Investor Relations | GMF AeroAsia

Dalam rangka mempercepat pertumbuhan berkelanjutan dan memenangkan persaingan

di pasar bebas khususnya dalam industri

Maintenance, Repair and Overhaul (MRO)

tingkat dunia, Kami berkomitmen membangun keunggulan berdaya saing tinggi

dengan berlandaskan pada penguatan produktifitas dan efisiensi. Efisiensi dan

produktifitas dapat dicapai dengan kualitas Sumber Daya Manusia (SDM) yang

produktif, profesional, berkemampuan dalam menciptakan nilai tambah serta menjawab

tantangan baru. Karyawan kami tidak saja dituntut memiliki ketrampilan, tetapi juga

harus memiliki keinginan dan semangat untuk berprestasi.

Berbagai inisiatif langkah-langkah strategis dan sistemik kami lakukan untuk

memperkuat fundamental bisnis yang produktif dan efisien. Strategi yang tepat

sasaran, kualitas produk dan layanan yang prima, iklim organisasi yang kondusif serta

budaya keselamatan senantiasa secara konsisten akan terus kami laksanakan.

Sejalan dengan program jangka panjang kami, secara berkelanjutan kami melakukan

program antara lain

Business Portfolio Development, Capability & Capacity Development,

Business & Work Process Improvement Development

serta

People & Organization

Development. 4 (empat) strategik inisiatif tersebut secara berkelanjutan kami

implementasikan, dalam upaya menciptakan kualitas produk dan layanan yang semakin

sempurna, pilihan pelanggan dan berstandar dunia.

In order to accelerate sustainable growth and win the competition of the free market,

especially in the industry of Maintenance, Repair and Overhaul (MRO) in the world

level, We are committed to building a highly competitive excellence, based on the

strengthening of productivity and efficiency. Efficiency and productivity can be achieved

with the quality of productive, professional Human Resources (HR) and capable of

creating additional value and responding to new challenges. Our employees are not

only required to have skills, but also they must have great enthusiasm and spirit for

achievement.

Various strategic and systemic initiatives we take to strengthen productive and efficient

business fundamentals. Right targeted Strategies, quality of products and excellent

services, conducive organizational climate and safety culture will always continue to

be consistently performed.

In line with our long-term program, we do a program on an ongoing basis, among

others, Business Portfolio Development, Capability & Capacity Development, Business

& Work Process improvement Development and People & Organization Development.

The 4 (four) strategic initiatives we have implemented on an ongoing basis, in an effort

to create more perfect quality product and service, customers choice and world class

standards.

Kesinambungan Tema GMF AeroAsia

Theme Continuity of GMF AeroAsia

2011

Tantangan Pertumbuhan

Challenge to Growth

2012

Melanjutkan Pertumbuhan Perusahaan untuk

Menghadapi MRO Kelas Dunia Pilihan Pelanggan

Continuing Company's Growth to be

World Class MRO of Customer's Choice

2013

Produktifitas dan Efisiensi Sebagai Penguatan Landasan

Menjadi MRO Kelas Dunia Pilihan Pelanggan

Productivity and Efficiency as Strengthening Platform

to Become World Class MRO of Customer s Choice

Tanggung Jawab Atas Laporan Tahunan 2013

Responsibility for the 2013 Annual Report

Dewan Komisaris dan Direksi menyatakan bertanggung jawab penuh atas kebenaran isi Laporan Tahunan ini, berikut laporan keuangan dan informasi lain yang terkait.

Jakarta, 8 Juli 2014

Board of Commisioners and Board of Directors are fully accountable for correctness of this Annual Report, and the accompanying financial statement and related information.

Jakarta, July 8th_{, 2014}

Komisaris Utama President Commissioner

Heriyanto Agung Putra

Komisaris Commissioner

Djoko Murjatmodjo

Komisaris Commissioner

Batara Silaban

Direktur Utama President Director & CEO

Richard Budihadianto

Direktur Keuangan EVP Finance

Gatot Satriawan

Direktur Corporate Strategy & Development EVP Corporate Strategy & Development

Setijo Awibowo

Direktur SDM & Umum

EVP Human Capital & Corporate Affairs

Harkandri M. Dahler

DirekturBase Operation

EVP Base Operation

Agus Sulistyono

DirekturLine Operation

EVP Line Operation

Pencapaian GMF tahun 2013

Achievement GMF in 2013

Laba Bersih Net Profit

USD

19,127,169

_{Pangsa Pasar}

Domestik

Domestic Market Share

82,81%

Jumlah Karyawan Number of Employees

3.195

Realisasi Anggaran CSR Budget Realization

of CSR

Rp2.746.582.278

Skor GCG GCG Score

85,58%

Indeks Kepuasan Karyawan

Employee Engagement Index

74,70%

Jumlah Kantor

Perwakilan

Number of Representative Office

25

Indeks Kepuasan Pelanggan

Customer Satisfaction Index

Daftar Isi

Table of Contents

PENDAHULUAN

Introduction

02

Tema, Kesinambungan Tema

Tanggung Jawab Laporan Tahunan

Pencapaian GMF tahun 2013

Daftar Isi

Ikhtisar Data Keuangan

Laporan Kepada Pemegang Saham dan Pemangku Kepentingan

Laporan Dewan Komisaris

Profil Dewan Komisaris

Laporan Direksi

Profil Direksi

Theme, Theme Continuity Responsibility of Annual Report Achievement of GMF in 2013 Table of Contents

Highlights of Financial Data

Report to Shareholders and Stakeholders

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

PROFIL PERUSAHAAN

Company Profile

50

Identitas Perusahaan

Milestone GMF dan Sejarah Singkat Perusahaan

Tujuan dan Bidang Usaha Perusahaan

Produk dan Jasa Perusahaan

Strategi dan Sasaran Perusahaan

Visi-Misi dan Budaya Perusahaan

Struktur Organisasi Perusahaan

Profil VP Perusahaan

Komposisi Pemegang Saham

Struktur Grup Perusahaan, Entitas Anak Perusahaan dan Entitas Asosiasi

Kronologis Pencatatan Saham

Kronologis Pencatatan Efek

Lembaga Profesi Penunjang Perusahaan

Nama dan Alamat Wilayah Operasi

Company Identity

Milestone of GMF and A Brief History of the Company

Objectives and lines of Business Products and Services of Company Strategy and Target of Company Vision-Mission and Corporate Culture Organizational Structure of the Company Profile of Corporate VP

Shareholders Composition

Structure of Company Group, Subsidiaries and Associated Companies

Chronological Listing of Shares Chronological Listing of Securities Profession Institutions Supporting Company Name and Address of Operation

2 5 6 8 12 22 22 29 34 42 52 54 57 59 65 68 74 76 82 83 87 87 87 88

Nama dan Alamat Kantor Perwakilan

Penghargaan dan Sertifikasi

Peristiwa Penting 2013

Testimoni GMF

Name and Address of Representative Offices Award and Certification

Significant Events in 2013 GMF Testimonials

ANALISA DAN PEMBAHASAN MANAJEMEN

Management Discussion and Analysis

104

Tinjauan Industri

Tinjauan Operasi Per Segmen Usaha

Tinjauan Pendukung Bisnis

Sumber Daya Manusia

Teknologi Informasi

Pemasaran

Security Management System

Analisis Posisi Keuangan

Analisis Kinerja Keuangan

Arus Kas

Rasio Kemampuan Membayar Utang dan Tingkat Kolektibilitas Piutang Perusahaan

Struktur Modal

Belanja dan Ikatan Material Untuk Investasi Barang Modal

Investasi Barang Modal

Perbandingan Antara Target Awal Tahun dengan Hasil yang Dicapai (Realisasi) tahun 2013 serta proyeksi tahun 2014

Informasi dan Fakta Material Setelah Tanggal Laporan Akuntan

Prospek Usaha

Kewajiban Kepada Negara

Kebijakan Deviden

Program Kepemilikan Saham Oleh Karyawan Atau Menajemen

Realisasi Dana Hasil Penawaran Umum

Informasi Material Mengenai Investasi, Ekspansi, Divestasi, Akuisisi, Restrukturisasi dan Privatisasi

Industry Overview

Operation Review Per Business Segment Review of Business Support

Human Resources Information Technology Marketing

Security Management System Analysis of Financial Position Analysis of Financial Performance Cash Flows

Ratio of Debt Paying Ability and Level of Collectible Receivables of Company Capital Structures

Expenditure and Materials Association For Investment of Capital Expenditures Investment of Capital Goods

Comparison Between Early Year Target with Results Achieved (Actual) in 2013 and projections in 2014

Information and material facts after Accountant Report Date

Business Prospects Obligation to state Dividend Policy

Share Ownership Programs of Employee or Management

Realization of Proceeds from Public Offering Material Information Concerning Investment, Expansion, Divestment, Acquisition, Restructuring and Privatization 90 92 97 103 106 115 150 150 188 204 216 218 234 240 241 244 246 250 252 254 254 259 261 262 263 264

Informasi Transaksi Material Yang Mengandung Benturan Kepentingan dan/atau Transaksi dengan Pihak Afiliasi

Perubahan Peraturan dan Dampaknya Terhadap Kinerja Terhadap Perusahaan

Perubahan Kebijakan Akuntansi dan Persiapan GMF dalam Rangka Konvergensi IFRS

Manajemen Risiko Keuangan (Transaksi Derivatif dan Aktivitas Lindung Nilai)

Realisasi Penggunaan Dana Hasil Penawaran Umum

Kinerja Perusahaan

Material Transaction Information Containing Conflicts of Interest and / or transactions with affiliated parties

