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English Version

PT KAWASAN INDUSTRI JABABEKA Tbk
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF 30 JUNE 2014 AND 2013 (UNAUDITED),
31 DECEMBER 2013, 2012 AND 2011 (AUDITED)
AND FOR THE SIX-MONTH PERIODS ENDED
30 JUNE 2014 AND 2013 (UNAUDITED)
AND THE YEARS ENDED 31 DECEMBER 2013, 2012 AND 2011 (AUDITED)
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
AND
INDEPENDENT AUDITORS’ REPORT
PT KAWASAN INDUSTRI JABABEKA Tbk AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF 30 JUNE 2014 AND 2013 (UNAUDITED),
31 DECEMBER 2013, 2012 AND 2011 (AUDITED)
AND FOR THE SIX-MONTH PERIODS ENDED
CONTENTS
Directors’ Statement
Report on Review of Interim Financial Information
Independent Auditors’ Report
Exhibit
Consolidated Statements of Financial Position
A
Consolidated Statements of Comprehensive Income
B
Consolidated Statements of Changes in Equity
C
Consolidated Statements of Cash Flows
D
Notes to the Consolidated Financial Statements
E
Exhibit A
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AND 31 DECEMBER 2013, 2012 AND 2011 (AUDITED)
(Expressed in Rupiah, unless otherwise stated)
Notes
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents – net of
allowance for impairment losses
of Rp 1,918,699,443 on
30 June 2014, 30 June 2013,
31 December 2013,
31 December 2012 and
31 December 2011, respectively
4
538,704,896,194
307,426,034,596
595,494,841,630
241,847,003,916
127,545,483,579
5,16
237,013,136,088
442,959,573,280
230,554,954,026
118,659,146,129
85,507,850,760
Other receivables from third
parties - net of allowance
for impairment losses of
Rp 3,722,896,870 on
30 June 2014, 30 June 2013,
31 December 2013, 31 December
2012 and 31 December 2011,
respectively
6
38,966,038,248
23,977,159,558
38,337,986,474
113,294,364,970
22,356,961,892
Inventories
7
691,342,433,200
678,020,019,038
702,957,092,072
624,275,520,205
554,015,993,308
Prepaid taxes
19
14,446,330,486
28,535,695,251
10,288,508,033
19,232,639,110
15,288,183,692
9,486,049,820
5,355,848,619
5,801,745,752
3,486,665,549
3,092,694,357
Trade receivables from third
parties - net of allowance for
impairment losses of
Rp 8,744,981,771,
Rp 4,781,279,442,
Rp 8,744,981,771,
Rp 5,052,136,407 and
Rp 5,909,988,556
on 30 June 2014, 30 June
2013, 31 December 2013,
31 December 2012
and 31 December 2011,
respectively
Prepaid expenses
Land for development – current
portion
8,15,16
2,651,671,840,871 2,669,995,349,726 2,721,524,032,377 2,723,280,507,551 2,505,580,491,801
Investments in shares of stock
9
11,000,000,000
1,000,000,000
1,000,000,000
1,000,000,000
1,000,000,000
Advances – current portion
14
741,493,901,155
707,236,876,506
719,582,140,753
568,273,562,963
82,379,351,428
Total Current Assets
4,934,124,626,062 4,864,506,556,574 5,025,541,301,117 4,413,349,410,393 3,396,767,010,817
See accompanying Notes to the Consolidated Financial Statements on Exhibit E
which are an integral part of the Consolidated Financial Statements taken as a whole
Exhibit A/2
Notes
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
-
-
NON-CURRENT ASSETS
Investment in associate
9
Property, plant and equipment –
net of accumulated depreciation
of Rp 474,990,423,665,
Rp 389,327,939,679,
Rp 423,395,281,217,
Rp 328,194,298,344 and
Rp 271,357,570,716
on 30 June 2014, 30 June 2013,
31 December 2013, 31 December
2012 and 31 December 2011,
respectively
Investment properties - net of
accumulated depreciation of
Rp 7,904,256,533,
Rp 1,870,837,894,
Rp 5,293,259,837,
Rp 1,694,116,960 and
Rp 1,322,331,733
on 30 June 2014, 30 June
2013, 31 December 2013,
31 December 2011,
respectively
10,16
44,813,816,792
-
44,958,565,451
2,203,119,293,335 2,144,756,133,806 2,168,400,599,324 2,138,349,624,678 1,836,952,980,394
11
99,522,032,117
8,184,420,472
102,133,028,813
8,361,141,406
5,744,406,931
8,15,16
760,979,164,697
385,454,287,465
687,462,472,376
174,430,963,087
137,287,945,363
Deferred tax assets
19
19,564,079,233
32,969,122,822
29,248,924,299
36,150,723,084
35,133,164,420
Goodwill
12
8,317,914,430
8,317,914,430
8,317,914,430
8,317,914,430
8,317,914,430
407,358,381
51,191,559
407,358,381
51,191,559
210,685,781
2,997,826,185
143,898,026,185
2,997,826,185
143,898,026,185
143,886,216,185
15,906,334,688
14,085,250,209
12,860,690,692
14,200,000,000
14,200,000,000
2,482,144,099
1,487,629,462
1,535,709,058
1,210,550,670
1,142,020,285
175,777,140,452
140,443,567,314
171,302,841,032
139,498,324,585
17,714,406,317
Land for development – non-current
portion
Estimated claim for tax refund
Advances – non-current portion
14
Bank guarantee
Refundable deposits
Restricted cash and cash
equivalents – net allowance for
impairment losses of
Rp 3,219,865,878 on
30 June 2014, 30 June 2013,
31 December 2013,
31 December 2011, respectively
13
Total Non-Current Assets
3,333,887,104,409 2,879,647,543,724 3,229,625,930,041 2,664,468,459,684 2,200,589,740,106
TOTAL ASSETS
8,268,011,730,471 7,744,154,100,298 8,255,167,231,158 7,077,817,870,077 5,597,356,750,923
Exhibit A/3
Notes
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Short-term loan
Trade payables to third parties
Other payables to third parties
Dividend payable
Taxes payable
Accrued expenses
Customers’ deposits – short-term
portion
Unearned income – short-term portion
Short-term portion of
long-term debts:
Bank loan
Lease payable
15
17
18
25
19
20
77,798,500,000
177,695,896,505
142,841,991,039
35,312,598,031
32,230,796,506
140,752,277,844
64,538,500,000
161,118,466,021
121,978,976,210
133,209,570,142
52,145,464,760
112,312,491,043
79,228,500,000
186,607,433,215
132,002,837,480
32,745,380,906
142,180,540,446
62,861,461,878
166,426,985,201
122,480,130,549
33,835,057,681
109,758,855,729
902,818,074
89,011,690,273
126,601,946,634
28,360,136,933
18,613,800,340
22
497,133,046,477
11,367,071,846
683,167,736,183
7,183,756,985
831,002,985,241
3,972,012,638
526,659,144,617
2,508,418,363
179,660,136,766
4,298,554,499
330,617,385,644
5,416,199,728
278,167,367,138
1,932,033,732
340,740,661,572
4,146,257,563
181,402,486,300
4,007,009,003
501,512,111,603
1,954,110,620
1,451,165,763,620 1,615,754,362,214 1,752,626,609,061 1,209,939,549,321
950,915,305,742
2,018,120,817,728 1,672,720,241,492 2,046,630,307,764 1,622,822,484,730
79,180,000,000 119,180,000,000
99,180,000,000
169,180,000,000
3,846,454,109
6,200,347,006
2,429,819,328
6,226,440,867
989,338,666,667
3,075,078,664
16
Total Current Liabilities
NON-CURRENT LIABILITIES
Long-term debts – net of short-term
portion:
Senior notes
Bank loan
Lease payable
Customers’ deposit –
long-term portion
Unearned income – long-term portion
Security deposits
Employees’ benefits liabilities
Deferred tax liabilities
16
22
21
19
1,498,447,365
6,578,157,405
43,859,176,534
72,911,762,721
7,977,282,563
48,486,960,271
2,208,309,775
27,395,598,762
59,999,498,793
10,083,599,434
49,838,480,092
7,333,321,859
35,607,791,790
65,718,328,287
9,770,699,774
5,644,619,549
4,226,422,780
20,407,728,190
53,559,576,058
10,409,859,786
76,741,407,586
2,311,235,222
11,245,999,447
42,693,788,993
19,332,851,641
Total Non-Current Liabilities
2,233,972,098,425 1,946,274,555,533 2,316,508,748,894 1,892,477,131,960 1,144,739,028,220
TOTAL LIABILITIES
3,685,137,862,045 3,562,028,917,747 4,069,135,357,955 3,102,416,681,281 2,095,654,333,962
Exhibit A/4
Notes
EQUITY
Share capital
Authorized - 1,800,000,000
Class A shares with par value of
Rp 500 per share and
28,000,000,000 Class B shares with
par value of Rp 75 per share
Issued and fully paid – 711,956,815
Class A shares and 19,409,414,228
Class B shares on 30 June 2014 and
31 December 2013 and 711,956,815
Class A shares and 19,104,937,913
Class B shares on 30 June 2013,
31 December 2011
Additional paid-in capital - Net
Retained earnings
Appropriated
Unappropriated (since quasireorganization as of
30 September 2004)
Foreign currency translation reserve
Equity attributable to owners
of the parent company
23
24
26
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
1,811,684,474,600 1,788,848,750,975 1,811,684,474,600 1,788,848,750,975 1,788,848,750,975
1,252,571,741,554 1,168,840,754,929 1,252,571,741,554 1,168,840,754,929 1,168,840,754,929
200,000,000
150,000,000
150,000,000
100,000,000
50,000,000
1,283,171,743,901 1,126,438,203,738
5,431,955,275
1,333,640,797
891,579,106,937
5,869,115,430
923,942,862,896
576,337,745
543,962,911,057
-
4,353,059,915,330 4,085,611,350,439 3,961,854,438,521 3,882,308,706,545 3,501,702,416,961
Non-controlling interest
229,813,953,096
96,513,832,112
224,177,434,682
93,092,482,251
-
TOTAL EQUITY
4,582,873,868,426 4,182,125,182,551 4,186,031,873,203 3,975,401,188,796 3,501,702,416,961
TOTAL LIABILITIES AND EQUITY
8,268,011,730,471 7,744,154,100,298 8,255,167,231,158 7,077,817,870,077 5,597,356,750,923
Exhibit B
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIODS ENDED
Notes
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
SALES AND SERVICE REVENUE
28
1,442,883,729,527
1,506,661,251,559
2,739,598,333,777
COST OF SALES AND SERVICE
REVENUE
29
736,957,876,275
828,713,709,003
1,568,130,853,976
540,517,328,812
534,730,594,003
705,925,853,252
677,947,542,556
1,171,467,479,801
860,094,365,349
613,565,331,904
GROSS PROFIT
Selling expense
General and administrative
expense
Financial income
Financial expense
Other income
Other expense
1,400,611,694,161 1,148,295,925,907
(
21,707,476,303 ) (
20,713,774,437) (
48,322,280,008)(
31
32
33
34
35
(
131,211,998,724) (
44,523,960,314
153,064,259,696) (
52,552,116,911
14,993,624,983) (
106,307,739,882) (
2,724,951,548
166,957,074,637) (
18,439,466,779
9,637,393,691) (
267,841,939,603 ) (
9,995,288,303
690,731,960,235 ) (
79,939,392,809
50,340,775,556 ) (
207,187,738,334 ) ( 150,381,892,758 )
9,622,872,763
2,920,209,969
208,244,814,690 ) ( 88,502,670,493 )
44,186,436,119
33,142,172,396
12,814,536,886 ) ( 20,413,234,421 )
482,024,570,771
395,495,978,236
204,165,205,511
457,791,362,222
(
(
27,865,222,099 ) (
27,061,395,217 )
363,268,521,380
19
Income Tax Expense - Net
(
(
48,939,389,507 ) (
7,891,427,855 ) (
56,424,777,481) (
2,855,339,910) (
93,424,934,124)(
6,262,638,773)
87,709,478,642 ) (
9,940,550,510
57,396,174,338 )
20,258,819,877
(
56,830,817,362 )(
59,280,117,391) (
99,687,572,897)(
77,768,928,132 ) (
37,137,354,461)
PROFIT FOR THE PERIOD
425,193,753,409
Other Comprehensive (Loss) Income
Foreign currency
translation reserve
(
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD
Profit attributable to:
Owners of the Parent Company
Non-Controlling Interest
(
Total
Total comprehensive income
attributable to:
Owners of the Parent Company
Non-Controlling Interests
(
Total
BASIC EARNINGS PER SHARE
31 December
2011
(One year)
(Audited)
30
PROFIT BEFORE INCOME
TAX (EXPENSE) BENEFIT
INCOME TAX (EXPENSE)
BENEFIT
Current
Deferred
31 December
2012
(One year)
(Audited)
27
336,215,860,845
104,477,632,614
380,022,434,090
757,303,052
5,292,777,685
576,337,745
424,756,593,254
336,973,163,897
109,770,410,299
380,598,771,835
326,131,166,919
426,955,234,995
1,761,481,586 )
335,754,910,984
460,949,861
100,895,814,183
3,581,818,431 (
380,029,951,839
7,517,749 )
326,131,166,919
-
425,193,753,409
336,215,860,845
104,477,632,614
380,022,434,090
326,131,166,919
426,518,074,840
1,761,481,586 )
336,512,214,036
460,949,861
106,188,591,868
3,581,818,431 (
380,606,289,584
7,517,749 )
326,131,166,919
-
424,756,593,254
336,973,163,897
109,770,410,299
380,598,771,835
326,131,166,919
21.10
16.59
4.99
18.78
16.12
437,160,155 )
326,131,166,919
-
Exhibit C
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Notes
Balance as of 1 January 2011
1,336,147,087,700
Adjusment in relation with implementation
of Statements of Fianncial Accounting
Standards (“SFAS”) No. 22 (Revised
2010), “Business Combination”
-
As adjusted
Right issue
Appropriation for general reserve
Issued and fully
paid capital
23,24
26
Total comprehensive income for the
year (Audited)
Balance as of 31 December 2011
Additional
paid in
capital-Net
118,934,833,291
-
1,336,147,087,700
118,934,833,291
452,701,663,275
1,049,905,921,638
Retained earnings
Appropriated
Unappropriated
Foreign
currency
translation
reserve
Equity
attributable
to owners
of the parent
company
Non-controlling
interests
Total equity
-
213,496,566,565
-
1,668,578,487,556
-
1,668,578,487,556
-
4,385,177,573
-
4,385,177,573
-
4,385,177,573
-
217,881,744,138
-
1,672,963,665,129
-
1,672,963,665,129
-
-
-
1,502,607,584,913
-
1,502,607,584,913
-
-
50,000,000 (
50,000,000 )
-
-
-
-
-
-
-
326,131,166,919
-
326,131,166,919
50,000,000
543,962,911,057
1,788,848,750,975
1,168,840,754,929
-
3,501,702,416,961
Establishment of new Subsidiary
1d
-
-
-
-
-
-
26
-
-
50,000,000 (
50,000,000 )
-
-
for the year (Audited)
-
-
1,788,848,750,975
1,168,840,754,929
100,000,000
380,029,951,839
576,337,745
923,942,862,896
576,337,745
380,606,289,584 (
-
326,131,166,919
-
3,501,702,416,961
93,100,000,000
93,100,000,000
-
-
7,517,749 )
380,598,771,835
3,882,308,706,545
93,092,482,251
3,975,401,188,796
1d
-
-
-
-
-
-
1,020,000,000
1,020,000,000
Change in non – controlling interest
due to change in investment
1d
-
-
-
-
-
-
1,940,400,000
1,940,400,000
26
-
-
50,000,000 (
50,000,000 )
-
-
-
-
-
-
-
-
1,788,848,750,975
1,168,840,754,929
Total comprehensive income for the
period (six months) (Unaudited)
Dividend
Balance as of 30 June 2013
25
150,000,000
335,754,910,984
(
133,209,570,142 )
1,126,438,203,738
757,303,052
1,333,640,797
336,512,214,036
(
133,209,570,142 )
4,085,611,350,439
-
-
460,949,861
96,513,832,112
336,973,163,897
(
133,209,570,142 )
4,182,125,182,551
Exhibit C/2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Notes
Balance as of 1 January 2013
Issued and fully
paid capital
Additional
paid in
capital-Net
1,788,848,750,975 1,168,840,754,929
Stock dividends
24,25
Cash dividends
25
-
1d
-
1d
Appropriation for general
reserve
26
for the year (Audited)
22,835,723,625
83,730,986,625
-
-
(
26,642,859,892 )
-
-
-
-
-
-
16,020,000,000
16,020,000,000
-
-
-
-
-
-
111,483,134,000
111,483,134,000
-
-
-
-
-
-
-
Appropriation for general
reserve
26
-
-
-
-
-
-
1,811,684,474,600 1,252,571,741,554
50,000,000 (
150,000,000
-
-
26,642,859,892 )
5,292,777,685
891,579,106,937
5,869,115,430 3,961,854,438,521
50,000,000 )
426,955,234,995 (
(
(
100,895,814,183
-
50,000,000 (
-
50,000,000 )
-
93,092,482,251 3,975,401,188,796
-
-
25
576,337,745 3,882,308,706,545
106,566,710,250 )
1d
Balance as of 30 June 2014
923,942,862,896
Total equity
(
Dividend
100,000,000
Non-controlling
interests
-
1,811,684,474,600 1,252,571,741,554
for the period (six months)
(Unaudited)
Retained earnings
Appropriated
Unappropriated
Equity
attributable
to owners
of the parent
company
Foreign
currency
translation
reserve
35,312,598,031 )
200,000,000 1,283,171,743,901
106,188,591,868
-
-
-
-
437,160,155 )
-
426,518,074,840 (
(
35,312,598,031 )
5,431,955,275 4,353,059,915,330
-
(
-
26,642,859,892 )
-
3,581,818,431
109,770,410,299
224,177,434,682 4,186,031,873,203
7,398,000,000
7,398,000,000
-
-
1,761,481,586 )
-
424,756,593,254
(
35,312,598,031 )
229,813,953,096 4,582,873,868,426
Exhibit D
CONSOLIDATED STATEMENTS OF CASH FLOWS
30 June
2014
(Six months)
(Unaudited)
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash receipts from customers
Payments for:
Land development, construction cost
and licenses
Salaries and employees’ benefits
Other operating expense
Cash flows provided by operating activities
Receipt of financial income
Payment of financial expense
Payment of taxes
1,054,215,575,974
Net cash flows used in investing
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Additional capital from non-controlling
interests
(Payment) receipt of lease payable
Additional of restricted cash and
cash equivalents
Payment of bank loans
Receipts from bank loans
Capital contribution from
non-controlling interest
Redemption of Senior Notes
Payment of cash dividend
Proceeds from Senior Notes
Payment of Senior Notes issuance cost
Additional of capital contribution
Payment of stock issuance cost
Net cash flows (used in) provided by
financing activities
Effect of changes in foreign exchange
rates on cash and cash equivalents
31 December
2013
(One year)
(Audited)
1,381,982,613,661
2,972,547,381,683
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
1,644,220,470,755
1,108,531,570,504
(
(
(
139,822,537,284) (
80,233,934,515) (
397,096,023,040) (
208,659,113,492 )(
352,470,938,913) (
62,483,590,352 )(
157,877,462,325) (
264,817,414,348 )( 1,186,525,552,073) (
396,489,307,929 )(
120,100,899,823 )(
277,426,870,836 )(
297,625,762,730)
95,500,967,938)
132,363,054,415)
(
(
437,063,081,135
10,207,703,972
154,565,297,194) (
54,948,355,425) (
846,022,495,469 1,275,673,428,372
2,724,951,548
9,654,306,178
163,026,212,914 )(
241,968,314,723) (
58,382,898,496 )(
98,145,262,457) (
850,203,392,167
9,622,872,763
122,913,603,001 )(
82,234,557,894 )(
583,041,785,421
2,920,209,969
81,017,659,016)
43,229,067,097 )
237,757,132,488
627,338,335,607
945,214,157,370
654,678,104,035
461,715,269,277
522,631,364
-
564,694,277
-
1,065,066,668
-
131,855,000
-
Net cash flows provided by
operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from sale of property, plant and
equipment
Investment in shares of stock
Acquisition of property, plant and
equipment
Land acquisition
Advance for purchase of property, plant
and equipment
Investment in associate
Proceeds from sale of investment
properties
Advance for stock purchase
Acquisitions of Subsidiaries
30 June
2013
(Six months)
(Unaudited)
(
48,640,000
10,000,000,000)
(
(
86,559,172,650) (
168,879,622,330)(
-
(
-
91,922,048,278 )(
513,946,416,577 )(
151,618,657,445) (
617,949,958,577) (
1,813,669,794 )(
(
8,199,999,027) (
45,000,000,000)
-
-
(
265,390,154,980) (
607,159,503,285 )(
822,203,920,772) (
(
7,398,000,000
2,351,239,559) (
2,101,069,134 )(
111,483,134,000
4,287,386,975) (
4,474,299,420) (
30,000,000,000) (
-
945,242,729 )(
53,301,709,562 )(
100,026,016,915
(
(
(
29,427,538,979)
270,616,035
-
(
(
350,769,846,276 )(
542,535,805,096 )(
1,853,013,000 )
-
414,898,082,218 )
146,237,683,538 )
-
(
(
2,272,280,000
14,384,072,500 )
72,531,656,865 )
894,093,597,704 )(
645,647,360,121 )
2,679,739,416 )
4,641,415,050
31,804,516,447) (
121,783,918,268 )(
111,026,068,536) ( 1,668,156,933,119 )(
200,026,016,915
557,855,000,000
1,832,038,647)
230,974,594,746 )
454,752,782,656
111,060,400,000
18,507,459,250)
26,642,859,892)
1,646,605,941,750
(
59,838,480,800 )
(
21,491,620,500
6,397,959,337 )
43,677,995,490
230,301,259,815
1,722,202,868
336,341,301
352,001,870,147
1,715,143,859 (
241,681,225,476
11,104,895,053)
Exhibit D/2
CONSOLIDATED STATEMENTS OF CASH FLOWS
30 June
2014
(Six months)
(Unaudited)
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS OF
SUBSIDIARIES ACQUIRED
CASH AND CASH EQUIVALENTS AT END
OF PERIOD
(
56,789,945,436 )
595,494,841,630
-
538,704,896,194
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
65,579,030,680
353,647,837,714
114,301,520,337
46,644,239,579
241,847,003,916
241,847,003,916
127,545,483,579
80,530,998,507
-
307,426,034,596
-
595,494,841,630
-
241,847,003,916
31 December
2011
(One year)
(Audited)
370,245,493
127,545,483,579
Exhibit E
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. G E N E R A L
a. The Company’s Establishment
PT Kawasan Industri Jababeka Tbk (the “Company”) was established within the framework of the Domestic Capital Investment
Law No. 6 Year 1968 which was amended by Law No. 12 Year 1970, based on Notarial deed No. 18 dated 12 January 1989 of
Notary Maria Kristiana Soeharyo, S.H. The deed of establishment was approved by the Ministry of Justice of the Republic of
Indonesia in its Decision Letter No. C2-8154.HT.01.01.TH.89 dated 1 September 1989 and was published in the State Gazette
Republic of Indonesia No. 81 dated 10 October 1989, Supplement No. 2361. The Company’s articles of association has been
amended several times, the latest changes of the Company’s articles of association was covered by the Notarial deed No. 73
dated 21 June 2013 of Yualita Widyadhari, S.H., Notary in Jakarta, concerning the changes of the Company’s issued and fully paid
capital. The amendment has been reported to and recorded in the database of the Legal Entity Administration System
(SISMINBAKUM) of the Department of Laws and Human Rights of the Republic of Indonesia under registration
No. AHU 0106481.AH.01.09.Tahun 2013 dated 13 November 2013.
As stated in Article 3 of the Company’s articles of association, the scope of its activities comprises the development and sale of
industrial estates and related facilities and services including, among others, residential estate, apartments, office buildings,
shopping centers, development and installation of water treatment plants, waste water treatment, telephone, electricity and
other facilities to support the industrial estate, in addition the Company provides sports and recreational facilities, and also
exports and imports of goods for businesses related to the development and management of the industrial estate.
The Company is domiciled in Bekasi and its Subsidiaries are domiciled in Bekasi, Pandeglang, Jakarta, Amsterdam and Kendal. The
Company has started operating commercially in 1990.
b. Completion of The Consolidated Financial Statements
The directors of the Company and Subsidiaries (together mentioned as the “Group”) are responsible for preparation and
presentation of the consolidated financial statements which have been finalized and approved for issuance on 27 August 2014.
c. The Company’s Public Offering
Based on the Capital Market Supervisory Board letter No. S-1959/PM/1994 dated 5 December 1994, the Company obtained the
notice of effectivity from Chairman of Bapepam for the public offering of 47,000,000 shares with offering price with par value of
Rp 1,000 per share at Rp 4,950 per share. These shares were listed on the Jakarta and Surabaya Stock Exchange on 10 January
1995.
On 25 November 1996, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory
Agency in its letter No. S-1916/PM/1996 through Pre-emptive Right Issue I to the Shareholders totaling 156,820,000 common
shares with par value Rp 1,000 per share. These shares regarding to Pre-emptive Right Issue I were listed on the Jakarta and
Surabaya Stock Exchange on 16 December 1996.
In connection with its loans restructuring process, the Company issued additional 356,585 Class A shares and 12,128,665,380 Class
B shares to its existing creditors in 2002 and additional 940,250,356 Class B shares in 2004.
Based on the Minutes of the Extraordinary Meeting of the Shareholders as covered by Notarial deed No. 3 dated 16 August 2004 of
Yualita Widyadhari, S.H., the shareholders approved the quasi reorganization of the Company by decreasing the par value of the
Class A shares from Rp 1,000 per share to Rp 500 per share and Class B shares from Rp 150 per share to Rp 75 per share. As a
result, the issued and fully paid capital decreased from Rp 2,672,294,175,400 to Rp 1,336,147,087,700 consisting of 711,956,815
Class A shares with par value of Rp 500 per share and 13,068,915,736 Class B shares with par value of Rp 75 per share.
On 23 September 2011, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory
Agency in its letter No. S-10447/BL/2011 through Pre-emptive Right Issue II to the Shareholders totaling 6,036,022,177 Class B
common shares with par value Rp 75 per share. These shares regarding to Pre-emptive Right Issue II were listed on the Indonesia
Stock Exchange on 20 October 2011.
Based on Notarial deed No. 73 dated 21 June 2013 of Yualita Widyadhari, S.H, regarding the Minutes of Annual Shareholders’
General Meeting, the Shareholders approved the change of the Company’s subscribed and paid-up capital through the dividend
shares for the issuance up to 304,476,315 new Class B shares with a par value per share of Rp 75.
Based on Notarial deed No. 40 dated 21 May 2014 of Yualita Widyadhari, S.H., regarding the Minutes of Annual Shareholders’
General Meeting, the shareholders approved the change of the Company’s subscribed and paid-up capital through the dividend
shares for the issuance up to 93,828,254 new Class B shares with a par value per share of Rp 75.
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, all of the Company’s shares are
listed on the Indonesia Stock Exchange.
Exhibit E/2
1.
G E N E R A L (Continued)
c. The Company’s Public Offering (Continued)
On 26 July 2012, Jababeka International B.V. (JIBV), a Subsidiary, issued Guaranteed Senior Notes (the “Senior Notes”) amounting to
US$ 175,000,000, with selling price of 99.117%. The Senior Notes will mature in 2017. The Senior Notes bear a fixed interest rate of 11.75%,
payable semi-annually in arrears on 26 January and 26 July of each year commencing on 26 January 2013. The
Senior Notes are unconditionally and irrevocably guaranteed by the Company and certain Subsidiaries (PT Grahabuana Cikarang,
PT Jababeka Infrastruktur, PT Indocargomas Persada, PT Saranapratama Pengembangan Kota, PT Mercuagung Graha Realty, PT Banten
West Java Tourism Development, PT Padang Golf Cikarang, PT Metropark Condominium Indah, PT Karyamas Griya Utama,
PT Patriamanunggal Jaya and PT Jababeka Morotai).
The Senior Notes were listed on the Singapore Exchange Securities Trading Limited (Note 16).
d. The Group’s Structure
The Company has ownership interest in the following Subsidiaries either directly or indirectly as follows:
Subsidiaries
Percentage of ownership (direct and indirect)
Scope of activities
Domicile
Start of
commercial
operations
30 June
2014
30 June
2013
100%
100%
100%
100%
100%
Residential and
industrial estate
Bekasi
1993
PT Jababeka
Infrastruktur (JI)
100%
100%
100%
100%
100%
Maintenance and
management of
residential and
industrial estate
Bekasi
1997
PT Indocargomas
Persada (IP)
100%
100%
100%
100%
100%
Industrial
estate
Bekasi
1991
PT Saranapratama
Pengembangan
Kota (SPPK)
100%
100%
100%
100%
100%
Residential estate
maintenance
Bekasi
2006
PT Mercuagung Graha
Realty (MGR)
100%
100%
100%
100%
100%
Residential
estate
Bekasi
2011
PT Banten West Java Tourism
Development (BWJ)
100%
100%
100%
100%
100%
Tourism estate
Pandeglang
1997
PT Gerbang Teknologi
Cikarang (GTC)
(GTC through JI)
100%
100%
100%
100%
100%
Industrial
estate
Bekasi
2007
PT Bekasi Power (BP)
(BP through JI)
100%
100%
100%
100%
100%
Electricity
generator and
distributor
Bekasi
2009
PT Cikarang Inland Port
(CIP) (CIP through JI)
100%
100%
100%
100%
100%
Services
Bekasi
2011
PT Padang Golf Cikarang
(PGC) (PGC through GBC)
100%
100%
100%
100%
100%
Management of
golf course
Bekasi
1996
PT Metropark Condominium
Indah (MCI)
(MCI through IP)
100%
100%
100%
100%
100%
Residential
condominium
Bekasi
2006
PT Tanjung Lesung
Leisure Industry (TLLI)
(TLLI through BWJ)
100%
100%
100%
100%
100%
Tourism estate
Pandeglang
1998
Jababeka International B.V.
(JIBV)
100%
100%
100%
100%
-
Financing
Amsterdam
2012
Jababeka Finance B.V. (JFBV)
(JFBV through JIBV)
100%
100%
100%
100%
-
Financing
Amsterdam
2012
PT Jababeka Morotai (JM)
(JM through IP)
75%
100%
100%
100%
-
Construction,
development and
management services
of industrial estate
Bekasi
2013
Operating entities
PT Grahabuana
Cikarang (GBC)
31 December 31 December 31 December
2013
2012
2011
Exhibit E/3
1.
d. The Group’s Structure (Continued)
Subsidiaries
Percentage of ownership (direct and indirect)
30 June
2014
Non-operating entities
PT Karyamas Griya Utama
(KGU through GBC)
`
30 June
2013
Scope of activities
Domicile
Start of
commercial
operations
31 December 31 December 31 December
2013
2012
2011
100%
100%
100%
100%
100%
Residential estate
maintenance
Bekasi
-
100%
100%
100%
100%
100%
Development and
management of
industrial estate
Bekasi
-
PT Kawasan Industri
Kendal (KIK)
(KIK through GBC)
51%
51%
51%
51%
-
Construction,
development and
management services
of industrial estate,
commercial and
residential estate
Kendal
-
PT United Power (UP)
(UP through BP)
100%
100%
100%
-
-
Electricity
generator and
distributor
Bekasi
-
PT Tanjung Lesung Power
(TLP) (TLP through JI)
100%
100%
100%
-
-
Electricity
generator and
distributor
Bekasi
-
PT Media Prima Nusa (MPN)
(MPN through IP)
-
100%
-
-
-
Press publishing
and printing
Jakarta
-
PT Jababeka Longlife City
(JLC) (JLC through GBC)
66%
66%
66%
-
-
Senior Living and
Nursing Home and
provide any related
activity
Bekasi
-
PT Jababeka Plaza
Indonesia (JPI)
(JPI through GBC)
70%
-
70%
-
-
Construction, trading
and services
Bekasi
-
PT Patriamanunggal
Jaya (PMJ)
(PMJ through GBC)
Subsidiaries
Operating entities
PT Grahabuana Cikarang (GBC)
PT Jababeka Infrastruktur (JI)
PT Indocargomas Persada (IP)
PT Saranapratama Pengembangan Kota (SPPK)
PT Mercuagung Graha Realty (MGR)
PT Banten West Java Tourism Development (BWJ)
PT Gerbang Teknologi Cikarang (GTC)
(GTC through JI)
PT Bekasi Power (BP) (BP through JI)
PT Cikarang Inland Port (CIP) (CIP through JI)
PT Padang Golf Cikarang (PGC)
(PGC through GBC)
PT Metropark Condominium Indah
(MCI) (MCI through IP)
PT Tanjung Lesung Leisure Industry
(TLLI) (TLLI through BWJ)
Jababeka International B.V. (JIBV)
Jababeka Finance B.V. (JFBV) (JFBV through JIBV)
PT Jababeka Morotai (JM) (JM through IP)
Non-operating entities
PT Karyamas Griya Utama (KGU)
(KGU through GBC)
PT Patriamanunggal Jaya (PMJ)
(PMJ through GBC)
PT Kawasan Industri Kendal (KIK) (KIK through GBC)
PT United Power (UP) (UP through BP)
PT Tanjung Lesung Power (TLP) (TLP through JI)
PT Media Prima Nusa (MPN) (MPN through IP)
PT Jababeka Longlife City (JLC) (JLC through GBC)
PT Jababeka Plaza Indonesia (JPI) (JPI through GBC)
30 June
2014
(Unaudited)
Total assets (In millions of Rupiah)
30 June
31 December
31 December
2013
2013
2012
(Unaudited)
(Audited)
(Audited)
31 December
2011
(Audited)
3,316,508
2,760,305
566,346
26,914
56,641
861,022
2,769,293
2,638,285
499,229
27,239
55,497
849,308
3,445,605
2,606,604
536,478
28,117
55,579
860,654
2,281,704
2,461,164
439,760
26,800
61,569
838,329
1,513,218
1,984,671
458,505
24,963
58,996
822,413
538,173
1,843,002
69,200
565,623
1,838,828
24,893
580,755
1,833,528
25,879
489,263
1,765,873
15,632
378,000
1,472,517
8,326
40,566
30,900
33,462
29,270
30,111
25,766
19,938
23,162
19,266
16,652
42,246
2,169,715
2,011,446
39,337
41,677
1,796,223
1,657,370
9,153
41,727
2,199,977
2,041,627
10,810
40,904
1,742,816
1,608,799
7,510
43,230
-
3,410
6,847
5,835
7,059
3,034
41,625
495,963
100
100
40,642
195,638
100
100
600
3,000
41,258
430,700
100
100
38,662
190,000
34,272
4,248
50,079
-
2,831
50,016
-
-
Exhibit E/4
1.
