ANNUAL REPORT 2019 - KAISAR CERAMICSANNUAL REPORT Laporan Tahunan 2 3 1 4 Daftar Isi Table of...

PT CAHAYAPUTRA ASA KERAMIK Tbk

Passing ThroughDisruptive Era

2019A N N UA L R E P O R TLaporan Tahunan

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Daftar IsiTable of Content

AnAlIsIs DAn PembAhAsAn mAnAjemenMANAGEMENT DISCUSSION AND ANALYSIS

36 Tinjauan UmumGeneral review

36 Tinjauan OperasionalOperational Review

39 Kinerja KeuanganFinancial Performance• Aset/Assets• Liabilitas/Liabilities• Ekuitas/Equity• LabaRugi/ Profit and loss• ArusKas/Cash flow

41 Kemampuan membayar UtangSolvency

41 Tingkat Kolektibilitas PiutangReceivables Collectibility

41 struktur modalCapital Structure

42 Ikatan material Untuk Investasi barang modalMaterial Commitments for Investment in Capital Goods

42 Investasi barang modal Tahun 2019Investment Of Capital Goods In 2019

42 Informasi Dan Fakta material Yang Terjadi setelah Tanggal laporan AkuntanSubsequent Event

42 Prospek Usaha Business Prospect

43 Perbandingan Proyeksi Dengan Realisasi 2019Comparison of Projections with Realization of 2019

43 Target Tahun 2020 2020 Targets

43 Aspek pemasaranMarketing Aspects

44 Realisasi Penggunaan Dana hasil Penawaran UmumRealization of Use of Public Offering Proceeds

45 Kebijakan DividenDividend Policy

45 Informasi material Terkait Aksi KorporasiMaterial Information Related To Corporate Action

45 Perubahan Peraturan Yang berpengaruh signifikan Terhadap PerseroanChanges in Legislation that had a Significant Impact on the Company

45 Dampak Perubahan Kebijakan Akuntansi Terhadap laporan KeuanganImpact of Changes in Accounting Policies to Financial Statements

IKhTIsAR DATA KeUAngAn DAn InFORmAsI sAhAmFINANCIAL HIGHLIGHTS AND SHAREINFORMATION

6 Ringkasan laporan Posisi Keuangan Summary of Financial Position Statements

6 Ringkasan laporan laba RugiSummary of Income Statements

6 Ringkasan Rasio KeuanganSummary of Financial Ratios

8 Informasi sahamShares Information

9 Aksi KorporasiCorporate Action

9 sanksi Terkait Pencatatan dan Perdagangan sahamSanctions related to Listing and Trading of Shares

lAPORAn mAnAjemenMANAGEMENT REPORT

12 laporan Dewan KomisarisReport of the Board of Commissioners

15 laporan DireksiReport of the Board of Directors

PROFIl PeRseROAnCOMPANY PROFILE

18 Profil singkat PerseroanBrief Profile of the Company

19 Riwayat singkat PerseroanBrief History of the Company

21 Visi dan misiVision and Mission

22 Kegiatan UsahaBusiness Activities

23 struktur OrganisasiOrganization Structure

25 Profil Dewan KomisarisProfile of the Board of Commissioners

28 Profil DireksiProfile of the Board of Directors

30 sumber Daya manusiaHuman Resources

32 Informasi Pemegang sahamShareholders Information

33 entitas Anak Dan entitas AsosiasiSubsidiaries And Associated Entities

33 Kronologi Pencatatan saham Dan efek lainnyaShare Listing Chronology and Other Securities

33 lembaga Dan Profesi Penunjang Pasar modalCapital Market Supporting Institutions and Professionals

PT CAhAYAPUTRA AsA KeRAmIK Tbk 1

TATA KelOlA PeRUsAhAAnCORPORATE GOVERNANCE

48 Kebijakan Tata KelolaGovernance Policy

50 Rapat Umum Pemegang sahamGeneral Meeting of Shareholders

53 Dewan Komisaris Board of Commissioners

57 DireksiBoard of Directors

61 Komite AuditAudit Committee

63 Komite nominasi Dan RemunerasiNomination And Remuneration Committee

65 sekretaris PerusahaanCorporate Secretary

66 Unit Audit InternalInternal Audit Unit

69 sistem Pengendalian InternalInternal Control System

69 manajemen RisikoRisk Management

75 Perkara Penting yang DihadapiLegal Cases

75 Kode etik Dan budaya PerseroanCompany Code Of Ethics And Culture

75 sistem Pelaporan Pelanggaran Whistleblowing System76 Penerapan Pedoman Tata Kelola

Implementation of Governance Guideline

TAnggUng jAwAb sOsIAl PeRUsAhAAnCORPORATE SOCIAL RESPONSIBILITIES

sURAT PeRnYATAAn AnggOTA DIReKsI DAn AnggOTA DewAn KOmIsARIs TenTAng TAnggUng jAwAb ATAs lAPORAn TAhUnAnTHE BOARD OF DIRECTORS’ AND THE BOARD OF COMMISSIONERS’ STATEMENT OF RESPONSIBILITY FOR THE ANNUAL REPORT

lAPORAn KeUAngAnFINANCIAL STATEMENTS

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PT CAhAYAPUTRA AsA KeRAmIK Tbk2

Laporan tahunan ini memuat pernyataan kondisikeuangan, hasil operasi, proyeksi, rencana, strategi,kebijakan, serta tujuan PT Cahayaputra Asa KeramikTbk, yangdigolongkan sebagai pernyataanprospektifdalampelaksanaanperaturanyangberlaku,dalamhalyangsifatnyahistoris.

Pernyataan prospektif dalam laporan tahunan inidibuatberdasarkanberbagaiasumsimengenaikondisiterkinidankondisimendatangyangberpengaruhpadaPerseroan serta lingkungan bisnis dimana Perseroanberoperasi.Perseroantidakmenjaminbahwatindakanyang dilakukan untukmemastikan validitas dokumeniniakanmembawahasil-hasiltertentusesuaiharapan.

Laporan inimemuatkata“CahayaputraAsaKeramik”dan “Perseroan” yang digunakan dalam laporan inimengacupadaPTCahayaputraAsaKeramikTbk,yangbergerakdibidangmanufakturkeramik.

This annual report contains statements of financial conditions, results of operations, projections, plans, strategies, policies, and objectives of PT Cahayaputra Asa Keramik Tbk, which are classified as prospective statements in the implementation of applicable regulations, in terms of historical nature.

Prospective statements in this annual report are based on various assumptions regarding current conditions and future conditions that affect the Company and the business environment in which the Company operates. The Company does not guarantee that actions taken to ensure the validity of this document will bring certain results as expected.

This report contains the words "Cahayaputra Asa Keramik" and "Company" used in this report referring to PT Cahayaputra Asa Keramik Tbk, which is engaged in building materials from ceramics.

sAnggAhAn DAn lIngKUP TAnggUng jAwAbDisclaimer And Scope Of Liability


Kesempatan bisnis sama luasnya dengan hambatanyang menyertai. Terlebih dengan persaingan antarindustri yang juga semakin ketat menuntut adanyainovasidankemampuanproduksi yang semakinbaik.Pemerintah telah memberikan dukungan stimulusberupa kebijakan safeguards, sehingga membukapeluangyanglebihbesaruntukprodukdalamnegeridipasardalamnegeri.

Layaknya pendukung sektor infrastruktur,PT Cahayaputra Asa Keramik Tbk telah bersiapuntuk tinggal landas menuju pertumbuhan yangberkelanjutan. Investasi dijalankan secara konsistendansejalandenganterjaganyakualitasproduk.Halinimerupakan bagian dari pembangunan pondasi bisnisyangkokoh,untukmembawaperusahaankearahyanglebihbaikditengahtantanganyangsemakinkuat.

Pondasi bisnis yang kokoh pada akhirnya akanmemperkuat rantai nilai manufaktur yang terpadu.Sebuahrangkaiantidakterputusyangdiharapkanpadatingkat kepercayaan pelanggan akan semakin kuatyang mengiringi pencapaian pemenuhan kebutuhanpelanggan. Rantai nilai yang bersinergi dengankepercayaanpelangganpadaakhirnyadapatmenjagapertumbuhanusahajangkapanjang.

Business opportunities are as clear as the obstacles that accompany them. Especially with the competition between industries which is also increasingly stringent demand for innovation and better production capabilities. The government has provided support in the form of stimulus and safeguards, followed by how businesses take the opportunity to maintain business growth.

In the same way as the supporters of the infrastructure sector, PT Cahayaputra Asa Keramik Tbk has been preparing to launch towards sustainable growth. Investment is carried out consistently and in line with maintained product quality. This is part of building a solid business foundation, to bring the company towards a better direction amid increasingly strong challenges.

A solid business foundation will ultimately strengthen the integrated manufacturing value chain. An uninterrupted series that is expected at the level of customer confidence will be stronger that accompanies the achievement of meeting customer needs. Value chains that synergize with customer trust can ultimately maintain long-term business growth.

Passing Through Disruptive eraMelampaui Era yang Disruptif


IKhTIsAR DATA KeUAngAn DAn InFORmAsI sAhAmFINANCIAL HIGHLIGHTS AND SHARE INFORMATION

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PT CAhAYAPUTRA AsA KeRAmIK Tbk

KinerjakeuangandanoperasionalPTCahayaputraAsaKeramikTbk(Perseroan)terusbertumbuhdariwaktukewaktu.Namundemikianpertumbuhan ini seiramadengan situasimakro ekonomi dandunia usaha, dangambaran atas pencapaian kinerja tersebut dapatdilihatpadatabel-tabelberikut:

RIngKAsAn lAPORAn POsIsI KeUAngAn / Statement of Financial PositionDalam jutaan Rupiah / in million IDR

Uraian 2019 2018 2017Pertumbuhan/ Growth (2019

vs. 2018)Description

AsetLancar 110.989 129.352 59.322 (14,20%) Current AssetsAsetTidakLancar 218.931 199.539 191.146 9,72% Non-Current AssetsJumlahAset 329.920 328.891 250.468 0,31% Total AssetsLiabilitasJangkaPendek 79.314 82.282 97.956 (3,61%) Current LiabilitiesLiabilitasJangkaPanjang 28.757 25.726 44.867 11,78% Non-Current LiabilitiesJumlahLiabilitas 108.072 108.008 142.823 0,06% Total LiabilitiesJumlahEkuitas 221.849 220.883 107.645 0,44% Total EquityJumlahLiabilitasdanEkuitas 329.920 328.891 250.468 0,31% Total Liabilities and Equity

RIngKAsAn lAPORAn lAbA RUgI DAn PenghAsIlAn KOmPRehensIF lAIn / Summary of Profit or Loss and Other Comprehensive Income

Dalam jutaan Rupiah (Kecuali laba Persaham dalam Rupiah penuh) / in million IDR (except for Earning Per Share in IDR)



PendapatanBersih 289.384 274.477 211.943 5,43% Net RevenuesLabaKotor 27.786 39.259 19.717 (29,22%) Gross ProfitLabaSebelumPajakPenghasilan 4.043 17.757 2.922 (77,23%) Income Before Income TaxLabaBersihTahunBerjalan 2.066 13.302 2.133 (84,47%) Net Income for the YearJumlahLaba(Rugi)KomprehensifTahunBerjalan

