8-,&2%$8-,$11$6,21$/8&81 ,
603
,
07V
7$+81 3(/$-$5$1
/(0%$562$/
3$.(7
$
0DWD 3HODMDUDQ +DUL7DQJJDO :DNWX
0DWHPDWLND
6HODVD )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
DVHEHOXPGLMDZDE $ %
F
'EVHVXGDKGLMDZDE $ %
F
'F VHVXGDKGLSHUEDLNL $ %
F
'3(781-8..+8686
+LWDPNDQODKVDODKVDWXEX,DWDQ SDGDKXUXI$ % &DWDX'\DQJ$QGDDQJJDSEHQDUSDGDOHPEDUMDZDEDQNRPSXWHU
+DVLOGDUL
[DGDODK$
&
% '
+DVLOGDULDGDODK
$
&
'DODP NRPSHWLVL EDKDVD OQJJULV \DQJ WHUGLUL GDUL VRDO SHVHUWD DNDQ PHQGDSDW VNRU XQWXN VHWLDS MDZDEDQ EHQDU VNRU XQWXN VHWLDSMDZDEDQ VDODK GDQ VNRU XQWXNVRDO \DQJ WLGDN GLMDZDE -LND %XGL PHQMDZDE VRDO GDQ\DQJ EHQDU VRDO PDND VNRU\DQJ GLSHUROHK%XGLDGDODK
$
&
%
'8QWXNPHQMDPXRUDQJGLSHUOXNDQ OLWHU EHUDV'HQJDQEHUDVVHEDQ\DN OLWHUEDQ\DN RUDQJ\DQJGDSDWGLMDPXDGDODK
$ RUDQJ
&
RUDQJ%
RUDQJ ' RUDQJ%
-B
'
%HQWXNVHGHUKDQDGDUL-LR[
-
-V
DGDODK$
-
&
-V
% - ' -V
5LQL PHQDEXQJ SDGD %DQN VHEHVDU
5S 6HWHODK EXODQ XDQJQ\D
PHQMDGL5S
%HVDUEXQJDSHUWDKXQDGDODK
$
&
% '
-DUDN NRWDSDGDSHWDFPVHGDQJNDQMDUDN VHEHQDUQ\DNHGXDNRWDWHUVHEXWNP6NDOD SHWDWHUVHEXWDGDODK
$ %
3HGDJDQJ PHQMXDO VHEXDK WHOHYLVL GHQJDQ KDUJD 5S-LND LD XQWXQJ GDUL KDUJD SHPEHOLDQ PDND KDUJD SHPEHOLDQ WHOHYLVL WHUVHEXWDGDODK
$ 5S
&
5S% 5S ' 5S
&
7LJDVXNXEHULNXWQ\DEDULVDQ DGDODK
$
&
% '
2 3ROD VXDWX EDULVDQ\DQJ GLVXVXQGDUL EDWDQJ EDWDQJNRUHNDSL
'
0?1?
ଛ
*UDGLHQ JDULV \DQJ WHJDN
OXUXV $%
SDGD JDPEDUGLEDZDKDGDODK7L
%??
??$ ?
%DQ\DNQ\D EDWDQJ NRUHNDSL SDGD SROD NH DGDODK
$
&
% '
$
%
F
'
6XDWXIXQJVLGLUXPXVNDQI[ D[E -LNDI^ GDQI PDNDQLODL IDGDODK
$ &
%
'
'
[
K
F
'LNHWDKXL$% FP$) FP%' FP/XDVEDQJXQWHUVHEXWDGDODK
$ FP
&
FP% FP ' FP
3HUVDPDDQJDULVKDGDODK
$ \ [
&
\ [% \ [ ' \ [
6HEXDK NDSDO GDUL SHODEXKDQ EHUOD\DU NH XWDUD VHMDXK NP NHPXGLDQ EHORNNH EDUDW VHMDXK NP -DUDNWHUGHNDW NDSDO VHNDUDQJ GDULSHODEXKDQDGDODK
$ NP
&
NP% NP ' NP
3HUKDWLNDQJDPEDU
) (
3HQ\HOHVDLDQGDULST GDQST DGDODK[GDQ\1LODL[\
$
&
% '
%HVDU NHGXD VXGXW VHJLWLJD GDQ 'LWLQMDX GDUL SDQMDQJ VLVL GDQ VXGXWQ\DMHQLV VHJLWLJDWHUVHEXWDGDODK