Change of Core Business
Based on Notarial deed of Yualita Widyadhari, S.H., No. 15 dated 8 February 2011, PT Cikarang Inland Port, a Subsidiary, changed the
scope of its activities from services and trading to services.
Establishment of Subsidiaries
PT Jababeka Morotai
On 20 January 2012, PT Indocargomas Persada (IP) and PT Grahabuana Cikarang (GBC), Subsidiaries, established PT Jababeka Morotai (JM),
which IP held 70% equity ownership in JM and GBC held 30% equity ownership in JM. Total investment in JM amounted to Rp 3,750,000,000.
On 9 June 2014, GBC and IP agree to increase investment in JM amounted to Rp 25,843,000,000 in which Rp 16,540,000,000 was
contributed by IP, Rp 1,905,000,000 was contributed by GBC and Rp 7,398,000,000 was contributed by Emi Sukiati Lasimon.
The scope business of JM’s activities comprises of development and sale of industrial estates and related facilities and services.
Jababeka International B.V.
On 6 July 2012, the Company established Jababeka International B.V. (JIBV), in which the Company held 100% equity ownership with total
investment in JIBV amounting to EUR 18,000.
The scope of business of JIBV is financial services.
Jababeka Finance B.V.
On 6 July 2012, Jababeka International B.V. (JIBV), a Subsidiary, established Jababeka Finance B.V. (JFBV), in which JIBV held 100% equity
ownership with total investment in JFBV amounting to EUR 18,000.
The scope of business of JFBV is financial services.
PT Kawasan Industri Kendal
On 18 October 2012, PT Grahabuana Cikarang (GBC), a Subsidiary, and Sembcorp Development Indonesia Pte., Ltd.(SDI), established
PT Kawasan Industri Kendal (KIK), which GBC held 51% equity ownership in KIK and SDI held 49% equity ownership in KIK. Total investment
in KIK amounted to Rp 190,000,000,000 in which Rp 96,900,000,000 was contributed by GBC.
On 27 November 2013, GBC and SDI agree to increase investment in KIK amounted to Rp 189,050,000,000 in which Rp 96,415,500,000 was
contributed by GBC.
The scope business of KIK activities comprises to construction, industrial estate development, commercial and residential estate,
and management services of industrial estate.
PT United Power
On 7 February 2013, The Company and PT Jababeka Infrastruktur (JI), a Subsidiary, established PT United Power (UP), which the Company
held 1% equity ownership in UP and JI held 99% equity ownership in UP. Total investment in UP amounting to
Rp 100,000,000.
On 20 June 2013, PT Bekasi Power (BP), a Subsidiary, acquired 99 shares PT United Power (UP), a Subsidiary, from JI representing 99%
equity ownership in UP for amount of Rp 99,000,000. Accordingly, UP became Subsidiary of BP, in which BP effectively exercised control in
these entity.
The scope business of UP activities comprises of power plant including manage, supply and distribute services along with energy
management to third parties.
PT Tanjung Lesung Power
On 8 April 2013, PT Jababeka Infrastruktur (JI) and PT Banten West Java Tourism Development (BWJ), Subsidiaries, established
PT Tanjung Lesung Power (TLP), which JI held 99% equity ownership in TLP and BWJ held 1% equity ownership in TLP. Total investment in
TLP amounting to Rp 100,000,000.
The scope business of TLP activities comprises of power plant including manage, supply and distribute services along with energy
management to third parties.
PT Jababeka Longlife City
On 25 March 2013, PT Grahabuana Cikarang (GBC), a Subsidiary, and Longlife International Business Investments Co. Ltd. (LIBI), established
PT Jababeka Longlife City (JLC), which GBC held 66% equity ownership in JLC and LIBI held 34% equity ownership in JLC. Total investment
in JLC amounted to Rp 3,000,000,000 in which Rp 1,980,000,000 was contributed by GBC.
Based on Notarial Imelda Agnes Silalahi, S.H, No. 6 dated 19 December 2013, PT Jababeka Longlife City, a subsidiary, changed the
scope of its activities from tourism travel and agency to Senior Living and Nursing Home and provided any related activities.
Exhibit E/5
1. G E N E R A L (Continued)
Establishment of Subsidiaries (Continued)
PT Jababeka Plaza Indonesia
On 23 September 2013, PT Grahabuana Cikarang (GBC), a Subsidiary, and PT Plaza Indonesia Realty Tbk (PIR), established
PT Jababeka Plaza Indonesia (JPI), which GBC held 70% equity ownership in JPI and PIR held 30% equity ownership in JPI. Total
investment in JPI amounted to Rp 50,000,000,000 in which Rp 35,000,000,000 was contributed by GBC.
The scope business of JPI is construction, trading and services.
PT Cikarang Inland Port
On 27 February 2014, PT Indocargomas Persada and PT Jababeka Infrastruktur (JI) agree to increase investment in PT Cikarang
Inland Port amounted to Rp 44,500,000,000 which was contributed entirely by JI.
Business Combination
Acquisition of PT Patriamanunggal Jaya
On 20 June 2011, PT Grahabuana Cikarang (GBC) and PT Indocargomas Persada (IP), Subsidiaries, have entered into sale and
purchase of shares agreement with PT Buana Citra Usaha (BCU), the shareholder of PT Patriamanunggal Jaya (PMJ), to acquire
100% ownership of PMJ with details in ownership 99.99% by GBC and 0.01% by IP, for total purchase of Rp 23,000,000,000 which
has been paid in full to BCU. This agreement has been covered by Notarial Deed No. 26 of Maria Rahmawati Gunawan S.H., dated
20 June 2011. This acquisition agreement included some concerns as follows:
i. On 20 June 2011, GBC entered into Sale and Purchase of Call Option Right Agreement with Eurocap Assets Ltd (EUA), whereas
GBC agreed to purchase all call option of PMJ shares which is held by EUA at purchase price totaling to Rp 37,045,580,615.
ii. On 20 June 2011, GBC entered into Sale and Purchase of receivable of EUA to PMJ, whereas GBC agree to purchase receivable
of EUA at price amounting to Rp 34,954,419,385.
The aforementioned acquisition of PMJ was accounted for using the acquisition method. The fair value of PMJ’s net assets at the
acquisition date amounted to Rp 61,492,318,612. The excess of the GBC’s share of PMJ’s net assets over the GBC’s acquisition
cost of its investment in PMJ of Rp 61,492,318,612 has been recognized as Land For Development in the consolidated statements
of financial position.
Acquisition of PT Banten West Java Tourism Development
The Company has entered into a conditional sale and purchase of shares agreement with Bramelis Investment Pte. Ltd (Bramelis),
Green Emerald Investment, Ltd (Green), PT Nuansa Duta Pratama (NDP), PT Bima Sakti Inti Pratama (BSI), PT Sapta Manunggal
(SPM), PT Tanjung Lesung Paradise (TLP) and Meadowood Capital, Ltd (Meadowood), whereas Bramelis, Green, NDP, BSI, SPM, TLP
and Meadowood agreed to sell their shares amounting to 44,795 shares, 90,000 shares, 20,000 shares, 17,500 shares, 7,500 shares,
15,000 shares and 679,725 shares, respectively, which is ownership 5.12%, 10.29%, 2.29%, 2.00%, 0.86%, 1.72% and 77.72%,
respectively¸of PT Banten West Java Tourism Development (BWJ) with purchase price totaling at Rp 75,195,000,000,
Rp 151,078,000,000, Rp 20,000,000,000, Rp 17,500,000,000, Rp 7,500,000,000, Rp 15,000,000,000 and Rp 1,206,333,000,000.
These agreements were signed on 3 August 2011, but their effectivity is conditional upon the fulfillment of the conditions stated
in the agreements, which is include, among others, the related parties have to obtain approval of Extraordinary General of
Shareholders Meeting in order to sale and purchase BWJ shares according to the above transactions.
On 6 October 2011, all of the parties have fulfilled the conditions required by the agreement.
The aforementioned acquisition of BWJ was accounted for using the acquisition method. The fair value of BWJ’s net assets at the
acquisition date amounted to Rp 1,492,606,000,000. The excess of the the Company’s share of BWJ’s net assets over the
Company’s acquisition cost of its investment in BWJ of Rp 696,386,569,148 has been recognized as Land For Development in the
consolidated statements of financial position.
Through its ownership in BWJ, the Company has indirect ownership of 78.37% in PT Tanjung Lesung Leisure Industry (TLLI).
Exhibit E/6
Business Combination (Continued)
Acquisition of PT Tanjung Lesung Leisure Industry
The Company has entered into a conditional sale and purchase of shares agreement with PT Sapta Manunggal Investama, whereas PT Sapta
Manunggal Investama agreed to sell their shares of PT Tanjung Lesung Leisure Industry (TLLI) amounting to 7,394,000 shares which is
ownership of 21.63% with purchase price totaling Rp 7,394,000,000. This agreement was signed on 3 August 2011, but their effectivity is
conditional upon the fulfillment of the conditions stated in the agreements, which includes, among others, the related parties have to
obtain approval of Extraordinary General of Shareholders Meeting in order to sale and purchase TLLI shares according to the above
transactions.
On 6 October 2011, both of the parties have fulfilled the conditions required by the agreement.
Acquisition of PT Media Prima Nusa
On 21 January 2013, PT Indocargomas Persada (IP) and PT Saranapratama Pengembangan Kota (SPPK), Subsidiaries, have entered into sale
and purchase of shares agreement with Mr. Eric Iskandar and Mr. Andi Odang, whereas Mr. Eric Iskandar and Mr. Andi Odang agreed to sell
their shares amounting to 498 shares and 102 shares, respectively, which is ownership 83% and 17%, respectively, of PT Media Prima Nusa
(MPN), with purchase price totaling at Rp 498,000,000 and Rp 102,000,000. This agreement has been covered by Notarial Deed No. 01 of
Afini Suri, S.H., M.Kn., dated 21 January 2013.
On 26 December 2013, IP and SPPK, Subsidiaries, have entered into sale and purchase of MPN’s shares agreement with PT Bima Adikarya
Persada (BAP) and Rachmat Wirasena, whereas IP and SPPK agreed to sell their shares amounting to 498 shares and 102 shares, respectively,
with purchase price totaling at Rp 498,000,000 and Rp 102,000,000. This agreement has been covered by Notarial deed No. 08 of Afini Suri,
S.H., M.Kn., dated 26 December 2013.
Share Transfer
On 21 October 2011, PT Jababeka Infrastruktur (JI), a Subsidiary, acquired 126,992 shares PT Gerbang Teknologi Cikarang (GTC), a
Subsidiary, from the Company representing 99.79% equity ownership in GTC for an amount of Rp 44,447,200,000. Accordingly, GTC became
Subsidiary of JI, in which JI effectively exercised control in these entity.
The above share transfer transactions are considered restructuring transactions of entities under common control and accounted for in
accordance with PSAK No. 38 “Accounting for Restructuring of Entities under Common Control”.
e. Employees, Boards of Commissioners, Directors and Audit Committee
Based on Notarial deed of Yualita Widyadhari, S.H., No. 42 dated 21 May 2014, No. 73 dated 21 June 2013, No. 76 dated 22 November 2013,
No. 17 dated 9 May 2012 and No. 17 dated 19 June 2009, members of the Company’s Boards of Commissioners and Directors as of 30 June
2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, are as follows:
30 June 2014
30 June 2013
31 December 2013
31 December 2012
31 December 2011
President Commissioner
Independent Commissioner
Commissioner
Commissioner
: Bacelius Ruru
: Roy Edu Tirtadji
: Hadi Rahardja
: Gan Michael
Bacelius Ruru
Roy Edu Tirtadji
Hadi Rahardja
Gan Michael
Bacelius Ruru
Roy Edu Tirtadji
Hadi Rahardja
Gan Michael
Bacelius Ruru
Hadi Rahardja
Anton Budidjaja
Bacelius Ruru
Anton Budidjaja
President Director
: Setyono Djuandi
Darmono
: Tedjo Budianto Liman
:
: Tjahjadi Rahardja
: Hyanto Wihadhi
: Sutedja Sidarta Darmono
Setyono Djuandi
Darmono
Tedjo Budianto Liman
Setiasa Kusuma
Hyanto Wihadhi
-
Setyono Djuandi
Darmono
Tanto Kurniawan
Setiasa Kusuma
Hyanto Wihadhi
-
Setyono Djuandi
Darmono
Setiasa Kusuma
Hyanto Wihadhi
-
Setyono Djuandi
Darmono
Hadi Rahardja
Setiasa Kusuma
Hyanto Wihadhi
-
Vice President Director
Vice President Director
Director
Director
Director
Exhibit E/7
e. Employees, Boards of Commissioners, Directors and Audit Committee (Continued)
Based on Decision Letter of the Company’s Board of Commisioners dated 27 July 2012 and 10 July 2009, members of the
Company’s Audit Committee as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and
31 December 2011, are as follows :
30 June 2014, 30 June 2013,
31 December 2012
Chairman of Audit Committee
Member of Audit Committee
Member of Audit Committee
31 December 2011
: Bacelius Ruru
: Prijohandojo Kristanto
: Djoko Susanto
Bacelius Ruru
Tadjudin Hidayat
Daniel Budiman
According to Decision Letter No. 0015/KIJA-CS/II/10 dated 14 December 2009, the Company decided to establish internal audit.
Salaries and remuneration for Boards of Commissioners and Directors for the six month periods ended 30 June 2014 and
30 June 2013, and the years ended 31 December 2013, 31 December 2012 and 31 December 2011 are as follows:
30 June
2014
(Six months)
Board of Commissioners
Board of Directors
1,999,677,066
9,922,069,555
30 June
2013
(Six months)
1,456,012,303
6,047,978,520
31 December
2013
(One year)
31 December
2012
(One year)
31 December
2011
(One year)
10,062,748,778
29,296,747,538
3,640,475,547
16,559,292,624
1,149,180,000
10,719,785,621
The Group has approximately 577, 533, 561, 531 and 524 permanent employees as of 30 June 2014, 30 June 2013, 31 December
2013, 31 December 2012 and 31 December 2011, respectively (Unaudited).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These
policies have been consistently applied to all years presented, unless otherwise stated.
a. Basis of Presentation
The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“FAS”)
and the rules of the Capital Market and Financial Institution Supervisory Agency (BAPEPAM–LK) Indonesia
No. VIII.G.7 about the Guidelines on Financial Statements Presentation and SE-02/PM/2002 which is pronounced by the Decision
Decree of Chairman of Bapepam-LK No. E-03/BL/2011 dated 13 July 2011 related to the Guidelines on Financial Statements
Presentation and Disclosures for Real Estate Public Company and decision letter No. KEP 347/BL/2012 regarding to the Changes in
Regulation No. VIII.G.7.
The consolidated financial statements have been prepared on the historical cost method, except when disclosed in the related
accounts policies.
The consolidated statements of cash flows, which have been prepared using the direct method, present receipts and
disbursements of cash and cash equivalents classified into operating, investing and financing activities.
The reporting currency used in the consolidated financial statements is Indonesian Rupiah (“Rp”), which is the Company’s
functional currency.
Changes in Accounting Policies
1.
New standards, interpretations and changes effective from 1 January 2014
The Group has applied the new standards, interpretations and changes effective from 1 January 2014 but the impact of the
change is not material to the consolidated financial statements.
Exhibit E/8
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
a. Basis of Presentation (Continued)
Changes in Accounting Policies (Continued)
2.
New standards, interpretations and amendments not yet effective
The following new standards, interpretation and amendments, which have not been applied in the consolidated financial statements in 2014
because will be effective on 1 January 2015, will or may have an effect on the Group’s future consolidated financial statements:














PSAK No. 1 (Revised 2013), “Presentation of Financial Statements”
PSAK No. 4 (Revisi 2013), “Separate Financial Statements”
PSAK No. 15 (Revised 2013), “Investment in Associates and Joint Ventures”
PSAK No. 24 (Revised 2013), “Employee Benefits”
PSAK No. 46 (Revised 2014), “Income Tax”
PSAk No. 48 (Revised 2014), “Impairment of Assets”
PSAK No. 50 (Revised 2014), “Financial Instrument: Presentation”
PSAK No. 55 (Revised 2014), “Financial Instrument: Recognition and Measurements”
PSAK No. 60 (Revised 2014), “Financial Instrument: Disclosure”
PSAK No. 65, “Consolidated Financial Statements”
PSAK No. 66, “Joint Arrangements”
PSAK No. 67, “Disclosure of Interests in other Entities”
PSAK No. 68, “Fair Value Measurements”
ISAK 26 (Revised 2014), “Reassessment Embedded of Derivatives”
The Group is still evaluating the potential impact of these new standards.
Postponement
Financial Accounting Standards Board of The Indonesian Institute of Accountants decided to postpone the effectivity of ISAK No. 21
“Real Estate Construction Agreement” and PPSAK No. 7 “Withdrawal of PSAK No. 44 – Accounting for Real Estate Development Activities paragraph 08
(b)”, which was previously effective for the period beginning at and or after 1 January 2013. As of the date of these consolidated financial
statements, the postponement is still in effect.
b.
Basis of Consolidation
Business combination
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to
the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing
control, the Group takes into consideration potential voting rights that are currently exercisable.
The consideration transferred does not include amounts related to the settlement of preexisting relationships. Such amounts are generally recognized
in profit or loss.
Costs related to the acquisition, other than those associated with the issuance of debt or equity securities, that the Group incurs in connection with a
business combination are expensed as incurred.
Any contingent consideration payable is recognized at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not
re-measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are
recognized in profit or loss.
The Group has the option, on a transaction by transaction basis, to initially recognize any non-controlling interest in the acquiree which is present
ownership interest and entitles its holders to a proportionate share of the entity’s net assets in the event of liquidation at either acquisition date fair
value or, at the present ownership instruments’ proportionate share in the recognized amounts of the acquiree’s identifiable net assets. Other
components of non-controlling interest such as outstanding share options are generally measured at fair value.
Subsidiaries
Where the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to
obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Group as if they
formed a single entity. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with
the policies adopted by the Group.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the noncontrolling interests to have a deficit balance. Non-controlling interests is presented in the consolidated statements of financial position within
equity, separately from the equity of the owners of the parent. Upon the loss of control, the Group derecognized the assets and liabilities of the
subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of
control is recognized in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the
date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the
level of influence retained.
Exhibit E/9
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
b. Basis of Consolidation (Continued)
Investments in an Associates
Where the Group has the power to participate in (but not control) the financial and operating policy decisions of another
entity, it is classified as an associate. Associates are initially recognized in the consolidated statements of financial
position at cost. The Group's share of post-acquisition profits and losses is recognized in the consolidated statements of
comprehensive income, except that losses in excess of the Group's investment in the associate are not recognized unless
there is an obligation to make good those losses.
Profits and losses arising on transactions between the Group and its associates are recognized only to the extent of
unrelated investors interests in the associate. The investor's share in the associate's profits and losses resulting from these
transactions is eliminated against the carrying value of the associate.
Any premium paid for an associate above the fair value of the Group's share of the identifiable assets, liabilities and
contingent liabilities acquired is capitalized and included in the carrying amount of the associate. Where there is
objective evidence that the investment in an associate has been impaired the carrying amount of the investment is tested
for impairment in the same way as other non-financial assets.
The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of
the equity-accounted investees, after adjustments to align the accounting policies of the equity-accounted investees with
those of the Group, from the date that significant influence commences until the date that significant influence ceases.
When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that
interest, including any long-term investments, is reduced to zero, and the recognition of further losses is discontinued
except to the extent that the Group has an obligation or has made payments on behalf of the investee.
Transactions with non-controlling interests
Transactions with non-controlling interests are accounted for as transactions with owners in their capacity as owners and
therefore no goodwill is recognized as a result of such transactions. The adjustments to non-controlling interests are
based on a proportionate amount of the net assets of the subsidiary.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealized income and expenses arising from intra-Group transactions, are
eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates
are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are
eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
Accounting for subsidiaries and associates and joint ventures in separate financial statements
If the Company presents separate financial statements as additional information to the consolidated financial statements,
investments in subsidiaries, associates and joint ventures are stated in the Company’s separate statements of financial
position at cost less accumulated impairment losses.
On disposal of investments in subsidiaries and associates, the difference between disposal proceed and the carrying
amount of the investments are recognized in the profit or loss.
Goodwill
Goodwill represents the excess of the cost of an acquisition of subsidiaries or associated companies over the fair value at
the date of acquisition of the Group's share of their identifiable net assets, including contingent liabilities, at the date of
acquisition. The cost of acquisition is measured as the fair value of the assets acquired, equity instruments issued or
liabilities incurred or assumed at the date of acquisition, plus costs directly attributable to the acquisition.
Goodwill is capitalized as an intangible asset with any impairment in carrying value being charged to the profit or loss.
Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid,
the excess is credited in full to the profit or loss on the acquisition date.
Exhibit E/10
b. Basis of Consolidation (Continued)
Goodwill (Continued)
Gain or losses on disposal of subsidiaries and associates include the carrying amount of capitalized goodwill relating to the
entity sold.
Goodwill is tested for impairment annually or more frequently if there is indication that the goodwill may be impaired.
For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group's Cash-Generating-Units
("CGU") expected to give benefit from synergies of the business combination.
An impairment loss is recognized in the profit or loss when the carrying amount of CGU, including the goodwill, exceeds
the recoverable amount of the CGU. The recoverable amount of the CGU is the higher of the CGU's fair value less cost to
sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the
asset.
The total impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to
other assets of the CGU pro-rated on the basis of the carrying amount of each asset in the CGU.
Impairment loss on goodwill is not reversed in the subsequent period.
c. Cash and Cash Equivalents
Time deposits with maturities of 3 (three) months or less from the time of placement and are not used as collateral or
restricted as to use, are presented as “Cash Equivalents”. Current accounts and time deposits which are restricted as to
use or are used as collateral or pledged are presented as “Restricted Cash and Cash Equivalents”.
d. Financial Assets
Financial assets are recognized in the consolidated statement of financial position when, and only when, the Group
becomes a party to the contractual provisions of the financial instrument.
The Group's accounting policy for each category is as follows:
Initial recognition and measurement
Financial assets are recognized initially at fair value, plus in the case of financial assets not at fair value through profit or
loss, directly attributable transaction costs. The Group determines the classification of its financial assets at initial
recognition and, where allowed and appropriate, re-evaluates this designation at the end of each reporting period.
The Group classifies its financial assets into one of the category as disclosed below, depending on the purpose for which
the asset was acquired.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification are as follows:

Financial assets at fair value through profit or loss
This category includes financial assets held for trading and those designated at fair value through profit or loss at
inception. A financial asset is classified as held for trading if acquired principally for the purpose of selling in the
short term. Financial assets designated at fair value through profit or loss at inception are those that are managed,
and their performance evaluated on a fair value basis, in accordance with a documented investment strategy.
Derivatives are also categorized as held for trading, unless they are designated as effective hedges. Assets in this
categorized are classified as current assets if they are either held for trading or are expected to be realized within 12
(twelve) months after the end of the reporting period. Financial assets, at fair value through profit or loss are
measured at fair value, and any fair value changes are recognized in profit or loss.
The Group did not have any financial assets at fair value through profit or loss as of 30 June 2014, 30 June 2013,
31 December 2013, 31 December 2012 and 31 December 2011.
Exhibit E/11
d. Financial Assets (Continued)
Subsequent measurement (Continued)

Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
an active market. They arise principally through the provision of goods and services to customers (e.g. trade
receivables), but also incorporate with other types of contractual monetary asset.
Such assets are carried at amortized cost using the effective interest method less provision for impairment. Gains
and losses are recognized in profit or loss when the loans and receivables are derecognized or impaired, as well as
through the amortization process.
The Group's financial assets classified as loans and receivables comprise of cash and cash equivalents, trade
receivables, other receivables, bank guarantee, refundable deposits and restricted cash and cash equivalents in the
consolidated statement of financial position.
Cash and cash equivalents, trade receivables, other receivables, bank guarantee, refundable deposits and restricted
cash and cash equivalents are included in current assets, except those maturing more than 12 (twelve) months after
the end of the reporting period, which are classified as non-current assets.

Held-to-maturity (HTM) investments
Held-to-maturity financial assets are non-derivative financial assets with fixed or determinable payments and fixed
maturities that the Group's management has the positive intention and ability to hold the investment to maturity.
Held-to-maturity investments are measured at amortized cost using the effective interest method, less any
impairment losses. Gains and losses are recognized in profit or loss when the held-to-maturity investments are
derecognized or impaired, as well as through the amortization process.
The Group did not have any HTM investments as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December
2012 and 31 December 2011.

Available-for-sale (AFS) financial assets
Non-derivative financial assets not included in the above category are classified as available-for-sale and comprise
principally the Group's strategic investments in entities not qualifying as Subsidiaries, associates or jointly controlled
entities. They are carried at fair value with changes in fair value, other than those arising due to exchange rate
fluctuations and interest calculated using the effective interest rate, recognized in other comprehensive income and
accumulated in the available-for-sale reserve. Exchange differences on investments denominated in a foreign
currency and interest calculated using the effective interest rate method are recognized in profit or loss.
Investments in equity instruments, where fair value cannot be reliably, are measured at cost less impairment loss.
Upon sale, the cumulative gain or loss recognized in other comprehensive income is reclassified from the availablefor-sale reserve to profit or loss.
The Group’s investments in shares of stock are included in this category.
Derecognition
A financial asset is derecognized when the rights to receive cash flows from the asset has expired. On derecognition of a
financial asset in its entirety, the difference between the carrying amount and the sum of the considerated received and
any cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss.
All regular purchases and sales of financial assets are recognized or derecognized on the trade date i.e., the date that the
Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets
based on contract that require delivery of assets within the period generally established by regulation or convention in
the marketplace concerned.
Exhibit E/12
d. Financial Assets (Continued)
Impairment of financial assets
The Group assesses at the end of each reporting period whether there is any objective evidence that a financial asset or
group of financial assets is impaired.
i.
Assets carried at amortized cost
For financial assets carried at amortized cost, the Group first assesses individually whether objective evidence of
impairment exists individually for financial assets that are individually significant, or collectively for financial assets
that are not individually significant. If the Group determines that no objective evidence of impairment exists for an
individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets
with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually
assessed for impairment and for which an impairment loss is, or continues to be recognized are not included in a
collective assessment of impairment.
If there is objective evidence that an impairment loss on financial assets carried at amortized cost has been
incurred, the amount of the loss is measured as the difference between the asset's carrying amount with present
value of estimated future cash flows (not included the future credit loss expectation which is not occured). The
present value of estimated future cash flows discounted at the financial asset's original effective interest rate. If a
loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective
interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment
loss is recognized in profit or loss.
When the asset becomes uncollectible, the carrying amount of impaired financial assets is reduced directly or if the
amounts are charged to the allowance account, the amounts charged to the allowance account are written-off
against the carrying value of the financial asset.
To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the
Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and
default or significant delay in payments.
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 is recognized, the previously recognized impairment loss is reversed to
the extent the carrying amount of the asset does not exceed its amortized cost at the reversal date. The amount of
reversal is recognized in profit or loss.
ii.
Assets carried at cost
If there is objective evidence (such as significant adverse changes in the business environment where the issuer
operates, probability of insolvency or significant financial difficulties of the issuer) that an impairment loss on
financial assets carried at cost has been incurred, the amount of the loss is measured as the difference between the
asset's carrying amount and the present value of estimated future cash flows discounted at the current market rate
of return for a similar financial asset. Such impairment losses are not reversed in subsequent periods.
iii. Available-for-sale financial assets
Significant or prolonged decline in fair value below cost, significant financial difficulties of the issuer or obligor, and
the disappearance of an active trading market are objective evidence that equity investments classified as availablefor-sale financial assets may be impaired. ‘Significant’ is to be evaluated against the original cost of the investment
and ‘prolonged’ against the period in which the fair value has been below its original cost.
Where there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition
cost and the current fair value, less any impairment loss on that investment previously recognized in profit or loss –
is removed from other comprehensive income and recognized in profit or loss. Impairment losses on equity
investments are not reversed through profit or loss; increases in their fair value after impairment are recognized
directly in other comprehensive income.
In the case of debt instruments are classified as available-for-sale, impairment is assessed based on the same
criteria as financial assets carried at amortized cost. However, the amount recorded for impairment is the
cumulative loss measured as the difference between the amortized cost and the current fair value, less any
impairment loss on that investment previously recognized in profit or loss. If in a subsequent year, the fair value of
debt instrument increases and the increases can be objectively related to an event occurring after the impairment
loss is recognized in profit or loss, the impairment loss is reversed in profit or loss.
Exhibit E/13
e. Financial Liabilities
Financial liabilities are recognized in the consolidated statement of financial position when, and only when, the Group
becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its
financial liabilities at initial recognition.
The Group classifies its financial liabilities into one of two categorizes, depending on the purpose for which the liability is
acquired.
The Group’s financial liabilities include short-term loan, trade payables, other payables, accrued expenses, long-term
debts and security deposits.
The Group's accounting policy for each category is as follows:

Fair value through profit or loss
This category comprises only out-of-the-money derivatives (see “Financial assets” for in the money derivatives). They
are carried in the consolidated statement of financial position at fair value with changes in fair value recognized in
the profit or loss. The Group does not have any liabilities held for trading nor has it designated any financial liabilities
as being at fair value through profit or loss.

Other financial liabilities
Other financial liabilities are subsequently measured at amortized cost, using the effective interest rate method.
Gains and losses are recognized in profit and loss when the liabilities are derecognized, and through the amortization
process.
Other financial liabilities include the following items:
i. Short-term loans and long-term debts are initially recognized at fair value net of any transaction costs directly
attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at
amortized cost using the effective interest rate method, which ensures that any interest expense over the period
to repayment is at a constant rate on the balance of the liability carried in the consolidated statements of
financial position. Interest expense in this context includes initial transaction costs and premium payable on
redemption, as well as any interest or coupon payable while the liability is outstanding.
ii. Trade payables, other payables, accrued expenses and security deposits, which are initially recognized at fair
value and subsequently carried at amortized cost using the effective interest rate method.
Financial liabilities are presented as current liabilities unless the Group has an unconditional right to defer
settlement for at least 12 (twelve) months after the end of the reporting period.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liabilities is replaced by another from the same lender on substantially different terms, or the
terms of an existing liability are substantially modified, such an exchange or modification is treated as a
derecognition of the original liability and the recognition of a new liability, and the difference in the respective
carrying amounts is recognized in profit or loss.
f.
Transaction with Related Parties
A related party is a person or entity that is related to the entity that is preparing its financial statements.
a. A person or a close member of that person’s family is related to a reporting entity if that person:
1. Has control or joint control over the reporting entity;
2. Has significant influence over the reporting entity; or
3. Is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
Exhibit E/14
f. Transaction with Related Parties (Continued)
b. An entity is related to a reporting entity if any of the following condition applies:
1. 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).
2. 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).
3. Both entities are joint ventures of the same third party.
4. One entity is joint venture of a third entity and the other entity is an associate of the third entity.
5. The entity is a post-employment defined benefits 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.
6. The entity is controlled or jointly controlled by a person identified in a).
7. A person identified in a) 1) has significant influence over the entity or is a member of the key management
personnel of the entity (or a parent of the entity).
The transactions are made based on terms agreed by the parties, such terms may not be the same as those of the
transactions between unrelated parties.
g. Inventories and Land for Development
Inventories and land for development are stated at the lower of cost or net realizable value. Cost of real estate
inventories is determined using the average method, while cost of other inventories such as food and beverages and
supplies is determined using the first-in, first-out (FIFO) method.