966 28.219 1.354 (96,58%) Total Comprehensive Income for the Year

Laba Bersih Per Saham Dasar/Dilusian

1,72 12,76 2,36 (86,55%) Basic Net Income Per Share / Diluted

RIngKAsAn RAsIO KeUAngAn / Summary of Financial Ratios



RasioLabaTerhadapJumlahAset(%)

0,63 4,04 0,85 (84,52) Return Of Asset Ratio (%)

RasioLabaTerhadapEkuitas(%) 0,93 6,02 1,98 (84,54) Return Of Equity Ratio (%)RasioLabaTerhadapPendapatan(%)

0,71 4,85 1,01 (85,27) Return Of Revenue Ratio (%)

RasioLancar(%) 139,94 157,21 60,56 (10,99) Current Ratio (%)RasioKewajibanTerhadapEkuitas(%)

48,71 48,90 132,68 (0,38) Debt To Equity Ratio (%)

RasioKewajibanTerhadapJumlahAset(%)

32,76 32,84 57,02 (0,25) Debt To Asset Ratio (%)

The financial and operational performance of PT Cahayaputra Asa Keramik Tbk (the Company) continues to grow from time to time. However, this growth is in tune with the macroeconomic situation and the business environment, and a description of the achievement of these performances provided in the following tables:


Pertumbuhan kinerja Perseroan secara tahunan,dengan membandingkan pencapaian antara tahun2017 hingga 2019 dapat dilihat pada grafik-grafikberikut

The growth of the Company's performance on an annual basis, by comparing the achievements between 2017 and 2019 provided in the following graphs

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250.468

328.891 329.920

2017 2018 2019

jumlah Aset / Total Assets(dalam juta Rp / in million IDR)

350.000

300.000

250.000

200.000

150.000

100.000

0

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jumlah liabilitas / Total Liabilities(dalam juta Rp / in million IDR)

2017 2018 2019

140.000

120.000

100.000

90.000

60.000

40.000

20.000

0

142.823

108.008 108.071

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107.645

2017 2018 2019

250.000

200.000

150.000

100.000

50.000

0

jumlah ekuitas / Total Equity(dalam juta Rp / in million IDR)

220.883 221.849

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____________________________________________________2017 2018 2019

211.943

274.477 289.384

Pendapatan bersih / Net Revenues(dalam juta Rp / in million IDR)

300.000

250.000

200.000

150.000

100.000

50.000

0

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2017 2018 2019

45.00040.00035.00030.00025.00020.00015.00010.0005.000

0

laba Kotor / Gross Profit(dalam juta Rp / in million IDR)

19.71727.786

39.259

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____________________________________________________2017 2018 2019

2.133 2.066

13.302

laba bersih Tahun berjalan / Net Income for the Year(dalam juta Rp / in million IDR)

14.000

12.000

10.000

8.000

6.000

4.000

2.000

0

DorsetSeries


SHARES INFORMATION

The Company has listed its shares on the Indonesia Stock Exchange with the CAKK ticker code on 31 October 2018. The performance of the Company's shares in 2019, as well as its comparison for 2018 provided in the following tables:

ButterflySeries

Highest and lowest daily closing price in 2019 as follows:

InFORmAsI sAhAm

Perseroan telah mencatatkan sahamnya di BursaEfek IndonesiadengankodeperdaganganCAKKpadatanggal 31 Oktober 2018. Kinerja saham Perseroanpadatahun2019,sertaperbandingannyauntuktahun2018dapatdilihatpadatabel-tabeldibawahini:

2019harga saham / Share Price jumlah saham

beredarOutstanding Shares

Volume PerdaganganTrading Volume

Kapitalisasi PasarMarket

CapitalizationTerendah

LowTertinggi

HighPenutupan

CloseTriwulan1/1st Quarter 92 444 256 1.203.300.000 1.371.412.700 308.044.800.000Triwulan2/2nd Quarter 97 306 112 1.203.300.000 3.777.415.100 134.769.600.000Triwulan3/3rd Quarter 106 135 107 1.203.300.006 424.057.900 128.753.100.000Triwulan4/4th Quarter 55 111 70 1.203.300.006 194.236.100 84.231.000.000

2018harga saham / Share Price jumlah saham

beredarOutstanding Shares

Volume PerdaganganTrading Volume

Kapitalisasi PasarMarket

CapitalizationTerendah

LowTertinggi

HighPenutupan

CloseTriwulan1/1st Quarter - - - - -Triwulan2/2nd Quarter - - - - - -Triwulan3/3rd Quarter - - - - - -Triwulan4/4th Quarter 90 198 94 1.203.300.000 1.662.296.300 156.255.852.200

Hargapenutupan tertinggi dan terendahharianpadatahun2019adalahsebagaiberikut:

harga saham 2019

Highest 444Lowest 55

saham CAKK 2019

444

55highest lowest


AKsI KORPORAsIPerseroanbertransformasimenjadiperusahaanpublikdenganmelakukanpenawaranumumsahamperdanasebanyak 300 juta saham dengan harga penawaranRp168 per saham. Pencatatan saham dilakukan diBursaEfekIndonesiadengankodeperdaganganCAKKsejak31Oktober2018.

sAnKsI TeRKAIT PenCATATAn DAn PeRDAgAngAn sAhAmSelama tahun buku 2019 Perseroan tidak menerimasanksi terkait perdagangan saham, baik berupapengenaanpenghentiansementaraperdaganganataupencabutanpencatatansaham(delisting)karenasebabapapun.

CORPORATE ACTIONThe company was transformed into a public company by conducting an initial public offering of 300 million shares at an offering price of IDR168 per share. The listing of shares was carried out on the Indonesia Stock Exchange with the CAKK ticker code since 31 October 2018.

SANCTIONS RELATED TO LISTING AND TRADING OF SHARES During the fiscal year 2019, the Company did not receive sanctions related to stock trading, either in the form of imposition of a temporary suspension of trading or delisting of shares due to any reason.

CasperSeries


SaporoSeries


2lAPORAn mAnAjemenMANAGEMENT REPORT

DR,Drs.Ec,TheoLekatompessy,MBA,M.H.,L.LMKomisaris Utama, Independen /

President Commissioner, Independent

JohanSilitonga,B.Sc.Direktur UtamaPresident Director


lAPORAn DewAn KOmIsARIs

Para pemangku kepentingan yang kami hormati,

Tahun 2019 merupakan tahun yang penuh dinamikadan cukup menyulitkan bagi sebagian pelaku usaha,termasuk Perseroan. Suhu politik dalam negeri yangtinggi, diiringi kondisi makro ekonomi yang kurangmendukungmemberipengaruhyangkurangbaikbagidunia usaha. Bahkan hal ini masih ditambah kurangkondusifnyahubunganindustrialpadadaerahtertentu,salah satunya dipicu ketidakseimbangan penetapanupahminimum.Puji syukur kepada Tuhan YangMaha Esa Perseroandapatmelaluisituasiyangsulititudenganbaik.DewanKomisaris memberikan apresiasi atas upaya Direksidalam mempertahankan kesinambungan kinerja

REPORT OF THE BOARD OF COMMISSIONERS

Our distinguish stakeholders,

2019 is a year full of dynamics and quite difficult for some business entities, including the Company. A high level of the domestic political climate, accompanied by unfavorable macroeconomic conditions, has significant effects on the business environment. This is even compounded by the lack of conducive industrial relations in certain regions, one of which is triggered by an imbalance in minimum wage policies.

Praise be to God Almighty that the Company has been able to get through this complex situation in a good way. The Board of Commissioners appreciates the efforts of the Board of Directors in maintaining the

DR,Drs.Ec,TheoLekatompessy,MBA,M.H.,L.LMKomisaris Utama, Independen / President Commissioner, Independent


Perseroan.Hinggaakhirtahun2019,Perseroanberhasilmenjaga pertumbuhan pendapatan bersih sebesar5,43% menjadi Rp289,38 miliar. Meski demikianmenyusul pelaksanaan overhaul mesin produksi,berakibat meningkatnya biaya dan berujung padaturunnyalabaPerseroan.Ada hal yang lebih penting yang dipandang DewanKomisaris perlu mendapat perhatian lebih. Perluadanya penyelesaian yang terpadu atas masalahkemudahan berusaha pada fasilitas produksiPerseroandi Karawang. Setidaknya adaduahal yangmenghambat, Pertama, masalah terkait hubunganindustrial dengan buruh terkait penetapan upahminimum dan produktivitas kerja. Kedua, masihkuatnyapremanismedisekitarlingkunganusahayangmenggangguketertibansekaligusmeningkatkanbiayaPerseroan.

DewanKomisarismemberikanpenghargaanyangtinggikepada Direksi karena dalam situasi sulit sekalipun,Perseroandapatbertahan.Hal inisekaligusmembuatDewanKomisarismemilikikeyakinanyanglebihbesarbahwa Direksi dapat menghadapi masa yang akandatang.Karenakamiyakinbahwatantanganyangakandatangtidakakanlebihburukdaritahun2019.

Situasi pada tahun 2020 diharapkan tidak lebihburukdibanding tahun2019, sejalandengan rencanapemberlakuan omnibus law. Dewan Komisarismemandang terdapat empat isu utama, yang akanPerseroan sampaikan bersama Asosiasi Industri,Asosiasi Emiten Indonesia (AEI) dan Kamar DagangdanIndustri(KADIN)kepadaPemerintahuntuksegeradiselesaikan secara tuntas. Keempat hal tersebutmeliputi:a. Kebijakanimpordananti-dumping,khususnyadari

China,IndiadanVietnam;b. Tidakbersainganyahargagasdomestik;c. Upah minimum, produktivitas, serta etos kerja

pekerja;dand. Premanismesertapungutanliar.

DalammemastikanbahwaDireksimenjalankan tugasdan tanggung jawab sesuai dengan rencana bisnisyangada,pengawasandariDewanKomisarisberjalansecarakonsisten.TelaahanrutinsetiapbulandilakukanDewanKomisarisbersamaDireksi,untukmemastikankinerja bulanan sejalan dengan sasaran tahunan.Penyampaian saran, masukan dan motivasi kepadaDireksidisampaikandalamRapatBulanan,khususnyaterkait bidang strategi bisnis, manajemen risiko dantata kelola perusahaan yang baik (Good Corporate Governance–GCG). TerkaitpenerapanGCG,DewanKomisarismemandangbahwa secara prinsip, perusahaan dengan penjualandi bawah Rp300 miliar tidak dapat dibandingkandengan perusahaan dengan penjualan Rp30 triliun.NamundemikianDewanKomisarismemandangbahwaPerseroan telah melaksanakan seluruh prinsip GCG

sustainability of the Company's performance. Until the end of 2019, the Company has managed to maintain net revenues growth of 5.43% to IDR289.38 billion. However, following the implementation of the overhaul of production machinery, resulting in increased costs and the decline in the Company's profit.

There is something more important that considers gaining more attention from the Board of Commissioners. There needs to be an integrated solution to the problem of the straightforwardness of doing business at the Company's production facilities in Karawang. There are at least two things that hamper, First, problems related to industrial relations with workers related to minimum wage policy and productivity of work. Second, the strong thuggery around the business facilities that disturbs the order while increasing the cost of the Company.

