Preserving the Present Preserving Ensuring the Future 2013 Annual Report Laporan Tahunan PT SMART Tbk Preserving the Present Ensuring the Future Laporan Tahunan 2013 Annual Report Vision We aim to be the best To become the largest integrated and most profitable palm-based consumer company Mission • Surpassing the highest standard of quality • Maintaining the highest level of sustainability and integrity • Empowering society and community • Trend setting innovation and technology • Achieving maximum value for shareholders Daftar Isi Contents 01. Profil Perusahaan / Corporate Profile 39. Mengembangkan Usaha dengan Mengembangkan 04. Sambutan Komisaris Utama / Message from the President Sumber Daya Manusia / Growing Business by Growing Commissioner People 06. Sambutan Direktur Utama / Message from the President 42. Tata Kelola Perusahaan / Corporate Governance Director 54. Terdepan Dalam Pengembangan Kelestarian / Leading 10. Ikhtisar Keuangan / Financial Highlights Sustainable Development 11. Ikhtisar Operasional / Operational Highlights 72. Informasi Saham dan Obligasi / Securities Information 12. Sejarah Singkat / Brief History 74. Informasi Perseroan / Corporate Information 14. Struktur Perusahaan / Corporate Structure 76. Alamat Kantor / Office Addresses 15. Struktur Organisasi / Organisation Structure 78. Pernyataan Pertanggungjawaban / Statement of 16. Profil Komisaris / Profile of Commissioners Responsibility 22. Profil Direksi / Profile of Directors 79. Laporan Keuangan Konsolidasian / Consolidated Financial 28. Diskusi dan Analisa Manajemen / Management Discussion Statements and Analysis 28. - Prospek Industri / Industry Outlook 28. - Tinjauan Operasi / Operations Review 33. - Tinjauan Keuangan / Financial Review 37. - Informasi Lainnya / Other Information PT SINAR MAS AGRO RESOURCES AND TECHNOLOGY Tbk 1 LAPORAN TAHUNAN 2013 ANNUAL REPORT Profil Perusahaan Corporate Profile Didirikan tahun 1962 dan terdaftar di Bursa Efek Established in 1962 and listed on the Indonesia Indonesia sejak tahun 1992, PT Sinar Mas Agro Stock Exchange in 1992, PT Sinar Mas Agro Resources and Technology Tbk (“SMART” atau Resources and Technology Tbk (“SMART” or “Perseroan”) adalah salah satu perusahaan the “Company”) is one of the leading, publicly- publik produk konsumen berbasis kelapa sawit listed, integrated palm-based consumer yang terintegrasi dan terkemuka di Indonesia, companies in Indonesia, with total net sales dengan nilai penjualan bersih sebesar Rp 23,9 of Rp 23.9 trillion and income attributable to triliun dan laba yang dapat diatribusikan kepada owners of the Company of Rp 893 billion in pemilik entitas induk sebesar Rp 893 milyar pada 2013. The Company’s primary activities range tahun 2013. Aktivitas utama Perseroan dimulai dari from cultivating and harvesting oil palm trees, penanaman dan pemanenan pohon kelapa sawit, processing fresh fruit bunches (“FFB”) into pengolahan tandan buah segar (“TBS”) menjadi crude palm oil (“CPO”) and palm kernel (“PK”), minyak sawit (“CPO”) dan inti sawit (“PK”), serta to refining CPO into industrial and consumer pemrosesan CPO menjadi produk industri dan products such as cooking oil, margarine and konsumen seperti minyak goreng, margarin dan shortening. shortening. The Company cultivates 138,900 hectares of oil Perseroan menanam kebun kelapa sawit di palm plantations in Indonesia, including plasma. Indonesia seluas sekitar 138.900 hektar, termasuk Our 15 mills extract CPO and PK from FFB, with plasma. 15 pabrik pengolahan kami memproses a total capacity of 3.9 million tonnes per annum. TBS menjadi CPO dan PK, dengan total kapasitas sebesar 3,9 juta ton per tahun. Our CPO is processed further into value-added bulk, industrial and branded products through CPO diproses lebih lanjut menjadi produk bernilai our own refineries, with a total capacity of 2.3 tambah, baik curah, industri maupun bermerek, million tonnes per annum. The PK is crushed in melalui pabrik rafinasi kami dengan kapasitas 2,3 our kernel crushing plants, which have an annual juta ton per tahun. PK juga diproses lebih lanjut capacity of 480 thousand tonnes, producing di pabrik pengolahan inti sawit dengan kapasitas higher-value palm kernel oil and palm kernel 480 ribu ton per tahun, menghasilkan minyak inti meal. sawit dan bungkil inti sawit yang memiliki nilai lebih tinggi. SMART also distributes, markets and exports palm-based consumer products. Besides bulk SMART juga mendistribusikan, memasarkan dan and industrial oil, SMART’s refined products are mengekspor produk konsumen berbasis kelapa also marketed under several brands, such as sawit. Selain minyak curah dan minyak industri, Filma and Kunci Mas. Today, these brands are produk turunan SMART juga dipasarkan dengan recognised for their high quality and command