Board of Commissioners



From left to right : Mr. Takashi Togawa, Mr. Hardi Hasmita, Mrs. Muliany Anwar, Mr Tjahyadi Lukiman, Mrs. Linda Lius.


Mrs. Linda Lius
President Commissioner

Mr. Hardi Sasmita

Mr. Tjahyadi Lukiman

Mrs. Muliany Anwar
Independent Commissioner

Mr. Takashi Togawa

Dear esteemed Shareholders,

In the year 2014, economic growth in developed nations as well as in developing countries tend to be moderate. Growth in countries such as China, India and ASEAN were also conservative.

In the past two years, the performance of the national economy was affected by unfavorable global conditions. Uncertainties related to the  normalization  of  monetary  policy  in  the  United  States,  the economic  slowdown  in  developing  countries,  as  well  as  the downward trend in global commodity prices negatively impacted Indonesia's economic growth during the year 2013 and 2014.

Indonesia's economic growth in 2014 reached its lowest in the last ļ¬ve years. In 2014 Indonesian economic growth was about 5.02 % , missing  the  government's  target  growth  of  5.5  percent.  Rupiah exchange rate against the U.S. dollar depreciated 20%.

These  conditions  have  negative  impacts  on  general  industries especially  the  cable  industry  due  to  the  high  dependence  on imported raw materials which are sold in U.S dollar. As export sales are  relatively  low,  the  purchase  of  raw  materials  in  U.S.  dollars outweigh the revenue in U.S dollar

In terms of operations, cable sales were recorded at Rp 2.0 trillion in 2014 with 86.0 % in the domestic market and 14.0 % of exports. Revenue  decreased  20.2  %  compared  to  the  year  2013  of Rp. 2.51 trillion. In 2014 export sales were Rp. 281.3 billion and Net loss  was  Rp  85.3  billion.  The  Company's  operating  loss  in  2014 amounted  to  Rp.  24.3  billion  which  is  a  drastic  drop  from  2013 operating gain of Rp. 122.7 billion.

The main issue in the cable industry is the forex risk. Imported raw materials were purchased in USD, while export sales are low. The rupiah depreciation is the main reason for the Company losing Rp. 85.3  billion.

For  overseeing  operations,  the  Board  is  assisted  by  the  Audit Committee  chaired  by  an  Independent  Commissioner  and  2 members  with  ļ¬nance  and  accounting  expertise.  The  Audit Committee provides input to the Board of Commissioners on the ļ¬nancial  statements  and  effectiveness  of  internal  controls. Moreover,  the  Audit  Committee  also  reviews  the  independence and objectivity of the external audit, and the compliance with laws and regulations.

As we enter 2015, there are a number of challenges that we need to anticipate  such  as,  pressure  on  the  exchange  rate  affected  by external  factors  –  policy  of  the  Federal  Reserve  to  increase  the interest  rate  earlier  than  expected,  as  well  as  internal  factors- Indonesia's current account deļ¬cit is expected to continue in 2015. The  increase  in  political  tension  between  parliament  and government may cause negative impact to the foreign investment to Indonesia.Taking into consideration of a more conservative long term growth.

Voksel is still optimistic that national economy will continue to grow and there will be an increase in demand of various types of cable for property such as residential, commercial, industrial and retail which is a long - term investment will continue to grow even if the growth is not as high as before.

The Board Of Commissioners support the Director’s policies and measures to increase export sales, implementing hedging against the  contract  of  sale,  the  purchasing  of  dollars  on  a  daily  basis, setting investment priorities which directly support operational and enhancing  factory  production  capacity,  controlling  costs, implementing procurement policies of raw material efļ¬ciency.

On  this  occasion,  the  Board  of  Commissioners  expresses  its gratitude and appreciation to the Board of Directors and members of  management  and  all  employees  for  their  hard  work  and dedication. The Board of Commissioners would also like to express its  gratitude  to  the  Shareholders,  Customers,  Partners,  Creditors, and the Community for the support, trust, and cooperation given in 2014. We will work towards a better 2015.


Jakarta, April 2015