FINAL AR 2011 PTPN V

Daftar Isi

Table of Content

03 04 05 07 08 09 14 16

Penjelasan Tema | Theme Kinerja Utama Tahun 2011 Main Performance in 2011

Strategi Perseroan | Strategic Corporation Ikhtisar Data Keuangan | Financial Highlight Rasio Keuangan Penting Key Financial Ratio Ikhtisar Operasional Operational Highlight Kinerja Utama di Tahun 2011 | Main Performance in 2011

Perbandingan Perseroan | Comparison of The Company

Ikhtisar Utama

Main Summary

Kilas PT Perkebunan Nusantara V (Persero)

PTPN V in Brief

17 19 20 2 22 09 24 25 27 30 33 35

Sekilas Perseroan | Company in Brief Proil Perseroan | Company Proile

Daftar Peusahaan Asosiasi | List of Associates Maksud dan Tujuan Perseroan

Corporate Goal and Objectives

Struktur Organisasi | Organizational Structure Ikhtisar Operasional | Operational Highlight Bidang Usaha | Line of Business

Jenis Produk Type of Products Visi, Misi dan Tata Nilai Perseroan Vission, Mission and Corporate Values Nilai-nilai Luhur | Corporate Values Peristiwa Penting 2011

Signiicant Events During 2011 Penghargaan & Sertiikasi Award and Certiication

Laporan Kepada Pemegang Saham

Report to Shareholders

37

50

54 64

66

Laporan Dewan Komisaris | Board of Commisioner's Report

Proil Dewan Komisaris

Proile of Board of Commissioners

Laporan Direksi | Board of Director's Report Tanggung Jawab Laporan Tahunan 2011 Responsibility for 2011 Annual Report

Proil Dewan Direksi | Proile Board of Director's

Pembahasan dan Analisis Manajemen

Discussion and Management Analysis

72 72 82 87 89 90 91 92 93 96 98 99 100 100 101 101 101 101 102 103 104 106 107 108 108 109 110 111 111

Tinjauan Operasional | Operational Review Komoditas Kelapa Sawit

Oil Palm Comodity

Komoditas Karet Rubber Comodity Tinjauan Pemasaran Marketing Review Pangsa Pasar Market Share

Perkembangan Harga CPO CPO Price Progress

Perkembangan Harga Karet Perkembangan Harga Karet

Tinjauan Keuangan | Financial Review Pendapatan | Income

Beban Pokok Penjualan | Main Expense Sales Laba Kotor Gross Proit

Beban Usaha Operating Expense Laba Usaha Operating Income Pendapatan (Beban) lain-lain Besih Other Income (Expense) Net Laba Sebelum Beban Pajak Earning Before Tax

Beban Pajak Perseroan Corporate Tax Expenses

Hak Minoritas atas Laba Bersih Anak Perusahaan | Minority Interest in Net Income of Subsidiaries

Laba Bersih | Net Proit

Dampak Perubahan Harga Terhadap Penjualan, Pendapatan Bersih Perseroan atau Laba Operasi Perseroan

The Impact of Price Change to Sales, Company's Net Income or Company's Operating Proit

Kondisi Keuangan | Financial Condition Aset | Assets

Liabiltis | Liabilities Ekuitas | Equity

Kemampuan Membayar Hutang Abiliy to Settle an Account Tingkat Kolektibilitas Piutang

Account Receivable Collectability Level Arus Kas | Cash Flow

Belanja Modal | Capital Expenditure Kejadian Luar Biasa dan Jarang Terjadi Extraordinary and rare incident occurre Perubahan Kepemilikan Saham pada Anak Perusahaan dan Perusahaan Asosiasi | Changes in Ownership Share

Prospek Usaha

Business Prospect

120

121

Kelapa Sawit (Minyak dan Inti Sawit) Oil Palm (CPO and Palm Kernel) Karet | Rubber

Tata Kelola Perusahaan

Good Corporate Governance

126

127 132

134

Program Penerapan Tata Kelola Perusahaan Implementation Program of GCG

Laporan Pelaksanaan GCG | GCG Report Hasil Assessment Penerapan GCG GCG Implementation Assessment Results Rencana Tindak Lanjut atas Hasil Self Assessment Tahun 2011

Follow-up Plans of Self Assessment Results for the Year 2011

136

136

146

Struktur Tata Kelola Perusahaan Structure of GCG

Rapat Umum Pemegang Saham (RUPS) Shareholders General Meeting

Dewan Komisaris Board Of Commissioners 171

194 214

215 218 228

237 238

244

246

248

250

Komite-Komite di Bawah Dewan Komisaris Committees Under The Board Of

Commissioners Direksi | Director

Topik dan Fokus Isu Tahun 2012 Topics and Focus Issues In 2012 Pengendalian Internal | Internal Control Sekretaris Perseroan | Corporate Secretary Satuan Pengawas Intern (SPI)

Internal Supervision Unit

Akuntan Perseroan | Auditor Independent Perkara Penting Yang dihadapi Perseroan The Company Facing Important Matters Aturan Perilaku/Etika Perseroan Rules Of Conduct / Company Ethic

Penegakan Aturan Perilaku (Whistleblowing System) | Rules of Conduct Enforcement (Whistleblowing System)

Pengadaan Barang dan Jasa Goods and Services Procurement System (E - Procurement)

Manajemen Resiko | Risk Management

Sumber Daya Manusia

Human Resources

258

264

268

269

270

Pengelolaan Sumber Daya Manusia Human Resource Management Pengembangan SDM

Human Resource Development Pengembangan Karir

Career Development

Pengelolaan Hubungan Industrial dan Kesejahteraan Karyawan Industrial and Employee Relations Management

Penghargaan Terhadap Karyawan Employee Appreciation

272 Teknologi Informasi Information Technology

Teknologi Informasi

Information Technology

Tanggung Jawab Sosial & Lingkungan

Coprporate Social And Environmental

Responsibility

274 Tanggung Jawab Sosial & Lingkungan Coprporate Social And Environmental Responsibility

Kemitraan Strategis Perseroan dan

Plasma

The Strategic Partnership Between The

Company And The Farmers

291 Kemitraan Strategis Perseroan dan Plasma The Strategic Partnership Between The Company And The Farmers

Laporan Auditor Independen

Independent Auditor’s Report

Referensi Silang

Cross Reference

298

Dengan meningkatkan tata kelola perusahaan yang transparan serta

kemitraan bersama petani plasma, PT Perkebunan Nusantara V (Persero)

terus tumbuh mewujudkan daya saing Perseroan di industri perkebunan

memberikan manfaat kepada stakeholder.

Pada tahun 2011, bahan baku yang berasal dari mitra mencapai 59,56% untuk

TBS olah dan 57,59% untuk bahan baku karet.

Perseroan meluncurkan sistem pengadaan barang dan jasa secara elektronik

dengan berbasiskan web (e-procurement) untuk meningkatkan transparansi

dalam tata kelola perusahaan.

Kinerja perseroan dimulai dengan pertumbuhan

penjualan 21,39%

,

dengan nilai

Rp 5,03 T

, tertinggi diantara BUMN perkebunan.

Pertumbuhan aset 19,85% senilai Rp 3,96 T

, dan

laba bersih

tumbuh 22,59%

dengan jumlah

Rp 320,0 1miliar

.

Perseroan berkomitmen untuk selalu tumbuh dan berkembang,

melalui perbaikan pemenuhan utilisasi pabrik, intensiikasi,

ekstensiikasi kebun inti dan penguatan infrastruktur.

Peremajaan tanaman kebun plasma akan dimulai tahun 2012, serta

pengembangan pembangkit energi terbarukan (biogas plant).

Through a transparent good corporate governance improvement along with plasma

partner partnership, PT Perkebunan Nusantara V (Persero) keep growing to realize

Company’s competitiveness in plantation industry and give beneit to stakeholders.

For the year 2011, the raw material purchased from partners reached 59.56%

for processed FFB and 57.59% for rubber raw material.

The Company launched electronic goods and services procurement system on web

based (e-procurement) for increasing the transparency in good corporate governance

The Company performance started with 21.39% of sales growth amounted to Rp 5.03

trillion,

the highest among State Owned Plantation Enterprises. The growth of assets 19.85%

with total Rp 3.96 trillion and the net proit growth 22.59% with total Rp 320.01 billion.

The Company is committed to continue to grow and expand,

through the improvement of mill utilization fulillment, intensiication

and extensiication of nuceus estate and strengthening infrastructure.

The replanting of plasma farmer estate will be started on 2012,

in line with renewable energy plant development (biogas plant)

“Optimalisasi Produksi,

Penguatan Infrastruktur

dan Kemitraan yang Berkelanjutan”

"Optimizing Production, Strengthening Infrastructure

Strategi Perseroan

Corporate Strategy in 2010-2014

Strategi Korporasi

Corporate strategy

a.

b.

Analisis SWOT menunjukkan bahwa kondisi Perseroan saat ini berada

pada posisi Stabilitas. Secara generik, dengan kondisi dan situasi

yang dihadapi saat ini, perseroan tepat untuk menerapkan Strategi

Stabilitas. Strategi ini menuntut perseroan komit kepada empat hal

mendasar, yaitu 1) beraktivitas pada produk dan proses yang ada;

2) mempertahankan fungsi-fungsi yang ada; 3) fokus pada kegiatan

eisiensi di segala bidang; dan 4) mempertimbangkan penggunaan

strategi-strategi yang masih relevan.

Strategi stabilitas bagi Perseroan bukan berarti tidak ada investasi

untuk aktivitas pertumbuhan dan untuk aktivitas yang terkait langsung

dengan efektivitas proses produksi. Aktivitas mempertahankan dan

meningkatkan production capability serta proses bisnis internal

memerlukan alokasi investasi secara proporsional.

a.

b.

SWOT analysis indicates that current condition of the Company is in

the position of stability. Generically, with the conditions and situations

faced by today, the right choice for the company is to apply the Stability

Strategy. This strategy requires the company committed to four basic

points: 1) move actively on the existing products and processes, 2)

maintain the existing functions, 3) focus on eficiency in all areas of

activity, and 4) consider the use of strategies that are relevant.

The stability strategy for the Company does not mean that there is no

investment for growth activity and the activity that directly related to the

effectiveness of the production process. The activities to maintain and

increase production capability as well as internal business processes

require investment allocation proportionately.

Tahun 2010-2014

Strategi bisnis yang dikembangkan mengacu kepada strategi bersaing

dari Porter, di mana daya saing Perseroan dipengaruhi oleh lima faktor

utama, yaitu 1) tingkat persaingan di industri, 2) kekuatan tawar pembeli,

3) kekuatan tawar pemasok, 4) potensi munculnya produk substitusi, dan

5) potensi masuknya pesaing-pesaing baru. Satu faktor persaingan yang

ditambahkan oleh Porter mengingat kuatnya dinamika lingkungan yang

berkembang akhir-akhir ini adalah 6) kekuatan dari stakeholders. Kombinasi

faktor persaingan Porter mengkristal kepada peluang peningkatan daya

saing produk Perseroan lebih mengarah kepada menghasilkan produk

dengan mencapai keunggulan biaya, atau overall cost leadership

Strategi bisnis

Business Strategy

Developed business strategy refers to the competitive strategy of Porter,

in which the Company’s competitiveness is inluenced by ive main factors,

namely 1) the level of competition in the industry, 2) bargaining power of

buyers, 3) bargaining power of suppliers, 4) the potential emergence of

substitute products, and 5) the potential entry of new competitors. One

competition factor that added by Porter in regard of the strong dynamics

of the evolving environment lately is 6) the strength of the stakeholders.

