P.T. FAJAR SURYA WISESA Tbk AND ITS SUBSIDIARY

Transcription

P.T. FAJAR SURYA WISESA Tbk
AND ITS SUBSIDIARY
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
AS OF MARCH 31, 2013 (UNAUDITED) AND DECEMBER 31, 2012
AND FOR THE THREE-MONTH PERIODS ENDED
MARCH 31, 2013 AND 2012 (UNAUDITED)
AND INDEPENDENT ACCOUNTANTS’ REPORT
TABLE OF CONTENTS
Page
DIRECTORS’ STATEMENT LETTER
FINANCIAL STATEMENTS – As of March 31, 2013 (Unaudited) and December 31, 2012
and for three-month periods ended March 31, 2013 and 2012 *) (Unaudited)
Statements of Financial Position
2
Statements of Comprehensive Income
4
Statements of Changes in Equity
5
Statements of Cash Flows
6
Notes to Financial Statements
7
SUPPLEMENTARY INFORMATION
Schedule I : Statements of Financial Position Only Parent Company’s
47
Schedule II : Statements of Comprehensive Income Only Parent Company’s
49
Schedule III : Statements of Changes in Equity Only Parent Company’s
50
Schedule IV: Statements of Cash Flows Only Parent Company’s
51
*) For the three-month periods ended March 31, 2012 are the consolidated financial statements.
STATEMENTS OF FINANCIAL POSITION
MARCH 31, 2013 (UNAUDITED) AND DECEMBER 31, 2012
Notes
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
ASSETS
CURRENT ASSETS
Cash on hand and in banks
Trade accounts receivable to third parties
Other accounts receivable
Inventories
Advances
Prepaid taxes
Prepaid expenses
5
6
88,181,823,053
895,907,793,570
2,436,732,422
725,674,542,149
9,091,060,701
85,918,448,771
5,124,065,953
72,870,958,343
878,622,048,703
2,144,104,020
636,373,572,306
7,964,690,758
76,802,197,934
6,174,678,893
1,812,334,466,619
1,680,952,250,957
10
9,597,887,265
9,465,012,923
11
12
13
3,835,032,009,260
22,638,591,172
120,790,909
4,018,475,000
3,860,973,069,153
22,865,535,787
59,863,636
4,018,475,000
Total Noncurrent Assets
3,871,407,753,606
3,897,381,956,499
TOTAL ASSETS
5,683,742,220,225
5,578,334,207,456
7
8
9,29
Total Current Assets
NONCURRENT ASSETS
Restricted time deposit
Property, plant and equipment - net of accumulated
depreciation of Rp 2,130,255,200,939 in March 31, 2013
and Rp 2,075,556,955,495 in December 31, 2012
Intangible Asset - net
Advances for purchase of property, plant and equipment
Guarantee deposits
See accompanying notes to financial statements
which are an integral part of the financial statements.
-2-
STATEMENTS OF FINANCIAL POSITION
MARCH 31, 2013 (UNAUDITED) AND DECEMBER 31, 2012 (Continued)
Notes
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Bank loans
Trade accounts payable to third parties
Other accounts payable
Taxes payable
Accrued expenses
Current maturities of long-term liabilities
Derivative financial instruments
Banks and financial institution
Finance lease obligations
14
15
16
17,29
18
256,512,447,758
808,337,267,577
30,656,906,991
13,952,818,048
70,607,230,449
301,673,090,910
639,631,351,281
45,047,464,234
20,392,641,357
64,608,669,978
34b
19
20
2,022,713,129
556,444,767,302
7,698,370,039
3,032,956,820
1,795,725,800,489
9,207,523,733
1,746,232,521,293
2,879,319,498,802
29
399,056,666,897
378,346,133,755
34b
19
20
21
7,268,916,103
1,576,037,978,188
2,040,095,366
78,813,466,047
8,198,922,241
426,891,435,367
3,445,493,229
75,142,807,315
Total Noncurrent Liabilities
2,063,217,122,601
892,024,791,907
TOTAL LIABILITIES
3,809,449,643,894
3,771,344,290,709
1,238,944,393,500
3,560,727,824
1,238,944,393,500
3,560,727,824
600,000,000
631,187,455,007
600,000,000
563,884,795,423
TOTAL EQUITY
1,874,292,576,331
1,806,989,916,747
TOTAL LIABILITIES AND EQUITY
5,683,742,220,225
5,578,334,207,456
Total Current Liabilities
NONCURRENT LIABILITIES
Deferred tax liabilities
Long-term loans - net of current maturities
Post-employment benefits obligation
EQUITY
Capital stock - Rp 500 par value per share
Authorized - 5,000,000,000 shares
Subscribed and paid-up - 2,477,888,787 shares
Additional paid-in capital
Retained earnings
Appropriated
Unappropriated
22
23
-3-
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2013 AND 2012 (UNAUDITED)
Notes
2013
(Unaudited)
Rp
24,32
1,213,561,575,587
862,342,262,399
25
1,025,010,099,152
773,491,269,378
188,551,476,435
88,850,993,021
(38,291,756,423)
(14,868,482,236)
(31,304,135,149)
(16,637,349,487)
1,940,249,829
1,554,087,937
(19,909,403,869)
(12,519,384,077)
(33,961,614,033)
(21,601,659,069)
(739,806,398)
4,117,500,181
90,944,090,906
4,236,625,756
(23,641,431,322)
(2,178,586,431)
NET INCOME FOR THE PERIOD
Other comprehensive income
67,302,659,584
-
2,058,039,325
-
TOTAL COMPREHENSIVE INCOME
67,302,659,584
2,058,039,325
NET INCOME FOR THE PERIOD AND TOTAL
COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the Company
Non-controlling interest
67,302,659,584
-
2,058,039,325
-
NET INCOME FOR THE PERIOD AND TOTAL
COMPREHENSIVE INCOME
67,302,659,584
2,058,039,325
27.16
0.83
NET SALES
COST OF GOODS SOLD
GROSS PROFIT
Selling expenses
General and administrative expenses
Financial charges
Loss on foreign exchange - net
Gain (loss) on derivative financial instruments - net
Other gains
26
27
28
34b
INCOME BEFORE TAX
TAX EXPENSE - NET
29
BASIC EARNINGS PER SHARE
30
-4-
2012 *)
(Unaudited)
Rp
STATEMENTS OF CHANGES IN EQUITY
Paid-up Capital
Rp
Additional
Paid-in Capital
Rp
Retained earnings
Appropriated
Unappropriated
Rp
Rp
1,238,944,393,500
3,560,727,824
600,000,000
-
-
-
Balance as of March 31, 2012
1,238,944,393,500
3,560,727,824
Balance as of January 1, 2013
1,238,944,393,500
Net income for the period and total
comprehensive income
Net income for the period and total
comprehensive income
Total Equity
Rp
558,592,332,553
1,801,697,453,877
2,058,039,325
2,058,039,325
600,000,000
560,650,371,878
1,803,755,493,202
3,560,727,824
600,000,000
563,884,795,423
1,806,989,916,747
-
-
-
67,302,659,584
67,302,659,584
1,238,944,393,500
3,560,727,824
600,000,000
631,187,455,007
1,874,292,576,331
-5-
STATEMENTS OF CASH FLOWS
2013
(Unaudited)
Rp
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers
Cash paid to suppliers, employees and for other operational expenses
2012 *)
(Unaudited)
Rp
1,196,275,830,721
(902,351,060,641)
624,618,529,243
(649,787,137,424)
Cash generated by operations
Payments of:
Financial charges
Income taxes
Receipts from:
Interest income
293,924,770,080
(25,168,608,181)
(27,445,632,795)
(12,047,149,017)
(29,646,226,457)
(3,414,738,483)
Net Cash Provided by (Used in) Operating Activities
254,802,748,431
(57,910,998,754)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Placement in restricted time deposit
Acquisition of property, plant and equipment
Acquisition of intangible assets
Payment of advances for purchase of property, plant and equipment
173,636,364
(132,874,342)
(28,936,000,697)
(1,046,453,962)
(175,472,727)
100,000,000
(8,904,600,000)
(100,208,917,062)
(2,870,000,000)
(78,886,364)
Net Cash Used in Investing Activities
(30,117,165,364)
(111,962,403,426)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans
Proceeds from long-term bank loans and financial institution
Payment of bank loans
Payment of long-term bank loans
Payment of finance lease obligations
257,299,450,179
(107,969,004,078)
(355,790,612,901)
(2,914,551,557)
153,765,000,000
152,180,274,830
(63,898,468,683)
(55,683,293,192)
(5,530,443,075)
Net Cash Provided by (Used in) Financing Activities
(209,374,718,357)
180,833,069,880
NET INCREASE IN CASH ON HAND AND IN BANKS
15,310,864,710
10,959,667,700
CASH ON HAND AND IN BANKS AT BEGINNING OF PERIOD
72,870,958,343
42,218,367,909
CASH ON HAND AND IN BANKS AT END OF PERIOD
88,181,823,053
53,178,035,609
370,760,163
-6-
318,574,367
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2013 (UNAUDITED) AND DECEMBER 31, 2012 AND
1.
GENERAL
a.
Establishment and General Information
P.T. Fajar Surya Wisesa Tbk (the “Company”) was established based on Notarial Deed No. 20
dated June 13, 1987 of Lenny Budiman, S.H., notary in Jakarta. The Deed of Establishment was
approved by the Minister of Justice of the Republic of Indonesia in its Decision Letter
No. C2-1737-HT.01.01.TH.88 dated February 29, 1988, and was published in Supplement No. 1623
of State Gazette No. 36 dated May 4, 1990. The Company’s Articles of Association has been
amended from time to time, the latest amendment of which was notarized under Deed No. 86
dated June 25, 2008 of Imas Fatimah, S.H., notary in Jakarta, to conform with Law No. 40 year
2007 on Limited Liability Companies. The amendment was approved by the Minister of Law and
Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-43900.AH.01.02.
Tahun 2008 dated July 23, 2008.
In accordance with Article 3 of the Company's Articles of Association, the scope of its activities is
to engage in paper manufacturing. The Company started its commercial operations in 1989 and
is presently producing industrial paper, such as containerboard (liner and corrugating medium)
and boxboard, for use in packaging of consumer and industrial goods. The Company’s products
are sold to domestic customers and exported to other Asian countries, Ethiopia and the Middle
East. The percentages of domestic and export sales to net sales for the three-month periods
ended March 31, 2013 were 89% and 11%, respectively. The Company has a production
capacity of 1,200,000 tons per year.
The Company’s head office is located at Jalan Abdul Muis No. 30, Jakarta, and its factory is
located at Jalan Gardu Sawah Rt. 001/1-1, Kalijaya, Cikarang Barat, Bekasi.
The Company has 2,530 and 2,544 employees as of March 31, 2013 and December 31, 2012,
respectively.
The Company’s management as of March 31, 2013 and December 31, 2012 consists of the
following:
Board of Commissioners
President Commissioner
Commissioner
Independent Commissioner
Board of Directors
President Director
Directors
Audit Committee
Chairman
Members
b.
Ir. Airlangga Hartarto
Lila Notopradono
Tony Tjandra
Winarko Sulistyo
Roy Teguh
Hadi Rebowo Ongkowidjojo
Yustinus Yusuf Kusumah
Christopher Thomas Pedder
Tony Tjandra
Sudarmanto
M. Fadil
Consolidated Subsidiary
On July 31, 2006, the Company established Fajar Paper Finance B.V. (FPF B.V.) which is
domiciled in Amsterdam, the Netherlands, with 100% ownership. FPF B.V.’s activity is to serve
as a financing and investment company.
On November 2012, the Company has liquidated FPF B.V.
-7-
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2013 AND 2012 (UNAUDITED) (Continued)
c.
Public Offering of the Company and Subsidiary’s Securities
Public Offering of the Company’s Shares
On November 29, 1994, the Company obtained the approval from the Chairman of the Capital
Market Supervisory Agency (BAPEPAM) based on Letter No. S-1927/PM/1994 to conduct the
initial public offering of 47,000,000 Company’s shares with nominal value of Rp 1,000 per share
at an offering price of Rp 3,200 per share. Subsequently, the Company listed all its other shares
and since December 19, 1994, all of the Company’s shares have been listed on the Jakarta
Stock Exchange (currently Indonesian Stock Exchange).
Based on the minutes of the general meeting of shareholders which were notarized under Deed
No. 23 dated May 12, 1999 of Imas Fatimah, S.H., the shareholders approved the change in the
par value of the Company’s shares from Rp 1,000 to Rp 500 per share (stock split).
As of March 31, 2013, all of the Company’s 2,477,888,787 outstanding shares are listed in the
Indonesian Stock Exchange.
Public Offering of the Subsidiary’s Bonds
On October 31, 2006, FPF B.V. issued Guaranteed Senior Secured Notes (the Notes) amounting
to US$ 100,000,000 at the rate of 10.75% per annum which matured on October 31, 2011. The
Notes are listed in the Singapore Exchange Securities Trading Limited.
2.
ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS
(“PSAK”) AND INTERPRETATION OF PSAK (“ISAK”)
Standards effective in the current period
In the current period, the Company has adopted all of the new and revised standards and
interpretations issued by the Financial Accounting Standard Board of the Indonesian Institute of
Accountants. Effective for periods beginning on or after January 1, 2013 is PSAK 38 (revised 2012),
Business Combination Under Common Control and Amendment of PSAK 60; Financial Instrument:
Disclosures.
Their adoption has not had any significant impact on the amounts reported in these consolidated
financial statements.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.
Statement of Compliance
The consolidated financial statements have been prepared in accordance with Indonesian
Financial Accounting Standards. These financial statements are not intended to present the
financial position, result of operations and cash flows in accordance with accounting principles
and reporting practices generally accepted in other countries and jurisdictions.
b.
Consolidated Financial Statement Presentation
The consolidated financial statements, except for the consolidated statements of cash flows, are
prepared under the accrual basis of accounting. The reporting currency used in the preparation
of the consolidated financial statements is the Indonesian Rupiah, while the measurement basis
used is the historical cost, except for certain accounts which are measured on the bases
described in the related accounting policies.
The consolidated statements of cash flows are prepared using the direct method with
classifications of cash flows into operating, investing and financing activities.
-8-
c.
Principles of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiary – Note 1b). Control is achieved where the
Company has the power to govern the financial and operating policies of an entity so as to obtain
benefits from its activities.
Where necessary, adjustments are made to the financial statements of the subsidiary to bring the
accounting policies used in line with those used by the Company.
All intra-group transaction, balances, income and expenses are eliminated on consolidation.
On March 31, 2013, the Company did not apply the principles of consolidation, because the
subsidiary, FPF B.V. has liquidated (Note 1b).
d.
Foreign Currency Transactions and Translation
The books of accounts of the Company are maintained in Indonesian Rupiah. Transactions
during the year involving foreign currencies are recorded at the rates of exchange prevailing at
the time the transactions are made. At financial position date, monetary assets and liabilities
denominated in foreign currencies are adjusted to reflect the exchange rates prevailing at that
date. The resulting gains or losses are credited or charged to profit or loss.
The operations of FPF B.V., a subsidiary in Amsterdam is integral to the Company’s operations,
thus the book of accounts of the subsidiary which is maintained in U.S. Dollar is translated into
Indonesian Rupiah using similar procedures as the Company.
e.
Transactions with Related Parties
A related party is a person or entity that is related to the Company and its subsidiary (the
reporting entity):
a. A person or a close member of that person's family is related to the reporting entity if that
person:
i. has control or joint control over the reporting entity;
ii. has significant influence over the reporting entity; or
iii. is a member of the key management personnel of the reporting entity or of a parent of the
reporting entity.
b. An entity is related to the reporting entity if any of the following conditions applies:
i. The entity and the reporting entity are members of the same the Company (which means
that each parent, subsidiary and fellow subsidiary is related to the others).
ii. One entity is an associate or joint venture of the other entity (or an associate or joint
venture of a member of a the Company of which the other entity is a member).
iii. Both entities are joint ventures of the same third party.
iv. One entity is a joint venture of a third entity and the other entity is an associate of the third
entity.
v. The entity is a post-employment benefit plan for the benefit of employees of either the
reporting entity, or an entity related to the reporting entity. If the reporting entity in itself
such a plan, the sponsoring employers are also related to the reporting entity.
-9-
vi. The entity is controlled or jointly controlled by a person identified in (a).
vii. A person identified in (a) (i) has significant influence over the entity or is a member of the
key management personnel of the entity (or a parent of the entity).
All transactions with related parties, whether or not made at similar terms and conditions as
those done with third parties, are disclosed in the consolidated financial statements.
f.
Financial Assets
All financial assets are recognized and derecognized on trade date where the purchase or sale of
a financial asset is under a contract whose terms require delivery of the financial asset within the
time frame established by the market concerned, and are initially measured at fair value plus
transaction costs, except for those financial assets classified as at fair value through profit or
loss, which are initially measured at fair value.
The Company and its subsidiary’s financial assets are classified as loans and receivable.
Loans and receivables
Receivable from customers and other receivables that have fixed or determinable payments that
are not quoted in an active market are classified as “loans and receivables”. Loans and
receivables are measured at amortised cost using the effective interest method less impairment.
Interest is recognized by applying the effective interest rate method, except for short-term
receivables when the recognition of interest would be immaterial.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial
instrument and of allocating interest income over the relevant period. The effective interest rate
is the rate that exactly discounts estimated future cash receipts (including all fees and points
paid or received that form an integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the financial instrument, or where
appropriate, a shorter period to the net carrying amount on initial recognition.
Revenue are recognized based on the effective interest rate.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date and are
impaired where there is objective evidence that, as a result of one or more events that occurred
after the initial recognition of the financial asset, the estimated future cash flows of the
investment have been impacted.
Objective evidence of impairment could include:

