laporan tahunan 2014 - indonesia stock exchange

Laporan Tahunan

2014

Annual Report

1PT CITRA TUBINDO Tbk Laporan Tahunan 2014 Annual Repor t


Key Figures Sales : US$ 207,443,129 Net Profit : US$ 25,480,541

Daftar Isi

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Kata Sambutan Dewan Komisaris

Ikhtisar Data Keuangan Penting

Grafik Ikhtisar Data Keuangan

Informasi Mengenai Saham

Laporan Dewan Komisaris

Penilaian terhadap Kinerja Direksi

Pandangan atas Prospek Usaha

Perubahan Komposisi Anggota

Dewan Komisaris

Laporan Direksi

Kinerja Perseroan

Prospek Usaha

Prospek Usaha Anak-Anak Perusahaan

Kegiatan Perusahaan Asosiasi

Penerapan Tata Kelola Perusahaan

Perubahan Komposisi Anggota Direksi

Profil Perusahaan

Alamat Perusahaan

Riwayat Singkat Perusahaan

Kegiatan Usaha Perusahaan

Struktur Organisasi Perusahaan

Visi dan Misi

Profil Anggota Dewan Komisaris

Profil Anggota Direksi

Jumlah Karyawan dan Kompetensinya

Pemegang Saham dan Persentase Kepemilikannya

Pemegang Saham Utama dan Pengendali Perseroan

Entitas Anak dan Perusahaan Asosiasi

Kronologis Pencatatan Saham

Profesi Penunjang Pasar Modal

Penghargaan dan Sertifikasi

Perusahaan

Analisis dan Pembahasan Manajemen

Tinjauan Operasi per Segmen Usaha

Analisa akun-akun Posisi Keuangan

Kemampuan Membayar Utang

Struktur Permodalan

Ikatan Material untuk Investasi Barang Modal

Informasi dan Fakta Material setelah Tanggal Laporan

Prospek Usaha

Perbandingan Antara Target dan Hasil yang Dicapai

Target 2015

Aspek Pemasaran Atas Produksi dan Jasa

Foreword

Financial Highlights

Graphics of Financial Data

Shares Information

Report from the Board of Commissioners

Evaluation on the Performance of Board of Directors

Business prospects

Change of Members of Board of Commissioners

Board of Directors’ Report

The Company’s Performance

Business Prospects

Business Prospects Subsidiaries Companies

Activities of Associated Companies

Implementation of Corporate Governance

Change of Members of Board of Directors

Company Profile

Company’s Address

A Brief Description of the Company

Business Operation of the Company

Company’s Organization Chart

Vision and Mission

Profiles of the Members of Board of Commissioners

Profiles of the Members of Board of Directors

Total Employees and theirs Competencies

Shareholders and Percentage of Ownership

Main Shareholders and Company’s Controlling Party

Subsidiary Entities and Associated Companies

Chronology of Shares Registration

Capital Market Supporting Professional

Awards and Certifications

Management Analysis and Discussion

Reviewing Operation by Business Segment

Financial Position’s Account Analysis

Capability to Pay Accounts Payable

Capital Structure

Substantial Connection on the Investment in Capital Items

Information and Substantial Facts Occurred after

the Date of Report

Business Prospects

Comparison between Target and Its Realization

Forecast 2015

Market Aspects on Products and Services

2 PT CITRA TUBINDO Tbk Laporan Tahunan 2014 Annual Repor t2

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Kebijakan Dividen dan Jumlah Dividen

Informasi Material Mengenai Transaksi Afiliasi

Tata Kelola Perusahaan

Dewan Komisaris

Direksi

Komite Audit

Komite lainnya

Sekretaris Perusahaan Perseroan

Unit Audit Internal

Sistim Pengendalian Internal

Sistim Manajemen Resiko

Perkara yang Dihadapi Perseroan dan Pengurus

Perusahaan

Sanksi Administratif oleh Otoritas Pasar Modal dan

Otoritas lainnya

Kode Etik dan Budaya Perseroan

Sistim Pelaporan Pelanggaran

Tanggung Jawab Sosial Perusahaan

A. Lingkungan Hidup dan Sistim

Pengolahan Limbah

B. Ketenagakerjaan, Kesehatan dan

Keselamatan Kerja (K3)

C. Pengembangan Sosial dan Kemasyarakatan

D. Tanggung Jawab Produk

Laporan Keuangan Tahunan

Dividend Policy and Total Dividend

Information on Affiliated Transaction

Corporate Governance

Board of Commissioners

Board of Directors

Audit Committee

Other Committees

Corporate Secretary of the Company

Internal Audit Unit

Internal Control System

Risk Management System

Events facing the Company and Management

Administrative Fine by the Authority of Capital Market and

other Authority

Business Etiquette and Corporate Culture

Whistleblowing System

Corporate Social Responsibility

A. Environment and System Waste Treatment

B. Manpower, Health and Safety

C. Social and Community Development

D. Product Responsibility

Annual Financial Statement


Dalam tahun 2014 pertumbuhan ekonomi Indonesia sebesar 5,1% dibandingkan dengan RAPBN sebesar 5,3%. Pada awal tahun 2014, harga minyak Brent adalah sekitar AS$104/barrel, bertahan sampai bulan Juli kemudian mulai menurun dan pada awal bulan Oktober menurun tajam dan bulan Desember turun sampai AS$52/barrel yang cukup

mencengangkan.

In 2014, the economy growth in Indonesia was 5.1% compared to the National Budget of 5.3%. In the beginning of 2014, crude oil price was about US$104/barrel and maintained the same level till July then the price started to drop, by early October the price dropped drastically and by December 2014

it reached an astonishing level of US$52/barrel.

Menurunnya harga minyak tersebut berdampak pada ekonomi Indonesia terutama pada kinerja di bidang minyak dan gas bumi (Migas).

Penjualan Perseroan pada tahun 2014 sebesar AS$207,44 juta dibandingkan dengan tahun 2013 AS$244,17 juta turun 15,04%. Laba Kotor Perseroan tahun 2014 sebesar AS$58,90 juta dibandingkan dengan tahun 2013 sebesar AS$82,83 juta atau turun 28,89%. Laba bersih tahun 2014 sebesar AS$ 25,48 juta dibandingkan dengan tahun 2013 AS$38,26 juta atau turun 33,40%.

Laju pertumbuhan ekonomi pasca Pemilu melambat menjadi 5,12% di kuartal ke dua tahun 2014, yang merupakan terendah sejak akhir tahun 2009. Pelambatan ini dikarenakan rendahnya investasi dan kontraksi pengeluaran Pemerintah dan juga pangsa pasar dunia yang melemah, walaupun pada awal tahun 2014 diperkirakan sebesar 5,3%. Dampaknya, dalam tahun 2014 Perseroan hanya mampu berproduksi 40% dari kapasitas penuhnya. Ini terlihat dari pangsa pasar ekspor yang dicapai tahun 2014 sebesar 48,51% sedangkan penjualan domestik sebesar 51,49%. Namun demikian, kami bersyukur bahwa Perseroan masih dapat mempertahankan kinerja walaupun dalam situasi yang tidak menentu.

Pada tahun berjalan Perseroan telah membuka pangsa pasar baru yaitu memproduksi Pipa Saluran (Line Pipe) yang dipakai untuk operasi laut dalam. Semoga produksi ini akan berlanjut di tahun-tahun mendatang.

Sesuai komitmen Perseroan tetap melakukan berbagai kegiatan CSR, diantaranya program daur ulang atas limbah dari produksi Perseroan.

The decline in oil price has affected the economy of Indonesia especially in the oil and gas industry.

The Total Sales Revenue of the Company for 2014 was US$207.44 million compared to US$244.17 million in 2013, a decrease of 15.04%. Gross profit in 2014 was US$58.90 million compared to US$82.83 million in 2013, 28.89% lower. Net Profit is US$ 25.48 million in 2014 compared to US$ 38.26 million in 2013, decreased by 33.40%.

The trend of economic growth in post General Election in Indonesia has been slow and became 5.12% in the second quarter of 2014, lowest since end of 2009. The slow economic growth was due to low investment and contraction in Government expenditures and weak world market in general. In the beginning of 2014, the predicted economic growth was 5.3%. This has given an impact to the Company by only achieving 40% of its full production capacity. It is shown from the sales revenue to export market achieved 48.51% and domestic market 51.49% in 2014. However, we are grateful that the Company is able to maintain the performance in the midst of uncertain situation.

During 2014, the Company has open to new market by producing Line Pine to be used, particularly, for deep sea drilling. It is expected that this production line will continue to run in the years to come.

In accordance with the commitment of the Company, the Company participates in various CSR activities including the re-cycling of waste from the production lines of the Company.

Kata Sambutan Dewan KomisarisForeword

4 PT CITRA TUBINDO Tbk Laporan Tahunan 2014 Annual Repor t

The Consolidated Financial Reports of the Company has been audited by Purwantono, Suherman & Surja with unqualified opinion, and all transactions are in accordance with the Standard Finance and Accounting practice.

The Board of Commissioners of the Company would like to express their gratitude to all related parties, Board of Directors and Employees and other business relations for their support and cooperation in 2014.

Laporan Keuangan Konsolidasian Perseroan telah diaudit oleh Purwantono, Suherman & Surja dengan opini wajar, dalam semua hal yang material sesuai Standar Akuntansi Keuangan.

Dewan Komisaris Perseroan mengucapkan terima kasih atas dukungan dan kerjasama seluruh pemangku kepentingan, Direksi dan karyawan serta semua pihak selama tahun 2014.

Untuk dan atas nama Dewan KomisarisFor and on behalf of the Board of Commissioners,

DR. Ir. Suyitno Patmosukismo M.HKomisaris Utama / President Commissioner


Ikhtisar Data Keuangan PentingFinancial Highlights

HASIL USAHA (AS$ RIBU)Pendapatan

Laba bruto

Laba

Jumlah laba yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non pengendali

Total laba komprehensif

Jumlah laba komprehensif yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non pengendali

Per saham (AS$)Jumlah Saham yang beredar (000)

Laba per saham

Harga per Saham

Rasio harga saham terhadap laba

NERACA (AS$ RIBU)Jumlah Modal Kerja Neto

Jumlah Aset

Jumlah Investasi Penyertaan Saham

Jumlah liabilitas

Jumlah Ekuitas

RASIO-RASIO PENTINGRASIO USAHA (%)Rasio laba terhadap jumlah aset

Rasio laba terhadap ekuitas

Rasio laba terhadap pendapatan

RASIO KEUANGANRasio lancar

Rasio liabilitas terhadap ekuitas

Rasio liabilitas terhadap jumlah aset

OPERATING RESULTS (US$ Thousand)

Sales income

Gross profit

Profit

Profit attributable to the shareholders and non control entity

Total profit

Comprehensive profit attributable to the shareholders and the non-controlling

parties

PER SHARE (US$)

Number of Shares (000)

Profit (loss) per share

Price per Share

Price Earning Ratio

BALANCE SHEETS (US$ Thousand)

Total Net Working Capital

Total Assets

Investment in Shares of Stock

Total liabilities

Total Equity

SIGNIFICANT RATIO

OPERATING RATIO (%)Ratio profit to total assets

Ratio profit to equity

Ratio of profit to sales income

FINANCIAL RATIOS

Current ratio

Debt to equity ratio;

Ratio of debt to total assets

2013

244.170

82.831

38.264

38.264

38,155

38,155

800.372

0,0478

0,3692

8

87.255

274.151

17.342

123.248

150.903

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25

16

1,79

0,82

0,45

2014

207.443

58.899

25.480

25.480

25.394

25.394

800.372

0,0318

0,4260

13

78.491

259.895

15.558

113.598

146.297

10

17

12

1,80

0,78

0,44

2012

200,858

75,139

34,315

34,315

34,528

34,528

800.000

0,0429

0,4550

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86.938

268.438

19.308

125.830

142.608

13

24

17

1,79

0,88

0,47


Grafik Ikhtisar Data KeuanganGraphics of Financial Data

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Laba Sebelum Bunga, Pajak, Depresiasi dan Amortisasi / EBITDA

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Laba Tahun berjalanIncome for the Year

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Jumlah LiabilitasTotal Liabilities

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Jumlah Ekuitas Total Stockholders’ Equity

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Informasi Mengenai Saham

Sejak September tahun 2013 jumlah saham yang beredar sebanyak 800.371.500 lembar saham dengan nilai nominal Rp100 (seratus Rupiah).

Shares Information

Since September 2013 the total issued shares of the Company has become 800,371,500 with par value of Rp100 (one hundred Rupiah).

2014

2013

Kapitalisasi Pasar Pergerakan Harga Saham (Rp) Volume Perdagangan Capitalised Market Share Price Movement Traded Volume

Kwartal Terendah Tertinggi Akhir Quarter Lowest Highest Close

1 3.681.708.900.000 4.500 8.100 4.600 2.200

2 4.420.043.250.000 4.600 7.000 5.500 8.800

3 4.442.062.825.000 5.550 5.600 5.550 1.600

4 4.241.968.950.000 5.200 6.000 5.300 6.800

Kapitalisasi Pasar Pergerakan Harga Saham (Rp) Volume Perdagangan Capitalised Market Share Price Movement Traded Volume

Kwartal Terendah Tertinggi Akhir

Quarter Lowest Highest Close

1 3.600,000,000,000 4.300 4.500 4.500 2.000

2 3.620.000.000.000 4.500 4.525 4.525 3.000

3 3.841.783.200.000 4.500 4.800 4.800 6.000

4 3.601.671.750.000 4.400 4.950 4.500 4.000


Penilaian Terhadap Kinerja Direksi

Pada Tahun 2014, Perseroan meninjau kembali strategi jangka panjang yang dituangkan dalam program tahunan untuk meningkatkan daya saing dan fleksibilitas terhadap pasar global. Sebagai hasil akhirnya, Perseroan telah membukukan hasil yang baik di tahun 2014, namun demikian karena adanya penurunan pangsa pasar karena turunnya permintaan pasar dunia menyebabkan penjualan Perseroan turun sebesar 15,04% dari tahun sebelumnya. Demikian juga dengan laba bersih Perseroan yang dicatat untuk tahun buku 2014 turun sebesar 33,40% dari tahun sebelumnya.

Program Tahunan yang telah dijabarkan pada tahun 2013 masih tetap diterapkan untuk tahun 2014, antara lain bidang HSE (Kesehatan, Keselamatan, Lingkungan). Untuk bidang Sumber Daya Manusia, Perseroan tetap memberikan pelatihan secara berkala untuk dapat menghasilkan produksi dengan kualitas terbaik.

Dikegiatan teknologi, Perseroan juga menginvestasikan Research and Development (R&D) dalam menerapkan teknologi maju agar Perseroan mampu bersaing dikelas dunia.Dipemasaran (Marketing), Perseroan tetap mempertahankan hubungan baik dengan pelanggan dan juga memberikan layanan yang memuaskan.Dioperasional, Perseroan telah mengganti beberapa mesin produksi supaya dapat meningkatkan efisiensi dan menekan biaya produksi seminimal mungkin.

Pada tahun 2014, kinerja Perseroan menurun akibat

Evaluation on the Performance of the Board

of Directors

In 2014, the Company has reviewed the long term business strategies which have been implemented in the annual programs to improve the competitiveness and flexibility to the changing of global market. As a result, as there has been lower demand for the Company’s products in the market, the Company’s total sales revenue has decreased by 15.04% from the previous year. Net profit of the Company decreased by 33.40% compared to previous year.

Annual programs which have been described in 2013 were still being implemented in 2014, among others were the Health, Safety and Environment, for the Human Resource Development, the Company provides continuous timely training as to achieve in producing the best product quality.

The Company invested in the Research and Development (R&D) for advanced technology as to be more competitive in the international market.

In the Marketing division, the Company maintained good relationship with the customers and provided satisfactory services to them. In the operations, the Company has replaced some production machineries to improve the efficiency and to achieve production cost as low as possible.

In 2014, the Company’s performance declined due to the affects

Laporan Dewan Komisaris Report from the Board of Commissioners


(dampak) dari resesi dunia dan juga pada tahun 2014 adanya Pemilihan Umum dan Pemilihan Presiden yang mengakibatkan menurunnya aktivitas kegiatan perusahaan minyak dan gas bumi (Migas) di Indonesia. Pada sekitar akhir September 2014, terjadi suatu kejadian yang drastis yaitu harga minyak Brent turun tajam dari AS$ 105/barrel menjadi AS$ 90 / barrel dan pada akhir bulan Desember 2014, menjadi AS$ 50/barrel (Narasumber: Thomson Reuters), hal ini mengakibatkan turunnya kegiatan eksplorasi Migas di dunia.

Tanggungjawab Sosial Perusahaan (CSR) menjadi salah satu komitmen Perseroan dalam memberikan kontribusi kepada masyarakat setempat. Salah satu aktivitas CSR yang sudah dikembangkan adalah diselesaikannya bangunan Gelora Citramas yang diresmikan pada tanggal 9 Agustus 2014 oleh Gubernur Propinsi Kepulauan Riau, Bapak Muhammad Sani dengan disaksikan Walikota Batam dan Ketua BP Kawasan Batam. Gelora Citramas tidak saja dilengkapi dengan lapangan sepak bola berstandar, namun juga dilengkapi dengan track lari sintetis berstandard IAAF. Ini adalah track pertama di Propinsi Kepulauan Riau. Dewan Komisaris juga mendukung langkah manajemen melakukan diversifikasi produk diantaranya produk asesoris dan Line Pipe yang sudah berjalan dengan baik. Langkah tersebut terus dikembangkan untuk memajukan posisi Perseroan sebagai produsen pipa kelas dunia.

Pandangan atas prospek usaha

Budget tahun 2015 yang telah dianggarkan oleh Direksi adalah : Konsolidasi Pendapatan : AS$ 187 jutaEBITDA : AS$ 37 jutaLaba bersih : AS$ 28 juta

Anggaran ini disusun dengan sangat konservatif mengingat harga minyak Brent pada kuartal pertama 2015 masih dibawah AS$ 50/barrel. Dengan demikian, banyak perusahaan Migas yang menunda program pengeborannya selama satu atau dua tahun sampai tercapai harga minyak membaik pada titik impas disekitar AS$ 70/barrel.

Manajemen Perseroan, senantiasa berhati-hati melaksanakan tugas dan kewajibannya dan memastikan agar biaya operasi yang berjalan dapat ditekan seminimal mungkin dan juga bekerja lebih efisien dari tahun sebelumnya.

Perubahan Komposisi Anggota Dewan Komisaris

Komposisi anggota Dewan Komisaris sepanjang tahun buku 2014 tidak ada perubahan, yaitu sesuai dengan susunan yang diangkat dalam Rapat Umum Pemegang Saham Tahunan yang diadakan pada tanggal 18 Juni 2013.

of world recession and there were General and Presidential Elections of Republic of Indonesia and induced a slow down of production activities of the oil and gas companies operating in Indonesia. By the end of September 2014, a drastic drop of oil price happened from US$ 105 per barrel to US$ 90 per barrel and by end of December 2014, the oil price has reached as low as US$ 50 per barrel. (Source: Thomson Reuters), this has reduced the activities of exploration of oil and gas industry in the world.

Corporate Social Responsibility (CSR) is one of the Company’s commitments in providing contribution to the public around the factory site. One of the CSR activities is the erection of Gelora Citramas which was inaugurated on August 9, 2014 by Mr Muhammad Sani, Governor of Province of Riau Islands, witnessed by the Mayor of Batam and Chairman of Batam Indonesia Free Zone Authority. Gelora Citramas is not only furnished with standard football pitch but accomplished with synthetic running tracks with IAAF standard and it is the first of its kind of facilities in the Province of Riau Islands.

The Board of Commissioners of the Company gives full support to the Board of Directors to make diversified products or business activities such as accessories production and Line pipes which have run smoothly. Such steps are to be developed continuously as to make the Company an eminent world class pipes producer.

Business prospects

The Board of Directors submitted 2015 budget as follows:

Consolidated Sales Revenue : US$ 187 millionETBIDA : US$ 37 millionNet Profit : US$ 28 million

The budget is considered as conservative taking into account that the Brent oil price in the first quarter of 2015 is below US$ 50 per barrel. In due course, many oil companies postpone their drilling programs for one or two years until the oil price picks up to reach the break-even point at US$ 70 per barrel.

The Company Management team is always prudent to execute their tasks and obligations as to ensure that operation cost achieve the lowest level and to work more efficiently from year to year.

Change of Members of Board of

Commissioners

The composition of the members of Board of Commissioners did not experience any change, that is the same as the appointment in the Annual General Meeting of Shareholders held on June 18, 2013.


Laporan Direksi Board of Directors Report

Memasuki tahun 2014, PT Citra Tubindo Tbk berpegang pada perspektif konservatif dan antisipatif karena beberapa faktor eksternal yang kurang mendukung bisnis Perseroan antar lain kapasitas pipa tanpa kampuh dunia yang berlebih, faktor ketidakpastian yang ditimbulkan oleh hasil Pemilu di Indonesia dan pembuat kebijakan baru, meningkatnya jumlah negara tujuan ekspor yang menerapkan proteksi, dan kondisi politik di Timur Tengah yang tidak kondusif.

Kinerja Perseroan

Dampak dari faktor eksternal benar-benar nyata dirasakan PT Citra Tubindo Tbk di tahun 2014. Banyak Perusahaan di Indonesia yang bergerak dibidang Migas berhati-hati akan dampak Pemilu 2014 utamanya dalam menyusun program pengeboran mereka. Kompetisi meningkat pesat dengan adanya kelebihan kapasitas dunia dan menyebabkan turunnya volume bisnis dan margin usaha Perseroan.

Produksi minyak dan gas bumi memiliki sejarah panjang dan relatif sukses di Indonesia dengan sektor yang secara historis ditandai dengan kerangka peraturan yang relatif stabil dan dipahami dengan baik. Indonesia adalah pelopor dan yang pertama dalam memperkenalkan konsep Production Sharing Contract.Namun, industri Migas di Indonesia saat ini mengalami fase transisi. Tumbuhnya kebutuhan gas di dalam negeri (untuk keperluan industri, transportasi dan rumah tangga), dimulainya impor LNG, tren menurunnya produksi minyak mentah, Peraturan tentang perpanjangan kontrak, penerapan pajak dalam blok eksplorasi, menunjukan stabilitas di industri Migas telah berakhir.

Entering 2014, PT Citra Tubindo Tbk was cautious and took conservative approach due to some external factors that were less supportive to the Company’s businesses among others were seamless pipe excessive capacity, uncertainty caused by the election results in Indonesia and the new policy makers, the increasing number of export destination countries implemented local protection, and political conditions in the Middle East were not conducive.

The Company’s Performance

The impact of external factors was noticed by PT Citra Tubindo Tbk in 2014. Many of the Companies in Indonesia which engaged in Oil and Gas took a conservative approach in their drilling programs as anticipation of 2014 election result. Competition increased rapidly in the presence of over capacity of the world and caused a decline in the volume of business and the Company’s operating margins.

Oil and gas production has a long and relatively successful history in Indonesia with the sector being historically characterised by its relatively stable and well understood regulatory framework. Indonesia is the pioneer and the first in introducing the concept of Production Sharing Contract.

However, the Oil and Gas industry in Indonesia is undergoing a transition phase. Growing domestic need for gas (for both consumers and industrial use), the commencement of LNG imports, downward trend of crude oil production, Government regulation on block extension and taxation on certain offshore exploration block indicate relative stability in the industry is over.


Kondisi pasar ekspor di tahun 2014 juga mengalami tantangan yang sangat serius, antara lain dengan adanya peningkatan kapasitas atau suplai OCTG yang berdampak pada terjadinya perang harga. Bertambahnya negara tujuan ekspor yang menerapkan kebijakan proteksi seperti Canada, dan kondisi politik yang tengah bergejolak di Timur Tengah telah menyebabkan beberapa tujuan ekspor untuk sementara tidak kondusif.

Namun demikian, secara keseluruhan PT Citra Tubindo Tbk masih bisa mempertahankan prestasi yang cukup baik. Untuk tahun buku 2014 Perseroan telah mencapai target penjualan sebesar AS$ 207,44 juta dimana anggaran yang telah direvisi pada saat Public Expose tanggal 3 Juni 2014 sebesar AS$ 170 juta; dengan demikian target tahun buku 2014 telah melebihi anggaran yang telah ditetapkan.

Kami dapat berbesar hati walau dalam situasi yang penuh tantangan, Perseroan mampu meraih EBITDA sebesar AS$ 40,53 juta, lebih tinggi dari anggaran EBITDA yang dianggarkan yaitu AS$ 29 juta.

Pencapaian target penjualan dan laba di tahun 2014 tidak lepas dari peningkatan dan kreativitas pemasaran baik untuk pasar domestik maupun pasar ekspor dan juga program 3-Year Plan (2013 - 2015) Perseroan yang telah memberikan hasil sesuai harapan.

Di tahun 2014, Perseroan kembali mencatat prestasi dan untuk pertama kali berhasil mendapatkan tender Line pipe tanpa kampuh untuk project Indonesia Deep Water dengan produksi dalam negeri dan memberikan kontribusi atas program pemerintah dalam meningkatan kandungan dalam negeri untuk produk-produk Migas.

Perseroan memiliki perencanaan yang sangat jelas dalam meningkatkan Tingkat Kandungan Dalam Negeri (TKDN) dengan cara melakukan investasi mesin-mesin dan pelatihan-pelatihan agar dapat meningkatkan kemampuan Perusahaan untuk memenuhi kebutuhan industri Migas dengan produksi di dalam negeri dan mengurangi impor. Diharapkan dengan adanya peningkatan kemampuan produksi dalam negeri baik untuk OCTG beserta aksesorisnya, Line pipe tanpa kampuh dan sistim pengujian tipe ulir, maka TKDN untuk produk-produk Migas akan semakin tinggi.

Prospek Usaha

Pada tahun 2015 permintaan atas peralatan dan barang kebutuhan industri Migas akan sangat terpengaruh oleh penurunan tajam harga minyak. Harga minyak telah mencapai titik terendah dalam sejarah beberapa tahun terakhir, dan hasilnya proyek-proyek eksplorasi global minyak dan gas dengan nilai miliaran dolar kemungkinan akan ditunda tahun ini karena jatuhnya harga minyak membuat proyek tersebut menjadi tidak ekonomis.

Ladang minyak dengan cadangan besar yang ditemukan beberapa dekade yang lalu mulai menipis. Perusahaan minyak berusaha untuk menemukan ladang minyak diwilayah yang lebih kompleks dan sulit dijangkau, terutama di bawah permukaan laut. Namun, pada saat yang sama, biaya produksi meningkat tajam terutama

Export market condition in 2014 also experienced very serious challenges, among others with an increase in capacity or supply OCTG which have an impact on price competition. Increasing export destination countries implement local protection such as Canada and turbulent political conditions in Middle East has led to some export destinations for the time being not conducive.

However, overall PT Citra Tubindo Tbk still maintained a satisfactory results and achieved sales targets. For financial year 2014 the Company has achieved sales target of US$ 207.44 million where revised budget submitted on June 3, 2014, was US$ 170 million, thus the performance in 2014 has exceeded budgeted figures.

We are pleased that even in this challenging environment, the Company is able to achieve an EBITDA of US$ 40.53 million and higher than budgeted in EBITDA budget which was US$ 29 million.

Achievement of sales targets and profit in 2014 cannot be separated from marketing improvement and creativity, both for domestic and export markets, as well as the 3-Year Plan program (2013 - 2015) of the Company which started to provide result as expected.

In 2014, the Company recorded another milestone and for the first time to provide seamless Line Pipe for Indonesia Deep Water project with local production and contributed to the achievement of Government Road map in increasing local content percentage for Oil and Gas products.

Company has concrete plans in increasing Local Content by doing investments in machineries and training programs in order to increase capability to produce locally oil and gas products and reduce dependence on imported products from overseas. It is expected from increased local production capabilities for oil and gas products, especially for OCTG products and the accessories, seamless Line Pipe and Connection tester, local content for oil and gas products will be higher.

Business Prospect

In 2015 demand for Oil and Gas products will be severely affected by the sharp decline of oil price. Oil price has reached historic low in the last many years, as the result global oil and gas exploration projects worth billion of dollars are likely to be put on hold this year as plunging oil prices render them non economics.

As big oils reserves which were discovered decades ago begin to deplete, oil companies are trying to access more complex and hard to reach oil fields located in deep under sea level. But at the same time, the cost of production has risen sharply given the rising cost of raw materials and the need for expensive new technology to reach the oil. But with analysts forecasting oil to


bahan baku dan teknologi yang sangat mahal. Karenanya, eksplorasi di laut dalam, dengan harga minyak rata-rata AS$70 per barel, tidak dapat direalisasikan secara penuh.

Tekanan dari harga minyak yang rendah juga akan mempengaruhi proyek Panas Bumi di Indonesia sebagai sumber energi alternatif. Untuk memperalih energi listrik yang rendah dari Panas Bumi tidak dapat dimajukan dengan harga minyak solar yang rendah.

