AR WIM 2014_Lowres + Lap Keuangan.pdf

8/16/2019 AR WIM 2014_Lowres + Lap Keuangan.pdf

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DECISION

MAKER

control and

supervision

mechanism

problemsolving

withcooperative

DON’T

BLAME THE

OTHERS

Proactive/Initiative

BUILDER

WISMILAK

PT Wismilak Inti Makmur, Tbk

2014 Annual ReportLaporan Tahunan 2014

Preserving Sustainable Growth

Menjaga Pertumbuhan Berkelanjutan

ESPOUSED VALUES

Reaching Success Together

Open Mind Efficient

COOPERATION

visionarycapability

The Next Processis Our Customer

SpeakWithData


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PT Wismilak Inti Makmur Tbk (WIM) is a renownIndonesian cigarette industry that wasestablished in 1963 by Lie Koen Lie, Tjio IngHien, Tjio Ing Hwa, Oei Bian Hok and Sie Po Nioin 1963. On December 18, 2012, Wismilak wasturned into a public company.

Since going public, Wismilak has grown at anaverage rate of 5.08% (CAGR, based on totalassets). At the end of 2014, Wismilak had 3

subsidiaries, 5 factories, 19 branch ofces, 5stock points, 5 Hand-rolled Cigarette brands, 3Machine-rolled Cigarette brands, and retainedmore than 4,000 employees. 2014 has becomea year of maintaining growth momentum.

PT Wismilak Inti Makmur Tbk (Wismilak)merupakan industri rokok terkemuka Indonesiayang didirikan oleh Lie Koen Lie, Tjioe Ing Hien,Tjioe Ing Hwa, Oei Bian Hok dan Sie Po Nio padatahun 1963. Pada 18 Desember 2012, Wismilakmenjadi perusahaan terbuka.

Sejak go public, Wismilak tumbuh rata-rata5,08% (CAGR, berdasarkan total aset). Padaakhir tahun 2014, Wismilak memiliki 3 anak

perusahaan, 5 pabrik, 19 kantor cabang, 5 stockpoint, 5 merek Sigaret Kretek Tangan, 3 merekSigaret Kretek Mesin, dan mempekerjakan lebihdari 4.000 karyawan. Tahun 2014 menjaditahun menjaga momentum pertumbuhan.

About Wismilak Tentang Wismilak

Pada tahun 2014 terjadi panen raya tembakau dan cengkeh yang dimanfaatkanWismilak untuk memperkuat landasan pertumbuhan berkelanjutan.

Rich tobacco and clove harvest marked 2014 and Wismilak took advantage ofthe abundant produce to strengthen its sustainable growth base.

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PT Wismilak Inti Makmur, Tbk Annual Report / Laporan Tahunan 2014


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Table ofContents

Financial Highlights 4 Share Information 6Decisions of the General Meeting of Shareholders 8Report of the Board of Commissioners 12Report of the Board of Directors 16Highlights of 2014 22

Company Prole 24Corporate Data 32Company Milestones 34Business Activity 34Vision & Mission 35

Organizational Structure 36Board of Commissoners’ Prole 37Board of Directors’ Prole 38Human Resources 40Information About Shareholders 44Ownership of Subsidiaries 45Listing Chronology 45Capital Market Support 46Awards and Certications 47

Management Discussion and Analysis 48Introduction 50Review of Operational Segments 52Comprehensive Financial Performance Analysis 54Solvability 57Collectibility 58

Capital Structure 58Material Commitments for Capital Good Investments 59Material Information and Facts After Auditor’s Report 59Business Prospect 60Targets : Results Comparison 60Marketing Strategy 61Dividends 62Use of Proceeds from Public Offering 64Other Material Information 64Changes in Rules & Regulations 65Changes in Accountancy Policy 65

Corporate Governance 66Introduction 68Corporate Values 69Board of Commissioners 72Board of Directors 74

Joint Meetings 77Audit Committee 77Corporate Secretary 80Internal Audit Unit 81Internal Control System 83Risk Management System 84Material Legal Cases 87Code of Conduct 87Employee Stock Allocation 88Whistleblowing System 88

Corporate Social Responsibility 90Introduction 92Environment 94Manpower Practices and Work Health & Safety Management 96Social & Community Development 98

Product Responsibility 101Statement from Members of the Board of Commissioners and theBoard of Directors on Responsibility for the Annual Report of 2014of PT Wismilak Inti Makmur, Tbk 102Consolidated Financial StatementsIndex for OJK

Daftar Isi

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Financial Highlights of 2014 Ikhtisar Data Keuangan Penting Tahun 2014

1.119.062

304.641

77.302

77.202

100

77.302

77.202

100

IDR/Rp 50,71

1.588.022

469.585

132.322

132.148

174

132.379

132.205

174

IDR/Rp 62,93

1.661.533

483.815

112.305

112.155

150

112.748

112.597

150

IDR/Rp 53.41

2014 2013 2012

( in million IDR / dalam juta Rp )

CAGR 2012-2014: 26,02%Growth / Pertumbuhan

2013-2014: 3,03%

100

0

200

300

400

500

600

Gross ProtLaba Bruto

( i n

b i l l i o n

I D R

/ d a l a m m

i l i a r R p )

2012 2013 2014

470484

305


2013-2014: -14,84%

100

0

200

300

400

500

600

Comprehensive ProtLaba Komprehensif

( i n

b i l l i o n

I D R

/ d a l a m m

i l i a r R p )

2012 2013 2014

132113

77


2013-2014: 4,63%

SalesPendapatan

( i n

b i l l i o n

I D R

/ d a l a m m

i l i a r R p )

2012

500

0

1000

1500

2000

2500

3000

2013 2014

1.588 1.662

1.119

4


Pendapatan

Laba Bruto

Laba

Laba Yang Diatribusikan Kepada Pemilik Entitas Induk

Laba Yang Diatribusikan Kepada Kepentingan Non Pengendali

Laba Komprehensif

Laba Komprehensif Yang Diatribusikan Kepada Pemilik Entitas Induk

Laba Komprehensif Yang Diatribusikan Kepada Kepentingan Non Pengendali

Laba Per Saham

Net Sales

Gross Prot

Prot

Prot Attributable To Owners Of The Parent Entity

Prot Attributable To Non-Controlling Interest

Comprehensive Prot

Comprehensive Prot Attributable to Owners of the Parent Entity

Comprehensive Prot Attributable to Non-Controlling Interest

Earnings Per Share

DescriptionUraian

Statement of Comprehensive Income Pernyataan Laba Komprehensif


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e p or t t o S h ar e h ol d e r s

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M an a g e m e n t

Di s c u s s i on &A n

al y s i s

C or p or a t e S o c i al

R e s p on s i b i l i t y

C on s ol i d a t e d

F i n an c i al S t a t e m e n t

C or p or a t e G o v e r n an c e

S umm ar y of T h e Y e ar

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( in million IDR / dalam juta Rp )

Balance Sheet Information Informasi Neraca

DescriptionUraian 2014 2013 2012

Total Assets Jumlah Aset

Total Liabilities Jumlah Liabilitas

Equity Jumlah Ekuitas

1.332.908

478.483

854.425

1.229.011

447.652

781.359

1.207.251

550.947

656.304

Current RatioRasio Lancar

2012

0.5

0

1.0

1.5

2.0

2.5

3.0

2013 2014

2,432,27

2,06

Return on AssetLaba/Jumlah Aset

2012

1%

0

2%

3%

4%

5%

6%

7%

8%

9%

10%

2013 2014

10,86%

8,77%

7,94%

Liabilities/EquityLiabilitas/Ekuitas

2012

0.1

0

0.2

0.3

0.4

0.5

0.6

0.7

0.8

2013 2014

Return on EquityLaba/Ekuitas

2012

5%

0

10%

15%

20%

25%

30%

2013 2014

18,41%

13,73%16,44%

Liabilities/Total AssetsLiabilitas/Jumlah Aset

2012 2013 2014

Net Income MarginMarjin Laba Bersih

2012 2013 2014

1%

0

2%

3%

4%

5%

6%

7%

8%

9%

10%

8,33%

6,76%6,91%

0,57 0,56

0,84

0.1

0

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0,36 0,36

0,46

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Share Information for 2014 Informasi Saham 2014

Share Price Harga Saham

Share Price Movement, 2014 Pergerakan Harga Saham tahun 2014

QuarterTriwulan

Jan ‘14

0

500

800

400

300

200

100

900

700

600

Apr ‘14 Sep ‘14Feb ‘14 Jul ‘14May ‘14 Oct ‘14Mar ‘14 Aug ‘14Jun ‘14 Nov ‘14 Dec ‘14

2,099Million

IDR

Total Outstanding Shares2014 & 2013

Jumlah Saham Beredar

2014 & 2013

Market Capitalization in 2014Kapitalisasi Pasar 2014

Market Capitalization in 2013Kapitalisasi Pasar 2013

1,311 1,406Billion Billion

IDR IDR

( in millions of shares / dalam juta lembar saham )

Quarter 1Quarter 2

Quarter 3

Quarter 4

Triwulan 1Triwulan 2

Triwulan 3

Triwulan 4

860755

630

640

10601060

870

820

615580

510

510

670780

500

640

740610

550

625

1020830

690

670

2014 2013

HighestTertinggi

HighestTertinggi

Lowest Terendah

Lowest Terendah

ClosingPenutupan

ClosingPenutupan


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Trading VolumeVolume Perdagangan

Share Price Movement, 2013 Pergerakan Harga Saham tahun 2013

QuarterTriwulan

Jan ‘13

0

600

400

200

800

1.000

1.200

Apr ‘13 Sep ‘13Feb ‘13 Jul ‘13May ‘13 Oct ‘13Mar ‘13 Aug ‘13Jun ‘13 Nov ‘13 Dec ‘13

The good tobacco harvest has not onlyproduced larger volume of tobacco

leaves but also improved the quality ofWismilak’s raw material stock.

