Management Discussion and Analysis
TINJAUAN OPERASI PER LINI USAHA
PT Sinar Mas Multiartha Tbk adalah holding company dari seluruh Anak Perusahaan Sinar Mas Group yang bergerak di bidang jasa keuangan. Strategi Perseroan adalah
mempertahankan pertumbuhan dan proitabilitas. Prioritas
aspek bisnis Perseroan adalah menekankan inovasi dan pelayanan yang memuaskan dengan cara mensinergikan setiap entitas anak demi mencapai visi, misi, dan target serta tujua perusahaan.
Tahun 2015 dapat dikatakan sebagai tahun yang menantang bagi Perseroan karena tingkat persaingan industri jasa keuangan yang semakin agresif dan inovatif. Meskipun demikian, Perseroan mampu menutup tahun 2015 dengan pencapaian-pencapaian yang positif yang dapat disajikan dalam penjabaran sebagai berikut mengacu pada Laporan Keuangan Konsolidasian Perseroan dan Anak Perusahaan: Underwriting Asuransi
Hingga akhir Desember 2015, lini usaha underwriting
asuransi berhasil mencatatkan pendapatan sebesar Rp9.907.184 juta, menurun 12,94% atau Rp1.472.343 juta dari tahun 2014 sebesar Rp11.379.527 juta. Menurunnya pendapatan tersebut menyebabkan laba bersih di tahun
therefore, banks must set aside a provision that is taken from the proit. NPL increased due to the national and global economic slowdown, which made a lot of companies, particularly mining commodities that have gone bankrupt.
Capital Adequacy Ratio (CAR) in December 2015 was recorded at level 21.4%. Financial Services Authority (FSA) recorded that, until the end of 2015, asset growth was 929%, credit growth was 9.85%, third-party fund growth was 7.7% on a year-on-year basis. In the middle of industry slowdown, health indicators are still well preserved, in line with the review results stating that the banking system is still supported by the resilience of adequate capital. Therefore, trust from people and investors are still high in banking industry. On the other hand, the credit performance of Loan to Deposit Ratio (LDR) or credit ratio against third-party fund (DPK) of banking industry tends to be high. Until the end of 2015, LDR of banking industry was recorded at the position of 90.48%. Non-Performing Loan (NPL) was maintained at a relatively low level, which was 2.66% gross and 1.22% net as per November 2015. Similarly in inancing companies, Non-Performing Financing (NPF) was also maintained at a low level, which was 1.43%. In the middle of economic slowdown, such NPL and NPF levels are still maintained far above the threshold (5%).
The Government’s eforts to maintain the national economic stability continue to be done in order to keep the business climate healthy. The government also continues to encourage the acceleration of the development of insurance and pension fund industries to a better direction in order to realize a Non Bank Financial Industry that gives better contribution in the national economic development. OPERATIONAL OVERVIEW PER LINE OF BUSINESS PT Sinar Mas Multiartha Tbk is the holding company of all Subsidiaries of Sinar Mas Group that engages in inancial services ield. The Company’s Strategy is to maintain growth and proitability. The priority of the Company’s business aspects is to emphasize innovation and satisfying services by synergizing every subsidiary entity in order to achieve vision, mission, and target of the Company.
The year 2015 can be said as a challenging year for the Company due to the competition in inancial services industry is increasingly aggressive and innovative. Nonetheless, the Company was able to close the year 2015 with positive achievements that can be presented in the following description with reference to the Consolidated Financial Statements of the Company and Subsidiaries:
Insurance Underwriting
Until the end of December 2015, the insurance underwriting business line managed to record revenue of Rp9,907,184 million, decrease by 12.94% or Rp1,472,343 million from the year 2014 of Rp11,379,527 million . The revenue decrease caused the net proit in 2015 to experience a loss of
mengalami penurunan sebesar 290,56% dari tahun 2014 yang sebesar Rp727.917 juta.
(dalam juta Rupiah / in millions of Rupiah)
Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 9.907.184 11.379.527 (1.472.343) (12,94) Beban Usaha / Operating Expenses 11.268.503 10.658.180 610.323 5,73 Laba Bersih / Net Proit (1.387.085) 727.917 (2.115.002) (290,56) Pembiayaan Konsumen, Investasi Sewa Neto dan Anjak
Piutang
Hingga akhir Desember 2015, lini usaha pembiayaan konsumen, Investasi sewa neto dan anjak piutang berhasil mencatatkan pendapatan sebesar Rp781.624 juta, meningkat 2,28% dari tahun 2014 yang sebesar Rp764.171 juta. Laba bersih yang dicapai di tahun ini pun turut mengalami peningkatan sebesar 28,59% menjadi sebesar Rp69.700 juta dari tahun 2014 yang sebesar Rp54.205 juta.
