8-,&2%$8-,$1 1$6,21$/8&81 ,
6,9,3
,
,9,7V
7$+81 3(/$-$5$1
3$.(7
$
/(0%$562$/
0DWD 3HODMDUDQ +DUL
,WDQJJDO
:DNWO-, 3$
.DPLV )HEUXDUL
3XNXO :,% PHQLW
3(781-8.8080
7XOLVQRPRU$QGDSDGDOHPEDUMDZDEDQNRPSXWHU/-.
3HULNVDODKGDQEDFDODKVRDOVRDOGHQJDQWHOLWLVHEHOXPPHQMDZDE 'DKXOXNDQPHQMDZDEVRDOVRDO\DQJ$QGDDQJJDSPXGDK .HUMDNDQSDGD/-.\DQJGLVHGLDNDQ
+LWDPNDQODKEXODWDQSDGDKXUXIMDZDEDQ\DQJ$QGDDQJJDSEHQDUGHQJDQPHQJJXQDNDQSHQVLO% $SDELODDGDMDZDEDQ\DQJ$QGDDQJJDSVDODKPDNDKDSXVODKMDZDEDQ\DQJVDODKWHUVHEXWVDPSDLEHUVLK
NHPXGLDQKLWDPNDQEXODWDQSDGDKXUXIMDZDEDQODLQ\DQJ$QGDDQJJDSEHQDU &RQWRK
D VHEHOXPGLMDZDE $ %
F
'& & & &
E VHVXGDKGLMDZDE $ %
F
'& &
&F VHVXGDKGLSHUEDLNL $ %
F
'&
& &3(781-8..+8686
+LWDPNDQODKVDODKVDWXEXODWDQSDGDKXUXI$% &DWDX'\DQJ$QGDDQJJDSEHQDUSDGDOHPEDUMDZDEDQNRPSXWHU
$ 3 % 3 & 3
' 3
*UDILNEHULNXWPHQXQMXNNDQ KXEXQJDQ DQWDUDMXPODK NDORU\DQJGLSHUOXNDQGHQJDQNHQDLNDQVXKX GDUL JUDPORJDP7DEHOEHULNXWQ\DPHQXQMXNNDQGDIWDUNDORU MHQLVEHEHUDSDORJDP
W
F
%DKDQXQWXNPHODSLVL JDJDQJSHJDQJDQ VHWULND \DQJ SDOLQJEDLNGHQJDQDODVDQQ\DDGDODK
$ ND\XNDUHQDPXGDKPHODSXN
% HERQLWNDUHQDVXNDUPHQJKDQWDUNDORU & NDUHWNDUHQDEHUVLIDWOHQWXU
' PLNDNDUHQDPXGDKPHQJKDQWDUNDORU 6HEXDKEXNXPHPLOLNLEHVDUDQVHSHUWLEHULNXW
3DQMDQJEXNX P
/HEDUEXNX P
7HEDOEXNX P
.HOLOLQJEXNX P
/XDVELGDQJEXNX P
%HUDWEXNX NJ
'DUL GDWD WHUVHEXW \DQJ PHUXSDNDQ EHVDUDQ SRNRN DGDODK
$
% & '
6HRUDQJVLVZD603NHODV9,,GLPLQWDXQWXNPHPEXDW VNDODWKHUPRPHWHU;6HEDJDLWLWLNWHWDSDWDVWHUPRPHWHU 3DXOPHQJJXQDNDQ DLUPHQGLGLKEHUVXKX3GDQWLWLN WHWDSEDZDKQ\DGLJXQDNDQHV VHGDQJPHQFDLUEHUVXKX 3 7HUPRPHWHU3GLJXQDNDQXQWXNPHQJXNXUVXKX DLUEHUVXKX&%HUDSDNDKVXKXDLUWHUVHEXWPHQXUXW WHUPRPHWHU3"
1DPD/RJDP .DORU-HQLV -.JR&
%HVL
%DMD
7HPEDJD
3HUDN
3HUKDWLNDQJDPEDUD\XQDQWDOLEHULNXW $ EHVL
% WHPEDJD & EDMD ' SHUDN
%HUGDVDUNDQJUDILNMHQLVORJDP\DQJGLPDNVXGDGDODK $ P
%
P& P ' P
6HSHGDEHUJHUDNSDGDMDODQPHQXUXQGHQJDQNHFHSDWDQ DZDO QRO 'DODP ZDNWX GHWLN NHFHSDWDQ VHSHGD PHQFDSDLPLV.HFHSDWDQVHSHGDSDGDDNKLUGHWLNNH DGDODK
$ PLV
% PLV
& PLV
' PLV
62J
J
*HORPEDQJ PHUDPEDW SDGD SHUPXNDDQ DLU VHSHUWL JDPEDUEHULNXW
3HULRGDGDQFHSDWUDPEDWJHORPEDQJWHUVHEXWDGDODK $ VGDQFPV
% VGDQHPIV & VGDQFPV ' VGDQHPIV
WV
FP
,? ?
