PT. Pelayaran Tempuran Emas Tbk

List of Contents

16

60

Financial Highlights Share Highlights Share Performance Milestones

Significant Events in 2016 List of Contents

Theme of the Year Disclaimer and Scope of Responsibility

INTRODUCTION

Board of Commissioners’ Report Profile of Board of Commissioners Board of Directors’ Report Profile of Board of Directors

MANAGEMENT REPORTS

Overview

Structure of Corporate Governance General Meeting of Shareholders (GMS) Board of Commissioners

Board of Directors

Assessment on the Board of Commissioners Assessment on the Board of Directors’ Performance

Table of Affiliation Audit Committee Corporate Secretary Internal Audit Public Accountant Risk Management Legal Disputes

Information of Administrative Sanction

GOOD CORPORATE GOVERNANCE

Social and Community Sector Employment Responsibility

CORPORATE SOCIAL

RESPONSIBILITY

Company Identity Company in Brief

Vision, Mission, and Corporate Core Values Corporate Structure

Structure of The Group

Composition of Share Ownership Human Resources

Occupational Health and Safety Information Technology

Supporting Professional Institutions Addresses of Branch Offices and Agents Work Area and Operational Map

MANAGEMENT REPORTS

Shipping Industry Outlook Operational Review

Operational Review on Business Segments Investment Performance Review in 2016 Income Statements

Solvability And Receivables Collectability Capital Structure And Policy On Capital Structure

Business Outlook Marketing Aspects

Cash Dividend Policy and Distribution Material Information on Investment,

MANAGEMENT DISCUSSION

AND ANALYSIS

PERFORMANCE

HIGHLIGHTS 2016

Expansion, Divestment, Business Merger/ Consolidation, Acquisition, or Debt/Capital Restructuring Material Obligation For Goods and Capital Investment

Amendment in Regulations

Amendment in Accounting Standards

STATEMENT OF

RESPONSIBILITY OF THE

BOARD OF COMMISSIONERS

AND BOARD OF DIRECTORS

REGARDING THE 2016

ANNUAL REPORT

CONSOLIDATED

FINANCIAL STATEMENTS

2 3 4 7 10 10 12 14 18 22 24 28 33 34 37 39 40 41 42 44 45 46 47 50 62 63 63 66 66 69 69 69 70 71 73 74 74 75 75 80 80 54 54 54 55 56 57 59 59 59 59 59 59 59

6

78

82

84

30

52

ENABLING INDONESIA

THROUGH CONNECTIVITY

P ov a o o o y ovav, o v a a

s v o a s a o s o a

y’s solid commitment. Now,

TEMAS Line has also been a pioneer in supporting the Government’s Sea Toll Program

in order to realize the Republic of Indonesia as the Nation of strong Maritime Axis,

through the opening of pilot ports in East Indonesia as the effort to improve interregional

connectivity.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Disclaimer and Scope of

Responsibility

This Annual Report contains statements of financial

condition, operational results, projections, plans, strategies, policies, as well as the Company’s objectives, categorized as forward statements in the implementation of prevailing legislation, where historical things are exception.

The statements have possibilities of risk, uncertainty, and can lead to actual developments that are materially different from the ones reported. Prospective statements in this Annual Report are based on various assumptions regarding current and future conditions, and also the Company’s business environment. The Company provides no guarantee that documents that have been validated will bring certain results as expectated.

The Annual Report contains the words of “TEMAS Line” or “the Company” that are defined as PT Pelayaran Tempuran Emas Tbk that operates its business in providing services of goods delivery in containers by marine lines. The words are used on the basis of consideration for ease in addressing PT Pelayaran Tempuran Emas Tbk in general.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

2016

PERFORMANCE

HIGHLIGHTS

The National Network

!

t"# $ $ % &"'" ! %(" & )

y

the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

FINANCIAL

HIGHLIGHTS

Consolidated Statements of Financial Position Total Assets Total Liabilities Total Equities 2.525.662 1.530.986 994.676 1.782.061 967.395 814.666 58,51 118,75 54,29 17,80 19,56 38,93 1.626.838 1.092.953 533.885 49,49 204, 72 67,18 12,52 13,38 38,14

DESCRIPTION

2016

2015

2014

(in million Rupiah)

(in million Rupiah)

Income Statement

2016

2015

2014

Sales Revenue Gross Profit Operating Income Net Income

Total Comprehensive Income (Losses) Attributable to Owner of the Parent Entity

Total Comprehensive Income (Losses) Attributable to Non-Controlling Interest 42,28 153,92 60,62 9,17 13,85 23,28

Financial and Operating Ratios (%)

₂₀₁₆

₂₀₁₅

₂₀₁₄

In %

Current Ratio Debt to Equity Ratio Debt to Total Asset Ratio Return on Assets

Return on Revenue Return on Equity

321,402 1.141.030.000 1.141.030.000 203 284.175 1.141.030.000 1.141.030.000 278 270.104 1.141.030.000 1.141.030.000 178

Others

2016

2015

2014

(in million Rupiah)

Sales Volume (TEUs)

Outstanding Shares (number of shares) Weighted Average of Outstanding Shares (shares)

Earning Per Share (Rupiah)

1.671.905 444.055 303.847 231.521 231.308 213 1.621.364 453.693 407.999 317.174 316.970 204 1.522.131 387.854 323.422 203.631 203.059 572

CHARTS OF

FINANCIAL HIGHLIGHTS

(In Million Rupiah)

2016 2014 2015

Total Assets

* + -* -+ . . * / + 0 2 * + 3 . / / + 0 2 * + 3 . / 2016 2014 2015

Total Liabilities

/ + -4 3 + 5 2 . 5 . 0 , 4 5 -2016 2014 2015

Total Equity

5 5 6 7 . 0 . 2 / 6 7 . . . 2016 2014 2015

Sales Revenue

/ + . 0 / + 5 3 -/ + . * / + 4 . 6 2016 2014 2015

Net Income

* 4 / + -* / 4 / 0 , / 0 6 2016 2014 2015

Sales Volume (TEUs)

-4 4 7 2 2 -/ 7 -* * 7 / 4 / / + . * . + 2 4 2 / + 3 5 * + 5 -4 * 3 4 + . 4 / 4 * / + 6 3 * * 2 6 + / 0 -* 0 3 + / 3 6 MANAGEMENT DISCUSSION AND ANALYSIS GOOD CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY 2016 AUDITED FINANCIAL STATEMENTS

ORMANCE

2015

Highest (Rp) 2,285 2,100 1,760 2,200 Lowest (Rp) 1,730 1,495 1,250 1,380 Closing (Rp) 1,800 1,650 1,430 1,950 Average Volume 41,325,900 30,252,300 9,421,100 14,772,800 Q1 Q2 Q3 Q4

2016

Highest (Rp) Lowest (Rp) Closing (Rp) Average Volume 2,000 1,945 1,720 1,765 1,710 1,370 1,375 1,365 1,900 1,475 1,385 1,750 5,966,100 24,302,500 98,310,800 116,655,700

Period

500 0 10.000.000 0 4500 5000 5500 6000 4000 3500 3000 2500 2000 1500 1000 90.000.000 80.000.000 100.000.000 110.000.000 120.000.000 70.000.000 60.000.000 50.000.000 40.000.000 30.000.000 20.000.000

2015

Closing Price

2016

Closing Price

Closing Price (Rp) Average Volume

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

1987

F8 9:;<; =y Harto Khusumo

and Koentojo, the Company was initially founded with KM Latoa as the first ship which was afterwards replaced by KM Teluk Mas.

2002

TEMAS Line received Adi Karya Bahari Pralabda Award from Minister of Transportation and Telecommunications for its achievement in Marine Transportation.

2003

The Company listed its shares on Indonesia Stock Exchange and became a public company with ticker code “TMAS”. In October 2015, Director of TEMAS Line, Mr. Harto Khusumo, received an award for Indonesian Best Entrepreneur from Ernst &Young for Entrepreneurial Spirit Category.

2004

The Company received Value Creator Award from SWA Magazine and MarkPlus & Co. for the category of best public companies with assets less than Rp1 trillion.

2005

Apart from being unanimously crowned as the Model of National Shipping Company in the year of 2005 by Ministry of Transportation of the Republic of Indonesia, The Company also received Value Creator Award (EVA) from SWA Magazine and MarkPlus & Co for its notable achievement in creating added value for its business.

2006 – 2012

The Company rejuvenated its fleet by reducing 12 units of ships and adding 23 units of ships, consisting of 6 units of used ships and 17 units of new building ships.

2013

January

The Company acquired 99.67% shares of PT Escorindo Stevedoring, a stevedoring company in North Jakarta that operates in Tanjung Priok Port, to improve the Company’s performance.

June

To improve service quality to customers, the Company purchased 2,500 units of new Food Grade Container, specifically for transporting products of foods, beverages and pharmaceuticals.

2014

June

The structure of the Company’s Executive Board changed to:

Board of Directors:

President Director Harto Khusumo Director Faty Khusumo Director Ganny Zheng Director

Teddy AriefSetiawan

Board of Commissioners:

President Commissioner

Wong Chau Lin

Independent Commissioner

Edward Simangunsong

Independent Commissioner

Alfred Natsir

September

1. The Handover of KM Spring Mas with capacity of 16,705 DWT - 1,560 TEUs.

2. Signing The MOU of Pendulum Route (sea toll) for the route of Belawan– Tanjung Priok–Tanjung Perak–Makassar–Bitung, to realize a continuous synergy among Shipping, Pelindo I (Belawan International Container Terminal), Pelindo III (Surabaya Container Terminal), and Pelindo IV (Makassar Container Terminal and Bitung Container Terminal).

