PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES

Transcription

PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Interim Consolidated Financial Statements
As of June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
Final
Paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Table of Contents
Page
Director’s Statement
Interim Consolidated Financial Statements
Interim Consolidated Statements of Financial Position
1
Interim Consolidated Statements of Comprehensive Income
2
Interim Consolidated Statements of Changes in Equity
3
Interim Consolidated Statements of Cash Flows
4
Notes to the Interim Consolidated Financial Statements
5
paraf:
These interim consolidated financial statements are originally issued in Indonesian language
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of June 30, 2014 (Unaudited) and December 31, 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
ASSETS
CURRENT ASSETS
Cash and Cash Equivalent
Trade Receivables
Related Parties
Third Parties
Other Current Financial Assets
Inventories
Prepaid Expenses
Total Current Assets
NON-CURRENT ASSETS
Advances
Due from Related Parties Non-Trade
Property and Equipment
Goodwill
Intangible Assets
Deferred Tax Assets
Other Non-Current Financial Assets
Total Non-Current Assets
2.d, 2.e, 2.f, 2.r, 3, 10, 29, 30
2.r, 2.u, 4, 30
2.f, 10
2.r, 5, 30
2.g, 2.k, 6
2.h, 8
9
2.f, 2.r, 10, 30
2.i, 2.k, 2.u, 12
2.l, 2.m, 13.a
2.m, 2.u, 13.b
2.q, 7.c
11
TOTAL
ASSETS
Total Aset
Tidak Lancar
TOTAL
ASET
NON-CURRENT LIABILITIES
Long-Term Bank Loans
Due to Related Parties Non-Trade
Deferred Gain on Sale and Leaseback Transactions
Long-Term Employment Benefit Liabilities
Deferred Tax Liabilities
Total Non-Current Liabilities
2.r, 14, 30
2.r, 17, 30
2.f, 2.r, 10, 16, 30
2.p
2.q, 7.a
2.r, 15, 30
2.r, 17, 30
515,437,837,445
2,311,891,040
328,195,707,008
5,579,460,412
92,554,507,305
31,610,918,327
894,743,211,447
2,432,208,891
268,370,030,779
3,143,279,756
94,831,081,782
23,250,233,636
907,464,672,289
83,458,611,211
774,263,509
1,423,115,290,901
180,789,948,469
6,697,134,120
21,800,185,623
29,664,192,324
1,746,299,626,157
60,581,873,952
515,189,971
1,402,270,240,507
180,791,360,696
7,332,931,883
18,981,601,213
22,836,666,648
1,693,309,864,870
2,641,042,837,604
2,600,774,537,159
154,745,964,038
4,501,626,098
95,393,867,488
12,720,574,631
12,125,426,771
26,602,680,947
12,104,808,996
163,966,851,520
4,927,167,196
66,910,610,412
9,915,718,285
16,983,882,633
9,526,754,910
11,792,174,233
11,897,445,548
330,092,394,517
11,897,445,548
295,920,604,737
2.r, 17, 30
2.f, 2.r, 10, 30
2.j, 18, 33.a
2.n, 19
2.q, 7.c
36,828,141,282
368,013,684,483
124,906,880,379
88,049,705,414
11,043,210,333
628,841,621,891
42,960,940,232
387,074,492,750
130,806,709,541
93,036,906,549
11,983,104,371
665,862,153,443
958,934,016,408
961,782,758,180
115,610,000,000
1,289,664,515,321
252,245,406,890
1,657,519,922,211
24,588,898,985
1,682,108,821,196
115,610,000,000
1,289,664,515,321
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979
2,641,042,837,604
2,600,774,537,159
20
2.o, 2.r, 21
2.c, 22
TOTAL LIABILITIES AND EQUITY
The accompanying notes form an integral part of these
interim consolidated financial statements
434,490,727,355
2.j, 18, 33.a
Total Liabilities
EQUITY
Equity Attributable to Owners of the Parent Entity
Capital Stock, par Value - Rp100 per Share
Authorized Capital - 4,000,000,000 shares
Issued and Fully Paid
Additional Paid-in Capital - Net
Retained Earnings
Total Equity Attributable to Owners of the Parent Entity
Non-Controlling Interest
TOTAL EQUITY
December 31, 2013
Rp
Notes
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Trade Payables - Third Parties
Short-Term Bank Loans
Accrued Expenses
Advances from Patients
Taxes Payable
Other Current Financial Liabilities
Current Portion of Long-Term-Bank Loans
Current Portion of Deferred Gain on
Sale and Leaseback Transactions
Total Current Liabilities
June 30, 2014
Rp
1
Paraf:
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Notes
2014
(6 Months)
Rp
2013
(6 Months)
Rp
REVENUE
2.p, 23
1,567,853,446,208
1,201,339,162,981
COST OF SALES
2.p, 24
(1,136,251,925,085)
(881,967,979,879)
GROSS PROFIT
Operating Expenses
Others - Net
2.f, 2.p, 10, 25
PROFIT FROM OPERATION
431,601,521,123
319,371,183,102
(351,618,622,426)
(4,944,454,082)
(275,998,564,529)
(9,853,913,895)
75,038,444,615
33,518,704,678
8,972,372,520
(31,361,107,735)
1,925,682,671
(9,563,405,775)
52,649,709,400
25,880,981,574
(8,087,108,090)
(8,471,941,093)
44,562,601,310
17,409,040,481
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
44,562,601,310
17,409,040,481
2.c
46,136,872,059
(1,574,270,749)
44,562,601,310
21,976,103,526
(4,567,063,045)
17,409,040,481
2.c
46,136,872,059
(1,574,270,749)
44,562,601,310
21,976,103,526
(4,567,063,045)
17,409,040,481
39.91
21.98
Interest Income
Financial Charges
26
26
PROFIT BEFORE TAX
Tax Expenses
2.q, 7.b
PROFIT FOR THE PERIOD
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Parent Entity
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of the Parent Entity
EARNINGS PER SHARE
Basic, Profit for the Period Attributable to
Ordinary Shareholders of the Parent Entity
2.s, 28
2
Paraf:
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Total Equity Attributable to Owner of Parent Entity
Notes
Paid-in
Capital
Excess of
Par
Rp
Rp
BALANCE AS OF DECEMBER 31, 2012
Additional Paid-in Capital - Net
Difference in Value
from Restructuring
Transactions between
Entities Under
Change in Equity
Common ControlTransactions of
Net
Subsidiaries
Rp
Rp
Capital Stock
Total
Rp
Retained Earnings
Unappropriated
Total Equity
Attributable to
Owners of the
Parent Entity
Non-Controlling
Interest
Total
Equity
Rp
Rp
Rp
Rp
100,000,000,000
--
(11,329,652,726)
(11,728,781,953)
(23,058,434,679)
156,238,115,976
233,179,681,297
11,461,117,212
244,640,798,509
--
--
--
--
--
--
--
5,818,395
5,818,395
Changes in Equity for the Period ended June 30, 2013
Kepentingan
Non-Controlling
Nonpengendali
Interest
2.c
--
--
--
--
--
21,976,103,526
21,976,103,526
(4,567,063,045)
17,409,040,481
BALANCE AS OF JUNE 30, 2013
100,000,000,000
--
(11,329,652,726)
(11,728,781,953)
(23,058,434,679)
178,214,219,502
255,155,784,823
6,899,872,562
262,055,657,385
BALANCE AS OF DECEMBER 31, 2013
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979
--
--
--
--
--
--
--
(1,445,559,093)
(1,445,559,093)
Total Comprehensive Income for the Period
Changes in Equity for the period ended June 30, 2014
Kepentingan
Non-Controlling
Nonpengendali
Interest
2.c
Total Comprehensive Income for the Period
BALANCE AS OF JUNE 30, 2014
--
--
--
--
--
46,136,872,059
46,136,872,059
(1,574,270,749)
44,562,601,310
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
252,245,406,890
1,657,519,922,211
24,588,898,985
1,682,108,821,196
3
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INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
Catatan
ARUS KAS DARI AKTIVITAS OPERASI
Penerimaan Kas dari Pelanggan
Pembayaran kepada Pemasok dan Pihak Ketiga Lainnya
Pembayaran kepada Manajemen dan Karyawan
Arus Kas Diperoleh dari Operasi
Pembayaran Beban Keuangan - Neto
Pembayaran Pajak Penghasilan
Arus Kas Neto Diperoleh dari Aktivitas Operasi
ARUS KAS DARI AKTIVITAS INVESTASI
Pembayaran Uang Muka Pembelian Aset Tetap dan Lainnya
Aset Tetap dan Perangkat Lunak
Penjualan
Pembelian
Arus Kas Neto Digunakan untuk Aktivitas Investasi
12
12, 13.b
2014
(6 Bulan)
Rp
2013
(6 Bulan)
Rp
1,510,897,008,608
(1,121,485,860,994)
(256,027,039,218)
133,384,108,396
(1,601,801,774)
(12,662,204,566)
119,120,102,056
1,141,619,663,204
(881,836,053,236)
(202,120,989,134)
57,662,620,834
(7,637,723,104)
(11,447,672,040)
38,577,225,690
(42,258,097,006)
(18,119,931,458)
60,105,000
(129,981,104,682)
(172,179,096,688)
550,000,000
(90,968,381,141)
(108,538,312,599)
(19,319,881,805)
(6,245,705,281)
(25,565,587,086)
66,520,631,402
(5,485,546,729)
61,035,084,673
(78,624,581,718)
(8,926,002,236)
(2,322,528,372)
(3,077,201,906)
ARUS KAS DARI AKTIVITAS PENDANAAN
Penerimaan dari (Pembayaran kepada) Pihak Berelasi - Bersih
Pinjaman Bank
Arus Kas Neto Diperoleh dari Aktivitas Pendanaan
17
KENAIKAN NETO KAS DAN SETARA KAS
Dampak Kurs atas Kas dan Setara Kas pada Akhir Periode
KAS DAN SETARA KAS AWAL PERIODE
3
515,437,837,445
168,707,958,679
KAS DAN SETARA KAS AKHIR PERIODE
3
434,490,727,355
156,704,754,537
4
Paraf:
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(In Full Rupiah, Unless Otherwise Stated)
1. General
1.a. The Company’s Establishment
PT Siloam International Hospitals Tbk (“the Company”) was established under the name of PT Sentralindo
Wirasta on August 3, 1996 based on the Deed of Establishment No. 3, which was made in the presence of
Myra Yuwono, S.H., a notary in Sukabumi. The deed of establishment was approved by the Minister of
Justice of the Republic of Indonesia in his decree No. C2-8639.HT.01.01.TH.96 dated August 27, 1996 and
was published in the State Gazette No. 97, Supplement No. 9518 on December 3, 1996.
The Company’s articles of association have been amended several times, and the latest was by Notarial
Deed No. 2 dated May 2, 2014, made in the presence of Nurlani Yusup, S.H, M.Kn, notary in Tangerang,
with regard to change among others the Company’s purpose and objectives. The change in articles of
association was approved by the Minister of Law and Human Rights of the Republic of Indonesia in his
decree No.AHU-02247.40.20.2014 dated May 5, 2014, which has been accepted by the Minister of Law
and Human Rights of the Republic of Indonesia through notification No.AHU-01691.40.21.2014 dated May
5, 2014.
In accordance with Article 3 of the Company's articles of association, the Company's principal activity is
engage in public health services, including setting up and/or acquire and managing hospitals,
polyclinics,maternity hospitals, health facilities and supporting infrastructure, and engaging in government
healthcare programs.
The Company commenced commercial operations in 2010 after the restructuring of PT Lippo Karawaci
Tbk’s hospital units. The Company's principal activity is engage in public health services, including setting
up and managing hospitals. The operation of hospital units of the Company and the subsidiaries (the Group)
are in several cities on the island of Sumatra, Java, Bali, Kalimantan and Sulawesi.
The Company’s head office is located at Siloam Hospital Lippo Village 5th Floor, Jl. Siloam No. 6, Lippo
Village, Tangerang 15811, Banten - Indonesia. The parent entity of the Company is PT Megapratama Karya
Persada and the ultimate parent entity is PT Lippo Karawaci Tbk.
1.b. The Company’s Initial Public Offering
The Company’s initial public offering of 156,100,000 shares was declared effective by the Indonesian
Financial Services Authority in its letter No. S-260/D.04/2013 dated September 2, 2013, and was listed in
the Indonesian Stock Exchange on September 12, 2013.
