2011 annual report. Building A Solid Foundation

2011

annual report

Building A Solid Foundation

annual report

contents

2011

Building A Solid Foundation 1 Performance Highlights 2011

2

About ABM ABM Investama at a Glance 8 Vision, Mission and Core Values 10 The Business in Synergy 12 Operational Area 14 Historical Background of PT ABM Investama 16 Event Highlights 2011 18 Awards and Certifications 2011 19 Financial Highlights 20 Stock Highlights 22 Operational Highlights 24 Overview of Plans and Strategies in 2011 25 Industrial Analysis 29 From the Management Report from the Board of Commissioners 42 Report from the Board of Directors 48

Business Review 58

Business Performance Review 60 Business Support Review 80 Human Resources 96 Information Technology 102

Corporate Social Responsibility 106 CSR Report 108

Corporate Governance Report 114 Corporate Governance 116

Financial Review 136

Management Discussion and Analysis 138

Corporate Data 161

Board of Commissioners 162 Board of Directors 164 Organization Structure 166 The Subsidiaries 168 Supporting Institutions and Professions 168 Responsibility of the Members of Board of Commissioners and Board of Directors Towards the Annual Report 2011 169

Consolidated Financial Statement 171

The year 2011 represents a dynamic year for ABM Investama.

1

The synergy of business units, the hard work and the spirit to reach performance. At the same time, the Company focused on building a solid operational foundation in all business units by streamlining business procedures, building effective and reliable systems reflecting characteristics of each business unit, and grooming competent human resources with strong characters. “Building a solid foundation” accurately describes our determination and spirit

Building A Solid Foundation in building ABM group into a resilient national business group able to meet any challenge, and to flourish through this century and into the next.

ABM Investama • 2011 Annual Report

the highest achievements have resulted in significantly increased

About ABM

From the Management

Business Review

Corporate Social Responsibility

Corporate Governance Report

Financial Review

Corporate Data

Consolidated Financial Statement

Creating sustainable growth performance ABM Investama • 2011 Annual Report

2

Supported by the synergy from its integrated business units comprising the energy resources business, energy services business and energy infrastructure business, as well as the support of reliable human capital, ABM Investama in 2011 succeeded in posting a 47.7% growth in revenues as well as a 226% increase in net income, which reflected a consistent and sustainable performance growth by all business units in the ABM group.

From the Management

Business Review

2010

415,740

127,324

(in million Rupiah)



Financial Review

Corporate Data


226

%

NET INCOME increased significantly over the previous year. 2011 3

2010

6,626,275

47.7

%

REVENUE grew fast compared with the previous year.

2011


(in million Rupiah)

4,486,419

About ABM

About ABM

From the Management

Business Review



Financial Review

Corporate Data


4

Quality People


About ABM

From the Management

Business Review



Financial Review

Corporate Data


5


Rising up to the challenges and adapting to the demands of a dynamic and evolving market, ABM Investama invested heavily to develop quality and capable human resources in order to make the Company stronger and more competitive.

About ABM

From the Management

Business Review



Financial Review

Corporate Data



6

CSR Programs Contributing

benefits to the community.

About ABM

From the Management

Business Review



Financial Review

Corporate Data


7


The Company’s business activities have an economic, social or environmental impact on communities, and are directed to create economic self-sufficiency that can add value and improve quality of life in communities around the mine sites.

About ABM

From the Management

Business Review



Financial Review

ABM INVESTAMA AT A GLANCE


8

PT ABM Investama Tbk (ABM Investama), is an integrated energy company making strategic investments in energy resources, services and infrastructure. ABM group provides integrated energy solution with business synergy focusing on three key businesses units in coal production, mining contract services, and power solutions supported by two crucial components of engineering services and integrated logistics. The Company was established on 1 June 2006 under the name of PT Adiratna Bani Makmur under the group of Tiara Marga Trakindo (TMT). TMT Group is a business group with 12 subsidiaries engaged in heavy equipment industry and has already built its business reputation for 40 years. The establishment of the Company indicated TMT group’s intention to develop and to optimize its energy-related business units to create the best synergy and efficiency. In 2009 the Company changed its name into PT ABM Investama and acquired majority shares of several companies under TMT group. Such reorganization has positioned ABM Investama to be a solid holding company designated to provide guidance as well as business planning and expansion through strategic investment so as to create a more open, more progressive and more responsive business units to cope with a more competitive yet challenging business climate and to create added values for all stakeholders.

Corporate Data


About ABM

From the Management

Business Review



Financial Review

Corporate Data


ABM Investama at a Glance

Developing a comprehensive, synergistic and integrated organization

As a holding company, the role of ABM Investama is not only to create integration within its subsidiaries, but also to perform strategic investments in the effort of empowering business units for them to experience faster and stronger growth and to be able to create added values for all stakeholders. Within the last two years, ABM Investama has successfully guided its subsidiaries to make expansion

through strategic investments in each of its subsidiaries. At present, the business units of ABM Investama namely PT Reswara Minergi Hartama (Reswara), PT Cipta Kridatama (CK), PT Sumberdaya Sewatama (Sewatama), PT Sanggar Sarana Baja (SSB) and PT Cipta Krida Bahari (CKB Logistics), have become sub-holding companies with 11 subsidiaries with a total number of 7,500 employees. The Company will continuously strive to expand its business portfolio in energy sector by growing its business units, increasing its profitability and developing comprehensive, mutually in synergy and integrated organizations.

9


On 6 December 2011, the Company registered 550.6 million of shares in Indonesia Stock Exchange ticker name ABMM. Since then, PT ABM Investama became a publicly listed company under the name of PT ABM Investama Tbk.

About ABM

From the Management

Business Review



Financial Review

Corporate Data


Vision, Mission and Core Values

Vision

To be the leading investment company with strategic investments in energy resources, energy services, and energy infrastructures. Mission


10

1. To continually create meaningful and challenging job opportunities for as many Indonesians as possible. 2. To ensure sustainable and profitable growth that maximizes shareholder value. 3. To provide value adding solutions that will optimize customer satisfaction. 4. To actively engage within communities as a good corporate citizen.

Our people have the passion for challenges, continues improvement and excellence.

About ABM

From the Management

Business Review



Financial Review

Corporate Data


Vision, Mission and Core Values

Core Values We instill each value in our day-to-day operations to strengthen our leadership. INTEGRITY We enforce the highest ethical and moral standards, demonstrating honesty and fairness in all activities. CONTINUOUS DEVELOPMENT We are committed to continuously developing both our companies and employees. EXCELLENCE We continuously strive to achieve the highest standards of results. PROACTIVE We pursue new techniques and approaches in improving our business quality. ACCOUNTABILITY We assume responsibility to shareholders for all of decisions and actions taken. TEAMWORK We promote and support a multicultural workforce, based on trust and respect, achieving goals by communicating appropriately. 11

COMPETENT Display leadership competence in making correct decisions. VISIONARY Set encompassing goals; have a well-communicated vision that all members of the organization would take into ownership; envision how to succeed and establish priorities based on core values. INSPIRING Exhibit confidence in all interactions; take charge; demonstrate endurance; communicate, inspire and empower others to achieve new heights. SELF-ACTUALIZATION Develop self potential and seek new challenge. HONEST AND HUMBLE Be sincere, modest, reliable, and straightforward in maintaining trustworthy.


Leadership Traits

About ABM

From the Management

Business Review



Financial Review

Corporate Data


The Business in Synergy Estimated 221 million tons of coal reserves and 561 million tons of coal resources

Production capacity is expected to ramp up significantly from 1.0 million tons to 12.5 million tons in the medium term.

Leading temporary power provider, with 42% market share in Indonesia. Electricity generation capacity close to 1 GW.

Ability to leverage services offered by the ABM Group.

Among the top 5* mining contractors in Indonesia. Provides full end-to-end “pit to port” contract mining services

Expand portfolio through leveraging its business in the Independent Power Production (IPP) sector.


12

SSB and CKB to provide engineering services and integrated logistics support to the ABM group and TMT groups. The Group subsidiaries provide substantial intragroup services, thereby achieving cost efficiency and increasing business support.

We see our business as three key business units in coal production, contract mining and power solutions, supported by two crucial components of engineering services and integrated logistics. Committed to provide a wider range of energy related products and services offering, this integrated businesses create a synergy and offer end-to-end energy solution, that enable us to provide a more efficient cost structure; increasing profitability; and assuring business sustainability. * Provided that Thiess and Leighton are considered as one group, namely Leighton Group.

From the Management

About ABM

Business Review



Financial Review

Corporate Data


The Business in Synergy

ABM Investama is an Integrated Energy Company

99.99%

Valle Verde Pte. Ltd.

PT Tiara Marga Trakindo (“TMT”)

Public

55%

23%

22%

99.99%

99.98%

99.96%

99.99%

PT Cipta Kridatama

PT Sumberdaya Sewatama

PT Sanggar Sarana Baja

PT Cipta Krida Bahari

COAL PRODUCTION

CONTRACT MINING

POWER SOLUTIONS

ENGINEERING SERVICES

INTEGRATED LOGISTICS

PT Tunas Inti Abadi

PT Meppogen

PT Prima Wiguna Parama

PT Alfa Trans Raya

COAL PRODUCER

IPP – GAS

MATERIAL HANDLING

SHIPPING COMPANY

PT Pelabuhan Buana Reja

PT Pradipa Aryasatya

PT Baruna Dirga Dharma

PORT SERVICE/ MANAGEMENT

IPP – THERMAL ENERGY

COAL LOGISTICS

PT Media Djaya Bersama

PT Nagata Bisma Shakti

HOLDING COMPANY

IPP – RENEWABLE ENERGY

PT Bara Energi Lestari COAL PRODUCER

PT Mifa Bersaudara COAL PRODUCER

Committed to grow in the focused activities of coal production, contract mining, power solutions, engineering services, and integrated logistics.

13


PT Reswara Minergi Hartama

About ABM

From the Management

Business Review



Financial Review

Corporate Data

Operational Area


14

COMPREHENSIVE FOOTPRINT AND MARKET COVERAGE ACROSS INDONESIA As one of the leading integrated energy company, we recognize that our responsibilities to the nation merely begin with our most important role of providing energy supply that powers modern life. Our responsibilities also extended to the manner of proper business conduct, our adherence to the highest legal and ethical standards, our environmental performance, the practice of good corporate citizenship in the communities, and the quality of our interactions with our stakeholders – in effect, the public at large.


About ABM

From the Management

Business Review



Financial Review

Corporate Data


Operational Area

Having its fully integrated operation since 2009 across Indonesia, through its subsidiaries, ABM is ensuring its presence and providing services from the western regions to as far afield as eastern regions of Indonesia.

15


Integrated Logistics Offices

Contract Mining Project Sites

Engineering Services Workshop

Engineering Services Office

About ABM

From the Management

Business Review



Financial Review

Corporate Data


Historical Background of PT ABM Investama

PT Sumberdaya Sewatama, (SS), a subsidiary of Trakindo was established on March 27, to provide power through leasing power generators for all kinds of projects.

AHK Hamami founded PT Trakindo Utama (Trakindo), which became the sole authorized dealer in Indonesia for Caterpillar heavy equipment and machinery products.

16


1970

1977

Trakindo established a subsidiary, PT Sanggar Sarana Baja, on March 19, to provide design and fabrication services for the heavy equipment market.

1992

PT Cipta Krida Bahari, a freight forwarding company, was established on May 9.

1997

PT Cipta Kridatama (CK) was established on April 8, to fulfill the market demand for heavy machinery rental, subsequently becoming a contractor for the mining industry.

Trakindo Utama become an integrated holding company, marked with the change of PT Trakindo Utama to become PT Tiara Marga Trakindo (TMT) on August 16.

2000

PT Alfa Trans Raya was established as a subsidiary of CKB Logistics on November 28, as a shipping company primarily serving energy-related sectors, and purchased its first ship named Alfa Trans Satu in December.

2006

PT Cipta Krida Bahari introduced its new branding and company logo as CKB Logistics.

About ABM

From the Management

Business Review



Financial Review

Corporate Data


Historical Background of PT ABM Investama

In March, PT ABM Investama increased its equity through convertion of Mandatory Convertible Bonds equal to a value of 64,7111% ownership of PT ABM Investama by Valle Verde Ltd, a Singaporean-based company owned by The Hamami Family.

PT ABM Investama becomes the majority shareholders of PT Cipta Kridatama on December 10.

In December, PT Sumberdaya Sewatama and PT Sanggar Sarana Baja acquired PT Tunas Inti Abadi, a compliant coal concession located in South Kalimantan.

2007

PT Reswara Minergi Hartama was established on November 16, taking the position of holding company for all coal mining related business.

On May 23, PT Sumberdaya Sewatama (SS) established 2 new subsidiaries under the name PT Nagata Bisma Shakti (Nagata), which focuses on renewable energy, and PT Pradipa Aryasatya (Pradipa) focusing on thermal energy, in line with its expansion plan into Independent/Captive Power Plants.

On May 26, PT Cipta Krida Bahari (CKB Logistic) also expanded its portfolio through establishing PT Baruna Dirga Dharma (BDD), a coal transport tug & barge service company. On June 26, PT Sanggar Saran a Baja (SSB) established PT Prima Wiguna Parama (PWP) to manage material handling for equipments related to energy industry.

2009

In December, to support PT TIA and other coal trading activities, Reswara established a port company named PT Pelabuhan Buana Reja (PBR) to serve the coal industry.

On June 28, Reswara acquired PT Media Djaya Bersama (MDB) that operates 2 coal concessions in Aceh namely PT MIFA Bersaudara and PT Bara Energi Lestari (BEL).

On September 21, PT Sanggar Sarana Baja (SSB) introduced its new company logo.

In November, PT Sumberdaya Sewatama acquired minority shares in PT Metaepsi Pejebe Power Generation (Meppogen), a power generation company operating in South Sumatra.

On December 6, ABM Investama held its initial public listing at the Indonesia Stock Exchange and officially become a Public Listed Company.

17


PT Tiara Marga Trakindo acquired PT Adiratna Bani Makmur in August, and changed its name to PT ABM Investama. The company then acquired majority shares in PT Sanggar Sarana Baja, PT Sumberdaya Sewatama, PT CKB Logistics and PT Tunas Inti Abadi. Its also acquired minority shares in PT Cipta Kridatama.

2011

2010

From the Management

About ABM

Business Review



Financial Review

Corporate Data


Event Highlights 2011 03

01

December

May 26 CKB Logistics expanded its portfolio through the establishment of PT Baruna Dirga Dharma (BDD), coal transportation services company (Tug & Barges).

March ABM Investama increased its equity through conversion of ABM’s Mandatory Convertible Bonds owned by Valle Verde Ltd.

November October

September

02

August

08

July

May 23 Sumberdaya Sewatama established 2 subsidiaries, namely PT Nagata Bisma Shakti & PT Pradipa Aryasatya.

June May

December 6

18

Listing Day at IDX


April

09 December 26

March February January

ABM Investama paid its debt to Bank Permata amounted to Rp225 billion.

06 September 22 ABM Investama signed prospectus to be submitted to Bappepam as part of the process towards IPO.

04

07

June 28 ABM Investama’s subsidiary, Reswara acquired PT Media Djaja Bersama (MDB), which operates 2 coal-concessions in Nanggroe Aceh Darussalam.

05

September 21 Sanggar Sarana Baja introduced new logo to further strengthen its positioning.

November 8 Public Expose at Ritz Carlton.

About ABM

From the Management

Business Review



Financial Review

Corporate Data


Awards and Certifications 2011

KADARIGAT AWARD (Medium W/S – Best EMS ISO 14001) PT Sumberdaya Sewatama

KADARIGAT AWARD (Medium W/S – Best Hydrocarbon Management) PT Sumberdaya Sewatama

KADARIGAT AWARD (Medium W/S – Best Total Score) PT Sumberdaya Sewatama

19

Certification of Safety and Work Heatlh Audit System Management PT Sumberdaya Sewatama

Upakarti Pratama Safety Mining Award PT Tunas Inti Abadi Zero Accident Award PT Tunas Inti Abadi

ISO 9001:2008 Certification PT Sanggar Sarana Baja

ISO 14001:2004 Certification PT Sanggar Sarana Baja

Indonesia Stock Exchange Listing Certification PT ABM Investama


OHSAS 18001:2007 Certification PT Sumberdaya Sewatama

About ABM

From the Management

Business Review



Financial Review

Corporate Data


2011

2010

2009

2008

2007

4,268,611

2,106,194

2,001,334

1,384,649

1,174,987

Financial Highlights (in million of Rupiah) Description FINANCIAL BALANCE STATEMENT Current Assets Fixed Assets – Net

4,007,349

2,107,655

1,532,725

1,469,802

1,266,307

Total Assets

9,883,180

4,890,266

4,199,977

3,549,129

3,062,585

Current Liabilities

3,134,821

2,359,085

1,797,869

2,338,481

1,743,025

Non-Current Liabilities

3,725,353

1,404,745

1,301,583

2,022,469

1,559,872

Total Liabilities

6,860,174

3,763,830

3,099,452

4,360,950

3,302,897

Total Equity

3,023,006

1,126,436

1,100,525

(811,821)

(240,312)

Total Liabilities and Equity

9,883,180

4,890,266

4,199,977

3,549,129

3,062,585

Sales and Service

6,626,275

4,486,419

3,926,320

3,235,172

2,379,876

Gross Profit

OPERATIONAL PERFORMANCE

1,381,717

713,025

469,094

120,790

168,762

Income from Operations

656,022

315,772

491,429

(469,841)

(341,516)

Income (Loss) before Income Tax

464,406

237,417

379,814

(578,617)

(413,843)

Comprehensive Net Income (Loss)

415,740

127,324

(11,346)

(3,913)

(3,817)

Income from Operations/Sales and Service Revenues

9.9%

7.0%

12.5%

-14.5%

-14.4%

Comprehensive Net Income (Loss)/Sales and Service

6.3%

2.8%

-0.3%

-0.1%

-0.2%

Income from Operations/Total Equity

21.7%

28.0%

44.7%

-57.9%

-142.1%

Comprehensive Net Income (Loss)/Total Equity

13.8%

11.3%

-1.0%

-0.5%

-1.6%

BUSINESS RATIO


20

Income from Operations/Total Assets

6.6%

6.5%

11.7%

-13.2%

-11.2%

Comprehensive Net Income (Loss)/Total Assets

4.2%

2.6%

-0.3%

-0.1%

-0.1%

Sales and Service

47.7%

14.3%

21.4%

35.9%

-

Gross Profit

93.8%

52.0%

288.4%

-28.4%

-

GROWTH RATIO

Income from Operations

107.8%

-35.7%

204.6%

-37.6%

-

Comprehensive Net Income (Loss)

226.5%

1222%

-190.0%

-2.5%

-

Total Assets

102.1%

16.4%

18.3%

15.9%

-

82.3%

21.4%

-28.9%

32.0%

-

168.4%

2.4%

235.6%

-237.8%

-

Total Liabilities Total Equity

From the Management

Business Review



Financial Review

Corporate Data


Financial Highlights

Total Assets and Total Liabilities

11

10

09

08

3,302,897

3,062,585

4,360,950

3,549,129

3,099,452

4,199,977

3,763,830

4,890,266

6,860,174

9,883,180

(in million of Rupiah)

Total Assets Total Liabilities

07

Total Debt and Total Equity

11

09

1,882,069

08

(240,312)

(811,821)

1,726,372

1,100,525

1,678,949

1,126,436

1,924,066

10

21

Total Debt Total Equity

07

Sales & Service and Income from Operations (in million of Rupiah)

10

09

08

(341,516)

2,379,876

(469,841)

3,235,172

491,429

315,772

3,926,320

4,486,419 656,022

11

07

Sales & Service Income from Operations


3,023,006

4,928,352

(in million of Rupiah)

6,626,275

About ABM

About ABM

From the Management

Business Review



Financial Review

Corporate Data


Stock Highlights Initial Public Offering On 28 November 2011, PT ABM Investama Tbk conducted an Initial Public Offering of 550,633,000 shares at a par value of Rp500. The shares are registered at PT Bursa Efek Indonesia (BEI) in accordance with the Preliminary Listing Agreement of Shares Registration entered into between the Company and BEI No.S-05664/BEI/PPJ/08-2011 dated 16 August 2011.


22

The number of shares being offered represents 20% (twenty percent) of the Company’s issued and fully paid capital following the IPO, which comprises the following: • A total of 413,165,000 common shares which represents the Company’s new shares at par value of Rp 500; • A total of 137,468,000 common shares owned by the Selling Shareholders at par value of Rp500 each (divestment

550.6

shares), comprising 137,463,000 common shares owned by TMT and 5,000 common shares owned by Achmad Hadiat Hamami.

million

Shares issued in the IPO of ABM Investama (20%)

At most, ten percent (10%) of the total number of shares being offered in the IPO or 55,063,000 shares shall be allocated to the Management and Employee Stock Allocation (MESA) program in accordance with the Circular Resolution in Lieu of the Extraordinary General Meeting of Shareholders as the replacement of the General Meeting of Shareholders dated 27 July 2011.

3,750

Rp

IPO Share Offering Price

All shares are offered at the IPO price of Rp3,750, resulting in a total IPO price of Rp2,064,873,750,000, comprised of Rp1,549,368,750,000 from common shares and Rp515,505,000,000 from divestment shares.

Shareholding Structure No

Owner Status

Owner of Minimum of 500 Shares Number of Shareholders

Number of Shares

% Ownership

DOMESTIC INVESTORS 1.

Individual, Indonesian citizen

595

74,632,500

2.71079

2.

Employees

423

7,270,500

0.26408

3.

Foundations

3

5,047,500

0.16333

4.

Pension Funds

7

5,863,000

2.21295

5.

Insurance

6.

Corporations

7.

Mutual Funds

Sub Total

2

1,300,000

0.04722

30

667,822,000

24.25652

20

50,049,500

1.81789

1,080

811,985,000

29.49278

OVERSEAS INVESTORS 8.

Individual, Foreign

10

1,160,000

0.04213

9.

Business Entity, Foreign

50

1,940,020,000

70.46508

60

1,941,180,000

70.50721

1,140

2,753,165,000

100

Sub Total TOTAL

From the Management

About ABM

Business Review



Financial Review

Corporate Data


Stock Highlights

Composition of Shareholders per DeCember 31, 2011 11.54%

10.46%

23.00%

CitiBank Singapore A/C BJBS AS Asia PT Tiara Marga Trakindo Valle Verde PTE LTD

Controlling Shareholders

Public under 5%

55.00%

STOCK PERFORMANCE IN DECEMBER 2011 POST IPO

23

Based on Law No. 40/2007 regarding

fully paid capital as well as its reserve

from time to time, amend the Company’s

Limited Liability Companies, the

requirements. The interim dividend

dividend payment policy. Directors may

distribution of dividends shall be

distribution is determined by the Board

reduce the number of dividends paid or

conducted based on the Resolution of

of Directors after obtaining approval from

waive dividend payment entirely. Future

General Meeting of Shareholders (GMS)

the Board of Commissioners.

dividend payments shall depend on a number of factors, such as:

or Extraordinary Shareholders Meeting. Following the IPO, commencing in 2013

• Retained earnings, operational and

Prior to the end of fiscal year, the

and based on net income in 2012, the

financial performance, financial

interim dividend may be distributed

Company planned to maintain a dividend

condition, liquidity condition, future

as long as the Company’s articles of

payment ratio of a maximum 35% of net

business prospects, cash flow,

association allow such distribution and

income for the following years.

the interim dividend distribution shall

business opportunities; and • Compliance with prevailing rules and

not make the amount of the Company’s

By also taking into account the

regulations and other factors deemed

assets any lower than its issued and

resolutions of GMS, the Directors may,

relevant by the Directors.


Dividend Policy

From the Management

About ABM


Business Review


Financial Review

Operational Highlights

Coal Mining Production and Sales

Average Strip Ratio* (%)

4.1

113

1,179

4.4

2,163

5.8

(thousand tons)

11

10

09

11

10

09

* Average Strip Ratio is a number used to determine the cost of mining in accordance with the JORC reports

Mining Contractor Over Burden

(million tons)

10.6

09

11

7.1

8.3

104

100

11

10

10

09

Electricity Solution Total Installed Capacity

Average Utilization Rate

(MW)

(%)

74

70

10

74

11

758

792

934


118

24

Coal Extraction

(million BCM)

09

11

10

09

Corporate Data


About ABM

From the Management

Business Review



Financial Review

Corporate Data


Overview of Plans and Strategies in 2011

In 2011, the Company focused on ensuring that all business units have been integrated in a comprehensive and synergistic manner, as well as strengthening the commitment to improve and streamline business procedures in all areas to create a sustainable system.

Growth Strategy Vision of ABM Investama is to become the leading investment company in the areas of energy resources, energy services and energy infrastructure. Having such a vision, the Company must ensure that sufficient resources are available and the right strategy are set to well support its existing business portfolio to become leaders in their respective industries. A good strategy must have measurable implementation steps with continuous improvements of its business processes.


As of the end of 2011, Indonesia showed highly favorable economic conditions. The growth rate of GDP reached 6.1% which represented the highest rate compared to those in prior years. Such condition was also supported by relatively stable and controlled social and political situations during the whole year capable of reviving the investment climate which was once stagnant. Based on such facts, ABM Investama optimistically stepped into 2011 with a plan of accelerating its growth through higher production rate, and acquisitions together with several alternative funding plans for its business expansion.

25

About ABM

From the Management

Business Review



Financial Review



26

The Company persistently keeps on searching and developing the energyrelated business opportunities, both through organic and non-organic growth strategies. The organic growth is driven by increasing the capacity of the current business units, while non-organic growth is achieved through acquisitions. In assessing the potential target acquisitions, one important consideration is to see whether there is possibility to have new synergy businesses between the existing business portfolio and the target acquisitions Such consideration is important to ensure that the acquisition would create added values and could integrate within the Company’s operating activities. As the holding company, the Company focuses on the non-organic growth whereas the organic growth is under the responsibility of the business units to formulate and successfully implement the strategic steps to achieve such growth. Yet, being the holding company, the Company always make a comprehensive review periodically over the growth of each business unit to keep the composition in balance. At present the Company focuses on developing the business in coal mining industry and power solutions. However,

the Company does not limit the opportunities of investing in other industry segments such as oil and gas, renewable energy resources and others that are still relevant with the Company’s vision.

Cost Efficiency Strategy Other strategy that The Company is intensively putting the efforts to is cost reduction to the most efficient. This is conducted by integrating its business and building an optimum synergy among subsidiaries, including maintaining continuous improvements and refining the business processes. In addition, the Company is also developing an initiative called Center of Excellence (COE). COE is an initiative to synergize various operating activities which could be more effective if managed at the holding level whereby the economic scales of which would be higher and hence create mutual benefits for both the holding company and the business units as well. The mutual benefits could be manifested in the forms of cost efficiency, human resources efficiency and system reliability. Those that could be centrally managed among others are centralization of financial reporting of all business units, information and communication technology (ICT), cash management or cash pooling that manages idle fund from all business units to be used as one funding option.

Corporate Data


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Implementation of Strategies in 2011 The business of ABM Investama is continuously developed through the main drivers of its integrated business. Those are coal production operated by PT Reswara Minergi Hartama (Reswara), mining contractor carried out by PT Cipta Kridatama (CK) and energy infrastructure business through PT Sumberdaya Sewatama (Sewatama). These three businesses are supported by two important components which are integrated logistics business and engineering service managed by PT Cipta Krida Bahari (CKB Logistics) and PT Sanggar Sarana Baja (SSB).

The Company has strengthened Reswara’s business portfolio to become a sub-holding of coal mining business. Reswara, established in 2010, has acquired PT Media Djaya Bersama (MDB), which owns coal mining concession rights in Aceh and established a subsidiary namely PT Pelabuhan Buana Redja (PBR) which manages port. MDB and PT Tunas Inti Abadi (TIA), the other subsidiary of Reswara that owns coal concession rights in South Kalimantan, will become the driver for Reswara’s coal production supported by PT Cipta Kridatama (CK) as the main mining contractor and PT Baruna Dirga Dharma (BDD) that will handle the coal logistics BDD being newly

Refining Business Process One of the significant and quite successful corporate actions in 2011 was the Initial Public Offering (IPO) in Indonesia Stock Exchange. The road to IPO serves as the right momentum to strengthen the commitment of all lines within the Company to deliver better performance in improving and refining the business processes of all subsidiaries to create a sustainable system. The business process refining strategy adopts a tool called APEX (ABM Business Practice and Process Excellence) which is divided into four phases. APEX1 is the phase of building strategies, that starts from establishing the vision, mission, corporate values, targets, SWOT analysis, SWOT matrix, and quantitative strategy preparation (budgeting). The second phase or APEX2 translates the already-established strategies into individual tasks by using balance scorecard. The targets already formulated would then be distributed to Directors, to all business units up to supervisory levels. The third phase or APEX3 is to align all operational references starting from strategies, job description, work instructions, and others. The mechanism of reporting system, monitoring and coordination is standardized in the forms of periodic meetings, starting from annual meetings, quarterly meetings, monthly meetings, weekly meetings, to daily meetings. Daily meetings enable Directors to monitor performance and to

27


In 2011, one major focus of the Company was to ensure that its coal mining business has been completely and synergistically integrated with other business units. Currently, the existing business units owned by the Company, which are coal mines, mining contractors, coal logistics, port operator and coal-fired power plant have been synergistically and connectedly integrated.

established in May 2011 as subsidiary of PT Cipta Krida Bahari (CKB Logistics), already entered into a coal logistics agreement with TIA.

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obtain the most recent operational data reports immediately including EBITDA and daily profit. The fourth phase or APEX4 is the refinement process and quality control by adopting the proven management tools commonly used in business such as Six Sigma and Toyota Ways. During this phase, the Company expects to find improvements in the quality, effectiveness and efficiency in its business performance achievements. Such phases would continuously be repeated to achieve a more excellent system and in turn, the currently running system would automatically turn into a corporate culture. 28


Future Challenges The Company operates in a very competitive industry due to the highly promising prospect in Indonesia’s energy industry. With the upgraded level of Indonesia’s debt rating to “Investment Grade” by Fitch Ratings and Moody’s Investors Services, more competitors from a high number of foreign players have shown intentions to compete in this energy business, while the old players have also been developing and becoming more solid. As for ABM Investama, such competition reflects a challenge, both with local or foreign competitors. The environmental issues associated with coal products may affect the Company’s performance. One of the plus points of

the coal produced by TIA marketed under the brand name of TIA Compliant Coal is its low sulfur and ash composition, that could fall under the category of environmentally-friendly coal since such coal releases a cleaner coal combustion. In addition, the Company’s conduct of mining business has also shown its care and commitment towards the environment. In the conduct of its mining operations, the Company has consistently carried out the reclamation and rehabilitation of land by performing the re-vegetation projects as an effort to repair, restore and improve the criticallydisturbed land condition which would then be replanted. The commitment to such business sustainability has been consistently implemented in each of business activities in ABM Investama. The Company has a long-term business orientation. Each investment made should show a sustainable and profitable growth. This shall differentiate that ABM Investama is not an investment company with short term orientation. The business units under ABM Investama were built from zero more than tens of years ago and they have already maintained their own positioning in respective industries. Therefore, the role of ABM Investama is more as a strategic investment company which completes its current business portfolio with long-term investments to improve synergy.

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29

Coal is the natural resources produced by various countries all over the world. Coal is a product which is heterogeneous in nature, with the significant differentiation in quality and price based on the types, calorific value, moisture content, mineral content and quality which serve as the standard criteria in coal trading. Based on its final usage, the coal market is categorized into two main sub-markets, which are: a) Metallurgical coal, which is used for steel production. The coal is used to produce coke, which would then be put into the upper part of blast furnace together with iron ores.

b) Thermal coal, which is used for the burning process creating the steam for power plants, heating systems and industrial applications such as cement production. The classification of thermal coal based on its energy density may refer to various references such as US system (ASTM), International System (UN-ECE), Amendment of I-SNI 13-50414-1998 and Presidential Decree no. 13/2000 amended by Government Regulation no. 45/2003 of Tariff on Types of Non Tax State Revenue Applicable in Ministry of Mining and Energy in General Mining Section. Referring to Presidential Decree 13/2000 and Government Regulation 45/2003, the categorization of coal quality in Indonesia is depicted in the table below:


Coal Mining Industry in Indonesia

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Classification of Thermal Coal based on Presidential Decree No. 13/2000 and Government Regulation No. 45/2003 Type of Coal

Calorific Value (kal/g adb)

Low Calorie

<5,100

Medium Calorie

5,100 – 6,100

High Calorie

6,100 – 7,100

Very High Calorie


30

The quality of coal is determined based on the following factors such as temperature, pressure, and the coal forming period which is known as organic maturity levels. The higher the organic maturity is, the higher the quality of the coal production is, and vice versa. Based on such maturity, the coal is identified within 5 types, which are: a) Anthracite, which is the highest class of coal with the color of black luster/ metallic black. The carbon (C) density is very high, ranging between 86%98% and with very low water density, which is only 8%. b) Bituminous, containing lower carbon density which is 68% - 86% with water density between 8% - 10% of its weight. This type of coal is mostly mined in Australia. c) Sub-Bituminous, containing more water than carbon, therefore creating less heat. d) Lignite, having very low carbon density. The coal is no longer black in color, but brown. The water density is very high, 35% - 75% of total weight. e) Turf, having pore texture with the highest water density, more than 75%.

>7,100

Thermal Coal Market The thermal and metallurgic coal market has no influence on one and another. The thermal coal contributed more than 98% of the total production and export of Indonesia’s coal. The historical data of global demand of the thermal coal supply within the period of 10 years (2000-2010) has shown a steadily increasing trend; therefore, it is projected that in 2014 the increasing demand would reach 830 mtpa (million tons per annum).

Historical of Global Import Demand of Thermal Coal (2000-2010) mtpa

700 600 500 400 300 200 100 0

00

01

02

03

04

05

06

07

08

09

10

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The projected demand growth in Asia Pacific market is stronger compared to Atlantic market, whereby there is a slowing down of economic growth and the strengthening of environmental issues which limit the usage of coal for power plants. Asia Pacific market demand at present contributes 70% to the global market demand. In Asia Pacific market, East Asia serves as the center of market demand. The traditional buyers from East Asia are Japan, South Korea and Taiwan. The biggest importer from East Asia is China. In 2011 the import in China reached 114 million tons including a number of low calorie sub-bituminous coal in a significant quantity from Indonesia.

The demand from ASEAN countries particularly from Malaysia, Thailand, Vietnam and Philippines, would also increase along with the construction of coal power plants in such countries.

Thermal Coal Supplies Thermal coal supplies are predicted to increase from 700 million tons in 2011 to 830 million tons in 2014 corresponding to the increasing demand. Australia and Indonesia would expand their thermal coal

The production growth in Indonesia could support the increase in export and could meet the growing domestic demand. Indonesia’s export growth would be dominated by low calorie sub-bituminous type of coal, though the export of bituminous coal would still remain high. The low costs of production and transportation, combined with competitive tariff, would continue to support the strong growth of Indonesia’s low calorie coal export. The increasing local and export demand has significantly driven the increasing coal production in Indonesia. The majority of product growth is arising from the existing mining operations or from the new projects immediately accelerating their production capacity.

Indonesia’s Coal Resources and Reserves Referring to the data from the Geology Resources Center of Geology Institution of Ministry of Energy and Mineral Resources in 2011, the total coal resources in Indonesia reached 161.34 billion tons. Sumatera has the largest resources which is 85.25 billion tons and Kalimantan 75.03 billion tons. The remaining is spread all over Jawa, Sulawesi, Maluku and Papua. Out of the total resources, the coal reserves reached 28.17 billion tons with probable reserves of 17.7 billion tons and proven reserves of 10.3 billion tons. Based on its calorie level, Indonesia retains the low calorie coal reserves of 10 billion tons, middle calorie of 16.1 billion tons and high calorie of 1.6 billion tons.

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In West Asia, India is projected to experience the highest growth in the demand of thermal coal. In the future India would surpass China and Japan as the biggest thermal coal importer in the world. A number of major power plants are currently being constructed which are designed to be compatible of using low calorie sub-bituminous coal. The steadily growing demand from India will be met by the supplies from Indonesia and South Africa which are geographically located in close proximity.

export; therefore, the export from Indonesia and Australia which at present in total is controlling the 55% of the world’s total coal supply would increase more than 60% in 2014.

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Coal Resources and Reserves in Indonesia

32


(Sumber: Badan Geologi Kementerian ESDM)

Sumatera retains the proven reserves of 3.4 billion tons while Kalimantan 6.8 billion tons. The probable reserves in Sumatera reach 11.3 billion tons and Kalimantan 6.4 billion tons. The “proven reserves” and “probable reserves” are the geological categorization based on the data of coal samples taken by performing a drilling with the density (number) of drilling holes within a certain distance/area. Approximately 98% of Indonesia’s coal reserves are thermal coal. The remaining represents a small volume of metallurgy coal deposit found in Kalimantan. Along with the decreasing volume of very high calorie and high calorie coal reserves,

the exploitation of middle calorie and low calorie coal reserves would intensify.

Production and Export The coal production in Indonesia is largely originating from Kalimantan. In 2011, Kalimantan contributed 92% of national coal production or amounting to 293 million tons. The mines in Kalimantan would still provide the largest contribution for Indonesia production for a few years to come. This is due to more favorable geographical location of Kalimantan and to the more decent transportation and port infrastructure in Kalimantan compared to other mining areas in Indonesia.

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Projected Coal Production Based on Coal Type (2011-2014)

Total Production

Export Only

mta

mt

550

60%

500

60%

350

450

50%

400 350

40%

300

50%

300 250

40%

200

250 30%

200 150

20%

100

30%

150 100

20%

50

50 0

400

2011

2012

2013

2014

10%

0

2011

2012

2013

2014

Bituminous

Sub-bituminous

Bituminous

Sub-bituminous

Low rank

Metallurgical

Low rank

Metallurgical

Low rank (%)

10%

Low rank (%)

33

The domestic supply is particularly used to meet the power demand and a small portion of which is allocated for cement industry and other industries. The consumption of power plants would continue to increase in the following years in line with the crash program of power plants developments. The government would expand the capacity of additional plant at 7 GW (Giga Watt) prior to 2014, resulting to an increase in Indonesia’s domestic thermal coal demand predicted to reach 90 million tons in 2014. The new plants are designed to be compatible with the low calorie sub-bituminous type of coal.


Sumatera coal production would also develop rapidly. Out of the national production reaching 317 million tons in 2011, Sumatera production is relatively low which is at 24 million tons (8%). However, it is predicted that in the next 3 years the coal production from Sumatera would increase to more than 38 million tons. A number of contributing factors to such growth in Sumatera are among others the increasing domestic coal demand and the increasing market acceptance to the low calorie coal which is abundantly available in Sumatera. The production development in Sumatera largely depends on a number of developments of infrastructure and fleet of barges.

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Projected of Domestic Demand of Thermal Coal Based on Sector (mtpa)

90

domestic demand (mt)

70

50

30

General Industry Cement Production Power Generation

10 2011

2012

2013

2014

Product Excellence


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Indonesia’s low calorie coal products have lower calorific values and higher humidity compared to the coal previously accepted by the market. However, the low production costs and competitive pricing have driven a strong growth in the export of this type of coal. The main market for Indonesia’s low calorie coal is India and China, which is operating new power plants designed to be compatible with the use of low calorie coal. Other quality parameters such as sulfur also affect the coal performance. Indonesia’s thermal coal is basically low in ash and sulfur, compared to the majority of coal being available in the market. The coal from South Africa, Australia and China has relatively high content of ash, 10% to 15%, resulting to substantial handling costs incurred by the users for the residual burning of which, particularly for densely populated countries with high environmental awareness such as Hong Kong, Taiwan, Japan and West Europe. Consumer pressure on the producers to reduce the ash density would continue and would serve as a bargaining power

for buyers and suppliers of low calorie sub-bituminous coal trying to compete in the market. The customers’ requirements of low level of ash and sulfur content would be more anticipated. The low content of sulfur is preferred by most of the companies with various underlying reasons, such as postponing or even avoiding the installation of flue gas desulphurization (FGD) equipment, or combining such type of coal with high sulfur coal from other resources. Increasing preference in the low ash and sulfur content has created an opportunity for the coal produced in the concession areas of TIA and MDB, the subsidiaries of Reswara. TIA’s compliant coal type is an export coal with low calorie based on the main quality parameters such as energy level, total humidity, and ash and sulfur density. MDB coal has low energy level and higher water density compared to the average of low calorie supplies in Indonesia, yet having very low sulfur thus attracting more consumers, particularly for mixed coal. Similar to other low calorie coal from Indonesia, this type of coal also displays low level of ash density.

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Indonesia’s Mining Contract Service Industry Contractors play an important role in Indonesia’s mining sector. The producers of mining commodity have delivered their concession operations to the mining contractors under long term agreements, in several cases under agreements valid as long as the useful lives of the mines themselves. Such condition has allowed them to have good understanding in their operational activities which in turn would improve efficiency.

The contract of overburden removal generates the main revenue for mining contractors. The contractors are required by the concession owners as the partners for “risk sharing” in the mining business which inherits a large number of risks. The major mining concessions tend to utilize a number of contractors to minimize the risks arising from a sole contractor should there be any conditions pertaining to less satisfactory performance. The “risk sharing” among concession owners and contractors is particularly found in capital investment. The investment of concession owner has been mostly made during the stage of ”confidence level in total reserves”

Competition Level At present there are 116 mining service contractors in Indonesia. Those companies are serving approximately 60 coal producers. Several major players in the mining service contracts in Indonesia are PT Pamapersada Nusantara (PAMA), PT Thiess Contractors Indonesia and PT Bukit Makmur Utama Mandiri (BUMA). Other major players are PT Leighton Contractors Indonesia, which together with Thiess play as a part of multinational conglomerates, Leighton Group and PT Saptaindra Sejati (SIS), a subsidiary of Adaro Energy. The biggest contractor is PAMA, a subsidiary of PT United Tractors Tbk, with a market share of 33%. The second biggest national coal mining contractor with 19% market share is BUMA. Thiess is positioned at the third with 12% market share. The contractor namely PT Cipta Kridatama (CK), a business unit of PT ABM Investama, in 2010 has been positioned as one of the big 6 of major contractors in terms of overburden removal.

35


Contractors play a role in the activities of coal extraction and overburden removal, and other services including exploration, mining planning, coal processing, transportation (haulage, shipping with barges and transshipment) and rehabilitation and reclamation of mining areas.

through a more accurate drilling process, and the development of mining infrastructure and facilities such as haul road, port facilities, crusher machine, conveyor load-out and others. In addition, the contractors are expected to share the investment and risks in the procurement of mining equipment and production process. Therefore, the efficiency and effectiveness in the utilization of equipment for the contractors in meeting the production target largely determine the profitability level of the mining contractor.

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Major Mining Contractors Based on Coal Extraction and Overburden Removal in 2010

Coal Extraction

Overburden Removal

Petrosea

Madhani

Darma Henwa

Darma Henwa

Cipta Kridatama

Petrosea

Madhani

Cipta Kridatama

Leighton

SIS

SIS

Leighton

Thiess

Thiess

BUMA

BUMA

Other

Other PAMA

PAMA 0

10

20 30

40 50

60

70

80 90

Raw Coal Mining (MT)

0

100

200 300

400 500 600

700

Overburden (Mbcm)


36

The more-settled players generally have strong alliance with the producers and suppliers of heavy vehicles. Contractors having a solid relationship with suppliers of heavy vehicles would enjoy more benefits in being the preferred bidders since the availability and reliability of their equipment are closely associated to the smoothness of operating activities. Other than the availability factor, the supplies of particular heavy vehicles require the lead time of 18-24 months in advance. The large number of fleet with advanced technologies has also improved efficiency and productivity.

Power Plant Sector in Indonesia Power plant sector in Indonesia is supervised by the Ministry of Energy and Mineral Resources (ESDM). ESDM

Ministry develops a General Scheme of National Power Affairs (Rencana Umum Ketenagalistrikan Nasional/RUKN) which established the wide development policy for power sector including the provision of power supplies, management of supplies and the demand for the optimization of the use of power resources. RUKN prepares the projection of the demand and supply of power and sets out the investment and funding policies. Based on RUKN, the Ministry prepares the General Scheme of Power Resources Provision 2010-2019 (Rencana Umum Penyediaan Tenaga Listrik/RUPTL) which serves as the power resources development plan within ten years. RUPTL is prepared by the state-owned Enterprises in power resources, PT PLN (Persero), and is approved by ESDM Ministry, and is granted the authority in accordance with the prevailing rules and

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regulations. RUPTL sets out the projected demand and the plant, the expansion plan for the plant capacity, the estimated demand of fuel and the planned projects to be developed by PLN and by private financing companies.

In 2009, the government of Indonesia already issued the new Law of Power Affairs to strengthen the framework of electricity sector regulations. Such regulations have granted more authorities for Regional Governments in terms of licensing and pricing. Such regulation has encouraged investment from private companies by allowing private entities to participate in the electricity

The Law of Electricity in 2009 has categorized electricity power activities in two major categories which are: 1. Electricity Provision Business, including power plants for self use or public sales, transmission, distribution and sales. 2. Electricity Support Business, including the activities of consultancy, development, installation, operation and maintenance of electricity power equipment and development of electricity technology support. The Law of Electricity in 2009 has revoked the role of PLN as the Holder of Electricity Business Authority (Pemegang Kuasa Usaha Ketenagalistrikan/PKUK). The role of PLN at present is only as the holder of Business License for Electricity Provision Services (IUPTL). However, PLN is still having the exclusive authority in relation to the transmission, distribution and supply of electricity for general public, which grants the rights for PLN to reject the provision of electricity services in a particular area, before the Central

37


PT PLN (Persero) PT PLN (Persero) is a state owned company having the authority over electricity power services in Indonesia. PLN is operating in 33 provinces all over Indonesia divided into 23 operational areas. As a state-owned company, PLN is regulated and supervised by Ministry of ESDM, Ministry of state-owned Enterprises (BUMN) and Ministry of Finance. PLN is currently held accountable for more than 85% of the total installed capacity in Indonesia.

power activities for the purpose of partnership between the government and private sector.

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or Regional Government could offer such opportunities to regionally-owned companies, or private companies or cooperatives located within such region.

The 10,000 MW Acceleration Program – Phase I


38

The rapidly increasing demand has resulted in the constantly insufficient power resources in Indonesia. Such insufficiency has now become a common issue all over Indonesia and a quarter of population in Indonesia has not enjoyed the benefits of electricity power. To manage such insufficiencies, in 2006 the government of Indonesia initiated the 10,000 MW Acceleration Program starting with the issuance of President Decree no. 71/2006 in August 2006. Under such program, the government is planning for the development of coal power plant with a total capacity of 10 GW in 35 locations in Indonesia. All installations of the power plants for such 10,000 MW Acceleration Program I would be constructed by PLN with the financing through export credit from China government, and would be paid through China’s power installation company.

The 10,000 MW Acceleration Program – Phase II The 10,000 MW Acceleration Program – Phase II sets the target of an additional capacity of a total 10 GW from 2014 to 2018 in 94 locations all over Indonesia. More than 55% of such capacity is designed for the power grid of JawaBali. Approximately 47% of the total planned capacity would benefit from the geothermal power resources.

Approximately half of the capacity of the 10,000 MW Acceleration Program II would be constructed by PLN and the remaining half of which would be constructed by IPP. Unlike the 10,000 MW Acceleration Program I, whereby the costs to obtain the financing would be solely borne by PLN itself, the credit guarantee for 10,000 MW Acceleration Program II would be borne by both PLN and private sectors. Independent Power Producers – IPP In the past, the low electricity tariff and the less attractive Return on Investment (ROI) made private companies withdraw themselves from being involved in power plant projects in Indonesia. In addition to the financing issue that became the main challenge for which, the global financial crisis has forced a large number of energy companies to hold their investment, to postpone or even to cancel their projects. The rapidly increasing demand and the urgent needs have driven the government to continuously attract private sectors to make investment in this sector. The improvements made in the relevant regulations, combined with the fiscal support to protect against certain risks, are expected to resolve the current issues and to draw the investment from private sector in the future.

Demand of Electricity Supply The demand of electricity supply in Indonesia in 2011 in total is projected to reach 155 TeraWatt hour (TWh) and would continue to increase in line with the GDP growth. The electricity demand is arising from the residential and commercial sectors, and also industrial sector.

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Projected Demand of Electricity Supply Based on Customer and Regional Sectors

Demand by Sectors

Demand by Regions

250

250

200

200

150

150

Power demand (TWh)

From the Management

Power demand (TWh)

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100

50

0

100

50

2011

2012

Business and Residential

2013

2014 Industry

0

2011

2012

2013

Jawa-Bali

2014 Sumatera

Other Indonesia Region

39

As an archipelago country, the geographical condition of a number of islands and remote areas has compelled the construction of separate power plants which will not be connected to any regional electricity network anywhere. The electricity investment for such remote areas would not be easy, while connecting such plant to the regional grid by utilizing a transmission cable may not be feasible. Private companies would not be attracted to invest in such remote installation, and PLN is encountering difficulties in financing the pre-planned projects.

Demand of Captive Electricity The captive electricity demand in Indonesia is arising from the oil, gas and mining industry, reaching to the thousands of generator set units used both for main electricity supply and standby electricity supply for industries. Electricity serves as the only power resource for a large number of people in the regions or remote areas. The demand of captive electricity is widely spread since PLN has not been able to meet the demand and since a large number of companies have switched to their own generator sets due to the low quality variables and reliability of supplies from PLN. Sumatera has shown a very high proportion of electricity demand due to the consumption of mining, paper manufacturing, fertilizer and oil and gas industries. Prior to 2010, the demand of


In line with RUPTL 2009, the government set the target of electrification from 65% in 2009 to 96% in 2018. Such large increase would then be impossibly implemented within a short period by considering the limited network infrastructure at present.

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40

captive electricity in Sumatera already surpassed the demand of grid electricity. It is predicted that the demand of captive electricity would slow down and would then remain stable following the finalization of a large number of coal power plants under the 10,000 MW Acceleration Program. The new power plants would increase the electricity supply and would draw the electricity power users.

The Market of Indonesia’s Temporary Power Plants Indonesia is an archipelago country with more than 17,000 islands with 6,000 of which have been inhabited. Due to widely spread population, the power sector in Indonesia is gradually developing as a combination of inter-connected grid for the equal electricity distribution, and remote power system to serve the villages whose population are remotely separated from the main islands, or separate grids for smaller islands.

To meet the demand of power resources in remote areas unreachable by transmission network, the small size power plant installations located near the consumers have become as the only resolution. Temporary power plants would play an important role in meeting the demand of electricity for those living in remote areas. The temporary electricity market is projected to remain stable at the figure of 1.5 GW within the next five years. The market of temporary power plants in Indonesia is largely allocated to meet the demand in remote areas and the electricity demand during PLN’s peak load. Most of the temporary electricity demand at present is supplied by diesel power plants due to the highly flexible and easily mobile diesel operation. The capacity of diesel power plants at present is provided by PLN, IPP and rental generator set providers. Nevertheless, the opportunities of biomass resources and other renewable resources may play a role in the market of temporary power resources.

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Key Players The players in temporary power market in Indonesia are ranging from small, middle and large sized companies. The short term and the long term leasing rental services of generator sets have become the core business of those market players. Most of them focus on serving the mining, oil and gas industries, and other industries. The new players have found no entry barriers and the generator sets equipment in various capacities are found from various international manufacturers such as Caterpillar, Cummins, Perkin, Mercedes, Deutz and Honda. In compliance with the regulations in Indonesia, international companies are not allowed to perform direct operations in Indonesia. They operate through subsidiaries or the appointed agents.

Aggreko is playing as one of the largest global players, and the existence of which has been more prevalent. However, Aggreko is operating only through its regional office in Singapore and the generator rental business in Indonesia is conducted by its appointed agents. PT Coates Hire and PT Atlas Copco are subsidiaries which are wholly owned by their international holding company. Both companies focus on the rental business and diesel generator leasing to industrial sector and mining sector, with small volume of penetration to PLN market.

41


PT Sumberdaya Sewatama (Sewatama) is one of the largest players in the temporary power market with its main focus on PLN sector. The majority of the equipment available for rental is from Caterpillar, whereby its sole agent in Indonesia which is Trakindo Utama is a sister company of Sewatama.

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Report from the Board of Commissioners


42

Dear valued shareholders, By expressing gratitude to the God Almighty, herewith we deliver to you, the shareholders of PT ABM Investama Tbk, the report of Board of Commissioners concerning the development and management of the Company during 2011.

In general, the business climate in 2011 was quite satisfactory due to the prevailing economic fundamentals which had been conducive to the Company’s business. The economic growth reached the level of 6.5%, the inflation rate was relatively low and Rupiah currency is relatively stable. Indonesia economic

RACHMAT MULYANA HAMAMI President Commissioner

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Favourable external conditions have given us more confidence to accelerate growth, conduct significant corporate initiatives and to encourage business units to continuously improve their capacities and performance, building synergy and improving efficiency.

The favorable external conditions have made us more confident in spurring the Company’s growth with optimistic achievement targets. During 2011, ABM Investama already initiated various corporate actions such as acquisition and establishment of new subsidiaries under the existing business units. We evaluated and selected the best opportunities to strengthen our business portfolios, to achieve the investment effectiveness, to optimize the allocation of resources,

and to achieve favorable and sustainable growth. In addition, we encourage our subsidiaries and affiliates to continually improve their capacity and performance, to build a synergy among subsidiaries and to improve efficiency.

Achievements in 2011 The Board of Commissioners extends our appreciation to the Directors and all employees of ABM group who had been capable of achieving a very good performance by generating revenue of Rp6.626 trillion, increasing by 47.7% compared to that of in 2010 amounting to Rp4.486 trillion. The Company recorded Net Income of Rp415.7 billion, increasing by 226% from Net Income in 2010. We believe that such achievement represents the outcome from the Directors’ capability in prudently managing the company with professional management principles including building communication to all channels, and implementing the good corporate

43


stability has also been recognized by international community. In mid December 2011, the credit rating agency, Fitch Ratings, upgraded Indonesia’s credit rating for long term foreign exchange from BB+ to BBB- with stable outlook. With such rating, Indonesia has been declared as an investment-grade country. Other than its positive impact on investors and foreign buyers, such rating has improved public trust so that the consumer trust index would be strengthening and domestic market would be expanding as well.

