Transformation towards Excellent Business Process · Functional Unit Review Tata Kelola Perusahaan ... pencapaian sasaran Perusahaan melalui perubahan visi dan misi ... Jawa, Madura

Transformation towards Excellent Business Process

2014Laporan TahunanAnnual Report

Ikhtisar UtamaMain Highlights

Laporan kepadaPemegang Saham danPemangku KepentinganReports to Shareholdersand Stakeholders

Profil PerusahaanCompany Profile

Analisa dan Pembahasan ManajemenManagement Discussion and Analysis

Tinjauan Unit PendukungFunctional Unit Review

Tata Kelola PerusahaanCorporate Governance

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Laporan KeuanganFinancial Report

1PT Indonesia PowerLaporan Tahunan2014 Annual Report

Kebutuhan tenaga listrik di Indonesia terus meningkat, sehingga memberikan peluang bagi pertumbuhan Indonesia Power di masa mendatang. Dari sisi hulu, upaya pemenuhan kebutuhan pasokan gas untuk pembangkit base load, serta upaya menjaga pasokan batu bara dengan harga yang kompetitif dalam jangka panjang masih menjadi tantangan bagi Perusahaan.

Melihat peluang dan tantangan yang ada dan selaras dengan pencanangan program eksekusi ekselen di tahun 2013 yaitu bekerja secara benar, cepat dan fokus pada hasil, maka pada tahun 2014 Indonesia Power menerapkan transformasi menuju proses bisnis yang ekselen dalam mendukung pencapaian sasaran Perusahaan sesuai dengan salah satu aspek dalam Indonesia Power Way yaitu Process Business Excellence. Transformasi yang dilakukan Indonesia Power dalam perbaikan proses bisnis meliputi optimalisasi implementasi Indonesia Power Integrated Management System (InPower IMS), pemanfaatan teknologi informasi untuk peningkatan akurasi proses, optimalisasi proses perencanaan pemeliharaan melalui 52 weeks procurement planning, reformasi dalam sistem pengadaan, sistem imprest terpadu, pengendalian melalui implementasi Internal Control over Financial Reporting (ICoFR), penyusunan master plan Life Cycle Management (LCM), perkuatan peran Kantor Pusat sebagai asset owner dan asset manager untuk memfokuskan unit sebagai asset operator dengan melakukan perubahan struktur organisasi, perkuatan SDM melalui Alfa Mentor dan Beta Mentor dan tak kalah pentingnya perkuatan proses dalam membangun GCG melalui implementasi Indonesia Power Bersih.

Dalam rangka menyesuaikan perkembangan saat ini dan ke depannya agar dapat terus tumbuh berkelanjutan, Indonesia Power menetapkan visi dan misi baru. Dalam menjalankan visi dan misi tersebut, Indonesia Power menetapkan kompetensi inti yaitu Operasi dan Pemeliharaan Pembangkit serta Pengembangan Pembangkit untuk meningkatkan daya saing dalam bisnis pembangkitan tenaga listrik termasuk Jasa Operation and Maintenance (O&M) pembangkit, serta mendukung pertumbuhan Perusahaan yang berkelanjutan melalui pengembangan pembangkit dan bisnis terkait lainnya.

Indonesia Power juga melaksanakan program optimalisasi dan efisiensi, yaitu Cost Management Program (CMP) yang memberikan dampak signifikan bukan hanya terhadap kinerja finansial yang meliputi pendapatan Perusahaan dan efisiensi biaya namun juga meningkatkan produktivitas Perusahaan.

Dalam rangka pengembangan manajemen Perusahaan, Indonesia Power secara konsisten menerapkan sistem Manajemen Risiko melalui implementasi integrasi Enterprise Risk Management (ERM), yang mencakup aspek struktural, operasional, dan pemeliharaan.

Dengan seluruh perbaikan yang dilakukan oleh Indonesia Power pada tahun 2014 terutama dalam perkuatan proses bisnis maka akan memastikan ketepatan langkah Indonesia Power dalam mewujudkan visi Indonesia Power sebagai Perusahaan Energi Tepercaya yang Tumbuh Berkelanjutan.


The demand for electricity in Indonesia continues to increase, thus providing growth opportunities for Indonesia Power in the future. From the upstream side, efforts to address the needs of gas supply for base load power plants, as well as efforts to maintain the supply of coal at competitive prices in the long term remains a challenge for the Company.

Realizing the existing opportunities and challenges and in line with the launching of the excellence execution program in 2013 which is to work in an accurate, quick and focus on results manner, in 2014 Indonesia Power implemented the transformation towards excellent business process in supporting the achievement of the Company objectives in line with an aspect of Indonesia Power Way, namely Business Excellence Process. The transformation in business process improvement covers optimizing the implementation of Indonesia Power Integrated Management System (InPower IMS), utilizing information technology to increase the accuracy of the process, optimizing the maintenance planning process through the 52 weeks procurement planning, reforming the procurement system, integrated imprest system, control over the implementation of the Internal Control over Financial Reporting (ICoFR), preparation of master plan Life Cycle Management (LCM), strengthening the role of the Head Office as the asset owner and asset manager to focus the units as asset operators, strengthening human resources through Alfa Mentor and Beta Mentor, and equally important, strengthening the process in establishing GCG through the implementation of Indonesia Power Bersih (Clean Indonesia Power).

In order to adapt to the current and future developments, to continue to grow in a sustainable manner, the Company set a new vision and mission. In carrying out the vision and mission of the Company, Indonesia Power establishes the core competence, namely Operation and Maintenance of Power Plants as well as Development of Power Plants to improve competitiveness in the power generating business, including Operation and Maintenance (O&M) Services of power plants, as well as supporting the Companys sustainable growth through the development of power plants and other related businesses.

Indonesia Power also implements the optimization and efficiency program, namely Cost Management Program (CMP), which had a significant impact not only on financial performance that include the Companys revenue and cost efficiency, but also increase the productivity of the Company.

In the development of the Companys management, Indonesia Power consistently applies the Risk Management system through the implementation of integrated Enterprise Risk Management (ERM), which includes the structural, operational, and maintenance aspects.

With all the improvements undertaken by Indonesia Power in 2014, and especially in the strengthening of business processes, Indonesia Power is moving right on track to achieve the Companys vision to become a Reliable Energy Company with Sustainable Growth.

2PT Indonesia Power Laporan Tahunan 2014 Annual Report

2008

2010

2011

2009

OperationPerformanceImprovement

Explore theBeauty ofElectricity

EmbracingNature Through

Electricity

The Power ofInnovation

Trust Usfor PowerExcellence

High TrustSociety

MerebutKepercayaanEarningTrust

PeduliLingkunganEco-Friendly

MembangunKeunggulanCreatingExcellence

MembangunProfesionalismeBuildingProfessionalism

Kesinambungan Tema Annual Report

Sebuah Perjalanan Menuju WCS

Sustainability of the Annual Reports Theme

Road to WCS











2013ExcellentExecution

Towards WorldClass Service

Company

2014Transformation

towards Excellent Business Process

2012The Power

of Indonesia

2015WORLDCLASS

SERVICES

ExpandingBusinessPortfolio

ExcellentPerformance

Excellent Business Process

Bekerja dengan Benar, Cepat, dan Fokus pada Hasil TerbaikAll the Activities should be ImplementedCorrectly, Fast and Focused for the Best Result

Melebarkan Sayapke Seluruh NusantaraExpanding Wingsto all over Archipelago

SustainableGrowth


Sebuah Perjalanan Menuju WCS

Proses bisnis ekselen menuju pertumbuhan yang berkelanjutanExcellent business process towards sustainable growth


The Power of Innovation

Explore the Beautyof Electricity

Embracing NatureThrough Electricity

Trust us for PowerExcellence

2008 2009 20112010Kami, membangun rasa saling percaya di antara insan Indonesia Power untuk membentuk proses kinerja prima dan SDM unggul.

We build trust among Indonesia Power personnels to establish excellent performance and superior Human Resources.

Kami, membangun kepercayaan Pelanggan melalui Keunggulan Indonesia Power dalam pengelolaan pembangkitan tenaga listrik.

We build customer trust through Indonesia Power excellence in the management of power generation.

Kami, membangun kepercayaan seluruh pemangku kepentingan melalui produk tenaga listrik dan Jasa Operation & Maintenance (O&M) yang ekselen dengan meningkatkan maturitas proses bisnis, pengembangan SDM yang ekselen dan ramah lingkungan.

We build the trust of all stakeholders through electric power products and Operation & Maintenance (O&M) services excellence by increasing the maturity of the business processes, development of excellence and environmentally friendly human resources.

Kami menyatakan tekad bersama dengan lantang untuk keberadaan Indonesia Power dalam semangat menjadi sesuatu yang istimewa, unik dan berbeda dari yang lainnya melalui pelaksanaan tanggung jawab sosial perusahaan secara berkelanjutan.

We declare our mutual determination for the presence of Indonesia Power in the spirit to be something special, unique, and different from the others, through the implementation of corporate social responsibility in a sustainable manner.

4

Kesinambungan Tema Annual ReportSustainability of the Annual Reports Theme

PT Indonesia Power Laporan Tahunan 2014 Annual Report










The Power of Indonesia


Excellent Executiontowards World ClassService Company

2013 20142012Kami terus berkarya yang fokus pada hasil terbaik dengan mengedepankan eksekusi ekselen yang bersungguh-sungguh dan berkelanjutan agar Indonesia Power dapat terus mencapai kinerja yang optimal.

We continue to work with a focus on best results by emphasizing on earnest and sustainable excellent execution, enabling Indonesia Power to continue to achieve optimal performance.

Kami melakukan transformasi menuju proses bisnis yang ekselen dalam mendukung pencapaian sasaran Perusahaan melalui perubahan visi dan misi baru, program efisiensi secara menyeluruh dan pertumbuhan yang berkelanjutan.

We implement transformation towards excellent business process in supporting the achievement of the Company through a new vision and mission, overall efficiency program, and sustainable growth.