5
Paraf:
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
1.c. The Group’s Structure
The Company has ownership of more than 50%, either direct or indirectly, in the following subsidiaries:
Subsidiary
Indirect
Ownership
Percentage
Year of
Starting
Operation
99.99%
--
--
65,811,567
65,883,437
99.75%
--
--
139,940,484
139,940,484
99.99%
--
--
118,439,411
118,439,411
--
59.69%
--
916,100,929
898,583,214
Trading,
Dev elopment,
Land Transportation,
and Serv ices
Healthcare
99.99%
--
--
154,631,947,931
170,926,169,055
--
79.84%
2002
154,626,209,418
170,919,068,042
99.97%
--
--
94,677,993,260
103,536,422,739
--
83.00%
2008
94,667,301,235
103,525,497,989
99.98%
--
--
225,545,487,896
220,387,041,953
--
79.61%
2007
188,311,532,596
183,152,322,686
PT Siloam Emergency Serv ices
Dev elopment
and Serv ices
Jambi
Healthcare and
Pharmacy
Jakarta
Trading,
Dev elopment,
Industry ,
Mining,
Agriculture,
Printing,
Workshop and
Serv ices ex cept
Serv ices of
and Tax
Balikpapan
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Tangerang
Healthcare
99.99%
--
2013
2,186,208,428
1,391,968,353
PT Medika Harapan Cemerlang Indonesia
Tangerang
99.99%
--
2013
2,769,285,103
2,969,022,018
PT Pancaw arna Semesta and Subsidiary
Tangerang
99.99%
--
--
70,201,725,260
70,275,326,965
--
80.00%
2006
39,643,234,132
39,716,721,868
99.90%
--
--
1,015,220,000
1,000,000,000
99.99%
--
--
598,475,000
600,000,000
99.99%
--
--
598,475,000
600,000,000
99.99%
--
--
105,185,448,748
102,376,903,302
--
80.00%
--
105,179,533,478
102,368,878,302
--
56.00%
--
7,996,650,337
7,997,550,337
PT Perdana Kencana Mandiri
PT Multiselaras Anugerah
PT Nusa Medika Perkasa
PT Siloam Graha Utama and Subsidiary
PT East Jakarta Medika
PT Guchi Kencana Emas and Subsidiary
PT Golden First Atlanta
PT Praw ira Tata Semesta and Subsidiary
PT Balikpapan Damai Husada
PT Diagram Healthcare Indonesia
PT Adamanisa Kary a Sejahtera
Jakarta
Trading,
Dev elopment,
Mining,
Agriculture,
Printing and
Industry
Jakarta
Industry ,
Dev elopment,
Trading,
Workshop,
Printing,
Agriculture,
Mining
and Serv ices
Tangerang
Dev elopment,
Trading
and Serv ices
Jakarta
Healthcare
Jakarta
Bekasi
Jakarta
Depok
Jakarta
PT Brenada Kary a Bangsa**)
Tangerang
PT Harmoni Selaras Indah**)
Tangerang
PT Kusuma Primadana and Subsidiaries
Tangerang
PT Adijay a Buana Sakti and Subsidiaries
PT Siloam Sumsel Kemitraan
Main
Business
Total Assets
June 30, 2014
December 31, 2013
Rp
Rp
Direct
Ownership
Percentage
PT Aritasindo Permaisemesta
Domicile
Jakarta
Tangerang
Trading,
Industry
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Hospital serv ices,
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Serv ices,
Dev elopment,
Trading,
Workshop,
Land
Industry ,
Printing
and Agriculture
Trading,
Dev elopment
and Serv ices
6
Paraf:
Subsidiary
PT RS Siloam Hospital Sumsel
(d/h PT Kary atama Indah Sentosa)
PT Optimum Kary a Persada
Domicile
Main
Business
Palembang
Healtcare include
Hospital
Clinical,
and
Health Center,
Poly clinic and
Other Related
Serv ice
Serv ices,
Dev elopment,
Trading,
Workshop,
Land
Industry ,
Printing
and Agriculture
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport
Trading,
Dev elopment,
and Serv ices
Hospital serv ices,
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Serv ices
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Real Estate,
Industry ,
Printing
Agribusiness,
Serv ices and
Transport
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agriculture,
Serv ices and
Transport
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Jakarta
PT Rosela Indah Cipta**)
Tangerang
PT Sembada Kary a Megah**)
Tangerang
PT Trijay a Makmur Bersama**)
Tangerang
PT Visindo Galax i Jay a
Tangerang
PT Tunggal Pilar Perkasa and Subsidiary
Tangerang
PT Tirtasari Kencana
Tangerang
PT Gramari Prima Nusa
Tangerang
PT Krisolis Jay a Mandiri**)
Tangerang
PT Kusuma Bhakti Anugerah
Tangerang
PT Agung Cipta Ray a
Tangerang
PT Bina Cipta Semesta
Jakarta
PT Mega Buana Bhakti
Tangerang
PT Taruna Perkasa Megah**)
Tangerang
PT Tataka Bumi Kary a**)
Tangerang
7
Direct
Ownership
Percentage
--
Indirect
Ownership
Percentage
70.00%
Year of
Starting
Operation
2012
Total Assets
June 30, 2014
December 31, 2013
Rp
Rp
106,169,111,196
102,356,656,020
99.90%
--
--
997,325,000
1,000,000,000
99.99%
--
--
598,475,000
600,000,000
99.99%
--
--
598,475,000
600,000,000
99.99%
--
--
598,475,000
600,000,000
99.99%
--
--
4,994,675,000
5,000,000,000
99.99%
--
--
519,391,203,396
406,737,757,798
--
99.99%
--
1,139,275,218
658,921,700
--
99.99%
--
80,078,535,260
50,878,778,974
--
99.99%
--
24,375,744,426
600,000,000
--
99.99%
--
7,167,934,044
7,000,000,000
--
99.99%
--
984,730,000
1,000,000,000
--
99.99%
--
1,012,590,000
1,000,000,000
--
99.99%
--
5,982,496,020
6,000,000,000
--
99.99%
--
610,615,000
600,000,000
--
99.99%
--
606,740,000
600,000,000
Paraf:
Subsidiary
Domicile
Main
Business
PT Tataka Kary a Indah**)
Tangerang
PT Siloam Medika Cemerlang
Tangerang
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport
PT Koridor Usaha Maju dan Entitas Anak
Tangerang
PT Medika Sarana Traliansia dan Entitas Anak
PT Trisaka Raksa Waluy a
Badung, Bali
Jakarta
PT Berlian Cahay a Indah
Tangerang
PT Mahkota Buana Selaras
Tangerang
Trading,
Dev elopment,
Printing,
Agribusiness,
Serv ices
and Transport
Hospital Public
Serv ices
Commence
Special Serv ice
in Healthcare
Trading,
Dev elopment,
Printing,
and Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport
Direct
Ownership
Percentage
--
Indirect
Ownership
Percentage
99.99%
Year of
Starting
Operation
--
Total Assets
June 30, 2014
December 31, 2013
Rp
Rp
606,740,000
600,000,000
--
75.00%
--
9,772,054,708
600,000,000
--
99.99%
--
362,135,348,774
354,600,057,124
--
80.00%
2008
217,006,645,497
203,638,402,814
--
80.00%
2008
141,084,943,212
142,522,915,190
--
99.99%
--
34,222,288,156
600,000,000
99.99%
--
--
2,952,509,498
600,000,000
*) Established in 2013
**) Established in 2012
On September 10, 2013, the Company acquired 99.99% ownership in PT Tunggal Pilar Sejahtera from
PT Primakreasi Propertindo and PT Grand Villa Persada at the acquisition cost of Rp599,999,000.The
acquisition transactions were recorded in accordance with PSAK No.38 (Revised2012) “Business
Combination for Entities Under Common Control”. There was no net difference between the purchase price
and the proportionate of stocks on net book value of assets of the subsidiary acquired.
On September 11, 2013, the Company acquired 99.99% ownership in PT Mahkota Buana Selaras (through
direct ownership of 99.99% and 0.01% indirect ownership in PT Tunggal Pilar Sejahtera) at the acquisition
cost of Rp600,000,000. The acquisition transactions were recorded in accordance with PSAK No. 38
(Revised 2012) “Business Combination for Entities Under Common Control”. There was no net difference
between the purchase price and the proportionate of stocks on net book value of assets of the subsidiary
acquired.
On November 26, 2013, TPP and MBS, acquired 99.99% and 0.01%, respectively, ownership in PT Koridor
Usaha Maju (KUM) from PT Primakreasi Propertindo and PT Grand Villa Persada, at the acquisition cost of
Rp599,999,000 and Rp 1,000, respectively. The acquisition transactions were recorded in accordance with
PSAK No. 38 (Revised 2012) “Business Combination for Entities Under Common Control”. There was no
net difference between the purchase price and the proportionate of stocks on net book value of assets of
the subsidiary acquired.
On December 6, 2013, TPP and MBS, acquired 75% and 25%, respectively, ownership in PT Gramari Prima
Nusa (GPN), at the acquisition cost of Rp750,000,000 and Rp250,000,000, respectively. At the acquisition
date, GPN had not yet started operations and therefore, it was recorded as an asset acquisition.
Based on the deed Nos. 65, 66 and 67 on December 13, 2013 made in presence of Sriwi Bawana
Nawaksari, S.H., M.Kn., notary in Tangerang, KUM acquired 80% ownership in PT Medika Sarana
Traliansia (MST), at the acquisition cost of Rp189,600,000.
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This transaction represent business combination (see Note 27). MST commenced commercial operations
in 2008. MST had ownership 99.99% of PT Trisaka Raksa Waluya. TRW commenced commercial
operations in 2008.
1.d. Board of Commissioners, Directors, Employees and Audit Committee
Based on Notarial Deed No. 369 dated April 24, 2013, made in the presence of, Dr. Irawan Soerodjo, S.H,
M.Si, notary in Jakarta, which has been accepted by the Ministry of Law and Human Rights of the Republic
of Indonesia through notification No. AHU-AH.01.10-15919 dated April 26, 2013, Notarial Deed No. 34
dated December 20, 2012, made in the presence of Sriwi Bawana Nawaksari, S.H, M.Kn, notary in
Tangerang, which has been accepted by Ministry of Law and Human Rights of the Republic of Indonesia
through notification No. AHU-AH.01.01-07152 dated February 28, 2013, the composition of the Board of
Commisioners and Directors as of June 30, 2014 and December 31, 2013, are as follows:
June 30, 2014
December 31, 2013
Board of Commissioners
President Commissioner
Commissioner
Ketut Budi Wijaya
Theo Leo Sambuaga
Rahmawaty
Lambock V. Nahattands
Ketut Budi Wijaya
Theo Leo Sambuaga
Agus Benjamin
---
Independent Commissioner
Farid Harianto
Muladi
Jonathan Limbong Parapak
Farid Harianto
Muladi
Jonathan Limbong Parapak
Romeo Fernandez Lledo *)
Grace Frelita Indradjaja
Andry
Kailas N. Raina
George Mathew
Anang Prayudi
Gershu Chandy Paul
Grace Frelita Indradjaja
Sugianganto Budisuharto
Romeo Fernandez Lledo
George Mathew
Anang Prayudi *)
Directors
President Director
Director
*) Unaffiliated Director
The audit committee composition as of 30 June 2014 and December 31, 2013 are as follows:
Audit Committee
Chairman
Members
Farid Harianto
Lie Kwang Tak
Siswanto Pramono
As of June 30, 2014, the Company’s Corporate Secretary is Sugianganto Budisuharto and head of internal
audit is Gunawan HP.
As of June 30, 2014 and December 31, 2013, the Group have 6,052 and 4,905 permanent employees,
respectively.
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2. Summary of Significant Accounting Policies
2.a. Compliance with the Financial Accounting Standards
The Group’s consolidated financial statements have been prepared and presented in accordance with the
Indonesian Financial Accounting Standards which include the Statements and the Interpretations as issued
by the Financial Accounting Standards Board of the Indonesian Institute of Accountants (DSAK-IAI) and
Regulation of Bapepam-LK No. VIII.G.7 regarding the “Guidance of Financial Statements Presentation” as
set forth in decree No. KEP-347/BL/2012 regarding the amendment to Regulation No. VIII.G.7 and other
accounting policies which prevailing in the Capital Market.
2.b. Basis of Measurement and Preparation of Consolidated Financial Statements
The consolidated financial statements have been prepared on a going concern assumption and on the
accrual basis, except for the consolidated statements of cash flows which used the cash basis. The basis
of measurement in the preparation of these consolidated financial statements is the historical cost principle,
except for certain accounts that were measured using other basis, as described in the respective accounting
policy.
The consolidated statements of cash flows have been presented by classifying the activities into operating,
investing and financing. The cash flows from operating activities were prepared using the direct method.
The functional currency of the Group is Indonesian Rupiah. Transactions are recorded using the functional
currency. The reporting currency used in the preparation of these consolidated financial statements is the
Indonesian Rupiah.
New accounting standard or improvement on accounting standard which is relevant to the Group and
mandatory for the first time for the financial period beginning 1 January 2013 is PSAK No. 60 (Revised
2010) “Financial Instrument: Disclosures”. The Group’s management has evaluated the impact of the
improvement on PSAK No. 60 to be immaterial to the consolidated financial statements. Application of
PSAK No. 38, “Business Combinations on Entities under Common Control” resulted changes in accounting
policies as described in Note 2.o.
Meanwhile, revocation of PSAK No. 51, “Quasi Reorganizations” with an effective date of 1 January 2013
is not relevant, and did not result in changes to the Company's accounting policies and had no effect on the
amounts reported for the current period or prior financial years.
2.c. Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries (including
special purpose entities) either directly or indirectly controlled, as presented in Note 1.c.
Control also exists when the parent entity owns half or less of the voting power of an entity when there is:
a. power over more than half of the voting rights by virtue of an agreement with other investors;
b. power to govern the financial and operating policies of the entity under a statute or an agreement;
c. power to appoint or remove the majority of the members of the board of directors or equivalent governing
body and control of the entity is by that board or body; or
d. power to cast the majority of votes in the meetings of the board of directors or equivalent governing body
and control of the entity is by that board or body.
The existence and effect of potential voting rights that can be implemented or converted on the date of the
reporting period should be considered when assessing whether an entity has the power to govern financial
and operating policies of another entity.
The entities are consolidated from the date on which control was transferred to the Company and are no
longer consolidated when the Company ceases to have control. Control is obtained when the entity has the
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power to govern the financial and operating policies of another entity to obtain the benefits of the entity
activity.
The consolidated financial statements have been prepared on the basis of entity concept. All significant
related intercompany accounts, transactions and profits among the consolidated companies have been
eliminated to reflect the financial position and result of operations as a whole entity.
The changes in the Company’s ownership interest in a subsidiary that do not result to a loss of control are
accounted for as equity transactions and attributed to the owners of the parent.
All major transactions and inter-company account balances (including significant unrealized gain or loss)
have been eliminated.
Non-controlling interest reflects the profit or loss and net assets of subsidiaries portion that are not
attributable directly or indirectly to the parent entity, which is presented in the consolidated statements of
comprehensive income and as equity in the consolidated statements of financial position, separated from
portion which is attributable to parent entity.
2.d. Foreign Currency Transactions
A foreign currency is a currency other than the functional currency. Transactions during the current period
using foreign currencies were recorded at the spot rate prevailing on the transaction date
At the reporting date, transactions in foreign currencies were translated using the following closing rates:
1 United State Dollar (USD)
1 Euro (EUR)
1 Singapore Dollar (SGD)
1 Australian Dollar (AUD)
June 30, 2014
Rp
December 31, 2013
Rp
11,969
16,333
9,583
11,265
12,189
16,821
9,628
10,876
Gains and losses from foreign exchange differences arising from foreign currency transactions into Rupiah
were charged to profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated
using the exchange rate at the date of transaction. Non-monetary items that are measured at fair value in
a foreign currency shall be translated using the exchange rate when the fair value was determined.
2.e. Cash and Cash Equivalent
Cash consist of cash on hand and in banks, are not used as collateral and not restricted.
Cash equivalent consists of time deposits certificates with maturities of not more than or equal to three (3)
months from the date of placement and are not restricted.
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2.f. Transactions with Related Parties
In its normal business, the Company enters into transactions with related parties. A related party is a person
or entity that is related to the Company (referred to as the “reporting entity”), which includes:
a) A person or a close member of that person’s family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity;
(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting
entity.
b) An entity is related to the reporting entity if any of following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means that each parent,
subsidiary and fellow subsidiary is related to the others);
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a group of which the other entity is a member);
(iii) Both entities are joint ventures of the same third party;
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity
or an entity related to the reporting entity. If the reporting entity is managing the plan, the sponsoring
entity is also related to the reporting entity;
(vi) The entity is controlled or jointly controlled by a person identified in (a); or
(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key
management personnel of the entity (or a parent of the entity).
2.g. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined by the average
method. Net realizable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and selling cost. The Company determines the allowance for inventory
obsolescence based on a review of the status of its inventory at the end of period.
2.h. Prepaid Expenses
Prepaid expenses are amortized over the period benefitted using straight line method.