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governance practices. The company’s success should be construed as an integral part of the hard work of the Company’s business units, which are PT Reswara Minergi Hartama (Reswara), PT Cipta Kridatama (CK), PT Sumberdaya Sewatama (Sewatama), PT Cipta Krida Bahari (CKB Logistics) and PT Sanggar Sarana Baja (SSB). The Board of Commissioners conveys our appreciation and gratitude to Directors and employees of Subsidiaries for their good performance and solid synergy during 2011.


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The Board of Commissioners supports and provides guidance for various strategic steps to seize the opportunities of generating higher revenue and profitability including developing the integrated business which focuses on strengthening the Company’s portfolio in energy resources and infrastructure. In 2011, Reswara acquired PT Media Djaya Bersama (MDB) in Aceh. MDB has 169 million tons coal reserves of 455 million tons low calorie sub-bituminous coal resources. Being supported by various competitive advantages such as very strategic geographical location and proximity to the port location and short distance of transportation to West Asia market, MDB would become the Company’s driver of growth in the future. To complete the mining infrastructure and business support facilities, Reswara established PT Pelabuhan Buana Reja (PBR) which operates the port owned by PT Tunas Inti Abadi (TIA) which is also subsidiary of Reswara. PBR already obtained its Port Business License and is therefore granted with approval to provide port operation services in any location in Indonesia. The logistic support

for TIA mining operations is provided by CKB Logistics by establishing a subsidiary namely PT Baruna Dirga Dharma (BDD) operating tugs and barges to transport TIA’s products from the port to the mother vessel’s anchor point in the middle of ocean. Energy infrastructure still provides large opportunities. The ratio of electrification in Indonesia is relatively low; therefore, the temporary power business managed by Sewatama has a promising outlook with very good growth rate. On the other side, the government has already opened up the opportunities for private sector to enter into the Independent Power Producer (IPP) business to support the acceleration program of 10,000 MW. Following the entry in IPP business in 2011 through the acquisition of PT Meppogen, an IPP company in South Sumatera, in 2011 Sewatama has spread its wings wider in IPP business by signing a Conditional Sale and Purchase of Share Agreement (CSPA) to acquire a coal power plant 15 MW in Aceh and gas power plant 100 MW in Jambi. Sewatama also established two subsidiaries which are PT Pradipa Aryasatya which will focus on the business of thermal power plant such as coal and gas, and PT Nagata Bisma Shakti which will develop the renewable energy power plant such as micro hydro.

Initial Public Offering ABM Investama already made a historical step by conducting an Initial Public Offering (IPO) in Indonesia Stock Exchange on 6 December 2011. Being a publicly listed company, the company’s purpose is not solely for the purpose of raising fund, but also for managing

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From left to right MIVIDA HAMAMI Commissioner RACHMAT MULYANA HAMAMI President Commissioner ERRY RIYANA HARDJAPAMEKAS Independent Commissioner

The IPO plan so diligently prepared by all sections within the Company and its business units since the beginning of 2011 was once disrupted due to the unfavorable global economic conditions in the third quarter. The financial crisis in US and Europe has created negative impacts on the performance of shares in the prominent foreign exchanges in the world such as UK, Germany, France, Japan and Hong Kong. However, with full support from TMT as the holding company having good reputation and high credibility in the eyes of the investors, the IPO continued and succeeded.

The Company sold 550.6 millions of shares (20%) to public with IPO price at Rp3,750 at par value and raised Rp2.1 trillion. The IPO of ABM Investama was the third biggest IPO in Indonesia Stock Exchange in 2011.

Good Corporate Governance The Board of Commissioners fully supports the implementation of good corporate governance based on the GCG principles covering transparency, accountability, responsibility, independence, and fairness in all aspects of the Company’s activities. The Board of Commissioners together with Directors already agreed to implement the GCG principles in a consistent manner and to create the good corporate governance practices as its operational foundation. The Board of Commissioners is equipped with an Audit Committee established in November 2011. The Audit Committee is currently preparing a work program

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the Company in a more transparent, accountable and open manner by involving the participation from public. By managing public fund, the Company should always improve its performance, maintain its reputation and comply with capital market regulations including periodical and timely financial reporting.

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and has already prepared its working tool including the Audit Committee Charter. Pertaining to the audit of financial statements for fiscal year 2011, the Audit Committee already held a kick-off meeting with external auditor, Internal Audit and management. Audit Committee will perform their duties effectively in 2012.


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In 2012, the Board of Commissioners shall prepare other committees to assist the Board of Commissioners in performing their roles and responsibilities which are Nomination and Remuneration Committee and Investment Committee. The Investment Committee will assist the Board of Commissioners in performing comprehensive evaluations concerning the new business opportunities from different perspectives, including identifying the potential risks attributed to them. The result of evaluations made by the committee will serve as a basis for considering the important investment decisions. The constantly and dynamically changing business environment has given emphasis on the importance of a reliable risk management. The Board of Commissioners supports the Directors to perform a comprehensive risk management process by taking systematic steps to identify, measure, evaluate and manage various prevalent factors, either strategic risks or operational risks in the Company. The risk management process has been performed

at the holding level and at subsidiaries level through various tools, policies and procedures and methodologies.

Changes in Composition of the Board of Commissioners We truly welcome the presence of Mr. Erry Riyana Hardjapamekas as our Independent Commissioner. We believe that his widely-known reputation and commitment in the eradication of corruption would make GCG implementation in ABM Investama move in the appropriate corridor in accordance with legal principles as good corporate citizens.

Prospects in 2012 The commodity price of coal in Indonesia in 2012 is projected to increase by 5-10%, as triggered by the increasing domestic and export demand. The domestic demand would continue to increase in line with the government’s crash program to build coal power plant centers. The export demand particularly from China and India shows an increasing trend. India is operating new power plants designed to be compatible with low calorie coal that the Company is capable of supplying with its product, which is MDB coal falling into the category of low calorie sub-bituminous coal with low ash and sulphur. MDB coal is produced by a mining concession in Aceh having its advantages in terms of a relatively short distance of transportation within the proximity of India market.

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We believe that the company is capable of seizing well such opportunity and would continue on strengthening its position as a prominent coal producer in the midst of a growing market. With a solid synergy, other business units would be also growing in energy sector in an integrated and profitable manner.

Closing Remarks Finally, on behalf of the Board of Commissioners, hereby I convey my gratitude for the support and trust given by the shareholders and stakeholders of ABM Investama. Our sincere appreciation is extended to Directors, management and all employees of PT ABM Investama Tbk and Subsidiaries who have whole heartedly and dedicatedly exerted their efforts to bring the Company’s vision and mission to life. We expect that the Company could always contribute for the well being of all of our fellow Indonesians.

On behalf of the Board of Commissioners


Rachmat Mulyana Hamami President Commissioner

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Report from the Board of Directors


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Dear valued shareholders, By expressing gratitude to the God Almighty, herewith we report to you the summary of performance of PT ABM Investama Tbk (ABM Investama) for the year ended 31 December 2011. At the end of 2011 the global economic situation was still under suppression due to the economic crisis in Europe and the

United States. Nevertheless, the stable conditions of Indonesia’s economic and political fundamentals have been capable of minimizing the negative impacts of such global crisis. The macroeconomic indicators were within a relatively good condition. The inflation rate at 3.79% was much lower compared to the prior year’s 6.96%. The Gross Domestic

ACHMAD ANANDA DJAJANEGARA President Director

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The revenue growth of 47.7% and a three-fold increase in net income represent significant achievements and reflect the consistency in maintaining sustainable performance from all business units, contributing to the business synergy of the ABM group.

destination of investment to Indonesia. On the other side, the rapid economic growth in China and India requiring a large amount of energy supplies, has increased the demand and price of coal commodity utilized for power plants.

In the beginning of the year, Capital Market Coordinating Board (BKPM) targeted the achievement of Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) would increase by 15% in 2010 to Rp240 trillion. The fact is the realization of foreign and local capital investment in 2011 reached Rp251.3 trillion or 4.7% above the target. Approaching the end of the year, the international credit rating agency, Fitch Ratings, upgraded Indonesia’s credit rating from BB+ to BBB- indicating that Indonesia is now an investment-grade country. It is predicted that such condition would immediately spur the shift of the

ABM Investama as an integrated energy service provider has been capable of seizing well its market opportunities. All subsidiaries have demonstrated much better business and financial performance compared to 2010. In total, the Company generated revenues more than Rp6.626 trillion, or growing by 47.7% compared to 2010. The Company has also recorded net income amounting to Rp415.7 billion, increasing more than three times compared to prior years. Such highly significant achievements reflected the consistent performance improvements in a continuous manner from all business units building a business synergy in ABM group.

Performance and Achievements in 2011

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Product (GDP) grew by 6.5% compared to 6.1% in 2010. The observers predicted that Indonesia would become a major investment-grade country, due to the steadily increasing economic growth, the security and comfort in the conduct of business, and its sustainable stability as well.

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Integrated Coal Business


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The coal business managed by PT Reswara Minergi Hartama (Reswara) sub-holding company has recorded notable achievements. In 2011, Reswara recorded its coal production and sales reaching 2.163 million of metric tons, with contributed income amounting to Rp918.6 billion to ABM Investama’s consolidated income. The production increased twice as much as that of in prior year, whereby nearly all of which was arising from the contribution from Reswara’s subsidiary which is PT Tunas Inti Abadi (TIA) having Mining Business License (IUP) in South Kalimantan. TIA produced low-calorie sub-bituminous coal marketed under the brand name of “TIA Compliant Coal”. TIA products have the characteristics of low sulfur and low ash being sought more by the market due to its relatively more environmentally friendly characteristics and its less consuming expenses for burning residuals which represent substantial amounts for power plants. In 2011 Reswara acquired PT Media Djaya Bersama (MDB) already obtaining a mining concession in Aceh. At present MDB has not been fully operating and is only supplying coal for power plant at the mining locations. The company is currently preparing for mining infrastructure and a port in Aceh and will soon increase its production commencing in the mid 2012 to provide supplies for the highly prospective market in West Asia. Reswara through its subsidiary, PT Pelabuhan Buana Reja (PBR), is managing the port affairs to support TIA’s mining activities in South Kalimantan and MDB in Aceh. This port would support the mining operations and improve the efficiency of transportation and shipping

costs. Better managed port operations and scheduled shipping schedule would reduce the potential penalties from buyers, prevent the demurrage expenses, and cut down the operating expenses. Reswara’s business strategy is producing sub-bituminous coal at the most competitive expenses at its most possible level. As of the end of 2011, TIA’s port developments in South Kalimantan have been finalized and have now been utilized for delivering TIA’s coal products.

Mining Contract Business The business of mining contract service provider managed by PT Cipta Kridatama (CK) continues growing in line with the mining industry growth. In addition to performing mining operations at TIA’s mining sites in South Kalimantan, at present CK also has mining contracts from six other coal producers. CK is one of 160 coal mining contractors operating in Indonesia. One of CK competitive edges is “close relationship” with the prominent heavy equipment producers in addition to full support from Trakindo Utama as the dealer of “Caterpillar” heavy vehicles. With such competitive advantages, CK’s scale of operation is among the big six prime mining contractors particularly in terms of overburden removal. In 2011 CK contributed its income amounting to Rp2.961 trillion to ABM Investama’s consolidated income, increasing by 45.6% from 2010 amounting to Rp2.034 trillion. The volume of overburden removal showed an increase of 18% to 118 million BCM

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From left to right WILLY AGUNG ADIPRADHANA Finance Director ACHMAD ANANDA DJAJANEGARA President Director SYAHNAN POERBA Corporate Support Services Director

Power Producer Business PT Sumberdaya Sewatama (Sewatama) which has been strengthening its existence in the provider of temporary power service has now developed as a power solution provider. After acquiring Meppogen, an independent power plant with 80 MW capacity in South Sumatera in 2010, then in 2011 Sewatama established two subsidiaries which will focus on being an Independent Power Producer (IPP) with thermal energy and renewable energy resources.

utilization level at 74% and contributed its income amounting to Rp989.9 billion to ABM Investama’s consolidated income, or increasing by 26% of Rp788.4 billion compared to 2010. At present Sewatama is controlling the biggest market share in temporary power business in Indonesia, both in terms of income and the installed power capacity. The major customer of temporary power is PT PLN (Persero). Other customers are private sectors from mining and oil and gas industry. The market share of nonPLN is still wide open for an increase in income, so is the temporary power for industries which require the continuity of power supply in their production process.

Integrated Logistic Business In 2011, Sewatama managed more than 70 projects of diesel and gas power rental service all over Indonesia, either for PLN or non PLN customer segment. Sewatama has already maintained the electricity capacity of 934 MW with the

The integrated logistics business managed by PT Cipta Krida Bahari (CKB Logistics) includes the services of freight forwarding, warehouse management, project logistic, shorebase management, shipping and coal logistics. CKB Logistics

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YOVIE PRIADI Corporate Strategy Director

and the coal extraction increased by 28% to 10.6 million tons. Such achievements reflected an aggressive growth level to reach the peak of production immediately in several years to come.

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has been making efforts to improve its ability in serving well its customers from internal group as well as external parties. CKB Logistics already built a coal logistic business chain to support the mining operations. Since 2011, its subsidiary which is PT Baruna Dirga Dharma (BDD) has already provided services to TIA for coal transportation from the port to the anchor point in the middle of the ocean. BBD already purchased a set of tug and barge namely Kaili VIII and Moana VIII, and ordered the other six sets of tugs and barges scheduled to be delivered during 2012 for the purpose of supporting TIA activities.


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Another subsidiary which is PT Alfa Trans Raya (ATR) provides the vessel rental service for offshore industry. Approximately 60% of ATR fleet is rented by mining and oil and gas companies, while the 40% of ATR fleet is serving the cargo delivery business and project logistics of CKB Logistics. In 2011 CKB contributed its income amounting to Rp750.2 billion to ABM Investama’s consolidated income, increasing by 62% of the total income in 2010 amounting to Rp461.4 billion.

Engineering Services Business PT Sanggar Sarana Baja (SSB) has already gained long experiences in building its reputation in engineering solutions. SSB provides engineering services which cover manufacturing, site services, remanufacturing and transport equipment to customers engaged in mining, oil and gas, petrochemical and power industries.

In 2011 SSB built an additional workshop facility for remanufacturing service in Kariangau and Samarinda, East Kalimantan and site services facilities in Kuala Kencana, Papua. The facilities are within the proximity of its customers enabling the company to provide efficient services in terms of time, transportation and expenses for its customers. SSB contributed its recorded income amounting to Rp1.006 trillion to ABM Investama’s consolidated income in 2011, increasing by 24% of the total income in prior year amounting to Rp808.5 billion. The income which hit the amount of Rp1 trillion was quite a self delight in the midst of the tightening competition particularly in manufacturing sector and of the increasing prices of materials particularly for steel.

Initial Public Offering One of the crucial corporate actions for ABM Investama is the conduct of Initial Public Offering (IPO) in Indonesia Stock Exchange on 6 December 2011. Not merely for the purpose of raising fund, the Company’s purpose for being a publicly listed company is to strengthen our commitment to continuously improve the aspects of operational work quality, services for customers and other stakeholders and also financial reporting and monitoring system, since the Company’s performance will be directly under public scrutiny. The weakening global market condition entering into the third quarter of 2011 nearly made the Company withdraw its plan to conduct IPO that year. However, by considering the hard work and high spirit from all of the Company’s components including the subsidiaries

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for one full year to prepare for such IPO and the support from stakeholders and investors, IPO continued to proceed and was proven to be successful. The Company sold 550.6 million shares (20%) with the initial IPO price at Rp3.750 at par value and raised fund amounting to Rp2.1 trillion. The better contentment was arising from the fact that the IPO of ABM Investama was recognized as the third biggest IPO of the total 25 companies conducting IPO in 2011.

Focus of Strategies in 2011

The next strategy was to strengthen and to develop our three main businesses which are coal producers, mining contractors, and power service providers. The three of them would be supported by integrated logistics business and engineering service. The strategies already established prior to 2011 are still in progress up to present. The good achievements in 2011 were only a preliminary step. There would be greater challenges in 2012 since, during the IPO, the Company already promised a better growth for the investors in accordance with ABM Investama’s determination to become a fast growing, profitable, and integrated energy company.

Human Resources Development Various performance parameters showed that ABM Investama’s business growth continued to increase rapidly. In terms of its size of business, the growth from 2010 to 2011 increased by 40%. The needs of skilled workers particularly in mining industry (Reswara and CK) are very high within the next two years. Therefore, the Company’s growth should be supported by the seamless process and system and also proper HR management. As a result, all business units would be ready to welcome the rapid growth and would become the leaders in their respective industries.

The Company’s core values are among others the high commitment to always perform continuous human resources developments and to exert efforts to achieve the highest performance standards. In alignment with such values, the management’s responsibility is to develop its human resources to reach the world class competence ready to face any challenges. At the holding level, the HR development focuses on soft skill development whereas the functional skills should be conducted by the subsidiaries themselves.

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The Company still performed various improvements in all aspects in a continuous manner with the focus on three areas. The first area was the improvement in the processes, which include production process, engineering process and manufacturing process. The second area was the refinement of systems to make them truly reliable and tailored to the needs of each business unit. The third area was human resources (HR) whose competence should always be improved to be able to operate the system well.

In 2010, the Company already built a sub-holding company to handle its coal mining business. Subsequently, the resources related to the integrated mining business were prepared simultaneously, starting from the coal mining concession companies, mining contractors, coal logistics, ports and coal power plants.

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To maintain quality human resources is a specific challenge. The majority of our subsidiaries is within the currently booming industry, which are coal mining and mining contract services. The specialized workers in such sectors are still limited in number and become the solicited targets of our competitors. The Company has designed programs which take sides more on the employees to minimize the turn-over. In addition to the programs which are reactive in nature, we are planning to create a Talent Pool program in the future to identify human resources who have demonstrated good performance both in work performance and also in leadership performance (talent employee). The Company has been continuously seeking for the right strategies in terms of personal development, career and compensation and benefits so that our employees would remain and continue progressing with us.

Good Corporate Governance In ABM Investama, the implementation of good corporate governance (GCG) has already been embedded in the Company’s work culture and operational activities. Though the Company is still relatively new as a holding company, several subsidiaries have been operating for 20 years and even more by highly upholding the integrity values in accordance with the proper business ethics in its business conduct. The Company’s core values which have been instilled by the founders of TMT group and have been consistently and consequently implemented for more than 40 years in TMT group have been adopted for implementation in all of the Company’s operational activities.

Core values such as integrity, continous development, excellence, pro-active, accountability and teamwork have been translated into simple and straight language so that they can be understood and become the basic characters and behaviors of all employees in the conduct of their activities. A leader in ABM Investama group should at least have the 5 basic characters which are visionary, honest and humble, competent, inspirational and self actualization to enable the Company to operate in a sustainable business, with a proper competition, as a good corporate citizen and to be capable of reaching its vision to be the prominent investement company. In 2011, the Company performed the codification of the values already embedded in the corporate culture to be written in guidelines such as Board Manual, Code of Conduct, Audit Committee Charter and Corporate Regulations. The socialization and signing of Code of Conduct has been finalized at the holding level and in 2012 have been passed on to all subsidiaries. Since November 2011, the Company has already established its own Audit Committee which will assist the Board of Commissioners in ensuring the conformity with the principles of transparency, responsibility, accountability, independence and equality in the planning and implementation of the Company’s operations including the financial reporting. The Internal Audit Unit has already been established through the Decision of Directors in September 2011 requiring

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the enactment of Internal Audit Charter and assigning the Risk Management Department Manager to perform the functions of Head of Internal Audit. The Internal Audit Head is assigned to prepare the audit working tool, organization and program to be implemented in 2012. We also perform the risk management process to anticipate the possibility of the Company encountering financial pressure and protecting against serious losses. The Risk Management Department manages the risk management process, including facilitating the subsidiaries to establish risk management section in each organization unit.

Corporate Social Responsibility For ABM Investama, the Company should have positive impacts that the public could benefit from. We begin our understanding on the Corporate Social Responsibility (CSR) based on our interactions with the surrounding community living nearby the Company’s mining sites. Principally, we support the subsidiaries to perform beneficial actions to improve the health, education and social economic public welfare.

In the future, CSR activities performed by each business unit spread in various locations will be coordinated by a special department to handle such affairs. The CSR activities with good assessment results in quality and with long term impact will be adopted as corporate CSR program to be implemented on an integrated basis.

Changes in the Composition of Directors To strengthen the performance of Directors, on 17 January 2011 the shareholders approved the changes in the composition of the Company’s Directors by assigning Yovie Priadi as the Director of Corporate Strategies.

Future Prospect Looking forward, the challenges in 2012 would be greater than before. As an integrated energy company, at the macro level the Company is highly sensitive to the global economic recession which always has an impact on the commodity price particularly for coal. Government’s policy in infrastructure could also have

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For the purpose of socialization, in 2011 the Risk Management Department (ERM Department) conducted a large workshop for Risk Management Committee and Risk Management Coordinator and continued with road show at the business units to perform workshops and risk awareness presentation. The purpose of which is to align the vision concerning the importance of risk management in each business activity prior to making decisions.

The public development programs have been performed by TIA in the villages near TIA concession area, providing benefits for more than 8,000 citizens. CK as a mining contractor provides job opportunities for local community, sub-contractors and local entities as working partners. CK also supports the improvement programs for the infrastructure and facilities near the mining sites. Sewatama builds a relationship with other parties to build mini hydro power plant based on the village community empowerment in 26 locations in Eastern Indonesia.

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influences on the power business. Yet, as a public company, we should hold on the commitment of growth that we have conveyed to public. The Company’s quantitative and qualitative achievements should display better results.

the Company is also seriously studying the IPP business development opportunity by building an IPP with alternative energy resources including geothermal, solar power and other renewable energy resources.

We are optimistic that the subsidiaries’ business prospects would still be promising. It is expected that our coal company would be operating at full speed supported by the port and other infrastructure facilities that we have been continuously preparing for. The mining contract business is also promising as well, since there are not many competitors who have access to heavy vehicles as we do. The power service business has a bright prospect in line with the government program to speed up the infrastructure growth including power resources.

Logistics business is also believed to expand further since such business not only serves the external market needs, but also the internal needs which would also increase either for coal transportation or mobilization of heavy vehicles and other mining equipment and power plant equipment. The engineering business would continue to support the Company’s business growth.

With the ratio of electrification in Indonesia ranging at the level of 70%, the temporary power business opportunity is still open, particularly for the areas which geographically have no access to energy sources such as coal and gas. In addition,

With good fundamentals, the Company’s operating achievements would continue to perform quantum leap until several years to come since the mining company namely PT Media Djaya Bersama (MDB) in Aceh would be fully operating and supporting Reswara’s growth. When the time comes, other business units would also be growing as well and having optimal and profitable synergy.

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Appreciation Representing all Directors, I would express our gratitude to all shareholders, Board of Commissioners, customers and business partners for their support and cooperation. I would also extend my appreciation to all employees of ABM Investama and Directors as well as employees of subsidiaries

who have shown their dedication and professionalism at work and their consistency in upholding our corporate values. We believe that with the support from all parties, in the future ABM Investama would not only become the leading energy company, but also become a company whose existence could benefit the public.

On behalf of Directors

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President Director


Achmad Ananda Djajanegara

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Creating Synergy among Businesses in the ABM Group

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COAL PRODUCTION As of year end 2011, Reswara realized production and sales of approximately 2.163 million metric tons. This will increase with the expansion in logistics capacity and the extension of an integrated coal-logistics chain.


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PT Reswara Minergi Hartama (Reswara) was established in 2010 positioned as a sub-holding of integrated coal mining company. Following its establishment, the company immediately took a number of important measures to strengthen its business portfolio in coal mining business. In December 2010, Reswara acquired PT Tunas Inti Abadi (TIA) owning coal mining concession in South Kalimantan and in 2011 Reswara acquired PT Media Djaya Bersama (MDB). TIA’s mining concession is located in Loban River and Kusan Hulu area, Tanah Bumbu regency, South Kalimantan within an area of 3,074 hectares of land. TIA’s concession area has been positively confirmed containing 52 metric tons coal reserves from 106 metric tons resources with its estimated mine life of 13 years. TIA’s coal reserves generally contain low calorie sub-bituminous with low sulfur and ash coal consumed in coal-powered thermal power plant.

TIA’s coal production is marketed under the brand name of TIA Compliant Coal for the customers of power plant industry in India, China, Thailand and Philippines, in addition to domestic market supply. TIA is also running a coal trading business by purchasing a certain volume of coal from another producer which will then be marketed as TIA Traded Coal. To support the coal shipping activities, in December 2011 the company also established PT Pelabuhan Buana Reja (PBR) to manage shipping services. PBR has also obtained the Port Business License from Ministry of Transportation and accordingly PBR could run the shipping services business for TIA. At the end of 2011, the port managed by PBR in TIA already achieved its full capacity and could provide the services of managing stockpile, crushing, loading barge conveyor, and quay within TIA’s concession area.

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Business Performance Review COAL PRODUCTION

Accordingly, in total Reswara concession area covers the area of 7,703 hectares of land with the estimated 561 million metric tons coal resources, 221 million metric tons of which are proven reserves. Within the next four years (2012-2016), TIA and MDB will become the driving factor of Reswara’s coal production with the

targeted growth up to 66% to reach 17 million metric tons production. A volume of 5 million metric tons will be generated by TIA and 12 million metric tons will be produced by MDB. From infrastructure point of view, the Company should have reached the capacity of 15 million metric tons by that time enabling the Company to meet its targeted production within the next four years.

PT Tunas Inti Abadi (TIA) Prior to being acquired by Reswara, TIA was a subsidiary of ABM Investama. At that time TIA which was still in construction stage already produced and sold its products to the export market from October 2009 with the volume of 0.1 million metric tons. Subsequently, TIA already produced 1 million metric tons in 2010. It was a rather aggressive achievement by considering that the company was still making use of shipping facilities owned by another party. In 2011 TIA already finalized the construction of

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In June 2011, the Company acquired PT Media Djaya Bersama (MDB), which through two of its subsidiaries, PT Bara Energi Lestari (BEL) and PT Mifa Bersaudara (Mifa), own coal mining concession adjacent to each other in Nanggroe Aceh Darussalam province. Such mining concessions in total occupy 4,629 hectares of land in Seunagan, Suka Makmue, Nagan Raya Municipality (BEL) and in Meulaboh, West Aceh Municipality (Mifa). Within those two concession areas, MDB is predicted to have 169 million metric tons coal reserves out of 455 million metric tons subbituminous coal.

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its mining infrastructure and supporting facilities including the main hauling road, stockpile port, crushing plant and barge loading facility which enabled the company to be fully operating in accordance with its designed capacity. In 2011, TIA already booked the sales volume up to 2.163 million metric tons. TIA’s mine site is situated in a geographically favorable location since the coal hauling distance from the mining pits to the port is only 24 kilometers in which most of the road accesses are located within the company’s self-built areas. The coal hauling does not cross over residential areas, public roads or provincial roads. The company provides 20-meter weatherproof coal hauling with stock capacity up to 50 tons. The company also built an underpass at the intersection point with the provincial main roads. The construction of the private road and the underpass required a relatively large

investment in infrastructure yet making significant impacts on the smooth running of coal hauling to the port, minimizing the expenses and minimizing the risks of dependency on external parties’ infrastructure. With such favorable factors, the mining sites near TIA’s location are highly potential to enter into cooperation for the purpose of expanding the capacity of TIA trading. In May 2011, TIA already obtained the license of transportation and sales of coal from the Ministry of Energy and Mineral Resources and of the purchase of coal from another concession located near the company’s concession area. The company sells TIA Compliant Coal and TIA Traded Coal through the coal traders which are generally supplying the coal to the power plant companies in China, India, Thailand and Philippines. In addition to the sales with forward agreements for fixed period, the company also performs sales through spot market.

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PT Media Djaya Bersama (MDB)

In terms of easy access, MDB concession site is only within 30 minutes from Cut Nyak Dhien airport in Nagan Raya, approximately 45 kilometers from Meulaboh and pioneering tracks have already been available. In addition, the mining sites are only 12.3 kilometers from the sea shore. The company already made a conceptual design and conducted a feasibility study based on the geotechnical, hydrology and oceanography data prepared by international consultants to build the mining infrastructure and

In terms of market share, MDB mining site in Sumatera’s west coast is located very closely to the West Asia market. The west Asia market, such as India itself, is a user of sub-bituminous coal with low sulfur and ash which is a product of MDB mining site. The company already set an aggressive growth target for MDB. Within a two-year cycle, MDB capacity would expand twice as much to support Reswara’s target of production growth at 10 million metric tons within the next two years. With the planning of the company’s infrastructure developments comprising stockpile, main coal hauling, crusher, overland conveyor, barge loading conveyor, a choice of FBOS or Floating Crane, MDB is projected to produce large scale of coal (>10 million metric tons per annum). The infrastructure support and short transportation distance

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MDB concession is located approximately 14 kilometers north of Meulaboh, West Aceh. MDB concession is estimated to contain 169 million metric tons reserves identified as low calorie sub-bituminous coal. In addition to its relatively large volume of resources, MDB has many competitive advantages both in terms of easy access to mining sites and market share.

developments planned to commence in 2012.

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to West Asia market has made the company achieve competitive Delivered Energy Unit (DEU) when compared to other mining sites in its category. DEU value which reflects the speed of delivery time largely determines the product sales values in addition to the characteristics and types of the coal itself. The company already approached India market by signing an MOU with a power plant in India, Sarash, to provide 5 million metric tons of coal produced by MDB within a period to be set forth in the agreement. The company has also discussed another long term contract with another company in India.


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PT Pelabuhan Buana Reja (PBR) PBR operates a port located in Sebamban Baru, South Kalimantan which covers an area of 27 hectares of land. The port is equipped with 900-meter-wide conveyor facilities to facilitate the coal loading process and with two sea berths which can accommodate 300-feet barges (8,000 metric tons). The port is located approximately 25 kilometers from TIA’s concession area. Such condition creates short loading distance and lower transportation expenses. The nearby location and easy access of mining site in the barge loading facilities and to the customers in Asia and India will then reduce the coal delivery expenses and will in turn create certain competitive advantages.

On 25 July 2011, PBR obtained Port Business License issued by Ministry of Transportation. The port infrastructure was ready and operated at the end of 2011 with the capacity of 5 million metric tons per annum. At present PBR port still focus on supporting TIA business activities. PBR is projected to develop as a provider of integrated coal port services which cover the following: 1. Stockpiling management, including stockpile or reserves with the capacity of 120,000 metric tons; 2. Coal crushing through crushing plant with the output capacity reaching 750 metric tons of coal crushes per hour; 3. Loading of 900-meter conveyor with the capacity of 5 million metric tons per annum and jetty loading.

Market and Customer Profile The company supplied the coal to China, India, Thailand, Philippines and domestic market. The company also performs coal trading and purchases coal from another producer for the purpose of supplying additional coal to customers when the demand is relatively higher than the available supply. The sales to international market is performed through a trading company serving several coal powered power plant companies such as Agarwal, MSPL, Sarash and Oorja, which generally supply the coal to the end users of power plants in India. The other coal customers are LG, IMR and Sinar Energi Alam which generally supply coal to the end users of power plants in China. Another customer in 2011 was Siam Cement Group. The complete description of the world’s coal market is found in Industrial Review.

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Plans and Strategies The company realizes that the mine’s useful life is limited to a certain period of time until its economical value decreases. To maintain and improve the company’s growth level and to support the portfolio of ABM group, within a period of 2-3 years the company should increase the volume of its coal property, either through acquisitions or joint operations. In addition, the company would also establish a coal trading division to facilitate coal companies in seizing their market share. Such trading division would also support the joint operation strategy plan.

Operational Performance Reswara’s performance experienced significant improvements in 2011. With a very good growth level, the company projected that TIA’s coal production would reach 5 million metric tons in 2013 with synergetic support from other subsidiaries of ABM group. As of year end 2011, Reswara realized production and sales of approximately 2,163 million metric tons. This will increase with the expansion in logistics capacity and the extension of integrated coal-logistics chain. In 2011 MDB has not fully operated and only supplied coal to power plants located within the mining site. MDB is preparing for the developments of infrastructure for coal logistics including the port and its roads starting in 2012. For the time being, the company would still make use of the currently available infrastructure, including the government-owned port and roads. Reswara’s operational performance is reflected in the coal production compared to the strip ratio which represents the strip volume for disposal calculated in meter cubic to produce (extract) one million coal. The company’s performance in 2011 is summarized in the following charts:

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To support its operation excellence, the company should make various innovations to optimize its productivity to minimize the production costs. The company implements SHE (Safety, Health and Environment) in a stringent manner to prevent any fatal accidents and to create a safe mining operation. The company develops its own safety and health management system (sistem manajemen keselamatan dan kesehatan kerja - SMK3), which the company develops itself by referring to risk-based SMK3 with the preventive elements of fatal accidents tailored based on the company’s actual needs on field in accordance with the risk assessments already performed comprehensively in all operational areas. In addition, the company also adopts SHE management system of OHSAS 18001:2007 and environmental management system ISO 14001:2004.

The productivity improvement efforts are also performed by operating the ports and managing the shipping schedules in a better and more organized manner to minimize the penalty from buyer which would directly increase the operating expenses.

From the Management

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Corporate Data



Operation Performance Parameters Average Strip Ratio* (%)

Production and Sales Volume

Average Selling Price (US$/metric ton)

47.1

37.1

2,163

113

1,179

28.4

4.1

4.4

5.8

(thousand ton)

11

10

09

11

10

09

11

10

09

* Average Strip Ratio is a number used to determine the cost of mining in accordance with the JORC reports


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New Contract Wins in 2011 The company’s coal sales are generally made in one-year contract, in nine-month contract and in the spot market. The coal purchase and sales agreements entered into in 2011 with TIA as the seller are as follows: 1. Contract to Sale & Purchase of Coal No. 022/S&P.VSL/TCC-ACC/XII/2010 dated 9 December 2010 amended by Addendum-A Contract to Purchase & Sale of Coal dated 20 January 2011 entered into with Agarwal, whereby Agarwal agreed to purchase 1,200,000 metric tons of coal from TIA for the period of shipping commencing February 2011 to January 2012

2. Contract to Sale & Purchase of Coal No. 023/S&P.VSL/TCT-MS/XII/2010 dated 9 December 2010 amended by Addendum-A Contract to Purchase & Sale of Coal dated 20 January 2011 entered into with MSPL, whereby MSPL agreed to purchase 600,000 metric tons of coal from TIA for the period of shipping commencing January 2011 to December 2011 with the agreed-upon price of FOB Muara Satui Anchorage. 3. Contract to Sale & Purchase of Coal No. 024/S&P.VSL/TCC-MS/XII/2010 dated 9 December 2010 amended by Addendum-A Contract to Purchase & Sale of Coal dated 20 January 2011 entered into with MSPL, whereby

83.5% Growth of Sales Volume 2010-2011

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MSPL agreed to purchase 600,000 metric tons of coal from TIA for the period of shipping commencing January 2011 to December 2011 with the agreed upon price of FOB Muara Satui Anchorage. 4. Contract to Sale & Purchase of Coal No.TCC-029/BYR/FOB-VSL/TIA-MS/ XII-11 dated 6 December 2012 entered into with Mega Strada Pte Ltd, whereby Mega Strada Pte Ltd agreed to purchase 1,200,000 metric tons of coal from TIA for the period of shipping commencing January to December 2012.

Building a Synergy The mining contractor in ABM Investama group, which is PT Cipta Kridatama (CK), provides mining services for TIA. CK mines and transports by using trucks to the locations closer to the port in which there is a coal loading facility to the barge to be transported in the mother vessel. Since July 2011, PT Cipta Krida Bahari (CKB Logistics) started to provide barge services for TIA by loading the coal to barges at the volume reaching 100,000 tons of coal per month.

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CONTRACT MINING In 2011, CK conducted overburden removal of 118 million BCM (Bank Cubic Meter) and extracted 10.6 million tons of coal, an increase of 18.2% and 27% respectively compared to the previous year.


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Established in 1997, PT Cipta Kridatama (CK) is a further development of rental and sales division of Caterpillar re-conditioned heavy equipment owned by PT Trakindo Utama. At present CK has transformed into one of major players in mining service in Indonesia supported by more than 2,800 employees and four representative offices in Kalimantan. The Company provides the “pit to port” contract mining services covering the exploration, mining scheme, stripping, extraction and coal loading, transportation and management, reclamation and rehabilitation. As of 31 December 2011 CK owns 428 heavy vehicles and mining equipment utilized in the mining and production of coal such as excavator, truck, dozer, grader, wheel loader, compactor and drilling machines. The Company implements jigsaw management system to monitor the performance level of the units and the equipment

through GPS (global positioning system) communication and technology. The Company’s historical relationship with Trakindo Utama has served as distinctive competitive advantages for CK since not many of those mining contractors have the privilege of easy access to heavy vehicles. CK also builds a close alliance with other producers and suppliers of heavy vehicles. To support its business process, the Company maintains a production and planning monitoring system to monitor and review the operations in each project sites on a daily basis through a program called Project Calculator in its internal operation management system called CMOS (Ciptakridatama Management Operating System). Under such an integrated system, CK has been able to monitor the Company’s business processes in various project sites on a real-time basis.

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Business Performance Review CONTRACT MINING

Market and Profile of Customers

Adaro Energy is the owner of large mining sites of Tutupan and Wara in South Kalimantan. Bumi Resources is the majority shareholder of Arutmin Indonesia and of Kaltim Prima Coal (KPC) in addition to being a coal project owner in Pendopo Energi Batubara in Sumatera. Arutmin owns the mining sites in Satui, Mulia, Batulicin and Senakin located in South Kalimantan and KPC owns the mining sites in Sangatta and Bengalon located in East Kalimantan. ITM owns a

Other than the players mentioned above, the lower scale coal producers also serve as a potential market for CK. In 2011, the Company entered into mining service contracts with seven coal producers which are PT Mahakam Sumber Jaya, PT Gema Rahmi Persada, PT Kaltim Bumi Manunggal, PT Multi Harapan Utama, PT Arutmin Indonesia, PT Titan Wijaya, and a company under ABM group which is PT Tunas Inti Abadi (TIA). The contracts with coal producers shall generally be binding and remain in force ranging from three-year period until the end of the useful lives of the mining sites. As of 31 December 2011, out of seven agreements entered into, CK have and will produce 34.4 MT coal of 465.3 millions of BCM overburden.

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In Indonesia, the ten largest coal producers contribute nearly 60% of the total domestic coal production. Adaro Energy and Bumi Resources contribute more than a quarter of such total production. Both companies retain substantial reserves and expansion plans. Other players include Tata, Indo Tambangraya Megah (ITM), and Berau Coal Energy.

number of mining sites in East, Central and South Kalimantan. Tata is an Indian conglomerate company having partnership with Bumi Resources.

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Profiles of CK Mining Service Projects Estimated Outstanding Contracted Volume of Coal/

MiningOperasi CK Pada Tahun 2011 Dengan Tujuh Perjanjian Operasional Lokasi Mining Site Duration of Mining Contract Overburden (Million Tons/ Concession


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Million BCM) as of Dec 31, 2011

1

Samarinda – East Kalimantan

June 14, 2004– August 31 2015

125.0

2

Kotabangun, Kutai Kertanegara – East Kalimantan

From December 2007 – all works to be completed < 42 months from the commencement of overburden removal

12.5

3

Desa Batuah (Air Panas), Kecamatan Los Janan, Kabupaten Kutai Kertanegara – East Kalimantan

From Mar 18, 2005 – Target of 54.2 million BCM of overburden and/or 7.7 MT coal ROM is reached

2.8/12.3

4

Jonggong, Busang dan Loa Kulu – East Kalimantan

From Nov 29, 2007 – 19 October, 2015

1.1/14.4

5

Satui dan Kusan Hulu, Tanah Bumbu – East Kalimantan

From Jun 25, 2009 – Later of Life of Mine, or Jun 30, 2020

6

Batulicin – South Kalimantan

From Jul 1, 2006 – Life of mine Sungkai site: From start or operations or by Aug 2008 – Earlier of Jul 2011 or when the pit coal reserve is considered to be un-economical to mine

7

Desa Tanjung Dalam – Bengkulu

From March 18, 2011 – 72 months from start of operations, or completion of obligations, whicever is earlier

Total

2

5

27.0/155.3

3.5/16.2

7 -/129.6 34.4/465.3

CK Operational Sites in 2011 with Seven Mining Contracts PT MULTI HARAPAN UTAMA Jonggon, East Kalimantan

PT GEMA RAHMI PERSADA Kota Banggun, South Kalimantan

PT MAHAKAM SUMBER JAYA Kutai Kertanegara, East Kalimantan

PT KALTIM BATU MANUNGGAL Sanga-sanga, East Kalimantan

KALIMANTAN SUMATERA SULAWESI IRIAN JAYA

JAWA

PT TITAN WIJAYA Air Muning Muko-muko, Bengkulu PT ARUTMIN INDONESIA Mangkal Api, South Kalimantan

PT ARUTMIN INDONESIA Sangkai, South Kalimantan

PT TUNAS INTI ABADI Sungai Danau, South Kalimantan

PT ARUTMIN INDONESIA Batulicin ATA, South Kalimantan

6

4

1 3


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Plans and Strategies To face the future challenges, the Company has continued to internally build and strengthen its human resources (HR), its complete availability of equipment, sound financial condition and business process in alignment with corporate values through commitment and good work procedures.

In addition, the Company also performs the following strategies to minimize the external obstacles by taking the following measures: 1. Improving its capabilities in analyzing the trend of policies stipulated by

Operational Performance In 2011, the Company conducted overburden of 118 million of BCM (Bank Cubic Metre), increasing from 100 millions of BCM in 2010 and extracted 10.6 million tons of coal, which showed a significant increase compared to 8.2 million tons in 2010. The increasing production was noted in the projects having low stripping ratios. TIA and projects in PT Arutmin Indonesia already went into a low stripping ratio area resulting to an increase of 27.7% in the coal extraction compared to 2010.

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To maximize its potentials, the Company takes the following measures: 1. Maintaining and improving performance and guarding the Company’s image. 2. Developing a structured organization, encouraging the innovative developments through the expertise building in engineering, operation excellence, HSE and supply chain efficiency. 3. Performing the initiatives of backward integration in the Company’s portfolio of initiatives.

central and regional government by building a good communication system and cooperation with both governmental and non-governmental organizations. 2. Optimizing the utilization of applied technologies to improve the efficiency and effectiveness of all resources. 3. Developing human resources with high level of competence through the Individual Performance Assessment and Training Development for employees in accordance with each individual’s career planning.

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Operational Performance 2009-2010 Overburden Removal

Coal Extraction

09

11

7.1

8.3

10.6

(million ton)

104.2

100.0

118.0

(million BCM)

11

10

New Contract during 2011


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In 2011, the company secured new wins as follows: 1. Extension of joint mining services contract between PT Cipta Kridatama and PT Titan Wijaya for 6 (six) years until 2017 with the targeted production of 1.8 million BCM overburden per month, signed on 18 March 2011. 2. Expansion of joint mining services contract with tariff amendments between PT Cipta Kridatama and PT Mahakam Sumber Jaya for a period of 5 (five) years until 2016.

Building a Synergy As part ABM group, CK builds a close relationship with Reswara to operate the mining sites based on the mining scheme and on the related government regulations. The company already entered into a forwards contract with TIA, which is Reswara’s subsidiary, in which the payment terms and conditions shall be governed based on the fixed costs per BCM overburden and on the volume of

10

09

tons of coal delivered within an agreed upon period. In the mining sites owned by TIA, CK performs the mining, transporting and truck loading activities to the locations nearer to the port situated in Bunati, South Kalimantan, in which there is a facility for barge loading which shall then be transferred into the vessels offshore. In the event that TIA increases its coal production from its concession area, CK is committed to providing mining contract services for such additional production, and also for other concession areas, such as concession areas of PT Bara Energi Lestari (BEL) and PT Mifa Bersaudara (Mifa), a subsidiary of Reswara in Aceh.

Future Prospect The market demand of coal in domestic and export market has shown a relatively significant growth with the estimated growth rate ranging from 5-10%. The demand growth has encouraged

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producers to increase its production by expanding and intensifying the strong infrastructure development in all mining projects under its management. Such condition has made positive impact on the industrial growth of mining contractors. However, such booming in mining industry has not been followed by the equal growth of neither the heavy vehicles nor the skilled mining workers. The company anticipates the potentially arising heavy-vehicles-related issues by building a close relationship with heavy

vehicles dealers such as Hitachi, Libherr, Terex and others, in addition to the full support received from PT Trakindo Utama as a dealer of Caterpillar. With regard to meeting the needs of skilled workers, the company builds a cooperation with universities and vocational schools to conduct knowledge sharing sessions in mining industry while at the same time seeking and selecting candidates for recruitment from the best graduates of such universities and schools.

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Business Performance Review POWER SOLUTIONS

POWER SOLUTIONS Installed capacity reached 934 MW in 2011, an increase of 17.9% with a utilization level at 74%, reflecting a real growth of customer demand and generating a significant increase in income.


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PT Sumberdaya Sewatama (Sewatama) was established in 1992 as a division providing generator set rental services owned by PT Trakindo Utama. In line with the restructuring of PT Trakindo Utama as an integrated holding company of PT Tiara Marga Trakindo (TMT), in 2000 Sewatama became a business entity under TMT as its holding company. Subsequently, starting in 2009 Sewatama has become a part of ABM group. Starting its generator set rental service business 20 years ago, the Company has been developing its core business of temporary power service to include also the equipment rental service and maintenance service, consultation, planning and implementation. In 2006, Sewatama’s vision to be a “leading power rental provider in Indonesia” had been achieved by achieving the total electricity power capacity of 400 Mega Watt (MW). Since then, Sewatama has enlarged its vision to be “a leading power

solutions provider”. Until the end of 2011, Sewatama has already reached a total electricity power capacity of close to 1 Giga Watt (934 MW) with scope of services covering all over Indonesia. To support its business development as the power solutions provider, at present Sewatama has three divisions which are: • Temporary Power division, which gives the biggest contribution to the Company from its temporary power generator set rental service, emergency power generator, instant electricity power, standby/back-up electricity power, long term electricity power, temporary electricity power and uninterrupted electricity power. • Operational & Maintenance (O&M) division, which focuses on providing operation and maintenance of endto-end power generator service. The target customers are the government and private/independent power providers, oil and gas industry and mining industry.


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In addition, to respond to the rapid business growth dynamics, Sewatama established two subsidiaries which are PT Pradipa Aryasatya, which will serve as an investment vehicle for Sewatama in thermal power generator such as coal and gas, and PT Nagata Bisma Shakti, which is designed to perform a number of investments and acquisitions for the renewable energy power generator business developments such as micro and hydro. In the future, when the mastery

of technology and resources suffices, the Company would also probe the possibilities of geothermal, solar cell and wind power as the sources of new and renewable energies.

Market and Profile of Customers The market of power generators in Indonesia is highly competitive and the competitors have large operational activities and market share. Sewatama’s major competitor is Aggreko, the international provider of temporary power service, with the operational network in 34 countries and 148 locations. Aggreko provides services to a wide array of industries, including mining, oil and gas, development, petrochemicals, shipping and telecommunications. As an international company, Aggreko shall be obliged to work in cooperation with local partners such as Bima Goltens Powerindo and PT Cogindo Daya Bersama, which are subsidiaries of PLN.

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• Pillar division, which provides centrifugal pump for dewatering activities particularly for customers conducting mining operations and for those being prepared to accommodate Sewatama activities in energy efficiency, consulting and optimization. The customers of Pillar division are mostly mining contract companies, including PT Cipta Kridatama (CK), one of subsidiaries in ABM group.

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Within the business of independent power producer, the Company is faced with competitors from both thermal power producers and renewable energy producers. The major players in IPP sector are among others PT Indika Energy Tbk, Bakrie Power and Medco Power, and independent companies such as Navigat Energy and Keramasan Power.


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The major customer of Sewatama is PT PLN (Persero), the authorized body of national electricity provider. Other than PLN being referred to as a customer in utility segment, the Company also has a strong customer base in non-utility segment from mining, oil and gas, construction, building management and event organizer companies. Sewatama manages more than 70 projects of diesel and gas power rental services all over Indonesia. At present the utility segment still contributes 85% to the total revenue of Sewatama. The Company has entered into power generator rental agreements with PLN in various locations in Indonesia. In general, the agreements are binding for a period of 6 to 12 months, yet they may also exist for a longer period of time. Based on such agreements, the Company shall provide generator sets with the total installed capacity of 934 MW distributed to East Indonesia (Sulawesi – Maluku – Papua), Kalimantan, Bali and Nusa Tenggara and Jawa. The agreements with non-utility customers are generally within a shorter period of time, ranging from 3 to 6 months. The non-utility customers are still highly potential to augment the Company’s income. In mining industry, the

dewatering pump plays an important role in operating activities. The Company provides dewatering system with high volume and multistage hydraulic pumps and also corrosive resistant pumps. For customers in oil and gas industry, Sewatama provides cooling tower pumps and fire pumps for the purpose of cooling system to handle easily flammable liquid and easily explosive gas. The Company also provides high volume and high pressure water system to perform tests on the tanks, pipes, vessels and other steel construction works in marine industry and also water pump system for customers in property industry. The Company is of the opinion that the generator set rental business would continue growing rapidly with the growth rate reaching at 20% per annum. Though PLN growth is relatively high, the Company expects that non-utility segment would also continue growing significantly. The trend outside Java island has shown a tendency of growth in non-utility sector such as mining, oil, plantation and marine sector. In utility segment, the Company is capable of providing high value premium solutions for critical needs. Nevertheless, in terms of volume, PLN segment still generates the relatively high revenue for the Company. It is expected that within the next 5 years, the Company would reach the ideal composition of 60%:40% for utility and non-utility segments so that both segments can create a synergetic profile and provide the optimal profitability.

Plan and Strategy The strategies adopted in 2011 are part of the grand strategies already established since 4 years ago, which are:

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• Maintaining and developing the core business of temporary power service and related services, such as O&M and Pillar. • Balancing the growth in temporary power by entering into the business of independent power producer (IPP) by using either thermal power (coal and gas) or renewable energy resources. The Company has made a step forward by building the fundamentals of its business developments by widening the scope of power business. A number of acquisition decisions have been made so as to enable Sewatama to enter into IPP business and to recognize all of the issues attributed to such decisions. In turn, Sewatama would build its own power plant equipped with better competence and better knowledge.

Such measure taken has become an entry point for Sewatama to enter into IPP world of business and to be directly involved with private power producers already in operation. In addition to seizing the opportunities to improve the competence of employees by performing

In 2011 Sewatama already took a further step in IPP business by signing a Conditional Sale and Purchase of Share Agreement (CSPA) to acquire two power plant projects. Such projects are coal power plant 15 MW in Aceh and gas power plant 100 MW in Jambi. The agreement shall be expected to proceed with Sale and Purchase Agreement in 2012. By acquiring both plants, Sewatama has secured a more firm position in IPP business. Prior in 2009 Sewatama built a partnership with Jaya Dinamika Geohidroteknika (JDG) supported by grant fund from IFC (International Finance Corporation) to develop the mini hydro power plant project in 26 locations in eastern Indonesia region. It is expected that in aggregate, out of such mini hydro power plants in 26 locations, they are capable of producing the power of 50 MW. Such cooperation has enriched Sewatama portfolio in the usage of renewable energy for the benefits of public in general.

Operational Performance Sewatama performance has grown in a sustainable manner and has shown a growth rate equal to the competitors operating at the global scale at relevant comparative parameters. The growth of temporary power services is shown in the power capacity they own which has reached 934 MW in 2011 or increasing by 17.9% compared to 2010. The growth of installed capacity and the stable utilization level at 74% in general reflecting the real growth of customers.

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In 2010 Sewatama began to enter into the business of independent power producer (IPP) by acquiring 20% shares of PT Metaepsi Pejebe Power Generation (Meppogen), an IPP company owning and operating the gas-powered Simple Cycle Power Plant (SCPP) with the total capacity of 80 MW in Kecamatan Gunung Megang, Kabupaten Muara Enim, South Sumatera. At present Meppogen is increasing its power capacity by converting to a combined cycle scheme so as to enable the Company to produce 110 MW. Meppogen already entered into a Power Purchase Agreement (PPA) with PLN in 2005 for a period of 20 years.

OJT (on the job training) in the project sites, the Company as a shareholder also expects to yield good returns in time.

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Operation Performance of Temporary Power Service Total Electricity Power Capacity

Average Utilization Level (%)

Average Rental Rate (Rp/kWh)


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11

10

09

Out of the Company’s total revenue in 2011 amounting to Rp1,007 billion, the Temporary Power division has contributed its income amounting to Rp952.0 billion (94.5%), Pillar division Rp49.5 billion (4.9%) and O&M division of Rp5.5 billion (0.5%).

Customer/Project Location

199

09

235

70

255 74

10

74

11

758

792

934

(MW)

11

10

09

New Wins in 2011 Within 2011, Sewatama wins new contracts arising from the rental service of diesel and gas power generator sets for both utility sector (PLN) and nonutility sector. A number of contracts with contract values exceeding Rp250 million per month are as follows:

Product/Service

Contract Value/Month (billion Rp)

UTILITY – PLN PT PLN (Persero) Northorn Sumatera Power Plant (PLTG/D Teluk Lembu)

Diesel Genset

8.91

PT PLN (Persero) Lampung Region (PLTD Tarahan)

Diesel Genset

2.22

PT PLN (Persero) South Kalimantan Region and Central Kalimantan (PLTD Maburai)

Diesel Genset

4.53

PT PLN (Persero) South Kalimantan Region and Central Kalimantan (GI Rantau)

Diesel Genset

4.53

PT Pertamina EP UBEP Tanjung (Kalimantan)

Diesel Genset

0.69

PT Pertamina EP, Tanjung (Kalimantan)

Diesel Genset

0.50

PT Bhumi Pala Perkasa (Kalimantan)

Diesel Genset

0.43

PT TanjungEnim Lestari Pulp and Paper, Muara Enim – Palembang (South Sumatera)

Diesel Genset

0.39

PT Bhumi Pala Perkasa, Badak NGL Bontang (East Kalimantan)

Diesel Genset

0.33

PT Asahimas Chemical – Anyer, Cilegon

Diesel Genset

0.29

Gas Genset

0.29

NON UTILITY

PT Pertamina EP UBEP Sangasanga & Tarakan (East Kalimantan)

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Building a Synergy Sewatama keeps on building and improving a strong synergy with all business units under the holding company of ABM Investama. The supply and transportation of coal to the locations where IPP and the manufacturer of power plant components are located are examples of end-to-end synergy conducted by Sewatama and other business units. PT Sanggar Sarana Baja assisted to create a module of power generator packaged in a container which enables improvements in flexibility, speed and efficiency in the installation of temporary electricity based on customer requests. The fleet of CKB Logistics has enabled the mobilization-demobilization of such machines to the project sites scattered all over Indonesia.