Changes in Regulation and Its Impact on Performance Against Company

Changes in Accounting Policy and Preparation of GMF in the framework of IFRS Convergence

Financial Risk Management (Transactions of Derivatives and Hedging Activities) Realization of Proceeds from Public Offering Company Performance

TATA KELOLA PERUSAHAAN

Corporate Governance

280

Introduction

Information on Major Shareholders and Controler

General Meeting of Shareholders (GMS) Board of Commissioners

Report of the Audit Committee Corporate Governance and Risk Policy Committee

Secretary of Board of Commissioners Board of Directors

Procedure of Remuneration Policy Determination of Board of Commissioners and Board of Directors

Corporate Secretary

Company Information Access Internal Audit & Risk Management Unit Internal Control System

Risk Management Report Code of Conduct Whistleblowing System Quality Management System Procurement of Goods and Services 266 271 272 274 277 277 282 291 292 298 318 334 350 353 382 386 392 396 417 421 432 443 448 450 Pendahuluan

Informasi mengenai Pemegang Saham Utama dan Pengendali

Rapat Umum Pemegang Saham (RUPS)

Dewan Komisaris

Laporan Komite Audit

Komite Kebijakan Corporate Governance dan Kebijakan Risiko

Sekretaris Dewan Komisaris

Direksi

Prosedur Penetapan Kebijakan Remunerasi Dewan Komisaris dan Direksi

Sekretaris Perusahaan

Akses Informasi Perusahaan

Unit Internal Audit & Risk Management

Sistem Pengendalian Internal

Laporan Manajemen Risiko

Pedoman Etika Perusahaan

Whistleblowing System

Sistem Manajemen Mutu

Akuntan Perseroan

Perkara Penting yang Sedang Dihadapi Direksi dan Dewan Komisaris yang Sedang Menjabat

Company Accountant

Important Case Being Faced Board of Directors and Board of Commissioners being Served

TANGGUNG JAWAB SOSIAL PERUSAHAAN

Corporate Social Responsibility

462

Pendahuluan

Anggaran dan Program CSR

Tanggung Jawab Sosial Perusahaan terkait Pengembangan Sosial dan Kemasyarakatan

Tanggung Jawab Sosial Perusahaan terkait Lingkungan Hidup

Tanggung Jawab Sosial Perusahaan terkait Ketenagakerjaan, Kesehatan dan

Keselamatan Kerja (K3)

Tanggung Jawab Sosial Perusahaan terkait Pelanggan

Introduction

Budget and CSR Program

Corporate Social Responsibility Related to Social and Community Development Corporate Social Responsibility Related to the Environment

Corporate Social Responsibility Related to Employment, Occupational Health and Safety (OHS)

Corporate Social Responsibility Related to Customers

LAPORAN KEUANGAN AKUNTAN

Audited Financial Statements

498

REFERENSI KRITERIA ANNUAL REPORT AWARD(ARA) TAHUN 2013

Criteria Reference of Annual Report Award (ARA) in 2013

564

464

468

471

477

483

492 454

Ikhtisar Data Keuangan

Highlights of Financial Data

PT GMF AeroAsia 2011-2013

ANALISIS POSISI KEUANGAN Aset Lancar

Aset Tidak Lancar

Jumlah Aset LIABILITAS Liabilitas Jangka Pendek Liabilitas Jangka Panjang Jumlah Liabilitas EKUITAS Jumlah Ekuitas

Jumlah Liabilitas dan Ekuitas 2013 USD 2012 USD 2011 USD Pertumbuhan (%) Growth (%) 141,608,395 66,246,441 207,854,836 56,081,862 63,565,912 119,647,774 88,207,062 207,854,836 150,677,075 28,996,170 179,673,245 64,448,724 45,577,587 110,026,311 69,646,934 179,673,245 126,756,849 24,652,835 151,409,684 57,582,729 34,926,701 92,509,430 58,900,254 151,409,684 -6.02% 128.47% 15.68% -12.98% 39.47% 8.74% 26.65% 15.68% LABA RUGI Pendapatan Usaha Beban Usaha Laba Usaha Penghasilan Bunga Beban Keuangan Keuntungan dan Kerugian Lain-lain Bersih

Laba Sebelum Pajak

Beban Pajak

Laba Bersih Tahun Berjalan Pendapatan Komprehensif Lain Jumlah Pendapatan Komprehensif Lain 230,294,144 212,481,455 17,812,689 144,146 -2,439,821 9,406,498 24,923,512 -5,796,343 19,127,169 -15,977 19,111,192 211,637,715 197,201,215 14,436,500 52,199 -2,172,169 2,834,618 15,151,148 -4,129,879 11,021,269 25,098 11,046,367 185,859,458 174,528,683 11,330,775 13,478 -1,451,679 2,047,062 11,939,636 -4,647,666 7,291,970 4,468 7,296,438 8.82% 7.75% 23.39% 176.15% 12.32% 231.84% 64.50% 40.35% 73.55% -163.66% 73.01% ANALYSIS OF FINANCIAL POSITION Current Assets Non Current Assets Total Assets LIABILITIES Short-Term Liabilities Long-Term Liabilities Total Liabilities EQUITY Total Equity Total Liabilities and Equity

Ikhtisar Keuangan Penting

Financial Highlights

PROFIT AND LOSS

Operating Revenues Operating Expenses Operating Profit Interest Income Financial Expenses Profit and Loss Other -Net

Profit Before Tax Tax Burden

Current Year Net Profit

Other Comprehensive Income

Total Other

MODAL KERJA BERSIH RASIO-RASIO Rasio Likuiditas

Rasio Kas (%)

Rasio Uji Cair (%)

Rasio Lancar (%)

Rasio Profitabilitas

Rasio Laba Bersih (%)

Rasio Laba Bersih atas Penjualan (%)

Rasio Laba Bersih Atas Modal (%)

Rasio Tingkat Pengembalian Investasi (%)

Rasio Solvabilitas

Rasio Total Hutang terhadap Total Aktiva (%)

Rasio Hutang terhadap Ekuitas (%)

Rasio Aktivitas

Perputaran Persediaan (hari)

Masa Penagihan (hari)

Perputaran Total Aset (%)

Rasio Modal Sendiri Terhadap Total Aset (%) 85,526,533 0.31 0.97 2.52 7.73 8.31 21.68 9.20 0.58 1.36 89 58 111 42% 86,228,351 0.21 0.90 2.34 6.82 5.21 15.82 6.13 0.61 1.58 78 77 118 39% 69,174,120 0.12 0.68 2.20 6.10 3.92 12.38 4.82 0.61 1.57 99 64 123 39% -0.81% 47.62% 7.78% 7.69% 13.34% 59.50% 37.04% 50.08% -6.00% -14.14% 14.49% -24.48% -6.11% 8.81%

NET WORKING CAPITAL

RATIOS

Liquidity ratio Cash Ratio (%) Test Liquid Ratio (%) Current Ratio (%) Profitability Ratios Net Profit Ratio (%) Net Profit Ratio on Sales (%)

Return on Equity (%)

Return on Investment Ratios (%)

Solvency Ratio Total Debt to Total Assets Ratio (%)

Debt to Equity Ratio (%) Activity Ratio

Inventory Turnover (days)

Billing Period (days) Total Assets Turnover (%)

Ratio of Equity to Total Assets (%) 2013 USD 2012 USD 2011 USD Pertumbuhan (%) Growth (%)

Ikhtisar Keuangan Penting

IKHTISAR PRODUK DAN JASA (Rp Juta) Base Maintenance Component Maintenance Engine Shop Line Maintenance Material Management Engineering Services Lainnya Total SKOR GCG JUMLAH SDM 61,232,441 29,075,375 5,648,274 81,130,766 29,402,984 6,337,381 17,466,923 230,294,144 85.58 3.195 63,594,082 28,739,838 35,300,683 66,635,001 9,162,113 4,064,925 4,141,073 211,637,715 81.44 3,142 52,878,117 28,678,114 23,864,354 51,949,956 20,723,330 3,955,468 3,810,119 185,859,458 87.41 2,869 -3.71% 1.17% -84.00% 21.75% 220.92% 55.90% 321.80% 8.82% 5.08% -4.81%

HIGHLIGHTS OF PRODUCTS AND SERVICES (Rp Million)

Base Maintenance Component Maintenance Engine Shop Line Maintenance Material Management Engineering Services Others Total SCORE GCG TOTAL HR Ikhtisar Data Keuangan

Highlights of Financial Data

2013 USD 2012 USD 2011 USD Pertumbuhan (%) Growth (%)

Ikhtisar Keuangan Penting

Financial Highlights

Catatan:

Sampai dengan akhir tahun 2013, GMF tidak melakukan perdagangan saham sehingga tidak ada informasi harga saham tertinggi, harga saham terendah dan harga saham penutupan serta volume saham yang diperdagangkan. Sampai dengan akhir tahun 2013, GMF tidak menerbitkan obligasi, sukuk dan obligasi konversi sehingga tidak ada informasi terkait dengan jumlah obligasi/sukuk/obligasi konversi yang beredar, tingkat bunga/imbalan, tanggal jatuh tempo dan peringkat obligasi/sukuk.

Note:

Right through to end-2013 GMF did not trade in stocks/shares; therefore, no information on highest and lowest stock prices, nor stock price on closing or volume traded.

Until end of 2013, GMF did not issue any bonds, sukuk and convertible bonds, therefore no available information regarding total quantity of bonds /sukuk / convertible outstanding, nterest/benefit rate, maturity date and rating o f bonds/sukuk.