2.i. Property and Equipment
At initial recognition, property and equipment are measured at acquisition cost.
After initial recognition, property and equipment except land are accounted for using the cost model which
is carried at cost less accumulated depreciation and accumulated impairment losses. Land is not
depreciated and carried at cost less accumulated impairment losses.
Depreciation is computed by using the straight line method based on the estimated useful lives of the assets
as follows:
Years
Building, Infrastructure and Renovations
4 - 20
Equipment and Medical Supplies
4-8
Furniture, Fixtures and Office Equipment
4 - 10
Vehicles
5
The cost of repairs and maintenance is charged to profit or loss as incurred while significant renovations
and addition which add estimated useful life or future economic benefits are capitalized. When assets are
retired or otherwise disposed of, the cost and the related accumulated depreciation and accumulated
impairment loss, if any, are removed from the accounts and any resulting gains or losses are charged to
operations for the relevant period.
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Accumulated construction costs of property and equipment are capitalized as "Construction in Progress "
and recorded in "property and equipment" account until the construction process is completed. These costs
are reclassified to property and equipment when the construction are completed.
The carrying amount of property and equipment is derecognized upon disposal or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
credited or charged to operations in the year the asset is derecognized.
Management has reviewed the estimated useful lives, depreciation methods and residual values of the
propery and equipment, at each reporting period. Necessary adjustments made prospectively
2.j. Leases
The determination of whether an arrangement is a lease agreement or lease agreement containing the
substance of the agreement based on the inception date and whether the fulfillment of the agreement
depends on the use of an asset and the agreement provides a right to use the asset.
Leases are classified as finance leases if the lease substantially transferred all the risks and benefits related
to ownership of the asset. Leases are classified as operating leases if the lease did not substantially transfer
all the risks and benefits related to ownership of the asset.
Group as Lessee
At the beginning of the lease term, the Group recognizes finance leases as assets and liabilities in the
consolidated statements of financial position at fair value of the leased property or the present value of the
minimum lease payments, if the present value is lower than the fair value. The valuation of a lease is
determined at the initial contract. The discount rate used in calculating the present value of the minimum
lease payments is the implicit interest rate of the lease, if practicable. If not, the discount rate used is the
level of the lessee's incremental borrowing rate applied. Initial direct costs of the lessee are capitalized and
recognized as an asset. Leased asset depreciation policy is consistent with the policy for the Group’s own
property and equipment.
Under an operating lease, the Group recognizes lease payments as an expense on a straight-line basis
over the lease term.
Group as lessor
The Group recognizes lease receivables in the consolidated statements of financial position as a net lease
investment. Collection of leases are considered as payments of lease principal and finance lease income.
Recognition of finance lease income is based on a pattern reflecting a constant periodic rate of return on
the Group's net investment as lessor in a finance lease.
The Group is required to present assets subject to operating leases in its consolidated statements of
financial position according to the nature of the asset. Initial direct costs incurred in negotiating an operating
lease are added to the carrying amount of the leased asset and recognized as an expense over the lease
term on the same basis as operating rental income. Contingent rents, if any, are recognized as revenue in
the periods in which they are earned.
Lease income from operating leases is recognized as income on a straight-line basis over the lease term.
Sale and Leaseback
A sale and leaseback transaction involves the sale of an asset and leasing back the same asset. If a sale
and leaseback transaction is a finance lease, any excess of sales proceeds over the carrying value is not
immediately recognized as income in the consolidated financial statements of a seller (lessee) but is
deferred and amortized over the lease period.
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If a sale and leaseback transaction is an operating lease, and it is clear that the transaction is established
at fair value, any profit or loss is recognized immediately. If the sales price is below fair value, any profit or
loss is recognized immediately except if the loss is compensated by future lease payments below market
price where it is deferred and amortized in proportion to the lease payments over the period for which the
asset is expected to be used.
2.k. Impairment of Non-Financial Assets
The recover amount of non-financial assets shall be estimated at the time of the events or changes in
circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized in
the current period.
Impairment loss been recognized in prior periods is reversed, if and only if, there is a change in the estimates
used to determine the asset's recoverable amount since the last impairment loss was recognized. If so, the
carrying amount of the asset is increased to its recoverable amount. This increase is a reversal of an
impairment loss. Total assets increased due to the reversal of an impairment loss, should not exceed the
carrying amount if the asset does not bear an impairment loss in the previous period.
2.l. Business Combination
The Group accounts for each business combination by applying the acquisition method.
The consideration transferred for an acquisition is measured at the aggregate of the fair values of
assets given-up, liabilities assumed and equity instruments issued by the Company. Acquisition-related
costs are recognized in the profit or loss as incurred.
The Group recognizes the identifiable assets acquired and liabilities taken over at their fair value on the
acquisition date, except for the following:
 Deferred tax assets or liabilities that are related to assets acquired and liabilities taken over in business
combination are recognized and measured in accordance with PSAK No. 46 (Revised 2010), “Income
Taxes”.
 Liabilities (or assets, if any) related to employee benefit arrangements from the acquiree are recognized
and measured in accordance with PSAK No. 24 (Revised 2010), “Employee Benefits”.
 Liabilities or equity instruments related to the replacement of an acquiree’s share-based payment
awards are measured in accordance with PSAK No. 53 (Revised 2010), “Share-based Payment”.
 Non-current assets (or disposal groups) acquired which are classified as held for sale are measured in
accordance with PSAK No. 58 (Revised 2009), “Non-current Assets Held for Sale and Discontinued
Operations”.
2.m. Intangible Assets
Goodwill
Goodwill arising in a business combination is recognized as an asset on the date that control is acquired.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any
noncontrolling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest
in the acquiree over the net of the acquisition date amounts of the identifiable assets acquired and the
liabilities taken over.
Goodwill is not amortized but is reviewed for impairment at least annually or more frequently when there is
an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated
to each of the cash-generating units expected to benefit from the synergies of the combination. If the
recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit prorated on the basis of the carrying amount of each asset in the unit. An impairment loss is
charged to the consolidated statements of comprehensive income for the current period.
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An impairment loss recognized for goodwill is not reversed in the subsequent period.
The negative goodwill that resulted from bargain purchases is recognized as gain in profit or loss. The gain
is attributed to the acquirer.
If goodwill has been allocated to a cash-generating unit and certain operations on the cash-generating unit
is stopped, the goodwill associated with discontinued operations are included in the carrying amount of the
operation when determining the gain or loss on disposal. Goodwill removed is measured based on the
relative value of discontinued operations and share of the cash-generating unit retained.
Cost of Software
Software costs are initially recognized at cost or amounts attributable to the assets at the time of acquisition.
Acquisition cost of accounting software is deferred and amortized using the straight line method based on
the estimated economic useful life of five (5) years.
2.n. Employee Benefits
Short-term employee benefits
Short-term employee benefits are recognized as wages and salaries for rendered services to the Company
during the accounting period.
Post-employment Benefits
The Group has a defined benefit pension plan without funding for all its permanent employees and have
computed and recorded a provision for employee post-employment benefits in accordance with the Labour
Law No. 13/2003 and PSAK No. 24 (Revised 2010), "Employee Benefits".
Post-employment benefits are recognized at a discounted amount when the employees have rendered
services to the company during the accounting period. Liabilities and expenses are measured using
actuarial techniques which include constructive obligation that arises from the Group’s common practices.
In calculating such liabilities, the benefit must be discounted using the projected unit credit method. Past
service cost is recognized in profit or loss when the benefit becomes vested and recognized as an expense
using the straight-line method for the average period of vested benefit. Accumulated unrecognized actuarial
gain (loss) that is more than 10% of the present value of defined benefit liabilities are amortized using the
straight line method over the remaining projected average service period of employees in the programme.
2.o. Difference in Value from Restructuring Transactions between Entities Under Common Control
The restructuring transactions between entities under common control, such as transfers of assets,
liabilities, shares or other ownership instruments by re-organizing entities within the same group, do not
represent changes of ownership in terms of economic substance, and thus, should not result in a gain or
loss for the group of companies as a whole or for the individual entity in the groups.
Since restructuring transactions with entities under common control do not result in changes in term of
economic substance of ownership in transferred assets, liabilities or other ownership instruments, the
transferred assets or liabilities (in legal form) should be recorded at book value in a manner similar to
business combination transactions using the pooling of interest method.
The difference between transfer price and book value does not represent goodwill. Such difference is
recorded in the account “Difference in Value from Restructuring Transactions between Entities under
Common Control” and is presented in additional paid in capital as part of equity.
Since the implementation of PSAK No. 38 (Revised 2012) “Business Combinations on Entities under
Common Control” starting in January 1, 2013, this account can not recognized as realized profit and loss
nor reclassified as retained earning.
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2.p. Revenue and Expense Recognition
Revenue is recognized when medical services are rendered or when medical supplies are delivered to
patients.
Expenses are recognized when incurred.
2.q. Income Tax
Current income tax is calculated from taxable income, the earnings that have been adjusted to the
appropriate tax rules.
Amendments to taxation liabilities are recorded when an assessment is received or, if appealed against,
when the results of the appeal are determined.
Current tax assets and current tax liabilites are offset if, and only if, the entity:
1) has a legally enforceable right to set off the recognised amount; and
2) intends to settle in net basis, or realises and settles the asset and liability simultaneously.
All temporary differences between the tax bases of assets and liabilities and their carrying value for financial
reporting purposes are recognized as deferred tax using the balance sheet liability method. Currently or
substantially enacted tax rates are used to determine deferred income tax.
Deferred tax assets and deferred tax liabilites are offset if, and only if, the entity:
1) has a legally enforceable right to set off current tax asset against current tax liability; and
2) the deferred tax asset and the deferred tax liability relate to income taxes levied by the same tax
authority on the same taxable entity.
2.r. Financial Instruments
Financial Assets
The Group classified its financial assets into four (4) categories, as follows (i) financial assets measured at
fair value through profit or loss (FVTPL), (ii) loans and receivables, (iii) held-to-maturity financial assets
(HTM financial assets) and (iv) available-for-sale financial assets (AFS financial assets). The classification
depends on the purpose for which the financial assets were acquired. The management determines the
classification of its financial assets at initial recognition.
(i) Financial Assets at FVTPL
Financial assets which are recognized as FVTPL are financial assets for trading. Assets are classified
in this category when they are held principally for the purpose of selling or repurchasing in the near
term and there is evidence of a recent actual pattern of short-term profit taking. Derivatives are
classified as trading assets, except when designated and effective as hedging instruments
At initial recognition, financial assets measured at FVTPL are measured at fair value. Transaction costs
related to the acquistion are recognized in the current year profit or loss. Subsequent increase or
decrease in fair value is recognized in profit or loss.
(ii) Loans and Receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. Loans and receivables are initially recognized at fair value plus
transaction costs and are subsequently measured at amortized cost using the effective interest rate
method.
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(iii) HTM Financial Assets
HTM investments are non-derivative financial assets with fixed or determinable payments and fixed
maturity that management has the positive intention and ability to hold to maturity, other than:
a. Investments which from initial recognition, were designated as financial assets measured at FVTPL;
b. Investments which are designated as available-for-sale; and
c. Investments that meet the definition of loans and receivables.
At initial recognition, HTM investments are recognized at fair value plus transaction costs and are
subsequently measured at amortized cost using the effective interest rate method.
(iv) AFS Financial Assets
AFS financial asset are non-derivative financial assets that are held during a certain period with the
intention for sale in order to fulfill liquidity needs, changes in interest rates or foreign exchange, or those
that are not classified as loans and receivables, investments that are classified as held-to-maturity or
financial assets at fair value through profit or loss.
At initial recognition, available for sale financial assets are recognized at fair value plus transaction
costs and subsequently measured at fair value with any gain or loss recognized as other
comprehensive income, except for impairment loss and foreign exchange, until the derecognition of the
financial assets.
Financial Liabilities and Equity Instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by the Group are classified according to the substance of
the contractual arrangements entered into and the definitions of financial liabilities and equity instruments.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after
deducting all of its liabilities. Equity instruments are recorded as the proceeds received, net of direct issue
costs. Share issuance costs are presented as part of equity under "Additional Paid-in Capital – Net”.
Financial Liabilities
Financial liabilities are classified into the categories of (i) financial liabilities measured at fair value through
profit or loss (FVTPL) and (ii) financial liabilities measured at amortized cost.
(i) Financial liabilities measured at FVTPL
Financial liabilities at fair value through profit or loss are the financial liabilities that are designated for
trading. Financial liabilities are classified for trading if acquired primarily for the purpose of selling or
repurchasing in the near term and there is evidence of a pattern of short-term profit taking. Derivatives
are classified as trading liabilities except those effectively designated as hedging instruments.
At initial recognition, financial liabilities at FVTPL are recognized at fair value. Transaction costs in
connection with to the acquisition are recognized in profit or loss for the period; subsequent increase or
decrease in fair value are recognized in the profit or loss.
(ii) Financial Liabilities Measured at Amortized Cost
Financial liabilities not classified as financial liabilities at fair value through profit or loss are categorized
and measured using amortized cost.
At initial recognition, financial liabilities measured at amortized cost are recognized at fair value net of
transaction costs and subsequently measured at amortized cost using the effective interest rate
method.
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Impairment of Financial Assets
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the reporting
date. Financial assets are impaired where there is objective evidence that, as a result of one or more events
that occurred after the initial recognition of the financial asset, the estimated future cash flows of the
investment have been impacted. For listed and unlisted equity investments classified as AFS, a significant
or prolonged decline in the fair value of the equity investment below its cost is considered to be an objective
evidence of impairment.
Some objective evidence for impairment value are as follows:
 significant financial difficulty of the issuer or counterparty; or
 default or delinquency in interest or principal payments; or
 it becoming probable that the borrower will enter bankruptcy or financial reorganization.
For certain categories of financial assets, such as receivables, the impairment value of assets are assessed
individually. Objective evidence of impairment for a portfolio of receivables could include the Group’s past
experience of collecting payments, an increase in the number of delayed payments in the portfolio past the
average credit period and observable changes in the national or local economic conditions that correlate
with default on receivables
For financial assets carried at amortized cost, the amount of impairment is the difference between the
asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial
asset’s original effective interest rate.
The carrying amount of the financial asset is directly reduced by the amount of impairment loss for all
financial assets with the exception of receivables, where the carrying amount is reduced through the use of
an allowance account. When a receivable is considered uncollectible, it is written-off against the allowance
account. Subsequent recoveries of amounts previously written-off are credited against the allowance
account. Changes in the carrying amount of the allowance account are recognized in the profit or loss.
When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognized
in equity are reclassified to the profit or loss.
With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to an event occurring after the impairment was
recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that
the carrying amount of the investment on the date of the impairment is reversed does not exceed the
amortized cost had there been no impairment recognized.
