KONDISI UMUM DAN PROSPEK USAHA
Perekonomian Dunia
Di tahun 2015, perekonomian dunia hanya tumbuh sebesar 2,4%, turun dari angka 2,6% di tahun 2014 (data: Bank Dunia). Hal ini diantaranya dipengaruhi oleh harga komoditas global yang masih terus menurun, termasuk harga minyak dunia serta masih tertahannya perekonomian di negara-negara maju seperti Amerika Serikat dan Jepang, serta melambatnya perekonomian China dan ekonomi Eropa yang mulai pulih walau belum berhasil meningkatkan
inlasi yang masih rendah. Di masa yang akan
datang resiko terkait perlambatan ekonomi China dan terus menurunnya harga komoditas global perlu dicermati.
Perekonomian Indonesia
Perekonomian Indonesia di tahun 2015 mengalami tantangan yang cukup berat dimana pertumbuhan ekonomi melambat dibanding tahun-tahun sebelumnya hingga hanya mencatatkan angka pertumbuhan sebesar 4,79%, menurun dibanding 2014 sebesar 5,02% (data:
Biro Pusat Statistik). Inlasi di tahun 2015 tercatat
sebesar 3,35%, jauh lebih rendah dibanding nilai 2014 sebesar 8,36% (data: Biro Pusat Statistik). Sementara itu, index kepercayaan konsumen dikuartal IV tahun 2015 tercatat sebesar 103,5 lebih rendah dibandingkan kuartal IV tahun 2014 sebesar 119,1 (data : Bank Indonesia).
Melambatnya pertumbuhan ekonomi salah satunya dipengaruhi oleh tertahannya ekspor akibat permintaan global yang masih lemah dan terus menurunnya harga komoditas. Di kuartal IV tahun 2015 Pemerintah berusaha memberikan stimulus dengan mengeluarkan beberapa paket kebijakan ekonomi dan juga mempercepat realisasi investasi pemerintah. Hasilnya
mulai terlihat namun belum secara signiikan
memberikan kontribusi pada pertumbuhan ekonomi. Diharapkan di tahun 2016 Pemerintah akan melanjutkan realisasi investasi pemerintah sehingga dapat menggerakkan ekonomi nasional.
GENERAL CONDITION AND BUSINESS PROSPECTS
The World’s Economy
In 2015, the world’s economy grew by 2.4% only, down from 2.6% in 2014 (data: World
Bank). This is, among others, inluenced by the
global commodities prices which continued to decrease, including the world’s oil price as well as the stagnant economy in the developing countries such as the United States of America and Japan, and the slowdown of Chinese and European economies which have started to recover although still unable to increase the
inlation which was still low. In the future, the risk
related to the slowdown of Chinese economy and the continued decrease of global commodities prices should be paid close attention to.
Indonesia’s Economy
Indonesia’s economy in 2015 faced a quite hard challlenge where the economic growth slowed down compared with the previous year which only recorded a growth rate of 4.79%, down compared to 2014 which was 5.02% (data:
Statistic Central Bureau). Inlation rate in 2015
was recorded at 3.35%, far lower than in 2014
which was 8.36% (data: Statistic Central Bureau).
Consumer conidents index in the fourth quarter
of 2015 was recorded at 103.5, lower than the fourth quarter of 2014 which was 119.1 (data : Bank of Indonesia).
One of the reasons for the slowing down
of economic growth was inluenced by the
stagnant export due to weak global demands and the continued drop of commodities prices. In the fourth quarter of 2015 the Government attempted to give stimulus by issuing some economic policy packages and also expediting the realization of government investments. The results started to materialize but not yet
signiicantly giving contributions to the economic
growth. It is expected that in the year 2016 the Government would continue the realization of government investments so as to be able to drive the national economy.
On the foreign exchange side, it was recorded
that Rupiah was depreciated to Rp 13,785 per
US Dollar at the end of the year, from previously Rp 12,440 per US Dollar at the beginning of 2015 (data: Bank Indonesia). During 2015, the Rupiah exchange rate against US Dollar
experienced a sharp luctuation. This volatility
is also experienced by other currencies such as Brazil, South Africa, Turkey, Malaysia, etc. In the future, Rupiah will still face the risk from the external factor such as Chinese economic development.
