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Page 1: A n n u a l R e p o r t / L a p o r a n Ta h u ... - mic.co.id · Analisis dan Pembahasan Manajemen Management Discussion and Analysis 18 Tata Kelola Perusahaan yang Baik ... cair

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1Annual Report / Laporan Tahunan 2010

Daftar IsiTable of Contents

Visi dan MisiVision and Mision 2

Ikhtisar KeuanganFinancial Highlights 3

Tonggak SejarahMile Stones 5

Profil Perusahaan Company Profile 6

Penghargaan yang Diterima pada Tahun 2010Awards Received in 2010 12

Laporan Dewan KomisarisBoard of Commissioners Report 15

Laporan DireksiBoard of Directors Report 17

Analisis dan Pembahasan ManajemenManagement Discussion and Analysis 18

Tata Kelola Perusahaan yang BaikGood Corporate Governance 26

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility 31

Laporan Komite AuditAudit Committee Activity Report 32

Pernyataan Dewan Komisaris dan Direksi atas Kebenaran Isi Laporan TahunanBoard of Commissioners and Board of Directors Statement on the Annual Report 35

Laporan Keuangan Konsolidasi 31 Desember 2010 dan 2009 Consolidated Financial Statements December 31, 2010 and 2009 36

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2 Annual Report / Laporan Tahunan 2010

Visi dan MisiVision and Mission

VisiMenjadi pemasar utama bagi produk-produk konsumen yang aman, berkualitas, dengan harga yang kompetitif serta memberikan manfaat yang tinggi bagi masyarakat.

MisiMeningkatkan kinerja secara berkelanjutan melalui pemanfaatan sumber daya dan teknologi guna memenuhi kepuasan pelanggan serta meningkatkan nilai bagi masyarakat dan pemegang saham.

VisionTo be primary marketer for safe and high quality consumer products with a competitive price and high benefits for the community

MissionTo improve sustainable performance by ulitilizing resources and technology to meet customers satisfaction and enhance the society and the shareholders values.

2

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3Annual Report / Laporan Tahunan 2010

Ikhtisar KeuanganDalam jutaan rupiah

Neraca Balance Sheets

Keterangan 2006 2007 2008 2009 2010 Description

Aset Assets

Aset Lancar 175.349 195.474 199.210 235.737 228.891 Current Assets

Aset Tidak Lancar 51.360 53.547 69.419 54.987 142.940 Non Current Assets

Jumlah Aset 226.709 249.021 268.629 290.724 371.831 Total Assets

Kewajiban dan Ekuitas Liabilities and Stockholders' Equity

Kewajiban Lancar 26.293 25.107 29.724 32.882 67.407 Current Liabilities

Kewajiban Tidak Lancar 5.452 5.585 6.266 5.870 18.719 Non Current Liabilities

Jumlah Kewajiban 31.745 30.692 35.990 38.752 86.126 Total Liabilities

Hak Minoritas 18.997 21.350 24.049 25.135 28.128 Minority Interest

Ekuitas 175.967 196.979 208.59 226.837 257.577 Stockholders' Equity

Jumlah Kewajiban dan Ekuitas 226.709 249.021 268.629 290.724 371.831 Total Liabilities and Stockholders' Equity

Laporan Laba Rugi Statements of Income

Keterangan 2006 2007 2008 2009 2010 Description

Penjualan Bersih 221.130 243.821 307.869 340.463 423.343 Net Sales

Laba Kotor 116.618 123.599 150.913 178.203 229.593 Gross Profit

Laba Usaha 55.958 45.328 42.502 44.348 47.630 Operating Income

Laba Sebelum Pajak 58.736 49.589 45.595 49.453 47.359 Income Before Tax

Laba Bersih 38.270 30.012 23.941 30.345 28.154 Net Income

Rasio Pertumbuhan 2006 2007 2008 2009 2010 Growth Ratios

Penjualan Bersih 13,5% 10,3% 26,3% 10,6% 24,3% Net Sales

Laba Kotor 11,6% 6,0% 22,1% 18,1% 28,8% Gross Profit

Laba Usaha 15,8% -19,0% -6,2% 4,3% 7,4% Operating Income

Laba Bersih 38,5% -21,6% -20,2% 26,7% -5,1% Net Income

Jumlah Aset 7,9% 9,8% 7,9% 8,4% 27,9% Total Assets

Jumlah Kewajiban -37,9% -3,3% 17,3% 9,3% 122,2% Total Liabilities

Ekuitas 22,5% 11,9% 5,9% 8,7% 13,6% Equity

Rasio Usaha Operating Ratio

Laba Kotor terhadap Penjualan Bersih 52,7% 50,7% 49,0% 52,3% 54,2% Gross Profit to Net Sales

Laba Usaha terhadap Penjualan Bersih 25,3% 18,6% 13,8% 13,0% 11,3% Operating Income to Net Sales

Laba Bersih terhadap Penjualan Bersih 17,3% 12,3% 7,8% 8,9% 6,7% Net Income to Net Sales

Imbal Hasil Ekuitas 21,7% 15,2% 11,5% 13,4% 10.9% ROE

Imbal Hasil Aset 16,9% 12,1% 8,9% 10,4% 7,6% ROA

Rasio Keuangan Financial Ratio

Aset Lancar terhadap Kewajiban Lancar 666,9% 778,6% 670,2% 721,1% 339,6% Current Asset to Current Liabilities

Jumlah Kewajiban terhadap Ekuitas 18,0% 15,6% 17,3% 17,1% 33,4% Total Liabilities to Equity

Jumlah Kewajiban terhadap Jumlah Aset 14,0% 12,3% 134,0% 13,4% 23,2% Total Liabilities to Total Assets

Financial Highlightsin million rupiah

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4 Annual Report / Laporan Tahunan 2010

2006 2007 2008 2009 2010

2006 2007 2008 2009 2010

2006 2007 2008 2009 2010

2006 2007 2008 2009 2010

2006 2007 2008 2009 2010

2006 2007 2008 2009 2010

28

All in Rupiah billion unless otherwise statedSemua dalam Rupiah miliar kecuali dinyatakan lain

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5Annual Report / Laporan Tahunan 2010

Tonggak Sejarah Mile Stones

1990 Didirikan di Jakarta pada tanggal 11 Januari 1990 Established in Jakarta on January 11, 1990

1995PT Pigeon Indonesia didirikan pada tanggal 1 Mei 1995Dimulainya produksi dot silikon

PT Pigeon Indonesia was established on May 1, 1995Commencement of silicon nipple production

1996Mendapatkan lisensi dari Pigeon Corporation JepangDimulainya produksi botol susu plastik

Obtained license from Pigeon Corporation JapanCommencement of plastic bottle production

2000Mendapatkan sertifikasi ISO 9002:1994Penambahan kapasitas produksi botolDimulainya produksi plastic part

Obtained ISO 9002:1994 certificateAddition of bottle production capacityCommencement of plastic part production

2002 Penambahan kapasitas produksi botol Addition of bottle production capacity

2003 PT Pigeon Indonesia mendapatkan sertifikat ISO 9001:2000 (upgrade)

PT Pigeon Indonesia Obtained ISO 9001:2000 certificate (upgrade)

2004PT Multielok Cosmetic mendapatkan sertifikasi Cara Pembuatan Kosmetika yang Baik (CPKB) dari Badan POM dan ISO 9001:2000

PT Multielok Cosmetic obtained certificate of Cosmetic Good Manufacturing Practice from the National Agency of Drug and Food Control and ISO 9001:2000 certificate

2005 Melakukan Penawaran Umum Perdana Saham Conducted Shares Initial Public Offering

2009PT Multielok Cosmetic dan PT Pigeon Indonesia mendapatkan sertifikasi ISO 9001:2008

PT Multielok Cosmetic and PT Pigeon Indonesia obtained ISO 9001:2008 certificate

2010 Penambahan lini usaha baru lampu hemat energi HORI

Addition of new business lines HORI compact fluorescent lamp

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6 Annual Report / Laporan Tahunan 2010

Profil Perusahaan

UmumPT Multi Indocitra Tbk. (“Perseroan”) didirikan pada tanggal 11 Januari 1990 dengan maksud dan tujuan untuk semula mendistribusikan produk perawatan dan perlengkapan untuk kebutuhan bayi, ibu hamil dan menyusui serta produk perawatan kulit. Kantor pusat Perseroan terletak di Jl. Cideng Timur No.73-74 Jakarta Pusat. Dalam menjalankan kegiatan usahanya, Perseroan memiliki 1 (satu) kantor cabang yang terletak di kota Surabaya. Produk-produk yang didistribusikan dengan merek “Pigeon” tersebut dihasilkan oleh anak perusahaan dari pabrik yang berlokasi di Cikande, Banten. Jumlah karyawan Perseroan dan anak perusahaan per tanggal 31 Desember 2010 adalah sebanyak 1.046 orang.

Produk perlengkapan untuk bayi, anak-anak, serta ibu hamil dan menyusui di produksi oleh anak perusahaan, PT Pigeon Indonesia, yang memproduksi antara lain botol susu dan dot bayi silikon dengan merek “Pigeon”. Sedangkan produk perawatan kulit diproduksi oleh anak perusahaan Perseroan, yaitu PT Multielok Cosmetic yang memproduksi antara lain bedak, shampo, sabun cair yang digunakan oleh bayi, anak- anak dan remaja. Sejalan dengan peluang bisnis yang ada, pada saat Laporan Tahunan ini disusun Perseroan telah mengembangkan lini usaha baru yaitu lampu hemat energi merek HORI dimana telah mulai dipasarkan di sebagian besar wilayah Indonesia sejak pertengahan tahun 2010

PT Multi Indocitra Tbk. (“the Company”), established on January 11, 1990 with the objectives previously to distribute health care products and accessories for the needs of baby, pregnant woman and breast feeding mother and skin care products. The Company head office is domiciled at Jalan Jl. Cideng Timur No. 73-74 Jakarta Pusat. In term of operation, the Company has 1 (one) branch in Surabaya. The products with are manufactured in a modern factory located in Cikande, Banten. As of December 31, 2010 the total number of Employees of the Company and its subsidiary is 1,046 persons.

