pt austindo nusantara jaya and subsidiaries - anj

Transcription

P.T. AUSTINDO NUSANTARA JAYA
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011, 2010
AND JANUARY 1, 2010 / DECEMBER 31, 2009
AND INDEPENDENT AUDITORS' REPORT
AND SUBSIDIARIES
TABLE OF CONTENTS
Pages
DIRECTORS’ STATEMENT LETTER
INDEPENDENT AUDITORS' REPORT
1
CONSOLIDATED FINANCIAL STATEMENTS – For the years ended December 31,
2012, 2011, 2010 and January 1, 2010/December 31, 2009
Consolidated Statements of Financial Position
3
Consolidated Statements of Comprehensive Income
5
Consolidated Statements of Changes in Equity
6
Consolidated Statements of Cash Flows
7
Notes to Consolidated Financial Statements
8
SUPPLEMENTARY INFORMATION
Statements of Financial Position - Parent Entity Only
122
Statements of Comprehensive Income - Parent Entity Only
123
Statements of Changes in Equity - Parent Entity Only
124
Statements of Cash Flows - Parent Entity Only
125
Notes to Financial Statements – Parent Entity Only
126
P.T. AUSTINDO NUSANTARA JAYA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2012, 2011, 2010 AND JANUARY 1, 2010/DECEMBER 31, 2009
Notes
January 1, 2010/
December 31, 2009 *)
US$
December 31,
2012
US$
December 31,
2011 *)
US$
December 31,
2010 *)
US$
76,598,758
1,500,000
4,846,197
90,912,822
110,469,605
132,294,121
293,576
57,752,179
119,432,789
801,086
10,000,000
45,269,108
-
-
25,262,564
17,355,674
39,581
32,789
28,374
24,553
-
-
58,249,135
52,355,983
4,883,114
4,348,070
15,076,421
10,526,767
ASSETS
CURRENT ASSETS
Cash and cash equivalents
5
Restricted cash in banks
6
Time deposits
7
Investment in trading securities at fair value
8
Finance lease receivable - net of allowance for doubtful
accounts of US$ 401,599 at December 31, 2010 and
US$ 322,235 at January 1, 2010/December 31, 2009
9
Receivables from service concession arrangement current
58
Other financing services receivable - net of allowance for
doubtful accounts of US$ 1,236,231 at December 31, 2010
and US$ 1,308,713 at January 1, 2010/
December 31, 2009
10
Trade accounts receivable - net of allowance for doubtful
accounts of nil at December 31, 2012 and 2011,
US$ 24,281 at December 31, 2010 and US$ 50,500
at January 1, 2010/December 31, 2009
11
Insurance services receivable - net of allowance for doubtful
accounts of US$ 55,611 at December 31, 2010 and
US$ 53,191 at January 1, 2010/December 31, 2009
12
Other receivables - net of allowance for doubtful accounts of
US$ 55,049 at December 31, 2012, US$ 58,141
at December 31, 2011, US$ 48,885 at December 31, 2010
and US$ 45,955 at January 1, 2010/December 31, 2009
13
Inventories - net of allowance for decline in value of inventories
of US$ 134,994 at December 31, 2012, US$ 128,156
at December 31, 2011, US$ 114,285 at December 31, 2010
and US$ 673,456 at January 1, 2010/
December 31, 2009
15
Prepayments and advances
16,57r,57s,57t
Assets held for sale
27
1,433,658
-
1,212,718
-
2,251,012
1,971,142
2,984,041
1,757,141
16,067,141
6,582,339
-
14,261,416
4,132,480
424,441,452
11,171,942
8,973,550
-
9,301,766
9,015,622
-
109,318,686
647,434,424
316,969,017
280,188,559
58
9
6,304,605
-
6,350,745
-
6,389,208
23,654,324
6,422,492
11,126,840
10
14
17
18
19
20
51
687,959
16,828,699
23,978,281
6,267,430
13,024,653
24,634,996
6,897,944
5,634,429
63,254,116
803,924
9,514,746
30,789,066
6,897,944
5,288,317
14,899,009
372,340
6,220,806
18,657,201
6,897,944
4,571,120
21
140,964,645
133,072,455
129,511,903
130,860,556
22
77,865,835
62,255,019
128,141,871
97,597,484
23
864,624
2,065,040
4,967,579
1,429,627
7,824,878
1,135,492
1,906,556
4,967,579
1,591,644
3,804,986
994,429
88,917
7,492,948
1,723,887
3,761,476
989,062
2,387,142
8,951,402
64,738
2,355,058
Total Noncurrent Assets
290,049,202
265,276,498
418,307,076
312,373,194
TOTAL ASSETS
399,367,888
912,710,922
735,276,093
592,561,753
Total Current Assets
NONCURRENT ASSETS
Receivables from service concession arrangement
Finance lease receivable - net of current maturities
Other financing services receivable - net of current
maturities
Long-term other receivables
Time deposits
Investment in associates
Other investments
Investment in properties
Deferred tax assets
Palm plantations - net of accumulated depreciation of
US$ 74,040,362 at December 31, 2012, US$ 65,339,343
at December 31, 2011, US$ 57,133,764 at
December 31, 2010 and US$ 48,771,311 at
January 1, 2010/December 31, 2009
Property, plant and equipment - net of
accumulated depreciation of US$ 39,001,021 at
December 31, 2012, US$ 39,162,762 at
December 31, 2011, US$ 55,874,152 at
December 31, 2010 and US$ 41,525,066 at
Deferred charges for landrights - net of accumulated
amortization of US$ 20,148 at December 31, 2012,
US$ 133,153 at December 31,2011, US$ 115,786 at
US$ 94,694 at December 31, 2010 and
Advance for purchase of machinery
Goodwill
Claims for tax refund
Other assets
24
25
26
*) as restated, see Note 2
See accompanying notes to consolidated financial statements
which are an integral part of the consolidated financial statements.
-3-
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2012, 2011, 2010 AND JANUARY 1, 2010/DECEMBER 31, 2009 - CONTINUED
Notes
December 31,
2012
US$
December 31,
2011 *)
US$
December 31,
2010 *)
US$
January 1,2010/
December 31,2009 *)
US$
28
29
30
27
31
55
25,32
36
33
34
35
1,500,000
4,579,888
26,534,378
9,645,513
1,340,115
8,167,318
2,341,039
1,772,756
3,404,663
11,007,155
6,727,227
8,418,405
8,044,964
2,254,809
-
10,041,028
7,537,225
19,298,473
8,766,127
932,567
10,798,909
8,551,147
68,673,713
503,003
22,438,298
2,543,818
15,375,314
5,989,813
282,975
7,129,205
5,101,111
45,615,987
1,086,492
136,344
868,761
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans
Trade accounts payable
Insurance services payable
Advance from sale of investment in a subsidiary
Taxes payable
Derivative liabilities
Other payables
Deferred revenue - current maturities
Accrued expenses
Bank loans - current maturities
Lease liabilities - current maturities
Provision for service concession arrangement current maturities
Liabilities directly associated with assets
held for sale
58
-
-
27
-
354,828,193
-
55,881,007
394,685,416
135,238,536
106,431,774
34
35
36
57v
37
57b
427,244
2,010,173
1,006,781
-
1,900,000
114,482,826
439,520
2,805,791
12,494,338
4,111,564
45,106,659
725,150
3,742,053
4,540,000
58
51
38
57j
294,243
2,967,032
9,112,277
-
7,612,475
9,333,600
-
2,189,961
9,452,076
2,122,856
868,761
1,190,526
5,688,664
3,703,026
15,817,750
18,846,075
148,098,932
65,564,839
39
43,158,940
15,084,048
15,084,048
15,084,048
40
13,004,333
41
30,607,591
(663,289)
Total Current Liabilities
NONCURRENT LIABILITIES
Bank loans - net of current maturities
Lease liabilities - net of current maturities
Deferred revenue - net of current maturities
Long-term other payable
Convertible bonds
Provision for value increase sharing plan
Provision for service concession arrangement net of current maturities
Deferred tax liabilities
Employee benefit obligation
Share based compensation
Total Noncurrent Liabilities
EQUITY
Capital stock - Rp 100 par value per share
as of December 31, 2012 and Rp 1,000 per share
as of December 31, 2011, 2010 and January 1,2010/
December 31, 2009
Authorized - 12,000,000,000 shares as of December 31,
2012, 50,000,000 shares as of December 31, 2011, 2010
and January 1, 2010/December 31, 2009
Issued and paid-up - 3,000,000,000 shares as of
December 31, 2012, 31,239,063 shares as of
December 31, 2011, 2010 and January 1, 2010/
December 31, 2009
Difference in value from restructuring transaction
between entities under common control
Difference in value due to changes in equity
of subsidiaries
Other comprehensive income
Retained earnings
Appropriated
Unappropriated
-
-
-
-
32,386,326
1,825,606
31,427,734
8,348,382
675,566
240,178,830
675,566
437,389,577
675,566
386,760,105
675,566
366,063,514
326,961,971
487,361,123
442,295,835
408,952,214
707,160
11,818,308
9,642,790
11,612,926
Total Equity
327,669,131
499,179,431
451,938,625
420,565,140
TOTAL LIABILITIES AND EQUITY
399,367,888
912,710,922
735,276,093
592,561,753
Equity attributable to the owners of
the Company
Non-controlling interests
42
-4-
31,077,385
(3,948,299)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED
DECEMBER 31, 2012, 2011 AND 2010
Notes
2012
US$
2011 *)
US$
2010 *)
US$
CONTINUING OPERATIONS :
INCOME
Revenue from sales
Service concession revenue
Share in net income of associates
Dividend income
Interest income
Foreign exchange gain
Other income
Total Income
43
58
44
45
46
61
47,55
159,880,575
5,979,192
3,861,440
7,924,909
1,990,658
2,009,636
3,417,845
185,064,255
158,160,274
6,003,116
4,620,864
9,974,132
1,105,177
5,463,334
185,326,897
120,597,287
5,615,287
3,294,593
5,595,775
538,113
1,044,630
136,685,685
48
58
85,736,972
2,494,800
2,248,691
247,418
20,104,253
14,878,463
91,022
125,801,619
80,888,937
2,612,357
1,955,897
2,453,513
80,250
13,424,455
9,516,989
315,757
1,738,076
112,986,231
62,370,057
2,968,007
2,571,564
1,459,318
72,038
16,623,278
9,787,124
218,101
1,294,699
97,364,186
59,262,636
72,340,666
39,321,499
51
(17,305,555)
41,957,081
(26,587,670)
45,752,996
(14,793,131)
24,528,368
52
56,703,023
98,660,104
10,572,117
56,325,113
8,071,807
32,600,175
371,463
(604,572)
(6,358,253)
-
8,842,901
-
(4,879,885)
94,689
(566,702)
1,246,250
2,994,359
(1,246,250)
1,997,539
(3,020,766)
95,639,338
(881,150)
407,951
(101,988)
(6,253,892)
50,071,221
1,897,784
(611,022)
11,877,772
44,477,947
NET INCOME ATRIBUTABLE TO :
Owners of the Company
Net income for the years
96,299,136
2,360,968
98,660,104
55,629,472
695,641
56,325,113
31,446,591
1,153,584
32,600,175
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
93,300,358
2,338,980
49,395,929
675,292
43,165,660
1,312,287
Total Comprehensive Income
95,639,338
50,071,221
44,477,947
EXPENSES
Cost of sales
Cost of service concession
Selling expenses
Interest expenses
Personnel expenses
General and administrative expenses
Foreign exchange loss
Other expenses
Total Expenses
38,49
50
61
55
INCOME BEFORE TAX
TAX EXPENSE
NET INCOME FOR THE YEAR FROM CONTINUING OPERATIONS
DISCONTINUED OPERATIONS
Net income from discontinued operations
NET INCOME FOR THE YEAR
OTHER COMPREHENSIVE INCOME:
Continuing operation
Change in fair value of available-forsale investments
Actuarial loss
Foreign exchange differentials from translation
of subsidiaries' financial statements
Deferred tax benefit (expenses)
Discontinued operation
Foreign exchange differentials from translation
of subsidiaries' financial statements
Hedging reserve
Deferred tax expenses
Total other comprehensive income-net of tax
51
51
BASIC EARNINGS PER SHARE
Basic
From continuing operation
From discontinued operation
53
0.080
0.035
0.045
-5-
0.178
0.146
0.032
0.101
0.079
0.022
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
AND JANUARY 1, 2010/DECEMBER 31, 2009
Note
Balance as of January 1, 2010 before
changes in accounting standard
Effect of the adoption of:
PSAK 15 (revised 2009)
ISAK 16
Balance as of January 1, 2010 as restated
Dividend
Differences due to changes in equity of subsidiaries
Net income for the year ended December 31, 2010:
Other Comprehensive Income:
Change in fair value of available-forsale investments, net of tax effect
Foreign exchange differentials from translation of
subsidiaries' financial statements
Foreign exchange differentials from 'translation of
subsidiaries' financial statements
Hedging reserve
Total comprehensive income
Balance as of December 31, 2010
Dividend
Differences in value due to changes in
equity of subsidiaries
Net income for the year ended
December 31, 2011:
Change in fair value of available-forsale investments, net of tax effect
Foreign exchange differentials from
translation of subsidiaries'
financial statements
Hedging reserve
Dividend
Differences in value due to changes in
equity of subsidiaries
Difference in value from restructuring
transaction between entities under
common control
Capital increase
Sale of subsidiaries
Purchase of non-controlling
interests of subsidiaries
December 31, 2012 :
Actuarial loss on defined benefit plans
Deferred tax asset from actuarial loss
Change in fair value of available-forsale investments
Discontinued operation:
54
52
54
52
54
Capital stock
US$
15,084,048
-
15,084,048
-
-
1c
52
Difference in value
due to changes in equity of
subsidiaries and associates
US$
-
-
-
-
-
-
-
-
-
-
24,551,599
6,894,992
-
-
-
7,596,651
-
7,596,651
2,802,246
-
-
2,802,246
192,113
2,994,359
-
-
1,897,784
4,700,030
751,731
-
-
-
-
-
-
-
-
-
(529,623)
-
-
-
(881,150)
(1,410,773)
(659,042)
-
(1,337,434)
-
-
-
-
(1,337,434)
(441,301)
-
-
-
-
13,004,333
28,074,892
(441,301)
-
7,596,651
-
7,596,651
7,596,651
-
-
-
-
-
-
-
-
-
-
-
-
-
28,074,892
-
-
268,823
(2,877,695)
(1,146,764)
366,063,514
(10,750,000)
-
(577,612)
(577,612)
31,427,734
-
15,084,048
-
-
927,961
-
669,359
(5,112,003)
-
-
289,233
289,233
32,386,326
(5,112,003)
2,484,648
-
-
13,004,333
-
-
675,566
675,566
-
-
(5,112,003)
-
(529,623)
55,629,472
437,389,577
(293,000,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(4,857,897)
-
-
1,997,539
(2,860,358)
(3,519,400)
-
371,463
2,856,111
-6-
(881,150)
289,233
49,395,929
487,361,123
(293,000,000)
-
41,218,373
55,080,763
(604,572)
94,689
675,566
1,897,784
(611,022)
44,477,947
451,938,625
(5,000,000)
(5,112,003)
-
-
(33,410)
1,312,287
9,642,790
-
-
-
30,607,591
24,528,368
8,071,807
45,752,996
10,572,117
-
-
(23,231)
1,176,815
312,190
383,451
-
13,004,333
24,551,599
6,894,992
45,440,806
10,188,666
-
-
(566,476)
(1,146,764)
420,565,140
(10,750,000)
(2,354,462)
2,169,585
-
-
(566,476)
(1,146,764)
408,952,214
(10,750,000)
927,961
1,500,226
-
371,463
422,278,380
11,612,926
(3,282,423)
669,359
45,440,806
10,188,666
675,566
11,612,926
1,897,784
(577,612)
43,165,660
442,295,835
(5,000,000)
-
-
410,665,454
-
31,446,591
386,760,105
(5,000,000)
-
43,158,940
Total equity
US$
2,311,219
(3,948,299)
-
31,077,385
369,819,150
Non-controlling
interests
US$
(6,259,518)
-
675,566
Equity attributable to the
owners of the Company
US$
-
-
-
Retained Earnings
Appropriated
Unappropriated
US$
US$
-
(268,823)
-
15,084,048
-
Other Comprehensive Income
Available for sale investment
Translation
revaluation
adjustments
US$
US$
31,346,208
-
-
40
Difference in value
from restructuring
transaction between entities
under common control
US$
95,789,253
240,178,830
41,218,373
55,080,763
(37,079)
16,730
675,292
11,818,308
-
(566,702)
(881,150)
305,963
50,071,221
499,179,431
(293,000,000)
(1,337,434)
(129,804)
13,004,333
28,074,892
(571,105)
(13,320,324)
(13,320,324)
738,708
1,622,260
41,957,081
56,703,023
(604,572)
94,689
-
(604,572)
94,689
371,463
-
371,463
(4,857,897)
1,997,539
93,300,358
326,961,971
(21,988)
2,338,980
707,160
(4,879,885)
1,997,539
95,639,338
327,669,131
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED
DECEMBER 31, 2012, 2011 AND 2010
2012
US$
CASHFLOWS FROM OPERATING ACTIVITIES
Cash received from customers
Cash received from interest income
Payment of post-employment benefits
Income taxes paid
Payment for other operating activities
Payment to suppliers
Payment to employees
Payment of stock based compensation
Interest expense paid
169,442,919
2,073,218
(10,473,856)
(23,961,988)
(31,343,898)
(52,949,823)
(25,041,921)
-
2011
US$
2010
US$
200,308,540
2,519,763
(668,370)
(22,997,189)
(28,254,183)
(84,221,441)
(45,919,399)
(1,182,027)
(27,299,063)
134,227,514
1,703,744
(548,524)
(18,416,878)
(24,324,933)
(58,512,863)
(34,103,740)
(2,015,381)
(15,280,647)
27,744,651
(7,713,369)
(17,271,708)
CASHFLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of subsidiaries
Proceeds from sale of trading securities
Dividends received
Proceeds from sale of property, plant and equipment
Proceeds from sale of investment in properties
Proceeds from sale of other investments
Placement of time deposits
Withdrawal of time deposits
Additional investment in subsidiaries, associates and other investments
Acquisition of property, plant and equipment
Addition to palm plantations
Addition to other assets
Increase in deferred charges for landright
Advances received from sale of subsidiaries
Placement of trading securities
142,949,918
105,625,310
8,498,642
7,246,431
6,930,536
2,630,886
(1,500,000)
(12,261,698)
(20,578,767)
(18,002,735)
(4,019,892)
-
21,316
10,886,271
10,889,124
5,000,000
(593,776)
(247,411)
(81,337,498)
(12,191,009)
(228,411)
(117,556)
11,007,155
(53,918,365)
696,556
5,464,997
5,202,283
(414,646)
10,692,542
(9,264,153)
(47,971,293)
(5,474,179)
(9,447)
(13,847,726)
Net Cash Provided by (Used in) Investing Activities
217,518,631
(110,830,160)
(54,925,066)
28,074,892
4,000,000
1,586,230
(238,468)
(293,000,000)
-
(763,388)
(5,000,000)
127,049,143
-
(1,410,666)
(10,750,000)
83,512,066
12,494,339
-
2,297,789
(12,587,612)
-
2,933,457
(1,416,334)
(812,266)
(259,577,346)
110,995,932
84,550,596
Net Cash Provided by (Used in) Operating Activities
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from capital injection of shareholders
Proceeds from sale and lease back transaction
Payment of lease liabilities
Proceeds from bank loans
Payment for interest expense
Payment of dividends
Additional long-term bank loan
Proceeds from issuance of convertible bonds
Proceed from capital injection of
non-controlling interest of subsidiaries
Payment of short-term bank loans
Net settlement of derivative contract
Net Cash Provided by (Used in) Financing Activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(14,314,064)
(7,547,597)
12,353,822
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
Increase (decrease) in restricted cash in banks
90,912,822
-
132,294,121
(203,591)
119,432,789
507,510
CASH AND CASH EQUIVALENTS AT END OF YEAR
76,598,758
124,542,933
132,294,121
(33,630,111)
-
90,912,822
132,294,121
Cash and cash equivalents reclassified to assets held for sale
CASH AND CASH EQUIVALENTS AFTER RECLASSIFICATION
-7-
76,598,758
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.
GENERAL
a. Establishment and General Information
P.T. Austindo Nusantara Jaya (“the Company”), formerly P.T. Austindo Teguh Jaya, was
established by Deed No. 12 of Notary Mr. Sutjipto, S.H., dated April 16, 1993 which was approved
by the Minister of Justice of the Republic of Indonesia in his Decision Letter
No. C2-3479.HT.01.01.TH.93 dated May 21, 1993, and was published in Supplement No. 4010 to
the State Gazette No. 70, dated August 31, 1993. The articles of association have been amended
several times, the latest by Deed No. 3 of notary Mala Mukti, S.H., dated September 6, 2012
regarding the increase of authorized and paid-up capital. This amendment was approved by the
Minister of Justice and Human Rights of the Republic of Indonesia in his Decision Letter
No. AHU-48475.AH.01.02.Th.2012 dated September 12, 2012.
In accordance with Article 3 of the Company‟s articles of association, the scope of its activities is
to engage in general trading and services. The Company is eligible to pursue business
opportunities, deals and investments. Currently, the Company provides management services
and also operates as the holding company of subsidiaries and associates operating in
agribusiness industry, which are palm plantation, sago processing, and tobacco processing as
well as renewable energy. Before 2012, the Company also operates as the holding company of
subsidiaries operating in financial services, healthcare services and other industries which are
sold in 2012. The Company started its commercial operations in 1993. As of December 31, 2012,
2011, 2010 and January 1, 2010/December 31, 2009, the Company and its subsidiaries (the
Group) had 4,880, 6,066, 5,237 and 4,111 permanent employees, respectively.
The Company is domiciled in Jakarta and its head office is located at Graha Irama Building 3
floor, Jl. H.R. Rasuna Said Blok X-1 Kav. 1-2, Jakarta 12950.
rd
As of December 31, 2012, 2011, 2010 and January 1, 2010/December 31, 2009, the composition
of the Company‟s Commissioners and Directors were as follows:
2012
January 1, 2010/
December 31, 2009
2011 and 2010
President Commissioner:
Commissioner:
Mr. Adrianto Machribie Reksohadiprodjo
Mr. George Santosa Tahija
Mr. Sjakon George Tahija
Mr. Arifin Mohamed Siregar
Mr. Istama Tatang Siddharta
Mr. Anastasius Wahyuhadi
Mr. Josep Kristiadi
Mr. Suwito Anggoro
President Director:
Vice President Director:
Director:
Mr. Suwito Anggoro
Mrs. Istini Tatiek Siddharta
Mr. Sucipto Maridjan
The Company provides benefits to its Commissioners and Directors as follows:
2012
US$
Short-term employee benefit
Long-term employee benefit
Total
1,799,192
6,722,821
8,522,013
-8-
2011
US$
2,052,962
1,310,345
3,363,307
2010
US$
1,616,445
4,314,545
5,930,990
AND JANUARY 1, 2010/DECEMBER 31, 2009 – Continued
b. Subsidiaries
The Company has ownership interest of more than 50%, directly or indirectly, in the following
subsidiaries:
Name of subsidiaries and principal activities
Direct ownership
Renewable energy
PT Darajat Geothermal Indonesia (DGI)
PT Austindo Aufwind New
Energy (AANE)
Location
Percentage of ownership
2012
%
2011
%
2010
%
Total assets (before elimination)
January 1, 2010/
December 31, 2009
%
2012
US$
2011
US$
2010
US$
January 1, 2010/
December 31, 2009
US$
1998
99.99
99.99
99.99
99.99
11,409,047
10,478,867
10,408,833
13,097,941
Pre-operating
98.99
90.64
90.64
51.06
2,404,087
871,455
2,181,051
251,674
2003
1998
1998
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
99.99
3,559,968
4,639,805
2,820,416
3,702,894
1,863,633
2,404,286
28,150,862
1,240,470
1,501,206
Jember
2000
Binanga, North Sumatera
1995
South Sorong,Papua
Pra-operasi
99.99
99.99
99.99
66.81
99.51
99.51
66.81
99.84
99.84
68.81
99.91
99.84
13,227,130
206,934,889
30,435,763
7,150,695
175,839,091
12,499,066
5,729,041
175,986,071
4,387,733
5,942,551
183,113,201
259,514
Financial services
PT Prima Mitra Nusatama (PMN)
(under liquidation)
Jakarta
1994
99.99
64.91
64.91
64.48
39,421,846
39,726,191
34,708,835
28,895,928
Car rental and trading
PT Austindo Nusantara Jaya Rent (ANJR)
Jakarta
2009
-
99.99
99.99
99.99
-
380,054,820
263,825,607
58,110,029
Healthcare
PT Austindo Nusantara Jaya
Healthcare (ANJHC)
Jakarta
2008
-
99.99
99.99
99.99
-
14,278,249
14,922,243
10,029,850
1994
99.99
99.51
99.84
99.91
29,509,089
18,547,703
38,779,672
52,004,805
2009
99.99
99.51
99.84
99.91
71,654,954
68,642,882
66,051,633
57,855,439
Pre-operating
Pre-operating
Pre-operating
99.99
51.00
99.99
99.51
51.00
-
99.84
-
99.86
-
55,383,203
1,392,481
1,197,388
33,859,033
1,434,023
-
9,869,814
-
2,147,457
-
Jakarta
2002
-
71.93
64.91
64.48
-
32,375,925
33,596,736
28,886,038
110,036,651
Agribusiness
Eastern Island Base Pte. Ltd (EIB)
PT Aceh Timur Indonesia (ATI)
PT Surya Makmur (SM)
PT Gading Mas Indonesian Tobacco
Incorporated (GMIT)
PT Austindo Nusantara Jaya Agri (ANJA)
PT ANJ Agri Papua (ANJAP)
Indirect ownership
Agribusiness
PT Sahabat Mewah Makmur (SMM) (1)
PT Austindo Nusantara Jaya Agri
Siais (ANJAS) (1)
PT Kayung Agro Lestari (KAL) (1)
PT Lestari Sagu Papua (LSP) (2)
PT Galempa Sejahtera Bersama (GSB) (3)
Financial services
PT Asuransi Indrapura (AI) (4)
Finance (ANJF) (5)
Darajat, West Java
Belitung,Bangka
Belitung
Year of
commercial
operation
Singapore
Jakarta
Medan
Belitung,Bangka
Belitung
South Angkola
North Sumatera
Ketapang,
West Kalimantan
South Sorong,Papua
South Sumatera
Jakarta
1994
-
94.22
94.22
81.60
-
264,527,979
189,135,794
Car rental and trading
Auto (ANJ Auto) (6)
PT Balai Lelang Asta Nara Jaya (7)
Jakarta
Tangerang
2010
2011
-
99.99
99.99
99.99
99.99
99.99
-
-
73,121
276,847
65,397
111,222
-
Healthcare
PT Optik Klinik Mata Nusantara (OKMN) (8)
Jakarta
2009
-
59.99
59.99
59.99
-
560,169
390,200
310,035
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
67,223
Owned by ANJA
Owned by ANJAP as of December 31, 2012 and previously owned by ANJA as of December 31, 2011
95.00% owned by ANJA
80.00% owned by PMN and 20.00% owned by ANJR as of December 31, 2011, and 99.00% owned by PMN in 2010 and January 1, 2010/December 31, 2009
Owned by ANJR as of December 31, 2011 and December 31, 2010 and directly owned by ANJ as of January 1, 2010/December 31, 2009
99.80% owned by ANJR
99.96% owned by ANJR as of December 31, 2011 and 99.90% owned by ANJR as of December 31, 2010
Owned by ANJHC
Eastern Island Base (EIB)
On February 22, 2010, EIB declared and distributed dividend of 2,680,554 shares of ARC
Exploration Ltd., with total value of US$ 111,913, to the Company. On March 19, 2010, EIB sold 1
share of GMIT to the Company at US$ 75.
The Company received respectively US$ 22,000,000 on June 16, 2010, US$ 276,000 on
September 28, 2010 and US$ 46,106 on November 24, 2010 capital repayments related to EIB
liquidation. On December 3, 2010, EIB has been liquidated.
-9-
Based on Deed No. 101 of notary Mala Mukti, S.H., dated April 30, 2010, ANJA‟s shareholders
approved to increase its paid up capital from Rp 251,540,286,500 to Rp 251,712,301,900 through
the issuance of 1,720,154 new shares to ANJA‟s Directors and management in relation to the
exercise of management stock option plan. The Company‟s ownership in ANJA decreased to
99.84%.
Based on Deed No. 29 of notary Mala Mukti, S.H., dated July 8, 2011, ANJA‟s shareholders
approved the new paid-in capital for 5,900,000 new shares from one of ANJA‟s Directors. The
shareholders also approved the issuance of 2,505,905 new shares to ANJA‟s Directors and
management in connection with the exercise of stock option rights for management. ANJA‟s paid
up capital increased from Rp 251,712,301,900 to Rp 252,552,892,400. The Company‟s
ownership in ANJA decreased to 99.51%.
Based on Deed No. 16 of notary Mala Mukti, S.H., dated March 6, 2012, ANJA‟s shareholders
approved the sales of 1,399,521 shares from one of non-controlling shareholders to the
Company, which increased the Company‟s ownership in ANJA to 99.56%.
Based on Deed No. 45 of notary Mala Mukti, S.H., dated October 12, 2012, ANJA‟s shareholders
approved the sales of 90,729 shares from one of non-controlling shareholders to the Company,
which increased the Company‟s ownership in ANJA to 99.57%.
Based on Deed No. 84 of notary Mala Mukti, S.H., dated November 22, 2012, ANJA‟s
shareholders approved the sale of 10,834,584 shares from non-controlling shareholders to the
Company, which increased the Company‟s ownership in ANJA to 99.99%.
PT Austindo Nusantara Jaya Agri Siais (ANJAS), formerly PT Ondop Perkasa Makmur (OPM)
On March 2, 2010, ANJA and SMM approved to change the name of PT Ondop Perkasa Makmur
into PT Austindo Nusantara Jaya Agri Siais (ANJAS).
On October 2, 2010, ANJA and SMM provided Rp 25,000,000,000 advance capital to ANJAS.
Such advanced capital was used to increase paid in capital through Deed No. 9 of notary Mala
Mukti, S,H., dated February 2, 2011. ANJAS‟s paid up capital increased from Rp 598,570,000,000
to Rp 623,570,000,000.
Since January 1, 2011, ANJAS changed its reporting currency from Rupiah into United States
Dollar.
PT Austindo Aufwind New Energy (AANE)
Based on Deed No. 9 of notary Mala Mukti, S.H., dated December 2, 2010, ANJA and Aufwind
Schmack Asia Holding GmbH (ASA) approved to increase the authorized capital of AANE from
US$ 1,800,000 to US$ 2,350,000 and to increase issued and paid up capital from
US$ 450,000 to US$ 2,350,000. ANJA subscribed and paid for 1,900 additional shares at
US$ 1,900,000 or equivalent to Rp 17,263,400,000, therefore ANJA‟s ownership in AANE
increased from 51.11% to 90.64%.
Based on Deed No. 135 of notary Mala Mukti, S.H., dated July 19, 2012, ANJA and ASA
approved the sales of 2,130 shares or 90.64% ownership in AANE from ANJA to the Company,
and 176 shares or 7.49% ownership in AANE from ASA to the Company, therefore the Company
has 2,306 shares or 98.13% ownership in AANE.
Based on Deed No. 16 of notary Mala Mukti, S.H., dated November 5, 2012, the Company and
ASA approved the increase of AANE‟s authorized capital from US$ 2,350,000 to US$ 10,000,000
and paid up capital from US$ 2,350,000 to US$ 4,350,000 by issuing 2,000 new shares, all
subscribed by the Company. As the result, the Company‟s ownership in AANE increased from
98.13% to 98.99%.
- 10 -
PT Kayung Agro Lestari (KAL)
Based on Deed No. 17 of notary Mala Mukti, S.H., dated November 5, 2010, the shareholders of
KAL approved to increase the authorized capital from Rp 5,000,000,000 to Rp 180,000,000,000
and to increase issued and paid up capital from Rp 5,000,000,000 to Rp 95,000,000,000 by
issuing 180,000 new shares, from which 179,910 shares were subscribed and paid by ANJA and
90 shares were subscribed and paid by SMM.
Based on Deed No. 30 of notary Mala Mukti, S.H., dated July 8, 2011, the shareholders of KAL
approved to increase its authorized capital from Rp 180,000,000,000 to Rp 720,000,000,000 and
its issued and paid up capital from Rp 95,000,000,000 to Rp 180,000,000,000 by issuing 170,000
new shares, of which 169,915 shares were subscribed and paid by ANJA and 85 shares were
subscribed and paid by SMM.
Based on Deed No. 85 of notary Mala Mukti, S.H., dated February 24, 2012, the shareholders of
KAL approved to increase its issued and paid up capital from Rp 180,000,000,000 to
Rp 315,000,000,000 by issuing 270,000 new shares, of which 269,865 shares were subscribed
and paid by ANJA and 135 shares were subscribed and paid by SMM.
Based on Deed No. 19 of notary Mala Mukti, S.H., dated July 4, 2012, the shareholders of KAL
approved to increase its issued and paid up capital from Rp 315,000,000,000 to
and paid by ANJA and 95 shares were subscribed and paid by SMM.
KAL approved to increase its issued and paid up capital from Rp 410,000,000,000 to
and paid by ANJA, and 143 shares were subscribed and paid by SMM.
Based on Deed No. 4 of notary Mala Mukti, S.H., dated September 15, 2011, the shareholders of
ANJAP approved to increase issued and paid up capital from Rp 50,000,000,000 to
Rp 118,000,000,000 by issuing 68,000 new shares, of which 66,870 shares were subscribed and
paid by ANJA and 1,130 shares were subscribed and paid by SMM.
Based on Deed No. 78 of notary Mala Mukti, S.H., dated April 18, 2012, the shareholders of
ANJAP approved to increase its paid up capital from Rp 118,000,000,000 to Rp 164,000,000,000
by issuing 46,000 new shares, of which 45,540 shares were subscribed and paid by ANJA and
460 shares were subscribed and paid by SMM.
Based on deed No. 45 of notary Mala Mukti, S.H., dated August 15, 2012, ANJA and SMM
approved the sales of 162,360 shares or 99% ownership in ANJAP from ANJA to the Company,
resulting in the Company‟s 99% direct ownership in ANJAP.
Based on Deed No. 129 of notary Mala Mukti, S.H., dated September 27, 2012, the Company and
SMM as the shareholders of ANJAP approved to increase its authorized capital from Rp 200
billion to Rp 400 billion, which consist of 400,000 shares with par value per share of
Rp 1,000,000, and to increase its paid up capital from Rp 164,000,000,000 to Rp
246,000,000,000 by issuing 82,000 new shares, all of which were fully subscribed and paid by the
Company. The Company‟s direct ownership in ANJAP increased from 99% to 99.33%.
Based on Deed No. 2 of notary Mala Mukti, S.H., dated December 4, 2012, all the shareholders of
ANJAP approved to increase its issued and paid-up capital from Rp 246,000,000,000 to
Rp 329,000,000,000 by issuing 83.000 new shares, all of which were fully paid and subscribed by
the Company. The Company‟s direct ownership in ANJAP increased from 99.33% to 99.50%.
- 11 -
PT Lestari Sagu Papua (LSP)
Based on Deed No. 105 of notary Mala Mukti, S.H., dated July 1, 2011, ANJA, SP Chemical Pte.
Ltd and Grand Asia Holding Pte. Ltd. established LSP, with authorized capital of US$ 4,000,000
and paid up capital of US$ 1,500,000. ANJA subscribed and paid up the 765 shares or equivalent
to US$ 765,000 for 51% ownership interest.
Based on Deed No. 103 of notary Mala Mukti, S.H., dated September 21, 2012, the shareholders
of LSP approved the sales of 765 shares or 51% ownership in LSP from ANJA to ANJAP.
PT Asuransi Indrapura (AI)
Based on Deed No. 3 of notary Mala Mukti S.H., dated November 4, 2011, AI‟s shareholders
approved the transfer of 163,998 shares of AI or 19.99% ownership interest from PMN to ANJR.
PMN‟s direct ownership in AI decreased from 99.99% to 80%.
Based on Deed No. 88 of notary Mala Mukti S.H., dated February 27, 2012, PMN sell 656,000
shares in AI or 80% ownership to Golden Eight Group Limited. After the transaction, PMN no
longer hold ownership in AI, either direct or indirect.
Based on Extraordinary General Meeting of PMN Shareholder on March 18, 2010 and Deed
No. 18 of notary Mala Mukti, S.H., dated April 7, 2010, PMN shareholders approved to increase
the capital of PMN by issuing 19,047,620 new shares at a price of Rp 1,575 per share, from which
12,562,134 shares are issued to the Company, increasing the ownership of the Company in PMN
from 64.48% to 64.91%.
Based on Deed No. 53, 54, 75 and 24 of notary Mala Mukti, S.H., dated respectively on August
16, 2012, August 16, 2012, August 30, 2012, and September 7, 2012; Adrian Park Ltd., Investor
Investment Asia Ltd., Hamon Private Equity Ltd., and Lattice Ltd., as the owner of 19,514,286
shares, 1,915,587 shares, 718,061 shares and 677,166 shares or respectively representing 30%,
2.95%, 1.11% and 1.04% ownership in PMN, approved to transfer and sell all their shares to the
Company.
Based on Deed No. 128 of notary Mala Mukti, S.H., dated September 27, 2012 the Company sell
1 share to Mr. George Santosa Tahija.
Due to the above sale and purchase of PMN shares, the Company owns 65,047,619 shares or
99.99% ownership in PMN.
Based on Deed No. 73 of notary Mala Mukti, S.H., dated November 21, 2012, PMN‟s
shareholders approved the liquidation of PMN effective on November 13, 2012 and appointed
liquidator for the liquidation process.
PT Austindo Nusantara Jaya Finance (ANJF)
Based on the Extraordinary Meeting of ANJF shareholders as stated in Deed No. 90 of notary
Mala Mukti, S.H., dated April 27, 2010, ANJF shareholders approved the transfer of 25,053
shares of ANJF from Investor (Guernsey) II, Ltd. and Hamon Private Equity Ltd to the Company,
increasing the number of shares owned by the Company to 136,615 shares and the Company‟s
ownership in ANJF increased from 81.60% to 99.92%.
Based on the Extraordinary Meeting of ANJF shareholders as stated in Deed No. 29 of notary
Mala Mukti, S.H., dated May 18, 2010, the shareholders of ANJF approved to increase its
authorized capital from Rp 170,000,000,000 to Rp 800,000,000,000 and its issued and paid-up
capital from Rp 136,723,000,000 to Rp 200,083,000,000 by issuing 63,360 new shares at a price
of Rp 1,199,495 per share to ANJR. The Company did not participate in the capital increase,
resulting in ownership dilution from 99.92% to 68.28%.
- 12 -
Based on Deed No. 22 of notary Mala Mukti S.H., dated June 11, 2010, the Company sold
136,615 shares of ANJF to ANJR at net book value (which also represented the market value), or
equivalent to Rp 172,000,006,340. Consequently, the Company no longer hold direct ownership
in ANJF.
Based on Deed No. 07 of notary Mala Mukti, S.H., dated June 4, 2010, ANJR shareholders
approved to increase its authorized capital from Rp 155,000,000,000 (155,000 shares) to
Rp 560,000,000,000 (560,000 shares) and to increase its issued and paid-up capital from
Rp 100,750,000,000 (100,750 shares) to Rp 141,212,000,000 (141,212 shares) by issuing 40,462
shares (Rp 404,620,000,000), which were fully subscribed by the Company.
Based on Deed No. 65 of notary Mala Mukti S.H., dated June 26, 2010, ANJR shareholders
approved to increase issued and paid-up capital from Rp 141,212,000,000 (141,212 shares) to
Rp 243,820,000,000 (243,820 shares) by issuing 102,608 shares at Rp 1,158,398 per share,
which were fully subscribed by the Company.
Based on Deed No. 16 of notary Mala Mukti S.H., dated November 5, 2010, ANJR shareholders
approved to to increase issued and paid-up capital from to Rp 243,820,000,000 (243,820 shares)
to Rp 270,000,000,000 (270,000 shares) by issuing 26,180 new shares, which were fully
subscribed by the Company.
Based on Deed No. 16 of notary Fathiah Helmi, S.H., dated January 17, 2012 the Company sell
2,699,990,000 shares or 99.99% ownership in ANJR to PT Mitra Pinasthika Mustika. After this
transaction, the Company no longer hold direct or indirect ownership in ANJR, ANJF, ANJ Auto
and Balai Lelang Asta Nara Jaya.
PT Austindo Nusantara Jaya Healthcare (ANJHC)
Based on Annual Meeting of Shareholders of ANJHC as stated in Deed No. 63 of notary Mala
Mukti, S.H., dated June 25, 2010, the shareholders approved to increase ANJHC‟s paid up capital
from Rp 120,837,500,000 to Rp 165,837,500,000, all of which were fully paid by the Company.
Based on Deed No. 33 of notary Mala Mukti, S.H., dated May 7, 2012, the Company transferred
165,837,499 shares or 99.99% ownership in ANJHC to PT Austindo Nusantara Jaya Husada
Cemerlang (entity under common control) (Note 40). After this transaction, the Company no
longer hold direct or indirect ownership in ANJHC and OKMN.
PT Gading Mas Indonesian Tobacco (GMIT)
Based on Deed No. 39 of notary Mala Mukti, S.H., dated September 12, 2012, Southseas
Resources Ltd as the owner of 57,140 shares or 33.19% ownership in GMIT sold 57,139 shares
to the Company and 1 share to Mr. Koh Bing Hock. As the result, the Company has 172,139
shares or 99.99% direct ownership in GMIT.
PT Galempa Sejahtera Bersama (GSB)
Based on Deed No. 25 of notary Mala Mukti, S.H., dated May 4, 2012, the Company and ANJA
entered into sales and purchase agreement with Mr. Syamsi and Mr. Muksin, whereas
Mr. Syamsi and Mr. Muksin agreed to sell and transfer their respective 100,000 and 20,000
shares of GSB, of which total 114,000 shares or 95% ownership are transferred to ANJA and
6,000 shares or 5% ownership was transferred to the Company.
- 13 -
c. Sale of Subsidiaries
On January 17, 2012, the Company sold 2,699,990,000 shares or 99.99% ownership in ANJR to
PT Mitra Pinasthika Mustika (MPM). After the transaction, the Company no longer hold direct or
indirect ownership in ANJR and ANJF.
Position of assets and liabilities of ANJR and its subsidiaries as of January 17, 2012:
January 17, 2012
US$
Rental and other service receivable - net of allowance for doubtful accounts
Finance lease receivable - net of allowance for doubtful accounts
Consumer and other financing service receivables - net of
allowance for doubtful accounts
Other receivables
Inventories
Prepaid tax
Escrow bank account
Time deposit
Deferred tax assets
Property and equipment - net of accumulated depreciation
Goodwill
Other assets
Total assets
175,659,026
1,378,351
682,584
3,174,344
2,232,767
494,674
435,329
996,178
176,002
102,528,145
2,525,369
757,369
377,787,280
Bank loans
Advance and other accounts payable
Taxes payable
Accrued expense
Deferred revenue
Derivative liabilities - net
Customer deposits
Lease liabilities
Convertible bonds
Post-employment benefits obligation
Shared based compensation liability
Total liabilities
300,118,303
2,525,299
786,837
2,699,294
3,462,939
1,117,631
221,500
1,279,724
316,182
12,450,422
76,242
1,743,896
2,975,458
329,773,727
Net assets held for sale
13,430,916
3,188,055
70,128,171
48,013,553
- 14 -
Net gain on sale of ANJR:
2012
US$
Proceed from sale of ANJR
Difference in value arising from changes in subsidiary
reclassified from equity due to loss of control
Cumulative translation adjustment reclassified from equity
due to loss of control
Gain on sale of ANJR
Underwritting expense
Current and deferred tax expense related to sale of ANJR
Net gain on sale of ANJR
120,748,487
(48,013,553)
(441,301)
407,883
72,701,516
(3,102,665)
(17,384,449)
52,214,402
Net gain from sale of ANJR is included in net income from discontinued operations (Note 52).
Net cash received from sale of ANJR:
2012
US$
Cash received from sale of ANJR
Cash and cash equivalents of ANJR
Cash received
120,748,487
(13,430,916)
107,317,571
PT Asuransi Indrapura (AI)
On February 27, 2012, PMN sold 656,000 shares of AI or 80% ownership in AI to Golden Eight
Group Limited.
Position of assets and liabilities of AI as of February 27, 2012:
February 27, 2012
US$
Compulsory time deposit
Investments
Insurance service receivable- net of allowance for doubtful accounts
Other receivables
Other assets
Total assets
17,309,557
935,608
2,159,892
11,733,509
639,619
375,390
344,541
33,498,116
Insurance service payable
Other payables
Taxes payable
Deferred premium income
Total liabilities
12,304,857
2,775,743
248,363
7,133,420
22,462,383
11,035,733
- 15 -
Gain on sale of AI:
2012
US$
Proceed from sale of AI
Non-controlling interest
Cumulative translation adjustment reclassified from
equity due to loss of control
Gain on sale of AI
Current and deferred tax expense related to sale of AI
Net gain on sale of AI
13,208,586
(11,035,733)
2,207,147
(143,171)
4,236,829
(1,004,660)
3,232,169
Gain on sale of AI is included in net income from discontinued operations (Note 51).
Net cash received from sale of AI:
2012
US$
Cash received from sale of AI
Cash and cash equivalents of AI
Cash received (transferred)
13,208,586
(17,309,557)
(4,100,971)
On May 7, 2012, the Company sold 165,837,499 shares or 99.99% ownership in ANJHC to
PT Austindo Nusantara Jaya Husada Cemerlang (entity under common control) (Note 40).
Position of assets and liabilities of ANJHC as of May 7, 2012:
May 7, 2012
US$
Short-term investments
Trade accounts receivable - net of allowance for doubtful accounts
Other receivables
Inventories
Other assets
Total assets
Lease liabilities
Other accounts payable
Taxes payable
Accrued expense
Total liabilities
1,004,168
1,381,710
73,775
91,033
961,768
679,216
9,547,586
82,800
13,822,056
289,749
311,942
218,598
107,298
1,766,258
1,096,362
188,559
3,978,766
9,843,290
- 16 -
Difference in value arising from restructuring transaction between entities under common control
from sale of ANJHC:
2012
US$
Proceed from sale of ANJHC
Cumulative translation adjustment reclassified from
equity due to loss of control
Difference between selling price and book value of ANJHC, recorded as
difference in value from restructuring transaction
20,000,000
(9,843,290)
129,804
(2,262,251)
8,024,263
Net cash received from sale of ANJHC:
2012
US$
Cash received from sale of ANJHC
Cash and cash equivalents of ANJHC
Net cash received
2.
20,000,000
(1,004,168)
18,995,832
ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS
(“PSAK”) AND INTERPRETATIONS OF PSAK (“ISAK”)
a. Standards effective in current year
In current year, the Group have adopted all new and revised standards and interpretations issued
by the Financial Accounting Standard Board of the Indonesian Institute of Accountants that are
relevant to their operation and effective for accounting periods beginning on January 1, 2012. The
adoption of these new and revised standards and interpretations which has resulted in changes to
the Group‟ accounting policies in the following area, and affected the consolidated financial
statements presentation and disclosures for the current or prior years were as follows:

