Annual Report - PT SMART Tbk

Diskusi dan Analisa Manajemen • Management and Discussion Analysisberjalan sebesar Rp 1,26 triliun dan setelah dikurangi denganpembagian dividen sebesar Rp 215 milyar pada tanggal 19 Juli2010 terhadap laba tahun 2009.INFORMASI LAINNYATransaksi afiliasiSelama tahun 2010, Perseroan melakukan berbagai transaksidengan pihak afiliasi, yang baik secara langsung maupun tidaklangsung berhubungan dengan kegiatan usaha utamanya.Transaksi afiliasi tersebut dikategorikan sebagai berikut:• Penjualan dan pembelian TBS, CPO, PK and produk turunannya;• Penyediaan dan penerimaan jasa manajemen, operasi,keuangan, asuransi dan pemasaran;• Penyediaan dan pembelian bahan mentah, mesin, sertaperlengkapan untuk menunjang kegiatan usaha utama;• Penyediaan dan penyewaan kantor, gudang, fasilitas transportasidan logistik;• Penempatan dana selama kurang dari satu tahun; dan• Penerimaan pinjaman untuk mendukung kegiatan usaha utamaPerseroan.Sebagai bagian dari pengendalian internal dan praktek tata kelolaperusahaan yang baik, kami memiliki kriteria dasar untuk transaksiafiliasi, di mana pelaksanaannya harus mengikuti prosedurtertentu yang melibatkan partisipasi dari Dewan Komisaris danKomite Audit.Transaksi afiliasi dapat dilaksanakan melalui persetujuan DewanKomisaris dan Komite Audit, dengan kriteria utama sebagaiberikut:• Transaksi tersebut diperlukan untuk pelaksanaan kegiatan usahautama Perseroan sehari-hari;• Syarat dan kondisi transaksi berdasarkan asas komersial dan“arms length”, nilai pasar wajar dan tidak lebih buruk dari syaratdan kondisi untuk transaksi yang hampir serupa yang terdapatdi pasar pada saat terjadinya transaksi sesuai dengan manfaatyang diterima oleh Perseroan baik secara langsung maupuntidak langsung;Total borrowings (short and long term) rose to Rp 3.18 trillionfrom Rp 2.35 trillion last year. Most of our debts are US dollardenominated. As of 31 December 2010, our gearing remained ata healthy level, with net debt to equity ratio of 0.69 and EBITDA tointerest ratio of 8 times.EquityOur equity increased by 22% to Rp 5.83 trillion from Rp 4.80trillion in the previous year. The Company’s retained earningstotaled Rp 3.40 trillion as at end of 2010, an increase of 44% fromthe previous year, with current year net income of Rp 1.26 trillionand after accounting for distribution of Rp 215 billion in dividendsagainst 2009 earnings paid on 19 July 2010.OTHER INFORMATIONAffiliated transactionsDuring 2010, the Company had transactions with affiliated partiesthat are directly or indirectly related to its main business activities.The affiliated transactions were categorised as follows:• Sales and purchases of FFB, CPO, PK and all its derivativeproducts;• Provision and acceptance of management, operational, financial,insurance and marketing services;• Supply and purchase of materials, machineries, equipments tosupport main business activities;• Provision and lease out of office space, warehouse, transportationand logistic facilities;• Fund placement for less than one year; and• Receipt of loan in order to support the Company’s main businessactivities.As part of our internal control and our good corporate governancepractices, we determine basic criteria for affiliated transactionsand their execution should follow specific procedure that involvesparticipation from the Board of Commissioners and the AuditCommittee.The affiliated transactions shall be executed under approval fromthe Board of Commissioners and Audit Committee, with regardsto the following basic criteria:• Such transactions are required to carry out the Company’s mainbusiness activities;• Terms and conditions are based on commercial principles andarms length basis, reasonable market value and not less thanrequirement and condition for similar transactions available inthe market at the time when the transaction is executed andappropriate with the benefit directly and indirectly received bythe Company;• Transaction is not contradictory with the prevailing laws andregulations in the Republic of Indonesia; and• Value of each transaction is not exceeding US$ 35 million orits equivalent in other currencies on the execution date or thesigning of such transaction.To further protect the interest of minority shareholders, allaffiliated transactions should follow the following proceduresbefore executed:28 PT Sinar Mas Agro Resources and Technology Tbk.Laporan Tahunan 2010 AnNual Report