$ 6HJLWLJDODQFLSVDPDNDNL % 6HJLWLJDVLNXVLNXVDPDNDNL
&
6HJLWLJDWXPSXOVDPDNDNL ' 6HJLWLJDWXPSXOVHPEDUDQJ 3HUKDWLNDQJDPEDU\
&
RUDQJ ' RUDQJ&
GDQ ' GDQ
3HUKDWLNDQJDPEDU
5HODVLGDULKLPSXQDQ$NHKLPSXQDQ%DGDODK $ NXUDQJGDUL % IDNWRUGDUL
&
GXDNDOLGDUL ' VHWHQJDKGDUL 'DUL VLVZD GL NHODV $ VLVZD JHPDUPDWHPDWLND VLVZD JHPDU RODKUDJD GDQ VLVZD WLGDN JHPDU PDWHPDWLND PDXSXQ RODKUDJD %DQ\DN VLVZD \DQJ KDQ\D JHPDU PDWHPDWLND DGDODK
$ RUDQJ % RUDQJ 'LNHWDKXL
3 ^[
,
[ [ELODQJDQJHQDS`4
^[,[
[ELODQJDQSULPD`3Q4
$ ^`
%
^`&
^ `' ^ଛଛ`
+LPSXQDQSHQ\HOHVDLDQGDUL
[
V
[GHQJDQ[DQJJRWDELODQJDQEXODWDGDODK
$ ^ `
&
^ `% ^ ` ' ^ `
'DULSHPIDNWRUDQEHULNXW
2[2[ [ [
[ 2[ [ [
[ [ [[
[ [[
\DQJEHQDUDGDODK $ GDQ
% GDQ
& 5S ' 5S 7DPDQ EHUEHQWXN OLQJNDUDQGHQJDQSDQMDQJ
GLDPHWHU P DNDQ GLSDVDQJ WLDQJ ODPSX GHQJDQMDUDNDQWDUWLDQJP-LNDELD\D WLDQJ ODPSX 5S PDND ELD\D VHOXUXKQ\D XQWXN PHPDVDQJ WLDQJ ODPSX WHUVHEXW DGDODK
$ 5S % 5S
3HUKDWLNDQJDPEDU
' S
%HVDU/$%&SDGDJDPEDUGLEDZDKLQL DGDODK
$
$
3 DGDODKWLWLNSXVDWOLQJNDUDQ-LND OXDVMXULQJ 3%& FPOXDVMXULQJ3$'DGDODK
$ FP & FP
% FP ' FP
WHJDN OXUXV GHQJDQ NXEXV $%&'()*+
& ()'& '$'*)
)O
%LGDQJ GLDJRQDO \DQJ ELGDQJ %'+) SDGD DGDODK
$$&*( % $%*+
'DUL UDQJNDLDQ SHUVHJL EHULNXW \DQJ PHUXSDNDQMDULQJMDULQJNXEXVDGDODK
F
'F
' F
[
%
[
$ %
3DGD $%& EHVDU /$ GDQ /% 3DGD345/3 GDQ/4
-LND VHJLWLJD $%& GDQ 345 VHEDQJXQ PDND GDULSHUQ\DWDDQEHULNXW
$% $& %& $& 45 35 35 45 $& $% $% %& 35 34 45 35
<DQJEHQDUDGDODK $
%
& P ' P
3HUKDWLNDQ JDPEDU \DQJ GLEHQWXN ROHK NHUXFXWGDQEHODKDQEROD
7LDQJ VHWLQJJL PHWHU PHPSXQ\DL ED\DQJDQO FP -LND SDQMDQJ ED\DQJDQ VHEXDK JHGXQJ PHWHU EHUDSDNDK WLQJJL JHGXQJWHUVHEXW"
$ P % P
$ GDQ
% GDQ & GDQ' GDQ
FP
9ROXPEDQJXQWHUVHEXWDGDODK
Q
& FP
' FP
& MDPPHQLW ' MDPPHQLW $ FP
% FP
$ MDPPHQLW % MDPPHQLW
6HEXDKWHPSDWSHQDPSXQJDQDLUEHUEHQWXN WDEXQJGHQJDQWLQJJL P GDQGLDPHWHU FP7HPSDWSHQDPSXQJDQDLULWXDNDQGLLVLDLU GHQJDQ NHFHSDWDQ UDWDUDWD OLWHUSHU PHQLW 7HPSDW SHQDPSXQJDQ WHUVHEXW DNDQ SHQXK VHWHODK
3HUKDWLNDQJDPEDUWUDSHVLXPVDPDNDNL$%&'
' &
!)?