PSAK 10 (revised 2010), The Effects of Changes in Foreign Exchange Rates
This revised standard provides indicators in determining an entity‟s functional currency, which
include, among others, the currency (a) that mainly influences the entity‟s sales price for
goods and services; (b) of the country whose competitive forces and regulations mainly
determine the sales price of its goods and services; and (c) that mainly affected labor cost,
material and other costs to provide the goods or services.
When the indicators are mixed and the functional currency is not obvious, management
should use its judgment to determine the functional currency that most faithfully represents
the economic effects of the underlying transactions, events and conditions.
Previous standard only provides limited guidance regarding the determination of functional
currency.
- 17 -
The Group has decided to change the functional currencies of PT Aceh Timur Indonesia (ATI)
and PT Surya Makmur (SM) based on their assessment in accordance with the provisions of
the revised standard. As such, since January 1, 2012, ATI and SM changed their functional
currency from Rupiah into United States Dollar and implemented the changes of functional
currency retrospectively (Note 60).

PSAK 24 (revised 2010), Employee Benefits
This revised standard has introduced an option for recognising actuarial gains and losses in
full in the period in which they occur, outside profit or loss components, in other
comprehensive income. The revised standard also requires the Group to present additional
disclosures (Note 38).
Effective January 1, 2012, the Group recognizes actuarial gains and losses in other
comprehensive income. Due to transitional provision in this revised standard, the change in
accounting policy is treated prospectively.

PSAK 60, Financial Instruments: Disclosures
This new standard supersedes the disclosure requirements of PSAK 50 (revised 2006),
Financial Instruments: Presentation and Disclosure and resulted in the disclosures concerning
(a) the significance of financial instruments for the Group's financial position and
performance; and (b) the nature and extent of risks arising from financial instruments to which
the Group is exposed during the period and at the end of the reporting period, and (c) how the
Group manages those risks (Note 63).

ISAK 16, Service Concession Arrangements
This interpretation applies to public-to-private service concession arrangements if:
-
the grantor controls or regulates what services the operator must provide with the
infrastructure, to whom it must provide them, and at what price; and
-
the grantor controls - through ownership, beneficial entitlement or other forms - any
significant residual interest in the infrastructure at the end of the agreement.
DGI has 5% participation in a consortium with Chevron Geothermal Indonesia to develop
Darajat Power Project Area Unit II and Unit III, which are operated by Chevron Geothermal
Indonesia. These parties have a joint operation contract with Perusahaan Pertambangan
Minyak dan Gas Bumi Negara (“PERTAMINA”) and Perusahaan Listrik Negara (“PLN”)
(Note 57g). Since the arrangements with PERTAMINA and PLN are public-to-private service
concession arrangement, DGI has to adopt the requirements of ISAK 16 in respect to publicto-private service concession arrangements. As such, DGI financial statements are restated
in accordance with the provision of ISAK 16 (Note 60).
AANE has signed Power Purchase Agreement (PPA) with PLN on November 29, 2012. Since
the PPA with PLN is a public-to-private service concession arrangement, AANE has to adopt
the requirements of ISAK 16 in respect to public-to-private service concession arrangements
since the signing of the PPA (Note 57n).

ISAK 22, Service Concession Arrangements: Disclosures
This interpretation provides guidance on disclosures for service concession arrangements.
The adoption of the interpretation resulted in additional disclosures for service concession
arrangements in DGI.
- 18 -

ISAK 25, Land Rights
This interpretation clarifies the treatment of land rights legal cost.
The legal cost of land rights upon acquisition of the land is recognized as part of the cost of
land in accordance with PSAK 16 (revised 2011), Property, Plant and Equipment or other
relevant standards based on the intended use of the land.
The cost of renewal or extension of legal rights on land is recognized as an intangible asset
and amortized in accordance with PSAK 19 (revised 2010), Intangible Assets.
Previously, the Group had accounted for legal cost on land rights upon acquisition of land as
deferred charge and subsequently amortized over the term of such rights.
The following new and revised standards and interpretations have also been adopted in these
consolidated financial statements. Their adoption has not had any significant impact on the
amounts reported in these consolidated financial statements but may impact the accounting for
future transactions or arrangements:













PSAK 16 (revised 2011), Property, Plant and Equipment
PSAK 26 (revised 2011), Borrowing Costs
PSAK 30 (revised 2011), Leases
PSAK 46 (revised 2010), Income Taxes
PSAK 50 (revised 2010), Financial Instruments: Presentation
PSAK 53 (revised 2010), Share-based Payments
PSAK 55 (revised 2011), Financial Instrument: Recognition and Measurement
PSAK 56 (revised 2011), Earnings per Share
ISAK 15, PSAK 24 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and
their Interaction
ISAK 20, Income Taxes – Change in Tax Status of an Entity or its Shareholders
ISAK 23, Operating Leases – Incentives
ISAK 24, Evaluating the Substance of Transactions involving the Legal Form of a Lease
ISAK 26, Reassessment of Embedded Derivatives
b. Standard issued, but not yet adopted
The revised accounting standard which are relevant to the Group operation and which were
published and to be effective for periods beginning on or after January 1, 2013 is PSAK 38
(revised 2012), Business Combination of Entities Under Common Control.
As of the issuance date of the consolidated financial statements, the effect of adoption of this
standard on the consolidated financial statements is not known yet nor can it be reasonably
estimated by management.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Statement of Compliance
The consolidated financial statements have been prepared in accordance with Indonesian
Financial Accounting Standards. Such consolidated financial statements are an English
translation of the Group‟ statutory report in Indonesia and are not intended to present the financial
position, result of operations and cash flows in accordance with accounting principles and
reporting practices generally accepted in other countries and jurisdictions.
- 19 -
b. Consolidated Financial Statements Presentation
The consolidated financial statements, except for the consolidated statements of cash flows, are
prepared under the accrual basis of accounting. The reporting currency used in the preparation of
the consolidated financial statements is the United States Dollar (US$), while the measurement
basis is the historical cost, except for certain accounts which are measured on the bases
described in the related accounting policies.
The consolidated statements of cash flows are prepared using the direct method with
classifications of cash flows into operating, investing and financing activities.
c. Principles of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries). Control exists if the Company has the power
to determine the financial and operating policies of an entity so as to obtain benefits from its
activities.
The results of subsidiaries acquired or disposed of during the year are included in the
consolidated statement of comprehensive income from the effective date of acquisition and up to
the effective date of disposal, as appropriate.
When necessary, adjustments are made to the financial statements of the subsidiary to bring the
accounting policies used in line with those used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately and presented within equity. The
interest of non-controlling shareholders maybe initially measured either at fair value or at the noncontrolling interests‟ proportionate share of the fair value of the acquiree‟s identifiable net asset.
The choice of measurement is made on acquisition by acquisition basis. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at
initial recognition plus non-controlling interests‟ share of subsequent changes in equity. Total
comprehensive income of subsidiaries is attributed to the owners of the Company and to the noncontrolling interests even if this results in the non-controlling interests having deficit balance.
Changes in the Group interests in subsidiaries that do not result in a loss of control are accounted
for as equity transactions. The carrying amounts of the Group interests and the non-controlling
interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any
difference between the amount by which the non-controlling interests are adjusted and the fair
value of the consideration paid or received is recognized directly in equity and attributed to
owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is
calculated as the difference between (i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest and (ii) the previous carrying amount of the
assets (including goodwill), and liabilities of the subsidiary and any non-controlling interest. When
assets of the subsidiary are carried at revalued amount or fair values and the related cumulative
gain or loss has been recognized in other comprehensive income and accumulated in equity, then
the amounts previously recognized in other comprehensive income and accumulated in equity are
accounted for as if the Group had directly disposed the relevant assets (i.e. reclassified to profit or
loss or transferred directly to retained earnings as specified by applicable accounting standards).
The fair value of any investment retained in the former subsidiary at the date when control is lost
is regarded as the fair value on initial recognition for subsequent accounting under PSAK 55
(revised 2011), Financial Instruments: Recognition and Measurement or, as the cost on initial
recognition of an investment in an associate or a jointly controlled entity.
- 20 -
The Company has presented the outstanding balance relating to the effect of prior year capital
transaction of subsidiaries with third parties as a separate item in equity.
d. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
cost of the business combination is the aggregate of the fair values (at the date of exchange) of
assets given, liabilities incurred or assumed, and equity instruments issued in exchange for
control of the acquiree. Acquisition-related costs are recognized in profit or loss as incurred.
Where applicable, the consideration for the acquisition includes any assets or liabilities resulting
from a contingent consideration arrangement, measured at its acquisition-date fair value.
Subsequent changes in such fair values are adjusted against the cost of acquisition where they
qualify as measurement period adjustments. All other subsequent changes in the fair value of
contingent consideration classified as an asset or liability are accounted for in accordance with
relevant accounting standards. Changes in the fair value of contingent consideration classified as
equity are not recognized.
The acquiree‟s identifiable assets, liabilities and contingent liabilities that meet the conditions for
recognition under PSAK 22 (revised 2010), Business Combination effective from January 1, 2011,
are recognized at their fair value, except for certain assets and liabilities that are measured using
the relevant standards.
If the initial accounting for business combination is incomplete by the end of the reporting period
in which the combination occurs, the Group must report some provisional amounts on the items
for which the measurement is incomplete. Those provisional amounts are adjusted during the
measurement period, or additional assets or liabilities are recognized, to reflect new information
about facts and circumstances that existed as of the acquisition date are obtained, and that, if
known, would have affected the amount recognized as of that date.
The measurement period is the period from date of acquisition to the date the Company obtains
complete information about facts and circumstances that existed as of the acquisition date and is
subject to a maximum of one year.
e. Restructuring Transactions Between Common Control Entities
The restructuring transactions between common control entities, constituting transfer of assets
and liabilities, shares or other ownership instruments conducted within the framework of
reorganizing the entities existing under the same business group, does not constitute a change of
ownership within the meaning of economic substance, therefore such transaction would not result
in a profit or loss for the entire Group or the individual within the Group.
Since a restructuring transaction between common control entities does not result in a change of
the economic substance of the ownership of assets, shares, liabilities or other instruments of
ownership which are exchanged, the assets or liabilities transferred (in their legal form) are
recorded at book values as business combination using the pooling of interest method. The
components of the financial statements of the restructured company for the period, during which
the restructuring occurred and for other periods presented for comparison purposes, shall be
presented as if the companies were combined from the beginning of the period presented.
The difference between the transfer price and book value of the restructuring transaction between
common control entities is recorded in the account “Difference in value from restructuring
transaction between entities under common control” and presented as part of equity and will be
recognized as income or expense at the time of sale of such investment.
- 21 -
f.
Foreign Currency Transactions and Translation
The individual books of accounts of the Company and each entity in the Group, except for KAL,
GSB, GMIT, PMN, ANJAP, LSP, and AANE, are maintained in United States Dollar as the
functional currency. Transactions during the year involving currencies other than United States
Dollar are recorded at the exchange rates prevailing at the time the transactions are made. At
reporting date, monetary assets and liabilities denominated in foreign currencies are adjusted to
reflect the exchange rate prevailing at that date. The resulting gains or losses are credited or
charged to statements of comprehensive income.
For consolidated financial statements presentation purposes, assets and liabilities of subsidiaries
which maintain their books of accounts in currencies other than United States Dollar are
translated to United States Dollar using the exchange rates at the end of reporting period, their
equity accounts are translated using the historical rates, while their revenues and expenses are
translated at the rates of exchange prevailing at the time the transactions are made. The resulting
translation adjustments are shown as part of other comprehensive income.
g. Transactions With Related Parties
A related party is a person or entity that is related to the Group (the reporting entity):
a. A person or a close member of that person's family is related to the reporting entity if that
person:
i.
has control or joint control over the reporting entity;
ii.
has significant influence over the reporting entity; or
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 the 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 itself
such a plan, the sponsoring employers are also related to the reporting entity.
vi. The entity is controlled or jointly controlled by a person identified in (a).
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 of a parent of the entity).
All transactions with related parties, whether or not made at similar terms and conditions as those
done with third parties, are disclosed in the consolidated financial statements.
h. Financial Instruments
Financial assets and financial liabilities are recognized when the Company or its subsidiaries
become a party to the contractual provisions of the instrument.
- 22 -
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that
are directly attributable to the acquisition or issue of financial assets and financial liabilities (other
than financial assets and financial liabilities at fair value through profit or loss) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Financial Assets
The Group financial assets are classified into the following specified categories: financial assets
„at fair value through profit or loss‟ (FVTPL), „available-for-sale‟ (AFS) financial assets and „loans
and receivables‟. The classification depends on the nature and purpose of the financial assets and
is determined at the time of initial recognition. All regular way purchases or sales of financial
assets are recognized and derecognized on a trade date basis. Regular way purchases or sales
are purchases or sales of financial assets that require delivery of assets within the time frame
established by regulation or convention in the marketplace.
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 points 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 assets classified as at FVTPL.
Financial Assets at Fair Value Through Profit Or Loss (FVTPL)
Financial assets are classified as at FVTPL when the financial asset is either held for trading or
designated as at FVTPL.
A financial asset is classified as held for trading, if:

it has been acquired principally for the purpose of selling in the near future; or

on initial recognition it is part of an identified portfolio of financial instruments that the entity
manages together and has a recent actual pattern of short-term profit-taking; or

it is a derivative that is not designated and effective as a hedging instrument.
A financial asset other than a financial asset held for trading may be designated as at FVTPL
upon initial recognition, if:

such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or

the financial asset forms part of a group of financial assets or financial liabilities or both, which
is managed and which performance is evaluated based on a fair value basis, in accordance
with the Group‟s documented risk management or investment strategy, and information about
the grouping is provided internally on that basis; or

it forms part of a contract containing one or more embedded derivatives, and PSAK 55
(revised 2011) permits the entire combined contract (asset or liability) to be designated as at
FVTPL.
- 23 -
Financial assets at FVTPL are stated at fair value, with any gain or loss on remeasurement
recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any
dividend or interest earned, on the financial asset, and is included in dividend income and interest
income in the consolidated statements of comprehensive income. Fair value is determined in the
manner described in Note 8.
Financial Assets Available-for-sale (AFS)
Listed shares and bonds held by the Group that are traded in an active market are classified as
AFS and are stated at fair value.
Gains and losses arising from changes in fair value are recognized in other comprehensive
income and accumulated in changes in unrealized gain on AFS investment, except for impairment
losses, interest calculated using the effective interest method, and foreign exchange gains and
losses on monetary assets recognized in profit or loss. When the investment is disposed or is
determined to be impaired, the cumulative gain or loss previously accumulated in unrealized gain
on AFS investment is reclassified to profit or loss.
Investments in unlisted equity instruments that are not quoted in an active market and whose fair
value cannot be reliably measured are also classified as AFS, measured at cost less impairment.
Dividends from AFS equity instruments, if any, are recognized in profit or loss when the Group‟s
right to receive the dividends are established.
Loans and receivables
Cash and cash equivalents, trade accounts and other receivables that have fixed or determinable
payments that are not quoted in an active market are classified as “loans and receivables” and
measured at amortized cost using the effective interest method less impairment.
Interest income is recognized by applying the effective interest rate method, except for short-term
receivables when the recognition of interest would be immaterial.
Impairment of financial assets
Financial assets, other than those at FVTPL are assessed for indicators of impairment at the end
of each reporting period. Financial assets are impaired when there is objective evidence that, (i)
there is decline in value of the assets as a result of one or more events that occurred after the
initial recognition of the asset, (ii) the estimated future cash flows of the investment have been
affected and (iii) the impairment value can be measured reliably.
For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in
the fair value of the security below its cost is considered to be objective evidence of impairment.
For all other financial assets, objective evidence of impairment could include:

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 re-organization.
For certain categories of financial asset, such as loans and receivables, assets that are assessed
not to be impaired individually are, in addition, assessed for impairment on a collective basis.
Objective evidence of impairment for a portfolio of receivables could include the Group past
experiences of collecting payments, an increase in the number of delayed payments in the
portfolio past the average credit period, as well as observable changes in national or local
economic conditions that correlate with default on receivables.
- 24 -
For financial assets carried at amortized cost, the amount of the 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.
For financial assets carried at cost, the amount of the impairment loss is measured as the
difference between the assets‟s carrying amount and the present value of the estimated future
cash flows discounted at the current market rate of return for a similar financial asset. Such
impairment loss will not be reversed in subsequent periods.
The carrying amount of the financial asset is reduced directly by the impairment loss for all
financial assets, except for receivables, which carrying amount is reduced by impairment loss
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 profit or loss.
When an AFS financial asset is considered to be impaired, cumulative gains or losses previously
recognized in equity are reclassified to profit or loss.
For financial assets measured at amortized cost, 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 at the date the impairment is
reversed does not exceed what the amortized cost would have been had the impairment not been
recognized.
In respect of AFS equity investments, impairment losses previously recognized in profit or loss are
not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is
recognized directly in other comprehensive income.
Derecognition of financial assets
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 retain substantially
all the risks and rewards of ownership and continues to control the transferred asset, the Group
recognizes its retained interest in the asset and an associated liability for amounts it 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 recognize a
collateralized borrowing for the proceeds received.
On derecognition of a financial asset in its entirety, the difference between the asset‟s carrying
amount and the sum of the consideration received and receivable and the cumulative gain or loss
that had been recognized in other comprehensive income and accumulated in equity is
recognized in profit or loss.
On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an
option to repurchase part of a transferred asset), the Group allocates the previous carrying
amount of the financial asset between the part it continues to recognize under continuing
involvement, and the part it no longer recognizes on the basis of the relative fair values of those
parts on the date of the transfer. The difference between the carrying amount allocated to the part
that is no longer recognized and the sum of the consideration received for the part no longer
recognized and any cumulative gain or loss allocated to it that had been recognized in other
comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been
recognized in other comprehensive income is allocated between the part that continues to be
recognized and the part that is no longer recognized on the basis of the relative fair values of
those parts.
- 25 -
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 definition of a financial liability
and an equity instrument.
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 at the proceeds received, net
of direct issue costs.
Financial liabilities
Trade and other payables, bank loan and other borrowings are subsequently measured at
amortized cost, using the effective interest rate method.
The effective interest method is a method of calculating the amortized cost of a financial liability
and of allocating interest expense over the relevant period. The effective interest rate is the rate
that exactly discounts estimated future cash payments (including all fees and points 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 liability, or where appropriate, a
shorter period, to the net carrying amount on initial recognition.
Any difference between the proceeds (net of transaction costs) and the settlement or redemption
of borrowings is recognized over the term of the borrowings.
Derecognition of financial liabilities
The Group derecognizes financial liabilities when, and only when, the Group obligations are
discharged, cancelled or they expire. The difference between the carrying amount of the financial
liability derecognized and the consideration paid and payable is recognized in profit or loss.
Derivative instrument
The Group uses derivative financial instruments to manage their exposure to interest rate and
foreign exchange rate. Further details on the use of derivatives are disclosed in Note 55.
Derivatives are initially recognized at fair value at the date the derivative contract is entered into
and are subsequently measured to their fair value at the end of each reporting period. The
resulting gain or loss is recognized in profit or loss immediately as, these derivatives are not
designated and do not qualify as accounting hedge although they were entered into as economic
hedges of exposure against commodity price risk and foreign exchange rate risks.
Changes in fair value of derivative financial instruments that are designated as effective hedges of
future cash flows are recognized as part of other comprehensive income and the ineffective
portion is recognized immediately in profit or loss. If the hedge transaction results in the
recognition of an asset or liability, the accumulated gains and losses under other comprehensive
income are reclassified into earnings in the same period during which the related asset or liability
affects earnings. For hedge transaction that does not result in asset or liability recognition,
deferred amounts in other comprehensive income are recognized in the consolidated statements
of comprehensive income in the same period when hedged item affects net gain or loss.
- 26 -
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or
exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss
on the hedging instrument recognized in other comprehensive income is retained in other
comprehensive income until the forecasted transaction occurs. If a hedged transaction is no
longer expected to occur, the net cumulative gain or loss recognized in other comprehensive
income is immediately reclassified into earnings for the period.
Netting of Financial Assets and Financial Liabilities
The Group only offsets financial assets and liabilities and present the net amount in the
statements of financial position when they:

have a legal enforceable right to set off the recognized amount; and

intend either to settle on a net basis, or to realize the asset and settle the liability
simultaneously.
i. Cash and Cash Equivalents
For cash flow presentation purposes, cash and cash equivalents consist of cash on hand and in
banks and investments which (i) have maturities of three months or less from the date of
placement, (ii) are not pledged as collateral and (iii) are unrestricted.
j. Time Deposits
Time deposit with maturities of three months or less which are pledged as collateral and time
deposits with maturities of more than three months that are realizable within one year from
reporting period are presented separately.
Interest income on time deposit is recognized when earned, based on principal outstanding and
prevailing interest rate.
k. Accounting for Consumer Financing
Consumer financing receivables are classified as loans and receivables, which subsequent to
initial recognition, are carried at amortized cost using the effective interest method (Note 3h) less
impairment.
At the initial recognition, the fair value of consumer finance receivable is the amount of consumer
finance receivable plus (less) transaction costs (income) directly attributable to receivables, such
as net administration income and cost of dealers directly related to consumer financing.
Unearned consumer financing income is the difference between total installments to be received
from the customers and the total financing. Unearned income is recognized as income over the
term of the contract using the effective interest rate.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all
the risks and rewards of ownership to the lessee. All other leases are classified as operating
leases.
- 27 -
As a Lessor
Finance Lease
Amounts due from lessees under finance leases are recorded as receivables at the amount of the
Group‟s net investment in the leases. Finance lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on the net investment outstanding in respect of the
leases.
If the assets for lease are sold to the lessee before the end of the lease period, the difference
between the selling price and the net investments in finance lease is recorded as a gain or a loss
in the consolidated statements of comprehensive income.
When assets for lease are repossessed and subsequently sold, their costs are removed from the
net investments in the finance lease and related accounts, and any resulting gain or loss is
reflected in the consolidated statements of comprehensive income.
Operating Lease
Rental income from operating lease is recognized on a straight-line basis over the term of the
relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are
added to the carrying amount of the leased asset and recognized on a straight-line basis over the
lease term.
If the operating lease assets are sold, the cost and the related accumulated depreciation are
removed from the accounts and any resulting gain or loss is reflected in the consolidated
statements of comprehensive income.
As a lessee
Finance Lease
Assets held under finance leases are initially recognized as assets of the Group at their fair value
at the inception of the lease or, if their fair value is lower than the present value of the minimum
lease payments, at the present value of the minimum lease payments. The corresponding liability
to the lessor is included in the consolidated statements of financial position as lease liabilities.
Lease payments are apportioned between financing charges and reduction of the lease obligation
so as to achieve a constant rate of interest on the remaining balance of the liability. Financing
charges are charged in the periods in which they are incurred.
Operating Lease
Operating lease payments are recognized as an expense on straight-line basis over the lease
term, except where another systematic basis is more representative of the time pattern in which
economic benefits from the leased asset are consumed. Contingent rentals arising under
operating leases are recognized as expense in the period in which they are incurred.
Sale and Leaseback
Assets sold under a sale and leaseback transaction are accounted for as follows:

If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds
over the carrying amount of the asset is deferred and amortized over the lease term.
- 28 -

If the sale and leaseback transaction results in an operating lease, and the transaction is
established at fair value, any profit or loss is recognized immediately. If the sale price is below
fair value, any profit or loss is recognized immediately, except if the loss is compensated by
future lease payments that are lower than market price. In this case, the loss is deferred and
amortized in proportion to the lease payments over the period for which the asset is expected
to be used. If the sale price is above fair value, the excess over fair value is deferred and
amortized over the period for which the asset is expected to be used.
For operating leases, if the fair value at the time of a sale and leaseback transaction is less than
the carrying amount of the asset, a loss equal to the amount of the difference between the
carrying amount and fair value is recognized immediately.
For finance leases, no adjustment is necessary unless there has been an impairment in value, in
which case the carrying amount is reduced to recoverable amount.
l. Accounting for Factoring Receivable
Factoring receivables are stated at carrying amount net of impairment. The carrying amount of
factoring receivables is amortized using the effective interest rate (Note 3h).
m. Accounting for Insurance
Premium Income Recognition
Premiums obtained from the insurance and reinsurance contracts are recognized as income
during the period of policies (contract) in proportion with the insurance coverage provided.
Premium from coinsurance policy is recognized based on the Subsidiaries‟ proportionate share of
the premium. Premium due to reinsurance company is recognized as reinsurance premium during
the period of reinsurance contract in proportion to insurance coverage received.
Premium income received in advance is recorded as deferred premium income and is recognized
as revenue during its coverage period.
Unearned premiums, except for marine cargo, are computed based on retained premiums (gross
premiums less reinsurance premiums) proportionate to the number of days remaining in each
insurance policy. Unearned premiums for marine cargo are estimated in aggregate based on the
assumption that the revenue is deferred for 45 days, i.e., the average length of coverage.
Increase/decrease in unearned premiums represents the difference between the balance of
unearned premiums at the end of the current period and prior periods.
Total underwriting revenue in the consolidated statements of comprehensive income represents
gross premiums, reinsurance premiums, and increase/decrease in unearned premiums.
Reinsurance premium is presented as a deduction from gross premium.
Reinsurance
The subsidiary reinsures part of their total accepted risk to other insurance and reinsurance
companies. Premium paid or shared in the reinsurance premium on prospective reinsurance
transactions are recognized as reinsurance premium over the reinsurance contract period based
on the coverage provided. Premium payments or liabilities on retrospective reinsurance
transactions are recognized as reinsurance receivable in the amount equivalent to the recorded
liability in relation to the reinsurance contract.
- 29 -
Claims Expense
Claims consist of settled claims and claims in process, including claims incurred but not yet
reported and claim settlement expenses. Claims are recognized as expenses when incurred and
liabilities arise due to claims. Reinsurance claims received from reinsurance companies are
recognized as a deduction from the claims expense in the same period the claim expenses are
recognized. Subrogation right is recognized as deduction from claims expense when realized.
Estimated own retention claims (claims in process) are calculated based on the subsidiaries‟ own
retention share of the claims in process, including claims incurred but not yet reported. The
changes in estimated own retention claims are recognized in the consolidated statements of
comprehensive income when incurred. Increase/decrease in estimated own retention claims
represents the difference between the balance of estimated own retention claims for the current
and prior periods.
Claim expense in the consolidated statements of comprehensive income represent gross claims,
reinsurance claims, and increase/decrease in estimated own retention claims. Reinsurance claim
is presented as deduction from gross claim.
Commission
Commissions paid to insurance brokers, agents and other insurance companies relating to
insurance coverage are recorded as commission expense, while commissions obtained from
reinsurance transaction are recorded as deduction from commission expenses and are
recognized in the consolidated statement of comprehensive income when earned. Commissions
are presented at net of commissions obtained from reinsurance transactions and recognized as
income or expense.
Commission income received in advance is recorded as deferred premium income and is
recognized as revenue over its coverage period.
n. Receivables from Service Concession Arrangement
Receivables due from concession project represents service provided in connection with service
concession arrangement for which guaranteed minimum payments have been agreed irrespective
of the extent of use. Due to the length of the payment plans, receivables are measured at present
value of amortized cost. The annual accumulation of interest on these discounted values is
presented as interest income under revenue. Customer‟s payments are divided into a portion to
be deducted from the receivables and interest on the unpaid amounts and a portion for the other
concession services.
If collection is expected in one year or less, they are classified as current assets. If not, they are
presented as non-current assets.
o. Inventories
Inventories are stated at cost and net realizable value, whichever is lower.
Net realizable value is the estimated selling price in the ordinary course of business, less the
estimated costs of completion and the estimated selling costs.
Materials, spare parts and supplies are stated at cost, which is calculated using the weighted
average method.
Allowance for decline in value of inventory is provided based on a review of the condition of the
inventories at year end.
- 30 -
p. Investment in Associates
An associate is an entity over which the Group is in a position to exercise significant influence, but
not control or joint control, through participation in the financial and operating policy decisions of
the investee.
The results of operations and assets and liabilities of associates are incorporated in these
consolidated financial statements using the equity method of accounting, except when the
investment is classified as held for sale, in which case, it is accounted for in accordance with
PSAK 58 (revised 2009), Non-current Assets Held for Sale and Discontinued Operations.
Investments in associates are carried in the consolidated statements of financial position at cost
as adjusted by post-acquisition changes in the Group‟s share of the net assets of the associate,
less any impairment in the value of the individual investments. Losses of the associates in excess
of the Group‟s interest in those associates (which includes any long-term interests that, in
substance, form part of the Group‟s net investment in the associate) are recognized only to the
extent that the Group has incurred legal or constructive obligations or made payments on behalf
of the associate.
Any excess of the cost of acquisition over the Group‟s share of the net fair value of identifiable
assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition, is
recognized as goodwill. Goodwill is included within the carrying amount of the investment and
assessed for impairment as part of that investment. Any excess of the Group‟s share of the net
fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition
after reassessment, are recognized immediately in profit or loss.
When the Group transacts with an associate, profits and losses are eliminated to the extent of
their interest in the relevant associate.
q. Other Investments
Investment in shares with ownership of interest less than 20% is stated at fair value net of
impairment (Note 3h). If the stock has no quotation in an active market or its fair value can not be
measured reliably, then the investment is measured at cost.
r. Assets Held for Sale
Assets are classified as held for sale if it‟s carrying amount will be recovered principally through a
sale transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable and the assets are available for immediate sale in its present condition.
Management must be committed to the sale, which should be expected to qualify for recognition
as a complete sale within a year from the date of classification.
Assets held for sale are measured at lower of their carrying amount and fair value less estimated
selling cost.
s. Investment Properties
Investment in properties are properties (land or building or part of a building or both) held to earn
rentals or for capital appreciation, or both. Investment in properties is measured at cost less
accumulated impairment losses.
t. Property, Plant and Equipment - Direct Acquisitions
Property, plant and equipment held for use in the production or supply of goods or services, or
for administration purposes, are stated at cost, less accumulated depreciation and any
accumulated impairment losses.
- 31 -
Depreciation, except for certain assets in PT Sahabat Mewah Makmur (SMM) is recognized as a
write-off against the cost of assets less residual values using the straight-line method based on
the estimated useful lives of the assets as follows:
Years
Buildings, roads and bridges
Leasehold improvement
Machinery and equipment
Computer and communication equipment
Office equipment, furniture and fixtures
Motor vehicles
4 - 20
3
4-8
4
4-8
4-8
Prior to January 1, 2011, certain plant and equipment of SMM were depreciated using the doubledeclining-balance method, based on the percentage as follows:
Years
Motor vehicles
4 - 16
4-8
4-8
Assets held under finance leases are depreciated over their expected economic useful lives on
the same basis as owned assets.
The estimated useful lives, residual values and depreciation method are reviewed at each year
end, with the effect of any changes in estimate accounted for on a prospective basis.
Land is presented at cost and is not depreciated.
Acquisition Cost
Land consists of acquisition cost, land compensation cost and all legal processing cost of
landrights.
Expenses related to the processing of legal landrights to obtain Land Cultivation Rights (Hak
Guna Usaha) title which are still in process, are recognized as other assets, and will be classified
as land cost when the Land Cultivation Rights are obtained.
The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred
subsequently related to addition, replacement or service of property, plant and equipment, are
recognized as asset if, and only if it is probable that future economic benefits associated with the
item will flow into the entity and the cost of the item can be measured reliably.
When assets are retired or otherwise disposed of, their carrying values are removed from the
accounts and any resulting gain or loss is reflected in profit or loss.
Construction in progress is stated at cost which includes borrowing costs during construction on
debts incurred to finance the construction. Accumulated cost will be transferred to the respective
property and equipment account when completed and ready for use.
- 32 -
u. Goodwill
Goodwill arising in a business combination is recognized as an asset at the date that control is
acquired (the acquisition date). Goodwill is measured as the excess of the sum of the
consideration transferred, the fair value amount of any non-controlling interest in the acquiree and
the fair value of the acquirer‟s previously held equity interest (if any) in the entity over the net
amount of the identifiable assets acquired and the liabilities assumed at the acquisition-date.
If, after reassessment, Group‟s ownership of the net amount of the identifiable assets acquired
and liabilities assumed at the acquisition date exceeds the sum of the consideration transferred,
the fair value amount of any non-controlling interest in the acquiree and the fair value of the
acquirer‟s previously held equity interest in the acquiree (if any), the excess is recognized
immediately in profit or loss as a purchase with discount.
For the purpose of impairment testing, goodwill is allocated to each of the Group cash-generating
units expected to benefit from the synergies of the combination. A cash-generating unit to which
goodwill has been allocated is tested for impairment annually. 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 pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognized for goodwill is not reversed in a subsequent period.
On the disposal of a subsidiary, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
The Company policy regarding goodwill arising from acquisition of associates is explained in Note
3p.
v. Palm Plantations
Palm plantations are classified as immature and mature plantations.
Immature plantations are stated at cost which represents accumulated costs incurred on palm
plantations before they mature and produce crops. Such costs include the costs for nurseries,
field preparation, planting, fertilizing, maintenance, interest on debts incurred to finance the
development of plantations until maturity, and allocation of other indirect costs based on hectares
planted. These costs are accumulated up to the time the plantations are ready for harvest, for as
long as the carrying value of such immature plantations do not exceed the lower of replacement
cost or recoverable amount.
Palm plantations are considered mature when more than 70% of the areas are in harvest and
average bunch weights exceeds 3.5 kg, which is normally achieved three to four years after
planting. At the time palm plantations are considered matured, immature plantations are
reclassified to mature plantation account and depreciated from the date of transfer.
Mature plantations are stated at cost as of the date of transfer, less accumulated depreciation.
Mature plantations are depreciated using the straight line method based on the estimated
productive lives of the mature plantations which is 20 years, except for SMM in 2010, which
depreciated its mature plantation using the double declining method at 6.25% per annum.
SMM has changed the depreciation method of mature plantations from double declining balance
method to straight-line method and also changed the estimated useful lives from 16 years to 20
years effective January 1, 2011 as management believes that these changes better represent the
pattern phase of economic benefits of the related assets based on SMM current and future
conditions and plans.
- 33 -
w. Deferred Charges for Landrights
Since January 1, 2012, expenses related to the legal processing of landrights is recorded as part
of fixed assets acquisition cost of land.
Prior to 2012, expenses related to the legal processing of landrights (Hak Guna Usaha) are
deferred and amortized using the straight-line method over the legal term of the landrights since it
is shorter than the landrights economic life.
Effective January 1, 2012, deferred charges for landrights consist of cost for renewal or extension
of the landrights which is amortized using the straight-line method over the legal term of the
renewal or extension or over the economic life of the asset, whichever is shorter.
x. Impairment of of Non-Financial Assets Except Goodwill
At the end of each reporting period, the Group reviews the carrying amount of non-financial
assets to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss (if any). If it is not possible to estimate the
recoverable amount of an individual asset, the Group estimate the recoverable amount of the
cash generating unit to which the asset belongs.
Estimated recoverable amount is the higher of fair value less cost to sell or value in use. If the
recoverable amount of a non-financial asset (cash generating unit) is less than its carrying
amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable
amount and an impairment loss is recognized immediately against earnings.
Accounting policy for impairment of financial assets is discussed in Note 3h; while impairment for
goodwill is discussed in Note 3u.
y. Provisions
Provisions are recognized when: (i) the Group have a present obligation (legal or constructive) as
a result of a past event, (ii) it is probable that the Group will be required to settle the obligation,
and (iii) a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the end of the reporting period, taking into account the risks and
uncertainties surrounding the obligation. Where a provision is measured using the cash flows
estimated to settle the present obligation, its carrying amount is the present value of those cash
flows.
When some or all of the economic benefits required to settle a provision are expected to be
recovered from a third party, a receivable is recognized as an asset if it is virtually certain that
reimbursement will be received and the amount of the receivable can be measured reliably.
Provision for service concession arrangements
As part of its obligations under the Joint Operation Contract (JOC), the consortium will assume
responsibility for the major maintenance and inspections or overhauls of the Field Facilities and
Electricity Generation Facilities they manage. In addition, the consortium is also responsible for
managing the heat resource through make up well drilling and injection wells to ensure sufficient
steam is available to meet power plant needs. Make up well programs have generally been
conducted at approximately four years intervals including drilling of injection wells as needed.
- 34 -
Since the consortium is not specifically remunerated for its maintenance activities as well as
drilling and make up injection, such maintenance as well as drilling obligations are recognized and
measured in accordance with PSAK 57, Provision, Contingent Liabilities and Contingent Assets,
that is, at the present value of the expenditure expected to be required to settle the obligations
using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the obligations.
z.
Revenue and Expense Recognition
Sales of Goods
Revenue from sales of goods is recognized when all of the following conditions are satisfied:

The Group has transferred to the buyer the significant risks and rewards of ownership of the
goods;

The Group retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;

The amount of revenue can be measured reliably;

It is probable that the economic benefits associated with the transaction will flow to the Group;
and

The cost incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from Financing and Insurance
Revenue recognition policies for consumer financing, lease transaction and factoring are
described in Notes 3k and 3l.
Revenue recognition policies for insurance transactions are described in Note 3m.
Revenue from Vehicle Rental
Revenue from vehicle rental and driver services are recognized when the services are rendered
to the customers. Advances received from customers are classified as deferred revenue and will
be recognized as revenue when the services are rendered.
Revenue from vehicles repair services are recognized based on certain margins above the actual
repair and maintenance cost when services are rendered. The revenue will be adjusted to reflect
the actual invoices agreed by the insurance companies (customers) for the settlement of their
claim expenses.
Revenue from Healthcare Services
Revenue from healthcare services is recognized when the service is rendered.
Service concession arrangement
Construction services related to service concession arrangement are recognized as revenue in
accordance with PSAK 34, Construction Contracts using the percentage of completion method. If
the results of construction contracts cannot be reliably estimated, revenue is calculated using the
zero profit method at the amount of the costs incurred and probably recoverable.
- 35 -
Under DGI‟s concession arrangement, the consortium received only one consideration for its
services. Management believes that the consideration should be split into two different activities
i.e. financing activities and operating and maintenance activities. DGI uses the residual value
method in allocating revenue between financing and operating and maintenance activities. Due to
prospective application of ISAK 16, DGI has used an implicit interest rate to account for its
financing revenue. The implicit interest rate is the discount rate that causes the aggregate present
value of minimum guaranteed payment to be equal to the carrying value of the financial assets
from service concession at the initial application date. In this case, DGI has used an implicit
interest rate of 15%.
Dividend Income
Dividend income from other investments is recognized when the shareholders‟ rights to receive
have been established.
Interest Income
Interest income is recognized on a time basis, by reference to the principal outstanding and at the
effective interest rate applicable.
Expenses
Expenses are recognized when incurred. Expenses related to insurance transaction are
described in Note 3m.
aa. Post Employment Benefits
The Group provide post-employment benefits to their employees in accordance with Labor Law
No. 13/2003. Except for DGI, no funding has been made to this defined benefit plan.
Effective January 1, 2012, PSAK 24 (revised 2010), Employee Benefits, allows the recognition of
accumulated actuarial gains and losses as other comprehensive income under equity, in addition
to the corridor approach in profit or loss. The Group chose to recognize actuarial gain and losses
in other comprehensive income.
The cost of providing post-employment benefits is determined using the Projected Unit Credit
Method. Prior to 2012, the accumulated unrecognized actuarial gains or losses that exceed 10%
of the present value of the Group‟s defined benefit obligation is recognized on a straight-line basis
over the expected average remaining working lives of the participating employees. Effective
January 1, 2012, actuarial gains and losses arising from experience adjustments and changes in
actuarial assumptions are directly recognized in full to other comprehensive income. Accumulated
actuarial gains and losses are recorded in retained earnings. Past service cost is recognized
immediately to the extent that the benefits are already vested. Otherwise, it is amortized on a
straight-line basis over the average period until the benefits become vested.
The benefit obligation recognized in the consolidated statements of financial position represents
the present value of the defined benefit obligation, adjusted for unrecognized actuarial gains and
losses and unrecognized past service cost.
- 36 -
bb. Employee Stock Option Plans
The subsidiaries provide stock option plan to their eligible employees. The program consists of
stock option plan which should be exercised through issuance of shares.
A subsidiary provides stock option to its senior management. The program consists of stock
option plan that provides settlement alternative to employees either through issuances of shares
which recorded as equity or cash settlement, which is accounted for as a liability. This program
was terminated in 2010.
The employee stock option compensation is measured since the grant date using the intrinsic
value of stock options, which is determined based on the difference of the exercise price of the
stock option and the estimated fair value of the shares of the Subsidiary at the measurement
date. The employees‟ stock option compensation is recognized in profit or loss over the vesting
period.
cc. Income Tax
Income tax consist of current tax and deferred tax expense.
Current tax expense is determined based on the taxable income for the period computed using
prevailing tax rates.
Deferred tax assets and liabilities are recognized for future tax consequences attributable to
differences between the carrying amounts of existing assets and liabilities in consolidated
financial statement with their respective tax bases. Deferred tax liabilities are recognized for all
taxable temporary differences and deferred tax assets are recognized for deductible temporary
differences to the extent that it is probable that taxable income will be available in future periods
against which the deductible temporary differences can be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the tax consequences that would
follow from the manner in which the Group expects, at the end of the reporting period, to recover
or settle the carrying amount of its assets and liabilities.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when (1) there is legally enforceable right to set off
current tax assets against current tax liabilities, (2) when they relate to income taxes levied by the
same taxation authority and (3) the Group intends to settle its current tax assets and current tax
liabilities on a net basis.
Current and deferred tax are recognized as an expense or benefit in profit or loss, except when
they relate to items that are recognized in other comprehensive income or directly in equity, in
which case the tax is also recognized in other comprehensive income or directly in equity
respectively. In the case of business combination, the tax effect is included in the accounting for
business combination.
dd. Earnings per Share
Basic earnings per share are calculated by dividing net income attributable to the owner of the
Company by the weighted average number of shares outstanding during the year.
- 37 -
Diluted earnings per share is calculated by dividing net income attributable to the owners of the
Company by the weighted average number of shares outstanding which has taken into account
all effects of potential dilution from shares equivalent instruments.
ee. Segment Information
Operation segment is identified based on internal report provided to chief operating decision
maker responsible for resources allocation and assessment of the operating segments
performance.
An operating segment is a component of an entity:
a)
that engages in business activities from which it may earn revenue and incur expenses
(including revenue and expenses relating to the transaction with other components of the
same entity);
b)
whose operating results are reviewed regularly by the entity‟s chief operating decision maker
responsible for resources allocation to the segments and assessment of its performance; and
c)
for which discrete financial information is available.
Information reported to the chief operating decision maker for the purpose of resource allocation
and assessment of their performance is more specifically focused on the category of each
industry.
4. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES
In the application of the Group accounting policies, which are described in Note 3, the directors are
required to make judgments, estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily available from other sources. The estimates and associated
assumptions are made based on historical experience and other relevant factors. Actual results may
differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the revision affects both current and
future periods.
Critical Judgments in Applying Accounting Policies
In the process of applying the accounting policies described in Note 3, management has not made
any critical judgment that has significant impact on the amounts recognized in the consolidated
financial statements, apart from those involving estimates, which are described below.
Key Sources of Estimation Uncertainty
The key assumptions concerning future and other key sources of estimation uncertainty at the end
of the reporting period, that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below:
i) Impairment Loss on Loans and Receivables
The Group assess its loans and receivables for impairment at the end of each reporting period. In
determining whether an impairment loss should be recorded in profit or loss, management makes
judgement as to whether there is objective evidence that loss event has occurred (see Note 3h on
impairment of financial assets). Management also makes judgement as to the methodology and
assumptions for estimating the amount and timing of future cash flows which are reviewed
regularly to reduce any difference between loss estimate and actual loss. The carrying amount of
loans and receivables are disclosed in Note 11.
- 38 -
ii) Estimated Useful Lives of Palm Plantations and Property, Plant and Equipment
The useful life of each item of the Group‟ palm plantations and property, plant and equipment are
estimated based on the period over which the asset is expected to be available for use. Such
estimation is made based on internal technical evaluation and experience with similar assets. The
estimated useful life of each asset is reviewed periodically and updated if expectations differ from
previous estimates due to physical wear and tear, technical or commercial obsolescence and
legal or other limits on the use of the asset. Future results of operations could be materially
affected by changes in the amounts and timing of recorded expenses brought about by changes
in the factors mentioned above.
The carrying amount of palm plantations and property, plant and equipment are disclosed in
Notes 21 and 22.
iii) Impairment of Goodwill
Determination of goodwill impaired requires an estimation of the value in use of the cashgenerating units to which goodwill has been allocated. The value in use calculation requires the
management to estimate the future cash flows expected from the cash-generating unit using an
appropriate growth rate and a suitable discount rate in order to calculate the present value.
The carrying amount of goodwill is disclosed in Note 24.
iv) Allowance for Decline in Value of Inventories
The Group provides allowance for decline in value of inventories based on estimated future usage
of such inventories. While it is believed that the assumptions used in the estimation of the
allowance for decline in value of inventories are appropriate and reasonable, significant changes
in these assumptions may materially affect the assessment of the allowance for decline in value
of inventories, which ultimately will impact the result of the Group‟s operation.
The carrying value of inventories after the provision of the impairment loss of inventories is
disclosed in Note 15.
v) Realizability of Deferred Tax Assets
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profit will be available to
allow all or part of the deferred tax assets to be utilized. Based on current assessment,
management believes that sufficient taxable profit will be generated to allow all or part of the
deferred tax assets to be utilized.
The carrying amount of deferred tax assets are disclosed in Note 51.
vi) Employment Benefits
The determination of employment benefits obligation is dependent on selection of certain
assumptions used by actuaries in calculating such amounts. Those assumptions include among
others, discount rate and rate of salary increase. Actual results that differ from the Group‟s
assumptions are accumulated and amortized over future periods and therefore, generally affect
the recognized expense and recorded obligation in such future periods. While it is believed that
the Group‟s assumptions are reasonable and appropriate, significant differences in actual
experience or significant changes in assumptions may materially affect the Group‟s employment
benefit obligations.
The carrying amount of post-employment benefits are disclosed in Note 38.
- 39 -
vii) Impairment of Non - Financial Assets
Impairment exists when the carrying value of an asset exceeds its recoverable amount, which is
the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell
calculation is based on available data from binding sales transactions in an arm‟s length
transaction of similar assets or observable market price less incremental costs for disposing the
asset. In assessing the value in use, the estimated net future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the specific risks to the asset.
5. CASH AND CASH EQUIVALENTS
December 31,
2012
US$
Cash
Bank - third parties
Rupiah
PT Bank Mandiri (Persero) Tbk
PT Bank Danamon Indonesia Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank CIMB Niaga Tbk
The Hongkong and Shanghai Banking Corporation Ltd.
PT Bank Central Asia Tbk
PT Bank UOB Buana Tbk
PT Bank Bukopin
PT Bank OCBC NISP Tbk
PT Bank Internasional Indonesia Tbk
PT Bank Permata Tbk
Citibank N.A.
PT Bank Rabobank International Indonesia
PT Bank ANZ Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Resona Perdania
PT Bank Mestika Dharma
The Bank of Tokyo - Mitsubishi UFJ, Cabang Jakarta
PT Bank DBS Indonesia
PT Bank Mayapada International Tbk
PT Bank SBI Indonesia
PT Bank Pan Indonesia Tbk
PT Bank Commonwealth
PT Bank ICBC Indonesia
PT Bank Chinatrust Indonesia
U.S. Dollar
Barclays Bank plc
J.P. Morgan International Bank Ltd
Bank OCBC Singapore
The Hongkong and Shanghai Banking Corporation Ltd
Citibank N.A.
Credit Suisse Singapore
Royal Bank of Canada (Asia) Ltd
PT Bank International Indonesia Tbk
PT Bank Permata Tbk
Morgan Stanley & Co. International plc
PT Bank Chinatrust Indonesia
Deutsche Bank
December 31,
2011
US$
December 31,
2010
US$
77,902
89,217
398,701
239,084
3,470,105
1,842,831
531,098
107,802
17,618
15,731
10,549
7,480
5,785
5,501
4,770
3,473
2,638
1,939
-
3,524,796
48,860
59,330
18,666
24,763
11,244
10,099
5,416
11,979
3,587
5,560
2,152
467
-
2,391,148
29,901
187,978
15,772
3,105,446
1,289
5,326
9,744
28,757
100,423
97,532
7,028
2,765
158,723
87,979
16,680
14,755
14,340
2,916
996
575
556
389
-
2,000,973
7,521
305,746
13,955
2,960,458
1,262
15,847
37,404
37,330
9,561
18,354
176,874
64,614
215,791
52,666
1,740
1,290
89
3,902,473
3,672,054
2,289,688
2,074,055
374,980
333,644
43,195
33,437
13,107
9,830
9,641
7,066
3,281
2,350
960
715
18
-
2,227,811
1,746,230
1,660,255
778,778
188,578
51,647
1,169
9,839
7,964
502
6,458
1,582
830,385
-
3,161,842
1,704,501
1,538,347
566,579
63,478
69,754
798,882
8,014
17,126
3,592
2,010
312
92
-
1,130,144
2,774,476
2,336,147
1,607,504
415,999
504,681
785,925
8,533
56,365
2,988
1,000
116
28,149,554
- 40 -
January 1, 2010/
December 31, 2009
US$
December 31,
2012
US$
Euro
PT Bank Permata Tbk
Australian Dollar
Chinese Yuan
The Hongkong and Shanghai Banking Corporation Ltd.
Time Deposits - third parties
Rupiah
PT Bank Permata Tbk
PT Bank Bukopin Tbk.
Bank BTPN
PT Bank Bumiputera Indonesia Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank ICBC Indonesia
PT Bank Victoria Tbk
Citibank N.A.
U.S. Dollar
PT Bank Permata Tbk
Royal Bank of Canada (Asia) Ltd
ANZ Banking Group Ltd. Cabang Singapura
Sarasin Rabo Singapore
Citibank N.A.
Australian Dollar
Total
Interest rate per annum of time deposits
Rupiah
U.S. Dollar
Australian Dollar
December 31,
2011
US$
December 31,
2010
US$
8,498
8,480
2,615
1,121
3,120
300,576
1,159
1,692
281,994
2,776
2,647
2,516
2,416
-
201,861
-
January 1, 2010/
December 31, 2009
US$
1,750
3,579
-
-
1,385,263
827,797
240,888
104,174
63,981
-
353,381
1,983,367
2,779,003
3,308,337
-
3,214,462
556,112
556,112
3,425,648
333,667
9,453,898
5,347,434
2,724,947
1,668,335
1,445,890
1,334,668
1,001,001
600,601
589,478
278,056
166,834
-
1,815,786
5,018,360
638,298
1,170,213
531,915
957,447
212,766
638,298
744,681
957,447
1,329,787
1,063,830
1,686,170
1,308,511
53,191
6,861,702
42,553
18,115,467
15,028,833
9,026,832
6,627,888
3,416,274
1,609,018
1,092,448
160,818
-
6,144,356
16,370,487
1,901,675
2,027,014
92,729
14,044,641
20,010,378
10,060,888
-
5,504,418
8,040,801
11,047,480
1,719,532
4,061,822
800,000
14,023,907
10,023,177
20,000,196
5,135,325
2,502,326
1,535,302
299,566
-
4,002,433
26,517
2,040,464
2,332,132
2,289,828
10,677,632
2,740,449
20,000,410
128,160
5,000,000
400,000
250,000
-
-
-
76,598,758
90,912,822
132,294,121
3.25% - 6.25%
0.02% - 3.00%
-
3.85% - 8.25%
0.04% - 2.75%
-
4.80% - 9.50%
0.05% - 2.25%
-
- 41 -
536,444
38,045
119,432,789
5.05% - 13.00%
0.01% - 6.00%
2.41% - 3.71%
Cash and cash equivalents are classified as loans and receivables. The fair value of cash and cash
equivalents are their carrying value.
All cash in bank and time deposits is placed at third parties.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, cash and cash equivalents
amounting to US$ 33,630,111 was reclassified as part of assets held for sale (Note 27).
6.
RESTRICTED CASH IN BANKS
Rupiah
PT Bank Permata Tbk
U.S. Dollar
The Hongkong and Shanghai
Banking Corporation Ltd.
Total
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31,2009
US$
-
-
246,680
46,896
133,414
43,464
-
-
293,576
624,208
801,086
In relation to credit facilities from PT Bank CIMB Niaga Tbk and PT Bank Permata Tbk (Note 34),
ANJR was required to open escrow accounts on those banks.
Restricted cash in banks are classified as loans and receivables. The fair value of restricted cash in
banks is their carrying value.
All restricted cash in banks is placed at third parties.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all the carrying value of
restricted cash in banks amounting to US$ 494,674 was reclassified as part of assets held for sale
(Note 27).
7. TIME DEPOSITS
This account represents the Company‟s time deposits which were used as collateral for loan from
J.P. Morgan International Bank Ltd. to ANJR in 2009 and loans from Credit Suisse to GMIT in 2012
and 2009.
Time deposits are classified as loans and receivables. The fair value of time deposit is its carrying
value.
All time deposits is placed at third parties.
8.
INVESTMENT IN TRADING SECURITIES - AT FAIR VALUE
Investment in trading securities is classified as FVTPL. The fair value of the money market fund,
bonds and listed shares were based on market value at the end of reporting period.
- 42 -
Amortized
acquisition cost
US$
Money market fund
Bonds
Total
826,097
4,088,113
4,914,210
Amortized
acquisition cost
US$
Money market fund
Bonds
Total
105,524,707
5,068,658
110,593,365
Amortized
acquisition cost
US$
Money market fund
Bonds
Listed shares
Total
56,176,790
1,398,832
9,995
57,585,617
December 31, 2012
Unrealized
loss
US$
(68,013)
(68,013)
December 31, 2011
Unrealized
gain (loss)
US$
(123,760)
(123,760)
December 31, 2010
Unrealized
gain (loss)
US$
203,103
(49,558)
13,017
166,562
Fair value
US$
826,097
4,020,100
4,846,197
Fair value
US$
105,524,707
4,944,898
110,469,605
Fair value
US$
56,379,893
1,349,274
23,012
57,752,179
Amortized
Unrealized
acquisition cost
gain (loss)
Fair value
US$
US$
US$
Money market fund
Bonds
Listed shares
Total
42,792,296
2,036,875
120,798
44,949,969
- 43 -
159,710
(34,697)
194,126
319,139
42,952,006
2,002,178
314,924
45,269,108
9.
FINANCE LEASE RECEIVABLE
This account represents accounts receivable from financing services of ANJF, with details of maturity
as follows:
Present value
Minimum lease payments
of minimum lease payments
December 31,
December 31,
December 31,
January 1, 2010/
December 31,
December 31,
December 31,
January 1, 2010/
2012
2011
2010
December 31, 2009
2012
2011
2010
December 31, 2009
US$
US$
US$
US$
US$
-
-
22,985,876
7,567,830
17,417,140
3,324,030
-
-
18,977,502
6,686,661
14,671,304
3,006,605
-
-
17,654,213
8,466,590
10,325,199
1,975,063
-
-
15,689,380
7,964,944
9,253,794
1,873,046
Total - Net
Less unearned finance
income
Rupiah
U.S. Dollar
Present value of minimum
lease payments
Allowance for doubtful
accounts, all against
current maturities
receivables
-
-
56,674,509
33,041,432
-
-
49,318,487
28,804,749
-
-
(5,973,207)
(1,382,815)
(3,817,240)
(419,443)
-
-
-
-
49,318,487
28,804,749
-
-
-
-
-
-
Total - Net
-
-
48,916,888
28,482,514
-
-
48,916,888
28,482,514
Current maturities
Finance lease receivable -
-
-
(25,262,564)
(17,355,674)
-
-
(25,262,564)
(17,355,674)
net of current maturities
-
-
23,654,324
11,126,840
-
-
23,654,324
11,126,840
Within one year
Rupiah
U.S. Dollar
Within 2 - 5 years
Rupiah
U.S. Dollar
US$
(401,599)
(322,235)
US$
-
-
49,318,487
28,804,749
(401,599)
(322,235)
Finance lease receivable is classified as loans and receivables, which is measured at amortized cost
using effective interest rate method.
Finance lease receivable consist of fixed and floating interest rate.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all the carrying value of
finance lease receivable amounting to US$ 70,128,171 was reclassified as part of assets held for
sale (Note 27).
Estimated fair value of finance lease receivable with no market quotation of fixed interest rate is
determined by discounting future estimated cash flow using interest rate for new receivable with
similar lease period. Fair value of the financial assets as of December 31, 2010 amounted to
Rp 440,396,951,954 (equivalent to US$ 48,981,977).
Average effective interest rate per annum is as follows:
Rupiah
U.S. Dollar
2012
%
2011
%
-
-
- 44 -
2010
%
2009
%
16.42
8.21
17.34
9.85
Finance lease installment based on its maturity is as follows:
Mature in year
2010
2011
2012
2013
2014 and onward
Total
Unearned income
Net
December 31,
2012
US$
December 31,
2011
US$
-
-
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
30,553,707
18,649,089
7,436,942
34,771
56,674,509
(7,356,022)
49,318,487
20,741,171
9,840,205
2,460,056
33,041,432
(4,236,683)
28,804,749
Financed leased assets from ANJF are new and used motor vehicles with one to four year lease
term, the majority of which has three years term.
ANJF uses finance lease receivable as collateral for its bank loans (Notes 28 and 34). Finance lease
receivable (net of unearned income) used as collateral amounted to Rp 482,456,700,759 (equivalent
to US$ 53,659,960) as of December 31, 2010.
Finance lease receivable is guaranteed by assets financed by ANJF.
Finance lease receivable based on its quality as of December 31, 2010 is as follows:
2010
US$
Not impaired
Impaired
Net
55,818,336
856,173
56,674,509
Movement of allowance for doubtful accounts for the years ended December 31, 2012, 2011 and
2010 are as follows:
December 31,
2012
US$
Beginning balance
Initial adoption of PSAK 50 and 55
(revised 2006)
Current year allowance
Individual
Collective
Interest accrual on impaired
receivables
Translation adjustment
Reclassified to assets held
for sale (Note 27)
Ending balance
- 45 -
December 31,
2011
US$
-
401,599
-
-
-
22,719
(207,186)
-
(51,708)
3,830
-
(169,254)
-
December 31,
2010
US$
322,235
24,122
102,392
(62,307)
15,157
401,599
Management believes that the allowance for doubtful accounts is adequate to cover possible losses
from uncollectible receivables. Management also believes that there is no significant concentration of
credit risk in the finance lease receivables.
All of ANJF‟s finance lease receivables are from third parties.
10. OTHER FINANCING SERVICES RECEIVABLE
This account represents accounts receivable from other financing services of ANJF, with the
following details:
December 31, 2010
Carrying value
Not individually
Individually
assessed
assessed
US$
US$
Amount
US$
Consumer financing receivables
Factoring receivables
Total
151,928,079
97,453
152,025,532
-
151,928,079
97,453
152,025,532
Unearned consumer finance income
Allowance for doubtful accounts
(29,286,050)
(1,236,231)
-
(29,286,050)
(1,236,231)
Financing services receivable - net
121,503,251
-
121,503,251
Less current maturities
(58,249,135)
-
(58,249,135)
63,254,116
-
63,254,116
Other financing services receivable net of current maturities
January 1, 2010/December 31,2009
Carrying value
Not individually
Individually
assessed
assessed
Amount
US$
US$
US$
Consumer financing receivables
Operating lease receivables
Factoring receivables
Total
Unearned consumer finance income
Allowance for doubtful accounts
Financing services receivable - net
Less current maturities
Other financing services receivable net of current maturities
81,100,838
1,865
2,626,487
83,729,190
-
81,100,838
1,865
2,626,487
83,729,190
(15,165,485)
(1,308,713)
-
(15,165,485)
(1,308,713)
67,254,992
-
67,254,992
(52,355,983)
-
(52,355,983)
14,899,009
-
14,899,009
The average effective interest rates in 2010 were 20.01% and 18% for consumer finance receivables
and factoring receivables respectively.
- 46 -
Other financing receivables are classified as loans and receivables, measured at amortized cost
using the effective interest rate method.
Other financing receivables have fixed interest rate.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all the carrying value of the
other financing receivable amounting to US$ 175,659,026 was reclassified as part of assets held for
sale (Note 27).
Estimated fair value of other financing receivable with no market quolation of fixed interest rate is
determined by discounting future estimated cash flow using interest rate for new receivable with
similar period. Fair value of the financial assets as of December 31, 2010 amounted to
Rp 1,099,162,187,938 (equivalent to US$ 122,251,383).
Details of other financing receivables based on their maturity is as follows:
Mature in year
2010
2011
2012
2013
2014 and onward
Total
Unearned income
Net
December 31,
2012
US$
December 31,
2011
US$
-
-
December 31,
2010
US$
75,635,541
47,241,442
22,558,014
6,590,535
152,025,532
(29,286,050)
122,739,482
January 1, 2010/
December 31, 2009
US$
49,729,495
26,377,599
7,235,954
386,142
83,729,190
(15,165,485)
68,563,705
ANJF financed new and used motor vehicles under its consumer financing products, with financing
period of one to four years (of which has majority three years term). The factoring term is based on
contract, which varies from 90 days to one year.
ANJF uses its consumer finance receivables as collateral for the bank loans (Notes 28 and 34).
Consumer finance receivable (net of unearned income) used as collateral amounted to
Rp 1,187,538,035,134 (equivalent to US$ 132,080,751) in 2010.
Consumer finance receivables are guaranteed with motor vehicles financed by ANJF and BPKB
(proof of ownership document) of the related motor vehicles.
Detail of assets quality of other financing receivables is as follows:
December 31,
2010
US$
Not impaired
Impaired
Net
149,407,778
2,617,754
152,025,532
- 47 -
Movements of allowance for impairment losses are as follows:
December 31,
2012
US$
Beginning balance
Initial adoption of PSAK 50 and 55
(revised 2006)
Individual
Collective
Interest accrual on impaired
receivables
Doubtful accounts write-off
Reclassified to assets held
for sale (Note 27)
Ending balance
December 31,
2011
US$
December 31,
2010
US$
1,236,231
1,308,713
-
-
-
(432,418)
60,241
2,550,351
145,558
849,589
-
(515,562)
(871,824)
(47,997)
-
(2,411,440)
-
(208,714)
(484,405)
57,908
1,236,231
Management believes that the allowance for impairment losses is sufficient to cover possible losses
of uncollectible receivables.
11. TRADE ACCOUNTS RECEIVABLE
Third parties
Electricity power
Tobacco
Palm oil plantation
Motor vehicles rental
Healthcare
Total
Allowance for impairment losses
Net
December 31,
2012
US$
December 31,
2011
US$
1,037,444
396,214
1,433,658
1,433,658
1,212,718
1,212,718
1,212,718
December 31,
2010
US$
981,184
984,752
2,902,334
39,125
4,907,395
(24,281)
4,883,114
January 1, 2010/
December 31,2009
US$
459,725
123,840
2,130,000
1,655,997
29,008
4,398,570
(50,500)
4,348,070
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, accounts receivable from
motor vehicle rental and healthcare service amounting to US$ 3,256,821 were reclassified as part of
assets held for sale (Note 27).
Detail of trade accounts receivables based on their currencies is as follows:
Rupiah
U.S. Dollar
Euro
Total
Allowance for impairment losses
Net
December 31,
2012
US$
December 31,
2011
US$
126,069
1,037,444
270,145
1,433,658
1,433,658
1,212,718
1,212,718
1,212,718
- 48 -
December 31,
2010
US$
3,926,211
981,184
4,907,395
(24,281)
4,883,114
January 1,2010/
December 31,2009
US$
3,938,845
459,725
4,398,570
(50,500)
4,348,070
Trade accounts receivable is classified as loan and receivables and measured at amortized cost
using the effective interest method. The fair values of trade account receivables are their carrying
value.
A summary of the aging of trade accounts receivables is as follows:
< 30 days
31 - 60 days
> 60 days
Total
Allowance for impairment
losses
Net
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
January 1,2010/
December 31,2009
US$
1,433,658
1,433,658
1,212,718
1,212,718
4,548,459
223,203
135,733
4,907,395
4,092,111
229,202
77,257
4,398,570
1,433,658
1,212,718
(24,281)
4,883,114
(50,500)
4,348,070
Movements of the allowance for impairment losses are as follows:
December 31,
2012
US$
Beginning balance
Write-off
Reclassified to assets
held for sale (Note 27)
Ending balance
December 31,
2011
US$
December 31,
2010
US$
-
24,281
65,385
(25,605)
(1,426)
50,500
(26,699)
(1,486)
1,966
-
(62,635)
-
24,281
Management believes that the allowance for impairment losses is adequate to cover losses from
uncollectible trade receivable. Management also believes that there is no significant concentration of
credit risk in trade accounts receivable.
As of December 31, 2010, rental receivables amounting to US$ 53,659,960 were pledged as
collateral for ANJR‟s bank loans (Notes 28 and 34).
12. INSURANCE SERVICES RECEIVABLE
Third parties
Premium receivables
Reinsurance receivables
Total
Allowance for impairment loss
Net
December 31,
2012
US$
December 31,
2011
US$
-
-
- 49 -
December 31,
2010
US$
11,358,952
3,773,080
15,132,032
(55,611)
15,076,421
January 1,2010/
December 31,2009
US$
8,154,685
2,425,273
10,579,958
(53,191)
10,526,767
In line with the adoption of PSAK 58 (revised 2009), at year end of 2011, all the carrying value of
insurance service receivable amounting to US$ 11,272,008 was reclassified as part of assets held for
sale (Note 27).
A summary of the aging of the insurance services receivable is as follows:
1 - 60 days
> 60 days
Total
Net
December 31,
2012
US$
December 31,
2011
US$
-
-
December 31,
2010
US$
January 1,2010/
December 31,2009
US$
12,961,459
2,170,573
15,132,032
(55,611)
15,076,421
9,918,804
661,154
10,579,958
(53,191)
10,526,767
Detail of insurance service receivable based on their currencies are as follows:
Rupiah
U.S. Dollar
Singapore Dollar
Euro
Japanese Yen
Total
Net
December 31,
2012
US$
December 31,
2011
US$
-
-
December 31,
2010
US$
January 1,2010/
December 31,2009
US$
5,979,802
8,905,354
199,343
39,485
8,048
15,132,032
(55,611)
15,076,421
8,408,784
2,165,685
299
5,190
10,579,958
(53,191)
10,526,767
Movements of the allowances for impairment loss are as follows:
December 31,
2012
US$
Beginning balance
Reclasified to assets held
for sale (Note 27)
Ending balance
December 31,
2011
US$
December 31,
2010
US$
-
55,611
-
53,191
2,420
-
(55,611)
-
55,611
Management believes that the allowance for impairment loss is adequate to cover possible losses on
uncollectible accounts. Management also believes that there is no significant concentration of credit
risk in the receivables.
- 50 -
13. OTHER RECEIVABLES
As of December 31, 2012 and 2011, this account mainly consists of receivables from commodity
future contracts and employee receivables. As of December 31, 2010, this account mainly consists
of Value Added Tax (VAT) overpayment by ANJAS and KAL (Note 25) and employee receivables.
As of January 1, 2010/December 31, 2009, this account mainly consists of employee receivables.
Employee receivables are non-interest bearing and paid through deduction of monthly salary
payment.
The management believes that allowance for impairment losses is adequate to cover losses from
uncollectible other receivables.
14. LONG-TERM OTHER RECEIVABLES
On November 29, 2012, AANE entered into Power Purchase Agreement with Perusahaan Listrik
Negara (PLN) (Note 57n). This agreement is a public-to-private service concession arrangement.
This contract is effective for 15 years since its signing date. As of December 31, 2012, all assets with
total carrying amount of Rp 6,652,566 thousands (equivalent to US$ 687,959), that will be used to
support the development of electricity generator are reclassified as other receivables until those
assets are ready to use in commercial operation.
15. INVENTORIES
Tobacco
Palm oil
Supplementary materials and
spareparts
Medical supplies
Total
Allowance for decline in value
of inventories
Net
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
January 1,2010/
December 31,2009
US$
7,955,260
4,829,678
6,701,410
5,361,245
4,338,381
4,010,687
5,521,714
2,396,807
3,417,197
16,202,135
2,326,917
14,389,572
2,286,003
651,156
11,286,227
1,600,352
456,349
9,975,222
(134,994)
16,067,141
(128,156)
14,261,416
(114,285)
11,171,942
(673,456)
9,301,766
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, the carrying value of supplies
and supplementary materials and spareparts amounting to US$ 1,609,577 were reclassified as part
of assets held for sale (Note 27).
Management believes that the allowance for decline in value of inventories is adequate.
As of December 31, 2012, 2011 and 2010, GMIT‟s tobacco inventories amounting to Rp 15 billion
were used as a collateral for the bank loan obtained from PT Bank Central Asia Tbk (Note 34).
Palm oil inventories were insured against losses from fire and other risk under a blanket policy
amounting to US$ 14 million and Rp 5 billion in 2012, US$ 12 million and Rp 10 billion in 2011,
US$ 12 million and Rp 8 billion in 2010 and US$ 14 million and Rp 8 billion as of January 1,
2010/December 31, 2009. Tobacco inventories and medical supplies were insured against fire, theft,
earthquake, flood and other risk. The insurance coverage for tobacco inventories in 2012, 2011,
2010 and January 1, 2010/December 31, 2009 amounted to Rp 82.1 billion, Rp 50 billion, Rp 36.25
billion and Rp 23.15 billion, respectively. Medical supplies insurance coverage was combined with
the coverage for property and equipment of ANJHC for a total of Rp 94.5 billion in 2010 and Rp 61.5
billion as of January 1, 2010/December 31, 2009. Management believes that the insurance coverage
is adequate to cover possible losses of the Group.
- 51 -
16. PREPAYMENTS AND ADVANCES
Prepaid expenses
Insurance
Rent
Bank provision
Others
Value Added Tax
IPO expense
Advances
Total
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
206,505
183,959
185,660
4,993,304
949,504
63,407
6,582,339
208,754
162,083
154,691
3,603,171
3,781
4,132,480
449,709
2,198,404
229,396
561,569
5,058,755
475,717
8,973,550
January 1,2010/
December 31,2009
US$
594,457
1,297,809
451,443
1,176,005
4,657,713
838,195
9,015,622
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, prepayments and advances
amounting to US$ 6,372,541 were reclassified as part of assets held for sale (Note 27).
17. TIME DEPOSITS
December 31,
2012
US$
December 31,
2011
US$
Obligatory time deposit
Restricted time deposit
Total
-
-
Interest rates per annum
-
-
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
389,278
414,646
803,924
7%
372,340
372,340
13%
Obligatory time deposit represents time deposit of a subsidiary engaged in insurance business, as
required by the government regulation.
Restricted time deposit represents ANJF‟s time deposit in PT Bank Internasional Indonesia Tbk,
placed to fulfill the loan covenants with the bank (Note 34), which is due on February 15, 2014.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all time deposits amounting to
US$ 1,372,691 were reclassified as part of assets held for sale (Note 27).
Time deposits are classified as loans and receivable, measured at amortized cost using the effective
interest method. The fair value of time deposit is its carrying value.
18. INVESTMENT IN ASSOCIATES
PT Bilah Plantindo
PT Simpang Kiri Plantation Indonesia
PT Pangkatan Indonesia
Total
- 52 -
Acquisition
cost
US$
December 31, 2012
Accumulated equity
in net income less
dividends received
US$
533,775
496,988
2,959,700
3,990,463
4,085,568
3,029,734
5,722,934
12,838,236
Carrying
amount
US$
4,619,343
3,526,722
8,682,634
16,828,699
PT Bilah Plantindo
Total
PT Bilah Plantindo
PT Adhi Cipta Autobody (ACA)
PT Auto Management Services (AMS)
Total
Acquisition
cost
US$
December 31, 2011
Accumulated equity
in net income less
dividends received
US$
533,775
496,988
2,959,700
3,990,463
3,124,770
2,266,732
3,642,688
9,034,190
Acquisition
cost
US$
December 31, 2010
Accumulated equity
in net income less
dividends received
US$
533,775
496,988
2,959,700
18,265
71,302
4,080,030
1,811,949
1,296,054
2,305,325
(5,936)
27,324
5,434,716
Carrying
amount
US$
3,658,545
2,763,720
6,602,388
13,024,653
Carrying
amount
US$
2,345,724
1,793,042
5,265,025
12,329
98,626
9,514,746
Accumulated equity
Acquisition
in net income less
Carrying
cost
dividends received
amount
US$
US$
US$
PT Bilah Plantindo
Total
533,775
496,988
2,959,700
18,265
71,302
4,080,030
776,930
621,097
720,708
3,951
18,090
2,140,776
1,310,705
1,118,085
3,680,408
22,216
89,392
6,220,806
In line with the adoption of PSAK 58 (revised 2009), at year end 2011 the carrying amount of
investment in ACA and AMS amounting to US$ 176,002 were reclassified as part of assets held for
sale (Note 27).
- 53 -
Details of the Company‟s associates, percentage of ownership interest and their principal activities
are as follows:
Name of associates
PT Bilah Plantindo
Percentage of ownership
(including direct and indirect ownership)
January 1, 2010/
2012
2011
2010
December 31, 2009
%
%
%
%
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
20.00
-
40.00
40.00
40.00
-
26.40
26.40
26.40
Principal activity
Agribusiness
Agribusiness
Agribusiness
Trading, workshop, transportation
and service
Management consultation
for insurance companies
Summary of the associates‟ financial information is set out below:
December 31, 2012
Total revenue
Total liabilities Net assets
for the year
US$
US$
US$
Total assets
US$
Net income
for the year
US$
PT Bilah Plantindo
24,766,337
19,349,167
46,531,582
1,669,628
1,715,554
3,118,416
23,096,709
17,633,613
43,413,166
11,501,910
9,724,110
33,182,043
4,916,949
3,989,021
9,303,179
Total
90,647,086
6,503,598
84,143,488
54,408,063
18,209,149
December 31, 2011
Total revenue
for the year
US$
US$
US$
Net income
for the year
US$
Total assets
US$
PT Bilah Plantindo
20,499,213
15,963,998
43,367,005
2,206,487
2,145,389
7,224,305
18,292,726
13,818,609
36,142,700
13,080,494
10,917,218
35,246,758
6,564,110
4,853,392
11,786,007
Total
79,830,216
11,576,181
68,254,035
59,244,470
23,203,509
Total assets
US$
PT Bilah Plantindo
Total
14,026,601
10,281,372
32,635,969
321,110
544,505
57,809,557
December 31, 2010
Total revenue
for the year
US$
US$
US$
2,297,984
1,316,163
2,663,997
317,687
6,595,831
- 54 -
11,728,617
8,965,209
29,971,972
3,423
544,505
51,213,726
10,908,904
7,921,336
28,241,788
659,681
47,731,709
Net income (loss)
for the year
US$
5,175,094
3,374,783
8,041,744
(13,946)
9,953
16,587,628
19. OTHER INVESTMENTS
This account represents the Company‟s long-term investments in shares of other investees with
ownership interest of less than 20%.
December 31, 2012
Fair value
Fair value
Acquisition
adjustment
or acquisition
cost
and allowance
cost
US$
US$
US$
PT Puncakjaya Power
PT Agro Muko
ARC Exploration Ltd. (ARC)
Investment under Contract of Works
PT Moon Lion Industries Indonesia
PT Sembada Sennah Maju (SSM)
PT Chevron Geothermal Suoh Sekincau (CGS)
Paramount Life & General Holdings
Corporation, Phillipines
Others
10,271,880
7,108,324
2,911,153
2,611,030
1,026,225
222,411
150,000
2,914,187
(2,857,317)
(600,000)
-
10,271,880
10,022,511
53,836
2,611,030
426,225
222,411
150,000
220,388
41,964
(41,964)
220,388
-
Net
24,563,375
(585,094)
23,978,281
December 31, 2011
Fair value
Fair value
Acquisition
adjustment
or acquisition
cost
and allowance
cost
US$
US$
US$
PT Puncakjaya Power
PT Agro Muko
PT Bina Kosala Metropolitan (BKM)
Others
10,271,880
7,108,324
2,911,153
2,611,030
2,280,678
1,026,225
222,411
37,500
2,467,502
(2,782,095)
(1,140,000)
(600,000)
-
10,271,880
9,575,826
129,058
2,611,030
1,140,678
426,225
222,411
37,500
220,388
41,964
(41,964)
220,388
-
Net
26,731,553
(2,096,557)
24,634,996
- 55 -
December 31, 2010
Fair value
Fair value
Acquisition
adjustment
or acquisition
cost
and allowance
cost
US$
US$
US$
PT Puncakjaya Power
PT Agro Muko
PT Tambang Tondano Nusajaya (TTN)
Others
10,271,880
7,108,324
2,911,153
2,611,030
2,280,678
1,026,225
12,500
3,646,843
(2,588,182)
(1,140,000)
(600,000)
-
10,271,880
10,755,167
322,971
2,611,030
1,140,678
426,225
12,500
220,388
15,000
70,192
4,985,000
(41,965)
220,388
5,000,000
28,227
Net
26,527,370
4,261,696
30,789,066
Fair value
Fair value
Acquisition
adjustment
or acquisition
cost
and allowance
cost
US$
US$
US$
PT Puncakjaya Power
PT Agro Muko
Others
Net
10,271,880
3,960,000
3,787,281
2,611,030
2,280,678
1,026,225
(3,787,281)
(1,140,000)
(600,000)
10,271,880
3,960,000
2,611,030
1,140,678
426,225
220,388
83,964
24,241,446
(56,964)
(5,584,245)
220,388
27,000
18,657,201
Other investments are classified as available-for-sale investments. Except for PT Agro Muko, ARC
and TTN, the Company uses acquisition cost in measuring its other investment, since they are nonlisted shares and there is no readily available measure of fair value of the shares.
PT Agro Muko
On March 17, 2010, the Company entered into a sale and purchase agreement with Deutche
Investitions-Und Entwicklungsgesellchaft, MBH (DEG) and International Finance Corporation (IFC)
respectively, where DEG and IFC agreed to sell and transfer each 349,053 shares of PT Agro Muko
to the Company at US$ 4.51 per share.
- 56 -
The Company‟s interest of ownership in PT Agro Muko increased from 13.58% to 15.87%.
As of 31 December 2012, 2011, 2010, increase (decrease) in fair value of PT Agro Muko of
US$ 446,685, (US$ 1,179,341), US$ 3,646,843, respectively were recognized by the Company in
other comprehensive income as unrealized gain on available-for-sale investment.
In February 2010, EIB transferred 2,680,566 shares of ARC, valued at US$ 111,913, as stock
dividend to the Company.
As of December 31, 2012, 2011, 2010 and January 1, 2010/December 31, 2009, based on quoted
market price of ARC shares, increase (decrease) in fair value of ARC of (US$ 75,222), US$ 129,059
and US$ 322,971 and US$ 349,240, respectively, was recognized by the Company in other
comprehensive income as unrealized gain on available-for-sale investment.
In 2000, the Contracts of Works (“CoW”) of PT Newcrest Sumbawa Jaya, PT Newcrest Sumatera
Minerals, PT Tamrau Jaya Mining, and PT Mineralindo Mas Tapaktuan were terminated and/or in the
process of termination. The investment in PT Newcrest Nusa Sulawesi (which name was changed to
PT Gorontalo Sejahtera Mining) was exchanged with the right of royalty from the same company.
The Company‟s investments in these investees were financed by payable to other parties. The
payments are contingent upon the receipt of dividend income from the related investee companies.
Under the terms of joint venture agreements, there will be no payment of the related payable relating
to these investments, on which CoW were terminated prior to receipt of dividend income. Due to this
arrangement, although these investments and their related payable are totally unrecoverable, the
management considered that allowance for decline in value of the related investment was not
necessary.
Based on Deed No. 13 of notary Tina Chandra Gerung S.H., dated April 30, 2008, the Company
repurchased 27,750 shares (18.14% interest ownership) of PT Bina Kosala Metropolitan as a
consequence of cancellation of the binding agreement for the sale and purchase of MMC Tower
strata title which was failed to be delivered timely by PT Assa Development.
The Company assessed that an allowance of US$ 1.14 million in December 31, 2011 and 2010 is
adequate to cover possible decline in its investment value.
Based on deed No. 145 of notary Mala Mukti, S.H., dated July 23, 2012, the Company transferred
27,750 shares in BKM to PT Austindo Nusantara Jaya Husada Cemerlang (entity under common
control) with a total selling price of Rp 24,975,000,000 or equivalent to US$ 2.6 million. The sale is
accounted as restructuring transaction between entities under common control (Note 40). After the
transaction, the Company no longer holds ownership in BKM.
On August 8, 2011, the Company purchased 28 shares of SSM for 1% direct ownership interest at a
value of US$ 222,411.
Previously, the Company provided full allowance for its investment in TTN. In 2010, the Company
had the intention to sell the investment to third parties, and computed its fair value based on
discounted cash flow agreed by the Company and the buyers. The US$ 4,985,000 increase of fair
value was recognized in other comprehensive income as part of unrealized gain on available for sale
investment in 2010.
- 57 -
Based on Deed No. 14 and 15 of notary Mala Mukti, S.H., dated January 11, 2011, the Company
entered into sales and purchase agreements to sell respectively 5 and 10 shares of TTN to PT Archi
Indonesia and Archipelago Resources Pte. Ltd., at US$ 1,666,667 and US$ 3,333,333.
Based on Deed No. 21 of notary Buchari Hanafi, S.H., dated April 27, 2010, the Company approved
to participate in 5% investment in CGS by subscribing and paid for 125 shares at a nominal value of
US$ 100 per share.
Based on Deed No. 43 of notary Buchari Hanafi, S.H., dated January 28, 2011, the Company
subscribed and paid for 250 new shares of CGS, resulting in increase of investment value to
US$ 37,500.
Based on Deed No. 52 of notary Buchari Hanafi, S.H., dated July 20, 2012, the Company subscribed
and paid for 1,125 new shares of CGS, resulting in increase of investment value to US$ 150,000.
20. INVESTMENT IN PROPERTIES
December 31,
2012
US$
Land
Buildings
Total
December 31,
2011, 2010 and January 1
2010/December 31, 2009
US$
-
6,817,994
79,950
6,897,944
As of December 31, 2011, 2010 and January 1, 2010/December 31, 2009, the fair value of the
investment in properties amounted to US$ 7,719,086.
On August 14, 2012, the Company sold its investment in land and buildings to PT Memimpin Dengan
Nurani (entity under common control) and PT Austindo Kencana Jaya (entity under common control).
On September 5, 2012 the Company also sold its investment in another land to PT Austindo
