees under

the Board of Commissioners
The Audit Committee, the Committee of the After a regular performance assessment of the
Nomination, Remuneration and CSR, and the Committees, the Board of Commissioners observe
Committee for the Risk Management and a good fulfillment of duties and responsibilities by
Investment Strategy are all under the Company’s the Committees during the 2020 period. These
Board of Commissioners and serve to assist the Committees had given commendable insights and
Board of Commissioners to fulfill their duties and recommendations related to their areas of expertise.
responsibilities.
Share Ownership of the Board of Commissioners

By the end of 2020, all members of the Board of Commissioners do not own shares in SIG.
Buy/Sell of the Board of Commissioners’ Shares

In accordance with the Financial Services Authority (OJK) regulation No. 11/POJK.04/2017 on Ownership
Reports or Any Changes in Ownership of Public Company Shares, in 2020 there were share transactions
with members of the Company’s Board of Commissioners. The transactions have been reported to OJK.

Name Position Transaction Total Total Total Date of Transaction Report

Shares Buy/Sell Shares Transaction Purpose Date
before after
Transaction Transaction
Hendrika Commissioner Sell 30,000 10,000 7,600 14 April Selling 11 May

Nora O. 2020 shares 2020
Sinaga
Hendrika Commissioner Sell 20,000 10,000 8,300 13 May Selling 8 June
Sinaga
Hendrika Commissioner Sell 10,000 10,000 9,500 28 May Selling 8 June
Sinaga
Concurrent Position of the Board of Commissioners

Members of the Board of Commissioners are not than 5 (five) committees owned by the Company,
allowed to hold a concurrent position: its subsidiaries, and other companies.
1. As a member of the Board of Directors in any 3. Other positions must comply with the statutes of
state-owned enterprises, regional-owned the law.
business entities, private entities, and other
position that may project a conflict of interest with In 2020, all members of the SIG Board of
the Company; and/or, Commissioners fulfilled the above requirement with
2. Independent Commissioners can hold no more details as follows:
Position in Other
Name Position Name of Company/Institution
Company/Institution
Rudiantara President Commissioner President Commissioner PT Solusi Sinergi Digital Tbk
Commissioner PT Vale Indonesia Tbk
Commissioner PT Rukun Raharja Tbk
Sony Subrata Commissioner - -
Astera Primanto Bhakti Commissioner Director General of Ministry of Finance
Financial Balance
Nasaruddin Umar Independent Great Imam Masjid Istiqlal
Commissioner Professor UIN Syarif Hidayatullah
Mochamad Choliq Independent - -
Commissioner
Hendrika Nora Commissioner Assistant Deputy of Ministry of State-Owed Enterprises
Osloi Sinaga Construction, Transportation
facilities and Infrastructure
Lydia Silvanna Djaman Commissioner Deputy of Law and Legislation Ministry of State Secretariat

Resignation and Termination of the Board of Commissioners

The term of office of the BOC members ends upon: office ends by informing the Company in writing
1. Resignation. of his intentions. The members of the Board
2. Passing. of Commissioners who resigned are still held
3. End of office term. accountable from the time of their appointment until
4. Dismissal decided by the GMS. the date of resignation in the next GMS.
5. Declared bankruptcy by the Commercial Court
which has permanent legal force or is placed If a member of the Board of Commissioners resigns
under amnesty based on a court decision. or is dismissed before his term of office ends, the
6. No longer meets the requirements as a member term of office for his replacement is determined by
of the Board of Commissioners based on the the GMS, and if not so determined, the remaining
Company’s Articles of Association and other laws term of office for the member of the Board of
and regulations. Commissioners is in accordance with the term of
office of the member of the Board of Commissioners
A member of the Board of Commissioners has the he replaces.
right to resign from his position before his term of

INDEPENDENT COMMISSIONER
Independent Commissioner is a member of the and advisory to the Board of Directors related to,
Board of Commissioners that are not affiliated with but not limited, on the following matters:
the Board of Directors, other members of the Board a. Ensuring effective corporate business strategy,
of Commissioners, and controlling shareholders. including monitoring on schedules, budgets,
Also free from business relations or other relations and effectiveness of the strategy.
that may influence its capability to act independently b. Assurance on the appointment of professional
or act solely for the Company’s interests. executives and managers.
c. Ensuring effective corporate information,
The mission of the Independent Commissioner is to control system, and audit system.
encourage the creation of an objective environment d. Assurance of proper identification and
and fairness in various interests, including the management of risks and risks potential.
Company and stakeholders’ interests as the main e. Assurance of proper implementation and
principles in decision making by the Board of compliance on GCG principles and practices.
Commissioners. f. Ensuring of the implementation of corporate
supervisory and management are in
Several matters related to the Independent compliance towards all prevailing regulations,
Commissioner, are as follows: including:
1. Independent Commissioner has the main • Ensuring the reliability and transparency of
responsibility to encourage the implementation the Company’s financial statements.
of good corporate governance principles in the • Fair treatment of minority shareholders and
Company through the Board of Commissioners’ other stakeholders.
empowerment, so as to achieve effective • Fairly disclosure transactions with conflicts
implementation of supervisory and advisory of interest.
duties to the Board of Directors, and provide • Ensuring that the company complies with
added value to the Company the applicable legislation as well as the
2. The composition of Independent Commissioner values set by the company in carrying out its
consists of at least 30% (thirty per hundred) from operations.Ensuring the accountability of.
the Board of Commissioners’ members. • The Company’s organs.
3. In implementing good responsibilities, the 4. The Independent Commissioner acts as the
Independent Commissioner pro-actively urges the Chairman of the BOC Committees.
Board of Commissioners to carry out supervisory
Composition and Membership of Independent

Commissioners in Board of Commissioners
The Company has 2 (two) Independent Commissioners, Nasaruddin Umar and Mochamad Choliq, which
fulfills the 30% requirement of sum number of the Board of Commissioners, as regulated in the OJK regulation
No.33/POJK.04/2014.

Independent Commissioners Criteria

Independent Commissioners must fulfill the 2. Do not have shares, either directly or indirectly, in
regulation stated in point 21 in the Financial the Company.
Services Authority (OJK) regulation No. 33/ 3. Has no affiliation with the Company, members
POJK.04/2014 dated 8 December 2014 as follows: of the Board of Commissioners, members of the
1. Not a person who works or has the authority Board of Directors or major shareholders of the
and responsibility to plan, lead, control, or Company.
supervise the Company’s activities within the last 4. Has no business relationship, either directly or
6 (six) months, except for re-appointment as the indirectly, related to the Company’s business
Company’s Independent Commissioner for the activities.
next period.
OJK’s Independent Criteria Nasaruddin Umar Mochamad Choliq
Not a person who works or has the authority and responsibility

to plan, lead, control, or supervise the activities of the v v
Issuer or Public Company within the last 6 (six) months.
Do not own shares, either directly or indirectly,
v v
in the Issuer or Public Company.
Has no affiliation with the Issuer or Company,
Public, members of the Board of Commissioners,
v v
members of the Board of Directors, or Major
Shareholders of the Issuer or Public Company.
Do not have a business relationship, either
directly or indirectly, with the business activities v v
of the Issuer or Public Company.

Statement of Independence of Independent Commissioners

All Independent Commissioners of Semen Indonesia have made independence statements and declared
their independence status in carrying out their duties and responsibilities on 7 January 2020.

THE BOARD OF DIRECTORS
The Board of Directors is the Organ of the Company all activities of the Board of Directors. The Board
that carries out the task of managing the Company of Directors can make decisions, including at the
in the interests of the Company, in accordance with Board of Directors’ meetings, and carry out these
the purposes and objectives of the Company, and decisions in accordance with the division of tasks
representing the Company both inside and outside and authorities, however collegial responsibilities
the court, with due observance of applicable laws, remain in force. Actions taken by members of the
Articles of Association and GMS Decisions. Board of Directors outside of those decided by
the Board of Directors meetings are the personal
The position of each member of the Board of responsibility of the person concerned until the
Directors, including the President Director, is action is approved by the Board of Directors
equivalent to the President Director coordinating meeting.
The Board of Directors’ Work Guidelines

In carrying out the roles and functions of managing 5. Composition and independence of the Board of
the Company and managing relations with the Directors.
Board of Commissioners, the Board of Directors 6. Ethics of the Board of Directors’ position.
refers to the Board of Commissioners and the Board 7. Orientation program and competency
of Directors Work Guidelines (Board Manual). The development for the Board of Directors..
Board of Directors’ Board Manual was last revised 8. Duties, authorities, and responsibilities of the
on 11 December 2019. Board of Directors.
9. Company Management Policy establishment by
The Board of Directors’ Charter and Code of the Board of Directors.
Conduct in the Company’s Manual Board regulates: 10. Decision making by the Board of Directors.
1. Vision and mission of the Board of Directors. 11. Board of Directors’ meetings.
2. Function of the Board of Directors. 12. Accountability of the Board of Directors.
3. Requirements for the Board of Directors. 13. Performance evaluation of the Board of Directors.
4. Membership of the Board of Directors. 14. Internal Audit and Secretary to the Company.
Criteria for the Board of Directors

Based on the Company’s Board Manual, there are general requirements and special requirements that are
applied when selecting members of the Board of Directors as follows:
General Requirements
General requirements are the basic requirements 3. Able to carry out legal actions.
set by the applicable laws and regulations, including: 4. Have never been declared bankruptcy by the
1. Individual. Court within 5 (five) years prior to nomination.
2. Having good character and moral grounds. 5. Has never been a member of the Board of

Directors or The Board of Commissioners who with the Company and or which is in conflict
was guilty of causing a company to go bankrupt with the provisions of the applicable laws and
within 5 (five) years prior to nomination. regulations.
6. Has never been convicted of a criminal offense 13. For concurrent positions of the Board of
detrimental to the country’s finances within 5 Directors that are not included in the provisions
(five) years prior to nomination as the Board of of point 8 to 12 above, approval from the Board of
Directors’ candidate. Commissioners is required.
7. Shall not have any blood relations up to the third 14. Shall have integrity and morals, and must never
degree, either in a vertical or horizontal line or in- been involved in:
laws relations (son-in-law or brother-in-law) with a. Engineering deeds and deviant practices in
other members of the Board of Directors and/or the management of the previous job prior to
the Board of Commissioners. the nomination.
8. Shall not hold concurrent positions of the Board b. A breach of contract that can be categorized
of Directors and the Board of Commissioners in as not fulfilling the commitments agreed at the
a similar company, except for the position of the previous job prior to the nomination.
Board of Commissioners of a subsidiary. c. Actions that can be categorized as providing
9. Shall not hold concurrent positions of the Board personal benefits to prospective members
of Directors and the Board of Commissioners in of the Board of Directors, employees in the
any other state-owned enterprise. previous job prior to the nomination.
10. Shall not hold concurrent structural and/or d. Actions that can be categorized as violating the
functional positions in the central and/or regional provisions of the principles of sound company
government. management.
11. Shall not serve as an official of a political party 15. Must have a commitment to comply with
and/or a candidate/legislative member at any applicable laws and regulations.
level. 16. Must have competence, the ability and experience
12. Shall not hold a concurrent position that may in fields that contribute to the Company.
cause conflict of interest, directly or indirectly,
Special Requirements
These are requirements for the Directors of the bankrupt or a person who had been convicted
Company tailored to the needs and nature of the of a criminal offense detrimental to the country’s
Company’s business in the cement industry: finances and/or related to the sector.
1. Adequate and relevant knowledge of the position.
2. Experienced and have expertise in cement. Fulfillment of the requirements above is proven by a
3. Able to carry out strategic management to statement letter from the candidate member of the
develop the Company. Board of Directors prior to appointment, which is
4. Understanding of the Company’s management kept by the Company.
issues related to one of management functions.
5. Dedicated and provides full time to do the work. The special requirements constitute one of the
6. Able to carry out legal actions and has never essences of the nomination and selection system
been declared bankrupt or been a member of the and procedure established by the Board of
Board of Directors or the Board of Commissioners Commissioners for subsequent submission to the
guilty of or caused a company to be declared GMS for approval.

Nomination of Members of the Board of Directors

Policies related to the nomination of the Board of 2. The Minister, Secretary, Technical Deputy and/or
Directors of Semen Indonesia refer to the Ministry Deputy may determine prospective candidates
of SOEs Regulation No. PER-03/MBU/02/2015 from SOE talents without the proposal of the Board
concerning Requirements, Procedures for of Commissioners/Supervisory Board if the said
Appointment, and Dismissal of Members of the person is deemed to have good achievements.
Board of Directors of SOEs. 3. Candidates and the Ministry of SOEs talent,
proposed through the Secretary.
The regulation states that the candidates for the 4. Candidates from the Board of Directors, the
Board of Directors come from: Board of Commissioners/ Supervisory Board,
1. SOE Directors. and/or Other Sources may submit applications to
2. SOE Board of Commissioners/Supervisory Board. or be proposed directly by the Minister, Secretary,
3. SOE talents proposed through the Board of Technical Deputy and/or Deputy.
Commissioners consist of: 5. The selection of prospective candidates takes
a. Officials who are one level below the Directors precedence over SOE talents.
or officials who have special achievements.
b. Directors of SOE subsidiaries/SOE joint Exception to public SOE, prospective candidates
ventures. from SOE Talents must be proposed through the
4. Ministry of SOEs talents. Board of Commissioners. If the Minister views that
5. Other sources: there are other candidates who have the potential
a. Other SOE officials; and to become members of the Board of Directors, but
b. Other sources. not included in the list of names proposed by the
Board of Commissioners, the Minister can ask the
Selection is carried out by the Minister, Secretary Board of Commissioners to evaluate the person
to the Minister, Technical Deputy, and/or Deputy concerned and if they meet the requirements to be
looking for prospective candidates by taking into proposed to the Minister.
account:
1. Candidates and Talents from SOE, proposed
through the Board of Commissioners/ Supervisory
Board.
List, Sum, Composition and Legal Basis of Appointment

of Members of the Board of Directors
According to the SIG Board Manual, the Board of In 2020, the Board of Directors of the Company had
Directors consist of a minimum 2 (two) people, of 7 (seven) members, one of which was appointed
which one is appointed as the President Director, as the President Director, hence fulfilling the
and if required, another of which may be appointed requirement in the Board Manual.
as the Vice President Director.

The composition of the Board of Directors in 2020 had no change:

:
Hendi Prio Santoso President Director EGMS 15 September 2017

Doddy Sulasmono Diniawan Director of Finance EGMS 15 September 2017
Fadjar Judisiawan Director of Business Strategy and Development EGMS 15 September 2017
Benny Wendry Director of Production EGMS 15 September 2017
Tri Abdisatrijo Director of Engineering and Projects EGMS 15 September 2017
Adi Munandir Director of Marketing and Supply Chain AGMS 30 April 2018
Tina T. Kemala Intan Director of Human Capital and Legal AGMS 22 May 2019
Duties of the Board of Directors

Directors carry out all relevant actions and are 6. The Board of Directors must obtain the approval
accountable to the Company’s management for from the GMS to transfer the assets of the
the interest of the Company in accordance with the Company or make collateral for the Company’s
Company’s business purpose. They also represent assets, which value is more than 50% (fifty
the Company within and outside the Court percent) of the total net assets of the Company
concerning all kinds of issues and occurrences in 1 (one) transaction or more, whether related
within the limitations of the statute, the Articles of to one another or not, except as executor of the
Association, and/or the GMS resolution, with these Company’s business activities.
terms: 7. The Board of Directors must obtain a written
1. Carrying out all actions related to and responsible response from the Board of Commissioners and
for managing the Company for the benefit the approval of the GMS in carrying out actions that
of the Company as well as representing the are included in material transactions as stipulated
Company both inside and outside the court, with by laws in the field of capital markets, unless
due observance of applicable laws, Articles of these actions are included in material transactions
Association and the GMS Decisions. exempted by the prevailing laws and regulations
2. The Board of Directors is to devote their full in the Capital Market sector, conduct transactions
energy, thoughts, attention and dedication to that contain conflict of interest as stipulated in
the duties, obligations and attainment of the the prevailing laws and regulations on the capital
Company’s goals. market, and conduct other transactions in order
3. The Board of Directors must comply with to comply with the prevailing laws and regulations
the Company’s Articles of Association and on the capital market.
the legislation and implement the principles 8. Members of the Board of Directors who have a
of professionalism, efficiency, transparency, conflict of interest are not authorized to represent
independency, accountability, responsibility and the Company and are replaced by other members
fairness. of the Board of Directors who do not have a
4. Every member of the Board of Directors must conflict or potential conflict of interest.
carry out his duties and responsibilities in good 9. If all members of the Board of Directors have
faith, full of responsibility and prudently. a conflict or potential conflict of interest, the
5. The Board of Directors must obtain a written interest of the Company is represented by the
approval from another Company’s organ such Board of Commissioners or a person appointed
as the Board of Commissioners or the GMS, as by the Board of Commissioners.
required, in carrying out specific management 10. Members of the Board of Directors must act in the
duties as stated in the Articles of Association. interest of the Company and therefore:

a. Apart from the Board of Directors, any other d. Using the Company’s information or business
party is prohibited from engaging in or opportunity for personal gain.
interfering in the management of the Company. 12. Members of the Board of Directors are to function
b. The Board of Directors must be able to make and make decisions in accordance with their
decisions objectively, without conflict of duties and authorities but are also collectively
interest and without pressure from any party. responsible for their implementation.
11. In order to carry out duties based on the GCG 13. Any management action within the Company
principles by prioritizing the interests of the with a potential of affecting the Company’s
Company over personal interests (the Duty of performance must be communicated to the Board
Loyalty), the Board of Directors is thus prohibited of Commissioners.
from: 14. Members of the Board of Directors are required to
a. Participating in a competitor’s business. resign should they be involved in financial crimes,
b. Utilizing the Company’s facilities for personal namely being convicted. The financial crimes may
use. refer to financial manipulation, embezzlement, or
c. Revealing confidential/non-public information. money laundering.
Division of Duties of the Board of Directors

The Board of Directors should have overall member can carry out and make decisions in
competence in the fields of cement, marketing, accordance with the division of duties and authorities
finance, production and management and each with applicable collegial responsibilities.
The duties and responsibilities of each member of the Board of Directors:
In charge of coordinating other members of the Board of Directors, ensuring all activities
run according to the vision, mission, business objectives, strategies, policies and
programs. Specifically, the President Director is responsible for aligning all strategic
President Director
initiatives of the Company, coordinating operational tasks in the areas of internal
audit, and communication, as well as controlling and evaluating the application of
governance principles and ethical standards consistently within the Company.
Responsible for coordinating, controlling and evaluating the operation
Director of Finance of finance, budgeting, accounting, funding, procurement and inventory
management, as well as information technology systems..
Director of Marketing Responsible for sales, distribution and transportation as well as marketing.
& Supply Chain
Responsible for coordinating, controlling and evaluating the operation of raw material
Director of Production production, slag production, cement production as well as engineering, work safety, the
environment and developing programs to improve process efficiency in production.
Director of Engineering Responsible for coordinating, controlling and evaluating the operation of
& Projects design and development, as well as maintaining product quality.
Responsible for coordinating, controlling and evaluating the operation of Human
Director of Human
Resources, management of Company assets and company compliance with
Capital & Legal
the applicable legislation as well as business process development.
Director of Business Responsible for coordinating, controlling and evaluating the operation of strategy
Strategy and and business development of the company, managing CAPEX investment
Development strategies, developing group energy, and securing raw materials.

Company Introduction Program for New Directors

Orientation program must be given to members of systems and policies as well as the duties
the Board of Directors who have never served in and roles of the team and other committees
the Company. The program is carried out to improve established by the Company.
the function and work effectiveness of the Board of 4. Legal responsibility of the members of the Board
Directors. of Directors.
5. Explanation on the work relations, duties and
The Responsibility to organizing programs is under responsibility of the Board of Directors.
the Secretary Company, with implementation no 6. Team Building, in which all members of the Board
later than 6 (six) months after appointment of the of Directors participate in, to improve teamwork
Board of Directors at the GMS. and team cohesiveness within the Board of
Directors.
Material provided on the Orientation Program are
following: The program can be in the form of presentations,
1. Implementation of the GCG principles, meetings or visits to Company facilities, introductions
governance system, risk and compliance (GRC), to members of the Board of Commissioners,
and whistleblowing system. members of the Board of Directors and employees
2. An overview of the Company in relation to its at the Company and other programs based on the
objectives, nature, scope of activities, products, needs of the members of the Board of Directors
financial and operational performance, strategy, concerned and taking into account accountability
short-term and long-term business plans, and cost efficiency.
competitive position, risks and various other
strategic issues. In 2020, the Company did not appoint or dismiss
3. An explanation regarding delegated authority, members of the Board of Directors, therefore no
internal and external audit, internal control orientation program taking place.
The education and training programs participated in by the Board of Directors in 2020 can be seen in the
Company Profile chapter in this Annual Report.
Performance Assessment of Committees Under the Board of Directors

The SIG Board of Directors has a Corporate Secretary Board of Directors assesses that the Corporate
and Internal Audit that assists the execution of Secretary and the Internal Audit have carried out
activities, duties and responsibilities of the Board their duties and responsibilities well and provided
of Directors. Performance appraisals are carried useful input and recommendations related to their
out annually and as for the 2020 performance, the respective fields.
Terms of Concurrent Position

Members of the Company’s Board of Directors shall Work Guidelines for the Board of Commissioners
not have concurrent positions as stipulated in the and Directors. Members of the Board of Directors
POJK No. 33/POJK.04/2014 concerning the Board are not allowed to hold concurrent management
of Directors and Board of Commissioners of Issuers and supervisory positions at similar companies,
or Public Companies, which are also listed in the except for supervisory positions in subsidiaries.
Articles of Association of the Company and the

Name Position Position in Other Name of Company/Institution

Company/Institution
Hendi Prio Santoso President Director President Commissioner PT Semen Gresik

President Commissioner PT Semen Indonesia Internasional
Doddy Sulasmono Director of Finance President Commissioner PT Semen Indonesia Logistik
Diniawan President Commissioner PT Semen Indonesia Beton
Fadjar Judisiawan Director of Business President Commissioner PT Sinergi Mitra Investama
Strategy and Development President Commissioner PT Solusi Bangun Indonesia Tbk
Benny Wendry Director of Production President Commissioner PT United Tractor Semen Gresik
President Commissioner PT Semen Tonasa
Tri Abdisatrijo Director of Engineering President Commissioner PT Semen Indonesia Aceh
and Projects
Adi Munandir Director of Marketing President Commissioner PT Semen Kupang Indonesia
and Supply Chain Commissioner PT Solusi Bangun Indonesia Tbk
Tina T. Kemala Intan Director of Human President Commissioner PT Sinergi Informatika
Capital and Legal Semen Indonesia
President Commissioner PT Industri Kemasan Semen Gresik
Share Ownership of the Board of Directors

Members of the Board of Directors shall not own any share in PT Semen Indonesia (Persero) Tbk. as reported
by Datindo Entrycom on 31 December 2020.

Mechanism of Resignation and Dismissal of Directors

The GMS may dismiss members of the Board of A member of the Board of Directors may resign from
Directors if the facts shows that the members of the his position before his term of office ends and must
Board of Directors: submit to the Company a resignation request in
1. Did not fulfill their duties as agreed in the writing regarding his intentions.
management contract, or lacking in.
2. Did not perform their duties properly. The company is obliged to hold a GMS to decide
3. Violating the provisions of the Articles of on the request for resignation of a member of the
Association and/or the legislation. Board of Directors no later than 90 (ninety) days
4. Involved in actions that harm the Company and/ after receiving the resignation letter.
or the country.
5. Violating the ethics and/or compliance that The member of the Board of Directors who resigned
should be respected by the Board of Directors. will still be held accountable from the time of
6. Found guilty by a court decision which has appointment until the date of resignation of the
permanent legal force. Member of the Board of Directors in the next GMS.
7. Are resigning.
8. Other reasons deemed appropriate by the GMS
for the interests and objectives of the Company.
Board of Commissioners and

Directors SIG at the 2020 AGMS

PERFORMANCE APPRAISAL
OF THE BOARD
Performance Appraisal of the Board of Commissioners

The performance of the Board of Commissioners 2. Contribution in the process of monitoring and
(BOC) is appraised annually by the shareholders providing advice to the management.
at the General Meeting of Shareholders (GMS). In 3. Involvement in certain assignments.
general, the performance of the BOC is determined 4. Compliance with applicable laws and regulations
based on the duties and obligations stated in the as well as the Company’s policies.
applicable laws and regulations and the Articles of 5. Commitment to advancing the interests of the
Association of the Company and the mandate of the Company.
shareholders. The BOC performance appraisal is
conducted periodically at least once a year. The BOC may carry out a self-assessment of the
BOC performance independently as an internal
The performance appraisal of the BOC is carried out evaluation of the BOC regarding the effectiveness
both collegially and individually. The BOC appraisal of the implementation of the functions and duties of
criteria are as follows: the BOC.
1. Attendance levels in the BOC meetings and
meetings with existing committees.
Board of Commissioners Performance Self-Assessment
The Board of Commissioners’ self-assessment governance, including implementation of regular

performance appraisal is based on the 2020 company performance evaluations, field review of
Key Performance Indicators (KPI) of the Board the Company’s conditions, discussion meetings with
of Commissioners which were established at the Board of Directors and Commissioners with the
the end of 2019. The 2020 KPI for the Board of Committees, and others. Self-assessment results
Commissioners consists of 8 (eight) main indicators of the Board of Commissioners showed good
that represent the execution of duties in accordance performance.
with the applicable regulations and corporate
BOC Performance Appraisal on GCG
Performance appraisal of the Board of Commissioners Ministry of SOE No. SK-16/S.MBU/2012 dated 6
refers to the Regulation of the Ministry of SOEs No. June 2012 concerning Indicators/Parameters for
PER-09/MBU/2012 dated 6 July 2012 concerning Assessment and Evaluation of the Implementation
Implementation of Good Corporate Governance of Good Corporate Governance in BUMN.
in SOEs and the Decree of the Secretary of the

Implementation Procedures and Parties Assessing the Performance of the Board of

Commissioners
During their tenure, members of the Board assessors PT Multi Utama Indojasa (MUC Consulting
of Commissioners will be assessed for their Group) on documents, questionnaires, interviews
performance. The assessment is carried out through and observations conducted, presentation of interim
several stages, including: submission of required results by MUC, and reporting by MUC on the results
documents, filling out questionnaires by the Board of and recommendations on the performance of the
Commissioners and Directors, interviews, analysis by Board of Commissioners.
Performance Appraisal Criteria for the Board of Commissioners
The appraisal criteria for the Board of Commissioners Directors, evaluating the performance of the
include: Board of Directors (individual and collegial) and
1. Implementation of training/education programs proposing bonuses/performance incentives for
for the Board of Commissioners. the Board of Directors.
2. Division of duties and determining factors needed 8. Implementing actions against potential conflicts
to support the implementation of BOC duties. of interest involving the Board of Commissioners.
3. Approval of the draft of RJPP and RKAP submitted 9. Monitoring the implementation of the principles
by the Board of Directors. of Good Corporate Governance.
4. Provide direction to the Board of Directors on the 10. Implementation of Board of Commissioners
implementation of company plans and policies. meetings and attendance at these meetings.
5. Supervision of the Board of Directors on the 11. There is a Secretary of the Board of Commissioners
implementation of company plans and policies. who supports the implementation of the
6. Supervision of the implementation of the secretarial duties of the Board of Commissioners.
management policies of subsidiaries/joint 12. There is an effective Board of Commissioners
ventures. Committee.
7. Role in nominating members of the Board of
Appraisal Outcome of the Board of

Commissioners
HIGHSCORE
Based on the 2020 GCG assessment for Board of 35.000
Commissioners, the BOC received “Very Good”
result with a total score of 34.061 out of 35.000 34.061

Performance Appraisal of the Board of Directors

The appraisal results of the overall performance of The guideline for the appraisal of the Board of
the Board of Directors (BOD) and the performance Directors:
of each member of the BOD are a means of 1. The BOD performance appraisal is carried out by
assessing and increasing the effectiveness of the the Board of Commissioners.
BOD as well as being an integral part of providing 2. The performance appraisal of the Board of
compensation schemes for the Directors. The Directors is based on these general criteria:
overall results of the performance appraisal of a. The BOD’s collective performance towards the
each member of the BOD are one of the basic company’s achievements in accordance with
considerations for the shareholders to dismiss and/ the criteria set by the Board of Commissioners.
or reappoint the Director concerned after receiving b. Individual Directors’ performance
recommendations and reports from the BOD. achievements in accordance with the KPIs
approved by the Board of Commissioners.
c. Implementation of GCG principles both
individually and collegially.
Board of Directors Performance Appraisal through GCG Assessment
The Board of Directors’ self-assessment performance of the Ministry of SOE No. SK-16/S.MBU/2012 dated
appraisal refers to the Regulation of the State Minister 6 June 2012 concerning Indicators/Parameters for
for SOE No. PER-09/MBU/2012 dated 6 July 2012 Assessment and Evaluation of the Implementation
concerning the Implementation of Good Corporate of Good Corporate Governance in SOE.
Governance in SOEs and the Decree of the Secretary
Procedure for Implementing Performance Appraisal of the Board of Directors
The assessment was carried out in several stages: of documents, questionnaires, interviews and
submission of required documents, filling out observations made, presentation of interim results
questionnaires by the Board of Commissioners and by MUC, and reporting by MUC on the outcome
Directors, interviews, analysis by PT Multi Utama of the performance evaluation of the Board of
Consultindo (MUC Consulting Group), assessment Directors.
Performance Evaluation Criteria for the Board of Directors
The criteria used in appraising the performance of 6. The Company’s management is in accordance
the Board of Directors include: with the legislation and the Articles of Association.
1. Implementation of training/learning programs for 7. The implementation of value-added relationships
the Board of Directors. for the Company and stakeholders.
2. Clear division of duties/functions, powers and 8. Monitor and manage potential conflicts of interest
responsibilities of the Board of Directors. for members of the Board of Directors and
3. Preparation of company planning. management under the Board of Directors.
4. Fulfillment of Company’s performance target. 9. Implementation of information and communication
5. Implementation of operational and financial disclosure, as well as delivery of information to
controls on the execution of the Company’s plans the Board of Commissioners and Shareholders in
and policies. a timely manner.

10. Organizing Board of Directors meetings and 12. Implementation of quality and effective functions
attendance at Board of Commissioners meetings. of the Corporate Secretary.
11. Implementation of quality and effective internal 13. Organizing the Annual GMS and other GMS in
control. accordance with the legislation.
Outcome of the BOD

Performance Appraisal
HIGHSCORE
35.000
Based on the 2020 GCG assessment for Board of
Directors, the BOD received “Very Good” result with 32.764
a total score of 32.764 out of 35.000

THE BOARD MEETINGS
Board of Commissioners Meetings

In 2020, the Board of Commissioners held 11 (eleven) meetings with details as below:
Date Agenda Attendance
Board of Commissioners Committee Member
29 January 2020 a. Previous meeting’s followup; • Soekarwo • Elok Tresnaningsih
b. December 2019 company • Sony Subrata • M.Z. Abidin
performance evaluation ; • Astera Primanto Bhakti • Fritz Bonar Panggabean
c. 2019 performance • Nasaruddin Umar • Agus Waluyo
appraisal of the BOC and • Mochamad Choliq • Dedi Kusnendar
its supporting organs; • Hendrika Nora Osloi Sinaga • Edi Eko Cahyono
d. Supervisory strategy of
the BOC in 2020;
e. Other.
19 February 2020 a. Previous meeting’s followup; • Soekarwo • Elok Tresnaningsih
b. January 2020 company • Sony Subrata • M.Z. Abidin
performance evaluation; • Nasaruddin Umar • Fritz Bonar Panggabean
c. Supervisory strategy of • Mochamad Choliq • Agus Waluyo
the BOC (continuation); • Lydia Silvanna Djaman • Dedi Kusnendar
d. Other. • Hendrika Nora Osloi Sinaga • Edi Eko Cahyono
29 April 2020 a. Previous meeting’s followup • Soekarwo • Elok Tresnaningsih
and update report; • Sony Subrata • M.Z. Abidin
b. March 2020 and Q1-2020 • Astera Primanto Bhakti • Fritz Bonar Panggabean
company performance • Lydia Silvanna Djaman • Agus Waluyo
evaluation; • Hendrika Nora Osloi Sinaga • Dedi Kusnendar
c. Other. • Edi Eko Cahyono
16 June 2020 a. May 2020 company • Soekarwo • Elok Tresnaningsih
performance evaluation; • Sony Subrata • M.Z. Abidin
b. Other. • Astera Primanto Bhakti • Fritz Bonar Panggabean
• Nasaruddin Umar • Agus Waluyo
• Mochamad Choliq • Dedi Kusnendar
• Lydia Silvanna Djaman • Edi Eko Cahyono
• Hendrika Nora Osloi Sinaga
16 July 2020 a. Previous meeting’s followup; • Rudiantara • Elok Tresnaningsih
b. June 2020 company • Sony Subrata • M.Z. Abidin
performance evaluation; • Astera Primanto Bhakti • Fritz Bonar Panggabean
c. Evaluating the RJPP draft; • Nasaruddin Umar • Agus Waluyo
d. Other. • Mochamad Choliq • Dedi Kusnendar
• Lydia Silvanna Djaman • Edi Eko Cahyono


19 August 2020 a. Previous meeting’s followup; • Rudiantara • Elok Tresnaningsih
b. July 2020 company performance • Sony Subrata • M.Z. Abidin
evaluation and supervisory focus • Astera Primanto Bhakti • Fritz Bonar Panggabean
until the end of 2020  KSMRI; • Nasaruddin Umar • Agus Waluyo
c. Deciding on remuneration • Mochamad Choliq • Dedi Kusnendar
for the BOC Secretariat • Lydia Silvanna Djaman • Edi Eko Cahyono
(BOC only)  KNR • Hendrika Nora Osloi Sinaga
d. Other (Relayed before
the meeting).
15 September 2020 a. Previous meeting’s followup; • Rudiantara • Elok Tresnaningsih
b. August 2020 company • Sony Subrata • M.Z. Abidin
performance evaluation and • Astera Primanto Bhakti • Fritz Bonar Panggabean
assessing strategic issues and • Nasaruddin Umar • Agus Waluyo
procurement policy and strategy • Mochamad Choliq • Dedi Kusnendar
followup (e.g. Securities supply, • Lydia Silvanna Djaman • Edi Eko Cahyono
TKDN, UMKM)  KSMRI; • Hendrika Nora Osloi Sinaga
c. Assessing the suggestion
from the Commissioners of a
subsidiary from KBUMN 🡪 KNR
d. Other (relayed before
the meeting).
15 October 2020 a. Previous meeting’s followup (15 • Rudiantara • Elok Tresnaningsih
September 2020)  Sekdekom; • Sony Subrata • M.Z. Abidin
b. September 2020 and Q3-2020 • Astera Primanto Bhakti • Fritz Bonar Panggabean
company performance evaluation • Nasaruddin Umar • Agus Waluyo
c. Decision making related • Mochamad Choliq • Dedi Kusnendar
to 2020’s KPI (revised) • Lydia Silvanna Djaman • Edi Eko Cahyono
d. Other (relayed before meeting) • Hendrika Nora Osloi Sinaga
15 Oktober 2020 a. Tindaklanjut rapat terdahulu (15 • Rudiantara • Elok Tresnaningsih

September 2020)  Sekdekom; • Sony Subrata • M.Z. Abidin
b. Evaluasi Kinerja bulan • Astera Primanto Bhakti • Fritz Bonar Panggabean
September 2020 & Triwulan • Nasaruddin Umar • Agus Waluyo
3/2020  KSMRI; • Mochamad Choliq • Dedi Kusnendar
c. Pengambilan Keputusan terkait • Lydia Silvanna Djaman • Edi Eko Cahyono
KPI 2020 (revised)  KSMRI; • Hendrika Nora Osloi Sinaga
d. Lain-lain (disampaikan
sebelum rapat dimulai)
16 November 2020 a. Previous meeting’s followup; (15 • Rudiantara • Elok Tresnaningsih
October 2020)  Sekdekom; • Sony Subrata • M.Z. Abidin
b. October 2020 company • Astera Primanto Bhakti • Fritz Bonar Panggabean
performance evaluation • Nasaruddin Umar • Agus Waluyo
 KSMRI; • Mochamad Choliq • Dedi Kusnendar
c. Other (relayed before meeting) • Lydia Silvanna Djaman • Edi Eko Cahyono


14 December 2020 a. Previous meeting’s followup (16 • Rudiantara • Elok Tresnaningsih
November 2020)  Sekdekom; • Sony Subrata • M.Z. Abidin
b. 2021 RKAP evaluation based on • Astera Primanto Bhakti • Fritz Bonar Panggabean
risk management  KSMRI; • Nasaruddin Umar • Agus Waluyo
c. Internal audit work program • Mochamad Choliq • Dedi Kusnendar
based on the 2021 RKAP & • Lydia Silvanna Djaman • Edi Eko Cahyono
risk management  KA; • Hendrika Nora Osloi Sinaga
d. Formulating the work program
and KPI for BOC based on the
2021 RKAP  Sekdekom;
e. November 2020
company performance
evaluation  KSMRI;
f. Other (Relayed before meeting).
Special Meeting
The Board of Commissioners hold special meetings with Directors in-charged regarding strategic matters
related with talent, succession, and Corporate KPI policies.
The percentage of attendance of the members of the Board of Commissioners:
No Name Position Number of Meetings and % of Attendance

Internal BOC Special
Attendance % Attendance %
1 Soekarwo 1) President Commissioner 5 100 0 0
2 Rudiantara 2)
President Commissioner 6 100 4 100
3 Sony Subrata Commissioner 11 100 4 100
4 Astera Primanto Bhakti Commissioner 9 82 4 100
Independent 9 82
5 Nasaruddin Umar 4 100
Commissioner
Independent 10 91
6 Mochamad Choliq 3 75
Commissioner
7 Hendrika Nora O. Sinaga Commissioner 11 100 4 100
8 Lydia Silvanna Djaman Commissioner 10 91 4 100
1) Dismissed as per AGM dated 19 July 2020;

2) Appointed as per AGM dated 19 July 2020

Board of Directors Meetings

In 2020, the Board of Directors held 29 (twenty nine) meetings with details on the agenda and attendance
data as follows:
No Meeting Date Meeting Agenda Attendance
1 14 January 2020 • Success Factor project • Hendi Prio Santoso

• Corporate Rebranding • Doddy Sulasmono Diniawan
• Business Process Transformation • Fadjar Judisiawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
• Tina T. Kemala Intan
2 20 January 2020 Performance Evaluation • Hendi Prio Santoso
• Doddy Sulasmono Diniawan
• Fadjar Judisiawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
3 28 January 2020 • SI Group Business Strategy • Hendi Prio Santoso
• KPI for Subsidiaries • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
4 5 February 2020 Corporate Rebranding • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
5 25 February 2020 • 2020 Company’s AGM • Hendi Prio Santoso
• Brand Collateral • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
6 19 March 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
7 26 March 2020 Implementation of the virtual working group • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir

8 8 April 2020 • RKAP • Hendi Prio Santoso

• BUMDES partnership • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
9 17 April 2020 SBPU project • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
10 18 May 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
11 3 June 2020 AGM of the subsidiaries • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
12 11 June 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
13 15 June 2020 RKAP • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
14 7 July 2020 Ready Mix business restructure • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir

15 14 July 2020 Performance evaluation • Hendi Prio Santoso

• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
16 4 August 2020 TLCC update • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
17 14 August 2020 • Performance evaluation • Hendi Prio Santoso
• Subsidiaries restructure • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
18 18 August 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
19 7 September 2020 SIG operational model • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
20 10 September 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
21 12 October 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir

22 27 October 2020 • 2021 RKAP • Hendi Prio Santoso

• SOE Draft Bill • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
23 28 October 2020 • SIG’s KPI • Hendi Prio Santoso
• SBPU project • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
24 12 November 2020 • SBPU project • Hendi Prio Santoso
• Proposal for Integration of RMX BUMN Karya • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
25 16 November 2020 Performance evaluation • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
26 23 November 2020 • 2021 RKAP • Hendi Prio Santoso
• Company’s RJPP • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
27 30 November 2020 SBPU project • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
28 11 December 2020 • Performance evaluation • Hendi Prio Santoso
• Portfolio development business model • Doddy Sulasmono Diniawan
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir
29 19 December 2020 2021 RKAP • Hendi Prio Santoso
• Benny Wendry
• Tri Abdisatrijo
• Adi Munandir

The percentage of attendance of the members of the Board of Directors:
No Name Position Number of Number of % of

Meetings Attendance Attendance
1 Hendi Prio Santoso President Director 29 29 100

2 Doddy Sulasmono Diniawan Director of Finance 29 29 100
3 Fadjar Judisiawan Director of Business Strategy
29 29 100
and Development
4 Benny Wendry Director of Production 29 29 100
5 Tri Abdisatrijo Director of Engineering and Projects 29 29 100
6 Adi Munandir Director of Marketing and Supply Chain 29 29 100
7 Tina T. Kemala Intan Director of Human 29 27 93
Resources and Legal
Joint Meeting
Throughout 2020, the Board of Commissioners and Directors held 11 (eleven) meetings with agenda and
attendance as below:
Attendance
No Date Agenda
BOC BOD
1 29 January a. Previous meeting’s followup; • Soekarwo • Hendi Prio Santoso

2020 b. December 2019 company • Sony Subrata • Doddy Sulasmono Diniawan
performance evaluation; • Astera Primanto Bhakti • Fadjar Judisiawan
c. General audit progress 2019; • Nasaruddin Umar • Benny Wendry
d. Other. • Mochamad Choliq • Tri Abdisatrijo
• Hendrika Nora Osloi Sinaga • Adi Munandir
2 19 February a. Previous meeting’s followup; • Soekarwo • Hendi Prio Santoso
2020 b. January 2020 company • Sony Subrata • Doddy Sulasmono Diniawan
performance evaluation; • Nasaruddin Umar • Fadjar Judisiawan
c. Other. • Mochamad Choliq • Benny Wendry
• Lydia Silvanna Djaman • Tri Abdisatrijo
• Hendrika Nora Osloi Sinaga • Adi Munandir
3 29 April 2020 a. March 2020 and Q1-2020 • Soekarwo • Hendi Prio Santoso
company performance • Sony Subrata • Doddy Sulasmono Diniawan
evaluation; • Astera Primanto Bhakti • Fadjar Judisiawan
b. Other. • Nasaruddin Umar • Benny Wendry
a. 2020 RKAP revision • Lydia Silvanna Djaman • Tri Abdisatrijo
b. Talavera project • Hendrika Nora O. Sinaga • Adi Munandir
presentation • Tina T. Kemala Intan
4 20 May 2020 a. April 2020 company • Soekarwo • Hendi Prio Santoso
performance evaluation; • Sony Subrata • Doddy Sulasmono Diniawan
b. AGM 2020 preparation; • Astera Primanto Bhakti • Fadjar Judisiawan
• Nasaruddin Umar • Benny Wendry
• Mochamad Choliq • Tri Abdisatrijo
• Lydia Silvanna Djaman • Adi Munandir
• Hendrika Nora Osloi Sinaga • Tina T. Kemala Intan

Attendance
No Date Agenda
BOC BOD
5 16 June 2020 a. May 2020 company • Soekarwo • Hendi Prio Santoso

performance evaluation; • Sony Subrata • Doddy Sulasmono Diniawan
b. Brief report on AGM • Astera Primanto Bhakti • Fadjar Judisiawan
2020 preparedness; • Nasaruddin Umar • Benny Wendry
• Mochamad Choliq • Tri Abdisatrijo
6 16 July 2020 a. Introducing the new • Rudiantara • Hendi Prio Santoso
Commissioner • Sony Subrata • Doddy Sulasmono Diniawan
b. June 2020 company • Astera Primanto Bhakti • Fadjar Judisiawan
performance evaluation; • Nasaruddin Umar • Benny Wendry
c. RJPP draft evaluation; • Mochamad Choliq • Tri Abdisatrijo
7 19 August a. Following up the BOCBOD • Rudiantara • Hendi Prio Santoso
2020 meeting dated 16 July 2020; • Sony Subrata • Doddy Sulasmono Diniawan
b. July 2020 company • Astera Primanto Bhakti • Fadjar Judisiawan
performance evaluation • Nasaruddin Umar • Benny Wendry
and focus on performance • Mochamad Choliq • Tri Abdisatrijo
improvement until • Lydia Silvanna Djaman • Adi Munandir
the end of 2020; • Hendrika Nora Osloi Sinaga • Tina T. Kemala Intan
c. TKDN strategy and program;
d. Other
8 15 September a. Following up the BOCBOD • Rudiantara • Hendi Prio Santoso
2020 meeting dated 19 August 2020; • Sony Subrata • Doddy Sulasmono Diniawan
b. August 2020 company • Nasaruddin Umar • Fadjar Judisiawan
performance evaluation • Mochamad Choliq • Benny Wendry
and focus on the • Lydia Silvanna Djaman • Tri Abdisatrijo
performance improvement • Hendrika Nora Osloi Sinaga • Adi Munandir
until the end of 2020; • Tina T. Kemala Intan
c. Other
9 15 October a. Previous meeting’s followup • Rudiantara • Hendi Prio Santoso
2020 b. (15 September 2020); • Sony Subrata • Doddy Sulasmono Diniawan
c. September 2020 and • Astera Primanto Bhakti • Fadjar Judisiawan
Q3-2020 company • Mochamad Choliq • Benny Wendry
performance evaluation; • Lydia Silvanna Djaman • Tri Abdisatrijo
d. Other • Hendrika Nora Osloi Sinaga • Adi Munandir
10 16 November a. Previous meeting’s followup • Rudiantara • Hendi Prio Santoso
2020 (15 October 2020); • Sony Subrata • Doddy Sulasmono Diniawan
b. October 2020 company • Astera Primanto Bhakti • Fadjar Judisiawan
performance evaluation; • Nasaruddin Umar • Benny Wendry
c. RKAP 2021 presentation • Mochamad Choliq • Tri Abdisatrijo
d. Other • Lydia Silvanna Djaman • Adi Munandir

Attendance
No Date Agenda
BOC BOD
11 14 December a. Following up the • Rudiantara • Hendi Prio Santoso

2020 BOCBOD meeting dated • Sony Subrata • Doddy Sulasmono Diniawan
16 November 2020; • Astera Primanto Bhakti • Fadjar Judisiawan
b. RKAP 2021 based on • Nasaruddin Umar • Benny Wendry
risk management; • Mochamad Choliq • Tri Abdisatrijo
c. November 2020 company • Lydia Silvanna Djaman • Adi Munandir
performance evaluation; • Hendrika Nora Osloi Sinaga • Tina T. Kemala Intan
d. Other (relayed before
the meeting).
With the percentage of attendance as below:
No Name Position Number of Number of % of

Meetings Attendance Attendance
1 Soekarwo 1) President Commissioner 5 5 100

2 Rudiantara 2)
President Commissioner 6 6 100
3 Sony Subrata Commissioner 11 11 100
4 Astera Primanto Bhakti Commissioner 11 9 82
5 Nasaruddin Umar Independent Commissioner 11 10 91
6 Mochamad Choliq Independent Commissioner 11 10 91
7 Hendrika Nora O. Sinaga Commissioner 11 10 100
8 Lydia Silvanna Djaman Commissioner 11 10 91
9 Hendi Prio Santoso President Director 11 11 100
10 Doddy Sulasmono Diniawan Director of Finance 11 11 100
11 Fadjar Judisiawan Director of Business Strategy 11 11 100
and Development
12 Benny Wendry Director of Production 11 11 100
13 Tri Abdisatrijo Director of Engineering and Project 11 11 100
14 Adi Munandir Director of Marketing 11 11 100
and Supply Chain
15 Tina T. Kemala Intan Director of Human Capital and Legal 11 11 100
1) Term of office ended as per AGM 19 July 2020;

2) Term of office began as per AGM 19 July 2020

REMUNERATION FOR THE BOARD OF

COMMISSIONERS AND DIRECTORS
Remuneration for the Board of Directors and has been replaced by The Minister of State-Owned-
Commissioners referred to the Minister of State- Enterprises regulation No. PER-01/MBU/05/2019
Owned-Enterprises regulation No. PER-04/ about the Fourth Change to the Minister of SOE’s
MBU/2014 about the Guidelines for Determining regulation about the Guidelines for Determining
the Remuneration for Board of Directors, Board of the Remuneration for Board of Directors, Board of
Commissioners and the SOE Monitoring Board that Commissioners and the SOE Monitoring Board.
The procedure to propose remuneration of the

Board of Commissioners and Directors
Nomination and Remuneration Committee
Every year at the GMS (General Meeting of the (NRC). The NRC always involves an independent
Shareholders), discussing the remuneration is consultant in determining the basis for determining
always in the agenda. The amount of remuneration and recommending the appropriate and fair amount
for members of the Board of Commissioners is of remuneration.
proposed in the GMS, based on the performance Supported by a reliable and vast database of market
achievements of the Board of Commissioners surveys from similar companies and by taking NRC’s
and the analysis and recommendations of the directioninto account, independent consultants
• Receiving insights from the independent consultants in defining the basis for remuneration
• Independent consultants provide insights based on:
- The Ministry of SOE Decree No. PER-04/MBU/2014 dated 10 March 2014
- The Ministry of SOE Decree No. PER-02/MBU/06/2016 dated 20 June 2016
- The Ministry of SOE Decree No. PER-01/MBU/06/2017 dated 19 June 2017
KNR - The Ministry of SOE Decree No. PER-06/MBU/06/2018 dated 4 June 2018
- The Ministry of SOE Decree No. PER-01/MBU/05/2019 dated 31 May 2019
- The result of surveys in related industry regarding remuneration
- The success in mitigating risks
- The Company’s ability, competence, and experience
KNR • Proposing the basic and amount of remuneration to the Board of Commissioners
• Discussing the KNR’s proposition and proposing the remuneration amount to the General
DK Meeting of Shareholders (GMS)
• Delegating the stipulation of honorarium/salary and bonus to the Board of Commissioners

RUPS upon approval by the Series A shareholders
- • Honorarium/salary and bonus of the Board of Commissioners and Directors

compile several main factors to propose the amount incentives, the amount of which is recommended by
of remuneration. This includes both fixed and non- the Nomination and Remuneration Committee, and
permanent remuneration, consisting of: honorarium/ is decided by the shareholders at the Annual GMS.
salary, allowances, and other facilities that are paid/
given monthly, bonuses as annual performance
Remuneration Structure
The remuneration referred to the Minister of be done based on the results of the Annual General
State-Owned Enterprises regulation No. 04/ Meeting, according to which the the remuneration
MBU/2014 about the Guidelines for Determining structure for the Board of Commissioners would
the Remuneration for Board of Directors, Board be decided by Serie A shareholders. Meanwhile,
of Commissioners and the SOE Monitoring Board the remuneration for the Board of Directors will
which has been replaced by the Minister of be decided by the Board of Commissioners once
State-Owned-Enterprises regulation No. PER-01/ approved by Serie A shareholders
MBU/05/2019 about the Fourth Change to the
Minister of SOE’s regulation about the Guidelines Remuneration components consist of:
for Determining the Remuneration for Board of 1. Salary/Honorarium.
Directors, Board of Commissioners and the SOE 2. Allowances.
Monitoring Board. Remuneration to each member 3. Facilities.
of the Board of Directors and Commissioners would 4. Bonus/Performance Incentives.
Remuneration Indicator
The factor to determine the remuneration include: accordance with their duties and responsibilities;
1. The company’s scale. 4. Financial performance and achievement of the
2. The company’s complexity factors. Company’s Key Performance Indicator (KPI).
3. Inflation rate. 5. Individual work performance.
4. The company’s financial condition and health. 6. Fairness with other corporate peers.
5. Other factors that are relevant and don’t conflict 7. Amounts of honorarium/salary and bonus received
with the Legislation are:
a. President Commissioner earns 45% of the
Remuneration for the Board of Commissioners President Director’s renumeration.
and the Board of Directors refers to the following b. Members of the Board of Commissioners
indicators: receives 90% of the President Commissioner’s
1. Remuneration is given in the event that the renumeration.
company makes a profit in the relevant fiscal year. c. President Director 100%.
2. Remuneration is given with reference to d. Director in charge of Human Resources earns
developments in the construction industry 90% of the President Director’s renumeration
market. e. Other members of the Board of Directors earns
3. Remuneration is granted through measurement 85% of the President Director’s renumeration
results of the performance of the Board of
Commissioners and the Board of Directors in

Nominal/Remuneration Component for the Board of

Commissioners and the Board of Directors
In 2020, the remuneration details of each Board of Commissioners and Directors that have been realized is
as follows:
No Type of Income/Facilities Board of Commissioners Board of Directors

Total Persons Rp (million) Total Persons Rp (million)
1 Salary/Honorarium* 8 8,986 7 19,188
Transportation Benefits* 8 1,797 - -

Housing Allowance* - - 7 2,310
Holiday Allowance* - - - -
Tantiem** 9 19,136 8 40,864
2 Other facilities in the form of natura - - - -
Housing (not ownership) - - - -
Transportation (not ownership) - - - -
Full Service insurance (cannot be owned)* 5 1,253 7 4,043
Health Insurance (cannot be owned)* - - - -
Total Remuneration Total Commissioner Total Director
Above Rp2 billion* 7 8

Above Rp1 billion-Rp2 billion 2 -
Above Rp300 million-Rp1 billion 1 -
Rp300 million and bellow - -
Note:
*) including the Board of Commissioners and the Board of Directors whose term of office expires on 19 June 2020
**) The Board of Commissioners and the Board of Direction won’t receive holiday allowance

AFFILIATION RELATIONSHIP
The affiliation relationship between the Board of has the goal to avoid conflictsof interest which could
Commissioners, Board of Directors and shareholders interfere with the decision making process, leading
has been regulated in Law Number 40 of 2007 to harmful consequences to the Company.
concerning Limited Liability Companies. The law
Name Title Financial Relationship with Familial Relationship with Ownership

of SIG’s
BOC BOD Investors BOC BOD Investors stock
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
President
Rudiantara v v v v v v v
Commissioner
Sony Subrata Commissioner v v v v v v v
Astera Commissioner
Primanto v v v v v v v
Bhakti
Nasaruddin Commissioner
v v v v v v v
Umar Independent
Mochamad Independent
v v v v v v v
Choliq Commissioner
Hendrika Nora Commissioner
v v v v v v v
Osloi Sinaga
Lydia Silvanna Commissioner
v v v v v v v
Djaman
Hendi Prio President
v v v v v v v
Santoso Director
Doddy Director of
Sulasmono Finance v v v v v v v
Diniawan
Fadjar Director of
Judisiawan Business
v v v v v v v
Strategy &
Development
Benny Wendry Director of
v v v v v v v
Production
Tri Abdisatrijo Director of
Engineering v v v v v v v
& Project
Adi Munandir Director of
Marketing & v v v v v v v
Supply Chain
Tina T. Kemala Director of
v v v v v v v
Intan HR & Legal

DIVERSITY IN THE BOARD OF COMMISSIONERS

AND BOARD OF DIRECTORS
The diversity of the Board of Commissioners and the understanding of the company’s management
Board of Directors, as stipulated in the Attachment issues related to any management functions,
to the Financial Services Authority Circular Letter knowledge and/or expertise in the fields required
Number 32/SEOJK.04/2015 concerning Guidelines by the Company, ability to provide time to carry out
for Governance of Public Companies, favors their duties and other requirements based on the
the interest of the Board of Commissioners and regulations and legislations.
Directors as well as members of the Board of
Commissioners and Directors, following the needs Throughout the 2020, the diversity of the Board
of the Company. The appointment of the Board of Commissioners and the Board of Directors as
of Commissioners and the Board of Directors is reflected in education, work experience, age and
assessed by considering their integrity, dedication, gender, can be seen as in the table below:
Name Title Age Gender Education Work Experience
Rudiantara President 61 Laki-laki • Bachelor’s degree of • Minister of Communication

Commissioner tahun Statistic from University and Information of
of Padjadjaran, Bandung Republic of Indonesia
• Master of Business • Director/Commissioner of PT
Administration from Telekomunikasi Seluler, PT XL
IPPM, Jakarta Axiata Tbk, PT Indosat Tbk, PT
Telkom Indonesia (Persero) Tbk
• Deputy Director of PT Semen
• Indonesia (Persero) Tbk
• Deputy Director of PLN (Persero)
Sony Subrata Commissioner 55 Laki-laki • Bachelor of Commerce • Independent Commissioner
tahun in Marketing from the of PT Ciputra Surya Tbk
University of New South • Chairperson of Yayasan Bangsa
Wales, Sydney, Australia • President Director of PT
Adiriasindo Delta Pratama
Astera Commissioner 53 Laki-laki • Bachelor of Economics • Director General of
Primanto tahun in Management from the Fiscal Balance of the
Bhakti University of Jenderal Ministry of Finance of the
Soedirman, Purwokerto Republic of Indonesia
• Master’s degree • Head of the Financial Education
in Taxation from and Training Agency of the
the University of Ministry of Finance of the
Denver, USA Republic of Indonesia
• Head of Financial Education
and Training for the
Ministry of Finance

Nasaruddin Commissioner 61 Laki-laki • Bachelor’s degree from • Vice Minister of

Umar Independent tahun Faculty of Shariah, Religious Affairs
IAIN Alauddin, Ujung • Director General of Islamic
Pandang, Indonesia Community Education, the
• Master’s degree from Ministry of Religious Affairs
UIN Syarif Hidayatullah,
Jakarta, Indonesia
• PhD from Syarif
Hidayatullah Islamic
Public University (UIN
Syarif Hidayatullah),
Jakarta
Mochamad Independent 68 Laki-laki • Sarjana Teknik dari • President Director of PT
Choliq Commissioner tahun Institut Teknologi Waskita Karya (Persero) Tbk
Sepuluh Nopember • Director of PT Adhi
(ITS), Surabaya Karya (Persero)
• Magister Manajemen
dari STM Prasetya MuIya
Hendrika Nora Commissioner 50 Perempuan • Bachelor of Chemical • Assistant Deputy
Osloi Sinaga tahun Engineering from for Construction of
Bandung Institute of Transportation Facilities
Technology, Bandung and Infrastructure (KSPP) III
• Master of Management of the Ministry of SOEs
from the University of • Commissioners of PT
Indonesia, Depok Perusahaan GasNegara
(Persero) Tbk
• Commissioners of PT
Perusahaan Pengelola
Aset (Persero)
Lydia Silvanna Commissioner 52 Perempuan • Master of Law from • Assistant Deputy of
Djaman tahun the University of Economics for the Ministry
Technology, Sydney of State Secretariat
• Bachelor of Law • Assistant Deputy of Economics
from Sebelas Maret Regulations for the Ministry
University, Solo of State Secretariat
• Legal and Human Rights
Expert Staff for the Minister
of State Secretariat
Hendi Prio President 53 Laki-laki • Master of Economics • President Director of
Santoso Director tahun from the The University PT Perusahaan Gas
of Texas, Austin, USA Negara (Persero) Tbk
• Bachelor of Business • Director of Finance of
Administration (BBA) in PT Perusahaan Gas
Finance and Economics Negara (Persero) Tbk
(double major) from • Director of Investment
the University of Banking of PT JP Morgan
Houston, Texas, USA Securities Indonesia

Doddy Director of 53 Laki-laki • Bachelor of • Director of Business Strategy

Sulasmono Finance tahun Economics majoring & Business Development PT
Diniawan in Management from Semen Indonesia (Persero) Tbk
Parahyangan Catholic • Director of Finance and
University, Bandung Human Resources of
• Master of Financial PT Rekayasa Industri
Management • Executive Vice President, and
from University of then CEO of Jakarta Regional
Padjadjaran, Bandung, Office of PT Bank Negara
Indonesia (Persero) Tbk
Fadjar Director of 49 Laki-laki • Bachelor of Engineering • Director of Finance PT Semen
Judisiawan Business tahun from Sepuluh Indonesia (Persero) Tbk
Strategy & Nopember Institute of • Acting Deputy of Construction,
Development Technology, Surabaya Transportation
• Master of Management • Facilities and Infrastructure
from the University of for the Ministry of State-
Gadjah Mada, Jogjakarta Owned Enterprise
• Assistant Deputy of
Construction, Transportation
Facilities and Infrastructure
I for the Ministry of State-
Owned Enterprise
Benny Wendry Director of 51 Laki-laki • Bachelor of Chemical • President Director of
Production tahun Engineering from PT Semen Padang
Bandung Institute of • Director of Finance of
Technology, Bandung PT Semen Padang
• Master of Management • Corporate Secretary of
from University of PT Semen Padang
Gadjah Mada, Jogjakarta
Tri Abdisatrijo Director of 53 Laki-laki • Bachelor of Chemical • Commercial Director,
Engineering tahun Engineering from PT Semen Tonasa
& Project Sepuluh Nopember • General Manager for
Institute of Technology, Energy, Materials and
Surabaya Environment of PT Semen
• General Manager Project
Specialist OOTC PT Semen
Adi Munandir Director of 39 Laki-laki • Sarjana Teknik • Group Head of Marketing
Marketing & tahun dari Universitas of PT Perusahaan Gas
Supply Chain Indonesia, Jakarta Negara (Persero) Tbk
• Master of Management • Head of Strategic Management
Science, Universitas Division of PT Perusahaan
Indonesia Gas Negara (Persero) Tbk
• Executive Officer – Strategic
Management Office
of PT Perusahaan Gas
Negara (Persero) Tbk
Tina T. Kemala Director of 61 Perempuan • Bachelor of Psychology, • Director of Human Resources,
Intan HR & Legal tahun Psychologist General Affairs and Information
from University of Technology of Angkasa Pura II
Padjadjaran, Bandung • Consultant for UNDP,
USAID, AUSAID & GIZ

SUPPORTING ORGANS OF THE

In order to effectively implement the functions, duties and responsibilities of the Board of Commissioner,
the Board of Commissioners has formed three Committees under its supervision: the Audit Committee;
Nomination, Remuneration and CSR Committee; the Risk Management and Investment Strategy Committee
and the Secretary of the Board of Commissioners.
SECRETARY OF THE BOARD

OF COMMISSIONERS
To ensure the smooth execution of its duties, of Commissioners performs administrative and
the Board of Commissioners may form a secretarial duties relating to all activities of the
Secretary to the Board of Commissioners at the Board of Commissioners.
Company’s expense. The Secretary of the Board
Criteria
The Secretary of the Board of Commissioners/Board of Trustees must meet the following requirements:
1. Understanding of the BUMN management, supervision and guidance system.
2. High integrity.
3. Understand the secretarial function.
4. Strong ability to communicate and coordinate well.
Terms of Service Period

The term of office for the Secretary and Secretariat Staff of the Board of Commissioners/Supervisory Board
is determined by the Board of Commissioners/Supervisory Board for a maximum of 3 (three) years and can
be reappointed for a maximum of 2 (two) years without diminishing the right of the Board of Commissioners/
Board of Supervisors to dismiss them at any time.