October

1. Signed MOU to purchase 3,000 units of 20ft Food Grade and 500 units of High Cube container.

2. Received an award from

IPC (International Port Container) for the category of Best Shipping Line in Pontianak.

November

Opened new route of Jakarta-Dumai

2015

March

Signed an order contract of constructing 6 units of new ship to increase the Company’s capacity.

June

1. Opened a new route from Surabaya–Palu

2. PT Escorindo Stevedoring, the Company’s Subsidiary, signed purchase contract for 3 units of Harbor Mobile Cranes to further enhance the Company’s operation.

MILESTONES

September

> ? @hB CDE GH Iy bought a

shophouse in Banjarmasin as the Company’s Branch Office.

2. The Company’s Head Office moved to a new building.

October

The Company signed a Memorandum of Understanding (MoU) with PT Pelabuhan Tanjung Priok regarding Cooperation in Stevedoring Activities in Tanjung Priok Port.

November

1. Obtained TOP Infrastructure Award 2015 for the category of TOP Infrastructure on Transportation 2015.

2. The Company purchased MV Sungai Mas ex PWM Valparaiso’s with the capacity of 28,876 DWT, 2,135 TEUs.

December

PT Olah Jasa Trisari Andal, the Company’s Subsidiary, signed purchase contract of 1 unit Reach Stacker to support the Company’s operation.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

SIGNIFICANT

EVENTS IN 2016

January

Delivery of MV Sungai Mas

ex PWM Valparaiso with a

capacity of 28,876 DWT,

2,135 TEUs.

May

Received Investor

Award for the

category of

Infrastructure

Sector.

February

1. Delivery of KM Teluk

Mas and KM Kisik

Mas, 2 of 6 new

building vessels.

2. Opening new routes

of Timika and

Merauke

April

Sold KM Kedung Mas

in order to rejuvenated

Company’s fleet.

July

Opening new route of

Malahayati.

November

1. Delivery of KM Segara

Mas ex Conti Emden

with capacity of 38,103

DWT, 2,702 TEUs.

2. Delivery of KM Ayer Mas

and KM Muara Mas, the

5th and 6th fleet of 6

new fleets in order.

3. Opening new route of

Tual

June

1. 1. Delivery of KM Curug Mas

and KM Bahar Mas, the 3rd

and 4th fleet out of 6 new

fleets in order.

2. Opening new route of Serui.

3. Opening new route of Kumai

and Sampit.

October

Delivery of KM Sendang Mas ex

Larentia with capacity of 38,121

DWT, 2,702 TEUs.

December

Received an award as the

Best GCG with A Predicate

for Listed Companies in

Transportation Sector

from Economic Review.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

MANAGEMENT

REPORTS

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MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

REPORT OF

THE BOARD OF

COMMISSIONERS

Wong Chau Lin

President Commissioner

Dear Valued Shareholders,

One of the influential parameters that greatly affected the Company’s achievement in 2016 came from national economic growth that reached 5%, which was particularly sufficient to constantly generate the domestic economy. A fairly restrained inflation and a relatively steady rupiah exchange to US Dollar contribute as well. Aside from the abovementioned factors, The other supporting factor, likewise, the price of fuel as the largest component of the Company’s operating cost remained constant. During 2016, domestic politics and security condition remained relatively under control, allowing the Company to run its activity well and carry out expansion for further development. However, global economy for the year showed a contrast situation where its continued sluggish climate caused difficulties for some global shipping industries. Most of them were forced to downsize their business capacity. Those who did not survive would certainly cease to operate, and it was reflected on the sales of ships with cheap price in global market.

“

We, as the Board Commissioners voluntarily dedicate

ourselves as an advisor and counterpart for Directors in

determining important policies for Company.

A different story happened in national shipping industry or domestic transportation. Supported by above mentioned parameters, domestic transportation, containerized shipping in particular, grew well. Growth in container freight was also encouraged by the Government program of Sea Toll policy, ports development and advancement, mainly in Eastern Indonesia. Nevertheless, the important thing for TEMAS Line was the competition factor among domestic providers of container transportation throughout the year 2016 that would certainly affect the Company’s performance.

Board of Commissioners’ Performance

As mandated in the Articles of Association, the main duty of the Board of Commissioners is monitoring and supervising the Company’s operations carried out by the Board of Directors. The Board of Commissioners’supervision starts from planning to implementing aspects and provides corrective

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Alfred Natsir

Independent Commissioner

Wong Chau Lin

President Commissioner

Edward Simangunsong

Independent Commissioner

action if required. In our Monthly Meeting, we have supervised financial. operational performances, and the performance of main production equipment (ships& tools).We have to ensure that Internal Control,Risk Management and Good Corporate Governance (GCG) are well implemented. In addition to our main duty, the Board of Commissioners also provides itself as an advisor, a counterpart for the Board of Directors in making Company’s important policies, such as addition of vessels, equipment, route opening, and feasibility study of investment. As for improving the human resources’ professionalism, integrity and competency, we would like to be the resourceful mentor. With the collaboration of the Board of Commissioners, Board of Directors and all the Company’s organs, it is expected that the Company could continue to grow in the midst of tighter competition, especially in the industry of domestic containerized shipping line.

Evaluation on the Company’s Performance

The Company’s key performance indicators in 2016 can be described as follows: cargo volume amounted to 321,402 TEUs, increased 13.10% if compared to 2015; net profit for the year was Rp231,521 million or down 27.01% from 2015; total cash was Rp32,968 million or higher 25.9% than cash in 2015; and total assets reached Rp2,525,662 million or increased 29.4% compared to 2015. These performance indicators in 2016 demonstrated that the Company has been in progress in carrying out the mission toward the dream vision.

Addition of Main Production Equipment

During the period of 2016, the Company has purchased 3 units of new large ships with capacity of 2,700 TEUs and 4 vessels with capacity of 360 TEUs, while renewing our fleet by selling 1 unit of unproductive ship. Therefore, at the end of 2016 the number of our owned fleet amounted to 31 units of ship with total capacity of 22,363 TEUs or grew 42.59% compared to 2015. Along with the vessels, the Company has also purchased supporting tool of 2 units of heavy equipment and additional 3,500 units of container

Wong Chau Lin

j k

esident Commissioner

On behalf of the Board of Commissioner,

Outlook on Business Prospect

We see an optimistic growth on domestic container transportation under favorable government policies that are supportive to economic improvement, including sea toll policy to prioritize and promote an integrated ocean freight, infrastructure development policy for the port in particular, simplification in licensing, new energy over tax amnesty policy, invitation to foreign investors for economic and infrastructure development, eradication and prevention of corruption, including in transportation sector. All of these create an optimism, mainly for domestic container transportation. Accordingly, the Company has set a strategy to seize the growing opportunities through providing a pendulum service of the nation, developing new services, adding vessels, tools and containers, planning efficient and effective shipping service. Organization policy and human resources development have also been prepared so as to make the Company more confident in welcoming the future success.

Closing

To end our report, the Board of Commissioners would like to convey appreciation and gratitude to the Board of Directors, all employees of TEMAS Line and Subsidiaries who have dedicated their hard work. Similar appreciation goes to the Shareholders and Government who always support, to PT Pelindo I, II, III, and IV, and subsidiaries for the given cooperation. To the customers for their trust to keep using the Temasline’s services, hopefully our partnership in the future could be better. In the end, together we can contribute for the advancement and prosperity of the Republic of Indonesia.

Thank you.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

PROFILE OF

BOARD OF COMMISSIONERS

Wong Chau Lin

President Commissioner

She has served as President Commissioner of the Company since July 31, 1996, based on Decree of Extraordinary General Meeting of Shareholders (EGMS) Resolution No. 333, dated on July 31, 1996. As one of the founders of TEMAS Line, Wong Chau Lin previously served in several significant positions within the Company, such as Commissioner of TEMAS Line (1987–1996), President Commissioner of PT Pelayaran Tirtamas Express (2000–2003), and President Commissioner of PT PBM Olah Jasa Andal (2005–2012). Currently, she also serves as President Commissioner of PT Temas Lestari since 2002. She was graduated from Wellington College, Hong Kong (1972).

Alfred Natsir

Independent Commissioner

He has served as Independent Commissioner of TEMAS Line since June 6, 2014, based on Decree of EGMS Resolution No. 26 dated on July 4, 2014. Graduated with Bachelor of Civil Engineering from ITB Bandung, he started his career as Employment Staff at Department of Transportation (1977); Planning Division Staff at Directorate General of Marine Transportation (1978); Head Division of Engineering and Project at Maluku and South Kalimantan Ports (1983); Head of Engineering Division at Perum Pelabuhan IV Makassar (1990); Head of Sub-Directorate of Port Building at Perum Pelabuhan IV, Makassar (1992); Senior Manager of Business Development at PT Pelindo IV, Makassar (2000); Director at PT Pelabuhan Indonesia IV (Persero), Makassar (2002-2009); and President Director at PT Pelabuhan Indonesia I (Persero), Medan (2011-2013).