Kami, melebarkan sayap ke seluruh Indonesia dengan mengembangkan portofolio melalui pengembangan Usaha Jasa O&M di luar sistem Jawa, Madura dan Bali serta Pembangkit Energi Terbarukan yang ramah lingkungan.

We expand to the rest of Indonesia by developing a portfolio through the development of Operation & Maintenance O&M Services business outside the system of Java, Madura and Bali as well as environmentally friendly Renewable Energy Generating.



Daftar IsiContents


Kesinambungan Tema Annual Report Sustainability of the Annual Reports Theme

Daftar Isi | Contents

Posisi Indonesia Power dalam Industri Ketenagalistrikan NasionalThe Position of Indonesia Power in National Electricity Power Industry

Pencapaian Penting Indonesia Power Tahun 2014Important Achievement of Indonesia Power in 2014

Testimoni | Testimony

Kinerja Indonesia Power 20142014 Key Performance Indonesia Power

Ikhtisar Data Keuangan PentingImportant Financial Data Highlights

Identitas PerusahaanCorporate Identity

Sejarah Singkat Brief History

Jejak Langkah Milestone

Visi, Misi dan Tata Nilai PerusahaanVision, Mission and Corporate Values

Tujuan, Sasaran dan Strategi PerusahaanCompanys Objectives, Target and Strategy

Bidang Usaha | Business Sector

Peristiwa Penting Indonesia Power Tahun 2014 Indonesia Powers Important Event in 2014

Penghargaan dan SertifikasiAwards and Certifications

Struktur dan Komposisi Pemegang Saham Structure and Composition of Shareholders

Struktur Organisasi Perusahaan Corporate Structure of Organization

Struktur Grup PerusahaanCompany Group Structure

Sinergi Indonesia Power dengan Anak PerusahaanSinergy of Indonesia Power with the Subsidiaries

Profil & Kinerja Entitas Anak Perusahaan, Perusahaan Joint Venture, Perusahaan Asosiasi dan Entitas Berelasi Profile & Performance of Subsidiary Entity, Joint Venture Company, Associate Company, and Related Entity

Aksi Korporasi | Corporate Action

Lembaga Profesi Penunjang PerusahaanCompany Supporting Profession Institution

Peta Wilayah Operasional Indonesia PowerWork Area of Indonesia Power

Laporan Dewan KomisarisReport of Board of Commissioners

Profil Dewan Komisaris Board of the Commissioners Profile

Laporan Direksi Report of the Board of Directors

Profil Direksi | Board of the Directors Profile

Eksekutif Utama dan SeniorTop and Senior Executives

Tanggung Jawab atas Laporan Tahunan 2014Responsibility of Annual Report 2014

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Ikhtisar Utama Main Highlights

Profil Perusahaan Company Profile

Laporan kepada Pemegang Saham dan Pemangku Kepentingan Reports to Shareholders and Stakeholders

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PemasaranMarketing

Teknologi Pembangkitan Generating Technology

Manajemen Aset Indonesia Power Indonesia Power Asset Management

Teknologi InformasiInformation Technology

Sumber Daya ManusiaHuman Resources

Indonesia Power Integrated Management System (InPower IMS)

Malcolm Baldrige

Informasi Material Investasi, Ekspansi, Divestasi, Akuisisi, dan Restrukturisasi Utang/ModalMaterial Information Regarding Investment, Expansion, Divestment, Aquisition, and Restructuring of Debt/Capital

Informasi Transaksi Material yang Mengandung Benturan Kepentingan atau Transaksi dengan Pihak AfiliasiInformation on Material Transaction with Conflict of Interest or Transaction with Affiliated Parties

Perubahan Peraturan dan Dampaknya terhadap PerusahaanRegulation Changes and the Impact on the Company

Perubahan Kebijakan AkuntansiChanges in Accounting Policy

Ikatan dan KontinjensiCommitments and Contingencies

Key Performance Indicator (KPI) dan Tingkat Kesehatan PerusahaanKey Performance Indicator (KPI) and Level of Companys Soundness

Tinjauan Industri dan Prospek UsahaIndustrial Review and Business Prospect

Tinjauan Operasi Per Segmen Usaha Review of Business Operation Per Business Segment

Kinerja Per Segmen Usaha Performance by Business Segment

Perbandingan antara Target dengan Realisasi Tahun 2014 dan Proyeksi Tahun 2015 Comparison Between Target and Realization in 2014 and Projection in 2015

Tinjauan Kinerja KeuanganFinancial Performance Analysis

Analisis Posisi KeuanganFinancial Position Analysis

Arus Kas | Cash Flow

Analisa tentang Kemampuan Membayar Utang dan Tingkat Kolektibilitas PiutangDebt Payment Ability and ReceivableCollectability Analysis

Struktur Modal | Capital Structure

Investasi Barang ModalCapital Goods Investment

Perbandingan antara Target Awal Tahun Buku dengan Realisasi Tahun 2014 dan Proyeksi Tahun 2015Comparison Between Targets in Beginning of Financial Year and Result Achieved in 2014 and Projection for 2015

Informasi dan Fakta Material setelah Tanggal Laporan AkuntanInformation and Material Fact after Accountant Report Date

Kebijakan Dividen | Dividend Policy

Kontribusi kepada NegaraContributions to the State

Realisasi Dana Hasil Penawaran UmumRealization of Public Offering Result Fund

Program Kepemilikan Saham oleh Karyawan dan ManajemenShare Ownership Program by Employeeand Management

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Tinjauan Pendukung Bisnis Business Support

Analisa dan Pembahasan Manajemen Management Discussion and Analysis

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Tata Kelola Perusahaan | Corporate Governance

Roadmap GCG | Roadmap GCG

Fokus Tata Kelola Tahun 2014 Governance Focus in 2014

Komitmen Penerapan Tata Kelola BerkelanjutanCommitment for the Implementation ofSustainable Governance

Struktur dan Mekanisme Tata Kelola PerusahaanThe Structure and Mechanism of Corporate Governance

Rapat Umum Pemegang Saham (RUPS)General Meeting of Shareholders (GMS)

Dewan Komisaris | Board of Commissioners

Direksi | Board of Directors

Remunerasi Dewan Komisaris dan Direksi Board of Commissioners and Board of Directors Remuneration

Komite-Komite di Bawah Dewan Komisaris Committee Under the Board of Commissioners

Sekretaris Dewan KomisarisBoard of Commissioners Secretary

Sistem Pengendalian InternalInternal Control System

Laporan Manajemen RisikoRisk Management Report

Auditor Eksternal | External Auditor

Laporan Audit Internal | Internal Audit Report

Sekretaris Perusahaan | Corporate Secretary

Pedoman Etika Perusahaan | Code of Conduct

Pengadaan Barang dan JasaSupply Chain Management (SCM)

Permasalahan Hukum | Legal Issues

Tanggung Jawab Sosial Perusahaan Corporate Social Responsibility

Tanggung Jawab Sosial terhadap Lingkungan Social Responsibility for Environment

Tanggung Jawab Sosial terhadap MasyarakatSocial Responsibility for Society

Tanggung Jawab Sosial terhadap Produk dan PelangganSocial Responsibility for Product and Customers

Tanggung Jawab Sosial terhadap KaryawanSocial Responsibility to Employee

Sistem Manajemen Keamanan dan Keselamatan Kerja Security Management System and Occupational Safety

Laporan Keuangan Financial Report

Alamat Kantor Jaringan KerjaOffice Network Address

Referensi Kriteria Annual Report Award Tahun 2014 Criteria Reference of Annual Report Award in 2014

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Tata Kelola Perusahaan Corporate Governance

Tanggung Jawab Sosial Perusahaan Corporate Social Responsibility

Laporan Keuangan Financial Report

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Daftar IsiContents









9PT Indonesia PowerLaporan Tahunan2014 Annual ReportDaftar Isi Posisi Indonesia Power

dalam Industri Ketenagalistrikan NasionalThe Position of Indonesia Power in National Electricity Power Industry

Perusahaan pembangkit listrik dengan aset yang

relatif besarPower generating

company with relatively large

assets

IndonesiaPower

Perusahaan pembangkit listrik

dengan energi primer yang lengkap

Power generating company with

comprehensive primary energy

Pengelolaan pembangkit yang ramah lingkungan

Environment-friendly power plant

management

Perusahaan pembangkit listrik dengan kapasitas

pembangkit yang besarPower generating

company with large generating

capacity

Keahlian pada bidang operasi

dan pemeliharaan pembangkit

Skills in power plant operations and

maintenance

Kompetensi pada sektor renewable

energyCompetences in the renewable energy

sector

Kompetensi di bidang engineering

pembangkitCompetences in power

plant engineering


Pencapaian Penting Indonesia Power Tahun 2014Important Achievement of Indonesia Power in 2014

Operasional Dalam 5 tahun terakhir realisasi efisiensi thermal

meraih pencapaian tertinggi di tahun 2014 sebesar 33,97%.

Indikator keandalan pembangkit (Equivalent Availability Factor (EAF)) dan ketidaksiapan pembangkit (Equivalent Forced Outage Rate (EFOR)) untuk 6 unit pembangkit berada diatas 10% standar internasional yang dikeluarkan oleh North American Electric Reliability Corporation (NERC).

Finansial Cost Management Program (CMP) yang dilakukan

perusahaan mencapai Rp5,68 triliun lebih besar dibandingkan target CMP tahun 2014 sebesar Rp890,78 miliar.

Pencapaian Laba Tahun Berjalan & Jumlah Laba Komprehensif tahun 2014 terbesar selama 5 tahun terakhir mencapai Rp1,63 triliun.

Tata Kelola Perusahaan Program Indonesia Power Bersih sebagai bentuk

perwujudan konsistensi Implementasi GCG yang berkelanjutan.

Perusahaan masuk dalam kategori Emerging Industry Leader dari hasil asesmen berbasis Malcolm Baldrige 2014.