Accessories product for baby are produced by its subsidiary, PT Pigeon Indonesia, that produces feeding bottle, silicon nipple with “Pigeon” brand. Whereas. Skin care products were produces by its subsidiary, PT Multielok Cosmetic that produces powder, shampoo, liquid soap for baby, kid and teenager. In line with its business opportunity, on the date this Annual Report be arranged, the Company has developed new business line namely compact fluorescent lamp with HORI brand that has been started to market in most area of Indonesia since in the middle of year 2010.

Company Profile

General

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7Annual Report / Laporan Tahunan 2010

Susunan Pemegang Saham

Susunan Pemegang Saham per 31 Desember 2010 adalah sebagai berikut:The Composition of the Company Shareholders as of December 31, 2010 is as follows:

Pemegang SahamShareholder

Ditempatkan dan Disetor PenuhIssued and Fully Paid

Jumlah SahamNumber of Shares

Persentase KepemilikanPercentage of

Ownership

Nilai SahamShares Value

PT Buana Graha UtamaPT Buana Graha Utama 362.611.490 60,44 36.261.149.000

MasyarakatPublic 130.049.500 21,66 13.004.950.000

HSBC Fund Service Clients/AC 500HSBC Fund Service Clients/AC 500 39.729.000 6,62 3.972.900.000

Surono SubektiSurono Subekti 35.980.500 6,00 3.598.050.000

The Nortern Trust Co, LDN/ A Treat Clients c/o Hong Kong and Non Shanghai BankThe Nortern Trust Co, LDN/ A Treat Clients c/o Hong Kong and Non Shanghai Bank

31.629.500 5,27 3.162.950.000

Thomas Surjadi LinggodigdoThomas Surjadi Linggodigdo 10 0,01 1.000

JumlahTotal 600.000.000 100,00 60.000.000.000

Kinerja Saham Perseroan

Grafik Pergerakan Saham “MICE” Tahun 2010 Chart of Share Movement “MICE” In 2010

The Composition of The Company Shareholders

The Company's Share Performance

Kegiatan UsahaPerseroan merupakan perusahaan yang bergerak dalam bidang pemasaran, terutama pemasaran untuk produk perawatan dan perlengkapan untuk kebutuhan bayi, ibu hamil dan menyusui serta produk perawatan kulit. Selain itu Perseroan memiliki lini usaha lampu hemat energi merek HORI.

Perseroan memiliki 2 (dua) pusat distribusi utama yaitu Jakarta dan Surabaya dimana kantor distribusi Surabaya juga berfungsi sebagai kantor cabang Perseroan untuk mempermudah koordinasi dengan distributor di daerah Indonesia bagian Timur.

The Company engages in marketing activities, especially marketing of health care products and accessories for the needs of baby, pregnant and breast-feeding mother and skin care products. In addition, the Company has produced compact fluorescent lamp with brand name HORI.

The 2 (two) main distribution centers of the Company are in Jakarta and Surabaya, where Surabaya distribution center is also a branch office, in order to have better coordination with the wholesalers in the Eastern Part of Indonesia.

Business Activities

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8 Annual Report / Laporan Tahunan 2010

Perseroan juga memiliki beberapa gerai dan mengelola gerai tersebut yang dimaksud sebagai dukungan sarana produksi, komunikasi dan untuk menunjukan kelengkapan produk kepada konsumen sehingga mengetahui dengan lebih lengkap dan lebih jelas tentang produk-produk yang tersedia dan dipasarkan oleh Perseroan. Perseroan menunjuk distributor produk Pigeon di setiap kota utama di seluruh Indonesia, dimana sampai dengan tanggal 31 Desember 2010 telah mencapai 52 distributor dengan jangkauan seluruh kota besar di Indonesia. Pada tiap-tiap distributor ditempatkan 1 sampai 2 orang perwakilan dari Perseroan sehingga dapat memantau proses penjualan dan distribusi. Perseroan menjual produk-produk yang akan didistribusikan oleh para agen dengan sistem jual putus dimana jangka waktu pembayaran adalah 45 hari.

Sedangkan untuk produk lampu hemat energi dengan merek HORI sampai akhir bulan Desember 2010 telah memiliki 38 distributor yang tersebar di wilayah Jawa, Sumatera dan Kalimantan. Setiap kerjasama dengan distributor dibuat dalam suatu perjanjian keagenan yang diperbaharui setiap 12 bulan, dengan persyaratan target penjualan dan target distribusi (area dan jumlah toko) yang berbeda-beda tergantung wilayah distribusi agen tersebut.

The opening and managing of selling outlets are used by the Company as a promotion and communication points, to display the products range to customers, and to enhance the customers’ knowledge about the available products that were marketed by the Company. The Company has appointed wholesaler in each big city in Indonesia, Where as of December 31, 2010, there are 52 distributors to cover all big cities in Indonesia. To monitor the wholesalers selling process and distribution activities, the Company place 1 or 2 representatives in each wholesaler. Payment term for all distribution is 45 days.

Meanwhile, in 2010 HORI compact fluorescent lamp has owned 38 distributors, which spreads in Java, Sumatera and Kalimantan areas. The Company enters distribution (agency) agreement, which is renewable every 12 months, each Wholesaler is required to meet certain sales target and distribution target (area and the number of shops) depends on the area of distribution

Disamping itu untuk memperluas cakupan wilayah pemasaran, Perseroan juga menggunakan jasa pihak ketiga sebagai penyalur (agen). Para distributor tersebut diawasi secara langsung oleh Sales Representatives dan Promotor dibantu oleh Distrik Manager untuk memantau sekaligus meningkatkan kinerja masing-masing distributor. Dengan kombinasi tersebut, produk-produk Perseroan dapat menjangkau hampir di seluruh wilayah Indonesia.

In order to expand its marketing coverage for the products, the Company appoints third party as agents. To monitor the agents’ activities as well as to improve their performances, the Company has Sales Representatives and Promoters, supported by District managers to carry out this function. With all these resources that the Company has, its products are available at almost all areas in Indonesia.

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9Annual Report / Laporan Tahunan 2010

Pengendalian MutuPerseroan berkomitmen kepada seluruh konsumen untuk mendistribusikan produk-produk berkualitas tinggi, aman, higienis, nyaman dan dibuat dengan bahan berkualitas terbaik dan teknologi tinggi sesuai dengan standar yang telah ditetapkan.

Beberapa produk yang didistribusikan Perseroan merupakan pemimpin pasar khususnya untuk produk botol susu dan dot bayi. Untuk itu melalui anak perusahaannya dan perusahaan afiliasi, produksi produk-produk Pigeon telah melalui saringan yang ketat dan telah lulus dari berbagai standar kualitas yang ditetapkan oleh Pigeon Corporation Jepang dimana diketahui umumnya perusahaan Jepang terkenal sangat ketat dalam hal pengawasan.

Disamping itu beberapa sertifikasi yang telah dimiliki oleh PT Multielok Cosmetic dan PT Pigeon Indonesia, diantaranya adalah:

• PT Multielok Cosmetic: Sertifikat AS/NZS ISO 9001:2000 dari SAI Global Limited Australia, Sertifikat Cara Pembuatan Kosmetik Yang Baik (CPKB) dari Kepala Badan Pengawas Obat dan Makanan Republik Indonesia.

• PT Pigeon Indonesia: Sertifikat AS/NZS ISO 9001:2000 dari SAI Global Limited Australia.

Untuk produk lampu hemat energi, sertifikasi produk yang telah dimiliki adalah Standar Nasional Indonesia (SNI).

The Company has committed to its customers for distributing premium quality products, safe, hygiene, comfortable, which produced from the best quality raw materials using modern technology in accordance with the standard stipulated.

Some of the products distributed by the Company are the market leader, especially the feeding bottle and baby nipple. The manufacturing of Pigeon products, which is carried out by the subsidiary and affiliated Company, have been carefully checked for its quality to make sure that the quality standard which is stipulated by Pigeon Corporation of Japan are followed. The Japanese Company is usually known for its stringent

PT Multielok Cosmetic and PT Pigeon Indonesia have passed some certifications, namely:

• PT Multielok Cosmetic: Certification AS/NZS ISO 9001:2000 from SAI Global Limited Australia, Certification for Good Manufacturing Process (GMP) from the Indonesian Medicines and Foods Supervisory Body

• PT Pigeon Indonesia: Certification AS/NZS ISO 9001:2000 from SAI Global Limited Australia.

For compact fluorescent lamp products, certification of products that have been owned by the Company is the Indonesian National Standard (SNI).

Quality Control

99

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10 Annual Report / Laporan Tahunan 2010

Susunan Angota Dewan Komisaris Dan Direksi Perseroan Dewan Komisaris

Dewan Komisaris

Julius Irwan RyantoKomisaris Utama

Menamatkan pendidikannya pada Akademi Teknologi Negeri di Semarang. Sebelum bergabung dengan Perseroan menjabat General Manager di PT Modern Photo Tbk. Pada tahun 1996 menjabat sebagai Direktur, dan kemudian ditunjuk sebagai Direktur Utama sejak tahun 2002 hingga tahun 2005. Beliau menjabat sebagai Komisaris Utama Perseroan sejak bulan Juni 2005.

Alka TrangganaKomisaris

Menyelesaikan pendidikannya pada Fakultas Hukum Univesitas Hasanuddin pada tahun 1987. Mengawali karir sebagai Pengacara Praktek di Makasar di tahun 1987 dan mendirikan sebuah kantor pengacara di Makasar. Pada tahun 1998 bergabung dengan PT Suryamas Dutamakmur Tbk. hingga tahun 1999. Beliau diangkat sebagai Komisaris perseroan sejak bulan Juni 2005.

Laporan Realisasi Pengunaan Dana Hasil Penawaran Umum

Sejak tahun 2007 keseluruhan dana yang diperoleh dari Penawaran Umum telah habis digunakan sebagaimana mestinya.

Since 2007 all IPO proceeds have been fully spent properly.

Member Of The Board Of Commissioners And Board Of Directors Company

Board of Commisioners

Julius Irwan RyantoPresident Commissioner

Graduated from Semarang State Academy of Technology. Prior to joined the Company He was General Manager of PT Modern Photo Tbk. In 1996 promoted to Directorship and from 2002 - 2005 he was the President Director of the Company. He becomes the President Commissioner of the Company since June 2005.

