STRIVE TO BE EXCELLENT Annual Report 2015

Head Office Graha BIP, 10th Floor Jalan Gatot Subroto Kav.23 Jakarta 12930 – Indonesia Telp : (62-21) 5228888 Fax : (62-21) 5258300

Textile Factory PT Apac Inti Corpora

Jl. Raya Soekarno Hatta Km-32 Desa Harjosari, Bawen 50661, Semarang – Indonesia Telp : (62-298) 522888 Fax : (62-298) 522297 Web : http://www.apacinti.com

Garment Factory PT Inti Sukses Garmindo

Jl. Raya Soekarno Hatta Km-31 Bergas Randu Gunting, Bawen 50661, Semarang – Indonesia Telp : (62-298) 523615 Fax : (62-298) 523614 Web : http://www.intisukses.com

Certified Environmental Management ISO 14001 : 2004 SAI GLOBAL

Quality Endorsed Company ISO 9001 : 2008 SAI GLOBAL

Environmental System Quality System

STRIVE TO BE EXCELLENT

BERUPAYA MENJADI YANG TERUNGGUL

Laporan Tahunan Annual Report

2015

STRIVE TO BE EX CELLENT A nnual R epor t 2015

Table of Contents

30 55

02

04 35

33

34

06 36

10 38

12 14

40 42

18 46

20 48

22 50

24 52

26 54

Profil Perseroan

Company Profile

Data Perseroan

Company Data

Riwayat Singkat Perseroan

Company’s Brief History

Visi dan Misi Perseroan

Corporate Vision and Mission

Struktur Pemegang Saham

Shareholding Structure

Perihal Saham

Stock Highlights

Struktur Organisasi Perseroan

Company’s Organizational Structure

Penghargaan

Appreciation

Laporan Dewan Komisaris

Board of Commissioners Report

Laporan Direksi

Board of Directors Report

Ikhtisar Keuangan

Financial Highlights

Analisis & Pembahasan Manajemen

Management Analysis & Overview

Sumber Daya Manusia

Human Resources

Hubungan dengan Pelanggan

Customer Relations

Sistem Manajemen Mutu

Quality Management System

Sistem Manajemen Lingkungan dan Energi

Environmental and Energy Management System

Manajemen Risiko

Risk Management

Tanggung Jawab Sosial Perseroan

Corporate Social Responsibility

Tata Kelola Perusahaan yang Baik

Good Corporate Governance

Dewan Komisaris

Board of Commisioners

Profil Dewan Komisaris

Board of Commissioner Profiles

Direksi

Board of Directors

Profil Direksi

Board of Directors Profiles

Lembaga dan Profesi Penunjang Pasar Modal

Institutions and Professionals Supporting Capital Market

Surat Pernyataan

Official Statement

Daftar Isi

Company Profile

Profil Perseroan

A n n u a l R e p o r t 2 0 1 5

2

PT Asia Pacific Investama, Tbk (sebelumnya PT Apac Citra Centertex, Tbk) pada awal pendiriannya merupakan perusahaan publik yang bergerak dibidang industri tekstil dan produk tekstil. Perseroan telah mencatatkan sahamnya di Bursa Efek Jakarta (BEJ) dan Bursa Efek Surabaya (BES) pada tahun 1989. Dalam kurun waktu periode 1990–1996 Perseroan telah mengalami dua kali perubahan Kepemilikan Saham Utama, dua kali Right Issue, dua kali Penerbitan Saham Bonus.

Restrukturisasi Perseroan secara komprehensif dan fundamental yang dilakukan pada tahun 1996. Tujuannya adalah untuk mereposisi struktur usaha dan investasinya dengan melakukan dua langkah strategis. Yaitu meng­

gabungkan seluruh aset alat alat produksi anak perusaha­

an beserta induk perusahaan, dan mengakuisisi 94,12%

saham PT Apac Inti Corpora (AIC), sebuah industri tekstil terpadu berlokasi di Bawen, Kabupaten Semarang, Jawa Tengah.

Reposisi tersebut telah menghantarkan Perseroan men­

jadi salah satu Grup Tekstil berskala besar di Indonesia.

Struktur industri Grup Apac meliputi sektor industri hulu sampai hilir memproduksi benang tenun, kain mentah lembaran, kain denim dan pakaian jadi berkualitas ekspor, dengan pangsa pasar meliputi 5 benua.

Dalam kurun waktu 2005 – 2007 Perseroan mengambil langkah langkah strategis. Pertama, Perseroan menghenti­

kan seluruh kegiatan operasional pabrik Garmen Perseroan dan melakukan Investasi Penyertaan Saham di perusahaan lain di bidang industri sejenis (TPT). Kedua, Perseroan telah melakukan restrukturisasi dan peremajaan mesin­

mesin Tekstil AIC secara bertahap. Tingkat biaya listrik yang lebih ekonomis. Dengan memiliki keunggulan infrastruktur tekstil terpadu modern berskala besar yang sanggup bersaing lebih intensif di pasar domestik, regional maupun internasional.

Sejak Tahun 2006, bidang usaha inti Perseroan berubah menjadi “Perusahaan Investasi” sebagai perusahaan induk.

Untuk itu maka Perseroan dapat memfokuskan diri dalam melakukan fungsi pengendalian dan pengembangan bagi anak anak perusahaannya.

Pada Tahun 2013 hutang AIC kepada Perseroan di­

restrukturisasi menjadi penyertaan saham Perseroan dalam AIC, sehingga memperkuat posisi Perseroan sebagai perusahaan investasi. Struktur investasi Perseroan saat ini adalah sebagai berikut: PT Apac Inti Corpora (45,16%), PT Apac Pavindo Lestari (31%) dan PT Inti Sukses Garmindo (18.3%).

PT Asia Pacific Investama, Tbk (previously known as PT Apac Citra Centertex, Tbk) at the beginning of its establishment focused on garment industry and product. In 1989, ACC listed its stocks in Jakarta Stock Exchange as well as in Surabaya Stock Exchange. During the period of 1990-1996, Company experienced changes in its majority share holdings, rights issuance, and share bonus issuance, twice, respectively.

A comprehensive and fundamental restructuring of the Company was conducted in 1996. Its aim was to reposition Company’s business structure and investment by applying two strategic steps. First, the Company integrated all its subsidiaries’ assets consisting of its means of production with those of the Principal. Secondly, the Company acquired 94.12% of shares of PT Apac Inti Corpora (AIC), a textile industry located in Bawen, Semarang regency, Central Java.

The reposition had made the Company one of the big scale textile holding companies in Indonesia. Apac Group’s industrial structure comprises both upstream and downstream industries, i.e. produces yarns, grey fabrics, denim and export quality garment with a market share covering 5 continents.

During 2005 – 2007, the Company took several strategic steps. First, the Company ceased all ACC’s garment factory operational activities and carried out an investment in shares of stock in other companies with similar industry (i.g. textile and textile product/TPT). Second, the Company conducted a gradual restructuring and rejuvenating of AIC’s textile machineries. This included AIC’s infrastructure development with more economical level of electricity cost. By its integrated, modern, top-quality, high scale textile infrastructure; hopefully, AIC would be able to be more intensively competitive within domestic, regional and international markets.

Since 2006, the Company’s core business has been changed into an “investment company”. Therefore Company could focus on carrying out its control and development functions of its subsidiaries.

In 2013, AIC’s debt to the Company has been restructured into Company’s investment in AIC; thus, it strengthen the Company’s position as an investment Company. The Company’s investments structure has been as following: PT Apac Inti Corpora (45,16%), PT Apac Pavindo Lestari (31%) and PT Inti Sukses Garmindo (18.3%).

Company Data

Data Perseroan

A n n u a l R e p o r t 2 0 1 5

4

STrukTur Pemegang Saham:

Saham Seri A (Nominal Rp 1.000) :

PT Apac Century Corpora = 18,76%

PT Intiperkasa Wirasentosa = 1,18%

PT Krida Bhumi Raya = 1,01%

Masyarakat = 15,51%

Saham Seri B (nominal rp 250):

Growth Solution Ltd. = 58,77%

Masyarakat = 4,77%

Tanggal PenCaTaTan :

Penawaran Umum Perdana 20­10­1989 Seluruh Modal Disetor 10­07­1990 Penawaran Umum Terbatas 23­08­1990

Saham Bonus I 16­06­1994

Saham Bonus II 18­09­1995

Penawaran Umum Terbatas II 26­07­1996

Tanpa HMETD 18­06­2004

JeniS ProDuk:

Benang Tenun Kain Mentah Lembaran Kain Denim

Pakaian Jadi

TuJuan ekSPor:

Uni Eropa, Asia, Amerika Serikat, Amerika Latin, Afrika, Timur Tengah & Australia.