Perusahaan menjadi benchmark dalam hal penerapan GCG, transparansi informasi, pengelolaan pembangkit.

Operations Realization of thermal efficiency in the last 5

years, reaching the highest achievement in 2014 in the amount of 33.97%.

Indicators of plant reliability (EAF) and plant unavailability (EFOR) for 6 generating units are above the international standards 10% North American Electric Reliability Corporation (NERC).

Financial Cost Management Program (CMP) performed

by the company reached Rp5,68 trillion higher than the 2014 CMP target which amounted to Rp890.78 billion.

Income for the Year and Total Comprehensive Income in 2014 is the largest in the last 5 years, reaching Rp1.63 trillion.

Corporate Governance Indonesia Power Bersih program as a consistency

form of sustainable GCG implementation.

The Company is in the Emerging Industry Leader category based on the 2014 Malcolm Baldrige-based assessment.

The company becomes a benchmark in terms of GCG implementation, transparency of information, management of power plants.









11PT Indonesia PowerLaporan Tahunan2014 Annual ReportTestimoni

Testimony

Testimoni Dr. Muhammad Yusuf, Kepala Pusat Pelaporan dan Analisa Transaksi Keuangan (PPATK)Mengapresiasi terhadap langkah PT Indonesia Power dalam menjalin kerja sama dengan pihak PPATK, terkait dengan program Indonesia Power Bersih. Dengan ditandatanganinya kerja sama ini, berarti PT Indonesia Power satu langkah lebih maju dalam mewujudkan PLN Bersih.

Testimony of Dr. Muhammad Yusuf, Head of the Indonesian Financial Transaction Reports and Analysis Center (PPATK) Appreciate the steps of PT Indonesia Power in cooperating with the PPATK, in relations to the Indonesia Power Bersih program. With the signing of this cooperation, PT Indonesia Power is one more step forward in realizing PLN Bersih.

Dikutip dari majalah Indonesia Power edisi 6 tahun 2014.Quoted from Indonesia Power magazine edition 6 of 2014

Testimony of Sulijati, S.H., M.H, Koordinator II Pada Jaksa Agung Muda Perdata dan Tata Usaha Negara (JAMDATUN) Mengapresiasi terhadap langkah PT Indonesia Power dalam menjalin kerja sama dengan pihak JAMDATUN, terkait dengan program Indonesia Power Bersih. Diharapkan, kerja sama ini dapat memberi nilai tambah bagi Perusahaan untuk menjadi lebih transparan dan agar terbangun integritas yang baik, terutama Transaksi Keuangan yang Bersih.

Testimony of Sulijati, S.H., M.H, Coordinator II of Deputy Attorney General for Civil and State Administration (JAMDATUN)Appreciate the steps of PT Indonesia Power to cooperate with the JAMDATUN, in relations to the Indonesia Power Bersih program. Hopefully this cooperation will provide added value for the Company to become more transparent and develop good integrity, particularly in terms of Clean Financial Transactions.

Dikutip dari majalah Indonesia Power edisi 6 tahun 2014.Quoted from Indonesia Power magazine edition 6 of 2014


Kinerja Utama Indonesia Power 20142014 Key Performance Indonesia Power

EfisiensiEfficiency

Skor GCGGCG Score

Pada tahun 2014, Indonesia Power mampu melampaui target efisiensi melalui program Cost Management Program (CMP), dengan pencapaian 637,26% dari target atau sebesar Rp5,68 triliun dari Rp890,78 miliar.

In 2014, Indonesia Power was able to surpass its efficiency target through the implementation of Cost Management Program (CMP), at 637.26% of target, or Rp5.68 trillion against a target of Rp890.78 billion.

Hasil skor penerapan assessment GCG tahun 2014 oleh BPKP mencapai 90,06, lebih baik dari target 2014 yang ditetapkan sebesar 86 dan lebih baik dibandingkan realisasi tahun 2012 yang juga dinilai oleh Badan Pengawasan Keuangan dan Pembangunan (BPKP) sebesar 84,77.

The score for GCG implementation assessment in 2014 by BPKP reached +90.06, better than the 2014 target, which was set at 86, and better than the 2012 realization that was also assessed by BPKP with a score of 84.77.

+637.26% +90.06












Daftar IsiContents

Kinerja Utama Indonesia Power 2014

Realisasi SdOFSdOF Realization

Kinerja Efisiensi Thermal Selama 5 Tahun 5-Year Performance of Thermal Efficiency

Indikator faktor gangguan yang ditunjukan melalui Sudden Outage Frequency (SdOF) Korporat Indonesia Power pada tahun 2014 sebesar 1,83 kali, lebih baik dibandingkan tahun 2013 sebesar 1,89 kali, yang disebabkan oleh peningkatan pada outage management.

The indicator for disruptions as shown by the Indonesia Powers Corporate Sudden Outage Frequency (SdOF) in 2014 was 1.83 times, better than the level in 2013 at 1.89 times, driven mainly by an improved outage management.

Pada tahun 2014, realisasi Efisiensi Thermal Netto sebesar 33,97% dengan pencapaian 100,50% dari target RKAP 2014yang disebabkan oleh peningkatan pengoperasian unit dengan bahan bakar gas. Realisasi efisiensi ini merupakan yang tertinggi dalam 5 tahun terakhir.

In 2014, realized Net Thermal Efficiency was 33.97%, or 100.50% compared to the target in 2014 RKAP, contributed by increased operation of gas-fueled generating units. The achieved Net Thermal Efficiency was the highest in the last 5-year period.

33.97% 1.83x



(Rp juta | Rp million)

Uraian 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Description

POSISI KEUANGAN FINANCIAL POSITION

Aset Asset

Aset Tidak Lancar 27,747,504 27,886,878 29,643,591 32,001,327 32,999,750 35,017,461 36,103,941 36,781,798 38,351,841 39,959,358 42,081,054 43,854,298 Fixed Asset

Aset Lancar 25,756,099 25,593,614 23,913,789 21,923,323 19,338,665 18,705,428 19,439,738 24,093,959 17,884,024 18,149,109 10,861,505 8,603,073 Current Asset

Jumlah Aset 53,503,603 53,480,492 53,557,380 53,924,650 52,338,415 53,722,889 55,543,679 60,875,757 56,235,865 58,805,467 52,942,559 52,457,371 Total Aset

Liabilitas dan Ekuitas Liabilities and Equity

Jumlah Ekuitas 45,365,935 44,846,679 44,813,891 44,611,275 44,295,763 44,177,379 44,301,534 43,916,318 44,855,329 47,106,795 44,609,733 43,177,119 Total Equity

Kepentingan Non Pengendali 39,945 35,671 112,625 100,689 106,104 102,093 81,270 73,463 71,065 67,947 950 727 Non Controlling Interest

Liabilitas Jangka Panjang 4,815,890 4,743,253 4,483,093 4,262,309 3,779,738 3,956,819 4,167,521 4,752,621 4,818,025 5,036,980 5,066,202 5,369,813 Non Current Liabilities

Liabilitas Jangka Pendek 3,321,778 3,890,560 4,260,396 5,051,066 4,156,810 5,486,598 6,993,354 12,133,355 6,491,446 6,593,744 3,265,675 3,909,713 Current Liabilities

Jumlah Liabilitas 8,137,668 8,633,813 8,743,489 9,313,375 7,936,548 9,443,417 11,160,875 16,885,976 11,309,471 11,630,725 8,331,877 9,279,526 Total Liabilities

Jumlah Liabilitas dan Ekuitas 53,503,603 53,480,492 53,557,380 53,924,650 52,338,415 53,722,889 55,543,679 60,875,757 56,235,865 58,805,467 52,942,560 52,457,372 Total Equity and Liabilities

Modal Kerja bersih 22,434,320 21,703,054 19,653,393 16,872,257 15,181,855 13,218,830 12,446,384 11,960,604 11,392,578 10,880,679 7,595,830 4,693,360 Net Working Capital

Investasi pada Entitas Lain 198,540 168,850 54,256 1,152 1,152 42,381 42,272 7,499 13,414 16,094 77,882 62,193 Investment on other entities

LABA RUGI KOMPREHENSIF COMPREHENSIVE INCOME

Pendapatan Usaha 35,723,617 33,531,493 32,472,481 43,416,117 34,511,234 33,499,823 42,475,291 28,412,898 28,410,435 21,937,529 16,536,540 15,704,424 Revenues

Beban usaha (33,479,087 ) (31,514,317) (30,621,358) (41,704,149) (33,018,675) (31,918,610) (31,918,610) (25,712,671) (24,821,081) (18,024,408) (13,648,901) (13,000,652) Operating Expenses

Laba Sebelum Pos Keuangan dan Lain-lain 2,244,530 2,017,176 1,851,123 1,711,968 1,492,560 1,581,213 1,027,628 2,700,227 3,589,354 3,913,121 2,887,639 2,703,771 Income Before Financial & Other Items

Pos Keuangan dan Lain-lain Bersih 10,797 (129,950) 34,763 (38,930) 345 (48,085) 12,392 (871,582) (334,453) (240,533) 526,486 (1,010,430) Net Financial & Other Items

Laba Sebelum Pajak 2,255,327 1,887,226 1,885,886 1,673,038 1,492,905 1,533,127 1,040,019 1,828,645 3,254,901 3,672,588 3,414,125 1,693,341 Profit Before Tax

Laba Tahun Berjalan & Jumlah Laba Komprehensif 1,635,889 1,242,470 1,266,744 1,157,633 1,051,398 940,838 1,183,325 997,629 2,151,821 2,497,063 2,405,637 1,173,679 Income for The Year & Total Comprehensive Income

Laba per Saham 313 238 241 223 202 181 228 192 414 480 463 226 Basic Earnings per Share

RASIO-RASIO KEUANGAN FINANCIAL RATIOS

Rasio Likuiditas Liquidity Ratio

Rasio Kas (%) 13.42 25.23 19.25 9.32 17.27 11.85 5.74 5.08 6.12 2.68 8.16 8.12 Cash Ratio(%)