Business Prospects
The slowing down of Indonesian economic condition in 2015 contributed to give effects on the cosmetic industry where disposable income was indicated to decrease hence household consumption also dropped and only started to show improvements in the fourth quarter of last
year. Consumer conidence index was relatively
recovered and supported by the improvement of consumers’ assurance of the current condition, especially on the fundamental of national economy.
With the realization of government investment, it is expected that the national economy in 2016 would move more actively so that people’s purchasing power would continue to improve. Challenges in the future would be the implementation of ASEAN Economic Community (AEC) which makes the domestic producers have to be able to see the opportunities while continuing to increase the competitiveness of their products.
In the midst of considerable inlows of imported
cosmetic products that enter the Indonesian markets, the Company still believes that cosmetic companies which have long been operating in the Indonesian markets will survive having the knowledge of consumers and market condition. However, the Company will continue to observe market developments, launch quality and innovative products, and give the best to the consumers.
Comparison between the Target at the Beginning of Financial Year and the Realization
In 2015, the Company recorded a sale of Rp 2,315 billion or only grew by 0.3% compared with the previous year. This achievement is certainly below the Company’s estimation which initially targeted a sale to grow two digits. This
is inluenced by some factors such as an external
factor of the national economic slowdown and
an internal factor that is the ire accident which
forced the Company to stop production for quite some time and made a revision on some policies in order to continue to meet market demands. In the midst of such condition, the Company could Di sisi valuta asing, tercatat Rupiah terdepresiasi
menjadi Rp 13.785 per Dolar AS pada akhir tahun, dari sebelumnya Rp 12.440 per Dolar AS di awal tahun 2015 (data: Bank Indonesia). Sepanjang tahun 2015 nilai tukar Rupiah terhadap Dolar AS
mengalami luktuasi yang cukup tajam. Volatilitas
ini juga dialami oleh mata uang negara-negara lain seperti Brasil, Afrika Selatan, Turki, Malaysia, dll. Ke depan, Rupiah masih akan menghadapi resiko yang bersumber dari faktor eksternal seperti perkembangan ekonomi China.
Prospek Usaha
Kondisi perekonomian Indonesia yang melambat di tahun 2015 turut memberikan efek pada industri kosmetik dimana pendapatan yang dapat dibelanjakan terindikasi menurun sehingga konsumsi rumah tangga ikut menurun dan baru mulai menunjukkan perbaikan di kuartal IV tahun lalu. Indeks kepercayaan konsumen relatif mulai membaik didukung perbaikan keyakinan konsumen akan kondisi ekonomi saat ini, terutama terhadap fundamental perekonomian nasional.
Dengan adanya realisasi investasi pemerintah, diharapkan ekonomi nasional di tahun 2016 akan bergerak lebih aktif sehingga daya beli masyarakat akan terus membaik. Tantangan ke depan adalah penerapan Masyarakat Ekonomi ASEAN (MEA) yang membuat produsen dalam negeri harus bisa melihat peluang dan kesempatan sambil terus meningkatkan daya saing produknya.
Di tengah banyaknya produk kosmetik impor yang masuk ke pasar Indonesia, Perseroan tetap yakin bahwa perusahaan kosmetik yang sudah lama beroperasi di pasar Indonesia akan bisa bertahan dengan bekal pengetahuan akan kondisi konsumen dan pasar. Namun demikian, Perseroan akan terus mengamati perkembangan pasar, meluncurkan produk-produk yang inovatif berkualitas, dan memberikan yang terbaik untuk konsumen.
Perbandingan antara Target Awal Tahun Buku dengan Realisasi
Di tahun 2015, Perseroan mencatatkan penjualan Rp 2.315 miliar atau hanya tumbuh 0,3% dibanding tahun sebelumnya. Pencapaian ini tentunya dibawah estimasi Perseroan yang sebelumnya menargetkan penjualan untuk tumbuh dua digit. Hal ini dipengaruhi oleh beberapa hal seperti faktor eksternal yaitu perlambatan ekonomi nasional dan faktor internal yaitu adanya musibah kebakaran yang membuat Perseroan harus menghentikan produksi untuk beberapa waktu dan melakukan revisi pada beberapa kebijakan untuk dapat tetap memenuhi permintaan pasar. Di tengah kondisi tersebut, Perseroan masih dapat mencatatkan pertumbuhan penjualan domestik
sebesar 5,6% dibanding tahun 2014 menjadi Rp 1.697 miliar. Sementara itu, penjualan ekspor mendapatkan dampak dari terbatasnya suplai
produk yang mengandung aerosol sehingga
hanya mencatatkan penjualan sebesar Rp 618 miliar, turun dari tahun 2014 sebesar Rp 702 miliar.