Business Prospects

The electricity demand in Indonesia would continue to increase. The demand of power arises from the residential and commercial sector and industrial sector in line with the increasing domestic economy growth. The demand level would remain high since PLN is incapable of meeting the demand immediately.

On the other side, IPP business provides such a large opportunity. Yet, the Company has been responding to such IPP investment opportunity in a very prudent manner by considering the fundamental factors of sustainable business growth including the commercial, social, and environmental factors. Not all opportunities should be seized regardless of the fact that the competence and financial support would allow such seizure. 79

The captive power demand in Indonesia covers a very wide segment ranging from oil and gas industry, the readily available resources for industry, to the remote villages and outer islands not yet covered by the energy sources. Sumatera in particular has an exceptionally high proportion of electricity demand. This is due to the demand from mining industry, paper and fertilizer manufacturing industry and oil and gas projects. In addition, many industries have relied more on the supply from generator sets due to the quality and reliability of PLN supply in several areas. All of those factors mentioned above have shown that the potential market for power service through generator set rental service is still wide open as opportunities for the Company.


Sewatama has foreseen that the competition climate would be more tightening. The competition dynamics which have been predicted earlier with the entry of global players in Indonesia as a destination country for their investment, including in power sector. On the other side, more tightening competition would provide a lot of learning opportunities and would drive continuous improvements to create better performance in Sewatama.

The ratio of electrification in Indonesia is still ranging at the level of 70%. More years are needed to achieve an ideal ratio since building a power plant requires a long period of time with high infrastructure costs.

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ENGINEERING SERVICES The performance of four SSB divisions contributed significantly to a revenue generation of Rp1 trillion, a 19.2% increase over the previous year.


80

PT Sanggar Sarana Baja better known as SSB was established in 1977 as a business support for PT Trakindo Utama. SSB is focusing itself on producing the components and accessories for the heavy equipment manufactured by Caterpillar. In line with the expanding engineering capability and the increasing production facilities, in 1985 SSB began to enter into oil and gas industry, petrochemicals and power plants yet still strengthening its core business in mining industry. At present SSB has four divisions ready to provide engineering solutions for various industrial needs. The Company maintains a very complete array of resources in terms of human resources, facilities, machinery and workshops which are situated within the proximity of its customer’s locations. The experience and skills of the company’s human resources have been recognized by the market as the Company’s core competence. SSB has the welders who are certified to the highest G6 level and

some of whom are capable of performing Titanium welding. As of 31 December 2011, SSB employs 2,883 employees (permanent and contract) distributed at the head office, at the factories and at the workshops in 10 locations in Indonesia.

Manufacturing Division (SSBF) In 1983, SSB established Manufacturing Division to serve the increasing number of customers both from local and international companies. Such division provides integrated manufacturing services, starting from the design, manufacturing of equipment, installation at sites and solutions for the process controls and installation. SSBF is supported by experienced engineers who are certified with the required skills in the designing and manufacturing services. The manufacturing process is conducted at the company’s premise in Pulogadung, Jakarta. The installation and commissioning works could be conducted on site if deemed necessary.

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Business Support Review ENGINEERING SERVICES

The equipment manufactured by SSBF are among others the high pressure vessel, gas separator, heat exchanger, carbon dioxide removal. SSBF is performing the steel manufacturing works to create incinerator, silo, bin and chute, metering skid, clamp shell, transformer and mud tank equipment. As of today the Manufacturing Division has maintained quite a long business relationship with prominent companies such as PT Chevron Pacific Indonesia (PT CPI), PT Total Indonesie and PT Pertamina (Persero).

Site Service Division (SSBS) Site Service Division (SSBS) provides the technical services and repairs for mining companies on site or at the nearest workshops owned by the Company. By providing repair services on site, the customers need not deliver the equipment requiring repairs to Jakarta or to any other location which will then resulting in a minimized downtime and maximized availability of such equipment.

81


The company’s engineering skills have been recognized by various parties with the various certifications obtained from prominent certification institutions. In 2008 SSBF obtained a certification from National Board Inspection Code (NBIC) for the certification of R Stamp and in 2009 from American Society of Mechanical Engineers (ASME) for the certification of U, U2 and S Stamp categories. SSB Manufacturing Division had also taken its assessments and had been certified by PT Chevron Pacific Indonesia (PT CPI) and SSB was accordingly recognized as a contractor successfully implementing the HSE Management System (HSEMS). The Company also obtained Decision Letter from Directorate General of Oil and Gas – Ministry of ESDM as a company providing supporting services for oil and gas works as required under the law. In environmental health and safety (HSE), the Company obtained OHSAS 18001 Certification for Work Safety and Health Management System and ISO 14001 for Environmental Management System.

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The Site Service Division provides repair services starting from basic maintenance to the structural repairs for the equipment utilized in the mining activities such as wheel loader, dozer, grader and OHT truck. SSBS performs the repairs of chassis, modifications as needed, refurbishment and upgrades of mining equipment.


82

In general, the services provided by SSBS cover the following: • Welding and machinery works (line boring, lathe, milling, and others). • Assembly of mining truck dump body, repairs on the structural cracks, structural welding, manufacturing services and crack failure analysis services, and solutions for alignment matters. • Repairs of chassis and mining truck dump body. • Refurbishment of components and modification of supporting tools. • Layering with liner wear plate to protect the interior of truck dump body. • Designing and special manufacturing to meet customer’s specific needs.

extend the life time of the machines and equipment by replacing or repairing certain main components. SSBR performs the remanufacturing or repairing works of the main components of drive train, trackpad shoe, hydraulic cylinder, parts of machines and rotating equipment manufactured by Caterpillar, Hitachi and other heavy vehicles manufacturers utilized in mining operations. The Company provides the main components of particular heavy vehicles for customers or refurbishes the main components installed in the customers’ equipment so as to extend the life time of such equipment.

Remanufacturing Division (SSBR)

The Company is handling most of the refurbishment services at the company’s premises in Pulogadung, Jakarta and Kariangau, Balikpapan – East Kalimantan. The first premise in Kariangau operated in October 2009 and was expanded in 2011. The additional facilities were built in Kuala Kencana – Papua and started its operations at the end of 2011. Such facilities were situated within close proximity of the customers and the potential customers engaged in mining operations, which were favorable for the customers in terms of efficiency, transportation and delivery time.

Remanufacturing division (SSBR) is focusing on the repairs and remanufacturing of main components of heavy vehicles utilized in the mining industry. The customers of Remanufacturing Division are local and international companies engaged in mining industry in Indonesia. The remanufacturing services provided by SSBR have enabled the customers to

The main components remanufactured or refurbished by the Remanufacturing Division are stamped with “SSB Reman”. The Company has been developing its capabilities in remanufacturing the main components with high quality by making investments in the purchase of the latest machineries and by implementing modern manufacturing system.

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Transport Equipment Division (SSBT) SSBT provides specialized services for transportation equipment in mining industry, such as designing, producing and distributing the products for personnel transportation (man-haul bus) and for transfer of materials. At present the Transport Equipment has its facilities at Millenium Industrial Area (Tigaraksa), Tangerang.

One of prime products of SSBT is light weight body, which is the truck body for transporting goods or humans with strong yet light materials which minimize the additional weights on the vehicles. As a result, the transportation capacity and truck capacity could be maximized and the transportation cost could be more efficient.

Market and Profile of Customers The long journey of SSB for 35 years has established a specific customer base in a product-quality-oriented segment. The Company has continued to exert efforts in improving its competitive edges by improving its human resources competence and creating values in the manufactured products for the purpose of being appreciated by the market at the premium price range. Manufacturing Division has several main customers from oil, gas and mining industries and other industries already having a long history of business relationship, among others PT Chevron Pacific Indonesia, PT Semen Tonasa and PT Salamander Energy. The manufacturing division has made important breakthrough by entering into service contract market for its manufactured products. In 2011, the Company entered into a binding service contract with Chevron and ConocoPhillips. Site Services Division also provides services for major mining projects in Indonesia, such as Newmont in Batu Hijau – West Nusa Tenggara, Freeport in Grassberg mine - Papua, PT International Nickel Indonesia (INCO) in Soroako – South Sulawesi, mine of PT Kaltim Prima Coal in Sangatta – East Kalimantan and several operating areas of its sister company PT Cipta Kridatama (CK) in

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SSBT is producing and distributing highly various products for transportation equipment, including the speciallydesigned equipment such as: • Dump body, side tipper, trailer, bulk haulage, service truck (including fuel tank and water tank, truck for lubricant service, crane tray and low loader) and modified bus for mining sites, both for special purposes in the haul road or main road. • Crane, hook loader, aerial lift platform, aluminum fuel tank and container side loader. For such products, SSBT is holding the agency license for the brand names of Palfinger (Europe) for crane, Heil (North America) for aluminum tanker and Hammar (Sweden) for handling equipment. • Maintenance services, spare parts services, and repairs for the products mentioned above.

To serve customers from oil and gas and aviation sectors, SSBR is also producing fuel tank vehicles including those for aircraft fuel equipped with its dispenser, which are designed to the highest safety standards.

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South Kalimantan and East Kalimantan. The Company also provides services to sub-contractors in a few mining sites such as Trakindo Utama, PT Thiess Contractors Indonesia and PT Liebherr Indonesia Perkasa.


84

At the end of 2011, SSB contributed its best value for PT Freeport Indonesia (PTFI) which at that time was having problem with the damages on the concentrate pipeline. SSB Papua was assigned to repair such pipeline with a total connecting distance of 80 kilometers. SSB Papua was capable of finalizing such pipeline works on 21 December 2011, earlier than the target established by PTFI. Good appreciation for such work has been given by the assigning party. With such achievements, Site Service Division has proven that SSB is still the best in terms of quality, speed and accuracy to support welding works in any areas and under any conditions. Remanufacturing Division has built a business relationship for more than 5 years with its main customers such as PT Trakindo Utama, PT Kaltim Prima Coal, Leighton Contractors and Newmont. The Company also provides remanufacturing services to CK.

Plans and Strategies In 2011, the Company made important investments to improve the corporate image in the perception of its customers. The Company introduced its new logo by participating in the Mining, Oil & Gas Exhibition. The corporate website improvements were designed to create more professional and informative image.

By perceiving good opportunities arising from the planned expansion of Newmont mining site in Batu Hijau, the Company would improve its abilities and capacity of its workshop in Batu Hijau to be able to serve immediately the increasing demand of repairs and maintenance of mining equipment in Batu Hijau. As a company already having existing facilities in such area, SSB would not allow its competitors to bypass the opportunities to serve such customer expansion. In addition, the new facilities would also be opened in Kalimantan and Papua which still remain as the main area of growth for the company’s business. In 2012 the Company made the acquisition of new products as the next investment step. The Company will enter into new segments by offering specific products.

Operational Performance The four divisions in SSB have different achievements and market competition levels. In 2011, Site Service Division recorded the highest income while the highest demand was shown by Transport Equipment Division. The demand for Manufacturing Division was also high; however, the increasing prices of steel materials as well as tight competition have made corrections on its level of income. In total, the company’s income grew by 20% compared to prior year. The new contract for Transport Equipment division from PT Pertamina (Persero) and PT Chevron Pacific Indonesia made its

Corporate Data


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Corporate Data


of Tonnage in the equipment being manufactured. While the performance of divisions providing services such as Site Service Division (SSBS) and Remanufacturing Division (SSBR) is measured by the indicator of Service Hours in which the achievements in 2011 and their comparative figures in 2010 and 2009 as follows:

contribution to the company’s increasing income. Another achievement made by the Company in terms of income is the success to hit the psychological number of Rp1 trillion. The operational performance of Manufacturing Division (SSBF) and Transport Equipment Division (SSBR) could be measured by the indicator

SSB Income in the Last 3 Years

10

716,539

09

Operational Performance of Each Division in the Last 3 Years (tonnage)

Remanufacturing – SSBR

(thousand - service hour)

(thousand - service hour)

11

10

09

11

10

09

11

10

220.2

525.3

11

549.0

679.5

4,486

4,483

09

5,261

4,576

10

Site Service – SSBS

1,411.9

Trasnport Equipment – SSBT

6,836

7,351

(tonnage)

1,700.0

Manufacturing – SSBF

09


11

85 844,208

1,006,083

(million Rupiah)

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In 2011 the Company successfully obtained ISO 14001 and OHSAS 18001 certification. Both certifications serve as one of important requirements to compete in the oil and gas industry. It was a special achievement and pride for all lines in the Company that such certifications could be obtained without any aids from consultants and with only six month preparation. Such success has proven that the company’s human resources are highly competent.

Engineers (ASME) for the certification of U3 class which represents the highest competence in mechanical engineering. The U3 certification has shown the recognition for SSB competence in manufacturing pressure vessel equipment with pressure level up to 100 bar. Not many engineering companies are capable of being certified in which. Even more, SSB is the only one certified in Indonesia and South East Asia region.

New Wins in 2011 Another achievement was the certification from American Society of Mechanical

No


86

Customer

Project Name/ Description

A number of new contracts and contract renewals of significant values in 2011 are as follows:

Delivery date (by Contract)

Value

1

PT Chakra Jawara

Manhaul Bus Body

30/11/2011 - 31/3/2012

USD5,403,600

2

PT Tri Swardana Utama

Supporting Equipment

30/4/2012 - 31/10/2012

USD3,660,000

3

PT Thiess Contractors

Fuel Lube Service Body on CAT740

31/10/2011 - 30/9/2011

USD2,891,580

4

PT Freeport Indonesia

Double Trailer

17/12/2011

USD1,937,061

5

PT Bukit Makmur Mandiri Utama

Coal Body

25/1/2012 - 23/3/2012

USD1,650,000

6

PT Freeport Indonesia

Trailers

20/11/2011 - 24/1/2012

USD1,380,933

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No

Project Name/Description

1

Heat Exchanger Service, Repair and Modification

2

Tracks

3

Pembangunan Unit Heavy Poly Nuclear Adsorption (HPNA) Removal Hydrocracking Complex Unit (HCU-A) Refinery Unit V Balikpapan

4

Pekerjaan Desain, Fabrikasi, dan Penggantian Column CDU 1.C.01 Refinery Unit VII Kasim-Sorong

Customer ConocoPhillips Indonesia Inc, Ltd.

USD4,960,155.40

FL Smith

USD4,128,336.00

PT Pertamina (Persero)

USD3,250,000.00

PT Pertamina (Persero)

Rp28,050,000,000.00 USD2,348,780.00

Supply of Glycol Dehydration Package 5

Amendment I Service order - HAZOP Meeting of Glycol Package

Value

ConocoPhillips (Grissik) Ltd.

USD162,500.00 USD22,500.00

Business Prospects

As a part of ABM group, the Company supports ABM Investama efforts to empower energy as its big vision. The Company is ready to contribute in the engineering synergy by remaining to adopt fairness principles in professional business corridor. At present the Company is supporting the operations of PT Cipta Kridatama (CK) in South Kalimantan and East Kalimantan, and building the “packager” for PT Sumberdaya Sewatama.

During 2011 the Company has established fundamental strategies to expand its market, not only local but also international market. The strategic steps have been taken including widening the infrastructure, obtaining the necessary certifications and improving competence as an asset to enter into LNG market. A number of export markets have been wide open, yet the Company still responds with prudent principles and well-thought considerations particularly for the working capital allocation and human resources readiness to be assigned abroad.

87


Building a Synergy

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Business Support Review INTEGRATED LOGISTICS

INTEGRATED LOGISTICS The income and dynamic profitability from six business services of CKB Logistics have made a complementary and mutually supportive contribution to consolidated income through continual positive growth.


88

PT Cipta Krida Bahari (CKB Logistics) was established in 1997 as a company providing logistics services including the land, sea and air transportation. At the beginning CKB Logistics offices were located only in Jakarta and Surabaya to provide the logistics services through Tanjung Priok and Tanjung Perak ports. With the due course of time, the company’s services have been continuously developed to cover the logistics services for land, sea and air transportation so that the company is capable of transporting the equipment and heavy vehicles to project sites which shall then be categorized under the name of project logistics services. During a period of 14 years, CKB Logistics has been rapidly developing to be a subholding company providing integrated logistics services with the focus on energy customers. At present CKB Logistics has two subsidiaries with a total number of 877 employees as of 31 December 2011 (permanent, contractual and outsourced).

The company has 35 branches all over Indonesia, including those in 60 cities and in remote areas difficult to reach by using commercial transportation. CKB Logistics services cover Integrated Logistics, Warehouse Management, Project Logistics, Shore-base Management, Industrial Shipping and Coal Logistics. In general the company serves the sectors of energy (oil and gas, mining), industry (heavy vehicles, fertilizer factory), and infrastructure (PLN, EPC Contractor). The company’s support fleet comprises trucks, equipment, mother vessels and barges whose total count at the end of 2011 are as follows: 1. Truck: – 130 trucks with the capacities ranging from 0.5T-12T – Flat Bed Trailers 20’ and 40’ – Low Loader with 20T-80T capacity 2. Heavy Vehicles: – Forklift 2.5T, 5T, 30T capacity – Heavy Duty Loader: Multi Axle Commetto (10 Axles) – Hydraullic Roller and Jacking Tools

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At present, CKB Logistics already has 6 business portfolios as follows, which are: 1. Integrated logistics services, providing freight-forwarding services covering the logistics services and regular cargo delivery via land, sea and air transportation. 2. Warehouse management with warehouse locations in Jakarta, Surabaya, Banjarmasin, Balikpapan and Samarinda. Through this service, CKB Logistics provides the solutions for storage of goods and for the preparations of further distributions to the locations requested by the customers.

3. Project logistics, which provides special transportation services for the delivery of over weight over size (OWOS) cargo such as heavy equipment, machineries, plant equipment, and power generator to remote areas. 4. Supply base or shorebase management, which serves oil and gas companies conducting drilling, exploration and production activities which need base or locations to temporarily store the goods that will be supplied to the vessel’s bridge. This service covers the handling of storage, port affairs, delivery and loadingunloading. 5. The subsidiary, PT Alfa Trans Raya (ATR). which serves industrial shipping, renting the vessels in accordance with the needs of mining and energy customers.

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3. Vessels: – MV Alfa Trans Satu: 60 TEU Semi Container Vessel – MV Alfa Trans Dua: 1,500 DWT LCT – MV JNW: 2,000 DWT LCT – MV Adinda Azula : 1,200 LCT

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6. The subsidiary, PT Baruna Dirga Dharma (BDD), which runs the business of coal logistics, conducting the transshipment of coal from stockpile to mother vessel in the middle of the ocean by using barges.

PT Alfa Trans Raya (ATR)


90

ATR was established in 2006 as a freightforwarding company to strengthen the activities of logistics operations and vessel rental. As of 2011, ATR owns three vessels, which are multi-purpose Alfa Trans Satu vessel, Alfa Trans Dua and Adinda Azula landing-craft-tank (LCT). ATR already purchased two more vessels which were LCT Adinda Bela and Adinda Celinna currently still in the construction process in dock yard and will be delivered in mid 2012. In addition, to meet its customer needs, ATR also rents and operates six additional LCTs with forwards contract.

PT Baruna Dirga Dharma (BDD) BDD was established in May 2011 to run the business in coal logistic services. BDD already purchased tug and barges of Kaili VIII and Moana VIII and ordered 6 sets of barges to the dock yard which will then be delivered in 2012. BDD already has a contract with PT Tunas Inti Abadi, a subsidiary of Reswara which owns coal concession in South Kalimantan, for transporting the coal from the port to the mother vessel’s anchor drop point in the middle of the ocean.

Market and Profile of Customers Starting from merely serving only a customer, CKB Logistics competence has been tested and sharpened more by serving the energy customers requiring the delivery service of heavy equipment, materials and machineries to remote areas. The customer base is not only from companies within a group but also from multinational mining, oil and gas companies and heavy equipment dealers such as Patria, Komatsu and Hitachi. At present, approximately 60% of ATR fleet is under contractual agreements for one to four years for customers to use in oil and gas exploration and production. Approximately 40% of ATR vessel capacity is utilized to support CKB business of cargo delivery and project logistics services. The shorebase management services were utilized by BP and ConocoPhillips during 2010-2011. In the market of logistics business, the company’s six portfolios generated gross profits at different levels. The integrated logistics or freight-forwarding business is playing in tight competition environment with low margin. Whereas the shipping business segment has been capable of generating gross profit at a good level yet on the other side requiring high capital expenditures. Warehouse service also requires high capital expenditures, but capable of generating good profits at a good level, particularly for the integrated warehouse services which provide

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delivery services until reaching the project locations. Project logistics which offer solutions for customers intending to deliver Over Weight and Over Size (OWOS) cargo to remote areas with high difficulty and risk level could generate premium income since the services being offered are accuracy, consistency and reliability in delivery. Such conditions have created a balance in the company’s portfolio.

Plans and Strategies

In the efforts of providing integrated logistics solutions, CKB Logistics already established a new subsidiary, which is BDD, and added the number of ATR fleet. The purchase of new vessels is for the purpose of strengthening its fleet, improving its reliability in serving its customers.

Business patterns, customer needs and market trend have always been the underlying factors for making strategic decisions in purchasing critical assets. Using its own assets would create a positive impact on the company’s bottom line. Therefore, the company has been gradually adding the number of its assets such as warehouse, truck and vessels. To expand its customer base serves as the company’s vision to grow together with its customers. The company resolved that the income from those outside the group should be higher than the income from internal group.

Operational Performance Individually, the integrated logistic business segment recorded the highest income, which is Rp819.92 billion, growing by 60.3% from Rp511.40 billion in 2010. While the vessel rental service managed by ATR contributed an income of Rp99.63 billion, growing by 156.6% from Rp38.83 billion in 2010. In 2011 the newly established company, BDD, which manages coal logistics services already recorded an income of Rp5.27 billion.

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CKB Logistics already established its long term goal for the next 5 years which is to be the leader in providing the integrated logistics solution in energy sector. The annual strategic steps and financial targets have been formulated as well. In 2011 the company made inventories of its critical assets potentially making impacts on its operational performance and the company also created excellent services for customers. CKB Logistics purchased a warehouse in Samarinda, built a warehouse in Banjarmasin and built a new warehouse in Jakarta on an area of 7.5 hectares of land in Cakung. The warehouse in Cakung is scheduled to have its official opening in May 2012.

Subsequently, in 2012-2013 CKB Logistics would provide floating crane to improve the services in coal logistic segment. By utilizing the floating crane, the capacity of loading the coal into mother vessel could be improved and customers could enjoy the benefits of using a larger vessel.

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CKB Income per Business Segment in 2011 CKB Integrated Logistic

ATR Vessel Rental (billion Rupiah)

(billion Rupiah)

5.269

99.631

10

09

11

Total Volume

11

09

Total Manifest

1.5

134,907

12.4

190,793

(million meter cubic)

11

10

09

11

10

09

11

10

227.5

10

269.3

871,676

1,029,225

290,936

09

(million kg)

120,006

10

Total Weight

877,883

11

09

of collies, number of manifest as well as total volume and weight of goods handled by CKB group which represents an increase in the last three years as shown in the following figures:

Total Collies

314,925

339,104

Total DA

10

431.1

11

31.055

09

Achievement of CKB group’s operational performance can be indicated through the achievement of volume figures such as number of DA (Delivery Advice), number

10.6


92

10

38.822

11

457.088

511.404

819.917

(billion Rupiah)

BDD Coal Logistic

09

Corporate Data


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New Wins in 2011 Some new or renewal contracts obtained in 2011 which have contributed to the

Customer

Subjek

Indo Muro Kencana, PT

Manage and coordinate Land Transportation in MuaraTeweh

ConocoPhillips Indonesia, Inc. Ltd

Provide Landing Craft Tank (LCT) on rental basis


increase of CKB Logistics revenue significantly is as follows:

Contract Value

Category

Execution Date

Rp1,920,000,000/ year

Service

26-Feb-11

USD 759,500

Vessel

1-Apr-11

Amandement 2 Agreement to extend Contract term and to add the total contract value until April 13, 2012

Rp1,576,230,000

Vessel

17-Jun-11


Truck charter from Jabodetabek/Cilegon to dayung/rawa staging area Mangsang/Grissik and airfreight services from Jakarta to Palembang/Jambi

Rp7,924,052,000

Medco E&P Indonesia, PT

Perjanjian jasa sewa dan pengelolaan pergudangan

Rp266,040,000

Warehouse

1-Oct-11


Ekspedisi door-to-door angkutan udara gudang Medco ke lokasi

Rp587,983,750

Airfreight

1-Nov-11


Jasa Pengiriman Barang Kondisi FOT dari Medco Jakarta ke Wilayah Operasional Medco

Rp13,308,409,000

Transportation

1-Nov-11

ConocoPhillips

Rental Light Vehicles and Equipment forMatak Base

Rp9,104,097,500

Trucking

29-Dec-11

ConocoPhillips Indonesia, Inc. Ltd

Addendum additional route for loading offloading equipments & mobilization tools from jetty to DayungRawa

USD759,500

Trakindo Utama, PT

Layanan transportasi untuk pengiriman impor alat-alat berat merk Caterpillar dari Pelabuhan Singapura ke lokasi pelanggan PTTU area Kalimantan (Banjarmasin, Balikpapan, Samarinda)

Suberdaya Sewatama, PT

Sewa Forklift Kapasitas 25 ton

16-Sep-11

1-Apr-11

Rp1,250,000,000/ round trip atas LCT

Vessel

1-Mar-11

Rp72,000,000/bulan

Forklift

30-Jul-11


Transportation

93

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94

Building a Synergy

Business Prospects

The synergy of CKB Logistics with other subsidiaries under ABM Investama group has already been created since a long time ago particularly in supporting the activities which require the services of freight-forwarding, custom clearance and project logistics. The company provides the transportation services of heavy vehicles for PT Cipta Kridatama’s operating activities in mining contract. The needs of coal hauling have driven CKB Logistics to add its portfolio by establishing a new subsidiary, BDD, and the company will also continue growing together with Reswara’s coal business growth. The company also supports the mobilization activities and demobilization of Sewatama generator set to all locations in Indonesia.

In the future, the company shall continue making efforts to achieve the vision in 2016 which is to build CKB Logistics as a process based company. CKB Logistics has also exerted efforts to be always the leader in the sector in which the company performs its activities by growing together with its customers who are also the leaders in their respective industries. The major obstacle in logistic business is the low quality of infrastructure. Such condition is beyond the company’s control. However, the company could minimize the risks by selecting the appropriate assets adjusted to the condition of its available infrastructure. The company’s competitive edge is a relatively complete and mutually supportive business portfolio. Each of them has different competition. By playing in six portfolios, the income and profitability from each business which differ from one to another could support each other and if consolidated, would always provide a positive growth.

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95


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Business Support Review HUMAN RESOURCES

HUMAN RESOURCES Human resources development focused on the instilling core values and leadership traits to foster a positive attitude and ethical leadership in ABM Investama.


96

Building and Empowering Human Resources with Characters and Competencies

our human resources in managing their career development (career plan).

For ABM Investama, human resources (HR) represent as the important factor in achieving its vision to be the renowned investment company in energy resources, services and infrastructure. ABM Investama should be leading in seizing the market opportunity with its own comparative advantages. We are seriously designing the recruitment and competence development programs for approximately 7,500 employees positioned in 16 companies incorporated in the ABM group as our strategic partners in conducting our business.

HR Development Strategy

Before we review about HR development, we must prepare the organization structure customized to business processes both at the holding level or subsidiaries which is ready to achieve the Company’s vision, mission and shortterm goals. It is very important to plan, for the fulfillment of the organization/HR (manpower planning) in accordance with operational work plan and to be known by

To respond to the challenges and to adapt itself towards the dynamic market demands, ABM Investama makes the most of all of its resources and capabilities to create a strong and competitive company. Each employee, either as an individual or in a team, is given opportunities to take bigger parts in their roles and responsibilities so that they give maximum contribution for the Company’s performance as well as a platform to enhance their competence. In general, in accordance with the concept of Balance Scorecard, the Company already set out its corporate objectives which are divided into four synergy perspectives, which are financial synergy, customer synergy, process synergy and learning and growth synergy. From HR management standpoint, we focus on the perspective of learning and growth synergy, in which ABM Investama as the holding company takes a strategic role in HR development, which is as follows:

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Developing Core Values and Leadership Traits to Create a character Leadership The importance of leadership and core value aspects is reflected in the performance evaluation composition. For managerial level up to executive level,

the composition of evaluation may reach 60%:40%, whereby the 60% portion represents the technical competence in handling their engagements while the remaining 40% represents leadership and core value. The Company involves consultants to provide training modules for the purpose of improving and strengthening the core value and leadership. In October – November, the 360o (degree) Core Value and Leadership Survey was conducted so as to enable each employee to assess other fellow co-workers in terms of value, integrity and leadership. The Company would also conduct a management workshop pertaining to core value and leadership to create an understanding concerning the importance of positive behaviour and good leadership in ABM Investama. The selected workshop participants would then be assigned as the future trainers in performing the socialization of core value and leadership for employees under his level. It is expected that in 2013 such program could have covered all employees up to the operator level.

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1. Exerting the efforts to ensure that the best organizational performance has been achieved by assisting the business units in conducting the recruitment process and promotions or employees developments particularly to fill in the strategic positions in each business unit which are believed to realize the organizational goals. The Company at its most possible extent shall assist to find solutions including recruiting the qualified personnel having experiences in the areas needed or transferring candidates from another business unit who possess the required skills. 2. Designing HR competence improvement programs based on leadership viewpoint and making efforts to build the aspects which support job satisfaction.

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In the future, HR programs at the holding level would focus more on the soft skills development, while the technical or functional competence development would be conducted independently by each business unit. The trainings held at the holding company level would not only improve the cost effectiveness and efficiency but also build the relationship among employees across business units which are believed to be very beneficial in building a synergy.

Aspects of Job Satisfaction The job satisfaction serves as an important factor since the Company and employees are both partners mutually supporting each other to achieve the Company’s goals. Basically employees would feel engaged when the duties they concentrate in is aligned with their interests. Such matter could motivate the employees to perform their duties effectively and not merely as a work demand. The Company performs Employee Engagement Survey conducted in July – August 2011 to gain better understanding of employees’ opinion and job satisfaction level in working for ABM group. The input from the survey result which is generated in the form of data and statistics would be followed up by performing continuous corrective

actions, either in terms of compensation and benefits, career path, job positioning, and others. Further, the aspects of job satisfaction improvement can be describe in 3 (three) parts, which are: 1. Career Development Program 2. Training 3. Compensation and Benefit.

Career Development Program The Company already set an ambitious growth target to expand its business scale within the next four years. Each business unit has important roles in the process of achieving such target. To support such target, in 2011 the Company performed a mapping to identify the potentials and competence of its employees. Within a year the Company made identifications to select employees who can be categorized as talents or star employees showing good performance and core values including leadership. The Company prepares career development plans through a series of trainings and special assignments. The system has been effectively creating a talent pool which is beneficial to anticipate the Company’s future developments.

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Training

Each employee has equal opportunities to improve his/her competence in accordance with the potentials, abilities and skills required. The Company held various types of trainings to improve the employees knowledge and competence No.

During 2011, ABM Investama has spent HR training and development expenses amounted to Rp599,817,047 or increasing by 304% compared to that of in the previous year. HR courses/seminars/trainings held at the holding level in 2011 are as follows: Training

1

Inhouse English Training

2

Valuation and Technical Economic Assessment of Mining Project (Singapore)

3

Socialization on Performance Management Process

4

Socialization on 360 Degree Survey (TMT Core Values & Leadership Traits)

5

Workshop IDP (Individual Development Plan) “Workshop on IDP Filling”

6

Socialization on Company Regulation

7

Socialization on Employee Opinion Survey

8

Socialization on SPT Filling (Personal Tax Report Form)

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It has been the Company’s commitment to develop and train its employees in a continuous manner as one of the keys in maintaining the performance quality. Through the managerial development programs, all managers from all levels have been continuously empowered for the purpose of accelerating the competence development process and creating the best human resources to fill in the Company’s strategic positions.

which were conducted in-house (at the corporate or at the subsidiary premises), or at external training institutes/ educational institutions. The types of training might vary, ranging from the skills development, technical/functional competence, specific skills required for daily tasks, managerial education and various knowledge sharing sessions to sharpen HR qualities.

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Training

9

3 Indonesia Coal Conference

10

IPO-Learning from State Owned and Private Enterprises, Panel Discussion

11

Workshop on PSAK

12

The Future Policy Direction on Mining Tax

13

Accounting for Mining (Singapore)

14

Capital Market Legal Profession Basic 1 Training

15

Legal & Corporate Communication Workshop

16

Tax Aspects on IFRS

17

GCG Workshop "How to do GCG Assessment Effectively”

18

Cloud Fundamentals, Cloud Deployment Option & Cloud Strategies for the Future

19

SAP BPC 420 Consolidation Administration

20

SAP BPC 430 Planning & Reporting

21

Targeted Selection Interview

22

SAP HR Master Data

23

How to Develop your KRI to Strengthen your Organization ERM

24

Guide in Implementing Project Risk Management

25

SAP BPC 430 Planning & Budgeting

26

Certified Talent Management Professional

27

Professional Director Program

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Compensation and Benefit Compensation represents all rewards received by employees for all of the work products generated by such employees. The Company provides compensation to all employees based on their performance evaluation by creating a hierarchical and fair evaluation system. The company has been making efforts to make equal the compensation and benefits received by employees in all business units by establishing a policy for job grading and by issuing a guideline so that HR policies in the business units constantly conform with the prevailing labor rules. By performing compensation and benefit survey in the market on a

periodical basis, the Company ensures that the compensation received by its employees covering salary, allowances, THR and bonus in total are quite competitive compared to companies in a similar industry.

HR Profile As of 31 December 2011, the total number of employees of ABM Investama reached 7,582 people, increasing by 20% compared to 2010 totalling 6,335 personnel. The increase in the number of employees is in line with the Company’s growth and business expansion during 2011. The profile of HR of ABM Investama in 2011 and its comparison in 2010 is depicted in the table below:

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Workers Based on Business Function Business Function Management Support Sales Marketing

2011

2010

101

12

1,173

371

214

94

Operational

6,094

5,858

TOTAL

7,582

6,335

2011

2010

16

10

Workers Based on Management Position Management Position Director General Manager & Senior Manager

44

28

212

151

Staff & Non Staff

7,310

6,146

TOTAL

7,582

6,335

2011

2010

< 25 year

1,533

1,244

25 – 45 year

5,554

4,649

Manager

Workers Based on Age Age

46 – > 55 year

495

442

7,582

6,335

2011

2010

Workers Based on Education Level Education Level Elementary School

127

Junior High School

675

High School

3,831

Diploma (D1, D2, D3)

6,487

798

Under Graduate

1,013

867

Post Graduate TOTAL

82

37

7,582

6,335

Workers Based on Employee Status 2011

2010

Permanent

Employee Status

4,768

4,076

Contract

2,814

2,259

TOTAL

7,582

6,335


TOTAL

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Business Support Review INFORMATION TECHNOLOGY

INFORMATION TECHNOLOGY The development of information and communications technology resulted in improvements in human resources capability, which in turn supported the development of business applications, building infrastructure such as a Disaster Recovery Unit and an Intranet network which integrates all business units.


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Information and Communication Technology (ICT) Department in ABM Investama plays a role as a unit supporting the Company’s operational activities by providing information and communication technology service that is reliable and aligned with the business needs in the Company and its subsidiaries.

ICT Development Strategy The Company already prepared a corporate plan concerning the long-term ICT development for the next 5 years from 2010 to 2014. The plan starts from preparing the competence of its human resources, developing the infrastructure of software and hardware, and integrating the intranet network to all business units. In the future, after strengthening its internal network, the Company would open a network for customers and vendors to access the Company’s information (CRM and SRM) and internet for public to access such information.

In the beginning, the ICT development in ABM Investama received supports from a company within the group which is engaged in information technology, PT Mitra Solusi Telematika (MST). MST has provided technical and functional supports in the application modules developed since 2010. In line with the increasing demand of information technology, the Company began to establish and develop SAP (System Application and Product in data processing) application as the standard application in ABM Investama group to support the operational activities in an effective and efficient manner. SAP as a software for Enterprise Resources Planning (ERP) assists the Company in planning and performing various day-today tasks. The Company adopts SAP since SAP has a number of application modules capable of supporting all necessary transactions. All application modules in SAP are capable of performing integrated works.

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the operational performance and productivity of all business units.

In 2011 ABM Investama still focused on the implementation of Financial and Controlling (FICO) module for the Company to prepare its consolidated financial statements. In the following year, the Company would start to implement new General Ledger to conform with PSAK (Pernyataan Standar Akuntansi Keuangan) and new IFRS (International Financial Reporting Standard) requirements concerning functional currency. The following is the development of budgeting system and Business Intelligence applications that could support management in monitoring

Simultaneously, the Human Resources Information System (HRIS) module related to the personnel administration and employee competence development would continue to be developed in stages. The functions such as interviews, planning and career development and training have been embedded in the system and have been adopted by a number of subsidiaries. The development plan of such application module in the future includes the employee self-service facility enabling each employee to access the system to obtain the data regarding the balance of his/her vacation leave, trainings

BPC implementation for the consolidated financial statements system was the first one in Indonesia that made ABM Investama in 2011 received an award from CPM Consulting Pte. Ltd. as the Best EPM Project.

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As a holding company, the Company set priorities in application development in 2011 on the system that supported the preparation of the Company’s consolidated financial statements. The Company operated an application named Business Planning & Consolidation (BPC) as one of SAP’s product applications for planning and budgeting.

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already completed, and others. As for managers, a system called Manager Self Service has also been developed which enables them to grant approval through the system process.

in data center. The investment value of ICT infrastructure development in 2011 which covered procurement of DRC hardware, server system infrastructure and application amounted to USD500,000.

Building ICT Infrastructure

The Company purchased the most recent anti-virus software from McAfee. The antivirus software for subsidiaries offices could be installed and updated from Head Office.

Reliable and secure infrastructure serves as the main foundation in operating a system of business applications and in meeting the needs of data access and communication within the Company. In 2011, the Company made an investment in building Disaster Recovery System (DRC) as a back-up system for Data Center. DRC works simultaneously to update its data content; therefore, when troubles are detected in Data Center, within a short period of time the system would transfer itself to DRC server location. Such DRC investment which included building a network infrastructure to connect both servers was completed at the end of August 2011. DRC development serves as one of the risk mitigating processes already performed to anticipate any disruptions

Training and Development of ICT Human Resources ICT Department continues increasing and improving the competence of its human resources. The Company hired an external consultant to recruit personnel with minimum qualification of SAP 2 cycle implementation capable of providing supports up to the business process flow modifications phase (system customization). Personnel with such qualifications are required to support the in-house business application system development. At present ICT Department is supported by 4 permanent staff comprising ICT Department Head assisted by one staff in Fille Application

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Support, one Logistics Application and one ABAP Programmer. ICT Department is also supported by external consultant with experiences in at least 2 cycle implementation. To improve their current competence, ICT personnel are equipped with intensive trainings aligned with ICT development directions in ABM Investama. The trainings held during 2011 covered the management of Business Warehouse, which serves as the Company’s center of database, and SAP application modules such as:

• SAP BPC 420 Consolidation Administration • SAP BPC 430 Planning & Reporting • SAP HR Master Data • SAP TBW 10, TBW20 and TBW 42 Enterprise Data Warehousing and Reporting

Forward Looking In 2012, the development plans would aim more at the implementation of applications in all subsidiaries. The investment in hardware might be needed upon making repairs in the network access path for branches and projects located in remote areas.

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Adding value to the quality of life of communities

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CSR Report

ABM group CSR is based on creating value for stakeholders in a wider scope of social, economic and environmental perspectives.


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ABM Investama believes that the business sustainability would not be achieved by mere operational targets, not only be influenced by financial performance, but would also be positively correlated to social performance providing added values for all stakeholders including employees and their families, shareholders, customers, suppliers, business partners, public and government. The Company has a moral obligation to provide benefits for others, including widening the opportunities for Indonesians to achieve better life in a sustainable manner. Such determination is not only reflected in the principal mission of ABM group, but is also in accordance with the widely known CSR definition. Article 74 of Law No. 40/2007 of Limited Liability Company states that the implementation of Corporate Social Responsibility (CSR) is designed to create a harmonious relationship with the environment, values, norms and

cultures of local people. While according to World Business Council on Sustainable Development, CSR represents the Company’s commitment to have ethical behaviour and to contribute to the sustainable economic development, while improving the quality of life for its employees and their families, local community and general public. Basically, CSR activities conducted by subsidiaries of ABM group have been made along with the journey of the business of such subsidiaries. Each subsidiary may design its own CSR program either in an independent or synergetic manner together with the holding company or another subsidiary in the effort of creating better future for public, and for local community including employees and their families. In addition, the Company should also be responsive towards the calamity issues such as natural disasters and other disasters in the community.

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CSR Activities in 2011

Health CSR program for health is focused on the betterments and improvements of the quality of public health facilities around the Company which are materialized into the following activities, among others: • Rehabilitation of eight supporting Puskesmas (Public/Community Health Center) conducted by PT Media Djaya Bersama (MDB) near its concession areas in Aceh, already completed in July 2011. • Provision of medicine to a number of Puskesmas near the mining location and the blood donor programs periodically conducted by PT Cipta Kridatama (CK).

• Proactive community development program by providing equipment and facilities for the greening activities and by providing seeds for the plantation and animal husbandry conducted by PT Tunas Inti Abadi (TIA) in six villages near TIA operational areas in South Kalimantan with the total population of 8,000. • Reclamation and rehabilitation of land by performing the vegetation as an effort to repair, restore and improve the critical condition of ex mining areas which will then be replanted by Reswara together with CK. • Drilling of wells for clean water for three villages in Pucok Reudeup and Reudeup, West Aceh and handing over those wells to local community, conducted by MDB in August 2011.

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The CSR activities of subsidiaries in 2011 may generally be categorized into the areas of (1) Health, (2) General Facilities and Infrastructure, (3) Public Empowerment and Environment, (3) Social Religion and (4) Education.

General Facilities and Infrastructure, Public Empowerment and Environment

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• Rehabilitation of Micro Hydro Water Power Plants (PLTMH) in location of Gunung Halimun Salak National Park (TNGHS) in Sirna Rasa village, Cikakak Sub-District, Sukabumi Region, West Java conducted by Sewatama together with IBEKA (Institut Bisnis dan Ekonomi Kerakyatan) foundation. In the project of “Rehabilitation of PLTMH Cipanas I”, the employees of Sewatama were given opportunities to accompany IBEKA to perform the rehabilitation of turbines and generator set and to educate the community receiving such equipment to perform independent maintenance of PLTMH. During the activity, Sewatama also received support from its sister company, CKB Logistics. • Aid for general facilities and infrastructure for the community living near the mining locations of PT Arutmin Batulicin such as: – Aid for the rehabilitation of residential houses and lighting facilities for 12 houses in Mentewe village km 42. – Aid for solar oil for the lighting of residential houses of villagers near Batuharang village, km 4850, Mentewe village and Teluk Kepayang village. – Aid for reclamation and repairs of yards and water drainage at SD Negeri 4, Mentewe Village and the

yards of Puskesmas and Market at Mentewe Village. – Repairs of main road connecting Muara Wis village to main road of SP II. – Aid for the clean water reservoir with 2,000 liter capacity for the residents of Blok Adi Dusun SP II. – Aid for sport facilities by building a football court for the Karang Taruna of Joggon village, MHU site. • Activities for the empowerment of local community in the form of economy programs conducted by CK such as providing job opportunities and chances to create job opportunities for local community in accordance with the Company’s needs, and the assignment of local sub-contractors or local companies as business partners as long as they are capable of meeting the required quality standards.

Social Religion • Programs to visit Orphanage of Remaja Masa Depan located in Jakarta to provide donation, to interact and to motivate the children conducted by CKB Logistics on Saturday and Sunday, 10-11 September 2011. The program of motivation days with the theme of “I Have a Dream!” involved the employees of CKB Logistics and was attended by 50 children of orphanage

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• Construction of mosques of Baiturahman and small mosque of Darul Falah at Site Arutmin Batulicin conducted by CK together PT Arutmin Tambang Batulicin. • Safari Ramadhan dan fasting break with the congregation of several mosque elders in a number of villages near the mining location of PT Gemida among others in Kedung Murung village, Muarawis, Kotabangun Sub-district. The donation of animal sacrifice offering for Idul Adha day and sarong and prayer mat for the mosque elders in SP II village, site Gemida, conducted by CK.

Education • Public Lecture of D3 Program Study of Company Hygiene, Health (Hiperkes) and Work Safety of Faculty of Medicine, Universitas Sebelas Maret Surakarta (FK UNS) at Tirtomoyo Jebres campus conducted by CK on 7 June 2011 intended to widen

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of Remaja Masa Depan with ages ranging from 5 to 18 years old. • Repairs/renovation of places of worship, completing the facilities of the religious houses and the activities of providing donation for orphans in 15 villages in West Aceh conducted by MDB. The renovation of religious houses was also conducted by CKB Logistics. • Social donations by donating eating utensils such as plates and glasses totaling 36 dozens of which to the Balai Adat Dayak during the harvest ceremony in Gunung Raya village, Site ATA, conducted by CK. • Procurement of mattresses, 20 sets of which for the Islamic boarding schools in Kotabangun village, providing donations to the destitute and orphans, rehabilitation of mosques and small mosques and various religious activities with local community conducted by CK.

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the horizon of the college students for the implementation of Hiperkes knowledge and Work Health at work place particularly for mining companies with the materials including mining operational system, HSE system and motivation. • Cooperation with various campuses such as UNS Surakarta and Unisba Bandung conducted by CK to mutually assist, to make use of the supporting facilities and to provide the experts with their respective duties and skills. CK provides opportunities for college students to perform field work, internship and final assignment research at the project locations and to provide scholarships for college students with academic achievements. Similar things were also done by CKB Logistics on 13 May 2011 with Sekolah Tinggi Manajemen Transportasi Trisakti (STMT Trisakti) to work in cooperation to improve the quality and to widen the horizon of STMT Trisakti college students. CKB Logistics would then provide public lectures periodically to be delivered by Directors and Senior Managers. • Donation for learning activities for several schools at kindergarten (TK/TPA), elementary schools (SD) or Islamic schools (Madrasah Tsanawiyah) in local villages in the form of donations and several buses for tour/trips, provided by CK for the following schools: – TK Melati and TK Budi Luhur, Km 42, SD Mentewe 2, Km 2, SD Batuharang and Madrasah Tsanawiyah Miftahul Ulum Batuharang, Mentewe Village.

– TK Tunas Harapan, Km 50, Rejosari Village. – TK Mantawakan Mulya, Mantawakan Mulya Village. – TK Tunas Rimba and SD Teluk Kapayang2, Teluk Kapayang Village. – TK/TPA Dinniyah Darussalam, Dukuhrejo Village. – TK/TPA Al Istiqomah dan SD Negeri 1, Manunggal Village. – SD Sukadami 1 and Madrasah Tsanawiyah Bahrul Ulum, Sukadamai Village. – SD Mekarsari, Mekarsari Village. – SD Sarigadung, Sari Gadung VIllage.

Other CSR Activities • For the purpose of celebrating Indonesia’s 66th independence day, a series of activities were conducted by CKB Logistics’ Balikpapan office. It was started with the “go green” activities by cleaning the thrash at the beach followed by all employees of CKB Logistics, the 17 August festivals, and the donations for fasting break at Yasma Orphanage, Tanjung Kelor – Manggar. • Activities were conducted for the purpose of inauguration of CKB Logistics’ new facilities in Samarinda covering the improvements of Posyandu (community health kiosk), repairs of mosques and repairs of bridges.

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Our Determination in the Future In addition to CSR activities mentioned above, ABM Investama should also be sensitive and responsive towards particular activities and needs which are incidental in nature, by meeting the temporary needs or emergency responses. In terms of providing donations in the event of calamities, the Company would provide assistance for the infrastructure in an integrated manner by using the resources owned by the subsidiaries. The examples of activities already conducted were CK participation in emergency situations (emergency response team and open kitchen) and restoration during the collapse of Kutai Kertanegara bridge in East Kalimantan.

The Company realizes that CSR activities we have conducted were not yet optimal and not yet rooted in terms of providing positive contribution for the Company’s reputation. Therefore, we keep on making efforts to seek for programs whose activities are mostly needed to be developed and whose scope of programs needs to be widened so that they would have significant and continuous impact. In the future, CSR activities should not only build the Company’s positive image but should also have long term impact so that all parties, stakeholders in wider scope, who are Indonesians, could have the continuous benefits from it.

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Implementation of Good Corporate Governance as a corporate culture

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Corporate Governance

The implementation of good corporate governance in each business activity of ABM Investama will increase the value of the Company in the eyes of shareholders and other stakeholders and ensure sustainable business growth.


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Commitment to GCG Implementation ABM Investama is committed to uphold the integrity values and to implement the good corporate governance (GCG) principles in each of its business activities. The corporate governance practices in line with the highest ethic standards have actually been merged in each of the Company’s business activities in accordance with the corporate values instilled by the founders of TMT group already operating for more than 40 years. All lines within the Company believe that fulfilling GCG aspects could support the Company’s objectives in terms of business growth, profitability and added values for all stakeholders, and long term sustainability as well.

GCG Principles GCG principles implemented in each business and operational aspects in ABM Investama refer to the fulfillment of five GCG basic principles as follows:

a. Transparency, which is the openness in the decision making process and openness in disclosing material and relevant information concerning the Company; b. Accountability, which is the clarity of functions, implementation and accountability of the organisation so as to have effective corporate management; c. Responsibility, which is the conformity of corporate management with the prevailing regulations and healthy corporate principles; d. Independence, which is the condition in which the company is professionally managed, without any conflict of interest and any influence/pressure from any parties. e. Fairness, which is fairness and equality in meeting the rights of stakeholders arising from the prevailing rules and regulations.

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Assessments of GCG Implementation

The assessment of GCG implementation is conducted by adopting the criteria and methodology covering 7 main aspects as follows: 1. Rights and Obligations of Shareholders/GMS (Shareholders);

GCG policy; GCG implementation; Disclosure; Risk Management; Stakeholders Relation; Commitment.

Out of the seven main aspects, the Company has identified which aspects should be prioritized for improvements and which aspects should be refined. A number of aspects related to business practices in accordance with ethical standards obtained the scoring results which reflected that GCG principles have been implemented in each of the Company’s activities though still need some repairs and improvements. However, the Company has yet to establish well-documented written guidelines such as GGC Guidelines, Board Manual, Code of Conduct, Audit Committee Charter, Internal Audit Charter, Internal Control System Policy, Gifts and Gratification Policy,

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In 2011 ABM Investama invited independent GCG consultants to perform assessments of the implementation of corporate governance values in the Company. The GCG assessments conducted from 22 May 2011 to 17 June 2011 were designed to: a. Perform the mapping and evaluation of the completeness of documents, infrastructure and soft structure related to GCG and identify the company’s scoring in terms of GCG practices. b. Identify the aspects that need improvements in GCG implementation so as to conform with the best practices.

2. 3. 4. 5. 6. 7.

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External Communication Policy which includes information management, Asset Management Policy, Corporate Secretary Charter, Whistle blowing Policy, Subsidiaries Control Policy, Information Technology (IT) Policy and Corporate Social Responsibility (CSR) Policy.


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As a publicly listed company and a good corporate citizen assuring the effective and sustainable GCG implementation, the Company realizes the importance of preparing the codification and supporting tools of GCG in accordance with government regulations and other prevailing regulations. An ad-hoc team has already been assigned to prepare such codification and supporting tools of GCG implementation by referring to Law of Republic of Indonesia No. 40/2007 of Limited Liability Companies (Company Law), Law of Republic of Indonesia No. 8/1995 of Capital Market, Regulations of Bapepam-LK, Regulations of Indonesia Stock Exchange, General Guidelines Good Corporate Governance in Indonesia issued by National Committee of Governance Policy (KNKG), best practices in the business world as well as the core values and leadership traits already growing and being strongly rooted in TMT group as the holding company, which is known to have been implementing GCG practices in a consistent manner. Until the end of 2011 the GCG ad-hoc team had been working and gradually finalizing a number of codifications such as corporate Code of Conduct, Corporate Regulations, Board Manual, and Audit Committee Charter and Internal Audit Charter. Management conducted the follow-ups on which by establishing

Internal Audit Unit in September 2011 and conducting the socialization of Corporate Ethic Standards to all employees of ABM Investama and to a number of subsidiaries. Such socialization is intended to improve and remedy the weaknesses in GCG implementation which has actually been implemented within the group. In 2011 all employees of ABM Investama already signed the declaration of commitment to the understanding of Corporate Code of Conduct and the Company set the target that in 2012 the socialization and signing of which should have covered all of the employees within the group. Therefore, as of the end of 2011, the Company already completed the working tools and facilities required in the implementation of GCG which will then continue by assigning personnel having the required competence in line with their respective scope of work. The Company has also set a target of achieving 70% GCG compliance in 2012.

Corporate Governance Structure Based on Company Law, the organs of a company are made up of three elements, which are shareholders through the General Meeting of Shareholders (GMS) as a forum for the highest decision making for shareholders, the Board of Commissioners (BoC) as the supervising party of the Company’s management, and Directors as the managing party of the Company. BoC and Directors have clear authorities and responsibilities in accordance with their respective functions based on the articles of association and rules and regulations.

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At the end of 2011 the Company already issued Board Manual through the Decision of BoC and Directors of PT ABM Investama Tbk No. 004/ABM-BOC-BOD/ XII/2011. The Board Manual contains the agreement between Directors and BoC concerning the duties, roles and responsibilities of each organ to improve the quality and effectiveness of work relationship among the organs, to implement GCG principles and to build independency in making a decision and to be capable of conducting their respective roles and responsibilities in accordance with the expectation of shareholders and other stakeholders.

In addition, management already established Directors’ supporting organs as the working units to control, to accompany and to be held accountable for the implementation of GCG carried out by GCG ad-hoc team, while at the same also functioning as the working partners for the committee under BoC. The working units outside of the GCG ad-hoc team are Corporate Secretary and Internal Audit. Both supporting organs are appointed and reporting to President Director.