ShareholDerS STruCTure

Serie A Stock (Nomination Rp 1,000):

PT Apac Century Corpora = 18.76%

PT Intiperkasa Wirasentosa = 1.18%

PT Krida Bhumi Raya = 1.01%

Public = 15.51%

Serie B SToCk (nominaTion rp 250):

Growth Solution Ltd. = 58.77%

Public = 4.77%

DaTe of liSTing:

Initial Public Offering October 20th, 1989 Paid in Capital July 10th, 1990 Limited Public Offering August 23rd, 1990 Bonus Stock I June 16th, 1994 Bonus Stock II September 18th, 1995 Limited Public Offering July 26th, 1996 Without HMETD June 18th, 2004

ProDuCT iTemS:

Yarn Grey fabric Denim fabric Garment

exPorT DeSTinaTion:

European Union member countries, Asia, US, Latin American, Africa, the Middle East & Australia.

Company’s Brief history

Riwayat Singkat Perseroan

A n n u a l R e p o r t 2 0 1 5

6

Berdiri di Jakarta dengan nama ‘PT Mayatexdian Industry’­ bidang usaha Industri Garmen.

IPO sebanyak 2,5 juta saham (29,4%) di BEJ dan BES menghasilkan dana Rp 27,50 miliar. Kode Saham

”MYTX”.

• Pencatatan 6 juta saham. Total seluruh saham MYTX tercatat di bursa menjadi 8,5 juta saham.

• Penawaran Umum Terbatas I (1:1) menghasilkan dana Rp 70,55 miliar.

Perubahan Pemilikan Saham Utama dan penerbitan Saham Bonus I (1:3) 51 juta saham.

• Perubahan Pemegang Saham Utama dan penerbitan Saham Bonus II (2:1) 34 juta saham.

• Perubahan nama Perseroan menjadi PT Apac Centertex Corporation Tbk.

• Penawaran Umum Terbatas II (4:16) dengan (16:3) waran melekat (76,5 juta) menghasilkan dana Rp 408 miliar.

• Akuisisi 94,12% saham AIC (Industri Tekstil), Jakarta

• Relokasi – Pabrik Garmen Perseroan dari Jakarta ke Semarang.

Perubahan nama Perseroan menjadi ‘PT Apac Citra Centertex Tbk’.

Mei. Jumlah konversi waran menjadi saham sebanyak 24.666.577 saham. Seluruh saham MYTX tercatat di Bursa berjumlah 534.666.577 saham.

Established in Jakarta under the name of “PT Mayatexdian Industry” – field of garment business.

Releasing an IPO of 2.5 million stocks (29.4%) at JSX and SSX Managed to gain Rp 27.5 billion. Stock code

“MYTX”.

• Listing 6 milion stocks. Total of all stocks “MYTX”

listed on the stock to 8.5 million shares.

• Limited Public Offerings I (1:1): gaining Rp 70.55 billion

Principle stockholder change and bonus share Issuance I (1:3) for 51 million shares.

• Principle stockholder change and bonus share Issuance II (2:1) for 34 million shares.

• Company’s name changed into PT Apac Centertex Corporation Tbk.

• Limited Public Offerings II (4:16) with (16:3) attached warrants (76.5 million), managed to gain Rp 408 billion.

• Acquisition of 94.12% of AIC’s shares (textile industry), Jakarta

• Relocation of garment factory from Jakarta to Semarang.

Company’s name changed into “PT Apac Citra Centertex Tbk”.

May. The number of warrant conversion into shares were 24,666,577 shares. All MYTX shares listed on the Stock Exchange amounted to 534,666,577 shares.

1987

1989

1990

1994

1995

1996

2000

2001

• September. Relokasi Tahap­I, mesin­mesin produksi Garmen Perseroan dari Kawasan Berikat ‘TEPZ’

Semarang ke Kawasan Berikat PT Inti Sukses Garmindo di Bawen.

• 22 Desember 2003. Perubahan Anggaran Dasar Perseroan yaitu jenis saham Perseroan berubah menjadi Saham Seri A (nominal Rp 1.000) dan Saham Seri B (nominal Rp 250), masing­masing memiliki hak yang sama dan sederajat – berlaku efektif tanggal 15 Maret 2004.

• Peningkatan Modal Disetor Perseroan tanpa HMETD sebesar Rp 233 miliar dengan menerbitkan 932 juta Saham Seri B untuk Growth Solution Ltd. – dalam rangka realisasi restrukturisasi utang Perseroan melalui konversi.

• 30 Desember 2003. realisasi restrukturisasi utang di AIC, anak perusahaan, dampak terjadinya dilusi terhadap pemilikan saham Perseroan di AIC dari 94,12 % menjadi 51%.

• Juni. Pencatatan 932.000.000 saham Seri B berasal dari penerbitan saham tanpa HMETD. Seluruh saham MYTX tercatat di Bursa berjumlah 1.466.666.577 saham, terdiri dari Saham Seri A 534.666.577 (nominal Rp 1.000) dan Saham Seri B 932.000.000 (nominal Rp 250).

• September. Relokasi Tahap­II pemindahan mesin­

mesin produksi garmen Perseroan dari Kawasan Berikat TEPZ Semarang ke Kawasan Berikat PT Inti Sukses Garmindo di Bawen.

• Secara bertahap Perseroan menghentikan kegiatan operasional industri pakaian jadi, karena mesin­

mesin produksi sudah tua, tidak produktif dan tidak ekonomis lagi dioperasikan.

• Januari. Perseoran melakukan investasi penyertaan saham 13% di PT Inti Sukses Garmindo (ISG) bidang usaha industri garmen, kemudian bulan September 2005 ditingkatkan menjadi 18,3%.

• April. Perseroan melakukan investasi penyertaan saham 31% di PT Apac Pavindo Lestari (APL) bidang usaha Umum.

• September. Relocation Phase I: garment production machineries from Bonded Zone of “TEPZ” in Semarang to Bonded Zone of PT Inti Sukses Garmindo in Bawen.

• December 22nd, 2003. Amendment of Article of Association of the Company, i.e. share type changed into Seri A shares (par value of Rp 1,000) and Seri B shares (par value USD 250). Each was to have same and equal rights.It is valid on March 15th, 2004.

• Increasing the Company Paid Capital without Rights Issue in the amount of Rp 233 billion by issuing 932 million of Series B shares for Growth Solution Ltd. : in order to implement the realization of debt restructuring through conversion.

• December 30th, 2003. Realization of debt restructuring of AIC, a subsidiary, as an impact of Company’s share ownership dilution of in AIC from 94.12% to 51%.

• June. Listing 932 million of Seri B shares, derived from the share without Rights Issue. All MYTX shares listed on the Stock Exchange total 1,466,666,577 shares, consisting of Seri A share 534 666 577 (par value Rp 1,000) and Seri B share 932 million (par value Rp 250).

• September. Relocation Phase II: garments production machineries from Bonded Zone of “TEPZ” in Semarang to Bonded Zone of PT Inti Success Garmindo in Bawen.

• The Company gradually ceased the operational activities of apparel industry as the production machineries were old, unproductive and no longer economical to be operated.

• January. The Company carried out an investment in shares of stocks of 13% at PT Inti Success Garmindo (ISG), business field: garment industry. In September 2005 the investment was increased up to 18,3%.

• April. The Company carried out an investment in shares of stocks of 31% at PT Apac Pavindo Lestari (APL), general business field.

2003

2004

2005

A n n u a l R e p o r t 2 0 1 5

8

Realisasi MCB (Mandatory Convertible Bond) AIC senilai Rp 222.000.000.000 dikonversi menjadi saham untuk pemiliknya, Nation Soul Limited, yang berdampak terjadinya dilusi terhadap saham Perseroan di AIC dari 51% menjadi 42,69 %.

Perubahan Anggaran Dasar Perseroan yang disesuaikan dengan Undang­Undang Republik Indonesia No.40 Tahun 2007 tentang Perseroan Terbatas (UUPT), pada tanggal 15 September 2009.

Pada Tanggal 18 Agustus 2008, saldo hutang milik Nation Soul Limited direstrukturisasi sejumlah Rp 33.000.000.000 dikonversi menjadi saham Apac Inti Corpora, sehingga kepemilikan Saham Perseroan di AIC turun dari 42,69 % menjadi 41,68 %.

Bulan September 2009 penjualan seluruh kepemilikan atas saham yang dimiliki Perseroan dalam PT Pura Golden Lion kepada Lenzing AG sebesar 140 saham atau 40%.