Profile of the Secretary of the Board of Commissioners
Age: 38 tahun
Nationality: Indonesia
Residence: Jakarta
Educational Background:
• Diploma from the State College of
Accountancy (STAN) in 2003
• Bachelor of Economics from the University
of Indonesia (UI) in 2008
• Master of Applied Accounting from Gadjah
Mada University (UGM) in 2014
Work Experience:
• Secretary of the Board of Commissioners
of PT Petrokimia Gresik (2016-2019),
• PT Indonesia Asahan Aluminum (Persero) (2014-2016),
• Secretary of the Board of Commissioners of
PT Len Industri (Persero) (2013-2014)
• Secretary of the Board of Commissioners of PT
Industri Nuklir Indonesia (Persero) (2009-2013)
Edi Eko Cahyono Concurrent Positions:
Secretary of the Board of Commissioners Department Head for Performance Planning and
Management, Ministry of SOEs, since 2020
Legal Basis for Appointment:
In accordance with the Decree of the
Board of Commissioners No.016/SI/
KepDK/06.2019, dated 26 June 2019
Terms: 1 July 2019 - Now
Responsibilities of the Secretary of the Board of Commissioners

1. Coordinate the provision of protocol services for Board of Commissioners in making decisions
the Board of Commissioners and the supporting regarding the Company’s management activities
organs for the Board of Commissioners with carried out by the Board of Directors and all staff.
Company protocol. 7. Prepare and coordinate meeting agendas with
2. Together with Remuneration Committee, prepare attendees at the meeting.
the administrative tasks in relation to Board of 8. Prepare and send meeting invitations to parties
Commisioners’ Supporting Organ’s assignment, who are invited.
dismissal, and formalization of their numeration. 9. Confirm the time, place, attendance, and other
3. Coordinate the implementation of good matters necessary for a successful of the meeting.
corporate governance (GCG) within the Board of 10.Organize meetings/meetings of the Board of
Commissioners. Commissioners, both internally to the Board of
4. Provide essential information for Board of Commissioners, and with the Board of Directors
Commissioners in order to make decisions. and its staff and other parties.
5. Prepare essential materials for the Directors’ 11. Prepare Minutes of Meetings for routine / internal
routine reportsy, such as: RKAP, Annual Report, and non-routine / internal meetings of the Board
Quarterly Reports, Internal Audit Audit Reports, of Commissioners and submit the Minutes of
and other required reports. Meetings to relevant parties.
6. Prepare any materials needed/information to help 12. Arrange considerations, opinions, suggestions

and other decisions from the Board of of Commissioners, both for the purposes of the
Commissioners for the Shareholders, Directors Board of Commissioners and the supporting
and parties related to the management of the organs of the Board of Commissioners.
Company. 16. Coordinate administrative and archival activities.
13.
Follow up every decision of the Board of 17. Implement good security over the data and
Commissioners in the following manner: documents which fall under the Board of
a. Record every decision made in decision- Commissioners in the following ways:
making forums and the person in charge. a. Archive the meeting results within the Board
b. Monitor the progress of any implementations of Commissioners, both with the Board of
decided on the meeting, as well as opinion Directors or other parties.
considerations, suggestions and other results b. Conduct and coordinate the administration
discussed in the meeting with the Board of of the Minutes of Meetings of the Board of
Commissioners. Commissioners, both internal and meetings
c. Follow up with relevant person-in-charge in with the Board of Directors.
relation to meeting decisions, considerations, c. Coordinate activity schedules of the Board
opinions, suggestions and other decisions of of Commissioners and organize all materials
the Board of Commissioners. needed to carry out these activities
14.
Organize financial, civil service, and general d. Carry out and coordinate the administration
administration activities concerning members of of materials/documents/reports provided
the Board of Commissioners and the personnel by the Board of Directors to the Board of
of the supporting organs. Commissioners.
15.
Organize secretarial activities (finance,
personnel and general affairs) within the Board
Remuneration Policy and Amount

The income of the Secretary of the Board of Commissioners and its staff is determined by the Board of
Commissioners by observing the Company’s ability and the total annual income which should not be greater
than the income of other supporting organs of the Board of Commissioners Board.
Implementation of 2020 Tasks

The Secretary of the Board of Commissioners required to assist decision makings by the Board
supported by the Secretariat Staff of the Board of Commissioners. This includes corporate
of Commissioners has performed various work actions that require the approval of the Board of
programs throughout 2020, such as: Commissioners, policy programs of the Board of
1. Prepare and coordinate meeting materials, Directors in RKAP 2021, implementation of the
compile minutes of meetings, and administer the Whistleblowing System, and others.
Board of Commissioners Meetings and Board of 3. Coordinate with the Committees under the Board
Commissioners Meetings inviting the Board of of Commissioners to perform the duties of the
Directors, including meetings conducted using Board of Commissioners.
video conference technology. 4. Prepare the written correspondence between the
2. Provide information and/or coordinate the Board of Commissioners and the Committees of
completion of information for the Board of the Board of Commissioners.
Commissioners on matters of concern to the 5. Coordinate the participation of members of the
Board of Commissioners. as well as, information Board of Commissioners and Committees of

the Board of Commissioners in seminars for 7. Perform other tasks in the context of implementing
competency development. supervisory duties and providing advice to the
6.
Cooperate with the Corporate Secretary in Board of Commissioners.
implementing the program to introduce new
Commissioners to the newly appointed President
Commissioners.
Performance Evaluation by the Board of Commissioners

The Secretary of the Board of Commissioners states that the person concerned has carried out
performance evalution is conducted every 1 (one) his duties properly based on the realization of the
year using the method established by the Board of fulfillment of the work program and the quality of his
Commissioners. The 2020 performance evaluation output.
H IG H LOW

AUDIT COMMITTEE
The Audit Committee of the Company is formed by The establishment of the Audit Committee is an
and is responsible to the Board of Commissioners. Its obligation for the Company as determined in Law
main objective is to assist with the supervision over Number 19 of 2003 concerning State-Owned
financial reporting, internal audit and external audit, Enterprises and Financial Services Authority
internal control and compliance with applicable laws Regulation No. 55/POJK.04/2015 concerning the
and regulations. Establishment and Work Guidelines of the Audit
Committee.
Audit Committee Charter

The Audit Committee of SIG has an Audit Committee 4. Authority.
Charter which was approved based on the Decree of 5. Work Procedures and Procedures.
the Board of Commissioners of PT Semen Indonesia 6. Composition and Structure.
(Persero) Tbk. Number: 009/SI/Kep.DK/06.2017 7. Membership Requirements.
dated June 16, 2017. In short, the provisions 8. Meeting Implementation Policy.
stipulated in the Audit Committee Charter include: 9. Activity Reporting System.
1. Purpose and Scope of Work. 10. Handling of Complaints or Reporting.
2. Definitions. 11. Term of Service.
3. Duties and Responsibilities. 12. Funding.
The Audit Committee’s Members Criteria

The SIG Audit Committee Charter lays out the the audit process, risk management, and laws
requirements to be members of the Audit Committee and regulations in the Capital Market sector as
as follows: well as other related laws and regulations.
1. Have high integrity, ability, knowledge, experience 3. Must comply with the Audit Committee code of
in accordance with the field of work, and strong conduct established by the Company.
communication skills. 4. Willing to continuously improve competence
2. Well-versed in reading financial reports, the through education and training.
company’s business (especially those related to
the services or business activities of the Company),
Term of Office Policy

1. The working period of Audit Committee members 2. The Board of Commissioners may dismiss at any
should not be longer than the term of office of time a member of the Audit Committee who is not
the Board of Commissioners, as shown in the a member of the Board of Commissioners if the
Company’s Articles of Association, and can be re- person concerned is deemed not implementing
elected for the next 1 (one) period; duties as they should be as stated in the Decision

of the Board of Commissioners regarding the who are not the Board of Commissioners are
appointment of the relevant members of the regulated in a separate agreement in the Board
Audit Committee; of Commissioners’ decision letter with the
3. The rights of members of the Audit Committee knowledge of the Company’s Board of Directors.
Arrangement, Allotment, and the Composition

Basis for Hiring Audit Committee
At the end of 2020, the arrangement and allotment of the Audit Committee is 4 (four) people. The membership
arrangement and allotment underwent one change on 19 August 2020 as follow:
The arrangement and allotment of the Audit Committee from 1 January to 19 August 2020:
Name Title Details Terms of Office
Mochamad Choliq Chairman Independent Commissioner 1 January 2020-31 December 2020

Astera Primanto Bakti Member Commissioner 1 January 2020-18 August 2020
Elok Tresnaningsih Member Independent Party 1 January 2020-31 December 2020
MZ Abidin Member Independent Party 1 January 2020-31 December 2020
The arrangement and allotment of the Audit Committee from 19 August to end of 2020:
Name Title Details Terms of Office
Mochamad Choliq Chairman Independent Commissioner 1 January 2020 - 31 December 2020

Sony Subrata Member Commissioner 19 August 2020-31 Desember 2020
Elok Tresnaningsih Member Independent Party 1 January 2020-31 December 2020
MZ Abidin Member Independent Party 1 January 2020-31 December 2020

Audit Committee Profile

The profile of Mochammad Choliq as the Chairman and Sony Subrata as member can be seen in the The
Board of Commissioners section in this Annual Report.
Age: 61 years
Domicile: Jakarta
Education:
• Bachelor degree in Economics majoring in Accounting,
Faculty of Economics, University of Indonesia (1983)
• Master degree in Accounting, Faculty of
Economics, University of Indonesia (2007).
Experience:
• Audit Committee of PT Perusahaan Listrik
Negara (Persero) (2007-2012)
Concurrent Position:
• Permanent lecturer at the Department of Accounting, Faculty of
Economics and Business, University of Indonesia (1985- present)
• Board of Directors of the Indonesian Audit
Committee Association (IKAI)
• Main Member of the Indonesian Institute of Accountants (IAI)
Elok Tresnaningsih Legal Basis for Appointment:
Member Board of Commissioners’ Decree No. 021/SI/Kep.
DK/09.2013, date 2 September 2013
Term of Office:
1 October 2013 – Now
Age: 58 years
Domicile: Jakarta
Education:
• State Registered Accountants who graduated from the
State College of Accountancy (STAN) in 1984 and 1992
• Master of Science from the University of Indonesia in
the field of tax policy and administration (2001)
Experience:
• Directors and Commissioners of SOE Subsidiaries (2012-2015)
• Chairperson of the RNI Pension Fund
Supervisory Board (2012-2014)
• Head of Internal Audit for SOEs (2012-2014)
Concurrent Position:
• Lecturer in Accounting & Auditing STAN Ministry of Finance RI
• Main Members of the Indonesian Accountants Association (IAI)
• Member of the Institute of Internal Auditor (the IIA)
• Member of the Indonesian Audit Committee Association (IKAI)=
M.Z. Abidin
Member Board of Commissioners’ Decree No. 009/SI/Kep.
DK/08.2018, tanggal 16 Agustus 2018
Term of Office:
16 August 2018 - Now

Independence of Audit Committee Members

All members of the Audit Committee must meet Company; and do not have business relations,
the independence requirements following the GCG directly or indirectly; nor have any interest to the
practices. The GCG practice advises that Audit Company’s business activities.
members shouldn’t work or have the authority and
responsibility to plan, lead, control or supervise the For non-independent Commissioners who are
activities of the Company in the last 6 (six) months; members of the Audit Committee, in order to
do not have direct or indirect shares in the Company; maintain the independence of the Audit Committee,
have no affiliation with the Board of Commissioners, they do not have voting rights in the decision making
Directors or controlling shareholders of the process.
Independence Aspects Mochamad Choliq Sony Subrata Elok Trananingsih M.Z. Abidin
Has no financial relationship with members of

v v v v
the Board of Commissioners and Directors
Has no management relationship in the Company,
v v v v
its subsidiaries, or affiliated companies
Has no management relationship in the Company,
v v v v
its subsidiaries, or affiliated companies
Has no familial relationship with members of
the Board of Commissioners, Directors, and/ v v v v
or fellow members of the Audit Committee
Does not serve as a manager of political
v v v v
parties, officials and government

The Audit Committee acts independently in carrying 4. Reviews complaints related to the Company’s
out its duties and responsibilities, which include: accounting and financial reporting processes.
1. Reviews financial information released by the 5. Reviews the implementation of audits by
Company, in the form of financial statements, internal and external audits and overseeing the
projections and other reports related to the implementation of the follow-up on audit findings
Company’s financial information. recommendations by the Board of Directors.
2. Provides independent opinion in the event of 6. Reviews compliance with laws and regulations in
disagreements between Management and the the capital market and other regulations related
Independent Accountant/Auditor for the services to the Company’s activities.
they provide. 7. Examines and provides suggestions for potential
3. Provides recommendations to the Board of conflicts of interest of the Company.
Commissioners regarding the appointment of 8. Maintains the confidentiality of the Company’s
an Independent Accountant/Auditor based on documents and information in accordance with
independence, the scope of the assignment, and applicable regulations.
compensation for services.

Assignment of Tasks Between Audit Committee Members

Responsibilities and tasks are not delegated in special manners because the nature of Audit Committee to
work collaboratively. All responsibilities and tasks required are laid out in Annual Work Plan, written by the
Board of Commissioner.
Rapat Komite Audit

The Audit Committee should hold meetings at least 1 (one) time within 1 (one) month to complete its duties
and responsibilities. Throughout 2020, the Audit Committee held meetings with attendance as below:
No Name Title Total Meetings Attendance %
Audit Chairman / Independent

1 Mochamad Choliq 18 18 100%
Commissioner
Audit Committee Member
2 Astera Primanto Bhakti 1) 7 7 100%
/ Commissioner
Audit Committee Member
3 Sony Subrata 2) 11 11 100%
/ Commissioner
4 Elok Tresnaningsih Audit Committee Member 18 18 100%
5 M.Z. Abidin Audit Committee Member 18 18 100%
1) No longer an Audit Committee member since Decree No. 011/SI/Kep.DK/08.2020, dated 19 August 2020.
2) Becomes an Audit Committee member since Decree No. 011/SI/Kep.DK/08.2020, dated 19 August 2020.
Learning and development programs attended by the Audit Committee in 2020 could be seen in the Company
Profile section in the Annual Report
Remuneration policy and amount for the Audit Committee

Remuneration for the Audit Committee from 26 July 2012 concerning Supporting Functions
Independent Non-Commissioner parties for the Board of Commissioners/Supervisory
is stipulated in the Decree of the Board of Board in SOEs, the maximum honorarium for Non-
Commissioners regarding the Letter of Assignment Commissioner Committee Members is 20% of the
about Committee members under the Board of President Director’s salary and does not receive any
Commissioners. Based on the Regulation of the other income.
Minister of SOEs No. PER-12/MBU/2012 dated

The Practical Duties of the Audit Committee

The duties and responsibilities of the Audit financial reports. Among other things, evaluating,
Committee during 2020 follows the Audit Committee selecting and proposing a Public Accounting Firm
Charter and the 2020 Audit Committee Work Plan, to the Board of Commissioners to be proposed
which are: in the Annual General Meeting. In addition,
1. Supervision of financial information. Among other monitoring the implementation of the audit by
things, to review and clarify quarterly and annual a Public Accountant. 5. Supervision
Consolidated Financial Statements as well as the of compliance with laws and regulations and
application of new accounting standards, namely reporting of complaints. Among other things,
PSAK 71, PSAK 72 and PSAK 73. conducting an assessment of the effectiveness of
2. Supervision of the effectiveness of the internal the compliance system and procedure as well as
audit function. Among other things, reviewing and the whistle blowing system.
approving the internal audit work plan, monitoring 6. Reporting to the Board of Commissioners and
the implementation of the internal audit work plan regulators, including reports on significant
and the independence of the internal audit as issues related to internal control and financial
well as following up on internal audit and external reports as well as reports to financial services
audit recommendations. authorities regarding the Audit Committee’s
3. Supervision of the effectiveness of internal Recommendations in the Appointment of a
control, which among others is by reviewing and Public Accounting Firm and reports on the
clarifying the findings and recommendations Evaluation Results of the Audit Committee on the
of internal audit and external audit on internal Performance of Audit Services by KAP.
control. 7. Audit Committee Development Program, which
4. Oversight of the Public Accounting Firm is conducted by attending various trainings and
(KAP) which conducts general audits of the webinars.
consolidated financial statements and PKBL
Assessment by the Board of Commissioners

The Board of Commissioners has evaluated the Board of Commissioners. Additionally, the Board
the performance of the committees. The Board of Commissioners believes that the quality of the
of Commissioners believes that during 2020, analysis output, suggestions and recommendations
the Audit Committee has carried out its duties given is also adequate in assisting the supervisory
and responsibilities effectively, based on the and advisory duties of the Board of Commissioners.
accomplishment of all activity plans approved by

NOMINATION AND REMUNERATION

COMMITTEE
As a supporting organ of the Board of Commissioners, 2. Provides remuneration recommendations for

the Nomination & Remuneration and CSR Committee the Board of Commissioners and the Board
(NR-CSR Committee) carries out its duties based of Directors members, as well as the Board of
on Financial Services Authority Regulation No. 34/ Commissioners’ supporting organs’ members,
POJK.04/2014. and
The NR-CSR Committee’s role is to assist SIG’s 3.
Gives suggestions, supervision, and
Board of Commissioners by providing supervisory recommendations in the field of management
recommendations and advice, as well as carrying and development of the Company’s Human
out specific tasks and general tasks: Resources (HR).
1. Determines the selection criteria, nomination 4. Provides input for supervision and advice in the
procedures, and recommended the number and areas of Social and Environmental Responsibility
selection process of the Board of Commissioners (TJSL) and Corporate Social Responsibility (CSR).
and the Board of Directors
Work Guidelines/Charter of the Nomination

and Remuneration Committee
The Company’s Nomination & Remuneration and CSR Committee has a Charter or Work Guidelines established
through the Board of Commissioners’ decision No: 011/SI/Kep.DK/11.2015 regarding Charter of the Nomination
and Remuneration Committee. This decision refers to OJK Regulation No. 34/POJK.04/2014 concerning the
Nomination and Remuneration Committee of Issuers or Public Companies.
The Nomination and Remuneration Committee Charter, among others, contains:

Chapter I Introduction
A. Purpose
B. Scope
Chapter II Guidelines
A. Composition and Membership Structure
B. Duties and Responsibilities
C. Authority
D. Prohibition
E. Work Ethics
F. Working Procedures and Procedures
G. Meeting Implementation Policy
H. Activity Reporting System
I. Correspondence Mechanism
Chapter III Closing

Criteria for Member of the Nomination & Remuneration

and CSR Committee (NRCSR Committee)
1. NR-CSR Committee must have integrity, influence of various parties who have interests
dedication, experience and understanding of the that can conflict with the interests of other parties.
Company’s risk management, have adequate 4. NR-CSR Committee shall not:
knowledge in the field of Human Resources and a. have familial relations with members of the
can provide sufficient time to complete its duties. Board of Directors and members of the Board
2. NR-CSR Committee members must have in-depth of Commissioners up to the second degree,
knowledge and understanding of the duties and both in a straight line and to the side or in a
responsibilities of the Committee in accordance marital relationship (son-in-law and brother-in-
with applicable laws and regulations and the law);
Company’s internal policies related to their area b. have any personal interest, directly or indirectly,
of work. in material information about the Company;
3. NR-CSR Committee must be independent and be c. have status as Director and employees of the
able to carry out its duties independently, solely Company within the last 1 (one) year.
for the benefit of the Company, regardless of the
Term of Office Policy

1. Members of the Nomination and Remuneration 3. Replacement of members of the Nomination and
Committee are appointed for a certain term only. Remuneration Committee who are not members
Members are available for reappointment for the of the Board of Commissioners shall be carried
next term. out no later than 60 (sixty) days after the members
2. The term of office of members of the Nomination of the Nomination and Remuneration Committee
and Remuneration Committee who are not are no longer able to carry out their duties.
members of the Board of Commissioners should
not be longer than the term of office of the Board
of Commissioners.
Arrangement, Allotment, Composition and Basis of Appointment

of the Nomination and Remuneration Committee
The arrangement of the Nomination and Remuneration-CSR Committee (KNR) in 2020 underwent one change
and the arrangement from 1 January to 27 July 2020 as follows:
Nama Jabatan Keterangan Masa Jabatan
Nasaruddin Umar Chairman Independent Commissioner 1 January 2020 - Now

Sony Subrata Member Commissioner 1 January 2020 - 26 July 2020
Dedi Kusnendar Member Independent Party 1 January 2020 - Now
The arrangement of the Nomination and Remuneration-CSR Committee (KNR) from 27 July to 31 Dec 2020:
Nama Jabatan Keterangan Masa Jabatan
Nasaruddin Umar Chairman Independent Commissioner 1 January 2020 - Now

Lydia Silvanna Djaman Member Commissioner 27 July 2020 - Now
Dedi Kusnendar Member Independent Party 1 January 2020 - Now

Nomination and Remuneration Committee Profile

The profile of Nasaruddin Umar as Chairman and Lydia Silvanna Djaman as a member of the Nomination and
Age: 59 years
Domicile: Jakarta
Education:
• Bachelor of Chemical Engineering, Bandung
Institute of Technology (1986)
• Master of Management (MM), Master of Management
in Business Administration Program (MBAT),
Bandung Institute of Technology (2003)
Experience:
• Commissioner, PT Sucofindo EPISI (2014-2018)
• Vice President of the Strategic Management
Division, PT Sucofindo (2014-2017)
• Vice President of the Eastern Region
• Vice President of the Finance and Accounting
Dedi Kusnendar Concurrent Position:

Senior Consultant in several management
Member
consultancy companies
The Board of Commissioners Decree No. 013/
SI/Kep.DK/06.2019 - 26 June 2019
Term of Office:
26 June 2019 - Now
Remuneration Committee - CSR can be seen in the Company Profile chapter in this Annual Report book.
Independence Aspect Nasaruddin Umar Lydia S Djaman Dedi Kusnendar
Has no financial relationship with the Board

v v v
of Commissioners and Directors
Has no managerial relationship in the Company,
v v v
subsidiaries, or affiliated companies
Has no managerial relationship in the Company,
v v v
subsidiaries, or affiliated companies
Has no familial relationship with the
Board of Commissioners, Directors, and/ v v v
or fellow Audit Committee members
Does not serve as an administrator of political
v v v
parties, officials and government

Independency of Nomination and Renumeration Committee Members

the Board of Commissioners to be submitted
The NRC’s role is to assist the Board of to the AGM.
Commissioners in few ways: e. Assisting the Board of Commissioners as
1. In relation to the Nomination function: a Talent Committee for SOE Executives
a. Provide recommendations to the Board of (Directors and Officers One Level Below the
Commissioners regarding: Board of Directors).
1. Composition of positions of members of the
Board of Directors and/or members of the 2. In relation to the Remuneration function:
Board of Commissioners. a. Provide recommendations to the Board of
2. Policies and criteria required in the Commissioners regarding:
Nomination process; and 1. Remuneration Structure.
3. Performance evaluation policy for members 2. Remuneration Policy, and
of the Board of Directors and / or members 3. Amount of Remuneration.
of the Board of Commissioners. b. Assist the Board of Commissioners in assessing
b. Assist the Board of Commissioners in assessing performance according to the remuneration
the performance of members of the Board received by each member of the Board of
of Directors and/or members of the Board of Directors and/or members of the Board of
Commissioners based on benchmarks that Commissioners. Performance appraisals
have been prepared as evaluation materials. include but are not limited to Key Performance
c. Provide recommendations to the Board of Indicators (KPI) of the Board of Directors and
Commissioners regarding capacity building the Board of Commissioners.
programs for members of the Board of c. Provide recommendations related to
Directors and/or members of the Board of remuneration/income for the Secretary and
Commissioners; and Secretariat Staff of the Board of Commissioners
d. Propose candidates who meet the requirements and members of the Board of Commissioners
as members of the Board of Directors and/or Committee.
members of the Board of Commissioners to 3. Carry out other duties assigned by the Board of
Commissioners.
Distribution of Duties between the Nomination

and Remuneration Committee
There is no specific division of duties because the responsibilities of the members of the Nomination and
Remuneration Committee are collegial. Basically, all duties and obligations that are carried out are set forth in
the Annual Work Plan determined by the Board of Commissioners.
Nomination and Remuneration Committee Meetings

The Nomination and Remuneration Committee holds regular meetings at least 1 (one) time in 4 (four) months
to discuss the Committee’s Work Program and analysis output in the context of providing suggestions and
recommendations to assist the Board of Commissioners in carrying out supervisory and advisory activities.
Throughout 2020, the Committee held 5 (five) meetings with a member attendance rate of 100%.

Attendance
No Meeting Date Meeting Agenda Nasaruddin Sony Lydia S Dedi
Umar Subrata 1) Djaman 2) Kusnendar
1 30 April 2020 Discussion of Candidates for v v v
Commissioners of Subsidiaries
2 29 May 2020 Discussion of 2020 remuneration v v v
and 2019 bonus
3 13 August 2020 a. Organizational Structure v v v
b. Progress of the Proposal for
Candidates for the Board of Directors
of the Subsidiary Commissioner
4 14 August 2020 Discussion of the 2020 Organization proposal v v v
5 3 October 2020 Discussion on the KNR’s v v v
Recommendations regarding the
Recommendations of the Directors of
the Commissioners of the Subsidiaries
Total Meetings 5 2 3 5
Total Attendance 5 2 3 5
Attendance Percentage 100 100 100 100
1)
Has not been a member of the KNR since Decree number 010 / SI / Kep.DK / 07.2020 dated 27 July 2020 was issued
2)
Has been a member of the KNR since Decree number 010 / SI / Kep.DK / 07.2020 dated 27 July 2020 was issued
The education and trainings which the Nomination and Remuneration Committee participated in 2020 can be
seen in the Company Profile chapter in this Annual Report.
Remuneration Policy for the Nomination and Remuneration Committee

Minister of State for SOEs No PER-12 / MBU / 2012
Remuneration for the Nomination and Remuneration dated 26 July 2013 concerning the Supporting
Committee from an Independent Non-Commissioner Organs of the Board of Commissioners / Supervisory
is stipulated in the Board of Commissioners Board in BUMN, the maximum honorarium for Non-
Letter regarding the Letter of Assignment about Commissioner Committee Members is 20% of the
as a Committee member under the Board of President Director’s salary and does not receive any
Commissioners. Based on the Regulation of the other income.
Implementation of the Nomination and Remuneration Committee

Duties in 2020 succession plans and their implementation.
Throughout 2020, the Nomination and Remuneration • Monitor and evaluate the achievement of the
Committee has carried out the following tasks: 2020 Board of Directors KPI.
• Assisting in the supervision and review of the • Monitor and evaluate the preparation of the 2021
Board of Commissioners on management Board of Directors KPI draft.

• Preparing remuneration policy recommendations and their implementation, including promotion

for the Board of Directors and the Board of plans and Band-1 and 2 transfers as well as
Commissioners for 2020, including the tantiem employee assignments in subsidiaries and
for the 2019 financial year in accordance with affiliated companies/institutions.
the laws and regulations, then comparing it with • Conduct a quarterly evaluation of CSR
the remuneration of comparable companies and implementation
other data sources. • Reviewing the 2021 RKA CSR draft submitted by
• Monitor career development / talent pool policies the Board of Directors

Committee’s Work Plan approved by the Board
The Board of Commissioners has assessed the of Commissioners. Apart from being based on
performance effectiveness committees. The Board the achievement of output analysis activities, the
of Commissioners considers that during 2020 the suggestions and recommendations given are also
Nomination and Remuneration Committee has adequate to assist the supervisory and advisory
carried out its duties and responsibilities effectively, duties of the Board of Commissioners.
based on an evaluation of the achievement of the
Directors Succession Policy

In preparing for a change of leadership, the in management, business development strategy,
Company has prepared future cadres and evaluation of strategic plans and the like. This
organized a Leadership Development Program way, when it comes for a change of leadership, the
and an accelerated Talent Management program. Company will propose candidates internal selection
Prepare follow-up recommendations for by the Adhoc Committee, facilitated by the Board of
competency improvement for potential cadres who Commissioners. The results of the internal candidate
are included in the Talent Pool, who will undergo selection are then submitted to the Ministry of BUMN
a series of training programs to refine their skills to undergo a fit and proper test.

THE STRATEGY, RISK MANAGAMENT AND

INVESTMENT COMMITTEE (KSMRI)
KSMRI is a committee formed by the Board of Article of Association, especially for matters related
Commissioners (BOC) to help carries out its duties to to the planning and implementation of strategic
monitor and provide advice to the Board of Directors corporate actions. KSMRI also advises the BOC
about the management of the Company. Be it to ensure the that risk management principles in
general or specific advice, this task is carried out in the Company are implemented and analyzes the
compliance to pertaining laws and the Company’s Company’s investment plan.
Charter for the Strategy, Risk Management and Investment Committee

The Company has created a guildeline for the 2. Duties and Responsibilities
Strategy, Risk Management and Investment 3. Authorities.
Committee in the PT Semen Indonesia (Persero) 4. Procedures.
Tbk. BOC decree No. 010/SI/Kep.DK/11.2015 issued 5. Composition and Structure.
on 17 November 2015. 6. Membership requirement.
7. Meeting Policy.
The Charter for the Strategy, Risk Management and 8. Activity reporting system.
Investment Committee contains, among others: 9. Funding.
1. Purpose and Work Scope. 10. Funding.
Membership Requirement
KSMRI members must meet the following criteria: the Company, and act without influence from any
1. Possess integrity, dedication, experience parties that could be in conflict with each other.
and understanding of the Company’s risk 4. Committee members are not allowed to:
management. They must be knowledgeable a. Be a relative of any members of the Board
in the Company’s business line but not limited of Directors or Commissioners up to second
to the stock market and could set aside time to degree, be it vertical or horizontal familial
complete their tasks. blood lines or in-laws.
2. Possess in-depth knowledge of the duties and b. Have any personal interest, directly or indirectly,
responsibilities of the Committee according with the Company’s material information
to pertaining laws and the Company’s internal c. Has held the position of Director as well as
policies relevant to his/her line of work. staff member of the Company in the last 1 (one)
3. Maintain independence and could carry out his/ year.
her task independently, purely for the benefit of

Term
Members of the SMRI committee who are not a member of the Board of Commissoiner serve for a maximum
of 3 (three) years and could serve for another 2 (two) years, however the Board of Commissioners has the
right to cut the term short.
Structure, Number, Composition and Basis for Appointment of

the Strategy, Risk Management and Investment Committee
In 2020, the structure of the SMRI Committee changed on 27 July to the following:
The SMRI committee structure from 1 January to 27 July 2020:

Name Title Description Term
Lydia Silvanna Djaman Chair Commissioner 1 January 2020-26 July 2020

Hendrika Nora Osloi Sinaga Member Commissioner 1 January 2020 - Now
Fritz Bonar Panggabean Member Independent Party 1 January 2020 - Now
Agus Waluyo Member Independent Party 1 January 2020 - Now
The SMRI committee structure from 17 July to 31 December 2020:

Name Title Description Term
Astera Primanto Bhakti Chair Independent Commissioner 27 July 2020 - Now

Hendrika Nora Osloi Sinaga Member Commissioner 1 January 2020 - Now
Fritz Bonar Panggabean Member Independent Party 1 January 2020 - Now
Agus Waluyo Member Independent Party 1 January 2020 - Now

Profile of SMRI Committee Members

The profiles of Astera Primanto Bhakti as Chair and Hendrika Nora Osloi Sinaga as Member of the SMRI
committee can be read in the Company Profile section of this Annual Report.
Age: 51 years
Domicile: Jakarta
Education:
• Bachelor of Civil Engineering from Bandung Institute
of Technology, 1995, Bandung, Indonesia
Experience:
• Deputy Director of Sales & Marketing, SAHID
Group (PT Sahid Inti Dinamika) (2014-2017)
• GM Sales & Marketing at PT Graha Cemerlang (2013-2014)
• Senior Manager at Cowell Development Tbk (2010-2012)
• Senior Manager for Project Sales, Knight
Frank Indonesia (2007-2009)
• Senior Manager, Coldwell Banker
Commercial (2002-2006)
• Management Trainee at Panangian Simanungkalit
& Associates Property Consultant (1998-2001)
• Junior engineer at Civil Engineering Consultant
Dinamaritama Engineering, Bandung
Fritz Bonar Panggabean Concurrent Position:
Member Director of Business Development, PT Indra Megah Makmur
Board of Commissioner decree No. 004/SI/
Kep.DK/04.2019, dated 23 April 2019
Term:
1 May 2019 – now

Age: 48 years
Domicile: Jakarta
Education:
• Bachelor of Economics, Widya Wiwaha School
of Economics, Yogyakarta, Indonesia, 2009
• Accounting Diploma III, Jakarta Public Accounting
School, Jakarta, Indonesia, 1994
Experience:
• Audit Committee, PT Angkasa Pura I (Persero) (2015-2019)
• Auditor, Provincial BPKP for East Nusa Tenggara (2011-2015).
• Auditor, Provincial BPKP DI. Yogyakarta (1999-2011)
• Auditor, Provincial BPKP South Sumatera (1994)
Other Titles:
Junior Auditor, Ministry of SOE Inspectorate (2015-now)
Board of Commissioner decree No. 014/SI/
Agus Waluyo Kep.DK/06.2019, dated 26 June 2019
Member Term:
1 July 2019-now
Independence of SMRI Committee Members

Aspect of Independence Astera Primanto Hendrika Nora Fritz Bonar Agus
Bhakti Osloi Sinaga Panggabean Waluyo
No financial connection with Board of v v v v

Commissioners or Directors
Not a board member of the Company, v v v v
subsidiary or affiliated companies.
No familial relations with the Board of Commissioners, v v v v
Directors and/or fellow SMRI Committee members.
Not a board member of any political parties and does v v v v
not hold any governmental or elected positions.


The SMRI committee carries out its duties and 5. Evaluate and provide advice on the identification
responsibilities professionally and independently. and mitigation of risks for the Company’s
The committee helps the Board of Commissioners development projects such as the installation of
to monitor and evaluate the planning and new cement plants, and investment or purchase
implementation of strategic plans, work plans and of a cement factory overseas.
Company budget, risk management system, and 6. Review any proposals for investment or divestment
investment plan as detailed below: as well as the Company’s capital expenditure
1. Conduct a comprehensive review over the within the amount proposed by the Directors as
Company’s Long-Term Plan (RJPP) as well as well as monitoring the implementation
the Work Plan and Company Budget (RKAP) as 7. Examine proposals for strategic actions and
proposed by the Board of Directors monitor the implementation
2. Monitor the implementation of RJPP and RKAP,
ensuring thatthey are in line with the RJPP and The full duties, responsibilities and authorities of
RKAP as approved by the Commissioners the SMRI Committee are regulated by the Board
3. Evaluate the development and implementation of Commissioners’ decree on the Charter of
of the Company’s risk systems and recommend the Strategy, Risk Management and Investment
further improvement Committee that is reviewed regularly.
4. Evaluate and provide advice on identifying and
mitigating risk that could derail the Company
from its RKAP’s targets.
Division of Work between Committee Members

The SMRI committee chair has briefed 2 (two) committee members with the following division of work:
Committee member 1: Committee member 2:

Sub-department Strategy/Evaluation of Monthly Sub-Department Strategy/Evaluation of Financial
Performance relating to Marketing, Supply Chain, Performance, and Sub-Department for Risk
Sale sand COGM/COGS, as well as Sub-Department Management.
for Investment/Investment Performance
Meeting of the SMRI Committee

The SMRI Committee meets regularly at least once a month to discuss the Committee Program Plan.
Throughout 2020, the Committee met 30 (thirty) times with 100% member attendance rate.

Attendance
No Meeting Date Agenda Astera Lydia Hendrika Fritz Bonar Agus

Primanto Silvanna Nora Osloi Panggabean Waluyo
Bhakti 1) Djaman 2) Sinaga
1 21 January 2020 Evaluation of Company v v
Performance up to
December 2019
2 29 May 2020 Discussion of RKAP v v v v
Revision for 2020
3 5 June 2020 Continued: Discussion of v v v
RKAP Revision 2020
4 12 June 2020 May 2020 Performance v v
5 10 July 2020 RJPP Proposal v v v v
6 13 July 2020 June 2020 Performance v v v v
7 15 July 2020 RJPP v v v v
8 29 July 2020 Corporate actions relating to v v v
assets with subsidiaries
9 5 August 2020 a. Continued: Corporate v v v
actions relating to assets
with subsidiaries;
b. Deep dive re. monthly target
in the 2020 revision to RKAP
SMRI committee appointment
10 6 August 2020 SMRI committee appointment v v v v
11 15 August 2020 Financial performance July 2020 v v
12 28 August 2020 Loan Project (including DER) v v v v
until the end of 2020 P
13 1 September Biweekly sales and v v
2020 marketing performance
14 11 September Financial performance v v
2020 August 2020
15 22 September Procurement strategy v v v v
2020
16 8 October 2020 KPI v v v v
17 13 October 2020 Company performance v v
September 2020
18 21 October 2020 KPI 2020 v v v v
19 21 October 2020 Evaluation of SIG v v v v
corporate actions
20 27 October 2020 Capex exceedance v v v v
21 30 October 2020 Subsidiary restructuring v v
22 4 November SIG risk management v v v v
2020
23 13 November Continued: SIG ERM v v v v
2020
24 14 November Company performance v v v v
2020 October 2020

Attendance
No Meeting Date Agenda Astera Lydia Hendrika Fritz Bonar Agus

Primanto Silvanna Nora Osloi Panggabean Waluyo
Bhakti 1) Djaman 2) Sinaga
25 14 November AP (SILOG) Restructuring v v v v
2020
26 25 November RKAP2021 Concept v v v
2020
27 26 November Continued: RKAP2021 Concept v v
2020
28 8 December Continued: RKAP2021 Concept v v
2020
29 16 December Discussion of RKAP2021 v v v v
2020 with RKAP team
30 21 December Continued: AP (SILOG) v v v v
2020 Restructuring
Total Meeting 22 8 30 30 30
Total Attendance 14 5 20 30 30
% of attendance 64 67.5 67 100 100
1) Became SMRI Committee chair upon issuance of decree No. 009/SI/Kep.DK/07.2020 dated 27 July 2020
2) No longer SMRI Committee chair upon issuance of decree No. 009/SI/Kep.DK/07.2020 dated 27 July 2020
Learning and development programs for the SMRI Committee in 2020 could be read on the Company Profile
section in this Annual Report.
Remuneration Policy and Structure for SMRI Committee

Independent non-commissioner members of the No. PER-12/MBU/2012 dated 26 July 2012 about the
SMRI committee were given remuneration as supporting function of the BOC/Advisory Board of
stipulated on the Board of Commissioners decree State-Owned Enterprises, their honorarium should
appointing them as committee members reporting not exceed 20% of the CEO’s remuneration and
to the BOC. Based on Minister of SOE regulation they do not receive any other income.
SMRI Committee Milestones for 2020

SMRI Committee Milestones for 2020 by-month performance and conducted discussion
In brief, the SMRI Committee has carried out the with relevant management teams to monitor
following duties, roles and functions in 2020: RKAP2020 attainment as well as recommended
1. Provided input to the BOC on the focus of necessary improvements
monitoring in 2020 3. Monitored, evaluated and provided input on
2. Analyzed and evaluated the Company’s month- the Company’s strategy relating to raw material

security, fuel supply continuity, market innovation 8. Provided input to the BOC relating to the
and cement distribution pattern to maintain proposal for partnership with the village-owned
market share enterprise (BUMDes) in Rembang, giving it the
4. Monthly monitoring of Capex 2020 and quarterly share ownership option at PT Semen Gresik.
review of Capex 2020 implementation. 9. Advised the BOC in relation to the proposal to
5. Monthly monitoring of non-cement subsidiary release some assets
performance against RKAP2019 that has been 10. Provided input to the BOC with regards to
laid out by each subsidiary restructuring of subsidiaries
6. Provided input to the BOC prior to approving the 11. Provided input to the BOC about the proposal to
proposal for 2020-2024 RJPP change the Corporate KPIs
7. Provided input to the BOC prior to approving the 12. Provided input to the BOC in relation to the
proposed revisions to RKAP2020 proposal to Capex 2020 ceiling exceedance

The Board of Commissioners (BOC) has reviewed the SMRI Committee has effectively carried out
the performance effectiveness of the committees its duties and responsibilities. Other than using
reporting to the BOC. After evaluating the SMRI the work plan’s completed activities as the basis
Committee Work Plan that was previously approved for review, BOC also concluded that the quality of
by the BOC, it concluded that throughout 2020, analysis, advice and recommendation.

SUPPORT FUNCTION TO THE BOARD OF

DIRECTORS CORPORATE SECRETARY
As a Public Company, the Company is required to have a Corporate Secretary to act as the bridge between the
Company and the Shareholders and other Stakeholders, and to ensure Company compliance to pertaining
laws and regulations especially in the field of capital market.
Profil Pejabat Sekretaris Perusahaan
Age: 36 years
Domicile: Jakarta
Education:
• Bachelor of Communication from
Prof. Dr. University. Moestopo (Religion) (2004)
• Master of Management in Financial Business,
Pelita Harapan University (2016)
Experience:
• Corporate Secretary (April 2019-now)
• Department Head of Institutional Relations
Other experience:
None
Legal Base for first appointment:
Director’s Decree No. 004/Instr/Dir/2020
Period:
Vita Mahreyni 2019 – now
Corporate Secretary
Function of Corporate Secretary

The Corporate Secretary acts as the policymaker, • Ensure that the Company fulfills its obligations to
as well as the function-in-charge of developing and the capital market and shareholders according to
managing the Company’s communications. Among pertaining regulations.
others, the Corporate Secretary is to: • Nurture the Company’s identity and image to
• Ensure smooth communication between the enhance the Company’s reputation.
Company and all stakeholders. • Manage the Company’s internal and external
• Ensure the availability of information that can communication channels and to direct the
be accessed by stakeholders according to their subsidiaries in their corporate communication
reasonable needs. activities

Other than the abovementioned functions, the The Corporate Secretary’s functions are
Corporate Secretary is also tasked to: implemented through various functions below:
• Manage the communication strategy to build the • Compliance officer, to follow and provide counsel
Company’s reputation to the Board of Directors about the pertaining
• Act as the Company’s representative and laws and regulations as well as ensuring that the
the connector between the Company and all Company abides to them.
stakeholders in communicating the Company’s • Stakeholders relation, providing service to
activities with accuracy and in a timely manner the shareholders, Board of Commissioners
• Control the delivery of the Company’s performance an Directors, as well as other stakeholders
and corporate actions to the Financial Services including but not limited to investors; relating to
Authority and stock exchange authority. information relevant to the Article of Association
• Coordinate the reporting of the Company’s and pertaining regulations. This service is in line
Annual Report and Financial Report in a timely with the transparency and disclosure principles
manner to the capital market and stock exchange that the Company promised to its stakeholders
authorities • Liaison officer/contact person, to act as the
• Coordinate the implementation of the Board of connector between the Company and Bapepam-
Directors’ meetings, the meetings between the LK, the stock exchange, and the public.
Board of Directors and Commissioners, and the • Business information, to provide information
Annual General Meeting. about the actual events in response to rumors or
hearsays, whether they be positive or negative,
to all stakeholders.
Roles and Responsibilities

The Company’s roles and responsibilities are 2. To provide input to the Board of Directors and
described in the Bapepam-LK Regulation IX.14 about Commissioners of the Issuer or the Public
the Corporate Secretary and SOE Minister’s Decree Company to comply with the capital market laws;
No. KEP-117/M- MBU/2002 about the Implementation to conduct orientation program for the Board of
of GCG Practices in State-Owned-Enterprises, as Directors and Commissioners of the Company
well as the Financial Services Authority’s Regulation 3. As the bridge between the Issuer or the Public
No. 35/ POJK.04/2014 on 8 December 2014 about Company with their shareholders, Financial
the Issuer’s Corporate Secretary or the Public Issuer. Services Authority and other stakeholders.
4. The Corporate Secretary is required to produce
The roles and responsibilities of the Company a report no less frequently than once per annum
Secretary are: about the implementation of the Corporate
1. To follow the development in the capital market Secretariat function to the Board of Directors, cc-
especially the pertaining laws in the area of ed to the Board of Commissioners.
capital market.

Organizational Structure of the Corporate Secretariat
Corporate Secretary
Department of Department of Department of Corporate

Institutional Relation Corporate Office Communication
Unit of Relation Unit of Corporate Unit of Board Unit of Internal Unit of External
Management Support Support Communication Communication
Duties Carried Out in 2020

In the year 2020, the Corporate Secretary’s activities It also builds relationship with shareholders,
include managing relationships with shareholders bondholders and holders of other securities;
and stakeholders, internal and external relations, analysts, journalists, trustees rating agencies, Self
as well as providing counsel to the Board of Regulatory Organizations (SRO) and other members
Directors about compliance to pertaining laws and of the financial community.
regulations, including Good Corporate Governance
in the Company. The Corporate Secretary also manage activities
relating to the department’s functions in institutional
As the bridge between the Company and the relations, corporate office, and corporate
capital market community and other stakeholders, communications; including coordinating and
the Corporate Secretary together with Investor supporting the Directorates or other stakeholders to
Relations ensure the transparency aspect as one of successfully run the corporate actions.
the GCG principles to the capital market authority.
Correspondence with the Corporate Secretary
To comply with regulations and improve the development and the latest financial condition. In
effectiveness of its communication, the Company addition, the Company also conveyed information to
hosted media gatherings, press conferences, all employees through its internal communications
media visits, public exposes, and press release program. This is done to ensure equal access to
distributions to communicate its operational information to all stakeholders.

In the year 2020, the Corporate Secretary has Organisation (BEI, KSEI, KPEI), BAE, and other
conducted several activities related to the relevant institutions; hosting feedback meetings
stakeholders: hosted one Annual General Meeting, and hosting work visits from members of DPR-RI
participating in every meeting of the Board of (the national parliament); hosting or participating in
Commissioners and Directors as well as writing the public exposes, media site visits, analyst meetings,
Minutes of Meetings; communicated with the Ministry conferences, exhibitions and hosting press
of State-Owned-Enterprises, the Ministry of Finance, conferences as well as teleconferences.
the State Secretariat, Bapepam, Self Regulatory
Information Disclosure
In the interest of ensuring people’s access to The Company also issued press releases to the
information, the Company continuously submits a media. Below is the list of press releases published
report to the regulator. Every year, the Corporate throughout the year 2020:
Secretary develops an Annual Report in compliance
to pertaining regulations.
No Number Date Title
1 001/HM.03/50050407/2000/01.20 8 January 2020 Celebrating its 7th Anniversary, Semen Indonesia

Held a Gathering and Rewarded Employees
2 002/HM.03/50050407/2000/01.20 23 January 2020 Semen Indonesia Revitalized the Civil Engineering
Lab at Bung Hatta University, West Sumatera
3 003/HM.03/50050407/2000/02.20 11 February 2020 Semen Indonesia is Now SIG
4 004/HM.03/50050407/2000/03.20 12 March 2020 SIG Encourages Public to Live a Healthy
Lifestyle to Curb the Spread of Coronavirus
5 005/HM.03/50050407/2000/03.20 17 March 2020 SIG Recorded 2019 Net Profit of Rp2,392 Trillion
6 006/HM.03/50050407/2000/04.20 6 April 2020 SIG Delivered Medical Equipment and PPE
for Medics at Semen Gresik Hospital
7 007/HM.03/50050407/2000/04.20 9 April 2020 SIG Initiated Joint Venture Company with Village
Enterprise (BUMDes) in the town of Rembang
8 008/HM.03/50050407/2000/04.20 21 April 2020 SIG Works at Global Investment
Partnership for Growth
9 009/HM.03/50050407/2000/05.20 2 May 2020 SIG and SOE Task Force for Disaster
Response in Central Java Delivered
Medical Equipment and PPE
10 010/HM.03/50050407/2000/05.20 5 May 2020 SIG Delivered Medical Equipment and
PPE Worth Rp750 Million for COVID-19
Handling in Gresik and Lamongan
11 011/HM.03/50050407/2000/05.20 7 May 2020 SIG’s Zakat Collection Unit (Unit Pengumpul
Zakat - UPZ) Delivered Aid for COVID-19
Handling in Gresik and Lamongan
12 012/HM.03/50050407/2000/05.20 8 May 2020 Maintaining Performance, SIG
Fulfilled its Commitment through On-
Time Payment of Obligation
13 013/HM.03/50050407/2000/05.20 12 May 2020 SIG Delivered Medical Equipment and PPE for
COVID-19 Handling in Bondowoso and Situbondo
14 014/HM.03/50050407/2000/05.20 13 May 2020 Optimizing Services during the Pandemic,
SIG Strengthens its Digital Platform

15 015/HM.03/50050407/2000/05.20 15 May 2020 SIG Recorded Rp8.58 Trillion

Revenue in Q1 of 2020
16 016/HM.03/50050407/2000/05.20 20 May 2020 Under the Instruction of the SOE Ministry, SIG
is Ready to Roll Out “The New Normal”
17 017/HM.03/50050407/2000/05.20 22 May 2020 Welcoming Eid Mubarak 1441 H, SIG Delivered
64,601 Packages of Daily Necessities
18 018/HM.03/50050407/2000/06.20 10 June 2020 SIG Launches Online Ready Mix Go To Retail
19 019/HM.03/50050407/2000/06.20 19 June 2020 SIG Distributes 10% Dividend
20 020/HM.03/50050407/2000/06.20 25 June 2020 Innovations Done by Small-Medium Enterprises
under SIG’s Wings During the COVID-19 Pandemic
21 021/HM.03/50050407/2000/07.20 10 July 2020 SIG Implemented New Reclamation Technique
in the Post-Mining Fields of the Tuban Factory
22 022/HM.03/50050407/2000/07.20 17 July 2020 SIG Launched “Construction Masters
Collective 2.0” (Arisan Jago Bangunan
2.0) for Construction Workers
23 023/HM.03/50050407/2000/07.20 21 July 2020 SIG Uses Trash in Cilacap as Alternative Fuel
24 024/HM.03/50050407/2000/07.20 25 July 2020 SIG Handed Out Umrah Prize to the Grand
Prize Winner of “Arisan Jago Bangunan 2.0
25 025/HM.03/50050407/2000/07.20 29 July 2020 SIG and BTN Partnered to Speed Up
Development of Housing Complexes
26 026/HM.03/50050407/2000/07.20 30 July 2020 SIG Implemented AKHLAK BUMN Internally
27 027/HM.03/50050407/2000/08.20 3 August 2020 SIG Recorded 26.3% growth in Net
Profit in the First Semester of 2020
28 028/HM.03/50050407/2000/08.20 11 August 2020 SMEs in Poultry Cluster under SIG’s Coordination
Continued to Grow in the midst of the Pandemic
29 029/HM.03/50050407/2000/08.20 14 August 2020 Caring for Education, SIG Built
Schools in Pasuruan and Bogor
30 030/HM.03/50050407/2000/08.20 22 August 2020 SIG Built Village Infrastructures in Central
Java and West Java Worth Rp 1.94 Billion
31 031/HM.03/50050407/2000/08.20 31 August 2020 Through Efficiency Programs, SIG Net
Profit Grew 26.3% in the First Semester
32 032/HM.03/50050407/2000/09.20 10 September 2020 SIG Used Clay Post-Mine Fields in Tuban
as Cavendish Banana Plantation
33 033/HM.03/50050407/2000/09.20 18 September 2020 Assisting Fisheries SMEs to Grow, SIG
Provided Mentoring and Supplies
34 034/HM.03/50050407/2000/09.20 26 September 2020 SIG Worked with Balitjestro to Grow Fruits
in the Green Belt of its Tuban Factory
35 035/HM.03/50050407/2000/10.20 1 October 2020 SIG Supplied Cement for the
Trans-Sumatera Toll Road
36 036/HM.03/50050407/2000/10.20 5 October 2020 SIG Used Biomass as Fuel Alternative
37 037/HM.03/50050407/2000/10.20 7 October 2020 SIG Rewarded Driver with an Umrah Pilgrimage
38 038/HM.03/50050407/2000/10.20 14 September 2020 SIG Launched Dynamix Masonry, New
and Innovative Type of Cement
39 039/HM.03/50050407/2000/10.20 26 October 2020 SIG Supplied Concrete for
Production Floor Construction

40 040/HM.03/50050407/2000/11.20 4 November 2020 SIG Recorded 19.1% Net Profit Increase

between January-September 2020
41 041/HM.03/50050407/2000/11.20 10 November 2020 In Commemoration of National Heroes’
Day, SIG Provided Scholarships to 72
University Students in South Sulawesi
42 042/HM.03/50050407/2000/11.20 19 November 2020 Bandeng Mentari, a Local Business
under SIG’s mentoring, Continued to
Innovate to Survive the Pandemic
43 043/HM.03/50050407/2000/11.20 25 November 2020 SIG Delivered Tanker Car and Rice
Harvesting Machine Worth Rp730
Million to Trenggalek and Pacitan
44 044/HM.03/50050407/2000/11.20 26 November 2020 SIG and KAI Partnered to Optimize
Cement Transport
45 045/HM.03/50050407/2000/11.20 27 November 2020 SIG and Baturaja Joined Hands to Establish ICRI
46 046/HM.03/50050407/2000/12.20 12 December 2020 SIG’s Innovation Team Won 10 Platinum
Awards at ICQCC, Bangladesh
47 047/HM.03/50050407/2000/12.20 14 December 2020 SIG CEO Hendi Prio Santoso Won Best
CEO Award at Top SOE Awards 2020
48 048/HM.03/50050407/2000/12.20 23 December 2020 SIG Delivered Aid to Hospital and Primary

Care Medics in Tuban, East Java
49 049/HM.03/50050407/2000/12.20 29 December 2020 Committed to Implement Anti-Corruption System,
SIG Obtained ISO 370001:2016 Certification
Skills Development
Education and Training attended by the Corporate Secretary in the year 2020 could be viewed in the
Company Profile of this Annual Report.

INTERNAL AUDIT DEPARTMENT
Internal Audit Charter

In its duties, the Internal Audit Department is guided The Company’s Internal Audit Charter consists of six
by the Internal Audit Charter ratified by the CEO and chapters as follows:
approved by the Independent Commissioner as 1. BAB I Introduction
Chairman of the Audit Committee on 17 July 2017. 2. BAB II Internal Audit Group
Other than as a guiding principle, the Internal Audit 3. BAB III Standards for Audit Implementation
Charter also plays a role in strengthening the roles, 4. BAB IV Ethical Code
function, responsibilities and the form the basis of 5. BAB V Internal Audit Function Synergy
existence and implementation for internal audit 6. BAB VI Closing
duties.
Purpose of Audit
The Internal Audit Department conducted various 2. Provide rational, complete, accurate and timely
audits with the intention to: recommendation to the management to improve
1. Help Management achieves the Company performance, achieve goals and prevent/avoid
goals by conducting independent review and potential breach.
consultation to ensure that risk management,
internal control and corporate governance
processes are implemented effectively.
Profil of Internal Audit Department Officer

Age: 50 years
Domicile: Jakarta
Education:
Bachelor of Economic,
Accounting – Unversity of Gadjah Mada (1996)
Experience:
• General Manager Internal Audit Deptartment
SIG (Oktober 2020-Sekarang)
• Group Head Internal Audit (PGN)
• Senior Manager IA (TGI)
• Auditor Senior (PetroChina)
• Auditor Senior (Deloitte Touche)
Other experience:
• IIA Member
• FKSPI Member
Legal basis for first assignment:
Pramono Harjanto 0039/SI/DK/RHS/10.2020
GM of Internal Audit Areas of expertise:
Investigation Audit

Roles and Responsibilities

According to the Internal Audit Charter, The Internal Audit Department must always puts forward
Audit Department is tasked to help the Company independence, objectivity, and without taking
achieves its goals by: over or accepting management responsibilities.
a. Designing and implementing the Annual Internal The Management’s responsibilities include but
Audit Program Plan consisting of review and are not limited to:
appraisal of the efficiency and effectiveness • Operational activities of the work unit/requester
of the financial, operational, human resources, • Every decision-making of the work unit/
marketing, information technology and other requester based on the consultative activities
areas.
b. Providing advice for improvement and objective 1. Conducting analysis, appraisal, recommendation,
information about the reviewed activities at all consultation and reporting of all activities
levels of management. conducted based on:
c. Monitoring, analysis and reporting on the follow- • The Professional Internal Audit Standards
up of recommended actions. • International Professional Practices
d. Developing quality assurance program for the Framework (IPPF).
internal audit activities it conducts. • The pertaining laws and regulations
e. Reviewing and/or auditing the Company financial • Other rules the Company must abide to,
statements periodically. such as the SIG Management System, and
f. Fulfilling its role as a counterpart in coordinating the Board of Directors’ decrees, Manuals and
with the external auditor and other supervisory Work Instructions
institutions. 2. Writing a Review Report and presenting
g. Conducting special reviews, if needed. the findings to the CEO and the Board of
h. Providing consultation in the form of advice at the Commissioners c.q. Audit Committee.
request of a work unit or a specific party. The nature 3. Coordinating, collaborating and partnering
and scope of this consultancy service is based with the Audit Committee in doing its roles and
on the agreement with the work unit/requester. functions according to the pertaining laws and
In doing the consulting service, the Internal regulations
Authorities of the Internal Audit Department

In carrying out its duties, the Internal Audit 4. See and study data, documents and Company
Department is guided by a Program Plan that has notes, to obtain necessary information relating to
been approved by the CEO and Audit Committee, its task
from which the department has authority and 5. Ask for external examiners to be funded by the
unlimited access to: Company should there be no competent and
1. Conduct a review of work activities, workplace, sufficient number of personnel
and every area of the Company where its assets 6. Access every relevant information about the
and interests lie Company in relations to its task and functions
2. Ask for information and explanation from every 7. Communicate directly with the Board of Directors
level of management and employees, and be and Commissioners, and/or the Audit Committee
present in meetings deemed relevant in the 8. Conduct periodic and incidental meeting with the
Company Board of Directors and Commissioners as well as
3. Receive a copy of decisions, agreements, and/ the Audit Committee
or other binding and applicable rules and 9. Coordinate its activities with that of the external
regulations in the Company as well as summaries auditor
and minutes of meetings as required 10. Convey to the CEO and/or the Audit Committee

should there be any indications of fraud for Every level in the Company is mandated to cooperate
follow-up actions. The investigation itself should without delay with the Internal Audit Department.
be done under the leadership of the Board of Every attempt at blocking access should be
Directors for internal operational matters and communicated to the relevant management team
done by the Internal Auditor (supported by the and should be resolved. Should there be a need, the
External Auditor if needed). For matters at the level Head of Internal Audit Department could report to
of Board of Directors or above, the investigation and seek resolution from the CEO and/or the Audit
should be done by an External Auditor. Committee.
Scope of the Internal Audit Department

The scope includes all business matters in the 6. Providing internal consultations, if needed, to the
Company and its subsidiaries, covering the following Company’s management to:
activities: • Formulate the Company’s Program Plan and
1. Testing, evaluating and providing opinion over Budget, and
the effectiveness of the internal control system, • Facilitate the identification of risks and controls
risk management, and corporate governance 7. Conducting audit in the cement production
according to the Company policies subsidiaries based on the blueprint strategic
2. Evaluating, reviewing, and providing consultation, holding blueprint and in accordance with the
among others in the development and HoldCo Internal Audit Work Plan
implementation of Control Self Assessment (CSA) 8. Conducting audit in a subsidiary, if needed, in
in the Company’s main business process accordance with the disposition from the CEO (as
3. Confirming and reviewing the quality of the the shareholder in the subsidiary) or the Board
Company’s Good Corporate Governance of Commissioners/Audit Committee, and/or the
implementation request of the Board of Commissioners of the
4. Providing assurance of the Company’s compliance subsidiary through the CEO
to pertaining rules, regulations, standards and 9. Fulfilling other duties and responsibilities in
business ethics. support of the pertaining blueprint strategic
5. Evaluating the reliability and integrity of holding of the Company.
information and the ways to identify, measure,
classify and report on those information
Parties to Appoint and Dismiss the Head of Internal Audit
The Company’s Head of Internal Audit Department is appointed and dismissed by the CEO upon the approval
of the Board of Commissioners. Every appointment, replacement and dismissal , there should be a notification
to the Financial Services Authority (OJK).

Department Internal Audit Organizational Structure
Department of
Internal Audit
Unit of Core Process Unit of Accounting & Unit of ICT and Unit of Audit
Business Audit Finance Audit SBED Audit Development
Core Process Accounting & ICT and SBED Internal Audit

Business Auditor Finance Auditor Auditor Officer
SIG’s Internal Audit Synergy Roadmap 2017-2021

In carrying out its duties, the Internal Audit Department set a roadmap for the SIG Internal Audit as follows:
2017 2018 2019 2020 2021
• Implementation • Optimization of • Optimization of • Optimization • Optimization of

of KSO audit Group e-audit Group IA systems: of Group IA Group IA systems:
system design, (e-GRCA) system 1. e-audit Group systems: 1. e-audit Group
procedures and • Implementation of (e-GRCA) 1. e-audit Group (e-GRCA)
organization systems: 2. Timesheet (e-GRCA) 2. Timesheet
• Implementation of 1. Timesheet 3. Continuous 2. Timesheet 3. Continuous
systems: Group IA monitoring 3. Continuous Monitoring
1. e-audit Group 2. Continuous • Improvement monitoring • Improvement on IA
(e-GRCA) monitoring on Group IA • Improvement Group consultative
2. Timesheet Group IA consultative on IA Group activities
3. Continuous 3. Group GCG Self activities consultative • Implementation of
monitoring Assessment • Implementation activities External QAR in
• Standardization • Improvement on of Group Internal • Implementation Semen Indonesia
of IA group IA consultative QAR of QAR Internal (Persero) Tbk.
consultative activities at SI • Group Audit Group (Target Maturity
activities • Design of Group on Strategic • Group Audit Level: Problem
• Review of Internal Internal QAR Investments on Strategic Solver)
Control and GCG blueprint • Audit of Investments • Group Audit
Self Assessment • Group Audit NonCement • Audit of on Strategic
• Group Audit on Strategic Business NonCement Investments
on Strategic Investments Subsidiary Business • Audit of
Investments • • Competence • Internal Auditor Subsidiary NonCement
Competence certification of Competency • Internal Auditor Business Subsidiary
certification of Internal Auditors Certification Competency • Internal Auditor
Internal Auditors • IA Group Certification Competency
Standardization • IA Group Certification
Standardization • IA Group
Standardization

Professional Certification for Internal Audit

To improve on the quality of audit, the Company equipped its auditors with audit certifications, among them:
No Nama Sertifikasi Profesi
1 Muhamad Soleh, PIA Professional Internal Audit (PIA)

2 Rudy Subijantoro, SE.,PIA. Professional Internal Audit (PIA)
• Qualified Internal Audit (QIA)
3 Erfanti Qodarsih, SE., Akt., QIA. • Certified Risk Management Professional (CRMP)
• Chartered Accountant (CA)
4 • Qualified Internal Audit (QIA)
Dian Prapanca, SE., MM., QIA.
• Certified Risk Management Officer (CRMO)
5 Daniel Wirjawan D., SE., Cisa. Certified Information System Audit (CISA)
6 Budi Setiyawan, SH., PIA Professional Internal Audit (PIA)
Implementation in 2020
The Internal Audit Department has conducted the b. For accounting & finance audit, the Internal
following in 2020: Audit Unit has completed accounting and
1. Operational audit consisting of core process finance audit, PKBL audit and analytical review.
business audit, accounting & finance audit, as c. For ICT and BSED audits, the Internal Audit
well as ICT and BSED audits . Unit has completed the stratetic ICT audit,
a. For core process business audit, the Internal Human Resource Governance review, as well
Audit Unit has completed the production as the GRC and legal audit for 2019.
and maintenance audit, marketing and sales 2. Internal QAR
audit, and strategic procurement audit. The 3. GCG Internal Assessment
supply chain and infrastructure audit would be
postponed to 2021.

Skills Development
Education and training where our Internal Audit Unit participated in in the year 2020 could be viewed on the
Company Profile in this Annual Report.
Judul Person
Ngampooz Talk “Guarding Data and Information in the Digital Era” Daniel Wirjawan
Training on the implementation of Good Corporate Governance in State-Owned Enterprises Daniel Wirjawan
Fraud Tree All Team Auditor SIG

An Autopsy on a Data Privacy Case Daniel Wirjawan
GRC Summit: Integrated GRC 2020: Embrancing a Better New Normal Daniel Wirjawan
New Approaches in Developing the Internal Audit Work Plan All Team Auditor SIG
ISACA ID Webinar Session 8 July 2020 Daniel Wirjawan

MTS June 2020 Daniel Wirjawan
General Control: Change and Patch Management Daniel Wirjawan
Agile Auditing: Partnership between the Audit Committee and All Team Auditor SIG
Internal Auditors in Responding to Disruption
Information Security: Exposition and Consultation on Securing Daniel Wirjawan

Personal Data at Local Servers and the Internet
Interpretation of KPKU 2020-G Yudi Ismanto
Component of Audit Reporting Setyo Budi Prayitno
Audit Exposures and Audit Suggestion Dian Prapanca
Investigation for Internal Auditors Eka Kristiani
Why Risk Audit Erfanti Qodarsih, Bakti Prasetyo
Internal Audit Root Couse Analysis Dian Prapanca
The Role of Analyzing Business Process Eka Kristiani
Business not as usual: impact of covid19 to FR and Tax Erfanti Qodarsih
How to detect Fraud All Team Fin & Acct Audit
Talent Management (Survey Result IIA) Setyo Budi Priyitno
Performance Appraisal for Internal Auditors (Survey Results IIA) Erfanti Qodarsih
Audit Partnership with the Directorate General of Taxation and Customs Erfanti Qodarsih
Follow-Up of OFI regarding KPKU 2019 All Team Core Process Buss Audit
Socialization of the Main Directorate’s Business Partners Yudi Ismanto
Sosialisasi Business Partner Direktorat Utama. Yudi Ismanto

PUBLIC ACCOUNTANT
A public accounting firm (Kantor Akuntan Publik on the proposal of the Board of Commissioners
– KAP) was assigned to conduct an independent and considering the recommendation of the
monitoring of the Company’s financial aspect Audit Committee. The bidding process was done
through an external audit. The Annual General according to the pertaining procurement process
Meeting on 19 June 2020 decided who would for goods and services. To guarantee independence
conduct be chosen as the external auditor reviewing and quality of the audit, the External Auditors should
the 2020 Corporate financial statements, based not have any conflict of interest with the Company.
Policy around Assigning a Public Accountant

With regards to engaging with a public accountant, should be done by the same public accountant
the Company referred to the terms in the Financial for a consecutive period of no longer than three
Services Authority No. 13 of the year 2017 about years in a row. The assigned independent auditors
the Use of Public Accountant Chaper Penggunaan were responsible to state his/her opinion over the
VI article 16 (1) which stated that the general audit consolidated financial reports based on the standard
services over the financial statements of an entity accounting practices in Indonesia.
Public Accountant Firm and Public Accountant(s)

Year Public Accountant Firm Name of Accountant Fee (Rp) Opinion
(Partner-in-charge)
KAP Tanudiredja, Wibisana, M. Jusuf Wibisana

2020 Rintis & Partners (member of (No. AP. 0222) 7.733.350.000
PwC network of companies)
2019 KAP Tanudiredja, Wibisana, M. Jusuf Wibisana Unqualified
Rintis & Partners (member of (No. AP. 0222) 6.477.250.000 Opinion
PwC network of companies)
2018 KAP Satrio Bing Eny & Partners Muhammad Irfan Unqualified
2.737.500.000
(member of Deloitte Touche Tohmatsu) (No. AP. 0565) Opinion
2017 KAP Satrio Bing Eny & Partners Muhammad Irfan Unqualified
6.726.750.000
2016 KAP Osman Bing Satrio & Eny Muhammad Irfan Unqualified
4.550.765.000

Other Serivces
In 2020, KAP Tanudiredja, Wibisana, Rintis & a. PT Semen Indonesia (Persero) Tbk.
Rekan (member of PwC network of companies) b. PT Semen Padang
provided other services other than general audit c. PT Semen Tonasa
of the consolidated financial reports of PT Semen 4. AUP for the Report on Activities for the
Indonesia (Persero) Tbk for fiscal year 2020, namely: Implementation of Precautionary Principle
1. Audit for the Financial Report on Partnership and (Kegiatan Penerapan Prinsip Kehati-hatian
Community Development Programs (Pengelolaan (“KPPK”) for the fiscal year ending 31 December
Program Kemitraan dan Bina Lingkungan - PKBL) 2019 for the following units:
for the fiscal year ending 31 December 2020 for a. PT Semen Indonesia (Persero) Tbk.
the following: b. PT Semen Gresik
a. PT Semen Indonesia (Persero) Tbk. c. PT Semen Padang
b. PT Semen Padang d. PT Semen Tonasa
c. PT Semen Tonasa e. PT Solusi Bangun Indonesia Tbk
2. Agreed Upon Procedures (AUP) for the Compiled f. PT Solusi Bangun Andalas
PKBL Financial Reports of PT Semen Indonesia 5. AUP Procedure on Key Performance Indicators
(Persero) Tbk, for the fiscal year ending 31 for the Board of Directors of PT Semen Indonesia
December 2020. (Persero) Tbk Collegially and Individually for the
3. AUP for the compliance of PKBL implementation year ended 31 December 2020
and financial management to pertaining laws and
regulations for the fiscal year ending 31 December
2019 for the following:
RISK MANAGEMENT
To handle and mitigate risks as the Company does with the latest risk handling methodology. This is also
its operational and investment activities, since 2005 in line with the Regulation from the Minister of State-
SIG has implemented a comprehensive Governance Owned-Enterprises No. PER-01/MBU/2011 about
of Risk by building an integrated Enterprise Risk Good Corporate Governance (GCG) application and
Management (ERM) system in every company’s its latest update in the Regulation from the Minister
management system. ERM has been consistently of State-Owned Enterprises No. PER-09/MBU/2012
implemented in all business processes as well as Article 25 about Risk Management.
strategic and operational decision-making.
Development & Implementation Milestones Risk
This system will continue to be developed in stages in management that has been implemented by SIG
line with the growth of our business, to keep it in line can seen in the following image:

2009 - 2018 2019 2020
Development and Implementation in 2019 Implementation in 2020

Implementation
• Development and • Review of SIG’s risk • Review of SIG’s risk

review of SIG’s risk management policy; management policy
management policies; • Design of risk management and procedures
• Risk management framework architecture based on • Implementation of anti-
implementation based ISO 31000:2018; bribery management system
on ISO 31000 : 2009; • Integration of risk based on ISO:37001;
• Risk management management policy with • Mentoring for the
socialization and training SIG’s existing policies development of Bribery
at every SIG element; and procedures; Risk Assessment (BRA) and
• Risk assessment in all • Risk management RIsk Mitigation Monitoring
of SIG’s work units; socialization and training Management Plant (RM3P);
• Assessment of risk at every SIG element; • Integration of risk
maturity level; • Design and implementation management policy
• Implementation of of risk assessment in with other ISO-based
risk-based audit; all SIG work units using management systems;
• Review of operational online application; • Risk management
and strategic risks; • Hybrid assessment of risk socialization and training
• Implementation of Internal maturity level, conducted by at every SIG element;
Control of Financial internal and external parties; • Design and implementation
Reporting (ICoFR); • Development of Risk Maturity of risk assessment in
• SIG risk management Level Assessment guideline all SIG work units using
implementation audit by the online application;
Board of Commissioners’ • Development of Risk Profile
Audit Committee guideline for business
• Development of and project processes;
SIG’s sustainable risk
management roadmap

Integrated Risk For this reason, SIG developed a professional and

Management System responsible corporate governance practice by,
SIG faces a wider array of challenges as it operates among others, implemented the Integrated Risk
in multiple locations, both in Indonesia and overseas, Management (IRM) system.
as a result of its development and expansion
plans. Among the challenges are: accurate Integrated Risk Management (IRM) in today’s era is
investment decision-making process, monitoring of the basis of implementation of each management
investment activity implementation, management of system. It sets an early parameter that risk
subsidiaries, changes in business environment, as management is no longer a secondary requirement,
well as regulatory and compliance requirements be rather a key and integral part of the whole
it in Indonesia or overseas. management system that needs to be applied in
all of SIG’s companies. SIG sees this as a priority.
SIG needs to understand and manage these Every component of SIG from today onwards thus
challenges effectively in order to achieve its goals needs to change their paradigm and make risk
and maintain optimum and sustainable growth. management as the foundation of management
Integrated Risk Management System
En er g y
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Sy e
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Mg
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system implementation in SIG, especially in smaller work units that own the risk.
Risk Management international standards and in line with SIG’s vision

Implementation Policy and mission. In 2019, SIG conducted a migration
SIG has implemented a transformation program process and adaptation from ISO 31000 : 2009 to
for risk management, shifting from AS/NZS as the ISO 31000 : 2018.
previous standard to ISO 31000 : 2009. By using
ISO 31000 : 2009 as the framework, it is hoped that In addition, SIG hopes that risk management
SIG’s risk management could be done according to implementation would support good corporate
governance so that SIG business processes can
Enterprise Risk Management System
Principles
ERM
Policy
Framework
Processes
run more smoothly according to the wishes of all hoped to embed risk management as a habit that
stakeholders. shapes every activity at SIG’s every element.
The challenges in implementing the risk In 2020, according to the instruction of the
management system in SIG is determining the Ministry of State-Owned-Enterprises, SIG
effectiveness of the socialization to all elements be iniated the implementation of the Anti-Bribery
it internal or external to build a risk-aware culture. Management System based on ISO 37001 : 2016.
SIG anticipated this challenge by conducting regular This implementation consisted of preparation,
socialization alongside infrastructure building in the socialization, to audit of ISO:37001 whereby the Risk
form of developing a risk management application. Management team and members of the Gratuity
Control and Anti-Bribery Team (Tim Pengendalian
Apart from socialization, we conduct open Gratifikasi dan Anti Penyuapan – TPAGP) were
proactive mentoring and facilitation so that during included in the Bribery Risk Assessment. The
the communication and consultative sessions on implementation of the Anti-Bribery Management
risk management with the risk process owners, System is among the many improvements in SIG’s
everyone is tuned to the Risk Management Process GCG as a state-owned enterprise.
Guidelines. The combination of these programs is

ERM Function’s Organizational Structure

SIG has formed the Enterprise Risk Management In addition, this function also designed a risk
(ERM) Department as a coordinator in applying the management framework and process from
corporate risk management system (IRM system). development to fine-tuning of infrastructure required
ERM’s function and role is to create policies, to apply the risk management system, as well as
frameworks and process for risk management in facilitated and socializing the activities relating to
the company according to the guidelines in the the risk management application.
International Standard for Organization (ISO).
Within the ERM structure, there are close connections
To operate a sustainable management system, between enterprise risk manager, business process
the ERM department conducts monitoring and owner as the risk owner, and the department’s
controlling of the implementation and reporting of internal audit as risk control so that every process
risk management from all risk owners so that the owner is responsible for risk control and mitigation
company’s vision and mission could be achieved. in his/her work unit.
Struktur & Peran Fungsi Risk Owner/Officer ERM
Risk Sponsor
BOD
Risk Owner as Coordinator Risk Control/Audit Corporate Risk Manager
Head of Department Head of Internal Audit ERM Department
Risk Owner as Officer

Head of Unit Department
Risk Owner as Creator (employees)
To support the ERM system implementation, department’s personnel are tasked to operate the
the Company assigned a Risk Officer in every system, equipped with training and certification in
busines process, responsible for management risk management (ERMCP dan ERMAP).
and monitoring of risks. Aside from that, ERM

ERM Structure’s Leadership and Commitment

A crucial counterpart who play an important role people to build, maintain and continually improve
in the structure is the Risk Sponsor, namely the on the ERM framework. Together, the Risk
Board of Directors. The Board of Directors and Management department and and staf coordinators
the Risk Management Committee support the in every divisionjointly undertake a review of
implementation of sustainable Risk Management the completeness ERM structure in order to risk
in SIG, and are committed to allocate the right mapping more better.
Evaluation of ERM System’s Implementation

SIG periodically evaluates the implementation of RML Assessment is an RML score ranging from 1 to
risk management system by conducting a Risk 5: initial (level 1), repeatable (level 2), define (level 3),
Maturity Level (RML) Assessment. The output of managed (level 4), and integrated (level 5).
Assessment Framework for the 2019 RML Assessment
4 5
2 3
1
INITIAL REPEATABLE DEFINE MANAGED INTREGATED
0-20% 21-50% 51-75% 76-90% 91-100%
The year 2019 saw a risk management system questionnaire, and interviews with relevant parties
implementation score of 3.7. This score was obtained such as the Board of Directors and Department
through a series of assessment by document review, Heads.
RML Assessment Score Achievement in 2019
PT Semen
1 Integrity Indonesia
(3,7)
2 Managed
3 Define
4 Repeatable
5 Initial

Gambar 6.
Specifically, the risk maturity level assessment Risk Management Process. Meanwhile, 2018 and
process underwent some technical changes pre 2019 assessment method used three elements in
and post 2018. Prior to 2018, the assessment was ISO 31000 : 2018 namely Principles, Framework and
based on the ISO 31000 : 2009 seven criteria on Risk Management Process
The Company’s RML Assessment Score
4.0
3.9
3.7 3.7 3.7
3.5
2011 2013 2015 2017 2018 2019
ERM Information System

To anticipate Industrial Revolution 4.0, SIG attempts Monitoring of Risk Management Realization Report
to adapt to the current business competition by was the next step after the “Submit Risk Register”
implementing changes to better address market process. The following figure pictured the risk
needs so that SIG could continue to grow sustainably management realization trend consisting of: total
in the coming years. mitigated risk in the current year (2,513) and the
realized percentage of 63% for Q2, 69% for Q3, and
IT system in the implementation of Risk Management 81% in Q4. The total of Risk Register submitted was
at SIG is an absolute need in Industrial Revolution 48 out of 48 departments, with total risk mitigated
4.0. For this reason, SIG has built an IT system that numbering 2,513 in Q1.
could improve effectiveness and efficiency of risk
management implementation in order to create
and/or maintain SIG values in every policy decision
going forward.