Namun demikian, mengingat ekonomi Indonesia akan terus tumbuh pada tahun 2015 dan diperkirakan bahwa permintaan untuk energi akan meningkat di Indonesia dengan urbanisasi dan pertumbuhan penduduk, bersama-sama dengan cadangan besar gas non-konvensional Indonesia (Coal Bed Methane and Shale gas), disetujuinya pengeluaran dan proyek yang lalu, dan niat pemerintahan baru Indonesia untuk menghilangkan birokrasi dan memaksimalkan produk lokal, masih ada harapan mempertahankan pertumbuhan pasar domestik di tahun ini.

Perusahaan akan terus maju dan mengkonsolidasikan posisinya sebagai pemain yang diakui dalam bisnis pipa tanpa kampuh dan aksesoris OCTG di wilayah Asia Pasifik. Hasil yang memuaskan pada tahun 2014 untuk ‘Line Pipe’ tanpa kampuh dan aksesoris akan menjadi pemicu untuk terus berkembang lebih lanjut.

Berdasarkan keputusan yang dikeluarkan oleh Gubernur Propinsi Kepulauan Riau tentang upah minimum sektoral untuk tahun 2015, upah minimum untuk sektor minyak dan gas sebesar Rp. 2.873.273 atau naik 8,8% dari upah minimum tahun sebelumnya. Hal ini akan meningkatkan biaya tenaga kerja serta biaya pabrik yang pada akhirnya akan berdampak pada profitabilitas perusahaan. Perseroan perlu terus meningkatkan strategi tenaga kerja untuk meningkatkan motivasi karyawan meningkatkan metode produksi dan prosesnya, demikian pula menerapkan strategi investasi yang akurat untuk meminimalkan dampak biaya tenaga kerja yang tinggi, sehingga memaksimalkan nilai EBITDA perusahaan.

Prospek Usaha Anak-Anak Perusahaan

PT Hymindo Petromas Utama (HPU) memfokuskan bisnisnya dan konsentrasi pada manufaktur aksesoris (basic dan kompleks), perbaikan dan memberikan layanan kepada perusahaan Oilfield Services. Pada tahun 2014 perusahaan berhasil meningkatkan volume penjualan sebesar 30%.

PT Sarana Citranusa Kabil (SCK) saat ini mengelola 5 dermaga di pelabuhan umum Citranusa Kabil dan telah menerima 576 kapal cargo di tahun 2014, menurun 26,4% dari tahun sebelumnya (783 kapal cargo). Penurunan ini disebabkan oleh Landing Craft Tank (LCT’s) untuk operasi Ro-Ro oleh Aqua Terra Logistic (ATL) Singapura dihentikan. Untuk volume tahun 2015 diharapkan minimal bisa sama dengan tahun 2014 karena beberapa proyek besar dari para pelanggan akan berkurang akibat resesi dunia.

PT Citra Pembina Pengangkutan Industries (CPPI) melayani 2,3 juta Revenue Ton (RT) cargo dengan jasa logistic (stevedoring, pengangkutan, pergudangan, bongkar muat). Mengalami penurunan sebesar 40% dibandingkan dengan tahun sebelumnya sebesar 3,5 juta RT.

average US$ 70 per barrel, around half of the volume is unlikely to be approved.

Pressure from lower oil price will also affect Geothermal project in Indonesia as an alternative source of energy. Price incentive of having lower cost electricity from Geothermal is less significant with lower diesel fuel price.

However, as Indonesian economy will continue to grow in 2015 and it is predicted that demands for energy will increase in Indonesia with urbanization and population growth, together with big reserves of Indonesia unconventional gas (Coal Bed Methane and Shale gas), past approved expenditures and project, and the intention of the new government of Indonesia to eliminate bureaucracy and maximize local product, there is still hope of maintained growth for domestic market this year.

Company will continue to progress and consolidate its position as the recognised player in seamless Line Pipe and OCTG accessories businesses in the Asia Pacific region. The successful result in 2014 for seamless Line Pipe and accessories will be the foundation to grow further.

Based on the decree issued by Governor of Province of Riau Islands on the minimum wages sectoral for 2015, the minimum wages for oil and gas sector is Rp. 2,873,273 or an increase of 8.8% from the minimum wages of previous year. This will increase labour cost as well as factory overhead which in turn will impact on the company profitability. The company needs to continuously improve its manpower strategy to achieve higher motivation among employees and enablement, improve production methods and processes, and with accurate investment strategy in order to minimize the impact of high labour cost and maximize the company’s EBITDA.

Business Prospects Subsidiaries Companies

PT Hymindo Petromas Utama is focusing its business and concentration on manufacturing accessories (basic and complex), repairs and providing services to Oil field Services companies. In 2014 the company managed to grow its sales volume by 30%.

PT Sarana Citranusa Kabil (SCK) currently manages 5 berths at Citranusa Kabil Port and handled 576 vessel calls in 2014,decreased by 26.4% compared to previous year of 783 vessel calls. The decrease was caused Landing Craft Tank (LCT’s) Ro-Ro operation was stopped by Aqua Terra Logistic (ATL) Singapore. It is expected that the cargo volume in 2015 to be at least the same as in 2014, since some large projects from customers will be reduced due to world economy recession.

PT Citra Pembina Pengangkutan Industries (CPPI) handled 2.3 million Revenue Ton (RT) of cargo from its logistic services (stevedoring, trucking, warehouse operations and stuffing-unstuffing) decreased by 40% compared tp the previous year of 3.5 million RT.


Citra Tubindo International (CTI) adalah perusahaan pemasaran dan memberikan dukungan teknis. Untuk memastikan cakupan yang lebih luas di pasar Australia, maka telah dibuka kantor pemasaran di Perth dan kantor perwakilan di Melbourne.

NSCT BV dan anak perusahaannya NSCTPL adalah perusahaan yang bergerak dibidang hak paten premium joint NS Patent.

Kegiatan Perusahaan Asosiasi

PT H-Tech Oilfield Equipment memproduksi dan menyediakan drill pipe tubes, drill pipe assemblies, tool joints, drill collars, dan aksesoris yang berhubungan dengan drill pipe. Penjualan tahun 2014 sebesar AS$ 20 juta atau turun 25% dari tahun 2013 dengan laba bersih sebesar AS$ 3,38 juta dibandingkan dengan AS$ 5,15 juta tahun 2013. Volume diharapkan lebih baik pada tahun 2015.

Citra Summit Valind (CSVI) perusahaan yang didirikan di Singapura pada tahun 1996 yang mempunyai anak perusahaan Vietube Corporation Limited (VCL) di Vung Tau, Vietnam yang bergerak dalam pemrosesan penguliran pipa migas untuk menunjang industri gas dan minyak bumi di Vietnam.

Prospek usaha di tahun 2015, Direksi telah mempresentasikan kepada Dewan Komisaris untuk anggaran konsolidasi tahun 2015 yaitu pendapatan sebesar AS$ 187 juta dan EBITDA sebesar AS$ 37 juta.

Penerapan Tata Kelola Perusahaan

Perseroan dalam menjalankan usahanya senantiasa berpedoman pada prinsip-prinsip tata kelola perusahaan yang baik (GCG) dengan mewujudkan prinsip kewajaran, transparansi, akuntabilitas dan tanggung-jawab. Perseroan dalam tahun 2014 senantiasa memperkuat kinerja sistim manajemen dengan mengimplementasi program sebagai berikut:1) Target kualitas objektif per departemen dengan

indikator kinerja untuk semua proses utama.2) Pertemuan berkala dilakukan oleh Komite manajemen

untuk setiap proses utama.3) Perbaikan berkesinambungan di seluruh tingkatan.4) Program Quality Visit dengan tujuan untuk menghindari

resiko pengiriman produk-produk yang tidak sesuai spesifikasi kepada pelanggan.

5) Program Safety Visit dengan tujuan untuk mengurangi tindakan dan kondisi yang berbahaya.

6) Program tahunan Safety Day dengan tujuan untuk meningkatkan kesadaran karyawan atas Kesehatan, Keselamatan dan Lingkungan Hidup.

Perubahan Komposisi Anggota Direksi

Komposisi anggota Direksi tidak berubah sebagaimana diputuskan dalam Rapat Umum Pemegang Saham Tahunan tertanggal 18 Juni 2013 sebagaimana dinyatakan dalam Profil Direksi pada Laporan Tahunan ini. Masa jabatan anggota Direksi akan berakhir pada saat ditutupnya Rapat Umum Pemegang Saham Tahunan Perseroan yang akan diadakan pada tahun 2016.

Citra Tubindo International is a marketing and technical support company and in order to ensure better coverage of the large Australian market with marketing office in Perth and representative office in Melbourne.

NSCT BV and its subsidiary company, NSCTPL, whose business activities are in copyrights of premium joint NS Patent.

Activities of Associated Companies

PT H-Tech Oil field Equipment manufactures and supplies drill pipe tubes, drill pipe assemblies, tool joints, drill collars, and related drill pipe accessories. Turnover in the year 2014 is US$ 20 million or decreased by 25% from the year 2013 with net profit of US$ 3.38 million compared to US$ 5.15 million in the year 2013. Volume is expected to be better in 2015.

Citra Sumit Valind (CSVI), established in 1996 in Singapore which has a subsidiary company of Vietube Corporation Limited (VCL) in Vung Tau, Vietnam whose business activity is threading seamless pipes to support the oil and gas industry in Vietnam.

The business prospect in 2015 presented to the Board of Commissioners in the consolidated budget in 2015 is Sales revenue US$ 187 million and EBITDA US$ 37 million.

Implementation of Corporate Governance

The Company in running the business operation believes in the principle of Good Corporate Governance to realize the principle of fairness, transparency, accountability and responsibility. In 2014, the Company continues to strengthen its performance management system with implementation of the following programs:

1) Department Quality Objective with performance indicators on all major processes.

2) Regular Steering Committee meeting for each major processes.

3) Continuous Improvement at all time and level.4) Quality Visit which aims to eliminate risk of transferring

defective products to customer.

5) Safety Visit which aims to reduce unsafe act and unsafe conditions in the workplace.

6) Annual Safety Day which aims to raise awareness among employees on Health, Safety and Environment.

Change of Members of Board of Directors

The composition of members of Board of Directors remains the same as decided by the Annual General Meeting of Shareholders of the Company dated June 18, 2013. Profiles of Board of Directors are described in this Annual Report. The terms of appointment of the Board of Directors will end by the closing of AGM of Shareholders in 2016.


Alamat Perusahaan

Para investor/masyarakat yang ingin mendapatkan informasi dari Perseroan, maka alamat maupun nomor telepon yang dapat dihubungi adalah :

Kantor Pusat & Pabrik

Jl. Hang Kesturi I Nomor 2, Kawasan Industri Terpadu Kabil, BatamTelp. : (62-778)711121 - 23Fax : (62-778)711094, 711164E-mail : [email protected] : www.citratubindo.com

Kantor Perwakilan

World Trade Centre (WTC) 5(D/h. Wisma Metropolitan I) Lantai 11Jl. Jenderal Sudirman Kav. 29-31, Jakarta SelatanTel. : (62-21) 5250609

Fax : (62-21) 5712317

Company’s Address

Should investors be interested to inquire about the Company’s information, they can contact the Company at the following addresses:

Head Office & Plant :

Jl. Hang Kesturi I Number 2, Kawasan Industri Terpadu Kabil, BatamTelp. : (62-778)711121 - 23Fax : (62-778)711094, 711164E-mail : [email protected] : www.citratubindo.com

Representative Office:

World Trade Centre (WTC) 5 (formerly Wisma Metropolitan I) 11th floorJl. Jenderal Sudirman Kav. 29-31, Jakarta SelatanTelp. : (62-21) 5250609Fax : (62-21) 5712317


Profil PerusahaanCompany Profile

Riwayat Singkat Perusahaan

Perseroan didirikan pada tanggal 23 Agustus 1983 dalam rangka Penanaman Modal Dalam Negeri (PMDN) dan berkedudukan hukum di Batam, Indonesia. Kantor Pusat dan Pabrik Perseroan berlokasi di Jl. Hang Kesturi I Nomor 2, Kawasan Industri Terpadu Kabil, Batam, Indonesia.

Maksud dan tujuan Perseroan adalah bergerak dibidang perdagangan dan industri, pemberian jasa dibidang industri minyak & gas bumi dan pertambangan.

Untuk mencapai maksud dan tujuan tersebut Perseroan melaksanakan kegiatan usaha seperti membuat, memberikan pelayanan, memperbaiki alat-alat dan perlengkapan untuk menunjang industri perminyakan dan gas bumi.

Pada tanggal 28 November 1989 Perseroan telah mencatatkan saham-sahamnya untuk yang pertama kali di Bursa Efek Indonesia (dahulu Bursa Efek Jakarta dan Bursa Efek Surabaya).

Terhitung sejak 3 April 2002, sebanyak 80.000.000 saham Perseroan telah dicatatkan ke dalam penitipan kolektif PT Kustodian Sentral Efek Indonesia (KSEI), dan terhitung sejak 12 Januari 2009 jumlah saham yang tercatat meningkat menjadi 800.000.000 lembar saham yang disebabkan adanya pelaksanaan corporate action berupa pemecahan nilai nominal saham (stock split) dimana nilai nominal saham Perseroan yang semula Rp1.000 (seribu Rupiah) per saham menjadi bernilai nominal Rp100 (seratus Rupiah) per saham sehingga mengakibatkan 1 (satu) saham lama dipecah menjadi 10 (sepuluh) saham baru.

Terhitung sejak 20 September 2013 jumlah saham yang tercatat meningkat menjadi 800.371.500 lembar saham dengan nilai nominal saham Rp100 (seratus Rupiah). Peningkatan ini terjadi oleh karena pelaksanaan Management Stock Option Program & Employee Stock Option Program (MSOP & ESOP).

Dari program MSOP & ESOP tersebut, jumlah hak opsi yang telah dilaksanakan adalah sebanyak 371.500 (tiga ratus tujuh puluh satu ribu lima ratus) saham, sehingga Modal Ditempatkan dan Disetor penuh Perseroan dengan adanya MSOP & ESOP ini yang semula sebesar Rp80.000.000.000 (delapan puluh milyar Rupiah) menjadi Rp80.037.150.000 (delapan puluh milyar tiga puluh tujuh juta seratus lima puluh ribu Rupiah).

Kegiatan Usaha Perusahaan

Perseroan mengoperasi aktivitasnya sesuai dengan tujuan dan objektif yang tertera dalam Anggaran Dasar Perseroan yaitu menjadi pemasok keperluan “Oil Country Tubular Goods”(OCTG), pipa-pipa dan pipa pengeboran kepada perusahaan minyak dan gas bumi yang mencakup pipa tanpa kampuh dengan “American Petroleum Institute” (API)serta Premium Connection, pipa tanpa kampuh (seamless pipe) dan pipa pengeboran tanpa kampuh (seamless Drill Pipe) serta pipa jaringan tanpa kampuh (seamless Line Pipe).

A Brief Description of the Company

The Company was established on August 23, 1983, according to the rules of the Domestic Capital Investment (PMDN), domiciled in Batam, Indonesia. The Company’s Head Office and Factory are located at Jl. Hang Kesturi I Number 2, Kawasan Industri Terpadu Kabil, Batam, Indonesia.

The objectives of the Company are to engage in businesses of trade and industry and to serve as a service provider in oil & gas and mining industry.

To achieve those objectives, the Company is involved in the business activities of manufacturing, providing services, repairing equipment and accessories to support oil and gas industry.

On November 28, 1989 the Company listed its shares in Indonesian Stock Exchanges (formerly Jakarta Stock Exchanges and Surabaya Stock Exchanges).

Since April 3, 2002, the Company’s shares of 80,000,000 have been registered with PT Kustodian Sentral Efek Indonesia (KSEI), and the shares registered have increased to 800,000,000 shares since January 12, 2009 due to various corporate actions of stock split where the initial share value of Rp1,000 (one thousand Rupiah) per share became Rp100 (one hundred Rupiah) per share that means 1 (one) old share was split to become 10 (ten) new shares.

Since September 20, 2013, total Company’s registered shares has become 800,371,500 with par value of Rp100 (one hundred Rupiah). The increase of shares was due to Management Stock Option Program and Employee Stock Option Program (MSOP & ESOP).

From the MSOP & ESOP programs, the total rights option executed was 371,500 (three hundred seventy one thousand and five hundred) shares, therefore the Issued and Fully Paid-up Capital of the Company from Rp80,000,000,000 (eighty billion Rupiah) became Rp80,037,150,000 (eighty billion thirty seven million one hundred and fifty thousand Rupiah) after the MSOP & ESOP programs.

Business Operation of the Company

The Company operates its activities according to the intentions and objectives stated in the Articles of Association, such as providing seamless “Oil Country Tubular Goods” (OCTG), Line Pipe and Drill Pipe to oil & gas industries consists of primarily of seamless pipes with “American Petroleum Institute” (API) as well as Premium Connection, seamless pipe, seamless Drill Pipe and seamless Line Pipe.


The Company’s Business activities are:

Threading of pipes and other services

pipes and accessories under licensing agreement with the world’s leading premiun connection, including VAM, NS-CT and Tenaris.

for threaded pipes to reduce the dependency from other suppliers.

according to American Petroleum Institute (API) standards.

and Premium connection.

to withstand specific pressure.

“Cross Over” and “Blast Joint”.

phosphating, tin-plating, copper-plating and zinc-plating.

threads.

corrosion control.

Bidang dan kegiatan usaha Perseroan : Penguliran pipa dan jasa

koneksinya maupun asesories dengan lisensi yang telah diberikan oleh pembuat sambungan ulir terkenal didunia termasuk, VAM, NS-CT dan Tenaris.

pengepakan untuk pipa terulir yang dapat mengurangi ketergantungan kebutuhan protector kepada pemasok lain.

tanpa kampuh, sesuai standar API, dalam berbagai ukuran mulai 2-3/8” sampai 20”.

API dan koneksi Premium.

ketahanan uliran pipa dengan menggunakan kekuatan tekanan air tertentu.

Over” dan “Blast Joint”.

coupling dengan proses phosphate dan electroplating dengan bahan timah, tembaga dan zinc.

pembersihan pipa serta ulirannya.

pada pipa-pipa khusus.


Heat Treatment Facility

The seamless pipes heat treatment facility commenced its commercial production and certified by American Petroleum Institute (API) since 1992. The installed heat treatment plant can produce up to 120,000 metric ton per year, with sizes ranging from 2-3/8” up to 13-3/8” in accordance with API 5CT, 5DP, and 5L standard or Premium Grade.

Testing and Inspection Facility

In order to ensure good quality of the final product, a fully calibrated in-house inspection and testing facilities are available as follows:

Destructive Test :

- Tensile Test: to test the strength of products.

- Spectrometer Test: to measure the content of metal composition according to the requirement of the final product.

- Hardness Test: to ensure the hardness of the product is within tolerance limits on the finished products.

- Charphy Test: to test the toughness of the pipes at room temperature and below freezing point.

- Metallography Test: to describe the metal structure with the micro or macro approach so that the final product is acceptable to the customer.

- Collapse test guarantee that pipe can stand to the maximum collapse pressure valie as defined by International Standard.

Non Destructive Test :

- Special End Area Magnetic Particle Inspection of the pipes to test for any defect on the ends of pipes.

- Magnetic Particle Inspection: being used to ensure there is no defects in the coupling.

- Ultra Sonic testing- Electro Magnetic Inspection- Hydrostatic Test- Dimensional Inspection

Production Process

The process to convert green pipes into finished products is set out as follow :

pipes to ensure it corresponds with the mill certificates. Thereafter it is stacked in the yard.

Fasilitas Perawatan PanasBerproduksi secara komersial dan telah mendapatkan sertifikat pengakuan mutu dari American Petroleum Institute (API) sejak tahun 1992. Kapasitas produksi pabrik yang terpasang mencapai 120.000 metrik ton per tahun untuk pipa-pipa berdiameter antara 2-3/8” sampai dengan 13-3/8” sesuai standar API 5CT, 5DP, dan 5L maupun Premium Grade.

Fasilitas Pengujian dan InspeksiPerseroan memiliki fasilitas pengujian dan inspeksi yang handal dan terkalibrasi untuk menjamin mutu produk yang dihasilkan, yaitu : Pengujian Destruktif :- Uji Tarik: untuk mengetahui kekuatan mulur dan tarik

suatu produk beserta kelenturannya.- Uji Spektrometer: untuk mengukur kandungan unsur

logam agar sesuai dengan keperluan konsumen.- Uji Kekerasan: untuk memastikan kekerasan produk tetap

dalam toleransi yang diberikan pada produk akhir.- Uji Ketangguhan: untuk menguji ketangguhan pipa

pada suhu ruang maupun pada suhu beku.- Uji Metalurgi: untuk dapat menggambarkan struktur

logam secara mikro maupun makro, sehingga produk akhir bisa diterima sesuai spesifikasi konsumen.

- Tes tekanan luar untuk menjamin bahwa pipa dapat menerima tekanan maksimum dari luar sesuai dengan syarat yang telah ditentukan standar internasional.

Pengujian Tidak Merusak :- Special End Area Magnetik Particle Inspection yaitu

metode pengujian yang dilakukan untuk melihat adanya cacat pada ujung-ujung pipa.

- Magnetic Particle Inspection juga digunakan untuk memastikan tidak adanya cacat pada coupling.

- Pengujian Ultra Sonic (UT)- Pengujian Electro Magnetic (EMI)- Pengujian Hydrostatic- Pengujian Dimensi.

Proses ProduksiProses pembuatan pipa mentah menjadi barang jadi melalui tahapan sebagai berikut:

untuk menjamin pipa tersebut sesuai dengan ukuran dan komposisi yang tertera disertifikatnya pabrik baja. Setelah itu disimpan di lapangan.


require forging of the pipe’s ends to increase wall thickness.

ends pipes.

structure into austenite, the hard and strong form of steel, through hardening furnace or austenizing. The grade could be adjustable as desired with heated the pipe by temperature between 500°C to 700°C through the tempering furnace to allow the required mechanical properties to be established.

volume of water spray to transform the microstructure of the steel. The pipe is allowed to cool in a controlled pattern maintaining the straightness and other properties achieved in the proceeding processes.

pipe could be adjusted in the processing of sizing mill by controlling the temperature of the pipe. Then the pipes both, tubing and casing, passes through a three roll hydraulic straightener while the temperature of the pipe is controlled.

microstructure and hardness of the pipe, as specified by API and client’s required by:

Test” (NDT) with method:

in the areas at each end of the pipes;

by using ultrasonic inspection machine unit which provides 100% detection of longitudinal and transversal defects as well as 100% wall thickness coverage. All the pipes being processed must pass this station and only those that are flawless are allowed to proceed for further processing.

phosphate after threading.

kecil yang memerlukan pelebaran pada ujung pipa agar bertambah tebal.

ujung pipa yang berujung “box” yang akan dipanaskan atau diulir.

baja menjadi “austenite”, formasi baja yang keras dan kuat, melalui proses pengerasan atau “austenizing”. Tingkat kekerasan pipa dapat diatur sesuai permintaan dengan memanaskan pipa ke suhu antara 500°C sampai 700°C melalui proses ”tempering” untuk membentuk karakter mekanik pipa sesuai ketentuan.

banyak secara cepat untuk merubah struktur mikro dalam baja. Pipa dibiarkan mendingin dengan pola yang terkendali untuk mempertahankan kelurusan dan ciri-ciri lainnya yang diperlukan untuk proses selanjutnya.

diameter luar pipa disesuaikan dalam proses “sizing mill” dengan suhu pipa terkendali. Kemudian pipa sesuai ukuran tertentu, tubing dan casing, melalui “three roll hydraulic straightener”.

tingkat kekuatan, struktur mikro dan tingkat kekerasan pipa, sesuai standar API dan permintaan dari pelanggan.

proses pengujian “Non Destructive Test” (NDT) dengan metoda :

memeriksa ujung pipa atas kerusakannya;

mesin “ultrasonik inspection”, dapat memberikan hasil 100% deteksi atas ketidaksempurnaan pipa secara memanjang dan menyamping serta 100% hasil ketebalan pipa. Semua pipa yang diproses harus melalui bagian ini dan hanya yang sempurna dapat ke proses berikutnya.

maupun premium ;

pipa setelah proses ulir, baik dengan sambungan API maupun premium.


pipes than the corresponding pipe bodies that it will be connected to. The coupling pipe is heat-treated to the same grade as the pipe bodies, cut into coupling lengths, threaded and phosphated or electroplated.

manner depending on the thread type of either premium or API connection.

finished pipes ready for delivery, and the final marking stenciled on each pipe after the pipe tracking system records verification of the parameters. Each pipe receives a protective varnish coating.

verfy that the order is corret and ready for delivery.

Technical Support

This segment was provided by subsidiaries of the Company, consist of NS Connection Technology Pte. Ltd., NSCT Premium Tubular B.V. and its subsidiary, Citra Tubindo (International) Pte. Ltd. and its subsidiary, which actively give suggestions to the customers on the most suitable connections based on the grade materials and specific well conditions and cooperates with our threading licensor to monitor and to ensure that the optimal conditions are observed during the process of pipes installation into the wells. As patent holder of our own Nippon Steel Premium Joint (NSPJ) connections, the Company maintain and calibrate our gages for rental to our customers. The Company have also conducted basic product knowledge training of Oil Country Tubular Goods (OCTG) regularly to our valuable customers.

Port Management and Logistic Services

This segment conducted by a subsidiary of the Company, PT Sarana Citranusa Kabil and its subsidiaries, who acquires Public Port Citranusa Kabil, located at located at Kabil Industrial Area, Batam, with operation license no. KP 261/2005 and since January 17, 2011 this Port has been defined as Port Operating Body (BUP) by the Ministry of Transportation with the license of BUP number: KP 15

dinding pipanya lebih tebal dari bagian dinding dari badan pipa yang akan disambungkan. Pipa Coupling dipanaskan menjadi jenis yang sama dengan bagian pipanya, lalu dipotong sesuai dengan ukuran, diulir dan diberi lapisan fosfat atau lapisan “electroplated”.

prosedur yang telah ditentukan tergantung dari jenis uliran sambungan baik premium maupun API.

siap untuk pengiriman, dengan memberi tanda pada setiap pipa melalui pencatatan “pipe tracking system” di mana verifikasi dilakukan dengan penelusuran parameter yang sesuai dengan yang telah ditentukan. Setiap pipa diberi lapisan pengamanan.

bahwa order sudah benar dan siap untuk pengiriman.

Dukungan TeknikSegmen ini dilaksanakan oleh entitas anak perusahaan, yaitu NS Connection Technology Pte. Ltd., NSCT Premium Tubular B.V. dan entitas anaknya, Citra Tubindo (International) Pte. Ltd. dan entitas anaknya, yang secara aktif memberikan usulan kepada konsumen terhadap jenis ulir maupun material yang paling cocok dipakai sesuai dengan kondisi sumur minyak/gas tertentu dan bekerjasama dengan pemilik lisensi ulir melakukan pengawasan pada saat memasukan pipa kedalam sumur agar pipa tersebut dapat bekerja optimal sesuai perencanaannya. Sebagai pemilik lisensi ulir Nippon Steel Premium Joint (NSPJ), Perusahaan membuat, menyimpan dan mengkalibrasi alat-alat ukurnya untuk disewakan ke konsumen. Perusahaan juga memberikan training mengenai pengetahuan dasar “Oil Country Tubular Goods” (OCTG) dari waktu ke waktu kepada konsumen.

Jasa Manajemen Kepelabuhanan dan Logistik

Segmen ini dilaksanakan oleh entitas anak perusahaan Perseroan, PT Sarana Citranusa Kabil dan entitas anaknya, yang memiliki Pelabuhan Umum Citranusa Kabil, berlokasi di Kawasan Industri Kabil, Batam, dengan izin operasi no. KP 261/2005, dan sejak tanggal 17 Januari 2011 Pelabuhan ini telah ditetapkan sebagai Badan Usaha


Year 2011, and having certificates :

and Port Facility No. 02/0190-DV which was issued under the provisions of the International Ships and Port Facilities Security Code (ISPS Code) on August 11, 2005;and has been re-certified on August 7, 2010 with the validity period till August 6, 2015;

IDBUR-0011;

PT Sarana Citranusa Kabil’s subsidiaries.

This port has been announced as one of the free port areas for Batam, Bintan and Karimun by Minister of Transportation in the Decision No. KP.25 Year 2009 on January 16, 2009. Located strategically close to Malacca straits, Batam has become a strategic manufacturing center and logistics base. The distances to various important spots on Batam island are:

To Hang Nadim Airport - 6 Km; To Batu Ampar harbour - 28 Km; To Sekupang Ferry Terminal - 24 Km; To Batam Center Ferry Terminal - 12 Km; To Nagoya Shopping Center - 18 Km.

The total area of this Port is around 78.4 ha which had been built Jetty, office buildings, infrastructure and other sea-port facilities and supporting with: - a comprehensive one stop service center facility with the

“Customs, Immigration, Quarantine and Port Authorities (CIQP)” facilities located within the port to ensure fast and smooth document clearances;

- a well secured facilities at the strategic locations with security guards through 3 checkpoints, monitored by CCTV round the clock;

- a well lighting facility in the key areas to deter crimes;

- supporting with human resources and proper equipments.