The cost of real estate inventories and land for development includes:





Pre-acquisition costs of land;
Land acquisition costs;
Expenses directly attributable to a project;
Expenses attributable to real estate development activities; and
Borrowing costs.
These costs are capitalized until the real estate inventories are substantially completed and available for sale. Total
project costs are allocated proportionately to the saleable lots based on their respective land areas.
Cost estimates and allocation are reviewed at the end of each reporting period until the project is substantially
completed. The costs of subtantial revisions to complete real estate projects are capitalized and are allocated to the
remaining lots available for sale.
Land acquired for future development is recorded under “Land for Development”. The accumulated cost of land for
development is transferred to real estate inventories upon the commencement of the development and construction of
the infrastructure. The excess of the carrying value of land for development over its estimated recoverable value is
recognized as “Provision for Decline in Value of Land” in the profit or loss.
h. Prepaid Expenses
Prepaid expenses are amortized over the periods benefited using the straight-line method.
i. Property, Plant and Equipment
Items of property, plant and equipment are initially recognized at cost. As well as the purchase price, cost includes
directly attributable costs and the estimated present value of any future unavoidable costs of dismantling and removing
items.
Exhibit E/15
i. Property, Plant and Equipment (Continued)
The Group has chosen cost method in subsequent recognition for their property, plant and equipment. Property, plant
and equipment are stated at cost less accumulated depreciation, except for land which is stated at cost and is not
depreciated. Depreciation is computed using the following methods and rates:
Years
Straight-line method
Building and sports facilities
Machinery and equipment
Leasehold improvement
Furniture and fixtures
Double-declining balance method
Motor vehicles
20 - 30
20 - 30
10 – 30
4–8
8 – 16
4–8
4–8
Effective on 1 January 2013, PT Bekasi Power, re-assesed and changed its estimation of the useful lives of property, plant
and equipment to better reflect their expected future usage. The change in the estimated useful lives is applied
prospectively in accordance with the relevant standards and it did not have significant effect in the consolidated financial
statements. For the year ended 31 December 2013, the effect of changes of the estimated useful lives of the related
property, plant and equipment is decrease in depreciation expense for property, plant and equipment amounted to
Rp 661,113,544 per month.
The accumulated costs of the construction of building and the installation of machinery and equipment are capitalized as
construction-in-progress. These costs are reclassified to property, plant and equipment account when the construction or
installation is completed. Depreciation is charged from such date.
The cost of repairs and maintenance is charged to the consolidated profit or loss as incurred, significant renewals and
betterments are capitalized which meet the criteria in PSAK No. 16 (Revised 2011), “Property, Plant and Equipment”.
When property, plant and equipment are retired or otherwise disposed of, their costs and the related accumulated
depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations of the
current year.
The residual value, useful life and depreciation method are reviewed at the end of each reporting period, and adjusted
prospectively, if appropriate.
j.
Leases
The determination of whether an agreement is, or contains, a lease is based on the substance of the agreement at the
inception date and whether the fulfillment of the agreement is dependent on the use of a specific asset and the
agreement conveys a right to use the asset. Leases that transfer to the lessee substantially all of the risks and rewards
incidental to ownership of the leased item are classified as finance leases. Leases which do not transfer substantially all
of the risks and rewards incidental to ownership of the leased item are classified as operating leases.
The Group as lessee
i.
Under a finance lease, the Group is required to recognize assets and liabilities in their statement of financial position
at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease
payments, each determined at the inception of the lease. Minimum lease payments are required to be apportioned
between finance charges and the reduction of the outstanding liability. The finance charges are required to be
allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining
balance of the liability. Contingent rents are required to be charged as expenses in the periods in which they are
incurred. Finance charges are reflected in the profit or loss. Capitalized leased assets (presented as part of property,
plant and equipment) are depreciated over the shorter of the estimated useful life of the asset and the lease term, if
there is no reasonable certainty that the Group will obtain ownership of the asset by the end of the lease term.
ii. Under operating lease, the Group recognizes lease payments as expense on straight-line basis over the lease term.
Exhibit E/16
j.
L e a s e s (Continued)
The Group as lessor
i.
The Group is required to recognize assets held under finance lease in their consolidated statements of financial
position and present them as receivable at amount equal to the net investment in the lease. Lease payments received
are treated as repayments of principal and finance lease income. The recognition of finance lease income is based on
a pattern reflecting a constant periodic rate of return on the Group net investments in the finance lease.
ii. The Group is required to present assets subject to operating leases in their consolidated statement of financial
position according to the nature of the asset. Initial direct costs incurred in negotiating an operating lease are added
to the carrying amount of the leased asset and recognized as expense over the lease term on the same basis as
operating rental income. Contingent rents, if any, are recognized as revenue in the periods in which they are earned.
Lease income from operating leases is recognized as income on straight-line method over the lease term.
k. Investment Properties
Investment properties are properties held either to earn rental income or for capital appreciation or for both, but not for
sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes.
Investment properties are measured at cost on initial recognition.
The Group have chosen cost model for their investment properties measurement. Investment properties are stated at cost
less accumulated depreciation. Depreciation is computed using straight-line method with the useful lives of these
investment properties within 20 years, except for land which is stated at cost and is not depreciated.
Cost includes expenditures that are directly attributable to the acquisition of the investment property. The cost of selfconstructed investment property includes the cost of materials and direct labour, any other costs directly attributable to
bringing the investment property to a working condition for their intended use and capitalized borrowing costs.
Rent receivable is accounted using on a straight-line basis over the period of the lease. Where an incentive (such as a
rent free period) is given to a tenant, the carrying value of the investment property excludes any amount reported as a
separate asset as a result of recognizing rental income on this basis.
l.
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective
assets. All other borrowing costs are expensed in the period when they occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the borrowing of funds.
m. Impairment of Non-Financial Assets
The Group assesses at each reporting date whether there is any indication that an asset may be impaired. If any such
indication exists, or when annual impairment assessment for an asset is required, the Group makes an estimation of the
asset's recoverable amount.
An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value
in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets. In assessing value in use, the estimated future cash flows expected to be
generated by the asset 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 risks specific to the asset. In assessing fair value less costs to sell, an
appropriate valuation model is used.
When the carrying amount of an asset exceeds its recoverable amount, the asset is written down to its recoverable
amount. Impairment losses are recognized in profit or loss unless the relevant asset is carried at revalued amount, in
which case the impairment loss is treated as revaluation decrease.
An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment
losses may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has
been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was
recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase
cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been
recognized previously. Such reversal is recognized in profit or loss unless the asset is measured at revalued amount, in
which case the reversal is treated as a revaluation increase.
Exhibit E/17
n. Factoring Liability
The amount received from factoring receivables with recourse is recognized as factoring liability for the value of the
receivables factored. The difference between the value of the receivables factored and the fund received plus retention,
if any is recognized as interest expenses during the period of factoring.
o. Employee’s Benefits
In accordance with the relevant Labour Law prevailing in Indonesia, the Group provides defined benefit post-employment
benefits to their employees.
The post employee benefits are actuarially determined using the Projected Unit Credit Method. The estimated liability as
of the date of the consolidated statements of financial position represents the present value of the defined benefits
obligation at consolidated statements of financial position date, less the fair value of plan assets, and adjusted for
unrecognized actuarial gains or losses, non-vested past service costs, termination costs and curtailment gain or loss.
Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions in excess of the
greater of 10% of the fair value of plan assets or 10% of the present value of the defined benefit obligations at the
beginning of the period are amortized and recognized as expense or gain over the expected average remaining service
years of qualified employees.
Past service cost is recognized immediately to the extent that the benefits are already vested. Otherwise, past service
cost is amortized on a straight-line method over the average period until the benefits become vested.
Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the
estimated liability for leave as a result of services rendered by employees as at the end of each reporting period date.
p. Revenue and Expenses Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue
can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts,
rebates and Value-Added Tax (VAT). The following specific criteria must also be met before revenue is recognized:
Real estate sales revenue
Revenues from real estate sales are recognized using the full accrual method, when the following conditions are met:
1. Sales of residential houses, shop houses and other types of buildings and land
a.
b.
c.
d.
A sale is consummated;
The selling price is collectible and at least 20% of the contract sales price has already been received;
The receivable from the sale is not subject to future subordination; and
The seller has transferred to the buyer the usual risks and rewards of ownership in a transaction that is in substance
a sale and the seller does not have a subtantial continuing involvement with the property.
Exhibit E/18
p. Revenue and Expenses Recognition (Continued)
Real estate sales revenue (Continued)
2. Retail land sale without building
a. Cumulative payments received equal to at least 20% of the contract sales price and the amount is not refundable
to the buyer;
b. The selling price is collectible;
c. The receivable from the sale is not subject to future subordination;
d. The seller has no remaining obligations to complete improvements on the lots sold or construct amenities or other
facilities applicable to the lots sold as promised in the agreement between the seller and the buyer; and
e. Only the lots are sold, without any requirement of the seller’s involvement in the construction of the building on
the lots.
3. Revenues from sale of office building units are recognized using the percentage-of-completion method to unit sold, if
all of the following conditions are met:
a. Construction is already beyond the preliminary stage, where the building foundation has been finished and all
requirements to start the construction have been fulfilled;
b. The buyer has made a down payment of at least 20% of the contract price, and is unable to require a refund of
payments made; and
c. Aggregate sales proceeds and costs can be reasonably estimated.
If any of the above conditions in no 1 and 2 is not met, the payments received from the buyer are recorded as Customers’
Deposits until all of the criteria for revenue recognition are met.
Rental of office spaces and other related facilities revenue
Revenues from rental of office spaces and other related facilities are recognized using the straight-line method. Revenues
received in advance from office space rental and other related activities are recorded as Unearned Income and are
recognized as revenue proportionately over the lease period.
Service and maintenance revenue
Service and maintenance revenue is recognized when the service has been rendered.
Power plant revenue
Revenues from power plant are recognized based on energy electricity (kWh) consumption.
Expenses are recognized when these are incurred (accrual basis).
q. Foreign Currency Transactions and Translations
Transactions involving foreign currencies are recorded at the rates of exchange prevailing at the time the transactions are
made. At consolidated statements of financial position dates, monetary assets and liabilities denominated in foreign
currencies are translated at the average exchange rates quoted by Bank Indonesia on those dates and the resulting net
foreign exchange gains or losses are credited or charged to current operations.
For the purpose of consolidation, the statements of financial position of Subsidiaries reporting in currencies other than
Rupiah are translated using the rates of exchange prevaling at the end of the reporting period and the results are
translated into Rupiah at the average exchange rates for the financial year. The resulting exchange differences are
recognized in other comprehensive income in the consolidated statements of comprehensive income and shown as part of
equity as “foreign currency translation reserve”.
Exhibit E/19
q. Foreign Currency Transactions and Translations (Continued)
The exchange rates used as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011
was as follows:
30 June
2014
11 United States Dollar
11 Euro
11,969
16,333
30 June
2013
9,929
12,977
31 December
2013
12,189
16,821
31 December
2012
9,670
12,810
31 December
2011
9,068
11,739
r. Income Tax
Income Tax – Final
Income which has been imposed final tax, the related tax expense was recognized proportionally with total revenue
recognized in the current period by accounting treatment. The difference between the payable final income tax with
total current tax in the consolidated statements of comprehensive income, recognized as prepaid tax or tax payable. The
difference of carrying value of assets and liabilities related with the final income tax with the tax impose bases are not
recognized as deferred tax assets or liabilities.
On 4 November 2008, the President of the Republic of Indonesia and the Minister of Law and Human Rights signed the
Government Regulation No. 71 Year 2008 (“Gov.Reg. No. 71/2008”) on “The Third Changes of Government Regulation No.
48 Year 1994 on Income Tax Payment of Income from Land Right and/or Building Diversion”. Gov.Reg. No. 71/2008
provides that the Company with the scope of its activities comprises land right and/or building diversion begin to use final
tax rate, whereby the previous year applying for progressive tax rate, and is applied prospectively for the period
beginning on or after 1 January 2009.
Income Tax – Non Final
Current tax expense is provided based on the estimated taxable income for the current period calculated by tax bases
enacted.
Deferred tax assets and liabilities are recognized for the future period tax effect arising from temporary differences
between the financial and tax bases of assets and liabilities at each reporting date except for the difference related with
final income tax. Deferred tax liabilities recognized for all taxable temporary difference and deferred tax assets
recognized for deductible temporary difference, to the extent that realization of future tax benefits is probable.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the assets
are realized or the liability is settled, based on tax rates (tax laws) that have been enacted or substantively enacted at
the end of reporting period.
The measurement of deferred tax assets and liabilities represented tax effect as expected by the Group, at the end of
reporting period, to realize or settle the carrying value of assets and liabilities.
The carrying value of deferred tax assets are reviewed at the end of reporting period and will be deducted if the
possibility of taxable income are not available to compensate with portion or all deferred tax assets.
The deferred tax assets and liabilities offset each other when entity has enforceable law right to conduct offsetting
current tax assets to current tax liabilities and when the deferred tax assets and liabilities related with income tax
imposed by the same tax authority and the company has intention to recover the current assets and liabilities by net
basis.
The current and deferred tax are recognized as expense or income in the profit or loss, except for income tax arising
from transactions or events recognized out of profit or loss (in the other comprehensive income or directly in equity),
thus the related tax is recognized out of profit or loss.
Exhibit E/20
s. Dividends
Dividends are recognized when they become legally payable. In the case of interim dividends to equity shareholders, this is when
declared by the Directors. In the case of final dividends, this is when approved by the shareholders at the Shareholders General
Meeting.
t.
Basic Earnings per Share
In accordance with PSAK No. 56, “Earnings Per Share”, basic earnings per share is computed by dividing profit for the year
attributable to owners of the parent company by the weighted-average number of outstanding shares.
u. Segment Reporting
Segment is a distinguishable component of the Group that is engaged either in providing certain products and services (business
segment), or in providing products and services within a particular economic environment (geographical segment), which is
subject to risks and rewards that are different from those of other segments.
Segment revenue, expenses, results assets and liabilities include items directly attributable to a segment as well as those that
can be allocated on a reasonable basis to that segment. They are determined before the intra-Group’s balances and the Group’s
transactions are eliminated as part of the consolidation process.
v. Provisions
Provisions are recognized when the Group has a legal or constructive obligation as a result of past events, it is more likely that an
outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of economic resources will be required to settle the obligation, the provision is reserved.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where
appropriate, to reflect the specific risk of liability. When discounting is used, the increase in the provision due to the passage of
time is recognized as a finance cost.
w. Contingencies
Contingent liabilities are not recognized in the consolidated financial statements. They are disclosed in the notes to the
consolidated financial statements unless the possibility of an outflow of resources embodying economic benefits is remote.
Contingent assets are not recognized in the consolidated financial statements, but are disclosed in the notes to the consolidated
financial statements when an inflow of economic benefits to the entity is probable.
x. Events After the Reporting Period
Events after the reporting period that provide evidence of conditions that existed at the end of the reporting period (adjusting
events) are reflected in the consolidated financial statements. Events after the reporting period that are not adjusting events are
disclosed in the notes to the consolidated financial statements when material.
y. PSAK No. 60 Fair Value Measurement Hierarchy
PSAK No. 60 requires certain disclosures which require the classification of financial assets and financial liabilities measured at
fair value using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement. The
fair value hierarchy has the following levels:
a. Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
b. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. prices derivative) (Level 2); and
c. Inputs for the asset and liability that are not based on observable market data (unobservable inputs) (Level 3).
The level in the fair value hierarchy within which the financial assets or financial liabilities is categorized, is determined on the
basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are
classified in their entirety into only one of the three levels.
Exhibit E/21
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Group’s consolidated financial statements requires the use of certain critical accounting estimates. It also
requires Group management to exercise judgement in applying the Group's accounting policies. The areas where significant
judgements and estimates have been made in preparing the consolidated financial statements and their effect are discussed below:
a. Judgement made in applying accounting policies
In the process of applying the Group's accounting policies, management has made the following judgements, apart from those
involving estimations, which have the most significant effect on the amounts recognized in the consolidated financial statements:
Income Taxes
The Group has exposure to income taxes. Significant judgement is involved in determining the provision for income taxes. There
are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of
business. The Group recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due.
Where the final tax outcome of these matters is different from the amounts that were initially recognized, such differences will
impact the current income tax and deferred tax provisions in the period in which such determination is made.
Determination of Functional Currency
The Group measures foreign currency transactions in the respective functional currencies of the Group. In determining the
functional currencies of the entities in the Group, judgement is required to determine the currency that mainly influences sales
prices for goods and services and of the country whose competitive forces and regulations mainly determines the sales prices of
its goods and services. The functional currencies of the entities in the Group are determined based on management’s assessment
of the economic environment in which the entities operate and the entities’ process of determining sales prices.
The consolidated financial statements of the Group are presented in Indonesian Rupiah (“Rp”) which is the functional currency of
the Company.
Classification of Financial Assets and Financial Liabilities
The Group determines the classifications of financial assets and financial liabilities by judging if they meet the definition set forth
in PSAK No. 55 (Revised 2011). Accordingly, the financial assets and financial liabilities are accounted for in accordance with the
Group’s accounting policies disclosed in Note 2d and 2e.
b. Key sources of estimation uncertainty
The key assumptions concerning the 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:
Depreciation of Property, Plant and Equipment
The costs of property, plant and equipment are depreciated on a straight-line method and double-declining-balance method over
their estimated useful lives. The Group’s management properly estimates the useful lives of these property, plant and equipment
to be within 4 to 30 years.
These are common life expectancies applied in the industries where the Group conduct their business. Changes in the expected
level of usage and technological development could impact the economic useful lives and the residual values of these assets, and
therefore future depreciation charges could be revised. The net carrying amount of the Group’s property, plant and equipment as
of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 amounted Rp 2,203,119,293,335,
Rp 2,144,756,133,806, Rp 2,168,400,599,324, Rp 2,138,349,624,678 and Rp 1,836,952,980,394, respectively. Further details are
shown in Note 10.
Exhibit E/22
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Continued)
b. Key sources of estimation uncertainty (Continued)
Depreciation of Investment Properties
The costs of investment properties are depreciated on a straight-line method over their estimated useful lives. The
Group’s management properly estimates the useful lives of this investment property within 20 years. These are common
life expectancies applied in the industries where the Group conduct their business. Changes in the expected level of
usage and technological development could impact the economic useful lives and the residual values of these assets, and
therefore future depreciation charges could be revised. The net carrying amount of the Group’s investment property as of
30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 amounted Rp 99,522,032,117,
Rp 8,184,420,472, Rp 102,133,028,813, Rp 8,361,141,406 and Rp 5,744,406,931, respectively. Further details are shown
in Note 11.
Deferred Tax Assets
Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable income will be
available against which the losses can be utilized. Significant management estimate is required to determine the amount
of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable income together
with future tax planning strategies. The carrying value of recognized tax losses as of 30 June 2014, 30 June 2013,
31 December 2013, 31 December 2012 and 31 December 2011 amounted Rp 118,924,907,988, Rp 187,194,841,732,
Rp 151,790,651,972, Rp 147,804,217,372 and Rp 102,353,897,736, respectively and the deferred tax assets from tax
losses at 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 amounted
Rp 29,731,226,997, Rp 46,798,710,433, Rp 37,947,662,993, Rp 36,951,054,343 and Rp 25,588,474,434, respectively.
Further details are dislclosed in Note 19.
Purchase Price Allocation and Goodwill Impairment
Acquisition accounting requires extensive use of accounting estimates to allocate the purchase price to the fair market
values of the assets and liabilities purchased, including intangible assets. Certain business acquisition of the Group have
resulted in goodwill. Under PSAK No. 22 (Revised 2009), “Business Combination”, such excess of cost over equity in net
assets of Subsidiary is not amortized and subject to an annual impairment testing. Meanwhile, excess of equity in fair
value of net assets of Subsidiary over cost derecognized by making adjustments to beginning retained earnings. The
carrying amount of the Group’s goodwill as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and
31 December 2011 was Rp 8,317,914,430, respectively. Further details are disclosed in Note 12.
The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. In case of excess of cost
over equity in net asset of Subsidiary, such assets are subject to annual impairment test. The Group’s management has to
use its judgement in estimating the recoverable value and determining if there is any indication of impairment.
Allowance for Impairment of Trade Receivables
The Group evaluates specific accounts where it has information that certain customers are unable to meet their financial
liabilities. In these cases, the Group use judgement, based on available facts and circumstances, including but not limited
to, the length of its relationship with the customer and the customer’s current credit status based on any available third
party credit reports and known market factors, to record specific provisions for customers against amounts due to reduce
its receivable amounts that the Group expect to collect. These specific provisions are re-evaluated and adjusted as
additional information received affects the amounts of allowance for impairment of trade receivables. The carrying
amount of the Group’s trade receivables before allowance for impairment as of 30 June 2014, 30 June 2013,
31 December 2013, 31 December 2012 and 31 December 2011 amounted Rp 245,758,117,859, Rp 447,740,852,722,
Rp 239,299,935,797, Rp 123,711,282,536 and Rp 91,417,839,316, respectively. Further details are shown in Note 5.
Exhibit E/23
3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Continued)
b. Key sources of estimation uncertainty (Continued)
Allowance for Impairment of Other Receivables
The Group evaluates specific accounts where it has information that certain customers are unable to meet their financial
liabilities. In these cases, the Group use judgement, based on available facts and circumstances, including but not limited to, the
length of its relationship with the customer and the customer’s current credit status based on any available third party credit
reports and known market factors, to record specific provisions for customers against amounts due to reduce its receivable
amounts that the Group expect to collect. These specific provisions are re-evaluated and adjusted as additional information
received affects the amounts of allowance for impairment of other receivables. The carrying amount of the Group’s other
receivables before allowance for impairment as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and
31 December 2011 amounted Rp 42,688,935,118, Rp 27,700,056,428, Rp 42,060,883,344, Rp 117,017,261,840 and
Rp 26,079,858,762, respectively. Further details are shown in Note 6.
Financial Instruments
The Group carry certain financial assets and liabilities at fair values, which require the use of accounting estimates. While
significant components of fair value measurement were determined using verifiable objective evidences, the amount of changes
in fair values would differ if the Group utilized different valuation methodology.
Any changes in fair values of these financial assets and liabilities would affect directly the Group’s profit and loss. The Group had
financial instruments which are presented at carrying amounts as either these are reasonable approximation of fair values or their
fair values cannot be reliably measured.
Allowance for Impairment of Cash and Cash Equivalents
The Group evaluated based on national banking condition in 1999 whereby Ministry of Finance submitted PT Bank Orient (“Bank
Orient”) to Indonesian Bank Restructuring Agency (“IBRA”). In 2004, IBRA formally suspended business and operation Bank Orient,
in this case, the Group has considered in facts and conditions including but not limited to, the length of settlement assets of Bank
Orient according to decision of Ministry of Finance. The Group made an allowance for impairment of cash and cash equivalent
amounted to Rp 1,918,699,443 as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011,
respectively. The carrying amount of the Group’s cash and cash equivalent before allowance for impairment as of 30 June 2014,
30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 is Rp 540,623,595,637, Rp 309,344,734,039,
Rp 597,413,541,073, Rp 243,765,703,359 and Rp 129,464,183,022, respectively. Further details are shown in Note 4. These
specific provisions are re-evaluated and adjusted as additional information received affects the amounts of allowance for
impairment of cash and cash equivalents.
Allowance for Impairment of Restricted Cash and Cash Equivalents
The Group evaluated based on national banking condition in 1999 whereby Ministry of Finance submitted PT Bank Bira (“Bank
Bira”) to Indonesian Bank Restructuring Agency (“IBRA”).
In 2004, IBRA formally suspended business and operation Bank Bira, in this case, the Group had considered in facts and conditions
including but not limited to the length of settlement assets of Bank Bira according to decision of Ministry of Finance. The Group
made an allowance for impairment of restricted cash and cash equivalents amounted to Rp 3,219,865,878 as of 30 June 2014,
30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, respectively.
The carrying amount of the Group’s restricted cash and cash equivalents before allowance for impairment as of 30 June 2014,
30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 amounted Rp 178,997,006,330, Rp 143,663,433,192,
Rp 174,522,706,910, Rp 142,718,190,463 and Rp 20,934,272,195, respectively. Further details are shown in Note 13. These
specific provisions are re-evaluated and adjusted as additional information received affects the amounts of allowance for
impairment of restricted cash and cash equivalents.
Pension and Employee’s Benefits Liabilities
The determination of the Group’s cost for pension and employee’s benefits liabilities is dependent on its selection of certain
assumptions used by the independent actuaries in calculating such amounts. Those assumptions include among others, discount
rates, annual salary increase rate, annual employee turn-over rate, disability rate, retirement age and mortality rate. Actual
results that differ from the Group’s assumptions are recognized immediately in the profit or loss as and when they occurred.
Exhibit E/24
3.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Continued)
b.
Key sources of estimation uncertainty (Continued)
Pension and Employee’s Benefits Liabilities Continued)
While the Group believed that their assumptions are reasonable and appropriate, significant differences in the Group’s actual experiences
or significant changes in the Group’s assumptions may materially affect their estimated liabilities for pension and employee’s benefits
liabilities and net employee benefit expense. The carrying amount of the Group’s employee’s benefits liabilities as of 30 June 2014,
30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 amounted Rp 72,911,762,721, Rp 59,999,498,793,
Rp 65,718,328,287, Rp 53,559,576,058 and Rp 42,693,788,993, respectively. Further details are shown in Note 21.
4. CASH AND CASH EQUIVALENTS – NET
30 June
2014
(Unaudited)
Cash on hand
Cash in banks
Rupiah
PT Bank Permata Tbk
PT Bank Central Asia Tbk
PT Bank Mandiri (Persero) Tbk
PT Bank OCBC NISP Tbk
PT Bank QNB Kesawan Tbk
PT Bank CIMB Niaga Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
Standard Chartered Bank
PT Bank Internasional Indonesia Tbk
PT Bank Danamon Indonesia Tbk
PT Bank Pembangunan Daerah
Jawa Barat Tbk
PT Bank Pan Indonesia Tbk
PT Bank Mega Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Orient
PT Bank Tabungan Negara (Persero) Tbk
PT Bank Index Selindo
PT Bank Ekonomi Raharja Tbk
PT Bank Windu Kentjana International Tbk
US Dollar
Bank Ing Netherlands
PT Bank Permata Tbk
The Hongkong and Shanghai Banking
Corporation Limited
PT Bank Central Asia Tbk
PT Bank UOB Indonesia
PT Bank Ekonomi Raharja Tbk
Euro
Total cash in banks
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
2,839,262,741
6,338,197,396
3,587,352,032
17,674,616,573
12,577,545,432
8,677,933,550
8,258,603,014
7,285,055,402
6,550,643,858
1,179,295,685
1,104,213,523
1,096,724,068
718,713,893
546,465,958
432,503,717
7,261,591,302
10,766,375,333
3,316,360,049
9,030,099,288
4,900,000
2,747,690,693
201,794,122
643,565,467
1,148,577,653
398,859,546
43,949,972,621
19,166,695,258
109,551,204,287
44,485,926,937
8,700,919
3,021,082,936
420,071,422
1,470,172,403
2,799,361,597
6,395,511,929
3,267,675,075
3,911,668,049
1,310,273,577
17,536,893,835
692,110,732
396,149,956
694,560,584
658,735,576
240,402,641
2,605,040,924
1,680,678,978
642,152,356
4,151,261,402
808,213,016
172,480,136
287,421,771
1,911,201,621
131,887,959
88,401,320
87,326,392
37,130,206
30,464,775
10,445,968
-
89,636,208
84,409,428
826,886,001
30,464,775
37,401,283
5,000,000,000
5,138,162
-
2,418,371,622
89,021,524
87,368,166
676,431,012
30,464,775
39,513,867
4,954,162
-
78,946,009
70,917,920
43,943,307
30,464,775
33,140,030
5,404,162
-
76,756,842
24,759,288
462,157,090
30,464,775
45,884,208
5,782,161
2,243,375
36,235,809,288
41,593,749,310
234,614,825,437
28,971,286,228
12,906,497,943
20,594,522,447
5,925,588,582
1,523,692,719
1,321,115,718
812,209,278
37,257,286,989
20,533,430,154
842,298,715
286,018,944
1,357,652,539
58,675,293,258
20,712,280,140
325,545,885
13,100,326,918
699,188,952
9,615,655
16,338,277,280
202,417,759
1,035,904,855
1,419,108,860
433,797,705
101,830,918
-
469,780,856
347,717,403
47,093,706
40,532,420
13,037,592
-
80,366,617
344,419,436
39,642,426
11,032,310
1,270,118
-
95,445,111
660,178,911
48,312,200
13,410,094
1,152,958
-
24,977,223
38,890,322
10,849,933
1,508,617
155,220,713
36,998,709
1,966,849
148,010,798
31,095,290,721
60,753,418,248
94,331,134,427
19,236,771,217
722,604,979
2,838,807,420
2,822,755,126
3,846,409,596
1,950,709,760
70,169,907,429
105,169,922,684
332,792,369,460
50,158,767,205
13,629,102,922
Exhibit E/25
4. CASH AND CASH EQUIVALENTS – NET (Continued)
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
129,750,000,000
41,000,000,000
32,010,000,000
21,716,000,000
14,500,000,000
10,000,000,000
7,000,000,000
18,000,000,000
5,500,000,000
3,010,000,000
3,000,000,000
25,300,000,000
1,000,000,000
33,400,000,000
1,010,000,000
13,000,000,000
40,000,000,000
37,000,000,000
14,500,000,000
500,000,000
3,000,000,000
6,000,000,000
16,000,000,000
4,500,000,000
7,000,000,000
6,000,000,000
1,888,234,668
-
19,200,000,000
1,888,234,668
5,800,000,000
2,607,584,913
105,000,000
-
5,000,000,000
12,500,000,000
1,888,234,668
3,700,000,000
2,607,584,913
105,000,000
10,000,000,000
-
20,100,000,000
1,888,234,668
2,000,000,000
2,607,584,913
105,000,000
-
11,600,000,000
1,888,234,668
105,000,000
17,250,000,000
270,864,234,668
84,410,819,581
175,710,819,581
36,200,819,581
51,343,234,668
68,827,734,500
62,189,128,650
35,907,000,000
23,938,000,000
5,888,327,649
-
59,574,000,000
39,716,000,000
4,190,038,000
9,945,756,378
-
12,189,000,000
36,567,000,000
36,567,000,000
-
29,010,000,000
57,536,500,000
33,845,000,000
19,340,000,000
51,914,300,000
-
196,750,190,799
113,425,794,378
85,323,000,000
139,731,500,000
51,914,300,000
Total Time Deposits
467,614,425,467
197,836,613,959
261,033,819,581
175,932,319,581
103,257,534,668
Total
540,623,595,637
309,344,734,039
597,413,541,073
243,765,703,359
129,464,183,022
Time deposits
Rupiah
PT Bank Permata Tbk
PT Bank Mayapada International Tbk
PT Bank Mega Tbk
PT Bank Mayora
Jawa Barat Tbk
PT Bank Orient
PT Bank Index Selindo
PT Bank Victoria International Tbk
US Dollar
PT Bank Danamon Indonesia Tbk
PT Bank Permata Tbk
PT Bank Mega Tbk
31 December
2012
(Audited)
31 December
2011
(Audited)
Less allowance for impairment losses
Cash in banks – PT Bank Orient
Time deposits – PT Bank Orient
(
(
30,464,775 ) (
1,888,234,668 ) (
30,464,775 ) (
1,888,234,668 ) (
30,464,775 ) (
1,888,234,668 ) (
30,464,775 ) (
1,888,234,668 ) (
30,464,775 )
1,888,234,668 )
Total allowance for impairment losses
(
1,918,699,443 ) (
1,918,699,443 ) (
1,918,699,443 ) (
1,918,699,443 ) (
1,918,699,443 )
Net
538,704,896,194
307,426,034,596
595,494,841,630
241,847,003,916
127,545,483,579
Ranges of annual interest rates of time deposits are as follows:
Rupiah
US Dollar
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
6.30% - 11.00%
3.00% - 3.50%
5.70% - 7.00%
2.65% - 2.75%
5.00% - 10.25%
2.65% - 2.75%
5.50% - 8.00%
1.50% - 3.25%
6.30% - 9.25%
1.50% - 2.60%
Cash is covered by insurance againts losses and other risks with insurance coverage of Rp 18,933,500,000, Rp 18,933,500,000,
Rp 18,933,500,000, Rp 21,333,500,000 and Rp 21,333,500,000 as of 30 June 2014, 30 June 2013, 31 December 2013,
31 December 2012 and 31 December 2011, respectively. The Group’s management are of the opinion that the insurance coverage is
adequate to cover possible losses arising from such risks.
The Company evaluated based on national banking condition in 1999 whereby Ministry of Finance submitted PT Bank Orient
(“Bank Orient”) to Indonesian Bank Restructuring Agency (“IBRA”). In 2004, IBRA formally suspended business and operation of Bank
Orient. In this case, the Company has considered in facts and conditions including but not limited to, the length of settlement assets
of Bank Orient according to decision of Ministry of Finance. The Company made an allowance for impairment of cash and cash
equivalents amounted to Rp 1,918,699,443 as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December
2011, respectively.