Aset Lancar

Current Assets

2013 2012 2011

Aset Tidak Lancar

Non Current Assets

2013 2012 2011

Jumlah Aset

Total Assets

Liabilitas Jangka Pendek

Short-Term Liabilities

2013 2012 2011 2013 2012 2011

Liabilitas Jangka Panjang

Long-Term Liabilities

Jumlah Liabilitas

Total Liabilities

Ikhtisar Data Keuangan Highlights of Financial Data

Jumlah Ekuitas

Total Equity

Jumlah Liabilitas dan Ekuitas

Total Liabilities and Equity

2013 2012 2011 2013 2012 2011

Pendapatan Usaha

Operating Revenues

Beban Usaha

Operating Expenses

2013 2012 2011 2013 2012 2011

Laba Usaha

Operating Profit

Penghasilan Bunga

Interest Income

Beban Keuangan

Financial Expenses

Keuntungan dan Kerugian Lain-lain Bersih

Profit and Loss Other- Net

2013 2012 2011

Laba Sebelum Pajak

Profit Before Tax

2013 2012 2011

Beban Pajak

Tax Expense

Laba Bersih Tahun Berjalan

Current Year Net Profit

2013 2012 2011

Pendapatan Komprehensif Lain

Other Comprehensive Income

2013

2012 2011

2013 2012 2011

Ikhtisar Data Keuangan Highlights of Financial Data

Jumlah Pendapatan Komprehensif Lain

Total Other Comprehensive Income

2013 2012 2011

Modal Kerja Bersih

Net Working Capital

2013 2012 2011

2013 2012 2011

Cash Ratio

(%)

2013 2012 2011

Acid Test Ratio

(%)

2013 2012 2011

Rasio Lancar (%)

Current Ratio (%)

2013 2012 2011

2013 2012 2011

Net Profit Ratio

(%)

2013 2012 2011

Return on Equity

(ROE) (%)

2013 2012 2011

Return on Investment

(ROI) (%)

2013 2012 2011

Debt to Total Assets Ratio

(%)

2013 2012 2011

Debt to Total Equity Ratio

(%)

89 78 99

2013 2012 2011

Perputaran Persediaan (hari)

Ikhtisar Data Keuangan Highlights of Financial Data

2013 2012 2011

Masa Penagihan (hari)

Collection Period (day)

2013 2012 2011

Perputaran Total Aset (%)

Total Assets Turn Over (%)

2013 2012 2011

Rasio Modal Sendiri Terhadap Total Aset (%)

Total Equity to Total Assets (%)

2013 2012 2011

Base Maintenance

2013 2012 2011

Component Maintenance

2013 2012 2011

2013 2012 2011

Line Maintenance

2013 2012 2011

Material Management

2013 2012 2011

Engineering Services

2013 2012 2011

Others

2013 2012 2011

Skor GCG

GCG Score

2013 2012 2011

Jumlah SDM

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Dewan Komisaris memahami bahwa perusahaan yang siap memenangkan persaingan adalah perusahaan yang transparant, accountable, responsible, independentdan fairness. Untuk itu, Dewan Komisaris senantiasa memberikan perhatian khusus dalam memberikan pengawasan atas penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) sesuai dengan standar yang ditetapkan oleh Pemegang Saham, Regulator dan standarbest practicelainnya dan terus berupaya mendukung dan menjunjung tinggi seluruh prinsip GCG dapat diterapkan secara konsisten oleh GMF. Penerapan GCG secara konsisten akan meningkatkan nilai Pemegang Saham dan pemangku kepentingan lainnya serta memelihara pertumbuhan yang berkelanjutan.

Bentuk komitmen GMF dalam menerapkan GCG di setiap tingkatan dan jenjang organisasi dilakukan melalui penguatan infrastruktur untuk mencapai praktik terbaik, penyesuaian sistem dan prosedur yang diperlukan untuk mendukung pelaksanaan GCG yang semakin efektif agar mampu meningkatkan daya saing dalam menghadapi kompetisi global saat ini.

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In addition to these achievements, GMF could encourage the growth of Assets, Liabilities, and Equity and Solvency and Liquidity levels quite well. During the year 2013 it occurred an increase in assets of USD207,854,836 an increase of 16% compared in 2012 amounted to USD179,673,245. The liabilities in 2013 increased by 8.74% to USD119,647,774 compared in 2012 amounted to USD110,026,311. The increase also occurred in equity in 2013 by 27% to USD88,207,062 compared in 2012 amounted to USD69,646,934.

Meanwhile, the level of Solvency reflected in Debt to Total Assets Ratio (DAR) by 58% and Debt to Total Equity Ratio (DER) by 136%. The Liquidity level was shown by Cash Ratio at 31%, Acid Ratio 152.03%, and the value of Current Ratio of 252.50%. Thus, soundness of GMF was categorized as "Healthy".

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Board of Commissioners understands that the company ready to win the competition is a transparent, accountable, responsible, independent and fairness company. Therefore, the Board of Commissioners always gives special attention in supervising and implementing of Good Corporate Governance (GCG) according to standards established by the Shareholders, regulators and other standard of best practices and continue to support and uphold all principles of GCG that can consistently be applied by GMF. GCG implementation will increase consistently the value of shareholders and other stakeholders and to maintain sustainable growth.

Form of GMF commitment in implementing GCG at all ranks and levels of the organization is done through strengthening the infrastructure to achieve the best practices, system adjustments and procedures needed to support the more effective implementation of GCG in order to increase competitiveness in facing global competition.

Upaya penerapan GCG di GMF diiringi dengan pengukuran implementasi GCG secara berkala untuk mengukur dan mengetahui tingkat implementasi GCG yang telah dilakukan. Pelaksanaan pengukuran implementasi GCG yang dilakukan oleh pihak independen untuk periode tahun 2013 yang berpedoman pada Peraturan Menteri Negara BUMN Nomor PER-01/MBU/2011 tanggal 1 Agustus 2011 tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance)pada Badan Usaha Milik Negara dan mengikuti parameter yang ditetapkan dalam Keputusan Sekretaris Menteri BUMN Nomor SK-16/S. MBU/2012 tanggal 6 Juni 2012, menunjukkan hasil dengan predikat "Sangat Baik" dengan memperoleh skor 85.58 atau setara dengan 85.58% dari skor maksimal 100. Nilai ini akan terus ditingkatkan agar mencapai hasil yang sebagaimana target implementasi GCG di GMF yaitu terwujudnya budaya GCG yang melekat pada seluruh jenjang organisasi Perusahaan.

Dewan Komisaris sangat memperhatikan efektivitas Sistem Pengendalian Internal sebagai upaya GMF memiliki keandalan laporan dan informasi, kepatuhan terhadap peraturan yang berlaku serta efisiensi dan efektivitas kegiatan operasional diantaranya dengan mengadaptasi prinsip COSO (Committee of Sponsoring Organizations of the Treadway Commission). Sistem Pengendalian Internal di GMF terdiri dari 3 lapis, yaitu pertahanan lapis pertama dilakukan oleh seluruh manajemen operasi, pertahanan lapis kedua dilakukan oleh Manajemen Pengendalian, dan pertahanan lapis ketiga dilakukan oleh Unit Pengawasan Internal yakni Unit Internal Audit and ControldanUnit Quality Assurance and Safety.

Secara khusus, Dewan Komisaris telah meningkatkan area implementasi yang menjadi bagian tanggung jawab Dewan Komisaris maupun organ pendukung Dewan Komisaris. Bentuk perbaikan implementasi diantaranya adalah peningkatan kualitas dalam penyusunan program kerja, pelaksanaan fungsi pengawasan dan konsultasi yang dilaksanakan pada rapat koordinasi dalam internal Dewan Komisaris maupun dengan Direksi, serta melaksanakan evaluasi, rekomendasi dan memberikan persetujuan atas beberapa keputusan dan investasi yang bersifat strategis. Pelaksanaan tugas dan tanggung jawab selaku Dewan Komisaris berpedoman padaGCG CodedanBoard Manual.

GCG implementation efforts in GMF accompanied by measurements of the GCG implementation regularly to measure and determine the level of implementation of GCG that has been done. Implementation of GCG measurements was performed by an independent party for the period of 2013 based on the Regulation of the Minister of State Owned Enterprises (SOEs) No. PER-01/MBU/2011 dated August 1, 2011 on the Implementation of Good Corporate Governance (GCG) at the State-Owned Enterprises and followed the parameters set forth in Decree of Secretary of State Owned Enterprises (SOEs) Minister No.SK-16 / S. MBU/2012 dated June 6, 2012, shows the results with the predicate of "Very Good" by obtaining a score of 85.58, equivalent to 85.58% of the maximum score of 100. Value will continue to be improved in order to achieve results as a target of GCG implementation in GMF, namely the establishment of a culture of GCG that embedded at all levels of the organization of the Company.

Board of Commissioners pays attention much on the effectiveness of the Internal Control System as an GMF attempt has reliability of reports and information, compliance to applicable regulations as well as the efficiency and effectiveness of operational activities such as by adapting the principles of COSO (Committee of Sponsoring Organizations of the Treadway Commission). Internal Control Systems in GMF consists of 3 layers, the first layer of defense by all management operations, the second layer of defense made by the Management Control, and the third layer of defense conducted by the Internal Audit Unit, those are Control and Internal Audit Unit and Quality Assurance and Safety Unit.