Panen raya tembakau bukan hanyamenghasilkan daun tembakau dalam jumlah yang banyak, melainkan juga

meningkatkan kualitas persediaan bahanbaku Wismilak.

Quality Harvest Panen Bermutu

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Triwulan 1

Triwulan 2

Triwulan 3

Triwulan 4

112,307,200.00

108,109,700.00

62,771,200.00

33,593,900.00

612,059,000.00

342,589,000.00

85,748,000.00

46,708,000.00

2014 2013

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Decisions of The General Meeting of Shareholders Keputusan Rapat Umum Pemegang Saham

Agenda I:

1. Accepting the Annual Report of theCompany for the reporting period of2013 and ofciating the Company’sConsolidated Financial Statements forscal year 2013 that was audited bythe Public Accountant Firm Kosasih,Nurdiyaman, Tjahjo & Rekan (CrowHorwath) with the judgement of “fair,in all material aspects” as noted in theIndependent Auditor Report Number:KNT&R-0109/14 dated 14 March 2014,as well as the Supervision Report of theBoard of Commissioners; and

2. Granting the status of acquit etdecharge to the members of theBoard of Directors and the Boardof Commissioners of the Companyfor the acts of management andsupervision that were conductedduring the reporting period of 2013, aslong as those actions are representedin the Company’s ConsolidatedFinancial Report, except for acts ofembezzlement, fraud, and other types ofcriminal acts.

Agenda II:

Approve the use of the Company’s netincome atributable to equity owners of theparent company for the scal year thatended on 31 December 2013 at the amountof IDR132,148,244,665 with the followingarrangement:

a. (i) Distributed as nal cash dividend atthe amount of IDR 39,687,614,064 orIDR18.9 per share to the Company’sshareholders whose names are listedin the Company’s List of Shareholders(Recording Date) on 20 June 2014 at16.00 Western Indonesia Time

(ii) Authorizing the Company’s Board ofDirectors to execute the cash dividenddistribution and to take all necessaryactions. The cash dividend payment

Acara Rapat I:

1. Menyetujui Laporan Tahunan PerseroanTahun Buku 2013 dan mengesahkanLaporan Keuangan KonsolidasianPerseroan Tahun Buku 2013 yang telahdiaudit Kantor Akuntan Publik Kosasih,Nurdiyaman, Tjahjo & Rekan (CrowHorwath) dengan pendapat “wajar,dalam semua hal material" sebagaimanadimuat dalam Laporan AuditorIndependen nomer: KNT&R-0109/14tertanggal 14 Maret 2014, serta LaporanTugas Pengawasan Dewan Komisaris;dan

2. Memberikan pembebasan tanggung jawab sepenuhnya (acquit et decharge)kepada semua anggota Direksi danDewan Komisaris Perseroan atastindakan pengurusan dan tindakanpengawasan yang telah mereka lakukanselama tahun buku 2013, sejauhtindakan-tindakan tersebut tercermindalam Laporan Keuangan KonsolidasianPerseroan, kecuali untuk perbuatanpenggelapan, penipuan dan tindakpidana lainnya.

Acara Rapat II:

Menyetujui penggunaan laba bersihPerseroan yang dapat diatribusikan kepadapemilik entitas induk untuk tahun buku yangberakhir pada tanggal 31 Desember 2013sejumlah Rp132.148.244.665,- untuk hal-halsebagai berikut:

a. (i) Dibagikan sebagai dividen nal tunaisebesar Rp 39.687.614.064,- atausebesar Rp18,9 per lembar sahamkepada para pemegang sahamPerseroan yang namanya tercatat dalamDaftar Pemegang Saham Perseroan(Recording Date) pada tanggal 20 Juni2014 pukul 16.00 WIB

(ii) Memberikan wewenang kepadaDireksi Perseroan untuk melaksanakanpembagian dividen tunai tersebut danuntuk melakukan semua tindakan yang


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diperlukan. Pembayaran dividen tunaiakan dilakukan dengan memperhatikanketentuan pajak, Bursa Efek Indonesia danketentuan pasar modal yang berlaku;

b. Menetapkan Cadangan khusussesuai Pasal 70 UU No.40 tahun 2007tentang Perseroan Terbatas sejumlahRp2.000.000.000,- ;

c. Sisanya dicatat sebagai Laba DitahanPerseroan yang belum ditentukanpenggunaannya.

Acara Rapat III:

1. Memberikan kuasa kepada DewanKomisaris Perseroan untuk menetapkanremunerasi, fasilitas dan tunjangan bagianggota Direksi Perseroan; dan

2. Memberikan kuasa kepada KomisarisUtama untuk menentukan danmenetapkan honorarium anggota DewanKomisaris Perseroan.

Acara Rapat IV:

Memberikan wewenang kepada DireksiPerseroan, dengan persetujuan DewanKomisaris, untuk menunjuk kantor akuntanpublik yang terdaftar di Otoritas JasaKeuangan untuk melakukan audit laporankeuangan Perseroan untuk tahun buku2014, dan memberikan kewenangan kepadaDireksi Perseroan untuk menetapkan jumlahhonorarium dan persyaratan lainnyasehubungan dengan penunjukan kantorakuntan publik tersebut.

Acara Rapat V:

Tetap melanjutkan sisa penggunaan danahasil penawaran umum perdana sahamsesuai peruntukannya dalam prospektus.

will be conducted in accordance totax, Indonesia Stock Exchange, andprevailing capital market regulations;

b. Setting aside a sum of IDR 2,000,000,000as retained earnings-appropriatedin compliance with Article 70 of LawNo. 40 Year 2007 on Limited LiabilitiesCompanies;

c. Record the balance as UnappropriatedRetained Earnings of the Company.

Agenda III:

1. Authorizing the Board of Commissionersof the Company to dene theremunerations, facilities, and allowancesof the members of the Board ofDirectors; and

2. Authorizing the President Commissionerto dene the honorarium ofthe members of the Board ofCommissioners.

Agenda IV:

Authorizing the Board of Directors of theCompany, with the Board of Commissioners'approval, to appoint a public accountantrm that is registered by the FinancialServices Authority to conduct the auditing ofthe nancial reports of the Company for thereporting period of 2014, and authorizing theBoard of Directors of the Company to denethe honorarium and other terms related tothe appointment of the public accountantrm.

Agenda V:

Continue to use proceeds of the initial publicoffering of the Company’s shares as denedin the prospectus.

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Report toShareholders Laporan Kepada Pemegang Saham


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Report of the Boardof Commissioners Laporan Dewan Komisaris

“Growth in salesand protabilityremained on trackwhile the business

grew sustainably:Wismilak has upheldits sustainable growth policy and was ableto strengthen itslong-term growth foundation”



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Dear Shareholders,

As we now know, several important eventsinuenced the business environment of 2014.Indirect inuences on Wismilak’s business includedthe General Election and the Presidential Electionof the Republic of Indonesia, and also the decreaseof global oil prices inuenced. However, there werealso events that directly inuenced Wismilak’sbusiness, such as good harvests at tobacco andclove plantations.

Facing this dynamic external environment,Wismilak was expected to maintain a sharp vision,to increase capabilities to overcoming obstaclesand taking advantage of the opportunities.

With this background, the Board of Commissionersis pleased to report that Wismilak has not onlyupheld its sustainable growth policy in 2014, butalso strengthened the foundation for long-termgrowth. Particularly, the Board of Commisionersspecically appreciates the efforts of enhancingWismilak brands’ equity and the continuousmodernization efforts.

Performance of the Board of Directors

These achievements were obviously tied to the Boardof Directors’ ability in charting the course of growthand maintaining a steady hand on the company’sbusiness. In 2014 we experienced steady sales andquarterly protability growth and at the same timethe Board of Directors has put a solid framework forthe next year.

The Board of Directors has also handled marketopportunities wisely, improving sales in the HCsegment to enhance Wismilak’s protability, andlaunching new variants in the MC segment tostrengthen existing brands.

Furthermore, the Board of Directors overcamechallenges to optimize benets of the good harvest,so that inventories increased by a sizeable number,to an amount that supports the sustainable growthof Wismilak.