Alka TrangganaCommissioner

Graduated from University of Hasanuddin in 1987, majoring in Law, in the same year he began his career as a Lawyer in Makasar, he established his own Law Firm. He worked for PT Suryamas Dutamakmur Tbk. from 1998 - 1999. He becomes Commissioner of the Company since June 2005.

Report on Use of IPO Proceeds

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11Annual Report / Laporan Tahunan 2010

H.I. SyafeiKomisaris Independen

Menyelesaikan pendidikannya pada Fakultas Ekonomi Perusahaan Universitas Pajajaran Bandung. Mengawali karirnya sebagai Audit Supervisor di kantor Prasetyo Utomo & CO pada tahun 1973 hingga menjadi Audit Manager pada Kantor Akuntan Publik Hentanto, Sidik, Hadisoeryo & Rekan pada tahun 2004-2008. Selain itu pada tahun 2004-2009 menjabat sebagai konsultan manajer di PT Harry Bambang Permady. Beliau diangkat sebagai Komisaris Perseroan pada bulan Mei 2008.

Direksi

Herman WirawanDirektur Utama

Menamatkan pendidikan pada Fakultas Teknik Universitas Katholik Atma Jaya, Jakarta pada tahun 1988 dan kemudian menempuh pendidikan Wijawiyata manajemen pada Lembaga Pendidikan dan pembinaan Manajemen (LPPM), Jakarta pada tahun 1989. Mengawali karirnya pada PT Modern Photo Tbk. pada tahun 1989 dengan jabatan terakhir sebagai Branch Coordinator Manager Jabotabek. Bergabung dengan Perseroan sejak tahun 1995, pernah menjabat General Manager Sales & Marketing. Kemudian menjabat sebagai Direktur Perseroan sejak tahun 2002 hingga diangkat sebagai Direktur Utama sejak Mei 2008.

Sukwan WidayatDirektur

Menjabat Direktur Perseroan sejak Juni 2009. Sesudah menamatkan S2nya di Western Illinois University, memulai karirnya di Arthur Andersen Jakarta dari tahun 1991 hingga 1994, kemudian berkarir di Coopers & Lybrand serta Price Waterhouse Jakarta dari tahun 1995 hingga 1997. Mulai January 1998 hingga akhir 2008 memangku berbagai jabatan di PT Danone Biscuits Indonesia selaku Direktur Keuangan, Group Finance Controller di Mugi Rekso Abadi Group, Commercial Director di Pentamuda Group.

Kandhaga Dharma Gatha YuwonoDirektur

Memperoleh gelar Sarjana Teknik Industri, Institut Teknologi Malang Beliau mengawali karirnya dengan bekerja sebagai PPIC Supervisor PT Honoris Industry pada tahun 1994-1995. Selanjutnya pada tahun 1995-1999 bergabung dengan PT Honoris Perdana Industry sebagai Production Manager. Pada tahun 1999-2005 diangkat sebagai Direktur PT Modern Toolsindo. Dari tahun 2005-sekarang beliau menjabat sebagai Direktur Utama PT Pigeon Indonesia. Beliau bergabung sebagai Direktur Perseroan sejak bulan Mei 2008.

H.I. SyafeiIndependent Commissioner

He graduated from Pajajaran University, majoring in Business Economics. He began his career as Audit Supervisor in Public Accountant Firm Prasetyo Utomo & CO in 1973 and then became Audit Manager in Public Accountant Firm Hentanto, Sidik, Hadisoeryo & Partners in 2004-2008. Besides that, in 2004-2009 as Consultant Manager in PT Harry Bambang Permady. He was appointed as Commissioner of the Company since May 2008.

Board of Directors

Herman WirawanPresident Director

He graduated in 1988 from Atma Jaya Catholic University Jakarta, majoring in Engineering, then he took Wijawiyata Managment in Education and Training Management Institute Jakarta in 1989. He began his career in PT Modern Photo Tbk. in 1989, his last position was Branch Coordinator Manager Jabotabek. He joined the Company in 1995 as General Manager Sales & Marketing, since 2002 he becomes Director of the Company and was appointed as President Director since May 2008.

Sukwan WidayatDirector

He becomes Director of the Company since June 2009. He obtained master degree from Western Illinois University. He began hir career in Arthur Andersen Jakarta in 1991-1994, then he joined Coopers & Lybrand and Price Waterhouse Jakarta in 1995-1997. Since January 1998 up to end of 2008 he was assigned in various post such as Finance Director of PT Danone Biscuits Indonesia, Group Finance Controller of Mugi Rekso Abadi Group and Commercial Director of Pentamuda Group.

Kandhaga Dharma Gatha YuwonoDirector

He graduated from Institute Technology National Malang majoring in Industrial Engineering. He began hir career in PT Honoris Industry, as PPIC Supervisor in 1994-1995. In 1995-1999 he joined PT Honoris Perdana as Production Manager. In 1999-2005 he became Director of PT Modern Toolsindo. From 2005-now he became President Director of PT Pigeon Indonesia and becomes Director of the Company since May 2008.

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12 Annual Report / Laporan Tahunan 2010

PENGHARGAAN YANG DITERIMA PADA TAHUN 2010

Penghargaan Top Brand for Kids dari Majalah Marketing untuk Kategori Baby Milk Bottle dan baby Dining Set

Top Brand for Kids Award from Marketing Magazine for Baby Milk Bottle and Baby Dining Set Category

Penghargaan Reader's Choice dari Majalah Mother and Baby untuk kategori :

Awards Received in 2010

1. Botol Susu dan Dot

2. Pemanas Botol

3. Alat Steril botol

4. Pelindung Payudara

5. Pompa Payudara

6. Alat Makan dan Minum Bayi

7. Empeng

Received Reader's Choice Award from Mother and Baby Magazine for Categories :

1. Baby Milk Bottle and Nipple

2. Bottle Warmer

3. Bottle Sterillization

4. Breast Pad

5. Breast Pump

6. Feeding Set

7. Pacifier

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13Annual Report / Laporan Tahunan 2010

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14 Annual Report / Laporan Tahunan 2010

JULIUS IRWAN RYANTOKomisaris Utama

President Commissioner

ALKA TRANGGANAKomisaris

Commissioner

H.I. SYAFEI Komisaris Independen

Independent Commissioner

14

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15Annual Report / Laporan Tahunan 2010

Laporan Dewan Komisaris

Pemegang saham yang terhormat,

Setelah kami mempelajari dan menelaah laporan keuangan Perseroaan untuk tahun yang berakhir pada tanggal 31 Desember 2010 dan 2009, kami mengucapkan syukur atas pencapaian kinerja PT Multi Indocitra Tbk. sepanjang tahun 2010. Hal ini terutama ditunjukkan konsistensi Perseroan dalam meningkatkan perkembangan usahanya. Pada tahun 2010, penjualan Perseroan meningkat 24,3% menjadi Rp. 423.343 juta. Pada tahun ini Perseroan juga berhasil meningkatkan laba usaha sebesar 7,4% menjadi Rp. 47.630 juta.

Kami menharapkan peningkatan kinerja usaha Perseroan ini terus dapat ditingkatkan di tahun 2011. Hal ini sejalan dengan keberhasilan lini usaha lampu hemat energi yang mulai dipasarkan pada awal tahun 2010. Di lain sisi, Dewan Komisaris dapat memahami adanya penurunan laba bersih sebesar 7,2% sehingga menjadi Rp. 28.154 juta disebabkan oleh penurunan pendapatan lain-lain yang bersifat tidak rutin.

Selaku Dewan Komisaris kami menyampaikan apresiasi kepada Direksi atas kinerja yang telah dicapai pada tahun 2010. Namun demikian, Direksi dan seluruh karyawan harus tetap menjaga semangat dan dedikasinya sehinga tetap mampu meningkatkan kinerja di tahun-tahun berikutnya.

Dewan Komisaris juga mengucapkan terima kasih atas dukungan dari para pemegang saham serta para stakeholder lainnya. Kami berharap Perseroan terus dapat meningkatkan kinerjanya di masa mendatang.

After we studied and reviewed the financial statements of the Company for the year ended December 31, 2010 and 2009 we say thank to God for the achievement of the performance of PT Multi Indocitra Tbk. throughout 2010. It is mainly showing the consistency of the Company in improving the business development. In 2010, the sales of Company increase into 24.3% to Rp. 423,343 million. In this year, the company also recorded an operating income increased by 7.4% amounted to Rp. 47,630 million.

We hope that the increase in the performance of the company’s business will continue to improve in 2011. This is in line with the establisment of the compact fluorescent lamp’s which began to be marketed at the beginning of 2010. On the other hand, the Board of Commissioners understands that 7.2% decrease in the net profit to Rp. 28,154 million was due to decreasing of others income that are not routine.

As the Board of Commissioners, we express our appreciation to the BOD of the performance achieved in 2010. However, the BOD and all employees must maintain the spirit and dedication so it is still able to improve performance for the next years.

The Board of Commissioners also appreciates the support of shareholders and other stakeholders. We hope the Company continues to improve its performance in the future.

JULIUS IRWAN RYANTOKomisaris Utama

President Commissioner

ALKA TRANGGANAKomisaris

Commissioner

H.I. SYAFEI Komisaris Independen

Independent Commissioner

Board of Commissioners Report Our distinguished shareholders,

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16 Annual Report / Laporan Tahunan 2010

HERMAN WIRAWANDirektur Utama

President Director

SUKWAN WIDAYATDirekturDirector

KANDHAGA DHARMA GATHA YUWONODirekturDirector

16

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17Annual Report / Laporan Tahunan 2010

Laporan Direksi

Pemegang saham yang terhormat,

Perekonomian Indonesia pada tahun 2010 telah tumbuh sebesar 6,1%. Pertumbuhan tersebut disumbang oleh hampir semua sektor termasuk sektor usaha yang dijalankan oleh Perseroan. Pertumbuhan ekonomi nasional di tahun 2010 tersebut memberikan peluang tersendiri bagi Perseroan untuk memasarkan produk-produknya.