Specifically, the Board of Commissioners has increased the area of implementation to be a part of the responsibility of the Board of Commissioners and supporting organs of the Board of Commissioners. Form of the improvement implementation is such as the improvement quality in the preparation of the work program, implementation of supervision functions and consultations carried out in the internal coordination meeting of the Board of Commissioners and the Board of Directors, as well as to carry out the evaluation, recommendation and approve the decisions and strategic investments. Performance of duties and responsibilities as the Board of Commissioners is based on GCG Code and Board Manual.

Dewan Komisaris mendukung upaya perusahaan dalam implementasiCorporate Social Responsibility. Berbagai kegiatan telah dilakukan di tahun 2013 meliputi kegiatan CSR pada aspek tanggung jawab GMF terhadap masyarakat, lingkungan, karyawan, maupun terhadap pelanggan. Dengan implementasi CSR, Dewan Komisaris berkeyakinan GMF dapat berkontribusi dalam menjaga keberlangsungan dan keseimbangan kegiatan ekonomi sosial dan lingkungan.

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Mengingat organ komite dipandang sangat penting dalam menunjang fungsi dan efektifitas Dewan Komisaris, maka Dewan Komisaris membentuk yakni Komite Audit dan Komite KebijakanCorporate Governance dan Kebijakan Risiko.

Komite Audit berperan membantu memberikan pendapat terhadap laporan atau hal-hal yang disampaikan oleh Direksi kepada Dewan Komisaris, mengidentifikasi hal-hal yang memerlukan perhatian Dewan Komisaris, dan melaksanakan tugas lain yang berkaitandengan tugas Dewan Komisaris. Sementara itu Komite Kebijakan Corporate Governancedan Kebijakan Risiko bertugas membantu Dewan Komisaris dalam melakukan fungsi pengawasan khususnya dalam praktik dan konsistensi penerapanGood Corporate Governance(GCG) dan sistem manajemen risiko yang berlaku di GMF.

Seluruh Komite telah dilengkapi oleh Piagam Komite sebagai pedoman dalam pelaksanaan tugas mereka dan seluruh anggota Komite yang diangkat telah memenuhi syarat dan kriteria yang diharapkan mampu berkontribusi dan memberikan nilai tambah bagi kemajuan Perusahaan. Guna membantu Dewan Komisaris dalam hal penyelenggaraan kegiatan administrasi dan kesekretariatan di lingkungan tugas pengawasan Dewan Komisaris, maka Dewan Komisaris juga telah m e ng a n g ka t Se k r et a r i s D e wa n K o m i s a r i s .

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Board of Commissioners supports the company's efforts in the implementation of Corporate Social Responsibility. Various activities have been carried out in the year 2013 including CSR activities on aspects of GMF responsibility to the community, environment, employees, and the customers. With the implementation of CSR, the Board of Commissioners believes GMF can contribute in maintaining the continuity and balance of economic, social and environmental activities.

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Considering that the committee organ is very important in supporting the function and effectiveness of the Board of Commissioners, the Board of Commissioners formed the Audit Committee and the Committee of Corporate Governance and Risk Policy.

The Audit Committee has a role to help give an opinion on the report or matters submitted by the Board of Directors to the Board of Commissioners, identifying matters that require the attention of the Board of Commissioners, and performing other duties that relate to the Board of Commissioners. While the Committee of Corporate Governance and Risk Policy assists the Board of Commissioners in conducting supervision, especially in the practice and consistency of Good Corporate Governance (GCG) implementation and risk m a n a g e m e n t s y s t e m s p r e v a i l i n g in G M F . The entire committee has been equipped by the Committee Charter as a guideline in the performance of their duties and all members of the Committee appointed has fulfilled requirements and criteria expected to contribute and give additional value to the advancement of the Company. To assist the Board of Commissioners in the case of providing secretarial and administrative activities within the supervisory duties of the Board of Commissioners, the Board of Commissioners has also appointed the Secretary of the Board of Commissioners.

Seluruh jajaran Dewan Komisaris dan organ penunjangnya menjunjung tinggi pengimplementasian standar etika Perusahaan. Secara konsisten Dewan Komisa ris m em atuhi Cod e o f Con du ct da n menandatangani Pakta Integritas atau surat pernyataan tidak melakukan benturan kepentingan sebagaimana yang dipersyaratkan dalam penerapan tata kelola perusahaan yang baik.

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Dewan Komisaris menilai bahwa kondisi perekonomian yang stabil, dunia penerbangan yang makin berkembang serta kinerja GMF yang cenderung positif, masih menjanjikan peluang yang baik bagi pertumbuhan kinerja perusahaan dalam jangka panjang.

Meningkatnya jumlah penumpang dan pesawat terbang yang beroperasi, menjadi tantangan sekaligus peluang bagi GMF sebagai penyedia jasa perawatan pesawat terbang dengan mengutamakan aspek keselamatan penumpang maupun sebagai penyedia fasilitas perawatan pesawat terbang beserta komponen-komponennya yang dapat dipertanggungjawabkan dari segi kualitas, biaya dan waktu penyelesaian dengan standar sertifikasi internasional.

Dapat dikatakan bahwa prospek usaha yang telah disusun oleh Direksi telah optimal. Hal ini ditunjukkan dengan kinerja Direksi yang terus meningkat secara positif. Namun, jajaran Direksi masih perlu mempertimbangkan segala risiko dan tantangan di sektor finansial dengan memelihara likuiditas yang cukup, peningkatan efisiensi kerja, penambahan jaringan dan strategi pemasaran yang efektif.

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Tahun 2013 telah terjadi perubahan jumlah komposisi Dewan Kosisaris yang sebelumnya 2 (dua) orang menjadi 3 (tiga) orang. Keputusan Pemegang Saham tanggal 19 September 2013 menetapkan Saudara Heriyanto A. Putra sebagai Komisaris Utama menggantikan Saudara Hadinoto Soedigno. Selain itu RUPS juga menetapkan Saudara Batara Silaban dan Djoko Murjatmodjo sebagai Anggota Dewan Komisaris yang baru di jajaran GMF.

The entire levels of Board of Commissioners and its supporting organs uphold the implementation of the Company ethical standards. Board of Commissioners consistently obeys to the Code of Conduct and signs the Integrity Pact or a statement of not to perform conflict of interest as required in the application of Good Corporate Governance.

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Board of Commissioners considered that the economic condition is stable, the growing aviation world and performance of GMF likely to be positive, still promising good opportunities for company performance growth in the long-term.

The increasing number of passengers and aircraft operations, a challenge and an opportunity for GMF as a provider of aircraft maintenance services, with priority on the safety of passengers as well as a provider of aircraft maintenance facilities and their components can be accounted for in terms of quality, cost and time of completion of the standard international certification.

It can be said that the business prospects prepared by the Board of Directors have been optimal. This is demonstrated by the performance of the Board of Directors that always increases positively. However, all levels of Board of Directors still need to consider all the risks and challenges in the financial sector to maintain sufficient liquidity, improving work efficiency, increasing networking and effective marketing strategies.

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In 2013 there has been a change in the number of the composition of the Board of Commissioners, in the previous composition 2 (two) persons to be 3 (three) persons. Shareholders Decision dated 19 September 2013 set Mr Heriyanto A Putra as a President Commissioner to replace Mr. Hadinoto Soedigno. Besides that, GMS also set Mr. Batara Silaban and Djoko Murjatmodjo as a new Member of the Board of Commissioners in the GMF levels.

Kami mengucapkan selamat bergabung kepada jajaran anggota Dewan Komisaris baru dan mengucapkan terima kasih dan penghargaan kepada Saudara Hadinoto Soedigno atas sumbangsihnya yang sangat berharga selama bertugas. Kami akan terus meningkatkan soliditas internal, tercermin dalam peran aktif setiap Anggota Dewan Komisaris dalam menjalankan fungsi pengawasan dan penasehatan kepada manajemen, sehingga kinerja GMF menunjukkan hasil yang baik dan memuaskan.

Akhirnya, Saya atas nama Dewan Komisaris menyampaikan penghargaan dan terima kasih kepada Pemegang Saham, Direksi, Pelanggan, Karyawan, Mitra Usaha dan seluruh Pemangku Kepentingan atas kepercayaan, dukungan, peran dan kontribusi yang diberikan sehingga GMF mampu mencapai kinerja positif dan terus tumbuh secara berkelanjutan. Dengan tetap menjalin kebersamaan yang kuat dan sinergis, kami yakin GMF mampu menghadapi peluang dan tantangan di masa yang akan datang.

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Jakarta, 8 Juli 2014July 8th_{, 2014} Atas Nama Dewan Komisaris On Behalf of the Board of Commissioners

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*-Komisaris UtamaPresident Commissioner

We would like to welcome to the ranks of the new member of the Board of Commissioners and express gratitude and appreciation to Mr. Hadinoto Soedigno on his valuable contribution during his duty. We will continue to improve the internal solidity, reflected in the active participation of each member of the Board of Commissioners in performing supervision and advisory function to management, so that the performance of GMF shows good and satisfactory results.

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Finally, I am on behalf of the Board of Commissioners to express my appreciation and gratitude to the Shareholders, the Board of Directors, Customers, Employees, Business Partners and all Stakeholders for their trust, support, role and contribution given so that GMF is able to achieve positive performance and continue to grow sustainably. By keeping on establishing a strong and synergistic togetherness, we believe that GMF is able to face the opportunities and challenges in the future.