Rasio Cepat (%) 697.69 585.84 484.57 378.76 404.59 289.74 233.64 180.62 246.71 226.83 307.68 200.8 Acid Test Ratio (%)

Rasio Lancar (%) 775.37 712.66 561.30 437.34 465.23 352.73 277.97 198.58 275.5 249.7 332.6 220.04 Current Ratio (%)

Rasio Profitabilitas Profitability Ratio

Margin Operasi (%) 6.28 6.02 5.70 3.87 4.32 4.72 2.42 9.5 12.63 17.84 17.46 17.22 Operating Margin (%)

Margin Laba Bersih (%) 4.58 3.71 3.90 2.73 3.05 2.81 2.79 3.51 7.57 11.38 14.55 7.47 Operating Margin (%)

Tingkat Pengembalian Modal (%) 3.74 2.84 2.89 2.73 2.43 2.18 2.74 2.32 5.04 5.6 5.7 2.79 Return on Equity (ROE) (%)

Tingkat Pengembalian Investasi (%) 9.78 8.77 8.74 8.30 7.88 7.92 6.4 6.56 10.98 11.84 12.86 9.65 Return on Investment (ROI) (%)

Rasio Solvabilitas Solvability Ratio

Rasio Utang (%) 15.28 16.21 16.54 16.54 15.37 17.77 20.24 27.86 20.24 19.89 15.74 17.69 Debt to Total Assets Ratio (%)

Rasio Utang Terhadap Modal (%) 18.61 19.8 20.13 20.47 17.92 21.38 25.19 38.45 25.21 24.69 18.68 21.49 Debt to Total Equity Ratio (%)

Rasio Aktivitas Activity Ratio

Perputaran Persediaan (hari) 21 20 33 15 24 34 26 26 21 22 15 15 Inventory Turn Over (ITO) (days)

Periode Penagihan (hari) 232 237 223 155 170 161 137 274 201 271 216 175 Collection Period (CP) (days)

Perputaran Aset (%) 69.22 63.8 60.63 81.17 66.49 62.81 77.54 46.96 51.99 39.33 34.8 30.13 Total Assets Turn Over (TATO) (%)

Rasio Modal Terhadap Aset (%) 84.79 83.86 83.67 83.26 84.63 82.23 79.76 72.14 79.76 80.11 84.26 82.31 Total Equity to Total Assets (TETA) (%)










Uraian 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Description

POSISI KEUANGAN FINANCIAL POSITION

Aset Asset

Aset Tidak Lancar 27,747,504 27,886,878 29,643,591 32,001,327 32,999,750 35,017,461 36,103,941 36,781,798 38,351,841 39,959,358 42,081,054 43,854,298 Fixed Asset

Aset Lancar 25,756,099 25,593,614 23,913,789 21,923,323 19,338,665 18,705,428 19,439,738 24,093,959 17,884,024 18,149,109 10,861,505 8,603,073 Current Asset

Jumlah Aset 53,503,603 53,480,492 53,557,380 53,924,650 52,338,415 53,722,889 55,543,679 60,875,757 56,235,865 58,805,467 52,942,559 52,457,371 Total Aset

Liabilitas dan Ekuitas Liabilities and Equity

Jumlah Ekuitas 45,365,935 44,846,679 44,813,891 44,611,275 44,295,763 44,177,379 44,301,534 43,916,318 44,855,329 47,106,795 44,609,733 43,177,119 Total Equity

Kepentingan Non Pengendali 39,945 35,671 112,625 100,689 106,104 102,093 81,270 73,463 71,065 67,947 950 727 Non Controlling Interest

Liabilitas Jangka Panjang 4,815,890 4,743,253 4,483,093 4,262,309 3,779,738 3,956,819 4,167,521 4,752,621 4,818,025 5,036,980 5,066,202 5,369,813 Non Current Liabilities

Liabilitas Jangka Pendek 3,321,778 3,890,560 4,260,396 5,051,066 4,156,810 5,486,598 6,993,354 12,133,355 6,491,446 6,593,744 3,265,675 3,909,713 Current Liabilities

Jumlah Liabilitas 8,137,668 8,633,813 8,743,489 9,313,375 7,936,548 9,443,417 11,160,875 16,885,976 11,309,471 11,630,725 8,331,877 9,279,526 Total Liabilities

Jumlah Liabilitas dan Ekuitas 53,503,603 53,480,492 53,557,380 53,924,650 52,338,415 53,722,889 55,543,679 60,875,757 56,235,865 58,805,467 52,942,560 52,457,372 Total Equity and Liabilities

Modal Kerja bersih 22,434,320 21,703,054 19,653,393 16,872,257 15,181,855 13,218,830 12,446,384 11,960,604 11,392,578 10,880,679 7,595,830 4,693,360 Net Working Capital

Investasi pada Entitas Lain 198,540 168,850 54,256 1,152 1,152 42,381 42,272 7,499 13,414 16,094 77,882 62,193 Investment on other entities

LABA RUGI KOMPREHENSIF COMPREHENSIVE INCOME

Pendapatan Usaha 35,723,617 33,531,493 32,472,481 43,416,117 34,511,234 33,499,823 42,475,291 28,412,898 28,410,435 21,937,529 16,536,540 15,704,424 Revenues

Beban usaha (33,479,087 ) (31,514,317) (30,621,358) (41,704,149) (33,018,675) (31,918,610) (31,918,610) (25,712,671) (24,821,081) (18,024,408) (13,648,901) (13,000,652) Operating Expenses

Laba Sebelum Pos Keuangan dan Lain-lain 2,244,530 2,017,176 1,851,123 1,711,968 1,492,560 1,581,213 1,027,628 2,700,227 3,589,354 3,913,121 2,887,639 2,703,771 Income Before Financial & Other Items

Pos Keuangan dan Lain-lain Bersih 10,797 (129,950) 34,763 (38,930) 345 (48,085) 12,392 (871,582) (334,453) (240,533) 526,486 (1,010,430) Net Financial & Other Items

Laba Sebelum Pajak 2,255,327 1,887,226 1,885,886 1,673,038 1,492,905 1,533,127 1,040,019 1,828,645 3,254,901 3,672,588 3,414,125 1,693,341 Profit Before Tax

Laba Tahun Berjalan & Jumlah Laba Komprehensif 1,635,889 1,242,470 1,266,744 1,157,633 1,051,398 940,838 1,183,325 997,629 2,151,821 2,497,063 2,405,637 1,173,679 Income for The Year & Total Comprehensive Income

Laba per Saham 313 238 241 223 202 181 228 192 414 480 463 226 Basic Earnings per Share

RASIO-RASIO KEUANGAN FINANCIAL RATIOS

Rasio Likuiditas Liquidity Ratio

Rasio Kas (%) 13.42 25.23 19.25 9.32 17.27 11.85 5.74 5.08 6.12 2.68 8.16 8.12 Cash Ratio(%)

Rasio Cepat (%) 697.69 585.84 484.57 378.76 404.59 289.74 233.64 180.62 246.71 226.83 307.68 200.8 Acid Test Ratio (%)

Rasio Lancar (%) 775.37 712.66 561.30 437.34 465.23 352.73 277.97 198.58 275.5 249.7 332.6 220.04 Current Ratio (%)

Rasio Profitabilitas Profitability Ratio

Margin Operasi (%) 6.28 6.02 5.70 3.87 4.32 4.72 2.42 9.5 12.63 17.84 17.46 17.22 Operating Margin (%)

Margin Laba Bersih (%) 4.58 3.71 3.90 2.73 3.05 2.81 2.79 3.51 7.57 11.38 14.55 7.47 Operating Margin (%)

Tingkat Pengembalian Modal (%) 3.74 2.84 2.89 2.73 2.43 2.18 2.74 2.32 5.04 5.6 5.7 2.79 Return on Equity (ROE) (%)

Tingkat Pengembalian Investasi (%) 9.78 8.77 8.74 8.30 7.88 7.92 6.4 6.56 10.98 11.84 12.86 9.65 Return on Investment (ROI) (%)

Rasio Solvabilitas Solvability Ratio

Rasio Utang (%) 15.28 16.21 16.54 16.54 15.37 17.77 20.24 27.86 20.24 19.89 15.74 17.69 Debt to Total Assets Ratio (%)

Rasio Utang Terhadap Modal (%) 18.61 19.8 20.13 20.47 17.92 21.38 25.19 38.45 25.21 24.69 18.68 21.49 Debt to Total Equity Ratio (%)

Rasio Aktivitas Activity Ratio

Perputaran Persediaan (hari) 21 20 33 15 24 34 26 26 21 22 15 15 Inventory Turn Over (ITO) (days)

Periode Penagihan (hari) 232 237 223 155 170 161 137 274 201 271 216 175 Collection Period (CP) (days)

Perputaran Aset (%) 69.22 63.8 60.63 81.17 66.49 62.81 77.54 46.96 51.99 39.33 34.8 30.13 Total Assets Turn Over (TATO) (%)

Rasio Modal Terhadap Aset (%) 84.79 83.86 83.67 83.26 84.63 82.23 79.76 72.14 79.76 80.11 84.26 82.31 Total Equity to Total Assets (TETA) (%)


Ikhtisar Data Keuangan Penting

Ikhtisar Kinerja PerusahaanCorporate Performance Indicators Highlights

Important Financial Data Highlights

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

Equivalent Availability Factor (EAF) (%) 89.88 93.04 92.33 91.09 88.43 86.84 85.11 86.09 86.04 86.12 86.68 84.46 EAF (%)

Equivalent Forced Outage Rate (EFOR) (%) 7.16 1.66 2.37 2.99 4.22 4.98 9.59 10.65 3.37 3.67 3.66 2.97 EFOR (%)

Sudden Outage Frequency (SdOF) (kali) 1.83 1.89 1.70 2.48 4.63 8.40 - - - - - - SdOF (times)