Pada tahun 2010 Perseroan berhasil meningkatkan penjualan bersih sebesar 24,34% menjadi Rp. 423.343 juta. Laba usaha juga meningkat sebesar 7,4% menjadi Rp. 47.630 juta. Peningkatan penjualan tersebut merupakan bukti keberhasilan strategi pemasaran yang dijalankan Perseroan. Sedangkan peningkatan laba usaha adalah hasil dari peningkatan penjualan dan strategi efisiensi biaya. Selanjutnya, meskipun pendapatan lain-lain menurun dibandingkan tahun sebelumnya, Perseroan berhasil membukukan laba bersih sebesar Rp. 28.154 juta.

Kinerja lain yang dapat dicatat adalah keberhasilan memulai memasarkan lampu hemat energi dengan merk HORI pada Februari 2010. Sejak diluncurkan di pasar lampu HORI memperoleh respon yang positif dari konsumen.

Atas nama Direksi, kami mengucapkan terima kasih yang sebesar-besarnya kepada karyawan dan semua pihak yang terkait atas usaha, semangat, komitmen dan kontribusi kepada Perseroan. Kami mohon dukungan dari semua pemegang saham bagi Perseroan untuk menghadapi peluang dan tantangan usaha. Semoga pada tahun-tahun mendatang Perseroan dapat mencapai kinerja yang semakin baik.

The Indonesian economy in 2010 has grown by 6.1%. This increase was contributed by almost all sectors including the business carried on by the Company. National economic growth in 2010 provided an opportunity for the Company to market its products.

In 2010 the Company managed to increase net sales by 24.34% to Rp. 423,343 million. Operating income also increased by 7.4% to Rp. 47,630 million. The increase in sales is evidence of the success of marketing strategies that run by the Company. While the increase in operating profit was the result of increase sales and cost efficiency strategy. In addition, although other income decreased compared to previous years, the Company posted net profit of Rp. 28,154 million

Another notable performance is the successful to commence marketing of the compact fluourescent lamp with HORI brand in February 2010. Since its launch on the market, HORI lamp get positive responds from consumers.

On behalf of the Board of Directors, we thank as much as possible to employees and all stakeholders in the effort, passion, commitment and contribution to the the Company. We ask for support from all shareholders for the Company to face the opportunities and business challenges. Hopefully in the coming years the Company can achieve better performance.

HERMAN WIRAWANDirektur Utama

President Director

SUKWAN WIDAYATDirekturDirector

KANDHAGA DHARMA GATHA YUWONODirekturDirector

Board Of Directors Report

Our distinguished shareholders,

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18 Annual Report / Laporan Tahunan 2010

B

P

P

EE

L

Botol dan Dot

Perlengkapan Bay

Perawatan Kulit R

Perlengkapan

EE

ksporxport

Lampu Hemat energiCompact Fluorecent Lamp

Boottle & Nipple

yiAccessoriesBaby's

RemajaSkincareSYouth

Toiletries

Export

Fluorescent

Analisis dan Pembahasan ManajemenTinjauan Kegiatan UsahaIndustri produk-produk perawatan dan kesehatan serta perlengkapan untuk bayi, anak-anak, remaja, ibu hamil dan menyusui memiliki kompetisi yang cukup ketat. Banyak produk-produk sejenis bermunculan di pasar dengan berbagai merek.

Secara umum produk-produk yang dipasarkan Perseroan dapat dibagi menjadi 2 (dua) kategori yaitu produk perlengkapan bayi dan produk perawatan kulit dan kesehatan untuk bayi, anak-anak, remaja serta ibu hamil dan menyusui. Lebih dari 40% dari penjualan berasal dari kontribusi botol susu dan dot bayi. Kedua produk ini merupakan produk utama yang didistribusikan Perseroan dimana memperoleh pangsa pasar yang cukup tinggi.

Berdasarkan data dari AC Nielsen, sepanjang periode tahun 2005-2010 produk botol susu dan dot bayi “Pigeon” yang didistribusikan Perseroan mempunyai pangsa pasar (berdasarkan nilai penjualan) sebesar sekitar 52%. Dengan didukung produk berkualitas baik dan fasilitas pabrik yang modern serta jaringan distribusi yang luas dan terintegrasi, Perseroan mempunyai keyakinan akan pertumbuhan pangsa pasar di masa mendatang dalam industri produk kecantikan dan kesehatan, perlengkapan dan perawatan kesehatan/kulit untuk bayi, anak-anak, remaja serta ibu hamil dan menyusui.

The competition within industry of health care and apparels for baby, children, teenager, pregnant and breast feeding mother is quite tight. Many similar products are available in the market with various brands.

In general, the products which marketed by the Company can be grouped into 2 (two) categories namely: baby’s apparel, health and skin care products for baby, children, teenager, pregnant & breast feeding mother. More than 40% of sales contributed by feeding bottle and baby’s nipple. These two products are the main products distributed by the Company where the market share for these products is quite high.

Based on AC Nilsen‘s 2005-2010 data, feeding bottle and nipple of “Pigeon” that distributed by the Company have about 52% market share (based on sales value). With the support of good quality products, modern production facilities, wide coverage and integrated distribution networks, the Company is confident that the market share for the Company’s products, skin and health care products for baby, children, teenager, pregnant and breast feeding mother.

PemasaranKomposisi kontribusi penjualan Perseroan pada tahun 2010, sebagai berikut:The Company’s products sales in 2010 as a follows:

Dari data tersebut, terlihat bahwa kontribusi penjualan terbesar adalah botol dan dot (38,68%) serta perlengkapan bayi (23,47%). Sedangkan kategori produk lainnya memberikan kontribusi yang cukup merata. Perseroan tetap berusaha menjaga pangsa pasar yang telah ada untuk produk-produk tersebut namun di lain pihak terus berusaha meningkatkan pangsa pasar bagi produk Perseroan yang lainnya.

From the above data it shows that the biggest sales contributions are from the sales of bottles and baby nipple (38.68%) and baby’s accessories (23.47%). The Company is trying to maintain its existing market share for those products, as well as increasing the market share for other products.

Management Discussion and AnalysisBusiness Overview

Marketing

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19Annual Report / Laporan Tahunan 2010

Strategi pemasaran yang diterapkan untuk menjaga pangsa pasar yang telah ada disamping meningkatkan pangsa pasar untuk masing-masing produk adalah dengan menerapkan kombinasi berbagai strategi pemasaran yang tepat ditujukan bagi target pasar Perseroan. Perseroan terus menjaga persepsi produk merek “Pigeon” yang telah sangat dikenal di masyarakat melalui beberapa iklan cetak di majalah atau surat kabar maupun iklan radio secara berkala serta penerapan undian berhadiah pada saat-saat tertentu.

Disamping itu untuk menjaga loyalitas dari konsumen, Perseroan melakukan kerjasama promosi di beberapa rumah sakit untuk lebih produk “Pigeon” dimata masyarakat. Perseroan juga aktif menjadi sponsor dalam beberapa kegiatan sosial maupun kegiatan bisnis, disamping program road show ke daerah-daerah atau mal-mal dengan memakai jasa pramuniaga.

Kegiatan pemasaran juga aktif dilakukan distributor-distributor di daerah masing-masing dengan melibatkan diri pada program pemasaran yang ada di daerah tersebut. Dengan aktif melakukan kegiatan pemasaran secara rutin dan kerjasama yang baik dengan mitra usaha untuk mencapai target pasar yang dituju, Perseroan tetap dapat menjaga serta meningkatkan pangsa pasar produk-produk “Pigeon”. Sebagian dari produk Perseroan juga diekspor ke luar negeri, yaitu ke negara Singapura, Asia, Australia, Timur Tengah dan Amerika Latin.

Sedangkan untuk produk lampu hemat energi merk HORI, tahun 2010 merupakan tahun pertama memasuki pasar nasional. Maka strategi pemasaran yang ditempuh adalah membangun image dan distribusi. Dengan tagline “Sinari Indonesia”, produk lampu Perseroan memberikan jaminan kualitas dan jaminan purna jual bergaransi selama 1 (satu) tahun. Lampu HORI mampu meningkatkan efisiensi energi listrik, hal ini sejalan dengan program penghematan energi dari Pemerintah. Lampu HORI merupakan produksi dalam negeri, sehingga dengan menggunakan lampu HORI berarti ikut mencintai produk-produk dalam negeri. Di tahun pertama pemasarannya, lampu Hori berhasil memberikan kontribusi 7,76 % (tujuh koma tujuh puluh enam persen) dari seluruh angka penjualan Perseroan. Tentunya keberhasilan ini akan memberikan motivasi pada Perseroan untuk lebih meningkatkan penjualan di tahun mendatang.

To be able to maintain the existing as well as to increase market share for each product, the Company adopts combination of various marketing strategies which are right for the target market. The Company continuously maintains the Pigeon brand image which already well known by the community through ads on printed media like magazines, newspapers, also periodical radio ads and lotteries.

In addition, for maintaining customers’ loyalty to the products brand, the Company enters joint promotion with various hospitals to socialize the “Pigeon” products to the community. The Company is also active in sponsoring various social activities and business activities, conducting road shows to various districts or shopping malls, through sales persons.

The distributors are also actively involved in these marketing activities which take place in their area. By actively doing routine marketing activities and maintaining good relationships with the business partners in order to achieve the target market, the Company is able to maintain and even increase the market share for “Pigeon” products. Some of the products are also exported Singapore, Asia, Australia, Midlle East and Latin America.

As for the HORI compact fluorescent lamp products, the year 2010 is the first year of entering the national market. So the marketing strategy adopted is to build the image and distribution. With tagline "Illuminate Indonesia", the lamps products of the Company provides quality assurance and after sales warranty for 1 (one) year. HORI lamps are able to increase electrical energy efficiency, this is in line with energy saving programs of the Government. Hori lamps is a domestic product, so by using the domestic lamps means that we love domestic products. In the first year of marketing, HORI lamp has contributed 7.76% (seven-point-seven-six percent) of all the Company sales figures. Of course, this success will give motivation to the Company to further increase sales in the coming year.

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20 Annual Report / Laporan Tahunan 2010

DistribusiDengan jaringan distribusi yang luas dan terintegrasi di seluruh Indonesia dan di luar negeri membuat Perseroan dapat menyebarkan produknya ke target pasar yang tepat dan menjangkau wilayah yang luas.

With an extensive distribution network and integrated into Indonesia and abroad, allowed the company to distribute its products at the right target market and reach out to a wide area.