ERM Homepage
Dashboard view of SIG’s Operational Risk Handling

Dashboard view dari Pengelolaan Risiko pada Unit Kerja Pemilik Risiko
An information system that supports risk management architecture. The said integration relates to the
will go through continuous improvement according master data used as resources, as well as other
to company needs and its integration with other system implementation which also uses an IT
platforms already existing within SIG’s enterprise platform to support its function.

Risk Register and Risk Mitigation

No Risk type Risk Risk handling
1 Human Capital • Human Capital (Wider growth of the Company • Fulfillment of the employees’
Competency from capacity or business line, as well as competencies and capabilities
& System organizational transformation, requires • Development of the Talent Management
Readiness competent and capable human capital.) program to support SIG’s strategic
transformation programs
2 IT Readiness • IT Readiness (IT readiness to support • Implementation of the SIG’s ICT Masterplan
& Security the Company’s strategic programs
and business transactions)
3 Financial • Financial (Financial and liquidity management) • Optimization of SIG’s financial management
4 Maintenance • Politics & Regulation (The changes • Institutional relations and communication
Management of the regulatory that can be harmful management to advocate for
to company operations) regulatory changes relevant to SIG
5 Strategic Fuel • Sustainability (ESG) • Waste management and

alternative fuel utilization
• Communicating PKBL and CSR program
to community and stakeholders.
6 Legal and • Legal and Compliance • Conduct analysis/review of legal,

Compliance governance, as well as risk & compliance
& Kepatuhan aspects to ensure that the Company’s
(Lawsuit strategies and transactions are in
Potential) accordance with applicable laws and in
line with the GCG principles and criterias
7 Comodity & • Long-term contractual ties for
Energy Risk commodities coal with standard quality


INTERNAL CONTROL SYSTEM
The Company has implemented a comprehensive the quality of financial reporting, legal compliance,
Internal Control System (SPI) involving every function risk management, operational effectiveness and
in the Company including the BOC, BOD and all efficiency, and protecting Company assets at every
employees. The Company’s SPI activities were aimed level of the organization.
at helping the management in maintaining trust on
URGENT MATTERS
The year 2020 saw no material important matters with regards to the Company, subsidiaries, as well as the
BOC or BOD members.
ADMINISTRATIVE PENALTY
The Company did not receive any administrative penalty from the regulator throughout the year 2020.

ACCESS TO INFORMATION
AND CORPORATE DATA
SIG gives open access to all stakeholders about The Company also welcomes questions,
our performance in compliance with pertaining laws suggestions, critics and request for information
and regulations. The development of Company in writing, addressed to the headquarters and
performance and other corporate information such addressed to the Corporate Secretary on:
as the independent audited report, the annual
report, press releases, to company activities and Headquarters
events, can be accessed widely from our official South Quarter, Tower A, 19th-20th floors
website www.sig.id Jalan R.A. Kartini Kav.8, Cilandak Barat
South Jakarta 12430, Indonesia
Phone. +62-21-5261174-5
Fax. +62-21-5261176
Email: info@sig.id
Website: www.sig.id
Website: www.sig.id
Communication Policy
As a Public Company there is a requirement to The Company uses the following communication
disclose material information and facts about the channels to reach out to all stakeholders, among
Company to all stakeholders. For this reason, PT others: :
Semen Indonesia (Persero) Tbk. has created a 1. Annual report
Communication Policy with Shareholders, Investors 2. Interim and annual financial report
and/or Media. 3. Sustainability report
4. Annual General Meeting
This policy guides the process of disclosure 5. Public exposé
of information to stakeholders, the investment 6. Corporate website
community, the media and regulators in a way that 7. Press releases
is timely and true about the Company. In addition, 8. Press conferences
the capital market and stock exchange regulates 9. Corporate social media accounts
the Company to exercie information transparency 10. Corporate email
with all stakeholders according to pertaining laws 11. Open communication to public
and regulations. Material information should not 12. Shareholder question-and-answer and information
be exposed to the media before it was disclosed session
to the Financial Services Authority (“OJK”) and the 13. Analyst meeting
Indonesian Stock Exchange (“BEI”).

CODE OF ETHICS
SIG’s Ethical Standards

To ensure best practice in corporate governance, activities are conducted in compliance to applicable
SIG adopted the highest standard of good corporate laws and regulations.
governance, be it in Indonesia or internationally,
among others the criteria and methodology laid out Every SIG personnel must understand and sign
by the Ministry of SOE, OJK, and ASEAN Corporate the SIG ethical standards for good corporate
Governance Standard. These standards guided the governance. This included the BOC, BOD, the
BOC in carrying out its monitoring function as well supporting functions of the BOC, and every
as the BOD in its operational function. Functions individual including employees at the head office,
that support good corporate governance also work business unit, projects, subsidiaries and SIG-
in synergy to ensure that the Company’s operational affiliated companies
Content and Main Points of the Ethical Code

The ethical code is a set of commitments comprising The ethical code consists of the following content:
the company’s business ethics and a code of Chapter I Introduction
conduct all company personnel, written to affect, Chapter II Corporate Business Ethics
shape and regulate proper behavior based on the Chapter III Corporate Code of Conduct
principles of ethical sensibility, ethical reasoning Chapter IV Implementation of the Code of Conduct
and ethical conduct to achieve an outcome that is Chapter V Closing
consistent with the corporate culture to achieve our
vision and mission.
Ethical Code Socialization and Dissemination to the Employees

According to the KBUMN Secretary’s Decree No. SK- of Corporate Communication to disseminate the
16/S.MBU/2012 and Financial Services Authority’s latest Ethical Code to all employees through an
Regulation No. 33/POJK.04/2014, the Ethical Code email blast on June 25, 2020 as well as publishing
has been uploaded and displayed on the company an article titled “SIG Publishes Ethical Code for All
website and could be accessed by all stakeholders. Employee Personnel” in the internal print publication
In addition, the Department of Enterprise Risk SMILE on June 26, 2020.
Management is working alongside the Department

Enforcement and Application of the Ethical Code

The ethical code is applicable to members of the Enforcement of the ethical code is the responsibility
Board of Directors and Commissioners, the support of every company personnel. The Board of
function to the Board of Commissioners, and every Comissioners and Directors are responsible for the
employee. Every company personnel must sign an implementation of the ethical code in the company
agreement to comply to the ethical code. with the support of EVP, SVP, department heads and
other officers in these ranks.
Monitoring of Compliance to the Ethical Code

1. Reporting, Handling and Enforcement of Violation might have happened, and will not tolerate
The company gives an opportunity to company every discrimination or pushback towards the
personnel and other stakeholders to submit whistleblowers who have, in their good intention,
reports about suspected ethical code violations reported on the possibility of a violation.
to the company through the whistleblowing team
who acts in accordance with the company’s Every report, handling and enforcement of rules in
whistleblowing system. In submitting the line with ethical code violation is an unseparable
suspected violation, the whistleblower is part of the company’s whistleblowing system.
encouraged to provide some personal details
for easy communication. The company respects 2. Penalty for Violation
the whistleblower’s right to anonymity and will Non-compliance to the ethical code could be
follow up on each valid report submitted in good categorized as corruption and economic crimes,
intention for the benefit and improvement of the general criminal action, and violation of company
company. The company guarantees to protect policies. Non-compliance that can be categorized
the whistleblower’s identity. as corruption, economic crimes and general
criminal action will be pursued in accordance
We will make our best attempt to maintain secrecy with prevailing laws and regulations or by using
in all investigations, unless disclosure is critical in the mechanism in the whistleblowing guidelines.
relations to the investigation and reporting to the Non-compliance that falls under violation of
relevant authorities or to defend the company’s the company policies will be pursued based on
standpoint before the law. The company the employement agreement, or by using the
respects every whistleblower’s right to submit mechanism in the whistleblowing guidelines.
a report including the possibility that violations
Number of Ethics Violation Reported Including

Sanctions Given in the Last Fiscal Year
There were no complaints submitted relating to ethical violation by an employee throughout fiscal year 2020.

ANTI CORRUPTION POLICIES
In the year 2020 SIG obtained the ISO 37001 and conduct a bribery risk assessment (BRA). This
certificate for our anti bribery management system. initiative supports SIG’s sustainable living goal to
There will be a surveillance audit to measure the conduct our business in a way that is corruption-
performance and effectiveness of this system. Every free, positively impacting our ecosystem; as well as
department is required to have an anti bribery goal a workplace that has integrity.
PREVENTING GRATIFICATION
SIG received ISO 37001 certification in August gifts from any individuals or organizations within
2020. The certification is valid for three years and their job scope with SIG.
an annual audit surveillance will be conducted to 3. Encouraging relationships based on good
assess performance and effectiveness of our anti- intentions, or under the premise of reasonable
bribery management system. Every department is belief without fear of retaliation.
required to have anti-bribery goal and conduct a 4. Setting the authority and independence of the
bribery risk assessment (BRA). Business activities SIG Gratification Control and Anti Bribery Team
that are free of corruption will lead to positive (Tim Pengendalian Gratifikasi dan Anti Penyuapan
impact in the ecosystem and work environment, and - TPGAP).
supports the attainment of SIG’s sustainable living 5. Fulfilling the requirements for Anti Bribery
goals. Management System and conducting periodic
improvement
As the largest construction material solution in the 6. Prohibiting punishment or pushback towards
region, SIG is committed to conduct business in a whistleblowers because of his/her concerns over
way that complies with prevailing laws with regards the Anti Bribery Management System
to gratification, bribery and corruption by abiding to
the highest ethical standards by: SIG is committed to conduct monitoring of said
1. Prohibiting SIG personnel from luring public policy. We have socialized this policy through various
servants, business partners and other third programs to encourage an anti gratification and anti
parties relevant to our work with gifts or promises bribery culture within our company including all
2. Prohibiting SIG personnel to ask for any sorts of subsidiaries. Among others, we conducted activities

to internalize the GCG, printed a guide book on socialize the principles. The company provides
gratification control, printed banners and placed consequences for non compliance of this policy,
them in high visibility spots within our premise, ranging from disciplinary action, termination of
to using the intranet as well as printed media to employment, civil case to criminal suit.
TRANSPARENCY ON THE
COMPANY’S FINANCIAL AND NON-
FINANCIAL CONDITIONS
We have fulfilled our transparency requirement by Commissioners and Directors, and internal
publicizing our financial and non financial conditions policies relating to corporate governance from
according to the pertaining regulations through Articles of Association to Committee Charters - all
the following channels, be it in print or through the publicized on the company website.
company website:: 5. Information on the company’s products and
1. Quarterly Financial Report to the regulator, which services, including our network of offices and
is also publicized through print media and the subsidiaries are publicized through the Annual
company website. Report and on the company website, so that the
2. SIG Annual Report which is put together and public at large can easily access information of
presented to the regulator according to their what we have to offer.
terms and conditions. 6. Information on the procedure to lodge a complaint
3. Audited Annual Financial Report through the company website for matters in
4. Information on corporate governance, among relations to consumer protection.
them the Annual Corporate Governance 7. Other information in support of information
Report, Vision, Mission, Values of the Company, transparency and public services.
Composition and Profiles of the Board of

PROCUREMENT POLICIES
SIG has a goods and services procurement policy. responsibilities of each party and the role of each
This policy regulates the user and manager of party in the procurement process.
the goods and services, the manager of the
procurement process, the manager on the supplier SIG’s procurement policy has been adjusted to SNI
side, the materials manager, the procurement team, ISO 37001 about Anti-Bribery Management System
the relevant executives as well as the supplier of the (SMAP).
goods and services with duties, functions, rights and
NET WORTH REPORT OF STATE APPARATUS
In accordance to Law No. 28 /1999 about Corruption, The Company has also determined the parties
Collusion and Nepotism-Free State Administration, responsible to report their assets to KPK. The
the Company has complied by reporting the assets Company also facilitated, coordinated and socialized
and wealth (LHKPN) of its executives to the Anti- the need for reporting as well as provided technical
Corruption Agency (KPK). guidance on how to lodge this report through the
e-LHKPN application.
LHKPN 2020 Realization

SIG recorded 100% compliance in submitting the LHKPN report by all relevant officials, with not a single late
report

WHISTLEBLOWING SYSTEM
As a commitment to implement GCG, SIG welcomed transparency, accountability and fairness in the
feedback on possible violation be it from internal implementation, SIG implemented a whistleblowing
or external parties (such as customers, suppliers system (WBS).
or general public). To improve on the quality of
Types of Violation that could be Reported

The company classifies the violations into three 2. Category 2 (General Criminal Actions)
types, whereby each warrants a different treatment: This classification covers many types of criminal
acts as stipulated in the Criminal Act and relevant
1. Category 1 (Corruption and Economic Crime) laws, including but not limited to theft, violence
• Economic crimes that fall under the category towards employees or supervisors, blackmailing,
of corruption, be it beneficial to self or other use of illegal drugs, harassment, and other
parties; fraud, abuse of power with regards to criminal actions that may endanger the safety and
management and use of funds belonging to the health of people at work, the company, and the
company (financial fraud), bribery, gratification surrounding communities; that are done by any
and conflict of interest conducted by any of the of the company personnel.
company’s personne 3. Category 3 (Violation of Company Policies)
• Violations of accounting principles and This covers every violation other than corruption
processes as well as capital market authority’s and economic crimes, general criminal actions,
regulations with regards to financial reporting, as regulated by the company’s ethical guidelines,
non compliance to taxation rules, and other types policies and standard operating procedures, as
of fraud that could lead to financial losses to the well as employee disciplinary policies; that are
company or any other parties that are done by done by any of the company personnel.
the Board of Directors and/or Commissioners.
The Company’s Whistleblowing System’s Structure and Mechanism

Mechanism for handling the violation reports • Submitting six-monthly activity report to the
consists of four key elements: Board of Commissioners
1. Tim Pengelola Pelaporan Pelanggaran (Violation 2. Investigation Team, consisting of the Internal
Report Management Team - TP3) is tasked to: Investigation Team, External Investigation Team,
• Receive, register and categorize the reports and Subsidiaries’ Investigation Team. They
• Conduct informant’s protection program are tasked to investigate the substance of the
according to the prescribed policies, including violation reports in greater depth in order to
maintaining confidentiality of the reporter’s collect evidence of a violation
identity as well as the persons being reported 3. Board of Commissioners, tasked mainly to select,
under the presumption of innocence. confirm (based on the types of violation, who
• Maintaining regular communication with the did it and the presence of evidence) and verify.
informant The members also decide if the reports will be

pursued further and archived in the instance that an investigation if the violation might have
the persons being reported include any members been done by the Board of Commissioners or
of the Board of Commissioners, Directors, or Directors of any subsidiaries
Support Functions to the Board of Commissioners. 4. Board of Directors, tasked mainly to:
• Select, confirm (based on the types of viation,
Should there be a decision to pursue who did it and the presence of evidence) and
any whistleblowing reports, the Board of verify. The members also decide if the reports
Commissioners will: will be pursued further and archived in the
• Assign the Investigation Team to find more instance that the persons being reported are
facts and evidence, if the violation might employees
have involved any members of the Board • The Board of Directors assign the Investigation
of Commissioners, Directors or the Support Team to find more facts and evidence relating
Function of the Board of Commissioners (as to any violations that might have involved any
individuals); or members of the Board of Commissioners,
• Recommend to the Board of Directors (as the Directors and employees of any subsidiaries
owner of the subsidiaries) to follow up with
Socialization of the Whistleblowing System

As part of the Company’s effort in improving good WBS. The independent management and the new
corporate governance and the quality of its WBS, in reporting channel has been communicated to
January 2021 the Company partnered with Deloitte internal and external audiences by e-mail, internal
Indonesia as independent consultant to manage communication channels, and the Company website.

Mechanism to Submit a Violation Report

Until 2020, the submission of reports and procedures The whistleblowing system guidelines specify how
for handling violations is submitted to: to submit a report and how to follow up on the
report, complete with a scheme on how to make a
Tim Pengelola Pelaporan submission based on the informant’s inference. The
Pelanggaran (TP3) violation report could be submitted by:
U/P Sekretaris Perusahaan
PT Semen Indonesia (Persero) Tbk.
South Quarter Tower A, 19th-20th floor https://id.deloitte-halo.com/sigbersih
Jl. RA Kartini Kav. 8, South Jakarta 12430, Indonesia
Telp. (021) 5261174 ext. 8089 SIG Bersih - PO Box 2616 JKP 10026
email:semenindonesiabersih@sig.id
+62 21 3950 1616
+62 8 121 121 6075
sigbersih@tipoffs.info
Protection for Whistleblowers
The company protects the whistleblowers, be it an This protection does not extend to whistleblowers
employee of SIG or an external party, who lodged a who are proven to submit false reports and/or
report in good intention. The company will comply slander. The company can impose sanction on
with pertaining regulations and best practices in the any internal or external parties who misuse the
management of violation reporting systems. Any whistleblowing system to falsify reports. The person
employees who reported in good intention will be reporting who wishes to remain anonymous will be
protected from dismissal, demotion, harassment or given guarantee of protection over his/her personal
discrimination in any shapes or form, which could identity unless the legal process requires the
compromize their good standing on record. informant’s identity to be revealed.
Protection for Whistleblowers

The company protects the whistleblowers, be it an are proven to submit false reports and/or slander.
employee of SIG or an external party, who lodged a
report in good intention. The company will comply The company can impose sanction on any internal
with pertaining regulations and best practices in the or external parties who misuse the whistleblowing
management of violation reporting systems. Any system to falsify reports. The person reporting who
employees who reported in good intention will be wishes to remain anonymous will be given guarantee
protected from dismissal, demotion, harassment or of protection over his/her personal identity unless
discrimination in any shapes or form, which could the legal process requires the informant’s identity
compromize their good standing on record. This to be revealed.
protection does not extend to whistleblowers who

Managing Reported Violations

Procedures and resolution of reported violations are 3. The company’s Board of Commissioners (as a
conducted based on the mechanism as stipulated in board)
the whistleblowing system, namely the mechanism 4. Board of Directors and Commissioners of any
for reported violations supposedly conducted by subsidiaries
1. An employee of the company 5. Personnel of any subsidiaries
2. Members of the Board of Directors or 6. Whistleblowing report relating to the accounting
Commissioners (as individuals) and Supporting process and the public company and issuer’s
Functions of the Board of Commissioners (Organ financial reporting
Pendukung Dewan Komisaris)
Parties Responsible for Managing Reported Violations

The Board of Directors is responsible for the create the whistleblowing structure in the company.
running of the company’s whistleblowing system , This centralized structure includes whistleblowing in
while the Board of Commissioners is responsible the holding company and all of its subsidiaries. The
for supervising the operation of this system. The Company also collaborating with Deloitte Indonesia
Board of Directors and Commissioners together to manage company’s whistleblowing system.
Number of Violations Reported and Processed in the Last Fiscal Year

No complaints were submitted to the company throughout fiscal year 2020.

INSIDER TRADING POLICY
The company’s Ethical Guidelines regulate insider Ethical standards to be mindful of:
trading, whereby the company’s personnel and any 1. The company’s personnel and other parties
parties related to the company are not allowed to receiving inside knowledge is prohibited to trade
misuse their titles and work to disclose material stocks and securities issued by the company, be
information that could affect investors’ decisions. it directly or through an intermediary, for as long
as the material has not been publicized.
Material information is information that has not been 2. The company’s personnel are not allowed to
widely publicized that could lead people to buy, sell take advantage of information or material facts
or hold the company’s shares. that have not been publicized to gain profit from
those information.
3. The company’s personnel must maintain secrecy
of the material information disclosed to them.
INFORMATION ABOUT BUYBACK

OF SHARES AND BONDS
Throughout 2020, SIG did not engage in buyback of shares and bonds previously issued.

PROVISION OF FUNDS FOR

POLITICAL ACTIVITIES
The company does not disburse funds, assets or corporate profits for political donation, as stipulated in the
company’s Ethical Guidelines number 7C.11 about Donations.
DONATION TO RELEVANT INSTITUTIONS
The company hands out donations to the local proposals addressed to the company, can be
communities in ways that are not related to politics accounted for, and is in accordance with prevailing
and to the business interests of the company. All regulations. Other donations can only be done in
donations from the company require prior written compliance with existing rules and regulations.

TRANSPARENCY ON THE INCIDENCE OF

BAD GOVERNANCE
The company realizes that bad corporate governance practices disrupt the good corporate governance
(GCG) system it strives to build. For this reason, we wish to report that in the year 2020, the company did not
engage in any bad governance practices as laid out in the table below:
Number of
No Description
incidence
1 Reports of activities which polluted the environment Nil
2 Non-compliance to taxation rules Nil
3 Inconsistencies between the annual report and the financial report with Nil
pertaining regulations and Financial Accounting Standards (SAK)
4 Failure to disclose cases or lawsuits in relations to workers and employees Nil
5 Failure to report on operating segment reviews Nil
6 Inconsistencies between the hard copy and soft copy (website) versions of the annual report. Nil
7 Failure to disclose important matters faced by the company, subsidiaries, members of the Nil
Board of Directors / Commissioners during their tenure as written in the annual report.


6
Corporate Social
Responsibility
COMMITMENT TOWARDS
SOCIAL RESPONSIBILITY AND
SUSTAINABLE DEVELOPMENT
More explanation about the Company’s corporate social

responsibility programs and commitment could be seen on the
Sustainability Report which forms an inseparable part of this
Annual Report.
On 21 October 2015, The United Nations (UN) In addition, as a State-Owned Enterprise (BUMN), the
issued a resolution on the Sustainable Development Company also has the obligation to implement the
Goals (SDGs). This resolution was made together Partnership and Community Development Program
with multiple countries as an ambition for joint (PKBL). Fulfillment of these responsibilities is carried
development until 2030. SDGs consists of 17 goals out in various activities and programs as part of the
with 169 measurable achievements and deadlines implementation of good corporate governance.
set by the United Nations as a world development One of the SIG responsibilities for community social
agenda for the benefit of humans and the planet development is manifested through the Partnership
earth. and Community Development Program (PKBL). The
PKBL program is carried out in accordance with the
As a good corporate citizen, SIG is committed to Regulation of the Minister of BUMN No.PER-09/
succeeding this resolution in accordance with its MBU/07/2015 dated 3 July 2015 concerning the
capacity. Moreover, the National Development Small Business Partnership Program and the
Planning Agency (Bappenas) also continues to State-Owned Enterprise Community Development
encourage the achievement of SDGs which are Program.
simplified into 4 main pillars, namely the Social
Development Pillar, the Economic Development The PKBL program, which consists of the Partnership
Pillar, the Environmental Development Pillar and the Program and the Community Development Program,
Legal Development and Governance Pillar. aims to provide tangible benefits for community
development, especially the communities around
One of the commitments of SIG is manifested in the Company’s business areas. The implementation
the Corporate Social Responsibility (CSR) program. of the PKBL program is expected to help government
Through the CSR program, the Company seeks efforts to increase community independence,
to provide maximum benefits to stakeholders, reduce the number of unemployed and poor people,
especially the community. Both in the vicinity of which in turn will increase economic growth.
where the Company operates, as well as in other
areas throughout Indonesia. The implementation of the PKBL program carried out
by SIG is directed in accordance with the SDGs. The

company believes that the positive changes made good business growth while at the same time
in society will have a sustainable impact on future making a positive contribution to the environment
generations. The Company is committed to realizing and society.
Vision and Mission of Semen Indonesia’s CSR

In order to implement the CSR program in a more targeted manner and achieve
the desired goals, the Company has compiled the vision and mission of Semen
Indonesia’s CSR:
Vision
To be a CSR facilitator that
focuses on sustainable
environmental conservation
and social responsibility,
thus providing added value Mission
for stakeholders.
• Carrying out the CSR
programs based on the
harmonious principle of triple
bottom line (Profit, Planet,
People) and SDGs concept.
• Realizing a CSR management
towards being a good
corporate citizen
Strategic Initiatives
• To become an ethical & responsible
company.
• To contribute significantly to a prsoperous
society with high environmental
awareness.
• To gain support from the stakeholders and
environment for the smooth operations of
the Company (Social License to Operate)

Commitment to Sustainability 2024

To support our sustainable development programs, including:
SIG is commited to become the pioneer in providing 1. Sustainable Economic Growth;
building materials that will empower stakeholders 2. Climate and Energy;
to create a sustainable living in the. The Company’s 3. Circular Economy;
commitment to creating sustainable living is 4. Society and Community.
manifested in the four pillars of sustainability,
Sustainable
Economic Commitment To continue innovating for our sustainable
Growth solutions and to strengthen the supply chain
Strategy • Providing sustainable solutions

through innovative products
• and services, so that we can anticipate
increase demand for limited resources
• Enhancing the supply chain and
developing sustainable- oriented
SDGs partnership with strategic partners
2024 Target • Has a yearly increase in the revenue proportion

from sustainability solutions every year
• Enforce strategic partner screening using
sustainability criteria established by the Company
Climate and
Energy Commitment To use alternative material responsibly
SIG will continue to support Indonesia’s
commitment to COP21 (year 2015) to reduce
GRK emission by 29% by 2030 independently,
or by 41% with international help.
Strategy • Reduction of greenhouse gas (CO2)

• Significant reduction of air emissions
(dust/particles, NOx, SOx)
SDGs • Reduction of energy consumption
2024 Target • Reduce 16% specific CO2 emission scope 1

(per cement equivalent) from the 2010 level
• 67% of clinker factor
• 15% Thermal Substitution Rate

Circular Economy
Commitment SIG is committed to use all materials in
the production process responsibly
Strategy • Using raw materials efficiently

through product development
• Utilizing renewable resources (waste-
derived) as alternative fuels
2024 Target • Utilizing 1.8 million tons of waste

as alternative fuels
SDGs
• Utilizing 1.9 million tons of waste
as alternative raw materials
People and
Community Commitment As we value our people and community highly,
we implement good corporate governance and
ensure proactive stakeholder management
Strategy • Promoting health and safety for

employees and contractors
• Creating shared values for community
2024 Target • Zero fatality

• LTIFR ≤ 0,90
SDGs
• A total of 73,000 people benefited
through partnership program (PK),
cumulative since the program began

COMPANY RESPONSIBILITY IN
MANAGING THE ENVIRONMENT
The Company realizes that businesses should This commitment is a manifestation of SIG
contribute in preserving and improving the quality compliance with Law No.32 of 2009 concerning
of life of the community and the next generation. Environmental Protection and Management, and
Therefore, in carrying out its business activities, related laws and other environmental obligations.
the Company seeks to protect the environment in
its response to global warming. This includes the SIG ensures that every operational activity is always
Company’s efforts to reduce air pollution; reduce and carried out by taking into account the points as
utilize B3 and/or non B3 waste; water conservation; stated in the AMDAL, UKL/UPL documents which
biodiversity protection; and energy efficiency. are prerequisites as well as parameters that are
mutually agreed upon by all stakeholders prior to
operational activities.
Environmental Responsibility
SIG has mapped various environmental Several environmental issues related to the
responsibilities related to its operational activities. Company’s operational activities include:
For this reason, the Company seeks to implement 1. Energy management;
various efforts ranging from establishing policies and 2. Water management;
regulations to monitoring and managing operational 3. Air quality and emission management;
activities that have an impact on the environment 4. Waste and B3 waste management
both within and in the areas surrounding the 5. Mine reclamation and rehabilitation;
Company. 6. Biodiversity management.
Environmental Monitoring and Management

In order to control the environmental impacts from accordance with good mining practices, from the
the company’s operational activities, the Company planning to post-mining stages. The Company also
carries out regular environmental monitoring utilizes post-mining land for biodiversity conservation
activities. Several issues of concern to the Company by preserving protected flora and fauna as well as
are monitoring of greenhouse gas emissions, air utilizing post-mining land for agricultural irrigation,
emissions, waste management and land reclamation. aquaculture and eduecotourism facilities.
In addition, the Company strives for high efficiency
in the use of fossil energy, one of which is the use of In addition, the Company also utilizes other industrial
alternative fuels. waste as alternative raw materials, increases the use
of alternative fuels using biomass, industrial waste
Various strategic initiatives have been carried out and domestic waste and implements an energy
in resource conservation, including by applying management system to reduce CO2 gas emissions.
the concept of environmentally friendly mining in

Energy Management Activities

In its operations, SIG uses various types of energy. renewable energy and reduce pollution from fuel
In the cement production process, the Company combustion.
primarily uses coal as an energy source. In addition,
SIG also uses electrical energy in the production To ensure that the Company uses energy efficiently,
process and office operations. The Company also the Company routinely conducts energy audits, both
uses Oil Fuel as a source of energy to support internally and by a third party every three years. In
operational activities. 2020, the total energy consumption of GJ reached
123,355,199 GJ, down 2% compared to the previous
SIG realizes that most of the energy sources used year of 125,903,072 GJ. The decline was due to
come from non-renewable energy. Therefore, the a decrease in the volume of cement and clinker
Company strives to make efficient use of fossil fuels production
which will have an impact on the conservation of non-
Utilization of Industrial Waste as Alternative Fuels
One of the SIG efforts in managing energy is by tons of RDF as a substitute for coal in the Company’s
utilizing alternative fuels. The Company maximizes production facilities.
the use of industrial waste, including B3 waste and
biomass to reduce the dependance on fossil fuels. This effort is aimed at managing energy, reducing
CO2 emissions, obtaining the CER-CDM Project,
The biomass was produced from rice husks, as a solution for handling agricultural waste
cocopeat, tobacco plantation waste and cigarette in the environment around factories, creating
waste. Meanwhile, the B3 waste used is oil sludge, environmentally friendly factories, and supporting
used oil, resin, used filter bag, used rags, and government programs related to climate change.
Impregnated Biomass. SIG is also a pioneer in the In 2020, the total volume of use of AFR reached
use of domestic waste to become Refuse Derived 248,427 tonnes, higher than in 2019 of 232,904
Fuel. Throughout 2020, the Company uses 532,260 tonnes, so the Termal Substitution Rate (TSR) in
2020 become 4.04%.
Water Management
Throughout the production, SIG uses surface water In 2020, the total volume of water use reached
as its resource.Clean water is one of the main 10,518,502,754 m3, an decrease compared to the
resources for survival and, according to the United previous year of 13,098,195,731 m3. The decrease
Nations, about 40% of the world’s population is was due to the implementation of three strategies:
experiencing scarcity of clean water. So, if it is not reduce consumption, expand water circulation, and
managed properly, water scarcity will continue to improve rainwater harvesting capacity
increase. For this reason, the Company strives to be
wise in water use and carries out various programs
for water conservation.


Waste Management
The Company’s operational activities produced Non-B3 waste resulting from SIG’s operation
various types of waste, both solid and liquid included domestic waste, faulty material, and used
waste as well hazardous and toxic (B3) waste and goods (afval). The Company reuses domestic waste
non-B3. One of SIG’s environmental strategies is as alternative fuel for its kilns, while non-hazardous
comprehensive and effective waste management. solid metal waste is transferred to a third party for
metal recycling.
With regards to B3 waste, the Company has obtained
B3 waste management permit from the Ministry of In 2020, SIG sent a total of 1,026 tonnes of internal
Environment and Forestry (KLHK). Several types waste to external parties including licensed third
of B3 waste such as used oil, rags and bag filters parties and external landfills. This constituted 0.49%
are used for alternative fuel and used refractories of total non-B3 and B3 waste produced throughout
are used as alternative raw materials using the co- 2020.
processing method.
Meanwhile, 108,622.53 tonnes or 99.51% of
Solid B3 waste that cannot be recycled such as car Company waste were repurposed through the 4R
batteries, fluorescent lamps, toners, cartridges and process – reduce, reuse, recycle, recovery; be it
chemical bottles, are passed on to a third party with a using the Company’s internal waste management
permit from the Ministry of Environment and Forestry. capacity or through third parties.
Emission Management
SIG is committed to reduce GHG emissions and The Company continued to control emission in the
other air emissions, namely dust, SOX, NOX due midst of production capacity increase due to its
to its operational activities. The cement industry business expansion. PT Semen Gresik Rembang
globally contributes 7% of Greenhouse Gas started operation in 2018 and PT Solusi Bangun
emissions, therefore SIG targets to reduce CO2 Indonesia Tbk joined us in 2019, both contributing
emissions per tonne of cement equivalent to 16% in to the Company’s year-on-year rise in GRK absolute
2024 from 2010 base. emission. In 2020, the intensity of GRK emission
scope-1 decreased from 634 kg CO2/tonne of
As a company that is committed to the preservation cement to 607 kg CO2/tonne of cement. The GRK
of nature and the environment, SIG strives to reduce scope-1 and 2 emission intensity also went down
these impacts through a series of activities and from 693 kg CO2/tonne of cement to 659 kg CO2/
innovations. tonne of cement.
Use of Alternative Raw Materials

One way the Company enacts the circular economy fly ash, EAF dust, steel slag, COCS, spent bleaching
is by utilizing industrial waste as an alternative raw earth, drilling cutting and paper sludge. The volume of
material. The use of alternative raw materials has a use of alternative raw materials used by the Company
double meaning for the Company. Firstly, the use of continues to show an increase from year to year.
alternative raw material means main raw material is
being conserved, which means less pollution created. In 2020, the Company used 1,064,754 tons of
Secondly, the use of industrial waste also becomes alternative materials. This amount has decreased
another stream of income for the Company. compared to 2019, where the amount of alternative
fuels used by the Company reached 1,659,627 tons.
Several alternative raw materials that have been The decrease was due to a decrease in the volume
routinely utilized by the Company include: bottom ash, of clinker and cement production.

Post-mining Land Conservation

Reclamation is an activity carried out post-mining changes in biological habitats in the form of flora
to restore, manage, and improve the quality of the and fauna, as well as a decrease in soil productivity
environment and ecosystem so that it can function with the result of becoming barren or barren and a
again as normal (Permen ESDM No. 26/2018). decrease in aquatic productivity which is marked by
degradation of the aquatic ecosystem.
The main problem that arises in ex-mining areas
is environmental change. Chemical changes As a form of commitment to environmental
mainly affect groundwater and surface water, and management during the production operation
continue to physically change land morphology stage, the Company has compiled the respective
and topography. Furthermore, changes in the Land Reclamation Plan documents for each region.
microclimate are caused by changes in wind speed,
Biodiversity
SIG is committed to sustaining biodiversity in its The Company has done various flora and fauna
operational areas. The Company recorded and conversation projects involving multiple parties for
monitored biodiversity in the areas pre and post maximum result. The Company is also committed to
operation, and considered it part of our responsibility continue impacting the community in a positive way
to protect biodiversity. through its post-mining programs. For this reason,
the Company planted trees in the green belt area
The Company believes that maintaining good around the raw material fields, green barrier in and
biodiversity benefits the local communities and around the factory area, and provided buffer zones.
make for good legacy to the next generations.
Awards and Certification in the Environmental Sector

In 2020, PT Solusi Bangun Indonesia Tbk (SBI)’s certifications relating to the environment, among
factory - a part of SIG, succeeded in achieving Green others:
PROPER rating from the Ministry of Environment and • ISO 14001 : 2015 for Environmental Management
Forestry. System
• Green Label Certificate from Singapore
The Company also completed its operations with Environment Council (SEC)
Environmental Complaints Mechanism

SIG provides an opportunity for all stakeholders Throughout 2020, there were no complaints from
to submit complaints and reports related to the any party regarding the Company’s activities that
Company’s operational activities that are contrary to are against the laws and regulations related to the
environmental laws and regulations. These reports environment or activities that pollute and damage
and complaints can be submitted through the the environment.
Company’s whistleblowing system. SIG is committed
to following up every incoming report and complaint
accordingly.

LABOR, HEALTH AND SAFETY

SOCIAL RESPONSIBILITY
With labor issues, the Company made Law No.13 (K3), SIG adheres to Law No.1 of 1970 concerning
of 2003 concerning Labors and Collective Labor Occupational Safety and Health and other related
Agreement (PKB) as the main basis for establishing regulations that apply both domestically and
industrial relations with employees. Meanwhile, internationally.
for the aspect of Occupational Health and Safety
Employment
Creating a harmonious and dynamic industrial regulations. The Company is also highly committed
relations is the main objective of the Company. For to gender equality and job opportunities, job
this reason, the Company strives to fulfill the rights training to improve employee professionalism and
of employees as stipulated in the labor laws and an equivalent remuneration system.
Gender Equality and Equal Rights
The Company strongly supports gender diversity Likewise, in granting rights to employees, the
and provides equal opportunities for everyone to Company does not differentiate based on gender.
join the Company as long as they fulfill the specified However, the Company still guarantees human
administrative requirements. The company does rights for female employees, where the Company
not differentiate gender, ethnicity, religion, race also provides menstrual leave facilities for female
and class in conducting the recruitment process. employees and lactation rooms for female
Regardless, currently the Company’s employees are employees who are breastfeeding their children.
89.61% male, 10.39% female.
Career and Competency Development Program
The Company provides equal opportunities for all In 2020, the Company organized 273 competency
employees to develop their competencies and development programs that were attended by
capacities to support their career development. SIG 10,246 participants from all levels of the organization.
carries out competency development programs on The Company also provides equal opportunities for
an ongoing basis but is still tailored to the needs of all employees to be able to achieve a higher career
the Company. path in accordance with the mechanism established
by the Company.

Remuneration and Welfare
SIG understands that compensation and benefits remuneration, the Company establishes a standard
also affect employee performance and turnover salary based on employee ratings and positions
rates. Therefore, the Company always pays attention based on remuneration surveys in similar industries
to the welfare of employees by trying to facilitate the by taking into account labor laws and Provincial
needs of employees in the hope that a relationship Minimum Wage (UMP) regulations.
of mutual need will be established so that there is
a bond between the employees and the Company In addition to remuneration, the Company also
that work together to achieve the same goal. provides facilities and benefits to employees, the
amount of which is adjusted to the employee’s
Employee welfare is one of the rights that must position level, including: health benefits; life
be fulfilled by the Company, one of which can insurance; work accident benefits; and several other
be fulfilled through adequate remuneration or benefits.
compensation. In order to provide competitive
Pension Program
The Company has a defined benefit pension plan for Rights is also carried out with the aim of providing
employees who have reached the age of 56 years. information about the rights that will be obtained at
However, before the employees arrive at that period, retirement and providing knowledge about mental
the Company provides a program for every employee and financial preparation for entering retirement age
aged 50-55 years who will enter retirement to take both from a psychological and health perspective.
part in the Retirement/Entrepreneurship Preparation The program includes:
Training as a form of the Company’s attention and 1. Explanation of Pension Rights by the Human
appreciation to employees with the aim of preparing Resources Department;
employees optimally for the future. This includes the 2. Defined Benefit Pension Program by Semen
employees’ psychological aspects, health aspects, Gresik Pension Fund;
financial aspects, motivation for creativity and 3. Tax Treatment for Pension & Individuals by the
business visits so that employees can maintain their Taxation Unit;
best performance in spending the remaining period 4. Paguyuban Wredatama Semen Gresik by PWSG;
of service until the end of retirement. 5. Mental Retirement Preparation by Psychologists;
6. Financial Arrangements by Financial Experts;
In addition to the entrepreneurship program, 7. Spiritual & Health by Health Experts.
a Socialization Program for Employee Pension
Employee Turnover Rate
Throughout 2020, the Company made various efforts to increase engagement employees so that the
employee turnover rate decreased from the previous year by 0.7%

Occupational Health and Safety

A work environment that is safe, comfortable and The Company has formed P2K3 (Committee
free from work accidents is the Company’s goal. for Occupational Safety and Health)/SC (Safety
Therefore, the Company has established a basic Committee) as a forum for employee participation in
policy regarding Occupational Safety and Health the implementation of K3 in the workplace. The main
(K3), namely “Occupational Safety and Health is the task of P2K3 as an auxiliary body in the workplace is
responsibility of all parties, therefore the Company to provide suggestions and considerations, whether
and related parties are determined to create a requested or not, to the employer / manager of the
healthy work environment, prevent occupational workplace concerned regarding occupational safety
diseases, free are injured and carry out operational and health issues.
activities in accordance with applicable rules”.
The Company also regularly holds safety committee
To ensure the quality of K3 implementation, the meetings with related work units as well as with
Company has implemented the OHSAS 18001: 2007 mining partners/contractors. Regular meetings
K3 standard system, as well as accident prevention aim to remind all parties to keep implementing all
programs in the 5R program and the Advice System. provisions related to K3.
In addition, the Company also carries out Standard
Operating Procedures (SOP) for Safety, Health and In 2020, the implementation of K3 aspects will
Environment (Safety, Health and Environment/SHE) be very important considering that Indonesia is
to achieve the zero accident target. currently being hit by the COVID-19 pandemic. To
maintain the health and safety of employees during
In addition, the Company has also implemented a a pandemic, the Company strictly implements health
Contractor Safety Management System (CSMS) protocols as recommended by the Government. In
which is intended to determine the performance of addition, SIG also formed a COVID-19 Task Force
work units within the Company and work partners or Team headed by the HR & Legal Director.
third party contractors, in implementing SMK3.
SIGuard Covid Rangers
SIG created SIGuard Covid Rangers, consisting of Covid rangers are tasked to assist other employees
millennial employees, as agents of change to usher and enforce new normal protocols.
in the new normal era due to COVID-19. SIGuard

Employee Health
Employee health is one of the main aspects that Aside from routine annual programs, the COVID-19
concern the Company. For this reason, the Company pandemic in 2020 forced SIG to adapt to improve
provides various health facilities for employees, workplace health and safety, especially to reduce
both for prevention and treatment. the spread and minimize transmission risk. By
doing so, we created a sense of safety and a level
The Company provides several sports facilities in of comfort for all employees in coming to work and
the work environment and facilities for participating continuing operational activities.
in activities at certain sports clubs as an effort to The Company regularly distributed supplies for
encourage a culture of healthy living. The Company COVID-19 prevention such as vitamins, masks,
also provides a comprehensive medical check-up hand sanitizers, and proper personal protective
(MCU) facility for all employees once a year to detect equipment; as well as developing manuals for
early illnesses and take medical action if necessary. employees on how to work in the new normal
Health examinations for employees, including era. The Company provided additional facilities
physical examinations, physical fitness, laboratory, to prevent COVID-19 infection and enforce strict
EKG, spiromentry, audiometry, x-rays, and dental protocols with regards to activities going in and out
and eye examinations. of the factory, applicable in all operational areas.
The Company also imposed work-from-home
As for treatment, employees can take advantage arrangement so that employees could continue to
of health facilities in the work environment and work productively during the pandemic.
use health insurance that can be used in almost all
hospitals in Indonesia.
Work Accident Prevention Program
In accordance with the K3 Management System 3. Establishment of an independent work unit Safety
(SMK3) guidelines, the Company must implement Officer and K3 Activities team;
a work accident prevention program. For this 4. Conduct safety talk once a week in the work unit;
reason, the Company continues to strive to 5. Improve work unit P2K3 activities through the
increase employee safety awareness. Employees appointment of K3 Ambassadors;
are required to comply with all provisions related 6. Increase employee knowledge/competence
to K3 management and may refuse to work if the through General K3 Expert Certification, Boiler
conditions are considered to endanger work safety. Operator Certification.
In addition, the Company also regulates K3 aspects
in the PKB. In addition to implementing this program, SIG also
conducts OHS related training for all employees,
Several work accident prevention programs carried especially for employees in the production division.
out by the Company include: Throughout 2020, the Company held 36 K3-related
1. Implementation of the Brief, Neat, Clean, Care and training which was attended by 2,635 participants.
Diligent (5R) assessment program every three
months; In addition, the Company also provides various
2. Internal audit program by Internal Audit and facilities in accordance with SMK3 standards in the
external audit by certification body every once a work environment, such as APAR, Hydrant, P3 Box,
year; Health Clinic and Evacuation Route Instructions.

K3 Statistics
The performance of the K3 aspect is measured by number of hours/days lost due to work accidents.
achieving the parameters of the frequency of work The Company’s work accident statistics for the last 3
accidents and the severity index, as well as the years are as follows:
Description Unit 2020 2019 2018
A Employee
Total Fatality Incident 0 0 0
Total Lost Time Injury Frequency Rate (LTIFR) Rate 0.46 1.16 1.28
Lost Time Injury Severity Rate(LTISR) Rate 2.99 ** **
B Contractor
Total Fatality Incidet 1 0 *
Total Lost Time Injury Frequency Rate (LTIFR) Rate 0.63 0.70 *
Lost Time Injury Severity Rate (LTISR) Rate 9.66 ** **
Catatan:
* In 2018, contractors were not included
**In 2018 and 2019, the Company has not calculated LTISR
Emergency Response Mechanism
Emergency situations could occur at any moment 2. Determining the structure for Emergency
without warning, including but not limited to fires, B3 Response Team in each subsidiary and reporting
waste spills, misfires, explosions, bomb threats, riots it to the parent company
and protests, occupational incidents, earthquakes 3. Scheduling and implementation of emergency
and tsunamis. For this reason, the Company issued response simulation in each subsidiary, then
the Procedure for Emergency Response, most reported to the parent company at regular
recently updated on 13 April 2020. This emergency intervals
response mechanism covered immediate actions, 4. The handling of the emergency situation starting
classification of the emergency situation, until from immediate actions, evacuation and post-
evacuation and rehabilitation in an emergency incident recovery / rehabilitation had to be
situation that requires special handling. reported to the parent company
5. Technicalities and details including supporting
The policy around emergency response in SIG is as equipment, such as communication devices, are
follows: up to par in each subsidiary
1. Deciding if the emergency situation is any of the 6. Should there be an emergency situation that
following three factors: requires a special expertise or could not
a. Natural disasters, such as earthquakes and be handled internally, PT Semen Indonesia
tsunamis (Persero) Tbk could seek assitance from the
b. Technical failures, such as fire, B3 liquid spill Rapid Response Team appointed through SKD
and B3 waste spill, work-related accidents, Rapid Response Team
explosions, misfires and sleep blasting
c. Riots, such as protests, bomb threats and
riots

Awards and Certification in the Field of Labor and K3

253 employees had participated in K3 training throughout 2020.
Pelatihan Sertifikasi
a. Hazard Awareness: 5 Main Killers a. General K3 Expert

b. Area Ownership b. Exam of ERMAP – ERMCP
c. Assessment Quality Control Analysis c. Forklift Class II - Ministry of Manpower
d. Assessment Energy Auditor d. Boom Lift Operator
e. Assessment Energy Manager e. Rigger
f. Assessment Supervisi CCR Operasi Finish Mill f. Supervisor K3 Perancah
g. First Aid & MERP g. K3 Electrician
h. Health Talk: Diet for Metabolic Syndrome h. First Aid Officer
& Ageing Diseases Monitoring i. Accident investigation
i. Hazard identification Assessment j. Person-in-Charge B3 Waste Management Coordinator
Risk and Opportunity k. Person-in-Charge Water Pollution Control (PPPA)
j. Isolation Officer Lototo l. Person-in-Charge Air Pollution Control (PPPU)
k. Working Safely during the Pandemic m. First Supervisor - Operational (POP)
l. Working Safely with Rotating Machines n. PPR for Industry level 1, 2 and Medic level 1
m. MyActs Mobile Application o. Refresh Radiation Protection Officer
n. Work Permit System p. K3 Port
o. Surveyor for Machine Safety q. PFSO Certification
r. K3 Management Techniques for Professional K3 Supervisor
CORPORATE RESPONSIBILITY IN THE

SOCIAL AND COMMUNITY SECTOR
As stated in the third and fourth points of the community. For this reason, the Company pays great
Company’s mission, which is a focus on protecting attention to social development which is manifested
the environment and creating a sustainable social in various CSR and PKBL activities related to the
responsibility; and providing the best added value social culture of the community.
for all stakeholders. It’s very clear that the Company
has a great commitment to social and community The Company implements the CSR program through
development. the Partnership and Community Development
(PKBL) program as regulated in the Regulation of
This commitment is based on the Company’s the Minister of BUMN No. Per.09 / MBU / 05/2015
awareness that its existence is part of society. The concerning the Partnership Program for State-
business growth that the Company has achieved so Owned Enterprises with Small Businesses and the
far cannot be separated from the participation of the Community Development Program.

CSR Program Manager

The Company established a CSR Department under Community Development Program, CSR Planning
the Corporate Secretary as the person in charge of and Evaluation, Management of CSR and financial
implementing the CSR and PKBL programs. The CSR reports and the Management Function of the BUMN
Department is a staffing organizational structure Present for the Nation (BHUN) program.
that manages the functions of the Partnership and
Advisor 1 : CEO
President Director
Advisor 2 : Corporate Secretary
Person-in-charge : CSR department
Technical lead : PKBL Function Manager
Executor : Every function within CSR
Chief of Staff & Corporate Secretary
Department of CSR
Staff
Targets and Strategies for Implementing the 2020 CSR Program

Target Activity Measurement Result
Becoming an ethical 1. Implementing Code 1. Ethical business practices 1. Recognition as a
and responsible state- of Conduct and ISO 2. Real contribution to blue chip company
owned enterprise (SOE) 37001 in AKHLAK core community welfare 2. Most wanted workplace.
values for SOEs • Local 3. Supported by
2. Integrating CSR program • Domestic stakeholders and the
with the Company’s • Global community through
business strategy 3. High social and CSR (Social License
3. Adjusting all environmental concern to Operate)
interconnected systems, 4. Supporting the
terms and regulations attainment of Sustainable
4. Sustainability system Development Goals (TPB)
implementation,
PROPER and Green
Company in SOEs

CSR budget
As the proof to the Company’s commitment to support No Keterangan Total
the realization of SDGs in Indonesia, the Company (Rp billion)
provides a special budget for the implementation
1 Community Development 76.94
of CSR and PKBL programs. The amount of CSR
2 Social and Environmental 48.29
and PKBL budgets set by the Company is highly
Responsibility
dependent on the CSR Department’s work program
3 Operational 8.42
plan by considering the Company’s financial
capacity.. Total 133.66
Local Workforce
SIG provides equal opportunities for everyone to local workers in the selection process through equal
participate in the recruitment process of employees qualifications and competencies. Local workers are
regardless of ethnicity, religion, race and class. defined as those who come from the operational
Recruitment is carried out openly according to the areas of the Company. Recruiting local workers
needs and qualifications required. However, for is a form of commitment to empowering the local
certain types of work, SIG has a hiring policy to accept community.
Rekrutmen Disabilitas dan Putra/Putri Terbaik Papua

SIG memberikan kesempatan kepada tenaga kerja Program ini mengacu pada Undang-undang No. 8
penyandang disabilitas dan menerima sebanyak 8 tahun 2016 tentang Penyandang Disabilitas.
(delapan) karyawan yang ditempatkan di berbagai
area operasional Perusahaan, seperti Gresik (Jawa SIG juga memberikan kesempatan kepada putra/putri
Timur), Jakarta, Indarung (Sumatera Barat), Rembang terbaik Papua dengan menerima 4 (empat) putra/
(Jawa Tengah), serta Pangkep (Sulawesi Selatan). putri asli Papua yang ditugaskan di fungsi Penjualan.
Partnership Program
In accordance with Sustainable Development Goals
number 8 - supporting an inclusive and sustainable
economic goal, full time and productive employees
and proper jobs for all; partnership program
management throughout 2020 that have been
carried out are:
1. Strengthening and development of SIG’s internal
system (SIMCSR)
2. Involving partners in exhibitions or small business
(UMKM) events
3. Training our business mentees
4. Optimizing monitoring and collection teams
as well as coaching business mentees how to
conduct payment from virtual bank accounts
5. Cease disbursement to business mentees and
focus on collectability
6. The Company continued to support management

and empowerment of business mentees using relation to the novel Coronavirus disease 2019, the
the funds from administrative services loan Company has carried out the program to support
according to the terms set by the Ministry of the national economic recovery and its business
SOEs. mentees. Throughout 2020, SIG’s collectability
Other than the above, referring to the letter from reached Rp19 billion, exceeding its Rp10 billion
the Minister S-142/MBU/DSI/03/2020 dated 27 target.
March 2020 about stimulus for business mentees in
Community Development Program

In 2020 the Company conducted some activities b. Education, training, educational infrastructure
through the Bina Lingkungan and Social and and facilities, arts and culture
Environmental Responsibility, including: c. Health improvement
1. SOEs for Indonesia program d. Public infrastructure and facilities
2. Strengthen CSR Activities for Sustainable 5. Religious facilities
Environmental and Develop Sustainability 6. Environmental preservation
Agenda 7. Social and community activities to reduce
3. Support Company’s Strategy Business Priority poverty, including:
and Proactive Stakeholders Management a. Bringing electricity where there was none
4. Intensify Social Support Through Community b. Access to clean water
Involvement & Development (CID) & Partnership c. Hygiene and sanitation facilities
program, which -among others- provided d. House renovation for the underprivileged
community development funds to provide value e. Seeds for farming
for surrounding communities such as: f. Business equipment support
a. Victims of natural and man-made disasters, g. Sporting facilities
including disease outbreak h. Educational activities
Feedback Channel in Community Development

SIG provided a channel to all stakeholders and
community members to give feedback and report The report and feedback could be submitted
on social and community activities which might through a whistleblowing system set up by the
have contradicted any pertaining laws in relation to Company or through the e-mail address: info@sig.id.
environmental and social responsibilities. SIG is committed to follow up every submitted report
properly. Throughout 2020, there was one report
from the community with regards to disruption of
water supply, and this case has been resolved.

RESPONSIBILITY TOWARDS
PRODUCTS AND CONSUMERS
“Customer-satisfaction oriented in every business Every product produced by the Company must
initiative” and “applying the best standards to ensure have the best quality and comply with applicable
quality” are the first and second points in the SIG standards. In addition, SIG also provides maximum
mission. For SIG, consumers are a very important protection to consumers through a policy of excellent
element that must always be the main concern. service to consumers, which is continuously
improved from year to year and is implemented in
SIG always puts customer satisfaction first by the form of increased service to customers and the
providing the best products and services. The availability of information about the products and
company does not compromise on product quality. services offered.
Target
The targets to be achieved from the implementation • Fulfillment of cement supply contracts on time and
of responsibility towards consumers include several on quality, to support completion of customer
aspects, namely: physical construction projects;
• Availability of products on the market in sufficient • Protected consumers from the risk of health
quantities; and safety impacts when using the Company’s
• Fulfillment of consumer expectations for product products.
specifications as stated in the packaging and in
the marketing kit presentation;
Product Information Availability

SIG provides clear information on each product it In addition, SIG also provides various media
produces. In terms of product safety, the Company that consumers can use to obtain information
always includes product specifications including on products marketed, including through the
the ingredients in them. This is intended to make it Company’s website, advertisements in the media,
easier for consumers to get products according to brochures and social media.
their needs.
Customer Education
In order for the marketed products to provide and the number of masons who have participated in
optimal benefits for customers, SIG also conducts the program
customer education programs. Especially for cement
products, SIG educates the masons who are the For the general public, SIG conducts education
end users of the product. Does SIG have an artisan through social media, both through the @sig.id
education program? If so, please state their names Instagram and facebook account, @semenku Twitter
account and the @Semen Indonesia Youtube account.

Customer Service Center

The Company has a contact center service that can complaints will be forwarded to the authorized
be accessed through 0800-1088888. Customers department for follow-up. Overall, both questions
and the public can contact this number to get all the and complaints will be recorded in the Contact
information and to submit complaints and questions Center database.
about the Company’s products and services.
In 2020, customers submitted 128 reports, consisting
The Semen Indonesia Contact Center operates of 64 industrial customer feedback, 32 infrastructure
24 hours a day and 7 days a week. Any questions customer feedback, 27 retail customer feedback,
regarding general information regarding the and 5 SOE customer feedback. All reports have
Company’s products and services will be responded been resolved according to procedures that were
to directly by the Contact Center Agent and in place in 2020
Customer satisfaction survey

The Company regularly measures customer Company to continue providing the best service and
satisfaction to assess the consistency and the improving its service performance.
quality of the products and services, so that it can
be aware of changes in customer expectations and The 2020 customer satisfaction survey showed
needs. an improvement in customer satisfaction index,
from 88.7% in 2019 to 88.8% in 2020. Meanwhile,
The survey results are displayed in the Customer customer’s unsatisfaction index went down from
Satisfaction Index (CSI) for distribution channels 0.6% in 2019 to 0.5% in 2020.
and customers, which will serve as input for the
Consumer Health and Safety Risk Mitigation

To ensure consumer safety, the Company and its listed on the outside of the package and contain:
subsidiaries produce zak cement with a weight of 1. The symbol/logo of the producing company;
40 kilograms and 50 kilograms. This corresponds to 2. Product name;
the maximum ergonomic weight that humans can lift 3. Industrial National Standard Number (SNI);
without tools. 4. Weight in packing;
5. Types of cement;
The Company complements every product that is 6. Instructions for use;
produced and sold to customers, with information 7. Customer service number if there is a complaint/
regarding quality and other specifications, which are complaint.

7
Laporan
Keuangan
Konsolidasi
PT Semen Indonesia (Persero) Tbk.

dan Entitas Anak / and Its Subsidiaries
Laporan Keuangan Konsolidasi

Consolidated Financial Statements
31 Desember 2020 dan 2019

December 31, 2020 and 2019


Ikhtisar
Financial
Dataand
Keuangan
Operational
dan Operasional
Highlights Management
Laporan Manajemen
Report Profil
Company
Perusahaan
Profile

Management
Discussion
Manajemen
GoodPerusahaan
yang Baik Tanggung
Corporate
Jawab
SocialSosial
Responsibility
Laporan Keuangan
Statements

PT SEMEN INDONESIA (PERSERO) Tbk

DAN ENTITAS ANAK/AND SUBSIDIARIES
Halaman - 1/1 - Schedule
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF

KONSOLIDASIAN FINANCIAL POSITION
31 DESEMBER 2020 DAN 2019 DECEMBER 31, 2020 AND 2019
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/
2020 Notes 2019
ASET ASSETS
ASET LANCAR CURRENT ASSETS
Kas dan setara kas 2.930.598 5 3.950.448 Cash and cash equivalents
Investasi jangka pendek 1.103.469 67.222 Short-term investments
Piutang usaha: Trade receivables:
- Pihak berelasi 1.451.214 6 1.493.872 Related parties -
- Pihak ketiga 4.326.040 6 4.995.989 Third parties -
Piutang lain-lain: Other receivables:
- Pihak berelasi 116.780 111.994 Related parties -
- Pihak ketiga 144.004 257.736 Third parties -
Persediaan 4.547.825 7 4.641.646 Inventories
Uang muka 114.340 136.159 Advances
Beban dibayar di muka 197.417 215.667 Prepaid expenses
Pajak dibayar di muka: Prepaid taxes:
- Pajak penghasilan badan 44.894 8a 538.150 Corporate income tax -
- Pajak lain-lain 555.626 8a 225.728 Other taxes -
Aset lancar lainnya 32.397 23.920 Other current assets
Jumlah Aset Lancar 15.564.604 16.658.531 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETS
Kas yang dibatasi penggunaannya 60.564 9 57.356 Restricted cash

Aset pajak tangguhan 551.979 8e 658.262 Deferred tax assets
Investasi pada entitas asosiasi 35.133 10 89.001 Investments in associates
Investasi pada ventura bersama 53.087 52.108 Investments in joint venture
Properti investasi 110.102 11 119.602 Investment properties
Aset tetap 56.053.483 12 56.601.702 Fixed assets
Goodwill dan aset takberw ujud 3.961.695 13 4.260.059 Goodwill and intangible assets
Tagihan pengembalian pajak: Claims for tax refund:
- Pajak penghasilan badan 652.744 8b 299.367 Corporate income tax -
- Pajak lain-lain 194.271 8b 143.766 Other taxes -
Aset tidak lancar lainnya 768.582 867.313 Other non-current assets
Jumlah Aset Tidak Lancar 62.441.640 63.148.536 Total Non-Current Assets
JUMLAH ASET 78.006.244 79.807.067 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes form an integral part of these consolidated
tidak terpisahkan dari laporan keuangan konsolidasian. financial statements.