A combination of factors Porter competition crystallized to an increased

chance of the Company’s product competitiveness led to better products by

achieving a cost advantage, or the overall cost leadership.

Ikhtisar Data Keuangan

Financial Highlights

Uraian

LABA / RUGI

Pendapatan Penjualan Laba Kotor

Laba Usaha Laba Sebelum Pajak Laba Bersih

Jumlah Saham (lembar penuh) Laba Bersih per Saham (Rp 000) Pembayaran Dividen

Rasio Pembayaran Dividen

POSISI KEUANGAN ASET

Aset Lancar Aset Tidak Lancar : - Piutang Plasma dan KKPA - Penyertaan Saham - Investasi Jangka Panjang - Aset Pajak Tangguhan - Tanaman Perkebunan - Aset Tetap

- Aset Lain-lain Jumlah Aset Tidak Lancar

Total Aset

LIABILITAS DAN EKUITAS

Liabilitas Lancar Liabilitas Tidak Lancar : - Liabilitas Pajak Tangguhan - Liabilitas Jangka Panjang - Utang Obligasi

- Liabilitas Imbalan Pasca Kerja Liabilitas Tidak Lancar Total Liabilitas

Ekuitas

Jumlah Liabilitas dan Ekuitas

Modal Kerja Investasi

DESCRIPTION

INCOME STATEMENTS Total Sales Gross Proit Operating Income

Earning Before Tax

Net Income Total Stocks (full amount)

Earning Per Share (Rp. 000)

Dividends Payment Dividends Payout Ratio

FINANCIAL POSITION ASSETS Current Assets Non Current Assets : Plasma & KKPA Receivables Investments Long Term Investments

Deferred Tax Assets

Plantations

Fixed Assets

Other Assets Total Non Current Assets Total Assets LIABILITIES & EQUITIES Current Liabilities Non Current Liabilities :

Deferred Tax Liabilities

Long Term Debts Bonds Payable

Employees Beneits Obligations

Non Current Liabilities Total Liabilities

Shareholder’s Equity

Total Liabilities and Equity Working Capital Investment

2007

2.422.221 743.112 431.610 350.796 245.177 250.000 981 61.294 25% 775.480 87.106 11.130 56 36.709 792.336 564.190 136.738 1.628.265 2.403.745 694.647 0 322.098 297.822 169.522 789.442 1.484.089 919.656 2.403.745 80.833 259.466

Pembayaran Dividen tahun buku 2011 menunggu ketetapan RUPS yang akan dilaksanakan pada tahun 2012 | Dividen payment for the year 2011 will be settled next year after the iscal year, decided by Shareholders General

Meeting *)

Dalam jutaan Rupiah (kecuali dinyatakan lain) | In IDR million (unless otherwise stated)

2008

3.900.745 1.016.095 653.137 587.728 410.477 250.000 1.642 102.619 25% 877.431 62.772 9.690 813 19.982 992.898 563.004 199.665 1.848.825 2.726.256 775.913 0 247.023 298.565 184.673 730.261 1.506.173 1.220.083 2.726.256 101.519 383.631

2010

4.149.519 851.677 447.095 357.349 261.041 820.000 318 78,312 30% 772.715 57.927 10.815 21.381 0 1.395.310 830.349 217.808 2.533.589 3.306.305 969.468 18.016 661.893 -187.393 867.303 1.836.771 1.469.534 3.306.305 (196,752) 504,103

2009

3.612.378 683.856 292.825 208.364 145.352 250.000 581 43.606 30% 844.099 54.536 9.396 4.105 0 1.168.440 666.849 215.558 2.118.885 2.962.984 916.286 3.233 299.230 299.308 187.014 788.785 1.705.071 1.257.913 2.962.984 (72,187) 381,915

2011

5.032.960 1.054.122 542.320 437.265 320.006 820.000 390 **) **) 944.775 75.921 12.248 27.215 - 1.668.768 1.046.947 186.602 3.017.701 3.962.476 1.071.966 27.122 985.256 - 177.342 1.189.720 2.261.687 1.700.789 3.962.476 (127,191) 606,826

Rp 320

Laba Bersih 2011

Net Income in 2011 : IDR 320 Billion

Rp 3,96 Triliun

Total Aset 2011

Total Asset in 2011 : IDR 3.96 Trillion

Rp 5,03 Triliun

Nilai Penjualan Total 2011

Total Sales in 2011 : IDR 5.03 Trillion

Rasio Keuangan Penting

Key Financial Ratio

Uraian

2010

Description

I.

II.

III.

IV.

Rasio Likuiditas

Rasio Lancar Rasio Cepat Rasio Kas

Rasio Leverage

Rasio Kewajiban terhadap Aset

Rasio Kewajiban terhadap Ekuitas

Rasio Kwjbn Jk. Panjang

Thd Ekuitas

Rasio Aktivitas

Rasio Perputaran Persediaan Rasio Perputaran Aset Rasio Penagihan Rata2

Rasio Proitabilitas Imbalan thd Ekuitas

Imbalan thd Investasi

Marjin Laba Kotor atas Penjl. Marjin Laba Bersih atas Penjl.

Rasio EBITDA atas Aset

Rasio Z-Score Model Z-Score Model

Z = (6,56 x MKB) / JA + (3,26 x RE) / JA + (1,05 x EBIT) / JA + (6,72 x RK) / JK

79.71 % 31.53 % 22.96 %

55.55 % 124.99 %

19.44 kali 0.03 kali 7.39 kali

21.60 7.14 6.36 5.75

Liquidity Ratio

Current Ratio Quick Ratio Cash Ratio

Leverage Ratio

Total Debt to Assets Ratio

Total Debt to Equity Ratio Long Term Debt to Equity

Activity Ratios

Inventory Turnover Ratio Asset Turnover Ratio Billing The Average Ratio

Proitability Ratios Return On Equity

Return On Investment

Gross Proit Margin On Sales Net Proit Margin On Sales

EBITDA Ratio On Assets

Rasio Z-Score Model Z-Score Model

Z = (6,56 x MKB) / JA + (3,26 x RE) / JA + (1,05 x EBIT) / JA + (6,72 x RK) / JK

2011

88.13 % 34.00 % 27.19 %

57.08 % 132.98 %

12.06 kali 0.02 kali 5.35 kali

23.18 % 6.84 % 6.42 % 5.45 %

I.

Rasio Likuiditas adalah ukuran yang dipergunakan untuk menghitung tingkat kemampuan Perseroan dalam memenuhi kewajiban jangka pendeknya.

Adapun tingkat kemampuan Perseroan tahun 2011 dalam memenuhi Liabilitas jangka pendeknya ditunjukkan dengan:

-Rasio Lancar mencapai sebanyak 88,13 kali.

Rasio Cepat mencapai sebanyak 34,00 kali.

Rasio Kas mencapai sebanyak sebesar 27,19 kali.

Rasio Likuiditas I.

Liquidity ratio is a measure used to calculate

the company’s ability to meet its short term obligations.

The level of Company in 2011 to meet its short-term liabilities are indicated by:

Liquidity Ratio

-Current ratio as high as 88.13 times. Quick ratio is as high as 34.00 times. Cash ratio of 27.19 times as high as.

Terjadi kenaikan diatas tahun 2010, walaupun tidak signiikan namun kemampuan Perseroan dalam memenuhi kewajiban jangka pendeknya pada tahun 2011 mengalami peningkatan.

II.

Rasio Leverage adalah ukuran yang dipergunakan untuk menghitung tingkat kemampuan Perseroan dalam memenuhi segala kewajibannya apabila saat ini perusahaan dilikuidasi.

Adapun tingkat kemampuan Perseroan tahun 2011 dalam memenuhi kewajiban apabila dilakukan likuidasi pada saat ini ditunjukkan dengan:

Rasio Leverage

-Rasio Kewajiban atas Aset sebesar 57,08%.

Rasio Kewajiban atas Ekuitas sebesar 132,98%.

Dibandingkan dengan tahun 2010 terjadi kenaikan, sehingga Perseroan untuk memenuhi kewajibannya, apabila dilakukan likuidasi pada saat ini terjadi kenaikan kemampuan walaupun tidak signiikan. III.

Rasio Aktivitas adalah ukuran yang dipergunakan untuk menghitung tingkat efektivitas Perseroan dalam memanfaatkan semua sumber daya yang ada pada pengendaliannya.

Adapun tingkat efektivitas Perseroan tahun 2011 dalam mengendalikan sumber daya yang dimiliki ditunjukkan dengan:

Rasio Aktivitas

-Rasio Perputaran Persediaan sebanyak 12,06 kali.

Rasio Perputaran Aset sebanyak 0,02 kali.

Rasio Kewajiban atas Aset sebesar 5,35 hari.

Dibandingkan dengan tahun 2010 Rasio Perputaran Persediaan terjadi penurunan, sedangkan Rasio Perputaran Aset terjadi kenaikan dan Rasio Penagihan terjadi kenaikan dari tahun lalu. Namun secara umum efektivitas Perseroan dalam kondisi yang cukup baik.

There is an increase over the year 2010,

although not signiicant, but the Company’s

ability to meet its short-term liabilities increased in 2011.

II.

Leverage ratio is a measure used to calculate the company’s ability to meet all current

obligations if the Company liquidated.

The level of Company in 2011 in the liquidation of obligations, if done at this point is indicated by:

Leverage Ratio

-Assets Ratio of 57.08%.

On Equity Ratio of 132.98%.

Compared to 2010 there was an increase, so the Company to meet its obligations, if done at

the time of liquidation is the case even though no signiicant increase in capability.

III.

Activity ratio is a measure used to calculate the effectiveness of the Company in utilizing all available resources in its control.

The level of the Company in 2011 to meet its short-term liabilities are indicated by:

Activity Ratio

-Inventory Turnover ratio is 12.06 times as much.

Asset Turnover ratio is 0.02 times as much.

Ratio of liabilities over assets amounting to 5.35 days.

Compared with the 2010 Inventory Turnover ratio decreased, while the asset turnover ratio and the ratio of increase Billing increase from last year. But in general the effectiveness of the Company in pretty good shape.

IV.

Rasio Proitabilitas atau rasio kemampulabaan

adalah ukuran yang dipergunakan untuk menghitung hasil akhir bersih dari berbagai kebijakan dan keputusan manajemen yang akan memberikan jawaban akhir tentang efektivitas manajemen dalam mengelola Perseroan.

Adapun tingkat Proitabilitas Perseroan tahun 2011 ditunjukkan dengan:

Rasio Proitabilitas IV.

Proitability ratios or the ratio is a measure of

corporate kemampulabaan used to calculate the net outcome of various policy and management

decisions that will provide a inal answer about

the effectiveness of management in managing the Company.

The level of proitability the Company in 2011 in achieving the Company’s effectiveness is indicated by:

Proitability Ratios

-Return Equity ratio of 23.18%.

Investment Return Ratio of 6.92%.

Proit Margin on Sales ratio of 6.42%. EBITDA on sales ratio of 5.50%.

