L Laporan Tahunan 2013 ANNUAL REPORT - PT Bayan ......PT Bayan Resources Tbk. 2013 Annual Report 1 = Informasi dan Fakta Material Setelah Laporan Akuntan / Subsequent Events Information

www.bayan.com.sg

premium name with sustainable growth

2013 ANNUALREPORTL a p o r a n T a h u n a n

Office 8 Building, 37 Floor Sudirman CBD Lot 28.Jl. Jend. Sudirman Kav. 52-53 (Jl. Senopati Raya 8B)Kebayoran Baru, Jakarta Selatan 12190, Indonesia.P. (62-21) 2935 6888, F. (62-21) 2935 6999website : www.bayan.com.sg

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Informasi Keuangan Penting / Important Financial Information 2= Ikhtisar Data Keuangan dan Rasio / Financial Highlights and Ratios 2= Ikhtisar Kinerja Saham / Stock Performance Highlight 4

Ø Saham yang Diterbitkan Per Triwulan / Shares Issued Quarterly 4

Ø Aksi Korporasi / Corporate Actions 4

Ø Penghentian Sementara Perdagangan Saham / Shares Suspension 4

Laporan Dewan Komisaris / Report of The Board of commissioners 5

Laporan Direksi / Report of The Board of Directors 8

Profil Perusahaan / corporate Profile 11= Informasi Perusahaan / Corporate Information 11= Riwayat Singkat Perseroan / Brief History of the Company 12= Kegiatan Usaha Bayan Group / Bayan Group Business Activities 12= Struktur Organisasi / Organization Structure 13= Visi, Misi dan Strategi Korporasi / Vision, Mission and Corporate Strategies 14= Profil Dewan Komisaris / Profiles of the Board of Commissioners 15= Profil Direksi / Profiles of the Board of Directors 18= Perubahan susunan Dewan Komisaris dan Direksi / Changes of the Composition of the Board of

Commissioners and Board of Directors 23

= Sumber Daya Manusia / Human Resources 24= Informasi Pemegang Saham / Shareholders Information 25= Informasi Pemegang Saham Pengendali dan Utama / Information on Controlling and Primary Shareholders 26= Informasi Entitas Anak / Subsidiaries Information 26= Struktur Korporasi / Corporate Structure 30= Kronologis Pencatatan Saham / Share Listing Chronology 30= Profesi Penunjang Pasar Modal / Capital Market Supporting Professionals 30= Sertifikasi dan Penghargaan / Awards and Certifications 31

Tinjauan dan Analisis Manajemen / Management Review and Analysis 33= Tinjauan Operasi / Operation Review 33

Ø Kegiatan Pertambangan / Mining Operations 33

Ø Kegiatan Non-Pertambangan / Non-Mining Operations 35= Analisis Kinerja Keuangan Komprehensif / Comprehensive Financial Performance Analysis 35= Kemampuan Membayar Utang / Ability to Repay Debt 39= Kolektibilitas Piutang / Collectability of Receivables 39= Struktur Permodalan / Capital Structure 39= Komitmen Material / Material Commitments 40

INFORMASI PERSEROAN / CORPORATE INFORMATION

Board of Commissioners:

• President Commissioner Dato’ Dr. Low Tuck Kwong

• Commissioners Ir. Michael Sumarijanto Mauro Montenero

• Independent Commissioners Dr Ir Rozik B Soetjipto Djanadi Bimo Prakoso

Board of Directors:

• President Director Eddie Chin Wai Fong

• Directors Lim Chai Hock Jenny Quantero Engki Wibowo Russell John Neil Alastair McLeod Low Yi Ngo Hermanto Suparman Lee-JeHyung

• Independent Director R. Soedjoko Tirtosoekotjo

Audit Committee: Dr Ir Rozik B Soetjipto Abdurrohman M. Sastra Ir. Bambang Gatot Ariyono. MM. DESS

Share Register: PT Raya Saham Registra Gedung Plaza Sentral Lt.2 Jl Jend Sudirman Kav. 47-48 Jakarta 12930

Corporate Secretary: Jenny Quantero [email protected]

Investor Relations: [email protected]

Shares Listed: Bursa Efek Indonesia / Indonesia Stock Exchange

Registered Office:Office 8 Building, 37 Floor Sudirman CBD Lot 28.

Jl. Jend. Sudirman Kav. 52-53 (Jl. Senopati Raya 8B) Kebayoran Baru, Jakarta Selatan 12 190, Indonesia. Phone : (62-21) 2935 6888 Fax : (62-21) 2935 6999 website : www.bayan.com.sg

Auditor:Kantor Akuntan PublikTanudiredja, Wibisana & Rekan(a member of PricewaterhouseCoopers global network) Jl HR Rasuna Said Kav. X-7 No.6Jakarta 12940, Tel (62 21) 521 2901Fax (62 21) 5290 5555 / 5290 5050

Singkatan /Abbreviations

Kepanjangan / In Full

AU PT Apira Utama

BCT Balikpapan Coal Terminal

Bayan PT Bayan Resources Tbk

BT PT Bara Tabang

BAS PT Brian Anjat Sentosa

BE PT Bayan Energy

BS PT Bara Sejati

BKL PT Bara Karsa Lestari

CA PT Cahaya Alam

DE PT Dermaga Energi

DPP PT Dermaga Perkasapratama

ENEL Enel Investment Holding B.V.

FKP PT Firman Ketaun Perkasa

FSP PT Fajar Sakti Prima

GBP PT Gunungbayan Pratamacoal

IP PT Indonesia Pratama

KSC PT Kaltim Supacoal

KFT Kalimantan Floating Transfer Barge

KRL Kangaroo Resources Limited

Daftar singkatanAbbreviations Used

Daftar IsiContents

Singkatan /Abbreviations

Kepanjangan / In Full

KEPCO Korea Electric Power Corporation

KM AUS Kangaroo Minerals Pty Ltd

KOJ PT Karsa Optima Jaya

KR SING Kangaroo Resources Singapore Pte Ltd

MP PT Metalindo Prosestama

Muji PT Muji Lines

MCM PT Mamahak Coal Mining

MEL PT Mahakam Energi Lestari

MBE PT Mahakam Bara Energi

OM PT Orkida Makmur

PIK PT Perkasa Inakakerta

SK PT Silau Kencana

SA PT Sumber Api

SAU PT Sumber Aset Utama

TSA PT Teguh Sinarabadi

TJ PT Tanur Jaya

TA PT Tiwa Abadi

WBM PT Wahana Baratama Mining

PT Bayan Resources Tbk. 2013 Annual Report

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= Informasi dan Fakta Material Setelah Laporan Akuntan / Subsequent Events Information 40= Prospek Usaha / Business Prospect 40= Strategi Bisnis / Business Strategies 42= Perbandingan antara Target dan Hasil 2013 / Comparison between 2013 Target and Results 44= Proyeksi Tahun 2014 / 2014 Projection 45= Tinjauan Pemasaran dan Penjualan / Marketing and Sales Review 45= Dividen / Dividends 48= Realisasi Penggunaan Dana Hasil Penawaran Umum / Realization of the Use of Proceeds from IPO 48= Informasi Transaksi Material yang Mengandung Benturan Kepentingan / Information on Material

Transaction Involving Conflict of Interests48

= Perubahan Peraturan Perundang-undangan / Changes in Laws And Regulations 48= Perubahan Kebijakan Akuntansi / Changes in Accounting Policy 49

Tata Kelola Perusahaan / Good Corporate Governance 50= Pelaksanaan Tata Kelola Perusahaan / Implementation of Good Corporate Governance 50= Dewan Komisaris / Board of Commissioners 50= Direksi / Board of Directors 51= Keputusan Hasil RUPS dan Realisasinya / Resolutions of the AGMS and its Realization 54= Komite Audit / Audit Committee 57= Komite Remunerasi dan Nominasi / Remuneration and Nomination Committee 60= Komite Manajemen Risiko / Risk Management Committee 62= Komite Tata Kelola Perusahaan / Corporate Governance Committee 64= Sekretaris Perusahaan / Corporate Secretary 65= Satuan Pengawas Internal / Internal Audit Department 66= Sistim Pengendalian Internal / Internal Control System 67= Sistem Manajemen Terintegrasi / Integrated Management System 68= Kasus Hukum / Legal Cases 68= Sanksi Administratif / Administrative Sanctions 70= Kode Etik dan Budaya Perusahaan / Code of Ethics and Corporate Culture 72= Informasi MESOP / MESOP Information 72= Sistem Pelaporan Pelanggaran / Whistle Blower System 72

Manajemen Risiko / Risk Management 73

Tanggung Jawab Sosial Perusahaan / Corporate Social Responsibility 78= Kesehatan dan Keselamatan Kerja / Occupational Health and Safety 78= Pengelolaan Lingkungan / Environmental Management 79= Pengembangan Masyarakat / Community Development 79

Laporan Keuangan Konsolidasian 2013 dan 2012 / Consolidated Financial Statements of 2013 and 2012 85

Surat Pernyataan Tentang Kebenaran Isi Laporan Tahunan / Statement on the Accuracy of the Annual Report 87

PT Bayan Resources Tbk. Laporan Tahunan 2013

2 Informasi Keuangan PentingImportant Financial Information

Ikhtisar Data Keuangan dan Rasio / Financial Highlights and Ratios

(dalam AS$ / in US$)

2013 2012* 2011

Laporan Laba Rugi Komprehensif / Statement of Comprehensive Income

Pendapatan / Revenue 1,147,467,928 1,422,880,281 1,509,261,938

Laba Bruto / Gross Profit 163,419,730 167,516,761 439,845,969

Laba Usaha / Operating Profit (30,189,830) 19,489,311 295,071,987

Laba (Rugi) Bersih / Net Income (Loss) (55,216,028) (13,748,426) 213,263,465

Laba (Rugi) yang dapat diatribusikan kepada / Profit (Loss) attributable to:

Pemilik Entitas Induk / Owners of the Parent Entity (36,309,968) (10,084,093) 208,470,008

Kepentingan Non-Pengendali / Non-Controlling Interests (18,906,060) (3,664,333) 4,793,457

Laba (Rugi) komprehensif / Comprehensive (Loss) income (59,995,567) (6,246,256) 237,742,065

Laba (Rugi) komprehensif yang dapat diatribusikan kepada / Comprehensive (Loss) income attributable to:

Pemilik Entitas Induk / Owners of the Parent Entity (41,089,507) (2,911,263) 233,277,948

Kepentingan Non-Pengendali / Non-Controlling Interests (18,906,060) (3,334,993) 4,464,117

Laba Bersih per Saham Dasar / Basic Earnings per share (0.01) (0.00) 0.06

Laporan Posisi Keuangan / Statement of Financial Position

Aset Lancar / Current Assets 474,147,531 465,215,610 408,250,639

Aset Tetap / Fixed Assets 282,905,550 327,339,668 221,443,685

Aset Tidak Lancar / Non-Current Assets 1,092,641,322 1,197,730,957 1,187,996,923

Total Aset / Total Assets 1,566,788,853 1,662,946,567 1,596,247,562

Liabilitas Jangka Pendek / Current Liabilities 431,456,547 397,472,849 618,637,802

Liabilitas Jangka Panjang / Non-Current Liabilities 685,491,088 755,636,933 257,829,875