Edward Simangunsong

Independent Commissioner

He has served as Independent Commissioner of the Company since June 28, 2010, based on Decree of EGMS Resolution No. 89 dated on July 15, 2010. He began his career as an auditor and financial consultant at KPMG Public Accountant Firm in 1978, and had served in significant positions, such as: Internal Audit to Controller at PT Dowell Schlumberger Indonesia (1983-1988); Finance/Adm/HRD at PT Orindo Alam Ayu (1989-1991); Director of PT CMC Bina Amsali (1992-1995); Technical Advisor at PT Pentasena Artha Sentosa (1991); and Corporate Finance Head at KPMG. (1996-1998) Currently, he serves as member of Audit Committee for TEMAS Line since 2003, also as Director and Founder of IPE Associates since 1998. Edward Simangunsong was graduated with Bachelor of Economics in 1981 and Master of Strategic Management in 2008 from University of Indonesia.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Harto Khusumo

lmesident Director

BOARD OF

DIRECTORS’ REPORT

PENDAHULUAN KILAS KINERJA LAPORAN MANAJEMEN PROFIL PERUSAHAAN INTRODUCTION 2016 PERFORMANCE _HIGHLIGHTS MANAJEMENT REPORT COMPANY PROFILE

Dear Valued Shareholders,

nime flies and we have passed through the year 2016.

Therefore, we are grateful to God the Almighty that even under uneasy conditions, the Company could successfully move on with all the existing challenges. Our journey in 2016 was not easy, particularly in shipping industry. Global shipping industry underwent a challenging period due to slowdown in global economic growth at only 2.3% according to the World Bank. Decrease of global mining and offshore production created an impact on transportation industry in general, and shipping industry in particular. As the result, many of the world’s shipping companes experienced downsizing capacity. In fact, some world’s giant shipping companies suffered losses, or even bankruptcy. Slowdown in global economic growthand crisis in world’s shipping industry also influenced national shipping industry as well. However, the Company’s Board of Directors remained confident with Indonesia’s economic growth and development. Many infrastructure projects are currently in progress to support the Government’s Sea Toll Program. Furthermore, Indonesia’s Central Bureau of Statistics recorded that economic growth in Indonesia reached to 5.02%, while the economic growth in Maluku and Papua recorded at 13%. In this case, the Board of Directors could see the potential development, coupled with huge Indonesian population that mostly is within the category of young population. Thus, there is an opportunity for increased demand towards daily consumption needs, which requires thorough distribution lines, since Indonesia is an archipelago country connected by the sea.

ANALISIS DAN

PEMBAHASAN MANAJEMEN

TATA KELOLA PERUSAHAAN

TANGGUNG JAWAB

SOSIAL PERUSAHAAN LAPORAN KEUANGAN

The integrated and continuous improvement in infrastructure development by the Government is expected to facilitate the distribution flows of products and services nationwide, which in turn could reduce logistics cost from Sabang to Merauke. Realization of the Government Program for equal development in all regions of Indonesia becomes the driver for the Board of Directors to contribute for the developmet of the nation.

Company’s Performance in 2016

The Company has implemented some strategic actions in order to participate supporting the Sea Toll Program initiated by the Government. The establishment of National Network is our initial strategic step in 2016, by opening 7 new ports of Timika, Merauke, Serui, Kumai, Sampit, Malahayati, and Tual. The opening of the ports certainly needs a fleet to provide route services, and therefore the Company has made investment by using its capital expenditures to add a number of fleets and other supporting equipment. The additional 3 large ships with capacity of 2,700 TEUs and 4 ships with capacity of 360 TEUs –as continued building project of 6 new ships in 2015– were prepared to support market penetration. Thus, the number of Company’s owned vessels increased to 31 units with total capacity of 22,363 TEUs compared to 2015 with 22 units with total capacity of 12,838 TEUs. The number of ports served also increased from 20 ports in 2015 to 27 ports in 2016. Other supporting facilities were also added, including containers, stevedoring equipment, and land for container depot. With the additional supporting facilities, the operational activities would be effectively and efficiently conducted.

“

TEMAS Line has been the pioneer and continuously committed

to supporting the Government’s program in realizing the

Maritime Axis of the Nation through Sea Toll implementation

aimed at reducing price disparity between western and eastern

regions of Indonesia.

MANAGEMENT DISCUSSION AND ANALYSIS GOOD CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY 2016 AUDITED FINANCIAL STATEMENTS

PENDAHULUAN KILAS KINERJA LAPORAN MANAJEMEN PROFIL PERUSAHAAN

By 2016, the Pendulum Service initiated in 2013 has been developed to become S4 Service and A3 Service. S4 Service with the route of Belawan-Jakarta-Surabaya-Makassar-Bitung-Palu, is served with 4 units of ships, and A3 Service with the route of Belawan-Jakarta-Surabaya-Makassar-Ambon, is served with 3 units of ships in the first quarter of 2017. Meanwhile, small-sized ships will serve as feeder service/loop service to smaller ports.

From financial side, compared to 2015 the Company’s Service revenue increased 3.15% at the end of 2016, from Rp1,621 billion to Rp1,672 billion. While Income attributable to the Owner of Parent Entity declined 27.01%, from Rp316.9 billion in 2015 to Rp231.3 billion in 2016. The decline of Company’s Income was due to market penetration for some new ports’ service, where the price experienced a significant decline. New acquired ships were not also able to generate revenue in such a short time. The Company’s total assets reached Rp1,782 billion in 2015 to become Rp2,525.6 billion or increased 41.73% in 2016.

To provide timely shipping schedule, we have always cooperated with Pelindo and Port Operator to improve stevedoring performance in all ports. Accordingly, the Company has signed a Memorandum of Understanding (MOU) of Pendulum Service with five Port Operators of Terminal Petikemas Domestik Belawan (TPKDB), Pelabuhan Tanjung Priok (PTP), Terminal Petikemas Surabaya (TPS), Terminal Petikemas Makassar (TPM) and Terminal Petikemas Bitung (TPB). With this collaboration of the Company and five Port Operators, it is expected that the customers have an assurance regarding the service schedules provided by the Company, to help them making better planning for their business activities.

Harto Khusumo

Direktur Utama

Teddy Arief Setiawan

Direktur Komersial

Faty Khusumo

Direktur Pengelola

Ganny Zheng

Direktur Keuangan

On behalf of the Board of Directors,

Harto Khusumo

President Director

ANALISIS DAN

PEMBAHASAN MANAJEMEN

TATA KELOLA PERUSAHAAN

TANGGUNG JAWAB

SOSIAL PERUSAHAAN LAPORAN KEUANGAN

Business Prospect

With the implementation of Pendulum Service S4 and A3 that connects all Port Hubs with consistently scheduled ships, interisland goods distribution in the entire regions of Indonesia will be better, coupled with future developed routes that will realize an integrated Sea Toll and quicker transit time of delivery. Goods distribution from economic centres will reach out to remote areas so that logistics cost could really be reduced and price disparity between the center and the regions, western and eastern regions of Indonesia, can be decreased. The wheels of economy will spin faster and prosperity can be equally realized.

Backed by 31 fleets of vessel with total capacity of 22,363 TEUs serving 27 ports throughout Indonesia, the Company can offer more alternatives to customers, so that demand for services to remote areas and small ports can be fulfilled properly. The Company’s National Network that is in progress and will continue to be carried out, is our contribution to realize more varied limitless connectivity for marine cargo transportation of Indonesia’s Sea Toll. The Company will continue to innovate and create solutions for logistics industry and distribution of economic goods.

With the new investment, TEMAS Line will stand strong to realize Fixed Schedule and On-Time Delivery throughout Indonesia, in which it has been the long expectation in the National Logistics Industry. Therefore, we invite all relevant parties, from customers, port operators, regulators, employees and ship crews, to build a synergized cooperation in realizing Indonesia as the strong maritime country. In closing, the Board of Directors would like to convey deepest gratitude to all Stakeholders, Directorate General of Sea Transportation, Pelindo, INSA, Bureau of Classification, Customers and Suppliers for the support and cooperation over the time. Our high esteem is also provided to all Employees, Crews and the Big Family of Temasian for the contribution and hard work through this time. May God the Almighty always bless each of our efforts and works.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Harto Khusumo

p q

esident Director

He served as President Director of the Company since December 16, 2002, based on Decree of AGMS Resolution No. 23. He had previously served in several positions, such as Commissioner at PT Dermaga Emas Jaya (1989-1990); Director at TEMAS Line (1987-2002); Director at PT Pelayaran Tirtamas Express (2000-2003); and President Director at PT Temas Lestari (2002-2003). Currently, Harto Khusumo also serves as Commissioner at PT Bongkar Muat Olah Jasa Trisari Andal (since 2003); Commissioner at PT Pelayaran Tirtamas Express (since 2003); and Commissioner at PT Temas Lestari (since 2003). He was awarded as Entrepreneur of the Year for Entrepreneurial Spirit from Ernst & Young in 2003. He was graduated from senior high school in Surabaya in 1965.

Faty Khusumo

Managing Director

She was appointed as Director of the Company since June 6, 2014, based on Decree of AGMS Resolution No. 26 dated on July 4, 2014. Faty Khusumo started her career as Commissioner at PT Pelayaran Tirtamas Express (1993-2003), then as Commissioner at PT Olah Jasa Andal (1997-2012), Commissioner of PT Pelayaran Tempuran Emas (1999-2002), and Director at PT Tempuran Emas (2002-2003). Currently, she has also served as President Director of PT Temas Lestari (since 2003). Faty Khusumo was graduated as Bachelor of Business Administration from Pepperdine University, Malibu, CA, USA (1998) and received her Master of Corporate Finance from Case Western Reserve University, Cleveland, Ohio, USA (1999).