Nusantara Jaya Husada Cemerlang (entity under common control). These sales are accounted as
restructuring transaction between entities under common control (Note 40). After the transaction, the
Company no longer holds investment in properties.
21. PALM PLANTATIONS
January 1,
2012
US$
Additions
US$
Mature plantations
Cost
Accumulated depreciation
Net book value
176,196,151
(65,339,343)
110,856,808
(8,714,006)
(8,714,006)
(30,202)
12,987
(17,215)
Immature plantations - at cost
22,215,647
18,002,735
-
Total
133,072,455
Deductions
US$
Reclassification
US$
8,701,698
8,701,698
(8,701,698)
Translation
adjustments
US$
(1,379,324)
December 31,
2012
US$
184,867,647
(74,040,362)
110,827,285
30,137,360
140,964,645
- 58 -
January 1,
2011
US$
Additions
US$
Mature plantations
Cost
Net book value
170,701,455
(57,133,764)
113,567,691
(8,229,826)
(8,229,826)
(67,158)
24,247
(42,911)
15,944,212
12,191,009
-
Total
Deductions
US$
Reclassification
US$
Translation
adjustments
US$
5,561,854
5,561,854
December 31,
2011
US$
-
(5,561,854)
176,196,151
(65,339,343)
110,856,808
(357,720)
129,511,903
January 1,
2010
US$
22,215,647
133,072,455
Additions
US$
Deductions
US$
Reclassification
US$
Translation
adjustments
US$
December 31,
2010
US$
Mature plantations
Cost
Net book value
161,763,446
(48,771,311)
112,992,135
(8,316,663)
(8,316,663)
-
8,179,033
8,179,033
758,976
(45,790)
713,186
170,701,455
(57,133,764)
113,567,691
17,868,421
5,474,179
-
(8,179,033)
780,645
15,944,212
Total
130,860,556
129,511,903
Depreciation expense allocated to cost of sales in 2012, 2011 and 2010 amounted to US$ 8,714,006,
US$ 8,229,826 and US$ 8,316,663, respectively.
The size of mature and immature plantations based on locations are as follow:
Mature
plantations
(Hectare)
Belitung, Bangka Belitung
Batang Angkola, North Sumatera
Ketapang, West Kalimantan
9,813
14,229
7,912
2012
Immature
plantations
(Hectare)
-
-
Total
31,954
Mature
plantations
(Hectare)
9,813
14,246
6,231
-
Total
30,290
- 59 -
Total planted
area
(Hectare)
8,898
9,813
14,229
7,912
8,898
8,898
40,852
2011
Immature
plantations
(Hectare)
-
Total planted
area
(Hectare)
1,681
4,766
9,813
14,246
7,912
4,766
6,447
36,737
Mature
plantations
(Hectare)
2010
Immature
plantations
(Hectare)
9,813
14,304
4,938
-
-
Total
Total planted
area
(Hectare)
29,055
2,989
744
9,813
14,304
7,927
744
3,733
32,788
Palm oil plantations are cultivated on land with cultivation rights title (HGU) on a total area of 33,688
hectares. The cultivation right title (HGU) of land in Ketapang, West Kalimantan is still in process.
The carrying amount of palm plantations owned by SMM was depreciated using the double-declining
balance method which amounted to US$ 4,566,021 or 3.5% of the total book value of palm oil
plantations in 2010.
Since January 1, 2011, SMM changed its depreciation method for mature plantations from doubledeclining balance to straight-line. SMM also changed the estimated useful lives from 16 years to 20
years. Those changes result in the decrease of depreciation expense of mature plantation from
US$ 3,242,151 to US$ 2,849,494 in 2011.
Management believes that there are no events or changes in circumstances that indicate any
impairment of immature plantations and mature plantations as of December 31, 2012, 2011 and
2010.
22. PROPERTY, PLANT AND EQUIPMENT
At cost:
Direct acquisition
Land
Computer and communication
equipment
Office equipment, furniture
and fixtures
Motor vehicles
Construction in progress
Leased assets
Total
Accumulated depreciation and
impairment losses:
Direct acquisition
Computer and communication
equipment
and fixtures
Motor vehicles
Leased assets
Total
Net carrying amount
January 1,
2012
US$
Additions
US$
13,241,772
36,745,637
37,103,495
3,295,881
535,307
1,557,347
(1,481,817)
(2,126,447)
(2,937,329)
422,346
4,427,291
774,178
211,675
30,034
(269,016)
27,307
3,977,890
5,151,150
4,986,162
101,417,781
308,340
1,213,998
14,209,341
4,000,000
25,150,248
(367,283)
(366,641)
(41,072)
(7,589,605)
10,805,201
21,502,122
2,151,586
2,627,742
(1,588,772)
(2,191,385)
-
226,839
62,163
(225,344)
-
2,986,564
2,481,835
1,160,201
39,162,762
227,011
529,640
111,111
5,709,253
(347,944)
(265,314)
(4,618,759)
62,255,019
Deductions
US$
Reclassifications
US$
(27,476)
(6,977,236)
(1,353,590)
(1,087,973)
(1,087,973)
Translation
adjustments
US$
(267,706)
(115,500)
(69,354)
-
December 31,
2012
US$
15,210,476
39,466,288
36,428,337
-
(21,818)
(57,219)
(226,381)
(757,978)
3,869,653
5,941,288
11,950,814
4,000,000
116,866,856
(50,268)
(17,058)
11,317,747
21,921,421
(9,341)
(15,367)
(72,228)
(164,262)
63,658
2,856,290
2,730,794
111,111
39,001,021
77,865,835
- 60 -
January 1,
2011
US$
At cost:
Direct acquisition
Land
Medical and surgery equipment
Computer and communications
equipment
and fixtures
Motor vehicles
Leased assets
Total
Accumulated depreciation and
impairment losses:
Direct acquisition
equipment
and fixtures
Motor vehicles
Leased assets
Total
Net carrying amount
Additions
US$
Deductions
US$
Reclassifications
US$
16,043,940
33,862,402
1,760,638
35,395,664
6,063,017
530,574
4,221,926
128,958
1,194,760
2,099,868
(168,051)
(348,760)
(842)
1,483,877
498,534
(4,026)
8,259,058
74,887,344
2,734,705
3,525,378
184,016,023
1,609,826
53,786,653
11,332,543
451,631
75,855,273
(215,646)
(12,895,172)
(13,632,497)
10,155,799
466,431
19,556,537
4,407,835
2,152,381
243,074
2,268,377
1,021,000
(65,920)
(317,491)
(842)
933,317
306,829
(3,882)
5,474,012
14,349,157
531,064
55,874,152
1,096,035
11,091,511
1,198,530
197,571
19,575,308
(205,394)
(4,503,314)
(5,096,843)
Translation
adjustments
US$
8,004,859
884,391
752,955
Accumulated depreciation:
Direct acquisition
equipment
and fixtures
Motor vehicles
Leased assets
Total
Net carying amount
December 31,
2011
US$
(59,344)
(165,638)
(18,904)
(22,560)
(138,916)
(3,273,398)
(9,009,861)
(1,870,692)
(8,776,082)
13,241,772
36,745,637
37,103,495
-
(1,291)
(20,327)
(1,745,092)
211,675
(345,089)
1,145,655
(8,890,233)
(1,898,610)
(347,363)
(48,504)
(615,234)
(97,444)
(20,695)
(1,207,566)
(5,281,755)
(111,158,096)
(93,409)
(2,057,704)
(143,266,089)
3,977,890
5,151,150
4,986,162
101,417,781
-
(26,806)
(11,412)
(5,301)
(68,706)
(1,410,253)
(698,093)
(5,359,287)
10,805,201
21,502,122
-
-
(14,036)
(995,389)
226,839
(41,830)
(311,093)
(38,329)
(1,040)
(518,553)
(3,284,687)
(18,455,300)
(416,721)
(30,619,730)
2,986,564
2,481,835
1,160,201
39,162,762
(51,572)
310,874
(310,874)
(51,572)
128,141,871
62,255,019
January 1,
At cost:
Direct acquisition
Land
equipment
and fixtures
Motor vehicles
Leased assets
Total
Reclassification
to assets
held for sale
US$
Translation
December 31,
2010
Additions
Deductions
Reclassification
adjustments
2010
US$
US$
US$
US$
US$
US$
15,338,616
22,997,008
673,047
24,463,514
4,295,471
397,931
423,836
1,043,970
1,180,728
1,565,853
(5,267)
(85,935)
(269,951)
(13,051)
1,240,454
265,177
(50,282)
6,492,856
50,372,217
9,147,124
4,102,243
139,122,550
1,686,265
26,152,843
13,547,703
936,685
47,200,991
(105,304)
(5,939,886)
(6,469,676)
8,443,470
254,096
16,750,964
2,812,964
1,696,151
198,306
2,999,045
1,438,927
(71,888)
(213,945)
(1,088)
788,184
176,438
(50,283)
4,586,927
7,482,306
406,155
41,525,066
875,101
7,691,773
437,016
15,512,757
(102,785)
(1,498,344)
(1,938,333)
97,597,484
10,245,189
9,874,178
-
312,660
282,304
43,621
147,195
214,744
16,043,940
33,862,402
1,760,638
35,395,664
6,063,017
28,528
1,483,877
195,926
2,440,802
319,162
177,216
4,162,158
8,259,059
74,887,344
2,734,704
3,525,378
184,016,023
-
85,350
14,029
20,473
157,032
10,155,799
466,431
19,556,537
4,407,835
-
18,978
933,317
117,485
341,532
19,783
774,662
5,474,012
14,349,157
531,064
55,874,152
(10,685)
1,861,368
(20,279,284)
(1,690,766)
-
2,716
(2,716)
331,890
(331,890)
-
128,141,871
- 61 -
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, property, plant and equipment
amounting to US$ 112,646,351 were reclassified as part of assets held for sale (Note 27).
Based on management‟s evaluation, decreasing Carbon Emission Reduction (CER) price in global
market has become the indication that AANE‟s (a subsidiary) construction in progress has suffered
impairment loss. Estimated impairment loss of US$ 1,198,530 was recorded as part of other expense
in consolidated statements of comprehensive income as of December 31, 2011. In 2012, there is no
additional allowance for impairment loss nor reversal for the allowance based on management
assessment.
Depreciation expense and impairment loss were allocated to the following:
Cost of sales
General and administrative
expenses (Note 50)
Other expense
Depreciation charged to continuing
operations
Depreciation charged to discontinued
operations (Note 52)
Total
2012
US$
2011
US$
2010
US$
4,712,427
4,347,859
3,594,702
996,826
-
423,756
1,198,530
1,534,445
-
5,709,253
5,970,145
5,129,147
5,709,253
13,605,163
19,575,308
10,383,610
15,512,757
ANJA has several land cultivation rights (HGU) covering a total area of 33,688 hectares in Binanga
and Ramba, Batang Angkola and Siais, North Sumatera and Gantung, Bangka and Dendang,
Belitung, land with building right (HGB) covering a total area of 31 hectares in Dendang, Belitung and
523 hectares non-HGU land in Binanga. Those HGU and HGB are valid for 30 to 85 years period,
expiring in 2039 until 2091.
GMIT owns several HGU in Jember and Lumajang. This HGU is valid for 20 years period, expiring in
2028.
Construction in progress represents building, roads and bridges under construction and machinery
and equipment under installation, which are estimated to be completed in 2013.
The net book value of the property, plant and equipment of SMM which are depreciated using double
declining balance method in 2010 amounted to US$ 2,946,697 or 2.3% of total net book value of
property, plant and equipment.
Since January 1, 2011, SMM changed the depreciation method for machinery and equipment,
furniture and fixtures and vehicles from double-declining balance method to straight-line method,
which resulted in the increase of depreciation expense of such assets from US$ 704,047 to
US$ 715,290 in 2011. All additions to the property and equipment beginning January 1, 2011 are
depreciated using the straight-line method.
As of December 31, 2010 and 2009, ANJR‟s motor vehicles, land and building under construction
amounting to US$ 54,526,494 and US$ 41,620,383 were used as collateral for ANJR‟s bank loans
(Note 34).
- 62 -
As of December 31, 2011 and 2010, GMIT‟s land and building amounting to US$ 46,618 and
US$ 29,422, respectively were used as collateral for bank loan obtained from PT Bank Central Asia
Tbk (BCA) (Note 34). As of December 31, 2012, all land and building owned by GMIT are used as
collateral for bank loan obtained from BCA (Note 34).
As of December 31, 2012, property, plant and equipment, except land, were insured to PT Asuransi
Indrapura and other insurance companies against fire, theft, earthquake, flood and other possible
risks at a total coverage of US$ 63,408,000 and Rp 99,841,339,118, respectively. Management
believes that the insurance coverage is adequate to cover the possible losses on the assets insured.
23. DEFERRED CHARGES FOR LANDRIGHTS
December 31,
2012
US$
Costs
Accumulated amortization
Net carrying amount
884,772
(20,148)
864,624
December 31,
2011
US$
1,268,645
(133,153)
1,135,492
December 31,
2010
US$
1,110,215
(115,786)
994,429
January 1, 2010/
December 31, 2009
US$
1,083,756
(94,694)
989,062
Amortization charged to operations amounted to US$ 1,433 in 2012, US$ 17,489 in 2011 and
US$ 19,262 in 2010.
Effective January 1, 2012, the Group adopts ISAK 25, Land Rights. The Group ceased the
amortization of deferred charges for landrights on land acquisition. The Group reclassified the
remaining unamortized deferred charges related to the legal payment of Land Rights which represent
part of land cost to land carrying value.
24. GOODWILL
ANJA
ANJR
Total
Translation adjustments
Accumulated amortization
Beginning of year
Amortization
Charged to continuing operation
(Note 50)
Charged to discontinued
operation (Note 52)
End of year
Net carrying amount
December 31,
2012
US$
December 31,
2011
US$
4,967,579
4,967,579
-
4,967,579
4,967,579
-
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
7,211,813
4,147,139
11,358,952
(716,799)
7,211,813
4,147,139
11,358,952
(567,513)
-
-
2,975,063
1,523,053
-
-
360,591
360,591
1,247,149
3,866,004
7,492,948
1,091,419
2,407,550
8,951,402
4,967,579
4,967,579
Goodwill in ANJA represents the excess of acquisition cost over the Company‟s interest in the fair
value of the net assets of ANJA and its subsidiaries, while goodwill in ANJR represents the excess of
acquisition cost over ANJR‟s interest in the fair value of the net assets purchased from PT Autosale
Lancar Mandiri (ASLM).
- 63 -
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, ANJR‟s goodwill amounting to
US$ 2,525,369 was reclassified as part of assets held for sale (Note 27).
Effective from January 1, 2011, the Group implemented PSAK 22 (revised 2010) whereas
amortization of goodwill was discontinued and accumulated amortization was eliminated against the
recorded cost. Management believes that there are no impairment losses on goodwill in 2012.
25. CLAIMS FOR TAX REFUND
ANJAS
KAL
Total
December 31,
2012
US$
December 31,
2011
US$
1,349,861
79,766
1,429,627
1,439,474
152,170
1,591,644
December 31,
2010
US$
1,570,414
153,473
1,723,887
January 1, 2010/
December 31, 2009
US$
64,738
64,738
ANJAS
In December 2010, ANJAS received two assessment letters from Directorate General of Taxes
(DGT) dated December 2, 2010 for Value Added Tax (VAT) underpayment for the period of January
to October 2009 amounting to Rp 13,503,529 thousand (equivalent to US$ 1,501,894) and VAT
overpayment for the period of November 2009 amounting to Rp 9,657,665 thousand (equivalent to
US$ 1,027,411). On January 19, 2011, ANJAS had fully received the refund from this VAT
overpayment.
On February 8, 2011, ANJAS filed an objection on the above assessment letters to the DGT and
claimed for a tax refund for Rp 14,119,588 thousand (equivalent to US$ 1,570,414). On June 16,
2011, ANJAS cancelled this objection letter. On July 15, 2011, ANJAS had paid part of the VAT
underpayment amounting to Rp 6,832,936 thousand (equivalent to US$ 759,975). As of
December 31, 2011, the remaining VAT underpayment was recorded as other payable. In July 2011,
ANJAS requested a waiver of penalty and interest from the VAT assessment letter to the DGT of
Rp 6,670,592 thousand (equivalent to US$ 741,918), which was rejected in January 2012. In
February 2012, ANJAS has paid the penalty and interest which amounted to Rp 6,670,592 thousand
to DGT. On March 28, 2012, ANJAS requested a second waiver of penalty and interest from VAT
assessment to DGT. On August 7, 2012, DGT rejected ANJAS‟ request and ANJAS has accepted
this decision.
On July 15, 2011, ANJAS received an assessment letter for VAT underpayment for the period of
December 2009 amounting to Rp 1,323,345 thousand (equivalent to US$ 145,936). In August 2011,
ANJAS had paid part of the underpayment of Rp 973,047 thousand (equivalent to
US$ 107,306). As of December 31, 2011, the remaining VAT underpayment of Rp 350,297 thousand
(equivalent to US$ 38,631) was presented as other payable.
On August 15, 2011, ANJAS filed a request for waiver of Rp 350,297 thousand (equivalent to
US$ 38,631) penalty and interest from VAT underpayment for the period December 2009. DGT
rejected the request in January 2012. ANJAS has paid the penalty and interest amounted to
Rp 350,297 thousand to DGT in February 2012. On March 28, 2012, ANJAS requested a second
waiver to DGT. On August 7, 2012, DGT rejected ANJAS‟ request and ANJAS has accepted this
decision.
In December 2010, ANJAS received four assessment letters from DGT dated December 28, 2010 for
VAT underpayment for the period of January to December 2008 of Rp 13,053,151 thousand
(equivalent to US$ 1,349,861 and US$ 1,439,474, respectively in December 31, 2012 and 2011).
- 64 -
On February 8, 2011, ANJAS filed an objection on the assessment for VAT for period January to
December 2008 to the DGT and claimed for a tax refund of Rp 13,053,151 thousand. On January 27,
2012, the DGT rejected all objection submitted by ANJAS. On April 25, 2012, ANJAS has submitted
an appeal to the tax court and as of the date of authorisation of these consolidated financial
statements, ANJAS has not yet received any decision from Tax Court. On December 31, 2012 and
2011, ANJA‟S claim for the refund of Rp 13,053,151 thousand (equivalent to US$ 1,349,861 and
US$ 1,439,474 respectively on December 31, 2012 and 2011) was presented as claim for tax refund.
In 2012, DGT has completed its examination of ANJAS‟ tax obligations for the year 2010, which
include corporate income tax and income tax article 4(2), 23, 22, 21, 15, 26 and VAT, and issued tax
assessment letters for tax underpayment of Rp 484,620,870 (equivalent to US$ 51,599). ANJAS has
already paid these underpayment in 2012 and the expenses were presented in tax penalty.
KAL
On January 8, 2010, KAL filed an objection on tax assessment for VAT underpayment for the period
of January to October 2008 to DGT and claimed for a tax refund of Rp 608,536 thousand
(or equivalent to US$ 67,108 in 2011 and US$ 67,683 in 2010). In December 2010, DGT in its
Decision Letters dated December 23, 2010 rejected KAL‟s objection. In March 2011, KAL filed an
appeal to the Tax Court.
Based on Tax Court‟s Decision No. PUT/40525/PP/M.III/16/2012 dated October 8, 2012, KAL‟s tax
appeal regarding VAT overpayment for the period of January to October 2008 was accepted. The
refund amounting to Rp 608,536 thousand was received by the Company on December 3, 2012.
In September 2010, KAL received two tax assessment letters from DGT dated September 21, 2010
for VAT underpayment for the period of January to October 2009 amounting to Rp 771,342 thousand
(equivalent to US$ 85,790) and VAT overpayment for the period of November 2009 amounting
Rp 385,671 thousand (equivalent to US$ 42,895). The net underpayment totalling Rp 385,671
thousand was paid by KAL in October 2010.
On November 1, 2010, KAL filed an objection on such assessment of VAT underpayment for the
period of January to October 2009 to DGT and claimed for a tax refund of Rp 771,342 thousand (or
equivalent to US$ 79,766 in 2012, US$ 85,062 in 2011 and US$ 85,790 in 2010). In May 2011, DGT
in its decision letter dated July 27, 2011 rejected the objection of KAL. In October 2011, KAL filed an
appeal to the Tax Court. As of the date of authorisation of these consolidated financial statements,
KAL has not yet received any decision from Tax Court.
26. OTHER ASSETS
This account represent advance payment for legal processing of landrights, refundable deposits and
other assets. Advance payment for legal processing of landrights represents expenses paid in
obtaining HGU on 10,920 hectare and 2,798 hectare of land for KAL which will be used as main
plantation and nucleus plantation, respectively, and 1,639 hectare land of ANJAS.
- 65 -
27. ASSETS HELD FOR SALE
December 31,
2011
US$
Assets held for sale:
PT Austindo Nusantara Jaya Rent
PT Asuransi Indrapura
PT Austindo Nusantara Jaya Healthcare
Total assets held for sale
377,787,280
32,375,924
14,278,248
424,441,452
Liabilities directly associated with assets
held for sale:
Total liabilities directly associated with assets
held for sale
Assets held for sale - net
329,773,727
21,036,981
4,017,485
354,828,193
69,613,259
In 2011, the Company decided to divest three of its subsidiaries, which are ANJR and its subsidiaries
(engaged in motor vehicle rental service and consumer financing), AI (engaged in insurance
services) and ANJHC (engaged in healthcare services).
On January 17, 2012 and February 27, 2012, the Company entered into sale and purchase
agreements respectively with PT Mitra Pinasthika Mustika to sell ANJR and with Golden Eight Group
Limited to sell AI (Note 52).
On November 26, 2011, the Board of Commissioner approved the Company‟s plan to dispose
ANJHC. The disposal plan is consistent with the Company‟s long term policy to focus on
agribusiness and renewable energy industry. The Company actively initiated programs to sell
ANJHC in 2011 and on May 7, 2012 the Company sold ANJHC and its subsidiary to PT Austindo
Nusantara Jaya Husada Cemerlang (entities under common control) (Note 1b). The sale is
accounted for as restructuring transactions of entities under common control (Note 40).
On initial reclassification of these operations as held for sale, the Company has not recognized any
impairment loss.
- 66 -
Details of accounts for each business unit are described below:
RENTAL SERVICE VEHICLES AND CONSUMER FINANCING (ANJR AND ITS SUBSIDIARIES)
December 31,
2011
US$
Rental and other service receivable - net of allowance for doubtful accounts
Finance lease receivable - net of allowance for doubtful accounts
Consumer and other financing service receivables - net of
allowance for doubtful accounts
Other receivables
Inventories
Prepaid tax
Escrow bank account
Time deposit
Deferred tax assets
Goodwill
Other assets
175,659,026
1,378,351
682,584
3,174,344
2,232,767
494,674
435,329
996,178
176,002
102,528,145
2,525,369
757,369
377,787,280
Bank loans
Advance and other accounts payable
Taxes payable
Accrued expense
Deferred revenue
Customer deposits
Lease liabilities
Convertible bonds
Share based compensation liability
Liabilities directly associated with assets held for sale
300,118,303
2,525,299
786,837
2,699,294
3,462,939
1,117,631
221,500
1,279,724
316,182
12,450,422
76,242
1,743,896
2,975,458
329,773,727
13,430,916
3,188,055
70,128,171
48,013,553
- 67 -
INSURANCE SERVICE (AI)
December 31,
2011
US$
Compulsory time deposit
Investments
Insurance service receivable- net of allowance for doubtful accounts
Other receivables
Deferred tax assets
Other assets
17,610,570
937,362
1,124,311
11,272,008
202,927
196,774
388,929
433,295
209,748
32,375,924
Insurance service payable
Other payables
Taxes payable
Accrued expense
17,085,923
1,754,492
387,234
831,331
978,001
21,036,981
11,338,943
- 68 -
HEALTHCARE SERVICE (ANJHC AND ITS SUBSIDIARY)
December 31,
2011
US$
Short term investment
Trade accounts receivable - net of allowance for doubtful accounts
Other receivables
Inventories
Prepaid tax
Advances and prepaid expenses
Other assets
2,588,625
21,027
68,766
91,273
926,993
80
768,576
9,729,277
83,631
14,278,248
Lease liabilities
Taxes payable
Accrued expense
437,135
316,139
961,966
105,767
971,533
1,033,850
191,095
4,017,485
10,260,763
Total consideration received from sale of ANJR is US$ 11,007,155 in 2011 (recorded as advance
from sale of investment in a subsidiary) and US$ 109,741,332 in 2012. Total consideration received
from sale of AI was Rp 120,000,000,000 in 2012. Total consideration received from sale of ANJHC
was US$ 20,000,000 in 2012.
- 69 -
28. SHORT-TERM BANK LOANS
December 31,
2012
US$
Credit Suisse Singapore Branch U.S. Dollar
PT Bank Permata Tbk - Rupiah
PT Bank ANZ Panin - U.S. Dollar
PT Bank Central Asia Tbk - Rupiah
PT Rabobank International Indonesia
Rupiah
U.S. Dollar
PT Bank Commonwealth - U.S. Dollar
Brussel Branch - U.S. Dollar
Total
Interest rates per annum during the year
Rupiah
U.S. Dollar
1,500,000
-
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
-
3,624,695
906,483
500,000
5,319,149
1,800,000
-
-
509,850
5,000,000
5,319,149
-
1,500,000
-
10,041,028
9,500,000
22,438,298
0.70%
-
8.95%-10.50%
0.59%-4.85%
-
9.8% - 15.85 %
0.6% - 7.25 %
Bank loans are classified as other financial liabilities measured at amortized cost using the effective
interest rate. The fair values of short term bank loans are their carrying value.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all short term bank loans
amounting to US$ 26,802,760 were reclassified as part of liabilities directly associated with assets
held for sale (Note 27).
GMIT has commercial line credit facility of US$ 3,000,000 from Credit Suisse Bank – Singapore (the
Bank), with interest rate of 0.5% above cost of fund. As of December 31, 2012, the outstanding loan
balance was US$ 1,500,000, with 3 months credit term. This loan is secured by the Company‟s time
deposit. On January 17, 2013, the bank loan was repaid amounted to US$ 1,000,000.
On November 23, 2009, GMIT drawdown US$ 500,000 loan from the Bank with fixed interest rate as
determined by the Bank. This loan was used to purchase additional tobacco to fulfill customer‟s
purchase order. The loan was fully repaid on February 25, 2010.
PT Bank Permata Tbk
On August 28, 2008, ANJF obtained a Rp 100 billion working capital credit facility from PT Bank
Permata Tbk (the Bank) for a period of 12 months from the facility date, with a prevailing market
interest rate as determined by the Bank. On April 20, 2009, this loan was extended until August 28,
2010. On June 30, 2010, this facility had been amended following the decrease in credit limit to
Rp 30 billion and the extension of credit tenor until June 30, 2011. On June 30, 2011, this facility had
been amended following the increase in credit limit to Rp 105 billion and the extension of credit tenor
until June 30, 2012.
- 70 -
PT Bank ANZ Panin
On January 18, 2008, ANJF obtained US$ 5 million revolving working capital facility from
PT Bank ANZ Panin (the Bank) for a period 12 months. The floating interest rate per annum is based
on US$ SIBOR + 1.4%. This loan agreement had been amended several times, the latest regarding
the change in limit of credit facility from US$ 15 million to US$ 12 million, available in Rupiah and
U.S. Dollar, and extended until March 31, 2010. On July 7, 2010, this facility agreement was
amended following the decrease in the credit facility limit to US$ 5 million, available in Rupiah and
U.S. Dollar, with an interest rate as determined by the Bank no later than 2 days before the
drawdown date of the facility, and due date on March 31, 2011. On June 30, 2011, this agreement
had been amended following the extension of credit tenor until March 31, 2012. In 2010, the range of
the interest rate per annum for U.S. Dollar is 3.98% – 4.20% and for Rupiah 10.60%.
This facility was collateralized by ANJF‟s receivables up to 110% of the outstanding loan (Notes 9
and 10). The loan agreement contains certain covenants for ANJF to fulfill.
ANJR
On November 2, 2010, ANJR obtained Rp 15 billion overdraft credit facility from the Bank with fixed
interest rate of 10.75% p.a. and due date on November 2, 2011. On October 27, 2011, this facility
was extended until February 2, 2012.
This facility is collaterised by 8,864 square meter land owned by ANJR. The loan agreement contains
certain covenants for ANJR to fulfill.
ANJF
On August 9, 2010, ANJF obtained Rp 20 billion overdraft credit facility with fixed interest rate of
10.50% p.a., due 12 months after each drawdown date of the facility. The loan agreement contains
certain covenants for ANJF to fulfill. On August 5, 2011, the facility was extended to August 9, 2012.
This facility is collateralized by ANJF‟s receivables up to a certain percentage of the outstanding loan
(Notes 9 and 10). The loan agreement contains certain covenants for ANJF to fulfill.
ANJF obtained Rp 150 billion revolving credit facility from PT Rabobank International Indonesia (the
Bank) for a period up to October 31, 2011. This facility has been amended several times, the latest in
September 2011 regarding the extension of withdrawing period up to August 31, 2012.
and 10). The loan agreement contains certain covenants for ANJF to fulfill. In 2010, the range of
interest rate per annum for Rupiah loans is 8.95% - 9.80%.
On December 10, 2010, ANJF obtained US$ 5 million working capital credit facility (revolving) from
PT Bank Commonwealth (the Bank) with a floating interest rate of US$ SIBOR + 3%, due at the
latest 12 months after the facility date. On October 12, 2011, this facility was extended until
December 20, 2012. In 2010, the interest rate per annum is 3.27%.
- 71 -
J.P Morgan International Bank Limited Brussel Branch
On November 26, 2008, ANJR obtained US$ 7 million credit facility from J.P. Morgan International
Bank Limited Brussels Branch. The agreement had been amended several times, the latest on April
16, 2010, regarding the increase of credit facility to US$ 20 million. This loan was fully repaid by
ANJR on December 13, 2010.
29. TRADE ACCOUNTS PAYABLE
Third parties
Palm oil plantation
Electricity generation
Sago
Tobacco
Motor vehicles rental
Healthcare
Total
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
3,742,714
833,939
1,646
1,589
4,579,888
3,335,795
51,548
17,320
3,404,663
3,814,504
13,203
3,372,787
336,731
7,537,225
652,115
375,009
1,354,877
161,817
2,543,818
December 31,
2012
December 31,
2011
December 31,
2010
January 1, 2010/
December 31, 2009
2,656,194
1,923,694
4,579,888
1,278,597
2,126,066
3,404,663
6,265,570
1,271,655
7,537,225
By currency
United States Dollar
Rupiah
Total
1,786,176
757,642
2,543,818
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, trade payable from vehicle
rental and healthcare amounting to US$ 2,962,434 were reclassified as part of liabilities directly
associated with assets held for sale (Note 27).
30. INSURANCE SERVICES PAYABLE
Reinsurance payables
Unearned premium
Estimated own retention claims
Claim payables
Total
December 31,
2012
US$
December 31,
2011
US$
-
-
December 31,
2010
US$
8,634,225
5,049,574
2,786,096
481,808
2,346,770
19,298,473
January 1, 2010/
December 31, 2009
US$
6,282,631
5,053,976
3,294,834
743,873
15,375,314
In 2010, deferred premium income represents premium income for more than one year insurance
coverage plus commission received by a subsidiary.
- 72 -
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all insurance service payable
amounting to US$ 17,085,923 was reclassified as part of liabilities directly associated with assets
31. TAXES PAYABLE
December 31,
2012
US$
Corporate income tax - the Company
(Note 51)
Corporate income tax - subsidiaries
(Note 51)
Income tax
Article 21
Article 25
Article 4 section 2
Article 23/26
Article 22
Article 15
Value Added Tax - net
Total
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31,2009
US$
17,795,427
183,911
83,605
51,529
2,982,301
4,134,502
3,146,375
1,506,047
3,206,572
2,152,163
345,363
29,481
22,860
211
26,534,378
649,493
1,636,634
36,077
32,167
23,267
31,176
6,727,227
4,076,029
1,216,098
83,900
68,748
2,257
1,595
87,520
8,766,127
805,799
1,720,237
69,481
1,658,891
534
177,295
5,989,813
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, taxes payable from
subsidiaries that will be sold amounting to US$ 3,192,295 were reclassified as part of liabilities
directly associated with assets held for sale (Note 27).
32. OTHER PAYABLES
December 31,
2012
US$
Payable to third parties
Advance received from customers
Claim for tax refund (Note 25)
Customer deposits
Commission payable
Retention payable
Insurance premium
Payable related to purchase of
medical supplies and equipment
Others
Total
December 31,
2011
US$
December 31,
2010
US$
3,696,930
4,383,748
1,349,861
-
3,068,652
2,046,199
2,220,024
-
3,084,630
490,877
1,501,894
1,222,662
1,185,875
1,013,379
519,923
214,974
9,645,513
1,083,530
8,418,405
486,991
1,292,678
10,798,909
January 1, 2010/
December 31, 2009
US$
3,498,163
617,157
1,040,152
1,263,784
233,569
476,380
7,129,205
Other accounts payable is classified as financial liabilities and is measured at amortized cost. The
fair value of other accounts payable is its carrying amount.
All other payables is payable to third parties.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011 other payables amounting to
US$ 3,503,295 were reclassified as part of liabilities directly associated with assets held for sale
(Note 27).
- 73 -
33. ACCRUED EXPENSES
Salaries, bonuses and allowances
Professional fees
Interest
Doctors' fee
Others
Total
December 31,
2012
US$
December 31,
2011
US$
5,305,090
56,688
2,805,540
8,167,318
5,963,590
22,328
2,059,046
8,044,964
December 31,
2010
US$
5,087,137
89,828
1,453,147
284,163
1,636,872
8,551,147
January 1, 2010/
December 31, 2009
US$
2,867,828
55,630
688,502
174,099
1,315,052
5,101,111
In line with the adoption of PSAK 58 (revised 2009), at year end 2011 accrued expenses amounting
to US$ 5,265,803 were reclassified as part of liabilities directly associated with assets held for sale
(Note 27).
34. LONG-TERM BANK LOANS
PT Bank Central Asia Tbk - Rupiah
PT Bank CIMB Niaga Tbk - Rupiah
PT Bank ANZ Panin
Rupiah
U.S. Dollar
Rupiah
U.S. Dollar
PT Bank Permata Tbk - Rupiah
PT Bank Pan Indonesia Tbk - Rupiah
PT Bank Mandiri Singapura U.S. Dollar
PT Bank DBS Indonesia - Rupiah
PT Bank Internasional Indonesia Tbk - Rupiah
Syndicated loan coordinated by
DBS Bank Ltd. - U.S Dollar
Total
Current maturities
Long-term portion
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
2,341,039
-
2,254,809
-
50,137,570
66,027,871
17,819,960
12,878,296
-
-
9,710,437
11,007,532
13,297,872
-
-
-
15,428,119
1,000,000
13,904,048
5,549,717
7,211,489
13,438,433
15,957,447
-
-
4,601,669
3,580,928
2,208,648
2,341,039
(2,341,039)
-
2,254,809
(2,254,809)
-
183,156,539
(68,673,713)
114,482,826
5,319,149
4,800,000
90,722,646
(45,615,987)
45,106,659
Bank loans are classified as other financial liabilities measured at amortized cost using the effective
interest rate.
In line with the adoption of PSAK 58 (revised 2009), at year end 2011, all bank loans amounting to
US$ 273,315,543 were reclassified as part of liabilities directly associated with assets held for sale
(Note 27).
- 74 -
GMIT
On January 29, 2010, GMIT obtained credit facilities from PT Bank Central Asia Tbk (the Bank)
which consist of:
- Local credit facility of Rp 2 billion, with interest rate of 10.75% p.a.
- Time loan revolving facility of Rp 20 billion, with interest rate of 10.50% per annum.
- Time loan incidental facility of Rp 3 billion, with interest rate of 10.50% per annum.
On October 28, 2012, GMIT obtained an additional credit limit for time loan revolving facility to Rp 23
billion.
The credit facilities obtained from the Bank are secured by GMIT‟s inventories (Besuki N.O. tobacco)
amounting to Rp 15 billion and all of GMIT‟s land and buildings. On January 29, 2012, these credit
facilities were extended until January 29, 2013 and further extended until January 29, 2014.
The loan agreement relating to the above facilities contain certain covenants which among others
restrict GMIT to obtain new loans or credit from other parties and/or become a guarantor, to lend
money (except lending in relation to their operation), to do consolidation, merger, liquidation and
change its institutional status.
ANJF
On April 25, 2008, ANJF obtained Rp 100 billion working capital facility from the Bank for a period of
36 months, with a fixed interest rate for the first year and floating interest, rate for the following years
to be determined by the Bank. This loan facility was fully paid by ANJF on May 6, 2011. In 2010, the
range of the interest rate of this loan was 10.75% - 13.50%.
On November 9, 2009, ANJF obtained a Rp 100 billion facility for a period of 36 months, with a fixed
interest rate of 12.25% for 3 years.
On August 9, 2010, ANJF obtained Rp 280 billion working capital facility from the Bank for a period of
36 months from the drawdown date, with a fixed interest rate per annum at 11.25% for three years.
These facilities are collateralized by ANJF‟s receivables up to 110% of the outstanding loan (Notes 9
ANJR
On March 19, 2009, ANJR obtained Rp 45 billion credit facility from the Bank to takeover
PT Autosale lancar Mandiri‟s debt and to purchase new and used vehicles, with fixed interest rate as
determined by the Bank, subject to review and adjustment by the Bank, and due within 42 months
since the drawdown date. In January 2010, this credit facility was increased by an additional
Rp 100 billion to purchase new and used vehicles, for a period of 4 years, with a fixed interest rate at
10.5% per annum for the first year and floating rate for the following years to be determined by the
bank. In 2010, the range of interest rate was 10.50% - 11.25%.
On November 2, 2010, ANJR obtained additional Rp 100 billion credit facility from the Bank to
purchase new and used vehicles, and Rp 45 billion facility for funding the construction of the office
building and workshop, with a fixed interest rate at 10.5% for the first year and floating rate for the
following years to be determined by the Bank and at the latest maturity within 48 months from the
drawdown date.
These facilities are collateralized by 8,864 square meters of land, mortgage collateral of office
building and workshop, and vehicle owned by ANJR (Note 22) with market value up to 125% of credit
limit. The loan agreement contains certain covenants for ANJR to fulfill.
- 75 -
ANJF
On February 10, 2010, ANJF obtained Rp 200 billion working capital facility from PT Bank CIMB
Niaga Tbk (the Bank), with fixed interest rate at 11.75% per annum valid for 3 years and due on
August 10, 2013. This facility has been amended several times, the latest on December 9, 2010
regarding the increase of credit limit to Rp 650 billion, with fixed interest rate per annum, and last
repayment date due on July 8, 2017.
This facility is collateralized by ANJF‟s receivables up to 110% of the outstanding loan (Notes 9 and
10). The loan agreement contains certain covenants for ANJF to fulfill.
ANJR
On January 19, 2009, ANJR obtained Rp 47,859,335,163 credit facility from the Bank to refinance
new and used vehicles, with interest rate as determined by the Bank and latest repayment date due
on July 28, 2012. In 2010, the interest rate range for the year was 11.25% - 11.75%.
On January 19, 2009, ANJR obtained Rp 30 billion credit facility from the Bank to refinance new and
used vehicles, with interest rate as determined by the Bank and latest repayment date due on
October 23, 2014. In 2010, the interest rate range for the year was 11.25% - 11.75%.
On November 25, 2009, ANJR obtained Rp 75 billion additional credit facility from the Bank, with
interest rate as determined by the Bank and monthly installment repayment schedules as agreed by
both parties. The latest repayment date will be due on July 26, 2015. In 2010, the loan interest rate
was 11.25%.
On August 26, 2010, ANJR obtained Rp 60 billion credit facility from the Bank to rejuvenate and take
over used vehicles, with a fixed interest rate for the first year and floating rate for the following years
to be determined by the Bank. The latest payment will be due on February 11, 2016. In 2010, the
loan interest rate was 11%.
In relation with the loan, ANJR was required to open an escrow bank account at the Bank. As of
December 31, 2010, the escrow bank account in the Bank amounted to Rp 2,217,897,605.
These facilities are collateralized by motor vehicles owned by ANJR with a minimum amount of 111%
of credit limit for new vehicles, 125% for used vehicles and 130% for invoice from third parties (Notes
11 and 22). The loan agreement contains certain covenants for the ANJR to fulfill.
PT ANZ Panin Bank
On January 18, 2008, ANJF obtained a revolving loan facility from PT ANZ Panin Bank (the Bank).
This loan agreement had been amended several times, the latest regarding the change in limit of
credit facility from US$ 15 million to US$ 12 million, available in Rupiah and U.S. Dollar, and
extension until March 31, 2010. On July 7, 2010, this facility was amended following the decrease in
the credit facility limit to US$ 5 million, available in Rupiah and U.S. Dollar, with interest rate as
determined by the Bank.
On July 16, 2009, ANJF obtained Rp 125 billion working capital credit facility (available in Rupiah or
U.S. Dollar) from the Bank, with an interest rate to be determined by the Bank at the latest two days
before drawdown date and due on July 16, 2012. The floating interest rate per annum was based on
SBI + 2.9%. In 2010, the range of interest rate was 9.27% - 9.53%.
- 76 -
On July 7, 2010, ANJF obtained Rp 100 billion working capital credit facility from the Bank, available
in Rupiah or U.S. Dollar, with an interest rate to be determined by the Bank and due within 3 years
after signing date. The floating interest rate per annum is based on US$ LIBOR + 2.5%. In 2010, the
range of the interest rate per annum was 2.75% - 2.80%.
The floating interest rate of U.S. Dollar drawdown proceeds were swapped into Rupiah fixed interest
rate to eliminate currency and interest rate risks, while Bank loan denominated in Rupiah currency
with floating interest rate is being swapped with Interest-Rate-Swap (IRS) contract to eliminate the
interest rate risk (Note 55).
ANJF
On January 28, 2010, ANJF obtained Rp 75 billion working capital credit facility from PT Bank
Resona Perdania (the Bank), with a floating interest rate per annum and due on January 25, 2014.
This loan agreement had been amended several times, the latest on September 24, 2010 regarding
the change of credit limit to Rp 64,062,500,000. In 2010, the range of the interest rate was 11.01% 11.66%.
On May 7, 2010, ANJF obtained Rp 17 billion working capital credit facility from the Bank, with a
floating interest rate to be determined by the Bank and due on May 7, 2014. This loan agreement
had been amended several times, the latest on February 14, 2011 regarding the changes of credit
limit to Rp 15,937,499,000. In 2010, the range of the interest rate was 11.01% - 11.66%.
On September 24, 2010, ANJF obtained US$ 1 million working capital facility from the Bank, with
floating interest rate per annum and due on December 3, 2012. On February 14, 2011, this loan
agreement had been amended following the change of credit limit to US$ 958,333. In 2010, the
range of the interest rate was 3.84% - 3.90%.
ANJR
On January 8, 2009, ANJR obtained Rp 52,977,000,000 non-revolving loan facility from the Bank for
investment purposes, with a floating interest rates per annum as determined by the Bank and due on
December 10, 2012. In 2010, the range of interest rate was 9.08% - 9.12%.
On March 20, 2009, ANJR obtained Rp 35 billion non-revolving loan facility from the Bank for
investment purposes, with a floating interest rate as determined by the Bank and due on March 20,
2013. In 2010, the range of interest rate was 10.36% - 10.59%.
On September 16, 2009, ANJR obtained Rp 15 billion non-revolving loan facilities from the Bank for
investment purpose with floating interest rate per annum as determined by the Bank and due on
August 31, 2013. In 2010, the range of the interest rate was 10.21% - 10.38%.
On February 19, 2010, ANJR obtained Rp 17.5 billion non-revolving loan facility from the Bank, with
a floating interest rates per annum as determined by the Bank and due on February 19, 2014. In
2010, the range of interest was 10.20% - 10.33%.
- 77 -
On July 28, 2010, ANJR obtained Rp 15 billion non-revolving loan facility from the Bank for
investment purposes, with a floating interest rates per annum as determined by the Bank and due on
July 28, 2014. In 2010, the range of interest rate was 10.20% - 10.38%.
These facilities are collateralized by motor vehicles owned by ANJR (Note 22) up to a certain
percentage of the outstanding loan. The loan agreement contains certain covenants for ANJR to
fulfill.
This loan was fully paid by ANJR on May 18, 2011 and July 28, 2011.
PT Bank Permata Tbk
ANJR
On March 13, 2009, ANJR obtained Rp 50 billion loan facility from PT Bank Permata Tbk (the Bank)
for financing or refinancing of new or used vehicles, with floating interest rate as determined by the
Bank, due within 60 months after the facility date. In 2010, the range of interest rate was 11% - 12%.
On March 17, 2010, ANJR obtained additional Rp 50 billion facility from the Bank for new or used
vehicles financing or refinancing, with floating interest rate to be determined by the Bank, due within
48 months after the facility date. In 2010, the interest of the loan was 10%.
In relation with the loan, ANJR is required to open an escrow bank account in the Bank. As of
December 31, 2010, the balance of escrow bank account in the Bank amounted to
Rp 421,643,746.
These facilities are collateralized by ANJR‟s motor vehicles funded by the Bank and ANJR‟s invoice
up to 20% percentage of credit limit (Notes 11 and 22). The loan agreement contains certain
covenants for ANJR to fulfill.
ANJF
On April 20, 2009, ANJF obtained a Rp 100 billion working capital credit facility from the Bank, with
an indicative fixed interest rate and a period of 36 months from the first drawdown. In May 2010,
ANJF has fully paid this loan. On June 30, 2010, ANJF obtained a Rp 100 billion additional working
capital facility, with fixed interest rate of 11.75% per annum, due over 42 months from the signing
date. In 2010, the range of interest per annum was 14% - 14.50%.
These facilities are collateralized by ANJF‟s receivables up to a 100% of the outstanding loan
On June 24, 2009, ANJF obtained Rp 200 billion working capital credit facility from PT Bank Pan
Indonesia Tbk (the Bank), with a fixed interest rate of 13% per annum and at the latest maturity of 25
months from the facility date. This loan was fully paid by ANJF on June 24, 2011.
This facility is collateralized by ANJF‟s receivables up to 110% of the outstanding loan (Notes 9
and 10). The loan agreement contains certain covenant for ANJF to fulfill.
On December 10, 2010, ANJF obtained Rp 50 billion non-revolving working capital facility from
PT Bank Commonwealth (the Bank), with a fixed interest rate of 11% per annum for a period of 36
months from each drawdown date.
- 78 -
This facility is collateralized by ANJF‟s receivables up to a 110% the outstanding loan (Notes 9 and
10). The loan agreement contains certain covenants for ANJF to fulfill.
PT Bank Mandiri (Persero) Tbk – Singapore Branch
On November 12, 2010 and July 21, 2010, ANJF obtained respectively, US$ 2 million and US$ 3
million working capital facilities from PT Bank Mandiri (Persero) Tbk – Singapore Branch (the Bank),
with a floating interest rate of US$ SIBOR + 3% and maturity of 36 months from the last drawdown
date. In 2010, the range of the interest rate was 3.26% - 3.27%.
This facility is secured by ANJF‟s receivables up to a 110% of the outstanding loans (Notes 9 and
10). The loan agreements contain certain covenants for ANJF to fulfill.
In 2006, ANJF obtained Rp 150 billion revolving working capital facility from PT Bank DBS Indonesia
(the Bank) with interest rate at the bank cost of funds + 2.63%. On August 7, 2009, the facility was
extended until June 22, 2012. In 2010, the range of interest rate was 9% - 11.95%.
This facility was collateralized by ANJF‟s receivables up to a 110% of the outstanding loan (Notes 9
PT Bank Internasional Indonesia Tbk
On November 12, 2010, ANJF obtained Rp 100 billion working capital facility from PT Bank
Internasional Indonesia Tbk (the Bank), with a fixed interest rate at 11.50% per annum for 3 years
and due on February 15, 2014.
This facility was secured by ANJF‟s receivables up to a 100% of the outstanding loan (Notes 9 and
10) and time deposit with nominal amount of one time principal and interest installment payment
(Notes 17). The loan agreement contains certain covenants for ANJF to fulfill.
Syndicated loan coordinated by DBS Bank Ltd.
On March 27, 2007, ANJF signed a 3-year US$ 48 million Syndicated Loan Facility Agreement which
was arranged by DBS Bank Ltd., Singapore and participated by:
i.
ii.
iii.
iv.
v.
vi.
PT ANZ Panin Bank
Natixis – Singapore Branch
Asean Finance Corporation Ltd. – Singapore
: US$ 15 million
: US$ 10 million
: US$ 10 million
: US$ 5 million
: US$ 5 million
: US$ 3 million
On August 2, 2007, PT Bank DBS Indonesia transferred the facility amounting to US$ 3 million to
PT Bank Permata Tbk, consequently the composition of the syndicated participants as of December
31, 2007 were as follow:
i.
ii.
iii.
iv.
v.
vi.
vii.
PT ANZ Panin Bank
Natixis – Singapore Branch