The Board of Commissioners awarded high appreciation to the Board of Directors for the reason that even in difficult situations, the Company managed to survive. This also generated greater confidence from the Board of Commissioners that the Directors can face the future. We believe that the challenges that will occur shall be better than in 2019.

The situation in 2020 is expected to be better than in 2019, in line with the planned enactment of the omnibus law. The Board of Commissioners beliefs that there are four main issues, which the Company will convey together with the Industry Association, Indonesian Public Listed Companies Association (AEI) and Indonesian Chamber of Commerce and Industry (KADIN) to the Government to be resolved thoroughly. These four things include:a. Import and anti-dumping policies, especially from

China, India, and Vietnam;b. Uncompetitive domestic gas prices;c. Minimum wages, productivity and work ethic of

employees; andd. Thuggery and extortion.

In ensuring that the Board Directors carry out their duties and responsibilities under the existing business plan, supervision from the Board of Commissioners runs consistently. Regular monthly reviews are conducted by the Board of Commissioners and the Board of Directors, to ensure monthly performance is in line with the annual goals. Submitting suggestions, input, and motivation to the Board of Directors delivered at the Monthly Meetings, particularly related to the areas of business strategy, risk management and good corporate governance (GCG).

Regarding GCG implementation, the Board of Commissioners beliefs that in as a basis, companies with sales below IDR300 billion cannot be compared to companies with sales of IDR30 trillion. However, the Board of Commissioners considers that the Company has implemented all GCG principles under the provisions


sesuaidenganketentuanOtoritasJasaKeuangan(OJK).Dewan Komisaris juga telah meminta Direksi untukterus menyempurnakan implementasi GCG di tahun2020dantahun-tahunmendatang.Beberapa implementasi GCG telah diberikan catatanuntuk ditingkatkan kualitas penyampaiannya, yaituPertama komunikasi yang rutin dengan investor.Kedua,menyempurnakansituswebPerseroansebagaisarana peningkatan komunikasi dengan pemegangsahampublik.Sertaketiga,Perseroanakanmenyiapkankeuangan berkelanjutan. Selain itu sepanjang tahun2019, Dewan Komisaris tidak mengalami perubahankomposisi sebagai bagian dari penyelarasanpelaksanaanpengawasanterhadapDireksi. Sebagai penutup Dewan Komisaris memberikanapresiasi kepada para pemangku kepentingan,termasukkaryawan,pemasok,danpelanggan.DewanKomisaris juga memberikan ucapan terima kasihatas kepercayaan yangdiberikan selama tahun2019.Karenahanyadengantingkatkepercayaanyangtinggi,Perseroanakanselalumelampauidisrupsiyangdapatmengganggukeberlanjutanusaha.

AtasNamaDewanKomisaris/ On behalf of the Board of Commissioners

DR Drs. ec. Theo lekatompessy, mbA, m.h., l.lmKomisaris Utama, Independen


of the Financial Services Authority (FSA). The Board of Commissioners has also asked the Board of Directors to continue to perfect the implementation of GCG in 2020 and the coming years.

Several GCG implementations have been given notes to improve the quality of delivery, namely First, routine communication with investors. Second, perfecting the Company's website as a means of increasing communication with public shareholders. And third, the Company will prepare sustainable finance. Also, throughout 2019, the Board of Commissioners did not experience a change in composition as part of the alignment of the supervision of the Board of Directors.

In the final statement, the Board of Commissioners awarded its appreciation to stakeholders, as well as employees, suppliers, and customers. The Board of Commissioners also provides acknowledgments for the consign given during 2019. Along with a high level of trust, the Company will always surpass disruption that can interfere with sustainable business.

ScotlandSeries


lAPORAn DIReKsI

Para pemegang saham yang kami hormati,

PujisyukurkamipanjatkankepadaTuhanYangMahaEsa karena atas pertolongannya PT Cahayaputra AsaKeramikTbkdapatmelaluitahunyangpenuhtantangandengan hasil terbaik. Pada tahun 2019 Perseroanmelakukan machine overhaul, yang berdampakpada turunnya kapasitas produksi. Hal ini membuatpenjualan Perseroan yang mengalami peningkatan,tidak dapat menutupi tingginya biaya produksi danberakibatpadaturunnyalababersihper31Desember2019. Tercapainya peningkatan penjualan pada tahun2019, tidak lepas dari tercapainya pelaksanaanstrategi Perseroan. Dalam jangka pendek, Perseroanmelakukan fokus pada perbaikan manajemen sertapenerapansistempreventive maintenance.Sementarastrategi jangka menengah Perseroan diarahkan padainvestasi untuk peningkatan kapasitas produksi, yangdapatdinikmatihasilnyapadatahun2020dantahun-tahunmendatang. Padaakhirtahun2019,PerseroanberhasilmencatatkanpendapatanbersihsebesarRp289,38miliar,meningkatsekitar5,43%daritahun2018sebesarRp274,48miliar.Namunsepertidisampaikandiatas,machine overhaul memicu turunnya pencapaian laba bersih tahunberjalanmenjadiRp2,06miliarper31Desember2019,turun sebesar 84,47% dibanding Rp13,30 miliar per31Desember2018.

REPORT OF THE BOARD OF DIRECTORS

Our distinguish shareholders,

Our gratitude goes to God Almighty as for His blessing PT Cahayaputra Asa Keramik Tbk able to go through a challenging year with the best results. In 2019 the Company conducted a machine overhaul, which has an impact on the decline in production capacity. This impacted the increase in sales of the Company, unable to conceal the high production costs and result in a decrease in net profit as of December 31, 2019.

The achievement of sales increment in 2019 has been inseparable from the achievement of the implementation of the Company's strategy. In the short term, the Company focuses on management’s improvement and implementing preventive maintenance systems. While the Company's mid-term strategy is directed at investments to increase production capacity, which able to experience in 2020 and in the years to come.

At the end of 2019, the Company recorded net revenues of IDR289.38 billion, an increase of around 5.43% from 2018 of IDR274.48 billion. The biggest contributor to the increase in sales came from 40 x 40-centimeter ceramic products. However, as stated above, machine overhaul triggered a decline in net income for the year to IDR2.06 billion as of December 31, 2019, a decrease of 84.47% compared to IDR 13.30 billion as of December 31, 2018.

JohanSilitonga,B.Sc.DirekturUtama/President Director


Machine overhaul yang menjadi faktor penghambatutama kinerja Perseroan tahun 2019,malahmenjadipengungkitperkiraanmeningkatnyakinerjaPerseroanpada tahun 2020. kondisi pasar diperkirakan masihbelum stabil dan kondusif karena permintaan belummengalamipeningkatanyangberarti.Hambatanpasarjuga semakin kuat dengan tetap masuknya produkimporyangmengganggupasokandipasardomestik.

Untukmengatasi hal tersebut, upaya yang dilakukanpada tahun 2019 akanmendorong efisiensi produksiyang lebih baik. Hal ini akan diperkuat denganpeningkatan kualitas sumber daya manusia yangtentunyaorganisasiakanberjalanlebihefektif.Hal-haltersebutjugamendorongkeyakinankamiatasstrategiberikutnyayaituuntukkembalimelakukanekspor.Sejalandenganimplementasistrategibisnis,Perseroanjuga menjaga pelaksanaan GCG sesuai denganketentuan yang berlaku. Meskipun masih ada yangperlu disempurnakan, komitmen manajemen sangatjelas yaitu meningkatkan kualitas pelaksanaan GCGsesuaiketentuanyangberlakudariwaktukewaktu.

Pada sisi lain Perseroan mengalami kehilanganmenyusulpengundurandirisalahsatuanggotaDireksi,dan telah disetujui dalam Rapat Umum PemegangSahamLuarBiasa(RUPSLB)padatanggal5Desember2019. Perseroan berterima kasih atas jasa Drs.Supratman Gunawan yang telah berkontribusi padapencapaiankinerjasepanjangtahun2019.Sebagaipenutup,sayamewakiliDireksimengucapkanterima kasih atas dukungan, saran dan nasihatDewanKomisaris sehinggaPerseroandapatmelewatidisrupsi bisnis yang terjadi dengan baik. Apresiasikamisampaikankepadapemegangsaham,karyawan,pelanggan, pemasok, serta segenap pemangkukepentingan lainnya. Dukungan penuh dari parapemangku kepentingan akan membantu Perseroanuntuk semakin yakin meraih pertumbuhan yangberlanjutandimasayangakandatang.

AtasNamaDireksi/ On Behalf of the Board of Directors

johan silitonga, b.sc.Direktur Utama

President Director

Machine overhaul, which is the main inhibiting factor for the Company's performance in 2019, has become leverage of the expected increase in the Company's performance in 2020. The market itself is estimated to be still unstable and conducive concerning an insignificant increase in demand. Market barriers are also getting stronger with the continued influx of imported products that disrupt supplies in the domestic market.

To overcome the matters, those efforts conducted in 2019 will encourage better production efficiency. This will be strengthened by improving the quality of human resources which guides the more effective organization. These things also encourage our confidence in the next strategy which is to re-export.

In line with the implementation of the business strategy, the Company also maintains GCG implementation by following applicable regulations. Although there are still things that need to be refined, management's commitment is very clear, namely improving the quality of GCG implementation following applicable regulations from time to time.

On the other hand, the Company suffered losses following the resignation of one of the Directors and was approved at the Extraordinary General Meeting of Shareholders (EGMS) on December 5, 2019. The Company is grateful for the services of Drs. Supratman Gunawan who has contributed to the achievement of performance throughout 2019.

In the closing statement, as representative of the Board of Directors awarded grateful for the support, advice, and advice of the Board of Commissioners so that the Company able to pass through the disruption of business properly. Our appreciation goes to shareholders, employees, customers, suppliers and all other stakeholders. Full support from the stakeholders will support the Company to be more confident in achieving sustainable growth in the future.


3PROFIl PeRseROAnCOMPANY PROFILE


PROFIl sIngKAT PeRseROAn SUMMARY OF COMPANY PROFILENamaPerusahaan/Corporate Name PTCahayaputraAsaKeramikTbk

BidangUsaha/Line of Business PerdagangandanIndustriKeramik/Ceramics Trading and Industry

Alamat/Address Kantor/Office : BellezzaOfficeTowerlt.21Unit-01/02Jl.LetjenSoepenoNo.34ArteriPermataHijau,Kel.GrogolUtaraKec.KebayoranLamaJakartaSelatan12210Telepon/Phone:021-2567-5721(Hunting)

Pabrik/Factory : DesaKutapohaciKec.CiampelBTB5Karawang41361,JawaBaratlndonesiaTelepon/Phone:0267-8404-800,0267-8404-144

SitusWeb/Website www.kaisar-ceramics.com

SuratElektronik/E-mail [email protected]

TanggalPendirian/Date of Establishment 29Juni1995/June 29, 1995

DasarHukumPendirian/Legal Standing AktaPendirianPerseroanTerbatasPerseroanNo.137tanggal29Juni1995,yangdibuatdihadapanWinantoWiryomartani,S.H.,NotarisdiJakarta./Deed of Establishment of Limited Liability Company No. 137 dated June 29, 1995, which was made before Winanto Wiryomartani, S.H., Notary in Jakarta.