significant financial difficulty of the issuer or counterparty; or

default or delinquency in interest or principal payments; or

it becoming probable that the borrower will enter bankruptcy or financial re-organisation.
For certain categories of financial asset, such as receivables, assets that are assessed not to be
impaired individually are, in addition, assessed for impairment on a collective basis. Objective
evidence of impairment for a portfolio of receivables could include the Company’s past
experience of collecting payments, an increase in the number of delayed payments in the
portfolio past the average credit period, as well as observable changes in national or local
economic conditions that correlate with default on receivables.
- 10 -
For financial assets carried at amortised cost, the amount of the impairment is the difference
between the asset’s carrying amount and the present value of estimated future cash flows,
discounted at the financial asset’s original effective interest rate.
The carrying amount of the financial asset is reduced by the impairment loss directly for all
financial assets with the exception of receivables, where the carrying amount is reduced through
the use of an allowance account. When a receivable is considered uncollectible, it is written off
against the allowance account. Subsequent recoveries of amounts previously written off are
credited against the allowance account. Changes in the carrying amount of the allowance
account are recognized in profit or loss.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can
be related objectively to an event occurring after the impairment was recognized, the previously
recognized impairment loss is reversed through profit or loss to the extent that the carrying
amount of the investment at the date the impairment is reversed does not exceed what the
amortised cost would have been had the impairment not been recognized.
Derecognition of financial assets
The Company and its subsidiary derecognize a financial asset only when the contractual rights to
the cash flows from the asset expire, or when it transfers the financial asset and substantially all
the risks and rewards of ownership of the asset to another entity. If the Company and its
subsidiary neither transfers nor retains substantially all the risks and rewards of ownership and
continues to control the transferred asset, the Company and its subsidiary recognize its retained
interest in the asset and an associated liability for amounts it may have to pay. If the Company
and its subsidiary retain substantially all the risks and rewards of ownership of a transferred
financial asset, the Company and its subsidiary continue to recognize the financial asset and
also recognize a collateralised borrowing for the proceeds received.
g.
Financial Liabilities and Equity Instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by The Company are classified according to the
substance of the contractual arrangements entered into and the definitions of a financial liability
and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity
after deducting all of its liabilities. Equity instruments issued by The Company are recorded at the
proceeds received, net of direct issue costs.
Financial Liabilities at Amortized Cost
Trade and other payables and other borrowings are initially measured at fair value, net of
transaction costs, and subsequently measured at amortized cost using the effective interest rate
method, with interest expense recognized on an effective yield basis.
Any difference between the proceeds (net of transaction cost) and the settlement or redemption
of borrowings is recognized over the term of the borrowings.
Accounting policy for derivative financial instrument is detailed in Note 3t.
Derecognition of financial liabilities
The Company derecognizes financial liabilities when, and only when, The Company’s obligations
are discharged, cancelled or expires.
- 11 -
h.
Netting of Financial Assets and Financial Liabilities
The Company and its subsidiary only offset financial assets and liabilities and present the net
amount in the statement of financial position where they:
 currently have a legal enforceable right to set off the recognized amount; and
 intend either to settle on a net basis, or to realize the asset and settle the liability
simultaneously.
i.
Cash and Cash Equivalents
For cash flow presentation purposes, cash and cash equivalents consist of cash on hand and in
banks and all unrestricted investments with maturities of three months or less from the date of
placement.
j.
Inventories
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined
using the weighted average method.
k.
Property, Plant and Equipment – Direct Acquisition
Property, plant and equipment held for use in the production or supply of goods or services, or
for administrative purposes, are stated at cost, less accumulated depreciation and any
accumulated impairment losses.
Depreciation is recognized so as to write-off the cost of assets less residual values using the
straight-line method based on the estimated useful lives of the assets as follows:
Years
Buildings and improvements
Machineries and equipment
Vehicles
Furniture, fixtures and equipment
20
25 - 30
5
5
Assets under finance lease are depreciated based on the same estimated useful life with owned
assets or depreciated over the lease period or useful life whichever is shorter.
The estimated useful lives, residual values and depreciation method are reviewed at each year
end, with the effect of any changes in estimate accounted for on a prospective basis.
Land is stated at cost and is not depreciated.
The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred
subsequently to add to, replace part of, or service an item of property, plant and equipment, are
recognized as asset if, and only if it is probable that future economic benefits associated with the
item will flow to the entity and the cost of the item can be measured reliably.
When assets are retired or otherwise disposed of, their carrying values and the related
accumulated depreciation and any impairment loss are removed from the accounts and any
resulting gain or loss is reflected in profit or loss.
Construction in progress is stated at cost which includes borrowing costs during construction on
debts incurred to finance the construction. Construction in progress is transferred to the
respective property, plant and equipment account when completed and ready for use.
- 12 -
l.
Impairment of Non-Financial Asset
At the end of each reporting period, the Company and its subsidiary review the carrying amount
of non-financial assets to determine whether there is any indication that those assets have
suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss (if any). Where it is not possible
to estimate the recoverable amount of an individual asset, the Company and its subsidiary
estimate the recoverable amount of the cash generating unit to which the asset belongs.
Estimated recoverable amount is the higher of fair value less cost to sales and value in use. If the
recoverable amount of a non-financial asset (cash generating unit) is less than its carrying
amount, the carrying amount of the asset (cash generating unit) is reduced to its recoverable
amount and an impairment loss is recognized immediately against earnings.
Accounting policy for impairment of financial assets is discussed in Note 3f.
m. Lease
Leases are classified as finance leases whenever the terms of the lease transfer substantially all
the risks and rewards of ownership to the lessee. All other leases are classified as operating
leases.
The Company as Lessee
Assets held under finance leases are initially recognized as assets of the Company at their fair
value at the inception of the lease or, if lower, at the present value of the minimum lease
payments. The corresponding liability to the lessor is included in the consolidated statements of
financial position as a finance lease obligation.
Lease payments are apportioned between finance charges and reduction of the lease obligation
so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent
rentals are recognized as expenses in the periods in which they are incurred.
Operating lease payments are recognized as an expense on a straight-line basis over the lease
term, except where another systematic basis is more representative of the time pattern in which
economic benefits from the leased asset are consumed. Contingent rentals arising under
operating leases are recognized as an expense in the period in which they are incurred.
In the event that lease incentives are received to enter into operating leases, such incentives are
recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of
rental expense on a straight-line basis, except where another systematic basis is more
representative of the time pattern in which economic benefits from the leased asset are
consumed.
n.
Post-Employment Benefits
In addition, The Company also provides post-employment benefits as required under Labor Law
No. 13/2003 (the “Labor Law”).
The cost of providing post employment benefits is determined using the Projected Unit Credit
Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the
greater of the present value of the Company’s defined benefit obligations are recognized on
straight-line basis over the expected average remaining working lives of the participating
employees (corridor approach). Past service cost is recognized immediately to the extent that the
benefits are already vested, and otherwise is amortized on a straight-line basis over the average
period until the benefits become vested.
- 13 -
The benefit obligation recognized in the consolidated statements of financial position represents
the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains
and losses and unrecognized past service cost.
o.
Provisions
Provisions are recognized when the Company have a present obligation (legal or constructive)
as a result of a past event, it is probable that the Company and its subsidiary will be required to
settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle
the present obligation at the end of the reporting period, taking into account the risks and
uncertainties surrounding the obligation. Where a provision is measured using the cash flows
estimated to settle the present obligation, its carrying amount is the present value of those cash
flows.
When some or all of the economic benefits required to settle a provision are expected to be
recovered from a third party, a receivable is recognized as an asset if it is virtually certain that
reimbursement will be received and the amount of the receivable can be measured reliably.
p.
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use or sale, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
q.
Revenue and Expense Recognition
Sale of Goods
Revenue from sales of goods is recognized when all of the following conditions are satisfied:

The Company has transferred to the buyer the significant risks and rewards of ownership of
the goods;

The Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;

The amount of revenue can be measured reliably;

It is probable that the economic benefits associated with the transaction will flow to the
Company; and

The cost incurred or to be incurred in respect of the transaction can be measured reliably.
Interest Revenue
Interest revenue is accrued on time basis, by reference to the principal outstanding and at the
applicable interest rate.
- 14 -
Expenses
Expenses are recognized when incurred.
r.
Income Tax
Current tax expense is determined based on the taxable income for the year computed using
prevailing tax rates.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases. Deferred tax liabilities are recognized for all taxable temporary
differences and deferred tax assets are recognized for deductible temporary differences to the
extent that it is probable that taxable income will be available in future periods against which the
deductible temporary differences can be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realized, based on the tax rates (and tax laws)
that have been enacted, or substantively enacted, by the end of the reporting period.
The measurement of deferred tax assets and liabilities reflects the consequences that would
follow from the manner in which the Company and its subsidiary expect, at the end of the
reporting period, to recover or settle the carrying amount of their assets and liabilities.
The carrying amount of deferred tax asset is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when there is legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by
the same taxation authority and the company and its subsidiary intend to settle their current tax
assets and current tax liabilities on a net basis.
Current and deferred tax are recognized as an expense or income in profit or loss, except when
they relate to items that are recognized outside of profit or loss (whether in other comprehensive
income or directly in equity), in which case the tax is also recognized outside of profit or loss.
s.
Earnings per Share
Basic earnings per share is computed by dividing net income by the weighted average number of
shares outstanding during the year.
t.
Derivative Financial Instruments
The Company uses derivative financial instruments to manage its exposure to interest rate.
Further details on the use of derivatives are disclosed in Note 34b.
Derivatives are initially recognized at fair value at the date the derivative contract is entered into
and are subsequently measured to their fair value at each reporting date.
Although entered into as economic hedge of exposure against interest rate, these derivatives are
not designated and do not qualify as accounting hedge and therefore changes in fair values are
recognized immediately in earnings.
- 15 -
Derivatives embedded in other financial instruments or other host contracts are treated as
separate derivatives when their risks and characteristics are not closely related to those of the
host contracts and the host contracts are not measured at fair value with changes in fair value
recognized in earnings.
A derivative is presented as non-current asset or non-current liability if the remaining maturity of
the instrument is more than 12 months and is not expected to be realized or settled within 12
months. Other derivatives are presented as current assets or current liabilities.
u.
Segment Information
Operating segments are identified on the basis of internal reports about components of the
Company and its subsidiary that are regularly reviewed by the chief operating decision maker in
order to allocate resources to the segments and to assess their performances.
An operating segment is a component of an entity:
a)
that engages in business activities from which it may earn revenue and incur expenses
(including revenue and expenses relating to the transaction with other components of the
same entity);
b)
whose operating results are reviewed regularly by the entity’s chief operating decision maker
to make decision about resources to be allocated to the segments and assess its
performance; and
c)
for which discrete financial information is available.
Information reported to the chief operating decision maker for the purpose of resource allocation
and assessment of their performance is more specifically focused on the category of each
product.
4.
CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES
In the application of the Company accounting policies, which are described in Note 3, the directors are
required to make judgments, estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions
are based on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
Critical Judgments in applying the Company and its subsidiary’s Accounting Policies
In the process of applying the accounting policies described in Note 3, management has not made
any critical judgment that has significant impact on the amounts recognized in the consolidated
financial statements, apart from those involving estimates, which are dealt with below.
Key Sources of Estimation Uncertainty
The key assumptions concerning future and other key sources of estimation uncertainty at the end of
the reporting period, that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below:
- 16 -
The Estimated Economic Useful Life of Property, Plant and Equipment
The useful life of each of the item of the Company’s property, plant and equipment are estimated
based on the period over which the asset is expected to be used. Such estimation is based on internal
technical evaluation and the Company’s experience with similar assets. The estimated useful life of
each asset is reviewed periodically and updated if expectations differ from previous estimates due to
physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of
the asset. It is possible, however, that future results of operations could be materially affected by
changes in the amounts and timing of recorded expenses brought about by changes in the factors
mentioned above. A change in the estimated useful life of any item of property, plant and equipment
would affect the recorded depreciation expense and the carrying values of property, plant and
equipment.
The carrying amounts of property, plant and equipment are disclosed in Note 11.
Employee Benefits
The determination of provision for post-employment benefits is dependent on selection of certain
assumptions used by management in calculating such amounts. Those assumptions include among
others, discount rate and rate of salary increase. Actual results that differ from the Company’s
assumptions are accumulated and amortized over future periods and therefore, generally affect the
recognized expense and recorded provision in future periods. While it is believed that the Company’s
assumptions are reasonable and appropriate, significant differences in actual results or significant
changes in assumptions may materially affect the Company’s provision for post-employment benefit.
The carrying amounts of post-employment benefit obligation are disclosed in Note 21.
Allowance for Decline in Value of Inventories
The Company performs analysis for decline in value of inventories based on estimated future usage
of such inventories. While it is believed that the assumptions used in the estimation of the allowance
for decline in value of inventories are appropriate and reasonable, significant changes in these
assumptions may materially affect the assessment of the allowance for decline in value of inventories,
which ultimately will impact the result of the Company’s operations.
The carrying amounts of inventories are disclosed in Note 7.
Income Tax
Under the tax laws of Indonesia, the Company submit tax returns on the basis of self-assessment.
The tax authorities may assess or amend taxes within the statute of limitation under prevailing
regulations. The Company has exposure to income taxes since significant judgment is involved in
determining the Company provision for income taxes. There are certain transactions and
computations for which the ultimate tax determination is uncertain during the ordinary course of
business. Where the final tax outcome of these matters is different from the amounts that were initially
recognised, such differences will impact the income tax provisions in the period in which such
determination is made.
The carrying amounts of the prepaid taxes disclosed in Notes 9 and 29.
- 17 -
5.
CASH ON HAND AND IN BANKS
March 31, 2013
(Unaudited)
Rp
Cash on hand
Rupiah
U.S. Dollar
Cash in banks - third parties
Rupiah
PT Bank Rakyat Indonesia
(Persero) Tbk
PT Bank Rabobank International
Indonesia
PT Bank UOB Indonesia
The Hongkong and Shanghai Banking
Corporation Limited, Jakarta
PT Danamon Indonesia Tbk
Standard Chartered Bank, Jakarta
Others (below
Rp 1,000,000,000 each)
U.S. Dollar
PT Bank Rakyat Indonesia
(Persero) Tbk
PT Bank OCBC NISP Tbk
Deutsche Bank A.G., Jakarta
Others (below Rp 500,000,000 each)
Japanese Yen
Euro
Deutsche Bank A.G., Jakarta
Total
December 31, 2012
Rp
9,648,641,713
126,784,355
5,449,010,026
95,210,820
7,112,160,001
31,570,716,627
29,639,016,651
7,571,266,832
10,623,345,418
3,398,893,522
3,689,568,291
2,367,065,877
1,514,333,496
1,473,923,992
1,537,590,094
469,419,652
1,714,789,787
1,271,589,435
8,081,139,250
7,227,300,947
3,906,694,045
3,844,491,764
1,771,779,368
496,315,168
2,884,213,064
1,293,502,973
1,125,848,571
453,041,271
2,943,291,068
389,414,768
381,597,153
655,637,991
1,449,792,591
194,109,574
186,978,143
202,846,919
1,180,787,289
381,411,532
391,707,089
2,337,554,269
88,181,823,053
72,870,958,343
All of the above bank accounts are placed with third parties. There are no cash in banks balances
placed with related parties.
- 18 -
6.
TRADE ACCOUNTS RECEIVABLE TO THIRD PARTIES
March 31, 2013
(Unaudited)
Rp
a. By Debtor
Local customers
Foreign customers
Total
b. By Age Category
Not yet due
Past due
1 - 30 days
31 - 60 days
61 - 90 days
More than 90 days
Total
c. By Currency
Rupiah
U.S. Dollar
Total
December 31, 2012
Rp
864,654,619,281
31,253,174,289
845,962,544,283
32,659,504,420
895,907,793,570
878,622,048,703
796,719,808,138
692,045,937,155
94,713,746,107
3,289,444,256
863,166,619
321,628,450
170,875,670,638
9,188,992,804
4,689,718,954
1,821,729,152
895,907,793,570
878,622,048,703
864,654,619,281
31,253,174,289
845,962,544,287
32,659,504,416
895,907,793,570
878,622,048,703
Trade receivables disclosed above include amounts that are past due at the end of the reporting
period for which the Company has not recognized any allowance for impairment losses because
there has not been a significant change in credit quality and the amounts are still considered
recoverable. The Company does not hold any collateral or other credit enhancements over these
balances nor does it have a legal right of offset against any amounts owed by the Company to the
counterparty.
In determining the allowance for doubtful accounts, the Company considers any change in the credit
quality of the trade accounts receivable from the date the credit was initially granted until the end of
the reporting period. The concentration of credit risk is limited as the customer base is large and
unrelated.
7.
INVENTORIES
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
Finished goods
Work in process
Raw materials
Indirect materials and spare parts
Goods in transit
218,808,912,173
2,836,931,360
259,973,981,637
146,399,556,283
97,655,160,696
250,750,902,666
4,310,965,819
217,432,528,844
143,029,829,694
20,849,345,283
Total
725,674,542,149
636,373,572,306
Based on the review of inventories at the end of the period, the Company’s management believes that
no allowance for decline in value of inventories is required.
- 19 -
8.
9.
Inventories and property, plant and equipment, except land were insured as discussed in Note 11.
ADVANCES
March 31, 2013
(Unaudited)
December 31, 2012
Rp
Rp
Advances for spare parts
Advances for import
Others
6,319,103,506
1,547,826,201
1,224,130,994
6,627,198,625
692,025,740
645,466,393
Total
9,091,060,701
7,964,690,758
PREPAID TAXES
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
Income tax article 28a (Note 29)
In 2013
In 2012
In 2011
9,116,250,837
16,211,909,868
60,590,288,066
16,211,909,868
60,590,288,066
Total
85,918,448,771
76,802,197,934
10. RESTRICTED TIME DEPOSIT
On March 31, 2013 and December 31, 2012, restricted time deposit at PT Rabobank International
Indonesia in U.S. Dollar with interest rate per annum 2.25% was used as collateral for long-term
financial institution loan, Proparco (Note 19).
11. PROPERTY, PLANT AND EQUIPMENT
Cost:
Direct acquisitions
Land
Buildings and land improvements
Vehicles
Construction in progress
Assets under finance lease
Vehicles
Total
January 1, 2013
Rp
Additions
Rp
26,990,085,634
375,122,632,443
5,257,546,968,431
44,689,174,472
25,594,736,326
100,100,000
24,091,046,505
1,005,790,923
310,415,248
698,202,539
157,127,311,093
171,931,665
3,371,261,810
43,250,002,728
5,510,910,982
-
(Unaudited)
Deduction
Reclassifications
Rp
Rp
293,360,600
-
254,216,428
3,991,818,494
(254,216,428)
(3,991,818,494)
March 31,2013
Rp
27,090,185,634
375,376,848,871
5,285,629,833,430
45,401,604,795
25,905,151,574
615,917,776
156,506,754,409
-
43,250,002,728
5,510,910,982
5,936,530,024,648
29,050,546,151
293,360,600
-
5,965,287,210,199
141,083,938,623
1,888,410,475,588
27,118,485,566
15,879,431,182
4,364,864,344
47,822,633,464
1,416,427,180
750,899,175
293,360,600
-
-
145,448,802,967
1,936,233,109,052
28,241,552,146
16,630,330,357
1,081,250,068
1,983,374,468
360,416,691
276,365,190
-
1,441,666,759
2,259,739,658
Total
2,075,556,955,495
54,991,606,044
-
2,130,255,200,939
Net book value
3,860,973,069,153
Accumulated depreciation:
Direct acquisitions
Vehicles
Vehicles
293,360,600
3,835,032,009,260
- 20 -
January 1, 2012
Rp
Additions
Rp
24,747,550,900
332,940,431,079
4,672,258,490,576
44,919,129,552
18,864,742,180
2,242,534,734
9,743,709,362
89,285,149,291
175,044,920
6,729,994,146
3,596,695,017
456,092,956,144
29,539,999,524
197,037,683,513
-
(32,438,492,002)
(496,003,328,564)
698,202,539
157,127,311,093
43,250,002,728
4,008,796,000
1,502,114,982
-
-
43,250,002,728
5,510,910,982
5,600,678,794,176
336,256,230,472
405,000,000
-
5,936,530,024,648
124,333,832,810