Exhibit E/26
5. TRADE RECEIVABLES FROM THIRD PARTIES
Service and maintenance fees
Sales of:
Power plant
Land and standard factory buildings
Rental of office and shop houses
Golf
House and land
Others
Net
(
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
49,054,858,436
25,229,306,530
29,921,685,432
20,330,260,507
17,306,097,174
111,576,383,249 162,586,150,570 71,089,971,475
50,124,201,080 245,456,569,060 118,088,656,187
21,320,342,027
6,541,506,675
8,893,908,567
815,871,308
401,750,175
702,436,311
773,987,078
804,708,284
803,800,064
12,092,474,681
6,720,861,428
9,799,477,761
63,051,311,119
28,257,434,036
6,559,618,447
436,533,459
804,814,800
4,271,310,168
2,745,125,781
58,256,261,083
7,775,482,811
395,300,664
766,539,801
4,173,032,002
245,758,117,859 447,740,852,722 239,299,935,797 123,711,282,536
91,417,839,316
8,744,981,771 )(
4,781,279,442)(
8,744,981,771 )(
5,052,136,407 )(
237,013,136,088 442,959,573,280 230,554,954,026 118,659,146,129
5,909,988,556 )
85,507,850,760
The aging analysis of trade receivables is as follows:
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Current
> 1 month – 3 months
> 3 months – 6 months
> 6 months – 1 year
> 1 year
186,997,177,435 153,305,781,417 115,672,667,839
37,705,725,979 252,377,584,831 25,001,144,824
8,400,021,420 30,708,606,349
7,870,667,705
1,884,912,255
3,049,246,057 82,315,614,223
10,770,280,770
8,299,634,068
8,439,841,206
96,525,633,224
15,410,683,921
3,475,331,323
1,106,013,274
7,193,620,794
64,361,247,248
15,058,774,504
3,707,850,394
824,365,066
7,465,602,104
Total
245,758,117,859 447,740,852,722 239,299,935,797 123,711,282,536
91,417,839,316
The movements of allowance for impairment losses of trade receivables – third parties are as follows:
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Beginning balance
Additional allowance during the period
Write – off
8,744,981,771
(
5,052,136,407
270,856,965 )(
5,052,136,407
4,714,258,374
1,021,413,010 )(
5,909,988,556
462,244,776
1,320,096,925 )(
7,237,311,945
843,588,499
2,170,911,888 )
Ending balance
8,744,981,771
4,781,279,442
8,744,981,771
5,052,136,407
5,909,988,556
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, trade receivables of
Rp 50,015,958,653, Rp 289,653,791,863, Rp 114,882,286,187, Rp 22,133,512,905 and Rp 21,146,603,512 were past due but not
impaired. The Group have analized and tracked the history of the customer with no default history.
Based on the review of the status of the individual receivable accounts at the end of each period, the Group’s management believe
that the allowance for impairment losses is adequate to cover the possibility of losses from non-collectibility of the trade
receivables.
The Group evaluates specific accounts where it has information that certain customers are unable to meet their financial obligations.
In these cases, the Group use judgement, based on available facts and circumstances, including but not limited to, the length of its
relationship with the customer and the customer’s current credit status based on any available third party credit reports and known
market factors, to record specific provisions for customers against amounts due to reduce its receivable amounts that the Group
expect to collect. These specific provisions are re-evaluated and adjusted as additional information received affects the amounts of
allowance for impairment of trade receivables. The carrying amount of the Group’s trade receivables before allowance for
impairment as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 is Rp 245,758,117,859,
Rp 447,740,852,722, Rp 239,299,935,797, Rp 123,711,282,536 and Rp 91,417,839,316, respectively.
In 2011, PT Grahabuana Cikarang, a Subsidiary, obtained a factoring facility from PT Clipan Finance Indonesia Tbk, third party, with
certain receivables as the collateral (Note 16).
Exhibit E/27
6. OTHER RECEIVABLES FROM THIRD PARTIES
Yayasan Pendidikan Universitas Presiden
Value Added Tax Receivable
Sembcorp Development
Indonesia Pte., Ltd
Others
Net
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
7,815,818,174
937,654,059
7,815,818,174
3,749,819,842
7,815,818,174
917,264,885
7,815,818,174
3,587,111,197
17,835,699,496
1,382,024,311
33,935,462,885
16,134,418,412
33,327,800,285
93,100,000,000
12,514,332,469
6,862,134,955
42,688,935,118 27,700,056,428 42,060,883,344 117,017,261,840 26,079,858,762
( 3,722,896,870 )( 3,722,896,870 )( 3,722,896,870 )( 3,722,896,870 )( 3,722,896,870 )
38,966,038,248
23,977,159,558
38,337,986,474 113,294,364,970
22,356,961,892
The Group’s management believe that the allowance for impairment losses is adequate to cover the possibility of losses from noncollectibility of the other receivables.
7. INVENTORIES
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Land
Houses and buildings under construction
Houses ready for sale
Others
465,230,989,092 466,564,708,137 453,370,668,838 454,005,881,431 418,080,882,403
163,403,136,390 167,258,631,799 184,332,415,197 124,037,081,710 91,269,555,578
60,722,279,844 42,420,489,235 63,564,266,430 44,619,626,603 42,898,798,850
1,986,027,874
1,776,189,867
1,689,741,607
1,612,930,461
1,766,756,477
Total
691,342,433,200 678,020,019,038 702,957,092,072 624,275,520,205 554,015,993,308
The movements inventories of land are as follows:
30 June
2014
(Unaudited)
Beginning balance inventories of land
Additions
Reclassification from land
for development
Deductions
Charged to cost of sales
Ending balance inventories of land
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
453,370,668,838 454,005,881,431 454,005,881,431 418,080,882,403 359,902,714,314
31,507,932,975
25,434,491,593
51,120,086,962
52,027,586,419 149,884,659,169
( 19,647,612,721 )( 12,875,664,887 )( 51,755,299,555 )( 16,102,587,391 )( 91,706,491,080 )
465,230,989,092 466,564,708,137 453,370,668,838 454,005,881,431 418,080,882,403
The movement’s inventories of houses and buildings under construction are as follows:
30 June
2014
(Unaudited)
Beginning balance inventories of houses
and buildings under construction
Construction costs
Ending balance inventories of houses
and buildings under construction
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
184,332,415,197 124,037,081,710 124,037,081,710 91,269,555,578 89,508,230,690
123,030,568,157 262,067,851,515 414,838,921,591 299,084,742,784 329,427,791,101
( 143,959,846,964 )( 218,846,301,426 )( 354,543,588,104 )( 266,317,216,652 )( 327,666,466,213 )
163,403,136,390 167,258,631,799 184,332,415,197 124,037,081,710
91,269,555,578
Exhibit E/28
7.
INVENTORIES (Continued)
The movement’s inventories of houses ready for sale are as follows:
Beginning balance inventories
of houses ready for sale
Additions
Construction costs
Deductions
(
Ending balance inventories of houses
ready for sale
30 June
2014
30 June
2013
31 December
2013
31 December
2012
31 December
2011
(Unaudited)
(Unaudited)
(Audited)
(Audited)
(Audited)
63,564,266,430
44,619,626,603
44,619,626,603
42,898,798,850
52,566,166,802
598,174,600
568,793,976
58,724,334,866
9,034,739,453
46,772,125,170
3,440,161,186 )(
60,722,279,844
2,767,931,344 )( 39,779,695,039 )(
42,420,489,235
63,564,266,430
7,313,911,700 )( 56,439,493,122 )
44,619,626,603
42,898,798,850
The Group’s management believes that inventories are realizable at the above amounts and therefore no allowance for decline in
value of inventories is necessary.
House and building inventories are covered by insurance against losses by fire and other risks under blanket policies for
approximately Rp 23.32 billion, Rp 98.14 billion, Rp 23.32 billion, Rp 98.14 billion and Rp 65.42 billion as of 30 June 2014, 30 June
2013, 31 December 2013, 31 December 2012 and 31 December 2011, respectively. The Group’s management believes that the
insurance coverage is adequate to cover possible losses arising from such risks.
8.
LAND FOR DEVELOPMENT
30 June 2014
(Unaudited)
Area (Ha)
(Unaudited)
Total
Pandeglang
Cikarang
Kendal
Cilegon
Morotai
1,535
1,089
349
-
1,517,503,616,968
1,457,444,648,872
437,702,739,728
-
30 June 2013
(Unaudited)
Area (Ha)
(Unaudited)
Total
1,535
1,055
134
1,504,225,615,827
1,393,649,456,364
157,574,565,000
-
-
Total
2,973
3,412,651,005,568
2,724
3,055,449,637,191
Less: current portion
2,412
2,651,671,840,871
2,386
2,669,995,349,726
561
760,979,164,697
338
385,454,287,465
Non-current portion
31 December 2013
(Audited)
Area (Ha)
(Unaudited)
Total
Pandeglang
Cikarang
Kendal
Cilegon
Morotai
1,535
1,122
300
-
1,516,120,845,974
1,520,133,187,188
372,732,471,591
-
31 December 2012
(Audited)
Area (Ha)
(Unaudited)
Total
-
1,535
1,042
555
5
1,495,572,697,949
1,241,558,727,950
159,914,704,739
665,340,000
31 December 2011
(Audited)
Area (Ha)
(Unaudited)
Total
-
1,535
859
858
1,474,852,577,030
912,108,444,346
255,907,415,788
-
Total
2,957
3,408,986,504,753
3,137
2,897,711,470,638
3,252
2,642,868,437,164
2,451
2,721,524,032,377
2,953
2,723,280,507,551
3,096
2,505,580,491,801
506
687,462,472,376
184
174,430,963,087
156
137,287,945,363
Non-current portion
Exhibit E/29
8.
LAND FOR DEVELOPMENT (Continued)
The status of ownership of land for development is as follows:
30 June
2014
Area (Ha) (Unaudited)
31 December
31 December
2013
2012
30 June
2013
31 December
2011
Land certificates already issued
Released rights
In process of obtaining land rights
certificates
1,933
872
2,256
405
2,014
617
2,641
433
2,669
551
168
63
326
63
32
Total
2,973
2,724
2,957
3,137
3,252
Certain land for development located in Cikarang, Cilegon and Pandeglang as of 30 June 2014, 30 June 2013, 31 December 2013,
31 December 2012 and 31 December 2011 with a total land area of 3,963,968 sqm, 3,365,102 sqm, 3,963,968 sqm, 3,351,477 sqm and
6,052,126 sqm, respectively, are used as collateral for the bank loans (Note 15 and 16).
The management of the Group believe that there is no impairment in the value of land for development as of 30 June 2014,
30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011.
9.
INVESTMENTS
a. Investment In Associate
PT Plaza Indonesia Jababeka
PT Plaza Indonesia Jababeka
Percentage
of ownership
Beginning
Balance
30.00%
44,958,565,451
Percentage
of ownership
Beginning
Balance
30.00%
-
30 June 2014
Addition
Share in profit
(deduction)
(loss) of associate
-
(
144,748,659 ) 44,813,816,792
31 December 2013
Addition
Share in profit
(deduction)
(loss) of associate
45,000,000,000 (
Ending
balance
Ending
balance
41,434,549 ) 44,958,565,451
The Group’s share of the assets and liabilities of associate are as follow:
30 June 2014
Total assets
Total liabilities
44,823,724,481
9,907,689
31 December 2013
44,958,865,451
300,000
The Group’s share of the results of associates entity are as follow:
30 June 2014
Loss for the year
144,748,659
31 December 2013
41,434,549
On 25 June 2013, PT Plaza Indonesia Realty Tbk (PIR) and PT Grahabuana Cikarang (GBC), a Subsidiary, established PT Plaza
Indonesia Jababeka (PIJ), which PIR held 70% equity ownership in PIJ and GBC held 30% equity ownership in PIJ. Total investment
in PIJ amounted to Rp 150,000,000,000 in which Rp 45,000,000,000 was contributed by GBC.
Exhibit E/30
9.
INVESTMENTS (Continued)
b. Investment In Shares of Stock
Percentage
of ownership
PT Pembangunan Kota Tua Jakarta
PT Mitra Dana Jimbaran
30 June 2014
11.11%
5.60%
Total
30 June 2013,
31 December 2013,
2012 and 2011
10,000,000,000
1,000,000,000
1,000,000,000
11,000,000,000
1,000,000,000
On 17 December 2013, the Company, PT Plaza Indonesia Realty Tbk, PT Karunia Jaya Sukses, PT Best Engineering Contractor And
Agencies Indonesia, PT Muara Wisesa Samudra, PT Taman Harapan Indah, PT Saratoga Intiperkasa, PT Mitra Lintas Surya and
PT Ciputra Development Tbk, established PT Pembangunan Kota Tua Jakarta (“PKTJ”), which the Company held 11.11% equity
ownership in PKTJ and the other parties held 11.11%, respectively, equity ownership in PKTJ. Total investment in PKTJ amounted
to Rp 90,000,000,000 in which Rp 10,000,000,000 was contributed by the Company.
10. PROPERTY, PLANT AND EQUIPMENT
30 June 2014 (Unaudited)
Beginning
balance
Cost
Direct ownership
Land
Motor vehicles
Finance lease
Motor vehicles
Construction in progress
Total
Accumulated depreciation
Direct ownership
Motor vehicles
Finance lease
Motor vehicles
Total
Net book value
Additions
Deductions
Reclassifications
124,523,902,380
725,997,545,021
184,350,713,514
1,247,242,458,467
85,478,436,049
26,748,436,220
29,918,342,622
656,127,000
5,744,865,978
13,431,416,375
10,640,328,998
1,303,632,288
15,054,146,218
1,476,000,000
-
182,400,242,672
24,864,459,389
-
2,591,795,880,541
88,035,172,650
1,721,336,191
-
2,678,109,717,000
97,904,923,475
45,341,064,439
201,378,800,253
54,899,470,326
18,482,018,732
14,014,141,850
7,143,225,339
23,405,092,703
5,648,098,669
1,244,470,516
1,091,205,857
49,061,348
-
111,919,065,325
52,484,289,778
224,783,892,956
59,456,363,138
19,677,427,900
5,389,003,992
1,280,380,576
-
6,669,384,568
423,395,281,217
52,735,409,653
-
474,990,423,665
2,168,400,599,324
1,667,906,191
53,430,000
1,140,267,205
2,510,144,125
10,096,654,600
-
Ending
balance
(
12,606,798,725)
154,442,245,002
729,163,816,146
190,095,579,492
1,270,770,529,442
94,450,858,856
27,998,638,508
16,530,146,218
194,657,903,336
2,203,119,293,335
Exhibit E/31
10. PROPERTY, PLANT AND EQUIPMENT (Continued)
Beginning
balance
Cost
Direct ownership
Land
Motor vehicles
Finance lease
Motor vehicles
121,247,148,430
284,183,082,136
160,324,691,281
389,780,696,270
67,670,800,440
19,253,175,303
15,887,318,182
Additions
Deductions
1,602,818,000
519,726,490
6,479,755,333
5,449,825,000
6,022,109,766
4,546,841,000
-
Reclassifications
5,200,000
614,592,209
1,548,818,000
124,398,784,430
434,760,794,798
719,463,603,424
3,960,090,000
170,764,536,614
847,309,483,107 1,242,540,004,377
73,687,710,206
1,260,000,000
24,445,424,094
-
(
1,260,000,000)
14,627,318,182
-
(1,312,944,109,511)
164,156,692,158
1,408,197,010,980
68,903,790,689
Total
2,466,543,923,022
93,524,866,278
619,792,209 (
70,759,905,470
31,987,322,548
159,854,967,743
46,360,575,436
15,951,172,584
18,316,186,478
7,200,109,781
29,718,350,666
4,176,438,228
809,941,358
5,200,000
552,010,720
3,280,354,563
1,469,825,544
328,194,298,344
61,690,852,055
Direct ownership
Motor vehicles
Finance lease
Motor vehicles
Total
Net book value
Ending
balance
-
25,364,923,606) 2,534,084,073,485
558,632,814
(
558,632,814)
557,210,720
-
2,138,349,624,678
89,076,091,948
39,187,432,329
189,573,318,409
50,531,813,664
16,767,736,036
4,191,547,293
389,327,939,679
2,144,756,133,806
31 December 2013 (Audited)
Beginning
balance
Cost
Direct ownership
Land
Motor vehicles
Additions
Deductions
Reclassifications
121,247,148,430
284,183,082,136
160,324,691,281
389,780,696,270
67,670,800,440
19,253,175,303
1,727,935,950
2,628,829,262
11,598,058,233
5,248,242,990
18,961,869,100
6,509,631,782
15,887,318,182
841,828,036
-
(
1,675,000,000)
15,054,146,218
1,408,197,010,980
104,944,090,128
-
(1,330,740,858,436)
182,400,242,672
Total
2,466,543,923,022
152,460,485,481
Finance lease
Motor vehicles
1,154,233,491
689,370,865
Ending
balance
1,548,818,000
124,523,902,380
439,185,633,623
725,997,545,021
12,427,964,000
184,350,713,514
852,213,519,207 1,247,242,458,467
85,478,436,049
1,675,000,000
26,748,436,220
1,843,604,356 (
25,364,923,606) 2,591,795,880,541
Exhibit E/32
Beginning
balance
Direct ownership
Motor vehicles
Finance lease
Motor vehicles
Total
Net book value
Additions
Deductions
70,759,905,470
31,987,322,548
159,854,967,743
46,360,575,436
15,951,172,584
27,145,018,005
13,353,741,891
41,523,832,510
9,688,338,195
2,345,706,788
3,280,354,563
2,920,578,165
328,194,298,344
96,977,215,554
Reclassifications
1,149,443,305
626,789,376
-
811,928,736
(
811,928,736)
1,776,232,681
-
2,138,349,624,678
Ending
balance
97,904,923,475
45,341,064,439
201,378,800,253
54,899,470,326
18,482,018,732
5,389,003,992
423,395,281,217
2,168,400,599,324
Beginning
balance
Cost
Direct ownership
Land
Motor vehicles
Additions
Deductions
118,972,373,430
274,924,942,616
113,959,512,203
375,030,930,580
51,821,951,939
20,014,116,203
669,775,000
3,211,524,708
32,416,125,078
7,337,663,822
11,633,754,107
272,561,600
7,201,500,000
8,971,818,182
1,146,385,224,139
295,228,441,961
Total
2,108,310,551,110
359,741,664,458
1,508,292,546
56,033,820,418
19,925,893,926
140,419,584,075
39,167,217,806
15,276,460,731
14,726,085,052
12,069,626,954
19,435,383,668
7,314,464,107
1,576,943,393
8,198,332
121,106,477
986,922,949
534,593,760
2,853,785,545
271,357,570,716
57,976,288,719
Finance lease
Motor vehicles
Direct ownership
Motor vehicles
Finance lease
Motor vehicles
Total
Net book value
1,836,952,980,394
Reclassifications
61,100,000
127,690,046
1,179,502,500
1,605,000,000
6,046,614,812
14,010,154,000
7,412,101,868
4,342,784,440
146,000,000
140,000,000 (
-
(
23,333,333 (
1,139,561,091
146,000,000)
Ending
balance
121,247,148,430
284,183,082,136
160,324,691,281
389,780,696,270
67,670,800,440
19,253,175,303
15,887,318,182
33,416,655,120) 1,408,197,010,980
-
84,691,409
84,691,409)
-
2,466,543,923,022
70,759,905,470
31,987,322,548
159,854,967,743
46,360,575,436
15,951,172,584
3,280,354,563
328,194,298,344
2,138,349,624,678
Exhibit E/33
Beginning
balance
Cost
Direct ownership
Land
Motor vehicles
Total
Direct ownership
Motor vehicles
Net book value
Reclassifications
363,285,753
17,404,968,252
16,006,854,896
3,811,590,300
7,772,403,581
4,619,914,520
60,613,000
838,569,874
507,508,000
756,000,000
7,696,750,000
1,056,250,000 (
800,402,794,742
366,239,602,307
1,686,858,122,375
423,915,369,609
2,462,940,874
38,946,535,733
10,306,928,926
124,008,148,145
31,261,531,074
12,205,856,213
17,115,570,737
9,618,965,000
16,411,435,930
8,725,428,785
3,413,195,196
28,286,052
819,742,053
441,614,126
99,023,448
173,656,252
1,232,336,794
772,375,838 (
99,023,448)
216,902,656,343
56,516,932,442
Finance lease
Motor vehicles
Total
Deductions
118,609,087,677
256,885,320,364
88,018,648,039
364,283,120,480
42,196,441,390
15,706,709,683
Finance lease
Motor vehicles
Additions
-
695,267,000
9,934,009,268
6,936,219,800
2,691,676,842
195,000,000
(
2,062,018,069
195,000,000)
Ending
balance
118,972,373,430
274,924,942,616
113,959,512,203
375,030,930,580
51,821,951,939
20,014,116,203
7,201,500,000
20,257,172,910) 1,146,385,224,139
-
-
1,469,955,466,032
2,108,310,551,110
56,033,820,418
19,925,893,926
140,419,584,075
39,167,217,806
15,276,460,731
534,593,760
271,357,570,716
1,836,952,980,394
Depreciation expenses were apportioned to the following accounts:
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Cost of sales and service revenue
General and administrative expenses
(Note 31)
47,641,911,348
57,781,434,642
88,313,099,895
51,527,301,674
38,128,010,262
5,093,498,305
3,909,417,413
8,664,115,659
6,448,987,045
9,553,811,176
Total depreciation
52,735,409,653
61,690,852,055
96,977,215,554
57,976,288,719
47,681,821,438
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
The details of sales of property, plant and equipment are as follows:
30 June
2014
(Six months)
(Unaudited)
Selling price
Net book value
(Loss) gain on sale of property,
plant and equipment
(
30 June
2013
(Six months)
(Unaudited)
48,640,000
581,068,986
522,631,364
62,581,489
564,694,277
67,371,675
1,065,066,668
368,731,455
131,855,000
11,162,275
532,428,986)
460,049,875
497,322,602
696,335,213
120,692,725
Exhibit E/34
The details of construction in progress are as follows:
Building
Percentage of
completion
(Unaudited)
48%
84%
95%
99%
Total
11,592,109,359
100,186,406,575
80,344,161,402
2,535,226,000
Estimated
completion date
(Unaudited)
October 2014
October 2014
October 2014
September 2014
194,657,903,336
Building
Percentage of
completion
(Unaudited)
61%
84%
83%
80%
Total
Accumulated
cost
14,240,072,565
80,921,569,073
66,767,552,520
2,227,498,000
Estimated
completion date
(Unaudited)
September 2013
August 2013
July 2013
July 2013
164,156,692,158
Building
Percentage of
completion
(Unaudited)
61%
83%
87%
98%
Total
Accumulated
cost
16,526,245,492
93,663,878,301
69,860,892,879
2,349,226,000
Estimated
completion date
(Unaudited)
March 2014
March 2014
February 2014
January 2014
182,400,242,672
Building
Percentage of
completion
(Unaudited)
98%
93%
77%
80%
Total
Accumulated
cost
856,175,534,316
498,903,127,880
50,890,850,784
2,227,498,000
Estimated
completion date
(Unaudited)
January 2013
January 2013
May 2013
July 2013
1,408,197,010,980
Building
Total
Accumulated
cost
Percentage of
completion
(Unaudited)
85%
85%
77%
Accumulated
cost
684,001,239,819
422,751,653,390
39,632,330,930
Estimated
completion date
(Unaudited)
April 2012
March 2012
March 2012
1,146,385,224,139
The land account represents parcels of land located in Jakarta, Cikarang and Cilegon with a total area of 1,132,947 sqm on which the Group
has Right to Use (Hak Guna Bangunan/HGB) except for the land located in Cilegon with area of 15,000 sqm on which is still in the process of
obtaining the usage rights. The HGB will expire on different dates from 20 September 2015 until 11 September 2037. The Group’s management
believe that the HGB can be renewed when the legal terms of the land rights expire.
Borrowing cost capitalized to property, plant and equipment amounted to Rp nil, Rp nil, Rp nil, Rp 84,261,190,333 and Rp 84,492,589,103 for
the six-month periods ended 30 June 2014 and 30 June 2013 and the years ended 31 December 2013, 31 December 2012 and 31 December
2011, respectively.
Additions to property, plant and equipment as of 31 December 2011 include the cost and accumulated depreciation of property, plant and
equipment of PT Patriamanunggal Jaya, PT Banten West Java Tourism Development and PT Tanjung Lesung Leisure Industry, Subsidiaries,
which was acquired in 2011 with cost and accumulated depreciation amounting to Rp 9,017,287,391 and Rp 8,835,111,004, respectively
(Note 1d).
Exhibit E/35
Certain property, plant and equipment are used as collateral for the bank loans (Note 16).
Property, plant and equipment, except land, are covered by PT Asuransi Reliance Indonesia, PT Asuransi MSIG Indonesia, PT AIG
Insurance Indonesia, PT Asuransi Sinar Mas, PT Zurich Insurance Indonesia, PT Asuransi MNC Indonesia, PT Avrist General Insurance,
PT Asuransi Astra Buana, PT Asuransi Central Asia, PT Asuransi Raksa Pratikara, PT Asuransi Ramayana Tbk, PT Mitra, Iswara and
Rorimpandey, PT Asuransi Mitra Maparya, PT Asuransi Nipponkoa Indonesia and PT Asuransi Multi Artha Guna Tbk, against losses by
fire and other risks under blanket policies for US$ 161,879,272 and Rp 253,914,163,298 as of 30 June 2014, US$ 165,879,272 and
Rp 310,009,289,250 as of 30 June 2013, US$ 161,879,272 and Rp 247,867,245,798 as of 31 December 2013, US$ 165,879,272 and
Rp 311,953,899,800 as of 31 December 2012 and US$ 165,879,272 and Rp 271,072,350,750 as of 31 December 2011. The office units
in Menara Batavia (Co-insured between the Subsidiary and other tenants) is insured for a total sum of US$ 44,000,000 as of
30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, respectively. The Group’s management
believe that the insurance coverage is adequate to cover possible losses arising from such risks.
Based on the assessment of the Group’s management, there are no events or changes in circumstances which may indicate an
impairment in the value of the property, plant and equipment as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December
2012 and 31 December 2011.
11. INVESTMENT PROPERTIES
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, investment properties of the Group
is consisted of land and standard factory buildings which was rented to third parties.
The movement of investment properties as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December
2011 is as follows:
Beginning
balance
Additions/
Deductions/
Reclassifications Reclassifications
Ending
balance
Cost
Direct ownership
Land
Building
2,986,420,939
104,439,867,711
-
-
2,986,420,939
104,439,867,711
Total
107,426,288,650
-
-
107,426,288,650
-
7,904,256,533
Direct ownership
Building
Net book value
5,293,259,837
102,133,028,813
Beginning
balance
Cost
Direct ownership
Land
Building
Total
2,610,996,696
99,522,032,117
Additions/
Deductions/
Ending
balance
2,986,420,939
7,068,837,427
-
-
2,986,420,939
7,068,837,427
10,055,258,366
-
-
10,055,258,366
-
1,870,837,894
Direct ownership
Building
1,694,116,960
Net book value
8,361,141,406
176,720,934
8,184,420,472
Exhibit E/36
11. INVESTMENT PROPERTIES (Continued)
Beginning
balance
Cost
Direct ownership
Land
Building
Additions/
Deductions/
Ending
balance
2,986,420,939
7,068,837,427
97,371,030,284
-
2,986,420,939
104,439,867,711
10,055,258,366
97,371,030,284
-
107,426,288,650
Direct ownership
Building
1,694,116,960
3,599,142,877
-
5,293,259,837
Net book value
8,361,141,406
Total
Beginning
balance
102,133,028,813
Additions/
Deductions/
Ending
balance
Cost
Direct ownership
Land
Building
2,199,104,047
4,867,634,617
787,316,892
2,201,202,810
-
2,986,420,939
7,068,837,427
Total
7,066,738,664
2,988,519,702
-
10,055,258,366
Direct ownership
Building
1,322,331,733
371,785,227
-
1,694,116,960
Net book value
5,744,406,931
Beginning
balance
8,361,141,406
Additions/
Deductions/
Ending
balance
Cost
Direct ownership
Land
Building
3,060,546,047
6,278,472,617
-
861,442,000
1,410,838,000
2,199,104,047
4,867,634,617
Total
9,339,018,664
-
2,272,280,000
7,066,738,664
Direct ownership
Building
1,408,145,534
346,831,009
1,322,331,733
Net book value
7,930,873,130
261,017,208
5,744,406,931
The details of sales of investment properties are as follows:
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Selling price
Net book value
-
-
-
-
2,272,280,000
1,925,448,991
Gain on sale of investment properties
-
-
-
-
346,831,009
Exhibit E/37
11. INVESTMENT PROPERTIES (Continued)
Rental income from this investment properties recognized in the consolidated statements of comprehensive income for the six
month periods ended 30 June 2014 and 30 June 2013, and the years ended 31 December 2013, 31 December 2012 and 31 December
2011 amounted to Rp 13,261,797,694, Rp 1,322,696,667, Rp 5,847,663,557, Rp 2,955,000,000 and Rp 1,592,916,659, respectively,
which was recorded as part of “Other income” in the consolidated statements of comprehensive income. The direct expenses,
representing depreciation of investment properties for the six month periods ended 30 June 2014 and 30 June 2013, and the years
ended 31 December 2013, 31 December 2012 and 31 December 2011 amounted to Rp 2,610,996,696, Rp 176,720,934,
Rp 3,599,142,877, Rp 371,785,227 and Rp 261,017,208, respectively, and was recorded as part of “Other Expenses” in the
consolidated statements of comprehensive income (Note 35).
The Group insured their investment properties to PT Asuransi Reliance Indonesia against risks of fire, damages, theft and other
possible risks with total insurance coverage of Rp 4,471,070,400, Rp 12,650,070,400, Rp 4,471,070,400, Rp 12,650,070,400 and
Rp 9,286,064,000 as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, respectively. The
office units in The City Center (Co-insured between the Subsidiary and other tenants) is insured for a total sum of
Rp 770,000,000,000 as of 30 June 2014 and 31 December 2013, respectively. Management of the Group believe that insurance
coverage is adequate to cover possible losses on the investment properties insured.
Based on independent appraiser’s report KJPP Hendra Gunawan & Rekan dated 28 February 2014, 28 February 2013 and 24 February
2012, the market value of investment properties as of 31 December 2013, 31 December 2012 and 31 December 2011 amounted
Rp 473,071,431,794, Rp 23,173,000,000 and Rp 21,332,000,000, respectively. Management of the Group believe that there is no
impairment in value of the aforementioned asset.
12. GOODWILL
The details of goodwill are as follows:
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Carrying Value
PT Gerbang Teknologi Cikarang
PT Bekasi Power
6,590,695,717
1,727,218,713
6,590,695,717
1,727,218,713
6,590,695,717
1,727,218,713
6,590,695,717
1,727,218,713
6,590,695,717
1,727,218,713
Total
8,317,914,430
8,317,914,430
8,317,914,430
8,317,914,430
8,317,914,430
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, the management of the Group
believe that the carrying value of goodwill is realizable in the future and there is no indication of impairment of value.
13. RESTRICTED CASH AND CASH EQUIVALENTS – NET
30 June
2014
(Unaudited)
Cash in banks
Rupiah
PT Bank Bira
Jawa Barat Tbk
PT Bank Negara Indonesia
(Persero) Tbk
PT Bank Internasional
Indonesia Tbk
PT Bank Permata Tbk
US Dollar
Bank of New York Mellon
Total cash in banks
33,266,031,048
2,391,124,388
2,123,197,500
30 June
2013
(Unaudited)
20,522,468,911
2,391,124,388
-
31 December
2013
(Audited)
29,486,988,195
2,391,124,388
-
31 December
2012
(Audited)
17,387,062,191
2,391,124,388
-
31 December
2011
(Audited)
2,391,124,388
-
967,846,000
814,142,988
1,660,347,275
1,931,463,477
1,702,986,000
806,379,634
1,297,337,275
6,299,115,786
727,952,275
6,467,675,334
748,069,850
76,586,950
1,167,900
2,744,695,539
489,984,600
1,592,933
1,356,047,850
1,380,711
2,725,932,955
1,804,782
2,684,841,340
2,228,161
123,128,011,467
2,328,020,051
-
102,110,550,888
200,910,336
34,282,355
-
125,371,982,874
451,548,331
41,680,164
-
99,432,142,460
456,367,334
33,713,681
7,995,781,554
462,443,970
5,469,445,812
165,844,198,142
132,087,420,702
161,610,118,147
138,020,382,406
18,205,711,280
Exhibit E/38
13. RESTRICTED CASH AND CASH EQUIVALENTS – NET (Continued)
30 June
2014
(Unaudited)
Time deposits
Rupiah
PT Bank Permata Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Bumiputera Indonesia Tbk
US Dollar
Total time deposits
Total
Allowance for impairment losses
(
Net
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
1,294,732,203
1,254,327,320
1,035,149,735
538,720,343
537,673,852
200,058,420
113,904,271
47,090,085
32,313,600
7,794,359
153,553,069
1,257,827,320
825,240,960
1,053,379,945
1,075,186,034
553,298,150
88,652,653
15,734,359
1,123,110,953
1,257,827,320
882,410,960
414,867,414
650,760,981
200,058,420
113,904,271
22,090,085
7,794,359
8,091,044,000
6,553,140,000
8,239,764,000
13,152,808,188
11,576,012,490
12,912,588,763
99,781,269
1,257,827,320
358,360,000
893,036,910
1,613,187,794
371,227,752
88,652,653
15,734,359
4,697,808,057
31 December
2011
(Audited)
148,951,776
1,259,827,320
150,480,000
730,697,160
48,708,029
234,346,706
101,372,753
54,177,171
2,728,560,915
178,997,006,330
143,663,433,192
174,522,706,910
142,718,190,463
20,934,272,195
3,219,865,878 ) (
3,219,865,878 )(
3,219,865,878 )(
3,219,865,878 ) ( 3,219,865,878 )
175,777,140,452
140,443,567,314
171,302,841,032
139,498,324,585
17,714,406,317
The current accounts and time deposits placed with the certain banks are used as collateral in relation to the bank loans and senior notes
obtained by the Group and the housing loans obtained by the Group’s customers.
