Ciputra World Jakarta Citra Garden Pekalongan CitraSun Garden Semarang
Ciputra World Jakarta
Rediscover the art of living
Citra Garden Pekalongan
Embrace your colorful living
CitraSun Garden Semarang
Serenity at the Hill
Ciputra Development
33th Ciputra Group

Commissioners Report

Ciputra

On behalf of the Board of Commissioners, allow me to express my gratitude to God Almighty by the good grace and His blessings so the Company was able to constantly improve its performance during 2014.

Evaluation on the Board of Directors’ Performance

As compared to the previous year, Indonesian economic growth during 2014 underwent a certain deceleration. It was worsened by the General Election of Legislative and President which led to the heat-up political climate in Indonesia. These economy and political factors affected so many industries including property industry. Amidst the unfavorable economic condition, the Board of Commissioners assesses that the Board of Directors was able to well execute various policies and strategies which resulted in the accomplishment of targets set in the beginning of 2014. The operational activities in all projects have run smoothly, furthermore, the Company and its subsidiaries also could fulfill the sales targets. Overall, the Company managed to improve its performance in the challenging year of 2014. The Board of Commissioners appraised that the Board of Directors was able to continue the previous year’s achievements, as reflected by the improvement of various financial indicators. The Company’s revenue has significantly risen of 25% to Rp6,344.2 billion. The Company’s operating profit and net profit were recorded of Rp2,247.4 billion and Rp1,324.9 billion, respectively.

The Board of Commissioners also appreciates the achievements acquired by the Board of Directors and all the employees throughout 2014 that led the Company in obtaining various awards such as “The Best Performance” from the Property Award 2014 and “Top 10 Developers” from the BCI AS IA. These endeavors indicate the acknowledgement of external parties to the Company’s performance all this time.

The Implementation of CGG and CSR Principles

The Board of Commissioners considers that the Board of Directors and all employees have sought to apply the Good Corporate Governance principles in every operational aspects of the Company. The Board of Commissioners also saw that the Audit Committee has conducted an efficient risk management system and internal control. The Board of Commissioners expects that such things can be well maintained and gradually improved in order to ensure the GCG is consistently and sustainably implemented.

The Board of Commissioners also appreciates the Company’s support to Ciputra Artpreneur which was inaugurated this year, an integrated art center which includes gallery, art museum and theatre. Ciputra Artpreneur is expected to be a medium for empowering Indonesian artists to present their finest works with entrepreneurship oriented. This facility is deliberately constructed in central of Jakarta, providing the easy access for the citizens to view and appreciate arts, especially Indonesian arts, so that mutual bond can be formed between the artists and the art lovers.

The Board of Commissioners believes that support from loyal and competent human resources play an important role to the Company’s success in the future. Therefore, the Board of Commissioners constantly supports the Board of Directors in executing various programs to enhance the Company’s Human Resources quality.

2015 Business Vision

Eventhough the country’s macro economy condition revealed a sign of deceleration as reflected by the declining in various economy indicators, but the Board of Commissioners feels optimist that the Indonesian economic condition shall bounce back to a bullish trend in 2015.

The property industry is expected to provide better opportunity in 2015, particularly the property products of middle segment. This segment is predicted to flourish significantly and possess highly purchasing power in 2015.

With these conditions, the Board of Commissioners guides the Board of Directors to pay attention to middle class segment. For that reason, the Board of Directors is encouraged to develop innovative property products targeted for middle class while still consider the customer satisfaction level as the key point.

Appreciation

As the conclusion, the Board of Commissioners would also like to express our highest appreciation to the Board of Directors, management and employees for their supports, dedication and hard work so as the Company can improve its positive performance for future business endeavors. The Board of Commissioners hopes that the well-built cooperation between the Board of Directors, management and employees can be maintained and grow even stronger.

We would like to use this opportunity to express our deepest gratitude to the customers, business partners, shareholders and stakeholders for their support and trust given to the Company throughout 2014.

Sincerely yours,

Dr. (HC) Ir. Ciputra
President Commissioner

PT Ciputra Development Tbk
Ciputra World 1
DBS Bank Tower 39th Floor
Jl. Prof. Dr. Satrio Kav 3-5
Jakarta 12940 - Indonesia
Tel. 021-2988 5858, 2988 6868
Fax. 021-2988 8989
Email: investor@ciputra.com
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