Asean Finance Corporation Ltd. – Singapore
PT Bank Permata Tbk
- 79 -
: US$ 12 million
: US$ 10 million
: US$ 10 million
: US$ 5 million
: US$ 5 million
: US$ 3 million
: US$ 3 million
The loan has floating interest rate based on US$ SIBOR plus margin which later was swapped into a
Rupiah fixed interest rate to eliminate currency and interest rate risks.
The syndicated loan facility expired on March 29, 2010.
This facility was secured by ANJF‟s receivables up to a certain percentage of the outstanding loan
35. LEASE LIABILITIES
SMM
SMM has entered into sale and lease back on certain buildings, machineries and equipment with
PT Mitra Pinasthika Mustika Finance on December 7, 2012. SMM has determined, based on an
evaluation of the terms and conditions of the arrangements, that the sale and leaseback transaction
is qualified for finance lease. The sale proceed of US$ 4,000,000 was established at fair value and
received on December 7, 2012. The excess of sales proceeds over the carrying amount of the assets
amounting to US$ 3,350,288 was recorded as deferred income (Note 36).
Summary of the sale and lease back terms and condition is as follows:
 Net to Finance
: US$ 2,200,000
 Interest Rate
: 9.5% p.a. effective floating (every 6 months) in arrears
 Tenor
: 30 months
st
nd
th
 Installment
: US$ 1,557,418 (1 payment), US$ 25,561 (2 – 30 payment)
 Provision Expense
: US$ 11,000 (0.5% of Net to Finance)
 Insurance Condition
: Insured by Lessee
ANJR
On September 15, 2009, ANJR and PT Resona Indonesia Finance entered into a Lease Agreement
for the purchase of several units of motor vehicles through finance lease. The lease has a 4 years
term and a certain percentage of interest rate.
On January 6, 2009, ANJR, PT Dipo Star Finance (DSF) and PT Autosale Lancar Mandiri (ASLM)
entered into a Transfer of Rights and Obligations Agreement. Based on the agreement, ASLM
transferred its rights from and obligations to DSF to ANJR as approved by DSF. Under the
agreement, ANJR assumed the obligation of ASLM to pay a monthly installment of Rp 891,114,579
until the end of the contract. In return, ASLM released its rights on the leased assets including the
right to receive the Proof of Ownership (BPKB) at the end of the finance lease period.
All lease liabilities are denominated in Rupiah, paid every month at fixed amount. The lease liabilities
are collateralized by the related leased assets.
On March 28, 2011, ANJR has fully paid its lease liabilities from DSF.
ANJHC
ANJHC entered into cross merchandising medical equipment agreements with PT Mensa Bina
Sukses (Lessor) which term vary from 20 to 60 months. The arrangements were classified as finance
leases since all risk and rewards incidental to the ownership of the assets were substantially
transferred to ANJHC. The lessor will guarantee and provide after sales service for the assets and
the lessee has to insure the assets.
In line with the adoption of PSAK 58 (revised 2010), at year end 2011, lease liabilities amounting to
US$ 316,182 were reclassified as part of liabilities directly associated with assets held for sale
(Note 27).
- 80 -
The future minimum lease payments based on the lease agreements are as follows:
a. By due date:
December 31,
2012
US$
Minimum lease payments:
2010
2011
2012
2013
2014
2015
Total minimum lease payments
Interest
Present value of minimum lease
payments
Current maturities
Long-term portion of lease
liabilities - net
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
1,838,589
306,732
153,366
2,298,687
(98,687)
-
671,950
406,826
1,078,776
(136,253)
1,224,413
505,188
319,857
2,049,458
(237,816)
2,200,000
(1,772,756)
-
942,523
(503,003)
1,811,642
(1,086,492)
-
439,520
725,150
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
427,244
b. By lessor:
December 31,
2012
US$
PT Mitra Pinasthika Mustika Finance
PT Dipo Star Finance
PT Resona Indonesia Finance
PT Mensa Bina Sukses
Total
2,200,000
2,200,000
December 31,
2011
US$
-
72,765
698,867
170,891
942,523
821,205
990,437
1,811,642
36. DEFERRED REVENUE
Deferred revenue represents the rental income received by ANJR in 2011, 2010 and January 1,
2010/December 31, 2009. In line with the addoption of PSAK 58 (revised 2010), at year end 2011,
deferred revenue amounting to US$ 1,117,631 was reclassified as part of liabilities directly
associated with assets held for sale (Note 27).
In 2012, deferred revenue represent the difference between proceeds from sale and book value of
assets related to the sale and lease back transaction by SMM (Note 35) with a total amount of
US$ 3,350,288, of which US$ 1,340,115 is recognized as current maturities portion and
US$ 2,010,173 as long term portion.
- 81 -
37. CONVERTIBLE BONDS
This account represents bonds issued by ANJR to third parties, with the following details:
December 31,
2012
US$
December 31,
2011
US$
-
-
7,322,500
-
-
-
3,137,971
-
-
-
2,033,867
12,494,338
-
Josh Ridge Limited BVI, US$ 7,322,500
- at nominal value
Wigandia Pte., Ltd, Rp 28,213,500,000
- at nominal value
Ariadne Global Pte. Ltd, Rp 18,286,500,000
- at nominal value
Total
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
On December 1, 2010, ANJR issued unsecured mandatory convertible bonds to Josh Ridge Limited
BVI, Wigandia Pte. Ltd and Ariadne Global Pte. Ltd, with nominal value of respectively
US$7,322,500, Rp 28,213,500,000 and Rp 18,286,500,000. The bonds will be due at the earlier of
ANJR share listing in Indonesia Stock Exchange (Bursa Efek Indonesia) or their maturity date on
December 31, 2014, whichever is earlier. At ANJR share listing in Indonesia Stock Exchange, the
bonds‟ conversion into ANJR‟s shares is mandatory, with maximum shares conversion of
respectively, 67,660 shares, 28,213 shares and 18,286 shares for Josh Ridge Limited BVI, Wigandia
Pte. Ltd and Ariadne Global Pte. Ltd, in accordance with the terms and conditions as set in the
agreement.
If ANJR has not listed its shares until December 31, 2012, the bondholders may exercise their put
option, or the issuer may exercise its call option to redeem the bonds at their outstanding value. The
US$ bond bears an interest rate of 3.25% per annum and the Rupiah bond bears an interest rate of
10.5% per annum, payable quarterly starting 90 days after the issuance date until the due date.
There is no bond issuance cost as the bonds were issued at their nominal value.
In line with the adoption of PSAK 58 (revised 2010), at year end 2011, convertible bonds amounting
to US$ 12,450,422 were reclassified as part of liabilities directly associated with assets classified as
38. EMPLOYEE BENEFITS OBLIGATION
The Group provides post-employment benefit for their qualifying employees in accordance with Labor
Law No. 13/2003. The number of employees entitled to the benefits is respectively 4,880, 6,066 and
5,237 in 2012, 2011 and 2010.
- 82 -
Amounts charged to consolidated statements of comprehensive income in respect of these postemployment benefits are as follows:
Current service cost
Interest cost
Past service cost
Amortization of past service cost
Gain from termination
Excess benefit payment during the period
Immediate adjustment for new
permanent employees
Liability transferred to other companies
Liability transferred from other companies
Immediate recognition of past service
cost-vested
Termination cost, curtailment and settlement
Reclassified to net income from
discontinued operation
Total
2012
US$
2011
US$
2010
US$
1,940,209
624,190
(975)
12,859
(2,157,592)
10,178,035
2,185,134
889,182
(13,700)
-
1,453,148
650,856
74,664
-
12,073
(553,844)
352,748
465,284
-
767,622
-
(210,451)
142,845
9,979
411,111
899,964
115,090
10,340,097
(1,105,726)
2,841,264
(1,100,777)
2,860,567
The amounts included in consolidated statements of financial position arising from the Group‟s
obligations in respect of these post-employment benefits are as follows:
Present value of defined benefit
obligation
Actuarial gain (losses)
Fair value of plan assets
Reclassified to liabilities directly associated
with assets held for sale (Note 27)
Post-employment benefit obligation
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
9,331,520
(82,185)
(137,058)
15,299,635
(2,709,872)
(198,184)
10,744,329
(1,292,253)
-
9,112,277
(3,057,979)
9,333,600
9,452,076
- 83 -
January 1, 2010/
December 31, 2009
US$
5,910,197
(221,532)
5,688,665
Movements in the present value of the defined benefit obligation in the current year were as follows:
December 31,
2012
US$
At beginning of the year
Past service cost
Interest cost
Actuarial (gain) loss
Benefits payment
Effect of settlement
Liability transferred to
other company
Liability transferred from
other company
Past service liability of new employee
Immediate recognition of tax liabilities
Unrealized forex loss (gain)
At end of the year
December 31,
2011
US$
15,299,635
(265,446)
1,931,767
663,425
(1,054,938)
(690,710)
(2,072,226)
10,744,328
1,826,529
811,796
1,893,366
(921,542)
-
(3,890,829)
(109,100)
288,727
128,454
(1,006,339)
9,331,520
72,764
398,805
582,689
15,299,635
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
5,910,197
120,964
1,446,899
642,463
710,469
(336,437)
339,299
3,925,622
(51,345)
821,264
483,048
(61,472)
(124,730)
(86,053)
-
-
1,597,081
313,394
10,744,329
53,199
264,846
685,818
5,910,197
Movements in the net liability recognized in the consolidated statements of financial position are as
follows:
December 31,
2012
US$
Beginning of the year
Amount charged to income for the year
Benefit payments
Presented as net income from
discontinued operations
Fair value of plan assets
Recognition of actuarial (gain) or loss in
other comprehensive income
Excess benefit payment during the period
Leave allowance
Translation adjustments
Reclassified to liabilities directly
associated with assets held
for sale (Note 27)
End of the year
December 31,
2011
US$
9,333,600
10,340,097
(295,821)
604,572
(10,178,035)
2,188
(694,324)
9,112,277
December 31,
2010
US$
9,452,076
2,841,264
(580,109)
5,688,664
2,860,567
(548,524)
1,105,726
(198,184)
1,100,777
-
(229,194)
350,592
(3,057,979)
9,333,600
9,452,076
The history of experience adjustments are as follows:
December 31,
2012
US$
Present value of defined obligation
Experience adjustments on plan liabilities
9,331,520
(1,418,364)
December 31,
2011
US$
December 31,
2010
US$
15,299,635
1,066,827
10,744,329
1,011,721
- 84 -
December 31,
2009
US$
5,910,197
(10,074)
December 31,
2008
US$
3,925,622
(249,199)
The cost of providing post-employment benefits is calculated annually by independent actuary from
PT Dayamandiri Dharmakonsilindo in its report dated respectively January 23, 2013, February 14,
2012 and January 7, 2011 for the position as of December 31, 2012, December 31, 2011 and
December 31, 2010. The actuarial valuation was carried out using the following key assumptions:
Mortality rate
Normal pension age
Rate of salary increase per annum
Discount rate per annum
December 31, 2012
December 31, 2011
December 31, 2010
January 1, 2010/
December 31, 2009
CSO - 1980 and Indonesia
Mortality Table 1999
56 - 60 years
8.00% - 15.00%
6.30% - 8.90%
56 - 60 years
8.00% - 15.00%
6.30% - 8.90%
56 - 60 years
9.00% - 15.00%
7.75% - 8.90%
56 - 60 years
9.00% - 15.00%
9% - 10.75%
39. CAPITAL STOCK
The composition of the Company‟s shareholders is as follows:
Name of shareholders
PT Memimpin Dengan Nurani
PT Austindo Kencana Jaya
Yayasan Tahija
Total
December 31, 2012
Percentage of
Total paid-in capital stock
ownership
Rp
Equivalent in US$
Number
of shares
1,343,804,685
1,343,804,685
156,242,000
156,147,130
1,500
3,000,000,000
44.7935%
44.7935%
5.2081%
5.2049%
0.0001%
100.0000%
134,380,468,500
134,380,468,500
15,624,200,000
15,614,713,000
150,000
300,000,000,000
14,037,446
14,037,446
7,544,278
7,539,697
73
43,158,940
Based on Deed No. 09 of notary Mala Mukti, S.H., dated September 6, 2012, the shareholders have
approved to:
 Increase the authorized capital from Rp 50,000,000,000 to Rp 1,200,000,000,000
 Increase the issued and paid in capital from Rp 31,239,063,000 to Rp 300,000,000,000
 Split the par value per share from Rp 1,000 per share to Rp 100 per share, therefore increasing
the number of shares outstanding to 3,000,000,000 shares
 Issue 2,687,609,370 new shares with nominal value of Rp 268,760,937,000 which are subscribed
by :
-
PT Memimpin Dengan
Rp 134,380,468,500 and
PT Austindo Kencana
Rp 134,380,468,500
Nurani
Jaya
for
for
1,343,804,685
1,343,804,685
shares
shares
with
with
nominal
value
of
nominal
value
of
These changes have been acknowledged by the Minister of Law and Human Rights of the Republic
of Indonesia in his decision letter No. AHU-48475.AH.01.02 dated September 12, 2012.
Name of shareholders
Yayasan Tahija
Total
December 31, 2011, 2010 and January 1, 2010/ December 31, 2009
Total paid-in capital stock
Number
Percentage of
of shares
ownership
Rp
Equivalent in US$
15,624,200
15,614,713
150
31,239,063
- 85 -
50.0149%
49.9846%
0.0005%
100.0000%
15,624,200,000
15,614,713,000
150,000
31,239,063,000
7,544,278
7,539,697
73
15,084,048
Changes in number of shares outstanding since January 1, 2010 until December 31, 2012 are as
follows:
Number of
Total paid up
shares
capital
Rp
Balance as of January 1, 2010,
December 31, 2010 and 2011
31,239,063
31,239,063,000
Stock split
Issuance of new shares
312,390,630
2,687,609,370
31,239,063,000
268,760,937,000
3,000,000,000
300,000,000,000
40. DIFFERENCE IN VALUE FROM RESTRUCTURING TRANSACTION BETWEEN ENTITIES
UNDER COMMON CONTROL
This account represents the difference in selling price and the book value of equity transferred in
restructuring transaction between entities under common control. Entities under common control
involved in the transactions are as follows:
 PT Austindo Kencana Jaya is a shareholder of PT Austindo Nusantara Jaya Husada Cemerlang
and also a shareholder of the Company
 PT Memimpin dengan Nurani is a shareholder of the Company
 Mr. George Santosa Tahija is a shareholder of PT Memimpin Dengan Nurani and also a
shareholder of the Company
 Mr. Sjakon George Tahija is a shareholder of PT Austindo Kencana Jaya and also a shareholder
of the Company
The details of difference in value from restructuring transaction between entities under common
control are as follows:
December 31, 2012
US$
Sale of investment in shares of ANJHC (subsidiary)
Sale of investment in shares of BKM
Sale of investment in properties
Sale of property, plant and equipment
Sale of other assets
Total
8,024,263
1,490,208
32,592
3,569,959
(112,689)
13,004,333
Sale of investment in shares of ANJHC (Subsidiary)
On May 7, 2012, the Company transferred 165,837,499 shares or 99.99% ownership in ANJHC to
PT Austindo Nusantara Jaya Husada Cemerlang with selling price of US$ 20,000,000. The
difference between the selling price and the book value of equity transferred of US$ 8,024,263 is
recorded as difference in value from restructuring transaction between entities under common
control.
- 86 -
Sale of Investment in Shares of BKM
On July 23, 2012, the Company transferred 27,750 shares in BKM to PT Austindo Nusantara Jaya
Husada Cemerlang with selling price of US$ 2,630,886. The difference between the selling price and
the book value of equity transferred of US$ 1,490,208 is recorded as difference in value from
restructuring transaction between entities under common control.
Sale of Investment in Properties
On August 14, 2012, the Company sold investment in land and buildings to PT Memimpin Dengan
Nurani and PT Austindo Kencana Jaya with total selling price of US$ 2,606,165. The difference
between the selling price and the book value of US$ 994,316 is recorded as difference in value from
On September 5, 2012, the Company sold investment in properties to PT Austindo Nusantara Jaya
Husada Cemerlang with total selling price of US$ 4,324,371. The difference between the selling price
and the book value of (US$ 961,724) is recorded as difference in value from restructuring transaction
between entities under common control.
Sale of Property, Plant and Equipment
On December 6, 2012, the Company sold building, office equipment, furniture and fixtures to
PT Memimpin Dengan Nurani and PT Austindo Kencana Jaya with a total selling price of
US$ 2,970,834. The difference between the selling price and the book value of US$ 2,392,599 is
control.
On May 16, 2012, GMIT sold land and building located in Jember to entities under common control,
PT Memimpin Dengan Nurani and PT Austindo Kencana Jaya. The difference between the selling
price and the book value of land and building of US$ 1,177,360 is recorded as difference in value
from restructuring transaction between entities under common control.
Sale of Other Assets
On June 29, 2012, the Company sold other assets to Mr. Sjakon George Tahija with a selling price of
US$ 42,440. The difference between the selling price and the book value of (US$ 112,689) is
control.
41. DIFFERENCES IN VALUE DUE TO CHANGES IN EQUITY OF SUBSIDIARIES AND
ASSOCIATES
Effect of changes in equity resulting
from step acquisition of ANJA
Effect of changes in equity resulting
from remeasurement of functional
currency in SMM
Effect of changes in equity of ANJR
Effect of changes in equity of ANJA from
stock option conversion and purchase
of stocks from non-controlling interest
Total
December 31,
2012
US$
December 31,
2011
US$
29,217,031
29,217,031
29,217,031
29,217,031
1,860,354
-
1,860,354
441,301
1,860,354
350,349
1,860,354
-
(469,794)
30,607,591
867,640
32,386,326
31,427,734
31,077,385
- 87 -
December 31,
2010
US$
January 1, 2010/
December 31, 2009
US$
42. NON-CONTROLLING INTERESTS
PT Lestari Sagu Papua
PT Austindo Aufwind New Energy
PT Gading Mas Indonesian Tobacco
Incorporated
PT Prima Mitra Nusatama
PT Austindo Nusantara Jaya Finance
Healthcare
Others
Total
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
673,949
23,175
9,753
696,632
197,779
972,829
230,470
338,355
49
2,214,489
5,435,446
2,179,489
2,307,355
4,706,595
1,806,119
2,249,691
2,874,384
5,666,603
116,559
4,811
274
11,818,308
104,867
148,816
213
9,642,790
93,772
363,857
377
11,612,926
2011
US$
2010
US$
234
707,160
January 1, 2010/
December 31, 2009
US$
206,193
158,049
43. REVENUE FROM SALES
2012
US$
Palm oil
Tobacco
Total
154,585,695
5,294,880
159,880,575
154,349,258
3,811,016
158,160,274
115,230,662
5,366,625
120,597,287
The details of customers with net sales exceeding 10% of the revenue from sales are as follows:
Name
2012
Percentage to
consolidated
Total
net sales
US$
%
Total
US$
2011
Percentage to
consolidated
net sales
%
Total
US$
2010
Percentage to
consolidated
net sales
%
PT Wilmar Nabati Indonesia
PT Musim Mas
PT Louis Dreyfus Commodities
PT Pacific Indopalm Industries
PT Sari Dumai Sejati
PT Multimas Nabati Asahan
25,658,798
23,063,907
19,369,420
14,023,150
11,689,873
3,021,243
16
14
12
10
7
2
50,298,387
17,504,083
5,244,000
15,290,565
28,842,622
11,866,921
32
11
3
10
18
8
36,596,548
13,120,164
21,149,136
10,439,313
12,373,280
30
11
18
9
10
Total
96,826,391
61
129,046,578
82
93,678,441
78
- 88 -
44. SHARE IN NET INCOME OF ASSOCIATES
PT Bilah Plantindo
Total
2012
US$
2011
US$
2010
US$
2,080,246
983,390
797,804
3,861,440
2,337,363
1,312,822
970,679
4,620,864
1,584,617
1,035,019
674,957
3,294,593
2012
US$
2011
US$
2010
US$
7,808,466
116,443
7,924,909
9,955,462
18,670
9,974,132
5,560,465
35,310
5,595,775
2012
US$
2011
US$
2010
US$
1,831,286
159,372
1,990,658
1,049,026
56,151
1,105,177
2012
US$
2011
US$
45. DIVIDEND INCOME
Investments in stock
Money market funds
Total
46. INTEREST INCOME
Time deposits and current accounts
Others
Total
533,168
4,945
538,113
47. OTHER INCOME
Rental
Gain on sale of properties, plant and
equipment
Gain on sale of other investment
Gain on liquidation of a subsidiary
Others
Total
100,286
107,896
89,529
34,091
13,295
5,000,000
86,000
256,143
5,463,334
1,782
3,283,468
3,417,845
- 89 -
2010
US$
76,575
876,744
1,044,630
48. COST OF SALES
2012
US$
Palm oil (Notes 21 and 22)
Tobacco
Total
2011
US$
81,729,496
4,007,476
85,736,972
2010
US$
77,812,678
3,076,259
80,888,937
57,822,636
4,547,421
62,370,057
2012
US$
2011
US$
2010
US$
10,787,536
23,819,277
7,974,885
19,486,956
6,341,955
18,149,242
14,702,369
8,714,006
15,929,591
73,952,779
13,181,844
8,229,826
23,899,059
72,772,570
9,478,442
8,316,663
12,090,456
54,376,758
7,245,150
81,197,929
6,390,666
79,163,236
5,059,758
59,436,516
Tobacco Cost
Purchase of Tobacco
Tobacco processing cost
Total Tobacco production cost
4,687,294
1,067,701
5,754,995
4,913,105
646,360
5,559,465
2,529,548
605,270
3,134,818
Finished goods:
Beginning of year
Palm oil
Tobacco
5,361,245
6,233,793
4,010,687
4,240,559
2,396,807
5,728,945
(4,829,678)
(7,931,089)
(50,223)
(5,361,245)
(6,647,637)
(76,128)
(4,010,687)
(4,276,876)
(39,466)
85,736,972
80,888,937
62,370,057
Palm Oil:
Fresh Fruit Bunches (FFB) Costs
Harvesting expenses
Maintenance expenses of mature plantations
Indirect expenses including depreciation
of property, plant and equipment
Depreciation of mature plantations
Purchases of FFB
Total FFB Costs
Factory overhead costs including depreciation
of property, plant and equipment
Total Production Costs
End of year
Palm oil
Tobacco
Translation adjustment for Tobacco
Cost of sales
- 90 -
The details of suppliers with purchases exceeding 10% of the consolidated net FFB and fertilizer
purchases are as follows:
Name
PT Pupuk Hikay
PT Sentana Adidaya Pratama
Abdul Somat Pulungan
Sulkan Arifin
Total
2012
Percentage to
consolidated
Total
net purchases
US$
%
Total
US$
2011
Percentage to
consolidated
net purchases
%
Total
US$
2010
Percentage to
consolidated
net purchases
%
7,428,958
6,147,828
6,073,409
1,079,066
18
15
15
3
6,302,417
6,119,875
6,433,984
5,523,084
14
14
15
13
13,143,461
1,126,977
5,554,597
40
4
17
20,729,261
51
24,379,360
56
19,825,035
61
49. PERSONNEL EXPENSES
This account represents salaries, allowances, bonuses and post-employment benefit expenses
(Note 38).
50. GENERAL AND ADMINISTRATIVE EXPENSES
2012
US$
Professional fees
Travel and transportation
Donation
Depreciation (Note 22)
Office expenses
Insurance
Repairs and maintenance
Communication and electricity
Training, seminars and meeting
Membership and subscription fees
Entertainment
Office rent
Custodial fees and bank charges
Provision for doubtful accounts
Amortization of goodwill (Note 24)
Share based compensation (Notes 57j)
Others
Total
4,629,281
4,090,056
1,538,826
996,826
536,415
509,766
390,376
292,820
228,969
86,298
61,440
49,034
13,268
3,577
1,451,511
14,878,463
- 91 -
2011
US$
2010
US$
1,784,546
3,186,855
1,238,387
423,756
373,133
421,317
385,483
97,585
307,337
109,059
9,026
25,700
7,760
9,978
1,137,067
9,516,989
1,241,660
2,749,492
1,682,822
1,534,445
258,339
78,671
255,099
171,364
141,495
79,211
85,486
302,117
11,690
840
360,591
135,222
698,580
9,787,124
51. INCOME TAX
Tax expense of the Group consists of the following:
2012
US$
Continuing operations:
Current tax
Deferred tax
Total tax expenses
17,743,889
(438,334)
17,305,555
Discontinued operations:
Current tax
Deferred tax
Total tax expenses - discontinued
operations (Note 52)
2011
US$
21,060,701
5,526,969
26,587,670
2010
US$
15,830,406
(1,037,275)
14,793,131
23,151,260
(4,762,152)
4,749,968
(507,131)
3,860,336
186,534
18,389,108
4,242,837
4,046,870
Current Tax
Reconciliation between income before tax per consolidated statements of comprehensive income
and taxable income is as follows:
2012
US$
Income before tax per consolidated
statements of comprehensive income
Income before tax of subsidiaries
Income (loss) before tax of the Company
Income tax basis adjustments
Taxable income of the Company
59,262,636
75,092,131
(68,261,039)
66,093,728
9,775,698
75,869,426
2011
US$
72,340,666
14,527,297
(84,804,695)
2,063,268
5,250,480
7,313,748
2010
US$
39,321,499
12,118,677
(63,233,536)
(11,793,360)
15,486,296
3,692,936
Details of current tax expense are as follows:
2012
US$
Continuing operation:
The Company
Subsidiaries:
PT Austindo Nusantara Jaya Agri and
PT Sahabat Mewah dan Makmur
PT Darajat Geothermal Indonesia
PT Gading Mas Tobacco Indonesia
Total
- 92 -
2011
US$
2010
US$
(2,655,832)
1,828,437
923,234
18,847,427
1,308,963
215,975
27,356
17,743,889
17,742,140
1,095,248
394,876
21,060,701
14,429,116
478,056
15,830,406
2012
US$
Discontinued operations:
The Company
Subsidiaries
Total
21,623,189
1,528,071
23,151,260
2011
US$
2010
US$
-
-
4,271,899
457,916
20,153
4,749,968
3,603,524
238,854
17,958
3,860,336
As of the date of financial statements, the Company has not submitted its corporate income tax
return for the year 2012. However, the estimated taxable income of the Company in 2012 will be
reported in the 2012 corporate income tax return. For the year 2011 and 2010, the amount of taxable
income is in accordance with the amounts reported in the corporate income tax return for the year
2011 and 2010.
Deferred Tax
In 2012, 2011 and 2010, the Company has deductible temporary differences from long-term
investment, provision for value increase sharing plan, bonus accrual and post-employment benefit
obligation. The Company only recognizes the deferred tax assets over which balance management
believes can be utilized in future periods to compensate future taxable income.
The details of deferred tax assets and liabilities of the Group are as follows:
Deferred tax assets
The Company
PT Gading Mas Indonesian
Tobacco Incorporated
PT ANJ Agri Papua
Total
The Company
PT Surya Makmur
PT Aceh Timur Indonesia
Total
January 1,
2012
US$
Restructuring
transaction
in subsidiaries
US$
1,414,692
-
130,178
4,089,559
5,634,429
(4,238,740)
(1,282,661)
(885,322)
(663,636)
(542,116)
(7,612,475)
(851,201)
850,018
1,183
-
-
Net
Credited
(charged)
to income
for the year
US$
Translation
adjustments
US$
21,094
(17,951)
1,408,901
660,869
(209)
646,486
73,923
(91,892)
18,757
68
21,950
(9,713)
(25,652)
(70)
(35,435)
176,437
4,555,367
1,503,992
972
6,267,430
4,238,740
226,322
(242,024)
(192,450)
523,412
4,554,000
-
18,702
18,702
(983,600)
(1,127,346)
(856,086)
(2,967,032)
72,739
72,739
94,689
-
December 31,
2012
US$
(1,405,124)
5,200,486
- 93 -
Charged to
other
comprehensive
income
US$
30,662
Credited
(charged)
to income
for the year
US$
January 1,
2011
US$
Charged to
other
comprehensive
income
US$
Reclassified
to assets
held for sale
US$
Translation
adjustments
US$
December 31,
2011
US$
Deferred tax assets
The Company
Total
360,061
494,282
(191,619)
(58,586)
1,246,250
-
(2,401)
(433,295)
1,414,692
-
121,249
3,773,596
539,129
5,288,317
10,274
353,821
575,687
689,577
(101,988)
1,144,262
(1,345)
(37,858)
(16,650)
(58,254)
(996,178)
(1,429,473)
130,178
4,089,559
5,634,429
The Company
PT Optik Klinik Mata Nusantara
PT Surya Makmur
Total
(952,573)
(18,797)
(240,992)
(556,866)
(420,733)
(2,189,961)
(4,238,740)
(330,088)
(177,819)
167,850
(328,456)
(242,903)
(559,259)
(5,709,415)
5,521
(3,100)
17,143
19,564
191,095
76,242
267,337
(4,238,740)
(1,282,661)
(885,322)
(663,636)
(542,116)
(7,612,475)
Net
(5,019,838)
January 1,
2010
US$
Deferred tax assets
The Company
Total
PT Optik Klinik Mata Nusantara
PT Surya Makmur
Total
1,144,262
Credited
(charged)
to income
for the year
US$
Charged to
other
comprehensive
income
US$
Translation
adjustment
US$
December 31,
2010
US$
1,308,541
535,606
297,770
(64,880)
(1,246,250)
-
23,556
360,061
494,282
94,397
2,131,570
501,006
4,571,120
22,279
1,610,909
15,144
1,881,222
(1,246,250)
4,573
31,117
22,979
82,225
121,249
3,773,596
539,129
5,288,317
(485,098)
(106,643)
(46,196)
(299,397)
(253,192)
(1,190,526)
(467,475)
65,042
(203,038)
(257,469)
(167,541)
(1,030,481)
22,804
8,242
31,046
(952,573)
(18,797)
(240,992)
(556,866)
(420,733)
(2,189,961)
Net
850,741
(1,246,250)
Deferred tax expense was allocated to the followings:
2012
US$
Credit (charged) to income for the
year - continuing operation
Credit (charged) to income for the
year - discontinued operation
Total
2011
US$
438,334
(5,526,969)
4,762,152
5,200,486
507,131
(5,019,838)
2010
US$
1,037,275
(186,534)
850,741
Income tax expense or benefit charged or credited to other comprehensive income in 2012 is
temporary difference from actuarial gain (loss); while in 2011 and 2010 are temporary difference from
changes in fair value of available-for-sale investment.
- 94 -
52. NET INCOME FROM DISCONTINUED OPERATIONS
In 2011, the Company has decided to divest three of its subsidiaries which are ANJR and
subsidiaries, AI and ANJHC and subsidiary. The sale of ANJR and AI to third parties were
respectively realized on January 17, 2012 and February 27, 2012 (Notes 1c). On May 7, 2012, the
Company sold ANJHC to PT Austindo Nusantara Jaya Husada Cemerlang, (entities under common
control), the gain on which is recognized as difference in value from restructuring transaction
between entities under common control.
2012
US$
Net income for the year from discontinued
operation
Gain from sale of ANJR - net
Gain from sale of AI - net
Reclassification from difference in value
from restructuring transaction
between entities under common
control - sale of AI to ANJR
Net income from discontinued operation
2011
US$
2010
US$
162,138
52,214,402
3,232,169
10,572,117
-
8,071,807
-
1,094,314
56,703,023
10,572,117
8,071,807
The result of the discontinued operation included in the consolidated statements of comprehensive
income is set out below:
2012
2011
2010
US$
US$
US$
Revenue from vehicle rental
Revenue from financing service
Gain on sale of investments
Gain (loss) in foreign exchange
Dividend income
Revenue from healthcare service
Insurance underwriting income
Interest income
Other Income
Cost of vehicle rental
Cost of healthcare service
Unrealized gain (loss) from investment in
trading securities
Selling expenses
Interest expense
Personnel expense
General and administrative expense
Consultant fee related to sale
of subsidiaries
Loss on derivative instrument
Share in net loss of associates
Other expense
Tax expense related to sale of subsidiaries
- 95 -
78,032,659
(4,667)
3,584
5,882,790
936,729
156,859
89,318
(3,098,290)
42,512,225
39,091,074
46,242
30,377
12,085,408
6,277,002
1,394,059
9,011,484
(26,882,104)
(4,698,516)
29,884,906
25,511,662
165,253
317,623
9,171,925
4,480,394
1,164,832
6,903,379
(18,998,100)
(3,589,429)
(1,838,993)
(1,959,834)
(752,209)
(27,703,994)
(17,302,309)
(16,812,942)
(132,249)
(692,327)
(15,308,820)
(13,082,381)
(12,887,627)
(3,102,665)
(5,359)
(18,389,108)
56,703,023
(1,480,842)
(4,242,837)
10,572,117
(676,647)
(5,659)
(108,058)
(4,046,870)
8,071,807
2012
US$
2011
US$
Net income attributable to:
55,080,763
1,622,260
56,703,023
10,188,666
383,451
10,572,117
Net cash flows from operating activities
Net cash flows from investing activities
Net cash flows from financing activities
Net cash flows
(2,057,100)
142,346,809
140,289,709
(52,112,213)
(60,764,351)
106,028,050
(6,848,514)
2010
US$
6,894,992
1,176,815
8,071,807
(51,919,316)
(44,842,539)
101,017,044
4,255,189
53. EARNINGS PER SHARE
The computation of basic earnings per share is based on the following data:
2012
US$
2011
US$
2010
US$
Earnings
Net income attributable to
owners of the Company
Net income from continuing operation
96,299,136
41,957,081
56,703,023
55,629,472
45,752,996
10,572,117
31,446,591
24,528,368
8,071,807
1,208,260,420
312,390,630
312,390,630
0.178
0.146
0.032
0.101
0.079
0.022
Number of shares
Weighted average number of ordinary
shares outstanding (after stocksplit)
Basic earnings per share
Earnings per share from continuing operation
Earnings per share from discontinued operation
0.080
0.035
0.045
In 2012, the Company did a stock split. Consequently, weighted average of capital stock outstanding
in 2011 and 2010 is restated as if the stock split had been performed in 2011 and 2010.
At the end of reporting periods, the Company does not have any potential dilutive common share
equivalent instruments.
54. CASH DIVIDEND
Based on Board of Commissioners Resolution of the Company dated August 6, 2012, September 24,
2012, and December 10, 2012, the Company distributed the first, second, and third interim dividends
from 2012 retained earnings amounting to US$ 34,000,000, US$ 135,000,000, US$ 30,000,000,
respectively.
- 96 -
Based on Annual Shareholders‟ Meeting of the Company dated June 29, 2012, the shareholders
approved the distribution of final dividends amounting to US$ 30,000,000 from 2011 retained
earnings, in addition to the first interim dividend of US$ 10,000,000, second interim dividend
of US$ 4,000,000 and third interim dividend of US$ 50,000,000, which was approved for distribution
by the Board of Commissioners of the Company in its Resolution respectively dated on February 8,
2012, March 6, 2012 and April 3, 2012 based on proposal from the Company‟s Board of Directors,
resulting in a total dividend of US$ 94,000,000 from 2011 retained earnings.
Based on Annual Shareholder‟s Meeting of the Company dated June 8, 2011, the shareholders
approved the distribution of dividends of US$ 5,000,000 from 2010 retained earnings, in addition to
US$ 8,500,000 interim dividend of 2010.
Based on Extraordinary meeting of the Company dated November 8, 2010, the shareholders
approved the distribution of the first interim dividend from 2010 retained earnings amounting to
US$ 8,500,000.
Based on Annual Shareholder‟s Meeting of the Company dated May 10, 2010, the shareholders
approved the distribution of dividends of US$ 2,250,000 from 2009 retained earnings, in addition to
US$ 1,124,610 interim dividend, resulting in a total dividend of US$ 3,374,610.
55. DERIVATIVE INSTRUMENTS
a) The estimated fair values of ANJF's derivative instrument, which qualified as hedged accounting
i.e. Cross-Currency-Interest-Rate-Swap (CCIRS) and did not qualify as hedged accounting, i.e.
Interest-Rate-Swap (IRS) in 2010 is as follows:
December 31, 2010
Type of contract
Notional amount
US$
Outstanding Balance
US$
US$
11,043,622
11,043,622
(656,223)
125,000,000,000
125,000,000,000
(276,344)
CCIRS
Rp
IRS
Fair value (presented as
derivative liabilities)
Rp
Net
(932,567)
The details of derivative contracts as of December 31, 2010 are as follows:
Type of contract
Counter party banks
Maturity date
Period
Qualified as hedge
accounting
CCIRS
ANZ Bank, Jakarta
July, 7 2013
3 years
Not qualified
as hedge accounting
IRS
ANZ Bank, Jakarta
July 16. 2012
3 years
The US$ 577,612 (Rp 5,193,309,489) corresponding change in fair value of derivative
instrument, which qualified as hedge accounting in 2010, is recorded as part of other
comprehensive income.
- 97 -
The estimated fair values of ANJF‟s derivative instruments, which did not qualify as hedge
accounting Interest-Rate-Swap (IRS) as of January 1, 2010/December 31, 2009 are summarised
below:
Type of contract
IRS
IRS
IRS
IRS
IRS
IRS
Outstanding balance
US$
Fair value (presented
as derivative
asset (liability))
US$
14,250,000
14,000,000
10,000,000
6,000,000
3,750,000
48,000,000
1,425,000
1,400,000
1,000,000
600,000
375,000
4,800,000
42,799
24,473
19,276
13,758
13,220
113,526
Rp
125,000,000,000
Rp
125,000,000,000
Notional amount
US$
Net
US$
(396,501)
(282,975)
The details of derivative contracts as of January 1, 2010/December 31, 2009 are as follows:
Type of contract
Counter party
bank
Maturity date
Period
Not qualified as hedge
accounting
IRS
DBS Bank, Jakarta and ANZ
Bank Jakarta
March 29, 2010
July 16, 2012
3 years
Exposure to counter party credit risk is considered low because these agreements have been
entered into with major credit worthy institutions with strong credit rating and is expected to fully
perform according to the terms of the agreement.
b) In 2012, 2011 and 2010, ANJA entered into a future commodity contract with Morgan Stanley
Capital Group Inc. and Barclays Capital. Gain (loss) from commodity contract respectively
US$ 2,588,159, US$ 1,759,786, and (US$ 905,730) for the year 2012, 2011, and 2010, was
recorded in consolidated statements of comprehensive income as other revenue (expense).
c) ANJA entered into forward currency contracts with Citibank N.A., PT Bank OCBC NISP Tbk and
PT Rabobank International Indonesia to minimize foreign exchange exposures. Foreign currency
contracts require ANJA, at a future date, to buy and sell U.S. Dollar against Rupiah using the
rates agreed at the inception of the contracts.
d) On October 1, 2010, GMIT entered into foreign exchange line agreement with PT Bank Permata
Tbk, whereas the Bank agreed to provide derivative transactions facility with maximum amount
of US$ 1,000,000, with maximum transactions terms of 6 months and validity until October 6,
2013. As of December 31, 2012, there is no outstanding balance of the facility.
- 98 -
Gain (loss) on the above derivatives which are recorded in consolidated statements of
comprehensive income as other income (expense) are as follows:
2012
US$
Commodity contracts of ANJA
Change in fair value of ANJF derivatives
Swap cost of ANJF
Reclassified to net income from
discontinued operation (Note 52)
Total
2011
US$
2010
US$
2,588,159
-
1,759,786
(235,704)
(1,087,153)
(905,730)
147,001
(823,648)
2,588,159
1,322,857
1,759,786
676,647
(905,730)
56. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES
Nature of Relationship
 Mr. George Santosa Tahija, Mr. Sjakon George Tahija, Yayasan Tahija, PT Memimpin Dengan
Nurani (MDN), PT Austindo Kencana Jaya (AKJ) are the Company‟s shareholders.
 PT Austindo Nusantara Jaya Husada Cemerlang is a subsidiary of PT Austindo Kencana Jaya.
Transactions with related parties
 The Group entered into several transactions of sales of investment in property and other assets
with related parties as explained in Note 40.
 The Company donated US$ 1,330,209, US$ 1,238,387 and US$ 1,673,777 which represents
1.06%, 1.10% and 1.72% of total expenses in 2012, 2011 and 2010 respectively, for Corporate
Social Responsibility (CSR) activities to Yayasan Tahija.
 Based on the lend and use agreement dated May 17, 2014, GMIT is allowed to use the land and
building owned by AKJ and MDN as its office, employees housing, training centre and
warehouse. This agreement will expire on May 17, 2014. Based on this lend and use agreement,
GMIT has no obligation to pay anything to AKJ or MDN, however GMIT have to bear and pay the
Land and Building tax, fire insurance, repair and maintenance, electricity, water, telephone,
security and all other maintenance cost related to the land and building during the lend and use
period.
57. COMMITMENTS AND CONTINGENT LIABILITIES
a. The Group provides economic value added (EVA) incentive plan to its management. The first
cycle of the plan started on January 1, 2007, and for the second cycle started on January 1, 2010
and ended on December 31, 2012, while the third cycle has not been formalised by Board of
Commissioners nor stockholders. The bonus is calculated annually based on certain formula as
stated in the EVA manual.
b. The Company provides its senior management with value increase sharing plan, which entitles
them an incentive in the form of certain percentage of value creation made by the Company
within a period of 4 years, starting from 2007 - 2010. In 2010, the Company recognized the
provision for value increase sharing plan expense of US$ 2,571,564. Piecemeal payment in 2011
and 2010 amounted to US$ 4,167,421 and US$ 3,000,000, respectively. In 2011, the plan has
been renewed for a period of 4 years, starting from 2011 to 2014. Provision for value increase
sharing plan recognized in 2011 is US$ 1,955,857. The Company has early terminated the plan
and paid the obligations arising from this plan as part of employees termination program. The
liabilities recognized as of December 31, 2012, 2011, 2010 and January 1, 2010/December 31,
2009 is nil, US$ 1,900,000, US$ 4,111,564 and US$ 4,540,000, respectively.
- 99 -
c.
On December 7, 2012, the Company entered into Aircraft EJ-135 Charter Services Agreement
with PT Airfast Indonesia (Airfast) for providing aviation service to carry passengers and/or
cargo. The agreement is valid for a minimum period of five (5) years, extendable by providing
three-month prior written notice to the expiration date. The rental expenses will be determined
when the aircraft has been registered to and the operating permit from authorities in Indonesia is
obtained based on this agreement. Once this aircraft is received, the Company will have to pay
US$ 4,000,000 deposit to Airfast.
Based on this agreement, Airfast irrevocably grants to the Company a call option to purchase the
aircraft from Airfast upon expiration of the charter period or upon termination of this agreement.
This option will be available only if Airfast decides to use its call option right to purchase the
aircraft from its Lessor.This aircraft will be used for the whole Group‟s operation, mainly for the
development of Sago and Palm Plantation in West Papua.
Currently ANJA also has commitment for Aircraft Charter Service Agreement of Raytheon
B1900D aircraft with PT Airfast Indonesia with fixed charter fee of US$ 69,167 per month plus all
operational expenses billed according to the usage of the aircraft.
d. On December 18, 2012, the Company entered into a lease agreement with PT Bumi Mulia
Perkasa Development, for leasing of 1,755.50 square meters office space at Gedung Atrium
Mulia. Rental fee and service charge totalling to US$ 92,164 should be paid quarterly. The
Company has paid US$ 92,164 security deposits, which is recorded as other non-current assets.
The lease period is three years, effective from April 3, 2013, with an option to extend the contract
for the next three years; option of which could be exercised not earlier than 4 month, and not
later than 2 month before the due date of the lease contract.
e. On November 29, 2012, the Company and ANJA respectively obtained credit facilities of US$ 35
million and US$ 10 million, from J.P. Morgan International Bank Limited Brussel Branch, with
interest of 0.25% p.a. above the bank‟s cost of fund. Tenor of this credit facility is 3 months since
the first withdrawal, extendable based on agreement of both parties. These facilities are
collateralized by the shareholder‟s (PT Memimpin Dengan Nurani and PT Austindo Kencana
Jaya) time deposits, in the same bank. As of December 31, 2012, there is no outstanding
balance on this credit facility.
f.
On July 17, 2006, the Company obtained US$ 10 million credit facility from Credit Suisse Bank
Singapore. The interest of this overdraft facility is at 0.5% p.a. above the higher of the prevailing
bank interest rate or cost of fund.
g. DGI has 5% participation in a consortium with Chevron Geothermal Indonesia (formerly Chevron
Texaco Energy Indonesia Ltd) to develop Darajat Unit II Power Project and all subsequent units,
operated by Chevron Geothermal Indonesia. These parties have the following commitment with
Perusahaan Pertambangan Minyak dan Gas Bumi Negara (“PERTAMINA”) and Perusahaan
Listrik Negara (“PLN”):
i)
Joint Operation Contract - On November 16, 1984, PERTAMINA as the first party, Chevron
Darajat Limited and Texaco Darajat Limited (jointly called “Contractor”) as the second party
entered into a Joint Operation Contract (“JOC”). This contract was amended and restated on
January 15, 1996 and February 7, 2003 and the latest on January 1, 2009. Under this
contract, PERTAMINA will be responsible for the management of the geothermal field
operations for the existing unit owned and operated by PLN, the geothermal field operations
and the electricity generation operations for the next and all subsequent units, which will be
built, owned and operated by the contractor. The Contractor shall finance expenditures for
the existing unit of geothermal field operation owned and operated by PLN, and geothermal
field operations and electricity generation operations for the next and all subsequent units
built. The Contractor shall also bear the risk, and be responsible for the conduct of such
geothermal field operations and electricity generation operations and is appointed as the
exclusive Contractor for all geothermal field operations and electricity generations in the
Darajat West Java Area (Contract Area).
- 100 -
The original term of this contract shall be 564 months commencing on the effective date,
provided that if a production period of 360 months for any unit is not possible within the
period ending 564 months following the effective date, then an extension period shall be
added. The contractor has constructed Darajat Unit II and III. Darajat Unit 3 started its
electricity sales in July 2007.
ii)
Energy Sales Contract - The Energy Sales Contract (“ESC”) was entered into by PLN as a
buyer and PERTAMINA, as the seller, and Chevron Darajat Limited and Texaco Darajat
Limited as the deliverer and serving as contractor to PERTAMINA under the JOC. This
contract was amended and restated on January 15, 1996 and subsequently amended on
May 1, 2000. Under the ESC, PLN has agreed to purchase and pay for geothermal energy
and for electricity generated from geothermal energy as delivered and/or made available
from the Darajat West Java Area (contract area), and PERTAMINA has agreed to sell such
geothermal energy and electricity to PLN pursuant to a Joint Operation with Chevron Darajat
Limited and Texaco Darajat Limited.
The term of this contract shall be for a period ending 432 months, however, either PLN or
Chevron Texaco Indonesia Limited and Darajat shall have the option, exercisable any time
during the first 372 months from the effective date, to amend the term of this contract from
432 months after the effective date to 552 months after the effective date. Furthermore,
should any production periods extend beyond the term of this contract, the term of this
contract will be automatically extended until the end of such production period.
The production period for delivery of geothermal energy shall be at least 360 months;
however, either PLN or Darajat shall have the option, exercisable at any time during the
period of 300 months from the effective date, to amend the 360 months period to
480 months.
h. On December 5, 2012 ANJA entered into a Conditional Sales and Purchase Agreement with
Xinfeng Plantation Pte. Ltd. (Xinfeng), whereas ANJA intend to purchase from Xinfeng
13,500,000 shares representing 90% shares ownership in PT Permata Putera Mandiri (PPM), a
company that has location permit for approximately 40,000 hectares of land located in the
regency of South Sorong. The purchase price consist of (1) fixed purchase price component of
US$ 9,402,998 plus 90% of the Net Asset Value of PPM as of December 31, 2012 as agreed by
ANJA, and (2) contingent purchase price which shall be computed based on total area that has
been compensated, and shall be paid at the submission of evidence that the land compensation
to previous ulayat owners has been performed in accordance to the prevailing regulations.
The maximum contingent purchase price is US$ 2,089,555.
On December 5, 2012 the Company and ANJA entered into Conditional Sales and Purchase
Agreement with PT Pusaka Agro Sejahtera (PAS), whereas the Company and ANJA each intend
to purchase from PAS 750,000 shares, which in total represents 10% shares ownership in
PT Permata Putera Mandiri (PPM), a company that has location permit for approximately 40,000
hectares of land located in the regency of South Sorong. The purchase price is US$ 1,044,777
plus 10% of the Net Asset Value of PPM as agreed by ANJA and the Company as of
December 31, 2012.
i.
On December 5, 2012 ANJA entered into a Conditional Sales and Purchase Agreement with
Xinyou Plantation Pte. Ltd. (Xinyou), whereas ANJA intend to purchase from Xinyou 8,100,000
shares representing 90% shares ownership in PT Putera Manunggal Perkasa (PMP), a company
that has location permit for approximately 22,195 hectares of land located in the regency of
South Sorong. The purchase price consist of (1) fixed purchase price component of
US$ 6,632,145 plus 90% of the Net Asset Value of PPM as of December 31, 2012 as agreed by
ANJA, and (2) contingent purchase price, which shall be computed and paid based on certain
milestones as follow:
- 101 -