Para Pemegang Saham yangTerhormat,

Seperti kita ketahui bersama, tahun 2014 diwarnaiperistiwa penting yang berpengaruh dalamlingkungan usaha. Pemilihan Umum serta PemilihanPresiden dan Wakil Presiden RI, serta menurunnyaharga minyak dunia, berpengaruh secara tidaklangsung terhadap usaha Wismilak. Di sampingitu, juga terjadi peristiwa yang berpengaruh secaralangsung terhadap usaha Wismilak, seperti panenraya tembakau dan cengkeh.

Menghadapi lingkungan eksternal yang dinamisseperti ini, Wismilak memerlukan visi yang tajam,serta meningkatkan kemampuan untuk mengatasitantangan dan memanfaatkan peluang.

Dengan latar belakang ini, Dewan Komisaris dapatmelaporkan bahwa pada tahun 2014 Wismilak tidaksaja mempertahankan garis kebijakan pertumbuhanyang berkelanjutan, melainkan juga memperkuatlandasan pertumbuhan jangka panjang. Secarakhusus, Dewan Komisaris menghargai upayapeningkatan ekuitas merek Wismilak serta upayamodernisasi secara berkelanjutan.

Kinerja Direksi

Tentunya pencapaian ini tidak terlepas darikemampuan Direksi dalam menentukan arahpertumbuhan serta mengelola bisnis perusahaandengan baik. Pada 2014 Wismilak mencatatkanpertumbuhan penjualan dan protabilitas per kuartalyang stabil dan pada saat yang sama Direksi telahmeletakkan dasar yang kokoh bagi pertumbuhan ditahun depan.

Direksi menyikapi peluang pasar secara bijak,memperkuat penjualan di segmen SKT gunamengembangkan protabilitas Wismilak, sertameluncurkan varian baru di segmen SKM untukmemperkuat merek yang telah hadir sebelumnya.

Direksi pun dapat mengatasi tantangan untukmengoptimalkan manfaat panen raya, sehinggapersediaan meningkat dalam jumlah yang cukupuntuk mendukung pertumbuhan Wismilak secaraberkelanjutan.

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Report of the Boardof Commissioners (continued)

Laporan Dewan Komisaris (lanjutan)

Even further, the Board of Directors drovetechnological innovation, in the form ofmanagement information system developmentthrough intensifying SAP technology application,and the modernization of the MC prodution line, sothat Wismilak may operate even more efciently.

The Board of Directors also directed an increasein HC production by opening a new factory inKertosono, East Java, which also created jobopportunities for the surrounding communities. TheBoard of Commissioners would like to emphasizethe fact that 100% of the employees of Wismilakand its subsidiaries are Indonesians.

From the start, Wismilak has been directed togrow together with its stakeholders. Therefore,the Board of Commissioners also acknowledgesthe Board of Directors’ performance in enhancingthe sustainability of Wismilak’s corporate socialresponsibility programs.

Review of Business Prospect

The Board of Directors believes that 2015 will bea promising year. Based on acceptable economicgrowth and ination rates projection, as well asa duty tariff increase that is below the levels ofprevious years, the Board of Directors is convincedthat Wismilak can maintain the growth rate of 2014.

The Board of Commissioners is of the opinionthat this business prospect is based on realisticthinking. The brand equity enhancement efforts, theproductivity and efciency improvements, as wellas the upgrading of the management infrastructure— including the management information systemdevelopment — support the business prospect.

The Board of Commissioners approves the Boardof Directors’ policy to uphold Wismilak’s growthstrategy that emphasizes sustainability. Thesustainability factor is clearly evident in the brandequity enhancement efforts, but is also manifestedin the efforts of upholding the continuity of CSRprograms; and is managed according to goodcorporate governance principles.

Lebih jauh, Direksi dapat mendorong inovasiteknologi, terutama dalam pengembangansistem informasi manajemen melalui intensikasipenggunaan teknologi SAP, serta modernisasi liniproduksi SKM, sehingga Wismilak dapat bekerjasemakin esien.

Direksi juga mendorong peningkatan produksi SKTdengan membuka pabrik baru di Kertosono, JawaTimur, yang sekaligus juga membuka lapangankerja baru bagi masyarakat sekitar. DewanKomisaris ingin menggarisbawahi fakta bahwa100% karyawan Wismilak dan anak perusahaannyamerupakan orang Indonesia.

Sejak awal, Wismilak memang diarahkan untuktumbuh bersama para pemangku kepentingannya.Karena itu, Dewan Komisaris pun menghargaikinerja Direksi yang meningkatkan keberlanjutanprogram tanggung jawab sosial perusahaanWismilak.

Pandangan Atas Prospek Usaha

Direksi melihat prospek usaha tahun 2015 tetapmenjanjikan. Dengan proyeksi tingkat pertumbuhanekonomi yang masih baik, tingkat inasi yangterkendali, serta kenaikan tarif cukai yang beradadi bawah tahun-tahun sebelumnya, Direksiberpendapat Wismilak dapat mempertahankantingkat pertumbuhan tahun 2014.

Dewan Komisaris menilai, prospek usaha inidisusun atas dasar pemikiran yang realistis.Upaya peningkatan ekuitas merek, peningkatanproduktivitas dan esiensi, serta peningkataninfrastruktur manajemen — termasukpengembangan sistem informasi manajemen —mendukung prospek usaha tersebut.

Dewan Komisaris menilai kebijakan Direksi untukmempertahankan strategi pertumbuhan Wismilakyang mengutamakan keberlanjutan sudah tepat.Faktor keberlanjutan ini terlihat jelas dalam upayameningkatkan ekuitas merek, namun juga tercermindalam upaya menjaga keberlanjutan program CSR;serta dikelola dengan prinsip tata kelola perusahaanyang baik.


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Willy Walla

President Commissioner

Komisaris Utama

Kinerja Komite Di bawah Dewan Komisaris

Terkait tata kelola perusahaan yang baik, DewanKomisaris juga mencatat perkembangan yang baikdalam kinerja komite yang berada di bawah DewanKomisaris.

Komite Audit yang dipimpin Komisaris Independentelah mengadakan tiga rapat Komite Audit untukmengevaluasi perkembangan kualitas pelaporanUnit Audit Internal dan untuk merencanakanpelaporan auditor eksternal, yaitu KAP Kosasih,Nurdiyaman, Tjahjo & Rekan (Crowe Horwath).

Di samping itu, Komite Audit juga mengadakanempat rapat dengan Unit Audit Internal, gunameningkatkan kualitas pelaporan, mengawalimplementasi SAP, serta mengevaluasi kinerjakeuangan 2014.

Dewan Komisaris menyadari pentingnya komitelainnya, seperti Komite Manajemen Risikodan Komite Nominasi dan Remunerasi, dalamperkembangan perusahaan ke depannya. Namun,dengan skala usaha dan ukuran perusahaansaat ini, sistem manajemen risiko dan praktekketenagakerjaan yang dipimpin oleh Direksi masihsangat memadai untuk menegakkan prinsip tatakelola perusahaan yang baik.

Akhir kata,

Kami ingin menyampaikan penghargaan yangsebesar-besarnya kepada para Pemegang Saham danPemangku Kepentingan lainnya, atas kepercayaandan dukungan yang diberikan pada tahun 2014,sehingga Wismilak dapat menjaga pertumbuhankegiatan usaha dan perusahaan dengan baik.

Semoga pencapaian ini semakin memperkuathubungan kita, demi pertumbuhan Wismilak yangberkelanjutan, serta peningkatan kesejahteraanyang kita raih bersama.

Performance of Committees under the BOC

Related to good corporate governance, the Boardof Commissioners also notes improvements in theperformance of committees under the Board ofCommissioners.

The Audit Committee under the leadership of theIndependent Commissioner has conducted threemeetings to evaluate the Internal Audit’s reportingquality improvement and to plan the reporting ofthe external auditor, namely the Public AccountantFirm Kosasih, Nurdiyaman, Tjahjo & Rekan (CroweHorwath).

Furthermore, the Audit Committee has alsoconducted four meetings with the Internal AuditUnit to improve the quality of reporting, to advocatethe implementation of SAP, and to evaluate 2014nancial performance.

The Board of Commissioners is aware aboutthe importance of other committees under theBOC, i.e. the Risk Management Committee andNomination and Remuneration Commitee, for futuredevelopment of the company. However, the givencurrent business scale and size of the company, therisk management system and manpower practicesas led by the Board of Directors still sufce touphold good corporate governance principles.

In closing,

We would like to extend our deepest appreciationtowards the Shareholders and all the otherStakeholders for their trust and support throughout2014, which enabled Wismilak to manage growth ofthe business as well as the company.

May this achievement strengthen our relationship,for the sake Wismilak’s sustainable growth, andincreased welfare for all of us.


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Report of the Boardof Directors Laporan Direksi

“In 2014, net salesreached IDR 1,661.53billion and efforts ofkeeping growth at

sustainable level wereupheld”


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Dear Shareholders,

Wismilak entered 2014 with the mission tostrengthen the foundation for sustainable growth.In line with this mission, the Board of Directorswould like to report that improvement was made inthe production system, marketing network, brandequity, as well as the management system and thecorporate social responsibility of Wismilak.