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KomisarisCommissioner

DE?F G@HA;I J>H JK >A?@

Komisaris UtamaPresident Commissioner

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KomisarisCommissioner

PQ RST U W RS

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c d e f g:

Di Bandung 23 November 1965

Pendidikan :

Magister Manajemen di IPWI

Master of Business Administration di Universitas Indonesia

Training yang diikuti:

GE Leadership Course( New York, 2012)as Participant, Procurement Management Seminar(Jakarta, 2012)as Speaker, Character Building by Telkom & Telkomsel (Bandung 2013) as Speakerdan National Marketing Conference Interconnectivity ( Jakarta 2013) as speaker

Perjalanan Karir

Sebelum menjabat sebagai Komisaris PT GMF AeroAsia Tahun 2011, beliau bergabung di Garuda Indonesia pada tahun 1993 sebagai Staf Asset Management, dan kemudian menduduki berbagai posisi manajerial, yaitu sebagai Manajer bidangProcurementdanSenior Manager bidangGeneral Secretary, General Procurement, Cost Controlling, Corporate Services,danStrategic Sourcing. Beliau juga sempat menjabat sebagaiVP Business SupportdanVP Human Capital Management, sebelum akhirnya diangkat sebagai Direktur SDM & Umum di Garuda Indonesia.

Dasar Pengangkatan:

Diangkat pertama sebagai Dewan Komisaris GMF melalui Akta Pernyataan Keputusan Pemegang Saham No.89 tanggal 18 Januari 2012 dan diangkat kembali melalui Keputusan Pemegang Saham Sirkuler tertanggal 19 September 2013.

Born :

Bandung, November 23rd_{, 1965}

Education :

Master of Management at IPWI

Master of Business Administration at the University of Indonesia

Training Followed:

GE Leadership Course (New York, 2012), as Participant, Procurement Management Seminar (Jakarta, 2012) as Speaker, Character Building by Telkom and Telkomsel (Bandung 2013), as the National Marketing Conference Speaker and interconnectivity (Jakarta 2013), as speaker Career:

Prior to serving as Commissioner of PT GMF AeroAsia in 2011, he joined Garuda Indonesia in 1993 as Asset Management staff, and then occupied various managerial positions, namely as a field manager Procurement and Senior Manager of General Secretary, General Procurement, Cost Controlling, Corporate Services and Strategic Sourcing. He also briefly served as VP of Business Support and VP of Human Capital Management, before being appointed as Director of Human Resources & General in Garuda Indonesia.

Appointment Base:

First appointed as a Board of Commissioners of GMF through the Shareholders Deed No.89 dated January 18, 2012 and re-appointed by the Decision of the Shareholders Circular dated September 19th_{, 2013.}

Heriyanto Agung Putra

Komisaris Utama

President Commissioner

h ijk l:

Di Yogyakarta, 27 September 1956.

Pendidikan :

Teknik Sipil, Universitas Gadjah Mada

Training yang diikuti:

Diklat PIM Tingkat II (2008), Diklat PIM Tingkat III dan Diklat PIM Tingkat IV (1995), Diklat Teknis Transportasi Tingkat II (2008) dan Pelatihan SPAMEN (2008).

Perjalanan Karir:

Sebelum menjabat sebagai Komisaris GMF, beliau pernah menjabat berbagai posisi antara lain di Direktorat Transportasi Udara sebagai Kepala Sub-Direktorat Pengembangan Bisnis Transportasi Udara dan Kepala Keuangan dan Runway Technician. Saat ini yang bersangkutan juga menjabat sebagai Direktur Transportasi Udara.

Dasar Pengangkatan:

Diangkat pertama sebagai Dewan Komisaris GMF melalui Keputusan Pemegang Saham Sirkuler tertanggal 19 September 2013.

Born :

Yogyakarta, September 27th, 1956. Education :

Civil Engineering, University of Gadjah Mada Training Followed:

Education and training on Leadership Level II (2008), Education and Training on Leadership Level III and Education and Training on Leadership Level IV (1995), Education and Training on Technical Transport Level II (2008) and Training on Staff and Administration Leadership in Intermediate Level SPAMEN (2008) Career :

Prior to serving as Commissioner of GMF, he has occupied various positions, among others, in the Directorate of Civil Aviation as Head of Sub-Directorate of Air Transport Business Development and Chief Financial Officer and Runway Technician. At present, He also served as Director of Air Transportation.

Appointment Base:

First appointed as a Board of Commissioners of GMF through Decision of Shareholders Circular dated September 19th, 2013.

Djoko Murjatmodjo

Komisaris

Commissioner

Profil Dewan Komisaris

Profile of The Board of Commissioner

m n o p q:

Di Mataram, 24 Juni 1963

Pendidikan :

Sarjana Teknik Mekanik, Institut Teknologi Bandung Magister Manajemen, Universitas Indonesia, Jakarta.

Training yang diikuti:

Workshop Developing JKTDEGA (2013), Human Factors Recurrent Training (2013), Strategic Leders Develop (2010), Operational Leaders Develop (2010), Recurrent Human Factor In (2009), Safety Management system (2008), Emotional Spiritual Quoti (2002), Human Factors in Aircraft (2001), Couching & Conselling TEC (2000), The 7 Habits of Highly EF (2000)

Perjalanan Karir:

Sebelum menjabat sebagai Komisaris GMF, beliau bergabung di PT Garuda Indonesia (Persero) Tbk sebagai VP Aircraft Maintenance Management, VP Asset & Counter Trade Management, VP Material, GM Technical System Development, GM Aircraft Maintenance Planning & Control, Senior Manager Maintenance Planning and Manager Maintenance Planning & Method. Saat ini yang bersangkutan juga menjabat sebagaiEVP Maintenance and Fleet ManagementPT Garuda Indonesia (Persero) Tbk;

Dasar Pengangkatan:

Diangkat pertama sebagai Dewan Komisaris GMF melalui Keputusan Pemegang Saham Sirkuler tertanggal 19 September 2013.

Born :

Mataram, June 24th, 1963 Education :

Degree of Mechanical Engineering, Institute of Technology Bandung

Master of Management, University of Indonesia, Jakarta

Training Followed:

Workshop Developing JKTDEGA (2013), Human Factors Recurrent Training (2013), Strategic Leders Develop (2010), Operational Leaders Develop (2010), Recurrent Human Factor In (2009), Safety Management system (2008), Emotional Spiritual Quoti (2002), Human Factors in Aircraft (2001), Couching & Conselling TEC (2000), The 7 Habits of Highly EF (2000)

Career:

Prior to serving as Commissioner of GMF, he joined PT Garuda Indonesia (Persero) Tbk as VP Aircraft Maintenance Management, VP Asset & Counter Trade Management, VP Material, GM Technical System Development, GM Aircraft Maintenance Planning & Control, Senior Manager Maintenance Planning and Manager Maintenance Planning & Method. At Present, He also serves as EVP Maintenance and Fleet Management PT Garuda Indonesia (Persero) Tbk;

Appointment Base:

First appointed as a Board of Commissioners GMF through Decision of Shareholders Circular dated September 19th, 2013.

Batara Silaban

Komisaris

Commissioner

Halaman ini sengaja dikosongkan

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"Pada tahun 2013, pendapatan usaha meningkat 9% menjadi USD230,294,144

dibandingkan tahun 2012 sebesar USD211,637,715 yang mendorong pencapaian laba

komprehensif secara signifikan. Pencapaian laba komprehensif adalah USD19,111,192,

meningkat 73% dibandingkan tahun 2012 sebesar USD11,046,367, yang disebabkan

oleh peningkatan pendapatan usaha dan penghasilan lain-lain. Secara umum pencapaian

kinerja GMF termasuk dalam kinerja yang baik dan memuaskan."

"In 2013, operating revenues increased 9% to USD230, 294,144 compared in 2012

amounted to USD211,637,715 which encourages the achievement of comprehensive

profit significantly. The achievement of comprehensive profit is USD19,111,192,

increased 73% compared in 2012 amounted to USD11,046,367, caused by an increase

in operating revenues and other income. In general, the achievement of GMF

performance was included in a good performance and satisfactory."

Richard Budihadianto

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Pada kesempatan ini kami atas nama Direksi menyampaikan laporan kinerja dan pencapaian perusahaan di tahun 2013. Dengan rasa syukur Kehadirat Tuhan Yang Maha Esa, kami sampaikan kinerja GMF yang terus mengalami pertumbuhan positif dari tahun ke tahun. Pencapaian kinerja tahun 2013 merupakan modal dasar sekaligus semangat serta motivasi dalam peningkatan kinerja di masa depan.

Kondisi makro ekonomi dan industri penerbangan Indonesia akan berdampak baik secara langsung maupun tidak langsung terhadap industri penyedia jasa perawatan pesawat terbang (Maintenance, Repair and Overhaul). Secara umum pencapaian kinerja GMF baik dan memuaskan, dari segi kualitas maupun kuantitas. Pencapaian ini tentu tidak terlepas dari hasil kerja keras manajemen beserta seluruh jajaran karyawan GMF.

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Pendapatan usaha tahun 2013 meningkat 9% menjadi USD USD230,294,144 dibandingkan tahun 2012 sebesar USD211,637,715. Peningkatan pendapatan yang dicapai oleh GMF pada tahun 2013 mendorong pencapaian laba komprehensif secara signifikan. Sampai dengan akhir tahun 2013, pencapaian laba komprehensif adalah sebesar USD19,111,192 meningkat 73% dibandingkan tahun 2012 sebesar USD11,046,367 yang disebabkan oleh peningkatan pendapatan usaha dan penghasilan lain-lain. Pada kinerja operasional, peningkatan pendapatan usaha yang diperoleh tahun 2013 diperoleh dari berkontribusi dominan segmen usahaLine Maintenance, dilanjutkan oleh segmen usahaBase Maintenancedansegmen Engine Maintenance.Indikator utama kinerjaLine Maintenance tahun 2013 mencapaiAircraft Availabilitysebesar 99.27% danTAT A Check Non-GAsebesar 99%. KinerjaBase Maintenancediukur dengan ketercapaianOperating Profit Marginsebesar 11%,TAT airframe

C-Check danD-Checksebesar 98.5%, dan Manpower productivitysebesar 77.46% dari masing-masing target yang ditetapkan. Keberhasilan ini memicu semangat segenap jajaran manajemen GMF agar semakin meningkatkan kinerja dan profesional dalam bekerja demi kepentingan perusahaan.