Pelabuhan (BUP) oleh Kementerian Perhubungan dengan dikeluarkannya Surat Izin BUP nomor: KP 15 Tahun 2011, serta mempunyai sertifikasi :

Pemenuhan Fasilitas Pelabuhan no. 02/0190-DV berdasarkan ketentuan Koda Internasional Tentang Keamanan Kapal dan Fasilitas Pelabuhan (“ISPS Code”) pada tanggal 11 Agustus 2005; dan telah re-sertifikasi pada tanggal 7 Agustus 2010 dengan masa berlaku sampai dengan 6 Agustus 2015;

IDBUR-0011;

18001:2007 yang dimiliki entitas anak dari PT Sarana Citranusa Kabil.

Pelabuhan ini ditetapkan sebagai salah satu kawasan pelabuhan bebas untuk wilayah Batam, Bintan dan Karimun oleh Menteri Perhubungan dalam surat Keputusan Nomor KP.25 Tahun 2009 tanggal 16 Januari 2009. Dengan lokasi yang sangat strategis dekat dengan selat Malaka, Batam menjadi pusat pabrikasi dan logistik. Jarak tempuh untuk mencapai berbagai lokasi penting di Batam adalah:

Total area dari Pelabuhan ini sekitar 78,4 hektar yang telah dibangun fasilitas dermaga, gedung perkantoran, prasarana dan fasilitas pelabuhan lainnya dan dilengkapi dengan:- fasilitas keimigrasian yang lengkap dengan “Customs,

Immigration, Quarantine and Port Authorities (CIQP)” yang terletak didalam pelabuhan sehingga dapat memastikan cepat dan lancarnya proses penyelesaian dokumen barang;

- fasilitas keamanan yang baik pada tempat-tempat yang strategis dengan melalui 3 tempat pemeriksaan, yang sekelilingnya dimonitor oleh CCTV;

- fasilitas penerangan yang baik ditempat yang strategis untuk mendeteksi kejahatan;

- ditunjang dengan sumber daya manusia dan peralatan yang baik.

21PT CITRA TUBINDO Tbk Laporan TahunaåΩn 2014 Annual Repor t

Dengan operasi yang efisien dari pelabuhan ini dapat menunjang seluruh operasional yang dibutuhkan perusahaan pengeboran minyak dan gas, industri perusahaan, pengangkutan dan sebagai tempat penyimpanan dan pabrikasi oil field equipment.

Dalam menjalankan kegiatan usaha di bidang jasa pelayanan kepelabuhanan, Pelabuhan Umum Citranusa Kabil memiliki 5 dermaga sebagai berikut:

1. Berth I (Marginal Jetty / Barge Berth) adalah dermaga yang digunakan untuk tambat/sandar kapal berbobot maksimal 2.000 DWT, untuk kegiatan bongkar muat kargo yang umumnya plat-plat besi, pipa dan biji besi. Jetty ini mempunyai spesifikasi ukuran panjang 130 meter dengan kedalaman 5 meter;

2. Berth II (Ro Ro) adalah jetty yang digunakan untuk tambat/sandar kapal Ro Ro dalam kegiatan bongkar muat kargo yang umumnya berbentuk kontainer, kendaraan atau tangki. Spesifikasi jetty ini“ramp door” 30 x 7,5 m2 dan “catwalk” 75 x 1,2 m2 dengan kedalaman 5 meter;

3. Berth III (Main Jetty) adalah jetty yang digunakan untuk tambat/sandar kapal berkapasitas besar berbobot maksimal 28.000 DWT dalam kegiatan bongkar muat kargo. Kargo yang menggunakan jetty ini umumnya pipa besi atau kargo dengan lebar dan panjang tertentu. Spesifikasi jetty ini “ramp door” 176 x 29 m2 dan “causeway” 480 x 11 m2 dengan kedalaman 10 meter;

4. Berth V & VI (Deep Water Berth) adalah jetty yang digunakan untuk tambat/sandar di dua sisi untuk kapal berkapasitas sangat besar berbobot maksimal 40.000 DWT dalam kegiatan bongkar muat barang. Jetty ini mempunyai spesifikasi ukuran panjang 198 meter dengan kedalaman 12,5 meter.

With the efficient operation of this port is able to support all operational requirements for offshore drilling as a logistics and operational base for the oil and gas companies, logistic companies and industries to stock and fabricate oil field equipment.

In carrying out the business activities in the sea-port services, Citranusa Kabil Offshore Port has 5 berths are as follows:

1. Berth I (Marginal Jetty/Barge Berth) is the pier which is used to tether/berth which handle to 2,000 DWT of ships carrying out the cargo loading and unloading activities, such as metal plates, pipes and iron pellet. This Jetty is 130 meter long with a water depth of 5 meter;

2. Berth II (Ro Ro) is the pier to tether/berth Ro Ro ships in loading and unloading of cargo which generally in the form of containers, motor vehicles or tanks. This Jetty is installed with 30x 7.5 m2 of ramp door and 75 x 1.2 m2 of catwalk with water depth of 5 meters;

3. Berth III (Main Jetty) is the jetty for tether/ berth for large capacity ships with maximum 28,000 DWT in carrying out the loading and unloading activities. This Jetty is used for iron pipes and customized cargo with specific length and width. This Jetty has specification of 176 x 29 m2 of ramp door and causeway 480 x 11 m2 with a water depth of 10 meters;

4. Berth V & VI (Deep Water Berth) is the pier to be used for tether/berth on the both sides to cater for ships with very large ships with capacity up to 40,000 DWT in carrying outloading and unloading activities. This Jetty has specification of 198 meter long with a water depth of 12.5 meters.


The integrated logistic activities services are provided by the subsidiary company of PT Sarana Citranusa Kabil, PT Citra Pembina Pengangkutan Industries and its subsidiary companies and associated companies. The services are including loading and unloading, berthing call, wharfage, open & covered storage rental, office space rental, transportation and forwarding. The activity of the operation includes the followings:

1. Shipping Agent & Anchorage/Berthing

This service is to provide the tether/berth for respective ship at the jetty according to ship capacity. The rates of each individual ship are in accordance with the rates stated by Batam Authorities for each DWT. This service is provided by one of the associated company, PT Pelayaran Citranstirta Tatasarana.

2. Loading - unloading

The loading and unloading services are done from the ship to the pier and vice-versa. Tariff of services depends on the nature of work and according to market prices. This service isprovided by subsidiary company of PT Citra Pembina Pengangkutan Industries, PT Citramadya Cargindo.

3. Trucking

This service includes the transportation of the cargos from jetty to the customers warehouse which usually using the trucks and the tariffof such services based on the handling tonnage transferred. This service is provided by PT Citra Pembina Pengangkutan Industries.

4. Wharfage

This service includes vessel clearance, cleaning and clearing of the pier soon after the loading and unloading activities so that the pier is ready to handle the next activity. This service is provided by one of the subsidiary company of PT Citra Pembina Pengangkutan Industries, PT Pelayaran Citranstirta Tatasarana.

5. Open storage/yard

This service is to provide an open space to the customers who would require temporary storage place near the sea-port area which the rental of open space for not more than one year. The total rented out area is around 16.30 Ha. This service is provided by PT Citra Pembina Pengangkutan Industries.

6. Warehouse This service provides a roofed-warehouse to keep goods.

Customers may need a roofed-warehouse to keep their small sized of goods or fragile items such as spare parts, machinery, electronics items etc. This service is provided by PT Citra Pembina Pengangkutan Industries.

Company’s Products

The Company’s products are widely sold to domestic and international oil and gas contractors operating in Indonesia. Its products have also been exported to overseas countries such as Malaysia, India, Vietnam, the Middle East, Japan, Canada, Australia, Venezuela, Philippines, Africa and the United States of America. The Company shipped the products through Citranusa Kabil Offshore Port.

Aktifitas jasa logistik terpadu dijalankan oleh entitas anak perusahaan dari PT Sarana Citranusa Kabil yaitu PT Citra Pembina Pengangkutan Industries dan entitas anaknya serta entitas asosiasi. Jasa-jasa tersebut termasuk bongkar muat barang, penyandaran kapal, kebersihan dermaga, penyewaan lahan terbuka dan gudang tertutup, penyewaan kantor, transportasi dan ekspedisi. Aktifitas kegiatan tersebut sebagai berikut:

1. Pelayanan Keagenan Kapal Labuh/Tambat Jasa layanan ini adalah pelayanan keagenan kapal,

labuh/sandar untuk melayani kapal yang akan berlabuh di jetty sesuai dengan kapasitas kapal. Tarif disesuaikan dengan jenis kapal yang ditetapkan oleh BP Kawasan Batam untuk setiap DWT. Jasa ini dilaksanakan oleh salah satu dari entitas assosiasi yaitu PT Pelayaran Citranstirta Tatasarana.

2. Pelayanan Pendukung Bongkar Muat Cargo Jasa layanan ini adalah aktifitas bongkar muat serta

loading menuju gudang pelanggan. Penentuan tarif layanan ini ditetapkan sesuai jenis kargo dengan harga pasar. Jasa ini dilaksanakan oleh salah satu entitas anaknya PT Citra Pembina Pengangkutan Industries, yaitu PT Citramadya Cargindo.

3. Fasilitas Jasa Angkutan Cargo Jasa layanan ini adalah untuk kegiatan pengangkutan

kargo dari jetty menuju gudang pelanggan yang umumnya menggunakan truk dan tarif ditetapkan untuk setiap ton kargo yang diangkut. Jasa ini dilaksanakan oleh PT Citra Pembina Pengangkutan Industries.

4. Pelayanan Kebersihan Jasa layanan ini menangani kebersihan kapal,

kebersihan dermaga setelah kegiatan bongkar muat sehingga jetty bersih kembali dan siap untuk melayani kapal yang berikutnya. Jasa ini dilaksanakan oleh salah satu entitas anaknya PT Citra Pembina Pengangkutan Industries, yaitu PT Pelayaran Citranstirta Tatasarana.

5. Sewa Lahan Terbuka Jasa layanan ini adalah jasa penyewaan lahan terbuka

kepada pelanggan yang akan menyimpan sementara barangnya di area dekat pelabuhan laut yang lama sewanya tidak lebih dari satu tahun. Total luas lahan yang disewakan ini sekitar 16,30 hektar. Jasa ini dilaksanakan oleh PT Citra Pembina Pengangkutan Industries.

6. Sewa Gudang Jasa layanan ini adalah penyimpanan kargo dalam

gudang tertutup. Pelanggan membutuhkan gudang tertutup untuk menyimpan barang berbentuk kecil atau yang cepat rusak seperti sparepart, mesin, elektronik dan lainnya. Jasa ini dilaksanakan oleh PT Citra Pembina Pengangkutan Industries.

Produk-produk Perseroan Hasil produksi Perseroan digunakan secara luas oleh kontraktor perusahaan minyak dan gas bumi di pasar domestik dan juga diekspor ke luar negeri seperti Malaysia,Thailand, India, Vietnam, Timur Tengah, Kanada, Australia, Afrika dan Amerika Serikat, dan produk-produk Perseroan telah dikapalkan melalui Pelabuhan Umum Citranusa Kabil.


The Company produces high quality products that can withstand extreme geological condition of the wells such as the temperature, pressures, corrosive level and others. There are various grades of OCTG ranging from the standard to premium grades to deal with different conditions in the fields as follow:

- Standard API 5CT, 5DP, 5L Grade

Products are designed to withstand the average conditions of the wells and surrounding area.

- High pressure high temperature (HPHT)

Products are to be used where high strength is required with limited resistance to sour service conditions.

- Deep well

Products are to be used where high yield strength is required while maintaining ductility and fracture toughness.

- Low temperature

Products are to be used in arctic regions where high impact toughness at subzero temperatures are required.

- High collapse

Products are to be used for casing applied in high pressure wells. They offer an average of 30% up to 40% extra performance over API collapse rating. As mechanical properties and pipe dimensions are major factors in collapse resistance, the parameters have been optimized to guarantee high collapse pressures are D/T ratio, yield strength, ovality, wall thickness, and residual stresses.

- Sour service

Tubing and casing pipes from these products are to be used in wells where H2S is present, where the determined threshold stresses is guaranteed.

- High collapse & Sour service

Products are to be used for casing applied in high pressure wells where H2S is present.

- Sweet corrosion

Martensitic grades, type 13Cr and Super 13Cr, are to be used in wells with the presence of CO2, chlorides and/or some H2S with temperature up to 180°C.

- Highly corrosion

Ferritic-austenitic grades are to be used in wells with the presence of CO2, chlorides and/or some H2S with temperature up to 250°C. Austenitic grades are to be used in wells where high concentrations of H2S, CO2 and chlorides are present.

Perseroan menyediakan produk-produk OCTG yang berkualitas sangat baik yang dapat bertahan dalam sumur dengan kondisi geologi yang tidak seragam, seperti suhu, tekanan, tingkat korosi dan lain-lain. Terdapat produk-produk OCTG dengan berbagai kelas dari tingkat standar sampai premium diperlukan untuk mengatasi kondisi-kondisi yang berbeda di lapangan sebagai berikut:

- Kelas Standar API 5CT, 5DP, 5L Produk ini dapat digunakan untuk bertahan dalam

kondisi sumur yang standard dan kondisi sekitar.

- Tekanan tinggi serta suhu tinggi Produk ini dapat digunakan pada kondisi sumur yang

memerlukan pipa berkekuatan tinggi dan tahan terhadap kepekaan sumur.

- Sumur dalam Produk ini dapat digunakan pada sumur yang

memerlukan pipa yang kuat yang tahan terhadap tekanan dan tidak mudah retak.

- Suhu rendah Produk ini dapat digunakan pada sumur didaerah

kutup yang tahan terhadap benturan keras yang dapat terjadi pada suhu dibawah nol.

- High collapse Produk ini digunakan pada casing yang dipakai pada

sumur bertekanan tinggi. Produk ini memberi kinerja 30% sampai 40% lebih tinggi daripada standar collapse API. Faktor utama dari ketahanan collapse adalah ciri-ciri mekanik dan ukuran pipa, yang parameternya dioptimalkan untuk menjamin tingginya ketahanan atas collapse yaitu D/T ratio, yield strength, ovality, wall thickness dan residual stresses.

- Sour service Pipa tubing dan casing dari jenis ini akan digunakan

pada sumur yang mengandung H2S, dengan batas tekanan jaminan yang telah ditentukan.

- High collapse & Sour service Produk ini digunakan untuk casing pada sumur yang

bertekanan tinggi dan mengandung H2S.

- Sweet corrosion Jenis Martensitic, terdiri dari jenis 13Cr dan Super 13Cr,

digunakan pada sumur yang ada CO2, klorin dan/atau H2S dimana temperatur dapat mencapai 180°C.

- Highly corrosion Jenis Ferritic-austenitic digunakan pada sumur yang

mengandung CO2, klorin dan/atau sejumlah H2S dengan temperature mencapai 250°C. Jenis Austenitic digunakan pada sumur yang ada konsentrasi tinggi dalam H2S, CO2 dan klorin.

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DIREKSI

BOARD OF DIRECTORS

DIREKTUR PEMASARAN DANPENGEMBANGAN USAHA

MARKETING & BUSINESSDEVELOPMENT DIRECTOR

RICHARD JAMES WILUAN

DIREKTUR OPERASI

OPERATION DIRECTOR

ANDI TANUWIDJAJA

DIREKTUR TEKNIK

TECHNICAL DIRECTOR

ERIC, OLIVIER ATTON

DIREKTUR UTAMA

PRESIDENT DIRECTOR

KRIS TAENAR WILUAN

DIREKTUR KEUANGAN

FINANCE DIRECTOR

HEDY WILUAN (HEDY KURNIAWAN)

DIREKTUR TIDAK TERAFILIASI

NON-AFFILIATED DIRECTOR

SRI MURWARDJO SRIMARDJIMSc. FSAI

AUDIT INTERNALINTERNAL AUDIT

MANAGER KEUANGANFINANCE MANAGER

KOMITE AUDITAUDIT COMMITEE

SEKRETARIS PERUSAHAANCORPORATE SECRETARY

MANAGER AKUNTING & PAJAKACCOUNTING & TAX MANAGER

DEWAN KOMISARIS

BOARD OF COMMISSIONERS

KOMISARIS

COMMISSIONER

DIDIER, MAURICE, FRANCIS HORNET

KOMISARIS

COMMISSIONER

JEAN-PIERRE, ROBERT, LUC MICHEL

KOMISARIS INDEPENDEN

INDEPENDENT COMMISSIONER

TJETJEP MULJANA

KOMISARIS

COMMISSIONER

DR. Ing. ILHAM AKBAR HABIBIE

KOMISARIS INDEPENDEN

INDEPENDENT COMMISSIONER

Prof. DR. JB. KRISTIADI P.

KOMISARIS UTAMA

PRESIDENT COMMISSIONER

DR. Ir. SUYITNO PATMOSUKISMO, M.H

MANAGER UMUM PEMASARANGENERAL MARKETING MANAGER

KONSULTAN TEKNIKTECHNICAL CONSULTANT

CONNECTION DEVELOPMENT ANDEVALUATION CENTRE (CDEC)

MANAGER UMUM PABRIKPLANT GENERAL MANAGER

MANAGER GRUP SDM & UMUMGROUP HR&GA MANAGER

25PT CITRA TUBINDO Tbk Laporan Tahunan 2014 Annual Repor t 25

VISI DAN MISI

VISI

Sebagai perusahaan kelas dunia yang memproduksi Oil Country Tubular Goods (OCTG), memaksimalkan keuntungan pemegang saham dan memperbaiki kehidupan masyarakat.

MISI

berkesinambungan

- Mencapai kinerja operasional yang unggul- Memenuhi kebutuhan pelanggan dalam

hal harga, kualitas dan ketepatan waktu pengiriman

- Berinovasi dan berinvestasi dalam kegiatan Penelitian dan Pengembangan (R&D)

- Memaksimalkan keuntungan pemegang saham

- Mengekspor produk-produk berkelas dunia

Melaksanakan Tanggung Jawab Sosial

- Meningkatkan keselamatan dan kesehatan karyawan

- Menyediakan lingkungan kerja yang baik- Membina dan memotivasi Karyawan- Melaksanakan CSR berkualitas bagi

masyarakat setempat- Memberikan kesempatan kepada pemasok

lokal dan sub-kontraktor

- Menjadi pemuka dalam masalah lingkungan dan mencegah segala jenis pencemaran, menghemat penggunaan air dan menetralisir limbah

- Menggunakan teknologi yang bersih dan aman

- Mengurangi emisi karbon dan pembuangan limbah

- Menggunakan energi secara efisien

VISION AND MISSION

VISION

To be world class manufacturer of Oil Country Tubular Goods, maintaining shareholders returns and making a different to society.

MISSION

- Achieve operational excellence- Achieve customer expectation in terms of

price, quality and timely delivery

- Innovate and invest in Research & Development (R&D)

- Meet shareholders return of investment

- To be world class export products

- Maintain safety and health of employees

- Provide good working condition- Train and motivate employees- Provide high standard of CSR for local

community- Provide opportunities for local suppliers and

sub-contractors

- Take a lead in environment issues and prevent all types of pollution, reducing water consumption and recovering waste

- Use clean and safe technologies

- Reduce carbon emission and waste effluent discharge

- Practise energy efficiency


Profil Anggota Dewan Komisaris Profiles of Members of Board of Commissioners

DR. Ir. SUYITNO PATMOSUKISMO, MH.Komisaris Utama

President Commissioner

DR. Ir. Suyitno Patmosukismo, MH. pertama kali diangkat sebagai Komisaris Utama Perseroan adalah berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tertanggal 8 Juli 2004 sebagaimana ternyata dari Akta nomor 57, dibuat dihadapan Maria Anastasia Halim, SH, Notaris di Batam dan pemberitahuan kepada Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Direksi/ Komisaris Perseroan nomor C-UM.02.01.10942, tanggal 7 September 2004 dan beberapa kali diangkat kembali dalam jabatan yang sama, terakhir berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan tanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Pengalaman Kerja:

1963 memulai karirnya sebagai Junior Geologist, menjabat berbagai jabatan di Kantor Pusat maupun di daerah dan terakhir diangkat sebagai Direktur Eksplorasi dan Produksi (1986-1988);

selama itu pula menjabat Gubernur OPEC sebagai wakil dari R.I. dan menjabat Komisaris Utama Perusahaan Gas Negara (PGN);

Produksi dan Distribusi Republik Indonesia;

Usaha Perseroan.

Pendidikan :

Teknologi Bandung (ITB) (1963);

Padjadjaran Bandung (2006);

Padjajaran Bandung (2011).

Penghargaan:- Bintang Wibawa Seroja Nugraha (1984) dari Gubenur

LEMHANNAS.- Tahun 1998 menerima Bintang Mahaputra Utama dari

Presiden Republik Indonesia

DR. Ir. Suyitno Patmosukismo, MH. as a President Commissioner of the Company was based on the decision of the Annual General Meeting of Shareholders of the Company on July 8, 2004 as stipulated in the Deed number 57, made before Maria Anastasia Halim, SH., Notary in Batam and notification to the Minister of Justice and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Change of the Board of Directors/Commissioners of the Company number C-UM.02.01.10942, dated September 7, 2004. He has been appointed a few times to the same position and the latest was based on the decision of Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH., M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Work experience:

Junior Geologist in 1963, held position both in the head office and in the rural areas, and his last position was Director of Exploration and Production (1986-1988);

Republic of Indonesia and President Commissioner of National Gas Company (PGN);

Production and Distribution of the Republic of Indonesia;

Company.

Education :

- Graduated with a Bachelor degree from Bandung Institute of Technology (ITB) in Technical of Geology (1963);

- Master of Law, Faculty of Law, Padjajaran University Bandung (2006);

- Doctor in Law from Padjajaran University Bandung (2011).

Award:

- Received Award of “Bitang Wibawa Seroja Nugraha” (1984) from Governor of LEMHANNAS.

- In 1998 received the “Bintang Mahaputra Utama” award from the President of the Republic of Indonesia.


Prof. DR. JB. KRISTIADI PKomisaris IndependenIndependent Commissioner

Prof. DR. J.B. Kristiadi P diangkat pertama kali sebagai Komisaris Independen di Perseroan adalah berdasarkan keputusan Rapat Umum Pemegang Saham Luar Biasa Perseroan pada tanggal 15 Desember 2010 sebagaimana dinyatakan dalam Akta Pernyataan Keputusan Rapat nomor 80, tanggal 15 Desember 2010, dibuat dihadapan Soehendro Gautama, SH. M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-08758, tertanggal 23 Maret 2011 dan kemudian diangkat kembali berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan pada tanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Pengalaman Kerja:

JIEP (1982);

(2006-sekarang);

(2007-2010);

Development (2010);

Pendidikan :

Indonesia (1971);

Publique Paris (1973);

Sorbone (1979).

Penghargaan:- Penghargaan Dwija Sistha (1990);- Penghargaan Wirakarya (1995);- Penghargaan Maha Putrera Utama (1997);- Penghargaan Bhakti Husada Arutala (2001).

The Appointment of Prof. DR. J.B. Kristiadi P as a Independent Commissioner of the Company was based on the decision of the Extraordinary General Meeting of Shareholders of the Company on December 15, 2010, as stipulated in the Deed number 80, dated December 15, 2010, made before Soehendro Gautama, SH., M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-08758, dated March 23, 2011 and thereafter re-appointed based on the decision of Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Work experience:

JIEP (1982);

(Bank Danamon) (2006-now);

of Finance (2007-2010);

(2010);

Education :

(1971);

Paris (1973);

(1979).

Awards:

- Honours of “Dwija Sistha” (1990);- Honours of “Wirakarya” (1995);- Honours of “Maha Putrera Utama” (1997);- Honours of “Bhakti Husada Arutala” (2001).


JEAN - PIERRE, ROBERT, LUC MICHELKomisarisCommissioner

Komisaris Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Luar Biasa Perseroan pada tanggal 5 Oktober 2009 yang dinyatakan dalam Akta Pernyataan Keputusan Rapat nomor 14, tanggal 5 Oktober 2009, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam, pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-

diangkat kembali berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan pada tanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013. Pengalaman Kerja:

OCTG;

Pendidikan :

The Appointment of Jean – Pierre Michel as Commissioner of the Company was based on the decision of the Extraordinary of General Meeting of Shareholders of the Company dated

Soehendro Gautama, SH., M.Hum, Notary in Batam, and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-03983, dated, February 16, 2010 and thereafter re-appointed based on the decision of Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Work experience:

operations, Louvroil (Production of fittings for welding);

Ltd.;

Education :

- Business Administration, Institut Francais de Gestion.


DR. Ing. ILHAM AKBAR HABIBIEKomisarisCommissioner

Dr. Ing. Ilham Akbar Habibie, pertama kali diangkat sebagai Komisaris Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tertanggal 8 Juli 2004 sebagaimana ternyata dari Akta nomor 57, dibuat dihadapan Maria Anastasia Halim, SH, Notaris di Batam dan pemberitahuan kepada Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Direksi/ Komisaris Perseroan nomor C-UM.02.01.10942, tanggal 7 September 2004 dan beberapa kali diangkat kembali dalam jabatan yang sama, terakhir berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan pada tanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Pengalaman Kerja:

Regional Jet Division PT IPTN;

Pendidikan :

Jerman (1987);

Jerman (1994);

(2003).

Penghargaan :

(1997) dan Adikarsa Pemuda (1997) dari President Republik Indonesia.

The appointment of DR. Ing. Ilham Akbar Habibie, as a Commissioner of the Company was based on the decision of the Annual General Meeting of Shareholders of the Company on July 8, 2004 as stipulated in the Deed number 57, made before Maria Anastasia Halim, SH, Notary in Batam and notification to the Minister of Justice and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the change of the Board of Directors/Commissioners of the Company number C-UM.02.01.10942, dated September 7, 2004. He has been appointed a few times to the same position and the latest was based on the decision of Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Work Experience:

- 1994-1996 as Specialist Engineer, Boeing Commercial Airplane Group, Seattle, AS;

Division PT IPTN;

Commercial PT IPTN;

Dirgantara Indonesia.

Education :

- Diplom-Ingenieur from Technical University of Munich, Germany (1987);

- Doctor Ingenieur from Technical University of Munich, Germany (1994);

- MBA from University of Chicago, GSB, Singapore Campus (2003).

Award :

- Received the “Satyalencana Wira Karya (1997) and “Adikarsa Pemuda” (1997) from the President of the Republic of Indonesia.


DIDIER, MAURICE, FRANCIS HORNETKomisarisCommissioner

sebagai Komisaris Perseroan berdasarkan keputusan Rapat Umum Pemegang saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Pengalaman Kerja :

tahun 2002 dan memimpin Bisnis Minyak dan Gas

- Direktur Pengelola pada Divisi OCTG untuk Amerika Utara pada tahun 2004;

- Direktur Pengelola pada Divisi OCTG untuk seluruh

Grup (sejak Maret 2010 - sekarang).

Pendidikan :

Poitiers pada tahun 1987;- Gelar Master of Business Administration dari IAE Paris

Sorbonne di Paris pada tahun 1993;

2009 (AMPI76).

The appointment of Didier, Maurcie, Francis Hornet as a Commissioner of the Company was based on the decision of the Annual General Meeting of Shareholders of the Company on June 18, 2013 as stipulated in the Deed of Statement of Decision of the Meeting number 74, made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Work Experiences :

2004;

(since March 2010 - now).

Education :

- MS degree in Aeronautics Engineering from ENSMA Poitiers in 1987;

- Master of Business Administration from IAE Paris Sorbonne in Paris in 1993;

- Graduated from Harvard Executive AMP Program in 2009 (AMP176).


TJETJEP MULJANAKomisaris IndependenIndependent Commissioner

Tjetjep Muljana pertama kali diangkat sebagai Komisaris Independen Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Pengalaman kerja :

Programming pada PN Industri Sandang Jakarta;

- 2000 - sekarang, sebagai Partner di Adi Daya Solusi

- 2009 - sekarang, sebagai anggota Dewan Pakar pada

Investments;

(Direktur Independen) Perseroan.

Pendidikan :- Akademi Angkatan Bersenjata, Magelang, (1967-1970);- Akademi Perbankan, Magelang (1973);

- Master dalam bidang Managemen, Universitas Indonesia (1995).

The appointment of Tjetjep Muljana as a Independent Commissioner of the Company was based on the decision of the Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Work Experiences :

Industri Sandang Jakarta;

- 2000 - now, as Partner in Adi Daya Solusi (Human Resources and Pre-Retirement Consultant);

- 2009 - now, as member of Board Experts in Forum Konsultasi Daerah Penghasil Migas;

- 2011 - now, as Advisor to Global Finance Investments;

- 2012 - 2013 as Non-affiliated Director (Independent Director) of the Company.

Education :

- Armed Force Academy (Army), Magelang (1967-1970);- Banking Academy, Magelang (1973);- Bachelor of Business Finance, Jakarta (1980);- Master of Management, University of Indonesia (1995).