5
-LND /546
/536/576 PDND EHVDU/526/576$ &
3HUKDWLNDQJDPEDUSXVDWOLQJNDUDQ
4
$
%
%DQ\DN SDVDQJDQ VHJLWLJD NRQJUXHQ SDGD JDPEDUWHUVHEXWDGDODK
3HUKDWLNDQ JDPEDU EHQGD \DQJ WHUGLUL GDUL NXEXVGDQOLPDV
FP
'LDJUDP GL EDZDK LQL PHQXQMXNNDQ GDWD WHQWDQJ NHJHPDUDQ VLVZD EHURODKUDJD GL VHNRODK%DQ\DNVLVZD\DQJJHPDUVHSDNEROD RUDQJEDQ\DNVLVZD\DQJJHPDUEHUVHSHGD DGDODK
$ RUDQJ % RUDQJ
&
RUDQJ ' RUDQJFP
/XDVSHUPXNDDQEHQGDWHUVHEXWDGDODK
$
FP&
FP% FP ' FP
/XDV EROD GHQJDQ SDQMDQJ GLDPHWHU FP DGDODK
$
FP% FP
%
'
B
&
FP'
FP'DODP SHUFREDDQ PHOHPSDU VHEXDK GDGX SHOXDQJ PXQFXO PDWD GDGX IDNWRU GDUL
DGDODK
$
F
0HGLDQGDQPRGXVGDULGDWD
DGDODK $ GDQ
&
GDQ% GDQ ' GDQ
1LODL UDWDUDWD NDOL XODQJDQ %XGL 6DODK VDWXQLODLEHOXPWHUFDWDWVHGDQJNDQQLODL\DQJ WHUFDWDWDGDODK GDQ 1LODL \DQJEHOXPWHUFDWDWDGDODK
$
&
%
8MLFRED8MLDQ1DVLRQDO0DWHPDWLND3DNHW$7DKDS,
'DODPVDWX NDWRQJWHUGDSDWNHOHUHQJVHEDJDL EHULNXW
ଛଛଛ
ଛ
ଛM
I
Uଛ
Fଛ / / F-B
KLMDX NXQLQJ
-LNDGLDPELOVHEXDK NHOHUHQJVHFDUDDFDNQLODL NHPXQJNLQDQWHUDPELONHOHUHQJELUXDGDODK $
&
% '
8-,&2%$8-,$1 1$6,21$/
8&81
,
603
,
07V
3$.(7
%
7$+81 3(/$-$5$1
/(0%$562$/
0DWD3HODMDUDQ +DUL7DQJJDO :DNWX
0DWHPDWLND
6HODVD )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
'EVHVXGDKGLMDZDE $ %
F
'F VHVXGDKGLSHUEDLNL $ %
F
'3(781-8..+8686
+LWDPNDQODKVDODKVDWXEXODWDQSDGDKXUXI$%&DWDX'\DQJ$QGDDQJJDSEHQDUSDGDOHPEDUMDZDEDQNRPSXWHU
& '
5LQR PHQDEXQJ SDGD %DQN %1, VHEHVDU 5S 6HWHODK EXODQ XDQJQ\D PHQMDGL5S%HVDUEXQJDSHUWDKXQ DGDODK
'XDVXNXEHULNXWGDULEDULVDQELODQJDQ DGDODK
$ &
% '
%HQWXN VHGHUKDQD GDUL -OV[
-
-V
DGDODK
$
-V
&-M
%
IL
'
IL
& ' $
%
3HGDJDQJ PHQMXDO VHEXDK UDGLR GHQJDQ KDUJD 5S-LND LD XQWXQJ GDUL KDUJD SHPEHOLDQ PDND KDUJD SHPEHOLDQ UDGLR WHUVHEXWDGDODK
$ 5S & 5S
% 5S ' 5S
6XKXGLGDODP NXONDVVHGDQJNDQVXKX GL UXDQJDQ & 3HUEHGDDQ VXKX GL NHGXD WHPSDWWHUVHEXWDGDODK
$ & & & % & ' & +DVLOGDUL
[
DGDODK$ &
% '
6HRUDQJ SHPERURQJ GDSDW PHQ\HOHVDLNDQ SHPEDQJXQDQ SRV NHDPDQDQ VHODPD KDUL GHQJDQ SHNHUMD RUDQJ $JDU SHNHUMDDQ LWX VHOHVDL KDULPDNDWDPEDKDQSHNHUMD\DQJ GLSHUOXNDQVHEDQ\DN