Restrukturisasi hutang AIC terhadap Perseroan sejumlah Rp. 103.950.000.000 dengan cara meng­

konversikannya menjadi kepemilikan saham di AIC, sehingga kepemilikan saham Perseroan di AIC naik dari 41,68% menjadi 45,16%

Perubahan nama Perseroan menjadi PT Asia Pacific Investama, Tbk

Realization of MCB (Mandatory Convertible Bond) of AIC valued at Rp 222 billion, converted into shares to the owner, i.e. Nation Soul Limited. The impact was Company’s stock dilution at AIC from 51% to 42.69%.

The article of association of Company was amended, customized to the Law No.40 /2007 on September 15th, 2009. On August 18th, 2008, the outstanding balance of Nation Soul Limited was restructured and converted into AIC’s shares equal to Rp 33 billion so that AIC’s ownership of Company shares diluted from 42.69% to 41.68%.

September 2009. Company sold its entire share ownership at PT Pura Golden Lion to Lenzing AG of 140 shares or equal to 40%.

AIC’s Debt Restructuring with the Company for the amount of Rp 103.950.000.000 by converting it into stakeholdings in AIC. Thus, AIC stakeholdings increased from 41,68% to 45,16%.

Company's name changed into PT Asia Pacific Investama, Tbk

2006

2008

2009

2013

2015

Corporate Vision and mission

Visi dan Misi Perseroan

10

A n n u a l R e p o r t 2 0 1 5

Visi Perseroan:

Visi dari Perseroan adalah menjadi perusahaan tekstil yang terkemuka.

misi Perseroan:

• Memberikan kontribusi terbaik bagi seluruh pemangku kepentingan melalui

upaya maksimal dan berkesinambungan.

• Memberikan kontribusi yang nyata bagi perkembangan perekonomian daerah

dan nasional.

• Menjadi satu Industri Tekstil nasional berskala internasional dengan nilai

penjualan diatas Rp. 5 trilliun / tahun.

• Menguasai pasar asia tenggara dalam kerangka Masyarakat Ekonomi ASEAN 2015

Corporate Vision:

The vision of the Company is to become a leading textil company.

Corporate missions:

• To give the best contribution to all stakeholders through best and continuous efforts.

• To give real contribution in developing local economy as well as national economy.

• To become an international scale Textile Industry in Indonesia with sale value above Rp. 5 trillion / year

• To strengthen markets share in

South East Asia / ASEAN Economic

Community framework 2015.

12

Shareholding Structure

Struktur Pemegang Saham

12

A n n u a l R e p o r t 2 0 1 5

Nation Soul Limited

32.29%

Solomon Profit Limited

PT Apac Inti Corpora

PT Indotex Bangun Bersama 45.16%

17.95%

10%

Koperasi- Koperasi (Cooperatives)

4,60%

PT Inti Sukses Garmindo

18.3%

PT Apac Pavindo Lestari 31%

PT Apac Century Corp.

18.76 % 1.18% 1.01%

PT ASIA PACIFIC INVESTAMA, Tbk Growth Solutions

Limited

58.77%

Masyarakat (Public)

20.28%

PT Intiperkasa Wirasentosa

PT Krida Bhumi Raya

Perihal Saham

Kinerja ^Saham MYTX 2015-2014

mYTx Share Performance 2015-2014

Periode/period Harga tertinggi Harga terendah

Harga penutupan

Jumlah Saham Diperdagangkan

Highest price lowest price Closing price Total Shares Traded

(Rp) (Rp) (Rp)

Tahun 2014

Trw-I/Qtr-I 250 140 179 58,900

Trw-II/Qtr-II 189 104 151 2,900

Trw-III/Qtr-III 157 101 128 67,100

Trw-IV/Qtr-IV 137 104 128 6,500

Kurs Akhir

Closing Rate 250

101 128 135,400

Tahun 2015

Trw-I/Qtr-I 119 101 113 63,600

Trw-II/Qtr-II 112 90 100 22,800

Trw-III/Qtr-III 119 89 110 138,700

Trw-IV/Qtr-IV 91 50 60 5,652,000

Kurs Akhir

Closing Rate 119 50 51 5,877,100

Stock highlights

A n n u a l R e p o r t 2 0 1 5

14

PEMODAL Jumlah Saham Persentase INVESTOR Total Shares Percentage

Saham Seri A (Nominal Rp 1,000)

Shares Serie A (Nominal Rp 1,000)

Pemodal Nasional 534.666.577 36,45 % National Investors

Pemodal Asing - - Foreign Investors

Jumlah 534.666.577 36,45 % Sub Total

Saham Seri B (Nominal Rp 250)

Shares Serie B (Nominal Rp 250)

Pemodal Nasional 70.000.000 4,77 % National Investors

Pemodal Asing 862.000.000 58,77 % Foreign Investors

Jumlah 932.000.000 63,55% Sub Total

Jumlah Saham (Seri A & B)

Total Shares (Serie A & B )

Jumlah Pemodal Nasional 604.666.577 41,23 % Total National Investors

Jumlah Pemodal Asing 862.000.000 58,77 % Total Foreign Investors

Jumlah Saham

(Seri A & B) 1.466.666.577 100% Total Shares

(Serie A & B)

Saham Seri A & B memiliki hak yang sama dan sederajat

Shares Seri A & B have equal rights and degress

Distribusi & Jumlah Saham Beredar Untuk Tahun 2015

Distribution and Circulated Total Shares in 2015

kronologi Pencatatan efek

Jumlah saham Perseroan (MYTX) tercatat di Bursa Efek Indonesia (BEI) seluruhnya berjumlah 1.466.666.577 saham, terdiri dari Saham Seri A sebanyak 534.666.577 dengan nilai nominal Rp 1.000 per saham dan Saham Seri B sebanyak 932.000.000 dengan nilai nominal Rp 250 per saham. Kedua jenis saham tersebut memiliki hak yang sama dan sederajat.

Dengan demikian sejak ‘go-public’ tahun 1989 Perseroan telah melakukan pencatatan efek sebanyak 11 kali, terdiri dari 10 kali pencatatan Saham dan 1 kali pencatatan Waran, selengkapnya sebagai berikut (lihat tabel)

Securities listing Chronology

The Company has listed its shares on Indonesia Stock Exchange (IDX) amounting to 1,466,666,577 shares, consisting of Series A shares by 534,666 577 shares with par value of Rp 1,000 per share and Series B shares by 932,000,000 with par value of Rp 250 per share. Both types have equal rights.

Thereby, since public issue in 1989, the Company has engaged in eleven times to registration of securities, i.e. ten times as listing of shares and once as listing of Warrants. The details are as follows (see table):

Kronologi Pencatatan Efek Perseroan Chronology of The Company’s Stock listings

No Jenis Emisi BEJ / JSX / SSX

Total Saham/

Waran Shares/

Warrants

Type of Emission

Saham Seri A (nominal Rp 1,000)

Share Series A (Nominal Rp 1,000) 1 Penawaran Umum Perdana 20-10-1989 20-10-1989 2,500,000 Initial Public offering 2 Pencatatan Modal Disetor 10-07-1990 10-07-1990 6,000,000 Company Listing 3 Penawaran Umum Terbatas I 23-08-1990 23-08-1990 8,500,000 Rights Issue I

4 Saham Bonus I 16-06-1994 16-06-1994 51,000,000 Bonus Share I

5 Saham Bonus II 18-09-1995 18-09-1995 34,000,000 Bonus Share II

6

Penawaran Umum Terbatas II> dengan Waran Melekat

76.500.000

26-07-1996 26-07-1996 408,000,000 Rights Issue I

> dengan Waran Melekat

76.500.000 26-07-1996 26-07-1996 - > with Attached Warrants 76.500.000 7 Saham ex Konversi Waran 24-11-1999 24-11-1999 7,886,000 Share ex Converted Warrants 8 Saham ex Konversi Waran 08-06-2000 08-06-2000 15,488,094 Share ex Converted Warrants 9 Saham ex Konversi Waran 08-05-2001 08-05-2001 1,292,483 Share ex Converted Warrants

534,666,577

10 Saham Seri B (nominal Rp 250) Share Series B (Nominal Rp 250)

11 Emisi Tanpa HMETD 17-06-2004 17-06-2004 932,000,000 Emission Without Pre-emptive Rights

Jumlah Saham Tercatat 1,466,666,577 Total Share Listed

A n n u a l R e p o r t 2 0 1 5

16

Nama Pengelola Name of Registrar

Jenis Saham Type of Shares

Jumlah Saham Total Shares

Persentase Percentage

BAE Dengan Warkat 948,610,751 64.68%

Stock Registrar Bureau Scrip

KSEI Tanpa Warkat 518,055,826 35.32%

Indonesian Central Securities Depository Scripless

Jumlah/Total 1,466,666,577 100%

Registrasi & Penitipan Kolektif Saham 2015 Share registration & Collective Depository 2015