1,705,882,433,092
21,891,488,626
13,194,362,577
16,750,105,813
182,528,042,496
5,631,996,940
2,685,068,605
405,000,000
-
-
141,083,938,623
1,888,410,475,588
27,118,485,566
15,879,431,182
927,984,196
1,081,250,068
1,055,390,272
-
1,081,250,068
1,983,374,468
Total
1,866,230,101,301
209,731,854,194
-
2,075,556,955,495
Net book value
3,734,448,692,875
Cost:
Direct acquisitions
Land
Vehicles
Construction in progress
Vehicles
Total
Accumulated depreciation:
Direct acquisitions
Vehicles
Vehicles
Deduction
Rp
405,000,000
-
Reclassifications
Rp
December 31, 2012
Rp
32,438,492,002
496,003,328,564
26,990,085,634
375,122,632,443
5,257,546,968,431
44,689,174,472
25,594,736,326
405,000,000
3,860,973,069,153
Details of gain on sale of property, plant and equipment – net are as follows:
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Net book value of property, plant and equipment
Selling price
173,636,364
100,000,000
Gain on sale of property, plant and equipment - net
173,636,364
100,000,000
Depreciation expense was allocated to the following:
2013
(Unaudited)
Rp
Direct acquisitions:
Factory overhead (Note 25)
General and administrative expenses depreciation (Note 27)
Selling expenses - others (Note 26)
Leased assets:
Factory overhead (Note 25)
Total
- 21 -
2012
(Unaudited)
Rp
54,149,287,354
47,508,527,785
190,301,809
15,235,000
189,622,724
7,400,000
636,781,881
225,475,051
54,991,606,044
47,931,025,560
As of March 31, 2013, construction in progress represents the construction of steam boiler and paper
machines, with percentage of completion of 35%. The Company estimated that the construction will
be completed between 2013 until 2015.
Related to the construction of the steam boiler and the paper machines, the Company also paid
advances, which are recorded as advances for purchase of property, plant and equipment
(Note 13).
Borrowing costs capitalized to construction in progress amounted to Rp 5,660,760,944 in 2012. The
average capitalization rate was 1.83% in 2012.
2
The Company owns parcels of land totaling 485,184 m located in Cibitung, Bekasi which are covered
by the Certificate Right to Build (Hak Guna Bangunan or HGB). HGB will expire between 2013 and
2038. Management believes that there will be no difficulty in obtaining the extension of the legal term
of the landrights since all the parcels of land were acquired legally and are supported by sufficient
evidence of ownership.
All property, plant and equipment, except vehicles, are pledged as collateral for the long-term bank
loans and financial institution (Note 19).
The Company’s inventories, property, plant and equipment except land, were insured with
PT Asuransi Jaya Proteksi, PT Asuransi Indrapura, PT Asuransi Bringin Sejahtera Artamakmur and
PT Asuransi Ramayana Tbk for US$ 565,919,900 and Rp 16,370,100,000, respectively, as of
March 31, 2013 and US$ 565,919,900 and Rp 16,885,100,000, respectively, as of December 31,
2012. The Company’s management believes that the insurance coverage is adequate to cover loss
from fire, natural disasters and other risks.
Cost of property, plant and equipment which were fully depreciated but still used by the Company
amounted to Rp 50,267,632,565 and Rp 50,266,132,878 on March 31, 2013 and December 31, 2012,
respectively.
Based on management’s assessment, there are no events or changes in circumstances under which
may indicate an impairment in value of property, plant and equipment as of March 31, 2013 and
December 31, 2012.
12. INTANGIBLE ASSET-NET
Intangible asset is costs incurred for the application of the system which were deferred and an
amortized for five years. The gross carrying amount and accumulated amortization of intangible asset
amounted to Rp 26,165,607,548 and Rp 3,527,016,376, respectively, as of March 31, 2013 and
Rp 25,119,153,586 and Rp 2,253,617,799, respectively as of December 31, 2012. Amortization
expense for the three-month period ended March 31, 2013 amounting to Rp 1,273,398,577, was
allocated in factory overhead – others (Note 25).
13. ADVANCES FOR PURCHASE OF PROPERY, PLANT AND EQUIPMENT
Advances for purchase of property, plant and equipment are advance payments made for steam
boiler construction and paper machines (Note 11).
- 22 -
14. BANK LOANS
March 31, 2013
(Unaudited)
Rp
Working Capital Loan
Revolving Loan
(US$ 15,000,000 on March 31, 2013 and
on December 31, 2012)
Letter of Credit
(US$ 2,144,926 on March 31, 2013 and
US$ 737,871 on December 31, 2012)
The Hongkong and Shanghai Banking Corporation
Limited, Jakarta
Import Facilities
(US$ 3,793,958 on March 31, 2013 and
US$ 5,423,933 on December 31, 2012)
Revolving Loan
(US$ 5,000,000 on March 31, 2013 and
December 31, 2012)
PT Bank OCBC NISP Tbk
Demand Loan
(US$ 5,000,000 on December 31, 2012)
Credit Import
(US$ 454,000 on March 31, 2013 and
US$ 35,000 on December 31, 2012)
December 31, 2012
Rp
145,785,000,000
145,050,000,000
20,846,540,168
7,135,210,636
36,873,481,591
52,449,430,274
48,595,000,000
48,350,000,000
-
48,350,000,000
4,412,425,999
338,450,000
Total
256,512,447,758
301,673,090,910
Interest rate per annum in the current period
3.55% - 5.00%
2.58% - 5.00%
PT Bank UOB Indonesia (UOB)
The Company has obtained several Working Capital credit (KMK) facilities, which include the
following:
a. Facility A which is a Letter of Credit facility with maximum credit limit amounting to
US$ 25,000,000.
b. Facility B which is a Revolving Credit facility with a maximum credit limit amounting to
US$ 15,000,000.
This credit facility bears an interest rate of Libor three months + 2.75% per annum or Bank’s cost of
fund + 1.935% per annum, whichever is higher. The working capital credit (KMK) will mature on
May 30, 2013.
The Hongkong and Shanghai Banking Corporation Limited, Jakarta
Import facility with a maximum credit limit of US$ 50,000,000 on March 31, 2013 and December 31,
2012, respectively, or at any equivalent amount in other currencies.
In June 5, 2012, the Company obtained revolving loan facility with a maximum credit limit
US$ 5,000,000.
- 23 -
Both of the above loan facility will mature on May 31, 2013 and bears an interest rate of 7.05% per
annum below HSBC’s best lending rate for loan in United States Dollar based on average daily
balance of the loan.
Based on the loan agreement with HSBC, the Company must obtain a written approval from the bank
before executing activities, such as, receiving new loan from another creditor unless related to the
normal course of business and securing the assets of the Company to others for any purpose, and
fulfill certain requirements.
PT Bank OCBC NISP Tbk (OCBC)
The Company has obtained several credit facilities, which include the following:
a. The Combine Trade facility is LC Facility with maximum credit limit amounting to US$ 10,000,000.
b. The Demand Loan facility with a maximum credit limit amounting to US$ 5,000,000 or equivalent
to Rp 50,000,000,000.
c.
Overdraft credit facility (KRK) with credit limit amounting to Rp 20,000,000,000.
This Combine Trade bears an interest rate of one month LIBOR + 3% per annum, the Demand Loan
bears an interest rate of one month LIBOR + 3.25% per annum for currency in USD and 9.75% per
annum for currency in Rupiah, and the overdraft credit facility bear with initial interest rate of 10.25%
per annum. On March 28, 2013, the Company has paid the demand loan facility. On March 31, 2013,
Combine Trade facility and overdraft credit facility have not been utilized. All of the above loan facility
will mature on October 31, 2013.
Represents import credit facility with a maximum credit limit of US$ 35,000,000, or at any equivalent
amount in other currencies and bears an interest rate of cost of fund + 2.25% for loan in U.S. Dollar
and cost of fund + 2% for loan in Rupiah. The loan facility will mature on February 28, 2014.
15. TRADE ACCOUNTS PAYABLE TO THIRD PARTIES
March 31, 2013
(Unaudited)
Rp
a. By debtor
Local suppliers
Foreign suppliers
Total
b. By currency
Rupiah
U.S. Dollar
Others
Total
- 24 -
December 31, 2012
Rp
122,427,823,130
685,909,444,447
135,470,102,194
504,161,249,087
808,337,267,577
639,631,351,281
48,864,775,581
758,419,306,361
1,053,185,635
68,142,665,999
568,600,802,342
2,887,882,940
808,337,267,577
639,631,351,281
March 31, 2013
(Unaudited)
Rp
c. By age category
Less than 31 days
31 - 60 days
61 - 90 days
More than 90 days
Total
December 31, 2012
Rp
807,156,929,715
1,159,335,163
21,002,699
639,401,775,656
111,946,950
36,372,300
81,256,375
808,337,267,577
639,631,351,281
Trade accounts payable to third parties have credit terms of 30 to 90 days.
No guarantee was provided for trade accounts payable.
16. OTHER ACCOUNTS PAYABLE
Mainly represents accounts payable to suppliers for the purchase of paper machine.
17. TAXES PAYABLE
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
Income taxes:
Article 21
Article 22
Article 23
Article 26
Article 4 (2)
Value added tax - net
779,511,125
350,766,900
322,243,938
41,131,803
12,459,164,282
2,381,442,928
328,869,934
324,945,333
178,065,486
13,922,726
17,165,394,950
Total
13,952,818,048
20,392,641,357
18. ACCRUED EXPENSES
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
Gas
Interest
Freight
Electricity and telephone
Others
36,792,976,975
14,030,911,766
12,031,123,629
3,955,206,590
3,797,011,489
36,183,624,464
12,782,873,996
9,072,947,660
3,695,693,573
2,873,530,285
Total
70,607,230,449
64,608,669,978
- 25 -
19. LONG-TERM BANK LOANS AND FINANCIAL INSTITUTION
Syndicated loan (Club Deal)
(US$ 108,750,000 on March 31, 2013 and
US$ 112,500,000 on December 31, 2012 net of unamortized transaction cost)
PT Bank Rakyat Indonesia (Persero) Tbk
Revolving loan - Tranche A
Working capital loan - Valas
(US$ 17,698,769 on March 31, 2013 and
US$ 17,005,772 on December 31, 2012)
Working capital loan - Rupiah
Revolving loan - Tranche D
Syndicated loan
(US$ 33,031,680 on March 31, 2013 and
US$ 39,588,240 on December 31, 2012)
HSBC Bank Australia Limited
(US$ 15,370,867 on March 31, 2013 and
December 31, 2012)
Corporation Limited
(US$ 10,945,661 on March 31, 2013 and
December 31, 2012)
Societe de Promotion Et de
Participation Pour La Cooperation
Economique (Proparco)
(US$ 9,285,714 on March 31, 2013 and
December 31, 2012)
Total
Less: amount due in 12 months
(presented as current liabilities)
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
1,039,690,609,436
1,068,633,838,679
192,735,760,333
192,957,123,090
172,014,335,911
41,494,045,558
19,494,905,458
164,445,815,238
49,828,419,594
19,660,077,445
321,034,897,920
382,818,280,800
149,389,455,790
148,636,283,309
106,380,877,899
105,844,540,517
90,247,857,185
89,792,857,184
2,132,482,745,490
2,222,617,235,856
(556,444,767,302)
Long-term loans
1,576,037,978,188
Interest rate per annum during the period
U.S. Dollar
Rupiah
1.98% - 5.00%
9.00%
- 26 -
(1,795,725,800,489)
426,891,435,367
1.60% - 5.00%
9.00%
The bank loans are payable based on the following schedule:
March 31, 2013
(Unaudited)
Rp
Due in
One year
The second year
The third year
The forth year
The fifth year
More than five years
December 31, 2012
Rp
563,792,483,891
723,166,008,909
313,220,336,650
372,749,211,650
42,303,211,650
134,502,133,303
606,220,712,900
710,731,368,144
310,432,432,777
438,559,932,777
42,089,932,777
133,824,017,802
Total
Unamortized transaction costs
2,149,733,386,053
(17,250,640,563)
2,241,858,397,177
(19,241,161,321)
Net
2,132,482,745,490
2,222,617,235,856
In 2012, the Company failed to meet the financial ratio required in agreement for syndicated, HSBC
Bank Australia Limited, The Hongkong and Shanghai Banking Corporation Limited and Proparco,
which is to maintain a ratio of total debt to EBITDA of not more than 3.5:1 and ratio of total debt to
equity of not more than 1.25:1 (for Proparco only), therefore all loans are reclassified to current
liabilities in accordance with PSAK 1, Presentation of Financial Statements.
On February 2013, the Company have received waivers from Syndicated, HSBC Bank Australia
Limited, The Hongkong and Shanghai Banking Corporation Limited and Proparco for the breach of
covenants, so the Company reclassified all loans from current liabilities to noncurrent liabilities.
Syndicated Loan (Club Deal)
On October 22, 2010, the Company signed a US$ 120,000,000 credit facility with local and
international bank syndicate. The syndicated loan facility was arranged by The Hongkong and
Shanghai Banking Corporation Limited (HSBC), Bank UOB Buana and Oversea-Chinese Banking
Corporation (OCBC), that will be used to repay the bonds payable (“Notes”) and working capital.
The loan has a term of 5 years and the repayment is scheduled into 16 quarterly installment payments
starting after 15 months from the first utilization. The loan bears annual interest rate at 3% - 3.25%
above London Interbank Offered Rate (LIBOR). Interest is payable quarterly starting on April 7, 2011.
This loan is secured with fiducia in security over machines owned by the Company, Cogen 2 and PM7
including the insurance, lands owned by the Company with Right to Build Certificate No. 533/Harja
2
2
Mekar with an area of 40,958 m and HGB No. 35/Kalijaya with an area of 1,523 m . Except for
Cogen 2 machine, all assets mentioned above are pledged in pari passu.
The term of the facility agreement contains certain financial covenants, such as the requirement to
maintain certain financial ratios, perform merger, limitation on sale of assets, pledge its asset to other
similar loan or obtaining additional similar loan.
PT Bank Rakyat Indonesia (Persero) Tbk (BRI)
The Company have obtained several credit facilities which include the following:
a. Revolving loan facilities, Tranche A, consists of Import Working Capital Credit (KMKI) with
maximum credits limit of Rp 226,577,500,000 in 2013 and 2012 and Stand By Letter of Credit
(L/C) amounting to US$ 10,000,000 in 2013 and 2012. The loan bears annual interest rate of 9%
which can be reviewed every month.
- 27 -
b. Working capital credit facility consists of working capital in Rupiah with a
maximum credit limit of Rp 64,435,000,000 and working capital in foreign currency with maximum
credits limit amounting to US$ 40,000,000 in 2013 and 2012, respectively. The loan bears annual
interest rate of 9% and 5%, for KMK Rupiah and KMK in foreign currency, respectively, and which
can be reviewed every month.
c. Revolving loan facilities, Tranche D, consists of Working Capital Credit (KMK) with maximum
