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Distinguished Visitors, For Bakrieland, the year 2009 signifies a determining period that sets the tone for the Company’s future growth. Following an enviable performance in 2008 amidst economic turmoil, in the subsequent year Bakrieland yet again had to confront new challenges in order to ensure continued growth despite an economic situation that has not entirely recovered. Throughout 2009 and relative to previous years, Bakrieland has held back from developing new projects to instead focus on honoring as fully as possible all of its pledged commitments. We have made full use of the year to conduct internal consolidation aimed at establishing a solid foundation for Bakrieland’s sustained growth in coming years. During the entire process, we have achieved commendable breakthrough with the formulation of a new business model for Bakrieland, which stimulates the expansion of partnership programs concomitant with the strengthening of human capital and the shaping of a flexible organizational structure. We believe that all three pillars (business model, human capital and organizational structure) will not only lead to Bakrieland’s unimpeded capacity to prosper in the future but also to reinforce its role in contributing to poverty eradication programs in the community through the development of small and medium scale enterprises as well as the creation of employment opportunities, which the Company has pioneered through its “Bakrieland Goes Green” program. Bakrieland’s operating model is a combination of global and regionally oriented businesses. Where managing or transferring core skills or products between geographical markets give Bakrieland a competitive edge, a global management model exists, and where a regional focus is more important to ensure customer alignment, a regional management structure exists. Bakrieland consists of four lines of business:
Property business is expected to develop further, supported by acceptable interest rates and the gradual upturn on the overall economic condition. The Government plan to materialize the property entitlement license for foreigner is also another factor that may boost the national property industry growth. On the other hand, toll business has a good prospect as the Government has committed to support the national infrastructure development. Other than these external factors, Bakrieland also possesses a competitive advantage since it owns several projects at strategic location, the right market target, and a long and proven track record as a property developer in the country. With this background, we are optimistic to accomplish a better performance next year by continuing various property development projects in our three business units and commencing the Pejagan-Pemalang and Ciawi-Sukabumi toll road development. Finally, on behalf of the Board of Directors, allow me to extend the utmost appreciation for the commendable dedication demonstrated by employees and the trust shown by all stakeholders. In 2009, we have succeeded in garnering a host of appreciation awards from independent parties in recognition of the Company’s outstanding operations, GCG and CSR. Hard work and endless support have afforded Bakrieland the capacity to attain these notable achievements and to experience boundless growth in the coming years. Sincerely, For and on behalf of the Board of Directors PT Bakrieland Development Tbk Hiramsyah Sambudhy Thaib President Director & CEO |