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Analisis & Pembahasan Manajemen Tata Kelola Dana Pensiun Laporan Keuangan Konsolidasi

Management Discussion & Analysis Good Pension Fund Governance Consolidated Financial Report

• Perlambatan pertumbuhan ekonomi Tiongkok yang saat • The slowdown in China’s economic growth was currently
ini menjadi motor andalan penggerak ekonomi dunia. the mainstay in driving the world economy. China’s
Pertumbuhan ekonomi Tiongkok turun dari kisaran 10% economic growth fell from 10% to 7%. In an effort to boost
menjadi 7%. Dalam upaya meningkatkan pertumbuhan its economic growth, China tried to encourage exports,
ekonominya, Tiongkok berusaha mendorong ekspor among others, by devaluing the Yuan (Devaluation of the
antara lain dengan melakukan devaluasi uang Yuan Yuan by 1.9% and 1.6% has happened and there was an
(Devaluasi Yuan sebesar 1,9% dan 1,6% telah dilakukan estimated potential for 7%). The policy that was outside
dan diperkirakan masih terdapat potensi sebesar 7%). the market players’ predictions had a profound impact
Kebijakan yang diluar prediksi pelaku pasar tersebut telah on world financial markets and China including the stock
berdampak luas pada pasar keuangan dunia dan Tiongkok market crash in Indonesia
termasuk anjloknya bursa saham di Indonesia
• Harga minyak dunia bergerak cenderung melemah pada • World oil prices were likely to weaken in the range of
kisaran USD40 per barrel (pada 25 Agustus 2015 sempat USD40 per barrel (on August 25, 2015 had touched USD38
menyentuh USD38 per barrel) adalah sebagai cerminan per barrel), and was a reflection that the world economy
bahwa ekonomi dunia masih belum pulih. Di samping itu was still not recovering. In addition, commodity prices, the
harga komoditas yang menjadi andalan ekspor Indonesia mainstay of Indonesian exports, also continued to weaken,
juga terus melemah, seperti CPO, karet, emas dan timah. such as CPO, rubber, gold and tin.
• Dari dalam negeri laju pertumbuhan ekonomi Indonesia • From within the country Indonesia’s economic growth rate
pada kuartal ke-IV tahun 2014 sebesar 5,02% turun ke in the fourth quarter of 2014 at 5.02% fell to 4.71% in the
4,71% di kuartal ke-I tahun 2015 dan pada kuartal ke-II first quarter of 2015 and in the second quarter of 2015 fell
tahun 2015 turun menjadi 4,67% dan sedikit membaik di to 4.67%, but slightly improved in the 3rd quarter of 2015
kuartal ke-III tahun 2015 naik ke 4,73%. Sementara nilai to 4.73%. While the exchange rate of Rupiah against the
tukar Rupiah terhadap Dolar AS yang sempat melemah US Dollar had weakened significantly to a level of Rp14,728
signifikan hingga ke level Rp14.728 per USD pada akhir per USD at the end of September 2015 or had weakened >
September 2015 atau telah melemah >18% YTD. 18% YTD.
• Suku Bunga BI dan inflasi relatif tinggi di bulan September • BI interest rates and inflation were relatively high in
2015, masing-masing sebesar 7,50% dan 6,83%. September 2015, respectively at 7.50% and 6.83%.
• Komposisi kepemilikan investor asing pada Portofolio SUN • The composition of foreign investor ownership in the SUN
±39% dan ±60% pada portofolio saham bursa Indonesia portfolio ± 39% and ± 60% in the Indonesian stock market
mengakibatkan dinamika pasar modal Indonesia sangat portfolio resulted in the dynamics of the Indonesian capital
bergantung pada pergerakan dana dari pemodal asing market dependent on the movement of funds from foreign
(foreign investors) sehingga pergerakannya dapat investors so that the movement can be used as a reference
dijadikan referensi dalam membaca arah pertumbuhan in reading the direction of equity growth and the SUN
ekuitas dan pasar SUN. market.
• Dengan meningkatnya likuiditas Rupiah di pasar uang • With the increase of rupiah liquidity in the money market,
menyebabkan bank menurunkan bunga dana pihak ketiga banks had lowered third party fund interest including
termasuk bunga deposito. interest on deposits.

Atas dasar perkembangan dan realisasi kondisi makro ekonomi On the basis of the development and realization of domestic
domestik pada awal tahun kuartal ke-IV tahun 2015, asumsi macroeconomic conditions at the beginning of the fourth
makro ekonomi dari Chief Financial Officer PT Bank Mandiri quarter of 2015, macroeconomic assumptions from the
(Persero) Tbk dan dari beberapa Manajer Investasi DPBM Chief Financial Officer of PT Bank Mandiri (Persero) Tbk
serta perkiraan makro ekonomi dalam APBN 2016, maka and from several DPBM Investment Managers and APBN
dipergunakan asumsi RKADP 2016 sebagai berikut: macroeconomic estimates in 2016, were used as assumptions
for the 2016 RKADP as follows:

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