'$5,6,1,%(5$1*.$7/$+.,7$« Ăƌŝ^ŝŶŝ͕ĞƌĂŶŐŬĂƚůĂŚ<ŝƚĂ͙ $OKDPGXOLOODDK 6HJDOD SXML EDJL $OODK 6XEKDQDKX :D 7D¶DOD \DQJ PHQJDUXQLDNDQ VHJDOD QLNPDW QLNPDW LPDQ GDODP UXK QLNPDWLOPX GDODP DNDO GDQ VHJDOD QLNPDW GDODPMDVDG6KDODZDWGDQVDODPVHPRJDVHQDQWLDVDWHUFXUDKNHSDGDTXGZDKNLWD 5DVXOXOODK 6KDODOODKX µ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±VHSXOXK WDKXQ GL LQL \DQJ $OODK WDNGLUNDQ PHQMDGL SHODMDUDQ GHPL SHODMDUDQ 6HPDQJDW WHUNDGDQJ WXPEXK GDUL NHWHUFDSDLDQ WHUJHW WDUJHW%DKNDQELVDMDGL$OODKEHULNDQ\DQJOHELKEDLNGDUL\DQJPHUHNDED\DQJNDQ 7HUNDGDQJ SXOD DGD NHVDODKDQ GDQ NHJDJDODQ \DQJ PHQGLGLN PHUHND +LQJJD
ŝŝ
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
-D]DDNXPXOODDKX NKDLUDQ NDWVLLUDDQ 8QWXN SDUD JXUX NHKLGXSDQ \DQJ PHPEHNDOL GDQPHQDVLKDWLGHQJDQLOPXGDQNHIDKDPDQGDODPPHQMDODQLNHKLGXSDQ-XJDXQWXN VDXGDUDVDXGDUD NDPL SHMXDQJ (NRQRPL ,VODP GL VHOXUXK SHQMXUX QHJHUL \DQJ PHPEHUVDPDLGDODPEHODMDUGDQEHUNRQWULEXVL
-D]DDNXPXOODDKXNKDLUDQNDWVLLUDDQ 7HUNKXVXV XQWXNSDUD7LP 3HQ\XVXQ%XNX GDUL EHEHUDSD NDPSXV GL ,QGRQHVLD 6(6& ,QVWLWXW 3HUWDQLDQ %RJRU 6KLQH 8QLYHUVLWDV ,QGRQHVLD 67(, 6(%, &,(6 8QLYHUVLWDV %UDZLMD\D 8QLYHUVLWDV 6ULZLMD\D GDQ 6() 8QLYHUVLWDV *DGMDK 0DGD 'HQJDQ L]LQ $OODK GDUL JHUDNDQ WDQJDQWDQJDQ GL WXWV
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
6\XNURQ MD]LODQ NHSDGD UHNDQUHNDQ GL MDODQ $OODK 352*5(6 67(, 7D]NLD GDQ 5HJLRQDO)R66(,-DZD%DUDW\DQJPDXEHUEDJLFHULWDWHQWDQJDSD\DQJWHODKPHUHND ODNXNDQ 6XQJJXK VHWLDS FHULWD $QWXP PHPEHUL ZDUQD SDGD EXNX LQL .HSDGD 7LP 'HVDLQ&2&2'$\DQJWLDGDNHQDOOHODKEHUXVDKDDJDUEXNXLQLWHUOLKDWXQLNDSLNGDQ VHGDS GLSDQGDQJ SHPEDFD 6\XNURQ $NKL .HVDEDUDQ $QWXP GDODP PHQXQJJX
ŝŝŝ
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
ŝǀ
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
/DSRUDQ.HXDQJDQ3HU%XODQ %HQWXN/DSRUDQ.HXDQJDQ $XGLW,QWHUQDO 6XPEHUGDQ3HQJHORODDQ'DQD 'DQDGDUL6XPEHU(NVWHUQDO 3HQJHORODDQ3HQJJXQDDQ'DQD %$%.$'(5,6$6,'$10$1$-(0(16',.6(, 3HUWDPD0HPSHUVLDSNDQ3HPXGD (NRQRP5DEEDQL .DGHULVDVL 3HUHQFDQDDQ3HQJHORODDQ6',.6(, 5HNUXLWPHQ 3HPELQDDQ 6DUDQD 7HQWDQJ.XULNXOXP 3HQMDJDDQ 3HQJNDU\DDQ (YDOXDVL 3HQWDKDSDQ%HVDU.DGHULVDVL (NRQRP5DEEDQLGDQ6LQHUJLGHQJDQ6LVWHP.DGHULVDVL)R66(, 0HPLOLNL$TLGDK\DQJ/XUXVGDQ6HVXDLGHQJDQ $O4XU¶DQGDQ$V6XQQDK 0HPLOLNL.DUDNWHU\DQJ.RNRKGDQ0DQGLUL .HSULEDGLDQ\DQJ'LQDPLV.UHDWLIGDQ,QRYDWLI 0HQJHGHSDQNDQ%HUSLNLU,OPLDK\DQJ'LGDVDUL$O4XU¶DQ $KOLGDODP%LGDQJ6SHVLDOLVDVLQ\D'DQ%HUZDZDVDQ*OREDO 6HRUDQJ\DQJ0HQJHUMDNDQ,OPX\DQJ5LQJDQ 6HEHOXP,OPX\DQJ6XOLW6XOLW %HUDQL7DPSLO6HEDJDL3HORSRU3HUXEDKDQ 0DPSX7DPSLO6HEDJDL7RNRK 0HQJHGHSDQNDQ8NKXZDK'DODP$PDO-DPD¶L 6DUDQD6DUDQD3HQJNDGHUDQ.6(,GDQ)R66(, %$%.$-,$1'$15,6(7 .DMLDQ .XULNXOXP.DMLDQ(NRQRPL,VODP 6WUDWHJL3HQJDGDDQ'LVNXVL\DQJ(IHNWLI 'LVNXVLVHEDJDL(NVLVWHQVL/HPEDJD6WXGL 'LVNXVLVHEDJDL3URVHV3HQJXDWDQ.HLOPXDQ,QWHUQDO 3HPEHQWXNDQ.HORPSRN'LVNXVLGDQ6WXGL 6WUDWHJL3HQJHPEDQJDQ5LVHWGDQ.DU\D,OPLDK(NRQRPL,VODP GHQJDQ0HQMDOLQ-HMDULQJ3HQHOLWLDQ(NRQRPL,VODP 5LVHW 0HQJXEDK'XQLD'HQJDQ/RJLND $ZDO0HQMDGL3HQHOLWL3HPEDFD8OXQJ (NRQRP\DQJ%HUODQGDVNDQ$/4XUDQGDQ+DGLWV (NRQRPLWX3HQHOLWL Y
*DOHUL3HQHOLWL %HUNDU\DGDQ%HUSUHVWDVL/HZDW/.7, 9LUXV0HQHOLWL %$%0$1$-(0(16<,$5 6\LDUGDQ6HMDUDK(NRQRPL,VODP 'HILQLVL6\LDU6HUWD7XMXDQGDUL6\LDU(NRQRPL,VODP 'L/LQJNXQJDQ.DPSXV 6WUDWHJL6\L¶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
'$)7$53867$.$ /$03,5$1
YLL
*DPEDU)UDPHRI7KLQNLQJGDODP6LQHUJLVLWDV *DPEDU)UDPHRI:RUN)R66(, *DPEDU.DUDNWHULVWLN)R66(, *DPEDU7DKDSDQ9LVL *DPEDU3HUDQJNDW3HUDQJNDW3HUJHUDNDQ *DPEDU6WUDWHJL3HPEHQWXNDQ.DUDNWHU(NRQRP5DEEDQL *DPEDU&RQWRK%HQWXN8SD\D6KDUHG9LVLRQ *DPEDU7LSH3LUDPLGD *DPEDU7LSH9HUWLNDO *DPEDU3URVHV3HQ\XVXQDQ6WUXNWXUGHQJDQ 0HQGDVDUL3HQ\XVXQDWHUKDGDS9LVLGDQ0LVL *DPEDU&RQWRK6WUXNWXU2UJDQLVDVLGHQJDQ3DQGXDQ 9LVLGDQ0LVL.6(,³;´ *DPEDU3RNRN3LNLUDQ$GPLQLVWUDVL.HVHNUHWDULDWDQ *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW *DPEDU0LQG0DSLQJ.HXDQJDQ.6(, *DPEDU%DJDQ3HQ\XVXQDQ$QJJDUDQ *DPEDU8QVXU0DQXVLD *DPEDU0DQDMHPHQ6',.6(, *DPEDU-HQMDQJ.DGHU *DPEDU3URVHV.DGHULVDVL *DPEDU)DVH3HPELQDDQ.DGHU *DPEDU7DKDSDQ.DGHULVDVL)R66(, *DPEDU:KROH*URXS *DPEDU&RQWRK%X]]*URXS *DPEDU&RQWRK6LPSRVLXP *DPEDU&RQWRK)LVK%ORZ *DPEDU&RQWRK6HPLQDU *DPEDU&RQWRK/RNDNDU\D *DPEDU*DOHUL6HEDJDL7HPSDW0HQJHQDONDQ.DU\D *DPEDU&RQWRKFRQWRK-XUQDO *DPEDU&RQWRKFRQWRK6XUDW.DEDU *DPEDU%LUR8VDKD0DQGLULGDODP6WUXNWXU.HSHQJXUXVDQ *DPEDU&RQWRK&RYHU3URSRVDO.HJLDWDQ '$)7$57$%(/ 7DEHO7DUJHW8PXP)R66(,%HUGDVDUNDQ9LVL)R66(,
YLLL
/DPSLUDQ&RQWRK$QJJDUDQ'DVDU.6(, /DPSLUDQ&RQWRK$QJJDUDQ5XPDK7DQJJD.VHL /DPSLUDQ&RQWRK5HQFDQD.HJLDWDQ 'DQ$QJJDUDQ7DKXQDQ5NDW /DPSLUDQ&RQWRK1LODL'DVDU /DPSLUDQ&RQWRK/DSRUDQ.HXDQJDQ /DPSLUDQ&RQWRK/DSRUDQ3RVLVL.DV
L[
³
.HEHUVDPDDQ
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ Ϯ
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¶DODPLQ *DPEDU)UDPHRI7KLQNLQJGDODP6LQHUJLVLWDV
6XPEHU$'$57)R66(,
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
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϯ
NDPSXV PHPEDQJXQ NXDOLWDV GDQ NXDQWLWDV NDGHU EDLN GDODP NRQWHNV SHUJHUDNDQPDXSXQNHLOPXDQPHODNXNDQSHZDFDQDDDQEDLNGLNDPSXVPDXSXQ GL PDV\DUDNDW GDQ VHQDQWLDVD PHQMDGL PRWRU SHQJJHUDN GL VDDWVDDW SHUNHPEDQJDQ GDNZZDK WHUNDGDQJ PHOHVX ,QL VHPXD GLODNXNDQ GHQJDQ PHQJDMDN VWDNHKROGHU \DQJ DGD XQWXN EHUJHUDN EHUVDPD PHQXMX WXMXDQ EHUVDPD
6XPEHU$'$57)R66(,
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
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϰ
2SWLPLVPH9LVL%HVDU,WX3HUOX 6HEDJDL VHEXDK RUJDQLVDVL SHUJHUDNDQ PDKDVLVZD 7LWLNWHQJDK DQWDUD
)R66(, PHPLOLNL SRVLVL \DQJ VDQJDW XQLN VWUDWHJLV GDQ
LGHDOLVPH\DQJ
GRPLQDQ.HXQLNDQLWXGLVHEDENDQNDUHQD)R66(,PHUXSDNDQ
WLGDNUHDOLVWLV
VDWXVDWXQ\D SHUJHUDNDQ PDKDVLVZD \DQJ SHGXOL WHUKDGDS
GHQJDQ UHDOLVPH\DQJ
(NRQRPL ,VODP +DO LQL WHQWX EHUEHGD GHQJDQ RUJDQLVDVL
WHUODOX
SHUJHUDNDQ PDKDVLVZD \DQJ ODLQ GL PDQD DNDQ EDQ\DN
SUDJPDWLV
SHUJHUDNDQ PDKDVLVZD \DQJ EHUJHUDN SDGD VDWX ZLOD\DK
DGDODK
WHUWHQWXVHSHUWLGDODPZLOD\DKSHUSROLWLNDQNLWDDNDQEDQ\DN
RSWLPLVPH $QLV0DWWD
PHQHPXNDQ QDPDQDPD VHSHUWL .$00, +0, 30,, ,00 )25.27 DOLDQVLDOLDQVL PDKDVLVZD GDQ ODLQ VHEDJDLQ\D 6HODLQ LWX )R66(, PHPLOLNL SRVLVL \DQJ VWUDWHJLV GL PDQD
)R66(,PHPLOLNLDNVHVODQJVXQJGHQJDQSLKDNSLKDNHNVWHUQDOVHSHUWLDNDGHPLVL SUDNWLVL GDQ ELURNUDW WHQWXQ\D KDO LQL PHUXSDNDQ SURVHV SDQMDQJ \DQJ WHODK GLEDQJXQROHK)R66(,XQWXNPHPSHUNHQDONDQGLULQ\D 'DODP VHWLDS DNWLYLWDVQ\D )R66(, ELVD PHQMDGL SHUJHUDNDQ PDKDVLVZD GHQJDQ ³PRGHO EDUX´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
SLRQHHU GDODP PHQJXVXQJ VHEXDK SHUXEDKDQ PHODOXL (NRQRPL ,VODP )R66(, KDGLU GL WHQJDK SHUPDVDODKDQ HNRQRPL \DQJ PHQLPSD XPDW 0DND GHQJDQ YLVL \DQJEHVDU)R66(,PHPEHULNDQHQHUJLEDJLSHUNHPEDQJDQ(NRQRPL,VODP )R66(, PHQMDGL PHGLDVL DQWDUD VDWX .6(, GHQJDQ .6(, \DQJ ODLQ DQWDUD LQGLYLGX GHQJDQ LQGLYLGX GLSHUWHPXNDQ GDODP VHEXDK WLWLN WLWLN LWX EHUQDPD
XNKXZDK 8NKXZDK NHEHUVDPDDQ PHQMDGL NDUDNWHULVWLN RUJDQLVDVL )R66(,
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϱ
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
6XPEHU$'$57)R66(,
9LVL PHUXSDNDQ EDJLDQ SHQWLQJ \DQJ KDUXV NLWD PLOLNL EHUVDPD NHEHUVDPDDQGDODPPHZXMXGNDQYLVLGLDQWDUDNLWDDNDQPHPSHUPXGDKODQJNDK GDODP SHUMXDQJDQ RUJDQLVDVL )R66(, +DUDSDQQ\D VHPXD MXUDQJ SHUEHGDDQ GDSDW GLVLNDSL GHQJDQ ELMDN 0DND NRQVHS DPDO MDPD¶L PHQMDGL SHQWLQJ XQWXN NLWD SDKDPL *HUDNDQ \DQJ NLWD EDQJXQ EXNDQ KDQ\D JHUDNDQ ³NHPDMXDQ´ NDPSXV PDVLQJPDVLQJ EXNDQ DVKRELDK PHPEDQJJDEDQJJDNDQ NDPSXV VHQGLUL QDPXQ GDODP VDWX ELQJNDL NHEHUVDPDDQ \DQJ EHQDPD XNKXZDK GDODP VDWXZDGDK)R66(,
³'DQKHQGDNODKDGD GLDQWDUDNDOLDQXPDW\DQJPHQ\HUXNDQSDGDNHEDLNDQ PHPHULQWDKNDQSDGDNHEDLNDQGDQPHODUDQJGDUL\DQJPXQNDU'DQLWXODK RUDQJRUDQJ\DQJPHQDQJ´46$OL,PUDQ 3HPDKDPDQ WHUKDGDS NHVDPDDQ YLVL LQL WHUQ\DWD PHPLOLNL EDQ\DN NHNXDWDQ .HNXDWDQ LWX DQWDUD ODLQ 0HQXPEXKNDQ NHEHUDQLDQ XQWXN EHUWLQGDN VHKLQJJD NLWD WLGDN SHUQDK PHUDVD VHQGLUL EHUMXDQJ GDQ DNDQ WHUXV
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϲ
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³EDWX EDWD´ GDODP IRQGDVL EDQJXQDQ RUJDQLVDVL \DQJ NRNRK 9LVL LWX NHPXGLDQ GLWHUMHPDKNDQ NH GDODP HPSDW YLVL \DLWX 9LVL 3HUDGDEDQ 9LVL.HEDQJVDDQ 9LVL.HOHPEDJDDQGDQ 9LVL3HPELQDDQ
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϳ
6DDW0HQ\RQJVRQJ(UD%DUX 9LVL PHPDQJ KDUXV GLGHILQLVLNDQ $JDU WLGDN KDQ\D PHQMDGLNDWDNDWD\DQJPHODPEXQJWLQJJL9LVL\DQJGLEDQJXQ KDUXV
GDSDW
PHPEHULNDQ
JDPEDUDQ
ODQJNDKODQJNDK
PHQXMXQ\D 2OHK NDUHQD LWX YLVL EHVDU KDUXV GLVHPSXUQDNDQ GHQJDQ SHUXPXVDQ WDKDSDQWDKDSDQ %HULNXW LQL DGDODK DOXU WDKDSDQ YLVL \DQJ DNDQ NLWD WHPSXK XQWXN PHZXMXGNDQ ,VODP
0DNDDSDELOD NDPXWHODKVHOHVDL GDULVHVXDWX XUXVDQ NHUMDNDQODKGHQJDQ VXQJJXKVXQJJXK XUXVDQ \DQJ ODLQ 46$O,QV\LUDK
VHEDJDL UDKPDWDQ OLO µDODPLQ GDQ (NRQRPL ,VODP VHEDJDL SHUHNRQRPLDQ \DQJ PHQVHMDKWHUDNDQXPDW *DPEDU7DKDSDQ9LVL
6XPEHU9LVL)R66(,
x 9LVL3HPELQDDQ 'DODP
NHUDQJND
YLVL
SHPELQDDQ
)R66(,
PHQMDGL
RUJDQLVDVL
SHQJJHPEOHQJDQ GDQ SHPELQDDQ NDGHU XQWXN PHODKLUNDQ (NRQRP 5DEEDQL 0HPSXQ\DL SHUDQJNDW NDGHULVDVL \DQJ VLVWHPDWLV GDQ VHODUDV VHKLQJJDNXDOLWDVNDGHUVHFDUDQDVLRQDOPHUDWDGDQVHLPEDQJ x 9LVL3HPELQDDQ 'DODP
NHUDQJND
YLVL
SHPELQDDQ
)R66(,
PHQMDGL
RUJDQLVDVL
SHQJJHPEOHQJDQ GDQ SHPELQDDQ NDGHU XQWXN PHODKLUNDQ (NRQRP 5DEEDQL 0HPSXQ\DL SHUDQJNDW NDGHULVDVL \DQJ VLVWHPDWLV GDQ VHODUDV VHKLQJJDNXDOLWDVNDGHUVHFDUDQDVLRQDOPHUDWDGDQVHLPEDQJ
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϴ
x 9LVL.HOHPEDJDDQ 'DODP NHUDQJND YLVL NHOHPEDJDDQ )R66(, PHQMDGL RUJDQLVDVL \DQJ PHPLOLNLSHUDQJNDWDWXUDQGDQNHUDQJNDNHUMDRUJDQLVDVL\DQJHIHNWLIGDQ HILVLHQ PDSDQ PDQGLUL GDQ SURIHVVLRQDO VHKLQJJD EHUPDQIDDW EDJL PDV\DUDNDWOXDV8QWXNPHQGXNXQJSHQFDSDLDQWDKDSDQYLVLVHODQMXWQ\D )R66(,GLKDUDSNDQWHUVHEDUVDPSDLGLVHOXUXK,QGRQHVLDGDQOXDUQHJHUL x 9LVL.HEDQJVDDQ 'DODP NHUDQJND YLVL NHEDQJVDDQ )R66(, GLKDUDSNDQ PHQMDGL RUJDQLVDVL PDKDVLVZD \DQJ PDPSX PHQDXQJL VHOXUXK PDKDVLVZD ,QGRQHVLD EDLN GL GDODP PDXSXQ GL OXDU QHJHUL XQWXN EHUNRQWULEXVL EDJL SHUPDVDODKDQ EDQJVD PHODOXL (NRQRPL ,VODP )R66(, EHUSHUDQ VHFDUD Q\DWD GDQ PHQJDZDO SHUNHPEDQJDQ (NRQRPL ,VODP GL ,QGRQHVLD EHUVDPD
VWDNHKROGHU (NRQRPL ,VODP )R66(, MXJD PDPSX PHQJDZDO VHJDOD NHELMDNDQ SHUHNRQRPLDQ \DQJ GLNHOXDUNDQ SHPHULQWDK EDLN EHUXSD VXPEDQJVLK SHPLNLUDQ VROXVL PDXSXQ DNVL Q\DWD XQWXN PHUHNRQVWUXNVL GDQPHPSHUEDLNLVLVWHPSHUHNRQRPLDQ,QGRQHVLDVHUWDPDPSXEHUSHUDQ VHFDUDQ\DWDXQWXNPHZXMXGNDQNHVHMDKWHUDDQ\DQJPHUDWDEDJL%DQJVD ,QGRQHVLD x 9LVL3HUDGDEDQ 'DODP NHUDQJNDYLVL SHUDGDEDQ )R66(, GLFLWDFLWDNDQ PHQMDGLRUJDQLVDVL \DQJ PHQ\LDSNDQ JHQHUDVL \DQJ DNDQ PHQMDGL DNWRUDNWRU JOREDO GDODP UDQJND SHPEHQWXNDQ PDV\DUDNDW PDGDQL )R66(, PHQMDGL EDJLDQ GDODP UDQJNDPHZXMXGNDQNHKLGXSDQPDV\DUDNDW,VODP\DQJPHQHUDSNDQ,VODP VHFDUDNDIIDKEDLNGL,QGRQHVLDGDQGXQLD
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϵ
3HQMDEDUDQ9LVL)R66(, 'LPHQVL ZDNWX ,QL MXJD PHQMDGL EDJLDQ GDUL PHQGHILQLVLNDQ YLVL :DNWX \DQJ GLWHWDSNDQ DNDQ PHPSHUPXGDK ODQJNDKODQJNDK SHQFDSDLDQ %HULNXW LQL DGDODKWXUXQDQYLVL\DQJWHUJDPEDUGDODPUHQFDQDPHQXMX 7DEHO7DUJHW8PXP)R66(,%HUGDVDUNDQ9LVL)R66(,
0DPSX
0HOHWDNNDQ 9,6, 3RQGDVL 3HUJHUDNDQ )R66(,
0HOHQJNDSL
0DPSX
EDQJXQDQ
PHQFLSWDNDQ
SHUJHUDNDQ
ZDFDQDSXEOLN
GDQ
GDQPHQJDZDO
PHPSHUNXDW
VHJDOD
SHUDQJNDW
NHELMDNDQ
RUJDQLVDVL
SHPHULQWDK
0HPSHUWDKDQNDQ NLQHUMDGDQ SHUDQJNDWRUJDQLVDVL EDLNVHDFDUD NXDQWLWDVPDXSXQ NXDOLWDV
PHODKLUNDQ DNWRUDNWRU JOREDOGDODP UDQJND PHODKLUNDQ
VXSHUFXOWXUH PDV\DUDNDW PDGDQL
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
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϬ
3HUDQJNDW3HUDQJNDW3HUJHUDNDQ 3HQFDSDLDQ YLVL PHPEXWXKNDQ SHUVLDSDQ GDQ NHVLDSDQ 0HODQMXWNDQ VHEXDKLPSLDQGDQFLWDFLWDPDNDKDUXVDGD JHUDN\DQJPHULQWLVQ\D'LVLQLODK NLWD PHPEXWXKNDQ SHUDQJNDWSHUDQJNDW DJDU JHUDN NLWD PHQMDGL OHELK WHUWDWD GDQ WHUDUDK %HUGDVDUNDQ SHPEDKDVDQ GDODP 5DSDW 3LPSLQDQ 1DVLRQDO )R66(, GL6HPDUDQJEHULNXWLQLDGDODKSHUDQJNDWSHUDQJNDW\DQJGLUXPXVNDQ *DPEDU3HUDQJNDW3HUDQJNDW3HUJHUDNDQ
%HULNXWSHUDQJNDWSHUJHUDNDW)R66(,\DQJWHODKGLUXPXVNDQ x 3HUDQJNDW3HUWDPD'DNZDK 'LVHVXDLNDQ GHQJDQ FLUL NKDV )R66(, VHEDJDL ODQGDVDQ SHUMXDQJDQ %HUGDNZDKVHFDUDKRUL]RQWDOPDXSXQVHFDUDYHUWLNDO x 3HUDQJNDW.HGXD3HPELQDDQ.DGHULVDVL 3HPELQDDQNDGHULVDVL)R66(,PHPLOLNLDUDKXQWXNPHPSHUVLDSNDQNDGHU PHQGLGLN GDQ PHQ\HGLDNDQ ODGDQJ DPDO VHKLQJJD NDGHU EHQDUEHQDU WHUXML PHQMDGL VHRUDQJ SHMXDQJ HNRQRPL LVODP .DGHULVDVL )R66(, PHPLOLNLWDJOLQH
³(NRQRP 5DEEDQL´ (NRQRP 5DEEDQL DGDODK NDGHU
)R66(,\DQJPHPLOLNLEDVLV LGHRORJL ,VODP
\DQJ PHQJDNDU EDVLV
SHQJHWDKXDQ GDQ SHPLNLUDQ \DQJ PDQWDS GDQ LOPLDK PHPLOLNL YLVL SHUDGDEDQ XQWXN PHPEHULNDQ NRQWULEXVL SDGD SHQ\HOHVDLDQ SUREOHPDWLND
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϭ
EDQJVD GDQ XPDW ,VODP GLGXQLD VHUWD PDPSX PHQMDGL VHRUDQJ XODPD VHEDJDLSHPLPSLQGXQLD 'DODP PHZXMXGNDQ (NRQRP 5DEEDQL PDND SHGRPDQ NDGHULVDVL )R66(, PHPSXQ\DLSHUDQJNDWVHEDJDLEHULNXW 9)RU83XVDW3HQLQJNDWDQ8NKXZDK 96*'3HQGLGLNDQ5RKDQLGDQPHQWDOVHUWDSHPLNLUDQ 97RXU GH )R66(, 6DUDQD PHQJDVXK EDJL KXEXQJDQ VRVLDO NHSDGD PDV\DUDNDW 96RQW&6\DULDK(FRQRPLF7UDLQLQJ&HQWHU R '(, R 6(7 R 6(77 9)R6%RQG3XVDW3HPELQDDQ)LVLN 95DQG'/HPEDJD3HPELQDDQ.HLOPXDQGDQ3HPLNLUDQ x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x 3HUDQJNDW.HHPSDW,OPLDK 3HUDQJNDW JHUDNDQ NHHPSDW PHUXSDNDQ VDODK VDWX FLUL NKDV GDUL )R66(, LWX VHQGLUL 3HUDQJNDW LQL PHUXSDNDQ VHEXDK VDUDQD XQWXN PHQLQJNDWNDQ NKD]DQDK NHLOPXDQ \DQJ GLPLOLNL ROHK NDGHU )R66(, VHKLQJJD PDPSX PHQMDZDE WDQWDQJDQ MDPDQ GDQ PHPEHULNDQ VROXVL WHUKDGDS
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϮ
SHUPDVDODKDQ EDQJVD 3HUDQJNDW LQL GLKDUDSNDQ PDPSX PHQLQJNDWNDQ HNVLVWHQVL)R66(,DWDVSHQ\HOHVDLDQSHUPDVDODKDQEDQJVD 97HPLOQDV 9.$01$6 96LPSRVLXP 96HPLQDU 9.DMLDQ 9.XOLDK,QIRUPDO x 3HUDQJNDW.HOLPD3HUMXDQJDQ6RVLDO 3HUDQJNDW SHUJHUDNDQ \DQJ WHUDNKLU EHUXVDKD XQWXN PHQ\HQWXK VLVL ELGDQJVRVLDOGHQJDQQLODLV\DULDK x (QWUHSUHQXHU x %LGDQJVRVLDO x %LGDQJNHVHMDKWHUDDQ x %LGDQJ3HOD\DQDQ8PDW
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϯ
.DGHULVDVL)R66(, .DGHULVDVL VHODOX PHQMDGL EDJLDQ WHUSHQWLQJ EDJL NHEHUODQJVXQJDQ RUJDQLVDVL %LVD MDGL SDGD VXDWX SHULRGD RUJDQLVDVL EHJLWX FHPHUODQJ GDQ EDQ\DNPHPEHULNDQNRQWULEXVLQ\DWD1DPXQSDGDSHULRGD\DQJODLQRUJDQLVDVL ELVD VDMD PHQMDGL EHJLWX WHUSXUXN GDQ WLGDN EDQ\DN EHUPDQIDDW 'HQJDQ GHPLNLDQWXMXDQEHVDU\DQJDNDQGLFDSDLGDODPMDQJNDSDQMDQJPHPEXWXKNDQ SHQMDJDDQNXDOLWDVNDGHUGDULSHULRGDNHSHULRGD 7DJOLQH³(NRQRP5DEEDQL´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
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϰ
*DPEDU6WUDWHJL3HPEHQWXNDQ.DUDNWHU(NRQRP5DEEDQL
.DUDNWHU(NRQRP5DEEDQL .DGHULVDVL )R66(, EHUWXMXDQ XQWXN PHQGLGLN GDQ PHPSHUVLDSNDQ NDGHUNDGHU \DQJPHPHQXKLV\DUDWV\DUDWVHEDJDLEHULNXW 0HPLOLNLDTLGDK\DQJOXUXVGDQVHVXDLGHQJDQ$O4XU¶DQGDQ$V6XQQDK 0HPLOLNLNDUDNWHU\DQJNRNRKGDQPDQGLUL .HSULEDGLDQ\DQJGLQDPLVNUHDWLIGDQLQRYDWLI 0HQJHGHSDQNDQEHUSLNLULOPLDK\DQJGLGDVDUL$O4XU¶DQ ([SHUWGLELGDQJVSHVLDOLVDVLQ\DGDQEHUZDZDVDQJOREDO 6HRUDQJ\DQJPHQJHMDUNDQLOPX\DQJULQJDQVHEHOXPLOPX\DQJVXOLWVXOLW %HUDQLWDPSLOVHEDJDLSHORSRUSHUXEDKDQ 0DPSXWDPSLOVHEDJDLWRNRK 0HQJHGHSDQNDQ8NKXZDKGDODPDPDOMDPD¶L
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϱ
'HILQLVLGDQ8UJHQVL.6(, 6HMHQDN PHPEDFD NHPEDOL FDWDWDQ VHMDUDK DZDO SHUNHPEDQJDQ GDNZDK (NRQRPL ,VODP GL GDODP NDPSXV GLWDQGDL GHQJDQ EHUWXPEXKNHPEDQJQ\D .HORPSRN 6WXGL (NRQRPL ,VODP .6(, 3HUWDPD NDOL EHOXP QDPSDN GDODP EHQWXN RUJDQLVDVL KDQ\D VHNHGDU NHORPSRNNHORPSRN NHFLO \DQJ PHPLOLNL NHLQJLQDQXQWXNPHQJNDML(NRQRPL,VODP$GDEDQ\DNNHWHUEDWDVDQQDPXQWDN SHUQDK PHQMDGL KDODQJDQ 7DQSD UXDQJ WDQSD IDVLOLWDV EXPL $OODK EHJLWX WHUEXND GDQ Q\DPDQ EDJL PHUHND XQWXN PHPEDJL FLWDFLWD PHPEDJL LOPX GDQ PHPEDJL UHQFDQD .LQL PHUHND VHPDNLQ PHPEHVDU GDODP NHOHPEDJDDQ \DQJ WHUWDWDOHELKUDSLVHKLQJJDFLWDFLWDPHUHNDGDSDWQDPSDNMDXKOHELKMHODV,QLODK \DQJPHQJDQWDUNDQFLWDFLWDLWXQDPSDNVHPDNLQGHNDW .6(, PHQMDGL WHPSDW SHQJHQDODQ GDQ SHPELQDDQ PDKDVLVZDPDKDVLVZD WHUEDLN \DQJ DGD GL NDPSXV 0HUHND GLEHNDOL GHQJDQ LGHDOLVPH NDSDVLWDV PDQDMHULDO GDQ NDSDVLWDV NHLOPXDQ 0HUHND GLODWLK GHQJDQ EHUEDJDL SHUPDVDODKDQ NHVXOLWDQ NHWHUEDWDVDQ VHKLQJJD PHQMDGL NDGHUNDGHU \DQJ PDWDQJ6HODLQLWXNHEHUDGDDQQ\DVHEDJDLRUJDQLVDVL\DQJPDKDVLVZD\DQJDGD GL GDODP NDPSXV .6(, MXJD PHQMDGL OLQJNXQJDQ SDOLQJ GHNDW GDQ SDOLQJ OXDV XQWXN PHQV\LDUNDQ (NRQRPL ,VODP 'HQJDQ GHPLNLDQ .6(, PHQMDGL XMXQJ WRPEDNEDJLGDNZDK(NRQRPL,VODPGLGDODPNDPSXV 0HPEDQJXQ.6(, 0HPEDQJXQ)R66(, 'DODP NHUDQJND SHUJHUDNDQ GDNZDK (NRQRPL ,VODP GL WLQJNDWDQ PDKDVLVZD)R66(,GDQ.6(,KDUXVGLSDKDPLVHEDJDLVDWXNHVDWXDQWLGDNGDSDW GLSLVDKNDQ 6HSHWL \DQJ WHODK GLMDEDUNDQ VHEHOXPQ\D )R66(, PHUXSDNDQ RUJDQLVDVL \DQJ WHUFLSWD GDUL DNXPXODVL XNKXZDK GDUL VHPXD .6(,.6(, \DQJ WHODK WHUEHQWXN 3HUDQDQ )R66(, VHEDJDL OHPEDJD PHGLDVL XNKXZDK DQWDU.6(, VDPD VHSHUWL VHEXDK OLGL \DQJ PHPEHQWXN VDSX \DQJ NRNRK .6(, PHQMDGL SRQGDVLXWDPDEHUNHPEDQJQ\D)R66(,XQWXNPHPEDQJXQ(NRQRPL,VODPGDODP SHUDGDEDQ 6HKLQJJD NXDOLWDV .6(, \DQJ DGD GL VHOXUXK ,QGRQHVLD DNDQ PHQXQMXNNDQ NXDOLWDV )R66(, VHEDJDL VDODK VDWX SRURV SHQJJHUDN (NRQRPL ,VODP 6HPHQWDUD NXDOLWDV )R66(, PHQMDGL UHSUHVHQWDVL NXDOLWDV GDNZDK (NRQRPL,VODPGLWLQJNDWPDKDVLVZD2OHKNDUHQDLWXSHQJHPEDQJDQ.6(,KDUXV PHQMDGLEDJLDQGDULSURJUDPXWDPD)R66(,GDODPGDNZDK(NRQRPL,VODP
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϲ
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
^ĞůĂLJĂŶŐWĂŶĚĂŶŐ&Ž^^/ĚĂŶ<^/ ϭϳ
³6HVXQJJXKQ\D$OODKPHQFLQWDLRUDQJRUDQJ\DQJEHUSHUDQJGLMDODQ1\DGDODP EDULVDQ\DQJWHUDWXUPHUHNDVHDNDQDNDQVHSHUWLVXDWXEDQJXQDQ\DQJWHUVXVXQ NRNRK´ 46$V6KDII
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϭϵ
0LQG0DS0DQDMHPHQ2UJDQLVDVL
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϮϬ
.KDOLIDK(NRQRPL,VODP .HEHUDGDDQ PDQXVLD GL PXND EXPL GLEHUL DPDQDK ROHK $OODK $]]D :D -DOOD VHEDJDL NKDOLIDK 0DQXVLD GLEHUL WXJDV XQWXN PHQJHOROD DODP GDQ LVLQ\D DJDU GDSDW GLSHWLN EHUNDK GDQ PDQIDDWQ\D 'HQJDQ GHPLNLDQ XQWXN PHPDNPXUNDQEXPLGLSHUOXNDQNHWHUDPSLODQ PDQDMHPHQGDODPEHUEDJDLDVSHN NHKLGXSDQEHUGDVDUNDQILUPDQ$OODK$]]D:D-DOOD\DQJEHUEXQ\L³'DQLQJDWODK
NHWLND 7XKDQPX EHUILUPDQ NHSDGD SDUD PDODLNDW ´$NX KHQGDN PHQMDGLNDQ NKDOLIDK GL EXPL´ 0HUHND EHUNDWD ³$SDNDK (QJNDX KHQGDN PHQMDGLNDQ RUDQJ \DQJ PHUXVDN GDQ PHQXPSDKNDQ GDUDK GL VDQD VHGDQJNDQ NDPL EHUWDVELK PHPXML0X GDQ PHQ\XFLNDQ QDPD0X"´ 'LD EHUILUPDQ ³6XQJJXK $NX PHQJHWDKXL DSD \DQJ WLGDN NDPX NHWDKXL´ 46 $O %DTDUDK 6HSHUWL MXJD GDODP KDO EHUMXDQJ GL MDODQ GDNZDK (NRQRPL ,VODP DNWLILV GDNZDK HNRQRPL ,VODP GLSHULQWDKNDQ EHUMXDQJ GHQJDQ VKDII \DQJ UDSL OD\DNQ\D EDQJXQDQ \DQJ NRNRK0DNDDNWLILVGDNZDK(NRQRPL,VODPKDUXVGDSDWPHODNXNDQNHUMDVHFDUD SURIHVLRQDO GDQ UDSL VHSHUWL ILUPDQ $OODK $]]D :D -DOOD \DQJ EHUEXQ\L ³6HVXQJJXKQ\D$OODKPHQFLQWDLRUDQJRUDQJ\DQJEHUSHUDQJGLMDODQ1\DGDODP
EDULVDQ\DQJWHUDWXUPHUHNDVHDNDQDNDQVHSHUWLVXDWXEDQJXQDQ\DQJWHUVXVXQ NRNRK´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³:DKDL RUDQJRUDQJ \DQJ EHULPDQ %HUWDNZDODK NHSDGD
$OODK GDQ KHQGDNODK VHWLDS RUDQJ PHPSHUKDWLNDQ DSD \DQJ WHODK GLSHUEXDWQ\D XQWXN KDUL HVRN DNKLUDW GDQ EHUWDNZDODK NHSDGD $OODK 6XQJJXK $OODK 0DKD 7HOLWL WHUKDGDS DSD \DQJ NDPX NHUMDNDQ´46 $O +DV\U 6LDSDSXQ WHQWX GDSDW PHQDQJNDS EDKZD \DQJ GLSHUOXNDQ GDODP PHQJHOROD GDNZDK (NRQRPL ,VODP DJDU OHELK EDLN DGDODK GHQJDQ PHQJJXQDNDQ LOPX SHQJHORODDDQ 2UDQJ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϭ
PHQ\HEXWQ\DGHQJDQWHUPLQRORJL\DQJSRSXOHU\DLWXPDQDMHPHQ6HKLQJJDGL GDODPPHQMDODQNDQURGDNHKLGXSDQRUJDQLVDVLGLSHUOXNDQPDQDMHPHQRUJDQLVDVL
'HILQLVL2UJDQLVDVLGDQ0DQDMHPHQ 6HEHOXP NLWD PHPEDKDV OHELK GDODP WHQWDQJ PDQDMHPHQ RUJDQLVDVL DODQJNDK EDLNQ\D ELOD NLWD PHQJHWDKXL WHUOHELK GXOX GHILQLVL ´PDQDMHPHQ³ GDQ ³RUJDQLVDVL³ 6HSHUWLLVWLODKWDNNHQDOPDNDWDN VD\DQJ PDND GHQJDQ PHQJHQDO OHELK GHNDW GHQJDQ NDWD ³PDQDMHPHQ³ GDQ ³RUJDQLVDVL³ PDND NLWD DNDQ OHELK SDKDPGDQPHQJHUWLGDODPSHQHUDSDQQQ\D $VDO XVXO NDWD ³2UJDQLVDVL³ EHUDVDO GDUL NDWD RUJDQRQ GDODP EDKDVD
2UJDQLVDVL WHUGLUL GDUL RUDQJRUDQJ \DQJ PHPLOLNL SHUVHSVL GDQ SHPLNLUDQ
\DQJ EHUEHGDEHGD WHUKDGDS VXDWX KDO 0DQDMHPHQ RUJDQLVDVL PHQMDGLNDQ RUJDQLVDVL WHUVHEXWPHPLOLNLDUDKDQ\DQJ MHODV GDQ GDSDW EHUMDODQGHQJDQ EDLN 'HQJDQ GHPLNLDQ NLWD SHUOX PHQJHWDKXL DSD LWX LVWLODK PDQDMHPHQ \DQJ GLXQJNDSNDQGLDZDO
-DPHV$)6WRQHUGDODPEXNXQ\D 0DQDJHPHQWPHQJDUWLNDQPDQDMHPHQ
VHEDJDL
SURVHV
PHUHQFDQDNDQ
PHQJRUJDQLVDVLNDQ
PHPLPSLQ
GDQ
PHQJHQGDOLNDQ SHNHUMDDQ DQJJRWD RUJDQLVDVL GDQ PHQJJXQDNDQ VHPXD VXPEHU GD\DRUJDQLVDVLXQWXNPHQFDSDLVDVDUDQRUJDQLVDVL\DQJVXGDKGLWHWDSNDQ 6HFDUD NKXVXVPDQDMHPHQRUJDQLVDVLPHPSXQ\DL GXD WXJDV XWDPD\DLWX HIHNWLILWDVGDQHILVLHQVLGLPDQD x
HIHNWLI DGDODK PHODNXNDQ VHJDOD VHVXDWX \DQJ EHQDU 'L PDQD HIHNWLI PHUXSDNDQSHQFDSDLDQWXMXDQDWDXWDUJHW
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϮϮ
x
HILVLHQ DGDODK PHODNXNDQ VHVXDWX VHFDUD EHQDU 6HGDQJNDQ HILVLHQ DGDODK FDUD GDODP PHQFDSDL WXMXDQ DWDX WDJHW WHUVHEXW GHQJDQ PHPSHUNHFLO SHQJHOXDUDQDWDXSHPERURVDQ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϯ
.HWHUDPSLODQ0DQDMHULDO
0DQDMHPHQPHUXSDNDQLOPXGDQMXJDVHQL6XDWXRUJDQLVDVLDNDQEHUKDVLO
DSDELOD GLNHOROD PHODOXL SURVHV \DQJ VLVWHPDWLV GDQ PDPSX PHQJHQGDOLNDQ LQGLYLGX \DQJ WHUOLEDW GL GDODPQ\D DJDU PHUHND GDSDW EHNHUMD VHFDUD PDNVLPDO XQWXNPHQFDSDLWXMXDQ
.HPDPSXDQ
PDQDMHULDO
DGDODK
NHPDPSXDQ
XQWXN
PHQJDWXU
PHQJNRRUGLQDVLNDQGDQPHQJJHUDNNDQSDUDDQJJRWDNHDUDKSHQFDSDLDQWXMXDQ \DQJ WHODK GLWHQWXNDQ RUJDQLVDVL .HPDPSXDQ LQL ODKLU GDUL VXDWX SURVHV \DQJ SDQMDQJ \DQJ WHUMDGL VHFDUD SHUODKDQODKDQ PHODOXL SURVHV SHQJDPDWDQ GDQ EHODMDU D
3HUHQFDQDDQ 6HJDOD DNWLYLWDV DSDODJL DNWLYLWDV \DQJ EHVDU VDQJDW GLKDUXVNDQ DGDQ\D
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³+DL RUDQJRUDQJ \DQJ EHULPDQ
EHUWDTZDODK NHSDGD $OODK GDQ KHQGDNODK VHWLDS GLUL PHPSHUKDWLNDQ DSD \DQJ WHODK GLSHUEXDWQ\D XQWXN KDUL HVRN DNKLUDW 'DQ EHUWDTZDODK NHSDGD $OODK VHVXQJJXKQ\D $OODK 0DKD PHQJHWDKXL DSD \DQJ NDPX NHUMDNDQ´46 *DJDOGDODPPHUHQFDQDNDQDUWLQ\D PHUHQFDQDNDQNHJDJDODQVHKLQJJD OHELKEDLNEHUVLPEDKNHULQJDWGLVDDW ODWLKDQGDULSDGDEHUVLPEDKGDUDKGL PHGDQSHUDQJ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϰ
E
3HQJRUJDQLVDVLDQ 3HQJRUJDQLVDVLDQ PHUXSDNDQ VXDWX SURVHV XQWXN PHUDQFDQJ VWUXNWXU IRUPDOPHQJHORPSRNNDQGDQPHQJDWXUVHUWDPHPEDJLWXJDVWXJDVDWDX SHNHUMDDQ GL DQWDUD SDUD DQJJRWD RUJDQLVDVL $GDSXQ IRNXV SDGD WDKDS SHQJRUJDQLVDVLDQDGDODK x
$SDVDMDWXJDV\DQJKDUXVGLVHOHVDLNDQ"
x
6LDSD\DQJ\DQJPHQJHUMDNDQQ\D"
x
%DJDLPDQDWXJDVWXJDVGLNHORPSRNNDQ"
x
6LDSDPHODSRUNHVLDSD"
x
'LPDQDNHSXWXVDQKDUXVGLEXDW"
3HQJRUJDQLVDVLDQ LQL SXQ\D DUWL SHQWLQJ JXQD PHQJKLQGDUL WHUMDGLQ\D SHQXPSXNDQ NHUMD WXPSDQJ WLQGLK GDQ NHYDNXPDQ SHUVRQHO GDODP PHQMDODQNDQ DNWLILWDV 'DODP NDLWDQ LQL SHUOX GLSHUKDWLNDQ DSD \DQJ GLVHEXWSULQVLSSULQVLSPDQDMHPHQDQWDUDODLQ x
3HPEDJLDQ NHUMD GHQJDQ PHPEHUL WXJDV SDGD VHVHRUDQJ VHVXDL GHQJDQ NHDKOLDQQ\D SHQJDODPDQ NRQGLVL ILVLN PHQWDO VHUWD DNKODNQ\D
x
3HPEHULDQZHZHQDQJ GDQ WDQJJXQJMDZDE NHSDGD RUDQJ \DQJWHODK GLEHULSHNHUMDDQKDOLQLKDUXVGLEHULNDQVHFDUDMHODVGDQWHJDV
x
.HVDWXDQNRPDQGRSHULQWDK \DQJGDWDQJQ\DGDULVDWXVXPEHU\DLWX SLPSLQDQ DJDU VHVHRUDQJ WDKX GDQ MHODV NHSDGD VLDSD GLD EHUWDQJJXQJMDZDE
x
7HUWLE GDQ GLVLSOLQ LQL PHUXSDNDQ VDODK VDWX NXQFL XWDPD EDJL EHUKDVLOQ\D WXMXDQ \DQJ KHGDN GLFDSDL 'DODP NDLWDQ LQL VHRUDQJ SHPLPSLQMXJDKDUXVPDPSXPHPEHULNDQFRQWRKNHGLVLSOLQDQNHSDGD EDZDKDQQ\DPLVDOQ\DGLDWHODKPHQHWDSNDQZDNWXXQWXNUDSDWPDND VDQJ SHPLPSLQ KDUXV GDWDQJ WHSDW SDGD ZDNWXQQ\D ELOD VHRUDQJ SHPLPSLQWLGDNGLVLSOLQPDNDEDZDKDQQ\DMXJDDNDQPHQJLNXWLVLNDS \DQJGHPLNLDQ
x
0HPLOLNL VHPDQJDW NHVDWXDQ VHKLQJJD GHQJDQ VHPDQJDW NHVDWXDQ PHUHND DNDQ EHNHUMD GHQJDQ VHQDQJ KDWL GDQ VDOLQJ PHPEDQWX
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϱ
VHKLQJJD GDSDW WHUMDOLQ NHUMD VDPD \DQJ EDLN GDQ PXQFXO LQLVLDWLI XQWXNPHPDMXNDQGDNZDK x
.HDGLODQ GDQ NHMXMXUDQ 6HRUDQJ SHPLPSLQ KDUXV EHUODNX DGLO SDGD EDZDKDQQ\D GDQ VHRUDQJ EDZDKDQ KDUXV MXMXU MDQJDQ VDPSDL GLD WLGDN PHODNVDQDNDQ WXJDV NDUHQD DODVDQDODVDQ \DQJ WLGDN UDVLRQDO EHJLWXSXQVHRUDQJSHPLPSLQNHSDGDEDZDKDQQ\D
x
.RRUGLQDVLPHQJKLPSXQGDQPHQJDUDKNDQNHJLDWDQVDUDQDGDQDODW RUJDQLVDVL LQWHJUDVL PHQ\DWXNDQ NHJLDWDQ EHUEDJDL XQLW GDQ VLQNURQLVDVL PHQ\HVXDLNDQ EHUEDJDL NHJLDWDQ GDUL XQLWXQLW JXQD NHVHUDVLDQGDQNHKDUPRQLVDQ
%LOD SULQVLS GL DWDV WLGDN GLMDODQNDQ PDND DNDQ WHUMDGL NHVDODKDQ PDQDMHPHQ \DQJ GLDQWDUDQ\D GLVHEDENDQ NDUHQD EHOXP DGD VWUXNWXU RUJDQLVDVL\DQJEDLN0DVDODKODLQQ\DELVDEHUXSDNHWLGDNVHVXDLDQDQWDUD UHQFDQD GHQJDQ NHPDPSXDQ EHOXP DGDQ\D NHVHUDJDPDQ PHWRGD NHUMD \DQJ EDLN GDQ EHOXP DGDQ\D NHVHVXDLDQ DQWDUD SLPSLQDQ GHQJDQ EDZDKDQ F
3HODNVDQDDQ )XQJVL LQL PHUXSDNDQ SHQHQWX PDQDMHPHQ .6(, .HEHUKDVLODQ IXQJVL LQL VDQJDW GLWHQWXNDQ ROHK NHPDPSXDQ SLPSLQDQ .6(, GL NDPSXV GDODP PHQJJHUDNNDQ GDNZDK HNRQRPL ,VODP $GDSXQ ODQJNDKODQJNDKQ\D DGDODK PHPEHULNDQ PRWLYDVL PHPELPELQJ PHQJNRRUGLQLU GDQ PHQMDOLQ SHQJHUWLDQ GLDQWDUD PHUHND VHUWD VHODOX PHQLQJNDWNDQ NHPDPSXDQ GDQ NHDKOLDQPHUHND
G
3HQJDZDVDQ 3HQJDZDVDQ GDSDW GLGHILQLVLNDQ VHEDJDL SURVHV XQWXN PHQMDPLQ EDKZD WXMXDQWXMXDQRUJDQLVDVLGDQPDQDMHPHQWHUFDSDL6HODLQLWXSHQJDZDVDQ MXJD PHUXSDNDQ SHQJDPDQ VHNDOLJXV SHQGLQDPLV MDODQQ\D NHJLDWDQ GDNZDK (NRQRPL,VODPGLNDPSXV'HQJDQIXQJVLLQLVHRUDQJSHPLPSLQ ELVD
PHODNXNDQ
WLQGDNDQWLQGDNDQ
DQWDUD
ODLQ
0HQFHJDK
SHQ\LPSDQJDQ GDODP NHSHQJXUXVDQ .6(, 0HQJKHQWLNDQ NHNHOLUXDQ GDQSHQ\LPSDQJDQ\DQJEHUODQJVXQJ PHQJXVDKDNDQSHQGHNDWDQGDQ SHQ\HPSXUQDDQ H
(YDOXDVL
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϲ
(YDOXDVL PHUXSDNDQ NHJLDWDQ SHQLODLDQ WHUKDGDS NHJLDWDQ \DQJ WHODK GLODNXNDQ(YDOXDVLLQLEHUPDNVXGXQWXNPHQLODLDSDNDKVHPXD\DQJWHODK GLODNXNDQROHKRUJDQLVDVLVXGDKEHUMDODQVHVXDLGHQJDQSHUHQFDQDDQDWDX EHOXP -LND VXGDK PDND RUJDQLVDVL VXGDK EHUMDODQ GHQJDQ EDLN VHVXDL SHUHQFDQDDQVHGDQJNDQMLNDEHOXPVHVXDLPDNDSHUOXDGDSHUEDLNDQEDJL RUJDQLVDVLXQWXNNHGHSDQQ\DGDQUHNRPHQGDVL\DQJPHPEDQJXQ I
3HODSRUDQ 0HUXSDNDQ VDODK VDWX EHQWXN SHUWDQJJXQJMDZDEDQ WHUKDGDS SLPSLQDQ WHUWLQJJL GDUL VXDWX VWUXNWXU RUJDQLVDVL 3HODSRUDQ LQL GDSDW EHUVLIDW SHULRGLN DWDX LQVLGHQWDO 6HODLQ LWX SHODSRUDQ MXJD GDSDW EHUXSD ODSRUDQ VHFDUD WHUWXOLV PDXSXQ OLVDQ 'HQJDQ DGDQ\D SHODSRUDQ PDND NRRUGLQDVL DNDQ EHUMDODQ GHQJDQ EDLN GL DQWDUD SLKDNSLKDN \DQJ WHUNDLW GDQ EHUZHQDQJ 3HODSRUDQ LQL MXJD GDSDW GLJXQDNDQ VHEDJDL UHNDPDQ NHPDMXDQVXDWXRUJDQLVDVLGDQVHEDJDLGRNXPHQWDVLDSDVDMD\DQJVXGDK GLODNDNXNDQVHODPDSHULRGHNHSHQJXUXVDQEHUODQJVXQJ&RQWRKGDULWDKDS LQL ELVD EHUXSD SHPEXDWDQ /3- (YDOXDVL WULZXODQDQ GDQ SUHVHQWDVL SHUWDQJJXQJMDZDEDQSDGDPXNWDPDU
.HGXGXNDQ2UJDQLVDVL(NRQRPL,VODP $OODK WHODK PHQHJDVNDQ VHFDUD SDVWL GL GDODP $O 4XU¶DQ EDKZD ,VODP PHUXSDNDQ 'LQ EDJL VHOXUXK QDEL GDQ UDVXO VHMDN GDUL $GDP DV VDPSDL GHQJDQ QDEL 0XKDPPDG 6$: \DQJ NHPXGLDQ GLVDPSDLNDQ NHSDGD VHOXUXK XPDW PDQXVLD'HQJDQNDUDNWHULVWLNV\XPXOL\DKVHPSXUQD GDQµDODPL\\DKXQLYHUVDO ,VODP PHQJDWXU VHOXUXK ELGDQJ NHKLGXSDQ PHQFDNXS DNLGDK V\DULDK GDQ PXDPDODK\DQJEHUODNXXPXPEDJLVHOXUXKPDQXVLDNDSDQGDQGLPDQDSXQ /HELK MDXK ODJL GDODP NRQWHNV PXDPDODK GHQJDQ NDUDNWHULVWLN
V\XPXOL\\DK \DQJ GLPLOLNLQ\D PDND ,VODP PHQJDWXU VHJDOD DNWLILWDV NHKLGXSDQ KXNXP SROLWLN SHQGLGLNDQ GDQ ODLQ VHEDJDLQ\D WDN WHUNHFXDOL ELGDQJ HNRQRPL 'DODP NRQWHNV HNRQRPL ,VODP PHPEHULNDQ JXLGHOLQH DWDX DUDKDQ VHPSXUQD DJDU VHPXD VXPEHU GD\D HNRQRPL GDSDW WHUGLVWULEXVL VHFDUD DGLO GHPL WHUFLSWDQ\DNHVHMDKWHUDDQHNRQRPLEDJLVHWLDSPDQXVLD
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϳ
'HQJDQ GHPLNLDQ PDND SHUJHUDNDQ PHPEXPLNDQ 6LVWHP (NRQRPL ,VODP PHUXSDNDQEDJLDQSHUMXDQJDQXQWXNPHQHJDNDQ,VODPVHFDUDPDVVLI6HKLQJJD LQLODK\DQJPHVWLGLSDKDPLROHKSDUDDNWLYLVSHUJHUDNDQ,VODPXQWXNPHPDKDPL XUJHQVLGDNZDK(NRQRPL,VODP
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
6LVWHP7DWDNHOROD.6(, .6(,VHEDJDL/HDUQLQJ2UJDQL]DWLRQ
2UJDQLVDVL SDGD GDVDUQ\D VHSHUWL PDNKOXN KLGXS \DQJ NHODQJVXQJDQ
KLGXSQ\D VDQJDW GLWHQWXNDQ ROHK NHPDPSXDQQ\D XQWXN EHUDGDSWDVL GHQJDQ OLQJNXQJDQ3HUXEDKDQ\DQJWHUMDGLGDODPVLVWHPEDLNLQWHUQDOPDXSXQHNVWHUQDO \DQJ EHULULVDQ GHQJDQ NH.6(,DQ PHPHUOXNDQ DGDSWDVL \DQJ WDQJJDS XQWXN PHQMDJD HNVLVWHQVL GDQ NHEHUODQJVXQJDQ .6(, 2OHK NDUHQD LWX VXDWX KDO \DQJ KDUXV GLODNXNDQ ROHK .6(, XQWXN WHWDS EHUWDKDQ GDQ EHNHPEDQJ LDODK PHPSHODMDUL SHUXEDKDQ OLQJNXQJDQ VWUDWHJLN GDQ VHJHUD EHUDGDSWDVL SDGD SHUXEDKDQLWX.6(,KDUXVPDPSXPHQDQJNDSVHWLDSSHOXDQJ\DQJPXQFXOGDQ PHPSHODMDUL VHWLDS NHNHOLUXDQ VWUDWHJL \DQJ WHUMDGL 6HEDJDL FRQWRK DGDODK
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϴ
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
7DNWHUEDQWDKNDQODJLGDODPRUJDQLVDVLNHSHPLPSLQDQPHUXSDNDQDVSHN
\DQJSHQWLQJGDQGRPLQDQGDODPPHQHQWXNDQDUDKGDQWXMXDQRUJDQLVDVL
'L
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
KDOKDO
SRVLWLI
GDQ
PHPLQLPDOLVLU KDOKDO QHJDWLI NDUHQD SLPSLQDQODNVDQDQDKNRGDNDSDO 0HQJHQGDOLNDQ
SUREOHP
NHUMD
GDQ
PHQHWDSNDQVROXVLQ\D 0HQFHUPDWL SHUXEDKDQ HNVWHUQDO GDQ PHPIXQJVLNDQQ\D XQWXN NHSHQWLQJDQ RUJDQLVDVL
2UDQJ\DQJSHVLPLV VHODOXNKDZDWLUEDKZD DQJLQDNDQEHUWLXS NHQFDQJGDQEHUODZDQDQ GHQJDQDUDKELGXNQ\D 6HGDQJNDQRUDQJ\DQJ RSWLPLVVHODOXEHUKDUDS DQJLQEHUKHPEXVGHQJDQ WHQDQJ7DSLSHPLPSLQ DGDODKRUDQJ\DQJ VDQJJXSPHQJXEDKDUDK OD\DUDJDUVHODOX PHPDQIDDWNDQWLXSDQ DQJLQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ Ϯϵ
0HQHWDSNDQ VWUDWHJL\DQJ WHWDSGDODPPHPRELOLVDVLGDQ PHPRWLYDVLRUDQJ RUDQJNHSDGDWXMXDQ\DQJOXKXU 0HQJHPEDQJNDQPHQJDVXKGDQPHQMDJDDQJJRWD 0HQMDJDNHVHLPEDQJDQ
9LVL%HUVDPD6KDUHG9LVLRQ 9LVL EHUVDPD GLEHQWXN SDGD DZDO NHSXQJXUXVDQ \DQJ EHUWXMXDQ XQWXN PHQJRNRKNDQ NRPLWPHQ SDUDSHQJXUXV 9LVL EHUVDPD LQLGLHMDZDQWDKNDQGDODP EHQWXN WXMXDQ XWDPD 6HFDUD JDULV EHVDU WXMXDQ LQL EHUXSD NRPSHWHQVL LQWL SHPDKDPDQ ,VODP \DQJ NRPSUHKHQVLI GDQ SHUVDXGDUDDQ .HPXGLDQ VHFDUD WHNQLV DUDK WXMXDQ .6(, LQL GDSDW EHUXSD SHPEHQDKDQ RUJDQLVDVL EDJL \DQJ EDUX EHUGLUL PHQJNKXVXVNDQ NHLOPXDQ DWDX PHQDPEDKNDQ GHQJDQ PHQJDGDNDQHYHQWNHJLDWDQ\DQJFXNXSEHVDUXQWXN.6(,\DQJVXGDKPDSDQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϬ
*DPEDU&RQWRK%HQWXN8SD\D6KDUHG9LVLRQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϭ
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
&RUH RPSHWHQFH DNDQ PHQJDUDKNDQ NLWD IRNXV SDGD WXMXDQ XQWXN PHQJJDSDL SHNHUMDDQ\DQJ VHVXDL GHQJDQELGDQJ NHLOPXDQ\DQJ GLPLOLNL VHGDQJNDQ VHUYLFH
H[FHOOHQFH PHQJDUDKNDQ XQWXN EHODMDU PHQJDEGL GDUL VHNDUDQJ PHQJDEGL NHSDGDEDQJVDGDQ1HJDUDVHKLQJJDNHPDPSXDQ\DQJNLWDPLOLNLELVDEHUJXQD XQWXN EDQ\DN RUDQJ EXNDQ KDQ\D GLUL VHQGLUL &RUH FRPSHWHQFH GDQ VHUYLFH
H[FHOOHQFH \DQJ PHQMDGL UXK NHJLDWDQ PDKDVLVZD \DQJ DNDQ PHODWLK NLWD XQWXN PHODNXNDQWUDQVIRUPDVLPHQMDGLPDQXVLD\DQJOHELKEDLNVHWLDSKDULQ\D .DODX &RUH FRPSHWHQFH GDQ VHUYLFH H[FHOOHQFH DGDODK GDVDU SHUJHUDNDQ PDKDVLVZD
PDND
LPSURYHPHQW
SHQJHPEDQJDQ
GDQ
HPSRZHUPHQW
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x
0RGDO,QWHOHNWXDO 0RGDO LQL GLEXWXKNDQ PDKDVLVZD XQWXN PHQMDGL PDQXVLD \DQJ PHPLOLNL SHQJHWDKXDQ\DQJNRPSHWHQNQRZOHGJDEOH PHPLOLNLNHDKOLDQVNLOOIXOO GDQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϮ
SURIHVLRQDO .HWLND GLKXEXQJNDQ GL NHOHPEDJDDQ VDMD PHVNLSXQ PHUHND WLGDNGLED\DUVHGLNLWSXQPHUHNDPDPSXXQWXNSURIHVVLRQDOGDQNRPSHWHQGL ELGDQJQ\D $SDODJL QDQWL NHWLND PHUHND GL WHULPD GL GXQLD NHUMD \DQJ PHQGDSDWNDQED\DUDQKDUXVQ\DELVDOHELKSURIHVVLRQDOGDQOHELKNRPSHWHQ x
0RGDO6RVLDO 0RGDO VRVLDO GLZXMXGNDQ GHQJDQ PHPEHNDOL VNLOO EHUXSD NHPDPSXDQ EHUNRPXQLNDVL FRPPXQLFDWLRQ NHPDPSXDQ XQWXN PHPEXDW MDULQJDQ OLQNDJH NHPDPSXDQXQWXNEHNHUMDVDPDWHDPZRUN NHPDPSXDQXQWXN PHPEDQJXQ NHVDWXDQ VROLGLW\ \DQJ DUDKDQQ\D DGDODK ELVD PHPSHUFHSDW NDULUPDKDVLVZDGLGXQLDSDVFDNDPSXVVHUWDPDPSXPHPEXDWNHVXNVHVDQ VHFDUDPDVVLIGLVDPSLQJDJDUELVDVXUYLYHNDSDQGDQGLPDQDSXQ
x
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϯ
9 7UXVKZRUW\ DPDQDK \DQJ DNDQ PHPEXDW PDKDVLVZD NRQVLVWHQ GDQ NRQVHNXHQWHUKDGDSNXDOLWDVSHNHUMDDQQ\D 9 +RQHVW\NHMXMXUDQ \DQJDNDQPHPEXDWPDKDVLVZDPHPLOLNLSULQVLS\DQJ MXMXU NHWHUEXNDDQ WHUKDGDS VHVDPD PHQJDWDNDQ DSD \DQJ VHEHQDUQ\D GHQJDQWHJDVGDQMHODV 9 3HUVLVWHQ\DQJDNDQPHPEXDWPDKDVLVZDEHUNDU\DGHQJDQDPDOWHUEDLN VHVHPSXUQDPXQJNLQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϰ
3HUDQJNDW2UJDQLVDVL
8QWXN PHPEHQWXN VXDWX .6(, DGD EHEHUDSD SHUOHQJNDSDQ VWDQGDU
RUJDQLVDVL\DQJSHUOXGLSHQXKL\DLWX
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
.HWHQWXDQ8PXP %DJLDQ LQL PHQMHODVNDQ PHQJHQDL LGHQWLWDV GDQ NDUDNWHULVWLN VXDWX .6(, 'DODP EDJLDQLQLDGDEHEHUDSDKDO\DQJSHUOXGLXQJNDSNDQDQWDUDODLQ x 1DPD.6(, 6HEXDK .6(, KDUXVODK PHPSXQ\DL VXDWX QDPD VHEDJDL VLPERO GDQ LGHQWLWDV XWDPDGDUL.6(, x :DNWX3HQGLULDQ %HULVLNDQWDQJJDOGDQWHPSDWSHUWDPDNDOL.6(,GLGLULNDQDWDXGLGHNODUDVLNDQ x 7HPSDW.HGXGXNDQ 0HQMHODVNDQGLPDQD.6(,EHUDGD x 6HPER\DQ.6(, 6ORJDQDWDXVHPER\DQDWDXMDUJRQ\DQJGLPLOLNL.6(,\DQJPHQXQMXNNDQV\LDU \DQJDNDQGLMDODQNDQDWDXPHGDQGDNZDK\DQJGLKDGDSL x 6WDWXV.6(,
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϱ
0HQMHODVNDQ PHQJHQDL VWDWXV .6(, 0LVDOQ\D .6(, PHUXSDNDQ 8QLW .HJLDWDQ .DPSXV8.0 /HPEDJD6WUXNWXUDOGLEDZDK%(0/6 %DGDQ6HPL2WRQRP %62 DWDXGLEDZDKSHPELQDDQPDVMLGNDPSXV x /DPEDQJ.6(, %HULVLNDQODPEDQJ\DQJGLJXQDNDQXQWXNPHQXQMXNNDQLGHQWLWDV.6(,VLPERO .6(, \DQJ PHQFHUPLQNDQ QLODLQLODLGDQYLVL \DQJGLEDZD ROHK .6(, WHUVHEXW VHUWDSHQMHODVDQWHQWDQJPDNVXG\DQJWHUNDQGXQJGDODPODPEDQJLWXVHQGLUL 'DVDU1LODL'DVDU$]DVGDQ6LIDW %DJLDQLQLPHQMHODVNDQWHQWDQJODQGDVDQDWDXSHGRPDQ\DQJPHQMDGLSHJDQJDQ .6(,WHUVHEXW x 'DVDU 0HQMHODVNDQ EDKZD .6(, EHUGDVDU NHSDGD $QJJDUDQ 'DVDU GDQ $QJJDUDQ 5XPDK 7DQJJD OHPEDJD SDGD VXDWX WLQJNDWDQ WHUWHQWX GL VXDWX SHUJXUXDQ WLQJJL x 1LODL'DVDU %HULVL QLODLQLODL \DQJ LQJLQ GLEDQJXQ SDGD VXDWX .6(, 0LVDOQ\D ,VODP \DQJ NRPSUHKHQVLILQWHJULWDVNRPLWPHQGDQHPSDWL x $]DV $]DV VHEXDK RUJDQLVDVL DGDODK VHEXDK QLODL XWDPD \DQJ GLDQXW GDODP PHQMDODQNDQURGDRUJDQLVDVL&RQWRKD]DV,VODP x 6LIDW 0HQXQMXNNDQ UXDQJ JHUDN RUJDQLVDVL GDQ VLIDWQ\D &RQWRK .6(, ³;´ PHUXSDNDQ RUJDQLVDVL NHPDKDVLVZDDQ \DQJ EHUJHUDN GDODP ELGDQJ HNRQRPL V\DULDKGDQEHUVLIDWVHPLRWRQRP
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϲ
7XMXDQ9LVLGDQ0LVL %DJLDQLQLPHPEHULNDQJDPEDUDQWHQWDQJDUDKDQGDQWXMXDQ.6(, x 7XMXDQ %DJLDQ LQL PHQMHODVNDQ WXMXDQ .6(, GLGLULNDQ 2UJDQLVDVL \DQJ EDLN KDUXVODK PHPSXQ\DL WXMXDQ \DQJ MHODV VHKLQJJD GDODP PHQXOLVNDQ WXMXDQ .6(, KDUXV GLWXOLVNDQGHQJDQMHODV x 9LVL %DJLDQ LQL PHQMHODVNDQ PHQJHQDL JDPEDUDQ XPXP DWDX FLWDFLWD WHQWDQJ DUDK \DQJ GLWXMX .6(, GL PDVD \DQJ DNDQ GDWDQJ DWDX MDQJND SDQMDQJ \DQJ PHUXSDNDQVXDWXNRQVHSDNDQGLEDZDNHPDQDGDQPHQMDGLDSDVXDWX.6(, x 0LVL %DJLDQ LQL PHQMHODVNDQ PHQJHQDL SHQMDEDUDQ YLVL VHFDUD WHUWXOLV DJDU YLVL GDSDWGLFDSDLDWDXODQJNDKODQJNDK\DQJGLWHPSXKXQWXNGDSDWPHZXMXGNDQ YLVL
.HSHQJXUXVDQ 0HQMHODVNDQ PHQJHQDL VLDSD \DQJ GLVHEXW SHQJXUXV .6(, GDQ ZLOD\DK \DQJ PHQMDGLFDNXSDQREMHNVHEXDK.6(, .HDQJJRWDDQ 0HQMHODVNDQ PHQJHQDL NDWHJRUL NHDQJJRWDDQ \DQJ DGD GDODP VXDWX .6(, &RQWRKQ\D $QJJRWD .6(, ³;´ WHUGLUL GDUL DQJJRWD XPXP DQJJRWD NKXVXV GDQ DQJJRWD NHKRUPDWDQ 3HQMHODVDQ OHELK ODQMXW PHQJHQDL MHQLV NHDQJJRWDDQ LQL WHUGDSDWGDODP$QJJDUDQ5XPDK7DQJJD +DNGDQ.HZDMLEDQ$QJJRWD +DNGDQ.HZDMLEDQDQJJRWDGLDWXUGDODP$QJJDUDQ5XPDK7DQJJD 6XVXQDQ2UJDQLVDVL %DJLDQLQLPHQMHODVNDQPHQJHQDLSHPHJDQJNHNXDVDDQWHUWLQJJLRUJDQLVDVLGDQ MXJDSHUDQJNDWRUJDQLVDVL\DQJDGDGL.6(,
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϳ
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
GDODP
RUJDQLVDVL
WHUVHEXW
ELVD
PHPDKDPL
EHWXO
GDQ
PHQJLQWHUQDOLVDVLNDQSHGRPDQGDNZDKRSHUDVLRQDOLQLGHQJDQELMDN .HDQJJRWDDQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϴ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϯϵ
3HQJDPELODQ.HSXWXVDQ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϬ
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x 3HQJDQWDU /DWDU EHODNDQJ VHEXDK *%+. GDQ WXMXDQ VHUWD KDUDSDQ DNDQ *%+. WHUKDGDS SHQFDSDLDQYLVLGDQPLVLRUJDQLVDVL x 3HQJHUWLDQ*%+. *DULV*DULV %HVDU +DOXDQ .HUMD PHUXSDNDQ VHEXDK ODQGDVDQ SHGRPDQ DUDKDQ VHUWD EDWDVDQ NHUMD VHEXDK SHULRGH \DQJ GLVDKNDQ ROHK SLPSLQDQ WHUWLQJJLVHEXDKRUJDQLVDVL x )XQJVL*%+. *DULV*DULV %HVDU +DOXDQ .HUMD VXDWX .6(, EHUIXQJVL PHPEHULNDQ DUDKDQ JHUDNEDJLRUJDQLVDVLDJDUDJHQGD\DQJGLMDODQNDQVHVXDLGHQJDQNRULGRU\DQJ DGDGDQWLGDNPHQ\LPSDQJGDULWXMXDQRUJDQLVDVLWHUVHEXWGLGLULNDQ x /DQGDVDQ*%+. *DULV*DULV %HVDU +DOXDQ .HUMD VXDWX .6(, \DQJ PHUXSDNDQ SHGRPDQ GDODP PHQMDODQNDQPLVLGDNZDKHNRQRPL,VODPGLNDPSXVVXGDKVHOD\DNQ\DGLVXVXQ EHUODQGDVNDQ$O4XU¶DQGDQ$VVXQQDK
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϭ
x 5XDQJ/LQJNXS 3DGD UXDQJ OLQJNXS LQL GLMHODVNDQ VLVWHPDWLND VXVXQDQ EDEEDE \DQJ DGD GDODP*%+.WHUVHEXW 7XJDVGDQ:HZHQDQJ.HSHQJXUXVDQ 0HQMHODVNDQWXJDVGDQZHZHQDQJVHWLDSSHQJXUXVDUDKDQNHUMDVHWLDSSHQJXUXV GDQUDQDKNHUMDVHWLDSGLYLVL 3HUDQJNDW3HQGXNXQJ2UJDQLVDVL 0HQMHODVNDQ PHQJHQDL SHUDQDQ GDUL PDVLQJPDVLQJ SHUDQJNDW SHQGXNXQJ RUJDQLVDVL 7DUJHW.HUMD6DWX3HULRGH.HSHQJXUXVDQ %HULVL WDUJHW NHUMD \DQJ LQJLQ GLFDSDL ROHK .6(, VHODPD VDWX SHULRGH NHSHQJXUXVDQ
5HQFDQD.HUMDGDQ$QJJDUDQ7DKXQDQ 0HUXSDNDQ VXDWX SHUDQJNDW DGPLQLVWUDVL RUJDQLVDVL \DQJ PHUDQJNXP VHOXUXK NHJLDWDQ \DQJ DNDQ GLMDODQNDQ VHODPD VDWX SHULRGH NHSHQJXUXVDQ RUJDQLVDVL 5.$7 LQL GLVDMLNDQ VHFDUD VLVWHPDWLV GDODP EHQWXN WDEHO \DQJ PHPXGDKNDQSHPEDFDQ\D5.$7LQLEHULVLSURJUDPNHJLDWDQGHVNULSVLNHJLDWDQ WXMXDQ LQGLNDWRU WDUJHW ZDNWX GDQ WHPSDW SHODNVDQDDQ VXPEHU GDQD GDQ SHQDQJJXQJMDZDENHJLDWDQ%LVDGLOLKDWSDGDODPSLUDQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϮ
3HQMDEDUDQ6HNWRU6HNWRU\DQJ'LNHPEDQJNDQ
'DODP PHPEHQWXN VHEXDK .6(, VHODLQ GLEXWXKNDQQ\D SHUDQJNDW
RUJDQLVDVL VHSHUWL \DQJ WHODK GLMDEDUNDQ VHEHOXPQ\D SHUOX PHPSHUKDWLNDQ VHNWRUVHNWRU ODLQ XQWXN PHQGXNXQJ WHUZXMXGQ\D .6(, \DQJ PDSDQ %HULNXW LQL DGDODKVHNWRUVHNWRUGDVDU\DQJGLPLOLNLROHKVXDWX.6(, %DJLDQ,QWHUQDOGDQ.HSHQJXUXVDQ
3HUDQJNDW RUJDQLVDVL \DQJ EDJXV MXJD KDUXV GLWXQMDQJ GHQJDQ SHQDWDDQ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϯ
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
!