-Rasio Imbalan Ekuitas sebesar 23,18%.

Rasio Imbalan Investasi sebesar 6,92%. Rasio Margin Laba atas Penjualan sebesar 6,42%.

Rasio EBITDA atas Penjualan sebesar

5,50%.

Dibandingkan dengan tahun 2010, Rasio

Imbalan Ekuitas sebesar 23,18% terjadi

kenaikan sedangkan Rasio Imbalan Investasi sebesar 6,92% terjadi penurunan, Rasio Margin Laba atas Penjualan sebesar 6,42% terjadi

kenaikan dan Rasio EBITDA atas Penjualan

menunjukkan penurunan sebesar 5,50% dibawah tahun lalu, sehingga secara umum

ditinjau dari segi Proitabilitas tahun 2011

Perseroan adalah cukup baik.

Berdasarkan hasil analisis indikator menggunakan Z-score model atau suatu ukuran yang dipergunakan untuk menilai kelangsungan usaha (going concern) yang menggunakan kombinasi beberapa formula analisis rasio

keuangan yang dikembangkan oleh Edwards

Altman dengan mengacu beberapa indikator diantaranya:

-Jika hasilnya Z < 1,23 mengindikasikan kelangsungan usaha dalam prediksi Pailit. Jika hasilnya 1,23 > Z < 2,90 mengindikasikan kelangsungan usaha dalam prediksi Gray Area.

Jika hasilnya Z > 2,90 mengindikasikan kelangsungan usaha dalam prediksi Tidak Pailit.

Dari hasil perhitungan Z-score model tahun 2011 dan 2010 masing-masing sebesar 5,62 dan 5,68 perolehan angka Perseroan tidak dalam kondisi pailit, tetapi perhitungan Z-score tahun 2011 menunjukkan angka 5,62 telah terjadi penurunan dibandingkan dengan tahun 2010 sebesar 5,68, namun dalam hal ini masih diperlukan sikap kehati-hatian yang tinggi bagi manajemen Perseroan untuk mempertahankan kelangsungan going concern (kelangsungan usahanya).

Compared to 2010, Employee Beneits Equity

Ratio of 23.18% while the ratio increase by

6.92% Investment Return decline, Proit Margin

on Sales Ratio of 6.42% increase over sales and

EBITDA ratio showed a decline of 5.50 % below last year, so in general terms of proitability in

2011 the Company is pretty good.

Based on the analysis of indicators using the Z-score model or a measure used to assess the continuity of business (going concern) company

that uses a combination of inancial ratio analysis formula developed by Edwards Altman, known

as Z - score model with reference to some of the indicators are:

-If the result Z <1.23 indicates the continuity of business in bankruptcy prediction. If the result is 1.23> Z <2.90 indicates the continuity of business in the prediction of Gray Area.

If the result is Z> 2.90 indicates the survival of the prediction is not Bankruptcy.

From the calculated Z-score model year 2011 and 2010 respectively by 5.62 and 5.68 then the corresponding hypothesis is that, the scoring Z <1.23 are predicting that the Company is not under bankruptcy, but the calculation of Z-score in 2011 5.62 shows the number has declined compared with the Z score of 5.68 in 2010, although it is still necessary precautionary attitude is high for the management of the Company to maintain the continuity of going concern (business continuity).

Ikhtisar Operasional

Operational Highlights

Uraian 2007 2008 2009 2010 Description

Kebun Kelapa Sawit (Ha) Areal Kebun Sendiri Tanaman Menghasilkan Muda (3 - 8 th) Remaja (9 - 13 th) Dewasa (14 - 20 th) Tua (21 - 25 th) Tua Renta (>25 th) Jumlah TM TMTP TBM TB TU TK

Jumlah Areal Kebun Sendiri

9,384 7,448 7,412 34,938 - 59,182 - 12,667 186 2,696 - 74,731 9,730 8,553 7,249 31,854 - 57,386 2,012 12,630 - 2,692 - 74,720 11,872 8,684 5,989 24,117 5,071 55,733 1,917 11,875 - 5,171 - 74,696 16,344 8,715 5,988 26,506 - 57,553 1,514 12,553 818 2,693 710 75,840 Areal Kebun Plasma (Ha)

Tanaman Menghasilkan (TM) Muda (3 - 8 th)

Remaja (9 - 13 th) Dewasa (14 - 20 th) Tua (21 - 25 th) Tua Renta (>25 th) Jumlah TM TMTP TBM TB TU TK

Jumlah Areal Kebun Plasma

- - - 56,665 - 56,665 - - - - - 56,665 - - - 56,665 - 56,665 - - - - - 56,665 - - - 56,665 - 56,665 - - - - - 56,665 - - - 56,665 - 56,665 - - - - - 56,665

Total Areal TM Kelapa Sawit (Ha) Total Areal TMTP Kelapa Sawit (Ha) Total Areal TBM Kelapa Sawit (Ha) Total Areal TB Kelapa Sawit (Ha) Total Areal TU Kelapa Sawit (Ha) Total Areal TK Kelapa Sawit (Ha) Total Areal Kelapa Sawit (Ha)

115,847 - 12,667 186 2,696 - 131,396 114,051 2,012 12,630 - 2,692 - 131,385 112,398 1,917 11,875 - 5,171 - 131,361 114,218 1,514 12,553 818 2,693 710 132,505 Kebun Karet (Ha)

Areal Kebun Sendiri Tanaman Menghasilkan (TM) Muda (6 - 10 th)

Remaja (11 - 15 th) Dewasa (16 - 20 th) Tua (21 - 25 th) Tua Renta (>25 th) Jumlah TM TMTP TBM TB TU TK

Jumlah Areal Kebun Sendiri

335 493 5,396 2,250 161 8,635 - 2,353 - 500 - 11,488 596 - 3,407 3,454 939 8,396 - 2,092 - 1,000 - 11,488 941 - 4,307 2,030 463 7,741 - 2,183 - 1,564 - 11,488 1,114 - 4,307 1,058 - 6,479 1,709 2,574 - 168 - 10,930

Areal Kebun Plasma (Ha) Tanaman Menghasilkan (TM) Muda (3 - 8 th)

Remaja (9 - 13 th) Dewasa (14 - 20 th) Tua (21 - 25 th) Tua Renta (>25 th) Jumlah TM TMTP TBM TB TU TK

Jumlah Areal Kebun Plasma

- - - 17,861 - 17,861 - - - - - 17,861 - - - 17,861 - 17,861 - - - - - 17,861 - - - 17,861 - 17,861 - - - - - 17,861 - - - 17,861 - 17,861 - - - - - 17,861 2011 17,701 8,715 5,981 21,996 - 54,392 499 15,417 409 4,655 1,692 77,064 - - - 56,665 - 56,665 - - - - - 56,665 111,057 499 15,417 409 4,655 1,692 133,729 1,738 - 4,307 1,058 - 7,103 - 2,118 - 17 789 10,027 - - - 17,861 - 17,861 - - - - - 17,861

Oil Palm Estate (Ha) Nucleus Estate Area

Productive Plants Young (3 - 8 th) Juvenile (9 - 13 th) Mature (14 - 20 th) Old (21 - 25 th) Post Old (>25 th) Total Productive Plant Unproductive Mature Plant Immature Plant New Planting Replanting Conversion Planting

Total Nucleus Estate Area Plasma Estate Area (Ha)

Productive Plants Young (3 - 8 th) Juvenile (9 - 13 th) Mature (14 - 20 th) Old (21 - 25 th) Post Old (>25 th) Total Productive Plant Unproductive Mature Plant Immature Plant New Planting Replanting Conversion Planting

Total Plasma Estate Area

Total Productive Area (Ha) Total TMTP Area (Ha) Total Immature Area (Ha) Total New Planting Area (Ha) Total Replanting Area (Ha) Total Konversion Area (Ha) Total Oil Palm Area (Ha)

Rubber Estate (Ha) Nucleus Estate Area

Productive Plants Young (3 - 8 th) Juvenile (9 - 13 th) Mature (14 - 20 th) Old (21 - 25 th) Post Old (>25 th) Total Productive Plant Unproductive Mature Plant New Planting Replanting Conversion Planting

Total Nucleus Estate Area Plasma Estate Area (Ha)

Productive Plants Young (3 - 8 th) Juvenile (9 - 13 th) Mature (14 - 20 th) Old (21 - 25 th) Post Old (>25 th) Total Productive Plant Unproductive Mature Plant Immature Plant New Planting Replanting Conversion Planting

Uraian 2007 2008 2009 2010 Description

Produksi TBS - Ton - Kebun Inti - Kebun Plasma - Pihak III Total TBS 1,039,289 604,017 11,690 1,654,997 1,082,272 904,066 157,289 2,143,628 1,078,550 835,883 321,084 2,235,517 978,069 690,401 448,250 2,116,720 Produksi Minyak Sawit - Ton

- Kebun Inti - Kebun Plasma - Pihak III Total Minyak Sawit

234,838 126,048 2,263 363,149 240,378 191,575 32,188 464,142 240,860 180,090 68,000 488,950 223,768 145,608 93,444 462,821

Produksi Inti Sawit - Ton - Kebun Inti

- Kebun Plasma - Pihak III Total Inti Sawit

Produksi Minyak + Inti Sawit

52,498 29,905 509 82,911 446,060 55,223 45,920 7,222 108,366 572,507 55,358 43,574 15,374 114,306 603,256 49,194 36,526 20,814 106,535 569,355 Produksi PKO - Ton

- Pabrik Sendiri - Pabrik Pihak III Total PKO 5,785 22,605 28,390 23,251 21,415 44,666 29,488 14,222 43,711 26,563 14,709 41,272 Produksi PKM - Ton

- Pabrik Sendiri - Pabrik Pihak III Total PKM

Produksi PKO + PKM

30,349 36,775 67,123 95,513 28,241 59,841 88,082 132,748 38,229 18,853 57,082 100,793 36,212 19,414 55,626 96,898 Produksi Karet - Ton

- Kebun Inti - Pihak III Total Produksi Karet

9,280 - 9,280 8,493 - 8,493 8,108 2,778 10,886 7,177 7,502 14,678 Produktivitas TBS (Ton/Ha)

- Kebun Inti - Kebun Plasma

17.56 10.66 18.86 15.95 19.35 14.75 16.99 12.18

Produktivitas Karet (Ton/Ha) - Kebun Inti

1.07 1.01 1.05 1.11 Rendemen

Rendemen Minyak Sawit (%) - Kebun Inti

- Kebun Plasma - Kebun Pihak III

Rendemen Rata2 Minyak Sawit

22.60 20.87 19.36 21.94 22.21 21.18 20.46 21.65 22.33 21.55 21.18 21.87 22.88 21.09 20.85 21.86 Rendemen Inti Sawit (%)

- Kebun Inti - Kebun Plasma - Kebun Pihak III Rendemen Rata2 Inti Sawit

5.05 4.95 4.35 5.01 5.10 5.08 4.59 5.06 5.13 5.22 4.79 5.11 5.03 5.29 4.64 5.03 Total Areal TM Karet (Ha)

Total Areal TMTP Karet (Ha) Total Areal TBM Karet (Ha) Total Areal TB Karet (Ha) Total Areal TU Karet (Ha) Total Areal TK Karet (Ha) Total Areal Karet (Ha)

Total Areal Kelapa Sawit dan Karet (Ha)