Milestone 1: The first payment will be computed based on total area that has been
compensated and shall be paid at the submission of evidence that the land compensation to
previous “ulayat” owners has been performed in accordance to the prevailing regulations.

Milestone 2: The second payment will be computed based on total area, as stated in Land
Area Map (Peta Bidang Tanah) issued by Authority and the Government, shall be paid at the
submission of the Land Area Map.

Milestone 3: The third payment will be computed based on total area as agreed in the
meeting of team B of National Land Certification Agency (BPN) and shall be paid at the
submission of minutes of the meeting.

Milestone 4: The fourth payment will be computed based on total area as stated in HGU
Decision Letter issued by BPN and shall be paid at the submission of the decision letter from
BPN.

Milestone 5: The fifth payment will be computed based on total area as stated in HGU
Certificate issued by BPN and shall be paid at the submission of the HGU Certificate.
The maximum contingent purchase price is US$ 7,369,050.
On December 5, 2012, the Company and ANJA entered into Conditional Sales and Purchase
Agreement with PAS, whereas the Company and ANJA each intend to purchase from PAS
450,000 shares which in total represents 10% shares ownership in PMP, a company that has
location permit for approximately 22,195 hectares of land located in the regency of South
Sorong. The purchase price is US$ 736,905 plus 10% (ten percent) of the Net Asset Value of
PMP as agreed by the Company and ANJA as of December 31, 2012.
j.
ANJA granted options to its eligible employees. The grant date of the options was January 1,
2007 with an exercise price of US$ 0.4572 per share, which is subject to a 15% increase per
annum compounded annually on each anniversary of the grant date and decrease (but not below
zero) subject to certain conditions as stated in the stock option agreement. The options vested in
two stages: 57,9% on January 1, 2010 and 42,1% on January 1, 2011. The optionee shall
exercise the options by giving an exercise notice stating the number of vested options and the
optionee shall choose, at his own discretion, either to exercise his option to purchase shares or
to receive a cash payment (or a combination of share purchase and cash payment) from ANJA at
an amount computed in the formula stated in the option agreement. Compensation costs are
accrued and charged to the consolidated statements of income over the vesting period and
presented as part of general and administrative expense (Note 50).
ANJA, SMM and ANJAS agreed to an Addendum to the Stock Option Agreement effective
January 1, 2009, stating that each respective company has the obligation to settle the stock
option to its respective employees.
The balance of stock options as of December 31, 2012 and 2011 was nil, as of December 31,
2010 the balance was 2,985,468 options.
As of the issuance date of these consolidated financial statements, there was no stock option
agreement in effect.
k.
On December 2, 2005, KAL entered into a Consultancy Agency Agreement (CAA) with
PT Sahabat Bangun Lestari (SBL). Under this agreement, SBL agreed to assist KAL to obtain
Hak Guna Usaha (HGU) certificate for KAL‟s land, and to relocate squatters and local inhabitants
from the land.
- 102 -
The CAA has been amended several times, most recently on May 23, 2010 concerning the
outstanding balance of cost that should be paid by KAL to obtain minutes of committee B and
notice of BPHTB of US$ 760,570 resulting in a total cost of US$ 3,528,310.
On September 28, 2012, KAL and SBL terminated the CAA. Based on the termination
agreement, the Company should pay US$ 1,350,000 to SBL for professional fee; from which
US$ 1,000,000 was paid before year end and US$ 350,000 was paid in January 2013. The
related expense is recorded as consultant expense.
l.
In February and June 2010, KAL entered into several contracts with PT Mitra Usaha Nusantara
for the construction of road, land clearing, and other construction of its plantations located in
Ketapang, West Kalimantan. The estimated amount of the contract is Rp 69,990,074 thousand,
payable monthly according to the progress of the work. Cost incurred related to these contracts
is recorded as part of cost of immature plantations. The payable arising from these transactions
were presented as other payables.
This contract was effective until December 31, 2011 and was extended to December 31, 2012,
and further until December 31, 2013.
m. On August 10, 2010, AANE entered into an agreement with PT Tirtakreasi Amrita for the
construction of its biogas plant in Desa Jangkang - Kecamatan Dendang, Kabupaten Belitung,
Bangka Belitung. The total amount of the contract is Rp 5,617,800 thousand, payable according
to the progress of the work. Contract term is 30 weeks from the contract signing date. Costs
incurred until 2012 relating to these contracts are recorded as construction in progress. The
agreement has been amended on July 18, 2011 concerning additional contract amount of
Rp 1,012,100 thousand, resulting in total cost of Rp 6,629,900 thousand that should be paid by
AANE. The effective period for this agreement was extended until December 2012 including
commissioning period. On April 1, 2012, the construction has been completed and both parties
have signed the official handover.
n. On November 29, 2012, AANE and Perusahaan Listrik Negara (PLN) entered into Power
Purchase Agreement (PPA) which is valid for 15 years since the signing date. AANE agree to
sell electricity power to PLN and PLN agree to purchase the electricity power generated by the
power plant built by AANE with a capacity of 1,200kW in Desa Jangkang, subdistrict Dendang,
regency of Belitung Timur. AANE will also be responsible in designing, building, providing fund,
construction, testing, commissioning and providing interconnection facilities and transaction
points and 20kV + - 0.5 miles JTM, to connect the power plant owned by AANE to PLN‟s
electricity system, operating and maintaining the power plant in accordance with standard
operating procedures (SOP) as determined and agreed by both parties.
o. On November 19, 2012, AANE and Euroasiatic Machinery Pte. Ltd (EAM) entered into a
contract, to purchase a set of machinery and equipment for biogas electricity generator. Total
contract value is EUR 505,000; from which 30% was paid as down payment. The Company
recorded the down payment as advance for purchase of assets. The remaining amount will be
paid in several phases, according to the delivery phase of each machinery and equipment.
p. On November 19, 2012, AANE and PT Euroasiatic Jaya (EAJ) entered into an Engineering,
Procurement and Construction (EPC) Contract, for the construction of the Company‟s biogas
electricity generation facility in Jangkang Village, Bangka Belitung. Total contract value is
EUR 598,000; from which 30% was paid as down payment and recorded as advance for
purchase of assets. The remaining amount will be paid in several phases, based on certain
progress of work completion.
- 103 -
q. On 22 October 2012, ANJAS entered into a service agreement with PT Pusat Bumi (PB)
whereby ANJAS agreed to pay Rp 1,850,000,000 service fee to PB for assisting ANJAS to obtain
HGU certificate for 1,639 hectares of land at South Tapanuli. As of the issuance date of these
consolidated financial statements, ANJAS has paid Rp 370,000,000 to PB and recorded this
payment as other asset. The remaining payment will be settled by ANJAS to PB should the
following condition was met:



ANJAS will pay Rp 740,000,000 (40% of contract amount) to PB after the official receipt of
documents completeness is issued by Regional Land Certification Agency (Badan
Pertanahan Nasional Daerah) of North Sumatera.
ANJAS will pay Rp 555,000,000 (30% of contract amount) to PB after the required document
certificates have been officially delivered by Regional Land Certification Agency at North
Sumatera to the Central National Land Certification Agency (Badan Pertanahan Nasional
Pusat).
ANJAS will pay Rp 185,000,000 (10% of contract amount) to PB after the Landrights'
Decision Letter has been issued by the Central National Land Certification Agency and
received by ANJAS.
r.
On December 16, 2011, KAL entered into a service agreement with PT Pusat Bumi (PB). Under
this agreement, PB agreed to assist KAL in obtaining Kadastral approval on land measurement
and mapping in order to obtain HGU title for KAL‟s land. Total estimated amount of the contract
is Rp 5,100,000 thousand, payable in four phases depending on the progress of the work. As of
December 31, 2011, total consultancy fees paid by the Company to PB amounted to
Rp 5,100,000 thousand (or equivalent to US$ 530,421).
s.
On February 27, 2012, KAL entered into a service agreement with PB. Under this agrement, PB
agreed to assist KAL to obtain HGU title for KAL land which will be used as Nucleus Plantation
with a total area of 10,920 hectares. Total estimated contract of Rp 5,593,880 thousand is
payable in four phases depending on the progress of the work. As of December 31, 2012, total
consultancy fees paid by KAL to PB amounted to Rp 3,915,716 thousand (equivalent to
US$ 404,934). On December 29, 2012, KAL and PB agreed to extend this contract until
December 31, 2013.
t.
In February 2011 and April 2011, KAL entered into agreements with CV Maju Bersama, PT Wira
Hari Jaya, and PT Nusa Makmur Utama for land clearing of its plantation in Ketapang, West
Kalimantan. Estimated contract amount of Rp 53,986,199 thousand is payable according to the
completion of work progress. In October and November 2012, the agreements were amended,
increasing the total contract to US$ 87,557,492 thousand. Cost incurred related to these
contracts is recorded as cost of immature plantation. The payable arising from these transactions
were presented as other accounts payable. This contract was effective until December 31, 2012.
On January 2, 2013, this contract was extended until December 31, 2013.
u. In November 2011, KAL entered into an agreement with PT Syalwa Trimedia Sejahtera for road
construction of its plantation in Ketapang, West Kalimantan. The estimated total contract amount
of Rp 2,561,940 thousand is payable according to the completion of work progress. Cost incurred
in relation to these contracts is recorded as construction in progress. The payable arising from
these transactions were presented as other accounts payable. This contract was effective until
December 31, 2012. On January 2, 2013, this contract was extended until December 31, 2013.
v.
The Company purchased 22,825,100 shares or 35.09% ownership in PMN from other
shareholders during August-September 2012. There is a contingent liability of maximum
Rp 9,479 million which will be paid in 2014-2015, if, and if only, the Company does not received
any claims from AI‟s shares purchaser, who obtained guarantee from the Company for the
claims‟ settlement.
- 104 -
w. On May 4, 2012, the Company and ANJA entered into sale and purchase agreement with
Mr. Syamsi and Mr. Muksin to purchase respectively, 100,000 and 20,000 shares of GSB. From
the maximum agreed purchase price of Rp 44,625,000,000, the Company and ANJA have made
the first payment amounted to Rp 22,837,500,000 and paid up capital amounted to
Rp 12,000,000,000. The remaining balance of Rp 9,787,500,000 will be paid after the Company
and ANJA received the Environmental Impact Assessment (AMDAL).
x.
On August 28, 2012, GMIT received EUR 120,877 advance from Scandinavian Tobacco Group
(STG) to purchase Besuki N.O tobacco. The shipment of tobacco will be made based on the
instruction from STG. As of December 31, 2012, the shipment has not been made and all the
advance is recorded as advance from customer.
y.
During 2012, GMIT received EUR 1,544,816 advance payment from Neos Sigarefabriek N.V.
(Neos) to purchase Besuki N.O. tobacco. The shipment of tobacco will be done based on
instruction from Neos. As of December 31, 2012, GMIT has delivered part of the tobacco with
equivalent value of EUR 711,563. The remaining advance balance of EUR 833,253 was
recorded as advance from customer.
z.
On December 26, 2012, the Directorate General of Taxation (DGT) assessed Rp 4,452,965
(equivalent to US$ 460) underpayment of Income Tax art 23 for year 2006 by issuing
Underpayment Tax Assessment Letter (SKPKB) to SM. The DGT also corrected all positive fiscal
adjustments in SM‟s Corporate Income Taxes, not recognizing all SM income tax loss of
Rp 711,863,708. The related income tax loss was used to offset SM‟s 2007 taxable income,
which was not yet audited by the Tax Office, exposing the Company to tax underpayment and
penalty of approximately Rp 264 million (equivalent to US$ 27,238). SM has paid the tax
underpayment in January 2013. SM‟s management believes that such fiscal correction is not in
accordance with prevailing tax regulation and therefore SM submit an objection to the
assessment on March 13, 2013.
58. SERVICE CONCESSION ARRANGEMENT
The Joint Operation Contract (JOC) and Energy Sales Contract (ESC) of DGI (Note 57g) fulfill all
characteristic of a concession arrangement and the infrastructure arising from those contracts are
controlled by the grantor, therefore management treated those contracts as service concession
arrangements.
DGI has applied ISAK 16 prospectively at the beginning of the earliest period presented as allowed
under the Interpretation, since it is impractical for DGI to apply this interpretation retrospectively. The
retrospective adoption is impractical because the exploration and construction activities of the Field
Facilities and Power Plant Facility for Power Plant Unit II were done prior to year 2000 and therefore
sufficient records of the construction activities needed for calculating retrospective adjustments have
not been retained nor available to make a reliable estimate of the construction margin.
- 105 -
Receivable from Service Concession Arrangement
Movement in the net carrying amount of receivable from service concession arrangement is as
follows:
2012
US$
2011 *)
US$
2010 *)
US$
Beginning balance
Repayment
Ending balance
6,383,534
(39,348)
6,344,186
6,417,582
(34,048)
6,383,534
6,447,045
(29,463)
6,417,582
Less:
Current maturity
Non-current portion
39,581
6,304,605
32,789
6,350,745
28,374
6,389,208
*) as restated, Note 2
Provision for Services Concession Arrangement
The provision for service concession arrangement represents the present value of minimum
contractual obligations from the related JOC.
The movement of provision recognized in the statements of financial position is as follows:
2012
US$
Beginning balance
Provision during the period
Realization during the period
Increase in provision due to
the passage of time
Ending Balance
490,042
(204,095)
Less:
Current maturities
Non-current portion
2011 *)
US$
2010 *)
US$
136,344
883,469
(1,079,642)
1,737,522
868,761
(2,514,063)
8,296
294,243
-
59,829
44,124
136,344
294,243
-
136,344
-
*) as restated, Note 2.
The discount rate used in calculating the present value of the above provision for the year ended
December 31, 2012 is 1.69%.
- 106 -
Service Consession Revenue
December 31,
2012
US$
December 31,
2011 *)
US$
December 31,
2010 *)
US$
5,023,085
956,107
5,979,192
5,041,709
961,407
6,003,116
4,649,295
965,992
5,615,287
Service concession revenue
Financing revenue from service concession
Total
*) as restated, Note 2.
Service consession expenses
This account represents the maintenance and geothermal well drilling cost in order to maintain
production capacity according to the service concession contract, which amounted to
US$ 2,494,801 in 2012, US$ 2,612,357 in 2011 and US$ 2,968,007 in 2010.
59. SEGMENT INFORMATION
For management reporting purposes, currently the Group is segmented into 4 segments based on
product line, which are CPO/PK, sago, energy and others. Segment information is the basis for
operation segment reporting of the Group.
The organization of the Group are not grouped by each business segment, therefore the segment
information available on the earnings and assets is directly related to the main activity. The Group
had no reasonable basis for allocating revenues, expenses and other assets to each segment.
- 107 -
Following is the operating segment information:
STATEMENTS OF COMPREHENSIVE INCOME
INCOME
Segment income:
Revenue from sales
Revenue from service concession
Dividend income
Interest income
Foreign exchange gain (loss)
Other income
Total segment income
CPO / PK
US$
Energy
US$
Sago
US$
154,585,695
3,861,440
3,966,508
449,990
495,118
3,236,487
166,595,238
5,979,192
3,529,135
21,606
(43,603)
12,009
9,498,339
57,842
335,822
34,820
428,484
December 31, 2012
Others
US$
5,294,880
40,906
184,478
17,240
5,537,504
Unallocated income
TOTAL INCOME
EXPENSE
Segment Expense:
Cost of sales
Selling expenses
Personnel expenses
General & administrative expenses
Other expenses
Total segment expenses
Total
US$
159,880,575
5,979,192
3,861,440
7,495,643
570,344
971,815
3,300,556
182,059,565
45,885,060
227,944,625
81,729,513
2,114,644
5,740,782
7,601,052
101,911
97,287,902
2,494,800
850,471
373,975
117,626
3,836,872
2,027,473
1,721,664
5,154
3,754,291
4,007,459
134,047
722,957
233,418
206,894
5,304,775
85,736,972
2,494,800
2,248,691
9,341,683
9,930,109
431,585
110,183,840
Elimination
US$
(42,880,370)
(42,880,370)
-
Consolidated
US$
159,880,575
5,979,192
3,861,440
7,495,643
570,344
971,815
3,300,556
182,059,565
3,004,690
185,064,255
85,736,972
2,494,800
2,248,691
9,341,683
9,930,109
431,585
110,183,840
Unallocated expenses
TOTAL EXPENSE
15,721,403
125,905,243
(103,624)
(103,624)
15,617,779
125,801,619
Income before tax
102,039,382
(42,776,746)
59,262,636
Tax expense:
Segment
Unallocated
Total tax expense
17,873,858
1,122,526
(700,595)
45,307
Net income for the year
from continuing operation
Discontinued Operation:
Net Income from discontinued
operation
Non-controlling interest:
41,957,081
56,703,023
141,436,850
(42,776,746)
56,703,023
98,660,104
139,075,882
(42,776,746)
96,299,136
303,334,517
24,130,073
30,435,763
13,818,533
-
98,660,104
(42,776,746)
-
41,957,081
56,703,023
(3,020,766)
138,416,084
(42,776,746)
95,639,338
371,718,886
251,720,533
(224,071,531)
371,718,886
27,649,002
Total consolidated assets
LIABILITIES
Segment liabilities
Unallocated liabilities
399,367,888
32,916,491
3,731,143
1,082,651
5,853,396
43,583,682
28,115,076
-
Total consolidated liabilities
Capital expenditure
Depreciation and amortization
738,708
1,622,260
(42,776,746)
84,733,827
56,703,023
(3,020,766)
Total Comprehensive Income
18,341,096
(1,035,541)
17,305,555
(42,776,746)
141,436,850
Comprehensive income:
-
84,733,827
738,708
1,622,260
CONSOLIDATED FINANCIAL POSITION
ASSETS
Segment assets
Unallocated assets
18,341,096
(1,035,541)
17,305,555
43,583,682
28,115,076
71,698,758
31,953,994
13,939,541
455,479
85
10,615,190
249,663
- 108 -
128,320
233,970
43,152,983
14,423,259
-
43,152,983
14,423,259
INCOME
Segment income:
Revenue from sales
Dividend income
Interest income
Other income
CPO / PK
US$
Energy
US$
154,349,258
4,620,864
7,139,714
332,712
62,173
166,504,721
6,003,116
2,511,831
13,699
115
8,528,761
Sago
US$
31,528
3,827
35,355
December 31, 2011
Others
Total
US$
US$
3,811,016
173,507
91,523
4,076,046
Unallocated income
TOTAL INCOME
EXPENSE
Segment Expense:
Cost of sales
Selling expenses
Personnel expenses
Other expenses
158,160,274
6,003,116
4,620,864
9,651,545
551,446
157,638
179,144,883
63,156,561
242,301,444
-
TOTAL EXPENSE
11,690,462
113,048,633
(62,402)
(62,402)
11,628,060
112,986,231
Income before tax
129,252,811
(56,912,145)
72,340,666
(873,040)
3,076,258
84,323
619,439
322,822
70,884
4,173,726
6,182,014
185,326,897
80,888,937
2,612,357
2,453,513
6,898,754
6,342,155
2,162,455
101,358,171
1,425,335
50,691
1,522,097
895,914
132,782
2,601,484
(56,974,547)
(56,974,547)
158,160,274
6,003,116
4,620,864
9,651,545
551,446
157,638
179,144,883
-
18,717,188
2,612,357
117,936
210,069
877,503
3,817,865
-
Consolidated
US$
80,888,937
2,612,357
2,453,513
6,898,754
6,342,155
2,162,455
101,358,171
Tax expense:
Segment
Unallocated
Total tax expense
77,761,988
2,369,190
4,639,282
4,913,350
1,081,286
90,765,096
Elimination
US$
943,860
20,213,343
6,374,327
26,587,670
-
20,213,343
6,374,327
26,587,670
102,665,141
(56,912,145)
45,752,996
Net Income from discontinued
operation
10,667,911
113,333,052
(95,794)
(57,007,939)
10,572,117
56,325,113
112,975,986
(57,346,514)
55,629,472
(26,385)
383,451
338,575
-
312,190
383,451
113,333,052
(57,007,939)
56,325,113
102,665,141
10,667,911
(6,253,892)
(56,912,145)
(95,794)
-
45,752,996
10,572,117
(6,253,892)
107,079,160
(57,007,939)
50,071,221
299,816,496
498,736,270
(310,283,296)
299,816,496
188,452,974
426,709,233
(2,267,781)
424,441,452
ASSETS
Segment assets
Unallocated assets
249,051,611
21,559,490
12,499,066
16,706,329
LIABILITIES
Segment liabilities
912,710,922
26,726,542
2,725,903
915,024
3,616,068
Liabilities directly associated with
assets held for sale
33,983,537
20,481,021
4,238,740
33,983,537
24,719,761
354,828,193
-
354,828,193
24,879,999
14,214,473
1,198,530
-
Capital expenditure
Provision for impairment loss
413,531,491
20,468,165
13,890,068
-
1,167,678
72
1,198,530
- 109 -
3,056,053
94,932
-
188,103
229,401
-
24,879,999
14,214,473
1,198,530
INCOME
Segment income:
Revenue from sales
Dividend income
Interest income
Other income
CPO / PK
US$
Energy
US$
115,207,826
3,294,593
3,807,847
171,769
571,167
123,053,202
5,615,287
1,328,300
9,656
67,131
7,020,374
Sago
US$
4,573
4,573
December 31, 2010
Others
US$
5,389,461
2,933
32,611
5,425,005
Unallocated income
TOTAL INCOME
EXPENSE
Segment Expense:
Cost of sales
Selling expenses
Personnel expenses
Other expenses
Total
US$
120,597,287
5,615,287
3,294,593
5,136,147
188,931
670,909
135,503,154
44,961,362
180,464,516
1,182,025
136,685,685
TOTAL EXPENSE
19,173,071
97,548,764
(184,578)
19,173,071
97,364,186
Income before tax
82,915,752
(43,594,253)
39,321,499
9,773
4,569,022
166,440
498,702
297,969
58,573
5,590,706
(43,779,337)
(43,778,831)
-
(153,750)
(30,828)
(184,578)
945,531
16,139
101,132
699,762
3,679
820,712
506
506
120,597,287
5,615,287
3,294,593
5,136,147
188,931
671,415
135,503,660
62,370,057
2,968,007
1,459,318
4,944,503
4,513,354
1,935,876
78,191,115
13,234,641
2,968,007
68
130,550
45,009
3,143,634
-
Consolidated
US$
62,370,057
2,968,007
1,459,318
4,944,503
4,667,104
1,966,704
78,375,693
Tax expense
Segment
Unallocated
Total tax expense
57,784,896
1,292,878
4,344,601
3,538,823
1,859,443
68,820,641
Elimination
US$
(22,278)
14,167,667
625,464
14,793,131
-
-
14,167,667
625,464
14,793,131
68,122,621
(43,594,253)
24,528,368
Net income from discontinued
operation
8,071,807
76,194,428
(43,594,253)
8,071,807
32,600,175
75,040,844
(43,594,253)
31,446,591
Net income attributable to :
(23,231)
1,176,815
-
(23,231)
1,176,815
76,194,428
(43,594,253)
32,600,175
68,122,621
8,071,807
11,877,772
88,072,200
(43,594,253)
(43,594,253)
24,528,368
8,071,807
11,877,772
44,477,947
284,437,633
761,120,146
(310,281,686)
284,437,633
450,838,460
ASSETS
Segment assets
Unallocated assets
239,400,584
22,881,657
4,387,733
17,767,659
LIABILITIES
Segment liabilities
735,276,093
19,970,042
2,857,560
51,208
1,008,710
23,887,520
259,449,948
-
Capital expenditure
23,887,520
259,449,948
283,337,468
20,225,522
13,223,079
243,385
72
- 110 -
534,043
29,286
31,672,220
10,576,982
52,675,170
23,829,419
-
52,675,170
23,829,419
60. RESTATEMENT OF THE 2011 AND 2010 CONSOLIDATED FINANCIAL STATEMENTS
The Group restated the financial statements as of December 31, 2011, 2010 and January 1
2010/December 31, 2009 in relation to (1) the implementation of ISAK 16, Service Concession
Arrangements, for Joint Operation Contract (JOC) between Chevron Consortium (whereas DGI is
one of the party in the Consortium) and Pertamina, and (2) changes in functional currency of ATI and
SM based on PSAK 10 (revised 2010), The Effects of Changes in Foreign Exchange Rates (Note
2a).
DGI recognized the guaranteed portion of consideration from the JOC as financial asset and
recognized provision for its contractual obligation as arranged in the JOC in the statement of financial
position as at December 31, 2011 and 2010 and January 1, 2010/December 31, 2009. By using the
financial asset model for its service concession arrangement, DGI reversed the carrying value of
infrastructure at the earliest year presented, all fixed asset depreciation, major overhauls expense,
drilling expenses for make up and injection wells and revenue received from the electricity sales. As
a result, DGI recorded financial assets, repayments of financial assets, financial revenue, as well as
operation and maintenance revenues. Further, the provision for contractual obligations was recorded,
including the deferred tax associated to those adjustments described above. The provision for
contractual obligations has been recorded retrospectively.
Adjustments to accounts in the consolidated statements of comprehensive income for the years
ended December 31, 2011 and 2010 below were recorded to provide more accurate information on
the results of operation of the Group.
A summary of accounts in consolidated financial statements of 2011 and 2010 and January 1,
2010/December 31, 2009 before and after the restatements is as follows:
December 31, 2011
Before
After
restatement
restatement
US$
US$
December 31, 2010
Before
After
restatement
restatement
US$
US$
Total current assets
Total assets
Total current liabilities
Total liabilities
Total non-controlling interests
Total equity
Total liabilities and equity
647,432,024
916,432,455
394,682,659
414,600,025
11,818,306
501,832,430
916,432,455
647,434,424
912,710,922
394,685,416
413,531,491
11,818,308
499,179,431
912,710,922
316,924,282
738,416,165
135,095,429
284,071,815
9,642,788
454,344,350
738,416,165
316,969,017
735,276,093
135,238,536
283,337,468
9,642,790
451,938,625
735,276,093
Total revenue
Total expenses
Income before tax
Tax expenses
Other comprehensive income-net of tax
Net income attributable to :
Comprehensive inocme attributable to :
185,436,243
112,420,392
73,015,851
(26,808,306)
10,572,117
(6,461,167)
185,326,897
112,986,231
72,340,666
(26,587,670)
10,572,117
(6,253,892)
136,605,554
96,698,839
39,906,715
(15,009,400)
8,071,807
12,201,310
136,685,685
97,364,186
39,321,499
(14,793,131)
8,071,807
11,877,772
56,084,021
695,641
55,629,472
695,641
31,815,538
1,153,584
31,446,591
1,153,584
49,643,203
675,292
49,395,928
675,293
43,858,147
1,312,285
43,165,660
1,312,287
- 111 -
Januari 1, 2010/December 31, 2009
Before
After
restatement
restatement
US$
US$
280,178,989
593,165,489
5,063,013
170,887,109
11,612,926
422,278,380
593,165,489
280,188,559
592,561,753
106,431,774
171,996,613
11,612,926
420,565,140
592,561,753
-
-
-
-
-
-
-
-
61. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
At December 31, 2012, 2011, 2010, and January 1, 2010/December 31, 2009 the Group had the
following monetary assets and liabilities in foreign currencies:
2012
Currency
Assets
Restricted cash in bank
Investment in trading
securities at fair value
Finance lease receivables
Other financing service
receivables
Trade accounts receivables
Insurance services receivable
Other receivables
Time deposit
Prepaid expense - Value Added Tax
Claim for tax refund
Other assets
Total
Liabilities
Short-term bank loan
Trade payables
Insurance services payable
Taxes payable
Long-term bank loan
Lease liabilities
Other payables
Accrued expense
Share based compensation
Convertible bonds
Rupiah
Euro
Australian Dollar
Chinese Yuan
Rupiah
2011
Equivalent
US$
Currency
2010
January 1, 2010/
December 31, 2009
Currency
Equivalent
US$
Equivalent
US$
Currency
Equivalent
US$
12,220,224
304,855
2,516
201,861
-
353,843,628,174
215,425
2,376
2,639,541,816
39,355,314
286,462
2,416
293,576
292,893,161,800
3,708
640,455
1,662,653,200
31,158,847
5,329
574,489
176,878
376
4,695,604,036
308,079,165,586
522,256
34,265,284
8,244,688,055
221,866,909,277
877,094
23,602,863
84,199,831,934
15,637
2,553
-
8,707,325
20,714
2,647
-
110,812,991,232
235,491
2,479
1,271,902
-
3,413,510
-
353
-
3,410,928
-
Rupiah
Rupiah
Euro
Rupiah
Singapore Dollar
Euro
Japanese Yen
Rupiah
Rupiah
Rupiah
Rupiah
Rupiah
1,219,088,639
203,929
12,005,328,787
48,285,249,680
13,824,493,096
13,045,483,035
126,069
270,145
1,241,502
4,993,304
1,429,627
1,336,627
18,128,313
10,061,631,179
32,673,554,628
14,433,028,000
10,400,830,340
1,109,576
3,603,171
1,591,644
1,146,982
20,181,205
1,092,435,734,688
33,252,586,480
48,300
53,647,219,845
256,753
29,693
656,128
23,872,873,125
7,228,080,767
45,483,266,205
15,499,468,000
12,824,830,456
121,503,251
3,698,430
64,226
5,966,769
199,343
39,485
8,048
2,655,197
803,924
5,058,755
1,723,887
1,426,408
217,873,031
632,196,924,800
15,381,698,479
79,042,569,384
208
479,748
13,926,987,600
3,500,000,000
43,782,502,200
6,604,534,931
67,254,992
1,636,351
8,408,784
299
5,191
1,481,594
372,340
4,657,713
702,610
140,915,374
Rupiah
Rupiah
Rupiah
Singapore Dollar
Euro
Japanese Yen
Rupiah
Rupiah
Rupiah
Rupiah
Euro
Japanese Yen
Rupiah
Euro
Rupiah
Rupiah
Rupiah
8,641,867,301
256,587,435,260
22,637,848,345
67,632,267,849
21,409,638,047
11,216
-
893,678
26,534,378
2,341,039
6,994,030
2,214,027
14,858
-
19,279,168,000
61,002,494,436
20,446,611,909
54,409,070,040
48,315,757,606
-
2,126,066
6,727,227
2,254,809
6,000,118
5,328,160
-
-
-
8,150,201,106
41,758,182,876
87,136,622,295
249,142
18,257
219,643
78,816,247,857
1,497,427,113,362
6,937,736,476
75,860,211,525
4,172
127,880
58,817,425,576
2,484,610,311
8,459,002,352
46,500,000,000
906,484
4,644,443
9,691,538
193,433
24,277
2,694
8,766,127
166,547,338
771,631
8,437,350
5,548
1,569
6,541,811
276,344
940,830
5,171,839
100,000,000,000
19,857,685,014
103,619,893,376
558
56,304,242,200
807,672,871,771
18,185,030,172
45,857,985,397
43,370,621,786
6,898,401,880
-
10,638,298
2,112,520
11,023,393
802
5,989,813
85,922,646
1,934,578
4,878,509
4,613,896
733,873
-
Rupiah
Rupiah
-
-
-
Total
38,992,010
22,436,380
212,923,256
127,848,328
Total assets (liabilities) - net
(20,863,697)
(2,255,175)
4,949,775
13,067,046
As of December 31, 2012, 2011, 2010 and 2009, the conversion rates used by the Group as well as
the exchange rates, prevailing on February 8, 2013 are as follows:
February 8, 2013
US$
Currency:
1 Rupiah
1 Euro
1 Australian Dollar
1 Chinese Yuan
1 Singapore Dollar
1 Japanese Yen
0.00010
1.34080
1.02895
0.15925
0.80648
0.01069
2012
US$
0.00010
1.32470
1.03675
0.15899
0.81769
0.01158
2011
US$
0.00011
1.29455
1.01485
0.15870
0.76911
0.01288
2010
US$
0.00011
1.32975
1.01685
0.15099
0.77640
0.01227
January 1, 2010/
December 31, 2012
US$
0.00010
1.43720
0.89700
0.14645
0.71261
0.01082
In relation to the fluctuation of the U.S. Dollar exchange rate against foreign currencies, the Group
recorded foreign exchange net gain of US$ 2,009,636 in 2012 and foreign exchange net losses of
US$ 315,757 in 2011 and US$ 218,101 in 2010.
- 112 -
62. EVENTS AFTER THE REPORTING PERIOD
a. On January 7, 2013, the Company drawdown all credit facility from J.P. Morgan International
Bank Ltd. of US$ 35,000,000, which will be due on April 7, 2013.
b. On January 2, 2013, ANJA drawdown all credit facility from J.P. Morgan International Bank Ltd. of
US$ 10,000,000, which will be due on April 2, 2013.
c.
On January 17, 2013, GMIT fully paid its bank loan to Credit Suisse Singapore amounting to
US$ 1,000,000.
d. On January 7, 2013, the Company and ANJA purchased 15,000,000 shares or 100% ownership
of PT Permata Putera Mandiri from PT Pusaka Agro Sejahtera and Xinfeng Plantation Pte. Ltd. at
a purchase price of US$ 10,547,477 plus contingent purchase price which will not exceed
US$ 2,089,555.
e. On January 7, 2013, the Company and ANJA purchased 9,000,000 shares or 100% ownership of
PT Manunggal Perkasa from PT Pusaka Agro Sejahtera and Xinyou Plantation Pte. Ltd. at a
purchase price of US$ 7,492,786 plus contingent purchase price which will not exceed
US$ 7,369,050.
f.
Based on Deed No. 161 of notary Dr. Irawan Soerodjo, S.H., Msi., dated January 17, 2013, the
Company's Shareholders resolved the following:

Approved the Company‟s plan to conduct initial public offering and list the Company
shares at the stock exchanges in Indonesia and to change the status of the Company
from private Company to public Company;

Approved the change of name of the Company to PT. Austindo Nusantara Jaya Tbk;

Approved the issuance of new shares of the Company and offer or sell maximum
1,000,000,000 new shares with par value of Rp 100 per share through Initial Public
Offering.

Approved the Employee Stock Allocation Program for employees at a total maximum of
1% from the new shares which will be issued through Initial Public Offering at 20%
discount from offering price in Public Offering which should not be lower than the shares
par value;

Approved to issue new shares with a total maximum of 1.5% of the total issued and paid
up share capital after the Initial Public Offering for the Management Stock Option Plan;

Approved to register all shares of the Company, after the Initial Public Offering, including
shares in the Employee Stock Allocation program and Management Stock Option Plan,
and shares owned by shareholders (other than the public shareholders) at the Indonesian
Stock Exchange, and agreed to register the shares of the Company in the Collective
Custody, in accordance with the Rule of Indonesian Securities Central Depository (KSEI);
- 113 -

Approved the changes in the composition of the Company‟s Board of Directors and Board
of Commissioners, which respectfully dismiss all members of the Board of Directors and
Board of Commissioners, by providing release and discharge (acquit et decharge), and
appointed new members of the Board of Directors and Board of Commisioners of the
Company, with the new term started since the conclusion of this meeting (except for Mr.
Achmad Hadi Fauzan starting from February 1, 2013), so that the composition of the
Board of Directors and the Board of Commissioners become as follows:
President Director
Vice President Director
Director
Director (non-affiliated)
President Commissioner (Independent)
Commissioner (Independent)
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner (Independent)
: Mr. Suwito Anggoro
: Mrs. Istini Tatiek Siddharta
: Mr. Sucipto Maridjan
: Mr. Achmad Hadi Fauzan
: Mr. Adrianto Machribie Reksohadiprodjo
: Mr. Arifin Mohamed Siregar
: Mr. George Santosa Tahija
: Mr. Sjakon George Tahija
: Mr. Istama Tatang Siddharta
: Mr. Anastasius Wahyuhadi
: Mr. Josep Kristiadi

Authorize the Directors to perform all necessary actions in connection with the Initial
Public Offering of the shares through the capital market, including shares in the Employee
Stock Allocation program and in Management Stock Option Plan.

Authorize the Board of Directors and/or Board of Commissioners and/or Corporate
Secretary, to declare in a separate deed in front of a Notary, the certain number of shares
issued and fully paid, including the shares in the Employee Stock Allocation Program and
the Management Share Option Plan and including the shareholding structure of the
Company after the Initial Public Offering,