Financially, net sales increased from IDR1,588.02billion in 2013 to IDR1,661.53 billion in 2014,increasing by 4.63% and gross prot increased fromRp 469.58 billion to Rp 483.81 billion, increasing by3.03%. Since Wismilak went public in 2012, net salesgrew 21.85% (CAGR) while gross prot grew 26.02%(CAGR).

Opportunities and Challenges of 2014

2014 provided both opportunities and challenges for

Wismilak. Economic growth continued its positivegrowth momentum on the back of householdconsumption. The 2014 General Elections, bothlegislative and presidential, were conducted inan orderly manner which provides assurance forbusinesses. Both domestic consumption and theelection, which has been proven historically to drivegrowth of cigarettes industry, were key opportunitiesfor Wismilak, in addition to the good tobacco andclove harvest. Nevertheless, almost simultaneously,challenges appeared in the form of using theseopportunities wisely, with the aim of maintainingsustainable growth of the company and at thesame time strengthen the foundation for businessdevelopment. The Board of Directors handled theopportunities and challenges conservatively, whichis reected in Wismilak’s key nancial indicators.

Production System

In 2014, Wismilak improved the performance of itsproduction system by adding new machines to theexisting MC production lines and opening a new HCfactory.

With the new machines, the MC production capacityof Wismilak and its subsidiaries in 2014 reached 4,0billion cigarettes, an increase of 60% compared to2013.

Para Pemegang Saham yangTerhormat,

Wismilak memasuki tahun 2014 dengan misimemperkuat landasan pertumbuhan yangberkelanjutan. Sehubungan dengan misi ini, Direksidapat melaporkan perkembangan yang baik terjadidalam sistem produksi, jaringan pemasaran, ekuitasmerek, dan sistem manajemen, serta tata kelolaperusahaan dan tanggung jawab sosial.

Secara nansial, penjualan naik dari Rp 1.588,02miliar pada 2013 menjadi Rp 1.661,53 miliar pada2014, atau naik 4,63% dan laba kotor naik dariRp 469,58 miliar menjadi Rp 483,81 miliar, naik3,03%. Sejak Wismilak menjadi perusahaan terbukapada 2012, penjualan bertumbuh 21,85% (CAGR)sementara laba kotor bertumbuh 26,02% (CAGR).

Peluang dan Tantangan 2014

Bagi Wismilak, tahun 2014 menghadirkan peluang

dan sekaligus tantangan. Pertumbuhan ekonomimeneruskan momentum pertumbuhan yang positifberlandaskan pertumbuhan konsumsi rumah tangga.Proses Pemilihan Umum 2014, baik untuk anggotalegislatif dan presiden, berhasil dilalui dengan baikyang memberikan keyakinan bagi dunia usaha.Konsumsi domestik dan juga Pemilu, yang secarahistoris mendorong pertumbuhan industri rokok,adalah kesempatan kunci bagi Wismilak, di sampingpanen raya tembakau dan cengkeh yang baik.

Akan tetapi, pada saat yang bersamaan, tantanganmuncul dalam bentuk pemanfaatan peluang tersebutsecara bijak, dengan tujuan menjaga pertumbuhanperusahaan secara berkelanjutan dan sekaligusmemperkuat landasan pengembangan usaha.Direksi menyikapi peluang dan tantangan ini secarakonservatif, seperti yang dicerminkan oleh indikatorkeuangan inti Wismilak.

Sistem Produksi

Pada tahun 2014, Wismilak meningkatkan kinerjasistem produksi dengan menambah alat baru padalini produksi SKM serta membuka pabrik SKT yangbaru.

Dengan alat yang baru tersebut, kapasitas produksiSKM Wismilak dan anak perusahaan pada tahun2014 menjadi 4.0 miliar batang meningkat 60%dibandingkan tahun 2013.


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Report of the Boardof Directors (continued)

Laporan Direksi (lanjutan)

Sementara itu, demi pertumbuhan masa depan,pabrik SKT baru meningkatkan kapasitas produksiSKT Wismilak sebanyak 40% sehingga mencapai672 juta rokok pada tahun 2014. Produksi punmeningkat, yaitu dari 479 juta rokok pada tahun2013 menjadi 671 juta rokok pada tahun 2014, atausebesar 40,08%.

Akan tetapi, produksi SKM mengikuti alurperkembangan yang berbeda. Dengan alasanstrategis yang terkait sistem perpajakan produsenberjenjang, produksi dijaga pada tingkat 1,67 miliarbatang pada tahun 2014, dibandingkan 2,07 miliarbatang pada tahun 2013, atau menurun 19,5%.Penurunan ini tidak berdampak terhadap penjualanWismilak.

Pemasaran

Wismilak Diplomat mencapai usia 25 tahun padatahun 2014 dan pencapaian ini diperingati denganmeluncurkan Wismilak Diplomat Special Edition.

Selain itu, upaya peningkatan ekuitas merek WismilakDiplomat juga dilakukan dengan meluncurkanWismilak Diplomat Mild Menthol.

Sementara itu, Wismilak dan anak perusahaan jugamengembangkan jaringan pemasaran, sehingga

jumlah kantor cabang menjadi 19 dan jumlah stockpoint menjadi 5.

Sistem Manajemen

Pada tahun 2015, Wismilak melanjutkan pengem-bangan sistem ERP dengan teknologi SAP sehinggasistem informasi manajemen pun semakin kokoh.Selain memperdalam aplikasi teknologi SAP, Wismilak

juga membangun Disaster Recovery Centre (DRC).

Tata Kelola Perusahaan

Pada tahun 2014, penerapan prinsip GCG mencapaikemajuan yang berarti di seluruh kelompok usahaWismilak. Sebuah bagian penting dari praktek GCG iniadalah upaya pengembangan manajemen modernatas dasar budaya perusahaan keluarga.

Perkembangan dalam tata kelola perusahaan initercermin dalam pertumbuhan perusahaan dan padatahun 2014 Wismilak memperoleh penghargaan

Meanwhile, for the sake of preparing future growth,the new HC factory increased the HC productioncapacity of Wismilak by 40% to reach 672million cigarettes in 2014. Production increasedaccordingly, from 479 million cigarettes in 2013to 671 million cigarettes in 2014, or an increase of40.08%.

However, MC production development followeda different path. Due to strategic reason relatedto the government's producer-tier tax system,production was maintained at a lower level,namely 1.67 billion cigarettes in 2014 comparedto 2.07 billion cigarettes in 2013, or a decrease of19.5%. The lower production volume did not affectWismilak's sales.

Marketing

Wismilak Diplomat celebrated its 25th anniversaryin 2014 with the launching of Wismilak DiplomatSpecial Edition.

Furthermore, efforts to enhance the WismilakDiplomat brand equity were sustained with thelaunching of Wismilak Diplomat Mild Menthol.

Meanwhile, Wismilak and its subsidiaries alsodeveloped its marketing network, so that the numberof branch ofces became 19 and the number ofstock points became 5.

Management System

In 2015, Wismilak continued its SAP technology-based ERP system development to strengthen themanagement information system further. In additionto deepening the SAP technology application,Wismilak also built a Disaster Recovery Center (DRC).

Corporate Governance

In 2014, the Board of Directors continued theimplementation of GCG principles throughout theWismilak group of companies. At the core of theGCG practices was the development of a modernmanagement around the family business corporate

culture.

This improvement in terms of corporate governanceis reected in the growth of the company andin 2014 Wismilak obtained the reputable award


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bergengsi “Forbes Asia Best Under A Billion” sebagaisatu dari 200 perusahaan menengah terbaik dikawasan Asia.

Tanggung Jawab Sosial Perusahaan

Sementara itu, pelaksanaan tanggung jawab sosialWismilak pun semakin terarah, menuju kerja samaantar Pemangku Kepentingan yang bersifat jangkapanjang, serta sesuai azas pembangunan yangberkelanjutan.

Pada tahun 2014, kompetisi wirausaha tahunanWismilak, yaitu Diplomat Success Challenge,diadakan untuk kelima kalinya berturut-turut.Kompetisi ini merupakan satu dari lima pilarprogram CSR “Wismilak Berbagi”, yaitu “PeduliWirausaha”. Adapun keempat pilar lainnya adalah:“Peduli Budaya”, “Peduli Sosial”, “Peduli Pendidikan”,dan "Peduli Olahraga".

Di samping itu, Wismilak juga menjalankantanggung jawab sosial perusahaan dalam bidangtanggung jawab produk, ketenagakerjaan danpelestarian lingkungan.

“Forbes Asia Best Under A Billion” as one of theAsian region’s best 200 midsized companies.

Corporate Social Responsibility

Meanwhile, the implementation of Wismilak’scorporate social responsibility has improved and isnow heading towards long-term inter-Stakeholdercollaboration, in accordance with sustainabledevelopment principles.

In 2014, Wismilak’s annual entrepreneurialcompetition, namely Diplomat Success Challenges,was held for the fth consecutive time. Thiscompetition is one of the ve pillars of the“Wismilak Berbagi” CSR program, namely PeduliWirausaha. The other four pillars are PeduliBudaya, Peduli Sosial, Peduli Pendidikan and PeduliOlahraga.

Furthermore, Wismilak also implements itscorporate social responsibility in the eld of productresponsibility, manpower, and environmentalconservation.