Kepemilikan Saham oleh Dewan Komisaris dan Direksi Per 31 Desember 2015

Share ownership of BoC and BoD per December 31, 2015

Nama Name

Jabatan Position

Jumlah Saham Total Shares

Persentase Percentage Stefanus Rijanto Kotjo Presiden Komisaris/

President Commissioner 0 0,00

Soeryadi Komisaris/

Commissioner 0 0,00

SintongPanjaitan Komisaris/

Commissioner 0 0,00

Djoko Leksono Sugiarto Komisaris/

Commissioner 0 0,00

BennySoetrisno President Direktur/

President Director 0 0,00

AnasBahfen Direktur/

Director 0 0,00

Ade PrimaSyarif Direktur/

Director 0 0,00

Ian Santoso Perdanakusuma Direktur/

Director 0 0,00

18

Company’s organizational Structure

Struktur Organisasi Perseroan

18

A n n u a l R e p o r t 2 0 1 5

DIREKTUR/Director ANAS BAHFEN PRESIDEN DIREKTUR/

President Director BENNy SOETRISNO

Komisaris Independen Independent Commissioner

SOERyADI

Komisaris Independen Independent Commissioner SINTONG PANJAITAN

Komisaris/Commissioner DJOKO LEKSONO

SUGIARTO

DIREKTUR/Director ADE PRIMA SyARIF

DIREKTUR INDEPENDEN/

Independent Director IAN SANTOSO PERDANAKUSUMA

Ketua Komite Audit/

Chairman Audit Committee SINTONG PANJAITAN PEMEGANG

SAHAM/

Shareholder

Dewan Komisaris/

Board of Commissioner

PRESIDEN Komisaris/

President Commissioner STEFANUS RIJANTO KOTJO

appreciation

Penghargaan

Penganugerahan penilaian peringkat pengelolaan lingkungan hidup Conferment of ratings on environmental management Sertifikat dari Kemendag sebagai Eksportir Bersertifikat Certificate from the Ministry of Trade as a Certified Exporter

A n n u a l R e p o r t 2 0 1 5

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Piagam Penghargaan dari Kemenakertrans untuk program kesehatan Charter Award from Ministry of Manpower and Transmigration for the health program

Piagam dari Kemenprind untuk bidang lingkungan hidup Charter Award from Ministry of Industry for environmental sector

Penghargaan dari Kemenkes untuk program kesehatan Charter Award from Ministry of Health

for the health program

Board of Commissioners report

Laporan Dewan Komisaris

Direksi Perseroan sudah menunjukkan kinerja yang cukup baik.

The Board of Directors of the Company has shown a good performance

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22

Para Pemegang Saham yang terhormat,

Pertama-tama kami panjatkan puji syukur kehadirat Tuhan Yang Maha Esa, Perseroan masih dapat melalui tahun 2015 dengan berbagai tantangan dan kondisi iklim usaha pertekstilan yang tidak kondusif dan tidak menguntungkan.

Kami berpendapat bahwa dalam tahun buku 2015, Direksi Perseroan sudah menunjukan kinerja yang cukup baik. Rencana kerja dan strategi yang diambil cukup mumpuni, sehingga dapat terus memelihara keberlangsungan industri tekstil didalam situasi dan kondisi yang tidak menguntungkan bagi industiri tekstil.

Pada tahun 2015 Perseroan masih menghadapi tantangan dan kondisi iklim usaha yang tidak kondusif yang terus berlanjut dari tahun­tahun sebelumnya. Sebagai dampaknya, pada tahun buku 2015 Perseroan mencatat kerugian usaha sebanyak Rp223,34 miliar atau naik 58,24%

sebesar Rp82,21 miliar dibanding rugi usaha tahun 2014 sebesar Rp141,14 miliar. Namun demikian, kami optimis Direksi melalui rencana kerja dan strategi yang diambilnya serta melalui usaha yang terbaik dapat mengangkat dan membawa Perseroan ke arah yang lebih baik.

Kami telah menelaah dan menerima laporan direksi dan laporan keuangan yang diaudit Kantor Akuntan Publik Kosasih, Nurdiyaman, Tjahjo & Rekan. Kami dapat menerima laporan keuangan tersebut dan untuk pengawasan keuangan Perseroan kami bekerjasama dengan komite audit, sehingga keuangan Perseroan dapat dipantau dan dikontrol dengan baik.

Kami juga telah mempelajari rencana kerja yang telah dibuat oleh Direksi Perseroan untuk tahun buku yang mendatang dan menurut hemat kami, prospek usaha Perseroan yang dijabarkan didalam rencana kerja tersebut cukup realistis dan dapat dipertanggungjawabkan.

Pada kesempatan ini kami menyampaikan penghargaan dan apresiasi setinggi­tingginya kepada Direksi, beserta seluruh staf dan karyawan Perseroan, yang telah berusaha dengan sebaik­baiknya untuk mencapai hasil yang terbaik serta kepada semua stakeholder atas dukungan yang telah diberikan selama ini.

Untuk dan atas nama Dewan Komisaris Jakarta, 25 April 2016

Stefanus Rijanto Kotjo Presiden Komisaris

Dear the Honorable Stakeholders,

First of all, we pray praise and thank the presence of God Almighty, the Company pass through 2015 with a variety of challenges and the business climate which is not conducive and unprofitable for textile business.

We note that in the fiscal year 2015, the Board of Directors of the Company has shown a good performance. Work plans and strategies adopted were helpful, so it can continue to maintain the sustainability of the textile industry in the circumstances and conditions that are not favorable for the textile industry.

During the year 2015, the Company was still facing the challenges and conditions which are not conducive that continues from previous years. As a result, in the fiscal year 2015 the Company recorded an operating loss of as much as Rp223,34 billion, up 58.24% of Rp82,21 billion compared to an operating loss in 2014 amounted to Rp141,14 billion. Nevertheless, we are optimistic that Board of Directors through work plans and strategies taken as well as best efforts can lift and take the Company into a better direction.

We have reviewed and accepted reports from Board of Directors and financial statements audited by Kosasih, Nurdiyaman Tjahjo &

Partners Public Accountant Office. We can accept such financial statements and for the financial oversight of our Company, we have worked together with the audit committee, so that the Company’s financial can be monitored and controlled properly.

We have also studied the work plans that have been made by the Board of Directors for the coming fiscal year and in our opinion, the Company’s business prospects outlined in the work plan is realistic and accountable.

On this occasion, we express our appreciation and highest appreciation to the Board of Directors, and all staff and employees of the Company, which has been trying to do their best to achieve the best results and to all stakeholders for the support that has been given so far.

For and on behalf of the Board of Commissioners.

Jakarta, 25 April 2016

Stefanus Rijanto Kotjo President Commissioner

Board of Directors report

Laporan Direksi

Pencarian pasar baru untuk produk-produk Perseroan terus giat kami lakukan.

We are diligenty under taking the search for new market for the Company’s products

A n n u a l R e p o r t 2 0 1 5

24

Dear the Honorable Stakeholders,

First of all, we pray praise and thank the presence of God Almighty, the Company passed 2015 and remain conducting its business activities, although in 2015 was colored with a variety of challenges and the textile’s business climate which is not conducive and profitable.

2015 was a year of test which is quite challenging for the Company. The unfavorable situation in the whole of 2013 continued until 2015. In 2015, Indonesia’s economic growth is 4.79%, to the lowest since 2010.

We have formulated work plans and strategies and did our best efforts in order to be able to overcome all obstacles mentioned above. However, in 2015, the less favorable situation that began in 2013 continued. Various problems arise from the weakening US market, recession that happened in Japan, foreign currency exchange rates, the decreasing of commodity prices, the increasing flow of imports, the increase in fuel, wages and the growing of smuggled garment. These things will certainly affect the Company’s performance.

Because of these things, the Company recorded an operating loss as much Rp223,34 billion, up 58.24% of Rp82,21 billion compared to an operating loss in 2014 amounted to Rp141,14 billion. These figures do not necessarily make us discouraged. Instead, we become more challenged and encourage to be able to bring the Company into a better direction.

About the situation and conditions are not conducive, we still have optimism that the Company will be able to move forward again. The principle of efficiency in the conduct of business activities remain the main thing that should be applied in the Company. In addition, we are diligently undertaking the search for new markets for the Company’s products.

Implementation of Good Corporate Governance and Accountability, duties and responsibilities ranging from the lowest level to the highest, has been conducted in accordance with their respective authorities. Control and management of the Company has consistently been done in accordance with the prevailing laws and regulation.

In closing, accompanied by a prayer to God, we wish to express our sincere gratitude to all employees, business partners, creditors and shareholders for the consistent support over the years.