credits limit amounting to Rp 20,942,560,000 in 2013 and 2012, respectively. The loan bears
annual interest rate of 9%, which can be reviewed every month.
The revolving loan and working capital loan will mature on January 1, 2014.
The loans from BRI are collateralized by the Company’s Certificate of Right to Build (HGB)
2
No. 3/Kalijaya with an area of 130,638 m , including the building thereon of PM1 and PM2,
machineries and equipment, furniture and fixtures with the fiduciary rights over machineries and
equipment of PM1 and PM2 and all the rights and interest arising from the Company’s policies and
contracts of insurance and reinsurance.
The loan agreement with BRI includes certain covenants that limit the Company’s right to modify its
Articles of Association except for addition in paid-up capital, to make changes in legal status, to pay
dividends beyond its dividend policy stated in the prospectus, to invest in another company, to grant
loans to shareholder by any means, and to sell and transfer the Company’s assets to others.
Syndicated Loan
On October 20, 2008, the Company signed a US$ 70,000,000 loan agreement with a syndicate of
local and international banks to finance the construction of a new paper machine. The syndicated
term loan facility is arranged by The Hongkong and Shanghai Banking Corporation Limited (HSBC)
and United Overseas Bank Limited (UOB). The syndicate of Banks is comprised of the following,
Coordinating Arrangers HSBC, UOB, and PT Bank Rakyat Indonesia (Persero) Tbk. PT Bank Mandiri
(Persero) Tbk, and Singapore Branch, as the lead manager.
The loan has a term of 5 years and the repayment is scheduled into 12 quarterly installment
th
payments, starting from the 27 month after the facility is obtained. The loan bears annual interest
rate at 3% - 3.5% above LIBOR.
The term of the facility agreement contains certain covenants, among other things, the requirement to
maintain certain financial ratios, limitation on sale of assets, perform merger, payment of subordinated
loans, payment of dividends and obtaining additional new loan.
This syndicated loan is secured by PM5 (machine own by the Company), Grant Security Right over
Land with the Build Certificate No. 588/Harja Mekar, land title certificate over Harja Mekar land with an
2
area of 16,421 m and fiducia security over PM5 insurances.
HSBC Bank Australia Limited
In May 2011, the Company signed a term loan agreement with a principal amount in US$ equivalent
of EUR 12,580,000 with the HSBC Bank Australia Limited which will be used for modification of PM7.
The loan has a term of 10 years and the repayment is scheduled into 20 semi-annual installment
payments, starting on June 30, 2012. The loan bears annual interest rate at 6 month LIBOR + 1.25%.
As of March 31, 2013, the Company has withdrawn the whole facility from the HSBC Bank Australia
Limited.
maintain certain financial ratios, and limitation on sale of assets, pledge asset to other similar loan or
obtaining additional new loan.
This loan is secured with fiducia in pari passu security over PM7 (machine owned by the Company),
fiducia security over PM7 insurances, and the Grant Security Right over land with Certificate Right to
2
Build No. 533/Harja Mekar, covering an area of 40,958 m located in Desa Harja Mekar, Cikarang
Utara, Bekasi where PM7 operates.
- 28 -
The Hongkong and Shanghai Banking Corporation Limited
In February 2011, the Company signed a term loan agreement with principal amount in
US$ equivalent EUR 9,031,371 with The Hongkong and Shanghai Banking Corporation Limited for
the modification of PM7. The loan has a term of 10 years and the repayment is scheduled into 20
semi-annual installment payments, starting on June 30, 2012. The loan bears annual interest rate of 6
month LIBOR + 1.25%.
As of March 31, 2013, the Company has withdrawn the whole facility from The Hongkong and
Shanghai Banking Corporation Limited.
maintain certain financial ratios limitation on sale of assets, pledge asset to others similar loan or
obtaining additional new loan.
This loan is secured with fiducia in pari passu over the security over PM7 (machine owned by the
Company), fiducia security over PM7 insurances, and the Grant Security Right over land with Right to
2
Build Certificate No. 533/Harja Mekar, covering an area of 40,958 m located in Desa Harja Mekar,
Cikarang Utara, Bekasi where PM7 operates.
Societe de Promotion Et de Participation Pour La Cooperation Economique (Proparco)
In May 2011, the Company signed a US$ 10,000,000 loan agreement with Proparco to finance the
construction of a new incinerator (machine). The loan has a term of 8 years and the repayment is
th
scheduled into 14 semi-annual installment payments, starting from the 18 month after the facility is
obtained. The loan bears annual interest rate at 6 month LIBOR + 4.25% before security is perfected
and 6 month LIBOR + 3.60% after security is perfected.
These loans are secured by mortgage over the land where Incinerator 2 (machine owned by the
Company located in Cikarang Barat, Bekasi) operates, fiduciary assigment over all insurance
proceeds for Incinerator 2 and pledge of bank account which must have a balance of not less than the
equivalent amount of the next interest payment plus US$ 714,286. The Company has placed time
deposits of 6 months at Rabobank of US$ 987,539 and US$ 978,802 as of March 31, 2013 and
December 31, 2012 (Note 10).
20. FINANCE LEASE OBLIGATIONS
The Company has finance lease agreements with PT BTMU BRI Finance and PT Orix Indonesia
Finance covering the heavy equipment vehicles and machines, with a lease term of three (3) years
and annual effective interests rates of 6.46%-7.51% per annum in 2013 and 2012, respectively. There
is no restriction imposed under the lease agreements.
As of March 31, 2013 and December 31, 2012, future minimum lease payments required under the
lease agreement are as follows:
March 31, 2013
(Unaudited)
December 31, 2012
Rp
Rp
Payment due in:
2013
2014
2015
6,598,728,244
3,518,080,464
24,637,454
9,718,426,973
3,504,925,055
24,513,450
Minimum lease payments
Interest
10,141,446,162
(402,980,757)
13,247,865,478
(594,848,516)
Present value of minimum lease payments
Current maturities
9,738,465,405
(7,698,370,039)
12,653,016,962
(9,207,523,733)
2,040,095,366
3,445,493,229
Long-term obligation under finance lease - Net
- 29 -
21. POST–EMPLOYMENT BENEFITS OBLIGATION
The Company calculates and records estimated post-employment benefits obligation for its eligible
employees based on the Collective Labour Agreement and with Labor Law No. 13/2003. The number
of employees entitled to the benefits are 2,500 and 2,512 on March 31, 2013 and December 31, 2012.
Amounts recognized in the statements of comprehensive income with respect to these postemployment benefits are as follows:
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Current service cost
Interest cost
Actuarial gain
Past service cost
2,754,784,115
1,416,247,228
358,762,307
122,800,082
2,033,057,438
1,226,849,245
94,830,563
122,800,082
Total
4,652,593,732
3,477,537,328
For the three-month period ended March 31, 2013 and 2012, Rp 1,911,747,880 and
Rp 1,968,552,892, respectively, was included in factory overhead and the remainder in general and
administrative expenses and the selling expenses.
The amounts included in the consolidated statements of financial position arising from the Company’s
obligation in respect of these post-employment benefits are as follows:
March 31, 2013
(Unaudited)
Rp
Present value of unfunded obligation
Unrecognized past service cost
Unrecognized actuarial loss
Net Liability
December 31, 2012
Rp
112,360,300,063
(4,781,781,952)
(28,765,052,064)
106,082,409,510
(4,904,582,034)
(26,035,020,161)
78,813,466,047
75,142,807,315
Movements in the present value of unfunded obligation in the current period are as follows:
March 31, 2013
(Unaudited)
Rp
Beginning balance
Current service cost
Interest cost
Actuarial losses
Benefits paid
106,082,409,510
2,754,784,115
1,416,247,228
3,088,794,210
(981,935,000)
Ending balance
112,360,300,063
- 30 -
December 31, 2012
Rp
83,818,597,327
8,050,009,366
4,610,022,853
13,958,279,564
(4,354,499,600)
106,082,409,510
Movements in the net liability recognized in the consolidated statements financial position are as
follows:
March 31, 2013
(Unaudited)
Rp
Beginning of the period
Movements in current period
Benefit payments
Amount charged to income
75,142,807,315
End of the period
78,813,466,047
December 31, 2012
Rp
65,974,620,686
(981,935,000)
4,652,593,732
(4,354,499,600)
13,522,686,229
75,142,807,315
The history of experience adjustments are as follows:
March 31,
2013
Rp
December 31,
2012
Rp
2011
Rp
2010
Rp
2009
Rp
Present value of defined
benefit obligation
112,360,300,063
106,082,409,510
83,818,597,327
77,540,258,080
54,543,918,811
Experience adjustments
on plan liabilities
(7,499,029,815)
9,971,004,658
15,905,421,775
3,741,310,151
790,130,613
The cost of providing post-employment benefits is calculated by an independent actuary PT Dian
Artha Tama. The actuarial valuation was carried out using the following key assumptions:
March 31, 2013
(Unaudited)
December 31, 2012
6%
5%
55 years
5.5%
5%
55 years
Discount rate per annum
Salary increment rate per annum
Normal retirement age
22. CAPITAL STOCK
Based on the list of stockholders issued by PT Datindo Entrycom, the Company’s Administration
Office of Listed Shares, the stockholders of the Company are as follows:
Name of Stockholders
March 31, 2013 (Unaudited) and December 31, 2012
Number of
Percentage of
Total
Shares
Ownership
Paid-up Capital
%
Rp
PT Intercipta Sempana
PT Intratata Usaha Mandiri
PT Garama Dhananjaya
Public (below 5% each)
1,292,802,500
439,697,500
144,312,500
601,076,287
52.17
17.75
5.82
24.26
Total
2,477,888,787
100.00
- 31 -
646,401,250,000
219,848,750,000
72,156,250,000
300,538,143,500
1,238,944,393,500
23. ADDITIONAL PAID-IN CAPITAL
March 31, 2013
(Unaudited)
and
December 31, 2012
Rp
Issuance of shares through initial public offering in 1994
Conversion of convertible bonds into 3,262,617 shares in 1995
103,400,000,000
2,782,583,000
Total
Distribution of bonus shares to the Company’s stockholders in 2000
106,182,583,000
(102,621,855,176)
Ending balance
3,560,727,824
24. NET SALES
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Related party
PT Wira Mustika Agung
Third parties
Local sales
Export sales
1,079,686,022,934
138,836,295,905
810,012,878,185
54,174,265,284
Gross sales
1,218,522,318,839
867,598,780,313
-
Sales returns and discounts
Related party
Third parties
Total
Net sales
3,411,636,844
(4,960,743,252)
(15,281,000)
(5,241,236,914)
(4,960,743,252)
(5,256,517,914)
1,213,561,575,587
862,342,262,399
The Company sold its products directly to industrial and consumer goods manufacturing companies.
No annual gross sales were made to individual third party customers which exceed more than 10% of
the net sales.
Net sales to a related party, represent 0.40% in the three-month period ended March 31, 2012 of net
sales (Note 32).
- 32 -
25. COST OF GOODS SOLD
2013
(Unaudited)
Rp
Raw materials
At beginning of period
Purchases
At end of period
2012
(Unaudited)
Rp
217,432,528,844
775,822,193,209
(259,973,981,637)
253,028,359,543
480,084,612,303
(248,297,811,420)
733,280,740,416
484,815,160,426
13,478,126,731
15,016,876,608
Factory overhead
Electricity, gas and water
Depreciation (Note 11)
Indirect labor
Repairs and maintenance
Others
133,543,793,871
54,786,069,235
25,015,824,401
6,101,585,574
25,387,933,972
90,494,230,948
47,734,030,511
19,061,946,543
7,413,404,865
19,692,039,372
Total factory overhead
244,835,207,053
184,395,652,239
Total manufacturing cost
991,594,074,200
684,227,689,273
Raw materials used
Direct labor
Work in process
At end of period
4,310,965,819
(2,836,931,360)
Cost of goods manufactured
Finished goods
At end of period
Cost of goods sold
462,119,034
(2,902,186,361)
993,068,108,659
681,787,621,946
250,750,902,666
(218,808,912,173)
214,807,704,601
(123,104,057,169)
1,025,010,099,152
773,491,269,378
No annual purchases from any of the individual third party suppliers exceed more than 10% of the
sales.
26. SELLING EXPENSES
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Freight
Salaries and allowances
Commission
Travel
Others
36,353,571,854
974,151,858
535,585,447
111,257,100
317,190,164
18,241,671,922
767,326,543
471,955,933
99,997,852
328,451,619
Total
38,291,756,423
19,909,403,869
- 33 -
27. GENERAL AND ADMINISTRATIVE EXPENSES
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Salaries and employees’ benefits
Rents
Profesional fee
Representation and donation
Depreciation (Note 11)
Repairs and maintenance
Tax and permit
Others
12,037,677,253
1,128,611,106
339,825,470
201,596,600
190,301,809
99,167,454
251,766
871,050,778
9,315,763,788
1,064,860,610
356,354,985
754,606,000
189,622,724
66,842,757
1,459,756
769,873,457
Total
14,868,482,236
12,519,384,077
28. FINANCIAL CHARGES
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Interest expense
Others financial charges
28,538,334,873
2,765,800,276
31,199,279,879
2,762,334,154
Total
31,304,135,149
33,961,614,033
29. INCOME TAX
Tax expense consists of the following:
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Current tax
Deferred tax
2,930,898,180
20,710,533,142
2,178,586,431
Total Tax Expense
23,641,431,322
2,178,586,431
- 34 -
Current tax
A reconciliation between income before tax per consolidated statements of comprehensive income
and taxable income is as follows:
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Income before tax per consolidated statements
of comprehensive income
Income before tax of subsidiary
90,944,090,906
-
4,236,625,756
-
Income before tax - the Company
90,944,090,906
4,236,625,756
3,670,658,732
2,610,464,584
3,266,825,128
(2,545,626,394)
(43,301,553,112)
(2,277,769,676)
(6,987,920,250)
(5,304,968,022)
Temporary differences:
Post-employment benefits
Borrowing cost
Difference between commercial
and fiscal depreciation
Finance lease
Difference between commercial
and fiscal amortization
(1,235,757,819)
Total
Permanent differences:
Staff welfare
Representation and donation expenses
Difference between commercial and fiscal depreciation
Interest income already subjected to final tax
Total
Taxable fiscal income before fiscal loss carryforward
Uncompensated prior year fiscal loss carryforward