The General Meeting of Shareholders (GMS) represents the highest organ in the Company whose authority is governed by the regulations and articles of association. GMS has the authorities among others to appoint and terminate the members of BoC and Directors, to evaluate the performance of BoC and Directors, to approve the amendments to the Company’s articles of association, to approve the financial statements, and to establish the amount of remuneration for BoC and Directors. GMS comprises Annual GMS and Extraordinary GMS. The Annual GMS in 2011 was held on 25 May 2011 which among others resolved the following: 1. Approving and endorsing the Annual Report and Financial Statements for the year ended 31 December 2010 including the report concerning the Company’s management and activities and granting full acquittal and dismissal to the Directors and BoC of Company for their management and supervision for the year ended 31 December 2010. 2. Approving the assignment of Public Accountant Purwantono, Suherman dan Surja (Ernst & Young) for the year ended 31 December 2011. 3. Approving the granting of authorities to the BoC of the Company to determine the salaries, allowance and facilities received by the Directors of the Company.

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BoC already completed the working tools and facilities required in such GCG implementation by establishing an Audit Committee in 2011 to assist BoC in performing its monitoring functions and in providing suggestions in accordance with the scope of work such Committee including monitoring the Company’s financial policy. Further, the Company is planning to establish a Nomination and Remuneration Committee, and Investment Committee in 2012.

General Meeting of Shareholders

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120

In addition to such Annual GMS, in 2011 the Company’s shareholders made a number of decisions outside the meetings by referring to the prevailing regulations regarding limited liability company. The shareholders made the following decisions: 1. On 24 January 2011 approving the changes to the most recent composition of the Directors by appointing Mr. Yovie Priadi as a Director of the Company. 2. On 8 March 2011 approving the conversion of Mandatory Convertible Bond owned by Valle Verde Pte Ltd as the Company’s shares ownership. 3. On 20 June 2011 approving the changes to the composition of BoC by appointing Mr. Erry Riyana Hardjapamekas as the Company’s Independent Commissioners. 4. On 21 July 2011 approving the amendments to the Company’s articles of association as a consequence of the change in the status of the Company from a private company to a publicly listed company. 5. On 27 July 2011 approving the implementation of Management and Employee Stock Allocation (MESA) program pertaining to the implementation of IPO of ABM Investama.

Board of Commissioners Roles and Responsibilities of Board of Commissioners (BoC) BoC shall be reporting to GMS and the roles of the President Commissioner are to coordinate the activities of BoC. Collectively, the main roles of BoC are to: 1) Supervise the management of the Company conducted by Directors and provide advice and approvals related to the policies made by Directors concerning the Company’s development plans, Long Term Work Plans (RKJP), Annual Work Plan (RKT) and the duties, roles and responsibilities in accordance with the articles of association and GMS resolutions and the prevailing rules and regulations. 2) Take actions for the interest of the Company and then report to GMS. In such capacity, the BoC shall monitor the Company’s developments of activities, and shall immediately report to GMS should the Company show any indications of significant slowing down along with the corrective measures to be taken. BoC also provides recommendations in line with the BoC’s monitoring functions over GMS regarding other issues deemed necessary, including making suggestions to GMS pertaining to the public accountant that will be assigned to perform the audit in the Company. 3) Establish the nomination system, performance evaluation, transparent remuneration for BoC and Directors to be submitted to obtain approval from GMS. BoC also establishes the

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nomination system, remuneration, performance evaluation of senior executives (General Manager or its equivalents) who are not holding any position as a member of Directors. 4) Establish Directors’ Key Performance Indicators (KPI) at the beginning of each fiscal year and monitor the effectiveness of GCG practices and implementation of the Corporate Social Responsibilities (CSR) activities.

Tenure of BoC

In the conduct of its duties to supervise the management of the Company, the BoC has the rights and authorities as follows: 1) Checking the books, letters and other documents, checking the cash, securities and wealth of the Company including making inquiries to the Directors and/other officers concerning all matters pertaining to the Company’s management for verification purpose. 2) Attending the Directors meetings and providing inputs on the topics of discussion, and requiring the Directors and/or other officers under the Directors to attend the BoC meeting with the Directors’ consent. 3) Through the meetings, being entitled at all times to terminate temporarily one or more Director(s) should they breach the articles of association or should there be any indications of inflicting losses on the Company or neglecting his/her responsibilities or should there be any other urgent reasons for the interest of the Company.

Independent Commissioner

The members of BoC are appointed and terminated by GMS. Each BoC member shall serve for a period commencing at the appointed date in the GMS and shall be terminated at the closing of the third Annual GMS following such appointment and may be re-elected for the next period of service. GMS reserves all rights to terminate any BoC member prior to the end of his/her tenure.

Independent Commissioner represents BoC member who is not originating from the Company, who has no financial relationship, managerial relationship, shares ownership and/or family relationship with other BOC members, Directors and/or controlling shareholders or any other relationship that may affect his/her ability to act independently.


The Company already appointed its own Independent Commissioner who is Mr. Erry Riyana Hardjapamekas based on the Resolution of Extraordinary GMS dated 20 June 2011 notarized under Notarial Deed of Ny.N Djumini Setyoadi, SH. Mkn. No.32 dated 20 June 2011. Accordingly, the composition of the Company’s Board of Commissioners already met the regulations stipulated by Capital Market Supervisory Board – Financial Institution (Bapepam-LK) regarding the total number of Independent Commissioner which is at least 1/3 of total number of Commissioners.

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Composition of BoC The BoC of ABM Investama comprises 3 members, who are 1 (one) President Commissioner, 1 (one) Commissioner and 1 (one) Independent Commissioner. The composition of BoC of ABM Investama at present is based on the Deed No. 32 dated 20 June 2011 prepared by Ny. Djumini Setyoadi, SH, a notary in Jakarta, which has already been submitted to the Ministry of Justice and Human Rights through the Receipt of Changes on the Company’s Data No. AHU-AH.01.10-21037 dated 5 July 2011 which is as follows: Name


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Position

Rachmat Mulyana Hamami

President Commissioner

Mivida Hamami

Commissioner

Erry Riyana Hardjapamekas


Segregation of Duties of BoC The segregation of duties among BoC members is independently governed. For the purpose of efficient conduct of their duties, BoC may be assisted by a Secretary to BoC who is appointed by BoC at the Company’s expenses.

BoC Meetings BoC meetings are meetings held by BoC pertaining to their respective roles and functions. If deemed necessary, BoC meetings may invite the Directors.

According to the Company’s articles of association and Board Manual, BOC may hold a meeting if deemed necessary by one or several BoC members, upon a written request of one or more shareholders representing at least onetenths (1/10) of shares or more with voting rights by clearly declaring the agenda of such meetings. During 2011 the BoC already held 3 meetings, which were on 27 April, 10 August, and 29 November 2011 by inviting Directors to receive the Directors report regarding their performance in managing the Company for a certain period of time. The BoC of ABM Investama in the conduct of its monitoring functions also held informal meetings. Other than that, BoC also made decisions through the Circular Board of Commissioners as follows: 1. Establishment of the Company’s Audit Committee along with the enactment of Audit Committee Charter; 2. Approval of shareholder’s loan to PT Cipta Krida Bahari; 3. Approval of shareholder’s loan to PT Sanggar Sarana Baja; 4. Approval of shareholder’s loan to PT Sumberdaya Sewatama; 5. Approval of shareholder’s loan to PT Reswara Minergi Hartama; and 6. Approval and enactment of the Company’s Board Manual.

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AUDIT COMMITTEE Audit Committee is a committee established by BoC to assist the Board in monitoring the Company that it has been managed in accordance with the good corporate governance principles. In the conduct of its duties, Audit Committee is independent, and shall report to BoC. The establishment of Audit Committee for a public company and criteria of its members refers to the Attachment of Bapepam Chairman Decision No. Kep29/PM/2004 dated 24 September 2004, Regulation No. IX.15 of the Establishment and Implementation Guidelines for Audit Committee. Under such regulations, the Audit Committee is composed of at least one Independent Commissioner as the Head of Committee and two independent personnel.

Composition of Audit Committee The audit committee of PT ABM Investama Tbk was established based on Decision Letter of Board of Commissioners of PT ABM Investama No. 001/ABM-RES-BOC/XI/2011 dated 9 November 2011. The Audit Committee is assisted by GCG ad-hoc team already preparing the Audit Committee Charter which will serve as guidelines for Audit

The composition of the Audit Committee of ABM Investama is as follows: Name

Position


Chairman/Independent Commissioner

Andradiet J. Alis

Member

Lucy Saptari

Member

To maintain independence in the conduct of their duties, two members of Audit Committee are those who have no relationship, either direct or indirect, with the Company. Thus, all members of Audit Committee have already met the criteria of independence, skills, experience and integrity required under the prevailing regulations.

Roles, Responsibilities and Authorities of Audit Committee The roles and responsibilities of Audit Committee are to assist the BoC in performing the supervisory function and providing input to management. In this regard, the Audit Committee performs its roles and responsibilities in a professional and independent manner without any interference from any parties which are not in conformity with the laws and regulations.

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The qualifications for member of the Audit Committee are mainly having high integrity, accounting or finance educational background, sufficient competence in reading and understanding financial statements, sufficient knowledge and experience in line with his/her educational background and good communication skills.

Committee to work as written in the Decision Letter of BoC of PT ABM Investama Tbk No.005/ABM-RESBOC/XII/2011 of Enactment of Audit Committee Charter dated 22 December 2011. The charter governs in details the vision, mission, objectives, targets, and duties of Audit Committee, as well as the authority and code of ethics, reporting responsibility, and induction program for new members.

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Audit Committee supports the establishment of healthy practices in financial reporting, risk management, internal control, and good business ethics. In conducting its duties, Audit Committee is fully responsible for the presentation of financial statements in conformity with the prevailing standards and regulations, for the adequacy of risk management and internal control system and for the compliance with prevailing regulations.


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In performing its functions, Audit Committee is entitled to have access to the records and information of employees, financial data, assets and other resources within the Company for the purpose of performing their duties. In exercising its authorities, Audit Committee works in cooperation and coordination with Internal Audit Unit and External Audit.

Activities of Audit Committee in 2011 Audit Committee was recently established in November 2011 and accordingly the Audit Committee had not been fully implementing its monitoring functions in 2011. Yet, within the period of 16 November 2011 to 31 December 2011 the Audit Committee already performed activities as written in the “Report of Audit Committee Activities in 2011” attached in this Annual Report.

Audit Committee Profile Erry Riyana Hardjapamekas (Chairman) The profile of Mr. Erry Riyana Hardjapamekas is available in the Profile of Board of Commissioners.

Andradiet J. Alis (Member) Born in Pangkalpinang – Bangka, on 17 August 1963, Andradiet J. Alis (Andre Alis) graduated with a Bachelor degree in Mining, Faculty of Mining and Oil Engineering of Institut Teknologi Bandung (FTTM ITB) in 1988. He started his career in PT Kaltim Prima Coal (KPC) as a Trainee Engineer in 1988, and Andre Alis has developed his professional career for more than 20 years in various national and multinational mining industries not only within engineering and production areas, but also in marketing, project management, mining consultation and business advisory. He was once serving as a member of Audit Committee of PT Timah (Persero) Tbk (2007-June 2011) and since July 2011 up to present he has been serving as a member of GCG Committee of PT Timah (Persero) Tbk. He is actively involved in the professional organization committee such as Indonesia’s Audit Committee Association (KAI) and Association of Indonesia’s Mining Experts (PERHAPI), and is also actively teaching as an academic staff (Visiting Lecturer) at Mining Engineering Department of Trisakti University.

Lucy Saptari (Member) Born in Jakarta on 30 April 1969, Lucy Saptari (Lucy) graduated from Sekolah Tinggi Akuntansi Negara in 1991 and obtained her Bachelor degree in Economics from Faculty of Economics, Universitas Indonesia in 1998. She started her career as an Auditor of BPKP (1991-1997), then for 10 years became an auditor in a public accounting firm (1997-2007), Manager in PT Advisia Sigma Dinamika (2007-2009) and since 2009 up to present she has been a member of Audit Committee in Sucofindo-Surveyor Indonesia Joint Operation.

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Report of Audit Committee Activities in 2011

The Audit Committee of PT ABM Investama Tbk (Audit Committee) was established and commenced its duties on 16 November 2011. Audit Committee, working professionally and independently by referring to the Audit Committee Charter, plays a role in assisting and supporting the Board of Commissioners in monitoring and providing advice to the Company’s management. The composition of Audit Committee and their attendance in the meetings held within the period of 16 November 201131 December 2011 are as follows:

Name

Position

Attendance

Percentage of Attendance in Meeting

1.


Chairman

3

100%

2.

Andradiet J. Alis

Member

3

100%

3.

Lucy Saptari

Member

3

100%

Note: Audit Committee held 3 meeetings in 2011

Within the period of 16 November 2011-31 December 2011, the Audit Committee already conducted the following activities: 1. Finalization of Audit Committee Charter of PT ABM Investama Tbk. 2. Kick-off meeting for the audit of the Company’s 2011 fiscal year, attended by Management, External Auditor and Internal Auditor. 3. Preparation of Audit Committee work program 2012.

Jakarta, 4 January 2012 Audit Committee,

Erry Riyana Hardjapamekas Chairman

Andradiet J. Alis Member

Lucy Saptari Member

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The roles and responsibilities of Audit Committee are as follows: 1. Reviewing the compliance with the prevailing accounting standards and policies in the process of preparing financial statements, and other financial information to be published by the Company; 2. Encouraging the establishment of sufficient internal control in the Company’s management, by evaluating and providing recommendations for the improvements of the Company’s internal control system and the implementations, as well as ensuring that Management follows up the recommendations given by Internal Auditor and External Auditor; 3. Reviewing the quality of work and independence of Internal Auditor and External Auditor; 4. Reviewing the business risks management conducted by the Company and the adequate implementation of good corporate governance principles in accordance with the best practices; 5. Identifying and evaluating the matters deemed important by BoC, including reports from other stakeholders. 6. Performing other duties assigned by BoC pertaining to the roles and responsibilities of BoC.

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DIRECTORS The main responsibilities of Directors are managing the Company in accordance with the Company’s interests and goals and acting as the leaders in such management roles. Directors are authorized to perform all necessary actions and dealings both for the management of and ownership of the Company’s assets including binding the Company with other parties, under the limitations stipulated in the Company’s Articles of Association. Legally, Directors represent the Company either in court or outside the court

Roles and Responsibilities of Directors


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In carrying out such responsibilities, Directors are collegially among others assigned to and held accountable to: 1) Establish the Company’s vision, mission, and strategies with the approval of the Board of Commissioners, and formulate the understanding, commitment and improvements of the Company’s vision, mission and strategies. 2) Establish the Company’s fundamental policies for strategies, finance, organization, Human Resources and information and communication technology (ICT) system. 3) Propose for the draft policies, Standard Operating Procedure (SOP) and manage the Company in accordance with the authorities of Directors, as stipulated in the articles of association, General Meeting of Shareholders resolutions and/or Board Manual. 4) Provide explanations concerning all inquiries made by Board of Commissioners that all Directors and each member of Directors are obligated to respond.

5) Propose the draft RKT and RKJP, establish the proposals and amendments to RKT and RKJP and set the targets and performance evaluation of working units under each member of Directors in accordance with RKT and RKJP. 6) Establish and exert the most possible efforts to achieve the targets/ Key Performance Indicator (KPI) of the Company and its subsidiaries in accordance with RKT and RKJP, coordinate the implementation of RKT and RKJP related to the accounting and finance control, treasury, and management and development of the Company’s resources. 7) Propose the policy and periodical evaluation of Limit of Authority which regulates the threshold of values of transactions or the use/acquisition of assets under Director’s authority by referring to the Company’s financial policy. 8) Appoint, terminate, promote and demote the Company’s officers. 9) Perform risk analysis, establish the mitigating measures and manage actions for various risks encountered by the Company. 10) Review, analyze, correct and approve the implementation of each investment project in accordance with the authorities of Directors, and monitor the implementation of such projects and investments already approved. 11) Formulate, improve and implement the business plan to develop ABM group. 12) Identify and develop values that may improve the Company’s competitive edges by providing compensation and benefits to its human resources (Compensation & Benefit).

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13) Design and develop an organization that is capable of effectively performing business strategies and achieving efficiency in conducting routine operations of the Company (Organization Planning). 14) Recruit, develop and maintain key personnel required by ABM group (Leadership development). 15) Manage, develop and ensure communication to stakeholders through effective corporate communication in accordance with the Company’s policies. 16) Plan, coordinate and implement the Company’s obligations related to the social and environmental responsibilities.

Authorities of Directors

The procedures for nomination, replacement and dismissal of members of Directors are governed in the Company’s Articles of Association. The appointment and dismissal of members of Directors are performed by GMS in which such members of Directors are selected from the candidates nominated by the Board of Commissioners. Individuals being nominated as candidates of members of Directors shall undertake fit and proper test by the BoC. The candidates already passing the fit and proper test and the members of Directors being re-elected are required to sign a management contract prior to being declared as members of Directors.

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Tenure of Directors Each member of Directors shall serve for a period commencing on the appointed date in the GMS and shall be terminated at the closing of the third Annual GMS following such appointment and may be re-elected for the next period of service. The tenure of Directors shall end when they pass away, when the tenure ends, and when they are terminated based on the resolution of shareholders since they are no longer meeting the requirements for being a member of Directors.

Independence of Directors The independence of the Directors serves as one of important factors that they need to maintain in order to enable them to act at their best for the interest of the Company. To maintain its independence, the Company governs that any parties except for the Company’s organs are prohibited from managing or being


Directors are authorized to but not limited to the following: 1) Represent and/or bind the Company with other parties in accordance with the authorities set forth in the Company’s articles of association. 2) Hold Directors meetings at any time deemed necessary by one or more members of Directors. 3) Approve the Company’s annual report including the Company’s financial statements. 4) Prepare policies and procedures in each department or work units under each member of Directors to achieve the business objectives of each department or work unit. 5) Establish the Company’s organizational structure and establish the Company’s human resources management system.

Nomination and Appointment of Directors

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involved in the Company’s management and the members of Directors are prohibited from conducting activities that may breach their independence in managing the Company.

Name Achmad Ananda Djajanegara

President Director

Willy Agung Adipradhana

Finance Director

Syahnan Poerba

Corporate Support Services Director

Yovie Priadi

Corporate Strategy Director

Composition of Directors


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ABM Investama’s Directors consist of 4 (four) personnel and they work collegially. So as to create more efficiency and effectiveness in the conduct of their duties, the Company segregates the duties among the members of Directors in accordance with their areas of expertise and competence without diminishing the collegial responsibilities of the Directors in managing the Company. Each member of Directors may perform the duties and make his/her decisions yet such decision shall represent a shared responsibility. All members of Directors including the President Director have equal positions. The role of President Director as primus inter pares is to coordinate the activities of all Directors. The composition of Directors of PT ABM Investama Tbk based on Notarial Deed No. 25 dated 24 January 2011 prepared by Ny Djumini Setyoadi, SH, a notary in Jakarta, already submitted to the Ministry of Justice and Human Rights through Receipt of Amendments on the Company’s Data No. AHU-AH.01.1005228 dated 21 February 2011 is as follows:

Position

Segregation of Duties of Directors The segregation of duties of Directors is made to ensure the effectiveness of the conduct of the duties of all members of Directors in managing the Company. The segregation of duties and responsibilities of Directors in general is available in the section of Company Data in this Annual Report. The duties of each members of Directors of ABM Investama are as follows: 1. Achmad Ananda Djajanegara, President Director Responsible for all activities in ABM Investama and its subsidiaries including: – Providing guidelines and controlling the Company’s policies, vision, mission and strategies. – Coordinating the problem solving within the Company, planning policy, achievement of the Company’s long term goals, audit policy, work culture improvements, corporate image and corporate governance (GCG). – Holding and leading Directors’ periodical meetings or other meetings if deemed necessary. – Endorsing all Directors decisions. – Selecting and providing information pertaining to the Company for the interest of stakeholders.

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– Supervising Internal Audit Unit and Corporate Secretary.

3. Syahnan Poerba, Director of Corporate Support Services Responsible for the Company’s operational support aspects including: – Formulating strategies for management and development of human resources, recruiting, developing and maintaining high performing human resources and core values (Leadership Development) including the aspects of welfare and rewards (Compensation and Benefit). – Designing and developing effective organization. – Managing, developing and ensuring the communication to stakeholders. – Planning, coordinating and implementing social and environmental responsibilities.

4. Yovie Priadi, Director of Corporate Strategy Responsible for the aspects of business developments and investments including: – Monitoring the implementation of projects and investments already approved. – Formulating, improving and implementing the new business development plans of ABM group. – Seeking for and establishing strategic business partner. – Supervising the department of Business Process Improvement, Corporate Planning & Budgeting, as well as Strategic Planning and Business Development Division.

Directors Meetings Directors meetings are periodically held once in two weeks. Other than such periodical meetings, Directors may hold a meeting at any time deemed necessary by one or more members of Directors or upon a written request made by one or more members of BoC or upon a written request made by one or more shareholders representing at least one-tenths (1/10) of total shares with voting rights. During 2011, Directors held 28 meetings for evaluating the Company’s performance achievements or for other matters considered of significance. The attendance of each member of Directors is as follows:

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2. Willy Agung Adipradhana, Finance Director Responsible for the control of all financial policies including: – Performing efficiency and effectiveness of financial functions in the Company and its subsidiaries. – Coordinating the implementation of annual and long-term work plans (RKT and RKJP) related to the accounting, finance control, and treasury as well as management of resources for the Company’s developments. – Building and maintaining relationship with public investors. – Supervising the departments of Treasury, Accounting & Tax, ICT and Investor Relations.

– Supervising the departments of Legal, Corporate Communication, Risk Management and Human Resources.

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Name

Position


President Director

100%


Finance Director

100%

Syahnan Poerba

Corporate Support Services Director

100%

Yovie Priadi

Corporate Strategy Director

100%

Remuneration of Commissioners and Directors


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Attendance

In accordance with the Company’s articles of association, the remuneration of Board of Commissioners and Directors is established through GMS. In determining the remuneration of Directors, BoC proposes to GMS to determine the amount of compensation given to Directors. The establishment of the amount of compensation for Director is made based on a transparent process and formula and BoC monitors the implementation of such remuneration.

and responsibilities, and then adjusted to the executive remuneration level in similar industry. The remuneration of key officers in accordance with the definition in PSAK No. 7 (Revision 2010) which is in this context is for the Directors of the Company for the year ended 31 December 2011 was amounting Rp20,415,000,000, whereas in 2010 amounting to Rp7,688,000,000.

The Knowledge Enrichment Program

Based on GMS resolution on 25 May 2011, shareholders delegated the authority of determining the amount of salary and facilities for Directors to the BoC of the Company.

The Knowledge Enrichment Program is designed to update the Directors at all times with the latest developments in the Company’s core business in energy sector. The Knowledge Enrichment Program is conducted for the purpose of improving the effectiveness of Directors in performing their duties.

The amount of remuneration is established by considering the amount of income in prior years, the workload

In 2011, the Directors participated in a number of trainings, seminars and workshops as follows:

Board of Director’s Training in 2011 No

Date

Subject

Organizer

Participant

1

22-Feb-11

Human Resources Development

IICD Foundation

Syahnan Poerba

2

12-Apr-11

Summit Meeting Coal

Coaltrans Conferences Ltd

Achmad Ananda Djajanegara, Yovie Priadi, Syahnan Poerba

3

2-May-11

Seminar on Evaluation and Technical Economic Assessment Mining Project

IBC Asia Pte Ltd

Yovie Priadi

4

8-Jun-11

Seminar on Mining and Financial Accounting

IBC Asia Pte Ltd


5

31-Dec-11

Understand all standards relating to financial instrument, including NEW IFRS 9

Euromoney Institutional Investor (Jersey) Ltd


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Internal Audit To ensure effective and integrated internal control system among the Company and its subsidiaries and to ensure the wellperforming operational activities, capable of improving the Company’s values through effective management based on GCG principles and risk management, the Company established Internal Audit in September 2011. Internal Audit serves as a partner of management in achieving the Company’s goals by performing audit function and consultation function in an independent and objective manner.

Internal Audit activities are categorized into regular audit, special audit, followup monitoring, and audit development. Regular audit is audit activities based on annual audit plan, which determines the focus and direction of the respective year’s audit with the priorities being set in line with the result of risk assessment. Special audit is audit activities outside the annual audit plan but conducted based on the proposal from Internal Audit or assignment from Directors.

Roles and Responsibilities Internal Audit is assigned to test and evaluate the implementation of internal control and risk management system in accordance with the Company’s policies.

Based on audit results, Internal Audit prepares audit reports to be submitted to Directors and BoC. Further, Internal Audit performs the follow-up monitoring to ensure that the agreed-upon corrective recommendations have been implemented in accordance with the commitment of the auditee.

Internal Audit Charter To perform its functions in an independent and objective manner, Internal Audit Unit maintains an Internal Audit Charter issued by the Decision of Directors of PT ABM Investama Tbk No. ABM-BOD/092/ BOD/09/2011 dated 21 September 2011 regarding the Appointment of Internal Audit Head and Enactment of Internal Audit Charter. The Internal Audit Charter shall serve as a guideline in the implementation of all internal audit activities. The Internal Audit Charter serves as a working guideline for the Internal Audit unit containing the objectives, vision, mission, structure and work relationship, functions, roles and responsibilities, authorities, scope of work, policies, code of ethics, evaluation and improvements. The Internal Audit Charter also governs the prohibition of double task/duties for the positions of auditor and the executing personnel in Internal Audit Unit for the implementation of operational activities either at the holding level or at the subsidiary level.

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Internal Audit is led by an Internal Audit Head reporting directly to Directors. In the conduct of its duties, Internal Audit maintains a consultative relationship with Audit Committee in which the Audit Committee will provide inputs regarding the preparation of annual audit plan, inputs concerning the methodology, supporting tools and audit resources, and will review the Internal Audit reports as well as monitor the follow up on audit findings.

To perform its duties, Internal Audit prepares an annual audit plan approved and endorsed by Directors. Internal Audit performs examination and assessment of the efficiency and effectiveness in finance, accounting, operations, human resources, marketing, information technology and other activities.

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The Decision of Directors also appointed Bernado Agustono Mochtar as the Internal Audit Head which was effective upon the date such Directors Decision was made.

Internal Audit Activities in 2011 In 2011 the Internal Audit had not yet performed internal audit activities. Internal Audit coordinated with Audit Committee to prepare the working tools such as annual audit plan for year 2012, audit procedures, supporting tools and internal auditor personnel.

Profile of Internal Audit Head


132

The Head of Internal Audit is Bernado Agustono Mochtar duly appointed in Directors Decision Letter No. ABM-BOD/092/BOD/09/2011 dated 21 September 2011 and already reported to PT Bursa Efek Indonesia in its letter No. ABM-BOD/092/BOC/2011 dated 21 September 2011. At present Bernado Agustono Mochtar is also serving as ERM Department Head of ABM Investama. He has had experiences for more than 10 years in various companies among others being an underwriter and underwriting audit for national private insurance company, risk management and integrated audit in a publicly listed company engaged in contract mining services and risk management in international oil and gas company – BPMIGAS Joint Contractor. He is certified in Integrated management system course for ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007; Certified Risk Management Profession and Enterprise Risk Management Certified Profession.

Risk Management In the beginning, the policies of risk management and procedures of risk management in ABM Investama adopted the risk management policies of PT Tiara Marga Trakindo as the holding company. However, in the course of its developments, the current risk management procedures are not applicable for the business characteristics of ABM group. Therefore, in 2011 the Company began to restructure its risk management policies starting from the preparation of framework, infrastructure and soft structure until finally creating the risk management structure. The risk management procedures are formulated in Standard Operating Procedures Enterprise Risk Management (SOP ERM) with document numbers starting from SOP/ERM-ABM01 to SOP/ERM-ABM04. The risk management in ABM Investama is managed by ERM (Enterprise Risk Management) Department. The function of ERM Department is managing the risk management process in ABM group, facilitating and providing guidance to the risk owners to manage the risks arising in each subsidiary or business unit. ERM Department also encourages subsidiaries to establish risk management unit in each organization being referred to as Risk Management Unit (RMU). In 2011 ERM Department conducted the socialization of risk management policies in the effort of building the awareness concerning the importance of risk management. The Company’s policy at present tends to provide understanding of risk management and to explain how

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to manage them in a consistent manner so that they become a culture in each activity prior to executing a business decision. In addition to the conduct of workshops for the purpose of assigning RMU Coordinator, ERM Department also conducted road show to the subsidiaries to give presentations concerning Risk Awareness, and continued with Risk Workshop for case study and group discussion. At least five Risk Workshops, one large seminar and five case studies outside the focus group have been conducted.

The risk management process refers to the Standard of Risk Management Implementation ISO31000 in which the process begins from determining the scope and context of risks to be managed and the risk appetite to be taken, and continues to the risk management assessment process covering the identification, evaluation, analysis and mitigation. The mitigation

The risk identification is made by each subsidiary. Each subsidiary identifies the Top Ten Risks including strategic operations and finance depending on their respective business characteristics, prepares a risk register and formulates the mitigations. Then RMU Coordinator as the representative from subsidiaries would report those risks in RMC forum periodically on a quarter or annual basis. RMC Forum discusses such input and ensures that all aspects have been completely identified. RMC performs analysis of risk register, provides recommendations including the mitigation improvements recommendations, without altering the contents of which. The results of risk identification will then be compiled, completed with risk mitigation then reported to Directors in the form of ABM Operation Risk Management Report.

Corporate Secretary Corporate Secretary is appointed and directly reporting to President Director. In general, the function of Corporate Secretary is as a Compliance Officer assisting the duties of Directors in meeting the good corporate governance requirements. Such functions are detailed in the roles and responsibilities of Corporate Secretary as follows: 1) Acting as a contact person and communication facilitator among Directors, BoC, shareholders, related government/institutions, public and stakeholders.

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Based on Inter Office Memo from the President Director of ABM Investama, on 2 March 2011 Risk Management Committee (RMC) of ABM Investama was established. RMC is led by the Director of Corporate Support Services, comprising Financial Director, ERM Department Head and other Department Head in ABM Investama and RMU Coordinators in each subsidiary. The Risk Management Committee assists the Directors’ work functions in managing risks by facilitating and ensuring that risk management process has been performed by all subsidiaries. The Committee also has the duties of providing recommendations, input and corrections towards the implementation of risk management currently being implemented.

process is monitored and evaluated to ensure whether such mitigation has been effective and appropriate enough or the new mitigation model needs to be designed.

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134

2) Coordinating the opinions given from legal perspective, managing documents, protocol and ceremonial public relations to support the Company’s activities effectively and efficiently and improving corporate image. 3) Conducting the secretarial activities for Directors, BoC and Company and the administration of which including managing the GMS documents, Directors and BoC minutes of meeting, joint meetings, List of Special Shareholders, documentation of dissenting opinion, invitation, agenda, and materials of meetings and other documents. 4) Coordinating the conduct of GMS, Directors meeting, BoC meetings, joint meetings, managing the meeting schedule to reach effectiveness in the conduct of such meetings. 5) Coordinating the provision of information in the form of formal orientation, clipping, electronic mail and other media to Directors and BoC and other stakeholders. 6) Providing periodical information to Directors and BoC if needed, to ensure that the Company meets the transparency requirements in accordance with the Company’s regulations and the prevailing rules and regulations. 7) Coordinating the Directors activities related to the corporate events to support the effectiveness of Directors functions and the Company’s performance. 8) Representing Directors to communicate with external or internal parties in accordance with the assignments given and the policies stipulated.

9) Coordinating the activities related to the interest of the Company to liaise with the stakeholders and other external parties.

Profile of Corporate Secretary In accordance with the report of the Company submitted to PT Bursa Efek Indonesia in its letter no: ABM-BOD/126/ ADJ/2011 dated 5 December 2011, the Corporate Secretary of PT ABM Investama is Ade Renaldi Satari. He possesses deep knowledge in compliance principles in Capital Market regulations through his experiences in being the Corporate Secretary of a public company engaged in oil and gas services for more than 9 years since November 2002. Ade Renaldi Satari has sufficient knowledge in basic financial principles and passed CFA level 1, and also possesses understanding in investor and media relations through his experience as Investor Relations and Media Relations in a public company engaged in banking services since 1999.

TRANSPARENCY OF INFORMATION In classifying the information, the Company always refers to the prevailing rules and regulations. Non-confidential information is allowed for publication and is accessible for public through proper means of communication and facilities. To obtain information regarding ABM Investama, the Company opens wide the access to information for stakeholders, general public and investors through a website www.abm-investama.com which contains the most recent information such as corporate profile, subsidiaries profiles, corporate news, organizational structure, investor relations, good corporate

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governance (GCG), financial statements, corporate actions, Corporate Social Responsibility (CSR), job opportunities and others.

LITIGATION AND SIGNIFICANT DISPUTES During 2011 there were no significant disputes directly involving neither ABM Investama nor Directors and Commissioners currently serving in the Company. A number of legal issues are involving subsidiaries yet not having any material negative impact on the Company’s business sustainability and finance. More complete information regarding the litigation cases involving the subsidiaries is available in the Consolidated Financial Statements 2011, pp. 148-150.

TRANSACTION WITH CONFLICT OF INTEREST In 2011, at corporate level ABM Investama entered into no transactions which may have conflicting interests, as stipulated under Bapepam Regulaton No.IX.E.1, Attachment to Decision of Bapepam-LK Chairman No. Kep-614/ BL/2011 dated 28 November 2011.

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136

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Achieving improved business and financial performance 137


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Management Discussion and Analysis

Optimal performance of business units has enabled ABM Investama to generate revenue of Rp6.626 trillion and post a net income of Rp415.7 billion, an increase of 47.7% and 226% respectively compared to the previous year.


138

Macro Economic Review In 2011 financial crisis hit Europe as an impact of Greek debt crisis. The world was also concerned about the possibility of economic recession in US following the downgrade of US credit rating for the first time in history. The uncertainties leads to slowing down the global economic. Nevertheless, Indonesia is capable of maintaining the stability of economic growth and politic to minimize negative impacts. The macro-economic indicators in 2011 showed a relatively good condition. Rupiah currency in 2011 in average was appreciated by 3.56% compared to the average in 2010. Although in second semester 2010, Rupiah was depreciated due to the worsening perception in Europe crisis. The inflation rate during the whole year was controlled at the level of 3.79%, sharply decreasing compared to inflation in 2010 reaching the level of 6.96%. The stable interest rate has also driven an

increasing economic growth rate whereby the Gross Domestic Product (GDP) grew by 6.5% compared to 6.1% in 2010. Such favorable economic condition has made the credit rating agency, Fitch Ratings, in mid December 2011 upgraded Indonesia’s credit rating from BB+ to BBB- or “investment-grade country”. It is believed that such condition would increase the flow of foreign investment and would spur higher economic growth.

Achievements In response to positive external signal, the Company already set an optimistic target of growth and encouraged subsidiaries to demonstrate better operational and financial performance compared to that of 2010. In total, the subsidiaries have shown their optimal contribution resulting to the Company’s success in generating the revenue of Rp6.626 trillion, or growing by 47.7% compared to 2010. The Company also recorded net income amounting to Rp415.7 billion, an increased of 226% compared to prior year.

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Business Growth per Segment Based on Income (in billion Rupiah)

2011

220.2 Mining Contractor and Coal Mining

Services

142.0

2,525.9

2010

Manufacturer

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The Company segmentate its business as follows: 1. Mining Contractor and Coal Mining. 2. Services: a. Power Engine rental service b. Transport Equipment Division, Site Service Division and Re-manufacturing Division c. Integrated logistics and vessel rental 3. Manufacturing.

The three business segments generated revenue at significant growth rate compared to achievements in 2010. The two diagrams below depicted the growth of each business segment and the composition of contribution of each segment to the Company’s revenue.

1,916.6

Business Growth

3,880.1

From the Management

2,427.8

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Contribution of Income per Business Segment 3% 12%

11%

59%

Power Engine Rental Service Integrated Logistics and Vessel Rental

140 15%


Mining Contractor and Coal Mining

Transport Equipment Division, Site Service Division and Remanufacturing Division Manufacturing

Factors Affecting the Company’s Performance The Company’s financial performance and condition are driven by a number of important factors, both internal and external factors. They are:

Mining Contractor and Coal Mining The Company’s sales and services largely depend on the Mining Contractor business segment, covering the business activities of coal getting and overburden removal performed by PT Cipta Kridatama. The revenue generated from coal mining business managed by PT Reswara Minergi Hartama (Reswara) also increased corresponding to the continuous expansion of coal mining.

The increasing volume of coal production depends on the coal planning management and logistics management to extract the coal and the transportation from mining concession areas to the barge loading locations at the port, and to the coal shipping point as well. The coal mining activities may be affected by bad weather during the rainy seasons which may occur at any time. Therefore, the production volume needs to be increased during the dry months for the purpose of accumulating the coal supplies so as to balance the insufficient production volume during the rainy season. The production and sales volume is also influenced by market demand, vessel availability and capacity and contractor performance.

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World’s Fluctuating Coal Price

The market is sensitive towards the dynamics in mining business, including the closing and opening of new mining sites, discovery of new deposits, expansion of mining activities, disruption to coal distribution, increasing demand from the coal end users due to the construction of new power plants and new industry facilities, and changes in the world’s economy. On the other side, the world’s coal increasing price would also encourage coal producers to expand their capacity which in turn will create a surplus. The coal oversupply will decrease

Cost of Goods Sold and Services The cost of goods sold and services (COGS) serves as an important factor for the Company’s profitability level. COGS comprises overburden removal, coal extraction, crushing, coal transportation, explosives, fuel, spare parts, depreciation of equipment, amortization of deferred exploration costs, equipment maintenance expenses, rental expenses, direct labor, subcontractor fees and other expenses. The COGS of mining contractor business counts for the largest contribution to the consolidated COGS amount and it substantially represents fuel and lubricant costs and labor expenses. Therefore, the fuel price significantly influences the Company’s operating income. The increasing fuel price will trigger increasing expenses in mining contractor and coal mining business, and also expenses for

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The world’s coal price fluctuates and is highly cyclical in nature. The fluctuation could largely influence the Company’s income generated from mining business. As a commodity product, the world’s coal price is also influenced by the dynamics of supply and market demand in global coal export and local demand particularly for power plant sector.

the price and will also decrease the Company’s income.

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other businesses, such as logistics service and vessel rental, and will also increase the coal transportation expenses. COGS would continue to increase corresponding to the expansion of coal operational activities in South Kalimantan and Aceh, and expansion of other businesses including the independent power producer and coal logistics.

Mining Strip Ratio


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The coal production expenses are influenced by strip ratio upon extracting the coal from the mines. The strip ratio is the cubic meter volume of overburden (stone and soil) that needs to be removed to acquire one ton of coal. The higher the strip ratio is, the higher the volume of soil that needs to be removed to acquire the coal, which at the end will increase the production costs. Upon mining in new areas, the Company will have different strip ratios depending on the geological characteristics of the coal to be excavated. The Company’s average strip ratios are fluctuating correspond to the increasing production and are projected to increase within a short time in line with the efforts of developing new areas to expand the coal production areas. If the average strip ratios increase in the future, the Company will be exposed with the high coal production costs particularly due to the increasing price of contractor fees and production costs incurred during the Company’s operations.

Mining Contractor Expenses In mining contractor service business (CK), the Company should provide equipment, machine, equipment, and labor and plant in a certain agreed-upon portion, to be able to perform mining activities in the targeted pit. Therefore, the Company should spend a significant capital expenditure to perform such operational activities and to forecast the working capital requirements to expand its mining contractor service business. The fees received for such mining contractor service are based on the strip ratio in the mining area. The revenue from mining project increases corresponding to the increasing strip ratio in such mining area. The revenue from mining contractor business remains fluctuating due to the strip ratio in the mining areas owned by concession holders not CK’s customers.

Royalty Payment to the Government of Indonesia Government Regulation No. 45/2003 which is the Tariff of Non Taxable Revenue Applicable for Ministry of Energy and Mineral Resources/ESDM (PP 45/2003) requires the royalty payment of 5% of the revenue generated from coal sales. In addition, there is also a requirement for the contribution to the development of local areas ranging at 2% of the coal sales. In the consolidated financial statements, the payment made to ESDM Ministry is recorded in the COGS as a royalty payment to Indonesia government.

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Government Regulation and Changes in Regulation Based on Regulation of Ministry of Energy and Mineral Resources No. 17/2010 of Procedures for the Settling of Benchmark Prices for Mineral and Coal Sales, the coal benchmark prices shall be issued monthly by Director General of Minerals and Coal based on the formula referring to the average of coal price index in accordance with the market mechanism and/or in accordance with the common price in the international market. Such regulation also governs that the holder of IUP Operational Production shall perform the sales of the coal produced by referring to the benchmark price for both export and local sales.

Fleet and Utilization Level The majority of income from mining contractor business (CK) and power engine rental service managed by PT Sumberdaya Sewatama (Sewatama) is arising from the utilization of machine and equipment being managed and operated, from the days or hours the unit operates within a certain period (utilization level) and the tariff charged on such rendered service (daily tariff). Upon the termination

The agreements for mining contractor business are generally in a long term period, with a period of more than 3 years up to the life time of the mine itself. On the other side, the power engine rental agreements are generally ranging from six months to one year, including the contract renewal options. The service contracts related to the services provided by the Divisions of Transport Equipment, Site Service, Re-manufacturing and Manufacturing, and Logistics and Vessel Rental generally have shorter period of time. The agreement entered into between the Company and PLN provides a significant portion of income.

Business Expansion and Acquisition The Company and its subsidiaries already acquired a number of business entities including companies owning coal concessions and independent power producers. The Company would continue to consider and assess each opportunity to perform expansion and acquisition.

The Company’s Relationship with PLN Since most of the Company’s income is arising from the payment made by PLN for the power engine rental service, any events adversely impacting PLN’s results of operations and financial condition may also have adverse effects on the Company. A number of factors which may have impact on PLN financial condition are among others, government policies

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The policies of Indonesia government which are related to the coal mining industry are generally market-oriented. Nevertheless, Indonesia government from time to time may establish new policies or legal regulations which may have impact on mining contractor and coal mining companies.

or non-renewal of the contract, the Company would experience a low utilization level.

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on PLN, and also development and amendments on the drafted regulations or draft bills in connection with PLN and power industry in Indonesia.

Payment of Penalties Based on Power Engine Rental Contracts


144

The Company entered into power engine rental agreements with PLN and other customers, whereby the Company shall provide generators with the total installed capacity of 934 MW, with the capacity factor ranging from 70% - 75% distributed all over Indonesia. The power engine rental contract with PLN sets forth the agreed-upon terms and conditions that secure the performance output guarantee provisions to provide power service with an agreed-upon percentage within a certain period of time. Based on the contract between the Company and PLN and also other customers, generally the Company would be imposed on sanctions in the event that: (1) The Company’s power generator consumes fuel exceeding the agreed upon fuel consumption limit; (2) There is a delay in generating the required power from the Company’s power generator, and (3) The Company fails to meet the agreed upon performance output. In general the Company would receive full billing amount from PLN which is recorded as income and the Company would pay to PLN the applicable amount of economic penalties, which are recorded as cost of goods sold and services from Power Engine Rental.

Third Party Subcontractor, Main Supplier and Other Expenses The Company hires subcontractor services to assist in finalizing various contracts, particularly for the mining contract operational business activities. The utilization of working partners may reduce the capital expenditure and working capital requirements. The estimated costs for the third party contractor are accumulated in the total estimated costs in mining contractor projects during the bidding process. Increasing sub-contractor fees due to increasing fuel prices, materials and labor costs would result in higher contract values.

Terms and Conditions in the Contracts The Company’s contracts are basically categorized into fixed price contracts and on-call contracts which allow the collection of time charges spent and materials consumption used. Fixed price contracts set forth a particular amount of contract value which includes all costs incurred including the profit margin for the scope of work conducted by the contractor. The fixed price contracts generally have higher risks since this type of contract requires the Company to estimate the workload and the necessary expenses to perform such work. The Company is exposed to a number of risks starting from the early stage of the contract until the completion of the contract, which are among others the risks of excessive production costs, inflation in operational expenses, fluctuating commodity price, changes in basic price, manpower, productivity, suppliers and subcontractor performance. Nevertheless, such contract

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is potentially leading to higher profits since the customer pays a premium to minimize risks. The profitability from fixed price contracts is arising from the level of efficiency in finalizing the work in accordance with the work schedule and from the controlling power in the contract value. The power engine rental service agreement adopts the fixed price contract system.

Coal, Oil and Gas, and Utilities Industry in Indonesia Based on International Energy Outlook issued by International Energy Agency

Impact of Volatility of Rupiah against US Dollar The Company’s consolidated financial statements are denominated in Rupiah while the 24% and 76% of the Company’s income is denominated in Rupiah and US dollar, respectively. The percentage of the Company’s contract expenses and operating expenses denominated in Rupiah is far higher compared to those denominated in US dollar. The strengthening of rupiah may increase the contract expenses and operating expenses denominated or pegged in Rupiah, including the procurement of materials and other equipment and the purchase of machines denominated in Rupiah or translated into Rupiah based on the exchange rate at the time of purchase. On the contrary, the weakening of US dollar may have impact on the Company’s results of operations with the decrease in the relative value of income from the contracts denominated or pegged in US dollar against the expenses denominated in Rupiah.

145


The on-call contracts in which the time charges and materials consumption are collectible are the contracts whose values are based on the actual costs incurred based on the time charges spent or based on work variables measured based on the applicable tariff units, including the man hours. The profitability of such contracts is arising from the certain percentages of the costs incurred. The on-call contracts have lower risks compared to fixed-price contracts since the customer is the party being exposed to the risks of fluctuating costs. Contract mining agreements generally fall into the category of oncall contracts. The income from oncall contracts is relatively more stable compared to the income from fixed price contracts since the Company may perform routine collections, and customers are allowed to make adjustments due to the fluctuating prices of fuel, materials, spare parts and manpower.

in April 2011, the world’s energy consumption in 2009 to 2035 is projected to increase reaching nearly 50%. Indonesia is also projected to experience a strong growth in energy consumption. The energy consumption growth has made impact on the growing energy industries in Indonesia. Subsidiaries have generated substantial income from the sales and services for customers operating in coal, oil and gas, and utilities industries.

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Income Statement Sales and Services The Company’s consolidated sales and services in 2011 increased by 47.7% to Rp6.626 trillion compared to the consolidated sales and services in 2010 amounting to Rp4.486 trillion, particularly due to: • Increase in the mining contractor services at 45.6% to Rp2.961 trillion from Rp2.034 trillion in 2010, due to the intensifying overburden and coal getting activities in line with expansion of mining areas from CK customers.


146

• Increase in sales from coal mining at 232% to Rp918.6 billion from Rp393.6 billion in 2010 particularly due to the increasing production capacity and due to the increasing coal sales price. The sales of coal mostly arising from TIA. • Increase in services from Integrated Logistics and vessel rental at 62.5% to Rp750.25 billion from Rp461.617 billion in 2010. The largest contribution to the increasing income was arising from Project Logistics Division which increased by Rp156.6 billion or increasing by 93% compared to prior year due to the increasing quantity of the goods transported at 68.8% compared to prior year. While the income from vessel rental business increased due to the

vessel rental contract with Talisman Energy commencing the end of February 2012. • Increase in services from Power Engine Rental at 25.6% or reaching Rp989.935 billion from Rp788.375 billion in 2010. Such increase was mainly due to the additional new projects during 2011 such as among others Teluk Lembu Diesel Power Plant 40 MW, Maburai & Rantau 40 MW, Tarahan 50 MW and Tegineneng 20 MW.

The composition of income from Power Engine Rental was made up of income from Temporary Power Division at 94.5%, income from Pillar Division at 4.5% and income from O&M Division at 0.5%.

• Increase in sales from Manufacturing segment reached 55.1% or reaching Rp220.206 billion in 2011 compared to prior year amounting to Rp141.951 billion. The increase was also arising from Divisions of Transport Equipment, Site Service and Remanufacturing which increased by 17.9% or Rp785.752 billion compared to prior year amounting to Rp666.639 billion.

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For the Years Ended December 31 Revenue per Segment Mining Contractor and Coal Mining

2011 (audited) Rp billion

%


%

Growth Rp billion

%

3,880

58.6%

2,428

54.1%

1,452

59.8%

Power Engine Rental Service

990

14.9%

788

17.6%

202

25.6%

Integrated Logistics and Vessel Rental

750

11.3%

461

10.3%

289

62.6%

Transport Equipment Division, Site Service Division and Remanufacturing Division

786

11.9%

667

14.9%

119

17.9%

Services

Manufacturing TOTAL

220

3.3%

142

3.2%

78

55%

6.626

100%

4,486

100%

2,140

47.7%

Cost of goods sold and services increased by 39% or reaching Rp5,244.56 billion from Rp3,773.4 billion in 2010. Such increase was mostly arising from the Mining and Mining Contractor expenses which increased by 49.6% or reaching Rp3,210.5 billion from Rp2,146.1 billion in 2010 which covered mining cost, depreciation, fuel & lubricant, subcontractor fees, equipment and other spare parts as an impact of the increasing coal production volume and overburden activities. Cost of goods sold and services from Integrated Logistics and Vessel Rental also increased by 67.9% or reaching

Rp694.97 billion from Rp413.85 billion in 2010. The increasing costs in this sector were particularly due to the increasing freight costs and vessel rental expenses in line with the Company’s increasing business activities. Cost of goods sold and services from Manufacturing segment also increased by 75% or reaching Rp208.5 billion from Rp119.1 billion in 2010. Such increasing expenses were mainly due to the increasing use of raw material and sub-contractor fees in line with the Company’s increasing production and also due to the effects of products in which a high number of works in Manufacturing Division required larger volume of materials.


Cost of Goods Sold and Services

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Cost of Goods Sold and Service Revenue per Business Segment Mining Contractor and Coal Mining

For the Years Ended December 31 2011 (audited) Rp billion

% Sales


% Sales

Growth Rp billion

% Sales

3,210

61.2%

2,146

56.9%

1,064

49.6%


565

10.8%

570

15.1%

(5)

-0.8%


695

13.3%

414

11.0%

281

67.9%


565

10.8%

524

13.9%

41

7.8%

Services

148

Manufacturing


TOTAL

208

4.0%

119

3.2%

89

75.0%

5,245

79.1%

3,773

84.1%

1,471

39.0%

Gross Profit and Gross Profit Margin The Company recorded Gross Profit amounting to Rp1.382 trillion or increase by 93.8% compared to Rp713 billion in 2010. Such increase was mainly due to the increase in the Gross Profit from Mining Contractor and Coal Mining which recorded gross profit amounting to Rp669.6 billion or increasing by 137.6% compared to gross profit in 2010 amounting to Rp281.8 billion. The increase in gross profit was mainly due to the increasing coal sales volume from 1,178,776 tons in 2010 to 2,163,021 tons in 2011. The increasing gross profit was also an impact of the increasing average of coal sales price to USD47.1 per ton in 2011 from an average of USD39.5 per ton in 2010.

The increasing gross profit was also arising from Power Engine Rental which successfully recorded gross profit amounting to Rp424.4 billion or increasing by 94.6% compared to Rp218.1 billion in 2010. The increasing gross profit was mainly due to the Company’s success in reducing the repair and maintenance expenses with a better schedule of repair and maintenance program, as well as efficient use in consumables by using local lubricant oil (Pertamina) at a more competitive price. The increasing production efficiency had an impact on the decreasing amount of penalties payable to PLN.

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Such increase in gross profit was slightly adjusted with the decrease in the gross profit of Manufacturing segment whereby there was a decrease amounting to Rp11 billion in 2011 due to higher use of materials compared to prior year (mixed products).

Gross Profit and Gross Profit Margin per Business Segment

In total, the Gross Profit Margin (GPM) in 2011 increased by 20.9% compared to the 15.9% increase in 2010. Such increase in GPM was mainly due to the GPM in Power Engine Rental and Mining and Mining Contractor. Such margin increase was not only arising from the increasing sales, but also due to the more efficient production process.

For the Years Ended December 31 2011 (audited) Rp billion

% Margin


% Margin

Growth Rp billion

% Margin

669.6

17.3%

281.8

11.6%

387.8

137.6%


424.4

42.9%

218.1

27.7%

206.3

94.6%


55.3

7.4%

47.8

10.3%

7.5

15.7%

220.7

28.1%

142.5

21.4%

78.2

54.8%

11.7

5.3%

22.8

16.1%

(11.1)

-48.6%

1,381.7

20.9%

713.0

15.9%

668.7

93.8%

Mining Contractor and Coal Mining

149

Services

Manufacturing TOTAL



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Selling, General and Administrative Expenses The total selling, general and administrative expenses increased by 55.1% or reaching Rp718.95 billion compared to Rp463.6 billion in 2010 particularly due to the following:


150

• Salaries and employee benefits increased by 53% to Rp337.2 billion or increasing by Rp116.5 billion from 2010 amounting to Rp220.8 billion due to the following matters: (1) Increasing number of employees in 2011, whereby the permanent employees increased to 4,752 personnel from 2010 totalling 4,067 personnel, (2) Additional employee bonus in the form of shares (MESA) related to the IPO, (3) Regular annual increase of salary due to inflation (4) Salary increase due to promotions. • Selling expenses increased by 83.7% or increasing by Rp41 billion mostly due to the increasing shipping costs from Coal Mining in line with the Company’s increasing turnover. • Professional fees increased by 233% or increasing to Rp50.5 billion covering the consultant fees for various improvement projects in ICT, accounting and management, tax consultant fee and legal consultant fees for Mining Contractor and Coal Mining. • Rental expenses in selling, general and administrative expenses represent the building rental expenses for office building and operational vehicles rental expenses. The increase in rental expenses in 2011 reached 78.4% or

Rp21 billion particularly related to the additional space of office rental from PT Triyasa Propertindo in line with the additional numbers of subsidiaries and also office expansion to support the Company’s business growth. • Travelling expenses in 2011 increased by 78% or increasing Rp14.5 billion for local and foreign business travel related to the Company’s business needs. • Other expenses represent depreciation and amortization, office maintenance, office expenses, communication expenses, insurance expenses, bank charges, and others. The increase in such accounts are closely related to the additional number of employees, business expansion and additional office space.