Total Liabilitas / Total Liabilities 1,116,947,635 1,153,109,782 876,467,677

Modal Kerja Bersih / Net Working Capital 42,690,984 67,742,761 (210,387,163)

Ekuitas / Equity 449,841,218 509,836,785 719,779,885

Rasio Keuangan Penting / Main Financial Ratios

Laba (Rugi) Bersih terhadap Aset / Net Income (Loss) to Assets (3.5%) (0.8%) 13.4%

Laba (Rugi) Bersih terhadap Ekuitas / Net Income (Loss) to Equity (12.3%) (2.7%) 29.6%

Rasio Profitabilitas / Profitability Ratios

Margin Laba Kotor / Gross Profit Margin 14.2% 11.8% 29.1%

Margin Laba Usaha / Operating Profit Margin (2.6%) 1.4% 19.6%

Margin Laba (Rugi) Bersih / Net (Loss) Profit Margin (4.8%) (1.0%) 14.1%

Likuiditas, Solvabilitas dan Rasio Utang / Liquidity, Solvency, and Debt Ratios

Aset Lancar terhadap Liabilitas Jangka Pendek / Current Assets to Current Liabilities 109.9% 117.0% 66.0%

Total Aset terhadap Total Liabilitas / Total Assets to Total Liabilities 140.3% 144.2% 182.1%

Total Liabilitas terhadap Total Aset / Total Liabilities to Total Assets 71.3% 69.3% 54.9%

Total Liabilitas terhadap Ekuitas / Total Liabilities to Equity 248.3% 226.2% 121.8%

Utang Bersih terhadap Ekuitas / Net Debt to Equity 105.8% 97.1% 32.3%

Rasio Efisiensi / Efficiency Ratios

Periode Penagihan Rata-rata / Average Collection Period 20.1 days 22.7 days 18.1 days

Pendapatan terhadap Piutang Usaha (Perputaran Piutang) / Revenue to Trade Receivables (Receivable Turnover) 18.2 times 16.1 times 20.2 times

* : Angka yang disajikan kembali / Restated figures


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PENDAPATAN (dalam jutaan AS$)REVENUE (in million US$)

EKUITAS (dalam jutaan AS$)EQUITY (in million US$)

US$ 720million

US$ 510 million

US$ 450 million

2011 2012 2013

TOTAL LIABILITAS (dalam jutaan AS$)TOTAL LIABILITIES (in million US$)

US$ 876 million

US$ 1,153 million

US$ 1,117 million

2011 2012 2013

TOTAL ASET (dalam jutaan AS$)TOTAL ASSETS (in million US$)

US$ 1,596 million

US$ 1,567million

2011 2012 2013

US$ 1,663 million

LABA (RUGI) BERSIH (dalam jutaan AS$)NET INCOME (LOSS) (in million US$)

US$ 213 million

US$ (14) million US$ (55)

million

2011 2012 2013

LABA(RUGI) USAHA (dalam jutaan AS$)OPERATING (LOSS) PROFIT (in million US$)

US$ 295 million

US$ 19 million

US$ (30) million

2011 2012 2013

US$ 1,509 million US$ 1,423

million

US$ 1,147 million

2011 2012 2013


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Ikhtisar Kinerja Saham / Stock Performance Highlights

Saham Yang Diterbitkan Pertriwulan / Shares Issued Quarterly

Pergerakan Harga (Rp) dan Volume Perdagangan Saham BAYAN per Kuartal / Quarterly Price Movement (IDR) and Trading Volume of BAYAN

Terendah / Lowest

Tertinggi / Highest

Penutupan / Closing

Volume Perdagangan /

Trading Volume

Jumlah Saham Beredar / Number

of Shares

Kapitalisasi Pasar / Market Capitalization(*T = Triliun / Trillion)

Kuartal/Quarter 1 - 12 17,350 18,200 17,900 5,260,224 3,333,333,500 50.6 T


Kuartal/Quarter 3 - 12 10,700 13,200 13,200 765,597 3,333,333,500 40.0 T






Grafik Pergerakan Harga dan Volume Perdagangan Saham BAYAN / Price Movement and Trading Volume of BAYAN

20,000 5,500,000

5,000,000

4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

-

18,000

16,000

14,000

12,000

8,000

6,000

4,000

10,000

2,000

Kuartal / Quarter

1-12

Kuartal / Quarter

1-13

Kuartal / Quarter

2-12

Kuartal / Quarter

2-13

Kuartal / Quarter

3-12

Kuartal / Quarter

3-13

Kuartal / Quarter

4-12

Kuartal / Quarter

4-13

-

Volume Harga /Price

Aksi Korporasi

Sejak tercatat sebagai anggota bursa pada tahun 2008, Perseroan belum pernah melakukan aksi korporasi yang berkaitan dengan saham seperti pemecahan saham, penggabungan saham, dividen saham dan saham bonus maupun penurunan nilai nominal saham hingga saat ini, kecuali pembagian dividen tunai. Informasi terkait dengan dividen dapat dibaca pada halaman 48.

Penghentian Sementara Perdagangan Saham

Pada tahun 2013, Perdagangan saham Perseroan di bursa tidak mengalami penghentian sementara atau suspensi.

Corporate Actions

Since being listed as a member of the stock exchange in 2008, the Company has not taken any corporate actions related to shares such as share split, share combination, share dividend, bonus shares, and the reduction of nominal value of shares, with the exception of cash dividend distributions. Information related to dividends can be read on page 48.

Share Suspension

In 2013, The company's share trade in the stock exchange was not suspended.


5Laporan Dewan KomisarisReport of the Board of Commissioners

Dato’ Dr Low Tuck KwongKomisaris UtamaPresident Commissioner

Para Pemegang Saham yang Terhormat,

Pada akhir tahun 2013, PT Bayan Resources Tbk. (Bayan/Perseroan) mengawali era baru dengan memulai pembangunan infrastruktur yang telah lama direncanakan untuk menunjang pengembangan proyek Tabang menjadi tambang batubara sub-bituminus berskala besar. Sejak Perseroan terdaftar sebagai perusahaan publik tahun 2008, total produksi gabungan telah mencapai tingkat pertumbuhan hampir 18,4% per tahun. Untuk mempertahankan pertumbuhan yang pesat ini, Bayan perlu memanfaatkan cadangan batubara yang besar di proyek Tabang/Pakar agar dapat memenuhi konsumsi batubara yang semakin bertambah di negara-negara berkembang. Pengambilalihan Kangaroo Resources Limited (KRL) digabungkan dengan aset-aset Tabang yang ada saat ini telah memungkinkan Bayan menjual sejumlah besar batubara melalui perjanjian off-take jangka panjang, terutama dengan para produsen listrik tenaga batubara di pasar-pasar Asia.

Dear Shareholders,

In late 2013, PT Bayan Resources Tbk. (Bayan/Company) begins a new era with the commencement of the much awaited development of the infrastructure to allow the Tabang Project to expand and become a large scale sub-bituminous coal mine. Since the Company’s public listing in 2008, the Group’s total production has achieved a compounded growth rate close to 18.4% per annum. To maintain this rapid growth development, Bayan needed to tap the significant coal reserves at the Tabang/Pakar projects in the anticipation of supplying the growing consumption of emerging countries. The acquisition of Kangaroo Resources Limited (KRL) combined with its existing Tabang assets have allowed Bayan to commit a substantial volume of long term off-take agreements, principally with coal fired power producers in the Asian markets.


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Proyek Tabang dimulai dengan baik pada awal tahun 2013 karena Perseroan berhasil mendapatkan Izin Pinjam Pakai Kawasan Hutan, yang secara efektif membuka jalan bagi pembangunan jalan angkut sepanjang 69 km ke Senyiur yang dilakukan Perseroan pada kuartal keempat tahun 2013. Selain itu, investasi tambahan dialokasikan untuk meningkatkan sistem pemuatan tongkang di dermaga Senyiur. Dermaga baru ini akan menjadi alternatif dari fasilitas pemuatan tongkang Gunung Sari yang ada untuk memastikan pengiriman batubara dapat berlangsung sepanjang tahun dan telah dirancang untuk memungkinkan keberlangsungan ekspansi bertahap. Dengan peningkatan kapasitas infrastruktur di Tabang, Bayan siap memenuhi perjanjian off-takenya di tahun-tahun mendatang serta mengurangi biaya produksinya secara signifikan.

Selama tahun 2013, Bayan menyelesaikan uji coba floating transfer barge keduanya yang akan ditempatkan secara strategis di Balikpapan dan Samarinda. Fasilitasi ini akan memperlancar ekspansi proyek Tabang/Pakar.

Perseroan telah mengambil keputusan untuk tetap berinvestasi pada pengembangan dan perluasan Tabang sebagai pusat pertumbuhan Group dan berupaya menurunkan biaya produksi terlepas dari volatilitas iklim ekonomi saat ini. Pada tahun 2013, bertambahnya pasokan batubara diiringi dengan lambatnya pemulihan ekonomi yang berkepanjangan telah menekan harga batubara dan kami mengantisipasi kecenderungan ini akan berlanjut dalam jangka pendek. Kami terpaksa menurunkan rasio pengupasan tanah rata-rata di seluruh tambang milik Group untuk menekan biaya. Sebagai akibatnya, kami mengurangi volume produksi, menurunkan pengeluaran tambahan, menegosiasikan kembali komitmen volume dengan kontraktor, dan menghentikan sementara operasi di Mamahak. Pendek kata, kami perlu bersikap fleksibel untuk menyesuaikan diri dengan keadaan yang lebih menantang.

Selama tahun 2013, Carlos Eizaguirre dari ENEL, salah satu anggota Dewan Komisaris, dan Seungbum Kim dari KEPCO, salah satu anggota Direksi, dipindahtugaskan oleh perusahaan mereka dan oleh karena itu mengundurkan diri dari posisi mereka di Bayan. Kami berterima kasih kepada mereka atas kontribusi keahlian dan pengalaman mereka kepada Bayan. Kami juga menyambut hangat Mauro Montenero dari ENEL dan Lee Je-Hyung dari KEPCO dalam tim Bayan.

Di masa mendatang, kami mengharapkan pertumbuhan produksi batubara yang signifikan dari konsesi Tabang, yang dapat menurunkan biaya secara keseluruhan di Bayan Group. Kami tetap yakin batubara merupakan sumber energi global yang fundamental. Dengan pesatnya pertumbuhan urbanisasi dan industrialisasi ekonomi Asia, energi akan menjadi semakin penting. Mayoritas penduduk yang terus bertambah tinggal di kota-kota dimana pembangkit listrik berperan penting dalam kesejahteraan ekonomi. Pembangkit listrik tenaga batubara diperkirakan akan berkembang pesat untuk memenuhi kebutuhan miliaran penduduk yang tidak memiliki akses listrik memadai. Berdasarkan keadaan inilah kami tetap berfokus pada pemanfaatan infrastruktur dan aset yang ada untuk semakin memperkuat daya saing. Kami termotivasi untuk terus memperluas produksi kami ke proyek-proyek dengan laba tertinggi.