PROFILE OF

BOARD OF DIRECTORS

Ganny

Zheng

r uwx wzux {| u}~ z€}

 ‚wƒ„ƒ…… † ‡ˆ‰ed as Director of the Company since June 6, 2014, based

on Decree of AGMS Resolution No. 26 dated on July 4, 2014. Ganny Zheng started his career as Accounting Staff at Stein Devisser & Mintz, New York, USA (1996-1999); and had served as Account Manager at Intergraph, Singapore (1999-2003). Currently, he is also appointed as Director of PT Pelayaran Tirtamas Express since 2003. Ganny Zheng was graduated with Bachelor of Mechanical Engineering from Rutgers University, New Jersey, USA, 1996, and Master of Business Administration in Finance and Investment from Zicklin School of Business, City University of New York, USA, 1998.

Teddy

Arief

Setiawan

Commercial Director

He has served as Commercial Director of the Company since June 30, 2011, based on Decree of Meeting Resolution No. 44 dated on July 12, 2011. He had previously served in some significant positions, such as Site Engineer at PT Aldy Karya Utama (1994-1995), Project Engineer at Geo Optima Inc. (1995-1997), Field Manager at PT Zurich Life Insurance Indonesia (1998-2001) and Site Manager of PT Borpiling Lestari (1997-1998). He then joined TEMAS Line in 2001 as Business Development & Head of Marketing, and later was trusted as General Manager Liner. Teddy Arief Setiawan is an expertise in planning and marketing division for both industrial and services sectors, with Bachelor of Civil Engineering degree from National Institute of Science and Technology (1996).

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

COMPANY

PROFILE

Š‹Œ Ž‘’Ž’“ “ ’””Ž • – •Ž—

˜™ šŒ“

sels of ours with their capacity

of 22,363 TEUs has been a great help

for us to serve 27 ports in Indonesia.

Moreover, Company can also provide

a lot of choices for Customers

so that all their needs in almost all

regions of Indonesia

notwithstanding the small ports

can be well achieved.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

OMPANY

IDENTITY

Company’s Name

PT Pelayaran Tempuran Emas Tbk

Shipping

Established on September 17, 1987, under

the name of PT Tempuran Emas

Decree No. C2-2545.HT.01.01.TH’88

dated on March 22, 1988

PT Pelayaran Tempuran Emas Tbk

Jakarta Head Office Jl. Yos Sudarso Kav. 33 Sunter Jaya, Tanjung Priok Jakarta 14350

Phone : (62-21) 430 2388

Fax : (62-21) 4393 8658

Email : corp.sec@temasline.com

Website : www.temasline.com

Rp570.000.000.000

Rp142.628.750.000

Non-Management

• PT Temas Lestari: 80,84%

Management

• Wong Chau Lin: 0,01%

• Harto Khusumo: 0,02%

• Teddy Arief Setiawan: 0,01%

• Ganny Zheng: 0,40%

Publik: 18,72%

Line of Business

Date of Establishment

Ownership

Deed of Establishment

Authorized Capital

Issued and Paid-Up Capital

Office Address

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

T

›œ ž Ÿ  ¡¢y’s involment in shipping industry

dated back to the time when Harto Khusumo and Koentojo agreed to set up a first shipping company in Indonesia that pioneered in containerized cargo delivery via sea transportation, under initial name of PT Tempuran Emas on September 17, 1987. Six years later, the Company managed to transform into a public company by joining the Indonesia Stock Exchange in 2003 with the name of TEMAS Line and stock code of “TMAS”. TEMAS Line listed its shares on June 25, 2003, through offering 451,000,000 shares, making the Company first national containerized shipping line listed in the Indonesia Stock Exchange since July 9, 2003. The Company’s name then changed into PT Pelayaran Tempuran Emas Tbk until today.

The Company initiated its business through the provision of container transportation services by rental vessels. TEMAS Line’s rapid growth required the Company to keep on strengthening its position and competitiveness in the industry. Growing number of fleet and more expansive range of services have become TEMAS Line’s service excellence, backed by

TEMAS LINE

AT GLANCE

heavy equipment of stevedoring activities, such as Harbour Mobile Crane (HMC), Reach Stakers, Empty Container Handler and Forklift Container. Today, the Company has become one of leading companies in Indonesia’s shipping industry, providing integrated services with modern fleet of ships and supporting owned equipment.

In line with the dynamics of national shipping industry development, the Company continues to expand its services by developing the business lines of shipping management, agency, and stevedoring services that are operated through four Subsidiaries, namely PT Olah Jasa Trisari Andal that is engaged in depots management; PT Pelayaran Tirtamas Express in shipping management; Anemi Maritime Co. Ltd. (Anemi) in lease of containers management; and PT Escorindo Stevedoring in stevedoring services. Not only its services, the Company’s network and shipping routes also continues to be expanded to the entire country. Until the end of 2016, the Company has 12 (twelve) branch offices in Jakarta, Ambon, Banjarmasin, Belawan, Bitung, Jayapura, Makassar, Pekanbaru, Pontianak, Surabaya, Sorong,

and Samarinda, as well as establishing 15 (fifteen) agencies in Malahayati, Batam, Dumai, Palembang, Sampit, Kumai, Balikpapan, Palu, Kupang, Manokwari, Tual, Timika, Merauke, Biak and Serui. Consequently, the number of fleet and supporting facilities are also growing. Up to the year 2016, the Company’s total owned containers have reached 30,631 units, consisting of 9,421 units of food grade containers and 21,210 units of non-food grade containers. The number of the fleet reached 31 ships with a total cargo capacity of 22,363 TEUs.

Line of Business

According to Article 3 of the Company’s Articles ofAssociation, the business activity of TEMAS Line is tomanage shipping services, to initiate and to organize anational shipping company engaged with transportation ofgoods, vehicles, passengers, and animals, with ships, bothwithin and outside the country.

Products and Services

The Company is engaged in transportation business, especially marine transportation services that provide containerized goods delivery. Services offered include managing container transportation and stevedoring services nationwide. The marine transportation business is implemented in the main ports centralized in Jakarta, Surabaya and Makassar. Whereas the containerized commodities are mainly rice, flour, sugar, cement, also vehicles and other cargos usually shipped by containers.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

TABLE OF VESSELS

£¤¥ ¦§¨ANG MAS

KM SEGARA MAS KM. SUNGAI MAS KM. SPRING MAS KM SELAT MAS KM STRAIT MAS KM LAGOA MAS KM KUALA MAS KM BELIK MAS KM HILIR MAS KM KANAL MAS KM TASIK MAS KM TELAGA MAS KM UMBUL MAS KM WARIH MAS KM ESTUARI MAS KM JALES MAS KM KALI MAS KM MARE MAS KM. TELUK MAS KM. KISIK MAS KM. PALUNG MAS KM. GULF MAS KM. CURUG MAS KM BAHAR MAS KM. AYER MAS KM. MUARA MAS KM SEGORO MAS KM SAMUDERA MAS KM GUHI MAS KM LAGUN MAS

TOTAL

AVERAGE

11 10 17 18 20 21 7 7 3 3 3 3 3 3 3 6 5 6 6 0 0 0 0 0 0 0 0 11 11 7 7

6

38,121 38,103 28,876 24,341 18,106 18,106 8,753 8,700 8,180 8,180 8,180 8,180 8,180 8,180 8,180 8,100 8,100 8,100 8,100 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,252 5,222 5,200 5,200 336,040 10,840 2016 2016 2016 2015 2014 2014 2008 2009 2012 2012 2012 2012 2012 2012 2012 2009 2010 2009 2009 2016 2016 2016 2016 2016 2016 2016 2016 2004 2004 2008 2008 2,702 2,702 2,135 1,560 1,048 1,048 538 538 558 558 558 558 558 558 558 537 537 537 537 360 360 360 360 360 360 360 360 296 296 283 283

22,363

721

Name of Vessels

Deadweight

(Tons)

Year of

Acquisition

Capacity

(TEUs)

Age of Vessel

Visi

©ª«¬­ª ®¬¯°¬± ª²³´ °µ¶¶ µ· ¸¹ª ® ¶º ·

y in

Indonesia by 2017.

Misi

To provide innovative, competitive and

reliable shipping service in Indonesia and

to professionally serve the customers in

order to generate maximum profit for the

stakeholders.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Professional

»¼½¾ ¿À ¿½Á¾ÂýÀÄ

signed duty and

responsibilities in accordance with their

expertise and skills.

Effective

To achieve target performance in a timely

manner by utilizing all existing resources.

Discipline

To comply and conform to the prevailing rules

and procedures in all activities.

CORPORATE

CORE VALUES

Enthusiasm

To continuously strive and be vivacious in

attaining achievement and meeting all targets.

Loyalty

To be fully dedicated in developing the

Company and attaining mutual welfare.

Innovative

To generate new and unique ideas or actions

in every activity for the development of the

Company.