Berikut ini merupakan grafik yang menunjukkan kontribusi penjualan masing-masing wilayah distribusi per tanggal 31 Desember 2010 sebagai berikut:

Grafik di atas memperlihatkan pada tahun 2010 wilayah Jabodetabek merupakan penyumbang penjualan terbesar disusul Jawa Timur dan Sumatera.

The chart above shows that in year 2010 Jabodetabek is the largest sales contributor followed by East Java and Sumatera.

Distribution

The followings are chart of sales contribution of each distribution areas as of December 31, 2010 as follows:

Jabodetabek

Bali + Nusa

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21Annual Report / Laporan Tahunan 2010

Sumber Daya ManusiaPerseroan menyadari bahwa tanpa dukungan sumber daya manusia yang berkualitas, Perseroan tidak akan dapat tumbuh dan berkembang di masa mendatang. Oleh karena itu Perseroan selalu memperhatikan pengembangan sumber daya manusia yang dimilikinya, dengan secara teratur melakukan pelatihan baik secara internal maupun eksternal dalam rangka mewujudkan strategi usaha serta pengembangan usaha Perseroan di masa mendatang. Selain itu Perseroan juga berperan aktif untuk memupuk rasa kebersamaan dari semua karyawan dalam rangka mencapai tujuan yang telah ditetapkan Perseroan serta berusaha senantiasa memperbaiki kesejahteraan karyawan. Dengan demikian diharapkan dalam jangka panjang hal tersebut dapat memupuk loyalitas dan meningkatkan rasa ikut memiliki dikalangan karyawan. Selama ini Perseroan telah memberikan besarnya gaji dan tingkat upah, yang telah memenuhi ketentuan Upah Minimum Propinsi sesuai dengan peraturan yang berlaku. Disamping itu, Perseroan juga menyediakan sarana dan fasilitas untuk menunjang kesejahteraan karyawan di antaranya:

a. JAMSOSTEK;

b. Tunjangan Kesehatan;

c. Tunjangan Kendaraan Bermotor

d. Bonus dan Insentif

The Company believes that in order to grow and develop, it requires the support from the quality human resources. Therefore, the Company always cares for the development of its human resources by providing internal and external trainings periodically. In order to achieve the goals and objectives set by the Management, the Company is also actively encouraging teamwork among its employees, and improving the employees welfare. The Company hopes that in the long run employees become loyal and have sense of belonging and will appreciate what the Company does for them. So far, the Company has been paying the employees’salary in accordance with the prevailing province salary regulation. The Company also provides the Employees various benefits for their welfare such as:

a. Social Security;

b. Medical Allowance;

c. Allowance for Motor Vehicles;

d. Bonus and Incentives.

Human Resources

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22 Annual Report / Laporan Tahunan 2010

Tinjauan KeuanganTinjauan keuangan Perseroan tahun 2010 yang dibandingkan dengan tahun sebelumnya dapat disajikan berikut ini.

Financial overview for the year 201o in comparison to the previous year described below.

Neraca

Ringkasan Neraca Perseroan untuk tahun 2009-2010 dapat disajikan sebagai berikut:

The Highlights of the Company Balance Sheets for 2009 – 2010 as follow:

Neraca 2009-2010Balance Sheets 2009-2010

(Rp. juta / Rp. million)Uraian

2009 2010Pertumbuhan

Description GrowthAset Lancar

235.737 228.891 -2,90%Current AssetsAset Tidak Lancar

54.987 142.940 159,95%Non Current AssetsTotal Aset

290.724 371.831 27,90%Total AssetsKewajiban Lancar

32.882 67.407 105,00%Current LiabilitiesKewajiban Tidak Lancar

5.870 18.719 11,91%Non Current LiabilitiesTotal Kewajiban

38.752 86.126 122,25%Total LiabilitiesEkuitas

226.837 257.577 13,55%Stockholders Equity

AsetAset Perseroan pada tahun 2010 sebesar Rp. 371.831 juta, meningkat sebesar 27,90% dibandingkan tahun 2009 yang sebesar Rp. 290.724 juta. Peningkatan ini disumbang oleh peningkatan aset tidak lancar yang meningkat 159,95% menjadi Rp. 142.940 juta. Peningkatan Aset tidak lancar disebabkan oleh adanya peningkatan nilai aset tetap sebesar 176,14% menjadi Rp. 112.266 juta.

The Company's assets in 2010 amounted to Rp. 371,831 million, an increase of 27.90% compared to 2009 which amounted to Rp. 290,724 million. The increase was caused by an increase in non-current assets by 159.95% to Rp. 142,940 million. The increase of non-current assets was caused by the increased value of fixed assets amounting to 176.14% to Rp. 112,266 million.

KewajibanKewajiban Perseroan pada tahun 2010 adalah sebesar Rp. 86.126 juta, meningkat sebesar 122,25% dibandingkan tahun 2009 yang sebesar Rp. 38.752 juta. Hal ini disebabkan kenaikan jumlah kewajiban lancar dan jumlah kewajiban tidak lancar terutama pada hutang bank jangka pendek dan jangka panjang.

The Liabilities of the Company in 2010 amounted to Rp. 86,126 million, increased by 122.25% compared to Rp. 38,752 million in 2009. The reason for the increase was the increment of current and non current liabilities mainly because of short term and long termbank loan.

EkuitasEkuitas Perseroan pada tahun 2010 adalah sebesar Rp. 257.577 juta, mengalami peningkatan sebesar 13,55% dibandingkan dengan tahun 2009 yang sebesar Rp. 226.837 juta. Hal ini terutama disebabkan peningkatan saldo laba akibat kenaikan laba bersih serta adanya selisih penilaian kembali aset tetap dan selisih transaksi perubahan ekuitas anak perusahaan.

The equities of the Company in 2010 was amounted to Rp. 257,577 million, increased by 13.55% compared to Rp. 226.837 million in 2009. This was mainly due to the increase in retained earnings resulting from increased net income and differences arising from changes in equity of subsidiaries.

Financial Overview

Balance Sheets

Asset

Liabilities

Stockholders Equity

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23Annual Report / Laporan Tahunan 2010

LikuiditasLikuiditas adalah kemampuan Perseroan untuk memenuhi kewajiban lancarnya yang diukur dengan perbandingan antara aset lancar dengan kewajiban lancar. Tingkat likuiditas Perseroan tahun 2010 adalah sebesar 339,57%, menurun dibandingkan dengan tahun 2009 sebesar yang 716,92%. Penurunan likuiditas ini terutama disebabkan penurunan aset lancar dan kenaikan kewajiban lancar. Walaupun mengalami penurunan namun tingkat likuiditas tahun 2010 menunjukan Perseroan memiliki kemampuan yang baik dalam melunasi seluruh kewajiban lancarnya.

Liquidities is the capability of the Company to cover up its current liabilities which is measured from the comparison between current assets and current liabilities. The liquidity ratio of the Company in 2010 was 339.57% which decreased from 716.92% in 2009. This decrease was primarily due to decrease in current assets and increase in current liabilities Although it has declined, but in 2010 showed the Company has a good ability to settle all its current liabilities.

SolvabilitasSolvabilitas adalah kemampuan Perseroan untuk memenuhi seluruh kewajibannya, yang diukur dengan membandingkan seluruh kewajiban dengan seluruh aset. Perbandingan antara kewajiban dengan aset Perseroan tahun 2010 adalah sebesar 23,16%, meningkat apabila dibandingkan dengan rasio yang sama pada tahun 2009 yang sebesar 13,33%. Tingkat solvabilitas tersebut menunjukan Perseroan memiliki kemampuan yang baik dalam melunasi seluruh kewajibannya.

Solvability is the Company’s capability to pay all liabilities, which is measured by the comparison between total liabilities to total assets and total liabilities to equities. The comparison of the Company’s liabilities to its assets at in 2010, shows an increase from 13.33% in 2009 to 23.16%. The level of solvability shows a good ability of the Company in paying all its liabilities

Laba RugiPencapaian kinerja keuangan Perseroan ditinjau dari akun Laba Rugi Perseroan diuraikan sebagai berikut.

The Company Financial performance in term of Profit and Loss described below.

Liquidity

Solvability

Profit and Loss

Penjualan Bersih

Penjualan bersih Perseroan pada tahun 2010 mencapai Rp. 423.343 juta, mengalami kenaikan sebesar 24,34% bila dibandingkan dengan penjualan bersih tahun 2009 yang sebesar Rp. 340.463 juta. Peningkatan ini disebabkan oleh meningkatnya penjualan pada pasar local dan ekspor.

The Company’s net sales in 2010 reached Rp. 423,343 million, an increase of 24.34% compared with net sales in 2009 amounted to Rp. 340,463 million. The increase was due to higher sales in local and export markets.

2009Komposisi

Composition2010

Komposisi

Composition

Pertumbuhan

Growth

Lokal Local

Distribusi dan PemasaranDistribution and Marketing 278.414 81.78% 356.328 84.175 27,98%

Ekspor Export

PabrikasiFactory 62.049 18.22% 67.015 15.83% 8,00%

JumlahTotal 340.463 100.0% 423.343 100.0% 24,34%

Net Sales

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24 Annual Report / Laporan Tahunan 2010

Beban Pokok PenjualanBeban pokok penjualan pada tahun 2010 adalah sebesar Rp. 193.750 juta. Mengalami peningkatan sebesar 19,30% dibandingkan tahun 2009 yang senilai Rp. 162.260 juta. Peningkatan ini terutama disebabkan oleh kenaikan beban pokok produksi dan harga beli dari pemasok dari sebagian besar barang.

Laba KotorLaba kotor bulan pada tahun 2010 telah mencapai Rp. 229.593 juta. Mengalami peningkatan sebesar 28,84% dibandingkan dengan tahun 2009 yang sebesar Rp. 178.203 juta. Peningkatan laba kotor ini akibat keberhasilan Perseroan mempertahankan tingkat pertumbuhan penjualan yang cukup tinggi ditengah meningkatnya beban pokok penjualan.