The Tabang Project got off to a good start in early 2013 as the Company successfully obtained its Pinjam Pakai (Borrow-Use) Forestry Permit effectively paving the way for it to commence the construction of a 69 km haul road to Senyiur which it did in the fourth quarter of 2013. Furthermore, additional investment was allocated to upgrade the barge loading system at the Senyiur jetty. This new jetty will provide an alternative to our existing Gunung Sari barge loading facility to ensure all year round coal shipments and has been designed to allow for continued phased expansion. With the increase in infrastructure capacity at Tabang, Bayan is well positioned to fulfill its off-take commitments in the years to come and to significantly reduce its production costs.

During the year Bayan completed commissioning of its second floating barge station that will be strategically located in Balikpapan and Samarinda. This will facilitate the expansion of Tabang/Pakar projects.

The Company has taken the decision to continue to invest in the development and expansion at Tabang as it lies at the heart of the Group’s growth and cost cutting efforts despite the volatility in the current economic climate. In 2013, increased coal supply combined with a prolonged delay in economic recovery exerted a downward pressure on coal prices and we anticipate this trend to continue over the short term. We had to make a tough call to reduce the average strip ratio across the Group to mitigate costs. Consequently, we lowered production volumes, reduced operations overhead, renegotiated volume commitments with our contractors, and suspended operations at Mamahak. In short, we needed to be flexible to adapt to a more challenging environment.

During the course of the year, Carlos Eizaguirre from ENEL, a member of the Board of Commissioners, and Seungbum Kim from KEPCO, a member of the Board of Directors were both re-assigned by their companies and hence resigned from their positions with Bayan. We would like to thank them for sharing their expertise and wealth of experience with Bayan. Alongside this, we would like to warmly welcome Mauro Montenero from ENEL and Lee Je-Hyung from KEPCO to our Bayan team.

Looking ahead, we anticipate significant volume growth from Tabang resulting in overall lower unit costs to the Group. We continue to believe that coal is a fundamental global energy source. As the urbanization and industrialization of Asian economies scale unprecedented heights, energy will be even more vital. The vast majority of an ever increasing population lives in cities where electricity generation is essential to economic prosperity. Coal power generation is forecast to grow exponentially to accommodate billions of people who have insufficient access to electricity. It is against this backdrop that we remain focused in utilizing existing infrastructure and assets to further strengthen our competitive advantage. We are driven to continue expanding our production to projects with the highest returns.


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Landasan kesuksesan Bayan berpedoman pada praktik-praktik terbaik yang dijunjung Direksi. Kami yakin Perseroan memiliki peluang yang baik di bawah arahan Direksi, yang telah bertindak demi kepentingan terbaik Perseroan dan memenuhi harapan Dewan Komisaris. Direksi juga telah berhasil menangani berbagai tantangan secara efektif, dan terus membangun landasan yang kokoh untuk pertumbuhan berkesinambungan. Tantangan-tantangan tersebut telah menjadi pengalaman berharga untuk memperkuat Perseroan.

Atas nama Dewan Komisaris, saya mengucapkan terima kasih kepada Direksi dan semua manajemen dan staf atas upaya dan dedikasi mereka kepada Perseroan.

Terima kasih atas minat dan dukungan berkelanjutan Anda pada Bayan.

Hormat kami,

Atas nama Dewan KomisarisOn behalf of the Board of Commissioners

Dato' Dr Low Tuck KwongKomisaris Utama

President Commissioner

The foundation of Bayan’s success is guided by the best practices supported by the Board of Directors. We believe the Bayan Group to be well positioned under the direction of the Board of Directors. They acted in the best interest of the Company and successfully met the expectations of the Board of Commissioners. Finally, they effectively dealt with significant challenges, and carried on building a solid platform for sustainable growth. The challenges had been a valuable experience that made the Company even more resilient.

On behalf of the Board of Commissioners, I would like to express our appreciation to the Board of Directors and all the management and staff for their efforts and dedication to the Company.

I thank you for your interest and continued support of Bayan.

Yours sincerely,


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Para Pemegang Saham yang Terhormat,

Bayan memasuki tahun 2013 dengan tantangan untuk menangani kemerosotan berkelanjutan harga batubara, yang terutama diakibatkan kelebihan pasokan di pasar batubara. Penurunan ekonomi China dan India dari tingkat pertumbuhan negara-negara tersebut sebelumnya serta ekspansi produksi yang pesat telah mempengaruhi harga batubara.

Dear Shareholders,

Bayan entered 2013 with the challenge of managing continued erosion of coal prices primarily as a result of the oversupply in the market. The economic deceleration of China and India from their previous record levels of growth as well as the continued rapid expansion of production has impacted coal prices.

Chin Wai FongDirektur UtamaPresident Director

Laporan DireksiReport of the Board of Directors


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Keuntungan Bayan terkena dampak cukup signifikan dengan peristiwa-peristiwa eksternal ini. Total pendapatan yang dihasilkan berjumlah AS$ 1.147,5 juta atau menurun 19,4% dibandingkan tahun sebelumnya akibat harga jual rata-rata yang lebih rendah senilai US$ 77,0 per ton dibandingkan AS$ 88,6 per ton tahun 2012. Volume penjualan juga menurun menjadi 14,7 juta ton atau sebesar 8,0% karena penurunan volume produksi. Laba kotor berjumlah US$ 163,4 juta atau 2,4% lebih rendah dari tahun 2012 akibat jatuhnya harga jual. Bayan juga harus memperhitungkan rugi selisih kurs yang belum direalisasi sebesar AS$ 44,7 juta atas piutang PPN-nya dan biaya Penurunan nilai sebesar AS$42,6 juta atas aset MCM-nya, yang secara gabungan menimbulkan rugi usaha sebesar US$ 30,2 juta pada tahun 2013.

Perseroan memproduksi 13,7 juta MT batubara, yang sedikit lebih rendah daripada Anggaran. Penurunan pertumbuhan produksi diakibatkan keputusan kami untuk menurunkan rasio pengupasan tanah rata-rata tertimbang dan mengurangi biaya produksi. Kami bekerja sama dengan para subkontraktor untuk merevisi rencana tambang di semua lokasi tambang demi mencapai rasio pengupasan tanah yang lebih rendah. Armada peralatan didemobilisasikan dan biaya operasional dikurangi untuk merampingkan operasi tambang. Upaya gabungan dan koordinasi yang baik antara Group dengan para subkontraktor telah memungkinkan kami mencapai sasaran-sasaran kami.

Terlepas dari kinerja keuangan yang kurang menguntungkan, kami tetap mengkaji dan memperkuat pelaksanaan tata kelola perusahaan untuk meningkatkan kinerja, memperluas transparansi dan melakukan praktik-praktik terbaik. Kami percaya sudah menjadi tanggung jawab Direksi untuk menetapkan dasar-dasar praktik usaha terbaik dengan memberdayakan manajemen untuk melaksanakannya dan meminta pertanggungjawaban mereka atas hasilnya.

Pendekatan yang berkelanjutan merupakan hal tak terpisahkan dalam cara kami menjalankan usaha. Pengelolaan dampak sosial, ekonomi dan lingkungan dalam operasi dan aktivitas pertambangan tetap menjadi prioritas Perseroan. Bayan terus meningkatkan program-program kesejahteraan sosial melalui penyediaan layanan kesehatan dan bantuan untuk proyek-proyek terkait pendidikan. Perseroan menjalankan kegiatan infrastruktur berkelanjutan yang meliputi pembangunan jalan, jembatan, sekolah dan institusi agama. Kami juga berperan serta mendukung kesejahteraan ekonomi masyarakat melalui fasilitasi pendirian usaha kecil yang mencakup perikanan, proyek pertanian dan kerajinan tangan.

Kami memanfaatkan kesempatan ini untuk berterima kasih kepada Carlos Eizaguirre dari ENEL dan Seungbum Kim dari KEPCO atas wawasan dan kontribusi yang mereka berikan kepada Bayan. Kami juga menyambut kembali Mauro Montenero di jajaran Dewan Komisaris dan mengumumkan kehadiran anggota baru dalam Group, yaitu Lee Je-Hyung yang menggantikan Seungbum Kim di jajaran Direksi.

Bayan’s profitability was significantly affected by these external events. Total revenues generated were US$1,147.5 million or a decline of 19.4% compared to the previous year as a result of lower average selling price at US$ 77.0 per tonne compared to US$ 88.6 per tonne in 2012. Sales volume also went down to 14.7 million tonnes or by 8.0% given that production volumes were reduced. The gross profit was US$ 163.4 million or 2.4% lower than 2012 due to the drop in sales price. Bayan also had to account for an unrealised foreign exchange loss of US$ 44.7 million on its VAT receivables and an impairment charge of US$ 42.6 million on its MCM assets which together generated a operating loss of US$ 30.2 million for 2013.

The Company produced 13.7 million MT which was slightly lower than our Budget. The decrease in production was a consequence of our decision to lower weighted average strip ratios and to reduce cost of production. We worked with our sub contractors with regards to revising the mine plans of all the sites to achieve lower stripping ratios. Fleets of equipment were demobilized and operational overheads were reduced to streamline mining operations. We are pleased to say that the combined efforts and close coordination of the Group with the sub contractors has enabled us to achieve our objectives.

Notwithstanding the disappointment in the financial performance, we continue to review and strengthen our good corporate governance practices to improve performance, enhance transparency, and instill best practice. We believe it is the Board’s responsibility to set the fundamentals of best business practices by empowering management to execute it and hold them accountable for the results.

Our approach to sustainability is intrinsic to the way we conduct business. Managing the social, economic, and environmental impacts of the mining operations and activities remain the Company’s priority. Bayan continues to improve social welfare programs through the provision of health services and support of education related projects. The Company has on-going infrastructure activities which include development of roads, bridges, schools, and religious institutions. We also have contributed to the economic prosperity of the community by facilitating the establishment of small business enterprises which include fisheries, agricultural projects, and handicrafts.

We wouId like to take this opportunity to thank Carlos Eizaguirre of ENEL and Seungbum Kim of KEPCO for their insights and contribution to Bayan. We would also like to warmly welcome back Mauro Montenero to our Board of Commissioners and announce a new member to the Group, Lee Je-Hyung who replaced Seungbum Kim in our Board of Directors.


10

Tinjauan dan Prospek

Kami memperkirakan bahwa situasi kelebihan pasokan yang menekan harga batubara akan terus berlanjut dalam jangka pendek. Dengan latar belakang ini, Perseroan telah melakukan berbagai upaya pengurangan biaya dengan menurunkan rasio pengupasan tanah rata-rata tertimbang dan mengkonsentrasikan belanja modal pada aset-aset yang lebih menguntungkan.

Bayan telah memulai tahap pertama pengembangan kapasitas konsesi Tabang yang diperkirakan akan selesai pada semester kedua tahun 2014. Dengan peralatan dan infrastruktur tambahan yang akan diberdayakan, Tabang diperkirakan akan memproduksi sekitar 5 juta ton batubara, yang merupakan peningkatan sebesar 3 juta ton dari jumlah tahun lalu, dan terus menambah produksi di tahun-tahun mendatang. Manajemen tengah melakukan langkah-langkah untuk menurunkan biaya produksi di Tabang dan yakin bahwa Tabang akan menjadi salah satu produsen batubara berbiaya terendah saat berproduksi penuh.

Perseroan yakin bahwa dalam jangka menengah hingga panjang, prospek batubara akan tetap cerah. Hal-hal yang mendasari urbanisasi dan industrialisasi China, India dan negara-negara berkembang lain akan tetap memicu sebagian besar pertumbuhan permintaan terhadap batubara. Kami percaya koreksi pasar akan menyebabkan harga batubara lebih menguntungkan.