Catatan/
2020 Notes 2019
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES
Pinjaman jangka pendek 495.986 14 1.211.916 Short-term borrowings
Utang usaha: Trade payables:
- Pihak berelasi 870.085 16 864.792 Related parties -
- Pihak ketiga 5.650.614 16 4.804.967 Third parties -
Utang lain-lain: Other payables:
- Pihak berelasi 55.655 19.462 Related parties -
- Pihak ketiga 251.662 555.664 Third parties -
Akrual 1.129.537 17 1.222.508 Accruals
Utang pajak: Taxes payable:
- Pajak penghasilan badan 200.819 8c 326.508 Corporate income tax -
- Pajak lain-lain 360.743 8c 299.122 Other taxes -
Liabilitas imbalan kerja Short-term employee
jangka pendek 772.724 29 735.066 benefits liabilities
Uang muka penjualan 103.909 119.918 Sales advances
Pinjaman jangka panjang yang jatuh Current maturities of
tempo dalam satu tahun: long-term borrowings:
- Pinjaman bank 1.100.000 14 2.052.348 Bank loans -
- Liabilitas sew a 514.429 14 27.981 Lease liabilities -
Jum lah Liabilitas Jangka Pendek 11.506.163 12.240.252 Total Current Liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Liabilitas pajak tangguhan 3.363.550 8e 3.838.407 Deferred tax liabilities
Liabilitas imbalan kerja Long-term employee benefits
jangka panjang 2.887.419 29 2.235.955 liabilities
Pinjaman jangka panjang, setelah
dikurangi bagian yang jatuh tempo Long-term borrowings,
dalam satu tahun: net of current maturities:
- Pinjaman bank 14.188.305 14 17.659.900 Bank loans -
- Utang obligasi 7.069.229 14 7.065.345 Bonds payable -
- Liabilitas sew a 586.460 14 24.457 Lease liabilities -
Provisi jangka panjang 303.799 18 264.891 Long-term provision
Liabilitas jangka panjang lainnya 666.749 585.936 Other non-current liabilities
Jum lah Liabilitas Total Non-Current
Jangka Panjang 29.065.511 31.674.891 Liabilities
Jum lah Liabilitas 40.571.674 43.915.143 Total Liabilities
DANA SYIRKAH TEMPORER 1.781.235 15 2.000.000 TEM PORARY SYIRKAH FUNDS



Catatan/
2020 Notes 2019
EKUITAS EQUITY
Ekuitas yang dapat diatribusikan Equity attributable to equity
kepada pemilik entitas induk: holders of the parent entity:
Modal saham - nilai nominal Share capital - par value of
Rp 100 (angka penuh) per saham Rp 100 (full amount) per share for
untuk saham Seri A Dw iw arna Series A Dwiwarna share and
dan saham Seri B, Series B shares
Modal dasar - 1 lembar saham Seri A Authorized - 1 Series A Dwiwarna
Dw iw arna dan 19.999.999.999 share and 19,999,999,999
lembar saham Seri B Series B shares
Modal ditempatkan dan disetor Issued and fully paid
penuh - 1 lembar saham - 1 Series A Dwiwarna share
Seri A Dw iw arna dan 5.931.519.999 and 5,931,519,999
lembar saham seri B 593.152 19 593.152 Series B shares
Tambahan modal disetor 1.458.258 20 1.458.258 Additional paid-in capital
Selisih transaksi ekuitas Difference in value of
dengan pihak equity transaction with
nonpengendali 28.928 28.928 non-controlling interest
Komponen ekuitas lainnya 53.246 422.194 Other equity components
Saldo laba Retained earnings
- Ditentukan penggunaannya 253.338 253.338 Appropriated -
- Belum ditentukan penggunaannya 31.786.487 29.520.945 Unappropriated -
Jumlah ekuitas yang dapat
diatribusikan kepada Total equity attributable to the
pemilik entitas induk 34.173.409 32.276.815 owners of the parent entity
Kepentingan nonpengendali 1.479.926 22 1.615.109 Non-controlling interests
Jum lah Ekuitas 35.653.335 33.891.924 Total Equity
JUMLAH LIABILITAS, TOTAL LIABILITIES,
DANA SYIRKAH TEMPORER TEM PORARY SYIRKAH
DAN EKUITAS 78.006.244 79.807.067 FUNDS AND EQUITY


Halaman - 2 - Schedule
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT

KOMPREHENSIF LAIN KONSOLIDASIAN OR LOSS AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
Catatan/
2020 Notes 2019
PENDAPATAN 35.171.668 23 40.368.107 REVENUE

BEBAN POKOK PENDAPATAN (23.554.567) 24 (27.654.124) COST OF REVENUE
LABA KOTOR 11.617.101 12.713.983 GROSS PROFIT
Beban penjualan (2.802.821) 25 (3.084.107) Selling expenses
General and administration
Beban umum dan administrasi (3.161.626) 25 (3.536.797) expenses
Penghasilan keuangan 214.077 217.823 Finance income
Beban keuangan (2.320.781) 26 (3.205.298) Finance costs
Bagian atas hasil bersih entitas Share of result of
asosiasi dan ventura bersama (52.889) (1.793) associates and joint venture
(Beban)/ penghasilan operasi lainnya - bersih (4.411) 27 91.964 Other operating (expense)/ income - net
LABA SEBELUM PAJAK
PENGHASILAN 3.488.650 3.195.775 PROFIT BEFORE INCOM E TAX
Beban pajak penghasilan (814.307) 8d (824.542) Income tax expense
LABA TAHUN BERJALAN 2.674.343 2.371.233 PROFIT FOR THE YEAR

RUGI KOMPREHENSIF LAIN OTHER COM PREHENSIVE LOSS
Pos-pos yang tidak akan Items that will not be reclassified
direklasifikasi ke laba rugi: to profit or loss:
Pengukuran kembali atas Remeasurements of defined
liabilitas imbalan pasti (495.588) (7.523) benefit obligation
Pajak penghasilan terkait 99.010 8e 1.795 Related income tax
(396.578) (5.728)
Pos-pos yang akan Items that will be reclassified
direklasifikasi ke laba rugi: to profit or loss:
Selisih kurs dari penjabaran Exchange difference from
kegiatan usaha luar negeri 39.471 (97.354) translation of foreign operations
Jumlah rugi komprehensif lain Total other comprehensive loss
tahun berjalan - setelah pajak (357.107) (103.082) for the year - net of tax
JUMLAH PENGHASILAN TOTAL COM PREHENSIVE

KOMPREHENSIF TAHUN BERJALAN 2.317.236 2.268.151 INCOM E FOR THE YEAR
LABA TAHUN BERJALAN

YANG DIATRIBUSIKAN PROFIT FOR THE YEAR
KEPADA: ATTRIBUTABLE TO:
- Pemilik entitas induk 2.792.321 2.392.151 Owners of the parent entity -
- Kepentingan nonpengendali (117.978) 22 (20.918) Non-controlling interests -
LABA TAHUN BERJALAN 2.674.343 2.371.233 PROFIT FOR THE YEAR
JUMLAH PENGHASILAN KOMPREHENSIF TOTAL COM PREHENSIVE

TAHUN BERJALAN YANG INCOM E FOR THE YEAR
DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
- Pemilik entitas induk 2.423.372 2.316.376 Owners of the parent entity -
- Kepentingan nonpengendali (106.136) (48.225) Non-controlling interests -
JUMLAH PENGHASILAN TOTAL COM PREHENSIVE INCOM E
KOMPREHENSIF TAHUN BERJALAN 2.317.236 2.268.151 FOR THE YEAR
Laba per saham Earnings per share

(dinyatakan Rupiah penuh) (expressed in full Rupiah)
Dasar dan dilusian 471 28 403 Basic and diluted

306
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

TAHUN YANG BERAKHIR 31 DESEMBER 2020 DAN 2019 FOR THE YEAR ENDED DECEMBER 31, 2020 AND 2019
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Diatribusikan kepada pemilik entitas induk/Attributable to owners of the parent entity
Selisih
transaksi ekuitas
dengan pihak
nonpengendali/ Komponen
Difference in value ekuitas Saldo laba/
Tambahan of equity lainnya/ Retained earnings Kepentingan
modal disetor/ transaction with Other Belum nonpengendali/
Catatan/ Modal saham/ Additional non-controlling equity Dicadangkan/ dicadangkan/ Jumlah/ Non-controlling Jumlah/
Notes Capital stock paid-in capital interest components Appropriated Unappropriated Total interests Total
Saldo 1 Januari 2019 593.152 1.458.258 28.928 497.969 253.338 28.360.440 31.192.085 1.423.230 32.615.315 Balance as at January 1, 2019
Laba tahun berjalan - - - - - 2.392.151 2.392.151 (20.918) 2.371.233 Profit for the year
Rugi komprehensif lain Other comprehensive loss for the year,
tahun berjalan setelah pajak - - - (75.775) - - (75.775) (27.307) (103.082) net of tax
Akuisisi entitas anak - - - - - - - 253.406 253.406 Acquisition of a subsidiary
Dividen 21 - - - - - (1.231.646) (1.231.646) (13.302) (1.244.948) Dividends
Saldo 31 Desember 2019 593.152 1.458.258 28.928 422.194 253.338 29.520.945 32.276.815 1.615.109 33.891.924 Balance as at December 31, 2019
Saldo 1 Januari 2020 593.152 1.458.258 28.928 422.194 253.338 29.520.945 32.276.815 1.615.109 33.891.924 Balance as at January 1, 2020
Penyesuaian saldo atas Opening balance adjustment upon
penerapan standart baru - - - - - (287.564) (287.564) (14.269) (301.833) application of new standards
Saldo 1 Januari 2020 Balance as at January 1, 2020
setelah penyesuaian 593.152 1.458.258 28.928 422.194 253.338 29.233.381 31.989.251 1.600.840 33.590.091 after adjustment
Laba tahun berjalan - - - - - 2.792.321 2.792.321 (117.978) 2.674.343 Profit for the year
Rugi komprehensif lain Other comprehensive loss for the year,

Financial and Operational Highlights
tahun berjalan setelah pajak - - - (368.948) - - (368.948) 11.841 (357.107) net of tax
Penerbitan saham Issuance of share to
kepada kepentingan nonpengendali - - - - - - - 480 480 non-controlling interests
Dividen 21 - - - - - (239.215) (239.215) (15.257) (254.472) Dividends
Saldo 31 Desember 2020 593.152 1.458.258 28.928 53.246 253.338 31.786.487 34.173.409 1.479.926 35.653.335 Balance as at December 31, 2020
Annual Report 2020

Management Report
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these consolidated
laporan keuangan konsolidasian. financial statements.

Company Profile

LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS

UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
2020 2019
CASH FLOWS FROM

ARUS KAS DARI AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan dari pelanggan 35.553.198 40.470.215 Receipts from customers
Pembayaran kepada pemasok (21.362.414) (27.448.166) Payments to suppliers
Pembayaran kepada karyaw an (3.863.736) (3.804.203) Payments to employees
Kas yang dihasilkan dari operasi 10.327.048 9.217.846 Cash generated from operations
Penghasilan keuangan yang diterima 214.043 213.468 Finance income received
Pembayaran pajak penghasilan badan (1.195.316) (616.721) Payment of corporate income taxes
Pembayaran beban keuangan (2.292.863) (3.163.479) Payment of finance cost
Penerimaan/(pembayaran) lainnya 168.345 (42.183) Other receipts/(payments)
Arus kas bersih yang diperoleh dari Net cash flows provided from
aktivitas operasi 7.221.257 5.608.931 operating activities
CASH FLOWS FROM

ARUS KAS DARI AKTIVITAS INVESTASI INVESTING ACTIVITIES
Pembelian aset tetap (1.279.575) (1.639.080) Acquisition of fixed assets
Penempatan kas yang dibatasi penggunaannya (3.208) (4.755) Placement of restricted cash
Perolehan properti investasi - (2.309) Additions of investment property
Penerimaan dari pelepasan aset tetap 74.249 6.708 Proceeds from disposal of fixed assets
Akuisisi entitas anak - (15.459.602) Acquisition of a subsidiary
Penambahan investasi pada entitas asosiasi - (625) Addition investment in associate
Penambahan aset takberw ujud (6.413) (2.116) Additions of intangible assets
Penempatan investasi Placement of short-term
jangka pendek (1.036.247) (58.769) investments
Arus kas bersih yang digunakan Net cash flows used in
untuk aktivitas investasi (2.251.194) (17.160.548) investing activities
CASH FLOWS FROM

ARUS KAS DARI AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Penerimaan utang bank jangka pendek 3.677.059 6.451.326 Proceeds from short-term borrowings
Pembayaran utang bank jangka pendek (4.392.989) (8.506.886) Payment of short-term borrowings
Penerimaan utang bank jangka panjang 1.650.000 33.214.334 Proceeds from long-term bank loan
Pembayaran utang bank jangka panjang (6.099.130) (25.109.036) Payment of long-term bank loan
Penerimaan dana syirkah temporer - 2.000.000 Proceeds from temporary syirkah funds
Pembayaran dana syirkah temporer (218.765) - Payment of temporary syirkah funds
Penerimaan utang obligasi - 4.078.000 Proceeds from bonds payable
Pembayaran liabilitas sew a (364.899) (337.938) Payment of lease liabilities
Pemberian pinjaman kepada Loan given to
entitas ventura bersama - (260.000) joint venture entity
Pembayaran dividen: Payment of dividends:
- Pemilik entitas induk (239.215) (1.231.646) Equity holders of parent entity -
- Kepentingan nonpengendali (15.257) (13.302) Non-controlling interests -
Arus kas bersih yang (digunakan untuk)/ Net cash flows (used in)/
diperoleh dari aktivitas pendanaan (6.003.196) 10.284.852 provided from financing activities
PENURUNAN BERSIH NET DECREASE

KAS DAN SETARA KAS (1.033.133) (1.266.765) CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AWAL TAHUN 3.950.448 5.245.731 AT THE BEGINNING OF THE YEAR
EFFECT OF EXCHANGE RATE

DAMPAK PERUBAHAN SELISIH KURS CHANGES ON CASH AND
TERHADAP KAS DAN SETARA KAS 13.283 (28.518) CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AKHIR TAHUN 2.930.598 3.950.448 AT THE END OF THE YEAR


CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED FINANCIAL

KONSOLIDASIAN STATEMENTS
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum a. Establishment and General Information
PT Semen Indonesia (Persero) Tbk PT Semen Indonesia (Persero) Tbk

(“Perseroan“) didirikan dengan nama NV Pabrik (the “Company”) was established on
Semen Gresik pada tanggal 25 Maret 1953 25 March 1953 as NV Pabrik Semen Gresik
dengan Akta Notaris Raden Mr. Soewandi based on Notarial Deed No. 41 of Raden
No. 41. Pada tanggal 17 April 1961, NV Pabrik Mr. Soewandi. On 17 April 1961, NV Pabrik
Semen Gresik dijadikan Perusahaan Negara Semen Gresik has become a state enterprise
(Persero) berdasarkan Peraturan Pemerintah (Persero) based on Government Regulation
No. 132 Tahun 1961, kemudian berubah No. 132 Year 1961, and subsequently became
menjadi PT Semen Gresik (Persero) PT Semen Gresik (Persero) based on Notarial
berdasarkan Akta Notaris J.N. Siregar, S.H. No. Deed No. 81 dated 24 October 1969 of
81 tanggal 24 Oktober 1969. J.N. Siregar, S.H..
Anggaran Dasar Perseroan telah mengalami The Company’s Articles of Association have
beberapa kali perubahan dan yang terakhir been amended several times, the most recent
antara lain mengenai tempat, maksud dan was concerning, among others, the location,
tujuan, tugas, wewenang dan kewajiban Direksi scope of business, the dutys, authorities and
berdasarkan Akta No. 29 tanggal 13 Juni 2019 responsibility of the Board of Director based on
yang dibuat dihadapan Leolin Jayayanti, S.H., Notarial Deed No. 29 dated 13 June 2019 of
Notaris di Jakarta. Perubahan ini telah Leolin Jayayanti, S.H., Notary in Jakarta. The
mendapatkan persetujuan dari Menteri Hukum amandment was approved by Ministry of Law
dan Hak Asasi Manusia Republik Indonesia and Human Rights of the Republic of Indonesia
pada tanggal 9 Juli 2019, melalui surat by virtue of its letter dated 9 July 2019 with
keputusan No. AHU-0035582.AH.01.02 tanggal decree No. AHU-0035582.AH.01.02 dated 9 July
9 Juli 2019. 2019.
Ruang lingkup kegiatan usaha Perseroan The scope of business activities of the Company
menurut Anggaran Dasar adalah menjalankan in accordance with its Articles of Association
usaha dalam bidang industri semen, termasuk includes conducting business in the field of
kegiatan produksi, menambang dan/atau cement industry, production, mining and/or
menggali bahan yang diperlukan dalam industri digging materials required in cement or other
semen atau industri lainnya, perdagangan, industries, trading, marketing and distribution
pemasaran dan distribusi terkait dengan industri related to cement industry, and providing
semen serta pemberian jasa untuk industri services for cement and/or other industries.
semen dan/atau industri lainnya.
Perseroan berkedudukan dan berkantor pusat di The Company’s head office is located at
Jakarta Selatan. Perseroan memulai kegiatan South Jakarta. The Company commenced
komersialnya pada tanggal 7 Agustus 1957. commercial operations on 7 August 1957.
Lokasi pabrik semen Perseroan dan Entitas The Company and its subsidiaries’ (“the Group”)
Anak (“Grup“) berada di Gresik dan Tuban di cement plants are located in Gresik and Tuban
Jawa Timur, Rembang dan Cilacap di Jawa in East Java, Rembang and Cilacap in Central
Tengah, Narogong di Jawa Barat, Indarung di Java, Narogong in West Java, Indarung in West
Sumatera Barat, Lhoknga di Aceh, Pangkep di Sumatera, Lhoknga in Aceh, Pangkep in South
Sulawesi Selatan dan Quang Ninh di Vietnam. Sulawesi and Quang Ninh in Vietnam.



1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information

(continued)
Entitas induk langsung dan entitas induk akhir The Company's immediate parent and ultimate
Perseroan adalah Pemerintah Republik parent is Government of the Republic of
Indonesia. Indonesia.
Susunan Dewan Komisaris dan Direksi The members of the Company’s Board of
Perseroan, dan Komite Audit pada tanggal Commissioners and Directors, and Audit
31 Desember 2020 dan 2019 adalah sebagai Committee, as at December 31, 2020 and 2019
berikut: were as follows:
2020 2019
Dew an Kom isaris Board of Commissioners

Komisaris Utama Rudiantara Soekarw o President Commissioner
Komisaris Hendrika Nora Osloi Sinaga Hendrika Nora Osloi Sinaga Commissioners
Astera Primanto Bhakti Astera Primanto Bhakti
Sony Subrata Sony Subrata
Lydia Silvanna Djaman Lydia Silvanna Djaman
Komisaris Independen Mochamad Choliq Mochamad Choliq Independent Commissioners
Nasaruddin Umar Nasaruddin Umar
Dew an Direksi Board of Directors

Direktur Utama Hendi Prio Santoso Hendi Prio Santoso President Director
Direktur Fadjar Judisiaw an Fadjar Judisiaw an Directors
Doddy Sulasmono Diniaw an Doddy Sulasmono Diniaw an
Adi Munandir Adi Munandir
Tri Abdisatrijo Tri Abdisatrijo
Tina T. Kemala Intan Tina T. Kemala Intan
Benny Wendry Benny Wendry
Kom ite Audit Audit Committee

Ketua Mochamad Choliq Mochamad Choliq Chairman
Anggota Sony Subrata Astera Primanto Bhakti Members
M. Z. Abidin M. Z. Abidin
Elok Tresnaningsih Elok Tresnaningsih
Personil manajemen kunci meliputi Dewan Key management personnel are the Company’s
Komisaris dan Direksi Perseroan. Kompensasi Boards of Commissioners and Directors.
imbalan kerja jangka pendek yang dibayarkan Short-term compensation paid to the key
kepada personil manajemen kunci Perseroan management personnel of the Company for the
untuk tahun yang berakhir pada year ended 31 December 2020 amounted to
31 Desember 2020 sebesar Rp97.577 (2019: Rp97,577 (2019: Rp108,746).
Rp108.746).
Pada tanggal 31 Desember 2020, Grup As at December 31, 2020, the Group had 11,357
mempunyai 11.357 karyawan (2019: 11.518 employees (2019: 11,518 employees) -
karyawan) - tidak diaudit. unaudited.



b. Struktur Entitas Anak b. The Subsidiaries Structure
Kepemilikan saham Perseroan pada entitas The Company’s ownership interests in

anak adalah sebagai berikut: subsidiaries are as follows:
Dimulainya
kegiatan
komersial/
Persentase kepemilikan/ Start of Jumlah aset sebelum eliminasi/
Entitas anak/ Domisili/ Jenis usaha/ Percentage of ownership commercial Total assets before eliminations
Subsidiaries Domicile Nature of business 2020 2019 activities 2020 2019
Pemilikan langsung/Direct ownership

PT Semen Padang (“SP”) Indarung, Produksi semen/ 99,99% 99,99% 1913 10.328.170 9.914.107
dan entitas anak/ Sumatera Barat/ Cement manufacturing

and subsidiary West Sumatera
PT Semen Tonasa (“ST”) Pangkep, Produksi semen/ 99,99% 99,99% 1968 8.317.935 8.059.432
Sulawesi Selatan/Cement manufacturing
South Sulaw esi
Thang Long Cement Joint Hanoi, Produksi semen/ 70,00% 70,00% 2008 2.096.749 2.212.022
Stock Company (”TLCC”) Vietnam Cement manufacturing
dan entitas anak/
and subsidiary
PT Semen Gresik (“SG”) Tuban, Produksi semen/ 99,96% 99,96% 2017 5.540.965 5.713.277
dan entitas anak/and subsidiary Jawa Timur/ Cement manufacturing
East Java
PT Semen Indonesia Aceh Produksi semen/ 52,28% 52,28% - 571.548 569.861
Aceh ("SIA") Cement manufacturing
PT Industri Kemasan Tuban, Produksi kantong semen/ 60,00% 60,00% 1994 393.903 405.019
Semen Gresik (“IKSG”) Jawa Timur/ Cement bag manufacturing
East Java
PT Semen Kupang Kupang, Distribusi semen/ 99,48% 99,48% 2019 210.872 204.843
Indonesia (”SKI”) Nusa Tenggara Cement distribution

Timur
PT Semen Indonesia Logistik ("SIL") Gresik Perdagangan, transportasi, jasa 73,65% 73,65% 1974 2.165.615 2.243.388
dan entitas anak/and subsidiary Jawa Timur/ bongkar muat dan konstruksi/
East Java Trade, transporation,
and construction
PT Kawasan Industri Gresik, Pengembangan kawasan 65,00% 65,00% 1991 401.101 396.560
Gresik (“KIG”) Jawa Timur/ industri/Industrial real
East Java estate development
PT United Tractors Semen Tuban, Jasa penambangan 55,00% 55,00% 1992 454.493 544.900
Gresik (“UTSG”) Jawa Timur/ batu kapur dan tanah liat/
East Java Limestone and clay mining service
PT Sinergi Mitra Investama (”SMI”) Gresik, Persewaan bangunan/ 97,00% 97,00% 2012 35.467 44.010
Jawa Timur/ Building rental
East Java
PT Semen Indonesia Beton (”SIB”) DKI Jakarta Produksi beton siap pakai/ 99,99% 99,99% 2012 1.426.857 1.955.369
dan entitas anak/and subsidiary Production of ready mix concrete
PT Sinergi Informatika DKI Jakarta Sistem informasi/ 100,00% 100,00% 2014 119.586 113.264
Semen Indonesia ("SISI") Information system
PT Semen Indonesia International DKI Jakarta Perdagangan, jasa pelayanan, 100,00% 100,00% 2016 603.670 517.328
("SII") dan entitas anak/ manajemen logistik dan investasi/
and subsidiary Trade, service logistic management
and investment
PT Semen Indonesia Industri DKI Jakarta Bahan bangunan/ 100,00% 100,00% 2019 32.909.755 32.471.647
Bangunan ("SIIB") dan entitas anak/ Building material
and subsidiary



b. Struktur Entitas Anak (lanjutan) b. The Subsidiaries Structure (continued)
Dimulainya
kegiatan
komersial/
Persentase kepemilikan/ Start of Jumlah aset sebelum eliminasi/

Entitas anak/ Domisili/ Jenis usaha/ Percentage of ownership commercial Total assets before eliminations
Subsidiaries Domicile Nature of business 2020 2019 activities 2020 2019
Pemilikan tidak langsung/Indirect ownership

Melalui/Through SG:
PT Sinergi Mitra Operasi Rembang Jawa T engah/ Pengadaan barang dan jasa umum/ 52,00% - 2020 6.576 -
(“SMOR”) East Java Procurement of public goods and services
Melalui/Through SP:
PT Sepatim Batamtama Batam, Pengantongan dan 97,00% 97,00% 1994 25.910 35.946
(“Sepatim”) Kepulauan Riau distribusi semen/Cement
packing and distribution
PT Bima Sepaja Abadi DKI Jakarta Pengantongan semen, distribusi, 80,00% 80,00% 1996 75.532 131.260
(”BSA”) dan jasa transportasi/Cement
packing, distribution transportation
Melalui/Through SIL:
PT Semen Indonesia Distributor ("SID") Gresik Perdagangan/Trading 73,28% 73,28% 1989 810.148 842.405
(dahulu/formerly PT Waru Abadi) Jawa T imur/
East Java
PT Varia Usaha Dharma Segara ("VUDS") Gresik Jasa pengurusan transportasi/ 73,65% 73,65% 1995 65.765 64.819
Jawa T imur/ Freight forw arding services
East Java
PT Varia Usaha Fabrikasi ("VUFA") Gresik Jasa ketenagakerjaan/ 48,40% 48,40% 2015 19.160 11.905
(dahulu/formerly PT Megah Sejahtera Jawa T imur/ Outsourcing services
Bersama (MSB) East Java
PT Varia Usaha Bahari ("VUBA") *) Gresik Jasa bongkar muat/ 73,65% 73,65% 1992 119.989 125.492
Jawa T imur/ Stevedoring services
East Java
PT Varia Usaha Lintas Segara ("VULS") Gresik Jasa transportasi laut/ 73,65% 73,65% 1997 114.063 143.157
Jawa T imur/ Sea transportation services
East Java
Melalui/Through SIB:
PT Varia Usaha Beton ("VUB") Sidoarjo, Produksi beton siap pakai/ 63,15% 63,15% 1991 721.651 782.008
Jawa T imur/ Ready mix concrete production
East Java
Melalui/Through SIIB:
PT Solusi Bangun Indonesia T bk DKI Jakarta Produksi semen/ 98,31% 98,31% 1971 20.738.125 19.567.499
(dahulu/formely PT Holcim Indonesia T bk) Cement manufacturing
dan entitas anak/and subsidiary
PT Solusi Bangun Beton DKI Jakarta Beton jadi dan tambang agregat/ 98,31% 98,31% 1990 1.129.801 1.264.394
(dahulu/formely PT Holcim Beton) Readymix concrete and
aggregates quarry
PT Pendawa Lestari Perkasa ("PLP") Surabaya Perijinan tambang agregat/ 98,31% 98,31% 2007 231.779 237.111
Aggregates quarry license
PT Readymix Concrete Indonesia ("RCI") Surabaya Beton jadi dan tambang agregat/ 98,31% 98,31% 1992 86.136 82.111
Readymix concrete and
aggregates quarry
PT Aroma Sejahtera Indonesia ("ASI") DKI Jakarta Jasa konsultansi/ 98,31% 98,31% - 521 462
Consulting services
PT Aroma Cipta Anugrahtama ("ACA") DKI Jakarta Izin usaha tambang (IUP)/ 98,31% 98,31% 2000 39.248 4.576
Mining production license
PT SBI Bangun Nusantara DKI Jakarta Aktivitas tambang/ 98,31% 98,31% - 238 178
(dahulu/formely PT Langkat Mineral Mining activities
Indonesia) ("SBN")
PT Solusi Bangun Andalas Aceh Produksi semen/ 98,31% 98,31% 1983 3.438.410 2.837.202
(dahulu/formely PT Lafarge Cement manufacturing
Cement Indonesia)
PT Ciptanugrah Indonesia ("CI") DKI Jakarta Jasa konsultansi/ 98,31% 98,31% 2018 1.479 2.115
Consulting services
Melalui SII/Through SII :

SI International T rading Singapura/ Perdagangan umum/ 100,00% 100,00% 2017 658.749 411.709
PT E. LT D ("SIIT ") Singapore General trading
Melalui TLCC/Through TLCC :

T hang Long Cement Joint Hanoi, Produksi semen/ 69,57% 69,57% - 40.071 39.239
Stock Company 2 Vietnam Cement manufacturing
An Phu Cement Joint Stock Hanoi, Produksi semen/ 69,93% 69,93% - 59.616 57.294
Company (”APCC”) Vietnam Cement manufacturing



c. Penawaran Umum Efek Perseroan c. Public Offering of Shares of the Company
Perseroan mendapat persetujuan melalui The Company obtained the approval of

Keputusan Menteri Keuangan No. the Minister of Finance in his
859/KMK.01/1987 tanggal 23 Desember 1987, decision No. 859/KMK.01/1987 dated
juncto Keputusan Menteri Keuangan 23 December 1987, as amended by Decree
No. 1548/KMK.013/1990 tanggal 4 Desember No. 1548/KMK.013/1990 dated 4 December
1990 untuk menawarkan saham kepada 1990, to offer its shares to the public. Based on
masyarakat. Berdasarkan izin Menteri the approval of the Minister of Finance cq Head
Keuangan cq Ketua Badan Pengawas Pasar of Capital Market and Financial Institutions
Modal dan Lembaga Keuangan (“BAPEPAM- Supervisory Agency ("BAPEPAM-LK") No. S-
LK”) No. S-622.PM/1991 tanggal 17 Mei 1991, 622.PM/1991 dated 17 May 1991, the
Perseroan melakukan Penawaran Umum Company conducted an Initial Public Offering of
Perdana atas 40.000.000 saham lembar saham, 40,000,000 shares, with par value of Rp 1,000
dengan nilai nominal Rp 1.000 (nilai penuh) per (full amount) per share with offering price of Rp
saham dengan harga penawaran Rp 7.000 (nilai 7,000 (full amount) per share, such that issued
penuh) per lembar saham, sehingga jumlah shares increased to 70,000,000 shares.
saham beredar meningkat menjadi 70.000.000
lembar saham.
Pada tahun 1995, Perseroan melakukan In 1995, the Company conducted an additional
pencatatan tambahan 78.288.000 saham, listing of 78,288,000 shares with offering price of
dengan harga penawaran Rp 1.000 (nilai penuh) Rp 1,000 (full amount) per share. Subsequently,
per saham. Selanjutnya, Perseroan melakukan the Company conducted Limited Public Offering
Penawaran Umum Terbatas dengan Hak with pre-emptive rights on a three to one basis,
Memesan Efek Terlebih Dahulu dengan dasar increasing the number of shares issued
tiga lembar saham baru untuk setiap satu lembar 444,864,000 shares, with offering price of Rp
saham beredar, yang meningkatkan jumlah 1,000 (full amount). Therefore, the total shares
saham beredar sebesar 444.864.000 lembar issued increased to become 593,152,000
saham, dengan harga penawaran Rp 1.000 (nilai shares.
penuh). Dengan demikian, jumlah saham
beredar Perseroan menjadi 593.152.000 lembar
saham.
Pada tahun 2007, Perseroan melakukan In 2007, the Company executed a stock split with
pemecahan saham dengan perbandingan 1:10, a ratio of 1:10, increasing the number of share
yang meningkatkan jumlah saham beredar issued to 5,931,520,000 shares and changed in
menjadi 5.931.520.000 lembar saham dan par value from Rp 1,000 (full amount) to Rp 100
merubah nilai nominal saham dari Rp 1.000 (nilai (full amount).
penuh) menjadi Rp 100 (nilai penuh).
Seluruh saham Perseroan telah dicatatkan pada All of the Company’s issued shares are listed on
Bursa Efek Indonesia. the Indonesia Stock Exchange.



2. KEBIJAKAN AKUNTANSI PENTING 2. SIGNIFICANT ACCOUNTING POLICIES
Laporan keuangan konsolidasian ini telah diotorisasi The consolidated financial statements have been
oleh Direksi pada tanggal 26 Februari 2021. authorised by Directors on February 26, 2021.
Berikut ini adalah kebijakan akuntansi penting yang The principal accounting policies applied in the
diterapkan dalam penyusunan laporan keuangan preparation of the consolidated financial statements
konsolidasian. are set out below.
a. Dasar Penyusunan a. Basis of Preparation
Dasar penyusunan laporan keuangan The consolidated financial statements have been
konsolidasian adalah biaya historis, kecuali prepared on the historical cost basis except for
instrumen keuangan tertentu yang diukur pada financial instruments that are measured fair
nilai wajar melalui laba rugi pada setiap akhir value through profit or loss at the end of each
periode pelaporan, yang dijelaskan dalam reporting period, as explained in the accounting
kebijakan akuntansi di bawah ini serta policies below and using the accrual basis
menggunakan dasar akrual kecuali untuk except for the consolidated statement of cash
laporan arus kas konsolidasian. flow.
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flow is
menggunakan metode langsung dengan prepared based on the direct method by
mengelompokkan arus kas ke dalam aktivitas classifying cash flows on the basis of operating,
operasi, investasi dan pendanaan. investing, and financing activities.
Penyusunan laporan keuangan konsolidasian The preparation of the consolidated financial

Grup, sesuai dengan Standar Akuntansi statements of the Group are in conformity with
Keuangan di Indonesia dan peraturan Badan Indonesian Financial Accounting Standards and
Pengawas Pasar Modal dan Lembaga Indonesian Capital Market and Financial
Keuangan (“Bapepam-LK”) Indonesia; sekarang Institution Supervisory Agency’s (“Bapepam-
Otoritas Jasa Keuangan (“OJK”) No. VIII.G.7 LK”) regulations; now Authority of Financial
tentang Penyajian dan Pengungkapan Laporan Services (“OJK”) No. VIII.G.7 regarding the
Keuangan Emiten atau Perusahaan Publik, yang Presentation and Disclosures of Financial
terlampir dalam surat keputusan No. KEP- Statements of Listed Entity, enclosed in the
347/BL/2012. decision letter No. KEP-347/BL/2012.
Seluruh angka dalam laporan keuangan Figures in the consolidated financial statements
konsolidasian ini, dibulatkan dan disajikan dalam are rounded to and stated in millions of Rupiah
jutaan Rupiah (“Rp”), kecuali dinyatakan lain. (“Rp”), unless otherwise stated. Refer to Notes
Lihat Catatan 2d untuk informasi mata uang 2d for the information on the Group’s functional
fungsional Grup. currency.
Penyusunan laporan keuangan konsolidasian The preparation of consolidated financial

sesuai dengan Standar Akuntansi Keuangan di statements in conformity with Indonesian
Indonesia mengharuskan penggunaan estimasi Financial Accounting Standards requires the use
dan asumsi. Hal tersebut juga mengharuskan of certain critical accounting estimates and
manajemen untuk membuat pertimbangan asumptions. It also requires management to
dalam proses penerapan kebijakan akuntansi exercise its judgement in the process of applying
Grup. Area yang kompleks atau memerlukan the Group’s accounting policies. The areas
tingkat pertimbangan yang lebih tinggi atau area involving a higher degree of judgement or
di mana asumsi dan estimasi dapat berdampak complexity, or areas where assumptions and
signifikan terhadap laporan keuangan estimates are significant to the consolidated
konsolidasian diungkapkan di Catatan 3. financial statements are disclosed in Note 3.



2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES

(continued)
b. Perubahan pada Pernyataan Standar b. Changes to the Statements of Financial

Akuntansi Keuangan (‘‘PSAK’’) dan Accounting Standards (‘‘SFAS’’) and
Interprestasi Pernyataan Standar Akuntansi Interpretations of Statements of Financial
Keuangan (‘‘ISAK’’) Accounting Standards (‘‘ISFAS’’)
Standar dan interpretasi baru/revisi yang relevan New/amended standards and interpretations
terhadap kegiatan operasi Grup dan berlaku relevant to the Group’s operation that are
untuk tahun buku yang dimulai pada atau setelah effective for the financial year beginning on or
tanggal 1 Januari 2020 adalah sebagai berikut: after 1 January 2020 are as follows:
• PSAK 71 “Instrumen Keuangan” • SFAS 71 “Financial Instruments”
• PSAK 72 “Pendapatan dari Kontrak dengan • SFAS 72 “Revenue from Contracts with
Pelanggan” Customers”
• PSAK 73 “Sewa” • SFAS 73 “Leases”
• Amandemen PSAK 15 “Investasi pada • Amendment of SFAS 15, “Investments in
Entitas Asosiasi dan Ventura Bersama: Associates and Joint Ventures: Long Term
Kepentingan Jangka Panjang pada Entitas Interest in Associate and Joint Ventures”
Asosiasi dan Ventura Bersama”
• Penyesuaian tahunan atas PSAK 1 • Annual improvements on SFAS 1,
“Penyajian Laporan Keuangan” “Presentation of Financial Instruments”
• Penyesuaian tahunan atas PSAK 25 • Annual improvements on SFAS 25,
“Kebijakan Akuntansi, Perubahan Estimasi “Accounting Policies, Changes in
Akuntansi, dan Kesalahan” Accounting Estimates and Errors”
• Amandemen PSAK 73 “Sewa” tentang • The amendments of SFAS 73 “Lease”
konsesi sewa terkait COVID-19 about rent concession related to COVID-19
• Amandemen PSAK 55 “Instrumen • The amendments of SFAS 55 “Financial
Keuangan: Pengakuan dan Pengukuran”, Instruments: Recognition and
PSAK 60 “Instrumen Keuangan: Measurement”, SFAS 60 “Financial
Pengungkapan” dan PSAK 71 “Instrumen Instruments Disclosure” and SFAS 71
Keuangan” tentang reformasi acuan suku “Financial Instrument”
bunga
• ISAK 36 “Interpretasi atas Interaksi antara • ISAK 36 “Interpretation of the Interaction
Ketentuan Mengenai Hak atas Tanah dalam between Provisions regarding Land Rights
PSAK 16: Aset Tetap dan PSAK 73: Sewa” in SFAS 16: Fixed Assets and SFAS 73:
Leases”
• Amandemen PSAK 71 “Instrumen • The amendments of SFAS 71 “Financial
Keuangan: tentang Fitur Percepatan Instruments: Prepayment Features with
Pelunasan dengan Kompensasi Negatif. Negative Compensation”
• Kerangka konseptual • Conceptual framework
Kecuali untuk perubahan yang dijelaskan di Except for the changes described below, the
bawah ini, implementasi dari standar-standar implementation of these standards does not
tersebut tidak menghasilkan perubahan result in substantial changes to the Group's
substansial terhadap kebijakan akuntansi Grup accounting policies and has no material impact
dan tidak memiliki dampak yang material on the consolidated financial statements in the
terhadap laporan keuangan konsolidasian di current or previous year.
tahun berjalan atau tahun sebelumnya.




(continued)
b. Perubahan pada Pernyataan Standar Akuntansi b. Changes to the Statements of Financial
Keuangan (‘‘PSAK’’) dan Interprestasi Accounting Standards (‘‘SFAS’’) and
Pernyataan Standar Akuntansi Keuangan Interpretations of Statements of Financial
(‘‘ISAK’’) (lanjutan) Accounting Standards (‘‘ISFAS’’)
(continued)
PSAK 71 "Instrumen Keuangan" SFAS 71 "Financial Instruments"
PSAK 71 menggantikan PSAK 55 "Instrumen SFAS 71 replaced SFAS 55 "Financial

Keuangan: Pengakuan dan Pengukuran" dan Instruments: Recognition and Measurement"
memperkenalkan pengaturan baru untuk klasifikasi and introduced new arrangements for the
dan pengukuran instrumen keuangan berdasarkan classification and measurement of financial
penilaian atas model bisnis dan arus kas instruments based on valuation of business
kontraktual, pengakuan dan pengukuran cadangan models and contractual cash flows,
kerugian penurunan nilai instrumen keuangan recognition and measurement of allowance
dengan menggunakan model kerugian kredit for impairment losses of financial instruments
ekspektasian (“KKE”), yang menggantikan model using the expected credit loss (“ECL”) model,
kerugian kredit yang terjadi serta memberikan
which replaces the credit loss model that
pendekatan yang lebih sederhana untuk akuntansi
lindung nilai. occurs and provides a simpler approach to
hedge accounting .
Sesuai dengan persyaratan transisi pada PSAK 71, In accordance with the transition
Grup memilih penerapan secara retrospektif requirements in SFAS 71, the Group elected
dengan dampak kumulatif pada awal penerapan to apply retrospectively with the cumulative
diakui pada tanggal 1 Januari 2020 dan tidak effect of initial implementation recognised at 1
menyajikan kembali informasi komparatif. January 2020 and not restate comparative
information.
Penerapan atas PSAK 71 tidak memiliki dampak The adoption of SFAS 71 did not have a
yang signifikan terhadap laporan keuangan significant impact to the consolidated financial
konsolidasian, kecuali untuk penyisihan penurunan statements, except for impairment of financial
nilai aset keuangan. Untuk piutang usaha dan assets. For trade receivables and other
piutang lain-lain, Grup menerapkan metode receivables, the Group applies the simplified
sederhana untuk mengukur KKE yang disyaratkan approach to provide for ECL as prescribed by
oleh PSAK 71 yang mengharuskan penggunakan SFAS 71 which requires the use of lifetime
provisi kerugian ekspektasian seumur hidup untuk expected loss provision for all trade and other
semua piutang usaha dan piutang lain-lain. Hal receivables. This increased the provision for
tersebut menyebabkan kenaikan penyisihan impairment of trade receivables of
penurunan nilai atas piutang usaha sebesar Rp262,832, which were recognised as an
Rp262.832 yang diakui sebagai penyesuaian atas adjustment to the retained earnings as at 1
saldo laba pada 1 Januari 2020. January 2020.
PSAK 72 “Pendapatan dari Kontrak dengan SFAS 72 “Revenue from Contracts with
Pelanggan” Customers”
PSAK 72 mengubah pengakuan pendapatan SFAS 72 amends revenue recognition using

menggunakan lima tahapan berdasarkan kontrak five steps based on contracts where revenue
dimana pendapatan diakui ketika kewajiban is recognised when performance obligation is
pelaksanaan dipenuhi dengan mengirim barang satisfied by transferring the promised goods
atau jasa yang dijanjikan kepada pelanggan (yaitu or services to a customer (which is when the
ketika pelanggan memperoleh kendali atas barang customer obtains control of the goods or
atau jasa). PSAK 72 juga memperkenalkan services). SFAS 72 also introduces new
persyaratan pengungkapan baru tentang sifat, disclosure requirements about the nature,
jumlah dan waktu pendapatan yang timbul dari amount and timing of revenue arising from
kontrak dengan pelanggan. contracts with customers.




(continued)

Keuangan (‘‘ISAK’’) (lanjutan) Accounting Standards (‘‘ISFAS’’)
(continued)
PSAK 72 “Pendapatan dari Kontrak dengan SFAS 72 “Revenue from Contracts with
Pelanggan” (lanjutan) Customers” (continued)
Penerapan atas PSAK 72 tersebut tidak memiliki The adoption of SFAS 72 did not have a
dampak yang signifikan terhadap laporan significant impact to the consolidated financial
keuangan konsolidasian, sehingga Grup statements, therefore the Grup adjusted the
melakukan penyesuaian atas dampaknya terhadap impact in the current year consolidated
laporan keuangan konsolidasian tahun berjalan. financial statements.
PSAK 73 "Sewa" SFAS 73 "Leases"
PSAK 73 memperkenalkan model di mana liablitias SFAS 73 introduces a model in which lease
sewa, yang diukur pada nilai kini pembayaran liabilities, measured at the present value of
sewa, dan aset hak-guna yang terkait diakui pada lease payments, and their corresponding
laporan posisi keuangan konsolidasian pada saat right-of-use assets are recognised on the
dimulainya sewa. Dalam laporan laba rugi, consolidated statement of financial position at
penyusutan aset hak-guna dan bunga liabilitas the commencement of the leases. In the profit
sewa diakui sebagai beban, bukan sebagai or loss, depreciation of the right-of-use assets
pembayaran sewa garis lurus menurut standar and interest on lease liabilities are recognised
akuntansi sebelumnya. as expenses instead of the straight-line lease
payments approach under the previous
accounting standard.
Sesuai dengan persyaratan transisi dalam PSAK In accordance with the transition
73, Grup memilih untuk menerapkan secara requirements in SFAS 73, the Group elected
retrospektif dengan efek kumulatif dari to apply retrospectively with the cumulative
implementasi awal yang diakui pada 1 Januari effect of initial implementation recognised at 1
2020 dan tidak menyajikan kembali informasi January 2020 and not restate comparative
komparatif. information.
Grup memilih untuk menggunakan cara praktis di The Group elected to use the practical
mana jumlah aset hak-guna sama dengan liabilitas expedient where the right-of-use assets
sewa sehingga tidak ada penyesuaian awal saldo amount are equal to the lease liabilities
laba, bersama dengan cara praktis berikut: resulting in no adjustment to the beginning of
retained earnings, along with the following
practical expedients:
• untuk tidak memisahkan komponen nonsewa • not to separate non-lease components
dari komponen sewa berdasarkan kelas aset from lease components on lease by class
pendasar; of underlying assets;
• menerapkan tingkat diskonto tunggal untuk • the use of a single discount rate to a
portofolio sewa dengan karakteristik yang portfolio of leases with reasonably similar
cukup serupa; characteristics;
• sewa operasi yang masa sewanya berakhir • operating leases with a remaining lease
dalam 12 bulan dari 1 Januari 2020 term of less than 12 months as at 1
diperlakukan sebagai sewa jangka pendek; January 2020 are treated as short-term
lease;
• pengecualian biaya langsung awal dari • the exclusion of initial direct costs for the
pengukuran aset hak-guna pada tanggal measurement of the right-of-use asset at
penerapan awal; the date of initial application;




(continued)
d.
(continued)
PSAK 73 "Sewa" (lanjutan) SFAS 73 "Leases" (continued)
• menggunakan peninjauan kembali dalam • the use of hindsight in determining the

menentukan jangka waktu sewa di mana lease term where the contract contains
kontrak berisi opsi untuk memperpanjang atau options to extend or terminate the lease;
mengakhiri sewa;
• mengandalkan penilaian apakah sewa bersifat • reliance on the assessment of whether
memberatkan sesuai PSAK 57, “Provisi, leases are onerous based on SFAS 57,
Liabilitas Kontinjensi, dan Aset Kontinjensi” “Provisions, Contingent Liabilities and
segera sebelum tanggal penerapan awal Contingent Assets” immediately before
sebagai alternatif untuk melakukan tinjauan the date of initial application as an
penurunan nilai. alternative to perform an impairment
review.
ISAK 36 “Interpretasi atas Interaksi antara ISFAS 36 “Interpretation of the Interaction

Ketentuan Mengenai Hak atas Tanah dalam PSAK between Provisions regarding Land Rights in
16: Aset Tetap dan PSAK 73: Sewa”. SFAS 16: Fixed Assets and SFAS 73:
Leases”.
ISAK 25 ”Hak atas tanah”, dicabut dengan ISFAS 25 “Land rights” was withdrawn with
diterbitkannya PSAK 73 ”Sewa” dan tidak akan the issuance of SFAS 73 “Leases”, and will no
efektif lagi sejak 1 Januari 2020. Interpretasi atas longer be effective since 1 January 2020. It
standar tersebut mengharuskan manajemen untuk requires an entity to first assess whether the
melakukan penilaian apakah substansi suatu substance of the transaction is purchase of
transaksi adalah merupakan transaksi pembelian asset or lease. ISFAS 36 provides further
aset atau sewa. ISAK 36 memberikan panduan guidance on how to distinguish a lease from a
lebih lanjut tentang bagaimana membedakan sewa purchase or a sale when legal title to the
dari pembelian atau penjualan ketika hak milik atas underlying assets is not transferred to the
aset pendasar tidak dialihkan kepada lessee/buyer and emphasis that the
lessee/pembeli dan menekankan akuntansi untuk accounting for land rights depends on the
hak atas tanah tergantung pada substansi hak dan substance of the rights and not its legal form.
bukan hukumnya.
Dengan menerapkan standar ini, pada tanggal 1 By applying this standard, the Group’s right-
Januari 2020 aset hak-guna Grup meningkat of-use assets increased by Rp1,107,685 on 1
sebesar Rp1.107.685 yang terdiri dari pengakuan January 2020, which comprised recognition of
liabilitas sewa yang sebelumnya diakui sebagai lease obligation that was previously
sewa operasi sebesar Rp879.180, reklasifikasi dari recognised as operating lease amounting to
biaya dibayar di muka sebesar Rp47.070, Rp879,180, reclassification of prepaid
reklasifikasi dari aset tetap sebesar Rp98.807, expense amounting to Rp47,070,
reklasifikasi dari aset yang sebelumnya telah diakui reclassification of fixed assets amounting to
sebagai aset sewa pembiayaan sebesar Rp82.628 Rp98,807, reclassification from assets that
serta dampak terhadap saldo awal laba ditahan previously were recognised as finance lease
sebesar Rp24.732. assets amounting to Rp82,628 and impact to
the beginning retained earnings of Rp24,732.




(continued)

(continued)
PSAK 73 "Sewa" (lanjutan) SFAS 73 "Leases" (continued)
Tingkat pinjaman inkremental penyewa yang The lessee’s incremental borrowing rate
diterapkan pada liabilitas sewa pada tanggal 1 applied to the lease liabilities on 1 January
Januari 2020 antara 5,09%-8,57%. Dalam 2020 was between 5.09%-8.57%. In
menentukan suku bunga pinjaman inkremental, determining the incremental loan interest rate,
Grup mempertimbangkan faktor-faktor utama the Group considered the following main
berikut: risiko kredit korporat Grup, jangka waktu factors: the Group's corporate credit risk,
sewa, jangka waktu pembayaran sewa, waktu rental period, term period of the lease
dimana sewa dimasukkan, dan mata uang dimana payment, the time the lease was entered, and
pembayaran sewa ditentukan. the currency in which the lease payment was
determined.
Rekonsiliasi antara komitmen sewa operasi The reconciliation between the operating
berdasarkan PSAK 30 pada tanggal 31 Desember lease commitments under SFAS 30 as at 31
2019 dan tambahan liabilitas sewa yang diakui December 2019 and addition lease liabilities
berdasarkan PSAK 73 pada tanggal 1 Januari recognised under SFAS 73 as at 1 January
2020 adalah sebagai berikut: 2020 were as follows:
2020
Komitmen sew a operasi Operating lease commitments
pada tanggal 31 Desember 2019 1.162.300 as at 31 December 2019
Didiskontokan menggunakan
suku bunga pinjaman Discounted using the Group
inkremental Grup incremental borrowing rate
pada tanggal penerapan aw al (182.651) as at the date of initial application
Dikurangi: sew a jangka pendek Less: short-term leases not
tidak diakui sebagai liabilitas (96.494) recognised as a liability
Dikurangi: sew a bernilai rendah Less: low-value leases not
tidak diakui sebagai liabilitas (3.975) recognised as a liability
Liabilitas sew a diakui pada Lease liability recognised
tanggal 1 Januari 2020 879.180 as at 1 January 2020
PSAK dan ISAK lainnya Other PSAK and ISAK
Standar baru, amandemen, dan interpretasi New standards, amendments, and

yang telah diterbitkan, namun berlaku efektif interpretations issued but effective for the
untuk tahun buku yang dimulai pada 1 Januari financial year beginning 1 January 2021 and
2021 dan belum diterapkan secara dini oleh have not been early adopted by Group are as
Grup adalah sebagai berikut: follows:
Efektif 1 Januari 2021 Effective 1 January 2021
• Amendemen PSAK 22 “Kombinasi Bisnis”; • Amendment of SFAS 22 “Business

Combination"
• Amendemen PSAK 55 “Instrumen • Amendment of SFAS 55 “Financial
Keuangan: Pengakuan dan Pengukuran” Instruments: Recognition and
Measurement”
• Amendemen PSAK 60 “Instrumen • Amendment of SFAS 60” Financial
Keuangan: Pengungkapan” Instruments: Disclosures”
• Amendemen PSAK 71 “Instrumen • Amendment of SFAS 71 “Financial
Keuangan” instruments”




(continued)

Keuangan (‘‘ISAK’’) (lanjutan) Accounting Standards (‘‘ISFAS’’) (continued)
PSAK dan ISAK lainnya (lanjutan) Other PSAK and ISAK (continued)
Efektif 1 Januari 2021 (lanjutan) Effective 1 January 2021 (continued)
• Amendemen PSAK 73 “Sewa” • Amendment of SFAS 73 “Lease”
• Amendemen PSAK 22 “Kombinasi Bisnis • Amendment of SFAS 22 “Business

tentang Referensi ke Kerangka Konseptual” Combination (References to the Conceptual
Framework of Financial Reporting)”
• Amendemen PSAK 57 “Provisi, Liabilitas • Amendment of SFAS 57 “Provisions,
Kontinjensi, dan Aset Kontinjensi tentang Contingent Liabilities and Contingent
Kontrak Memberatkan—Biaya Memenuhi Assets: Onerous Contracts—Cost of
Kontrak” Fulfilling the Contracts”
• Penyesuaian Tahunan 2020 PSAK 71 • Annual Improvement for 2020 SFAS 71
“Instrumen Keuangan” “Financial Instruments”
• Penyesuaian Tahunan 2020 PSAK 73 • Annual Improvement for 2020 SFAS 73
“Sewa” ”Lease”
• Amendemen PSAK 1 “Penyajian Laporan • Amendment of SFAS 1 “Presentation of

Keuangan (Klasifikasi liabilitas sebagai Financial Statements (Liabilities
jangka pendek atau jangka panjang)” Classification as Short or Long Term)"
• Amendemen PSAK 16 “Aset tetap tentang • Amendment of SFAS 16 “Property, Plant
hasil sebelum penggunaan yang and Equipment – Proceeds before Intended
diintensikan” Use"
Pada saat laporan keuangan konsolidasian As at the authorisation date of these

diotorisasi, Grup masih mempelajari dampak consolidated financial statements, the Group is
yang mungkin timbul dari penerapan standar still evaluating the potential impact of the
baru dan revisi yang telah diterbitkan namun implementation of the above new and amended
belum berlaku efektif di atas serta pengaruhnya standards issued but not yet effective to the
pada laporan keuangan konsolidasian. consolidated financial statements.
c. Prinsip-prinsip Konsolidasi dan Investasi c. Principles of Consolidation and Investment

Entitas Asosiasi in Associates
Entitas anak adalah seluruh entitas (termasuk Subsidiaries are all entities (including structured
entitas terstruktur) dimana Grup memiliki entities) over which the Group has control. The
pengendalian. Grup mengendalikan entitas lain Group controls an entity when the Group is
ketika Grup terekspos atas, atau memiliki hak exposed to, or has rights to, variable returns
untuk, pengembalian yang bervariasi dari from its involvement with the entity and has the
keterlibatannya dengan entitas dan memiliki ability to affect those returns through its power
kemampuan untuk mempengaruhi over the entity. Subsidiaries are fully
pengembalian tersebut melalui kekuasaannya consolidated from the date on which control is
atas entitas tersebut. Entitas anak transferred to the Group. They are de-
dikonsolidasikan secara penuh sejak tanggal di
consolidated from the date on which that control
mana pengendalian dialihkan kepada Grup.
Entitas anak tidak dikonsolidasikan lagi sejak ceases.
tanggal dimana Grup kehilangan pengendalian.




(continued)

Entitas Asosiasi (lanjutan) in Associates (continued)
Grup menerapkan metode akuisisi untuk The Group applies the acquisition method to
mencatat kombinasi bisnis. Imbalan yang account for business combinations. The
dialihkan untuk akuisisi suatu entitas anak consideration transferred for the acquisition of a
adalah sebesar nilai wajar aset yang dialihkan, subsidiary is the fair value of the assets
liabilitas yang diakui terhadap pemilik pihak transferred, the liabilities incurred to the former
yang diakusisi sebelumnya dan kepentingan owners of the acquiree and the equity interests
ekuitas yang diterbitkan oleh Grup. Imbalan issued by the Group. The consideration
yang dialihkan termasuk nilai wajar aset atau transferred includes the fair value of any asset
liabilitas yang timbul dari kesepakatan imbalan or liability resulting from a contingent
kontinjensi. Aset teridentifikasi yang diperoleh consideration arrangement. Identifiable assets
dan liabilitas serta liabilitas kontinjensi yang acquired and liabilities and contingent liabilities
diambil alih dalam suatu kombinasi bisnis diukur assumed in a business combination are
pada awalnya sebesar nilai wajar pada tanggal measured initially at their fair values at the
akuisisi. acquisition date.
Grup mengakui kepentingan nonpengendali The Group recognises any non-controlling

pada pihak yang diakuisisi sebesar bagian interest in the acquiree at the non-controlling
proporsional kepentingan nonpengendali atas interest’s proportionate share of the acquiree’s
aset neto pihak yang diakuisisi. Kepentingan net assets. Non-controlling interest is reported
nonpengendali disajikan di ekuitas dalam as equity in the consolidated statement of
laporan posisi keuangan konsolidasian, terpisah financial position, separate from the owner of
dari ekuitas pemilik entitas induk. the parent’s equity.
Selisih lebih imbalan yang dialihkan, jumlah The excess of the consideration transferred the
setiap kepentingan nonpengendali pada pihak amount of any non-controlling interest in the
diakuisisi dan nilai wajar pada tanggal akuisisi acquiree and the acquisition-date fair value of
kepentingan ekuitas sebelumnya dimiliki oleh any previous equity interest in the acquiree over
pihak pengakuisisi pada pihak diakuisisi atas the fair value of the net identifiable assets
nilai wajar aset bersih teridentifikasi yang acquired is recorded as goodwill (Note 13). If
diperoleh dicatat sebagai goodwill (Catatan 13). those amount are less than the fair value of the
Jika jumlah tersebut lebih rendah dari nilai wajar net identifiable assets of the business acquired,
aset bersih teridentifikasi atas bisnis yang in the case of a bargain purchase, the difference
diakuisisi dalam kasus pembelian dengan is recognised directly in profit or loss.
diskon, selisihnya diakui dalam laba rugi.
Biaya yang terkait dengan akuisisi dibebankan Acquisition-related costs are expensed as
pada saat terjadinya. incurred.
Ventura bersama adalah suatu entitas dimana Joint ventures are entities which the Group
Grup memiliki pengendalian bersama dengan jointly controls with one or more other venturers.
satu venturer atau lebih. Entitas asosiasi adalah Associates are all entities over which the Group
seluruh entitas dimana Grup memiliki pengaruh has significant influence but not control,
signifikan namun bukan pengendalian, biasanya generally accompanying a shareholding of
melalui kepemilikan hak suara antara 20% dan between 20% and 50% of the voting rights.
50%. Investasi pada ventura bersama dan Investment in joint venture and associates are
entitas asosiasi dicatat dengan metode ekuitas, accounted for using the equity method of
setelah pada awalnya diakui pada nilai accounting, after initially being recognised at
perolehan. cost.




(continued)

Entitas Asosiasi (lanjutan) in Associates (continued)
Transaksi, saldo dan keuntungan antar entitas Intercompany transactions, balances and
Grup yang belum direalisasi telah dieliminasi. unrealised gains on transactions between
Kerugian yang belum direalisasi juga Group companies are eliminated. Unrealised
dieliminasi. Jika diperlukan, nilai yang losses are also eliminated. When necessary
dilaporkan oleh entitas anak telah diubah amounts reported by subsidiaries have been
untuk menyesuaikan dengan kebijakan adjusted to conform to the Group’s accounting
akuntansi yang diadopsi oleh Grup. policies.
d. Transaksi dan Penjabaran Laporan d. Foreign Currency Transactions and

Keuangan Dalam Mata Uang Asing Translation
Mata uang fungsional dan penyajian Functional and presentation currency
Pos-pos yang disertakan dalam laporan Items included in the financial statements of
keuangan setiap entitas anggota Grup diukur each of the Group’s entites are measured using
menggunakan mata uang yang sesuai dengan the currency of the primary economic
lingkungan ekonomi utama dimana entitas environment in which the entity operates (the
beroperasi ("mata uang fungsional"). “functional currency”).
Mata uang fungsional Perseroan dan sebagian The functional currency of the Company and
besar dari entitas anak adalah Rupiah. most of subsidiaries is Rupiah. The
Laporan keuangan konsolidasian disajikan consolidated financial statements are presented
dalam mata uang Rupiah. in Rupiah.
Aset dan kewajiban entitas anak dengan mata The assets and liabilities of subsidiaries for
uang fungsional yang bukan Rupiah which functional currency is not Rupiah are
dijabarkan ke dalam mata uang penyajian. translated into presentation currency. The
Selisih kurs yang dihasilkan diakui pada resulting exchange differences are recognised
penghasilan komprehensif lain-lain dan in the other comprehensive income and
diakumulasikan dalam ekuitas pada accumulated in equity under other equity
komponen ekuitas lainnya. components.
Transaksi dan saldo Transactions and balances
Transaksi dalam mata uang asing dijabarkan Foreign currency transactions are translated
ke dalam mata uang Rupiah dengan into Rupiah using the exchange rates prevailing
menggunakan kurs yang berlaku pada tanggal at the dates of the transactions. Foreign
transaksi. Aset dan liabilitas moneter dalam currency monetary assets and liabilities are
mata uang asing dijabarkan ke dalam mata translated into Rupiah at the rates of exchange
uang Rupiah dengan menggunakan kurs yang prevailing at end of the the reporting period.
berlaku pada akhir periode pelaporan.
Keuntungan dan kerugian selisih kurs yang Foreign exchange gains and losses resulting
timbul dari penyelesaian transaksi dalam mata from the settlement of such transactions and
uang asing dan dari penjabaran asset dan from the translation at period-end exchange
liabilitas moneter dalam mata uang asing rates of monetary assets and liabilities
secara umum diakui di dalam laporan laba denominated in foreign currencies are generally
rugi. Keuntungan atau kerugian ini recognised in the profit or loss. They are
ditangguhkan di dalam ekuitas jika terkait deferred in equity if they relate to qualifying cash
dengan lindung nilai arus kas dan lindung nilai flow hedges and qualifying net investment
investasi bersih yang memenuhi syarat atau hedges or are attributable to part of the net
disebabkan oleh sebagian investasi bersih investment in a foreign operation.
dalam operasi asing.




(continued)
d. Transaksi dan Penjabaran Laporan d. Foreign Currency Transactions and

Keuangan Dalam Mata Uang Asing Translation (continued)
(lanjutan)
Transaksi dan saldo (lanjutan) Transactions and balances (continued)
Kurs utama yang digunakan, berdasarkan kurs The main exchange rates used, based on the
tengah yang diterbitkan Bank Indonesia, middle rate published by the Indonesian Central
adalah sebagai berikut (nilai penuh): Bank, are as follows (full amount):
2020 2019
Dolar Amerika Serikat ("USD") 14.105 13.901 United States Dollar ("USD")
Dong Vietnam ("VND") Vietnamese Dong ("VND")
(per Rp 1.000 jumlah penuh) 610 600 (at Rp 1,000 full amount)
Euro ("EUR") 17.330 15.589 Euro (''EUR'')
e. Transaksi Pihak-pihak Berelasi e. Transactions with Related Parties
Grup melakukan transaksi dengan pihak-pihak The Group enters into transactions with related
berelasi sebagaimana didefinisikan dalam parties as defined in PSAK 7, Related Party
PSAK 7, Pengungkapan Pihak-Pihak Berelasi. Disclosures.
Seluruh transaksi dan saldo material dengan All significant transactions and balances with
pihak-pihak berelasi diungkapkan dalam catatan related parties are disclosed in the notes to
atas laporan keuangan konsolidasian. consolidated financial statements.
f. Instrumen Keuangan f. Financial Instruments
Sejak 1 Januari 2020 Since 1 January 2020
Grup mengklasifikasikan aset keuangan dalam The Group classifies its financial assets into the
kategori berikut ini: following categories:
• Aset keuangan diukur pada biaya perolehan • Financial assets measured at amortised
diamortisasi; dan costs; and
• Aset keuangan yang diukur pada nilai wajar • Financial assets measured at fair value
melalui laba rugi atau melalui penghasilan through profit or loss (“FVTPL”) or through
komprehensif lain. other comprehensive income (“FVOCI”).
Klasifikasi ini tergantung pada model bisnis The classification depends on the Group’s
Grup dan persyaratan kontraktual arus kas – business model and the contractual terms of the
apakah penentukan arus kasnya semata dari cash flows when determining whether their cash
pembayaran pokok dan bunga. flows are solely payment of principal and
interest.
Grup menentukan klasifikasi aset keuangan The Group determines the classification of its
tersebut pada pengakuan awal. financial assets at initial recognition.
Grup melakukan reklasifikasi instrumen utang The Group reclassifies debt instruments when
jika dan hanya jika terdapat perubahan model and only when its business model for managing
bisnis atas aset keuangan tersebut. those assets changes.




(continued)
f. Instrumen Keuangan f. Financial Instruments
Sejak 1 Januari 2020 (lanjutan) Since 1 January 2020 (continued)
Aset keuangan pada awalnya diakui sebesar Financial assets are initially recognised at fair
nilai wajar ditambah biaya transaksi yang terkait. value plus related transaction costs. They are
Aset keuangan ini selanjutnya diukur sebesar subsequently measured at amortised cost using
biaya perolehan diamortisasi menggunakan the effective interest method less impairment.
metode suku bunga efektif dikurangi penurunan Any gains or losses on derecognition or
nilai. Keuntungan atau kerugian pada modification of a financial asset held at
penghentian atau modifikasi aset keuangan amortised cost are recognised in profit or loss.
yang dicatat pada biaya perolehan diamortisasi The losses arising from impairment are also
diakui pada laba rugi. Kerugian yang timbul dari recognised in the profit or loss.
penurunan nilai juga diakui pada laba rugi.
Aset keuangan dihentikan pengakuannya ketika Financial assets are derecognised when the
hak untuk menerima arus kas dari aset telah rights to receive cash flows from the financial
berakhir atau telah ditransfer dan Grup telah assets have expired or have been transferred
secara substansial mentransfer seluruh risiko and the group has transferred substantially all
dan manfaat kepemilikan. the risks and rewards of ownership.
Penurunan nilai aset keuangan Impairment of financial assets
Grup menerapkan pendekatan yang The Group applies the “simplified approach” to
disederhanakan untuk mengukur KKE yang measure ECL which uses a lifetime expected
menggunakan cadangan KKE seumur hidup loss allowance on a forward looking basis for all
berdasarkan basis forward looking untuk seluruh trade receivables, other receivables and
saldo piutang usaha, piutang lain-lain dan aset contract assets without significant financing
kontrak tanpa komponen pendanaan yang components.
signifikan.
Untuk mengukur KKE, piutang usaha telah To measure the ECL, trade receivables have
dikelompokkan berdasarkan karakteristik risiko been grouped based on shared credit risk
kredit dan waktu jatuh tempo yang serupa. characteristics and the days past due.
Liabilitas keuangan Financial liabilities
Grup mengklasifikasikan liabilitas keuangan The Group classifies its financial liabilities in the
dalam kategori berikut ini: diukur pada nilai wajar following categories: at fair value through profit
melalui laba rugi dan yang diukur pada biaya or loss and measured at amortised costs.
perolehan diamortisasi.
Pada tanggal 31 Desember 2020 dan 2019, As at December 31, 2020 and 2019, the Group
Grup hanya memiliki liabilitas keuangan yang only had financial liabilities measured at
diukur pada biaya perolehan diamortisasi. amortised costs.
Grup memiliki liabilitas keuangan yang diukur The Group has financial liabilities measured at
dengan biaya perolehan diamortisasi yang amortised cost, which comprised of trade
meliputi utang usaha, utang lain-lain, akrual, dan payables, other payables, accruals and
pinjaman. borrowings.