In respect of AFS equity securities, impairment losses previously recognized in the consolidated statement
of comprehensive income are not reversed through profit or loss. Any increase in fair value subsequent to
an impairment loss is recognized directly in equity.
Reclassification of Financial Assets
Reclassification is only permitted in rare circumstances and where the asset is no longer held for the
purpose of selling in the short-term. In all cases, reclassification of financial assets is limited to debt
instruments. Reclassifications are accounted for at the fair value of the financial asset on the date of
reclassification.
Offsetting of Financial Instruments
Financial assets and liabilities are offset and the net amount is reported in the consolidated statements of
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financial position when there is a legally enforceable right to offset the recognized amounts and there is an
intention to settle on a net basis, or realize the asset and settle the liability simultaneously.
Derecognition of Financial Assets and Liabilities
The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of
the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Group recognizes their retained interest in
the asset and an associated liability for the amounts they may have to pay. If the Group retains substantially
all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the
financial asset and also recognizes a collateralized borrowing for the proceeds received.
The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged,
cancelled or expired.
Effective Interest Method
The effective interest method is a method of calculating the amortized cost of a financial instrument and of
allocating interest income over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees and others paid or received that form an integral
part of the effective interest rate, transaction costs and other premiums or discounts) through the expected
life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount on initial
recognition.
Income is recognized on an effective interest basis for financial instruments other than those financial
instruments at FVTPL.
Fair Value Determination
The fair value of financial assets and liabilities must be estimated for recognition and measurement or for
disclosure purposes.
PSAK No. 60, “Financial Instruments: Disclosures” requires disclosure of fair value measurements by level
of the following fair value measurement hierarchy:
(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
(ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices) (Level 2), and
(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs)
(Level 3).
The fair value of financial instruments traded in active markets is based on quoted market prices at the
reporting date. The quoted market price used for financial assets held by the Group is the current bid price,
while ask price is used for financial liabilities. These instruments are included in Level 1.
The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques. These valuation techniques maximize the use of observable market data where it is available
and rely as minimum as possible on estimates. If all significant inputs required to fair value an instrument
are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included
in Level 3. This is the case for unlisted equity securities.
2.s. Earnings Per Share
Earnings per share is computed by dividing income attributable to the parent by the weighted average
number of common shares outstanding during the period.
19
Paraf:
Diluted earnings per share is computed considering other securities that potentially have a dilutive effect to
ordinary shares outstanding during the reporting period.
2.t. Operating Segments
Operating segments are identified based on internal reports on components of the Group that are regularly
reviewed by the "operational decision maker" in allocating resources and assessing performance of the
operating segments.
An operating segment is a component of an entity that engages in business activity in which operating
results are evaluated regularly by management, and its financial information can be presented separately.
The Group evaluates operating segments based on the business activities of each hospital unit which is a
strategic unit that promote products and services in different service areas. Products and services are
managed separately because each unit hospital requires different market strategies and resources.
Segment accounting policies are the same as described in the summary of significant accounting policies.
2.u. Significant Accounting Estimation and Justification
The preparation of the consolidated financial statements in accordance with the Indonesian Financial
Accounting Standards requires the management to make assumptions and estimates that could affect the
carrying amounts of certain assets and liabilities at end of reporting period.
In the preparation of these consolidated financial statements, accounting assumptions have been made in
the process of applying accounting policies that may affect the carrying amounts of assets and liabilties in
the consolidated financial statements. In addition, there are accounting assumptions about the sources of
estimation uncertainty at end of reporting period that could materially affect the carrying amounts of assets
and liabilities in the subsequent reporting period.
The management periodically reviews them to ensure that the assumptions and estimates have been made
based on all relevant information available on the date in which the consolidated financial statements have
been prepared. Because there is inherent uncertainty in making estimates, the value of assets and liabilities
to be reported in the future might differ from those estimates.
i. Significant Accounting Estimations and Justification
At the reporting date, the management has made significant assumptions and estimates which have the
most significant impact to the carrying amount recognized in the consolidated financial statements are
as follows:
Allowance for Impairment of Accounts Receivable
In general, the management analyzes the adequacy of the allowance for impairment based on several
data, which include analyzing historical bad debts, the concentration of each customer's trade
receivables, credit worthiness and changes in a given period of repayment. The analysis is carried out
individually on a significant amount of accounts receivable, while the insignificant group of trade
receivables is carried on the collective basis. At the reporting date, the carrying amount of trade
receivables has been reflected at fair value and the carrying value may change materially in the
subsequent reporting period. The change, however, will not be attributable to the assumptions and
estimates made as of this reporting date (see Note 4).
Deferred Tax Assets Estimation
Management considerations are needed to determine the amount of deferred tax recognized in the profit
or loss and the amount recorded as deferred tax assets. Recognition is performed only if it is probable
that the asset will be recovered in the form of economic benefits to be received in future periods, in which
the temporary differences and tax losses can still be used. Management also considers the future
estimated taxable income and strategic tax planning in order to evaluate its deferred tax assets in
20
Paraf:
accordance with applicable tax laws and its updates. As a result, related to its inherent nature, it is likely
that the calculation of deferred taxes is related to a complex pattern where assessment requires a
judgment and is not expected to provide an accurate calculation. Estimated Deferred tax disclose to the
Note 7.c.
Estimated Useful Lifes of Property and Equipment
Management makes a periodic review of the useful lifes of property and equipment based on several
factors such as physical and technical conditions and development of medical equipment technology in
the future. The results of future operations will be materially influenced by the change in estimate as
caused by changes in the factors mentioned above. Changes in estimated useful life of property and
equipment, if any, are prospectively treated in accordance with PSAK No. 25 (Revised 2010),
“Accounting Policies, Changes in Accounting Estimates and Errors”. Carring value of property and
equipment disclose to the Note 12.
Post-employment Benefits
The present value of post-employment benefits obligation depends on several factors that are
determined on an actuarial basis based on several assumptions. Assumptions used to determine the
cost (income) include the discount rate. Changes in these assumptions will affect the carrying amount of
post-employment benefits.
The Group determines the appropriate discount rate at the end of the reporting period by the interest
rate used to determine the present value of future cash outflows expected to settle an estimated
obligation. In determining the appropriate level of interest rates, the Group considers the interest rate of
government bonds denominated in Rupiah that have a similar period to the corresponding period of the
obligation.
Another key assumption is partly determined by current market conditions during the period in which the
post-employment benefits is resolved. Changes in the employee benefits assumption will impact
recognition of actuarial gains or losses at the end of the reporting period. Information about assumtion
and balance of liability and post employment benefits expense disclose to the Note 19.
Fair Value of Financial Instruments
When the fair value of financial assets and liabilities recorded in the consolidated statements of financial
position is not available in an active market, it is determined using valuation techniques including the use
of mathematical models. Input for this model is derived from observable market data through the data
available. When observable market data is not available, management judgment is required to determine
the fair value. Such considerations include liquidity and volatility feedback model for derivative
transactions and long-term discount rates, prepayments, and default rate assumptions. Fair value of
financial instruments disclose to the Note 30.
ii. Significant Consideration in the Determination of Accounting Policies
The following considerations made by management in the application of accounting policies that have
significant effect on the amount presented in the financial statements:
Revenue Recognition – Doctors Fee
Policy and billing system to the patient is an integral of over all charges consist of consulting with the
doctors, use of drugs and other medical procedures. Above the cost of consulting a doctor, the Hospital
perform specific calculations for each doctor, make payments net of withholding tax to the doctor,
although a bill to the patient is not fully collected. Management of the Group considered that there was
no agency relationship between the hospital and its doctors, with consideration to the impact of the
significant benefits and risks related to the provision of medical services by the doctors to patients. Bills
for medical services are recognized as revenue when the recognition criteria are met.
21
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3.
June 30, 2014
Rp
5,519,412,850
Cash on Hand
Cash in Banks
Related Party
Rupiah
PT Bank Nationalnobu Tbk
Third Parties
Rupiah
PT Bank Negara Indonesia (Persero) Tbk
PT Bank CIMB Niaga Tbk
PT Bank Central Asia Tbk
PT Bank Mandiri (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
Others (below Rp1 billion each)
December 31, 2013
Rp
4,613,913,629
166,415,778,228
223,200,570,371
43,931,114,339
43,673,935,025
14,771,687,110
13,184,333,898
1,363,792,386
206,720,230
55,026,324,173
16,380,733,527
10,974,569,197
14,113,438,678
18,627,512,852
1,832,686,779
56,279,611,947
3,138,397,443
75,301,799,681
3,164,074,460
Foreign Currencies
SGD
PT Bank International Indonesia Tbk
USD
PT Bank ANZ Indonesia
EURO
AUD
Subtotal
6,505,287,132
200,293,252
1,433,499,312
529,601,289
7,062,568,431
366,921,314,505
1,759,399,666
427,273,923,816
Time Deposits - Third Parties
Rupiah
PT Bank Mandiri (Persero) Tbk
Subtotal
Total
32,050,000,000
19,900,000,000
10,100,000,000
62,050,000,000
434,490,727,355
61,050,000,000
19,900,000,000
2,600,000,000
83,550,000,000
515,437,837,445
9,033,222,974
826,409,659
328,162,451
2,086,378,332
2,069,938,234
773,397,265
Interest rates and maturity period of the time deposits are as follows:
Rupiah
Annual Contractual Interest Rates
Maturity Period
June 30, 2014
December 31, 2013
4.25% - 10.50%
30 hari
4.25% - 7.75%
5 - 30 Days
There are no cash and cash equivalent pledged as collateral and restricted.
22
Paraf:
4.
Trade Receivables
June 30, 2014
Rp
Related Parties (see Note 10)
2,311,891,040
December 31, 2013
Rp
2,432,208,891
Third Parties
Enterprise
Individual
Credit Card
Others (below Rp500 million each)
Subtotal
Less: Allowance for Impairment losses
Trade Receivables - Third Parties - Net
Trade Receivables - Net
303,786,303,600
18,602,654,752
7,203,527,370
7,281,754,667
336,874,240,389
(8,678,533,381)
328,195,707,008
251,060,097,452
17,405,834,003
4,563,215,001
4,075,353,271
277,104,499,727
(8,734,468,948)
268,370,030,779
330,507,598,048
270,802,239,670
The movements in allowance for impairment losses are as follows:
June 30, 2014
Rp
Third Parties
Beginning Balance
Addition
Reversal
Ending Balance
8,734,468,948
-(55,935,567)
8,678,533,381
December 31, 2013
Rp
6,167,375,415
2,675,109,173
(108,015,640)
8,734,468,948
All trade receivables are denominated in Rupiah.
Trade receivables of PT Golden First Atlanta, a subsidiary, are pledged as collateral for loans obtained from
PT Bank Central Asia Tbk (see Note 17).
Based on management’s review of the individual account of the trade receivables at the end of the reporting
date, there were impairment on certain trade receivables. Management has provided adequate allowance for
impairment losses based on the Group's accounting policies.
Management believes that the allowance was made because the receivables cannot be collected and is
adequate to cover possible losses from uncollectible accounts.
5.
June 30, 2014
Rp
Other Current Financial Assets - Third Parties
Rental Receivables
Others
Total
4,508,949,362
1,070,511,050
5,579,460,412
December 31, 2013
Rp
2,978,977,233
164,302,523
3,143,279,756
Rental receivables represent receivables from retail tenants of the leased area in the hospital building.
23
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As of June 30, 2014 and December 31, 2013, the Group did not provide allowance for impairment losses on the
receivables because management believes that all receivables are collectible.
6.
Inventories
June 30, 2014
Rp
Medicine
Medical Supplies
Others
Total
52,359,156,954
35,547,314,126
4,648,036,225
92,554,507,305
December 31, 2013
Rp
54,556,306,252
36,109,123,363
4,165,652,167
94,831,081,782
The Group’s inventory have been insured againts all forms of risk by PT Lippo General Insurance Tbk, a related
party, amounting to Rp89,861,151,450 as of June 30, 2014 and December 31, 2013, respectively. The
management believes that insurance coverage is adequate to cover possible losses of the insured assets.
The medicine and consumable goods of PT Golden First Atlanta, a subsidiary, are pledged as collateral for loans
obtained from PT Bank Central Asia Tbk (see Note 17).
The amount of inventories charged to cost of sales for the 6 (Six) months period ended June 30, 2014 and 2013
amounted to Rp379,161,349,338 and Rp290,385,374,057, respectively (see Note 24).
The management believes that there is no indication of impairment of inventory as of June 30, 2014.
7.
Taxes
a. Taxes Payable
June 30, 2014
Rp
Income Tax
Article 4 (2)
Article 21
Article 23
Article 26
Article 25/29
The Company
Subsidiaries
Value Added Tax
Total
December 31, 2013
Rp
1,092,014,257
9,573,094,206
233,742,263
1,179,920
1,178,537,667
8,544,162,861
481,518,681
5,023,491
835,924,274
389,471,851
2,592,436,340
3,894,560,892
287,642,701
12,125,426,771
16,983,882,633
On November 22 and 25, 2013, PT East Jakarta Medika (EJM), a subsidiary, received the result of tax
inspection for income tax article 23 for the year 2007 and 2008, respectively, and Value added tax for the
year 2008 through Underpayment of Tax Assessment Letters (SKPKB) Nos. 00005/203/07/431/13,
00009/203/08/431/13 and 00068/207/08/431/13 amounting to Rp2,209,747,062. SKPKB has been fully paid
on December 17, 2013.