$ ?
2
Y Y
9
3HP\DWDDQ\DQJEHQDUEHUNDLWDQGHQJDQIUHNXHQVL
GDQSHULRGDJHWDUDQWHUVHEXWDGDODK
$ I! I! GDQ7! 7&!
% I!!?! GDQ7HL!7F!
&
?
?! GDQ7HL!!7F!' ?L!!?! GDQ7!!7!
3HWDVDQ PHOHGDN GL VHEXDK OHPEDK EHUGLQGLQJ EDWX -DUDNORNDVLOHGDNDQGHQJDQGLQGLQJEDWXDGDODKP *HPDGDULOHGDNDQSHWDVDQWHUGHQJDUNHPEDOLGHWLN VHVXGDK OHGDNDQ WHUMDGL &HSDWUDPEDWEXQ\L GL XGDUD DGDODK
$ PLV
% PLV
& PLV
' PLV
%HUGDVDUNDQJDPEDUWHUVHEXWHQHUJLSRWHQVLDOWHUEHVDU GDQ HQHUJL NLQHWLNWHUEHVDUWHUMDGL NHWLNDERODEHUDGD SDGDSRVLVL
$ GDQ % GDQ & GDQ ' GDQ
FP
7DQDK
*DPEDUEHULNXWPHQXQMXNNDQDODWMXQJNDWMXQJNLWGDODP NHDGDDQ VHLPEDQJ GHQJDQ EHEDQ \DQJ DGD GL NHGXD VLVP\D
%RODYROL GLSXNXO PHODPEXQJGHQJDQ OLQWDVDQ VHSHUWL JDPEDU
-LND EHEDQ 1 GLJHVHU FP PHQMDXK GDUL WLWLN WXPSXDJDUMXQJNDWMXQJNLWWHWDSVHLPEDQJ\DQJKDUXV GLODNXNDQDGDODK
$ PHQDPEDK.GHQJDQEHQGD1 % PHQJJDQWL.GHQJDQEHQGD1
& PHQJJHVHU.VHMDXKFPPHQMDXKLGDULWLWLNWXUQSX ' PHQJJHVHU.VHMDXKFPPHQMDXKLGDULWLWLNWXUQSX
7DEXQJEHULVLPLQ\DNGHQJDQPDVVDMHQLV JFP
7HNDQDQPLQ\DNSDGDGDVDUWDEXQJWHUXNXU1P
.HGDODPDQPLQ\DNGDODPWDEXQJDGDODK
%HQGDWHUOHWDNGLGHSDQFHUPLQFHNXQJVHSHUWLJDPEDU EHULNXW
%HQGD
,
L
,
O
O
L FPāL
L āଛ
FP
LāāāāāāāāāāāāāāO!
-LND EHQGD GLJHVHU PHQMDXKL FHUPLQ VHMDXK FP ED\DQJDQEDUX\DQJWHUEHQWXNEHUVLIDW
$ Q\DWDWHUEDOLNGLSHUEHVDU % Q\DWDWHUEDOLNGLSHUNHFLO & Q\DWDWHJDNGLSHUEHVDU ' PD\DWHJDNGLSHUNHFLO
'XDEHQGD
EHUPXDWDQ
OLVWULNVDWLQJEHUGHNDWDQVHSHUWL
JDPEDUEHULNXW.