On this occasion, on behalf of the Board of Directors is to deliver a report on the company performance and achievements in 2013. By uttering gratitude to the Presence of God Almighty, we deliver that the performance of GMF continues to experience positive growth from year to year. Achievement of the performance in 2013 was the basis once the spirit and motivation in improving performance in the future. Macroeconomic conditions and the Indonesian aviation industry will impact both directly and indirectly to industry provider of aircraft maintenance services (Maintenance, Repair and Overhaul). In general, the achievement of performance of GMF is good and satisfactory, in terms of quality and quantity. This achievement is certainly not separated from the hard work of the management and all employee level of GMF.

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Operating revenues in 2013 increased 9% to USD230,294,144 compared in 2012 amounted to USD211,637,715. The Increase achieved by GMF in 2013 was to encourage the achievement of comprehensive income significantly. As of the end of 2013, the achievement of comprehensive income amounted to USD19, 111,192 increased 73% compared in 2012 amounted to USD11,046,367 caused by an increase in operating revenues and other incomes.

On operational performance, increased revenues earned in 2013 was obtained from the dominant business segment contributed Line Maintenance, followed by business segment and the segment Base Maintenance Engine Maintenance. Indicator of the Primary performance of Line Maintenance in 2013 reached Aircraft Availability as much as 99.27% and TAT A Check Non-GA at 99%. Base Maintenance Performance is measured by the achievement of Operating Profit Margin at 11%, TAT airframe C-Check and D-Check by 98.5% and Manpower productivity amounted to 77.46% of each target. This success sparked the spirit of all levels of management of GMF in order to improve more the performance and professionals in working for the sake of the interests of the company.

Seiring dengan peningkatan kinerja operasional, GMF mampu mendorong pertumbuhan Aset, Liabilitas, dan Ekuitas. Jumlah Aset pada tahun 2013 sebesar USD207,854,836 meningkat 16% dibandingkan tahun 2012 sebesar USD179,673,245. Peningkatan jumlah Aset GMF tersebut dikontribusi oleh Aset Lancar sebesar 68% dan Aset Tidak Lancar sebesar 32%. Liabilitas tahun 2013 meningkat sebesar 8.74% menjadi USD119,647,774 dibandingkan tahun 2012 sebesar USD110,026,311. Peningkatan tersebut dikontribusi oleh kenaikan jumlah Liabilitas Jangka Panjang sebesar 39%. Ekuitas tahun 2013 meningkat sebesar 27% menjadi USD88,207,062 dibandingkan tahun 2012 sebesar USD69,646,934. Peningkatan ekuitas dikontribusi oleh adanya kenaikan Cadangan Umum sebesar 12% dan Saldo Laba 39%. Selain itu, tingkat solvabilitas dan likuiditas GMF tahun 2013 cukup baik. Tingkat solvabilitas yang tercermin dari Debt to Total Assets Ratio(DAR) danDebt to Total Equity Ratio(DER). Nilai DAR sebesar 58%, yang mengindikasikan bahwa jumlah aktiva mampu menutupi 58% dari jumlah Liabilitas. Sedangkan nilaiDebt to Total Equity Ratiosebesar 136%, yang mengindikasikan bahwa jumlah ekuitas mampu menutupi jumlah hutang sebesar 136%. Tingkat likuiditas ditunjukkan olehCash Ratio, Acid Ratio, danCurrent Ratio. NilaiCash Ratiosebesar 31%, hal ini berarti bahwa kas dan setara kas mampu memenuhi kewajiban jangka pendek sebesar 31%. Sementara itu, nilaiAcid Ratiosebesar 152,03%, hal ini mengartikan bahwa kemampuan GMF dalam menyelesaikan kewajiban jangka pendeknya dengan menggunakan Aset Lancar (tanpa memperhitungkan persediaan) yang dimiliki. Sedangkan nilaiCurrent Ratio sebesar 252,50%, hal berarti bahwa kondisi perusahaan masih dalam keaadaan baik dan aktiva lancar mampu memenuhi 252,50% dari jumlah Liabilitas Jangka Pendek.

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GMF menyadari tantangan bisnis ke depan semakin kompetitif, sehingga strategi yang tepat dibutuhkan untuk dapat memenangkan persaingan. GMF memiliki 4 inisiatif strategis utama untuk meningkatkan dan mengembangkan pendapatan yang terdiri dariBusiness Portofolio Management;Capability & Capacity Development; Business & Work Process Improvement; danPeople & Organization Development. Keempat strategi tersebut dijabarkan dalam 16 milestones.

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In line with the improvement of operational performance, GMF is able to encourage the growth of Assets, Liabilities, and Equity. Total assets in 2013 amounted to USD207, 854,836 increased 16% compared in 2012 amounted to USD179,673,245. An increase of the amount of GMF assets was contributed by Current Assets by 68% and non-current assets amounted to 32%. Liabilities in 2013 increased by 8.74% to USD119, 647,774 compared in 2012 amounted to USD110,026,311. The increase was contributed by the increase in the number of long-term liabilities by 39%. Equity in 2013 increased by 27% to USD88,207,062 compared in 2012 amounted to USD69,646,934. The increase in equity was contributed by an increase of General Reserves at 12% and Retained Earnings 39%.

In addition, the level of solvency and liquidity of GMF in 2013 is quite good. Solvency levels reflected from Debt to Total Assets Ratio (DAR) and Debt to Total Equity Ratio (DER). DAR value of 58%, which indicates that the amount of assets able to cover 58% of total liabilities. While the value of Debt to Total Equity Ratio by 136%, which indicates that the amount of equity to cover the amount of the debt by 136%. The level of liquidity is indicated by Cash Ratio, Acid Ratio and Current Ratio. Value of Cash Ratio of 31%, this means that the cash and cash equivalents were able to meet short-term liabilities amounted to 31%. Meanwhile, the value of Acid Ratio of 152.03%, this means that GMF's ability to resolve short-term obligations using Current assets (excluding inventory) owned. While the value of Current Ratio of 252.50%, it means that the company condition is still in good condition and current assets are able to meet 252.50% of total short term Liabilities.

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GMF realizes the business challenges in the future more competitive, so that appropriate strategies are needed to be able to win the competition. GMF has 4 major strategic initiatives to improve and develop revenues consisting of Business Portfolio Management; Capability & Capacity Development; Business & Work Process Improvement; and People & Organization Development. These four strategies are illustrated into 16 milestones.

Impelementasi inisiatif strategis mampu mendorong peningkatan kinerja GMF. Hal tersebut dibuktikan dengan pencapaian KPI tahun 2013 yang memenuhi hampir dari seluruh target yang ditetapkan. Keberhasilan ini berdampak positif dalam penciptaan nilai GMF yang semakin baik di antaranya adalah pendapatan yang meningkat signifikan, sehingga membuat Laba Komprehensif mampu melebihi target.

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Manajemen GMF menyadari bahwa Sumber Daya Manusia (SDM) bukan hanya sebagai aset bagi GMF melainkan juga sebagaisustainable competitive advantage atau sumber daya potensial GMF yang menentukan tingkat keberhasilan dan keberlanjutan bisnis GMF dalam jangka panjang. GMF memberikan perhatian besar dalam pengembangan karir karyawan dengan memberikan kesempatan yang sama melalui kebijakancareer path yang menentukan proses promosi dan demosi berdasarkan kinerja pegawai. GMF juga menetapkan career management dan mengevaluasinya untuk mengakomodir kebutuhan dari sisi karyawan dan sisi perusahaan.Career managementjuga dipakai sebagai salah satutoolsatausystemdalamretention program. Career management yang ditetapkan sesuai dengan kebutuhan pelanggan dan bisnis GMF.

Dalam rangka meningkatkan kemampuan dan ketrampilan kerja karyawan, GMF memberi kesempatan kepada setiap karyawan untuk mengikuti Program Pengembangan SDM. Program pengembangan SDM dilakukan melalui pendidikan karir, pendidikan profesi, ketrampilan, serta berbagai kursus, pelatihan, penataran, seminar, lokakarya dan pelatihan manajemen dan teknis yang disesuaikan dengan kebutuhan.

GMF tidak hanya memberikan kesempatan dalam pengembangan diri karyawannya, tetapi juga memberikan apresiasi berupa reward atau bonus. Pemberian apresiasi tersebut diharapkan dapat memacu semangat bagi setiap karyawan untuk terus berkembang, berkompetisi dan menciptakan berbagai inovasi.

Implementation of strategic initiatives enables to support the performance increase of GMF. This is evidenced by the achievement of KPIs in 2013 that meets almost the entire target set. This success had a positive impact in the better value creation of GMF one of them is the significant increased revenue, thus it makes the Compr ehens ive Income exceed the ta rget.

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GMF management realizes that the Human Resources (HR) is not only an asset for GMF but also as a sustainable competitive advantage or potential resources of GMF which determines the level of success and business sustainability of GMF in the long term. GMF pays great attention to employee career development by providing equal opportunity through policies of career path that determine promotion and demotion process based on employee performance. GMF also set career management and evaluated it to accommodate the needs of the employees and the company. Career management is also used as one of the tools or systems in retention programs. Career management established according to customer needs and business of GMF.