26,496 - 2,353 - 500 - 29,349 160,745 26,257 - 2,092 - 1,000 - 29,349 160,734 25,602 - 2,183 - 1,564 - 29,349 160,710 24,340 1,709 2,574 - 168 - 28,791 161,296 2011 986,746 722,566 730,628 2,439,940 231,505 151,183 149,431 532,119 53,017 40,381 38,843 132,241 664,361 39,013 9,075 48,089 60,703 12,159 72,862 120,950 6,643 9,021 15,664 18.14 12.75 0.94 23.46 20.92 20.45 21.81 5.37 5.59 5.32 5.42 24,964 - 2,118 - 17 789 27,888 161,617

Total Productive Area (Ha) Total TMTP Area (Ha) Total Immature Area (Ha) Total New Planting Area (Ha) Total Replanting Area (Ha) Total Konversion Area (Ha) Total Rubber Area (Ha) Total Oil Palm and

Rubber Area (Ha) FFB Prodcution - Ton

- Nucelus Estate - Plasma Estate

- Third Party Total FFB Oil Palm Production - Ton

- Nucelus Estate - Plasma Estate

- Third Party Total Oil Palm

Palm Kernel Production - Ton

- Nucelus Estate - Plasma Estate

- Third Party Total Palm Kernel

Oil Palm + Kernel Production

PKO Production - Ton - Company’s Mill - Third Party Mill Total PKO PKM Production - Ton - Company’s Mill - Third Party Mill Total PKM

PKO + PKM Production

Rubber Production - Ton

- Nucelus Estate

- Third Party Total Rubber Production FFB Productivity (Ton/Ha)

- Nucelus Estate - Plasma Estate

Rubber Productivity (Ton/Ha)

- Nucelus Estate Extraction Rate Oil Extraction Rate (%) - Nucelus Estate - Plasma Estate - Third Party Estate Average of Oil Extraction Rate Kernel Extraction Rate (%) Nucelus Estate - Plasma Estate - Third Party Estate

Average of Palm Kernel

Uraian 2007 2008 2009 2010 Description

Pemasaran Lokal

Volume Penjualan Lokal (Ton): CPO Inti Sawit PKO PKM Karet 294,713 173 25,205 32,838 5,105 383,194 3,243 39,919 58,446 5,187 445,427 3,567 22,930 57,060 7,905 400,709 2,304 20,033 57,395 9,295 Harga Jual Lokal (Rp/Kg):

CPO Inti Sawit PKO PKM Karet 6,079 2,247 7,532 1,094 18,620 6,826 3,102 7,971 817 24,343 6,284 2,516 6,139 252 17,014 7,048 3,985 9,036 583 28,755

Nilai Penjualan Lokal (Rp juta): CPO Inti Sawit PKO PKM Karet 1,791,541 389 189,839 35,940 95,054 2,615,802 10,063 318,184 47,733 126,256 2,798,992 8,974 140,759 14,386 134,496 2,824,004 9,182 181,011 33,477 267,273 Total Pemasaran

Total Volume Penjualan (Ton): CPO Inti Sawit PKO PKM Karet 344,875 173 25,205 32,838 8,973 472,572 3,243 40,919 58,446 8,759 501,172 3,567 44,403 57,060 10,998 460,405 2,304 43,529 57,395 14,496 Harga Jual Rata-rata (Rp/Kg):

CPO Inti Sawit PKO PKM Karet 5,893 2,246 7,532 1,094 18,257 6,997 3,102 7,894 817 24,382 6,252 2,516 5,996 252 17,226 7,138 3,985 9,367 583 28,460

Total Nilai Penjualan (Rp juta): CPO Inti Sawit PKO PKM Karet 2,032,231 389 189,839 35,940 163,822 3,306,384 10,063 323,000 47,733 213,565 3,133,332 8,974 266,239 14,386 189,447 3,286,575 9,182 407,725 33,477 412,560 Pemasaran Pemasaran Ekspor

Volume Penjualan Ekspor (Ton):

CPO Inti Sawit PKO Karet 50,162 - - 3,868 89,378 - 1,000 3,572 55,745 - 21,473 3,093 59,696 - 23,496 5,201

Harga Jual Ekspor (Rp/Kg):

CPO Inti Sawit PKO Karet 4,798 - - 17,778 7,727 - 4,818 24,440 5,998 - 5,844 17,768 7,749 - 9,649 27,933

Nilai Penjualan Ekspor (Rp juta):

CPO Inti Sawit PKO Karet 240,690 - - 68,768 690,581 - 4,816 87,309 334,339 - 125,481 54,951 462,572 - 226,714 145,288 500,549 253 34,005 73,213 7,751 7,649 6,022 10,032 576 40,405 3,828,761 1,522 341,128 42,146 313,187 509,548 253 45,499 73,213 14,243 7,674 6,022 11,158 576 40,112 3,910,288 1,522 507,699 42,146 571,305 9,000 - 11,495 6,492 9,059 - 14,491 39,762 81,527 - 166,571 258,118 2011 Marketing Export Volume of Export Sale (ton)

Palm Oil Palm Kernel Palm Kernel Oil Rubber

Price of Sale (Rp/Kg): Palm Oil Palm Kernel Palm Kernel Oil Rubber

Export Sales (Rp milion):

Palm Oil Palm Kernel Palm Kernel Oil Rubber

Local Sales Volume of Local Sales (Ton): Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Meal Rubber Price of Local Sales (Rp/Kg) Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Meal Rubber

Local Sales (Rp million): Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Meal Rubber Total Marketing Total Sales Volume (Ton): Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Meal Rubber Average Price Sale (Rp/Kg): Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Meal Rubber

Total Sales (Rp million): Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Meal Rubber

Kinerja Utama di Tahun 2011

Main Performance in 2011

Nilai Penjualan Total (Rp Miliar)

Meningkat 21,39%

di tahun

2011 terhadap tahun 2010

Total Sales (IDR Billion) Increasing by

21,39% in 2011 than in 2010

Laba

Usaha

(Rp

Miliar)

Meningkat 30,90%

di tahun

2011 terhadap tahun 2010

Operating

Income

(IDR

Billion)

Increasing by 30,90% in 2011 than in

2010

542.320 447.095

292.825 653.137

431.610

Laba

Bersih

(Rp

Miliar)

Meningkat 22,59%

di tahun

2011 terhadap tahun 2010

Net Income (IDR Billion) Increasing by

22,59% in 2011 than in 2010

320.006

261.041

145.352 410.477

245.177

5.032 4.149

3.612 3.895

2.422

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

1.

2.

Total

Aset

(Rp

Miliar)

Meningkat 19,85%

di tahun

2011 terhadap tahun 2010

Total Assets (IDR Billion) Increasing by

19,85% in 2011 than in 2010

3.962.476 3.306.305

2.962.984 2.726.256

2.403.745

2007 2008 2009 2010 2011

4.

Produksi CPO Total (ton)

Meningkat 14,97%

di tahun

2011 terhadap tahun 2010

Total CPO Production (ton) Increasing

by 14,97% in 2011 than in 2010

532.119

462.821 488.950

464.142

363.149

2007 2008 2009 2010 2011

5.

Produksi Karet Total (ton)

Meningkat 6,72%

di tahun

2011 terhadap tahun 2010

Total

Rubber

Production

(ton)

Increasing by 6,72% in 2011 than in

2010

15.664 14.678

10.886 8.493

9.280

2007 2008 2009 2010 2011

Perbandingan Perseroan

Comparison of the Company

Perbandingan Kinerja Perseroan dengan BUMN Perkebunan di Sumatra Tahun 2011 Performance comparison of the Company with state-owned Plantations in Sumatra in 2011

Rp Juta | IDR Million

Nilai Penjualan Bersih |

Net Sales Value

4.980.710

1

2

3

4

5

6

7

Rp Juta | IDR Million

PT PN V

Laba Bersih |

Net Income

320.006

1

2

3

4

5

6

7

Rp Juta | IDR Million

PT PN V

Total Aset |

Total Assets

3.962.476

1

2

3

4

5

6

7

PT Perkebunan Nusantara V (Persero) herein after referred to as Company is a Plantation State-Owned Company established on March 11th, 1996,

originated from the consolidation of expansion

business units of PTP II, IV and V located in Riau Province. The business operation has been effectively started since April 9th, 1996 with the

head ofice located in Pekanbaru. Company legal

foundation has been determined pursuant to Government Regulation No. 10 year 1996 regarding the Depository of State Capital of Republic of

Indonesia for the Establishment of PTP Nusantara

V (Persero).

PT Perkebunan Nusantara V (Persero),- selanjutnya Perseroan-, merupakan BUMN Perkebunan yang didirikan tanggal 11 Maret 1996 sebagai hasil konsolidasi kebun pengembangan PTP II, PTP IV, dan PTP V di Provinsi Riau. Secara efektif Perseroan mulai beroperasi sejak tanggal 9 April 1996 dengan Kantor Pusat di Pekanbaru. Landasan hukum Perseroan ditetapkan berdasarkan Peraturan Pemerintah Republik Indonesia No. 10 Tahun 1996 tentang Penyetoran Modal Negara Republik Indonesia untuk Pendirian Perusahaan Perseroan (Persero) PT Perkebunan Nusantara V.

Sekilas Perseroan

Company in Brief

FASE I 1996-2000 PHASE I 1996-2000

Areal : 50.000-55.000 Ha (TM Sawit) | Area: 50000-55000 Ha (Palm Mature Plant)

Produksi :1,4 MT-2,3 MT TBS

Production: 1.4 MT-2, 3 MT of FFB

Penjualan: 0,4T-1,2T | Sales: 0.4 T-1, 2T

Laba : 69M -100 M (Kecuali 1998 269 M)

Earnings: 69M -100 M (Except 1998

269 M)

Asset: < Rp 1T | Asset: <Rp 1T

KORSA, Pemisahaan Kebun dan Pabrik

Corps, separation of Estate and Factory

Areal : 57.000 – 61.000 Ha (TM Sawit)

Area: 57000-61000 Ha (TM Palm)

Produksi : 2,1 MT – 1,6 MT TBS (harga pembelian tdk bersaing)

Production: 2.1 MT - 1.6 MT of FFB (morbidly competitive purchase price)

Penjualan : 1,2T – 1,5T

Sales: 1.2 T - 1.5 T

Laba :100M – 160M | Proit: 100M - 160M

Asset : > 1 T - 2T | Asset:> 1 T - 2T

Membangun Kantor Pusat,

Menerbitkan Obligasi, Perluasan Areal, Proyek KKPA, Kemitraan Siak. |

The construction of Headquarters, Issuing bonds, Expansion Area, KKPA

Project, Partnership of Siak.

Replanting (Sawit Gen.2 mulai 2003, Karet Gen-2 tahun 2001).

Replanting (Palm GEN.2 from 2003,

Rubber Gen-2 of 2001).