Ranges of annual interest rates of the above current accounts and time deposits are as follows:
Cash in banks
US Dollar
Rupiah
Time Deposits
US Dollar
Rupiah
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
0.75%
0.50% - 2.75%
0.75%
0.50% - 2.75%
0.75%
0.50% - 2.75%
0.75%
0.50% - 2.75%
0.75%
0.75% - 3.25%
0.75%
4.00% - 5.00%
0.25% - 0.75%
4.00% - 4.50%
0.75%
4.00% - 5.00%
4.00% - 4.50%
4.00% - 7.00%
14. ADVANCES
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
Advances for land acquisition
Advances for purchases of
property, plant and equipment
Advances to contractors
Others
675,467,138,344
640,578,753,127
611,877,721,675
507,283,127,254
73,161,171,618
8,845,009,421
54,112,460,941
6,067,118,634
144,662,255,859
53,750,371,888
12,143,521,817
10,148,385,092
88,374,883,471
12,178,976,700
142,848,586,065
51,126,315,275
10,913,560,554
140,995,573,065
7,170,570,110
4,938,252,820
Total
744,491,727,340
851,134,902,691
722,579,966,938
712,171,589,148
226,265,567,613
741,493,901,155 )(
707,236,876,506 ) (
719,582,140,753 ) (
568,273,562,963 )(
Non – current portion
(
2,997,826,185
143,898,026,185
31 December
2013
(Audited)
2,997,826,185
31 December
2012
(Audited)
143,898,026,185
31 December
2011
(Audited)
82,379,351,428 )
143,886,216,185
Exhibit E/39
15. SHORT-TERM LOAN
US Dollar
PT Bank Mandiri
(Persero) Tbk
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
77,798,500,000
64,538,500,000
Rupiah
Total
77,798,500,000
64,538,500,000
31 December
2013
(Audited)
79,228,500,000
79,228,500,000
31 December
2012
(Audited)
62,855,000,000
31 December
2011
(Audited)
-
6,461,878
902,818,074
62,861,461,878
902,818,074
a. PT Bank Mandiri (Persero) Tbk
In November 2012, PT Bekasi Power (BP), a Subsidiary, obtained a Working Capital Credit facility from PT Bank Mandiri (Persero)
Tbk amounted to US$ 6,500,000 with the term loan is 12 (twelve) months and the interest rate is 6.50% per annum. BP also
obtained the Standby LC (SBLC) facility amounted to US$ 10,000,000 with the term loan is 12 (twelve) months.
The loan is collateralized by 8 (eight) area of land totaling 769,947 sqm of PT Banten West Java Tourism Development, a
Subsidiary (guarantor) and fiduciary on receivables and sells of electricities from PT Perusahaan Listrik Negara (Persero) Tbk
(PLN).
On 26 November 2013, BP obtained extension and increasing of limit SBLC facility amounted to US$ 15,000,000 with the term
loan is 12 (twelve) months.
The collateral of Working Capital Credit facility is changed to collateralized by land totaling 1,433,210 sqm of PT Banten West
Java Tourism Development, a Subsidiary (guarantor) and fiduciary on receivables and sale of electricity from PLN.
The outstanding balance of Working Capital Credit Loan as of 30 June 2014, 30 June 2013, 31 December 2013 and
31 December 2012 amounted to US$ 6,500,000 (equivalent with Rp 77,798,500,000), US$ 6,500,000 (equivalent with
Rp 64,538,500,000), US$ 6,500,000 (equivalent with Rp 79,228,500,000) and US$ 6,500,000 (equivalent with Rp 62,855,000,000),
respectively.
b. PT Bank OCBC NISP Tbk
On 26 August 2009, PT Padang Golf Cikarang (PGC), a Subsidiary, obtained Overdraft Credit (OC) facility from PT Bank OCBC
NISP Tbk (Bank OCBC NISP) with a maximum facility amounted to Rp 2,000,000,000. The loan drawn from the facility bears
interest at the annual rate of 11.50% and is collateralized by land owned by PT Grahabuana Cikarang with an ownership SHGB
No. 30 Sertajaya which located in Cikarang (Note 8).
On 21 September 2012, PGC obtained amendment of OC from Bank OCBC NISP with Addendum of Overdraft Credit Agreement
No. 25 with due date on 22 August 2013. The balance of loan as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December
2012 and 31 December 2011 amounted Rp Nil, Rp Nil, Rp Nil, Rp 6,461,878 and Rp 902,818,074, respectively.
Based on the loan agreement with Bank OCBC NISP, PGC should inform the bank prior to performing certain transactions,
including the following, such as:
•
•
•
•
Liquidate the Company, or enter into merger, perform reorganizations which can change the Company’s structure.
Make any repayments of the loan to the shareholders.
Change the nature of the Company’s business.
Make any repayment to all borrowings beside the borrowings which have been required or because of ordinary course of
business.
PGC has fully paid the OC facility in 2013.
Exhibit E/40
16. LONG-TERM DEBTS
30 June
2014
(Unaudited)
US Dollar
Senior Notes
Loans subjected to
restructuring
Syndicated Loan
Bridging Loan
31 December
2012
(Audited)
1,672,720,241,492
2,046,630,307,764
1,622,822,484,730
20,617,385,644
-
20,443,008,164
-
20,740,661,572
-
20,408,896,557
-
389,180,000,000
349,180,000,000
419,180,000,000
269,180,000,000
9,262,653,837
-
27,724,358,974
8,132,380,738
-
6,576,076,891
-
60,993,589,743
10,233,449,870
-
-
-
-
-
31 December
2011
(Audited)
20,329,611,603
603,022,000,000
158,690,000,000
47,916,666,667
5,029,189,284
363,400,000,000
195,492,500,000
52,000,000,000
50,000,000,000
2,437,180,857,209
2,078,199,989,368
2,493,127,046,227
1,983,638,420,900
1,495,879,967,554
330,617,385,644
5,416,199,728
278,167,367,138
1,932,033,732
340,740,661,572
4,146,257,563
181,402,486,300
4,007,009,003
501,512,111,603
1,954,110,620
2,018,120,817,728
79,180,000,000
3,846,454,109
1,672,720,241,492
119,180,000,000
6,200,347,006
2,046,630,307,764
99,180,000,000
2,429,819,328
1,622,822,484,730
169,180,000,000
6,226,440,867
989,338,666,667
3,075,078,664
30 June
2013
(Unaudited)
31 December
2013
(Audited)
Less: short-term portion
Bank loan
Lease payable
Long-term debts net of
short-term portion
Senior Notes
Bank loan
Lease payable
31 December
2013
(Audited)
2,018,120,817,728
Rupiah
PT Bank Danamon
Indonesia Tbk
Lease payable
Syndicated Loan
Bridging Loan
PT Clipan Finance
Indonesia Tbk
Total
30 June
2013
(Unaudited)
a. Senior Notes
30 June
2014
(Unaudited)
Face value
Discount and issuance cost
Amortization of discount
and issuance cost
Total
(
31 December
2012
(Audited)
2,076,621,500,000
1,737,575,000,000
2,114,791,500,000
1,692,250,000,000
88,636,589,521) (
76,255,102,387 )(
90,191,574,464 )(
74,507,539,050)
31 December
2011
(Audited)
-
30,135,907,249
11,400,343,879
22,030,382,228
5,080,023,780
-
2,018,120,817,728
1,672,720,241,492
2,046,630,307,764
1,622,822,484,730
-
On 26 July 2012, Jababeka International B.V. (JIBV), Subsidiary, issued Guaranteed Senior Notes (the “Senior Notes”) amounting
to US$ 175,000,000, with selling price of 99.117%. The Senior Notes will mature in 2017. The Senior Notes bear a fixed interest
rate of 11.75% per annum, payable semi-annually in arrears on 26 January and 26 July of each year commencing on 26 January
2013. The Senior Notes are unconditionally and irrevocably guaranteed by the Company and certain Subsidiaries (PT Grahabuana
Cikarang, PT Jababeka Infrastruktur, PT Indocargomas Persada, PT Saranapratama Pengembangan Kota, PT Mercuagung Graha
Realty, PT Banten West Java Tourism Development, PT Padang Golf Cikarang, PT Metropark Condominium Indah,
PT Karyamas Griya Utama, PT Patria Manunggal Jaya and PT Jababeka Morotai).
The Senior Notes were issued under an Indenture between JIBV, the Company and The Bank of New York Mellon, as the trustee.
As of 30 June 2014, 30 June 2013, 31 December 2013 and 31 December 2012, the Senior Notes have been rated “B+”, “B+”, “B+”
and “B+” by Standard and Poor’s (“S&P”) and “B+”, “B”, “B+” and “B” by Fitch. The ratings reflect the rating agencies’
assessments of the likelihood of timely payment of the principal and interest on the Senior Notes.
The proceeds of the Senior Notes are mainly used to refinance of existing indebtedness, and to finance capital expenditure
related to acquisition and development of the land.
Exhibit E/41
16. LONG-TERM DEBTS (Continued)
a. Senior Notes (Continued)
The Senior Notes and the guarantee of the Senior Notes are unsecured and rank equally with all existing and future
unsecured senior debt of JIBV and the Company, respectively. The Senior Notes and the guarantee of the Senior Notes
are effectively subordinated to all of JIBV’s and the Company’s existing and future secured debt to the extent of the
assets securing such debt. The Company’s guarantee of the Senior Notes is structurally subordinated to all liabilities
(including trade payables) of all of the Company’s other subsidiaries, which are not initially issuing guarantees for the
Senior Notes. The Company may in the future designate its subsidiaries to guarantee the Senior Notes.
The Senior Notes are listed on the Singapore Exchange Securities Trading.
JIBV, the Company and the restricted Subsidiaries are required to comply with certain financial covenant, terms and
conditions among others, on incurrence of indebtedness and issue of stock, merger, consolidation and sales of assets,
certain transactions with affiliates, business activities and other matters. JIBV, the Company and the restricted
Subsidiaries are in compliance with the related term and conditions.
On 5 December 2013, PT Grahabuana Cikarang, a Subsidiary, bought the Senior Notes which is issued by JIBV amounted
US$ 1,500,000 with purchased transaction amounted US$ 1,545,250. This transaction is eliminated in preparation and
presentation of the consolidated financial statements.
b. Standard Chartered Bank
On 26 April 2012, the Company obtained a loan facility from Standard Chartered Bank, Jakarta Branch for a maximum
Rp 450,000,000,000. The purposes of this loan are for repayment of Existing Bridging Loan totaling to
Rp 400,000,000,000 (“Term Loan”) and to finance working capital totaling to Rp 50,000,000,000 (“Working Capital
Loan”). The Company is required to comply with financial covenants, i.e. debt service coverage ratio and gearing ratio.
The Term Loan facility is due to repaid in 20 (twenty) quarterly installments starting from the first utilization date,
meanwhile the Working Capital Loan facility is due to repaid in full by the financial maturity date. The Term Loan is
subject to interest at JIBOR plus an applicable margin of 5.60% per annum. The Working Capital Loan facility is subject
to interest at JIBOR plus an applicable margin of 5.00% per annum.
On 5 April 2013, the Company has entered into Second Amendment Agreement from Standard Chartered Bank. The limit
of the Working Capital Loan facility increased from Rp 50,000,000,000 to Rp 250,000,000,000. The Working Capital Loan
facility is subject to interest at JIBOR plus an applicable margin of 4.50% per annum. This loan facility is secured by
share of PT Jababeka Infrastruktur, PT Indocargomas Persada, PT Grahabuana Cikarang, PT Gerbang Teknologi Cikarang
and PT Banten West Java Tourism Development, Subsidiaries.
Total outstanding loan from Standard Chartered Bank as of 30 June 2014, 30 June 2013, 31 December 2013 and
31 December 2012 amounted to Rp 389,180,000,000, Rp 349,180,000,000, Rp 419,180,000,000 and Rp 269,180,000,000,
respectively.
c. PT Bank Danamon Indonesia Tbk
PT Grahabuana Cikarang (GBC), a Subsidiary, obtained revolving investment credit facilities (Roll Over) from PT Bank
Danamon Indonesia Tbk (Bank Danamon) with maximum credit limit of Rp 75,000,000,000 which is used for investment.
Such loan is repayable through monthly installments commencing from December 2011 until December 2013. The loan
bears annual interest rate at 10.50% in 2012 and 2011 and is secured by property, plant and equipment and receivable of
GBC.
The credit agreements include restrictions and covenants whereby GBC, without prior written consent from Bank
Danamon, is not permitted to, among other, change the boards of directors and commissioners, distribute dividend,
acting as guarantor and/or pledge its assets as guarantee to other parties and obtain loans from other banks or financial
institutions. GBC also should maintain a debt to equity ratio not to exceed 1.5 times.
Total outstanding loan from Bank Danamon as of 30 June 2013, 31 December 2012 and 31 December 2011 amounted to
Rp 27,724,358,974, Rp 60,993,589,743 and Rp 47,916,666,667, respectively.
GBC has fully paid the loan in 2013.
Exhibit E/42
16.
LONG-TERM DEBTS (Continued)
d. Loan Subjected to Restructuring
The loans subjected to restructuring represent the unpaid balance of the loans restructured on 2 August 2002 based on a Master
Restructuring Agreement (MRA) which was approved by the majority creditors on 6 August 2002 except for 6 (six) creditors with
total loan balance of US$ 26,499,420 (principal plus interest) as of 24 June 2002. On 13 August 2002, the Commercial Court of
Jakarta upheld the validity of the Master Restructuring Agreement and compelled the 6 (six) creditors to abide by the terms
thereof. Subsequently during the period from 2002 to 2004, several of the remaining creditors agreed to restructure the loans
under the terms of the MRA as discussed below:
The sustainable portion of the loan was converted into a long-term Rupiah loan at the fixed rate of Rp 8,590 to US$ 1 with
PT Bank Pan Indonesia Tbk (Bank Panin) as the facility and security agent. The long-term Rupiah loan bears interest at 18.5% in
the first year, and at the average interest rate for 3 (three) months time deposits of Bank Panin, PT Bank Central Asia Tbk (Bank
BCA) and PT Bank Negara Indonesia (Persero) Tbk (Bank BNI) plus a margin of 4.5% per annum in the second year up to the sixth
year. The loan balance is payable in semi-annual installments up to the sixth year as follows:
First year
Second year
Third year
Fourth year
Fifth year
Sixth year
:
:
:
:
:
:
0%
5%
10%
15%
20%
50%
The unsustainable portion was treated as follows:
1. An upfront payment was made on a portion of the loan proportionally and on a pari passu basis to the creditors.
2. The remaining balance was converted into a Rupiah loan at the exchange rate of Rp 8,590 to US$ 1, which was then to be
converted into the Company’s shares of stock (debt to equity swap) at the conversion price of Rp 150 per share.
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, several creditors with a total
loan balance of US$ 2,359,333 (equivalent with Rp 20,617,385,644), US$ 2,359,333 (equivalent with Rp 20,443,008,164),
US$ 2,359,333 (equivalent with Rp 20,740,661,572), US$ 2,359,333 (equivalent with Rp 20,408,896,557) and US$ 2,359,333
(equivalent with Rp 20,329,611,603), respectively, have not come forward to demand repayment of the loan balance.
e. Syndicated Loan
On 22 August 2008, PT Bekasi Power (BP), a Subsidiary (as borrower), has signed Agreement of Syndicated Loan Facility of
Guaranteed Double Currency Term (“Syndicated Loan”) with some Banks arranged by PT Bank CIMB Niaga Tbk as Facility Agent
and Security Agent amounted US$ 66.5 million (Tranche A) and Rp 363.4 billion (Tranche B) with details as follows:
Tranche A (In US Dollar)
PT Bank Ekspor Indonesia (Persero)
PT Bank Pembangunan Daerah Jawa Barat Banten
PT Bank CIMB Niaga Tbk (formerly PT Bank Lippo Tbk)
PT Bank Resona Perdania
26,500,000
20,000,000
10,000,000
5,000,000
5,000,000
Total in US Dollar
66,500,000
Tranche B (In Rupiah)
PD Bank Pembangunan Daerah Kalimantan Timur
PT Bank Pembangunan Daerah Jawa Timur
PD Bank Pembangunan Daerah Kalimantan Selatan
PT Bank Pembangunan Daerah Kalimantan Barat
150,000,000,000
125,000,000,000
50,000,000,000
20,000,000,000
18,400,000,000
Total in Rupiah
363,400,000,000
According to replacement certificate between PT Bank Pan Indonesia Tbk and PT Bank Ekspor Indonesia (Persero) dated
27 October 2011, PT Bank Pan Indonesia Tbk had committed to replace right and obligation from PT Bank Ekspor Indonesia
(Persero) as a lender in syndicated loan amounted to US$ 20,000,000.
Exhibit E/43
16.
e. Syndicated Loan (Continued)
The balance of Syndicated Loan which has been withdrawn as of 31 December 2011 are as follows:
US$
Equivalent with IDR
US Dollar (Tranche A)
PT Bank Pembangunan Daerah Jawa Barat Banten
PT Bank CIMB Niaga Tbk (formerly PT Bank Lippo Tbk)
PT Bank Resona Perdania
26,500,000
20,000,000
10,000,000
5,000,000
5,000,000
240,302,000,000
181,360,000,000
90,680,000,000
45,340,000,000
45,340,000,000
66,500,000
603,022,000,000
Rupiah (Tranche B)
PD Bank Pembangunan Daerah Kalimantan Timur
PT Bank Pembangunan Daerah Jawa Timur
PD Bank Pembangunan Daerah Kalimantan Selatan
PT Bank Pembangunan Daerah Kalimantan Barat
150,000,000,000
125,000,000,000
50,000,000,000
20,000,000,000
18,400,000,000
363,400,000,000
Total
966,422,000,000
The term loan is 7 (seven) years including grace period for 18 (eighteen) months. Part of Syndicated Loan facility has been used
by the Company to pay Bridging Loan Facility Tranche A which amounted US$ 53,000,000 and finance the power plant
development project.
The Syndicated Loan should be paid by the borrower to Facility Agent for the Lender at interval every the third Interest Payment
Date starting from Commercial Operational Date, with Schedule of Amortization for Nominal Payment as follows:
First payment starting from the third interest
payment after Commercial Operational Date
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Installment
Total
No 1
No 2
No 3
No 4
No 5
No 6
No 7
No 8
No 9
No 10
No 11
No 12
No 13
No 14
No 15
No 16
No 17
No 18
No 19
No 20
No 21
No 22
Total installment
(US$)
Total installment
(IDR)
2.50%
2.50%
3.00%
3.00%
3.00%
3.00%
3.50%
3.50%
3.50%
3.50%
4.50%
4.50%
4.50%
4.50%
6.00%
6.00%
6.00%
6.00%
6.75%
6.75%
6.75%
6.75%
1,662,500
1,662,500
1,995,000
1,995,000
1,995,000
1,995,000
2,327,500
2,327,500
2,327,500
2,327,500
2,992,500
2,992,500
2,992,500
2,992,500
3,990,000
3,990,000
3,990,000
3,990,000
4,488,750
4,488,750
4,488,750
4,488,750
9,085,000,000
9,085,000,000
10,902,000,000
10,902,000,000
10,902,000,000
10,902,000,000
12,719,000,000
12,719,000,000
12,719,000,000
12,719,000,000
16,353,000,000
16,353,000,000
16,353,000,000
16,353,000,000
21,804,000,000
21,804,000,000
21,804,000,000
21,804,000,000
24,529,500,000
24,529,500,000
24,529,500,000
24,529,500,000
100.00%
66,500,000
363,400,000,000
Percentage
Exhibit E/44
16.
e. Syndicated Loan (Continued)
Interest rate of Facility applied for every interest period is as follows:
-
Tranche A - for period 2 (two) years started from first withdrawal date, fixed interest of 7.50% per annum, then US$ SIBOR
for 1 (one) month plus limit different 2.70% per annum.
-
Tranche B - for period 2 (two) years started from first withdrawal date, fixed interest of 13% per annum, then interest rate
SBI 1 (one) month plus limit different 3% per annum.
The Company was imposed of additional Liquidity premium for every interest payment with maximum 2% per annum for loan
facility in US Dollar and maximum 1% per annum for loan facility in Rupiah.
The purpose of Syndicated Loan is as follows:
1.
2.
Repay Bridging Loan Tranche A Facility owned by the Company.
The remaining balance is to finance part of EPC contract for Electricity Power Plant development of BP.
The Syndicated Loan is guaranteed by:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Agreement of guarantee distribution.
First layer guaranteed right of unmoveable main asset located at Bekasi Regency, West Java.
Fiduciary on shares of PT Jababeka Infrastruktur to the borrower.
Fiduciary on shares of PT Kawasan Industri Jababeka Tbk to PT Jababeka Infrastruktur.
Fiduciary on Debt Service Reserve Accounts.
Fiduciary on Revenue Accounts.
Fiduciary on Escrow Accounts.
Fiduciary on Project Accounts.
Rights transfer of project’s documents.
Every transfer agreement of all asset capital which exist in current or in the future related with the Facility.
Every transfer agreement of all existing contracts in current or in the future (receivable) on behalf of the borrower in
relation with Electricity Power Plant including but not limited to gain result of all off-take agreement (sales contracts from
selling electricity) in relation with Electricity Power Plant.
12. Corporate guarantee from PT Kawasan Industri Jababeka Tbk and PT Jababeka Infrastruktur.
13. Insurance policies in relation with Projects which is PT Bank CIMB Niaga Tbk as security agent of Facility was appointed as
receiver of loss payment.
BP has fully paid the syndicated loan in 2012.
f.
Bridging Loan
In October 2007, the Company obtained a Bridging Loan Facility from PT Bank CIMB Niaga Tbk (Bank Niaga) (as facility agent)
and CIMB Bank Limited (CIMB) consisting of Tranche A facility with a maximum loan amounted of US$ 53,000,000 and Tranche B
facility with a maximum loan amounted of US$ 35,000,000. These facilities bear interest at an annual rate of 2.70% above the
prevailing SIBOR.
The Tranche A loan is collateralized by parcels of land owned by PT Bekasi Power (BP), a Subsidiary, located at Pasir Gombong
and Tanjung Sari with a total area of 49,228 sqm and parcels of land owned by PT Grahabuana Cikarang (GBC), a Subsidiary,
located at Cibatu, Jayamukti, Sertajaya and Jatireja with a total area of 878,561 sqm. All collateral for Tranche A loan has been
released to Subsidiaries in relation with fully payment of Tranche A loan by the Company in 2011. Furthermore, land owned by
BP was collateralized to Syndicated loan.
The Tranche B loan is collateralized by a parcels of land owned by GBC, a Subsidiary, located at Pasirsari, Sertajaya and
Mekarmukti with a total area of 318,148 sqm.
Based on the bridging loan agreement with Bank Niaga and CIMB, the Company should maintain a debt to equity ratio not to
exceed 1.5 times. The Company should also obtain the written consent of the Facility Agent prior to performing the following,
among others:
a)
b)
c)
d)
e)
Create any security on or over the whole or any part of its present or future property, undertaking, assets or revenue of
any kind except under certain circumstances as stated in the agreement.
Amend the Company’s Articles of Association.
Change the nature or scope of the Company’s present business or suspend a substantial part of the Company’s current
business operations.
Decrease or alter the authorized or issued and paid-up capital of the Company.
Obtain additional debt, grant loans or advances to other parties, provide guarantees to other parties or otherwise
voluntarily assume any liability other than those in the ordinary course of business.
Exhibit E/45
f.
Bridging Loan (Continued)
f)
g)
h)
i)
j)
Redeem any share capital, declare or pay dividend or make any distributions to its shareholders unless certain criteria are
met.
Redemption of loan stock issued by the Company and repayment of loans from shareholders, directors and subsidiaries.
Convey, sell, lease, transfer or otherwise dispose of business or assets in the excess of US$ 20 million in aggregate in any
financial year.
Enter into any other contracts, agreements or other arrangements or commitments other than in the ordinary course of
business.
Merge or consolidate with other entities or liquidate the Company.
In 2010, Bridging Loan Facility Tranche A has been amended several times, the latest of which was due on 28 February 2011. The
Company has fully paid the loan Tranche A in 2011. Meanwhile, the balance of Bridging Loan Facility Tranche B in US Dollar
currency amounted US$ 17,500,000 (equivalent with Rp 158,690,000,000) as of 31 December 2011. The Company has fully paid
the loan Tranche B in US Dollar in 2012.
Bridging Loan Facility Tranche B has been amended several times, the latest of which was due on 31 March 2012. As of
31 December 2011, the balance of Bridging Loan Facility Tranche B in Rupiah amounted Rp 195,492,500,000. The Company has
fully paid the loan Tranche B in Rupiah in 2012.
g. PT Bank CIMB Niaga Tbk
In August 2005, the Company obtained a loan from PT Bank CIMB Niaga Tbk (Bank Niaga) in the amount of Rp 100,000,000,000
which was originally payable in 9 (nine) months with interest at annual rates ranging from 12.50% to 16.25%.
In November 2006, the Company repaid a portion of the loan and obtained the approval of Bank Niaga to convert the original
loan facility into a Long-term Loan and Special Transaction Loan 2 with a maximum amounts of Rp 80,000,000,000 and
Rp 20,000,000,000, respectively. These facilities bear interest at the annual rate of 4.25% above the prevailling BI rate. The
Long-term loan facility has been fully paid in 2008.
The outstanding balance of Special Transaction Loan 2 of Rp 20,000,000,000 was originally effective until 30 November 2008.
Based on Notarial deed Yualita Widyadhari, S.H., No. 01 dated 4 March 2009, the Company and Bank Niaga agreed to add
maximum limit Special Transaction Loan 2 from previous amount of Rp 20 billion to become Rp 70 billion and due on
24 November 2009. Furthermore, based on Notarial deed Yualita Widyadhari, S.H., No. 49 dated 19 November 2009, the
Company and Bank Niaga agreed to extend due date up to 24 November 2010 with interest rate 15% per annum. The outstanding
balance of Special Transaction Loan 2 amounted to Rp 52,000,000,000 as of 31 December 2011.
The loan is collateralized by land and building owned by the Group located at the Cikarang Golf Course and Country Club owned
by PT Grahabuana Cikarang, a Subsidiary, the Company’s land and building in Cikarang and machinery and equipment owned by
PT Padang Golf Cikarang, a Subsidiary (Note 10).
Under the loan agreement, the Company has to obtain written approval from Bank Niaga prior to performing the following,
among others:






Sell or transfer the rights or usage of the Company’s assets in whole/part, including moveable or unmoveable goods, except
in the normal course of business and sale in shares of Subsidiaries.
Sell investment in shares of stock in Subsidiaries.
Provide loans to other parties except in the ordinary course of business.
Change the nature and the business activities of the Company.
Enter into merger and acquisition transactions.
Payment of amounts due to the shareholders.
Based on the loan agreement, the Company has to provide written notice to Bank Niaga prior to performing the following,
among others:



Obtain new loans from other parties except in the ordinary course of business.
Provide, directly or indirectly, guarantees to other parties.
Use the Company’s asset as collateral for loan of other parties.
The Company has fully paid the Special Transaction Loan 2 in 2012.
Exhibit E/46
h. PT Clipan Finance Indonesia Tbk
In November 2011, PT Grahabuana Cikarang (GBC), a Subsidiary, pledge receivables amounting to Rp 73,055,000,000 to
PT Clipan Finance Indonesia Tbk for factoring facility amounting Rp 50,000,000,000. The type of this factoring facility is full
recourse with 123 days term period, and mature on 10 March 2012. This loan facility has been fully paid in March 2012.
The collateral for the GBC factoring receivable is 4 (four) area of land totaling 1,378,178 sqm of PT Banten West Java Tourism
Development, a Subsidiary (Guarantor).
i.
Lease Payable
In 2014, 2013, 2012 and 2011, PT Padang Golf Cikarang, PT Cikarang Inland Port and PT Banten West Java Tourism Development,
Subsidiaries, entered into lease agreements with PT Orix Indonesia Finance, PT Toyota Astra Finance, PT Astra Sedaya Finance,
PT Indomobil Finance Indonesia, PT First Indo American Leasing and PT Dipo Star Finance covering certain vehicles with lease
terms of 2 (two) until 3 (three) years with an option to purchase the leased asset at the end of the lease term (Note 10).
The future minimum lease payments under the lease agreements are as follow:
Payment due in
2012
2013
2014
2015
2016
2017
Total minimum lease payments
Interest
Present value of minimum
lease payments
(
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
3,617,034,000
4,487,364,500
2,000,897,000
437,051,500
2,354,487,000
4,587,830,000
2,136,802,003
-
4,715,801,537
2,445,184,000
156,497,000
-
9,079,119,003
946,738,265 )(
7,317,482,537 11,676,684,211
741,405,646 )( 1,443,234,341 )(
5,852,853,111
823,663,827 )
9,262,653,837
8,132,380,738
6,576,076,891
5,029,189,284
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
10,542,347,000
1,279,693,163 )(
31 December
2013
(Audited)
31 December
2012
(Audited)
4,957,758,711
4,582,802,000
2,136,123,500
-
10,233,449,870
31 December
2011
(Audited)
2,430,600,400
1,869,102,711
1,553,150,000
-
17. TRADE PAYABLES TO THIRD PARTIES
Contractors
Suppliers
Others
Total
85,689,295,586
80,531,437,567
11,475,163,352
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
81,647,899,002 124,134,183,284 120,230,965,074
71,771,848,414
52,701,600,759 40,509,071,635
7,698,718,605
9,771,649,172
5,686,948,492
84,387,213,765
2,798,895,878
1,825,580,630
177,695,896,505 161,118,466,021 186,607,433,215 166,426,985,201
89,011,690,273
The aging analysis of the trade payables to third parties is as follows:
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
90,428,514,363 117,416,139,783
28,313,141,418 28,662,841,868
18,481,194,940
5,281,816,723
10,366,810,310
4,437,735,629
13,528,804,990 30,808,899,212
31 December
2012
(Audited)
31 December
2011
(Audited)
Until 1 month
> 1 month - 3 months
> 3 months - 6 months
> 6 months - 1 year
> 1 year
113,801,873,794
16,208,546,227
11,468,372,412
7,725,911,835
28,491,192,237
98,728,455,017
28,769,203,298
5,106,001,217
6,472,759,817
27,350,565,852
37,832,769,085
16,710,031,641
12,626,404,620
11,911,685,072
9,930,799,855
Total
177,695,896,505 161,118,466,021 186,607,433,215 166,426,985,201
89,011,690,273
All trade payables as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011 are in Rupiah
currency.
Exhibit E/47
18. OTHER PAYABLES TO THIRD PARTIES
This account mainly consists of suppliers payable, security deposits from contractor, contractors payable, Jamsostek payable and
others. As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, other payables to third
parties amounted to Rp 142,841,991,039, Rp 121,978,976,210, Rp 132,002,837,480, Rp 122,480,130,549 and Rp 126,601,946,634,
respectively.
19. TAXATION
a.
b.
c.
Prepaid taxes
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Income taxes
Article 22
Article 23
Article 25
Value Added Tax – Input
218,088,000
19,511,707
1,426,058,474
12,782,672,305
26,667,000
16,940,173
4,085,619,707
24,406,468,371
10,288,508,033
19,232,639,110
15,288,183,692
Total
14,446,330,486
28,535,695,251
10,288,508,033
19,232,639,110
15,288,183,692
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Taxes payable
Final income tax
Transfer of land rights
and/or buildings
Building and land rental
Construction service
Subsidiaries
Income Taxes:
Article 21
Article 23
Article 25
Article 26
Value Added Tax – Output
Development Tax 1
Corporate Income Tax – Subsidiaries
788,303,903
33,518,181
3,499,109,740
4,987,241,159
14,684,473,152
71,100
3,504,755,000
4,556,447,350
5,080,312,164
54,991,589
3,515,525,941
5,433,089,948
8,936,284,514
3,509,123,776
7,883,994,507
4,545,722
62,500
88,530,781
6,612,987,983
1,598,494,086
548,309,563
774,174,809
160,077,913
18,354,227,710
629,754,830
857,584,612
1,038,590,929
231,759,923
50,857,995
10,269,849
27,032,154,029
447,759,004
588,326,429
1,959,513,819
220,789,609
813,741,855
12,528,320
14,523,504,373
522,230,525
609,152,763
898,187,322
99,534,723
933,505,574
10,892,852,815
270,968,333
410,606,117
1,724,430,095
186,222,872
987,898,776
315,043,744
17,670,368,947
279,360,409
490,685,104
Total
32,230,796,506
52,145,464,760
32,745,380,906
33,835,057,681
28,360,136,933
Current income tax expense
The current income tax expense of the Group consists of the following:
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
The Company – Final
Subsidiaries – Final and progressive
1,833,072,372
47,106,317,135
23,561,566,392
32,863,211,089
25,222,191,230
68,202,742,894
30,112,963,378
57,596,515,264
10,341,507,678
47,054,666,660
Total
48,939,389,507
56,424,777,481
93,424,934,124
87,709,478,642
57,396,174,338
Exhibit E/48
19. TAXATION (Continued)
c.