/
%
W
FPଛ
%HQGD. GHQJDQ / WRODNPHQRODN GHQJDQJD\D 1
-LNDPXDWDQ.GLSHUNHFLOPHQMDGLO4
GDQPXDWDQ
/GLSHUEHVDU PHQMDGL 4VHGDQJNDQMDUDN. GHQJDQ /
GLSHUSDQMDQJPHQMDGLFPJD\D
WRODNPHQRODNDQWDUD
.GHQJDQ/PHQMDGL$ 1
% 1 & 1 ' 1
%HEHUDSDSHQJKDPEDW\DQJPDVLQJPDVLQJEHUKDPEDWDQ
Q
GLUDQJNDLVHSHUWLJDPEDUEHULNXW
-LND KDPEDWDQUDQJNDLDQ GDQUDQJNDLDQ GLEHUL WHJDQJDQ \DQJ VDPD \DLWX YROW NXDW DUXV SDGD UDQJNDLDQGDQUDQJNDLDQEHUWXUXWWXUXWVHEHVDU $ $ GDQ$
% $GDQ$ & $GDQ$ ' $GDQ$
6HEXDKUXPDKPHQJJXQDNDQEHEHUDSDSHUDODWDQOLVWULN VHEDJDLEHULNXW
ଛ ODPSXPDVLQJPDVLQJ:VHODPDMDPKDUL
ଛ ODPSXPDVLQJPDVLQJ:VHODPDMDPKDUL
ଛ VHWULNDOLVWULN:VHODPDMDPVHWLDS KDUL VHNDOL
ଛ SRPSDDLU:VHODPDMDPKDUL
ଛ WHOHYLVLPDVLQJPDVLQJ:VHODPDMDPKDUL -LNDWDULIOLVWULN5SOSHUN:KELD\DOLVWULN\DQJ KDUXVGLED\DUVHODPD EXODQKDULDGDODK $ 5S
% 5S & 5S ' 5SO2O
8MLFRED8LLDQ1DVLRQDO,3$3DNHW$7DKDS,
3HUKDWLNDQJDPEDUEHULNXW
NRPSDV
X
ଛ
V
OB3
PDJQHW
4,
MLND
3
PHUXSDNDQLUXWXE
PDJQHW6GDUWEHEHUDSDNRPSDV
GLOHWDNNDQGLVHNLWDUPDJQHW3
ଛ
4 VHSHUWLJDPEDU
āāଛ
ଛ
āā
ଛ
ଛଛ
ā
ଛ
ଛ
ଛ
UDJQHW
ଛ
ଛ
ଛ
SRVLVL
NRPSDV\DQJ
EHQDUGLWXQMXNNDQROHKJDPEDU
$%
F
'
7UDQVIRUPDWRU PHPLOLNLNXPSDUDQSULPHU
\DQJ
WHUGLUL GDUL OLOLWDQ GDQ NXPSDUDQ VHNXQGHU \DQJ WHUGLUL GDUL OLOLWDQ -LND DUXV OLVWULN \DQJ PHQJDOLU SDGD NXPSDUDQSULPHU$MHQLVWUDIRWHUVHEXWGDQNXDWDUXV SDGDNXPSDUDQVHNXQGHUDGDODK$ VWHSGRZQGDQ$ % VWHSXSGDQ$ & VWHSGRZQGDQ$ ' VWHSXSGDQ$
3HUKDWLNDQEHEHUDSDIHQRPHQDDODPEHULNXW 7HUMDGLQ\DJHUKDQDPDWDKDUL
7HUMDGLQ\DSHUXEDKDQVLDQJGHQJDQPDODP 3HUEHGDDQODPDQ\DVLDQJGHQJDQPDODP 3HUEHGDDQZDNWXGLGDHUDKEHUEHGD
*HUDNVHPXEHQGDODQJLWGDULWLPXUNHEDUDW )HQRPDQD DODP \DQJ GLVHEDENDQ ROHK URWDVL EXPL GLWXQMXNNDQQRPRU
$ % &
'
/DPEDQJEHULNXW\DQJPHQXQMXNNDQPROHNXODLUDGDODK
$
ଛ
% ଛ
& ଛ
'
ଛ
E
D
E D E D E $VDP DGDODK ]DW GHQJDQ FLULFLUL WHUWHQWX 3HUKDWLNDQ
FLULFLUL]DWEHULNXW