Chairmain of Audit Commitee Edward Simangunsong

Human Resources

Ship Management

Finance &

Accounting HR GA

System & Ship Management

System Management

Corporate Secretary Marthalia Vigita

LEGAL

Operation & Marketing

Liner Operation

Operation Development

Container & Depot Mgmt

Branches

Head of Internal Audit Susan Natalia

Directors

Managing Director : Faty Khusumo Commercial Director : Teddy Arief Setiawan Finance Director : Ganny Zheng

President Director Harto Khusumo

Controller Accounting & Tax Finance & Treasury

Organization & People Development

General Affairs

Board of Commissioner

President Commissioner : Wong Chau Lin

Independent Commissioner : _{• Edward Simangunsong}: • Alfred Natsir

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Publik

80.84%

19.16%

0.31%

99.69% 99.80% 99.00% 99.67%

0.33%

1.00% 0.20%

Harto Khusumo

Harto Khusumo PT Pelayaran

Tirtamas Express

Anemi Maritime

Co.Ltd

PT BM Olah Jasa Trisari

Andal

PT Escorindo Stevedoring Temas Lestari

PT Pelayaran Tempuran Emas Tbk

19.16%

80.84% PT Temas Lestari

Public

TRUCTURE OF COMPANY’S GROUP

STRUCTURE OF COMPANY’S GROUP

TABLE OF SHAREHOLDERS’ COMPOSITION

SHAREHOLDERS COMPOSITION

SHARE LISTING CHRONOLOGY

Shareholding

(%) Amount (Rp)

80.84

0.0Ò ÓÔÓÕ

ÓÔÓÒ

ÓÔ Ö Ó

Ò×Ô7Õ ÒÓÓ 115.306.619.500 8.687.500 30.816.500 13.872.500 565.443.125 26.703.310.875 142.628.750.000 Shareholders

(Par value of Rp125)

Non Management

PT Temas Lestari

Management

Wong Chau Lin Harto Khusumo Teddy Arief Setiawan Ganny Zheng

Public TOTAL

Shares Issued and Fully Paid 922,452,956 69,500 246,532 110,680 4,523,545 213,626,787 1,141,030,000 Operational Status Number of Additional Shares Ownership (%) Number of Accumulative Shares Operating Operating Operating Operating 99,00 99,69 99,67 99,80 Subsidiary Description

PT Perusahaan Bongkar Muat Olah Jasa Trisari Andal

PT Pelayaran Tirtamas Express PT Escorindo Stevedoring Anemi Maritime Co. Ltd.

Line of Business

Listing Date Depot Management Services Shipping Management Stevedoring Services Container Leasing 55.000.000 396.000.000 45.100.000 496.100 000 148.830.000 55.000.000 451.000.000 496.100.000 992.200.000 1.141.030.000 Initial Public Offering

Listing Bonus Share Stock Split Stock Dividend

9 Juli 2003 9 Juli 2003 19 Juli 2005 17 Maret 2006 3 Juli 2006

MANAGEMENT DISCUSSION AND ANALYSIS GOOD CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY 2016 AUDITED FINANCIAL STATEMENTS

I

Ø ÙÚØÛ ÜÚÝÞ ÝÞÛ ßàáâã Øä åæ çè æÚØÛ ææ éêàÜÝÞ á ãêëÛì çä ÚØíêÛ ãæ ÚØé Ø èáçÛê àî îÙÛÛ Ý ã Øì

shipping lines, TEMAS Line is constantly

working to organize and manage reliable and

professional human resources (HR) in order

that the whole business unit’s activities can

operate optimally. Thus, the productivity and

effectiveness of TEMAS Line performance will

continue to grow and increase.

Consistently, the Company continues the

development program and performance

improvement, especially in providing a

satisfactory operational excellence to all

customers. The operational excellence can only

be provided by reliable, loyal, competent and

highly dedicated manpower. Not only as the

Company’s human capital to achieve the vision

and mission, the Company’s employees are

also the Company’s major asset in improving

competitiveness in the middle of business

dynamics and challenging tighter competition.

HUMAN RESOURCES

DEVELOPMENT

In order to develop its employees, the

Company has set competence standards and

qualifications for each key function in the

Company’s organization as a shipping company.

In general, the competence standards applied

in the Company include Core Competence, as

the basic competence the entire employees

should own; Functional Competence, as a

competence with specific roles and functions;

and Leadership Competence, which should

be owned by leaders in the organization of

the Company. All competence standards are

the elaboration of the Company’s business

requirement and objectives in short, medium

and long terms.

For the implementation of Human Resources

development program, during 2016 the

Company has allocated a total of Rp363 million,

covering for various forms of training, such

as managerial training, soft skill training and

technical training. Until the end of December

2016, the total of the Company’s employees

who participated training or development

program reached to 134 persons, or about 18%

of the overall Company’s employees.

2016

At Office ï ð ñ 47 59 364 250 737 In Vessels 62 185 309 55 611 Total 15 2 109 59 364 250 185 309 55 1,348

2015

At Office 14 5 35 54 246 295 - - - 649 In Vessels 46 132 220 42 440 Total 14 5 81 54 246 295 132 220 42 1,089 Directors’ Management General Manager

Manager/Equal to Manager Supervisor/Equal to Supervisor Staff Non-Staff Officer/Engineer Rating Trainee Total

Position

2016

17 211 70 404 35 737 56 185 17 350 3 611 73 396 87 754 38 1,348

2015

13 174 58 369 35 649 30 43 84 280 3 440 43 217 142 649 38 1,089 > Master Degree

Bachelor Degree Diploma

Senior High or Equivalent < Senior High

Total

Education

2016

410 327 737 611 611 410 938 1,348

2015

367 282 649 440 440 367 722 1,089 Permanent Temporary Total

Employement Status

COMPOSITION OF THE EMPLOYEES

Based on Education

Based on Employement Status

Employee Turnover Rate

Employee turnover rate shows the Company’s effort in creating a conducive work environment for the whole employees. Through the following table, the total of employee turnover rate during the year 2016 amounted to 135 employees, or 10.01% of the total Company’s employees.

Total

4 130 1 135

Percentage

(%)

0.5 17.6 0.1 18.3 Retired Resigned Passed Away Total

Reasons

At Office At Office In Vessels In Vessels Total Total In Vessels In Vessels Total Total MANAGEMENT DISCUSSION AND ANALYSIS GOOD CORPORATE GOVERNANCE CORPORATE SOCIAL RESPONSIBILITY 2016 AUDITED FINANCIAL STATEMENTS

òó ôõõôö÷ ø ùúôûôúü ó ø ý ø ùþÿ ýS S þø úôÿ ö t ôúó ÿ ùùc õø úôÿ öø þ óS ø þúó øö ýø S úü ø ùúÿ úó ø ú ôý ûS ü ôe õÿ úø ö ú úÿ úóS ýc ùùSýý ÿ øùÿe õø öüyý bc ý ôöSýý ÷ÿt úó øö ýcýúøôöøb ôþôúü. ö ÿ S úÿ S ø þôS ôúý ùÿee ôúeS ö ú ø ö S úS e ôöø úôÿ ö

TEMAS Line continually strives to improve the

productivity of their employees through the

implementation of a management system for

Occupational Health and Safety (OHS).

The Company applies the OHS provisions based

on the rules contained in the International

Safety Management (ISM) Code issued by the

International Maritime Organization (IMO), an

agency under the United Nations. The Company

has also been certified with the Document of

Compliance (DOC) and Safety Management

Certificate (SMC) for each of its owned vessels.

In every shipping activity, the Company

always applies strict procedures as an effort in

preventing potential and possibly detrimental

incidents. The OHS procedure is implemented

through various activities in regular basis, such

as fleet inspection and supervision, provision

and distribution of protective tools, installation

of safety marking in ships, safety equipment

against fire accident, as well as preparation

and anticipation for emergency situations.

Periodically, the Company also conducts OHS

training and crew assistance.

Beside the application of standard safety

procedures, the ISM Code also requires that

the crews in charge are in good physical and

mental condition all the time. Therefore, medical

examination is always carried out for every crew

to acquire notification letter of health that must

be updated within a certain period. Thanks to

the application of standard safety procedures,

the number of work accidents or incidents that

can harm the Company’s shipping operation

can be reduced. As the result, throughout 2016

TEMAS Line has never suffered work accident

or harmful incident in its shipping operation.

OCCUPATIONAL HEALTH

AND SAFETY (OHS)

INF

ORMATION

TECHNOLOGY

The Company’s business success could not be apart from a reliable information technology support. For the Company as a services provider, information technology becomes one of the main keys in accelerating information and performing effectiveness that leads to increase the level of customer satisfaction. Therefore, the utilization of latest, appropriate, and integrated information technology becomes the Company’s priority in the information technology sector in relation with the shipping industry.

Currently, TEMAS Line has activated “TEMAS Accurate” system that serves to closely monitor an operated container’s position. By applying this system, the movement of a container can be monitored in real time. Also, forecast calculation for container availability can be measured precisely, and estimation on demurrage, detention, and storage can be more accurately to reduce the risk of losses. More than that, this container tracking system has been applied into mobile version so it can be accessed online through various gadgets.

The development of the Company’s information technology is also implemented to the financial services system through the application of Oracle-based “I-FAST” program for accounting and finance recording system that enables to produce more integrated and efficient financial statements. Maintenance process for vessels will also be more measured and controlled withShip Management System. In addition, customers are also facilitated with monitoring feature towards container movement and automation in transaction of renting container from email and sms notification.