24
Paraf:
b. Taxes Expense (Benefit)
The Company
Rp
Current Tax Expense
Deferred Tax Expense (Benefit)
Consolidated Tax Expense (Benefit)-Net
2014
(6 Months)
Subsidiaries
Rp
10,905,692,500
(3,271,444,388)
7,634,248,112
452,859,978
452,859,978
Consolidated
Rp
10,905,692,500
(2,818,584,410)
8,087,108,090
The Company
Rp
2013
(6 Months)
Subsidiaries
Rp
10,826,915,000
(1,538,123,646)
9,288,791,354
Consolidated
Rp
(816,850,261)
(816,850,261)
10,826,915,000
(2,354,973,908)
8,471,941,092
Current Tax
The calculation of estimated current tax expense and corporate income tax payable of the Company are as
follows:
2014
(6 Months)
Rp
Profit Before Tax as
Consolidated Statements of Comprehensive Income
Less: Loss Before Tax of Subsidiaries
Profit Before Tax of the Company
Timing Differences:
Depreciation and Amortization Charges
Allowance for Impairment Losses
Permanent Differences:
Entertainment and Donation
Income Already Subjected to Final Tax
Salary and Allowances Employees
Interest Income already Subjected to Final Tax
Deferred Charge
2013
(6 Months)
Rp
52,649,709,400
25,880,981,574
8,595,901,153
(22,771,274,855)
44,053,808,247
48,652,256,429
(7,349,524,436)
-(7,349,524,436)
(11,442,748,018)
400,890,954
(11,041,857,064)
737,965,626
409,218,837
(1,826,481,305)
10,157,753,665
(7,375,086,155)
5,224,335,112
6,918,486,943
(2,241,127,056)
7,843,626,279
(314,456,838)
-5,697,261,222
Estimated Taxable Income - Rounded
Kompensasi Kerugian Perusahaan
Estimated Current Taxes - the Company
43,622,770,000
43,307,660,000
10,905,692,500
10,826,915,000
Less: Prepayments of Income Tax Article 25
(10,069,768,226)
(11,443,860,864)
835,924,274
(616,945,864)
Estimated Corporate Tax Payable
A reconciliation between profit before tax expense as presented in the consolidated statements of
comprehensive income with the total consolidated tax expense is as follows:
25
Paraf:
2014
(6 Months)
Rp
2013
(6 Months)
Rp
Profit before Tax as Presented in the Consolidated
Statements of Comprehensive Income
52,649,709,400
25,880,981,574
Profit before Tax of the Company
8,595,901,153
44,053,808,247
(22,771,274,855)
48,652,256,429
Current Prevailing Tax Rate 25%
11,013,452,062
12,163,064,107
184,491,407
102,304,709
(456,620,326)
(560,281,764)
2,539,438,416
1,960,906,570
(1,843,771,539)
(5,108,825,686)
(78,614,210)
(557,857,196)
Less : Loss before Tax of Subsidiaries
Entertainment and Donation
Income Already Subjected to Final Tax
Salary and Allowances Employees
Interest Income already Subjected to Final Tax
Correction and Recovery of Deferred Tax
Deferred Charge
1,306,083,778
-
Total Tax Expenses of the Company
7,634,248,112
13,029,522,216
Deferred Tax Benefit - Subsidiaries
Total Consolidated Tax Expenses
452,859,978
8,087,108,090
(4,557,581,123)
8,471,941,093
c. Deferred Tax
December 31, 2013
Deferred Tax Assets
The Company
Employee Benefits
Depreciation of Property and Equipment
Rp
Charged
(Credited) to
Consolidated
Statement of
Comprehensive
Income
Rp
Deferred Tax
Liabilities
from the Acquired
Company
June 30, 2014
Rp
Subsidiaries
Total Deferred Tax Assets
19,317,307,583
(5,949,384,660)
1,056,097,167
14,424,020,090
4,557,581,123
18,981,601,213
-3,271,444,388
-3,271,444,388
(452,859,978)
2,818,584,410
-------
19,317,307,583
(2,677,940,272)
1,056,097,167
17,695,464,478
4,104,721,145
21,800,185,623
Deferred Tax Liability
(11,983,104,371)
--
939,894,038
(11,043,210,333)
December 31, 2012
Charged
(Credited) to
Consolidated
Statement of
Comprehensive
Income
Rp
Deferred Tax
Liabilities
from the Acquired
Company
Deferred Tax Assets
The Company
Employee Benefits
Depreciation of Property and Equipment
Rp
December 31, 2013
Rp
15,357,528,163
(2,651,594,162)
955,874,428
13,661,808,429
3,959,779,420
(3,297,790,498)
100,222,739
762,211,661
-----
19,317,307,583
(5,949,384,660)
1,056,097,167
14,424,020,090
Subsidiaries
Total Deferred Tax Assets
2,646,479,051
16,308,287,480
1,911,102,072
2,673,313,733
---
4,557,581,123
18,981,601,213
Deferred Tax Liability
(6,653,250,000)
--
(5,329,854,371)
(11,983,104,371)
26
Paraf:
Management believes that the deferred tax asset can be recovered through taxable income in the future.
8. Prepaid Expenses
June 30, 2014
Rp
Rental
Insurance
Advertising
Information and Technology Infrastructure
December 31, 2013
Rp
18,663,610,417
1,985,634,511
2,014,848,032
1,827,221,311
7,119,604,056
Total
17,127,815,179
2,365,595,628
1,283,265,903
2,473,556,926
31,610,918,327
23,250,233,636
Prepaid rent mainly relates to the lease of the land and building of Siloam Hospitals Lippo Cikarang from
PT Graha Pilar Sejahtera and lease of Siloam Cinere Hospital to PT Anadi Sarana Tatahusada (see Note 33.a).
9. Advances
June 30, 2014
Rp
Advances for Purchase of Property and Equipment
Construction
Total
December 31, 2013
Rp
40,545,843,444
30,821,729,929
12,091,037,838
83,458,611,211
29,319,002,322
18,852,487,557
12,410,384,073
60,581,873,952
Advances for purchase of property and equipment mainly represent the purchase of medical equipment for
Siloam Hospitals Lippo Village and Siloam Simatupang.
Advances for construction represent downpayment to suppliers related to the hospitals renovation.
10. Transactions and Balances with Related Parties
In its normal business transactions, the Company conducts business transactions with related parties as follows:
June 30, 2014
Rp
Trade Receivables
Non-employee
Other (below Rp 1 billion each)
Total
Accrued Expense
PT Lippo Karawaci Tbk
December 31, 2013
Rp
Percentage to Total Assets/Liabilities
June 30, 2014
December 31, 2013
%
%
166,415,778,228
223,200,570,371
6.30
8.58
2,311,891,040
2,432,208,891
0.09
0.09
774,263,509
774,263,509
515,189,971
515,189,971
0.03
0.03
0.02
0.02
44,449,021,453
10,888,996,419
4.64
1.13
27
Paraf:
June 30, 2014
Rp
December 31, 2013
Rp
368,013,684,483
June 30, 2014
Rp
Employee Benefit for Key Management
Short-Term Post-Employment Benefits
Directors
Board of Commissioners
Rental Expense
Interest Expense
Precentage to Total Liabilities
June 30, 2014
December 31, 2013
%
%
387,074,492,750
38.38
40.25
Percentage to Total Operating Expenses
June 30, 2014
June 30, 2013
%
%
June 30, 2013
Rp
12,943,903,633
-12,943,903,633
7,461,591,600
-7,461,591,600
3.68
-3.68
2.70
-2.70
12,773,091,593
2,722,249,105
3.63
0.99
--
5.91
--
20,786,933,441
The loan obtained from PT Lippo Karawaci Tbk (LK) is related to funding for expansion and acquisition of
subsidiaries.
On April 30, 2013, the Company entered into a loan agreement with LK. This agreement was effective from the
signing of the agreement and will expire immediately when the Company repays the loan. It does not bear interest
if it fully paid by December 31, 2013.
The entire balance of the related party transactions are transactions denominated in Rupiah.
The relationship and nature of accounts/ transactions with related parties are as follows:
Related Parties
Relationship
Nature of Accounts/Transaction
Under common control
Placement of current account
Ultimate parent entity
Interest bearing and without maturity date of loan, key
management employee benefits and rental expense
Non-employees
Member of the same group
Trade receivables
All related parties transactions are disclosed in the consolidated financial statements.
11. Other Non Current Financial Assets
June 30, 2014
Rp
Deferred Charges
Deposit for Purchase of Shares
Others (below Rp500 millions each)
Total
December 31, 2013
Rp
15,670,005,335
11,731,480,788
2,262,706,201
20,893,340,447
1,943,326,201
29,664,192,324
22,836,666,648
Deferred charges represents expenses related to development of professional staff for operational planning of
future hospitals.
Deposit for purchase of shares is deposit placed for the purchase of shares of PT Rashal Siar Cakra Medika
(RSCM). On May 20, 2014, PT Tunggal Pilar Perkasa (TPP) and PT Mahkota Buana Selaras (MBS) has signed
28
Paraf:
a Prelimenary Sale and Purchase Agreement to acquire the shares of RSCM. Based on the agreement, TPP
and MBS will acquire the ownership of RSCM by 75% and 25%, respectively.
12. Property and Equipment
Beginning Balance
Rp
Acquisition Cost
Direct Ownership
Land
Building and Infrastructure
Medical Equipment
Transportation Equipment and Vehicles
Total Direct Ownership
43,195,729,300
291,719,048,205
1,358,780,589,835
311,337,811,186
19,094,402,824
2,024,127,581,350
Addition
Rp
-8,141,849,783
73,073,232,000
21,314,913,001
1,127,669,000
103,657,663,784
June 30, 2014
Disposal
Rp
Reclassification
Rp
Ending Balance
Rp
--596,259,587
863,523,310
-1,459,782,897
-10,518,610,038
1,874,010,770
2,704,297,242
-15,096,918,050
43,195,729,300
310,379,508,026
1,433,131,573,018
334,493,498,119
20,222,071,824
2,141,422,380,287
Construction In Progress
90,456,063,910
45,136,817,254
--
(15,096,918,050)
120,495,963,114
Total Acquisition Cost
2,114,583,645,260
148,794,481,038
1,459,782,897
--
2,261,918,343,401
52,915,955,840
516,513,232,971
133,735,387,829
9,148,828,113
9,375,261,403
89,687,820,133
27,418,764,202
1,467,584,910
-596,259,591
863,523,310
--
-----
62,291,217,243
605,604,793,513
160,290,628,721
10,616,413,023
712,313,404,753
127,949,430,648
1,459,782,901
--
Accumulated Depreciation
Direct Ownership
Medical Equipment
Total Accumulated Depreciation
Direct Ownership
Carrying Amount
1,402,270,240,507
838,803,052,500
1,423,115,290,901
December 31, 2013
Beginning Balance
Rp
Acquisition Cost
Direct Ownership
Land
Medical Equipment
Construction In Progress
Total Acquisition Cost
Direct Ownership
Medical Equipment
Total Accumulated Depreciation
Direct Ownership
Carrying Amount
Addition
Rp
Disposal
Rp
Reclassification
Rp
Ending Balance
Rp
42,179,077,300
127,484,041,038
905,404,656,735
217,750,864,022
11,785,371,719
1,304,604,010,814
1,016,652,000
142,545,184,422
426,415,623,028
125,189,842,986
7,309,031,105
702,476,333,541
--7,571,079,015
208,681,380
-7,779,760,395
-21,689,822,745
34,531,389,087
(31,394,214,442)
-24,826,997,390
43,195,729,300
291,719,048,205
1,358,780,589,835
311,337,811,186
19,094,402,824
2,024,127,581,350
46,073,901,730
1,350,677,912,544
69,263,816,695
771,740,150,236
54,657,125
7,834,417,520
(24,826,997,390)
--
90,456,063,910
2,114,583,645,260
28,068,987,209
340,628,942,578
110,772,573,177
5,914,983,073
24,846,968,631
180,511,021,752
23,169,398,188
3,233,845,040
-4,626,731,359
206,583,536
--
-----
52,915,955,840
516,513,232,971
133,735,387,829
9,148,828,113
485,385,486,037
865,292,426,507
231,761,233,611
4,833,314,895
--
712,313,404,753
1,402,270,240,507
In 2013, the addition of property and equipment, included property and equipment of the acquired company (see
Notes 1.c and 27) with a total acquisition cost of Rp246,927,708,694 and accumulated depreciation of
Rp29,272,544,334.
29
Paraf:
Depreciation charges that were allocated in the consolidated statements of comprehensive income are as
follows:
Cost of Sales (see Note 24)
Operating Expenses (see Note 25)
Total Depreciation Charges
2014
(6 Months)
Rp
2013
(6 Months)
Rp
90,481,826,845
37,467,603,803
127,949,430,648
66,765,246,395
23,051,216,976
89,816,463,371
Land and building, infrastructure, machinery and tools and medical equipment of PT Balikpapan Damai Husada,
a subsidiary, are pledged as collateral for loan obtained from Bank Pembangunan Daerah Kalimantan Timur
(see Note 17).
Land and building, vehicles, furniture, fixtures and office equipment and tools and medical equipment of PT
Golden First Atlanta, a subsidiary, are pledged as collateral for loan obtained from PT Bank Central Asia Tbk
(see Note 17).
The Group's property and equipment are insured against fire and other risks with the sum insured amounted to
Rp1,421,358,806,352 and Rp1,421,237,772,220 as of June 30, 2014 and December 31, 2013 by PT Lippo
General Insurance Tbk, a related party. Management believes that insurance covarege is adequate to cover
possible losses of insured assets.
The management believes that there is no impairment in the carrying amount of property and equipment as of
June 30, 2014.
13. Goodwill and Intangible Assets
a. Goodwill
Beginning Balance
Rp
Cost
Goodwill
Accumulated Impairment
Impairment of Goodwill
Carrying Amount
Rp
Ending Balance
Rp
187,934,504,894
--
7,143,144,198
180,791,360,696
--
Beginning Balance
Rp
Cost
Goodwill
Accumulated Impairment
Impairment of Goodwill
Carrying Amount
June 30, 2014
Addition
Disposal
Rp
1,412,227 187,933,092,667
--
December 31, 2013
Addition
Disposal
Rp
Rp
7,143,144,198
180,789,948,469
Ending Balance
Rp
61,561,559,783 126,372,945,111
-- 187,934,504,894
7,143,144,198
54,418,415,585
--
30
--
7,143,144,198
180,791,360,696
Paraf:
The details of goodwill as of June 30, 2014 and December 31, 2013 are as follows:
Acquirer
PT Koridor Usaha Maju
Share Acquisition in
Year of
Acquisition
PT Medika Sarana Traliansia
Net Value
June 30, 2014
December 31, 2013
Rp
Rp
2013
126,299,686,076
126,297,825,734
PT Medika Sarana Traliansia PT Trisaka Reksa Waluya
2010
71,846,808
75,119,377
PT Pancawarna Semesta
PT Diagram Healthcare Indonesia
2012
9,251,046,030
9,251,046,030
The Company
PT Prawira Tata Semesta
2011
14,146,465,217
14,146,465,217
PT Balikpapan Damai Husada
2011
27,480,578,103
27,480,578,103
The Company
PT Guchi Kencana Emas
2011
3,540,326,235
3,540,326,235
180,789,948,469
180,791,360,696
Total
b. Software
Beginning Balance
Rp
Cost
Software
Accumulated Amortization
Amortization of Software
Carrying Amount
Ending Balance
Rp
13,197,902,383
567,983,391
--
13,765,885,774
5,864,970,500
1,203,781,154
--
7,068,751,654
7,332,931,883
Beginning Balance
Rp
Cost
Software
June 30, 2014
Addition
Disposal
Rp
Rp
6,697,134,120
December 31, 2013
Addition
Disposal
Rp
Rp
Ending Balance
Rp
10,873,117,240
2,324,785,143
--
13,197,902,383
Accumulated Amortization
Amortization of Software
4,130,903,131
1,734,067,369
--
5,864,970,500
Carrying Amount
6,742,214,109
7,332,931,883
All of amortization expense is recorded as part of other expenses.