Current income tax expense (Continued)
Final income tax in connection with sale of land and standard factory building are as follows:
30 June
2014
(Six months)
(Unaudited)
Final income tax from:
Transfer of land rights
and/or buildings
Building and land rental
Total
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
1,799,990,554 23,561,566,392 24,976,100,106 26,399,630,045
33,081,818
246,091,124 3,713,333,333
31 December
2011
(One year)
(Audited)
9,229,923,848
1,111,583,830
1,833,072,372 23,561,566,392 25,222,191,230 30,112,963,378 10,341,507,678
The details of final income tax payable are as follows:
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Beginning balance
5,135,303,753 8,936,284,514 8,936,284,514
4,608,222 1,496,778,224
Final income tax on revenues
in current period
1,833,072,372 23,561,566,392 25,222,191,230 30,112,963,378 10,341,507,678
Final income tax deducted by
third party or paid by the
Company in the current period ( 6,146,554,041)( 17,813,306,654)( 29,023,171,991)( 21,181,287,086)( 11,833,677,680)
Total
821,822,084 14,684,544,252
5,135,303,753
8,936,284,514
4,608,222
In November 2008, the Government has issued Government Regulation (PP) No. 71/2008 imposing final tax on income
delivered from transfer rights for land and/ or building, which income was previously imposed with tax at corporate
income tax rates based on Law No. 7 Year 1983 regarding “Income Tax” which has been revised for the fourth time with
Law No.36 Year 2008. This regulation is effective on 1 January 2009. All revenues are subjected to final income tax
since 2009.
As a result of this regulation, the Group’s management which the scope of its activities according to PP No. 71/2008
believes that it is not probable that sufficient future taxable income will be available to fully benefit from the
recognized deferred tax assets on temporary differences. Therefore, related deferred tax asset were unrecognized and
charged as part of tax expense – deferred in the consolidated statements of comprehensive income.
Exhibit E/49
d.
Deferred income tax benefit (expense)
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Effect of fair value increment
from acquisition of Subsidiaries
Post-employment benefits - Net
Capitalization of foreign exchange
losses to property, plant and
equipment
Beginning balance of newly
consolidated Subsidiary
Depreciation of property,
plant and equipment
Fiscal losses carryover
(
(
5,579,114,903)( 10,626,249,742)(
8,216,435,996)
6,633,553,871
5,842,033,085)( 2,620,924,752)( 3,363,044,947)
996,608,650 11,362,579,909 17,986,699,210
Deferred income tax
(expenses) benefit - Net
(
7,891,427,855)(
6,262,638,773)
1,793,417,209
935,190,899
326,260,352
750,140,339
639,160,012
1,038,343,568
478,210,611
616,960,167
2,799,961,982
1,783,235,119
3,175,514,936
128,669,512
257,339,023
294,101,740
1,594,696,485
-
(
(
67,714,242)(
2,855,339,910)(
3,214,102,219)
137,954,722)(
190,377,165)(
9,940,550,510
542,727,972)
20,258,819,877
In September 2008, Law No. 7 Year 1983 regarding ”Income Tax” has been revised for the fourth time with Law No. 36
Year 2008. The revised Law stipulates changes in corporate tax rate from a progressive tax rate to a single rate of 28%
for fiscal year 2009 and 25% for fiscal year 2010 onwards.
e.
Deferred tax assets and liabilities
30 June
2014
(Unaudited)
Deferred tax assets
Accumulation fiscal losses
consolidated Subsidiary
Foreign exchange losses
capitalized to property, plant
and equipment
Depreciation of property, plant
and equipment
Total
29,731,226,997
8,068,766,674
523,983,839
Total
46,798,710,433
6,845,372,546
594,224,319
-
-
31 December
2011
(Audited)
37,947,662,993
7,133,575,775
523,983,839
36,951,054,343
6,095,232,207
661,938,561
25,588,474,434
5,478,272,041
852,315,726
3,214,102,219
3,214,102,219
-
-
( 18,759,898,277)( 20,597,722,015)( 15,813,505,358)(
9,971,472,273)
-
7,977,282,563
671,462,461)(
31 December
2012
(Audited)
800,131,973)
19,564,079,233
(
31 December
2013
(Audited)
542,792,950)(
30 June
2014
(Unaudited)
Deferred tax liabilities
Effect of fair value increment
from acquisition of Subsidiaries
Depreciation of property, plant
and equipment
Foreign exchange losses
capitalized to property, plant
and equipment
30 June
2013
(Unaudited)
32,969,122,822
30 June
2013
(Unaudited)
10,083,599,434
29,248,924,299
36,150,723,084
35,133,164,420
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
10,409,859,786
10,888,070,397
9,770,699,774
-
-
-
-
7,350,547,521
-
-
-
-
1,094,233,723
7,977,282,563
10,083,599,434
9,770,699,774
10,409,859,786
19,332,851,641
Exhibit E/50
The Group submit an annual tax on its own calculation ("Self assessment") in accordance with recent changes to the Law of the
General Provisions and Tax Procedures which effective date on 1 January 2008. Tax office may set or change the amount of tax
liability within the limit of 5 (five) years from the date the tax becomes due, meanwhile for fiscal year 2007 and earlier, the tax may
be set no later than the end of 2013.
The Group’s management believe that deferred tax assets arising from temporary differences can be realized in future periods.
In 2014 and 2011, the Group received Tax Assessment Letters (SKP) from the Tax Office for the underpayment of corporate income
tax, Value Added Tax (VAT), income tax (articles 21, 23 and 26) and final tax (article 4 (2)) with details as follows:
The Company
In 2014, the Tax Office issued Tax Underpayment Assessment Letter (SKPKB) for 2010 corporate income tax, Value Added Tax (VAT),
income tax (articles 21 and 23) and final tax (article 4 (2)) totaling to Rp 457,813,611. The tax liabilities based on SKPKB has been
paid on March 2014 and charged to 2014 operations.
Subsidiaries
PT Gerbang Teknologi Cikarang
In 2014, the Tax Office issued Tax Underpayment Assessment Letter (SKPKB) for 2012 and 2011 corporate income tax, Value Added
Tax (VAT), income tax (articles 21 and 23) and final tax (article 4 (2)), totaling to Rp 870,539,484 and Rp 246,508,133. The tax
liabilities based on SKPKB has been paid on March 2014 and charged to 2014 operations.
PT Grahabuana Cikarang
In 2011, the Tax Office issued Tax Underpayment Assessment Letter (SKPKB) for 2007 income tax Articles 21 totaling to
Rp 10,121,388. The tax liabilities based on SKPKB has been paid on December 2011 and charged to 2011 operations.
PT Bekasi Power (BP)
On 11 April 2011, BP received the Tax Overpayment Assessment Letter (SKPLB) from the Directorate General of Taxes for fiscal year
2009 amounting to Rp 4,061,736,115. BP has received the remaining tax overpayment. The difference between the claim for tax
refund for fiscal year 2009 with SKPLB amounting to Rp 952,193,655 was charged in the current year operations.
In addition, the Tax Office also issued Tax Underpayment Assessment Letter (SKPKB) on income tax article 4(2), 23, 26 and VAT
service overseas amounted to Rp 4,658,955,112 which has been paid in 2011 and charged to current year operations.
PT Padang Golf Cikarang (PGC)
In 2011, PGC received Tax Underpayment Assessment Letter (SKPKB) amounted to Rp 2,147,703 in connection to underpayment of
Value Added Tax (VAT) and income tax articles 4(2). The tax liabilities based on SKPKB has been paid in 2011 and charged to current
year operations.
20. ACCRUED EXPENSES
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
97,285,195,589 121,333,194,244
4,408,964,924
4,664,120,071
2,779,598,255
2,859,318,255
1,478,913,054
2,446,297,501
6,359,819,221 10,877,610,375
31 December
2 0 12
(Audited)
31 December
2011
(Audited)
Interest
Professional fee expense
Security expense
Environment expense
Others
119,832,156,746
4,139,032,874
3,923,350,444
2,459,457,627
10,398,280,153
93,354,333,866
6,556,444,544
2,759,856,889
1,365,557,385
5,722,663,045
8,023,122,177
1,645,011,524
2,608,500,803
1,629,191,196
4,707,974,640
Total
140,752,277,844 112,312,491,043 142,180,540,446 109,758,855,729
18,613,800,340
Exhibit E/51
21. EMPLOYEE’S BENEFITS LIABILITIES
The Group provide benefits to their qualified employees in accordance with Labor Law No. 13/2003. The benefits are unfunded.
a.
Employee benefits expense:
30 June
2014
(Six months)
(Unaudited)
Current service cost
Interest cost
Past service cost – vested
Amortization of actuarial losses
Amortization of past service cost
Effect caused by curtailment
and settlement
Effect caused by employee mutation
Employee benefits expense
(Note 31)
b.
3,347,511,356
3,382,447,236
365,778,779
97,697,063
-
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
3,041,477,381
2,162,114,309
224,093,300
914,575,452
97,662,293
-
7,998,000,637
4,977,848,083
595,684,732
2,580,700,719
195,324,592
(
1,562,413,914)(
-
31 December
2012
(One year)
(Audited)
6,082,954,761
4,324,228,617
448,186,600
1,829,150,902
195,324,592
228,488,239)(
100,258,434 (
7,193,434,434
6,439,922,735
14,785,144,849
12,751,615,667
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(One year)
(Audited)
4,247,442,604
4,034,890,298
907,120,525
870,904,251
195,324,592
772,977,996)
100,900,130)
9,381,804,144
Employees’ benefits liabilities:
31 December
2011
(Audited)
Present value of unfunded liabilities
87,983,141,615 93,861,081,158 81,253,183,023 88,433,396,168 70,932,795,152
Unrecognized past service cost
( 1,563,518,960)( 1,815,670,817)( 1,661,216,023)( 1,913,333,110)( 2,119,947,158)
Unrecognized actuarial losses
( 13,507,859,934)( 32,045,911,548)( 13,873,638,713)( 32,960,487,000)( 26,119,059,001)
c.
72,911,762,721
65,718,328,287
53,559,576,058
42,693,788,993
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
The movements in present value of unfunded liabilities are as follows:
30 June
2014
(Unaudited)
d.
59,999,498,793
30 June
2013
(Unaudited)
Beginning balance
Current service cost
Interest cost
Past service cost- vested
Actuarial (gains) losses
Effect caused by employee mutation
Benefit payments
Curtailment and settlement
81,253,183,023
3,347,511,356
3,382,447,236
-
88,433,396,168 88,433,396,168 70,932,795,152
3,041,477,381
7,998,000,637
6,082,954,761
2,162,114,309
4,977,848,083
4,324,228,617
224,093,300
595,684,732
448,186,600
( 15,812,831,004)
8,808,302,463
100,258,434
( 2,626,392,620)( 1,885,828,602)
( 2,312,522,973)(
377,501,257)
46,211,346,930
4,247,442,604
4,034,890,298
907,120,525
15,531,994,795
-
Present value of unfunded
liabilities
87,983,141,615
93,861,081,158
81,253,183,023
88,433,396,168
70,932,795,152
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
53,559,576,058
42,693,788,993
29,999,003,430
The movements in post-employment benefits liabilities are as follows:
30 June
2014
(Unaudited)
Balance at beginning of period
consolidated subsidiary
Employee benefits expense
Payments during the period
65,718,328,287
Balance at end of the period
72,911,762,721
7,193,434,434
-
30 June
2013
(Unaudited)
53,559,576,058
6,439,922,735 14,785,144,849 12,751,615,667
( 2,626,392,620)( 1,885,828,602)(
59,999,498,793
65,718,328,287
53,559,576,058
3,666,143,487
9,381,804,144
353,162,068)
42,693,788,993
Exhibit E/52
21. EMPLOYEE’S BENEFITS LIABILITIES (Continued)
The net employee benefits expense recognized in the consolidated statements of comprehensive income and the amounts
recognized in the consolidated statements of financial position as employee’s benefits liabilities as of 31 December 2013,
31 December 2012 and 31 December 2011 were determined by PT Padma Radya Aktuaria, an independent actuary, in its reports
dated 17 February 2014, 28 February 2013 and 17 February 2012, respectively. The principal assumptions used in determining the
employees’ benefits liabilities as of 31 December 2013, 31 December 2012 and 31 December 2011 are as follows:
Discount rate per annum
Annual salary increment rate
Mortality rate
:
:
:
Disability rate
:
Resignation rate
:
Normal retirement age
:
8.50% in 2013, 5.75% in 2012 and 6.25% in 2011
10% in 2013, 10% in 2012 and 10% in 2011
100% of Indonesia Mortality Table III in 2013
100% of Indonesia Mortality Table III in 2012 and
100% of Indonesia Mortality Table II in 2011
5% of Indonesia Mortality Table II in 2011
5% up to age 40 years, linearly
decreasing to 0% at the age of 55 years
55 years
22. CUSTOMERS’ DEPOSITS
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
Selling of land
Selling of shop houses and
office space
Selling of residential houses
Selling of industrial estate
Selling of apartment unit
Others
200,172,770,693
Total
Less: Short term portion
Long term portion
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
405,769,021,806
501,047,052,706
395,682,699,688
214,345,368,304
188,231,095,517
65,360,420,313
42,580,336,796
1,506,244,825
780,625,698
174,835,387,319
50,939,143,671
98,401,182,352
1,502,129,375
207,831,931
150,704,169,720
46,964,798,180
180,527,796,102
1,502,129,825
95,518,800
80,284,259,953
17,791,685,716
35,280,813,574
1,907,866,873
1,356,438,362
19,642,986,439
15,624,749,927
470,914,436
4,897,832,398
1,419,692,848
498,631,493,842
731,654,696,454
880,841,465,333
532,303,764,166
256,401,544,352
( 497,133,046,477)( 683,167,736,183)( 831,002,985,241)( 526,659,144,617)( 179,660,136,766)
1,498,447,365
48,486,960,271
49,838,480,092
5,644,619,549
76,741,407,586
23. SHARE CAPITAL
The composition of the Company’s shareholders as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and
31 December 2011 are based on the records of PT Datindo Entrycom, Securities Administration Agency, are as follows:
Shareholders
Meadowood Capital, Ltd
Intellitop Finance, Ltd
Public (each below 5%)
Total
Class A
(Par value of
Rp 500 per
share)
-
Class B
(Par value of
Rp 75 per
Percentage of
share)
Total shares
ownership (%)
711,956,815
2,545,331,597
1,472,278,695
15,391,803,936
2,545,331,597
1,472,278,695
16,103,760,751
711,956,815
19,409,414,228
20,121,371,043
Issued and
fully paid
12.650
190,899,869,775
7.317 110,420,902,125
80.033 1,510,363,702,700
100.000
1,811,684,474,600
Exhibit E/53
23. SHARE CAPITAL (Continued)
Shareholders
Class A
(Par value of
Rp 500 per
share)
Class B
(Par value of
Rp 75 per
Percentage of
share)
Total shares
ownership (%)
Issued and
fully paid
711,956,815
2,506,815,338
1,450,000,000
15,148,122,575
2,506,815,338
1,450,000,000
15,860,079,390
12.650 188,011,150,350
7.317 108,750,000,000
80.033 1,492,087,600,625
Total
711,956,815
19,104,937,913
19,816,894,728
100.000 1,788,848,750,975
Shareholders
Class A
(Par value of
Rp 500 per
share)
Class B
(Par value of
Rp 75 per
Percentage of
share)
Total shares
ownership (%)
Issued and
fully paid
711,956,815
2,545,331,597
1,472,278,695
15,391,803,936
2,545,331,597
1,472,278,695
16,103,760,751
12.650 190,899,869,775
7.317 110,420,902,125
80.033 1,510,363,702,700
Total
711,956,815
19,409,414,228
20,121,371,043
100.000 1,811,684,474,600
Shareholders
Class A
(Par value of
Rp 500 per
share)
Class B
(Par value of
Rp 75 per
Percentage of
share)
Total shares
ownership (%)
Issued and
fully paid
711,956,815
3,472,922,414
15,632,015,499
3,472,922,414
16,343,972,314
17.525 260,469,181,050
82.475 1,528,379,569,925
Total
711,956,815
19,104,937,913
19,816,894,728
100.000 1,788,848,750,975
Shareholders
Class A
(Par value of
Rp 500 per
share)
Class B
(Par value of
Rp 75 per
Percentage of
share)
Total shares
ownership (%)
Issued and
fully paid
711,956,815
4,648,674,414
14,456,263,499
4,648,674,414
15,168,220,314
23.458 348,650,581,050
76.542 1,440,198,169,925
Total
711,956,815
19,104,937,913
19,816,894,728
100.000 1,788,848,750,975
On 6 October 2011, at the Extraordinary General Shareholders’ Meeting, the shareholders decided, among others, to increase the
subscribed and paid-up capital through limited public offering with pre-emptive right (Rights Issue II) to shareholders for the issuance
up to 6,036,022,177 new Class B shares with a par value per share of Rp 75.
Based on Notarial deed No. 73 dated 21 June 2013 of Yualita Widyadhari, S.H., regarding the Minutes of Annual Shareholders’
General Meeting, the shareholders approved the change of subscribed and paid-up capital through the dividend shares for the
issuance up to 304,476,315 new Class B shares with a par value per share of Rp 75.
Exhibit E/54
24. ADDITIONAL PAID-IN CAPITAL – NET
The movements in additional paid-in capital as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and
31 December 2011 as a result of shares issuance are as follows:
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Beginning balance
Additional paid in capital
Shares issuance cost
1,252,571,741,554 1,168,840,754,929 1,168,840,754,929 1,168,840,754,929
118,934,833,291
83,730,986,625
1,056,303,880,975
(
6,397,959,337 )
Ending balance
1,252,571,741,554 1,168,840,754,929 1,252,571,741,554 1,168,840,754,929 1,168,840,754,929
25. DIVIDEND
Based on the Company’s Annual General Meeting of Shareholders held on 21 June 2013, the shareholders approved a dividend in the
amount of Rp 133,209,570,142 consisting of Rp 106,566,710,250 will be distributed as stock dividend and Rp 26,642,859,892 will be
distributed as cash dividend.
Based on the Company’s Annual General Meeting of Shareholders held on 21 May 2014, the shareholders approved dividend
distribution. The dividend will be distributed and paid with the maximum amount of Rp 35,313,534,964 consisting maximum of
Rp 28,250,113,256 distributed as stock dividend and maximum of Rp 7,063,421,708 paid as cash dividend.
26. GENERAL RESERVE
During the Company’s General Shareholders’ Meeting held on 21 May 2014, 21 June 2013, 9 May 2012 and 23 June 2011, which was
covered by Notarial Deed of Yualita Widyadhari, S.H., No. 40, No. 72, No. 15 and No. 40, respectively, the shareholders approved the
following, among others, additional appropriation of retained earnings for general reserve amounting to Rp 50,000,000 in 2014, 2013,
2012 and 2011, respectively. The appropriated retained earnings amounted Rp 200,000,000, Rp 150,000,000, Rp 150,000,000,
Rp 100,000,000 and Rp 50,000,000 as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011,
respectively.
27. BASIC EARNINGS PER SHARE
Basic earnings per share is computed by dividing consolidated profit attributable to owners of the parent company by the weighted
average number of shares of outstanding common stock during the related period.
Profit attributable to owners
of the parent company
Weighted average number of
ordinary shares outstanding
- basic
Earnings per share - basic
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
426,955,234,995
335,754,910,984
100,895,814,183
380,029,951,839
326,131,166,919
20,235,279,075 *) 20,235,279,075 *)
21.10 *)
16.59 *)
20,235,279,075 *) 20,235,279,075 *)
4.99 *)
18.78 *)
20,235,279,075 *)
16.12 *)
*) After stock dividend
In July 2014, the Company distributed stock dividend which increased the number of shares outstanding to 20,235,279,075. In
accordance to PSAK No. 56: Earnings per shares, the calculation of basic earnings per share for all periods are adjusted
retrospectively.
Exhibit E/55
28. SALES AND SERVICE REVENUE
Sales
Developed land
Land and standard factory
buildings
Office spaces and shop house
Houses and land
Land and villa
Power plant
Dry port
Golf
Office space, factory and shop
houses rental
Condominium
Total
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
452,009,103,523
756,807,394,269
133,267,540,000
30,678,626,550
29,309,339,750
1,275,000,000
601,063,122,393
124,347,789,371
40,698,344,761
25,970,617,398
3,196,706,890
1,067,538,891
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
985,096,239,293
934,445,200,000
623,560,735,547
56,561,968,568
169,485,638,500
13,090,241,348
136,353,381,364
9,718,464,517
37,881,742,895
1,780,000,000
2,357,500,000
505,780,492,691 1,062,279,683,834
104,739,640,618
225,229,472,126
27,291,194,372
61,978,721,694
26,529,220,391
50,892,048,171
66,588,940,591
63,856,049,673
31,392,466,250
2,718,681,818
39,705,388,096
184,701,362,359
15,142,065,029
46,452,819,267
200,912,264,613
57,486,792,727
21,789,962,210
2,010,000,000
19,359,471,666
155,273,117,370
8,700,526,236
44,082,253,962
8,254,119,936
7,354,601,142
7,526,834,517
7,593,967,059
2,802,076,085
1,560,558,700
5,824,795,507
2,219,110,393
1,442,883,729,527 1,506,661,251,559 2,739,598,333,777
)
1,400,611,694,161 1,148,295,925,907
Detail of customers which exceeded 10% of the consolidated sales and service revenue are as follows:
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Customers:
PT Perusahaan Listrik Negara
(Persero)
PT Multimas Nabati Asahan
PT Wilmar Nabati Indonesia
546,695,689,361
8,809,133,159
-
470,452,513,192
166,416,120,000
243,483,370,000
995,065,570,038
167,666,120,000
243,483,370,000
262,191,300,000
-
-
Total
555,504,822,520
880,352,003,192 1,406,215,060,038
262,191,300,000
-
29. COST OF SALES AND SERVICE REVENUE
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Sales
Developed land
Land and standard factory
buildings
Office spaces and shop house
Houses and land
Land and villa
Power plant
Dry port
Golf
Office space, factory and shop
houses rental
Condominium
52,958,127,706
234,489,008,480
282,335,086,136
266,781,014,451
229,836,658,996
33,748,561,024
7,902,439,582
12,821,578,669
641,195,563
531,247,299,125
51,932,641,307
28,786,291,369
15,669,171,607
16,097,135,904
5,907,170,817
5,968,948,538
1,115,102,061
475,272,576,740
54,354,354,812
18,678,441,318
15,544,482,223
46,201,762,291
50,862,434,444
18,137,659,784
1,626,133,024
980,284,434,339
107,944,158,190
46,365,394,481
31,919,693,653
23,290,750,595
18,726,433,371
15,462,425,423
2,109,152,014
59,372,641,122
97,323,005,682
24,460,434,796
27,847,163,159
86,147,761,830
26,238,484,911
11,026,982,857
1,344,385,462
43,356,431,973
90,361,699,245
7,435,627,074
26,497,529,989
559,317,560
691,252,763
318,475,381
968,012,729
489,087,263
1,965,010,371
629,223,768
4,515,084,431
7,988,905,900
4,496,125,766
Total
736,957,876,275
828,713,709,003 1,568,130,853,976
)
540,517,328,812
534,730,594,003
Exhibit E/56
29. COST OF SALES AND SERVICE REVENUE (Continued)
Detail of suppliers which represent more than 10% of the total cost of sales and services revenue are as follows:
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Suppliers:
PT Perusahaan Gas Negara
(Persero) Tbk
PT Bayu Buana Gemilang
226,382,223,808 190,089,889,951 379,688,096,015
173,691,498,586 176,290,636,483 285,226,904,653
-
-
Total
400,073,722,394 366,380,526,434 664,915,000,668
-
-
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
30. SELLING EXPENSE
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
Promotion and advertising
Commissions and incentives
Operational
Others
10,732,594,940
6,464,594,437
3,796,854,002
713,432,924
6,828,464,226
8,479,400,830
4,520,551,023
885,358,358
16,546,478,493
19,913,132,036
8,430,452,738
3,432,216,741
14,195,644,750
3,154,032,200
9,804,915,091
710,630,058
11,345,923,001
5,956,728,717
9,074,235,355
684,508,144
Total
21,707,476,303
20,713,774,437
48,322,280,008
27,865,222,099
27,061,395,217
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
56,925,845,906
10,125,389,524
7,390,387,252
7,121,145,050
7,193,434,434
5,332,537,582
5,093,498,305
4,861,357,097
3,887,417,159
3,417,418,768
3,302,145,840
2,978,600,194
2,820,602,099
1,918,671,889
1,810,265,654
1,485,847,351
1,147,392,505
4,400,042,115
40,076,592,443 110,503,012,192
5,298,705,765 26,343,343,023
5,543,708,301 14,936,574,223
5,593,526,818 10,572,729,332
6,439,922,735 14,785,144,849
4,262,941,366 12,020,565,569
3,909,417,413
8,664,115,659
3,619,459,812
7,501,002,821
4,119,721,631
7,354,828,285
2,724,108,383
5,607,958,470
3,447,578,996
6,388,567,946
2,519,471,640
8,149,526,397
2,760,683,292
6,542,411,431
5,097,627,502
9,376,835,145
1,564,006,203
3,149,295,851
994,281,589
2,982,987,493
1,431,535,599
2,690,146,905
6,904,450,394 10,272,894,012
76,334,892,487
22,146,046,504
16,715,172,118
8,031,141,096
12,751,615,667
6,662,207,186
6,448,987,045
5,705,950,936
7,044,742,359
5,262,855,463
7,901,789,800
4,694,974,759
3,790,217,552
6,038,728,386
3,087,032,584
1,494,108,828
2,617,974,194
10,459,301,370
51,019,631,613
13,602,283,800
9,211,251,387
6,697,526,868
9,381,804,144
5,991,029,762
9,553,811,176
4,697,394,523
5,746,066,165
3,911,781,784
3,848,881,507
4,135,019,682
2,062,590,591
5,633,050,938
2,815,038,791
1,292,339,708
1,058,770,231
9,723,620,088
31. GENERAL AND ADMINISTRATIVE EXPENSE
Salaries and employee benefits
Taxes and licenses
Professional fees
Security
Employee benefits expense (Note 21)
Office supplies and equipment
Depreciation (Note 10)
Operational
Insurance
Electricity and water
Traveling
Maintenance service
Rent
Representation and entertainment
Communication
Cleaning services and supplies
Employee training and seminar
Others
Total
131,211,998,724 106,307,739,882 267,841,939,603 207,187,738,334 150,381,892,758
Exhibit E/57
32. FINANCIAL INCOME
30 June
2014
(Six months)
(Unaudited)
Interest income
Foreign exchange gain on financing
activities
10,207,703,972
Total
44,523,960,314
34,316,256,342
30 June
2013
(Six months)
(Unaudited)
2,724,951,548
2,724,951,548
31 December
2013
(One year)
(Audited)
9,654,306,178
340,982,125
9,995,288,303
31 December
2012
(One year)
(Audited)
9,622,872,763
9,622,872,763
31 December
2011
(One year)
(Audited)
2,920,209,969
2,920,209,969
33. FINANCIAL EXPENSE
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
Loan interest expense
Foreign exchange loss on financing
activities
Bank charges
152,597,761,793 123,158,261,501 268,994,918,720 145,093,143,944
61,693,412,780
1,458,257,966
7,485,011,477
919,816,673
Total
153,064,259,696 166,957,074,637 690,731,960,235 208,244,814,690
88,502,670,493
466,497,903
43,306,085,301 420,784,785,134
492,727,835
952,256,381
80,097,842,343
34. OTHER INCOME
30 June
2014
(Six months)
(Unaudited)
Rent income
Service and access
Gain on sale of property, plant and
equipment and investment properties
Foreign exchange gain on
Others
19,122,853,697
10,922,027,519
Total
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
2,923,111,576
2,772,727,272
19,545,335,703
5,545,454,544
4,795,903,328
5,250,000,000
8,115,776,784
5,250,000,000
460,049,875
497,322,602
696,335,213
467,523,734
8,048,444,856
14,458,790,839
1,108,723,099
11,174,854,957
36,969,321,988
17,381,957,972
9,568,015,033
23,876,182,545
143,674,761
19,165,197,117
52,552,116,911
18,439,466,779
79,939,392,809
44,186,436,119
33,142,172,396
30 June
2014
(Six months)
(Unaudited)
30 June
2013
(Six months)
(Unaudited)
31 December
2013
(One year)
(Audited)
31 December
2012
(One year)
(Audited)
31 December
2011
(One year)
(Audited)
-
35. OTHER EXPENSE
Amortization of Senior Notes
issuance cost
Depreciation of investment properties
(Note 11)
Foreign exchange loss on
Loss on sale of property, plant and
equipment and investment properties
Provision for impairment losses of
receivables
Others
Total
8,332,882,009
6,320,320,099
13,513,125,784
5,080,023,780
2,610,996,696
176,720,934
3,599,142,877
371,785,227
261,017,208
2,033,322,905
714,346,176
23,329,021,075
3,665,740,397
11,850,011,576
532,428,986
-
-
-
-
-
1,483,994,387
2,426,006,482
4,714,258,374
5,185,227,446
462,244,776
3,234,742,706
843,588,499
7,458,617,138
14,993,624,983
9,637,393,691
50,340,775,556
12,814,536,886
20,413,234,421
Exhibit E/58
36. SIGNIFICANT AGREEMENTS
a. On 17 March 2011, PT Bekasi Power, a Subsidiary, signed a Letter of Determination (Letter of Award/ LOA) with PT Areva T&D
which is a contractor to build the sub station (switchyard) 150 kv and supporting facilities. Implementation of the work period is
261 (two hundred sixty one) calendar days from the date of signing of the LOA. Value of construction work amounted of
EUR 1,110,651, US$ 3,977,436 and Rp 11,819,248,588.
b. On 22 February 2011, PT Jababeka Infrastruktur (JI), a Subsidiary, and PT Kereta Api Logistik (KAL) agreed to enter into Joint
Operation Agreement with name “Joint Operation JAKA LOGISTICS” in which working capital investments, financing and profit
sharing of JI amounting to 55% and KAL amounting to 45%. The term of KSO is valid for 5 (five) years since the date of signing of
the agreement.
The scope business of Joint Operation JAKA LOGISTICS comprises of export-import and domestic logistics services business.
On 28 June 2012, JI and KAL entered into Addendum Joint Operation Agreement, in which JI and KAL agreed to change working
capital investment, financing and profit sharing of JI from 55% to 49% and KAL from 45% to 51%.
On 15 July 2013, JI and KAL agreed to terminate the Joint Operation Agreement JAKA LOGISTICS.
c. On 24 February 2011, PT Bekasi Power (BP), a Subsidiary, and PT Perusahaan Listrik Negara (Persero) (PLN) agreed to enter into
Sale and Purchase Electricity Cooperation Agreement (“Agreement”). Based on these Agreement, BP will provide Net Power
Capability to PLN which is sourced from all system in Power Plant Gas and Steam (combine cycle) (PLTGU) held on BP in net
capacity totaling 118.8 MegaWatt (MW). These Agreement have an effective date from the Date of Funding and over in
20 (twenty) years from Commercial Operation Date, except have terminated earlier according to the Agreement. Commercial
Operation Date is the day after passing the operation test facility accordance in testing procedures, which occurred on 5 January
2013.
BP has an obligation to submit a bank guarantee to PLN amounting to Rp 14,200,000,000 as collateral for obligation BP in
achieving Commercial Operating Date.
d. On 22 October 2008, the Company entered into transfer/Cessie agreement of claims from PT Greenwood Sejahtera (GS) to
PT Grahabuana Cikarang (GBC), a Subsidiary, whereby the Company had receivable amounting to Rp 80,514,400,000, which was
taken over to GBC.
In agreement related to the transfer/Cessie of claims from GS, GBC and GS entered into sales and purchase of executive office
tower C agreement, which was covered by Notarial deed No. 107 of Sutjipto S.H., M.Kn. dated 17 December 2008. GBC and GS
agreed to convert the receivable take over with purchasing office unit executive office tower C, which was held by GS,
amounted to Rp 80,514,400,000, which presented as part of advances for purchasing property, plant and equipment account in
the consolidated statements of financial position as of 30 June 2013, 31 December 2012 and 31 December 2011, respectively.
e. On 22 October 2008, the Company entered into transfer/Cessie agreement of claims from PT Greenwood Sejahtera (GS) to
PT Indocargomas Persada (IP), a Subsidiary, whereby the Company has receivable amounting to Rp 60,385,800,000, which was
taken over to IP.