(continued)
f. Instrumen Keuangan (lanjutan) f. Financial Instruments (continued)
Liabilitas keuangan (lanjutan) Financial liabilities continued)
Setelah pengakuan awal yaitu sebesar nilai After initial recognition which is at fair value plus
wajar ditambah biaya transaksi, Grup mengukur transaction costs, the Group measures all
seluruh liabilitas keuangan pada biaya financial liabilities at amortised cost using
perolehan diamortisasi dengan menggunakan effective interest rate method. Financial
metode suku bunga efektif. Liabilitas keuangan liabilities are derecognised when the obligation
dihentikan pengakuannya pada saat liabilitas under the liability is discharged or cancelled or
tersebut dilepaskan atau dibatalkan atau expired.
kadaluarsa.
Saling hapus antar instrumen keuangan Offsetting financial instruments
Aset keuangan dan liabilitas keuangan Financial assets and liabilities are offset and the
disalinghapuskan dan jumlah netonya net amount is reported in the statement of
dilaporkan pada laporan posisi keuangan ketika financial position when there is a legally
terdapat hak yang berkekuatan hukum untuk enforceable right to offset the recognised
melakukan saling hapus atas jumlah yang telah amounts and there is an intention to settle on a
diakui tersebut dan adanya niat untuk net basis, or realise the asset and settle the
menyelesaikan secara neto, atau untuk liability simultaneously.
merealisasikan aset dan menyelesaikan
liabilitas secara bersamaan.
Hak saling hapus tidak kontinjen atas peristiwa The legally enforceable right must not be
di masa depan dan dapat dipaksakan secara contingent on future events and must be
hukum dalam situasi bisnis yang normal dan enforceable in the normal course of business
dalam peristiwa gagal bayar, atau peristiwa and in the event of default in solvency or
kepailitan atau kebangkrutan Grup atau pihak bankcrupty of the Group or the counterparty.
lawan.
Sebelum 1 Januari 2020 Before 1 January 2020
Aset keuangan Financial assets
Grup mengklasifikasi aset keuangan dalam The Group classifies its financial assets in the
kategori berikut ini: diukur pada nilai wajar following categories: at fair value through profit
melalui laba rugi, pinjaman dan piutang, tersedia or loss, loans and receivables, available-for-
untuk dijual, serta dimiliki hingga jatuh tempo. sale, and held to maturity.
Pinjaman yang diberikan dan piutang adalah Loans and receivables are non-derivative
aset keuangan nonderivatif dengan pembayaran financial assets with fixed or determinable
yang tetap atau dapat ditentukan dan tidak payments that are not quoted in an active
mempunyai kuotasi harga di pasar aktif. market. They are included in current assets,
Pinjaman yang diberikan dan piutang except for maturities greater than 12 months
dimasukkan sebagai aset lancar, kecuali jika after the end of reporting period. These are
jatuh temponya melebihi 12 bulan setelah akhir classified as non-current assets.
periode pelaporan. Pinjaman yang diberikan dan
piutang ini dimasukkan sebagai aset tidak
lancar.




(continued)
Sebelum 1 Januari 2020 (lanjutan) Before 1 January 2020 (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Pinjaman yang diberikan dan piutang Grup The Group’s loans and receivables comprise
terdiri dari kas dan setara kas, kas yang dibatasi cash and cash equivalents, restricted cash,
penggunaannya, investasi jangka pendek, short-term investments, trade receivables and
piutang usaha dan piutang lain-lain. other receivables.
Pinjaman yang diberikan dan piutang pada Loans and receivables are initially recognised at
awalnya diakui sebesar nilai wajarnya ditambah fair value plus transaction costs and
biaya transaksi dan selanjutnya diukur pada subsequently measured at amortised cost using
biaya perolehan yang diamortisasi dengan the effective interest rate method less any
menggunakan metode suku bunga efektif impairment. Loans and receivables are
dikurangi penurunan nilai. Pinjaman yang derecognised when the rights to receive cash
diberikan dan piutang dihentikan pengakuannya flows from the assets have ceased to exist or
ketika hak untuk menerima arus kas dari aset have been transferred and the Group has
telah berakhir atau telah ditransfer dan Grup transferred substantially all risks and rewards of
telah secara substansial mentransfer seluruh ownership.
risiko dan manfaat kepemilikan.
Penurunan nilai aset keuangan Impairment of financial assets
Pada setiap akhir periode pelaporan, Grup At the end of each reporting period, the Group
menilai apakah terdapat bukti objektif bahwa assesses whether there is objective evidence
aset keuangan atau kelompok aset keuangan that a financial asset or group of financial assets
telah mengalami penurunan nilai. Aset keuangan is impaired. A financial asset or a group of
atau kelompok aset keuangan diturunkan financial assets is impaired and impairment
nilainya dan kerugian penurunan nilai terjadi losses are incurred only if there is objective
hanya jika terdapat bukti objektif bahwa evidence of impairment as a result of one or
penurunan nilai merupakan akibat dari satu atau more events that occurred after the initial
lebih peristiwa yang terjadi setelah pengakuan recognition of the asset (a loss event) and that
awal aset (peristiwa kerugian) dan peristiwa loss event (or events) has an impact on the
kerugian (atau peristiwa) tersebut memiliki estimated future cash flows of the financial
dampak pada estimasi arus kas masa datang asset or group of financial assets that can be
atas aset keuangan atau kelompok aset reliably estimated.
keuangan yang dapat diestimasi secara andal.
Untuk kategori pinjaman yang diberikan dan For the loan and receivables, loss is measured
piutang, kerugian penurunan nilai diukur as the difference between the asset’s carrying
sebagai selisih antara jumlah tercatat aset amount and the present value of estimated
dengan nilai kini estimasi arus kas masa depan future cash flows discounted at original effective
yang didiskontokan menggunakan suku bunga interest rate of the financial assets. The carrying
efektif pada saat pengakuan awal dari aset amount of the asset is reduced through the use
tersebut. Jumlah tercatat aset tersebut dikurangi of an allowance account. The amount of the loss
melalui penggunaan akun penyisihan. Jumlah is recognised in profit or loss.
kerugian yang terjadi diakui dalam laba rugi.




(continued)
Penurunan nilai aset keuangan (lanjutan) Impairment of financial assets (continued)
Manajemen awalnya akan menentukan apakah Management initially assesses whether

terdapat bukti objektif penurunan nilai secara objective evidence of impairment exists
individual atas aset keuangan yang signifikan individually for financial assets that are
secara individual. Jika tidak terdapat bukti individually significant. If the Group determines
objektif mengenai penurunan nilai aset that no objective evidence of impairment exists
keuangan secara individual, terlepas aset for an individually assessed financial asset
keuangan tersebut signifikan atau tidak, maka whether significant or not, it includes the asset
aset tersebut dimasukkan ke dalam kelompok in a group of financial assets with similiar credit
aset keuangan dengan karakteristik risiko kredit risk characteristics and collectively assesses
yang serupa dan menentukan penurunan nilai them for impairment.
secara kolektif.
Liabilitas keuangan Financial liabilities
Grup mengklasifikasikan liabilitas keuangan The Group classifies its financial liabilities in the
dalam kategori berikut ini: diukur pada nilai wajar following categories: at fair value through profit
melalui laba rugi dan yang diukur pada biaya or loss and measured at amortised costs.
perolehan diamortisasi.
Grup memiliki liabilitas keuangan yang diukur The Group has financial liabilities measured at
dengan biaya perolehan diamortisasi yang amortised cost, which comprised of trade
meliputi utang usaha, utang lain-lain, akrual, dan payables, accruals, other payables, accruals
pinjaman. and borrowings.
Setelah pengakuan awal yaitu sebesar nilai After initial recognition which is at fair value plus
wajar ditambah biaya transaksi, Grup mengukur transaction costs, the Group measures all
seluruh liabilitas keuangan pada biaya financial liabilities at amortised cost using
perolehan diamortisasi dengan menggunakan effective interest rate method. Financial
metode suku bunga efektif. Liabilitas keuangan liabilities are derecognised when the obligation
dihentikan pengakuannya pada saat liabilitas under the liability is discharged or cancelled or
tersebut dilepaskan atau dibatalkan atau expired.
kadaluarsa.
Saling hapus antar instrumen keuangan Offsetting financial instruments
Aset keuangan dan liabilitas keuangan Financial assets and liabilities are offset and the
disalinghapuskan dan jumlah netonya net amount is reported in the statement of
dilaporkan pada laporan posisi keuangan ketika financial position when there is a legally
terdapat hak yang berkekuatan hukum untuk enforceable right to offset the recognised
melakukan saling hapus atas jumlah yang telah amounts and there is an intention to settle on a
diakui tersebut dan adanya niat untuk net basis, or realise the asset and settle the
menyelesaikan secara neto, atau untuk liability simultaneously. The legally enforceable
merealisasikan aset dan menyelesaikan right must not be contingent on future events
liabilitas secara bersamaan. Hak saling hapus and must be enforceable in the normal course
tidak kontinjen atas peristiwa di masa depan dan of business and in the event of default in
dapat dipaksakan secara hukum dalam situasi solvency or bankcruptcy of the Group or the
bisnis yang normal dan dalam peristiwa gagal counterparty.
bayar, atau peristiwa kepailitan atau
kebangkrutan Grup atau pihak lawan.




(continued)
g. Kas dan Setara Kas g. Cash and Cash Equivalents
Kas dan setara kas mencakup kas, simpanan Cash and cash equivalents include cash in
yang sewaktu-waktu bisa dicairkan dan hand, deposits held at call with banks, other
investasi likuid jangka pendek lainnya dengan short-term highly liquid investments with original
yang jatuh tempo dalam waktu tiga bulan atau maturities of three months or less.
kurang.
Deposito berjangka dan call deposits yang jatuh Call and time deposits with maturities over three
tempo lebih dari tiga bulan disajikan sebagai months are included within “short-term
“investasi jangka pendek”. investments”.
Kas dan setara kas yang dibatasi Cash and time deposits, which are restricted in
penggunaannya disajikan sebagai “kas yang use, are included within "restricted cash”.
dibatasi penggunaannya”.
h. Piutang Usaha dan Lain-lain h. Trade and Other Receivables
Piutang usaha adalah jumlah piutang dari Trade receivables are amounts due from
pelanggan untuk barang yang dijual atau jasa customers for goods sold or services rendered
yang diberikan dalam kegiatan usaha biasa. in the ordinary course of business. Other
Piutang lain-lain adalah piutang dari transaksi receivables are receivables from
selain penjualan barang dan jasa. transactions other than the sale of goods and
services.
Piutang usaha dan piutang lain-lain pada Trade and other receivables are recognised
awalnya diakui sebesar nilai wajar dan initially at fair value and subsequently measured
selanjutnya diukur sebesar biaya perolehan at amortised cost using the effective interest
yang diamortisasi dengan menggunakan method, unless the impact of discounting is not
metode bunga efektif, kecuali dampak significant, less any provision for impairment.
diskontonya tidak signifikan, dikurangi
penyisihan untuk penurunan nilai.
i. Persediaan i. Inventories
Persediaan dinyatakan berdasarkan biaya Inventories are stated at cost or net realizable
perolehan atau nilai realisasi bersih, mana yang value, whichever is lower. Cost is determined
lebih rendah. Biaya perolehan ditentukan using the weighted average method for finished
dengan metode rata-rata tertimbang untuk goods and work-in-progress and using the
barang jadi dan barang dalam proses serta moving average method for raw and indirect
metode rata-rata bergerak untuk bahan baku, materials and spare parts. The cost of finished
penolong dan suku cadang. Harga perolehan goods and work-in-progress comprises of raw
barang jadi dan barang dalam proses terdiri dari and indirect materials, direct labor, other direct
biaya bahan baku, tenaga kerja langsung, biaya- costs and related production overheads. Net
biaya langsung lainnya dan biaya overhead realizable value is the estimated selling price in
yang dinyatakan sebesar nilai yang terkait the ordinary course of business, less the
dengan produksi. Nilai realisasi bersih adalah estimated costs of completion and the
taksiran harga jual dalam kegiatan usaha estimated selling cost necessary to make the
dikurangi taksiran biaya penyelesaian dan sale.
taksiran biaya yang diperlukan untuk melakukan
penjualan.




(continued)
j. Properti Investasi j. Investment Properties
Properti investasi adalah properti (tanah atau Investment properties are properties (land or a
bangunan atau bagian dari suatu bangunan atau building - or part of a building - or both or
kedua-duanya atau prasarana) yang dikuasai infrastructures) which are held by the Group to
Grup untuk menghasilkan rental atau untuk earn rentals or for capital appreciation or both.
kenaikan nilai atau keduanya. Properti investasi Investment properties are stated at cost less
diakui sebesar biaya perolehan setelah accumulated depreciation and any accumulated
dikurangi akumulasi penyusutan dan akumulasi impairment losses.
kerugian penurunan nilai.
Penyusutan bangunan dan prasarana dihitung Depreciation of buildings and infrastructure is

dengan menggunakan metode garis lurus computed using the straight-line method based
berdasarkan taksiran masa manfaat ekonomis on the estimated useful life of the assets for 10
aset antara 10 sampai 30 tahun. to 30 years.
Tanah tidak disusutkan. Land is not depreciated.
Masa manfaat ekonomis, nilai residu dan nilai The estimated useful lives, residual values and
penyusutan ditelaah setiap akhir tahun dan depreciation method are reviewed at each year
pengaruh dari perubahan estimasi tersebut end, with the effect of any changes in estimated
berlaku prospektif. accounted for on a prospective basis.
Nilai wajar properti investasi diungkapkan dalam The fair value of investment properties is
catatan atas laporan keuangan konsolidasian disclosed in the notes to the consolidated
berdasarkan metode penilaian profesional untuk financial statements based on the professional
menentukan harga pasar kini atau dengan valuation methods used to determined the
menerapkan metode arus kas diskonto. current market price or by applying the
discounted cash flow methods.
k. Aset Tetap k. Fixed Assets
Hak atas tanah diakui sebesar harga perolehan. Land rights are recognised at cost.
Grup menganalisa fakta dan keadaan untuk The Group analyses the facts and
masing-masing jenis hak atas tanah dalam circumstances for each type of land rights in
menentukan perlakuan akuntansi untuk masing- determining the accounting for each of these
masing hak atas tanah tersebut sehingga dapat land rights so that it can accurately represent an
merepresentasikan dengan tepat suatu kejadian underlying economic event or transaction. If the
atau transaksi ekonomi yang mendasarinya. land rights do not transfer control of the
Jika hak atas tanah tidak mengalihkan underlying assets to the Group, but give the
pengendalian atas aset kepada Grup, melainkan rights to use the underlying assets, the Group
mengalihkan hak untuk menggunakan aset, applies the accounting treatment of these
Grup menerapkan perlakuan akuntansi atas transactions as leases under SFAS 73
transaksi tersebut sebagai sewa berdasarkan “Leases”. If land rights are substantially similar
PSAK 73 “Sewa”. Jika hak atas tanah secara to land purchases, the Group applies SFAS 16
substansi menyerupai pembelian tanah, maka “Property, Plant and Equipment”.
Grup menerapkan PSAK 16 “Aset tetap”.




(continued)
k. Aset Tetap (lanjutan) k. Fixed Assets (continued)
Aset tetap yang dimiliki untuk digunakan dalam Fixed assets held for use in the production or
produksi atau penyediaan barang atau jasa atau supply of goods or services, or for
untuk tujuan administratif dicatat berdasarkan administrative purposes, are stated at cost, less
biaya perolehan setelah dikurangi akumulasi accumulated depreciation and any accumulated
penyusutan dan akumulasi kerugian penurunan impairment losses. Historical cost includes
nilai. Harga perolehan termasuk pengeluaran expenditure that is directly attributable to the
yang dapat diatribusikan secara langsung atas acquisition of the items. Such cost also includes
perolehan aset tersebut. Biaya perolehan juga
estimated costs of dismantling and removing of
termasuk estimasi biaya pembongkaran, dan
pemindahan aset tetap, dan restorasi lokasi the item and restoring the site on which the
aset. asset is located.
Biaya-biaya setelah pengakuan awal diakui Subsequent costs are included in the asset’s
sebagai bagian nilai tercatat aset atau sebagai carrying amount or recognised as a separate
aset yang terpisah, sebagaimana mestinya, asset, as appropriate, only when it is probable
hanya jika kemungkinan besar Grup mendapat that future economic benefits associated with
manfaat ekonomis di masa depan berkenaan the item will flow to the Group and the cost of
dengan aset tersebut dan biaya perolehan aset the item can be measured reliably. The carrying
dapat diukur dengan andal. Nilai tercatat dari amount of replaced part is derecognised. All
komponen yang diganti dihapuskan. Biaya
other repairs and maintenance are charged to
perbaikan dan pemeliharaan dibebankan ke
dalam laba rugi dalam periode keuangan ketika the profit or loss during the financial period in
biaya-biaya tersebut terjadi. which they are incurred.
Biaya legal awal untuk mendapatkan hak legal Initial legal costs incurred to obtain legal rights
diakui sebagai bagian biaya akuisisi tanah, are recognised as part of the acquisition cost of
biaya-biaya tersebut tidak disusutkan. Biaya the land, and these costs are not depreciated.
terkait dengan pembaruan hak atas tanah diakui Costs related to renewal of land rights are
sesuai dengan perlakuan akuntansi hak atas recognised in accordance with the accounting
tanah pada saat transaksi awal. treatment of land during initial transaction.
Suku cadang utama dan peralatan siap pakai Major spare parts and stand-by equipment are
diklasifikasikan sebagai aset tetap bila classified as fixed assets when they are
diperkirakan akan digunakan dalam operasi expected to be used in operations during more
selama lebih dari satu tahun. than one year.
Tanah tidak disusutkan. Land is not depreciated.
Penyusutan (selain tanah pertambangan) Depreciation (except for mining properties) is

dihitung menggunakan metode garis lurus calculated using the straight-line method after
setelah memperhitungkan nilai residu calculating the residual value based on the
berdasarkan taksiran masa manfaat ekonomis estimated useful lives of the assets as follows:
aset tetap sebagai berikut:
Tahun/
Years
Bangunan, jalan, jembatan dan pelabuhan 15 - 50 Buildings, roads, bridges and harbors
Mesin 2 - 50 Machinery
Alat-alat berat dan kendaraan 4 - 30 Heavy equipment and vehicles
Perlengkapan dan peralatan kantor 2-8 Furniture and office equipment




(continued)
Nilai sisa aset, masa manfaat dan metode The assets’ residual values, useful lives and
penyusutan ditelaah dan jika perlu disesuaikan, depreciation method are reviewed and adjusted
pada setiap akhir periode pelaporan dan if appropriate, at the end of each reporting
pengaruh dari setiap perubahan estimasi period with the effect of any changes in estimate
tersebut berlaku prospektif. accounted for on a prospective basis.
Tanah pertambangan dideplesi dengan Mining properties are depleted using the unit of
menggunakan metode unit produksi production method based on estimated
berdasarkan estimasi cadangan. reserves.
Nilai tercatat aset segera diturunkan sebesar An asset’s carrying amount is written down
jumlah yang dapat dipulihkan jika nilai tercatat immediately to its recoverable amount if the
aset lebih besar dari estimasi jumlah yang dapat asset’s carrying amount is greater than its
dipulihkan. estimated recoverable amount.
Keuntungan atau kerugian bersih atas Net gains or losses on disposals of fixed assets
pelepasan aset tetap ditentukan dengan are determined by comparing the proceeds with
membandingkan hasil yang diterima dengan the carrying amount and are recognised in the
nilai tercatat dan diakui dalam laba rugi. profit or loss.
Akumulasi biaya konstruksi bangunan, jalan, The accumulated costs of the construction of
jembatan, pelabuhan, pembangkit tenaga listrik buildings, roads, bridges, harbors, power and
dan pabrik semen serta pemasangan mesin cement plants and the installation of machinery
dikapitalisasi sebagai aset dalam are capitalized as construction in progress.
pembangunan. Biaya bunga dan biaya pinjaman Interest and other borrowing costs, such as fees
lain, seperti pinjaman yang digunakan untuk on loans used in financing the construction of a
mendanai proses pembangunan aset tertentu, qualifying asset, are capitalized up to the date
dikapitalisasi sampai dengan saat proses when the construction is completed. These
pembangunan tersebut selesai. Biaya-biaya ini costs are reclassified into fixed asset accounts
direklasifikasi ke akun aset tetap pada saat when the construction or installation is
proses konstruksi atau pemasangan selesai. complete. Depreciation of an asset begins when
Penyusutan aset dimulai pada saat aset tersebut it is available for use, i.e. when it is in the
siap untuk digunakan, yaitu pada saat aset location and condition necessary for it to be
tersebut berada pada lokasi dan kondisi yang capable of operating in the manner intended by
diinginkan agar aset siap digunakan sesuai management.
dengan keinginan dan maksud manajemen.




(continued)
Biaya bunga dan biaya pinjaman lainnya yang Interest and other borrowing costs either directly
digunakan baik secara langsung atau tidak or indirectly used in financing the construction of
langsung untuk pendanaan konstruksi asset a qualifying asset, are capitalised up to the date
kualifikasian, dikapitalisasi hingga aset tersebut the assets are substantially completed and are
selesai secara substansial dan siap untuk ready for its intended use. For borrowings that
digunakan. Untuk pinjaman yang dapat are directly attributable to a qualifying asset, the
diatribusikan secara langsung pada asset amount to be capitalised is determined as the
kualifikasian, jumlah yang dikapitalisasi actual borrowing cost incurred during the
ditentukan dari biaya pinjaman aktual yang period, less any income earned on the
terjadi selama periode berjalan, dikurangi temporary investment of such borrowings. For
penghasilan yang diperoleh dari investasi borrowings that are not directly attributable to a
sementara atas dana hasil pinjaman tersebut. qualifying asset, the amount to be capitalised is
Untuk pinjaman yang tidak dapat diatribusikan determined by applying a capitalisation rate to
secara langsung pada suatu aset kualifikasian, the amount expended on the qualifying assets.
jumlah yang dikapitalisasi ditentukan dengan the capitalisation rate is the weighted average
mengalikan tingkat kapitalisasi terhadap jumlah of the total borrowing costs applicable to the
yang dikeluarkan untuk memperoleh asset total borrowings outstanding during the period,
kualifikasian. Tingkat kapitalisasi dihitung other than borrowings made specifically for the
berdasarkan rata-rata tertimbang biaya purpose of obtaining a qualifying asset.
pinjaman yang dibagi dengan jumlah pinjaman
yang tersedia selama periode, selain pinjaman
yang secara spesifik diambil untuk tujuan
memperoleh suatu aset kualifikasian.
l. Aset Takberwujud l. Intangible Assets
Merk dan Lisensi Trademarks and Licenses
Merk dan lisensi memiliki masa manfaat yang Trademarks and licenses have a limited useful
terbatas dan dicatat sebesar harga perolehan life and are recorded at acquisition cost less
dikurangi akumulasi amortisasi dan akumulasi accumulated amortisation and accumulated
kerugian penurunan nilai. Jika merk dan lisensi impairment losses. If the trademarks and
yang diperoleh sebagai bagian dari kombinasi licenses are obtained as part of a business
bisnis, maka biaya perolehannya adalah nilai combination, the acquisition cost is the fair value
wajar pada tanggal akuisisi. Amortisasi dihitung at the date of acquisition. Amortisation is
dengan menggunakan metode garis lurus untuk calculated using the straight-line method to
mengalokasikan harga perolehan merk dan allocate the acquisition cost of trademarks and
lisensi selama estimasi masa manfaatnya licenses over their estimated useful lives of 10
masing-masing 10 tahun dan 40 tahun. and 40 years, respectively.
Piranti Lunak Komputer Computer Software
Biaya pengembangan yang dapat secara Development cost that are directly attributable
langsung diatribusikan kepada desain dan to the design and testing of identifiable and
pengujian produk piranti lunak yang dapat unique software products controlled by the
diidentifikasi dan unik yang dikendalikan oleh Group is recognised as intangible assets and
Grup diakui sebagai aset takberwujud dan amortised over their estimated useful lives,
diamortisasi selama estimasi masa manfaat, which does not exceed five years.
yang tidak lebih dari lima tahun.
Biaya yang dapat diatribusikan secara langsung Directly attributable costs that are capitalized as
dikapitalisasi sebagai bagian produk piranti part of the software product include the software
lunak mencakup beban pekerja pengembang development employee costs and an
piranti lunak dan bagian overhead yang relevan. appropriate portion of relevant overheads.




(continued)
l. Aset Takberwujud (lanjutan) l. Intangible Assets (continued)
Piranti Lunak Komputer (lanjutan) Computer Software (continued)
Pengeluaran pengembangan yang lain yang Other development expenditures that do not
tidak memenuhi kriteria ini diakui sebagai beban meet these criteria are recognised as an
pada saat terjadinya. Biaya pengembangan expense as incurred. Development costs
yang sebelumnya diakui sebagai beban tidak previously recognised as an expense are not
dapat diakui sebagai aset pada periode recognised as an asset in a subsequent period.
berikutnya. Biaya yang terkait dengan Cost associated with maintaining computer
pemeliharaan program piranti lunak komputer software programs are recognised as an
diakui sebagai beban pada saat terjadinya. expense as incurred.
m. Goodwill m. Goodwill
Goodwill merupakan selisih lebih biaya Goodwill represents the excess of the cost of an
perolehan atas kepemilikan Grup terhadap nilai acquisition over the fair value of the Group’s
wajar aset net teridentifikasi entitas anak, pada share of the identifiable net assets of the
tanggal akuisisi. acquired subsidiary, at the effective date of
acquisition.
Peninjauan atas penurunan nilai pada goodwill Goodwill impairment reviews are undertaken
dilakukan setahun sekali atau dapat lebih sering annually or more frequently if events or changes
apabila terdapat peristiwa atau perubahan in circumstances indicate a potential
keadaan yang mengindikasikan adanya potensi impairment. Goodwill is carried at cost less
penurunan nilai. Goodwill dinyatakan sebesar accumulated impairment losses.
nilai perolehan dikurangi akumulasi kerugiaan
penurunan nilai.
Untuk pengujian penurunan nilai, goodwill yang For the purpose of impairment testing, goodwill
diperoleh dalam kombinasi bisnis dialokasikan acquired in a business combination is allocated
pada setiap unit penghasil kas, atau kelompok to each of the cash-generating units (“CGU”), or
unit penghasil kas, yang diharapkan dapat groups of CGUs, that is expected to benefit from
memberikan manfaat dari sinergi kombinasi the synergies of the combination. Each unit or
bisnis tersebut. Setiap unit atau kelompok unit group of units to which the goodwill is allocated
yang memperoleh alokasi goodwill menunjukkan represents the lowest level within the entity at
tingkat terendah dalam entitas yang goodwill- which the goodwill is monitored for internal
nya dipantau untuk tujuan manajemen internal. management purposes. Goodwill is monitored at
Goodwill dipantau pada level segmen operasi. the operating segment level.
Rugi penurunan nilai yang diakui atas goodwill Impairment losses relating to goodwill would not
tidak dibalik lagi. be reversed.
n. Penurunan Nilai Aset Nonkeuangan kecuali n. Impairment of Non-Financial Assets except

Goodwill Goodwill
Aset tetap dan aset takberwujud, selain goodwill Fixed assets and intangible assets, other than
diuji ketika terdapat indikasi bahwa nilai goodwill are reviewed for impairment whenever
tercatatnya mungkin tidak dapat dipulihkan. events or changes in circumstances indicate
Penurunan nilai diakui jika nilai tercatat aset that the carrying amount may not be
melebihi jumlah terpulihkan. Jumlah terpulihkan recoverable. An impairment loss is recognised
adalah yang lebih tinggi antara nilai wajar aset for the amount by which the asset’s carrying
dikurangi biaya untuk menjual dan nilai pakai amount exceeds its recoverable amount. The
aset. recoverable amount is the higher of an asset’s
fair value less costs to sell and value in use.




(continued)
n. Penurunan Nilai Aset Nonkeuangan kecuali n. Impairment of Non-Financial Assets except

Goodwill (lanjutan) Goodwill (continued)
Dalam menentukan penurunan nilai, aset For the purposes of assessing impairment,
dikelompokkan pada tingkat yang paling rendah assets are grouped at the lowest levels for which
dimana terdapat arus kas masuk yang dapat there are separately identifiable cash inflows,
diidentifikasi, yang sebagian besar tidak which are largely independent of the cash
tergantung pada arus masuk kas dari aset lain inflows from other assets or group of assets
atau kelompok aset (unit penghasil kas). Aset (cash generating units). Non-financial assets
nonkeuangan selain goodwill yang mengalami other than goodwill that suffer impairment are
penurunan nilai diuji setiap tanggal pelaporan reviewed for possible reversal of the impairment
untuk menentukan apakah terdapat at each reporting date.
kemungkinan pemulihan penurunan nilai.
o. Utang Usaha o. Trade Payables
Utang usaha adalah kewajiban untuk Trade payables are obligations to pay for goods
membayar barang atau jasa yang dibeli dalam or services that have been acquired in the
kegiatan usaha biasa dari pemasok. ordinary course of business from suppliers.
Utang lain-lain terutama merupakan utang atas Other payables primarily represents payables
pembelian aset tetap dan transaksi penyedia for purchase of fixed assets and transaction
jasa untuk proyek. services for the project.
Utang usaha dan utang lain-lain pada awalnya Trade and other payables are recognised
diakui sebesar nilai wajar dan selanjutnya initially at fair value and subsequently measured
diukur sebesar biaya perolehan yang at amortised cost using the effective interest
diamortisasi dengan menggunakan metode method, unless the impact of discounting is not
bunga efektif, kecuali dampak diskontonya significant.
tidak signifikan.
p. Sewa p. Leases
Suatu kontrak merupakan atau mengandung A contract is or contains a lease if the contract
sewa jika kontrak tersebut memberikan hak conveys the right to control the use of an
untuk mengendalikan penggunaan aset identified assets for a period of time in exchange
identifikasian selama suatu jangka waktu untuk for consideration.
dipertukarkan dengan imbalan.
Kontrak dapat berisi komponen sewa dan non- Contracts may contain both lease and non-lease
sewa berdasarkan harga relatif yang berdiri components based on their relative stand-alone
sendiri. Grup memilih untuk tidak memisahkan prices. Group has elected not to separate lease
komponen sewa dan non-sewa dan sebagai and non-lease components and instead
gantinya memperhitungkannya sebagai accounts for these as a single lease component.
komponen sewa tunggal.




(continued)
p. Sewa (lanjutan) p. Leases (continued)
Pada tanggal permulaan sewa, Grup mengakui The Group recognizes a right-of-use asset and
aset hak-guna dan liabilitas sewa. Aset hak- a lease liability at the lease commencement
guna diukur pada biaya perolehan, dimana date. The right-of-use asset is initially measured
meliputi jumlah pengukuran awal liabilitas sewa at cost, which comprises the initial amount of the
yang disesuaikan dengan pembayaran sewa lease liability adjusted for any lease payment
yang dilakukan pada atau sebelum tanggal made at or before the commencement date, plus
permulaan, ditambah dengan biaya langsung any initial direct cost incurred and an estimate of
awal yang dikeluarkan dan estimasi biaya yang costs to dismantle and remove the underlying
akan dikeluarkan untuk membongkar dan asset or to restore the underlying asset to the
memindahkan aset pendasar atau untuk condition required by the terms and conditions
merestorasi aset pendasar ke kondisi yang of the lease, less any lease incentives received.
disyaratkan dan ketentuan sewa, dikurangi
dengan insentif sewa yang diterima.
Aset hak-guna kemudian disusutkan The right-of-use asset is subsequently

menggunakan metode garis lurus dari tanggal depreciated using the straight-line method from
permulaan sewa hingga tanggal yang lebih awal the commencement date to the earlier of the end
antara akhir umur manfaat aset hak-guna atau of the useful life of the right-of-use asset or the
akhir masa sewa. Jika sewa mengalihkan end of the lease term. If the lease transfers
kepemilikan aset pendasar kepada Grup pada ownership of the underlying asset to the Group
akhir masa sewa atau jika biaya perolehan aset by the end of the lease term or if the cost of the
hak-guna merefleksikan Grup akan right-of-use asset reflects that the Group will
mengeksekusi opsi beli, maka Grup exercise a purchase option, the Group
menyusutkan aset hak-guna dari awal masa depreciates the right-of-use asset from the
sewa hingga akhir umur manfaat aset pendasar. commencement date to the end of the useful life
of the underlying asset.
Liabilitas sewa diukur pada nilai kini pembayaran The lease liability is initially measured at the
sewa yang belum dibayar pada awal sewa. present value of the lease payments that are not
Pembayaran sewa yang termasuk dalam paid at the commencement date. Lease
pengukuran liabilitas sewa meliputi pembayaran payments included in the measurement of the
tetap, termasuk pembayaran tetap secara lease liability from fixed payments, including in-
substansi dikurangi dengan piutang insentif substance fixed payments less any lease
sewa.Grup menggunakan suku bunga pinjaman incentive receivable. The Group uses its
inkremental sebagai tingkat bunga diskonto. incremental borrowing rate as the discount rate.
Setelah awal masa sewa, setiap pembayaran After the commencement date, each lease
sewa dialokasikan sebagai beban keuangan payment is allocated between finance charges
dan pengurangan liabilitas sehingga and reduction of the lease liability so as to
menghasilkan tingkat suku bunga yang konstan achieve a constant rate on the finance balance
atas saldo liabilitas yang tersisa. Utang sewa outstanding. The corresponding rental
yang terkait, dikurangi dengan beban keuangan, obligations, net of finance charges, are included
dimasukkan ke dalam “liabilitas sewa”. Elemen in “lease liabilities”. The interest element of the
bunga dari beban keuangan dibebankan pada finance cost is charged to profit or loss.
laba rugi.
Beberapa sewa berisi ketentuan pembayaran Some leases contain variable payment terms
variabel dihitung berdasarkan volume. which payments are calculated based on
Pembayaran sewa variabel tersebut tidak volume. Those variable lease payments are
termasuk dalam pengukuran liabilitas sewa. excluded in the measurement of the lease
liability.




(continued)
Sejak 1 Januari 2020 (lanjutan) Since 1 January 2020 continued)
Grup menyajikan aset hak-guna sebagai bagian The Group presents right-of-use assets as part
dari “aset tetap” pada laporan posisi keuangan of “fixed assets” in the consolidated statement of
konsolidasian. financial position.
Sewa jangka pendek dan bernilai rendah Short-term and low value leases
Grup telah memilih untuk tidak mengakui aset The Group has elected not to recognise right-of-
hak-guna dan liabilitas sewa untuk sewa jangka use assets and lease liabilities for short-term
pendek yang memiliki jangka waktu sewa 12 leases that have a lease term of 12 months or
bulan atau kurang, dan sewa yang aset less, and leases with low value asset. The Group
pendasarnya bernilai-rendah. Grup mengakui recognises the payments associated with these
pembayaran terkait dengan sewa ini sebagai leases as an expense on a straight-line basis
beban dengan metode garis lurus selama masa over the lease term.
sewa.
Penentuan apakah suatu perjanjian merupakan, Determination of whether an arrangement is, or

atau mengandung, sewa dibuat berdasarkan contains, a lease is made based on the
substansi perjanjian itu sendiri dan penilaian substance of the arrangement and assessment
apakah pemenuhan atas perjanjian bergantung of whether fulfilment of the arrangement is
dari penggunaan aset tertentu atau aset, dan dependent on the use of a specific asset or
apakah perjanjian memberikan hak untuk assets, and whether the arrangement conveys a
menggunakan aset. right to use the asset.
Grup menyewa aset tetap tertentu. Sewa aset The Group leases certain property, plant and
tetap dimana Grup, sebagai lessee, memiliki equipment. Leases of property, plant and
sebagian besar risiko dan manfaat kepemilikan equipment where the Group as lessee has
diklasifikasikan sebagai sewa pembiayaan. substantially all the risks and rewards of
Sewa pembiayaan dikapitalisasi pada awal ownership are classified as finance leases.
masa sewa sebesar yang lebih rendah antara Finance leases are capitalised at the lease’s
nilai wajar aset sewaan dan nilai kini commencement at the lower of the fair value of
pembayaran sewa minimum. the leased asset and the present value of the
minimum lease payments.
Setiap pembayaran sewa dialokasikan antara Each lease payment is allocated between the
porsi pelunasan liabilitas dan beban keuangan. liability portion and a finance charge. The
Jumlah liabilitas sewa, setelah dikurangi beban corresponding rental obligations, net of finance
keuangan, disajikan sebagai liabilitas jangka charges are included in other long-term
panjang kecuali untuk bagian yang jatuh tempo liabilities, except for those with maturities of 12
dalam waktu 12 bulan atau kurang yang months or less which are included in current
disajikan sebagai liabilitas jangka pendek. Unsur liabilities. The interest element of the finance
bunga dalam beban keuangan dibebankan ke cost is charged to profit or loss over the lease
laba rugi selama masa sewa yang menghasilkan period so as to produce a constant rate of
tingkat suku bunga konstan atas saldo liabilitas. interest on the remaining balance of the liability.
Aset tetap yang diperoleh melalui sewa Fixed assets acquired under finance leases are
pembiayaan disusutkan selama jangka waktu depreciated over the shorter of the useful life of
yang lebih pendek antara umur manfaat aset dan the assets or the lease term.
masa sewa.




(continued)
Sewa dimana sebagian besar risiko dan manfaat Leases in which a significant portion of the risks
yang terkait dengan kepemilikan dipertahankan and rewards of ownership are retained by the
oleh pesewa diklasifikasikan sebagai sewa lessor are classified as operating leases.
operasi. Pembayaran sewa operasi (dikurangi Payments made under operating leases (net of
insentif yang diterima dari pesewa) dibebankan any incentives received from the lessor) are
pada laporan laba rugi dengan menggunakan charged to profit or loss on a straight-line basis
metode garis lurus selama periode sewa. over the term of the lease.
Pendapatan sewa guna usaha dari kegiatan Lease income from operating leases where the
operasi sewa dimana Grup bertindak sebagai Group is a lessor is recognised in income on a
pemberi sewa diakui sebagai pendapatan straight line basis over the lease term.
secara garis lurus selama masa sewa.
q. Provisi q. Provision
Provisi diakui ketika: Grup memiliki kewajiban Provision is recognised when: the Group has a
hukum atau konstruktif masa kini sebagai akibat present legal or constructive obligation as a
peristiwa masa lalu; terdapat kemungkinan result of past events; it is probable that an
besar penyelesaian kewajiban tersebut outflow of resources will be required to settle the
mengakibatkan arus keluar sumber daya; dan obligation; and the amount has been reliably
jumlah kewajiban tersebut dapat diukur secara estimated. Provision is not recognised for future
andal. Provisi tidak diakui untuk kerugian operasi operating losses.
masa depan.
Provisi diukur sebesar nilai kini dari estimasi Provisions are measured at the present value of
terbaik manajemen atas pengeluaran yang management’s best estimate of the expenditure
diharapkan diperlukan untuk menyelesaikan required to settle the present obligation at the
kewajiban kini pada akhir periode pelaporan. end of the reporting period. The discount rate
Tingkat diskonto yang digunakan untuk used to determine the present value is a pretax
menentukan nilai kini adalah tingkat diskonto rate that reflects current market assessments of
sebelum pajak yang mencerminkan penilaian the time value of money and the risks specific to
pasar atas nilai waktu uang dan risiko yang the liability. The increase in the provision due to
terkait dengan kewajiban. Peningkatan provisi the passage of time is recognised as finance
karena berjalannya waktu diakui sebagai biaya costs.
keuangan.
Rehabilitasi dan restorasi tanah tambang Quarry rehabilitation and restoration
Provisi atas rehabilitasi dan restorasi tanah The provision for quarry rehabilitation and
tambang ditentukan berdasarkan ketentuan dan restoration is based principally on legal and
peraturan yang berlaku. Estimasi beban tersebut regulatory requirements. Such estimated costs
diakui dan dibebankan sebagai biaya produksi. are expensed as production cost. The provision
Provisi tersebut dinilai kembali secara rutin dan is reassessed regularly and the effects of
dampak perubahannya diakui secara prospektif. change are recognised prospectively.
Rehabilitasi dan restorasi tanah tambang yang Quarry rehabilitation and restoration at the
dilaksanakan Grup mencakup, namun tidak Group includes, but is not limited to, top soil
terbatas pada, penggantian tanah bagian atas replacement, dredging of sediment ponds and
(top soil), pengerukan endapan pada kolam dan dams, water quality control, waste handling,
bendungan, pengawasan atas kualitas air, forest planting, and seeding.
pengolahan limbah, penanaman kembali, dan
pembibitan tanaman hutan.




(continued)
r. Pinjaman r. Borrowings
Pada saat pengakuan awal, pinjaman diakui Borrowings are recognised initially at fair value,
sebesar nilai wajar, dikurangi dengan biaya- net of transaction costs incurred. Borrowings
biaya transaksi yang terjadi. Selanjutnya, are subsequently carried at amortised cost; any
pinjaman diukur sebesar biaya perolehan difference between the proceeds (net of
diamortisasi; selisih antara penerimaan transaction costs) and the redemption value is
(dikurangi biaya transaksi) dan nilai pelunasan recognised in the profit or loss over the period
dicatat pada laporan laba rugi selama periode of the borrowings using the effective interest
pinjaman dengan menggunakan metode bunga method.
efektif.
Pinjaman diklasifikasikan sebagai liabilitas Borrowings are classified as current liabilities

jangka pendek kecuali Grup memiliki hak tanpa unless the Group has an unconditional right to
syarat untuk menunda pembayaran liabilitas defer the settlement of the liability for at least 12
selama paling tidak 12 bulan setelah tanggal months after the reporting date.
pelaporan.
s. Dana Syirkah Temporer s. Temporary Syirkah Funds
Dana syirkah temporer adalah dana yang Temporary syirkah funds is the fund received by
diterima oleh Grup, berdasarkan akad the Group, based on musyarakah mutanaqisha
musyarakah mutanaqisha, yaitu akad kerjasama agreement, which is cooperation between the
antara Grup dengan bank untuk suatu usaha Group and the Bank to conduct certain
tertentu, dimana masing-masing pihak business, where the Group and the Bank will
memberikan kontribusi dana dengan ketentuan give fund contribution with condition that profit
bahwa keuntungan dibagi berdasarkan sharing is based on fund contribution portion.
kesepakatan sedangkan kerugian berdasarkan Under the agreement, the bank’s portion will be
porsi kontribusi dana. Pada akad ini, bagian diminished as the Group will gradually make
dana bank akan menurun sejalan dengan installments to the bank and the Group will be
pembayaran bertahap oleh Grup kepada bank the full owner of the business eventually.
dan pada akhir masa akad, Grup akan menjadi
pemilik penuh atas usaha tersebut.
Penerimaan dana dari bank diakui sebagai akun Receipts of funds from the Bank will be
dana syirkah temporer, yang bukan merupakan recognised as temporary syirkah funds account,
bagian dari liabilitas maupun ekuitas. Dana which does not belong to liabilities nor equity
syirkah temporer pada awalnya diakui sebesar accounts. Initially, temporary syirkah funds will
jumlah kas yang diterima dan selanjutnya diukur be recognised based on cash received and then
pada jumlah kas yang diterima dikurangi dengan will be measured based on total cash received
jumlah dana yang telah dikembalikan dan deducted with funds repayment and loss (if
dikurangi kerugian (jika ada). Keuntungan yang any). Gain which is the rights of Bank as agreed
menjadi hak bank sesuai kesepakatan diakui will be recognised as profit-sharing in profit or
sebagai bagi hasil di laba rugi. loss.
t. Pengakuan Pendapatan dan Beban t. Revenue and Expense Recognition
Pendapatan Semen Indonesia terutama Semen Indonesia primarily generates revenue

berasal dari penjualan bahan bangunan from simply structured sales of building
terstruktur sederhana, seperti semen, agregat, materials, such as cement, aggregates, ready-
beton siap pakai yang pengendaliannya mixed concrete for which the control is
dialihkan kepada pelanggan pada waktu transferred to the customer at a specific point in
tertentu tergantung pada kontrak/syarat time depending on the contract/sales terms.
penjualan.




(continued)
t. Pengakuan Pendapatan dan Beban (lanjutan) t. Revenue and Expense Recognition

(continued)
Pendapatan dari kontrak dengan pelanggan Revenue from contracts with customers is
diakui dengan mengacu pada setiap kewajiban recognised by reference to each distinct
pelaksanaan berbeda yang dijanjikan dalam performance obligation promised in the contract
kontrak dengan pelanggan ketika atau saat with the customer when or as the Group
Grup mengalihkan kendali atas barang atau transfers control of the goods or services
jasa yang dijanjikan dalam kontrak dan promised in a contract and the customer obtains
pelanggan memperoleh kendali atas barang control of the goods or services. Revenue from
atau jasa. Pendapatan dari kontrak dengan contracts with customers is measured at its
pelanggan diukur pada harga transaksinya, transaction price, being the amount of
sebagai jumlah imbalan yang diharapkan akan consideration to which the Group expects to be
menjadi hak Grup sebagai imbalan atas entitled in exchange for transferring the
pengalihan barang atau jasa yang dijanjikan promised goods or services to a customer, net
kepada pelanggan, setelah dikurangi pajak of value added tax, if any returns, rebates and
pertambahan nilai, jika ada retur, potongan discounts and after eliminating sales within the
harga dan diskon dan setelah mengeliminasi Group.
penjualan dalam Grup.
Harga transaksi dialokasikan untuk setiap The transaction price is allocated to each
barang atau jasa berbeda yang dijanjikan dalam distinct good or service promised in the
kontrak. Tergantung pada persyaratan kontrak, contract. Depending on the terms of the
pendapatan diakui ketika kewajiban contract, revenue is recognised when the
pelaksanaan dipenuhi, yang mungkin terjadi performance obligation is satisfied, which may
pada suatu waktu atau seiring waktu. be at a point in time or over time.
Pendapatan dari penjualan barang diakui pada Revenue from sale of goods is recognised at the
saat penjualan, ketika pengendalian aset point of sale, when the control of the asset is
dialihkan kepada pelanggan sesuai dengan transferred to the customers, which in
ketentuan penjualan. Jika kontrak dengan accordance with the sales term. Where the
pelanggan mencakup serangkaian hasil kerja, contracts with customers include multiple
kewajiban pelaksanaan perlu diidentifikasi. deliverables, the separate performance
Harga transaksi, yang merupakan imbalan yang obligations are identified. The transaction price,
ditetapkan dalam kontrak dan setelah dikurangi which is represented by the consideration fixed
diskon jika ada, kemudian dialokasikan untuk in the contract and net of discounts if any, is
setiap kewajiban pelaksanaan berdasarkan then allocated to each performance obligation
harga jual berdiri relatif. based on their relative stand-alone selling
prices.
Pendapatan dari pemberian jasa diakui Revenue from rendering of services is

sepanjang waktu kontrak. Grup mengakui recognised overtime of the contract. The Group
pendapatan atas kewajiban pelaksanaan yang recognises revenue for a performance
dipenuhi sepanjang waktu hanya jika entitas obligation satisfied overtime only if the Group
dapat mengukur kemajuan secara wajar can reasonably measure its progress towards
terhadap penyelesaian penuh atas kewajiban complete satisfaction of the performance
pelaksanaan. Dalam beberapa keadaan, Grup obligation. In some circumstances, the Group
mungkin tidak dapat mengukur hasil kewajiban may not be able to reasonably measure the
pelaksanaan secara wajar, tetapi Grup outcome of a performance obligation, but the
memperkirakan untuk memulihkan biaya yang Group expects to recover the costs incurred in
terjadi dalam memenuhi kewajiban satisfying the performance obligation. In those
pelaksanaan. Dalam keadaan tersebut, Grup circumstances, the Group recognises revenue
mengakui pendapatan hanya sejumlah biaya only to the extent of the costs incurred until such
yang terjadi sampai waktu tertentu di mana time that it can reasonably measure the
Grup dapat mengukur hasil kewajiban outcome of the performance obligation.
pelaksanaan secara wajar.




(continued)
t. Pengakuan Pendapatan dan Beban (lanjutan) t. Revenue and Expense Recognition

(continued)
Pendapatan yang berhubungan dengan kontrak Revenues related to construction contracts are
konstruksi dicatat dengan menggunakan accounted for using the percentage of
metode persentase penyelesaian. Dengan completion method. Under this method, the
metode ini, pendapatan yang diakui setara revenue recognised equals the latest estimate
dengan estimasi terbaru dari total nilai kontrak of the total value of the contract multiplied by the
dikalikan dengan tingkat penyelesaian actual completion rate determined by reference
sebenarnya yang ditentukan dengan mengacu to the physical state of progress of the works
pada keadaan fisik kemajuan pekerjaan (output method).
(metode output).
Aset kontrak dan kewajiban kontrak diakui Contract assets and contract liabilities are
segera setelah salah satu pihak yang recognised as soon as one of the contracting
mengadakan kontrak memulai pelaksanaan parties has commenced performance of the
kontrak. Aset kontrak dan kewajiban kontrak contract. Contract assets and contract liabilities
tidak ditampilkan secara terpisah di neraca are not shown separately in the balance sheet
tetapi di bawah masing-masing piutang usaha but under trade receivables and sales
dan uang muka penjualan. advances.
Beban diakui pada saat terjadinya dengan Expenses are recognised when incurred on an
menggunakan dasar akrual. accrual basis.
Pendapatan diukur pada nilai wajar imbalan Revenue is measured at the fair value of the
yang diterima atau akan diterima dari penjualan consideration received or receivable for the sale
barang dan jasa dalam kegiatan usaha normal of goods and services in the ordinary course of
Grup. Pendapatan disajikan neto setelah the Group’s activities. Revenue is shown net of
dikurangi pajak pertambahan nilai, retur, value-added tax, returns, rebates and discounts
potongan harga dan diskon dan setelah and after eliminating sales within the Group.
mengeliminasi penjualan dalam Grup.
Grup mengakui pendapatan ketika jumlah The Group recognises revenue when the
pendapatan dapat diukur secara andal, besar amount of revenue can be reliably measured it
kemungkinan manfaat ekonomis masa depan is probable that future economic benefits will
akan mengalir kepada entitas dan kriteria flow to the entity and when specific criteria have
tertentu telah dipenuhi untuk setiap aktivitas been met for each of the Group’s activities as
Grup seperti dijelaskan dibawah ini. described below.
Pendapatan dari penjualan barang diakui pada Revenue from sale of goods is recognised when
saat risiko dan manfaat secara signifikan terkait the significant risks and rewards of ownership
kepemilikan barang telah ditransfer kepada of the goods have been transferred to the
pembeli sesuai dengan ketentuan penjualan. customers in accordance with the sales term.
Pendapatan dari penyediaan jasa diakui pada Revenue from rendering of services is
saat jasa telah diserahkan dengan acuan pada recognised when the service is rendered by
tingkat penyelesaian berdasarkan kontrak. reference to the percentage of completion of the
contract.
Beban diakui pada saat terjadinya dengan Expenses are recognised when incurred on an
menggunakan dasar akrual. accrual basis.




(continued)
u. Imbalan Kerja (lanjutan) u. Employee Benefits (continued)
Imbalan kerja jangka pendek Short-term employee benefits
Imbalan kerja jangka pendek adalah imbalan Short-term employee benefits are employee
kerja yang jatuh tempo dalam jangka waktu dua benefits which are due for payment within
belas bulan setelah akhir periode pelaporan dan twelve months after the reporting period and
diakui pada saat pekerja telah memberikan jasa recognised when the employees have rendered
kerjanya. the related service.
Imbalan pascakerja Post-employment benefits
Grup memiliki program imbalan pascakerja The Group has post-employment benefits
yang terdiri atas program imbalan pasti dan comprise of defined benefit and defined
iuran pasti. contribution plans.
Program Imbalan Pasti Defined Benefit Plans
Perseroan dan entitas anak menyelenggarakan The Company and its subsidiaries have defined
program pensiun imbalan pasti yang dikelola benefit pension plans covering all of their
oleh Dana Pensiun untuk seluruh karyawan permanent employees which is managed by a
tetapnya sebagaimana ditetapkan dalam Pension Fund as stipulated in the Company’s
Peraturan Perseroan dan entitas anak. Jumlah and subsidiaries’ regulations. Total
kontribusi terdiri dari kontribusi karyawan yang contributions consist of employee contributions
dihitung sebesar 5% dari penghasilan dasar of 5% of employees’ basic pensionable salaries
pensiun dan kontribusi Perseroan dan entitas and the Company’s and its subsidiaries’
anak yang dihitung secara aktuaria. contributions computed on an actuarial basis.
Program imbalan pasti lainnya dalam bentuk Other defined benefit plans in the form of
manfaat pascakerja sesuai dengan benefits in accordance with Labor Law
UU Ketenagakerjaan No. 13/2003 dan lain-lain. No. 13/2003 and others.
Program Iuran Pasti Defined Contribution Plans
Program pensiun iuran pasti adalah program Defined contribution plans are pension plans
pensiun dimana Grup membayar iuran tetap under which the Group pays fixed contributions
kepada sebuah entitas yang terpisah dan tidak into a separate entity and have no legal and
memiliki kewajiban hukum atau kewajiban constructive obligation to pay further
konstruktif untuk membayar iuran lebih lanjut contributions if the fund does not have sufficient
bila dana tersebut tidak memiliki aset yang assets to pay all employee benefits related to
cukup untuk membayar imbalan kerja terkait the employees’ services in the current and prior
dengan jasa yang diberikan oleh karyawan periods.
pada periode berjalan dan sebelumnya.
Grup menghitung selisih antara imbalan For normal pension scheme, the Group
berdasarkan undang-undang yang berlaku calculates and recognises the higher of the
dengan manfaat yang diterima dari program benefits under the Labow Law and those under
pensiun untuk pensiun normal. such pension plan.
Liabilitas imbalan pensiun merupakan nilai kini The pension benefit obligation is the present
liabilitas imbalan pasti pada akhir periode value of the defined benefit obligation at the end
pelaporan dikurangi dengan nilai wajar aset of the reporting period less the fair value of plan
program. Liabilitas imbalan pasti dihitung setiap assets. The defined benefit obligation is
tahun oleh aktuaris independen dengan calculated annually by an independent actuary
menggunakan metode projected unit credit. using the projected unit credit method.




(continued)
u. Imbalan Kerja (lanjutan) u. Employee Benefits (continued)
Program Iuran Pasti (lanjutan) Defined Contribution Plans (continued)
Nilai kini liabilitas imbalan pasti ditentukan The present value of the defined benefit
dengan mendiskontokan estimasi arus kas di obligation is determined by discounting the
masa depan dengan menggunakan tingkat estimated future cash outflows using the yield
bunga obligasi pemerintah jangka Panjang at end of the reporting period of long-term
pada akhir periode pelaporan dalam mata uang government bonds denominated in Rupiah in
Rupiah sesuai dengan mata uang di mana which the benefits will be paid and that have
imbalan tersebut akan dibayarkan dan yang terms to maturity similar to the related pension
memiliki jangka waktu yang sesuai dengan obligation.
liabilitas imbalan pensiun yang bersangkutan.
Pengukuran kembali yang timbul dari Remeasurements arising from experience

penyesuaian dan perubahan dalam asumsi- adjustments and changes in actuarial
asumsi aktuarial langsung diakui seluruhnya assumptions are directly recognised in other
melalui penghasilan komprehensif lainnya. comprehensive income. The balance of
Akumulasi saldo pengukuran kembali accumulated remeasurements is reported in
dilaporkan di komponen ekuitas lainnya. other equity components.
Biaya jasa lalu yang timbul dari amandemen Past service costs arising from amendment or
atau kurtailmen program diakui sebagai beban curtailment programs are recognised as
dalam laba rugi pada saat terjadinya. expense in profit or loss when incurred.
Imbalan kerja jangka panjang lain Other long-term employee benefits
Perseroan dan entitas anak memberikan The Company and its subsidiaries provide other
imbalan kerja jangka panjang lain dalam bentuk long-term employee benefits in the form of long
cuti panjang dan penghargaan masa kerja. service leave and loyalty awards. The cost of
Perhitungan imbalan kerja jangka panjang lain providing other long-term employee benefits is
menggunakan metode Projected Unit Credit. determined using Projected Unit Credit method.
Seluruh keuntungan atau kerugian aktuaria dan All actuarial gains or losses and past service
biaya jasa lalu diakui sebagai beban dalam laba cost are recognised as expenses in profit or
rugi. loss.
Jumlah yang diakui sebagai kewajiban untuk The other long-term employee benefits
imbalan kerja jangka panjang lain di laporan obligation recognised in the consolidated
posisi keuangan konsolidasian adalah nilai kini statement of financial position represents the
kewajiban imbalan pasti per tanggal pelaporan. present value of defined benefit obligation at the
reporting date.
v. Perpajakan v. Taxation
Beban pajak penghasilan terdiri dari pajak The income tax expense is comprised of current
penghasilan kini dan pajak tangguhan. Pajak and deferred income tax. Current and deferred
penghasilan kini dan pajak tangguhan diakui income tax is recognised in the profit or loss,
dalam laba rugi, kecuali untuk pajak except to the extent that it relates to items
penghasilan yang berasal dari transaksi atau recognised directly in equity or other
kejadian yang langsung diakui ke ekuitas atau comprehensive income. In this case, the
penghasilan komprehensif lain. Dalam hal ini, income tax is recognised in equity or other
pajak penghasilan diakui dalam ekuitas atau comprehensive income.
penghasilan komprehensif lain.
Beban pajak penghasilan kini dihitung dengan The current income tax is calculated using tax
menggunakan tarif pajak yang berlaku pada rates that have been enacted at the end of the
akhir periode pelaporan. reporting period.




(continued)
v. Perpajakan (lanjutan) v. Taxation (continued)
Manajemen secara berkala mengevaluasi Management periodically evaluates positions

ketentuan yang diambil dalam Surat taken in tax returns with respect to situations in
Pemberitahuan Pajak sehubungan dengan which the applicable tax regulation is subject to
situasi dimana peraturan pajak yang berlaku interpretation. It establishes provision where
membutuhkan penafsiran. Hal ini menentukan appropriate on the basis of the amounts
jumlah provisi diperlukan yang sesuai dengan expected to be paid to the tax authorities.
jumlah yang diharapkan akan dibayarkan
kepada otoritas pajak.
Pajak penghasilan tangguhan diakui dengan Deferred income tax is provided, using the
menggunakan metode balance sheet liability balance sheet liability method, on temporary
untuk semua perbedaan temporer yang berasal differences which arise from the difference
dari selisih antara dasar pengenaan pajak aset between the tax bases of assets and liabilities
dan liabilitas dengan nilai tercatatnya pada and their carrying amounts in the consolidated
laporan keuangan konsolidasian. Namun, financial statements. However, deferred tax
liabilitas pajak penghasilan tangguhan tidak liabilities are not recognised if they arise from
diakui jika berasal dari pengakuan awal the initial recognition of goodwill.
goodwill.
Pajak penghasilan tangguhan juga tidak Deferred income tax is also not accounted for if
diperhitungkan jika pajak penghasilan it arises from initial recognition of an asset or
tangguhan tersebut timbul dari pengakuan awal liability in a transaction other than a business
aset atau pengakuan awal liabilitas dalam combination that at the time of the transaction
transaksi yang bukan kombinasi bisnis yang affects neither accounting nor taxable profit or
pada saat transaksi tidak mempengaruhi laba loss.
akuntansi maupun laba kena pajak/rugi pajak.
Pajak penghasilan tangguhan diukur dengan Deferred income tax is determined using tax
menggunakan tarif pajak yang sudah rates (and laws) that have been enacted or
diberlakukan atau secara substantif berlaku substantially enacted by the end of the reporting
pada akhir periode pelaporan dan diekspektasi period and are expected to apply when the
akan digunakan ketika aset pajak tangguhan related deferred income tax asset is realised or
yang berhubungan direalisasi atau liabilitas the deferred income tax liability is settled.
pajak tangguhan diselesaikan.
Aset pajak tangguhan diakui hanya jika Deferred tax assets are recognised only if it is
kemungkinan jumlah penghasilan kena pajak di probable that future taxable amounts will be
masa depan akan memadai untuk dikompensasi available to utilise those temporary differences
dengan perbedaan temporer yang masih dapat and and tax losses carried forward can be
dimanfaatkan dan rugi fiskal yang masih dapat utilised.
dimanfaatkan.
Aset dan liabilitas pajak penghasilan tangguhan Deferred income tax assets and liabilities are
dapat saling hapus apabila terdapat hak yang offset when there is a legally enforceable right
berkekuatan hukum untuk melakukan saling to offset current tax assets against current tax
hapus antara aset pajak kini dengan liabilitas liabilities and when the deferred income taxes
pajak kini dan apabila aset dan liabilitas pajak assets and liabilities relate to income taxes
penghasilan tangguhan dikenakan oleh otoritas levied by the same taxation authority on either
perpajakan yang sama, baik atas entitas kena the same taxable entity or different taxable
pajak yang sama ataupun berbeda dan adanya entities where there is an intention to settle the
niat untuk melakukan penyelesaian saldo-saldo balances on a net basis.
tersebut secara neto.




(continued)
w. Laba per Saham w. Earnings per Share
Laba per saham dasar dihitung dengan Basic earnings per share are computed by
membagi laba bersih yang tersedia bagi dividing profit attributable to the equity holders
pemegang saham Perseroan dengan jumlah of the Company by the weighted average
rata-rata tertimbang saham biasa yang beredar number of ordinary shares outstanding during
pada tahun berjalan. the year.
Laba per saham dilusian dihitung dengan Diluted earnings per share is computed by
membagi laba bersih yang diatribusikan kepada dividing net profit attributable to the owners of
pemilik entitas induk dengan jumlah rata-rata the Company by the weighted average number
tertimbang saham biasa yang telah disesuaikan of shares outstanding as adjusted for the effects
dengan dampak dari semua efek berpotensi of all dilutive potential ordinary shares.
saham biasa yang dilutif.
x. Dividen x. Dividends
Pembagian dividen final diakui sebagai liabilitas Final dividend distributions are recognised as a
ketika dividen tersebut disetujui Rapat Umum liability when the dividends are approved in the
Pemegang Saham Perseroan. Pembagian Company’s General Meeting of the
dividen interim diakui sebagai liabilitas ketika Shareholders. Interim dividend distributions are
dividen disetujui berdasarkan keputusan rapat recognised as a liability when the dividends are
Direksi dan persetujuan Dewan Komisaris telah approved by a Board of Directors’ resolution,
diperoleh serta sudah diumumkan kepada approval has been obtained from the Board of
publik. Commissioners and a public announcement
has been made.
y. Pelaporan Segmen y. Segment Reporting
Segmen operasi dilaporkan dengan cara yang Operating segments are reported in a manner
konsisten dengan pelaporan internal yang consistent with the internal reporting provided
diberikan kepada pengambil keputusan operasi to the chief operating decision-maker. The chief
utama. Pengambil keputusan operasi utama, operating decision-maker, who is responsible
yang bertanggung jawab mengalokasikan for allocating resources and assessing
sumber daya dan menilai kinerja segmen performance of the operating segments, has
operasi, telah diidentifikasi sebagai komite been identified as the steering committee that
pengarah yang mengambil keputusan strategis. makes strategic decisions.
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND

YANG PENTING JUDGEMENTS
Estimasi dan pertimbangan yang digunakan dalam The estimates and judgements used in preparing the
mempersiapkan laporan keuangan dievaluasi secara financial statements are evaluated regularly based
berkala berdasarkan pengalaman historis dan faktor- on historical experience and other factors, including
faktor lainnya, termasuk ekspektasi dari kejadian- expected future events that may occur. Actual results
kejadian di masa depan yang mungkin terjadi. Hasil may differ from these estimates. The estimates and
aktual dapat berbeda dengan jumlah yang assumptions that have a significant effect on the
diestimasi. Estimasi dan asumsi yang mempunyai carrying amount of assets and liabilities are disclosed
pengaruh signifikan terhadap jumlah tercatat atas below.
aset dan liabilitas diungkapkan dibawah ini.




YANG PENTING (lanjutan) JUDGEMENTS (continued)
Akuisisi entitas anak Acquisitions of subsidiaries
Proses awal atas akuisisi entitas anak melibatkan The initial process on the acquisition of subsidiary
identifikasi dan penentuan nilai wajar yang akan involves identifying and determining the fair values to
dialokasikan untuk aset, liabilitas dan liabilitas be assigned to the identifiable assets, liabilities and
kontinjensi yang dapat diidentifikasi dari entitas yang contingent liabilities of the acquired entities. The fair
diakuisisi. Nilai wajar aset tetap dan aset takberwujud values of fixed assets and intangible assets are
ditentukan oleh penilai independen dengan mengacu determined by independent valuers by reference to
pada harga pasar atau nilai sekarang dari arus kas market prices or present value of expected net cash
bersih yang diharapkan dari aset tersebut. flows from the assets.
Setiap perubahan dalam asumsi dan estimasi yang Any changes in the assumptions used and estimates
digunakan dalam menentukan nilai wajar akan made in determining the fair values will impact the
berdampak pada jumlah tercatat dari aset dan carrying amount of these assets and liabilities.
liabilitas ini liabilitas ini.
Penyusutan dan amortisasi Depreciation and amortisation
Manajemen menentukan estimasi masa manfaat, Management determines the estimated useful lives,
beban penyusutan dan beban amortisasi dari aset related depreciation and amortisation charges for the
tetap dan aset takberwujud yang dimiliki Grup. Group’s fixed assets and intangibles assets.
Manajemen akan menyesuaikan beban penyusutan Management will revise the depreciation and
dan amortisasi jika masa manfaatnya berbeda dari amortisation charge where useful lives are different
estimasi sebelumnya atau manajemen akan to those previously estimated, or it will write off or
menghapusbukukan atau melakukan penurunan nilai write down technically obsolete or non-strategic
atas aset yang secara teknis telah usang atau aset assets that have been abandoned or sold.
non-strategis yang dihentikan penggunaannya atau
dijual.
Penurunan nilai aset nonkeuangan Impairment of non-financial assets
Grup melakukan tes penurunan nilai setiap tahun The Group tests annually whether goodwill suffered
untuk goodwill. Aset nonkeuangan lainnya ditelaah any impairment. Other non-financial assets are
untuk penurunan nilai apabila terdapat kejadian atau reviewed for impairment whenever events or
perubahan keadaan yang mengindikasikan bahwa changes in circumstances indicate that the carrying
jumlah tercatat aset melebihi nilai yang dapat amount of the asset exceeds its recoverable amount.
diperoleh kembali. Nilai yang dapat diperoleh The recoverable amount of an asset or a cash
kembali suatu aset atau unit penghasil kas generating unit is determined based on the higher of
ditentukan berdasarkan yang lebih tinggi antara its fair value less costs to sell and its value in use,
harga jual bersih dan nilai pakai, yang dihitung calculated on the basis of management’s
berdasarkan asumsi dan estimasi manajemen. assumptions and estimates. Changing the key
Perubahan asumsi penting, termasuk asumsi tingkat assumptions, including the discount rates or the
diskonto atau tingkat pertumbuhan dalam proyeksi growth rate assumptions in the cash flow projections
arus kas dan asumsi harga, dapat memengaruhi and price assumptions, could materially affect the
perhitungan nilai yang dapat diperoleh kembali calculations of recoverable amount.
secara material.
Penurunan nilai piutang usaha Impairment of trade receivables
Grup menghitung KKE piutang usaha dan piutang The Group calculate ECL for trade receivables and
lain-lain. Tingkat provisi adalah berdasarkan hari other receivables. The provision rates are based on
jatuh tempo atas kelompok segmen pelanggan yang days past due for groupings of various customer
mempunyai karakteristik risiko kredit yang serupa. segments that have similar credit risk characteristics.