In order to improve the capabilities and skills of employees, GMF provides an opportunity for every employee to follow the Human Resources Development Program. Human resources development program is conducted through career education, professional education, skills, as well as a variety of courses, training, upgrading, seminars, workshops and technical training and management tailored to the needs.

GMF does not only provide the opportunity for self-development of employees, but also gives an appreciation in the form of reward or bonus. Giving appreciation is expected to boost morale for every employee to continue to grow, compete and create innovations.

Rewardtersebut berbentuk pemberian remunerasi berupa kenaikan gaji (Base Salary) berdasarkan kinerja karyawan. Tingkat penilaian individu menggunakan Sistem Manajemen Kinerja (SMK) dilakukan dengan memperhatikanKey Performance Indicatorindividu. Sedangkan bagi karyawan yang melakukan pelanggaran dikenakan sanksi/hukuman disiplin berdasarkan tingkat dan jenis sanksi yang berlaku. Penentuan jenis sanksi didasarkan pada pelanggaran yang dilakukan, dampak yang ditimbulkan, dan unsur perbuatan.

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Penerapan sistem pengendalian internal oleh GMF diarahkan untuk dapat memberikan suatu keyakinan bahwa GMF memiliki keandalan laporan dan informasi, kepatuhan terhadap peraturan yang berlaku serta efisiensi dan efektivitas kegiatan operasional. Sistem pengendalian internal GMF mengadaptasi prinsip COSO (Committee of Sponsoring Organizations of the Treadway Commission).

Sistem pengendalian internal GMF terdiri dari 3 lapis, yaitu pertahanan lapis pertama dilakukan oleh seluruh manajemen operasi, pertahanan lapis kedua dilakukan oleh Manajemen Pengendalian, dan pertahanan lapis ketiga dilakukan oleh Unit Pengawasan Internal yakni Unit Internal Audit and ControldanUnit Quality Assurance and Safety.

Sejak tahun 2009Board of Directorstelah menetapkan serangkaianRisk Governance sebagai dasar dalam pembentukan lingkungan internal yang mendukung berjalannya proses manajemen risiko secara efektif serta pembangunan budaya risiko.Risk Governance tersebut terdiri dari penetapanRisk Philosophy,standar Risk Respon, Risk Map Format, serta menetapkanRisk AppetitedanRisk Tolerancebagi sepuluh Parameter Risiko besertaConsequence & Likelihood Criteria-nya. Pada tahun 2013, tahapanimplementasi Enterprise Risk Management(ERM) berada pada tahapConsistenceyaitu dengan melakukan kegiatanmonitoring top 5 risks, PenyusunanBusiness Continuity Plan, Risk Control Self Assesment, dan sosialisasi manajemen risiko.

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Reward in the form of remuneration in the form of salary increases (Base Salary) based on employee performance. The level of individual assessment using the Performance Management System (PMS) is done by taking into account of individual Key Performance Indicators. While the employee who conducted violations he got sanctions / disciplinary punishment based on the level and type of sanctions applicable. The determination of the type of sanctions is based on violations, impact, and action elements.

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Implementation of the internal control system by GMF is directed to provide an assurance that GMF has reliability of reports and information, compliance to applicable regulations as well as the efficiency and effectiveness of operations. GMF internal control system is to adapt the principles of COSO (Committee of Sponsoring Organizations of the Treadway Commission).

GMF internal control system consists of three layers, the first layer of defense is conducted by all management operations, the second layer of defense is done by the Management Control, and the third layer of defense is conducted by the Internal Audit Unit, they are unit of Internal Audit and Control and Unit of Quality Assurance and Safety.

Since 2009, the Board of Directors has established a set of risk governance as a basis for the establishment of an internal environment that supports the running of effective risk management process and the development of a risk culture. Risk Governance Risk consists of the determination of Risk Philosophy, Standard of Risk Response, Risk Map Format, and assign Risk Appetite and Risk Tolerance for ten Risk parameters and its Consequence and Likelihood Criteria.

In 2013, the stages of implementation of Enterprise Risk Management (ERM) at the stage of Consistence, that is having done monitoring activities of the top 5 of risks, preparation of Business Continuity Plan, Risk Control Self Assessment, and the socialization of risk management.

GMF terus berupaya mengoptimalkan penerapan GCG dan berusaha untuk melaksanakan budaya yang menjunjung tinggi nilai profesionalisme, integritas, kualitas layanan yang sejalan dengan prinsip-prinsip GCG. Bentuk komitmen GMF dalam menerapkan GCG di setiap tingkatan dan jenjang organisasi dilakukan melalui penguatan infrastruktur untuk mencapai praktik terbaik, penyesuaian sistem dan prosedur yang diperlukan untuk mendukung pelaksanaan GCG yang semakin efektif, sehingga diharapkan mampu meningkatkan daya saing dalam menghadapi kompetisi global saat ini.

GMF telah melakukanself - assessmentsecara berkala yang dibantu oleh pihak independen untuk mengukur dan mengetahui tingkat implementasi GCG. Hasil penilaianAssessmentGCG untuk praktek GCG tahun 2013 menunjukkan hasil dengan predikat "Sangat Baik" dengan memperoleh skor 85.58 atau setara dengan 85.58% dari skor maksimal 100.

Tanggung jawab sosial perusahaan (Corporate Social Responsibility) dimaknai GMF sebagai bentuk tanggung jawab Perusahaan untuk menciptakan hubungan yang serasi, seimbang, dan sesuai dengan lingkungan, nilai, norma, dan budaya masyarakat setempat. Dengan demikian, keseimbangan antara kepentingan komersial atau profit, sosial atau people dan lingkungan hidup atau planet berperan penting dalam menjaga kelangsungan usaha jangka panjang, sehingga mampu memenuhi harapanstakeholder-nya.

Kebijakan CSR GMF meliputi Program Pemberdayaan Mas ya rakat; Pelayanan Ma syara ka t; Sos ia l Kemasyarakatan atau Pembinaan Hubungan dengan Masyarakat; Lingkungan; dan Keselamatan dan Kesehatan Kerja (K3) sesuai dengan Pedoman pelaksanaan kegiatan CSR GMF yang ditetapkan dalam Kebijakan Pengelolaan Program Corporate Social Responsibility GMF Nomor KB-01-007 tanggal 22 November 2011.

GMF always optimizes the implementation of GCG and seeks to implement a culture that upholds values of professionalism, integrity, quality service in line with the principles of good corporate governance (GCG). GMF's commitment in implementing GCG at all levels and levels of the organization is done through strengthening the infrastructure to achieve the best practices, system adjustments and procedures needed to support the implementation of GCG more effective, so that it is expected enable to improve competitiveness in facing global competition recently.

GMF has conducted assessment regularly, assisted by an independent party to measure and determine the level of implementation of GCG. Assessment results of GCG for the practice in 2013 to the results with a predicate "Very Good" by obtaining a score of 85.58, equivalent to 85.58% of the maximum score of 100.

Corporate Social Responsibility (CSR) is interpreted by GMF as a form of corporate responsibility to create a harmonious and balanced relationship and according to the environment, values, norms, and culture of the local community. Thus, a balance between the commercial interests or profits, or the people and the social environment or the planet plays an important role in maintaining the long-term sustainability of the business, so that it can meet the expectations of its stakeholders.

CSR policies of GMF include Community Development Program; Community Services; Social Community or Public Relations Fostering; the environment; and Occupational Health and Safety (OHS) according to the Guidelines for the implementation of CSR activities of GMF approved in Policy Management of Corporate Social Responsibility Program of GMF No. KB-01-007 dated 22 November 2011.

Selama tahun 2013 GMF telah menyalurkan dana CSR sebesar Rp2.746.582.278,-, mengalami kenaikan d i b a n d i n g k a n t a h u n 2 0 1 2 y a i t u s e b e s a r Rp1.213.757.100,- yang disalurkan melalui berbagai kegiatan di bidang pengembangan komunitas melalui program pelayanan masyarakat, pembinaan hubungan dan pemberdayaan masyarakat, bantuan terhadap lingkungan hidup sekitar, pembinaan hubungan dengan pe la n g ga n s e r ta pe m bi n a a n k ep eg a wa i a n .

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Komposisi Direksi GMF berjumlah 6 orang, yang terdiri dari Direktur Utama, DirekturFinance, Direktur Base Operation, DirekturHuman Capital&Corporate Affair, DirektrurCorporate Strategy & Development, dan Direktur Line Operation. Selama tahun 2013 tidak terjadi perubahan pada komposisi Direksi GMF.

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Perekonomian Indonesia dan dunia pada tahun 2013 mengalami perlambatan, tetapi perkembangan industri MRO (Maintenance, Repair, Overhaul) semakin berkembang pesat hal ini dikarenakan ekspansi ekonomi yang kuat dan perjalanan udara yang terus meningkat. Bisnis MRO masih sangat menjanjikan karena tingginya harga komponen pesawat menjadikan biaya perawatan penting untuk dipenuhi bagi perusahaan penerbangan, sehingga bisnis jasa MRO masih sangat prospektif dalam mendukung kebutuhan sarana dan prasarana penerbangan yang memegang peranan penting dalam menjaga kualitas operasional dan keamanan pesawat komersial.