Penerapan SPDK Net

Impelmentation of SPDK Net FASE II 2001 - 2005 PHASE II 2001 - 2005

Areal: 61.000- 58.000 Ha (TM Sawit/ Replanting)

Area: 61000-58000 Ha (TM Palm/ replanting)

Produksi : 1,5 MT – 2,1 MT TBS (TBS dg Market Prices) | Production: 1.5 MT - 2.1 MT of FFB (FFB with Market Prices)

Penjualan : 1,5T – 5 T | Sales: 1.5 T - 5 T

Laba : 139 M - 400M (2008) | Proit: 139 M - 400M

(2008)

Asset: Tembus 3T hingga menuju 4T

Asset: Translucent 3T up to 4T

Revitalisasi Areal dgn Percepatan Replanting dan Perbaikan Kapasitas Pabrik, membeli TBS besar-besaran, Membenahi KKPA, SIAK,

Penerapan ICBHRM, Payroll System. Memperkuat Jaringan Informasi Pembinaan dan pengembangan SDM

Revitalization of area by replanting acceleration and Mill Capacity Improvements, massive purchase of FFB, KKPA improvement, SIAK, Implementation of ICBHRM, Payroll System. Strengthen the Information Network Coaching and human resources development FASE III 2006 - 2011

PHASE III 2006 - 2011

Anggaran Dasar Perseroan dibuat di depan Notaris Harun Kamil melalui Akte No. 38 tanggal 11 Maret 1996 dan disahkan melalui Keputusan Menteri Kehakiman RI No. C2-8333H.T.01. Tahun 1996, serta telah diumumkan dalam Berita Negara Republik Indonesia (RI) Nomor 80 tanggal 4 Oktober 1996, dan Tambahan Berita Negara RI Nomor 8565/1996.

Milestone Perseroan

Company Milestone

The Article of Association was made by Harun Kamil, SH through the Notarial Deed No. 38 dated March 11th, 1996 and approved by the Decree of Minister of Justice No. C2-8333H.T.01, 1996 and also published in State Gazette No.80 dated October 4th, 1996 and Supplement of State Gazette No. 8565/1996.

Later on, the Companys Article of Association has been revised with the drafting of Notarial Deed No. 24 dated February 22, 2010 made by Budi Suyono, SH. The amendement comprises the revision of Authorized Capital and Issued and Fully

Paid Capital of the Company, and subsequently

approved by the Decree of Minister of Justice of the Republic of Indonesia No. AHU-16224.HT.01. AH.01.02.TH.2010 dated March 30, 2010.

Currently, the Company Head Ofice domiciles at Jl.

Rambutan No. 43 Pekanbaru with its business units spread in several Regencies in Riau Province. Until 2011, the Company managed 51 working units

comprises 1 Headquarter, 4 Strategic Business Units (SBU); 25 Nucleus/ Plasma Estates; 13 Palm Oil

Mills; 1 unit PKO Mill; 4 Rubber Processing facilities and 3 Hospitals. The Company managed a total of 161.617 hectares of plantation area, consisting of 87.091 hectares of nucleus estate and 74.526 hectares of plasma estate/ smallholders.

Anggaran Dasar Perseroan telah beberapa kali mengalami perubahan, terakhir dengan Akta Notaris Budi Suyono, SH No. 24 tanggal 22 Pebruari 2010. Perubahan Anggaran Dasar tersebut untuk mengakomodasi perubahan Modal Dasar dan perubahan Modal Ditempatkan dan Disetor Penuh Perseroan. Perubahan ini telah mendapat persetujuan Menteri Hukum dan HAM Republik Indonesia melalui Surat Keputusan No. AHU-16224.AH.01.02 Tahun 2010 tanggal 30 Maret 2010.

Saat ini Kantor Pusat Perseroan berkedudukan di Jl. Rambutan No. 43 Pekanbaru, dengan unit - unit usaha yang tersebar di berbagai Kabupaten di Provinsi Riau.

Hingga tahun 2011, Perseroan mengelola 51 unit kerja yang terdiri dari 1 unit Kantor Pusat; 4 Strategic Business Unit (SBU); 25 unit Kebun Inti/Plasma; 1 Pabrik Kelapa Sawit (PKS); 1 unit Pabrik PKO; 4 fasilitas Pengolahan Karet; dan 3 Rumah Sakit. Areal yang dikelola oleh Perseroan seluas 161.617 Ha, yang terdiri dari 87.091 Ha lahan sendiri/inti dan 74.526 Ha lahan plasma.

Proil Perseroan

Company

Proile

NAME

PT Perkebunan Nusantara V (Persero)

NAMA

PT Perkebunan Nusantara V (Persero)

LINE OF BUSINESS

Agribusiness and agro-industry of palm oil and rubber

BIDANG USAHA

Agrobisnis dan agro industri kelapa sawit dan karet

OWNERSHIP

The Govenrment of Indonesia 100%

KEPEMILIKAN

Pemerintah Republik Indonesia 100%

DATE OF ESTABLISHMENT

March 11, 1996

TANGGAL PENDIRIAN

11 Maret 1996

LEGAL BASIS

Goverment Regulation No. 10 of 1996

DASAR HUKUM PENDIRIAN

Peraturan Pemerintah Republik Indonesia No. 10 Tahun 1996

AUTHORIZED CAPITAL

Rp 3,280,000,000,000, - (three trillion two hundred and eighty billion dollars), divided into 3.28 million (three million two hundred eighty thousand) shares, each share with a nominal value of Rp 1,000,000, - (one million rupiah)

MODAL DASAR

Rp 3.280.000.000.000,- (tiga tryliun dua ratus delapan puluh miliar rupiah), terbagi atas 3.280.000 (tiga juta dua ratus delapan puluh ribu) lembar saham, masing-masing saham dengan nilai nominal sebesar Rp 1.000.000,- (satu juta rupiah)

ISSUED AND FULLY PAID CAPITAL

820 000 000 (eight hundred and twenty million) shares, amounting to Rp 820 billion total (eight hundred and twenty billion).

MODAL DITEMPATKAN DAN DISETOR

PENUH

820.000.000 (delapan ratus dua puluh juta) lembar saham atau seluruhnya sebesar Rp 820.000.000.000,- (delapan ratus dua puluh miliar).

COMPANY OFFICE

Head Ofice

Jl. Rambutan No. 43 Pekanbaru - Riau 28294 Tlp.(62-761) 66565, Fax.(62-761) 66558 E-mail: ptpn5@ptpn5.co.id

Website : http://www.ptpn5.com/ Liaison Ofice

Jl. Cempaka Putih Tengah XXX No. 73 Jakarta Pusat - 10510

Tlp.(62-21) 4244291, Fax: (62-21) 4245034

KANTOR PERSEROAN

Kantor Pusat

Jl. Rambutan No. 43 Pekanbaru - Riau 28294 Tlp.(62-761) 66565, Fax.(62-761) 66558 E-mail: ptpn5@ptpn5.co.id

Website : http://www.ptpn5.com/ Kantor Perwakilan

Jl. Cempaka Putih Tengah XXX No. 73 Jakarta Pusat - 10510

Perusahaan Company

Bidang Usaha Business Segment

% Saham % Shares

PT. Bio Industri Nusantara

Alamat |Address :

Kantor Pusat / Head Ofice Jl. Ir. H. Juanda No. 107 Bandung Telp. / Phone: (022) 2530580

PT. Mardec Nusa Riau

Alamat |Address :

Pabrik / Factory

Desa Kasikan Kecamatan Tapung Hulu, Kampar -Riau Kantor / Ofice :

Jl. Baung Kompleks Mangga Dua Blok C5 Pekanbaru

Telp. / Phone: (0761) 572323

PTP Agrintara

Alamat |Address :

Pabrik / Factory :

Jl. Raya Bungursari No. 215 Cibening, Purwakarta Telp. / Phone (0264) 216904 Kantor / Ofice :

Jl. Fachrudin No. 14 Jakarta, Telp. /Phone : (021) 3920605

PT Siak Prima Nusalima

Alamat |Address :

Jl. Raya Kecik, Gg. Kopral Dau Siak Sri Indrapura - Riau Telp. /Phone : 0764-7007622

PT Indoham Gmbh.

Alamat |Address :

Menara Kartika Chandra 2nd Floor Room 205, Jl. Jend. Gatot Subroto Jakarta - 12930

PT Kharisma Pemasaran

Bersama Nusantara (KPBN)

Alamat |Address :

Jl. Cut Mutia No. 11, Jakarta 10330

PT Riset Perkebunan Nusantara (RPN)

Alamat |Address :

Jl. Salak No. 1A - Bogor 16151

Telp: +62 251 8333382 / 8333088

/ 8333089

Fax: +62 251 8315985

PT Pupuk Agro Nusantara

Alamat |Address :

Kawasan Industri Medan (KIM)

Industri Bioteknologi/

Biotechnology Industry

Industri Karet

Rubber Industry

Industri Hilir Kelapa Sawit

Palm Oil Industry

Kelapa Sawit | Oil Palm

Agen Pemasaran Hasil CPO

Wilayah Eropa |

Marketing Agent of CPO product for Europe

Pemasaran CPO |

CPO Marketing

Bidang Riset Kelapa Sawit dan Karet | OIl Palm and Rubber Research

Pupuk NPK | NPK Fertilizer

25 %

40%

30,5%

15%

1,6%

6,66%

6,66%

15%

Aktif Beroperasi

In Operation

Aktif Beroperasi

In Operation

Aktif Beroperasi

In Operation

Aktif Beroperasi

In Operation

Aktif Beroperasi

In Operation

Aktif Beroperasi

In Operation

Aktif Beroperasi

In Operation

Dalam Proses Pembangunan

In Progress of Development

Keterangan Description

Daftar Perusahaan Asosiasi

Maksud & Tujuan Perseroan

Corporate Goal & Objectives

Maksud dan Tujuan Perseroan sebagaimana tercantum dalam Anggaran Dasar Perseroan (Akte Notaris H. Budi Suyono No 40 tanggal 26 Juni 2009 dan Persetujuan Akta Perubahan Anggaran Dasar Perseroan dari Kementerian Hukum dan HAM Nomor : AHU.37318.AH.01.02 Tahun 2009) adalah melakukan usaha di bidang agro bisnis dan agro industri, serta optimalisasi pemanfaatan sumber daya Perseroan untuk mendapatkan/ mengejar keuntungan guna meningkatkan nilai Perseroan dengan menerapkan prinsip-prinsip Perseroan Terbatas. Untuk mencapai maksud dan tujuan tersebut di atas Perseroan dapat melaksanakan kegiatan usaha utama sebagai berikut :

Pengusahaan budidaya tanaman meliputi pembukaan dan pengolahan lahan, pembibitan, penanaman dan pemeliharaan dan pemungutan hasil tanaman serta melakukan kegiatan-kegiatan lain yang berhubungan dengan pengusahaan budidaya tanaman tersebut.

Produksi meliputi pengolahan hasil tanaman sendiri maupun dari pihak lain menjadi barang setengah jadi dan/atau barang jadi serta produk turunannya.

Perdagangan meliputi penyelenggaraan kegiatan pemasaran berbagai macam hasil produksi serta melakukan kegiatan perdagangan lainnya yang berhubungan dengan kegiatan usaha Perseroan.

Pengembangan usaha bidang Perkebunan, Agro Wisata, Agro Bisnis dan Agro Industri. a.

b.

c.

d.

Selain Kegiatan usaha utama, Perseroan dapat melakukan kegiatan usaha dalam rangka optimalisasi pemanfaatan sumber daya yang dimiliki untuk trading house, pengembangan kawasan industri, agro industrial complex, real estate, pusat perbelanjaan/mall, perkantoran, pergudangan, pariwisata, perhotelan, resort, olah raga dan rekreasi, rumah sakit, pendidikan dan penelitian, prasarana telekomunikasi dan sumber daya energi, pertambangan, jasa penyewaan, jasa konsultan bidang perkebunan, jasa pembangunan kebun dan pengusahaan sarana dan prasarana yang dimiliki Perseroan.