Other Operating Income, Other Operating Expenses and Forex Gain (Loss) Other operating income represents the income other than the income generated from its core business. Most of the Other Operating Income was arising from the gain on sales of used fixed assets, sales of scrap materials and income from the users of the roads owned by the Company at the mining sites which was allocated for the routine maintenance of such roads. Other operating income increased by 193.3% to Rp70.9 billion from Rp24.2 billion in 2010. Other operating expenses were largely arising from the tax payables paid by the Company related to the bonus of shares for employees and the tax payables arising from the Tax Assessment Letter

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regarding the examination conducted by the Tax Office. Other operating expenses increased by 480.8% to Rp13.5 billion from Rp2.3 billion in 2010.

billion in 2010 to Rp23.7 billion. The deposit interest rate in 2011 was ranging from 4%-8.5% for IDR and from 0.3%3.1% for USD.

The Company suffered from a relatively large amount of forex loss particularly related to the Company’s net monetary liabilities in USD which significantly increased to USD303,246,714 compared to 2010 amounting to USD2,749,893. The forex rate in 2011 was closed at Rp9,068 per 1 USD or was weakening compared to the year end forex rate in 2010 at Rp8,991 per USD. Forex gain (loss) increased by 244.1% from Rp44.5 billion in 2010 to Rp(64.1) billion in 2011.

Financing cost which represents interest expense in 2011 reached Rp215.62 billion or increasing by 113.9% compared to interest expense in 2010 amounting to Rp100.8 billion due to the increase in the bank loans payable to Bank Mandiri, DBS and ANZ for the purposes of working capital and investment particularly in Mining Contractor, Power Engine Rental, Engineering Contract and Coal Mining segments.

Income before Income Tax Income from Operations

Equity in Net Income of Associated Companies, Financing Income and Financing Cost Equity in net income of associated companies amounting to Rp0.3 billion represents the company’s portion on net income of an associated company (PT Meppogen). Since December 2011, the Company’s share ownership in PT Meppogen has been diluted to 12% due to the conversion of shareholder’s loan (PT Widjaja Tunggal Sejahtera) into capital amounting to USD10 million. Financing income which represents the interest income on the Company’s deposits increased by 5.7% from Rp22.5

Income Tax Expense Income Tax Expense which represents current tax expense and deferred tax expense decreased by 28.5% from Rp66.2 billion in 2010 to Rp51.5 billion in 2011. Current income tax in 2011 amounting to Rp39.4 billion or decreasing by 36% compared to Rp61.5 billion in 2010. The decreasing current income tax was mainly due to the increase in negative fiscal reconciliation in Power Engine Rental segment due to the temporary differences adjusted in 2011 whereby, based on accounting treatments, such differences were recognized as income

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The consolidated Income from Operations in 2011 was recorded at Rp656.02 billion or increasing by 107.8% from Rp315.8 billion in 2010. The increase in Income from Operations was mainly arising from the increase in sales and services resulting to an increase in the Company’s Gross Profit Margin.

The Company recorded Income before Income Tax amounting to Rp464.4 billion or increasing by 95.6% from Rp237.4 billion in 2010. Income before income tax increased significantly mainly due to achievement of the Company’s gross profit which also increased by Rp668.7 billion or increasing by 93.8% compared to 2010.

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since they decrease expenses, but based on tax approach, such differences were negatively reconciled. The decrease in current income tax was also due to the Company’s fiscal recognition of income in 2010 from the disposal of subsidiaries at Rp40.7 billion.

CURRENT ASSETS 1. Cash and Cash Equivalents

Balance of consolidated Cash and Cash Equivalents amounted to Rp1,668.67 billion or increasing 385% compared to Cash and Cash Equivalents in 2010. The increase in Cash and Cash Equivalents was mainly due to the cash provided by financing activities amounting to Rp3,510.5 billion or significantly increasing compared to the balance in 2010 amounting to Rp197.25 billion. The increasing cash provided by financing activities is mainly arising from bank loan amounting to Rp3,339.8 billion in 2011 for the purposes of working capital, investment or refinancing. The total bank loan in 2010 was amounting to Rp1,636 billion.

Cash from Operating Activities decreased to Rp148.1 billion from Rp612.5 billion in 2010 due to the increase in the payment to suppliers, interest payment and income tax payment.

The balance of Cash from Investing Activities decreased to minus Rp2,425.4 billion from previously minus Rp983.4 billion in 2010 due to highly significant increase in payment for the acquisition of fixed assets and subsidiaries.

Deferred tax in 2011 amounted to Rp12.14 billion or increasing by 162% compared to deferred tax in 2010 due to the increasing temporary differences resulting to an increase in the negative fiscal correction.

Total Comprehensive Income for the Year


152

The Company’s consolidated comprehensive income for the year in 2011 amounted to Rp415.7 billion or increasing by 226% compared to the total comprehensive income in 2010 amounting to Rp127.3 billion. Such increase in the comprehensive income is due to the Company’s success in increasing its sales by 47.7% compared to prior year, and also in improving the efficiency in production process.

Balance Sheet TOTAL ASSETS The Company’s total consolidated assets increased by 102% or reaching Rp9,883 billion in 2011 compared to 2010 amounting to Rp4.890 billion. The increase in total assets was mainly due to the increase in Cash and Cash Equivalents increasing by Rp1,235.6 billion, increase in Trade Receivables by Rp420.4 billion, increase in Fixed Assets by Rp1,889.7 billion, increase in Inventory by Rp114.3 billion, and goodwill by Rp593.9 billion.

2. Restricted Cash and Cash Equivalents Restricted Cash and Cash Equivalents mostly represent restricted time deposits by Bank DBS pertaining to the Company’s joint borrowing loan agreement for Power Engine Rental

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PT Arutmin Indonesia, which are still ongoing and will be fully claimed when the coal products arrive at the port. In 2011 Mining Services in Process amounted to Rp174 billion, decreasing by 22% from 2010 amounting to Rp224 billion. Such decrease in Mining Services in Process was due to the fact that a portion of such payment has already been made by PT Arutmin Indonesia.

between PT Eramas Persada and PT Bank DBS. In 2011, the amount increased by 2347% to Rp187 billion from Rp8 billion in 2010.

6. Inventories

The Company’s inventories increased by 38% to Rp416 billion compared to prior year amounting to Rp301 billion. Such increase in Inventories was mainly due to increasing volume of inventories of coal due to the Company’s increasing business activities and also to the increase in the volume of materials for Manufacturing. Such increase in Inventories made no impact on the level of Inventories which was still ranging for 30 days in 2011 and 2010.

4. Other Receivables

Other Receivables amounting to Rp162 billion represents receivables from third parties mainly arising from Power Engine Rental which represents receivables from PT Energi Alam Raya for the Gas Power Plant (PLTG) Payo Selincah 100 MW and receivables from PT Sinergi Pancawahana for the advances for the purchases of shares that the Company subsequently cancelled.

5. Mining Services in Process

Mining Services in Process pertains to costs incurred for overburden works, coal extraction and coal hauling in the provision of mining services to

7. Advance Payments

Increase in Advance Payments in 2011 amounted to Rp73 billion mainly pertaining to the advances of purchase in Manufacturing and Mining Contractor segments due to the Company’s increasing business activities.

8. Prepaid Expenses

Prepaid Expenses increased by 127% from Rp12 billion in 2010 to Rp26 billion. Such increase in Prepaid Expenses was mainly for the advance payment of insurance and office rental expenses.

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3. Trade Receivables The Company’s consolidated trade receivables in 2011 increased by 43% to Rp1,406 billion compared to Rp985 billion in prior year. The Trade Receivables represent receivables from third parties amounting to Rp1,219 billion increasing by 33% compare Rp918 billion in 2010 and receivable from related parties Rp186 billion, increasing by 178% from Rp67 billion in 2010. Such increase in Trade Receivables represents the immediate effect of increase in the Company’s sales and services at 47.7% in 2011. The collectibility of trade receivables in 2011 showed an average of 76 days or 3 days faster compared to the average of collectibility of trade receivables in 2010 of 79 days.

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9. Prepaid Tax

Prepaid Tax in 2011 increased by 108% from Rp62 billion in 2010 to Rp129 billion, mainly due to the increase in Value Added Tax in Mining Contractor and Power Engine Rental in line with the Company’s increasing activities.

Rp2,107.6 billion. Such increase in the net Fixed Assets was noted in most of the Company’s business segments due to the Company’s business growth.

Total capital expenditures incurred in 2011 amounted to Rp2,489.9 billion for the following: a. Purchase of machineries and equipment amounting to Rp1,509 billion. b. Purchase of buildings and infrastructure amounting to Rp63.9 billion. c. Land acquisition amounting to Rp62.8 billion. d. Purchase of vehicles amounting to Rp45.7 billion. e. Expenses for road and infrastructure amounting to Rp23.8 billion. Expenses for construction in progress (vessel, port, machineries and equipment) amounting to Rp729.6 billion. Expenses for supplies, furniture and fixtures amounting to Rp55.1 billion.

The total financing resources for such capital expenditures were arising from operational activities, banking credit facilities and shareholders loan.

10. Other Current Assets

Other Current Assets decreased by 64% from Rp67 billion in 2010 to Rp24 billion. The decrease in Other Current Assets was mainly due to the reclassification of account for the billings on the cancellation of advances for the purchase of shares of PT Kwartadaya Dirganusa to Other Receivables.

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NON CURRENT ASSETS 1. Deferred Tax Assets

Deferred Tax Assets represents the total recoverable income tax in the future period due to deductible temporary differences and the remaining balances of tax loss carryforward. The Deferred Tax Assets in 2011 amounted to Rp156 billion, increasing by 16% from Rp134 billion in 2011. The increase in Deferred Tax Assets in 2011 was mainly due to the increase in deductible temporary differences in future period.

2. Fixed Assets

The Company’s Fixed Assets in 2011 amounted to Rp4,007.3 billion or increasing by 90% of the total fixed assets – net in 2010 amounting to

3. Goodwill

In 2011 the Company recognized goodwill amounting to Rp593.8 billion for the difference between the purchase price and the asset values and liabilities identified during the acquisition of coal concession company (MDB) in June 2011.

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4. Deferred Mining Exploration and Development Costs Deferred Mining Exploration and Development Costs increased by 107% to Rp145 billion from Rp70 billion in 2010 due to the increasing deferred mining exploration and development costs amounting to Rp75 billion in 2011. Such increase was mainly due to the expansion of mining areas in Kalimantan and Aceh.

The Company also recorded an increase in short term liabilities amounting to Rp775.7 billion or reaching Rp3,134.8 billion in 2011 compared to prior year amounting to Rp2,359.1 billion. Increase in liability was mainly due to:

1. Short Term Bank Loan

5. Other Non-Current Assets

2. Trade Payables

LIABILITIES The Company’s total liabilities in 2011 amounted to Rp6,860.2 billion or increasing by 82% from Rp3,763.8 billion in 2010. The increase in liabilities was mainly due to the increase in long term liabilities amounting to Rp2,320.6 billion or increasing 164% from Rp1,404.7 billion in 2010. The increase in long term liabilities was mainly due to the additional bank loan in significant amounts from Bank Mandiri, Bank DBS, ANZ and OCBS NISP in 2011 mostly used for investment purposes in most of business segments.

The Company recorded an increase in Trade Payables amounting to Rp124.9 billion or reaching Rp1,395.4 billion in 2011, increasing by 10% compared to the total Trade Payables in 2010 amounting to Rp1,270.5 billion. The increase in Trade Payables was mainly due to the transactions with third parties for the sub-contractor services, material suppliers, fuel suppliers, equipment and others.

3. Other Payables

The Company recorded Other Payables amounting to Rp59.6 billion or increasing by 55% from Rp38.5 billion in 2010. The increase in such Other Payables was due to a high portion of Other Payables not yet reaching mature dates such as ICT software prices, consultant fees, and others.

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The Company recognized an increase in Other Non-Current Assets at 1,351% in 2011 or reaching Rp345 billion compared to Rp24 billion in 2010. The increase in other noncurrent assets was mainly due to the increase in deferred overburden removal cost related to the mining area expansion and due to the actual stripping ratio being higher than the projected stripping ratio. The increase in Other Non-Current Assets was also due to the advances for the purchases of shares in PT Energi Alamraya Semesta (PT EAS).

The increase in short term bank loan amounted to Rp202 billion or reached Rp494 billion in 2011, increasing by 69% of the total short term loan in 2010 amounting to Rp292 billion. The increase in short term loan was mainly from Bank Mandiri, Bank DBS, ANZ and Standard Chartered Bank for capital financing purpose.

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4. Tax Payables

8. Deferred Tax Liabilities

The Company recorded Tax Payables amounting to Rp55.1 billion or increasing by 63% compared to Tax Payables in 2010 amounting to Rp33.8 billion. Such increase in Tax Payables was mainly arising from tax payables Art. 23, Art. 21 and CIT to be paid upon maturity in January 2012.

5. Accrued Expenses

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6. Obligations under Finance Lease


Accrued Expenses in 2011 amounted to Rp231.9 billion, decreasing by 18% compared to the Accrued Expenses in 2010 amounting to Rp282.1 billion. Such decrease was mainly due to the decrease in the provision or allowance for repair and maintenance expenses.

The Company recognized Obligations under Finance Lease amounted to Rp1,133 billion in 2011, increasing by 72% from Rp658 billion in 2010. The increase in Obligation under Finance Lease was due to the obligations under finance lease to third parties which were PT Caterpillar Finance Indonesia and PT Austindo Nusantara Jaya Finance to finance the Company’s capital expenditures.

7. Bank Loans

Bank Loans amounting to Rp3,302 billion represents bank loan to Bank Mandiri, DBS, ANZ, and OCBC NISP utilized by the Company for financing its investments and refinancing.

Deferred Tax Liabilities amounting to Rp33.8 billion in 2011 represents the Company’s deferred tax liabilities arising from Power Engine Rental due to the adjustments in the provisional fees of repair and maintenance in 2011. Based on accounting treatments, such amount was recognized as a gain while based on tax approach, such amount required negative fiscal reconciliation resulting to a recoverable temporary difference in the future period by conducting a positive fiscal reconciliation.

9. Employee Benefits Liability

In 2011, the Employee Benefits Liability increased by 36% to Rp92.2 billion from Rp67.9 billion in 2010. The increase in Employee Benefits Liability represents the immediate effect of additional number of employees, increasing salaries and total years of service.

Equity The Company’s equity in 2011 amounted to Rp3,023 billion or increasing 168% of the total equity in 2010 amounting to Rp1,126.4 billion. The increase in equity was due to the issued and fully-paid up capital which in 2011 amounted to Rp1,376.6 billion while in 2010 amounting to Rp1,170 billion, which consist of issued and fully paid capital amounting to Rp413 billion and mandatory convertible bond Rp757 billion, additional paid-in capital amounting to Rp1,273.7 billion and

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increasing Net Income in current year amounting to Rp415.74 billion.

Extraordinary Events The Company has no extraordinary events.

Solvability and Collectibility Compared to 2010, the Company’s solvability decreased from 0.8 to 0.7 due to the increasing total liabilities at 82%. However, the total assets also increased by 102% compared to prior year. The collectability of trade payables increased from an average of 76 days in 2011 compared to 79 days in 2010.

Company’s Liquidity Level The Company’s Current Asset Ratio increased to 1.4 compared to 0.9 in 2010 which displayed the Company’s improving ability to meet its short term liabilities.

Company’s Capital Structure The Company’s capital structure is as follows:

Valle Verde Pte,Ltd

757,120

TMT

316,614

Momentum Fund SP.B

144,000

Public (each with ownership interest below 5%)

157,769

Total Issued Paid and Fully Paid Capital

1,376,583

Capital Structure Policies The main objective of the Company’s capital policies is to ensure that the Company maintains a healthy capital ratio for the purpose of supporting the business and maximizing the Company’s values.

Other Operating Income which represents the Company’s income generated from non core business was arising from the gain on the disposal of used fixed assets, disposal of scrap materials, and revenues from the users of the roads owned by the Company at the mining sites which in total recorded a significant growth at 193.3% from Rp24.2 billion in 2010 to Rp70.9 billion. While Other Operating Expenses recorded an increase of 480% from Rp2.3 billion in 2010 to Rp13.5 billion which was arising from the tax expenses paid by the Company pertaining to the bonus shares for the employees and tax expenses related to the issuance of Tax Assessment Letter for the examination conducted by Tax Office.

Material Increase or Decrease in Net Sales or Income In 2011, there were no material increases or decreases in net sales or income.

Impact of Price Changes on Net Sales and Income Increase in net sales and income was mainly due to the Company’s increasing volume in sales and services. In addition, the Company also recorded a higher productivity level compared to prior year. The impact of price changes on the net sales and income could be deemed insignificant.

157


Issued Paid and Fully Paid Capital (in million Rupiah)

Substantial Components of Other Income or Expenses

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Events After the Balance Sheet Date

Sewatama In March 2012, SS obtained specific transaction loan III facility with total maximum credit of Rp600 billion from Mandiri, which is available within one year from the signing date of the agreement. The loan from the facility would bear interest at the annual rate of 9.50%. In addition, SS also amended the maximum bank guarantee facility limit obtained from Mandiri from Rp70 billion to become Rp143 billion, with the availability period extended to September 26, 2013.

ATR


158

On January 16, 2012, PT Talisman Energy Nuigini Limited (Talisman), a third party customer in Papua New Guinea, terminated Time Charter Agreement Contract No. TENL00146 commencing on October 11, 2010. Talisman agreed to pay ATR USD460,165 as the final settlement of the contract as stated in a letter of contract settlement dated February 8, 2012.

Reswara On January 20, 2012, Reswara through agreements made between TIA, a subsidiary of Reswara, and Subham Corporation Pvt. Ltd., entered into sale and purchase contracts of 800,000 metric tons of coal with shipment period from January 2012 until December 2012. The contract values were approximated to USD40,200,000 which will be reviewed quarterly to align with market values.

CK On February 29, 2012, CK signed a coal mining service contract with PT Riau Baraharum with estimated contract value of USD300,000,000 covering a period of five years. The scope of the services includes land clearing, overburden removal and equipment rentals.

Dividend Payment Policy and Dividend Payout Ratio Subsequent to the conduct of IPO in December 2011, commencing in 2013 and based on the net income in 2012, the Company would apply the dividend payout ratio at the maximum percentage of 35% of the net income. Up to present the Company has not conducted any dividend distribution.

Realization of IPO Proceeds The realization of IPO proceeds amounted of Rp2.06 trillion comprising Rp1.55 trillion of common shares and Rp515.5 billion of divestment shares. Less all shares issuance costs and certain IPO-related expenses, the total sales of divestment shares of PT Tiara Marga Trakindo (TMT) have been repaid to TMT and an amount of Rp1.55 trillion in accordance with the scheme in the prospectus shall be used as follows: a. Approximately 70% of which shall be used to increase the investment in and/or to provide loan to subsidiaries which will be used by subsidiaries to finance its capital expenditure from 2012-2013.

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b. Approximately 24% of which shall be used by the Company to make repayment to the banks in which such loan has been utilized to finance the acquisition through subsidiaries and/or projects in accordance with the ABM group’s strategies of growth. c. Approximately 6% of which shall be used to finance the capital requirements covering operational expenses such as general expenses and office furniture, which are related to the implementation of the Company’s strategy plans and business developments.

Significant Changes in Regulations In 2011 there were no significant changes in regulations having impact on the operational activities and consolidated financial statements of ABM Investama.

Significant Accounting Policies Significant accounting policies are disclosed in the independent auditor’s report on page 20 to 79.

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Corporate Data

161

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Board of Commissioners

162



Indonesian Citizen, 47 years of age. Earned his Bachelor of Arts from Business Studies, University of Brighton, Sussex, England in 1989. Appointed as President Commissioner of the Company in 2010. Concurrently, he is the Director of Valle Verde Pte. Ltd. (2010-now), President Director of PT Tiara Marga Trakindo (2005-now), President Commissioner of PT Mahadana Dasha Utama (2010-sekarang) and Commissioner of PT Chandra Sakti Utama Leasing (2005-now). Previously held the position of President Director of PT ABM Investama (2009-2010), President Commissioner of PT Tri Swardana Utama (2008-2010), President Director of PT Chakra Jawara (2006-2010), Commissioner of PT Sanggar Sarana Baja (2002-2010), President Director of PT Trakindo Utama (2005-2008), Secretary General of KADIN KIKT (Indonesian Chamber Chinese Committee) (20052009), Director of PT Cipta Kridatama (1997-2004), Marketing Manager of PT Trakindo Utama (19972005), Group Credit Controller of PT Trakindo Utama (1991-1997), Credit Manager of Finning Ltd. Vancouver, Canada (1990-1991), Credit Supervisor of Leverton Plc, Windsor–UK (1989-1990), Risk Management of Standard Chartered Bank Plc, London–UK (1987-1988).

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Board of Commissioners

MIVIDA HAMAMI Commissioner

Indonesian Citizen, 50 years of age. Graduated with a Degree in Business Administration from the Faculty of Social and Politic Science, University of Indonesia in 1988, and in 1989 earned her First English Certificate from The Bell School of Languages Bath - England. Diploma in Marketing from The Hotel Career Centre, Bournemouth, England in 1990 and Master of Business Administration from New Hampshire College, Manchester, United States of America in 1992. Appointed as Commissioner of the Company in 2009. Concurrently, she also held the position of President Director of PT Mahadana Dasha Utama (2010-now), Director of PT Tiara Marga Trakindo (2005- now), President Commissioner of PT Chakra Jawara (2010- now), President Commissioner of PT Tri Swardana Utama (2010-now), President Commissioner of PT Mitra Solusi Telematika (2010-now), President Commissioner of PT Triyasa Propertindo (2010-now), and Commissioner of PT Chitra Paratama (2010- now). Previously, she held the position of President Director of PT Sumberdaya Sewatama (2008-2010), Director of PT Sumberdaya Sewatama (2004-2008), President Director of PT Cipta Krida Bahari (2007-2010), Director of PT Cipta Krida Bahari (2002-2007), General Manager of PT Cipta Krida Bahari (19982002), General Administration Manager PT Krida Cipta Bahari (1997-1998), Trainee at Caterpillar Asia Pte Ltd – CDL 200 Program, Singapore (1997), Sales & Marketing Manager of Aryaduta Hotel Management (1996), Business Development Manager of PT Wynncor Bali Grand Hyatt Bali Hotel (1993-1996), Sales Executive of PT Wynncor Bali Grand Hyatt Bali Hotel (1992-1993).


Indonesian Citizen, 62 years of age. Earned his Bachelor Degree in Economy from the Faculty of Economy, Universitas Padjadjaran, Bandung in 1978. Appointed as Independent Commissioner of the Company since 2011. Concurrently, he also held the position of Commissioner of PT Weda Bay Nickel (2010-now). Independent Commissioner of PT Hero Supermarket Tbk. (2009-now), Independent Commissioner of PT Tirta Investama/Danone (2011- now). Previously, he held the position of President Commissioner of Bank BNI (2008-2009), Head of the Executive Team of National Team of the Transfer of Indonesian Armed Forces Business Activities (2008-2009), Vice Chairman of KPK (2003-2007), Independent Commissioner of PT Kaltim Prima Coal (2003), Audit Committee and Independent Commissioner of PT Kabelindo Murni Tbk. (2002-2003), Independent Commissioner and Chairman of the Audit Committee of PT Hero Supermarket Tbk. (2002-2003), Commissioner and Chairman of the Audit Committee of PT Pembangunan Jaya Ancol (2001-2003), Counselor and Member of the Audit Committee of PT Unilever Indonesia (2001-2003), Counselor and Independent Commissioner of PT Semen Cibinong Tbk. (2001-2003), Counselor of Commissioner of PT Semen Cibinong Tbk. (2001), President Commissioner of PT Agrakom (2000-2003), President Commissioner of Bursa Efek Jakarta (1998-2001), Commissioner of Bursa Efek Jakarta (1996-1998), President Director of PT Timah Tbk. (1994-2002), Director of Finance of PT Timah Tbk. (1991-1994), Head of the Accounting Division of PT Tambang Batubara Bukit Asam (Persero) (1987-1991), Head of Accounting and Verification Affair of PT Tambang Batu Bara Bukit Asam (Persero) (19821987), Head of Accounting Department of Perum Perumnas (1980-1982), Head of Financial Audit Department of Perum Perumnas (1979-1980).


ERRY RIYANA HARDJAPAMEKAS

163

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Board of Directors

164



Indonesian Citizen, 45 years of age. Earned his Bachelor Degree in Business Administration from the Faculty of Social and Politic Science, Universitas Indonesia in 1990, and Master of Business Administration from Rotterdam School of Management, Erasmus University, Rotterdam, Netherlands in 1992. Appointed as President Director of the Company since 2010. Previously he held the position of Managing Director the Company (2009-2010), Chief Strategy Officer of PT Tiara Marga Trakindo (2008-2009), Managing Director of Standard Chartered Bank (2007-2008), Senior Director of Standard Chartered Bank (2006-2007), Partner of Corporate Finance and Advisory Fund Asia (2006-2006), Managing Director of Abacus Capital (2001-2003), he once worked at Bank of America since 1992 with the position of Assistant Vice President/Account & Credit Manager (1995-1996), Vice President/Relationship Manager (1996-2000), Senior Vice President (2000-2001).

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Board of Directors

SYAHNAN POERBA

Corporate Support Services Director Indonesian Citizen, 51 years of age. Earned his Bachelor Degree in Accounting from the Faculty of Economy, Universitas Indonesia in 1986 and Master of Economics in Accounting and Finance from Macquarie University, Sydney, Australia in 1992. Appointed as Corporate Support Service Director of the Company since 2009. Previously he was Country Manager of PT D&B (Dun & Bradstreet) Indonesia (2007-2009), Director of Operational of PT AXA Mandiri Financial Services (2004-2007), Director & Chief Financial Officer of John Hancock Indonesia (2000-2004), Senior Facilitator and Team Leader for Jakarta & Bandung area of The Jakarta Initiative Task Force/JITF (Prakarsa Jakarta) (1999-2000), Corporate Secretary of PT Bangun Tjipta Pratama Group (1997-1999), Managing Director of PT Surya Pelita Pratama (a subsidiary of PT Bangun Tjipta Pratama Group) (1994-1997), Accounting and Tax Manager of PT Bangun Tjipta Pratama Group (1992-1994), Management Consultant of The Flagler Management Group Inc. (Jakarta Office) (1987-1990), Auditor at Arthur Young International – Public Accounting Firm (1986-1987).

WILLY A. ADIPRADHANA Finance Director

Indonesian Citizen, 43 years of age. Graduated with a Bachelor Degree in Economy from the Faculty of Economy, Universitas Katolik Parahyangan, Bandung in 1989. Held the position of Finance Director of the Company since 2009.

YOVIE PRIADI

Corporate Strategy Director Indonesian Citizen, 42 years of age. Earned his Engineer Degree from the Faculty of Industrial Technology, Universitas Trisakti, Jakarta in 1991 and Master of Business Administration from the San Francisco State University, San Francisco, United States of America in 1996. Appointed as Corporate Strategy Director of the Company since 2011. Previously he held the position of President Director of PT Mitra Energi Batam and PT Dalle Energy Batam (part of Medco Energi Group) (2009-2010), Senior Vice President of the corporate growth and planning of PT Medco Power Indonesia (2008-2009), Vice President Commercial & Planning of PT Medco Power Indonesia (2006-2008), Commercial Manager of Corporate Business Development Division of PT Medco Energi Internasional Tbk. (2003-2006), Manager/Department Head Finance & Planning Department PT Medco Energi Internasional Tbk. (2001-2003), Section Head, Budget, Planning & Treasury, Finance & Planning Department PT Medco Energi Internasional Tbk. (20002001), Business Development PT Pasaman & Soeparman Ch. Eng. (1999-2000), and in Bimantara Group (1991-1999). In Bimantara Group, he held a number of positions, among others was division of Infrastructure, including as Project Controller/Scheduler, Project Engineer, Business Analyst and Manager.

165


Previously he served as Chief Financial Officer for Sime Darby (Minamas Plantation) (2007-2009), Chief Financial Officer of San Miguel Indonesia (2003-2007), Senior Financial Controller of PT John Crane Indonesia (1999-2003), General Manager at Corporate Finance and Administration of Keris Group (1997-1999), Deputy General Manager of Sinar Mas Group (1996-1997), Corporate Controller of Sinar Mas Group (1995-1997), Financial Controller of Sinar Mas Group (1994-1995) and Supervisor at Prasetio Utomo & Co (1989-1994).

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Organization Structure

President Director Achmad Ananda Djajanegara

Corporate Internal Audit


166

Corporate Support Services Director Syahnan Poerba

Finance Director Willy A. Adipradhana

Head of Corporate Information & Communication Technology (ICT)

Corporate Investor Relations

Head of Corporate Treasury

Head of Corporate Finance & Accounting

Head of Corporate Legal

Head of Corporate Human Resources

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Organization Structure

Executive Secretary Corporate Secretary Executive Secretary

Secretary

167

Head of Enterprise Risk Management

Head of Corporate Communication

Head of Corporate Planning & Budgeting

Head of Corporate Strategy Planning & Business Development

Head of Business Process Improvement


Corporate Strategic Director Yovie Priadi

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The Subsidiaries


168

PT Reswara Minergi Hartama

PT Sumberdaya Sewatama

PT Cipta Kridatama

Gedung TMT 1, 9th Fl Suite 902 Jl, Cilandak KKO No. 1 Jakarta 12560 Tel. : +62 21 2997 6733 Fax. : +62 21 2997 6731 / 6732

Gedung TMT 2 , Floor 1 & 2 Jl. Cilandak KKO No. 1 Jakarta 12560 Tel. : +62 21 2997 6712 (Hunting) Fax. : +62 21 2997 6725

Gedung TMT 2, 2nd & 3rd Floor Jl. Cilandak KKO No.1 Jakarta 12560 Indonesia Tel. : +62 21 2997 6866 Fax. : +62 21 2997 6867

PT Cipta Krida Bahari

PT Sanggar Sarana Baja

Gedung TMT 1, 7th Floor Suite 701 Jl. Cilandak KKO No. 1, Jakarta 12560 Tel. : +62 21 2997 67 77/88 Fax. : +62 21 2997 6797

Gedung TMT 1, 5th Floor Suite 501 Jl. Cilandak KKO No. 1, Jakarta 12560 Tel. : +62 21 2997 6830 Fax. : +62 21 2997 6835

Supporting Institutions and Professions Public Accountant Firm:

Share Registrar:

KAP Purwantono, Suherman & Surja Gedung Bursa Efek Indonesia Menara 2, 7th Floor Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Indonesia Tel. : +62 21 5289 5000 Fax. : +62 21 5289 4100

PT Datindo Entrycom Puri Datindo – Wisma Sudirman Jl. Jenderal Sudirman Kavling 34-35 Jakarta 10220 Tel. : +62 21 5709009 Fax. : +62 21 5709026

Responsibility of the Members of Board of Commissioners and Board of Directors Towards the Annual Report 2011

All members of the Board of Director (BoD) and Board of Commissioners (BoC) of PT ABM Investama Tbk (the Company) are fully responsible for the preparation and presentation of the Annual Report 2011 that includes the Audited Consolidated Financial Statements for the year ended December 31, 2011 (Financial Statements Year 2011). The Company’s 2011 Annual Report has been prepared and presented in accordance with the Rules of the Capital Market and Financial Institutions Supervisory Agency (BAPEPAM-LK) Number X.K.6 regarding Obligation to Submit Annual Report for Issuers or Public Companies. The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (SAK), which comprise the Statements of Financial Accounting Standards (PSAKs) and Interpretations to Financial Accounting Standards (ISAKs) issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants, and Regulation of BAPEPAM-LK No. VIII.G.7 regarding the Guidelines on Financial Statement Presentation. The 2011 Consolidated Financial Statements have been audited by Registered Public Accountant Purwantono, Suherman & Surja, the members of Ernst & Young Global (EY), an independent auditors appointed by the shareholders as decided in the Annual General Meeting of Shareholders dated 25 May 2011.

This statement was made by the BoC and BoD in good faith by putting their signatures below.


We, the undersigned, being the members of the BoC and BoD of the Company, hereby, declare that we are fully responsible towards the preparation and presentation of Annual report and Financial Statement Year 2011. All information in the Annual Report and Financial Statements Year 2011 have been fully and accurately disclosed, and the Report do not contain false or omitted information or material fact.

169

The Responsibility for the 2011 Annual Report Board of Commissioners


MIVIDA HAMAMI

ERRY RIYANA HARDJAPAMEKAS

Commissioner


170


Board of Directors


SYAHNAN POERBA Director

WILLY AGUNG ADIPRADHANA Director

YOVIE PRIADI Director


PT ABM Investama Tbk and its Subsidiaries Consolidated Financial Statements with Independent Auditors’ Report for the years ended December 31, 2011 and 2010

The consolidated financial statements are originally issued in the Indonesian language.

PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN KEUANGAN KONSOLIDASIAN BESERTA LAPORAN AUDITOR INDEPENDEN TAHUN YANG BERAKHIR PADA TANGGAL-TANGGAL 31 DESEMBER 2011 DAN 2010

Daftar Isi

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS’ REPORT FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

Table of Contents

Halaman/ Page

Independent Auditors’ Report

Laporan Auditor Independen Laporan Posisi Keuangan Konsolidasian ……………

1-3

……. Consolidated Statements of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian …..

4-5

……… Consolidated Statements of Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian …………

6

…… Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian ...............................

7-8

………..…. Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian ........

9 - 160

….. Notes to the Consolidated Financial Statements

***************************


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain)

2011

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated) Catatan/ Notes

2010

ASET ASET LANCAR Kas dan setara kas Kas dan setara kas yang dibatasi penggunaannya Piutang usaha Pihak ketiga setelah dikurangi penyisihan kerugian atas penurunan nilai sebesar Rp20.707 pada tanggal 31 Desember 2011 dan Rp36.378 pada tanggal 31 Desember 2010 Pihak-pihak berelasi Piutang lainnya Jasa pertambangan dalam proses Persediaan - setelah dikurangi penyisihan keusangan dan penurunan nilai persediaan usang Rp798 pada tanggal 31 Desember 2011 dan Rp2.277 pada tanggal 31 Desember 2010 Uang muka Beban dibayar dimuka Pajak dibayar dimuka Aset lancar lainnya TOTAL ASET LANCAR ASET TIDAK LANCAR Penyertaan saham Aset pajak tangguhan Aset tetap - setelah dikurangi akumulasi penyusutan sebesar Rp2.283.129 pada tanggal 31 Desember 2011 dan Rp1.890.848 pada tanggal 31 Desember 2010 Taksiran tagihan pajak Goodwill Biaya ekplorasi dan pengembangan tambang ditangguhkan Aset tidak lancar lainnya

ASSETS 1.668.670

2e,2x,4,34,35

433.039

186.577

2f,2x,5,34,35 2h,2x,6,34,35

7.626

1.219.389 186.207 2g,30 161.938 2h,2x,33,34,35 173.613 7

415.693 77.188 26.239 129.049 24.048

2i,2p,8 2j 2x,9,35

4.268.611

301.356 4.399 11.526 62.091 67.335

Third parties net of allowance for impairment of Rp20,707 as of December 31, 2011 and Rp36,378 as of December 31, 2010 Related parties Other receivables Mining services in process Inventories - net of allowance for inventory obsolescence and decline in value of Rp798 as of December 31, 2011 and Rp2,277 as of December 31, 2010 Advances Prepaid expenses Prepaid taxes Other current assets

2.106.194

TOTAL CURRENT ASSETS

918.142 67.096 9.950 223.634

70.222

NON-CURRENT ASSETS Investment in shares of stock Deferred tax assets Fixed assets - net of accumulated depreciation of Rp2,283,129 as of December 31, 2011 and Rp1,890,848 as of December 31, 2010 Estimated claims for tax refund Goodwill Deferred mining exploration and development costs

23.772

Other non-current assets

59.780 156.082

2k,2x,10,35 2t,21e

59.919 134.465

4.007.349 307.172 593.883

2g,2l,2n, 2p,2q,11,30 21a 1c,2c,2o,2p

2.107.655 388.039 -

145.489

2m,12 2j,2o 344.814 2u,2x,13,33,35

CURRENT ASSETS Cash and cash equivalents Restricted cash and cash equivalents Trade receivables

TOTAL ASET TIDAK LANCAR

5.614.569

2.784.072

TOTAL NON-CURRENT ASSETS

TOTAL ASET

9.883.180

4.890.266

TOTAL ASSETS

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.

1


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain)

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued) December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated) Catatan/ Notes

2011

2010

LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang bank jangka pendek Utang usaha Pihak ketiga Pihak-pihak berelasi Utang lainnya Pihak ketiga Pihak-pihak berelasi Utang pajak Beban yang masih harus dibayar Uang muka pelanggan Kewajiban jangka panjang yang jatuh tempo dalam satu tahun: Utang bank jangka panjang Utang sewa pembiayaan Pihak ketiga Pihak berelasi TOTAL LIABILITAS JANGKA PENDEK LIABILITAS JANGKA PANJANG Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam satu tahun: Utang bank jangka panjang Utang sewa pembiayaan Pihak ketiga Pihak berelasi Utang jangka panjang lainnya Pihak berelasi Liabilitas pajak tangguhan Liabilitas imbalan kerja Utang usaha jangka panjang Beban yang masih harus dibayar - setelah dikurangi bagian yang jatuh tempo dalam satu tahun Uang muka pelanggan

LIABILITIES AND EQUITY 493.852

2x,14,34,35 2x,15,34,35

615.875 779.531

2g,30 2x,34,35

46.670 12.889 55.086 231.911 29.442

2g,30 21b 2v,2x,17,34,35 2g,18,30 2x 16,34,35 2l,19,34,35

470.526 197.280 201.759

2g,30

3.134.821

2x 16,34,35 2l,19,34,35

2.831.156 561.350 172.429 33.766 92.194 -

2g,30 2g,20, 30,34,35 2t,21e 2w,29 2g,2x,15,30,35

34.458

2x,17,35 2g,18,30

95.028 194.173

CURRENT LIABILITIES Short-term bank loans Trade payables Third parties Related parties Other payables Third parties Related parties Taxes payable Accrued expenses Advances from customers Current maturities of long-term debts: Long-term bank loans Obligations under finance lease Third parties Related party

2.359.085

TOTAL CURRENT LIABILITIES

292.208 478.751 791.792 37.421 1.102 33.836 282.130 20.831 131.813

NON-CURRENT LIABILITIES Long-term debts - net of current maturities: 715.785

125.874 67.939 56.435

Long-term bank loans Obligations under finance lease Third parties Related party Other long-term loan Related party Deferred tax liabilities Employee benefits liability Long-term trade payable

35.361 34.166

Accrued expenses - net of current maturities Advances from customers

74.981 294.204

TOTAL LIABILITAS JANGKA PANJANG

3.725.353

1.404.745

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITAS

6.860.174

3.763.830

TOTAL LIABILITIES



2


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain)

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued) December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated) Catatan/ Notes

2011

2010

EKUITAS EKUITAS YANG DAPAT DIATRIBUSIKAN KEPADA PEMILIK ENTITAS INDUK Modal saham - nilai nominal Rp500 (dalam angka penuh) per saham pada tanggal tanggal 31 Desember 2011 dan Rp1.000 (dalam angka penuh) pada tanggal 31 Desember 2010 Modal dasar 9.360.000.000 saham pada tanggal 31 Desember 2011 dan 1.651.520.000 saham pada tanggal 31 Desember 2010 Modal ditempatkan dan disetor penuh 2.753.165.000 saham pada tanggal 31 Desember 2011 dan 412.880.000 saham pada tanggal 31 Desember 2010 Tambahan modal disetor - neto Obligasi wajib konversi Selisih nilai transaksi restrukturisasi entitas sepengendali Saldo laba Sub-total Kepentingan nonpengendali

EQUITY EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY Share capital - Rp500 (full amount) par value per share as of December 31, 2011 and Rp1,000 (full amount) as of December 31, 2010 Authorized capital 9,360,000,000 shares as of December 31, 2011 and 1,651,520,000 shares as of December 31, 2010

1.376.583 1.273.719 -

(152.914) 525.038

23 2z,24 2g,2x,22

2c,2d,25

3.022.426 580

1c,2b

412.880 757.120

(152.914) 109.298

Issued and fully paid capital 2,753,165,000 shares as of December 31, 2011 and 412,880,000 shares as of December 31, 2010 Additional paid-in capital - net Mandatory convertible bonds Difference arising from restructuring transactions of entities under common control Retained earnings

1.126.384

Sub-total

52

Non-controlling interests

TOTAL EKUITAS

3.023.006

1.126.436

TOTAL EQUITY

TOTAL LIABILITAS DAN EKUITAS

9.883.180

4.890.266

TOTAL LIABILITIES AND EQUITY



3


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain)

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years ended December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated) Catatan/ Notes

2011

2010

PENJUALAN DAN PENDAPATAN JASA

6.626.275

2g,2r,26

4.486.419

SALES AND SERVICES

BEBAN POKOK PENJUALAN DAN PENDAPATAN JASA

5.244.558

2g,2r,27

3.773.394

COST OF GOODS SOLD AND SERVICES

LABA BRUTO

1.381.717

713.025

GROSS PROFIT

Beban penjualan, umum dan administrasi Pendapatan operasi lainnya Laba (rugi) selisih kurs - bersih Beban operasi lainnya LABA USAHA Bagian atas laba neto entitas asosiasi Pendapatan keuangan Biaya keuangan LABA SEBELUM PAJAK PENGHASILAN

(718.953) 70.864 (64.126) (13.480) 656.022 261 23.743 (215.620)

39.375 12.148

Total beban pajak penghasilan

51.523

RUGI PROFORMA DARI TRANSAKSI RESTRUKTURISASI ENTITAS SEPENGENDALI LABA BERSIH TAHUN BERJALAN

2k,10 2g,30

2t,21c 21e

412.883

-

(463.599) 24.161 44.506 (2.321) 315.772

464.406

BEBAN PAJAK PENGHASILAN Kini Tangguhan

LABA SEBELUM RUGI PROFORMA DARI TRANSAKSI RESTRUKTURISASI ENTITAS SEPENGENDALI

2g,2r,2aa,28 2r,11 2s 2r,11

1c

22.456 (100.811)

Selling, general and administrative expenses Other operating income Gain (loss) on foreign exchange - net Other operating expenses INCOME FROM OPERATIONS Equity in net income of associated company Finance income Finance charges

237.417

INCOME BEFORE INCOME TAX

61.528 4.635

INCOME TAX EXPENSE Current Deferred

66.163

Total income tax expense

171.254

INCOME BEFORE PROFORMA LOSS ARISING FROM RESTRUCTURING TRANSACTIONS OF ENTITIES UNDER COMMON CONTROL

(43.878)

PROFORMA LOSS ARISING FROM RESTRUCTURING TRANSACTIONS OF ENTITIES UNDER COMMON CONTROL

412.883

127.376

NET INCOME FOR THE YEAR

PENDAPATAN KOMPREHENSIF LAIN

-

-

OTHER COMPREHENSIVE INCOME

TOTAL LABA BERSIH KOMPREHENSIF TAHUN BERJALAN

412.883

127.376

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

127.324 52

Net income/total comprehensive income for the year attributable to: Owners of the parent company Non-controlling interests

127.376

TOTAL

Laba bersih/total laba komprehensif tahun berjalan yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan nonpengendali

415.740 (2.857)

TOTAL

412.883

2b



4


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN (lanjutan) Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain) Catatan/ Notes

2011 LABA BERSIH PER SAHAM YANG DAPAT DIATRIBUSIKAN KEPADA PEMILIK ENTITAS INDUK (DALAM ANGKA PENUH) Dasar Dilusian

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued) Years ended December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated)

192 176

2y,31


2010

154 54

EARNINGS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY (FULL AMOUNT) Basic Diluted


5

-

1.376.583

1.273.719

(152.914)

-

-

-

-

(152.914)

-

(9.460)

-

(143.454)

Selisih nilai transaksi restukturisasi entitas sepengendali/ Difference arising from restructuring transactions of entities under common control


1c

-

-

Saldo, 31 Desember 2011

1.273.719

206.583

1b, 23

-

412.880

757.120

22

-

-

-

-

-

-

Tambahan modal disetor - neto/ Additional paid-in-capital - net

Konversi obligasi wajib konversi Penerbitan saham melalui penawaran umum Total laba komprehensif tahun berjalan Kepentingan nonpengendali pada entitas anak yang baru diakuisisi

2d,25

1c

412.880

Modal saham ditempatkan dan disetor penuh/ Issued and fully paid capital


Selisih nilai transaksi restrukturisasi entitas sepengendali Total laba komprehensif tahun berjalan

Modal proforma dari transaksi restrukturisasi entitas sepengendali


Catatan/ Notes

6

-

-

-

-

-

-

-

-

(92.005)

92.005

Modal proforma dari transaksi restrukturisasi entitas sepengendali/ Proforma capital arising from restructuring transactions of entities under common control

525.038

-

415.740

-

-

109.298

127.324

-

-

(18.026)

Saldo laba (defisit)/ Retained earnings (deficit)

3.022.426

-

415.740

1.480.302

-

1.126.384

127.324

(9.460)

(92.005)

1.100.525

580

3.385

(2.857)

-

-

52

-

-

-

52

Kepentingan nonpengendali/ Non-controlling Interests

3.023.006

3.385

412.883

1.480.302

-

1.126.436

127.376

(9.460)

(92.005)

1.100.525

Total ekuitas / Net equity

Balance, December 31, 2011

Balance, December 31, 2010 Conversion of mandatory convertible bonds Issuance of shares through public offering Total comprehensive income for the year Non-controlling interest in newly acquired subsidiary

Balance, December 31, 2009 Proforma capital arising from restructuring transactions of entities under common control Difference arising from restructuring transactions of entities under common control Total comprehensive income for the year


-

-

-

-

(757.120)

757.120

-

-

-

757.120

Obligasi wajib konversi/ Mandatory convertible bonds Total/ Total

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Years ended December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated)

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent company

PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain)



PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain) Catatan/ Notes

2011 ARUS KAS DARI AKTIVITAS OPERASI

Penerimaan dari pelanggan Pembayaran kepada pemasok, karyawan dan lainnya Kas diperoleh dari operasi

Penerimaan dari taksiran tagihan pajak Penerimaan lainnya Penerimaan dari pendapatan bunga Pembayaran bunga Pembayaran pajak penghasilan Pembayaran lainnya Kas neto yang diperoleh dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI Hasil penjualan aset tetap Hasil dari penjualan penyertaan saham Penambahan aset tetap Akuisisi Entitas Anak Deposito berjangka yang digunakan sebagai jaminan pinjaman Penambahan uang muka pembelian aset tetap Penambahan biaya eksplorasi dan pengembangan tambang Penambahan uang muka penyertaan saham Penambahan penyertaan saham Penambahan aset takberwujud Kas neto yang digunakan untuk aktivitas investasi ARUS KAS DARI AKTIVITAS PENDANAAN Perolehan utang bank Penerimaan dari penawaran umum perdana saham - bersih setelah dikurangi biaya penerbitan Pembayaran utang bank Pembayaran utang sewa pembiayaan Pembayaran utang jangka panjang Penambahan dari pihak-pihak berelasi Pembayaran kepada pihak-pihak berelasi Kas neto yang diperoleh dari aktivitas pendanaan

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated)

2010

6.214.820

4.586.444

(5.877.532)

(3.867.027)

337.288 80.867 45.032 23.743 (195.152) (130.223) (13.480)

719.417 21a

148.075

54.773 1.000 (1.532.977) (601.310)

128.286 2.134 22.456 (112.342) (104.006) (43.469) 612.476

5

-

(72.852)

13

-

(56.708)

12,38

(41.711)

13

(328.584) (125.874) -

(9.897) -

(593.461) 166.220

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans Proceeds from initial public offering of shares - net of issuance costs Payments of bank loans Payments of obligations under finance lease Payments of long-term loans Proceeds of loan from related parties

(428.179)

Payments to related parties

1.636.017 1b,24

20

3.510.511

(583.346)

197.251


Net cash provided by operating activities

Net cash used in investing activities

(786.936) -

(175.627)

1.480.302 (855.112)

Receipts from estimated claims for tax refund Receipts from others Receipts from interest income Payments for interest Payments for income taxes Other payments

(983.364)

10 11,38 1c,38

3.339.779

Cash generated from operations

(204.862) (7.426)

25.757

(2.425.412)

Receipts from customers Payments to suppliers, employees and others

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of fixed assets Proceeds from sale of investment in shares of stock Acquisitions of fixed assets Acquisition of Subsidiary Time deposits used as loan collateral Payments of advances for purchases of fixed assets Expenditures for mining exploration and development costs Addition of advance for purchase of investment in shares Acquisition of additional investment in shares of stock Acquisitions of intangible assets

11

-

CASH FLOWS FROM OPERATING ACTIVITIES

Net cash provided by financing activities


7


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN (lanjutan) Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan rupiah, kecuali dinyatakan lain) Catatan/ Notes

2011 KENAIKAN (PENURUNAN) NETO KAS DAN SETARA KAS DAMPAK NETO PERUBAHAN NILAI TUKAR ATAS KAS DAN SETARA KAS

PT ABM INVESTAMA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Years ended December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated)

1.233.174

2.457

2010 (173.637)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(7.899)

NET EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN

433.039

4

614.575

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

KAS DAN SETARA KAS AKHIR TAHUN

1.668.670

4

433.039

CASH AND CASH EQUIVALENTS AT END OF YEAR

Tambahan informasi arus kas disajikan pada Catatan 38.

Supporting cash flow information is presented in Note 38.



8


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.

PT ABM INVESTAMA Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2011 and 2010 (Expressed in millions of rupiah, unless otherwise stated)

UMUM a.

1.

Pendirian Perusahaan

GENERAL a.

The Company’s establishment

PT ABM Investama Tbk (Perusahaan) didirikan berdasarkan Akta Notaris Asih Wahyuni Martaningrum, S.H., No. 01 tanggal 1 Juni 2006 di Depok, Indonesia dengan nama PT Adiratna Bani Makmur. Akta pendirian ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. C-22790.HT.01.01. Tahun 2006 tanggal 3 Agustus 2006.

PT ABM Investama Tbk (the Company) was established based on Notarial Deed No. 01 dated June 1, 2006 of Notary Asih Wahyuni Martaningrum, S.H., in Depok, Indonesia under the name PT Adiratna Bani Makmur. The deed of establishment was approved by the Ministry of Laws and Human Rights of the Republic of Indonesia through Decision Letter No. C-22790.HT.01.01 Year 2006 dated August 3, 2006.

Berdasarkan Akta Notaris Dwi Yulianti, S.H., No. 5 tanggal 31 Agustus 2009, nama Perusahaan diubah dari PT Adiratna Bani Makmur menjadi PT ABM Investama. Perubahan tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-50239.AH.01.02 Tahun 2009 tanggal 16 Oktober 2009.

Based on Notarial Deed No. 5 dated August 31, 2009 of Dwi Yulianti, S.H., the Company’s name was changed from PT Adiratna Bani Makmur to PT ABM Investama. The change was approved by the Minister of Laws and Human Rights of the Republic of Indonesia through Decision Letter No. AHU50239.AH.01.02 Year 2009 dated October 16, 2009.

Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, perubahan terakhir berdasarkan Akta Notaris Aulia Taufani, S.H. No. 163 tanggal 21 Juli 2011, sehubungan dengan Penawaran Umum Saham Perdana Perusahaan kepada masyarakat. Perubahan anggaran dasar terakhir telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-38025.AH.01.02. Tahun 2011 tanggal 28 Juli 2011.

The Company’s Articles of Association have been amended several times, the latest of which was based on Notarial Deed No. 163 dated July 21, 2011 of Aulia Taufani, S.H., in connection with the Initial Public Offering (IPO) of the Company. The latest amendment of the Articles of Association was accepted by the Minister of Law and Human Rights of the Republic of Indonesia in Decree No. AHU38025.AH.01.02. Year 2011 dated July 28, 2011.

Perusahaan berkedudukan di gedung Tiara Marga Trakindo lantai 18, Jl. Cilandak KKO No.1, Jakarta Selatan, Indonesia. Perusahaan mulai beroperasi secara komersial tahun 2006.

The Company is domiciled in Tiara Marga th Trakindo Building, 18 floor, Jl. Cilandak KKO No. 1, South Jakarta, Indonesia. The Company started its commercial operations in 2006.

Sesuai dengan pasal 3 Anggaran Dasar Perusahaan, ruang lingkup kegiatan usaha jasa Perusahaan adalah menjalankan konsultasi manajemen bisnis.

In accordance with Article 3 of the Company’s Articles of Association, the Company’s scope of activities are conducting business management consultancy services.

Valle Verde Pte. Ltd., yang didirikan di Singapura, adalah entitas induk akhir (ultimate parent) dari Perusahaan dan Entitas Anak (secara bersama-sama disebut “Grup”).

Valle Verde Pte. Ltd., incorporated in Singapore, is the ultimate parent of the Company and Subsidiaries (collectively referred to as “the Group”).

9




UMUM (lanjutan) b.

1.

Penawaran umum Perusahaan

b.

Entitas Anak dan Entitas Asosiasi

c.

Nama entitas/ Name of entity

The Subsidiaries and Associated Company The percentages of ownership, either directly or indirectly, of the Company in, and total assets of, the subsidiaries and associated company are as follows:

Persentase kepemilikan Perusahaan, baik secara langsung maupun tidak langsung, dan total aset entitas anak dan entitas asosiasi adalah sebagai berikut:

Ruang lingkup aktivitas/ Scope of activities

The Company’s public offerings On November 24, 2011, the Company obtained the effective statement from the Capital Market and Financial Institution Supervisory Agency (BAPEPAM and Lembaga Keuangan or BAPEPAM-LK) to conduct public offering of its 550,633,000 shares with nominal value of Rp500 (full amount) per share at a price of Rp3,750 (full amount) per share. On December 6, 2011, the Company listed all of its issued shares in the Indonesia Stock Exchange.

Pada tanggal 24 November 2011, Perusahaan memperoleh pernyataan efektif dari Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) untuk melakukan penawaran umum saham kepada masyarakat sebanyak 550.633.000 saham dengan nilai nominal Rp500 (dalam angka penuh) per saham dengan harga Rp3.750 (dalam angka penuh) per saham. Pada tanggal 6 Desember 2011, Perusahaan mencatatkan seluruh saham yang telah diterbitkan di Bursa Efek Indonesia. c.