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Ronald Walla

President Director

Direktur Utama

Report of the Boardof Directors (continued)

Laporan Dewan Direksi (lanjutan)

Prospek Usaha 2015

Memasuki tahun 2015, Direksi melihat Wismilakmenghadapi prospek usaha yang mendukungpertumbuhan yang berkelanjutan. Proyeksi tingkatpertumbuhan ekonomi Indonesia sebesar 5,30%(sumber: Mandiri Sekuritas Economic Outlook 2015),tingkat inasi yang terkendali, serta kenaikan tarifcukai di kisaran 8%, di bawah rata-rata kenaikantarif cukai sebelumnya, menjadi dasar bagi Direksiuntuk menjaga pertumbuhan usaha pada tingkatyang berkelanjutan.

Pada tingkat pertumbuhan yang berkelanjutanini, penjualan neto, total aset, total liabilitas, sertaekuitas Wismilak diharapkan tumbuh setidaknyaseperti pada tahun 2014, yaitu berturut-turut dikisaran 4-5%; 8-9%; 7-8%; dan 9-10%.

Para Pemegang Saham Yang Terhormat,

Direksi mengucapkan terima kasih yang sebesar-besarnya atas kepercayaan dan dukungannya.Direksi pun ingin mengucapkan terima kasih kepadaDewan Komisaris atas arahan dan nasehatnya;kepada para Karyawan atas dedikasi dan kerjakerasnya; serta kepada para Pemasok dan Pemasaratas dukungan dan loyalitasnya. Wismilak tidakakan mampu tumbuh secara berkelanjutan tanpakebersamaan kita ini.

Semoga Tuhan YME memberkati niat dan upayakita.

Business Prospect of 2015

Entering 2015, the Board of Directors believes thatWismilak faces a business prospect that supportssustainable growth. The projection of Indonesia’seconomic growth at 5.30% (source: MandiriSekuritas Economic Outlook 2015), acceptableination rates, and the around 8% increase induty tariffs, which is below the tariff increasein previous years, is the basis for the Board ofDirectors to maintain the growth of the business ata sustainable level.

At this level of sustainable growth, net sales, totalassets, total liabilities, and equity of Wismilak isexpected to grow at a level at least similar to 2014,i.e. respectively: 4-5%; 8-9%; 7-8%; and 9-10%.

Dear Stakeholders,

The Board of Directors would like to express itsgratitude for your trust and support. The Boardof Directors would also like to thank the Board ofCommissioners for its direction and advice; theEmployees for their dedication and hard work;and also to the Suppliers and Marketers for theirsupport and loyalty. Wismilak would not havegrown sustainably with this togetherness.

May God Almighty bless our intentions and efforts.


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President DirectorDirektur UtamaRonald Walla

Technical DirectorDirektur Teknik

Krisna Tanimihardja

Director of OperationsDirektur Operasional

Trisnawati Trisnajuwana

Director of FinanceDirektur Keuangan

Lucas Firman Djajanto

Independent DirectorDirektur Independen

Hendrikus Johan

Director of Business DevelopmentDirektur Pengembangan Usaha

Sugito Winarko


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Wismilak has been recognized by Forbes Asia asone of the leading 200 companies with assetsunder US$ 1 billion in the Asia Pacic region. Theselection included 17,000 public companies, andthis recognition endorses Wismilak’s spirit ofdeveloping a sustainable growth platform.

Wismilak diakui Forbes Asia sebagai satu dari200 perusahaan dengan omset di bawah US$ 1milyar terbaik di kawasan Asia Pasik. Seleksinyamencakup 17.000 perusahaan terbuka, danpenghargaan ini semakin memacu semangatWismilak untuk mengembangkan landasanpertumbuhan berkesinambungan.

Highlights of 2014 Sekilas Tahun 2014

Bangkok, Thailand, 9 December 2014: Ronald Walla as the President Director of PT Wismilak Inti Makmur Tbk

accepts the Forbes Asia’s 200 Best Under A Billion recognition.

Bangkok, Thailand, 9 Desember 2014: Ronald Walla selaku Direktur Utama PT Wismilak Inti Makmur Tbkmenerima penghargaan Forbes Asia’s 200 Best Under A Billion.

Forbes Asia’s 200

Best Under A Billion

>

22

PT Wismilak Inti Makmur, Tbk 2014 Annual Report


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Surabaya, 1 April 2014: Diplomat Mild Menthol was launched to enlarge market

share in the Mild Menthol MC segment.

Surabaya, 1 April 2014: Diplomat Mild Menthol diluncurkan untuk memperluas pangsa pasar di segmen SKM Mild Menthol.

Wismilak launched Diplomat Mild Menthol, avariant of Diplomat Mild that was launchedin 2012. This product diversication helped tostrengthen the sustainable growth platform byenlarging Wismilak’s market share.

Wismilak meluncurkan Diplomat Mild Menthol,sebuah varian Diplomat Mild yang diluncurkanpada tahun 2012. Diversikasi produk initurut menguatkan landasan pertumbuhanberkesinambungan dengan memperluas pangsapasar Wismilak.

Launching

Diplomat Mild Menthol


>

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Responding to the continuously increasing HCdemand, Wismilak developed a new 3,047 m2factory in Kertosono, equipped with buildings,machines, ovens and ofces, and hosting 514employees. The new factory was inaugurated on18 August 2014

Mengimbangi permintaan SKT yang terusmeningkat, Wismilak mengembangkan pabrikbaru di Kertosono seluas 3.047 m2, lengkapdengan gedung, mesin, oven, dan kantor, danmenampung 514 karyawan. Pabrik baru inidiresmikan tanggal 18 Agustus 2014.

Kertosono Factory


>

Kertosono, 18 August 2014: the factory was inaugurated and immediately started operations.

Kertosono, 18 August 2014: pabrik baru diresmikan dan segera beroperasi.

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Using growth momentum wisely, Wismilakdeveloped its marketing network gradually: theTegal Stock Point was opened on 27 January,Magelang on 8 September, the Jombang AreaOperational Ofce of the Sales & DistributionDivision on 15 September, and the PurwokertoStock Point became Area/Representative Ofceof Gawih Jaya on 27 November 2014.

Memanfaatkan momentum pertumbuhandengan bijaksana, Wismilak mengembangkan jaringan pemasaran secara berjenjang: StockPoint Tegal dibuka 27 Januari, Magelang 8September, Kantor Operasional Divisi Sales &Distribusi Area Jombang 15 September, danStock Point Purwokerto menjadi Kantor Area/ Perwakilan Gawih Jaya pada 27 November 2014.

Opening New Branch

and Stock Point

>

Gradually developing its marketing network, Wismilak opened 2 stock points and 2branch ofces in 2014.

Mengembangkan jaringan pemasaran secara berjenjang, Wismilak membuka 2stock point dan 2 kantor cabang pada tahun 2014.

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Successfully strengthening the managementinformation system with SAP ECC 6.0, Wismilakimplemented the SAP Business Warehouse forSales Distribution, the SAP Finance & Controlling,Business Intelligent - BOBJ for management,and a Disaster Recovery Center (DRC) to upholdbusiness operation continuity.

Sukses memperkuat sistem informasimanajemen dengan SAP ECC 6.0, Wismilakmengimplementasikan Business WarehouseSAP untuk Sales Distribution, Finance &Controlling, Business Intelligent - BOBJ SAP untukmanajemen, serta Disaster Recovery Center(DRC) untuk menjaga dan menjamin kontinuitasoperasional bisnis.

Deepening ERP

Implementation

>

Each quarter of 2014 was marked by deepened SAP implementation at Wismilak.

Setiap kuartal tahun 2014 diwarnai penerapan SAP yang semakin mendalam di Wismilak.

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Wismilak’s commitment towards sustainablegrowth was injected to entrepreneursthrough the Diplomat Success Challenge. Thisannual innovative and creative business ideacompetition has been held continuously since2010, and in 2014 carried the theme “SuccessfulCharacter”.

Komitmen terhadap pertumbuhanberkesinambungan Wismilak ditularkan kepadawirausaha melalui Diplomat Success Challenge.Kompetisi wirausaha tahunan dengan pencarianide bisnis inovatif dan kreatif ini berlangsungterus sejak 2010, dan pada 2014 mengusungtema “Karakter Sukses”.

Diplomat Success

Challenge 2014


>

Ronald Walla as Wismilak’s President Director and Surjanto Yasaputera as Head of the DSC Commissioner Boardcelebrated the Diplomat Success Challenge 2014 winners’ success together with the jury.

Ronald Walla selaku Direktur Utama Wismilak dan Surjanto Yasaputera selaku Ketua Dewan Commissioner DSCberbagi kebahagiaan dengan para juri dan pemenang Diplomat Success Challenge 2014.

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Totally committed towards quality, down to thesmallest detail, since it was launched in 1989,Wismilak Diplomat successfully guarded itssuperior quality.

Total sampai detail terkecil dalam mencipta,sejak diluncurkan pada tahun 1989 WismilakDiplomat sukses mempertahankan kualitas yangterbaik.