14. Trade Payables – Third Parties
This account consist of as follows:
June 30, 2014
Rp
Rupiah
Suppliers
Professional Doctor Fee
Total
92,823,878,664
61,922,085,374
154,745,964,038
December 31, 2013
Rp
100,726,893,405
63,239,958,115
163,966,851,520
Payables to suppliers mainly represent Group’s payables to distributors and manufacturers of drugs and medical
supplies as follows:
31
Paraf:
June 30, 2014
Rp
PT Anugerah Pharmindo Lestari
PT Enseval Putera Megatrading
PT Anugrah Argon Medica
PT Parit Padang Global
PT Dos Ni Roha
PT Mensa Binasukses
PT Antar Mitra Sembada
PT Tempo
PT Binasan Prima
PT Parazelsus Indonesia
PT Merapi Utama Pharma
PT Kebayoran Farma
PT Tawada Healthcare
Lain-lain
Total
December 31, 2013
Rp
11,191,735,043
10,432,752,043
9,254,556,400
4,214,739,508
3,987,749,029
3,352,645,662
3,319,827,068
2,943,076,279
2,673,897,444
2,634,781,543
2,302,400,091
1,626,877,716
1,389,934,320
33,498,906,518
92,823,878,664
12,414,361,504
9,567,873,021
9,944,779,383
4,503,104,804
3,019,139,278
3,941,503,435
2,769,532,788
2,269,869,774
3,225,528,199
2,578,864,741
2,277,408,754
1,975,876,210
1,987,919,169
40,251,132,345
100,726,893,405
June 30, 2014
Rp
December 31, 2013
Rp
There is no collateral given by the Group on these payables.
15. Other Current Financial Liabilities
This account consist of:
Deposits
Contractor Payable
Total
22,846,696,079
1,088,821,359
2,667,163,509
26,602,680,947
7,071,843,664
687,272,391
1,767,638,855
9,526,754,910
Deposits represents receipt of payment that have not been invoiced by the Company and deposit fund for
managed care.
Contractor payables represents payable related to construction of hospital buildings and purchase of medical
equipment.
16. Accrued Expenses
This account consist of:
June 30, 2014
Rp
Rental (See Note 33.b)
Interest Expense (See Note 10)
Contract Service
Cost of Sales
Employees' Salary and Allowances
Water and Electricity
Share Issuance Costs
Repair and Maintenance
25,312,088,012
20,786,933,441
14,446,171,889
11,969,534,248
8,728,955,504
7,328,327,562
1,334,338,184
1,173,104,609
4,314,414,039
Total
95,393,867,488
32
December 31, 2013
Rp
10,988,996,419
23,847,144,394
12,135,538,175
7,327,354,988
7,371,045,498
1,899,274,884
1,318,248,455
2,023,007,599
66,910,610,412
Paraf:
17. Bank Loans
June 30, 2014
Rp
Rupiah - Third Parties
Short-Term Bank Loan
Long-Term Bank Loans
Bank Pembangunan Daerah Kalimantan Timur
Subtotal
Less : Current Maturities
Bank Loans - Net of Current Maturities
December 31, 2013
Rp
4,501,626,098
4,927,167,196
32,723,292,806
16,209,657,472
48,932,950,278
(12,104,808,996)
36,828,141,282
35,301,525,492
19,451,588,973
54,753,114,465
(11,792,174,233)
42,960,940,232
Bank Pembangunan Daerah Kalimantan Timur
Based on Credit Agreement No. 005/870/9200/KI.59/BPDKP/2008 dated February 25, 2008, PT Balikpapan
Damai Husada (BDH), a subsidiary, obtained an investment credit facility (Non-PRK) with a maximum credit of
Rp50,000,000,000 and which bears interest at an annual rate of 11.5%. This loan was used to increase
investment funds for financing the development of hospitals and repaying the Company’s loan obtained from
PT Bank Mandiri Tbk. This loan will mature on February 25, 2019.
This facility is secured by collateral as follows:
 One (1) parcel of land with an area of 12,562 sqm including healthcare building and hospital with an area
of 8,024 sqm with Right to Build (HGB) No. 2069 located at Jl. MT. Haryono RT. 35 Kelurahan Gang
Bahagia, Balikpapan which is registered under the name of PT Balikpapan Damai Husada (see Note 12).
 Supporting infrastructure, tools and machinery and medical equipment with the estimated value of
Rp8,665,020,000 (see Note 12).
There are no restrictive financial ratios which are required to be maintained by BDH.
Payments of the principal amount of the loan for the current period amounted to Rp2,578,232,685.
Based on Deed of Credit Agreement No. 1 dated April 1, 2003 made in the presence of Yandes Effriady, S.H.,
a notary in Jambi, and the letter No. 0242/JAM/2010 dated February 3, 2010, as amended by Credit Agreement
No. 54 dated July 19, 2010 in the presence of Hasan S. H., a notary in Jambi and the latest by Credit Agreement
No. 0134/ADD/119/IV/13 dated April 30, 2013, PT Golden First Atlanta (GFA), a subsidiary, obtained several
credit facilities as follows:
 Local Credit Facility (Current Account) with a maximum amount of Rp5,000,000,000.
 Investment Credit Facility with a maximum amount of Rp32,419,314,946.
Both facilities bear interest at an annual rate of 11% and will mature on February 5, 2014 and December 20,
2016, respectively.
On February 4, 2014, based on letter No. 0258/JAM/2014, Local Credit Facility was extented and will be due on
May 5, 2014.
Both facilities are secured by collaterals as follows:
 Three (3) parcels of land with an area of 7,132 sqm and building with Right to Build (HGB) Nos. 840, 841 and
842/Paal Merah which are registered under the name of GFA, a subsidiary (see Note 12).
 Medical equipment, furniture, fixtures and office equipment, machinery and medical equipment, inventory of
medicine and consumable goods and trade receivable (see Notes 4, 6 and 12).
33
Paraf:
Based on the loan agreement, GFA needs to maintain maximum debt to equity ratio of 5.83 times. As of June
30 , 2014 and December 31, 2013, GFA has complied with the financial ratio as required.
Payments of the principal amount of the loan for the current period amounted to Rp3,241,931,494.
18. Deferred Gain on Sale and Leaseback Transactions
June 30, 2014
Rp
Acquisition Cost
Carrying Value
Proceeds
Less: Gain Credited to Consolidated Statements of
Comprehensive Income
Deferred Gain on Sale and Leaseback Transactions - Net
Less : Accumulated Amortization
Subtotal
Less: Current Portion
Non Current Portion
December 31, 2013
Rp
51,954,383,673
(16,444,307,342)
35,510,076,331
219,921,683,217
51,954,383,673
(16,444,307,342)
35,510,076,331
219,921,683,217
(5,949,923,669)
(5,949,923,669)
178,461,683,217
(41,657,357,290)
136,804,325,927
(11,897,445,548)
124,906,880,379
178,461,683,217
(35,757,528,128)
142,704,155,089
(11,897,445,548)
130,806,709,541
Deferred gain on sale and leaseback transactions are amortized proportionately over the lease period of 15 years
using the straight-line method (see Note 33.a).
19. Long-Term Employment Benefits Liabilities
Post-employment benefits – No Funding Defined Benefit Plan
The Group appointed independent actuaries to determine and recognize post-employment liability in accordance
with the existing manpower regulations. Post-employment benefit liabilities of the Group as of December 31,
2013 was calculated by PT Mega Jasa Aktuaria with report dated February 17, 2014. Management believes that
the estimates of post-employment benefits are sufficient to cover such liabilities.
Post-employment benefits recognized in the consolidated statements of financial position are as follows:
2013
Rp
Present Value of Defined Benefit Obigation
Adjustments
Liabilities from Acquired Company
Unrecognized Past Service Cost
Unrecognized Actuarial Gain (Loss)
74,954,669,459
(725,842,731)
5,156,240,000
47,690,294
13,604,149,527
93,036,906,549
Total Liabilities
34
Paraf:
The details of post-employment benefit expense recognized in the consolidated statements of comprehensive
income are as follows:
2013
Rp
Current Service Cost
Interest Expense
Past Service Cost (Non-Vested)
Recognized Actuarial Gain
15,983,695,631
5,179,089,320
1,206,723,188
(2,112,730,224)
Total Post-employment Benefit Expense
20,256,777,915
Reconciliation of changes in liabilities recognized in the consolidated statements of financial position are as
follows:
2013
Rp
Beginning Balance Liabilities
Payment of Employees' Benefits
Liabilities from Acquired Company
Adjustments
Post-employment Benefits Expense During the Year
Ending Balance Liabilities
71,022,629,649
(2,204,595,005)
5,156,240,000
(1,194,146,010)
20,256,777,915
93,036,906,549
Reconciliation of changes in present value of defined benefit obligation are as follows:
2013
Rp
Present Value of Defined Benefit Obigation Beginning Year
Interest Expense
Current Service Cost
Payment of Employees' Benefits in the Current Year
Adjustment Present Value in Past Year
Unrecognized Actuarial Losses
Present Value of Defined Benefit Obligation Ending Year
83,246,126,314
5,179,089,320
15,983,695,631
(2,204,595,005)
3,072,028,957
(30,321,675,758)
74,954,669,459
The amount of the current year and four years period earlier of the present value of the defined benefit obligation,
the fair value of plan assets and deficits in the program are as follows:
2013
Rp
Present Value Defined Benefit Obligation
Plan Assets
Deficit of Program
74,954,669,459
-74,954,669,459
2012
Rp
83,246,126,314
-83,246,126,314
35
2011
Rp
59,753,238,222
-59,753,238,222
2010
Rp
43,855,091,116
-43,855,091,116
2009
Rp
39,705,112,010
-39,705,112,010
Paraf:
Present value of defined benefit obligation, related current service cost and past service cost has been calculated
by independent actuaries using the following assumptions:
2013
Discount Rates
Salary Increase Projection Rate
Mortality Rate
Permanent Disability Rate
Withdrawal Rate
:
:
:
:
:
8%
8%
Indonesia – II
10% x TMI – II
1% for age 18 – 44,
0% for age 45 – 54
20. Capital Stock
The composition of the Company stockholders as of June 30 , 2014 and December 31, 2013 are as follows:
Stockholders
June 30, 2014
Total
Shares
PT Megapratama Karya Persada
PT Safira Prima Utama
PT Kalimaya Pundi Bumi
PT Gloria Mulia
PT Nilam Biru Bersinar
PT Maharama Sakti
Public (less than 5% each)
Total
Stockholders
Total
36
Issued and
Fully Paid
Rp
699,000,000
100,000,000
17,500,000
50,000,000
44,100,000
1,000,000
244,500,000
60.46
8.65
1.51
4.32
3.81
0.09
21.15
69,900,000,000
10,000,000,000
1,750,000,000
5,000,000,000
4,410,000,000
100,000,000
24,450,000,000
1,156,100,000
100.00
115,610,000,000
December 31, 2013
Total
Shares
PT Megapratama Karya Persada
PT Kalimaya Pundi Bumi
PT Safira Prima Utama
PT Gloria Mulia
PT Nilam Biru Bersinar
PT Maharama Sakti
Public (less than 5% each)
Percentage
Ownership
(%)
Percentage
Ownership
(%)
Issued and
Fully Paid
Rp
699,000,000
100,000,000
100,000,000
50,000,000
44,100,000
1,000,000
162,000,000
60.46
8.65
8.65
4.32
3.81
0.09
14.01
69,900,000,000
10,000,000,000
10,000,000,000
5,000,000,000
4,410,000,000
100,000,000
16,200,000,000
1,156,100,000
100.00
115,610,000,000
Paraf:
21. Additional Paid-in Capital - Net
Details of additional paid-in capital - net as of June 30, 2014 and December 31, 2013 are as follows:
Rp
Addition Paid-in Capital Excess of Par - Net
Difference in Value Due to Restructuring Transactions
between Entities Under Common Control – Net
Change in Equity Transactions of Subsidiaries
Total
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
Additional Paid-in Capital Excess of Par
The details addition paid-in capital excess of par as of June 30, 2014 and December 31, 2013 is as follows:
Rp
Initial Public Offering
Additional Paid-in Capital Excess of Par
Share Issuance Costs
1,389,290,000,000
(76,567,050,000)
Total - Net
1,312,722,950,000
Difference in Value from Restructuring Transactions between Entities Under Common Control – Net
Difference in value from restructuring transactions between entities under common control as of June 30, 2014
and December 31, 2013 are as follows:
Net Assets
Value
Transaction
Value
Rp
Rp
Difference in Value
from Restructuring
Transaction
between Entities
Under Common
Control
Rp
Transfer of Net Assets Value of PT Lippo Karawaci Tbk
Hospital Division
Transfer of Share Ownership
PT Siloam Dinamika Perkasa
PT Siloam Tata Prima
PT Multiselaras Anugerah
PT Persada Kencana Mandiri
80,547,087,833
85,000,000,000
(4,452,912,167)
243,948,248
243,948,248
(958,167,625)
(1,427,431,797)
(3,491,744,641)
249,999,000
249,999,000
599,999,000
399,000,000
12,499,000
Total
75,157,640,266
86,511,496,000
6,050,752
6,050,752
(1,558,166,625)
(1,826,431,797)
(3,504,243,641)
-(11,329,652,726)
Difference in value from restructuring transactions between entities under common control resulted from the
transfer of net assets of Hospital Division from PT Lippo Karawaci Tbk to the Company and transfer of share
ownership.
37
Paraf:
The change in equity transactions of subsidiaries as of June 30, 2014 and December 31, 2013 are as follows:
Rp
5,398,081,672
(18,602,651,139)
1,475,787,514
(11,728,781,953)
PT Siloam Graha Utama
PT Nusa Medika Perkasa
Total
The change in equity transactions of subsidiaries resulted from the excess of acquisition costs over the net assets
value.
22. Non-Controlling Interest
Details of non-controlling interests in the equity of each subsidiary as of June 30, 2014 and December 31, 2013
are as follows:
June 30, 2014
Rp
PT Medika Sarana Traliansia
PT Pancawarna Semesta
PT Siloam Graha Utama
PT Kusuma Primadana
PT Guchi Kencana Emas
Others
Total
20,377,890,433
6,075,519,132
2,076,511,353
(730,262,138)
(75,920,747)
(3,461,199,633)
326,360,585
24,588,898,985
December 31, 2013
Rp
16,180,937,045
6,617,762,815
5,257,158,503
1,573,807,364
(246,253,052)
(2,088,100,598)
313,416,751
27,608,728,827
23. Revenue
Details of revenue for the 6 (Six) months period ended June 30, 2014 and 2013, respectively, are as follows:
In-Patient
Drugs and Medical Supplies
Medical Support Services and Professional Fees
Room Service
Hospital's Facility
Administration
Operating Theatre
Obsgyn Room Delivery
Others
Subtotal
Out-Patient
Medical Support Services and Professional Fees
Hospital's Facility
Registration
Others
Subtotal
Total
2014
(6 Months)
Rp
2013
(6 Months)
Rp
347,665,558,967
345,865,595,113
139,695,194,958
47,980,438,056
36,497,042,321
34,347,588,449
476,179,860
12,892,825,212
965,420,422,936
280,876,774,069
271,405,174,467
98,585,105,885
36,779,875,250
29,846,124,412
16,231,045,727
410,388,153
9,296,866,496
743,431,354,459
365,055,678,047
186,590,627,247
16,126,097,974
15,923,851,725
18,736,768,279
602,433,023,272
279,914,113,754
142,132,105,977
10,396,561,109
14,795,078,178
10,669,949,504
457,907,808,522
1,567,853,446,208
1,201,339,162,981
There were no sales to customers exceeding 10% of net revenues for the periods.