.HNXDWDQ \DLWX NRQGLVL \DQJ PHQJXQWXQJNDQ
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
!
$QFDPDQ \DLWX VXDWX KDO \DQJ DNDQ PHQJKDPEDW
DWDX PHQJDQFDP VHODPD SHUMDODQDQ NHSHQJXUXVDQ 0LVDOQ\D EDQ\DN SHQJXUXVGDQDQJJRWD\DQJWLGDNDNWLI
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϰ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϱ
PHQMDODQNDQ VHJDOD VHVXDWXQ\D GHQJDQ NHLNKODVDQ GDQ VXQJJXK VXQJJXK .HSHUFD\DDQ WHUKDGDS SHPLPSLQ PXWODN GLWXPEXKNDQ .HSHUFD\DDQ LQL PHOLSXWL NHPDPSXDQ SHPLPSLQ NHOD\DNDQQ\D NHELMDNVDQDDQQ\D \DQJ WHUFHUPLQ GDODP VLNDS KDULDQ SHPLPSLQ GDQ KXEXQJDQ ODQJVXQJ GHQJDQ SDUD SHQJXUXV +XEXQJDQ ODQJVXQJ GLVLQL EHUPDNQDLQWHUDNVL\DQJWLGDNPHODQJJDUV\DUL¶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
%DJLDQ.DGHULVDVLGDQ6XPEHU'D\D,QVDQL /HPEDJD GDNZDK (NRQRPL ,VODP GL NDPSXV MXJD PHUXSDNDQ OHPEDJD \DQJ EHUIXQJVL VHEDJDL OHPEDJD SHQJNDGHUDQ $NWLYLWDV \DQJ GLODNXNDQ ROHK OHPEDJD GDNZDK (NRQRPL ,VODP PHPLOLNL RULHQWDVL WHUKDGDS NDGHULVDVL 'HQJDQ SDUDGLJPD NDGHULVDVL LQL GLKDUDSNDQ VHJDOD VHVXDWX \DQJ GLODNXNDQ GL VHEXDK OHPEDJDGDNZDKPHQXQMDQJSURVHVNDGHULVDVLEDJLSDUDNDGHU.DGHULVDVL\DQJ EHUVLIDW LQWHQV GDQ NRQWLQX ELVD GLNDWDNDQ VHEDJDL NXQFL NHEHUKDVLODQ SURVHV NDGHULVDVLLWXVHQGLUL6DODKVDWXXSD\DSHQJNDGHUDQ\DQJVHULQJGLODNXNDQ.6(, DGDODK GHQJDQ PHODOXL NHJLDWDQ PHQWRULQJ HNRQRPL ,VODP 0HQWRULQJ HNRQRPL ,VODP LQL GLVHEXW GHQJDQ 6PDOO *URXS 'LVFXVVLRQ 6*' 6*' GHQJDQ MXPODK DQJJRWD RUDQJ VHWLDS NHORPSRNQ\D VHULQJ GLMXPSDL GDQ PHQMDGL WXODQJ SXQJJXQJNDGHULVDVL 3HQGHNDWDQSHQGHNDWDQ \DQJ PDQXVLDZL VHUWD VHQWXKDQ HPRVLRQDO WHUKDGDS SDUD NDGHU MXJD GLQLODL VHEDJDL VDODK VDWX FDUD \DQJ VHVXDL XQWXN PHQHUDSNDQNDGHULVDVLWHUVHEXWGHQJDQFDUDPHQ\HVXDLNDQPDWHULDWDX FRQWHQW NDGHULVDVL VHVXDL GHQJDQ NDSDVLWDV DQJJRWD \DQJ DNDQ GLNDGHU 'L VLQL SHUDQ SHQMHQMDQJDQ NDGHULVDVL GLEXWXKNDQ DJDU NDGHULVDVL \DQJ GLEHULNDQ ELVD WHSDW
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϲ
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
6HWLDS PXVOLP PHPLOLNL NHZDMLEDQ XQWXN EHUGDNZDK 0HQMDGL EDJLDQ GDUL
.6(,PHUXSDNDQZXMXGDQWXVLDVPHEHUGDNZDKOHZDWV\L¶DUHNRQRPL,VODP,QLODK \DQJ PHQMDGL WXMXDQ XWDPD VHWLDS .6(, 0DQDMHPHQ V\L¶DU VDQJDW GLEXWXKNDQ XQWXNPHZXMXGNDQV\L¶DU\DQJRSWLPDOGDQWHSDWVDVDUDQ 0LVLV\L¶DUDQWDUDODLQ 6LQHUJL
$GDQ\DVLQHUJLVDVLDQWDUDVHPXDDJHQGDGDNZDK
7HSDW*XQD
$GDQ\DPDUNHWUHVHDUFKXQWXNPHQJHWDKXL ³FXVWRPHUVEHKDYLRU´\DLWXNHEXWXKDQPDKDVLVZD\DQJ PHQMDGLVSHVLILNDVLSURJUDPV\L¶DU
.HVLQDPEXQJDQ *HUDNV\L¶DU\DQJEHUDOXUGDQNRQWLQXGLDGDNDQ %HUNDUDNWHU
3HPEHQWXNDQNDUDNWHUGHQJDQJHUDNDQVHFDUDNXOWXUDO
6\L¶DU (NRQRPL ,VODP GDODP FDNXSDQ NDPSXV \DQJ GL GDODPQ\D WHUGDSDW
EHUEDJDL NRPXQLWDV SHUOX GLEXDWNDQ PHWRGH \DQJ EDLN VHKLQJJD GDODP SHQ\DPSDLDQQ\D GDSDW GLWHULPD GDQ GLSDKDPL ROHK FLYLWDV DNDGHPLND GDQ PDV\DUDNDW XPXP 3HQFLWUDDQ WHUKDGDS RUJDQLVDVL .6(, LWX VHQGLUL VDQJDW SHQWLQJNDUHQDNHFHQGHUXQJDQRUDQJODLQOHELKGXOXPHOLKDWVLDSD\DQJEHUELFDUD GDULSDGD DSD \DQJ LD ELFDUDNDQ 0HWRGH V\L¶DU \DQJ ELVD GLWHUDSNDQ GDODP OLQJNXQJDQ NDPSXV GDQ PDV\DUDNDW XPXP VHUWD SXEOLNDVL WHUNDLW GHQJDQ NRPSHQWHQVLDNDQGLSDSDUNDQOHELKODQMXWSDGD%DE
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϳ
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µ$]]D :D -DOOD GDQ VHFDUD SURIHVLRQDO WHUKDGDS PDV\DUDNDWVHUWDOLQJNXQJDQFLYLWDVDNDGHPLND3DGD%DEDNDQGLEDKDVVHFDUD ULQFL PHQJHQDL SHPEXDWDQ DQJJDUDQ ODSRUDQ NHXDQJDQ DXGLW LQWHUQDO GDQ EDJDLPDQDFDUDPHPSHUROHKVXPEHUGDQDGDQPHQJHORODQ\DVHFDUDFHUPDW
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϴ
%DJLDQ(NVWHUQDO.DPSXVGDQ-DULQJDQ
7LGDN DGD VHRUDQJ SXQ \DQJ ELVD KLGXS VHQGLUL GL GXQLD LQL EHJLWX SXOD
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϰϵ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϬ
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
PHQJLNXWL ORPEDORPED
\DQJ
EHUNHQDDQ
GHQJDQ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϭ
6WUXNWXU.HSHQJXUXVDQ 2UJDQLVDVL PHUXSDNDQ HOHPHQ\DQJ DPDWGLSHUOXNDQ GL GDODP NHKLGXSDQ PDQXVLD2UJDQLVDVLPHPEDQWXNLWDPHODNVDQDNDQKDOKDODWDXNHJLDWDQNHJLDWDQ \DQJ WLGDN GDSDW GLODNVDQDNDQ GHQJDQ EDLN ROHK LQGLYLGX 6DODK VDWX YDULDEHO RUJDQLVDVL DGDODK VWUXNWXU RUJDQLVDVL 6WUXNWXU 2UJDQLVDVL DGDODK VXDWX VXVXQDQ GDQ KXEXQJDQ DQWDUD WLDS EDJLDQ VHUWD SRVLVL \DQJ DGD SDGD VXDWX RUJDQLVDVL GDODP PHQMDODQNDQ NHJLDWDQ RSHUDVLRQDO XQWXN PHQFDSDL WXMXDQ 6WUXNWXU 2UJDQLVDVLPHQJJDPEDUNDQGHQJDQMHODVSHPLVDKDQNHJLDWDQSHNHUMDDQDQWDUD \DQJ VDWX GHQJDQ \DQJ ODLQ GDQ EDJDLPDQD KXEXQJDQ DNWLYLWDV GDQ IXQJVL GLEDWDVL 6WUXNWXU VXDWX 2UJDQLVDVL PHQJJDPEDUNDQ EDJDLPDQD RUJDQLVDVL LWX PHQJDWXUGLULQ\DVHQGLULEDJDLPDQDPHQJDWXUKXEXQJDQDQWDURUDQJGDQDQWDU NHORPSRN 6WUXNWXU 2UJDQLVDVL DGDODK VXDWX NHSXWXVDQ \DQJ GLDPELO ROHK RUJDQLVDVL LWX VHQGLUL EHUGDVDUNDQ VLWXDVL OLQJNXQJDQ WHPSDW GL PDQD RUJDQLVDVL LWX EHUDGD NRQGLVL RUJDQLVDVL GDQ NHEXWXKDQ RUJDQLVDVL 6WUXNWXU VXDWX 2UJDQLVDVL DGD NDLWDQQ\D GHQJDQ WXMXDQ VHEDE VWUXNWXU RUJDQLVDVL LWX DGDODK FDUD RUJDQLVDVL LWX PHQJDWXU GLULQ\D XQWXN ELVD PHQFDSDL WXMXDQ \DQJ LQJLQ GLFDSDLQ\D6WUXNWXU2UJDQLVDVLDGDODKXQLNXQWXNVHWLDSRUJDQLVDVL $GDSXQYDULDEHOVWUXNWXURUJDQLVDVLDQWDUDODLQ 8NXUDQ6L]H 8NXUDQRUJDQLVDVL\DQJVHPDNLQEHVDUDNDQVHPDNLQNRPSOHNLPSOLNDVLQ\D VHPDNLQLPSHUVRQDOVHPDNLQOXJDVVHPDNLQVXOLWGLDUDKNDQVHPDNLQVXOLW GLSDGXNDQ 6HKLQJJD XNXUDQ GDSDW PHQFLSWDNDQ GLOHPPD GDQ WDN DGD \DQJWDKXXNXUDQ\DQJRSWLPXP 5HQWDQJ.HQGDOL 5HQWDQJ NHQGDOL LQL PHQXQMXNNDQ MXPODK RUDQJ \DQJ ODQJVXQJ GL EDZDK SHQJDZDVDQ GDQ WDQJJXQJ MDZDE VHRUDQJ SHPLPSLQ -XPODK \DQJ RSWLPXP DGDODK DQWDUD RUDQJ.DODX WHUODOX EDQ\DN WLGDNDNDQ ELVD GLDZDVLGDQGLDZDVLVHFDUDRSWLPDO
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϮ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϯ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϰ
6XPEHU7LP6301)6/'.1 .HOHELKDQ 9 3HQJRQWURODQ DQJJRWD OHELK PXGDK GLODNXNDQ NDUHQD VWUXNWXU WHUEDJLPHQMDGLVXEVXEELGDQJ 9 3HPEDJLDQ DPDQDK OHELK VSHVLILN VHKLQJJD WLGDN WHUMDGL SHQXPSXNDQWXJDV 9 6HWLDS6'0GDSDWGLEHUGD\DNDQ .HOHPDKDQ 9 3HQ\DPSDLDQLQIRUPDVLWLGDNHIHNWLI
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϱ
6HEDJDLFRQWRK.6(,³;´ 9LVL 3DGD WDKXQ .6(, ´;´ PHQMDGL VHEXDK /HPEDJD .HPDKDVLVZDDQ \DQJ EHUSHUDQ VHEDJDL SXVDW SHQJHPEDQJDQ (NRQRPL 6\DULDK \DQJ HGXNDWLI LQIRUPDWLIPDQGLULGDQSURIHVLRQDOWHUXWDPDGLOLQJNXQJDQ8QLYHUVLWDV´;<=´
0LVL 3HQGLGLNDQ (NRQRPL 6\DULDK \DQJ WHUSDGX EHUNHVLQDPEXQJDQ GDQ NRPSUHKHQVLI 3HQ\HEDUDQLQIRUPDVL(NRQRPL6\DULDK\DQJHIHNWLI 8VDKDGDQSHPELD\DDQPDQGLUL\DQJVHVXDLGHQJDQSULQVLSSULQVLSV\DULDK 0HPEDQJXQMDULQJDQGDQNHUMDVDPDGHQJDQSULQVLSPXWXDOWUXVW 3HQLQJNDWDQQLODLQLODLUXKL\DKGDQVLNDSSURIHVLRQDO 3HQJHPEDQJDQULVHWGDODPELGDQJHNRQRPLV\DULDK *DPEDU&RQWRK6WUXNWXU2UJDQLVDVLGHQJDQ3DQGXDQ 9LVLGDQ0LVL.6(,³;´
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϲ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϳ
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
VHWHODK
NHSHQJXUXVDQ
VHOHVDL
%HULNDQ
NHVHPSDWDQ
XQWXN
PHQJNKD\DONDQ SLNLUDQ EHVDU LQL .RPSRVLVL WLP LQWL MXJD SHUOX GLVHVXDLNDQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϴ
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³VXKX´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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϱϵ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϲϬ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϲϭ
6WXGL.DVXV.6(,.XUDQJ$NWLI"$GD$SD
WHUKDGDS
EDWDVDQEDWDVDQ
WXJDV
PDVLQJPDVLQJ
SHQDQJJXQJ MDZDE VHKLQJJDPHQJDNLEDWNDQEHEHUDSD WXJDV GLNHUMDNDQ ROHK EHEHUDSD SDQLWLD VHGDQJNDQ WXJDV ODLQQ\D WLGDN GLNHUMDNDQ GLNDUHQDNDQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϲϮ
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
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϲϯ
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
,VWLODK3HQWLQJ .6(,.HORPSRN6WXGL(NRQRPL,VODP $'$QJJDUDQ'DVDU $57$QJJDUDQ5XPDK7DQJJD *%+.*DULV%HVDU+DOXDQ.HUMD 5.$75HQFDQD.HUMDGDQ$QJJDUDQ7DKXQDQ 6*'6PDOO*URXS'LVFXVVLRQ
DĂŶĂũĞŵĞŶKƌŐĂŶŝƐĂƐŝ<^/ ϲϰ
³+DLRUDQJRUDQJ\DQJEHULPDQDSDELODNDPXEHUPXCDPDODKWLGDNVHFDUDWXQDL XQWXNZDNWX\DQJGLWHQWXNDQKHQGDNODKNDPXPHQXOLVNDQQ\D'DQKHQGDNODK VHRUDQJSHQXOLVGLDQWDUDNDPXPHQXOLVNDQQ\DGHQJDQEHQDU'DQMDQJDQODK SHQXOLVHQJJDQPHQXOLVNDQQ\DVHEDJDLPDQD$OODKWHODKPHQJDMDUNDQQ\DPDND KHQGDNODKLDPHQXOLV«´ 46$O%DTDUDK
5LQJNDVDQ .HVHNUHWDULDWDQ PHUXSDNDQ VDODK VDWX HOHPHQ \DQJ VDQJDW SHQWLQJ GDODP PHQ\RNRQJ NHKLGXSDQ VXDWX RUJDQLVDVL GDODP KDO LQL .HORPSRN 6WXGL (NRQRPL ,VODP .6(, %DJDLPDQD VLVWHP SHQJHORODDQ DGPLQLVWUDVL VLVWHP PDQDMHPHQ SHQJDUVLSDQGDWDGDQLQIRUPDVLVDPSDLEDJDLPDQDNHUDSLDQVHNUHWDULDWVHEDJDL ´UXPDK´ EDJL SHQJXUXV PHQMDGL VDODK VDWX IDNWRU \DQJ PHPSHQJDUXKL QDIDV NHKLGXSDQ VHEXDK .6(, $SDODJL GHQJDQ VHPDNLQ EDQ\DN ³FDWDWDQ VHMDUDK´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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
0LQG0DS
7XMXDQ 2UJDQLVDVL
6XSSRUWLQJ 6\VWHP
.HVHNUHWDULDWDQ
.HXDQJDQ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
.(6(.5(7$5,$7$1
³1XQGHPLSHQDGDQDSD\DQJPHUHNDWXOLVNDQ´ 46$O4DODP
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
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´DG PLQLVWHUHG´ \DQJ PHPSXQ\DL SHQJHUWLDQ PHPEDQWX PHOD\DQL DWDX PHPHQXKL $GPLQLVWUDVL $GPLQLVWUDWLRQ DWDX $GPLQLVWUDWLH DGDODK UDQJNDLDQ NHJLDWDQ SHQDWDDQ \DQJ GLODNXNDQ ROHK VHNHORPSRN RUDQJ PHODOXL XVDKD NHUMDVDPD XQWXN PHQFDSDL WXMXDQ WHUWHQWX :KLWH PHQGHILQLVLNDQ DGPLQLVWUDVL VHEDJDL LOPX DWDX VHQL \DQJ PHPSHODMDUL NHUMDVDPD VHNHORPSRN RUDQJ GDODP VXDWX RUJDQLVDVL XQWXN PHQFDSDL WXMXDQ EHUVDPD 2OHK NDUHQD LWX SHQJHUWLDQ $GPLQLVWUDVL .HVHNUHWDULDWDQ DGDODK NHVHOXUXKDQ SURVHV SHODNVDQDDQ UDQJNDLDQ NHJLDWDQ SHQDWDDQ WHUKDGDS SHNHUMDDQ SHUNDQWRUDQ GDQ WXJDVWXJDV EDQWXDQ ODLQQ\D GDODPUDQJNDPHQXQMDQJNHODQFDUDQSHQFDSDLDQWXMXDQRUJDQLVDVL 'L ,QGRQHVLD SHQJJXQDDQ DGPLQLVWUDVL NHVHNUHWDULDWDQ OD]LP GLVHEXW GHQJDQ NDWD NHWDWDXVDKDDQ 7DWD 8VDKD EHUDUWL VHJHQDS UDQJNDLDQ NHJLDWDQ PHQJKLPSXQ PHQFDWDW PHQJRODK PHQJHQGDOLNDQ PHQJLULP GDQ PHQ\LPSDQ LQIRUPDVLDWDXNHWHUDQJDQ\DQJGLSHUOXNDQGDODPVHWLDSXVDKDNHUMDVDPD 3RNRN3LNLUDQGDODP$GPLQLVWUDVL.HVHNUHWDULDWDQDQWDUDODLQ x 5DQJNDLDQ3HQDWDDQ $GPLQLVWUDVL NHVHNUHWDULDWDQ PHUXSDNDQ ZXMXG UDQJNDLDQ GDUL EHEHUDSD NHJLDWDQ GDQ WLGDN PXQJNLQ EHUVLIDW WXQJJDO $GDSXQ EHQWXNEHQWXN SROD SHQDWDDQ\DLWX 9 0HUHQFDQDNDQ3ODQQLQJ 9 0HQ\XVXQ$UUDQJLQJ 9 0HQJKLPSXQ&ROOHFWLQJ 9 0HQFDWDW5HFRUGLQJ 9 0HQJRODK3URFHVVLQJ 9 0HQJHQGDOLNDQ&RQWUROOLQJ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
9 0HQJLULP7UDQVIHULQJ 9 0HQ\LPSDQ)LOLQJ x 6HNHORPSRN2UDQJ2UJDQLVDVL 0HUXSDNDQ XQVXU WHUSHQWLQJ GDODP NHKLGXSDQ DGPLQLVWUDVL NHVHNUHWDULDWDQ NKXVXVQ\D GDQ RUJDQLVDVL SDGD XPXPQ\D %HUXSD NXPSXODQ VXPEHU GD\D PDQXVLDGHQJDQMXPODKPLQLPDOGXDRUDQJGDQPDNVLPDOWLGDNWHUEDWDV x 8VDKD.HUMDVDPD 8VDKD NHUMDVDPD $GDODK XSD\D EHUVDPD \DQJ GLODNXNDQ VHNHORPSRN RUDQJ GDODPVXDWXRUJDQLVDVLXQWXNVXDWXPDNVXGWHUWHQWXGDQWLGDNDNDQEHUKDVLO DSDELODKDQ\D GLODNXNDQROHKVDWX RUDQJ VDMD 'L GDODPXVDKD NHUMDVDPD LQL DNDQ WDPSDN VXDWX KLHUDUNL RUJDQLVDVL SHUHQFDQDDQ SURJUDP GDQ DUDK NHELMDNDQ\DQJMHODV x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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
*DPEDU3RNRN3LNLUDQ$GPLQLVWUDVL.HVHNUHWDULDWDQ
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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
3HQJHORODDQ ILVLN VHNUHWDULDW 6HNUHWDULDW PHUXSDNDQ WHPSDW NHUMD GDQ EHUVLODWXUDKLPEDJLSDUDSHQJXUXVGDQDQJJRWD6HPDNLQQ\DPDQWHPSDWQ\D DNDQ VHPDNLQ EHWDK SXOD SHQJXUXV GDQ DQJJRWD XQWXN EHNHUMD GDQ EHUNXPSXO GL GDODPQ\D VHKLQJJD VROLGLWDV SHQJXUXV GDQ NLQHUMD RUJDQLVDVL ELVDOHELKPHQLQJNDWGHPLNHSHQWLQJDQGDNZDK
(OHPHQ.HVHNUHWDULDWDQ D 6XPEHU'D\D0DQXVLD3HQJXUXV .6(,\DQJLGHDOVHEDLNQ\DPHPLOLNLGLYLVLDWDXELURWHUVHQGLUL\DQJ6'0Q\D NKXVXVPHQJHORODVLVWHPNHVHNUHWDULDWDQ E 6HNUHWDULDW .6(, VHEDLNQ\D MXJD PHPLOLNL WHPSDW ILVLN WHUVHQGLUL VHEDJDL WHPSDW NHUMD IRUPDO 6HODLQ XQWXN WXMXDQ HNVLVWHQVL NHOHPEDJDDQ VHNUHWDULDW MXJD EHUIXQJVL VHEDJDL SXVDW DGPLQLVWUDVL GDQ SHQJDUVLSDQ VHUWD WHPSDW EHUVLODWXUDKLPEHNHUMDGDQEHUNRRUGLQDVLDQWDUSHQJXUXV F 3HUDODWDQ3HUDQJNDW.HVHNUHWDULDWDQ 6DUDQDILVLN\DQJGLSHUOXNDQDQWDUDODLQ x /HPDUL XQWXN PHQ\LPSDQ EDUDQJEDUDQJLQYHQWDULV RUJDQLVDVL 6HEDLNQ\D WHUVHGLDMXJDORNHUOHPDULXQWXNPDVLQJPDVLQJELGDQJELUR x 3HUDQJNDWNRPSXWHU x 3HUDODWDQNDQWRUDODWWXOLVVSLGROVWHSOHUSHQJJDULVSHQJKDSXVGOO x 3DSDQWXOLVSDSDQSHQJXPXPXDQEXNXNRPXQLNDVLGDQEXNXWDPX x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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x %HQWXNORJRPLVDOQ\DEXODWNRWDNSHUVHJLSDQMDQJHOLSVGOO x 8NXUDQVWDQGDUORJRELDVDQ\DXQWXNNRSVXUDW x %HQWXNWXOLVDQSDGDORJR x :DUQDORJR x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
\DQJWHUSLOLKDNDQGLDMXNDQNHPXNWDPDUXQWXNGLVDKNDQ 3DSDQ1DPD 'LJXQDNDQ XQWXN PHQXQMXNNDQ OHWDN VHNUHWDULDW .6(, WHUGLUL GDUL QDPD .6(,ORJRDODPDWHPDLOQRPRUWHOHSRQGDQGLOHWDNNDQGLWHPSDW\DQJ PXGDKWHUOLKDWPLVDOGLDWDVSLQWXPDVXNVHNUHWDULDW 3HUOHQJNDSDQ6XUDW0HQ\XUDW x .RWDNVXUDWGDQNRWDNVDUDQ x %HUJXQDXQWXNPHQDUXKVXUDWPDVXNGDQVDUDQ x .RS6XUDW 9 .RS VXUDW PHQJJXQDNDQ ORJR .6(, VWDQGDU XPXPQ\D SDGDEDJLDQNLULDWDXNDQDQNHUWDV 9 .RS VXUDW XPXPQ\D PHQFDQWXPNDQ DODPDW VHNUHWDULDW VHOHQJNDS PXQJNLQ GL EDZDK QDPD .6(, DWDX GL EDJLDQ EDZDK NHUWDV WHUPDVXN PHQFDQWXPNDQ QDPD NRWD NRGH SRVQRPRUWHOHSRQGDQQRPHUIDNVLPLOLELODDGD
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
9 3HQJJXQDDQ
NHUWDV
MHQLV
XNXUDQ
EHUDW
KDUXV
VDPDVWDQGDU 6HWLDS NDOL .6(, PHQFHWDN NRS EDUX VXUDW EDUX VHEDLNQ\D +96 JUDP VHPDNLQ EDQ\DN MXPODK \DQJGLFHWDNELD\DVHPDNLQPXUDK 9 7LSH KXUXI VHEDLNQ\D NRQVLVWHQWLGDN EHUXEDKXEDK WHUXWDPDXQWXNQDPD.6(, x $PSORS6XUDW $PSRS VXUDW XPXPQ\D MXJD PHQFDQWXPNDQ ORJR QDPD GDQ DODPDW .6(,VHEDLNQ\DGHVDLQVHQDGDGHQJDQNRSVXUDWGDQXNXUDQVWDQGDU DPSRSNDELQHW x 6WHPSHO&DS 6WHPSHO DWDX FDS PHUXSDNDQ EXNWL YDOLGLWDVOHJDOLWDVNHDEVDKDQ GDUL VXUDW \DQJ GLNHOXDUNDQ .6(, 6WHPSHO KDUXV GLVLPSDQWLGDN EROHK GLEDZDNHOXDU .DUWX1DPD .DUWX QDPD GLJXQDNDQ WHUXWDPD XQWXN SHQJXUXV \DQJ VHULQJ EHUKXEXQJDQ GHQJDQ SLKDN OXDUHNVWHUQDO .6(, 6HODLQ PHPXGDKNDQ NRPXQLNDVL MXJD EHUIXQJVL VHEDJDL LGHQWLWDV SULEDGL SHQJXUXV \DQJ EHUVDQJNXWDQ .DUWX QDPD MXJD ELVD PHQMDGL VDODK VDWX SURJUDP GHSDUWHPHQGDQDXVDKDVHEDJDLXSD\DPHQFDULGDQD
2UJDQL]DWLRQ¶V3URILOH %HUXSDOHDIOHW\DQJEHULVLWHQWDQJGHVNULSVL.6(,0HPXDWWHQWDQJQDPD VWUXNWXUELGDQJSURJUDPNHUMDGDQSUHVWDVL.6(, %HQGHUD 8PXPQ\DGLJXQDNDQXQWXNNHJLDWDQNHJLDWDQV\LDU.6(, 3LQ3ODNDW6WLNHUGOOSHUDQJNDWSHUDQJNDWQRQSHUPDQHQDWDXLQVLGHQWDO VHSHUWLSDGDDFDUDDFDUDV\L¶DU
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
)XQJVL8PXP.HVHNUHWDULDWDQ 7HUGDSDW IXQJVL XPXP NHVHNUHWDULDWDQ \DLWX 3HQJHORODDQ 6LVWHP $GPLQLVWUDVL2UJDQLVDVLGDQ3HQJHORODDQ)LVLN6HNUHWDULDW ,
3HQJHORODDQ6LVWHP$GPLQLVWUDVL2UJDQLVDVL 3HQJHORODDQ6XUDW0DVXN 6WDQGDUGLVDVL6XUDW0DVXN x 3HQHULPDDQVXUDW 6XUDW \DQJ GLWHULPD ROHK SHQJXUXV NHVHNUHWDULDWDQ WHUOHELK GDKXOX GLVRUWLU
PDQD
\DQJ
PHUXSDNDQ
VXUDW
RUJDQLVDVL
VXUDW
SULEDGLSHQJXUXVDWDXVXUDWVXUDWODLQQ\D6XUDWRUJDQLVDVLVHODQMXWQ\D GLEXND GDQ GLSURVHV 6HEDLNQ\D GLVRUWLU OHZDW NRWDN VXUDW EDJL GHYLVLSHQJXUXVKDULDQELUR x 3HQFDWDWDQSHQGRNXPHQWDVLDQVXUDW 6XUDW \DQJ GLWHULPD ODOX GLFDWDW GDODP EXNX UHJLVWUDVL VXUDW PDVXN WHUNDLWGHQJDQKDOKDO 9 1RPRUXUXW 9 7DQJJDOPDVXN 9 1DPDGDQDODPDWSHQJLULP 9 3LKDN\DQJGLWXMX 9 7DQJJDOGDQQRPRUVXUDW 9 3HULKDO 9 /DPSLUDQ 9 .HWHUDQJDQWDPEDKDQ 3HQ\DPSDLDQ6XUDW 6HWHODKGLFDWDWGDODP%XNX5HJLVWUDVL6XUDW0DVXNODOXGLSDUDIGLWDQGD WDQJDQL ROHK SHQJXUXV \DQJ PHQHULPD GLEXDW OHPEDU GLVSRVLVL GLJDQGDNDQ ODOX GLVDPSDLNDQ SDGD SLKDN \DQJ EHUVDQJNXWDQ XQWXN GLWLQGDNODQMXWL x 3HQLQGDNODQMXWDQ6XUDW %LODSLKDNGLYLVL\DQJEHVDQJNXWDQSHUOXPHPEXDWVXUDWEDODVDQSLKDN WHUVHEXW KDUXV PHPEHULWDKXNDQ SDGD EDJLDQ NHVHNUHWDULDWDQ XQWXN GLEXDWNDQ VXUDW EDODVDQ %LOD GLYLVL \DQJ EHUVDQJNXWDQ PHPLOLNL
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
NHZHQDQJDQ XQWXN PHPEXDW VXUDW VHQGLUL GLYLVL WHUVHEXW WHWDS KDUXV PHPEHULWDKXSLKDNNHVHNUHWDULDWDQXQWXNPHPLQWDQRPRUVXUDW
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
9 'LYLVL\DQJEHVDQJNXWDQELODSHUOXIRWRNRSL
7DQJJDO 3HQJLULP $ODPDW 0DVXN ,FRQ8GD\DQD%DOL
1R
3LKDN\DQJ GLWXMX $QJJRWD),(6 80<
3HULKDO
'HVHPEHU 8QGDQJDQ7HPLOQDV 9,,, (.6.7(0,/1$6;,,
7DQJJDO 1R6XUDW
9 .HVHNUHWDULDWDQVXUDWDVOLXQWXNNHSHUOXDQSHQJDUVLSDQ
6HWHODKVHPXDGLODNVDQDNDQEHUNDVVXUDWGLVLPSDQROHK
x 3HQ\LPSDQDQ6XUDW
&RQWRKSHQGRNXPHQWDVLDQSHQFDWDWDQVXUDWPDVXN
6XVXQDQ DFDUD
/DPSLUDQ
.HW
3HQJHORODDQ6XUDW.HOXDU 6WDQGDUGLVDVL6XUDW.HOXDU x 3HPEXDWDQVXUDW 6XUDW \DQJ GLWXMXNDQ XQWXN SLKDN HNVWHUQDO GDQ VXUDW EDODVDQ DWDV VXUDWPDVXN GLEXDWROHKEDJLDQNHVHNUHWDULDWDQDWDVSHUPRKRQDQGDUL GLYLVLSLKDN \DQJ EHUNHSHQWLQJDQ 3DGD EHEHUDSD .6(, GLYLVL GL OXDU NHVHNUHWDULDWDQGDSDWPHPEXDWVHQGLULVXUDWNHOXDU\DQJGLSHUOXNDQQ\D GHQJDQ WHWDS PHPEHULWDKX SLKDN NHVHNUHWDULDWDQ PLQLPDO XQWXN PHPLQWDQRPRUVXUDW x 3HQFDWDWDQVXUDW 6XUDW\DQJGLEXDWODOXGLFDWDWGDODPEXNXUHJLVWUDVLVXUDWNHOXDUWHUNDLW GHQJDQ 9 1RPRUXUXW 9 7DQJJDONHOXDU 9 'DULSHQJLULP 9 1DPDGDQDODPDW\DQJGLWXMX 9 7DQJJDOGDQQRPRUVXUDW 9 3HULKDOGLWXMXNDQXQWXNXUXVDQSLKDN\DQJGLWXMX 9 /DPSLUDQ 9 .HWHUDQJDQWDPEDKDQ x 3HQRPRUDQ6XUDW 3HQRPRUDQ
VXUDW
GLEXDW
VHFDUD
VWDQGDUEDNX
ROHK
EDJLDQ
NHVHNUHWDULDWDQELDVDQ\DGLEDJLPHQMDGLWLJD\DLWX 9 3HQRPRUDQVXUDWLQWHUQSLKDNNHGXD PLVDOQ\DPHPRUDQGXP 9 3HQRPRUDQVXUDWHNVWHUQSLKDNNHWLJD 9 3HQRPRUDQXQWXNNHSDQLWLDDQ &RQWRKSHQRPRUDQVXUDWHNVWHUQLQWHUQ 1RPRU
7'''.6(,%%77
.HWHUDQJDQ
QRPRUXUXWVXUDWNHOXDU
7
GLLVLROHKNRGHKXUXI,DWDX(\DQJEHUDUWL
,,QWHUQRUJDQLVDVLXQWXN3+GLYLVLELURGHSDUWHPHQ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
((NVWHUQDORUJDQLVDVLUHNWRUDWIDNXOWDVVSRQVRUGOO
'''
GLYLVL\DQJEHUNHSHQWLQJDQPHPEXDWVXUDW
.6(,
QDPD.6(,
%%
EXODQGLWXOLVGHQJDQDQJNDURPDZL
77
WDKXQGLWXOLVGHQJDQDQJNDDUDE
&RQWRK %LGDQJ NDMLDQ 6() 8*0 PHQJXQGDQJ .6(, 5HOLHI 67(, +DPIDUDXQWXNPHQJKDGLULGLVNXVLLOPLDK
(.DMLDQ6()8*09,
3HULKDO
8QGDQJDQ'LVNXVL,OPLDK
/DPSLUDQ
VDWX KDODPDQVXVXQDQDFDUD
x 3HQ\LPSDQDQ6XUDW 6XUDWGLJDQGDNDQXQWXNGLDUVLSNDQGDQGLFDWDWGDODP%XNX5HJLVWUDVL 6XUDW.HOXDU
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
7DQJJDO 'DUL .HOXDU 'HSW.DMLDQ
1R .6(,5HOLHI 67(,+DPIDUD
7XMXDQ
&RQWRKSHQGRNXPHQWDVLDQSHQFDWDWDQVXUDWNHOXDU
3HULKDO
-XQL 8QGDQJDQ'LVNXVL (.DMLDQ6()8*09, ,OPLDK
7DQJJDO 1R6XUDW
6XVXQDQ DFDUD
/DPSLUDQ
.HW
:HZHQDQJ3HPEXDWDQ6XUDW x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x 3LKDN\DQJPHQDQGDWDQJDQLPHQ\HWXMXL 6XUDW \DQJ WHODK GLEXDW ODOX GLWDQGDWDQJDQL ROHK SLKDN \DQJ EHUZHQDQJ \DLWX 9 6XUDWNHSXWXVDQGLWDQGDWDQJDQLROHK.HWXD6HNUHWDULV8PXP *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW
0HGDQ'HVHPEHU 7DQGD7DQJDQ 7DQGD7DQJDQ &DS ;;;;;; .6(, <<<<<<< .HWXD.6(, 6HNUHWDULV8PXP 9 6XUDW NHSDGD SLKDN OXDU \DQJ EHUVLIDW DGPLQLVWUDWLIXPXPWLGDN PHQJLNDW PLVDOQ\D VXUDW SHUPRKRQDQ VXUDW L]LQ GLWDQGDWDQJDQL ROHK .HWXD6HNUHWDULV 8PXP GDQ NHWXD GLYLVL DWDX NHWXD SHODNVDQDNHJLDWDQ\DQJEHUVDQJNXWDQ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
*DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW
+RUPDW.DPL 7DQGD7DQJDQ &DS ;;;;;; .6(, .HWXD.6(,
7DQGD7DQJDQ
======
.HWXD3HODNVDQD
9 6XUDW NHSDGD SLKDN OXDU \DQJ EHUVLIDW PHQJLNDW GDODP VXDWX KXEXQJDQ NHUMDVDPD GLWDQGDWDQJDQL ROHK .HWXD6HNUHWDULV 8PXP NHWXD SHODNVDQD GDQ VHNUHWDULV NHJLDWDQ \DQJ EHUVDQJNXWDQ *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW
+RUPDW.DPL 7DQGD7DQJDQ ====== .HWXD3HODNVDQD
7DQGD7DQJDQ
.HJLDWDQ ::::::
&DS
6HNUHWDULV.HJLDWDQ
7DQGD7DQJDQ &DS ;;;;;; .6(, .HWXD.6(,
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
9 6XUDWNHSDGDSLKDNLQWHUQDWDXPHPRUDQGXPGLWDQGDWDQJDQLROHK NHWXDVHNUHWDULVGLYLVL\DQJEHUVDQJNXWDQ *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW
+RUPDW.DPL
7DQGD7DQJDQ &DS ====== .6(, .HWXD'LYLVL%LUR
9 8FDSDQ WHULPD NDVLK DWDV VXPEDQJDQ SDUWLVLSDVL VSRQVRU EDQWXDQODLQGLWDQGDWDQDJQLROHK.HWXD6HNUHWDULV8PXP *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW
0HGDQ'HVHPEHU 7DQGD7DQJDQ 7DQGD7DQJDQ &DS ;;;;;; <<<<<<< .6(, .HWXD.6(, 6HNUHWDULV8PXP
9 6XUDW L]LQ NHJLDWDQ NHSDGD SHMDEDW ELURNUDW NDPSXV \DQJ EHUZHQDQJ *DPEDU&RQWRK:HZHQDQJ3HPEXDWDQ6XUDW
+RUPDW.DPL 7DQGD7DQJDQ &DS .6(, ;;;;;; .HWXD.6(,
7DQGD7DQJDQ &DS .HJLDWDQ
====== .HWXD3DQLWLD
0HQJHWDKXL 7DQGD7DQJDQ '''''' 3HMDEDW\DQJEHUVDQJNXWDQ <ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
6DUDQD.RPXQLNDVL,QWHUQDO2UJDQLVDVL 6DUDQD NRPXQLNDVL LQWHUQDO RUJDQLVDVL \DQJ ELDVDQ\D GLNHOROD ROHK NHVHNUHWDULDWDQ DGDODK SDSDQ SHQJXPXPDQLQIRUPDVL EXNX NRPXQLNDVL EXNRP GDQSDSDQNRPXQLNDVLSDNRP x 3DSDQ3HQJXPXPDQ,QIRUPDVL 3DSDQ LQL EHULVL SHQJXPXPDQLQIRUPDVL \DQJ EHUVLIDW JHQHUDO XQWXN VHOXUXK SHQJXUXV VHSHUWL WLPHOLQH NHJLDWDQ RUJDQLVDVL WDXVKL\DK SHQJLQJDW DJHQGD RUJDQLVDVL \DQJ VXGDK GHNDW GOO 6HEDLNQ\D SDSDQ SHQJXPXPDQLQIRUPDVL LQL GLOHWDNNDQ GL WHPSDW \DQJ VHQWUDOSXVDW NHJLDWDQGDQPXGDKGLOLKDWROHKSHQJXUXVGLGDODPVHNUHWDULDW x %XNX.RPXQLNDVL%XNRP )XQJVL EXNX NRPXQLNDVL LQL OHELK NHSDGD VDUDQD NRPXQLNDVL GDQ
VKDULQJ EHEDV DQWDU SHQJXUXV 6HWLDS SHQJXUXV ELVD PHQ\DPSDLNDQ VHFDUD SULEDGL DSD \DQJ LQJLQ GLVDPSDLNDQ NHSDGD VHOXUXK SHQJXUXV \DQJODLQVHFDUDXPXPVHSHUWLLGHLGH\DQJWHUSLNLUNDQSHUPDVDODKDQ RUJDQLVDVL VDUDQ GDQ NULWLN WDXVKL\DK GOO 'HQJDQ LQL GLKDUDSNDQ NRPXQLNDVLDQWDUSHQJXUXVELVDEHUMDODQGHQJDQEDLN x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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
0DQDMHPHQ3HQJDUVLSDQ'DWDGDQ,QIRUPDVL
x 3HQJHUWLDQGDQ7XMXDQ3HQDWDDQ$UVLS 3HQDWDDQDUVLSDWDXEHUNDVDGDODKSURVHVSHQJHORODDQQDVNDKQDVNDK \DQJ GLKDVLONDQ GDQ GLWHULPD GDODP EHQWXN DSDSXQ EDLN GDODP NHDGDDQ WXQJJDO DWDXSXQ EHUNHORPSRN \DQJ GLVXVXQ EHUGDVDUNDQ NHVDPDDQ XUXVDQ NHVDPDDQ PDVDODK DWDXNHVDPDDQMHQLV7XMXDQPHQDWD EHUNDV DGDODK DJDU DUVLS GDSDW GLVLPSDQ PHQMDPLQ NHUDKDVLDDQ GDQ NHXWXKDQ GRNXPHQ GDQ PHQFHJDK KDOKDO \DQJ PXQJNLQ GDSDW PHUXVDN DWDX PHQJKLODQJNDQDUVLS3UDPHVZDUD 6LVWHP SHQJDUVLSDQ DWDX SHQ\LPSDQDQ GRNXPHQ KDUXV GLODNXNDQ VHFDUD EHUNHVLQDPEXQJDQ VHODPD .6(, PDVLK WHUXV EHUMDODQ .HPDMXDQ GDQ KDVLOKDVLO \DQJ WHODK GLFDSDL ROHK .6(, GDSDW GLOLKDW GDUL GRNXPHQ GRNXPHQ \DQJ GLVLPSDQ GHQJDQ UDSL GDQ EDLN 6HEDOLNQ\D SHQJDUVLSDQ \DQJ NDFDX GDSDW PHQJKDPEDW NHPDMXDQ .6(, \DQJ EHUVDQJNXWDQ 'DODP SULRULWDV SHQ\LPSDQDQQ\D SHUOX GLSHUKDWLNDQ DGDQ\D MHQLVMHQLV DUVLS\DLWX x$UVLS'LQDPLVWHUGLULGDUL $NWLIVHULQJGLPDQIDDWNDQNHPEDOL 6HPL$NWLIGLPDQIDDWNDQGDODPNXUXQZDNWXWHUWHQWXVDMD ,Q $NWLI WLGDN SHUQDK ODJL GLPDQIDDWNDQ GDQ ELVD VHJHUD GLPXVQDKNDQ x$UVLS 6WDWLV %HUODNX DEDGL GDQ PHQJDQGXQJ VHMDUDK VHUWD ELDVDQ\D GLVLPSDQGLDUVLSQDVLRQDO
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x 'RNXPHQ\DQJGLDUVLSNDQ 'RNXPHQ\DQJGLVLPSDQDQWDUDODLQ 9 $UVLS SHQGLULDQ .6(, $'$57 EHQWXN GDQ VWUXNWXU .6(, MRE
GHVFULSWLRQGOO 9 6LVWHPGDQPHNDQLVPHVWDQGDU.6(, 9 3URJUDPNHUMDGDQODSRUDQSHUWDQJJXQJMDZDEDQ/3- SHUSHULRGH NHSHQJXUXVDQ 9 3URSRVDO
GDQ
ODSRUDQ
SHUWDQJJXQJMDZDEDE
SHU
NHJLDWDQNHSDQLWLDDQ 9 'DWDEDVHSHQJXUXV6'0 9 'DWDEDVHSLKDNHNVWHUQDOOHPEDJD.6(,GRQDWRUGOO 9 $GPLQLVWUDVL VHKDULKDUL VXUDW NHOXDUPDVXN SHQJHORODDQ SDSDQ LQIRUPDVLPDGGLQJFDWDWDQKDULDQGOO x %HQWXNSHQJDUVLSDQ 9 'DODPEHQWXNGRNXPHQWHUWXOLV KDUGFRS\ PLQLPDOVDWXEXDK XQWXN GLSLQMDP DWDX GLSHODMDUL VHGDQJNDQ VDWX ODJL XQWXN DUVLS VHMDWL 9 'DODPEHQWXNVRIWFRS\&'86%GOO x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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
9 6HWLDSGRNXPHQWHUXWDPDGRNXPHQSHQWLQJ EDLNGDODPEHQWXN
KDUGFRS\ DWDXSXQ VRIWFRS\ VHEDLNQ\DDGDFDGDQJDQQ\DEDFNXS VHKLQJJDELODKLODQJDWDXUXVDNDGDSHQJJDQWLQ\D x .RQWUROWHUKDGDSSHQJDUVLSDQ 6HWLDS DNVHV WHUKDGDS GRNXPHQ RUJDQLVDVL VHEDLNQ\D GLNHWDKXL ROHK EDJLDQ NHVHNUHWDULDWDQ DWDX SHQJXUXV \DQJ SLNHW MDJD VHWLDS KDUL .HOHQJNDSDQ GRNXPHQ VHEDLNQ\D GLFHN VHFDUD SHULRGLN ROHK EDJLDQ NHVHNUHWDULDWDQ PLVDOQ\D VHEXODQ VHNDOL 7HUPDVXN GLDQWDUDQ\D PHQLQGDNSHQJXUXV\DQJPHQ\DODKLDWXUDQNHVHNUHWDULDWDQ x 6WDQGDUGLVDVLIROGHUSHQ\LPSDQDQDUVLS $JDU PXGDK GLDNVHV DUVLS KDUXV GLNDWHJRULNDQ PHQXUXW MHQLVQ\D PLVDOQ\D VXUDW NHOXDU VXUDW PDVXN GOO NRGHNRGH SHQJDUVLSDQ GDSDW GLVHVXDLNDQ PHQXUXW MHQLV GRNXPHQ \DQJ GLDUVLSNDQ 3HQHPSDWDQSHQ\LPSDQDQ DUVLS NHPXGLDQ GLVXVXQ VHVXDL GHQJDQ XUXWDQ NRGH \DQJ WHODK GLEXDW $WDX ELVD MXJD GRNXPHQ GLVLPSDQ VHVXDLGHQJDQNODVLILNDVLGLYLVL\DQJEHUNHSHQWLQJDQ x 3HQJHORODDQ$UVLS
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
,
3HQJHORODDQ)LVLN6HNUHWDULDW 8QJNDSDQ´.HEHUVLKDQ6HEDJLDQ'DUL,PDQ´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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
.(8$1*$1
¶¶6HVXQJJXKQ\DSHPERURVSHPERURVLWXDGDODKVDXGDUDVDXGDUDV\DLWDQGDQ V\DLWDQLWXDGDODKVDQJDWLQJNDUNHSDGD7XKDQQ\D´ 4VDO,VUD
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
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
3DGDNHQ\DWDDQQ\D .6(,VHEDJDL RUJDQLVDVL \DQJEHUDGDGLEDZDK QDXQJDQ
IDNXOWDV PDXSXQ XQLYHUVLWDV WLGDN VHPXDQ\D PHQGDSDW IDVLOLWDV NHXDQJDQ \DQJ VDPD 6HKLQJJD SRVLVL NHXDQJDQ VHUWD SHPDQIDDWDQ PDVLQJPDVLQJ .6(, SDVWLODK EHUEHGDEHGD 1DPXQ SDGD LQWLQ\D .6(,.6(, PHPSXQ\DL WXMXDQ SHQJHORODDQ NHXDQJDQ \DQJ VHMDODQ .6(, PHPSXQ\DL NHLQJLQDQ XQWXN GDSDW PHQJJXQDNDQ VHEDLNEDLNQ\D VXPEHU GD\D \DQJ WHUEDWDV GDODP KDO LQL DGDODK GDQD XQWXN PHQMDODQNDQ SURJUDP NHUMDSURJUDP NHUMD \DQJ WHODK GLDJHQGDNDQ VHODPD VDWX SHULRGHNHSHQJXUXVDQ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
$QJJDUDQ
0HQXUXW .DPXV %HVDU %DKDVD ,QGRQHVLD .%%, PDNQD GDUL NDWD DQJJDUDQ
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
$QJJDUDQ NHXDQJDQ ELDVDQ\D GLVXVXQ GL DZDO NHSHQJXUXVDQ +DO WHUVHEXW
GLPDNVXGNDQDJDUDQJJDUDQNHXDQJDQGDSDWGLMDGLNDQVHEDJDLPHGLDHYDOXDVLGDQ SHQLODLDQ NLQHUMD $SDNDK NHJLDWDQ \DQJ GLODNXNDQ VXGDK VHVXDL GHQJDQ UHQFDQD DZDO$QJJDUDQNHXDQJDQMXJDELVDGLJXQDNDQXQWXNPHQLODLHIHNWLILWDVSHQJJXQDDQ GDQD$SDNDKGDQD\DQJVXGDKGLDQJJDUNDQFXNXSNHOHELKDQDWDXEDKNDQNXUDQJ .6(,ELVDPHQJHYDOXDVLMLNDDQJJDUDQGDQUHDOLVDVLNXUDQJVHVXDL *DPEDU0LQG0DSLQJ.HXDQJDQ.6(,
3HQ\XVXQDQ$QJJDUDQ
3HQ\XVXQDQ DQJJDUDQ PHUXSDNDQ SURVHV SHPEXDWDQ UHQFDQD DQJJDUDQ
NHXDQJDQ.6(,XQWXNVDWXSHULRGHNHSHQJXUXVDQ3HQ\XVXQDQDQJJDUDQPHOLEDWNDQ UHQFDQDGDQD\DQJPDVXNNH.6(,VHUWDUHQFDQDSHQJHOXDUDQ.6(,\DQJGLJXQDNDQ XQWXN DNWLYLWDV VDWX SHULRGH NHSHQJXUXVDQ 'DODP SHQ\XVXQDQ DQJJDUDQ LQL PDVLQJPDVLQJ'LYLVLPHPEXDWSURJUDPNHUMDOHQJNDSEHVHUWDDQJJDUDQQ\D
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
3HQ\XVXQDQ DQJJDUDQ SDOLQJ WLGDN PHOLEDWNDQ GXD HOHPHQ \DQJ PDVLQJ
PDVLQJPHPEXDWUHQFDQDDQJJDUDQVHODPDVDWXSHULRGHNHSHQJXUXVDQ\DLWX'LYLVL \DQJ GLZDNLONDQ ROHK EHQGDKDUD 'LYLVL GDQ %HQGDKDUD 8PXP 6HWLDS 'LYLVL ELVD GLZDNLONDQEHQGDKDUD'LYLVL GDQ%HQGDKDUD8PXPKDUXVPHQ\XVXQSURJUDPNHUMD GDQ DQJJDUDQ NHXDQJDQ \DQJ NHPXGLDQ GLDMXNDQ SDGD 5DSDW .HUMD 5DNHU DZDO NHSHQJXUXVDQ.6(, *DPEDU%DJDQ3HQ\XVXQDQ$QJJDUDQ
x 'LYLVL%HQGDKDUD'LYLVL $QJJDUDQ\DQJVHKDUXVQ\DGLEXDWROHKGLYLVLDGDODK D 5HQFDQDDQJJDUDQRSHUDVLRQDOGLYLVL E 5HQFDQD DQJJDUDQ NHSDQLWLDDQSUR\HN \DQJ DNDQ GLODNVDQDNDQ GLYLVL WHUVHEXW x %HQGDKDUD8PXP $QJJDUDQ\DQJVHKDUXVQ\DGLEXDWROHK%HQGDKDUD8PXPDGDODK D 5HQFDQDDQJJDUDQRSHUDVLRQDOSXVDW
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
E 5HQFDQDDQJJDUDQUXWLQ0HOLSXWLSHPED\DUDQWHOHSRQOLVWULNLQWHUQHWGDQ VHMHQLVQ\DVHUWDSHWW\FDVKNDVNHFLO F 5HQFDQDDQJJDUDQGDQDWDNWLV G 5HQFDQDDQJJDUDQNHSDQLWLDDQSUR\HN .HJLDWDQ \DQJ GLPDNVXG DGDODK NHJLDWDQ \DQJ WLGDN PHQMDGL DJHQGD GLYLVL VHKLQJJD PHUXSDNDQ NHJLDWDQ EHVDU ELJ HYHQW \DQJ PHQMDGL SURJUDP .6(, VHFDUD NHVHOXUXKDQ 6HEDJDL FRQWRK GXOX .6(, 6() 8*0 PHQ\HOHQJJDUDNDQ 7(0,/1$6 .HJLDWDQ WHUVHEXW WLGDN PHQMDGL WDQJJXQJMDZDEGLYLVLPHODLQNDQ6()VHFDUDNHVHOXUXKDQ
3HQHWDSDQ$QJJDUDQ
3HQHWDSDQ DQJJDUDQ DGDODK SURVHV SHQ\HSDNDWDQ UHQFDQD DQJJDUDQ