ModalDasar/Authorized Capital Rp350.000.000.000 (tiga ratus lima puluh miliarRupiah) dalam 3.500.000.000 (tiga miliar lima ratusjuta)sahamdengannominalRp100persaham/IDR350,000,000,000 (three hundred and fifty billion Rupiah) in 3,500,000,000 (three billion and five hundred million) shares with a nominal value of IDR100 per share.

ModalDitempatkandanDisetorPenuh/Issued and Fully Paid Capital

Rp120.330.000.600 (seratus dua puluh miliar tigaratus tiga puluh juta enam ratus Rupiah) dalam1.203.300.000(satumiliarduaratustigajutatigaratusribu)sahamdengannominalRp100persaham/IDR120,330,000,600 (one billion and two hundred three and three hundred thousand and six) in 1,203,300,006 (one billion and two hundred three and three hundred thousand and six) shares with a nominal value of IDR100 per share.

PemegangSaham/Shareholders

PT.MarissiIdolaSumberSejahtera 29,60%JohanSilitonga 25,11%LucianaSutanto 20,36%Masyarakat/Public 24,93%(kepemilikansahammasing-masing

SantanaSeries

RIwAYAT sIngKAT PeRseROAn

PT Cahayaputra Asa Keramik Tbk dalam 24 tahunperjalanan bisnisnya, telah menjadi salah satuperusahaan perdagangan dan industri keramikterkemuka di Indonesia. Berdiri sejak tahun 1995,Perseroantelahberkembangsecara luas, tidakhanyamelalui fasilitas produksi yang besar namun jugakualitasprodukyangterpercaya.Perseroanjugatelahberhasil melewati berbagai tantangan bisnis yangmenghambatdan terusbersiapmenjadi yang terbaikdiindustri.

Berawal dengan modal dasar sebesarRp10 miliar pada tahun 1995, nilainya terusbertambah hingga menjadi Rp150 miliar pada tahun2016. Sejalan dengan lompatan besar menjadiperusahaan publik, modal dasar Perseroan terusbertumbuh hingga Rp350 miliar pada tahun 2018.Masyarakat pun telah menjadi satu bagian besardari Perseroan dan menjadi pemegang 24,93%saham Perseroan melalui penawaran umum sahamperdana dan transaksi di Bursa Efek Indonesia sejak31Oktober2018.

SUMMARY OF CORPORATE HISTORY

PT Cahayaputra Asa Keramik Tbk along with 24 years of its business journey, has become one of the leading ceramic trading and industrial companies in Indonesia. Founded in 1995, the Company has expanded widely, not only through large production facilities but also reliable product quality. The Company has also successfully overcome various business challenges that are hampering and continues to prepare to be the best in the industry.

Starting with an authorized capital of IDR10 billion in 1995, its value continued to grow to IDR150 billion in 2016. In line with the large leap into a public company, the Company's authorized capital has continued to grow to IDR350 billion in 2018. The public had became a significant shareholders of the Company and holds 24.93% of the Company's shares through an initial public offering and traded on the Indonesia Stock Exchange since 31 October 2018.


Tanggal 31 Oktober 1995 Perseroan berdiri dengannamaPTCahayaputraAsaKeramikOn 31 October 1995 the Company was incorporated as PT Cahayaputra Asa Keramik

Melaluipenambahanmesinbaru,kapasitasproduksiPerseroanterusbertumbuhmenjadi9.180.000m2pertahunThrough the addition of new machinery, the Company's production capacity continues to grow to 9,180,000m2 per year

Perseroan menunjuk distributor baru untukmenambah dan memperkuat distribusi produkPerseroandipasarThe Company appoints new distributors to add and strengthen the distribution of the Company's products in the market

Perseroan memulai investasi untuk1 production line baru yang rencananya akan mulaiberproduksiditahun2020The company will start investing in one new production line, which is planned to start production in 2020

PerseroanmemulaipasarekspormelaluiprodukGresPorcellanatoataukeramikbodyputih.Hal ini sangatmembanggakanmengingatekspordilakukanditengahkrisisekonomidanpolitik,dimananilai tukarRupiahmenurun dari Rp1.800/US$ menjadi Rp17.000/US$disertaisukubungaantara45%-50%The Company started the export market through Gres Porcellanato or white body ceramics. This is very encouraging considering exports are carried out amid economic and political crises, where the Rupiah exchange rate has decreased from IDR1,800/US $ to IDR17,000/US $ accompanied by interest rates between 45% - 50%

Perseroanmeningkatkan kapasitas produksimenjadi5.000.000m2 per tahun, atau 23.000m2 per hari.Peningkatan ini berasal dari penambahan satulini produksi Body Preparation, Press, HorizontalDryer, Kiln dan Sorting Line sebesar 9.000m2 hari.Peningkatan kapasitas ini berlangsung di tengahkrisis subprime mortgage yang terjadi di AmerikaSerikatdanberdampakpadaaktivitasbisnisdiduniatermasukdiIndonesiaThe Company increased its production capacity to 5,000,000m2 per year or 23,000m2 per day. This increase comes from the addition of a production line of Body Preparation, Press, Horizontal Dryer, Kiln and Sorting Line of 9,000 m2. This capacity enhancement took place amid the subprime mortgage crisis that occurred in the United States and the impact on business activities in the world including in Indonesia

1995

1998

2008

2015

2017

2019

1997

2003

2013

2016

2018

Kegiatan operasional dimulai denghan kapasitasproduksi3.600.000m2pertahun,antara lainmelaluiproduk Monocottura Tile atau keramik body merahsertaprodukkeramikberukuran30x30cmOperational activities began with a production capacity of 3,600,000m2 per year, including through Monocottura Tile products or red body ceramics and ceramic products measuring 30 x 30 cm

PerseroanfokuspadaprodukMonocottura Tileyangdisertai penambahan beberapa alternatif ukuranprodukThe Company focuses on Monocottura Tile products which are accompanied by the addition of several alternative product sizes

Perseroan kembalimeningkatkan kapasitas produksidengantotalmencapai8.280.000m2pertahunThe Company continue to increased production capacity with a total of 8,280,000m2 per year

Perseroan melaksanakan restrukturisasi, termasukdiantaranyamelakuanefisiensienergiThe Company implemented a restructuring, including energy efficiency

Perseroan menjadi perusahaan publik melaluipenawaran umum saham perdana dan pencatatansaham di Bursa Efek Indonesia pada tanggal 31Oktober2018The Company becomes a public company through an initial public offering and listing of shares on the Indonesia Stock Exchange on 31 October 2018

Perjalanan panjang Perseroan sejak berdiri hingga akhir tahun 2019 dapat dilihat dalam bagan jejak langkah berikut:

The Company's long journey since its establishment until the end of 2019 providing in the following chart as follows:


VIsI DAn mIsIVisiMemperkayaKehidupanMasyarakatIndonesiadenganKeramikyangBerkualitasTinggidanEkonomisdenganMenjunjungTinggiNilai-NilaiPerusahaan

VisionThe Life Enrichment of Indonesian Communities through High-Quality and Economical Ceramics by Corporate Values Enhancement

misi1. MenjadiPemimpindiBidangManufakturKeramik

dengan Memproduksi Keramik yang Inovatif danBerkualitasTinggi

2. Menciptakan Suasana Kerja yang Kondusif bagiPengembangan Sumber Daya Manusia yangBerkualitasdanDayaSaingTinggi

3. Meningkatkan Nilai Saham Perusahaan denganPenggunaanSumberDayayangEfektifdanEfisien

4. Menjadi Perusahaan yang Bertanggung JawabSosialdanRamahLingkungan

5. Berkontribusi dalam Pembangunan danPerekonomianIndonesiaTerutamadiDalamBidangProperti

Mission1. To Become a Leader in the Manufacturing of

Ceramics by Producing Innovative and High-Quality Ceramics

2. Creating a Conducive Work Atmosphere for the Development of Quality Human Resources and High Competitiveness

3. Increase the Value of Company Shares with Effective and Efficient Use of Resources

4. Become a Socially Responsible and Environmentally Friendly Company

5. Contributing to Indonesia’s Development and Economy, Especially in the Property Sector


KegIATAn UsAhAKegiatanusahautamaPerseroandiaturdalamAnggaranDasar, dengan cakupan meliputi perdagangan danindustrikeramik.

BUSINESS ACTIVITIESThe main business activities of the Company are regulated in the Articles of Association, covering the trade and ceramics industry.


sTRUKTUR ORgAnIsAsIORGANIZATIONAL STRUCTURE

bUsInessDeVelOPmenT

mAnAgeRBusiness Development

Manager

DIReKTURDirector

DIReKTURDirektur

RUPsGeneral Meeting of Shareholders

KOmITe nOmInAsI DAnRemUneRAsI

Nomination And RemunerationCommittee

DIReKTUR UTAmAPresident Director

DewAn KOmIsARIsBoard of Commissioners

seKReTARIs PeRUsAhAAnCorporate Secretary

hR-gA & legAlmAnAgeRHR-GA & LEGAL

MANAGER

sUPPlY ChAInmAnAgeR

Supply Chain Manager

PlAnT mAnAgeRPlant Manager

InTeRnAl AUDITInternal Audit

KOmITe AUDIT Audit Committee

OPeRATIOnAl geneRAl mAnAgeR

Operational General Manager

ACCOUnTIng &FInAnCe mAnAgeRAccounting & Finance

Manager


MerlynSeries


Dr.Drs.Ec.TheoLekatompessy,MBA,M.H.,L.LMKomisarisUtama,Independen/


LucianaSutanto,B.A.Komisaris/Commissioner

PROFIl DewAn KOmIsARIsBOARD OF COMMISSIONERS PROFILE


WargaNegaraIndonesia,saatiniberusia58tahundanberkedudukandiJakarta.BeliaumemangkujabatansebagaiKomisarisUtamaIndependenPerseroan sejak tahun 2018 berdasarkan pada Keputusan PemegangSaham sesuai Akta No. 8 Tahun 2018 tanggal 16 Juli 2018. BeliaumemeganggelarMBAdalamStrategiPerusahaan,danL. LM, jugaPhDuntuk Penyelesaian Perselisihan dalam Perdagangan Internasional& Hukum Bisnis. Pendidikan beliau selesaikan di Erasmus UniversityRotterdam,MITSloanSchool-Boston,UniversitasAirlangga,UniversitasPelitaHarapandanInstitutPengembanganManajemenIndonesia.

Selain menjabat dalam posisi saat ini di Perseroan, beliau jugamenjabatsebagaiKomisarisUtamaIndependenPTHumpussIntermodaTransportasi, Tbk dan PT Pelayaran Tempuran Emas, Tbk, selain dibeberapaperusahaanPatunganyangberbasisdiSingapura,MalaysiadanJepang. Antara 1983-2018, beliau bekerja sebagai Konsultan di HadoriAkuntan Publik kemudian memegang posisi senior & anggota Dewandi beberapa Konglomerat; Grup Hong Leong, Bakrie, Humpuss, GajahTunggal,DjajantidanGrupIradatPuri.SaatinibeliaumerupakanadalahKetua Yayasan INSA (Asosiasi Pemilik Kapal Nasional Indonesia),WakilKetua AEI (Asosiasi Perusahaan Publik Indonesia), dan anggota KamarDagang(KADIN)untukKomiteBenelux.