25th Anniversary

Wismilak Diplomat

>

Wismilak Diplomat has been guarding its superior quality for 25 years! To commemorate this achievement and to

share the success with the customers, Wismilak Special Edition 25 Years was launched on September 2014.

Wismilak Diplomat menjaga kualitas terbaik selama 25 tahun! Guna memperingati keberhasilan ini dan sekaligusberbagi dengan para pelanggan, Wismilak Special Edition 25 Years diluncurkan pada bulan September 2014.

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General Shareholder Meetings

and Public ExposeThe 2014 Annual General Meeting of Shares ofPT Wismilak Inti Makmur, Tbk was successfullyheld at Resto Nine, Jalan Mayjend Sungkono Nr.83, Surabaya. Afterwards, at the same place,the Board of Commissioners and the Board ofDirectors held a public expose.

Rapat Umum Pemegang Saham Tahunan 2014PT Wismilak Inti Makmur, Tbk berlangsungsukses di Resto Nine, Jalan Mayjend SungkonoNo. 83, Surabaya. Kemudian, di tempatyang sama, Dewan Komisaris dan Direksimengadakan acara public expose.

>

Surabaya, 20 May 2014: All Commissioners and Directors attended the Annual

GMS of PT Wismilak Inti Makmur, Tbk.

Surabaya, 20 Mei 2014: Seluruh Komisaris dan Direktur menghadiri RUPSTahunan PT Wismilak Inti Makmur, Tbk.

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31/202

Company Prole Prol Perusahaan


32/20232


Sejarah merupakan bagian integral dariidentitas perusahaan Wismilak. Didirikanpada masa transisi industri rokok kretek,perusahaan ini menjembatani perkembangantradisi dan modernitas.

History is an integral part of Wismilak’scorporate identity. Established during thetransitional period of the kretek cigaretteindustry, this company has been bridgingtradition and modernity.

Corporate Data Data Perusahaan

The head ofce building is the result ofexpert restoration. Perfectly blendedwith the city’s history, the building is

one landmark of Surabaya

Gedung kantor pusat merupakan hasilrestorasi yang ditangani para ahli.

Menyatu dengan sejarah kota, gedungini merupakan salah satu landmark

kota Surabaya

Head OfceFactory I, II, IIIBojonegoro Factory

Kertosono Factory

Kantor PusatPabrik I, II, IIIPabrik Bojonegoro

Pabrik Kertosono

Jl. Buntaran No. 9A, Kel. Manukan Wetan, Kec. Tandes, Surabaya 60185

Jl. Buntaran No. 9, 9A Dan 18, Kel. Manukan Wetan, Kec. Tandes, Surabaya 60185

Jl. Raya Sraturejo No. 99, Kel. Sraturejo, Kec. Baureno, Bojonegoro

Jalan Puntodewo no.5 RT.01/RW.03 Desa Kepuh, Kecamatan Kertosono,

Kabupaten Nganjuk

Head Ofce & Factory Address Alamat Kantor Pusat & Pabrik

NameRegistered AddressTelephoneFacsimileEmailWebsite

Nama Alamat Terdaftar Telepon

FaksimiliEmailWebsite

PT Wismilak Inti Makmur, Tbk.

Grha Wismilak, Jl. Dr Soetomo 27, Surabaya 60264

+62 31 2952 899

+62 31 2952 800

[email protected]

www.wismilak.com

Company Address Alamat Perusahaan

GrhaWismilak

Grha Wismilak


33/20233


PT Gelora Djaja (Gelora Djaja)PT Galan Gelora Djaja (Galan)PT Gawih Jaya (Gawih)

Jl. Buntaran No. 9, Kel. Manukan Wetan, Kec. Tandes, Surabaya 60185

Jl. Surowongso No. 999, Karangbong, Gedangan, Sidoarjo 61254

Jl. Raya Darmo No. 42-44, Surabaya 60264

Subsidiaries Address Alamat Entitas Anak

BogorJambiTangerang

TegalMagelang

Perum Cimanggu Permai 1, Blok M, Jl. Borobudur No. 15, Bogor

Jl. Haji Adam Malik Lorong Anggrek No. 1, Jambi

Komp. Taman Palma, Blok F5 No.6, Citra Raya, Tangerang

Jl. Susu Abadi No. 71, Tegal

Jl. Raya Magelang, Ds Tegowanon No. 222, Magelang

Medan

Padang SidimpuanPalembangBandungCirebonJakarta IJakarta IISemarangPatiSoloYogyakaryaBanjarmasinSurabayaJember

MalangPamekasanPematang SiantarJombangPurwokerto

Jl. Kompos 193 Km. 12, Medan

Jl. Mawar No. 40 Kel.Ujung Padang, Padang SidimpuanJl. Dr. M. Isa No. 2, Kel. Duku, Palembang

Jl. Caringin 273, Bandung

Jl. Satria No. 2, Cirebon

Jl. Tipar Cakung 27, Jakarta

Jl. Mampang Prapatan 108, Jakarta

Jl. Dr. Wahidin 137 , Semarang

Jl. Diponegoro No. 129, Pati

Jl. Raya Solo Sragen Km 7 , Turisari Karanganyar, Solo *

Jl. Kabupaten Km 3,8 No. 27 , Yogyakarta

Jl. Jafri Zam - Zam Komp. Grawiratama Rt 38, Banjarmasin

Jl. Tanjung Sari 3 Blok D1 – D2, Surabaya

Jl. Sumatera No. 117, Jember

Jl. IR. Sukarno No.39, BatuJl. Raya Trasak Km. 7 Larangan, Pamekasan

Jl. Silimakuta No. 33, Pematang Siantar

Jl. Tanjung No. 138, Jombang

Jl. Raya Baturaden No. 174, Purwokerto

Branch Ofces Address Alamat Kantor Cabang

Stock Point Address Alamat Stock Point

Address

TelephoneFacsimile

Alamat

TeleponFaksimili

Gedung Menara Jamsostek

Menara Utara, 10th Floor-Suite 1003,

Jl. Gatot Subroto 38, Jakarta 12710

+62 21 5296 3901/02

+62 21 5296 3909

Representative Ofce Address Alamat Kantor Perwakilan

*) Perubahan alamat per 9 Februari 2015 saat proses pembuatan Annual Report

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Memenuhikeperluan cetakan,PT Putri GeloraDjaja didirikan diSurabaya.

In line withbusiness growth,PT Gawih Djajawas establishedin Surabayato develop ourcigarette industry.

Gelora Djajaexpanded:Buntaran,Surabaya becameoperationaldevelopment area.

Gelora Djajastarted machine-rolled cigaretteproduction.

Launching ofWismilak Diplomat.

Slim hand-rolledkretek cigaretteproduction started.

Gawih establishedlogistics division.

To meet needs ofprinting, PT PutriGelora Djaja wasestablished inSurabaya.

Seiringpertumbuhanusaha, PT GawihDjaja didirikan di

Surabaya untukmengembangkanindustri rokok.

Gelora Djajaberekspansi:Buntaran, Surabayamenjadi tempatperkembangan

area operasional.

Gelora Djaja mulaimemproduksisigaret kretekmesin.

PeluncuranWismilak Diplomat Sigaret kretek

tangan slim mulaidiproduksi.

Gawih mendirikandivisi logistik.

1963 19941979 1983 1987 1988 1989 20001995

Milestones Jejak Langkah

The forerunner ofWismilak, PT GeloraDjaja, a hand-rolled cigarettemanufacturer,was establishedin Petemon,Surabaya by LieKoen Lie, Tjioe IngHien, Tjioe Ing Hwa,and Oei Bian Hok.

Establishmentof PT WismilakInti Makmur inSurabaya asholding company.

Establishment of PTGalan Gelora Djajato match businessgrowth

PendahuluWismilak,produsen sigarettangan PT GeloraDjaja, didirikandi Petemon,Surabaya, oleh LieKoen Lie, Tjioe IngHien, Tjioe Ing Hwa,dan Oei Bian Hok.

Pendirian PT

Wismilak IntiMakmur diSurabaya sebagaiperusahaan induk.

Pendirian PT GalanGelora Djaja untukmengimbangiperkembanganusaha.

In accordance to its latest articles ofassociation (as recorded in Notarial DeedNo. 24 or Yulia, S.H. dated 10 September2012, Wismilak manages a cigaretteindustry, particularly hand-rolled kretekcigarettes (HC) and machine-rolled kretekcigarettes (MC). Its eld of business includesthe production of cigarette avoring, lterrods and other cigarette parts; marketingand sales of cigarette products and

parts; and investing in kretek cigarettemanufacturers. Wismilak always strives tocomply to prevailing rules and regulations,related to good manufacturing practices;health, safety, and environment; corporategovernance; and others.

Sesuai anggaran dasar terbaru (tercatatdalam Akta Notaris Yulia, S.H. No. 24 tanggal10 September 2012, Wismilak mengelolausaha industri rokok, terutama sigaret kretektangan (SKT) dan sigaret kretek mesin (SKM).Bidang usahanya mencakup produksi bumburokok, lter dan kelengkapan rokok lainnya;pemasaran dan penjualan produk rokokdan kelengkapannya; serta penyertaanpada produsen rokok kretek. Wismilak

senantiasa berupaya menaati peraturanperundang-undangan yang berlaku, terkaitgood manufacturing practices; kesehatan,keselamatan, keamanan dan lingkungan; tatakelola perusahaan; dan lain-lain.