Kami telah mengalami banyak fluktuasi di pasar batubara beberapa tahun terakhir ini, dan tak diragukan lagi masih akan mengalaminya tahun ini dan selanjutnya. Dengan setiap kenaikan dan penurunan, kami yakin tim manajemen dan staf memiliki pengalaman dan tekad yang diperlukan untuk menghadapi semua tantangan ini dan memanfaatkan peluang-peluang yang diciptakan keadaan ekonomi dewasa ini.

Bersama Direksi, kami menyampaikan penghargaan atas dukungan Dewan Komisaris, para pemangku kepentingan, para pemegang saham, publik dan pemerintah di semua tingkatan, yang tanpanya Bayan tidak akan mampu mengatasi berbagai tantangan dan hambatan.

Lebih penting lagi, kami berterima kasih kepada tim manajemen senior Perseroan dan para karyawan atas dedikasi dan kerja keras mereka pada tahun 2013.

Hormat kami,

Chin Wai FongDirektur Utama

President Director

Outlook and Prospects

We anticipate that the oversupply situation that exerted downward pressure on coal prices will continue over the short term. Against this backdrop, the Company has employed all efforts to reduce costs by further lowering weighted average strip ratios and concentrating capital expenditure on more profitable assets.

Bayan has commenced the first phase of the growth in capacity at the Tabang concessions and is anticipated to be completed towards the second half of 2014. With the equipment and additional infrastructure that will be put in place, Tabang is forecast to produce approximately 5 million tonnes which is an additional increase of 3 million tonnes from last year and will continue to ramp up in the years to come. The management is introducing measures to reduce production cost at Tabang and believe that the Tabang mines will become one of the lowest cost producer when it is in full production.

The Company maintains that in the medium to long term coal prospects will remain positive. The fundamentals underpinning the urbanization and industrialization of China, India and other emerging countries will continue to represent the major share of the demand growth of coal. We believe that market corrections will lead to healthier coal prices.

We have experienced tremendous fluctuations in the coal market in the last few years and there is no doubt that we will continue to do so this year and beyond. With each peak and trough, we have every confidence that the management team and staff have the experience and determination to face these challenges and seize opportunities created by the current economic conditions.

Together with the Board of Directors, we would like to acknowledge the support of the Board of Commissioners, stakeholders, shareholders, the public and government at all levels without which Bayan would not have been positioned to overcome the obstacles and constraints.

More importantly, we would like to thank the Company’s Senior Management Team and employees for their dedication and hard work in 2013.

Yours sincerely,


11

Informasi Perusahaan

PT Bayan Resources Tbk merupakan produsen batubara berkadar belerang rendah, sub-bituminus dan semi-soft coking ramah lingkungan yang memadukan operasi pertambangan, pengolahan dan logistik. Profil Perusahaan adalah sebagai berikut :

Nama / Name : PT Bayan Resources TbkAlamat / Address : Office 8 Building, 37th floor, Sudirman CBD Lot 28, Jl. Jend. Sudirman Kav. 52-53

(Jl. Senopati Raya 8B), Kebayoran Baru, Jakarta 12190, Indonesia. Telepon / Phone : (6221) 2935 6888Faksimili / Facsimile : (6221) 2935 6999Website : www.bayan.com.sgSekretaris Perusahaan / Corporate Secretary

: [email protected]

Investor Relations : [email protected] Pemasaran / Marketing : [email protected]

Corporate Information

PT Bayan Resources Tbk is a producer of environmentally-friendly low sulfur, sub-bituminous and semi-soft coking coal integrating coal mining, processing and logistic operations. The Company profile is as follows:

Profil PerusahaanCorporate Profile

Pengangkatan batubara di tambang PIK / Coal getting at PIK site

Kegiatan ROM di proyek Tabang / ROM activities at Tabang ProjectPemuatan batu bara ke mother vesel di KFT-1 /

Uploading of coal to mother vessel at KFT-1

Peresmian kantor baru Bayan Group di Office 8 / The inauguration of new office of Bayan Group at Office 8


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Riwayat Singkat Perseroan

Sejarah Bayan dimulai pada bulan November 1997, saat Pemegang Saham Pendiri mengakuisisi konsesi tambang batubara pertamanya yang berlokasi di Muara Tae, Kalimantan Timur, yang dikenal dengan nama PT Gunungbayan Pratamacoal (GBP).

Sejak itu, sejumlah konsesi batubara telah diakuisisi, termasuk pengambilalihan saham mayoritas atas Balikpapan Coal Terminal (BCT) yang memiliki kapasitas pengolahan hingga 15,0 juta MT per tahun. Selanjutnya para Pemegang Saham Pendiri mendirikan PT Bayan Resources Tbk. pada tanggal 7 Oktober 2004 berdasarkan Akta Notaris No. 12 tanggal 7 Oktober 2004 yang dibuat di hadapan Yani Indrawaty Wibawa, S.H., notaris di Jakarta. Akta tersebut telah mendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. C-30690 HT.01.01. TH.2004 tanggal 21 Desember 2004. Anggaran Dasar Perseroan telah beberapa kali mengalami perubahan, terakhir berdasarkan Akta Notaris No. 139 tanggal 30 Mei 2013 yang dibuat di hadapan Mala Mukti, S.H., notaris di Jakarta mengenai perubahan susunan Dewan Komisaris dan Direksi Perseroan. Akta ini juga telah diberitahukan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan diterbitkannya Surat Penerimaan Pemberitahuan Data Perseroan No. AHU-AH.01.10-33416 tanggal 16 Agustus 2013. Semua konsesi yang telah diperoleh dikonsolidasikan dengan PT Bayan Resources Tbk.

Pada tahun 2006, Perseroan diubah dari perusahaan non-investasi menjadi perusahaan terbatas di bidang investasi dalam negeri berdasarkan undang-undang Republik Indonesia. Pada tanggal 12 Agustus 2008, Perseroan resmi mencatatkan sahamnya di Bursa Efek Indonesia melalui Penawaran Umum Saham Perdana (IPO) dengan harga perdana sebesar Rp. 5.800/saham. Di tahun yang sama, Perseroan membeli KFT-1, yang diperuntukkan bagi Proyek WBM guna melayani kapal berukuran tongkang hingga capesize di wilayah Kalimantan Selatan.

Seiring waktu, pada tahun 2010 Perseroan terus melakukan ekspansi dengan mengakuisisi saham Kangaroo Resources Limited (KRL) dan 14 konsesi pertambangannya, sehingga menjadikan Perseroan Pemegang Saham mayoritas di perusahaan yang berdomisili dan terdaftar di Bursa Efek Australia tersebut. Tahun 2012 Perseroan juga membeli KFT-2 yang diperuntukkan untuk proyek Tabang/Pakar di Kalimantan Timur.

Kegiatan Usaha Bayan Group

Kegiatan utama usaha Perseroan adalah bidang perdagangan dan jasa. Bayan Group merupakan produsen batubara terpadu yang terutama berfokus pada pertambangan open pit, pengolahan dan logistik batubara terpadu melalui anak-anak perusahaan yang bergerak di berbagai bidang usaha, mulai dari pertambangan, pengelolaan jasa pelabuhan, pemuatan batubara, tongkang, kontraktor hingga jasa sewa alat-alat berat. Produksi batubara Bayan Group meliputi berbagai jenis, di antaranya batubara ramah lingkungan, batubara berkadar belerang rendah, batubara sub-bituminus dan semi-soft coking.

Brief History of the Company

Bayan’s history dates back to November 1997, when the Founding Shareholders acquired its first coal mining concession located in Muara Tae, East Kalimantan, known as PT Gunungbayan Pratamacoal (GBP).

Since then, a number of new coal concessions have been acquired, including the acquisition of the majority shares of Balikpapan Coal Terminal (BCT) which has throughput capacity of up to15.0 million MT per year. The Founding Shareholders subsequently established PT Bayan Resources Tbk. on 7 October 2004 based on Notarial Deed No. 12 dated 7 October 2004 drawn up before Yani Indrawaty Wibawa, S.H., notary in Jakarta. Such Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia in their Decree No. C-30690 HT.01.01.TH.2004 dated 21 December 2004. The Company Articles of Association has been amended several times, most recently with Notarial Deed No. 139 dated 30 May 2013 drawn up before Mala Mukti, S.H., notary in Jakarta on the change of composition of the Board of Commissioners and Board of Directors of the Company. This Deed has also been notified to the Minister of Law and Human Rights of the Republic of Indonesia with the issuance of Company Data Notification Receipt No. AHU-AH.01.10-33416 dated 16 August 2013. All concessions acquired were consolidated into PT Bayan Resources Tbk.

In 2006, the Company was converted from non-investment to limited liability company in the domestic investment sector pursuant to the laws of the Republic of Indonesia. On 12 August 2008, the Company officially registered its shares on the Indonesian Stock Exchange through an initial public offering (IPO) with initial price of IDR 5,800/share. In the same year, the Company purchased the KFT-1 to be allocated for WBM project in order to serve barges to capesize vessels in South Kalimantan.

As time progressed, the Company continued to expand its business by acquiring the shares of Kangaroo Resources Limited (KRL) and its 14 mining concessions in 2010, making the Company the majority shareholder of KRL which is domiciled in Australia and registered on the Australian Stock Exchange. In 2012, the Company also purchased the KFT-2 allocated for the Tabang/Pakar project in East Kalimantan.

Bayan Group Business Activities

The main business activity of the Company is trading and provision of services. Bayan Group is an integrated coal producer primarily focusing on open pit coal mining, processing and logistics operations through subsidiaries engaging in business sectors that range from mining to port service management, coal loading, barging, contractors and heavy equipment rental services. Bayan Group produces various types of coal, including environmental-friendly, low-sulfur, sub-bituminous and semi-soft coking coal.