Beban UsahaBeban usaha pada tahun 2010 adalah sebesar Rp. 181.964 juta, mengalami peningkatan sebesar 35,86% dibandingkan tahun 2009 yang sebesar Rp. 133.855 juta. Hal ini terutama disebabkan oleh adanya kenaikan biaya promosi, gaji, upah dan tunjangan, royalti, biaya kantor serta perjalanan dinas dan transportasi.

Laba UsahaLaba usaha pada tahun 2010 mengalami kenaikan sebesar 7,40% sehingga menjadi sebesar Rp. 47.630 juta dibandingkan dengan tahun 2009 yang sebesar Rp. 44.348 juta. Kenaikan ini karena peningkatan laba kotor.

Laba BersihPerseroan pada tahun 2010 membukukan laba bersih sebesar Rp. 28.154 juta, menurun 7,22% dibandingkan laba bersih pada tahun 2009 yang sebesar Rp. 30.345 juta. Penurunan ini disebabkan oleh peningkatan beban lain-lain pada tahun 2010.

Imbal Hasil AsetImbal Hasil Aset (Return On Asset) adalah kemampuan aset Perseroan dalam menghasilkan laba bersih dengan cara menghitung laba bersih dibagi dengan jumlah aset Perseroan. Imbal hasil aset pada tahun 2010 dan 2009 berturut-turut adalah sebesar 7,57% dan 10,40%. Penurunan imbal hasil aset ditahun 2010 disebabkan laba bersih Perseroan mengalami penurunan sedangkan jumlah aset mengalami.

Imbal Hasil EkuitasImbal Hasil Ekuitas (Return On Equity) adalah kemampuan ekuitas Perseroan dalam menghasilkan laba bersih yang didapat dengan menghitung laba bersih dibagi dengan ekuitas Perseroan. Imbal hasil ekuitas pada tahun 2010 dan 2009 berturut-turut adalah sebesar 10,93% dan 13,00%. Penurunan imbal hasil ekuitas ini disebabkan oleh menurunnya laba bersih sedangkan ekuitas mengalami peningkatan.

Cost of Goods SoldCost of Goods Sold in 2010 amounted to Rp. 193,750 million, increased by 19.30% compared to Rp. 162,260 million in 2009. The reason for the increase was the increment of production cost and purchase price for majority of the products from the supplier.

Gross ProfitGross Profit in 2010 amounted to Rp. 229,593 million, an increase by 28.84% compared to Rp. 178,203 million in 2009. The increase in gross profit was due to the success of the company to maintain a high growth sales amids of the rising cost of goods sold.

Operating ExpensesOperating Income in 2010 increased by 35.86% to Rp. 181,964 million, compared to Rp. 133,855 million in 2009. The increase due to increase of promotion expenses, salary and benefit, royalty, offices expenses travelling and transportation.

Operating IncomeOperating Income in 2010 increased by 7.4% to Rp. 47,630 million, compared to Rp. 44,348 million in 2009. The increase was resulting from the increment of gross profit.

Net IncomeIn 2010 the Company recorded a net profit of Rp. 28,154 million, decreased by 7.22% compared with net income in 2009 amounted to Rp. 30,345 million. This decrease was caused by the increase in other expenses in 2010.

Return On AssetsReturn on Asset (ROA) is the capability of the Company assets to derive net income, calculated as net income to total assets. The ROA of the Company in 2010 and 2009 were 7.57% and 10.40% respectively. This was caused by net income decreased, while total assets decreased.

Return On EquityReturn on Equities (ROE) is the capability of the Company equities to derive net income, calculated as net income to total equities. The ROE of the Company in 2010 and 2009 were 10.93% and 13.00% respectively, This was caused by net income increased, while equities still increased.

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25Annual Report / Laporan Tahunan 2010

Arus Kas 2009-2010Cash Flows 2009-2010

UraianDescriptipm 2009 2010 Pertumbuhan

GrowthKas dan setara kas awal tahunCash and cash equivalents at beginning of year

42.285 58.641 38,68%

Kas bersih diperoleh dari (digunakan untuk)aktivitas operasiNet cash Provided by (used in) Operating Activities

43.389 (813) (101,87%)

Kas bersih digunakan aktivitas investasiNet cash used in Operating Activities

(10.568) (39.325) 272,11%

Kas bersih diperoleh dari (digunakan untuk) aktivitas pendanaanNet cash provided by (used in) financing activities

(16.465) 25.056 NA

Kenaikan (penurunan) bersih kas dan setara kas Net increase(decrease) in cash and cash equivalents

16.357 (15.082) (192,21%)

Kas dan setara kas akhir tahunCash and cash equivalents at end of year

58.641 43.559 (25,72%)

Arus Kas dari Aktivitas OperasiKas bersih dari aktivitas operasi Perseroan pada tahun 2010 menurun sebesar 101,87% sehingga menjadi minus Rp. 813 juta. Penurunan arus kas dari aktivitas operasi ini terutama karena adanya peningkatan pembayaran kas pada pemasok dan peningkatan pembayaran beban-beban pada tahun 2010.

Net cash from operating activities of the Company in the year 2010 decreased by 101.87% to minus Rp. 813 million. The decrease in cash flow from operating activities was primarily due to increased cash payments to suppliers and the increasing expenses payment in the year 2010.

Arus Kas dari Kegiatan InvestasiKas bersih yang dikeluarkan dari aktivitas investasi Perseroan pada tahun 2010 sebesar Rp.39.325 juta, meningkat 272,11%% dibandingkan tahun 2009 yang berjumlah Rp.10.568 juta. Kenaikan ini terutama disebabkan kenaikan pengeluaran untuk aset tetap pada tahun 2010.

Net cash used in investing activities of the Company in 2010 amounted Rp. 39,325 million, an increase of 272.11% compared to the year 2009 which amounted Rp. 10,568 million. The increased was mainly caused by increased spending on fixed assets in 2010.

Arus Kas dari Kegiatan PendanaanKas bersih yang dikeluarkan dari aktivitas pendanaan pada tahun 2010 sebesar Rp. 25.056 juta, sedangkan pada tahun 2009 sebesar minus Rp. 16.465 juta. Peningkatan ini karena adanya penerimaan dari hutang bank.

Net cash from financing activities in 2010 amounted to Rp. 25,056 million, while in 2009 amounted to minus Rp. 16,465 million. This increase was caused by receipts form bank loan.

Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Flows from Financing Activities

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26 Annual Report / Laporan Tahunan 2010

Tata Kelola Perusahan yang BaikPerseroan memiliki komitmen untuk melaksanakan prinsip-prinsip Tata Kelola Perusahaan Yang Baik (GCG). Dalam rangka mengimplementasikan Tata Kelola Perusahaan Yang Baik Perseroan telah memiliki fungsi-fungsi yang diperlukannya seperti yang akan diuraikan di bawah ini.

The Company commits to implement the Good Corporate Government (GCG) principles. For the implementation of GCG, the Company has already had the necessary functions, which will be described in the following paragraphs.

Dewan Komisaris Dewan Komisaris Perseroan bertanggung jawab dalam melakukan pengawasan pengelolaan Perusahaan oleh Direksi, serta memberikan nasihat kepada Direksi. Dewan Komisaris mewakili kepentingan pemegang saham dan bertanggung jawab pada Rapat Umum Pemegang Saham. Saat ini Dewan Komisaris Perseroan berjumlah tiga orang, satu diantaranya adalah Komisaris Independen.Dengan demikian sepertiga dari jumlah komisaris Perseroan adalah Komisaris Independen. Dewan Komisaris melakukan rapat rutin sekurang kurangnya satu bulan sekali. Rapat Komisaris juga dapat diadakan sewaktu-waktu apabila diperlukan. Rapat Komisaris juga dapat mengundang Direksi untuk meminta penjelasan lebih lanjut atas permasalahan yang dibicarakan dalam rapat Komisaris tersebut. Pada tahun 2010 seluruh anggota komisaris hadir pada setiap rapat tersebut.

Board of Commissioners (BOC) of the Company is responsible for supervising the managing ability of the Company’s Board of Directors, giving advice to them. BOC represents the shareholders’ interest and be accounted for at the General Meeting of Shareholders Currently, the Company’s BOC has are three members. One of them is an independent Commissioner, which represent one third of the total Commissioners. BOC conducts routine meetings at least once a month. BOC meeting may also be conducted where it is considered necessary at any time. BOC may invite the Directors to the meeting to seek further clarifications on the matters discussed at the meeting. In 2010 all member of BOC attended all the meetings.

DireksiDireksi Perseroan bertugas untuk memimpin perusahaan dalam mencapai tujuan, meningkatkan efisiensi dan efektivitas, melaksanakan ketentuan anggaran dasar Perusahaan. Direksi Perseroan terdiri dari 3 (tiga) orang, melakukan rapat berkala sekurang-kurangnya satu kali dalam satu bulan. Di samping itu, Direksi juga dapat melakukan rapat apabila diperlukan. Rapat Direksi juga dapat mengundang Komisaris dalam rangka memberikan penjelasan serta meminta nasihat atas permasalahan-permasalahan yang sedang dihadapi oleh Direksi. Pada tahun 2010 seluruh anggota Direksi menghadiri rapat tersebut.

The Board of Directors (BOD) are responsible for managing the Company in achieving its objectives, improving efficiency and effectiveness, carrying out requirements as laid out in the Articles of Association of the Company. The Company’s BOD has 3 (three) members, conduct meeting at least once a month. The BOD may conduct meeting where it is considered necessary. The BOD may invite the Commissioners to seek further clarification and advice form BOC for the matters or problems faced by BOD. In 2010 all member of BOD attended the meetings.

Good Corporate Governance

Board of Comissioners

Board of Directors

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27Annual Report / Laporan Tahunan 2010

Komite AuditKomite Audit Perseroan bertugas membantu Dewan Komisaris dalam menjalankan peran pengawasan di Perseroan, terutama dalam hal:

Audit Committee of the Company supports the BOC supervision duties, namely:

1. Memastikan efektivitas sistem pengendalian intern yang dapat mengurangi kesempatan terjadinya penyimpangan dalam pengelolaan perusahaan.

2. Mengidentifikasi hal-hal yang memerlukan perhatian Dewan Komisaris, termasuk kepatuhan Perseroan terhadap undang-undang dan peraturan yang berlaku.