Indonesian citizen, 58 years old and domiciled in Jakarta. He appointed the position of Independent President Commissioner of the Company since 2018 based on the Shareholders' Decree under Deed No. 8 of 2018 dated July 16, 2018. He holds MBA degree in Corporate Strategy, and L. LM, also PhD for Dispute Settlement in International Trade & Business Law. Educated in Erasmus University Rotterdam, Sloan School MIT - Boston, Universitas Airlangga, Universitas Pelita Harapan and Institut Pengembangan Manajemen Indonesia.

Besides his current position in the Company, he also serving as an Independent President Commissioner in PT Humpuss Intermoda Transportasi, Tbk and PT Pelayaran Tempuran Emas,Tbk, also in several Joint ventures companies based in Singapore, Malaysia and Japan. Between 1983-2018, he worked as Consultant in Hadori Public Accountant then holding senior position & Board member in several Conglomerates; Hong Leong Group, Bakrie, Humpuss, Gajah Tunggal, Djajanti and Iradat Puri Group. He is now Chairman of INSA Foundation (Indonesian National Shipowner's Association), Vice Chairman of AEI (Indonesian Public Listed Company Association), and member of KADIN (Indonesian Chamber of Commerce & Industry) for Benelux Committee.

Dr. Drs. ec. Theo lekatompessy, mbA, m.h., l.lmKomisaris Utama dan Independen / President and Independent Commissioner


luciana sutanto, b.A.Komisaris / Commissioner

WargaNegara Indonesia, saat iniberusia49 tahundanberkedudukandiJakarta. Beliau memangku jabatan sebagai Komisaris Perseroan sejaktahun 2018 berdasarkan pada Keputusan Pemegang Saham sesuai AktaNo,8Tahun2018tanggal16Juli2018.BeliaumemeganggelarakademisBachelorofAdvertisingdariUniversityofPepperdine,California,AmerikaSerikattahun1992.SebelummenjadiKomisarisPerseroansebagaiperusahaanpublik jabatanserupatelahdiembanbeliausejaktahun2008,setelahsebelumnyaberkarirdiPerseroansejaktahun2000denganjabatanpertamasebagaiSupervisordibagiankeuangan.KarirbeliaudiawalisebagaiMarketing ManagerpadaPT Kayu Lapis Indonesia antara tahun 1992 - 1993, kemudian menjadiMarketing ManagerdiKerisGalleryantaratahun1993–1994.

Indonesian citizen, 49 years old and domiciled in Jakarta, is currently 48. She appointed the position of Commissioner of the Company since 2018 based on the Shareholders' Decree under Deed No. 8 of 2018 dated July 16, 2018. She holds a Bachelor's academic degree in Advertising from the University of Pepperdine, California, the United States in 1992.Before positioned as Commissioner of the Company as a public company, she held the same position since 2008, having previously worked at the Company since 2000 with her first position as Supervisor in finance. Her career began as a Marketing Manager at PT Kayu Lapis Indonesia between 1992-1993, then became a Marketing Manager at Keris Gallery between 1993-1994.


JohanSilitonga,B.Sc.DirekturUtama

President Director

JuliBerlianaPosman,S.E.DirekturDirector

PROFIl DIReKsIBOARD OF DIRECTORS PROFILE


WargaNegaraIndonesia,saatiniberusia43tahundanberkedudukandiJakarta.BeliaumemangkujabatansebagaiDirekturPerseroansejaktahun 2018 berdasarkan pada Keputusan Pemegang Saham sesuaiAktaNo,8Tahun2018tanggal16Juli2018.BeliaumemeganggelarakademisSarjanaAkuntansidariUniversitasTarumanegara, Jakarta,tahun1998.

SelainjabataneksekutifdiPerseroan,beliaujugamengembanjabatansebagai Direktur PT Rhinoputra Jaya Sejahtera. Sementara jabataneksekutif lain yang pernah diembang adalah Marketing Manager antara tahun 2003 - 2008 dan Finance AccountingManager antaratahun1999-2003diPTMarrissiIdolaSumberSejahteradansebagaiAccounting Supervisor di PT Chang Jui Fang Indonesia antara tahun1998-1999.

Indonesian citizen, currently 43 years old and based in Jakarta. She appointed the position of Director of the Company since 2018 based on the Shareholders' Decree under Deed No. 8 of 2018 dated July 16, 2018. She holds an academic degree in Accounting from Tarumanegara University, Jakarta, in 1998.

In addition to executive positions in the Company, she has also held positions as Director of PT Rhinoputra Jaya Sejahtera. While other executive positions that have been developed are Marketing Managers between the years 2003 - 2008 and Finance Accounting Manager between 1999 - 2003 at PT Marrissi Idola Sumber Sejahtera and as an Accounting Supervisor at PT Chang Jui Fang Indonesia between 1998 - 1999. juli berliana Posman, s.e.

Direktur

WargaNegaraIndonesia,saatiniberusia51tahundanberkedudukandiJakarta.BeliaumemangkujabatansebagaiDirekturUtamaPerseroansejak tahun 2018 berdasarkan pada Keputusan Pemegang SahamsesuaiAktaNo,8Tahun2018tanggal16Juli2018.BeliaumemeganggelarakademisBachelor of Science in Animal Science California State University, Fresno–California,AmerikaSerikat, tahun1991.

Karir beliau di Perseroan dimulai sejak tahun 1996 dengan jabatanDirekturyangdiembanhinggatahun2018.BeberapajabatanstrategislainyangpernahdiembanbeliauadalahKepalaBagianDivisiLogistikdanDirekturdiPTTongaTiurantaratahun1994-1996.MenjadiWakilManajerDivisiProduksiPTTarprintexantaratahun1993-1994danWakilKepalaProduksiPTTarprintexantaratahun1991-1993.

Indonesian citizen, 51 years old and domiciled in Jakarta. He appointed the position of President Director of the Company since 2018 based on the Shareholders' Decree under Deed No. 8 of 2018 dated July 16, 2018. He holds an academic degree in Animal Science at California State University, Fresno - California, United States, 1991.

His career at the company began in 1996 with the position of Director held until 2018. Several strategic positions he had carried were Chief of Logistics and Director at PT Tonga Tiur between 1994 - 1996. He became Deputy Manager of PT Tarprintex's Production Division between 1993 - 1994 and PT Tarprintex Deputy Chief of Production between 1991 - 1993.

johan silitonga, b.sc.Direktur Utama / President Director


sUmbeR DAYA mAnUsIA

PencapaianpertumbuhanbisnisPerseroantidakdapatdilepaskandariperansumberdayamanusia(SDM)yanghandal. Untuk itu pengembangan SDM dilaksanakansecara berkelanjutan, sejak proses rekrutmen hingganantinya pada masa purna bakti. Sebagai aset yangtidak ternilai, SDMPerseroan juga dilengkapi denganpengembangan kompetensi sehingga kualitas kerjadan unjuk kinerjanya selalumeningkat dariwaktu kewaktu.

ProgrampengembanganSDMdalambentukpelatihandilaksanakan secara terarah dengan tujuan menjagakompetensi kerja yang baik. Tidak hanya pelatihandi dalam kelas, program pelatihan dalam bentukketerlibatan karyawan dalam aktivitas proyek diinternal Perseroan juga berjalan sesuai dengankebutuhanekspansibisnis.Padatahun2019,programpelatihandanpengembangan karyawandapatdilihatpadatabeldibawahini:

TanggalDate

nama PelatihanTraining Subject

PenyelenggaraOrganizer

1. SosialisasiPOJKno.36/POJK.04/2018tentangTataCaraPemeriksaandisektorPasarModal Socialization of POJK No. 36/POJK.04/2018 concerning Procedures for Surveillance in the

Capital Market sectorICSA

2. SeminarKepatuhanPerusahaanatasPeraturanterkaitDireksidanDewanKomisaris(POJKno.33/POJK.04/2014)

Seminar on Company Compliance of Regulations related to the Board of Directors and Board of Commissioners (POJK no.33/POJK.04/2014)

BEIdanICSA

3. SeminarHalyangperludiperhatikanolehCorporateSecretarydalampembentukanOrganBoard:Komite,CorporateSecretarydanInternalAudit

Seminar on Things that need to be considered by the Corporate Secretary in the formation of the Organ Board: Committees, Corporate Secretary and Internal Audit

ICSA

4. WorkshopCorporateGovernanceOfficer Workshop on Corporate Governance Officer

ICSA

5. SeminarStrategiImplementasiGCGyangefektifterkaitPOJK21/POJK.04/2014 Seminar on Effective GCG Implementation Strategies related to POJK 21/POJK.04/2014

ICSA

6. SeminartentangPenggabunganUsahaatauPeleburanUsahaPerusahaanTerbukaterkaitPOJK74/POJK.04/2016

Seminar on Business Merger or Business Combination of Public Companies related to POJK 74/POJK.04/2016

ICSA

7. Seminar tentang persiapan dalam menghadapi Turbulensi Ekonomi Global pada masakabinetekonomimaju

Seminar on Preparations for facing Global Economic Turbulence during the cabinet of the advanced economy Seminar

ICSA

HUMAN RESOURCES

The achievement of the Company's business growth cannot be separated from the role of reliable human resources (HR). Concerning that matter, HR development is carried out on an ongoing basis, since the recruitment process until later in retirement. As an invaluable asset, the Company's human resources are also equipped with competency development therefore the quality of work and performance always increases from time to time.

HR development programs in the form of training are carried out in a directed manner to maintain good work competence. Not only training in the classroom, on the other hand, training programs provided in the form of employee involvement in project activities within the Company, that also run according to the needs of business expansion. In 2019, employee training and development programs provided in the table below:


Tidakkalahpenting,Perseroanjugamenyediakanperanyang besar dalam menjaga kesejahteraan karyawan.Perseroan telah melaksanakan pemenuhan standarkesejahteraankaryawansesuaidenganketentuanyangberlaku.BahkanPerseroanjugamemberikanperhatianpada kesejahteraan keluarga karyawan, sehinggakaryawan dapat bekerja sepenuh hati pada tingkatkinerjatertinggidalammencapaitargetPerseroan.