Kris Taenar Wiluan pertama kali menjabat sebagai Direktur Utama Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Luar Biasa pada tanggal 10 Juni 1996 yang dinyatakan dalam Akta Pernyataan Keputusan Rapat nomor 30 tanggal 8 Agustus 1996 dan diperbaiki dengan akta nomor 161 tanggal 10 Oktober 1996, semuanya dibuat dihadapan Singgih Susilo, SH, Notaris di Jakarta dan telah mendapatkan persetujuan Menteri Kehakiman Republik Indonesia sebagaimana teryata dari Surat nomor C2-HT.01.04.A.5055, tanggal 10 April 1997, dan beberapa kali diangkat kembali dalam jabatan yang sama, terakhir berdasarkan keputusan Rapat Umum Pemegang saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Direktur Utama mempunyai tugas memimpin dan mengawasi jalannya Perseroan dan yang sangat penting mengatur strategi dan arah Perseroan serta bertanggung jawab penuh atas masa depan Perseroan.

Pengalaman Kerja : - 1983 - 1996 menjabat sebagai Komisaris Perseroan;- 1984 - 1996 sebagai Komisaris di PT Citra Agramasinti Nusantara;- 1996 - 2010, sebagai Direktur Utama Pada PT Citra Agramasinti Nusantara;- 2010 - sekarang sebagai Komisaris Utama di PT Citra Agramasinti Nusantara;- November 2006 - sekarang sebagai Direktur Utama pada KS Energy

- Anggota Dewan Lembaga di Raffles University, Singapura;

- Ketua Porlasi Riau;- Penasehat pada Kamar Dagang Batam;- Ketua Tim Asistensi Pembangunan Ekonomi Propinsi Kepri.

Pendidikan :

dari Unversity of London - Inggris (1971);

Penghargaan :- Menerima penghargaan Medali Adimanggala Krida (1997) dari Pemerintah

Indonesia atas sumbangsihnya dalam bidang promosi olah raga;- Menerima penghargaan Bisnis Indonesia Award 2007 sebagai CEO of the

Year yang diadakan oleh harian Bisnis Indonesia;

Hubungan afiliasi dengan anggota Direksi dan anggota Dewan Komisaris serta pemegang saham Perseroan

- Direktur Keuangan Perseroan dikarenakan adanya hubungan keluarga, yakni Hedy Wiluan (Hedy Kurniawan) adalah adik kandung dari Kris Taenar Wiluan;

- Direktur Pengembangan Usaha Perseroan dikarenakan adanya

dari Kris Taenar Wiluan;- Pemegang saham Perseroan yakni PT Citra Agramasinti Nusantara,

berkedudukan di Batam, dikarenakan Kris Taenar Wiluan sebagai pemilik 60% saham di PT Citra Agramasinti Nusantara dan juga sebagai Komisaris Utama perusahaan tersebut.

Profil Anggota Direksi Profiles of Members of Board of Directors

KRIS TAENAR WILUANDirektur Utama

President Director

The appointment of Kris Taenar Wiluan as a President of Director of the Company based on the decision of the General Meeting of Shareholders of the Company dated June 10, 1996 as stipulated in the Deed Number 30,

of Deeds made before Singgih Susilo, SH, Notary in Jakarta and have been approved by Minister of Justice of the Republic of Indonesia as stipulated in the Letter Number C2-HT.01.04.A.5055, dated April 10, 1997. He has been appointed a few times to the same position and the latest was based on the decision of the Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

President Director has the task of directing and supervising the Company which is very important in setting up strategy and direction of the Company and fully responsible for the future of the Company.

Work Experience:

- 1983 - 1996 as Commissioner of the Company;- 1984 - 1996 as Commissioner of PT Citra Agramasinti Nusantara;- 1996 - 2010, as President Director of PT Citra Agramasinti Nusantara;- 2010 - now as President Commissioner of PT Citra Agramasinti Nusantara;

Energy Services Ltd;- Board Member of Raffles University Board of Governors, Singapore- Chairman of Board of Governor, Del Foundation, Indonesia;- President of ASEAN Taekwondo Federation;- President of Riau Porlasi;- Advisor to Batam Chamber of Commerce;- Chairman of Team of Assisting Economic Development of Kepri Province.

Education :

- Bsc. Honors degree in Mathematics with Computer Science from London University - England (1971);

- Post Graduate courses in Business Management at London Business School and Harvard University.

Award :

- Received the “Adimanggala Krida Medal” award in 1997 from the Indonesia’s Government, in appreciation for his contribution to the promotion of sport;

newspaper;

Indonesia.

Affiliated relationship with member of the Board of Directors and member

of the Board of Commissioners and Shareholders of the Company

- Finance Director of the Company where Hedy Wiluan (Hedy Kurniawan) is the sister of Kris Taenar Wiluan;

- Business Development Director where Richard James Wiluan is the son of Kris Taenar Wiluan;

- Shareholders of the Company, PT Citra Agramasinti Nusantara, domiciled in Batam where Kris Taenar Wiluan is the owner of 60% shares in PT Citra Agramasinti Nusantara and also as President Commissioner.


HEDY WILUAN (HEDY KURNIAWAN) Direktur KeuanganFinancial Director

Hedy Wiluan (dikenal juga dengan Hedy Kurniawan) pertama kali diangkat sebagai Direktur Keuangan Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tertanggal 8 Juli 2004 sebagaimana ternyata dari Akta nomor 57, dibuat dihadapan Maria Anastasia Halim, SH, Notaris di Batam dan pemberitahuan kepada Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Direksi/Komisaris Perseroan nomor C-UM.02.01.10942, tanggal 7 September 2004 dan beberapa kali diangkat kembali dalam jabatan yang sama, terakhir berdasarkan keputusan Rapat Umum Pemegang saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Direktur Keuangan bertanggung jawab menangani dan

usaha Perseroan serta menangani kepengurusan dibidang administrasi Perseroan.

Pengalaman Kerja :

- 1989 - 2004 sebagai wakil Direktur Utama/Direktur Keuangan Perseroan;

- 1996 - 2004 sebagai Komisaris PT Citra Agramasinti Nusantara;- 2004 - 2009 sebagai Direktur Pengelola PT Citra Agramasinti

Nusantara;- 2009 - sekarang sebagai Komisaris PT Citra Agramasinti Nusantara.

Pendidikan :- BA (Hons) jurusan Ekonomi dan Akuntansi University of London,

lulus tahun 1974.

Hubungan afiliasi dengan anggota Direksi dan anggota Dewan Komisaris, serta pemegang saham Perseroan.

- Direktur Utama Perseroan dikarenakan adanya hubungan keluarga, yakni Hedy Wiluan (Hedy Kurniawan) adalah adik kandung dari Kris Taenar Wiluan;

- Direktur Pengembangan Usaha Perseroan dikarenakan adanya

keponakan dari Hedy Wiluan (Hedy Kurniawan);- Pemegang saham Perseroan yakni PT Citra Agramasinti Nusantara,

berkedudukan di Batam, dikarenakan Hedy Wiluan (Hedy Kurniawan) sebagai pemilik 40% saham di PT Citra Agramasinti Nusantara dan juga sebagai Komisaris perusahaan tersebut.

The appointment of Hedy Wiluan (known as Hedy Kurniawan) as a Financial Director of the Company based on the decision of the Annual General Meeting of Shareholders of the Company on July 8, 2004 as stipulated in the Deed number 57, dated , made before Maria Anastasia Halim, SH, Notary in Batam and notification to the Minister of Justice and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the change of the Board of Directors/Commissioners of the Company number C-UM.02.01.10942, dated September 7, 2004. She has been appointed a few times to the same position and the latest was based on the decision of the Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Financial Director is responsible for handling and overseeing the implementation of the policy of the Company’s financial and business planning as well as dealing with the management of the Company in the field of administration.

Work experience:

- 1979 - 1982 as Finance Manager of PTIndo Lysaght;- 1983-1989 as Finance Manager of the Company;

Company;- 1996 - 2004 as Commissioner of PT Citra Agramasinti Nusantara;- 2004 - 2009 as Managing Director of PT Citra Agramasinti

Nusantara;- 2009 - now as Commissioner of PT Citra Agramasinti Nusantara.

Education :

- BA (Hons) in Economics and Accounting from the University of London in 1974.

Affiliated relationship with member of the Board of Directors and

members of Commmissioners and shareholders of the Company.

- President Director of the Company, Hedy Wiluan (Hedy Kurniawan) is the sister of Kris Taenar Wiluan;

- Director of Business Development of the Company, Richard James Wiluan is the nephew of Hedy Wiluan (Hedy Kurniawan);

- Shareholders of the Company, PT Citra Agramasinti Nusantara, domiciled in Batam where Hedy Wiluan (Hedy Kurniawan) is the owner of 40% shares in PT Citra Agramasinti Nusantara and also as Commissioner.


RICHARD JAMES WILUANDirektur Pengembangan UsahaBusiness Development Director

Pengembangan Usaha Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Direktur Pengembangan Usaha bertugas menangani pemasaran produk Perseroan dan melakukan evaluasi

target yang diharapkan.

Pengalaman Kerja:- Januari 1997 - April 1997 Sumitomo Corporation, Tokyo,

Japan;- Januari 2004 - Oktober 2005 sebagai Broker dan

Comp, Singapore;- Juni 2007 - Juli 2008 sebagai Senior Manajer untuk

Pengembangan Usaha SSH Corporation, Singapore; - Juli 2008 - November 2009 sebagai Manajer Umum SSH

Corporation, Singapore;- November 2009 - Juli 2011 sebagai Deputi Direktur

Pelaksana SSH Corporation, Singapore;- Agustus 2011 - sekarang Direktur Eksekutif KS Distribution.- 2014 – sekarang sebagai Direktur PT Hymindo Petromas

Utama, Indonesia

Pendidikan:

1997 - Juni 1998;- BA Hons (Ekonomi) University of Nottingham,

September 1998 - Juni 2001.

Hubungan afiliasi dengan anggota Direksi dan anggota Dewan Komisaris serta pemegang saham Perseroan.

- Direktur Utama Perseroan dikarenakan adanya

anak kandung dari Kris Taenar Wiluan;- Direktur Keuangan Perseroan dikarenakan adanya

adalah keponakan dari Hedy Wiluan (Hedy Kurniawan);- Pemegang saham Perseroan yakni PT Citra Agramasinti

James Wiluan sebagai Direktur PT Citra Agr amasinti Nusantara.

Richard James Wiluan first appointed as Business Development Director of the Company based on the decision of Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Business Development Director is in charge of marketing the Company’s products and evaluate the marketing strategies to achieve the expected target.

Work Experience:

- January 1997 – April 1997 Sumitomo Corporation, Tokyo, Japan;

Manager Aon Limited Aviation, London, UK;

Singapore;- June 2007 – July 2008 as Senior Manager for Business

Development of SSH Corporation, Singapore;- July 2008 – November 2009 as General Manager of SSH

Corporation, Singapore;

SSH Corporation, Singapore;- August 2011 – now as Executive Director of KS Distribution.- 2014 – now as director of PT Hymindo Petromas Utama,

Indonesia

Education:

- A-Level in Politic, Economy and French , September 1997 – June 1998;

- BA Hons (Economy) University of Nottingham, September 1998 – June 2001.

Affiliated Relationship with member of Board of Directors

and member of Board of Commissioners and shareholders

of the Company.

- President Director of the Company as Richard James Wiluan is the son of Kris Taenar Wiluan;

- Finance Director of the Company as Richard James Wiluan is the nephew of Hedy Wiluan (Hedy Kurniawan);

- Shareholders of the Company, PT Citra Agramasinti Nusantara, domiciled in Batam, as Richard James Wiluan is one of the Directors of PT Citra Agramasinti Nusantara.


SRI MURWARDJO SRIMARDJI, MSc. FSAI

Non-affiliated Director

keputusan Rapat Umum Pemegang saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

memiliki sistem pengendalian internal dan fungsi audit yang memadai dan dalam menjalankan usaha, Perseroan mematuhi hukum dan perundang-undangan yang berlaku.

Pengalaman Kerja :

- Penasehat Senior Lippo Group; - Penasehat Senior BCA Group; - Komisaris PT Gowa Makasar Tourism Development Tbk

(GMTDC);- Direktur Perum ASTEK; - Direktur Utama Dana Jaminan Sosial Departemen Tenaga

Kerja; - Sekretaris Dewan Pengupahan Nasional; - Kepala Sub Direktorat Syarat-syarat Kerja, Pengupahan dan

Perjanjian Kerja, Departemen Tenaga Kerja, Transmigrasi dan Koperasi;

- Pemimpin Projek Asuransi Sosial Tenaga Kerja; - Staf Ahli Departemen Tenaga Kerja; - Ketua Komite Teknik Perdagangan Imbal Beli antara

- Ketua Kerja sama Ekonomi Indonesia-Kamboja, Laos,

Development Corporations (UNDP);

- Karyawan Direktorat Jenderal Keuangan Departemen Keuangan;

- Penasehat dari Panel Internasional untuk Kebijakan dan Politik pada Organisasi Perubahan Iklim.

Pendidikan :- Institut Tehknologi Bandung - ITB (1964); - Georgetown University - USA (1969);

- University of Iowa - USA (1971);

The appointment of Sri Murwardjo Srimardji, MSc. FSAI, as Non-affiliated Director of the Company based on the decision of the Annual General Meeting of Shareholers on June 18, 2013, as stipulated in the Deed of statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Humand Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcemnet f Changes in the Company’s Data number AHU-AH.01.10-46264, dated November 4, 2013. The responsibility of Non-affliated director is to ensure that the Company has an internal control system and satisfactorily audit function and in operating the activities the Company complies with the prevailing laws and regulations.

Work Experience:

- President Commissioner of PT Lippo Life Insurance Tbk (AIG Lippo); - President Director of Lippo Life Insurance Tbk; - Senior Advisor of Lippo Group;- Senior Advisor of BCA Group; - Commissioner of PT Gowa Makasar Tourism Development

Corporation Tbk (GMTDC); - Director of Perum ASTEK; - President Director of Social Security Fund of Ministry of Manpower;

- Secretary of National Wages Council;

Work Contract of the Department of Manpower, Transmigration and Cooperative;

- Leader of Social Insurance of Manpower Project;- Specialist Staff of the Department of Manpower;- Head of Technical Committee of the Chamber of Commerce and

- Chairman of Economy Joint Effort between Indonesia, Kamboja,

- Member of Advisory Group on Economic and Social Commission for Asia and the Pacific (ESCAP);

- Member Committee on Establishment Regional Economic Development Corporations (UNDP);

- Executive Coordinator of Private Sector Development Council (UNDP);

Finance;- International Panel of Advisor For Policy and Politics in Climate

Education :

- Bandung Institute of Technology - ITB (1964);- Georgetown University, USA (1969); - University of Michigan, USA (1971); - University of Iowa, USA (1971);


ERIC, OLIVIER ATTONDirektur TeknikTechnical Director

Teknik Perseroan berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Direktur Teknik bertugas membidangi engineering dan

Pengalaman Kerja:

Britain;

Great Britain;

- November 1997 - Agustus 2000 sebagai Direktur

- September 2000 - Maret 2002 sebagai Direktur Operasional

- Maret 2002 - Agustus 2004 sebagai Direktur Umum of

- 2012 – sekarang sebagai Direktur PT Hymindo Petromas Utama, Indonesia

Pendidikan:

- Pusat pendidikan professional Eropa (INSEAD, Paris,

and opportunities, (4 one week sessions), (1991 - 1992).

of the Company based on the decision of the Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

Technical Director is in charge of overseeing the engineering and manufacturing of the Company.

Work experiences:

- September 1986 - Februaty 1988 as Commercial Attaché and computer system manager of French Embassy, Casablanca, Morocco;

- June 1988 - June 1989 as Production engineer - Hair dyes and

- June 1989 - August 1992 as Manufacturing Manager - Hair dyes

Britain;- May 1993 - January 1995 as Manufacturing Manager - Aerosol

plastics, color and additive concentrates factory of M.A. Hanna Company. Bourg en Bresse, France;

- November 1997 - August 2000 as Plant Director of Plastic

- 2012 – now as Director of PT Hymindo Petromas Utama, Indonesia

Education:

Engineering, Ecole Nationale Supérieur des Arts et Métiers (ENSAM). Leading French engineering school. Paris, France. (1980 - 1986);

- European Centre for Professional Education (INSEAD, Paris,

opportunities, (4 one week sessions), (1991 - 1992).


ANDI TANUWIDJAJADirektur Operasi

Andi Tanuwidjaja pertama kali diangkat sebagai Direktur Operasi Perseroan berdasarkan keputusan Rapat Umum Pemegang saham Tahunan Perseroan tertanggal 18 Juni 2013 sebagaimana ternyata dari Akta Pernyataan Keputusan Rapat nomor 74, dibuat dihadapan Soehendro Gautama, SH, M.Hum, Notaris di Batam dan pemberitahuan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia sebagaimana ternyata dari Surat Penerimaan Pemberitahuan Perubahan Data Perseroan nomor AHU-AH.01.10-46265, tanggal 4 November 2013.

Direktur Operasi bertugas di bidang produksi dan personalia. Memastikan kegiatan operasional Perseroan sehari-hari dapat berjalan dengan baik dan bertanggung jawab penuh dalam mengatur karyawan Perseroan dan

Pengalaman Kerja:- 1998 - 1999 sebagai Analisa Marketing Citra Tubindo

(International) Pte. Ltd.;- 2000 - 2013 sebagai Manajer Pembelian Citra Tubindo

(International) Pte. Ltd.;- 2002 - 2007 sebagai PPC dan Manajer Logistik Perseroan;- 2008 - 2013 sebagai Manajer Umum Perseroan;- 2008 - sekarang sebagai Direktur PT Sarana Citranusa

Kabil, Indonesia;- 2010 - sekarang sebagai Direktur PT Hymindo Petromas

Utama, Indonesia;- 2010 - 2013 sebagai Asisten Direktur Urusan Umum

Perseroan;- 2013 - sekarang sebagai Manajer Umum Strategi

Operasional Citra Tubindo (International) Pte. Ltd.

Pendidikan:

Brisbane, Australia pada tahun (1994 - 1995);

of the Company based on the decision of the Annual General Meeting of Shareholders on June 18, 2013, as stipulated in the Deed of Statement of Decision of the Meeting number 74, dated June 18, 2013 made before Soehendro Gautama, SH, M.Hum, Notary in Batam and notification to the Minister of Law and Human Rights of the Republic of Indonesia as stipulated in the Letter of Acceptance of the Announcement of Changes in Company’s Data number AHU-AH.01.10-46265, dated November 4, 2013.

divisions of the Company. Ensuring that the Company’s daily operational activities can run smoothly and take full responsibility in managing the Company’s employees and creating healthy and safe work environment.

Work experiences:

- 1998 - 1999 as Marketing Analyst of Citra Tubindo (International) Pte. Ltd.;

- 2000 - 2013 as Purchasing Manager of Citra Tubindo (International) Pte. Ltd.;

- 2002 - 2007 as PPC and Logistic Manager of the Company;- 2008 - 2013 as General Manager of the Company;- 2008 - now as Director of PT Sarana Citranusa Kabil, Indonesia;

- 2010 - now as Director of PT Hymindo Petromas Utama, Indonesia;

- 2010 - 2013 as Assistant Director General Affairs of the Company;

Tubindo (International) Pte. Ltd.

Education:

- Bachelor of Business from Queensland University of Technology - Brisbane, Australia (1994 - 1995);

- Master of Business Administration from Queensland University of Technology - Brisbane, Australia (1996 - 1997).


Jumlah Karyawan dan Kompetensinya

Plan disusun pada 2012 untuk pelaksanaan sampai dengan tahun 2015. HRMP yang diberi judul “menjadi perusahaan

- Rekrutmen dan Penilaian.- Organisasi dan Kompetensi.- Hubungan Industrial.- Imbal Jasa.- Dukungan Umum.

Pendidikan dan Usia Karyawan

- Akhir tahun 2014 ada 1.181 karyawan dalam dua kategori, Blue Collar (BC) pada tingkat gaji 1 s/d 4, dan White Collar (WC) pada tingkat gaji 5 s/d 15.

- Sekitar 68% dari WC adalah lulusan perguruan tinggi.- Sekitar 66% dari karyawan berusia 40 tahun dan ke

Rekrutmen

melihat trend peningkatan usia karyawan yang menua, dan regenerasi karyawan menjadi proses berkesinambungan

pensiun dari Perseroan. Penggantian mereka yang pensiun diutamakan dari program magang yang melatih anak-anak muda lulusan sekolah kejuruan menengah dengan berbagai ketrampilan di lapangan dan lulusan perguruan tinggi untuk White Collar.

lulusan jurusan Metalurgi Universitas Indonesia.

lulusan engineering dari berbagai perguruan tinggi lokal atau luar Batam untuk regenerasi pimpinan.

Untuk menarik minat lulusan perguruan tinggi dan sekolah kejuruan menengah setempat untuk bekerja di

- Mengunjungi dan presentasi di 2 perguruan tinggi setempat yaitu Politeknik Negeri Batam dan STIKES Ibnu Sina Batam.

Y E A R Education Range 2012 2013 2014

High School 84% 81% 75%

Diploma 8% 8% 8%

S1 7% 10% 15%

S2 1% 1% 2%

Y E A R Age Range 2012 2013 2014

19-25 18% 17% 15% 26-30 18% 20% 19%

31-36 19% 18% 19%

36-40 13% 12% 14%

41-45 19% 18% 15%

46-50 10% 12% 11%

>50 3% 3% 7%

Total Employees and Their Competencies

Strategic Human Resources Management Plan or HRMP as part of Manufacturing Business Plan was set up in 2012 for implementation until 2015. The HRMP under title of “becoming

- Recruitment and Assessment.

- Industrial Relations.- Remuneration.- General Services. Education and Age of Workforce

- By end of 2014, there were 1,181 employees under two categories, Blue Collar (BC) having payroll grade of 1 to 4, and White Collar (WC) payroll grade of 5 to 15.

- About 68% of the WCs are university graduates.- About 66% of workforce are in age of 40 and below, the best

age of physical fitness.

Recruitment

The Company has more aging workforce as the Company has reached its 30 years of establishment and regeneration of workforce is a continuous process replacing employees leaving for retirement. Since 2009, the Company has seen 317 people retiring from the Company and replaced with new employees. Those who retired are replaced by fresh graduate who have done the apprentice program at the Company with various of skills and university graduate for White Collar employees.

Metallurgy Department.

various local and outside Batam university for regeneration process.

As to attract the graduates from the universities and vocational institutions locally to work with the Company, following steps

Politeknik Negeri Batam and STIKES Ibnu Sina Batam.


- Made memorandum of understanding with those two universities i.e. Politeknik Negeri Batam dan STIKES Ibnu Sina Batam.

SMKN 4, SMKN 5, SMKN 6, SMK Hang Nadim, SMK Kartini dan SMK Teladan.

- Welcoming visits from 3 universities from and outside

dan Universitas Maritim Raja Ali Haji Tanjung Pinang.

Politeknik Negeri Batam, Universitas Batam, Universitas Riau Kepulauan, Politeknik Perkapalan Negeri Surabaya.

- Accommodating 38 students from the middle vocational institutions in their industrial training programs from 12

SMKN 2 Palangkaraya.

The recruitment portal program so called Rene (Recruitment online) has been launched from the beginning of last year has improved the effectiveness and efficiency of recruitment process

- The total personal data entered into the data base in conjunction with the applicants’ interest to the vacant jobs at the Company reached 6,000 persons, far exceeding the previous year’s number which was only 850 persons in 2013 (Rene online portal started in mid 2013).

personal data and must follow the written test via web with the assigned time schedule. The on-line test program included mathematics, English language, psychology and

Australia.

Organization and Competence

The average training of employees in 20014 was 60 hours per employee and increased from 32 hours in the previous year. The training activities and important development carried out

- Apprentice program was taken by 30 students from the vocational technical college of 6 months to operate CNC machines, examining product with Guge, machinery

installation of electricity; this is part of the CSR program of the Company and part of preparation of blue collar employees. The Company’s strategy is to train the prospective employees before they are being employed. In the long run, all the blue collar employees will be trained during the apprenticeship which will reduce the training scheme when the employees are being employed.

collar employees in the production department that they

work in various line of production. Expertise is divided into LTT (Long Term Training), MTT (Middle Term Training) and STT (Short Term Training). The employees who are in STT will be trained to manage MTT and MTT to LTT.

- Telah bekerja sama dalam bentuk memorandum of understanding dengan dua universitas yaitu Politeknik Negeri Batam dan STIKES Ibnu Sina Batam.

SMKN 3, SMKN 4, SMKN 5, SMKN 6, SMK Hang Nadim, SMK Kartini dan SMK Teladan.

- Menerima kunjungan 3 perguruan tinggi dari lokal

Ibnu Sina Batam dan Universitas Maritim Raja Ali Haji Tanjung Pinang.

Negeri Batam, Universitas Batam, Universitas Riau Kepulauan, Politeknik Perkapalan Negeri Surabaya.

- Menerima siswa siswi menengah kejuruan dalam program prakerind (praktek kerja industri) sebanyak 38

Palangkaraya.

Portal rekrument tenaga kerja bernama Rene

- Jumlah mereka yang memasukkan data pribadi dalam database karena tertarik untuk bekerja di Perseroan

6.000 orang, minat yang berlipat dibandingkan jumlah pada akhir 2013 sebanyak 850 orang (portal online Rene dimulai pada pertengahan 2013).

dapat memasukkan data pribadinya juga diharuskan mengikuti tes tertulis via web dengan waktu yang telah ditentukan. Program testing online dengan materi lokal yang telah ditentukan berupa matematika, Bahasa Inggris, tes psikologi, dan tes gaya kerja menggunakan kerangka dari Class Marker Australia.

Organisasi dan Kompetensi

per karyawan, meningkat dari 32 jam pada tahun sebelumnya.Kegiatan pelatihan dan pengembangan penting yang

- Program magang yang diikuti oleh 30 siswa lulusan kejuruan belajar selama 6 bulan untuk ketrampilan operasi mesin CNC, pengujian produk dengan Gauge, teknisi perawatan mekanis, dan teknisi perawatan dan instalasi listrik; bagian dari program CSR perusahaan

Strategi pelatihan mulai dipindahkan dari pelatihan

program magang dengan beberapa ketrampilan dan mulai mengurangi kegiatan pelatihan sewaktu mulai bekerja (menjadi karyawan).

- Program multi-skill operator (MUSO) yang melatih

dapat memiliki beberapa ketrampilan teknis sehingga dapat bekerja di berbagai lini produksi. Keahlian dibagi menjadi LTT (Long Term Training), MTT (Middle Term Training) dan STT (Short Term Training). Karyawan yang berada pada STT diarahkan untuk menguasai MTT dan MTT ke arah LTT.


the Company.- The metallurgy and mechanic laboratory training is provided

with the cooperation with University of Indonesia Metallurgy department.

DuPont (one of the best health and safety company in the world) provides scaffolding and first aid trainings.

are being promoted in 3-6 months in a batch of 7 persons.

- Training especially in Jakarta for seminar, workshop

management.- Comparative study to France, China, Germany to learn the

engineering skills and QHSE.

Industrial Relations

The area of Batam has seen increasing aggressive labour movement for the last 4 years where most demands for minimum wages has been participated by all major trade labour unions. Many Batam based companies have impacts from the movements due to poor relationship between Management and Employees.

The Company has taken many initiatives to ensure healthy and

- To oblige regional minimum pay and the employees who have worked more than 1 year have a proportional higher pay.

- To renew the collective labour agreement with the employees whose terms ended in July 2014 and was extended to 30 September 2016 without any different opinion.

- To provide budget for every department as to plan and create their own recreation activities.

- To make an open discussion with leaders of labour union on the Company’s latest situation and other workman force issues.

- To increase salary incidental on the performance, promotion, and special achievements.

related to work safety and healthy programs and award winners with presents.

- To have a gathering after the Idul Fitri holiday each year in the forgiving atmosphere.

n Provide subsidiary on medical expenses for some critical illnesses which are not included in the Social Welfare.

n To provide scholar ship to children of employees.n To provide scholar-ship to employees to take up a degree

course in the university.

- Pelatihan ISO TS7025 atas personil laboratorium

khusus atas laboratorium Perseroan.- Pelatihan metalurgi dan laboratorium mekanik yang

diadakan bekerjasama dengan jurusan metalurgi Universitas Indonesia.

program STOP oleh DuPont (salah satu perusahaan dengan tingkat keselamatan kerja tertinggi di dunia),

mengenal produk-produk OCTG Perseroan.- Program on-job-training bagi management trainees

sebanyak 7 orang dan mereka yang baru mendapat promosi selama 3-6 bulan.

- Pelatihan dalam negeri terutama di Jakarta untuk seminar, workshop dan lainnya dalam bidang teknis, safety, quality, dan manajemen.