Efisiensi Thermal Netto (%) 33.97 33.81 33.93 33.72 33.03 32.99 33.00 33.05 34.65 34.83 35.03 34.92 Net Thermal Efficiency (%)

Jumlah Pegawai 3,553 3,463 3,498 3,659 3,375 3,245 3,509 3,623 3,678 3,796 3,860 3,784 Total Employee

Jumlah Daya Mampu Netto (MW) 8,167 8,048 7,982 8,193 8,074 8,249 8,212 8,952 8,281 8,365 8,272 8,226 Total of Net Maximum Capacity (MW)

Skor Assessment GCG (%) 90.06** 92.04* 83,66** 91.99* 78.84 56.97 - - - - - - GCG Assessment score

Tingkat Kesehatan 91.67 99.64 99.11 93.53 91.92 90.75 77.95 66.05 81.25 74.80 75.20 68.30 Corporate Soundness Level

AA SehatAA Sound

AAA SehatAAA Sound

AAA SehatAAA Sound

AA SehatAA Sound

AA SehatAA Sound

AA SehatAA Sound

A SehatA Sound

A SehatA Sound

AA SehatAA Sound

A SehatA Sound

A SehatA Sound

A SehatA Sound

Keterangan | Notes:*) Skor didapat dari hasil self assessment | Score resulted from self assessment result**) Skor didapat dari hasil assessment oleh BPKP | Score resulted from assessment by BPKP

Ikhtisar Saham dan Efek Lainnya Sampai dengan akhir tahun 2014, Indonesia

Power bukan merupakan perusahaan publik dan tidak melakukan perdagangan saham, sehingga tidak ada informasi terkait dengan harga saham.

Begitu juga terkait dengan efek lainnya, Indonesia Power hingga akhir tahun 2014 tidak menerbitkan obligasi, sukuk dan obligasi konversi sehingga tidak ada informasi terkait dengan jumlah obligasi/sukuk/obligasi konversi yang beredar, tingkat bunga/imbalan, tanggal jatuh tempo dan peringkat obligasi/sukuk.

Stocks and Other Securities Highlight Up to year-end 2014, Indonesia Power is not a

publicly listed company and its shares are not traded, therefore there is no information of stock prices.

Likewise with other securities, as up to year-ens 2014, Indonesia Power has not issued any bonds, Islamic bonds (sukuk) or convertible bonds, and therefore there is no information regarding the amount of outstanding bonds/sukuk/convertible bonds, coupon/yield, maturity date, and rating of bonds/sukuk.

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

52,457,37152,942,55958,805,46756,235,865

60,875,75755,543,67953,722,88952,338,41553,924,65053,557,38053,480,49253,503,603

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

9,279,5268,331,877

11,630,72511,309,471

16,885,976

11,160,8759,443,417

7,936,5489,313,3758,743,4898,633,8138,137,668

Jumlah Aset (Rp juta)Total Asset (Rp million)

Jumlah Liabilitas (Rp juta)Total Liabilities (Rp million)









17PT Indonesia PowerLaporan Tahunan2014 Annual ReportIkhtisar Data Keuangan Penting

Ikhtisar Kinerja PerusahaanCorporate Performance Indicators Highlights

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

Equivalent Availability Factor (EAF) (%) 89.88 93.04 92.33 91.09 88.43 86.84 85.11 86.09 86.04 86.12 86.68 84.46 EAF (%)

Equivalent Forced Outage Rate (EFOR) (%) 7.16 1.66 2.37 2.99 4.22 4.98 9.59 10.65 3.37 3.67 3.66 2.97 EFOR (%)

Sudden Outage Frequency (SdOF) (kali) 1.83 1.89 1.70 2.48 4.63 8.40 - - - - - - SdOF (times)

Efisiensi Thermal Netto (%) 33.97 33.81 33.93 33.72 33.03 32.99 33.00 33.05 34.65 34.83 35.03 34.92 Net Thermal Efficiency (%)

Jumlah Pegawai 3,553 3,463 3,498 3,659 3,375 3,245 3,509 3,623 3,678 3,796 3,860 3,784 Total Employee

Jumlah Daya Mampu Netto (MW) 8,167 8,048 7,982 8,193 8,074 8,249 8,212 8,952 8,281 8,365 8,272 8,226 Total of Net Maximum Capacity (MW)

Skor Assessment GCG (%) 90.06** 92.04* 83,66** 91.99* 78.84 56.97 - - - - - - GCG Assessment score

Tingkat Kesehatan 91.67 99.64 99.11 93.53 91.92 90.75 77.95 66.05 81.25 74.80 75.20 68.30 Corporate Soundness Level

AA SehatAA Sound

AAA SehatAAA Sound

AAA SehatAAA Sound

AA SehatAA Sound

AA SehatAA Sound

AA SehatAA Sound

A SehatA Sound

A SehatA Sound

AA SehatAA Sound

A SehatA Sound

A SehatA Sound

A SehatA Sound

Keterangan | Notes:*) Skor didapat dari hasil self assessment | Score resulted from self assessment result**) Skor didapat dari hasil assessment oleh BPKP | Score resulted from assessment by BPKP

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

(13,000,652)(13,648,901)

(18,024,408)

(24,821,081)(25,712,671)

(31,918,610)(31,918,610)(33,018,675)

(41,704,149)

(30,621,358)(31,514,317)(33,479,087)

Jumlah Ekuitas (Rp juta)Total Equity (Rp million)

Pendapatan Usaha (Rp juta)Revenues (Rp million)

Beban Usaha (Rp juta)Operating Expenses (Rp million)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

15,704,42416,536,540

21,937,529

28,410,43528,412,898

42,475,291

33,499,82334,511,234

43,416,117

32,472,48133,531,49335,723,617

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

43,177,11944,609,73347,106,79544,855,32943,916,31844,301,53444,177,37944,295,76344,611,27544,813,89144,846,67945,365,935



Laba Sebelum Pajak (Rp juta)Profit Before Tax (Rp million)

Rasio Kas (%)Cash Ratio (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

8.128.16

2.68

6.125.085.74

11.85

17.27

9.32

19.25

25.23

13.42

Laba Tahun Berjalan & Jumlah Laba Komprehensif (Rp juta)Income for The Year & Total Comprehensive Income (Rp million)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

1,173,679

2,405,6372,497,063

2,151,821

997,6291,183,325

940,8381,051,3981,157,6331,266,7441,242,470

1,635,889

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

1,693,341

3,414,1253,672,588

3,254,901

1,828,645

1,040,019

1,533,1271,492,9051,673,038

1,885,8861,887,2262,255,327

Rasio Cepat (%)Acid Test Ratio (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

200.8

307.68226.83246.71

180.62233.64

289.74

404.59378.76

484.57

585.84

697.69










Margin Operasi (%)Operating Margin (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

17.2217.4617.84

12.63

9.5

2.42

4.724.323.875.706.026.28

Rasio Lancar (%)Current Ratio (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

220.04

332.6

249.7275.5198.58

277.97352.73

465.23437.34

561.30

712.66775.37

Margin Laba Bersih (%)Net Profit Margin (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

7.47

14.55

11.38

7.57

3.512.792.813.052.733.903.71

4.58

Tingkat Pengembalian Modal (%)Return on Equity (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

2.79

5.75.65.04

2.322.74

2.182.432.732.892.84

3.74



Tingkat Pengembalian Investasi (%)Return on Investment (ROI) (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

9.65

12.8611.84

10.98

6.566.47.927.888.30

8.748.779.78

Perputaran Persediaan (hari)Inventory Turn Over (Day)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

1515

2221

2626

34

24

15

33

2021

Rasio Utang Terhadap Modal (%)Debt to Total Equity Ratio (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

21.4918.68

24.6925.21

38.45

25.1921.38

17.9220.4720.1319.818.61

Rasio Utang (%)Debt to Total Assets Ratio (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

17.6915.74

19.8920.24

27.86

20.2417.77

15.3716.5416.5416.2115.28










EAF (%)EAF (%)

Periode Penagihan (Hari)Collection Period (Day)

Perputaran Aset (%)Total Assets Turn Over (%)

Rasio Modal Terhadap Aset (%)Total Equity to Total Assets (%)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

82.3184.2680.1179.7672.14

79.7682.2384.6383.2683.6783.8684.79

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

84.4686.6886.1286.0486.0985.1186.8488.4391.0992.3393.0489.88

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

30.1334.839.33

51.9946.96

77.54

62.8166.49

81.17

60.6363.869.22

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

175

216

271

201

274

137161170155

223237232



EFOR (%)EFOR (%)

Efisiensi Thermal Netto (%)Net Thermal Efficiency (%)

Jumlah PegawaiTotal Employee

Jumlah Daya Mampu Netto (MW)Total of Net Maximum Capacity (MW)

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

8,2268,2728,3658,2818,952

8,2128,2498,0748,1937,9828,0488,167

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

3,7843,8603,7963,6783,6233,5093,2453,375

3,6593,4983,4633,553

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

34.9235.0334.8334.6533.0533.0032.9933.0333.7233.9333.8133.97

2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

2.973.663.673.37

10.659.59

4.984.22

2.992.37

1.66

7.16












I.G.A. Ngurah AdnyanaPLT Komisaris Utama Acting President Commissioner











Dear Stakeholders,

Best greetings, may we always be given the health to perform our activities well. In line with the mandate of the shareholders granted to the Board of Commissioners, which is to supervise and provide advice to the Board of Directors related to the course of business activities, the following is the report that we can convey.

The Board of Commissioners realized that 2014 was a challenging period which must be faced by PT Indonesia Power (here in after referred to Indonesia Power or Company) in running its business. Indonesias economic growth slowdown, some of which occured due to the impact of the global economy recovery which has not fully recovered.

Similarly, the value of the Rupiah against the US Dollar also came under pressure, as well as the inflation rate that is still relatively high. These conditions gave unfavorable influence on the performance of the Company. It is believed to not only have an impact on Indonesia Power, but also in the business world in general.