In agreement related to the transfer/Cessie of claims from GS, IP and GS entered into sales and purchase executive office tower
C agreement, which was covered by Notarial deed No. 108 of Sutjipto S.H., M.Kn. dated 17 December 2008. IP and GS agreed to
convert the receivable take over with purchasing office unit executive office tower C, which was held by GS, amounted to
Rp 60,385,800,000, which presented as part of advances for purchasing property, plant and equipment account in the
consolidated statements of financial position as of 30 June 2013, 31 December 2012 and 31 December 2011, respectively.
f. On 13 March 2006, PT Padang Golf Cikarang, a Subsidiary, entered into a joint venture with Puskopad Akademi Militer for the
development and management of a golf course located in Komplek Akademi Militer, Magelang, Central Java, with an area of
368,905 sqm. The agreement is effective for 25 (twenty five) years and can be extended upon the agreement of both parties.
g. On 3 August 2007, PT Bekasi Power (BP), a Subsidiary, entered into an Agreement of Gas Sales Purchase and Distribution
(“Agreement”) with PT Perusahaan Gas Negara (Persero) Tbk (PGN) to sell, purchase and distribute gas. During period of
Agreement, BP should provide payment guarantee in form of Stand By Letter of Credit (“SBLC”) with several conditions. This
payment guarantee will be valid for 12 (twelve) months since the date of issued. This Agreement will be valid for 5 (five) years
contract since 1 August 2008 or another date agreed by both parties based on Memo Distribution Gas and will be ended after
5 (five) years contract or 28 February 2013. On 22 June 2012, BP and PGN agreed to extend the Agreement of Gas Sales Purchase
and Distribution until 31 March 2017.
Exhibit E/59
36. SIGNIFICANT AGREEMENTS (Continued)
h. On 7 April 2008, PT Bekasi Power (BP), a Subsidiary, entered into an Agreement of Gas Sales Purchase and Distribution (“Agreement”) with
PT Bayu Buana Gemilang (BBG) to sell, purchase and distribute gas. During the period of Agreement, BP should provide payment deposit in
Stand By Letter of Credit (“SBLC”) with several conditions. This payment deposit will be in effect for twelve (12) months since the date of
issued. The Agreement is effective since the signing, ended after seven (7) years contract and can be extended upon the agreement of
both parties. On 4 March 2013, BP and BBG agreed to extend the Agreement of Gas Sales Purchase and Distribution until 31 March 2018.
i.
On 25 January 2008, PT Bekasi Power (BP), a Subsidiary, entered a cooperation agreement to gas compression with PT Margaseta Utama
(MU) which MU would increase the gas pressure from the pressure of eight (8) Bar to twenty two (22) Bar to supply operating of turbine
generators of power plants owned by BP, a Subsidiary. The Agreement is effective for fifteen (15) years counted from the commencement
of operation of compressor and can be extended upon the agreement of both parties.
37. SEGMENT INFORMATION
For management purposes, the Group are organized into business units based on their products and services and has six reportable operating
segments as follows:
Real Estate Segment
Real estate segment is mainly involved in the development and sale of industrial estates and related facilities and services including, among
others, residential estate, apartments, office buildings, shopping centers, development and installation of water treatment plants, waste
water treatment, telephone, electricity and other facilities to support the industrial estate, included providing sports and recreational
facilities, and also exports and imports of goods for businesses relating to the development and management of the industrial estate.
Golf Segment
Golf segment is mainly involved in the development and management of the golf course, club house, recreation and sports facilities following
the supporting facilities.
Service and Maintenance Segment
Service and maintenance segment is mainly involved in the development and infrastructure management of industrial estates, residential
estate and the development and management of public infrastructure.
Power Plant Segment
Power plant segment is mainly involved in the development power plant including managing, supplying and distributing energy and providing
energy management service to third parties.
Tourism Segment
Tourism segment is mainly involved in the tourism object, tourism estate and education and tourism training centre.
The group’s management monitors the operating results of its business units separately for the purpose of making decisions about resource
allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and measured consistently with
operating profit or loss in the consolidated financial statements. However, the Group financing (including finance costs and finance income)
and income taxes are managed on the Group basis and are not allocated to operating segments.
Transfer prices between legal entities and between segment are set on a manner similar to transactions with third parties.
Investment Segment
Investment segment is mainly involved in financing activities including lending and raise funds through the issuance of bonds, debt instruments
and other securities instruments.
Exhibit E/60
37.
SEGMENT INFORMATION (Continued)
Business Segments
The following table presents revenue and profit, and certain asset and liability information regarding the Group’s business segments:
Real estate
Service and
maintenance
Power plant
Tourism
Sales and service revenue
654,456,914,639
25,970,617,398
158,723,209,134
601,063,122,393
2,669,865,963
-
1,442,883,729,527
Cost of sales and service
revenue
144,695,290,236
15,669,171,607
43,066,002,179
531,247,299,125
2,280,113,128
-
736,957,876,275
509,761,624,403
10,301,445,791
115,657,206,955
69,815,823,268
389,752,835
-
281,558,027 )
-
Gross profit
Selling expense
expense
Financial income
Financial expense
Other income (expense)
Profit (loss) before income
tax benefit (expense)
Income tax (expense)
benefit – Net
(
18,451,769,204) (
620,920,959 ) (
1,696,026,043 ) (
657,202,070 ) (
(
65,935,783,396) (
11,788,110,169
27,274,708,571) (
23,241,016,078
8,273,663,140 ) (
361,113,226
227,588,950 ) (
1,021,446,817
28,538,057,984 ) (
28,994,625,805
542,025,842 ) (
18,434,038,314
15,696,762,897 ) (
3,337,705,878
4,412,023,927 ) (
1,863,241,231
54,250,781,483 (
(
433,128,489,479
(
Profit (loss) for the period
Total other comprehensive
income
(
(
Total
(loss) attributable to:
Owners of the Parent
Company
Non-controlling
interest
41,721,376,671) (
391,407,112,808
(loss) for the period
Profit (loss) attributable to:
Company
Golf
(
437,160,155 )
2,561,832,785
132,309,761,205
430,204,937) (
2,131,627,848
-
953,318,123 ) (
131,356,443,082
-
2,451,184,351) (
19,681,821
120,601,017,063) (
8,320,272,976)
131,211,998,724 )
44,523,960,314
153,064,259,696 )
37,558,491,928
8,873,501,612) (
131,352,792,569)
482,024,570,771
69,597,107)
-
8,943,098,719 ) (
-
(
131,352,792,569)
-
56,830,817,362 )
425,193,753,409
(
437,160,155)
40,594,460,959 (
8,943,098,719 ) (
131,352,792,569)
424,756,593,254
393,168,594,394
1,761,481,586)
2,131,627,848
-
131,356,443,082
-
40,594,460,959 (
-
8,943,098,719 ) (
-
131,352,792,569)
(
426,955,234,995
1,761,481,586)
391,407,112,808
2,131,627,848
131,356,443,082
40,594,460,959 (
8,943,098,719 ) (
131,352,792,569)
425,193,753,409
392,731,434,239
2,131,627,848
131,356,443,082
40,594,460,959 (
8,943,098,719) (
131,352,792,569)
1,761,481,586)
-
131,356,443,082
Capital expenditures
Depreciation and
amortization
324,970,138,572
300,893,414
13,144,298,599
981,741,075
9,749,428,766,212
40,566,089,390
Net
21,707,476,303 )
10,316,546,956 ) (
22,723,415
6,895,343 ) (
1,319,022,464 (
131,356,443,082
2,131,627,848
Segments liabilities
Elimination of Intersegment liabilities
-
705,925,853,252
(
2,131,627,848
390,969,952,653
Net
40,594,460,959 (
Total
390,969,952,653
Total
Other information
Segments assets
Elimination of intersegment assets
13,656,320,524 ) (
Investment
( 4,974,285,489,885)
-
4,775,143,276,327
40,566,089,390
966,168,458,281
18,305,405,000
102,978,409,775
1,069,146,868,056
18,305,405,000
-
-
-
1,761,481,586)
40,594,460,959 (
8,943,098,719 ) (
49,285,119,390
16,558,602,903
4,146,577,985
-
395,261,332,264
10,927,050,218
29,562,345,093
730,971,364
-
55,346,406,349
413,602,420,070
1,843,102,446,079
900,359,061,311
-
-
-
413,602,420,070
1,843,102,446,079
900,359,061,311
2,241,708,718,361
1,559,604,244,922
190,468,938,478
( 1,663,691,000,000 )
-
578,017,718,361
1,559,604,244,922
190,468,938,478
131,352,792,569)
426,518,074,840
(
2,169,715,496,294
424,756,593,254
15,116,774,279,356
( 1,874,477,059,000) ( 6,848,762,548,885 )
295,238,437,294
8,268,011,730,471
2,144,071,746,228
7,120,327,511,270
( 1,874,477,059,000) ( 3,435,189,649,225 )
269,594,687,228
3,685,137,862,045
Exhibit E/61
37.
Real estate
Power plant
Tourism
842,641,806,260
26,529,220,391
128,837,726,309
505,780,492,691
2,872,005,908
-
1,506,661,251,559
revenue
269,465,123,634
15,544,482,223
65,557,890,286
475,272,576,740
2,873,636,120
-
828,713,709,003
Gross profit (loss)
573,176,682,626
10,984,738,168
63,279,836,023
Selling expense
expense
Financial income
Financial expense
Income tax (expense)
benefit – Net
Golf
Service and
maintenance
30,507,915,951 (
1,630,212)
-
740,622,682)
-
20,713,774,437 )
1,665,407,488 ) (
15,141,576
100,316,715,578 ) (
5,483,601,691 )
106,307,739,882 )
2,724,951,548
166,957,074,637)
8,802,073,088
14,380,915,516 (
11,799,962,301) (
107,450,583,181 )
395,495,978,236
3,943,455,348 ) (
97,900,000) (
10,437,460,168 (
11,897,862,301) (
461,599,217) (
1,036,050,174 ) (
241,438,700 ) (
(
57,887,678,473 ) (
1,850,461,610
23,607,288,429 ) (
12,464,792,179
6,755,302,136) (
133,736,161
197,624,013) (
273,865,999
19,885,943,147 ) (
463,792,450
37,980,149,383 ) (
3,783,401,622 (
10,460,931,282 ) (
251,033,912
4,844,273,404 ) (
831,390,961 ) (
8,624,887,391
487,762,905,849
54,029,607,571 ) (
433,733,298,278
income
757,303,052
3,977,814,962
854,682,826)
3,123,132,136
-
257,718,265 (
8,882,605,656
-
677,947,542,556
9,652,477,356) (
10,785,839
11,023,830) (
1,404,994,060) (
18,234,063,664 ) (
(
Total
(
(
(
Investment
-
-
612,189,911 ) (
108,062,773,092 )
-
59,280,117,391 )
336,215,860,845
757,303,052
434,490,601,330
Company
335,754,910,984
460,949,861
-
-
-
-
-
335,754,910,984
460,949,861
Total
336,215,860,845
-
-
-
-
-
336,215,860,845
336,512,214,036
-
-
-
-
-
336,512,214,036
Company
Non-controlling
interest
3,123,132,136
8,882,605,656
10,437,460,168 (
11,897,862,301) (
108,062,773,092 )
336,973,163,897
460,949,861
-
-
-
-
-
460,949,861
Total
336,973,163,897
-
-
-
-
-
336,973,163,897
Depreciation and
amortization
774,243,419,239
197,915,175
27,336,509,324
3,438,202,888
11,125,201,515
-
816,341,248,141
9,594,522,272
932,989,955
8,353,228,754
42,504,998,967
481,833,041
-
61,867,572,989
9,031,245,272,407
30,899,951,490
271,319,517,062
1,839,027,899,566
858,461,465,996
Other information
Segments assets
( 4,528,032,100,884 )
-
-
-
-
1,796,222,713,661
13,827,176,820,182
( 1,554,990,619,000 ) ( 6,083,022,719,884 )
Net
4,503,213,171,523
30,899,951,490
271,319,517,062
1,839,027,899,566
858,461,465,996
241,232,094,661
7,744,154,100,298
Elimination of Intersegment liabilities
1,156,827,922,230
9,641,191,058
1,827,300,525,754
1,606,120,155,804
138,779,051,261
1,774,953,580,252
6,513,622,426,359
Net
(
16,471,889,612 )
1,140,356,032,618
9,641,191,058
( 1,380,131,000,000 )
447,169,525,754
1,606,120,155,804
138,779,051,261
( 1,554,990,619,000 ) ( 2,951,593,508,612 )
219,962,961,252
3,562,028,917,747
Exhibit E/62
37.
Real estate
Service and
maintenance
Power plant
Tourism
Golf
Investment
Total
1,341,058,773,199
50,892,048,171
280,242,663,038
1,062,279,683,834
5,125,165,535
-
2,739,598,333,777
revenue
410,131,339,344
31,775,693,653
140,368,067,676
980,284,434,339
5,571,318,964
-
1,568,130,853,976
Gross profit (loss)
930,927,433,855
19,116,354,518
139,874,595,362
Selling expense
General and
administrative
expense
Financial income
Financial expense
Income tax benefit
(expense) – Net
81,995,249,495 (
446,153,429 )
-
1,879,875,943 )
-
(
42,761,556,072) (
898,212,845) (
2,154,735,628) (
627,899,520 ) (
(
138,742,235,456) (
7,742,318,303
93,930,838,903) (
54,166,345,067
15,354,961,881) (
293,010,545
390,686,608) (
333,666,178
59,207,576,169) (
827,251,037
359,044,292,679) (
9,471,282,586 (
26,552,020,781 ) (
1,080,476,768
20,124,409,057) (
7,480,990,184 ) (
3,099,169,907 (
270,233,475,491)
(
717,401,466,794
(
80,488,950,470) (
636,912,516,324
income
5,292,777,685
961,741,597) (
2,137,428,310 (
-
9,460,557,707) (
279,694,033,198)
-
1,171,467,479,801
(
48,322,280,008)
22,340,952,695 ) (
18,916,999
19,225,468 ) (
13,686,156,026 ) (
5,644,192,621) (
33,314,651
217,222,507,520) (
13,205,530,368)
267,841,939,603)
9,995,288,303
690,731,960,235)
29,598,617,253
28,290,406,721 (
38,353,446,562 ) (
236,038,915,858)
204,165,205,511
7,757,950,116) (
236,608,922 ) (
20,532,456,605 (
38,590,055,484 ) (
-
-
781,764,085) (
236,820,679,943)
99,687,572,897)
104,477,632,614
5,292,777,685
-
642,205,294,009
2,137,428,310 (
279,694,033,198)
20,532,456,605 (
38,590,055,484 ) (
236,820,679,943)
109,770,410,299
Company
633,330,697,893
3,581,818,431
2,137,428,310 (
279,694,033,198)
20,532,456,605 (
38,590,055,484 ) (
236,820,679,943)
100,895,814,183
3,581,818,431
Total
636,912,516,324
2,137,428,310 (
279,694,033,198)
20,532,456,605 (
38,590,055,484 ) (
236,820,679,943)
104,477,632,614
638,623,475,578
2,137,428,310 (
279,694,033,198)
20,532,456,605 (
38,590,055,484 ) (
236,820,679,943)
106,188,591,868
Company
Non-controlling
interest
3,581,818,431
642,205,294,009
Total
Depreciation and
amortization
Other information
Segments assets
(
Net
Elimination of intersegment liabilities
Net
(
-
-
-
-
2,137,428,310 (
279,694,033,198)
1,038,595,802,835
367,096,402
23,359,166,145
2,042,658,323
9,601,781,812,391
33,462,332,675
4,605,218,107,815)
-
4,996,563,704,576
33,462,332,675
1,475,328,894,706
13,261,276,068
437,284,414,322)
1,038,044,480,384
13,261,276,068
-
-
-
-
3,581,818,431
-
20,532,456,605 (
38,590,055,484 ) (
32,710,130,374
22,323,283,873
28,043,241,451
-
1,122,039,554,935
17,545,861,485
56,680,464,763
948,207,715
-
100,576,358,431
229,002,779,271
1,833,628,487,687
871,464,458,814
-
(
-
-
-
236,820,679,943)
2,199,976,947,135
(
6,514,149,586,815)
8,255,167,231,158
1,833,628,487,687
871,464,458,814
291,045,468,135
2,144,425,737,401
1,590,724,747,489
178,474,237,262
2,174,771,338,413
1,694,271,000,000) (
1,376,295,459,062)
450,154,737,401
214,429,288,427
178,474,237,262
14,769,316,817,973
1,908,931,479,000) (
229,002,779,271
-
109,770,410,299
2,174,771,338,413
7,576,986,231,339
(
3,507,850,873,384)
4,069,135,357,955
Exhibit E/63
37.
Real estate
Service and
maintenance
Power plant
Tourism
Golf
Investment
Total
1,114,380,448,768
46,452,819,267
196,354,902,354
39,705,388,096
3,718,135,676
-
1,400,611,694,161
revenue
337,774,909,084
27,991,163,159
111,571,366,157
59,372,641,122
3,807,249,290
-
540,517,328,812
Gross profit (loss)
776,605,539,684
18,461,656,108
Selling expense
General and
administrative
expense
Financial income
Financial expense
Income tax benefit
(expense) – Net
89,113,614 )
-
395,182,419 )
-
25,393,655,549) (
613,456,384 ) (
1,418,567,857 ) (
44,359,890 ) (
(
113,475,045,427) (
5,774,233,285
65,000,635,040) (
26,169,968,233
15,353,515,216 ) (
198,315,771
458,923,159 ) (
165,585,806
51,064,630,577 ) (
2,831,286,748
27,137,028,600 ) (
12,958,541,956 (
19,425,793,398 ) (
467,417,220
30,443,713,663 ) (
99,040,880 ) (
2,399,662,926
20,953,137,867 (
10,433,122,806 )
10,520,015,061 (
(
604,680,405,186
(
74,366,546,808) (
530,313,858,378
income
576,337,745
(
Total
Company
Non-controlling
interest
19,667,253,026 ) (
(
Company
84,783,536,197 (
(
960,923,991) (
1,438,738,935
-
-
860,094,365,349
(
27,865,222,099)
6,122,463,976 ) (
20,498,381
22,146,308 ) (
2,769,529,382 ) (
1,746,289,740 ) (
331,121,358
85,182,367,920 ) (
5,053,626,500 )
207,187,738,334)
9,622,872,763
208,244,814,690)
31,371,899,233
69,212,743,637 ) (
9,377,937,318 ) (
91,651,162,802 )
457,791,362,222
17,074,613,391 (
9,082,947,918 )
52,138,130,246 ) (
18,460,885,236 ) (
-
-
-
(
91,651,162,802 )
77,768,928,132)
380,022,434,090
-
576,337,745
530,890,196,123
1,438,738,935
10,520,015,061 (
52,138,130,246 ) (
18,460,885,236 ) (
91,651,162,802 )
380,598,771,835
530,321,376,127
7,517,749)
1,438,738,935
-
10,520,015,061 (
-
52,138,130,246 ) (
-
18,460,885,236 ) (
-
91,651,162,802 )
(
380,029,951,839
7,517,749)
530,313,858,378
1,438,738,935
10,520,015,061 (
52,138,130,246 ) (
18,460,885,236 ) (
91,651,162,802 )
380,022,434,090
530,897,713,872
1,438,738,935
10,520,015,061 (
52,138,130,246 ) (
18,460,885,236 ) (
91,651,162,802 )
7,517,749)
-
-
696,949,600
35,612,222,476
234,935,423,025
29,054,227,567
-
1,289,794,959,301
16,627,846,508
2,275,918,648
19,031,932,400
19,722,510,153
689,866,237
-
58,348,073,946
6,077,497,522,414
29,270,056,692
2,019,795,391,180
1,765,873,437,467
845,838,359,515
-
-
2,019,795,391,180
1,765,873,437,467
845,838,359,515
210,657,227,050
1,689,054,299,777
1,543,603,153,875
114,258,082,479
1,724,226,146,790
2,206,383,398,173
29,270,056,692
488,471,518,037
11,062,428,331
Net
763,643,317,082
275,171,799,045
11,062,428,331
( 1,344,130,000,000 ) ( 1,399,300,747,053 )
344,924,299,777
144,302,406,822
-
114,258,082,479
91,651,162,802 )
7,517,749)
989,496,136,633
Net
18,460,885,236 ) (
380,606,289,584
(
Depreciation and
amortization
-
52,138,130,246 ) (
-
530,890,196,123
( 3,871,114,124,241)
10,520,015,061 (
-
Total
Other information
Segments assets
1,438,738,935
-
380,598,771,835
1,742,816,489,710
12,481,091,256,978
( 1,532,159,262,660 ) (
1,724,226,146,790
5,403,273,386,901)
7,077,817,870,077
5,570,675,629,289
(
2,468,258,948,008)
3,102,416,681,281
Exhibit E/64
37.
Real estate
Golf
Service and
maintenance
Power plant
Tourism
Total
918,870,556,673
44,082,253,962
163,973,643,606
19,359,471,666
2,010,000,000
1,148,295,925,907
Cost of sales and
service revenue
359,974,920,261
26,641,529,988
103,413,326,319
43,356,431,973
1,344,385,462
534,730,594,003
558,895,636,412
17,440,723,974
665,614,538
613,565,331,904
Gross profit (loss)
Selling expense
General and
administrative expense
Financial income
Financial expense
Profit (loss) before
income tax benefit
(expense)
Income tax benefit
(expense) – Net
60,560,317,287 (
23,996,960,307 )
(
24,465,623,358 ) (
531,778,716 ) (
1,079,700,963 ) (
303,383,560 ) (
680,908,620 ) (
27,061,395,217 )
(
76,174,080,028 ) (
2,449,756,538
81,169,051,134 ) (
8,304,346,191
13,228,187,383 ) (
202,241,508
590,069,581 ) (
270,360,779
39,439,381,703 ) (
130,127,206
251,743,829 ) (
6,463,566,661 (
13,061,005,267 ) (
132,238,839
6,483,511,263 ) (
1,620,904,852 ) (
8,479,238,377 ) (
5,845,878
8,294,686 ) (
688,430,804 )
150,381,892,758 )
2,920,209,969
88,502,670,493)
12,728,937,975
3,563,290,581
26,383,184,659 (
45,333,526,410 ) (
9,185,412,071 )
363,268,521,380
10,518,652,499 )
9,722,744,568
5,576,095,434 (
15,864,532,160 (
35,610,781,842 ) (
3,609,316,637 )
(
387,840,984,621
(
41,139,283,073 ) (
346,701,701,548
Total other
comprehensive
income
-
778,258,891) (
2,785,031,690
-
-
-
37,137,354,461 )
326,131,166,919
-
-
Total comprehensive
income (loss) for the
period
346,701,701,548
2,785,031,690
15,864,532,160 (
35,610,781,842 ) (
3,609,316,637 )
326,131,166,919
Company
346,701,701,548
-
2,785,031,690
-
15,864,532,160 (
-
35,610,781,842 ) (
-
3,609,316,637 )
-
326,131,166,919
-
Total
346,701,701,548
2,785,031,690
15,864,532,160 (
35,610,781,842 ) (
3,609,316,637 )
326,131,166,919
346,701,701,548
2,785,031,690
15,864,532,160 (
35,610,781,842 ) (
3,609,316,637 )
326,131,166,919
Total comprehensive
income (loss)
attributable to:
Company
Non-controlling
interest
-
-
-
-
-
Total
346,701,701,548
2,785,031,690
15,864,532,160 (
Depreciation and
amortization
656,794,549,765
1,862,482,700
55,756,162,727
284,542,262,591
12,263,684,751
1,011,219,142,534
12,625,211,444
2,419,251,778
13,914,501,499
18,785,444,226
180,429,699
47,924,838,646
5,854,582,783,926
30,110,908,761
751,662,874,249
1,472,516,663,360
822,413,475,436
8,931,286,705,732
Other information
Segments assets
(
3,333,929,954,809 )
-
-
35,610,781,842 ) (
-
-
3,609,316,637 )
-
326,131,166,919
(
3,333,929,954,809 )
Net
2,520,652,829,117
30,110,908,761
751,662,874,249
1,472,516,663,360
822,413,475,436
5,597,356,750,923
1,143,563,954,962
13,342,019,335
321,690,373,379
1,198,108,249,522
67,382,095,729
2,744,086,692,927
Net
(
648,432,358,965 )
495,131,595,997
13,342,019,335
321,690,373,379
1,198,108,249,522
67,382,095,729
(
648,432,358,965 )
2,095,654,333,962
Geographical Segments
All of the Group’s assets are located in Indonesia and Netherland. The following table presents sales to customers based on the geographical
location of the customers:
Exhibit E/65
37.
Real estate
Service and
maintenance
Golf
Power plant
Tourism
Investment
Total
Sales
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
654,456,914,639
-
25,970,617,398
-
158,723,209,134
-
601,063,122,393
-
2,085,155,291
584,710,672
-
-
1, 440,213,863,564
2,085,155,291
584,710,672
-
Total
-
1,442,883,729,527
654,456,914,639
25,970,617,398
158,723,209,134
601,063,122,393
2,669,865,963
Other information
Segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
9,250,239,395,236
3,226,703,445
495,962,667,531
-
40,566,089,390
-
413,602,420,070
-
1,843,002,446,079
100,000,000
861,022,451,262
39,336,610,049
-
2,169,715,496,294
11,547,410,350,775
3,226,703,445
861,122,451,262
39,336,610,049
495,962,667,531
2,169,715,496,294
Total
9,749,428,766,212
40,566,089,390
413,602,420,070
1,843,102,446,079
900,359,061,311
2,169,715,496,294
15,116,774,279,356
Elimination of inter
segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Total
(
(
(
-
4,973,836,999,782 )
448,490,103 )
-
-
-
-
-
4,974,285,489,885 )
-
-
-
-
(
(
(
1,874,477,059,000) (
4,973,836,999,782 )
448,490,103 )
1,874,477,059,000 )
(
1,874,477,059,000) (
6,848,762,548,885 )
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
4,276,402,395,454
2,778,213,342
495,962,667,531
-
40,566,089,390
-
413,602,420,070
-
1,843,002,446,079
100,000,000
-
861,022,451,262
39,336,610,049
-
295,238,437,294
6,573,573,350,993
2,778,213,342
861,122,451,262
39,336,610,049
495,962,667,531
295,238,437,294
Total
4,775,143,276,327
40,566,089,390
413,602,420,070
1,843,102,446,079
900,359,061,311
295,238,437,294
8,268,011,730,471
Segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
886,731,949,849
7,647,435,276
71,789,073,156
-
18,305,405,000
-
2,241,708,718,361
-
1,559,604,244,922
-
165,748,132,594
24,720,805,884
-
2,144,071,746,228
4,706,350,318,132
7,647,435,276
165,748,132,594
24,720,805,884
71,789,073,156
2,144,071,746,228
Total
966,168,458,281
18,305,405,000
2,241,708,718,361
1,559,604,244,922
190,468,938,478
2,144,071,746,228
7,120,327,511,270
segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
102,978,409,775
-
-
1,560,712,590,225)
1,874,477,059,000)
Total
102,978,409,775
-
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Total
(
(
1,663,691,000,000 )
-
-
-
(
(
1,874,477,059,000 ) (
1,663,691,000,000 )
-
-
(
1,874,477,059,000 ) (
3,435,189,649,225)
989,710,359,624
7,647,435,276
71,789,073,156
-
18,305,405,000
-
578,017,718,361
-
1,559,604,244,922
-
165,748,132,594
24,720,805,884
-
269,594,687,228
3,145,637,727,907
7,647,435,276
165,748,132,594
24,720,805,884
71,789,073,156
269,594,687,228
269,594,687,228
3,685,137,862,045
1,069,146,868,056
18,305,405,000
578,017,718,361
1,559,604,244,922
190,468,938,478
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
324,970,138,572
-
300,893,414
-
49,285,119,390
-
16,558,602,903
-
1,740,925,985
2,405,652,000
-
-
391,114,754,279
1,740,925,985
2,405,652,000
-
Total
324,970,138,572
300,893,414
49,285,119,390
16,558,602,903
4,146,577,985
-
395,261,332,264
Exhibit E/66
37.
Real estate
Service and
maintenance
Golf
Power plant
Tourism
Investment
Total
Sales
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
426,871,976,536
415,769,829,724
-
26,529,220,391
-
128,837,726,309
-
505,780,492,691
-
2,485,434,170
386,571,738
-
-
1,088,019,415,927
415,769,829,724
2,485,434,170
386,571,738
-
Total
-
1,506,661,251,559
842,641,806,260
26,529,220,391
128,837,726,309
505,780,492,691
2,872,005,908
Other information
Segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
8,811,262,564,887
24,344,794,616
195,637,912,904
-
30,899,951,490
-
600,000,000
270,719,517,062
-
1,838,927,899,566
100,000,000
-
849,308,455,240
9,153,010,756
-
1,796,222,713,661
600,000,000
10,951,809,933,005
24,344,794,616
849,408,455,240
9,153,010,756
195,637,912,904
1,796,222,713,661
Total
9,031,245,272,407
30,899,951,490
271,319,517,062
1,839,027,899,566
858,461,465,996
1,796,222,713,661
13,827,176,820,182
segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Total
(
(
(
(
4,371,639,770,781)
448,490,103)
155,943,840,000)
-
-
-
-
-
4,528,032,100,884)
-
-
-
-
(
(
(
(
1,554,990,619,000 ) (
4,371,639,770,781)
448,490,103)
155,943,840,000 )
1,554,990,619,000 )
(
1,554,990,619,000 ) (
6,083,022,719,884 )
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
4,439,622,794,106
23,896,304,513
39,694,072,904
-
30,899,951,490
-
600,000,000
270,719,517,062
-
1,838,927,899,566
100,000,000
-
849,308,455,240
9,153,010,756
-
241,232,094,661
600,000,000
6,580,170,162,224
23,896,304,513
849,408,455,240
9,153,010,756
39,694,072,904
241,232,094,661
Total
4,503,213,171,523
30,899,951,490
271,319,517,062
1,839,027,899,566
858,461,465,996
241,232,094,661
7,744,154,100,298
Segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
1,145,207,745,708
10,745,235,276
874,941,246
-
9,641,191,058
-
1,776,442,444,839
50,858,080,915
-
1,606,120,155,804
-
125,545,977,509
13,233,073,752
-
1,774,953,580,252
4,537,411,537,409
10,745,235,276
176,404,058,424
13,233,073,752
874,941,246
1,774,953,580,252
Total
1,156,827,922,230
9,641,191,058
1,827,300,525,754
1,606,120,155,804
138,779,051,261
1,774,953,580,252
6,513,622,426,359
1,396,602,889,612)
1,554,990,619,000)
segment liabilities
Jakarta
Cikarang
(
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
16,471,889,612 )
-
-
Total
16,471,889,612 )
-
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
(
(
(
1,380,131,000,000 )
-
-
-
(
(
1,554,990,619,000 ) (
1,380,131,000,000 )
-
-
(
1,554,990,619,000 ) (
2,951,593,508,612)
1,128,735,856,096
10,745,235,276
874,941,246
-
9,641,191,058
-
396,311,444,839
50,858,080,915
-
1,606,120,155,804
-
125,545,977,509
13,233,073,752
-
219,962,961,252
3,140,808,647,797
10,745,235,276
176,404,058,424
13,233,073,752
874,941,246
219,962,961,252
1,140,356,032,618
9,641,191,058
447,169,525,754
1,606,120,155,804
138,779,051,261
219,962,961,252
3,562,028,917,747
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
613,707,575,036
3,061,279,203
157,474,565,000
-
197,915,175
-
27,336,509,324
-
3,438,202,888
-
10,420,436,695
704,764,820
-
-
644,680,202,423
3,061,279,203
10,420,436,695
704,764,820
157,474,565,000
-
Total
774,243,419,239
197,915,175
27,336,509,324
3,438,202,888
11,125,201,515
-
816,341,248,141
Total
Exhibit E/67
37.