Penurunan nilai piutang usaha (lanjutan) Impairment of trade receivables (continued)
Grup menyesuaikan pengalaman kerugian kredit The Group adjust the historical credit loss experience
historis dengan infomasi forward-looking. Sebagai with forward-looking information. For instance, if
contoh, jika prakiraan atas kondisi ekonomi forecast economic conditions are expected to
diperkirakan memburuk selama periode/tahun deteriorate over the next period/year, which can lead
depan, yang dapat menyebabkan meningkatnya to an increased number of defaults, the historical
jumlah gagal bayar, tingkat gagal bayar historis default rates are adjusted. At every reporting date,
disesuaikan. Pada setiap tanggal pelaporan, tingkat the historical observed default rates are updated and
gagal bayar historis diperbaharui dan perubahan changes in the forward-looking estimates are
estimasi forward-looking dianalisis. analysed.
Penilaian atas korelasi antara tingkat gagal bayar The assessment of the correlation between historical
historis yang diobservasi, prakiraan atas kondisi observed default rates and forecast economic
ekonomi dan KKE merupakan estimasi yang conditions and ECLs is a significant estimate. The
signifikan. Jumlah KKE paling dipengaruhi oleh amount of ECLs is sensitive to changes in
perubahan keadaan dan prakiraan kondisi ekonomi. circumstances and of forecast economic conditions.
Pengalaman kerugian kredit historis Grup dan The Group’s historical credit loss experience and
prakiraan kondisi ekonomi juga mungkin tidak forecast of economic conditions may also not be
menggambarkan gagal bayar aktual pelanggan di representative of customer’s actual default in the
masa yang akan datang. future.
Liabilitas imbalan kerja Employee benefit obligations
Nilai kini liabilitas imbalan kerja tergantung pada The present value of the employee benefit
sejumlah faktor yang ditentukan dengan obligations depends on a number of factors that are
menggunakan asumsi aktuaria. Asumsi yang determined by using actuarial assumptions. The
digunakan dalam menentukan biaya bersih untuk assumptions used in determining the net cost for
pensiun termasuk tingkat pengembalian jangka pensions include the same and relevant rate for
panjang yang diharapkan atas aset program yang expected long-term rate of return on plan assets,
sama dan relevan, tingkat kenaikan gaji di masa future salary increase and the discount rate. Any
datang dan tingkat diskonto. Setiap perubahan dalam changes in these assumptions will impact the
asumsi ini akan berdampak pada nilai tercatat carrying amount of employee benefit obligations.
liabilitas imbalan kerja.
Perpajakan Taxation
Grup beroperasi di bawah peraturan perpajakan di The Group operates under the tax regulations in
Indonesia. Pertimbangan yang signifikan diperlukan Indonesia. Significant judgement is required in
untuk menentukan provisi pajak penghasilan badan determining the provision for corporate income taxes
dan pajak lainnya. Apabila keputusan final atas pajak and other taxes. Where the final tax outcome of
tersebut berbeda dari jumlah yang pada awalnya these matters is different from the amounts that were
dicatat, perbedaan tersebut akan dicatat di laba rugi initially recorded, such differences will be recorded
pada periode dimana hasil tersebut dikeluarkan. in profit or loss in the period in which such
determination is made.
Sewa Lease
Penentuan apakah suatu perjanjian mengandung Determining whether an arrangement is or contains

unsur sewa membutuhkan pertimbangan yang a lease requires careful judgement to assess
cermat untuk menilai apakah perjanjian tersebut whether the arrangement conveys a right to obtain
memberikan hak untuk mendapatkan secara substantially all the economic benefits from use of
subtansial seluruh manfaat ekonomi dari the asset throughout the period of use and right to
penggunaan aset identifikasian dan hak untuk direct the use of the asset, even if the right is not
mengarahkan penggunaan aset identifikasian, explicitly specified in the arrangement.
bahkan jika hak tersebut tidak dijabarkan secara
eksplisit di perjanjian.




Sewa (lanjutan) Lease (continued)
Pembayaran sewa didiskontokan dengan The lease payments are discounted using the
menggunakan suku bunga pinjaman tambahan. incremental borrowing rate. In determining
Dalam menentukan suku bunga pinjaman tambahan, incremental borrowing rate, the Group considers the
Grup mempertimbangkan faktor-faktor utama following main factors: the Groups corporate credit
berikut: risiko kredit korporasi Grup, jangka waktu risk, the lease term, the lease payment term, the
sewa, jangka waktu pembayaran sewa, lingkungan economic environment, the time at which the lease
ekonomi, waktu sewa dimulai, dan mata uang yang is entered into, and the currency in which the lease
digunakan untuk pembayaran sewa. payments are denominated.
4. KOMBINASI BISNIS 4. BUSINESS COMBINATION
Pada tanggal 31 Januari 2019, Perseroan melalui On 31 January 2019, the Company through
entitas anak, SIIB melakukan akuisisi 80,64% saham subsidiary entity, SIIB acquired 80.64% shares of PT
PT Solusi Bangun Indonesia Tbk (sebelumnya PT Solusi Bangun Indonesia Tbk (previously PT Holcim
Holcim Indonesia Tbk) ("SBI") perusahaan terbuka Indonesia Tbk) ("SBI"), a listed company based in
yang berdomisili di Jakarta dan bergerak dalam Jakarta and engages in producing of cement
bidang produksi semen dengan nilai USD 916,9 juta amounting to USD 916.9 million or equivalent to
atau setara dengan Rp12.926.876. Akuisisi ini Rp12,926,876. The acquisition of SBI is to
dilakukan dalam rangka memperkuat posisi di pasar strengthen domestic market position.
domestik.
Pada bulan April 2019, SIIB telah melakukan In April 2019, SIIB conducted mandatory tender
penawaran tender wajib sebagai mana yang offers as required by Peraturan Otoritas Jasa
dipersyaratkan oleh Peraturan Otoritas Jasa Keuangan (“POJK”) with a value of
Keuangan (“POJK”) dengan nilai Rp2.838.365 Rp2,838,365 so that the ownership of SIIB in SBI
sehingga kepemilikan SIIB di SBI menjadi 98,31%. became 98.31%.
Nilai wajar aset dan liabilitas SBI yang dapat The fair value of the identifiable assets and liabilities
diidentifikasi pada tanggal akuisisi adalah sebagai of SBI as at the date of acquisition were:
berikut:
Nilai w ajar yang diakui

pada saat tanggal akuisisi/
Fair value recognised
on acquisition date
Kas dan setara kas 305.639 Cash and cash equivalents

Aset lancar lain-lain 2.341.138 Other current assets
Aset tetap 25.330.178 Fixed assets
Goodwill 1.024.193 Goodwill
Aset takberw ujud 2.321.691 Intangible assets
Aset pajak tangguhan 21.417 Deferred tax assets
Aset tidak lancar lainnya 272.567 Other non-current assets
Liabilitas jangka pendek dan jangka Other current and non-current
panjang lainnya (11.692.953) liabilities
Liabilitas pajak tangguhan (3.788.359) Deferred tax liabilities
Liabilitas kontijensi (401.303) Contingent liabilities
Kepentingan nonpengendali (253.406) Non-controlling interests
Jumlah harga perolehan 15.480.802 Total purchase price
Aset indemnifikasi 284.439 Indemnification assets
Kas dan setara kas yang diperoleh (305.639) Cash and cash equivalent acquired
Arus kas keluar atas akuisisi 15.459.602 Cash outflows from acquisitions



4. KOMBINASI BISNIS (lanjutan) 4. BUSINESS COMBINATION (continued)
Nilai wajar aset dan liabilitas SBI yang dapat The fair value of the identifiable assets and liabilities
diidentifikasi tersebut ditentukan berdasarkan of SBI are determined based on an appraisal report
laporan penilaian yang diterbitkan oleh KJPP Firman issued by KJPP Firman Suryantoro, Sugeng, Suzy,
Suryantoro, Sugeng, Suzy, Hartomo dan Rekan, Hartomo & Rekan, an independent valuer, in its
penilai independen, dalam laporannya tertanggal report dated 21 June 2019.
21 Juni 2019.
Selama tahun 2019, sejak tanggal akuisisi, SBI During 2019, from the date of acquisition, SBI has
memiliki kontribusi pendapatan sebesar contributed revenue of Rp10,214,306 and profit for
Rp10.214.306 dan laba tahun berjalan sebesar the year of Rp856,762 If the combination had taken
Rp856.762 Jika akuisisi telah terjadi sejak awal place at the beginning of the year, the consolidated
tahun, pendapatan konsolidasian akan menjadi revenue would have been Rp41,299,388 and the
Rp41.299.388 dan laba tahun berjalan menjadi consolidated profit for the year would have been
sebesar Rp2.165.849. Rp2,165,849.
Biaya terkait akuisisi sebesar Rp146.054 telah The acquisition-related cost of Rp146,054 have been
dibebankan pada laba rugi tahun 2018. expensed in 2018 profit or loss.
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS
2020 2019
Kas 23.055 16.716 Cash on hand
Kas pada bank 2.160.434 2.798.451 Cash in banks
Deposito berjangka dan call deposits 747.109 1.135.281 Time and call deposits
Jumlah 2.930.598 3.950.448 Total
a. Kas pada bank a. Cash in banks
2020 2019
Pihak berelasi/Related parties :
Rupiah:
PT Bank Negara Indonesia (Persero) Tbk 914.533 984.653
PT Bank Mandiri (Persero) Tbk 372.849 972.761
PT Bank Rakyat Indonesia (Persero) Tbk 67.738 75.181
Lain-lain/Others (masing-masing di baw ah/each below Rp 3.000) 521 1.072
1.355.641 2.033.667
USD:
Lain-lain/Others (masing-masing di baw ah/each below Rp 3.000) 99 98
426.439 371.600
EUR:
PT Bank Negara Indonesia (Persero) Tbk 6.573 -
Lain-lain/Others (masing-masing di baw ah/each below Rp 3.000) 199 2.396
22.476 7.593
Dolar Singapura/Singapore Dollar ("SGD"):
PT Bank Mandiri (Persero) Tbk 31 36
1.804.587 2.412.896



5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
a. Kas pada bank (lanjutan) a. Cash in banks (continued)
2020 2019
Pihak ketiga/Third parties :
Rupiah:
PT Bank CIMB Niaga Tbk 97.419 43.477
PT Bank Central Asia Tbk 69.445 37.078
Standard Chartered Bank 62.287 93.492
PT Bank DKI 14.200 91.326
PT Bank Permata Tbk 10.404 6.216
Sumitomo Mitsui Indonesia 3.301 9.654
PT Bank Maybank Indonesia Tbk 232 5.988
PT Bank Bukopin Tbk 155 4.371
PT Bank Danamon Indonesia Tbk 88 8.807
PT Bank ICBC Indonesia 54 17.234
Lain-lain/Others (masing-masing di baw ah/
each below Rp 3.000) 5.170 2.806
262.755 320.449
USD:
Standard Chartered Bank 39.164 36.451
BNP Paribas - 3.288
Bank for Investment and Development of Cambodia Plc - 4.731
each below Rp 3.000) 1.384 1.158
40.548 45.628
EUR:
Standard Chartered Bank 41.843 -
each below Rp 3.000) 634 3.125
42.477 3.125
VND:
Bank for Investment and Development of Vietnam 8.601 -
Bank for Investment and Development of Cambodia Plc - 8.255
each below Rp 3.000) 1.466 8.098
10.067 16.353
355.847 385.555
Jumlah kas pada bank/Total cash in banks 2.160.434 2.798.451



5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
b. Deposito berjangka dan call deposits b. Time and call deposits
2020 2019
Rupiah:
PT Bank Tabungan Negara (Persero) Tbk 8.000 80.000
PT Bank Syariah Mandiri - 10.000
420.357 782.230
USD:
PT Bank Negara Indonesia (Persero) Tbk - 180.713
PT Bank Mandiri (Persero) Tbk - 69.505
- 250.218
420.357 1.032.448
Rupiah:
PT Bank Pembangunan Daerah Jaw a Timur Tbk 300.000 -
PT Bank Syariah Bukopin 20.000 39.500
PT Bank Bukopin Tbk 6.720 27.300
PT Bank Central Asia Tbk - 24.000
PT Bank Syariah Mega Indonesia - 7.000
PT Bank Kesejahteraan Ekonomi - 5.000
each below Rp 3.000) 32 33
326.752 102.833
Jumlah deposito berjangka dan call deposits /
Total time and call deposits 747.109 1.135.281
Suku bunga tahunan atas deposito berjangka Annual interest rates on time and call deposits
dan call deposits adalah sebagai berikut: are as follows:
2020 2019
Rupiah 3,25% - 6,75% 3,40% - 8,00% Rupiah
USD - 2,50% - 3,00% USD
Lihat Catatan 30 untuk rincian informasi Refer to Note 30 for details information of related
mengenai pihak berelasi. parties.



6. PIUTANG USAHA 6. TRADE RECEIVABLES
2020 2019
Pihak berelasi: Related parties:

Rupiah 1.504.867 1.533.090 Rupiah
Dikurangi: Less:
Penyisihan penurunan nilai (53.653) (39.218) Provision for impairment
1.451.214 1.493.872
Pihak ketiga: Third parties:

Rupiah 4.883.638 5.172.844 Rupiah
USD 147.931 140.230 USD
VND 31.991 30.860 VND
5.063.560 5.343.934
Dikurangi: Less:
Penyisihan penurunan nilai (737.520) (347.945) Provision for impairment
4.326.040 4.995.989
Jumlah 5.777.254 6.489.861 Total
Umur piutang usaha adalah sebagai berikut: The aging of trade receivables is as follows:
2020 2019
Lancar 4.058.462 4.275.088 Current

Lew at jatuh tempo: Overdue:
1 - 45 hari 317.500 735.781 1 - 45 days
46 - 135 hari 455.353 515.314 46 - 135 days
136 - 365 hari 653.361 495.498 136 - 365 days
Lebih dari 365 hari 1.083.751 855.343 Over 365 days
Jumlah 6.568.427 6.877.024 Total
Mutasi penyisihan penurunan nilai piutang adalah The movement of provision for impairment of
sebagai berikut: receivables is as follows:
2020 2019
Saldo aw al 387.163 140.403 Beginning balance
Penyesuaian saldo aw al Adjustment of beginning balance
sehubungan dengan penerapan PSAK 71 389.489 - related to application of PSAK 71
Akuisisi entitas anak - 62.443 Acquisition of a subsidiary
Penyisihan penurunan Provision for impairment
nilai piutang usaha 14.521 184.317 of trade receivables
Saldo akhir 791.173 387.163 Ending balance
Manajemen berkeyakinan bahwa penyisihan atas Management believes that the provision for
penurunan nilai piutang usaha tersebut cukup untuk impairment of trade receivables is adequate to cover
menutup risiko kerugian dari tidak tertagihnya risk of losses on uncollectible trade receivables.
piutang usaha.
Lihat Catatan 30 untuk rincian informasi mengenai Refer to Note 30 for details information of related
pihak berelasi. parties.



7. PERSEDIAAN 7. INVENTORIES
2020 2019
Barang jadi 1.001.610 776.046 Finished goods
Barang dalam proses 735.041 693.291 Work in process
Bahan baku dan penolong 1.211.897 1.536.375 Raw and indirect materials
Barang dalam perjalanan 90.558 109.968 Goods in transit
Suku cadang 1.757.594 1.761.366 Spare parts
4.796.700 4.877.046
Dikurangi: Less:
Penyisihan persediaan usang Provision for obsolete
dan bergerak lambat (248.875) (235.400) and slow moving inventories
Jumlah 4.547.825 4.641.646 Total
Mutasi penyisihan persediaan usang dan bergerak The movement in the provision for obsolete and slow
lambat adalah sebagai berikut: moving inventories is as follows:
2020 2019
Saldo aw al 235.400 161.474 Beginning balance
Akuisisi entitas anak - 93.879 Acquisitions of a subsidiary
Penambahan/(pembalikan), bersih 13.475 (19.953) Additions/(reversal), net
Saldo akhir 248.875 235.400 Ending balance
Manajemen Grup berkeyakinan bahwa penyisihan The management of the Group believes that the
persediaan usang dan bergerak lambat telah provision for obsolete and slow moving inventories is
mencukupi untuk menutup kemungkinan kerugian adequate to cover possible losses from obsolete and
yang timbul dari persediaan usang dan bergerak slow moving inventories.
lambat.
Pada tanggal 31 Desember 2020, persediaan As at December 31, 2020, inventories of

sebesar Rp1.518.732 dijadikan jaminan atas Rp1,518,732 were pledged as collateral for certain
pinjaman tertentu (Catatan 14). borrowings (Note 14).
Pada tanggal 31 Desember 2020, persediaan senilai As at December 31, 2020, inventories amounted to
Rp4,266,304 telah diasuransikan terhadap risiko Rp4,266,304 are covered by insurance against the
kerugian yang disebabkan oleh bencana alam, risk of loss due to natural disaster, fire, and other risks
kebakaran, dan risiko kerugian lainnya dengan nilai with a total coverage of Rp1,848,051.
pertanggungan sebesar Rp1.848.051.
Manajemen berpendapat bahwa, nilai Management believes that the insurance coverage is
pertanggungan asuransi tersebut telah memadai adequate to cover possible losses arising from such
untuk menutupi kerugian yang mungkin timbul dari risks.
risiko-risiko tersebut.



8. PERPAJAKAN 8. TAXATION
a. Pajak dibayar dimuka a. Prepaid taxes

2020 2019
Pajak penghasilan badan Corporate Income Tax

Perseroan The Company
Pasal 28a Article 28a
- 2017 - 432.329 2017 -
- 2016 - 59.060 2016 -
- 491.389
Entitas anak Subsidiaries

Pasal 28 30.754 34.122 Article 28
Pasal 28a 14.140 12.639 Article 28a
44.894 46.761
44.894 538.150

Pajak Pertambahan Nilai 440.090 160.086 Value Added Tax
Lain-lain 115.536 65.642 Others
555.626 225.728
Jumlah 600.520 763.878 Total
b. Tagihan pengembalian pajak b. Claim for tax refund

2020 2019
Tagihan pengem balian pajak: Claims for tax refund:

- Pajak penghasilan badan 491.389 - Corporate income tax -

- Pajak penghasilan badan 161.355 299.367 Corporate income tax -
- Pajak lain-lain 194.271 143.766 Other taxes -
355.626 443.133
Jumlah 847.015 443.133 Total



8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
c. Utang pajak c. Taxes payable
2020 2019
Pajak penghasilan badan Corporate income tax
Pasal 29 105.864 93.850 Article 29
Pasal 29 94.955 232.658 Article 29
200.819 326.508
Pajak lain-lain Other Taxes
Pajak Penghasilan: Income Taxes:
- Pasal 21 16.929 9.704 Article 21 -
- Pasal 22 31.069 8.470 Article 22 -
- Pasal 23 dan 26 2.611 2.122 Articles 23 and 26 -
- Final 280 1.709 Final -
293.439 133.256
Pajak Penghasilan: Income Taxes:
- Pasal 21 35.332 28.284 Article 21 -
- Pasal 22 7.388 8.390 Article 22 -
- Pasal 23 dan 26 4.406 38.318 Articles 23 and 26 -
- Final 1.326 1.318 Final -
Pajak Bumi dan Bangunan 3.279 1.475 Land and Building Tax
Lainnya 13.863 21.405 Others
67.304 165.866
360.743 299.122
Jumlah 561.562 625.630 Total
Perseroan ditunjuk sebagai Wajib Pungut Pajak The Company was appointed as an Income Tax
Penghasilan Pasal 22 dan Pajak Pertambahan Article 22 and Value Added Tax collector on
Nilai masing-masing pada tanggal 9 Juni 2015 9 June 2015 and 20 June 2012, respectively.
dan 20 Juni 2012.



d. Beban pajak penghasilan d. Income tax expense
Beban pajak Grup terdiri dari: Tax expense of the Group consists of the
following:
2020 2019

Kini 353.475 293.858 Current
Tangguhan 147.277 2.224 Deferred
Subjumlah 500.752 296.082 Subtotal

Kini 554.490 689.679 Current
Tangguhan (358.368) (231.850) Deferred
Penyesuaian tahun sebelumnya 117.433 70.631 Prior year adjustment
Subjumlah 313.555 528.460 Subtotal
Konsolidasian Consolidated
Kini 907.965 983.537 Current
Tangguhan (211.091) (229.626) Deferred
Jum lah 814.307 824.542 Total
Berdasarkan Peraturan Pemerintah No. Based on the Government Regulation No.

30/2020, perseroan terbuka yang memenuhi 30/2020, public listed entities which meet
syarat-syarat tertentu berhak memperoleh certain requirements are entitled to a 3.0% tax
penurunan tarif pajak penghasilan sebesar 3,0% rate reduction from the applicable tax rates. The
dari tarif pajak penghasilan yang berlaku. Company has complied with these
Perseroan telah memenuhi syarat-syarat requirements and has applied for such
tersebut dan telah menerapkan penurunan tarif reduction.
pajak tersebut.
Rekonsiliasi pajak atas laba sebelum pajak Reconciliation of theoretical tax amount on the
Grup secara teoritis dengan beban pajak Group profit before tax to the income tax as
penghasilan adalah sebagai berikut: follows:
2020 2019
Laba konsolidasian sebelum Consolidated profit before

beban pajak penghasilan 3.488.650 3.195.775 income tax expense
Pajak dihitung dengan tarif pajak Tax calculated at applicable

yang berlaku 767.503 798.944 tax rate
Penghasilan kena pajak final (47.097) (54.456) Income subject to final tax
Beban yang tidak dapat dikurangkan 283.867 159.004 Non-deductible expenses
Perbedaan tarif pajak Perseroan Differences in tax rate of
dengan entitas anak (256.423) (239.826) the Company and subsidiaries
Aset pajak tangguhan yang tidak diakui Unrecognised and derecognised
dan dihentikan pengakuannya 65.191 90.245 deferred tax assets
Penyesuaian terkait perubahan Adjustment related to changes
tarif pajak penghasilan (116.167) - in income tax rate
814.307 824.542



8. 8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
d. d. Beban pajak penghasilan (lanjutan) d. Income tax expense (continued)
Rekonsiliasi antara laba sebelum pajak The reconciliation of profit before income tax and
penghasilan dengan taksiran penghasilan kena estimated taxable income of the Company for the
pajak Perseroan untuk tahun-tahun yang years ended 31 December 2020 and 2019 are as
berakhir pada tanggal 31 Desember 2020 dan follows:
2019 adalah sebagai berikut:
2020 2019
Laba konsolidasian sebelum Consolidated profit before

beban pajak penghasilan 3.488.650 3.195.775 income tax expense
Laba entitas anak sebelum Subsidiaries’ profit before
beban pajak penghasilan (1.715.543) (1.528.336) income tax expense
Bagian atas hasil bersih entitas asosiasi Share of result of associates
dan ventura bersama 52.889 1.793 and joint venture
Disesuaikan dengan eliminasi Adjusted for consolidation
konsolidasi 1.153 (17.233) eliminations
Laba sebelum pajak penghasilan Profit before income tax -
Perseroan 1.827.149 1.651.999 the Company
Penyesuaian pajak: Tax adjustments:
Beban yang tidak dapat dikurangkan 555.187 416.361 Non-deductible expenses
Penghasilan kena pajak final (177.785) (215.047) Income subject to final tax
Perbedaan penyusutan dan Difference between fiscal and commercial
amortisasi fiskal dan komersial (509.523) (698.373) depreciation and amortisation
Sew a (23.479) - Lease
Liabilitas imbalan kerja 163.204 278.012 Employee benefits liabilities
Penyisihan persediaan usang Provision for obsolete and
dan bergerak lambat 8.655 26.325 slow moving inventories
Cadangan penurunan Provision for impairment
nilai piutang usaha 3.049 - of trade receivable
Provisi lainnya 13.937 10.014 Other provisions
33.245 (182.708)
Penghasilan kena pajak - Perseroan 1.860.394 1.469.291 Taxable income - the Company
Beban pajak penghasilan Income tax expense of

Perseroan - kini 353.475 293.858 the Company - current
Pembayaran pajak dimuka Prepayment of income taxes
Perseroan (247.611) (200.008) of the Company
Utang pajak penghasilan - Perseroan 105.864 93.850 Income tax payable - the Company
Dalam laporan keuangan konsolidasian ini, In these consolidated financial statements, the
jumlah penghasilan kena pajak tahun 2020 amount of taxable income for the year 2020 is
didasarkan atas perhitungan sementara, karena based on preliminary calculations, as the
Perseroan belum menyampaikan Surat Company has not submitted its annual corporate
Pemberitahuan Tahunan (“SPT”) pajak income tax return.
penghasilan badan.




e. Aset dan liabilitas pajak tangguhan e. Deferred tax assets and liabilities
2020
Dampak Dikreditkan/
penerapan (dibebankan) Dikreditkan
standar akuntansi ke laporan ke penghasilan
baru/ laba rugi/ komprehensif lain/
Saldo awal/ Impact of Credited/ Credited to other Saldo akhir/
Beginning adoption new (charged) to comprehensiv e Ending
balance accounting standard profit or loss income balance
Aset paj ak tangguhan - bersih Deferred tax assets, net

Aset tetap 183.199 - (89.554) - 93.645 Fixed assets
Sewa - - (374) - (374) Leases
Aset takberwujud 27.795 - (10.896) - 16.899 Intangible assets
Penyisihan persediaan usang dan Provision for obsolete and slow
bergerak lambat 22.969 - (3.905) - 19.064 moving inventories
Penyisihan penurunan nilai Provision for impairment of
piutang usaha 1.754 - 255 - 2.009 trade receivables
jangka panjang 160.121 - (14.651) 18.918 164.388 liabilities
Lain-lain 107.259 - (28.152) - 79.107 Others
503.097 - (147.277) 18.918 374.738

Aset tetap (77.023) - 22.157 - (54.866) Fixed assets
Sewa (5.977) - (3.987) - (9.964) Leases
Aset takberwujud (12.201) - 3.338 - (8.863) Intangible assets
bergerak lambat 679 - 243 - 922 moving inventories
piutang usaha 39.969 58.473 (17.557) - 80.885 trade receivables
jangka panjang 54.037 - (94.113) 80.092 40.016 liabilities
Akumulasi rugi fiskal 126.748 - (28.522) - 98.226 Accumulated fiscal loss
Lain-lain 28.933 - 1.952 - 30.885 Others
155.165 58.473 (116.489) 80.092 177.241
Jumlah aset pajak tangguhan - bersih 658.262 58.473 (263.766) 99.010 551.979 Total deferred tax assets - net
Liabilitas paj ak tangguhan - bersih Deferred tax liabilities - net
Aset tetap (3.342.722) - (24.088) - (3.366.810) Fixed assets

Sewa (9.315) - 11.724 - 2.409 Leases
Aset takberwujud (573.625) - (108.355) - (681.980) Intangible assets
Penyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 21.810 - (5.125) - 16.685 moving inventories
piutang usaha 45.517 - (24.363) - 21.154 trade receivables
jangka panjang 353.985 - (101.956) - 252.029 liabilities
Akumulasi rugi fiskal 28.174 - (28.174) - - Accumulated fiscal loss
Lain-lain (362.231) - 755.194 - 392.963 Others
Total liabilitas pajak tangguhan - bersih (3.838.407) - 474.857 - (3.363.550) Total deferred tax liabilities - net
Manfaat paj ak tangguhan - bersih 58.473 211.091 99.010 Deferred tax benefit - net



e. Aset dan liabilitas pajak tangguhan (lanjutan) e. Deferred tax assets and liabilities (continued)
2019
Dikreditkan/
(dibebankan) Dikreditkan
ke laporan ke penghasilan
laba rugi/ komprehensif lain/ Akuisisi
Saldo awal/ Credited/ Credited to other entitas anak/ Saldo akhir/
Beginning (charged) to comprehensiv e Acquisition of Ending
balance profit or loss income a subsidiary balance
Aset paj ak tangguhan - bersih Deferred tax assets, net

Aset tetap 270.137 (86.938) - - 183.199 Fixed assets
Aset sewa 57 (57) - - - Lease assets
Aset takberwujud 31.612 (3.817) - - 27.795 Intangible assets
bergerak lambat 17.704 5.265 - - 22.969 moving inventories
piutang usaha 1.754 - - - 1.754 trade receivables
jangka panjang 137.023 21.562 1.536 - 160.121 liabilities
Lain-lain 45.832 61.427 - - 107.259 Others
504.119 (2.558) 1.536 - 503.097

Aset tetap 9.850 (86.873) - - (77.023) Fixed assets
Aset sewa (5.487) (490) - - (5.977) Lease assets
Aset takberwujud (15.596) 3.395 - - (12.201) Intangible assets
bergerak lambat 183 496 - - 679 moving inventories
piutang usaha 10.427 29.542 - - 39.969 trade receivables
jangka panjang 17.822 35.956 259 - 54.037 liabilities
Akumulasi rugi fiskal 25.849 100.899 - - 126.748 Accumulated fiscal loss
Lain-lain 15.442 (7.926) - 21.417 28.933 Others
58.490 74.999 259 21.417 155.165
Jumlah aset pajak tangguhan - bersih 562.609 72.441 1.795 21.417 658.262 Total deferred tax assets - net
Liabilitas paj ak tangguhan - bersih Deferred tax liabilities - net

Aset tetap (654.975) 551.431 - (3.239.178) (3.342.722) Fixed assets
Aset sewa (9.409) 94 - - (9.315) Lease assets
Aset takberwujud - - - (573.625) (573.625) Intangible assets
Penyisihan persediaan usang dan Provisions for obsolete and slow
bergerak lambat 18.924 2.886 - - 21.810 moving inventories
piutang usaha 14.684 30.833 - - 45.517 trade receivables
jangka panjang 182.271 171.714 - - 353.985 liabilities
Akumulasi rugi fiskal 42.336 (14.162) - - 28.174 Accumulated fiscal loss
Lain-lain 198.936 (585.611) - 24.444 (362.231) Others
Total liabilitas paj ak tangguhan - bersih (207.233) 157.185 - (3.788.359) (3.838.407) Total deferred tax liabilities - net
Manfaat paj ak tangguhan - bersih 229.626 1.795 (3.766.942) Deferred tax benefit - net



f. Surat ketetapan pajak f. Tax assessments
Pada tahun 2020, Grup telah menerima In 2020, the Group has received a number of
beberapa surat ketetapan pajak untuk berbagai assessments for various tax years. The Group
tahun pajak. Grup menyetujui sebagian has accepted a portion of these assessments
ketetapan pajak tersebut dan telah membukukan and booked an additional expenses amounting
tambahan beban sebesar Rp123.757 (2019: Rp123,757 (2019: Rp100,694) in profit or loss.
Rp100.694) dalam laba rugi.
Atas jumlah sisanya, Grup telah mengajukan For the remaining amounts, the Group has filed
keberatan dan banding. Pada tanggal 31 objections and appeals. As at 31 December
Desember 2020, jumlah ketetapan pajak yang 2020, the amount of assessments in the
masih dalam proses keberatan dan banding process of objection and appeal were as
adalah sebagai berikut: follows:
2020 2019
Pajak penghasilan badan 1.399.328 1.268.597 Corporate income tax
Pajak lain-lain 319.464 578.870 Other taxes
1.718.792 1.847.467
g. Perubahan tarif pajak g. Tax rates changes
Pada 31 Maret 2020, Pemerintah Indonesia On 31 March 2020, the Indonesian Government
menerbitkan Peraturan Pemerintah No. 1/2020 issued Government Regulation No. 1/2020
tentang kebijakan keuangan negara dan concerning state financial policies and financial
stabilitas sistem keuangan untuk penanganan system stability for handling the Coronavirus
pandemi Coronavirus disease 2019 (“COVID- disease 2019 (the “COVID-19”) pandemic and
19”) dan dalam menghadapi ancaman yang in facing threats that endanger the national
membahayakan stabilitas keuangan nasional. financial stability. This regulation, among
Peraturan ini antara lain mengatur penyesuaian others, regulates the adjustment of corporate
tarif pajak penghasilan badan menjadi 22% income tax rate to become 22% for the fiscal
untuk tahun pajak 2020 dan 2021 serta 20% years of 2020 and 2021 and 20% for the 2022
untuk tahun pajak 2022 dan seterusnya. fiscal year onward. Meanwhile, based on the
Sedangkan berdasarkan peraturan direktur regulation of the director general of tax number
jenderal pajak nomor PER-08/PJ/2020 untuk PER-08 / PJ / 2020 for corporate companies
perusahaan perseroan yang memenuhi that meet the requirements stipulated in Article
persyaratan yang diatur pada pasal 3 ayat 2, tarif 3 paragraph 2, the corporate income tax rate is
pajak penghasilan badan disesuaikan menjadi adjusted to become 19% for the fiscal year of
19% untuk tahun pajak 2020 dan 2021 serta 2020 and 2021 and 17% for the 2022 fiscal year
17% untuk tahun pajak 2022 dan seterusnya. onward.
Aset dan liabilitas pajak tangguhan pada tanggal Deferred tax assets and liabilities as at 31
31 Desember 2020 telah dihitung dengan December 2020 have been calculated taking
memperhitungkan tarif pajak yang diharapkan into account tax rates expected to be prevailing
berlaku pada saat pajak tangguhan direalisasi at the related deferred tax are realised or
atau diselesaikan. settled.



9. KAS YANG DIBATASI PENGGUNAANNYA 9. RESTRICTED CASH
2020 2019
Rupiah:
PT Bank Rakyat Indonesia (Persero) Tbk 478 3.600
6.213 8.269
Rupiah:
PT Bank Pembangunan Daerah Jaw a Timur Tbk 49.132 44.938
PT Bank Pembangunan Daerah Jaw a Tengah 4.149 4.149
PT Bank Aceh Syariah 1.070 -
54.351 49.087
Jumlah/Total 60.564 57.356
Kas yang dibatasi penggunaannya merupakan dana Restricted cash are used as guarantee of quarry
yang ditempatkan sebagai jaminan biaya rehabilitasi rehabilitation and restoration, collateral required in
dan restorasi tanah tambang, jaminan atas fasilitas relation to the Group’s credit borrowing facilities.
pinjaman Grup.
10. INVESTASI PADA ENTITAS ASOSIASI 10. INVESTMENT IN ASSOCIATES
Lokasi usaha/ Persentase kepemilikan/ Saldo/
Nama entitas asosiasi/ Aktivitas utama/ Business Percentage of ownership Balance
Name of associates Principal activity Location 2020 2019 2020 2019
PT Swadaya Graha Kontraktor dan persewaan alat berat/ Gresik 33,06% 33,06% 35.133 89.001
Contractor and lessor of heavy equipment
PT Mitra Kiara Indonesia Distributor bahan bangunan/ Jakarta 20,00% 20,00% - -
Distributor building material
PT Igasar Distributor semen/Cement distributor Padang 12,00% 12,00% - -

Jumlah / Total 35.133 89.001
Seluruh entitas asosiasi dicatat dengan All of the above associates are accounted for using
menggunakan metode ekuitas dalam laporan the equity method in these consolidated financial
keuangan konsolidasian ini. statements.
Persentase kepemilikan pada PT Igasar kurang dari The percentage ownership in PT Igasar is less than
20% namun kepemilikan tersebut diklasifikasi 20%, but such ownership is classified as investment
sebagai investasi pada entitas asosiasi karena Grup in associate as the Group has significant influence
mempunyai pengaruh signifikan pada PT Igasar on PT Igasar through Koperasi Karyawan Semen
melalui Koperasi Karyawan Semen Padang. Padang.
Ringkasan laporan posisi keuangan PT Swadaya Summarised statements of financial position of

Graha pada tanggal 31 Desember 2020 dan 2019 PT Swadaya Graha as at December 31, 2020 and
serta rekonsiliasinya dengan jumlah tercatat atas 2019 and the reconciliation with the carrying amount
kepentingan Grup pada PT Swadaya Graha adalah of the Group’s interest in PT Swadaya Graha are as
sebagai berikut: follows:



10. INVESTASI PADA ENTITAS ASOSIASI (lanjutan) 10. INVESTMENT IN ASSOCIATES (continued)
2020 2019
Aset lancar 646.274 792.356 Current assets

Aset tidak lancar 190.962 116.033 Non-current assets
Jumlah Aset 837.236 908.389 Total Assets
Liabilitas jangka pendek 740.831 698.987 Current liabilities

Liabilitas jangka panjang 77.642 56.941 Non-current liabilities
Jumlah Liabilitas 818.473 755.928 Total Liabilities
Persentase kepemilikan efektif 33,06% 33,06% Percentage of effective ownership

Bagian Grup atas aset bersih entitas The Group's share of the net
asosiasi 6.203 50.404 asset of associates
Penyesuaian metode ekuitas 28.930 38.597 Equity method adjustments
Nilai catat bagian Grup 35.133 89.001 Carrying amount of the Group's interest
Ringkasan laporan laba rugi dan penghasilan Summarised statements of profit or loss and other
komprehensif lain PT Swadaya Graha untuk tahun comprehensive PT Swadaya Graha for the years
yang berakhir pada 31 Desember 2020 dan 2019 ended December 31, 2020 and 2019 are as follows:
adalah sebagai berikut:
2020 2019
Pendapatan 312.001 925.344 Revenue

Beban (523.343) (913.525) Expenses
(Rugi)/laba tahun berjalan (211.342) 11.819 Profit (loss) for the year
(Rugi)/penghasilan komprehensif lain Other comprehensive (loss)/income
tahun berjalan setelah pajak (2.064) 5.163 for the year, net of tax
Jumlah (rugi)/penghasilan komprehensif Total comprehensive (loss)/income

tahun berjalan (213.406) 16.982 for the year
Dividen yang dibayarkan - 5.614 Dividend paid
Informasi diatas adalah jumlah sebelum eliminasi The information above is the amount before inter-
antar entitas. company eliminations.



11. PROPERTI INVESTASI 11. INVESTMENT PROPERTIES
2020
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassification balance
Biaya perolehan Acquisition cost
Tanah 3.716 - - - 3.716 Land
Bangunan dan prasarana 234.906 - (752) - 234.154 Buildings and infrastructure
Jumlah 238.622 - (752) - 237.870 Total
Akumulasi penyusutan Accumulated depreciation

Bangunan dan prasarana 119.020 8.909 (161) - 127.768 Buildings and infrastructure
Jumlah 119.020 8.909 (161) - 127.768 Total
Nilai tercatat neto 119.602 110.102 Net carrying amount
2019
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassification balance
Biaya perolehan Acquisition cost
Tanah 3.716 - - - 3.716 Land
Bangunan dan prasarana 232.597 2.309 - - 234.906 Buildings and infrastructure
Jumlah 236.313 2.309 - - 238.622 Total

Bangunan dan prasarana 104.270 14.750 - - 119.020 Buildings and infrastructure
Jumlah 104.270 14.750 - - 119.020 Total
Nilai buku neto 132.043 119.602 Net book value
Hak atas tanah Grup berupa Sertifikat Hak Guna The Group’s land represents land-use rights
Bangunan (“SHGB”). SHGB memiliki masa berlaku (“SHGB”). The SHGB will expire until 2044.
hingga tahun 2044. Manajemen berpendapat bahwa Management believes that the SHGB are
SHGB tersebut dapat diperpanjang. extendable.
Beban penyusutan untuk tahun yang berakhir pada Depreciation expense for year ended December 31,
31 Desember 2020 dan 2019 masing-masing 2020 and 2019 amounting to Rp8,748 and Rp14,750,
sebesar Rp8.748 dan Rp14.750 dicatat sebagai respectively, were recorded under cost of revenue.
beban pokok pendapatan.
Pada tanggal 31 Desember 2020 dan 2019, nilai As at December 31, 2020 and 2019, fair value of
wajar properti investasi masing-masing sebesar investment properties amounted to Rp917,374 and
Rp917.374 and Rp740.036. Rp740,036, respectively.
Pada tanggal 31 Desember 2020, properti investasi As at December 31, 2020, investment properties
telah diasuransikan dengan jumlah pertanggungan were insured with total coverage of Rp277,112.
sebesar Rp277.112.
Manajemen berpendapat bahwa jumlah Management believes that the insurance coverage is
pertanggungan asuransi tersebut telah memadai adequate to cover possible losses on the assets
untuk menutup kemungkinan kerugian atas aset insured.
yang diasuransikan.



12. ASET TETAP 12. FIXED ASSETS
2020
Saldo awal/ Selisih kurs/ Saldo akhir/

Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Ending
balance Additions Deductions Reclassifications exchange balance
Harga perolehan: Acquisition cost:
Kepemilikan langsung Direct ownership

Tanah 4.873.810 - (122.325) 143.434 - 4.894.919 Land
Tanah pertambangan 1.960.587 9.796 (78) (88.211) - 1.882.094 Mining properties
Bangunan, jalan, jembatan Buildings, roads, bridges
dan pelabuhan 17.820.676 25.169 (25.210) 291.325 21.139 18.133.099 and harbors
Mesin 44.509.900 166.520 (32.263) 806.961 41.618 45.492.736 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 2.785.361 37.218 (58.230) 93.640 209 2.858.198 vehicles
Perlengkapan dan peralatan Furniture and office
kantor 1.256.617 22.770 (730) 122.540 70 1.401.267 equipment
Aset dalam pembangunan: Construction in progress:

Tanah 128.952 26.720 (789) (55.222) - 99.661 Land
dan pelabuhan 909.593 156.574 (6.575) (236.121) 1.054 824.525 and harbors
Mesin 720.858 785.860 (2.290) (1.004.515) - 499.913 Machinery
Alat-alat berat dan Heavy equipment and
kendaraan 15.223 4.762 (38) (19.536) - 411 vehicles
Perlengkapan 157.001 57.910 (684) (114.689) - 99.538 Equipment
75.138.578 1.293.299 (249.212) (60.394) 64.090 76.186.361
Aset hak guna Right of use assets

Tanah 179.118 57.212 - - - 236.330 Land
Bangunan 43.292 138.154 (536) - - 180.910 Buildings
Mesin 14.822 - - - - 14.822 Machinery
Alat-alat berat dan - Heavy equipment and
kendaraan 999.137 314.419 (47.061) 5.802 - 1.272.297 vehicles
kantor 57.037 12.385 (2.791) - - 66.631 equipment
1.293.406 522.170 (50.388) 5.802 - 1.770.990
Jumlah biaya perolehan 76.431.984 1.815.469 (299.600) (54.592) 64.090 77.957.351 Total acquisition cost
Akumulasi penyusutan, Accumulated depreciatin,

deplesi dan penurunan nilai: depletion, and impairment:
Kepemilikan langsung Direct ownership
Tanah pertambangan 142.647 30.711 (78) - - 173.280 Mining properties
dan pelabuhan 3.508.610 467.151 (12.528) 219 8.004 3.971.456 and harbors
Mesin 12.593.626 1.752.921 (37.456) - 24.656 14.333.747 Machinery
kendaraan 1.650.761 210.127 (54.419) 14.721 176 1.821.366 vehicles
kantor 846.109 100.093 (678) (91) 63 945.496 equipment
18.741.753 2.561.003 (105.159) 14.849 32.899 21.245.345
Aset hak guna Right of use assets
Tanah 24.732 27.750 - - - 52.482 Land
Bangunan - 37.291 (536) - - 36.755 Buildings
Mesin - 5.156 - - - 5.156 Machinery
kendaraan 158.198 438.928 (44.255) (14.849) - 538.022 vehicles
kantor 2.791 26.108 (2.791) - - 26.108 equipment
185.721 535.233 (47.582) (14.849) - 658.523
Jumlah akumulasi penyusutan, Total accumulated depreciation,

deplesi dan penurunan nilai 18.927.474 3.096.236 (152.741) - 32.899 21.903.868 depletion and impairment
Nilai buku bersih 57.504.510 56.053.483 Net book value



12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
2019
Akuisisi
Saldo awal/ Selisih kurs/ entitas anak/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Acquisition of Ending
balance Additions Deductions Reclassifications exchange subsidiary balance
Biaya perolehan: Acquisition cost:
Pemilikan Langsung Direct Ownership

Tanah 847.284 - (1.012) (170.618) - 4.321.695 4.997.349 Land
Tanah pertambangan 952.211 9.357 (40.824) 287.162 - 752.681 1.960.587 Mining properties
dan pelabuhan 12.226.300 21.821 (15.872) 528.463 (58.499) 5.118.461 17.820.675 and harbors
Mesin 28.862.785 255.078 (50.537) 1.191.672 (100.030) 14.350.932 44.509.899 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 2.664.430 38.436 (137.382) 59.341 (522) 161.058 2.785.361 vehicles
kantor 1.094.611 18.356 (27.107) 62.476 (179) 108.460 1.256.617 equipment
Aset dalam pembangunan: Construction in progress:

Tanah 69.762 42.553 (40) 16.676 - 2.356 131.307 Land
dan pelabuhan 407.135 385.792 (1) (397.547) (2.673) 229.293 621.999 and harbors
Mesin 1.270.242 627.153 (763) (1.205.836) - 275.454 966.250 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 25.381 103.384 - (113.541) - - 15.224 vehicles
Perlengkapan 57.917 137.106 - (9.250) - 9.785 195.558 Equipment
Pabrik semen 190.803 - (190.803) - - - Cement plants
48.668.861 1.639.035 (273.537) 58.195 (161.903) 25.330.175 75.260.827
Aset sewa pembiayaann Financial lease assets

Bangunan - - Buildings
Alat-alat berat dan - Heavy equipment and
kendaraan 646.359 28.699 (445.502) 11.270 - - 240.826 vehicles
kantor 36.151 1.292 - (34.652) - - 2.791 equipment
682.510 29.991 (445.502) (23.382) - - 243.617
49.351.371 1.669.026 (719.039) 34.813 (161.903) 25.330.175 75.504.444

dan deplesi: and depletion:
Pemilikan Langsung Direct Ownership

Tanah pertambangan 109.007 27.195 (70) 6.514 - - 142.647 Mining properties
dan pelabuhan 3.098.630 681.982 (8.502) 7.969 (19.873) (251.596) 3.508.610 and harbors
Mesin 11.119.920 1.304.146 (40.882) - (41.154) 251.596 12.593.626 Machinery
Heavy equipment and
Alat-alat berat dan kendaraan 1.587.753 209.412 (129.228) (16.725) (451) (0) 1.650.761 vehicles
kantor 740.600 95.304 (6.351) 16.725 (169) - 846.109 equipment
16.655.910 2.318.040 (185.033) 14.483 (61.646) (0) 18.741.753
Aset sewa pembiayaann Financial lease assets
Bangunan - Buildings
Heavy equipment and
Alat-alat berat dan kendaraan 287.649 26.047 (160.601) 5.103 - - 158.198 vehicles
kantor 15.862 - - (13.071) - - 2.791 equipment
303.511 26.047 (160.601) (7.968) - - 160.989
Jumlah akumulasi penyusutan Total accumulated depreciation
dan penurunan nilai 16.959.421 2.344.086 (345.634) 6.515 (61.646) (0) 18.902.742 and impairment



Dampak dari penerapan PSAK 73 terhadap rincian The impact of PSAK 73 implementation to the details
kelas aset adalah sebagai berikut: of asset class are as follows:
Biaya perolehan/Cost
Saldo aw al
yang
Penyesuaian PSAK 73/ disesuaikan/
PSAK 73 adjustment Adjusted
Penam bahan/ Reklasifikasi/ beginning
01/01/2020 Additions Reclassifications balance
Aset/Assets
Tanah/Land 4.997.349 - (123.539) 4.873.810
Aset sew a pembiayaan/Finance lease asset

Alat-alat berat dan kendaraan/Heavy equipment and vehicles 240.826 - (240.826) -
Perlengkapan dan peralatan kantor/Furniture and office equipment 2.791 - (2.791) -
5.240.966 - (367.156) 4.873.810
Aset hak-guna/Right-of-use assets

Tanah/Land - 55.579 123.539 179.118
Bangunan/Buildings - 43.292 - 43.292
Mesin/Machinery - 14.822 - 14.822
Alat-alat berat dan kendaraan/Heavy equipment and vehicles - 758.311 240.826 999.137
Perlengkapan dan peralatan kantor/Furniture and office equipment - 54.246 2.791 57.037
- 926.250 367.156 1.293.406
Akum ulasi penyusutan/Accumulated depreciation

Saldo aw al
yang
Penyesuaian PSAK 73/ disesuaikan/
PSAK 73 adjustment Adjusted
Penam bahan/ Reklasifikasi/ beginning
01/01/2020 Additions Reclassifications balance
Aset sew a pembiayaan/Finance lease asset
Alat-alat berat dan kendaraan/Heavy equipment and vehicles (158.198) - 158.198 -
Perlengkapan dan peralatan kantor/Furniture and office equipment (2.791) - 2.791 -
(160.989) - 160.989 -
Aset hak-guna/Right-of-use assets

Tanah/Land - (24.732) - (24.732)
Alat-alat berat dan kendaraan/Heavy equipment and vehicles - - (158.198) (158.198)
Perlengkapan dan peralatan kantor/Furniture and office equipment - - (2.791) (2.791)
- (24.732) (160.989) (185.721)
Rincian kerugian pelepasan aset tetap adalah Details of loss on disposal of fixed assets are as
2020 2019
Hasil pelepasan Net proceeds from disposal of

aset tetap 74.249 6.708 fixed assets
Nilai buku bersih 146.859 12.471 Net book value
Kerugian atas Loss on disposal of

pelepasan aset tetap (72.610) (5.763) fixed assets



Beban penyusutan dan kerugian penurunan nilai Depreciation expense and impairment loss of fixed
aset tetap dialokasikan sebagai berikut: assets were allocated as follows:
2020 2019
Beban pokok pendapatan 2.608.562 1.941.831 Cost of revenue

Beban penjualan, umum dan Selling, general and administration
administrasi 487.674 402.257 expenses
Jumlah 3.096.236 2.344.088 Total
Lihat Catatan 13b untuk informasi kerugian Refer to Note 13b for the information of impairment
penurunan nilai aset tetap sebesar Rp37.431 dari loss of fixed assets amounting to Rp37,431 against
nilai buku sebesar Rp1.757.764 terkait TLCC. the book value amounting to Rp1,757,764 related to
TLCC.
Persentase penyelesaian aset dalam pembangunan The percentage of completion for construction in
pada tanggal 31 Desember 2020 berkisar antara progress as at December 31, 2020 ranges from
1% - 99% (2019: 2% – 99%) dari jumlah yang 1% - 99% (2019: 2% – 99%) of total budgeted costs.
dianggarkan. Sebagian besar bangunan, mesin dan Most of the buildings, machinery, and equipment
peralatan dalam penyelesaian diperkirakan akan under construction are estimated to be completed in
selesai pada tahun 2021. 2021.
Jumlah tercatat aset tetap yang telah The carrying amount of fixed assets that are fully
disusutkan penuh dan masih digunakan pada depreciated and still in used for production as at
tanggal 31 Desember 2020 dan 2019 masing - December 31, 2020 and 2019 amounted to
masing sebesar Rp8.233.626 dan Rp7.986.168. Rp8,233,626 and Rp7,986,168, respectively.
Jumlah tercatat aset tetap yang tidak digunakan The carrying amount of fixed assets which are not
sementara untuk aktivitas operasi pada tanggal used in operations as at December 31, 2020 and
31 Desember 2020 dan 2019 masing - masing 2019 amounted to Rp42,562 and Rp45,848,
adalah sebesar Rp42.562 dan Rp45.848. respectively.
Berdasarkan penilaian internal, nilai wajar aset tetap Based on internal valuation, the fair value of fixed
pada tanggal 31 Desember 2020 dan 2019 masing- assets as of December 31, 2020 and 2019 amounted
masing sebesar Rp71.440.629 dan Rp72.891.439. to Rp71,440,629 and Rp72,891,439 respectively.
Nilai wajar aset tetap diukur menggunakan input level The fair value of the Group’s fixed assets are
3. measured using input level 3.
Pada tanggal 31 Desember 2020, aset tetap (kecuali As at December 31, 2020, fixed assets (except land,
tanah, tanah pertambangan, dan aset dalam quary, and assets under construction), were insured
pembangunan) telah diasuransikan dalam industrial under industrial special risks and other risks with total
special risk dan resiko lainnya dengan jumlah coverage of Rp71,359,292.
pertanggungan sebesar Rp71.359.292.
Manajemen berpendapat bahwa jumlah Management believes that the insurance coverage is
pertanggungan asuransi tersebut memadai untuk adequate to cover possible losses on the assets
menutup kemungkinan kerugian atas aset yang insured.
dipertanggungkan.



13. GOODWILL DAN ASET TAKBERWUJUD 13. GOODWILL AND INTANGIBLE ASSETS
2020 2019
Aset takberw ujud 2.608.353 2.909.363 Intangible assets
Goodwill 1.353.342 1.350.696 Goodwill
Jumlah 3.961.695 4.260.059 Total
a. Aset takberwujud a. Intangible assets

2020
Saldo awal/ Selisih kurs/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Foreign Ending
balance Additions Deductions Reclassifications exchange balance
Lisensi 2.194.906 559 - - 12.723 2.208.188 Licenses

Merek dagang 1.046.632 - - - 2.899 1.049.531 Trademark
Perangkat lunak komputer 225.098 4.777 (2.275) (8.445) - 219.155 Computer softw are
Pengurusan perpanjangan
hak atas tanah 25.302 1.077 (783) 8.445 - 34.041 Land rights renew al
3.491.938 6.413 (3.058) - 15.622 3.510.915
Akumulasi amortisasi Accumulated amortisation
dan penurunan nilai and impairment
Lisensi 197.853 210.178 - - 1.696 409.727 Licenses

Merek dagang 167.465 101.159 - - 1.546 270.170 Trademark
Perangkat lunak komputer 208.021 7.022 (2.275) (397) - 212.371 Computer softw are
hak atas tanah 9.236 790 (128) 397 - 10.295 Land rights renew al
582.575 319.149 (2.403) - 3.242 902.563
2019
Saldo awal/ Akuisisi entitas Selisih kurs/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ anak/Acquisition Foreign Ending
balance Additions Deductions Reclassifications of a Subsidiary exchange balance
Lisensi 798.139 - - - 1.428.574 (31.807) 2.194.906 Licenses

Merek dagang 181.225 27 - - 872.628 (7.248) 1.046.632 Trademark
Perangkat lunak komputer 180.232 2.089 - - 43.489 (712) 225.098 Computer softw are
Pengurusan perpanjangan Land rights renew al
hak atas tanah 11.680 - - (613) 14.235 - 25.302
Hubungan pelanggan - Customer relation
1.171.276 2.116 - (613) 2.358.926 (39.767) 3.491.938
Akumulasi amortisasi Accumulated amortisation

dan penurunan nilai: and impairment:
Lisensi 130.418 65.997 (177) - 6.685 (5.070) 197.853 Licenses

Merek dagang 108.721 63.365 - - - (4.621) 167.465 Trademark
Perangkat lunak komputer 173.394 6.375 - - 28.961 (709) 208.021 Computer softw are
hak atas tanah 7.175 472 - - 1.589 - 9.236 Land rights renew al
419.708 136.209 (177) - 37.235 (10.400) 582.575
Nilai tercatat neto 751.568 2.909.363 Net book value
Lisensi dan merk dagang merupakan aset Trademark and licenses arising from acquisition
takberwujud yang diperoleh dari akusisi SBI, of SBI, SILOG and TLCC.
SILOG dan TLCC.
Beban amortisasi dan kerugian penurunan nilai Amortisation and impairment loss of intangible
aset takberwujud dicatat pada masing-masing assets is recorded in general and administrative
beban umum dan administrasi, dan beban expenses and cost of revenue, respectively.
pokok pendapatan.
Lihat Catatan 13b untuk informasi kerugian Refer to Note 13b for the information of
penurunan nilai aset takberwujud sebesar impairment loss of intangible assets amounting to
Rp161.931 dari nilai buku sebesar Rp635.799 Rp161,931 against the book value amounting to
terkait TLCC. Beban penurunan nilai tersebut Rp635,799 related to TLCC. The impairment
dicatat sebagai “beban pokok pendapatan” pada expense is recorded as “cost of revenue” in the
laba rugi tahun 2020. 2020 profit or loss.



13. GOODWILL DAN ASET TAKBERWUJUD (lanjutan) 13. GOODWILL AND INTANGIBLE ASSETS
(continued)
b. Goodwill b. Goodwill
2020 2019
Saldo aw al 1.350.696 333.119 Beginning balance

Akuisisi entitas anak - 1.024.193 Acquisition of subsidiary
Selisih kurs 2.646 (6.616) Foreign exchange
Jumlah tercatat 1.353.342 1.350.696 Carrying amount
Goodwill timbul dari akuisisi SBI, TLCC, SILOG Goodwill was arising from acquisition of SBI,
dan VUB. TLCC, SILOG and VUB.
Pengujian penurunan nilai atas goodwill Goodwill is tested for impairment annually and
dilakukan setiap tahun dan ketika terdapat when circumstances indicate the carrying value
suatu indikasi bahwa nilai tercatatnya may be impaired.
mengalami penurunan nilai.
Manajemen telah menunjuk KJPP Ruky, Management has appointed KJPP Ruky, Safrudin
Safrudin dan Rekan, penilai independen, untuk dan Rekan, an independent appraiser, to assess
menilai nilai yang dapat terpulihkan dari the recoverable value of the goodwill. The
goodwill tersebut. Nilai terpulihkan tersebut recoverable value has assessed by reference to
telah ditelaah dengan mengacu pada nilai pakai the cash-generating unit’s value-in-use.
unit penghasil kas.
Nilai terpulihkan dari nilai pakai unit penghasil The recoverable amount of the cash-generating
kas ditentukan dengan menggunakan unit’s value-in-use has been determined using the
pendekatan pendapatan (metode arus kas income approach (a discounted cash flows
yang didiskontokan). Nilai tersebut berada method). The value is within the category of fair
dalam kategori pengukuran nilai wajar Level 3. value measurement Level 3.
Asumsi kunci yang digunakan dalam Key assumptions used in the income approach
perhitungan pendekatan pendapatan sebagai calculation were as follows:
berikut:
SBI TLCC SILOG
2020 2019 2020 2019 2020 2019
Volume Penjualan (%
tingkat pertumbuhan Sales volume (% annual
tahunan) 4,88% - 9,34% 2% - 7% 4% 7% - 11% 3% - 5,47% 2% growth rate)
Harga Penjualan (%
tingkat pertumbuhan Sales price (% annual
tahunan) 2,7% - 2,91% 2,45% - 3,5% 2% 1% - 3% 0% 3% growth rate)
Tingkat diskonto 11% 11.45% 9% 9% 9,55% - 9,67% 9.28% Discount rate
Berdasarkan penelaahan tersebut, tidak ada Based on the assessment, there is no impairment
penurunan nilai goodwill pada 31 Desember of goodwill in December 31, 2020 (2019: Rp Nil).
2020 (2019: Rp Nihil).



14. PINJAMAN 14. BORROWINGS
a. Pinjaman jangka pendek a. Short-term borrowings
2020 2019
Pihak berelasi/Rel ated parti es :

Rupiah
390.904 1.179.692
VND
Bank f or Investment and Development of Vietnam 62.485 24.262
Ho Chi Minh City Development Joint-Stock Commercial Bank 42.597 4.229
Sapa Vietnam Joint Stock Company - 3.733
105.082 32.224
Jumlah pinjaman jangka pendek/Total short-term borrowings 495.986 1.211.916
Jatuh tempo fasilitas/ Jumlah fasilitas/ Suku bunga/

Bank Maturity of facility Total facility Interest rate
PT Bank Mandiri (Persero) Tbk - National Pooling 20 Maret/March 20, 2021 Rp 2,4 triliun/trillion Lembaga Penjamin Simpanan + 2,00%
PT Bank Negara Indonesia (Persero) Tbk - National Pooling 25 September/September 25, 2021 Rp 2,6 triliun/trillion Lembaga Penjamin Simpanan + 2,00%
Ho Chi Minh City Development Joint Stock Commercial Bank 15 Mei/May 15, 2021 VND 100 miliar/billion 6,40%
Bank for Investment and Development of Vietnam 16 September/September 16, 2021 VND 240 miliar/billion 6,60%
PT Bank Mandiri (Persero) Tbk 5 Oktober/October 5, 2021 Rp 5 miliar/billion 8,00%
Fasilitas-fasilitas ini digunakan untuk membiayai The facilities are used to finance working capital
modal kerja, belanja modal dan keperluan funding requirements, capital expenditures and
pendanaan umum lainnya. for other general corporate funding purposes.
Pada tanggal 31 Desember 2020, persediaan As at December 31, 2020, inventories (Note 7)
(Catatan 7) sebesar Rp1.518.732 dijadikan of Rp1,518,732 were pledged as collateral for
jaminan atas pinjaman tertentu. certain borrowings.
Dalam perjanjian pinjaman tersebut, diatur In the borrowing agreements, there are several
beberapa pembatasan yang harus dipenuhi oleh restrictions that have to be fulfilled by the Group,
Grup, antara lain untuk memperoleh persetujuan such as to obtain written approval from lenders
tertulis dari pemberi pinjaman sebelum before entering into certain transactions such as
melakukan transaksi tertentu seperti mergers, takeovers, liquidation or change in
status restrictions on provide borrowing to third
mengadakan penggabungan usaha,
parties, and requirement to comply with certain
pengambilalihan, likuidasi atau perubahan financial ratios.
pembatasan dalam pemberian pinjaman kepada
pihak ketiga, dan kepatuhan terhadap rasio-
rasio keuangan tertentu.
Pada tanggal 31 Desember 2020, Grup telah As at December 31, 2020, the Group was in
memenuhi batasan-batasan yang diwajibkan compliance with the covenants required in all of
dalam semua perjanjian-perjanjian fasilitas these borrowing facility agreements.
pinjaman tersebut.



14. PINJAMAN (lanjutan) 14. BORROWINGS (continued)
b. Pinjaman bank jangka panjang b. Long-term bank loans
2020 2019
Rupiah
Pinjaman sindikasi/syndicated loan -
PT Bank Negara Indonesia (Persero) Tbk 14.850.000 15.700.000
PT Bank Negara Indonesia (Persero) Tbk - 1.734.942
PT Bank Rakyat Indonesia (Persero) Tbk - 2.612
14.850.000 17.437.554
Rupiah
PT Bank Permata Tbk 500.000 500.000
PT Bank Maybank Indonesia Tbk - 1.045.897
PT Bank CIMB Niaga Tbk - 700.000
500.000 2.245.897
EUR
KfW - 116.110
500.000 2.362.007
15.350.000 19.799.561
Biaya transaksi yang belum diamortisasi/
Unamortised transaction cost (61.695) (87.313)
15.288.305 19.712.248
Bagian jangka pendek/
Current portion (1.100.000) (2.052.348)
Bagian jangka panjang/Non-current portion 14.188.305 17.659.900
Informasi lain mengenai pinjaman bank tanggal Other information relating to bank loans as at
31 Desember 2020 adalah sebagai berikut: December 31, 2020 are as follows:
Jatuh tempo fasilitas/ Jumlah fasilitas/ Suku bunga/
Bank Maturity of facility Total facility Interest rate
Pinjaman Sindikasi/Syndicated loan

PT Bank Negara Indonesia (Persero) Tbk 22 Juli/July 22, 2026 Rp 9,35 triliun/trillion 3 Month JIBOR + 1,85%
PT Bank Permata Tbk 26 September/September 26, 2022 Rp 0,5 triliun/trillion 3 Month JIBOR + 2,00%
Pinjaman Sindikasi/Syndicated loan
PT Bank Negara Indonesia (Persero) Tbk 12 Desember/December 12, 2025 Rp 8 triliun/trillion 3 Month JIBOR + 2,00%
Dalam perjanjian pinjaman tersebut, diatur In the borrowing agreements, there are several
beberapa pembatasan yang harus dipenuhi oleh restrictions that have to be fulfilled by the Group,
Grup, antara lain untuk memperoleh persetujuan such as to obtain written approval from lenders
tertulis dari pemberi pinjaman sebelum before entering into certain transactions such as
melakukan transaksi tertentu seperti mergers, takeovers, liquidation or change in
mengadakan penggabungan usaha, status restrictions on provide borrowing to third
pengambilalihan, likuidasi atau perubahan parties, and requirement to comply with certain
pembatasan dalam pemberian pinjaman kepada financial ratios.
pihak ketiga, dan kepatuhan terhadap rasio-rasio
keuangan tertentu.



b. Pinjaman bank jangka panjang (lanjutan) b. Long-term bank loans (continued)
dalam perjanjian-perjanjian fasilitas pinjaman these borrowing facility agreements.
tersebut.
Pinjaman bank jangka panjang tidak dijamin Long-term banks loan were not collateraised by
dengan aset tertentu yang dimiliki Grup. any specific Group assets.
c. Utang obligasi c. Bonds payable
2020 2019
Pokok pinjaman 7.078.000 7.078.000 Loan principal
Biaya transaksi yang belum diamortisasi (8.771) (12.655) Unamortized transaction costs
7.069.229 7.065.345
Rincian dari utang obligasi adalah sebagai Details of bonds are as follows:
berikut:
2020 dan/ and 2019
Obligasi/ Peringkat/ Jumlah/ Suku bunga/ Wali amanat/ Jadwal pembayaran/

Bonds Rating Total Interest rate Trustee Repayment schedule
Obligasi berkelanjutan/Public Offering Shelf Bond I Semen Indonesia:

- Tahap/Shelf I 2017 idAA 3.000.000 8,6% PT Bank Tabungan Negara (Persero) Tbk 20 Juni/June 2022
- Tahap/Shelf II 2019 A idAA 3.364.000 9,0% PT Bank Tabungan Negara (Persero) Tbk 28 Mei/May 2024
- Tahap/Shelf II 2019 B idAA 714.000 9,1% PT Bank Tabungan Negara (Persero) Tbk 28 Mei/May 2026
Utang obligasi tersebut ditujukan untuk The bonds are intended for refinancing of bank
pembiayaan kembali pinjaman bank dan modal loans and working capital for operational funding.
kerja dalam rangka pembiayaan operasional.
Grup diharuskan untuk memenuhi beberapa The Group is required to comply with certain
persyaratan, antara lain untuk memperoleh covenants, such as to obtain approval before
persetujuan sebelum melakukan transaksi entering into certain transactions such as
tertentu seperti mengadakan penggabungan mergers, takeovers, and collateralising assets or
usaha, pengambilalihan, dan menjaminkan aset revenue with certain exceptions; restrictions on
atau pendapatannya dengan pengecualian change in core business activities, and required
secara khusus; pembatasan dalam mengubah to comply with certain financial ratios.
aktivitas utama dan harus mematuhi rasio-rasio
keuangan tertentu.
dalam perjanjian penerbitan obligasi tersebut. these bonds.
Utang obligasi tidak dijamin dengan aset tertentu Bonds payable was not collateralised by any
yang dimiliki oleh Grup. specific Group assets.



d. Liabilitas sewa d. Lease liabilities
Pembayaran sewa pembiayaan minimum di Future minimum lease payments under finance
masa mendatang, serta nilai kini atas leases together with the present value of the
pembayaran minimum sewa pembiayaan pada minimum lease payments as of 31 December
tanggal 31 Desember 2020 dan 2019 adalah 2020 and 2019 were as follows:
sebagai berikut:
2020 2019
Liabilitas sew a
bruto - pembayaran sew a Gross lease liabilities -
minimum minimum lease payments
Tidak lebih dari 1 tahun 553.700 29.405 No later than 1 year
Lebih dari 1 tahun dan kurang Later than 1 year and no later
dari 5 tahun 582.440 26.737 than 5 years
Lebih dari 5 tahun 131.919 - Later than 5 years
1.268.059 56.142
Beban keuangan di masa depan Future finance charges
atas sew a (167.170) (3.704) on leases
Nilai kini liabilitas Present value of

sew a 1.100.889 52.438 lease liabilities
Nilai kini liabilitas sew a

adalah The present value of lease
sebagai berikut: liabilities is as follows:
Tidak lebih dari 1 tahun 514.429 27.981 No Later than 1 year
Lebih dari 1 tahun dan kurang Later than 1 year and no later
dari 5 tahun 507.846 24.457 than 5 years
Lebih dari 5 tahun 78.614 - Later than 5 years
1.100.889 52.438
Tidak ada pembatasan signifikan yang There is no significant restriction imposed by

ditetapkan oleh lessor dalam perjanjian sewa lease arrangements between lessor and the
pembiayaan dengan Grup terkait dengan Group on use of the assets or maintenance of
penggunaan aset atau pencapaian kinerja certain financial performance.
keuangan tertentu.
Pembayaran sewa variabel Variable lease payment
Beberapa sewa berisi ketentuan pembayaran Some leases contain variable payment terms
variabel yang terkait dengan jasa sewa kapal, that are linked to shipping rental and heavy
dan sewa alat berat, yang pembayarannya equipment rental whereby payments are
dihitung berdasarkan jumlah tonase, meter calculated based on tonnage, cubic metre, etc.
kubik dan lainnya. Biaya yang berkaitan dengan Expense relating to variable lease payments not
pembayaran sewa variabel tidak termasuk included in lease liabilities amounting to
dalam kewajiban sewa sebesar Rp1.255.699 Rp1,255,699.
Total pembayaran sewa selama tahun 2020 Total lease payment for lease in 2020
adalah sebesar Rp1.927.923. amounting to Rp1,927,923.



e. Informasi lainnya e. Other information
Mutasi pinjaman adalah sebagai berikut: The movements in borrowings are as follows:
2020
Pinjaman
jangka
pendek/ Pinjaman
Short-term bank/ Utang obligasi/ Liabilitas sewa/ Jumlah/
borrowings Bank loans Bonds payable Lease liabilities Total
Saldo awal 1.211.916 19.712.248 7.065.345 52.438 28.041.947 Beginning balance

Penyesuaian saldo awal atas Opening balance adjustment upon
penerapan PSAK 73 - - - 879.180 879.180 application of PSAK 73
Arus kas: Cash flow:
Proceeds from
Penerimaan pinjaman 3.677.059 1.650.000 - - 5.327.059 borrowings
Pembayaran kembali Repayments of
pinjaman (4.392.989) (6.099.130) - (364.899) (10.857.018) borrowings
Perubahan nonkas: Non-cash movements:
Penyesuaian selisih Foreign exchange
kurs - - - 12.000 12.000 adjustments
Penambahan aset hak-guna - - - 522.170 522.170 Addition of right of use assets
Biaya transaksi - 25.617 3.884 - 29.501 Transaction cost
Lainnya - (430) - - (430) Others
Saldo akhir 495.986 15.288.305 7.069.229 1.100.889 23.954.409 Ending balance
2019
Pinjaman
jangka
pendek/ Pinjaman
Short-term bank/ Utang obligasi/ Liabilitas sewa/ Jumlah/
borrowings Bank loans Bonds payable Lease liabilities Total
Saldo awal 1.551.659 4.694.219 2.994.902 361.680 9.602.460 Beginning balance

Arus kas: Cash flow:
Proceeds from
Penerimaan pinjaman 6.451.326 33.214.334 4.078.000 - 43.743.660 borrowings
Pembayaran kembali Repayments of
pinjaman (8.506.886) (25.109.036) - (337.938) (33.953.860) borrowings
Perubahan nonkas: Non-cash movements:
Akuisisi entitas anak 1.715.817 6.931.537 - - 8.647.354 Acquisition of a subsidiary
Biaya transaksi - - (12.655) - (12.655) Transaction cost
Acrue bunga - (18.806) - - (18.806) Acrued interest
Lainnya - - 5.098 28.696 33.794 Others
Saldo akhir 1.211.916 19.712.248 7.065.345 52.438 28.041.947 Ending balance
15. DANA SYIRKAH TEMPORER 15. TEMPORARY SYIRKAH FUNDS

Dana syirkah temporer merupakan dana yang Temporary syirkah funds is the fund received by
diterima oleh Grup, berdasarkan fasilitas pembiayaan Group, based on the financing facility of musyarakah
atas dasar akad musyarakah dengan PT Bank with PT Bank Syariah Mandiri, PT Bank CIMB Niaga
Syariah Mandiri, PT Bank CIMB Niaga Tbk, dan PT Tbk, dan PT Bank BRI Syariah Tbk (“Bank”) in 2019.
Bank BRI Syariah Tbk (“Bank”) di tahun 2019. Based on the agreement, the Group and the Bank
Berdasarkan akad ini Grup dan Bank melakukan agree to conduct a joint partnership of amounting to
kerjasama dengan nilai kerjasama sebesar Rp34,736,295, where the portion of fund invest by the
Rp34.736.295, dimana porsi pembiayaan Grup dan Group and Bank is amounting to Rp32,736,295 and
Bank adalah masing-masing sebesar Rp32.736.295 Rp2,000,000, respectively with predetermined profit
dan Rp2.000.000, dengan nisbah bagi hasil setara sharing ratio ranging equivalent to JIBOR 3 months +
Jibor 3 bulan + 1,85% yang dibayarkan tiap 3 bulan. 1,85% which will be paid every 3 months.
Dalam akad tersebut, bagian dana Bank akan Under the agreement, the Bank’s portion will be
menurun sejalan dengan pembayaran bertahap per 6 diminished as the Group will gradually make
bulan kepada Bank sampai dengan Juli 2026. 6 monthly installments to the Bank until July 2026.