NHXDQJDQ \DQJ WHODK GLEXDW .HVHSDNDWDQ DWDV UHQFDQD DQJJDUDQ NHXDQJDQ LQL GLODNXNDQGDODPUDSDWNHUMD\DQJGLNHWDKXLROHKVHPXDSHQJXUXV
'DODP UDSDW NHUMD SHQJXUXV PHPEDKDV GDQ PHQJNULWLVL SURJUDP NHUMD GDQ
DQJJDUDQ NHXDQJDQ \DQJ GLDMXNDQ PDVLQJPDVLQJ GLYLVL -LND VHPXD SHQJXUXV VXGDK VHSDNDW SURJUDP NHUMD GDQD DQJJDUDQ NHXDQJDQ VHWLDS GLYLVL NHPXGLDQ GLVXVXQ PHQMDGL VHEXDK 3URJUDP .HUMD GDQ $QJJDUDQ .HXDQJDQ 7DKXQDQ .6(, 0HQJLQJDW SURJUDP NHUMD GDQ DQJJDUDQ NHXDQJDQ VXGDK GLWHWDSNDQ PDND VHPXD SHQJXUXV.6(,KDUXVPHQDDWLQ\DVHODPDSHULRGHNHSHQJXUXVDQ
3URJUDPNHUMDGDQDQJJDUDQNHXDQJDQPHPDQJVXGDKGLWHWDSNDQGDQKDUXV
GLSDWXKL WHWDSL DGD EDLNQ\D SURJUDP NHUMD GDQD DQJJDUDQ NHXDQJDQ EHUVLIDW IOHNVLEHO GLVHVXDLNDQ GHQJDQ NRQGLVL \DQJ DGD 0LVDOQ\D GL WHQJDK NHSHQJXUXVDQ DGD UHYLVL SHQGDQDDQ EHUXSD SHQJXUDQJDQ GDQD GDUL IDNXOWDV \DQJ RWRPDWLV EHUGDPSDNSDGDSHUXEDKDQDQJJDUDQVHUWDSURJUDPNHUMD.6(,+DO WHUVHEXWELVD GLODNXNDQVHODPDYLVLGDQPLVL.6(,WHWDSWHUFDSDL
3HQJJXQDDQ$QJJDUDQ
3HQJJXQDDQDQJJDUDQPHUXSDNDQDNWLYLWDVSHQJHOXDUDQGDQDXQWXNNHJLDWDQ
NHJLDWDQ \DQJ WHODK GLVHSDNDWL GDODP UHQFDQD DQJJDUDQ GHQJDQ PHQJLNXWL PHNDQLVPH SHUPLQWDDQ GDQD \DQJ EHUODNX 6HFDUD JDULV EHVDU DQJJDUDQ \DQJ WHUGDSDW GDODP .6(, PHOLSXWL WLJD KDO \DLWX DQJJDUDQ UXWLQ DQJJDUDQ WLGDN UXWLQ GDQGDQDODLQODLQ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
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x 'DQD/DLQODLQ 'DQD ODLQODLQ DGDODK GDQD \DQJ GLJXQDNDQ GL OXDU DQJJDUDQ UXWLQ GDQ DQJJDUDQWLGDNUXWLQ
3HUPLQWDDQ$QJJDUDQ 'DODP EXNX LQL SRLQ SHUPLQWDDQ DQJJDUDQ OHELK PHPEHULNDQ SHQMHODVDQ PHQJHQDL DWXUDQ GDQ PHNDQLVPH SHUPLQWDDQ DQJJDUDQ GDUL VDODK VDWX SLKDN NH SLKDN ODLQ GDODP RUJDQLVDVL .6(, %HEHUDSD KDO \DQJ SHUOX GLJDULVEDZDKL GDODP SHUPLQWDDQDQJJDUDQ x 3HUPLQWDDQ GDQD XQWXN $QJJDUDQ .HXDQJDQ .6(, GLODNXNDQ WHUKDGDS %HQGDKDUD 8PXP \DQJ EHUWDQJJXQJMDZDE WHUKDGDSD VHPXD DNWLYLWDV NHXDQJDQ.6(,
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x 3HUPLQWDDQ GDQD \DQJ GLDMXNDQ PDVLQJPDVLQJ GLYLVL KDUXV VHVXDL GHQJDQ $QJJDUDQ .HXDQJDQ \DQJ WHODK GLVHWXMXL GDODP 5DSDW .HUMD GL DZDO NHSHQJXUXVDQ x 3HUPLQWDDQ GDQD PDXSXQ SHQHULPDDQ GDQD VHWLDS GLYLVL VHEDLNQ\D KDQ\D GLODNXNDQ ROHK %HQGDKDUD 'LYLVL XQWXN PHPSHUPXGDK NRRUGLQDVL GHQJDQ %HQGDKDUD8PXP x 3HUPLQWDDQ GDQD \DQJ VLIDWQ\D XQWXN NHSHUOXDQ .6(, EXNDQ NHSHUOXDQ SURJUDPNHUMDGLYLVLGLODNXNDQVHSHQXKQ\DGDODPWDQJJXQJMDZDE%HQGDKDUD 8PXP x 'LGDODPNHSHQJXUXVDQSXVDW.6(,\DQJEHUZHQDQJPHQ\HWXMXLSHUPLQWDDQ GDQD GDUL $QJJDUDQ .HXDQJDQ DGDODK .HWXD 8PXP GDQ %HQGDKDUD 8PXP 6HGDQJNDQ GDODP GLYLVL \DQJ EHUZHQDQJ DGDODK .HSDOD 'LYLVL GDQ %HQGDKDUD8PXP x 6HWLDS SHUXEDKDQ \DQJ WHUMDGL SDGD $QJJDUDQ .HXDQJDQ \DQJ WHODK GLVHSDNDWL GDODP 5DSDW .HUMD GL DZDO NHSHQJXUXVDQ KDUXV PHQGDSDW SHUVHWXMXDQGDULSLKDNSLKDNVHSHUWL\DQJGLVHEXWGDODPEXWLUH GLDWDV x $NDQOHELKEDLNMLND%HQGDKDUD8PXPGLGDPSLQJLROHK%HQGDKDUD,VHKLQJJD ELVDGLODNXNDQSHPEDJLDQWXJDV%DQGDKDUD,EHUWDQJJXQJMDZDEOHELKSDGD WXJDVWXJDV \DQJ EHUVLIDW WHNQLV VHSHUWL SHQ\LPSDQDQ GDQ SHQJHOXDUDQ GDQD 6HGDQJNDQ %HQGDKDUD 8PXP IRNXV SDGD NHZHQDQJDQRWRULVDVL GDQ SHQJDZDVDQSHQJJXQDDQNHXDQJDQ.6(,
3URVHGXU3HUPLQWDDQGDQ3HQJJXQDDQ$QJJDUDQ 0DWHUL LQL PHPEHUL WDPEDKDQ WHUKDGDS PDWHUL VHEHOXPQ\D SHUPLQWDDQ DQJJDUDQ 'L VLQL GLMHODVNDQ SHUPLQWDDQ GDQ SHQJJXQDDQ GDQD VHFDUD WHNQLV 7DKDSDQWDKDSDQ WHNQLV \DQJ VHEDLNQ\D GLODOXLGDODP PHODNXNDQ SHUPLQWDDQ GDQD SDGD%HQGDKDUD8PXP.6(,DGDODK x 0DVLQJPDVLQJ GLYLVL GLZDNLONDQ ROHK EHQGDKDUD GLYLVL \DQJ PHPHUOXNDQ GDQD XQWXN PHQMDODQNDQ SURJUDP NHUMD KDUXV PHQJLVL IRUPXOLU \DQJ GLVHGLDNDQ x )RUPXOLU SHUPLQWDDQ GDQD \DQJ WHODK GLLVL VHODQMXWQ\D GLVHUDKNDQ SDGD %HQGDKDUD8PXP
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x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x %HQGDKDUD 8PXP GDSDW PHPEHULNDQ NZLWDQVL DWDX WDQGD WHULPD SHQJHOXDUDQ GDQD 7DQGD WHULPD WHUVHEXW GLJDQGDNDQ XQWXN GLSHJDQJ PDVLQJPDVLQJSLKDN\DQJEHUNHSHQWLQJDQGDQGLVLPSDQXQWXNDUVLS x %HQGDKDUD GLYLVL PHPSXQ\DL WDQJJXQJMDZDE XQWXN PHPEXDW /DSRUDQ 3HUWDQJJXQJ-DZDEDQ/3- VHWHODKSURJUDPNHUMDVHOHVDLGLODNVDQDNDQ
/DSRUDQ.HXDQJDQ
/DSRUDQ NHXDQJDQ PHUXSDNDQ ULQJNDVDQ SHQJJXQDDQ GDQD \DQJ GLODNXNDQ
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
0DNVXGGDQ7XMXDQ
/DSRUDQ NHXDQJDQ GLEXDW XQWXN PHPEHULNDQ LQIRUPDVL VHNDOLJXV VHEDJDL
EHQWXN SHUWDQJJXQJMDZDEDQ .6(, WHUKDGDS EHEHUDSD SLKDN \DQJ GLVHEXWNDQ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
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
/DSRUDQ.HXDQJDQ3HUEXODQ
/DSRUDQ NHXDQJDQ SHUOX GLVDMLNDQ VHWLDS VDWX EXODQ VHNDOL +DO WHUVHEXW
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
%HQWXN/DSRUDQ.HXDQJDQ
/DSRUDQ .HXDQJDQ DNKLU PHUXSDNDQ ODSRUDQ NHVHOXUXKDQ SHQJJXQDDQ GDQD
GDODP SHODNVDQDDQ SURJUDP NHUMD .6(, VHODPD VDWX SHULRGH NHSHQJXUXVDQ %HQGDKDUD GLYLVL PHPEXDW ODSRUDQ NHXDQJDQ GLYLVLQ\D VHODPD VDWX SHULRGH NHSHQJXUXVDQ 6HGDQJNDQ %HQGDKDUD 8PXP PHPEXDW ODSRUDQ NHXDQJDQ SXVDW .6(,WHUPDVXNPHQJNRQVROLGDVLNDQODSRUDQNHXDQJDQVHPXDGLYLVLGDODP.6(,
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
x /DSRUDQ.HXDQJDQDNKLU\DQJGLEXDWROHK'LYLVLDGDODK D/DSRUDQVXPEHUGDQDGDQODSRUDQSHQJJXQDDQGDQD E/DSRUDQSRVLVLNHXDQJDQQHUDFD /DSRUDQLQLWLGDNPHQJLNDWKDUXVGLEXDW%LVDGLEXDWMLNDGLYLVLPHPLOLNLDNWLYD GDQNHZDMLEDQ\DQJWHUSLVDKGDUL.6(, x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
$XGLW,QWHUQDO
$XGLW GLGHILQLVLNDQ VHEDJDL SURVHV SHQJDNXPXODVLDQ GDQ SHQJHYDOXDVLDQ
EDKDQEXNWLGDULLQIRUPDVLSHODSRUDQNHXDQJDQXQWXNGLEDQGLQJNDQGHQJDQNULWHULD \DQJWHODKGLWHQWXNDQ\DQJGLODNXNDQROHKSLKDN\DQJNRPSRWHQGDQLQGHSHQGHQ
6HWHODK ODSRUDQ NHXDQJDQ GLEXDW VHODQMXWQ\D SHUOX GLODNXNDQ SHPHULNVDDQ
DWDV ODSRUDQ NHXDQJDQ EHVHUWD EXNWLEXNWL SHQGXNXQJQ\D $XGLW GLSHUOXNDQ WHUXWDPD XQWXN PHQJHWDKXL NHVHVXDLDQ ODSRUDQ NHXDQJDQ GHQJDQ VWDQGDU \DQJ WHODK GLWHWDSNDQ $XGLW MXJD ELVD PHQXQMXNNDQ NHSURIHVLRQDODQ NLQHUMD \DQJ
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
GLODNXNDQROHK.6(,WHUXWDPDEDJL.6(,\DQJPHQGDSDWVRNRQJDQGDQDGDULSLKDN OXDUVHSHUWLGRQDWXUPDXSXQVSRQVRU
$XGLWGDSDWGLODNXNDQROHKRUDQJRUDQJ\DQJNRPSHWHQXQWXNPHQJDXGLWGDQ
GDODP SRVLVL \DQJ LQGHSHQGHQ GDUL SLKDN \DQJ GLDXGLW 3DGD .6(, DXGLW LQWHUQDO ELVD GLODNXNDQ ROHK FRQWUROOHU &RQWUROOHU GDSDW EHUGLUL VHQGLUL DWDX PHUXSDNDQ EDJLDQ GDUL .6(, DVDONDQ VHFDUD KLHUDUNL NHGXGXNDQQ\D VHMDMDU DWDX OHELK WLQJJL GDUL%HQGDKDUD8PXP8QWXNODSRUDQNHXDQJDQDNKLU.6(,GLODNXNDQSHQJDXGLWDQ SDGD DNKLU NHSHQJXUXVDQ 6HGDQJNDQ XQWXN ODSRUDQ NHXDQJDQ NHSDQLWLDDQ DWDX SUR\HN GLODNXNDQ SDGD DNKLU NHSDQLWLDDQ WHUVHEXW 8QWXN DXGLW ODSRUDQ NHXDQJDQ DXGLW\DQJGLODNXNDQEHUXSD x $XGLWNHSDWXKDQ $XGLW NHSDWXKDQ GLJXQDNDQ XWQXN PHQLODL NHWDDWDQ SHQJXUXV GDODP PHODNVDQDNDQVWDQGDUNHXDQJDQ\DQJWHODKGLWHWDSNDQ%HEHUDSDFDUD\DQJ ELVDGLODNXNDQ 0HPHULNVD VWUXNWXU SHQJHQGDOLDQ LQWHUQ .6(, VHSHUWL PHPHULNVD SRVLVL EHQGDKDUD GLSHJDQJ ROHK EHUDSD RUDQJ GDQ EDJDLPDQD VLVWHPSHQFDWDWDQWUDQVDNVLQ\D 0HPHULNVD EDKDQ EXNWL DWDX GRNXPHQ SHQGXNXQJ GDQ PHQHOXVXVULSHQFDWDWDQQ\D %DKDQEXNWLDWDXGRNXPHQ\DQJELVDGLMDGLNDQSHQGXNXQJDQWDUDODLQ x %XNWL ILVLN DNWLYD \DQJ GLPLOLNL .6(, GDQ SHODSRUDQQ\D GDODP QHUDFD0LVDOQ\DMXPODKUDNEXNXPHMDSDSDQGVE x )RUP PHPR NHXDQJDQ \DQJ PHOLSXWL SHQHULPDDQ SHQJHOXDUDQ GDQSHUWDQJJXQJMDZDEDQGDQD x &DWDWDQFDWDWDQ \DQJ EHULVL SHPDVXNDQ PDXSXQ SHQJHOXDUDQ GDQD x $XGLWHILVLHQVLDQJJDUDQ $XGLW HILVLHQVL GLJXQDNDQ XQWXN PHQLODL HILVLHQVL SHODNVDQDDQ NHJLDWDQ .6(, GLOLKDW GDUL VHJL NHXDQJDQQ\D +DO WHUVHEXW GLODNXNDQ GHQJDQ FDUD PHPEDQGLQJNDQDQJJDUDQNHXDQJDQGHQJDQUHDOLVDVL\DQJWHUMDGL+DVLO\DQJ GLSHUROHKGLJXQDNDQVHEDJDLHYDOXDVLXQWXNNHJLDWDQSHULRGHEHULNXWQ\D
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
6XPEHUGDQ3HQJHORODDQ'DQD
'DODPEXNXLQL\DQJGLPDNVXGVXPEHUGDQSHQJHORODDQGDQDDGDODKVHPXD
GDQD WHUPDVXN VXPEHU GDQ SHQJHORODDQ GDQD \DQJ WLGDN WHUNDQGXQJ GDODP DQJJDUDQ0LVDOQ\D\DQJVHULQJNLWDMXPSDLGL.6(,.6(,DGDODKGDQGDULGDQXQWXN XVDKD PDQGLUL 'HQJDQ GHPLNLDQ ODSRUDQ NHXDQJDQ .6(, PHQFHUPLQNDQ VHPXD NLQHUMDNHXDQJDQ\DQJWHUMDGLGDODPVDWXSHULRGHNHSHQJXUXVDQ8QWXNXVDKD\DQJ VLIDWQ\DPDQGLULODSRUDQQ\DWLGDNSHUOXGLNRQVROLGDVLNDQFXNXSGLODPSLUNDQVDMD 6XPEHU'DQD
6XPEHU GDQD DGDODK DVDO PXDVDO GDQD \DQJ GLSHUROHK ROHK .6(, 3DGD
XPXPQ\D VXPEHU GDQD WHUGLUL GDUL GXD PDFDP
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
'DQDGDUL6XPEHU(NVWHUQDO
'DQDGDULVXPEHUHNVWHUQDOPHPSXQ\DLSHQJHUWLDQEDKZDGDQD\DQJ
GLSHUROHK.6(,EHUDVDOGDULVXPEHUGLOXDU.6(,6HFDUDJDULVEHVDUGDQDGDUL VXPEHUHNVWHUQDOGLEDJLPHQMDGLGXDMHQLV\DLWX x 'DQD.HPDKVLVZDDQ 'DQDNHPDKDVLVZDDQDGDODKGDQD\DQJGLEHULNDQROHKUHNWRUDW IDNXOWDVXQLYHUVLWDV SDGDDZDOWDKXQELVDVHFDUDODQJVXQJGLEHULNDQGLDZDO DWDXSXQEHUVLIDWSHULRGLNSDGDEXODQEXODQWHUWHQWX x 'RQDWXU 'RQDWXUDGDODKSLKDNSLKDNSHURUDQJDQOHPEDJD \DQJPHPEHULNDQGRQDVL SDGD.6(,'RQDWXUDGDGXDPDFDP\DLWX D 'RQDWXUWHWDS 'RQDWXUWHWDSPHPEHULNDQGRQDVLVHFDUDUXWLQSDGD.6(,6HEDJDL FRQWRKDOXPQLPDKDVLVZDGRVHQGDQODLQODLQ E 'RQDWXUWLGDNWHWDS 'RQDWXUWLGDNWHWDSPHPEHULNDQGRQDVLVHFDUDLQVLGHQWDOPLVDOQ\DMLND DGDSURJUDPDWDXNHJLDWDQWHUWHQWX
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
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
3HQJHORODDQ3HQJJXQDDQ'DQD
3HQJJXQDDQGDQDDGDODKDNWLYLWDVSHQJHOXDUDQGDQDGDULSHPDVXNDQ\DQJ
GLSHUROHK.6(,6HGDQJNDQSHQJHORODDQGDQDEHUEHGDGDULSHQJJXQDDQGDQD 3HQJHORODDQGDQDEHUDUWLPHPXWDUNDQGDQD\DQJGLSHUROHK.6(,XQWXNNHJLDWDQ NHJLDWDQWHUWHQWX\DQJNHXQWXQJDQQ\DPHQMDGLSHPDVXNDQ.6(, 3HQJJXQDDQGDQDGDULMHQLVSHQJHOXDUDQQ\DGLEDJLPHQMDGLGXD\DLWX x 8QWXN8VDKD0DQGLUL 'DQD GLJXQDNDQ XQWXN DNWLYLWDV XVDKD NHPXGLDQ GDQD \DQJGLKDVLONDQ GDUL XVDKD WHUVHEXW GLVLVLKNDQ NHPEDOL XQWXN SHUSXWDUDQ PRGDO DWDX SHQJHPEDQJDQXVDKD8VDKDPDQGLULGDODPSHODSRUDQNHXDQJDQVHEDLNQ\D PHPEXDW ODSRUDQ NHXDQJDQ VHQGLUL \DQJ PHULQFL DNWLYLWDV XVDKD SHQJHOXDUDQVHUWDSHPDVXNDQ\DQJGLSHUROHK x 3HQJHOXDUDQXQWXN$QJJDUDQ 'DQD GLJXQDNDQ XQWXN PHPELD\DL SURJUDP NHUMD \DQJ WHODK GLUHQFDQDNDQ GDODPDQJJDUDQ 6HGDQJNDQGLOLKDWGDULZHZHQDQJSHQJHORODDQQ\DSHQJJXQDDQGDQDGLEDJL PHQMDGLWLJD\DLWX x 7HUSXVDW 'DQD\DQJGLSHUROHK.6(,EDLN\DQJEHUDVDOGDULXVDKDPDQGLULPDXSXQGDUL GRQDWXU GLNHOROD VHFDUD WHUSXVDW ROHK %HQGDKDUD 8PXP %HQGDKDUD 8PXP PHPSXQ\DLRWRULWDVGDODPSHQJHOXDUDQQ\D x 2WRQRP 'DQD\DQJGLSHUROHK.6(,VHEDJLDQGLNHORODROHK%HQGDKDUDGLYLVL\DQJ PHQJKDVLONDQGDQDWHUVHEXWGDQGLJXQDNDQROHKGLYLVLWHUVHEXWXQWXN NHSHQWLQJDQLQWHUQGLYLVL x 6XEVLGLVLODQJ 6XEVLGL VLODQJ ELDVD GLODNXNDQ SDGD .6(, \DQJ PHPLOLNL GLYLVL \DQJ EHUVLIDW
UHYHQXH FHQWHU 'DODP DUWL WHUGDSDW GLYLVL \DQJ NHJLDWDQQ\D ELVD PHQJKDVLONDQGDQD6HEDJDLFRQWRKGL.6(,6()8*0DGDGLYLVL.XOLDK1RQ .XULNXOHU (NRQRPL ,VODP \DQJ ELVD PHQJKDVLONDQ GDQD GDUL NHJLDWDQ \DQJ GLVHOHQJJDUDNDQ 'DQD WHUVHEXW GDSDW GLJXQDNDQ XQWXN NHSHQWLQJDQ GLYLVL
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
6WXGL .DVXV /RPED 'HVDLQ
GLYLVL ODLQ \DQJ PHQJDODPL NHNXUDQJDQ GDQD WHQWX VDMD PHODOXL %HQGDKDUD 8PXPGHQJDQODSRUDQ\DQJMHODV ,VWLODK3HQWLQJ $XGLW 3URVHVSHQJDNXPXODVLDQGDQSHQJHYDOXDVLDQ EDKDQEXNWLGDUL LQIRUPDVL SHODSRUDQ NHXDQJDQ XQWXN GLEDQGLQJNDQ GHQJDQ NULWHULD\DQJWHODKGLWHQWXNDQ\DQJGLODNXNDQROHKSLKDN\DQJ NRPSHWHQGDQLQGHSHQGHQ 7DNVLUDQPHQJHQDLSHQHULPDDQGDQSHQJHOXDUDQNDV\DQJ
$QJJDUDQ
GLKDUDSNDQXQWXNSHULRGH\DQJDNDQGDWDQJ 'LYLVL
%DJLDQEDJLDQGDODPRUJDQLVDVL\DQJPHPLOLNLKDNGDQ NHZDMLEDQWHUWHQWX
.6(,
.HORPSRN6WXGL(NRQRPL,VODP
/DSRUDQNHXDQJDQ 5LQJNDVDQSHQJJXQDDQGDQD\DQJGLODNXNDQXQWXN PHQMDODQNDQSURJUDPNHUMDVHODPDVDWXSHULRGH 1HUDFD
/DSRUDQ\DQJPHQXQMXNNDQNHND\DDQ\DQJGLPLOLNLVXDWX EDGDQRUJDQLVDVLGDODPSHULRGHZDNWXWHUWHQWX
3HWW\FDVK
8DQJ\DQJGLVLDSNDQGDODPEHQWXNWXQDLGHQJDQWXMXDQXQWXN EHUMDJDMDJDMLNDDGDNHSHUOXDQ\DQJVLIDWQ\DWLGDNWHUODOX VLJQLILNDQ
6WDNHKROGHU
6HPXDSLKDNRUDQJNHORPSRNPDXSXQRUJDQLVDVL \DQJ VHFDUDODQJVXQJPDXSXQWLGDNODQJVXQJPHPSXQ\DLKXEXQJDQ GHQJDQRUJDQLVDVLNDUHQDSLKDNSLKDNWHUVHEXWGDSDW PHPSHQJDUXKLDWDXSXQWHUNHQDHIHNGDULWXMXDQNHELMDNDQ GDQWLQGDNDQRUJDQLVDVL
'DQD7DNWLV
'DQDFDGDQJDQXQWXNKDOKDODWDXNHSHUOXDQ\DQJPHQGDGDN \DQJWLGDNGLUHQFDQDNDQVHEHOXPQ\D
<ĞƐĞŬƌĞƚĂƌŝĂƚĂŶĚĂŶ<ĞƵĂŶŐĂŶ
³6HVXQJJXKQ\DPHUHNDLWXDGDODKSHPXGDSHPXGD\DQJEHULPDQNHSDGD7XKDQ PHUHNDGDQNDPLWDPEDKNDQNHSDGDPHUHNDSHWXQMXGDQNDPLWHODKPHQHJXKNDQ KDWLPHUHNDGLZDNWXPHUHNDEHULGLULGLKDGDSDQSHQJXDVD 46$O.DKIL
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
0LQG0DSSLQJ
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
3HUWDPD0HPSHUVLDSNDQ3HPXGD 'DNZDK(NRQRPL,VODPPHUXSDNDQEDJLDQGDULGDNZDK,VODP$SDODJL VHEDJDLPDKDVLVZD.LWDPHPSXQ\DLSHUDQVWUDWHJLV
0XQFXOQ\D DNWLYLWDV GDNZDK GL NDPSXV GLODWDUEHODNDQJL EHUEDJDL KDO
6HEDJLDQ EHVDU QDUDVXPEHU EHUVHSDNDW EDKZD GDNZDK EHUVLIDW IDUGKX NLID\DK VHFDUDKXNXP0DNDNDPSXVVHEDJDLVXDWXZLOD\DKWHUVHQGLULEXNDQODKZLOD\DK \DQJEROHKVWHULOGDULVHQWXKDQVHQWXKDQGDNZDK
.HPXGLDQ NHWLND EHUELFDUD GDNZDK NDPSXV PDND NLWD DNDQ EHUELFDUD
WHQWDQJ PDKDVLVZD 0DKDVLVZD LGHQWLN GHQJDQ SHPXGD NDUHQD VHEDJLDQ EHVDU NDODQJDQPDKDVLVZDDGDODKNDXPSHPXGD\DQJPHPLOLNLEHUEDJDLSRWHQVL\DQJ OXDUELDVD3HPXGDDGDODKKDUDSDQVHWLDSEDQJVD5HDOLWDSHPXGDKDULLQLGDSDW GLSUR\HNVLNDQ XQWXN PHPSUHGLNVL PDVD GHSDQ GDUL EDQJVD WHUVHEXW 7HQWXQ\D \DQJ PHQMDGL KDUDSDQ DGDODK SHPXGDSHPXGL VKDOHK \DQJ PHPSXQ\DL ZDWDN GDQ NHSULEDGLDQ NXDW NUHDWLI GDQ VHQDQWLDVD PHQJHPXNDNDQ JDJDVDQ \DQJ VHJDU 3HPXGD \DQJ WLGDN ODUXW GDODP OXPSXU PDNVLDW ,QLODK VRVRN PDNKOXN \DQJVDQJDWGLFLQWDL$OODKµ$]]D:D-DOOD
'L PDQDSXQ GL EHODKDQ GXQLD LQL SHPXGD DWDXSXQ PDKDVLVZD
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
NHORPSRNVWXGL\DQJNXDWVHFDUDLQWHUQDOEDLNGDULVXPEHUGD\DPDXSXQMDULQJDQ VHKLQJJD HOHJDQ GDQ NRRSHUDWLI VHVXDL GHQJDQ NRQGLVL SHUSROLWLNDQ GL ,QGRQHVLD VDDWLQL
'HZDVDLQLVDODKVDWXNHORPSRNVWXGL\DQJVWUDWHJLVDGDODKNHORPSRNVWXGL
HNRQRPL,VODP.6(, +DOLQLVHLULQJGHQJDQSHUNHPEDQJDQHNRQRPL,VODPVDDW LQL %DQ\DN OHPEDJDOHPEDJD NHXDQJDQ V\DULDK \DQJ EHUGLUL VHSHUWL EDQN V\DULDK DVXUDQVL V\DULDK SHJDGDLDQ V\DULDK EDKNDQ KRWHO V\DULDK ,QL PHQXQMXNNDQ EDKZD IDNWRU 6XPEHU 'D\D ,QVDQL 6', \DQJ NRPSHWHQ GDQ EHUNXDOLWDVVDQJDWGLEXWXKNDQ0DNDGDULLWXXQWXNPHODKLUNDQLWXSHUOXDGDQ\D OHPEDJD GDNZDK NDPSXV DWDX .6(, \DQJ QDQWLQ\D DNDQ ³PHQJJRGRJ´ PDKDVLVZDPDKDVLVZD\DQJVLDSPHQJLVL³SDQJJXQJ´HNRQRPLV\DULDK .DUDNWHU(NRQRP5DEEDQLPHUXSDNDQNDUDNWHU\DQJSHUOXGLPLOLNLROHKVHRUDQJ SHMXDQJ(NRQRPL,VODP (NRQRP5DEEDQL (NRQRPPHQXUXW.DPXV%HVDU%DKDVD,QGRQHVLDDGDODKRUDQJ\DQJDKOL GL ELGDQJ HNRQRPL 6HGDQJNDQ UDEEDQL DGDODK RUDQJ \DQJ PHPSXQ\DL GHUDMDW WHUWLQJJL GDODP EHULVODP DWDX GHQJDQ NDWD ODLQ DGDODK RUDQJ \DQJ PHPSHODMDUL ,VODP VDPSDL WDKDS XQWXN VHODOX EHUXVDKD PHQGHNDW SDGD 5REE SHPLOLN SULEDGLQ\D 3HQJHUWLDQ (NRQRP 5DEEDQL LWX VHQGLUL DGDODK VHRUDQJ SHPEHODMDU (NRQRPL,VODP\DQJPHPSXQ\DLMLZDDWDXNDUDNWHULVWLN,VODP\DQJEDJXVXQWXN LNXWPHPSHODMDUL(NRQRPL,VODPGDQPHPSHUMXDQJNDQQ\DVHFDUDNRPSUHKHQVLI .DGHULVDVL ³.DGHULVDVLEXNDQODKVHJDODJDODQ\DWDSLWDQSDNDGHULVDVLNLWDWLGDNELVDPHUDLK VHJDODJDODQ\D´
6HEDLNDSD SXQ RUJDQLVDVLMLND WLGDNGLGXNXQJ GDQ GLNHORODROHKPDQXVLD
PDQXVLD \DQJ XQJJXO GDQ NRPSHWHQ PDND RUJDQLVDVL LWX ODPEDW ODXQ DNDQ KDQFXU GDQ ELQDVD 0HVNLSXQ YLVL GDQ PLVLQ\D MHODV VDUDQD GDQ SUDVDUDQDQ\D PHPDGDL WHWDS VDMD DNDQ PHQJDODPL NHJDJDODQ MLND NXDOLWDV SHUVRQDOQ\D UHQGDK 6HEXDK RUJDQLVDVL DNDQ WXPEXK GHQJDQ NXDW NDODX WHUGDSDW DNWLYLWDV NDGHULVDVL +DO LQL GLNDUHQDNDQ NDGHULVDVL \DQJ PHODKLUNDQ RUDQJRUDQJ \DQJ <ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
KHEDW \DQJ DNDQ PHODNVDQDNDQ DNWLYLWDV RUJDQLVDVL WHUVHEXW 6HODLQ LWX DNDQ PHPEXDWRUJDQLVDVLLWXEHUWDKDQGDQWHWDSDGD
6DODK VHRUDQJ XODPD EHVDU GL 0HVLU 0XVWDID 0DV\XU SHUQDK EHUNDWD
³.DGHULVDVLEXNDQODKVHJDODJDODQ\DWDSLWDQSDNDGHULVDVLNLWDWLGDNELVDPHUDLK VHJDODJDODQ\D´ 8QJNDSDQ LQL PHQXQMXNNDQ EDKZD NDGHULVDVL LWX DGDODK NHQLVFD\DDQ.HWLNDWLGDNDGDDNWLYLWDVNDGHULVDVLPDNDDNDQVXOLWPHQFDSDLFLWD FLWD GDQ KDUDSDQ RUJDQLVDVL 2OHK NDUHQD LWX VHEDJDL XSD\D PHQFLSWDNDQ RUJDQLVDVL \DQJ NXDW GDQ VROLG VHUWD PDPSX EHUWDKDQ GL WHQJDKWHQJDK WDQWDQJDQ\DQJVHPDNLQEHVDU 3HUHQFDQDDQ3HQJHORODDQ6',.6(,
'DODP GXQLD SHQGLGLNDQ DWDX PDQDMHPHQ WHUGDSDW WLJD DVSHN XWDPD
GDODPGLULPDQXVLD
,QVDQ
5XK
-DVDG
3HQJOLKDWDQ 3HQGHQJDUDQ
2WDNNRJQLWLI
+DWL
$IHNWLI
3VLNRPRWRULN
'DODP,VODPPDQXVLDLWXWHUGLULGXDEDJLDQ\DLWXUXKGDQMDVDG'DODP UXK DGD IXQJVL VDPD¶ SHQGHQJDUDQ EDVKDU SHQJOLKDWDQ GDQ IXDG KDWL 6HGDQJNDQ MDVDG EHUIXQJVL XQWXN GXGXN EHUEDULQJ EHUMDODQ EHUODUL GDQ EHUJHUDN3DGDGDVDUQ\DXQVXU\DQJSDOLQJGRPLQDQGDODPGLULPDQXVLDDGDODK UXK NDUHQD GDODP UXK WHUVHEXW DGD IXQJVL KDWL GDQ DNDO \DQJ PHPXQFXONDQ
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
SHUDVDDQ VHGLK VHQDQJ GDPDL WHQDQJ VHWXMX WLGDN VHWXMX WHUKDGDS VHVXDWX EHULPDQGDQWLGDNEHULPDQGVE +DWL PDQXVLD PHQJHQDO EDLN GDQ EXUXN 3DGD DNDO PDQXVLD PHQJHQDO EHQDU GDQ VDODK 6HGDQJNDQ SDGD MDVDG PDQXVLD PHQJHQDO HQDN WLGDN HQDN 8QWXNLWX DJDU KLGXS PHQMDGL EDLNGDQEHQDU GLEXWXKNDQ NHVHLPEDQJDQXQVXU XQVXUWHUVHEXW
*DPEDU0DQDMHPHQ6',.6(,
5HNUXLWPHQ 5HNUXWPHQ 3HPELQDDQ WDQV\L DK 3HPHOLKDUDDQ UL D\DK 3HQJNDU\DDQ DWWDX]KLI (YDOXDVL PXWDED DK
7DKDS LQL DGDODK WDKDS PHQDULNPHQJDMDN VHPXD PDKDVLVZD EDKNDQFDORQPDKDVLVZD XQWXNPHQXPEXKNDQUDVDNHLQJLQWDKXDQ PHUHNDWHQWDQJHNRQRPL,VODP7DKDSLQLGLPXODLNHWLNDFDORQNDGHU PDVLKPHQMDGL FDORQ PDKDVLVZD $UWLQ\D NHJLDWDQ UHNUXLWPHQ KDUXV GLPXODL NHWLND PDKDVLVZD PXODL PHQGDIWDUNDQ GLULQ\D GL SHUJXUXDQ WLQJJL $GDSXQ WXMXDQ UHNUXLWPHQ DGDODK PHQDPEDK GDQ PHQJDMDN VHEDQ\DN PXQJNLQ NDGHU VLPSDWLVDQ SHQGXNXQJ SHQJJHUDN GDQ SHPLNLU \DQJ GLSHUVLDSNDQ VHEHVDUEHVDUQ\D XQWXN PHUDLK
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
NHEDQJNLWDQ HNRQRPL ,VODP 6HODLQ LWX UHNUXLWPHQ SDGD WLQJNDW LQL PHPLOLNLWXMXDQ D
0HQJHQDONDQ GDNZDK (NRQRPL ,VODP VHFDUD JOREDO WHQWDQJ DNWLYLWDV GDQ SHUVRQDOQ\D
E
0HPEHULNDQ JDPEDUDQ SRVLWLI WHUKDGDS .6(, GDQ DNWLYLWDV GDNZDK (NRQRPL,VODP
$GDSXQVDUDQD\DQJGLJXQDNDQKDUXVVDUDQD\DQJPHPEXDWREMHNWHUWDULN
PHQLNPDWLEHUVLIDWPHQ\HQDQJNDQWLGDNPHQDNXWQDNXWLVHODOXPHPSHUPXGDK GDQ EHUVLIDW NHWHODGDQDQ %HULNXW LQL DGDODK EHEHUDSD FRQWRK VDUDQD \DQJ GLJXQDNDQ
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
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
NRVDQ \DQJ VHEDJLDQ EHVDU GHQJDQ DNWLYLVDNWLYLV .6(, VHKLQJJD PHPXGDKNDQ GDODP SURVHV WUDQVIHU SHPDKDPDQ (NRQRPL ,VODP 'LVDPSLQJMXJDELVDGLODNVDQDNDQGDNZDKIDUGKL\DK 3HPELQDDQ
7DKDS
LQL
PHUXSDNDQ
LQWL
GDUL
NDGHULVDVL
.6(,
\DNQL
PHPEHQWXNPHPEDQJXQ WHUKDGDS SULEDGLSULEDGL PDKDVLVZD VHKLQJJD PXQFXO UHVSRQ SRVLWLI PDKDVLVZD 0LVDOQ\D VLNDS PHQHQWDQJ PHQMDGL PHPEHOD SHUDVDDQ DQWLSDWL PHQMDGL VLPSDWLVDQ GDUL \DQJ WLGDN WDKX PHQMDGL WDKX GDUL \DQJ VXGDK WDKX PHQMDGL EHUDPDO GDQ GDUL \DQJ EHUDPDO PHQMDGL LNKODV 'L VLQLODKSURVHVSHQJJHPEOHQJDQWHUXVEHUODQJVXQJ
7DKDS LQL GLWHJDNNDQ DWDV SURVHV VHEHOXPQ\D 3URVHV LQL PHQMDGL SHQWLQJ
NDUHQD VHEDJDL ZDKDQD SHPEHQWXNDQ NDUDNWHU NDGHU .6(, EDLN GDUL VLVL SHPLNLUDQ PDXSXQ JHUDNDQ GDQ NHVLDSDQ PHQWDO GDODP PHQJHPEDQ WXJDV GDNZDK(NRQRPL,VODPEHULNXWQ\D
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
$GDSXQWXMXDQSHPELQDDQLWXVHQGLULDGDODKVHEDJDLEHULNXW 0HPEHQWXNNDUDNWHUNDGHUEDLNSHPLNLUDQGDQJHUDNDQQ\D %HQWXN SHQMDJDDQ NXDOLWDV GDQ NHWHULNDWDQ GHQJDQ QLODL NHLVODPDQ SDGD VHPXDDVSHN 0HODWLKNHEHUMDPDDKDQNHRUJDQLVDVLDQ 0HPEHULNDQEHNDOQLODLQLODLNHLVODPDQGDQNHLOPXDQ 0HQFHWDNDNWLYLVJHUDNDQGDNZDK(NRQRPL,VODP 6DUDQD 6DUDQD SDGD WDKDS LQL \DNQL NHJLDWDQ PHQWRULQJVPDOO JURXS GLVFXVVLRQ 6*' UXWLQ GHQJDQ VHJDOD DNWLYLWDVQ\D GLSDQGXROHKVHVHRUDQJXVWDG]DWDXVLDSDSXQ \DQJ GLUHNRPHQGDVLNDQ ROHK SHQJHOROD .6(, GDQ VHMXPODK SHVHUWD PHQWRULQJ \DQJ GLODNXNDQ VHFDUD NODVLNDO GDODP NHODV DWDX GL PXVKRODPXVKROD
IDNXOWDV
DWDX
VLVWHP
KDODTRK'DSDWSXODGLNDWDNDQGHQJDQNXOLDK LQIRUPDO (NRQRPL ,VODP GLVDPSLQJ VPDOO
([6*'LQLUXWLQGLODNVDQDNDQVHWLDS VHSHNDQVHNDOLGHQJDQPDWHULPDWHUL \DQJULQJDQVDMDVHEDJDL)ROORZXSGDUL NXOLDKLQIRUPDOHNRQRPLLVODPGDSDW SHPEHULDQWXJDVGDULNXOLDKHNLV PHQDQ\DNDQNRQGLVLNDGHUVHKLQJJDGDUL IRUXP6*'LQLGDSDWPHQXPEXKNDQMLZD NHNHOXDUJDDQDQWDUDQJJRWDGDQ SURIHVLRQDOGDODPNHUMDGHQJDQ SHPEHULDQWXJDV
JURXSGLVFXVVLRQ 7HQWDQJ.XULNXOXP
.HEHUKDVLODQ SHQFDSDLDQ SURWRWLSH WLDS MHQMDQJ SHQJNDGHUDQ VDQJDW
EHUJDQWXQJSDGDDVSHNSHPELQDDQLQL$VSHNSHPELQDDQLQLDNDQVDQJDWHIHNWLI MLNDWHUVXVXQNXULNXOXPSHPELQDDQ\DQJMHODVDSOLNDWLIVHUWDDGDSWLI
'DUL WXMXDQ WDKDSDQ NDGHULVDVL WDKDS , PDND WLWLN WHNDQ NXULNXOXP
SHPELQDDQ SDGD IDVH LQL DGDODK SDGD DNLGDK PHOLSXWL NRQVHS V\DKDGDW GDQ
PD¶ULIDWXOODK DNKODN VHUWD PHQXPEXKNDQ NHFLQWDDQ WHUKDGDS V\DULDK LVODP VHEDJDLVXPEHUVXPEHUHNRQRPL,VODP
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
.XULNXOXP SHPELQDDQ IDVH NDGHULVDVL WDKDS ,, \DQJ SHUOX GLPXQFXONDQ DGDODK VHPDQJDW SHUJHUDNDQ XQWXN PHQ\HEDUNDQ GDQ PHQJDMDN RUDQJ ODLQ NHSDGD ,VODPGDQWDKDSDQWDKDSDQVHUWDSHQDWDDQJHUDNGDNZDK.6(,GDULVLVLJHUDNDQ GDQSHPDQWDSDQDNLGDKVHUWDDNKODNGDULVLVLUXKL\DK
8QWXN NXULNXOXP SDGD IDVH SHPELQDDQ WDKDS ,,, NHNXDWDQ PHPLNXO
DPDQDKGDNZDKGDQDNHWDDWDQVHUWDNHOXDVDQZDZDVDQPHQMDGLWLWLNWHNDQ\DQJ SDOLQJ PHQRQMRO NDUHQD RXWSXW NDGHU \DQJ PXQFXO DGDODK NDGHU \DQJ DNDQ WRWDOLWDV GDODP PHODNVDQDNDQ GDNZDK (NRQRPL ,VODP GDQD DNDQ PXODL EHUVLQJJXQJDQGHQJDQSHUJHUDNDQGXQLDOXDUVHODLQ.6(, 3HQMDJDDQ
3HQMDJDDQ PHUXSDNDQ SURVHV SHPEHUVDPDDQ NHJLDWDQ DJDU NDGHU WLGDN
PHUDVDMHQXKGHQJDQNHJLDWDQEDLNGDODPDNWLYLWDVGDNZDKPHQWRULQJPDXSXQ UXWLQLWDV \DQJ ODLQ 3HQMDJDDQ MXJD GDSDW EHUXSD SHUEDLNDQ NHJLDWDQNHJLDWDQ \DQJ PHPEXDW ERVDQ PHQMDGL OHELK PHQ\HQDQJNDQ GDQ OHELK ULOHNV VHKLQJJD RXWSXWGDULSURVHVSHQMDJDDQLQLDGDODKNDGHUDNDQOHELKQ\DPDQEHUDGDGL.6(, GDQSURGXNWLILWDVPHUHNDOHELKEDLNGDODPSHQJHPEDQJDQGDNZDKHNRQRPLLVODP LQL3HQMDJDDQLQLGDSDWGLODNXNDQGHQJDQEHUEDJLPDFDPVDUDQDVHSHUWL ULKODK PDELWIRUXPNDGHULVDVLXSJUDGLQJVNLOO 7XMXDQ
0HQMDJDVHPDQJDWDNWLYLWDV
0HPEHULNDQ EDFNXSVHPXDNHEXWXKDQNDGHUEDLNVLVLMDVDGL\DKILNUL\DK PDXSXQUXKL\DKGDULNHWHUDPSLODQVDPSDLDNDGHPLV
0HQLQJNDWNDQNHPDPSXDQNDGHU
0HUHIUHVKVHWLDSDNWLYLWDVXQWXNPHQJXUDQJLNHMHQXKDQ
6DUDQD 5LKODK 6DQJDW GLVDUDQNDQ DJDU DGD DNWLYLWDV ODLQ VHODLQ NHJLDWDQ GL DWDV VHEDJDL SHQMDJDDQ NRQGLVL SVLNRORJLV DNWLYLV 5LKODK DGDODK VXDWX DNWLILWDV \DQJ OHELK
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
FHQGHUXQJXQWXNPHUHIUHVKGLULNDGHUXQWXNELVDPHQJHPEDOLNDQVHPDQJDW MXDQJPHUHNDGHQJDQPHQJDGDNDQUHNUHDVLDWDXWDGDEXUDODP $GDSXQWXMXDQGDULNHJLDWDQLQLDGDODK D.HEXJDUDQ EDGDQ GDQ PHQJKLODQJNDQ NHMHQXKDQ GDUL EHUDNWLYLWDV GL NDPSXV E0HODWLKNHGLVLSOLQDQ F 6HEDJDLVDUDQD UHIUHVK PHQWDO GDQ ILVLN XQWXN PHPSHUEDKDUXL VHPDQJDW GDQPHPELDVDNDQDPDOMDPD¶L G0HPELDVDNDQGLULEHUJDEXQJGDQEHNHUMDVDPDGHQJDQRUDQJODLQ H0HQJHQDO RUDQJ ODLQ VHFDUD PHQGDODP PHODOXL LQWHUDNVL GHQJDQ PHUHND VHSDQMDQJSHUMDODQDQ I 0HPSHUNXDWKXEXQJDQGDQPHPELQJNDLKXEXQJDQWHUVHEXWGDODPELQJNDL HWLND,VODP J0HQDQDPNDQ KDO SHQWLQJ GDODP EHUMDPD¶DK \DNQL NHGLVLSOLQDQ NHVXQJJXKDQUXKMLKDGNHFHUPDWDQGDQVLNDSLWVDUVHUWDNHFLQWDDQ
)RUXP.DGHULVDVL
([ PDVLQJPDVLQJ .6(, PHPLOLNL SDJX\XEDQ WHQWRU GL PDQD IXQJVL GDUL SDJX\XEDQWHUVHEXWGLEHQWXNEHEHUDSDWLPVHSHUWLWLPHYDOXDVLPHQWRULQJ(.,6 WLP NXULNXOXP GDQ WLP SHPELQDDQ XQWXN PHQWRULQJ (NRQRPL ,VODP 7HQWRU GDUL PHQWRULQJ (NRQRPL ,VODP GDSDW GLUHNUXW GDUL VHQLRU .6(, \DQJ PHPSXQ\DL NDSDELOLWDV GL ELGDQJ (.,6 1DPD XQWXN PHQWRULQJ (.,6 WLGDN KDUXV PHQWRULQJ ELVD GLVHVXDLNDQ GHQJDQ .6(, PDVLQJPDVLQJ 3HUWHPXDQ SDJX\XEDQ WHQWRU GDSDWGLODNVDQDNDQVHWLDSVDWXEXODQVHNDOL
%HUPDODP0DODP%LQD,PDQGDQ7DNZD
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
.HJLDWDQLQLPHUXSDNDQVDUDQDSHQMDJDDQXQWXNPHPEDFNXSUXKL\DKSDUD DNWLYLV VHODLQ XQWXN PHQXPEXKNDQ UDVD NHEHUVDPDDQ GDQ PHQ\HJDUNDQ URKDQL $FDUD PDELW ELVD GLPXODL GHQJDQ NHJLDWDQ PHPEDFD $O4XUDQ EHUVDPDVDPDPHODNXNDQVKDODWPDODPEHUG]LNLUVDPSDLVXEXKNHPXGLDQ 6KDODW 6KXEXK EHUMDPDDK GDSDW SXOD GDODP PDELW MXJD PHQGDWDQJNDQ SHPDWHUL NKXVXV DWDX VDOLQJ PHPEHUL WDXVL\DK XQWXN SHQJXDWDQ PDVLQJ PDVLQJNDGHUGHQJDQWXMXDQVHSHUWLLQLGDSDW OHELKPHQJXDWNDQXNKXZDKGL DQWDUDNDGHU
8SJUDGLQJ6NLOO .HJLDWDQ LQL GLODNVDQDNDQ XQWXN PHPEHULNDQ
EDFN XS VNLOO PDQDMHPHQ NDGHU SHQJHPEDQJDQ SRWHQVL NDGHU GDQ VLVL DNDGHPLN 8SJUDGLQJ VNLOO GDSDW EHUXSD SHPEHULDQ PDWHUL GDODP UXDQJDQ
'DSDWGLEXDWNXULNXOXP NKXVXVGLOXDU6*'GDQ NXOLDKLQIRUPDOVDUDQD LQLKDQ\DVHEDJDLVDUDQD SHQXQMDQJXQWXNXS JUDGLQJNDGHUUVHFDUD VRIWVNLOO
PDXSXQ GLOXDU UXDQJDQ -LND GLGDODP UXDQJDQ GDSDW EHUXSD SHPEHULDQ PDWHULPDWHUL VRIWVNLOO VHSHUWL PDWHUL PDQDMHPHQ GLUL OHDGHUVKLS SXEOLF
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
3URVHV SHQJNDU\DDQ PHUXSDNDQ SURVHV ODQMXW GDUL SURVHV PHUHNUXW
PHPELQD GDQ PHQMDJD NDGHU 3DGD WDKDSDQ LQL GLIRNXVNDQ GDODP SHQHPSDWDQ
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
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
3URVHV HYDOXDVL GLPDNVXGNDQ XQWXN PHQLQMDX XODQJ WHUKDGDS VHOXUXK
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
3HQWDKDSDQ%HVDU.DGHULVDVL *DPEDU-HQMDQJ.DGHU
*DPEDU GL DWDV PHUXSDNDQ MHQMDQJ NDGHU GL .6(, 3HQMHQMDQJDQ LQL
GLPXODLVHMDNNDGHULNXWEHUJDEXQJGHQJDQ.6(,'DODPSHQMHQMDQJDQKDUXVDGD NULWHULDNULWHULDWHUWHQWXVHKLQJJDNDGHUELVDGLNDWHJRULNDQ
7LQJNDW , DGDODK WLQJNDWDQ NDGHU \DQJ EDUX PDVXN .6(, 7LQJNDW ,,
DGDODKWLQJNDWDQNDGHU\DQJVXGDKVHODPDVHWDKXQGL.6(,GDQVXGDKGLOLEDWNDQ GL EHUEDJDL NHJLDWDQ .6(, 7LQJNDWDQ LQL MXJD PHUHND XGDK GLEHUL NHSHUFD\DDQ XQWXN PHQHPSDWL SRVLVL VWDI 6HPHQWDUD WLQJNDW ,,, DGDODK NDGHU \DQJ VXGDK PDWDQJ GDQ VLDS PHPHJDQJ WDPSXN NHSHPLPSLQDQ 7DKDS WHUDNKLU DGDODK SHPEHUGD\DDQXQWXNNDGHUDOXPQLGDUL.6(,
'DODPSHQMHQMDQJDQNDGHUWHUGDSDWSXODSURVHVNHQDLNDQMHQMDQJ0XODL
GDUL WLQJNDW , VDPSDL WDKDS WHUDNKLU WHUGDSDW XMLDQ NHQDLNDQ WLQJNDW +DO LQL SHQWLQJ GLODNXNDQ DJDU GLNHWDKXL VHMDXK PDQD SHUNHPEDQJDQ NDGHU VHODPD LQL VHKLQJJDSURVHVUHJHQHUDVLELVDEHUMDODQODQFDU *DPEDU3URVHV.DGHULVDVL
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
(NRQRP5DEEDQLGDQ6LQHUJLGHQJDQ6LVWHP.DGHULVDVL)R66(, 3HUOX GLNHWDKXL .6(, PHUXSDNDQ EDJLDQ WDN WHUSLVDKNDQ GDUL )R66(, NDUHQD .6(, LWX DGDODK )R66(,Q\D WLQJNDW NDPSXV .DGHULVDVL .6(, PHUXSDNDQ WDKDSDQ DZDO EDJL NDGHULVDVL)R66(,8QWXNLWXSHUOXGLNHWDKXLNDUDNWHULVWLN \DQJGLKDUDSNDQGDUL)R66(,
<Z
$ 0HPLOLNL $TLGDK
Ϯ͘ ϯ͘ ϰ͘
'DODP VHWLDS DNWLYLWDVPXVOLP GLEXWXKNDQ JHUDN GDNZDK\DQJVHQDQWLDVDEHUODQGDVNDQ$O4XU¶DQGDQ$V
ϱ͘ ϲ͘
6XQQDK .HGXD SHGRPDQ WHUVHEXWODK \DQJ GDSDW PHPEDZD PXVOLPLQ NHSDGD NHVHODPDWDQ %HJLWX MXJD GDODP SHQJHPEDQJDQ (NRQRPL ,VODP SDUD SHPEHODMDU
ϳ͘ ϴ͘ ϵ͘
DĞŵŝůŝŬŝ ƋŝĚĂŚ zĂŶŐ >ƵƌƵƐ ĂŶ ^ĞƐƵĂŝ ĞŶŐĂŶ ůͲYƵƌ͛ĂŶ ĂŶƐͲ^ƵŶŶĂŚ DĞŵŝůŝŬŝ <ĂƌĂŬƚĞƌ zĂŶŐ <ŽŬŽŚ ĂŶDĂŶĚŝƌŝ <ĞƉƌŝďĂĚŝĂŶ zĂŶŐ ŝŶĂŵŝƐ͕ <ƌĞĂƚŝĨĂŶ/ŶŽǀĂƚŝĨ DĞŶŐĞĚĞƉĂŶŬĂŶ ĞƌƉŝŬŝƌ /ůŵŝĂŚzĂŶŐŝĚĂƐĂƌŝůͲYƵƌ͛ĂŶ džƉĞƌƚŝŝĚĂŶŐ^ƉĞƐŝĂůŝƐĂƐŝŶLJĂ ĂŶĞƌǁĂǁĂƐĂŶ'ůŽďĂů ^ĞŽƌĂŶŐ zĂŶŐ DĞŶŐĞũĂƌŬĂŶ /ůŵƵzĂŶŐZŝŶŐĂŶ^ĞďĞůƵŵ/ůŵƵ zĂŶŐ^ƵůŝƚͲ^Ƶůŝƚ ĞƌĂŶŝ dĂŵƉŝů ^ĞďĂŐĂŝ WĞůŽƉŽƌ WĞƌƵďĂŚĂŶ DĂŵƉƵdĂŵƉŝů^ĞďĂŐĂŝdŽŬŽŚ DĞŶŐĞĚĞƉĂŶŬĂŶ hŬŚƵǁĂŚ ĂůĂŵŵĂů:ĂŵĂ͛ŝ
GDQSHQJJHUDN(NRQRPLLVODPPHQHPSDWNDQ$O4XU¶DQ GDQ $V6XQQDK VHEDJDL SHGRPDQ XWDPD VHKLQJJD
VHWLDS DNWLILWDVQ\D VHODOX EHUSHGRPDQ SDGD $O 4XU¶DQ 'DODP SHQJJHUDNNDQ (NRQRPL ,VODP DNKODN SHQJXVXQJ PHQMDGL PRGDO XWDPD GDODP SHQJHPEDQJDQ HNRQRPL ,VODP 'HQJDQ PHPSHODMDULHNRQRPL,VODPGDSDWGLSHODMDULVHFDUDPDNVLPDOWHQWDQJ,VODPGDQ HNRQRPL,VODP\DQJVHVXDLGHQJDQ$O4XU¶DQGDQ$V6XQQDK .DUDNWHULVWLN LQL GDSDW GLWHUDSNDQ GDODP VHWLDS DNWLYLWDV EHODMDU HNRQRPL ,VODP GL .6(, PDXSXQ GL )R66(, PHODOXL SHUDQJNDW NDGHULVDVL EHUXSD 6PDOO
*URXS 'LVFXVVLRQ 6*' PHQWRULQJ (NRQRPL ,VODP &6& DWDX GLVNXVL EHODMDU .6(, .HJLDWDQ 6*' LQL GLWXMXNDQ DJDU ELVD PHUDVDNDQ WLGDN VXOLWQ\D EHODMDU VHFDUD RWRGLGDN GDQ EHODMDU \DQJ VHFDUD WHURUJDQLVDVL GL PDQD MLND NLWD EHODMDU VHFDUDNHORPSRNPDNDPRWLYDVLDNDQPXGDKPHQLQJNDW
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
,QGLNDWRU NDGHU \DQJ 0HPLOLNL DTLGDK \DQJ OXUXV GDQ VHVXDL GHQJDQ $O4XU¶DQ GDQ$V6XQQDK x
7LGDNEHKXEXQJDQGHQJDQMLQ
x
6HWLDSSHUEXDWDQQ\DEHUGDVDUNDQ$OTXUDQ
x
7LGDNPHUDPDOQDVLE
x
7LGDNPHQJKDGLULPDMHOLVGXNXQ
x
7LGDNPHPLQWDEHUNDKVHODLQNHSDGD$OODK
x
0HQJLNKODVNDQDPDOXQWXN$OODK
x
0HQJLPDQLUXNXQLPDQ
x
%HULPDQNHSDGDQLNPDWGDQVLNVDNXEXU
x
0HQPMDGLNDQVHWDQVHEDJDLPXVXK