Hubungan Industrial

perburuhan yang lebih agresif dalam kurun 4 tahun terakhir di mana tuntutan terbesar atas upah minimum telah diikuti oleh semua organisasi buruh yang besar. Banyak perusahaan di Batam yang mengalami akibat negatif dari pergerakan tersebut. Perseroan di tengah derasnya arus pergerakan dimaksud berhasil tetap mempertahankan hubungan industrial harmonis dengan

Perseroan telah melakukan banyak usaha untuk

- Membayar upah minimum sektoral dan mengatur karyawan yang bermasa kerja di atas 1 tahun mendapat

- Melakukan pembaharuan perjanjian kerja bersama (PKB) yang berakhir pada Juli 2014, dan yang terbaru berlaku sampai dengan 30 September 2016 tanpa ada perbedaan pendapat yang berarti.

- Memberikan anggaran untuk setiap departemen untuk

masing-masing.- Mengadakan diskusi terbuka dengan pengurus serikat

pekerja atas situasi terkini Perseroan dan masalah-masalah ketenagakerjaan.

“Safety Day” setiap tahun yang berhubungan dengan keselamatan dan kesehatan kerja, dan menyediakan hadiah-hadiah untuk pemenang.

tahun dalam suasana saling memaafkan.

n memberikan bantuan biaya pengobatan atas penyakit-penyakit kritis yang tidak ditanggung dalam jaminan kesehatan.

n Memberikan bea siswa untuk anak-anak karyawan.n Memberikan bea siswa untuk karyawan yang melanjutkan

ke perguruan tinggi sesuai dengan ketrampilannya.


To strengthen the culture and commitment, the work contract (PKB) between the Company and Manager of Work Unit have added in the clause of Code of Conduct Guideline (3P) as to be

- Professional- Logical- Honest- Leader Ethic- Ethic of subordinators

- Free from bad behaviours

Shareholders and Percentage of

Ownership

n Shareholders holding more than 5% (five percent) of ownership who has affiliated relationship is as follows.

Jumlah saham/Total shares % 336.029.420 41,984 %

268.000.000 33,484 %

55.816.880 6,974 % 140.525.200 17,558 % 800.371.500 100,000 %

n Commissioners and Directors holding Company’s shares

Members of the Board of Commissioners Jumlah saham / Total shares % 267.150 0,030 %

10.500 0,001 %

Members of the Board of Directors

Jumlah saham/Total shares %

10.500 0,001 %

11.000 0,001 %

10.500 0,001 %

500 0,000 %

n Respective shareholders and public who are holding less than 5% (five percent) of the Company or Public Listed company shares.

Jumlah saham/ Total shares %

12.000.000 1,499%

30.954.650 3,868%

28.000.000 3,498%

22.000.000 2,749%

28.968.880 3,619%

14.414.200 1,801%

2.400.000 0,300%

277.650 0,035%

32.500 0,004%

1.477.320 0,185%

140.525.200 17,558%

Untuk memperkuat budaya dan komitmen, Perjanjian Kerja Bersama (PKB) antara Perseroan dengan Pengurus Unit Kerja telah memasukkan tambahan dalam pasal Pedoman

- Profesional- Logis- Jujur- Etika Pimpinan- Etika Bawahan- Menyampaikan Pendapat- Taat pada Aturan Perusahaan- Taat pada Etika yang Ditentukan- Bebas dari Perlakuan Jahat

Pemegang Saham dan Persentase Kepemilikannya

n Pemegang Saham yang memiliki 5% (lima per seratus) atau lebih dan pemegang saham yang mempunyai

- Kestrel Wave Investment Ltd.

n Komisaris dan Direktur yang memiliki saham Perseroan

Anggota Dewan Komisaris

- DR. Ing. Ilham Akbar Habibie- DR. Ir. Suyitno Patmosukismo, M.H

Anggota Direksi

- Kris Taenar Wiluan- Hedy Wiluan (Hedy Kurniawan)- Andi Tanuwidjaja

n Kelompok Pemegang Saham masyarakat, yaitu kelompok pemegang saham yang masing-masing memiliki kurang dari 5% (lima per seratus) saham Emiten atau Perusahaan Publik.

- PT Citra Agramasinti Nusantara- Premium Holding Limited- Sumitomo Corporation

- Institusi dan perorangan lainnya

PT Sarana Citranusa Kabil (SCK)


Main Shareholders and Company’s

Controlling Party

The Main Shareholders are those who have more than 20% of ownership in the Company which have been issued by the Company. Based on the Shares Administration Company, PT Sirca Datapro Perdana, the shareholders who hold more than

Tubes, SAS), a company established according to French Laws with the office address at 27 Avenue du General Leclerc 92100 Boulogne-Billancourt, France and their shares are listed in the

shareholder, owner of 33.484% Company’s shares.

th Fl. Bonham Centre 79-85 Bonham Strand, Sheung Wan, Hongkong holds 41.984% of the Company’s shares.

Subsidiary Entities and Associated

Companies

Subsidiary Entity

NSCT Premium Tubulars B.V.(NSCT BV)

Netherlands, established and started its operations since

and other intellectual property rights and providing technical

has a subsidiary entity called NS Connection Technology Inc. which was established and started its operations in the same year (2003), domiciled in Delaware, the United States of America with business activities include Master Licensor and providing technical support to its sub-licensees.

Pemegang Saham Utama dan Pengendali Perseroan

Pemegang Saham Utama adalah pemegang saham yang memiliki 20% atau lebih saham dari seluruh saham yang telah dikeluarkan oleh Perseroan. Berdasarkan laporan

Datapro Perdana, pemegang saham Perseroan yang

Tubes, SAS) suatu perusahaan yang didirikan menurut

pemilik 33,484% saham Perseroan.

2) Kestrel Wave Investment Limited, alamat C/O 7th

Bonham Centre 79-85 Bonham Strand, Sheung Wan, Hongkong, pemilik 41,984% saham Perseroan.

Entitas Anak dan Perusahaan Asosiasi

Entitas anak

NSCT Premium Tubulars B.V. (NSCT BV)

Amsterdam, Belanda, berdiri dan mulai beroperasi sejak

hak intelektual lainnya, serta menyediakan dukungan teknik untuk para pemegang lisensi dan sub-lisensi.

beroperasi pada tahun yang sama (2003), berkedudukan di Delaware, Amerika Serikat dan berfungsi sebagai Pemegang Lisensi serta menyediakan dukungan teknik untuk para pemegang sub-lisensi.

PT Hymindo Petromas Utama (HPU) PT Citra Pembina Pengangkutan Industries (CPPI)


NS Connection Technology Pte. Ltd. (NSCT PL)

NSCT PL, domiciled at 133 Bridge Road, #21-01 Chinatown Point, Singapore, established and started its operations in 2002. NSCT PL’s business activities include marketing and technical support in relation to intellectual property. NSCT PL is 100% owned by the Company.

Citra Tubindo (International) Pte. Ltd. (CTI)

CTI, domiciled at 133 New Bridge Road, #21-01 Chinatown Point, Singapore, established and started its operations in 2004. CTI’s business activities include marketing and technical support in relation to the supply of oil country

gas industry. The Company owns 100% of CTI.

CTI has a subsidiary entity named Citra Tubindo Australia Pty. Ltd (CTA), established and started its operations in November 2011, domiciled in Perth, Australia and representative office in Melbourne, Australia with business activities including trading for the oil and gas industry. CTI owns 100% of CTA.

n Domestic Subsidiaries :

1. PT Hymindo Petromas Utama (HPU)

HPU, domiciled at Jalan Hang Kesturi Km. 4, Kav B-12, Kabil Industrial Estate, Batam, established in 1987 and started its operations in 1988. HPU’s business activities include pipe threading for tubings, casings and accessories for the oil and gas industry. The Company owns 99.90% of HPU.

2. PT Sarana Citranusa Kabil (SCK) SCK, domiciled at Hang Kesturi I Kav C4, Kabil Industrial

Estate, Batam, established in year 2000. Its business activities include port management, container and cargo, warehousing and open storage rental. The Company owns 99.92% of SCK.

SCK has a subsidiary entity called PT Citra Pembina Pengangkutan Industries (CPPI) and subsidiaries of CPPI which provides public transportation, expedition,

SCK owns 99% of CPPI’s shares.

NS Connection Technology Pte. Ltd. (NSCT PL) NSCT PL, berdomisili di 133 New Bridge Road, #21-01

Chinatown Point, Singapura, berdiri dan mulai beroperasi sejak tahun 2002. NSCT PL bergerak di bidang marketing dan jasa dukungan teknik yang berkaitan dengan penggunaan hak paten. Kepemilikan saham Perseroan dalam NSCT PL adalah sebesar 100%.

Citra Tubindo (International) Pte. Ltd. (CTI) CTI, berdomisili di 133 New Bridge Road, #21-01 Chinatown

Point, Singapura, berdiri dan mulai beroperasi sejak tahun 2004. CTI bergerak dibidang pemasaran dan jasa dukungan teknik yang berhubungan dengan penyediaan barang-barang kebutuhan OCTG dan aksesoris pipa untuk industri minyak dan gas bumi. Kepemilikan saham Perseroan dalam CTI adalah sebesar 100%.

CTI mempunyai entitas anak yang bernama Citra Tubindo Australia Pty. Ltd (CTA), berdiri dan beroperasi pada bulan November 2011, berkedudukan di Perth, Australia dan kantor perwakilan di Melbourne Australia, kegiatannya bergerak dibidang jasa perdagangan untuk industri minyak dan gas bumi. Kepemilikan saham CTI di CTA adalah sebesar 100%.

n Entitas Anak di dalam negeri :

1. PT Hymindo Petromas Utama (HPU) HPU, berdomisili di Jalan Hang Kesturi Km. 4, Kav B-12,

Kabil Industrial Estate, Batam, berdiri pada tahun 1987 dan mulai beroperasi sejak tahun 1988. HPU bergerak di bidang penyambungan uliran pipa untuk pipa tubing,

gas bumi. Kepemilikan saham Perseroan di HPU adalah sebesar 99,90%.

2. PT Sarana Citranusa Kabil (SCK) SCK, berdomisili di Jalan Hang Kesturi I Kav C4, Kabil

Industrial Estate, Batam, didirikan pada tahun 2000. Kegiatannya bergerak dalam bidang manajemen

gudang dan lapangan penumpukan terbuka. Kepemilikan saham Perseroan di SCK adalah sebesar 99,92%.

SCK mempunyai entitas anak yaitu PT Citra Pembina

Pengangkutan Industries (CPPI) dan entitas anak CPPI tersebut bergerak di bidang jasa transportasi umum, jasa expedisi, jasa stevedoring, jasa pergudangan dan penyewaan alat-alat berat. Kepemilikan saham SCK di CPPI sebesar 99%.


The subsidiaries of CPPI include :

a. PT Citramadya Cargindo (CMC) Provides cargo services and special handling of

manpower. CPPI owns 98% of CMC.

b. PT Citra Pembina Logistik (CPL) Provides logistic services and special handling

Batam-Singapore-Batam project. CPPI owns 99% of CPL.

c. PT Bandarkabil Indonusa (BKI)

Provide port services. CPPI owns 89.33% of BKI’s total shares. At present, BKI is inactive.

3. PT Citra Sarana Baja (CSB)

CSB domiciled at Jalan Hang Kesturi Km 4, Kabil Industrial Estate, Batam, established in 2012. Its business activities among others are manufacturing seamless pipes from steel billets, pipes for threading industry, green pipes, accessories, electric submersible pump accessories and parts. The Company owns 99% of CSB total shares. Currently CSB has not commenced operation.

Associated Companies

Associated Companies in overseas

#21-01 Chinatown Point, Singapore, was established in 1993 and its principal activity is to serve as a holding company and to provide technical support to subsidiary companies.

Entitas anak CPPI:

a. PT Citramadya Cargindo (CMC) Bergerak dibidang jasa kargo dan penanganan

khusus kargo ukuran berat dengan memakai tenaga kerja yang handal dalam penanganan logistiknya. Kepemilikan saham CPPI pada CMC adalah 98%.

b. PT Citra Pembina Logistik (CPL) Bergerak dibidang jasa logistik dan jasa penanganan

khusus untuk kontainer kargo dengan memakai

Singapura-Batam. Kepemilikan saham CPPI pada CPL adalah 99%.

c. PT Bandarkabil Indonusa (BKI) Bergerak dibidang jasa kepelabuhanan. Kepemilikan

saham CPPI pada BKI adalah 89,33%. Pada saat ini BKI tidak aktif.

3. PT Citra Sarana Baja (CSB) CSB, berdomisili di Jalan Hang Kesturi Km. 4, Kabil

Industrial Estate, Kabil, Batam, didirikan pada tahun 2012. Kegiatan usahanya antara lain bergerak dalam bidang industri pembuatan pipa tanpa kampuh (seamless pipe) dari bahan baku baja billet, industri

Kepemilikan saham Perseroan di CSB adalah sebesar 99%. Sampai saat ini CSB belum beroperasi.

Entitas Asosiasi

Entitas asosiasi terdapat diluar negeri dan didalam negeri.

Citra Sumit Valind Investments Pte. Ltd. (CSV).

Chinatown Point, Singapura, didirikan pada tahun 1993 dan kegiatan utamanya adalah sebagai perusahaan induk dan menyediakan dukungan teknis kepada entitas anak. Kepemilikan saham Perseroan dalam


PT H-Tech Oilfield Equipment (HOE)

Estate, Batam, established in 1999 and its business activities include manufacture of drill pipes and provision of services in accordance with the specifications of the American

PT Pelayaran Citranstirta Tatasarana (CITA)

CITA, domiciled at Jalan Hang Kesturi I Kav C4, Kabil Industrial Estate, Batam, established in year 1990, provides shipping agency and ship handling services including vessel clearance, ship chandler and procurement services. The ownership of shares by CPPI in CITA as of 13 August 2014 has become 48.77% therefore financial report of CITA is not consolidated.

Subsidiary and Affiliated Companies

jasa penunjang minyak dan gas bumi. Kepemilikan

PT H-Tech Oilfield Equipment (HOE) HOE, berdomisili di Jalan Hang Kesturi Km. 4, Kabil

Industrial Estate, Batam, didirikan pada tahun 1999 dan kegiatan utamanya bergerak di bidang produksi pipa untuk pengeboran dan jasa yang sesuai dengan

saham Perseroan dalam HOE adalah sebesar 45,65%.

PT Pelayaran Citranstirta Tatasarana (CITA) CITA, berdomisili di Jalan Hang Kesturi I Kav C4,

Kabil Industrial Estate, Batam, didirikan pada tahun 1990, bergerak dibidang agen perkapalan dan jasa penanganan kapal termasuk kebersihan kapal, kebutuhan material kapal dan kebutuhan sehari-hari. Kepemilikan saham CPPI pada CITA per tanggal 13 Agustus 2014 menjadi sebesar 48,77% sehingga laporan keuangan CITA tidak dikonsolidasi.

Bagan Anak-anak Perusahaan dan Asosiasi

Citra Tubindo(International)

Pte., Ltd.

Citra Tubindo AustraliaPte., Ltd.

Citra Sumit Valind Investments

Pte., Ltd.

VietubesCorporation

Limited

NS Connection Technology Inc.

Citra Pembina Pengangkutan

Industri

PT Citramadya Cargindo

PT Pelayaran Citranstirta Tatasarana

PT Citra Pembina Logistik

PT Bandarkabil Indonusa

PT H-Tech Oilfield

Equipment

NSConection

TechnologyPte., Ltd.

NSCTPremiumTubulars

B.V.

PT Citra Sarana Baja

PT Sarana Citranusa Kabil

PT Hymindo Petromas Utama

PT Citra Tubindo Tbk

100%

100%

48%

49%

100% 100% 99% 99.92%

99%

98% 48.77% 99% 89.33%

100%

99.90%

45.65%

Dalam Negeri / Domestic

Luar Negeri / Overseas


Chronology of Shares Registration

A chronology of the increase in total number of shares of the Company from the initial public offering until end of accounting

Capital Market Supporting Professionals

The Capital Market supporting professionals who have given

Tower 2, 7th Floor, Jl. Jend. Sudirman Kav.52-53, Jakarta 12190, who provided audit services of Financial Reports every six-monthly and annually (consolidated) with total fee of Rp1,190,780,201.

2. Capital Market Law Consultant Da Silva, Subandi, Suhardiadi, at Gedung Artha Graha 23rd Floor, Jl. Jend Sudirman Kav. 52-53, Jakarta 12190, with consultancy fee Rp138,499,546.

3. Soehendro Gautama, SH. M.Hum, Notary in Batam, at Jl. Raden Patah Komplek Nagoya Gateway Blok A No. 1-2, Batam who provided services to write up deeds of the Minutes of Annual General Meeting of Shareholders of the Company held on June 03, 2014 with total fee of Rp22,499,920.

4. Securities Administrative Agency PT Sirca Datapro Perdana, at Jl. Johar No. 18, Jakarta Pusat who provided Company’s shares administration services and fee for 2014 was Rp45,304,784.

Kronologis Pencatatan Saham

Profesi Penunjang Pasar Modal

Profesi Penunjang Pasar Modal yang memberikan jasa

Building Tower 2, Lantai 7, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, yang memberikan jasa audit Laporan Keuangan Tengah Tahunan dan Tahunan (konsolidasi) dengan honorarium sebesar Rp1.190.780.201.

2. Konsultan Hukum Pasar Modal Da Silva, Subandi, Suhardiadi, beralamat di Gedung Artha Graha Lantai 23, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, dengan honorarium sebesar Rp138.499.546.

3. Notaris Soehendro Gautama, SH. M.Hum, Notaris di Batam, beralamat di Jl. Raden Patah Komplek Nagoya Gateway Blok A No. 1-2, Batam, yang memberikan jasa

Saham Tahunan Perseroan yang diadakan pada tanggal 03 Juni 2014 dengan honorarium sebesar Rp22.499.920.

beralamat di Jl. Johar No. 18, Jakarta Pusat, yang memberikan jasa administrasi saham-saham Perseroan dengan honorarium untuk periode tahun 2014 adalah sebesar Rp45.304.784.

Tanggal Emisi Tindakan Korporasi Harga Saham Jumlah Saham Jumlah Hasil Emisi Rasio (Rp) (Juta lembar) (Rp Miliar)

Date of Listing Corporate Action Price per Share Total share Raised Capital Ratio (Rp) (in Million) (Rp Billion) 28-11-1989 IPO ke -1 / 10.000 1,6 16,0 02-02-1990 Company Listing / Company Listing - 3,6 - 07-09-1992 IPO ke -2 / 20.500 0,8 16,4 01-04-1993 Saham Bonus / Bonus Issue 13-06-1994 Rights Issue ke -1 / First Rights Issue 04-01-1999 Rights Issue ke-2 / Second Rights Issue 21-06-1999 Saham Bonus / Share Bonus

Stock Split 24-09-2013 MSOP / ESOP 4.114,8 0,3715 1,52 800,3715 147,92

2


Penghargaan dan Sertifikasi Awards and Certifications

In 2014, the Company received the following awards and re-

1. PROPER Biru tahun 2014 dari Kementrian Lingkungan Hidup Republik Indonesia.

Republic of Indonesia

2. Penghargaan dari Walikota Batam kepada Perseroan pada peringatan Hari Lingkungan Hidup Kota Batam Tahun 2014.

Award from the Major of Batam to the Company on the Batam Environmental Day 2014

pengelolaan sistem manajemen kualitas. Awarded the 9th edition of API Q1 certification in the Quality

System Management.


Tinjauan Operasi per Segmen Usaha

Tinjauan operasi per segmen sesuai dengan jenis industri usaha Perseroan terdiri atas:

Divisi PenguliranDivisi ini dilaksanakan oleh Divisi Penguliran yang menyediakan penguliran pipa-pipa tubing dan casing sesuai lisensi VAM, NSPJ, Tenaris untuk industri minyak, gas bumi dan panas bumi. Divisi ini mempunyai bagian “Thermal Spray Aluminium” untuk ketahanan pipa-pipa terhadap korosi.

Kapasitas produksi adalah sebesar 300.000 eq. Metrik Ton per tahun.Penjualan tahun 2014 sebesar AS$171,74 juta (Tahun 2013: AS$209,13 juta) turun 17,88% akibat penurunan penjualan ekspor dibanding tahun lalu.

Divisi Perawatan PanasDivisi ini untuk memproses pengerasan pipa sebelum proses penguliran sesuai dengan standar API.Penjualan tahun 2014 sebesar AS$16,76 juta (Tahun 2013: AS$14,22 juta) naik 17,86% disebabkan kenaikan permintaan proses heat treatment di pasar domestik meningkat dibandingkan tahun lalu.Kapasitas produksi adalah sebesar 120.000 metrik ton per tahun.

Divisi Sambungan Pipa UlirDivisi ini dilaksanakan oleh PT Hymindo Petromas Utama, entitas anak, yang menyediakan penguliran pipa tubing dan casing untuk industri minyak dan gas bumi.

Penjualan tahun 2014 sebesar AS$3,99 juta (Tahun 2013: AS$3,07 juta) dengan kontribusi Laba sebesar AS$0,39 juta.

Kapasitas produksi adalah sebesar 10.000 Metrik Ton per tahun.

Ketiga divisi tersebut di atas menghasilkan penjualan sebesar AS$192,49 juta (Tahun 2013: AS$226,42 juta).

Divisi Jasa Pelabuhan dan PengangkutanDivisi ini dilaksanakan oleh PT Sarana Citranusa Kabil dan entitas anak.

Penjualan konsolidasian segmen ini ditahun 2014 sebesar AS$13,94 juta (Tahun 2013: AS$18,63 juta). Laba konsolidasian segmen ini adalah sebesar AS$0,26 juta (Tahun 2013: AS$1,11 juta). Penurunan laba neto ini disebabkan oleh penurunan volume dari jasa pelabuhan dan pengangkutan.

Pelabuhan ini untuk dapat disinggahi oleh kapal sangat besar sampai 40.000 DWT.

Divisi Dukungan TeknikDivisi ini dikontribusikan oleh:- NS Connection Technology Pte. Ltd. ;- Citra Tubindo (International) Pte. Ltd. dan entitas anak; - NSCT Premium Tubulars B.V. dan entitas anak.

Reviewing Operation by Business Segment

Review on the operation per segment based on the type of business industrial of the Company consists of:

Threading Division

This division is managed by Threading Division providing threading for tubings and casings under VAM, NSPJ, Tenaris licences for oil, gas and geothermal industries. This division includes a “Thermal Spray Aluminium” facility to protect pipes from corrosion.

Production capacity of Threading division is 300,000 Eq Metric Ton per annum.Turnover in 2014 is US$171.74 millions (Year 2013: US$209.13 millions) decreased by 17.88% due to lower export sales compared to last year.

Heat Treatment Division

This division is to process raw pipes into plain end pipes according to API specifications. Turnover in 2014 is US$16.76 millions (Year 2013: US$14.22 millions) increased by 17.86% due to increasing in demand of heat treatment process compared to last year.

Production capacity is 120,000 metric ton per annum.

Thread Connection Division

This division is contributed by PT Hymindo Petromas Utama, a subsidiary company, providing threading services for tubular and casing pipes and their accessories in the oil and gas industry.

Turnover in 2014 is US$3.99 millions (Year 2013: US$ 3.07 millions) with profit contribution amounted to US$0.39 million.

Production capacity is 10,000 Metric Ton per annum.

The above three divisions have generated a total turnover of US$192.49 millions (Year 2013: US$226.42 millions).

Port and Transportation Services Division

This division is managed by PT Sarana Citranusa Kabil and its subsidiaries.

The consolidated sales revenue of this segment in 2014 is US$13.94 millions (Year 2013: US$18.63 millions). Profit of this consolidated division is US$0.26 millions (Year 2013: US$1.11 millions). The decrease in net profit is due to decrease in handling volume from the port and transportation services.

This port has a capacity to berth large ship up to 40,000 DWT.

Technical Support Division

This division is contributed by:- NS Connection Technology Pte. Ltd.;- Citra Tubindo (International) Pte. Ltd. and its subsidiary;- NSCT Premium Tubulars B.V. and its subsidiary.

Analisis dan Pembahasan ManajemenManagement Analysis and Discussion


Turnover of this segment in 2014 is US$22.85 millions (Year 2013: US$16.35 millions) with a loss of US$0.79 millions (Year 2013: Loss US$1.77 millions).

The consolidated turnover of the Company in 2014 is US$ 207.44 millions (Year 2013: US$244.17 millions) decreased by 15.04% due to lower sales in the export market.

Financial Performance Analysis

Financial Performance Analysis for the years as ended on December 31, 2014 and 2013 can be described as follows:

Financial Position’s Accounts Analysis

Assets Analysis

Total Assets

On December 31, 2014, total assets of the Company is US$259.89 million, a decrease of 5.20% from as of December 31, 2013 of US$274.15 million. Total assets consist of 67.92% current assets and 32.08% non-current assets. This composition has changed from 2013 which consisted of 72.27% current assets and 27.73% non-current assets.

Referring to the composition of current assets which is higher than non-current assets, Company is confident to have good liquidity in anticipating future conditions. On the other hand, the Company has a very liquid working capital of US$78.49 million at year end of 2014 and US$87.36 million at year end of 2013.

The changes due to the decrease of current assets by 10.91% from US$198.13 million in 2013 to US$176.52 million in 2014. On the other hand, there is an increase of non-current assets by 9.67% or from US$76.02 in 2013 to US$83.38 million at year end 2014.

Details of changes in the financial statements that affect to the composition of current and non-current assets are as follows:

Current Assets

(in US$ thousand)

Penjualan tahun 2014 untuk divisi ini sebesar AS$22,85 juta (Tahun 2013: AS$16,35 juta) dengan kontribusi rugi sebesar AS$0,79 juta (Tahun 2013: Rugi AS$1,77 juta).

Penjualan konsolidasian Perseroan di tahun 2014 sebesar AS$207,44 juta (Tahun 2013: AS$244,17 juta) turun sebesar 15,04% yang disebabkan oleh penurunan penjualan ekspor.

Analisis Kinerja Keuangan

Analisis Kinerja Laporan Keuangan untuk tahun yang berakhir pada tanggal 31 Desember 2014 dan 2013 dapat dijabarkan sebagai berikut:

Analisa akun-akun Posisi Keuangan

Analisa Aset

Total AsetPada tanggal 31 Desember 2014, Perseroan memiliki total aset sebesar AS$259,89 juta atau turun 5,20% dari saldo 31 Desember 2013, sebesar AS$274,15 juta. Total aset tersebut terdiri dari 67,92% aset lancar dan 32,08% aset tidak lancar. Komposisi ini berubah dari komposisi aset di tahun 2013 yang terdiri dari 72,27% aset lancar dan 27,73% aset tidak lancar.

Mengacu kepada komposisi aset lancar yang lebih besar dibanding aset tidak lancar, Perseroan berkeyakinan mempunyai likuiditas yang baik dalam mengantisipasi kondisi masa mendatang. Ditambah dengan working capital (modal kerja) yang sangat likuid sebesar AS$78,49 juta pada akhir tahun 2014 dan AS$87,36 juta pada akhir tahun 2013.

Perubahan komposisi tersebut terjadi karena adanya penurunan jumlah aset lancar sebesar 10,91% dari sebesar AS$198,13 juta di tahun 2013 menjadi sebesar AS$176,52 juta di tahun 2014. Disisi lain terjadi peningkatan saldo aset tidak lancar sebesar 9,67% dari saldo sebesar AS$76,02 di tahun 2013 menjadi sebesar AS$83,38 juta di akhir tahun 2014.

Penjelasan atas perubahan pada pos-pos laporan posisi keuangan utama yang mempengaruhi perubahan komposisi aset lancar maupun tidak lancar tersebut adalah sebagai berikut:

Aset Lancar

(dalam AS$ ribu)

Cash and cash equivalents 39.697 22,49% 41.669 21,03% -4,73%

Trade receivables - net 55.082 31,20% 51.392 25,94% 7,18%Other receivables 160 0,09% 180 0,09% -11,11%Due from related parties 6.339 3,59% 6.328 3,19% ヰがヱΑХInventories - net 74.492 42,20% 97.737 49,33% -23,78%

Prepaid expenses and other advances 750 0,43% 823 0,42% -8,87%Total Current Assets ϭϳϲϱϮϬ ϭϬϬϬϬй ϭϵϴϭϮϵ ϭϬϬϬϬй ͲϭϬϵϭй

2014 % 2013 % Changes


The explanation of changes in the current assets are as follows:

Cash Flow Analysis

Cash and Cash Equivalents

Cash and Cash Equivalents have implemented Cash Cycle Management which has optimized and established a healthy Management Portfolios on the excess cash in the Company by observing the risk and beneficial returns.

(in US$ thousand)

Cash and cash equivalents balance include short-term investments as of year end 2014 which consist of cash and giro US$38.01 million or 96% of total cash and cash equivalents and time deposits US$1.68 million or 4% from total cash and cash equivalents.

The above table shows that most of cash and cash equivalents is US Dollars. This is caused by the currency is received from the customers’ payments where it is allocated for the purchase of raw materials, such as pipes, machineries and factory equipment from overseas. The Company has budgeted the amount in the relevant currency as to avoid the risk of currency fluctuations and also the risk of late delivery of the above mentioned items due to late payments.