15. DANA SYIRKAH TEMPORER (lanjutan) 15. TEMPORARY SYIRKAH FUNDS (continued)
Dalam perjanjian tersebut, diatur beberapa In the agreements, there are several restrictions that
pembatasan yang harus dipenuhi oleh Grup, antara have to be fulfilled by the Group, such as to obtain
lain untuk memperoleh persetujuan tertulis dari written approval from lenders before entering into
pemberi pinjaman sebelum melakukan transaksi certain transactions such as mergers, takeovers,
tertentu seperti mengadakan penggabungan usaha, liquidation or change in status and Articles of
pengambilalihan, likuidasi atau perubahan status Association, restrictions on change in core business
serta Anggaran Dasar; pembatasan dalam activities, and required to comply with certain
mengubah aktivitas utama dan harus mematuhi financial ratios.
rasio-rasio keuangan tertentu.
memenuhi batasan-batasan yang diwajibkan dalam compliance with the covenants required in the
perjanjian tersebut. agreements.
16. UTANG USAHA 16. TRADE PAYABLES
2020 2019
Pihak berelasi: Related parties:
Rupiah 870.085 864.792 Rupiah
Pihak ketiga: Third parties:
Rupiah 5.042.176 4.065.860 Rupiah
USD 263.732 199.881 USD
VND 237.699 462.536 VND
Euro 103.419 73.520 Euro
Mata uang asing lainnya 3.588 3.170 Other foreign currencies
5.650.614 4.804.967
6.520.699 5.669.759
Utang usaha merupakan utang yang berasal dari Trade payables represent payables arising from
pembelian barang dan jasa. purchases of goods and services.
Lihat Catatan 30 untuk rincian informasi mengenai Refer to Note 30 for details information of to related
17. AKRUAL 17. ACCRUALS
2020 2019
Pemeliharaan 162.351 177.471 Maintenance

Pengangkutan 165.404 223.202 Transportation
Promosi peningkatan penjualan 137.713 107.653 Sales promotion
Biaya operasional 136.726 112.627 Operational expense
Beban keuangan 74.130 75.714 Finance cost
Jasa profesional 49.589 81.386 Professional fees
Asuransi, sew a dan ekspedisi 38.383 73.872 Insurance, rent and expedition
Beban pengantongan 38.346 50.215 Packer fees
Retribusi pertambangan 30.189 30.680 Mining rights fees
Listrik 3.852 10.251 Electricity
Jumlah 1.129.537 1.222.508 Total



18. PROVISI JANGKA PANJANG 18. LONG-TERM PROVISION
2020
Prov isi
tambahan Jumlah
(pengurangan)/ yang
Saldo awal/ Additional terealisasi/ Saldo akhir/
Beginning (deduction) Amount Ending
balance provision realised balance
Rehabilitasi dan restorasi Quarry rehabilitation and

tanah tambang 135.313 42.572 (8.071) 169.814 restoration
Estimasi biaya pembongkaran Estimated cost of dismantling
aset tetap 129.578 6.345 (1.938) 133.985 of fixed assets
264.891 48.917 (10.009) 303.799
2019
Prov isi
tambahan Jumlah
Nilai (pengurangan)/ yang digunakan Nilai
tercatat awal/ Additional dan penyesuaian/ Akuisisi entitas tercatat akhir/
Beginning (deduction) Amount realized anak /Acquisition Ending
balance provision and adjustment of a subsidiary balance
Rehabilitasi dan restorasi Quarry rehabilitation and

tanah tambang 109.445 2.441 (19.747) 43.174 135.313 restoration
Estimasi biaya pembongkaran Estimated cost of dismantling
aset tetap 118.743 11.235 (400) - 129.578 of fixed assets
228.188 13.676 (20.147) 43.174 264.891
Rehabilitasi dan restorasi tanah tambang dilakukan Quarry rehabilitation and restoration is carried out
setiap tahun sesuai dengan rencana yang every year based on plan reported to the authority.
disampaikan kepada otoritas terkait. Dismantling of fixed assets will be realised at the end
Pembongkaran aset tetap akan dilakukan pada saat of land rent period of related fixed assets.
selesainya masa sewa lahan terkait aset tetap
tersebut.
19. MODAL SAHAM 19. SHARE CAPITAL
Sesuai dengan daftar pemegang saham yang Based on the list of shareholders issued by the
dikeluarkan oleh Biro Administrasi Efek, PT Datindo Securities Administration Bureau, PT Datindo
Entrycom, susunan pemegang saham Perseroan Entrycom, the Company’s shareholders and their
pada tanggal 31 Desember 2020 dan 2019 adalah ownership interests as at December 31, 2020 and
sebagai berikut: 2019 are as follows:
2020 dan/and 2019

Jumlah saham
ditempatkan dan
disetor penuh/ Presentase
Number of kepemilikan/
Shares issued Percentage of Nilai/
and fully paid ownership Amount
Saham seri A Dwiwarna: Series A Dwiwarna share:
Pemerintah Negara Government of the Republic
Republik Indonesia 1 0,00% 0 of Indonesia
Saham seri B: Series B share:
Pemerintah Negara Government of the Republic
Republik Indonesia 3.025.405.999 51,01% 302.541 of Indonesia
Masyarakat (masing-masing
dibawah 5%) 2.906.114.000 48,99% 290.611 Public (below 5% each)
5.931.520.000 100,00% 593.152



19. MODAL SAHAM (lanjutan) 19. SHARE CAPITAL (continued)
Pemegang saham Seri A memperoleh hak istimewa The holder of Series A shares has certain special
tertentu sebagai tambahan diluar yang diperoleh rights in addition to the rights held by the holders of
saham Seri B. Hak istimewa tersebut mencakup hak the series B shares. These special rights include the
menyetujui (a) perubahan anggaran dasar (b) right to approve (a) amendements to the Articles of
pengangkatan dan pemberhentian anggota dewan Association, (b) the appointment and dismissal of the
komisaris dan direksi (c) persetujuan penggunaan members of the Boards of commissioners and
laba (d) pemindah-tanganan aset (e) penyertaan directors, (c) approval for use the Company’s net
dan pengurangan penyertaan modal (f) profits (d) transfer of assets (e) participation and
penggabungan, peleburan, pengambilalihan, disposal of investee (f) merger, acquisition,
pemisahan dan pembubaran. separation and liquidation.
20. TAMBAHAN MODAL DISETOR 20. ADDITIONAL PAID-IN CAPITAL
Rincian tambahan modal disetor pada tanggal 31 The additional details of paid-up capital as at
Desember 2020 dan 2019 adalah sebagai berikut: December 31, 2020 and 2019 are as follows:
2020 2019
Agio saham 1.252.066 1.252.066 Share premium
Biaya emisi efek ekuitas (4.710) (4.710) Share issuance costs
Selisih nilai perolehan dengan hasil Difference between the cost and the
penjualan saham yang diperoleh proceeds from the sale of treasury
kembali 210.902 210.902 stock
1.458.258 1.458.258
21. DIVIDEN 21. DIVIDENDS
Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Meeting of
Tahunan (RUPST) tahun 2020 yang Shareholders (AGMS) in 2020 which was held on
diselenggarakan pada tanggal 19 Juni 2020, yang June 19, 2020 as stated on Notarial Deed No. 45 the
tertuang dalam Akta Notaris No. 45, pemegang shareholders approved, among others, the
saham memutuskan, antara lain, untuk membagi distribution of dividend amounting to Rp40,34 per
dividen sebesar Rp40.34 per lembar saham (nilai share (full amount) for a total amount paid of
penuh) dengan total pembayaran Rp239.215. Rp239,215.
Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Meeting of
Tahunan (RUPST) tahun 2019 yang Shareholders (AGMS) in 2019 which was held on 22
diselenggarakan pada tanggal 22 Mei 2019, yang May 2019, as stated on Notarial Deed No. 29 the
tertuang dalam Akta Notaris No. 29, pemegang shareholders approved, among others, the
saham memutuskan, antara lain, untuk membagi distribution of dividend amounting to Rp207.64 per
dividen sebesar Rp207,64 per lembar saham (nilai share (full amount) for a total amount paid of
penuh) dengan total pembayaran Rp1.231.646. Rp1,231,646.



22. KEPENTINGAN NONPENGENDALI 22. NON-CONTROLLING INTERESTS
Kepentingan nonpengendali pada 31 Desember Non-controlling interests as at December 31, 2020

2020 dan 2019 adalah sebagai berikut: and 2019 are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2020 2019
Thang Long Cement Joint Stock Company 540,957 649,316 Thang Long Cement Joint Stock Company
PT Semen Indonesia Industri Bangunan 275,718 253,149 PT Semen Indonesia Industri Bangunan
PT Semen Indonesia Aceh 207,114 212,607 PT Semen Indonesia Aceh
PT Semen Indonesia Logistik 169,514 185,701 PT Semen Indonesia Logistik
PT Kawasan Industri Gresik 119,163 116,178 PT Kawasan Industri Gresik
PT Industri Kemasan Semen Gresik 98,526 97,680 PT Industri Kemasan Semen Gresik
PT United Tractors Semen Gresik 70,349 86,839 PT United Tractors Semen Gresik
PT Semen Gresik 2,124 607 PT Semen Gresik
PT Semen Kupang Indonesia 1,018 988 PT Semen Kupang Indonesia
PT Bima Sepaja Abadi (3,562) 12,708 PT Bima Sepaja Abadi
PT Sinergi Mitra Investama (971) (676) PT Sinergi Mitra Investama
PT Semen Indonesia Beton (24) 12 PT Semen Indonesia Beton
Jumlah 1,479,926 1,615,109 Total
Berikut ini adalah ringkasan informasi keuangan Set out below is the summarised financial information
entitas anak yang memiliki kepentingan of subsidiaries that have non-controlling interests that
nonpengendali yang material terhadap Grup. are material to the Group.
Ringkasan laporan posisi keuangan pada tanggal Summarised statements of financial position as at
31 Desember 2020 dan 2019 adalah sebagai December 31, 2020 and 2019 is as follows:
berikut:
2020 2019
PT Semen Indonesia Thang Long Cement PT Semen PT Semen Indonesia Thang Long Cement PT Semen
Industri Bangunan Joint Stock Company Indonesia Logistik Industri Bangunan Joint Stock Company Indonesia Logistik
dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/ dan entitas anak/
and subsidiary and subsidiaries and subsidiaries and subsidiary and subsidiaries and subsidiaries
Aset lancar 4,257,688 312,547 1,198,483 3,207,285 290,912 1,174,048 Current assets
Aset tidak lancar 28,652,068 2,406,480 967,130 29,264,362 1,921,110 1,069,340 Non-current assets
Jumlah Aset 32,909,756 2,719,027 2,165,613 32,471,647 2,212,022 2,243,388 Total Assets
Liabilitas jangka pendek 4,069,831 558,497 1,265,406 2,963,920 546,019 1,172,781 Current liabilities
Liabilitas jangka panjang 25,049,416 299,075 341,682 25,259,821 294,822 461,196 Non-current liabilities
Ekuitas yang dapat diatribusikan Equity attributable to owners
kepada pemilik entitas induk 3,514,775 1,861,159 554,032 3,928,411 1,370,891 605,651 of the parent
Kepentingan nonpengendali 275,734 296 4,493 319,495 290 3,760 Non-controlling interests
Jumlah Liabilitas dan Ekuitas 32,909,756 2,719,027 2,165,613 32,471,647 2,212,022 2,243,388 Total Liabilities and Equity



22. KEPENTINGAN NONPENGENDALI (lanjutan) 22. NON-CONTROLLING INTERESTS (continued)
Ringkasan laporan laba rugi dan penghasilan Summarised statements of profit or loss and other
komprehensif lain untuk tahun yang berakhir pada comprehensive income for the year ended
31 Desember 2020 dan 2019 adalah sebagai December 31, 2020 and 2019 are as follows:
berikut:
2020 2019
Pendapatan 10,108,220 1,182,519 4,289,674 10,214,306 1,291,058 4,841,177 Revenue

Beban (10,233,850) (1,583,160) (4,269,841) (11,071,111) (1,305,747) (4,815,361) Expenses
Laba/(rugi) tahun berjalan (125,630) (400,641) 19,833 (856,805) (14,689) 25,816 Profit/(loss) for the year
Penghasilan/(rugi) komprehensif lain (32,359) 39,635 2,475 67,212 (55,973) 1,362 Other comprehensive income/(loss)
Selisih kurs dari penjabaran Exchange difference from
kegiatan usaha luar negeri
Jumlah laba/(rugi) komprehensif lain Total other comprehensive income/
tahun berjalan (157,989) (361,006) 22,308 (789,593) (70,662) 27,178 (loss) for the year
Laba/(rugi) yang dapat diatribusikan

kepada: Profit/(loss) attributable to:
Pemilik entitas induk (125,630) (400,641) 19,833 (868,011) (14,690) 24,010 Owners of the company
Kepentingan nonpengendali - - - 11,206 1 1,806 Non-controlling interests
Laba/(rugi) tahun berjalan (125,630) (400,641) 19,833 (856,805) (14,689) 25,816 Profit/(loss) for the year
Jumlah penghasilan komprehensif lain Total other comprehensive income

yang dapat distribusikan kepada attributable to
Pemilik entitas induk (157,989) (361,006) 22,308 (801,934) (53,871) 25,373 Owners of the company
Kepentingan nonpengendali - - - 12,341 (16,791) 1,806 Non-controlling interests
Jumlah penghasilan komprehensif Total other comprehensive income
lain tahun berjalan (157,989) (361,006) 22,308 (789,593) (70,662) 27,179 for the year
Ringkasan laporan arus kas pada tanggal Summarised statements of cash flows as at
31 Desember 2020 dan 2019 adalah sebagai December 31, 2020 and 2019 is as follows:
berikut:
2020 2019
Arus kas bersih yang diperoleh dari Net cash flows generated from
aktivitas operasi (53,247) 133,357 145,960 290,817 50,515 91,893 operating activities
Arus kas bersih yang
digunakan untuk Net cash flows used in
aktivitas investasi (273,060) (2,161) 20,672 (15,662,045) (999) (7,855) investing activities
Arus kas bersih yang Net cash flows
diperoleh dari/(digunakan) generated from/(used) in
untuk aktifitas pendanaan 375,464 (140,820) (84,391) 15,756,411 (94,165) (58,206) financing activities
Kenaikan/ (penurunan) bersih Net increase/ (decrease) in

kas dan setara kas 49,157 (9,624) 82,241 385,183 (44,649) 25,832 cash and cash equivalents
Kas dan setara kas pada Cash and cash equivalents
awal tahun 336,606 29,528 114,921 921 74,197 89,140 at the beginning of the year
Dampak perubahan Effect of exchange rate
selisih kurs terhadap changes on cash and
kas dan setara kas 988 (27) (288) 988 1,481 (51) cash equivalents
Kas dan setara kas pada Cash and cash equivalents
akhir tahun 386,751 19,877 196,874 387,092 31,029 114,921 at the end of the year



23. PENDAPATAN 23. REVENUE
2020 2019
Semen 29.023.106 33.143.056 Cement
Terak 2.894.491 3.081.458 Clinker
Beton jadi dan siap pakai 1.821.992 3.121.398 Precast and readymix concrete
Kantong semen 75.363 66.567 Cement bags
Persew aan tanah 29.463 39.814 Land rental
Tanah kaw asan industri 16.285 24.480 Industrial real estate land
Jasa penambangan 23.663 22.689 Mining services
Lain-lain 1.287.305 868.645 Others
35.171.668 40.368.107
Pihak berelasi (2.454.354) (2.621.242) Related parties

Pihak ketiga 32.717.314 37.746.865 Third parties
Tidak ada penjualan kepada satu pelanggan yang There were no sales to any party representing more
melebihi 10% dari jumlah pendapatan. than 10% of total revenue.
Pendapatan yang diakui sepanjang waktu kontrak, Revenue recognised overtime, at point in time, and
diakui pada suatu titik waktu dan pendapatan sewa revenue from rental amounting to Rp126,384,
masing-masing sebesar Rp126.384, Rp34.998.109 Rp34,998,109 and Rp47,175, respectively.
dan Rp47.175.
Grup mengakui aset dan liabilitas kontrak terkait The Group has recognised the following contract
dengan pendapatan dari kontrak dengan pelanggan: assets and liabilities related to revenue from
contracts with customers:
2020
Aset kontrak yang berkaitan Contract assets relating to
dengan jasa konstruksi 66.212 construction service
Liabilitas kontrak 114.340 Contract liabilities

Kontak aset dan liabilitas disajikan masing-masing Contract assets and liabilities are presented
dalam piutang usaha dan uang muka as trade receivables and advance respectively.
Kewajiban pelaksanaan tidak dipenuhi yang tersisa The remaining unfulfilled performance obligation will
akan dipenuhi di tahun 2021. be fulfilled in 2021



24. BEBAN POKOK PENDAPATAN 24. COST OF REVENUE
2020 2019
Pemakaian bahan baku 1.628.604 1.874.416 Raw materials used
Tenaga kerja 2.227.644 2.253.967 Labor
Beban pabrikasi: Manufacturing overhead:
- Bahan bakar dan energi 7.817.701 8.995.635 Fuel and energy -
- Penyusutan, amortisasi 2.780.731 1.955.818 Depreciation, amortisation -
dan penurunan nilai and impairment
- Sew a 74.865 98.375 Rentals -
- Lain-lain 9.292.336 12.613.047 Others -
Jumlah beban produksi 23.821.881 27.791.258 Total manufacturing costs

Persediaan barang dalam proses Work-in-progress inventories
Pada aw al tahun 693.291 689.587 At the beginning of the year
Pembelian - 41.726 Purchases
Pada akhir tahun (735.041) (693.291) At the end of the year
Harga pokok produksi 23.780.131 27.829.280 Cost of goods manufactured
Persediaan barang jadi Finished goods inventory

Pada aw al tahun 776.046 595.570 At the beginning of the year
Pembelian - 5.320 Purchases
Pada akhir tahun (1.001.610) (776.046) At the end of the year
Jum lah 23.554.567 27.654.124 Total
Tidak ada pembelian dari satu pemasok yang There were no purchases from any suppliers
melebihi 10% dari jumlah beban pokok pendapatan. representing more than 10% of total cost of revenue.
25. BEBAN BERDASARKAN SIFAT 25. EXPENSES BY NATURE
2020 2019
Beban umum dan administrasi 3.161.626 3.536.797 General and administration expenses
Beban penjualan 2.802.821 3.084.107 Selling expenses
Jumlah 5.964.447 6.620.904 Total
a. Beban penjualan a. Selling expenses
2020 2019
Ongkos angkut dan bongkar 2.085.937 2.387.011 Transportation and handling
Gaji, upah dan manfaat 358.572 338.751 Salaries, wages and benefits
Promosi 222.438 191.043 Promotion
Penyusutan dan amortisasi 18.390 10.754 Depreciation and amortisation
Penelitian, pengembangan Research, development and
jasa profesional 16.797 27.369 professional fees
Perjalanan dinas 14.580 25.439 Business trips
Sew a 13.007 - Rentals
2.802.821 3.084.107



25. BEBAN BERDASARKAN SIFAT (lanjutan) 25. EXPENSES BY NATURE (continued)
b. Beban umum dan administrasi b. General and administration expenses
2020 2019
Salaries, wages, employee
Gaji, upah, kesejahteraan karyaw an welfare and Director's and
dan bonus Direksi dan Komisaris 1.564.727 1.573.459 Commissioners' bonuses
Penyusutan dan amortisasi 625.173 546.996 Depreciation and amortisation
Jasa profesional 183.588 198.766 Professional fees
Sew a 124.111 122.078 Rentals
Keperluan kantor 112.448 296.311 Office supplies
Pajak dan asuransi 80.116 106.451 Taxes and insurance
Pemakaian bahan, listrik, air dan Supplies, electricity, water and
telepon 41.157 41.445 telephone
Promosi dan jamuan 34.990 53.299 Promotion and entertainment
Impairment loss of trade receivable
Penurunan nilai piutang dan lain-lain 26.691 205.478 and other receivable
Perjalanan dinas 23.649 40.112 Business trips
Pendidikan, latihan dan Education, training and
pengembangan 13.652 30.129 development
3.161.626 3.536.797
26. BEBAN KEUANGAN 26. FINANCE COSTS
2020 2019
Pinjaman bank 1.472.280 2.173.983 Bank loans
Obligasi 654.359 475.150 Bonds
Pinjaman jangka pendek 109.236 522.769 Short-term borrowings
Liabilitas sew a 51.512 7.679 Lease liabilities
2.320.781 3.205.298
27. (BEBAN)/PENGHASILAN OPERASI LAINNYA – 27. OTHER OPERATING (EXPENSE)/ INCOME – NET
BERSIH
2020 2019
Sew a 58.231 61.087 Rental

Klaim dan denda 23.614 3.333 Claims and penalties
Penjualan barang usang 11.981 6.269 Sales of scrap materials
Kerugian pelepasan Loss on disposal of
aset tetap (72.610) (5.763) fixed assets
Kerugian selisih kurs (49.306) (13.078) Foreign exchange loss
Penghasilan penanganan limbah - 23.845 Income from waste treatment
Lain-lain - bersih 23.679 16.271 Others - net
Jumlah (4.411) 91.964 Total



28. LABA PER SAHAM 28. EARNINGS PER SHARE
2020 2019
Laba tahun berjalan yang
diatribusikan kepada Profit for the year attributable
pemilik entitas induk 2.792.321 2.392.151 to owners of the parent entity
Total rata-rata tertimbang Weighted average number of

saham yang beredar (lembar saham) 5.931.520.000 5.931.520.000 shares outstanding (shares)
Laba per saham dasar Basic earnings per share

(nilai penuh) 471 403 (full amount)
Perusahaan tidak memiliki saham biasa yang The Company has no potential dilutive ordinary
berpotensi dilutif. Dengan demikian, laba per saham shares. Therefore, the diluted earnings per share is
dilusian setara dengan laba per saham dasar. equivalent to the basic earnings per share.
29. LIABILITAS IMBALAN KERJA 29. EMPLOYEE BENEFITS LIABILITIES
Estimasi liabilitas imbalan kerja tanggal The estimated employee benefits liabilities as at
31 Desember 2020 dan 2019 adalah sebagai berikut: December 31, 2020 and 2019 are as follows:
a. Liabilitas imbalan kerja jangka pendek a. Short-term employee benefits liabilities
2020 2019
Productivity allowance,
Tunjangan produktivitas, uang jasa, incentives, and Directors'
bonus Direktur dan Komisaris 641.249 712.271 and Commissioners' bonuses
Tunjangan pegaw ai lainnya 131.475 22.795 Other employee allowances
Jumlah 772.724 735.066 Total
b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities
2020 2019
Liabilitas imbalan pensiun 929.682 649.114 Pension benefits obligations

Other post employment benefits
Liabilitas imbalan pasca kerja lainnya 1.276.464 1.054.401 liabilities
Liabilitas imbalan kerja jangka panjang Other long-term employee benefits
lainnya 681.273 532.440 liabilities
Jumlah 2.887.419 2.235.955 Total
Asumsi aktuarial utama yang digunakan adalah The principal actuarial assumptions used were as
2020 2019
Tingkat kenaikan gaji: Salary increase:

Program pensiun 7,5% per tahun/per annum 7,5% per tahun/per annum Pension plan
Imbalan kerja lainny a 10% per tahun/per annum 10% per tahun/per annum Other employee benefits
Tingkat diskonto 6,48% - 7,3% per tahun/per annum 7,47% - 8,5% per tahun/per annum Discount rate



29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITIES (continued)

(lanjutan) (continued)
Liabilitas bersih imbalan pensiun yang diakui di The net liability for pension benefits recognised in
laporan posisi keuangan konsolidasian adalah the consolidated statements of financial position
sebagai berikut: is as follows:
2020 2019
Nilai kini kew ajiban Present value of defined
imbalan pasti 4.095.487 3.273.530 benefits obligation
Nilai w ajar aset program (3.165.805) (2.624.416) Fair value of plan assets
929.682 649.114
Other post employment benefits
Liabilitas imbalan pascakerja lainnya 1.276.464 1.054.401 liabilities
Liabilitas imbalan kerja jangka panjang Other long-term employee benefits
lainnya 681.273 532.440 liabilities
1.957.737 1.586.841
2.887.419 2.235.955
Mutasi nilai kini liabilitas imbalan kerja adalah Movements of the present value of employee
sebagai berikut: benefits liabilities is as follows:
2020
Pasca Imbalan kerja

kerja lainnya/ jangka panjang
Other post lainnya/Other
Dana pensiun/ employment long-term employee Jumlah/
Pension fund benefit benefit Total
Saldo awal 3.273.530 1.054.401 532.440 4.860.371 Beginning balance

Biaya jasa kini 76.052 62.920 110.942 249.914 Current service cost
Biaya jasa lalu 172 - 9.385 9.557 Past service cost
Biaya bunga 248.589 60.001 36.458 345.048 Interest cost
Pengukuran kembali liabilitas Remeasurement on the employee
imbalan kerja benefits liabilities
- Perubahan asumsi demografi 154.342 22.136 11.451 187.929 Change in demographics assumption -
- Perubahan asumsi keuangan 544.171 78.441 74.263 696.875 Change in financial assumption -
- Penyesuaian atas pengalaman (20.764) 16.974 (18.390) (22.180) Experience adjustments -
Pembayaran manfaat (186.499) (18.409) (75.276) (280.184) Benefits paid
Kontribusi peserta 5.894 - - 5.894 Participant contributions
Saldo akhir 4.095.487 1.276.464 681.273 6.053.224 Ending balance




2019
Pasca Imbalan kerja

Saldo awal 2.625.876 510.923 391.619 3.528.418 Beginning balance

Biaya jasa lalu 3.261 (42.170) 26.543 (12.366) Past service cost
Biaya bunga 141.548 81.932 32.858 256.338 Interest cost
Akuisisi entitas anak 452.143 609.758 - 1.061.901 Acquisition of a subsidiary
Pengukuran kembali liabilitas Remeasurement on the employee
imbalan kerja benefits liabilities
- Perubahan asumsi keuangan 176.582 6.699 28.726 212.007 Change in financial assumption -
- Penyesuaian atas pengalaman (53.688) (92.801) (3.500) (149.989) Experience adjustments -
Pembayaran manfaat (165.789) (60.766) (46.172) (272.727) Benefits paid
Kontribusi peserta 6.019 - - 6.019 Participant contributions
Saldo akhir 3.273.530 1.054.401 532.440 4.860.371 Ending balance
Beban imbalan kerja yang dibebankan pada Amounts recognised in the consolidated
laporan laba rugi dan penghasilan komprehensif statement of profit or loss and other
lain konsolidasian merupakan jumlah neto dari: comprehensive income consists of the net total of
the following amounts:
2020
Pasca Imbalan kerja

Biaya jasa lalu 172 - 9.385 9.557 Past service cost
Beban bunga besih 248.589 60.001 36.458 345.048 Net interest expense
Pengukuran kembali liabilitas Remeasurement on the net
imbalan pasti - neto: defined benefit liability:
Perubahan asumsi demografi - - 11.451 11.451 Change in demographics assumption
Perubahan asumsi keuangan - - 74.263 74.263 Changes in financial assumptions
Penyesuaian atas pengalaman - - (18.390) (18.390) Experience adjustment
Komponen dari biaya imbalan pasti Components of defined benefit costs
yang diakui dalam laba rugi 324.813 122.921 224.109 671.843 recognized in profit or loss

imbalan pasti - bersih: defined benefit liability:
Perubahan dampak batas atas aset, Change in the effect of the asset ceiling,
tidak termasuk bunga bersih (186.181) - - (186.181) excluding amount of net interest expense
Perubahan asumsi demografi 154.342 22.136 - 176.478 Change in demographics assumption
Perubahan asumsi keuangan 544.171 78.441 - 622.612 Changes in financial assumptions
Penyesuaian atas pengalaman (20.764) 16.974 - (3.790) Experience adjustment
Imbal hasil aset program (tidak
termasuk jumlah yang dimasukkan Return on plan assets (excluding amounts
dalam beban bunga bersih) (113.531) - - (113.531) included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costs
yang diakui dalam penghasilan recognised in other comprehensive
komprehensif lain 378.037 117.551 - 495.588 income




2019
Pasca Imbalan kerja

Biaya jasa lalu 3.261 (42.170) 26.543 (12.366) Past service cost
Beban bunga neto 23.397 81.932 32.858 138.187 Net interest expense
Pengukuran kembali liabilitas Remeasurement of the net liabilities
imbalan jangka panjang lainnya - - 28.726 28.726 of other long-term benefits
Keuntungan dari penyelesaian - - (3.500) (3.500) Gains from settlements
Komponen dari biaya imbalan pasti Components of defined benefit costs

yang diakui dalam laba rugi 114.236 80.588 186.993 381.817 recognized in profit or loss

imbalan pasti - neto: defined benefit liability:
Perubahan dampak batas atas aset, Change in the effect of the asset ceiling,
tidak termasuk bunga neto 161.100 - - 161.100 excluding amount of net interest expense
Perubahan asumsi keuangan 176.582 6.699 - 183.281 Changes in financial assumptions
Penyesuaian atas pengalaman (53.688) (92.801) - (146.489) Experience adjustment
Imbal hasil aset program (tidak
termasuk jumlah yang dimasukkan Return on plan assets (excluding amounts
dalam beban bunga neto) (205.415) - - (205.415) included in net interest expense)
Komponen beban imbalan pasti Components of defined benefit costs
yang diakui dalam penghasilan recognised in other comprehensive
komprehensif lain 78.579 (86.102) - (7.523) income
Perubahan dalam nilai wajar aset program Changes in the fair value of plan assets are as
adalah sebagai berikut: follows:
2020 2019
Saldo aw al 2.624.416 2.095.159 Beginning balance

Akuisisi entitas anak - 469.357 Acquisition of subsidiaries
Pendapatan bunga 236.645 118.151 Interest income
Kontribusi pemberi kerja 163.869 90.647 Employer contributions
Kontribusi peserta 5.893 5.995 Participant contributions
Pembayaran manfaat (183.976) (160.308) Benefits paid
Pengukuran kembali atas Remeasurement on the net
nilai w ajar neto aset program: fair value of plan assets:
Imbal hasil atas aset program 113.531 205.415 Return on plan assets
Penyesuaian atas aset program 205.427 (200.000) Adjustment for asset program
Saldo akhir 3.165.805 2.624.416 Ending balance




Aset program terdiri dari: Plan assets comprise the following:
2020 2019
Surat Berharga Negara 32% 32% Government Bonds
Kas dan deposito 20% 11% Cash and time deposit
Saham 6% 10% Stocks
Obligasi 13% 14% Bonds
Reksadana 7% 8% Mutual funds
Tanah dan bangunan 12% 12% Land and buildings
Penempatan langsung 10% 13% Direct placement
Jumlah 100% 100% Total
Sensitivitas dari kewajiban imbalan pasti The sensitivity of the defined benefit obligation to
terhadap perubahan asumsi aktuarial utama changes in the principal actuarial assumptions is
adalah sebagai berikut: as follows:
2020
Dam pak atas kew ajiban im balan pasti/

Impact on defined benefit obligation
Perubahan Kenaikan Penurunan

asum si/ asum si/ asum si/
Change in Increase in Decrease in
assumption assumption assumption
Penurunan sebesar/ Kenaikan sebesar/
Tingkat diskonto 1,0% Decrease by Rp649.259 Increase by Rp530.303 Discount rate
Kenaikan gaji Kenaikan sebesar/ Penurunan sebesar/ Future salary
masa datang 1,0% Increase by Rp163.250 Decrease by Rp147.693 increment
Analisa sensitivitas didasarkan pada perubahan The sensitivity analyses are based on a change in
atas satu asumsi aktuarial dimana asumsi an assumption while holding all other assumptions
lainnya dianggap konstan. Dalam prakteknya, constant. In practice, this is unlikely to occur, and
hal ini jarang terjadi dan perubahan beberapa changes in some of the assumptions may be
asumsi mungkin saling berkorelasi. Analisa correlated. The sensitivity analyses are calculated
sensitivitas tersebut dihitung menggunakan using the same method (projected unit credit).
metode yang sama (projected unit credit).
Melalui program imbalan pasti, Grup Through its defined benefit pension plans, the
menghadapi sejumlah risiko signifikan sebagai Group is exposed to a number of significant risks
berikut: of which are detailed below:
• Perubahan imbal hasil obligasi • Changes in bond yields
Liabilitas imbalan kerja yang dihitung The employee benefit obligations calculated
berdasarkan PSAK No. 24 menggunakan under PSAK No. 24 use a discount rate on
tingkat diskonto obligasi. Jika tingkat bond yields. If bond yields decrease, the
diskonto tersebut turun, maka kewajiban defined benefit will tend to increase.
imbalan pasti akan cenderung mengalami
kenaikan.
• Tingkat kenaikan gaji • Salary growth rate

Liabilitas imbalan kerja Grup berhubungan The Group’s employee benefits obligations
dengan tingkat kenaikan gaji. Semakin tinggi are linked to salary growth rate. Higher salary
tingkat kenaikan gaji akan menyebabkan growth rate will lead to higher liabilities.
semakin besarnya jumlah liabilitas.




• Volatilitas aset • Asset volatility

Liabilitas program dihitung menggunakan The employee benefit obligations are calculated
tingkat diskonto yang merujuk kepada tingkat using a discount rate referred to
imbal hasil obligasi pemerintah/perusahaan. government/corporate bond yields. If plan
Jika imbal hasil aset program lebih rendah, assets underperform this yield, this will create a
maka akan menghasilkan defisit program. plan deficit.
Durasi rata-rata dari kewajiban imbalan pada The average duration of the benefit obligation at
tanggal 31 Desember 2020 adalah 6 tahun December 31, 2020 is 6 years for pension
untuk program dana pensiun dan 15 tahun untuk benefits and 15 years for other employee benefits
program manfaat lainnya (2019: 8 tahun dan 15 (2019: 8 years and 15 years).
tahun).
Pada tanggal 31 Desember 2020, Grup As at December 31, 2020, the Group expected to
diharapkan membayar iuran sebesar make a contribution amounting to Rp228,918 to
Rp228.918 untuk program manfaat pasti selama the defined benefit plans during the next financial
tahun anggaran berikutnya. year.



30. SIFAT DAN TRANSAKSI PIHAK BERELASI 30. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES
Sifat Hubungan dengan Pihak Berelasi Nature of Relationships with Related Parties
Sifat Hubungan/Relationship Pihak berelasi/Related parties
• Pemegang saham utama/Majority shareholder - Pemerintah Republik Indonesia/

Government of Republic of Indonesia
• Entitas sepengendali: - PT Askes (Persero)
Badan Usaha Milik Negara (BUMN)/ - PT Adhi Karya (Persero) Tbk
Entities under common control: - PT Adhi Persada Beton
State-owned Enterprise (SOE) - PT Adhi Persada Gedung
- PT Asuransi Jasa Indonesia (Persero)
- PT Asuransi Jiwa Inhealth Indonesia
- PT Bank Mandiri (Persero) Tbk
- PT Bank Negara Indonesia (Persero) Tbk
- PT Bank Rakyat Indonesia (Persero) Tbk
- PT Bank Syariah Mandiri
- PT Bank Tabungan Negara (Persero) Tbk
- PT Brantas Abipraya (Persero)
- PT PP Presisi Tbk
- PT Pertamina Hulu Mahakam
- PT Dahana (Persero)
- PT Hakaaston
- PT Hutama Karya (Persero)
- PT Jamsostek (Persero)
- PT Kereta Api Indonesia (Persero)
- PT Krakatau Daya Listrik
- PT Krakatau Steel (Persero) Tbk
- PT Nindya Karya (Persero)
- PT Pelabuhan Indonesia II (Persero)
- PT PP (Persero) Tbk
- PT Pertamina (Persero)
- PT Perusahaan Listrik Negara (Persero)
- PT Perusahaan Perdagangan Indonesia (Persero)
- PT Petrokimia Gresik (Persero)
- PT Pindad (Persero)
- PT PP Urban
- PT Wijaya Karya Beton Tbk
- PT Wijaya Karya Bangunan Gedung Tbk
- PT Semen Baturaja (Persero) Tbk
- PT Sucofindo (Persero)
- PT Telekomunikasi Indonesia (Persero) Tbk
- PT Telekomunikasi Seluler
- PT Varuna Tirta Prakasya (Persero)
- PT Waskita Beton Precast Tbk
- PT Waskita Karya (Persero) Tbk
- PT Wijaya Karya (Persero) Tbk
- PT Wijaya Karya Realty Tbk



(lanjutan) TRANSACTIONS WITH RELATED PARTIES
(continued)
Sifat Hubungan dengan Pihak Berelasi Nature of Relationships with Related Parties
Sifat hubungan/Relationship Pihak berelasi/Related parties
• Entitas asosiasi/Associates - PT Swadaya Graha

- PT Igasar
- PT Mitra Kiara Indonesia
• Entitas ventura bersama/Joint venture - PT Krakatau Semen Indonesia
• Entitas dimana Perseroan memiliki pengaruh - Koperasi Warga Semen Gresik

signifikan secara tidak langsung/ - PT Konsulta Semen Gresik
Entities which the Company has indirect - PT Swabina Gatra
significant influence
• Entitas dimana entitas anak memiliki pengaruh - Koperasi Karyawan Warga Varia Usaha Beton
signikan secara tidak langsung/ - Koperasi Karyawan Semen Padang
Entities which subsidiaries have indirect - Koperasi Karyawan Semen Tonasa
significant influence - Koperasi Karyawan Usaha Sejahtera Bersama
- Semen Indonesia Foundation
- PT EMKL Topabiring
- PT Kabau Sirah Semen Padang
- PT Pasoka Sumber Karya
- PT PBM Biringkasi Raya
- PT Pelayaran Tonasa Lines
- PT Prima Karya Manunggal
- PT Sumatera Utara Perkasa Semen
- PT Yasiga Sarana Utama
• Entitas adalah suatu program imbalan pasca - Dana Pensiun Semen Gresik
kerja untuk imbalan kerja dari Perseroan - Dana Pensiun Semen Padang
atau entitas anak/
Entities is a post-employment benefit plan
for the benefit of employees of the Company
or subsidiaries
• Personil manajemen kunci/ Dewan Komisaris dan Direksi Perseroan dan entitas anak/
Key management personnel Board of Commissioner and Directors of the Company and
subsidiaries



(continued)
a. Transaksi-transaksi Pihak Berelasi a. Transactions with Related Parties
Rincian transaksi dengan pihak berelasi adalah The details of transactions with related parties
sebagai berikut: are as follows:
2020 2019
Penjualan produk/Sal es of goods
Koperasi Warga Semen Gresik 1.364.973 1.177.662
PT Wijaya Karya Beton Tbk 191.494 240.636
PT Adhi Karya (Persero) Tbk 153.172 147.533
PT Adhi Persada Beton 145.057 57.727
PT PP (Persero) Tbk 100.651 110.099
PT Prima Karya Manunggal 88.321 148.054
PT Wijaya Karya (Persero) Tbk 66.373 113.448
Koperasi Karyaw an Semen Padang 50.118 82.814
PT PP Presisi Tbk 42.209 89.665
PT Hutama Karya (Persero) 38.605 30.919
PT Wijaya Karya Bangunan Gedung Tbk 36.862 7.165
PT Krakatau Semen Indonesia 31.020 47.109
PT PP Urban 24.697 54.287
PT Waskita Karya (Persero) Tbk 24.124 47.400
PT Nindya Karya 13.494 -
PT Waskita Beton Precast Tbk 10.625 42.794
PT Brantas Abipraya (Persero) 10.397 32.766
PT Igasar 8.219 91.729
PT Mega Eltra 8.124 -
PT Perusahaan Perdagangan Indonesia (Persero) 5.982 15.721
PT Sw adaya Graha 4.671 14.483
PT Hakaaston 3.597 21.320
PT Adhi Persada Gedung 3.559 9.586
PT Perkebunan Nusantara III 3.149 -
PT Semen Baturaja (Persero) Tbk - 22.070
PT Pasoka Sumber Karya - 9.116
PT Wijaya Karya Realty Tbk - 5.628
each below Rp 3.000) 24.861 1.511
2.454.354 2.621.242
Sebagai persentase terhadap jum lah pendapatan/

As a percentage of total revenue 6,98% 6,49%



(continued)
a. Transaksi-transaksi Pihak Berelasi (lanjutan) a. Transactions with Related Parties (continued)

2020 2019
Pem belian produk dan jasa/Purchases of goods and servi ces
PT Perusahaan Listrik Negara (Persero) 1.941.424 2.253.037
PT Sw abina Gatra 251.418 253.542
PT Pelayaran Tonasa Lines 236.176 283.524
PT Pasoka Sumber Karya 193.138 138.021
Koperasi Warga Semen Gresik 167.929 200.355
PT Pertamina (Persero) 133.402 166.967
PT PBM Biringkasi Raya 121.505 480.482
Dana Pensiun Semen Padang 117.444 54.181
PT Krakatau Semen Indonesia 93.514 321.259
PT Yasiga Sarana Utama 77.305 60.235
PT EMKL Topabiring 74.863 453.460
PT Petrokima Gresik (Persero) 65.144 57.039
PT Pelabuhan Indonesia II (Persero) 62.367 77.140
PT Dahana (Persero) 60.487 24.441
PT Kereta Api Indonesia (Persero) 60.096 45.281
PT Asuransi Jasa Indonesia (Persero) 47.732 60.138
Koperasi Karyaw an Semen Tonasa 47.607 100.145
BPJS Ketenagakerjaan 46.474 46.481
PT Pindad (Persero) 43.460 -
Koperasi Karyaw an Warga Varia Usaha Beton 33.690 35.923
PT Telekomunikasi Indonesia 32.837 33.648
PT Igasar 31.882 26.828
PT Kanitra Mitra Jayautama 30.974 -
PT PP (Persero) Tbk 25.077 -
PT Waskita Karya (Persero) Tbk 22.750 -
PT Konsulta Semen Gresik 19.116 16.742
PT Sucof indo (Persero) 16.578 10.692
PT Sumatera Utara Perkasa Semen 15.060 21.566
Dana Pensiun Semen Gresik 14.753 14.395
PT Bank Mandiri (Persero) Tbk 12.856 -
PT Sw abina Gatra Travel 12.092 -
PT Kabau Sirah Semen Padang 11.000 10.780
PT Askes (Persero) 8.376 6.551
PT Wijaya Karya Industri dan Konstruksi 8.065 -
PT Adhi Karya (Persero) Tbk 7.774 -
Koperasi Warga UTSG 5.936 -
PT Telekomunikasi Seluler 5.123 3.122
PT Aneka Tambang (Persero) Tbk 4.749 -
PT Pelabuhan Indonesia IV (Persero) 3.007 -
PT Varuna Tirta Prakasya (Persero) 2.018 12.044
PT Asuransi Jiw a Inhealth Indonesia - 7.041
each below Rp 3.000) 52.166 57.526
4.487.595 5.534.192
Sebagai persentase terhadap jum lah beban/

As a percentage of total expense 15,20% 16,15%



(continued)
a. Transaksi-transaksi Pihak Berelasi (lanjutan) a. Transactions with Related Parties (continued)
2020 2019
Penghasilan keuangan/Finance income
each below Rp 3.000) 390 577
63.085 183.477
Sebagai persentase terhadap jumlah penghasilan keuangan/

As a percentage of total finance income 29,47% 84,22%
Beban keuangan/Finance costs

PT Bank Syariah Mandiri 173.758 38.652
848.865 753.633
Sebagai persentase terhadap jumlah beban keuangan/
As a percentage of total finance costs 36,58% 23,51%



(continued)
b. Saldo dengan pihak berelasi b. Balances with related parties
2020 2019
Aset/Assets
Kas dan setara kas/Cash and cash equi val ents
PT Bank Negara Indonesia (Persero) Tbk 1.277.262 1.748.295
PT Bank Mandiri (Persero) Tbk 761.668 1.371.422
PT Bank Tabungan Negara (Persero) Tbk 8.025 80.560
PT Bank Syariah Mandiri 491 10.507
Bank Negara Indonesia Syariah 4 -
Kas dan setara kas/Cash and cash equi val ents 2.224.944 3.445.344
Jumlah 2.224.944 3.445.344
Sebagai persentase terhadap jumlah aset/

As a percentage of total assets 2,85% 4,32%
Kas yang dibatasi penggunaannya/

Restri cted cash
PT Bank Rakyat Indonesia (Persero) Tbk 478 3.600
Kas yang dibatasi penggunaannya/Restri cted cash 6.213 8.269

Investasi jangka pendek/Short-term i nvestments

PT
PT Mitra
Mitra Kiara
Kiara Indonesia
Indonesia 45.001 45.001
PT Eternit Gresik 1.861 1.861
each below Rp 3.000) 402 402
Jumlah 53.454 53.454




(continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2020 2019
Aset (lanjutan)/Assets (continued)

Piutang usaha /Trade recei vabl es
PT Adhi Karya (Persero) Tbk 172.330 137.908
PT Adhi Persada Beton 157.676 60.914
PT Wijaya Karya Beton Tbk 117.683 105.032
PT Wijaya Karya (Persero) Tbk 89.760 136.051
PT Pembangunan Perumahan Presisi Tbk 85.036 98.386
PT Waskita Beton Precast Tbk 54.554 4.794
PT Igasar 51.365 50.768
PT Wijaya Karya Bangunan Gedung Tbk 40.518 25.790
PT Hutama Karya (Persero) 38.259 32.467
PT PP Urban 35.814 62.746
PT Waskita Karya (Persero) Tbk 30.137 31.126
PT Hakaaston 16.410 28.597
PT Brantas Abipraya (Persero) 10.084 12.465
PT Nindya Karya (Persero) 8.130 8.945
PT Adhi Persada Gedung 6.558 10.895
PT Wijaya Karya Realty Tbk 5.988 7.780
PT Semen Baturaja (Persero) Tbk 210 17.912
PT Krakatau Steel (Persero) Tbk - 3.338
each below Rp 3.000) 61.307 120.374
1.504.867 1.533.090

Piutang lain-lain/Other recei vabl es

PT Pertamina Hulu Mahakam 21.065 26.697
Yayasan Semen Padang 15.712 23.468
PT Pertamina (Persero) 5.966 -
Semen Indonesia Foundation 4.551 4.289
PT Mitra Kiara Indonesia 4.276 -
PT Biringkasi Raya 3.568 -
PT Pelabuhan Indonesia II 3.346 -
PT Pelayaran Tonasa Lines 3.069 -
PT Asuransi Jasa Indonesia (Persero) - 16.770
each below Rp 3.000) 37.204 24.132
116.780 111.994




(continued)
2020 2019
Liabilitas/Liabilities
Utang usaha/Trade payables
PT Perusahaan Listrik Negara (Persero) 249.190 310.904
PT Pasoka Sumber Karya 63.071 46.090
PT Dahana (Persero) 36.419 16.081
Koperasi Karyaw an Warga Varia Usaha Beton 28.204 20.530
PT Petrokimia Gresik (Persero) 26.085 21.952
PT Pindad (Persero) 25.978 18.077
PT PBM Biringkasi Raya 23.676 16.555
PT Yasiga Sarana Utama 23.241 16.698
PT Pertamina (Persero) 23.034 44.097
PT Pelayaran Tonasa Lines 18.936 27.600
Koperasi Karyaw an Semen Tonasa 13.366 10.281
PT Kereta Api Indonesia (Persero) 12.210 2.946
PT Igasar 11.707 8.964
PT EMKL Topabiring 9.399 14.431
PT Sucofindo (Persero) 9.194 4.911
PT Konsulta Semen Gresik 7.326 4.926
PT Tekomunikasi Indonesia (Persero) Tbk 6.260 4.279
PT Asuransi Jiw a Inhealth Indonesia 5.905 3.560
PT Pelabuhan Indonesia III (Persero) 3.351 -
PT Asuransi Jasa Indonesia (Persero) 3.029 3.161
PT Pelabuhan Indonesia II (Persero) 2.749 15.316
PT Sumatera Utara Perkasa Semen 1.091 12.832
Koperasi Karyaw an Usaha Sejahtera Bersama 826 3.462
PT Varuna Tirta Prakasya (Persero) 34 4.347
PT Krakatau Semen Indonesia - 16.111
each below Rp 3.000) 36.093 16.619
870.085 864.792
Sebagai persentase terhadap jumlah liabilitas/

As a percentage of total liabilities 2,13% 1,97%



(continued)
2020 2019
Liabilitas (lanjutan)/Li abi l i ti es (continued)
Utang lain-lain/Other payabl es
PT Petrokima Gresik (Persero) 10.649 10.182
PT Telekomunikasi Indonesia (Persero) Tbk 3.243 3.243
PT Asuransi Jiw asraya (Persero) 3.087 -
each below Rp 3.000) 38.676 6.037
55.655 19.462
2020 2019
Liabilitas jangka pendek/Current l i abi l i ti es

Pinjam an jangka pendek/Short-term borrowi ngs
390.904 1.179.692
Liabilitas jangka panjang/Non current l i abi l i ti es

Pinjaman bank/Bank loans
Sindikasi/Syndicated - PT Bank Negara Indonesia (Persero) Tbk 14.850.000 15.700.000
PT Bank Negara Indonesia (Persero) Tbk - 1.734.942
PT Bank Rakyat Indonesia (Persero) Tbk - 2.612
14.850.000 17.437.554
Dana syirkah temporer/Temporary syirkah funds

PT Bank Syariah Mandiri 1.781.235 2.000.000
Sebagai persentase terhadap jumlah dana syirkah temporer/
As a percentage of total temporary syirkah funds 100% 100%



31. INFORMASI SEGMEN 31. SEGMENT INFORMATION
Grup melaporkan segmen-segmen berdasarkan The Group’s reportable segments under PSAK 5
PSAK 5 (revisi 2015) berdasarkan segmen usaha (revised 2015) are based on the following business
sebagai berikut: segments:
1. Manufaktur semen dan pendukungnya 1. Cement manufacturing and support (Cement

(Produksi semen); production);
2. Produksi non semen yang terdiri dari 2. Non-cement productions consist of limestone
penambangan batu kapur dan tanah liat, and clay mining, cement bag manufacturing,
pembuatan kantong kemasan, pengembangan industrial real estate, precast and readymix
kawasan industri, beton jadi dan siap pakai, jasa concrete, IT services, logistics, and trading.
sistem informasi, logistik, dan perdagangan.
Berikut ini adalah informasi segmen berdasarkan Segment information based on business segments is
segmen usaha: presented below:
2020
Produksi Jumlah sebelum

Produksi semen/ non semen/ eliminasi/Total
Cement Non-Cement before Eliminasi/ Konsolidasian/
production production eliminations Eliminations Consolidated
PENDAPATAN REVENUE
Penjualan pada pihak ketiga Sales to third parties
dan pihak-pihak berelasi 26.241.957 8.929.711 35.171.668 - 35.171.668 and related parties
Penjualan antar segmen 5.661.923 1.499.413 7.161.336 (7.161.336) - Inter-segment sales
Jumlah pendapatan 31.903.880 10.429.124 42.333.004 (7.161.336) 35.171.668 Total revenue
LABA USAHA OPERATING INCOME

Hasil segmen 7.715.700 (2.061.525) 5.654.175 (5.932) 5.648.243 Segment result
Penghasilan keuangan 236.276 13.630 249.906 (35.829) 214.077 Finance income
Beban keuangan (2.212.328) (144.587) (2.356.915) 36.134 (2.320.781) Finance cost
Bagian atas hasil bersih Share of result of
entitas asosiasi dan ventura bersama (52.889) - (52.889) - (52.889) associates and joint venture
Laba sebelum pajak penghasilan 5.686.759 (2.192.482) 3.494.277 (5.627) 3.488.650 Profit before income tax
Beban pajak penghasilan (717.224) (97.083) (814.307) - (814.307) Income tax expense
Laba tahun berjalan 4.969.535 (2.289.565) 2.679.970 (5.627) 2.674.343 Profit for the year
Laba yang dapat diatribusikan kepada : Profit attributable to :

Pemilik entitas induk 5.076.921 (2.287.064) 2.789.857 2.464 2.792.321 Equity holders of parent entity
Kepentingan nonpengendali (107.386) (10.592) (117.978) - (117.978) Non-controlling interest
T otal laba tahun berjalan 4.969.535 (2.297.656) 2.671.879 2.464 2.674.343 Total profit for the year
STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 78.330.795 5.600.475 83.931.270 (6.013.246) 77.918.024 Segment assets
Investasi pada entitas asosiasi dan Investments in associates
ventura bersama 88.004 216 88.220 - 88.220 and joint venture
Jumlah aset 78.418.799 5.600.691 84.019.490 (6.013.246) 78.006.244 Total assets
Liabilitas segmen 39.289.385 3.119.220 42.408.605 (1.836.931) 40.571.674 Segment liabilities
Dana syirkah temporer 1.781.235 - 1.781.235 - 1.781.235 Temporary syirkah loan
INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 1.652.555 169.327 1.821.882 - 1.821.882 Capital expenditures
Penyusutan, deplesi Depreciation, depletion

amortisasi, dan penurunan nilai 3.074.288 319.227 3.393.515 30.779 3.424.294 amortisation expense, and impairment



31. INFORMASI SEGMEN (lanjutan) 31. SEGMENT INFORMATION (continued)
2019
Produksi Jumlah sebelum
Produksi semen/ non semen/ eliminasi/Total
Cement Non-Cement before Eliminasi/ Konsolidasian/
production production eliminations Eliminations Consolidated
PENDAPATAN REVENUE
Penjualan pada pihak ketiga Sales to third parties

dan pihak-pihak berelasi 29.876.043 10.492.065 40.368.108 - 40.368.108 and related parties
Penjualan antar segmen 5.604.220 2.030.137 7.634.357 (7.634.357) - Inter-segment sales
Jumlah pendapatan 35.480.263 12.522.202 48.002.465 (7.634.357) 40.368.108 Total revenue
LABA USAHA OPERATING INCOME

Hasil segmen 7.503.101 (1.318.549) 6.184.552 491 6.185.043 Segment result
Penghasilan keuangan 203.394 15.350 218.744 (921) 217.823 Finance income
Beban keuangan (3.011.596) (194.622) (3.206.218) 920 (3.205.298) Finance cost
Bagian atas hasil bersih Share of result of
entitas asosiasi dan ventura bersama - (1.793) (1.793) - (1.793) associates and joint venture
Laba sebelum pajak penghasilan 4.694.899 (1.499.614) 3.195.285 490 3.195.775 Profit before income tax
Beban pajak penghasilan (841.177) 16.635 (824.542) - (824.542) Income tax expense
Laba tahun berjalan 3.853.722 (1.482.979) 2.370.743 490 2.371.233 Profit for the year
Laba yang dapat diatribusikan kepada : Profit attributable to :

Pemilik entitas induk 3.894.540 (1.502.879) 2.391.661 490 2.392.151 Equity holders of parent entity
Kepentingan nonpengendali (40.818) 19.900 (20.918) - (20.918) Non-controlling interest
T otal tahun periode berjalan 3.853.722 (1.482.979) 2.370.743 490 2.371.233 Total profit for the year
LAPORAN POSISI KEUANGAN POSITION

Aset segmen 73.072.539 6.127.930 79.200.469 465.489 79.665.958 Segment assets
Investasi pada entitas asosiasi Investments in associates
and ventura bersama - 141.109 141.109 - 141.109 and joint venture
Jumlah aset 73.072.539 6.269.039 79.341.578 465.489 79.807.067 Total assets
Liabilitas segmen 39.839.960 3.899.760 43.739.720 175.423 43.915.143 Segment liabilities
Dana syirkah temporer 2.000.000 - 2.000.000 - 2.000.000 Temporary syirkah loan
INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 1.346.328 131.611 1.477.939 151.557 1.629.496 Capital expenditures
Penyusutan, deplesi Depreciation, depletion

dan amortisasi 2.207.033 307.421 2.514.454 - 2.514.454 and amortisation expense



31. INFORMASI SEGMEN (lanjutan) 31. SEGMENT INFORMATION (continued)
Segmen Geografis Geographical Segments
Tabel berikut menunjukkan distribusi dari aset The following table shows the distribution of the
konsolidasian dan pengeluaran modal Grup Group’s consolidated assets and capital
berdasarkan segmen geografis: expenditures by geographical segment:
2020 2019
Aset Assets
Indonesia 75.909.493 77.595.045 Indonesia
Luar Negeri 2.096.751 2.212.022 Overseas
Jumlah 78.006.244 79.807.067 Total
2020 2019
Pengeluaran modal Capital expenditures

Indonesia 1.819.595 1.622.424 Indonesia
Luar Negeri 2.287 7.072 Overseas
Jumlah 1.821.882 1.629.496 Total
Grup berdomisili di Indonesia dan Vietnam. The Group is domiciled in Indonesia and Vietnam.