13

Organizational StructureStruktur Organisasi

Direksi / Board of Directors

Dewan Komisaris /Board of Commissioners

RUPS /GMS

Komite Remunerasidan Nominasi /

Remuneration andNomination Committee

Komite Audit /Audit Committee

Komite Manajemen Risiko / Risk Management

Committee

Komite Tata KelolaPerusahan / Corporate

Governance Committee

Kantor Balikpapan /

Regional Office

Keuangan / Treasury R & D Informasi

Teknologi dan Komunikasi / ICT R & D

Internal Audit / Internal Audit

HSE dan CD / HSE and CD

Perencanaan Tambang / Mine

Planning

Penjualan & Pemasaran / Marketing &

Sales

Marketing Spesialis / Marketing Specialist

Ekspor / Export

Proyek GBP 1 / GBP 1 Project

Proyek GBP 2 / GBP 2 Project

Sumber Daya Manusia /

Human Resources

Akunting / Accounting

Pengembangan Usaha /

Business Development

Pengembangan Proyek dan Hubungan Investor / Project

Development and Investor

Relations

Hukum / Legal

Spesialis Manajemen

Proyek / Project Management

Specialist

Perizian & Pelaporan Tambang /

Licence & Mine Reporting

Penagihan / Billing

Pelaporan Keuangan Eksternal / External Financial Reporting

Analisa Manajemen / Management

Analysis

Engineering / Engineering

Pembelian / Purchasing

Proyek TSA / TSA Project

Proyek FKP / FKP Project

Impor / Import

Proyek PIK / PIK Project

Pengapalan / Shipping

Proyek BT/BT Project

Proyek BAS/BAS Project

Proyek FSP/ FSP Project

Umum dan Administrasi /

General Affairs

Proyek WBM / WBM Project

Proyek Pakar / Pakar Project

Proyek Mamahak /Mamahak

Project

Pelabuhan DPP BCT / DPP BCT

Port

Direktur Urusan Korporasi /Director of Corporate

Affairs

DirekturPengembangan Bisnis / Director

of BusinessDevelopment

Direktur Penjualan & Pemasaran /

Director of Sales & Marketing

Direktur Keuangan /Director of

Finance

Direktur Kesehatan,Keselamatan & Lingkungan

Hidup / Director of Health, Safety &

Environment

Direktur Manajemen

Risiko / Director of Risk Management

Direktur Perencanaan / Director of

Planning

Direktur Perpajakan dan Tata Kelola

Perusahaan / Director Tax and Corporate

Governance

Direktur Operasi /

Director of Operations

SekretarisPerusahaan /

Corporate Secretary

Dato’ Dr Low Tuck KwongKomisaris Utama /

President Commissioner

Michael SumarijantoKomisaris / Commissioner

Mauro MonteneroKomisaris / Commissioner

DR. Ir. Rozik B. SoetjiptoKomisaris Independen /

Independent Commissioner

Djanadi Bimo Prakoso Komisaris Independen /

Independent Commissioner

Chin Wai FongDirektur Utama /

President Director

Lim Chai Hock Jenny Quantero Low Yi Ngo Russell Neil Alastair McLeod Engki Wibowo R. Soedjoko Tirtosoekotjo Lee Je-Hyung Hermanto Suparman

Hasna Noel Dela Rosa Pastor

Syamsuddin Halik

David Delbridge Happy Himawan

Siska Kasmara

Oliver Kaw

Umairo M. Noor

Erik Tjandra

Muryatno

Jocello Concio

Edmund Tan Chew Hock

Sreejith Chalakkal

Verry Yusrannaildy

Rudi Heriyanto

Achmad Zaini IchwanLianny Wijaya

Puspa Dewi Widjaja

Johny C.P. Abidin

Eveline Budiman

Fransisca Milian

Tri Haryanto

Yuris Syiarudin

Alexander L. Ada

Firdaus

Yohanes DS.

Yulius P. Windi

Arifin Batung

Frans X Hernugroho

Ady Mubarak S.

Lok Han Jian

Manajemen Risiko / Risk

Management

Tata Kelola Perusahaan / Corporate Governance

Perpajakan / Taxation

Huina Loekman

Pembiayaan Korporasi / Corporate Finance

Damien Henderson

Stepen Lie


14

Visi, Misi dan Strategi Korporasi

Visi

Menjadi perusahaan pertambangan batubara terkemuka yang berkomitmen untuk menghasilkan produk bermutu, jasa berkualitas tinggi dan pertumbuhan berkesinambungan dalam jangka panjang dengan tetap meminimalkan dampak lingkungan

Misi

• Mengoptimalkan nilai pemegang saham melalui pencapaian kinerja terbaik di semua operasi kami

• Memaksimalkan kompetensi inti melalui pelaksanaan praktik bisnis terbaik

• Menjunjung Tanggung Jawab Sosial Perseroan dengan fokus pada peningkatan kesejahteraan karyawan, standar kesehatan dan keselamatan yang tinggi, kebijakan lingkungan yang berkesinambungan dan pengembangan masyarakat yang bertanggung jawab

Strategi Korporasi

Bisnis Yang Efektif

• Membangun aliansi strategis bersama pelanggandengan mempertahankan produk dan jasa berkualitas tinggi

• Menerapkan pola pembiayaan yang efektif danmenghasilkan produk yang bernilai tambah

• Melaksanakantatakelolaperusahaanyangbaik

Etika Tanggung Jawab Sosial

• Komitmen yang jelas untuk berinvestasi padapengembangan sumber daya manusia untuk meningkatkan kondisi ketenagakerjaan melalui program pelatihan, skema insentif dan tunjangan untuk mewujudkan tingkat produktivitas yang lebih tinggi

• Menegakkankepatuhanyangketatterhadappraktikkesehatan dan keselamatan kerja

• Menerapkanstandarpraktikterbaikuntukmencapaikebijakan lingkungan yang berkesinambungan; dan

• Mendukung pengembangan masyarakat melaluiberbagai program sosial yang akan meningkatkan kesejahteraan masyarakat

Pertumbuhan Yang Berkesinambungan

• Mendayagunakan cadangan batubara daninfrastruktur yang tersedia untuk mencapai pertumbuhan tingkat produksi yang berkesinambungan

• Menyempurnakanportofolioasetberkualitastinggiyang tersedia melalui akuisisi strategis cadangan batubara.

Vision, Mission and Corporate Strategies

Vision

To be a highly respected coal mining company committed to delivering premium products, high quality service and sustainable growth in the long term whilst minimizing environmental impact

Mission

• To optimize shareholders value by achieving best performance through all our operations

• To maximize core competencies by exercising best business practices

• To promote Corporate Social Responsibility with an emphasis on employee welfare, a high standard of health and safety, sustainable environmental policies, and responsible community development

Corporate Strategies

Effective Business Actions

• Establish strategic alliances with customers bymaintaining high quality products and services

• Exercise cost effective measures and implementvalue added deliverables

• Practicegoodcorporategovernance

Responsible Social Conduct

• Clear commitment to invest in human resourcesdevelopment to improve the condition of the workforce through training programs, incentive schemes and benefits in order to realise a higher level of productivity

• Enforce strict adherence to health and safetypractices

• Adoptbestpracticestandardstoachievesustainableenvironmental policies, and

• Foster community development through varioussocial programs which will augment the economic prosperity of the community

Sustainable Growth

• Capitalizeonexistingcoalreservesandinfrastructureto deliver sustainable growth in production levels

• Improve current portfolio of high quality assetsthrough strategic acquisitions of coal reserves


15

Profil Dewan Komisaris

Dato' Dr Low Tuck KwongKomisaris Utama

Dato’ Dr Low Tuck Kwong merupakan pendiri Bayan Group dan pemegang saham utama serta pengendali Perseroan. Beliau diangkat sebagai Komisaris Utama pada tanggal 18 Maret 2008 sebagaimana

dinyatakan dalam Akta RUPS No. 87 yang dibuat oleh Notaris Sutjipto SH, MKN Notaris di Jakarta. Beliau dianugerahi gelar Doktor HC dari Universitas Notre Dame of Dadiangas, Filipina pada tanggal 17 Maret 2012 dan memiliki Diploma di bidang Teknik Sipil dari Japan Institute.

Sebelumnya beliau memegang posisi penting sebagai Direktur Utama Perseroan (2004-2008) dan hingga saat ini merupakan Direktur Utama di sebagian besar anak perusahaan dalam Bayan Group. Usia Beliau per 31 Desember 2013 adalah 65 tahun.

Dato’ Dr Low Tuck Kwong adalah ayah dari Low Yi Ngo, yang merupakan salah satu Direktur Perseroan.

Ir. Michael SumarijantoKomisaris

Ir. Michael Sumarijanto diangkat sebagai Komisaris Perseroan pada tanggal 18 Maret 2008 sebagaimana dinyatakan dalam Akta RUPS No. 87 yang dibuat oleh Notaris Sutjipto SH, MKN, Notaris

di Jakarta. Beliau memperoleh gelar Sarjana Arsitektur (Strata 1) dari University of New South Wales, Australia, Pasca Sarjana (Strata 2) di bidang Building Science dari University of Sydney, Australia, dan Pasca Sarjana (Strata 2) di bidang manajemen dari Sekolah Tinggi Bisnis dan Manajemen Indonesia. Beliau juga mengambil Program Eksekutif Studi Perkotaan di Graduate School of Design, Harvard University, Cambridge, Massachusetts, Amerika Serikat.

Beliau sebelumnya memegang beberapa posisi penting, yaitu sebagai Komisaris Utama Perseroan (2006- 2008), Komisaris Utama PIK dan GBP serta Komisaris TSA (2010 – sekarang), Ketua dan Direktur Non-Eksekutif Manhattan Resources Limited (2006-2013), Ketua Dewan Kehormatan Arsitek di Ikatan Arsitek Indonesia (2005-2008), Ketua Dewan Pembina dan Pendiri di Institut Ekonomi Energi Indonesia (2008-sekarang), Wakil Ketua Masyarakat Energi Terbarukan Indonesia (2005-sekarang), Anggota Dewan Penasehat Masyarakat Listrik Indonesia, Anggota Dewan Penasehat Asosiasi Geothermal Indonesia, dan Wakil Ketua Yayasan Kebun Raya Indonesia (2006-sekarang), Direktur Pelaksana Masyarakat Pertambangan dan Energi Indonesia (Bimasena) (1997–2010) dan Direktur Pelaksana Bimasena (2010 - sekarang).

Profiles Of The Board of Commissioners

Dato' Dr Low Tuck KwongPresident Commissioner

Dato’ Dr Low Tuck Kwong is the principal founder of Bayan Group and the primary and controlling shareholder of the Company. He was appointed as President Commissioner on 18 March 2008 as stated in the Deed of the General Meeting of Shareholders No. 87 drawn up before Notaris Sutjipto SH, MKN, Notary in Jakarta. He was awarded with a Honorary Doctoral degree from the University of Notre Dame in Dadiangas, Phillippines on 17 March 2012 and has a Diploma in Civil Engineering from the Japan Institute.

Dato’ Dr Low Tuck Kwong has previously served as the President Director of the Company (2004-2008) and has been the President Director in most of Bayan Group subsidiaries to this day. He was 65 years of age as at 31 December 2013.

Dato’ Dr Low Tuck Kwong is the father of Low Yi Ngo, one of the Company directors.

Ir. Michael SumarijantoCommissioner

Ir. Michael Sumarijanto was appointed as a Commissioner of the Company on 18 March 2008 as stated in the Deed of the General Meeting of Shareholders No. 87 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He has a Bachelor’s degree in Architecture from the University of New South Wales, Australia, a postgraduate degree in Building Science from University of Sydney, Australia, and a postgraduate degree in Management from the Advanced School of Business and Management in Indonesia. He has also undertaken Urban Studies Executive Program in Graduate School of Design, Harvard University, Cambridge, Massachusetts, USA.

He has occupied important positions as the President Commissioner of the Company (2007-2008), President Commisioner of PIK and GBP and Commissioner of TSA (2010-present). He has also served as Chairman and Non-Executive Director of Manhattan Resources Limited (2006-2013), Chairman of the Honorary Board of Architects in the Indonesian Association of Architects (2005-2008), the Chairman of the Development and Founding Board of the Institute of Indonesian Energy Economics (2008-present), Vice Chairman of the Indonesian Renewable Energy Society (2005-present), Advisory Board Member of the Indonesian Electricity Society, Advisory Board Member of the Indonesian Geothermal Association, Vice Chairman of the Indonesian Botanical Gardens Foundation (2006-present), Executive Director of the Indonesian Mining and Energy Society (Bimasena) (1997–2010) and Executive Director of Bimasena (2010 -present).