x
7LGDNPHQJLNXWLODQJNDKODQJNDKVHWDQ
x
0HQHULPDGDQWXQGXNVHFDUDSHQXKNHSDGD$OODK6:7
% 0HPLOLNL.DUDNWHU
³'DQEHUDSDEDQ\DNQDEL\DQJEHUSHUDQJEHUVDPDVDPDPHUHNDVHMXPODKEHVDU GDUL SHQJLNXWQ\D \DQJ EHUWDNZD 0HUHND WLGDN PHQMDGL OHPDK NDUHQD EHQFDQD \DQJ PHQLPSD PHUHND GLMDODQ $OODK GDQ WLGDN OHVX GDQ WLGDN SXOD PHQ\HUDK NHSDGDPXVXK $OODKPHQ\XNDLRUDQJRUDQJ\DQJVDEDU´46 0DQGLUL
GDSDW
GLDUWLNDQ
EDKZD
NHPDPSXDQ
VHVHRUDQJ
GDODP
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
NDUDNWHU \DQJ NRNRK NDGHU )R66(, DNDQ PXGDK EHUNRQWULEXVL NHSDGD PDV\DUDNDW ,QGLNDWRUNRNRKPD¶QDZL\DK x
,NKODVGDODPEHUGDNZDKHNRQRPLLVODP
x
6HQDQWLDVDPHPXUQLNDQDTLGDKGDULELG¶DKGDQNKXUDIDW
x
6HQDQWLDVDPHQMDJDLEDGDKLEDGDKVXQQDK
x
6HQDQWLDVDWDZDNDONHSDGD$OODK
x
6HQDQWLDVDEHUG]LNLU
,QGLNDWRUNRNRK)LNUL\DK x 0DPSXPHPDKDPLNRQVHSNRQVHS(NRQRPL,VODP x 0DPSXEHUEDKDVD$UDEGDQ,QJJULV x 0DPSXPHQJDSOLNDVLNDQSULQVLSSULQVLS(NRQRPL,VODP x 'DSDWPHPEHGDNDQ(NRQRPL,VODPVHFDUDNHVHOXUXKDQ x 'DSDW EHUILNLU NULWLV WHUDKDGDS IHQRPHQD SHUHNRQRPLDQ VDDW LQL VHUWD GDSDW PHPEHULNDQVROXVL x 0HPLOLNLZDZDVDQ\DQJOXDV ,QGLNDWRUNRNRKGD¶ZL\DK x %HUSDUWLVLSDVLGDODPSHUHNUXWDQNDGHU)R66(, x $NWLIGDOPPHQVRVLDOLVDVLNDQHNRQRPLLVODP x 0DPSXPHPEDQJXQMDULQJDQ ,QGLNDWRUNRNRKMDVDGL\DK x
0HQMDJDSHQDPSLODQ
x
6HQDQJEHURODKUDJD
x
0HQMDJDNHEHUVLKDQ
x
0HQJLNXWLSRODKLGXSVHKDW
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
,QGLNDWRUNHPDQGLULDQ x 'DSDWPHPLOLNLSHQJKDVLODQ x 0HQHUDSNDQNRQVHSNRQVHSHNRQRQPLLVODPGDODPPHPSHUROHKSHQJKDVLODQ x 0HPEHULNDQ VROXVL WHUKDGDS SHUHNRQRPLDQ VDDW LQL PLQLPDO PHPEXDW ODSDQJDQNHUMD x \DQJNHFLOKDQ\DXQWXNPDKDVLVZD x .UHDWLIPHPEXDWXVDKDPDQGLUL ³.HEDQJJDDQVHMDWLDGDODKVLNDSVHQDQWLDVDEHUEXDW\DQJWHUEDLN PHVNLSXQWLGDNDGD\DQJPHOLKDWGDQPHQJDZDVLQ\D.XDOLWDVNDU\D NLWDDNDQPHQMHODVNDQ³6,$3$.,7$´\DQJVHEHQDUQ\D³ & .HSULEDGLDQ
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
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x 3HUFD\DEDKZDVHVXDWXGDSDWGLODNXNDQ x +DSXVNDQNDWDWLGDNPXQJNLQGDULSLNLUDQDQGDPDXSXQGDULNRVDNDWDDQGD x 3LNLUNDQVHVXDWX\DQJLVWLPHZD x %HUSLNLUODKNHGHSDQOHELKEDLN x %HUSULQVLS ³WLGDN DGD \DQJ WXPEXK GL GDODP GLDP´VHKLQJJD VHQDQWLDVD EHUJHUDNXQWXNPHPSHUEDLNLGLUL ' 0HQJHGHSDQNDQ%HUSLNLU,OPLDK\DQJ'LGDVDUL$O4XU¶DQ .DGHU)R66(,DGDODKNDGHU\DQJ\DQJPDPSXEHUILNLUVHFDUDLOPLDK\DQJ EHUGDVDUNDQ $O 4XU¶DQ GDQ $V 6XQQDK +DO LQL MHODV KDUXV GLPLOLNL ROHK NDGHU )R66(, VHEDJL NDGHU \DQJ PHPLOLNL EDVLV NHLOPXDQ GL ELGDQJ (NRQRPL ,VODP 'DODP PHNDQLVPH SHQHUDSDQ GL )R66(, DGDODK PHODOXL 7HPX ,OPLDK 1DVLRQDO GLPDQD GDODP HYHQW LQL NDGHU GLIDVLOLWDVL XQWXN PHQJXML NRPSHWHQVL PHUHND WHQWDQJ(NRQRPL,VODP'DODPNHKLGXSDQVHKDULKDULKDUDSDQQ\DNDGHU)R66(, MXJD PHQJHGHSDQNDQ EHUILNLU LOPLDK \DQJ GLGDVDUL $O 4XU¶DQ VHKLQJJD NHWLND NDGHU )R66(, PHQJHWDKXL UHDOLWD GL PDV\DUDNDW \DQJ NXUDQJ EHQDU WHUXWDPD GDODPELGDQJHNRQRPLPDNDPHUHNDDNDQPHQJHPEDOLNDQNHSDGD$O4XU¶DQ ( $KOLGDODP%LGDQJ6SHVLDOLVDVLQ\D'DQ%HUZDZDVDQ*OREDO $KOL GL ELGDQJ VSHVLDOLVDVL GDQ EHUZDVDVDQ JOREDO \DQJ GLPDNVXGNDQ GL VLQL\DLWXNHOXDUDQ\DQJGLKDUDSNDQGDULKDVLOSHQJNDGHUDQ)R66(,DGDODKNDGHU )R66(,PHPLOLNLVSHVLDOLVDVLNKXVXVGLELGDQJQ\DPDVLQJPDVLQJVHSHUWLSUDNWLVL
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
GLEXWXKNDQ ROHK PDV\DUDNDW VDDW LQL DNDQ PXGDK WHUFDSDL MLNDODX HVWDIHW NDGHULVDVL (NRQRPL ,VODP WLGDN SXWXV 0HUHND PHQJDMDUNDQ GLPXODL GDUL KDOKDO \DQJNHFLO * %HUDQL7DPSLO6HEDJDL3HORSRU3HUXEDKDQ .DGHU )R66(, VHQDQWLDVD PHQHPSDWNDQ GLUL XQWXN PHPEHULNDQ VROXVL SDGDVHWLDSSHUPDVDODKDQ\DQJDGDVHEDJDLSHORSRUXQWXNPHQJJHUDNNDQ\DQJ ODLQ VHEDJDL SHORSRUPDKDVLVZDGDODPPHQGDNZDKNDQ(NRQRPL,VODP VHEDJDL SHORSRU SHUXEDKDQ DNDQ SHQJHPEDQJDQ (NRQRPL ,VODP GDQ VHEDJDL SHORSRU XQWXNSHPEHODMDUDQ(NRQRPL,VODP + 0DPSX7DPSLO6HEDJDL7RNRK
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
MDPD¶,NDUHQDGHQJDQEHNHUMDVHFDUDEHUMDPDDKDNDQPHQGDWDQJNDQNHEHUNDKDQ GDUL $OODK %DQ\DN FDUD XQWXN PHQLQJNDWNDQ XNKXZDK GDSDW EHUXSD NHJLDWDQ WDWDS PXND VHFDUD ODQJVXQJ GDQ WLGDN ODQJVXQJ MLND VHFDUD ODQJVXQJ GDSDW GLLPSOHPHQWDVLNDQ GDODP )R66(, GDQ .6(, VHSHUWL DJHQGDDJHQGD 1DVLRQDO )R66(,'LVLQLODKHYHQWXQWXNPHQXPEXKNDQVHUWDPHPSHUHUDWXNKXZDK )DVH3HPELQDDQ.DGHU *DPEDU)DVH3HPELQDDQ.DGHU .HWHUDQJDQ )DVH3HPDWDQJDQ'LULGDQNHPDSXDQ x .DGHUPXODLPHQHPXNDQMDWLGLUL +DOLQLGDSDWWHUFDSDLGHQJDQSHODNVDQDDQGLNODWVHUWDSURVHVSHPELQDDQ SDVFDGLNODWNDGHUDNDQPXODLPHQHPXNDQMDWLGLULQ\D x 3HPDKDPDQNHLOPXDQ 3HPDKDPDQ NHLOPXDQ GLVLQL GDSDW GLSHUROHK GDUL SHPELDQDQ \DQJ GLODNXNDQ SDVFD GLNODW GHQJDQ RXWSXW NDGHU GDSDW PHPDKDPL ,OPX (NRQRPL,VODPGDQXUJHQVLEHODMDU(NRQRPL,VODP x 'LNHQDOGLWLQJNDWNDPSXV
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
0DNVXGQ\DGLVLQLNDGHUGDSDWPHPEHULNDQNRQWULEXVLQ\DWDGDODPNDPSXV VHEDJDLSHQJXUXV.6(, x .HPDPSXDQ/REL .HPDPSXDQORELPXWODNGLEXWXKNDQXQWXNVHEDJDLDNWLYLV(NRQRPL,VODP NDUHQD GHQJDQ NHPDPSXDQ OREL NDGHU GDSDW GHQJDQ PXGDK PHQVRVLDOLVDVLNDQ(NRQRPL,VODP )DVH3HPDWDQJDQSHUDQ x 0XODLEHUSHUDQGLUHJLRQDOGDQQDVLRQDO .DGHUKDUDSDQQ\DGDSDWPHQMDGLSHQJXUXVUHJLRQDODWDXQDVLRQDOVHWHODK PHQJLNXWLDOXUSHQJNDGHUDQWLQJNDW x 'LNHQDOGLWLQJNDWDQUHJLRQDODWDXQDVLRQDO .DGHUPHPLOLNLNRQWULEXVLQ\DWDXQWXNSHQJHPEDQJDQHNRQRPL,VODPGL WLQJNDWUHJLRQDOPDXSXQQDVLRQDO x 0DWDQJGDODPDVSHNWHNQLVNHRUJDQLVDVLDQ .DGHUGDSDWPHODNXNDQPDQDMHPHQRUJDQLVDVLWLQJNDWUHJLRQDOGHQJDQ EDLN *DPEDU7DKDSDQ.DGHULVDVL)R66(,
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
)DVHSHPDWDQJDQILORVRILV x .D\DSHQJDODPDQUHJLRQDOPDXSXQQDVLRQDO .DGHUGLVLQLWHODKEHUSHUDQGDODPWLQJNDWDQUHJLRQDOPDXSXQQDVLRQDO VHKLQJJDGDSDWPHQMDGLNDQSHQJDODPDQVHEDJDLEHNDOSHPEHQWXNDQ RUJDQLVDVL\DQJEDLN x %HUSHUDQGLWLQJNDWQDVLRQDOPDXSXQLQWHUQDVLRQDO 7HODKPHPLOLNLNRQWULEXVLQ\DWDGDODPELGDQJHNRQRPLLVDOPGLWLQJNDW QDVLRQDOPDXSXQLQWHUQDVLRQDO\DQJGDSDWEHUXSDSHQJNDU\DDQ\DQJ GLODNXNDQ x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
*URXS 'LVFXVVLRQ 6*' NXOLDK LQIRUPDO DWDX SHQJDNWLIDQ GDODP NHSDQLWLDDQ NHSDQLWLDDQ5HQWDQJZDNWXSHQJDGHUDQSDGDWDKDS,LQLDQWDUDEXODQVDPSDL EXODQVHKLQJJDXQWXNVHODQMXWQ\DNDGHUGDSDWPHQJLNXWLMHQMDQJSHQJNDGHUDQ VHODQMXWQ\D NDODX GDODP )R66(, GLVHEXW VHEDJDL 6KDULDK (FRQRPLVW 7UDLQLQJ 6(7 \DQJGLODNXNDQROHKUHJLRQDO
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
3DVFD 6(7 LQL SXQ NDGHU WLGDN EHUKHQWL GLELQD DNDQ WHWDSL
SHPELQDDQQ\D PHQMDGL WDQJJXQJ MDZDE UHJLRQDO SHPELQDDQ GDSDW EHUXSD GLVNXVL UXWLQ SHODWLKDQ SHQJNDU\DDQ VHUWD SHQJRSWLPDODQ SHUDQ GL PDV\DUDNDW XQWXN PHPEHULNDQ NRQWULEXVL OHELK VHSHUWL SHQJDEGLDQ PDV\DUDNDW \DQJ GLODNXNDQ ROHK UHJLRQDO XQWXN PHQ\RVLDOLVDVLNDQ (NRQRPL ,VODP .HOXDUDQ \DQJ GLKDUDSNDQ GDUL NDGHU SDVFD 6(7 LQL DGDODK NDGHU SHQJJHUDN GDODP ELGDQJ (NRQRPL ,VODP EDLN GL .6(, 5HJLRQDO PDXSXQ GL WLQJNDWDQ NDPSXV 5HQWDQJ ZDNWXSHQJDGHUDQSDVFD6(7LQLDQWDUDEXODQVDPSDLWDKXQ
7DKDS SHQJNDGHUDQ VHODQMXWQ\D DGDODK SHPXQFXODQ WUDLQHUWUDLQHU
(NRQRPL ,VODP \DQJ GLVSHVLDOLVDVLNDQ GDODP ELGDQJQ\D PDVLQJPDVLQJ .HOXDUDQQ\DDGDODKGDSDWPHQJKDVLONDQNDGHU\DQJPHPSXQ\DLNDSDVLWDVXQWXN PHQJLVL PDWHUL HNRQRPL ,VODP 'DODP )R66(, SURVHV SHQJNDGHUDQ LQL GLVHEXW
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
6(77
6(7
'(,
0$7(5,
:$-,% *KD]O)LNU 6HMDUDK3HPLNLUDQ(NLV 6\XPXOLDWXO,VODP
$QDOLVD0DNUR(NRQRPL (NRQRPL3ROLWLN $QDOLVD0LNUR
3UDNWHNSUHVHQWDVL (NRQRPL,VODP
(.2120,,6/$0
3UREOHPDWLND 'DNZDK(NLV
3,/,+$1 ,QVWLWXVL(NLV 3HQJDQWDU(NLV
:$-,% .H.6(,DQ .H)R66(,DQ 3ROD3HUJHUDNDQ )R66(, 8UJHQVL'DNZDK (NRQRPL,VODP 7HDP:RUN$PDO -DPD¶L $UDKSHUJHUDNDQ )R66(,
0DQDMHPHQ2UJDQLVDVL 6HMDUDK3HUJHUDNDQ 0DKDVLVZD %DVHRQWUDLQLQJ
3,/,+$1 0DQMHPHQ3HUXEDKDQ 'LUL
25*$1,6$6,3(5*(5$.$1
6WDQGDULVDVLPDWHULGDODPSURVHVDOXUNDGHULVDVL.6(,GDQ)R66(,
:$-,% 3,/,+$1 0DQDMHPHQ(QHUJ\ $07 .DU\D7XOLV x 0DQDMHPHQ 3HUXEDKDQ x $07 2UJDQLVDVL0DV\ x %DVHGRQ DUDNDW WUDLQLQJ x .DUDNWHULVWLN (NRQRP0XVOLP x 8QGHUVWDQGLQJ \RXUDXGLHQFH x 0DQDJLQJWKH &ODVVURRP x 9LVXDO$LGV x %RG\/DQJXDJH x 4XDOLW\RI9RLFH x 2SHQLQJD 7UDLQLQJ6HVVLRQ x %XLOGLQJ x &RQILGHQFH &UHGLEOLW\ x 7KH3RZHURI 4XHVWLRQ x %XLOGLQJ0RRG ,FH%UHDNHU (QHUJL]HU 6WRU\0XVLF x +DQGOLQJ GLIILFXOW 6LWXDWLRQV
62)76.,//
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¶LGD¶LHNRQRPL,VODP\DQJPHPLOLNLVRIWVNLOOGDQKDUGVNLOO\DQJEDLN XQWXNNHPHQJDQGDNZDKHNRQRPL,VODP %8'$<$.(5-$ D E F G H I J K
7DZD]XQLWDV,OPXGDQ$PDO 3ULQVLS$PDO-DPD¶L 3HQJRNRKDQ8NKXZDK,VODPL\DK ,QWHUQDOLVDVLQLODLV\DULDW 3URIHVLRQDOLWDVNHUMDRQWLPH $WV7VLTRK .XDOLWDVGDQNXDQWLWDVSUHVWDVLGDNZDK 5DSLWHUWLEWHUDWXUGDQWHUHQFDQDGDODPVHJDODWLQGDNDQ 08:$6+2)$7.$5$.7(5,67,..$'(5&,(6<$1*+$586',3(18+,
.$5$.7(5,67,..$'(5%,17$1*
%HUQLDWVXQJJXKVXQJJXKGDODPPHQXQWXWLOPX 0HPLOLNLNHPDPSXDQPHPDQDJHZDNWXGDQSULRULWDVZDNWXQ\D 0DPSXPHQ\LPSXONDQEXNXSHQJDQWDUNHLOPXDQVHFDUDOLVDQGDQWXOLVDQ 0DPSXPHQJJXQDNDQEDKDVDLQJJULVGHQJDQEDLNPLQLPDOSDVLI ,NXWVHUWDGDODPDNWLYLWDVVWXGLSHQHOLWLDQNDU\DLOPLDK 0HQJXDVDLJUDPPDUUHDGLQJGDQZULWHVNLOO 5DMLQNXOLDKGLVLSOLQWHSDWZDNWX 3HQDPSLODQUDSLEHUVLKEHUVDKDMDNXOLDKPHQJHQDNDQVHSDWXPHQJKLQGDULNDRV
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
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
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
3HQDPSLODQUDSLEHUVLKEHUVDKDMDNXOLDKPHQJHQDNDQVHSDWXPHQJKLQGDULNDRV 0HPLOLNL DPDODQ GDQ SHQLQJNDWDQ NHPDPSXDQ GLUL \DQJ LGHDO VHVXDL GHQJDQ WDUJHW GDODP6(0 0HPLOLNLNHELDVDDQPHPEDFDEXNXVHWLDSKDUL 0HQJHWDKXLWHQWDQJXUJHQVLGDNZDK 0HQJHWDKXLGDQPHQHUDSNDQDGDEDGDESHUJDXODQ 0HPLONL,3.PLQ 7HUELDVDPHQJJXQDNDQ0LFURVRIWRIILFH 0HPLOLNL GDQ PHQJJXQDNDQ HPDLO GDQ PHGLD ODLQQ\D VHFDUD DNWLI XQWXN SHUOXDVDQ MDULQJDQ 0DPSXPHQJDQDOLVLVEXNXSHQJDQWDUNHLOPXDQVHFDUDOLVDQGDQWXOLVDQ 0HPDKDPLJKD]ZXOILNULGDQILNURKLVODPGDODPVSHVLDOLVDVLLOPXQ\D $NWLIPHQMDGLIDVLOLWDWRUDNDGHPLN $NWLIPHQMDGLWHQWRUGDQPRWLYDWRU 0HQMDGLUHIHUHQVLNHLOPXDQNKXVXVQ\D(NRQRPL,VODP )81*6,8080 %HUWDQJJXQJMDZDEDWDVSHPELQDDQ6'0NDGHU )81*6,.+8686 Ă͘ 0HQMDODQNDQVLVWHPSRODNDGHULVDVL&,(6VHEDJDLZDKDQDSHQLQJNDWDQ6'0NDGHU ď͘ 0HODNVDQDNDQNHJLDWDQNHJLDWDQSURIHVVLRQDOVHEDJDLZDKDQDSHQLQJNDWDQ6'0 DQJJRWDNKXVXVQ\DNRPSXWHUWHNQRORJLGDQEDKDVD Đ͘ 0HODNVDQDNDQNHJLDWDQLQVLGHQWDOODLQQ\D Ě͘ 6HEDJDLELURNRQVXOWDVLWHUKDGDSVHJDODSHUPDVDODKDQ&,(6EDLNEHUVLIDWLQWHUQDO PDXSXQHNVWHUQDO Ğ͘ 0HQMDJDKXEXQJDQ\DQJKDUPRQLVDQWDUDVHOXUXKNDGHUVHKLQJJDDNDQPHPEDQJXQ NHVROLGDQWLPGDODPRUJDQLVDVL Ĩ͘ 0HODNXNDQSHPHWDDQGDQHYDOXDVLNXDOLWDVNDGHUVHFDUDNHVHOXUXKDQ Ő͘ %HUWDQJJXQJMDZDENHSDGD&KDLUPDQRI&,(6
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
6758.78525*$1,6$6,&,(6 326,6,+5'
$/85.$'(5,6$6,+5'&,(6)(8%
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
<ĂĚĞƌŝƐĂƐŝĚĂŶDĂŶĂũĞŵĞŶ^/<^/
6HVXQJJXKQ\DMLZDVD\DPHUDVDVHQDQJGHQJDQLOPX GHQJDQQ\DMLZDVD\DVHPDNLQNXDW ,EQX7DLPL\\DK 3DGDDZDOQ\DEHUSLNLUPHQXPEXKNDQNHLQJLQWDKXDQ NHLQJLQWDKXDQPHODKLUNDQSHUEXDWDQ GDQSHUEXDWDQ\DQJGLODNXNDQEHUXODQJXODQJPHPEHQWXNNHELDVDDQ ,EQXDO4D\\LPDO-DX]L\DK
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
0LQG0DSSLQJ.DMLDQGDQ5LVHW
)HQRPHQD (NRQRPL
3HQHOLWLDQ
.DMLDQ
,OPX 3HQJHWDKXDQ 6LVWHP(NRQRPL ,VODP
<ĂũŝĂŶĚĂŶZŝƐĞƚ
.DMLDQ
'DODP .DPXV %HVDU %DKDVD ,QGRQHVLD LVWLODK NDMLDQ \DQJ EHUGDVDU NDWD
³NDML´ PHPLOLNL DUWL KDVLO PHQJNDML 6HGDQJNDQ NDWD ³PHQJNDML´ GDSDW GLDUWLNDQ VHEDJDL SURVHV PHPSHODMDUL GDQ PHPDKDPL VXDWX IHQRPHQD GHQJDQ PHQJJXQDNDQ SHQGHNDWDQ LOPX .DMLDQ GDSDW GLSHUROHK VHFDUD LQGLYLGX PDXSXQ EHUNHORPSRN GHQJDQ EHUGDVDU SDGD NDMLDQ VHEHOXPQ\D PLVDO NDMLDQ OLWHUDWXU PDXSXQ PHODOXL SHQJDPDWDQ ODQJVXQJ SDGD VXDWX RE\HN PLVDO SHQHOLWLDQ HPSLULV 2OHK NDUHQD LWX DNWLYLWDV PHQJNDML PHPLOLNL PDNQD LGHQWLN GHQJDQ EHODMDU
7XOLVDQ LQL PHPEDKDV WHQWDQJ DNWLYLWDV PHQJNDML \DQJ GLODNXNDQ VHFDUD
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
0HQXUXW 6XZDUGMRQR SHQHOLWLDQ GLGHILQLVLNDQ VHEDJDL DNWLYLWDV
SHQ\HOLGLNDQ WHUKDGDS VXDWX PDVDODK VHFDUD WHURUJDQLVDVL VLVWHPDWLV EHUEDVLV GDWD GDQ NULWLV \DQJ GLODNVDQDNDQ XQWXN PHQHPXNDQ MDZDEDQ DWDV PDVDODK WHUVHEXW 0DVDODKDGDODKVLWXDVL\DQJGLGDODPQ\DWHUGDSDWNHVHQMDQJDQ DQWDUD DSD \DQJGLLGDPNDQ GDQDSD\DQJ Q\DWDQ\DWHUMDGL -DGL MLND GLNDLWNDQ GHQJDQ DNWLYLWDVGLVNXVLSHQHOLWLDQGDSDWGLMDGLNDQ IROORZXSDWDXWLQGDNODQMXWGDULKDVLO GLVNXVL
<ĂũŝĂŶĚĂŶZŝƐĞƚ
.HQDSD SHQHOLWLDQ GDSDW GLMDGLNDQ WLQGDN ODQMXW GDUL SURVHV GLVNXVL"
.DUHQDSHUPDVDODKDQWLGDNDNDQPXQJNLQPXQFXOGLEHQDNSHQHOLWLGDODPZDNWX VHPDODPDQ 'LVNXVL PHUXSDNDQ VDUDQD SHQHOLWL XQWXN EUDLQVWURPLQJ GDQ SHQJLGHQWLILNDVLDQ PDVDODK 0HODOXL GLVNXVL SRNRNSRNRN SHUPDVDODKDQ \DQJ KHQGDNGLWHOLWLGDSDWGLWHPXNDQGHQJDQOHELKVSHVLILNGDQOHELKWHSDW7HQWXVDMD XQWXN PHQGDSDWNDQ SHUWDQ\DDQ SHQHOLWLDQ \DQJ WHSDW SHQHOLWL PHPEXWXKNDQ EDQ\DNPDVXNDQGDULEHUEDJDLVXPEHUGDQSLKDN
9LV D YLV 6HWHODK PHODNXNDQ SHQHOLWLDQ IRUXP \DQJ SDOLQJ WHSDW XQWXN PHQJHWDKXL VHEHUDSD EDLNNDK SHQHOLWLDQ LQL WHODK GLODNXNDQ DGDODK GHQJDQ PHODNXNDQ GLVNXVL 0HODOXL GLVNXVL KDVLO SHQHOLWLDQ VHRUDQJ SHQHOLWL DNDQ PHPSHUROHK EDQ\DN PDVXNDQ GDQ WDPEDKDQ SHQJHWDKXDQ XQWXN PHPSHUEDLNL SHQHOLWLDQQ\D
.XULNXOXP.DMLDQ(NRQRPL,VODP
.XULNXOXP PHUXSDNDQ LQWL GDUL ELGDQJ SHQGLGLNDQ GDQ PHPLOLNL SHQJDUXK
WHUKDGDS VHOXUXK NHJLDWDQ SHQGLGLNDQ 0HQJLQJDW SHQWLQJQ\D NXULNXOXP GDODP SHQGLGLNDQ PDND SHQ\XVXQDQ NXULNXOXP WLGDN GDSDW GLODNXNDQ VHFDUD VHPEDUDQJDQ 3HQ\XVXQDQ NXULNXOXP PHPEXWXKNDQ ODQGDVDQODQGDVDQ \DQJ NXDW\DQJGLGDVDUNDQSDGDKDVLOKDVLOSHPLNLUDQGDQSHQHOLWLDQ\DQJPHQGDODP VHEDJDLPDQD GLNHPXNDNDQ ILOVXI PRGHUQ %URQRZVNL GDODP 1XJURKR VHODOX GDODP SURVHV XQWXN EHUNHPEDQJ ,W LV DQ DVFHQW RI PDQ 8QWXN PHQFDSDL ³NHPDMXDQ´ GDQ ³NHEDQJNLWDQ´Q\D PDQXVLD SHUOX NHPDPSXDQ XQWXN EHODMDU 'HQJDQ GHPLNLDQ QLODL GDVDU GDUL NXULNXOXP DGDODK EDJDLPDQD PHQJHPEDQJNDQNHPDPSXDQVLVZDXQWXNPDPSXEHODMDU 'HILQLVL NXULNXOXP \DQJ GLNXWLS GDUL ZLNLSHGLD PHQJDWDNDQ EDKZD NXULNXOXP DGDODK SHUDQJNDW PDWD SHODMDUDQ \DQJ GLEHULNDQ ROHK VXDWX OHPEDJD SHQ\HOHQJJDUD SHQGLGLNDQ \DQJ EHULVL UDQFDQJDQ SHODMDUDQ \DQJ DNDQ GLEHULNDQ NHSDGD SHVHUWD SHODMDUDQ GDODP VDWX SHULRGD MHQMDQJ SHQGLGLNDQ 3HQ\XVXQDQ SHUDQJNDW PDWD SHODMDUDQ LQL GLVHVXDLNDQ GHQJDQ NHDGDDQ GDQ NHPDPSXDQ VHWLDS MHQMDQJ SHQGLGLNDQ GDODP SHQ\HOHQJJDUDDQ SHQGLGLNDQ WHUVHEXW /DPD ZDNWX GDODP VDWX NXULNXOXP ELDVDQ\D GLVHVXDLNDQ GHQJDQ PDNVXG GDQ WXMXDQ GDUL VLVWHP SHQGLGLNDQ \DQJ GLODNVDQDNDQ .XULNXOXP LQL GLPDNVXGNDQ XQWXN
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
6WUDWHJL3HQJDGDDQ'LVNXVL\DQJ(IHNWLI
3DGD VXDWX ZDNWX 6KDULDK (FRQRPLFV )RUXP 6() .6(, \DQJ DGD GL
8*0PHQJDGDNDQGLVNXVLXPXP\DQJGLDGDNDQEHUVDPDGHQJDQ(48,/,%5,80 EDGDQSHQHUELWDQGDQSHUVPDKDVLVZD)(%8*0 \DQJPHQJDQJNDWWRSLN´%DQN XQWXN5DN\DW0LVNLQ´'LVNXVLWHUVHEXWPHPEDKDVWHQWDQJPRGHO *UDPHHQ%DQN \DQJ GLNHPEDQJNDQ ROHK 0XKDPPDG
6HEHQDUQ\D WLGDN DGD UXPXVDQ EDNX GDODP KDO SHQ\XVXQDQ VWUDWHJL
GLVNXVL +DO WHUVHEXW KDUXV GLGDVDUNDQ SDGD WXMXDQ GDQ WDUJHW GDUL NHJLDWDQ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
WHUVHEXW 'DODP FRQWRK GL DWDV VHODLQ XQWXN PHPEDKDV VXDWX SHUPDVDODKDQ GLVNXVL WHUVHEXW MXJD PHPLOLNL WDUJHW V\L¶DU XQWXN PHQXQMXNNDQ HNVLVWHQVL GLUL EDFD OHPEDJD VHNDOLJXV PHQDULN VLPSDWLVDQ GDUL PDKDVLVZDPDKDVLVZD ODLQ -DGL PLQLPDO DGD GXD WDUJHW GDUL SHQJNDMLDQ \DLWX HNVLVWHQVL GDODP UDQJND PHPSHUROHKSHVHUWDDWDXVLPSDWLVDQ VHEDQ\DNEDQ\DNQ\DGDQDWDXSHQJXDWDQ NHLOPXDQVHFDUDLQWHUQDO
'LVNXVLVHEDJDL(NVLVWHQVL/HPEDJD6WXGL .HVDQ DWDX LPDJH \DQJ GLWDQJNDS SXEOLN WHUKDGDS NHEHUDGDDQ OHPEDJD NHORPSRN VWXGL DGDODK DNWLYLWDV EHODMDU GDODP DWPRVIHU NHLOPXDQ \DQJ NHQWDO 6XGDK PHUXSDNDQ SDNHP EDKZD NHJLDWDQ GLVNXVL GDQ SHQHOLWLDQ PHQMDGL FRUH DFWLYLWLHV GDODP RUJDQLVDVL WHUVHEXW 2OHK VHEDE LWX VXGDK VHKDUXVQ\D YLVL PLVL GDQ SURJUDP NHUMD OHPEDJDNHORPSRN VWXGL GLDUDKNDQ XQWXN PHQ\XDUDNDQ FRUH DFWLYLWLHV WHUVHEXW NH SXEOLN .DWD ´SXEOLN´ GLPDNVXGNDQ DJDU VDVDUDQ V\L¶DU OHPEDJDNHORPSRN VWXGL WLGDN KDQ\D GDODP OLQJNXS PDKDVLVZD WHWDSL MXJD PHOXDV NH NDODQJDQ GRVHQ DWDX DNDGHPLVL EDLN \DQJ VHELGDQJ PDXSXQ OLQWDV ELGDQJ NDODQJDQ SUDNWLVL KLQJJD NH PDV\DUDNDW XPXP 2OHK VHEDE LWX PHQJDGDNDQ NHJLDWDQNHJLDWDQ SDGD PRPHQWPRPHQW WHUWHQWX GLEXWXKNDQ XQWXN PHQDULNSHUKDWLDQSXEOLN 3HQ\HOHQJJDUDDQ IRUXPIRUXP GLVNXVL GHQJDQ VDVDUDQ PHQDQJNDS SHUKDWLDQSXEOLNDNDQ FRUHNHLOPXDQNLWDPHUXSDNDQVDODKVDWXFDUD\DQJ HIHNWLIXQWXNPHQJHPEDQJNDQWLQJNDWNHLOPXDQLWXVHQGLUL'HQJDQPDNLQ GLNHQDOQ\D FRUH NHLOPXDQ \DQJ NLWD PLOLNL (NRQRPL ,VODP PDND NHWHUWDULNDQ SXEOLN DNDQ PHQLQJNDW 6DPD VHSHUWL VHEXDK SURGXN PDNDQDQ'HQJDQPHPSURPRVLNDQSURGXNPHUHNDPHODOXLLNODQDWDXSXQ SURPRSURPR SURGXN PDV\DUDNDW DNDQ VHPDNLQ PHQJHQDO SURGXN WHUVHEXW 3HQJHPEDQJDQ SURGXN DNDQ VHPDNLQ PHPEDLN GL NDOD PDV\DUDNDW PXODL PHQJNRQVXPVL SURGXN LWX NDUHQD NLWD DNDQ PHQGDSDWNDQ EDQ\DN PDVXNDQ GDQ SHODMDUDQ DNDQ SURGXN NLWD %HJLWX MXJDGHQJDQSHQJHPEDQJDQ(NRQRPL,VODPSURPRVL(NRQRPL,VODPWLGDN KDQ\DGDSDWGLODNXNDQGHQJDQSXEOLNDVLGLPHGLDPHGLDWHWDSLMXJDGDSDW GHQJDQ HIHNWLI GLODNXNDQ GDODP EHQWXN GLVNXVL NDMLDQNDMLDQ 'HQJDQ PHQJJXQDNDQ NDMLDQ VHEDJDL DODW SURPRVL NLWD GDSDW GHQJDQ JDPEODQJ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
GDQ OHELK MHODV PHQ\DPSDLNDQ (NRQRPL ,VODP NH PDV\DUDNDW 3HQJHWDKXDQ\DQJGLGDSDWODQJVXQJPHODOXLNRPXQLNDVLWDWDSPXNDPDVLK PHQMDGLDODW\DQJWHUEDLNGDODPPHQ\DPSDLNDQLOPX'HQJDQPHQ\DMLNDQ IRUPDW GLVNXVL \DQJ PHQDULN GHQJDQ WHPD \DQJ NRQWHPSRUHU VDPD VHSHUWLGDODPGXQLDSHULNODQDQPDNDSHQ\DPSDLDQNHLOPXDQGDSDWOHELK HIHNWLIGLVHUDSROHKSXEOLN $GDEHEHUDSDWLSV\DQJGDSDWGLJXQDNDQXQWXNGDSDWPHQFLSWDNDQIRUXP GLVNXVLNDMLDQ\DQJPHQDULNSHUKDWLDQDQWDUDODLQ x 7HPD\DQJDNWXDOWHUNDLWGHQJDQPDVDODKPDVDODK\DQJEHUNHPEDQJ \DQJ DGD VDDW LQL 0DVDODKPDVDODK \DQJ WHUODOX VHULQJ GLXODQJXODQJ DNDQVXOLWXQWXNPHQDULNSHUKDWLDQSXEOLN0LVDOQ\DWHPDWHPDWHUNDLW GHQJDQKDODOKDUDPQ\DPHQDEXQJGLEDQNPXQJNLQPHUXSDNDQGDVDU GDUL NRQVHS ULED \DQJ PXGDK GLSDKDPL ROHK PDV\DUDNDW WHWDSL WHPD LQL WHPD NODVLN \DQJ DNDQ PHPEXDW MHQXK SXEOLN 7HPDWHPD EDUX \DQJ VHSHUWL WHQWDQJ SDVDU PRGDO JKDUDU NHWLGDNMHODVDQ GDODP RUJDQLVDVLPXQJNLQGDSDWGLMDGLNDQDOWHUQDWLIWHPD\DQJOHELKPHQDULN XQWXN GLEDKDV 6HODLQ LWX SHPLOLKDQ MXGXO \DQJ OHELK SHUVXDVLI MXJD KDUXV GLSHUKDWLNDQ MDQJDQ WHUODOX NDNX GDQ EDNX GDODP PHPEXDW MXGXOGDQOHELKHNVSUHVLIGDODPSHQHWDSDQNDWDNDWD0DQD\DQJOHELK PHQDULN GL DQWDUD GXD MXGXO LQL ´*KDUDU GDODP /DSRUDQ .HXDQJDQ 2UJDQLVLDVL´DWDX´7HUQ\DWD'DODP/DSRUDQ2UJDQLVDVLNXDGD*KDUDU´" x )RNXV SDGD WHPD \DQJ GLDQJNDW 'HQJDQ PHPEHULNDQ SHPDKDPDQ DNDQ IXQJVL GDQ WXMXDQ GLDGDNDQQ\D VHEXDK IRUXP GLVNXVL NLWD DNDQ PHQFLSWDNDQVXDVDQDGLVNXVL\DQJHIHNWLIGLPDQDSHVHUWD\DQJKDGLU GXGXNWDQSDDGDSHUDVDDQELQJXQJDNDQWHPD\DQJGLDQJNDW x 0HQLQJNDWNDQ HIHNWLILWDV GDODP GLVNXVL ROHK PRGHUDWRU DWDX SHPELFDUD $GD EHEHUDSD ODQJNDK XQWXN GDSDW PHQLQJNDWNDQ HIHNWLILWDVGLVNXVL%DUWRQGNN R 0HQHWDSNDQHNVSHNWDVL\DQJMHODVEDJLSDUWLVLSDVLVLVZDGDODP VHVL GLVNXVL 3DGD DZDO GLVNXVL SDVWLNDQ EDKZD NHDNWLIDQ PHUHND GDODP GLVNXVL VDQJDW PHQHQWXNDQ DNDQ SHQFDSDLDQ DNKLU\DQJDNDQPHUHNDSHUROHKVHWHODKGLVNXVL.XDVDLSHVHUWD GLVNXVL EDKZD VHWLDS SHUWDQ\DDQ \DQJ GLORQWDUNDQ GDSDW
<ĂũŝĂŶĚĂŶZŝƐĞƚ
GLMDZDE ROHK PHUHND DSDSXQ MDZDEDQQ\D 6HULQJNDOL SHVHUWD GLVNXVLPHUXSDNDQVRVRNRUDQJ\DQJHQJJDQXQWXNEHULQWHUDNVL GLGHSDQXPXPDWDXWLGDNPHPLOLNLNHPDPSXDQEHUELFDUD\DQJ EDLN GL GHSDQ XPXP -DQJDQ SDNVD PHUHND XQWXN PHQMDZDE GHQJDQ EHQDU SHUVLODNDQ PHUHND XQWXN PHQHUNDQHUND EHUHNVSHNWDVL DNDQ MDZDEDQ \DQJ DQGD LQJLQNDQ .HWHJDQJDQ DQWDUD SHPDWHUL GDQ SHVHUWD VHULQJ VHNDOL WLPEXO DNLEDW NHWLGDNPDPSXDQ NLWD PHQDQJNDS VHEHUDSD EHVDU NHPDPSXDQ SHVHUWDXQWXNPHQMDZDEVHEXDKPDVDODK-DZDEDQ\DQJEHQDU WLGDN EHJLWX SHQWLQJ GDODP VHEXDK GLVNXVL \DQJ HIHNWLI PHODLQNDQ NHDNWLIDQ SHVHUWD GLVNXVL \DQJ GLKDUDSNDQ GDUL VHEXDKGLVNXVLWHUXWDPDXQWXNNHODQMXWDQGDULGLVNXVLWHUVHEXW R %UHDNWKH,FH0HQFDLUNDQVXDVDQDWHJDQJGDODPGLVNXVLGDSDW GLODNXNDQ SDGD VDDW GLVNXVL \DQJ NLWD ODNXNDQ PXODL WHUDVD EHUDW *DPHV VWUDWFKLQJ DWDX NHJLDWDQ \DQJ GDSDW PHPEXDW SHVHUWDOHELKULOHNVGDSDWNLWDODNXNDQGDODPWLDSWLDSGLVNXVL R 0HQJRQWURO UXDQJ GLVNXVL GHQJDQ VHVWUDWHJLV PXQJNLQ %LDVDQ\D EDQ\DN GDUL SHVHUWD GLVNXVL EHUXVDKD XQWXN EHUDGD SDGD SRVLVL \DQJ ³DPDQ´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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
R +LQGDULSHUWDQ\DDQWHUEXNDNDUHQDGDSDWPHQ\HEDENDQSHVHUWD HQJJDQXQWXNPHQMDZDE/DQJVXQJWXQMXNVDMDVHFDUDUDQGRP GDULVHPXDSHVHUWD\DQJDGDVHKLQJJDPDVLQJPDVLQJSHVHUWD DNDQ OHELK WHUIRNXV WHUKDGDS VHPXD SHUWDQ\DDQ GDQ SHUQ\DWDDQ\DQJNLWDVDPSDLNDQ R 7DQ\DNDQ SHUWDQ\DDQ \DQJ EDLN KLQGDUL SHUWDQ\DDQ SHUWDQ\DDQ \DQJ UHWRULN \DQJ MHODVMHODV NLWD KDQ\D PHQJHWHV SHVHUWD VDMD *XQDNDQ SHUWDQ\DDQ \DQJ OHELK PHQJDQDOLVLV EXNDQVHEXDKSHUWDQ\DDQ\DQJPHPLQWDSHQGHQJDUPHQMDZDE GHQJDQWHSDWVHVXDLGHQJDQWHNV\DQJDGD+LQGDULSHUWDQ\DDQ ³\D´DWDX³WLGDN´\DQJPHQJDNLEDWNDQWHUKHQWLQ\DGLVNXVL$WDX MHQLV SHUWDQ\DDQ \DQJ PHPEXDW SHVHUWD PHQHEDNQHEDN DOXU SLNLUDQNLWD x 0HQHPSDWNDQ VHVHRUDQJ \DQJ GDSDW PHQJDWXU PHQJHQGDOLNDQ GDQ PHQMDJD SHVHUWD GLVNXVL DJDU WHWDS ´VHMDODQ´ GHQJDQ WXMXDQ GLVNXVL 3LKDW LWX ELVD EHUXSD PRGHUDWRU DWDXSXQ SHPDWHUL \DQJ PHPLOLNL NHPDPSXDQ \DQJ EDLN GDODP PHQJXDVDL SHVHUWD GLVNXVL 6HVHRUDQJ \DQJWHODKGLVHWWLQJVHMDNDZDOXQWXNGDSDWPHQJDWXUDOXUGLVNXVLGDQ GDSDW PHQMDJD SHVHUWD XQWXN WHWDS GDSDW WHUPRWLYDVL PHQJLNXWL GLVNXVLVDQJDWGLEXWXKNDQXQWXNPHQFLSWDNDQ VXDVDQDNHLOPXDQ\DQJ EDLNGDODPGLVNXVL x +LQGDUL DGDQ\D GRPLQDVL SHVHUWD WHUWHQWX GDODP GLVNXVL NDUHQD DNDQ PHQ\HEDENDQSHVHUWDODLQHQJJDQXQWXNEHUSDUWLVLSDVL
'LVNXVLVHEDJDL3URVHV3HQJXDWDQ.HLOPXDQ,QWHUQDO 3DGD6()8*0GLNHQDODGDQ\D.1.(,\DQJPHUXSDNDQVLQJNDWDQGDUL.XOLDK 1RQ.XULNXOHU(NRQRPL,VODPGHPLNLDQMXJDSDGD,6(*8QSDGGDQ6+,1(8, GDQ EHUEDJDL .6(, ODLQQ\D 3URJUDP WHUVHEXW VDDW SHUWDPD NDOL GLEHQWXN PHPLOLNL VHWWLQJ \DQJ PLULS GHQJDQ NHJLDWDQ SHUNXOLDKDQ SDGD XPXPQ\D GLPDQD 6() PHQDZDUNDQ VHMXPODK PDWD NXOLDK (NRQRPL ,VODP \DQJ KDUXV GLLNXWLROHKWLDSDQJJRWD6()'DODPNHJLDWDQ´SHUNXOLDKDQ´WHUVHEXWGLDPSX ROHKVHRUDQJ´GRVHQ´GLDGDNDQVHEDQ\DNNDOLSHUWHPXDQXQWXNWLDSPDWD NXOLDKVHODPDVDWXVHPHVWHUGDQWHUGDSDWXMLDQWHQJDKGDQDNKLUVHPHVWHU
<ĂũŝĂŶĚĂŶZŝƐĞƚ
ERRPLQJ
3HPEHQWXNDQ.HORPSRN'LVNXVLGDQ6WXGL 0HWRGD GLVNXVL DGDODK VXDWX FDUD PHPSHODMDUL PDWHUL SHODMDUDQ GHQJDQ PHPSHUGHEDWNDQ PDVDODK \DQJ WLPEXO GDQ VDOLQJ PHQJDGX DUJXPHQWDVL VHFDUD UDVLRQDO GDQ REMHNWLI &DUD LQL GLPDNVXGNDQ XQWXN GDSDWPHUDQJVDQJ VHVHRUDQJ GDODP KDO LQL DGDODK PDKDVLVZD GDODP EHODMDU GDQ EHUSLNLU VHFDUD NULWLV GDQ PHQJHOXDUNDQSHQGDSDWQ\DVHFDUDUDVLRQDOGDQRE\HNWLIGDODPSHPHFDKDQVXDWX PDVDODK 3ULQVLSSULQVLS GDODP GLVNXVL DGDODK PHOLEDWNDQ SHVHUWD GLVNXVL VHFDUD DNWLI GDODP GLVNXVL \DQJ GLDGDNDQ VHKLQJJD GLSHUOXNDQ NHWHUWLEDQ GDQ NHWHUDWXUDQ GDODP PHQJHPXNDNDQ SHQGDSDW VHFDUD EHUJLOLU 'L VLQLODK GLEXWXKNDQ VHRUDQJ NHWXD GLVNXVL DWDX PRGHUDWRU .HXQJJXODQ PHWRGD GLVNXVL \DLWX VXDVDQD RUJDQLVDVL PHQMDGL OHELK EHUJDLUDK GL PDQD SDUD PDKDVLVZD PHQFXUDKNDQ SHUKDWLDQ GDQ SHPLNLUDQ PHUHND WHUKDGDS PDVDODK \DQJ VHGDQJ GLELFDUDNDQ .RQGLVL VHSHUWL LWX VHKDUXVQ\D PHOHNDW SDGD RUJDQLVDVLRUJDQLVDVL PDKDVLVZDWHUOHELKODJL.6(,VHEDJDLOHPEDJDSHPEHODMDUDQ 6HODLQLWXGLVNXVL MXJD GDSDW PHQMDOLQ KXEXQJDQ DQWDUD LQGLYLGX KLQJJD PHQLPEXONDQ UDVD KDUJD GLUL WROHUDQVL EHUILNLU NULWLV GDQ VLVWHPDWLV 'LVNXVL GLWLQMDX GDUL WXMXDQQ\D GLEHGDNDQPHQMDGLWLJD\DLWX
7KH6RFLDO3UREOHP0HHWLQJ 6XDWX PHWRGD SHPEHODMDUDQ GHQJDQ WXMXDQ EHUELQFDQJELQFDQJ PHQ\HOHVDLNDQPDVDODKVRVLDOGLOLQJNXQJDQ
7KH2SHQ(QGHG0HHWLQJ 6XDWX PHWRGD SHPEHODMDUDQ \DQJ GLODNXNDQ GHQJDQ EHUELQFDQJELQFDQJ PHQJHQDLPDVDODKDSDVDMD\DQJEHUKXEXQJDQGHQJDQNHKLGXSDQVHKDUL KDULGLPDQDNLWDEHUDGD
<ĂũŝĂŶĚĂŶZŝƐĞƚ
7KH(GXFDWLRQDO'LDJQRVLV0HHWLQJ 6XDWX PHWRGD SHPEHODMDUDQ \DQJ GLODNXNDQ GHQJDQ EHUELQFDQJELQFDQJ PHQJHQDLWXJDVSHODMDUDQXQWXNVDOLQJPHQJRUHNVLSHPDKDPDQDJDUOHELK EDLN 6HGDQJNDQ MLND GLWLQMDX GDUL EHQWXNQ\D GLVNXVL GLEHGDNDQ PHQMDGL EHEHUDSD MHQLVDQWDUDODLQ :KROH*URXS 0HUXSDNDQEHQWXNGLVNXVLNHORPSRNEHVDUSOHQRNODVLNDOSDULSXUQDGVE
<ĂũŝĂŶĚĂŶZŝƐĞƚ
%X]]*URXS 0HUXSDNDQGLVNXVLNHORPSRNNHFLO\DQJWHUGLULGDUL RUDQJ *DPEDU&RQWRKEX]]JURXS
3DQHO 0HUXSDNDQGLVNXVLNHORPSRNNHFLO RUDQJ\DQJPHQGLVNXVLNDQREMHN WHUWHQWX GHQJDQ FDUD GXGXN PHOLQJNDU \DQJ GLSLPSLQ ROHK VHRUDQJ PRGHUDWRU
-LND
GDODP
GLVNXVL
WHUVHEXW
PHOLEDWNDQ
SDUWLVLSDVL
DXGLHQFHSHQJXQMXQJGLVHEXWSDQHOIRUXP 6\QGLFDWH*URXS 0HUXSDNDQEHQWXNGLVNXVLGHQJDQFDUDPHPEDJLNHODVPHQMDGLEHEHUDSD NHORPSRN NHFLO \DQJ WHUGLUL GDUL RUDQJ \DQJ PDVLQJPDVLQJ PHODNXNDQWXJDVWXJDV\DQJEHUEHGD %UDLQVWRUPLQJ 0HUXSDNDQ GLVNXVL LXUDQ SHQGDSDW \DNQL NHORPSRN PHQ\XPEDQJNDQ LGH EDUX WDQSD GLQLODL GLNULWLN GLDQDOLVLV \DQJ GLODNVDQDNDQ GHQJDQ FHSDW ZDNWXSHQGHN
<ĂũŝĂŶĚĂŶZŝƐĞƚ
6LPSRVLXP *DPEDU&RQWRK6LPSRVLXP
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
$XGLHQFH PHQJLQWHUYLHZ QDUDVXPEHU VHODQMXWQ\D GLWHUXVNDQ GHQJDQ PHQJXQGDQJSHUWDQ\DDQGDULSHVHUWDODLQ7RSLNGDODPGLVNXVLLQLDGDODK WRSLNEDUXVHKLQJJDWXMXDQXWDPDGDULGLVNXVLLQLDGDODKLQJLQPHPSHUROHK LQIRUPDVLGDULWDQJDQSHUWDPD
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
0HUXSDNDQGLVNXVLGHQJDQEHEHUDSDRUDQJSHVHUWDGLSLPSLQROHKVHRUDQJ NHWXDPHQJDGDNDQGLVNXVLXQWXNPHQJDPELONHSXWXVDQ'LVNXVLPRGHOLQL ELDVDQ\D GLDWXU GHQJDQ WHPSDW GXGXN PHOLQJNDU GHQJDQ DWDX NXUVL NRVRQJ PHQJKDGDS SHVHUWD GLVNXVL .HORPSRN SHQGHQJDU GXGXN PHQJHOLOLQJL NHORPSRN GLVNXVL VHKLQJJD VHRODKRODKSHVHUWDPHOLKDW LNDQ GDODPPDQJNRN
<ĂũŝĂŶĚĂŶZŝƐĞƚ
6HPLQDU *DPEDU&RQWRK6HPLQDU
0HUXSDNDQ NHJLDWDQ GLVNXVL \DQJ EDQ\DN GLODNXNDQ GDODP SHPEHODMDUDQ 6HPLQDUSDGDXPXPQ\DPHUXSDNDQSHUWHPXDQXQWXNPHPEDKDVPDVDODK WHUWHQWXGHQJDQSUDVDUDQVHUWDWDQJJDSDQPHODOXLGLVNXVLGDQSHQJNDMLDQ XQWXN PHQGDSDWNDQ VXDWX NRQVHQVXVNHSXWXVDQ EHUVDPD 0DVDODK \DQJ GLEDKDVSDGDXPXPQ\DWHUEDWDVGDQVSHVLILNWHUWHQWXEHUVLIDWLOPLDKGDQ
VXEMHFWDSSURDFK /RNDNDU\DZLG\DNDU\D *DPEDU&RQWRK/RNDNDU\D 0HUXSDNDQ SHQJNDMLDQ PDVDODK WHUWHQWX PHODOXL SHUWHPXDQ GHQJDQ SHQ\DMLDQSUDVDUDQGDQWDQJJDSDQVHUWDGLVNXVLVHFDUDWHNQLVPHQGDODP 'DODPGLVNXVLLQLELODSHUOXGLLNXWLGHQJDQGHPRQVWUDVLSHUDJDDQPDVDODK WHUVHEXW 3HVHUWD ORNDNDU\D SDGD XPXPQ\D SDUD DKOL 7XMXDQQ\D
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
.UHDWLYLWDV SHQJXUXV .6(, GDODP PHQJDGDNDQ NHJLDWDQ GLVNXVL VDQJDW
GLEXWXKNDQ XQWXN PHQJDQWLVLSDVL NHERVDQDQ GDUL SDUD DQJJRWD GDQ FDORQ DQJJRWD GLVNXVL WHUKDGDS IRUXP GLVNXVL 2OHK NDUHQD LWX SHPLOLKDQ EHQWXN EHQWXN GLVNXVL GL DWDV SHUOX GLODNXNDQ VHFDUD EHUYDULDVL WHWDSL WHWDS PHPSHUKDWLNDQ
NHPDPSXDQ
VXPEHU
GD\D
RUJDQLVDVLSHQJXUXV
GDODP
PHQ\HOHQJJDUDNDQIRUXPGLVNXVL
6WXGL.DVXV /(%,+'(.$7'(1*$1.$-,$1675$7(*,6.$675$7 .6(,352*5(6
'L NDZDVDQ )R66(, -DGHERWDEHN .6(, 3URJUHV VHODOX EHUNHPEDQJ VHFDUD SURJUHVLIGDULPDVDNHPDVD3DGDHUDNHSHPLPSLQDQ0DKEXEL$OL.6(,3URJUHVSHUQDK PHUDLK MXDUD XPXP 7HPLOQDV 7HPX ,OPLDK 1DVLRQDO )R66(, GL
<ĂũŝĂŶĚĂŶZŝƐĞƚ
PDVLQJ \DQJ WLGDN WHUJDQWLNDQ 6DODK VDWXQ\D DGDODK 'LYLVL .DMLDQ 6WUDWHJLV .DVWUDW 'LYLVLLQLPHQMDGLNDZDKFDQGUDGLPXNDNDMLDQ,OPLDK.6(, .DMLDQ6WUDWHJLV 'LYLVL .DMLDQ 6WUDWHJLV SDGD HUD :DKLG $O )DLG]LQ GHQJDQ PDQDMHUQ\D +LOPDQ )DX]\ 1XJUDKD WHODK PHQFDSDL WLWLN PDSDQ GDODP KDO NDMLDQ HNRQRPL ,VODP 6HFDUD XPXP WLSHWLSH NHODV GDUL NDMLDQ GL 3URJUHV GDSDW GLEDJL PHQMDGL GXD %DVLF GDQ
,QWHUPHGLDWH 'LYLVL LQL EHUWXJDV XQWXN PHQ\XJXKNDQ HGXNDVL GDQ SHQGLGLNDQ HNRQRPL ,VODP WHUXWDPD EDJL PDKDVLVZDPDKDVLVZD PDWULNXODVL \DQJ WLGDN VDMD VHEDJDL SHPEHNDODQ XQWXN NH MHQMDQJ EHULNXWQ\D WHWDSL MXJD VHEDJDL SHQJXDWDQ LGHQWLWDV GDQ MDWL GLUL VHEDJDL EDJLDQ GDUL PDKDVLVZD 6HNRODK 7LQJJL (NRQRPL ,VODP 7D]NLD \DQJ GLSLPSLQROHKSDNDUHNRQRPL,VODPQDVLRQDO'U0XKDPPDG6\DIL¶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
FRUHFRPSHWHQFH'DODPSHUNHPEDQJDQQ\DNRPSHWLVLLQLPHQMDGLSRSXOHUGLNDODQJDQ PDKDVLVZD 67(, 7D]NLD 8QWXN PDKDVLVZD 0DWULNXODVL /7& ELDVDQ\D GLJHODU DQWDUD
<ĂũŝĂŶĚĂŶZŝƐĞƚ
LNKZDQ GDQ DNKZDW *URXS $EX 8EDLG GDQ *URXSV $O 0DTUL]L VHVXDL QDPD DVUDPD LNKZDQ GDQ DNKZDW GLORPEDNDQ GHQJDQ SHUWDQ\DQSHUWDQ\DDQ \DQJ GLDMXNDQ EHUDVDO GDULPDWHULNDMLDQVWUDWHJLVSURJUHVNHODV%DVLF
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
,VODPL\DKNDU\D'U$KPDG+DVDQGOO
6XPEHU:LOO\0DUGLDQ3HQJXUXV3URJUHV7D]NLDSHULRGH
6WUDWHJL 3HQJHPEDQJDQ 5LVHW GDQ .DU\D ,OPLDK (NRQRPL ,VODPGHQJDQ0HQMDOLQ-HMDULQJ3HQHOLWLDQ(NRQRPL,VODP