38
Paraf:
24. Cost of Sales
Details of cost of sales for the 6 (Six) months period ended June 30, 2014 and 2013, respectively, are as follows:
2014
(6 Months)
Rp
In-Patient
Doctors Fee, Salaries and Employees' Benefit
Depreciation Charges (see Note 12)
Clinical Supplies
Food and Beverage
Outchecking Expense
Repairs and Maintenance
Others
304,466,721,332
221,400,912,223
57,733,267,150
27,514,214,267
24,435,627,161
13,195,298,409
4,815,496,053
29,826,661,043
Subtotal
683,388,197,638
Out-Patient
Doctors Fee, Salaries and Employees' Benefit
Depreciation Charges (see Note 12)
Clinical Supply
Outchecking Expense
Repairs and Maintenance
Others
Subtotal
Total
211,698,443,559
157,760,437,115
32,748,559,695
15,650,119,155
13,692,620,558
2,585,021,011
18,728,526,353
452,863,727,446
1,136,251,925,085
2013
(6 Months)
Rp
244,336,496,778
175,426,033,195
43,283,031,877
32,686,289,260
21,487,078,607
11,426,609,502
3,336,744,825
23,658,198,313
555,640,482,357
158,802,425,568
114,959,340,862
23,482,214,518
12,036,954,840
5,653,115,160
2,116,398,878
9,277,047,696
326,327,497,522
881,967,979,879
There were no purchases to supplier exceeding 10% of net revenue for the periods.
39
Paraf:
25. Operating Expenses
Details of operating expenses for the 6 (Six) months period ended June 30, 2014 and 2013, respectively, are as
follows:
2014
(6 Months)
Rp
Selling Expense
Marketing and Advertising
Salaries and Employees' Benefit
Others
Subtotal
General and Administrative Expense
Salaries and Employees' Benefit
Other Office Expenses
Water and Electricity
Depreciation Charges (see Notes 12)
Rental
Transportation and Accommodation
Office Supply
Repair and Maintenance
Communication
Training and Development
Professional Fees
Permit and License
Insurances
Others
Subtotal
Total
2013
(6 Months)
Rp
7,609,513,942
5,080,634,038
169,658,166
12,859,806,146
7,822,728,206
2,578,272,221
33,150,204
10,434,150,631
112,174,711,398
51,879,657,384
42,214,642,586
37,467,603,803
33,933,887,172
13,933,490,677
9,613,890,654
8,938,943,398
7,282,419,427
106,382,812,845
36,761,113,778
33,852,499,866
23,051,216,976
18,581,071,615
9,811,768,989
6,694,394,994
10,702,552,373
4,400,080,168
4,005,766,765
3,303,366,886
3,152,921,131
2,021,914,257
8,835,600,742
3,285,476,245
3,597,377,825
1,094,499,345
2,106,973,027
5,242,575,852
338,758,816,280
351,618,622,426
265,564,413,898
275,998,564,529
26. Financial Income (Charges) - Net
Details of financial income (charges) - net for the 6 (Six) months period ended June 30, 2014 and 2013,
respectively, are as follows:
Interest Income
Financial Charges
Bank Administration Fee
Interest Expense
Subtotal
Total
2014
(6 Months)
Rp
2013
(6 Months)
Rp
8,972,372,520
1,925,682,671
(7,598,814,718)
(23,762,293,017)
(31,361,107,735)
(22,388,735,215)
(5,948,646,703)
(3,614,759,072)
(9,563,405,775)
(7,637,723,104)
Bank administration fee represents administrative charges on using electronic data capture (EDC) and bank
services.
40
Paraf:
27. Business Combination
Acquisition of PT Medika Sarana Traliansia (MST)
On December 13, 2013, PT Koridor Usaha Maju acquired 80% of the outstanding shares of MST from third
parties, in line with the strategic business expansion plan which supports the Group’s business activities.
The following table summarises the identifiable assets acquired and the liabilities taken over at the acquisition
date of MST:
Book Value
Rp
27,436,090,446
10,435,964,113
244,157,342
5,242,737,740
9,666,551,053
1,799,222,306
52,914,861,030
148,521,465,206
77,008,822
(682,034,266)
(2,612,701,121)
(104,609,273)
(630,384,178)
(8,220,363,189)
(137,832,101,689)
(189,687,581)
(40,620,704,669)
(416,164,840)
65,029,307,252
Net Assets
Trade Receivables
Inventories
Prepaid Tax
Prepaid Expenses
Trade Receivables-Third parties
Property and Equipment
Other Intangible Asset
Trade Payables-Third Parties
Accrued Expense
Taxes Payable
Diferred Tax Liablities
Other Current Liabilities
Current Portion Non-current Financial Liabilites
Deferred Income
Long-Term Employment Benefits Liabilities
Other Non-current Financial Liabilites
Total Net Asset
Proportion Acquired
Share of Fair Value of Net Assets
Goodwill
Total Purchase Consideration
Fair Value
Rp
27,436,090,446
10,435,964,113
244,157,342
5,242,737,740
9,666,551,053
1,799,222,306
52,914,861,030
167,319,345,979
77,008,822
(682,034,266)
(2,612,701,121)
(104,609,273)
(5,329,854,371)
(8,220,363,189)
(137,832,101,689)
(189,687,581)
(40,620,704,669)
(416,164,840)
79,127,717,832
80%
63,302,174,266
126,297,825,734
189,600,000,000
Goodwill arising from the acquisition amounted to Rp126,297,825,734 (see Note 13) and represents subsidiary
business results that support and synergy with the core business of the Group.
Non-controlling interest is measured by the percentage of the non-controlling ownership of the fair value from
net assets MST. The balance of non-controlling interest on this acquisition was Rp15,825,543,566.
Acquisition related expenses were not calculated in this business combination since they were not material but
have been charged to the current period statement of comprehensive income.
In connection with the acquisition, the financial statements from the date of acquisition have been consolidated
into the financial statements of the Group.
Total revenue and profit before tax of MST since the date of acquisition was consolidated to comprehensive
income statement for the year ended December 31, 2013 amounted to Rp10,345,841,011 and Rp1,776,966,356,
respectively.
41
Paraf:
Total revenue and current income of MST for the year ended December 31, 2013, as if MST was consolidated
since January 1, 2013 amounted to Rp110,929,201,050 and Rp19,093,869,714, respectively.
28. Basic Earnings per Share
Calculation of basic earnings per share is as follows:
2014
(6 Months)
2014
(6 Months)
Profit for the Period Attributable to Owners
of the Parent Entity (Rupiah)
46,136,872,059
21,976,103,526
Weighted Average of Outstanding Shares
1,156,100,000
1,000,000,000
39.91
21.98
Basic Earnings per Share (Rupiah)
29. Monetary Asset Denominated in Foreign Currencies
June 30, 2014
December 31, 2013
Foreign Currencies
USD
Equivalent in
SGD
EURO
AUD
Rupiah
6,204,380
416,192
644,141
83,984,376,929
Foreign Currencies
USD
SGD
Equivalent in
EURO
AUD
Rupiah
116,705
161,769
Aset
Cash and Cash Equivalent 875,367
404,440 8,149,758
87,118,088,239
30. Financial Instruments and Financial Risks Management
The main financial risks faced by the Group are credit risk, foreign currency risk and liquidity risk. Attention to
the management of this risk has increased significantly with considerable change and volatility in the Indonesian
markets.
(i)
Credit Risk
Credit risk is the risk that the Group will incur a loss arising from customers, patients or counterparties failing
to meet their contractual obligations. The Group's financial instruments that have the potential for credit risk
consist of cash and cash equivalent, trade receivables and other receivables. The maximum amount of
credit risk exposure equal to the carrying value of these accounts.
The Group manages credit risk by setting limits on the amount of risk that is acceptable for each customer
and receiving assurance from the patient and being more selective in choosing banks and financial
institutions which are reputable.
The following table to analyzes the quality of financial assets by due maturity:
Trade Receivables
Total
Not Determined
Rp
434,490,727,355
139,296,873,372
774,263,509
5,579,460,412
580,141,324,648
42
June 30, 2014
Due
Less Than 1 Year More Than 1 Years
Rp
Rp
--175,888,482,751
24,000,775,306
----175,888,482,751
24,000,775,306
Total
Rp
434,490,727,355
339,186,131,429
774,263,509
5,579,460,412
780,030,582,705
Paraf:
Not Determined
Rp
December 31, 2013
Due
Less Than 1 Year More Than 1 Years
Rp
Rp
Total
Rp
Trade Receivables
515,437,837,445
118,448,967,164
515,189,971
3,143,279,756
-145,688,002,043
---
-15,399,739,411
---
515,437,837,445
279,536,708,618
515,189,971
3,143,279,756
Total
637,545,274,336
145,688,002,043
15,399,739,411
798,633,015,790
There is no guarantee of customer receivables which has overdue. The Group has recorded provision for
impairment of trade receivables which has overdue accounts (see Note 4).
(ii) Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign currency exchange rates. The Group's financial instruments
that potentially have foreign currency risk consist of cash and cash equivalent (see Note 29).
Sensitivity Analysis
A hypothetical weakening of the exchange rate of Rupiah against Singapore Dollar is 10%, the Group’s
profit before tax for the year would have increased by Rp5,945,347,306 (2013: Rp7,846,587,002).
A hypothetical weakening of the exchange rate of Rupiah against US Dollar is 10%, the Group’s profit before
tax for the year would have increased by Rp1,047,726,727 and (2013: Rp493,131,592).
The weakening of the exchange rate of Rupiah against other foreign currencies do not have material impact
to the profit after tax.
The above analysis is based on the assumption that the weakening and strengthening of all foreign
currencies happened with the similiar patterns, but did not actually happen.
(iii) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Group did not have interest rate risk mainly because it
does not have a loan with a floating interest rate.
(iv) Liquidity Risk
Liquidity risk is the risk that the cash flow position of the Group shows a short-term income that is not
sufficient to cover its short-term expenses.
The Group manages liquidity risk by maintaining cash and cash equivalent sufficient to meet the Group's
commitment to its normal operations and regularly evaluate cash flow projections and actual cash flows, as
well as the schedule of due dates of its financial assets and liabilities.
The following table details financial liabilities analyzed by maturity:
Less Than 1 Year
Rp
Measured at Amortized cost :
Trade Payable - Third Parties
Accrued Expenses
Bank Loans
Total
154,745,964,038
95,393,867,488
16,606,435,094
26,602,680,947
-293,348,947,567
June 30, 2014
Due
1 - 5 Years
More than 5 Years
Rp
Rp
--36,828,141,282
--36,828,141,282
43
-------
Maturity
Not Determined
Rp
----368,013,684,483
368,013,684,483
Total
Rp
154,745,964,038
95,393,867,488
53,434,576,376
26,602,680,947
368,013,684,483
698,190,773,332
Paraf:
December 31, 2013
Due
1 - 5 Years
More than 5 Years
Rp
Rp
Less Than 1 Year
Rp
Measured at Amortized cost :
Trade Payable - Third Parties
Accrued Expenses
Bank Loans
Total
163,966,851,520
66,910,610,412
16,719,341,429
9,526,754,910
-257,123,558,271
--42,210,302,599
--42,210,302,599
--750,637,633
--750,637,633
Maturity
Not Determined
Rp
----387,074,492,750
387,074,492,750
Total
Rp
163,966,851,520
66,910,610,412
59,680,281,661
9,526,754,910
387,074,492,750
687,158,991,253
Estimation of Fair Value
The following table presents the carrying amounts of each category of financial assets and liabilities:
Financial Assets:
Loans and Receivables:
Trade Receivables
Other
Current Financial Assets
Deposito
Total
Financial Liabilities Measured at
Amortized cost :
Trade Payables-Third Parties
Accrued Expenses
Bank Loans
Other Current Financial Liabilites
Total
June 30, 2014
Carrying Value
Fair Value
Rp
Rp
December 31, 2013
Carrying Value
Fair Value
Rp
Rp
434,490,727,355
330,507,598,048
774,263,509
5,579,460,412
515,437,837,445
270,802,239,670
515,189,971
3,143,279,756
515,437,837,445
270,802,239,670
515,189,971
3,143,279,756
434,490,727,355
330,507,598,048
774,263,509
5,579,460,412
771,352,049,324
771,352,049,324
789,898,546,842
789,898,546,842
154,745,964,038
95,393,867,488
53,434,576,376
26,602,680,947
368,013,684,483
698,190,773,332
154,745,964,038
95,393,867,488
53,434,576,376
26,602,680,947
368,013,684,483
698,190,773,332
163,966,851,520
66,910,610,412
59,680,281,661
9,526,754,910
387,074,492,750
687,158,991,253
163,966,851,520
66,910,610,412
59,680,281,661
9,526,754,910
387,074,492,750
687,158,991,253
As of June 30, 2014 and December 31, 2013, management estimated that the carrying value of the current
assets and financial liabilities and those accounts with no determined maturity reflected their fair value.
44
Paraf:
31. Capital Management
June 30, 2014
Rp
Net Liabilities:
Total Liabilities
Less : Cash and Cash Equivalent
December 31, 2013
Rp
958,934,016,408
(434,490,727,355)
961,782,758,180
(515,437,837,445)
524,443,289,053
446,344,920,735
Total Equity
Less:
Difference in Value from Restructuring Transactions
between Entities Under Common Control-Net
Non-controlling Interest
1,682,108,821,196
1,638,991,778,979
11,329,652,726
11,728,781,953
(24,588,898,985)
11,329,652,726
11,728,781,953
(27,608,728,827)
Total
Total of Adjusted Equity
(1,530,464,306)
1,680,578,356,889
(4,550,294,148)
1,634,441,484,831
0.3
0.3
Total Net Liabilities
Net Liability Ratio to Adjusted Equity
The Company’s capital management objective is to maintain the continuity of the Company's business (going
concern), to maximize the benefits for shareholders and other stakeholders and maintain an optimal capital
structure to reduce the cost of capital.