0XGDKEHUVHQ\DZDGHQJDQORJDP 0HQ\HEDENDQNRURVLSDGDORJDP
'DSDWPHQJXEDKODNPXVELUXPHQMDGLPHUDK 'DODPZXMXGFDLUVXNDUPHQJKDQWDUNDQDUXVOLVWULN
%LODQJDQS+DVDPDQWDUD 6LIDWDVDPGLWXQMXNNDQQRPRU
$ %
F
''DODP NHKLGXSDQ NLWD VHULQJ PHQJJXQDNDQ EHQGD EHQGD \DQJ WHUJRORQJ VHQ\DZD %HQGD EHULNXW \DQJ GLNHORPSRNNDQVHEDJDLVHQ\DZDDQWDUDODLQ $ DLUWDQDKXGDUD
% DONRKROJXODPLQ\DNJRUHQJ & EHVLDOXPLQLXPNXQLQJDQ ' SHUXQJJXDVDPVXOIDWFXND
3HUKDWLNDQNXQFLGLNRWRPLEHULNXW
D WXEXKPHPLOLNLWXODQJEHODNDQJ E WXEXKWLGDNPHPLOLNLWXODQJEHODNDQJ ,QYHUWHEUDWD D PHPLOLNLVXKXWXEXK\DQJVWDELOKRPRLWKHUPDO
PHPLOLNL VXKX WXEXK \DQJ WLGDN VWDELO
SRLNLORWKHUPDO
PHPLOLNLUDPEXW 0DPPDOLD PHPLOLNLUDPEXW $YHV WXEXKWHUOLQGXQJROHKVLVLN WXEXKWHUOLQGXQJROHKVLVLN $PSKLELD KLGXSGLDLU 3LVFHV KLGXSGLGDUDW 5HSWLO
8UXWDQNXQFLGHWHUPLQDVLXQWXNNDGDODGDODK
$ ODDEE % ODEED & DEDE ' ODDDD
PHQJDWXUFDKD\D PDVXN PHPXWDUSHPXWDUNDVDU
KDOXV %DKDQ PDNDQDQ VLQWHWLV EHUEDKD\D \DQJ GDSDW 3HUKDWLNDQJDPEDUEHULNXW
PHQLPEXONDQ JDQJJXDQ NHVHKDWDQ GDQ GDSDW PHQLPEXONDQNDQNHUDGDODK
$ VDNDULQGDQVRUELWRO
% UKRGDPLQEGDQQDWULXPELERUDW & QDWULXPEHQ]RDWGDQDVDPVLWUDW ' PRQRVRGLXPJOXWDPDWGDQDVSDUWDP
3HUKDWLNDQJDPEDUEHULNXW
'HSUHVDQ PHUXSDNDQMHQLV SVLNRWURSLND \DQJ GDSDW PHQJNLEDWNDQ
$ GLDEHWHVPHOLWXV % JDQJJXDQNHUMDRWDN & SHQ\DNLWVLSLOLV
' WHNDQDQDRUWDPHQLQJNDW
PHPDVDQJSUHSDUDW
OHWDNNDQ PLNURVNRSGL GHSDQSHQJDPDW
PHPXWDUUHYROYHU
PHPLOLKSHUEHVDUDQOHQVD RE\HNWLI
$NWLYLWDV\DQJGLWXQMXNNDQROHKPDNKOXNKLGXSVHSHUWL JDPEDUPHQXQMXNNDQFLUL
$ WXPEXKGDQEHUNHPEDQJ % EHUNHPEDQJELDN
& EHUDGDSWDVLWHUKDGDSOLQJNXQJDQ ' PHPHUOXNDQPDNDQ
8UXWDQ ODQJNDK FDUD PHQJJXQDNDQ PLNURVNRS \DQJ EHQDUDGDODK
$
%
&
'
)XQJVLULERVRPGDODPVHOWXEXKDGDODK
$ PHQVLQWHVLVSURWHLQ % WHPSDWUHVSLUDVLVHO & PHQJDWXUDNWLYLWDVVHO ' WUDQVSRU]DW
3HUKDWLNDQJDPEDUEHULNXW
-XPODK UDQWDL PDNDQDQ \DQJ GLWXQMXNNDQ ROHKMDULQJ PDNDQDQWHUVHEXWDGDODK