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Beliau aktif menyelenggarakan berbagai forum dan konferensi investasi internasional secara rutin di bidang pertambangan dan energi. Usia Beliau per 31 Desember 2013 adalah 70 tahun.

Ir. Michael Sumarijanto tidak memiliki hubungan afiliasi baik dengan Direksi, Dewan Komisaris maupun Pemegang Saham Pengendali.

Mauro MonteneroKomisaris

Mauro Montenero diangkat sebagai Komisaris pada tanggal 30 Mei 2013 sebagaimana dinyatakan dalam Akta RUPS No. 138 yang dibuat oleh Notaris Mala Mukti, S.H. di Jakarta. Beliau memperoleh gelar

Sarjana Teknik Kelistrikan dari Universitas La Sapienza, Roma, Italia pada tahun 1985.

Sebelumnya Beliau memulai kariernya di ENEL sebagai staf Pengadaan Bahan Bakar Minyak dan Gas (1987–2000), kemudian sebagai Kepala Unit Perencanaan Bahan Bakar Minyak dan Gas (2000-2004), Kepala Departemen Batubara (2004-2010), Komisaris Perseroan (2008–2011), Kepala Unit Perdagangan Grosir Endesa (2010–2013), Kepala Unit Bahan Bakar Italia, Direktur di perusahaan pertambangan Kolombia yang dimiliki 100% oleh ENEL, Direktur di perusahaan patungan ENEL Group dengan perusahaan British Gas untuk mendirikan Terminal Regasifikasi LNG di Brindisi, dan anggota Direksi Global Coal (2013 – sekarang). Usia beliau per 31 Desember 2013 adalah 52 tahun.

Mauro Montenero tidak mempunyai hubungan afiliasi baik dengan Direksi, Dewan Komisaris, maupun Pemegang Saham Pengendali, namun beliau merupakan perwakilan dari ENEL selaku pemegang 10% saham Perseroan.

Dr. Ir. Rozik B. SoetjiptoKomisaris Independen

Dr. Ir. Rozik B. Soetjipto diangkat sebagai Komisaris Independen pada tanggal 18 Maret 2008 sebagaimana dinyatakan dalam Akta RUPS No. 87 yang dibuat oleh Notaris Sutjipto SH, MKN, Notaris di Jakarta. Beliau juga menjabat

sebagai Ketua Komite Audit (2008 – sekarang). Beliau memperoleh gelar Doktor di bidang Applied Science, Extractive Metallurgy (Strata 3), Pasca Sarjana di bidang Metallurgical Engineering dari Departemen Metaalkunde, Katholieke Universiteit Leuven, Belgia (Strata 2), dan Sarjana Teknik Pertambangan dari Institut Teknologi Bandung (ITB) Indonesia (Strata 1).

Sebelumnya beliau memegang beberapa posisi penting sebagai Direktur Jenderal Geologi dan Sumber Daya Mineral (1997-1998), Direktur Jenderal Pertambangan Umum di Departemen Pertambangan dan Energi Republik Indonesia (1998-1999), Komisaris Utama PT Aneka Tambang (Persero) Tbk (1997-2001), Menteri Negara Pekerjaan Umum Republik Indonesia (1999-2000), Direktur Utama PT Freeport Indonesia (2012–sekarang), Komisaris

He has actively organized regular international investment forums and conferences in mining and energy sectors in Indonesia. He was 70 years of age as at 31 December 2013.

Ir. Michael Sumarijanto is not affiliated with any member of the Board of Directors, Board of Commissioners and the controlling shareholders.

Mauro MonteneroCommissioner

Mauro Montenero was appointed as a Commissioner on 30 May 2013 as stated in the Deed of the General Meeting of Shareholders No. 138 drawn up by Notary Mala Mukti, S.H. in Jakarta. He graduated with a Bachelor’s degree in Electrical Engineering from La Sapienza University, Rome, Italy in 1985.

He started his career in ENEL as Oil and Gas Fuel Procurement staff (1987-2000), followed by Head of Oil and Gas Fuel Planning Unit (2000-2004), Head of Coal Department (2004-2010), Company Commissioner (2008-2011), Head of Endesa Wholesaler Trade Unit (2010-2013), Head of Italian Fuel Unit, Director in a 100% Enel-owned Colombian mining company, Director in ENEL Group joint venture with British Gas company for the construction of LNG Regasification Terminal in Brindisi, and member of the Board of Directors of Global Coal (2013-present). He was 52 years of age as at 31 December 2013.

Mauro Montenero was not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders. He is a representative of ENEL as the holder of 10% of the Company's shares.

Dr. Ir. Rozik B. SoetjiptoIndependent Commissioner

Dr. Ir. Rozik B. Soetjipto was appointed as Independent Commissioner on 18 March 2008 as stated in the Deed of General Meeting of Shareholders No. 87 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He is also the Head of the Audit Committee (2008-present). He has obtained a Doctoral degree in Applied Science, Extractive Metallurgy, a Master’s Degree in Metallurgical Engineering from Metaalkunde Department, Katholieke Universiteit Leuven, Belgium, and a Bachelor’s Degree in Mining Engineering from the Bandung Institute of Technology (ITB), Indonesia.

Previously he has occupied several important positions as the Director General of Geology and Mineral Resources (1997-1998), Director General of General Mining in the Department of Mining and Energy of the Republic of Indonesia (1998-1999), President Commissioner of PT Aneka Tambang (Persero) Tbk (1997-2001), State Minister of Public Works of the Republic of Indonesia (1999-2000), President Director of PT Freeport


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PT Freeport Indonesia (2007-2012), Komisaris Independen PT Holcim Indonesia Tbk (2009-2012), Komisaris Independen dan Ketua Komite Audit di PT Vale Indonesia (2007-2010).

Beliau mendapat penghargaan Satyalancana Karya 30 Tahun pada 17 Agustus 2000, Bintang Jasa Utama dari Departemen Pertambangan dan Energi pada tanggal 13 Agustus 1999, dan Satyalancana Pembangunan, Koperasi dan UKM pada tahun 1999 atas kontribusinya kepada Indonesia. Usia Beliau per 31 Desember 2013 adalah 70 tahun.

Dr. Ir. Rozik B. Soetjipto tidak memiliki hubungan afiliasi baik dengan Direksi, Dewan Komisaris dan pemegang

saham Pengendali Perseroan.

Djanadi Bimo Prakoso,MPA,MScKomisaris Independen

Djanadi Bimo Prakoso diangkat sebagai Komisaris Independen pada tanggal 27 November 2008 dan dinyatakan dalam Akta RUPS No. 194 yang dibuat oleh Notaris Sutjipto SH, MKN, Notaris di

Jakarta. Pendidikan terakhir beliau di bidang militer Sesko TNI (1990) dan US Army War College (1991-1992) serta Kursus Lemhannas tahun 1995. Selain pendidikan di bidang militer, beliau pernah mengikuti pendidikan di Akademi Bahasa Asing (ABA) Deparri Jabar pada tahun 1970 dan AAN Bandung pada tahun 1973, serta memperoleh gelar Master of Public Administration (MPA) dari Shippensburg University, Pennsylvania, USA pada tahun 1992 dan Master of Science dari Universitas Gajah Mada, Yogyakarta pada tahun 2010.

Sebelumnya beliau memegang beberapa posisi penting sebagai Intelijen dan Territorial dengan pangkat terakhir Mayor Jenderal TNI, Direktur Utama PT Anugerah Energitama (2008–sekarang), Ketua Yayasan Trisakti (2013–sekarang), Dosen Pasca Sarjana Universitas Indonesia (2005-sekarang), Tenaga Profesional Gubernur Lemhannas (2001-sekarang), Deputi Pengkajian Lembaga Ketahanan Nasional (1998-2001), dan Direktur dan Komisaris di PT SMART (2001-2011).

Beliau juga telah dianugerahi beberapa Medali Kehormatan serta Bintang Kehormatan tertinggi di TNI-AD dan TNI dari Pemerintah Republik Indonesia. Usia beliau per 31 Desember 2013 adalah 67 tahun.

Djanadi Bimo Prakoso tidak mempunyai hubungan afiliasi baik dengan Direksi, Dewan Komisaris maupun pemegang saham Pengendali.

Indonesia (2012-present), Commissioner of PT Freeport Indonesia (2007-2012), Independent Commissioner of PT Holcim Indonesia Tbk (2009-2012), and Independent Commissioner and Head of the Audit Committee in PT Vale Indonesia (2007-2010).

He was awarded with Satyalancana Karya 30 Tahun award on 17 August 2000, Bintang Jasa Utama from the Department of Mining and Energy on 13 August 1999, as well as Satyalancana Pembangunan, Koperasi dan UKM award in 1999 for his contribution to Indonesia. Ir. Soetjipto was 70 years of age as at 31 December 2013.

Dr. Ir. Rozik B. Soetjipto is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders of the Company.

Djanadi Bimo Prakoso,MPA,MScIndependent Commissioner

Djanadi Bimo Prakoso was appointed as Independent Commissioner on 27 November 2008 as stated in the Deed of the General Meeting of Shareholders No. 194 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He has attended military studie Sesko TNI (1990) and US Army War College (1991-1992). He has also attended Lemhanas courses (1995). Aside from education in military sector, he has attended Foreign Language Academy (ABA) Deparri Jabar in 1970 and AAN Bandung in 1973. He has a Master’s degree in Public Administration (MPA) from Shippensburg University, Pennsylvania, USA in 1992 and a Master's Degree in Science from Universitas Gajah Mada, Yogyakarta in 2010.

He has previously occupied several important positions as Intelligence and Territorial with his latest rank being the Major General of TNI. He has been the President Director of PT Anugerah Energitama (2008-present), Chairman of Trisakti Foundation (2013-present), Postgraduate Lecturer in the University of Indonesia (2005-present), Professional Staff of Lemhanas Governor (2001-present), Deputy Research of the Lemhanas (1998-2001), and Director and Commissioner of PT SMART (2001-2011)

He has been awarded several Medals of Honor, including the highest Medal of Honor in the TNI-AD and TNI of the government of Republic of Indonesia. He was 67 years of age as at 31 December 2013.

Djanadi Bimo Prakoso is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders of the Company.


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Profil Direksi

Chin Wai FongDirektur Utama dan Chief Executive Officer

Chin Wai Fong adalah salah satu pendiri Bayan Group yang diangkat sebagai Direktur Utama pada tanggal 18 Maret 2008 sebagaimana dinyatakan dalam Akta RUPS No. 87 yang dibuat oleh Notaris Sutjipto

SH, MKN, Notaris di Jakarta. Beliau mempunyai tugas dan tanggung jawab mengelola dan memimpin jalannya perusahaan. Beliau memperoleh gelar Sarjana Teknik Sipil dari University of Glasgow pada tahun 1981. Sebelumnya memegang berbagai posisi penting di PT Jaya Sumpiles Indonesia (JSI) (1982-1998) dan menjadi Direktur perusahaan (2006-2008) serta Chief Executive Officer Bayan Group (2005-sekarang) dan Direktur GBP (1998-Sekarang). Usia Beliau per 31 Desember 2013 adalah 54 tahun.

Chin Wai Fong tidak memiliki hubungan afiliasi baik dengan Direksi maupun Dewan Komisaris serta pemegang saham pengendali Perseroan.