Para Pemangku Kepentingan yang terhormat,

Salam sejahtera, semoga kita senantiasa diberikan kesehatan agar dapat menjalankan aktivitas dengan baik. Sejalan dengan amanah dari pemegang saham yang diberikan kepada Dewan Komisaris, yaitu melakukan pengawasan dan memberikan nasihat kepada Direksi terkait dengan jalannya kegiatan usaha, berikut ini laporan yang dapat kami sampaikan.

Dewan Komisaris menyadari bahwa tahun 2014 merupakan masa penuh tantangan yang harus dihadapi PT Indonesia Power (selanjutnya disebut Indonesia Power atau Perusahaan) dalam menjalankan usahanya. Ekonomi Indonesia mengalami perlambatan pertumbuhan, yang di antaranya terjadi akibat dampak atas pemulihan perekonomian global yang belum sepenuhnya pulih.

Begitu pula dengan nilai tukar Rupiah terhadap Dolar Amerika Serikat juga mengalami tekanan, serta tingkat inflasi yang relatif masih tinggi. Kondisi ini tentunya memberikan pengaruh yang kurang baik terhadap kinerja usaha Perusahaan. Hal ini diyakini tidak hanya berdampak pada Indonesia Power, tetapi juga pada dunia usaha secara umum.

Dewan Komisaris menyadari bahwa tahun 2014 merupakan masa penuh tantangan yang harus dihadapi oleh Direksi dan jajaran dalam menjalankan usahanya. Melalui strategi yang tepat, situasi tersebut dapat diatasi dengan baik, sehingga tidak berpengaruh besar terhadap Perusahaan.The Board of Commissioners is aware that the year 2014 presented challenges to the Board of Directors and staffs in the conduct of business. However, with the right strategies, Indonesia Power managed to cope with those challenging conditions, with no significant impact to the Company.

Laporan Dewan Komisaris


Namun demikian, atas apa yang telah dicapai oleh Indonesia Power pada tahun Buku 2014, Dewan Komisaris memberikan apresiasi yang baik terhadap kinerja Direksi dalam menjalankan Perusahaan. Berbagai tantangan yang mempengaruhi kinerja Perusahaan dapat dihadapi melalui inisiatif dan strategi yang tepat, sehingga Perusahaan mampu mempertahankan kinerja yang positif secara berkelanjutan.

Penilaian Atas Kinerja Manajemen

Kinerja manajemen Perusahaan direpresentasikan oleh penilaian kinerja Direksi melalui kontrak manajemen yang diukur melalui pencapaian Key Performance Indicators (KPI) Korporat yang telah ditandatangani pada tahun sebelumnya. Penilaian kinerja tersebut mencakup 5 (lima) perspektif meliputi perspektif fokus pelanggan; efektivitas produk dan proses; fokus tenaga kerja; keuangan dan pasar serta kepemimpinan, tata kelola dan tangung jawab kemasyarakatan.

Penilaian Tingkat Kesehatan Perusahaan pada tahun 2014 mencapai nilai 91,67 dari nilai tertinggi 100. Berdasarkan Keputusan Menteri Badan Usaha Milik Negara Republik Indonesia No. KEP-100/MBU/2002 tanggal 04 Juni 2002 tentang Penilaian Tingkat Kesehatan BUMN maka Perusahaan masuk dalam kategori Sehat dengan nilai AA.

Pencapaian skor dari hasil assessment GCG terkait tugas dan tanggung jawab Direksi dalam pelaksanaan tata kelola perusahaan pada tahun 2014 mencapai skor 32,59 dari skor maksimal 35.

Secara umum, Dewan Komisaris juga menilai kinerja Direksi dalam mendukung pencapaian sasaran Perusahaan, telah dilakukan dengan baik melalui berbagai aspek di bawah ini.

Aspek StrategisDi tengah kondisi yang penuh tantangan, Direksi telah menetapkan strategi yang fokus pada optimalisasi dan efisiensi, serta mengambil inisiatif yang tepat untuk mendukung program efisiensi melalui pelaksanaan Cost Management Program (CMP) di tahun 2014. Secara umum, Perusahaan mampu melebihi target realisasi program CMP, yaitu pencapaian 637,26% atau sebesar Rp5,68 triliun dari target efisiensi sebesar Rp890,78 miliar.


However, on what has been achieved by Indonesia Power in the 2014 Fiscal Book, the Board of Commissioners appreciates the performance of the Board of Directors in running the Company. Various challenges that affect the performance of the Company were addressed through the right initiatives and strategies, enabling the Company to maintain a positive performance on an ongoing basis.

Assessment on Management PerformanceThe performance of the Companys management is represented by the performance assessment of the Board of Directors in a collegial manner. The Board of Directors performance assessment indicators is the achievement of the management employment contract in the Corporate Key Performance Indicators (KPI) which was signed in the previous year. The performance assessment comprises 5 (five) perspectives, namely: customer focus, product and process effectiveness, human resources focus, financial and market, and leadership, governance and social responsibility.

Company Soundness Level Rating in 2014 reached a value of 91.67 from the highest value of 100. Based on the Decree of the Minister of State-Owned Enterprises of the Republic of Indonesia No. KEP-100/MBU/2002 dated 4 June 2002 on SOE Soundness Level Asssessment, the Company is in the Sound category with a score of AA.

The score achievement from the GCG assessment results related to the duties and responsibilities of the Board of Directors in the implementation of corporate governance is 32.59 out of a maximum score of 35 in 2014.

Overall, in evaluating the performance of the Board of Directors in achieving the Companys objectives, the Board of Commissioners found that the performance was good in all the following aspects.

Strategic AspectIn the midst of the challenging conditions, the Board of Directors has set a strategy which focuses on optimization and efficiency, as well as taking the appropriate initiatives to support the efficiency program through the implementation of Cost Management Program (CMP) in 2014. In general, the Company was able to meet the CMP program target realization, namely the achievement of 637.26% or Rp5.68 trillion from the efficiency target of Rp890.78 billion.










Sepanjang tahun 2014, Perusahaan telah mengupayakan terlaksananya program-program strategis yang diprioritaskan Perusahaan meliputi peningkatan availability pembangkit melalui pelaksanaan sertifikasi PAS 55 sebagai tools untuk mengoptimalkan manajemen aset fisik, peningkatan pemanfaatan energi primer non Bahan Bakar Minyak (BBM) melalui penggunaan Compressed Natural Gas (CNG) dalam pengoperasian PLTG Grati dan PLTGU Tambaklorok, pengembangan pembangkit baru berbahan bakar terbarukan dan non BBM melalui pembangunan PLTDG Pesanggaran 200 MW sesuai dengan rencana jangka Perusahaan untuk meningkatkan pembangkit renewable, pengurangan ketergantungan terhadap parts Original Equipment Manufacturer (OEM) melalui pelaksanaan program Reverse Engineering serta peningkatan peran anak perusahaan untuk mendukung bisnis korporat di bidang jasa O&M dan energi.

Dewan Komisaris menilai bahwa program optimalisasi dan efisiensi yang dijalankan oleh Direksi di lingkungan Perusahaan telah memberikan dampak yang sangat positif bagi kinerja keuangan Perusahaan.

Aspek OperasionalSepanjang tahun 2014, Perusahaan secara konsisten menerapkan efisiensi dalam kegiatan operasional, yaitu terkait dengan penggunaan energi pada pembangkit dan gedung perkantoran, hal ini dibuktikan dengan realisasi kinerja Pemakaian Sendiri sebesar 4,19% yang lebih baik dari target yang ditetapkan sebesar 4,26%. Selain itu, kinerja Efisiensi Thermal juga menunjukkan pencapaian yang baik, dimana realisasi tahun 2014 sebesar 33,97% lebih baik dari target yang ditetapkan sebesar 33,80%.

Walaupun Perusahaan melakukan efisiensi, namun manajemen tetap menjaga komitmennya di bidang lingkungan dalam kegiatan operasional. Hal itu, di antaranya terlihat pada penerapan Sistem Manajemen Lingkungan (SML) yang telah terintegrasi dalam Indonesia Power Integrated Management System (InPower IMS) yang dikembangkan untuk memberikan panduan dasar agar kegiatan bisnis yang dilakukan senantiasa ramah lingkungan. Untuk hal itu, Indonesia Power memiliki SML ISO 14001 untuk seluruh Unit.

Kebijakan yang diambil ini sekaligus memperlihatkan bahwa strategi yang diterapkan oleh Direksi dalam menghadapi beragam tantangan, terutama terkait


Throughout 2014, the Company has implemented a variety of strategic initiatives in the priority list, comprising increasing power plant availability through PAS 55 certification as a tool to optimize the management of physical assets, increasing the utilization of non-oil fuel primary energy through Compressed Natural Gas (CNG) use in the operations of Grati GPP and Tambaklorok CPP, development of new power plant using renewable energy and non-oil fuel primary energy through the construction of 200 MW Pesanggaran GDPP in line with the Companys long-term plan regarding the development of renewable energy power plant, reducing dependency on OEM parts through implementation of Reverse Engineering program, and increasing the role of subsidiaries in support of the Companys O&M and energy business.

The Board of Commissioners regards that the optimization and efficiency programs performed by the Board of Directors in the Company has provided a very positive impact for the Companys financial performance

Operational AspectThroughout 2014, the Company consistently implements operational efficiency, which is associated with energy use at power plants and office buildings, this is evidenced by the realization of the performance of Self Consumption which amounted to 4.19%, better than the target of 4.26%.

In addition, the performance of Thermal Efficiency also demonstrated good achievement, in which the realization in 2014 amounted to 33.97% is better than the target of 33.80%.

Despite the various efficiencies, the management still maintain its commitment in the field of environment in its operational activities. This was evident, among others, in the implementation of Environment Management System (SML) that is integrated in the Indonesia Power Mangement System (InPower IMS), which was developed to provide basic guidelines to ensure environmentally-friendly business activities. For that matter, Indonesia Power has the SML ISO 14001 for its entire Units.