$NKPDG$NEDU6XVDPWRVDODKVHRUDQJSHQHOLWL/(%,VHNDOLJXVGRVHQ)(%
8*0 \DQJ GXOX DGDODK NHWXD SHUWDPD 6() 8*0 PHQXWXUNDQ EDKZD PHVNLSXQ SUDNWLNSUDNWLN (NRQRPL ,VODP WHUPDVXN SHUEDQNDQ GDQ NHXDQJDQ V\DULDK GL WDQDK DLU WHODK PHQXQMXNNDQ NHPDMXDQ \DQJ FXNXS VLJQLILNDQ GDODP EHEHUDSD WDKXQ WHUDNKLU WHWDSL WDQWDQJDQ SHQJHPEDQJDQQ\D NH GHSDQ MHODV WLGDN DNDQ VHODOX PXGDK 2OHK NDUHQD LWX EHUEDJDL XQVXU SHQGXNXQJ KDUXV WHUXV GLRSWLPDONDQ XQWXN PHPEDQWX SHUFHSDWDQ NHPDMXDQ (NRQRPL ,VODP GL PDVD \DQJDNDQGDWDQJ
'LDQWDUDXQVXUSHQGXNXQJWHUVHEXWDGDODKULVHWDWDXSHQHOLWLDQ'HQJDQ
SHQHOLWLDQ SHQHQWXDQ NHELMDNDQ GDQ VWUDWHJL SHQJHPEDQJDQ (NRQRPL ,VODP GDSDW GLODNXNDQ VHFDUD OHELK WHSDW EHUGDVDUNDQ SRWHQVL SHUPDVDODKDQ GDQ NHFHQGHUXQJDQNHQFHGHUXQJDQ \DQJ EHQDUEHQDU WHUMDGL GL PDV\DUDNDW 'DODP KDOLQLSHUDQSHQHOLWLDQKDQ\DDNDQRSWLPDOELOD 3HUWDPDWRSLNWRSLNSHQHOLWLDQ WHRUHWLN GDQ SUDNWLN \DQJ GLODNXNDQ EHQDUEHQDU WHUNDLW GHQJDQ SHQJHPEDQJDQ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
\DQJ
WHUMDGL
WLGDN VDMD PHQJKDPEDW
SHQJHPEDQJDQ VXEVWDQVL NDMLDQ (NRQRPL ,VODP WHWDSL OHELK MDXK MXJD PHQJDNLEDWNDQ NHERVDQDQ GDQ SDQGDQJDQ VNHSWLV VHMXPODK SLKDN 6LWXDVL LQL GDODP EDWDVEDWDV WHUWHQWX PHQMDGL VHPDNLQ SDUDK NDUHQD NHEHWXODQ GL ,QGRQHVLDEHOXPWHUEDQJXQEXGD\DDNDGHPLV\DQJNRNRKVHKLQJJDQLODLVHEXDK SHQHOLWLDQ DWDX SXEOLNDVL LOPLDK OHELK VHULQJ GLWHQWXNDQ ROHK SRSXODULWDV DWDX SRVLVL VWUXNWXUDO VL SHQHOLWL DWDX SHQXOLV GDULSDGD NXDOLWDV NDU\D PHUHND %HJLWX MXJD NULWLN WHUKDGDS VHEXDK SHQHOLWLDQ DWDX SXEOLNDVL LOPLDK PDVLK VHULQJ GLDVRVLDVLNDQ GHQJDQ VHUDQJDQ DWDX VLNDS WLGDN KRUPDW WHUKDGDS SHQHOLWL DWDX SHQXOLVQ\D 'DODP NDLWDQ LWX SHUOX GLXSD\DNDQ ODQJNDKODQJNDK RSWLPDOLVDVL SHUDQ SHQHOLWLDQ GDODP PHQGXNXQJ NHPDMXDQ (NRQRPL ,VODP GL ,QGRQHVLD 'L DQWDUDQ\DPHODOXLSHQJHPEDQJDQVLVWHPLQIRUPDVLULVHWGDQGDWDHNRQRPLLVODP \DQJ WLGDN VDMD OHQJNDS WHWDSL MXJD GDSDW GLDNVHV VHFDUD PXGDK ROHK SDUD
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
ODLQ\DQJGDSDWPHQGRURQJWHUEDQJXQQ\DEXGD\DDNDGHPLNGDODPSHQHOLWLDQGDQ SXEOLNDVLLOPLDKWHQWDQJ(NRQRPL,VODP 8SD\DPHQMDOLQMHMDULQJ SHQHOLWLDQ (NRQRPL ,VODP PXQJNLQ KDUXVGLVHUWDL GHQJDQ SHQJRUEDQDQ WHQDJD ZDNWX GDQ ELD\D 1DPXQ LQV\D $OODK ELOD GLLNKWLDUNDQ VHFDUD VXQJJXKVXQJJXK SHQJRUEDQDQ LWX DNDQ EHUEDODV PDQIDDW \DQJMDXKOHELKEHVDUJXQDPHQJRSWLPDONDQSHUDQSHQHOLWLDQGDODPPHQGXNXQJ NHPDMXDQ(NRQRPL,VODPGLPDVDPHQGDWDQJ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
5LVHW ³'DQPHUHNDWLDGDPHPSXQ\DLLOPXWHQWDQJLWXWLDGD\DQJPHUHNDLNXWL PHODLQNDQVDQJNDDQGDQVHVXQJJXKQ\DWLDGDEHUJXQDVHGLNLWSXQWHUKDGDS NHEHQDUDQ´ 46$Q1DMP
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±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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
3HUNHPEDQJDQ ,OPX (NRQRPL VHQGLUL WLGDN OHSDV GDUL NRQWULEXVL HNRQRP HNRQRP \DQJ PHODNXNDQ SHQHOLWLDQ WHUKDGDS EHUEDJDL IHQRPHQD HNRQRPL +XNXP
WHRUL
GDQ
DUJXPHQDUJXPHQ
HNRQRPL PXQFXO GDUL SHQHOLWLDQ WHUVHEXW GDQ PHQMDGL GDVDU GDUL VLVWHPHNRQRPL \DQJ WHODK EHUNHPEDQJ VDPSDL VDDW LQL 0HQXUXW 0RKDPPDG $ULI GDODP HNRQRPL WHUGDSDW WLJD VLVWHP HNRQRPL \DQJ GLNHQDO VDDW LQL 6RVLDOLV .DSLWDOLV NRQYHQVLRQDO GDQ
,VODP
'DODP
SHUNHPEDQJDQQ\D
NDSLWDOLVPH VHQGLUL VDDW LQL GLEDJL PHQMDGL GXD
FRUH
QHRNODVLN
GDQ
NH\QVLDQ
.HPDSDQDQ NHLOPXDQ GDUL VLVWHP HNRQRPL NDSLWDOLVNRQYHQVLRQDO VHEDJDLVHEXDKVLVWHPVDDWLQLMHODVVXOLWXQWXNGLEDQWDK ODJL +DPSLU VHPXD EXNXEXNX WHNV HNRQRPL PHQJJXQDNDQ WHRULWHRUL \DQJ GLXVXQJ ROHK VLVWHP HNRQRPL LQL +DPSLU VHPXD SHQHOLWLDQSHQHOLWLDQ \DQJ EHUNHPEDQJVDDWLQLPHQJJXQDNDQGDVDUGDVDUSHPLNLUDQWHRULHNRQRPLNDSLWDOLV NRQYHQVLRQDO 3HUWDQ\DDQ EHVDU GL VLQL DGDODK NHQDSD (NRQRPL .DSLWDOLV NRQYHQVLRQDO PHQMDGLEHJLWXVHULQJGLMDGLNDQSHGRPDQSHPLNLUDQHNRQRPLVDDW LQL" .HQDSD SHPLNLUDQ (NRQRPL ,VODP PDVLK GLDQJJDS VHEDJDL DOWHUQDWLI" -DZDEDQQ\D DGDODK GLEDQGLQJNDQ GHQJDQ (NRQRPL .DSLWDOLV .RQYHQVLRQDO (NRQRPL,VODPVHEDJDLVHEXDKLOPXEHOXPGLWHULPDVHEDJDLVHEXDK,OPXVHFDUD XPXPROHKPDV\DUDNDWDWDXVLQJNDWQ\D³NDODK´XQLYHUVDO %DQ\DNQ\D
HNRQRPHNRQRP
NRQYHQVLRQDO
\DQJ
PHODNXNDQ
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
0LWRV (NRQRPL ,VODP
.HQ\DWDDQ LQL \DQJ KDUXV VHJHUD NLWD VDGDUL VHEDJDL VHRUDQJ (NRQRP ,VODPLDNDQSHQWLQJQ\DPHODNXNDQULVHWHNRQRPLXQWXNPHPEXNWLNDQEDKZDDSD \DQJ GLEDZD ROHK ,VODP PHODOXL SHPLNLUDQ (NRQRPL ,VODP GDSDW PHPEDZD NHVHMDKWUDDQ EDJL PDV\DUDNDW 6DDW NLWD PH\DNLQL EDKZD VROXVL SHUPDVDODKDQ HNRQRPL VDDW LQL DGDODK SHPLNLUDQ (NRQRPL ,VODP PDND NLWD VHEDJDL (NRQRP ,VODPL KDUXV PDPSX PHPEXNWLNDQ GHQJDQ SHQGHNDWDQ SRVLWLI PHODOXL ULVHWULVHW LOPLDK 0HPEXNWLNDQ EDKZD SHPLNLUDQ (NRQRPL ,VODP LWX EXNDQ SHPLNLUDQ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
³PLWRV´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³PLWRV´ GDQ PHQMDGL VHEXDK WHRUL \DQJPDSDQXQWXNPHQMDZDEVHJDODSHUPDVDODKDQHNRQRPL
$ZDO0HQMDGL3HQHOLWL3HPEDFD8OXQJ %DFD ,TUD¶ .DWD \DQJ VDQJDW XPXP GDODP NHKLGXSDQ NLWD 5DVXOXOODK PHPXODL PHPDKDPL,VODP GHQJDQ NDWD ,TUD¶ 6HRUDQJ DQDNXVLD WDKXQXQWXN GDSDW PHQXOLV PHPXODL GHQJDQ PHPEDFD 0HPEDFD DGDODK DZDO GDUL SURVHV SHPEHODMDUDQ GLUL -DGL WLGDN PHQJKHUDQNDQ MLND SHQXOLV PHQFDQWXPNDQ SRNRN EDKDVDQ³0HPEDFD´VHEDJDLSHPEXNDDQWHPDULVHWLQL%D\DQJNDQMLNDVHRUDQJ HNRQRP WLGDN PHPEDFD EDQ\DN OLWHUDWXUH LOPX \DQJ LD GDSDWNDQ DGDODK LOPX \DQJGLDGDSDWGDULSHQJDODPDQQ\DVDMD6DODKNDK"7LGDNVDODKKDQ\DVDMDWLGDN OHQJNDS %D\DQJNDQ DGD VHRUDQJ SHPXGD EHUNDWD ³6D\D EHUKDVLO PHQHPXNDQ WHRUL SHUGDJDQJDQ LQWHUQDVLRQDODQWDU QHJDUD GHQJDQ VXPEHUGD\D EHUEHGD ³ 7HRUL SHUGDJDQJDQ LQWHUQDVLRQDO WHODK EHUNHPEDQJ VHMDN ODPD \DQJ SDOLQJ SRSXODU GLJXQDNDQ DGDODK WHRUL +HFKVFKHU2KOLQ \DQJ EDKNDQ WHODK GLSHUEDLNL ROHK EDQ\DN DKOL $QGDLNDQGLD WHODK PHPEDFD WHUOHELKGDKXOX PDND WLGDN DNDQ WHUMDGLSHQJXODQJDQSHQHOLWLDQGDODPWHRULSHUGDJDQJDQLQWHUQDVLRQDOWHUVHEXW
<ĂũŝĂŶĚĂŶZŝƐĞƚ
$NXPXODVL LOPX SHQJHWDKXDQ KDUXVODK GLSHODMDUL VHKLQJJD NLWD GDSDW PHPSHUEDLNL LOPX \DQJ VXGDK DGD PHQMDGL OHELK EDLN ODJL $GDQ\D QLODL WDPEDK GDODP VHEXDK SHQHOLWLDQ EXNDQQ\D KDO \DQJ GLUHPHKNDQ MHODV LWX VDQJDW EHUKDUJD EDJL NHPDMXDQ WHRUL HNRQRPL \DQJ VXGDK DGD 'HQJDQPHPEDFDNLWDGDSDWPHQJHWDXLEHUEDJDLPDFDPKDO\DQJWHODKWHUMDGLGL PDVD ODOX VHMDUDK SHPLNLUDQ PDQXVLD $NXPXODVLDNXPXODVL SHPLNLUDQ \DQJ VXGDKDGDWHQWXVDMDWLGDNVHPSXUQD6HEDJDLHNRQRP\DQJKLGXSGLPDVDNLQL VHMDUDK PHQMDGL SHODMDUDQ EHUKDUJD XQWXN GLSDKDPL GDQ GLPHQJHUWL 6HKLQJJD VHRUDQJHNRQRPGDSDWPHPEXDWSHPLNLUDQ\DQJOHELKPHQGHNDWLNHQ\DWDDQDJDU GDSDWGLJXQDNDQXQWXNPHQFDSDLNHVHMDKWHUDDQ 'DODP VHEXDW SHUWHPXDQ NXOLDK 6HMDUDK 3HPLNLUDQ (NRQRPL SHQXOLV PHQJDPELO VDWX NDWD NXQFL \DQJ PHQMDGL SDWRNDQ GDODP PHPEDFD .DWDNDWD \DQJ GLNDWDNDQ ROHK GRVHQ WHUVHEXW DGDODK :RUGV %H\RQG 0DNQD \DQJ WHUNDQGXQJ GDODP VHEXDK NDWDNDWD 'DODP PHPEDFD VDODK VDWX NXQFL XQWXN PHPDKDPLDSD\DQJNLWDEDFDDGDODKPHPDKDPLDSD\DQJGLSLNLUNDQROHKVDQJ SHQXOLV$OXUSLNLUDQLQL\DQJDNDQPHPXGDKNDQNLWDXQWXNPHQJHQDOWXOLVDQLWX %DQ\DN WXOLVDQWXOLVDQ \DQJ WHUOLKDW VHGHUKDQD GDQ PXGDK GLSDKDPL WHWDSL VHWHODK NLWD FRED HNVSORU OHELK MDXK PDVLK EDQ\DN NHOHPDKDQNHOHPDKDQ SHPDKDPDQ NLWD WHUKDGDS WXOLVDQ WHUVHEXW ,WX PHQDQGDNDQ EDKZD NLWD PDVLK SHUOXPHQGDODPLPDNQDGDULWXOLVDQLWXPHQJHQDOZRUGVEH\RQGGDULWXOLVDQ 0HPDQJ XQWXN PHPEDFD WHUNDGDQJ PHQMDGL KDO \DQJ FXNXS VXOLW XQWXN GLMDODQNDQVHFDUDHIHNWLI7HUNDGDQJNLWDVXGDKPHQJXODQJXODQJVHEXDKWXOLVDQ WHWDSLWHWDSVDMDDGDEHEHUDSDEDJLDQ\DQJVXOLWXQWXNGLFHUQD$GDEDQ\DNWLSV \DQJ GDSDW NLWD ODNXNDQ XQWXN PHQMDGL SHPEDFD HIHNWLI 5R\ 6HPEHO PHPDSDVNDQ EDKZD DGD EHEHUDSD NHWHUDPSLODQ GDVDU \DQJ KDUXV GLPLOLNL VHRUDQJSHPEDFDXQWXNGDSDWPHPEDFDGHQJDQHIHNWLI
<ĂũŝĂŶĚĂŶZŝƐĞƚ
x .RQVHQWUDVL .HEDQ\DNDQ NLWD PHQJDQJJDS EDKZD
NRQVHQWUDVL
DGDODK
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x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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
9 0XODLGHQJDQWRSLNGLWHQJDKWHQJDKKDODPDQ 9 *XQDNDQNDWDNDWDNXQFL 9 %XDWODKFDEDQJFDEDQJQ\D 9 *XQDNDQVLPEROZDUQDNDWDJDPEDUGDQFLWUDLPDJHV ODLQQ\D 9 *XQDNDQVHSHUWLSRVWHUGHQJDQGDVDUSXWLKEHUVLK 9 %XDWWXOLVDQDWDXJDPEDUQ\DZDUQDZDUQL 9 *XQDNDQDODWWXOLVEHUZDUQDWHUDQJ 0HPEXDWSHWDSLNLUDQDGDODKODWLKDQ\DQJSHUOXGLODNXNDQWHUXVPHQHUXV XQWXN PHQLQJNDWNDQ NHPDPSXDW GDODP PHQJHWDKXL LQIRUPDVL DWDX PHQJDQDOLVDPDVDODKGHQJDQOHELKEDLNODJL x 5HODNVDVL &DUD LQL GLNHPEDQJNDQ ROHK 6DQG\ 0DF*UHJRU GDODP EXNXQ\D 3LHFH RI 0LQG3DGDSULQVLSQ\DGLNDWDNDQEDKZDRWDNDWDXSLNLUDQNLWDOHELKPXGDK PHQ\HUDS GDQ PHQJLQJDW LQIRUPDVL SDGD VDDW NRQGLVL SLNLUDQ NLWD UHODNV \DQJ
GLWXQMXNNDQ
GHQJDQIUHNXHQVLJHORPEDQJRWDN\DQJUHQGDK0HQJHQDLWHNQLNUHODNVDVL SHUQDKGLEDKDVGDODPHGLVL0DQGLULVHEHOXPQ\D%DJLDQGD\DQJEHUPLQDW PHPSHODMDUL GDSDW PHPEDFD EXNX 6DQG\ 0DF*UHJRU WHUVHEXW DWDX EXNX 6HOI 0DQDJHPHQW /DQJNDK 0DQDMHPHQ 'LUL NDUDQJDQ $ULERZR 3ULMRVDNVRQRGDQ0DUODQ0DUGLDQWR
(NRQRP\DQJ%HUODQGDVNDQ$/4XUDQGDQ+DGLWV 6HSHUWL \DQJ WHODK GLEDKDV VHEHOXPQ\D DGD EHUEDJDL PDFDP SHPLNLUDQ HNRQRPL VDDW LQL 6LVWHP HNRQRPL GXQLD WHUSDWRN NH GDODP WLJD EDJLDQ VRVLDOLVPH NDSLWDOLVPH GDQ DOWHUQDWLYH \DQJ PHQFDNXS 6LVWHP (NRQRPL ,VODP 6LVWHP(NRQRPL3DQFDVLODGDQODLQQ\D3HUWDQ\DDQ\DQJPXQFXOGDULVLQLDGDODK NHQDSD EHUEHGD" 'DVDU SHPLNLUDQQ\D PDQXVLD GLFLSWDNDQ GHQJDQ EDQ\DN SHUEHGDDQ $NDO GDQ SLNLUDQ PDQXVLD WLGDN DGD \DQJ PXWODN VDPD
<ĂũŝĂŶĚĂŶZŝƐĞƚ
NHSHUFD\DDQ WHUKDGDS NHNXDWDQ SDVDU \DQJ LD VHEXW GHQJDQ ³LQYLVLEOH KDQG´ DWDXVHRUDQJ,EQ.KROGXQ\DQJGDVDUGDVDUSHPLNLUDQQ\DGLODQGDVLDWDV$O4XUDQ GDQ +DGLVW 6HEDJDL VHRUDQJ PXVOLP \DQJ PHQMDGL SHPEHGD DQWDUD HNRQRP PXVOLPGDQEXNDQDGDODKGDVDUSHPLNLUDQNLWD\DQJVHODOXGLODQGDULROHKDWXUDQ $OODKµ$]]D:D-DOOD\DLWX$O4XUDQGDQ+DGLVW 0XKDPPDG PHPDSDUNDQ WHQWDQJ NHWHUEDWDVDQ DODW HNRQRPL VHNXOHUXQWXNPHQMDZDESHUPDVDODKDQHNRQRPLGDODPVXGXWSDQGDQJ,VODPGDQ PHQMDGL SHPEHGD DQWDUD NHGXDQ\D .HWHUEDWDVDQNHWHUEDWDVDQ LWX EHOLDX MDEDUNDQVHEDJDLEHULNXW x +DNLNDWPDVDODKSHUPDVDODKDQHNRQRPLDGDODKNHODQJNDDQVXPEHUGD\D GDQNHLQJLQDQPDQXVLD\DQJWLGDNWHUEDWDV.HLQJLQDQPDQXVLD\DQJWLGDN WHUEDWDV LQL PHQMDGL NXQFL SRNRNQ\D GLPDQD GDODP SHPLNLUDQ (NRQRPL .RQYHQVLRQDOPHQHUMHPDKNDQEDKZDNHLQJLQDQPDQXVLDKDUXVGLSXDVNDQ
VHOI VDWLVIDFWLRQ %HOLDX PHQJNULWLN GHQJDQ PHOHPSDUNDQ SHUWDQ\DDQ ³PHQJDSDSDGDVDDWPHPSURGXNVLEDUDQJDWDXMDVDDWDXPHQJDSDSDGD VDDW PHQMDODQDNDQ DNWLILWDV HNRQRPL SHUWDPDNDOL KDUXV PHQHPSDWNDQ EDKZD NHLQJLQDQ V\DULDW LWX VHQGLUL XQWXN PHOLKDW VHWHODK NHVHMDKWUDDQ PHUHND´ 6\DWLEL PHQJJXQDNDQ LVWLODK ³PDVODKDK´ XQWXN PHPEHGDNDQ SDQGDQJDQ LVODP GDQ NDSLWDOLV 3HPHQXKDQ NHEXWXKDQ EXNDQ SHPXDVDQ NHEXWXKDQ PHUXSDNDQ KDO \DQJ LQJLQ GLFDSDL GDODP DNWLILWDV HNRQRPL 3HPHQXKDQ NHEXWXKDQ \DQJ GLPDNVXG DGDODK SHPHQXKDQ NHEXWXKDQ \DQJ PHQJDQGXQJ PDVODKDQ NHVHMDKWUDDQ EDJL PDV\DUDNDW GL PDQD VHPXDDNWLILWDVHNRQRPLEHUWXMXDQXQWXNNHVHMDKWHUDDQPDV\DUDNDW x .RQVHSHILVLHQVLGDODPSULQVLS(NRQRPL.RQYHQVLRQDOGHQJDQNHODQJNDDQ VXPEHU GD\D GDQ NHLQJLQDQ PDQXVLD \DQJ WLGDN WHUEDWDV PHQ\HEDENDQ PDQXVLDXQWXNEHUWLQGDNHILVLHQPHQJHUMDNDQVXVDWX\DQJWHUEDLNGHQJDQ DSD \DQJ NLWD PLOLNL 3DGDODK MLND NHLQJLQDQ NLWD WLGDN WHUEDWDV GHQJDQ VXPEHUGD\D\DQJWHUEDWDVEDJDLPDQDNHVHMDKWUDDQGDSDWPXQFXO'DODP NRQVHS ,VODP NHLQJLQDQ GLEDWDVL ROHK VLIDWVLIDW \DQJ GLWHQWXNDQ ROHK PDVODKDK 'LPDQD DGD NRQIOLN VLIDW \DQJ GLLQJLQNDQ DNDQ PHPSHUROHK HILVLHQVL\DQJOHELK x $ODWDQDOLVLVPHPDNVLPDONDQEDJLDQNRQVXPHQDGDODKVDODKVDWXDVXPVL \DQJGLPLOLNL(NRQRPL.RQYHQVLRQDOVHGDQJNDQGDODP,VODPPHQJJXQDNDQ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
SULQVLS NHVHLPEDQJDQ 2OHK NDUHQD LWX NLWD KDUXV PHUXPXVNDQ GHQJDQ DODWNLWDVHQGLUL x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
EHQWXN WHUXUDL \DQJ PHQFDNXS FDEDQJ ULQFLDQ GDQ FDUD SHQJDNOLNDVLDQ \DQJ EHUDQHND UDJDP PDND VD\D PHQMDZDE WLGDN DGD 7HWDSL MLND \DQJ GLPDNVXG DGDODK JDPEDUDQ VHFDUD JOREDO \DQJ PHQFDNXS SRNRNSRNRN SHWXQMXN NDLGDK NDLGDK SDVWL DUDKDQDUDKDQ SULQVLS \DQJ MXJD PHQFDNXS VHEDJLDQ FDEDQJ SHQWLQJ \DQJ EHUVLIDW VSHVLILN PDND VD\D MDZDE DGD´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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
(NRQRPLWX3HQHOLWL 0HQMDGL VHRUDQJ HNRQRP VDPD VDMD PHQMDGL VHRUDQJ SHQHOLWL 6HSHUWL \DQJWHODKGLVHEXWNDQGLDWDVVDODKVDWXDODVDQPHQJDSDHNRQRPLPHQMDGLVDODK VDWX LOPX DGDODK NDUHQD HNRQRPL PHPLOLNL PHWRGH \DQJ GLJXQDNDQ XQWXN PHPEXNWLNDQ NHEHQDUDQ 'DODP HNRQRPL XQWXN PHPEXNWLNDQ VHEXDK NHEHQDUDQGDSDWGLODNXNDQPHODOXLSHQHOLWLDQDWDXULVHW(NRQRPDGDODKVHRUDQJ REVHUYDWRU GLPDQD GLD PHPLOLNL REMHNWLILWDV GDODP PHQLODL VHEXDK NHMDGLDQ HNRQRPL 0HQDULN GLULQ\D GDUL ³NHWHUNDLWDQ GXQLD´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± SHQJDODPDQ PDQXVLD GDODP NHKLGXSDQ VHKDULKDUL PHQMDGLNDQ PDQXVLD LQJLQ PHQJHWDKXL NHMDGLDQ NHMDGLDQ\DQJDGDGLVHNLWDUQ\D:ULJKWEHUVDXGDUDPXQJNLQSHUWDPDNDOL PHQGDSDWNDQ LGH XQWXN PHQFLSWDNDQ SHVDZDW WHUEDQJ EHUDVDO GDUL SHQJDODPDQQ\D
PHOLKDW
EXUXQJ
WHUEDQJ
GLDQJNDVD
0HQJDPDWL
EDJDLPDQD VHHNRU EXUXQJ WHUEDQJ GDQ PHQFRED PHQHUDSNDQQ\D NH GDODP NXPSXODQ ND\XND\X PHPEHQWXN SHVDZDW WHUEDQJ +DVLO SHQJDPDWDQNLWDDNDQEHUEDJDLNHMDGLDQGLVHNLWDUNLWDGDSDWPHQMDGLDZDO SHQHOLWLDQ NLWD 0LVDOQ\D NLWD PHOLKDW IHQRPHQD URNRN GL ,QGRQHVLD GL PDQD,QGRQHVLD DGDODK SHQJNRQVXPVL URNRN WHUEHVDUGLGXQLDPHQJDSD URNRN GDQ EHUDV PHPLOLNL NHFHQGHUXQJDQ SHUPLQWDDQ \DQJ VDPD" 6HEHUDSDWLQJJLSXQSHUXEDKDQKDUJDQ\DSHUXEDKDQMXPODK\DQJGLPLQWD
<ĂũŝĂŶĚĂŶZŝƐĞƚ
WLGDN EHUXEDK VHFDUD VLJQLILNDQ 3HUWDQ\DDQSHUWDQ\DDQ VHSHUWL LQL GDSDW PHQMDGLDZDOGDULSHQHOLWLDQNLWD 3HUVRQDO,QTXLU\±SHQ\HOLGLNDQ\DQJNLWDODNXNDQVHQGLULVHSHUWLSDGDVDDW NLWD WHUMDWXK GDQ EHUGDUDK NLWD PHQJKHQWLNDQ GDUDK NLWD GHQJDQ DLU OLXU NLWD $NDQ PXQFXO SHUWDQ\DDQ DSD EHQDU DLU OLXU GDSDW PHPEDQWX PHQJKHQWLNDQSHQGDUDKDQ 7UDGLWLRQ ± PDVLK LQJDW EDJDLPDQD PDV\DUDNDW 3XODX 1LDV PHQJHWDKXL EDJDLPDQD WDQGDWDQGD WHUMDGLQ\D WVXQDPL GDQ DSD \DQJ GLODNXNDQ"
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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³FDQJJLK´ SDGDKDO DODW HVWLPDVL WHUVHEXW WLGDN VHVXDL GHQJDQ WXMXDQ GDUL SHQHOLWLDQ \DQJ NLWD ODNXNDQ 0LVDOQ\D NLWD DNDQ PHODNXNDQ SHQHOLWLDQ WHQWDQJ SHQJDUXK EXODQ 5DPDGKDQ WHUKDGDS NRQVXPVL URNRN VHEHOXP GDQ VHVXGDK EXODQ 5DPDGKDQ DSDNDK WHUGDSDW SHUEHGDDQ 6DQJNLQJ EHVDUQ\D ³NHNDJXPDQ´ SHQHOLWL WHUKDGDS 2/6 PDND GDWD \DQJ LD SHUROHK ODQJVXQJ LD UHJUHVL GHQJDQ PHQJJXQDNDQ 2/6 GDQ EHUNDWD ³6,*1,),.$1´ .LWD NDML NHPEDOL SHQHOLWLDQ LQL
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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x 3HQHOLWLDQELRJUDILDGDODKVWXGLWHQWDQJLQGLYLGXGDQSHQJDODPDQQ\D\DQJ GLWXOLVNDQNHPEDOLGHQJDQPHQJXPSXONDQGRNXPHQGDQDUVLSDUVLS x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x *URXQGHGWKHRU\:DODXSXQVXDWXVWXGLSHQGHNDWDQPHQHNDQNDQDUWLGDUL VXDWXSHQJDODPDQXQWXNVHMXPODKLQGLYLGXWXMXDQSHQGHNDWDQ JURXQGHG
WKHRU\ DGDODK XQWXN PHQJKDVLONDQ DWDX PHQHPXNDQ VXDWX WHRUL \DQJ EHUKXEXQJDQGHQJDQVLWXDVLWHUWHQWX x (WQRJUDIL (WQRJUDIL DGDODK XUDLDQ GDQ SHQDIVLUDQ VXDWX EXGD\D DWDX VLVWHP NHORPSRN VRVLDO SHQHOLWL PHQJXML NHORPSRN WHUVHEXW GDQ PHPSHODMDUL SROD SHULODNX NHELDVDDQ GDQ FDUD KLGXS (WQRJUDIL DGDODK VHEXDKSURVHVGDQKDVLOGDULVHEXDKSHQHOLWLDQ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
x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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
'DODPPHQHUELWNDQKDVLOSHQHOLWLDQ(NRQRPL,VODP\DQJVHULQJEHUHGDUGL NDODQJDQ DNDGHPLVL ELDVDQ\D GLFDUL PHGLD \DQJ SDOLQJ SRSXOHU GLJXQDNDQ ROHK
<ĂũŝĂŶĚĂŶZŝƐĞƚ
DNDGHPLVL VHKLQJJD PXGDK XQWXN GLDNVHV $GD EDQ\DN VDUDQD \DQJ VHULQJ GLJXQDNDQROHKSHQHOLWLXQWXNGDSDWPHQHUELWNDQKDVLOSHQHOLWLDQQ\DDQWDUDODLQ x -XUQDO *DPEDU&RQWRKFRQWRK-XUQDO
<ĂũŝĂŶĚĂŶZŝƐĞƚ
L /DPSLUDQ
<ĂũŝĂŶĚĂŶZŝƐĞƚ
PHQGDIWDUNDQ MXUQDO NLWD NH DODPDW WHUVHEXW ODQJVXQJ DWDX PHODOXL SHQGDIWDUDQ RQOLQH GL KWWSLVVQOLSLJRLG -DQJND ZDNWX \DQJ GLEXWXKNDQ WLGDN EHJLWX ODPD KDQ\D VHNLWDU PLQJJX $JDU MXUQDO GDSDWGLDNXLGLNDODQJDQDNDGHPLVLKHQGDNQ\DGLODNXNDQDNUHGLWDVLMXUQDO WHUVHEXW\DQJGDSDWGLODNXNDQROHK'LNWL'LUMHQ3HQGLGLNDQ7LQJJL 'DQ VHPXDLWXWLGDNGLSXQJXWED\DUDQ x 6XUDWNDEDU *DPEDU&RQWRKFRQWRK6XUDW.DEDU
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
PHQJDQJNDW LVXLVX \DQJ VHGDQJ EHUNHPEDQJ VDDW LWX \DQJ GLGXNXQJ GHQJDQ KDVLO SHQHOLWLDQ NLWD NHPXQJNLQDQ XQWXN GDSDW PDVXN NHGDODP UXEOLNUXEOLNGLVXUDWNDEDUPHQMDGLOHELKEHVDU x .6(,3XQ\D%ORJ".HQDSD1JJDN" 7LGDN GDSDW GLSXQJNLUL ODJL EDKZD EORJ DWDX ZHEVLWH SULEDGL GDQ ELVD GLJXQDNDQ XQWXN .6(, GHQJDQ EDQ\DN SHQXOLV PHUXSDNDQ DODW \DQJVDQJDWVHULQJGLJXQDNDQXQWXN PHQHUELWNDQ
KDVLO WXOLVDQ NLWD
'HQJDQ VDUDQD \DQJ WHODK EHJLWX EDQ\DN
EHUNHPEDQJ
VHNDUDQJ
PXODL GDUL :RUGSUHVV 'RWFRP 0XOWLSO\ EDKNDQ MHMDULQJ VRVLDO VHSHUWL)DFHERRNGDQ7ZHHWHUGDSDWGLJXQDNDQXQWXNPHQHUELWNDQKDVLO WXOLVDQNLWD:DODXSXQEDQ\DNEORJEORJ\DQJDGDVDDWLQLWHWDSLVDDWNLWD PHQFRED PHPEXDW EORJ XQWXN NLWD VHQGLUL WHUDVD VXVDK XQWXN PHPSRSXOHUNDQQ\D7HUXWDPDMLNDLVLGDULEORJNLWDWHUNDLWGHQJDQWHPD WHPDNHLOPXDQ-DUDQJGLDNVHV-DUDQJGLEDFD-DUDQJGLSHUKDWLNDQMLNDGL
XSGDWH %ORJEORJEHUWHPDNDQNHLOPXDQVXOLW ³GLMXDO´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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
FDUD PHQJXSORDG GDWD NH VLWH WHUVHEXW VHKLQJJD GDSDW GL GRZQORDGROHKSHPEDFD I 0HPLOLNL NXPSXODQNXPSXODQ LVWLODK \DQJ VHULQJ GLJXQDNDQ (NRQRPL ,VODP DWDX NDPXV LVWLODK (NRQRPL ,VODP XQWXN PHPSHUPXGDKSHPEDFD\DQJEDUXPHQJHQDO(NRQRPL,VODP J 3DNDL 566 5HDOO\ 6LPSOH 6\QGLFDWLRQ 566 DNDQ PHQLQJNDWNDQ MDQJNDXDQEORJ$QGDGLGXQLDPD\D0HQ\HUWDNDQEORJ$QGDGDODP 566 IHHG DNDQ PHPSHUOXDV SHPEDFD GDQ GLVWULEXVL EORJ $QGD GL ,QWHUQHW x %XOHWLQ 6HODLQEORJNLWDGDSDWPHPEXDWHGLVLFHWDNKDVLOGDULSHQHOLWLDQNLWDGDODP EHQWXNEXOHWLQ%LDVDQ\DGDODPVHEXDK.6(,PHQHUELWNDQEXOHWLQVHQGLUL +DO LQL GDSDW GLMDGLNDQ VDUDQD SHPEHODMDUDQ GDQ PHPSHUNHQDONDQ KDVLO SHQHOLWLDQDQJJRWD.6(,
<ĂũŝĂŶĚĂŶZŝƐĞƚ
x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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
-DQJDQUHPHKNDQNHNXDWDQPDGLQJGDQSDSDQSHQJXPXPQDQ6HODOXLNXWL SHUNHPEDQJDQ PDGGLQJPDGLQJ GDQ SDSDQ SHQJXPXPDQ -DQJDQ VXQJNDQVXQJNDWXQWXNVHNHGDUEHUKHQWLGDQPHOLKDWSHQJXPXPDQ\DQJ DGDGLPDGLQJDWDXSDSDQSHQJXPXPDQ3DSDQSHQJXPXPDQPHUXSDNDQ DUHQD LQIRUPDVL \DQJ VDQJDW VHULQJ GLJXQDNDQ ROHK OHPEDJDOHPEDJD VWXGL DWDX XQLYHUVLWDV \DQJ VHGDQJ PHQJDGDNDQ ORPEDORPED DWDX FDOO
IRU SDSHU 6HWLGDNQ\D VHNDOL GDODP VHWLDS NHVHPSDWDQ DQGD EHUDGD GL NDPSXV DQGD VHODOX VHPSDWNDQ XQWXN PDPSLU NH SDSDQ SHQJXPXPDQ DWDXPDGLQJ 6HODOX XSGDWH LQIRUPDVL GL ZHEVLWH \DQJ WHUNDLW GHQJDQ /.7, VHSHUWL
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
9LUXV0HQHOLWL
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
&ORVH UHFUXLWPHQW DWDX GHQJDQ FDUD SHUVXDVLI NXPSXONDQ GHQJDQ VHPLQDU/DNXNDQVHPLQDU\DQJEHUWHPDNDQSHQHOLWLDQVNULSVL/.7,DWDX DSDSXQ\DQJEHUKXEXQJDQGHQJDQPHQXOLV³6LQGLU´PHUHNDGHQJDQWHPD VHPLQDU WHUVHEXW GDQ DMDN PHUHND 'DODP PHQHQWXNDQ SHPELFDUD VHPLQDU WHUNDGDQJ NLWD WLGDN SHUOX FDUL WHUODOX MDXK VDPSDL NH SHQXOLV SHQXOLV KDQGDO QDQ WHUNHQDO FDUL GRVHQGRVHQ GL IDNXOWDV DQGD \DQJ PHPLOLNL NHPDPSXDQ SHUVXDVLI \DQJ WLQJJL WDN SHUOX GRVHQ HNRQRPL V\DULDK \DQJ MHODV GRVHQ GHQJDQ PRWLYDWLQJ VNLOO \DQJ PXPSXQL %DUX
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
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
<ĂũŝĂŶĚĂŶZŝƐĞƚ
,VWLODK3HQWLQJ
9LVDYLV
%HJLWXMXJDVHEDOLNQ\D
.XULNXOXP
SHUDQJNDWPDWDSHODMDUDQ\JGLDMDUNDQSGOHPEDJD
SHQGLGLNDQ .RQYHQVLRQDO
EHUGDVDUNDQ NRQYHQVL NHVHSDNDWDQ XPXP VSW DGDWNHELDVDDQNHOD]LPDQ WUDGLVLRQDO
0LWRV
0HQJDQGXQJ SHQDIVLUDQ WW DVDOXVXO VHPHVWD DODP PDQXVLD GDQ EDQJVD WVE PHQJDQGXQJ DUWL PHQGDODP\JGLXQJNDSNDQGQJFDUDJDLE
5HODNVDVL
SHQJHQGXUDQSHPDQMDQJDQ
+DNLNDW
LQWLVDULDWDXGDVDU
3DVDUVDKDQGHULYDWLI
VHEXDK NRQWUDN ELODWHUDO DWDX SHUMDQMLDQ SHQXNDUDQ SHPED\DUDQ \DQJ QLODLQ\D GLWXUXQNDQ DWDX EHUDVDO GDUL SURGXN \DQJ PHQMDGL DFXDQ SRNRN DWDX MXJD GLVHEXW SURGXN WXUXQDQ XQGHUO\LQJ SURGXFW GDULSDGD PHPSHUGDJDQJNDQ
DWDX PHQXNDUNDQ
VHFDUDILVLNVXDWXDVHWSHODNXSDVDUPHPEXDWVXDWX SHUMDQMLDQ XQWXN VDOLQJ PHPSHUWXNDUNDQ XDQJ DVHW DWDX VXDWX QLODL GLVXDWX PDVD \DQJ DNDQ GDWDQJ GHQJDQ PHQJDFX SDGD DVHW \DQJ PHQMDGL DFXDQ SRNRN %ORJ
EHQWXN DSOLNDVL ZHE \DQJ PHQ\HUXSDL WXOLVDQ WXOLVDQ\DQJGLPXDWVHEDJDLSRVWLQJ SDGDVHEXDK KDODPDQZHEXPXP
<ĂũŝĂŶĚĂŶZŝƐĞƚ
³'DQKHQGDNODKDGDGLDQWDUDNDPXVHJRORQJDQXPDW\DQJPHQ\HUXNHSDGD NHEDLNDQ´46$OL,PUDQ 6LDSDNDK\DQJOHELKEDLNSHUNDWDDQQ\DGDULSDGDRUDQJ\DQJPHQ\HUXNHSDGD$OODK PHQJHUMDNDQDPDOVKDOHKGDQEHUNDWD 6HVXQJJXKQ\DDNXWHUPDVXNRUDQJRUDQJ \DQJEHUVHUDKGLUL 46)XVKLODW ³6HUXODKPDQXVLD NHSDGDMDODQ7XKDQPXGHQJDQKLNPDKGDQSHODMDUDQ\DQJEDLN GDQEDQWDKODKPHUHNDGHQJDQFDUD\DQJEDLN´46$Q1DKO>@
5LQJNDVDQ
,VODPDGDODK$JDPD6\LDU%HJLWXSXODGHQJDQ(NRQRPL,VODPVHEDJDLEDJLDQ
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
HYHQWEDKNDQSHQGHNDWDQSHUVRQDO
DĂŶĂũĞŵĞŶ^LJŝĂƌ
0LQG0DS0DQDMHPHQ6\LDU
DĂŶĂũĞŵĞŶ^LJŝĂƌ
6\LDUGDQ6HMDUDK(NRQRPL,VODP ³6HMDUDK,VODPGLWXOLVGHQJDQKLWDPQ\DWLQWDXODPDGDQPHUDKGDUDKQ\DSDUD V\XKDGD´$EGXOODK$]]DP 0XQJNLQVDDWLQLNLWDOHELKDNUDEGHQJDQQDPDQDPD$GDP6PLWK VHEDJDLEDSDNLOPXHNRQRPL'DYLG5LFDUGR 5REHUW0DOWKXV $OIUHG0DUVKDOO EDKNDQ-0.H\QHV 7DN KDQ\DPHQJHWDKXLQDPDQ\DSHPLNLUDQSHPLNLUDQQ\DSXQGLNHWDKXLVHFDUDOHELK PHQGDODP GDQ GLJXQDNDQ VHEDJDL EDKDQ SDUD SHQJDPELO NHELMDNDQ HNRQRPL DWDXSDOLQJWLGDNSHPLNLUDQPHUHNDOHELKEDQ\DNGLSHODMDULSDGDOLWHUDWXUOLWHUDWXU SHPEHODMDUDQWH[WERRNV GLEHUEDJDLVHNRODKPDXSXQSHUJXUXDQWLQJJL /DOX$SDNDKNLWDPHQJHQDO$EX
$SDNDK NLWD MXJD PHQJHQDO 8PHU &KDSUD" +DVDQX]]DPDQ" 0$ 0DQQDQ" +DHGDU 1DTYL" 0HUHND MXJD DGDODK SDUD SHPLNLU (NRQRPL ,VODP \DQJ WHODK EDQ\DN EHUNRQWULEXVL WHUNDLW GHQJDQ SHPLNLUDQ SHPLNLUDQ (NRQRPL,VODPSDGDVDDWLQL$SDNDKNLWDMXJDPHQJHQDO $GLZDUPDQ .DULP" 6\DILL $QWRQLR" .+ 'LGLQ +DILGXGKLQ" 0XKDPPDG 6\DNLU 6\XOD" 5LDZDQ $PLQ" 0HUHND DGDODK SDUD FHQGHNLDZDQ \DQJ EHUNRQWULEXVL WHUNDLW GHQJDQ (NRQRPL,VODPGL,QGRQHVLD%ROHKMDGLVDQJDWVHGLNLWGDUL 8PDW ,VODP NLQL \DQJ PHQJHQDO SDUD SHPLNLU (NRQRPL ,VODPDSDODJLSHPLNLUDQQ\D.DULP
DĂŶĂũĞŵĞŶ^LJŝĂƌ
3HODMDUDQ EHVDU \DQJ GDSDW GLDPELO GDUL IHQRPHQD GL DWDV \DNQL PDVLK EHOXP DGDQ\D V\LDU PHGLD SHQ\DPSDLDQ LQIRUPDVL \DQJ GLODNXNDQ VHFDUD LQWHQVLI XQWXN VHPDNLQ PHQJHQDONDQ SDUD SHPLNLU (NRQRPL ,VODP EHVHUWD SHPLNLUDQQ\D GDQ MXJD NDQGXQJDQ LOPX GDUL (NRQRPL ,VODP LWX VHQGLUL +DO LQL WHQWXQ\D VDQJDW MDXK DSDELOD GLEDQGLQJNDQ GHQJDQ V\LDU LQIRUPDVL SHPLNLUDQ SHPLNLUDQHNRQRP%DUDW\DQJVHODOXDGDGLVHWLDSOLWHUDWXUSHPEHODMDUDQMXUQDO PHGLDPDVVDEXNXGDQPHGLDLQIRUPDVLODLQQ\D
'HILQLVL6\LDU6HUWD7XMXDQGDUL6\LDU(NRQRPL,VODPGL/LQJNXQJDQ .DPSXV
6\LDU PHUXSDNDQ VXDWX XVDKD DWDX VXDWX SURVHV SHQ\DPSDLDQ SHVDQ
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
3DGD EHEHUDSD .6(, GL EHUEDJDL XQLYHUVLWDV VDDW LQL EHOXP ELVD GDODP SHQJHORODDQ RSLQL NDPSXV 0HVNLSXQ VHJL NXDQWLWDV RUJDQLVDVL VXGDK PDSDQ VHFDUD VWUXNWXU GDQ EXGD\D NHUMD QDPXQ WHWDS VDMD SHUOX HYDOXDVL VHFDUD VXEVWDQVLDSDNDK.6(,VDDWLQLELVDPHQMDGLOHDGHURSLQLRQDWDXIROORZHURSLQLRQ DWDXKDQ\DVHEDJDLSHQJNRQVXPVLRSLQL" 0HQLQJNDWQ\DDNWLILWDVSHOD\DQDQGDQSHQ\DGDUDQ\DQJHIHNWLI
.6(, VHEDJDL OHPEDJD PDKDVLVZD SHUOX EDQ\DN EHUSLNLU EDJDLPDQD NHVKDOLKDQ LQGLYLGX DNWLYLVQ\D ELVD PHQMHOPD VHEDJDL NHVKDOLKDQ VRVLDO 6DODK VDWX XSD\D \DQJ GLODNXNDQ .6(, PHQLQJNDWNDQ IXQJVL SHOD\DQDQ GDQ SHQ\DGDUDQ NHSDGD DĂŶĂũĞŵĞŶ^LJŝĂƌ
FLYLWDV DNDGHPLN NDPSXV 6HEDJDL FRQWRK VHEHUDSD VHULQJ .6(, EHUKXEXQJDQ GHQJDQ ELURNUDVL NDPSXV GDODP XSD\D SHQ\DGDUDQ PRUDO GDQ HWLND VHEHUDSD VHULQJV\LDUV\LDUOHPEDJDGLJXQDNDQVHEDJDLDODWSHQ\DGDUDQWHQWDQJNRQGLVLULLO XPDW ,VODP VDDW LQL GDODP NRQWHNV .6(, DSDNDK NRQGLVL HNRQRPL XPDW ELVD GLSDSDUNDQGDODPELQJNDL(NRQRPL,VODP"6HODLQLWXEXWXKSHPLNLUDQNHGHSDQ EDKZDGDNZDK\DQJNLWDLQJLQNDQGDULJHUDNDQNHQHJDUDEDKNDQGXQLD &LWUDSRVLWLI.6(,\DQJPHQJDNDU
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
8QJNDSDQ ,PDP 6\DKLG +DVDQ $O %DQQD $QWXP UXKXQ MDGLGDK WDUVL IL MDVDGLO XPPDK.DPXDGDODKUXKEDUXNDPXDGDODKMLZDEDUX\DQJPHQJDOLUGLWXEXK XPPDW\DQJPHQJKLGXSNDQWXEXK\DQJPDWLLWXGHQJDQ$O4XU¶DQ.LWDDGDODK GD¶LGLPDQDSXQGDQDSDSXQSURIHVLNLWDVDDWLQLNLWDVHEDJDLPDKDVLVZDEHUDGD GL NDPSXV VXGDK VHOD\DNQ\D PHQMDGL SHQRSDQJ GDNZDK LQL .HEDQJNLWDQ XPDW PXODLODK GDUL GLUL VHQGLUL GDQ GDUL NDPSXVNDPSXV \DQJ GLSHQXKL SHPXGD SHPXGDLQL 7HUMDOLQQ\DXNKXZDK,VODPL\DK
3HUVDXGDUDDQ DQWDU VHVDPD PXVOLP DGDODK NHNXDWDQEHVDUXPDW LQL 'LLEDUDNDQ ROHK5DVXOXOODK0XKDPPDG6$:LEDUDWVDWXWXEXKPMLNDVDWXEDJDQWXEXK\DQJ VDNLW PDND \DQJ ODLQ PHUDVDNDQ .HNXDWDQ SHUVDXGDUDDQ NDUHQD DNLGDK OHELK NXDWGDULSHUVDXGDUDDQVHGDUDKVHNDOLSXQNDUHQD,VODPPHQJDMDUNDQNLWDDGDODK
DĂŶĂũĞŵĞŶ^LJŝĂƌ
VDXGDUD 6XGDKNDK DQJJRWD .6(, PHUDVD EHUVDXGDUD GDQ VDOLQJ EDKX PHPEDKX EDLNVXNDPDXSXQGXND"
6WUDWHJL6\L¶DU
0DVLK PHQJXWLS WXOLVDQ GL %ORJ SULEDGL +DU\DQGL PHQXUXWQ\D VHQL
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x .DPSXVVHEDJDLWHPSDWSHQ\HEDUDQEHUEDJDLLGHRORJL x 0DV\DUDNDWNDPSXVDGDODKVRVRNLQWHOHNVHKLQJJDKDUXVGLVLUDPLGHQJDQ QLODLQLODL,VODPDJDUNHGHSDQQ\DGDSDWEHUDILOLDVLNHSDGD,VODP x 6LUDPDQDO,VODPGDSDWPHOLQGXQJLPDKDVLVZDGDULNHUXVDNDQPRUDO\DQJ WHUMDGVDDWLQL x 0DKDVLVZDVHEDJDLVDODKVDWXHOHPHQGDULNDPSXVGLKDUDSNDQGDSDW PHZDUQDLHOHPHQ\DQJODLQVHSHUWLGRVHQELURNUDVLNDPSXVNDU\DZDQ GVEVHKLQJJDSHUOXDVDQVD\DSV\LDUGDSDWWHUMDGLGDQVHPDNLQEDQ\DN \DQJPHQGXNXQJGDNZDKLQL 6HODQMXWQ\DEDJDLPDQDPHPHQDQJNDQZDFDQDSXEOLNEHEHUDSD\DQJSHUOX GLSHUKDWLNDQ
x 6HQLWHQWDQJEDJDLPDQDPHPSHQJDUXKLGDQPHQ\XVXQNHUDQJND SHPLNLUDQPDV\DUDNDW
DĂŶĂũĞŵĞŶ^LJŝĂƌ
x %DJDLPDQDPHPEXDWSXEOLNEHUSLNLUGHQJDQFDUD\DQJNLWDLQJLQNDQ x %DJDLPDQDSXEOLNPHPSHUVHSVLNDQVHVXDWXGHQJDQOHQVD\DQJNLWD NHQDNDQNHSDGDPHUHND
x /DNXNDQHYDOXDVL
0HGLD6\LDU ³6HUXODKPDQXVLD NHSDGDMDODQ7XKDQPXGHQJDQKLNPDKGDQSHODMDUDQ \DQJEDLNGDQEDQWDKODKPHUHNDGHQJDQFDUD\DQJEDLNGDQEDQWDKODKPHUHND GHQJDQFDUD\DQJEDLN«´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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
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³SHUDQWDUD´ DWDX ³SHQJDQWDU´$(&7$VVRFLDWLRQIRU(GXFDWLRQDO&RPPXQLFDWLRQDQG7HFKQRORJ\ PHQGHILQLVLNDQ PHGLD \DLWX VHJDOD EHQWXN \DQJ GLJXQDNDQ XQWXN SURVHV SHQ\DOXUDQ LQIRUPDVL 8QWXN PHQ\XDUDNDQ V\LDU (NRQRPL ,VODP VHVXDL WXMXDQ GDQVWUDWHJLGLDWDVNHSDGDPDV\DUDNDWNDPSXVPDNDPXWODNGLSHUOXNDQPHGLD PHGLD SHQGXNXQJ DJDU V\LDU \DQJ LQJLQ GLWHEDU GDSDW WHUVDPSDLNDQ NHSDGD PDV\DUDNDW 0HGLD \DQJ GLJXQDNDQ VDQJDW EHUDJDP GDODP KDO LQL PHGLD WHUVHEXW GDSDW GLEDJL PHQMDGL GXD EDJLDQ EHVDU \DLWX V\LDU PHODOXL PHGLD QRQ
HYHQWGDQPHGLDHYHQW
6\LDUPHODOXLPHGLDHYHQW
6DWX ODJL SLODU SHQWLQJ NHJLDWDQ .6(, DGDODK NHSDQLWLDDQ VHEXDK HYHQW
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
VLIDWQ\D JHE\DU *$0$,6 ,7% &RQWRKFRQWRK PHGLD HYHQW \DQJ GDSDW GLODNVDQDNDQ .DMLDQ.XOLDK8PXP .DMLDQ GDQ NXOLDK XPXP GDSDW GLODNXNDQ VHFDUD IRUPDO DWDXSXQ QRQ IRUPDO'HQJDQNDMLDQLQLNLWDGDSDWPHPDSDUNDQPDWHULDSDVDMDNHSDGD PDV\DUDNDWNDPSXVQDPXQDJDUNDMLDQGDQNXOLDKXPXP\DQJGLODNXNDQ OHELK HIHNWLI VHEDLNQ\D KDUXV GLVHVXDLNDQ GHQJDQ NHEXWXKDQ PDV\DUDNDW NDPSXV LWX VHQGLUL 'DQ GDUL VHJL SHPDWHUL MXJD KDUXV GLSHUKDWLNDQ \DLWX SHPDWHUL\DQJNRPXQLNDWLIGDQGLWHULPDROHKFLYLWDVDNDGHPLND 6HPLQDU7DON6KRZGDQ'LVNXVL3DQHO .HJLDWDQ LQL VLIDWQ\D KDPSLU VDPD GHQJDQ NDMLDQ KDQ\D VDMD GDODP SHODNVDQDDQQ\D EDLN VHPLQDU WDONVKRZ DWDXSXQ GLVNXVL SDQHO OHELK IRUPDOGDQELDVDQ\DGLODNXNDQGDODPEHEHUDSDUDQJNDLQVHVLGDQGHQJDQ PHQDPSLONDQEHEHUDSDRUDQJSHPELFDUD 'LNODWXQWXN0DKDVLVZD0XVOLP.DPSXV .HJLDWDQ LQL GDSDW GLODNXNDQ VHODPD VHPLQJJX DWDX OHELK GDQ GLODNVDQDNDQ SDGD VXDWX WHPSDW \DQJ NRQGXVLI GDQ GHQJDQ UDQJNDLDQ PDWHUL\DQJDGDWDKDSDQGDQDOXUQ\D'LNODW\DQJGLODNXNDQKDQ\DXQWXN PDKDVLVZD EDUX VDMD DWDXSXQ XQWXN NHVHOXUXKDQ PDKDVLVZD NDPSXV WLGDNWHUEDWDVDQJNDWDQ 5LKODK 'HQJDQ PHQJDGDNDQ ULKODK GLKDUDSNDQ DNDQ VHPDNLQ PHPSHUNXDW XNKXZDKVHVDPDSHVHUWDVDOLQJPHQJHQDOOHELKODQMXWVDWXVDPDODLQQ\D GDQ PHPSHUOLKDW NHLQGDKDQ DODP \DQJ PHQDQGDNDQ NHEHVDUDQ 6DQJ 3HQFLSWDQ\D 3DPHUDQ:RUNVKRS([SR .HJLDWDQLQLEHUIXQJVLXQWXNPHPEHULWDKXNDQNHSDGDPDV\DUDNDWWHQWDQJ LQIRUPDVL ZDZDVDQ GDQ KDOKDO ODLQ GHQJDQ PHQ\DMLNDQ DWDX PHPDPHUNDQ SURGXNSURGXN \DQJ PHQGXNXQJ LQIR \DQJ GLKDUDSNDQ 0LVDOQ\D GHQJDQ PHQJDGDNDQ SDPHUDQ XQWXN SURGXNSURGXN SHUEDQNDQ V\DULDKZRUNVKRSSHQHOLWLDQ(NRQRPL,VODPGOO 2ODKUDJD