The internal development of information technology is implemented through upgrading EDI (Electronic Data Interchange) in the entire branches of the Company, and ERP system that integrates commercial, operational, management, and human resources sections with the finance division towards the whole activities of the Company and Subsidiaries so that the consolidation of Temas Group becomes faster and easier. In addition, we enhance the VOIP quality to increase efficiency in communication costs.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Share Registrar

PT ADIMITRA JASA KORPORA Rukan Kirana Boutique Office Jl. Kirana Avenue III Blok F3 No. 5 Kelapa Gading

Jakarta Utara 14250 Notary Office

HERDIMANSYAH CHAIDIRSYAH, S.H. Jl. Pelepah Elok 1 Blok. QA 2 No. 12 Kelapa Gading

Jakarta Utara 14240 SRI ISMIYATI, SH., M.Kn

Rukan Artha Gading Niaga, Blok B, No. 7-8 Jl. Boulevard Artha Gading, Kelapa Gading Barat, Jakarta Utara

ESTER A. FERDINANDUS, SH Jl. Boulevard Barat Raya Blok C-67

Komplek Plaza Kelapa gading Ruko Inkopal, Jakarta Utara

Dr. IRAWAN SOERODJO, SH. MSi Jl. K.H. Zainul Arifin No.2

Komp. Ketapang Indah Blok B-2, No. 4-5, Jakarta 11140

MYRA YUWONO

Jl. Kyai Maja Blok E No. 11A Kebayoran Baru

Jakarta Selatan 12120

STEPHANIE WILAMARTA, SH., MH Jl. Raya Boulevard Barat

Plaza Kelapa Gading Blok G No. 5 Kelapa Gading

Jakarta Utara

BADARUSYAMSI, SH., MKn

Komplek Ruko Mutiara Faza Blok RD4 Jl. Raya Condet No. 27,

Jakarta Timur 13760

ANTONIUS WAHONO. P,SH

Gedung Maspion Plaza Lt.3, Unit 3A Jl. Gunung Sahari Raya Kav. 18 Jakarta Utara 14420

RUDY SISWANTO, SH Plaza Maspion Lt. 6-H,

JL. Gunung Sahari Raya Kav.18, Pademangan Barat

Jakarta Utara 14420 AGUSTINA DJUNAEDI, SH

Jl. Wolter Monginsidi, RT.1/RW.4, Petogogan, Kebayoran Baru

Jakarta Selatan 12170 ANITA ANGGAWIDJAJA, SH Jl.Genteng Kali 77A

Surabaya, Jawa Timur 60275

Rating Agency

KJPP Iwan Bachron & Rekan Pusat Niaga Duta Mas Fatmawati Blok D1 No. 29

Jl. RS. Fatmawati Raya No. 39 Jakarta 12150

Public Accountant

KAP Purwantono, Sungkoro & Surja

Gedung Bursa Efek Indonesia Tower II, Lantai 7 Jl. Jendral Sudirman Kav. 52-53

Jakarta Banking

PT Bank Mandiri (Persero), Tbk. PT Bank Syariah Mandiri (Persero) PT Bank Danamon Indonesia, Tbk.

PT Bank Nasional Indonesia (Persero) Tbk

SUPPORTING PROFESSIONAL

INSTITUTIONS

ADDRESS OF BRANCH AND

AGENCY OFFICES

Ambon

Gd. PT Pelabuhan Indonesia IV Ambon, LT.1 Phone. (+62-911) 353 055, 348 880

Fax. (+62-911) 34179

Banjarmasin

JL. Soetoyo S, RT 1 RW 1, No.1

Kel. Telaga biru, Kec. Banjarmasin Barat Banjarmasin 70119

Phone. (0511) 336 4038 Fax. (0511) 336 4125 Belawan

Jl. Krakatau Simpang Cemara No.A-4 Kel. Pulo Brayan Barat, Kec. Medan Utara Medan 20238

Phone. (+62-61) 663 1102 Fax. (+62-61) 663 4739 Bitung

Jl. 46 S.H. Sarundajang

Kel. Bitung Barat 2, Kec. Maesa Kota Bitung Sulawesi Utara 95512

Phone. (+62-438) 36747, 31255 Fax. (+62-438) 32357 Jayapura

Jl. Argapura Kanon No. 8 RT. 03 RW. 01

Kel. Argapura, Kec. Jayapura Selatan 99222 Phone. (+62-967) 521271

Fax. (+62-967) 550924 Makassar

Jl. Sultan Abdullah No. 75 Makassar 90212, Indonesia

Phone. (+62-411) 457 324, 457 325, 446 153, 446 013 Fax. (+62-411) 446 154

Branch Offices’ Address

Pekanbaru

Jl. Nenas/Utama No. 19A-2 Kel. Jadirejo Kec. Sukajadi, Pekanbaru 28113, Indonesia Phone. (+62-761) 23 624 Fax. (+62-761) 27 291 Pontianak

Jl. Gusti Hamzah No.8 Pontianak 78117, Indonesia Phone. (+62-561) 747 703 Fax. (+62-561) 746 274

Surabaya

Jl. Perak Timur No 216-A Surabaya 60165

Phone. (+62-31) 328 2525 Fax. (+62-31) 328 2524

Samarinda

Jl. Untung Suropati Blok C No. 3 Samarinda, Kalimantan Timur Phone. 085230100355

Sorong

Jl. Ahmad Yani Kuda Laut

Komp. PT. Perikanan Nusantara Ex. Usaha Mina Sorong Kota. Papua Barat 98414

Phone. (+62-778) 751 3899, 705 9838 Fax. (+62-778) 412 750 Samarinda

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Batam

Mega Cipta Industrial Park Blok A No. 3

Batu Ampar, Batam

Phone. (+62-778) 751 3899, 705 9838

Fax. (+62-981) 21608 Biak

Jl. Jend. Sudirman No.6 Biak, Papua

Phone. (+62-981) 21724 Fax. (+62-981) 21608 Dumai

Jl. Jendral Sudirman No. 318 Dumai - Riau

Phone. (+62-765) 439 660 Fax. (+62-765) 439 663

Kupang

PT Taruna Kusan Kupang Jl. Sunan Gunung Jati No. 18, Nusa Tenggara Timur Phone. (+62-380) 832 115 Fax. (+62-380) 831 718 Manokwari

PT. Luas LINE Jl. Siliwangi No. 11 Manokwari

Phone. (+62-986) 212 2558 Fax. (+62-986) 212 906

Agency Offices’ Address

Palembang

Jl. AKBP Cek Agus 1344 F Palembang

Phone. (+62-711) 369 920, 367 997 Fax. (+62-711) 364 451

Balikpapan

PT Armada Samudera Raya Jl. Arjuna No. 9 - Samarinda Phone. (+62-541) 707 8452 Fax. (+62-541) 203 020 Timika

PT. Pelayaran Tempuran Emas Tbk Jl. Hasanudin Timika, Papua Phone. (+62-971) 323250 Fax. (+62-21) 411 876

Palu

PT Metta Maju Perkasa Jl. Sungai Lewara 37,Palu, Sulawesi Tengah

Phone. (+62-21) 411 800 / 411 880 Fax. (+62-21) 411 876

Merauke PT. LUAS LINE

Jl. Ermasu No. 5 Merauke, Papua Phone. (+62-971) 323250

Malahayati

PT Pelayaran Sea Asih Lines Jl. Sultan Iskandar Muda, Punge Ujung, Kec. Meuraxa Banda Aceh 23234

Phone. 08126962990

Sampit

PT Lintas Mitra Bahari Jl. A. Yani No. 12

Sampit, Kalimantan Tengah Phone. 0531-31343

Kumai

PT Pelayaran Haluan Segara Line Komp. Kumai Damai,

Gg. Rambutan No. 40

Kel. Sei Tendang, Kec. Kumai Kobar Kalimantan Tengah 74181

Phone. 0532-23648 Tual

PT Dharma Indah BTN UN Indah Blok D/23 Tual, Maluku

Phone. 081343023095

Serui

PT Citrabaru Adinusantara Jl. P. Dipenogoro, Serui Kab. Kepulauan Yapen, Papua Phone. 08124842543

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

Malahayati

Lhokseumawe

Sampit

Kumai

W

ORK AREA AND

OPERATIONAL MAP

Makassar Makassar Makassar Makassar Makassar Makassar Makassar Makassar Palu Kupang Papua Ambon Bitung Surabaya Jakarta Jayapura 4x 4x 4x 4x 4x 4x 4x 4x Loading

Port UnloadingPort

Frequency (per month) Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Surabaya Banjarmasin Makassar Bitung Jayapura Balikpapan Samarinda Ambon Palu Sampit Kumai Tarakan Papua 5x 12x 4x 4x 4x 6x 4x 4x 5x 5x 2x 4x Loading

Port UnloadingPort

Frequency (per month) Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Jakarta Pontianak Pekanbaru Dumai Palembang Banjarmasin Batam Balikpapan Samarinda Belawan Surabaya Makassar Bitung Papua Malahayati Lhokseumawe 8x 4x 4x 4x 4x 3x 4x 4x 8x 12x 8x 4x 4x 2x 2x Loading

Port Unloading Port (per month)Frequency

Merauke

Timika

Tual

_Dobo

Serui

Nabire

Fakfak

Palu

Pendulum Service

Service S4

J a w J a a a s

Service A3

J a wan-Jakarta-Surabaya-Makassar-Ambon

Serving 32 Ports

Sumatera

Malahayati Lhokseumawe

Belawan Dumai Pekanbaru

Batam Palembang

Jawa

Jakarta Surabaya

Kalimantan

Pontianak Kumai Sampit Banjarmasin

Balikpapan Samarinda

Sulawesi

Makassar Palu Bitung

NTB

Kupang

Kep. Ambon

Ambon Tual Dobo

Papua

Sorong Manokwari

Fakfak Nabire Timika Merauke

Biak Serui Nabire MANAGEMENT DISCUSSION

AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

INTRODUCTION 2016 PERFORMANCE _HIGHLIGHTS MANAJEMENT REPORT COMPANY PROFILE

MANAGEMENT

ANALYSIS AND

DISCUSSION

TEMAS Line shall stand

strong and upright to fully

implement

Fixed Schedule

and

On -time Delivery

throughout Indonesia which

has been longingly expected

by National Logistic Industry.