TINJAUAN OPERASIONAL
Perseroan memiliki segmen usaha utama yaitu kosmetika. Informasi mengenai produk kosmetika yang digunakan untuk tujuan pelaporan manajemen dalam laporan keuangan terbagi menjadi produk perawatan rambut, perawatan kulit & rias, wangi-wangian, dan lain-lain.
Di tahun 2015, pertumbuhan penjualan terbesar dicatatkan oleh produk perawatan rambut yang tumbuh sebesar 6,2% dibanding tahun sebelumnya yaitu dari Rp 846 miliar menjadi Rp 898 miliar. Pertumbuhan terbesar kedua dicatatkan oleh produk perawatan kulit & rias yang tumbuh sebesar 2,1% yaitu dari Rp 794 miliar di tahun 2014 menjadi Rp 811 miliar.
PRODUKSI
Seiring dengan telah diresmikannya pabrik Perseroan yang baru di Kawasan Industri MM 2100, Bekasi, saat ini, Perseroan mempunyai 2 pabrik di kawasan industri tersebut yaitu
Factory 1 di Jl. Irian Blok PP dan Factory 2 di Jl. Jawa Blok J-9. Sementara itu, pabrik Perseroan di Sunter, Jakarta Utara sudah dijual melalui transaksi jual beli tanah dan bangunan yang telah diselesaikan pada bulan Juni 2015. Factory 1 digunakan untuk kegiatan produksi Mixing dan
Packing sementara Factory 2 berfungsi sebagai pabrik kemasan plastik dan Logistic Center. Dengan adanya dua pabrik dalam lokasi yang berdekatan, diharapkan kegiatan produksi antar dua pabrik tersebut dapat berjalan lebih efektif
dan eisien.
Di semester I tahun 2015, Departemen Produksi berkonsentrasi pada proses relokasi fasilitas produksi dari pabrik Sunter ke Factory 1. Proses relokasi yang sudah disiapkan sejak akhir tahun 2014 berjalan relatif lancar walaupun dibutuhkan
still record a domestic sales growth of 5.6% compared with 2014 that is Rp 1,697 billion. Meanwhile, export sales is affected by the limited supply of products containing aerosol
which only recorded a sale of Rp 618 billion,
down from 2014 which was Rp 702 billion.
OPERATIONAL REVIEW
The Company’s main business segment is cosmetics. Information on cosmetic products used for the purpose of management reporting
in the inancial statements is divided into hair
care, skin care & makeup, fragrance, and others.
In 2015, the largest sales growth was recorded by hair treatment products which grew by 6.2% compared with the previous year, that is from Rp
846 billion to Rp 898 billion. The second biggest
growth is recorded by skincare & makeup products which grew by 2.1% that is from Rp 794
billion in 2014 to Rp 811 billion. PRODUCTION
With the opening of the new factory at the Kawasan Industri MM 2100, Bekasi, currently the Company has 2 factories in that industrial town, namely Factory 1 on Jl. Irian Blok PP and Factory 2 on Jl. Jawa Blok J-9. Meanwhile, the Company’s factory in Sunter, North Jakarta has been sold through a land and building sale and purchase transaction which has been completed in June 2015. Factory 1 is used for Mixing and Packing production activities, while Factory 2 serves as a plastic packaging factory and Logistic Center. With the presence of two factories in an adjacent location, it is expected that production activities between the two factories could run
more effectively and eficiently.
In semester I of 2015, the Production Department concentrated on the relocation process of the production facility from Sunter to Factory 1. The relocation process which had been prepared since the end of 2014 ran relatively smooth
although some adjustments had to be made from the initial plan. But, as a result of a good team work, the relocation process could be completed on schedule and production activities could start in Factory 1.
Sadly, on July 10, 2015, there was a ire accident
at the aerosol production area of the Company’s factory forcing the Company to stop production activities for some time. Therefore, in semester II 2015, the Company concentrated on handling
the post-ire accident starting from veriication
of occupational safety in all production areas, review of production plan, up to preparation of production alternatives with the Original Equipment Manufacturer (OEM) system especially for aerosol products.