The Company regularly reviews and manages its capital structure to ensure the return to shareholders is optimal,
taking into consideration the future capital needs and the Company’s capital efficiency, profitability of the present
and the future, projected operating cash flows, projected capital expenditures and projected strategic investment
opportunities.
32. Non-cash Transactions
The following are investing and financing activities that did not affect cash flows:
 Additions of property and equipment of the Group for the period ended June 30 , 2014 and December 31,
2013 reclassification from advances amounted to Rp19,381,359,747 and Rp141,582,484,925, respectively.
 Accrual of share issuance costs as of June 30, 2014 amounting to Rp1,334,338,184 (see Note 16).
33. Commitments and Significant Agreements
a.
Rental Agreement
 On February 2005, DHI, a subsidiary entered into lease agreement of Siloam Cinere Hospital with PT
Anadi Sarana Tatahusada. This agreement is valid for 13 years with total amount of lease
Rp12,000,000,000.
 Based on the rental agreement of Allen & Gledhill Advocates & Solicitors dated November 8, 2010,
EJM, which received novation from PT Lippo Karawaci Tbk, ultimate parent company, on October 10,
2011 entered into a lease agreement with GPS for 15 years. Based on the agreement, EJM shall pay
rental fee which consist of base rent and variable rent. Base rent commences in the first year of the
lease period and will be adjusted in the following year, while variable rent will commence in the second
year of the lease period based on certain percentage of gross revenue.
 Rental expense will be paid quarterly. Any late payment will be subjected to 2% penalty plus interest
rate based on the average lending rate of 3 banks in Singapore.
45
Paraf:
As this sale and leaseback transaction met the classification of operating lease and the transaction price
was above its fair value, the difference was recognized as deferred gain (see Note 18).
For the 6 (Six) months period ended June 30 ,2014 and 2013, rental expenses for sale and lease-back
transaction amounted to Rp16,328,955,079 and Rp11,809,375,851, respectively.
 On January 7, 2012, the Company entered into a lease agreement for Siloam Hospitals Palembang
(Siloam Sriwijaya) with PT Palembangparagon Mall (PM). This agreement is valid for 10 years from the
grand opening of the hospital and included a rental free period (grace period) for 3 (three) months after
the grand opening of the hospital.
Based on the agreement, Siloam Sriwijaya shall pay rental fee in the amount of Rp3 billion and will be
increased by Rp500 million every three years period. The rental fee is payable in advance for each
period not later than the 10th day of the first month of the rental period.
On October 5, 2012, PM entered into transfer of property ownership agreement with PT Bisma Pratama
Karya, thus, Siloam Sriwijaya receive novation of lease ownership. This agreement did not change the
terms of the original lease agreement.
For the 6 (Six) months period ended June 30, 2014 and 2013, rental expenses amounted
to Rp1,650,000,000 and nil.
b.
Sub-Lease Agreement between the Company and PT Lippo Karawaci Tbk (LK)
On April 30, 2013, the Company entered into a sub-lease agreement with LK, ultimate parent entity of the
Company, covering property of Siloam Hospitals Lippo Village, Siloam Hospitals Kebon Jeruk, Siloam
Hospitals Surabaya, Siloam Hospitals Semanggi MRCCC, Siloam Hospitals Manado, Siloam Hospitals
Makassar, Siloam Hospitals Bali and Siloam Hospitals TB Simatupang.
For the period may 1, 2013 until June 30, 2014, rental expenses amounted to Rp23,662,088,012.
c.
Master Agreement between the Company with PT Lippo Karawaci Tbk (LK)
On April 30, 2013, the Company entered into a preliminary agreements with LK, ultimate parent entity of
the Company, which include:
 Property lease agreement of Rumah Sakit Umum Siloam and the properties to be used as Siloam
Hospitals Kemang and Siloam Hospitals St. Moritz;
 The right to build properties that will be used as Siloam Hospitals Yogyakarta, Siloam Hospitals Bintaro
and Siloam Hospitals Surabaya Manyar;
 The agreement to offer certain property to be operated as Siloam Hospitals Pontianak; and
 Co-operation agreement Siloam Hospitals Bandung.
d.
Master Agreement between the Company with PT Metropolis Propertindo Utama (MPU)
On April 30, 2013, the Company entered into a preliminary agreements with MPU which include:
 Sale and purchase of shares of Siloam Hospitals Malang, Siloam Hospitals Salemba, Siloam Hospitals
Palembang, Siloam Hospitals Medan and Siloam Hospitals Surabaya Sea Master;
 Right to build properties that will be used as Siloam Hospitals Padang, Siloam Hospitals Bangka Belitung,
Siloam Hospitals Semarang Srondol, Siloam Hospitals Bogor Internusa, Siloam Hospitals Jember,
Siloam Hospitals Bluemall Bekasi, Siloam Hospitals Bekasi Grand Mall, Siloam Hospitals MT Haryono,
Siloam Hospitals Salemba, Siloam Hospitals Lampung and Siloam Hospitals Kupang;
 The right to operate and manage Siloam Hospitals Kupang;
 Property lease agreement of Siloam Hospitals Surabaya Sea Master, Siloam Hospitals Pluit and Siloam
Hospitals Cempaka Putih; and
 The agreement to offer certain property to be operated as Siloam Hospitals Purwakarta, Siloam Hospitals
Ambon, Siloam Hospitals Lubuk Linggau, Siloam Hospitals Manado Kairagi, Siloam Hospitals Serang
and Siloam Hospitals Pekanbaru.
46
Paraf:
34. Operating Segments
Siloam Hospital
Lippo Vilage
Rp
External Revenue
In-Patient
Out-Patient
Gross Profit
In-Patient
Out-Patient
Operating Expenses and Others
Finance Expense - Net
Tax Expense
Profit (Loss) for the Year
Segment Assets
Siloam Hospital
Kebun Jeruk
Rp
Siloam Hospital
Surabaya
Rp
MRCCC
Rp
June 30, 2014
Siloam Hospitals
Cikarang
Rp
Siloam Hospitals
Balikpapan
Rp
Others
Elimination
Rp
Rp
Consolidation
Rp
208,897,186,384
145,407,567,847
354,304,754,231
133,914,457,614
96,712,625,667
230,627,083,281
87,517,990,649
44,783,815,354
132,301,806,003
95,427,877,593
75,472,451,557
170,900,329,150
38,672,208,156
41,264,807,277
79,937,015,433
42,313,107,120
36,276,384,716
78,589,491,837
356,207,949,948
164,985,016,326
521,192,966,273
----
962,950,777,464
604,902,668,744
1,567,853,446,208
70,819,996,608
42,552,620,613
113,372,617,221
38,326,393,300
17,687,930,977
56,014,324,277
19,460,743,598
17,776,667,131
37,237,410,729
21,330,140,386
19,088,551,155
40,418,691,542
7,129,768,988
10,749,726,906
17,879,495,895
12,462,868,507
9,611,840,799
22,074,709,307
110,032,668,437
34,571,603,716
144,604,272,153
----
279,562,579,826
152,038,941,297
431,601,521,123
(43,935,865,228)
(1,636,696,351)
(29,776,575,076)
(1,786,153,370)
(18,882,207,101)
(382,571,428)
(52,346,720,210)
(790,198,151)
(25,246,933,467)
995,797,700
10,345,553
(18,287,483,069)
(1,873,906,726)
(320,421,594)
(168,087,292,354)
(16,915,006,889)
(7,777,032,057)
----
(356,563,076,504)
(22,388,735,215)
(8,087,108,094)
67,800,055,642
24,451,595,831
17,972,632,201
(12,718,226,819)
(6,361,294,319)
1,592,897,918
(48,175,059,148)
44,562,601,310
521,879,937,833
249,763,353,004
171,378,881,560
246,380,032,407
154,626,209,418
188,311,532,596
1,108,702,890,784
--
2,641,042,837,604
Segment Liabilities
92,774,339,900
60,621,404,975
44,239,008,582
350,339,269,568
150,473,186,723
188,683,889,351
71,802,917,309
--
958,934,016,408
Capital Expenditures
Depreciation
Non-Cash Expense exclude depreciation
4,909,309,189
10,244,314,026
18,936,252
8,498,424,146
7,971,139,090
18,936,252
4,268,411,819
4,842,342,445
56,025,229
3,870,132,138
21,352,497,818
202,070,454
11,502,186,759
2,841,858,312
13,675,452
5,825,968,123
7,523,981,408
--
90,538,689,117
73,173,297,549
777,864,260
----
129,413,121,291
127,949,430,648
1,087,507,899
Siloam Hospital
Lippo Vilage
Rp
External Revenue
In-Patient
Out-Patient
Gross Profit
In-Patient
Out-Patient
Operating Expenses and Others
Finance Expense - Net
Tax Expense
Profit (Loss) for the Year
Segment Assets
Siloam Hospital
Kebun Jeruk
Rp
Siloam Hospital
Surabaya
Rp
MRCCC
Rp
June 30, 2013
Siloam Hospitals
Cikarang
Rp
Siloam Hospitals
Balikpapan
Rp
Others
Elimination
Rp
Rp
Consolidation
Rp
201,657,249,090
136,216,955,488
337,874,204,578
122,838,025,054
92,046,954,085
214,884,979,139
83,583,280,921
43,219,789,662
126,803,070,583
89,848,900,981
63,172,688,275
153,021,589,256
35,499,897,199
33,569,139,900
69,069,037,099
31,776,779,404
25,791,475,958
57,568,255,362
178,292,713,810
63,825,313,154
242,118,026,964
--
743,496,846,459
457,842,316,522
1,201,339,162,981
70,087,713,073
39,518,311,694
109,606,024,767
32,095,608,397
17,522,968,416
49,618,576,813
18,926,189,486
20,070,378,475
38,996,567,961
20,066,314,307
26,990,955,519
47,057,269,826
8,315,757,812
9,070,425,876
17,386,183,688
10,028,744,463
6,298,579,797
16,327,324,260
27,478,574,278
12,900,661,509
40,379,235,787
--
186,998,901,816
132,372,281,286
319,371,183,102
(39,779,942,398)
(1,570,143,379)
(21,542,202,842)
(1,725,016,124)
(16,416,251,886)
(295,271,571)
(64,430,753,261)
(626,292,629)
(21,075,999,777)
813,701,522
133,490,680
(14,274,331,860)
(2,238,836,116)
(222,385,991)
(108,332,996,400)
(1,995,864,808)
(8,383,045,783)
(285,852,478,424)
(7,637,723,104)
(8,471,941,093)
68,255,938,990
26,351,357,847
22,285,044,503
(17,999,776,064)
(2,742,623,886)
(408,229,707)
(78,332,671,203)
17,409,040,481
386,126,030,990
196,489,880,882
134,969,955,485
282,490,852,782
164,728,442,059
166,572,449,018
343,782,620,432
1,675,160,231,649
Segment Liabilities
94,831,887,037
56,194,429,987
44,135,955,377
359,194,517,313
168,415,566,752
169,788,603,605
520,543,611,095
1,413,104,571,165
Capital Expenditures
Depreciation
Non-Cash Expense exclude depreciation
8,444,533,616
10,166,830,322
1,804,985,848
12,860,839,049
7,084,697,674
1,784,094,252
1,940,028,150
4,758,764,735
493,347,972
2,898,466,470
16,318,307,236
1,360,654,863
1,306,513,509
3,240,386,374
547,638,172
12,200,696,305
5,835,597,988
256,759,000
62,288,363,726
42,411,879,042
2,519,065,387
----
101,939,440,825
89,816,463,371
8,766,545,494
35. Litigation Cases
 On March 27, 2009, dr Doro Soendoro, dr Liem Kian Hong and dr Hardi Susanto as the plaintiffs filed a
lawsuit against the Company as defendant regarding the termination of the plaintiff’s work contract. All claims
were declined through the decision of the District Court Jakarta Barat No. 147/Pdt.G/2009/PN.JKT.BAR
dated July 23, 2009 but was accepted by the decision of the High Court of Jakarta No. 626/PDT/2009/PT.DKI
dated June 29, 2010.
On 24 September 2010, plaintiff filed a cassation against the decision of the High Court to the Supreme Court
of West Jakarta. Then based on the contents of the Decision Notice Relaas Supreme Court of Cassation.
410.K/Pdt/2011.jo No.147/Pdt.G/2009/PN.Jkt.Bar dated August 20, 2013, the High Court overturned the
verdict MA West Jakarta No.626/Pdt/2009/PT.DKI and declare the Court high West Jakarta is not authorized
to prosecute and punish the plaintiff to pay the court fee Rp500,000.
Until to the reporting date, the Company has no further information pertaining the legal remedy.
 On July 9, 2009, Alfonsus Budi Susanto, S.E., M.A., the plaintiff, filed a lawsuit against the Company as first
defendant and four other defendants in connection with malpractice suffered by plaintiff. All claims were
declined through decision of District Court Jakarta Utara No. 237/Pdt.G/2009/PN.Jkt.Ut dated March 11,
2010 and was upheld on May 18, 2011, through the decision of the High Court of Jakarta
No. 548/PDT/2010/PT.DKI.
47
Paraf:
On February 23, 2012, the plaintiffs filed an appeal against the decision to the Supreme Court. Until to the
reporting date, this case is still in progress.
 On October 1, 2012, Wahju Indrawan the plaintiff, filed a lawsuit No 71/Pdt.G/2012/PN.JBI against GFA,
a subsidiary as first defendant and two other defendants in connection with malpractice suffered by plaintiff’s
wife.
All claims were declined through decision of District Court Jambi No. 71/Pdt.G/2012/PN.Jbi dated July 23,
2013 and was upheld on December 18, 2013, through the decision of the High Court of Jambi
No. 63/PDT/2013/PT.JBI.
On February 5, 2014, the plaintiffs filed an appeal against the decision to the Supreme Court.
36.
New Accounting Standards not Yet Effective for Year 2014
In December 2013, the DSAK - IAI issued a number of new and revised statement of financial accounting
standards (PSAK) that will become effective for the annual period beginning of January, 2015. Early adoption of
these standards is not permitted. The PSAKs are:
- PSAK 1 (revised 2013) “Presentation of financial statements”
- PSAK 4 (revised 2013) “Separate financial statements”
- PSAK 15 (revised 2013) “Investment in associates and joint ventures”
- PSAK 24 (revised 2013) “Employee benefits”
- PSAK 65 “Consolidated financial statements”
- PSAK 66 “Joint arrangements”
- PSAK 67 “Disclosure of interests in other entities”
- PSAK 68 “Fair value measurement”
As at the authorisation date of this interim consolidated of financial statements, management is still evaluating
the potential impact of the new and revised ISAKs and PSAKs.
37. Responsibility and Issuance of the Interim Consolidated Financial Statements
The management of the Company is responsible for the preparation and presentation of the interim consolidated
financial statements. The interim consolidated financial statements were authorized for issuance by Directors on
July 22, 2014.
48
Paraf:

PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES

Transcription

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