$ % &
'
3HUKDWLNDQJUDILNEHULNXW
*UDILN3HUWXPEXKDQ3HQGXGXNSURYLQVL; MXWD
7HUPDVXNSDUDPHWHUSHQFHPDU\DQJPHQ\HEDENDQEDX WDNVHGDSDGDODK
$ '2GDQ%2'
% %2'GDQ&2' & +6GDQ1+
' (VFKHULFKLDFROLGDQ&2'
3HUKDWLNDQJDPEDUEHULNXW
%DJLDQ\DQJEHUSHUDQPHOXUXVNDQOHQJDQEDZDKDGDODK
$ NRQWUDNVLGDULEDJLDQ % NRQWUDNVLGDULEDJLDQ & UHODNVDVLSDGDEDJLDQ ' UHODNVDVLSDGDEDJLDQ
'DPSDNOLQJNXQJDQ\DQJPXQFXOEHUNDLWDQGHQJDQGDWD \DQJGLWXQMXNNDQROHKJUDILNDGDODK
$ PHQLQJNDWQ\DNHSDGDWDQSHQGXGXN % VHPDNLQWHUEDWDVQ\DVXPEHUDLUEHUVLK
& SROXVL XGDUD PHQXUXQ VHLULQJ NXDOLWDV KLGXS SHQGXGXN
' PHQLQJNDWQ\DMXPODKNDVXVNULPLQDOLWDV
3HQFHPDUDQ DLU GL DOLUDQ VXQJDL GDHUDK SLQJJLUDQ SHUNRWDDQ \DQJ SDGDW LQGXVWUL GDQ SHQGXGXNWHODK PHQJNKDZDWLUNDQ .DGDQJNDGDQJ SHQFHPDUDQ PHQJDNLEDWNDQSHUXEDKDQZDPDDLU$LUPHQJDQGXQJ ODUXWDQSHNDWGDQEHUZDPDJHODSVHKLQJJDPHQJXUDQJL SHQHWUDVLVLQDUPDWDKDULNHGDODPDLU3URVHVIRWRVLQWHVLV WDQDPDQDLUWHUJDQJJX -XPODKRNVLJHQWHUODUXWGDODP DLUPHQMDGLEHUNXUDQJNHKLGXSDQRUJDQLVPHGDODPDLU MXJDWHUJDQJJX%HULNXWFRQWRKGDWDKDVLOSHQJDPELODQ VDPSHO DLUVXQJDL \DQJWHUSDSDUOLPEDK DLUEHUZDPD PHQFRORNGDQWHUFLXPEDXWDNVHGDS
%DJLDQ\DQJGLWXQMXNROHK;EHUODQJVXQJ
$ SHQ\HUDSDQJDVRNVLJHQ
% SHQ\DULQJDQJDVNDUERQGLRNVLGD & SHQ\HVXDLDQVXKXXGDUD
' SHQJLNDWDQXGDUDMHQXK
3HUKDWLNDQJDPEDUEHULNXW
3DJLWDGL$QLWDVDUDSDQQDVLJRUHQJGHQJDQWHOXUPDWD VDSL3HQFHPDDQVHFDUDNLPLDZLWHOXUPDWDVDSLSHUWDPD NDOLDNDQEHUODQJVXQJSDGDRUJDQ
$ PXOXW
% NHURQJNRQJDQ & ODPEXQJ ' XVXVKDOXV
3HUKDWLNDQJDPEDURUJDQVLVWHPSHUQDIDVDQEHULNXW
WDKXQ
ଛO
Wā ଛā ଛଛā
ଛ
ଛ
B
ଛ
BB
ଛ
P ଛ
ā ā ā BBB
B
ā
āRLLVā
1R 3DUDPHWHU +DVLO $PEDQJ%DWDV
'2'LVVROYHG SSP SSP6
2[\JHQ
%2' PJ/ PJ/
%LRORJLFDO2[\JHQ 'HPDQG
&2'&KHPLFDO PJ/ PJ/
2[\JHQ'HPDQG
+6GDQ1+
(VFKHULFKLDFROLGDQ
6WUHSWRFRFFXVIDHFDOLV
3HUHGDUDQGDUDKEHVDUEHUODQJVXQJ
$
%
&
'
3HUKDWLNDQJDPEDUEHULNXW
.