For and on behalf of the Board of Directors Jakarta, 25 April 2016

Benny Soetrisno President Director Para Pemegang Saham yang terhormat,

Pertama-tama kami panjatkan puji syukur kehadirat Tuhan Yang Maha Esa, Perseroan dapat melewati tahun 2015 dengan tetap menjalankan kegiatan usahanya, walaupun pada tahun 2015 diwarnai dengan berbagai tantangan dan kondisi iklim usaha pertekstilan yang tidak kondusif dan tidak menguntungkan.

Tahun 2015 merupakan tahun ujian yang cukup menantang bagi Perseroan. Situasi yang kurang menguntungkan di sepanjang tahun 2013 masih terus berlanjut hingga di tahun 2015. Pada tahun 2015, pertumbuhan ekonomi Indonesia adalah sebesar 4,79%, menjadi yang terendah sejak 2010.

Kami telah merumuskan rencana kerja dan strategi serta melakukan upaya yang terbaik guna dapat mengatasi segala rintangan yang disebutkan di atas. Namun pada Tahun 2015, situasi kurang menguntungkan yang terjadi sejak 2013 masih terus berlanjut.

Berbagai masalah muncul mulai dari pelemahan pasar AS, resesi yang terjadi di Jepang, nilai tukar mata uang asing, turunnya harga komoditi, meningkatnya arus impor barang, kenaikan BBM, beban upah pekerja dan maraknya barang garmen yang masuk ke Indonesia dengan cara diselundupkan. Hal­hal ini tentunya akan berpengaruh pada kinerja Perseroan.

Oleh karena hal­hal tersebut, Perseroan mencatat kerugian usaha sebanyak Rp223,34 miliar atau naik 58,24% sebesar Rp82,21 miliar dibanding rugi usaha tahun 2014 sebesar Rp141,14 miliar. Angka­

angka ini tidak lantas membuat kami patah semangat. Justru, kami menjadi lebih tertantang dan bersemangat untuk dapat membawa Perseroan ke arah yang lebih baik.

Didalam situasi dan kondisi yang tidak kondusif ini, kami masih punya optimisme bahwa Perseroan akan dapat bergerak lebih maju lagi.

Prinsip efisiensi didalam menjalankan kegiatan usaha Perseroan tetap menjadi hal utama yang harus diterapkan dalam Perseroan. Selain itu, pencarian pasar baru untuk produk­produk Perseroan terus giat kami lakukan.

Penerapan Tata Kelola Perusahaan (Good Corporate Governance) dan Akuntabilitas (Accountability), pelaksanaan tugas dan tanggung jawab mulai dari tingkat yang paling rendah sampai yang paling tinggi, telah dilakukan sesuai dengan kewenangan masing­masing.

Pengendalian dan pengelolaan Perseroan juga senantiasa dilakukan agar sesuai dengan peraturan perundang­undangan yang berlaku.

Sebagai penutup, dengan disertai doa kepada Allah SWT, kami hendak menyampaikan terima kasih yang tulus kepada seluruh karyawan, mitra bisnis, kreditor serta para pemegang saham atas dukungan yang konsisten selama ini.

Untuk dan atas nama Direksi Jakarta, 25 April 2016

Benny Soetrisno Presiden Direktur

26

financial highlights

Ikhtisar Keuangan

26

A n n u a l R e p o r t 2 0 1 5

Laporan Posisi Keuangan Konsolidasian 31 Desember 2015 dan 2014 Consolidated Statements of financial Position

December 31 Period 2015 dan 2014

(Rp Miliar) 2015 2014 (Disajikan

kembali)

2013 (Disajikan

kembali) 2012 2011 2010 2009 (Rp Billion)

ASET ASSETS

Aset Lancar 493.63 581.72 514.30 424.24 454.58 386.75 399.63 Current Assets

Aset Tidak Lancar Noncurrent Assets

Investasi saham 17.71 16.41 15.74 14.68 13.94 10.76 9.93 Investments in shares of stock

Aset tetap 1,153.80 1,234.32 1,458.41 1,280.34 1,329.03 1,438.99 1,273.91

Property and equipment­net of accumulated depreciation Aset tidak lancar

lainnya 279.19 209.89 107.82 84.06 50.84 46.43 119.93

Other noncurrent assets JUMLAH ASET 1,944.33 2,042.34 2,096.27 1,803.32 1,848.39 1,882.93 1,803.40 TOTAL ASSETS

LIABILITAS DAN DEFISIENSI MODAL

LIABILITIES AND EQUITY

Liabilitas Lancar 1,429.42 1,368.82 1,071.65 842.16 978.51 891.43 973.84 Current Liabilities Liabilitas Tidak

Lancar 1,082.83 945.39 1,130.60 1,022.09 806.10 804.08 747.11 Noncurrent Liabilities JUMLAH LIABILITAS 2,512.25 2,314.21 2,202.24 1,864.25 1,784.61 1,695.51 1,720.95 TOTAL LIABILITIES JUMLAH DEFISIENSI

MODAL YANG DIATRIBUSIKAN KEPADA

TOTAL CAPITAL DEFICIENCY ATTRIBUTABLE TO OWNERS OF THE COMPANY Kepentingan non

pengendali (242.18) (79.82) 11.16 (23.25) 49.34 124.77 59.69 Non ­ Controlling Interests Pemilik Entitas induk (325.75) (192.05) (117.13) (37.68) 14.45 62.65 22.76 Equity JUMLAH DEFISIENSI

MODAL (567.93) (271.87) (105.97) (60.93) 63.79 187.42 82.45 TOTAL LIABILITIES AND EQUITY JUMLAH LIABILITAS

DAN DEFISIENSI MODAL

1,944.33 2,042.34 2,096.27 1,803.32 1,848.39 1,882.93 1,803.40 TOTAL LIABILITIES AND EQUITY

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28

Laporan Laba Rugi Komprehensif Konsolidasian

Untuk Tahun-Tahun Yang Berakhir 31 Desember 2015 dan 2014 Consolidated Statements of Comprehensive income

for the Years ended on December 31, 2015 and 2014

(Rp Miliar) 2015

2014 (Disajikan

kembali)

2013 (Disajikan

kembali) 2012 2011 2010 2009 (Rp Billion)

PENJUALAN BERSIH 1,891.19 2,129.06 1,900.30 1,519.06 1,957.04 1,723.96 1,487.92 NET SALES BEBAN POKOK

PENJUALAN 1,982.13 2,147.36 1,793.41 1,520.04 1,918.27 1,653.59 1,424.65 COST OF GOODS SOLD LABA (RUGI) KOTOR (90.94) (18.30) (106.89) (0.98) 38.77 70.37 63.27 GROSS PROFIT BEBAN USAHA 132.40 122.84 127.16 98.31 121.64 147.21 127.37 OPERATING EXPENSES LABA (RUGI) USAHA (223.34) (141.14) (20.27) (99.29) (82.87) (76.84) (64.10) GAIN (LOSS) FROM

OPERATIONS PENGHASILAN

(BEBAN) LAIN­LAIN

BERSIH (110.99) (48.04) (9.70) (57.47) (61.81) (109.31) 41.01 Other Income (Expenses) Net

EKUITAS LABA BERSIH PERUSAHAAN ASOSIASI

1.19 0.65 0.87 0.70 3.17 0.32 (0.23) Share in net income of associates

RUGI SEBELUM

PAJAK (333.14) (188.53) (29.10) (156.06) (141.50) (185.82) (23.32) INCOME (LOSS) BEFORE TAX MANFAAT (BEBAN)

PAJAK TANGGUHAN BERSIH

69.27 31.44 (25.54) 29.89 20.98 (47.56) 0.45 DIFFERED TAX BENEFIT (EXPENSES) ­ NET LABA (RUGI) BERSIH (263.87) (157.09) (54.64) (126.17) (120.52) (233.38) (22.87) NET INCOME (LOSS) PENDAPATAN

(KERUGIAN)

KOMPREHENSIF LAIN (32.18) (8.81) (8.88) 1.46 (3.11) 338.35 ­ OTHER COMPREHENSIVE INCOME (LOSS) JUMLAH

LABA (RUGI)

KOMPREHENSIF (296.05) (165.90) (63.52) (124.72) (123.63) 104.97 (22.87) TOTAL COMPREHENSIVE INCOME (LOSS)

LABA (RUGI) BERSIH YANG DAPAT DIATRIBUSIKAN KEPADA : NET INCOME (LOSS)

ATTRIBUTABLE TO : Pemilik Entitas Induk (119.16) (70.94) (24.68) (52.73) (46.91) (101.14) 13.19 Owners of the company Kepentingan non­

pengendali (144.71) (86.15) (29.96) (73.44) (73.61) (132.24) (36.06) Non­controlling interests Jumlah (263.87) (157.09) (54.64) (126.17) (120.52) (233.38) (22.87) Total