Lim Chai HockDirektur dan Chief Operating Officer

Lim Chai Hock adalah salah satu pendiri Bayan Group yang diangkat sebagai Direktur Perseroan pada tanggal 26 Juli 2006 sebagaimana dinyatakan dalam Akta RUPS No. 31 yang dibuat oleh Notaris Yani

Indrawaty Wibawa SH, Notaris di Jakarta. Mempunyai tugas dan tanggung jawab atas operasional tambang dan pelabuhan Bayan Group. Menyelesaikan pendidikan Malaysian Certificate of Education pada tahun 1977 dan memiliki Sertifikat Survey Lahan (Certificate in Land Surveying) dari Lembaga Jabatan Ukur, Semenanjung Malaysia pada tahun 1981. Beliau menjabat direktur di PT Kariangau Power (2010-sekarang), Direktur Manhattan Investment Pte. Ltd. Singapura (2003 – sekarang), Direktur Manhattan Kalimantan Investment Pte. Ltd. (2006-sekarang), dan Direktur di Bayan International Pte. Ltd. Singapura (2008-sekarang). Sebelumnya menjabat berbagai posisi dengan jabatan terakhir sebagai Manajer Wilayah di PT JSI (1983-1998). Usia Beliau per 31 Desember 2013 adalah 54 tahun.

Beliau tidak memiliki hubungan afiliasi dengan Direksi, Dewan Komisaris maupun pemegang saham Pengendali Perseroan.

Engki WibowoDirektur Kesehatan, Keselamatan Kerja, Lingkungan Hidup dan Pengembangan Masyarakat

Engki Wibowo merupakan pemegang saham pendiri Bayan Group diangkat sebagai Direktur Perseroan pada tanggal 26 Juli 2006 sebagaimana dinyatakan

Profiles Of The Board of Directors

Chin Wai FongPresident Director and Chief Executive Officer

Chin Wai Fong is a founding member of Bayan Group. He was appointed as President Director on 18 March 2008 as stated in the Deed of the General Meeting of Shareholders No. 87 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He is responsible for the overall management and leading the operations of the Company. Chin Wai Fong graduated with a Bachelor’s Degree in Civil Engineering from the University of Glasgow in 1981. Previously he occupied important positions in PT Jaya Sumpiles Indonesia (JSI) (1982-1998) and has served as company director (2006-2008) as well as Chief Executive Officer of Bayan Group (2005-present) and Director of GBP (1998-present). He was 54 years of age as at 31 December 2013.

Chin Wai Fong is not affiliated with any member of the Board of Directors and Board of Commissioners as well as the controlling shareholders of the Company.

Lim Chai HockDirector and Chief Operating Officer

Lim Chai Hock is a founding member of Bayan Group and was appointed as the Director of the Company on 26 July 2006 as stated in the Deed of the General Meeting of Shareholders No. 31 drawn up by Notary Yani Indrawaty Wibawa SH, Notary in Jakarta. He is responsible for mining and port operations of Bayan Group. He obtained Malaysian Certificate of Education in 1977 and a Certificate in Land Surveying from Lembaga Jabatan Ukur, Semenanjung Malaysia in 1981. He has been a Director in PT Kariangau Power (2010-present), Director of Manhattan Investment Pte. Ltd. Singapore (2003-present), Director of Manhattan Kalimantan Investment Pte. Ltd. (2006-present) and Director in Bayan International Pte. Ltd. Singapore (2008-present). He has also previously occupied various positions with the latest being Regional Manager in JSI (1983-1998). He was 54 years of age as at 31 December 2013.

Lim Chai Hock is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders of the Company.

Engki WibowoDirector of Occupational Health, Safety, Environment and Community Development

Engki Wibowo is founding shareholder of Bayan Group appointed as the Director of the Company on 26 July 2006 as stated in the Deed of the General Meeting of Shareholders No. 31 drawn up by Notary Yani Indrawaty Wibawa SH, Notary in Jakarta. He is


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dalam Akta RUPS No. 31 yang dibuat oleh Notaris Yani Indrawaty Wibawa SH, Notaris di Jakarta. Beliau mempunyai tugas dan tanggung jawab atas program pengembangan masyarakat dan HSE serta lingkungan. Memperoleh gelar diploma dari Akademi Bahasa Asing di Jakarta. Sebelumnya memegang posisi penting sebagai Komisaris Perseroan (2004-2006), dan telah menjabat sebagai Komisaris Utama, Komisaris dan/atau Direktur di sebagian besar perusahaan Bayan Group.Usia Beliau per 31 Desember 2013 adalah 63 tahun.

Engki Wibowo adalah suami dari Jenny Quantero yang merupakan Direktur dan juga Pemegang Saham Perseroan.

Jenny QuanteroDirektur Urusan Korporasi dan Sekretaris Perusahaan

Jenny Quantero merupakan pemegang saham pendiri Bayan Group dan diangkat sebagai Direktur pada tanggal 26 Juli 2006 sebagaimana dinyatakan dalam Akta

RUPS No. 31 yang dibuat oleh Notaris Yani Indrawaty Wibawa SH, Notaris di Jakarta. Beliau mempunyai tugas dan tanggung jawab atas perbendaharaan, akuntansi, sumber daya manusia, dan administasi lainnya serta merangkap jabatan sebagai Sekretaris Perusahaan (2008 – sekarang). Memperoleh Diploma Bahasa Asing dari Akademi Bahasa Asing “PRAYOGA” Padang, Sumatera Barat, Indonesia tahun 1974.

Beliau juga diangkat sebagai Komisaris WBM (2003-sekarang) dan Direktur di sebagian besar perusahaan Bayan Group. Usia Beliau per 31 Desember 2013 adalah 62 tahun.

Beliau adalah istri dari Engki Wibowo yang merupakan Direktur dan juga pemegang saham Perseroan.

Russell NeilDirektur dan Chief Development Officer

Russell Neil diangkat sebagai Direktur pada tanggal 18 Maret 2008 sebagaimana dinyatakan dalam Akta RUPS No. 87 yang dibuat oleh Notaris Sutjipto SH, MKN, Notaris di

Jakarta. Beliau mempunyai tugas dan tanggung jawab untuk mengkaji peluang usaha baru serta prospek jangka panjang dan mengawasi sistem teknologi informasi Bayan Group. Memperoleh gelar Bachelor’s Degree di bidang Commerce (Accounting) dan Arts (Southeast Asian Studies) dari Murdoch University, Perth, Western Australia. Beliau juga memiliki sertifikat Certified Practising Accountant dan Chartered Financial Analyst.

Sebelumnya beliau memegang beberapa posisi penting sebagai Direktur PT PIK (2006-sekarang), konsultan paruh waktu di Bayan Group (2001-2003), Direktur Non-Eksekutif di KRL (2012–sekarang), Akuntansi dan Keuangan di WMC Ltd (Leinster Nickel Operation), Eltin Ltd (Gold Mining and Processing) dan Tiwest Joint Venture (Mineral Sands Mining and Processing)

responsible for community development as well as HSE and environmental programs. Engki Wibowo graduated with a diploma in foreign language in Jakarta. He has previously served as Company Commissioner (2004-2006) and has been a President Commissioner, Commissioner and/or Director in most companies under Bayan Group. Engki Wibowo was 63 years of age as at 31 December 2013.

Engki Wibowo is the husband of Jenny Quantero, who is a Director and shareholder of the Company.

Jenny QuanteroDirector of Corporate Affairs and Corporate Secretary

Jenny Quantero is a founding shareholder of Bayan Group and has been appointed as Director on 26 July 2006 as stated in the Deed of the General Meeting of Shareholders No. 31 drawn up by Notary Yani Indrawaty Wibawa SH, Notary in Jakarta. She is responsible for treasury, accounting, human resources and other administrations. She is also the Corporate Secretary (2008-present). She obtained a diploma in foreign language from Foreign Language Academy PRAYOGA Padang, West Sumatera, Indonesia in 1974.

Jenny Quantero has also been appointed as the Commissioner of WBM (2003-present), as well as Director in most companies under Bayan Group. She was 62 years of age as at 31 December 2013.

She is the wife of Engki Wibowo, who is a Director and Shareholder of the Company.

Russell NeilDirector and Chief Development Officer

Russell Neil was appointed as a Director on 18 March 2008 as stated in the Deed of the General Meeting of Shareholders No. 87 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He is responsible for assessing new business opportunities, overseeing enterprise-wide information technology system as well as long-term forecasting for the group. Russell Neil graduated with Bachelor’s degree in Commerce (Accounting) and Arts (Southeast Asian Studies) from Murdoch University, Perth, Western Australia. He is also a Certified Practising Accountant and Chartered Financial Analyst.

He has occupied several important positions as Director of PT PIK (2006 -present), part-time consultant in Bayan Group (2001-2003), Non-Executive Director in KRL (2012-present), Accounting and Finance in WMC Ltd (Leinster Nickel Operation), Eltin Ltd (Gold Mining and Processing) and Tiwest Joint Venture (Mineral Sands Mining and Processing) in Australia (1998), as well as


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di Australia (1998), Konsultan PT Tambang Batubara Bukit Asam Tbk, International Antam Resources Ltd dan PT Timah Tbk. Usia Beliau per 31 Desember 2013 adalah 42 tahun.

Russell Neil tidak mempunyai hubungan afiliasi baik dengan Direksi, Dewan Komisaris maupun pemegang

saham Pengendali.

Alastair McLeodDirektur dan Chief Financial Officer

Alastair McLeod diangkat sebagai Direktur dan Chief Financial Officer Perseroan pada tanggal 18 Maret 2008 sebagaimana dinyatakan dalam Akta RUPS No. 87 yang

dibuat oleh Notaris Sutjipto SH, MKN, Notaris di Jakarta. Mempunyai tugas dan tanggung jawab atas pelaporan keuangan eksternal, pembiayaan untuk Bayan Group, investor relations dan analisis biaya manajemen. Memperoleh gelar Scottish Higher National Diploma di bidang akuntansi dari Napier College, Edinburgh, United Kingdom pada tahun 1987 dan merupakan anggota Institute of Chartered Accountant of Scotland sejak tahun 1991. Sebelumnya memegang beberapa posisi penting Direktur Non-Eksekutif di KRL (2012–sekarang), dan Country Head Corporate Restructuring di KPMG (1997-2004). Usia Beliau per 31 Desember 2013 adalah 47 tahun.

Alastair McLeod tidak mempunyai hubungan afiliasi baik dengan Direksi, Dewan Komisaris dan pemegang saham Pengendali.

Low Yi NgoDirektur Penjualan dan Pemasaran

Low Yi Ngo diangkat sebagai Direktur pada tanggal 26 Juli 2006 sebagaimana dinyatakan dalam Akta RUPS No. 31 yang dibuat oleh Notaris Yani Indrawaty Wibawa

SH, Notaris di Jakarta. Mempunyai tugas dan tanggung jawab dalam pemasaran batubara ke berbagai pasar di dunia. Memperoleh gelar Sarjana (Strata 1) di bidang Mechanical and Production Engineering dari Nanyang Technology University pada tahun 2004. Sebelumnya memegang beberapa posisi penting sebagai project engineer serta Direktur Koordinasi Proyek dan Infrastruktur Bayan Group (2004-2006), Direktur TSA (2007-sekarang), Direktur Non-Eksekutif dan anggota Komite Remunerasi Manhattan Resources Ltd. (2005-2011), Chief Executive Officer dan Direktur Pengelola Manhattan Resources Ltd (2011-sekarang), anggota Komite Manajemen Risiko di Manhattan Resources (2012-sekarang) dan Direktur Non-Eksekutif KRL (2012–sekarang). Usia Beliau per 31 Desember 2013 adalah 34 tahun.