Part of cash and cash equivalents are placed in deposit with good and reputable banks such as The Hongkong and Shanghai Banking Corporation Limited - Indonesia and other banks. The deposit accounts interest rate is in the range of 4.05%-7.25% per annum for IDR currency and 0.01%-2.00% per anum for US Dollar.

Trade Receivables

The Company’s trade receivables amounting to US$55.08 million, an increase by 7.18% or US$51.39 million from year end

Penjelasan atas penyebab perubahan posisi aset lancar tersebut adalah sebagai berikut:

Analisis Arus KasKas dan setara kas Pengelolaan kas dan setara kas dilakukan secara prudent melalui manajemen cash cycle yang optimal dan pembentukan manajemen portfolio yang sehat atas excess cash Perseroan dengan tetap memperhatikan resiko dan pengembalian yang menguntungkan.

(dalam AS$ ribu)

Saldo kas dan setara kas termasuk investasi jangka pendek pada akhir tahun 2014 yang terdiri dari kas & rekening giro sebesar AS$38,01 juta atau 96% dari jumlah kas dan setara kas dan deposito berjangka sebesar AS$1,68 juta atau sebesar 4% dari jumlah kas dan setara kas.

Dalam tabel di atas tampak sebagian besar kas dan setara kas dalam Dolar Amerika Serikat. Hal ini karena jenis mata uang tersebut berasal dari penerimaan penjualan dari pelanggan, dimana dana tersebut akan dipergunakan untuk dana yang dialokasikan untuk pembelian bahan baku pipa, mesin dan peralatan pabrik yang didatangkan dari luar negeri. Perseroan menganggarkan pembelian tersebut dalam mata uang yang relevan agar terhindar dari risiko fluktuasi mata uang dan terhindar dari risiko penundaan pengiriman karena keterlambatan pembayaran.

Sebagian kas dan setara kas Perseroan ditempatkan dalam bentuk deposito pada bank dengan tingkat kesehatan yang baik antara lain di The Hongkong and Shanghai Banking Corporation Limited – Indonesia dan bank lainnya. Atas penempatan dana tersebut, Perseroan mendapatkan pendapatan bunga dengan tingkat bunga untuk deposito rupiah sebesar 4,05%-7,25% dan untuk deposito Dolar AS sebesar 0,01%-2,00%.

Piutang Usaha / Trade ReceivablesPiutang usaha Perseroan tercatat sebesar AS$55,08 juta atau naik 7,18% dari akhir tahun 2013 sebesar

Petty cash fund 21

0,05% 31

0,07% -32,26%

Cash in banks Rupiah 639 1,61% 627 1,50% 1,91% US dol lars 35.814 90,22% 17.824 42,78% 100,93%

Singapore dol lars 1.178 2,97% 2.594 6,23% -54,59% Euro 265 0,67% 1.984 4,76% -86,64%

Others 99 0,25% 73 0,18% 35,62%

Cash equivalents - time deposits Rupiah 233 0,59% 413 0,99% -43,58%

US dol lars 1.316 3,32% 16.512 39,63% -92,03% Singapore dol lars - 0,00% 1.422 3,41% - Euro 132 0,33% 189 0,45% -30,16%

Total 39.697 100,00% 41.669 100,00% -4,73%

2014 % 2013 % Changes


2013, relatively stagnant to maintain customer demand.

Rate of Collectible of Accounts Receivable

(in US$ thousand)

Average trade receivables turnover in 2014 is 3.90 times compared to year end 2013 which is 4.76 times. The Company is able to maintain trade receivables and has high collectibility. Therefore, the amounts of reserves allocated as a compensation for impairment are withing a reasonable level according to Company’s rules.

Inventories

Net inventory at end of 2014 is US$74.49 million or decreased by 23.78% compared to the previous year-end figure amounting to US$97.74 million. The inventory balance consist of raw materials and supplies US$44.60 million, work in process of US$8.88 million and finished goods US$30.12 million.

There is an increase of obsolescence inventory in 2014 amounting to US$3.85 million due to slow-moving or no-moving inventories. The Company considers that the allowance for inventory obsolescence is adequate to cover any possible losses that may occur from non-recoverability of slow-moving inventories

There is no inventories used as collateral for any loan facility as of December 31, 2014. Non Current Assets

(in US$ thousand)

Non-current assets at year end 2014 is US$83.38 million or increased by 9.67% compared to year end 2013 of US$76.02 million. The major increase of non-current assets come from an increase in fixed assets by 14.27% or US$63.09 million. The

AS$51,39 juta, pertumbuhannya relatif stagnan guna mempertahankan permintaan pelanggan.

Tingkat Kolektibilitas Piutang

(dalam AS$ ribu)

Rata-rata perputaran piutang tahun 2014 sebesar 3,90 kali dibanding dengan tahun 2013 sebesar 4,76 kali. Perseroan mampu menjaga kualitas piutangnya agar senantiasa terkelola dengan baik dan memiliki tingkat kolektibilitas yang tinggi. Dengan demikian jumlah cadangan yang dialokasikan sebagai kompensasi penurunan nilai berada dalam tingkat yang wajar sesuai kebijakan Perusahaan.

PersediaanPersediaan bersih pada akhir tahun 2014 adalah AS$74,49 juta atau turun sebesar 23,78% dibandingkan posisi akhir tahun sebelumnya sebesar AS$97,74 juta. Saldo persediaan tersebut terdiri dari persediaan bahan baku dan pembantu sebesar AS$44,60 juta, barang dalam proses sebesar AS$8,88 juta dan barang jadi sebesar AS$30,12 juta.

Terdapat peningkatan penyisihan keusangan persediaan di tahun 2014 sebesar AS$3,85 juta sehubungan dengan persediaan yang pergerakannya lambat maupun yang tidak bergerak. Perseroan berpendapat bahwa penyisihan persediaan usang cukup untuk menutupi kemungkinan kerugian yang mungkin timbul dari persediaan yang lambat pergerakannya.

Tidak ada persediaan yang dijaminkan pada tanggal 31 Desember 2014.

Aset Tidak Lancar

(Dalam AS$ ribu)

Aset tidak lancar pada akhir 2014 adalah sebesar AS$83,38 juta atau meningkat 9,67% dibanding akhir 2013 sebesar AS$76,02 juta. Peningkatan terbesar dari aset tidak lancar tersebut berasal dari kenaikan aset tetap bersih yang meningkat

2014 % 2013 % ChangesCollectibility

Current 42.059 65,77% 44.788 74,35% -6,09%31 - 90 days 10.303 16,11% 3.363 5,58% 206,36%91 - 180 days 346 0,54% 1.287 2,14% -73,12%181 - 360 days 1.047 1,64% 928 1,54% 12,82%More than 360 days 10.191 15,94% 9.877 16,40% 3,18%

Total 63.946 100,00% 60.243 100,00% 6,15%

Less allowance for impairment losses on trade receivables (8.864) (8.851)

Net 55.082 51.392 7,18%

2014 % 2013 % Changes

Estimated claims for income tax refund 800 0,96% 399 0,52% 100,50%

Deferred tax assets - net 2.702 3,24% 1.929 2,54% 40,07%Investments in associated companies 15.558 18,66% 17.342 22,81% -10,29%Fixed assets - net 63.094 75,68% 55.217 72,63% 14,27%Deferred charges of landrights 926 1,11% 815 0 - Other assets 295 0,35% 320 0,42% -7,81%

Total Non Current Assets 83.375 100,00% 76.022 100,00% 9,67%


increase is caused by rejuvenation of plant machinery and equipment to improve production capacity.

The composition of non-current assets in 2014, mainly consist of fixed assets 75.67% amounting to US$63.09 million and investments in associated company 18.66% amounting to US$15.56 million, thus the increase in both items will have a big impact on total non-current assets.

Fixed Assets

Fixed assets consist of buildings, machinery and production equipment, office equipment, transportation and construction in progress. Total net book value of fixed assets in 2014 is US$63.09 million or increased by 14.27% from the previous year of US$55.22 million.

Investments in associated company

Investments in associated company in 2014 US$15.56 million or decreased by 10.29% or US$17,34 million compared to year 2013 that contributed from dividend received of US$4.11 million from PT H-Tech Oilfield Equipment.

On December 31, 2014, investments in associated company in PT H-Tech Oilfield Equipment of US$12.82 million; Citra Sumit Valind Investment Pte Ltd of US$2.07 million and PT Pelayaran Citranstirta Tatasarana of US$0.66 million.

Liabilities Analysis

Total Liabilities

Total liabilities of the Company as of December 31, 2014 is US$113.60 million or decreased by 7.83% from the previous year of US$123.25 million. Company’s liabilities in 2014 consist of current liabilities with portion 86.29% of US$98.03 million or decreased by 11.50% compared to the year 2013 and non-current liabilities with portion 13.71% of US$15.57 million or increased by 24.75% compared to the year 2013.

In relation to the composition of current liabilities which higher than non-current liabilities, the company will continue to minimize the debt in future, especially to reduce bank loans. The Company believes that good working capital of US$78.49 million at year end 2014 and US$87.36 million at year end 2013, will be able to handle current and non-current liabilities.

The description below gives an overview of things that affect the change in company liabilities.

(in US$ thousand)

Current Liabilities

The composition of the Company’s current liabilities at year end 2014 was dominated by accounts payable by 78.38% of

sebesar 14,27% menjadi AS$63,09 juta. Peningkatan tersebut terutama karena adanya peremajaan mesin dan peralatan pabrik guna meningkatkan kapasitas produksi. Komposisi aset tidak lancar 2014, terutama terdiri atas aset tetap 75,67% senilai AS$63,09 juta dan investasi pada entitas asosiasi 18,66% senilai AS$15,56 juta, sehingga peningkatan kedua pos neraca ini akan berpengaruh besar pada total aset tidak lancar.

Aset TetapAset tetap Perseroan terdiri atas bangunan, mesin dan peralatan produksi, peralatan kantor, peralatan pengangkutan dan aset dalam penyelesaian. Total nilai buku netto aset tetap Perseroan tahun 2014 sebesar AS$63,09 juta atau meningkat 14,27% dari tahun sebelumnya sebesar AS$55,22 juta.

Investasi pada entitas asosiasiInvestasi pada entitas asosiasi pada tahun 2014 sebesar AS$15,56 juta atau turun 10,29% dibanding tahun 2013 yang sebesar AS$17,34 juta, akibat penerimaan dividen sebesar AS$4,11 juta dari PT H-Tech Oilfield Equipment.

Pada tanggal 31 Desember 2014, Investasi pada entitas asosiasi pada PT H-Tech Oilfield Equipment sebesar AS$12,82 juta; Citra Sumit Valind Investment Pte Ltd sebesar AS$2,07 juta dan PT Pelayaran Citranstirta Tatasarana sebesar AS$0,66 juta.

Analisa Liabilitas

Jumlah LiabilitasJumlah liabilitas Perseroan pada tanggal 31 Desember 2014 tercatat sebesar AS$113,60 juta atau menurun 7,83% dibanding tahun sebelumnya AS$123,25 juta. Liabilitas Perseroan tahun 2014 terdiri atas Liabilitas Jangka Pendek dengan porsi 86,29% senilai AS$98,03 juta atau turun sebesar 11,50% dibanding tahun 2013 dan Liabilitas jangka panjang dengan porsi 13,71% senilai AS$15,57 juta atau naik sebesar 24,75% dibanding tahun 2013.

Mengacu kepada komposisi liabilitas jangka pendek yang lebih besar dibanding liabilitas jangka panjang, Perseroan akan tetap berusaha untuk meminimalisir utang di masa mendatang, khususnya mengurangi pinjaman bank dengan efisiensi. Perseroan berkeyakinan dengan working capital (modal kerja) yang sangat likuid sebesar AS$78,49 juta pada akhir tahun 2014 dan AS$87,36 juta pada akhir tahun 2013, akan mampu mengatasi liabilitas jangka pendek maupun jangka panjang.

Penjelasan berikut memberi gambaran hal-hal yang mempengaruhi perubahan posisi liabilitas Perseroan tersebut .

(dalam AS$ ribu)

Liabilitas Jangka PendekKomposisi liabilitas jangka pendek Perseroan akhir tahun 2014 didominasi oleh utang usaha 78,38% sebesar

2014 % 2013 % Changes

Current Liabi l i ties 98.029 86,29% 110.768 89,87% -11,50%

Non Current Liabi l i ties 15.569 13,71% 12.480 10,13% 24,75%Total Liabilities 113.598 100,00% 123.248 100,00% -7,83%


US$76.84 million, short-term loans 11.77% of US$11.54 million, long-term loans that mature within one year by 2.35% of US$2.31 million, tax payable 1.63% of US$1.60 million, accrued expenses 3.72% of US$3.65 million, employee benefits liabilities 1.60% of US$1.57 million, as shown in the following table.

(in US$ thousand)

Explanation for the cause of the change in the balance sheet and effort to manage are described in the following section.

Accounts PayableTrade payable position at year end 2014 decrease by 15.05% to US$76.84 million compared to the previous year which recorded US$90.46 million. The decrease was caused by the lower operational activity and decrease in production volume that makes the Company decreased its purchases of production requirements.

Capability to Pay Accounts Payable

(in US$ Thousand)

The Company provides a guarantee of on time payment

to maintain relationships with suppliers, if the procedure

and documents is completed. The Company relies on

the information technology support for continuous

improvement in procurement to verify the documents in

order to get the services and goods with best quality and

competitive prices, as well as to monitor and get a good

supplier. In addition, the Company received credit facility

from pipe supplier because of having good relationship in

past years.

AS$76,84 juta, pinjaman jangka pendek 11,77% sebesar AS$11,54 juta, pinjaman jangka panjang yang akan jatuh tempo dalam satu tahun 2,35% sebesar AS$2,31 juta, utang pajak 1,63% sebesar AS$1,60 juta, beban masih harus dibayar 3,72% sebesar AS$3,65 juta, liabilitas imbalan kerja karyawan jangka pendek 1,60% sebesar AS$1,57 juta, seperti tampak pada tabel berikut.

(dalam AS$ ribu)

Penjelasan atas penyebab perubahan pada pos-pos neraca tersebut serta upaya untuk mengelolanya diuraikan dalam bahasan berikut.

Utang UsahaPosisi utang usaha pada akhir tahun 2014 turun sebesar 15,05% menjadi AS$76,84 juta dibandingkan dengan tahun sebelumnya yang tercatat AS$90,46 juta. Penurunan tersebut disebabkan oleh turunnya aktifitas operasional dan menurunnya volume produksi yang membuat Perseroan menurunkan pembelian kebutuhan produksi.

Kemampuan Membayar Utang

(dalam AS$ ribu)

Perseroan memberikan jaminan pembayaran yang tepat waktu untuk menjaga hubungan dengan pemasok, sepanjang seluruh prosedur dan dokumen penagihan lengkap. Perseroan mengandalkan dukungan teknologi informasi untuk pengadaan yang terus dikembangkan untuk melakukan verifikasi dokumen guna memperoleh kualitas jasa dan barang yang baik dengan harga kompetitif serta untuk memonitor dan mendapatkan pemasok yang bermutu. Disamping itu, Perseroan mendapat fasilitas kredit yang menarik dari pemasok pipa karena hubungan yang sudah terjalin baik selama ini.

2014 % 2013 % Changes

Short term loans 11.540 11,77% 0,00%

Trade payables 76.838 78,38% 90.455 81,66% -15,05%

Other payables 130 0,13% 139 0,13% -6,47%Dividends payable 168 0,17% 106 0,10% 58,49%Accrued expenses 3.646 3,72% 4.930 4,45% -26,04%

Short term employee benefits

l iabi l i ty 1.569 1,60% 1.448 1,31% 8,36%Utang kepada pihal berelas i 105 0,11% 3 0,00% 3.400,00%Taxes payable 1.601 1,63% 5.904 5,33% -72,88%Advances from customers 125 0,13% 722 0,65% -82,69%Current maturi ties of long term

debts 2.306 2,35% 7.061 6,37% -67,34%Total Current Liabilities 98.028 100,00% 110.768 100,00% -11,50%

2014 % 2013 % ChangesCollectibility

Current 10.359 13,48% 9.057 10,01% 14,38%31 - 90 days 6.072 7,90% 12.970 14,34% -53,18%

91 - 180 days 11.850 15,42% 27.177 30,04% -56,40%181 - 360 days 18.721 24,36% 24.235 26,79% -22,75%More than 360 days 29.836 38,83% 17.016 18,81% 75,34%

Total Accounts Payable 76.838 100,00% 90.455 100,00% -15,05%


Taxes Payable

Taxes payable position at year end 2014 decrease by 72.88% of US$1.60 million compared to the previous year of US$5.90 million. The decrease was caused by decreasing in profit for the year 2014, thus the estimated income tax in 2014 decreased.

Accrued Expenses

The position of accrued expenses at year end 2014 of US$3.65 million or decreased by 26.04% from the year 2013 of US$4.93 million. Mainly caused by decreasing in royalties, marketing, delivery and blasting process.

Non-Current Liabilities

The composition of non-current liabilities at year end 2014 is dominated by non-current liabilities (net of current liabilities) 56.62% of US$8.82 million and long term employee benefits liability 37.35% of US$5.82 million.

Detail Non-Current Liabilities

(in US$ thousand)

Total non-current liabilities position at year end 2014 increased by 24.75% to be US$15.57 million, mainly due to bank loan to PT Bank OCBC NISP Tbk from associated company PT Sarana Citranusa Kabil.

EQUITY ANALYSIS

CAPITAL AND CAPITAL STRUCTURE

Capital structure is a ratio between equity and liabilities, which consist of short-term debt and long-term debt. Optimal capital structure will maximize the value of the Company. Therefore, the Company establishes a policy to optimum the capital structure in order to maximize the value of the company.

The capital structure of the Company

(in US$ thousand)

Utang PajakPosisi utang pajak pada akhir tahun 2014 turun sebesar 72,88% menjadi AS$1,60 juta dibandingkan dengan tahun sebelumnya yang tercatat AS$5,90 juta. Penurunan tersebut diakibatkan oleh penurunan laba tahun berjalan 2014, sehingga taksiran pajak penghasilan badan tahun 2014 menurun.

Beban masih harus dibayarPosisi beban masih harus dibayar pada akhir tahun 2014 sebesar AS$3,65 juta atau turun sebesar 26,04% dari tahun 2013 yang sebesar AS$4,93 juta. Hal ini terutama diakibatkan oleh adanya penurunan biaya royalti, pemasaran, pengiriman dan proses blasting.

Liabilitas Jangka PanjangKomposisi liabilitas jangka panjang akhir tahun 2014, didominasi oleh pos neraca liabilitas jangka panjang (setelah dikurangi bagian jangka pendek) 56,62% sebesar AS$8,82 juta dan liabilitas imbalan kerja karyawan jangka panjang 37,35% sebesar AS$5,82 juta.

Rincian Liabilitas Jangka Panjang

(dalam AS$ ribu)

Secara total posisi liabilitas jangka panjang akhir tahun 2014 mengalami kenaikan 24,75% menjadi sebesar AS$15,57 juta terutama disebabkan oleh pinjaman bank PT Bank OCBC NISP Tbk dari Entitas Anak, PT Sarana Citranusa Kabil.

ANALISA EKUITAS

MODAL DAN STRUKTUR MODALStruktur modal merupakan perimbangan dari modal sendiri (ekuitas) dan utang (liabilitas), yang terdiri dari utang jangka pendek dan utang jangka panjang. Struktur modal yang optimal akan memaksimalkan nilai Perseroan. Oleh karena itu, Perseroan menetapkan kebijakan struktur permodalan yang optimal agar dapat memaksimalkan nilai perusahaan.

Struktur modal Perseroan

(dalam AS$ ribu)

2014 % 2013 % Changes

Current l iabi l i ties 98.029 37,72% 110.768 40,40% -11,50%Non current l iabi l i ties 15.569 5,99% 12.480 4,55% 24,75%Total Liabilities 113.598 43,71% 123.248 44,96% -7,83%

Equity 146.297 56,29% 150.903 55,04% -3,05%

Total Liabilities and Equity 259.895 100,00% 274.151 100,00% -5,20%

2014 % 2013 % Changes

Current maturi ties of

long term debts 8.815 56,62% 6.383 51,15% 38,10%Deferred tax l iabi l i ties - net 939 6,03% 1.001 8,02% -6,19%Long term employee benefits

l iabi l i ty 5.815 37,35% 5.096 40,83% 14,11%

Total Non Current Liabilities 15.569 100,00% 12.480 100,00% 24,75%


Total equity at 31 December 2014 at US$146.30 million or decreased by 3.05% from the previous year of US$150.90 million. Equity consists of Issued and fully paid capital US$37.94 million, additional paid-up capital of US$12.90 million, the difference in foreign currency translation of US$0.28 million and appropriated for general reserve of retained earnings of US$7.61 million and unappropriated of retained earnings of US$87.46 million. Changing in equity for the year 2014 are from profit of the year of US$25.48 million and dividend payment of US$30 million.

Capital Structure PolicyThe Company establishes a policy of capital structure that is able to reflect the balance of usage of the capital with loan / debt that consist of short-term debt and long-term debt in order to maximize the value of the company.

The Company manages the capital structure and do adjustments, if necessary, based on changes in economic conditions. To maintain capital structure, the Company adjusts the dividend payment to shareholders or seek funding through loans. No changes in the objectives, policies or process during the year ended December 31, 2014.

DIVIDEND

Average dividend payout ratio for the last 5 years at 83.90%.

NET WORKING CAPITAL

Increasing and good control in operational activity, revenue and management of accounts receivable and cash management, it will increase Company’s net working capital. In overall, net working capital in 2014 decreased by 10.15% from US$87.36 million in 2013 to be US$78.49 million in 2014 due to decreasing in revenue and gross profit margin.

STATEMENT OF INCOME

(in US$ thousand)

In overall, the performance in 2014 decreased, where sales decreased by 15.04% to US$207.44 million, gross profit decreased by 28.89% to US$59 million, operating income decreased by 33.64% to US$34.29 million and profit for the year decreased by 33.41% to US$25.48 million from the year 2013 of US$38.26 million.

Performance achievement in 2014 was exceeded the revised initial target, where actual sales in 2014 of US$207.44 million, increased by 22.03% from the revised initial target of US$170 million, as well as the actual net income in 2014 of US$25.48

Jumlah ekuitas per 31 Desember 2014 adalah sebesar AS$146,30 juta atau menurun 3,05% dari tahun sebelumnya yang sebesar AS$150,90 juta. Ekuitas terdiri atas modal ditempatkan dan disetor penuh sebesar AS$37,94 juta, tambahan modal disetor AS$12,90 juta, selisih kurs karena penjabaran laporan keuangan sebesar AS$0,28 juta dan saldo laba yang dicadangkan sebesar AS$7,61 juta dan saldo laba yang belum dicadangkan sebesar AS$87,46 juta. Perubahan ekuitas di 2014 berasal dari laba tahun berjalan sebesar AS$25,48 juta dan pembagian dividen sebesar AS$30 juta.

Kebijakan Struktur ModalPerseroan menetapkan kebijakan struktur modal yang mampu mencerminkan perimbangan antara penggunaan komposisi modal sendiri dengan pinjaman/utang yang terdiri dari utang jangka pendek dan utang jangka panjang agar dapat memaksimalkan nilai perusahaan.

Perseroan mengelola struktur permodalan dan melakukan penyesuaian, bila diperlukan, berdasarkan perubahan kondisi ekonomi. Untuk memelihara dan menyesuaikan struktur permodalan, Perseroan menyesuaikan pembayaran dividen kepada pemegang saham atau mengusahakan pendanaan melalui pinjaman. Tidak ada perubahan atas tujuan, kebijakan maupun proses selama tahun yang berakhir pada tanggal 31 Desember 2014.

DIVIDENRata-rata dividen payout ratio untuk 5 tahun terakhir sebesar 83,90%.

MODAL KERJA BERSIHSemakin meningkatnya aktivitas operasional, pendapatan serta pengelolaan piutang usaha dan manajemen kas yang lebih baik, maka modal kerja bersih Perseroan akan meningkat. Secara keseluruhan modal kerja bersih Perseroan tahun 2014 menurun sebesar 10,15% dari AS$87,36 juta pada tahun 2013 menjadi AS$78,49 juta pada tahun 2014 dikarenakan penurunan pendapatan dan margin laba kotor.

LAPORAN LABA RUGI

(dalam AS$ ribu)

Secara keseluruhan, kinerja tahun 2014 menurun, dimana penjualan turun sebesar 15,04% menjadi AS$207,44 juta, laba kotor menurun 28,89% menjadi AS$59 juta, laba usaha menurun 33,64% menjadi AS$34,29 juta dan laba tahun berjalan turun 33,41% menjadi AS$25,48 juta dari tahun 2013 sebesar AS$38,26 juta.

Pencapaian kinerja tahun 2014 ini melebihi revisi target awal yang dicanangkan, dimana realisasi penjualan tahun 2014 sebesar AS$207,44 juta, naik sebesar 22,03% dari revisi target awal sebesar AS$170 juta, demikian juga

2014 2013 Changes Target 2014 Changes

Revenue 207.443 244.170 -15,04% 170.000 22,03%

Gross Profit 58.899 82.831 -28,89%Income from Operations 34.285 51.662 -33,64%

--

--

Income for the year 25.481 38.264 -33,41% 20.000 27,41%


million, increased by 27.41% from the revised initial target of US$20 million.However, the Company knows that the challenge barrier in 2015 will increase, considering factors that might arise as following :

- World political and economic situation is unstable

- World oil price dropAlso, the business competition is tighter in domestic market with the growth of the threading industry and pipe processing.

With the obstacle factor, the Company establish 2015 Budget conservatively with the target:

Revenue US$ 187 million EBITDA US$ 37 million Net Income US$ 28 million

REVENUE FROM SALES AND SERVICES

In 2014, the Company achieves revenues of US$207.44 million or decreased by 15.04% from year 2013 amounted to US$ 244.17 million. The details as shown in the table:

REVENUE

(in US $ thousand)

The Company’s revenues in 2014 is mainly derived from revenue of sales of pipe materials, pipe processing services and pipe accessories sales of US$190.50 million or 91.83% of total revenue. This is decreased by 15.19% compared to 2013 of US$244.63 million. Revenue from transportation services contribution comes from Subsidiary, PT Sarana CIitranusa Kabil and its subsidiaries. While technical support services revenue is derived from subsidiaries from abroad, namely NSCT Premium Tubulars BV and its subsidiaries and NS Connection Technology Pte Ltd.

If reviewed from composition of exports and local marketing, revenue in 2014 is mainly derived from domestic of US$106.81 million or 51.49% of total revenue and decreased by 2.82% from the year 2013 amounted to US$109.91 million.Meanwhile, export sales of US$100.64 million or 48.51% of total revenue and decreased by 25.05% from the year 2013 amounted to US$134.26 million.

(in US $ thousand)

dengan realisasi laba bersih tahun 2014 sebesar AS$25,48 juta, naik 27,41% dari revisi target awal sebesar AS$ 20 juta.Namun demikian, Perseroan merasa bahwa tantangan tahun 2015 akan bertambah, mengingat faktor yang mungkin akan timbul antara lain :- Situasi politik dan ekonomi yang belum stabil di dunia

internasional- Jatuhnya harga minyak dunia Ditambah dengan persaingan usaha yang semakin ketat di pasar lokal dengan tumbuhnya industri penguliran dan pemrosesan pipa.

Dengan adanya faktor hambatan tsb, Perseroan menetapkan Anggaran tahun 2015 dibuat secara konservatif dengan target : Pendapatan AS$ 187 juta EBITDA AS$ 37 juta Laba Bersih AS$ 28 juta

PENDAPATAN DARI PENJUALAN DAN JASATahun 2014, Perseroan memperoleh pendapatan sebesar AS$207,44 juta atau turun 15,04% dari tahun 2013 sebesar AS$244,17 juta. Rincian ini dapat dilihat pada tabel berikut:

PENDAPATAN

(dalam AS$ ribu)

Pendapatan Perseroan tahun 2014 terutama berasal dari penjualan pipa, jasa pemrosesan pipa dan penjualan aksesoris pipa sebesar AS$190,50 juta atau 91,83% dari total pendapatan. Hal ini turun sebesar 15,19% dibanding tahun 2013 sebesar AS$244,63 juta. Kontribusi pendapatan jasa pengangkutan berasal dari Entitas Anak, PT Sarana Citranusa Kabil dan entitas anaknya. Sedangkan pendapatan jasa dukungan teknik berasal dari Entitas Anak yang berasal dari luar negeri, yakni NSCT Premium Tubulars BV dan entitas anaknya dan NS Connection Technology Pte Ltd.

Jika ditinjau dari komposisi pemasaran ekspor dan lokal, pendapatan tahun 2014 terutama berasal dari domestik sebesar AS$106,81 juta atau 51,49% dari total pendapatan dan menurun 2,82% dari tahun 2013 sebesar AS$ 109,91 juta.Sedangkan, pendapatan ekspor sebesar AS$100,64 juta atau 48,51% dari total pendapatan dan menurun 25,05% dari tahun 2013 sebesar AS$134,26 juta.