KEUNTUNGAN (KERUGIAN) KOMPREHENSIF YANG DAPAT DIATRIBUSIKAN KEPADA : COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO : Pemilik Entitas Induk (133.70) (74.92) (28.68) (52.13) (48.20) 39.89 13.19 Owners of the company Kepentingan non­

pengendali (162.36) (90.98) (34.84) (72.59) (75.43) 65.08 (36.06) Non­controlling interests Jumlah (296.05) (165.90) (63.52) (124.72) (123.63) 104.97 (22.87) Total LABA (RUGI) USAHA

PER SAHAM (152) (96) (14) (68) (57) (52) (44) OPERATING INCOME (LOSS)

PER SHARE LABA (RUGI) PER

SAHAM (81) (48) (17) (36) (32) (69) 9 BASIC INCOME (LOSS) PER

SHARE

Indikator Pertumbuhan Keuangan

Rasio Keuangan

financial growth indicator

financial ratio

Note : Mulai tahun 2011 defisiensi modal termasuk kepentingan non pengendali

(Persentase %) 2015

2014 (Disajikan

kembali)

2013 (Disajikan

kembali)

2012 2011 2010 2009 (Percentage %)

Aset (4.80) (2.57) 16.20 (2.44) (1.83) 4.41 (17.13) Assets

Ekuitas(defisiensi) (108.90) (156.55) (73.93) (195.51) 1.81 175.25 137.71 Equity(deficiency)

Liabilitas 8.56 5.08 18.13 4.46 5.25 (1.48) (16.89) Liabilities Penjualan Bersih (11.17) 12.04 25.10 (22.38) 13.52 15.86 (22.02) Net Sales Laba (Rugi) Kotor (396.92) (117.12) 11034 (102.52) (44.91) 11.22 312.54 Gross Profit (loss) Laba (Rugi) Usaha (58.24) (596.42) 79.59 (19.82) (7.85) (19.86) 68.06 Income (Loss)

From Operation Laba (Rugi)

sebelum Pajak

(76.71) (547.95) 81.36 (10.29) 23.85 (696.78) 94.96 Income (Loss) Before tax Laba (Rugi) bersih (67.98) (187.50) 56.69 4.69 (48.36) 920.38 (93.78) Net Income (Loss)

(Persentase

%) 2015

2014 (Disajikan

kembali)

2013 (Disajikan

kembali)

2012 2011 2010 2009 (Percentage %)

Rasio Laba (Rugi) Bersih terhadap Total Aset

(13.57) (7.69) (2.61) (7.00) (6.52) (5.37) 0.73

Net Income (Loss) to Total Assets Ratio Rasio Laba

(Rugi) Bersih terhadap Ekuitas

(46.46) (57.78) (51.56) 207.09 (188.94) (161.43) 57.93

Net Income (Loss) to Equity Ratio

Rasio Laba (Rugi) Bersih terhadap pendapatan

(13.95) (7.38) (2.88) (8.31) (6,16) (13,54) (1,54)

Net Income (Loss) to Revenue Rasio Lancar 34.53 42.50 47.99 50.38 46.46 43.39 41.04 Current Ratio Rasio Liabilitas

Terhadap Ekuitas

(442.36) (851.21) (2,078.16) (3,060.00) 2,798.00 2,706.28 7,560.77 Liabilities to Equity Ratio

Rasio Liabilitas Terhadap Total Aktiva

129.21 113.31 105.06 103.38 96.55 90.05 95.43 Liabilities to Assets Ratio

30

management analysis & overview

Analisis & Pembahasan Manajemen

30

A n n u a l R e p o r t 2 0 1 5

PT Asia Pacific Investama Tbk (d/h PT Apac Citra Centertex Tbk) semula bergerak di bidang usaha industri pakaian jadi, yang berlokasi di kawasan berikat di Bawen. Pada tahun 2006 bidang usaha utama Perseroan berubah menjadi ‘Perusahaan Investasi’ sebagai ‘Perusahaan Induk’

bagi sejumlah anak­anak perusahaannya. Perseroan memiliki saham 45,16% di AIC, bidang usaha industri tekstil & produk tekstil sebagai produsen dan eksportir memproduksi benang tenun, kain mentah lembaran, kain denim dan kain jadi (outsourcing) sebagian besar diekspor Selain itu, Perseroan juga memiliki sejumlah penyertaan saham di perusahaan lain yakni; 31% saham di PT Apac Pavindo Lestari (APL) bidang usaha Umum;

dan 18,3% saham di PT Inti Sukses Garmindo (ISG) bidang usaha Industri Garmen sebagai produsen dan Eksportir.

Previously the core business of PT Asia Pacific Investama Tbk (formerly PT Apac Citra Centertex Tbk) was garment industry, located in Bawen Bonded Zone. In 2006, the Company’s main business changed into an “ investment company”, playing role as a holding for its subsidiaries. As of now, the Company hold 45,16% shares in AIC whose business line is in textile and textile products industry, i.e to produce as well as to export yarn, grey fabric, denim and finished fabric (oursourced). Most of them are exported. Moreover, the Company also holds investments in share in other companies, i.e 31% share in PT. Apac Pavindo Lestari ( APL) which focuses in general business and 18,3% shares in PT.

Inti Sukses Garmindo (ISG) whose core business is in garment industry as producer and exporter.

kinerja keuangan

Tahun buku 2015 Perseroan mencatat penjualan bersih sebesar Rp 1.891,19 miliar atau turun 11,17% sebanyak Rp 237,87 miliar dibanding tahun 2014 sebesar Rp 2.129,05 miliar. Hal ini disebabkan oleh penurunan permintaan pasar secara volume.

Tahun buku 2015 Perseroan mencatat kerugian usaha sebanyak Rp 223,34 miliar atau naik 58,24 % sebesar Rp 82,21 miliar dibanding rugi usaha tahun 2014 sebesar Rp 141,14 miliar.

Kenaikan rugi usaha tersebut disebabkan penurunan harga produk dan kenaikan biaya pokok produksi.

Pendapatan komprehensif lain naik dikarenakan selisih penjabaran kurs dan perhitungan kembali imbalan kerja sesuai PSAK 24. Rugi komprehensif mengalami kenaikan dikarenakan adanya kenaikan beban pokok produksi dan penurunan harga jual. Aset Perseroan tahun buku 2015 tercatat sebesar Rp 1.944,33 miliar atau turun 4,8 % sebesar Rp 98,01 miliar dibanding tahun 2014 sebesar Rp 2.042,34 miliar. Hal ini disebabkan karena penyusutan dan kerugian penurunan nilai aset tetap.

Penurunan aset lancar tahun 2015 sebesar 15,14% dibanding tahun 2014 dikarenakan adanya penurunan piutang, kas setara kas dan persediaan. Penurunan aset tidak lancar tahun 2015 sebesar 0,68% dibanding tahun 2014 dikarenakan adanya penjualan aset dan depresiasi. Kenaikan liabilitas jangka panjang tahun 2015 sebesar 18,24% dibanding tahun 2014 dikarenakan adanya restrukturisasi hutang bank. Kenaikan total liabilitas tahun 2015 sebesar 8,56% dibanding tahun 2014 dikarenakan adanya hutang lain lain dan kenaikan rate di hutang bank.

Kas bersih digunakan untuk aktivitas operasi turun dikarenakan harga jual turun dan harga pokok produksi. Kas bersih digunakan untuk aktivitas investasi turun dikarenakan pembatasan pembelian aset. Kas bersih diperoleh dari aktivitas pendanaan turun karena penambahan utang jangka pendek. Tingkat kolektibilitas piutang dagang perusahaan rata­rata adalah 13 hari. Struktur modal dan kebijakan manajemen atas struktur permodalan sudah dijelaskan di LK 2015 note 19.

Prospek usaha dari perusahaan dengan melihat kondisi dan situasi perekonomian makro saat ini yang belum stabil namun perusahaan berusaha semaksimal mungkin untuk bisa mempertahankan kelangsungan hidup dengan menciptakan peluang pasar baru serta memperbaiki produksinya dan akan terus memperkuat modal kerja guna memperbaiki dan modernisasi mesin untuk mengurangi biaya oprasional.

Yarn Production 2013-2015 (bales)

2013 2014 2015 2013 2014 2015 2013 2014 2015

338,041 342,607 294.091

Grey Fabric Production 2013-2015 (million meters)

26,54 30,35 25,13

Denim Fabric Production 2013-2015 (million yards)

18,62 14,60 13,165

financial Performance

In the fiscal year 2015, the Company booked a net sales income by Rp 1.891,19 billion, or a 11,17% decrease, equal to Rp237,87 billion, compared to that of year 2014 with the amount of Rp 2.129,05 billion.