DĂŶĂũĞŵĞŶ^LJŝĂƌ
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³PHPEDFD´ EXNX \DQJ GLEHGDK WHUVHEXW VHKLQJJD GDSDW PHQDPEDK ZDZDVDQGDQLOPXNHLVODPDQPHUHND 3HQHULPDDQPDKDVLVZDEDUX .HJLDWDQ LQL GLODNXNDQ XQWXN PHQ\DPEXW PDKDVLVZD EDUX \DQJ GDODP SHODNVDQDDQQ\DELDVDQ\DGLODNXNDQGHQJDQEHEHUDSDUDQJNDLDQNHJLDWDQ .LDWDJDUV\LDUPHODOXLPHGLDHYHQWGDSDWPHPEHULNDQKDVLO\DQJPDNVLPDOPDND KDUXVGLSHUKDWLNDQEHEHUDSDKDOSHQWLQJEHULNXWLQL 'DODP PHPLOLK ZDNWX SHODNVDQDDQ NHJLDWDQ KDUXV GLVHVXDLNDQ GHQJDQ MDGZDO PDKDVLVZD \DLWX PHPLOLK ZDNWX \DQJ DJDN OXDQJ DJDU EDQ\DN SHUVHUWD\DQJELVDPHQJLNXWLQ\D )RUPDW DFDUD KDUXV GLEHQWXN VHNUHDWLI PXQJNLQ XQWXN PHQDULN SHUKDWLDQ REMHN 3HPLOLKDQWHPDNHJLDWDQKDUXVEDJXVGDQPHQDULNSHUKDWLDQ 3HPLOLKDQ WHPSDW NHJLDWDQ KDUXV \DQJ NRQGXVLI GDQ PXGDK GLMDQJNDX NHFXDOLXQWXNULKODK 3XEOLNDVLNHJLDWDQKDUXVJHQFDUGDQNUHDWLI .HVLDSDQ SDQLWLD KDUXV PHQMDGL IDNWRU XWDPD \DQJ KDUXV GLSHUKDWLNDQ IDVLOLWDVFXNXSGLVLSOLQGDQNHJLDWDQEHUMDODQGHQJDQODQFDU 6DODK VDWX EHQWXN GDUL NHJLDWDQ \DQJ NUHDWLI DGDODK DSD \DQJ WHODK GLODNXNDQ ROHK UHNDQUHNDQ NLWD GDUL )R66(, UHJLRQDO -DZD %DUDW \DQJ PHQFRED PHODNVDQDNDQ3DVDU,VODP7HUEXND%HUEDVLV'LQDUGDQ'LUKDP
DĂŶĂũĞŵĞŶ^LJŝĂƌ
6WXGL.DVXV
3DVDU,VODP7HUEXND%HUEDVLV'LQDUGDQ'LUKDP 0HPEDQJXQ(NRQRPL,VODP6HFDUD.RQNULW
.HUDPDLDQ 3DVDU ,VODP 7HUEXND SXQ WLGDN NDODK GHQJDQ SDVDU \DQJ ELDVDQ\D SHGDJDQJ \DQJ WXUXW VLEXN PHQMDMDNDQ EDUDQJEDUDQJQ\D %DUDQJ \DQJ GLMDMDNDQ SXQ NRPSOLW 0XODL GDUL VD\XUVD\XUDQ SDNDLDQ
REDWREDWDQ
KHUEDO
KLQJJD
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
'DODP
SHQ\HOHQJJDUDDQ
SDVDU WHUVHEXW MXJD GLEXDW EHEHUDSD
DWXUDQ
PDLQ
\DQJ KDUXV GLWDDWL ROHK VHPXD
SHGDJDQJ
\DQJ
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
6HODLQ GHQJDQ SHUDQJNDW V\LDU \DQJ EHUXSD HYHQW NLWD MXJD ELVD
PHODNXNDQ ODQJNDKODQJNDK ³SURSDJDQGD´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
3XEOLNDVL.HJLDWDQ6\LDU
3XEOLNDVL PHUXSDNDQ KDO SHQWLQJ GDODP VXDWX DFDUD 7LGDN KDQ\D
GLODNXNDQVHEHOXPSHODNVDQDDQDFDUDQDPXQMXJDVHWHODKDFDUDGLODQJVXQJNDQ %HQWXN SXEOLNDVL ELVD EHUPDFDPPDFDP GHQJDQ PHQJJXQDNDQ EHUEDJDL PHGLD NRPXQLNDVL 6DODK VDWX LQGLNDWRU NHEHUKDVLODQ VXDWX NHJLDWDQ WHUOHWDN SDGD SXEOLNDVL \DQJ GLODNXNDQ 6HEDJXV DSDSXQ NRQVHS DFDUD \DQJ GLEXDW DNDQ PHQMDGL NXUDQJ EHUQLODL MLND WLGDN GLLPEDJL ROHK SXEOLNDVL \DQJ PDVLI GDQ PHQDULN
3XEOLNDVLSUDNHJLDWDQGDSDWGLODNXNDQGHQJDQEHUEDJDLPHGLDWHUJDQWXQJ
EHQWXNDFDUDGDQEXGJHW\DQJWHUVHGLD-LNDDFDUDWHUVHEXWVHEDWDVNDMLDQUXWLQ LQWHUQDO .6(, PDND SXEOLNDVL FXNXS PHODOXL SRVWHU GDQ VPV MDUNRP \DQJ EHUIXQJVL VHEDJDL SHQJLQJDW 3XEOLNDVL LQL SDOLQJ WLGDN KDUXV VXGDK GLODNXNDQ SDGD VDDW + 6HULQJNDOL SXEOLNDVL SUD NHJLDWDQ GLODNXNDQ PHQGHNDWL KDUL SHODNVDQDDQ KDO LQL SHUOX GLSHUKDWLNDQ PHQ\DQJNXW WDUJHW SHVHUWD \DQJ GLWHWDSNDQ
3XEOLNDVL SDVFD NHJLDWDQ MXJD VDQJDW SHQWLQJ GLEXDW 7XMXDQQ\D DGDODK
XQWXNPHQJLQIRUPDVLNDQWHQWDQJMDODQQ\DDFDUDNHSDGDSLKDNSLKDN\DQJWHUNDLW +DOLQLPHQMDGLSHQWLQJEDJLSDUDFDORQSHVHUWD\DQJWLGDNEHUNHVHPSDWDQKDGLU QDPXQEHUNHLQJLQDQPHQJHWDKXLLVLDFDUDWHUVHEXW
V\LDU WHUVHEXW NHSDGD NKDOD\DN VHVXDL GHQJDQ VDVDUDQ REMHN \DQJ WHODK GLWHWDSNDQ PLVDOQ\D DSDNDK PHOLSXWL PDV\DUDNDW NDPSXV VDMD DWDX PHPDQJ GLSHUXQWXNNDQ EDJL PDV\DUDNDW OHYHO ORNDO GDHUDK EDKNDQ QDVLRQDO 3HQ\LDUDQ
DĂŶĂũĞŵĞŶ^LJŝĂƌ
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
NHVHSDNDWDQ\DQJWHODKGLEXDW 6\LDU0HODOXL0HGLD1RQ(YHQW ³1XQGHPLSHQDGDQDSD\DQJPHUHNDWXOLVNDQ´>46$/4DODPD\DW@ 0HGLD QRQ HYHQW XQWXN VDDW LQL PDVLK GLSDQGDQJ VHEDJDL VDODK VDWX VDUDQD \DQJ HIHNWLI GDODP PHPEXPLNDQ (NRQRPL ,VODP NHSDGD PDV\DUDNDW 'DODPSHPDNDLDQGDQSHODNVDQDDQQ\DSXQPHGLDLQLOHELKSUDNWLVGDQIOHNVLEHO VHUWDOHELKHNRQRPLV.HEHUDGDDQPHGLDLQLVDQJDWSHQWLQJNDUHQDMDQJNDXQQ\D VDQJDWOXDVGDSDWGLQLNPDWLROHKVLDSDSXQ 0HGLD QRQ HYHQW VHFDUD VHGHUKDQD WHUEDJL NH GDODP GXD ELGDQJ PHGLD FHWDN GDQ PHGLD HOHNWURQLN 1DPXQ VHEHOXP
PHPEDKDV
PHQJHQDL
SURVHV SHPEXDWDQ PHGLD FHWDN GDQ HOHNWURQLN VHEDJDL EDJLDQ GDUL V\LDU (NRQRPL ,VODP DGD NLUDQ\D \DQJ SHUOXGLSHUKDWLNDQDGDODKSHQWLQJQ\D VHWLDS
DQJJRWD
.6(,
PHPLOLNL
NHPDPSXDQPHQXOLV\DQJEDLN 0HQXOLVDGDODKVDODKVDWXWLDQJEDQJXQDQV\LDUNHXQJJXODQQ\DGLEDQGLQJ \DQJ ODLQ DGDODK EDKZD PHGLD V\LDU \DQJ GLWXOLVNDQ DNDQ WHUXV DEDGL NDUHQD DNDQ VHODOX GLZDULVNDQ ,QJDWODK EDJDLPDQD 5DVXOXOODK MXJD SHUQDK PHPLQWD SDUD VDKDEDWQ\D PHQXOLVNDQ D\DW $O 4XUDQ \DQJ GLZDK\XNDQ NHSDGDQ\D GLSHOHSDKNXUPD3HUQDKVXDWXNHWLND$OLUDEHUNDWD³LNDWODKLOPXPXGHQJDQFDUD PHQXOLVQ\D´ %HJLWX MXJD GHQJDQ SDUD FHQGHNLDZDQ 0XVOLP \DQJ SHPLNLUDQQ\D DEDGL NDUHQD SHQD \DQJ GLJRUHVNDQ GL OHPEDUDQ OHPEDUDQ \DQJ VDDW LQL GDSDW GLQLNPDWLVHEDJDLVHEXDKPHGLDLQIRUPDVLSHQJHWDKXDQ ,WXODK PHQJDSD PHQXOLV PHQMDGL VXDWX DNWLYLWDV \DQJ VHULQJ GLVDPDNDQ GHQJDQ VHQMDWD ,WX SXOD DODVDQ PHQJDSD PHQXOLV GLVHEXW SXOD VXDWX DNWLYLWDV LQWHOHNWXDO \DQJ PDPSX PHQJJHUDNNDQ .HPDPSXDQ VXDWX WXOLVDQ XQWXN PHQJJHUDNNDQLQLODK\DQJ¶PHQJHULNDQ¶'DQSDUDSHQJJLDW(NRQRPL,VODPKDUXV ELVD PHQHPSDWNDQ GLULQ\D GDODP EDULVDQ SDUD FHQGHNLDZDQ 0XVOLP \DQJ WHODK EHUNRQWULEXVLWLGDNKDQ\DVHEDWDVSHPLNLUDQGDQNDWDNDWDQDPXQPHUHNDWHODK DĂŶĂũĞŵĞŶ^LJŝĂƌ
PHQFRQWRKNDQEDJDLPDQDEHUNRQWULEXVLGHQJDQJRUHVDQSHQDGDQDEDGLKLQJJD NLQL 7DQWDQJDQ NH GHSDQ DGDODK VHPDNLQ PHQJJLDWNDQ GDNZDK ELO TDODP $SD MDGLQ\DNHWLNDQDQWL.6(,WDQSDV\LDUPHODOXLWXOLVDQ" .6(,7DQSD7XOLVDQ" $SD\DQJELVDGLZDULVNDQ" %DJDLPDQDSXEOLNPHQLODL" %DJDLPDQDDNWLYLVQ\DWHUJHUDN" %DJDLPDQDWUDGLVLLQWHOHNWXDOQ\DEHUMDODQ" 7LGDN DNDQ SHUQDK DGD RUDQJ \DQJ WDKX NHXQJJXODQ(NRQRPL,VODP
6XPEHU0DXODQD GLPRGLILNDVL
/DOXPHGLDDSDNDK\DQJGLJXQDNDQVHEDJDLV\LDUGDNZDKELOTDODP"$GD
GXDSDOLQJWLGDN\DQJGDSDWGLJXQDNDQ\DNQLPHGLDFHWDNGDQHOHNWURQLND 0HGLD&HWDN
0HGLD(OHNWURQLND
3HUSXVWDNDDQ
+RPH3DJH%ORJ:HEVLWH
%XOHWLQ
0DLOLQJOLVW
7DEORLG.RUDQPDKDVLVZDMXUQDO
6LWXV-HMDULQJVRVLDO)DFHERRN
PDMDODK
WZLWWHUGDQODLQODLQ
0DGLQJPDMDODKGLQGLQJ
&'LQWHUDNWLI9&'NDVHW
6SDQGXN EDOLKR SRVWHU SDPIOHW
6KRUWPDVVDJHVHUYLFHVPV 0HPDQIDDWNDQUDGLRGDQWHOHYLVL
OHDIOHDW 6WLNHUSHPEDWDVEXNX
3HQMHODVDQ0HGLD&HWDN 3HUSXVWDNDDQ
'DKXOX EDJDLPDQD NLWD LQJDW VHRUDQJ -XOLXV &HVDU \DQJ WHUOHSDV GDUL NHSXQJDQ PXVXKQ\D GDUL NHUDMDDQ 0HVLU KDQ\D NDUHQD -XOLXV &HVDU PHPEDNDUSHUSXVWDNDDQNHUDMDDQ0HVLU\DQJELDVDNLWDGHQJDQGHQJDQ QDPD $OH[DQGULD .LVDK WHUVHEXW NXUDQJ OHELK PHQFHULWDNDDQ EDKZD RUDQJRUDQJ GDUL NHUDMDDQ 0HVLU DNKLUQ\D PHQJXUXVL SHUSXVWDNDDQ PHUHND \DQJ WHUEDNDU GDULSDGD VHRUDQJ -XOLXV &HVDU .DUHQD PHUHND PHUHND EDFD RUDQJ RUDQJ 0HVLU PHQ\DGDUL PHODOXL SHUSXVWDNDDQ
DĂŶĂũĞŵĞŶ^LJŝĂƌ
SHQJHWDKXDQ \DQJ PHUHND SHUROHK GDSDW GLZDULVNDQ NH JHQHUDVL EHULNXWQ\D GDQ GLJXQDNDQ VHEDJDL MHPEDWDQ SHUDQWDUD GDODP PHQLQJNDWNDQWHUXVSHUDGDEDQQ\DNHWLQJNDW\DQJOHELKWLQJJL1DK.6(, ZDMLEPHPLOLNL SHUSXVWDNDDQ \DQJ EHULVLNDQEXNX EXNXMXUQDO GDQPHGLD SHPEHODMDUDQ (NRQRPL ,VODP ODLQQ\D +DO LQL GLPDNVXGNDQ VHEDJDL VDUDQD HIHNWLI .6(, GDODP PHQLQJNDWNDQ LQIRUPDVL NHSDGD VHOXUXK DQJJRWDEDKNDQQRQDQJJRWD %XOHWLQ
%XOHWLQ LQL VDQJDW HIHNWLI XQWXN PHQ\DPSDLNDQ EHEHUDSD LQIRUPDVL \DQJ GLDQJJDS SHQWLQJ EDLN VHFDUD EHUNDOD DWDXSXQ LQVLGHQWDO 0HWHUL SDGD EXOHWLQEHUNDODGDSDWGLWHUELWNDQGHQJDQDGDQ\DVHEXDKDOLUDQPDWHULGDUL DZDO KLQJJD DNKLU VHVXDL GHQJDQ WDUJHW \DQJ LQJLQ GLFDSDL VHGDQJNDQ EXOHWLQ LQVLGHQWDO ELDVDQ\D GLWHUELWNDQ XQWXN NRQGLVLNRQGLVL WHUWHQWX VHSHUWL EXODQ UDPDGKDQ PHQMHODQJ KDUL EHVDU DJDPD ,VODP KDUL SHQGLGLNDQQDVLRQDONHEDQJNLWDQQDVLRQDOGDQODLQODLQ
7DEORLG.RUDQPDKDVLVZDMXUQDODWDXSXQPDMDODK
3URGXN LQL KDPSLU VDPD GHQJDQ EXOHWLQ QDPXQ FDNXSDQ PDWHULQ\D OHELK EDQ\DN GDQ OHELK OXDV NDUHQD VSDFH KDODPDQQ\D \DQJ OHELK EDQ\DN GHQJDQ GHPLNLDQ LQIRUPDVL \DQJ LQJLQ GLVDMLNDQ DNDQ OHELK EHUDJDP 8QWXNPHQDULN PLQDWSHPEDFDPDND SHUIRUPDQFH GDUL SURGXN LWX VHQGLUL KDUXV EDJXV GDQ PHQLPEXONDQ UDVD LQJLQ WDKX VHKLQJJD PHQJXGDQJ VHWLDS RUDQJ XQWXN PHOLKDW GDQ PHPEDFDQ\D ROHK NDUHQD LWX VDQJDW GLSHUKDWLNDQGDULVHJLOD\RXWQ\DGDQSHQJJXQDDQEDKDVDSHQXOLVDQ
DĂŶĂũĞŵĞŶ^LJŝĂƌ
-XUQDO0XDPDODK6KDULDK(FRQRPLFV)RUXP8*0 -XUQDO
0XDPDODK
PHUXSDNDQ
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
0DGLQJ
'DODP PHPEXDW PDGLQJ KDO \DQJ MXJD KDUXV GLSHUKDWLNDQ DGDODK GDUL VHJLSHQDPSLODQPDGLQJWHUVHEXWNDUHQDSHQDPSLODQGDSDWPHQJXQGDQJ SHPEDFD XQWXN PHQGHNDWLQ\D 3DGD PDGLQJ ELDVDQ\D LQIRUPDVL \DQJ GLVDMLNDQ EHUXSD LQIRUPDVLLQIRUPDVL SHQWLQJ \DQJ ODQJVXQJ WR WKH SRLQW
DĂŶĂũĞŵĞŶ^LJŝĂƌ
NDUHQD WHPSDWQ\D \DQJ WHUEDWDV .HNXUDQJDQ PDGLQJ DGDODK WLGDN ELVD GLEDZDEDZDVHKLQJJDSHPEDFDQ\DSXQMDGLWHUEDWDVKDQ\DRUDQJ\DQJ NHEHWXODQ PHOHZDWLQ\D VDMD 'DODP SHOHWDNDQQ\D SXQ PDGLQJ KDUXV GLOHWDNNDQ GL WHPSDW \DQJ VWUDWHJLV DJDU GLNHWDKXL ROHK EDQ\DN RUDQJ PLVDOQ\D GL GHNDW SDSDQ SHQJXPXPDQ PXVKROD NDQWLQ GDHUDK JHGXQJ SHUNXOLDKDQGDQODLQODLQ 6SDQGXN%DOLKR3RVWHU3DPIOHWGDQ/HDIOHW
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
606 3HQJJXQD KDQGSKRQH \DQJ VHPDNLQ PHQLQJNDW GL NDODQJDQ PDKDVLVZD GDQPDV\DUDNDWSDGDXPXPQ\DKDUXVMXJDGLPDQIDDWNDQROHK.6(,XQWXN EHUEDJL LQIRUPDVL WHUNDLW (NRQRPL ,VODP NHSDGD VHVDPD DQJJRWD .6(, PDXSXQQRQDQJJRWD 5DGLRGDQ7HOHYLVL 5DGLR GDQ WHOHYLVL MXJD ELVD GLPDQIDDWNDQ ROHK .6(, VHEDJDL VDODK VDWX PHGLD V\LDU (NRQRPL ,VODP 0HGLD LQIRUPDVL PHODOXL UDGLR GDQ WHOHYLVL WLGDNKDUXV.6(,PHPLOLNLQDPXQELVDPHPDQIDDWNDQMDULQJDQUDGLRDWDX WHOHYLVL \DQJ GLPLOLNL IDNXOWDV DWDXSXQ XQLYHUVLWDV -LND GL IDNXOWDV DWDX XQLYHUVLWDV \DQJ EHUVDQJNXWDQ WLGDN PHPLOLNL ELVD EHNHUMDVDPD GHQJDQ UDGLR GDQ WHOHYLVL WHPSDW .6(, EHUDNWLILWDV 0LVDOQ\D 6KDULDK (FRQRPLFV )RUXP 8*0 EHNHUMDVDPD GHQJDQ 5DGLR 04 )0 GDQ 7HOHYLVL 5% 79 -RJMDXQWXNPHQJDGDNDQNDMLDQWHUNDLWGHQJDQ(NRQRPL,VODP +DOWHUSHQWLQJGDODPPHODNXNDQDNWLILWDVV\LDUPHODOXLPHGLDQRQHYHQWEDLN PHODOXLPHGLDFHWDNGDQPHGLDHOHNWURQLNDDGDODKGLEXWXKNDQGHSDUWHPHQPHGLD DWDXV\LDU\DQJWHUEDJLNHGDODPEHEHUDSDEDJLDQGLYLVLXQWXNPHQDXQJLVHJDOD DNWLILWDVV\LDU.6(,+DOLQLGLSHUOXNDQDJDUWHUMDGLVSHVLDOLVDVLNHUMDGDQEHUWXMXDQ XQWXN PHPXGDKNDQ SURVHV V\LDU PHODOXL PHGLD QRQ HYHQW EDLN FHWDN DWDXSXQ HOHNWURQLN%HEHUDSDGLYLVLLWXGLDQWDUDQ\DDGDODK x 3LPSLQDQXPXP 7XJDV 3LPSLQDQ 8PXP 38 DGDODK EHUWDQJJXQJ MDZDE PHPELPELQJ PHQGRURQJGDQPHPLPSLQMDODQQ\DSURVHVV\LDUPHODOXLPHGLD3LPSLQDQ XPXP ELDVDQ\D DGDODK RUDQJ \DQJ PHPLOLNL MLZD NHSHPLPSLQDQ GDODP PHQJHOROD PHGLD QRQ HYHQW PHPLOLNL NRPSHWHQVL OHELK EDLN GL GDODP ELGDQJ WXOLV PHQXOLV SURIHVLRQDO GDQ EHUSHQJDODPDQ GDODP GXQLD V\LDU PHGLDQRQHYHQW x 'HZDQ5HGDNVL 7XJDV 'HZDQ 5HGDNVL DGDODK EHUWDQJJXQJ MDZDE PHPELPELQJ PHQGRURQJ GDQ PHPLPSLQ 'HZDQ 5HGDNVL GDQ EHUEDJDL PDFDP KDO PHQJHQDL NHSHQXOLVDQ 3LPSLQDQ 5HGDNVL EHUSHUDQ GDODP SHPEDJLDQ WXJDV NHSHPLOLNDQ GDQ SHQJHGLWDQ PHPLPSLQ GDSXU UHGDNVL GDODP PHPLOLK WHPD GDQ MXJD PHQJDWXU VHJDOD FRQWHQW PHGLD FHWDN PDXSXQ
DĂŶĂũĞŵĞŶ^LJŝĂƌ
HOHNWURQLN 6WDI 5HGDNVL EHUWXJDV PHPEDQWX SLPSLQDQ UHGDNVL GDODP PHODNVDQDNDQ WXJDVQ\D EHUJDQWXQJ EDJDLPDQD SHPEDJLDQ WXJDV \DQJ GLVHSDNDWLEHUVDPD x 'HZDQ3URGXNVL 7XJDV 'HZDQ 3HUXVDKDDQ DGDODK EHUWDQJJXQJ MDZDE PHPELPELQJ PHQGRURQJGDQPHPLPSLQ'HZDQ3HUXVDKDDQGDQ EHUEDJDLPDFDPKDO PHQJHQDL OD\ RXWDWDX GHVLJQ PHGLD V\LDU EDLN FHWDNPDXSXQ HOHNWURQLN 'HZDQ SURGXNVL MXJD EHUWXJDV WHUNDLW GHQJDQ SURVHV SURGXNVL PHGLD FHWDN DWDXSXQ HOHNWURQLN VHNDOLJXV MXJD PHPEDZDKL XUXVDQ VLUNXODVL SHQ\HEDUDQLQIRUPDVLPHGLD x 'HZDQ3HUXVDKDDQ 7XJDV 'HZDQ 3HUXVDKDDQ DGDODK EHUWDQJJXQJ MDZDE PHPELPELQJ PHQGRURQJ GDQ PHPLPSLQ 'HZDQ 3HUXVDKDDQ GDQ EHUEDJDL PDFDP PHQ\DQJNXW FDWDWDQ NHXDQJDQ LQWHUQDO GHSDUWHPHQ V\LDU DWDXSXQ PHGLD GDQMXJDWHUNDLWGHQJDQWXJDVSHQGDQDDQPDQGLUL x /LWEDQJ3HQHOLWLDQGDQ3HQJHPEDQJDQ .6(, NH GHSDQ ZDMLE PHPLOLNL EDJLDQ \DQJ FRQFHUQ WHUKDGDS ULVHWSHQHOLWLDQ EDLN WHUSLVDK GHQJDQ GHSDUWHPHQ V\LDU PHGLD DWDXSXQ PDVLKGDODPVDWXEDJLDQVWUXNWXU7XJDVOLWEDQJDGDODKPHODNXNDQULVHW GHQJDQ VXUYHL DWDX PHWRGH SHQHOLWLDQ ODLQQ\D /LWEDQJ DGDODK EDJLDQ SHQWLQJ GDODP(NRQRPL,VODPNDUHQDV\LDU(NRQRPL,VODPMXJDKDUXV GLODNXNDQVHFDUDLOPLDK\DQJGDSDWGLWHULPDROHKEHUEDJDLNDODQJDQ
6KDULQJ6\LDU%HUELFDUDGDUL+DWL
.RQGLVL REMHN V\LDU GL NDPSXV DNDQ VHPDNLQ EHUPDFDPPDFDP VHLULQJ
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
5DEEDQL8QLYHVLWDV$QGDODVPHQFREDPHQFHULWDNDQNHSDGDNLWDWHQWDQJV\LDUGHQJDQ KDWL 6HEDJDLPDQ NLWD NHWDKXL 7HOLQJD GDSDW GLVHQWXK GHQJDQ PXOXW PDWD GDSDW GLVHQWXKGHQJDQPDWDNXOLWELVDGLVHQWXKGHQJDQNXOLW7HWDSLNDUHQDNLWDEHUELFDUD WHQWDQJ GDNZDK \DQJ EHUVLQJJXQJDQ GHQJDQ KDWL DWDX SHUDVDDQ REMHN GDNZDK PDNDKDWLODK\DQJEHUPDLQGDQKDWLKDQ\DGDSDWGLVHQWXKGHQJDQKDWL
³0HPDKDPL DSD \DQJ GLUDVDNDQ GDQ GLKDUDSNDQ RUDQJ ODLQ PHPEXWXKNDQ
KDWL\DQJVHODOXKLGXSNDUHQDKDQ\DKDWL\DQJELVDPHPEDFDKDWL´
6\LDU PHUXSDNDQ VXDWX XVDKD DWDX VXDWX SURVHV SHQ\DPSDLDQ SHVDQSHVDQ
WHUWHQWX DWDX SHUNDWDDQ DWDX SHUEXDWDQ \DQJ EHUXSD DMDNDQ DWDX VHUXDQ GHQJDQ WXMXDQ XQWXN PHQ\HUX GDQ PHQGRURQJ DJDU RUDQJ ODLQ PHPHQXKL DMDNDQ DWDX VHUXDQWHUVHEXW3HVDQSHVDQGLVLQLGLPDNVXGNDQDGDODKSHVDQ\DQJWHODKGLVHGLDNDQ ROHK $OODK GDODP $O 4XU¶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
NDPXVLDSD"RUDQJELDVD\DQJPHQ\XDSLNXVDQJDWOHPEXW
GDQ
$EXEDNDU
WHUGLDP
PHQHQDQJNDQ
2UDQJWXD\DKXGL
NDPXVLDSD"NHPDQDRUDQJ\DQJELDVDPHQ\XDSLNX"
$EXEDNDU
6D\D$EX%DNDURUDQJ\DQJWHUELDVDPHQ\XDSLPXWHODK
PHQLQJJDO
2UDQJWXD\DKXGL
0XKDPPDG5DVXOXOODK7HODKWLDGD PHQDQJLV
DĂŶĂũĞŵĞŶ^LJŝĂƌ
6HWHODKNHMDGLDQLQLRUDQJWXDWHUVHEXWDNKLUQ\DPHQ\DWDNDQGLULPDVXN,VODP ,QL PHUXSDNDQ VHEDJLDQ GDUL FRQWRKNHEDLNDQKDWL 5DVXO WHUKDGDS XPDWQ\DEDKNDQ VHRUDQJ \DQJ PHPEHQFL GLULQ\D 'DQ ODJLODJL NHNXDWDQ KDWLODK \DQJ PHQJXEDK VHVHRUDQJ PHPEXNDNDQ KDWL VHVHRUDQJ GDQ PHQMDGL NXQFL VXNVHV GDNZDK 1DK DSDNDK KDO WHUVHEXW ELVD NLWD ODNXNDQ XQWXN PHQJHPEDQJNDQ GDNZDK (NRQRPL ,VODP"
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
6HODLQ LWX PHQJDMDN VHFDUD SHUVRQDO ROHK NDGHU NHSDGD REMHN GDNZDK MXJD
PHUXSDNDQ EHQWXN EHUELFDUD GHQJDQ KDWL -DQJDQ WHUODOX VHULQJ PHPDQIDDWNDQ PHGLD³EHQGDPDWL´VHSHUWLOHDIOHWSRVWHUDWDXEDOLKRXQWXNPHQJDMDN.DUHQDSDGD GDVDUQ\D ³PHUHND´ WLGDN ELVD EHUELFDUD 2SWLPDONDQ VHWLDS SRWHQVL NDGHU XQWXN PHQJDMDN GDQ EHUELFDUD GHQJDQ KDWLQ\D VHWLDS SHQJJDODQ ULVDODK ,VODP \DQJ PXOLD LQL
6HODQMXWQ\D$GULDQ(WULVNDGDODPPDNDODKQ\DPHQ\DPSDLNDQWLSVEDJDLPDQD
V\LDUGHQJDQKDWLLQLGLMDODQNDQ$GULDQPHQDPDNDQQ\D$'5,$17+(25< $PDWL REMHN GDNZDK 0HQJDPDWL GDQ PHPDKDPL NDUDNWHU REMHN GDNZDK VHUWD DSD \DQJ GLEXWXKNDQQ\D6HWLDSPHGDQGDNZDKPHPSXQ\DLNHNKDVDQWHUVHQGLULGDQNHXQLNDQ
DĂŶĂũĞŵĞŶ^LJŝĂƌ
WHUVHQGLUL 'HNDWLGHQJDQSHQGHNDWDQ2EMHN2EMHNGDNZDKSXQ\DNHLQJLQDQGDQ KDUDSDQ WHUWHQWX WHUKDGDS NDGHU 3DGD GDVDUQ\D PHUHND KDQ\D EXWXK GLVDSD GDQ GLGHNDWL %DQ\DNNHLQJLQDQGDULREMHNGDNZDKWHUKDGDSNLWDDNDQWHWDSLWHUNDGDQJNLWDMXVWUX WHUWXWXS GDQ WLGDN PHQGHNDW GHQJDQ DODVDQ ³WLGDN Q\DPEXQJ´ 'DODP GDNZDK WHUNDGDQJ NLWD SHUOX VHGLNLW ³EHUNRUEDQ SHUDVDDQ´ GHQJDQ PHQJLNXWL ³JD\D´ REMHN GDNZDK\DQJPDVLKGDODPEDWDVV\DULDK6HSHUWLPDKDVLVZD\DQJPXQJNLQWHUELDVD PHQJJXQDNDQ FHODQD MHDQV GHQJDQ PHQDQJJDONDQ FHODQD EDKDQ \DQJ PHQMDGL LGHQWLWDVDNWLYLVGDNZDKGDQPHQJJDQWLGHQJDQFHODQDMHDQVXQWXNNLWDELVDGLWHULPD ROHK REMHN GDNZDK 5HVSRQ NHEXWXKDQQ\D &HSDW WDQJJDS WHUKDGDS DSD \DQJ GLEXWXKNDQ ROHK REMHN GDNZDK VHEDJDL FRQWRK SDGD EXODQ UDPDGKDQ PDVVD NDPSXV ELDVDQ\D EXWXK MDGZDO LPVDNL\DK WD¶MLO EHUEXND LQIRUPDVL WHQWDQJ SXDVD GDQ NHVHPSDWDQ XQWXN EHUDPDO OHELK /HPEDJD GDNZDK VHNLUDQ\D FHSDW PHUHVSRQ NHEXWXKDQLQLXQWXNPHQGDSDWKDWLSDUDPDKDVLVZD ,QLVLDWLIVHFHSDWQ\DMDQJDQ WHUODOXODPDGDODPSHUHQFDQDDQ6HJHUDFHSDWWDQJJDSGDQODNVDQDNDQUHVSRQ\DQJ DGD -DQJDQ VDPSDL NHWHUODPEDWDQ UHVSRQ LQL PHPEXDW REMHN GDNZDK WLGDN EHUVHPDQJDW ODJL DWDX EHUSLQGDK KDOXDQ VHKLQJJD KLODQJ NHVHPSDWDQ NLWD XQWXN PHQ\HQWXKPHUHND $QGDJXQDNDQEDKDVDPHUHND%DKDVDGLVLQLVHODLQEDKDVD
OLQJXDOMXJDWHUNDLWEDKDVDWXEXKGDQPDWHUL\DQJGLVDPSDLNDQ6HFDUD OLQJXDONLWD ELVD PHQJJXQDNDQ EDKDVD NHVHKDULDQ REMHN GDNZDK DSDNDK LWX ³DNX´ GDQ ³NDPX´ DWDX ³JZ´ GDQ ³ORH´ DWDX ³VD\D´ GDQ ³DQGD´ 7LGDN SHUOXODK NLWD WHUREVHVL GHQJDQ EDKDVD DUDE DNDQ WHWDSL NLWD PHQMDGL ³PDNKOXN SODQHW´ \DQJ KDQ\D PHQJJXQDNDQ EDKDVD \DQJ KDQ\D GLDQWDUD NLWD \DQJ PHQJHUWL VHSHUWL ³DQD´ GDQ ³DQWXP´ DWDX ³DIZDQ´ GDQ ³WDIDGKRO´ 6HFDUD PDWHUL PDNVXGQ\D VDPSDLNDQ VHVXDWX \DQJ GLDQJJDS VHVXDL GHQJDQ NHSDKDPDQ REMHN GDNZDK VDDW LWX 6HEXWODK XQWXN PDWHUL ³PHQJHQDO$OODK´SDGDWDKDSDZDOELVDNLWDPHQ\DPSDLNDQKDO\DQJVHGHUKDQDWDSL WHSDWVHSHUWL³DVPDXOKXVQD´DWDX³WDQGDWDQGD$OODKGL$ODP´3HQ\DPSDLDQPDWHUL \DQJWHSDWDNDQPHPXGDKNDQREMHNGDNZDKPHPDKDPLDSD\DQJNLWDPDNVXG
1GDN EDFLOHPDN SHDN PHUXSDNDQ EDKDVD 0LQDQJ \DQJ EHUDUWL WLGDN EHUDQWDNDQ DWDX WHUVWUXNWXU $GDQ\D SHUHQFDQDDQ\DQJPDWDQJ DQDOLVLV REMHN \DQJ EDLN VHUWD SURVHV \DQJ GLPRQLWRU GHQJDQ UDSL GDQ HYDOXDVL XQWXN SHUEDLNDQ NH GHSDQQ\D 6HODLQLWXWLGDNEHUDQWDNDQLQLMXJDWHUNDLWSHQJHPDVDQNLWD7HUNDGDQJNLWDWHUODOX PHQJDQJJDS HQWHQJ KDO \DQJ VHGHUKDQD VHKLQJJD SHQ\DPSDLDQ DFDUD VHDNDQ ³VHDGDQ\D´GDQ³GLSDNVDNDQ´
DĂŶĂũĞŵĞŶ^LJŝĂƌ
6XPEHU5LGZDQV\DK
.RQNUHWQ\DGDODPEDJLDQLQLDGDODKDQJJRWD.6(,VHEDLNQ\DDGDODKRUDQJ
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
DĂŶĂũĞŵĞŶ^LJŝĂƌ
³6HVXQJJXKQ\D$OODKPHQ\XNDLRUDQJRUDQJ\DQJEHUSHUDQJGLMDODQ1\DGDODP EDULVDQ\DQJWHUDWXUVHDNDQDNDQPHUHNDVHSHUWLVXDWXEDQJXQDQ\DQJWHUVXVXQ NRNRK´46$VK6KDII ³0XQJNLQEDQ\DNRUDQJVKDOLKGLDQWDUDPHUHNDWDSLVHPXDQ\DVHSHUWLGDXQGDXQ \DQJEHUKDPEXUDQWLGDNWHUKLPSXQGDODPVHEXDKZDGDK\DQJEHUQDPDMDPD¶DK 0XQJNLQEDQ\DNRUDQJKHEDWGLDQWDUDPHUHNDWDSLNHKHEDWDQPHUHNDKLODQJ GLWHUSDDQJLQ]DPDQ$QLV0DWWD
0LQGPDS-DULQJDQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳͲ
5LQJNDVDQ -DULQJDQ PHUXSDNDQ EDJLDQ SHQWLQJ EDJL VXNVHVQ\D PHPEXPLNDQ (NRQRPL ,VODP.6(,VHEDJDL VHEXDK RUJDQLVDVLPDKDVLVZD \DQJEHUIRNXV SDGD SHUMXDQJDQ (NRQRPL ,VODP GL ,QGRQHVLD WLGDN GDSDW RSWLPDO EHUJHUDN MLND WLGDN PHQJJDQGHQJ SLKDNSLKDN ODLQ .DUHQD SDGD GDVDUQ\D (NRQRPL ,VODP GDODP SHODNVDQDDQQ\DPHOLEDWNDQEDQ\DNSLKDNGDQMXJDVHWLDSHOHPHQGDODPVHEXDK QHJDUD 2OHK NDUHQD LWX MDULQJDQ PHPLOLNL SRVLVL VWUDWHJLV EDJL SHUMXDQJDQ (NRQRPL,VODPLWXVHQGLUL 7XMXDQ GDUL GLEDQJXQQ\D MDULQJDQ DQWDUD ODLQ PHQVLQHUJLVNDQ JHUDN SHUMXDQJDQ GDDOP PHPEXPLNDQ (NRQRPL ,VODP GDQ PHQJXDWNDQ DQWDUD .6(, GDQMDULQJDQWHUVHEXWWHUXWDPDGDODPPHQ\HOHVDLNDQSHUPDVDODKDQ\DQJWLPEXO GDODP SHUMDODQDQ (NRQRPL ,VODP LWX VHQGLUL 'DUL MDULQJDQ MXJD .6(, GDSDW EHODMDU GDQ VHNDOLJXV EHUWXNDU SLNLUDQ LGH GDQ VDUDQ DJDU SHUNHPEDQJDQ (NRQRPL,VODPVHPDNLQPDVVLI $GDSXQ MDULQJDQ \DQJ GDSDW GLEDQJXQ ROHK .6(, WHUEDJL NH GDODP GXD MHQLV\DLWX MDULQJDQLQWHUQDO.6(,\DQJWHUGLULDWDVRUJDQLVDVLNDPSXVELURNUDW NDPSXV DNDGHPLVL GDQ DOXPQL MDULQJDQ HNVWHUQDO .6(, \DQJ WHUGLUL DWDV MDULQJDQ PDKDVLVZD QDVLRQDO MDULQJDQ WRNRK OHPEDJD NHXDQJDQ V\DULDK SHPHULQWDKGDHUDKGDQPHGLDPDVVD-DULQJDQMXJDWHUEDJLNHGDODPEHEHUDSD WLSHGLVHVXDLNDQGHQJDQVHEHUDSDEHVDUSHQJDUXKQ\DEDJDL.6(,GDQNHVDPDDQ IRNXV7LSHMDULQJDQWHUVHEXWWHUGLULGDULMDULQJDQVWUDWHJLVMDULQJDQLGHRORJLVGDQ MDULQJDQVWUXNWXUDO 8QWXN PHPEDQJXQ MDULQJDQ .6(, WHUOHELK GDKXOX PHPSHUVLDSNDQ EHUEDJDLPDFDPKDODJDUMDULQJDQWHUEDQJXQGHQJDQEDLNGDULDZDOKLQJJDDNKLU 3HUVLDSDQ WHUVHEXW GDSDW GLPXODL GHQJDQ LGH GDQ SHUHQFDQDDQ \DQJ EDLN NHWHUVHGLDDQ 6'0 DGDQ\D VDUDQD DWDX PHGLD .6(, GDQ MXJD \DQJ WDN NDODK SHQWLQJ DGDODK GDQD \DQJ PHPDGDL 6HWHODK PHODNXNDQ SHUVLDSDQ .6(, GDSDW ODQJVXQJPHPEDQJXQMDULQJDQGHQJDQFDUDPHQJDQDOLVLVGXOXMDULQJDQDSDVDMD
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳͳ
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
%XNDQ/D\DNQ\D'DXQ%HUKDPEXUDQ 6HVXQJJXKQ\D SHUMDODQDQ GDQ SHUMXDQJDQ NLWD PHQJKDGDSL PDVDODK \DQJ EHVDU0DVDODK\DQJDNDQPHQMDGLSLQWXNHNDODKDQELODWLGDNVHJHUDGLSHUKDWLNDQ GDQ GLEHQDKL 6HNDOLSXQ PDVLQJPDVLQJ NLWD PHPLOLNL VHEDLNEDLN SRWHQVL EHOXPODKFXNXSPHQJJDQWLNDQELODPDVDODKLWXPDVLKWHUWLQJJDO0DVDODKLWXELVD MDGL WHODK QDPSDN GDODP SDQGDQJDQ NLWD EDKZD NHVKDOLKDQ NHKHEDWDQ GDQ SRWHQVLSRWHQVL XPDW LQL WLGDN WHUKLPSXQ GDODP MDPD¶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¶DK %HJLWXODK MDPD¶DK DGDODK ZDGDK XQWXN PHQ\DWXNDQ VHOXUXK NHVKDOLKDQ NHKHEDWDQ GDQ SRWHQVL \DQJ WHUVLPSDQ GDODP LQGLYLGXLQGLYLGX -DPD¶DK PHPSHUWHPXNDQ VDWX RUDQJ VKDOLK GHQJDQ RUDQJ VKDOLK ODLQQ\D VDWX RUDQJ KHEDW GHQJDQ RUDQJ KHEDW ODLQQ\D GDQ VDWX SRWHQVL
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳʹ
GHQJDQSRWHQVLODLQ\DQJPHOHNDWSDGDGLULPDVLQJPDVLQJVHKLQJJDPHODKLUNDQ NHNXDWDQ EHVDU EDJL SHUMXDQJDQ LQL 7DQSD DGDQ\D KLPSXQDQ MDPD¶DK PDND EHUEDJDLSRWHQVLLQLWLGDNDNDQPHODKLUNDQNRQWULEXVL\DQJEHUDUWL+DQ\DVHSHUWL GDXQ\DQJEHUJXJXUDQNHPXGLDQGLWHUSDDQJLQ 0HQJLQJDWNDQNLWDWHQWDQJSHQWLQJQ\DEDQJXQDQMDPD¶DK$OLELQ$EL7KDOLE PHQJDWDNDQ EDKZD NHNHUXKDQ MDPD¶DK MDXK OHELK EDLN GDUL SDGD NHMHUQLKDQ LQGLYLGX%DKNDQVHEXDKMDPD¶DK\DQJNHUXKPDVLKGLNDWDNDQOHELKEDLNROHKQ\D 'LVLQLNLWDSDKDPEHWDSDMDXKOHELKXWDPDQ\DVHEXUXNEXUXNEDQJXQDQMDPD¶DK GDULSDGDVHEDLNEDLNLQGLYLGX'LZDNWXODLQEHOLDXSXQVHQDQWLDVDPHQJLQJDWNDQ EDKZD VHVXQJJXKQ\D NHMDKDWDQ \DQJ WHUWDWD UDSL DNDQ PHQJDODKNDQ NHEDLNDQ \DQJ WLGDN WHUWDWD UDSL 0DND NLWD KDUXV PHQDWD EDULVDQ GDODP MDPD¶DK .HGXD XQJNDSDQ $OL ELQ $EL 7KDOLE WHUVHEXW VXGDK FXNXS PHQHNDQNDQ SHQWLQJQ\D VHEXDK EDQJXQDQ MDPD¶DK PHQJKLPSXQ VHOXUXK SRWHQVL XPDW VHKLQJJD PHODKLUNDQ NHNXDWDQ \DQJ PHQJJXQFDQJ 0DND NLWD \DQJ VHQDQWLDVD PHQFLWD FLWDNDQ NHPHQDQJDQ EHVDU DJDPD LQL GDODP LNKWLDUQ\D WLGDN EROHK PHQDILNDQ NHKDGLUDQEDULVDQMDPD¶DK\DQJNRNRKVHEDJDLNXQFLXWDPDSHUMXDQJDQ -DPD¶DK PHQMDGL NHQLVFD\DDQ EDJL WHUFDSDLQ\D WXMXDQ \DQJ EHVDU 2OHK NDUHQD LWXGDODP SHUMDODQDQ NLWDGDODP SHUJHUDNDQ GDQ SHUMXDQJDQ NLWD SHUOX VHFDUD SHUODKDQ NLWD PHODQJNDK PHOHSDVNDQ GDQ PHQJDEDLNDQ SHUEHGDDQ SHUEHGDDQ \DQJ EXNDQ PHQMDGL HVHQVL 6HOD\DNQ\D PHQMDGL SLOLKDQ NLWD PHQJRUEDQNDQ \DQJ EXNDQ HVHQVL GHPL PHQJXWDPDNDQ NHVDPDDQ FLWDFLWD GDQ WXMXDQPHQ\DWX GDODP EDQJXQDQ MDPD¶DK\DQJ OHELKEHVDU-DPD¶DK \DQJVDWX XQWXN PHPHQDQJNDQ DJDPD LQL -DPD¶DK \DQJ PHPEXPLNDQ ,VODPGDQ VHOXUXK DWXUDQ PDLQ \DQJ PHQMDGLNDQ UDKPDW -DPD¶DK \DQJ VHPSXUQD VHEXDK LNDWDQ ,VODPQ\DVHKLQJJDPHQMDGLVHEDLNEDLNMDPD¶DK ,VODP WHODK PHPEHNDOL NLWD VHEXDK LNDWDQ \DQJ PHQMDGL SHUHNDW GDODP MDPD¶DK%DKNDQEHJLWXXWDPDQ\DLNDWDQLQLVDPSDLPHOHELKLLNDWDQQDVDELNDWDQ EDQJVD LNDWDQ SURIHVL VWDWXV VRVLDO VHUWD LNDWDQ NHSHQWLQJDQNHSHQWLQJDQ GDQ ODLQVHDEDJDLQ\D,WXODKLNDWDQDNLGDKLNDWDQ\DQJPHQJLNDWRUDQJRUDQJGDODP DJDPD LQL GHQJDQ LNDWDQ NKDV \DQJ LVWLPHZD GDQ EHUKXEXQJDQ GHQJDQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳ͵
FDNUDZDODPLVLGLPHQVLGDQWXMXDQPXOLD4XWKE 6LDSDSXQNLWDGHQJDQ VLDSD NLWD GDQ GL PDQDSXQ NLWD LNDWDQ LQLODK \DQJ QDQWLQ\D PHQMDGL LNDWDQ GL DWDVVHJDODLNDWDQVHKLQJJDWLGDNDGDSLOLKDQODLQEDKZDNLWDEHUDGDGDODPVDWX MDPD¶DK\DQJEHVDUNDUHQDLNDWDQLQL%HJLWXODKLGHDOQ\D $NKLUQ\D ELDU EDJDLPDQDSXQ SHUMXDQJDQ LQL PHPEXWXKNDQ MDPD¶DK \DQJ PHQ\DWXNDQ 7LGDN DNDQ SHUQDK DGD NHPHQDQJDQ ELOD NLWD PDVLK EHUMDODQ WHUSLVDK GDODP EDULVDQ NHFLO \DQJ WLGDN EHUWHPX GDODP SHUMDODQDQQ\D 0DND LNKWL\DU PHPEDQJXQ MDPD¶DK \DQJ PHQMDGL NHQLVFD\DDQ LWX GLPXODL GHQJDQ ODQJNDKODQJNDK MDULQJDQ 0HPSHUHUDW MDULQJDQ GL DQWDUD EDULVDQ SHUMXDQJDQ \DQJ PHPLOLNL EHUEDJDL NHVDPDDQ DQWDUD ODLQ NHVDPDDQ FLWDFLWD GDQ WXMXDQ 7HUOHELK ELOD \DQJ PHQMDGL SHQJLNDW WHUEHVDU NRNRKQ\D MDPD¶DK DGDODK NHVDPDDQDNLGDK,QLODK\DQJWLGDNGLPLOLNL\DQJODLQ6HKLQJJDWLGDNDGDDODVDQ XQWXN PHQJDEDLNDQ MDULQJDQ PHPSHUVXOLW ODQJNDKODQJNDK MDULQJDQ NDUHQD MDULQJDQ PHUXSDNDQ VHEXDK SRWHQVL XQWXN PHPEHVDUNDQ SHUMXDQJDQ 0DND WDN DGDDODVDQPHQXQGDGLVDDWZDNWXWHUXVEHUJXOLUGDQWDQWDQJDQWHODKPHQXQJJX GL GHSDQ PDULODK NLWD PDQIDDWNDQ MDULQJDQ XQWXN PHPEDQJXQ MDPD¶DK \DQJ PHQJDNVHOHUDVLSHUMXDQJDQ
0HQJDSD-DULQJDQ" 6HWLDS RUDQJ PHPLOLNL XNXUDQ WHQWDQJ DSD \DQJ GLVHEXW WHUEDLN 1DPXQ VHVXQJJXKQ\D \DQJ EHQDUEHQDU WHUEDLN EDJL NLWD DGDODK \DQJ WHUEDLN PHQXUXW $OODK 'DODP $O 4XU¶DQ $OODK WHODK PHQMHODVNDQ DSDDSD \DQJ WHUEDLN PHQXUXW1\D 6DODK VDWXQ\D SHUMXDQJDQ \DQJ WHUEDLN DGDODK GHQJDQ EDULVDQ \DQJWHUDWXUMDPD¶DK\DQJWHUVXVXQNRNRK%HJLWXODK$OODKMHODVNDQGDODP6XUDW $VK6KDII ,QJDWODK SXOD GHQJDQ DSD \DQJ GLODNXNDQ 5DVXOXOODK NHWLND SHUWDPD NDOL PHQGLULNDQ QHJDUD 0DGLQDK %HOLDX PHPEDQJXQ SRQGDVL QHJDUDQ\D GHQJDQ PHQFLSWDNDQSHVDXGDUDDQDQWDUNRPXQLWDV\DQJEHUEHGD\DLWXDQWDUD0XKDMLULQ GDQ $QVKDU PHQ\DWX VHEDJDL NRPXQLWDV DJDPD 6HWHODK LWX EHOLDX MXJD PHPEXDW 3LDJDP 0DGLQDK VHEXDK NHVHSDNDWDQ XQWXN KLGXS EHUGDPSLQJDQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳͶ
GHQJDQ NRPXQLWDV ODLQ \DQJ PHQGLDPL ZLOD\DK VDPD 6HWLGDNQ\D GDUL GXD SHULVWLZD \DQJ GLODNXNDQ 5DVXOXOODK WHUVHEXW NLWD GDSDW PHQJDPELO SHODMDUDQ EDKZD ODQJNDKODQJNDK \DQJ EHOLDX ODNXNDQ PHUXSDNDQ ODQJNDKODQJNDK PHQJXDWNDQ LQWHUQDO 'DQ QDPSDN MHODV EDKZD LWX DGDODK ODQJNDKODQJNDK MDULQJDQ 0HPEDQJXQ MDULQJDQ NXDW VHEDJDL ODQJNDK SHUWDPD VHKLQJJD PHODKLUNDQ MDPD¶DK \DQJ NXDW -DPD¶DK \DQJ QDQWLQ\D VHWLD PHQMDGL SHPHQDQJ GDODP VHPXD SHUWHPSXUDQ PXODL GDUL 3HUDQJ %DGDU VDPSDL GHQJDQ )DWKXO 0DNNDK PXODLGDULSHUWHPSXUDQGLDODPMLZDKLQJJDSHUWHPSXUDQGLDODPQ\DWD-DULQJDQ \DQJNXDWGDQOXDVLQLGDSDWPHPEHULNDQEDQ\DNSRWHQVLNHEHUPDQIDDWDQEDJL NLWDVHQGLULGDQEDJLSHUMXDQJDQLQL3DOLQJWLGDNWHUGDSDWWLJDSRWHQVLXWDPDGDUL MDULQJDQNLWD
'DUL MDULQJDQ NLWD GDSDW VDOLQJ EHODMDU GDQ PHQJDMDUNDQ +DO LQL DNDQ PHQLQJNDWNDQ QLODL WDPEDK GDQ NRPSHWHQVL \DQJ NLWD EXWXKQ\D VHKLQJJD NDSDVLWDV NLWD XQWXN EHUNRQWULEXVL GDODP SHUMXDQJDQ SXQ DNDQ WHUXV PHQLQJNDW 'DODP SHUMXDQJDQ SDVWLQ\D NLWD WLGDN LQJLQ PHOLKDW VDXGDUD VHSHUMXDQJDQ NLWD \DQJ OHPDK GDQ VHGLNLW EHUNRQWULEXVL 'DQ GHQJDQ MDULQJDQ NLWD ELVD PHPSHUNXDWQ\D PHQJDMDN EHUVDPDVDPD WHUXV PHODQJNDK PHQFDSDL WXMXDQ GL GHSDQ PDWD &LWDFLWD LWX GLFDSDL ROHK PHUHND\DQJNXDWGDQVDOLQJPHQJXDWNDQ
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¶DK DNDQ PHOHPDK VHLULQJ JXJXUQ\D SHMXDQJSHMXDQJ GL GDODPQ\D
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳͷ
'DQ GHQJDQ MDULQJDQ NLWD ELVD VDOLQJ PHQDVLKDWL PHQRORQJ GDQ PHQMDGL VROXVLEDJLVHOXUXKSHUPDVDODKDQ\DQJGLKDGDSLVHKLQJJDWLGDNDGDEDULVDQ NLWD\DQJEHUMDWXKDQ
'DUL MDULQJDQ NLWD GDSDW PHQMDGL EDQJXQDQ MDPD¶DK \DQJ NRNRK GDQ NRQWULEXWLI .DUHQD SDGD KDNLNDWQ\D PDQXVLD VHEDJDL LQGLYLGX KDQ\D PHPSXQ\DL HIHNWLYLWDV NHWLND EHUKXEXQJDQ GHQJDQ LQGLYLGX ODLQQ\D VHFDUD IXQJVLRQDOGDODPVXDWXDUDK\DQJVDPD'DULMDULQJDQNLWDMXJDELVDVDOLQJ EHUNRRUGLQDVL EHUEDJL SHUDQ VHVXDL GHQJDQ NDSDVLWDV WHUEDLNQ\D KLQJJD EHUMDODQGHQJQOHELKPHUDWDSDGDEHUEDJDLVLVL-DULQJDQPHQMDGLMHPEDWDQ EDJLHIHNWLYLWDVMDPD¶DK\DQJWLGDNWHUSHQXKLVHRUDQJGLUL.HWLNDNLWDWLGDN PDPSX PHQJJXQFDQJ VHQGLUL PDND NLWD PDPSX PHQJJXQFDQJ GHQJDQ EHUVDPDVDPD .HWLND NLWD WLGDN PDPSX EHUVXDUD VHQGLUL PDND NLWD PDPSX EHUVXDUD GHQJDQ EHUVDPDVDPD /HELK ODQWDQJ GDQ WHUGHQJDU PHQJJHOHJDU
3RWHQVLSRWHQVLEHVDUWHUVHEXWWLGDNDNDQODKLUMLNDNLWDWLGDNPHQJXVDKDNDQQ\D 'DQPXQJNLQDNDQPHQMDGLVDQJDWPXED]LU PHQJLQJDWEHVDUQ\DLPSOLNDVL\DQJ GLFLSWDNDQ ROHKQ\D 0DND PHPEDQJXQ GDQ PHPHOLKDUD MDULQJDQ SHUOX PHQMDGL SULRULWDVGDODPSHUMXDQJDQNLWD6HNDUDQJPXODLODKPHODQJNDK
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳ
7XMXDQ-DULQJDQ.6(, -DULQJDQEDJL.6(,EHUWXMXDQXQWXN
0HQJNRRUGLQDVL GDQ PHQJLQWHJUDVL EHUEDJDL NHOHPEDJDDQ DWDX MDULQJDQ \DQJ SHGXOL GDQ EHUJHUDN GDODP ELGDQJ SHQJHPEDQJDQ (NRQRPL,VODP
0HQMDGL NRQWULEXWRU GDODP PHQVRVLDOLVDVLNDQ NHELMDNDQNHELMDNDQ EDUX VWUDWHJL GDQ LVXLVX WHUNDLW GHQJDQ SHQJHPEDQJDQ (NRQRPL ,VODP NHSDGD VHPXD SHPDQJNX NHSHQWLQJDQ WHUXWDPD PDV\DUDNDW XPXP
0HQMDGLPHGLDNHUMDVDPDGDQIDVLOLWDWRUGLDQWDUDDQJJRWDMDULQJDQ SDUD SHPDQJNX NHSHQWLQJDQ WHUPDVXN DNDGHPLVL GDQ SURIHVLRQDO GDODPUDQJNDPHQLQJNDWNDQSHQJHWDKXDQSHQJHPEDQJDQ(NRQRPL ,VODPEHVHUWDLQIUDVWUXNWXUQ\D
)DVLOLWDVLSURVHVSHQJHQDODQSURVHVUHRULHQWDVLGDQSHQJHPEDQJDQ NDSDVLWDV\DQJEHUNHODQMXWDQEDJLRUJDQLVDVLNHOHPEDJDDQMDULQJDQ \DQJEHUJHUDNGLELGDQJSHQJHPEDQJDQ(NRQRPL,VODP
0HQDWD MDULQJDQ GDQ EHUKXEXQJDQ GHQJDQ MDULQJDQ RUJDQLVDVL QDVLRQDO GDQ LQWHUQDVLRQDO XQWXN PHQJHQDONDQ GDQ PHQ\HEDUNDQ NRQVHSSHQJHPEDQJDQ(NRQRPL,VODP