Hingga akhir tahun 2019, mayoritas karyawanPerseroanberaktivitasdi fasilitasproduksiPerseroan.Komposisi karyawan hingga akhir tahun 2019, sertaperbandingannyauntuktahun2018,dapatdilihatpadatabel-tabelberikut:

Tabel Komposisi Karyawan Berdasarkan JenjangJabatan

jenjang jabatan / Position31 Desember / December 31,

2019 2018Direksi/Board of Director 2 5

Manajer/Manager 9 7Superintendent/Superintendent 9 9

Supervisor/Supervisor 12 13Foreman/Foreman 22 22

Staf/Staff 11 11NonStaf/Non-Staff 323 296

jumlah / Total 388 363

Tabel Komposisi Karyawan Berdasarkan JenjangPendidikan

jenjang Pendidikan / Education31 Desember / December 31,

2019 2018Doktor(S3)/Doctor 1 1

Magister(S2)/ Master 1 1Sarjana(S1)/Bachelor 20 18

SarjanaMuda(D3)/Diploma 10 16NonSarjana/Non-Bachelor 356 327


TabelKomposisiKaryawanBerdasarkanJenjangUsia

jenjang Usia / Age31 Desember / December 31,

2019 201821–30 91 10531–40 156 15941–50 123 83>50 18 16


Tabel Komposisi Karyawan Berdasarkan AktivitasUtama

jenjang Aktivitas Utama / Main Activities31 Desember / December 31,

2019 2018PekerjaPabrik/Factory Employee 373 348

PekerjaNon-Pabrik/ Non-Factory Employee 15 15jumlah / Total 388 363

The Company also put the importance of providing a large role in maintaining employee welfare. The Company has fulfilled employee welfare standards under applicable regulations. The Company even pays attention to the welfare of employees' families, therefore employees able to work wholeheartedly at the highest level of performance in achieving the Company's targets.

Until the end of 2019, the majority of the Company's employees are working in the Company's production facilities. The composition of employees until the end of 2019, as well as the comparison for 2018, provided in the following tables:

Employee Composition Table Based on Position

Employee Composition Table Based on Educationt

Employee Composition Table Based on Age

Employee Composition Table Based on Main Activities


TabelKomposisiKaryawanBerdasarkanStatus

jenjang status / Employment Status31 Desember / December 31,

2019 2018KaryawanTetap/Permanent Employee 343 363

KaryawanKontrak/Contract-Base Employee 85 63jumlah / Total 428 426

*karyawan kontrak merupakan karyawan yang masih dalam tahap evaluasi selama 6 (enam) bulan

InFORmAsI PemegAng sAhAm

Berdasarkan Daftar Pemegang Saham hingga tanggal31 Desember 2019, komposisi pemegang sahamPerseroandapatdilihatpadatabelberikut:

Tabel Pemilikan SahamBerdasarkanDaftarPemilikanSahamper31Desember2019

Pemegang saham/ Shareholders jumlah saham/ Number of Sharesnominal/

Nominal Value %

PTMarissiIdolaSumberSejahtera 356.200.000 Rp35.620.000.000 29,60JohanSilitonga 302.100.000 Rp30.210.000.000 25,11LucianaSutanto 245.000.000 Rp24.500.000.000 20,36

Masyarakat(masing-masingdengankepemilikan<5%)/Public (less than 5% shares ownership)

300.000.006 Rp30.000.000.600 24,93

jumlah 1.203.300.006 Rp 120.330.000.600 100,00

TabelPemilikanSahamolehDireksidanKomisarisper31Desember2019

nama/ Name jabatan/ Positionjumlah saham/

Number of Sharesnominal/

Nominal Value %

Direksi/ Directors JohanSilitonga DirekturUtama/

President Director302.100.000 Rp30.210.000.000 25,11

Komisaris/ Board of CommissionersLucianaSutanto Komisaris/

Commissioner245.000.000 Rp24.500.000.000 20,36

jumlah 547.100.000 Rp 54.710.000.000 45,47

Tabel Pemilikan Saham Berdasarkan Komposisi LokaldanAsingper31Desember2019

Pemegang saham/ Shareholders jumlah saham/ Number of Sharesnominal/ Nominal

Value %

Individu / Individual-Lokal2.626pihak/ Local 2.626 entity 1.148.502.406 114.850.240.600 95,45-Asing7pihak/Foreign 7 entity 60.500 6.050.000 0,00Institusi/ Institution-Lokal9pihak/Local 9 entity 54.727.100 5.472.710.000 4,55-Asing1pihak/Foreign 1 entity 10.000 1.000.000 0,00jumlah 1.203.300.006 120.330.000.600 100,00

Employee Composition Table Based on Main Activities

SHAREHOLDERS INFORMATION

Based on the Register of Shareholders as of December 31, 2019, the composition of the Company's shareholders provided in the following table:

Table of Share Ownership Based on the Register of Shareholders as of December 31, 2019

Table of Share Ownership by Directors and Commissioners as of 31 December 2019

Table of Share Ownership Based on Local and Foreign Compositions as of 31 December 2019


Sementara itu secara struktur, pemegang sahamPerseroandapatdilihatpadabagandibawahini:

JOHANSILITONGA

25,11%

20,36%

29,60%

24,93%

LUCIANASUTANTO

PTMARISSIIDOLASUMBERSEJAHTERA

Masyarakat/Public


Meanwhile structurally, the Company's shareholders can be seen in the chart below:

enTITAs AnAK DAn enTITAs AsOsIAsI

Perseroanmerupakanperusahaantunggaldanhingga31Desember2019tidakmemilikientitasanakmaupunentitasasosiasi.

KROnOlOgI PenCATATAn sAhAm DAn eFeK lAInnYA

Hingga31Desember2019,pencatatansahamdanefeklainnyayangditerbitkanPerseroandapatdilihatpadatabeldibawahini:

jenis PencatataanType of Listing

jumlah sahamNumber of Shares

Tanggal PencatatanListing Date

PencatatanSahamPendiri 903.300.000 31Oktober2018PencatatanSahamHasilPenawaranUmum 300.000.000 31Oktober2018PencatatanWaranSeriI 75.000.000 31Oktober2018ExerciseWaran 5 11Juli2019ExerciseWaran 1 24Juli2019

lembAgA DAn PROFesI PenUnjAng PAsAR mODAl

Perseroandalamprosespenawaranumumdanauditatas laporan keuangan memperoleh bantuan darilembaga dan profesi penunjang pasarmodal sebagaiberikut:

SUBSIDIARIES AND ASSOCIATED ENTITIES

The Company is a single company and as of December 31, 2019, there were no subsidiaries or associates.

SHARE LISTING CHRONOLOGY AND OTHER SECURITIES

As of December 31, 2019, the listing of shares and other securities issued by the Company provided in the table below:

CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONALS

The Company in the process of public offering and audit of financial statements received assistance from capital market supporting institutions and professionals as follows:


KAnTOR AKUnTAn PUblIK / PUBLIC ACCOUNTANT OFFICE

Kantor Akuntan Publik morhan & Rekan

GeneraliTower,8thFloorGranRubinaBusinessParkatRasunaEpicentrumJl.H.R.RasunaSaidJakartaSelatan12940-IndonesiaTel:+622129115611Fax:+622129115612Website:www.morhan-rekan.com

KOnsUlTAn hUKUm / LEGAL CONSULTANT

FeRRY RICARDO law FirmMenaraBCA,GrandIndonesia50thfloorJl.M.H.ThamrinNo.1JakartaPusat10230-IndonesiaTel:+622123584400

nOTARIs / NOTARY

notaris & PPAT ChRIsTInA DwI UTAmI bsc, sh, mhum, mKn,Jl.KH,ZainulArifinNo.2Komp.KetapangIndahBlokB-2No,3TamanSari,JakartaBarat11140-IndonesiaTel:+62216345668Fax:+62216345666

bIRO ADmInIsTRAsI eFeK / SHARE ADMINISTRATOR

PT Ficomindo buana RegistrarGedungWismaBumiputeraLt.MSuite209Jl.Jend.SudirmanKav.75Jakarta12910Tel:+62215260976/77Fax:+62215710968


Analisis dan Pembahasan manajemenMANAGEMENT DISCUSSION AND ANALYSIS

4


AnAlIsA DAn PembAhAsAn mAnAjemen

TInjAUAn UmUmDuniausahapadatahun2019dihadapkanpadakondisiyang dinamis dan penuh ketidakpastian, baik darisisi makro ekonomi berupa perlambatan ekonomiglobalmaupunpolitiksejalandenganagendanasionalPemilihan Umum. Perlambatan ekonomi globalsemakin kuat terjadi pada tahun 2019, dimana BankDunia dalam Global Economic Prospects yang terbitpada Januari 2020 menyatakan perekonomian duniahanya tumbuh 2,4% dibandingkan tahun 2018 yangmasihtumbuh3,0%.

Pelemahan ekonomi dunia antara lain disebabkanmelemahnya aktivitas perdagangan dan manufakturdi banyak negara termasuk Indonesia, dimanamenurut Badan Pusat Statistik (BPS) pertumbuhanekonomiIndonesiatahun2019tercatatsebesar5,02%dibandingkan tahun 2018 sebesar 5,17%. Penurunanjuga terjadi pada tingkat inflasi, dimana tahun 2018nilainya sebesar 3,13% sementara pada tahun 2019menjadi 2,72%. Posisi inflasi ini merupakan yangterendah sejak tahun 1999, meski kemudian adaancamandarimenjadirendahnyadayabelimasyarakatdan bisa berimbas pada perubahan preferensikonsumsi.

Fluktuasi nilai tukar juga bergerak cukup tajam padapertengahan tahun 2019, meskipun secara tahunanpergerakannya cukup sempit. Kurs Tengah BankIndonesiatercatatsebesarRp13.413/US$padatanggal31Desember2018,sementarapadaakhirtahun2019ditutuppadaposisiRp13.900/US$.Depresiasitahunansebesar3,6%masihlebihbaikdaribeberapanegaradiKawasan,namunposisinilai tukar terendahterjadiditanggal15Agustus2019dengankurstengahRp14.296/US$.

Kondisi ekonomi yang cukup tertekan ini ditambahdengan dinamika politik dengan agenda nasionalpemilihan umum pada awal hingga pertengahantahun 2019. Situasi berangsur pulih sejalan denganrampungnya seluruh proses pemilihan umum danduniausahamulaimemilikikepastianbisnis.

Tinjauan OperasionalSecara umum terdapat empat faktor utama yangmendorong bergeraknya industri keramik, yaituketersediaanbahanbaku,upahminimumyangberlaku,kebijakanpemerintahdantrenpasaryangsenantiasaberubah.

1. Bahan baku – Perseroan sangat tergantung padatersedianya bahan baku utama seperti Clay,Feldspar, Pasir Silika, Frit dan Kaolin dan bahan-bahan lainnya. Ketergantungan yang tinggi jugaterjadi pada gas sebagai bahan penolong dalam

MANAGEMENT DISCUSSION AND ANALYSIS

GENERAL REVIEWThe business world in 2019 is faced with dynamic conditions and uncertainty, both in terms of the macroeconomy in the form of a global economic slowdown and politics in line with the national agenda of the General Election. The global economic slowdown is getting stronger in 2019, where the World Bank in the Global Economic Prospects published in January 2020 stated that the world economy only grew 2.4% compared to 2018 which still grew 3.0%.

The weakening of the world economy was partly due to the weakening of trade and manufacturing activities in many countries including Indonesia, where according to the Central Statistics Agency (BPS) Indonesia's economic growth in 2019 was recorded at 5.02% compared to 2018 at 5.17%. The decline also occurred in the inflation rate, where in 2018 the value was 3.13% while in 2019 it would be 2.72%. This inflation position is the lowest since 1999, although then there is a threat from the low purchasing power of the people and could impact changes in consumption preferences.