Thus was caused by the lower sales prices of finished products and lower volume.

In the fiscal year 2015, the Company suffered from the operaiting loss with the amount of Rp223,34 billion, or a 58,24% increase, equal to Rp82,21 billion, compared to that of in 2014 with the amount of Rp141,14 billion. Such increase in the operating loss was the impact of a decrease of product price and increase of the cost of production.

Another comprehensive loss increased due to the difference of exchange rate and recalculation of employee benefits in accordance with IAS 24. Comprehensive loss increased due to the increase of production cost and the decrease of selling price. The Company’s assets for fiscal year 2015 was Rp 1.944,33 billion or an decrease by 4,8%, equal to Rp98,01 billion, compared to that of in 2014 which was as much as Rp2.042,34 billion. Such decrease caused by impairment and depreciation of the assets.

The decrease in current assets of 15.14% in 2015 compared to 2014 due to a decrease in accounts receivable, cash and cash equivalents, and inventories. Decrease in non-current assets amounted to 0.68%

in 2015 compared to 2014 due to the sale of assets and depreciation.

The increase in long-term liabilities amounted to 18.24% in 2015 compared to 2014 due to the increase of bank loan. The increase in total liabilities in 2015 amounted to 8.56% compared to 2014 due to other debts owed and rise in the bank loans.

Net cash used in operating activities decreased due to selling price and cost of production. Net cash used in investing activities decreased due to restrictions on the purchase of assets Net cash provided by financing activities decreased due to the addition of short-term debt. The collectibility of accounts receivable company’s average is 13 days. Capital structure and management policy related to capital structure has been described in note 19 of LK 2015.

Business prospects of the company with the condition and situation of macro economy today that has not been stable yet, the company tried as much as possible in order to maintain viability by creating new market opportunities and improve production and will continue to strengthen the working capital to revitalize and modernize machines in order to reduce operational costs.

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Perbandingan dengan Target 2015

Selama tahun 2015, Perseroran mencatatkan 85% volume penjualan dari target yang ditetapkan. Pengurangan ini utamanya dikarenakan oleh turunnya harga jual dari produk jadi, dan berkurangnya volume.

Target Tahun 2016

Perseroan merencanakan kenaikan produksi sebesar 10% sepan jang tahun. Karena harga jual produk menurun, maka Perseroan menargetkan penjualan sebanyak Rp1.750 miliar sepanjang tahun 2016.

aspek Pemasaran

Perseroan telah merencanakan untuk memperluas pasar meskipun kondisi pasar sedang lambat. Perseroan akan membangun hubungan rantai persedian dengan pelanggan untuk membentuk asosiasi bisnis jangka panjang. Perseroan akan membuka kantor penjualan di sebuah negara Asean untuk memperluas bisnis di negara tersebut. Untuk pasar domestik Perseroan akan memperluas jaringan penjualan.

Ekuitas (deficiency) Perseroan tahun buku 2015 tercatat sebesar minus Rp 567,93 miliar atau naik senilai minus Rp 296,06 miliar dibanding tahun 2014 yang membukukan sebesar minus Rp 271,87 miliar. Kenaikan ekuitas (deficiency) tersebut disebabkan karena perseroan telah membukukan kerugian bersih di tahun 2015.

Likuiditas Perseroan tahun buku 2015 tercatat sebesar 34,53 % turun 18,74% dari tahun 2014 sebesar 42,5 %. Faktor penyebab turunnya likuiditas tersebut karena liabilitas lancar tahun buku 2015 yang tercatat Rp 1.429,42 miliar atau naik sebesar 4,43 % sebanyak Rp 60,61 miliar dibanding tahun 2014 tercatat sebesar Rp 1.368,81 miliar.

Perseroan pada tahun buku 2015 mencatat rasio liabilitas terhadap total aktiva sehari 129,21% sedang tahun 2014 sebesar 113,31%.

Kenaikan rasio liabilitas terhadap total aktiva tersebut karena tahun 2015 Perseroan membukukan liabilitas sebesar Rp 2.512,25 miliar atau naik 8,56% senilai Rp 198,05 miliar dibanding liabilitas tahun 2014 sebesar Rp 2.314,20 miliar

Imbal Hasil Ekuitas (ROE) perseroan tahun buku 2015 tercatat minus 46,5% dan tahun 2014 minus 57,8%. Naiknya ROE tersebut disebabkan Perseroan telah mencatat rugi bersih di tahun 2015.

Benang Tenun:

Total produksi tahun 2015 yang dihasilkan oleh anak Perseroan yang lain, PT AIC sebesar 294.091 bal turun 14,16% sebanyak 48.516 bal dibanding tahun 2014 sebesar 342.607 bal.

kain mentah lembaran:

Total produksi Kain mentah Lembaran yang dihasilkan PT AIC tahun 2015 sebesar 25,13 juta meter turun 17,2 % sebanyak 5,22 juta meter dibanding 2014 sebesar 30,35 juta meter.

kain Denim:

Total produksi Kain Denim yang dihasilkan PT AIC tahun 2015 sebesar 13,165 juta yard turun 9,83% sebanyak 1,435 juta yard dibanding 2014 sebesar 14,6 juta yard.

Comparison with Target for the Year 2015

During the year 2015, the Company achieved 85% of sales volume compared to its target. The reduction was mainly due to lower sales prices of finished products and lower volume.

Target for the year 2016

The Company is planning to achieve overall 10% higher production during the year. As sales prices its products are lower, the company expects to achieve sales of Rp.1,750 Billion during the year 2016.

marketing aspect

The Company has planned to expand its market base despite slow market conditions. The company will establish supply chain relationship with its customer to establish long term business association. The company will be opening sales office in a Asean country to expand its business in these countries. Domestically also, the company will expand its sales network.

Company’s equity (deficiency) for fiscal year 2015 was at (Rp567,93) billion, increaseed (Rp296,06) billion, compared to that in 2014 which was as much as (Rp271,87) billion. Such increase in equity (deficiency) was an outcame of company’s net loss for the year 2015 which had been stated in its financial statement.

The Company’s liquidity for fiscal year 2015 was 34,53% or 18,74%

decrease, compared to 42,5% in 2014. The factor causing such the decrease was the higher current liabilities in fiscal year 2015 with amount of Rp1.429,42 billion or 4,43% increase or equal to Rp60,61 billion, compared to 2014 which was Rp1.368,81 billion.

In financial year 2015, the Company’s liabilities to equity ratio was (129,21%) whereas it was as much as (113,31%) in 2014. Such increase was due to increase in liability to Rp2.512,25 billion or 8,56% increase, equal to Rp198,05 billion, compared to Rp2.314,20 billion in 2014.

As stated Return of Equity (ROE) ratio is (46,5%) during financial year 2015, compared to 2014 (57,8%.) The increase was due to the Company net loss in 2015.

Yarn:

Total production of yarn in 2015 by subsidiary, i.e PT. AIC, was 294.091 bales, decreased 14,16%, equal to 48.516 bales compared to 2014 which was 342.067 bales.

grey fabric:

AIC’s total production of grey fabrics in 2015 was 25,13 million meter or decreased 17,2%, equal to 5,22 million meter, compared to 2014 which was 30,35 million meter.

Denim fabric:

AIC’s total production of denim fabric in 2015 was 13,165 million yard or decreased 9,83%, equal to 1,435 million yard, compared to 2014 which was 14,6 million yard.

human resources

Sumber Daya Manusia

Menghadapi semakin kompetitifnya persaingan bisnis dan ketatnya kondisi perekonomian nasional saat ini maka sumber daya manusia menjadi faktor penting yang mendapat perhatian besar dari Perseroan. Dengan karyawan yang saat ini berjumlah mencapai lebih dari 6.000 orang (saat ini berjumlah 6.630 orang), Perseroan merasa pengoptimalan potensi karyawan dalam bidang kerjanya masing-masing harus menjadi perhatian yang utama, dengan harapan bahwa hal tersebut akan menunjang keberhasilan karyawan dalam menjalankan proses produksi dan operasional perusahaan.

Meskipun kondisi ekonomi nasional mempunyai pengaruh terhadap kondisi Perseroan, namun Perseroan tetap optimis dan yakin bahwa kondisi sulit saat ini akan segera teratasi dan tetap ada peluang yang harus cepat ditanggapi untuk memperbaiki dan meningkatkan produktivitas. Karenanya Perseroan tetap mengaktifkan kegiatan­kegiatan yang bersifat peningkatan kualitas dan kompetensi karyawan melalui program pelatihan yang diselenggarakan di Griya Pelatihan Apac (GRIPAC), yang dilengkapi dengan fasilitas simulasi pabrik tekstil mini terpadu.