0HZXMXGNDQ MDULQJDQ \DQJ GDSDW PHPEHULNDQ NRQWULEXVL GDODP SHQLQJNDWDQ NHVHMDKWHUDDQ VRVLDO EDJL UDN\DW ,QGRQHVLD GHQJDQ WHUXVPHQHUXVPHQGXNXQJSHQJHPEDQJDQ(NRQRPL,VODP
-HQLV-DULQJDQ.6(, .HORPSRN 6WXGL (NRQRPL ,VODP .6(, \DQJ EHUYLVL PHODKLUNDQ DKOLDKOL \DQJ NRQWULEXWLI PHPEXPLNDQ (NRQRPL ,VODP VHVXQJJXKQ\D PHPLOLNL FHODK MDULQJDQVDQJDW\DQJOXDV7HUOHELKNHWLNDPHOLKDWSHUNHPEDQJDQ(NRQRPL,VODP \DQJFXNXSSHVDWGL,QGRQHVLDEDKNDQGXQLD7HUFDWDWWHODKEDQ\DNSLKDN\DQJ PHPLOLNL SHUKDWLDQ GDQ WXMXDQ \DQJ VDPD GHQJDQ .6(, \DLWX PHPEXPLNDQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳ
(NRQRPL ,VODP
-HQLV-DULQJDQ.6(, -DULQJDQ,QWHUQDO.6(,RUJDQLVDVDLPDKDVLVZDELURNUDW NDPSXVDNDGHPLVLGDQDOXPQL -DULQJDQ(NVWHUQDO.6(,-01/.6WRNRKSHPGDGDQPHGLD PDVVD
-DULQJDQ,QWHUQDO.DPSXV
-DULQJDQ LQWHUQDO NDPSXV DGDODK MDULQJDQ \DQJ EHUDGD GL GDODP NDPSXV
.6(,\DQJEHUVDQJNXWDQ-DULQJDQLQLPHPLOLNLSRWHQVL\DQJSDOLQJEHVDUNDUHQD NHGHNDWDQ GDQ NHPXQJNLQDQ NRPXQLNDVL \DQJ LQWHQVLI ELVD GLFLSWDNDQ -DULQJDQ LQWHUQDONDPSXV DQWDUDODLQRUJDQLVDVLPDKDVLVZDDNDGHPLVLELURNUDWNDPSXV GDQDOXPQL 2UJDQLVDVL0DKDVLVZD
2UJDQLVDVL PDKDVLVZD \DQJ DGD GL VHNLWDU .6(, PHQMDGL SRWHQVL MDULQJDQ
\DQJ SDOLQJ EHVDU GDQ SDOLQJ PXGDK XQWXN GLDMDN VHEDJDL PLWUD NHUMD VDPD GDODP EHUEDJDL SURJUDP 0HQJDSD GHPLNLDQ" 3HUWDPD .6(, GDQ RUJDQLVDVL PDKDVLVZD ODLQ VDPDVDPD GLJHUDNNDQ ROHK PDKDVLVZD .HVDPDDQ NDUDNWHULVWLN VHEDJDL PDKDVLVZD LQLODK \DQJ DNDQ PHPSHUPXGDK SHUHQFDQDDQ DNWLYLWDV DNWLYLWDV NRQNUHW PHQXMX WXMXDQ \DQJ LQJLQ GLFDSDL .HGXD EHEHUDSD RUJDQLVDVL FHQGHUXQJ PHPLOLNL VWUXNWXU GDQ SURJUDP NHUMD \DQJ LGHQWLN +DO LQL DNDQ OHELK PXGDK GDODP PHQ\LDSNDQ SURJUDPSURJUDP EHUVDPD 0LVDONDQ VDMD .6(, PHPLOLNL SURJUDP GLVNXVL SHNDQDQ PHPEDKDV (NRQRPL ,VODP 6HPHQWDUD RUJDQLVDVLPDKDVLVZDODLQDPELOFRQWRK%(0PHPLOLNLSURJUDPGLVNXVLSHNDQDQ PHPEDKDV LVXLVX NRQWHPSRUHU &HODKQ\D NHGXDQ\D VDPDVDPD PHPLOLNL SURJUDP GLVNXVL SHNDQDQ 7HPD \DQJ GLDQJNDW GDUL GLVNXVL PDVLQJPDVLQJ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳͺ
RUJDQLVDVLVHEHQDUQ\DGDSDWGLLQWHJUDVLNDQPHQMDGLWHPDEDUX\DQJOHELKWDMDP EDJDLPDQDHNRQRPL,VODPPHQ\HOHVDLNDQPDVDODKPDVDODKNRQWHPSRUHU
6DDW LQL VXGDK WLGDN ]DPDQQ\D EHUJHUDN VHQGLULVHQGLUL NDUHQD LWX DNDQ
VDQJDW PHQJXUDV VXPEHU GD\D RUJDQLVDVL %DQ\DN SURJUDP \DQJ ELVD GLVLQHUJLVNDQ GDQ GDSDW PHPEHULNDQ SHQJDUXK \DQJ OHELK EHVDU EDJL FLYLWDV GL NDPSXVNKXVXVQ\DGDQPDV\DUDNDWOXDVSDGDXPXPQ\D'HQJDQEHNHUMDVDPD DQWDU RUJDQLVDVL PDKDVLVZD ELVD GLEHQWXN NHSDQLWLDDQ EHUVDPD \DQJ DNDQ PHPEXDW6'0OHELKHILVLHQGDQPHQJDQWLVLSDVLSHUPDVDODKDQNHWHUEDWDVDQ6'0 'HQJDQ EHNHUMD VDPD DQJJDUDQ GDSDW GLKHPDW GDQ GLJXQDNDQ XQWXN PHUHQFDQDNDQ NHUMD VDPD VHODQMXWQ\D
6HEDJDL OHPEDJD GHQJDQ NRPSHWHQVL LQWL NHLOPXDQ PDND PHPEDQJXQ
MDULQJDQ NH DNDGHPLVL VHSHUWL GRVHQ DGDODK NHPHVWLDQ .HEXWXKDQ SDOLQJ EHVDU WHUKDGDS MDULQJDQ DNDGHPLVL DGDODK NHEXWXKDQ XQWXN PHQLPED LOPX GDQ PHQLQJNDWNDQ SHPDKDPDQ 3DUD DNDGHPLVL GDSDW PHQMDGL PLWUD GLVNXVL GDQ SHQJXML NHNULWLVDQ DQJJRWD .6(, GDODP PHPDKDPL SHUPDVDODKDQ NRQWHPSRUHU .6(, \DQJ EHUIRNXV SDGD SHQJHPEDQJDQ NHLOPXDQ DNDQ VHODOX PHPEXWXKNDQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͳͻ
DNDGHPLVLVHEDJDLUHIHUHQVLGDQPLWUDGLVNXVL.LWDWLGDNKDQ\DEHODMDUGDULEXNX WDSLMXJDGDULJXUX
.HGHNDWDQ GHQJDQ DNDGHPLVL GDQ KXEXQJDQ \DQJ WHUMDJD EDLN DNDQ
PHPEDQWX GDQ PHPXGDKNDQ .6(, NHWLND DNDQ PHODNXNDQ GLVNXVL EDLN VHFDUD LQGLYLGXDO PDXSXQ RUJDQLVDVLRQDO .6(, EDKNDQ WLGDN SHUOX PHQJXQGDQJ VHFDUD IRUPDOGHQJDQVXUDWUHVPLGDQVHEDJDLQ\D%LVDMDGLPHODOXLVPVDWDXWHOSRQVDMD PHUHND EHUNHQDQ MLND VXGDK PHPLOLNL NHGHNDWDQ 'DQ KDO LQL DNDQ EDQ\DN PHQHILVLHQNDQ NHUMDNHUMD .6(, 'L VLVL ODLQ NHGHNDWDQ GHQJDQ DNDGHPLVL NKXVXVQ\D GRVHQ GL NDPSXV \DQJ EHUVDQJNXWDQ DNDQ PHPSHUNXDW SHUZDMDKDQ OHPEDJDGLOLQJNXQJDQNDPSXV %LURNUDW.DPSXV
6HFDUD XPXP ELURNUDW NDPSXV GDSDW GLEDJL PHQMDGL GXD \DLWX GL WLQJNDW
IDNXOWDV GDQ WLQJNDW XQLYHUVLWDV 0HPLOLNL MDULQJDQ \DQJ EDLN GHQJDQ ELURNUDW NDPSXVDNDQPHPEHULNDQNHOHOXDVDDQGDODPEHUDNWLYLWDVGDQEDQ\DNPHQGDSDW GXNXQJDQGDODPKDOVDUDQD'XNXQJDQGDULELURNUDWNDPSXVVHSHUWLUHNWRUGDQ GHNDQ DNDQ PHPSHUNXDW SRVLVL WDZDU .6(, NHWLND EHUKXEXQJDQ GHQJDQ SLKDN HNVWHUQDO 'HQJDQ GHPLNLDQ MDOXUMDOXU ELURNUDWLV \DQJ WHUODOX SDQMDQJ GL OXDU VDQDELVDGLSRWRQJ0LVDOQ\DNHWLNDNLWDEHUKXEXQJDQGHQJDQSLKDNSHPHULQWDK GDHUDKGDQOHPEDJDVZDVWD
PHPEDQWX DNWLYLWDV .6(, 0LVDONDQ GDODP NHPXGDKDQ DNVHV GDODP VDUDQD NDPSXV XQWXN GLVNXVL NDMLDQ GDQ NHJLDWDQNHJLDWDQ ODLQQ\D 5XDQJDQ \DQJ Q\DPDQ ELVD GLJXQDNDQ GHQJDQ JUDWLV SHUOHQJNDSDQ HOHNWURQLN \DQJ ELVD GLJXQDNDQGHQJDQJUDWLVGDQSDOLQJPLQLPDODGDODKKDOODWDXDXODNDPSXVGDSDW GLJXQDNDQXQWXNPHQWRULQJPHQWRULQJGHQJDQQ\DPDQGDQJUDWLV
%HUNRPXQLNDVLGHQJDQSLKDNELURNUDWNDPSXVPHPDQJWLGDNELVDVHLQWHQVLI
GHQJDQ\DQJODLQQ\D1DPXQ\DQJWHUSHQWLQJDGDODK.6(,VHODOXPHQ\DPSDLNDQ SHUNHPEDQJDQ GDQ PHPLQWD PDVXNDQ NKXVXVQ\D WHQWDQJ EDJDLPDQD SHQJHPEDQJDQ DNWLYLWDV LOPLDK GL NDPSXV 7HPD VHSHUWL LQL ELDVDQ\D PHQMDGL VDQJDWPHQDULNEDJLELURNUDWNDPSXV
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹͲ
$OXPQL
$OXPQL ELVD PHQMDGL DSD VDMD ,D DGDODK VHMDUDK VHKLQJJD DGD EHJLWX
EDQ\DNSHODMDUDQ\DQJGDSDWNLWDSHWLNGDULQ\D.LWDGDSDWPHQJDPELOSHODMDUDQ GDODP SHQJHORODDQ NHRUJDQLVDVLDQ GDODP SHQ\HOHVDLDDQ SHUPDVDODKDQ GDODP SHUOXDVDQMDULQJDQGDQVHEDJDLQ\D
$OXPQLLQLELVDGLNODVLILNDVLNDQODJLVHKLQJJDGDSDWGLEHULNDQSHUODNXDQ\DQJ
EHUEHGD XQWXN VHWLDS NHORPSRN 3HUWDPD DOXPQL \DQJ PDVLK DGD GL NDPSXV %LDVDQ\D DGDODK VDWX VDPSDL GXD WLQJNDW GL DWDV NHSHQJXUXVDQ \DQJ VHGDQJ EHUMDODQ 0HQJLQJDWPHUHND PDVLKDGD GL OLQJNXQJDQNDPSXV .6(, GDSDW OHELK LQWHQV PHPEDQJXQ NRPXQLNDVL GDQ PHPLQWD SHUWLPEDQJDQ GDODP SHUHQFDQDDQ NHELMDNDQ NH GHSDQ 6HODLQ LWX PHUHND MXJD GDSDW PHPEDQWX PHPSHUOXDV MDULQJDQ %LDVDQ\D GL VDDWVDDW EHUVDPDDQ PHUHND MXJD VHGDQJ EHUXVDKD PHQFDUL MDULQJDQ XQWXN GLULQ\D VHQGLUL .HGXD DOXPQL \DQJ VXGDK WLGDN GL NDPSXV%LDVDQ\DPHUHNDVXGDKWHUVHEDUGLEHUEDJDLNRWDGHQJDQDNWLYLWDVGDQ SHNHUMDDQ\DQJEHUEHGDEHGD.HWLNDXVLDRUJDQLVDVLVXGDKFXNXSWXDELDVDQ\D PHUHNDGDSDWPHPEDQWXGHQJDQOHELKEDQ\DN+DQ\DVDMDNHWLNDXVLDRUJDQLVDVL EDUX EHEHUDSD WDKXQ VDMD ELVD MDGL SDUD DOXPQL LQL PDVLK EHUXVDKD EHUMXDQJ XQWXNGLULQ\DVHQGLULGDQEHOXPELVDPHPEDQWXEDQ\DN
1DPXQ SHUOX GLLQJDW NLWD PHPEDQJXQ MDULQJDQ RUJDQLVDVL EXNDQ KDQ\D
XQWXN PHPEDQWX NHEXWXKDQNHEXWXKDQ .6(, +LODQJNDQ SLNLUDQ VHPDFDP LWX -DULQJDQ \DQJ GLEDQJXQ VDOLQJ PHQJXQWXQJNDQ GDQ WHWDS PHQJDUDK SDGD SHQFDSDLDQYLVLRUJDQLVDVL\DQJVXGDKGLSDKDPLSHQJXUXVGDQDOXPQL
.HWLND DOXPQL PHPDQJ EHOXP EHJLWX EDQ\DN PDND \DQJ SHUOX GLSLNLUNDQ
VHNDUDQJDGDODKEDJDLPDQDPHQMDJDNRPXQLNDVLGHQJDQPHUHNDVHEDLNEDLNQ\D 'L VDDW DGD NHEXWXKDQ RUJDQLVDVL DWDX WLGDN .6(, WHWDS PHMDOLQ NRPXQLNDVL ,QIRUPDVLNDQVHWLDSSHUNHPEDQJDQ\DQJDGDGL.6(,8QWXNDOXPQLPHGLD\DQJ VDQJDWHIHNWLIGLRSWLPDONDQDGDODKPDLOLQJOLVWGDQZHEVLWH6XGDKDGDNDK"
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹͳ
-DULQJDQ(NVWHUQDO.DPSXV
-DULQJDQ HNVWHUQDO NDPSXV DGDODK MDULQJDQ \DQJ DGD GL OXDU NDPSXV .6(,
\DQJ EHUVDQJNXWDQ -DULQJDQ HNVWHUQDO NDPSXV DQWDUD ODLQ MDULQJDQ PDKDVLVZD QDVLRQDO MDULQJDQ WRNRK HNRQRPL V\DULDK OHPEDJD NHXDQJDQ V\DULDK SHPHULQWDKGDHUDKPHGLDPDVVD -DULQJDQ0DKDVLVZD1DVLRQDO
/XDVQ\D SRWHQVL MDULQJDQ \DQJ DGD PHPDQJ KDUXV GLVLDVDWL DJDU GDSDW
WHUMDULQJ GHQJDQ RSWLPDO 6DODK VDWX MDODQ SLQWDV DGDODK PHQJJDQGHQJ VHPXD DNWLYLV PDKDVLVZD GL VHOXUXK ,QGRQHVLD DGDODK PHODOXL MDULQJDQ PDKDVLVZD QDVLRQDO\DQJVXGDKPXODLWXPEXK
-DULQJDQPDKDVLVZDQDVLRQDOWHUVHEXWDQWDUDODLQ)RUXP6LODWXUDKLP6WXGL
(NRQRPL,VODP)R66(, )RUXP6LODWXUDKLP/HPEDJD'DNZDK.DPSXV1DVLRQDO )6/'.1 0DV\DUDNDW ,OPXZDQ GDQ 7HNQRORJ ,QGRQHVLD 0,7, ,NDWDQ 0DKDVLVZD (NRQRPL 3HPEDQJXQDQ ,QGRQHVLD ,0(3, ,NDWDQ 0DKDVLVZD 7HNQRORJL3HUWDQLDQ,QGRQHVLD,073, -DULQJDQWRNRK
-DULQJDQ WRNRK HNRQRPL V\DULDK DQWDUD ODLQ 0DV\DUDNDW (NRQRPL 6\DULDK
0(6 ,NDWDQ$KOL(NRQRPL,VODP,$(, ,NDWDQ&HQGHNLDZDQ0XVOLP,QGRQHVLD ,&0, 7HUGDSDWMDULQJDQGLWLQJNDWUHJLRQDOGDQGLWLQJNDWQDVLRQDO /HPEDJDNHXDQJDQV\DULDK
'L ,QGRQHVLD SHUNHPEDQJDQ OHPEDJD NHXDQJDQ V\DULDK GLWDQGDL GHQJDQ
SHUNHPEDQJDQ OHPEDJD NHXDQJDQ V\DULDK \DQJ VDQJDW FHSDW 7LGDN KDQ\D OHPEDJDSHUEDQNDQWHWDSLMXJDOHPEDJDNHXDQJDQGDODPELGDQJODLQPLVDONDQ DVXUDQVL SHJDGDLDQ GDQ VHEDJDLQ\D 0HQMDOLQ NHUMD VDPD GHQJDQ OHPEDJD NHXDQJDQ VHEDJDL OHPEDJD SURILW GDSDW PHPEDQWX .6(, GDODP PHPELD\DL RUJDQLVDVL GDQ NHJLDWDQQ\D 2OHK NDUHQD LWX .6(, KDUXV GDSDW PHPEHULNDQ NRQWUDSUHVWDVL\DQJRSWLPDOEDJLOHPEDJDNHXDQJDQV\DULDKDJDUNHUMDVDPDELVD GLODNXNDQ VHFDUD EHUNHODQMXWDQ 7LGDN KDQ\D GDODP SHPELD\DDQ OHPEDJD
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹʹ
NHXDQJDQ V\DULDK GDSDW GLPLQWD VHEDJDL QDUDVXPEHU VHEXDK GLVNXVL WHQWDQJ EDJDLPDQDUHDOLWDSHUNHPEDQJDQGXQLDNHXDQJDQV\DULDK 3HPHULQWDKGDHUDK
0HQMDOLQ NHUMD VDPD GHQJDQ SHPHULQWDK GDHUDK VDPD SHQWLQJQ\D GHQJDQ
PHQMDOLQ NHUMD VDPD GHQJDQ ELURNUDW NDPSXV
0HQMDOLQ NHUMD VDPD GHQJDQ PHGLD PDVVD PHQMDGL SRWHQVL SHQWLQJ GDODP
PHQJNDPSDQ\HNDQ(NRQRPL,VODPVHFDUDOHELKOXDVGLPDV\DUDNDW7DQSDPHGLD PDVVD HNVLVWHQVL GDQ NHEHUPDQIDDWDQ .6(, PXQJNLQ KDQ\D DNDQ EHUNXWDW GL NDPSXVNDPSXV VHGLNLW VHNDOL PHQ\HQWXK PDV\DUDNDW 0HQJRSWLPDONDQ SRWHQVL PHGLD GDSDW PHQMDGL VDUDQD PHPSHUFHSDW V\LDU (NRQRPL ,VODP 'L ,QGRQHVLD EDQ\DN VHNDOL PHGLD PDVVD \DQJ EHUSRWHQVL GLJDQGHQJ EDLN FHWDN PDXSXQ HOHNWURQLNEDLNORNDOPDXSXQQDVLRQDO
3HUVLDSDQ0HPEDQJXQGDQ0HQJHOROD-DULQJDQ
ǣ Ǧ Ƭ Ǧ Ǧ Ǧ
x ,GHGDQSODQQLQJ $QDOLVLVNHEXWXKDQMDULQJDQ 6HWLDS .6(, PHPLOLNL NHEXWXKDQ MDULQJDQ \DQJ EHUEHGDEHGD EDLN MHQLV PDXSXQEHQWXNQ\D+DOLQLGDSDWGLSHQJDUXKLROHKYLVLPLVLSURJUDPNHUMDMHQLV NDPSXV PDXSXQ XVLD EHUGLULQ\D .6(, GL VXDWX 8QLYHUVLWDV WHUVHEXW 6HEDJDL FRQWRK MLND .6(, PHPLOLNL YLVL GDODP VXDWX SHULRGH \DQJ EHUVLIDW LQWHUQDO DWDX
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹ͵
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
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹͶ
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
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹͷ
NHNXUDQJDQ VHUWD NHOHELKDQ .6(, GDUL VHJL SHODNVDQDDQ SURJUDP VHEHOXPQ\D
E *UDQG7KHPH %HULVL WHPD EHVDU DWDX IRNXV SHUMDODQDQ MDULQJDQ .6(, VHODPD SHULRGH WHUVHEXW F 7DUJHW8PXP 0HUXSDNDQFDSDLDQFDSDLDQ \DQJLQJLQ GLZXMXGNDQ MDULQJDQ .6(, GDODP SHULRGHWHUVHEXW G 6WUDWHJL3HQFDSDLDQ 6HUDQJNDLQFDUDVHUWDPHWRGDGDODPPHQFDSDLWDUJHWMDULQJDQ\DQJWHODK GLWHQWXNDQ H 7DKDSDQSHQFDSDLDQ %HULVL VWUDWHJLVWUDWHJL \DQJ GLODNXNDQ EHUWDKDS GDODP VHWLDS EDJLDQ GDUL SHULRGH\DQJWHODKGLWHWDSNDQ
$FWLRQSODQMDULQJDQNXUXQZDNWXWDKXQDQ D 9LVLMDULQJDQ 0HUXSDNDQ DUDK DWDX WXMXDQ \DQJ LQJLQ GLFDSDL ROHK MDULQJDQ GDODP NXUXQ ZDNWXWHUWHQWX E 7DUJHW-DULQJDQ %HULVLFDSDLDQFDSDLDQ\DQJKHQGDNGLZXMXGNDQGDODPSHULRGHWHUWHQWX F $FWLRQSHU3HULRGH 7HUGLUL DWDV VHUDQJNDLDQ WLQGDNDQ ULO EHUNHVLQDPEXQJDQ GL ODSDQJDQ \DQJ DNDQGLMDODQNDQROHK.6(,GDODPVHWLDSSHULRGDQ\D
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹ
x 6XPEHU'D\D0DQXVLD6'0
6WDIILQJ'HSDUWHPHQGLYLVLNODVLILNDVL6'0
.HWHUVHGLDDQ VHUWD NHWHODWHQDQ 6'0 .6(, GDODP PHPEDQJXQ GDQ
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
$JDUMDULQJDQWHUNHORODGHQJDQEDLNPDND6'0.6(,\DQJGLDPDQDKNDQ
GLEDJLDQLQLVHEDLNQ\DPHPLOLNLNDOVLILNDVLDWDXVNLOO\DQJPHQGXNXQJDQWDUDODLQ NHPDPSXDQ SXEOLF VSHDNLQJ \DQJ EDLN PHQJXDVDL WHNQLN OREL PHPLOLNL
LQWHUSHUVRQDOVKLS\DQJEDLNGDQODLQVHEDJLDQ\D8QWXNPHPLOLNL6'0VHSHUWLLQL .6(, GDSDW PHQJDGDNDQ WUDLQLQJ WHUNDLW NHPDPSXDQ \DQJ GLEXWXKNDQ GDODP PHPEDQJXQ GDQ PHQJHOROD MDULQJDQ EDJL 6'0 .6(, NKXVXVQ\D \DQJ GLDPDQDKNDQGLEDJLDQMDULQJDQ
'DODP SHUVLDSDQ PHPEDQJXQ MDULQJDQ DGD EDLNQ\D NLWD EHODMDU GDUL
0XVK¶DE ELQ 8PDLU WHQWDQJ KDOKDO VHGHUKDQD \DQJ PHQMDGLNDQ GDNZDK OXDU ELDVD'LDODKVRVRN\DQJGLSLOLK5DVXOXOODKVHEDJDLGXWD,VODPXQWXNPHPSHUOXDV MDULQJDQ NDUHQD PHPLOLNL LVWL¶DDE ,VWL¶DDE PHQXUXW )DWKL
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹ
\DQJPHPEDQWXSDUDGD¶LXQWXNPHQDULNRE\HNGDNZDKGDQPHQMDGLNDQPHUHND VHEDJDLSRURVEDJLPDV\DUDNDW)LOODK 'DQPHPDQJNHPDPSXDQVHSHUWL LQLODK\DQJPHPDQJKDUXVGLPLOLNLROHKVHRUDQJ6'0-DULQJDQEHNDO VHGHUKDQD XQWXNPHPSHUOXDVMDULQJDQGDQPHPEDQJXQNHUMDVDPDGHQJDQHIHNWLI
6HWLGDNQ\DDGDHQDPKDO 3HUWDPDSHQWLQJQ\DSHQDPSLODQ'DUL0XVK¶DE
NLWD EHODMDU EDKZD SHQDPSLODQ PHPDQJ EXNDQODK \DQJ XWDPD WHWDSL PHQMDGL \DQJ SHUWDPD 3HQDPSLODQ DGDODK \DQJ SHUWDPD GLOLKDW LQLODK \DQJ PHQMDGL NHVDQ\DQJPHQJJRGDVHEHOXPDSD\DQJVHODQMXWQ\D
.HGXD SHQWLQJQ\D SHPDKDPDQ 3HPDKDPDQ WHQWDQJ ,VODP \DQJ
VHQDQWLDVD PHQMDGL WXMXDQ SHPDKDPDQ WHQWDQJ LOPX \DQJ VHQDWLDVD PHQMDGL SHQXQWXQ GDQ SHPDKDPDQ WHQWDQJ GDNZDK \DQJ VHQDWLDVD PHQMDGL MDODQ 6HWLGDNQ\D SHPDKDPDQ \DQJ EDLN DNDQ PHPEHULNDQ VLPSDWL SHUKDWLDQ GDQ NH\DNLQDQSLKDNODLQ
.HWLJD SHQWLQJQ\D DNKODN 'DUL 0XVK¶DE NLWD MXJD EHODMDU EDKZD
PHPSHUKDWLNDQ DNKODN VHEDJDLEXDKNHLPDQDQ\DQJ DNDQGLUDVDNDQ RUDQJODLQ 'HQJDQ
VHQ\XPQ\D
GHQJDQ
VDODPQ\D
GHQJDQ
VDSDDQQ\D
GHQJDQ
NHVRSDQDQQ\D\DQJVHOXUXKQ\DPHQMDGLNHVDQ\DQJLQGDK0XVK¶DEPHQJDMDN
.HHPSDW SHQWLQJQ\D NHEHUDQLDQ PHPXODL NRPXQLNDVL %DJDLPDQD
PHQXUXWPXVHNLUDQ\DNDXGXGXNWHUOHELKGDKXOXXQWXNPHQGHQJDUNDQDSD\DQJ NXVDPSDLNDQ -LND HQJNDX WDN PHQ\XNDLQ\D DNX DNDQ SHUJL GDQ WLGDN PHQJXQJNLWQ\D-LNDHQJNDXVXNDPDNDWHUVHUDKSDGDPXXQWXNPHQJDPELODWDX PHQLQJJDONDQQ\D %HJLWXODK 0XVK¶DE GDULQ\D NLWD EHODMDU PHPEHUDQLNDQ GLUL PHPXODL NRPXQLNDVL PHQJDEDLNDQ SUDVDQJNDSUDVDQJND \DQJ VHPSDW PXQFXO VHEHOXPQ\D
.HOLPD SHQWLQJQ\D NHMHOLDQ PHOLKDW SHOXDQJ VWUDWHJLV 'DUL 0XVK¶DE NLWD
EHODMDU PHPSHUKDWLNDQ VHWLDS FHODK GL VHNLWDU NLWD \DQJ DNDQ PHQMDGL SHPEXND MDODQ GDNZDK .HMHOLDQ PHPLOLK MDULQJDQ \DQJ QDQWLQ\D DNDQ PHPEHULNDQ NRQWULEXVL EHUOLSDW 'HQJDQ EHJLWX DNDQ OHELK EDQ\DN HQHUJL \DQJ WHUVLPSDQ XQWXNDNWLYLWDVODLQ\DQJOHELKEHVDU,QLODK\DQJDNDQPHODKLUNDQHIHNWLYLWDVGDQ HILVLHQVLGDNZDK
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹͺ
.HHQDP SHQWLQJQ\D SHUVDKDEDWDQ 'DUL 0XVK¶DE NLWD EHODMDU EDKZD DGD
EDQ\DNSHOXDQJ\DQJWLGDNPDPSXNLWDMDQJNDXVHRUDQJGLUL0DNDEDQWXDQGDUL SLKDNODLQ\DQJPHPLOLNLNDSDVLWDVGDQFHODKGLVDQDDNDQPHQMDGLVWUDWHJL\DQJ HIHNWLI0XVK¶DEPHPEDZDKLGD\DKSDGD%DQL$XVPHODOXLVDKDEDWQ\DODK$V¶DG ELQ=XUDUDK\DQJPHPSHUWHPXNDQ0XVK¶DEGHQJDQ6D¶GELQ0X¶DG]7HQWXVDMD NLWDWLGDNSHUOXGDQWLGDNDNDQPHQXQJJXODPDVDPSDLSHOXDQJLWXPDPSXNLWD MDQJNDX GDQ RSWLPDONDQ GHQJDQ VDKDEDW 3HUOX GLSHUKDWLNDQ MXJD EDKZD MDULQJDQNLWDEXNDQMDULQJDQVHVDDWWHWDSLMDULQJDQ\DQJPHQJLNDWNRNRKGDODP SHUVDXGDUDDQGDQSHUVDKDEDWDQ
'LEXNDGHQJDQSHQDPSLODQ\DQJEDLNGLNXDWNDQGHQJDQSHPDKDPDQGDQ
NDSDVLWDV NRPXQLNDVL \DQJ EDLN GLKLDVL GHQJDQ DNKODN \DQJ EDLN GLSHUFHSDW GHQJDQ NHEHUDQLDQ PHPXODL NRPXQLNDVL GLSHUOXDV GHQJDQ NHMHOLDQ PHQJDPELO SHOXDQJ VWUDWHJLV GDQ GLVHPSXUQDNDQ GHQJDQ QLDW SHUVDXGDUDDQ GDQ SHUVDKDEDWDQ 'HPLNLDQODK KDOKDO PHQGDVDU \DQJ KDUXV GLPLOLNL 6'0 .6(, XQWXNPHPEDQJXQGDQPHPHOLKDUDMDULQJDQ
x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
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹʹͻ
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
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵Ͳ
x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
7LJD&DUD0HPEDQJXQ-DULQJDQ
ǣ ͳǤ ʹǤ ͵Ǥ
x %XDWDQDOLVDMDULQJDQ .HEXWXKDQMDULQJDQ
6HEHOXP .6(, PHPEDQJXQ NHUMDVDPD GHQJDQ VHEXDK MDULQJDQ WHUOHELK
GDKXOX.6(,PHPHWDNDQMDULQJDQDSDVDMD\DQJDNDQGLMDOLQGLVHVXDLNDQGHQJDQ NHEXWXKDQ GDODP SHULRGH WHUWHQWX 6HEDJDL FRQWRK GDODP VXDWX SHULRGH .6(, PHPLOLNL SURJUDP NHUMD XQWXN PHQJDGDNDQ VHPLQDU QDVLRQDO 'DODP UDQJND PHQ\XNVHVNDQ DFDUD WHUVHEXW WHQWXQ\D EDQ\DN SLKDN \DQJ SHUOX GLDMDN NHUMDVDPDDQWDUDODLQVSRQVRUVKLSLQVWDQVLWHUNDLWGHNDQDWGDQEHEHUDSDWRNRK
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵ͳ
QDVLRQDO 2OHK NDUHQD LWX GDUL MDXKMDXK KDUL .6(, GDSDW PHPLOLK SLKDN PDQD VDMD \DQJ DNDQ GLJDQGHQJ JXQD PHPHSHUNXDW GDQ PHQ\XNVHVNDQ DFDUD WHUVHEXW 'DUL FRQWRK GLDWDV NLWD GDSDW PHQJHWDKXL GDQ VHNDOLJXV PHPHWDNDQ EDKZD WLGDN VHPXD MDULQJDQ KDUXV GLUDQJNXO XQWXN EHNHUMD VDPD GDODP DFDUD WHUVHEXW
9LVL DWDXSXQ WXMXDQ \DQJ GLXVXQJ .6(,SXQ EHUSHQJDUXK GDODP
PHQHQWXNDQMDULQJDQPDQD\DQJSHUOXGLMDOLQSDGDVXDWXSHULRGH0LVDOVHEXDK .6(, PHPLOLNL YLVL XQWXN JR ,QWHUQDWLRQDO PDND MDULQJDQ \DQJ GLEDQJXQSXQ WHQWXQ\D WLGDN VHPEDUDQJDQ
6HODLQ WHUJDQWXQJ SDGD SURJUDP NHUMD GDQ YLVL .6(, LWX VHQGLUL GDODP
PHPEDQJXQMDULQJDQEDQ\DNIDNWRU\DQJKDUXVGLSHUWLPEDQJNDQ'DODPKDOLQL .6(, GDSDW PHPSULRULWDVNDQ MHQLV DWDX WLSH MDULQJDQ PDQD GXOX \DQJ GLSLOLK XQWXNPHQMDGLSDUWQHUGDODPPHQ\XNVHVNDQDJHQGDDJHQGD.6(,WHUVHEXW
-DULQJDQ \DQJ DNDQ GLEDQJXQ MXJD SHUOX GLVHVXDLNDQ GHQJDQ NRQGLVL .6(,
LWXVHQGLUL6HEDJDLLOXVWUDVLMLNDVXDWX.6(,EDUXWHUEHQWXN\DQJPDVLKWHUEDWDV GDODP MXPODK 6'0 GDQ SURNHU \DQJ GLPLOLNL PDND SULRULWDV MDULQJDQ \DQJ DNDQ GLSLOLK DGDODK MDULQJDQ \DQJ DNDQ PHQJXDWNDQ HNVLVWHQVL .6(, EDLN GL OLQJNXS IDNXOWDVPDXSXQGL8QLYHUVLWDV'HNDQDWRUJDQLVDVLPDKDVLVZDGLIDNXOWDVVHUWD GRVHQSXQGDSDWGLMDGLNDQSULRULWDVXQWXNGLMDGLNDQWDUJHWMDULQJDQ
'L ODLQ VLVL NHWHUVHGLDDQ 6'0 GDQ VDUDQD \DQJ GLPLOLNL .6(, SXQ
PHQHQWXNDQ MDULQJDQ PDQD GXOX \DQJ KDUXV GLSLOLK )DNWRU LQL VDQJDW SHQWLQJ PHQJLQJDW VHEHUDSD EHVDU NHPDPSXDQ VHEXDK .6(, PHQJHOROD DWDX PHQMDJD MDULQJDQ\DQJWHODKGLEDQJXQ 7LSHMDULQJDQ.6(,
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵ʹ
-LND .6(, WHODK PHQHQWXNDQ MDULQJDQ DSD VDMD \DQJ DNDQ GLEDQJXQ
NHGHSDQQ\DPDNDGLSHUOXNDQSXODVWUDWHJL\DQJEDLNVHUWD6'0\DQJNRPSHWHQ GDODPPHODNVDQDNQQ\D2OHKNDUHQDLWXKDUXVGLWXQMXNVHEDJLDQSHQJXUXV.6(, \DQJ EHUWDQJJXQJ MDZDE XQWXN PDODNVDQDNDQ WXJDV GDODP PHPEDQJXQ DWDX PHQMDOLQMDULQJDQ\DQJWHODKGLWHQWXNDQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵͵
x /DNXNDQSHQGHNDWDQ 6LODWXUDKLP
³%DUDQJVLDSD\DQJLQJLQGLPXGDKNDQUH]HNLGDQGLSDQMDQJNDQXVLDQ\DKHQGDNODK LDVHQDQWLDVDPHQMDJDVLODWXUDKLP´+50XVOLPGDUL$QDVELQ0DOLN5$ Dzǯ
ǡ
dz ȋ ǤȌ
6HWHODK.6(,PHODNXNDQDQDOLVLVWHUKDGDSMDULQJDQDSDVDMD\DQJDNDQGL
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
.RPXQLNDVL\DQJEDLN DGDODKNXQFLEDJLVLODWXUDKLP6LODWXUDKLPDNDQVXOLW
GLPXODL WDQSD DGDQ\D NRPXQLNDVL 2OHK NDUHQD LWX SHUOX DGD NDSDVLWDV GDODP NRPXQLNDVL EDLN GDUL NHPDPSXDQ NRPXQLNDVL PDXSXQ NHPDXDQ PHPXODL NRPXQLNDVL %HUKXEXQJDQ GHQJDQ NHPDPSXDQ EHUNRPXQLNDVL DGDODK SDGD SHPDKDPDQ FDUD PHQ\DPSDLNDQ VDPSDDL GHQJDQ PHPSHUKDWLNDQ ZDNWX SHQ\DPSDLDQ %HUKXEXQJDQ GHQJDQ NHPDXDQ PHPXODL NRPXQLNDVL EDKZD 5DVXOXOODK WLGDN PHQLODL RUDQJ \DQJ PHPEDODV NXQMXQJDQ DWDX PHQ\DPEXW XOXUDQWDQJDQSLKDNODLQ VHEDJDLPHODNXNDQ VLODWXUDKLP WHWDSL \DQJ PHODNXNDQ VLODWXUDKLP DGDODK \DQJ PHPXODL PHQ\DPEXQJ KXEXQJDQ 0DND EHUORPED
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵Ͷ
ORPEDODK PHPXODL EHUNRPXQLNDVL GHQJDQ EDLN PHQJLNWL\DUNDQ VLODWXUDKLP \DQJ SHQXKEHUNDKEDJLNLWDGDQEDJLSHUMXDQJDQ 7XNDULQIRUPDVL
$NWLYLWDVEHULNXWQ\D\DQJGDSDWNLWDODNXNDQVHODLQVLODWXUDKLPDGDODKWXNDU
LQIRUPDVL PHQJHQDL .6(, GDQ MDULQJDQ \DQJ DNDQ GLMDOLQ 3HQGHNDWDQ WLSH LQL GDSDWGLODNXNDQGLPDQDVDMDSDGDVDDWVLODWXUDKLPSDGDVDDWEHUWHPXSHMDEDW LQVWDQVL WHUWHQWX GL VXDWX DFDUD SDGD VDDW PHQJKDGLUL XQGDQJDQ GDQ GDODP NHVHPSDWDQODLQQ\D
2OHK NDUHQD LWX GDODP PHODNXNDQ WXNDU LQIRUPDVL .6(, KDUXV VLDS VHGLD
GHQJDQVDUDQDDWDXPHGLD\DQJGLJXQDNDQXQWXNPHPEHULNDQ,QIRUPDVLVHSXWDU .6(,LWXVHQGLUL6DUDQDLWXDQWDUDODLQNDUWXQDPDSURILORUJDQLVDVLDWDXVHNHGDU 1R +S \DQJ GDSDW GLKXEXQJL 'DQ \DQJ SHQWLQJ NLWD MXJD KDUXV PHQGDSDWNDQ LQIRUPDVL GDUL MDULQJDQ \DQJ DNDQ NLWD MDOLQ DJDUNLWD VHPDNLQ GHNDW GDQ GDSDW PHOLKDWOHELKGDODPPDQIDDWDSDVDMD\DQJDNDQGLSHUROHKGDULMDULQJDQLQLXQWXN .6(, 7HUOLEDWDNWLIGDODPNHJLDWDQ
6HWHODKNLWDPHQMDOLQVLODWXUDKLPGDQEHUWXNDULQIRUPDVLXQWXNPHQ\DWDNDQ
NHVHULXVDQGDQMXJDGDODPUDQJNDPHPEDQJXQNHSHUFD\DDQSDGDMDULQJDQ\DQJ NLWD MDOLQ PDND WXQMXNNDQ EDKZD NLWD EHUNRPLWPHQ GDQ OD\DN XQWXN GLDMDN NHUMDVDPD 6DODK VDWXQ\D GHQJDQ WHUOLEDW DNWLI GDODP NHJLDWDQ \DQJ GLDGDNDQ ROHKLQVWDQVLDWDXMDULQJDQWHUVHEXW
+DO LQL PHQMDGL SHQWLQJ XQWXN GLODNXNDQ NDUHQD VHFDUD WLGDN ODQJVXQJ
PHQJLQJDWNDQNHPEDOLMDULQJDQWHUVHEXWGHQJDQ.6(,DNLEDWVHULQJQ\DLQWHQVLWDV SHUWHPXDQDWDXKXEXQJDQ'HQJDQNHWHUOLEDWDQ.6(,VHFDUDDNWLIGDODPNHJLDWDQ \DQJ PHUHND ODNXNDQ VHFDUD WLGDN ODQJVXQJ PHPEHULNDQ LQJDWDQ VHUWD FDWDWDQ \DQJEDLNHNVLVWHQVL.6(, GLPDWDMDULQJDQWHUVHEXW'DODPWDKDSLQL.LWDMXJD GDSDW PHPEHULNDQ EDQWXDQ VHFDUD SHUVRQDO PDXSXQ RUJDQLVDVLRQDO GDODP PHQ\XNVHVNDQDFDUD\DQJGLDGDNDQROHKLQVWDQVLDWDXWRNRK\DQJWHODKNLWDMDOLQ
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵ͷ
x -DULQJNDQ
,QYROYH
-LND VHEHOXPQ\D .6(, WHUOLEDW DNWLIGDODPNHJLDWDQ LQVWDQVL DWDXMDULQJDQ
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
\DQJ WHODK GLEDQJXQ PHPLOLNL SRVLVL SHQWLQJ EDLN NXOWXUDO PDXSXQ VWUXNWXUDO GDODP PHZXMXGNDQ NLQHUMD .6(, :XMXGQ\D GDSDW EHUXSD GLPDVXNNDQQ\D MDULQJDQ WHUVHEXW GDODP GDWDEDVH RUJDQLVDVL DWDX PHQMDGLNDQ MDULQJDQ WHUVHEXW VHEDJDL 3DUWQHU GHQJDQ SURLULWDV SHUWDPD XQWXN DJHQGD UXWLQ WDKXQDQ VHEXDK .6(, 8QWXN MDULQJDQ GHQJDQ DNDGHPLVL PLVDOQ\D .6(, MXJD GDSDW PHQMDGLNDQ PHUHND VHEDJDL GHZDQ SHQDVHKDW DWDX GHZDQ SDNDU GDODP RUJDQLVDVL 3DGD GDVDUQ\D SDGD WDKDSDQ LQL MDULQJDQ \DQJ WHODK WHUOLEDW DNWLI GDODP NHJLDWDQ .6(, GLMDGLNDQ SULRULWDV MDULQJDQ XQWXN WHUXV GLDMDN NHUMDVDPD GDQ PHPLOLNL SHQJDUXKVLJQLILNDQ GDODPPHODNVDQDNDQ DJHQGDDJHQGD GHQJDQ PHQHPSDWNDQ PHUHND NH GDODP EDJLDQ SHQWLQJ GDODP VHEXDK NHJLDWDQ PDXSXQ VWUXNWXU RUJDQLVDVLLWXVHQGLUL
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵
&DUD0HQJHOROD-DULQJDQ0DLQWHQDQFH
ǣ ͳǤ Ǥ
͵Ǥ Dz dz
3HUPDVDODKDQ NODVLN \DQJ VHULQJ GLWHPXL WHUNDLW MDULQJDQ .6(, DGDODK
SHQJHORODDQGDQSHQMDJDDQMDULQJDQ\DQJWHODKGLEDQJXQ7LGDNVHGLNLWMDULQJDQ WHUVHEXWOHSDVNRQWDNGDUL.6(,DWDX³OXSD´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
-DULQJDQ \DQJ WHODK GLEDQJXQ VHEDLNQ\D ODQJVXQJ GLFDWDW GDQ GL
NHORPSRNNDQ VHVXDL GHQJDQ VLIDW GDQ NDUDNWHULVWLNQ\D GDODP VHEXDK FDWDWDQ NKXVXVMDULQJDQGDWDEDVHMDULQQJDQ +DOKDOPLQLPDO\DQJSHUOXGLFDWDWWHUNDLW VHEXDK MDULQJDQ VHWHODK GLNHORPSRNNDQ PHQXUXW VLIDW GDQ NDUDNWHULVWLNQ\D DQWDUDODLQ 1DPDMDULQJDQ $ODPDWNDQWRUDWDXNRQWDNSHUVRQ (PDLOGDQ1RWHOHSRQ %HQWXN WLSH NHUMD VDPD \DQJ WHODK GLEDQJXQ MLND GLSHUOXNDQ PLVDO VSRQVRUVKLSSHPELFDUDNHUMDVDPDNHSDQLWLDDQGOO
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵
'DWDGDWD WHUNDLW MDULQJDQ LQL GDSDW GLEXDW GDODP EHQWXN WDEHO GHQJDQ PHQJJXQDNDQ IDVLOLWDV PLFURVRIW ZRUG DWDX H[HO 1DPXQ DNDQ OHELK EDLN MLND GLEXDW GDODP EHQWXN PLFURVRIW DFFHVV DJDU PXGDK GLNHORPSRNNDQ GDQ PHPXGDKNDQGDODPSURVHVSHQFDULDQGDWD .HHS&RQWDFWGDQXSGDWH 6DODK VDWX HOHPHQ SHQWLQJ GDODP PHQJHOROD MDULQJDQ WHUXWDPD GDODP SURVHV SHQMDJDDQ DGDODK VHODOX EHUKXEXQJDQ NHHS FRQWDFW GDQ VHODOX PHQJ
XSGDWH GDWDEDVHMDULQJDQ\DQJWHODKGLEXDW6'0.6(,\DQJGLDPDQDKNDQSDGD GHSDUWHPHQGLYLVL MDULQJDQ VHEDLNQ\D PHODNXNDQ FRQWDFW VHFDUD EHUNDOD DWDX UXWLQ NHSDGD MDULQJDQ .HHS &RQWDFW LQL GDSDW GLODNXNDQ GHQJDQ FDUD PHQJLULP VPVHPDLONDUWXXFDSDQDWDXEDKNDQGLWHOHSRQ,VLGDUL FRQWDFW\DQJGLODNXNDQ ROHK .6(, GDSDW EHUXSD PHPEHULNDQ NDEDU WHUEDUX WHQWDQJ .6(, NHJLDWDQ PHPEHULNDQ XFDSDQ WHULPD NDVLK DWDV NHUMDVDPD \DQJ WHODK GLODNVDQDNDQ PHQJLULP XFDSDQ VHODPDW DWDV SUHVWDVL GDUL MDULQJDQ PHQJLULP XFDSDQ VHODPDW DWDV PRPHQW KDUL EHVDU QDVLRQDO DWDX VHNHGDU PHQDQ\DNDQ NDEDU WHUEDUX MDULQJDQWHUVHEXW
.HHS FRQWDFW LQL VDQJDW SHQWLQJ XQWXN GLODNXNDQ PHQJLQJDW GHQJDQ FDUD LQLODK MDULQJDQ \DQJ WHODK NLWD EDQJXQ PHUDVD GLKDUJDL NHEHUDGDDQQ\D GDQ MDULQJDQWHUVHEXWVHGLNLWEDQ\DNDNDQPHQJHWDKXL SURJUHVVVHEXDK.6(,6HOLDQ LWX\DQJWDNNDODKSHQWLQJGDULSURVHVLQL.6(,PHQGDSDWNDQLQIRUPDVL XSGDWH PHQJHQDL MDULQJDQ WHUVHEXW GDQ VHODQMXWQ\D ODQJVXQJ GDSDW NLWD PDVXNNDQ NH GDODP GDWDEDVH MDULQJDQ VHDQGDLQ\D DGD SHUXEDKDQ WHUNDLW GDWDGDWD MDULQJDQ WHUVHEXW 6HODOX³,QYROYH´ 6HWHODK .6(, PDPLOLNL GDWDEDVH \DQJ XSGDWH GDQ VHODOX FRQWDFW VLODWXUDKLP GHQJDQ MDULQJDQ WHUVHEXW .LWD GDSDW EHUXSD\D XQWXN VHODOX PHOLEDWNDQMDULQJDQNHGDODPNHJLDWDQ.6(,\DQJUHODYDQ'DQMXJDVHEDOLNQ\D VHGDSDW PXQJNLQ .6(, VHODOX WHUOLEDW GDODP DFDUD \DQJ GLEXDW ROHK LQVWDQVL WRNRKPDXSXQPHPHQXKLXQGDQJDQGDULMDULQJDQWHUVHEXW
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵ͺ
/DQJNDKODQJNDK WHNQLV PHPEDQJXQMDULQJDQ
3HUVLDSDQKDOKDOWHNQLV %XDWGDWDEDVHMDULQJDQ
%XDWGDIWDUMDULQJDQ
PDVLKNRVRQJGDWD
\DQJDNDQGLEDQJXQ
%XDWVLQJOHFRQWDFWGDQ
VHEDQ\DNPXQJNLQ
DODPDW OHQJNDS XQWXN
7HQWXNDQSHQDQJJXQJ
RUJDQLVDVL
MDZDEDWDXSHODNVDQD
%XDW SDSDQ ,QIRUPDVL
NKXVXVMDULQJDQ
%XDWDOXU,QIRUPDVL
\DQJUDSLWHUNDLW.6(,
%XDWDODPDW
0HQ\LDSNDQEDKDQ
IRUXPLGHQWLWLDVGL
EDKDQDWDXKDOKDO
GXQLDPD\DZHEVLWH
WHNQLV\DQJGLEXWXKNDQ
PLOLVEORJIDFHERRN
GDODPPHPEDQJXQ
GOO
MDULQJDQ
%XDWSURILOHRUJDQLVDVL
/DNXNDQ VHVXDL GHQJDQ WLJD FDUD PHPEDQJXQ MDULQJDQ \DQJWHODKGLMHODVNDQ
DWDXNDUWXQDPDMLND GLSHUOXNDQ
0HQXMX6LQHUJLVLWDV ³%DJDLPDQDSXQNHNHUXKDQMDPD¶DKMDXKOHELKEDLNGDULSDGD
NHMHUQLKDQLQGLYLGX´$OLELQ$EL7KDOLEUD
.RPXQLNDVL \DQJ HIHNWLI SHUOX GLEDQJXQ PHQXMX VLQHUJLVLWDV GDQ NHUMD VDPD 7LGDN FXNXS DQWDUD VDWX GHQJDQ ODLQQ\D WHWDSL VHOXUXKQ\D 6LQHUJLVLWDV DQWDUDSHPHULQWDKXODPDSHQJXVDKDSUDNWLVLGDQDNDGHPLVLDNDQPHQMDGLNDQ NLWDVHEDJDLMDPD¶DK\DQJEHVDU'DQLWXODK\DQJLQJLQNLWDFLSWDNDQ%DQ\DNFDUD
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹ͵ͻ
ELVD GLODNXNDQ XQWXN PHPEDQJXQ NRPXQLNDVL \DQJ HIHNWLI LQL PLVDONDQ PHODOXL IRUXPVWUXNWXUDOPDXSXQNXOWXUDODQWDUEHUEDJDLRUJDQLVDVL\DQJGLPXODLGHQJDQ VLODWXUDKLP 0DUL NLWD EHUMDODQ EHUVDPD GXGXN EHUVDPD GDQ VDOLQJ PHPEXND SLQWXGLDORJXQWXNPHPELFDUDNDQKDOKDO\DQJGLEXWXKNDQXPDWGDQGDNZDK ,VWLODK3HQWLQJ
,QWHUSHUVRQDOVKLS NHPDPSXDQ XQWXN PHPEDQJXQ KXEXQJDQ \DQJ EDLN GHQJDQ RUDQJODLQ
,VWL¶DDE NHPDPSXDQ LQGLYLGX NHOD\DNDQ DNKODN VLIDW NHLPDQDQ GDQ NDUXQLD LODKL\DK\DQJPHPEDQWXSDUDGD¶LXQWXNPHQDULNRE\HNGDNZDKGDQPHQMDGLNDQ PHUHNDVHEDJDLSRURVEDJLPDV\DUDNDW
:ĂƌŝŶŐĂŶ͕<ĞƌũĂƐĂŵĂ͕ĚĂŶWĞŶŐĂďĚŝĂŶDĂƐLJĂƌĂŬĂƚ ʹͶͲ
³'DQMDQJDQODKNDPXVHUDKNDQNHSDGDRUDQJ\DQJEHOXPVHPSXUQDDNDOQ\D KDUWDPHUHND\DQJDGDGDODPNHNXDVDDQ NDPX\DQJGLMDGLNDQ$OODKVHEDJDL SRNRNNHKLGXSDQ%HULODKPHUHNDEHODQMDGDQSDNDLDQGDULKDVLOKDUWDLWX GDQ XFDSNDQODKNHSDGDPHUHNDSHUNDWDDQ\DQJEDLN´46$O0DLGDK
5LQJNDVDQ
6DODK VDWX KDO \DQJ GDSDW PHPEDZD NHVXNVHVDQ DNWLYLWDV VXDWX
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
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
0LQG0DS3HQJJDODQJDQ'DQDSDGD.6(,
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
2UJDQLVDVLGDQ'DQD
'DQD PHQGHQJDU NDWD LWX XPXPQ\D PHQJLQJDWNDQ SDGD VDODK VDWX
JDQMDODQXWDPD\DQJELDVDQ\DGLKDGDSLEHUEDJDLRUJDQLVDVL0XODLGDULRUJDQLVDVL EHVDUKLQJJDNHFLOGDNZDKPDXSXQQRQGDNZDKWLGDNOXSXWGDULSHUPDVDODKDQ SHQJHORODDQGDQSHUROHKDQGDQD/DOXVHEHUDSDSHQWLQJNHEHUDGDDQGDQDGDODP RUJDQLVDVL"
%LOD EHUWDQ\D GHPLNLDQ PXQJNLQ VHEDLNQ\D
DQGD
PHQFRED
PHPEXND
NHPEDOL
ODSRUDQ
SHUWDQJJXQJMDZDEDQ RUJDQLVDVL DWDX NHSDQLWLDDQ GLSDVWLNDQVDODKVDWXWDQWDQJDQ\DQJPHQ\HEDENDQ EHEHUDSD VDVDUDQ \DQJ WHODK GLWHWDSNDQ DNKLUQ\D WLGDN WHUFDSDL GLVHEDENDQ ROHK NHWHUEDWDVDQ GDQD :DODX GDSDW GLNDWDNDQ EHUMDODQQ\D VXDWX DNWLYLWDV GDNZDK GDODP KDO LQL GDNZDK (NRQRPL ,VODP WLGDN EHUDUWL WHUKHQWL NDUHQD NHWLDGDDQ GDQD WHWDSL WLGDN ELVD
GLSXQJNLUL
NHEHUDGDDQ
GDQD
VDQJDWODK
VLJQLILNDQ GDODP PHPHQJDUXKL NLQHUMD RUJDQLVDVL 6HWLGDNQ\D
DGD
EHEHUDSD
DODVDQ
SHQJDUXK
VLJQLILNDQGDQDEDJLNLQHUMDRUJDQLVDVL z
.HEHUDGDDQ GDQD \DQJ PHPDGDL DNDQ PHPHQJDUXKL
NXDOLWDV
NHJLDWDQ
\DQJ
GLVHOHQJJDUDNDQ 6HEDJDL LOXVWUDVL VXDWX NHJLDWDQ .6(, \DQJ GLVHOHQJJDUDNDQ GHQJDQ GDQD \DQJ PHPDGDL PDND DNDQ GDSDW PHQJKDGLUNDQ QDUDVXPEHU \DQJ EHUNXDOLWDV GLVHOHQJJDUDNDQ GL ORNDVL \DQJ PXGDK GLMDQJNDX EHUEDJDL NDODQJDQ GDQ Q\DPDQ PHQJKLGDQJNDQNRQVXPVL\DQJPHQDULNGDQ GLOHQJNDSL GHQJDQ VDUDQD \DQJ PHPXDVNDQ 0DWHUL\DQJGLVDMLNDQSXQOHELKEHUERERWGDQ YDULDWLI +DO WHUVHEXW VXOLW WHUFDSDL WDQSD GDQD\DQJPHPDGDL z
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
.HEHUDGDDQ GDQD \DQJ PHPDGDL DNDQ
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
PHPHQJDUXKL NXDQWLWDV NHJLDWDQ \DQJ GLVHOHQJJDUDNDQ 7HQWXQ\D SHQ\HOHQJJDUDDQ
NHJLDWDQ
.6(,
\DQJ
EHUNHVLQDPEXQJDQ
UXWLQ
PHPHUOXNDQGDQD\DQJPHPDGDLXQWXNPHQGXNXQJSHODNVDQDDQ z