GENERAL (continued)

Kedudukan, tanggal pendirian/ Domicile, date of establishment

Tahun usaha komersial dimulai/ Year commercial operations started

Persentase kepemilikan/ Percentage of ownership 2011

Total aset sebelum eliminasi/ Total assets before elimination

2010

2011

2010

Entitas Anak/Subsidiaries Kepemilikan langsung:/ Direct ownership: PT Cipta Kridatama (CK)

Kontraktor Pertambangan/ Mining contractor

Jakarta, 8 April 1997/ April 8, 1997

1999

100%

100%

3.384.825

2.190.288

PT Sumberdaya Sewatama (SS)

Penyewaan mesin pembangkit tenaga listrik/ Power engines rental

Jakarta, 31 Januari 1992/ January 31,1992

1992

100%

100%

2.283.863

1.297.272

PT Reswara Minergi Hartama (Reswara)

Perdagangan/ Trading

Jakarta, 19 Oktober 2010/ October 19, 2010

2011

100%

100%

1.145.727

250.576

PT Sanggar Sarana Baja (SSB)

Perencanaan rekayasa mesin, pengembangan, dan pembuatan perlengkapan penunjang alatalat berat dan alat angkut bahan/ Engineering, development and manufacture of heavy equipment attachment and materials handling products

Jakarta, 19 Maret 1977/ March 19, 1977

1977

99,96%

99,96%

1.127.498

819.986

10




UMUM (lanjutan) c.

1.

Entitas Anak dan Entitas Asosiasi (lanjutan)


Ruang lingkup aktivitas/ Scope of activities

GENERAL (continued) c.


The Subsidiaries and Associated Company (continued)




2010

2011

2010

Entitas Anak/Subsidiaries Kepemilikan langsung:/ Direct ownership: Cipta Krida Bahari (CKB)

Jasa logistik/ Logistic services

Jakarta, 9 Mei 1997/ May 9, 1997

1997

100%

100%

478.356

231

PT Pradipa Aryasatya (PAS)

Industri pembangkit listrik energi thermal/ Thermal energy IPP

Jakarta, 13 Mei 2011/ May 13, 2011

-

100%

-

43.523

-

PT Nagata Bisma Shakti (NBS)

Industri pembangkit listrik energi yang terbarukan/ Renewable energy IPP

Jakarta, 13 Mei 2011/ May 13, 2011

-

100%

-

1.026

-

PT Tunas Inti Abadi (TIA)

Pengembangan dan pertambangan sumberdaya, terutama batubara/ Development and mining resources, principally coal

Jakarta, 11 November 2003/ November 11, 2003

2009

100%

100%

820.826

311.253

PT Media Djaya Bersama (MDB)

Perdagangan, pengembangan dan industri/ Trading, development and industry

Jakarta, 6 Mei 2005/ May 6, 2005

-

70%

-

121.772

-

PT Pelabuhan Buana Reja (PBR)

Jasa pengelolaan Pelabuhan/ Port management services

Jakarta, 2 Desember 2010/ December 2, 2010

-

100%

100%

52.264

50.003

PT Mifa Bersaudara (Mifa)

Pertambangan batubara/ Coal mining

Aceh Darusalam, 14 Januari 2002/ January 14, 2002

-

70%

-

47.043

-

PT Bara Energi Lestari (BEL)

Pertambangan batubara/ Coal mining

Aceh Darusalam, 24 Juni 2005/ June 24, 2005

2011

70%

-

12.691

-

Perdagangan dan konstruksi/ General trading and construction

Jakarta, 20 Juni 2011/ June 20, 2011

-

100%

-

5.000

-

Kepemilikan tidak langsung:/ Indirect ownership: Melalui SS:/ Through SS:

Melalui Reswara:/ Through Reswara:

Melalui SSB:/ Through SSB: PT Prima Wiguna Parama (PWP)

11




UMUM (lanjutan) c.

1.



Ruang lingkup Aktivitas/ Scope of activities







2010

2011

2010

Entitas Anak/Subsidiaries Kepemilikan tidak langsung:/ Indirect ownership: Melalui CKB:/ Through CKB: PT Alfa Trans Raya (ATR)

Transportasi laut/ Sea transportation

Jakarta, 28 November 2006/ November 28, 2006

2007

100%

100%

127.265

71.401

PT Baruna Dirga Dharma (BDD)

Transportasi laut domestik/ Domestic sea transportation

Jakarta, 24 Mei 2011/ May 24, 2011

2011

100%

-

74.655

-

Pembangkit tenaga listrik/ Power generation

Jakarta, 31 Januari 2005/ January 31, 2005

2007

12%

20%

-

-

Entitas Asosiasi/ Associated Company PT Metaepsi Pejebe Power Generation (Meppogen)*)

*) Pada tanggal 31 Oktober 2011, investasi di Meppogen terdilusi menjadi 12% (Catatan 10)/As of October 31, 2011, the investment in Meppogen was diluted to become 12% (Note 10).

CK

CK

Berdasarkan Akta Notaris Djumini Setyoadi, SH. M.Kn., No. 18 tanggal 14 Desember 2010, Perusahaan meningkatkan kepemilikan saham di CK sebesar Rp484.475 sehingga pemilikan saham di CK menjadi sebesar 99,99%. Pada tanggal 31 Desember 2011 dan 2010, pemilikan saham Perusahaan bersama dengan pemilikan saham SSB di CK mencerminkan 100% kepemilikan saham di CK. Peningkatan investasi tersebut merupakan transaksi restrukturisasi entitas sepengendali, dan oleh karena itu, dicatat dengan metode penyatuan kepemilikan (pooling-of-interests) sesuai dengan Pernyataan Standar Akuntansi Keuangan (PSAK) No. 38 (Revisi 2004), "Akuntansi Restrukturisasi Entitas Sepengendali".

Based on Notarial Deed No. 18 dated December 14, 2010 of Djumini Setyoadi, SH. M.Kn., the Company increased its investment in CK by Rp484,475 making its equity interest in CK to become 99.99%. As of December 31, 2011 and 2010, the Company’s investment, together with that of SSB, in CK shares represented 100% equity interest in CK. The said increase in the investment constituted a restructuring transaction among entities under common control and, therefore, was accounted for in a manner similar to the pooling-of-interests method in accordance with Statement of Financial Accounting Standards (PSAK) No. 38 (Revised 2004), “Accounting for Restructuring Transaction of Entities under Common Control”.

Reswara

Reswara

Berdasarkan Akta Notaris Justriany Koni, S.H. No. 38 tanggal 19 Oktober 2010, Perusahaan mendirikan Reswara dengan total modal awal yang disetor Rp250.000. Jumlah penyertaan modal Perusahaan bersama dengan kepemilikan saham SSB di Reswara sebesar Rp250.000, mewakili 100% kepemilikan saham.

Based on Notarial Deed No. 38 dated October 19, 2010 of Justriany Koni, S.H., the Company established Reswara with total paid-in capital amounting to Rp250,000. The Company’s investment, together with that of SSB in Reswara, amounted to Rp250,000, representing 100% equity interest.

12




UMUM (lanjutan) c.

1.




Reswara (lanjutan)

Reswara (continued)

Reswara memiliki 99,99% kepemilikan saham atas TIA dan PBR dan 70% atas MDB.

Reswara has 99.99% equity interest in TIA and PBR and 70% in MDB.

PAS

PAS

Berdasarkan Akta Notaris Djumini Setyoadi, S.H., M.Kn., No. 25 tanggal 13 Mei 2011, SS dan SSB mendirikan entitas anak dengan nama PT Pradipa Aryasatya, dengan total modal awal disetor Rp1.000.

Based on Notarial Deed No. 25 dated May 13, 2011 of Djumini Setyoadi, S.H., M.Kn., SS and SSB established a subsidiary under the name PT Pradipa Aryasatya, with total initial paid-in capital of Rp1,000.

NBS

NBS

Berdasarkan Akta Notaris Djumini Setyoadi, S.H., M.Kn., No. 26 tanggal 13 Mei 2011, SS dan SSB mendirikan entitas anak dengan nama PT Nagata Bisma Shakti, dengan total modal awal yang disetor Rp1.000.

Based on Notarial Deed No. 26 dated May 13, 2011 of Djumini Setyoadi, S.H., M.Kn., SS and SSB established a subsidiary under the name PT Nagata Bisma Shakti, with total initial paidin capital of Rp1,000.

TIA

TIA As of December 31, 2011, TIA has mining business rights (Ijin Usaha Pertambangan/ IUP), as follows:

Pada tanggal 31 Desember 2011, TIA memiliki Ijin Usaha Pertambangan (IUP), sebagai berikut:

Lokasi/ Location

Kode Area/ Area Code

Luas (ha)/ Area (ha)

Kusan Hulu dan/and Sungai Loban Sub-district

TB.07 OKTPR 45

718,7

Kusan Hulu dan/and Sungai Loban Sub-district

TB.04 FEBPR 03

2.355,2

IUP Operasi Produksi/ IUP Production Operations

Total Cadangan/ Total Reserves

No. 51.A Tahun 2011 Berlaku sampai 5 Maret 2021/ Valid until March 5, 2021

52,0

(Dalam jutaan ton)- tidak diaudit/ (In million tonnes)- unaudited Produksi untuk Tahun yang Berakhir pada tanggal Akumulasi Total 31 Desember Produksi pada 2011/ tanggal 31 Desember 2011/ Production for the Year Accumulated Total Ended December Production as of 31, 2011 December 31, 2011

1,91

3,08

Sisa Cadangan/ Remaining Reserves

48,92

No. 217 Tahun 2011 Berlaku sampai 16 Maret 2021/ Valid until March 16, 2021

The reserves are based on the results of the survey conducted by PT Runge Indonesia to appraise the reserves of the above areas as described in its report No. ADV-JA03768_TIA_2011 issued in September 2011.

Cadangan didasarkan pada hasil survei yang dilakukan oleh PT Runge Indonesia untuk menilai cadangan dari daerah di atas berdasarkan laporan No. ADV-JA03768_TIA_2011 yang dikeluarkan pada bulan September 2011.

13




UMUM (lanjutan) c.

1.




TIA (lanjutan)

TIA (continued)

TIA telah mendapatkan izin lokasi untuk pembangunan pelabuhan khusus dengan Surat Keputusan No. 95 Tahun 2005 tanggal 3 Juni 2005 dan izin pembangunan pelabuhan khusus dengan Surat Keputusan No. 125 Tahun 2007 tanggal 10 Mei 2007. Kedua izin tersebut dikeluarkan oleh Pemerintah Daerah Tanah Bumbu, yang berlokasi di Desa Sebamban Baru, Kecamatan Sungai Loban, Kabupaten Tanah Bumbu, Kalimantan Selatan mencakup 221 hektar.

TIA has obtained location permit for special port construction based on Decision Letter No. 95 Year 2005 dated June 3, 2005 and special port construction permit based on Decision Letter No. 125 Year 2007 dated May 10, 2007. Both permits issued by the District Head of Tanah Bumbu, located at Sebamban Baru Village, Sungai Loban Sub-district, Tanah Bumbu Regency, South Kalimantan covered 221 hectares.

Pada tanggal 10 Maret 2008, TIA mendapatkan izin operasional dari Pemerintah Daerah Tanah Bumbu dengan Surat Keputusan No. 220 Tahun 2008 untuk menjalankan pelabuhan khusus di Desa Bunati, Kecamatan Angsana, Kabupaten Tanah Bumbu, Kalimantan Selatan. Surat Keputusan ini berlaku sampai dengan tanggal 10 Maret 2013. TIA juga telah memperoleh Persetujuan Pengelolaan Terminal untuk kepentingan sendiri berdasarkan keputusan Menteri Perhubungan No. 483 Tahun 2010 yang berlaku selama terminal dikelola untuk menunjang kegiatan usaha pokok TIA.

On March 10, 2008, TIA obtained operational permit from the District Head of Tanah Bumbu with Decision Letter No. 220 Year 2008 to operate a special port in Bunati Village, Angsana Sub-district, Tanah Bumbu Regency, South Kalimantan. This Decision Letter is valid until March 10, 2013. TIA has also obtained permit No. 483 Year 2010 to Operate Special Port from the Minister of Transportation, which shall be valid as long as the port is used to support TIA’s main business activities.

TIA mengadakan perjanjian “Pinjam Pakai Lahan” dengan PT Hutan Rindang Benua (HRB) pada tanggal 19 Januari 2010, dimana HRB menyetujui untuk meminjamkan area Hutan Tanaman Industri kepada TIA sebesar 1.753,8 hektar yang berlokasi di Kabupaten Tanah Bumbu, Kalimantan Selatan. Perjanjian tersebut berlaku selama umur tambang TIA. Izin mengenai Pinjam Pakai Kawasan Hutan telah mendapat persetujuan dari Menteri Kehutanan berdasarkan Surat Keputusan No. SK.370/Menhut-II/2009 tanggal 23 Juni 2009 dan No.SK.479/Menhut-II/2010 tanggal 24 Agustus 2010.

TIA entered into a “Pinjam Pakai Lahan” agreement dated January 19, 2010 with PT Hutan Rindang Benua (HRB), wherein HRB agreed to lend the Industrial Timber Plantation area to TIA with an area of 1,753.8 hectares located in Tanah Bumbu Regency, South Kalimantan. The agreement is valid during the life of TIA’s mine. The rights of “Pinjam Pakai Kawasan Hutan” have been approved by the Minister of Forestry based on Decision Letters No. SK.370/Menhut-II/2009 dated June 23, 2009 and No. SK.479/MenhutII/2010 dated August 24, 2010.

MDB

MDB

Pada tanggal 10 Juni 2011, PT Agrotama Raya (Agrotama) dan Equity First International Limited (EFIL), keduanya adalah pihak ketiga, menandatangani option agreement, dimana Agrotama memberikan opsi tanpa syarat dan mutlak kepada EFIL untuk membeli 54.250 saham milik Agrotama di MDB yang mewakili 70% dari kepemilikan saham MDB.

On June 10, 2011, PT Agrotama Raya (Agrotama) and Equity First International Limited (EFIL), both third parties, signed an option agreement, whereby Agrotama granted EFIL the unconditional and absolute option to purchase Agrotama’s 54,250 MDB shares, representing 70% equity interest in MDB.

14




UMUM (lanjutan) c.

1.




MDB (lanjutan)

MDB (continued)

Pada tanggal 17 Juni 2011, Reswara, Agrotama dan EFIL menandatangani perjanjian pengalihan dimana EFIL mengalihkan opsi untuk membeli saham MDB diatas kepada Reswara dengan harga pengalihan opsi sebesar USD60.000.000 (setara dengan Rp512.820), yang telah dibayar Reswara kepada EFIL pada tanggal 30 Juni 2011.

On June 17, 2011, Reswara, Agrotama and EFIL signed an assignment agreement whereby EFIL assigned the above option to purchase MDB shares to Reswara for an assignment option price subsequently set at USD60,000,000 (equivalent to Rp512,820), which Reswara paid to EFIL on June 30, 2011.

Selain itu, pada tanggal 17 Juni 2011, Reswara, Agrotama dan EFIL menandatangani perjanjian jual beli saham bersyarat, dimana Agrotama setuju untuk mengalihkan saham MDB yang disebutkan di atas kepada Reswara dengan harga USD10.000.000 (setara dengan Rp86.095), yang telah dibayar Reswara sepenuhnya kepada Agrotama pada tanggal 27 Juni 2011. Berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.Kn., No. 167 tanggal 28 Juni 2011, Reswara memiliki 54.250 saham MDB.

Also, on June 17, 2011, Reswara, Agrotama and EFIL signed a conditional shares sale and purchase agreement, whereby Agrotama agreed to transfer the above-mentioned MDB shares to Reswara for a total purchase price of USD10,000,000 (equivalent to Rp86,095), which Reswara fully paid to Agrotama on June 27, 2011. Based on Notarial Deed No. 167 dated June 28, 2011 of Humberg Lie, S.H., S.E., M.kn., Reswara owns a total of 54,250 shares of MDB.

Total biaya perolehan saham MDB adalah sebesar USD70.000.000 (setara dengan Rp601.915). Sehubungan dengan akuisisi saham MDB, Reswara mengakui goodwill sebesar Rp593.883 dalam laporan posisi keuangan konsolidasian tahun 2011.

Total cost of the investment in MDB shares amounted to USD70,000,000 (equivalent to Rp601,915). In connection with the acquisition of MDB shares, Reswara recognized goodwill amounting to Rp593,883 in the 2011 consolidated statement of financial position.

Nilai wajar aset teridentifikasi yang diperoleh dan liabilitas yang diambil alih dari akuisisi di atas beserta nilai tercatat goodwil yang timbul merupakan jumlah sementara menunggu penyelesaian penilaian nilai wajar aset dan liabilitas tersebut (Catatan 2c).

The fair values of the identifiable assets acquired and liabilities assumed from the above transaction, and the resulting goodwill are provisional pending receipt of the final valuations of the fair values of those assets and liabilities (Note 2c).

PBR

PBR

Berdasarkan Akta Notaris Justriany Koni, S.H., No. 3 tanggal 2 Desember 2010, Reswara bersama dengan SSB mendirikan PBR dengan total penyertaan modal sebesar Rp50.000. Jumlah penyertaan Reswara, bersama dengan penyertaan SSB pada PBR, adalah sebesar Rp50.000, mewakili 100% kepemilikan saham.

Based on Notarial Deed No. 3 dated December 2, 2010 of Justriany Koni, S.H., Reswara, together with SSB, established PBR with total paid-in capital amounting to Rp50,000. Reswara’s investment, together with that of SSB in PBR, amounted to Rp50,000, representing equity interest of 100%.

15




UMUM (lanjutan) c.

1.




Mifa

Mifa

Mifa adalah entitas anak dari MDB, yang memiliki 99,997% dari total saham yang dikeluarkan Mifa.

Mifa is a subsidiary of MDB, which owns 99.997% of Mifa’s total issued shares.

Pada tanggal 31 Desember memiliki IUP, sebagai berikut:

As of December 31, 2011, Mifa has IUP, as follows:

2011,

Lokasi/ Location



Meureubo, Aceh Barat

KW 020505/MB

3.134

Mifa

IUP Operasi Produksi/ IUP Production Operations No. 117.b Tahun 2011 Berlaku sampai 13 April 2025/ Valid until April 13, 2025

Total Cadangan/ Total Reserves 150,00

(Dalam jutaan ton)- tidak diaudit/ (In million tonnes)- unaudited Produksi untuk Tahun yang Berakhir pada tanggal Akumulasi Total 31 Desember Produksi pada 2011/ tanggal 31 Desember 2011/ Production for the Year Accumulated Total Ended Production as of December 31, December 31, 2011 2011 -

-

Sisa Cadangan/ Remaining Reserves 150,00

Cadangan didasarkan pada hasil survei yang dilakukan oleh PT Runge Indonesia untuk menilai cadangan dari daerah di atas berdasarkan laporan No. ADV-JA03770_MDB_2011 yang dikeluarkan pada tanggal 22 Juli 2011.

The reserves are based on the results of the survey conducted by PT Runge Indonesia to appraise the reserves of the above area as described in its report No. ADV-JA03770_MDB_2011 issued on July 22, 2011.

Mifa memegang Izin Eksplorasi No. 157 tanggal 30 Agustus 2003 untuk wilayah pertambangan 3.000 hektar di Meureubo dan Kecamatan Kaway XVI, Kabupaten Aceh Barat, Nanggroe Aceh Darussalam; Izin Pertambangan Eksploitasi No. 96 tanggal 1 Agustus 2005; dan Izin untuk Mengangkut dan Menjual Barang Tambang No. 95 tanggal 1 Agustus 2005 dari Bupati Aceh Barat.

Mifa holds Exploration Permit No. 157 dated August 30, 2003 for a mining area of 3,000 hectares at Meureubo and Kaway XVI Subdistricts, West Aceh Regency, Nanggroe Aceh Darussalam; Mining Exploitation Permit No. 96 dated August 1, 2005; and Permit for Transfer and Selling for Mining No. 95 dated August 1, 2005 from the Regent of West Aceh.

Mifa juga memiliki izin lokasi untuk wilayah penambangan batubara seluas 3.134 hektar di Meureubo dan Kecamatan Kaway XVI, Kabupaten Aceh Barat, Nanggroe Aceh Darussalam yang terakhir diubah berdasarkan Surat Keputusan Bupati Aceh Barat No. 179 Tahun 2008, tanggal 31 Mei 2008.

Mifa also has a location permit for a coal mining area of 3,134 hectares in Meureubo and Kaway XVI Sub-districts, West Aceh Regency, Nanggroe Aceh Darussalam which was last amended based on Decision Letter No. 179 Year 2008 dated May 31, 2008 of the Regent of West Aceh.

16




UMUM (lanjutan) c.

1.




Mifa (lanjutan)

Mifa (continued)

Pada tanggal 13 April 2010, Mifa memperoleh IUP dari Bupati Aceh Barat berdasarkan Surat Keputusan No. 124 Tahun 2010 untuk melakukan konstruksi, produksi, memuat dan menjual, dan pengolahan dan pemurnian di lahan IUP untuk periode lima tahun yang berakhir pada tanggal 13 April 2015. Berdasarkan Surat Keputusan Bupati Aceh Barat No. 117.b Tahun 2011 tanggal 30 Maret 2011, izin ini telah disesuaikan untuk periode 20 tahun yang berakhir pada tanggal 13 April 2025.

On April 13, 2010, Mifa obtained IUP from the Regent of West Aceh based on Decision Letter No. 124 Year 2010 to conduct construction, production, loading and selling, and processing and purifying in the area of the IUP for a period of five years ending on April 13, 2015. Based on Decision Letter No. 117.b Year 2011 dated March 30, 2011 from the Regent of West Aceh, this permit has been adjusted to become effective for a period of 20 years ending on April 13, 2025.

BEL

BEL

BEL adalah entitas anak dari MDB, dengan kepemilikan 99,995% dari jumlah saham yang dikeluarkan BEL.

BEL is a subsidiary of MDB, which owns 99.995% of BEL’s total issued shares.

Pada tanggal 31 Desember memiliki IUP, sebagai berikut:

As of December 31, 2011, BEL has IUP, as follows:

Lokasi/ Location Seunagan dan/and Suka Makmue, Nagan Raya


KW Sng 01 Ep 2007

2011,


1.495

BEL

IUP Operasi Produksi/ IUP Production Operations No. 545/41/SK/IUPOP/2010 Tahun 2011 Berlaku sampai 26 September 2017/ Valid until September 26, 2017

Total Cadangan/ Total Reserves

19,00

(Dalam jutaan ton)- tidak diaudit/ (In million tonnes)- unaudited Produksi untuk Tahun yang Berakhir Akumulasi Total pada tanggal Produksi pada 31 Desember tanggal 2011/ 31 Desember 2011/ Production Accumulated Total for the Year Production as of Ended December 31, December 31, 2011 2011

0,03

0,03

Sisa Cadangan/ Remaining Reserves

18,97

Cadangan didasarkan pada hasil survei yang dilakukan oleh PT Runge Indonesia untuk menilai cadangan dari daerah di atas berdasarkan laporan No. ADV-JA03770_MDB_2011 yang dikeluarkan pada tanggal 22 Juli 2011.

The reserves are based on the results of the survey conducted by PT Runge Indonesia to appraise the reserves of the above area as described in its report No. ADV-JA03770_MDB_2011 issued on July 22, 2011.

Berdasarkan Keputusan Kabupaten Nagan Raya No. 545/41/SK/IUP-OP/2010 tanggal 18 Maret 2010, BEL telah memperoleh persetujuan untuk perubahan izin pertambangan eksploitasi menjadi IUP yang berlaku hingga tanggal 26 September 2017.

Based on Nagan Raya Regency Decree No. 545/41/SK/IUP-OP/2010 dated March 18, 2010, BEL has obtained an approval for a change of its mining exploitation right to become IUP which is valid until September 26, 2017.

17




UMUM (lanjutan) c.

1.




PWP

PWP

Berdasarkan Akta Notaris Djumini Setyoadi, S.H., M.Kn. No. 31 tanggal 20 Juni 2011, SSB dan CKB mendirikan entitas anak dengan nama PT Prima Wiguna Parama, dengan total modal awal yang disetor Rp5.000.

Based on Notarial Deed No. 31 dated June 20, 2011 of Djumini Setyoadi, S.H., M.Kn., SSB and CKB established a subsidiary under the name PT Prima Wiguna Parama, with total initial paid-in capital of Rp5,000.

ATR

ATR

Berdasarkan Akta Notaris Justriany Koni, S.H., No. 20 tanggal 28 September 2010, ATR menerima tambahan setoran modal dari CKB sebesar Rp10.000 pada bulan September 2010.

Based on Notarial Deed No. 20 dated September 28, 2010 of Justriany Koni, S.H., ATR received additional capital contribution from CKB amounting to Rp10,000 in September 2010.

Berdasarkan Akta Notaris Djumini Setyoadi, S.H., M.Kn., No. 7 tanggal 1 Juni 2011, ATR meningkatkan modal dasar menjadi Rp180.000 dan menerima tambahan setoran modal dari CKB sebesar Rp25.000 pada bulan Juni 2011.

Based on Notarial Deed No. 7 dated June 1, 2011 of Djumini Setyoadi, S.H., M.Kn., ATR increased its authorized capital to Rp180,000 and received additional capital contribution from CKB amounting to Rp25,000 in June 2011.

BDD

BDD

Berdasarkan Akta Notaris Djumini Setyoadi, S.H., M.Kn., No. 44 tanggal 24 Mei 2011, CKB dan SS mendirikan entitas anak dengan nama PT Baruna Dirga Dharma, dengan total modal awal disetor Rp1.000.

Based on Notarial Deed No. 44 dated May 24, 2011 of Djumini Setyoadi, S.H., M.Kn., CKB and SS established a subsidiary under the name PT Baruna Dirga Dharma, with total initial paid-in capital of Rp1,000.

Berdasarkan Akta Notaris Djumini Setyoadi, S.H., M.Kn., No. 7 tanggal 25 Agustus 2011, BDD meningkatkan modal dasar menjadi Rp252.000 dan menerima tambahan setoran modal dari CKB sebesar Rp62.000 pada bulan Agustus 2011.

Based on Notarial Deed No.7 dated August 25, 2011 of Djumini Setyoadi, S.H., M.Kn., BDD increased its authorized capital to Rp252,000 and received additional capital contribution from CKB amounting to Rp62,000 in August 2011.

Meppogen

Meppogen

Berdasarkan Akta Notaris Andreas, S.H., LL.M., No. 36 pada tanggal 24 November 2010, SS mengakuisisi 27.900 saham (dengan nilai nominal Rp1.000.000 [dalam angka penuh] per saham) Meppogen dari PT Widjaja Tunggal Sejahtera, pihak ketiga, sebesar USD6.500.000 (setara dengan Rp59.519), yang mewakili 20% kepemilikan di Meppogen.

Based on Notarial Deed No. 36 dated November 24, 2010 of Andreas, S.H., LL. M., SS acquired 27,900 shares (at par value of Rp1,000,000 [full amount] per share) of Meppogen from PT Widjaja Tunggal Sejahtera, a third party, amounting to USD6,500,000 (equivalent to Rp59,519), representing 20% equity interest in Meppogen.

Pada tanggal 31 saham Meppogen pinjamannya, kepemilikan SS di 12%.

On October 31, 2011, the other shareholders of Meppogen converted their convertible loans which diluted the equity interest of SS in Meppogen to 12%.

Oktober 2011, pemegang lainnya melakukan konversi yang mengakibatkan Meppogen terdilusi menjadi

18




UMUM (lanjutan) d.

1.

Dewan Komisaris dan Direksi, Komite Audit dan karyawan

GENERAL (continued) d.

Boards of Commissioners and Directors, Audit Committee and employees The composition of the Boards of Commissioners and Directors of the Company as of December 31, 2011 and 2010 is as follows:

Susunan Dewan Komisaris dan Direksi Perusahaan pada tanggal-tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut: 2011

2010

Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen

Board of Commissioners Rachmat Mulyana Hamami

Rachmat Mulyana Hamami

Mivida Hamami Erry Riyana Hardjapamekas

Mivida Hamami

2011

2010

-

Direksi Direktur Utama

President Commissioner Commissioner Independent Commissioner

Board of Directors Achmad Ananda Djajanegara


Direktur



Director

Direktur

Syahnan Poerba

Syahnan Poerba

Director

Direktur

Yovie Priadi

-

Director

President Director

Berdasarkan Pernyataan Keputusan Para Pemegang Saham, yang telah diaktakan dengan Akta Notaris No. 25 tanggal 24 Januari 2011 dari Notaris Djumini Setyoadi, S.H., M.Kn., para pemegang saham menyetujui pengangkatan Yovie Priadi sebagai Direktur.

Based on the Circular Resolution of Shareholders, as notarized under Deed No. 25 dated January 24, 2011 of Djumini Setyoadi, S.H., M.kn., the shareholders approved the appointment of Yovie Priadi as Director.

Berdasarkan Pernyataan Keputusan Para Pemegang Saham, yang telah diaktakan dengan Akta Notaris No. 4 tanggal 14 Desember 2010 dari Notaris Djumini Setyoadi, S.H., M.Kn., para pemegang saham menyetujui pengangkatan Rachmat Mulyana Hamami sebagai Komisaris Utama.

Based on the Circular Resolution of Shareholders, as notarized under Deed No. 4 dated December 14, 2010 of Djumini Setyoadi, S.H., M.kn., the shareholders approved the appointment of Rachmat Mulyana Hamami as President Commissioner.

Berdasarkan Surat Keputusan Dewan Komisaris tanggal 9 November 2011, Dewan menyetujui Komisaris Perusahaan pembentukan Komite Audit Perusahaan sehubungan dengan perubahan status Perusahaan dari perusahaan tertutup menjadi perusahaan publik sesuai dengan peraturan BAPEPAM-LK.

Based on the Board of Commissioners’ Decision Letter dated November 9, 2011, the commissioners approved the establishment of the Audit Committee relating to the change in the Company’s status from a private company to a public company in accordance with the regulation of BAPEPAM-LK.

19




UMUM (lanjutan) d.

1.

Dewan Komisaris dan Direksi, Komite Audit dan karyawan (lanjutan)

GENERAL (continued) d.

The composition of the Company’s Audit Committee as of December 31, 2011 is as follows:

Susunan Komite Audit Perusahaan pada tanggal 31 Desember 2011 adalah sebagai berikut: Ketua

2.


Chairman

Anggota

Andradiet I.J Alis

Member

Anggota

Lucy

Member

Berdasarkan Surat Keputusan Dewan Direksi No. ABM-BOD/092/BOD/09/2011 tanggal 21 September 2011, Direksi menyetujui pengangkatan Bernando Agustono Mochtar sebagai Ketua Internal Audit.

Based on the Board of Directors’ Decision Letter No. ABM-BOD/092/BOD/09/2011 dated September 21, 2011, the directors approved the appointment of Bernando Agustono Mochtar as Internal Audit Chairman.

Grup mempunyai jumlah karyawan tetap masing-masing adalah 4.752 dan 4.067 (tidak diaudit) pada tanggal 31 Desember 2011 dan 2010.

The Group had a total of 4,752 and 4,067 (unaudited) permanent employees as of December 31, 2011 and 2010, respectively.

IKHTISAR KEBIJAKAN AKUNTANSI PENTING a.

Boards of Commissioners and Directors, Audit Committee and employees (continued)

Dasar penyusunan konsolidasian

laporan

2.

keuangan

SUMMARY POLICIES a.

OF

SIGNIFICANT

ACCOUNTING

Basis of preparation of the consolidated financial statements

Laporan keuangan konsolidasian telah disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia (SAK), yang mencakup Pernyataan Standar Akuntansi Keuangan (PSAKs) dan Interpretasi Standar Akuntansi Keuangan (ISAKs) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia, serta Peraturan No. VIII.G.7 yang terdapat di dalam Peraturan dan Pedoman Penyajian dan Pengungkapan Laporan Keuangan yang diterbitkan oleh BAPEPAMLK. Seperti diungkapkan dalam catatancatatan terkait di bawah ini. beberapa standar akuntansi yang telah direvisi dan diterbitkan, diterapkan efektif tanggal 1 Januari 2011 secara prospektif atau retrospektif.

The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (SAK), which comprise the Statements of Financial Accounting Standards (PSAKs) and Interpretations to Financial Acccounting Standards (ISAKs) issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants, and Rule No. VIII.G.7 on the Regulations and the Guidelines on Financial Statement Presentation and Disclosures issued by the BAPEPAM-LK. As disclosed further in the relevant succeeding notes, several amended and published accounting standards were adopted effective January 1, 2011, prospectively or retrospectively.

Laporan keuangan konsolidasian disusun sesuai dengan PSAK No. 1 (Revisi 2009), “Penyajian Laporan Keuangan” yang diterapkan pada tanggal 1 Januari 2011.

The consolidated financial statements are prepared in accordance with PSAK No. 1 (Revised 2009), “Presentation of Financial Statements”, adopted on January 1, 2011.

20




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) a.

Dasar penyusunan laporan konsolidasian (lanjutan)

2.

keuangan

SUMMARY OF SIGNIFICANT POLICIES (continued) a.

ACCOUNTING

Basis of preparation of the consolidated financial statements (continued)

PSAK No. 1 (Revisi 2009) mengatur penyajian laporan keuangan, yaitu antara lain, tujuan pelaporan, komponen laporan keuangan, penyajian secara wajar, materialitas dan agregasi, saling hapus, perbedaan antara aset lancar dan tidak lancar dan kewajiban jangka pendek dan jangka panjang, informasi komparatif, konsistensi penyajian dan memperkenalkan pengungkapan baru, antara lain, sumber estimasi ketidakpastian dan pertimbangan, pengelolaan permodalan, pendapatan komprehensif lain, penyimpangan dari standar akuntansi keuangan, dan pernyataan kepatuhan.

PSAK No. 1 (Revised 2009) regulates the presentation of financial statements as to, among others, the objective, components of financial statements, fair presentation, materiality and aggregation, offsetting, distinction between current and non-current assets and liabilities, comparative information and consistency, and introduces new disclosures, such as key estimations and other management, judgments, capital comprehensive income, departures from accounting standards and statement of compliance.

Penerapan PSAK No. 1 (Revisi 2009) tersebut memberikan pengaruh yang signifikan bagi penyajian dan pengungkapan terkait dalam laporan keuangan konsolidasian.

The adoption of PSAK No. 1 (Revised 2009) has significant impact on the related presentation and disclosures in the consolidated financial statements.

Kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian adalah selaras dengan kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2010, kecuali bagi penerapan beberapa SAK yang telah direvisi efektif sejak tanggal 1 Januari 2011 seperti yang diungkapkan pada catatan ini.

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those made in the preparation of the Group’s consolidated financial statements for the year ended December 31, 2010, except for the adoption of several amended PSAKs effective January 1, 2011 as disclosed in this note.

Laporan keuangan konsolidasian disusun berdasarkan konsep akrual, dan dasar pengukuran dengan menggunakan konsep biaya historis, kecuali untuk akun tertentu yang diukur dengan menggunakan dasar seperti yang disebutkan dalam catatan yang relevan.

The consolidated financial statements have been prepared using the accrual basis, and the measurement basis used is historical cost, except for certain accounts which are measured on the bases as described in the relevant notes herein.

Laporan arus kas konsolidasian, menyajikan penerimaan dan pengeluaran kas dan setara kas yang diklasifikasikan ke dalam aktivitas operasi, investasi dan pendanaan dengan menggunakan metode langsung.

The consolidated statements of cash flows present cash receipts and payments classified into operating, investing and financing activities using the direct method.

Efektif tanggal 1 Januari 2011, Perusahaan telah menerapkan PSAK No. 2 (Revisi 2009), "Laporan Arus Kas", yang menggantikan PSAK No. 2 dengan judul yang sama. Penerapan PSAK No. 2 (Revisi 2009) tidak memiliki dampak yang signifikan terhadap laporan keuangan konsolidasian.

Effective January 1, 2011, the Company has adopted PSAK No. 2 (Revised 2009), “Statement of Cash Flows”, which superseded PSAK No. 2 with the same title. The implementation of PSAK No. 2 (Revised 2009) does not have significant impact on the consolidated financial statements.

Mata uang pelaporan yang digunakan dalam laporan keuangan konsolidasian adalah Rupiah.

The reporting currency used in consolidated financial statements is Indonesian rupiah.

21

the the




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) b.

2.

Prinsip-prinsip konsolidasi

SUMMARY OF SIGNIFICANT POLICIES (continued) b.

ACCOUNTING

Principles of consolidation

Sejak 1 Januari 2011

From January 1, 2011

Efektif 1 Januari 2011, Grup menerapkan PSAK No. 4 (Revisi 2009), “Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri”, kecuali beberapa hal berikut yang diterapkan secara prospektif: (i) rugi entitas anak yang menyebabkan saldo defisit bagi kepentingan nonpengendali (KNP); (ii) kehilangan pengendalian pada entitas anak; (iii) perubahan kepemilikan pada entitas anak yang tidak mengakibatkan hilangnya pengendalian; (iv) hak suara potensial dalam menilai keberadaan pengendalian; dan (v) konsolidasian atas entitas anak yang dibatasi oleh restriksi jangka panjang.

Effective January 1, 2011, the Group adopted PSAK No. 4 (Revised 2009), “Consolidated and Separate Financial Statements”, except for the following items that were applied prospectively: (i) losses of a subsidiary that result in a deficit balance to non-controlling interests (NCI); (ii) loss of control over a subsidiary; (iii) change in the ownership interest in a subsidiary that does not result in a loss of control; (iv) potential voting rights in determining the existence of control; and (v) consolidation of a subsidiary that is subject to long-term restriction.

PSAK No. 4 (Revisi 2009) mengatur penyusunan dan penyajian laporan keuangan konsolidasian untuk sekelompok entitas yang berada dalam pengendalian suatu entitas induk, dan akuntansi untuk investasi pada entitas anak, pengendalian bersama entitas, dan entitas asosiasi ketika laporan keuangan tersendiri disajikan sebagai informasi tambahan.

PSAK No. 4 (Revised 2009) provides for the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent, and the accounting for investments in subsidiaries, jointly controlled entities and associated entities when separate financial statements are presented as additional information.

Seperti diuraikan pada bagian ini, penerapan PSAK No. 4 (Revisi 2009) tersebut memberikan pengaruh yang signifikan terhadap pelaporan keuangan, termasuk pengungkapan terkait, dalam laporan keuangan konsolidasian.

As described herein, the adoption of PSAK No. 4 (Revised 2009) has a significant impact on the financial reporting, including the related disclosures, in the consolidated financial statements.

Laporan keuangan konsolidasian meliputi laporan keuangan entitas anak (CK, SS, Reswara, SSB, CKB, PAS, NBS, TIA, MDB, PBR, Mifa, BEL, PWP, ATR dan BDD) dimana Perusahaan, baik secara langsung atau tidak langsung, memiliki lebih dari 50% kepemilikan saham.

The consolidated financial statements include the accounts of the subsidiaries (CK, SS, Reswara, SSB, CKB, PAS, NBS, TIA, MDB, PBR, Mifa, BEL, PWP, ATR and BDD) in which the Company owns more than 50% share ownership, either directly or indirectly.

Semua akun dan transaksi antar Perusahaan yang material, termasuk keuntungan atau kerugian yang belum direalisasi, jika ada, dieliminasi untuk mencerminkan posisi keuangan dan hasil operasi Grup sebagai satu kesatuan usaha.

All material intercompany accounts and transactions, including unrealized gains or losses, if any, are eliminated to reflect the financial position and the results of operations of the Group as one business entity.

22





2.

Prinsip-prinsip konsolidasi (lanjutan)


ACCOUNTING

Principles of consolidation (continued)

Sejak 1 Januari 2011 (lanjutan)

From January 1, 2011 (conitnued)

Entitas Anak dikonsolidasi secara penuh sejak tanggal akuisisi, yaitu tanggal Perusahaan memperoleh pengendalian, sampai dengan tanggal entitas induk kehilangan pengendalian. Pengendalian dianggap ada ketika Perusahaan memiliki secara langsung atau tidak langsung melalui Entitas Anak, lebih dari setengah kekuasaan suara suatu entitas.

Subsidiaries are fully consolidated from the dates of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date such control ceases. Control is presumed to exist if the Company owns, directly or indirectly through Subsidiaries, more than half of the voting power of an entity.

Pengendalian juga ada ketika Perusahaan memiliki setengah atau kurang kekuasaan suara suatu entitas jika terdapat:

Control also exists when the Company owns half or less of the voting power of an entity when there is:

a) kekuasaan yang melebihi setengah hak suara sesuai perjanjian dengan investor lain; b) kekuasaan untuk mengatur kebijakan keuangan dan operasional entitas berdasarkan anggaran dasar atau perjanjian; c) kekuasaan untuk menunjuk atau mengganti sebagian besar direksi atau organ pengatur setara dan mengendalikan entitas melalui direksi atau organ tersebut; atau d) kekuasaan untuk memberikan suara mayoritas pada rapat dewan direksi atau organ pengatur setara dan mengendalikan entitas melalui direksi atau organ tersebut.

a) b)

c)

d)

power over more than half of the voting rights by virtue of an agreement with other investors; power to govern the financial and operating policies of the entity under a statute or an agreement; power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.

Rugi entitas anak yang tidak dimiliki secara penuh diatribusikan pada KNP bahkan jika hal ini mengakibatkan KNP mempunyai saldo defisit.

Losses of a non-wholly owned subsidiary are attributed to the NCI even if such losses result in a deficit balance for the NCI.

Jika kehilangan pengendalian atas suatu entitas anak, maka Perusahaan: menghentikan pengakuan aset (termasuk setiap goodwill) dan liabilitas entitas anak; menghentikan pengakuan jumlah tercatat setiap KNP; menghentikan pengakuan akumulasi selisih penjabaran, yang dicatat di ekuitas, bila ada; mengakui nilai wajar pembayaran yang diterima; mengakui setiap sisa investasi pada nilai wajarnya; mengakui setiap perbedaan yang dihasilkan sebagai keuntungan atau kerugian dalam laporan laba rugi; dan mereklasifikasi bagian entitas induk atas komponen yang sebelumnya diakui sebagai pendapatan komprehensif ke laporan laba rugi atau ke saldo laba.

In case of loss of control over a subsidiary, the Company: derecognizes the assets (including goodwill) and liabilities of the subsidiary; derecognizes the carrying amount of any NCI; derecognizes the cumulative translation differences, recorded in equity, if any; -

23

recognizes the fair value of the consideration received; recognizes the fair value of any investment retained; recognizes any surplus or deficit in profit or loss; and, reclassifies its share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate.





2.

Prinsip-prinsip konsolidasi (lanjutan)


ACCOUNTING

Principles of consolidation (continued)


From January 1, 2011 (conitnued)

KNP mencerminkan bagian atas laba atau rugi dan aset neto dari entitas-entitas anak yang tidak dapat diatribusikan secara langsung maupun tidak langsung oleh Perusahaan, yang masing-masing disajikan dalam laporan laba rugi komprehensif konsolidasian dan dalam ekuitas pada laporan posisi keuangan konsolidasian, terpisah dari bagian yang dapat diatribusikan kepada pemilik entitas induk.

NCI represent the portion of the profit or loss and net assets of the Subsidiaries attributable to equity interests that are not owned directly or indirectly by the Company, which are presented in the consolidated statements of comprehensive income and under the equity section of the consolidated statements of financial position, respectively, separately from the corresponding portion attributable to the owners of the parent company.

Sebelum 1 Januari 2011

Prior to January 1, 2011

Proporsi bagian pemilikan pemegang saham minoritas atas aset bersih dan laba atau rugi bersih entitas anak konsolidasian sebelumnya disajikan sebagai "Hak Minoritas atas Aset Neto Entitas Anak" pada laporan posisi keuangan konsolidasian dan sebagai "Hak Minoritas di Laba (Rugi) Neto Entitas Anak" pada laporan laba rugi komprehensif konsolidasian.

The proportionate shares of minority shareholders in net assets and net income or loss of the consolidated subsidiaries were previously presented as “Minority Interest in Net Assets of Subsidiaries” in the consolidated statements of financial position and as “Minority Interest in Net Income (Loss) of Subsidiaries” in the consolidated statements of comprehensive income.

Kerugian yang menjadi bagian pemegang saham minoritas pada suatu Entitas Anak dapat melebihi bagiannya dalam modal disetor. Kelebihan tersebut dan kerugian lebih lanjut yang menjadi bagian pemegang saham minoritas, dibebankan pada Perusahaan sebagai pemegang saham mayoritas, kecuali apabila pemegang saham minoritas memiliki kepentingan jangka panjang lainnya pada Entitas Anak tersebut atau terdapat kewajiban yang mengikat untuk menutupi kerugian tersebut dan pemegang saham minoritas mampu memenuhi kewajibannya. Apabila pada tahun selanjutnya Entitas Anak melaporkan laba, maka laba tersebut terlebih dahulu dialokasikan kepada Perusahaan sebagai pemegang saham mayoritas sampai seluruh bagian kerugian pemegang saham minoritas yang di bebankan pada Perusahaan terpulihkan.

The losses applicable to the minority interests in a Subsidiary may have exceeded the minority interests in the equity of the Subsidiary. The excess and any further losses applicable to the minority interests were absorbed by the Company as the majority shareholder, except to the extent that the minority interests had other long-term interest in the related Subsidiary or had binding obligations for, and were able to make good of, the losses. If the Subsidiary subsequently reported profits, all such profits were allocated to the majority interest holder, in this case, the Company, until the minority interests’ share of losses previously absorbed by the Company were recovered.

24




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) c.

2.

Kombinasi bisnis

SUMMARY OF SIGNIFICANT POLICIES (continued) c.

ACCOUNTING

Business combinations

Sejak 1 Januari 2011

From January 1, 2011

Efektif 1 Januari 2011, Grup menerapkan secara prospektif PSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”, yang diterapkan bagi kombinasi bisnis yang terjadi pada atau setelah awal tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2011.

Effective January 1, 2011, the Group prospectively adopted PSAK No. 22 (Revised 2010), “Business Combinations”, applicable for business combinations that occur on or after the beginning of a financial year commencing on or after January 1, 2011.

PSAK No. 22 (Revisi 2010) menjelaskan transaksi atau peristiwa lain yang memenuhi definisi kombinasi bisnis guna meningkatkan relevansi, keandalan, dan daya banding informasi yang disampaikan entitas pelapor dalam laporan keuangannya tentang kombinasi bisnis dan dampaknya.

PSAK No. 22 (Revised 2010) stipulates the nature of a transaction or other event that meets the definition of a business combination to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects.

Seperti diuraikan pada bagian ini, penerapan PSAK No. 22 (Revisi 2010) tersebut tidak memberikan pengaruh yang signifikan terhadap pelaporan keuangan, termasuk pengungkapan terkait, dalam laporan keuangan konsolidasian.

As described herein, the adoption of PSAK No. 22 (Revised 2010) did not have a significant impact on the financial reporting, including the related disclosures, in the consolidated financial statements.

dicatat dengan bisnis Kombinasi menggunakan metode akuisisi. Biaya perolehan dari sebuah akuisisi diukur pada nilai agregat imbalan yang dialihkan, diukur pada nilai wajar pada tanggal akuisisi, dan jumlah setiap KNP pada pihak yang diakuisisi. Untuk setiap kombinasi bisnis, pihak pengakuisisi mengukur KNP pada entitas yang diakuisisi baik pada nilai wajar ataupun pada proporsi kepemilikan KNP atas aset neto yang teridentifikasi dari entitas yang diakuisisi. Biaya-biaya akuisisi yang timbul dibebankan langsung dan disajikan dalam “Beban Penjualan, Umum dan Administrasi”.

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition-date fair value, and the amount of any NCI in the acquiree. For each business combination, the acquirer measures the NCI in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Transaction costs incurred are directly expensed and included in “Selling, General and Administrative Expenses”.

Ketika melakukan akuisisi atas sebuah bisnis, Grup mengklasifikasikan dan menentukan aset keuangan yang diperoleh dan liabilitas keuangan yang diambil alih berdasarkan pada persyaratan kontraktual, kondisi ekonomi dan kondisi terkait lain yang ada pada tanggal akuisisi. Hal ini termasuk pengelompokan derivatif melekat dalam kontrak utama oleh pihak yang diakuisisi.

When the Group acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

25





2.

Kombinasi bisnis (lanjutan)


ACCOUNTING

Business combinations (continued)


From January 1, 2011 (continued)

Jika proses akuntansi awal untuk kombinasi bisnis belum selesai pada akhir periode pelaporan saat kombinasi terjadi, maka Grup melaporkan jumlah sementara untuk pos-pos yang proses akuntansinya belum selesai dalam laporan keuangan konsolidasiannya. Selama periode pengukuran, Grup menyesuaikan secara retrospektif jumlah sementara yang diakui pada tanggal akuisisi untuk mencerminkan informasi baru yang diperoleh tentang fakta dan keadaan yang ada pada tanggal akuisisi dan, jika diketahui, telah berdampak pada pengukuran jumlah yang diakui pada tanggal tersebut. Periode pengukuran berakhir segera setelah Grup menerima informasi yang dicari tentang fakta dan keadaan yang ada pada tanggal akuisisi atau mempelajari bahwa informasi lebih tidak dapat diperoleh. Namun demikian, periode pengukuran tidak boleh melebihi satu tahun dari tanggal akuisisi.

When the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the Group shall retrospectively adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognised as of that date. The measurement period ends as soon as the Group receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. However, the measurement period shall not exceed one year from the acquisition date.

Dalam suatu kombinasi bisnis yang dilakukan secara bertahap, pihak pengakuisisi mengukur kembali kepentingan ekuitas yang dimiliki sebelumnya pada pihak yang diakuisisi pada nilai wajar tanggal akuisisi dan mengakui keuntungan atau kerugian yang dihasilkan melalui laba atau rugi.

If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.

Imbalan kontinjensi yang dialihkan oleh pihak pengakuisisi diakui pada nilai wajar tanggal akuisisi. Perubahan nilai wajar atas imbalan kontinjensi setelah tanggal akuisisi yang diklasifikasikan sebagai aset atau liabilitas, akan diakui dalam laporan laba rugi atau pendapatan komprehensif lain sesuai dengan PSAK No. 55 (Revisi 2006). Jika diklasifikasikan sebagai ekuitas, imbalan kontinjensi tidak diukur kembali dan penyelesaian selanjutnya diperhitungkan dalam ekuitas.

Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in accordance with PSAK No. 55 (Revised 2006) either in profit or loss or as other comprehensive income. If the contingent consideration is classified as equity, it should not be remeasured until it is finally settled within equity.

Pada tanggal akuisisi, goodwill awalnya diukur pada harga perolehan yang merupakan selisih lebih nilai agregat dari imbalan yang dialihkan dan jumlah setiap KNP atas jumlah neto dari aset teridentifikasi yang diperoleh dan liabilitas yang diambil alih. Jika imbalan tersebut kurang dari nilai wajar aset neto entitas anak yang diakuisisi, selisih tersebut diakui dalam laporan laba rugi kompehensif konsolidasian.

At acquisition date, goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognized for NCI over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the Subsidiary acquired, the difference is recognized in consolidated statement of comprehensive income.

26





2.



ACCOUNTING



From January 1, 2011 (continued)

Setelah pengakuan awal, goodwill diukur pada jumlah tercatat dikurangi akumulasi kerugian penurunan nilai. Untuk tujuan uji penurunan nilai, goodwill yang diperoleh dari suatu kombinasi bisnis, sejak tanggal akuisisi, dialokasikan kepada setiap Unit Penghasil Kas (UPK) dari Grup yang diharapkan akan bermanfaat dari sinergi kombinasi tersebut, terlepas dari apakah aset atau liabilitas lain dari pihak yang diakuisisi dialokasikan atas UPK tersebut.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated from the acquisition date, to each of the Group’s cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquirer are assigned to those CGUs.

Jika goodwill telah dialokasikan pada suatu UPK dan operasi tertentu dalam UPK tersebut dihentikan, maka goodwill yang diasosiasikan dengan operasi yang dihentikan tersebut termasuk dalam jumlah tercatat operasi tersebut ketika menentukan keuntungan atau kerugian dari penghentian operasi. Goodwill yang dilepaskan tersebut diukur berdasarkan nilai relatif operasi yang dihentikan dan porsi UPK yang ditahan.

Where goodwill forms part of a CGU and part of the operations within that CGU is disposed of, the goodwill associated with the operations disposed of is included in the carrying amount of the operations when determining the gain or loss on disposal of the operations. Goodwill disposed of in this circumstance is measured based on the relative values of the operations disposed of and the portion of the CGU retained.

Sebelum 1 Januari 2011

Prior to January 1, 2011

Sebagai perbandingan dengan persyaratanpersyaratan tersebut diatas, kebijakan akuntansi atas kombinasi bisnis sebelum tanggal 1 Januari 2011 adalah sebagai berikut:

In comparison to the above, the following were the accounting policies applied for business combinations prior to January 1, 2011:

i.

Kombinasi bisnis dicatat dengan menggunakan metode pembelian. Biayabiaya transaksi yang secara langsung dapat diatribusikan pada akuisisi merupakan bagian dari harga perolehan akuisisi. KNP (sebelumnya disebut hak minoritas) diukur berdasarkan proporsi atas nilai tercatat aset neto teridentifikasi;

i.

Business combinations were accounted for using the purchase method. Transaction costs directly attributable to the acquisition formed part of the acquisition costs. The NCI (formerly known as minority interest) was measured at the book value of the proportionate share of the acquiree’s identifiable net assets;

ii.

Kombinasi bisnis yang diperoleh secara bertahap diakui sebagai tahap-tahap yang terpisah. Tambahan kepemilikan saham tidak mempengaruhi goodwill yang telah diakui sebelumnya;

ii.

Business combinations achieved in stages were accounted for as separate steps. Any additional acquired equity interest did not affect previously recognized goodwill;

27





d.

2.



ACCOUNTING


Sebelum 1 Januari 2011 (lanjutan)

Prior to January 1, 2011 (continued)

iii.

Ketika Grup mengakuisisi sebuah bisnis, derivatif melekat yang dipisahkan dari kontrak utama oleh pihak yang diakuisisi tidak diukur kembali pada saat akusisi, kecuali kombinasi bisnis menyebabkan perubahan syarat-syarat kontrak yang secara signifikan merubah arus kas yang semula disyaratkan dalam kontrak;

iii.

iv.