Business Activity Bidang Usaha


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The Bojonegoro,East Java factorycommencedoperations.

Wismilak'slaboratoryobtained the ISO17025 certicate

Launching of MildMC's

Development ofmodern factory inBuntaran started.

Launching of GalanMild.

Gawih establisheda Field MarketingDivision

Wismilakconducted theinitial publicoffering of itsshares precededby divestment of PTPutri Gelora Djaja.

Launching ofWismilak DiplomatMild.

Wismilakimplemented anSAP-based ERPsystem.

The KertosonoFactorycommencedoperations.

Launching ofWismilak DiplomatMild Menthol.

Wismilak obtainedAMDAL certication

Pabrik Bojonegoro, Jawa TImur mulaiberoperasi.

LaboratoriumWismilakmemperolehsertikat ISO 17025.

Peluncuran SKM jenis Mild Pembangunan

pabrik modern diBuntaran dimulai.

Peluncuran GalanMild.

Gawih mendirikanDivisi Field

Marketing.Wismilakmelakukanpenawaransaham perdanake masyarakat di-dahului divestasi PTPutri Gelora Djaja.

PeluncuranWismilak DiplomatMild.

Wismilakmenerapkansistem ERP denganteknologi SAP.

Pabrik Kertosonomulai beroperasi.

PeluncuranWismilak DiplomatMild Menthol.

Wismilak menerimasertikat AMDAL.

2002 20062005 2008 2010 2012 2013 20142004

Becoming a world-class industrial player

with premium quality products and

services through continous improvement

driven by integrity, teamwork, continous

development and innovation.

• Achieving success together through

cooperation with all stakeholders

(customers, shareholders,

employees, distributors, suppliers

and the public).

• Providing products and services with

the highest quality.

• Being responsible and committed

towards the community and

surroundings.

Berupaya menjadi pelaku industri kelas duniadengan keunggulan kualitas produk dan

jasa yang dihasilkan dengan pertumbuhan

berkesinambungan yang diperoleh melaluiintegritas, kerja sama tim, pengembanganyang berkelanjutan serta inovasi.

• Bersama meraih sukses melalui kerjasama dengan semua pemangkukepentingan (konsumen, pemegangsaham, karyawan, distributor, pemasok,dan masyarakat).

• Menghasilkan produk dan jasa dengankualitas terbaik.

• Bertanggung jawab dan berkomitmenterhadap lingkungan dan komunitas.

Vision MissionVisi Misi

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Organizational Structure Struktur Organisasi

President CommissionerKomisaris Utama

Willy WallaHeadKetua

Edy SugitoCommissionerKomisaris

Indahtati WidjajadiMembers Anggota

HerbudiantoFelix Suhendar

General Meeting of ShareholdersRapat Umum Pemegang Saham

Board of CommissionersDewan Komisaris

Audit CommitteeKomite Audit

Board of DirectorsDireksi

President DirectorDirektur UtamaRonald Walla


Krisna Tanimihardja

Sales & FieldMarketing Manager

RobertSitumorang

FactoryManager

TiktoPriharnomo

MarketingManagerSurjanto

Yasaputera

IT ManagerAkim Hermanto

Finance & Accounting

ManagerErni Lisawati

Human ResourcesManager

Henry Najoan

Internal AuditManager

Edie WidjajaRustiono

Filter BusinessManager

Erwin Susanto






Hendrikus Johan

Corporate SecretarySekretaris PerusahaanSurjanto Yasaputera


Sugito Winarko

Independent CommissionerKomisaris Independen

Edy Sugito


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Board of Commissioners Prole Prol Dewan Komisaris

Willy Walla

President CommissionerKomisaris Utama

Indonesian Citizen, age 66

President Commissioner of the Company since2012, appointed by the GMS dated 5 October2012; also President Commissioner of PT GalanGelora Djaja, and Commissioner of PT GeloraDjaja and Gawih Jaya; previously, PresidentDirector PT Wismilak Inti Makmur (1994 – 2012),PT Gawih Djaja (1983-2007), and PT GeloraDjaja (1986- 2007); graduated from ChelseaCollege, University of London, in the eld ofMathematics in 1972.

Afliated to:

- Ronald Walla (President Director), father-son.- Stephen Walla (Shareholder), father-son.

Warga Negara Indonesia, 66 tahun

Komisaris Utama Perseroan sejak tahun 2012sesuai Keputusan RUPS tanggal 5 Oktober 2012; juga Komisaris Utama PT Galan Gelora Djaja, ser-ta Komisaris PT Gelora Djaja dan PT Gawih Jaya;sebelumnya, pernah menjabat sebagai DirekturUtama PT Wismilak Inti Makmur Tbk (1994-2012),PT Gawih Djaja (1983-2007), dan PT Gelora Djaja(1986- 2007); menyelesaikan pendidikan di bidangmatematik pada Chelsea College, University ofLondon (1972).

Hubungan aliasi:

- Ronald Walla (DIrektur Utama), ayah-anak.- Stephen Walla (Pemegang Saham), ayah-anak.

Indahtati Widjajadi

CommissionerKomisaris


Commissioner of the Company since 2012,appointed by the GMS dated 5 October 2012;also Commissioner of PT Gelora Djaja (1984– now), PT Gawih Jaya (1983 – now), and PTGalan Gelora Djaja (1983 – now); graduatedfrom the California Polytechnic University inthe eld of chemical engineering in 1976 andfrom Institut Sepuluh November, Surabaya inthe eld of chemical engineering in 1974.

Afliated to:- Gaby Widjajadi (Shareholder), mother-

daughter.


Komisaris Perseroan sejak tahun 2012 sesuaiKeputusan RUPS tanggal 5 Oktober 2012; jugaKomisaris PT Gelora Djaja (1984-sekarang), PTGawih Jaya (1983-sekarang), dan PT GalanGelora Djaja (1983-sekarang); menyelesaikanpendidikan di bidang teknik kimia pada Cali-fornia Polytechnic University pada tahun 1976;

sebelumnya memperoleh gelar Insinyur TeknikKimia di Institut Sepuluh November, Surabaya(1974).

Hubungan aliasi:- Gaby Widjajadi (Pemegang Saham), ibu-anak.

Edy Sugito

Independent CommissionerKomisaris Independen


Independent Commissioner of the Company

since 2012, appointed by the GMS dated 5October 2012; also President CommissionerPT Gayatri Kapital, Independent Commissionerof PT London Sumatra Indonesia, PT DharmaSatya Nusantara Tbk and PT Astra OtopartsTbk.; previously, Director of Listing of PT BursaEfek Indonesia (2005-2012), Director of PTKliring Penjaminan Efek Indonesia (2000-2005),Director of PT Kustodian Sentral Efek Indonesia(1998-2000), and various other posts, startingwith Auditor at Drs. Johan, Malonda & Partners/Ernst & Whinney (1987-1988); graduated fromUniversitas Trisakti, with the degree of Bachelorof Accountancy (1991).


Komisaris Independen Perseroan sejak tahun

2012 sesuai Keputusan RUPS tanggal 5 Oktober2012; juga Komisaris Utama PT Gayatri Kapital,Komisaris Independen PT London SumatraIndonesia Tbk, PT Dharma Satya Nusantara Tbkdan PT Astra Otoparts Tbk; sebelumnya, pernahmenjabat sebagai Direktur Pencatatan PT BursaEfek Indonesia (2005-2012), Direktur PT KliringPenjaminan Efek Indonesia (2000-2005), Direk-tur PT Kustodian Sentral Efek Indonesia (1998-2000), serta berbagai jabatan lain yang diawalisebagai Auditor pada Drs Johan, Malonda &Rekan/Ernst & Whinney (1987-1988); menye-lesaikan pendidikan di bidang akuntansi diUniversitas Trisakti (1991).

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Ronald Walla

President DirectorDirektur Utama


President Director of the Company since 2012,appointed by the GMS dated 5 October 2012;previously Commissioner of the Company(2008-2012) and President Director of PT GalanGelora Djaja (2002-2007); graduated fromthe George Washington University (1999) inengineering management and from Universityof Maryland (1995) in computer science.

Afliated to:- Willy Walla (President Commissioner),

father-son.- Stephen Walla (Shareholder), brothers.

Competence enhancement- Executive Workshop On Enterprise Risk

Governance (CRMS Indonesia).- Bali International Seminar On Enterprise Risk

Management (CRMS Indonesia).


Direktur Utama Perseroan sejak tahun 2012sesuai Keputusan RUPS yang dicatat dalam Akta Notaris Yulia, S.H. Nr. 7 tanggal 5 Oktober2012; sebelumnya, Komisaris Perseroan (2008-2012) dan Direktur Utama PT Galan GeloraDjaja (2002-2007); menyelesaikan pendidikan dibidang engineering management pada GeorgeWashington University (1999) dan di bidang ilmukomputer pada University of Maryland (1995).