(dalam AS$ ribu)

Export 100.636 48,51% 134.263 54,99% -25,05%

Domestic 106.807 51,49% 109.907 45,01% -2,82%Total Revenue 207.443 100,00% 244.170 100,00% -15,04%

2014 % 2013 % Changes

2014 % 2013 % Changes

Revenue from sales of pipe materials, pipe processing services and pipe accessories sales 190.497 91,83% 224.625 92,00% -15,19%Revenue from transportation services 12.794 6,17% 17.222 7,05% -25,71%Revenue from technical support services 4.152 2,00% 2.323 0,95% 78,73%Total Revenue 207.443 100,00% 244.170 100,00% -15,04%


With the economic condition in 2014 and the tighter business competition, the Company will continue strive to maintain local market share for oil and gas companies and enhance the marketing of the Company’s products abroad.

GROSS PROFIT

(in US$ thousand)

The Company’s gross profit in 2014 amounting to US$59 million with a gross profit margin 28.39% compared to 2013 of US$82.83 million with a gross profit margin of 33.92%. The Company experienced a decrease in gross profit margin in 2014 by 16.30% compared to 2013, it is caused by increasingly tight business competition with the growth of the threading industry and processing pipe and decreasing market share in export.

EXPENSES (OTHER INCOME)

(in US $ thousand)

General and administrative expenses in 2014 of US$23.58 million, increased by 2.79% from the year 2013 of US$22.94 million, this caused by increasing in professional fee of US$598 thousand and warehouse rental of US$419 thousand.

SELLING EXPENSE

(in US $ thousand)

Dengan kondisi perekonomian tahun 2014 dan persaingan usaha yang semakin ketat, Perseroan akan tetap berusaha mempertahankan pangsa pasar lokal untuk perusahaan migas dan meningkatkan pemasaran produk Perseroan di luar negeri.

LABA KOTOR

(dalam AS$ ribu)

Laba kotor Perseroan tahun 2014 sebesar AS$59 juta dengan margin laba kotor 28,39% dibanding dengan tahun 2013 sebesar AS$82,83 juta dengan margin laba kotor 33,92%. Perseroan mengalami penurunan margin laba kotor tahun 2014 sebesar 16,30% dibanding tahun 2013, dimana hal ini disebabkan oleh persaingan usaha yang semakin ketat dengan tumbuhnya industri penguliran dan pemrosesan pipa serta penurunan pangsa pasar ekspor.

BEBAN (PENDAPATAN LAIN)

(dalam AS$ ribu)

Beban umum dan administrasi tahun 2014 sebesar AS$23,58 juta atau naik 2,79% dari tahun 2013 sebesar AS$22,94 juta, hal ini terutama terjadi adanya peningkatan jasa tenaga ahli sebesar AS$598 ribu dan sewa gudang sebesar AS$419 ribu.

BEBAN PENJUALAN

(dalam AS$ ribu)

Revenue 207.443 352,20% 244.170 294,78% -15,04%Cost of revenue (148.544) -252,20% (161.339) -194,78% -7,93%

Gross Proit 58.899 100,00% 82.831 100,00% -28,89%

Gross Proit Margin 28,39% 33,92% -16,30%

2014 % 2013 % Changes

Del ivery costs 3.588 90,70% 7.945 63,02% -54,84%Marketing 213 5,38% 4.383 34,76% -95,14%Others 155 3,92% 280 2,22% -44,64%

Total Selling Expenses 3.956 100,00% 12.608 100,00% -68,62%

2014 % 2013 % Changes

2014 2013 Changes

General and administrative expenses 23.583 22.942 2,79%

Selling expenses 3.956 12.608 -68,62%Other operating income (2.925) (4.392) -33,40%Other operating expenses - 12 -100,00%

Equity in net earnings of associated companies (1.781) (3.318) -46,32%

Finance income (216) (83) 160,24%

Finance costs 956 1.700 -43,76%Other Expenses 595 Other comprehensive income: Difference in foreign currency translation

of financial statements 87 109 -20,18%


Selling expenses in 2014 amounting to US$3.96 million, decreased by 68.62% from the year 2013 of US$12.61 million, this is due to delivery of pipe shipments of US$3.59 million that decreased by 54.84% from year 2013 and marketing expenses of US$213 thousand that decreased by 95.14% from year 2013.

OTHER OPERATING INCOME

(in US $ thousands)

Other operating income in 2014 amounting to US$2.93 million, decreased by 33.40% from the year 2013 of US$4.39 million, this is due to decreasing in income from electricity supply and gain on foreign exchange rate.

EQUITY IN NET INCOME OF ASSOCIATED COMPANIES

(in US$ thousand)

Equity in net income of associated companies in 2014 amounting to US$1.78 million, decreased by 46.32% from the year 2013 of US$3.32 million, this is due to a decrease business in associated company PT H-Tech Oilfield Equipment located in Batam with share ownership of 45.65% and 48% Citra Sumit Valind Investment Pte Ltd which registered in Singapore, both engage in business of threading pipe, due to global economic conditions are less conducive, especially in oil and gas industry.

Income for the year

Consolidated net profit for current year is US$25.48 million (2013: US$38.26 million) decreased by 33.41% due to decreasing in sales for export market of 25.05% compared with 2013.

Earnings per share

Earnings per share at year end 2014 and 2013 are US$0.0318 and US$0.0478 respectively, calculated by the total listed shares.

Beban penjualan tahun 2014 sebesar AS$3,96 juta atau turun 68,62% dari tahun 2013 sebesar AS$12,61 juta, hal ini akibat beban pengiriman pipa sebesar AS$3,59 juta yang turun sebesar 54,84% dari tahun 2013 dan beban pemasaran sebesar AS$213 ribu yang turun sebesar 95,14% dari tahun 2013.

PENDAPATAN OPERASI LAINNYA

(dalam AS$ ribu)

Pendapatan operasi lainnya tahun 2014 sebesar AS$2,93 juta atau turun 33,40% dari tahun 2013 sebesar AS$4,39 juta, hal ini akibat penurunan pendapatan suplai listrik dan keuntungan selisih nilai tukar.

BAGIAN ATAS LABA NETO ENTITAS ASOSIASI

(dalam AS$ ribu)

Bagian atas laba neto asosiasi tahun 2014 sebesar AS$1,78 juta atau turun 46,32% dari tahun 2013 sebesar AS$3,32 juta, hal ini akibat adanya penurunan bisnis usaha entitas asosiasi PT H-Tech Oilfield Equipment yang berada di Batam dengan presentasi kepemilikan saham sebesar 45,65% dan Citra Sumit Valind Investment Pte Ltd yang terdaftar di Singapura dengan porsi kepemilikan saham sebesar 48%, dimana keduanya bergerak dibidang penguliran pipa, akibat kondisi perekonomian dunia yang kurang kondusif, khususnya industri migas.

Laba tahun berjalanLaba neto tahun berjalan konsolidasian sebesar AS$25,48 juta (2013: AS$ 38,26 juta) turun 33,41%, akibat penurunan penjualan di pasar ekspor sebesar 25,05% dibandingkan tahun 2013.

Laba neto per sahamLaba neto per saham pada akhir tahun 2014 dan 2013 masing-masing sebesar AS$0,0318 dan AS$0,0478 dihitung dari jumlah saham yang beredar.

2014 % 2013 % Changes

Income from electrici ty supply 965 32,99% 1.243 28,30% -22,37%

Support service 947 32,38% 568 12,93% 66,73%

Pipe handl ing services 297 10,15% 271 6,17%Rental income 252 8,62% 256 5,83% -1,56%Interest income from related parties 148 5,06% 153 3,48% -3,27%

Gain on foreign exchange rate - net 146 4,99% 884 20,13% -83,48%

Sales of scrap 61 2,09% 579 13,18% -89,46%

Gain on sa les of fixed assets 43 1,47% 67 1,53% -35,82%

Miscel laneous 66 2,26% 371 8,45% -82,21%Total Other Operating Income 2.925 100,00% 4.392 100,00% -33,40%

2014 % 2013 % Changes

PT H-Tech Oi l f i e ld Equipment 1.541 86,52% 2.350 70,83% -34,43%

Citra Sumit Val ind Investments Pte. Ltd. 122 6,85% 968 29,17% -87,40%PT Pelayaran Citransti rta Tatasarana 118 6,63% - 0,00%Total 1.781 100,00% 3.318 100,00% -46,32%


Capital structure

Share Capital 3,200,000,000 shares at par value of Rp100 per share.Issued and Fully Paid – 800,371,500 shares of US$37.93 million.At any time, when needed, to increase the paid up capital for the purpose of investment or additional working capital the Board of Directors may issue additional new shares from the portfolio based on the decision of General Meeting of Shareholders.

Substantial Connection on the Investment

in Capital Items

In 2014 there is no substantial contract of investment in capital items.

Information and Substantial Facts

Occurred after the Date of Report

There is no information and substantial facts after the date of Annual Report of 2014.

Business Prospect

We have passed 2013 quiet satisfactorily even with the constraint and global economic crisis. The crisis has no negative impact to the Company as the export sales revenue reached 49% from total revenue.

In 2014 the Company’s sale to oil and gas companies in Indonesia is stable.

The demand for OCTG pipes in 2015 is expected to decrease as oil and gas prices remain down, this will attract oil and gas companies to decrease their activities in their drilling programs. The Company continues to do its research and development program for premium products so as to be competitive in domestic and international markets. The products being developed at present is the premium pipes for deep and corrosive wells called VAM BOLT which has the advantage of technology especially for offshore deep water sea wells.

In 2014, the export sales revenue amount to US$100.64 millions (2013: US$134.26 millions) decreased by 25% and domestic sales revenue amount to US$106.81 millions (2013: US$109.91 millions) decreased by 2.82% due to tight competition in oil and gas industry.In the port services segment the sales revenue amount to US$13.94 millions (2013:US$18.63 millions) with profit of US$0.31 millions (2013: US$1.11 millions) the decrease due to lower volume of commodity transfer.It is expected that the volume of commodity transfer will increase in 2015.

Struktur permodalan

Modal dasar 3.200.000.000 saham dengan nilai nominal Rp100 per saham. Modal ditempatkan dan disetor penuh – 800.371.500 saham dengan nilai AS$37,93 juta. Sewaktu-waktu diperlukan meningkatkan modal disetor untuk keperluan investasi atau tambahan modal kerja, maka Direksi berdasarkan keputusan RUPS dapat menerbitkan tambahan saham baru dari portfolio.

Ikatan Material untuk Investasi Barang Modal

Dalam tahun 2014 tidak ada ikatan material untuk investasi barang modal.

Informasi dan Fakta Material setelah Tanggal Laporan

Tidak ada informasi dan fakta material setelah tanggal Laporan Tahun buku 2014.

Prospek Usaha

Tahun 2014 telah dilalui dengan cukup baik mengingat kendala dan krisis global ekonomi masih belum juga selesai. Krisis tersebut tidak mempunyai dampak terhadap Perseroan karena terbukti penjualan ekspor masih mencapai 49% dari pendapatan.Sepanjang tahun 2014 pemasaran produk-produk kepada perusahaan minyak dan gas bumi di Indonesia cukup stabil. Permintaan pipa-pipa OCTG untuk 2015 akan menurun mengingat harga minyak dan gas alam cenderung turun, dengan demikian akan memicu perusahaan minyak untuk menurunkan program pengeboran mereka. Perseroan secara teratur mengadakan penelitian dan pengembangan untuk produk-produk premium agar dapat tetap bersaing dengan kompetitor lokal dan internasional. Produk yang sedang dikembangkan untuk sumur dalam dan korosif adalah VAM BOLT yang keunggulannya khusus untuk sumur dalam lepas pantai.

Tahun 2014 untuk pangsa ekspor yang telah dicapai adalah sebesar AS$100,64 juta (2013: AS$134,26 juta) turun sebesar 25% dan pangsa domestik adalah AS$106,81 juta (2013: AS$109,91 juta) turun sebesar 2,82% sehubungan dengan ketatnya persaingan di industri minyak dan gas.Disektor jasa pelabuhan telah memberikan pendapatan sebesar AS$13,94juta (2013: AS$18,63 juta) dengan laba AS$0,31juta (2013: AS$1,11 juta) turun dikarenakan volume arus lalu lintas komoditas. Diharapkan untuk tahun 2015 arus lalu lintas komoditas dapat pulih kembali.


Comparison between Target and its

Realization

The target or projection of the Company for 2014 was US$170 million with EBITDA US$29 million. The realization revenue reached US$207 million with EBITDA US$40 million. The Company met the EBITDA due to increase revenue for premium pipes in export as well as domestic market.

Forecast 2015

Proposed budget for 2015 have been approved by the Board of Commissioners and Board of Directors is as follows:

Revenue US$ 187 millionEBITDA US$ 37 millionNet Profit US$ 28 million

Forecast 2015 is prepared conservatively due to the followings :

The Company has no plan to execute any Corporate action in 2015.

Market Aspects of Products and Services

It is doubtless that the declining of oil price and the ample of imported products enter Indonesia will have a great impact on the price of OCTG, in general and in the beginning of 2015.

PT Citra Tubindo Tbk tries to maintain the market share through the variety of products and marketing areas. We have started to market the Line pipe to the domestic market, not only to oil and gas companies but also to the Engineering Procurement and Construction (EPC) companies. The Company realizes of the limitation of facilities and has started to increase the production facilities as to be international Line-pipe producer and other pipes.

To intensify the Company’s competitiveness, PT Citra Tubindo Tbk has optimized the facilities for connections called Connection Development & Evaluation Center (CDEC). Apart from testing of the development of connections, such equipment is also used for testing the existing connection to ensure that the connection is suitable/able to be used in certain well condition as in real life in the field. This is suitable for geothermal projects where the different in thermal cycle is very big between operating temperature and enclosed temperature. This is the first facility installed in Indonesia.

Perbandingan antara Target dan Hasil yang dicapai

Target atau proyeksi Perseroan di tahun 2014 sebesar AS$ 170 juta dengan EBITDA AS$ 29 juta. Realisasi yang dicapai adalah sebesar AS$ 207 juta dengan EBITDA AS$ 40 juta. Perseroan mencapai target EBITDA karena peningkatan penjualan pipa premium di pasar ekspor dan domestik.

Target 2015

Anggaran tahun 2015 yang telah disetujui oleh Direksi dan Dewan Komisaris adalah sebagai berikut:

Pendapatan AS$ 187 jutaEBITDA AS$ 37 jutaLaba Bersih AS$ 28 juta

Anggaran tahun 2015 dibuat secara konservatif mengingat faktor-faktor yang mungkin akan timbul antara lain:

internasional

Perseroan belum merencanakan untuk mengadakan aksi korporasi pada tahun 2015.

Aspek Pemasaran Atas Produksi dan Jasa

Tanpa dapat dipungkiri bahwa penurunan yang cukup besar dari harga minyak dan membanjirnya produk luar negeri memberikan akibat pada harga permintaan OCTG pada umumnya pada awal tahun 2015.

PT Citra Tubindo Tbk berusaha mempertahankan pangsa pasar melalui variasi produk dan area pemasaran. Kami mulai merintis pemasaran pipa salur (Line Pipe) di dalam negeri bukan saja hanya di perusahaan minyak dan gas tetapi juga pada Perusahaan Engineering Procurement and Construction (EPC). Sadar akan keterbatasan fasilitas produksi, PT Citra Tubindo Tbk telah mulai menambah dan meningkatkan fasilitas produksi agar dapat menjadi pemain international pada produksi pipa salur (Line Pipe) dan lainnya.

Dalam meningkatkan daya saing perusahaan, PT Citra Tubindo Tbk mengoptimalkan fasilitas pengujian untuk sambungan (connection) yang disebut connection Development & Evaluation Center (CDEC). Selain menguji untuk keperluan pengembangan sambungan (Connection), alat pengujian tersebut juga digunakan untuk menguji sambungan yang sudah ada guna membuktikan apakah sambungan tersebut cocok/mampu dipakai pada kondisi sumur (well condition) seperti nyata dilapangan. Hal ini cocok sekali digunakan pada penggunaan panas bumi (Geothermal) dimana siklus panas (thermal cycle) sangat besar antara suhu operasi dan suhu tertutup. Fasilitas ini adalah yang pertama di Indonesia.


Business competition in 2015 will be very tight considering that products from China enter to the market and they have long term contract with the energy and raw material suppliers as to produce low price of pipes.

With the increasing volume of overseas pipes entering Indonesia, this has made the domestic investment less attractive and a threat of more unemployment. Therefore the protection from the Government in the form of Safeguard, Anti-dumping practice will protect the domestic industries and secure business activities in Indonesia.

Pipes produced by PT Citra Tubindo Tbk have been exported to various countries in the world for many years with good acknowledgement of quality.

To confront with tight competitive market, the Company has implemented a few marketing strategies to increase market share by:

to be more flexible, efficient and effective as to acquire more competitive raw materials .

efficiency, productivity in all stages of business operation as increase the competitiveness and friendly to environment.

programs and their needs.

as to provide prime services to the customers especially in giving the right solutions to their needs of pipes.

delivery time as the lead time has become very short.

pipes which is highly competitive.

Persaingan usaha di tahun 2015 akan semakin ketat dengan membanjirnya pipa dari China yang telah membuat kontrak jangka panjang untuk kebutuhan bahan baku dan energi sehingga bisa memproduksi pipa dengan harga murah.

Dengan membanjirnya pipa produk import mengakibatkan kurang menariknya berinvestasi di dalam negeri yang juga mengancam meningkatnya pengangguran. Oleh sebab itu perlindungan Pemerintah dengan bentuk Safeguard, Anti Dumping dan dengan praktek yang nyata akan keberpihakan terhadap Industri Dalam Negeri akan memberikan rasa aman untuk berusaha di dalam negeri.

Produk pipa PT Citra Tubindo Tbk, telah bertahun tahun diekspor ke pasar manca negara dengan mutu yang tidak diragukan lagi.

Dalam menghadapi tingkat persaingan yang ketat, Perseroan telah menerapkan beberapa strategi untuk meningkatkan penjualan antara lain :

Bekerjasama dengan para pemasok bahan baku yang lebih flexible, efisien, efektif sehingga Perseroan mendapatkan bahan baku yang lebih kompetitif.Meningkatkan efisiensi dan produktivitas di dalam semua tahap operasi perusahaan sehingga meningkatkan daya saing dan ramah lingkungan. Mencari informasi terkait dan terkini untuk mendapatkan informasi program pengeboran beserta keperluannya. Terus menerus meningkatkan kualitas sumber daya manusia yang handal guna meningkatkan mutu pelayanan kepada pelanggan terutama membantu memberikan solusi terhadap kebutuhan pipa pelanggan dengan tepat. Memiliki stock bahan baku umum yang cukup untuk meningkatkan pelayanan terhadap pengiriman pipa yang semakin singkat.Mengembangkan jenis-jenis ulir baru guna menghadapi kebutuhan pasar pipa yang semakin tinggi tantangannya.


products.

Dividend Policy and Total Dividend

The Company’s dividend policy is as stated below. However, such policy may change at any time in accordance with the decision of the General Meeting of Shareholders.

The above-mentioned dividend policy is also applicable to all subsidiary companies.

% Annual Net Income and Dividend

20% Up to US$ 1.0 million

30% From US$ 1.0 million to US$ 1.5 million

35% Over US$ 1.5 million

History of Dividend

In the Annual General Meeting of Shareholders of the Company, held on June 03, 2014 in Batam the distribution of final dividend amounted to US$ 0.03748 per share for financial year ended December 31, 2013 has been approved after observing the

Memberikan pelatihan kepada pelanggan atas produk produk Perseroan.Fokus kepada pelanggan-pelanggan dengan kebutuhan pipa performa tinggi.

Kebijakan Dividen dan Jumlah Dividen

Kebijakan Perseroan dalam pembagian dividen tertera dibawah ini. Namun demikian, kebijakan tersebut dapat berubah sesuai dengan keputusan Rapat Umum Pemegang Saham.Kebijakan pembagian dividen tersebut juga berlaku untuk anak-anak perusahaan Perseroan.

Laba Bersih per Tahun dan Besarnya Dividen

Sampai dengan AS$ 1,0 juta

Di atas AS$ 1,0 juta sampai dengan AS$ 1,5 juta

Lebih dari AS$ 1,5 juta

Kronologis Dividen Tunai yang dibayarkan

Dalam Rapat Umum Pemegang Saham Tahunan Perseroan yang diselenggarakan pada tanggal 03 Juni 2014 di Batam disetujui pembagian dividen final sebesar AS$ 0,03748 per saham untuk tahun buku yang berakhir pada tanggal 31 Desember 2013, dengan memperhatikan ketentuan

Dividen Per UsahaDividend Per Share

AS$ 0,2000AS$ 0,0025AS$ 0,0160AS$ 0,0210AS$ 0,0450AS$ 0,0375

AS$ 0,03748

Total DividenTotal Dividend

AS$ 16.000.000AS$ 2.000.000AS$ 12.800.000AS$ 16.800.000AS$ 36.000.000AS$ 30.000.000AS$ 30.000.000

Tahun HasilYear Result

2007200820092010201120122013

Rasio PembayaranPayout Ratio

68,65%10,19%90,46%91,46%71,75%87,42%78,40%

Tanggal PembayaranPayment Date09 JulI 2008

10 Agustus 200910 Agustus 201008 Agustus 2011

29 Juni 201226 Juli 201317 Juli 2014


regulations of PT Bursa Efek Indonesia as follows:- Cum dividend for transactions in the Regular Market and

Over The Counter Market up to June 27, 2014.- Ex dividend for transactions in the Regular Market and Over

The Counter Market starts on June 30, 2014.- Cum dividend for Cash Market up to July 02, 2014.

- Ex dividend for Cash Market started on July 03, 2014.

- Book Closure date of the List of Shareholders was at 16:00 Western Indonesian Time on July 02, 2014.

- Dividend was distributed from July 17, 2014.

Dividend distribution was declared to the public through 2 (two) daily newspapers which have circulations in Indonesia and in Indonesian language.

Information on Affiliated Transaction

On August 13, 2014, PT Pelayaran Citranstirta Tatasarana (CITA), a subsidiary of PT Citra Pembina Pengankutan Industries (CPPI) has increased its capital. CITA was required to increase its capital to fulfill the rules of Regulations Ministry of Relationship Number 13 Year 2012 on the Registered and Nationality of Vessel where the vessel which use Indonesian flag is an Indonesian Lawful Entity and own majority of shares by the Indonesian Citizen and to support the operation of the group companies of the Company requires local vessel in the future and in the development of the Company.

The increase of capital in CITA was entirely injected by PT Citra

PT Bursa Efek Indonesia sebagai berikut:- Cum dividen untuk perdagangan saham di Pasar Reguler

dan Pasar Negosiasi sampai dengan tanggal 27 Juni 2014.- Ex dividen untuk perdagangan saham di Pasar Reguler dan

Pasar Negosiasi mulai tanggal 30 Juni 2014 .- Cum dividen untuk perdagangan saham di Pasar Tunai

sampai dengan tanggal 02 Juli 2014.- Ex dividen untuk perdagangan saham di Pasar Tunai mulai

tanggal 03 Juli 2014.- Batas akhir tanggal Pencatatan dalam Daftar Pemegang

Saham tanggal 02 Juli 2014 sampai dengan pukul 16:00 WIB.- Pelaksanaan pembayaran dividen dimulai tanggal 17

Juli 2014.

Pembagian dIviden diumumkan kepada publik dalam 2 (dua) surat kabar harian berbahasa Indonesia yang mempunyai peredaran luas di Indonesia.

Informasi Material Mengenai Transaksi Afiliasi

Pada tanggal 13 Agustus 2014 telah dilakukan peningkatan modal dalam PT Pelayaran Citranstirta Tatasarana (CITA), anak perusahaan PT Citra Pembina Pengangkutan Industries (CPPI). CITA perlu meningkatkan modalnya untuk memenuhi ketentuan Peraturan Menteri Perhubungan Nomor 13 Tahun 2012 tentang Pendaftaran dan Kebangsaan Kapal, yang mengharuskan pemilik kapal yang berbendera Indonesia adalah Badan Hukum Indonesia yang sahamnya mayoritas dimiliki oleh Warga Negara Indonesia dan sekaligus untuk menunjang operasional Grup Perseroan akan kebutuhan kapal lokal pada masa yang akan datang dan pengembangan usaha Perseroan.

Peningkatan Modal dalam CITA tersebut diambil bagian


Agramasinti Nusantara (CAN) where CAN is affiliated company of the Company holding 4,200,000 (four mil lion two hundred thousand) shares in CITA with a total amount of Rp4,200,000,000 (four billion two hundred million Rupiah). The increase of capital has diluted the ownership of CPPI in CITA from 99.88% to 48.77%.

This is affiliated transaction as:

Company’s share;

- Kris Tanear Wiluan, President Director of the Company is also a Commissioner of CAN;

- Hedy Wiluan, Finance Director of the Company, also a Commissioner of CAN;

- Richard Wiluan, Marketing Director of the Company, also a Director of CAN.

As to fulfill the Regulation No.IX.E.1 on the Affiliated Transaction and Conflict of Interest Transaction, Attachment to the Decision of Chairman of Bapepam and LK Number Kep-412/BL/2009 dated November 25, 2009 and Disclosure of Information according to Regulation Number X.K.1, Attachment to the Decision of Chairman of Bapepam number Kep-86/PM/1996, dated January 24, 1996 on the Disclosure of Information to be announced to the Public as soon as possible, thus the Company has done the disclosure of information as stipulated in the letter of the Company number 046/CT/Dir/LD/VIII/2014, dated August 15, 2014.

seluruhnya oleh PT Citra Agramasinti Nusantara (CAN) yang merupakan afiliasi dari Perseroan, yaitu sebanyak 4.200.000 (empat juta dua ratus ribu) saham dengan nilai nominal seluruhnya sebesar Rp4.200.000.000 (empat milyar dua ratus juta Rupiah). Peningkatan Modal dalam CITA tersebut mengakibatkan kepemilikan saham CPPI pada CITA yang semula 99.88% menjadi 48.77%.

Transaksi ini merupakan transaksi afiliasi dikarenakan :

yaitu :- Kris Taenar Wiluan, Direktur Utama Perseroan

menjabat juga sebagai Komisaris Utama di CAN;- Hedy Wiluan, Direktur Keuangan Perseroan menjabat

juga sebagai Komisaris di CAN ;- Richard Wiluan, Direktur Pemasaran Perseroan

menjabat juga sebagai Direktur CAN.

Untuk memenuhi ketentuan Peraturan No.IX.E.1 tentang Transaksi Afiliasi Dan Benturan Kepentingan Transaksi Tertentu, Lampiran Keputusan Ketua Bapepam dan LK Nomor Kep-412/BL/2009 tanggal 25 Nopember 2009 dan Keterbukaan Informasi sesuai Peraturan Nomor X.K.1, Lampiran Keputusan Ketua Bapepam Nomor Kep-86/PM/1996, tanggal 24 Januari 1996 tentang Keterbukaan Informasi Yang Harus Segera Diumumkan Kepada Publik, maka Perseroan telah melaksanakan keterbukaan informasi sebagaimana ternyata dari surat Perseroan nomor 046/CT/Dir/LD/VIII/2014, tertanggal 15 Agustus 2014.