Taxable income (loss) of the Company
-
(40,533,957,291)
(11,571,689,538)
3,460,327,970
436,766,566
95,300,000
(370,760,163)
3,712,564,205
989,521,200
94,208,924
(318,574,367)
3,621,634,373
4,477,719,962
54,031,767,988
(42,308,175,270)
(2,857,343,820)
-
11,723,592,718
(2,857,343,820)
Current tax expense and payable of the Company are computed as follows:
2013
(Unaudited)
Rp
Current tax expense
2,930,898,180
2012
(Unaudited)
Rp
-
Less: Prepayment of income taxes - Article 22
12,047,149,017
3,414,738,483
Prepaid tax - The Company (Notes 9)
(9,116,250,837)
(3,414,738,483)
Fiscal loss and prepaid tax of the Company for 2012 are in accordance with the corporate tax returns
filed with the Tax Service Office.
- 35 -
Deferred Tax
The details of the Company’s deferred tax liabilities are as follows:
January 1, 2012
Rp
Post-employment benefits
obligation
Borrow ing cost
Depreciation of property,
plant, and equipment
Finance lease
Amortization of intangible
Asset
Fiscal loss
Deferred tax liabilities - net
16,493,655,172
(6,923,922,027)
(377,091,079,006)
(5,087,769,262)
(372,609,115,123)
Credited (charged)
to income for
the year
Rp
2,292,046,657
1,442,025,887
Credited (charged)
to income for
December 31, 2012
the period
Rp
Rp
18,785,701,829
(5,481,896,140)
917,664,683
652,616,145
March 31, 2013
Rp
19,703,366,512
(4,829,279,995)
(16,002,606,054)
(3,173,048,791)
(393,093,685,060)
(8,260,818,053)
(10,825,388,278)
(569,442,419)
(403,919,073,338)
(8,830,260,472)
(872,480,149)
10,577,043,818
(872,480,149)
10,577,043,818
(308,939,455)
(10,577,043,818)
(1,181,419,604)
-
(5,737,018,632)
(378,346,133,755)
(20,710,533,142)
(399,056,666,897)
A reconciliation between the total tax expense and the amounts computed by applying the effective
rate to income before tax is as follows:
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
Income before tax per consolidated statements
of comprehensive income
Income before tax of subsidiary
90,944,090,906
-
4,236,625,756
-
Income before tax - the Company
90,944,090,906
4,236,625,756
Tax at effective tax rates
22,736,022,727
1,059,156,439
Tax effect of permanent differences
905,408,595
1,119,429,992
Total Tax Expense - The Company
23,641,431,322
2,178,586,431
30. BASIC EARNINGS PER SHARE
The computation of basic earnings per share is based on the following data:
2013
(Unaudited)
Rp
Earnings
Earnings for computation of
basic earnings per share
67,302,659,584
2012
(Unaudited)
Rp
2,058,039,325
Number of shares
Shares
Weighted average number of shares
2,477,888,787
Shares
2,477,888,787
As of the consolidated statement of financial position date, the Company does not have potentially
dilutive shares.
- 36 -
31. SUPPLEMENTAL DISCLOSURES ON NONCASH INVESTING AND FINANCING ACTIVITIES
In 2013 and 2012, the Company and its subsidiary performed investment transactions and financing
activities not affecting cash on hand and in banks and are not included in the consolidated cash flow
statement, with the following details :
2013
(Unaudited)
Rp
Purchase of inventories through bank loans
Reclassification of advances for purchase property, plant
and equipment to property, plant and equipment
2012
(Unaudited)
Rp
59,950,826,981
38,321,641,474
114,545,454
47,583,799,818
Acquisition of property, plant and equipment under
finance lease obligations
-
1,502,114,982
Property, plant and equipment addition from
capitalization of borrowing costs
-
5,660,760,944
Reclassification of advances for purchase property,
plant and equipment to intangible aset
-
10,618,576,000
32. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES
Nature of Relationship
a.
PT Intercipta Sempana is the majority shareholder.
b.
PT Wira Mustika Agung is an entity that is controlled by a key management personnel of the
Company.
c.
Lila Notopradono is a commissioner of the Company.
Transactions with Related Parties
In the normal course of business, the Company and its subsidiary entered into certain transactions
with related parties as follows:
a.
The Company provides short-term benefits to the Commissioners and Directors of the Company
as follows:
2013
2012
(Unaudited)
(Unaudited)
Rp
Rp
Short-term employee benefits:
Commissioners
Salary
Others benefit
Total
Director
Salary
Others benefit
Total
Total
- 37 -
434,400,000
713,533,300
390,400,000
306,808,400
1,147,933,300
697,208,400
1,430,525,000
2,528,036,100
1,339,697,500
1,291,446,640
3,958,561,100
2,631,144,140
5,106,494,400
3,328,352,540
b.
The Company has appointed PT Wira Mustika Agung as a distributor of the Company's products.
Net sales to PT Wira Mustika Agung represent 0.40% of the Company’s net sales for three-month
period ended March 31, 2012.
c.
The Company entered into a land and building rental agreement with Lila Notopradono, a
commissioner of the Company, with a total annual rent of US$ 472,222, which is recorded as rent
expense under General and Administrative Expense.
33. SEGMENT INFORMATION
The Company does not present business segment information since it only has one business
segment, packaging paper. Therefore, the Company presented by geographical information (sales
according to location of customers) as follows:
2013
2012
(Unaudited)
(Unaudited)
Rp
Rp
Indonesia
Middle East
Other part of Asia
Others
1,074,734,385,813
26,919,486,382
111,018,300,724
889,402,668
808,167,997,115
15,198,758,781
38,975,506,503
-
Total
1,213,561,575,587
862,342,262,399
All of the Company’s noncurrent assets consist of property, plant and equipment, intangible assets
and guarantee deposits located in Indonesia.
34. COMMITMENTS
a. Unused credit facilities
The Company has unused short-term and long-term credit facilities from several banks,
equivalent to US$ 94,926,041 as of March 31, 2013 and US$ 107,056,243 as of December 31,
2012.
b. Derivative contracts
The estimated fair values of the Company’s derivative instruments are summarized below:
Interest rate swaps
Presented on statement of financial
position as:
Current liabilities
Noncurrent liabilities
March 31, 2013
(Unaudited)
Total
Fair
notional
value
US$
Rp
December 31, 2012
Total
Fair
notional
value
US$
Rp
56,333,100
63,055,800
29,145,600
27,187,500
Total
9,291,629,232
2,022,713,129
7,268,916,103
9,291,629,232
- 38 -
34,930,800
28,125,000
11,231,879,061
3,032,956,820
8,198,922,241
11,231,879,061
Interest Rate Swaps
In 2013 and 2012, the Company entered into several interest rate swap agreements to anticipate
the Company’s risk on the fluctuation of interest rates on certain bank loan facilties. According to
the agreements, the Company pays quarterly fixed interest to the Banks, at the same time, the
Banks will pay quarterly interest at LIBOR US$ floating rate.
March 31, 2013
(Unaudited)
Bank
The Hongkong and Shanghai
Contract
Termination
date
date
February 5,
November 22,
2010
2013
February 19,
November 22,
2010
2013
February 8,
November 22,
2010
2013
February 11,
November 22,
2010
2013
September 8,
November 22,
2010
2013
September 14,
November 22,
2010
2013
September 22,
November 22,
2010
2013
May 16,
April 7,
2011
2016
May 16,
April 7,
2011
2016
Bank Corporation Limited,
December 31, 2012
Annual fixed
Notional
Marked to market
US$
Rp
interest
Annual fixed
Notional
Marked to market
US$
Rp
interest
4,857,600
(472,012,954)
1.98%
5,821,800
(703,115,370)
1.98%
4,857,600
(497,111,980)
2.08%
5,821,800
(745,498,980)
2.08%
2,428,800
(227,813,360)
1.93%
2,910,900
(343,488,070)
1.93%
2,428,800
(240,554,969)
2.02%
2,910,900
(361,367,900)
2.02%
4,857,600
(192,241,820)
1.00%
5,821,800
(289,016,960)
1.00%
7,286,400
(309,598,745)
1.05%
8,732,700
(465,185,020)
1.05%
2,428,800
(83,379,301)
0.91%
2,910,900
(125,284,520)
0.91%
13,593,750
(3,617,440,957)
1.68%
14,062,500
(4,087,180,221)
1.68%
13,593,750
(3,651,475,146)
1.69%
14,062,500
(4,111,742,020)
1.69%
56,333,100
(9,291,629,232)
63,055,800
(11,231,879,061)
Jakarta
Morgan Stanley
Total
35. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
As of March 31, 2013 and December 31, 2012, the Company and its subsidiary had monetary assets
and liabilities in foreign currencies as follows:
March 31, 2013
(Unaudited)
Foreign
Equivalent in
currencies
Rp
Assets
Trade accounts receivable to
third parties
December 31, 2012
Foreign
Equivalent in
currencies
Rp
USD
EUR
JPY
2,234,357
126,576
15,854,881
21,715,715,293
1,572,494,378
1,636,770,734
1,443,697
212,256
3,545,307
13,960,547,283
2,718,965,801
396,956,493
USD
USD
EUR
USD
3,215,678
200
987,539
31,253,174,289
1,943,800
9,597,887,265
3,377,405
2,299
978,802
32,659,504,416
28,714,283
9,465,012,923
Total assets
65,777,985,759
- 39 -
59,229,701,199
March 31, 2013
(Unaudited)
Foreign
Equivalent in
currencies
Rp
Liabilities
Bank loans
Trade accounts payable to
third parties
Accrued expenses
Long-term bank loans and
financial institution
Obligation under finance lease
December 31, 2012
Foreign
Equivalent in
currencies
Rp
USD
26,392,885
256,512,447,758
31,196,804
301,673,090,910
USD
EUR
SGD
JPY
USD
EUR
JPY
GBP
CAD
USD
RMB
EUR
78,034,706
58,285
30,217
900,000
975,334
705,130
28,094,175
7,935
85,000
5,257,329
-
758,419,306,361
724,093,913
236,180,672
92,911,050
9,479,268,813
8,760,048,580
2,900,288,109
116,751,890
812,945,950
51,095,977,246
-
58,800,497
175,883
37,951
2,989,850
1,615,962
695,210
61,758,000
9,160
85,000
5,145,594
285,893
8,000
568,600,802,342
2,253,035,224
300,083,181
334,764,535
15,626,353,609
8,905,542,771
6,914,857,986
142,702,358
826,372,550
49,757,891,860
439,549,052
102,478,880
USD
USD
USD
193,180,327
1,002,003
956,027
1,877,519,598,989
9,738,465,405
9,291,629,232
202,706,475
1,308,482
1,161,518
1,960,171,615,727
12,653,016,962
11,231,879,061
Total liabilities
Total Liabilities - net
2,985,699,913,968
2,939,934,037,008
(2,919,921,928,209)
(2,880,704,335,809)
The conversion rates used by the Company and its subsidiary on March 31, 2013 and
December 31, 2012 were as follows:
Foreign currency
March 31, 2013
Rp
9,719
7,816
103
12,423
14,714
10,191
9,564
1,549
USD 1
SGD 1
JPY 1
EUR 1
GBP 1
CHF 1
CAD 1
RMB 1
- 40 -
December 31, 2012
Rp
9,670
7,907
112
12,810
15,579
10,597
9,722
1,537
36. CATEGORIES AND CLASSES OF FINANCIAL INSTRUMENTS
Loans and
receivables
Rp
Liabilities at
amortized
cost
Rp
Liabilties at
fair value
through profit
or loss
Rp
Total
Rp
March 31, 2013
ASSETS
CURRENT ASSETS
Cash and cash equivalents
NONCURRENT ASSETS
Guarantee deposits
88,181,823,053
895,907,793,570
2,436,732,422
-
-
88,181,823,053
895,907,793,570
2,436,732,422
9,597,887,265
4,018,475,000
-
-
9,597,887,265
4,018,475,000
CURRENT LIABILITIES
Bank loans
Trade accounts payable to third parties
Accrued expenses
Finance lease obligation
TOTAL
-
256,512,447,758
808,337,267,577
30,656,906,991
70,607,230,449
-
256,512,447,758
808,337,267,577
30,656,906,991
70,607,230,449
-
556,444,767,302
7,698,370,039
2,022,713,129
-
2,022,713,129
556,444,767,302
7,698,370,039
-
1,576,037,978,188
2,040,095,366
7,268,916,103
-
7,268,916,103
1,576,037,978,188
2,040,095,366
3,308,335,063,670
9,291,629,232
4,317,769,404,212
1,000,142,711,310
The Company does not hold financial assets categorized as Fair Value Through Profit or Loss
(FVTPL), held to maturity and available-for-sale.
37. FINANCIAL INSTRUMENTS, FINANCIAL RISK AND CAPITAL RISK MANAGEMENT
a. Capital Risk Management
The Company manages capital risk to ensure that it will be able to continue as going concern, in
addition to maximizing the profits of the shareholders through the optimization of the balance of
debt and equity. The Company's capital structure consists of debt (Notes 14, 19 and 20) offset by
cash on hand and in banks (Note 5) and equity shareholders of the holding consisting of capital
stock (Note 22), additional paid-in capital (Note 23), and retained earnings.
- 41 -
The Board of Directors of The Company periodically reviews The Company's capital structure. As
part of this review, the Board of Directors considers the cost of capital and related risks.
The gearing ratio as of March 31, 2013, and December 31, 2012 are as follows:
March 31, 2013
(Unaudited)
Rp
December 31, 2012
Rp
Debt
2,398,733,658,653
88,181,823,053
2,536,943,343,728
72,870,958,343
Net debt
Equity
2,310,551,835,600
1,874,292,576,331
2,464,072,385,385
1,806,989,916,747
123%
136%
Net debt to equity ratio
b. Financial risk management objectives and policies
The Company and its subsidiary’s overall financial risk management and policies seek to ensure
that adequate financial resources are available for operation and development of their business,
while managing their exposure to foreign exchange risk, interest rate risk, credit and liquidity risks.
The Company and its subsidiary operate within defined guidelines that are approved by the Board.
The Company seeks to minimize the effects of these risks by using derivative financial instruments
to hedge risk exposures. The use of financial derivatives is governed by the Company policies
approved by the board of directors, which provide written principles on market risk, foreign
exchange risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative
financial instruments, and the investment of excess liquidity. The Company does not enter into or
trade financial instruments, including derivative financial instruments, for speculative purposes.
i. Market risk
The Company’s activities expose it primarily to the financial risks of changes interest rates. The
Company enters into derivative financial instruments to manage its exposure to interest rate
risk, which include interest rate swaps to mitigate the risk of rising interest rates.
There has been no change to The Company’s exposure to market risk or the manner in which
these risks are managed and measured.
ii. Foreign currency risk management
As a business based in Indonesia, the Company conducts the majority of its normal
transactions in Rupiah, and the Company’s accounts and financial records are reported in
Rupiah. The Company also undertakes routine foreign currency transactions: for the purchase
of waste paper materials or equipment for maintenance and expansion, for refinancing and the
sale of products to overseas markets. There is an exchange risk exposure inherent in these
transactions as a result of currency movements, and this is monitored daily. The Company
actively manages balances of receivables and payables in foreign currency in order to
minimize the impact of exchange rate volatility.
The Company’s currency exchange policy are as follows:

In the normal course of business, the Company has a large amount of cash generated by
Rupiah receivables and is short in U.S. Dollars, consequently the Company converts
Rupiah surplus cash into U.S. Dollars.

Regular monitoring is undertaken to control domestic receivables from the perspective of
working capital efficiency and to minimize underlying risks associated with price changes.
- 42 -

The Company has loan facilities that can be drawndown in U.S. Dollar or other currencies
(Rupiah).
The Company manages the foreign currency exposure by matching, as far as possible,
receipts and payments in each individual currency. The Company’s net open foreign currency
exposure as of reporting date is disclosed in Note 35.
Foreign currency sensitivity analysis
The Company’s sensitivity to a 1.35% increase and decrease in the Rp against U.S. Dollar is
discussed below.
1.35% is the sensitivity rate used when reporting foreign currency risk internally to key
management personnel and represents management's assessment of the reasonably possible
change in foreign exchange rates. The sensitivity analysis includes only outstanding
U.S. Dollar denominated monetary items and adjusts their translation at the period end for a
1.35% change in U.S. Dollar rates.
At March 31, 2013, if US$ had weakened/strengthened by 1.35% against Rupiah with all other
variables held constant, net income for the year net of tax would have been
Rp 29,458,565,697 higher/lower, mainly as a result of the effect of the gain/loss on foreign
exchange of the Company’s external loans in U.S. Dollars.
The Company’s sensitivity to foreign currency is quite significant mainly due to principal and
accrued interest of short-term bank loan and long-term loans from financial institution mostly
denominated in US$ which has resulted in higher US$ denominated liabilities.
iii.
Interest rate risk management
The Company and its subsidiary are exposed to interest rate risk because of the borrowings
with floating rates.
The Company entered into several interest rate swap agreements to anticipate the Company’s
risk on the fluctuation of interest rates on certain bank loan facilties. According to the
agreements, the Company pays quarterly fixed interest to the Banks, at the same time, the
Banks will pay quarterly interest at LIBOR US$ floating rate.
As of March 31, 2013, the Company entered into an interest rate swap (IRS) contract with
notional amount of US$ 56,333,100, whereas the syndicated loan facility with floating interest
rate based on 3-month LIBOR is changed to average fixed interest rate for 2012 until 2016 as
described in Note 34b.
Interest rate sensitivity analysis
The sensitivity analyses below have been determined based on the exposure to interest rates
for derivatives and non-derivative instruments at the end of the reporting period. For floating
rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the
end of the reporting period was outstanding for the whole year. A 10 basis point increase or
decrease is used when reporting interest rate risk internally to key management personnel and
represents management's assessment of the reasonably possible change in interest rates.
If interest rates had been 10 basis points higher/lower and all other variables were held
constant, the Company profit for the year, net of tax ended March 31, 2013 would decrease/
increase by Rp 2,021,965,128. This is mainly attributable to the Company’s exposure to
interest rates on its variable rate borrowings.
- 43 -
Interest rate swap contracts
Under interest rate swap contracts, the Company agrees to exchange the difference between
fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such
contracts enable the Company to mitigate the risk of changing interest rates on the cash flow
exposures on the issued variable rate debt. The fair value of interest rate swaps at the end of
the reporting period is determined by discounting the future cash flows using the curves at the
end of the reporting period and the credit risk inherent in the contract. The average interest
rate is based on the outstanding balances at the end of the reporting period.
All interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest
amounts are entered into as cash flow hedges in order to reduce the Company’s cash flow
exposure resulting from variable interest rates on borrowings.
iv. Credit risk management
The exposure to credit risk of the Company arises mainly from collectibility of receivables. The
Company has a large number of customers, to reduce the credit risks that are concentrated
only on certain customers.
The Company perform timely monitoring of receivables’ collections and also perform a review
of each customer receivables on a regular basis to assess the potential for failure of collection.
The carrying amount of financial assets recorded in the consolidated financial statements, net
of any allowance for losses represents the Company’s exposure to credit risk.
v. Liquidity risk management
The Company maintains adequate cash and internally generated cash from operations to
manage its liquidity risk. The Company’s capital requirements relate to working capital funding
and capital expenditures are mainly obtained from bank loan facilities.
The Company closely monitor the use of working capital to reduce the level of cash tied up in
inventory.
Liquidity and interest risk tables
The following tables detail the Company’s remaining contractual maturity for its non-derivative
financial liabilities with agreed repayment periods. The tables have been drawn up based on
the undiscounted cash flows of financial liabilities based on the earliest date on which the
Company can be required to pay. The tables include both interest and principal cash flows. To
the extent that interest flows are floating rate, the undiscounted amount is derived from interest
rate curves at the end of the reporting period. The contractual maturity is based on the earliest
date on which the Company may be required to pay.
Weighted
av erage
ef f ectiv e
interest rate
%
Liabilities
Non-interest bearing
Trade accounts pay able to third parties
Other accounts pay able
Accrued Expenses
Variable interest rate instruments
Bank loan
Long-term loans
3.51%
5.23%
6.64%
Fixed interest rate instruments
7.51%
Total
Less than
1 month
Rp
1-3 months
Rp
57,219,547,757
7,012,498,681
-
118,216,151,684
7,202,483,153
44,545,195,054
-
-
-
-
64,232,046,438
169,963,829,891
- 44 -
3 months to
1 y ear
Rp
632,901,568,136
16,441,925,157
26,062,035,395
268,071,712,401
1,033,294,166,228
7,653,290,104
1-5 y ears
Rp
5+ y ears
Rp
-
-
1,050,507,118,784
1,921,719,542
137,495,083,107
-
561,092,535
255,981,211
1,984,985,789,956
1,052,684,819,537
137,495,083,107
Total
Rp
808,337,267,577
30,656,906,991
70,607,230,449
268,071,712,401
2,221,296,368,119
9,575,009,646
817,073,746
3,409,361,568,929
The Company has access to financing facilities as described in Note 34a which were unused
at the end of the reporting period.
The Company planned to meet its obligations from operating cash flows and proceeds of
maturing financial assets.
The following table details the Company’s liquidity analysis for its derivative financial
instruments. The table has been drawn up based on the undiscounted contractual net cash
inflows and outflows on derivative instruments that settle on a net basis, and the undiscounted
gross inflows and outflows on those derivatives that require gross settlement. When the
amount payable or receivable is not fixed, the amount disclosed has been determined by
reference to the projected interest rates as illustrated by the yield curves at the end of the
reporting period.
Less than
3 months
1 month
1-3 months
to 1 y ear
1-5 y ears
5+ y ears
Rp
Rp
Rp
Rp
Rp
-
-
2,022,713,129
7,268,916,103
-
March 31, 2013
Net settled:
interest rate swaps
c. Fair value of financial instruments
Fair value of financial instruments carried at amortized cost
Except as detailed in the following table, the directors consider that the carrying amounts of
financial assets and financial liabilities recognized in the consolidated financial statements
approximate their fair values because of their short-term maturities or they carry market interest
rate.
March 31, 2013
Carrying amount
Fair value
Rp
Rp
Financial liability
760,023,353
703,181,354
Valuation techniques and assumptions applied for the purposes of measuring fair value
The fair values of other financial liabilities for lease obligations are determined in accordance with
generally accepted pricing models based on discounted cash flow analysis using interest rate for
similar instruments.
Specifically, significant assumptions used in determining the fair value of the finance lease
obligation, estimated to be Rp 703,181,354 using an 6.50% discount rate based on market
interest rate from similar finance leased obligations.
Fair value measurements recognised in the consolidated statement of financial position
The following table provides an analysis of financial instruments that are measured subsequent to
initial recognition at fair value, categorized into Levels 1 to 3 based on the degree to which the fair
value is observable.

Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active
markets for identical assets or liabilities.
- 45 -

Level 2 fair value measurements are those derived from 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. derived from prices).

Level 3 fair value measurements are those derived from valuation techniques that include
inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
Level 1
Rp
Level 2
Rp
Level 3
Rp
Total
Rp
-
9,291,629,232
-
9,291,629,232
Financial liabilities at FVTPL
Other financial liabilities- derivatives
There were no transfers between level 1 and 2 in the period.
38. LITIGATION
On March 28, 2013, the Company has recently commenced arbitration proceedings before the
Singapore International Arbitration Council in connection with a claim against one of our suppliers of
machines used at one of our plants in relation to the supplier’s failure to fulfill its obligations. These
proceedings are currently at an initial stage. The Company currently believes that the ultimate
outcome of these matters or disputes will not give negative impact on the business activities of the
Company.
39. SUBSEQUENT EVENT
Based on letter dated April 19, 2013, the Company obtained an extension on the maturity of credit
agreement from Bank UOB until May 30, 2013.
40. FINANCIAL INFORMATION OF THE PARENT COMPANY ONLY
The financial information of the parent company only presents the statements financial position,
statements of comprehensive income, statements of changes in equity and statements of cash flows
information in which the investment in its subsidiary, Fajar Finance BV, domiciled in Amsterdam with
100% ownership (Note 1b) was accounted for using the cost method.
Financial information of the parent company only, was presented on pages 47 to 51.
41. MANAGEMENT
STATEMENTS
RESPONSIBILITY
AND
APPROVAL
OF
CONSOLIDATED
FINANCIAL
The preparation and fair presentation of the consolidated financial statements on pages 2 to 46 and
the supplementary information on pages 47 to 51 were the responsibilities of the management and
were approved and authorized for issue by the Directors on May 6, 2013.
- 46 -
SCHEDULE I: STATEMENTS OF FINANCIAL POSITION ONLY PARENT COMPANY'S *)
MARCH 31, 2013 (UNAUDITED) AND DECEMBER 31, 2012
March 31, 2013
(Unaudited)
Rp
December 31,
2012
Rp
ASSETS
CURRENT ASSETS
Inventories
Advances
Prepaid taxes
Prepaid expenses
Total Current Assets
88,181,823,053
895,907,793,570
2,436,732,422
725,674,542,149
9,091,060,701
85,918,448,771
5,124,065,953
72,870,958,343
878,622,048,703
2,144,104,020
636,373,572,306
7,964,690,758
76,802,197,934
6,174,678,893
1,812,334,466,619
1,680,952,250,957
NONCURRENT ASSETS
Property, plant and equipment - net of accumulated
depreciation of Rp 2,130,255,200,939 in
March 31, 2013 and Rp 2,075,556,955,495 in
December 31, 2012
Intangible Asset - net
Advances for purchase of property, plant and equipment
Guarantee deposits
9,597,887,265
9,465,012,923
3,835,032,009,260
22,638,591,172
120,790,909
4,018,475,000
3,860,973,069,153
22,865,535,787
59,863,636
4,018,475,000
Total Noncurrent Assets
3,871,407,753,606
3,897,381,956,499
TOTAL ASSETS
5,683,742,220,225
5,578,334,207,456
*) STATED USING COST METHOD
- 47 -
SCHEDULE I: STATEMENTS OF FINANCIAL POSITION ONLY PARENT COMPANY'S *)
MARCH 31, 2013 (UNAUDITED) AND DECEMBER 31, 2012 (Continued)
March 31, 2013
(Unaudited)
Rp
December 31,
2012
Rp
CURRENT LIABILITIES
Bank loans
Trade accounts payable from third parties
Taxes payable
Accrued expenses
Total Current Liabilities
256,512,447,758
808,337,267,577
30,656,906,991
13,952,818,048
70,607,230,449
301,673,090,910
639,631,351,281
45,047,464,234
20,392,641,357
64,608,669,978
2,022,713,129
556,444,767,302
7,698,370,039
3,032,956,820
1,795,725,800,489
9,207,523,733
1,746,232,521,293
2,879,319,498,802
Deferred tax liabilities
Post-employment benefits obligation
399,056,666,897
378,346,133,755
7,268,916,103
1,576,037,978,188
2,040,095,366
78,813,466,047
8,198,922,241
426,891,435,367
3,445,493,229
75,142,807,315
Total Noncurrent Liabilities
2,063,217,122,601
892,024,791,907
TOTAL LIABILITIES
3,809,449,643,894
3,771,344,290,709
EQUITY
Capital stock - Rp 500 par value per share
Authorized - 5,000,000,000 shares
Subscribed and paid-up - 2,477,888,787 saham
Additional paid-in capital
Retained earnings
Appropriated
Unappropriated
1,238,944,393,500
3,560,727,824
1,238,944,393,500
3,560,727,824
600,000,000
631,187,455,007
600,000,000
563,884,795,423
TOTAL EQUITY
1,874,292,576,331
1,806,989,916,747
TOTAL LIABILITIES AND EQUITY
5,683,742,220,225
5,578,334,207,456
- 48 -
SCHEDULE II: STATEMENTS OF COMPREHENSIVE INCOME ONLY PARENT COMPANY'S*)
2013
(Unaudited)
Rp
2012
(Unaudited)
Rp
NET SALES
1,213,561,575,587
862,342,262,399
COST OF GOODS SOLD
1,025,010,099,152
773,491,269,378
GROSS PROFIT
188,551,476,435
88,850,993,021
Selling expenses
General and administrative expenses
Financial charges
Loss on foreign exchange - net
Gain (loss) on derivative financial instruments - net
Others - net
(38,291,756,423)
(14,868,482,236)
(31,304,135,149)
(16,637,349,487)
1,940,249,829
1,554,087,937
(19,909,403,869)
(12,519,384,077)
(33,961,614,033)
(21,754,337,245)
(739,806,398)
4,117,500,181
90,944,090,906
4,083,947,580
(23,641,431,322)
(2,178,586,431)
NET INCOME FOR THE PERIOD
Other comprehensive income
67,302,659,584
-
1,905,361,149
-
TOTAL COMPREHENSIVE INCOME
67,302,659,584
1,905,361,149
27.16
0.77
INCOME BEFORE TAX
TAX EXPENSE - NET
BASIC EARNINGS PER SHARE
- 49 -
SCHEDULE III: STATEMENTS OF CHANGES IN EQUITY ONLY PARENT COMPANY'S *)
Paid-up Capital
Rp
Paid-in Capital
Rp
Retained earnings
Appropriated
Unappropriated
Rp
Rp
1,238,944,393,500
3,560,727,824
600,000,000
Total comprehensive income
(Unaudited)
-
-
-
1,238,944,393,500
3,560,727,824
1,238,944,393,500
Total comprehensive income
(Unaudited)
Total Equity
Rp
556,674,640,289
1,799,779,761,613
1,905,361,149
1,905,361,149
600,000,000
558,580,001,438
1,801,685,122,762
3,560,727,824
600,000,000
563,884,795,423
1,806,989,916,747
-
-
-
67,302,659,584
67,302,659,584
1,238,944,393,500
3,560,727,824
600,000,000
631,187,455,007
1,874,292,576,331
- 50 -
SCHEDULE IV: STATEMENTS OF CASH FLOWS ONLY PARENT COMPANY'S
2013
(Unaudited)
Rp
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers
Cash paid to suppliers, employees and for other operational
expenses
1,196,275,830,721
2012
(Unaudited)
Rp
624,618,529,243
(902,351,060,641)
(649,824,799,887)
Cash generated by operations
Payments of:
Financial charges
Income taxes
Receipts from:
Interest income
293,924,770,080
(25,206,270,644)
(27,445,632,795)
(12,047,149,017)
(29,644,206,313)
(3,414,738,484)
Net Cash Provided by (Used in) Operating Activities
254,802,748,431
(57,946,641,074)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Placement in restricted time deposit
Acquisition of property, plant and equipment
Acquisition of intangible assets
Payment of advances for purchase of property, plant and equipment
173,636,364
(132,874,342)
(28,936,000,697)
(1,046,453,962)
(175,472,727)
100,000,000
(8,904,600,000)
(100,208,917,062)
(2,870,000,000)
(78,886,364)
Net Cash Used in Investing Activities
(30,117,165,364)
(111,962,403,426)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans
Proceeds from long-term bank loans and financial institution
Payment of bank loans
Payment of long-term bank loans
Payment of finance lease obligations
257,299,450,179
(107,969,004,078)
(355,790,612,901)
(2,914,551,557)
153,765,000,000
152,180,274,830
(63,898,468,683)
(55,683,293,192)
(5,530,443,075)
Net Cash Provided by (Used in) Financing Activities
(209,374,718,357)
180,833,069,880
NET INCREASE IN CASH ON HAND AND IN BANKS
15,310,864,710
10,924,025,380
CASH ON HAND AND IN BANKS AT BEGINNING OF PERIOD
72,870,958,343
39,332,612,929
CASH ON HAND AND IN BANKS AT END OF PERIOD
88,181,823,053
50,256,638,309
370,760,163
- 51 -
318,574,367

P.T. FAJAR SURYA WISESA Tbk AND ITS SUBSIDIARY

Transcription

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