$ RUDQJ & RUDQJ % RUDQJ ' RUDQJ
-DUDNNRWD$NHNRWD % NP-LNDMDUDNNHGXD NRWD SDGD SHWD FP PDND VNDOD SDGD SHWD DGDODK
$ %
+DVLOGDUL DGDODK $ &
BO
3HUKDWLNDQJDPEDUSRODGLEDZDK
,
3HUKDWLNDQJDPEDU
5HODVLGDULKLPSXQDQ$NHKLPSXQDQ% DGDODK
'
F
'
[
K
S
ଛ
āāāāāāāāāāāāāāāā
āāāāāāāā
āāāāāāāāāāāāāāāāāā4
%
F
'
3HUKDWLNDQJDPEDU
)
3HUVDPDDQJDULVKDGDODK
$ \ [
&
\ [% \ [ ' \ [
F
'LNHWDKXL$% FP$) FP%' 2FP /XDVEDQJXQWHUVHEXWDGDODK
$ FP
&
FP% FP ' FP
6HEXDK NDSDO GDUL SHODEXKDQ EHUOD\DU NH VHODWDQVHMDXKNPNHPXGLDQEHORNNHWLPXU VHMDXK NP -DUDNWHUGHNDW NDSDO VHNDUDQJ GDULSHODEXKDQDGDODK
$ NP
&
NP% NP ' NP
-LNDST GDQST PDNDST DGDODK
$
%
%HVDU NHGXD VXGXW VHJLWLJD GDQ 'LWLQMDX GDUL SDQMDQJ VLVL GDQ VXGXWQ\DMHQLV VHJLWLJDWHUVHEXWDGDODK
$ 6HJLWLJDODQFLSVDPDNDNL % 6HJLWLJDWXPSXOVDPDNDNL
&
6HJLWLJDVLNXVLNXVHPEDUDQJ ' 6HJLWLJDODQFLSVHPEDUDQJ 3HUKDWLNDQJDPEDU\
*UDGLHQJDULV34GLEDZDKDGDODK
$
LāāāLāāāLāāāLāāāāāāā
& ^
`' ^`
$ NXUDQJGDUL % IDNWRUGDUL
&
GXDNDOLGDUL ' VHWHQJDKGDUL&
RUDQJ ' RUDQJ&
GDQ ' GDQ
$ RUDQJ
% RUDQJ
%DQ\DNWLWLN SDGDSRODNHDGDODK
$ &
% '
'DULVLVZDGLNHODV$VLVZDSHQJJHPDU JURXS PXVLN:DOL GDQ VLVZD SHQJJHPDU JURXS PXVLN 'HZD -LND VLVZD EXNDQ SHQJJHPDUJURXSPXVLN:DOLPDXSXQ'HZD PDND EDQ\DN VLVZD \DQJ KDQ\D PHQMDGL SHQJJHPDU :DOLDGDODK
'LNHWDKXLUXPXVIXQJVL I[ D[E -LNDI GDQI
PDNDQLODL IDGDODK
$
&% ଛଛ
+LPSXQDQSHQ\HOHVDLDQGDUL
[
!
[GHQJDQ[DQJJRWDELODQJDQEXODWDGDODK
$ ^ `
&
^ `% ^ ` ' ^ `
-LND0 ^[>[V[(
JDQMLO`GDQ 1 ^[,
V
[ [(
SULPD` PDND081$ ^`
% ^`
'DULSHPIDNWRUDQEHULNXW
2[ 2[ [ [
[ [ [ [
[ [ [[
[ [[
\DQJEHQDUDGDODK
$ GDQ % GDQ
&
5S ' 5S .HEXQEHUEHQWXN OLQJNDUDQGHQJDQSDQMDQJGLDPHWHU P DNDQ GLSDVDQJ NDZDW GL VHNHOLOLQJQ\D VHEDQ\DN SXWDUDQ-LND ELD\D PNDZDW 5SPDNDELD\DVHOXUXKQ\D DGDODK
$ 5S % 5S
%HVDU /$%& SDGD JDPEDU GL EDZDK LQL 3HUKDWLNDQJDPEDU
DGDODK $
F
$
% '
F
6[ [ %' %
F
%& $&
35 34
$% %&
45 35
3HUKDWLNDQJDPEDUWUDSHVLXPVDPDNDNL$%&'
' &
4L6?