3. Melakukan penelaahan atas informasi keuangan yang akan dikeluarkan oleh perseroan.

4. Melakukan penelaahan atas ketaatan perseroan terhadap peraturan perundang-undangan di bidang pasar modal dan peraturan perundang-undangan lain yang terkait dengan bisnis perseroan.

5. Melakukan penelaahan atas pelaksanaan pemeriksaan oleh Auditor Internal.

6. Melaporkan kepada Dewan Komisaris berbagai risiko yang dihadapi oleh perseroan serta pelaksanaan manajemen resiko oleh Direksi.

1. To ensure the effectiveness of the internal control systems which should minimize the chances of deviation in managing the Company.

2. To identify matters that need special attention by BOC, including the compliance of the Company towards the prevailing laws and regulations.

3. To review and analyze the financial information issued by the Company.

4. To review the compliance of the Company towards the prevailing capital market regulations and other laws and regulations related to the Company’s business.

5. To review the implementation of Internal Audit works.

6. To report to BOC on any risks that the Company are facing and the risk management implemented by the BOD.

Saat ini Komite Audit yang beranggotakan tiga orang (termasuk Komisaris Independen sebagai ketua). Berikut adalah anggota Komite Audit Perseroan:

Currently, the Company’s Audit Committee has three members, which including the Independent Commissioner that acting as the Chairman. The Audit Committee members are:

1. H.I Syafei, Ketua / Chairman

2. Johan Giyanto, Anggota / Member

3. Matheus Polusto Salbri, Anggota / Member

Internal Audit

Internal Audit adalah salah satu sarana utama untuk dapat memastikan bahwa pengelolaan Perusahaan telah dilaksanakan sesuai dengan prinsip-prinsip Tata Kelola Perusahaan Yang Baik. Perusahaan telah membentuk internal audit yang memiliki tugas utama:

The Internal Audit is one of the main tools to ensure the Company’s management has been carried out according to the GCG principles. The Company has established Internal Audit Unit (IAU) with the main duties are:

1. Memberikan rekomendasi peningkatan pengendalian internal perusahaan.

2. Melaksanakan evaluasi dan rekomendasi untuk aktivitas-aktivitas yang mempengaruhi daya saing Perusahaan.

1. To give recommendation for the improvement of the Company’s internal control systems.

2. To perform evaluation and to recommend on activities that affect competitiveness of the the Company.

Sepanjang tahun 2010 Internal Audit telah melakukan pemeriksaan 7 obyek pemeriksaan. Dari pemeriksaan tersebut Perseroan memiliki komitmen untuk melaksanakan prinsip-prinsip Tata Kelola Perusahaan Yang Baik (GCG). Dalam rangka mengimplementasikan Tata Kelola Perusahaan Yang Baik Perseroan telah memiliki fungsi-fungsi yang diperlukannya seperti yang akan diuraikan di bawah ini.

During 2010, the Internal Audit has performed audit on 7 areas of concern. From the audit, there are some areas require improvements namely: standard operating procedure, information technology, and collection of account receivables.

Audit Comittee

Internal Audit

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28 Annual Report / Laporan Tahunan 2010

Akuntan PublikPerseroan telah menunjuk Kantor Akuntan Publik (KAP) Rama Wendra (Parker Randall) untuk memeriksa Laporan Keuangan Perseroan tahun buku 2010. Penunjukan KAP tersebut berdasarkan RUPST tahun 2009 dengan kriteria pemilihan yaitu harga, pengalaman audit di perusahaan terbuka, serta berafiliasi dengan KAP luar negeri. Proses audit tahun buku 2010 Perseroan telah dilakukan sesuai dengan standar auditing yang berlaku dan KAP telah mengeluarkan pendapat wajar dalam semua hal yang meterial, sesuai dengan Laporan A11-MW/MI/AMNI/549 tertanggal 18 Maret 2011.

The Company had performed Public Accountant audit Rama Wendra (Parker Randall) to audit of the Company’s Financial Statements for 2010 financial year. The appointment of the said Public Accountant is in accordance with the Annual General Shareholders year 2010. The criteria for the selection were experience in auditing public company and State Enterprises, affiliated with foreign accounting firm. The audit has been conducted in accordance with the prevailing auditing standard, and the Public Accountant has issued the present fairly opinion for all material matters on the Company’s 2010 Financial Statements as laid out in the Report No: A11-MW/MI/AMNI/549 dated March 18, 2011.

Sekretaris Perusahaan Sekretaris Perusahaan mempunyai fungsi utama seperti:

The main functions of Corporate Secretary are:

1. Melaksanakan kegiatan yang terkait dengan fungsi hubungan investor (investor relation).

2. Melaksanakan kegiatan yang terkait dengan fungsi hubungan masyarakat (public relation).

3. Membina dan mengendalikan kepatuhan hukum, perundang-undangan dan tata kelola perusahaan yang baik dalam rangka memastikan terpenuhinya ketentuan peraturan perundangan di pasar modal, dan ketentuan yang telah ditetapkan oleh Pemerintah. Saat ini yang menjabat sebagai Sekretaris Perusahaan adalah Sukwan Widayat

1. To carry out activities related to investor relation function;

2. To carry out activities related to public relation;

3. To maintain and to monitor the legal compliance, and GCG compliance in accordance with the capital market regulations, and other regulations set by the government. Currently, the Company’s Corporate Secretary is Sukwan Widayat.

Risiko UsahaPerseroan menghadapi risiko yang disebabkan oleh kondisi ekonomi, politik maupun sosial dimana Perseroan melakukan kegiatan usahanya. Seperti halnya bidang usaha lainnya, dalam menjalankan kegiatan usahanya Perseroan menghadapi beberapa risiko yang dapat mempengaruhi hasil usaha Perseroan yaitu sebagai berikut:

The Company’s business activities, as well as other businesses activities, are affected by three kinds of risks, namely economic, political, and social conditions. These risks are outlined below:

Risiko Terhadap Perseroan1. Risiko berakhirnya Perjanjian Lisensi dan

Distribusi antara Perseroan dengan Prinsipal utama, yaitu Pigeon Corporation Jepang;

Hampir seluruh produk-produk yang didistribusikan oleh Perseroan merupakan produk-produk dengan merek “Pigeon” yang diperoleh berdasarkan Perjanjian Lisensi dan Distribusi antara Perseroan dengan Pigeon Corporation Jepang. Apabila Perjanjian Lisensi dan Distribusi tersebut berakhir dan tidak dapat diperpanjang lagi maka hal ini akan sangat mempengaruhi penjualan Perseroan yang dapat secara signifikan memberikan dampak negatif kepada kelangsungan usaha Perseroan.

1. Risk of termination of licensee agreement between the Company and its main principals, namely Pigeon Corporation Japan;

“Pigeon” products dominate the Company’s distribution activities, which based on the Licensee and Distribution Agreement with Pigeon Corporation Japan. The termination of this agreement may significantly affect the Company’s sales and thus negative impact to the going concern of the Company.

Public Accountant

Corporate Secretary

Business Risk

Risks of The Company

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29Annual Report / Laporan Tahunan 2010

2. Risiko Kebijakan Pemerintah;

Kebijakan Pemerintah Indonesia dalam hal kesehatan ibu dan anak dapat mempengaruhi kegiatan usaha Perseroan secara khusus. Apabila Pemerintah melarang pemasaran secara langsung dalam bentuk iklan untuk penggunaan dot susu bagi bayi, maka hal ini dapat menurunkan penjualan produk dot susu untuk bayi yang dapat mempengaruhi penjualan Perseroan.

3. Risiko Persaingan Usaha;

Persaingan dalam industri ritel bersifat sangat kompetitif dimana tidak terdapat hambatan yang tinggi untuk mencegah pemain baru masuk kedalam pasar. Persaingan yang ketat terutama terjadi pada produk toiletries bayi dan bedak wajah remaja, dimana terdapat perusahaan-perusahaan besar dengan merk Johnsons & Johnsons, Zwitsal, Cussons, Belia, Putri yang bersaing secara langsung dengan merk “Pigeon”. Selain itu walaupun hak distribusi merk “Pigeon” di Indonesia dipegang oleh Perseroan, terkadang terdapat barang impor merk “Pigeon” yang dilakukan secara illegal. Apabila Perseroan kurang dapat mengantisipasi dari persaingan usaha yang ada, maka pangsa pasar dan penjualan Perseroan dapat terpengaruh secara material sehingga dapat mengakibatkan menurunnya penjualan Perseroan.

4. Risiko Pelanggaran Penggunaan atas Merek Dagang;

Perseroan mendistribusikan produk-produk dengan merek dagang “Pigeon” yang diproduksi oleh anak perusahaan melalui proses pengawasan yang baik untuk menghasilkan produk berkualitas tinggi dan memenuhi standar yang ditetapkan. Namun hal ini tidak menjamin langkah-langkah yang telah diambil Perseroan akan dapat mencegah adanya pemalsuan merek dagang oleh pihak lain. Apabila hal ini terjadi maka akan dapat menurunkan tingkat kepercayaan konsumen terhadap produk “Pigeon” yang akhirnya dapat mempengaruhi penjualan Perseroan secara signifikan.

2. Government Regulations Risk;

The Government regulations concerning heath of the mother and her baby may affect the Company’s business activities in particular. The government ban on the ad for baby nipple, may affect the Company’s sales for the product, will in turn the Company’s overall sales.

3. Risk of Business Competition

The competition within the retail business is fierce; there are no entry barriers for the new players to enter the market. The tight competition is mainly for the following products: a baby toiletry, teen face powder, where the direct competitors for Pigeon Product are Johnsons & Johnsons, Zwitsal, Cussons, Belia, and Putri. Although, the sole distributorship does belong to the Company, however, there are Pigeon Products illegally imported into Indonesia. If the Company could not anticipate competitors actions, the Company’s market share and sales may be significantly affected.

4. Risk of Trademarks Violation

The Company distribute ”Pigeon” brand products, that are produced by the Company’s subsidiary, and have been strictly controlled in order to produce the premium quality products and complied with the required quality standard. However, the Company’s actions cannot prevent the fraudulent acts by other parties to take place. The fraudulent acts may affect the Customers’confidence toward “Pigeon” products; in the end affect the Company’s sales significantly.