MANAGEMENT DISCUSSION AND ANALYSIS

GOOD CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

2016 AUDITED FINANCIAL STATEMENTS

the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk

DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIAN Tanggal 31 Desember 2015 dan

Untuk Tahun yang Berakhir pada Tanggal Tersebut (Disajikan dalam rupiah, kecuali dinyatakan lain)

PT PELAYARAN TEMPURAN EMAS Tbk AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2015 and for the Year Then Ended

(Expressed in rupiah, unless otherwise stated)

31 Desember 2016/December 31, 2016 Setara dengan Mata Uang Asing/ Rupiah/

Foreign Equivalent

Currencies in Rupiah

Liabilitas Liabilities

Utang usaha kepada pihak ketiga US$ 2.248.740 30.214.069.028 Trade payables to third parties

EUR 223.921 3.171.070.987

SIN$ 125.118 1.163.465.713

JPY 6.308.730 728.027.442

CNY 86.909 168.330.934

GBP 2.500 41.268.775

DKK 4.080 7.773.624

HKD 3.974 6.884.836

SEK 1.124 1.662.610

Beban akrual US$ 2.163 290.526.818 Accrued expenses

Pinjaman jangka panjang Long-term debts

Utang lembaga keuangan US$ 13.034.268 175.128.428.980 Loan payable to financial institution

Utang sewa pembiayaan US$ 4.186.930 56.255.590.800 Finance lease liabilities

Total liabilitas 267.177.100.547 Total liabilities

Liabilitas neto 264.789.892.592 Net liabilities

Sebagaimana disajikan pada tabel di bawah ini, nilai mata uang rupiah telah mengalami perubahan berdasarkan kurs tengah yang ditetapkan oleh Bank Indonesia:

The rupiah currency has changed in value based on the middle rates of exchange published by Bank Indonesia as shown below:

29 Maret 2017/

Mata Uang Asing March 29, 2017 Foreign Currencies

Poundsterling Inggris (GBP1) 16.543 England pounds (GBP1)

Euro (EUR1) 14.417 Euro (EUR1)

Dolar A.S. (US$1) 13.323 U.S. dollar (US$1)

Dolar Singapura (SIN$1) 9.532 Singapore dollar (SIN$1)

Kroner Denmark (DKK1) 1.938 Denmark krone (DKK1)

Yuan Tiongkok (CNY1) 1.933 Chinese yuan (CNY1)

Dolar Hongkong (HKD1) 1.715 Hongkong dollar (HKD1)

Kroner Swedia (SEK1) 1.509 Sweden krone (SEK1)

Yen Jepang (JPY1) 120 Japan yen (JPY1)

Jika aset dan kewajiban dalam mata uang asing pada tanggal 31 Desember 2016 disajikan dengan menggunakan kurs tengah pada tanggal 29 Maret 2017, maka liabilitas neto dalam mata uang asing, sebagaimana yang disajikan di atas, akan turun sekitar Rp2.329.737.692 dalam mata uang rupiah.

Had the assets and liabilities denominated in foreign currencies as of December 31, 2016 been reflected using the above middle rates of exchange as of March 29, 2017, the net foreign currency denominated liabilities, as presented above, would have decreased by approximately Rp2,329,737,692 in terms of rupiah.

a. Pada tanggal 19 November 2011, Perusahaan

telah menyampaikan gugatan kepada

PT Multi Diesel Services (“MDS”) melalui

Pengadilan Negeri Cibinong dengan

No. 24/XI/PMH/LG/11 sehubungan dengan

perbuatan melawan hukum yang dilakukan oleh MDS selama perbaikan kapal KM Bahar Mas yang dilakukan pada tahun 2010.

a. On November 19, 2011, the Company filed a claim against PT Multi Diesel Service (“MDS”) in the District Court of Cibinong

under case

No. 24/XI/PMH/LG/11 in relation to an act against the law committed by MDS during the repair of MV Bahar Mas in 2010.

40. ASET DAN LIABILITAS DALAM MATA UANG ASING (lanjutan)

40. ASSET AND LIABILITIES IN FOREIGN

CURRENCIES (continued)

the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk

DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIAN Tanggal 31 Desember 2015 dan

Untuk Tahun yang Berakhir pada Tanggal Tersebut (Disajikan dalam rupiah, kecuali dinyatakan lain)

PT PELAYARAN TEMPURAN EMAS Tbk AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2015 and for the Year Then Ended

(Expressed in rupiah, unless otherwise stated)

Pihak MDS dinyatakan telah lalai dalam

menyelesaikan pekerjaan tidak tepat waktu dan

hasil pengerjaan tidak sesuai dengan

kesepakatan dalam kontrak perjanjian antara kedua belah pihak. Akibat dari kelalaian MDS

tersebut, Perusahaan telah mengalami

kerugian baik material maupun immaterial

dengan jumlah estimasi nilai sebesar

Rp523.953.460 ditambah dengan US$822.232 dan EUR69.484.

MDShas been declared as negligent for not

completing the job order in a timely manner and the work done was not in accordance with the contract agreement between both parties. Due to the neglect of MDS, the Company has suffered both material and

immaterial losses amounting to

Rp523,953,460 plus US$822,232 and

EUR69,484.

Pada tanggal 18 Juli 2012, Pengadilan Negeri

Cibinong telah mengeluarkan putusan

sehubungan dengan gugatan tersebut dan

memutuskan memenangkan sebagian dari

pembelaan MDS.

On July 18, 2012, the District Court issued a decision regarding the above claim and decided in favor of MDS with respect to certain claims.

Perusahaan memutuskan untuk melakukan banding keputusan Pengadilan pada tanggal 31 Juli 2012 ke Pengadilan Tinggi Bandung dengan No. 590/Pdt/2012/PT.Bdg.

The Company appealed the Court’s

decision on July 31, 2012 to the High

Court of Bandung under case

No. 590/Pdt/2012/PT.Bdg. Pada tanggal 7 Januari 2013 melalui putusan

No. 590/Pdt.2012/PT.Bdg, Pengadilan Tinggi

Bandung memutuskan untuk membatalkan

putusan Pengadilan Negeri Cibinong di atas, dan mengadili untuk mengabulkan gugatan Perusahaan untuk sebagian dan menghukum MDS untuk membayar kerugian materiil yang

diderita oleh Perusahaan sebesar

Rp523.953.460, US$822.232 dan EUR69.484.

On January 7, 2013 by its decision No. 590/Pdt.2012/PT.Bdg, the High Court of Bandung decided to annul the decision of the District Court of Cibinong above, and ruled to favor the Company for the most part and punish MDS to pay material damages suffered by the Company amounting to

Rp523,953,460, US$822,232 and

EUR69,484.

Atas keputusan Pengadilan Tinggi Bandung tersebut, MDS telah mengajukan permohonan

kasasi ke Mahkamah Agung pada

tanggal 12 Juli 2013 dengan

No.590/Pdt/2012/PT.Bdg.Jo.No.180/Pdt/2011/P N.CBN.

Upon the decision of the Bandung High Court, MDS filed an appeal on July 12, 2013 to the Supreme Court under case No. 590/Pdt/2012/PT.Bdg.Jo.No.180/Pdt/2011/P N.CBN.

Sampai dengan tanggal penyelesaian laporan

keuangan konsolidasian, Perusahaan masih

menunggu hasil permohonan kasasi dari

Mahkamah Agung dan belum mencatat nilai

gugatan dalam laporan keuangan

konsolidasian.

Until the date of completion of the consolidated financial statements, the Company is still waiting for the result of the appeal from the Supreme Court and has not recorded the claim in the consolidated financial statements.