Berdasarkan dataInternational Civil Aviation Organization Airbusperjalanan udara meningkat dua kali dalam 15 tahun dan diproyeksikan akan meningkat selama 15 tahun ke depan yaitu 4.7% dari tahun 2013 hingga tahun 2032. Selain itu, Pada tahun 2016, Kementerian perhubungan memperkirakan industri MRO nasional mencapai nilai USD2 miliar. Namun demikian, pasar MRO nasional hanya mampu menyerap 30%, sementara 70% perawatan pesawat di luar negeri. Oleh karena itu prospek usaha pasar MRO ke depan sangat cerah mengingat pertumbuhan industri MRO nasional tidak lepas dari bisnis penerbangan yang tumbuh positif. Laporan Direksi

Report of Board of Directors

During 2013 GMF has distributed CSR funds amounting Rp2,746,582,278, -, an increase compared in 2012 in the amount of Rp1,213,757,100, - distributed through a variety of activities in the field of community development through community service programs, fostering relationships and community empowerment, aid to the surrounding environment, fostering relationships with customers and coaching personnel.

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Composition of the Board of Directors of GMF consists of 6 people, they are President Director & CEO, EVP Finance, EVP Base Operation, EVP Human Capital & Corporate Affairs, EVP Corporate Strategy & Development, and EVP Line Operations. During the year 2013 there was no change in the composition of the Board of Directors of GMF.

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Indonesia and world economy in 2013 experienced a slowdown, but the development of MRO (Maintenance, Repair, Overhaul) industry is growing rapidly this is due to the strong economic expansion and increasing air travel.

MRO business is very promising because of the high cost of aircraft components, it makes essential treatment cost to be fulfilled for the airline company, so that business of MRO services is very prospective to support the needs of aviation infrastructure playing an important role in maintaining the operational quality and safety of commercial aircraft.

Based on data of International Civil Aviation Organization Airbus air travel increased by two times in 15 years and is projected to increase over the next coming 15 years is 4.7% from 2013 to 2032. Additionally, In 2016, the transportation ministry estimates that the national MRO industry reached a value of USD 2 billion. Nevertheless, the national MRO market is only able to absorb 30%, while 70% of aircraft maintenance overseas. Therefore, MRO market prospects are very bright considering the future growth of the national MRO industry cannot be separated from the aviation business growing positively.

Grafik Pertumbuhan Inflasi tahun 2011-2013 Grafik Pertumbuhan Inflasi tahun 2011-2013

Inflasi Tertinggi The Highest Inflation

Inflasi Terendah The Lowest Inflation

Inflasi Awal Tahun Early Year Inflation

Inflasi Akhir Tahun End of Year Inflation

8.38

4.3 3.79 4.57

3.56 7.02

4.57 3.56 3.79 8.79

4.61 7.02

Accounting policy Highlights 1. Pernyataan kepatuhan terhadap SAK 2. Dasar pengukuran dan penyusunan

laporan keuangan

3. Pengakuan pendapatan dan beban 4. Aset tetap

5. Instrumen keuangan Includes at least:

1. Statement of compliance with IFRSs 2. The basis of measurement and the preparation of inancial statements 3. Revenue and expense recognition 4. Fixed assets

5. Financial instruments 8. Pengungkapan transaksi pihak berelasi

Disclosure of related party transactions

Hal-hal yang diungkapkan antara lain: 1. Nama pihak berelasi, serta sifat dan

hubungan dengan pihak berelasi; 2. Nilai transaksi beserta persentasenya

terhadap total pendapatan dan beban terkait; dan

3. Jumlah saldo beserta persentasenya terhadap total aset atau liabilitas. The things revealed are:

1. Name of related parties, and the nature and relationship with related parties; 2. Transaction value and the percentage

of total revenue and related expenses, and

3. The balance amount and the percent-age of total assets or liabilities

513; 546-551

No No

Kriteria Criteria

Penjelasan Explanation

Halaman Pages

PROFILE MANAGEMENT

DISCUSSION AND ANALYSIS

CORPORATE SOCIAL RESPONSIBILITY

REPORT REPORT

GOVERNANCE

Referensi Kriteria Annual Report Award 2013

Cross Reference to Annual Report Award Criteria 2013

9. Pengungkapan yang berhubungan dengan perpajakan

Disclosure related to taxation

Pengungkapan yang berhubungan dengan perpajakan

Hal-hal yang harus diungkapkan: 1. Rekonsiliasi iskal dan perhitungan

beban pajak kini;

2. Penjelasan hubungan antara beban (penghasilan) pajak dan laba akuntansi; 3. Pernyataan bahwa Laba Kena Pajak

(LKP) hasil rekonsiliasi dijadikan dasar dalam pengisian SPT Tahunan PPh Badan;

4. Rincian aset dan liabilitas pajak tang-guhan yang diakui pada laporan posisi keuangan untuk setiap periode penya-jian, dan jumlah beban (penghasilan) pajak tangguhan yang diakui pada laporan laba rugi apabila jumlah terse-but tidak terlihat dari jumlah aset atau liabilitas pajak tangguhan yang diakui pada laporan posisi keuangan; dan 5. Pengungkapan ada atau tidak ada

seng-keta pajak.

540-542

The things that must be disclosed: 1. Reconciliation of iscal and current

income tax calculation;

2. Explanation of the relationship between tax expense (income) and income tax accounting;

3. The statement that the Taxable Income (CGC) results as basis for charging rec-onciliation Annual Income Tax Agency; 4. Details of deferred tax assets and

liabili-ties are recognized in the statement of inancial position for any periods pre -sented, and the amount of tax expense (income) Deferred tax is recognized in the income statement if the number is not visible from the amount of deferred tax assets or liabilities are recognized in the statement of inancial position; and 5. There is no disclosure or tax disputes

Grafik Pertumbuhan Inflasi tahun 2011-2013 Grafik Pertumbuhan Inflasi tahun 2011-2013

Inflasi Tertinggi The Highest Inflation

Inflasi Terendah The Lowest Inflation

Inflasi Awal Tahun Early Year Inflation

Inflasi Akhir Tahun End of Year Inflation

8.38

4.3 3.79 4.57

3.56 7.02

4.57 3.56 3.79 8.79

4.61 7.02

reklasiikasi,

The things that must be disclosed: 1. Depreciation method used;

2. Description of the accounting policies selected between the revaluation mod-el and the cost modmod-el;

3. Methods and signiicant assumptions used in estimating the fair value of ixed assets (for the revaluation model) or disclosure of the fair value of ixed as -sets (for the cost model), and

4. Reconciliation of gross carrying amount and accumulated depreciation of ixed assets at the beginning and end of the period by showing: addition, subtrac-tion and reclassiicasubtrac-tion

11. Pengungkapan yang berhubungan dengan segmen operasi

Disclosure related to operating segments

Hal-hal yang harus diungkapkan: 1. Informasi umum yang meliputi

faktor-faktor yang digunakan untuk mengiden-tiikasi segmen yang dilaporkan; 2. Informasi tentang laba rugi, aset, dan

liabilitas segmen yang dilaporkan; 3. Rekonsiliasi dari total pendapatan

seg-men, laba rugi segmen yang dilaporkan, aset segmen, liabilitas segmen, dan un-sur material segmen lainnya terhadap jumlah terkait dalam entitas; dan 4. Pengungkapan pada level entitas, yang

meliputi informasi tentang produk dan/ atau jasa, wilayah geograis dan

No No

Kriteria Criteria

Penjelasan Explanation

Halaman Pages

PROFILE MANAGEMENT

DISCUSSION AND ANALYSIS

CORPORATE SOCIAL RESPONSIBILITY

REPORT REPORT

GOVERNANCE

Referensi Kriteria Annual Report Award 2013

Cross Reference to Annual Report Award Criteria 2013

The things that must be disclosed: 1. General information which includes the

factors that is used to identify segments that are reported;

2. Information about income, assets, and liabilities are reported;

3. Reconciliation of total segment rev-enues, reported segment proit or loss, segment assets, segment liabilities and other material elements to the number of segments related to the entity; and 4. Disclosure at the level of the entity,

which includes information about prod-ucts and / or services, geographic areas and major customers.

12. Pengungkapan yang berhubungan dengan instrumen keuangan

Disclosures related to inancial instruments

Hal-hal yang harus diungkapkan: 1. Persyaratan, kondisi dan kebijakan

akuntansi untuk setiap kelompok inst-rumen keuangan;

2. Klasiikasi instrumen keuangan; 3. Nilai wajar tiap kelompok instrumen

keuangan;

4. Tujuan dan kebijakan manajemen risiko; 5. Penjelasan risiko yang terkait dengan

instrumen keuangan: risiko pasar, risiko kredit dan risiko likuiditas; dan

6. Analisis risiko yang terkait dengan inst-rumen keuangan secara kuantitatif. The things that must be disclosed: 1. Terms, conditions and accounting

poli-cies for each class of inancial instru -ments;

2. Classiication of inancial instruments; 3. The fair value of each class of inancial

instruments;

4. Risk management objectives and poli-cies;

5. Explanation of the risks associated with inancial instruments: market risk, credit risk and liquidity risk, and

6. Analysis of risks associated with inan -cial instruments quantitatively.

Grafik Pertumbuhan Inflasi tahun 2011-2013 Grafik Pertumbuhan Inflasi tahun 2011-2013

Inflasi Tertinggi The Highest Inflation

Inflasi Terendah The Lowest Inflation

Inflasi Awal Tahun Early Year Inflation

Inflasi Akhir Tahun End of Year Inflation

8.38

4.3 3.79 4.57

3.56 7.02

4.57 3.56 3.79 8.79

4.61 7.02

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í: 62-21 550 8717/8727/8737

F : 62-21 550 3555

E : corporatecommunication@gmf-aeroasia.co.id www.gmf-aeroasia.co.id

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