The Purpose and Objectives of the Company as stated in the Articles of Association (Notary Act Budi H. Suyono No. 40 dated June 26, 2009 and Approval of Amendment of Articles of Association of the Ministry of Justice and Human Rights Number: AHU.37318.AH.01.02 2009) are

running the business in the ield of agro business

and agro industries, as well as optimizing the utilization of the Company resources to obtain /

pursuit of proit in order to increase the value of

the Company by applying the principles of limited liability companies. To achieve the aims and objectives of the above the Company may carry out the major business activities as follows:

Cultivation of crops including land clearing and preparation, seeding, planting and up keeping and harvesting crops and doing other activities associated with the crop cultivation. The production includes the processing plant

itself or from other parties into semi-inished goods and / or inished and derivatives

products.

Implementation of trade marketing activities include a wide range of products and other trading activities relating to the Company’s business activities.

The development of business in Plantation, Agro Tourism, Agro Business and Agro Industry.

a.

b.

c.

d.

In addition to the main business activity, the Company may conduct business activities in order to optimize utilization of available resources for the trading house, industrial estate development,

agro-industrial complex, real estate, shopping centers / malls, ofices, warehousing, tourism,

hospitality, resort, sports and recreation, hospitals, education and research, infrastructure, telecommunications and energy resources, mining, rental services, consulting services in plantation, plantation development and utilization of services and infrastructure facilities owned by the Company.

Struktur Organisasi

Organizational Structure

RUPS SHAREHOLDERS GENERAL MEETING

Kepala Bagian PUKK & Bina Lingkungan

HEAD OF PUKK & COMMUNITY DEVELOPMENT DEPT.

Bestari A.R. Kepala Bagian Tanaman

HEAD OF AGRONOMY DEPARTMENT

Khairuddin Nasution

Kepala Bagian Pengolahan

HEAD OF PROCESSING DEPARTMENT

Irwan Setiadi Kepala Bagian Teknik

HEAD OF ENGINEERING AND TECHNICAL ADMINISTRATION DEPARTMENT

Doni Trikora Harahap

Kepala Bagian Pembelian TBS & Bokar

HEAD OF FFB & RUBBER RAW MATERIAL PURCHASING DEPT.

Parlindungan Lubis

GM SBU Tandun GM OF TANDUN SBU Tengku Amran

GM SBU Sei Galuh GM OF SEI GALUH SBU

Saukat Buchari

Manajer PKS Terantam

TERANTAM PALM OIL MILL MANAGER

Suka Karyanto

Manajer Kebun Tandun TANDUN ESTATE MANAGER

Ferry Tambunan Manajer Kebun Terantam TERANTAM ESTATE MANAGER

E. Saulus Hutahaean

Manajer Kebun Sei Lindai SEI LINDAI ESTATE MANAGER

Syarkawi

Manajer PKS Sei Galuh

SEI GALUH PALM OIL MILL MANAGER

Gindo Saragi

Manajer PKS Sei Garo SEI GARO PALM OIL MILL MANAGER

Riswan ManajerKebun Inti / KKPA

Sei Galuh SEI GARO NUCLEUS ESTATE/ MPCC MANAGER

Zulfan Amarial ManajerKebun Inti / KKPA

Sei Garo SEI GARO NUCLEUS ESTATE/ MPCC MANAGER Hamonagan Panggabean Manajer Kebun dan PKS

Tanjung Medan TANJUNG MEDAN ESTATE AND

PALM OIL MILL MANAGER Sugeng Irianto Manajer Kebun Inti / KKPA

& PKS Sei Pagar SEI PAGAR NUCLEUS ESTATE

/ MPCC & PALM OIL MILL MANAGER Robinson Sembiring

Manajer Kebun Inti dan PKS Tanah Putih TANAH PUTIH NUCLEUS

ESTATE AND PALM OIL MILL MANAGER Hadi Sutrisno

Kepala Bagian Pembiayaan

HEAD OF FINANCE DEPARTMENT

Temanasa Zaluchu Kepala Bagian Akuntansi

HEAD OF ACCOUNTING DEPARTMENT Andry Ideawan Direktur Produksi PRODUCTION DIRECTOR Suharjoko Direktur Keuangan FINANCE DIRECTOR Erwan Pelawi

Manajer Kebun Inti / KKPA Sei Batulangkah

SEI BATULANGKAH NUCLEUS ESTATE/ MPCC MANAGER

Dekon Naibaho

Manajer PPKO Tandun TANDUN PALM KERNEL

OIL MILL MANAGER Khairul Rizal Manajer Kebun Sei Berlian

SEI BERLIAN ESTATE MANAGER Andy Yusuf Rambe Manajer Kebun Sei Kencana

SEI KENCANA ESTATE MANAGER Saiful Bahri

Manajer PKS Tandun TANDUN PALM OIL MILL MANAGER

Hamdan Lubis

ManajerKebun Tamora TAMORA ESTATE MANAGER

Andy Dharma

Manajer Kebun Plasma SGO/SPA/TPU/SGH SGO/SPA/TPU/SGH PLASMA ESTATE MANAGER Hotman Limbong Direktur Utama PRESIDENT DIRECTOR Fauzi Yusuf

Kepala Bagian Pengembangan Usaha

HEAD OF BUSINESS DEVELOPMENT DEPARTMENT

Dedy Edianto Kepala Bagian P2TI

HEAD OF PLANNING ASSESSMENT AND INFORMATION TECHNOLOGY

DEPARTMENT

Heri Wibowo Kepala Bagian Pemasaran

HEAD OF MARKETING DEPARTMENT Syahlul Harahap Komite Audit AUDIT COMMITTEE Dewan Komisaris COMMISSIONERS

KepalaBagian SDM HEAD OF HR DEPARTMENT

Kasmaliza Kepala Bagian Umum HEAD OF GENERAL AFFAIRS

DEPARTMENT Bambang Pristianto

Kepala Bagian Pengadaan Barang & Jasa

HEAD OF GOODS & SERVICES PROCUREMENT DEPT.

Bambang Christianto

GM SBU Sei Rokan GM OF SEI ROKAN SBU Irsan Haposan N.

GM SBU Lubuk Dalam GM OF LUBUK DALAM SBU Manasar Sitanggang

Manajer PKS Sei Rokan

SEI ROKAN PALM OIL MILL MANAGER

Ismed Basya Manajer PKS Sei Intan

SEI INTAN PALM OIL MILL MANAGER

Asri Manius Keman

Manajer PKS Sei Tapung SEI TAPUNG PALM OIL MILL

MANAGER Tagor Silalahi Manajer Kebun Sei Rokan

SEI ROKAN ESTATE MANAGER Mahyudin

Manajer Kebun Inti Sei Intan

SEI INTAN NUCLEUS ESTATE MANAGER

Alam Gulom

Manajer Kebun Sei Siasam SEI SIASAM ESTATE MANAGER

Darmin Karo-Karo Manajer Kebun Inti / KKPA

Sei Tapung SEI TAPUNG NUCLEUS ESTATE/

MPCC MANAGER Zulfan Nasution

Manajer PKS Lubuk Dalam

LUBUK DALAM PALM OIL MILL MANAGER

Bantu Sembiring Manajer PKS Sei Buatan

SEI BUATAN PALM OIL MILL MANAGER Edy Saputra

Manajer Kebun Inti Lubuk Dalam

LUBUK DALAM ESTATE MANAGER Alinaiah Damanik

Manajer Kebun Inti Sei Buatan SEI BUATAN ESTATE MANAGER

Sihar Lumbanraja

Manajer Kebun Inti / KKPA Air Molek I AIR MOLEK I NUCLEUS ESTATE/

MPCC MANAGER V. S. H. Samosir ManajerKebun Inti /

KKPA Air Molek II AIR MOLEK I NUCLEUS ESTATE/ MPCCMANAGER

Edhi Muchlis

Manajer Kebun Plasma Sei Buatan/Lubuk

Dalam SEI BUATAN/LUBUK DALAM PLASMA ESTATE MANAGER

Sudirman

Manajer PPKR Bukit Selasih LUBUK DALAM ESTATE

MANAGER

Alinaiah Damanik

Kepala RS Nusalima HEAD OF NUSALIMA HOSPITAL

Hary Andriyanto Kepala RS Tandun HEAD OF TANDUN HOSPITAL

Heddy Lubis Kepala RS Sri Rokan HEAD OF SRI ROKAN HOSPITAL

Michael Tampubolon Direktur Pemasaran & Renbang

MARKETING AND PLANNING DEVELOPMENT DIRECTOR

Bambang Listijono

Direktur SDM/Umum HR & GENERAL AFFAIRS DIRECTOR

Djoko Muljono

Manajer Kebun Plasma STA/SSI/SIN

STA/SSI/SIN PLASMA ESTATE MANAGER

Johnson Sahat P. Siregar

Kepala Bagian SPI HEAD OF INTERNAL

AUDIT DEPT. Anjar Asmadi KepalaBagian Sekretaris

Perusahaan HEAD OF CORPORATE SECRETARY DEPARTEMENT

Bidang Usaha

Line of Business

3

1. Panen Kelapa Sawit Oil Palm Harvesting

2. Panen Karet

Rubber Harvesting

Sebagai salah satu Perseroan perkebunan milik negara yang telah cukup lama bergerak di bidang perkebunan sawit dan karet, sampai saat ini Perseroan tetap fokus pada kedua bidang usaha andalan tersebut.

Untuk meningkatkan kinerjanya, Perseroan melakukan berbagai usaha antara lain meningkatkan volume dan kualitas produksi hasil olah minyak sawit (CPO), inti sawit, Palm Kernel Oil (PKO), Palm Kernel Meal (PKM), Ribbed Smoked Sheet (RSS), Standard Indonesia Rubber 10/20 (SIR 10/20) dan produk lainnya. Dengan mutu hasil produksi sesuai standar nasional dan internasional diharapkan komoditi-komoditi tersebut dijual dan dipasarkan dengan hasil yang optimal.

Selain itu Perseroan melakukan eisiensi dan efektiitas di semua lini produksi termasuk didalamnya kegiatan pembukaan lahan, penanaman ulang, pengolahan lahan, pembibitan, penanaman, pemeliharaan, dan kegiatan lainnya seperti pengembangan kebun plasma.

2 1

As one of state-owned plantation companies which have long engaged in the oil palm and rubber, the company remains focused on the two main business commodities.

The Company carry out a variety of businesses to improve the performance including increased

production volume and quality of Crude Palm Oil

(CPO), Palm Kernel Oil (PKO), Palm Kernel Meal (PKM), Ribbed Smoked Sheet (RSS), Standard Indonesia Rubber 10/20 (SIR 10/20) and other

products. The quality of production in accordance

with national and international standards and it

is expected that the commodities are sold and

marketed with optimal results.

In addition, the company carries out eficiency

and effectiveness in all production line activities including land clearing, replanting, land preparation, nursery, up keeping and other activities such as plasma estate development.