Imbalan kontinjensi diakui jika, dan hanya jika, Grup mempunyai kewajiban saat ini, kemungkinan besar terjadi arus ekonomis keluar, dan dapat diestimasi secara memadai diestimasi. Penyesuaian setelah akuisisi terhadap imbalan tanggal kontinjensi diakui sebagai bagian dari goodwill.

iv. Contingent consideration was recognized if, and only if, the Group had a present obligation, the economic outflow was more likely than not and a reliable estimate was determinable. Subsequent adjustments to the contingent consideration were recognized as part of goodwill.

Restrukturisasi entitas sepengendali

d.

When the Group acquired a business, embedded derivatives separated from the host contract by the acquiree were not reassessed on acquisition unless the business combination resulted in a change in the terms of the contract that significantly modified the cash flows that otherwise would have been required under the contract;

Restructuring transactions under common control

of

entities

Akuisisi atau pengalihan saham antara entitas sepengendali, dicatat sesuai dengan PSAK No. 38 (Revisi 2004), "Akuntansi Restrukturisasi Entitas Sepengendali". Dalam PSAK No. 38 (Revisi 2004), pengalihan aset, kewajiban, saham, dan instrumen kepemilikan lainnya dari entitas sepengendali tidak akan menghasilkan laba atau rugi bagi Perusahaan atau entitas individual dalam kelompok yang sama.

Acquisition or transfer of shares among entities under common control is accounted in accordance with PSAK No. 38 (Revised 2004), “Accounting for Restructuring of Entities under Common Control”. Under PSAK No. 38 (Revised 2004), transfer of assets, liabilities, shares, and other instruments of ownership of entities under common control would not result in a gain or loss to the Company or to the individual entity within the same group.

Karena transaksi restrukturisasi entitas sepengendali tidak mengakibatkan perubahan substansi ekonomi pemilikan atas aset, kewajiban, saham atau instrumen kepemilikan lainnya yang dipertukarkan, aset atau kewajiban yang dialihkan dicatat pada nilai buku sebagai kombinasi bisnis dengan menggunakan metode penyatuan kepemilikan (pooling-of-interests).

Since the restructuring transaction of entities under common control does not result in a change of the economic substance of the ownership of assets, liabilities, shares or other instruments of ownership which are exchanged, assets or liabilities transferred are recorded at book values as a business combination using the pooling-of-interests method.

Dalam menerapkan metode penyatuan kepemilikan, komponen laporan keuangan untuk periode dimana terjadi restrukturisasi dan untuk periode lain yang disajikan untuk tujuan perbandingan, disajikan sedemikian rupa seolah-olah restrukturisasi telah terjadi sejak awal periode laporan keuangan yang disajikan. Selisih antara nilai tercatat investasi pada tanggal efektif dan harga pengalihan diakui dalam akun "Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali".

In applying the pooling-of-interests method, the components of the financial statements for the period during which the restructuring occurred and for other periods presented for comparison purposes, are presented in such a manner as if the restructuring has already happened since the beginning of the earliest period presented. The difference between the carrying values of the investments at the effective date and the transfer price is recognized under the account “Difference Arising from Restructuring Transactions of Entities under Common Control”.

28




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) e.

2.

Kas dan setara kas

SUMMARY OF SIGNIFICANT POLICIES (continued) e.

Kas dan setara penggunaannya

kas

yang

dibatasi

f.

Restricted cash and cash equivalents Cash in banks relating to customer deposits which are restricted for the payments of tax clearance in accordance with goods handling activities in ports and time deposits which are pledged for loan facility are presented as “Restricted Cash and Cash Equivalents”.

Kas di bank yang terkait dengan uang muka dari pelanggan yang penggunaannya dibatasi untuk pembayaran surat keterangan fiskal (tax clearance) sehubungan dengan proses pengeluaran barang di pelabuhan dan deposito berjangka yang dijaminkan untuk fasilitas pinjaman disajikan sebagai “Kas dan Setara Kas yang Dibatasi Penggunaannya”. g.

Cash and cash equivalents Cash and cash equivalents include cash on hand and in banks and time deposits with original maturity periods of three months or less and not restricted in use.

Kas dan setara kas terdiri atas kas dan bank dan deposito berjangka dengan jangka waktu tiga bulan atau kurang sejak saat penempatan dan tidak dibatasi penggunaannya. f.

ACCOUNTING

Transaksi dengan pihak-pihak berelasi

g.

Transactions with related parties Effective January 1, 2011, the Group applied PSAK No. 7 (Revised 2010), “Related Party Disclosures”, which superseded PSAK No. 7 (Revised 1994), “Related Party Disclosures”. PSAK No. 7 (Revised 2010) requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parent, and also applies to individual financial statements. The adoption of PSAK No. 7 (Revised 2010) did not have a significant impact on the related disclosures in the consolidated financial statements.

Efektif 1 Januari 2011, Grup menerapkan PSAK No. 7 (Revisi 2010), “Pengungkapan Pihak-pihak Berelasi”, yang menggantikan PSAK No. 7 (Revisi 1994), "Pengungkapan Pihak-Pihak yang mempunyai Hubungan Istimewa". PSAK No. 7 (Revisi 2010) mensyaratkan pengungkapan hubungan, transaksi dan saldo pihak-pihak berelasi, termasuk komitmen, dalam laporan keuangan konsolidasian dan laporan keuangan tersendiri entitas induk, dan juga diterapkan terhadap laporan keuangan secara individual. Penerapan PSAK No. 7 (Revisi 2010) tidak memberikan pengaruh yang signifikan terhadap pengungkapan terkait dalam laporan keuangan konsolidasian. Suatu pihak dianggap berelasi dengan Grup jika:

A party is considered to be related to the Group if:

a

langsung, atau tidak langsung yang melalui satu atau lebih perantara, suatu pihak (i) mengendalikan, atau dikendalikan oleh, atau berada di bawah pengendalian bersama dengan, Grup; (ii) memiliki kepentingan dalam Grup yang memberikan pengaruh signifikan atas Grup; atau (iii) memiliki pengendalian bersama atas Grup;

a.

directly, or indirectly through one or more intermediaries, the party (i) controls, is controlled by, or is under common control with, the Group; (ii) has an interest in the Group that gives it significant influence over the Group; or, (iii) has joint control over the Group;

suatu pihak adalah entitas asosiasi Grup;

b.

the party is an associate of the Group;

b.

29




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) g.

h.

Transaksi (lanjutan)

dengan

pihak-pihak

2.

berelasi

SUMMARY OF SIGNIFICANT POLICIES (continued) g.

Transactions (continued)

with

ACCOUNTING

related

parties

c.

suatu pihak adalah ventura bersama di mana Grup sebagai venturer;

c.

the party is a joint venture in which the Group is a venturer;

d.

suatu pihak adalah anggota dari personil manajemen kunci Grup atau entitas induk Grup;

d.

the party is a member of the key management personnel of the Group or its parent;

e.

suatu pihak adalah anggota keluarga dekat dari individu yang diuraikan dalam butir (a) atau (d);

e.

the party is a close member of the family of any individual referred to in (a) or (d);

f.

suatu pihak adalah entitas yang dikendalikan, dikendalikan bersama atau dipengaruhi signifikan oleh atau di mana hak suara signifikan dimiliki oleh, langsung maupun tidak langsung, individu seperti diuraikan dalam butir (d) atau (e); atau

f.

the party is an entity that is controlled, jointly controlled or significantly influenced by or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or,

g.

suatu pihak adalah suatu program imbalan pasca kerja untuk imbalan kerja dari Grup atau entitas yang terkait dengan Grup.

g.

the party is a post-employment benefit plan for the benefit of employees of the Group, or of any entity that is a related party of the Group.

Transaksi ini dilakukan berdasarkan persyaratan yang disetujui oleh kedua belah pihak. Beberapa persyaratan tersebut mungkin tidak sama dengan persyaratan yang dilakukan dengan pihak-pihak yang tidak berelasi.

The transactions are made based on terms agreed by the parties. Such terms may not be the same as those of the transactions between unrelated parties.

Seluruh transaksi dan saldo dengan pihakpihak berelasi diungkapkan dalam catatan atas laporan keuangan konsolidasian.

All transactions and balances with related parties are disclosed in the notes to the consolidated financial statements.

Penyisihan piutang

kerugian

penurunan

nilai

h.

Allowance for receivables

impairment

losses

of

The Group provides allowance for impairment losses of receivables in accordance with the provisions of PSAK No. 55 (Revised 2006) (Note 2x).

Grup melakukan penyisihan kerugian penurunan nilai piutang sesuai dengan PSAK No. 55 (Revisi 2006) (Catatan 2x).

30




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) i.

j.

2.

Persediaan

SUMMARY OF SIGNIFICANT POLICIES (continued) i.

Inventories

Persediaan dinyatakan sebesar nilai terendah antara biaya perolehan dengan nilai realisasi bersih.

Inventories are stated at the lower of cost or net realizable value.

Biaya perolehan ditentukan dengan metode rata-rata tertimbang yang terdiri dari semua biaya pembelian, biaya konversi dan biaya lainnya yang terjadi pada saat membawa persediaan ke lokasi dan kondisi yang sekarang. Penyisihan untuk persediaan usang dan/atau penurunan nilai persediaan ditetapkan untuk menurunkan nilai tercatat persediaan ke nilai realisasi bersih.

Cost is determined using the weightedaverage method which comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Allowance for inventory obsolescence and/or decline in the value of inventories is provided to reduce the carrying value of inventories to their net realizable value.

Nilai realisasi bersih adalah taksiran harga jual dalam kegiatan usaha normal, dikurangi dengan estimasi biaya penyelesaian dan perkiraan biaya yang diperlukan untuk membuat penjualan.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

Beban dibayar dimuka

j.

Prepaid expenses Prepaid expenses are amortized and charged to operations over the periods benefited. The long-term portion of prepaid expenses is presented as part of “Other Non-current Assets” account in the consolidated statements of financial position.

Beban dibayar dimuka diamortisasi dan dibebankan pada operasi selama masa manfaatnya. Bagian jangka panjang dari beban dibayar di muka disajikan sebagai bagian dari "Aset Tidak Lancar lainnya" dalam laporan posisi keuangan konsolidasian. k.

ACCOUNTING

Penyertaan saham

k.

Investments in shares of stock

Penyertaan saham pada entitas dimana Grup tidak memiliki pengaruh yang signifikan dicatat sesuai dengan PSAK No. 55 (Revisi 2006).

Investments in shares of stock of entities wherein the Group does not have significant influence are accounted for in accordance with PSAK No. 55 (Revised 2006).

Efektif 1 Januari, 2011, Grup menerapkan PSAK No. 15 (Revisi 2009), “Investasi pada Entitas Asosiasi”. PSAK revisi ini diterapkan secara retrospektif dan mengatur akuntansi investasi dalam entitas asosiasi dalam hal penentuan pengaruh signifikan, metode akuntansi yang harus diterapkan, penurunan nilai investasi dan laporan keuangan tersendiri. Penerapan PSAK No. 15 (Revisi 2009) yang direvisi tersebut tidak memberikan pengaruh yang berarti terhadap laporan keuangan konsolidasian.

Effective January 1, 2011, the Group applied PSAK No. 15 (Revised 2009), “Investments in Associated Companies”. PSAK No. 15 (Revised 2009) is applied retrospectively and prescribes the accounting for investments in associated companies in relation to the determination of significant influence, accounting method to be applied, impairment in values of investments and separate financial statements. The adoption of PSAK No. 15 (Revised 2009) has no significant impact on the consolidated financial statements.

31




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) k.

2.

Penyertaan saham (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) k.

ACCOUNTING

Investments in shares of stock (continued)

Investasi Grup pada entitas asosiasi diukur dengan menggunakan metode ekuitas. Entitas asosiasi adalah suatu entitas di mana Grup mempunyai pengaruh signifikan. Sesuai dengan metode ekuitas, nilai perolehan investasi ditambah atau dikurang dengan bagian Grup atas laba atau rugi bersih, dan penerimaan dividen dari investee sejak tanggal perolehan.

The Group’s investment in its associated company is accounted for using the equity method. An associated company is an entity in which the Group has significant influence. Under the equity method, the cost of investment is increased or decreased by the Group’s share in net earnings or losses of, and dividends received from, the investee since the date of acquisition.

Laporan laba rugi komprehensif konsolidasian mencerminkan bagian atas hasil operasi dari entitas asosiasi. Bila terdapat perubahan yang diakui langsung pada ekuitas dari entitas asosiasi, Grup mengakui bagiannya atas perubahan tersebut dan mengungkapkan hal ini, jika ada, dalam laporan perubahan ekuitas konsolidasian. Laba atau rugi yang belum direalisasi sebagai hasil dari transaksitransaksi antara Grup dengan entitas asosiasi dieliminasi sesuai dengan kepemilikan Grup dalam entitas asosiasi.

The consolidated statements of comprehensive income reflect the Group’s share of the results of operations of the associated company. Where there has been a change recognized directly in the equity of the associated company, the Group recognizes its share of any such changes and discloses this, when applicable, in the consolidated statements of changes in equity. Unrealized gains or losses resulting from transactions between the Group and the associated company are eliminated to the extent of the Group’s interest in the associated company.

Grup menentukan apakah diperlukan untuk mengakui rugi penurunan nilai atas investasi Grup dalam entitas asosiasi. Grup menentukan pada setiap tanggal pelaporan apakah terdapat bukti yang obyektif yang mengindikasikan bahwa investasi dalam entitas asosiasi mengalami penurunan nilai. Dalam hal ini, Grup menghitung jumlah penurunan nilai berdasarkan selisih antara jumlah terpulihkan atas investasi dalam entitas asosiasi dan nilai tercatatnya dan mengakuinya dalam laporan laba rugi komprehensif konsolidasian.

The Group determines whether it is necessary to recognize an impairment loss on the Group’s investment in its associated company. The Group determines at each reporting date whether there is any objective evidence that the investment in the associated company is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the investment in shares of stock and its carrying value, and recognizes the amount in the consolidated statements of comprehensive income.

32




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) l.

2.

Sewa

SUMMARY OF SIGNIFICANT POLICIES (continued) l.

ACCOUNTING

Leases

Berdasarkan PSAK No. 30 (Revisi 2007), “Sewa”, penentuan apakah suatu perjanjian merupakan perjanjian sewa atau perjanjian yang mengandung sewa didasarkan atas substansi perjanjian pada tanggal awal sewa dan apakah pemenuhan perjanjian tergantung pada penggunaan suatu aset tertentu dan perjanjian tersebut memberikan suatu hak untuk menggunakan aset tersebut. Menurut PSAK No. 30 (Revisi 2007) ini, sewa yang mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan sebagai sewa aset, diklasifikasikan pembiayaan.

Based on PSAK No. 30 (Revised 2007), “Leases”, the determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception date and whether the fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset. Under PSAK No. 30 (Revised 2007), leases that transfer substantially to the lessee all the risks and rewards incidental to ownership of the leased asset are classified as financial leases.

Selanjutnya, suatu sewa diklasifikasikan sebagai sewa operasi, jika sewa tidak mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset.

Moreover, leases which do not transfer substantially all the risks and rewards incidental to ownership of the leased asset are classified as operating leases.

Grup sebagai lessee

The Group as lessee

i.

i.

Berdasarkan PSAK 30 (Revisi 2007), dalam sewa pembiayaan, Grup sebagai lessee mengakui aset dan liabilitas dalam laporan posisi keuangan konsolidasian pada awal masa sewa, sebesar nilai wajar aset sewaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Pembayaran sewa dipisahkan antara bagian yang merupakan biaya keuangan dan bagian yang merupakan pelunasan liabilitas sewa. Biaya keuangan dialokasikan pada setiap periode selama masa sewa, sehingga menghasilkan tingkat suku bunga periodik yang konstan atas saldo liabilitas. Rental kontinjen dibebankan pada periode terjadinya. Biaya keuangan dicatat dalam laporan laba rugi komprehensif konsolidasian.

33

Based on PSAK No. 30 (Revised 2007), under a finance lease, the Group, as lessee, recognizes assets and liabilities in the consolidated statements of financial position at amounts equal to the fair value of the leased fixed asset or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred. Finance charges are reflected in the consolidated statements of comprehensive income.




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) l.

2.

Sewa (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) l.

ACCOUNTING

Leases (continued)

Grup sebagai lessee (lanjutan)

The Group as lessee (continued)

ii

Aset sewaan (disajikan sebagai bagian “Aset Tetap”) disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset sewaan dan periode masa sewa, jika tidak ada kepastian yang memadai bahwa Grup akan mendapatkan hak kepemilikan pada akhir masa sewa.

ii.

Capitalized leased asset (presented as a part of the “Fixed Assets” account) is depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term.

iii.

Dalam sewa operasi, Grup mengakui pembayaran sewa sebagai beban dengan metode garis lurus (straight-line method) selama masa sewa.

iii.

Under an operating lease, the Group recognizes lease payments as an expense on a straight-line basis over the lease term.

Grup sebagai lessor

The Group as lessor

i.

Berdasarkan PSAK No. 30 (Revisi 2007), dalam sewa pembiayaan, Grup mengakui aset berupa piutang sewa pembiayaan di laporan posisi keuangan konsolidasian sebesar jumlah yang sama dengan investasi sewa neto. Penerimaan piutang sewa diperlakukan sebagai pembayaran pokok dan pendapatan pembiayaan. Pengakuan pendapatan pembiayaan didasarkan pada suatu pola yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi bersih sebagai lessor dalam sewa pembiayaan.

i.

Based on PSAK No. 30 (Revised 2007), under a finance lease, the Group recognizes assets held under a finance lease in its consolidated statements of financial position and present them as a receivable at an amount equal to the net investment in the lease. Lease receivable is treated as repayment of principal and finance income. The recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the Group’s net investment in the finance lease.

ii.

Dalam sewa operasi, Grup mengakui aset untuk sewa operasi di laporan posisi keuangan konsolidasian sesuai sifat aset langsung awal tersebut. Biaya sehubungan proses negosiasi sewa operasi ditambahkan ke jumlah tercatat dari aset sewaan dan diakui sebagai beban selama masa sewa dengan dasar yang sama dengan pendapatan sewa. Rental kontinjen, apabila ada, diakui sebagai pendapatan pada periode terjadinya. Pendapatan sewa operasi diakui sebagai pendapatan atas dasar garis lurus selama masa sewa.

ii.

Under an operating lease, the Group presents the asset subject to operating leases in its consolidated statements of financial position according to the nature of the asset. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents, if any, are recognized as revenue in the periods in which they are earned. Lease income from operating leases is recognized as income on a straight-line method over the lease term.

34




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) m. Biaya eksplorasi dan tambang ditangguhkan

2.

pengembangan

SUMMARY OF SIGNIFICANT POLICIES (continued) m. Deferred mining development costs

ACCOUNTING

exploration

and

Biaya eksplorasi diakumulasi untuk setiap area of interest dan ditangguhkan sebagai aset apabila biaya-biaya tersebut diharapkan akan dapat diperoleh kembali melalui eksploitasi atau penjualan, atau ketika kegiatan tersebut belum mencapai tahap yang memungkinkan untuk memastikan apakah kegiatan tersebut akan dapat menghasilkan cadangan yang secara ekonomis dapat diperoleh, kegiatan yang signifikan dalam, atau terkait dengan, area of interest masih berlangsung.

Exploration expenditures are accumulated for each area of interest and deferred as an asset when the costs are expected to be recouped through exploitation or sale, or where activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing.

Biaya pengembangan termasuk biaya-biaya untuk mengembangkan area of interest sebelum dimulainya kegiatan operasi dalam area of interest yang bersangkutan dikapitalisasi dan diamortisasi selama masa produksi yang diharapkan atau berdasarkan estimasi umur tambang atau periode IUP, yang mana yang lebih pendek. Biaya yang tidak diamortisasi dihapuskan pada saat Grup menentukan bahwa tidak ada lagi nilai yang dapat diharapkan dari area of interest yang bersangkutan di masa mendatang.

Development expenditures which incorporate costs for developing an area of interest prior to the commencement of operations in the respective area are capitalized and are amortized based on anticipated coal production during the mine life or estimated IUP period, whichever is shorter. Unamortized costs are written off in the period in which the Group determines that no future value is expected from the area of interest.

Setiap area of interest ditelaah pada setiap akhir periode akuntansi dan apabila untuk diperlukan, penyesuaian dibuat menghapuskan biaya eksplorasi tangguhan sepanjang nilainya tidak dapat dipulihkan kembali di masa yang akan datang.

Each area of interest is reviewed at the end of each accounting period and, where appropriate, an adjustment is made to write off deferred exploration expenditures to the extent that they are not recoverable.

Biaya eksplorasi dan pengembangan tambang tangguhan diamortisasi dengan menggunakan metode unit produksi yang dihitung sejak tanggal dimulainya produksi komersial dari setiap area of interest yang bersangkutan.

Deferred mining exploration and development expenditures are amortized on the unit-ofproduction method from the date of commencement of commercial production of each respective area of interest.

35




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) n.

2.

Aset tetap

SUMMARY OF SIGNIFICANT POLICIES (continued) n.

ACCOUNTING

Fixed assets Fixed assets, except for land, are stated at cost less accumulated depreciation and impairment losses. Such cost includes the cost of replacing part of the fixed assets when that cost is incurred, if the recognition criteria are met. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the fixed assets as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs that do not meet the recognition criteria are recognized in the consolidated statements of comprehensive income as incurred. Depreciation is computed using the straightline method over the estimated useful lives of the assets, as follows:

Aset tetap, kecuali tanah, dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan rugi penurunan nilai. Biaya perolehan termasuk biaya penggantian bagian aset tetap saat biaya tersebut terjadi, jika memenuhi kriteria pengakuan. Selanjutnya, pada saat inspeksi yang signifikan dilakukan, biaya inspeksi itu diakui ke dalam nilai tercatat aset tetap sebagai suatu penggantian jika memenuhi kriteria pengakuan. Semua biaya pemeliharaan dan perbaikan yang tidak memenuhi kriteria pengakuan diakui dalam laporan laba rugi komprehensif konsolidasian pada saat terjadinya. Penyusutan dihitung dengan menggunakan metode garis lurus, dengan estimasi masa manfaat atas aset adalah sebagai berikut: Tahun/Years Kepemilikan langsung Jalan dan infrastruktur Bangunan dan prasarana Perlengkapan, perabot, dan peralatan kantor Kendaraan Kapal Mesin dan peralatan

10 5 - 25 3-5 3-8 3 - 16 3-8

Direct ownership Roads and infrastructure Building and improvement Office furniture, fixtures and equipment Vehicles Vessels Machineries and equipment

Aset sewa Kendaraan Mesin dan peralatan

3-5 3-5

Leased assets Vehicles Machineries and equipment

Tanah dinyatakan sebesar biaya perolehan dan tidak diamortisasi. Biaya tertentu sehubungan dengan perolehan atau perpanjangan hak atas tanah dapat ditangguhkan dan diamortisasi selama jangka hukum hak atas tanah atau umur ekonomis tanah, mana yang lebih pendek.

Land is stated at cost and not amortized. Specific costs associated with the acquisition or renewal of land titles may be deferred and amortized over the legal term of the landrights or economic life of the land, whichever is shorter.

Aset dalam penyelesaian dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari “Aset Tetap” dalam laporan posisi keuangan konsolidasian. Akumulasi biaya perolehan untuk aset dalam penyelesaian akan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat aset tersebut selesai dikerjakan dan siap digunakan sesuai dengan tujuannya.

Construction in progress is stated at cost and presented as part of “Fixed Assets” in the consolidated statements of financial position. The accumulated costs will be reclassified to the appropriate fixed asset account when the construction is substantially completed and the constructed asset is ready for its intended use.

36




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) n.

2.

Aset tetap (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) n.

ACCOUNTING

Fixed assets (continued)

Uang muka pembelian kapal dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari “Aset Tetap” dalam laporan posisi keuangan konsolidasian. Uang muka akan dipindahkan ke akun aset tetap yang sesuai pada saat kapal tersebut diterima dan siap digunakan sesuai dengan tujuannya.

Advances for purchase of vessels are stated at cost and presented as part of “Fixed Assets” in the consolidated statements of financial position. The advances will be reclassified to the appropriate fixed asset account when the vessels are received and ready for their intended use.

Biaya perbaikan dan pemeliharaan dibebankan pada operasi pada saat terjadinya; pembaruan dan perbaikan yang signifikan akan dikapitalisasi ke dalam nilai aset. Aset tetap yang sudah tidak digunakan lagi atau yang dijual, biaya perolehan serta akumulasi penyusutannya dikeluarkan dari akun aset tetap dan laba atau rugi yang terjadi dibebankan pada tahun berjalan.

The cost of repairs and maintenance is charged to operations as incurred; significant renewals and betterments are capitalized. When assets are retired or otherwise disposed, their costs and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to current operations.

Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau saat tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset (dihitung sebagai perbedaan antara jumlah neto hasil pelepasan dan jumlah tercatat dari aset) dimasukkan dalam laporan laba rugi komprehensif konsolidasian pada tahun aset tersebut dihentikan pengakuannya.

An item of fixed assets is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of comprehensive income in the year the asset is derecognized.

Pada setiap akhir tahun buku, manajemen mereviu nilai residu, masa manfaat dan metode penyusutan aset tetap.

The residual values, useful lives and methods of depreciation of fixed assets are reviewed at each financial year end.

37




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) o.

p.

2.

Aset takberwujud

SUMMARY OF SIGNIFICANT POLICIES (continued) o.

ACCOUNTING

Intangible assets

Efektif 1 Januari 2011, Grup menerapkan PSAK No. 19 (Revisi 2010), "Aset Takberwujud". PSAK No. 19 (Revisi 2010), yang menggantikan PSAK No. 19 (Revisi 2000), "Aktiva Tidak Berwujud". PSAK No. 19 (Revisi 2010) mengatur perlakuan akuntansi untuk aset takberwujud yang tidak dibahas secara khusus dalam PSAK lainnya, dan mengharuskan pengakuan suatu aset takberwujud jika, dan hanya jika: (1) aset tersebut dapat dipisahkan, (2) aset tersebut timbul dari hak kontraktual atau hak legal lain, dan (3) Grup memiliki kemampuan untuk memperoleh manfaat ekonomi masa depan yang timbul dari aset tersebut dan dapat membatasi akses pihak lain dalam memperoleh manfaat ekonomi tersebut. PSAK No. 19 (Revisi 2010) juga menentukan bagaimana mengukur jumlah tercatat aset takberwujud dan pengungkapan yang terkait. Penerapan PSAK No. 19 (Revisi 2010) tidak memiliki dampak signifikan terhadap laporan keuangan konsolidasian.

Effective January 1, 2011, the Group adopted PSAK No. 19 (Revised 2010), “Intangible Assets”. PSAK No. 19 (Revised 2010), which superseded PSAK No. 19 (Revised 2000), “Intangible Assets”, prescribes the accounting treatment for intangible assets that are not dealt with specifically in other PSAKs, and requires the recognition of an intangible asset if, and only if: (1) the asset is separable, (2) the asset arises from contractual or other rights, and (3) the Group has the power to obtain the future economic benefits flowing from the asset and to restrict the access of others to those benefits. PSAK No. 19 (Revised 2010) also specifies how to measure the carrying amount of intangible assets and the related disclosures. The adoption of PSAK No. 19 (Revised 2010) has no significant impact on the consolidated financial statements.

Keuntungan atau kerugian yang timbul dari penghentian pengakuan suatu aset takberwujud diukur sebagai perbedaan antara hasil pelepasan bersih dan nilai tercatat bersih aset, dan diakui dalam laporan laba rugi komprehensif konsolidasian saat aset dihentikan pengakuannya.

Gain or loss arising from derecognition of an intangible asset is measured as the difference between the net disposal proceeds and the net carrying amount of the asset, and is recognized in the consolidated statements of comprehensive income when the asset is derecognized.

Penurunan nilai aset non-keuangan

p.

Impairment of non-financial assets Effective January 1, 2011, the Group prospectively adopted PSAK No. 48 (Revised 2009), “Impairment of Assets”, including goodwill and assets acquired from business combinations before January 1, 2011. PSAK No. 48 (Revised 2009) superseded PSAK No. 48 (Revised 1998), “Impairment of Assets”.

Efektif 1 Januari 2011, Grup menerapkan secara prospektif PSAK No. 48 (Revisi 2009), “Penurunan Nilai Aset”, termasuk goodwill dan aset yang berasal dari kombinasi bisnis sebelum 1 Januari 2011. PSAK No. 48 (Revisi 2009) menggantikan PSAK No. 48 (Revisi 1998), "Penurunan Nilai Aktiva".

38




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) p.

Penurunan (lanjutan)

nilai

aset

2.

non-keuangan

SUMMARY OF SIGNIFICANT POLICIES (continued) p.

Impairment (continued)

of

ACCOUNTING

non-financial

assets

PSAK No. 48 (Revisi 2009) menetapkan prosedur-prosedur yang diterapkan entitas agar aset dicatat tidak melebihi jumlah terpulihkannya.

PSAK No. 48 (Revised 2009) prescribes the procedures to be employed by an entity to ensure that its assets are carried at no more than their recoverable amounts.

Seperti diuraikan pada bagian ini, penerapan PSAK No. 48 (Revisi 2009) tersebut memberikan pengaruh yang signifikan berikut terhadap pelaporan keuangan, pengungkapan terkait, terutama atas uji penurunan nilai bagi goodwill yang diharuskan minimal satu kali setiap tahun atau lebih sering bila ada indikasi penurunan nilai.

As described herein, the adoption of PSAK No. 48 (Revised 2009) has a significant impact on financial reporting, including for the related disclosures, mainly on the impairment test of goodwill which is required at least once a year and more frequently when indications for impairment exist.

Pada setiap akhir periode pelaporan, Grup menilai apakah terdapat indikasi suatu aset mengalami penurunan nilai. Jika terdapat indikasi tersebut atau pada saat pengujian penurunan nilai aset (yaitu aset takberwujud dengan umur manfaat tidak terbatas, aset takberwujud yang belum dapat digunakan, atau goodwill yang diperoleh dalam suatu kombinasi bisnis) diperlukan, maka Grup membuat estimasi formal jumlah terpulihkan aset tersebut.

The Group assesses at each annual reporting period whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset (i.e., an intangible asset with an indefinite useful life, an intangible asset not yet available for use, or goodwill acquired in a business combination) is required, the Group makes an estimate of the asset’s recoverable amount.

Jumlah terpulihkan yang ditentukan untuk aset individual adalah jumlah yang lebih tinggi antara nilai wajar aset atau UPK dikurangi biaya untuk menjual dengan nilai pakainya, kecuali aset tersebut tidak menghasilkan arus kas masuk yang sebagian besar independen dari aset atau kelompok aset lain. Jika nilai tercatat aset lebih besar daripada nilai terpulihkannya, maka aset tersebut mengalami penurunan nilai dan nilai tercatat aset diturunkan menjadi sebesar nilai terpulihkannya. Rugi penurunan nilai dari operasi yang dilanjutkan diakui pada laporan laba rugi komprehensif konsolidasian sebagai “rugi penurunan nilai”. Dalam menghitung nilai pakai, estimasi arus kas masa depan bersih didiskontokan ke nilai kini dengan menggunakan tingkat diskonto sebelum pajak yang menggambarkan penilaian pasar terkini atas nilai waktu dari uang dan risiko spesifik dari aset. Jika tidak terdapat transaksi tersebut, Grup menggunakan model penilaian yang sesuai untuk menentukan nilai wajar aset. Perhitungan-perhitungan ini dikuatkan oleh penilaian berganda atau indikasi nilai wajar yang tersedia.

An asset’s recoverable amount is the higher of the asset’s or its CGU’s fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognized in the consolidated statements of comprehensive income as “impairment losses”. In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If no such transactions can be identified, an appropriate valuation model is used to determine the fair value of the assets. These calculations are corroborated by valuation multiples or other available fair value indicators.

39




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) p.

Penurunan (lanjutan)

nilai

aset

2.

non-keuangan

SUMMARY OF SIGNIFICANT POLICIES (continued) p.

Impairment (continued)

of

ACCOUNTING

non-financial

assets

Dalam menentukan nilai wajar dikurangi biaya untuk menjual, digunakan harga penawaran pasar terakhir, jika tersedia. Kerugian penurunan nilai dari operasi yang dilanjutkan, jika ada, diakui pada laporan laba rugi komprehensif konsolidasian sesuai dengan kategori beban yang konsisten dengan fungsi dari aset yang diturunkan nilainya.

In determining fair value less costs to sell, recent market transactions are taken into account, if available. Impairment losses of continuing operations, if any, are recognized in the consolidated statements of comprehensive income under expense categories that are consistent with the functions of the impaired assets.

Penilaian dilakukan pada akhir setiap periode pelaporan tahunan apakah terdapat indikasi bahwa rugi penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset selain goodwill mungkin tidak ada lagi atau mungkin telah menurun. Jika indikasi dimaksud ditemukan, maka entitas mengestimasi jumlah terpulihkan aset tersebut. Kerugian penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset selain goodwill dibalik hanya jika terdapat perubahan asumsi-asumsi yang digunakan untuk menentukan jumlah terpulihkan aset tersebut sejak rugi penurunan nilai terakhir diakui. Dalam hal ini, jumlah tercatat aset dinaikkan ke jumlah terpulihkannya. Pembalikan tersebut dibatasi sehingga jumlah tercatat aset tidak melebihi jumlah terpulihkannya maupun jumlah tercatat, neto setelah penyusutan, seandainya tidak ada rugi penurunan nilai yang telah diakui untuk aset tersebut pada tahun sebelumnya. Pembalikan rugi penurunan nilai diakui dalam laporan laba rugi komprehensif konsolidasian. Setelah pembalikan tersebut, penyusutan aset tersebut disesuaikan di periode mendatang untuk mengalokasikan jumlah tercatat aset yang direvisi, dikurangi nilai sisanya, dengan dasar yang sistematis selama sisa umur manfaatnya.

An assessment is made at each annual reporting period as to whether there is any indication that previously recognized impairment losses recognized for an asset other than goodwill may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss for an asset other than goodwill is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Reversal of an impairment loss is recognized in the consolidated statement of comprehensive income. After such a reversal, the depreciation charge on the said asset is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

Goodwill diuji untuk penurunan setiap tahun (per 31 Desember) dan ketika keadaan yang mengindikasikan bahwa nilai tercatat mengalami penurunan nilai. Penurunan nilai goodwill ditetapkan dengan menentukan jumlah tercatat tiap UPK (atau kelompok UPK) dimana goodwill terkait. Jika jumlah terpulihkan dari UPK kurang dari jumlah tercatatnya, rugi penurunan nilai diakui. Kerugian penurunan nilai yang berhubungan dengan goodwill tidak dapat dibalik pada periode berikutnya.

Goodwill is tested for impairment annually (as at December 31) and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.

Manajemen berkeyakinan bahwa tidak terdapat indikasi atas penurunan nilai aset non-keuangan pada tanggal 31 Desember 2011 dan 2010.

Management believes that there is no indication of potential impairment in values of non-financial assets as of December 31, 2011 and 2010.

40




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.

2.

Kapitalisasi biaya pinjaman

SUMMARY OF SIGNIFICANT POLICIES (continued) q.

Capitalization of borrowing costs In accordance with PSAK No. 26 (Revised 2008), “Borrowing Costs”, the Group capitalizes interest charges and foreign exchange differences incurred on borrowings and other related costs to finance advances for purchase of vessels, and the construction or installation of major facilities. Capitalization of these borrowing costs ceases when the construction or installation is completed and the related asset constructed or installed and the vessels purchased and delivered are ready for their intended use.

Sesuai dengan PSAK No. 26 (Revisi 2008), “Biaya Pinjaman”, Grup mengkapitalisasi beban bunga dan selisih kurs atas pinjaman dan biaya pinjaman lainnya yang digunakan untuk mendanai uang muka pembelian kapal, dan pembangunan atau instalasi aset tetap. Kapitalisasi atas biaya pinjaman dihentikan pada saat pembangunan atau instalasi aset tersebut selesai dan aset yang telah selesai dibangun atau telah diinstalasi tersebut serta kapal-kapal yang telah dibeli dan diterima telah siap untuk digunakan. r.

ACCOUNTING

Pengakuan pendapatan dan beban

r.

Revenue and expense recognition

Efektif 1 Januari 2011, Grup menerapkan PSAK No. 23 (Revisi 2010), “Pendapatan”. PSAK No. 23 (Revisi 2010) ini mengidentifikasi terpenuhinya kriteria pengakuan pendapatan, sehingga pendapatan dapat diakui, dan mengatur perlakuan akuntansi atas pendapatan yang timbul dari transaksi dan kejadian tertentu, serta memberikan panduan praktis dalam penerapan kriteria mengenai pengakuan pendapatan. Penerapan PSAK No. 23 (Revisi 2010) tersebut tidak memberikan pengaruh yang signifikan terhadap laporan keuangan konsolidasian.

Effective January 1, 2011, the Group adopted PSAK No. 23 (Revised 2010), “Revenue”. PSAK No. 23 (Revised 2010) identifies the circumstances in which the criteria on revenue recognition are met and, therefore, revenue may be recognized, and prescribes the accounting treatment of revenue arising from certain types of transactions and events, and also provides practical guidance on the application of the criteria on revenue recognition. The adoption of PSAK No. 23 (Revised 2010) has no significant impact on the consolidated financial statements.

Pendapatan diakui bila besar kemungkinan manfaat ekonomi akan diperoleh oleh Grup dan jumlahnya dapat diukur secara handal. Pendapatan diukur pada nilai wajar pembayaran yang diterima, tidak termasuk diskon, rabat dan Pajak Pertambahan Nilai (PPN). Kriteria spesifik berikut juga harus dipenuhi sebelum pendapatan diakui:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and Value Added Taxes (VAT). The following specific recognition criteria must also be met before revenue is recognized:

Penjualan Barang

Sales of Goods

Pendapatan dari penjualan yang timbul dari pengiriman fisik produk-produk Grup diakui bila risiko dan manfaat yang signifikan telah dipindahkan kepada pembeli, yang pada umumnya terjadi pada saat yang bersamaan dengan pengiriman dan penerimaan barang.

Revenue from sales arising from physical delivery of the Group’s products is recognized at the time when the significant risks and rewards of ownership of the products have passed to the buyer, which time generally coincides with their delivery and acceptance.

41




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) r.

Pengakuan (lanjutan)

pendapatan

dan

2.

beban

SUMMARY OF SIGNIFICANT POLICIES (continued) r.

Revenue and (continued)

expense

ACCOUNTING recognition

Pendapatan jasa

Revenues from Services

Pendapatan dan jasa diakui pada saat jasa diberikan. Pembayaran diterima untuk bagian jasa yang belum selesai diakui sebagai pendapatan diterima di muka dan dicatat sebagai bagian dari uang muka yang diterima dari pelanggan.

Revenues from services are recognized when the services are rendered. Payments received for the uncompleted portion of services are recognized as unearned revenues and recorded as part of advances from customers.

1.

Pendapatan dari jasa logistik, jasa penanganan kargo dan kontainer, dan dari kegiatan keagenan dan terminal diakui pada saat jasa diberikan.

1.

Revenues from logistic services, container equipment and cargo handling services, and from agency and terminal activities are recognized when the services are rendered.

2.

Pendapatan sewa kapal (time charter) diakui selama masa perjanjian sewa kapal. Pendapatan dari jasa pengangkutan batu bara diakui berdasarkan jumlah muatan dalam metrik ton.

2.

Time charter revenue is recognized over the life of the time charter agreement. Revenue from coal affreightment is recognized based on metric ton measurement.

3.

Pendapatan dari penyediaan forwarding angkutan laut diakui pada saat jasa diberikan.

3.

Revenues from rendering sea freight forwarding are recognized when the services are rendered.

4.

Pendapatan yang dihasilkan dari dan biaya yang dikeluarkan untuk aktivitas kontrakkontrak tertentu, seperti kegiatan pabrikasi, diakui berdasarkan metode persentase penyelesaian. Jika kemungkinan besar terjadi bahwa total biaya kontrak akan melebihi total pendapatan kontrak, maka taksiran rugi segera diakui sebagai beban.

4.

Revenues from and cost of contracting activities, such as from fabrication work, are recognized based on the stage of completion. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognized as an expense immediately.

Interest Income and Expense

Pendapatan dan Beban Bunga

For all financial instruments measured at amortized cost, interest income or expense is recorded using the effective interest rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.

Untuk semua instrumen keuangan yang diukur pada biaya perolehan diamortisasi, pendapatan atau beban bunga dicatat dengan menggunakan metode suku bunga efektif (SBE), yaitu suku bunga yang secara tepat mendiskontokan estimasi pembayaran atau penerimaan kas di masa datang selama perkiraan umur dari instrumen keuangan, atau jika lebih tepat, digunakan periode yang lebih singkat, sebesar nilai tercatat bersih dari aset keuangan atau liabilitas keuangan.

Expenses are recognized when they are incurred.

Beban diakui pada saat terjadinya.

42




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) s.

2.

Transaksi dan saldo dalam mata uang asing

s.

Foreign balances

currency

ACCOUNTING

transactions

and

Transaksi dalam mata uang asing dicatat berdasarkan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal laporan posisi keuangan konsolidasian, aset dan liabilitas moneter dalam mata uang asing disesuaikan ke dalam Rupiah untuk mencerminkan kurs tengah Bank Indonesia pada tanggal tersebut. Jika ada keuntungan atau kerugian akan dikreditkan atau dibebankan di tahun berjalan.

Transactions involving foreign currencies are recorded at the rates prevailing at the time the transactions are made. At the consolidated statement of financial position date, monetary assets and liabilities denominated in foreign currencies are adjusted to rupiah using the middle rates of foreign currency bank notes published by Bank Indonesia. The resulting gains or losses are credited or charged to current operations.

Kurs (dalam angka penuh) yang digunakan untuk menjabarkan aset dan liabilitas moneter dalam mata uang asing pada tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut:

The exchange rates (in full amounts) used to translate the monetary assets and liabilities denominated in foreign currencies as of December 31, 2011 and 2010 are as follows:

2011 Euro (EUR)1/rupiah Dolar Australia (AUD)1/rupiah Dolar Amerika Serikat (USD)1/rupiah

t.

SUMMARY OF SIGNIFICANT POLICIES (continued)

2010

11.739 9.203 9.068

Pajak penghasilan

11.956 9.143 8.991

t.

Euro (EUR)1/ rupiah Australian dollar (AUD)1/ rupiah United States dollar (USD)1/ rupiah

Income tax

Pajak penghasilan tidak final

Non-final income tax

Beban pajak kini ditentukan berdasarkan laba kena pajak tahun berjalan yang dihitung berdasarkan tarif pajak yang berlaku.

Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.

Aset dan liabilitas pajak tangguhan diakui atas konsekuensi pajak pada masa mendatang yang timbul dari perbedaan jumlah tercatat aset dan liabilitas menurut laporan keuangan dengan dasar pengenaan pajak aset dan liabilitas yang bersangkutan, kecuali perbedaan tersebut dikenakan pajak final. Liabilitas pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan dan akumulasi rugi fiskal, sepanjang besar kemungkinan perbedaan temporer yang boleh dikurangkan dan akumulasi rugi fiskal tersebut dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa mendatang.

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, except those differences that are subject to final tax. Deferred tax liabilities are recognized for all taxable temporary differences while 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.

43




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) t.

2.

Pajak penghasilan (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) t.

ACCOUNTING

Income tax (continued)

Pajak penghasilan tidak final (lanjutan)

Non-final income tax (continued)

Pajak tangguhan dihitung dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal laporan posisi keuangan konsolidasian. Perubahan nilai tercatat aset dan liabilitas pajak tangguhan yang disebabkan oleh perubahan tarif pajak dibebankan pada usaha berjalan, kecuali untuk transaksi-transaksi yang sebelumnya telah langsung dibebankan atau dikreditkan ke ekuitas. Efek pajak tangguhan yang timbul dari akuisisi bisnis disajikan sebagai bagian dari akun “Aset atau liabilitas pajak tangguhan”.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted at the consolidated statement of financial position date. Changes in the carrying amount of deferred tax assets and liabilities due to a change in tax rates are charged to current operations, except to the extent that they relate to items previously charged or credited to equity. The deferred tax effect arising from business acquisitions is recognized as part of “Deferred tax asset or liability” account.

Aset dan liabilitas pajak tangguhan disajikan secara saling hapus di laporan posisi keuangan konsolidasian, kecuali aset dan liabilitas pajak tangguhan untuk entitas yang berbeda, penyajian yang sama dilakukan untuk aset dan liabilitas pajak kini.

Deferred tax assets and liabilities are offset in the consolidated statements of financial position, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.

Pajak penghasilan final

Final income tax

Berdasarkan Peraturan Pemerintah No. 51 Tahun 2008 tanggal 20 Juli 2008 yang telah diubah dengan No. 40 Tahun 2009 tanggal 4 Juni 2009, penghasilan dari jasa konstruksi dikenakan pajak final. Peraturan ini berlaku efektif tanggal 1 Agustus 2008.

Based on Government Regulation No. 51 Year 2008 dated July 20, 2008 which was amended by Government Regulation No. 40 Year 2009 dated June 4, 2009, income derived from construction services is subject to final income tax. This regulation is effective on August 1, 2008.

Berdasarkan Surat Keputusan Menteri Keuangan Republik Indonesia No. 416/ KMK.04/1996 dan No. 417/KMK.04/1996 tanggal 14 Juni 1996 dan Surat Edaran Direktorat Jenderal Pajak No. 29/PJ.4/1996 tanggal 13 Agustus 1996, pendapatan dari jasa pengangkutan dan sewa kapal yang diterima Wajib Pajak Dalam Negeri dan Wajib Pajak Luar Negeri dikenakan pajak bersifat final masing-masing sebesar 1,20% dan 2,64% dari pendapatan, serta biaya sehubungan dengan kegiatan diatas tidak dapat dikurangkan untuk tujuan perhitungan pajak penghasilan.

Based on the Decision Letters No. 416/ KMK.04/1996 and No. 417/KMK.04/1996 dated June 14, 1996 of the Ministry of Finance of the Republic of Indonesia and Circular Letter No. 29/PJ.4/1996 dated August 13, 1996 of the Directorate General of Taxes, revenues from freight operations and charter of vessels are subject to final income tax computed at 1.20% and 2.64% of the revenues for domestic and foreign companies, respectively, and the related costs and expenses are considered non-deductible for income tax purposes.

44




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) t.

u.

2.

Pajak penghasilan (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) t.

ACCOUNTING

Income tax (continued)

Pajak penghasilan final (lanjutan)

Final income tax (continued)

Beban pajak kini sehubungan dengan penghasilan yang dikenakan pajak penghasilan final diakui proposional dengan jumlah pendapatan yang diakui pada tahun berjalan untuk tujuan akuntansi. Selisih antara pajak penghasilan final yang telah dibayar dengan beban pajak penghasilan final pada tahun berjalan diakui sebagai pajak dibayar di muka atau utang pajak.

Current tax expense related to income subject to final income tax is recognized in proportion to total income recognized during the current year for accounting purposes. The difference between the final income tax paid and the final income tax expense for the current year is recognized as prepaid tax or tax payable.

Perbedaan nilai tercatat aset atau liabilitas yang berhubungan dengan pajak penghasilan final dengan dasar pengenaan pajaknya tidak diakui sebagai aset atau liabilitas pajak tangguhan.

The differences between the carrying amounts of existing assets or liabilities related to the final income tax and their respective tax bases are not recognized as deferred tax assets or liabilities.

Perubahan terhadap liabilitas perpajakan diakui pada saat surat ketetapan pajak diterima atau, jika diajukan keberatan, pada saat keputusan atas keberatan ditetapkan.

Adjustment to tax obligation is recorded when a tax assessment letter is received or, if appealed against, when the result of the appeal is determined.

Biaya pengupasan

u.

Stripping costs Stripping costs are recognized as production costs based on the average of the estimated stripping ratio over the life of the mine. When the actual stripping ratio exceeds the average of the estimated stripping ratio over the life of the mine, the excess stripping costs are deferred and recorded in the consolidated statements of financial position as deferred stripping costs. In addition, these deferred stripping costs are expensed as production costs in the year where the actual ratio is significantly lower than the average of the estimated stripping ratio, over the life of the mine. Changes in the average of the estimated stripping ratio are accounted for on a prospective basis over the remaining mine life.

Biaya pengupasan tanah diakui sebagai biaya produksi berdasarkan rata-rata rasio pengupasan yang diperkirakan selama usia tambang. Bila rasio pengupasan aktual melebihi rata-rata rasio pengupasan yang diperkirakan selama usia tambang, kelebihan biaya pengupasan ditangguhkan dan dicatat dalam laporan posisi keuangan sebagai biaya pengupasan ditangguhkan. Selain itu, biaya pengupasan tanah tangguhan dibebankan sebagai biaya produksi pada tahun di mana rasio aktual secara signifikan lebih rendah daripada rata-rata rasio pengupasan yang diperkirakan, selama usia tambang. Perubahan rata-rata rasio pengupasan yang diperkirakan dicatat secara prospektif selama sisa umur tambang.

45




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) v.

2.

Provisi

SUMMARY OF SIGNIFICANT POLICIES (continued) v.

ACCOUNTING

Provisions

Efektif 1 Januari 2011, Grup menerapkan PSAK No. 57 (Revisi 2009), "Provisi, Liabilitas Kontinjensi dan Aset Kontinjensi". PSAK No. 57 (Revisi 2009) harus diterapkan secara prospektif dan menetapkan kriteria pengakuan dan dasar pengukuran untuk provisi, liabilitas kontinjensi dan aset kontinjensi, dan untuk memastikan bahwa informasi yang memadai diungkapkan dalam catatan atas laporan keuangan untuk memungkinkan pengguna memahami sifat, waktu dan jumlah yang terkait dengan informasi tersebut. Penerapan PSAK No. 57 (Revisi 2009) tidak memiliki dampak signifikan terhadap laporan keuangan konsolidasian.

Effective January 1, 2011, the Group adopted PSAK No. 57 (Revised 2009), “Provisions, Contingent Liabilities, and Contingent Assets”. PSAK No. 57 (Revised 2009) is applied prospectively and provides that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets, and to ensure that sufficient information is disclosed in the notes to enable users to understand the nature, timing and amount related to the information. The adoption of PSAK No. 57 (Revised 2009) has no significant impact on the consolidated financial statements.

Provisi diakui jika Grup memiliki kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) jika, sebagai akibat peristiwa masa lalu, besar kemungkinan penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya yang mengandung manfaat ekonomi dan estimasi yang andal mengenai jumlah kewajiban tersebut dapat dibuat.

Provisions are recognized when the Group has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Provisi ditelaah pada setiap tanggal pelaporan dan disesuaikan untuk mencerminkan estimasi terbaik yang paling kini. Jika kemungkinan besar tidak terjadi arus keluar sumber daya yang mengandung manfaat ekonomi untuk menyelesaikan kewajiban tersebut, maka provisi dibatalkan.

Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

Provisi untuk biaya pembongkaran aset diestimasi berdasarkan beberapa asumsi dan disajikan pada nilai wajar sesuai dengan tingkat diskonto yang berlaku.

Provision for asset dismantling costs is estimated based on certain assumptions and carried at fair value based on applicable discount rates.

Restorasi, rehabilitasi dan pengeluaran lingkungan lainnya yang timbul selama tahap produksi dibebankan sebagai bagian dari biaya produksi.

Restoration, rehabilitation, and other environmental expenditures incurred during the production phase of operations are charged as part of the cost of production.

Grup memiliki kewajiban tertentu untuk memulihkan dan merehabilitasi daerah pertambangan setelah selesai produksi. Kewajiban di akru menggunakan metode unit produksi sepanjang umur tambang sehingga akrual tersebut akan cukup untuk memenuhi kewajiban ketika produksi dari sumber daya selesai. Perubahan dalam estimasi biaya restorasi dan lingkungan yang harus dibayarkan dicatat secara prospektif selama sisa umur tambang.

The Group has certain obligations to restore and rehabilitate mining areas following the completion of production. Such obligations are being accrued using the unit-of-production method over the life of the mine so that the accrual will be adequate to meet those obligations once production from the resource is completed. Changes in estimated restoration and environmental costs to be incurred are accounted for on a prospective basis over the remaining life of the mine.

46




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan)

2.

w. Liabilitas imbalan kerja


ACCOUNTING

w. Employee benefits liability

Grup mengakui liabilitas imbalan kerja sesuai dengan PSAK No. 24 (Revisi 2004), ”Imbalan Kerja”. Pernyataan ini mengharuskan Grup mengakui seluruh imbalan kerja yang diberikan melalui program atau perjanjian formal dan informal, peraturan perundangundangan atau peraturan industri, yang mencakup imbalan pasca-kerja, imbalan kerja jangka pendek dan jangka panjang lainnya, pesangon pemutusan hubungan kerja dan imbalan berbasis ekuitas.

The Group recognizes employee benefits liability in accordance with PSAK No. 24 Revised 2004), “Employee Benefits”. This statement requires the Group to provide all employee benefits under formal and informal plans or agreements, under legislative requirements or through industry arrangements, including post-employment benefits, short-term and other long-term employee benefits, termination benefits and equity compensation benefits.

Imbalan kerja jangka panjang Grup meliputi:

Long-term employee benefits of the Group comprise the following:

Program Pensiun Iuran Pasti

Defined Contribution Pension Plan

Perusahaan dan Entitas Anak tertentu menyelenggarakan program pensiun iuran pasti untuk semua karyawan tetap yang memenuhi syarat.

The Company and certain Subsidiaries have a defined contribution pension plan for all of their eligible permanent employees.

Kontribusi program pensiun iuran pasti diakui sebagai beban pada usaha tahun berjalan.

Contributions for the defined contribution pension plan are charged to current operations.

Program Pensiun Manfaat Pasti, Undangundang Ketenagakerjaan No.13/2003 dan Imbalan Pasca-kerja Lainnya.

Defined Benefit Pension Plan, Labor Law No.13/2003 and Other Post-employment Benefits.

Grup menyelenggarakan program manfaat pasti (dana pensiun) untuk seluruh karyawan tetap yang memenuhi syarat dan liabilitas imbalan kerja yang tidak didanai menurut Undang-undang Ketenagakerjaan No. 13/2003 tanggal 25 Maret 2003 (UU). Penyisihan berdasarkan UU telah dihitung dengan membandingkan manfaat yang akan diterima oleh karyawan pada umur wajar pensiun dari dana pensiun dengan manfaat yang diatur dalam UU setelah dikurangi akumulasi kontribusi dari karyawan dan hasil investasi yang berkaitan.