The halting of such production activities also caused the average level of production utilization in 2015 to be recorded at 60%. The adjustment on production plan that has been prepared made the Company unable to maximize the installed capacity at the Company’s factory. However, the Company has carried out improvements in stages so as production activities could gradually run well. It is expected that in 2016 the Company could increase the production utilization in order to ensure an optimum level of inventory so that the Company may ensure the availability of Company’s products in the market.
With regards to the development of production capacity, in 2015 the Company has made
an investment in the illing up machine with
robotic system to support the production of Gatsby Urban Cologne product which demand continues to increase in the market and for the new product Pucelle Pink Me which is a potential new product.
The production process for the Company’s products in general can be divided into several stages, namely:
1. Process for the preparation of raw materials The process for preparation of raw materials covers the receiving of raw materials and examination at the Quality Control Laboratory before they are stored in the warehouse.
2. Mixing process
This process includes measuring of materials in accordance with the types of product to be made, and then mixing them using a mixer or vacuum emulsion mixer. Products which have completed this stage will then be checked in order to ensure that such
products meet the speciications and may
proceed to the next process. 3. Filling process
beberapa penyesuaian atas rencana awal. Berkat kerja sama tim yang baik, proses relokasi dapat diselesaikan sesuai dengan jadwal dan kegiatan produksi pun bisa dimulai di Factory 1.
Namun pada tanggal 10 Juli 2015 terjadi musibah kebakaran di area produksi aerosol pabrik Perseroan sehingga Perseroan menghentikan kegiatan produksi untuk beberapa waktu. Oleh karena itu, di semester II tahun 2015, Perseroan berkonsentrasi pada penanganan paska musibah kebakaran mulai dari melakukan
veriikasi atas keselamatan kerja di seluruh area
produksi, review atas rencana produksi, sampai mempersiapkan alternatif produksi dengan sistem OEM (Original Equipment Manufacturer)
terutama untuk produk aerosol.
Sempat terhentinya kegiatan produksi juga menyebabkan tingkat rata-rata utilisasi produksi di tahun 2015 tercatat di level 60%. Adanya penyesuaian atas rencana produksi yang telah disusun membuat Perseroan belum bisa memaksimalkan kapasitas terpasang di pabrik Perseroan. Namun demikian, secara bertahap Perseroan telah melakukan pembenahan sehingga kegiatan produksi secara berangsur bisa berjalan dengan baik. Diharapkan di tahun 2016 Perseroan bisa meningkatkan utilisasi produksi sehingga dapat menjamin tingkat level persediaan yang optimal agar Perseroan dapat memastikan ketersediaan produk-produk Perseroan di pasar.
Dalam hal pengembangan kapasitas produksi, di tahun 2015 Perseroan berinvestasi pada mesin illing up dengan sistem robotic untuk mendukung produksi produk Gatsby Urban Cologne yang permintaannya terus meningkat di pasar serta untuk produk baru Pucelle Pink Me yang merupakan produk baru potensial.
Proses produksi untuk produk-produk Perseroan pada umumnya dapat dibagi menjadi beberapa tahap, yaitu:
1. Proses persiapan bahan baku
Proses persiapan bahan baku mencakup penerimaan bahan baku dan pemeriksaan di Laboratorium Quality Control sebelum disimpan di gudang.
2. Proses pencampuran/pengadukan
Proses ini mencakup penimbangan bahan baku sesuai dengan produk yang akan dibuat, kemudian dilakukan pengadukan dengan menggunakan mixer atau vacuum emulsion mixer. Produk yang telah melalui tahapan ini kemudian diperiksa untuk menjamin bahwa
produk tersebut sesuai dengan spesiikasi
dan bisa dilakukan proses selanjutnya. 3. Proses illing (pengisian)
QC Check QC Check QC Check QC Check PROSES PRODUKSI PRODUCTION PROCESS Bahan Baku Raw Material Timbangan Weighing Pengolahan Mixing
Pabrik Kemasan Plastik
Plastic Factory Pusat Logistik Logistic Center Pengemasan Primer Filling Up Pengemasan Sekunder Packing
stage, examination in the Quality Control Laboratory is also performed.
4. Packing process
This process includes packing of inished
goods into carton box. 5. Warehousing process
At this stage, inished goods are stored prior
to delivery to the distributors.