Real estate
Sales
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Service and
maintenance
Golf
Power plant
Tourism
Investment
Total
62,190,210,000
861,848,733,475
417,019,829,724
-
50,892,048,171
-
280,242,663,038
-
1,062,279,683,834
-
4,244,711,562
880,453,973
-
-
62,190,210,000
2,255,263,128,518
417,019,829,724
4,244,711,562
880,453,973
-
Total
1,341,058,773,199
50,892,048,171
280,242,663,038
1,062,279,683,834
5,125,165,535
-
2,739,598,333,777
Other information
Segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
9,082,580,138,090
88,501,980,675
430,699,693,626
-
33,462,332,675
-
229,002,779,271
-
1,833,528,487,687
100,000,000
-
860,654,095,684
10,810,363,130
-
2,199,976,947,135
11,178,573,737,723
88,501,980,675
860,754,095,684
10,810,363,130
430,699,693,626
2,199,976,947,135
Total
9,601,781,812,391
33,462,332,675
229,002,779,271
1,833,628,487,687
871,464,458,814
2,199,976,947,135
14,769,316,817,973
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Total
(
(
(
4,604,769,617,712 )
448,490,103 )
-
-
-
-
-
4,605,218,107,815 )
-
-
-
-
(
(
(
1,908,931,479,000 ) (
4,604,769,617,712 )
448,490,103 )
1,908,931,479,000)
(
1,908,931,479,000 ) (
6,514,149,586,815 )
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
4,477,810,520,378
88,053,490,572
430,699,693,626
-
33,462,332,675
-
229,002,779,271
-
1,833,528,487,687
100,000,000
-
860,654,095,684
10,810,363,130
-
291,045,468,135
6,573,804,120,011
88,053,490,572
860,754,095,684
10,810,363,130
430,699,693,626
291,045,468,135
Total
4,996,563,704,576
33,462,332,675
229,002,779,271
1,833,628,487,687
871,464,458,814
291,045,468,135
8,255,167,231,158
Segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
1,463,072,907,462
7,647,435,276
4,608,551,968
-
13,261,276,068
-
2,144,425,737,401
-
1,590,724,747,489
-
159,550,199,019
18,924,038,243
-
2,174,771,338,413
5,211,484,668,420
7,647,435,276
159,550,199,019
18,924,038,243
4,608,551,968
2,174,771,338,413
Total
1,475,328,894,706
13,261,276,068
2,144,425,737,401
1,590,724,747,489
178,474,237,262
2,174,771,338,413
7,576,986,231,339
1,694,271,000,000 ) (
-
1,376,295,459,062 )
-
-
-
1,694,271,000,000 ) (
1,376,295,459,062 )
-
-
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Total
(
(
437,284,414,322 )
-
-
437,284,414,322 )
-
(
(
(
(
3,507,850,873,384 )
3,507,850,873,384 )
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
1,025,788,493,140
7,647,435,276
4,608,551,968
-
13,261,276,068
-
450,154,737,401
-
214,429,288,427
-
159,550,199,019
18,924,038,243
-
2,174,771,338,413
1,703,633,795,036
7,647,435,276
159,550,199,019
18,924,038,243
4,608,551,968
2,174,771,338,413
Total
1,038,044,480,384
13,261,276,068
450,154,737,401
214,429,288,427
178,474,237,262
2,174,771,338,413
4,069,135,357,955
669,000,420,435
369,595,382,400
-
367,096,402
-
32,710,130,374
-
22,323,283,873
-
23,775,123,051
4,268,118,400
-
-
724,400,931,084
23,775,123,051
4,268,118,400
369,595,382,400
-
1,038,595,802,835
367,096,402
32,710,130,374
22,323,283,873
28,043,241,451
-
1,122,039,554,935
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Kendal
Amsterdam
Total
Exhibit E/68
37.
Real estate
Sales
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
Golf
Service and
maintenance
Power plant
Tourism
Investment
Total
3,256,088,982
813,829,059,786
297,295,300,000
-
46,452,819,267
-
196,354,902,354
-
39,705,388,096
-
3,718,135,676
-
-
3,256,088,982
1,096,342,169,503
297,295,300,000
3,718,135,676
-
Total
1,114,380,448,768
46,452,819,267
196,354,902,354
39,705,388,096
3,718,135,676
-
1,400,611,694,161
Other information
Segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
5,912,285,879,365
165,211,643,049
-
29,270,056,692
-
2,019,795,391,180
-
1,765,873,437,467
-
838,328,844,330
7,509,515,185
-
1,742,816,489,710
9,727,224,764,704
165,211,643,049
838,328,844,330
7,509,515,185
1,742,816,489,710
Total
6,077,497,522,414
29,270,056,692
2,019,795,391,180
1,765,873,437,467
845,838,359,515
1,742,816,489,710
12,481,091,256,978
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
( 3,870,665,634,138)
(
448,490,103)
-
-
-
-
-
(
(
( 1,532,159,262,660 ) (
3,870,665,634,138)
448,490,103)
1,532,159,262,660)
Total
( 3,871,114,124,241)
-
-
-
-
( 1,532,159,262,660 ) (
5,403,273,386,901)
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
2,041,620,245,227
164,763,152,946
-
29,270,056,692
-
2,019,795,391,180
-
1,765,873,437,467
-
838,328,844,330
7,509,515,185
-
210,657,227,050
5,856,559,130,566
164,763,152,946
838,328,844,330
7,509,515,185
210,657,227,050
Total
2,206,383,398,173
29,270,056,692
2,019,795,391,180
1,765,873,437,467
845,838,359,515
210,657,227,050
7,077,817,870,077
Segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
488,471,518,037
-
11,062,428,331
-
1,689,054,299,777
-
1,543,603,153,875
-
106,121,904,033
8,136,178,446
-
1,724,226,146,790
3,732,191,400,020
106,121,904,033
8,136,178,446
1,724,226,146,790
Total
488,471,518,037
11,062,428,331
1,689,054,299,777
1,543,603,153,875
114,258,082,479
1,724,226,146,790
5,570,675,629,289
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
275,171,799,045
-
-
( 1,344,130,000,000 ) ( 1,399,300,747,053 )
-
-
-
Total
275,171,799,045
-
( 1,344,130,000,000 ) ( 1,399,300,747,053 )
-
-
Net
Jakarta
Cikarang
Cilegon
Pandeglang
Moorotai
Amsterdam
763,643,317,082
-
11,062,428,331
-
344,924,299,777
-
144,302,406,822
-
106,121,904,033
8,136,178,446
-
1,724,226,146,790
1,263,932,452,012
106,121,904,033
8,136,178,446
1,724,226,146,790
Total
763,643,317,082
11,062,428,331
344,924,299,777
144,302,406,822
114,258,082,479
1,724,226,146,790
3,102,416,681,281
Jakarta
Cikarang
Cilegon
Pandeglang
Morotai
Amsterdam
987,556,178,443
1,939,958,190
-
696,949,600
-
35,612,222,476
-
234,935,423,025
-
24,099,545,067
4,954,682,500
-
-
1,258,800,773,544
1,939,958,190
24,099,545,067
4,954,682,500
-
Total
989,496,136,633
696,949,600
35,612,222,476
234,935,423,025
29,054,227,567
-
1,289,794,959,301
(
(
2,468,258,948,008)
2,468,258,948,008)
Exhibit E/69
37. SEGMENT INFORMATION (Continued)
Real estate
Golf
Service and
maintenance
Power plant
Tourism
Total
Sales
Jakarta
Cikarang
Cilegon
Pandeglang
918,870,556,673
-
44,082,253,962
-
163,973,643,606
-
19,359,471,666
-
2,010,000,000
1,146,285,925,907
2,010,000,000
Total
918,870,556,673
44,082,253,962
163,973,643,606
19,359,471,666
2,010,000,000
1,148,295,925,907
Other information
Segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
5,854,582,783,926
-
30,110,908,761
-
751,662,874,249
-
1,472,516,663,360
-
822,413,475,436
8,108,873,230,296
822,413,475,436
Total
5,854,582,783,926
30,110,908,761
751,662,874,249
1,472,516,663,360
822,413,475,436
8,931,286,705,732
Elimination of inter-segment assets
Jakarta
Cikarang
Cilegon
Pandeglang
( 3,333,929,954,809 )
-
-
-
-
-
( 3,333,929,954,809 )
-
Total
( 3,333,929,954,809 )
-
-
-
-
( 3,333,929,954,809 )
Net
Jakarta
Cikarang
Cilegon
Pandeglang
2,520,652,829,117
-
30,110,908,761
-
751,662,874,249
-
1,472,516,663,360
-
822,413,475,436
4,774,943,275,487
822,413,475,436
Total
2,520,652,829,117
30,110,908,761
751,662,874,249
1,472,516,663,360
822,413,475,436
5,597,356,750,923
Segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
1,143,563,954,962
-
13,342,019,335
-
321,690,373,379
-
1,198,108,249,522
-
67,382,095,729
2,676,704,597,198
67,382,095,729
Total
1,143,563,954,962
13,342,019,335
321,690,373,379
1,198,108,249,522
67,382,095,729
2,744,086,692,927
Elimination of inter-segment liabilities
Jakarta
Cikarang
Cilegon
Pandeglang
(
Total
(
648,432,358,965 )
-
-
-
-
-
648,432,358,965 )
-
-
-
-
(
(
648,432,358,965 )
648,432,358,965 )
Net
Jakarta
Cikarang
Cilegon
Pandeglang
495,131,595,997
-
13,342,019,335
-
321,690,373,379
-
1,198,108,249,522
-
67,382,095,729
2,028,272,238,233
67,382,095,729
Total
495,131,595,997
13,342,019,335
321,690,373,379
1,198,108,249,522
67,382,095,729
2,095,654,333,962
Jakarta
Cikarang
Cilegon
Pandeglang
654,336,564,936
2,457,984,829
-
1,862,482,700
-
492,000,000
55,264,162,727
-
284,542,262,591
-
12,263,684,751
492,000,000
996,005,472,954
2,457,984,829
12,263,684,751
Total
656,794,549,765
1,862,482,700
55,756,162,727
284,542,262,591
12,263,684,751
1,011,219,142,534
Exhibit E/70
38.
MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Foreign
Rupiah
Currency
Equivalent
Assets
Cash and cash equivalents
Foreign
Rupiah
Currency
Equivalent
US$
EUR
US$
US$
US$
19,036,301
173,808
1,328,961
4,400
11,157,747
227,845,481,520
2,838,807,420
15,906,334,688
52,663,601
133,547,075,518
17,542,473
217,520
1,418,597
4,400
10,967,759
174,179,212,626
2,822,755,126
14,085,250,209
43,687,600
108,898,883,579
US$
EUR
31,527,409
173,808
377,351,555,327
2,838,807,420
29,933,229
217,520
297,207,034,014
2,822,755,126
Liabilities
Short-term loan
Accrued expenses
Security deposits
Long-term debts
US$
US$
US$
US$
US$
6,500,000
947,493
8,968,677
7,075
168,744,019
77,798,500,000
11,340,542,161
107,346,098,843
84,680,675
2,019,697,158,966
6,500,000
947,493
8,985,104
7,075
168,599,850
64,538,500,000
9,407,656,706
89,213,097,318
70,247,675
1,674,027,910,650
Total Liabilities
US$
185,167,264
2,216,266,980,645
185,039,522
1,837,257,412,349
Bank guarantee
Refundable deposits
Restricted cash and cash equivalents
Total Assets
Net Liabilities
1,836,076,617,898
Foreign
Rupiah
Currency
Equivalent
Assets
Foreign
Rupiah
Currency
Equivalent
1,537,227,623,209
Foreign
Rupiah
Currency
Equivalent
US$
EUR
US$
US$
US$
14,739,038
228,667
1,055,106
4,400
11,002,131
179,654,134,427
3,846,409,596
12,860,690,692
53,631,600
134,104,975,369
16,439,325
152,280
1,468,459
4,400
11,160,083
158,968,271,217
1,950,709,760
14,200,000,000
42,548,000
107,918,005,029
5,804,687
1,565,946
4,400
654,156
52,636,904,979
14,200,000,000
39,899,200
5,931,889,782
US$
EUR
26,800,675
228,667
326,673,432,088
3,846,409,596
29,072,267
152,280
281,128,824,246
1,950,709,760
8,029,189
-
72,808,693,961
-
Liabilities
Short-term loan
Accrued expenses
Security deposits
Long-term debts
US$
US$
US$
US$
US$
6,500,000
947,493
8,977,177
7,075
168,039,677
79,228,500,000
11,548,990,592
109,422,814,353
86,237,175
2,048,235,623,442
6,500,000
947,493
8,950,908
7,075
167,952,021
62,855,000,000
9,162,256,053
86,555,283,454
68,415,250
1,624,096,043,070
947,493
206,501
7,075
131,702
8,591,865,345
1,872,550,977
64,156,100
1,194,273,736
Total Liabilities
US$
184,471,422
2,248,522,165,562
184,357,497
1,782,736,997,827
1,292,771
Bank guarantee
Refundable deposits
Restricted cash and cash equivalents
Total Assets
Net Liabilities (Assets)
1,918,002,323,878
1,499,657,463,821
11,722,846,158
(
61,085,847,803)
The table below shows the sensitivity to a reasonably possible change in foreign exchange rates, assuming all other variables are fixed, to net liabilities of the Group
as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011.
30 June 2014
30 June 2013
Increase (decrease)
31 December 2013
31 December 2012
31 December 2011
Exchange rate weakened by 5%
Net liabilities
68,852,873,171
58,174,232,753
71,925,087,145
56,965,569,838
26,806,220,443
68,852,873,171) (
58,174,232,753 ) (
71,925,087,145 ) (
56,965,569,838 ) (
26,806,220,443 )
Exchange rate strengthened by 5%
Net liabilities
39.
(
LEGAL MATTERS AND CONTINGENCIES
PT Grahabuana Cikarang (GBC), Subsidiary, has land of 10,560 sqm located in Simpang Jati RT 001/ RW 008, Desa Simpangan, Cikarang Utara, which is still in dispute
with third parties. GBC has submitted 2 (two) report against third parties to Cikarang Resort Police on 29 February 2012 with clause of “acquire land without
permission from the legitimate right or authority” and reporting on 9 May 2012 with clause “destruction”. The current process of reporting on 29 February 2012 are
still in transfer process to the court. Meanwhile the reporting on 9 May 2012 still in process of witnesses examination.
The Company’s land of 2,670 sqm, located in Kp.Kandang Gereng, Desa Jayamukti, is being disputed by third parties. Pursuant to the decision of the District Court of
Bekasi (the Court) dated 21 June 2005, the decision was in favor of the third parties. Futhermore the Company appealed regarding the decision of District Court of
Bekasi. The result of appeal is decision of the High Court in Bandung dated 14 December 2007 supported the decision of the District Court of Bekasi. In 5 May 2008, the
Company applied for cassation to the Supreme Court, and until the date of report on review of interim financial information (27 August 2014) is still in process.
The Company is facing a lawsuit involving its land area of 55,150 sqm, located in Karangbaru, which is being disputed by third parties. Based on the decision of the
District Court in Bekasi dated 4 September 2008, the Company is the legal owner of the land. Further, third parties appealed on 10 December 2008 to the High Court
in Bandung regarding the decision of District Court of Bekasi. The result of appeal is decision of the High Court in Bandung dated 29 October 2009 supported the
decision of the District Court of Bekasi. Against the decision, third party applied for cassation to the Supreme Court, and until the date of report on review of interim
financial information (27 August 2014) is still in process.
Exhibit E/71
40. FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying values of financial instruments presented in the consolidated statements of financial position approximate their fair values, otherwise, they
are presented at cost as their fair values cannot be reliably measured.
The table below describes the carrying amounts and fair value of financial assets and financial liabilities that are not presented by the Group at fair
value:
30 June 2014
(Unaudited)
Rupiah Equivalent
Financial Assets
Loans and receivables:
Trade receivables
from third parties
Other receivables
from third parties
Bank guarantee
Refundable deposits
Restricted cash and
cash equivalents - Net
Available-for-sale (AFS)
financial assets:
30 June 2013
(Unaudited)
Rupiah Equivalent
31 December 2013
(Audited)
Rupiah Equivalent
31 December 2012
(Audited)
Rupiah Equivalent
31 December 2011
(Audited)
Rupiah Equivalent
538,704,896,194
307,426,034,596
595,494,841,630
241,847,003,916
127,545,483,579
237,013,136,088
442,959,573,280
230,554,954,026
118,659,146,129
85,507,850,760
38,966,038,248
15,906,334,688
2,482,144,099
23,977,159,558
14,085,250,209
1,487,629,462
38,337,986,474
12,860,690,692
1,535,709,058
113,294,364,970
14,200,000,000
1,210,550,670
22,356,961,892
14,200,000,000
1,142,020,285
175,777,140,452
140,443,567,314
171,302,841,032
139,498,324,585
17,714,406,317
11,000,000,000
1,000,000,000
1,000,000,000
1,000,000,000
1,000,000,000
Total Financial Assets
1,019,849,689,769
931,379,214,419
1,051,087,022,912
629,709,390,270
269,466,722,833
Financial Liabilities
Other financial liabilities:
Short–term loan
Accrued expenses
Security deposits
Long–term debts
77,798,500,000
177,695,896,505
142,841,991,039
140,752,277,844
43,859,176,534
2,437,180,857,209
64,538,500,000
161,118,466,021
121,978,976,210
112,312,491,043
27,395,598,762
2,078,199,989,368
79,228,500,000
186,607,433,215
132,002,837,480
142,180,540,446
35,607,791,790
2,493,127,046,227
62,861,461,878
166,426,985,201
122,480,130,549
109,758,855,729
20,407,728,190
1,983,638,420,900
902,818,074
89,011,690,273
126,601,946,634
18,613,800,340
11,245,999,447
1,495,879,967,554
Total Financial Liabilities
3,020,128,699,131
2,565,544,021,404
3,068,754,149,158
2,465,573,582,447
1,742,256,222,322
Carrying amount
Fair value
Financial Assets
Trade receivables from third parties
Other receivables from third parties
Bank guarantee
Refundable deposits
Restricted cash and cash equivalents – Net
Carrying amount
Fair value
538,704,896,194
237,013,136,088
38,966,038,248
11,000,000,000
15,906,334,688
2,482,144,099
175,777,140,452
538,704,896,194
237,013,136,088
38,966,038,248
11,000,000,000
15,906,334,688
2,482,144,099
175,777,140,452
307,426,034,596
442,959,573,280
23,977,159,558
1,000,000,000
14,085,250,209
1,487,629,462
140,443,567,314
307,426,034,596
442,959,573,280
23,977,159,558
1,000,000,000
14,085,250,209
1,487,629,462
140,443,567,314
1,019,849,689,769
1,019,849,689,769
931,379,214,419
931,379,214,419
Short–term loan
Accrued expenses
Security deposits
Long–term debts
77,798,500,000
177,695,896,505
142,841,991,039
140,752,277,844
43,859,176,534
2,437,180,857,209
77,798,500,000
177,695,896,505
142,841,991,039
140,752,277,844
43,859,176,534
2,618,811,728,083
64,538,500,000
161,118,466,021
121,978,976,210
112,312,491,043
27,395,598,762
2,078,199,989,368
64,538,500,000
161,118,466,021
121,978,976,210
112,312,491,043
27,395,598,762
2,078,199,989,368
3,020,128,699,131
3,201,759,570,005
2,565,544,021,404
2,565,544,021,404
Exhibit E/72
40. FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued)
Carrying amount
Fair value
Financial Assets
Trade receivables
from third parties
Other receivables
from third parties
Bank guarantee
Refundable deposits
Restricted cash and cash
equivalents - Net
Carrying amount
Fair value
Carrying amount
Fair value
595,494,841,630
595,494,841,630
241,847,003,916
241,847,003,916
127,545,483,579
127,545,483,579
230,554,954,026
230,554,954,026
118,659,146,129
118,659,146,129
85,507,850,760
85,507,850,760
38,337,986,474
1,000,000,000
12,860,690,692
1,535,709,058
38,337,986,474
1,000,000,000
12,860,690,692
1,535,709,058
113,294,364,970
1,000,000,000
14,200,000,000
1,210,550,670
113,294,364,970
1,000,000,000
14,200,000,000
1,210,550,670
22,356,961,892
1,000,000,000
14,200,000,000
1,142,020,285
22,356,961,892
1,000,000,000
14,200,000,000
1,142,020,285
171,302,841,032
171,302,841,032
139,498,324,585
139,498,324,585
17,714,406,317
17,714,406,317
1,051,087,022,912
1,051,087,022,912
629,709,390,270
629,709,390,270
269,466,722,833
269,466,722,833
Short–term loan
Accrued expenses
Security deposits
Long–term debts
79,228,500,000
186,607,433,215
132,002,837,480
142,180,540,446
35,607,791,790
2,493,127,046,227
79,228,500,000
186,607,433,215
132,002,837,480
142,180,540,446
35,607,791,790
2,544,292,803,920
62,861,461,878
166,426,985,201
122,480,130,549
109,758,855,729
20,407,728,190
1,983,638,420,900
62,861,461,878
166,426,985,201
122,480,130,549
109,758,855,729
20,407,728,190
1,983,638,420,900
902,818,074
89,011,690,273
126,601,946,634
18,613,800,340
11,245,999,447
1,495,879,967,554
902,818,074
89,011,690,273
126,601,946,634
18,613,800,340
11,245,999,447
1,495,879,967,554
3,068,754,149,158
3,119,919,906,851
2,465,573,582,447
2,465,573,582,447
1,742,256,222,322
1,742,256,222,322
The following are the methods and assumptions used to estimate the fair value of each group of financial instruments of the Group:
The Group’s management has determined that the carrying amounts (based on notional amounts) of cash and cash equivalents, trade
receivables, other receivables, restricted cash and cash equivalents, short term loan, trade payables, other payables and accrued expenses
approximate their fair values because they are mostly short-term in nature.
The fair value of bank guarantee, refundable deposits and security deposits are estimated by discounting future cash flows.
The fair value of financial lease payables and long-term bank loan is measured using discounted cash flow based on the interest rate of the
latest finance lease payable and the latest bank loan facility entered by the Group. The fair value of Senior Notes is estimated using the
quoted market price.
Investments in other unquoted ordinary shares representing equity ownership interest of below 20% are carried at cost as the fair values
cannot be reliably measured.
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, the Group has no financial instruments
carried at fair value.
41. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose to a variety of financial risks including foreign currency risk, credit risk and liquidity risk. The Board of Directors
(“BOD”) reviews on an informal basis and agrees the policies for managing each of these risks, from the previous year as disclosed below:
i. Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because o f changes in
foreign exchanges rates. Most of the Group’s revenues are denominated in Rupiah. The Group believe that this risk
management strategy results in positive benefit for the Group in the short-term period.
The table below shows the sensitivity to a reasonably possible change in foreign exchange rates, assuming all other variables are fixed, to
the income after income taxes of the Group as of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December
2011.
30 June 2014
30 June 2013
Increase (decrease)
31 December 2013
31 December 2012
31 December 2011
Exchange rate weakened by 5%
Net income after tax
(
68,852,873,171 ) (
58,174,232,753 ) (
71,925,087,145 ) (
56,965,569,838 ) (
26,806,220,443 )
68,852,873,171
58,174,232,753
71,925,087,145
56,965,569,838
26,806,220,443
Exchange rate strengthened by 5%
Net income after tax
Exhibit E/73
41. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)
ii. Credit risk
Credit risk is the risk that a counterparty of the Group will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group’s exposure credit risk arises primarily from trade and other receivables. For other financial assets
(including cash and cash equivalents), the Group minimizes credit risk by dealing exclusively with high credit rating counterparties.
The Group’s objective is to seek recurring revenue growth and minimizing losses incurred due to the increase of credit risk exposure. The
Group’s transaction is only with recognized and creditworthy third parties and used credit verification procedures for all customer seeking
to trade on credit terms. In addition, receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to
bad debts is not significant.
As of 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, the Group’s maximum exposure to credit
risk is represented by the carrying amount of each class of financial assets recognized in the consolidated statements of financial position.
iii. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds. The Group’s
exposure to liquidty risk arises primarily from mismatched of the maturities of financial assets and liabilities.
The table summarizes the maturity profile of the Group’s financial assets and liabilities at the end of the reporting year based on
contractual undiscounted payment.
Weighted
average
interest rate
Financial Assets
Trade receivables from third parties - net
Other receivables from third parties - net
Bank guarantee
Refundable deposits
Restricted cash and cash equivalents-Net
3.00% - 11.00%
More than
one year
Total
538,704,896,194
234,987,837,089
38,966,038,248
11,000,000,000
15,906,334,688
2,482,144,099
175,777,140,452
2,025,298,999
-
538,704,896,194
237,013,136,088
38,966,038,248
11,000,000,000
15,906,334,688
2,482,144,099
175,777,140,452
1,017,824,390,770
2,025,298,999
1,019,849,689,769
6.50%
77,798,500,000
149,204,704,268
142,841,991,039
140,752,277,844
43,859,176,534
28,491,192,237
-
77,798,500,000
177,695,896,505
142,841,991,039
140,752,277,844
43,859,176,534
11.75%
9.40% - 13.75%
4.29% – 13.10%
330,617,385,644
5,416,199,728
2,018,120,817,728
79,180,000,000
3,846,454,109
2,018,120,817,728
409,797,385,644
9,262,653,837
890,490,235,057
2,129,638,464,074
3,020,128,699,131
0.50% - 5.00%
Total
Short–term loan
Accrued expenses
Security deposits
Long-term debts:
Senior notes
Bank loans
Lease payables
Less than
one year
Total
Weighted
average
interest rate
Financial Assets
Trade receivables from third parties - net
Bank guarantee
Refundable deposits
Total
2.65% - 7.00%
0.50% - 4.50%
Less than
one year
More than
one year
Total
307,426,034,596
439,441,218,654
23,977,159,558
1,000,000,000
14,085,250,209
1,487,629,462
140,443,567,314
3,518,354,626
-
307,426,034,596
442,959,573,280
23,977,159,558
1,000,000,000
14,085,250,209
1,487,629,462
140,443,567,314
927,860,859,793
3,518,354,626
931,379,214,419
Exhibit E/74
iii. Liquidity risk (Continued)
Weighted
Average
interest rate
Short–term loan
Accrued expenses
Security deposits
Long-term debts:
Senior notes
Bank loans
Lease payables
Less than
one year
More than
one year
Total
6.50%
64,538,500,000
147,589,661,031
121,978,976,210
112,312,491,043
27,395,598,762
13,528,804,990
-
64,538,500,000
161,118,466,021
121,978,976,210
112,312,491,043
27,395,598,762
11.75%
9.50% - 15.00%
4.10% - 10.70%
278,167,367,138
1,932,033,732
1,672,720,241,492
119,180,000,000
6,200,347,006
1,672,720,241,492
397,347,367,138
8,132,380,738
753,914,627,916
1,811,629,393,488
2,565,544,021,404
Total
Weighted
Average
interest rate
Financial Assets
Trade receivables from third parties – net
Bank guarantee
Refundable deposits
2.75% - 10.25%
0.50% - 4.50%
Total
Short–term loan
Accrued expenses
Security deposits
Long-term debts:
Senior notes
Bank loans
Lease payables
Total
Less than
one year
More than
one year
595,494,841,630
230,554,954,026
38,337,986,474
1,000,000,000
12,860,690,692
1,535,709,058
171,302,841,032
-
595,494,841,630
230,554,954,026
38,337,986,474
1,000,000,000
12,860,690,692
1,535,709,058
171,302,841,032
1,051,087,022,912
-
1,051,087,022,912
Total
6.50%
79,228,500,000
155,798,534,003
132,002,837,480
142,180,540,446
35,607,791,790
30,808,899,212
-
79,228,500,000
186,607,433,215
132,002,837,480
142,180,540,446
35,607,791,790
11.75%
9.40% - 12.83%
6.48% - 12.93%
340,740,661,572
4,146,257,563
2,046,630,307,764
99,180,000,000
2,429,819,328
2,046,630,307,764
439,920,661,572
6,576,076,891
889,705,122,854
2,179,049,026,304
3,068,754,149,158
Exhibit E/75
iii. Liquidity risk (Continued)
Weighted
Average
interest rate
Financial Assets
Bank guarantee
Refundable deposits
1.50% - 8.00%
0.50% - 4.50%
Total
Short–term loan
Accrued expenses
Security deposits
Long term debt:
Senior notes
Bank loan
Lease payable
Less than
one year
More than
one year
241,847,003,916
116,517,661,742
113,294,364,970
1,000,000,000
14,200,000,000
1,210,550,670
139,498,324,585
2,141,484,387
-
627,567,905,883
2,141,484,387
-
Total
241,847,003,916
118,659,146,129
113,294,364,970
1,000,000,000
14,200,000,000
1,210,550,670
139,498,324,585
629,709,390,270
6.50% - 11.50%
62,861,461,878
166,426,985,201
122,480,130,549
109,758,855,729
20,407,728,190
-
11.75%
9.50% - 15.00%
4.10% - 10.70%
181,402,486,300
4,007,009,003
1,622,822,484,730
169,180,000,000
6,226,440,867
1,622,822,484,730
350,582,486,300
10,233,449,870
667,344,656,850
1,798,228,925,597
2,465,573,582,447
Total
62,861,461,878
166,426,985,201
122,480,130,549
109,758,855,729
20,407,728,190
Weighted
Average
interest rate
Financial Assets
Other receivables from third parties – net
Bank guarantee
Refundable deposits
1.50% - 9.25%
Total
More than
one year
Total
127,545,483,579
83,952,237,212
22,356,961,892
1,000,000,000
14,200,000,000
1,142,020,285
17,714,406,317
1,555,613,548
-
127,545,483,579
85,507,850,760
22,356,961,892
1,000,000,000
14,200,000,000
1,142,020,285
17,714,406,317
267,911,109,285
1,555,613,548
269,466,722,833
6.50% - 11.50%
902,818,074
79,080,890,418
126,601,946,634
18,613,800,340
11,245,999,447
9,930,799,855
-
902,818,074
89,011,690,273
126,601,946,634
18,613,800,340
11,245,999,447
7.50% - 15.00%
501,512,111,603
1,954,110,620
989,338,666,667
3,075,078,664
1,490,850,778,270
5,029,189,284
739,911,677,136
1,002,344,545,186
1,742,256,222,322
0.50% - 7.00%
Total
Short–term loan
Accrued expenses
Security deposits
Long-term debts:
Bank loans
Lease payables
Less than
one year
Exhibit E/76
iv. Interest rate risk
Risk exposure for interest rate with regard to the assets and liabilities for which the interest rate movement could affect earnings
before tax. Interest income risk is limited due to the Group only maintaining adequate cash balance for operational needs. In
interest expense, optimal balance between liabilities and floated and fixed interest rate is predetermined. The Group’s policy on
the funding which will give combination according to floated and fixed interest rate. Approval from the directors and board of
commissioners must be obtained before the Group executes the financial instrument in order to manage interest rate risk
exposure.
The following table demonstrates the sensitivity to a reasonably possible change in floating interest rates on loans as of 30 June
2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011. With all other variables held constant. The
income before tax is affected through the impact on floating interest rates loans as follows:
30 June
2014
30 June
2013
Effect on Income Before Tax
31 December
31 December
2013
2012
31 December
2011
Increase/ Decrease in Interest Rates
+ 100 basis point
‐ 100 basis point
(
1,945,900,000 ) (
1,745,900,000 ) (
4,191,800,000 ) (
2,691,800,000 )
-
1,945,900,000
1,745,900,000
4,191,800,000
2,691,800,000
-
The Company’s floating debt loans from its loan with Standard Chartered Bank, which is pagged to JIBOR plus a fixed margin of
5%.
In 30 June 2014, 30 June 2013, 31 December 2013, 31 December 2012 and 31 December 2011, the Group did not have any floating
US$ interest rate liabilities; hence fluctuation of such would not decrease profit.
42. CAPITAL MANAGEMENT
The primary objective of the Group capital management is to ensure that it maintains a strong credit rating and healthy capital
ratios in order to support its business and maximize shareholder value.
The Group manages its capital structure and makes adjustments to it, in light of the Group’s strategy and financial conditions, and
domestic and global economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payments to
shareholders, return capital to shareholders or issue new shares.
Further, the Group has prudent cash management in order to manages its capital. The Group apply centralized treasury management
to maintain financing flexibility and reduce liquidity risk. The Group also strives to maintain adequate working capital needs.
The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group’s policy is to
keep a healthy gearing ratio, includes within net debt, finance lease payables, trade and other payables and loans, less cash and
cash equivalents. Capital includes equity attributable to the owners of the parent entity. There were no changes from the previous
period for the Group’s capital management.
30 June
2014
(Unaudited)
30 June
2013
(Unaudited)
31 December
2013
(Audited)
31 December
2012
(Audited)
31 December
2011
(Audited)
Short-term loan
Trade and other payables
Long–term debts
Less: Cash and cash equivalents
77,798,500,000
320,537,887,544
2,437,180,857,209
538,704,896,194
64,538,500,000
283,097,442,231
2,078,199,989,368
307,426,034,596
79,228,500,000
318,610,270,695
2,493,127,046,227
595,494,841,630
62,861,461,878
288,907,115,750
1,983,638,420,900
241,847,003,916
902,818,074
215,613,636,907
1,495,879,967,554
127,545,483,579
Net debt
Total equity
2,296,812,348,559
4,582,873,868,426
2,118,409,897,003
4,182,125,182,551
2,295,470,975,292
4,186,031,873,203
2,093,559,994,612
3,975,401,188,796
1,584,850,938,956
3,501,702,416,961
Net debt and total equity
2,286,061,519,867
2,063,715,285,548
1,890,560,897,911
1,881,841,194,184
1,916,851,478,005
50.12%
50.65%
54.84%
52.66%
45.26%
Gearing ratio
Exhibit E/77
43. NON-CASH ACTIVITIES
30 June
2014
(Six months)
(Unaudited)
Leased assets acquired through
lease payable
Reclasification of property,
plant and equipment to
advance for project
Addition land of property, plant
and equipment from land
for development
Additional issued and fully paid
in capital and additional paid
in capital from shares dividend
Reclassification investment
properties from advance
for purchase of property
plant and equipment
Addition in land for development
from acquisition of subsidiaries
Additional paid-in capital and
acquisition of subsidiaries
from promissory note
Addition in property, plant and
equipment from acquisition of
subsidiaries
11,072,830,368
30 June
2013
(Six months)
(Unaudited)
10,410,516,816
31 December
2013
(One year)
(Audited)
8,854,214,975
31 December
2012
(One year)
(Audited)
12,511,585,950
31 December
2011
(One year)
(Audited)
6,640,500,000
-
25,364,923,606
-
-
-
-
1,602,818,000
-
-
-
-
-
106,566,710,250
-
-
-
-
97,371,030,284
-
-
-
-
-
-
1,598,327,873,217
-
-
-
-
1,487,513,923,750
-
-
-
-
9,017,287,391

English Version

Transcription

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