The measures taken also shows that the strategy adopted by the Board of Directors in the face of various challenges, mainly related to efficiency,


dengan efisiensi, telah diimplementasikan dengan baik. Sehingga, tantangan yang dihadapi tidak berpengaruh negatif terhadap implementasi di bidang operasional.

Aspek KeuanganKinerja keuangan yang dicapai oleh manajemen pada tahun 2014 menjadi bukti bahwa pengelolaan bisnis masih berjalan dengan baik di lingkungan Indonesia Power. Perusahaan masih mampu membukukan laba usaha sebesar Rp2,24 triliun, tumbuh 11,27% dibandingkan tahun 2013 sebesar Rp2,01 triliun. Begitupun dengan laba bersih, Perusahaan berhasil meraih laba bersih sebesar Rp1,63 triliun, meningkat 31,66% dibandingkan tahun 2013 atau 25,25% di atas target anggaran.

Dalam hal investasi, Perusahaan melakukan investasi terkait dengan keandalan dan efisiensi Pembangkit, pelestarian lingkungan dan K3, sarana penunjang, pengembangan usaha, studi/jasa konsultan serta penyertaan. Total realisasi investasi mencapai Rp2,44 triliun, lebih tinggi 34,20% dibandingkan tahun 2013 sebesar Rp1,81 triliun. Hal ini terutama disebabkan oleh peningkatan investasi untuk program pengembangan usaha sebesar 182,26% dibandingkan tahun 2013 terkait dengan adanya program strategis pembangunan PLTDG Pesanggaran 200 MW di Bali di periode tahun 2014-2015. Peningkatan investasi dibanding tahun sebelumnya mengindikasikan bahwa manajemen memandang tahun-tahun berikutnya dengan optimistis.

Aspek Sumber Daya ManusiaUntuk menjaga kesinambungan kinerja Perusahaan yang baik, peran sumber daya manusia sebagai mitra manajemen dalam pengelolaan usaha sangat penting. Karena itu, Dewan Komisaris sangat menghargai kebijakan Direksi yang telah memperhatikan dengan baik kinerja pegawai, termasuk peningkatan kompetensinya.

Hal itu, di antaranya tampak pada besarnya jumlah pegawai yang masih dalam usia produktif. Pegawai dengan 19-45 tahun memiliki proporsi 66,84%, sedangkan pegawai yang sudah memiliki kematangan pengalaman atau pada kelompok usia 46-54 tahun sebesar 29,44%. Kondisi ini tentunya akan memberikan jaminan terhadap keberlangsungan usaha Perusahaan.

Jumlah pegawai pada akhir 2014 mencapai 3.553 pegawai, jika dilihat berdasarkan level pendidikan, terdapat 90 pegawai dengan level pendidikan S2,


have been implemented properly. Therefore, the challenges faced had no negative impact on the implementation in operations.

Financial AspectThe financial performance achieved by the management is proof that in 2014, the management of the business is still going well in the environment of Indonesia Power. The Company was able to record an operating profit of Rp2.24 trillion, growing by 11.27% compared to 2013 which amounted to Rp2,01 trillion. Correspondingly with net income, the Company earned a net income of Rp1.63 trillion, an increase of 31.66% compared to 2013, or 25.25% above the budget target.

In terms of investments, the Company made investments related to power plant reliability and efficiency, environment preservation and OHS, support facilities, business development, consultant study/service, and equity participation. Total realized investment reached Rp2.44 billion, 34.20% higher than in 2013, which amounted to Rp1.81 trillion. This was mainly due to increased investment in business development program by 182.26% compared to 2013 related to the strategic program of the development of the 200 MW Pesanggaran GDPP in Bali in the 2014-2015 period. The increase in investment over the previous year indicates that the management is looking at the subsequent years with optimism.

Human Resources AspectTo maintain the continuity of the Companys good performance, the role of human resources as a partner of the management in business management is very important. Therefore, the Board of Commissioners greatly appreciates the policy of the Board of Directors which pays good attention to employee performance, including competency improvements.

This is evidenced in the amount of employees who are still in the productive age. Employees with the age of 19-45 has a proportion of 66.84%, while employees who already have experience maturity or in the 46-54 age group amounted to 29.44%. This condition would guarantee the continuity of the Companys operations.

From the total of 3,553 employees as at year-end 2014, there are 90 employees with S2 education level, 1,012 employees by with S1 education level,










sebanyak 1.012 pegawai dengan level pendidikan S1, 486 pegawai dengan level pendidikan Diploma, sebanyak 1.884 pegawai dengan level pendidikan SMU/K, dan sebanyak 81 pegawai dengan level pendidikan SLTP/SD.

Indonesia Power secara berkala melakukan sertifikasi kompetensi bagi pegawainya, terutama yang bertugas di bidang operasi dan pemeliharaan. Pada tahun 2014, 396 pegawai pegawai bidang operasi dan pemeliharaan telah berhasil memperoleh sertifikat baru dengan 400 unit kompetensi.

Aspek Penerapan Tata Kelola PerusahaanDewan Komisaris berkeyakinan, kinerja usaha Direksi yang positif , selain strategi bisnis yang tepat guna, penerapan tata kelola perusahaan yang baik/Good Corporate Governance (GCG) juga memberikan peran penting. Direksi serta seluruh jajaran di lingkungan Perusahaan telah menunjukan tingkat kepatuhannya terhadap pelaksanaan GCG dengan sangat baik.

Karena itulah, hasil skor penerapan asesmen GCG tahun 2014 mencapai 90,06 masuk dalam kategori Sangat Baik, merupakan pencapaian lebih baik dari target yang ditetapkan. Dari hasil assessment Malcolm Baldrige yang mencapai skor 583 menunjukkan Perusahaan masuk dalam band Emerging Industri Leader, lebih baik dari pencapaian tahun 2013 dengan skor 550 dimana perusahaan masuk dalam band Good Performance.

Perusahaan juga telah menerapkan manajemen risiko dengan baik melalui Indonesia Power - Enterprise Risk Management sebagai pendekatan komprehensif untuk mengelola risiko-risiko perusahaan secara menyeluruh. Risiko tersebut dimonitor secara real time melalui aplikasi Pro RBA (Risk Based Audit). Dengan begitu, Perusahaan telah meningkatkan kemampuan untuk mengelola ketidakpastian, meminimalkan ancaman, dan memaksimalkan peluang.

Sesuai prinsip-prinsip manajemen risiko, Perusahaan menetapkan bahwa pengelolaan risiko harus menjadi bagian yang menyatu dalam proses bisnis dan harus diinternalisasikan menjadi bagian dari budaya Perusahaan. Dan guna memastikan bahwa pengelolaan risiko terinternalisasi dalam proses bisnis perusahaan, maka mekanismenya diatur dalam sebuah kerangka kerja (framework) yang mengacu pada ISO 31000 tentang Enterprise Risk Management.


486 employees with diploma education level, 1,884 employees with a high school/vocational school education level, and 81 employees with the secondary/primary education level.

Indonesia Power regularly conducts competency certification for its employees, especially for those serving in the field of operations and maintenance. In 2014, 396 operations and maintenance employees have succesfully obtained a new certificate with 400 competency units.

Corporate Governance Implementation AspectThe Board of Commissioners is convinced that the positive business performance of the Board of Directors, in addition to appropriate business strategy, the implementation of Good Corporate Governance (GCG) also has an important role. The Board of Directors and all levels within the Company has shown a well compliance level towards GCG implementation.

Subsequently, the GCG implementation assessment score result in 2014 reached 90.06, in the Very Good category, which is a better achievement from the set target. From the Malcolm Baldrige assessment results that achieved a score of 583 indicates that the Company is in the Emerging Industry Leader band, better than the 2013 achievement with a score of 550 in which the company was in the Good Performance band.

The Company has also implemented Risk Management well through the Indonesia Power - Enterprise Risk Management as a comprehensive approach to manage the overall Companys risks. The risks are monitored in a real time basis through the Pro RBA application. Therefore, the Company was able to improve the ability to manage uncertainty, minimize threats and maximize opportunities.

In accordance to the Risk Management principles, the Company established that risk management must become an integral part of the business process and shall be internalized to be part of the Corporate culture. And to ensure that risk management is internalized in the companys business processes, the mechanism is set in a framework that refers to ISO 31000 on Enterprise Risk Management.


Pandangan atas Prospek Usaha yang Dibuat DireksiBerdasarkan kinerja yang telah disajikan oleh Direksi dalam beberapa tahun terakhir, Dewan Komisaris memandang bahwa prospek usaha yang telah disusun oleh Direksi sangat realistis. Apalagi ditunjang dengan kemampuan Direksi mengambil inisiatif strategis di tengah lingkungan usaha yang penuh dengan tantangan, tentu sejumlah target yang telah ditetapkan sangat memungkinkan untuk diraih.

Beberapa target yang telah ditetapkan, di antaranya pendapatan usaha lebih tinggi 15,76% dibandingkan dengan realisasi tahun 2013.

Alasan bahwa target itu cukup realistis, di antaranya karena sejalan dengan ekspektasi pemerintah yang juga menargetkan pertumbuhan ekonomi lebih tinggi dibandingkan dengan realisasi tahun 2013. Peningkatan kegiatan perekonomian tentu akan berdampak terhadap penyediaan produksi energi listrik dan jasa Operation & Maintenance (O&M) yang menjadi bidang usaha Indonesia Power. Mengingat pengalaman dan kompetensi Perusahaan di bidang kelistrikan, tingkat kepercayaan konsumen tentu akan tinggi dan pada akhirnya memberikan kontribusi positif bagi kinerja Perusahaan.

Kinerja Komite di Bawah Dewan KomisarisDalam menjalankan tugasnya, Dewan Komisaris telah membentuk organ pendukung, yaitu Komite Audit dan Komite Manajemen Risiko. Sepanjang tahun 2014 kedua komite ini telah menjalankan fungsinya dengan baik, sehingga dapat memberikan rekomendasi yang berbobot kepada Dewan Komisaris untuk selanjutnya disampaikan kepada manajemen.