Exchange rate fluctuations also moved quite sharply in mid-2019, although on an annual basis the movements were quite narrow. The Bank Indonesia Middle Rate was recorded at IDR13,413/US $ as at 31 December 2018, while at the end of 2019 it was closed at IDR13,900/US $. An annual depreciation of 3.6% is still better than some countries in the Region, but the lowest exchange rate position occurred on 15 August 2019 with a middle exchange rate of IDR14,296/US $.

This quite depressed economic condition is coupled with political dynamics with the national election agenda in early to mid-2019. The situation has gradually recovered in line with the completion of the general election process and the business world has begun to have business certainty.

Operational OverviewIn general, four main factors drive the movement of the ceramics industry, namely the availability of raw materials, applicable minimum wages, government policies and constantly changing market trends.

1. Raw materials - The Company is very dependent on the availability of main raw materials such as Clay, Feldspar, Silica Sand, Frit and Kaolin and other materials. High dependence also occurs on gases as auxiliary material in ceramic combustion processes.


prosespembakarankeramik.Ketersediaanprodukperlu dikelola karena bukan hanya pasokan yangaman namun juga fluktuasi harga yang berlakumengingat harga pembelian menggunakan matauang Dolar AS. Upaya lindung nilai akanmenjagaPerseroan dari fluktuasi nilai tukar sehinggamencegah terjadinya peningkatan biaya produksidanpenurunanpendapatanPerseroan.

2. UpahMinimum – Industri keramik bersifat padatmodal dan padat karya, dimana ketergantunganpada sumberdayamanusia sangat tinggi.DenganfaktorbiayayangcukuptinggiterhadaptotalbiayaPerseroan,kebijakankenaikanupahyangadaakanmeningkatkanbebanpokokpendapatanyangpadaakhirnya mengurangi marjin keuntungan yangdiperolehPerseroan.

3. Kebijakan Pemerintah – Perlindungan terhadapindustri dalam negeri khususnya keramik hanyadapat dilakukan melalui kebijakan pemerintah.Penurunan bea masuk hingga pelonggaran uangmuka kredit properti dapat menjadi doronganbagiPerseroanuntukmencariberbagaiupayaagarpenetrasipasartidakterganggu.

4. Tren Pasar – Saat ini perilaku pelanggan terusberubah di tengah posisi keramik sebagai pilihanutama pelapis lantai dan dinding masyarakat diIndonesia. Berbagai keunggulan yang dimilikikeramik merupakan peluang bagi Perseroan,dengan tetapmengikuti tren yang terjadi bahkankalau perlu menciptakan tren agar penguasaanpasardapatdijagadariwaktukewaktu.

Perseroan menyikapi secara positif keempat faktordi atas karena mendorong pencapaian kinerjaoperasional.SalahsatupendekatanPerseroanadalahmeningkatkan kapasitas produksi secara berkalaagar kemampuanmemenuhi permintaan pasar tetapterjaga. Perkembangan produksi Perseroan dapatdilihatpadatabelberikut:

KapasitasdanRealisasiProduksiTahunan

2016 2017 2018 2019

KapasitasTerpasang(m2)/ Installed Capacity (m2) 9,180,000 9,180,000 9,180,000 9,180,000

RealisasiProduksi(m2)/Production Realization (m2) 6,695,457 6,519,326 8,534,256 8,187,427

Utilisasi(%)/ Utilization (%) 72,94 71,02 92,90 89,19

PertumbuhanProduksi(%)/Production Growth (%) 9,94 (2,63) 30,91 (4,06)

Pada tahun 2019 Perseroan melaksanakan overhaul mesinproduksisekaligusmemasangmesin-mesinbaruuntuk dapat memenuhi kebutuhan pasar di tahun-tahunmendatang.

laporan laba RugiPendapatanBersihPerseroanpadatahun2019tercatatmengalamipeningkatansebesar5,43%menjadisebesarRp289,38miliar,dibandingkandenganRp274,48miliarpadatahun2018.RinciankinerjaoperasionalPerseroandapatdilihatpadatabelberikut:

Product availability needs to be managed because it is not only a safe supply but also prevailing price fluctuations given the purchase price using the US Dollar. The hedging effort will protect the Company from exchange rate fluctuations to prevent an increase in production costs and a decrease in the Company's revenue.

2. Minimum Wages - The ceramic industry is capital and labor-intensive, where the dependence on human resources is very high. With a high enough cost factor to the total cost of the Company, the existing wage increase policy will increase the cost of revenue which will ultimately reduce the profit margin obtained by the Company.

3. Government Policy - Protection of domestic industries, especially ceramics can only be done through government policy. The reduction in import duties to the easing of down payments on property loans can be an incentive for the Company to look for various efforts so that market penetration is not disrupted.

4. Market Trends - Nowadays customer behavior continues to change amid the position of ceramics as the primary choice of floor and wall coatings in Indonesian society. Various advantages possessed by ceramics are opportunities for the Company, by staying abreast of trends that occur even if necessary creating trends so that market dominance can be maintained from time to time.

The Company responded positively to the four factors above because they encourage the achievement of operational performance. One of the Company's approaches is to increase production capacity on a regular basis so that the ability to meet market demand is maintained. The development of the Company's production can be seen in the following table:

Yearly Production Capacity and Realization

In 2019, the Company will overhaul production machines while installing new machinery to meet market needs in the coming years.

Income statementThe Company's Net Revenue in 2019 was recorded to have increased by 5.43% to IDR289.38 billion, compared to IDR274.48 billion in 2018. Details of the Company's operational performance provided in the following table:


Tabel Ringkasan Kinerja Operasional 2019 dibandingkan dengan 2018(dalamJutaRpkecualiLabaPerSahamdalamRupiahPenuh)

Keterangan / Remaks 2019 2018 %PendapatanBersihNet Revenues

289.384 274.477 5,43%

BebanPokokPendapatanCost of Revenues

(261.598) (235.219) 11,21%

LabaKotorGross Profit

27.786 39.259 (29,22%)

BebanPenjualanSelling Expenses

(693) (636) 8,98%

BebanUmumdanAdministrasiGeneral and Adminitrative Expenses

(19.191) (15.616) 22,90%

BebanLain-lainBersihOther Expenses - Net

(3.859) (5.250) (26,50%)

LabaSebelumPajakPenghasilanIncome Before Income Tax

4.043 17.757 (77,23%)

BebanPajakPenghasilan-BersihIncome Tax Expense - Net

(1.977) (4.455) (55,61%)

LabaBersihTahunBerjalanNet Income for the Year

2.066 13.302 (84,47%)

PenghasilanKomprehensifLainOther Comprehensive Income

SurplusRevaluasiRevaluation Surplus

- 17.227 (100,00%)

PengukurankembaliliabilitasdiestimasiatasimbalankerjakaryawanRemeasurement of estimated liabilities for employees’ benefits

(1.466) (3.081) (52,42%)

PajakPenghasilanTerkaitRelated Income Tax

366 770 (52,42%)

JumlahLaba(Rugi)KomprehensifTahunBerjalanTotal Comprehensive Income for the Year

966 28.219 (96,58%)

LabaBersihPerSaham/Dilusian(dalamRupiahPenuh)Basic Net Income Per Share Basic / Diluted (in Full Rupiah)

1,72 12,76 (86,55%)

Beban Pokok Pendapatan Perseroan pada tahun2019 tercatat sebesar Rp261,60 miliar, meningkatsebesar 11,21% dibandingkan dengan tahun 2018sebesar Rp235,22 miliar. Hal ini disebabkan olehkenaikan biaya bahan baku dan bahan pembantusebesar 1,15% menjadi Rp121,24 miliar pada tahun2019dibandingkanRp119,86miliarpadatahun2018.Peningkatanbiayajugaterjadipadasisiproduksi,daribebanoverheadpabrikdantenagakerjayangtercatatsebesar Rp136,12 miliar pada tahun 2019 atau naiksebesar 4,62% dibandingkan Rp130,06 miliar padatahun2018.

Tingginya beban pokok pendapatan berdampakterhadapmarjin labakotor,dimanapadatahun2019mengalami penurunan sebesar 9,60% dibandingkandengan14,30%pada tahun2018.Hal iniberasaldaritercatatnya laba kotor sebesar Rp27,79 miliar padatahun 2019, menurun sebesar 29,22% dibandingkandengantahun2018sebesarRp39,26miliar.

Table of Summary for Operational Performance in 2019 compared to 2018(in Million IDR except for Earnings Per Share in IDR)

The Company's Cost of Revenues Sold in 2019 was recorded at IDR261.60 billion, an increase of 11.21% compared to 2018 at IDR235.22 bilion. This was triggered by the increase in the cost of raw materials and auxiliary materials by 1,15% to IDR121.24 billion in 2019 compared to IDR119.86 billion in 2018. Cost increases also occurred on the production side, from manufacturing and labor costs recorded at IDR136.12 billion in 2019 or by 4.66% compared to IDR130.06 billion in 2018.

The high cost of revenue has an impact on gross profit margin, which in 2019 decreased by 9.60% compared to 14.30% in 2018. This was derived from the recorded gross profit of IDR27.79 billion in 2019, a decrease of 29,22% compared to 2018 amounting to IDR39.26 billion.


Persaingan yang lebih ketat dalam pasar denganpeningkatanpermintaanyanglebihrendahmendorongposisi beban penjualan tercatat sebesar Rp693,59juta pada tahun 2019 ataumeningkat sebesar 8,98%dibandingkan tahun 2018 sebesar Rp636,44 juta. Halserupa terjadi pada beban umum dan administrasidenganpeningkatansebesar22,90%menjadiRp19,19miliar pada tahun 2019 dibandingkan sebelumnyaRp15,62miliarpadatahun2018.Meningkatnyabebanoperasional membuat laba usaha sebelum pajakpenghasilan Perseroan mengalami penurunan padatahun2019menjadiRp4,04miliaratausebesar77,23%dibandingkan tahun 2018 sebesar Rp17,76 miliar.Marjin laba operasional juga mengalami penurunanyaitu tahun 2019 sebesar 1,40% dibandingkan 6,47%padatahun2018.

Pada tahun 2019 Perseroan berhasil mencatatkanlaba selisih kurs sebesar Rp873,46 juta, dibandingrugi selisih kurs sebesar Rp2,06 miliar pada tahun2018. Beban bunga juga mencatat nilai yang lebihbaik yaitu sebesar Rp1,14 miliar pada tahun 2019,dibandingkandenganRp3,77miliarpadatahun2018.Hal inimengkompensasi turunnyapendapatanbungamenjadi Rp66,68 jutapada tahun2019dibandingkandenganRp176,16jutapadatahun2018

Posisibebanlain-lainpadatahun2019jugaberkurangdengan tidak adanya penurunan nilai atas revaluasiasettetap,sementaratahun2018tercatatpenurunansebesarRp675,95juta.Sementarapendapatanlain-lainPerseroanpadatahun2019tercatatsebesarRp428,88juta, dibandingkan Rp1,06 miliar pada tahun 2018.Sehinggasecaratotalbeban lain-lainPerseroanturunsebesar26,50%menjadiRp3,86miliarpadatahun2019dibandingkandenganRp5,25miliarpadatahun2018.