The Company’s products are processed using the main machines namely mixer and vacuum mixer which function to mix and stir the raw materials. The production process of the Company’s products is as explained in the picture above.
Sales
Sales in 2015 were recorded at Rp 2,315 billion or grew by 0.3% compared with 2014. Domestic sales were Rp 1,697 billion and export sales
reached Rp 618 billion. The percentage of
domestic sales compared with export sales was recorded at 73% : 27%.
Meanwhile, from the price side, in the last 2 years there has been a price increase in stages for some products. Details of the price increase in the last 2 years are as follows:
In 2015: 225 SKU increased by 6-21% In 2014: 319 SKU increased by 3-21%
Proitability
From the proitability side, the ratio of net proit
against sales was recorded at 23.5%. In 2015 the
Company recorded a net proit of Rp 544 billion. This igure was mostly contributed by the proit from the sale of land, ofice building and factory
juga dilakukan pemeriksaan di Laboratorium
Quality Control. 4. Proses pengepakan
Pada tahap ini dilakukan pengepakan kemasan ke dalam carton box.
5. Proses pergudangan
Pada tahap ini dilakukan penyimpanan produk jadi sebelum dikirim ke distributor. Produk-produk Perseroan diproses dengan menggunakan mesin-mesin utama yaitu mixer
dan vacuum mixer yang berfungsi untuk mencampur dan mengaduk bahan baku. Proses produksi produk-produk Perseroan adalah sebagaimana dijelaskan dalam gambar diatas.
Penjualan
Penjualan di tahun 2015 tercatat sebesar Rp 2.315 miliar atau tumbuh 0,3% dibanding tahun 2014. Penjualan domestik sebesar Rp 1.697 miliar dan penjualan ekspor sebesar Rp 618 miliar. Persentase penjualan domestik dibanding penjualan ekspor tercatat sebesar 73% : 27%. Sementara itu, dari segi harga, dalam 2 tahun terakhir telah dilakukan kenaikan harga secara bertahap untuk beberapa produk. Detail kenaikan harga dalam 2 tahun terakhir yaitu: Tahun 2015: 225 SKU naik 6-21%
Tahun 2014: 319 SKU naik 3-21% Proitabilitas
Dari segi proitabilitas, rasio laba bersih
dibanding penjualan tercatat sebesar 23,5%. Di tahun 2015 Perseroan mencatatkan laba bersih sebesar Rp 544 miliar. Angka ini sebagian besar dikontribusikan oleh laba dari penjualan tanah ,
FINANCIAL REVIEW Assets
Current assets at the end of 2015 was recorded at Rp 1,113 billion, increased by 27.3% from Rp
874 billion in 2014. This increase was contributed
from the cash and cash equivalents from the sale
proceeds of the land, ofice building and factory
of the Company in Sunter, North Jakarta as well
as recognition of the insurance claim on the ire
accident. Noncurrent assets at the end of 2015 was recorded at Rp 969 billion, decreased by 2.0% from Rp 990 billion in 2014. The decrease
was due to the write-off of ixed assets due to the ire accident. At the end of 2015 total assets was recorded at Rp 2.082 billion, increased by 11.7% from Rp 1.864 billion at the end of 2014. Liabilities
At the end of 2015, current liabilities were recorded at Rp 223 billion, down by 54.1% from
Rp 486 billion in 2014. This was mainly due to payment of bank loans amounting to Rp 181
billion in 2014. Whereas noncurrent liability was recorded at Rp 144 billion, up by 15.0% from Rp 125 billion at the end of 2014 due to an increase
of employee beneits obligation and the
restatement of the new Statements of Financial Accounting Standards (PSAK) 24 (revision 2013)
regulation concerning Employee Beneits. The
result is total liabilities at the end of 2015 was Rp 367 billion, down by 39.9% from Rp 612 billion at the end of 2014.
Equity
At the end of 2015 total equity was recorded at Rp 1,715 billion, up by 37.0% from Rp 1,252 billion in 2014. This was due to the increase of
retained earnings from the net proit of current
year after deduction of dividend payments of the previous year.
Sales, Expenses, Income, Other Comprehensive Income and Total Comprehensive Income
Sales in 2015 were recorded at Rp 2,315 billion, grew by 0.3% compared with the previous year. The cost of goods sold to sales ratio was recorded at 62.1%, an increase from 61.1% in 2014. On the other hand, the net income to sales