Dewan Komisaris

Dewan Komisaris Perseroan terdiri dari:

Utama;

Uraian Pelaksanaan Tugas Dewan Komisaris

Remunerasi Anggota Dewan Komisaris

Board of Commissioners

The Board of Commissioners of the Company consists of:

Jobs Description of Board of Commissioners

Remuneration of Members of Board of Commissioners

Tata Kelola PerusahaanCorporate Governance


Frequency of Board of Commissioners’ Meetings

Expose

Board of Directors

Scope and Responsibilities of Board of Directors

Frekuensi Rapat Dewan Komisaris

Direksi

Ruang Lingkup dan Tanggung Jawab Anggota Direksi


Remuneration of Members of the Board of Directors

Frequency of Board of Directors’ Meetings

arah Perseroan;

Perseroan;

Perseroan;

Remunerasi Anggota Direksi

Frekuensi Rapat Direksi


The Realizations of the Decisions of the General Meeting

of Shareholders

Keputusan Rapat Umum Pemegang Saham dan Realisasinya


Audit Committee

History of Position and Terms of Duty

Composition and profile of Audit Committee

1. Prof. DR. J.B. Kristiadi P

2. Drs. Ferdi Sulaiman, CPA

Experience:

Komite Audit

Riwayat Jabatan dan Periode Jabatan

Komposisi dan profile Komite Audit

1. Prof. DR. J.B. Kristiadi P

2. Drs. Ferdi Sulaiman, CPA

Pengalaman :


Education :

3. Reginald Djakarya, QIA

Experience:

Education :

Independency of Audit committee

√ √ √

√ √ √share

√ √ √

Board of CommissionersNo position in a

√ √ √

Pendidikan :

3. Reginald Djakarya, QIA

Pengalaman :

Pendidikan :

Independensi Anggota Komite Audit

√ √ √

√ √ √

√ √ √

saham

Komisaris

√ √ √

daerah


Frekuensi Rapat Komite Audit Frequency of Audit Committee’s Meetings

Note

No Tanggal | Date Kehadiran Attendance Agenda | Agenda

JB FS RD

rd


Audit Committee Activities

Charter of Audit Committee

Other Committees

Uraian Aktivitas Komite Audit

Piagam Komite Audit

Komite lainnya


Corporate Secretary of the Company

History of Position and Terms of Duty

Work Experience :

Education :

Terms of Duty

Jobs of the Corporate Secretary

Internal Audit Unit

Sekretaris Perusahaan Perseroan

Riwayat Jabatan dan Periode Jabatan

Pengalaman Kerja :

Pendidikan :

Masa Tugas

Pelaksanaan Tugas Sekretaris Perusahaan Perseroan

Perseroan;

Unit Audit Internal


Personnel and Qualification

Structure and Position

Job Description and Responsibilities

Personil dan Kualifikasi

Struktur dan Kedudukan

Tugas dan Tanggungjawab


Job Description/Activities of Internal Audit Unit/Execution

of activities

Uraian pelaksanaan tugas/aktifitas Unit Audit Internal/pelaksanaan kegiatan


Internal Control SystemSistem Pengendalian Internal


Controls

Risk management

Controlling activity

Communication and information

Monitoring

Financial and Operational Control

Financial Control

Operation

Compliance to the Laws and Regulations

Perseroan didasari atas unsur:Lingkungan pengendalian

Penilaian resiko manajemen

Aktifitas Pengendalian

Komunikasi dan informasi

Pemantauan

Pengendalian Keuangan dan Operasional

Pengendalian Keuangan

Pelaksanaan Operasi

Kepatuhan Hukum dan Regulasi


Evaluation on the Internal Control System

Risk Management System

General Views on Risk Management System

Evaluasi atas Sistem Pengendalian Internal

Sistem Manajemen Resiko

Gambaran Umum Sistem Manajemen Resiko

Perseroan;


Type of Risks and Risk Management Jenis Resiko dan Pengelolaannya

Resiko harga komoditas

Captain Save

hedging


Review on the Effectiveness of Risk Management

Resiko Kredit

Telaah atas Efektivitas Sistem Manajemen Resiko

manusia;


Events Facing the Company and

Management

Administrative Fine by the Authority of

Capital Market and other Authority

Administrative Fine from PT Bursa Efek Indonesia

Business Etiquette and Corporate Culture

a. Basic Business Etiquette

Commissioners in terms of:

- Standard and Professionalism

Performance and Responsiveness

Perkara yang Dihadapi Perseroan dan Pengurus Perseroan

Sanksi Administratif oleh Otoritas Pasar Modal dan Otoritas lainnya

Sanksi administratif dari PT Bursa Efek Indonesia

Kode Etik dan Budaya Perseroan

a. Pokok-pokok Kode Etik

Dewan Komisaris terdiri dari :

- Standar and profesionalisme

- Kinerja dan rasa tanggungjawab


- Conflict of interested

- Relations with third parties

to:

- Benturan kepentingan

- Hubungan dengan pihak ketiga


- Insider dealing

- Confidentiality

- Conservation of assets

- Internal relations

- Basic traits

- Transaksi oleh orang dalam

- Kerahasiaan

- Perlindungan atas aset Perusahaan

- Hubungan internal

- Sifat dasar


- Towards shareholders

- Towards customers

- Towards suppliers

- Towards the environment

- Towards countries and communities

b. Company’s Culture

- Terhadap Pemegang Saham

- Terhadap pelanggan

- Terhadap Pemasok

- Terhadap lingkungan hidup

- Terhadap Negara dan masyarakat

b. Budaya Perusahaan


c. Socialization of Business Etiquette and Its Enforcement

d. Business etiquette is compiled in various documents

and valid for all employees including managers, Board

of Directors and Board of Commissioners.

Whistleblowing system

Methods of Submitting report of Violation

Protection to the reporter

Handling the complaints

The Complaints Processing Party

Results from the handling of Complaints

c. Sosialisasi Kode Etik dan Penegakannya

d. Kode etik disusun dalam berbagai dokumen dan berlaku bagi seluruh karyawan, termasuk menejer, Direksi dan Dewan Komisaris.

Sistem Pelaporan Pelanggaran

Cara Penyampaian Laporan Pelanggaran

Perlindungan Bagi Pelapor

Penanganan Pengaduan

Pihak Yang Mengelola Pengaduan

Hasil Dari Penanganan Pengaduan


A. Lingkungan Hidup dan Sistem Pengolahan Limbah

Penggunaan Bahan Baku atau Bahan Penolong Produksi

Bahan baku atau bahan penolong yang digunakan oleh Perseroan adalah sebagai berikut:

Plastic Resin.

diesel dengan natural gas sebagai bahan bakar

A. Environment and System of Waste

Treatment

The raw material or auxiliary materials utilized by the Company are:

Raw Material: Seamless Green Pipe, Steel Coil, Plastic Resin.Auxiliary material: Thinner, Paint, Insert, Coolant, Delta Forge, Dope.

Though the main raw material is classified as eco-product, the Company has made policies of only accepting auxiliary or supporting materials not in the category Carcinogenic, Mutagenic, Reprotoxic (CMR) and replace the supporting material with more environment friendly and safe to people and community.

To realize the commitment in the usage of

environmentally friendly energy, the Company has replaced the usage of fuel oil with natural gas as the main source of energy for all lines of productions and Power House. Since 2005 and up till now the Company is in the process of replacing environmentally friendly refrigerant for its Air Conditioners.

Tanggung jawab Sosial Perusahaan


The Company has made policies on energy and committed to ensure that every activity always consider the safety of environment and energy in an effective and healthy way by minimizing the usage at source (energy and water) and by reducing the emission of green house gas.

The Company has decided to reduce the intensity in the usage of energy to 20% in the year 2020.

To achieve the target all parties must always remember and consider the aspects of energy usage on each and every activity to be taken.

The Company’s production is based on orders, so that the products produced vary from year to year. This is very closely related to the consumption of energy at times it can be very efficient while others not efficient. Other factor is the design of machineries of production where it can be very efficient if it compatible to the design and inefficient if it is incompatible.

hingga 20% pada tahun 2020.

penggunaan energi pada setiap aktivitas yang hendak dilakukan.

0

- 2 0 0 0 0 0 0

- 4 0 0 0 0 0 0

- 6 0 0 0 0 0 0

- 8 0 0 0 0 0 0

- 1 0 0 0 0 0 0 0

- 1 2 0 0 0 0 0 0

- 1 4 0 0 0 0 0 0

- 1 6 0 0 0 0 0 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Pembangkit Listrik Produksi Kendaraan

kWh

Alokasi penggunaan energi primer

Diesel

2 0 0 0 0 0 0 0 0

1 5 0 0 0 0 0 0 0

1 0 0 0 0 0 0 0 0

5 0 0 0 0 0 0 0

0

2 0 0 0 0

1 5 0 0 0

1 0 0 0 0

5 0 0 0

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Diesel Gas Total T O E

kWh

T O

E

Komposisi Penggunaan Energi Primer

Seluruh Perusahaan

Produksi yang dilakukan oleh Perseroan adalah

rancangannya.


At present the Company is still using the un-renewable source of energy of natural gas to fulfilll the needs of production process due to economic and practical reasons. However, the Company is in the process of using renewable energy, solar cell, for lighting in the pipes storage.

To reduce the usage of natural gas for Generator for electricity the Company has implemented the following policies:

w Use capacitor bank;w Install inverter to the motor drivers of production;

w Socialize and implementation to the employees for:

Rooms; w Usage of natural light;w Replace bulbs with energy saving from Tube

Luminescent to LED bulbs in steps;

w Replace spot lights in the final inspection coupling and pipes with LED bulbs which only need quarter of energy compared to existing light;

w Use the solar cell lights in the areas where electricity is hard to install;

w Replace ordinary AC with Inverter AC;w Manage the quality of electricity;w Accelerate the time of start-stop with Single Minute

Exchange Die (SMED).

As to reduce the usage of natural gas in the furnace, the Company has done the following actions:

w Increase the efficiency of production by using refractory ceramic in the hardening and tempering of heat treatment facility;

w Close the door of the furnace and install software to simulate orders.

0

- 2 0 0 0 0 0 0

- 4 0 0 0 0 0 0

- 6 0 0 0 0 0 0

- 8 0 0 0 0 0 0

- 1 0 0 0 0 0 0 0

- 1 2 0 0 0 0 0 0

- 1 4 0 0 0 0 0 0

- 1 6 0 0 0 0 0 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Pembangkit Listrik Produksi Kendaraan

kWh

Alokasi penggunaan energi primer

Gas Alam

energi terbarukan secara bertahap yaitu

w

w

w

untuk: o

w

w

w

inspection coupling dan pipa de ngan

w

w

w

w

w

w


To save the consumption of fuel oil, some initiatives done include the followings:w Optimise operational of loaders and forklift;w Test of pick each heavy equipment;w Manage the distribution of filling of fuel oil to the

heavy equipment.

To ensure that the efficiency system is carried out properly and as expected, therefore energy audit is done by third party energy auditor who have more competent and experience in the audit energy and the last energy audit was done in 2012 and will re-audit in 2015.

The Company’s strategic plans to achieve the target related to the conservation of water up till 2020.

In carrying out the operation, the majority of water is used for the production among others:w Spraying of the pipes from the furnace in quenching

and descalling process;w The process of NDT and Hydrotest;w Process of surface treatment of pipes and couplings; w Cleaning of pipes.

In maintaining the water supply level and reserving the environment, especially of source of water, the Company carried out water conservation program through a few activities such as:

w Utilizing rain water for quenching and descalling of pipe from the furnace;

w Use closed loop system for quenching in Heat Treatment process;

w Recycling water in the NDT process and hydrotest.

The Company also manages waste water treatment from the process of surface treatment (phosphate and electroplating) with the facility of IPAL (Installation of Waste Water Treatment). The IPAL water process capacity is 9 m3 per day. The main objective of this water treatment is to reduce the waste the existence of waste in the water but also to reduce the usage of volume of water from the industrial estate to water the plants and reuse and recycle waste water to become reusable water for other purposes.

Through the steps above, the Company participated to maintain and preserve water source to be used according to the strict environment preservation scheme. The Company continuously monitors the quality of waste water from the processes and return it to the ground/general water reservoir, there is no certain parameters of measurement quality standard of the treatment.

w

w

w Mengatur distribusi pengisian BBM ke alat berat.

dilakukanlah audit energi dan audit ini dilakukan

energi. Terakhir audit energi dilakukan pada

tahun 2015.

Rencana strategis telah dibuat Perseroan untuk

digunakan untuk keperluan produksi antara lain: w

w

w

w

w

w

w Daur ulang air pada process NDT dan hydrotest.

3 per

pelestarian lingkungan yang dipegang teguh. Perseroan


The effort of 3R (Reduce, Reuse, Recycle) program carried out by the Company needs certain amount of fund. The return on investment will take some time. Due to the Company has commitment to preserve environment the infrastructure of using rain water project will still be continued.

The ratio from the result of reducing the load of polluted water as reported in proper to the total waste water produced.

The intensity of the waste fluid increased due to additional of waste fluid from the penetrant. The process of water treatment in IPAL uses a certain amount of chemicals so that if the cost is compared to the result, it is unfeasible. However, the Company committed to process the waste water treatment project even though the cost is high.

The activity of reducing air pollution is carried out by the Company to conserve the ozone layer. Though the actual calculation of the potential emission of gas which effect the ozone is not calculated accurately from the activity of Company’s production, yet the Company is making effort to reduce emission of gas which may destroy the ozone. The concrete effort of the Company to reduce green house effect of global warming are :

w To increase the efficiency of productivity through heat treatment of pipes, refractory ceramic is used for the hardening furnace and tempering in 2011;

w Converted source of energy from fuel oil to natural gas since 2005;

w Installation of scrubber to the electroplating chimney to reduce air pollution;

w Monitor the source of gas emission at 17 locations of production in every 6 months and mobile gas emission every yea;.

w Stop burning rubbish in open air;

w Carried out reducing green house gas by:

- Planting oliana, mango and angsana trees

Penurunan Beban Pencemaran Air

Jumlah Limbah Cair yang Dihasilkan

Jumlah Air pada Tahun:

Intensitas Jumlah Limbah Cair yang Dihasilkan terhadap Jumlah Produksi

1231 2064 1233 1612 m2

Total Produksi 416104 577609 331432 343076 TonIntensitas (m3/Ton) 0.296 0.357 -0.372 0.470 %

2011 2012 2013 2014 Satuan

dikeluarkan cukup besar.

oleh Perseroan sebagai bentuk kepedulian

Perseroan berpartisipasi nyata pada upaya

w

w

w

w

w

w


lingkungan.

yang datanya berasal dari laporan secara periodik

CO2 pada Area Produksi dan Sistem Pembangkit

0

- 5 0 0 0 0 0 0 0

- 1 0 0 0 0 0 0 0 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Diesel Gas

kWh


Sistem Pembangkit

2 0 0 0 0 0 0 0

1 0 0 0 0 0 0 0

0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Diesel Gas

kWh

Emisi CO2

Sistem Pembangkit

0

- 5 0 0 0 0 0 0 0

- 1 0 0 0 0 0 0 0 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Diesel Gas

kWh


Produksi

proven to minimise the air pollution and absorb the CO;

- Use user friendly of refrigerant.

The approach used to take samples in determining net calorific value and carbon content, the Company measured the data from the chemical composition of natural gas supplied from PGN on a periodic basis.

emission

It is known that fuel oil has higher level of damage to the environment compared with natural gas. The following is the result after the conversion of energy source.

CO2System


2 0 0 0 0 0 0 0

1 0 0 0 0 0 0 0

0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Diesel Gas

kWh

Emisi CO2

Produksi

2

2

2 yang dihasilkan didapat dari

2.

2

1 2 0 0 0 0 0

1 0 0 0 0 0 0

8 0 0 0 0 0

6 0 0 0 0 0

4 0 0 0 0 0

2 0 0 0 0 0

0

Diesel Gas

gra

m

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Emisi Methan

Seluruh Perusahaan

2 5 0 0 0 0

2 0 0 0 0 0

1 5 0 0 0 0

1 0 0 0 0 0

5 0 0 0 0

0

Diesel Gas

gra

m

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Emisi NO

Seluruh Perusahaan

Intensity of energy from gas per mTon production in the Hardening and Tempering processes compared with weight of CO2 per mTon of production.

Intensity of CO2 emission per kWh of electricity. The volume of CO2 produced obtained from the input energy times the emission factor of CO2.The Factor of emission is taken from US Energy Information Administration where the factor taken is 73.15 kf CO2/MMBtu for fuel oil and 54.01 Kg CO2/MMBtu for gas.

The emission factor is taken from the US Energy Information Administration where the factor used is 1 gram/MMBtu for Methane and 0.1 gram/MMBtu for NO.


The constraint in reducing the emission stated above is the cost of investment. Top management of the Company, however, continued those programs as the commitment of preserving the environment and efficiency will occur by using gas instead of fuel oil for electricity generator machines.

There are a few programs that the Company is under taking as one of the commitment to reducing the impact of hazardous waste to the environment:

α) Installation of Waste Water Treatment plant (IPAL)

IPAL program is made to reduce the impact of waste fluid from the phosphating and electroplating. The fluid produced from the IPAL process before passing to the drain it is treated by the Company to ensure that the water meets the requirements of existing environmental specifications. The test result is checked every month where the measurements is done by a third party taking samples directly from the locations.

b) Closed drain system

At present the Company is constructing the close drain system on the second phase which will separate the rain water and domestic waste water and waste fluid from the production. Domestic waste water and waste fluid from the production will pass through close drain system to the water treatment plant.

c) Providing temporary storage for hazardous waste

The collection of hazardous waste from the production is collected on a daily basis by HSE team and store in 2 temporary storages which have been approved by Bapedalda Batam. The waste information is recorded and report to the related departments in the Company on the status of hazardous waste as a reference to make any further action.

Reports of waste treatment will be compiled by the Company to make collective data reporting and submit to the Government as PROPER report on a 3-monthly basis and to UKP/UPL every 6 month.

berbahan bakar gas.

pada lingkungan yaitu:

terlebih dahulu dilakukan pengukuran oleh

buang sesuai dengan peraturan lingkungan

pengukurannya dilakukan oleh pihak ketiga

dihasilkan sebagai acuan terhadap tindakan

dan secara periodik dilaporkan ke pihak


d) The Company will intensify the waste treatment process by using advanced technology Biocleaner to process waste fluid from the production to improve the quality standards of domestic waste fluid. On 2014, technology Biocleaner still build processing to implemented on 2015.

The Company has obtained the certification of Environmental System Management (SML) ISO 14001:2004. This system of management concentrates on:

a) Reduction of polluting the environment;b) Minimise complaints from the communities; c) Improve efficiency of the processes;d) Complying to the regulations;e) Improve the performance of the management/

moral of working;f ) Improve the satisfaction of the consumer and

increase in sales.

To support the SML above, the Company has also obtained the certification of OHSAS 18001:2007 and SMK3 for K3 System Management and certification of ISO 9001:2008 for Quality System Management. Application of the above management systems has a great impact to the performance of the Company towards the environment, health and safety and quality of products being produced. With these achievements, in 2014, the Company has been awarded as participation in environmental day 2014 from BAPEDALDA Batam and PROPER Blue in 2014 from the Ministry of Environment and Re-certification of ISO 14001:2004 from the SGS Jakarta.

Steps that the Company takes are as follows:

A. Job Opportunity- Each vacant position is announced to all

internal employees and if they are interested they may submit application for the said positio,

- Job vacancy is announced through printed media and some popular Database such as Job Street and Jobs DB,

- Each qualified candidate will enter into Rene Portal automatically as to fill job vacancy with all the specifications of the position and may be read by other internal employees and anyone far away such as in Canada,

- The process of data entering and preliminary

tahun 2015.

n

serta kualitas produk yang dihasilkan. Karena pencapaian inilah pada tahun 2014 Perseroan

antara lain:


selection will be automatic through Rene Portal gives equal opportunity to all applicants and start working when all the requirements are fulfillled.

B. Equal gender- The policy is made without any discrimination of

gender which is discern the increment of female workers from year to year, and in 2014 there were 95 female employees compared to 88 in 2013.

- The significant sign showed that there were 2 female apprentice were accepted in the training in the fields where the jobs were done by male employees before.

Various types of training to improve and competency of the employees in Health, Safety and Environment (K3L) of were carried out by the Company internally and externally such as:

Internal Training:- Training of Over head Crane, forklift, Fire

Extinguisher (APAR), Material Safety Data Sheet (MSDS), Handling of spilt chemicals, 5S, Scaffolding, API 5CT Specification, Basic Fire Fighting, Basic Measurement, CNC Lathe Level I, Confined Space (H2S), Grinding Safety, Manual Handling Safety, Safety Visit, HIRADC, OHSAS 18001 and ISO 14001;

- Training of P3 and Lock Out Tag Out (LOTO).

External Training:- Training of Program of Waste Treatment (PROPER),

Corporate Social Responsibility (CSR), Hazard Identification Risk Assessment and Determine Control (HIRADC), First Aid training (P3K), MSDS, Training of Hazardous Waste Handling (B3), Occupational Health Safety Assessment System (OHSAS18001), ISO14001, Fire fighter class A,B,C and D, Forklift, ISO 19001, Basic Health and Safety Specialist, Lead Auditor, Manager of Water and Air Pollution Control, SMK3 Auditor, STOP, UPL/UKL Reporting and Gas Leakage.

To ensure that the working condition of the Company is good, implement the scheme of monitor, evaluation of performance (K3L) where the results of the monitoring and evaluation will be used as reference to make development plans and trainings on a regular basis in fulfillling the parameters related to K3L. The program to reduce the air pollution in a conventional way or from gas houses are looked into by the Company among others:

B. Kesetaraan gender

pelatihan baik secara internal dan eksternal yaitu:


- Improve the efficiency of the furnace with the replacement of refractory ceramic;

- Converted the source of energy from fuel oil to natural gas from 2005;

- Installed scrubber in the chimney of electroplating division.

The Company has strategic plans in reducing the air pollution by using natural gas as main source of energy for all production facilities and utilizing environment friendly refrigerant for AC. The Company is committed to provide healthy and safe working condition by identifying risks in all activities in the processes of the Company and later impose the control of the risks from all dangers according to the results of the evaluation from those respective risks. The hierarchy of risk control is in the steps as follows:

- Elimination of process, tools equipment/ machinery, material and dangerous behaviour

- Substitution of process, tools equipment/machinery, material and dangerous behaviour

- Artificial Engineering to the process and tool equipment/machinery which may cause dangers

- Administrative action for controlling process, equipment/machinery, material and dangerous behaviour

- Use of personal protective equipment (PPE).

The Rate of accident in the work place of the Company has decreased from year to year. The graphic below shows the trend of the accident in terms of lost time injury rate (LTIR) and total recordable injury rate (TRIR).

berikut:

dan perilaku berbahaya.

bahan dan perilaku berbahaya.

berbahaya.

TRIR = No of Recordable Injury case ( YTD ) x 1.000.000

Total Man Hour (YTD)

LTIR = No of Accident case ( YTD ) x 1.000.000 Total Man Hour (YTD)


“Safety Day” is an annual event. Apart from the Safety and Environment done on a routine basis, the Company is dedicated a full day for this event. On Safety Day there is no production, and all concentrate and aim at Safety and Environment matters. This shows that the management and team are committed to put safety as first priority.

The programs are set to the all aspects of Health and Safety in the factory site and also on the road and residential areas. Safety is not only in the working place. The carried out activities among others are as follows:

w Activity and Training which are related to safety and environment

- Hose drill competition is one of the events of the speed and accuracy to extinguish fire and save the victims in the fire.

- Training of LOTO (Lock Out Tag Out) given to the employees to enrich their knowledge and capability to identify and isolate the source of dangerous energy during the process of maintenance or repair of machineries.

- Smart and accurate HSE quiz is a competition of knowledge among departments where the objective is to measure the stage of understanding of employees towards HSE procedures and regulations.

- Incident of Injury Free Training is one of the training activities describing the procedures and regulation, safety man and APD are not only to avoid the happening of accident, but also depending on the mental condition of the employee such as frustration, in a hurry, tiredness and ignorant.

- Gas leakage and Fire evacuation Drill is a simulation training if fire broke out and evacuation acts when the fire is not able to extinguish. From this training, it is expected that the employees are ready to anticipate any unexpected happenings such as fire and other urgent situation.

- O&H Exhibition is an exhibition of Safety equipment in the work place and participated by a few K3 equipment suppliers.

- Sort, Set in order, Shine, Standardize, Sustain (5S) competition is a competition among the departments. This competition the evaluation follows the standard of 5S, Seiri, Seiton, Seiso, Seiketsu and Shitsuke.

- Making biopore absorbing hole to make catchment area in PT CT garden area in order to plants around company grow more fertile.

hari penuh untuk acara ini. Pada hari tersebut tidak

prioritas yang tinggi.

Adapun kegiatan yang dilaksanakan antara lain sbb:

w Kegiatan dan Pelatihan yang berhubungan

kebakaran.

salah satu kegiatan pelatihan yang

diinginkan seperti kebakaran dan kondisi darurat lainnya.

supplier perlengkapan K3.

lebih subur.


w""

- Blood donation is one of the social activities to help PMI to supply blood in Batam.

- Glucose and Blood Pressure Examination is the activity to check sugar content in the blood and blood pressure to all employees to make sure the status of their health of early detection and easier to handle consequently.

- Hepatitis Seminar is to explain what is hepatitis, reason of why hepatitis, risks of hepatitis and steps to avoid of hepatitis.

- Drug hazard seminar and exhibition that explain

what is drug hazards, risks of drugs and steps to avoid from using drugs.

A Company’s subsidiary company whose business activities is in Logistic and Port services has also conducted training related to the environment and safety among others were : Defensive Driving Training (DDT); Techniques of maintaining motor vehicles SCANIA; Operator of Lift (Operator Pesawat Angkat-OPA) SIO Crane, Loader, Forklift and Reach Stacker; Training for heavy equipment; Rigging & Signalmen. Training for ISPS Code (International Ship and Port Facility Security); Training in Fire Fighting & Drill; Training in First Aid; Training in Chemical Handling; Incident & Injury Free Training; Training for IMO (International Maritime Organization); Training in K3; periodic employees medical check up and inspect moving equipment;

Apart from the trainings stated above, the Company also do activities in 2014 to improve HSE programs such as follows:

Emission;

Strategy of social and community development is formulated into 3 categories which have been introduced in 2014:

- Focus on the activities of the Company in continuous

development of the community and being independent,

w kesehatan:

langkah untuk terhindar dari penggunaan narkoba.

Anak Perusahaan Perseroan yang bergerak

C. Pengembangan Sosial dan

2014 sebagai berikut:

Citra MANDIRI


- Focus on the activities of the Company in helping the

community around the factory site in humanity and social such as education,

- Focus on the activities of the Company in preserving

and improve the environment quality in the area where the Company is located.

A. One of the focus program is the house wives, to learn how to make better meals and for the objectives as follows:

- to be more continuous in the cost cutting when shopping for the family

- to prepare healthy food for the family

- those who have interests in business may try to set up culinary business in the factory site or their own places. The company will expand the canteen area to accommodate these housewives to sell their food to the employees of the Company.

B. To lend working capital for the farmers and fisher men.

A. Focus on to the program to improve the quality of education in the schools for teachers and students in the vicinity of the Company- Co-operate with one of vocational junior high

schools to improve quality of environment in the school.

- Cooperation with a few vocational junior high schools to give the graduate students a chance to have a world class apprentice training classes for 6 months.

B. Eyes are the capital of developing a nation, especially for the young generation.

The Company has carried out eye test program to 2000 primary school students in Batam.

C. The Company also check the health condition of the old aged people, especially those who are classified as weak economy.

D. The Company has renovated the clinic where it can be used for medication for employees and community around the factory site.

lokasi Perseroan.

Citra MANDIRI

keluarga

tinggalnya sendiri.

lingkungan sekitar Perseroan.

lingkungan sekolah


E. Children under five years old are the future of the nation. They are to be looked after from the beginning. Thus the Company carries out the program of medical examination for children under five years old on an annual basis.

F. Grant scholarship to 762 students who have achieved good school results in all levels of education.

G Developed public and social facilities such as classroom, sanitize system in schools and community environment.

H. Graha Citramas Building which was erected in 2013 is being used by general public for social activities, seminar, training, educational meetings, discussion on the development, ethnical cultural events and weekly religious worship. This Graha Citramas public facility is able to fulfilll the needs of the public from around the Company’s site.

I. The Company also pays an extensive attention to sports because a good sport man is able to build a good nation.

The Company has built a sport stadium, Gelora Citramas which was inaugurated on Augsut 9, 2014 by Mr Muhammad Sani, Governor of Province of Riau Islands and witnessed by Mayor of Batam and Chairman of BP Kawasan Batam with football field, jumping, athletic field facilities with synetic materials which have fulfillled the IAAF standards. It is expected that these facilities will contribute improvements in sport of Indonesia.

A. Developed mangrove by the sea with students and employees in the surrounding area.

B. Planted trees in the vicinity of the Company.

C. Drilled ‘biopori’ to increase the receiption of water to the soil and and make it more fertile.

D. The Company works together with Local Environment Protection Board of Batam and Non-governmental

sebab itu Perseroan secara kontinue setiap tahun

di lingkungan Perseroan.

perusahaan.

kesuburan tanah.


organization and community to develop mangrove forrest by planting trees at Kampung Tua, Tanjung Piayu. The objective of this activity is to develop and preserve the mangrove forrest in Batam Island. The planting of trees for mangrove was on the day of world environment day of 2014. The Company has contributed 1,000 of mangrove trees.

E. The Plants from the Nursery of plants were distributed to the communities who need them in supporting the greenery program in their respective areas.

To support these activities the Company has spent a total of Rp 25,878,136,000 (twenty five billion, eight hundred and seventy eight million one hundred thirty six thousand Rupiah).

According to the Company’s commitment to contribute on the performance and safety in customers’ operations, thus all Company’s products have to get through certain processes and examination done by the competent personnel and comply with the prevailing international standards with quality management system of ISO 9001:2008 and API Q1.

Apart from the requirements above, in the improvement of customers’ performance, the Company also provides opportunity to the customers to understand the process and product technology with OCTG School at the Company’s site given by the expert in their own fields from Vallourec Tubes and NS Connection Technology. The participants who have attended the class are given certificates.

As per request from customers, the Company also provide technical assistance by sending engineers to the location of customers to give solutions to the problems being confronted and also installation.To measure the satisfaction of the customers and complains from the customers are recorded with the performance key indicator is always being monitor by the management.

The total amount being spent for the above activities was US$56,000 in 2014.

Tanggung Jawab Produk

laporan tahunan 2014 - indonesia stock exchange

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