41. LIABILITAS KONTINJENSI DAN LITIGASI

(lanjutan)

41. CONTINGENT LIABILITIES AND LITIGATION (continued)

the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk

DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIAN Tanggal 31 Desember 2015 dan

Untuk Tahun yang Berakhir pada Tanggal Tersebut (Disajikan dalam rupiah, kecuali dinyatakan lain)

PT PELAYARAN TEMPURAN EMAS Tbk AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2015 and for the Year Then Ended

(Expressed in rupiah, unless otherwise stated)

b. Pada tahun 2013, Perusahaan melakukan

perjanjian pengoperan pemanfaatan lahan TNI AL dengan PT Senopati Samudera Perkasa (SSP). Pada tahun 2014, pihak TNI AL mengeluarkan surat pemberitahuan kepada Perusahaan, bahwa Perusahaan tidak bisa memanfaatkan lahan tersebut sesuai dengan

perjanjiannya dengan pihak SSP. Merasa

dirugikan, Perusahaan melaporkan SSP atas

dugaan tindak pidana penipuan dan

penggelapan atas lahan. Penyidik telah

menetapkan Setyo Hartono, komisaris SSP, sebagai tersangka dalam kasus ini.

b. In 2013, the Company entered into an agreement with PT Senopati Samudera Perkasa (SSP) to operate TNI AL lands. In 2014, TNI AL issued a notice to the Company, that the Company cannot use the land in accordance with its agreement with SSP. The Company reported SSP on grounds of criminal fraud and embezzlement over the land. The investigators have established Setyo Hartono, a commissione of SSP, as a suspect in this case.

Sampai dengan tanggal penyelesaian laporan keuangan konsolidasian, kasus ini masih dalam

proses persidangan di Pengadilan Negeri

Surabaya.

Until the date of completion of the consolidated financial statements, this case is still under trial in the Court of Surabaya.

42. INFORMASI TAMBAHAN ARUS KAS 42. SUPPLEMENTARY CASH FLOW

INFORMATION

Aktivitas yang tidak mempengaruhi arus kas: Non-cash activities:

Tahun yang Berakhir pada Tanggal 31 Desember/

Year Ended December 31, Catatan/

2016 Notes 2015

Penambahan aset Additions to fixed

tetap dengan mengkredit: assets credited to:

Utang lembaga keuangan 91.187.548.583 19 100.791.011.673 financial institution

Utang usaha 163.665.057 11 6.777.077.050 Trade payables

Loan payable to Utang bank jangka panjang - 19 180.000.000.000 Long-term bank loans

Kapitalisasi beban keuangan ke Capitalization financing cost

aset tetap - 11 7.210.180.556 to fixed assets

41. LIABILITAS KONTINJENSI DAN LITIGASI

(lanjutan)

41. CONTINGENT LIABILITIES AND LITIGATION (continued)

the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk

DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIAN Tanggal 31 Desember 2015 dan

Untuk Tahun yang Berakhir pada Tanggal Tersebut (Disajikan dalam rupiah, kecuali dinyatakan lain)

PT PELAYARAN TEMPURAN EMAS Tbk AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2015 and for the Year Then Ended

(Expressed in rupiah, unless otherwise stated)

43. STANDAR AKUNTANSI YANG TELAH

DISAHKAN NAMUN BELUM BERLAKU EFEKTIF

43. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

Standar akuntansi dan interpretasi yang telah disahkan oleh Dewan Standar Akuntansi Keuangan (DSAK), tetapi belum berlaku efektif untuk laporan keuangan konsolidasian tahun berjalan diungkapan dibawah ini. Kelompok Usaha bermaksud untuk menerapkan standar tersebut, jika dipandang relevan, saat telah menjadi efektif.

The standards and intepretations that are issued by the Indonesian Financial Accounting Standards Board (DSAK), but not yet effective for current consolidated financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.

Berlaku efektif 1 Januari 2017: Effective on January 1, 2017:

a. Amandemen PSAK 1: Penyajian Laporan

Keuangan tentang Prakarsa Pengungkapan, berlaku efektif 1 Januari 2017. Amandemen ini

mengklarifikasi, bukan mengubah secara

signifikan, persyaratan PSAK 1, antara lain,

mengklarifikasi mengenai materialitas,

fleksibilitas urutan sistematis penyajian catatan atas laporan keuangan dan pengidentifikasian kebijakan akuntansi signifikan.

a. Amendments to PSAK 1: Presentation of Financial Statements on Disclosures Initiative, effective January 1, 2017. These amendments clarify, rather than significantly change, existing PSAK 1 requirements, among others, to clarify the materiality, flexibility as to the order in which they present the notes to financial statements and identification of significant accounting policies.

b. PSAK 3 (Penyesuaian 2016): Laporan

Keuangan Interim, berlaku efektif 1 Januari 2017 dengan penerapan dini diperkenankan.

Penyesuaian ini mengklarifikasi bahwa

pengungkapan interim yang dipersyaratkan harus dicantumkan dalam laporan keuangan interim atau melalui referensi silang dari laporan keuangan interim seperti komentar manajemen atau laporan risiko yang tersedia untuk pengguna laporan keuangan interim dan pada saat yang sama.

b. PSAK 3 (2016 Improvement): Interim Financial Reporting, effective January 1, 2017 with earlier application is permitted. This improvement clarifies that the interim disclosures required should be included in the interim financial statements or through cross-references of the interim financial statements, such as management commentary or risk management report, that available to users of the interim financial statements and should at the same time.

c. PSAK 24 (Penyesuaian 2016): Imbalan Kerja,

berlaku efektif 1 Januari 2017 dengan

penerapan dini diperkenankan. Penyesuaian

ini mengklarifikasi bahwa pasar obligasi

korporasi berkualitas tinggi dinilai berdasarkan denominasi mata uang obligasi tersebut dan bukan berdasarkan negara di mana obligasi tersebut berada.

c. PSAK 24 (2016 Improvement): Employee Benefits, effective January 1, 2017 with earlier application is permitted. This improvement clarifies that the market of high quality corporate bonds is valued by denominated bonds and not based on the country in which the bonds are.

d. PSAK 58 (Penyesuaian 2016): Aset Tidak

Lancar yang Dimiliki Untuk Dijual dan Operasi yang Dihentikan, berlaku efektif 1 Januari 2017

dengan penerapan dini diperkenankan.

Penyesuaian ini mengklarifikasi bahwa

perubahan dari satu metode pelepasan ke

d. PSAK 58 (2016 Improvement): Non-Current Assets, Held for Sale and Discontinued Operation, effective January 1, 2017 with earlier application is permitted. This improvement clarifies that a change from one disposal method to the other disposal methods

the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk

DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIAN Tanggal 31 Desember 2015 dan

Untuk Tahun yang Berakhir pada Tanggal Tersebut (Disajikan dalam rupiah, kecuali dinyatakan lain)

PT PELAYARAN TEMPURAN EMAS Tbk AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2015 and for the Year Then Ended

(Expressed in rupiah, unless otherwise stated) 43. STANDAR AKUNTANSI YANG TELAH

DISAHKAN NAMUN BELUM BERLAKU EFEKTIF (lanjutan)

43. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE (continued)

Berlaku efektif 1 Januari 2017: (lanjutan) Effective on January 1, 2017: (continued)

e. PSAK 60 (Penyesuaian 2016): Instrumen

Keuangan: Pengungkapan, berlaku efektif

1 Januari 2017 dengan penerapan dini

diperkenankan. Penyesuaian ini

mengklarifikasi bahwa entitas harus menilai

sifat dari imbalan kontrak jasa untuk

menentukan apakah entitas memiliki

keterlibatan berkelanjutan dalam aset

keuangan dan apakah persyaratan

pengungkapan terkait keterlibatan

berkelanjutan terpenuhi.

e. PSAK 60 (2016 Improvement): Financial Instruments, effective January 1, 2017 with earlier application is permitted. This improvement clarifies that an entity must assess the nature of the service contract benefits to determine whether the entity has a continuing involvement in financial assets and whether the disclosure requirements related to the continuing involvement are met.

Berlaku efektif 1 Januari 2018: Effective on January 1, 2018:

f. Amandemen PSAK 2: Laporan Arus Kas

tentang Prakarsa Pengungkapan, berlaku

efektif 1 Januari 2018 dengan penerapan dini diperkenankan. Amandemen ini mensyaratkan entitas untuk menyediakan pengungkapan

yang memungkinkan pengguna laporan

keuangan untuk mengevaluasi perubahan

pada liabilitas yang timbul dari aktivitas

pendanaan, termasuk perubahan yang timbul dari arus kas maupun perubahan non-kas.

f. Amendments to PSAK 2: Statement of Cash Flows on the Disclosures Initiative, effective January 1, 2018 with earlier application is permitted. These amendments require entities to provide disclosures that enable the financial statements users to evaluate the changes in liabilities arising from financing activities, including changes from cash flow and non-cash.

g. Amandemen PSAK 46: Pajak Penghasilan

tentang Pengakuan Aset Pajak Tangguhan untuk Rugi yang Belum Direalisasi, berlaku efektif 1 Januari 2018 dengan penerapan dini

diperkenankan. Amandemen ini

mengklarifikasi bahwa untuk menentukan

apakah laba kena pajak akan tersedia

sehingga perbedaan temporer yang dapat

dikurangkan dapat dimanfaatkan, estimasi

atas kemungkinan besar laba kena pajak

masa depan dapat mencakup pemulihan

beberapa aset entitas melebihi jumlah

tercatatnya.

g. Amendments to PSAK 46: Income Taxes on the Recognition of Deferred Tax Assets for Unrealized Losses, effective January 1, 2018 with earlier application is permitted. These amendments clarify that to determine whether the taxable income will be available so that the deductible temporary differences can be utilized, estimates of the most likely future taxable income can include recovery of certain assets of the entity exceeds its carrying amount.

Kelompok Usaha sedang mengevaluasi dampak

dari standar akuntansi tersebut dan belum

menentukan dampaknya terhadap laporan

keuangan konsolidasian.

The Group is presently evaluating and has not yet determined the effects of these accounting standards on its financial statements.