.HEHUDGDDQ GDQD \DQJ PHPDGDL DNDQ PHPHQJDUXKL SHQJHPEDQJDQ NDSDVLWDV RUJDQLVDVL 0HODOXL GDQD \DQJ PHPDGDL .6(, GDSDW PHQLQJNDWNDQNXDOLWDVVXPEHUGD\DPDQXVLD\DQJDGDGLGDODPQ\D\DQJ NHPXGLDQ DNDQ PHQLQJNDWNDQ NDSDVLWDV RUJDQLVDVL VHFDUD NHVHOXUXKDQ 3HQLQJNDWDQ NDSDVLWDV GDSDW GLODNXNDQ PHODOXL SHQJLULPDQ DQJJRWD NH SHODWLKDQSHODWLKDQDWDXEDKNDQPHQJDGDNDQSHODWLKDQPDQGLUL
z
.HEHUDGDDQ GDQD \DQJ PHPDGDL DNDQ PHPHQJDUXKL NRPSHWHQVL RUJDQLVDVL 'DQD GLEXWXKNDQ XQWXN SHQJLULPDQ GHOHJDVL .6(, NHSDGD NHJLDWDQNHJLDWDQ GL OXDU NDPSXV \DQJ WHQWXQ\D DNDQ PHPSHQJDUXKL NRPSHWHQVLRUJDQLVDVL
z
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
'DODPEDELQLDNDQGLEDKDVEHEHUDSDKDOGDQDODVDQPHQGDVDUPHQJHQDL
XSD\DSHQJXPSXODQGDQD\DQJGDSDWGLJXQDNDQXQWXNPHQGDQDLNHJLDWDQ.6(, 3HQJXPSXODQ GDQD GDODP KDO LQL OHELK GLDUDKNDQ VHEDJDL SDQGXDQ NKXVXVQ\D EDJL ELUR DWDX EDJLDQ GDQD XVDKD GDQXV PDXSXQ SUR\HN NHSDQLWLDDQ VHEDJDL
UHYHQXHFHQWHUVHEXDK.6(, .6(,0DQGLUL3HUOXNDK"
/DOX PXQJNLQNDK VHEXDK .6(, PHQMDGL VXDWX RUJDQLVDVL \DQJ PDQGLUL"
-DZDEDQDWDVSHUWDQ\DDQWHUVHEXWGDSDWEHUPDFDPPDFDP6HWLGDNQ\DDGDWLJD MDZDEDQ\DQJSDOLQJHNVWULPPHZDNLOLVHOXUXKNHPXQJNLQDQMDZDEDQ\DQJDNDQ PXQFXO -DZDEDQ SHUWDPD DGDODK .6(, \DQJ PDQGLUL LWX WLGDN PXQJNLQ GDQ VHSHUWLQ\D WLGDN SHUOX -DZDEDQ SHUWDPD LQL PXQJNLQ PXQFXO GDUL .6(, \DQJ
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
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
:HZHQDQJ3HODNVDQDDQ 6LDSDNDK \DQJ VHEDLNQ\D PHQMDODQNDQ NHJLDWDQ GDQD XVDKD GL GDODP VXDWX .6(," 0XQJNLQ SHUWDQ\DDQ LWX \DQJ NHPXGLDQ WHUOLQWDV 7LGDN SHUOX PHPED\DQJNDQEDKZDSHODNVDQDDQNHJLDWDQGDQDXVDKDGLGDODPVHEXDK.6(, PHPEXWXKNDQ VXDWX VXPEHU GD\D PDQXVLD \DQJ VDQJDW EHVDU EDKNDQ KLQJJD PHPLNLUNDQ SHUOX PHODNXNDQ UHNUXWPHQ NKXVXV EDN VHEXDK SHUXVDKDDQ EHVDU $GD EHEHUDSD PRGHO \DQJ XPXPQ\D GLJXQDNDQ ROHK EHUEDJDL RUJDQLVDVL GDODP KDOSHPEHULDQZHZHQDQJSHQJHORODDQGDQDXVDKDRUJDQLVDVL
6WUXNWXU2SHUDVLRQDO.6(,
0RGHO LQL PXQJNLQ VXGDK WLGDN DVLQJ ODJL 'DODP PRGHO LQL .6(, SHUOX
PHPEHQWXN ELUR WHUVHQGLUL \DQJ PHPDQJ GLNKXVXVNDQ XQWXN SHQJHORODDQ GDQ SHQJJDODQJDQGDQDRUJDQLVDVL6HFDUDVWUXNWXUOD]LPQ\DELURGDQDXVDKDEHUDGD GLEDZDKVXSHUYLVLWUHDVXUHUDWDXEHQGDKDUDXPXP
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
*DPEDU%LUR8VDKD0DQGLULGDODP6WUXNWXU.HSHQJXUXVDQ
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
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
.HSDQLWLDDQ.6(,
%LDVDQ\D .6(, PHPLOLNL NHJLDWDQNHJLDWDQ UXWLQ PDXSXQ LQVLGHQWDO \DQJ
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
VSRQVRUVKLS DWDX GLYLVL SDUWQHUVKLS VHGDQJNDQ WLP SHQGDQDDQ QRQNRPHUVLDO DGDODKGLYLVLGRQDVL -XPODK RUDQJ \DQJ VHEDLNQ\D GLOLEDWNDQ GDODP WLP GDQD XVDKD VXDWX NHSDQLWLDDQ GDSDW GLVHVXDLNDQ GHQJDQ VNDOD NHJLDWDQ \DQJ DNDQ GLODNXNDQ 6HPDNLQEHVDUVXDWXNHJLDWDQ\DQJPHPEXWXKNDQSHQGDQDDQ\DQJEHVDUPDND MXPODK RUDQJ \DQJ GLOLEDWNDQ VHEDLNQ\D VHPDNLQ EDQ\DN %HEHUDSD FDUD GDSDW GLJXQDNDQXQWXNOHELKPHPRWLYDVLGDQPHPXGDKNDQWLPGDQDXVDKDDQWDUDODLQ D .HSDQLWLDDQGDSDWPHPEHULNDQWDUJHWSHUROHKDQGDQDXQWXNVHWLDSRUDQJ \DQJ WHUOLEDW GDODPWLP &DUDQ\DGHQJDQ PHPEDJLWRWDONHEXWXKDQGDQD GHQJDQMXPODK RUDQJ \DQJGLOLEDWNDQ GDODP WLP&RQWRKPLVDONDQ VXDWX NHJLDWDQ PHPEXWXKNDQ GDQD SHQ\HOHQJJDUDDQ 5S GDODP WLP GDQD XVDKD NHSDQLWLDDQ WHUVHEXW WHUGLUL GDUL RUDQJ GHQJDQ NRPSRVLVLRUDQJNRRUGLQDWRUGDQZDNLOVHUWDRUDQJVWDI PDNDVHWLDS RUDQJ GLEHULNDQ WDUJHW SHUROHKDQ GDQD 5S SHU RUDQJ XQWXN VWDI GDQ PDVLQJPDVLQJ 5S XQWXN NRRUGLQDWRU GDQ ZDNLO NRRUGLQDWRU 7HQWXQ\D VHWLDS RUDQJ PHUDVD OHELK ULQJDQ XQWXN PHQFDUL SHQGDQDDQVHMXPODKLWXGLEDQGLQJNDQPHUHNDGLEHEDQNDQGHQJDQDQJND NHVHOXUXKDQGDQD\DQJGLEXWXKNDQ E .HSDQLWLDDQGDSDWPHPEDJLWDUJHWSHUROHKDQGDQDXQWXNVHWLDSWLPGDQD XVDKD3HPEDJLDQWDUJHWGLVHVXDLNDQGHQJDQSRWHQVLSHQGDSDWDQPDVLQJ PDVLQJ WLP 0LVDOQ\D NHEXWXKDQ GDQD NHJLDWDQ NDMLDQ \DQJ DNDQ PHQGDWDQJNDQ SHPELFDUD WHUNHQDO VHMXPODK 5S GDQ
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
NHSDQLWLDDQ PHPLOLNL GXD WLP GDQD XVDKD \DLWX WLP VSRQVRUVKLS GDQ WLP GRQDVL 0DND WHQWXQ\D WLP VSRQVRUVKLS VHEDLNQ\D PHQGDSDWNDQ SURSRUVL WDUJHW SHQJXPSXODQ GDQD \DQJ OHELK EHVDU GLEDQGLQJNDQ WLP GRQDVL NDUHQD SRWHQVL VSRQVRUVKLS XQWXN PHPSHUROHK GDQD OHELK EHVDU PHQJLQJDW PHPLOLNL VDVDUDQ \DQJ OHELK EDQ\DN 1DPXQ SHUOX GLLQJDW EDKZD \DQJPHQMDGLSHQHQWXSHPEDJLDQ DGDODK SRWHQVLVHWLDS WLPGDQD XVDKD \DQJ WHQWXQ\D VDQJDW EHUJDQWXQJ SDGD VLIDW NHJLDWDQ \DQJ GLVHOHQJJDUDNDQ
(NVWUD2UJDQLVDVL
0RGHO ODLQ \DQJ PXQJNLQ GLWHUDSNDQ XQWXN SHOLPSDKDQ RUJDQLVDVL DGDODK
HNVWUDRUJDQLVDVL(NVWUDRUJDQLVDVLGLODNXNDQGHQJDQFDUDPHQ\HUDKNDQNHJLDWDQ SHQJXPSXODQ GDQD RUJDQLVDVL NHSDGD SLKDN \DQJ VHFDUD VWUXNWXU WLGDN PHQMDGL EDJLDQRSHUDVLRQDORUJDQLVDVL%HQWXNQ\DGDSDWEHUXSD\D\DVDQDWDXPDQDMHPHQ WHUSLVDK
-HQLV3HQJJDODQJDQ'DQD
%HUEDJDL FDUD VHEHQDUQ\D GDSDW GLODNXNDQ VHEXDK .6(, XQWXN
PHPSHUROHK GDQD SHQGXNXQJ NHJLDWDQ .6(, 3HPLOLKDQ EHQWXN SHQJJDODQJDQ GDQD \DQJ DNDQ GLODNXNDQ .6(, KHQGDNQ\D PHPSHUWLPEDQJNDQ VXPEHU GD\D \DQJGLPLOLNL.6(,NHPDPSXDQVHUWDSHOXDQJSHOXDQJ\DQJDGDGLVHNLWDU.6(, %HULNXWMHQLVMHQLVSHQJJDODQJDQGDQD\DQJXPXPQ\DGDSDWGLMDODQNDQ.6(,
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
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
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
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
%HEHUDSD NHXQWXQJDQ \DQJ GDSDW GLSHUROHK GDUL SHQJJDODQJDQ GDQD
PHQJJXQDNDQSUR\HNDGDODKPHQLQJNDWNDQSURIHVLRQDOLWDVVXPEHUGD\DPDQXVLD \DQJ GLPLOLNL .6(, PHPSHUOXDV MDULQJDQ VHUWD PHQLQJNDWNDQ FLWUD GL DQWDUD RUJDQLVDVLRUJDQLVDVL ODLQ \DQJ DGD GL VHNLWDU .6(, $GDSXQ WDKDSDQ NHUMD \DQJ GDSDWGLODNXNDQXQWXNSUR\HNDGDODK
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
0HQFDULLQIRUPDVLNHEHUDGDDQSUR\HN 0HQ\LDSNDQ GDQ PHQ\DPSDLNDQ UDQFDQJDQ SHQDZDUDQ MDVD GHQJDQ PHQJDNRPRGDVLNHEXWXKDQUHNDQDQ 0HODNXNDQQHJRVLDVLGDQSHUMDQMLDQ 0HQMDODQNDQNHZDMLEDQVHVXDL\DQJGLVHSDNDWLGDODPSHUMDQMLDQ 0HPEXDWODSRUDQSHODNVDQDDQ
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
x
,QIRUPDVLOHQJNDSPHQJHQDLRUJDQLVDVL\DQJPHQDZDUNDQVSRQVRUVKLS
x
,QIRUPDVLWHQWDQJDFDUD\DQJDNDQGLODNXNDQGDQVHJDODNHEXWXKDQQ\D
x
'DPSDNGDULDFDUDWHUVHEXW\DQJDNDQGLSHUROHK
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
x
-XPODKGDQD\DQJGLEXWXKNDQEHUXSDDQJJDUDQ
x
.RQWUDSUHVWDVLEDJLVSRQVRU KWWSKXESDJHVFRPKXE6DPSOH6SRQVRUVKLS3URSRVDO
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
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
*DPEDU&RQWRK&RYHU3URSRVDO.HJLDWDQ
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
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
PH\DNLQNDQ WHUXWDPD PHQJHQDL NRQVHS NHJLDWDQ GDQ PDQIDDWQ\D EDJL SHUXVDKDDQ
6HWHODK EHUWDWDS PXND MDQJDQ OXSD XQWXN PHQLQGDNODQMXWL KDVLOQ\D %LOD
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
3DUWQHUVKLS
6HEHQDUQ\D VHFDUD WHNQLV WLGDN DGD SHUEHGDDQ VLJQLILNDQ DQWDUD
VSRQVRUVKLS GDQ SDUWQHUVKLS +DO \DQJ PHPEHGDNDQ DGDODK GDODP SDUWQHUVKLS SLKDN NHWLJD \DQJGLDMDN EHNHUMD VDPDDWDX EHUSDUWLVLSDVLGDODP .6(,GLWXMXNDQ XQWXN NHJLDWDQ RUJDQLVDVLVHFDUD NHVHOXUXKDQ GDQ NRQWUDSUHVWDVL \DQJ GLEHULNDQ XPXQ\DEHUVLIDWMDQJNDSDQMDQJDWDXVHSDQMDQJNHSHQJXUXVDQ.6(,
.HXQWXQJDQ GDUL SDUWQHUVKLS DGDODK PHQJKHPDW XVDKD \DQJ GLODNXNDQ
.6(, XQWXN EHUXODQJ NDOL PHQJKXEXQJL SHUXVDKDDQ PHPSHUROHK NHSDVWLDQ SHQGDQDDQ GDODP VDWX SHULRGH WHUWHQWX PHQJKLQGDUL DSOLNDVL NHUMDVDPD JDQGD NHSDGD SHUXVDKDDQ \DQJ VDPD ZDODXSXQ GLVDPSDLNDQ ROHK NHSDQLWLDDQ \DQJ EHUEHGD VHUWD PHQLQJNDWNDQ FLWUD GDQ NHSHUFD\DDQ SLKDN ODLQ NHSDGD .6(, $GDSXQ WDKDSDQ NHUMD VDPD GHQJDQ DSD \DQJ GLMDODQNDQ GDODP UDQJND SHQDZDUDQ VSRQVRUVKLS 6HEDLNQ\D SHQJDMXDQ SDUWQHUVKLS GLODNXNDQ GL DZDO NHSHQJXUXVDQ.6(,
6HEDJDL FRQWRK .(, GDQ .L$0, )6, )(8, PHQJDGDNDQ NHVHSDNDWDQ
SDUWQHUVKLS GHQJDQ %DQN 6\DULDK = .(,.L$0, VHEHOXPQ\D PHQDZDUNDQ VHPXD NHJLDWDQ\DQJDNDQGLVHOHQJJDUDNDQVHODPDVDWXWDKXQNHSHQJXUXVDQNHGHSDQ $NKLUQ\D GLVHSDNDL NHUMDVDPD GHQJDQ QLODL NRQWUDN 5S XQWXN MDQJND ZDNWX EXODQ 0DND VHODPD ZDNWX EXODQ %DQN 6\DULDK = VHEDJDL UHNDQ .(, .L$0, DNDQ PHPSHUROHK NHLVWLPHZDDQ GDODP NHJLDWDQNHJLDWDQ .6(, VHSHUWL ORJR SHUXVDKDDQ GL VHWLDS NHJLDWDQ NHVHPSDWDQ PHQDZDUNDQ SURGXN KLQJJD
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
PHPEDQWXSHQJXUXVDQSHUL]LQDQELODSHUXVDKDDQLQJLQPHQJDGDNDQNHJLDWDQGL OLQJNXQJDQNDPSXV
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
6XPEHUGRQDVL\DQJSDOLQJXWDPDELDVDQ\DDGDODKDOXPQL.6(,VHODLQLWX
LNDWDQLNDWDQSURIHVLDWDXDOXPQLNDPSXVOHPEDJDSHQJHORODPDVMLGDWDXPDMHOLV WDNOLP VXDWX SHUXVDKDDQ GDQ LQVWDQVL SHPHULQWDKDQ 7HUXWDPD GHQJDQ DOXPQL SHUOX GLSHUKDWLNDQ EDJDLPDQD PDQMDJD NRPXQLNDVL GDQ KXEXQJDQ EDLN GHQJDQ PHUHND6DODKVDWXFDUDQ\DDGDODKPHPEHULNDQODSRUDQVHWHODKNHJLDWDQVHOHVDL XFDSDQWHULPDNDVLKGDQEHUVLODWXUDKLPVHFDUDUXWLQ
&RQWRK &RQWRK&RQWRK8VDKD0DQGLUL
)6,)(8,PHPLOLNLXVDKDPDQGLULEHUXSDWRNRSDNDLDQPXVOLPDKEHUQDPD
%HH SHQ\HZDDQ SUR\HNWRU GDQ SHPEXDWDQ LGHQWLWDV DQJNDWDQ PDXSXQ RUJDQLVDVL VHFDUD UXWLQ %HH VHFDUD PDQDMHULDO ROHK SHQJXUXV PHODOXL ELUR GDQD XVDKD WHWDSL RSHUDVLRQDO KDULDQ GLJXQDNDQ MDVD RUDQJ ODLQ \DQJ GLED\DU VHFDUD EXODQDQ 6HGDQJNDQ SHQ\HZDDQ SUR\HNWRU VHSHQXKQ\D GLNHOROD LQWHUQDO NDUHQD VDVDUDQSDVDUSXQEHUDGDGLOLQJNXQJDQNDPSXV'DULKDVLORSHUDVLRQDO%HHGDQ SHQ\HZDDQ SUR\HNWRU VHWLGDNQ\D )6, )( 8, PHQGDSDWNDQ SHPDVXNDQ EHUVLK
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
KLQJJDPHQFDSDL5SSHUEXODQGDQDWHUVHEXWFXNXSELODGLJXQDNDQ XQWXNPHQGDQDLNHJLDWDQRUJDQLVDVL\DQJVLIDWQ\DUXWLQ &RQWRK&RQWRKNRQWUDSUHVWDVL.HSDQLWLDDQ 6WXGLNDVXV.XOLDK,QIRUPDO(NRQRPL,VODP)6,)(8,WDKXQ
.2175$35(67$6,
3DNHW6SRQVRUVKLS\DQJGLWDZDUNDQWHUGLULGDULEHEHUDSD3DNHW
x 3DNHW0XGKDUDEDK
5S
x 3DNHW0XV\DUDNDK
5S
x 3DNHW0XUDEDKDK
5S
x 3DNHW,MDUDK
5S
1R
0HGLD
6SDQGXN
0XGKDUD
0XV\DUD
EDK
NDK
NV
0XUDEDKDK
,MDUDK
NV
NV
$GGOLSVROHK0&VDDW
NV
NV
NV
DFDUD
/HDIOHW
NV
%DQQHU
NV NV
NV
NV
$GYHUWLVHPHQWGLPHGLD
NV
7LGDN
NV
NV
SUR\HNWRUVHODPDDFDUD
7DQGD3HQJHQDO3DQLWLD
NV
3XEOLNDVL0HGLDFHWDN
NV
7LGDN
7LGDN
7LGDN
$XGLR
6DPSHO3URGXN
NVNRORPVSRQVRU
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
.HWHUDQJDQ x 1DPD /RJRVSRQVRUDNDQGLFDQWXPNDQSDGD 6SDQGXNGDQ%DOLKR
EXDK
/HDIOHW
EXDK
%DQQHU
EXDK
3RVWHU
EXDK
7DQGD3HQJHQDOSDQLWLD
EXDK
:HEVLWH x 6SDQGXNGDQ%DOLKRDNDQGLVHEDUNDQGDQGLSDVDQJGLGHSDQ.DPSXV )(8,'HSRNGDQ*HUEDQJ8WDPD8,'HSRN x /HDIOHWDNDQGLVHEDUNDQGLVHNLWDU.DPSXV8,'HSRNNDPSXVNDPSXV VH-DERGHWDEHNGDQGDHUDKVHNLWDUQ\D x %DQQHUDNDQGLSDVDQJVHSDQMDQJNRULGRUJHGXQJ$GDQ%)(8,'HSRN x 3XEOLNDVL0HGLDDNDQPHOLEDWNDQ0HGLD/RNDOGDQ1DVLRQDOGL ,QGRQHVLD
3DNHW$OWHUQDWLI $GDSXQEHEHUDSD$OWHUQDWLIGDODPVSRQVRUVKLSLQL\DLWX x 3DNHW6SDQGXN.HJLDWDQ5S EXDKGHQJDQOXDVORJRGDULNRORPVSRQVRUGHQJDQWDPEDKDQ GL NRORP OHDIOHW GDQ EDQQHU \DQJ OXDV ORJRQ\D GDUL NRORP VSRQVRU x 3DNHW1DPH7DJ5S EXDKGHQJDQOXDVORJRGDULNRORPVSRQVRUGHQJDQWDPEDKDQ GL NRORP OHDIOHW GDQ EDQQHU \DQJ OXDV ORJRQ\D GDUL NRORP VSRQVRU y
3DNHW.RQVXPVL EXDK VSDQGXN GHQJDQ OXDV ORJR GDUL NRORP VSRQVRU GHQJDQ WDPEDKDQ /RJRGLNRORPOHDIOHWGDQEDQQHUVHOXDVGDULNRORPVSRQVRU EXDKQDPHWDJGHQJDQOXDVORJRGDULNRORPVSRQVRU 3XEOLNDVLGLPHGLDFHWDNGDQDXGLR
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
3LKDN 6SRQVRU PHQ\HGLDNDQ NRQVXPVL PDNDQDQ PLQXPDQ SDGD VHWLDSNHJLDWDQ.,(, x
3DNHW3XEOLNDVL EXDKVSDQGXNGHQJDQOXDVORJRGDULNRORPVSRQVRU GHQJDQ WDPEDKDQ /RJRGLNRORPOHDIOHWGDQEDQQHUVHOXDVGDULNRORPVSRQVRU EXDKQDPHWDJGHQJDQOXDVORJRGDULNRORPVSRQVRU 3LKDN VSRQVRU PHQ\HGLDNDQ 3XEOLNDVL GL PHGLD FHWDN DWDX GL PHGLD DXGLRUDGLR
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
&RQWRK)RUPDW6XUDW3HUMDQMLDQ.HUMDVDPD 3(56(78-8$1.2175$..(5-$6$0$
3HUVHWXMXDQ .RQWUDN .HUMDVDPD LQL NDPL EXDW GHQJDQ VHVXQJJXKQ\D
XQWXNPHQGXNXQJSHQ\HOHQJJDUDDQROHK 3,+$.3(57$0$3HUXVDKDDQ,QVWDQVL 1DPD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-DEDWDQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$ODPDW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1R7HOS+3
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,QVWDQVL
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$ODPDW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0HODNXNDQSHUMDQMLDQNHUMDVDPDGHQJDQ \DQJGLZDNLOLROHK
3,+$..('8$3DQLWLD3HQ\HOHQJJDUD 1DPD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-DEDWDQ.HSDQLWLDDQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $ODPDW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1R7HOS+3
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'LPDQDSLKDNSHUWDPDPHQ\HWXMXLNRQWUDNNHUMDVDPDGDODPEHQWXN x 6321625EHUMHQLV x 3(1<(',$)$6,/,7$6 x 67$1' x '21$785 x BBBBBBBBBBBBBBBBBBBBBBBBBBB
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
'HQJDQ NRPSHQVDVL VHVXDL GHQJDQ \DQJ WHUFDQWXP GDODP 3HQDZDUDQ .HUMDVDPD GDQ 6XUDW 3HUMDQMLDQ .HUMDVDPD WHUODPSLU 3HUVHWXMXDQ .RQWUDN .HUMDVDPD LQL NDPL EXDW UDQJNDS GXD GLPDQD 3,+$. 3(57$0$ 3HUXVDKDDQ,QVWDQVL GDQ3,+$..('8$3DQLWLD3HQ\HOHQJJDUD PHQHULPD VDWX EXDK3HUVHWXMXDQ3HUMDQMLDQ.HUMDVDPD 'HPLNLDQ3HUVHWXMXDQ.RQWUDN.HUMDVDPDLQLNDPLEXDWGHQJDQVHVXQJJXKQ\D GHPLNHODQFDUDQSHODNVDQDDQLQL 'LVHWXMXLGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3,+$..('8$
3,+$.3(57$0$
«««««««««««««
««««««««««««
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
685$73(5-$1-,$1.(5-$6$0$ DQWDUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GHQJDQ WHQWDQJ 6SRQVRUVKLS 1R6XUDW3,+$.3(57$0$
1R6XUDW3,+$..('8$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBB 3DGD KDUL LQL BBBBBBBBBBBB WDQJJDO BBBB EXODQ BBBBBBBBBBBBBB WDKXQ BBBBNDPL\DQJEHUWDQGDWDQJDQGLEDZDKLQL BBBBBBBBBBBBBBBBBBBBBBBBBB 6HODNX 0DQDMHU 3HUXVDKDDQ ,QVWDQVL BBBBBBBBBBBBBBBBBBBBBBBBB EHUNHGXGXNDQ
GDQ
EHUNDQWRU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL GDQ
GDODP KDO LQL EHUWLQGDN XQWXN GDQ DWDV QDPD VHUWD VDK PHZDNLOL BBBBBBBBBBBBBBBBBBBBBBBBB \DQJ VHODQMXWQ\D GLVHEXW VHEDJDL 3,+$. 3(57$0$ BBBBBBBBBBBBBBBBBBBBBBBBBB 6HODNX DQJJRWD BBBBBBBBBBB EHUNHGXGXNDQ GDQ EHUNDQWRU GL BBBBBBBBBBGDQGDODPKDOLQLEHUWLQGDNXQWXNGDQDWDVQDPDVHUWDVDK
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
PHZDNLOLBBBBBBBBBB\DQJVHODQMXWQ\DGLVHEXW3,+$..('8$ %HUGDVDUNDQ 6XUDWGDUL3,+$.3(57$0$1RPRU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6XUDWGDUL3,+$..('8$1RPRU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6HSDNDW PHQJDGDNDQ NHUMDVDPD GDODP UDQJND BBBBBBBBBBBBBBBB GHQJDQ NHWHQWXDQNHWHQWXDQVHEDJDLPDQDWHUVHEXWGDODPSDVDOSDVDOEHULNXWLQL 3$6$/ 58$1*/,1*.83.(5-$6$0$ 3,+$. 3(57$0$ PHPEHUL EDQWXDQ EHUXSD VSRQVRUVKLS NHSDGD 3,+$. .('8$XQWXNSHODNVDQDDQBBBBBBBBBBBBBBBBBBBBB
3,+$. .('8$ PHQHULPD EDQWXDQ EHUXSD VSRQVRUVKLS GDUL 3,+$. 3(57$0$
3$6$/ .(:$-,%$1 F 3,+$. 3(57$0$ ZDMLE PHPEHULNDQ EDQWXDQ NHSDGD 3,+$. .('8$ EHUXSD D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB E BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB G BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB H BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB I BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB J BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB K BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
G
3,+$..('8$ZDMLEPHPEHULNDQNRPSHQVDVLNHSDGD3,+$.3(57$0$
EHUXSD D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB E BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB F BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB G BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB H BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB I BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB J BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB K BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3$6$/ 3(53$1-$1*$1:$.78'$13(5*$17,$1:$.78.(*,$7$1 D 3,+$. .('8$ KDUXV PHPEHULWDKXNDQ VHFDUD WHUWXOLV NHSDGD 3,+$. 3(57$0$ DSDELOD NDUHQD VHVXDWX KDO PHPHUOXNDQ SHUSDQMDQJDQ ZDNWX GDQDWDXSHUJDQWLDQZDNWXNHJLDWDQGLVHUWDLDODVDQ\DQJFXNXSNXDWGDQ GDSDWGLSHUWDQJJXQJMDZDNDQ E 3,+$. 3(57$0$ ZDMLE PHPEHULNDQ SHUVHWXMXDQ SHUSDQMDQJDQ ZDNWX GDQDWDX SHUJDQWLDQZDNWXNHJLDWDQ DSDELOD WHUGDSDWDODVDQDODVDQ \DQJ FXNXS NXDW GDQ GDSDW GLSHUWDQJJXQJMDZDENDQ WDQSD PHPEHEDQNDQ GHQGDDSDSXQNHSDGD3,+$..('8$ 3$6$/
)25&(0$-(85 x
$SDELOD WHUMDGL SHQXQGDDQ SHPEDWDODQ NHJLDWDQ \DQJ GLVHEDENDQ ROHK KDOKDO GL OXDU NHNXDVDDQ IRUFH PDMHXU 3,+$. 3(57$0$ ± DWDV SHUPLQWDDQ 3,+$. .('8$ ± GDSDW PHPSHUWLPEDQJNDQ NHPXQJNLQDQ DGDQ\D SHUXEDKDQ ZDNWX NHJLDWDQ WDQSD PHPEHEDQNDQ GHQGD DSDSXQ NHSDGD3,+$..('8$
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
x
EHQFDQDDODP
WLQGDNDQSHPHULQWDKGLELGDQJNHXDQJDQPRQHWHU
NHDGDDQ SHUDQJ NHDGDDQ NHDPDQDQ QHJDUD \DQJ WLGDN PHPXQJNLQNDQSHODNVDQDDQNHJLDWDQ
KDOKDO ODLQQ\D GL OXDU NHNXDVDDQ NHPDPSXDQ 3,+$. .('8$ VHEDJDLSHQ\HOHQJJDUDNHJLDWDQ
3$6$/ 3(58%$+$13(1*85$1*$13(1$0%$+$163216256+,3 $SDELOD GLSDQGDQJ SHUOX GHQJDQ SHUVHWXMXDQ NHGXD SLKDN GDSDW GLDGDNDQ SHUXEDKDQSHQJXUDQJDQSHQDPEDKDQEDQWXDQVSRQVRUVKLS 3$6$/ 3(1<(/(6$,$13(56(/,6,+$1 x
$SDELODWHUMDGLSHUVHOLVLKDQNHGXDSLKDNVHSDNDWXQWXNPHQ\HOHVDLNDQQ\D GHQJDQPXV\DZDUDKPXIDNDWGLVHUWDLLWLNDGEDLN
x
$SDELOD PXV\DZDUDK WLGDN EHUKDVLO EDLN SHUVHOLVLKDQ WHUVHEXW DNDQ GLDMXNDQNHSDGDVXDWXDUELWUDVH\DQJWHUGLULGDULVHRUDQJDWDXGXDRUDQJ DUELWHU PHGLDWRU \DQJ GLWXQMXN EHUVDPDVDPD ROHK DWDX GHQJDQ SHUVHWXMXDQ3,+$.3(57$0$GDQ3,+$..('8$
x
$SDELOD FDUD PHGLDVL VHSHUWL WHUVHEXW GL D\DW WLGDN PHPEDZD KDVLO NHGXD SLKDN VHSDNDW XQWXN PHQ\HOHVDLNDQ SHUVHOLVLKDQ WHUVHEXW PHODOXL 3HQJDGLODQ1HJHUL6DODWLJD
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
3$6$/ 3(18783 x
+DOKDO \DQJ EHOXP GLDWXU GDODP 6XUDW 3HUMDQMLDQ .HUMDVDPD LQL DNDQ GLDWXU GLWHQWXNDQ NHPXGLDQ DWDV SHUVHWXMXDQ NHGXD SLKDN EHUGDVDUNDQ PXV\DZDUDKPXIDNDWGHQJDQLWLNDGEDLN
x
6XUDW 3HUMDQMLDQ .HUMDVDPD LQL GLEXDW UDQJNDS GXD PDVLQJPDVLQJ EHUPHWHUDL 5S HQDP ULEX UXSLDK GDQ PHPSXQ\DL NHNXDWDQ KXNXP\DQJVDPDVDWX UDQJNDSXQWXN3,+$.3(57$0$GDQVDWX UDQJNDSXQWXN3,+$..('8$
x
6XUDW 3HUMDQMLDQ .HUMDVDPD LQL EHUODNX VHMDN GLWDQGDWDQJDQL ROHK NHGXD SLKDN SDGD KDUL WDQJJDO EXODQ WDKXQ VHEDJDLPDQD WHUFDQWXP GL DWDV GHQJDQ FDWDWDQ DSDELOD GL NHPXGLDQ KDUL WHUQ\DWD WHUGDSDW NHNHOLUXDQ DNDQGLDGDNDQSHPEHWXODQVHEDJDLPDQDPHVWLQ\D
'HPLNLDQ 6XUDW 3HUMDQMLDQ .HUMDVDPD LQL GLEXDW GDODP NHDGDDQ VDGDU WDQSD SDNVDDQDWDXSXQNHNKLODIDQGDULPDVLQJPDVLQJSLKDN 3,+$..('8$
3,+$.3(57$0$
«««««««««««« «««««««««««««
WĞŶĚĂŶĂĂŶĚĂŶhƐĂŚĂDĂŶĚŝƌŝ
3HPXGDMDQJDQODKEHUNHFLOKDWLGDQSDWDKVHPDQJDW,QJDWNLWDWHUXVEHUSHUDQGDODP VRVLDOLVDVL(NRQRPL6\DULDKWHUXWDPDEDJLPHUHND\DQJEDUXPHQJHQDOQ\D6D\D EHUKDUDS)R66(,WLGDNFHSDWSXDVXQWXNVRVLDOLVDVLHNRQRPLV\DULDKNHEHUEDJDL NDODQJDQ 0XO\DPDQ'+DGGDG'HSXWL*XEHUQXU%DQNLQGRQHVLD
)R66(,PHUXSDNDQXMXQJWRPEDN\DQJSDOLQJWHUGHSDQGDODPPHPDV\DUDNDWNDQ HNRQRPLV\DULDKGDQPHQV\DULDKNDQHNRQRPLPDV\DUDNDWGLEXPLSHUVDGD,QGRQHVLD XPXQ\DGDQGLGXQLDDNDGHPLVLNKXVXVQ\D3HQJNDGHUDQGL)R66(,FXNXSODQFDUGDQ GLLVLRUDQJRUDQJPLOLWDQGDQLNKODV.LWDKDUXVWHUXVPHQGXNXQJGDQPHQJHPEDQJNDQ LQVWLWXVLLQL´ 3URI'U6RI\DQ6\DIUL+DUDKDS0$FF*XUX%HVDU$NXQWDQVL6\DULDK 6D\DEDQJJDGDQVDOXWSDGD)R66(,GHQJDQNHWHJXKDQGDQNRQVLVWHQVLVLNDS\DQJWHWDS PHQJHGHSDQNDQVRSDQVDQWXQGDQVHODOXEHUMXDQJXQWXNNHPDMXDQXPDW\DQJVD\D OLKDWVHWLDSEHUNXQMXQJNHGDHUDKGDODPWXUXWPHPDMXNDQGDQPHQJHPEDQJNDQ (NRQRPL,VODPVHPRJDMDGLFRQWRKNDZXODPXGD\DQJVDDWLQLWHODKMDXKPHQ\LPSDQJ GDULNHWHODGDQDQ5DVXOXOODK 3URI'U9LHWK]DO5LID¶L.HWXD0DV\DUDNDW(NRQRPL6\DULDK
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
)R66(,VDDWLQLPHUXSDNDQVHEXDKIRUXP\DQJPHPLOLNLSHUDQVWUDWHJLVVHFDUDDNDGHPLN GDODPSHUFHSDWDQSHQJHPEDQJDQ(NRQRPL,VODPGL,QGRQHVLD.HGHSDQIRUXPLQL GLKDUDSNDQGDSDWPHPEHULNDQVROXVLVROXVL\DQJDSOLNDWLIEDJLSHQJHPEDQJDQ(NRQRPL ,VODP 0XKDPPDG7RXULT%$3(3$0
)R66(,WHODKKDGLUPHQMDGLµRDVH¶EDUXLQRYDWLIGDQPHQFHUDKNDQPHQMDGLLNRQEDUX GDODPXSD\DPHPDV\DUDNDWNDQ(NRQRPL6\DULDKNHSDGDXPPDWNKXVXVQ\DJHQHUDVL PXGD,QGRQHVLD0XGDKPXGDKDQ)R66(,NHGHSDVHPDNLQHNVLVGLDNXLWLGDNKDQ\D VHFDUDQDVLRQDOWDSLMXJDLQWHUQDVLRQDOGDQGDSDWPHPEHULNDQNRQWULEXVL\DQJRSWLPDO EDJLNHEDQJNLWDQ(NRQRPL6\DULDKJOREDO $JXV3/DNVRQR'HSDUWHPHQ.HXDQJDQ5, Ϯϱϴ
)R66(,DGDODKJDUGDWHUGHSDQPHPLOLNLMDULQJDQOXDVGDQNULWLVVHUWDLQRYDWLINDUHQD EHUDGDGLNDPSXVGDQPHPLOLNLNHDQJJRWDDQ\DQJEHVDUVHUWDEHUSRWHQVLVHEDJDL SHQJJHUDNGDQSHORSRU$NWLYLWDVGDQNHJLDWDQQ\DWHODKPHZDUQDLSHUMDODQDQ(NRQRPL 6\DULDKGL,QGRQHVLD 1LQG\D1%DKDUXGGLQ'LUHNWXU(NVHNXWLI3.(6
.HLVWLPHZDDQ)R66(,DGDNDUHQDLDPHQMDGLOHPEDJD\DQJPHQLVEDKNDQSHUMXDQJDQQ\D SDGDVLODWXUDKLPNDVLKVD\DQJ GDQSHUEDLNDQHNRQRPLVHNDOLJXVDNKODNPDQXVLD VHEDJDLPLVLSHUDGDEDQQ\D,QLEHUPDNQDSHMXDQJSHMXDQJQ\DVDGDUEHUWXODSDLWXNDVLK VD\DQJGDQNHWHODGDQDQHNRQRPLGDODP,VODP $OL6DNWL3HQXOLV%XNX(NRQRPL,VODP
3HUDGDEDQGLEDQJXQDWDVLGHLGHEHVDUSDUDSHPXGDGL]DPDQQ\D3HUXEDKDQSXQDNDQ EHUGD\DJXQDMLNDGLEDZDROHKSHPXGD6D\D\DNLQ(NRQRPL,VODPGL,QGRQHVLDNLDQ PHQDQMDNGLNDUHQDNDQSDUDSHPXGDQ\D\DQJWHUNXPSXOGDODP)R66(,EHNHUMD PHQHPEXVWHRULVHNDOLJXVPHQVRVLDOLVDVLNDQVLVWHPLQLVHEDJDLVROXVLWHUEDLNXQWXNGXQLD GDQDNKLUDW0DMXWHUXV(NRQRPL,VODP0DMXWHUXV)R66(, +DU\DQGL3UHVLGHQ0DV\DUDNDW,QWHOHNWXDO 7HNQRORJ,QGRQHVLD
³3DQJJLODQQXUDQLPHOLKDWNHWLGDNDWXUDQ\DQJDGDGDQPHQJXDVDLVHEDJLDQEHVDU NHEXWXKDQKLGXSLQL%DKZDNLWDPHPEXWXKNDQSHUEDLNDQGDQVDODKVDWXVDUDQDGDODP PHQXQMXNNDQDUDKVDQDDGDODK)R66(,-LNDGLLEDUDWNDQVHEXDKUXPDK)R66(,DGDODK GDSXU\DQJPHPSURGXNVLGDQPHQ\HGLDNDQNDGHUNDGHUGDODPUDQJNDPHQXMX SHUEDLNDQWHUVHEXW6HKLQJJDGLEXWXKNDQNHVDEDUDQNRPLWPHQGDQNHVXQJJXKDQGDODP PHQFHWDNNDGHUNDGHUWHUVHEXW$JDUNHODNNHWLGDNWHUDWXUDQWDGLELVDEHUXEDKPHQMDGL NHWHUDWXUDQ´ )DUL]DODO%RQFHOOL3UHVQDV)R66(,SHULRGH
³)R66(,PHUXSDNDQVDWXVDWXQ\DRUJDQLVDVL\DQJFRQFHUQWHQWDQJ(NRQRPL,VODP EHUEDVLVNHPDKDVLVZDDQWHUGLULGDUL.6(,\DQJWHUVHEDUGLVHOXUXK,QGRQHVLDGLPDQD PHPLOLNLSHUDQEHVDUGDODPSHQJHPEDQJDQ(NRQRPL,VODP2OHKNDUHQDLWXODK)R66(, SHUOXGLNHPEDQJNDQGDQQDQWLQ\DGDSDWPHPDLQNDQSHUDQDQ\DQJOHELKVHKLQJJDELVD WHUZXMXGGDODPSHPEXPLDQ(NRQRPL,VODP´ +HQGUR:LERZR.RRUGLQDWRU3UHVQDV)R66(,SHULRGH
³)R66(,PHUXSDNDQRUJDQLVDVLPDKDVLVZDQDVLRQDO\DQJVROLGSHQXKGHQJDQXNKXZDK \DQJVHODOXEHUJHUDNGDQEHUXVDKDXQWXNPHPEHULNDQNRQWULEXVLGDQVROXVLDWDV SHUPDVDODKDQEDQJVDGDQVHQDQWLDVDGLODQGDVLVLNDSLOPLDK0DMXWHUXVXQWXNSHUEDLNDQ \DQJWHUEDLN´ :DOLG)DMDU3UHVQDV)R66(,SHULRGH Ϯϱϵ
³6DWXGHNDGHEXNDQODKZDNWX\DQJVLQJNDWGDQPXGDKEDJLVHEXDKRUJDQLVDVL$GD EDQ\DNGXND³PHPDQJ´\DQJDNDQPHQMDGLNHQDQJDQPDQLVQ\DSHUMXDQJDQ1DPXQ WLGDNVHGLNLWSXODVXND\DQJDNDQPHQMDGLEDKDQEDNDUVHPDQJDWGDQWHNDGMXDQJXQWXN WHUXVPHPEXPLNDQ(NRQRPL,VODPGL%XPL3HUVDGD,QGRQHVLD.DUHQD.DPLVHQGLUL \DQJWHODKPHPLOLKMDODQLQL'DQ.DPLDNDQPHQJXNLUGHNDGHGHNDGHSHUMXDQJDQ VHODQMXWQ\D6DODP3HUMXDQJDQ -RNR&(2&RPPXQLFDWLRQ%RDUGRI)R66(,
³)R66(,LWX%(5,6,NDUHQD0,6,0HPEHULZDUQDGDODPPHQV\DULDKNDQHNRQRPL0HVNL WDNEDQ\DN\DQJPHQJHWDKXL.DUHQD\DQJWHUSHQWLQJDGDODKWHWDSNRQVLVWHQEHUNDU\D EDJLSHUVDGDGDQGXQLD´ ,%3$QJJD$QWDJLD3UHVQDV)R66(,
³)R66(,DGDODKUXPDKSHUMXDQJDQEDJL.DPLSDUDPDKDVLVZD,QGRQHVLDUXPDK SHUMXDQJDQGLPDQD'$.:$+8.+8:$+GDQ,/0,$+PHQMDGLSRQGDVLUXPDK SHUMXDQJDQLQLWHWDSWHJDN'DULUXPDKSHUMXDQJDQLQL.DPLEHUJHUDNEHUGLVNXVLGDQ EHUNRPLWPHQDNDQVHEXDKQLODLQLODL\DQJ.DPLSHUMXDQJNDQ\DLWX(NRQRPL,VODP )R66(,DGDODKUXPDKSHUMXDQJDQEDJL.DPL\DQJPHULQGXNDQNHMD\DDQ $KPDGILO$UGKL.HWXD0DMHOLV3HUWLPEDQJDQ)R66(,
ϮϲϬ
$EGLOODK$UL3DUDGLJPD%DUX'DNZDK.DPSXV
,\DQ
0HWRGH
3HQHOLWLDQ
.XDOLWDWLI
KWWSZZZSHQDODUDQ
XQPRUJLQGH[SKSDUWLNHOQDODUSHQHOLWLDQKWPO 'LDNVHV SDGD WDQJJDO )HEUXDUL $PHULFDQ+HDUWK$VVRFLDWLRQ7LSV)RU)DFLOLWDWLQJ(IIHFWLYH'LVFXVVLRQ %DUWRQ-HQQLIHUGNN.HODV
.DPSXVKWWSDONDKILPXOWLSO\FRPMRXUQDO
LWHP0$1$-(0(1B6<,$5B'$.:$+B.$0386'LDNVHVSDGD7DQJJDO )HEUXDUL
+DZZD6D¶LG$O,VODP$O,¶WLVKRP&DKD\D8PDW-DNDUWD .DVDOL5KHQDOG5H&RGH
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
³3DQGXDQ3UDNWLV3HQJHORODDQ/HPEDJD'DNZDK.DPSXV´'HSRN3XVWDND 1DXND 7LP3HQ\XVXQ6301)/'.1DVLRQDO 5LVDODK0DQDMHPHQ'DNZDK.DPSXV
³3DQGXDQ3UDNWLV3HQJHORODDQ/HPEDJD'DNZDK.DPSXV´HGLVLUHYLVL %DQGXQJ*DPDLV3UHVV :LNLSHGLDRUJ KWWSLGZLNLSHGLDRUJZLNL6HNUHWDULVGLDNVHVSDGD'HVHPEHU
KWWSZZZSHQJXVDKDPXVOLPFRP KWWSSXVDWEDKDVDGLNQDVJRLGNEEL KWWSSXVDWEDKDVDGLNQDVJRLGNEEL KWWSULGZDQV\DK\XVXIDFKPDGZRUGSUHVVFRP KWWSUXDQJPXVOLPFRPEORJ3HUJHUDNDQ3HPXGD,VODP3HQJHPEDQ3HUDGDEDQ %DFDDQ\DQJ'LDQMXUNDQ $]LV-XP¶DK$PLQ$EGXO)LTK'DNZDK(UD,QWHUPHGLD6ROR *XMDUDWL'DPRGDU%DVLF(FRQRPHWULFWKHG7KH0F*UDZí+LOO&RPSDQLHV 0XKDPDG 0HWRGRORJL 3HQHOLWLDQ 3HPLNLUDQ (NRQRPL ,VODP (NRQLVLD
/$03,5$1&2172+$1**$5$1'$6$5.6(, $1**$5$1'$6$5$' 1DPD.6(, %$%, 1$0$:$.78GDQ7(03$7 3DVDO 1DPD 2UJDQLVDVLLQLEHUQDPD««\DQJGLVLQJNDW; 3DVDO :DNWXGDQ7HPSDW ; GLGLULNDQSDGDWDQJJDOWJOEXODQWDKXQ GDQEHUNHGXGXNDQGL«« %$%,, '$6$51,/$,'$6$5$=$6GDQ6,)$7 3DVDO 'DVDU ; EHUGDVDUSDGD$QJJDUDQ'DVDUGDQ$QJJDUDQ5XPDK7DQJJD/HPEDJD«« 3DVDO 1LODL'DVDU; 'VW 3DVDO $]DV ; EHUD]DVNDQ,VODP 3DVDO 6LIDW ; PHUXSDNDQ RUJDQLVDVL .HPDKDVLVZDDQ \DQJ EHUJHUDN GDODP ELGDQJ HNRQRPL V\DULDK GDQEHUVLIDWH[VHPLRWRQRP %$%,,, 78-8$19,6,GDQ0,6, 3DVDO 7XMXDQ ; EHUWXMXDQ 3DVDO 9LVL 3DVDO 0LVL
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«««GDQEHUWXOLVNDQ««««««« 3DVDO /DPEDQJ; EHUEHQWXN««\DQJPHQGHVNULSVLNDQ«««««« %$%9,,, 3(58%$+$1$1**$5$1'$6$5 3DVDO $QJJDUDQ 'DVDU KDQ\D GDSDW GLXEDK ROHK 0XNWDPDU; \DQJ GLKDGLULVHNXUDQJNXUDQJQ\D MXPODK SHQJXUXV GDQ GLVHWXMXL VHNXUDQJNXUDQJQ\D GDUL MXPODK SHQJXUXV \DQJ KDGLU %$%,; $785$17$0%$+$1 3DVDO
6HJDODVHVXDWX\DQJEHOXPGLDWXUGDODP$QJJDUDQ'DVDULQLDNDQGLDWXUGDODPDWXUDQODLQ \DQJWLGDNEHUWHQWDQJDQGHQJDQ$QJJDUDQ'DVDU
/$03,5$1&2172+$1**$5$1580$+7$1**$.6(, $1**$5$1580$+7$1**$$57 1$0$.6(, %$%, .($1**27$$1 3DVDO $QJJRWD .HDQJJRWDDQ; WHUGLULGDUL««««« 3DVDO 3HUV\DUDWDQ$QJJRWD 6\DUDWVDKQ\DDQJJRWD; DGDODKPHQJLNXWLV\DUDWDGPLQLVWUDWLISHQHULPDDQDQJJRWD; 3DVDO 0DVD.HDQJJRWDDQ 3DVDO +DN$QJJRWD $QJJRWD; EHUKDN 'VW 3DVDO .HZDMLEDQ$QJJRWD $QJJRWD; EHUNHZDMLEDQ 'VW %$%,, .(3(1*8586$1 3DVDO .HSHQJXUXVDQWHUGLULGDUL .HWXD :DNLO 6HNUHWDULV,6HNUHWDULV,,%HQGDKDUD,%HQGDKDUD,, 6HUWDGLYLVL\DQJGLEXWXKNDQ; 3DVDO 3HUV\DUDWDQNHWXDXPXP
'VW 3DVDO 3HUV\DUDWDQSHQJXUXV 'VW 3DVDO 0DVD.HSHQJXUXVDQ 3DVDO 3HUDQJNDWSHQGXNXQJRUJDQLVDVLWHUGLULGDULH[ 'HZDQ3HPELQD 'HZDQ3HQDVHKDW 3DVDO .HSHQJXUXVDQRUJDQLVDVLEHUDNKLUVHWHODKVHUDKWHULPDMDEDWDQ.HWXD8PXP %$%,,, +$.GDQ.(:$-,%$1 3DVDO +DNGDQNHZDMLEDQ'HZDQ3HPELQD 'VW 3DVDO +DNGDQNHZDMLEDQ'HZDQ3HQDVHKDW 'VW 3DVDO +DNGDQNHZDMLEDQ.HWXD8PXP 'VW 3DVDO +DNGDQNHZDMLEDQ:DNLO.HWXD 'VW 3DVDO +DNGDQNHZDMLEDQ6HNUHWDULV,
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«« +DUL 7DQJJDO 7HPSDW :DNWX 0HQ\HWXMXL .HWXD8PXP; 1DPD-HODV
$NDGHPLN GDQ SHQDODUDQ
6(6&RI7KH 0RQWK
.HJLDWDQ
7RWDO'DQD
3URJUDP
1R
7XMXDQ
3HQLODLDQNLQHUMD 0HODNXNDQ SHQJXUXV SHQJDZDVDQ DNDQNLQHUMD SHQJXUXV
'HVNULSVL .HJLDWDQ
0DVXNDQ 3HQLODLDQDNDQ NHKDGLUDQ7LP 3HQLODL 3HQJXUXV .HOXDUDQ 3HQLODLDQNLQHUMD +DVLO 3HQJKDUJDDQ WHUKDGDS SHQJXUXV 0DQIDDW 0HPRWLYDVL SHQJXUXVXQWXN PHQLQJNDWNDQ NLQHUMDQ\D 'DPSDN /DQJVXQJ 3HUEDLNDQ NXDOLWDV6'0 3HQJXUXV 'DPSDNWLGDN ODQJVXQJ 0HQLODLNLQHUMD 6(6&
,QGLNDWRU
.XDOLWDWLI .XDOLWDVNLQHUMD SHQJXUXV PHQLQJNDWGDQ WHUXV WHUPRWLYDVL XQWXN EHUNRQWULEXVLGL 6(6&GHQJDQ VHEDLNEDLNQ\D .XDQWLWDWLI 3HQLODLDQ NLQHUMD SHQJXUXV PHQJKDVLONDQ DZDUGEHUXSD SUHGLNDWEDJL LQGLYLGX PDXSXQGLYLVL
7DUJHW
6HWLDS.DOL5* ,3%
:DNWX7HPSDW
5(1&$1$.(*,$7$1'$1$1**$5$17$+81$15.$7 ',9,6,680%(5'$<$,16$1,6(6&)(0,3%3(5,2'(
/$03,5$1&2172+5(1&$1$.(*,$7$1'$1$1**$5$17$+81$15.$7
5S
5S
5S
'DQD ,3% 121,3%
,LI5)DX]L + 1R+3
3-
/$03,5$1&2172+1,/$,'$6$5 1,/$,1,/$,'$6$56(6&
/$03,5$1&2172+/$325$1.(8$1*$1
/$325$1.(8$1*$1
75$,1,1*(.2120,6+$5,$+, 3(0$68.$1 ,XUDQSHVHUWD '33633 .DV6() 727$/3(0$68.$1 3(1*(/8$5$1 6HZDDXOD 6HZDNDPDU 8DQJNHDPDQDQ .RQVXPVL %XND3XDVD 6QDFN 6QDFN
#5S [5S [5S [5S GXV[ 5S [5S [5S [5S
$LUPLQHUDO 6DKXU 0DNDQDQ 0DNDQDQ $LU7KH $LUPLQHUDOJDORQ .HQDQJNHQDQJDQSHPELFDUD 3LQSHVHUWDWHUEDLN )RWRNRSLPDWHUL 3XEOLNDVL 727$/3(1*(/8$5$1
5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S
/$03,5$1&2172+/$325$1326,6,.$6
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
5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S 5S
5S 5S 5S 5S 5S 5S 5S 5S 5S 5S
5S 5S 5S 5S 5S 5S