Hubungan aliasi:- Willy Walla (Komisaris Utama), ayah-anak.- Stephen Walla (Pemegang Saham), kakak-adik.

Pengembangan Kompetensi- Executive Workshop On Enterprise RiskGovernance (CRMS Indonesia).

- Bali International Seminar On Enterprise RiskManagement (CRMS Indonesia).




Director of Company since 2012, appointed bythe GMS dated 5 October 2012; also Director ofPT Gelora Djaja (2008-now); previously, Directorof PT Gawih Djaja (2008 – 2011); graduatedfrom Institut Teknologi Surabaya (1975) inchemical engineering.





Direktur Perseroan sejak tahun 2012 sesuaiKeputusan RUPS yang dicatat dalam AktaNotaris Yulia, S.H. Nr. 7 tanggal 5 Oktober 2012; juga Direktur PT Gelora Djaja (2008-sekarang);sebelumnya, Direktur PT Gawih Djaja (2008-2011); menyelesaikan pendidikan di bidangteknik kimia pada Institut Teknologi Surabaya

(1975).

Pengembangan kompetensi- Executive Workshop On Enterprise Risk



Sugito Winarko



Director for the Company since 2012, appointed

by the GMS dated 5 October 2012; alsoCommissioner of PT Gelora Djaja and PT GalanGelora Djaja; previously, Director of PT GeloraDjaja (1983 – 2008); graduated from TechnicalUniversity, Aachen, Germany (1976)

Afliated to:- Gitawati Winarko (Shareholder), cousins.- Gunawan Winarko (Shareholder), cousins.- Dipoyono Winarko (Shareholder), cousins.


Direktur Perseroan sejak tahun 2012, sesuai

keputusan RUPS tanggal 5 Oktober 2012; jugaKomisaris PT Gelora Djaja dan PT Galan GeloraDjaja; sebelumnya, Direktur PT Gelora Djaja(1983-2008); menyelesaikan pendidikan diTechnical University, Aachen, Jerman (1976).

Hubungan aliasi:- Gitawati Winarko (Pemegang Saham), sepupu.- Gunawan Winarko (Pemegang Saham), sepupu.- Dipoyono Winarko (Pemegang Saham), sepupu.

Board of Directors Prole Prol Direksi


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Krisna Tanimihardja



Director of the Company since 2012, appointedby the GMS dated 5 October 2012; alsoPresident Director of PT Gelora Djaja and PTGawih Jaya; previously Director of PT GeloraDjaja (1996 – 2008) Krisna Tanimihardjagraduated from Rheinisch-WestfalischeTechnische Hochschule Aachen, Germany(1975).


Governance (CRMS Indonesia).



Direktur Perseroan sejak tahun 2012 sesuaiKeputusan RUPS tanggal 5 Oktober 2012; jugaDirektur Utama PT Gelora Djaja dan PT Gawih Jaya; sebelumnya, Direktur PT Gelora Djaja (1996-2008); menyelesaikan pendidikan di Rheinisch-Westfalische Technische Hochschule Aachen, Jerman (1975).

Pengembangan kompetensi- Executive Workshop On Enterprise RiskGovernance (CRMS Indonesia).





Director of the Company since 2012, appointedby the GMS dated 5 October 2012; alsoDirector of PT Gawih Jaya; graduated fromUniversitas Merdeka, Malang (1990) in the eldof Economics.


Direktur Perseroan sejak tahun 2012 sesuaiKeputusan RUPS tanggal 5 Oktober 2012; juga Direktur PT Gawih Jaya; menyelesaikanpendidikan di bidang ekonomi pada UniversitasMerdeka, Malang (1990).

Hendrikus Johan S



Director of the Company since 2012, appointed

by the GMS dated 5 October 2012; previouslyMarketing Manager of PT Jamu Iboe Jaya (2004– 2011), Product Group Manager PT Jamu IboeJaya (2002 – 2004); graduated from UniversitasSurabaya (1995) in the eld of industrialmanagement and technology.


Direktur Perseroan sejak tahun 2012 sesuai

Keputusan RUPS tanggal 5 Oktober 2012; sebe-lumnya, ia pernah menjabat sebagai MarketingManager pada PT Jamu Iboe Jaya (2004-2011),Product Group Manager PT Jamu Iboe Jaya(2002-2004); menyelesaikan pendidikan di dibidang teknik dan manajemen industri, Univer-sitas Surabaya (1995).

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Wismilak and its subsidiaries always striveto become good employers: establishingcomfortable work places; providing work,self-development and career developmentopportunities based on merit , correspondingto business and corporate development;and manage industrial relations in fullcompliance to prevailing rules andregulations.

In 2014, the employees of Wismilak andsubsidiaries amounted to 4,019 people,an increase of 17.24% from 3,428 peoplein 2013, which was mainly driven by theopening of the Kertosono Factory.

Wismilak dan anak perusahaannyasenantiasa berupaya menjadi pemberikerja yang baik: membangun tempat kerjayang nyaman; membuka kesempatan kerja,berkembang dan berkarir berdasarkan jasa(merit), sesuai perkembangan usaha danperusahaan; serta mengatur hubunganindustrial sesuai peraturan perundang-undangan yang berlaku.

Pada tahun 2014, karyawan Wismilak dananak perusahaan berjumlah 4.019 orang,meningkat 17.24% dari 3.428 orang padatahun 2013, yang didorong terutama olehpembukaan Pabrik Kertosono.

Human Resources Sumber Daya Manusia

Manager and above

Staff

Non-Staff

Postgrad

Graduate

Academy

Highschool

< Highschool

> 50

41-5031-40

< 31

Manajer keatas

Staf

Non Staf

Pasca

Sarjana

Diploma

SMU

< SMU

> 50

41-5031-40

< 31

11

14

36

5

5

1

44

6

5

520

31

2

6

35

3

3

2

34

6

0

419

25

37

160

2657

5

125

64

1258

1402

24

1991283

1348

31

169

2256

4

128

57

994

1273

21

1701164

1101

51

578

475

2

377

69

612

44

18

170445

471

55

461

408

2

299

56

521

46

17

157398

352

99

752

3168

12

507

134

1914

1452

47

3741748

1850

88

638

2702

9

430

115

1549

1325

38

3311581

1478

Composition of Human Resource Based on Managerial Level Komposisi Sumber Daya Manusia Menurut Jabatan

Composition of Human Resource Based on Educational Level Komposisi Sumber Daya Manusia Menurut Tingkat Pendidikan

Composition of Human Resource Based on Age Komposisi Sumber Daya Manusia Menurut Usia

Level

Education

Age

Jabatan

Pendidikan

Umur

2014

2014

2014

2013

2013

2013

Wismilak

Wismilak

Wismilak

Wismilak

Wismilak

Wismilak

Gelora

Gelora

Gelora

Gelora

Gelora

Gelora

Gawih

Gawih

Gawih

Gawih

Gawih

Gawih

Total

Total

Total

Total

Total

Total


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Wages, Facilities and Welfare

Wismilak and its subsidiaries deneemployee wages in Mutual WorkAgreements together with worker unions, atlevels that are above the Provincial MinimumWage (UMP) of East Java and compete withsimilar companies in terms of compensation

provided to employees.

The welfare packages include the salariesand wages that are payed out every month,or every two weeks for HC employees, andalso comprise allowance in the form of cashor in kind, including Holy Day allowances(THR). Wismilak and its subsidiaries alsoprovide health care packages, whichcomprise reimbursement of medicaltreatment costs and insurances for theemployees and their family.

Wismilak and its subsidiaries evaluate theremuneration system and welfare packagesregularly, in compliance with the Law ofManpower and related provincial or localregulations.

Work Health and Safety Standards

Wismilak and subsidiaries have formed aHealth and Safety Development Committee(P2K3) in accordance with Law Nr. 1 Year1970 on Work Safety, articles 9 and 10;

Law Nr. 32 Year 2004 on Local Governance;as well as the Minister of Manpower’sRegulation Nr. PER.04/MEN/1987 on healthand safety development committees andProcedurs of Appointing a Work SafetyExpert.

The P2K3 that operated during 2014 wasappointed and ofciated through theLetter of Ofciation of P2K3 Nr. 556/4308/X436.6.12/2011 of the Manpower Section ofthe Municipality of Surabaya of 17 October

2011. The current head of the P2K3 is Mr.Tikto Priharmono (Factory Manager) and itsSupervisory Board comprises directors ofWismilak.

The P2K3 publishes Monthly Activity Reportsand in the opinion of the P2K3, up to year-end of 2014, Wismilak and its subsidiarieshave not experienced material workaccidents that caused loss of life, impairmentor permanent injury.

Upah, Fasilitas dan Kesejahteraan

Wismilak dan anak perusahaannyamenetapkan upah karyawan dalam PerjanjianKerja Bersama dengan Serikat Pekerja, padatingkat yang lebih baik dari Upah MinimumProvinsi (UMP) Jawa Timur dan denganfasilitas yang bersaing dengan kompensasi

yang diberikan perusahaan sejenis.

Paket kesejahteraan mencakup gaji dan upahyang dibayarkan s

AR WIM 2014_Lowres + Lap Keuangan.pdf

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