Overview on Business Prospect Presented by the Board of DirectorsBased on the performance of which has been presented by the Board of Directors in recent years, the Board of Commissioners considers that the business prospects which have been prepared by the Board of Directors is very realistic. Moreover, supported by the ability of the Board of Directors to take strategic initiatives in the middle of the business environment that is full of challenges, several targets that have been set is definitely possible to be achieved.

Some of the targets which have been set, among others operating revenues that is 15.76% higher compared to the realization in 2013.

The reason that the targets were quite realistic, is the fact that they are in line with the expectations of the government who are also targeting higher economic growth compared to the realization in 2013. Increased economic activity would have an impact on the provision of electrical energy production and Operation & Maintenance (O&M) services, which is Indonesia Powers field of business. Given the Companys experience and competence in the field of electricity, the level of consumer confidence would be high and ultimately provides a positive contribution to the performance of the Company.

Performance of Committess Under the Board of CommissionersIn performing its duties, the Board of Commissioners has established supporting organs, namely the Audit Committee and the Risk Management Committee. Throughout 2014, both committees have performed their functions well, providing substantial recommendations to the Board of Commissioners to be subsequently conveyed to the management.










Komite AuditDewan Komisaris memastikan bahwa Komite Audit yang dibentuk bersifat independen, sehingga mampu memberikan manfaat besar kepada pelaksanaan tugas Dewan Komisaris dalam menjalankan fungsinya di bidang pengawasan dan pemberian nasihat kepada Direksi.

Seluruh temuan, catatan dan rekomendasi dari hasil pelaksanaan kegiatan, penelaahan dan analisa Komite Audit selama tahun 2014 telah dikomunikasikan dan didiskusikan dengan Manajemen Indonesia Power, Satuan Audit Internal (SAI) dan Auditor Eksternal, serta telah dilaporkan kepada Dewan Komisaris untuk perbaikan dan tindak lanjut dari Manajemen Perusahaan.

Rekomendasi yang diberikan itu, di antaranya terkait dengan pengelolaan operasional, pemeliharaan dan logistik, serta pengendalian kontrak dan Kepatuhan terhadap peraturan internal maupun perundang-undangan yang berlaku. Dewan Komisaris berhadap Komite Audit dapat terus meningkatkan kinerjanya agar dapat menjadi penopang kinerja Perusahaan secara keseluruhan.

Komite Manajemen RisikoSeperti halnya Komite Audit, Komite Manajemen Risiko juga bersifat independen. Sehingga, segala rekomendasi yang disampaikan kepada Dewan Komisaris dapat dipertanggungjawabkan dengan baik.

Komite Manajemen Risiko telah memberikan banyak rekomendasi kepada Dewan Komisaris, yang di antaranya terkait dengan kegiatan operasional dan rencana kegiatan yang akan dijalankan oleh Perusahaan.

Melalui rekomendasi yang telah diberikan kepada Dewan Komisaris untuk diteruskan kepada manajemen, membuat Perusahaan mampu melakukan mitigasi risiko yang dihadapi dalam kegiatan usaha. Sehingga, potensi masalah yang akan dihadapi dapat diantisipasi dengan baik.


Audit CommitteeThe Board of Commissioners ensures that the Audit Committee established is independent, so as to provide substantial benefits to the implementation of the duties of the Board of Commissioners in performing its functions in the field of supervision and providing advice to the Board of Directors.

All findings, records and recommendation from the result of implementation activity, study and the Audit Committees analysis in 2014 have been communicated and discussed with the Management of Indonesia Power, Internal Audit Unit (SAI) and External Auditor, and already reported to the Board of Commissioners for improvement and follow up from the Management of the Company.

The recommendations, are among others related to the management of operations, maintenance and logistics, as well as the management of contract and Compliance towards internal regulations and applicable laws. The Board of Commissioners hopes that the Audit Committee can continue to improve its performance in order to support the overall performance of the Company.

Risk Management CommitteeSimilar to the Audit Committee, the Risk Management Committee is also independent. Therefore, all recommendations submitted to the Board of Commissioners can be properly accounted for.

The Risk Management Committee has provided various recommendations to the Board of Commissioners, among others related to operational activities and action plans that will be executed by the Company.

Through the recommendations which have been given to the Board of Commissioners to be forwarded to the management, enabling the Company to mitigate risks faced in operational activities. Therefore, the potential problems to be faced can be anticipated well.


Perubahan Komposisi Dewan KomisarisPada tahun 2014, terjadi perubahan komposisi Dewan Komisaris sebagai berikut: 1. Anggota Dewan Komisaris Daniel Theodore telah

menyelesaikan masa tugasnya, dan berdasarkan Keputusan Pemegang Saham secara sirkuler tanggal 31 Agustus 2014, masa bakti beliau tidak diperpanjang lagi.

2. Penetapan Pelaksana Tugas (PLT) Dewan Komisaris berdasarkan Keputusan Pemegang Saham secara sirkuler tanggal 31 Agustus 2014 dengan susunan sebagai berikut:

Jabatan Nama | Name Position

Komisaris Utama I.G.A. Ngurah Adnyana President Commissioner

Komisaris Teuku Taufiqulhadi Commissioner

Komisaris Aries Muftie Commissioner

Komisaris Luizah Commissioner

3. Pengunduran diri anggota Dewan Komisaris Teuku Taufiqulhadi dilakukan berdasarkan surat tertanggal 27 Oktober 2014.

Dengan demikian, susunan Dewan Komisaris hingga akhir 2014 menjadi:

Jabatan Nama | Name Position

PLT Komisaris Utama I.G.A. Ngurah Adnyana Acting President Commissioner

PLT Komisaris Aries Muftie Acting Commissioner

PLT Komisaris Luizah Acting Commissioner

Atas nama Dewan Komisaris, kami mengucapkan terima kasih dan penghargaan yang setinggi-tingginya atas kontribusi yang telah diberikan oleh Teuku Taufiqulhadi dan Daniel Theodore Sparringa selama masa bakti di Indonesia Power.

Apresiasi

Kepada DireksiKepada Direksi dan jajaran di bawahnya, Dewan Komisaris memberikan apresiasi yang setinggi-tingginya atas pencapaian kinerja usaha yang baik, walaupun banyak tantangan yang dihadapi. Dengan kinerja keuangan yang positif, kondisi perlambatan ekonomi serta sejumlah indikator makro yang berpotensi memberikan pengaruh negatif terhadap dunia usaha, telah dibuktikan oleh Direksi bahwa situasi itu cenderung tidak berpengaruh terhadap kinerja Perusahaan.


Change in the Composition of the Board of CommissionersIn 2014, there were changes to the composition of the Board of Commissioners as follow: 1. Daniel Theodore, Member of the Board of

Commissioners, has completed his term of office, which was not extended based on Circular Decision of Shareholder dated 31 August 2014.

2. The determination of Acting Officials of the Board of Commissioners based on Circular Decision of Shareholder dated 31 August 2014 as follows:

3. The resignation of Teuku Taufiqulhadi, member of the Board of Commissioners, based on his letter dated 27 October 2014.

Therefore, the composition of the Board of Commissioners up to the end of 2014 is:

On behalf of the Board of Commissioners, we express our highest gratiitude and appreciation for the contribution given by Teuku Taufiqulhadi and Daniel Theodore Sparringa during their tenure in Indonesia Power.

Appreciaton

To the Board of DirectorsTo the Board of Directors and all levels under it, the Board of Commissioners expresses its highest appreciation for achieving good business performance, despite the many challenges faced. With positive financial performance, conditions of economic slowdown, as well as a number of economic indicators that could potentially impacted the business world negatively, the Board of Directors has proven that those situations had little or no effect to the performance of the Company.










Dewan Komisaris berharap agar Direksi dan jajarannya tetap melakukan inovasi-inovasi dan inisiatif strategis yang menunjang kinerja dan pertumbuhan Perusahaan serta memastikan terkelolanya proses bisnis yang ekselen di seluruh lini.

Kepada Pemegang SahamDewan Komisaris juga menyampaikan terima kasih atas kepercayaan yang telah diberikan oleh pemegang saham untuk menjadi bagian penting dari perjalanan usaha Indonesia Power. Begitu pun dengan arahan dan bimbingan yang telah disampaikan oleh pemegang saham.

Kepada Pemangku KepentinganKepada para pemangku kepentingan baik di internal maupun eksternal Perusahaan, Dewan Komisaris mengucapkan terimakasih atas kerja sama yang sudah berjalan selama ini terutama dalam mendukung terwujudnya Indonesia Power Bersih yang merupakan komitmen Pemegang Saham dan Dewan Komisaris. Dengan dukungan para pemangku kepentingan pula, manajemen mampu menyajikan kinerja usaha yang baik untuk Tahun Buku 2014.

Atas segala kebaikan yang telah diberikan, semoga akan mendapatkan balasan kebaikan pula.

Jakarta, 30 Mei 2015

I.G.A. Ngurah AdnyanaPLT Komisaris Utama

Acting President Commissioner


The Board of Commissioners expects that the Board of Directors and all staff continue to make innovations and strategic initiatives that can support the performance and growth of the Company, while ensuring excellent business process at all business lines.

To the ShareholdersThe Board of Commissioners would also expressed gratitude for the trust given by the shareholders to be an important part of Indonesia Powers business journey. Also for the direction and guidance that have been submitted by the shareholders.

To the StakeholdersTo all internal and external stakeholders of the Company, the Board of commissioners would like to convey its appreciation for the cooperation shown throughout these times, and especially in support of Indonesia Power Bersih as was the commitment of Shareholder and the Board of Commissioners. With the support of the stakeholders, the management is able to present a good business performance for the 2014 Fiscal Year.

For all good things that have been given, hopefully will also reap goodness.

Jakarta, May 30th, 2015


Profil Dewan KomisarisBoard of the Commissioners Profile






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