Penanganan Risiko

Perseroan melakukan manajemen risiko berdasarkan prinsip Tata Kelola Perusahaan Yang Baik, antara lain dengan:

The Company carries out risk managment in accordance with the GCG principles, among others are:

1. Melakukan analisa risiko dan melakukan pemetaan risiko yang dapat mengemukakan risiko-risiko yang dinilai perlu dianalisa.

2. Manajemen risiko selalu memanfaatkan secara optimal bantuan dari sistem teknologi informasi yang komprehensif guna meningkatkan efektivitas dari pelaksanaan manajemen resiko.

1. To perform risk analysis and mapping of the risk prior to ascertain which risk should be analysed further.

2. Risk management put emphasize on the usage of Information Technology System (IT), in doing so, the optimum usage of comprehensive IT, will create effective risk management.

Risk Management

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30 Annual Report / Laporan Tahunan 2010

Keterbukaan Informasi Information DisclosurePerseroan telah memiliki website di www.pigeon.co.id sebagai salah satu media untuk menyampaikan informasi mengenai profil dan perkembangan perseroan. Selain memelalui website tersebut perseroan selalui menyampaikan perkembangan perusahaan sesuai peraturan pasar modal yang berlaku misalnya menyampaikan informasi material ke bursa maupun Bapepam & LK.

The Company has had a website on www.pigeon.co.id as a medium to convey information about the Company's profile and development. In addition to its website, the Company always deliver enterprise development in accordance with the prevailing capital market regulations such as submitting information to the stock material and Bapepam & LK

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31Annual Report / Laporan Tahunan 2010

Tanggung Jawab Sosial PerusahaanPerseroan menempatkan masyarakat sebagai salah satu mitra dalam berusaha. Oleh karena itu Perseroan peduli terhadap permasalahan sosial di masyarakat dan lingkungannya Sepanjang tahun 2010 Perseroan telah melaksanakan program kegiatan berupa:

Penyerahan bantuan untuk bencana gempa di Yogyakarta melalui media Pikiran Rakyat, dimana penyerahan dilaksanakan di Tasikmalaya pada saat road show Pigeon Fair 2010 di Jawa Barat

The Company believes the community as one of its business partners. Therefore, the Company cares for the social problems faced by the community. In 2010 the Company has conducted many activities and provided charity as follows:

Delivery of aid to the earthquake victims in Yogyakarta through newspaper Pikiran Rakyat, in which the handover performed in Tasikmalaya during Pigeon Fair 2010 road show in West Java

Pengumpulan Tanda Tangan untuk sumbangan GempaCSR Pigeon 2010 Untuk Korban Bencana Gunung Merapi, Yogyakarta

CSR Pigeon ke Kidzania (Bersama PA Roda - Kelompok Musikal Anak jalanan Jakarta Timur)

Coaching clinic Pigeon di Kidzaniadalam rangka Hari Anak Nasional 2010

Yayasan Dorkas To Kidzania

Corporate Social Responsibility

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32 Annual Report / Laporan Tahunan 2010

Tugas utama Komite Audit adalah memberikan pendapat independen dan profesional kepada Dewan Komisaris sehubungan dengan ketaatan sistem pengendalian intern Perusahaan yang memadai, audit internal, audit eksternal, laporan keuangan dan laporan lainnya yang disampaikan oleh Dewan direksi, serta mengidentifikasi masalah-masalah yang memerlukan perhatian dari Dewan Komisaris.

1. Memastikan bahwa laporan keuangan telah disajikan secara wajar sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia.

2. Melakukan penelaahan atas ketaatan Perusahaan terhadap peraturan perundang-undangan di Bidang Pasar Modal serta peraturan perundang-undangan lainnya yang berhubungan dengan kegiatan Perusahaan.

3. Untuk memastikan bahwa berbagai risiko yang dihadapi Perusahaan telah dilaksanakan berdasarkan tatakelola Perusahaan yang baik oleh manajemen Perusahaan, dan pengendalian intern Perusahaan telah dilaksanakan secara memadai.

Selama tahun 2010 Komite Audit telah melakukan kegiatan sebagai berikut:

a. Melakukan pertemuan dengan Auditor Internal untuk menelaah dan mendiskusikan hasil pemeriksaan dan temuan dan dampaknya terhadap operasional Perusahaan, serta

Laporan Komite AuditThe primary duty of the Audit Committee is to provide an independent and professional opinion to the Board of Commissioners with regards to compliance, the adequacy of the Company's internal control systems, internal audit, external audit and financial reports and other reports submitted by the Boards of Directors and to identify issues that require the attention of Boards of Commissioners.

1. To ensure that the financial statements have been prepared in accordance with the generally accepted accounting principles in Indonesia.

2. Review the Company's compliance with prevailing laws and regulations pertaining to the Capital Market as well as the other laws and regulations related to the Company's activities.

3. To ensure that various risks faced by the Company have been managed based on good corporate governance, and the Company's internal control has been adequately implemented.

During the year 2010, the Audit Committee has performed the following activities:

a. Meet with the Internal Auditors to review and to discuss the results of the audit and its findings and the impact on the Company's operations, to provide recommendations on the significant

Audit Committee Activity Report

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33Annual Report / Laporan Tahunan 2010

memberikan masukan atas hal-hal yang signifikan dan adanya sistem pengendalian intern yang memadai secara menyeluruh;

b. Melakukan pembahasan dengan Direksi Perusahaan dan Anak Perusahaan, Manajer Akuntansi dan Keuangan atas laporan keuangan konsolidasi bulanan/triwulanan (belum diaudit) tahun 2010, mengenai kinerja dan posisi keuangan Perusahaan dan Anak Perusahaan, membadingkan dengan anggaran dan laporan keuangan tahun lalu untuk periode yang sama;

c. Melakukan pertemuan dengan Akuntan Publik untuk membahas mengenai rencana audit, risiko penting yang dihadapi Perusahaan, temuan audit serta kecukupan sistem pengendalian intern dan opini audit terhadap penerapan prinsip akuntansi yang berlaku umum di indonesia, serta tingkat kecukupan pengungkapan (keterbukaan informasi);

d. Mengkaji laporan keuangan konsolidasi interim Maret, Juni dan September 2010 serta memeriksa laporan konsolidasi keuangan auditan tahun 2010, sebelum dipublikasikan.

Kantor Akuntan Publik (KAP) yang memeriksa Laporan Keuangan Konsolidasi Tahun 2010 adalah KAP Rama Wendra (Parker Randall), yang telah ditunjuk berdasarkan RUPS tahunan yang diadakan pada bulan Juni 2010 dengan kriteria pemilihan yaitu harga, pengalaman audit di Perusahaan terbuka dan BUMN serta berafiliasi dengan KAP luar negeri.

Selama tahun 2010, Komite Audit telah mengadakan pertemuan dengan Direksi Perusahaan selama 9 (sembilan) kali, dengan Komisaris 4(empat) kali, dengan Audit Internal 3 (tiga) kali dan dengan Akuntan Publik 3 (tiga) kali.

issues and to ensure the adequacy of the overall internal control system;

b. Discussed with the Company's and Subsidiary's Directors and Accounting and Finance Managers regarding the performance and the financial position of 2010 the Company and Subsidiaries monthly/quarterly financial statements (unaudited), compared with the budget and last year financial statements of the same period.

c. Meet with the External Auditors to discuss the audit plan, significant risks faced by the Company, audit findings and the adequacy of internal control and auditors opinion regarding the application of generally accepted accounting principles in Indonesia, as well as the adequacy of disclosures;

d. Review March, June and September 2010 interim consolidated financial statements and checks 2010 the audited consolidated financial statements, before it is released publicly.

The Certified Public Accountant (CPA) that audited the Consolidated Financial Statements is CPA Rama Wendra (Parker Randall). The appointment of the Public Accountant is based on Annual Shareholders Meeting on June 2010 with the selection criteria such as price, experience in auditing Public Companies and Government Owned Companies and foreign affiliated Public Accountant.

During 2010, Committee Audit has conducted 9 (nine) meetings with the Company's Directors, 4 (four) with Commissioners, 3 (three) with Internal Auditor and 3 (three) with Public Accountant.

Jakarta, April 2011Komite Audit / Audit Committee

H.I. SYAFEIKetua

Chairman

JOHAN GIYANTOAnggota Member

MATHEUS POLUSTO SALBRI AnggotaMember

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34 Annual Report / Laporan Tahunan 2010

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35Annual Report / Laporan Tahunan 2010

Kami yang bertandatangan di bawah ini, Dewan Komisaris dan Direksi PT Multi Indocitra Tbk.,

Menyatakan bahwa :

• Bertanggung jawab atas penyusunan dan penyajian Laporan Tahunan Perusahaan

• Semua informasi dalam Laporan Tahunan telah sesuai lengkap dan benar

• Laporan Tahunan perusahaan tidak mengandung informasi atau fakta material yang tidak benar dan tidak menghilangkan informasi atau fakta material.

Demikian pernyataan ini dibuat dengan sebenarnya.

Jakarta, April 2011

JULIUS IRWAN RYANTOKomisaris Utama

President Commissioner

DEWAN KOMISARISBOARD OF COMMISSIONERS

ALKA TRANGGANAKomisaris

Commissioner

H.I. SYAFEIKomisaris Independen

Independent Commissioner

HERMAN WIRAWANDirektur Utama

President Director

DIREKSIBOARD OF DIRECTORS

SUKWAN WIDAYATDirekturDirector

KANDHAGA DHARMA GATHA YUWONODirekturDirector

Pernyataan Dewan Komisaris dan Direksi atas Kebenaran isi Laporan Tahunan PT MULTI INDOCITRA Tbk. 2010Board of Commissioners and Board Directors Statement on The Annual Report

We the undersigned, the Board of Commissioners and Board of Directors of PT Multi Indocitra Tbk.,

Stated that:

• Responsible for the preparation and disclosure of the Company Annual Report,

• All Information has been the truth and fully disclosed.

• The Company’s Annual Report does not contain incorrect information or material facts and does not deliberately hide information or facts which material in nature.

This statement states only the truth.

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36 Annual Report / Laporan Tahunan 2010

Laporan KeuanganKonsolidasi dan Anak Perusahaan

31 Desember 2009 dan 2010Consolidated Financial Statements and Subsidiaries

December 31, 2009 dan 2010

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