Approved the changes of the Company‟s articles of association in relation to the Initial
Public Offering through the Capital Market in accordance with the law and regulations of
Capital Market.
63. FINANCIAL INSTRUMENTS, FINANCIAL RISK AND CAPITAL RISK MANAGEMENT
a. Fair value of financial instruments
Management considers that the carrying amounts of financial assets and financial liabilities
recorded at amortized cost in the consolidated financial statements approximate their fair values
either because of their short-term maturities or they carry market rates of interest.
Valuation technique and assumption used for fair value measurement purposes
The fair values of financial assets and financial liabilities are determined as follows:
 The fair values of financial assets and financial liabilities with standard terms and conditions
and traded in active markets are determined with reference to the quoted market prices.
- 114 -
 The fair value of derivative instruments are calculated using quoted market price. If market
price is not available, a discounted cash flow analysis using the applicable yield curve for the
duration of the instruments is performed for non-option derivatives, and option pricing models
is used for option derivatives. Foreign currency forward contracts are measured using the
quoted forward exchange rates and yield curve of the quoted market interest rates applicable
for similar maturities of the contracts. Interest rate swaps are measured at the present value of
estimated future cash flows and discounted based on the applicable yield curves of quoted
market interest rates.
 The fair values of other financial assets and financial liabilities (excluding those described
above) are determined using pricing models generally applicable based on discounted cash
flow analysis using current market prices.
Fair value measurements recognized in the consolidated statement of financial position
The following table provides an analysis of financial instruments that are measured subsequent to
initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair
value is observable.
 Level 1: fair value measurements are those derived from quoted prices (unadjusted) in active
markets for identical assets or liabilities at the end of reporting period.
 Level 2: fair value measurements are those derived from inputs other than quoted prices
included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
 Level 3: fair value measurements are those derived from valuation techniques that include
inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).
Level 1
US$
Level 2
US$
Level 3
US$
Total
US$
Financial assets at FVTPL
Investment in Trading Securities
Money market
Obligation
826,097
4,020,100
-
-
826,097
4,020,100
Available-for-sale financial assets
Other investment
Total
53,836
4,900,033
-
10,022,511
10,022,511
10,076,347
14,922,544
Other investments are classified as available-for-sale investments. Except for PT Agro Muko and
ARC, the Company uses acquisition cost in measuring its other investment, since they are nonlisted shares and there is no readily available measure of fair value of the shares.
b. Capital Risk Management
The Group manages capital risk to ensure that they will be able to continue as going concern, in
addition to maximizing shareholders profit through the optimization of the balance of debt and
equity.
Management periodically reviews the Group‟s capital structure. As part of this review, the Board
of Directors considers the cost of capital and related risk.
- 115 -
The Group's capital structure consists of equity attributable to the owners of the Company
(consisting of capital stock, retained earnings, difference in value from restructuring transaction
between entites under common control, differences in value due to changes in equity of
subsidiaries, cumulative translation adjustments, and unrealized gain on on available-for-sale
investments) and debt. Groups are not required to meet certain capital requirements.
The debt to equity (gearing) ratio as of December 31, 2012, 2011, 2010, and January 1,
2010/December 31, 2009 are as follows:
Debt
Short-term bank loans
Bank loans - current maturities
Bank loans - net of current maturities
Lease liabilities - current maturities
Lease liabilities - net of current maturities
Convertible bonds
Total debt
Equity attributable to the owners of
the Company
Net debt to equity ratio
December 31,
2012
US$
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31,
2009
US$
1,500,000
2,341,039
1,772,756
427,244
6,041,039
2,254,809
2,254,809
10,041,028
68,673,713
114,482,826
503,003
439,520
12,494,338
206,634,428
22,438,298
45,615,987
45,106,659
1,086,492
725,150
114,972,586
326,961,971
487,361,123
442,295,835
408,952,214
1.85%
0.46%
46.72%
28.11%
Categories of financial Instruments
December 31,
2012
US$
Financial Assets
Fair value through profit or
loss (FVTPL)
Loan and receivables
December 31,
2011
US$
December 31,
2010
US$
January 1, 2010/
December 31,
2009
US$
76,598,758
90,912,822
132,294,121
119,432,789
4,846,197
12,216,815
110,469,605
9,567,394
57,752,179
200,878,797
45,269,108
129,989,955
29,734,782
24,022,841
932,567
259,190,946
282,975
151,399,556
Financial Liabilities
Fair value through profit or
loss (FVTPL)
Amortized cost
c. Financial risk management objectives and policies
The Group‟s financial risk management and policy seeks to ensure that adequate financial
resources are available for operation and development of its business, while managing its
exposure to foreign currency risk, foreign currency sensitivity, interest rate risk, price risk, credit
risk and liquidity risk. The Group operates within defined guidelines that are approved by the
Board of Directors.
- 116 -
The Group divides risk into the following categories: market risk, credit risk and liquidity risk.
Market risks includes foreign exchange rate risk, interest rate risk, price risk and credit risk. In
managing risk, the Group considers priorities based on probability that the risk will materialize and
the scale of potential impacts if the risk occurs.
i
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate due to change in foreign exchange currency rates.
Most of the Group transactions are done in United States Dollar (U.S. Dollar) currency, which
is its functional and reporting currency.
The Group has monetary assets and liabilities denominated in currencies other than U.S.
Dollar (mostly Rupiah) as presented in Note 61. In the event of sharp fluctuations, the
operating performance may be affected. However, management mitigates this risk exposure
by monitoring the foreign currency rate fluctuation and continue to maintain a balance
between present and future assets and liabilities in foreign currency.
The Group manages the foreign currency exposure by matching, as far as possible, receipts
and payments in each individual currency. To help manage the risk, the Group also entered
into forward foreign exchange contracts within established parameters (Note 55).
Foreign currency sensitivity
The following table details the Group‟s sensitivity to a 10% increase and decrease in U.S.
Dollar rate against the relevant foreign currencies. A 10% increase or decrease represents
management‟s assessment of reasonable possible change in foreign exchange rates after
considering the current economic conditions. The sensitivity analysis includes only
outstanding foreign denominated monetary assets and liabilities and shows their translation
effects at period end for a 10% change in the foreign currency rates.
December 31, 2012
U.S. Dollar / Rupiah
Assets
Trade accounts receivable
Other receivables
Prepayments
Claim for tax refund
Other assets
Total
Liabilities
Other payables
Accrued expenses
Total
Other Currency
10%
-10%
10%
-10%
US$
US$
US$
US$
(791,575)
967,481
(2,124)
2,596
(32)
(11,461)
(112,864)
(453,937)
(129,966)
(110,202)
(1,610,037)
39
14,008
137,945
554,812
158,847
162,337
1,995,469
(24,559)
(26,683)
30,016
32,612
212,822
81,243
635,821
201,275
1,131,161
(260,115)
(99,298)
(777,114)
(246,003)
(1,382,530)
1,351
1,351
(1,651)
(1,651)
(478,876)
612,939
(25,332)
30,961
Total assets (liabilities) net
- 117 -
ii
Interest Rate Risk
The Group is exposed to interest rate risk due to cash and cash equivalent and some financial
liabilities that have floating interest rates.
Interest rate profile
The Group financial instruments that are exposed to fair value interest rate risk (i.e. fixed rate
instruments) and cash flow interest rate risk (i.e. floating rate instruments), as well as those
that are non-interest bearing, are as follows:
December 31, 2012
Maturity Date
Less than 3 month 3 - 12 months
1 - 5 years Over 5 years
US$
US$
US$
US$
Financial Assets:
Floating Rate
Time deposits
Total
Fixed Rate
Receivable from service
concession arrangement
Total
Financial Liabilities :
Floating Rate
Provision for service concession
arrangement
Lease liabilities
Total
Fixed Rate
Current maturities of bank loan
Total
Total
US$
76,520,856
1,500,000
-
-
-
76,520,856
1,500,000
825,744
78,846,600
-
-
-
825,744
78,846,600
10,957
28,624
264,541
6,040,064
6,344,186
10,957
28,624
264,541
4,020,453
10,060,517
4,020,453
10,364,639
1,772,756
1,772,756
294,243
427,244
721,487
-
294,243
2,200,000
2,494,243
-
1,500,000
2,341,039
3,841,039
-
-
1,500,000
2,341,039
3,841,039
-
-
Cash flow sensitivity analysis for floating rate financial instruments
The following sensitivity analysis has been determined based on the exposure to interest
rates for the Group financial instruments outstanding at the reporting date. This analysis is
prepared assuming the amount of financial instruments outstanding at the end of reporting
period represents the balance throughout the year, taking into account the movement of the
actual principal amount throughout the year. This sensitivity analysis use the assumption of an
increase and a decrease of 50 basis points on the relevant interest rates with other variables
held constant. The 50 basis points increase and decrease represent a management
assessment on rational interest rate changes after considering the current economic
conditions.
- 118 -
December 31, 2012
+ 50 Basis Point - 50 Basis Point
iii
Financial Assets
Time deposits
382,604
7,500
4,130
(382,604)
(7,500)
(4,130)
Financial Liabilities
Provision for service concession arrangement
Lease liabilities
Total
(1,471)
(11,000)
381,763
1,471
11,000
(381,763)
Price Risk
The Group is exposed to price risks arising from investment in trading securities classified as
FVTPL. Investment in trading securities is held for trading purposes. To manage price risk
arising from investment in trading securities, the Group diversifies its portfolio. Diversification
of the portfolio is performed within the limits set by the Board of Directors.
Group investment in trading securities (consisting of money market funds and listed bonds) is
described in Note 8.
The Group is also exposed to price risks arising from other investments classified as AFS.
Equity investments are held for strategic purpose rather than trading purposes. The Group
does not actively trade these investments (Note 19).
The Group faces commodity price risk because CPO and PK are commodity products traded
in global markets. CPO and PK prices are generally determined based on international index
as benchmark, which tend to be highly cyclical and subject to significant fluctuations. As a
global commodity product, CPO and PK prices are principally dependent on the supply and
demand dynamics of CPO and PK in global export market. The Group has not entered into
CPO and PK pricing agreements to hedge its exposure to fluctuation in CPO and PK prices
but may do so in the future. However, in order to minimize the risk, CPO and PK prices are
negotiated with the customers to obtain favorable prices. ANJA and its subsidiaries entered
into certain derivatives transactions for the purpose of economic hedge against commodity
price risk.
iv Credit Risk
Credit risk refers to the risk that a counterparty will default on its contractual obligation,
resulting in a loss to the Group.
The Group‟s credit risk is primarily attributed to its cash and cash equivalents. The Group
places its bank balances with credit worthy financial institutions. The Group‟s exposure and
their counterparties are continuously monitored and the aggregate value of transactions
concluded is spread amongst approved counterparties. Credit exposure is controlled by
counterparty limits that are reviewed and approved by the risk management committee
annually.
The carrying amount of financial assets recorded in the financial statements, net of any
allowance for losses represents the Group‟ exposure to credit risk.
- 119 -
v
Liquidity Risk
The Group manages liquidity risk by maintaining adequate reserves by continuously monitor
forecast and actual cash flows and matching the maturity profiles of its financial assets and
liabilities.
The following table details the Group remaining contractual maturity for its financial liabilities
with agreed repayment period as of December 31, 2012. The table has been drawn up based
on the undiscounted principal cash flow of financial liabilities on the earliest required payment
date.
Less than
1 year
US$
1 - 5 years
US$
Financial Assets:
Time deposit
Financial assets from service concession
Trade accounts receivable
Other receivables
Other assets
Total Financial Assets
76,598,758
1,500,000
4,846,197
39,581
1,433,658
2,251,012
86,669,206
264,541
775,042
1,039,583
Financial Liabilities:
Provision for service concession
Current maturities of lease liabilities
Other payable
Accrued expenses
Current maturities of bank loan
Total Financial Liabilities
1,500,000
4,579,888
1,772,756
9,645,513
8,167,318
2,341,039
28,006,514
294,243
427,244
1,006,781
1,728,268
Total Net Assets (Liabilities)
58,662,692
(688,685)
Over than
5 years
US$
6,040,064
6,040,064
6,040,064
Total
US$
76,598,758
1,500,000
4,846,197
6,344,186
1,433,658
2,251,012
775,042
93,748,853
1,500,000
4,579,888
294,243
2,200,000
10,652,294
8,167,318
2,341,039
29,734,782
64,014,071
64. ADDITIONAL INFORMATION
The financial information of the Parent Company presents the statements of financial position,
statements of comprehensive income, statements of changes in equity, statements of cash flow and
notes to financial statements in which investments in its subsidiaries and associates were recorded
using the cost method in relation with implementation of PSAK 4 (revised 2009).
- 120 -
65. SUPPLEMENTAL DISCLOSURES FOR NON-CASH FINANCING AND INVESTING ACTIVITIES
2012
US$
Investing and financing activities:
Addition to property, plant and equipment through :
Lease liabilities and bank loans
Advance for purchase of property, plant and
equipment
Reclassification of deferred charges to land
Reclassification of property, plant and equipment
to inventory
Reclassification of property, plant and equipment
to other assets
Reclassification of unamortized provision
expense to prepaid expense
Addition to mature plantation through
accrued expense
2011
US$
2010
US$
2,200,000
451,631
181,957
1,906,556
464,925
442,346
-
88,917
522,388
2,230,674
2,387,142
1,138,193
2,613,117
-
55,598
15,889
-
296,080
-
-
10,421
-
-
310,179
-
66. REISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS
In relation with the Company‟s plan to conduct Initial Public Offering of its shares, the Company has
reissued the consolidated financial statements as of December 31, 2012, 2011, 2010 and January 1,
2010/December 31, 2009 to conform with the prevailing capital market regulations. The changes
consist of additional information and changes in presentation of Consolidated Statements of Cash
Flows and Notes 1b, 3f, 11, 16, 21, 22, 29, 32, 33, 38, 51 dan 56.
67. MANAGEMENT RESPONSIBILITY AND APPROVAL OF THE CONSOLIDATED FINANCIAL
STATEMENTS
The preparation and fair presentation of the consolidated financial statements on pages 3 to 121 were
the responsibility of the management, and were approved by the Directors and authorized for issue on
March 26, 2013.
*********
- 121 -
SCHEDULE I - STATEMENTS OF FINANCIAL POSITION
THE PARENT ENTITY ONLY
DECEMBER 31, 2012, 2011, 2010 AND JANUARY 1, 2010/DECEMBER 31, 2009
Notes
2012
US$
2011
US$
2010
US$
January 1, 2010/
December 31, 2009
US$
ASSETS
CURRENT ASSETS
Time deposit
Investment in trading securities
Other receivables - net
Total Current Assets
NONCURRENT ASSETS
Investment in subsidiaries
Investment in associate
Other investments
Investment in properties
Deferred tax assets
Property and equipment - net of accumulated
depreciation of US$ 255,282 at December 31, 2012,
US$ 2,077,939 at December 31, 2011,
US$ 1,923,457 at December, 31 2010, dan
US$ 1,797,820 pada January 1, 2010/ December 31, 2009
Advance for long term investment
Other assets
Total Noncurrent Assets
1
2
3
2,818,752
1,500,000
4,846,197
69,860
1,085,401
10,320,210
51,851,894
110,469,605
197,555
139,638
51,122,051
213,780,743
42,941,006
55,948,733
236,304
102,145
99,228,188
19,765,553
10,000,000
4,852,735
54,643
94,122
34,767,053
208,104,049
2,959,700
24,220,336
30,662
156,989,369
2,959,700
24,634,996
6,897,944
1,414,692
208,111,420
2,959,700
30,760,839
6,897,944
360,061
215,626,869
2,959,700
18,630,201
6,897,944
1,308,541
150,112
211,761
235,676,620
880,706
276,023
194,053,430
930,123
766,225
250,786,312
1,076,922
3,179,650
275,049
249,954,876
245,996,830
407,834,173
350,014,500
284,721,929
9
2,611,030
2,611,030
2,781,419
2,719,630
8
10
11
21,193,188
163,618
23,967,836
11,007,155
600,386
2,458,299
16,676,870
3,273,407
1,249,879
7,304,705
1,867,375
92,968
4,679,973
12
122,647
1,006,781
1,129,428
1,903,151
1,900,000
3,803,151
1,220,680
4,111,564
5,332,244
694,163
4,540,000
5,234,163
25,097,264
20,480,021
12,636,949
9,914,136
43,158,940
15,084,048
15,084,048
15,084,048
3,833,188
4,153,760
3,782,297
8,894,300
1,297,649
675,566
169,078,112
220,899,566
675,566
367,812,241
387,354,152
675,566
312,723,637
337,377,551
675,566
257,750,530
274,807,793
245,996,830
407,834,173
350,014,500
284,721,929
8
4
5
6
18
7
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Advance from sale of investment
in subsidiaries
Taxes payable
Accrued expenses
Total Current Liabilities
NON CURRENT LIABILITIES
Other payables
Total Noncurrent Liabilities
TOTAL LIABILITIES
EQUITY
Capital stock - Rp 100 par value per share
at December 31, 2012 and Rp 1,000 par value per share
at December 31, 2011, 2010 and January 1, 2010/
December 31, 2009
Authorized - 12,000,000,000 shares at December 31, 2012,
50,000,000 shares at December 31, 2011, 2010 and
Issued and paid-up - 3,000,000,000 shares
at December 31, 2012, 31,239,063 shares at December 31,
2011, 2010 and January 1, 2010/ December 31, 2009
Difference in value from restructuring transaction between entities
under common control
Retained earnings
Appropriated
Unappropriated
Total Equity
13,20
TOTAL LIABILITIES AND EQUITY
- 122 -
SCHEDULE II - STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
Notes
2012
US$
2011
US$
2010
US$
CONTINUING OPERATIONS
INCOME
Dividend income
Interest income
Gain on redemption of trading securities
and other investments
Rental income
Revenue from management services
Foreign exchange gain
Other income
Total Income
EXPENSES
Personnel expenses
General and administrative expenses
Unrealized loss from investment in
trading securities
Amortization of goodwill
Foreign exchange loss
Total Expenses
14
15
16
17
INCOME BEFORE TAX
TAX BENEFIT (EXPENSE)
18
NET INCOME FOR THE YEAR FROM
CONTINUING OPERATION
43,395,186
985,449
67,886,277
553,732
64,045,836
349,036
100,286
48,000
37,359
25,756
44,592,036
5,000,000
107,896
62,402
85,330
209,581
73,905,218
210,522
84,595
60,751
79,165
64,829,905
11,987,410
4,395,745
-
6,525,700
3,254,196
1,955,897
11,581,156
4,892,841
2,571,564
16,383,155
60,765
11,796,558
48,265
140,221
7,054
19,241,101
28,208,881
62,108,660
45,588,804
1,250,708
(2,020,056)
29,459,589
60,088,604
(625,464)
44,963,340
DISCONTINUED OPERATION
Net income for the year from
19
NET INCOME FOR THE YEAR
OTHER COMPREHENSIVE INCOME :
Change in fair value of available-for-sale
investment
Actuarial loss
Deferred tax benefit (expenses)
Total other comprehensive income-net of tax
- 123 -
64,869,565
-
20,759,767
94,329,154
60,088,604
65,723,107
371,463
(84,377)
21,094
308,180
94,637,334
(6,358,253)
1,246,250
(5,112,003)
54,976,601
8,842,901
(1,246,250)
7,596,651
73,319,758
SCHEDULE III - STATEMENTS OF CHANGES IN EQUITY
Note
Balance as of January 1, 2010 before adoption of
revised financial accounting standards
Effect of adoption of:
Balance as of January 1, 2010 as restated
December 31, 2010:
investment, net of tax
Dividend
December 31, 2011:
Dividend
Paid up capital
December 31, 2012:
Difference in value from transaction
Actuarial loss
Deferred tax benefit
Dividend
19
Difference in value
from restructuring transaction
Difference in value
between entities under
due to changes in equity of
Capital stock
common control
subsidiaries
US$
US$
US$
15,084,048
-
31,346,208
-
(6,259,518)
15,084,048
-
(268,823)
(31,077,385)
-
-
7,557,167
1,297,649
-
-
-
-
15,084,048
-
15,084,048
28,074,892
19
Available-for-sale
Translation
investment revaluation
adjustments
US$
US$
-
-
7,596,651
7,596,651
-
65,723,107
(10,750,000)
312,723,637
7,596,651
73,319,758
(10,750,000)
337,377,551
1,297,649
-
-
-
-
-
-
-
3,833,188
3,833,188
- 124 -
371,463
-
60,088,604
60,088,604
-
-
60,088,604
(5,000,000)
367,812,241
-
(5,112,003)
54,976,601
(5,000,000)
387,354,152
28,074,892
-
-
29,459,589
64,869,565
29,459,589
64,869,565
-
-
-
-
-
-
1,297,649
2,856,111
-
675,566
1,297,649
-
2,856,111
675,566
-
2,484,648
-
(135,857,661)
274,807,793
-
-
-
675,566
268,823
(112,337,443)
257,750,530
-
-
-
-
410,665,454
44,963,340
20,759,767
-
3,833,188
369,819,150
44,963,340
20,759,767
-
(5,112,003)
(5,112,003)
675,566
-
7,596,651
-
Total equity
US$
-
-
-
43,158,940
43,158,940
-
Retained Earnings
Appropriated
Unappropriated
US$
US$
675,566
-
1,297,649
675,566
(84,377)
21,094
462,078,112
(293,000,000)
169,078,112
3,833,188
371,463
(84,377)
21,094
513,899,566
(293,000,000)
220,899,566
SCHEDULE IV - STATEMENTS OF CASH FLOWS
2012
US$
CASH FLOWS FROM OPERATING ACTIVITIES
Received from customers
Payment to suppliers and employees
Payment for other operating expenses
Payment for tax
Payment for post-employment benefit
Interest received
Net Cash Used in Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Withdrawal (placement) of trading securities
Dividend received
Decrease (increase) in time deposits
Acquisition of property and equipment
Proceeds from sale of property and equipment
Proceed from advance from sale of investment
Capital payment and advance for investment or
establishment of new subsidiaries
Proceeds from sale of subsidiaries, associate and
other investments
Proceeds from sale of investment in properties
Repayment of advance for investment
Proceeds from liquidation
Proceeds from sale of other assets
Net Cash Provided by Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Shares issued
Payment of dividend
Net Cash Used in Financing Activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR
- 125 -
2011
US$
2010
US$
111,115
(3,567,155)
(8,441,426)
(1,355,842)
(10,333,311)
1,122,041
(22,464,578)
357,313
(12,189,778)
(2,072,185)
(1,728,130)
518,479
(15,114,301)
224,511
(9,847,266)
(6,871,442)
(891,159)
(100,008)
355,633
(17,129,731)
105,625,310
43,395,186
(1,500,000)
(30,034)
2,990,123
-
(54,577,784)
67,886,277
(142,344)
13,295
11,007,155
(51,296,703)
84,692,364
10,000,000
(30,361)
1,499
-
(51,469,235)
(247,411)
(34,361,597)
132,372,218
6,930,536
42,440
238,356,544
5,000,000
86,001
29,025,189
18,594,595
1,133,257
22,322,130
51,055,184
28,074,892
(293,000,000)
(264,925,108)
(5,000,000)
(5,000,000)
(10,750,000)
(10,750,000)
(49,033,142)
8,910,888
23,175,453
51,851,894
42,941,006
19,765,553
2,818,752
51,851,894
42,941,006
SCHEDULE V - NOTES TO FINANCIAL STATEMENTS
1.
CASH AND CASH EQUIVALENTS
2012
US$
Cash on hand
Cash in banks
Cash equivalents - Time deposits
U.S. Dollar
Rupiah
Australian Dollar
Total
Interest rates per annum on
time deposit
Rupiah
U.S. Dollar
Australian Dollar
2.
2011
US$
2010
US$
January 1, 2010/
December 31, 2009
US$
30,930
440,127
31,656
132,932
31,756
425,271
31,255
211,027
1,111,914
1,235,781
2,818,752
51,378,528
308,778
51,851,894
40,170,554
2,313,425
42,941,006
18,948,782
574,489
19,765,553
3.25% - 6.25%
0.02% - 3.00%
-
4.60% - 7.00%
0.10% - 2.75%
-
6.30% - 7.00%
0.10% - 2.25%
-
6.00% - 8.50%
0.10% - 6.00%
2.41% - 3.71%
TIME DEPOSITS
This account represents time deposits which were used as collateral for GMIT’s (a subsidiary) loan
from Credit Suisse at year end 2012 and ANJR’s (a subsidiary) loan from J.P. Morgan International
Bank Ltd. and GMIT’s (a subsidiary) loan from Credit Suisse at year end 2009.
3.
INVESTMENT IN TRADING SECURITIES
Amortized
Acquisition Cost
US$
Money market fund
Bonds
Total
826,097
4,088,113
4,914,210
Amortized
Acquisition Cost
US$
Money market fund
Bonds
Total
105,524,707
5,068,658
110,593,365
- 126 -
2012
Unrealized
Loss
US$
(68,013)
(68,013)
2011
Unrealized
Loss
US$
(123,760)
(123,760)
Fair Value
US$
826,097
4,020,100
4,846,197
Fair Value
US$
105,524,707
4,944,898
110,469,605
FOR THE YEARS ENDED
DECEMBER 31, 2012, 2011, 2010 AND JANUARY 1, 2010/DECEMBER 31, 2009 - Continued
2010
Unrealized
Loss
US$
Amortized
Acquisition Cost
US$
Money market fund
Bonds
Total
54,948,920
1,065,225
56,014,145
Fair Value
US$
(65,412)
(65,412)
54,948,920
999,813
55,948,733
Amortized
Unrealized
Acquisition Cost
Loss
Fair Value
US$
US$
US$
Money market fund
Bonds
Total
4.
2,850,557
2,036,875
4,887,432
(34,697)
(34,697)
2,850,557
2,002,178
4,852,735
INVESTMENT IN SUBSIDIARIES
This account represents the Company’s long-term investment in shares with ownership interest of
more than 50%, stated using the cost method.
January 1, 2010/
2012
2011
2010
December 31, 2009
Percentage
Acquisition
Percentage
Acquisition
Percentage
Acquisition
Percentage
of ownership
cost
of ownership
cost
of ownership
cost
of ownership
Acquisition
cost
%
US$
%
US$
%
US$
%
US$
99.99
142,104,336
99.51
139,594,596
99.84
139,594,596
99.91
139,594,596
99.99
12,203,552
64,91
5,547,168
64.91
5,547,168
64.48
3,308,096
99.99
6,505,263
99.99
6,505,263
99.99
6,505,263
99.99
6,505,263
(in liquidation)
99.99
6,213,731
66.81
3,230,656
66.81
3,230,656
66.81
3,230,656
99.99
1,284,181
99.99
1,284,181
99.99
1,284,181
99.99
1,284,181
PT Surya Makmur
99.99
827,505
99.99
827,505
99.99
827,505
99.99
827,505
PT ANJ Agri Papua
99.50
35,190,053
-
-
-
-
-
-
98.99
3,775,428
-
-
-
-
-
-
PT Austindo Nusantara
-
-
-
-
99.99
19,969,522
99.99
15,112,905
Jaya Healthcare
-
-
-
-
99.99
31,152,529
99.99
10,941,464
Eastern Island Base Pte. Ltd
-
-
-
-
-
-
100.00
21,498,506
-
-
-
-
-
-
81.60
12,289,654
PT Torah Antareja Mining
Jumlah
-
208,104,049
-
156,989,369
-
208,111,420
99.99
1,034,043
215,626,869
Based on Deed No. 101 of notary Mala Mukti, S.H., dated April 30, 2010, ANJA’s shareholders
approved to increase its paid up capital from Rp 251,540,286,500 to Rp 251,712,301,900 through the
issuance of 1,720,154 new shares to ANJA’s Directors and management in relation to the exercise of
ANJA’s stock option plan. The Company’s ownership in ANJA decreased to 99.84%.
127
FOR THE YEARS ENDED
Based on Deed No. 29 of notary Mala Mukti, S.H., dated July 8, 2011, ANJA’s shareholders
approved the new capital injection equivalent to 5,900,000 new shares from one of ANJA’s Directors.
The shareholders also approved the issuance of 2,505,905 new shares to ANJA’s Directors and
management in relation to the exercise of stock option plan of the ANJA’s management. ANJA’s paid
up capital increased from Rp 251,712,301,900 to Rp 252,552,892,400. The Company’s ownership in
ANJA decreased to 99.51%.
Based on Deed No. 16 of notary Mala Mukti, S.H., dated March 6, 2012, ANJA’s shareholders
approved the sale of 1,399,521 shares from one of the non-controlling shareholders to the Company,
increasing the Company’s ownership in ANJA to 99.56%.
Based on Deed No. 45 of notary Mala Mukti, S.H., dated October 12, 2012 ANJA’s shareholders
approved the sale of 90,729 shares from one of the non-controlling shareholders to the Company,
Based on Deed No. 84 of notary Mala Mukti, S.H., dated November 22, 2012, ANJA’s shareholders
approved the sale of 10,834,584 shares from the non-controlling shareholders to the Company,
Based on Extraordinary General Meeting of PMN Shareholder on March 18, 2010 and Deed
No. 18 of notary Mala Mukti, S.H., dated April 7, 2010, PMN shareholders agreed to increase the
capital of PMN by issuing 19,047,620 new shares at a price of Rp 1,575 per share, from which
12,562,134 shares are issued to the Company, increasing the ownership of the Company in PMN
from 64.48% to 64.91%.
Based on Deeds No. 53, 54, 75 and 24 of notary Mala Mukti, S.H., dated respectively on August 16,
2012, August 16, 2012, August 30, 2012, and September 7, 2012, Adrian Park Ltd., Investor
Investment Asia Ltd., Hamon Private Equity Ltd., and Lattice Ltd., as the owner of 19,514,286
shares, 1,915,587 shares, 718,061 shares and 677,166 shares or respectively 30%, 2.95%, 1.11%
and 1.04% ownership in PMN, agreed to transfer and sell all their shares to the Company.
Based on Deed No. 128 of notary Mala Mukti, S.H., dated September 27, 2012, the Company sell 1
share to Mr. George Santosa Tahija.
Due to the above sales and purchase of PMN shares, the Company owns 65,047,619 shares or
99.99% ownership in PMN.
Based on Deed No. 73 of notary Mala Mukti, S.H., dated on November 21, 2012, PMN’s
shareholders approved the liquidation of PMN effective on November 13, 2012 and appointed a
liquidator for the liquidation process.
PT Gading Mas Indonesian Tobacco (GMIT)
Based on Deed No. 39 of notary Mala Mukti, S.H., dated September 12, 2012, Southseas Resources
Ltd. as the owner of 57,140 shares or 33.19% ownership in GMIT sold 57,139 shares to the
Company and 1 share to Mr. Koh Bing Hock. As the result, the Company has 172,139 shares or
99.99% direct ownership in GMIT.
128
FOR THE YEARS ENDED
Based on Deed No. 45 of notary Mala Mukti, S.H., dated August 15, 2012, the shareholders of
ANJAP approved the sale of 162,360 shares or 99% ownership in ANJAP from ANJA to the
Company at a price of US$ 17,971,496.
Based on Deed No. 129 of notary Mala Mukti, S.H., dated September 27, 2012, the shareholders of
ANJAP approved to increase the authorized and paid up capital from Rp 164,000,000,000 to
Rp 246,000,000,000 by issuing 82,000 new shares, all of which were fully subscribed and paid by the
Company. The Company’s direct ownership in ANJAP increased from 99% to 99.33%.
Based on Deed No. 2 of notary Mala Mukti, S.H., dated December 4, 2012, all the shareholders of
ANJAP agreed to increase issued and paid-up capital from Rp 246,000,000,000 to
Rp 329,000,000,000 by issuing 83,000 new shares, all of which were fully paid and subscribed by the
Company. The Company’s direct ownership in ANJAP increased from 99.33% to 99.50%.
PT Austindo Aufwind New Energy (AANE)
Based on Deed No. 135 of notary Mala Mukti, S.H., dated July 19, 2012, ANJA and Aufwind
Schmack Asia Holding GmbH (ASA) approved the sales of respectively 2,130 shares or 90.64%
ownership in AANE shares, and 176 shares or 7.49% ownership of AANE to the Company. As the
result the Company has 2,306 shares or 98.13% ownership in AANE.
AANE agreed to increase the authorized capital from US$ 2,350,000 to US$ 10,000,000 and
increase its paid up capital from US$ 2,350,000 to US$ 4,350,000 by issuing 2,000 new shares, all
subscribed by the Company. As the result, the Company’s ownership in AANE increased from
98.13% to 98.99%.
Eastern Island Base Pte. Ltd (EIB)
On February 22, 2010, EIB declared and distributed dividend in form of 2,680,554 shares of ARC
Exploration Ltd., valued at US$ 111,913, to the Company. On March 19, 2010, EIB sold 1 share of
GMIT to the Company at US$ 75.
Capital repayments related to EIB liquidation received by the Company were respectively
US$ 22,000,000 on June 16, 2010, US$ 276,000 on September 28, 2010 and US$ 46,106 on
November 24, 2010.
On December 3, 2010, EIB has been liquidated.
Based on Annual Meeting of Shareholders of ANJHC as stated in Deed No. 63 of notary Mala Mukti,
S.H., dated June 25, 2010, the shareholders agreed to increase the paid up capital from
Rp 120,837,500,000 to Rp 165,837,500,000, which was fully paid by the Company.
In 2011, investment in ANJHC was reclassified to “Assets held for sale” (Note 8).
129
FOR THE YEARS ENDED
Based on Deed No. 33 of notary Mala Mukti, S.H., dated May 7, 2012, the Company transferred
165,837,499 shares or 99.99% ownership in ANJHC to PT Austindo Nusantara Jaya Husada
Cemerlang (entity under common control) (Note 13).
After the transaction, the Company no longer hold direct or indirect ownership in ANJHC and
PT Optik Klinik Mata Nusantara.
Based on Deed No. 07 of notary Mala Mukti, S.H., dated June 4, 2010, ANJR shareholders agreed to
increase its authorized capital stock from Rp 155,000,000,000 (155,000 shares) to
Rp 560,000,000,000 (560,000 shares) and to increase its issued and paid-up capital from
Rp 100,750,000,000 (100,750 shares) to Rp 141,212,000,000 (141,212 shares) by issuing 40,462
shares (Rp 404,620,000,000), all of which was fully subscribed by the Company.
Based on Deed No. 65 of notary Mala Mukti S.H., dated June 26, 2010, ANJR shareholders agreed
to increase its issued and paid-up capital from Rp 141,212,000,000 (141,212 shares) to
Rp 243,820,000,000 (243,820 shares) by issuing 102,608 shares at Rp 1,158,398 per share, all of
which was fully subscribed by the Company.
Based on Deed No. 16 of notary Mala Mukti S.H., dated November 5, 2010, ANJR shareholders
agreed to increase its issued and paid-up capital from to Rp 243,820,000,000 (243,820 shares) to
Rp 270,000,000,000 (270,000 shares) by issuing 26,180 new shares, all of which was fully
subscribed by the Company.
In 2011, investment in ANJR was reclassified to “Assets held for sale” (Note 8).
Based on Deed No. 16 of notary Fathiah Helmi, S.H., dated January 17, 2012, the Company
transferred 2,699,990,000 shares or 99.99% ownership in ANJR to PT Mitra Pinasthika Mustika
(Note 19). After this transaction, the Company no longer hold direct or indirect ownership in ANJR,
ANJF, ANJ Auto and Balai Lelang Asta Nara Jaya.
PT Austindo Nusantara Jaya Finance (ANJF)
Based on the Extraordinary Meeting of ANJF shareholders as stated in Deed No. 90 of notary Mala
Mukti, S.H., dated April 27, 2010, ANJF stockholders approved the transfer of 25,053 shares of ANJF
from Investor (Guernsey) II, Ltd. and Hamon Private Equity Ltd to the Company, increasing the
number of shares owned by the Company to 136,615 shares and the Company‟s ownership in ANJF
increased from 81.60% to 99.92%.
Based on the Extraordinary Meeting of ANJF shareholders as stated in Deed No. 29 of notary Mala
Mukti, S.H., dated May 18, 2010, the shareholders of ANJF approved to increase its authorized
capital from Rp 170,000,000,000 to Rp 800,000,000,000 and to increase the issued and paid-up
capital from Rp 136,723,000,000 to Rp 200,083,000,000 by issuing 63,360 new shares at a price of
Rp 1,199,495 per share to ANJR. The Company did not participate in the capital increase, resulting
in ownership dilution from 99.92% to 68.28%.
Based on Deed No. 22 of notary Mala Mukti S.H. dated June 11, 2010, the Company sold 136,615
shares of ANJF to ANJR at net book value (which also represented the market value), or equivalent
to Rp 172,000,006,340. As the result, the Company no longer hold direct ownership in ANJF.
5.
INVESTMENT IN AN ASSOCIATE
This account represents the Company’s long term investment in PT Pangkatan Indonesia, on which
the Company has significant influence over the investee, stated using the cost method.
130
FOR THE YEARS ENDED
6.
OTHER INVESTMENTS
This account represents the Company’s long-term investment in shares with ownership interest of
less than 20%.
2012
Fair value
Acquisition
adjustment and
cost
allowance
Fair value
US$
US$
US$
PT Puncakjaya Power
PT Agro Muko
Others
10,271,880
7,108,324
2,911,153
2,611,030
1,026,225
222,411
2,914,187
(2,857,317)
(600,000)
-
10,271,880
10,022,511
53,836
2,611,030
426,225
222,411
220,388
242,055
150,000
41,964
(41,964)
220,388
242,055
150,000
-
Net
24,805,430
(585,094)
24,220,336
Acquisition
cost
US$
2011
Fair value
adjustment and
allowance
US$
PT Puncakjaya Power
PT Agro Muko
Others
10,271,880
7,108,324
2,911,153
2,611,030
2,280,678
1,026,225
222,411
2,467,502
(2,782,095)
(1,140,000)
(600,000)
-
10,271,880
9,575,826
129,058
2,611,030
1,140,678
426,225
222,411
220,388
37,500
41,964
(41,964)
220,388
37,500
-
Net
26,731,553
(2,096,557)
24,634,996
131
Fair value
US$
FOR THE YEARS ENDED
Acquisition
cost
US$
2010
Fair value
adjustment and
allowance
US$
Fair value
US$
PT Puncakjaya Power
PT Agro Muko
Others
10,271,880
7,108,324
2,911,153
2,611,030
2,280,678
1,026,225
3,646,843
(2,588,182)
(1,140,000)
(600,000)
10,271,880
10,755,167
322,971
2,611,030
1,140,678
426,225
220,388
15,000
12,500
41,964
4,985,000
(41,964)
220,388
5,000,000
12,500
-
Net
26,499,142
4,261,697
30,760,839
Fair value
Acquisition adjustment and
cost
allowance
Fair value
US$
US$
US$
PT Puncakjaya Power
PT Agro Muko
Others
10,271,880
3,960,000
2,799,240
2,611,030
2,280,678
1,026,225
(2,799,240)
(1,140,000)
(600,000)
10,271,880
3,960,000
2,611,030
1,140,678
426,225
220,388
41,964
(41,964)
220,388
-
Net
23,211,405
(4,581,204)
18,630,201
Other investments are classified as available-for-sale investments. Except for PT Agro Muko, ARC
and TTN, the Company uses acquisition cost in measuring its other investment, since they are nonlisted shares and there is no readily available measure of fair value of the shares.
PT Agro Muko
On March 17, 2010, the Company entered into a sale and purchase agreement with Deutche
Investitions-Und Entwicklungsgesellchaft, MBH (DEG) and International Finance Corporation (IFC)
respectively, by which DEG and IFC agreed to sell and transfer each 349,053 shares of PT Agro
Muko to the Company at US$ 4.51 per share.
The Company’s interest of ownership in PT Agro Muko increased from 13.58% to 15.87%.
132
FOR THE YEARS ENDED
As of December 31, 2012, 2011 and 2010 the increase (decrease) in fair value of PT Agro Muko of
US$ 446,685, (US$ 1,179,341) and US$ 3,646,843, respectively was recognized by the Company in
other comprehensive income as unrealized gain on available-for-sale investment. Dividend income
received by the Company resulting in decrease of fair value.
In February 2010, EIB transferred 2,680,566 shares of ARC, valued at US$ 111,913, as stock
dividend to the Company.
As of December 31, 2012, 2011, 2010 and January 31, 2010/December 31, 2009, based on quoted
market price, increase (decrease) in fair value of ARC of (US$ 75,222), US$ 129,059 and US$
322,971 and US$ 349,240, respectively, was recognized by the Company in other comprehensive
income as unrealized gain on available-for-sale investment.
In 2000, the Contracts of Works (“CoW”) of PT Newcrest Sumbawa Jaya, PT Newcrest Sumatera
Minerals, PT Tamrau Jaya Mining, and PT Mineralindo Mas Tapaktuan were already terminated
and/or in the process of termination. The investment in PT Newcrest Nusa Sulawesi (which name
was changed to PT Gorontalo Sejahtera Mining) was exchanged with the right of royalty from the
same company. The Company’s investment in these investees was financed by payable to other
parties. The payment of the payable is contingent upon the receipt of dividend income from the
related investee companies. Under the terms of the related joint venture agreements there will be no
payment of the payable related to these investments, if the CoW was terminated prior to receipt of
dividend income. Due to this arrangement, although these investments and their related payable are
totally unrecoverable, the management considered that allowance for decline in value of the related
investment was not necessary.
Based on Deed No. 13 of notary Tina Chandra Gerung, S.H., dated April 30, 2008, the Company
repurchased 27,750 shares (18.14% interest ownership) of PT Bina Kosala Metropolitan as a
consequence of cancellation of the binding agreement for the sale and purchase of MMC Tower
strata title which PT Assa Development failed to deliver timely.
The Company assessed that an allowance of US$ 1.14 million at December 31, 2011 and 2010 is
adequate to cover possible decline in its investment value.
Based on Deed No. 145 of notary Mala Mukti, S.H., dated July 23, 2012, the Company transferred
27,750 BKM shares to PT Austindo Nusantara Jaya Husada Cemerlang (entity under common
control) with a total selling price of Rp 24,975,000,000 or equivalent to US$ 2.6 million. The sale is
accounted for as restructuring transaction between entities under common control (Note 13). After
the transaction, the Company no longer holds ownership in BKM.
On August 8, 2011, the Company purchased 28 shares of SSM for 1% ownership interest at a value
of US$ 222,411.
133
FOR THE YEARS ENDED
Previously, the Company provided full allowance for its investment in TTN. In 2010, the Company
intended to sell the investment to third parties, and computed its fair value based on discounted cash
flow agreed by the Company and the buyers. The US$ 4,985,000 increase of fair value
was recognized in other comprehensive income as part of unrealized gain on available for sale
investment in 2010.
Based on Deed No. 14 and 15 of notary Mala Mukti, S.H., dated January 11, 2011, the Company
entered into sales and purchase agreements to sell respectively 5 and 10 shares of TTN to PT Archi
Indonesia and Archipelago Resources Pte. Ltd., at US$ 1,666,667 and US$ 3,333,333.
Based on Deed No. 25 of notary Mala Mukti, S.H., dated May 4, 2012, the Company entered into
sale and purchase agreement with Mr. Syamsi and Mr. Muksin, whereas Mr. Syamsi and Mr. Muksin
respectively agree to sell and transfer 100,000 and 20,000 shares of GSB to PT Austindo Nusantara
Jaya Agri 114,000 shares or 95% ownership and the Company 6,000 shares or 5% ownership.
Based on Deed No. 21 of notary Buchari Hanafi, S.H., dated on April 27, 2010, the Company
approved to subscribe and pay for 125 shares in CGS at a nominal value of US$ 100 per share for
5% ownership.
Based on Deed No. 43 of notary Buchari Hanafi, S.H., dated January 28, 2011, the Company
approved to increase capital and paid for 250 new shares of CGS, resulting in increase of investment
value to US$ 37,500.
Based on Deed No. 52 of notary Buchari Hanafi, S.H., dated July 20, 2012 the Company approved to
increase capital and paid for 1,125 new shares, resulting in increase of investment value to
US$ 150,000.
7.
PROPERTY AND EQUIPMENT
January 1,
2012
US$
Additions
US$
Deductions
US$
31 December,
2012
US$
At cost :
Buildings
Motor vehicles
Total
2,150,119
433,232
344,440
30,854
2,958,645
30,034
30,034
1,957,324
269,016
326,540
30,405
2,583,285
192,795
194,250
17,900
449
405,394
Buildings
Motor vehicles
Total
1,430,580
304,318
312,187
30,854
2,077,939
104,576
62,163
15,654
182,393
1,439,360
225,344
309,941
30,405
2,005,050
95,796
141,137
17,900
449
255,282
Net Carrying Value
880,706
134
150,112
FOR THE YEARS ENDED
January 1,
2011
US$
Additions
US$
Deductions
US$
December 31,
2011
US$
At cost :
Buildings
Motor vehicles
Total
2,113,093
342,621
329,544
68,322
2,853,580
37,026
90,611
14,896
142,533
37,468
37,468
2,150,119
433,232
344,440
30,854
2,958,645
Buildings
Motor vehicles
Total
1,318,967
247,897
288,271
68,322
1,923,457
111,613
56,421
23,916
191,950
37,468
37,468
1,430,580
304,318
312,187
30,854
2,077,939
Net Carrying Value
930,123
January 1,
2010
US$
880,706
Additions
US$
Deductions
US$
December 31,
2010
US$
At cost :
Buildings
Motor vehicles
Total
2,113,093
346,678
345,137
69,834
2,874,742
23,266
11,601
34,867
27,323
27,194
1,512
56,029
2,113,093
342,621
329,544
68,322
2,853,580
Buildings
Motor vehicles
Total
1,209,667
223,988
295,988
68,177
1,797,820
109,300
51,233
19,478
1,372
181,383
27,324
27,195
1,227
55,746
1,318,967
247,897
288,271
68,322
1,923,457
Net Carrying Value
1,076,922
930,123
Depreciation charged to operation as of December 31, 2012, 2011 and 2010 amounted to
US$ 182,393, US$ 191,950 and US$ 181,383 (Note 17).
Property and equipment were insured to PT Asuransi Indrapura against fire, theft and other risk for
US$ 11,264 and Rp 1.7 billion in 2012, US$ 424,033 and Rp 1.7 billion in 2011 and US$ 415,568
and Rp 4.6 billion in 2010.
8.
ASSETS HELD FOR SALE
This account represents long term investments in PT Austindo Nusantara Jaya Rent (ANJR) and
PT Austindo Nusantara Jaya Healthcare (ANJHC) which at year end 2011 was intended to be
divested. The divestment of ANJR was realized on January 17, 2012 (Note 19), while the divestment
of ANJHC was realized on May 7, 2012 (Note 13). The recorded amount of this account is the
carrying amount of each investment (using cost method), as follows:
2012
US$
Total
-
2011
US$
31,152,529
19,969,522
51,122,051
135
2010
US$
January 1, 2010/
December 31, 2009
US$
-
-
FOR THE YEARS ENDED
9.
TRADE ACCOUNTS PAYABLE
This account represents payable to other parties for various investments.
10. TAXES PAYABLE
2012
US$
Current income tax (Note 18)
Income tax
Article 21
Article 23/26
Article 4 section 2
Article 25
Total
2011
US$
2010
US$
January 1, 2010
December 31, 2009
US$
17,795,426
183,911
83,604
51,529
3,072,763
7,251
317,748
21,193,188
415,456
1,019
600,386
3,186,771
1,824
1,208
3,273,407
212,217
1,599,362
2,909
1,358
1,867,375
11. ACCRUED EXPENSES
2012
US$
Personnel
Others
Total
2011
US$
163,618
163,618
1,855,616
602,683
2,458,299
2010
US$
1,093,000
156,879
1,249,879
January 1, 2010/
December 31, 2009
US$
21,978
70,990
92,968
12. POST-EMPLOYMENT BENEFIT OBLIGATION
The Company provides post-employment benefit for its qualifying employees in accordance with
Labor Law No. 13/2003. The number of employees entitled to the benefit is 12 employees in 2012,
31 employees in 2011 and 38 employees in 2010.
Amounts recognized in the statements of comprehensive income in respect of the post-employment
benefits are as follows:
2012
2011
2010
US$
US$
US$
Interest cost
Past service cost
Gain from termination
Excess benefit payment in the period
Past service liability of new employees
transferred from other companies or
from temporary employment contract
Total
136
312,529
125,108
2,927
(2,157,592)
10,178,035
168,489
145,794
3,280
-
117,567
108,223
2,230
-
8,461,007
397,186
714,749
360,838
588,858
FOR THE YEARS ENDED
The amounts included in statement of financial position are as follows:
2012
US$
Present value unfunded benefit
obligation
Actuarial (gain) loss
122,647
122,647
January 1, 2010/
December 31, 2009
US$
2011
US$
2010
US$
2,153,939
(250,788)
1,903,151
1,407,975
(187,295)
1,220,680
716,818
(22,655)
694,163
Movement in the net liability recognized in the statements of financial position is as follows:
Beginning of year
Benefit payment
Amount charged to income
Loss on actuarial adjustment recognized
as other comprehensive income
Excess benefit payment in the period
Leave allowance
End of year
2012
US$
2011
US$
1,903,151
(155,276)
8,461,007
1,220,680
714,749
84,380
(10,178,035)
2,188
5,232
122,647
2010
US$
(32,278)
1,903,151
694,163
(100,008)
588,858
37,667
1,220,680
The history of experience adjustments are as follows:
2012
US$
Present Value of Defined
Benefit Obligation
Experience Adjustments on
Plan Liabilities
2011
US$
122,647
(165,767)
2010
US$
2,153,939
1,407,975
70,421
163,826
2009
US$
2008
US$
716,818
550,655
-
-
The cost of providing post-employment benefits was calculated by PT Dayamandiri
Dharmakonsilindo, an independent actuary. The actuarial valuation was carried out using the
following key assumptions:
Mortality table
Normal pension age
Salary increment rate per annum
Discount rate per annum
137
2012
2011
2010
CSO – 1980
55 years
8%
5.65%
CSO – 1980
55 years
8%
6.30%
CSO – 1980
55 years
9%
8,25%
FOR THE YEARS ENDED
13. DIFFERENCE IN VALUE FROM RESTRUCTURING TRANSACTION BETWEEN ENTITIES
UNDER COMMON CONTROL
The account represents the difference between sales price and book value of asset transferred in
restructuring transaction between entities under common control. Entities under common control
involved in the transactions are as follows:




PT Memimpin Dengan Nurani and PT Austindo Kencana Jaya are shareholders of the Company.
Mr. George Santosa Tahija is a shareholder of PT Memimpin Dengan Nurani and also a
shareholder of the Company.
Mr. Sjakon George Tahija is a shareholder of PT Austindo Kencana Jaya and also a shareholder
of the Company.
PT Austindo Nusantara Jaya Husada Cemerlang is a subsidiary of PT Austindo Kencana Jaya.
The details of difference in value from restructuring transaction between entities under common
control are as follows:
December 31, 2012
US$
Sale of investment in shares of ANJHC (a subsidiary)
Sale of investment in shares of BKM (other investment)
Sale of investment in properties
Sale of property, plant and equipment
Sale of other assets
Total
30,478
1,490,208
32,592
2,392,599
(112,689)
3,833,188
Sale of investment in shares of ANJHC
On May 7, 2012, the Company transferred 165,837,499 shares or 99.99% ownership in ANJHC to
PT Austindo Nusantara Jaya Husada Cemerlang (entity under common control) at a selling price of
US$ 20,000,000. The difference between the selling price and the book value transferred amounting
to US$ 30,478 was recorded as difference in value from restructuring transaction between entities
under common control.
Sale of Investment in Shares of BKM
On July 23, 2012, the Company transferred 27,750 shares in BKM to PT Austindo Nusantara Jaya
Husada Cemerlang at a selling price of US$ 2,630,886. The difference between the selling price and
the book value transferred amounting to US$ 1,490,208 was recorded as difference in value from
Sale of Investment in Properties
On August 14, 2012, the Company sold investment in land and buildings to PT Memimpin Dengan
Nurani and PT Austindo Kencana Jaya at a net price of US$ 2,606,165. The difference between the
selling price and the book value amounting to US$ 994,316 was recorded as difference in value from
138
FOR THE YEARS ENDED
On September 5, 2012, the Company sold investment in properties to PT Austindo Nusantara Jaya
Husada Cemerlang at a net price of US$ 4,324,371. The difference between the selling price and the
book value amounting to (US$ 961,724) was recorded as difference in value from restructuring
transaction between entities under common control.
Sale of Property, plant and equipment
On December 6, 2012, the Company sold (office strata title) building, office equipment, furniture and
fixtures to PT Memimpin Dengan Nurani and PT Austindo Kencana Jaya at a net selling price of
US$ 2,970,834. The difference between the selling price and the book value amounting to
US$ 2,392,599 was recorded as difference in value from restructuring transaction between entities
Sale of Other Assets
On June 29, 2012, the Company sold other assets to Mr. Sjakon George Tahija at a net selling price
of US$ 42,440. The difference between the selling price and the book value amounting to
(US$ 112,689) was recorded as difference in value from restructuring transaction between entities
14. DIVIDEND INCOME
2012
US$
Investment in subsidiaries
Investment in an associate
Other investment
Money market fund
Total
23,999,050
9,472,372
1,999,960
7,807,786
116,018
43,395,186
2011
US$
54,912,185
1,999,960
1,000,000
9,953,382
20,750
67,886,277
2010
US$
54,951,063
3,499,942
5,560,465
34,366
64,045,836
15. INTEREST INCOME
2012
US$
Time deposits and current accounts
Others
Total
826,077
159,372
985,449
139
2011
US$
497,926
55,806
553,732
2010
US$
344,091
4,945
349,036
FOR THE YEARS ENDED
16. PERSONNEL EXPENSES
2012
US$
Bonus and long-term service allowances
Salaries
Tax allowances
Insurance
Employee welfare
Others
Total
8,816,814
2,283,814
632,383
116,887
20,339
117,173
11,987,410
2011
US$
3,677,178
1,769,753
817,452
95,183
46,275
119,859
6,525,700
2010
US$
6,546,002
1,618,998
2,633,590
66,202
33,340
683,024
11,581,156
17. GENERAL AND ADMINISTRATIVE EXPENSES
Donation
Professional fees
Depreciation (Note 7)
Repairs and maintenance
Travel
Training, seminars and meeting
Others
Total
2012
US$
2011
US$
2010
US$
1,538,826
1,740,295
182,393
101,932
350,129
39,487
442,683
4,395,745
1,238,387
1,067,862
191,950
120,106
99,570
87,027
449,294
3,254,196
1,673,777
549,983
181,383
123,067
1,873,173
32,859
458,599
4,892,841
18. INCOME TAX
Tax expense of the Company consists of the following:
2012
US$
2011
US$
2010
US$
Tax expense (benefit) from
continuing operation:
Current tax
Deferred tax
Total tax expense (benefit) from
continuing operation:
(2,655,832)
1,405,124
1,828,437
191,619
923,234
(297,770)
(1,250,708)
2,020,056
625,464
Tax expense (benefit) from
discontinued operation:
Current tax
Total tax expense (benefit) from
21,623,189
-
-
21,623,189
-
-
140
FOR THE YEARS ENDED
Current Tax
Reconciliation between income before tax per statements of comprehensive income and taxable
income is as follows:
2012
US$
Income before tax from continuing
operation per statements
of comprehensive income
Temporary differences:
Bonus
Post-employment benefit (including
foreign exchange effect)
Non-tax-deductible expenses
(non-taxable income):
Personnel expenses
Donation
Loss on sale of trading securities and
other investments
Gain on disposal of property and equipment
Loss from sale of investment
Interest income
Dividend income
Others
Total
Taxable income from continuing
operation
Income before tax from discontinued
operation (Note 19):
Non-taxable income:
Dividend from subsidiaries
Taxable income from discontinued
operation
Total taxable income
2011
US$
2010
US$
28,208,881
62,108,660
45,588,804
(1,280,155)
1,052,477
1,093,000
(3,879,060)
-
714,749
(2,211,564)
769,608
1,330,209
1,732,319
1,238,387
7,803,596
1,673,777
(1,052)
(2,577)
380,686
(611,868)
(35,471,382)
(66,618)
(33,672,994)
60,765
(4,638)
(406,791)
(56,912,145)
(58,471)
(54,350,574)
68,396
(1,922)
(172,022)
(52,551,005)
140,221
(47,990)
(43,086,949)
(10,623,328)
7,313,748
3,692,936
86,492,754
86,492,754
75,869,426
526,517
(428,436)
-
20,759,767
-
(20,759,767)
7,313,748
3,692,936
2011
US$
2010
US$
Current tax expense and payable are computed as follows:
2012
US$
Current tax expense
Less prepaid taxes
Articles 23 and 25
Current tax payable (Note 10)
141
18,967,357
1,828,437
923,234
1,171,931
17,795,426
1,644,526
183,911
839,630
83,604
FOR THE YEARS ENDED
Deferred Tax
In 2012, 2011 and 2010, the Company has deductible temporary differences from available-for-sale
investment, provision for value increase sharing plan, bonus accrual and employee benefit obligation.
The Company only recognizes the deferred tax assets over which management believes can be
utilized to compensate future taxable income.
The details of deferred tax assets of the Company are as follows:
January 1, 2012
US$
Post-employment benefit
obligation
Provision for value increase
sharing plan
Bonus
Total
(466,220)
21,094
475,000
463,904
1,414,692
(475,000)
(463,904)
(1,405,124)
21,094
305,170
Credited
(charged)
to income
for the year
US$
30,662
30,662
Credited to other
comprehensive
income
December 31, 2011
US$
US$
170,618
-
475,788
1,027,891
273,250
(552,891)
190,654
-
475,000
463,904
(1,246,250)
360,061
(191,619)
January 1, 2010
US$
obligation
sharing plan
Bonus
Unrealized gain on availablefor-sale investment
Total
Credited to other
comprehensive
income
December 31, 2012
US$
US$
475,788
January 1, 2011
US$
obligation
sharing plan
Bonus
Unrealized gain on availablefor-sale investment
Total
Charged
to income
for the year
US$
173,541
Credited
(charged)
to income
for the year
US$
1,246,250
1,246,250
1,414,692
Charged to other
comprehensive
income
December 31, 2010
US$
US$
131,629
-
305,170
1,135,000
-
(107,109)
273,250
-
1,027,891
273,250
1,308,541
297,770
142
(1,246,250)
(1,246,250)
(1,246,250)
360,061
FOR THE YEARS ENDED
A reconciliation between tax expense and the amounts computed by applying the prevailing tax rates to income
before tax per statements of comprehensive income is as follows:
2012
US$
2011
US$
2010
US$
Income before tax from continuing
operation per statements
of comprehensive income
28,208,881
62,108,660
45,588,804
Tax expense at prevailing tax rates
(7,052,220)
(15,527,165)
(11,397,201)
(115,320)
(80,677)
Effect of unrealized deferred tax asset
Effect of non-tax-deductible expenses
(non-taxable income):
Dividend income
Interest income
Gain on disposal of property and equipment
Loss on trading securities and
other investment
Gain on sale of investment
Donation
Personnel expenses
Others
Total
Total tax benefit (expense) from
continuing operation
Income before tax from
Tax expense at prevailing tax rates
Non-taxable income
Total tax benefit (expense) from
-
8,867,845
152,967
644
14,228,036
101,698
1,160
13,137,751
43,005
481
263
(95,172)
(332,552)
(192,402)
16,655
8,418,248
(15,191)
(309,597)
(433,080)
14,760
13,587,786
(17,099)
(418,444)
(1,950,899)
(35,055)
11,997
10,771,737
1,250,708
(2,020,056)
(625,464)
86,492,754
-
20,759,767
(21,623,189)
-
-
(5,189,942)
5,189,942
(21,623,189)
-
-
19. NET INCOME FOR THE YEAR FROM DISCONTINUED OPERATION
2012
US$
Gain on sale of investment in subsidiaries
Consultant fee related to sale of investment
in subsidiaries
Gain on sale before tax
Tax expense related to sale of investment
in subsidiaries (Note 18)
Gain on sale of investment in subsidiaries - net
143
89,595,419
(3,102,665)
86,492,754
(21,623,189)
64,869,565
FOR THE YEARS ENDED
On January 17, 2012, the Company sold all its shares in ANJR to PT Mitra Pinasthika Mustika for
US$ 120,748,487 (including US$ 11,007,155 advance from sale of investment in subsidiaries). The
gain on sale of this investment is presented as part of net income from discontinued operation.
2010
US$
Dividend from EIB
Dividend from ANJF
Total
5,900,000
14,859,767
20,759,767
On June 11, 2010, the Company sold its shares in ANJF to ANJR. Prior to the sale transaction, ANJF
distributed US$ 14,859,767 cash dividend to the Company, which is presented as part of net income
from discontinued operation.
In February 2010, EIB distributed US$ 111,913 dividend in form of ARC shares and US$ 5,788,087
cash dividend to the Company. The dividend is presented as part of net income from discontinued
operation.
20. NATURE OF RELATIONSHIP AND TRANSACTION WITH RELATED PARTIES
Nature of Relationship
Related parties which are shareholders of the Company:



PT Austindo Kencana Jaya (AKJ)
PT Memimpin Dengan Nurani (MDN)
Yayasan Tahija
Related parties in which the Company is a shareholder (direct or indirect):











PT Darajat Geothermal Indonesia (DGI)
PT Aceh Timur Indonesia (ATI)
PT Surya Makmur (SM)
PT Sahabat Mewah Makmur (SMM)
PT Lestari Sago Papua (LSP)
PT Austindo Nusantara Jaya Husada Cemerlang (ANJHCem)
PT Austindo Nusantara Jaya Finance (ANJF) is a subsidiary of the Company until January 17,
2012
PT Austindo Nusantara Jaya Rent (ANJR) is a subsidiary of the Company until January 17,
2012
PT Austindo Nusantara Jaya Healthcare (ANJHC) is a subsidiary of the Company until May 7,
2012
PT Asuransi Indrapura (AI) is a subsidiary of the Company until February 27, 2012
144
FOR THE YEARS ENDED
Transaction with Related Parties
In the normal course of business, the Company entered into certain transactions with related parties,
including the followings:
a. The Company charged management fee to various subsidiaries amounting to US$ 48,000 in
2012, US$ 62,702 in 2011 and US$ 60,751 in 2010.
b. The Company charged rental fee for office space occupied by DGI, SMM, LSP, MDN, AKJ,
ANJHCem and ANJHC of US$ 100,286 in 2012, US$ 107,900 in 2011 and US$ 84,595 in 2010.
c. The Company paid management fee charged by ANJA amounting to nil in 2012 and US$ 66,000
each in 2011 and 2010, respectively.
d. The Company was charged by ANJF an operating lease amounting to US$ 12,154 in 2011 and
US$ 20,137 in 2010.
e. The Company insured its assets to AI with a total premium paid of US$ 5,306 in 2011 and
US$ 5,627 in 2010.
f.
The Company was charged by ANJR a total car rental fee of US$ 8,547 in 2011 and US$ 944 in
2010.
g. The Company entered into certain sale transactions of investment in property and other assets
with related parties as explained in Note 13.
h. The Company donated respectively US$ 1,330,209, US$ 1,238,387 and US$ 1,673,777 in 2012,
2011 and 2010 for the Company’s Corporate Social Responsibility (CSR) activities to Yayasan
Tahija.
i.
The Company provide benefits to its Commissioners and Directors of the Company as follows:
Short-term employee benefit
Long-term employee benefit
Total
2012
US$
2011
US$
2010
US$
1,799,192
6,722,821
8,522,013
2,052,962
1,310,345
3,363,307
1,616,445
4,314,545
5,930,990
*********
145

pt austindo nusantara jaya and subsidiaries - anj

Transcription

Similar documents

Teleplan_GB_2006_Final

Teleplan Annual Report 2007 from website

Suite 311, Block A, Glomac Business Centre 10 Jalan SS6/1, Kelana

Kontak January 2015 - Global Jaya School

FOL-1-FORMA 2 - Service Alberta

Kontak June 2016 - Global Jaya School

BUILDING COMMUNITY. ONE MEMBER AT A TIME

for Solutions - Utah Medical Products, Inc.

Ilapak Italia Spa

read our latest annual report