Low Yi Ngo adalah anak dari Dato’ Dr. Low Tuck Kwong yang saat ini menjabat sebagai Komisaris Utama Perseroan.

Consultant for PT Tambang Batubara Bukit Asam Tbk, International Antam Resources Ltd and PT Timah Tbk. He was 42 years of age as at 31 Desember 2013.

Russell Neil is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders.

Alastair McLeodDirector and Chief Financial Officer

Alastair McLeod was appointed as a Director and Chief Financial Officer of the Company on 18 March 2008 as stated in the Deed of the General Meeting of Shareholders No. 87 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He is responsible for external financial reporting, financing for the Bayan Group, investor relations and management cost analysis. He graduated with Scottish Higher National Diploma in Accounting from Napier College, Edinburgh, United Kingdom in 1987 and has been a member of the Institute of Chartered Accountant of Scotland since 1991. Previously he occupied several important positions such as Non-Executive Director in KRL (2012 -present), and Country Head Corporate Restructuring in KPMG (1997-2004). He was 47 years of age as at 31 December 2013.

Alastair McLeod is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders.

Low Yi NgoDirector of Sales and Marketing

Low Yi Ngo was appointed as a Director on 26 July 2006 as stated in the Deed of the General Meeting of Shareholders No. 31 drawn up by Notary Yani Indrawaty Wibawa SH, Notary in Jakarta. He is responsible for marketing coals to various global markets. He graduated with a Bachelor’s degree in Mechanical and Production Engineering from Nanyang Technology University in 2004. He has occupied several important positions, including project engineer and Director of Project Coordination and Infrastructure of Bayan Group (2004-2006), Director of TSA (2007-present), Non-Executive Director and member of the Remuneration Committee of Manhattan Resources Ltd. (2005-2011), Chief Executive Officer and Managing Director of the Manhattan Resources Ltd (2011-present), member of the Risk Management Committee in Manhattan Resources (2012-present) and Non-Executive Director of KRL (2012 -present). He was 34 years of age as at 31 December 2013.

Low Yi Ngo is the son of Dato’ Dr Low Tuck Kwong, who is the incumbent President Commissioner of the Company.


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Hermanto SuparmanDirektur Perpajakan dan Tata Kelola Perusahaan

Hermanto Suparman diangkat sebagai Direktur Perseroan pada tanggal 28 Mei 2012 sebagaimana dinyatakan dalam Akta RUPS No. 130 yang dibuat oleh Notaris Mala Mukti, S.H. di Jakarta. Mempunyai

tugas dan tanggung jawab atas pelaporan dan kepatuhan terhadap peraturan perpajakan serta pengkajian dan pengembangan sistem Tata Kelola Perusahaan. Beliau memperoleh gelar Sarjana (Strata 1) dari Fakultas Ekonomi jurusan Akuntansi Universitas Tarumanagara tahun 1989 dan mendapatkan Register Akuntan Negara pada tahun 1992 serta izin praktek konsultan pajak pada tahun 2008. Beliau juga mengikuti program pendidikan eksekutif di Harvard Business School dengan subjek General Management Program tahun 2011. Beliau memegang beberapa posisi penting sebagai Direktur di beberapa anak Perusahaan Perseroan (2011-sekarang). Sebelum bergabung dengan Perseroan, Beliau bekerja sebagai auditor dan konsultan pada kantor akuntan publik dan perusahaan konsultan bertaraf internasional selama 23 tahun termasuk 2 tahun di KPMG Melbourne, Australia. Beliau adalah partner divisi perpajakan di KPMG Jakarta (2000-2006) dan Chief Operating Officer di konsultan bisnis dan perpajakan yang berafiliasi dengan internasional(2007-2011). Usia Beliau per 31 Desember 2013 adalah 46 tahun.

Hermanto Suparman tidak memiliki hubungan afiliasi baik dengan Direksi, Dewan Komisaris maupun pemegang saham Pengendali Perseroan.

Lee Je-Hyung Direktur Manajemen Risiko

Lee Je-Hyung diangkat sebagai Direktur Perseroan pada tanggal 30 Mei 2013 sebagaimana dinyatakan dalam Akta RUPS No. 138 yang dibuat oleh Notaris Mala Mukti, S.H. di Jakarta.

Beliau mempunyai tugas dan tanggung atas manajemen risiko di lingkungan Bayan Group. Memperoleh gelar Master of Business Administration (MBA) dari Universitas Waseda, Tokyo, Jepang dan Sarjana Hukum dari Hankuk University of Foreign Studies, Seoul, Korea. Sebelum bergabung dengan Perseroan, beliau memegang beberapa posisi di KEPCO sebagai staf Departemen Pengadaan (1996-2000), Manajer Senior di Departemen Proyek Nuklir Luar Negeri (2005-2010), dan Manajer Senior di Departemen Proyek Sumber Daya Luar Negeri (2012-2013). Usia beliau per tanggal 31 Desember 2013 adalah 44 tahun.

Lee Je-Hyung tidak memiliki hubungan afiliasi baik dengan Direksi, Dewan Komisaris maupun pemegang saham Pengendali. Beliau merupakan perwakilan KEPCO selaku pemegang saham utama Perseroan.

Hermanto SuparmanDirector of Taxation and Corporate Governance

Hermanto Suparman was appointed as the Company Director on 28 May 2012 as stated in the Deed of the General Meeting of Shareholders No. 130 drawn up by Notary Mala Mukti, S.H. in Jakarta. He is responsible for tax reporting and compliance of the group as well as the review and development of the Corporate Governance system. He graduated with a Bachelor’s Degree in Accounting from the Faculty of Economics of Tarumanagara University in 1989 and received Registered State Accountant title in 1992 as well as tax consultant practice licence in 2008. He attended executive education program in Harvard Business School with subject General Management Program in 2011. He has occupied several important positions as Director in several Company subsidiaries (2011-present). Prior to joining the Company, He work as auditor and consultant in international accounting and consulting firms for 23 years, including 2 years in KPMG Melbourne, Australia. He was a Taxation division partner in KPMG Jakarta (2000-2006) and Chief Operating Officer in an internationally affiliated local business and taxation consulting company (2007-2011). He was 46 years of age as at 31 December 2013.

Hermanto Suparman is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling Shareholders.

Lee Je-Hyung Director of Risk Management

Lee Je-Hyung was appointed as a Director on 30 May 2013 as stated in the Deed of the General Meeting of Shareholders No. 138 drawn up by Notary Mala Mukti, S.H. in Jakarta. He is responsible for risk management in Bayan Group. He graduated with a Master of Business Administration (MBA) degree from Waseda University, Tokyo, Japan and Bachelor of Law degree from Hankuk University of Foreign Studies, Seoul, Korea. Prior to joining the Company, he occupied several positions in KEPCO as the staff of Procurement Department (1996-2000), Senior Manager in Overseas Nuclear Project Department (2005-2010), and Senior Manager in Overseas Resources Project Department (2012-2013). He was 44 years of age as at 31 December 2013.

Lee Je-Hyung is not affiliated with any member of the Board of Directors, Board of Commissioners and controlling shareholders. However, he is a representative of KEPCO as the primary shareholder of the Company.


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R. Soedjoko TirtosoekotjoIndependent Director

R. Soedjoko Tirtosoekotjo was appointed as Independent Director of the Company on 18 March 2008 as stated in the Deed of the General Meeting of Shareholders No. 87 drawn up by Notary Sutjipto SH, MKN, Notary in Jakarta. He is responsible for the reporting obligation of Bayan Group to regional and central government as well as the processing of all required permits and licenses. He graduated with a Bachelor degree in Mining Technology from the Academy of Geology and Mining in Bandung in 1964, Bachelor of Engineering Degree from the Bandung Institute of Technology in 1974, and Master’s degree in Extractive Metallurgy from the Department Metaalkunde, Katholieke Universiteit Leuven, Belgium in 1976. Previously he occupied several important positions as the Executive Director of Indonesian Coal Mining Association (2005-2008), President Director of PT Coalindo Energy (2006-2008), Commissioner of PT Mineralindo Resources Management & Consulting (2006 -present), Director of the Directorate of Coal in the Department of Mining and Energy (1993-2000), and Primary Researcher (2005) and Commissioner in PT Tambang Batubara Bukit Asam (Pesero) Tbk (1995-1997). In January 2005, he received the highest award for academic research from the Indonesian Science Institute (LIPI) in Mineral Assessment and Engineering. He was 73 years of age as at 31 December 2013.

R. Soedjoko Tirtosoekotjo is not affiliated with any member of the Board of Directors, Board of Commissioners and company shareholders.

During 2013, the Directors have attended various trainings and seminars to increase their competence as follows:

R. Soedjoko TirtosoekotjoDirektur Independen

R. Soedjoko Tirtosoekotjo diangkat sebagai Direktur Independen Perseroan pada tanggal 18 Maret 2008 sebagaimana dinyatakan dalam Akta RUPS No. 87 yang dibuat oleh Notaris Sutjipto SH, MKN Notaris di

Jakarta. Beliau mempunyai tugas dan tanggung jawab atas pelaporan kewajiban Bayan Group kepada pemerintah daerah dan pusat serta pengurusan perizinan dan lisensi yang diperlukan. Memperoleh gelar Sarjana Muda di bidang Teknologi Pertambangan dari Akademi Geologi dan Pertambangan di Bandung tahun 1964, Sarjana Teknik (Strata 1) dari Institut Teknologi Bandung tahun 1974, dan Pascasarjana (Strata 2) di bidang Extractive Metallurgy dari Department Metaalkunde, Katholieke Universiteit Leuven, Belgia tahun 1976. Sebelumnya memegang beberapa posisi penting sebagai Direktur Eksekutif Asosiasi Pertambangan Batubara Indonesia (2005-2008), Direktur Utama PT Coalindo Energy (2006-2008), Komisaris di PT Mineralindo Resources Management & Consulting (2006-sekarang), Direktur Direktorat Batubara di Departemen Pertambangan dan Energi (1993-2000), Ahli Peneliti Utama (2005) dan Komisaris PT Tambang Batubara Bukit Asam (Pesero) Tbk (1995-1997). Pada bulan Januari 2005 beliau menerima penghargaan tertinggi untuk penelitian akademis dari Lembaga Ilmu Pengetahuan Indonesia (LIPI) di bidang Penilaian dan Rekayasa Mineral. Usia beliau per 31 Desember 2013 adalah 73 tahun.

R. Soedjoko Tirtosoekotjo tidak memiliki hubungan afiliasi baik dengan Direksi, Dewan Komisaris maupun pemegang saham Pengendali Perseroan.

Selama

Documents

L Laporan Tahunan 2013 ANNUAL REPORT - PT Bayan ......PT Bayan Resources Tbk. 2013 Annual Report 1 = Informasi dan Fakta Material Setelah Laporan Akuntan / Subsequent Events Information