1. Pabrik Kelapa Sawit Palm Oil Mill

2. Pabrik PKO Palm Kernel Oil Mill

Jenis Produk

Minyak Sawit dan Inti Sawit

Perseroan mengelola kebun inti dan kebun plasma berikut 12 Pabrik Kelapa Sawit (PKS) dan Pabrik PKO dan PKM yang menjadi tulang punggung operasional Perseroan yang menghasilkan minyak sawit dan inti sawit. Produk yang dihasilkan harus memenuhi kriteria baku mutu standar nasional maupun internasional agar dapat diterima pasar. Untuk itu Perseroan berupaya menjaga kualitas produk dengan penanganan seluruh rangkaian proses produksi dengan baik dan benar sesuai standar.

Pada tahun 2011 Perseroan dapat menjual 509,5 ribu ton CPO, 49,5 ribu ton PKO dan 73,2 ribu ton PKM. Sekitar 98% CPO dipasarkan di dalam negeri dan sisanya diperuntukkan pasar luar negeri. Sedangkan seluruh produksi inti sawit diolah kembali menjadi PKO dan PKM yang dipasarkan di dalam dan luar negeri.

“Tahun 2011 Perseroan menjual 509,5 ribu ton CPO,

49,5 ribu ton PKO dan 73,2 ribu ton PKM”

Type of Products

Crude Palm Oil and Palm Kernel

3 2

1

The Company manages nucleus and plasma estate following 12 Palm Oil Mill (POM) and PKO and PKM Factory as the operational backbone of the company that produces palm oil and palm

kernel. The product must fulill the standard quality criteria of both national and international

standards to be acceptable to the market. The company put the efforts to maintain product

quality by handling the whole production process

series in a good and right way according to the standard.

In 2011 the company sold 509.5 thousand tons of CPO, 49.5 thousand tons of PKO and 73.2

thousand tons of PKM. Approximately 98%

of CPO marketed in the country and the rest delivered to overseas markets. While the entire palm kernel production reprocessed into PKO and PKM and marketed for domestic and foreign market.

In 2011 the company sold 509.5 thousand tons of CPO, 49.5 thousand tons of PKO and 73.2 thousand tons of PKM.

KARET

-

RUBBER

Kadar Kotoran Kadar Abu Partikel Menguap Plastisitas Wallace

Index Retensi Plastisitas

Kadar Nitrogen

0.10 Maks./Max. 0.75 Maks./Max. 0.80 Maks./Max. 30 Min./Min.

60 Min./Min.

0.60% Maks./Max.

Norma/Standard

Karakteristik Characteristics

Impurities Ash Content Volatile Matter

Initial Wallace Plasticity Plasticity Retention Index Nitrogen Content

1. Tanaman Karet Dewasa Rubber Mature Plant

2. Pabrik Pengolahan Karet Rubber Factory

Karet

Hasil produksi kebun karet Perseroan diolah di Pabrik Karet Remah menjadi SIR 10 dan SIR 20. Seperti halnya produk minyak sawit, mutu produk yang dihasilkan harus sesuai dengan standar nasional maupun internasional agar dapat diterima pasar. Pada tahun 2011 Perseroan dapat menjual 12,5 ribu ton SIR 10/20 dan 1,7 ribu ton lateks kebun yang dipasarkan di dalam negeri dan luar negeri.

PT Mardec Nusa Riau yang merupakan hasil kerjasama antara PT Perkebunan Nusantara V, Mardec International Sdn. Bhd., Malaysia dan PT Banihuma Jakarta cukup memberikan kontribusi positif kepada Perseroan.

“Tahun 2011 Perseroan menjual 12,5 ribu ton SIR 10/20 dan 1,7 ribu

ton lateks kebun”

Rubber

3 2

1

The production of company’s estate rubber is processed in Crumb Rubber Factory into SIR 10 and SIR 20. As well as palm oil products,

the quality of the resulting product must meet

with national and international standards to be acceptable to the market. In 2011 the company sold 12.5 thousand tons of SIR 10/20 and

1.7 thousand tons of ield latex was marketed

domestically and abroad.

PT Mardec Nusa Riau as joint venture company between PT Perkebunan Nusantara V, Mardec International Sdn. Bhd., Malaysia and PT Banihuma Jakarta has contributed positively to the company.

“In 2011 the company sold 12.5 thousand tons of SIR 10/20

Visi, Misi dan Nilai-nilai Luhur Perseroan

Vision, Mission and Corporate Values

Visi |

Vision

“Menjadi

Perusahaan

perkebunan

yang tangguh,

mampu

tumbuh dan

berkembang

dalam

persaingan

global”

Penjelasan Visi

Visi Perseroan sudah mengalami tiga kali perubahan sesuai dengan kebutuhan dalam rangka pengembangan Perseroan. Penjelasan secara detail Visi Perseroan diuraikan dibawah ini:

Perseroan Perkebunan 1.

Bisnis utama (core business) Perseroan adalah industri perkebunan.

2. Tangguh

Tidak goyah dan tidak kehilangan arah dalam kondisi adanya tekanan atau goncangan, baik dari luar maupun dari dalam karena mempunyai sifat kelenturan (leksibilitas) dan daya adaptasi yang tinggi. Tangguh dalam arti mempunyai kekuatan dalam persaingan yang tajam.

3. Tumbuh

Bertambah ukuran, baik vertikal dan horizontal. Pertumbuhan yang berkonsentrasi secara horizontal adalah memperluas segmen pasar, mengurangi potensi persaingan dan memperbesar skala ekonomi. Selain itu Perseroan juga akan melakukan akuisisi atau joint venture dengan Perseroan lain dalam industri yang sama.

Description of Vision

The Company’s vision had been changed three times in line with the needs of business development. The details of the Company’s vision elaborated as follows:

1. Industry-cultured Company

The core business of the Company is plantation industry.

2. Tough

Steady and focus on turbulence condition

internaly or externaly as the result of its high lexibility and adaptability. Robust in terms of

the ability to compete. 3. Grow

Grow in size verticaly and horizontaly. The

horizontal growth by expanding the market

segment reducing the potency of competition

and expanding the economic scale. Besides, the Company will carry out acquisition and

joint venture with other company in the same

ield.

“To become a

tough industry

cultured

company,

resulting in better

development

and more

competitive

in global

competition”

44. INFORMASI PENTING LAINNYA (lanjutan) 44. ADDITIONAL INFORMATION (continued) Rasio Keuangan Penting (lanjutan) Key Financial Ratio (continued)

IV. IV.

Rasio Imbalan Ekuitas sebesar 23,18%. ▪ Rasio Imbalan Investasi sebesar 6,92%. ▪ Rasio Margin Laba atas Penjualan sebesar 6,42%. ▪ Rasio EBITDA atas Penjualan sebesar 5,50%. ▪

▪ ▪ ▪

Dari hasil perhitungan Z-score model tahun 2011 dan 2010 masing-masing sebesar 5,62 dan 5,68 maka sesuai hipotesis bahwa, perolehan angka Z < 1,23 yang memprediksi bahwa perusahaan tidak dalam kondisi pailit, tetapi perhitungan Z-score tahun 2011 menunjukkan angka 5,62 telah terjadi penurunan

From the calculated Z-score model year 2011 and 2010 respectively by 5.62 and 5.68 then the corresponding hypothesis is that, the scoring Z <1.23 are predicting that the company is not under bankruptcy, but the calculation of Z-score in 2011 5.62 shows the number has declined compared with the Z score of 5.68 in 2010, although it is

Dibandingkan dengan tahun 2010, Rasio Imbalan Ekuitas sebesar 23,18% terjadi kenaikan sedangkan Rasio Imbalan Investasi sebesar 6,92% terjadi penurunan, Rasio Margin Laba atas Penjualan sebesar 6,42% terjadi kenaikan dan Rasio EBITDA atas Penjualan menunjukkan penurunan sebesar 5,50% dibawah tahun lalu, sehingga secara umum ditinjau dari segi Profitabilitas tahun 2011 PT Perkebunan Nusantara V (Persero) adalah cukup baik.

Berdasarkan hasil analisis indikator menggunakan Z-score model atau suatu ukuran yang dipergunakan untuk menilai kelangsungan usaha (going concern) perusahaan yang menggunakan kombinasi beberapa formula analisis rasio keuangan yang dikembangkan oleh Edwards Altman yang dikenal dengan Z - score model dengan mengacu beberapa indikator diantaranya:

Adapun tingkat Profitabilitas PT Perkebunan Nusantara V (Persero) tahun 2011 dalam mencapai efektivitas perusahaan ditunjukkan dengan:

The level of profitability PT Perkebunan Nusantara V

(Persero) in 2011 in achieving the company's

effectiveness is indicated by: Return Equity ratio of 23.18%. Investment Return Ratio of 6.92%.

Jika hasilnya Z < 1,23 mengindikasikan kelangsungan usaha dalam prediksi Pailit.

Jika hasilnya 1,23 > Z < 2,90 mengindikasikan kelangsungan usaha dalam prediksi Gray Area.

Jika hasilnya Z > 2,90 mengindikasikan kelangsungan usaha dalam prediksi Tidak Pailit.

If the result Z <1.23 indicates the continuity of business in bankruptcy prediction.

If the result is 1.23> Z <2.90 indicates the continuity of business in the prediction of Gray Area.

If the result is Z> 2.90 indicates the survival of the prediction is not Bankruptcy.

Based on the analysis of indicators using the Z-score model or a measure used to assess the continuity of

business (going concern) company that uses a

combination of financial ratio analysis formula developed by Edwards Altman, known as Z - score model with reference to some of the indicators are:

Compared to 2010, Employee Benefits Equity Ratio of 23.18% while the ratio increase by 6.92% Investment Return decline, Profit Margin on Sales Ratio of 6.42% increase over sales and EBITDA ratio showed a decline of 5.50 % below last year, so in general terms of profitability in 2011 PT Perkebunan Nusantara V (Persero) is pretty good.

EBITDA on sales ratio of 5.50%. Profit Margin on Sales ratio of 6.42%.

Rasio Profitabilitas atau rasio kemampulabaan perusahaan adalah ukuran yang dipergunakan untuk menghitung hasil akhir bersih dari berbagai kebijakan dan keputusan manajemen yang akan memberikan jawaban akhir tentang efektivitas manajemen dalam mengelola perusahaan.

Profitability ratios or the ratio is a measure of corporate kemampulabaan used to calculate the net outcome of various policy and management decisions that will provide a final answer about the effectiveness of management in managing the company.

45. 45.