berbagai merek, seperti Filma dan Kunci Mas. significant market share in their respective Saat ini, merek-merek tersebut diakui kualitasnya segments in Indonesia. dan memiliki pangsa pasar yang signifikan di segmennya masing-masing di Indonesia. YIELDING 6.3 TONNES PER HECTARE OF PALM PRODUCT Leading in Plantation Yield Driving Operational Excellence The large scale and integrated nature of our palm oil operations allow us to promote efficiency, productivity, quality and sustainable growth across the entire value chain. Our strong expertise is supported by a comprehensive management system and an internationally recognised research and development centre. We aim to build on our competitive strengths through greenfield development and strategic acquisition. 4 PT SINAR MAS AGRO RESOURCES AND TECHNOLOGY Tbk LAPORAN TAHUNAN 2013 ANNUAL REPORT Sambutan Komisaris Utama Message from the President Commissioner Pemegang Saham yang Terhormat, Tahun 2013 membawa peluang sekaligus tantangan bagi PT Sinar Mas Agro Resources and Technology Tbk (“SMART” atau “Perseroan”). Permintaan akan produk minyak sawit tetap kuat baik di pasar pangan maupun bukan pangan termasuk sektor energi. Pemulihan tren harga minyak sawit (“CPO”) menjelang akhir tahun, kembali menunjukkan ketahanan minyak sawit. SMART memanfaatkan peluang ini untuk mengembangkan keberadaan operasi hulu dan hilir yang lebih terintegrasi. Dewan Komisaris mendukung penuh pandangan Direksi bahwa fundamental industri sawit tetap kuat. Selama 6 tahun terakhir, konsumsi global produk sawit bertumbuh sekitar 3 juta ton per tahun, terutama untuk konsumsi pangan. Kami berharap permintaan akan terus meningkat, dengan pasar domestik di Indonesia yang menunjukkan peluang pertumbuhan yang menarik, menyusul pengumuman pemerintah pada tahun 2013 tentang target penggunaan bahan bakar nabati yang lebih tinggi. SMART berada dalam posisi yang baik untuk menangkap peluang dari permintaan yang terus bertumbuh, dengan kebun kelapa sawit yang cukup luas dan berkualitas tinggi serta model bisnis yang terintegrasi. Selama tahun berjalan, Perseroan membukukan laba sebelum bunga, pajak, depresiasi dan amortisasi (“EBITDA”) sebesar Rp 2,40 triliun dan laba yang dapat diatribusikan kepada Dear Valued Shareholders, SMART berada dalam posisi The past year presented both opportunities and challenges for PT Sinar Mas Agro Resources and Technology Tbk (“SMART” or yang baik untuk menangkap the “Company”). Demand for palm oil products remains strong in food and non-food markets including the energy sector, and peluang dari permintaan yang the recovery trend in crude palm oil (“CPO”) prices towards the end of the year has shown once again the resilience of palm terus bertumbuh, dengan kebun oil. SMART is capitalising on this opportunity to build a more integrated upstream and downstream presence. kelapa sawit yang cukup luas The Board of Commissioners fully supports the Board of Directors’ dan berkualitas tinggi serta view that palm oil industry fundamentals remain favourable. For model bisnis yang terintegrasi the past 6 years, global consumption of palm products has grown by approximately 3 million tonnes per annum, mainly in the form of food consumption. We expect demand to continue growing, with our home market in Indonesia presenting exciting growth opportunities, following the government’s announcement SMART is in a good position to in 2013 of higher targets for its biofuel usage. SMART is in a good position to benefit from the growing demand, with its sizable and benefit from the growing demand, high quality oil palm plantations and integrated business model. with its sizable and high quality oil During the year, the Company recorded Rp 2.40 trillion in palm plantations and integrated earnings before interests, taxes, depreciation and amortisation (“EBITDA”) and Rp 892 billion in income attributable to owners business model of the Company. Our profitability was affected by lower palm product output and the softer average CPO market price. Our financial position remained strong, with total assets reaching Rp 18.38 trillion. PT SINAR MAS AGRO RESOURCES AND TECHNOLOGY Tbk 5 LAPORAN TAHUNAN 2013 ANNUAL REPORT pemilik entitas induk sebesar Rp 892 milyar. Profitabilitas kami While SMART’s profitability will continue to be impacted by dipengaruhi oleh hasil produk sawit yang lebih rendah dan harga volatility in commodity prices, we are of the opinion that the Board pasar rata-rata CPO yang melemah. Posisi keuangan kami tetap of Directors’ strategy of producing and selling a greater volume kuat, dengan total aset mencapai Rp 18,38 triliun. of higher value refined products is the right move, capturing value throughout the value chain. Providing customer solutions Profitabilitas SMART akan terus dipengaruhi