(dalam juta Rupiah / in millions of Rupiah)
Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 781.624 764.171 17.453 (2,28)
Beban Usaha / Operating Expenses 686.638 687.411 (773) (0,11)
Laba Bersih / Net Proit 69.700 54.205 15.495 28,59
Jasa Biro Administrasi Efek
Per 31 Desember 2015, lini usaha jasa biro administrasi efek berhasil mencatatkan pendapatan sebesar Rp3.693 juta, menurun 32,84% dari tahun 2014 yang sebesar Rp5.499 juta. Laba bersih yang dicapai di tahun 2015 juga mengalami penurunan sebesar 30,67%, dari tahun 2014 yang sebesar Rp1.164 juta menjadi sebesar Rp807 juta.
(dalam juta Rupiah / in millions of Rupiah)
Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 3.693 5.499 (1.806) (32,84)
Beban Usaha / Operating Expenses 2.874 4.327 (1.453) (33,58)
Laba Bersih / Net Proit 807 1.164 (357) (30,67)
Jasa Penjaminan Emisi & Perantara Pedagang Efek serta Jasa Manajer Investasi
Hingga Desember 2015, lini usaha jasa penjaminan emisi & perantara pedagang efek serta jasa manajer investasi berhasil mencatatkan pendapatan sebesar Rp181.849 juta, menurun 23,28% dari tahun 2014 yang sebesar Rp237.023 juta. Laba bersih yang dicapai di tahun 2015 juga turut mengalami penurunan sebesar 41,36% atau sebesar Rp 38.176 juta dari tahun 2014 yang tercatat Rp65.100 juta.
(dalam juta Rupiah / in millions of Rupiah)
Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 181.849 237.023 (55.174) (23,280)
Beban Usaha / Operating Expenses 138.426 140.837 (2.411) (1,71)
Laba Bersih / Net Proit 38.176 65.100 (26.924) (41,36)
from the year 2014, which was a proit of Rp727,917 million.
Consumer Financing, Net Investment in the Lease, and Factoring
Until the end of December 2015, the business line of consumer inancing, net investment in the lease, and factoring managed to record revenue of Rp781,624 million, increased by 2.28% from the year 2014, which was Rp764,171 million. The net proit achieved this year also increased by 28.59% to be Rp69,700 million from the year 2014, which was Rp54,205 million.
Share Registration Bureau
As per 31 December 2015, the business line of share registration bureau managed to record revenue of Rp3,693 million, decrease by 32.84% from the year 2014, which was Rp5,499 million. The net proit achieved in 2015 also decreased by 30.67% from the year 2014, which was Rp1,164 million, to be Rp807 million.
Underwriting Brokerages as well as Investment Manager
Until December 2015, the business line of underwriting brokerages as well as investment manager managed to record revenue of Rp181,849 million, decrease by 23.28% from the year 2014, which was Rp237,023 million. The net proit achieved in 2015 also decreased by 41.36% or Rp38,176 million from the year 2014, which was Rp65,100 million.
Perbankan
Hingga Desember 2015, lini usaha perbankan berhasil mencatatkan pendapatan sebesar Rp2.817.657 juta, meningkat 38,79% dari tahun 2014 yang sebesar Rp2.030.212 juta. Laba bersih yang dicapai di tahun 2015 juga mengalami peningkatan sebesar 21,77%, dari tahun 2014 yang sebesar Rp154.930 juta menjadi sebesar Rp188.663 juta.
(dalam juta Rupiah / in millions of Rupiah) Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 2.817.657 2.030.212 787.445 38,79
Beban Usaha / Operating Expenses 2.575.193 1.829.319 745.874 40,77
Laba Bersih / Net Proit 188.663 154.930 33.733 21,77
Pembangunan, Perdagangan, dan Jasa
Hingga Desember 2015, lini usaha pembangunan, perdagangan, dan jasa berhasil mencatatkan pendapatan sebesar Rp541.580 juta, meningkat 43,84 % dari tahun 2014 yang sebesar Rp376.519 juta. Laba bersih yang dicapai di tahun 2015 juga turut mengalami peningkatan sebesar 38,69%, dari tahun 2014 yang sebesar Rp78.640 juta menjadi sebesar Rp109.062 juta.
(dalam juta Rupiah / in millions of Rupiah)
Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 541.580 376.519 165.061 43,84
Beban Usaha / Operating Expenses 426.855 296.765 130.090 43,84
Laba Bersih / Net Proit 109.062 78.640 30.422 38,69
Induk Perusahaan
Hingga Desember 2015, Perseroan mencatat pendapatan sebesar Rp65.278 juta, menurun 93,85% dari tahun 2014 yang sebesar Rp1.060.892 juta. Laba bersih yang dicapai di tahun 2015 juga turut mengalami penurunan sebesar 112,25 % dari tahun 2014 yang laba sebesar Rp1.014.853 juta menjadi rugi sebesar Rp124.291 juta.
(dalam juta Rupiah / in millions of Rupiah)
Uraian
Description 2015 2014 Increase/DecreaseNaik/Turun %
Pendapatan / Revenue 65.278 1.060.892 (995.614) (93,85)
Beban Usaha / Operating Expenses 189.661 34.474 155.187 450,16 Laba Bersih / Net Proit (124.291) 1.014.853 (1.139.144) (112,25)