Aset Lain-lain Other Assets

Biaya Tangguhan Hak Atas Tanah Deferred Cost of Land Rights

Biaya yang Masih Harus Dibayar Accrued expenses

Liabilitas Imbalan Kerja Jangka Pendek Liabilities Short-term Employee Benefits

Liabilitas Jangka Pendek Lain Other Short Term Liabilities

Liabilitas Imbalan Kerja Jangka Pendek Liabilities Short-term Employee Benefits

Pendapatan Bunga Interest Income

Pendapatan Keuangan Financial Income

Beban Bunga Interest Expense

Beban Keuangan Financial Expenses

Beban Lain-lain Other Expenses

Beban Keuangan Financial Expenses

1 Januari 2010/31 Desember 2009 January 1, 2010 / December 31, 2009

Aset lain-lain Other Assets

Biaya Tangguhan Hak Atas Tanah Deferred Cost of Land Rights

Biaya Yang Masih Harus Dibayar Accrued costs

Liabilitas Imbalan Kerja Jangka Pendek Liabilities Short-term Employee Benefits

Liabilitas Jangka Pendek Lain Other Short Term Liabilities

Liabilitas Imbalan Kerja Jangka Pendek Liabilities Short-term Employee Benefits Sebelum Perubahan / Sesudah Perubahan /

Reklasifikasi / Reclassification

- 14.162.733.646 -

81.132.507.256

14.162.733.646

424.269.352.666 103.382.594.423

130.814.422.826 - 180.340.647.703 -

130.814.422.826

180.340.647.703

139.173.242.870 -

- 139.173.242.870

181.713.515.373 -

- 181.713.515.373 216.548.876

- 216.548.876 7.870.804.645

-Untuk Tahun yang Berakhir Tanggal 31 Desember 2010

REKLASIFIKASI AKUN RECLASSIFICATION OF ACCOUNTS

Untuk tujuan kesebandingan dengan laporan keuangan tahun 2011, beberapa akun dalam laporan keuangan tahun 2010 dan 2009 telah direklasifikasikan dengan rincian sebagai berikut :

For the purposes of comparability to the financial statements of 2011, some accounts in the financial statements in 2010 and 2009 have been reclassified as follows:

Before Change After Changes

For the Year Ended December 31, 2010

- 7.870.804.645 81.132.507.256

-Reklasifikasi akun-akun tersebut untuk tahun yang berakhir tanggal 31 Desember 2010/31 Desember 2009 tidak mempengaruhi saldo laba.

Reclassification of the accounts for the year ended December 31, 2010/31 Desember 2009 did not affect retained earnings.

189.807.948

- 189.807.948

46. 46.

1) 1)

PSAK 24 (revisi 2010), ''Imbalan Kerja''. PSAK 24 (revisi 2010), '' Employee Benefits''.

PSAK 34 (revisi 2010), ''Kontrak Kontruksi''. PSAK 34 (revisi 2010), '' Construction Contract''.

PSAK 46 (revisi 2010), ''Pajak Penghasilan''. PSAK 46 (revisi 2010), '' Income Taxes''.

PSAK 50 (revisi 2010), ''Instrumen Keuangan : Penyajian ''.

PSAK 53 (revisi 2010), ''Pembayaran Berbasis Saham''. PSAK 53 (revisi 2010), '' Share-Based Payment''.

PSAK 56 (revisi 2010), ''Laba Per saham'. PSAK 56 (revisi 2010), '' Earnings per share '.

PSAK 60 (revisi 2010), ''Instrumen Keuangan : Pengungkapan''.

2) 2)

ISAK 16 , ''Perjanjian Jasa Konsesi''. ISAK No. 16, “Service Concession Arrangements”; PSAK 61 (revisi 2010), ''Akuntansi Hibah Pemerintah dan

Pengungkapan Bantuan Pemerintah''.

PSAK 61 (revisi 2010), '' Accounting for Government Grants and Disclosure of Government Assistance''. PSAK 50 (revisi 2010), '' Financial Instruments: Presentation''.

PSAK 60 (revisi 2010), '' Financial Instruments: Disclosures''.

Interpretasi Standar Akuntansi Keuangan (ISAK) Revisi 2010 yang berlaku efektif mulai tanggal 1 Januari 2012.

Interpretation of Financial Accounting Standards (ISAK) Revision of 2010 with effect from the date of January 1, 2012.

ISAK 13 , ''Lindung Nilai Investasi Neto Dalam Kegiatan Usaha Luar Negeri''.

ISAK No. 15, “PSAKNo. 24 - Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum dan Interaksinya”, memberikan pedoman bagaimana menilai pembatasan jumlah surplus dalam program imbalan pasti yang dapat diakui sebagai aset dalam PSAK No. 24 (Revisi 2010), “Imbalan Kerja”.

ISAK No. 13, “Hedges of Net Investment in a Foreign Operation”;

ISAK No. 15, “PSAK No. 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”, provides guidance on how to assess the limit on the amount of surplus in a defined scheme that can be recognized as an asset under PSAK No. 24 (Revised 2010), ”Employee Benefits”.

“Government

Pernyataan Standar Akuntansi Keuangan (PSAK) Revisi 2010/2011 yang berlaku efektif Mulai tanggal 1 Januari 2012.

Statement of Financial Accounting Standards (SFAS) Revised 2010/2011 which became effective Starting on January 1, 2012.

PSAK 10 (revisi 2010), ''Pengaruh Perubahan Nilai Tukar Valuta Asing''.

PSAK 10 (revised 2010),'' Effects of Changes in Foreign Currency Exchange Rate''.

PSAK 18 (revisi 2010), 'Akuntansi dan Pelaporan Program Manfaat Purnakarya''.

PSAK 18 (revised 2010), 'Accounting and Reporting Program Benefits Purnakarya''.

Berikut ini Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang telah dikeluarkan Dewan Standar Akuntansi Keuangan (DSAK) di Indonesia dan berlaku efektif pada atau setelah tanggal 1 Januari 2012.

The following Statement of Financial Accounting Standards (PSAK) and Interpretation of Financial Accounting Standards (ISAK) issued Financial Accounting Standards Board (DSAK) in Indonesia and is effective on or after January 1, 2012.

PENERAPAN PERNYATAAN DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN REVISI (PSAK DAN ISAK) YANG BERLAKU EFEKTIF MULAI 1 JANUARI 2012

INTERPRETATION AND APPLICATION OF

STATEMENT OF FINANCIAL ACCOUNTING

STANDARDS REVISED (PSAK AND ISAK)

46. 46.

ISAK 23 , ''Sewa Operasi : Insentif''. ISAK No. 23, “Operating Leases-Incentives”;

47. 47.

1) 1)

Direktur Utama : : President Director

Direktur Produksi : : Production Director

Direktur Keuangan : : Finance Director

Direktur Pemasaran dan : : Marketing and Planning/

Perencanaan/Pengembangan Development Director

Direktur SDM/Umum : : Human Resources/General Director

Suharjoko Pontas Tambunan Berlino Mahendra Santosa

Syamsul Rizal Lubis Efektif untuk periode yang dimulai pada atau

setelah 1 Januari 2013.

Effective for periods beginning on or after January 1, 2013.

ISAK 21 , ''Perjanjian Kontruksi Real Estate''. ISAK 21 , '' Agreement'' Construction of Real Estate. PENERAPAN PERNYATAAN DAN INTERPRETASI

STANDAR AKUNTANSI KEUANGAN REVISI (PSAK DAN ISAK) YANG BERLAKU EFEKTIF MULAI 1 JANUARI 2012 (lanjutan)

INTERPRETATION AND APPLICATION OF

STATEMENT OF FINANCIAL ACCOUNTING

STANDARDS REVISED (GAAP AND ISAK)

APPLICABLE EFFECTIVE FROM 1 JANUARY 2012 (continued)

Standar dan Interpretasi baru / revisi ini merupakan hasil konvergensi Standar Pelaporan Keuangan International (IFRS).

Standard and new interpretation / revision is the result of convergence of International Financial Reporting Standards (IFRS).

Sampai dengan tanggal penerbitan laporan keuangan, manajemen sedang mengevaluasi dampak dari standar dan interpretasi terhadap laporan keuangan.

As of the date of issuance of the financial statements, management is evaluating the impact of standards and interpretations on the financial statements.

PERISTIWA SETELAH TANGGAL NERACA SUBSEQUENT EVENTS Berdasarkan surat Kementerian Badan Usaha Milik

Negara Republik Indonesia mengenai "Keputusan Pemegang Saham PT Perkebunan Nusantara V (Persero) Di Luar Rapat Umum Pemegang Saham Tentang Pemberhentian dan Penggangkatan Anggota-anggota Direksi" sesuai dengan Nomor SK-90/MBU/2010, tanggal 1 Maret 2012, dengan masa jabatan selama 5 (lima) tahun. Sehingga Susunan Direksi yang baru sebagai berikut :

Based on the letter of the Ministry of State Owned Enterprises of the Republic of Indonesia on the "Shareholder Decision PT Perkebunan Nusantara V (Persero) Out of the General Meeting of Shareholders On Termination and Penggangkatan Board members" according to the number SK-90/MBU/2010, dated March 1 2012, with term of office for 5 (five) years. So that the new Board of Directors as follows:

Fauzi Yusuf

ISAK 24 , 'Evaluasi Substansi Beberapa Transaksi yang Melibatkan Suatu Bentuk Legal Sewa''.

ISAK No. 24, “Evaluating the Substance of Transactions Involving the Legal Form of a Lease” and

47. 47.

2) 2)

Ketua Meranggap Anggota : : Chairman/Member

Anggota : : Member

Anggota : : Member

Ketua Meranggap Anggota : : Chairman/Member

Anggota : : Member

Anggota : : Member

Morgan Sharif Lumban Batu Gedore Sabur Ronald F. Silaen Morgan Sharif Lumban Batu

Welly Moh. Saleh Amrizal Ismail Berdasarkan Keputusan Dewan Komisaris PT

Perkebunan Nusantara V (Persero) Nomor : 06-SK/DK/XII/2011, tanggal 30 Desember 2001 telah dibentuk Komite Investasi dan Risiko sebagai perangkat Dewan Komisaris yang bertugas membantu Komisaris dalam melakukan penilaian dan pemantauan atas jalannya pengurusan perusahaan oleh Direksi dibidang pengelolaan Investasi dan Manajemen Risiko.

Based on the decision of the Board of Commissioners of PT Perkebunan Nusantara V (Persero) Number: 06-SK/DK/XII/2011, dated December 30, 2001 has established the Investment and Risk Committee as the Board of Commissioners is responsible for assisting the Commissioner in assessing and monitoring the course of the management company by the Directors in the management of Investment and Risk Management.

PERISTIWA SETELAH TANGGAL NERACA (lanjutan) SUBSEQUENT EVENTS (continued)

Pengangkatan anggota Komite Investasi dan Risiko ditetapkan dengan Keputusan Dewan Komisaris PT Perkebunan Nusantara V (Persero) Nomor : 01-SK/DK/I/2012, tanggal 01 Januari 2012, untuk masa tugas selama 2 (dua) tahun terhitung mulai tanggal 02 Januari 2012 s/d 31 Desember 2013. Dengan susunan keanggotaannya sebagai berikut :

Appointment of members of the Investment and Risk Committee established by decision of the Board of Commissioners of PT Perkebunan Nusantara V (Persero) Number: 01-SK/DK/I/2012, dated January 1, 2012, to serve for 2 (two) years from the date of January 2, 2012 s / d December 31, 2013. With the composition of its membership as follows:

Sehubungan pengangkatan anggota Komite Investasi dan Risiko berasal dari anggota Komite Audit, sebelumnya Sdr Welly Moh. Saleh dan Amrizal Ismail diberhentikan Dengan hormat sebagai anggota Komite Audit dengan Surat

Keputusan Dewan Komisaris Nomor :

07-SK/DK/XII/2011, tanggal 30 Desember 2011.

Respect to the appointment of the Investment and Risk Committee members are from members of the Audit Committee, before Mr. Welly Moh. Ismail Saleh and Amrizal dismissed with respect to the Audit Committee by the Board of Commissioners Decree No. 07-SK/DK/XII/2011, dated December 30, 2011.