Di sisi lain perseroan juga peduli dengan aspek kesejahteraan karyawan. Selain mengikuti program kesejahteraan yang sesuai dengan standar Pemerintah seperti program jaminan sosial tenaga kerja (BPJS Ketenagakerjaan dam BPJS Kesehatan), Perseroan juga mengikutsertakan karyawan dalam program asuransi kesehatan (bekerja sama dengan salah satu asuransi swasta nasional) dan dana pensiun (Dana Pensiun Pemberi Kerja Apacinti / DPPK Apacinti).

Facing increasingly competitive business competition and tightening the current national economic conditions, the human resources is an important factor which received great attention from the Company.

With employees who currently number reached more than 6,000 people (now numbering 6,630 people), the Company felt optimizing the potential of its employees in each field should be a major concern, with the hope that it will support employee success in running the production process and the company’s operations.

Although national economic conditions have influenced the condition of the Company, but the Company remains optimistic and believe that the current difficult conditions will soon be resolved and still there is a chance that must quickly be taken to improve and increase productivity. The Company therefore is undertaking the activities to increase the quality and competence of employees through training programs Training held in Griya Apac (GRIPAC), which is equipped with mini-integrated textile mill simulation.

On the other hand the company is also concerned with the welfare aspects of employees. In addition to following the appropriate welfare program with government standards such as social security program labor (the Employment BPJS dam BPJS Health), The Company also engages the employees in the health insurance program (in collaboration with one of the insurance national company) and pension funds (employer pension funds Apacinti / DPPK Apacinti).

Customer relations

Hubungan dengan Pelanggan

Perseroan menyadari bahwa jaringan mitra bisnis yang luas merupakan kunci sukses dalam memenangi persaingan bisnis. Untuk memperluas basis pelanggan mitra bisnis terpenting adalah Perseroan melakukan upaya terpadu, termasuk pengembangan bisnis baru.

Dalam jangka panjang, kemitraan strategis ini akan terus diperluas sehingga memungkinkan anak­anak Perseroan menjadi perusahaan yang kompetitif. Dalam jangka panjang, terobosan bisnis yang terbukti telah memberikan margin laba yang tinggi tersebut dapat diharapkan akan memberikan mesin pertumbuhan baru yang kuat. Karena itu, di masa mendatang Perseroan akan terus menciptakan lebih banyak terobosan.

Dalam hal ini, Perseroan bukan hanya akan lebih mengintensifkan kerja sama dengan mitra bisnis yang telah ada, tetapi juga akan menggandeng lebih banyak mitra strategis baru. Perluasan kemitraan strategis ini dapat diharapkan akan segera membuahkan beberapa kategori produk untuk diluncurkan bertahap pada 2012. Strategi pemasaran Perseroan didasarkan pada konsep kemitraan saling menguntungkan dengan membangun hubungan kerjasama jangka panjang, meliputi antara lain bidang segmentasi pasar, kemitraan strategis, kemitraan pola imbal beli, pelayanan dan promosi intensif. Perencanaan pemasaran, target penjualan dan evaluasi yang dibahas secara luas dan mendalam dalam Rapat Kerja Tahunan Grup Apac, memperoleh persetujuan dan komitmen penuh dari Dewan Komisaris dan Direksi, serta didukung penuh oleh manajemen beserta seluruh karyawan.

The Company realizes that its wide business partners’

network is the key to success to win the competition. To expand its customer basis, the Company has carried out an integrated effort, e.g. by developing new business.

In long term, this strategic partnership would be expanded so that Company’s subsidiaries would become more competitive. Such breakthrough proven to bring about a high return would turn into a new, strong engine of growth.

Hence, in long term, the Company would be more creative to generate further, new breakthrough.

Concerning with this issue, the Company would not only intensify the cooperation with the existing partners, but also embrace more new strategic partners. Hopefully, the strategic partnership expansion would result with the production of new product categories launched gradually since 2012. The Company's marketing strategy is based on mutually beneficial partnership by establishing a long term cooperative relationship, consisting of market segmentation, strategic partnership, tradeoff partnership, excellent service and intensive promotion and marketing plan, sales target and evaluation which are discussed both extensively and intensively within Apac Group's annual meeting approved by BOC and BOD’s with full commitment from all management and production division representing all the employees/

workers.

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Quality management System

Sistem Manajemen Mutu

Salah satu anak perusahaan, yakni PT. Apac Inti Corpora, adalah perusahaan tekstil terintegrasi yang menghasil­

kan produk tekstil berkualitas, ramah lingkungan dan hemat energi. Dengan Motto: “Green Products­Sustainable Growth”, PT. Apac Inti Corpora terus mengusahakan pertumbuhan perusahaan melalui kerja sama saling menguntungkan dengan mitra bisnis serta komitmen untuk memberikan kepuasan melebihi harapan pelanggan, melakukan pencegahan pencemaran lingkungan dan peningkatan efisiensi energi dari waktu ke waktu. Hal tersebut diwujudkan melalui implementasi dan sertifikasi Sistem Manajemen Mutu SNI­ISO 9001, Sistem Manajemen Lingkungan SNI­ISO 14001 dan Sistem Manajemen Energi SNI­ISO 50001.

Proses yang dikontrol secara ketat, dan didukung oleh sumber daya manusia yang kompeten, mesin yang mutakhir dan hemat energi serta lingkungan kerja yang bersih dan aman memberi jaminan produk berkualitas, harga kompetitif dan pelayanan prima. Itulah sebabnya 55% lebih pangsa pasar PT. Apac Inti Corpora adalah pasar ekspor di lima benua: Eropa, Amerika, Australia, Asia hingga Afrika.

One of the subsidiaries, PT Apac Inti Corpora, is an integrated textile company which provides high quality textile products which are sustainable and energy saving. with a motto:

“Green Products-Sustainable Growth”, PT. Apac Inti Corpora attempts the company’s growth through mutual relationship with the business partners and through a commitment in providing satisfaction exceeding customers’ expectation by taking prevention of environmental pollution and increasing energy-efficiency from time by time. This notion is realized through implementation and certification of Quality Management System (Sistem Penjamin Mutu) SNI- ISO 9001, Environmental Management System (Sistem Manajemen Lingkungan) SNI-ISO 14001 and Energy Management System (Sistem Manajemen Energi) SNI-ISO 50001.

Strictly controlled process supported by competent human resources, sophisticated and energy-saving machine, as well as safe and clean working environment creates high- quality-product warranty, competitive price and superfine service. As the result, more than 55% market segments of PT. Apac Inti Corpora are the exporter markets in 5 continents: Europe, America, Australia, Asia, even Africa.

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environmental and energy management System

Sistem Manajemen Lingkungan dan Energi

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Sebagai wujud komitmen terhadap kelestarian lingkungan serta kepatuhan terhadap hukum dan perundang­undangan di bidang lingkungan dan energi, PT. Apac Inti Corpora mengimplementasikan Sistem Manajemen Lingkungan dan Sistem Manajemen Energi. Dengan demikian, dipastikan bahwa PT. Apac Inti Corpora mengendalikan aspek lingkungan signifikan dari aktivitas perusahaan yang berpotensi mencemari udara, tanah maupun air.

Di samping itu, bisa dipastikan pula bahwa PT. Apac Inti Copora selalu meningkatkan kinerja energi secara berkesinambungan.

Berbagai sertifikat dan penghargaan yang berhasil diraih dan terus dipertahankan oleh PT. Apac Inti Corpora terkait lingkungan dan energi adalah Sertifikat ISO 14001, Sertifikat ISO 50001, Proper Kategori Biru, dan Penghargaan Industri Hijau dari Pemerintah. Sertifikat lainnya adalah sertifikat OEKO TEX­100 yang merupakan Standar Eropa untuk produk tekstil yang tidak menggangu kesehatan kulit.

As the form of the Company’s commitment towards environmental preservation and law and legislation obedience in the term of environment and energy, PT. Apac Inti Corpora implements Environmental Management System and Energy Management System. Therefore, PT.

Apac Inti Corpora implements significant environmental aspects in all of company activities which potentially contaminate air, soil even water. Besides, PT. Apac Inti Corpora is always increasing the energy conservation performance continuously.

PT. Apac Inti Corpora successfully achieved various certificates and honors and would be maintaining these honors which are related to environment and energy, (i.e.

ISO Certificate 14001, ISO Certificate 50001, Blue-Category Proper and Green Industry Honor from the government).

Another certificate is OEKO TEX-100 Certificate which is European standard for textile product which does not interfere skin health.

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risk management

Manajemen Risiko

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