F
LLL'
LYWHJDN OXUXV GHQJDQ NXEXV $%&'()*+
&
()'& '%&+($
L%
LL$
3 DGDODKWLWLNSXVDWOLQJNDUDQ-LND OXDVMXULQJ 3$% FPOXDVMXULQJ3%&DGDODK
$ FP
&
FP% FP ' FP
Lଛ LL&IUD
LLLଛ LY ଛ
'DUL UDQJNDLDQ SHUVHJL GL EDZDK \DQJ PHUXSDNDQMDULQJMDULQJNXEXVDGDODK %LGDQJ GLDJRQDO \DQJ
ELGDQJ $'*) SDGD DGDODK
$ '&)+ % $%*+
&
P ' P&
GDQ ' GDQ <DQJEHQDUDGDODK$ GDQ % GDQ
7LDQJVHWLQJJL PHWHUPHPSXQ\DLED\DQJDQ FP -LND SDQMDQJ ED\DQJDQ VHEXDK JHGXQJ PHWHU EHUDSDNDK WLQJJL JHGXQJ WHUVHEXW"
$ P
%
P
3DGD E$%& EHVDU /$ GDQ/& 3DGDE345/3 GDQ/5
-LNDE$%& GDQE345 VHEDQJXQ PDND GDUL SHUQ\DWDDQEHULNXW
$% $&
45 35
$& $%
35 34
%DQ\DN SDVDQJDQ VHJLWLJD NRQJUXHQ SDGD JDPEDUWHUVHEXWDGDODK
$ SDVDQJ
&
SDVDQJ % SDVDQJ ' SDVDQJ$ % 3HUKDWLNDQ JDPEDU EHQGD \DQJ GLEHQWXN ROHKNHUXFXWGDQWDEXQJ
FP
3HUKDWLNDQJDPEDU
SXVDWOLQJNDUDQV
5
-LND/546
/536 PDNDEHVDU/526
/576FP
FP
9ROXPEDQJXQWHUVHEXWDGDODK Q $ FP
&
FP% FP ' FP
&
MDPPHQLW ' MDP PHQLW $ %
&
' 6HEXDKWHPSDWSHQDPSXQJDQ DLUEHUEHQWXNWDEXQJGHQJDQWLQJJL PGDQGLDPHWHU FP7HPSDWSHQDPSXQJDQDLULWXDNDQGLLVLDLU GHQJDQ NHFHSDWDQ UDWDUDWD OLWHUSHUPHQLW 7HPSDW SHQDPSXQJDQ WHUVHEXW DNDQ SHQXK VHWHODKFP
3HUKDWLNDQ JDPEDU EHQGD \DQJ WHUGLUL GDUL
NXEXVGDQOLPDV
'
%
BB%
'DODP VDWX NDQWRQJ WHUGDSDW NHOHUHQJ VHEDJDLEHULNXW
ଛ
I
ଛ
L
ଛଛ
ଛ
LଛଛO
LY
L
L\
2/!//&/BBBBB/////BBBOO///@/BBO///OBB>/ଛ
B--DQXDUL $
&
'
'DODP SHUFREDDQ PHOHPSDU VHEXDK GDGX SHOXDQJPXQFXOPDWDGDGXNHOLSDWDQDGDODK
$
F
'DWD SHQMXDODQWHOHYLVLSDGDEXODQSHUWDPD
WDKXQ GL VXDWX WRNR -LND WHOHYLVL \DQJ
WHUMXDO SDGD EXODQ 0DUHW EXDK PDND EDQ\DNWHOHYLVL\DQJWHUMXDOSDGDEX,DQ-DQXDUL DGDODK
&
GDQ ' GDQ&
FP'
FPFP
$
FP%
FP,
,
1LODL UDWDUDWD NDOL XODQJDQ %XGL 6DODK VDWX QLODL EHOXP WHUFDWDW VHGDQJNDQ QLODL \DQJ WHUFDWDWDGDODK GDQ 1LODL \DQJEHOXPWHUFDWDWDGDODK
$ &
% '
/XDVSHUPXNDDQEHQGDWHUVHEXWDGDODK
$FP
&
FP% FP ' FP
/XDV EROD GHQJDQ SDQMDQJ GLDPHWHU FP
DGDODKUU 6
0HGLDQGDQPRGXVGDULGDWD DGDODK
$ GDQ % GDQ
Q
+LWDP 0HUDK KLMDX ELUX .XQLQJ
-LNDGLDPELOVHEXDK NHOHUHQJVHFDUDDFDNQLODL NHPXQJNLQDQWHUDPELONHOHUHQJKLMDXDGDODK $
&
% '