Dengankebijakanefisiensiyangketatditengahekspansiusaha yang terus berjalan, Perseroan mencatat lababersih tahun berjalan sebesar Rp2,06 miliar padatahun 2019 atau turun sebesar 84,47%dibandingkanRp13,30miliarpadatahun2018.Tidakadanyasurplusrevaluasi seperti tahun 2018,mendorong penurunanlabakomprehensifmenjadiRp966,25jutapadatahun2019 atau sebesar 96,58% dibandingkan tahun 2018sebesar Rp28,22 miliar. Sehingga laba per sahamtercatat sebesar Rp1,72 pada tahun 2019 atau turunsebesar 86,52% dibandingkan dengan Rp12,76 padatahun2018.

Kinerja KeuanganAsetJumlah aset Perseroan pada tahun 2019 mengalamipeningkatan sebesar 0,31% menjadi Rp329,92 miliardari sebelumnya Rp328,89 miliar pada tahun 2018.Aset lancar Perseroan turun sebesar 14,20%menjadiRp110,99 miliar dari sebelumnya Rp129,35 miliar.Porsi Kas dan bank naik menjadi Rp2,66miliar padatahun 2019 dari sebelumnya sebesar Rp591,42 jutapada tahun 2018. Penurunan terjadi pada piutang

Tighter competition in the market with a lower increase in demand led to the position of selling expenses recorded at IDR693.59 million in 2019 or an increase of 8.98% compared to 2018 of IDR636.44 million. The same thing happened to general and administrative expenses with an increase of 22.90% to IDR19.19 billion in 2019 compared to IDR15.62 billion in 2018. The increase in operating expenses caused the Company's operating profit to decrease in 2019 to IDR4.04 billion or 77.23% compared to 2018 amounting to IDR17.76 billion. Operating profit margin also decreased, namely in 2019 by 1.40% compared to 6.47% in 2018.

In 2019 the Company recorded a foreign exchange gain of IDR873.46 million, compared to a foreign exchange loss of IDR2.06 billion in 2018. Interest expense also recorded a better value of IDR1.14 billion in 2019, compared to IDR3.77 billion in 2018. This compensates for the decline in interest income to IDR66.68 million in 2019 compared to IDR176.16 million in 2018

Other expense positions in 2019 were also reduced by the absence of impairment of fixed assets revaluation, while in 2018 there was a decrease of IDR675.95 million. While the Company's other income in 2019 was recorded at IDR428.88 million, compared to IDR1.06 billion in 2018. Therefore the Company's total other expenses decreased by 26.50% to IDR3.86 billion in 2019 compared with IDR 5.25 billion in 2018.

With a strict efficiency policy amid ongoing business expansion, the Company recorded a net profit for the current year of IDR2.06 billion in 2019 or a decrease of 84.47% compared to IDR13.30 billion in 2018. There was no revaluation surplus such as in 2018, pushing the decline in comprehensive profit to IDR966.25 million in 2019 or by 96.58% compared to 2018 of IDR28.22 billion. So that earnings per share were recorded at IDR1.72 in 2019 or decreased by 86.52% compared to IDR12.76 in 2018.

Financial PerformanceAssetThe Company's total assets in 2019 increased by 0.31% to IDR329.92 billion from IDR328.89 billion in 2018. The Company's current assets decreased by 14.20% to IDR110.99 billion from the previous IDR129,35 billion. The portion of cash and banks increased to IDR2.66 billion in 2019 from IDR591.42 million in 2018. The decrease occurred in trade receivables to IDR36.30 billion in 2019 from IDR50.46 billion in 2018.


usaha menjadi Rp36,30 miliar pada tahun 2019 darisebelumnyaRp50,46miliarpadatahun2018.Demikianpula penurunan terjadi pada persediaan menjadiRp48,02miliarpadatahun2019dibandingkanRp49,86miliar pada tahun 2018. Sementara uang mukameningkat menjadi Rp21,39 miliar pada tahun 2019dibandingkandenganRp16,36miliarpadatahun2018.

(dalamJutaRp)

31 Des 2019 31 Des 2018 %AsetLancar 110.989 129.352 (14,20) Current Asset

AsetTidakLancar 218.931 199.539 9,72 Non-Current Asset

jumlah Aset 329.920 328,891 0,31 Total Asset

Perseroan mencatat peningkatan nilai aset tetapsebesar 11,67% menjadi Rp209,16 pada tahun 2019dibandingkanRp187,30miliarpadatahun2018.

liabilitas dan ekuitasPerseroan berhasil menjaga struktur keuangan yanglebih baik, dengan hanya mencatat posisi liabilitasmeningkat sebesar 0,06%. Hal ini berasal daripenurunan liabilitas jangka pendek sebesar 3,61%,menjadi Rp79,31 miliar pada akhir tahun 2019dibandingkan Rp82,28miliar pada akhir tahun 2018.Sementara peningkatan beban karyawan berdampakpada peningkatan liabilitas jangka panjang, yangmeningkat sebesar 10,81% menjadi Rp28,51 miliarpadatahun2019dibandingkandenganRp25,73miliarpadatahun2018.

(dalamJutaRp)

31 Des 2019 31 Des 2018 %

LiabilitasJangkaPendek 79.314 82.282 3,61 Current Liabilities

LiabilitasJangkaPanjang 28.758 25.727 11,78 Non-Current Liabilities

JumlahLiabilitas 108.072 108.009 0,06 Total Liabilities

JumlahEkuitas 221.849 220.883 0,44 Total Equity

jumlah liabilitas dan ekuitas 329.920 328.891 0,31 Total Liabilities and Equity

Perseroan berhasil mencatatkan posisi ekuitas yanglebih baik pada tahun 2019, dengan peningkatansebesar0,44%menjadiRp221,85miliardibandingkandengan Rp220,88miliar pada tahun 2018. Perseroanmencatat surplus revaluasi aset tetap yangmenurunpadatahun2019menjadiRp92,93miliar,dibandingkandenganRp100,96miliar.NamunpadasisilainPerseroanberhasil menurunkan defisit yang pada tahun 2018tercatatsebesarRp36,68miliarmenjadiRp26,59miliar.

Also, a decrease occurred in inventories to IDR48.02 billion in 2019 compared to IDR49.86 billion in 2018. While advances increased to IDR21.39 billion in 2019 compared to IDR16.36 billion in 2018.

(in Million IDR)

The Company recorded an increase in the value of fixed assets of 11.67% to IDR209.16 billion in 2019 compared to IDR187.30 billion in 2018.

Liability and equityThe Company managed to maintain a better financial structure, by only recording the liability position increased by 0.06%. This was derived from a decrease in short-term liabilities of 3.61% to IDR79.31 billion at the end of 2019 compared to IDR82.28 billion at the end of 2018. While an increase in employee expenses resulted in an increase in long-term liabilities, which increased by 10.81% to IDR28.51 billion in 2019 compared to IDR25.73 billion in 2018.

(in Million IDR)

The Company managed to record a better equity position in 2019, with an increase of 0.44% to IDR221.85 billion compared to IDR220.88 billion in 2018. The company recorded a revaluation surplus of fixed assets which declined in 2019 to IDR92.93 billion, compared to IDR100.96 billion. But on the other hand, the Company succeeded in reducing the deficit which in 2018 was recorded at IDR36.68 billion to IDR26.59 billion.


Tinjauan Arus KasPerseroanmencatataruskasbersihpadatahun2019sebesar Rp2,66 miliar, meningkat dari sebelumnyaRp591 juta pada tahun 2018. Perseroan mencatatpenerimaan arus kas dari aktivitas operasi sebesarRp44,33 miliar, dibandingkan sebelumnya menerimaarus kas sebesar Rp6,17 miliar. Kemudian arus kasuntukaktivitasinvestasi,sejalandenganpembangunanfasilitas produksi baru tercatat Rp33,22 miliar darisebelumnya Rp29,80miliar. Sementara arus kas dariaktivitaspendanaan,Perseroanmencatatpengeluarankas sebesar Rp9,03 miliar dibandingkan denganperolehan pendanaan bersih sebesar Rp23,95 miliarpadatahun2018.

(jutaanRupiah)

31 Des 2019 31 Des 2018

KasBersihDiperolehdariAktivitasOperasiNet Cash Provided by Operating Activities

44.330 6,169

KasBersihDigunakanuntukAktivitasInvestasiNet Cash Used in Investing Activities

(33.225) (29,799)

KasBersihDiperolehdari(Digunakanuntuk)AktivitasPendanaanNet Cash Provided by (used in) Financing Activities

(9.035) 23,950

KenaikanBersihKasdanBankIncrease In Cash On Hand and In Banks

2.070 319

KasdanBankAwalTahunCash On Hand and In Banks at Beginning of the Year

591 272

KasdanBankAkhirTahunCash On Hand and In Banks at End of the Year

2.661 591

KemAmPUAn membAYAR UTAngPerseroantetapmenjagatingkat liabilitaspadaposisiyang konservatif meskipun tengah melaksanakanekspansi usaha. Pada tahun 2019 rasio liabilitasterhadap ekuitas tercatat sebesar 49% sama sepertitahun 2018. Sementara rasio liabilitas terhadap totalaset tercatat sebesar 33% pada tahun 2019 samasepertitahun2018.

TIngKAT KOleKTIbIlITAs PIUTAngPengelolaanpiutangPerseroanjugaberjalanlebihbaikdengankeberhasilandalampenagihanyangefektifdansehat kepada pihak ketiga. Hal ini terlihat dari posisirasio perputaran piutang sebesar 6,67& pada tahun2019 dibandingkan dengan 7,66% pada tahun 2018.Sementara dari sisi persediaan, tercatat posisi padaakhirtahun2019sebesarRp48,020miliardibandingkanRp49,862miliarpadatahun2018.

sTRUKTUR mODAlPeningkatan kinerja Perseroan secara berkelanjutanterlihat dari peningkatan ekuitas yang tumbuh,dimanapadatahun2019pertumbuhansebesar0,44%dibandingkan tahun 2018. Hal ini akan berpengaruhpada posisi struktur modal yang lebih baik dalam

SOLVENCYThe Company continues to maintain the level of liabilities in a conservative position even though it is conducting business expansion. In 2019 the ratio of liabilities to equity was recorded at 49% compared in 2018. While the ratio of liabilities to total assets was recorded at 33% in 2019 same as in 2018.

RECEIVABLES COLLECTABILITYThe management of the Company's receivables is also running better with success in effective and healthy billing to third parties. This provided from the position of accounts receivable turnover ratio of 6.67% in 2019 compared to 7.66% in 2018. While in terms of inventory, the position at the end of 2019 was IDR48.02 billion compared to IDR49.86 billion in 2018.

CAPITAL STRUCTUREContinuous improvement in the Company's performance can be seen from the increase in equity growth, wherein 2019 the growth of 0.44% compared to 2018. This will affect the position of a better capital structure in financing the Company's assets, with the

Cash Flow OverviewThe Company recorded a net cash flow in 2019 of IDR2.66 billion, an increase from the previous IDR591 million in 2018. The Company recorded cash flow receipts from operating activities of IDR.44.33 billion, compared to previously received cash flows of IDR6.17 billion. Then the cash flow for investment activities, i

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