ଛଛ
R
ଛ
3
%DJLDQ \DQJ GLKLODQJNDQ VDDW GLODNXNDQPHQFDQJNRN SDGDWDQDPDQDGDODK
$ ./1 % .3 & 01 ' 113
3HUKDWLNDQUHDNVLNLPLDSDGDSURVHVIRWRVLQWHVLVEHULNXW
3HUDQFDKD\DGDODPSURVHVWHUVHEXWDGDODK $ PHPHFDKVHQ\DZD+
% PHPEHQWXNVHQ\DZD&+
& PHQJLNDW&GDQ
+S
' PHQJXEDK&PHQMDGL
3HUKDWLNDQJDPEDUEHULNXW
3HUDQSDGDEDJLDQ\DQJGLWXQMXNROHK=DGDODK $ SHQ\HUDSDQ GDQ SHQ\DULQJDQ GDUDK ROHK EDGDQ
PDOSKLJL
% WHUEHQWXNQ\D XULQH VHNXQGHU VHWHODK PHQJDODPL UHDEVRUEVL
& VHEDJDL VDOXUDQ SHQJXPSXO XULQH \DQJ DNDQ GLVDOXUNDQNHURQJJDJLQMDO
' SHQ\DOXUDQXULQHPHQXMXNHNDQWXQJNHPLKYHVLFD XULDQULD
3HUKDWLNDQJDPEDUEHULNXW
%DJLDQ \DQJ OXUXK VDDW WHUMDGL SHULVWLZD PHQVWUXDVL DGDODK
$ .1 % /0 & 0 ' 1
'LVLODQJNDQDQWDUDNHOLQFLEHUDPEXWKLWDPNDVDU+K.N GHQJDQNHOLQFLEHUDPEXWSXWLKKDOXVKKNN3HUVHQWDVH NHPXQJNLQDQ GLSHUROHK NHOLQFL EHUDPEXWKLWDPKDOXV VHEDQ\DN
$
%
&
'
3HP\DWDDQEHULNXW\DQJVHVXDLGHQJDQGDPSDNSRVLWLI SHPDQIDDWDQELRWHNQRORJLGDODPELGDQJSDQJDQDGDODK
$ ELRUHPHGLDVL PHUXSDNDQ SHPDQIDDWDQ PLNURELD GDODP SHQDQJJXODQJDQ WXPSDKDQ PLQ\DN GL SHUDLUDQ
% OLPEDKNHGHODLWHPSHVDQJDWEDLNGLEXDQJGLVXQJDL XQWXNPDNDQDQELRWDDLU
& UHND\DVD JHQHWLN SDGD WDQDPDQ WHEX GHQJDQ PHPDQIDDWNDQEDNWHUL(VFKHUHFLDFROLPHQJKDVLONDQ WDQDPDQWHEXWDKDQODKDQNHULQJ
' GLWHPXNDQQ\D EDNWHUL7KLREDFLOOXVIHUURR[LGDQV
PHPEDQWXSHPLVDKDQORJDPEHVLGDULWLPEDOVXOIDW