32. IKATAN DAN PERJANJIAN SIGNIFIKAN 32. COMMITMENTS AND SIGNIFICANT AGREEMENT
a. Ijin usaha pertambangan a. Mining license
Pada tanggal 31 Desember 2020, Grup memiliki As at 31 December 2020, the Group has a mining
ijin usaha pertambangan dan membayarkan business license and paid for tax levy for the
pajak retribusi atas tanah pertambangan untuk following areas:
lahan sebagai berikut:
Surat keputusan/Decree Izin/Permit
No. Pemegang/ Period akhir/ Lokasi/Location
Nomor/Numbe r Tanggal/Date Oleh/By
Holder End period
Desa T emandang, pongpongan, sumberarum dan

IUP OP senori, kecamatan merakurak dan kerek, kabupaten
14 Mei/May Gubernur Jawa T imur/Governor of
1 P2T /1/15.02/02/I/201 Perseroan 14 Mei/May 2029 tuban, provinsi jawa timur/Temandang,Pongpongan,
2019 East Java
9 Sumberarum and Senori Village, Meakurak and Kerek
Sub-District, Tuban District, East Java.
Desa T emandang,Sugihan dan T obo, Kecamatan

IUP OP 6
Gubernur Jawa T imur/Governor of 6 Agustus/August Merakurak, kabupaten T uban, Provinsi Jawa
2 P27/80/15.02/VIII/20 Agustus/August Perseroan
East Java 2023 T imur/Temandang,Sugihan and Tobo Village,
18 2018
Meakurak Sub-District, Tuban District, East Java.
IUP OP No Desa Mliwang, T obo dan Karangasem, Kabupaten

23 November Gubernur Jawa T imur/Governor of
3 P2T /8/15.02/02/XI/2 Perseroan 23 November 2023 T uban, Provinsi Jawa T imur/Mliw ang,Tobo and
2017 East Java
017 Karangasem Village, Tuban District, East Java.
Desa Kajar, Desa Pasucen, Desa T egaldowo, Desa

Kepala Dinas Penanaman Modal T imbrangan, Kecamatan Gunem, Kabupaten
IUP OP No
8 Maret/March dan Pelayanan T erpadu Satu Rembang, Provinsi Jawa
4 543.32/1712 T ahun Perseroan 8 Maret/March 2027
2017 Pintu/Head of Investment Office and T engah/Tegaldow o,Pasucen,Timbrangan and Kajar
2017
One-Stop Integrated Services Village, Gunem Sub-District, Rembang District, Central
Java.
Kepala Dinas Penanaman Modal Desa T egaldowo dan Desa Kajar, Kecamatan Gunem,
IUP OP No
2 Maret/March dan Pelayanan T erpadu Satu Kabupaten Rembang, Provinsi Jawa
5 543.32/1529 T ahun Perseroan 2 Maret/March 2037
2017 Pintu/Head of Investment Office and T engah/Tegaldow o and Kajar Village, Gunem Sub-
2017
One-Stop Integrated Services District, Rembang District, Central Java.
No. 503/IUP-
22 Mei/May Gubernur Jawa T engah/Governor of Kecamatan Cilacap Selatan, Kabupaten Cilacap /
6 OP/3301.4.40.16 SBI 22 Mei/May 2023
2015 Central Java South Cilacap Sub-District, Cilacap District
T ahun 2015
Desa T ritih Lor, Kecamatan Jeruklegi dan Desa
No. 503/IUP- Jangrana, Kecamatan Kesugihan, Kabupaten Cilacap
22 Mei/May Gubernur Jawa T engah/Governor of
7 OP/3301.4.39.15 SBI 22 Mei/May 2023 / Tritih Lor Village, Jeruklegi Sub-District and
2015 Central Java
T ahun 2015 Jangrana Village, Kesugihan Sub-District, Cilacap
District
No. 26 26 Desa Nambo dan Desa Klapanunggal, Kecamatan

8 541.3/018/Kpts/ESD Desember/Dece Bupati Bogor/Regent of Bogor SBI Desember/December Klapanunggal, Kabupaten Bogor / Nambo Village and
M/2012 mber 2012 2022 Klapanunggal Village, Bogor District
Kepala Badan Penanaman Modal

No.540/Kep.32/10.1.
dan Perijinan T erpadu Provinsi Desa Nambo dan Desa Lulut, Kecamatan
02.2/BPMPT /2016.3 27 Juli/July
9 Jawa Barat/Head of Investment SBI 27 Juli/July 2021 Klapanunggal, Kabupaten Bogor / Nambo Village and
9/Kep./10.1.03.0/BP 2016
Office and One-Stop Integrated Lulut Village, Klapanungal Sub-District, Bogor District
MPT /2016
Services of West Java Province
Desa Sawir dan Desa Kedungrejo, Kecamatan
No.
13 September Gubernur Jawa T imur/Governor of T ambakboy dan Kecamatan Kerek, Kabupaten T uban /
10 P2T /97/15.02/IX/201 SBI 13 September 2034
2018 East Java Saw ir Village and Kedungrejo Village, Tambakboy
8
Sub-District and Kerek Sub-District, Tuban District



a. Ijin usaha penambangan (lanjutan) a. Mining license (continued)
Surat keputusan/Decree Izin/Permit
No. Lokasi/Location
Pemegang/ Period akhir/
Nomor/Numbe r Tanggal/date Oleh/by
Holder End period
No.
13 September Gubernur Jawa T imur/Governor of Desa Mliwang, Kecamatan Kerek, Kabupaten T uban /
11 P2T /96/15.02/IX/201 SBI 13 September 2024
2018 East Java Mliw ang Village, Kerek Sub-District, Tuban District
8
No.
13 September Gubernur Jawa T imur/Governor of Desa Mliwang, Kecamatan Kerek, Kabupaten T uban /
12 P2T /98/15/02.IX/201 SBI 13 September 2022
2018 East Java Mliwang Village, Kerek Sub-District, T uban District
8
Kelurahan Batu Gadang, Kecamatan Lubuk Kilangan,

Gubernur Sumatera Barat/Governor
13 IUP No. 544-81-2018 06 April 2018 SP 06 April 2028 Padang, Sumatera Barat/Batu Gadang Regency,
of West Sumatera
Lubuk Kilangan Sub-district, Padang, West Sumatera
Kelurahan Indarung, Kecamatan Lubuk Kilangan,

14 IUP No. 544-82-2018 06 April 2018 SP 06 April 2023 Padang, Sumatera Barat/Indarung Regency, Lubuk
of West Sumatera
Kilangan Sub-district, Padang, West Sumatera

of West Sumatera

of West Sumatera
20 Gubernur Sulawesi
IUP OP No 20 Januari/January Kabupaten Pangkep, Provinsi Sulawesi Selatan /
17 Januari/January Selatan/Governor of South ST
1/I.03.p/P2T /01/2016 2026 Pangkep District, South Sulawesi
2016 Sulaw esi
IUP OP No 18 Gubernur Sulawesi
Kabupaten Pangkep, Provinsi Sulawesi Selatan /
18 39/I.03a.P/P2T /10/2 Oktober/October Selatan/Governor of South ST 9 Juli/July 2026
Pangkep District, South Sulawesi
017 2016 Sulaw esi
Gubernur Sulawesi
IUP OP No 5 Juni/June Kabupaten Pangkep, Provinsi Sulawesi Selatan /
19 Selatan/Governor of South ST 5 Juni/June 2028
95/I.03/PT SP/2018 2018 Pangkep District, South Sulawesi
Sulaw esi
Gubernur Sulawesi
IUP OP No 5 Juni/June 19 Agustus/August Kabupaten Pangkep, Provinsi Sulawesi Selatan /
20 Selatan/Governor of South ST
28/I.03a/PT SP/2018 2018 2023 Pangkep District, South Sulawesi
Sulaw esi
23 Gubernur Sulawesi 28
IUP OP No Kabupaten Pangkep, Provinsi Sulawesi Selatan /
21 Desember/Dece Selatan/Governor of South ST Desember/December
23/I.03a/PT SP/2019 Pangkep District, South Sulawesi
mber 2019 Sulaw esi 2024
Kecamatan Lhoknga, Kabupaten Aceh Besar, Provinsi
03 September Bupati Aceh Besar/Regent of Aceh
22 No. 324 T ahun 2012 ACA 03 September 2022 Aceh / Lhoknga Sub-District, Aceh Besar District,
2012 Besar
Aceh Besar Province
Kecamatan Lhoknga, Kabupaten Aceh Besar, Provinsi

03 September Bupati Aceh Besar/Regent of Aceh
23 No. 325 T ahun 2012 ACA 03 September 2022 Aceh / Lhoknga Sub-District, Aceh Besar District,
2012 Besar
Aceh Besar Province
Kepala Dinas Penanaman Modal Kampung Maloko, Desa Sukasari dan Desa Cipinang,
No.
09 November dan Pelayanan T erpadu Satu Kecamatan Rumpin, Kabupaten Bogor / Maloko
24 540/53/10.1.06.2/DP SBB 09 November 2022
2017 Pintu/Head of Investment Office and Village, Village Sukasari and Village Cipinang,
MPT Sp/2017
One-Stop Integrated Services Rumpin Sub-Dsitrict, Bogor District
Desa Jeladri, Kecamatan Winongan, Kabupaten

No.
17 Juli Gubernur Jawa T imur/Governor of Pasuruan, Provinsi Jawa T imur / Jeladri Village,
25 P2T /1/15.02/02/VIOI/ PLP 17 Juli/July 2022
2017/July 2017 East Java Winongan Sub-District, Pasuruan District, Jaw a Timur
2017
Province



b. Fasilitas kredit b. Credit facilities
Perseroan dan beberapa entitas anak tertentu The Company and certain subsidiaries have
memiliki fasilitas kredit untuk modal kerja, credit facilities for working capital, financing,
pembiayaan, jaminan bank, letters of credit dan bank guarantees, letters of credit and foreign
kontrak valuta asing. Fasilitas kredit yang belum exchange contracts. The total available credit
digunakan oleh Perseroan dan entitas anak facilities of the Company and subsidiaries as at
pada tanggal 31 Desember 2020 sejumlah December 31, 2020 amounted to Rp13,714,704.
Rp13.714.704.
c. Komitmen pembelian barang modal c. Capital commitments
Kontrak pembelian barang modal pada tanggal Capital expenditure contracted as at December
31 Desember 2020 adalah sejumlah Rp743.923. 31, 2020 amounted to Rp743,923.
d. Perjanjian Pengalihan dan Penyertaan d. Assignment and Subscription Agreement (‘‘SSA“)

Modal/Assignment dan Subscription Agreement and (‘‘Purchase of Cement Offtake Agreement‘‘)
(‘‘SSA“) & Perjanjian Induk Jual Beli (‘‘Perjanjian
Offtake‘‘)
Pada tanggal 26 Januari 2021, SIIB, SBI dan On January 26, 2021, SIIB, SBI and Taiheiyo
Taiheiyo Cement Corporation (“TCC”) Cement Corporation (‘’TCC’’) signed Assignment
menandatangani Perjanjian Pengalihan dan and Subscription Agreement (‘’SSA’’) and
Penyertaan Modal/Assignment and Subscription framework cement offtake agreement between
Agreement (”SSA”) serta perjanjian induk jual SBI as a seller and TCC as buyer (‘’Offtake
beli semen antara SBI dan TCC sebagai Agreement”). Through the SSA, SIIB agree to
pembeli (”Perjanjian Offtake”). Melalui SSA, transfer its ownerhsip in SBI to TCC through the
SIIB setuju untuk melakukan pelepasan atas right issue by issuing new shares amounting to
kepemilikan saham di SBI kepada TCC melalui USD 220,000,000. This agreement was also a
penerbitan saham baru dengan Hak Memesan part of the Company's stock refloat obligation
Efek Terlebih Dahulu (HMETD) dengan nilai after the Mandatory Tender Offer (‘’MTO’’) which
sebesar USD 220.000.000. Kesepakatan kerja conducted in 2019.
sama ini juga menjadi bagian dari kewajiban
refloat saham Perusahaan setelah Mandatory
Tender Offer (‘‘MTO‘‘) yang dilakukan pada
tahun 2019 lalu.



33. ASET DAN LIABILITAS MONETER DALAM MATA 33. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES
Pada tanggal 31 Desember 2020 dan 2019, Grup As at December 31, 2020 and 2019, the Group had
mempunyai aset dan liabilitas moneter dalam mata monetary assets and liabilities denominated in
uang asing sebagai berikut: foreign currencies as follows:
2020
Jumlah
Mata uang setara
USD EUR VND asing lainnya/ Rupiah/
(dalam ribuan/ (dalam ribuan/ (dalam ribuan/ Others foreign Equivalent in
in thousand ) in thousand ) in thousand ) currencies Rupiah
Aset: Assets:
Kas dan setara kas 33.108 3.748 16.715.967 3 542.038 Cash and cash equivalents
Piutang usaha 10.488 - 52.445.034 - 179.922 Trade receivables

Piutang lain-lain - pihak ketiga 8 - - - 116 Other receivables - third party
Jumlah aset 43.604 3.748 69.161.001 3 722.076 Total assets
Liabilitas: Liabilities:
Pinjaman jangka pendek - - 172.265.366 - 105.082 Short-term borrowings
Utang usaha 18.698 5.970 389.669.943 235 608.438 Trade payables

Liabilitas sewa 21.342 - - - 301.035 Lease liabilities
Jumlah liabilitas 40.040 5.970 561.935.309 235 1.014.555 Total liabilities
Liabilitas bersih 3.564 (2.222) (492.774.308) (232) (292.479) Net liabilities
2019
Jumlah
Mata uang setara
USD EUR VND asing lainnya/ Rupiah/
(dalam ribuan/ (dalam ribuan/ (dalam ribuan/ Others foreign Equivalent in
in thousand ) in thousand ) in thousand ) currencies Rupiah
Aset: Assets:
Kas dan setara kas 48.014 687 27.255.000 - 694.553 Cash and cash equivalents
Piutang usaha 10.088 - 51.433.333 - 171.090 Trade receivables
Piutang lain-lain 609 - - - 8.466 Other receivables
Jumlah aset 58.711 687 78.688.333 - 874.109 Total assets
Liabilitas: Liabilities:
Pinjaman jangka pendek - 7.448 53.706.667 - 148.334 Short-term borrowings
Utang usaha 14.379 4.716 770.893.333 242 739.107 Trade payables
Utang lain-lain 18.997 - - - 264.077 Other payables
Jumlah liabilitas 33.376 12.164 824.600.000 242 1.151.518 Total liabilities
Liabilitas bersih 25.335 (11.477) (745.911.667) (242) (277.409) Net liabilities
Aset dan liabilitas dalam mata uang asing lainnya Assets and liabilities denominated in other foreign
disajikan dalam jumlah yang setara dengan USD currencies are presented as USD equivalents using
dengan menggunakan kurs pada akhir periode the exchange rate prevailing at the end of the
pelaporan. reporting period.



34. TUJUAN DAN KEBIJAKAN MANAJEMEN MODAL 34. FINANCIAL RISK AND CAPITAL MANAGEMENT
DAN RISIKO KEUANGAN OBJECTIVES AND POLICIES
Grup terpengaruh terhadap risiko pasar, risiko kredit, The Group is exposed to market risk, credit risk and
dan risiko likuiditas. Manajemen menerapkan liquidity risk. Management applies risk management
manajemen risiko atas risiko-risiko tersebut dengan for such risks by evaluating the financial risks and the
melakukan evaluasi atas risiko keuangan dan appropriate financial risk governance framework for
kerangka pengelolaan risiko keuangan yang tepat the Group. Such risk management provides
untuk Grup. Pengelolaan resiko tersebut assurance to management that prudent financial
memberikan keyakinan kepada manajemen bahwa activities are managed according to appropriate
aktivitas keuangan dikelola secara pruden sesuai policies and procedures and financial risks are
kebijakan dan prosedur yang tepat dan risiko identified, measured and managed in accordance
keuangan diidentifikasi, diukur dan dikelola sesuai with policies and risk appetite.
dengan kebijakan dan risk appetite.
Manajemen menerapkan kebijakan pengelolaan The management applies policies for managing each
risiko-risiko sebagaimana dirangkum di bawah ini: of these risks which is summarised below:
a. Risiko pasar a. Market risk
Risiko pasar adalah risiko nilai wajar arus kas Market risk is the risk that the fair value of future
masa depan suatu instrumen keuangan akan cash flows of a financial instrument will fluctuate
berfluktuasi karena perubahan harga pasar. because of changes in market prices. Market risk
Harga pasar mengandung tiga tipe risiko: risiko comprises three type of risk: foreign currency
nilai tukar mata uang asing, risiko harga, dan risk, price risk, and interest rate risk. Financial
risiko tingkat suku bunga. Instrumen keuangan instruments affected by market risk included
yang terpengaruh oleh risiko pasar termasuk kas cash and cash equivalent, short-term
dan setara kas, investasi jangka pendek, piutang investment, trade receivables, other receivables,
usaha, piutang lain-lain, kas dan setara kas yang restricted cash and cash equivalent, trade
dibatasi penggunaannya, utang usaha, utang payable, other payables, accruals and long-term
lain-lain, akrual, dan pinjaman jangka panjang. borrowings.
b. Risiko nilai tukar mata uang asing b. Foreign exchange risk

Grup rentan terhadap risiko nilai tukar mata uang The Group is exposed to foreign exchange risk
asing yang timbul dari berbagai eksposur mata arising from various currency exposures.
uang. Risiko nilai tukar mata uang asing timbul Foreign exchange risk arises from recognised
dari aset dan liabilitas moneter yang diakui monetary assets and liabilities in USD.
dalam USD.
Manajemen telah menetapkan kebijakan yang Management has set up a policy to require
mengharuskan entitas-entitas dalam Grup Group companies to manage their foreign risk
mengelola risiko nilai tukar mata uang asing against their functional currency. To manage
terhadap mata uang fungsionalnya. Untuk their foreign exchange risk arising from future
mengelola risiko nilai tukar mata uang asing commercial transactions and recognised assets
yang timbul dari transaksi komersial masa depan and liabilities, entities in the Group use forward
serta aset dan liabilitas yang diakui, entitas contracts, transacted with the banks appointed
menggunakan kontrak berjangka, yang and enter into foreign currency swap.
ditransaksikan dengan bank-bank yang telah
ditunjuk dan memiliki swap mata uang asing.
Pada tanggal 31 Desember 2020, jika Rupiah As at December 31, 2020, if Rupiah had
melemah/menguat sebesar 5%, terhadap USD weakened/strengthened by 5% against USD
dengan variabel lain konstan, laba setelah pajak with all other variables held constant, post-tax
untuk tahun berjalan akan lebih rendah/tinggi profit for the year would have been
sebesar Rp2.035 (2019: Rp14.087) terutama Rp2,035 (2019: Rp14,087) lower/higher, mainly
diakibatkan (kerugian)/keuntungan dari as a result of foreign exchange (losses)/gains on
penjabaran aset dan liabilitas moneter dalam translation of monetary assets and liabilities in
mata uang asing. foreign currency.



DAN RISIKO KEUANGAN (lanjutan) OBJECTIVES AND POLICIES (continued)
b. Risiko nilai tukar mata uang asing (lanjutan) b. Foreign exchange risk (continued)
Risiko harga Price risk
Grup terkena dampak risiko harga yang The Group is exposed to price risk that is mainly
terutama diakibatkan oleh pembelian batu bara due to the purchase of coal which is the main
yang merupakan komponen utama biaya component of production costs. The price of coal
produksi. Harga batu bara tersebut dipengaruhi is influenced by several factors, including
oleh beberapa faktor, antara lain permintaan, demand, supply, exchange rates, and weather.
pasokan, nilai tukar, dan cuaca.
Kebijakan Grup untuk meminimalkan risiko yang The Group’s policy to minimize risks arising from
berasal dari fluktuasi harga batu bara adalah fluctuations in the price of coal is among other
antara lain dengan mengadakan kontrak things entered into purchase contracts for a
pembelian yang berjangka waktu 12 bulan atau period of 12 months or less and a joint purchase
kurang dan pembelian secara bersama antara between the Group to suppliers in order to obtain
Grup kepada pemasok agar mendapatkan harga favorable prices.
yang menguntungkan.
c. Risiko kredit c. Credit risk
Risiko kredit timbul dari kas dan setara kas, Credit risk arises from cash and cash equivalent,
piutang usaha, piutang lain-lain dan kas yang trade receivables, other receivables and
dibatasi penggunaannya. Jumlah tercatat aset di restricted cash. The carrying amount of financial
laporan posisi keuangan konsolidasian Grup assets in the Group’s consolidated statement of
merupakan eksposur maksimal dari risiko kredit. financial position represents maximum credit risk
exposure.
Untuk kas dan setara kas, dan kas yang dibatasi Regarding cash and cash equivalent, and
penggunaannya, Grup hanya memilih bank yang restricted cash, the Group only selects bank with
memiliki reputasi dan kredibilitas yang baik. a good reputation and credibility.
Terkait dengan eksposur kredit atas piutang In respect of credit exposures of trade receivable
usaha kepada pelanggan, Grup melakukan due from customers, the Group assesses the
analisa kredit dan menetapkan batasan kredit potential customer’s credit quality and sets credit
konsumen sebelum penerimaan konsumen limits before accepting any new customers.
baru. Batasan kredit ini ditinjau secara berkala. These limits are reviewed periodically. The
Grup juga melakukan pengawasan secara Group also performs ongoing credit portfolio
berkelanjutan untuk portofolio kredit untuk monitoring as well as manages the collection of
meminimalisasi dampak dari risiko kredit. the receivables in order to minimise the credit
risk.
Analisa lebih lanjut terhadap piutang usaha exposure. Further analysis on trade receivables
disajikan pada Catatan 6 dalam laporan is provided in Note 6 to the consolidated financial
keuangan konsolidasi. statements.
Semua saldo piutang lain-lain jatuh tempo yang All balances of other receivables are neither pass
belum mengalami penurunan nilai yang due nor impaired in which represent customers,
merupakan pelanggan, pihak berelasi dan related parties and employees with no history of
karyawan tanpa adanya kasus gagal bayar di default in the past.
masa lalu.



d. Risiko likuiditas d. Liquidity risk
Risiko likuiditas muncul dalam situasi dimana Liquidity risk arises in situations where the Group
Grup mengalami kesulitan dalam memperoleh has difficulties in obtaining funding. Prudence
pendanaan. Manajemen risiko likuiditas berarti liquidity risk management implies maintaining
menjaga kecukupan saldo kas dan setara kas. sufficient cash and cash equivalents. The Group
Grup mengelola risiko likuiditas dengan terus manages liquidity risk by continuosly monitoring
memantau perkitaan dan arus kas aktual dan forecast and actual cash flows and matching the
mencocokan profil jatuh tempo aset dan maturity profiles of financial assets and liabilities,
kewajiban keuangan, dan memanfaatkan and utilising the credit facilities from the bank.
fasilitas kredit dari bank.
Tabel dibawah merangkum profil jatuh tempo The table below summarises the maturity profile
liabilitas keuangan Grup berdasarkan of the Group financial liabilities based on
pembayaran kontraktual yang tidak contractual undiscounted payments as at
didiskontokan pada tanggal 31 Desember 2020 December 31, 2020 and 2019.
dan 2019.
2020
Kurang dari 1 tahun/ 1-2 tahun Lebih dari 2 tahun Jumlah/
Less than 1 year 1-2 years More than 2 years Total
Pinjaman jangka pendek 569.327 - - 569.327 Short-term borrowings

Utang usaha 6.520.699 - - 6.520.699 Trade payables
Utang lain-lain 307.317 - - 307.317 Other payables
Akrual 1.129.537 - - 1.129.537 Accruals
jangka pendek 772.724 - - 772.724 benefit liabilities
Pinjaman bank 1.433.067 388.543 15.641.741 17.463.351 Bank loans
Utang obligasi - 3.258.000 4.445.734 7.703.734 Bonds payable
Liabilitas sewa 553.700 582.440 131.919 1.268.059 Lease liabilities
11.286.371 4.228.983 20.219.394 35.734.748
2019
Kurang dari 1 tahun/ 1-2 tahun Lebih dari 2 tahun Jumlah/
Less than 1 year 1-2 years More than 2 years Total
Pinjaman jangka pendek 1.211.916 - - 1.211.916 Short-term borrowings

Utang usaha 5.669.759 - - 5.669.759 Trade payables
Utang lain-lain 575.126 - - 575.126 Other payables
Akrual 1.222.508 - - 1.222.508 Accruals
jangka pendek 735.066 - - 735.066 benefit liabilities
Pinjaman bank 4.155.572 5.071.165 17.593.145 26.819.882 Bank loans
Utang obligasi 625.734 625.734 8.256.283 9.507.751 Bonds payable
Liabilitas sewa 10.897 44.132 - 55.029 Lease liabilities
14.206.578 5.741.031 25.849.428 45.797.037



Estimasi Nilai Wajar Fair value estimation
Nilai tercatat dari aset dan liabilitas keuangan dengan The carrying amount of financial assets and liabilities
jatuh tempo kurang dari 1 tahun, termasuk kas setara with maturities of less than 1 year, including cash
kas, piutang usaha, piutang lain-lain, pinjaman bank equivalents, trade receivables, other receivables,
jangka pendek, utang usaha, dan akrual diperkirakan short-term bank loans, trade payables and accruals,
mendekati nilai wajarnya karena bersifat jangka are estimated to be near their fair values because
pendek. Nilai tercatat pinjaman bank, liabilitas sewa they are short-term. The carrying value of bank loans,
pembiayaan, dan utang obligasi dengan jatuh tempo finance lease liabilities, and bonds payable with
lebih dari 1 tahun juga mendekati nilai wajarnya maturities of more than 1 year also approaches their
karena dampak pendiskontoan tidak signifikan. fair value because the impact of discounting is not
significant.
Pengelolaan modal Capital management
Tujuan utama pengelolaan modal Grup adalah untuk The primary objective of the Group’s capital
memastikan pemeliharaan rasio modal yang sehat management is to ensure that it maintains healthy
untuk mendukung usaha dan memaksimalkan capital ratios in order to support its business and
imbalan bagi pemegang saham dan pemangku maximize shareholder value and other stakeholders.
kepentingan lainnya.
Grup mengelola struktur permodalan dan melakukan The Group manages its capital structure and makes
penyesuaian, bila diperlukan, berdasarkan adjustments to it, if necessary, in light of changes in
perubahan kondisi ekonomi. Untuk memelihara dan economic conditions. To maintain or adjust the capital
menyesuaikan struktur permodalan, Grup dapat structure, the Group may adjust the dividend payment
menyesuaikan pembayaran dividen kepada to shareholders, issue new shares or raise debt
pemegang saham, menerbitkan saham baru atau financing.
mengusahakan pendanaan melalui pinjaman.
Grup mengawasi modal dengan menggunakan rasio The Group monitors its capital using gearing ratios,
gearing, dengan membagi jumlah pinjaman by dividing interest bearing loan after deducted with
berbunga yang sudah dikurangkan dengan kas dan cash and cash equivalent, by total equity attributable
setara kas, dengan jumlah ekuitas yang dapat to equity holders of the parent entity.
diatribusikan kepada pemilik entitas induk.
Rasio gearing pada tanggal 31 Desember 2020 dan The gearing ratios as at December 31, 2020 and
2019 adalah sebagai berikut: 2019 are as follow:
2020 2019
Pinjaman bank 15.784.291 20.924.164 Bank loans

Utang obligasi 7.069.229 7.065.345 Bonds payable
Liabilitas sew a pembiayaan 1.100.889 52.438 Finance lease liabilities
Dana syirkah temporer 1.781.235 2.000.000 Temporary syirkah fund
Jumlah pinjaman dan dana Total borrowings and temporary

syirkah temporer 25.735.644 30.041.947 syirkah fund
Dikurangi: Less:
- Kas dan setara kas (2.930.598) (3.950.448) Cash and cash equivalent -
22.805.046 26.091.499
Jumlah ekuitas yang dapat diatribusikan Total equity attributable to owners
kepada pemilik entitas induk 34.173.409 32.276.815 of the parent entity
Rasio pengungkit (x) 0,67 0,81 Gearing ratio (x)



35. INFORMASI PENTING LAINNYA 35. OTHER SIGNIFICANT INFORMATION
PT Wijaya Karya Industri & Konstruksi PT Wijaya Karya Industri & Kontruksi
Pada tanggal 4 Agustus 2016, PT Wijaya Karya On August 4, 2016, PT Wijaya Karya Industri &
Industri & Konstruksi (WIKON) mengajukan Konstruksi (WIKON) submitted a request for the
permohonan pengalihan pekerjaan proyek pekerjaan transfer of the workload of the Mechanical
Mechanical Construction Paket (MC) 2 dan 3 Construction Projects (MC) 2 and 3 in connection with
sehubungan dengan pembangunan Indarung VI dari the construction of Indarung VI from WIKON to SP.
WIKON ke SP. Total nilai kontrak pekerjaan MC 2 The total contract value of MC 2 and 3 is Rp108,997.
dan 3 adalah Rp108.997. SP menyetujui SP approved the application for the transfer of the
permohonan atas pengalihan pekerjaan tersebut workload effective on August 4, 2016 and the
efektif tanggal 4 Agustus 2016 dimana biaya atas additional cost arising from the transfer of workload
pengalihan pekerjaan tersebut akan diperhitungkan will be incorporated to billing calculation from WIKON.
dengan tagihan dari WIKON. Pada tanggal 4 Mei On May 4, 2017, it was agreed that the termination of
2017 disepakati pemutusan kontrak MC2 dan MC3 MC2 and MC3 contract is effective from August 4,
terhitung sejak tanggal 4 Agustus 2016 dengan 2016, with the status of MC 2 and MC 3 work progress
posisi progress pekerjaan MC 2 dan MC 3 masing- is 59.13% and 42.28%, respectively.
masing sebesar 59,13% dan 42,28%.
Pada tahun 2016, WIKON menyampaikan klaim In 2016, WIKON submitted a claim of Rp90,207,
pertama sebesar Rp90,207 dan kemudian direvisi which subsequently was revised to Rp173,345 in
menjadi Rp173,345 pada tahun 2017. Pada Februari 2017. In February 2018, SP submitted a rejection
2018, SP menyampaikan surat penolakan atas klaim letter because the claim was not supported by a valid
WIKON karena klaim tersebut tidak didukung dengan evidence. SP also submitted a claim to WIKON
bukti-bukti yang valid. SP juga menyampaikan klaim totaling to Rp26,119.
kepada WIKON dengan jumlah sebesar Rp26.119.
Pada tanggal 17 September 2020, para pihak telah On September 17, 2020, the parties have agreed on
menyepakati hasil evaluasi dan perhitungan klaim the results of the evaluation and calculation of each
masing-masing pihak. Nilai klaim Wikon sebesar party's claims. Wikon's claim value was Rp8,390
Rp8.390 sedangkan nilai klaim SP sebesar Rp6.743 while the claim value of SP was Rp6,743, so that the
sehingga selisih klaim yang harus dibayar SP difference in claims to be paid by SP was Rp1,647
sebesar Rp1.647 yang telah dilunasi pada bulan which have been paid in January 2021.
Januari 2021.
Rencana Konstruksi Regional Provinsi Quang Ninh Regional construction plan of Quang Ninh Province
Berdasarkan Keputusan No.1488/QD-TTg tahun According to Decision No.1488/QD-TTg issued In

2011 yang dikeluarkan oleh Perdana Menteri 2011, issued by the Prime Minister of Vietnam,
Vietnam yang meratifikasi atas rencana ratifying the cement industry development plan in
pengembangan industri semen di Vietnam untuk Vietnam for the period 2011–2020 of vision 2030, the
periode 2011–2020 atas visi 2030, proyek pabrik cement plant project of TLCC was included in the
semen TLCC telah termasuk dalam daftar proyek approved list of projects. However, in 2014, based on
yang disetujui. Namun, pada tahun 2014, Decision No. 1588/QD-UBND issued by People’s
berdasarkan Keputusan No. 1588/QD-UBND yang Committee of Quang Ninh Province relating to
dikeluarkan oleh Komite Rakyat Provinsi Quang Ninh approval of regional construction plan of Quang Ninh
terkait persetujuan rencana konstruksi regional Province of vision 2030-2050 and beyond 2050, the
Provinsi Quang Ninh atas visi 2030-2050 dan setelah site of TLCC cement plant might be subject to
2050, lokasi proyek pabrik semen TLCC relocation to another area.
kemungkinan akan direlokasi ke area lain.



35. INFORMASI PENTING LAINNYA (lanjutan) 35. OTHER SIGNIFICANT INFORMATION (continued)
Pada tanggal penyelesaian laporan keuangan As at the completion date of these consolidated
konsolidasian ini, TLCC telah mengirimkan dokumen financial statements, TLCC had sent a document to
kepada otoritas terkait untuk memohon perijinan relevant authorities requesting for permission to
melanjutkan proyek konstruksi namun hingga saat ini continue the project construction but has not yet
belum mendapatkan tanggapan. Manajemen yakin received any feedback. Management believes that
bahwa pabrik semen TLCC tidak akan direlokasi TLCC cement plant would not be subject to relocation
sesuai dengan Keputusan No.1488/QD-TTg tahun as per Decision No.1488/QD-TTg year 2011.
2011.
Undang-Undang Cipta Kerja Job Creation Bill
Pada bulan Februari 2021, Pemerintah resmi In February 2021, the Government officially enacted
mengundangkan 49 peraturan pelaksana Undang- 49 implementing regulations of the Job Creation Law
Undang Cipta Kerja yang sebelumnya telah disahkan which was previously ratified on 2 November 2020 as
pada tanggal 2 November 2020 sebagai Undang- Law No. 11/2020. As at the authorisation date of
Undang No. 11/2020. Pada saat laporan keuangan these consolidated financial statements, the Group is
konsolidasian diotorisasi, Grup masih mempelajari still evaluating the potential impact of the
dampak yang mungkin timbul dari peraturan implementing regulations of the Job Creation Law, as
pelaksana Undang-Undang Cipta Kerja, serta well as the impact on the Group's consolidated
pengaruhnya pada laporan keuangan konsolidasian financial statements.
Grup.
36. TRANSAKSI NON-KAS 36. NON-CASH TRANSACTIONS
Aktivitas investasi signifikan yang tidak Significant investing activities not affecting cash
mempengaruhi arus kas: flows:
2020 2019
Perolehan aset tetap melalui sew a 522.170 28.699 Acquisition of fixed assets through lease
Kapitalisasi estimasi biaya Capitalisation of the estimated
pembongkaran aset tetap - 6.057 cost of fixed assets dismantling
Acquisition of fixed assets through
Perolehan aset tetap melalui reclassification of advances and
reklasifikasi uang muka dan utang 13.724 9.199 payables
535.894 43.955
37. PANDEMI COVID-19 37. COVID-19 PANDEMIC
Telah terjadi penurunan ekonomi akibat pandemi There has been an economic downturn as a result of
COVID-19 yang sangat berdampak terhadap COVID-19 pandemic that severely affecting global
permintaan produk dan jasa secara global demand for product and services along with the
bersamaan dengan rantai pasokan. Manajemen supply chains. Management has assessed the effect
telah menilai dampak dari kejadian tersebut terhadap of the event to the Group’s operations and believes
operasi Grup dan meyakini bahwa tidak ada dampak that no significant adverse impact should be
kerugian signifikan yang harus dipertimbangkan agar considered for the Group to continue as a going
Grup dapat terus berjalan. Sampai dengan tanggal concern. As at the completion date of these
penyelesaian laporan keuangan konsolidasian ini, consolidated financial statements, management is of
manajemen berpandangan bahwa dampak jangka the view that long-term impacts are difficult to predict.
panjang sulit untuk diprediksi. Manajemen akan terus Management will continue to monitor the
memantau perkembangan pandemi COVID-19 dan development of the COVID-19 pandemic and take the
mengambil tindakan yang diperlukan untuk necessary actions to overcome the risks and
mengatasi risiko dan ketidakpastian yang mungkin uncertainties that may arise in the future.
muncul di masa mendatang.

Halaman ini sengaja dikosongkan

Pertanggungjawaban
Laporan Tahunan
2020
Financial
Ikhtisar Dataand Operational
Keuangan Highlights
dan Operasional Management Report
Laporan Manajemen Company
Profil Profile
Perusahaan
Surat Pernyataan Anggota Dewan Komisaris dan Anggota Direksi

Tentang Tanggung Jawab Atas Laporan Tahunan 2020
Kami yang bertanda tangan di bawah ini menyatakan bahwa semua informasi dalam Laporan
Tahunan PT Semen Indonesia (Persero) Tbk tahun buku 2020 telah dimuat secara lengkap dan
kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan dan Laporan Keuangan
Konsolidasian Perusahaan. Demikian pernyataan ini dibuat dengan sebenarnya.
Jakarta, 2 Maret 2021
DEWAN
DEWAN KOMISARIS
KOMISARIS
Rudiantara
Komisaris Utama
Nasaruddin
Nasaruddin Umar
Umar Mochamad Choliq
Mochamad Choliq
Komisaris
Komisaris Independen
Independen Komisaris Independen
Komisaris Independen
Astera Primanto Bhakti Lydia Silvanna Djaman

Komisaris
Komisaris Komisaris
Komisaris
Hendrika Nora Osloi Sinaga Sony Subrata

Komisaris Komisaris
288
412 Annual
Laporan Report 2020
Tahunan PT Semen Indonesia (Persero) Tbk
Management
Discussion
Manajemen
GoodPerusahaan
yang Baik Tanggung
Corporate
Jawab
SocialSosial
Responsibility
Laporan Keuangan
Statements
DIREKSI
Annual Report
Laporan Tahunan
2020
2020PT PT
Semen
Semen
Indonesia
Indonesia
(Persero)
(Persero)
TbkTbk 413
REFERENSI SEOJK
NO.30-SEOJK.04-2016:
LAPORAN TAHUNAN
PERUSAHAAN PUBLIK
Cross-Reference dengan Surat Edaran OJK No. 30 / SEOJK.04/2016 Tentang

Bentuk dan Isi Laporan Tahunan Emiten atau Perusahaan Publik
ANNUAL REPORT FORMAT Page
1. Laporan Tahunan disajikan dalam bentuk dokumen cetak dan salinan dokumen elektronik. 
2. Laporan Tahunan yang disajikan dalam bentuk dokumen cetak, dicetak
pada kertas yang berwarna terang, berkualitas baik, berukuran A4, 
dijilid, dan dapat diperbanyak dengan kualitas yang baik.
3. Laporan Tahunan yang disajikan dalam bentuk salinan dokumen elektronik

merupakan Laporan Tahunan yang dikonversi dalam format pdf.
ANNUAL REPORT CONTENTS
a. Laporan Tahunan paling sedikit memuat informasi mengenai:

1. Ikhtisar data keuangan penting;
2. informasi saham ( jika ada);
3. Laporan Direksi;
4. Laporan Dewan Komisaris;
5. Profil Emiten atau Perusahaan Publik

6. Analisis dan pembahasan manajemen;
7. Tata kelola Emiten atau Perusahaan Publik;
8. Tanggung jawab sosial dan lingkungan Emiten atau Perusahaan Publik;
9. Laporan keuangan tahunan yang telah diaudit; dan
10. Surat pernyataan anggota Direksi dan anggota Dewan Komisaris
tentang tanggung jawab atas Laporan Tahunan;
b. Laporan Tahunan dapat menyajikan informasi berupa gambar, grafik,
tabel, dan/atau diagram dengan mencantumkan judul dan/atau 
keterangan yang jelas, sehingga mudah dibaca dan dipahami;

REFERENSI SILANG
ISI LAPORAN TAHUNAN Halaman
URAIAN ISI LAPORAN TAHUNAN
2. URAIAN ISI LAPORAN TAHUNAN
A. IKHTISAR DATA KEUANGAN PENTING

Ikhtisar Data Keuangan Penting memuat informasi keuangan yang disajikan
dalam bentuk perbandingan selama 3 (tiga) tahun buku atau sejak memulai
usahanya jika Emiten atau Perusahaan Publik tersebut menjalankan kegiatan
usahanya kurang dari 3 (tiga) tahun, paling sedikit memuat:
1. Pendapatan/penjualan;
2. Laba bruto;
3. Laba (rugi);
4. Jumlah laba (rugi) yang dapat diatribusikan kepada pemilik
entitas induk dan kepentingan non pengendali;
5. Total laba (rugi) komprehensif;
6. Jumlah laba (rugi) komprehensif yang dapat diatribusikan kepada
pemilik entitas induk dan kepentingan non pengendali;
16-18
7. Laba (rugi) per saham;
8. Jumlah aset;
9. Jumlah liabilitas;
10. Jumlah ekuitas;
11. Rasio laba (rugi) terhadap jumlah aset;
12. Rasio laba (rugi) terhadap ekuitas;
13. Rasio laba (rugi) terhadap pendapatan/penjualan;
14. Rasio lancar;
15. Rasio liabilitas terhadap ekuitas;
16. Rasio liabilitas terhadap jumlah aset; dan
17. Informasi dan rasio keuangan lainnya yang relevan dengan
emiten atau perusahaan publik dan jenis industrinya;
B. INFORMASI SAHAM
Informasi saham ( jika ada) paling sedikit memuat:
1. Saham yang telah diterbitkan untuk setiap masa triwulan ( jika ada) yang disajikan dalam
bentuk perbandingan selama 2 (dua) tahun buku terakhir, paling sedikit meliputi:
a. Jumlah saham yang beredar;
b. Kapitalisasi pasar berdasarkan harga pada bursa efek tempat saham dicatatkan;
c. Harga saham tertinggi, terendah, dan penutupan berdasarkan
harga pada bursa efek tempat saham dicatatkan; dan
18-20
d. Volume perdagangan pada bursa efek tempat saham dicatatkan;
Informasi pada huruf a) diungkapkan oleh emiten yang merupakan perusahaan
terbuka yang sahamnya tercatat maupun tidak tercatat di bursa efek;
informasi pada huruf b), huruf c), dan huruf d) hanya diungkapkan jika emiten
merupakan perusahaan terbuka dan sahamnya tercatat di bursa efek;
2. Dalam hal terjadi aksi korporasi, seperti pemecahan saham (stock split),
penggabungan saham (reverse stock), dividen saham, saham bonus, dan
perubahan nilai nominal saham, informasi saham sebagaimana dimaksud
pada angka 1) ditambahkan penjelasan paling sedikit mengenai:

a. Tanggal pelaksanaan aksi korporasi;

b. Rasio pemecahan saham (stock split), penggabungan saham (reverse stock),
dividen saham, saham bonus, dan perubahan nilai nominal saham;
c. Jumlah saham beredar sebelum dan sesudah aksi korporasi; dan
d) harga saham sebelum dan sesudah aksi korporasi;
3. Dalam hal terjadi penghentian sementara perdagangan saham (suspension), dan/
atau penghapusan pencatatan saham (delisting) dalam tahun buku, emiten atau 18-20
perusahaan publik menjelaskan alasan penghentian sementara perdagangan saham
(suspension) dan/atau penghapusan pencatatan saham (delisting) tersebut; dan
4. Dalam hal penghentian sementara perdagangan saham (suspension) dan/atau penghapusan
pencatatan saham (delisting) sebagaimana dimaksud pada angka 3) masih berlangsung
hingga akhir periode laporan tahunan, emiten atau perusahaan publik menjelaskan
tindakan yang dilakukan untuk menyelesaikan penghentian sementara perdagangan
saham (suspension) dan/atau penghapusan pencatatan saham (delisting) tersebut;
C. LAPORAN DIREKSI
Laporan Direksi paling sedikit memuat:
1. Uraian singkat mengenai kinerja emiten atau perusahaan publik, paling sedikit meliputi:
a. Strategi dan kebijakan strategis emiten atau perusahaan publik;
b. Perbandingan antara hasil yang dicapai dengan yang ditargetkan; dan 38-41
c. Kendala yang dihadapi emiten atau perusahaan publik;

2. Gambaran tentang prospek usaha;
3. Penerapan tata kelola emiten atau perusahaan publik; dan
4. Perubahan komposisi anggota Direksi dan alasan perubahannya ( jika ada);
D. LAPORAN DEWAN KOMISARIS

Laporan Dewan Komisaris paling sedikit memuat:
1. Penilaian terhadap kinerja direksi mengenai pengelolaan emiten atau perusahaan publik;
2. Pengawasan terhadap implementasi strategi emiten atau perusahaan publik;
32-35
3. Pandangan atas prospek usaha emiten atau perusahaan publik yang disusun oleh direksi;
4. Pandangan atas penerapan tata kelola emiten atau perusahaan publik;
5. Perubahan komposisi anggota dewan komisaris dan alasan perubahannya ( jika ada); dan
6. Frekuensi dan cara pemberian nasihat kepada anggota direksi;
E. PROFIL EMITEN ATAU PERUSAHAAN PUBLIK

Profil Emiten atau Perusahaan Publik paling sedikit memuat:
1. Nama emiten atau perusahaan publik termasuk apabila terdapat perubahan nama,
alasan perubahan, dan tanggal efektif perubahan nama pada tahun buku;
2. Akses terhadap emiten atau perusahaan publik termasuk kantor cabang
atau kantor perwakilan yang memungkinkan masyarakat dapat memperoleh
48-49
informasi mengenai emiten atau perusahaan publik, meliputi:
a. Alamat;
b. Nomor telepon;
c. Nomor faksimile;
d. Alamat surat elektronik; dan
e. Alamat situs web;

REFERENSI SILANG
3. Riwayat singkat Emiten atau Perusahaan Publik; 50-51

4. Visi dan misi emiten atau perusahaan publik; 68-70
5. Kegiatan usaha menurut anggaran dasar terakhir, kegiatan usaha yang dijalankan
52-63
pada tahun buku, serta jenis barang dan/atau jasa yang dihasilkan;
6. Struktur organisasi emiten atau perusahaan publik dalam bentuk bagan, paling sedikit
72-73
sampai dengan struktur 1 (satu) tingkat di bawah direksi, disertai dengan nama dan jabatan;
7. Profil direksi, paling sedikit memuat:
a. Nama dan jabatan yang sesuai dengan tugas dan tanggung jawab;
b. Foto terbaru;
c. Usia;
d. Kewarganegaraan;
e. Riwayat pendidikan;
f. Riwayat jabatan, meliputi informasi:
i. Dasar hukum penunjukan sebagai anggota direksi pada
78-81
emiten atau perusahaan publik yang bersangkutan;
ii. Rangkap jabatan, baik sebagai anggota direksi, anggota dewan komisaris,
dan/atau anggota komite serta jabatan lainnya ( jika ada); dan
iii. Pengalaman kerja beserta periode waktunya baik di dalam
maupun di luar emiten atau perusahaan publik;
g. Pendidikan dan/atau pelatihan yang telah diikuti anggota direksi dalam
meningkatkan kompetensi dalam tahun buku ( jika ada); dan
h. Hubungan afiliasi dengan anggota direksi lainnya, anggota dewan komisaris,
dan pemegang saham utama ( jika ada) meliputi nama pihak yang terafiliasi;
8. Profil dewan komisaris, paling sedikit memuat:
a. Nama;
b. Foto terbaru;
c. Usia;
d. Kewarganegaraan;
e. Riwayat pendidikan;
f. Riwayat jabatan, meliputi informasi:
i. Dasar hukum penunjukan sebagai anggota dewan komisaris
yang bukan merupakan komisaris independen pada emiten
atau perusahaan publik yang bersangkutan;
74-77
ii. Dasar hukum penunjukan pertama kali sebagai anggota
dewan komisaris yang merupakan komisaris independen pada
emiten atau perusahaan publik yang bersangkutan;
iii. Rangkap jabatan, baik sebagai anggota dewan komisaris, anggota
direksi, dan/atau anggota komite serta jabatan lainnya ( jika ada); dan
iv. Pengalaman kerja beserta periode waktunya baik di dalam
g. Pendidikan dan/atau pelatihan yang telah diikuti anggota dewan komisaris
dalam meningkatkan kompetensi dalam tahun buku ( jika ada);
h. Hubungan afiliasi dengan anggota dewan komisaris lainnya dan pemegang
saham utama ( jika ada) meliputi nama pihak yang terafiliasi; dan

i. Pernyataan independensi komisaris independen dalam hal komisaris

independen telah menjabat lebih dari 2 (dua) periode ( jika ada);
9. Dalam hal terdapat perubahan susunan anggota direksi dan/atau anggota dewan komisaris
yang terjadi setelah tahun buku berakhir sampai dengan batas waktu penyampaian
n/a
laporan tahunan, susunan yang dicantumkan dalam laporan tahunan adalah susunan
anggota direksi dan/atau anggota dewan komisaris yang terakhir dan sebelumnya;
10. Jumlah karyawan dan deskripsi sebaran tingkat pendidikan
82
dan usia karyawan dalam tahun buku;
11. Nama pemegang saham dan persentase kepemilikan pada akhir tahun buku, yang terdiri dari:
a. Pemegang saham yang memiliki 5% (lima persen) atau
lebih saham emiten atau perusahaan publik;
b. Anggota direksi dan anggota dewan komisaris yang memiliki 97-99
saham emiten atau perusahaan publik; dan
c. Kelompok pemegang saham masyarakat, yaitu kelompok
pemegang saham yang masing-masing memiliki kurang dari 5%
(lima persen) saham emiten atau perusahaan publik;
12. Jumlah pemegang saham dan persentase kepemilikan per
akhir tahun buku berdasarkan klasifikasi:
a. Kepemilikan institusi lokal;
98
b. Kepemilikan institusi asing;
c. Kepemilikan individu lokal; dan
d. Kepemilikan individu asing;
13. Informasi mengenai pemegang saham utama dan pengendali emiten atau
perusahaan publik, baik langsung maupun tidak langsung, sampai kepada 99
pemilik individu, yang disajikan dalam bentuk skema atau bagan;
14. Nama entitas anak, perusahaan asosiasi, perusahaan ventura bersama dimana emiten atau
perusahaan publik memiliki pengendalian bersama entitas, beserta persentase kepemilikan
100-103
saham, bidang usaha, total aset, dan status operasi emiten atau perusahaan publik tersebut
( jika ada); untuk entitas anak, ditambahkan informasi mengenai alamat entitas anak tersebut;
15. Kronologi pencatatan saham, jumlah saham, nilai nominal, dan harga
penawaran dari awal pencatatan hingga akhir tahun buku serta nama bursa 104
efek dimana saham emiten atau perusahaan publik dicatatkan ( jika ada);
16. Kronologi pencatatan efek lainnya selain efek sebagaimana dimaksud
pada angka 15), yang paling sedikit memuat nama efek, tahun penerbitan, 105
tanggal jatuh tempo, nilai penawaran, dan peringkat efek ( jika ada);
17. Nama dan alamat lembaga dan/atau profesi penunjang pasar modal; 108
18. Dalam hal terdapat profesi penunjang pasar modal yang memberikan jasa
secara berkala kepada emiten atau perusahaan publik, diungkapkan informasi 108
mengenai jasa yang diberikan, komisi (fee), dan periode penugasan; dan
19. Penghargaan dan/atau sertifikasi yang diterima emiten atau perusahaan publik baik yang
berskala nasional maupun internasional dalam tahun buku terakhir ( jika ada), yang memuat:
a. Nama penghargaan dan/atau sertifikasi; 22-26
b. Badan atau lembaga yang memberikan; dan
c. Masa berlaku penghargaan dan/atau sertifikasi ( jika ada);

REFERENSI SILANG
F. ANALISIS DAN PEMBAHASAN MANAJEMEN

Analisis dan pembahasan manajemen memuat analisis dan pembahasan mengenai
laporan keuangan dan informasi penting lainnya dengan penekanan pada perubahan
material yang terjadi dalam tahun buku, yaitu paling sedikit memuat:
1. Tinjauan operasi per segmen operasi sesuai dengan jenis industri

emiten atau perusahaan publik, paling sedikit mengenai:
a. Produksi, yang meliputi proses, kapasitas, dan perkembangannya; 118-122
b. Pendapatan/penjualan; dan
c. Profitabilitas;
2. Kinerja keuangan komprehensif yang mencakup perbandingan kinerja keuangan
dalam 2 (dua) tahun buku terakhir, penjelasan tentang penyebab adanya
perubahan dan dampak perubahan tersebut, paling sedikit mengenai:
a. Aset lancar, aset tidak lancar, dan total aset;
b. Liabilitas jangka pendek, liabilitas jangka panjang, dan total liabilitas; 123-133
c. Ekuitas;
d. Pendapatan/penjualan, beban, laba (rugi), penghasilan
komprehensif lain, dan total laba (rugi) komprehensif; dan
e. Arus kas;
3. Kemampuan membayar utang dengan menyajikan perhitungan rasio yang relevan; 133-134
4. Tingkat kolektibilitas piutang emiten atau perusahaan publik
134
dengan menyajikan perhitungan rasio yang relevan;
5. Struktur modal (capital structure) dan kebijakan manajemen atas struktur modal
135-136
(capital structure) tersebut disertai dasar penentuan kebijakan dimaksud;
6. Bahasan mengenai ikatan yang material untuk investasi barang
modal dengan penjelasan paling sedikit meliputi:
a. Tujuan dari ikatan tersebut;
b. Sumber dana yang diharapkan untuk memenuhi ikatan tersebut; 136
c. Mata uang yang menjadi denominasi; dan
d. Langkah yang direncanakan emiten atau perusahaan publik untuk
melindungi risiko dari posisi mata uang asing yang terkait;
7. Bahasan mengenai investasi barang modal yang direalisasikan
dalam tahun buku terakhir, paling sedikit meliputi:
a. Jenis investasi barang modal; 136
b. Tujuan investasi barang modal; dan
c. Nilai investasi barang modal yang dikeluarkan;
8. Informasi dan fakta material yang terjadi setelah tanggal laporan akuntan ( jika ada); 137
9. Prospek usaha dari emiten atau perusahaan publik dikaitkan dengan
kondisi industri, ekonomi secara umum dan pasar internasional disertai 143
data pendukung kuantitatif dari sumber data yang layak dipercaya;
10. Perbandingan antara target/proyeksi pada awal tahun buku
dengan hasil yang dicapai (realisasi), mengenai:
138
a. Pendapatan/penjualan;
b. Laba (rugi);

c. Struktur modal (capital structure); atau

d. Hal lainnya yang dianggap penting bagi emiten atau perusahaan publik;
11. Target/proyeksi yang ingin dicapai emiten atau perusahaan
publik untuk 1 (satu) tahun mendatang, mengenai:
a. Pendapatan/penjualan;
b. Laba (rugi); 138
c. Struktur modal (capital structure);
d. Kebijakan dividen; atau
e. Hal lainnya yang dianggap penting bagi emiten atau perusahaan publik;
12. Aspek pemasaran atas barang dan/atau jasa emiten atau perusahaan publik,
116-117
paling sedikit mengenai strategi pemasaran dan pangsa pasar;
13. Uraian mengenai dividen selama 2 (dua) tahun buku terakhir ( jika ada), paling sedikit:
a. Kebijakan dividen;
b. Tanggal pembayaran dividen kas dan/atau tanggal distribusi dividen non kas; 138-139
c. Jumlah dividen per saham (kas dan/atau non kas); dan
d. Jumlah dividen per tahun yang dibayar;
14. Realisasi penggunaan dana hasil penawaran umum, dengan ketentuan:
a. Dalam hal selama tahun buku, emiten memiliki kewajiban menyampaikan laporan
realisasi penggunaan dana, maka diungkapkan realisasi penggunaan dana hasil
penawaran umum secara kumulatif sampai dengan akhir tahun buku; dan 140
b. Dalam hal terdapat perubahan penggunaan dana sebagaimana diatur dalam
peraturan otoritas jasa keuangan tentang laporan realisasi penggunaan dana
hasil penawaran umum, maka emiten menjelaskan perubahan tersebut;
15. Informasi material ( jika ada), antara lain mengenai investasi, ekspansi,
divestasi, penggabungan/peleburan usaha, akuisisi, restrukturisasi utang/
modal, transaksi afiliasi, dan transaksi yang mengandung benturan
kepentingan, yang terjadi pada tahun buku, antara lain memuat:
a. Tanggal, nilai, dan objek transaksi;
140
b. Nama pihak yang melakukan transaksi;
c. Sifat hubungan afiliasi ( jika ada);
d. Penjelasan mengenai kewajaran transaksi; dan
e. Pemenuhan ketentuan terkait;
16. Perubahan ketentuan peraturan perundang-undangan yang berpengaruh signifikan terhadap
141-143
emiten atau perusahaan publik dan dampaknya terhadap laporan keuangan ( jika ada); dan
17. Perubahan kebijakan akuntansi, alasan dan dampaknya
143
terhadap laporan keuangan ( jika ada);
G. TATA KELOLA EMITEN ATAU PERUSAHAAN PUBLIK

Tata kelola emiten atau perusahaan publik paling sedikit memuat uraian singkat mengenai:
1. Direksi, mencakup antara lain: 160-170

a. Tugas dan tanggung jawab masing-masing anggota direksi; 182-189
b. Pernyataan bahwa direksi memiliki pedoman atau piagam (charter) direksi; 192-193

REFERENSI SILANG
c. Prosedur, dasar penetapan, struktur, dan besarnya remunerasi

masing-masing anggota direksi, serta hubungan antara remunerasi 194-203
dengan kinerja emiten atau perusahaan publik;
d. Kebijakan dan pelaksanaan tentang frekuensi rapat direksi, termasuk rapat bersama
dewan komisaris, dan tingkat kehadiran anggota direksi dalam rapat tersebut;
i. Informasi mengenai keputusan rups 1 (satu) tahun sebelumnya, meliputi:
ii. Keputusan rups yang direalisasikan pada tahun buku; dan
e. Alasan dalam hal terdapat keputusan yang belum direalisasikan; 204-206
f. Informasi mengenai keputusan rups pada tahun buku, meliputi:
i. Keputusan rups yang direalisasikan pada tahun buku; dan
ii. Alasan dalam hal terdapat keputusan yang belum direalisasikan; dan
g. Penilaian terhadap kinerja komite yang mendukung pelaksanaan tugas direksi;
2. Dewan komisaris, mencakup antara lain:
a. Tugas dan tanggung jawab dewan komisaris;
b. Pernyataan bahwa dewan komisaris memiliki pedoman
atau piagam (charter) dewan komisaris;
c. Prosedur, dasar penetapan, struktur, dan besarnya remunerasi
masing-masing anggota dewan komisaris;
d. Kebijakan dan pelaksanaan tentang frekuensi rapat dewan komisaris, termasuk rapat
bersama direksi, dan tingkat kehadiran anggota dewan komisaris dalam rapat tersebut;
e. Kebijakan emiten atau perusahaan publik tentang penilaian terhadap kinerja anggota 171-181
direksi dan anggota dewan komisaris dan pelaksanaannya, paling sedikit meliputi: 190-191
194-203
i. Prosedur pelaksanaan penilaian kinerja;
204-206
ii. Kriteria yang digunakan; dan
iii. Pihak yang melakukan penilaian;
f. Penilaian terhadap kinerja komite yang mendukung
pelaksanaan tugas dewan komisaris; dan
g. Dalam hal dewan komisaris tidak membentuk komite nominasi dan
remunerasi, dimuat informasi paling sedikit mengenai:
i. Alasan tidak dibentuknya komite; dan
ii. Prosedur nominasi dan remunerasi yang dilakukan dalam tahun buku;
3. Dewan pengawas syariah, bagi emiten atau perusahaan publik yang
menjalankan kegiatan usaha berdasarkan prinsip syariah sebagaimana
tertuang dalam anggaran dasar, paling sedikit memuat:
a. Nama; n/a
b. Tugas dan tanggung jawab dewan pengawas syariah; dan
c. Frekuensi dan cara pemberian nasihat dan saran serta pengawasan pemenuhan
prinsip syariah di pasar modal terhadap emiten atau perusahaan publik;
4. Komite audit, mencakup antara lain:
a. Nama dan jabatannya dalam keanggotaan komite;
b. Usia; 215-220
c. Kewarganegaraan;
d. Riwayat pendidikan;

e. Riwayat jabatan, meliputi informasi:

i. Dasar hukum penunjukan sebagai anggota komite;
ii. Rangkap jabatan, baik sebagai anggota dewan komisaris, anggota
direksi, dan/atau anggota komite serta jabatan lainnya ( jika ada); dan
iii. Pengalaman kerja beserta periode waktunya baik di dalam
f. Periode dan masa jabatan anggota komite audit; 215-220
g. Pernyataan independensi komite audit;
h. Kebijakan dan pelaksanaan tentang frekuensi rapat komite audit dan
tingkat kehadiran anggota komite audit dalam rapat tersebut;
i. Pendidikan dan/atau pelatihan yang telah diikuti dalam tahun buku ( jika ada); dan
j. Pelaksanaan kegiatan komite audit pada tahun buku sesuai dengan yang
dicantumkan dalam pedoman atau piagam (charter) komite audit;
5. Komite lain yang dimiliki emiten atau perusahaan publik dalam rangka
mendukung fungsi dan tugas direksi dan/ atau dewan komisaris, seperti
komite nominasi dan remunerasi, mencakup antara lain:
a. Nama dan jabatannya dalam keanggotaan komite;
b. Usia;
c. Kewarganegaraan;
e. Riwayat jabatan, meliputi informasi: (1) dasar hukum penunjukan sebagai anggota
komite; (2) rangkap jabatan, baik sebagai anggota dewan komisaris, anggota direksi,
dan/atau anggota komite serta jabatan lainnya ( jika ada); dan (3) pengalaman kerja 221-226
beserta periode waktunya baik di dalam maupun di luar emiten atau perusahaan publik; 227-234
f. Periode dan masa jabatan anggota komite;

g. Uraian tugas dan tanggung jawab;
h. Pernyataan bahwa telah memiliki pedoman atau piagam (charter) komite;
i. Pernyataan independensi komite;
j. Kebijakan dan pelaksanaan tentang frekuensi rapat komite dan
tingkat kehadiran anggota komite dalam rapat tersebut;
k. Pendidikan dan/atau pelatihan yang telah diikuti dalam tahun buku ( jika ada); dan
l. Uraian singkat pelaksanaan kegiatan komite pada tahun buku;
6. Sekretaris perusahaan, mencakup antara lain:
a. Nama;
b. Domisili;
c. Riwayat jabatan, meliputi informasi:
i. Dasar hukum penunjukan sebagai sekretaris perusahaan; dan
ii. Pengalaman kerja beserta periode waktunya baik di dalam 235-240
e. Pendidikan dan/atau pelatihan yang diikuti dalam tahun buku; dan
f. Uraian singkat pelaksanaan tugas sekretaris perusahaan pada tahun buku;

REFERENSI SILANG
7. Unit audit internal, mencakup antara lain:

a. Nama kepala unit audit internal;
b. Riwayat jabatan, meliputi informasi:
i. Dasar hukum penunjukan sebagai kepala unit audit internal; dan
ii. Pengalaman kerja beserta periode waktunya baik di dalam
241-246
c. Kualifikasi atau sertifikasi sebagai profesi audit internal ( jika ada);
d. Pendidikan dan/atau pelatihan yang diikuti dalam tahun buku;
e. Struktur dan kedudukan unit audit internal;
f. Uraian tugas dan tanggung jawab;
g. Pernyataan bahwa telah memiliki pedoman atau piagam (charter) unit audit internal; dan
h. Uraian singkat pelaksanaan tugas unit audit internal pada tahun buku;
8. Uraian mengenai sistem pengendalian internal (internal control) yang
diterapkan oleh emiten atau perusahaan publik, paling sedikit mengenai:
a. Pengendalian keuangan dan operasional, serta kepatuhan 259
terhadap peraturan perundang-undangan lainnya; dan
b. Tinjauan atas efektivitas sistem pengendalian internal;
9. Sistem manajemen risiko yang diterapkan oleh emiten atau
perusahaan publik, paling sedikit mengenai:
a. Gambaran umum mengenai sistem manajemen risiko emiten atau perusahaan publik; 248-257
b. Jenis risiko dan cara pengelolaannya; dan
c. Tinjauan atas efektivitas sistem manajemen risiko emiten atau perusahaan publik;
10. Perkara penting yang dihadapi oleh emiten atau perusahaan publik, entitas anak,
anggota direksi dan anggota dewan komisaris ( jika ada), antara lain meliputi:
a. Pokok perkara/gugatan; 259
b. Status penyelesaian perkara/gugatan; dan
c. Pengaruhnya terhadap kondisi emiten atau perusahaan publik;
11. Informasi tentang sanksi administratif yang dikenakan kepada emiten atau
perusahaan publik, anggota dewan komisaris dan direksi, oleh otoritas 259
pasar modal dan otoritas lainnya pada tahun buku ( jika ada);
12. Informasi mengenai kode etik emiten atau perusahaan publik meliputi:
a. Pokok-pokok kode etik;
b. Bentuk sosialisasi kode etik dan upaya penegakannya; dan 261-262
c. Pernyataan bahwa kode etik berlaku bagi anggota direksi, anggota
dewan komisaris, dan karyawan emiten atau perusahaan publik;
13. Informasi mengenai budaya perusahaan (corporate
69-70
culture) atau nilai-nilai perusahaan ( jika ada);
14. Uraian mengenai program kepemilikan saham oleh karyawan dan/atau manajemen
yang dilaksanakan emiten atau perusahaan publik ( jika ada), antara lain mengenai:
a. Jumlah saham dan/atau opsi;
139
b. Jangka waktu pelaksanaan;
c. Persyaratan karyawan dan/atau manajemen yang berhak; dan
d. Harga pelaksanaan;

15. Uraian mengenai sistem pelaporan pelanggaran (whistleblowing system)

di emiten atau perusahaan publik ( jika ada), antara lain meliputi:
a. Cara penyampaian laporan pelanggaran;
b. Perlindungan bagi pelapor;
c. Penanganan pengaduan; 266-269
d. Pihak yang mengelola pengaduan; dan
e. Hasil dari penanganan pengaduan, paling sedikit meliputi:
i. Jumlah pengaduan yang masuk dan diproses dalam tahun buku; dan
ii. Tindak lanjut pengaduan
16. Penerapan atas pedoman tata kelola perusahaan terbuka bagi emiten yang
menerbitkan efek bersifat ekuitas atau perusahaan publik, meliputi:
a. Pernyataan mengenai rekomendasi yang telah dilaksanakan; dan/atau 156-159
b. Penjelasan atas rekomendasi yang belum dilaksanakan, disertai
alasan dan alternatif pelaksanaannya ( jika ada);
H. TANGGUNG JAWAB SOSIAL DAN LINGKUNGAN EMITEN ATAU PERUSAHAAN PUBLIK
1. Informasi mengenai tanggung jawab sosial dan lingkungan emiten atau perusahaan publik
meliputi kebijakan, jenis program, dan biaya yang dikeluarkan, antara lain terkait aspek:
a. Lingkungan hidup, antara lain:
i. Penggunaan material dan energi yang ramah lingkungan dan dapat didaur ulang;
ii. Sistem pengolahan limbah emiten atau perusahaan publik; 278-282
iii. Mekanisme pengaduan masalah lingkungan; dan
iv. Sertifikasi di bidang lingkungan yang dimiliki;
b. Praktik ketenagakerjaan, kesehatan, dan keselamatan kerja, antara lain:
i. Kesetaraan gender dan kesempatan kerja;
ii. Sarana dan keselamatan kerja;
iii. Tingkat perpindahan (turnover) karyawan;
283-288
iv. Tingkat kecelakaan kerja;
v. Pendidikan dan/atau pelatihan;
vi. Remunerasi; dan
vii. Mekanisme pengaduan masalah ketenagakerjaan;
c. Pengembangan sosial dan kemasyarakatan, antara lain:
i. Penggunaan tenaga kerja lokal;
ii. Pemberdayaan masyarakat sekitar emiten atau perusahaan publik antara lain melalui
penggunaan bahan baku yang dihasilkan oleh masyarakat atau pemberian edukasi;
288-291
iii. Perbaikan sarana dan prasarana sosial;
iv. Bentuk donasi lainnya; dan
v. Komunikasi mengenai kebijakan dan prosedur anti korupsi di emiten atau
perusahaan publik, serta pelatihan mengenai anti korupsi ( jika ada);
d. Tanggung jawab barang dan/atau jasa, antara lain:
i. Kesehatan dan keselamatan konsumen;
292-293
ii. Informasi barang dan/atau jasa; dan
iii. Sarana, jumlah, dan penanggulangan atas pengaduan konsumen.

REFERENSI SILANG
2. Dalam hal emiten atau perusahaan publik menyajikan informasi mengenai tanggung jawab
sosial dan lingkungan sebagaimana dimaksud pada angka 1) pada laporan tersendiri
seperti laporan tanggung jawab sosial dan lingkungan atau laporan keberlanjutan 
(sustainability report), emiten atau perusahaan publik dikecualikan untuk mengungkapkan
informasi mengenai tanggung jawab sosial dan lingkungan dalam laporan tahunan; dan
3. Laporan sebagaimana dimaksud pada angka 2) disampaikan kepada otoritas

jasa keuangan bersamaan dengan penyampaian laporan tahunan;
I. LAPORAN KEUANGAN TAHUNAN YANG TELAH DIAUDIT

Laporan keuangan tahunan yang dimuat dalam laporan tahunan disusun sesuai dengan
standar akuntansi keuangan di indonesia dan telah diaudit oleh akuntan. Laporan
keuangan dimaksud memuat pernyataan mengenai pertanggungjawaban atas laporan

keuangan sebagaimana diatur dalam peraturan perundang-undangan di sektor pasar
modal yang mengatur mengenai tanggung jawab direksi atas laporan keuangan atau
peraturan perundang-undangan di sektor pasar modal yang mengatur mengenai laporan
berkala perusahaan efek dalam hal emiten merupakan perusahaan efek; dan
J. SURAT PERNYATAAN ANGGOTA DIREKSI DAN ANGGOTA DEWAN KOMISARIS

TENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN
Surat pernyataan anggota direksi dan anggota dewan komisaris tentang tanggung jawab atas
410-411
laporan tahunan disusun sesuai dengan format surat pernyataan anggota direksi dan anggota
dewan komisaris tentang tanggung jawab atas laporan tahunan sebagaimana tercantum dalam
lampiran yang merupakan bagian tidak terpisahkan dari surat edaran otoritas jasa keuangan ini.

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DELIVERING

Prospective statements in this Annual

This Annual Report refers to PT Semen

This Report is presented in two languages,

Intensitas Emisi Karbon

6 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

SIG offers construction technology solutions

DynaHome offers a home building solution

SIG offers SpeedCrete as a solution for road

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 7

SEMEN PADANG SEMEN GRESIK SEMEN TONASA

Indarung Plant Tuban SI Plant

Lhoknga Plant Rembang Plant

8 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

Thang Long Plant

Tuban SBI Plant

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 9

10 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 11

Description 2020 2019 b) 2018 a)

Consolidated Statements of Financial Position

16 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

Total Assets Revenues

2020 78,006,244 2020 35,171,668

2019 79,807,067 2019 40,368,107

2018 50,783,836 2018 30,687,626

Profit for the Year Attributable to EBITDA

2020 2,792,321 2020 9,072,537

2019 2,392,151 2019 8,699,497

2018 3,079,115 2018 6,576,705

Return on Equity/ROE Return to Assets/ROA

2020 8.17 2020 3.58

2019 7.41 2019 3.00

2018 9.87 2018 6.06

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 17

Industry Unit 2020 2019 2018

Quarterly Share Performance

2020 Stock Price (Rp) Total Shares Volume Market

2020 Stock Price (Rp) Total Shares Volume Market

18 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

SMGR Volume SMGR Price JCI Price

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 19

Comparison of SMGR Performance with JCI and LQ45 as

Source : Bloomberg (diolah)

Share Trade Sanction

20 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

OTHER STOCK HIGHLIGHTS

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 21

AWARDS AND CERTIFICATION

Serambi Award Excellence Award Directorate General of

The Singapore Environment Council hereby grant

PT Krakatau Semen Indonesia

Validity: 8 April 2020 to 7 April 2022

Green Label Certificate Public Relation Indonesia Award

22 Annual Report 2020 PT Semen Indonesia (Persero) Tbk

Asia’s Outstanding Companies Poll

Penghargaan Zero Accident

Nusantara CSR Award

PT Semen Indonesia (Persero) Tbk, (SIG) triumphed at the Nusantara Corporate

ASEAN Marketing Summit 2020

National Quality & Productivity Gathering

Annual Report 2020 PT Semen Indonesia (Persero) Tbk 23