The Group has a defined benefit pension plan covering substantially all of its eligible employees and an unfunded employee benefits liability in accordance with Labor Law No. 13/2003 dated March 25, 2003 (the “Law”). The provision for the Law has been calculated by comparing the benefit that will be received by an employee at normal pension age from the Pension Plan with the benefit as stipulated under the Law after deduction of accumulated employee contributions and the related investment results.

Jika manfaat dana pensiun yang didanai pemberi kerja lebih kecil dari manfaat sesuai UU, Grup akan menyediakan kekurangannya.

If the employer-funded portion of the Pension Plan benefit is less than the benefit as required by the Law, the Group will provide for such shortage.

Grup juga memberikan imbalan kerja jangka panjang selain pensiun berupa jubile yang tidak didanai.

The Group also provides long-term employment benefits other than pension, such as jubilee, which are unfunded.

47





2.

w. Liabilitas imbalan kerja (lanjutan)


ACCOUNTING

w. Employee benefits liability (continued)

Berdasarkan PSAK No. 24 (Revisi 2004), perhitungan estimasi liabilitas atas imbalan kerja, ditentukan dengan menggunakan metode penilaian aktuaria projected-unit-credit. Keuntungan dan kerugian aktuarial diakui sebagai penghasilan atau beban apabila akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi 10% dari nilai kini imbalan pasti. Keuntungan dan kerugian ini diakui dengan menggunakan metode garis lurus berdasarkan rata-rata sisa masa kerja karyawan yang diperkirakan.

Under PSAK No. 24 (Revised 2004), the calculation of estimated liability of employees benefits is determined using the projected-unitcredit method. Actuarial gains or losses are recognized as income or expense when the net cumulative unrecognized actuarial gains or losses at the end of the previous reporting year exceed 10% of the present value of the defined benefit obligation at that date. These gains or losses are recognized on a straightline basis over the expected average remaining service years of the employees.

Lebih lanjut, biaya jasa lalu atas pengenalan program manfaat pasti atau perubahan utang imbalan dari program yang ada diamortisasi dengan metode garis lurus sepanjang periode sampai imbalan tersebut menjadi hak atau vested.

Furthermore, past service costs arising from the introduction of a defined benefit plan or changes in the benefit payable of an existing plan are required to be amortized using the straight-line method over the period until the benefits concerned become vested.

Keuntungan atau kerugian atas kurtailmen atau penyelesaian suatu program imbalan pasti diakui ketika kurtailmen atau penyelesaian terjadi.

Gains or losses on the curtailment or settlement of a defined benefit plan are recognized when the curtailment or settlement occurs.

Kurtailmen terjadi apabila salah satu dari kondisi berikut terpenuhi:

A curtailment occurs when an entity either:

i.

untuk Menunjukkan komitmennya mengurangi secara signifikan jumlah pekerja yang ditanggung oleh program; atau,

i.

Is demonstrably committed to make a significant reduction in the number of employees covered by a plan; or

ii.

Mengubah ketentuan dalam program imbalan pasti yang menyebabkan bagian yang material dari jasa masa depan pekerja tidak lagi memberikan imbalan atau memberikan imbalan yang lebih rendah.

ii.

Amends the terms of a defined benefit plan so that a significant element of future service by current employees will no longer qualify for benefits, or will qualify only for reduced benefits.

A settlement occurs when the Group enters into a transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan.

Penyelesaian program terjadi ketika Grup melakukan transaksi yang menghapuskan semua kewajiban hukum atau konstruktif atas sebagian atau seluruh imbalan dalam program imbalan pasti.

48




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) x.

2.

Instrumen keuangan

SUMMARY OF SIGNIFICANT POLICIES (continued) x.

ACCOUNTING

Financial instruments

Efektif 1 Januari 2010, Grup menerapkan PSAK No. 50 (Revisi 2006), "Instrumen Keuangan: Penyajian dan Pengungkapan", dan PSAK No. 55 (Revisi 2006), "Instrumen Keuangan: Pengakuan dan Pengukuran".

Effective January 1, 2010, the Group adopted PSAK No. 50 (Revised 2006), “Financial Instruments: Presentation and Disclosures” and PSAK No. 55 (Revised 2006), “Financial Instruments: Recognition and Measurement”.

i.

i.

Aset keuangan

Financial assets

Pengakuan awal

Initial recognition

Aset keuangan dalam lingkup PSAK No. 55 (Revisi 2006) diklasifikasikan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi, pinjaman yang diberikan dan piutang, investasi dimiliki hingga jatuh tempo, aset keuangan tersedia untuk dijual.

Financial assets within the scope of PSAK No. 55 (Revised 2006) are classified as financial assets at fair value through profit or loss, loans and receivables, held-tomaturity investments, available-for-sale financial assets.

Pada tanggal 1 Januari 2010, Grup tidak memiliki aset keuangan selain kas dan setara kas, kas dan setara kas yang dibatasi penggunaannya, piutang usaha, piutang lainnya, aset lancar lainnya, dan uang jaminan. Grup menentukan klasifikasi aset keuangan tersebut pada pengakuan awal dan, jika diperbolehkan dan sesuai, akan mengevaluasi kembali pengklasifikasian aset tersebut pada setiap akhir periode pelaporan.

On January 1, 2010, the Group did not have financial assets other than cash and cash equivalents, restricted cash and cash equivalents, trade receivables, other receivables, other current assets, and security deposits. The Group determines the classification of its financial assets at initial recognition and, where allowed and appropriate, re-evaluates the classification of those assets at each financial periodend.

Aset keuangan pada awalnya diukur pada nilai wajar ditambah dengan, dan dalam hal aset keuangan yang tidak diukur pada nilai wajar melalui laporan laba atau rugi, biaya transaksi yang dapat diatribusikan secara langsung.

Financial assets are recognized initially at fair value plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.

Pengukuran setelah pengakuan awal

Subsequent measurement

Pengukuran aset keuangan setelah pengakuan awal tergantung pada klasifikasinya sebagai berikut:

The subsequent measurement of financial assets depends on their classification as follows:

•

•

Aset keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi

Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss.

Aset keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi termasuk aset keuangan untuk diperdagangkan dan aset keuangan yang ditetapkan pada saat pengakuan awal untuk diukur pada nilai wajar melalui laporan laba atau rugi.

49





2.

Instrumen keuangan (lanjutan) i.

x.

Aset keuangan (lanjutan) Pengukuran (lanjutan)

setelah

pengakuan


Financial instruments (continued) i.

Financial assets (continued) Subsequent measurement (continued)

awal

Derivative assets are classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with gains or losses recognized in the consolidated statements of comprehensive income.

Aset derivatif diklasifikasikan sebagai kelompok diperdagangkan kecuali mereka ditetapkan sebagai instrumen lindung nilai efektif. Aset keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi disajikan dalam laporan posisi keuangan konsolidasian pada nilai wajar dengan keuntungan atau kerugian dari perubahan nilai wajar diakui dalam laporan laba rugi komprehensif konsolidasian. •

•

Aset keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi (lanjutan)

Financial assets at fair value through profit or loss (continued) The Group did not have financial assets at fair value through profit or loss as of December 31, 2011 and 2010.

Grup tidak memiliki aset keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi pada tanggal 31 Desember 2011 dan 2010. •

ACCOUNTING

•

Pinjaman yang diberikan dan piutang

Loans and receivables Loans and receivables are nonderivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are carried at amortized cost using the effective interest rate method, which is a method of calculating the amortized cost of a financial asset or a financial liability (or group of financial assets or financial liabilities) and of allocating the interest income or interest expense over the relevant period. Gains and losses are recognized in the consolidated statements of comprehensive income when the loans and receivables are derecognized or impaired, as well as through the amortization process.

Pinjaman yang diberikan dan piutang adalah aset keuangan non derivatif dengan pembayaran tetap atau telah ditentukan, yang tidak mempunyai kuotasi di pasar aktif. Setelah pengakuan awal, aset keuangan tersebut dicatat pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, yang merupakan metode yang digunakan untuk menghitung biaya perolehan yang diamortisasi dari aset keuangan atau liabilitas keuangan (atau grup aset keuangan atau liabilitas keuangan) dan alokasi pendapatan bunga atau biaya bunga sepanjang periode yang bersangkutan. Keuntungan dan kerugian terkait diakui dalam laporan laba rugi komprehensif konsolidasian pada saat pinjaman yang diberikan dan piutang dihentikan pengakuannya atau mengalami penurunan nilai, demikian juga melalui proses amortisasi.

50





2.


x.

Aset keuangan (lanjutan) Pengukuran (lanjutan) •

setelah

pengakuan




awal

•

Pinjaman yang diberikan dan piutang (lanjutan)

Loans and receivables (continued) The Group’s cash and cash equivalents, restricted cash and cash equivalents, trade receivables, other receivables, other current assets (other receivable, staff loans, and deposit for bank guarantee) and other non-current assets (security deposits) are classified under this category.

Grup memiliki kas dan setara kas, kas dan setara kas yang dibatasi penggunaannya, piutang usaha, piutang lainnya, aset lancar lainnya (piutang lainnya, pinjaman karyawan, dan dana ditahan untuk bank garansi) dan aset tidak lancar lainnya (uang jaminan) dalam kategori ini. •

ACCOUNTING

•

Investasi dimiliki hingga jatuh tempo (HTM)

Held-to-maturity (HTM) investments

Aset keuangan non derivatif dengan pembayaran tetap atau telah ditentukan dan jatuh temponya telah ditetapkan diklasifikasi sebagai investasi dimiliki hingga jatuh tempo jika Grup mempunyai maksud dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo. Setelah pengukuran awal, investasi dalam kelompok dimiliki hingga jatuh tempo diukur pada biaya perolehan yang diamortisasi dengan menggunakan metode suku bunga efektif. Metode ini menggunakan suku bunga efektif untuk mendiskonto penerimaan kas di masa yang akan datang selama perkiraan umur aset keuangan menjadi nilai tercatat bersihnya.

Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as HTM when the Group has the positive intention and ability to hold them to maturity. After initial measurement, HTM investments are measured at amortized cost using the effective interest rate method. This method uses an effective interest rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

Laba atau rugi diakui pada laporan laba rugi komprehensif konsolidasian ketika investasi dihentikan pengakuannya atau mengalami penurunan nilai, serta melalui proses amortisasi.

Gains or losses are recognized in consolidated statements comprehensive income when investments are derecognized impaired, as well as through amortization process.

Grup tidak mempunyai investasi HTM pada tanggal 31 Desember 2011 dan 2010.

The Group did not have any HTM investments as of December 31, 2011 and 2010.

51

the of the or the





2.


x.

Aset keuangan (lanjutan) Pengukuran (lanjutan) •

setelah

pengakuan


ACCOUNTING



awal

•

Aset keuangan tersedia untuk dijual

Available-For-Sale assets

(AFS)

financial

Aset keuangan tersedia untuk dijual adalah aset keuangan non derivatif yang ditetapkan sebagai tersedia untuk dijual atau yang tidak diklasifikasikan dalam tiga kategori sebelumnya. Setelah pengukuran awal, aset keuangan tersedia untuk dijual diukur dengan nilai wajar dengan keuntungan atau kerugian yang belum terealisasi diakui dalam ekuitas sampai investasi tersebut dihentikan pengakuannya. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya diakui dalam ekuitas akan direklasifikasi ke laporan laba rugi komprehensif konsolidasian sebagai penyesuaian reklasifikasi.

AFS financial assets are nonderivative financial assets that are designated as available-for-sale or are not classified in any of the three preceding categories. After initial measurement, AFS financial assets are measured at fair value with unrealized gains or losses recognized in equity until the investment is derecognized. At that time, the cumulative gain or loss previously recognized in equity shall be reclassified to the consolidated statements of comprehensive income as a reclassification adjustment.

Grup memiliki penyertaan saham yang nilai wajarnya tidak tersedia dimana kepemilikan saham kurang dari 20%. Investasi ini dinyatakan sebesar biaya perolehan.

The Group has investments in shares of stock that do not have readily determinable fair value in which the ownership of equity interest is less than 20%. These investments are carried at cost. Derecognition of financial assets

Penghentian pengakuan aset keuangan Penghentian pengakuan atas suatu aset keuangan, atau, bila dapat diterapkan untuk bagian dari aset keuangan atau bagian dari kelompok aset keuangan serupa, terjadi bila:

A financial asset, or where applicable, a part of a financial asset or part of a group of similar financial assets, is derecognized when:

i.

i.

hak kontraktual atas arus kas yang berasal dari aset keuangan tersebut berakhir; atau

52

the contractual rights to receive cash flows from the asset have expired; or





2.



Aset keuangan (lanjutan)


Financial assets (continued)

Penghentian pengakuan aset keuangan (lanjutan)

Derecognition (continued)

ii.

ii.

Grup mentransfer hak untuk menerima arus kas yang berasal dari aset keuangan tersebut atau menanggung kewajiban untuk membayar arus kas yang diterima tersebut tanpa penundaan yang signifikan kepada pihak ketiga melalui suatu kesepakatan penyerahan dan (a) secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset keuangan tersebut, atau (b) secara substansial tidak mentransfer dan tidak memiliki seluruh risiko dan manfaat atas kepemilikan aset keuangan tersebut, telah mentransfer namun pengendalian atas aset keuangan tersebut.

ACCOUNTING

of

financial

assets

The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) substantially transferred all the risks and rewards of the asset, or (b) neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Apabila Grup mentransfer hak untuk menerima arus kas yang berasal dari aset keuangan atau mengadakan kesepakatan penyerahan dan tidak mentransfer maupun tidak memiliki secara substansial seluruh risiko dan manfaat atas aset keuangan tersebut dan juga tidak mentransfer pengendalian atas aset keuangan tersebut, maka suatu aset keuangan baru diakui oleh Grup sebesar keterlibatannya yang berkelanjutan dengan aset keuangan tersebut.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group’s continuing involvement in the asset.

Keterlibatan berkelanjutan yang berbentuk pemberian jaminan atas aset yang ditransfer diukur sebesar jumlah terendah antara nilai aset yang ditransfer dan nilai maksimal dari pembayaran yang diterima yang mungkin harus dibayar kembali oleh Grup.

Continuing involvement that takes the form of a guarantee over the transferred asset, is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

53





2.



Aset keuangan (lanjutan)

ACCOUNTING


Financial assets (continued)

Penghentian pengakuan aset keuangan (lanjutan)

Derecognition (continued)

Pada saat penghentian pengakuan atas aset keuangan secara keseluruhan, maka selisih antara nilai tercatat dan jumlah dari (i) pembayaran yang diterima, termasuk aset baru yang diperoleh dikurangi dengan liabilitas baru yang ditanggung; dan (ii) keuntungan atau kerugian kumulatif yang telah diakui secara langsung dalam ekuitas, harus diakui pada laporan laba rugi komprehensif konsolidasian.

On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of (i) the consideration received, including any new assets obtained less any new liabilities assumed, and (ii) any cumulative gain or loss which had been recognized in the equity, should be recognized in the consolidated statements of comprehensive income.

Penurunan nilai dari aset keuangan

Impairment of financial assets

Pada setiap tanggal laporan posisi keuangan konsolidasian, Grup mengevaluasi apakah terdapat bukti yang obyektif bahwa aset keuangan atau kelompok aset keuangan mengalami penurunan nilai. Penurunan nilai atas aset keuangan atau kelompok aset keuangan dianggap telah terjadi, jika dan hanya jika, terdapat bukti yang obyektif mengenai penurunan nilai tersebut sebagai akibat dari salah satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset tersebut (peristiwa yang merugikan), dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan atau kelompok aset keuangan yang dapat diestimasi secara handal.

At each consolidated statement of financial position date, the Group assesses whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset (an incurred ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated.

54

of

financial

assets





2.


x.

Aset keuangan (lanjutan) Penurunan (lanjutan)

nilai

dari

aset

ACCOUNTING


Financial assets (continued) Impairment of financial assets (continued)

keuangan

Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

Bukti penurunan nilai dapat meliputi indikasi pihak peminjam atau kelompok pihak peminjam mengalami kesulitan keuangan signifikan, wanprestasi atau tunggakan pembayaran bunga atau pokok, terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan lainnya dan pada saat data yang dapat diobservasi mengindikasikan adanya penurunan yang dapat diukur atas estimasi arus kas masa datang, seperti meningkatnya tunggakan atau kondisi ekonomi yang berkorelasi dengan wanprestasi. ●


●

Aset keuangan yang dicatat pada biaya perolehan diamortisasi

Financial assets carried at amortized cost

Untuk pinjaman yang diberikan dan piutang yang dicatat pada biaya perolehan diamortisasi, Grup pertama kali menentukan apakah terdapat bukti obyektif mengenai penurunan nilai secara individual atas aset keuangan yang signifikan secara individual, atau secara kolektif untuk aset keuangan yang jumlahnya tidak signifikan secara individual.

For loans and receivables carried at amortized cost, the Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant.

Jika Grup menentukan tidak terdapat bukti obyektif mengenai penurunan nilai atas aset keuangan yang dinilai secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka aset tersebut dimasukkan ke dalam kelompok aset keuangan yang memiliki karakteristik risiko kredit yang sejenis dan menilai penurunan nilai kelompok tersebut secara kolektif. Aset yang penurunan nilainya dinilai secara individual, dan untuk itu kerugian penurunan nilai diakui atau tetap diakui, tidak termasuk dalam penilaian penurunan nilai secara kolektif.

If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, the asset is included in a group of financial assets with similar credit risk characteristics and the group is collectively assessed for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment.

55





2.


x.

Aset keuangan (lanjutan) Penurunan (lanjutan) ●

nilai

dari

aset


ACCOUNTING



keuangan

●

Aset keuangan yang dicatat pada biaya perolehan diamortisasi (lanjutan)

Financial assets carried at amortized cost (continued)

Jika terdapat bukti obyektif bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian tersebut diukur sebagai selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa datang (tidak termasuk ekspektasi kerugian kredit masa datang yang belum terjadi). Nilai kini estimasi arus kas masa datang didiskonto menggunakan suku bunga efektif awal dari aset keuangan tersebut. Jika pinjaman yang diberikan dan piutang memiliki suku bunga variabel, tingkat diskonto yang digunakan untuk mengukur setiap kerugian penurunan nilai adalah suku bunga efektif yang berlaku.

If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a “loans and receivables” financial asset has a variable interest rate, the discount rate for measuring impairment loss is the current effective interest rate.

Nilai tercatat aset tersebut dikurangi melalui penggunaan akun penyisihan dan jumlah kerugian tersebut diakui secara langsung dalam laporan laba rugi komprehensif konsolidasian. Pendapatan bunga tetap diakui berdasarkan nilai tercatat yang telah dikurangi, berdasarkan suku bunga efektif atas aset keuangan tersebut. Pinjaman yang diberikan dan piutang, bersama-sama dengan penyisihan terkait, akan dihapuskan pada saat tidak terdapat kemungkinan yang realistis atas pemulihan di masa mendatang dan seluruh agunan, jika ada, telah direalisasi atau telah dialihkan kepada Grup.

The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the of consolidated statements comprehensive income. Interest income continues to be accrued on the reduced carrying amount based on the original effective interest rate of the asset. Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral, if any, has been realized or has been transferred to the Group.

56





2.


x.

Aset keuangan (lanjutan) Penurunan (lanjutan) ●

nilai

dari

aset




keuangan

●

Aset keuangan yang dicatat pada biaya perolehan diamortisasi (lanjutan)

Financial assets carried at amortized cost (continued) If in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced (reversed) by adjusting the allowance account. The recovery should not lead to the carrying amount of the asset exceeding its amortized cost that would have been determined had no impairment loss been recognized for the asset at the reversal date. The amount of reversal is recognized in the consolidated statements of comprehensive income. If a future write-off is later recovered, the recovery is recognized in the consolidated statements of comprehensive income.

Jika, pada tahun berikutnya, nilai estimasi kerugian penurunan nilai aset keuangan bertambah atau berkurang karena suatu peristiwa yang terjadi setelah penurunan nilai diakui, maka kerugian penurunan nilai yang sebelumnya diakui ditambah atau dikurangi (dipulihkan) dengan menyesuaikan akun penyisihan. Pemulihan tersebut tidak boleh mengakibatkan nilai tercatat aset keuangan melebihi biaya perolehan diamortisasi yang seharusnya jika penurunan nilai tidak diakui pada tanggal pemulihan dilakukan. Jumlah pemulihan aset keuangan diakui pada laporan laba rugi komprehensif konsolidasian. Jika penghapusan kemudian dipulihkan, maka pemulihan tersebut diakui dalam laporan laba rugi komprehensif konsolidasian. ●

ACCOUNTING

●

Aset keuangan yang dicatat pada biaya perolehan

Financial assets carried at cost If there is objective evidence that an impairment has occurred over equity instruments that do not have quotations and are not carried at fair value because fair value can not be measured reliably, then the amount of any impairment loss is measured as the difference between the carrying value of the financial asset and the present value of estimated future cash flows discounted at the prevailing rate of return on the market for a similar financial asset. Impairment losses may not be reversed in succeeding years.

Jika terdapat bukti obyektif bahwa kerugian penurunan nilai telah terjadi atas instrumen ekuitas yang tidak memiliki kuotasi dan tidak dicatat pada nilai wajar karena nilai wajarnya tidak dapat diukur secara handal, maka jumlah kerugian penurunan nilai diukur berdasarkan selisih antara nilai tercatat aset keuangan dan nilai kini estimasi arus kas masa mendatang yang didiskontokan pada tingkat pengembalian yang berlaku di pasar untuk aset keuangan serupa. Kerugian penurunan nilai tersebut tidak dapat dipulihkan pada tahuntahun berikutnya.

57





2.

Instrumen keuangan (lanjutan) ii.

Liabilitas ekuitas

keuangan

dan


instrumen

ACCOUNTING

Financial instruments (continued) ii.

Financial liabilities instruments

and

equity

Pengakuan awal

Initial recognition

Grup menetapkan klasifikasi liabilitas keuangannya pada saat pengakuan awal. Instrumen utang dan ekuitas dikelompokkan sebagai liabilitas keuangan atau sebagai ekuitas sesuai dengan substansi pengaturan kontraktual.

The Group determines the classification of its financial liabilities at initial recognition. Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Liabilitas keuangan dalam lingkup PSAK No. 55 (Revisi 2006) diklasifikasikan sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi, utang dan pinjaman, atau derivatif yang ditetapkan untuk tujuan instrumen lindung nilai dalam lindung nilai yang efektif, jika sesuai. Grup menentukan klasifikasi liabilitas keuangan pada saat pengakuan awal.

Financial liabilities within the scope of PSAK No. 55 (Revised 2006) are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition.

Liabilitas keuangan pada awalnya diukur pada nilai wajar dan, dalam hal utang dan pinjaman, termasuk biaya transaksi yang dapat diatribusikan secara langsung.

Financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, inclusive of directly attributable transaction costs.

Liabilitas keuangan Grup meliputi utang usaha, beban yang masih harus dibayar, utang bank, utang lainnya, utang jangka panjang lainnya dan utang sewa pembiayaan.

The Group’s financial liabilities include trade payables, accrued expenses, bank loan, other payables, other long-term loans and obligations under finance lease.

Instrumen ekuitas adalah setiap kontrak yang memberikan hak residual atas aset suatu entitas setelah dikurangi dengan seluruh kewajibannya. Instrumen ekuitas yang diterbitkan oleh Grup akan dicatat sebesar jumlah yang diperoleh, setelah dikurangi dengan biaya emisi langsung.

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 Group are recorded at the amount of the proceeds received, net of direct issuance costs.

Suatu instrumen merupakan instrumen ekuitas jika, dan hanya jika, kedua kondisi (a) dan (b) di bawah ini terpenuhi.

The instrument is an equity instrument if, and only if, both conditions (a) and (b) below are met.

58





2.


Liabilitas keuangan ekuitas (lanjutan)

dan

x. instrumen

(a) Instrumen tersebut tidak kewajiban kontraktual:

ACCOUNTING


Financial liabilities and instruments (continued)

equity

Initial recognition (continued)

Pengakuan awal (lanjutan)

b)


(a) The instrument includes contractual obligation:

memiliki

no

i.

Untuk memberikan kas atau aset keuangan lainnya kepada entitas lain; atau

i.

To deliver cash or another financial asset to another entity; or

ii.

Untuk menukar aset keuangan atau liabilitas keuangan dengan entitas lain dalam kondisi yang tidak menguntungkan bagi penerbit.

ii.

To exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the issuer.

(b) If the instrument will or may be settled in the issuer's own equity instruments, it is:

Jika instrumen akan atau dapat diselesaikan oleh penerbit yang memiliki instrumen ekuitas, apabila instrumen itu: i.

non-derivatif yang tidak memiliki kewajiban kontraktual terhadap penerbit untuk memberikan sejumlah variabel terhadap instrumen ekuitas pemilik; atau

i.

a non-derivative that includes no contractual obligation for the issuer to deliver a variable number of its own equity instruments; or

ii.

derivatif yang akan diselesaikan oleh penerbit hanya dengan menukarkan sejumlah uang tunai atau aset keuangan lainnya untuk sejumlah instrumen ekuitas pemilik. Untuk kepentingan ini, instrumen ekuitas milik penerbit tidak meliputi instrumen yang terikat kontrak untuk penerimaan di masa mendatang atau pengiriman instrumen ekuitas milik penerbit.

ii

a derivative that will be settled only by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments. For this purpose the issuer's own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery of the issuer's own equity instruments.

The Group’s equity instruments include common shares and mandatory convertible bonds.

Instrumen ekuitas Grup meliputi saham biasa dan obligasi wajib konversi.

59





2.



dan


instrumen

ACCOUNTING



equity

Pengakuan awal (lanjutan)

Initial recognition (continued)

Instrumen keuangan majemuk, seperti obligasi atau instrumen konversi sejenis yang diubah menjadi sejumlah saham biasa oleh pemegangnya, diklasifikasikan secara terpisah sebagai liabilitas keuangan dan ekuitas sesuai dengan materi dalam perjanjian kontraktual. Pada tanggal penerbitan instrumen keuangan majemuk, nilai wajar dari komponen kewajiban diestimasi menggunakan tingkat suku bunga pasar yang berlaku untuk instrumen non-konversi yang sejenis. Jumlah ini dicatat sebagai kewajiban atas dasar biaya perolehan yang diamortisasi dengan menggunakan metode bunga efektif sampai dengan pelaksanaan konversi atau pada tanggal jatuh tempo instrumen. Komponen ekuitas ditentukan dengan mengurangi jumlah komponen kewajiban dari nilai wajar instrumen keuangan majemuk secara keseluruhan. Jumlah ini diakui dan dimasukkan ke dalam ekuitas, setelah dikurangi dengan efek pajak penghasilan, dan tidak diperhitungkan kembali.

Compound financial instruments, such as bond or similar instrument convertible by the holder into a fixed number of ordinary shares, are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issuance of compound financial instruments, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortized cost basis using the effective interest rate method until extinguished upon conversion or at the instrument’s maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound financial instruments as a whole. This amount is recognized and included in equity, net of income tax effects, and is not subsequently remeasured.

Pengukuran setelah pengakuan awal

Subsequent measurement

Pengukuran liabilitas keuangan tergantung pada klasifikasinya sebagai berikut:

The measurement of financial liabilities depends on their classification as follows:

•

•

Liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi

Financial liabilities at through profit or loss

fair

value

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition at fair value through profit or loss.

Liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi termasuk liabilitas keuangan untuk diperdagangkan dan liabilitas keuangan yang ditetapkan pada saat pengakuan awal untuk diukur pada nilai wajar melalui laporan laba atau rugi.

60





2.


Liabilitas keuangan ekuitas (lanjutan) Pengukuran (lanjutan) •

•

setelah

dan


instrumen

pengakuan

ACCOUNTING



equity

Subsequent measurement (continued)

awal

•

Liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi (lanjutan)

Financial liabilities at fair value through profit or loss (continued)

Liabilitas keuangan diklasifikasikan sebagai kelompok diperdagangkan jika mereka diperoleh untuk tujuan dijual kembali dalam waktu dekat. Liabilitas derivatif juga diklasifikasikan sebagai kelompok diperdagangkan kecuali derivatif yang ditetapkan sebagai instrumen lindung nilai yang efektif.

Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. Derivative liabilities are also classified as held for trading unless they are designated as effective hedging instruments.

Keuntungan atau kerugian atas liabilitas dalam kelompok diperdagangkan diakui dalam laporan laba rugi komprehensif konsolidasian.

Gains or losses on liabilities held for trading are recognized in the consolidated statements of comprehensive income. •

Utang dan pinjaman

Loans and borrowings After initial recognition, interestbearing loans and borrowings are subsequently measured at amortized cost using the effective interest rate method. At consolidated statement of financial position date, the accrued interest is recorded separately from the respective principal loans as part of current liabilities. Gains or losses are recognized in the consolidated statements of comprehensive income when the liabilities are derecognized as well as through the amortization process using the effective interest rate method.

Setelah pengakuan awal, utang yang dikenakan bunga dan pinjaman selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif. Pada tanggal laporan posisi keuangan konsolidasian, biaya bunga yang masih harus dibayar dicatat secara terpisah dari pokok pinjaman terkait dalam bagian liabilitas lancar. Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif konsolidasian ketika liabilitas dihentikan pengakuannya serta melalui proses amortisasi menggunakan metode suku bunga efektif.

61





2.


Liabilitas keuangan ekuitas (lanjutan) Penghentian keuangan


dan

instrumen

pengakuan

liabilitas

ACCOUNTING



equity

Derecognition of financial liabilities

Liabilitas keuangan dihentikan pengakuannya pada saat liabilitas tersebut dihentikan atau dibatalkan atau kadaluwarsa.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or has expired.

Ketika sebuah liabilitas keuangan ditukar dengan liabilitas keuangan lain dari pemberi pinjaman yang sama atas persyaratan yang secara substansial berbeda, atau bila persyaratan dari liabilitas keuangan tersebut secara substansial dimodifikasi, pertukaran atau modifikasi persyaratan tersebut dicatat sebagai penghentian pengakuan liabilitas keuangan awal dan pengakuan liabilitas keuangan baru, dan selisih antara nilai tercatat masing-masing liabilitas keuangan tersebut diakui dalam laporan laba rugi komprehensif konsolidasian.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of comprehensive income.

Instrumen keuangan derivatif

Derivative financial instruments

Grup menandatangani kontrak swap valuta asing yang diperbolehkan, jika dianggap perlu, untuk tujuan mengelola risiko perubahan nilai tukar mata uang asing yang berasal dari utang Grup dalam mata uang asing. Instrumen keuangan derivatif tersebut tidak ditetapkan untuk suatu hubungan lindung nilai yang memenuhi syarat (qualifying hedge relationship) dan pada awalnya diakui pada nilai wajar pada tanggal kontrak derivatif ditandatangani dan kemudian diukur kembali pada nilai wajarnya. Derivatif dicatat sebagai aset keuangan saat memiliki nilai wajar positif dan sebagai liabilitas keuangan apabila memiliki nilai wajar negatif.

The Group enters into and engages in permitted foreign currency swap contracts, if considered necessary, for the purpose of managing the foreign exchange exposures emanating from the Group’s loans in foreign currencies. These derivative financial instruments are not designated in a qualifying hedge relationship and are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

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dan


instrumen

ACCOUNTING



equity

Instrumen keuangan derivatif (lanjutan)

Derivative (continued)

Keuntungan atau kerugian yang timbul dari perubahan nilai wajar derivatif selama tahun berjalan yang tidak memenuhi persyaratan sebagai akuntansi lindung nilai diakui langsung pada laporan laba rugi komprehensif konsolidasian.

Any gains or losses arising from changes in fair value of derivatives during the year that do not qualify for hedge accounting are taken directly to the consolidated statements of comprehensive income.

Aset dan liabilitas derivatif disajikan masing-masing sebagai aset dan liabilitas lancar. Derivatif melekat disajikan bersama dengan kontrak utamanya pada laporan posisi keuangan konsolidasian yang mencerminkan penyajian yang tepat atas seluruh arus kas pada masa datang dari instrumen tersebut secara keseluruhan.

Derivative assets and liabilities are presented under current assets and current liabilities, respectively. Embedded derivative is presented with the host contract on the consolidated statements of financial position, which presentation is an appropriate disclosure of overall future cash flows for the instrument taken as a whole.

Perubahan bersih nilai wajar instrumen derivatif dan penyelesaian dari instrumen derivatif dibebankan atau dikreditkan pada usaha tahun berjalan.

Net changes in fair value of derivative instruments and settlement of derivative instruments are charged or credited to current operations.

iii. Saling hapus instrumen keuangan

financial

instruments

iii. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Aset keuangan dan liabilitas keuangan saling hapus dan nilai bersihnya dilaporkan dalam laporan posisi keuangan konsolidasian jika, dan hanya jika, terdapat hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dari aset keuangan dan liabilitas keuangan tersebut dan terdapat intensi untuk menyelesaikan secara neto, atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara bersamaan.

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2.

Instrumen keuangan (lanjutan)


iv. Nilai wajar instrumen keuangan

Financial instruments (continued) iv. Fair value of financial instruments The fair value of financial instruments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business at the end of the reporting period. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis, or other valuation models.

Nilai wajar instrumen keuangan yang secara aktif diperdagangkan di pasar keuangan yang teroganisir, ditentukan dengan mengacu pada kuotasi harga penawaran pasar yang berlaku pada penutupan pasar pada akhir periode pelaporan. Untuk instrumen keuangan yang tidak diperdagangkan di pasar aktif, nilai wajar ditentukan dengan menggunakan teknik penilaian. Teknik penilaian tersebut meliputi penggunaan transaksi pasar terkini yang dilakukan secara wajar; referensi atas nilai wajar terkini dari instrument lain yang secara substansial sama; analisa arus kas yang didiskonto; atau model penilaian lainnya. y.

ACCOUNTING

Laba per saham

y.

Earnings per share

Sesuai dengan PSAK No. 56, "Laba per Saham", laba per saham dihitung dengan membagi laba bersih tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar selama tahun setelah mempertimbangkan efek pemecahan saham (Catatan 31).

In accordance with PSAK No. 56, ”Earnings per Share”, the amount of basic earnings per share is calculated by dividing the net income for the year attributable to owners of the parent company by the weighted-average number of shares outstanding during the year after considering the effect of stock split (Note 31).

Laba per saham dilusi dihitung dengan membagi laba bersih tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar selama tahun ditambah jumlah saham rata-rata tertimbang yang akan dikeluarkan pada saat obligasi wajib konversi dikonversi menjadi saham biasa.

The amount of diluted earnings per share is calculated by dividing the net income for the year attributable to owners of the parent company by the weighted-average number of shares outstanding during the year plus the the weighted-average number of shares that would be issued on conversion of mandatory convertible bonds into ordinary shares.

64




IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) z.

2.

Biaya emisi saham

SUMMARY OF SIGNIFICANT POLICIES (continued) z.

ACCOUNTING

Shares issuance costs Shares issuance costs are presented as a reduction to additional paid-in capital - net under the equity section of the consolidated statements of financial position.

Biaya emisi saham disajikan sebagai pengurang terhadap tambahan modal disetor bersih pada bagian ekuitas di laporan posisi keuangan konsolidasian. aa. Program penjatahan saham manajemen dan karyawan

aa. Management and allocation program

employee

stock

Compensation expense in relation to management and employee stock allocation program is recognized in the year of granting such stocks, as stated in PSAK No. 53, “Share-Based Compensation Accounting”.

Beban kompensasi yang terjadi sehubungan dengan pelaksanaan program penjatahan saham manajemen dan karyawan diakui pada tahun berjalan saat saham diberikan kepada manajemen dan karyawan, sesuai dengan PSAK No. 53, “Akuntansi Kompensasi Berbasis Saham”. ab. Informasi segmen

ab. Segment information

Efektif 1 Januari 2011, Grup menerapkan PSAK No. 5 (Revisi 2009), "Segmen Operasi", yang menggantikan PSAK No. 5 (Revisi 2000), "Pelaporan Segmen". PSAK No. 5 (Revisi 2009) mengatur pengungkapan yang akan memungkinkan pengguna laporan keuangan untuk mengevaluasi sifat dan dampak keuangan dari aktivitas bisnis yang mana entitas terlibat dan lingkungan ekonomi di mana entitas beroperasi. Penerapan PSAK No. 5 (Revisi 2009) tidak memiliki dampak signifikan terhadap laporan keuangan konsolidasian.

Effective January 1, 2011, the Group applied PSAK No. 5 (Revised 2009), “Operating Segments”, which superseded PSAK No. 5 (Revised 2000), “Segment Reporting”. PSAK No. 5 (Revised 2009) requires disclosures that will enable users of financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates. The adoption of PSAK No. 5 (Revised 2009) has no significant impact on the consolidated financial statements.

Segmen adalah komponen yang dapat dibedakan dari Grup yang terlibat baik dalam menyediakan produk-produk tertentu (segmen usaha), atau dalam menyediakan produk dalam lingkungan ekonomi tertentu (segmen geografis), yang memiliki risiko dan imbalan yang berbeda dari segmen lainnya.

A segment is a distinguishable component of the Group that is engaged either in providing certain products (business segment), or in providing products within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments.

Pendapatan, beban, hasil, aset dan liabilitas segmen termasuk item-item yang dapat diatribusikan secara langsung kepada suatu segmen serta hal-hal yang dapat dialokasikan dengan dasar yang memadai untuk segmen tersebut. Segmen ditentukan sebelum saldo dan transaksi antar Grup dieliminasi sebagai bagian dari proses konsolidasi.

Segment revenue, expenses, results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis to that segment. They are determined before intragroup balances and intragroup transactions are eliminated.

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2.

ac. Penerapan standar dan interpretasi akuntansi lainnya yang telah direvisi


ACCOUNTING

ac. Adoption of other revised standards and interpretations

accounting

Selain standar akuntansi yang telah direvisi yang telah disebutkan sebelumnya pada tanggal 1 Januari 2011, Grup juga menerapkan standar akuntansi yang telah direvisi berikut, yang dianggap relevan terhadap laporan keuangan konsolidasian namun tidak menimbulkan dampak yang signifikan kecuali bagi pengungkapan terkait:

Other than the revised accounting standards previously mentioned above, the Group also adopted the following revised accounting standards and interpretations on January 1, 2011, which are considered relevant to the consolidated financial statements but did not have significant impact except for the related disclosures:

•

PSAK No. 8 (Revisi 2009), "Peristiwa Setelah Periode Pelaporan"

•

PSAK No. 8 (Revised 2009), "Events after the Reporting Period"

•

PSAK No. 25 (Revisi 2009), “Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan”

•

PSAK No. 25 (Revised 2009), “Accounting in Accounting Policies, Changes Estimates and Errors”

•

PSAK No. 58 (Revisi 2009), “Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang dihentikan”

•

PSAK No. 58 (Revised 2009), “Noncurrent Assets Held for Sale and Discontinued Operations”

•

ISAK No. 9, “Perubahan atas Liabilitas Aktivitas Purna Operasi, Restorasi dan Liabilitas Serupa”.

•

ISAK No. 9, “Changes in Existing Decommissioning Restoration and Similar Liabilities”.

ad. Pernyataan dan interprestasi yang telah dikeluarkan tapi belum efektif berlaku

ad. Standards and interpretations issued but not yet effective

PSAK dan ISAK yang diterbitkan oleh Dewan Standar Akuntansi Keuangan (DSAK) dan relevan untuk Grup tetapi berlaku efektif pada tanggal 1 Januari 2012 adalah sebagai berikut:

The PSAKs and ISAKs issued by the Indonesian Financial Accounting Standards Board (DSAK), which are relevant to the Group but are effective only starting on January 1, 2012, are summarized below:

•

•

PSAK No. 10 (Revisi 2010), “Pengaruh Perubahan Kurs Valuta Asing”, menjelaskan bagaimana memasukkan transaksi dalam mata uang asing dan kegiatan usaha luar negeri ke dalam laporan keuangan entitas dan bagaimana menjabarkan laporan keuangan kedalam mata uang penyajian.

66

PSAK No. 10 (Revised 2010), “The Effect of Changes in Foreign Exchange Rates”, prescribes how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency.




IKHTISAR KEBIJKAN AKUNTANSI PENTING (lanjutan)

2.

ad. Pernyataan dan interprestasi yang telah dikeluarkan tapi belum efektif berlaku (lanjutan)


ACCOUNTING

ad. Standards and interpretations issued but not yet effective (continued)

•

PSAK No. 16 (Revisi 2011), “Aset Tetap”, mengatur perlakuan akuntansi aset tetap, sehingga pengguna laporan keuangan dapat memahami informasi mengenai investasi entitas dalam aset tetap dan perubahan dalam investasi tersebut. Masalah utama dalam akuntansi aset tetap adalah pengakuan aset, penentuan jumlah tercatat, pembebanan penyusutan, dan rugi penurunan nilainya.

•

PSAK No. 16 (Revised 2011), “Property, Plant and Equipment”, prescribes the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity's investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognized in relation to them.

•

PSAK No. 18 (Revisi 2010), “Akuntansi dan Pelaporan Program Manfaat Purnakarya”, mengatur akuntansi dan pelaporan program manfaat purnakarya untuk semua peserta sebagai suatu kelompok. PSAK ini melengkapi PSAK No. 24 (Revisi 2010), “Imbalan Kerja”.

•

PSAK No. 18 (Revised 2010), “Accounting and Reporting by Retirement Benefit Plans”, establishes the accounting and reporting by the plans to all participants as a group. This PSAK complements PSAK No. 24 (Revised 2010), “Employee Benefits”.

•

PSAK No. 24 (Revisi 2010), “Imbalan mengatur akuntansi dan Kerja”, pengungkapan imbalan kerja.

•

PSAK No. 24 (Revised 2010), “Employee Benefits”, establishes the accounting and disclosures for employee benefits.

•

PSAK No. 26 (Revisi 2011), “Biaya Pinjaman”, menentukan biaya pinjaman yang dapat diatribusikan secara langsung dengan perolehan, konstruksi, atau produksi aset kualifikasian dikapitalisasi sebagai bagian biaya perolehan aset tersebut. Biaya pinjaman lainnya diakui sebagai beban.

•

PSAK No. 26 (Revised 2011), “Borrowing Costs”, provides that borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense.

•

PSAK 30 (Revisi 2011), “Sewa”, mengatur kebijakan akuntansi dan pengungkapan yang sesuai, baik bagi lessee maupun lessor terkait dengan sewa, yang berlaku untuk perjanjian yang mengalihkan hak untuk menggunakan aset meskipun penyediaan jasa substansial oleh lessor tetap diperlukan dalam mengoperasikan atau memelihara aset tersebut.

•

PSAK 30 (Revised 2011), “Leases”, prescribes, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases which apply to agreements that transfer the right to use assets even though substantial services by the lessor may be called for in connection with the operation or maintenance of such assets.

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ACCOUNTING


•

PSAK No. 33 (Revisi 2011), “Aktivitas Pengupasan Lapisan Tanah dan Pengelolaan Lingkungan Hidup pada Pertambangan Umum”, diterapkan untuk akuntansi pertambangan umum yang terkait dengan aktivitas pengupasan lapisan tanah dan aktivitas pengelolaan lingkungan hidup.

•

PSAK No. 33 (Revised 2011), “Stripping and Environmental Management Activities in General Mining”, applies to accounting for general mining in relation to stripping activity and environmental management activity.

•

PSAK No. 34 (Revisi 2010), “Kontrak Konstruksi”, mengatur perlakuan akuntansi pendapatan dan biaya yang berhubungan dengan kontrak konstruksi.

•

PSAK No. 34 (Revised 2010), “Accounting for Construction Contracts”, prescribes the accounting treatment of revenue and costs associated with construction contracts.

•

PSAK No. 46 (Revisi 2010), “Pajak Penghasilan”, mengatur perlakuan akuntansi untuk pajak penghasilan dalam menghitung konsekuensi pajak kini dan masa depan untuk pemulihan (penyelesaian) jumlah tercatat aset (liabilitas) di masa depan yang diakui pada laporan posisi keuangan; serta transaksi-transaksi dan kejadian-kejadian lain pada periode kini yang diakui pada laporan keuangan.

•

PSAK No. 46 (Revised 2010), “Accounting for Income Taxes”, prescribes the accounting treatment for income taxes to account for the current and future tax consequences of the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in the statement of financial position; and transactions and other events of the current period that are recognized in the financial statements.

•

PSAK No. 50 (Revisi 2010), “Instrumen Keuangan: Penyajian”, menetapkan prinsip penyajian instrumen keuangan sebagai liabilitas atau ekuitas dan saling hapus aset keuangan dan liabilitas keuangan.

•

PSAK No. 50 (Revised 2010), “Financial Instruments: Presentation”, establishes the principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities.

•

PSAK No. 53 (Revisi 2010), “Pembayaran Berbasis Saham”, mengatur pelaporan keuangan entitas yang melakukan transaksi pembayaran berbasis saham.

•

PSAK No. 53 (Revised 2010), “Sharebased Payment”, specifies the financial reporting by an entity when it undertakes a share-based payment transaction.

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ACCOUNTING


•

PSAK No. 55 (Revisi 2011), “Instrumen Keuangan: Pengakuan dan Pengukuran”, mengatur prinsip-prinsip dasar pengakuan dan pengukuran aset keuangan, liabilitas keuangan, dan kontrak pembelian atau penjualan item nonkeuangan. Persyaratan penyajian informasi instrumen keuangan diatur dalam PSAK No. 50 (revisi 2010), “Instrumen Keuangan: Penyajian”. Persyaratan pengungkapan informasi instrumen keuangan diatur dalam PSAK 60 “Instrumen Keuangan: No. Pengungkapan”.

•

PSAK No. 55 (Revised 2011), “Financial Instruments: Recognition and Measurement”, establishes principles for recognizing and measuring financial assets, financial liabilities and some contracts to purchase or sell non-financial items. The requirements for presenting information about financial instruments are prescribed in PSAK No. 50 (Revised 2010), “Financial Instruments: Presentation”. The requirements for information that needs to be disclosed about financial instruments are prescribed in PSAK No. 60, “Financial Instruments: Disclosures”.

•

PSAK No. 56 (Revisi 2011), “Laba per Saham”, menetapkan prinsip penentuan dan penyajian laba per saham, sehingga meningkatkan daya banding kinerja antar entitas berbeda pada periode pelaporan sama dan antar periode pelaporan berbeda untuk entitas yang sama.

•

PSAK No. 56 (Revised 2011), “Earnings per Share”, prescribed principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same period and between different reporting periods for the same entity.

•

PSAK No. 60, “Instrumen Keuangan: Pengungkapan”, mensyaratkan pengungkapan dalam laporan keuangan yang memungkinkan para pengguna untuk mengevaluasi signifikansi instrumen keuangan terhadap posisi dan kinerja keuangan; dan sifat dan luas risiko yang timbul dari instrumen keuangan yang mana entitas terekspos selama periode dan pada akhir periode pelaporan, dan bagaimana entitas mengelola risiko-risiko tersebut.

•

PSAK No. 60, “Financial Instruments: Disclosures”, requires disclosures in the financial statements that enable users to evaluate the significance of financial instruments for financial position and performance; and the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks.

•

PSAK No. 64, “Aktivitas Eksplorasi dan Evaluasi pada Pertambangan Sumber Daya Mineral”, menetapkan pelaporan keuangan atas eksplorasi dan evaluasi pada pertambangan sumber daya mineral, yang mensyaratkan entitas yang mengakui aset eksplorasi dan evaluasi untuk menilai apakah aset tersebut mengalami penurunan nilai sesuai dengan Pernyataan ini dan mengukur setiap penurunan nilai sesuai dengan PSAK No. 48 (Revisi 2009), “Penurunan Nilai Aset.”

•

PSAK No. 64, ”Exploration for and Evaluation of Mineral Resources”, specifies the financial reporting for the exploration and evaluation of mineral resource, requires entities that recognize exploration and evaluation assets to assess such assets for impairment in accordance with this PSAK and measure any impairment in accordance with PSAK No. 48 (Revised 2009), “Impairment of Assets.”

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2.



ACCOUNTING


•

ISAK No. 15, “PSAK No. 24 - Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum dan Interaksinya”, memberikan pedoman bagaimana menilai pembatasan jumlah surplus dalam program imbalan pasti yang dapat diakui sebagai aset sesuai PSAK No. 24 (Revisi 2010), “Imbalan Kerja”.

•

ISAK No. 15, “PSAK No. 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”, provides guidance on how to assess the limit on the amount of surplus in a defined scheme that can be recognized as an asset under PSAK No. 24 (Revised 2010), “Employee Benefits”.

•

ISAK No. 20, “Pajak penghasilan Perubahan Dalam Status Pajak Entitas atau Para Pemegang Saham”, membahas bagaimana suatu entitas memperhitungkan konsekuensi pajak kini dan pajak tangguhan karena perubahan dalam status pajaknya atau pemegang sahamnya.

•

ISAK No. 20, “Income Taxes - Changes in the Tax Status of an Entity or its Shareholders”, prescribes how an entity should account for the current and deferred tax consequences of a change in its tax status or that of its shareholders.

•

ISAK No. 24, ”Evaluasi Substansi beberapa Transaksi yang Melibatkan suatu Bentuk Legal Sewa”, memberikan pedoman bagaimana menentukan apakah serangkaian transaksi adalah terkait dan dicatatkan sebagai transaksi tunggal; dan menentukan apakah perjanjian yang ada memenuhi definisi sewa berdasarkan PSAK No. 30 (Revisi 2007), “Sewa”.

•

ISAK No. 24, “Evaluating the Substance of Transactions Involving the Legal Form of a Lease”, provides guidance on how to determine whether a series of transactions is linked and should be accounted for as one transaction; and whether the arrangement meets the definition of a lease under PSAK No. 30 (Revised 2007), “Leases”.

•

ISAK No. 25, ”Hak atas Tanah”, memberikan pedoman bagaimana mencatat biaya perolehan hak atas tanah dalam bentuk Hak Guna Usaha, Hak Guna Bangunan dan Hak Pakai beserta biaya pengurusan legal hak atas tanah dan perpanjangan atau awal pembaruannya.

•

ISAK No. 25, “Land Rights”, provides guidance on how to account for the acquired cost of Land Rights in the form of Right to Exploit (Hak Guna Usaha), Right to Build (Hak Guna Bangunan) and Right to Use (Hak Pakai), and also the cost to obtain the legal rights at the beginning and at the extension or renewal of the rights.

•

ISAK No. 26, “Penilaian Ulang Derivatif Melekat”, membahas kapan penilaian terhadap derivatif melekat yang terdapat dalam kontrak dipisahkan dari kontrak utamanya, apakah harus dilakukan ketika entitas pertama kali menjadi pihak dalam kontrak, atau penilaian tersebut dilakukan sepanjang umur kontrak.

•

ISAK No. 26, “Reassessment of Embedded Derivatives”, prescribes when the assessment shall be made on whether embedded derivatives contained in a contract are required to be separated from the host contract, whether it should be made only when the entity first becomes a party to the contract, or it should be considered throughout the life of the contract.

The Group is presently evaluating and has not yet determined the effects of these revised and new standards and interpretations on the consolidated financial statements.

Grup sedang mengevaluasi dan belum menentukan dampak dari standar yang direvisi dan yang baru tersebut terhadap laporan keuangan konsolidasian.

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SUMBER ESTIMASI KETIDAKPASTIAN

3.

SOURCES OF ESTIMATION UNCERTAINTY

Penyusunan laporan keuangan konsolidasian Grup mengharuskan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah pendapatan, beban, aset dan liabilitas yang dilaporkan dan pengungkapan atas liabilitas kontijensi, pada akhir periode pelaporan. Ketidakpastian mengenai asumsi dan estimasi tersebut dapat mengakibatkan penyesuaian material terhadap nilai tercatat aset dan liabilitas di masa mendatang.

The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets and liabilities affected in future years.

Pertimbangan

Judgments

Pertimbangan berikut ini dibuat oleh manajemen dalam rangka penerapan kebijakan akuntansi Grup yang memiliki pengaruh paling signifikan atas jumlah yang diakui dalam laporan keuangan konsolidasian:

The following judgments are made by management in the process of applying the Group’s accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements:

Klasifikasi Aset dan Liabilitas Keuangan

Classification of Financial Assets and Financial Liabilities

Grup menetapkan klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan dengan pertimbangan bila definisi yang ditetapkan PSAK No. 55 (Revisi 2006) terpenuhi. Dengan demikian, aset keuangan dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi Grup seperti diungkapkan pada Catatan 2x.

The Group determines the classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in PSAK No. 55 (Revised 2006). Accordingly, the financial assets and financial liabilities are accounted for in accordance with the Group’s accounting policies disclosed in Note 2x.

Alokasi Harga Beli dan Penurunan Nilai Goodwill

Purchase Price Allocation and Goodwill Impairment

Akuntansi akuisisi mensyaratkan penggunaan estimasi akuntansi secara ekstensif dalam mengalokasikan harga beli kepada nilai pasar wajar yang dapat diandalkan aset dan liabilitas yang diperoleh, termasuk aset takberwujud. Akuisisi bisnis tertentu oleh Grup menimbulkan goodwill. Sesuai PSAK No. 22 (Revisi 2009), “Kombinasi Bisnis”, goodwill tidak diamortisasi dan diuji bagi penurunan nilai setiap tahunnya. Nilai tercatat goodwill Grup pada tanggal 31 Desember 2011 adalah sebesar Rp593.883. Seperti dijelaskan dalam Catatan 1c, nilai tercatat tersebut merupakan jumlah sementara menunggu hasil penilaian nilai wajar aset dan liabilitas yang diperoleh. Rincian lebih lanjut diungkapkan dalam Catatan 1c.

Acquisition accounting requires extensive use of accounting estimates to allocate the purchase price to the reliable fair market values of the assets and liabilities purchased, including intangible assets. Certain business acquisitions of the Group have resulted in goodwill. Under PSAK No. 22 (Revised 2009), “Business Combinations”, such goodwill is not amortized and subject to an annual impairment testing. The carrying amount of the Group’s goodwill as of December 31, 2011 amounted to Rp593,883. As discussed in Note 1c, the carrying amount is provisional pending receipt of the final valuation of the fair values of the acquired assets and liability. Further details are disclosed in Note 1c.

Uji penurunan nilai dilakukan apabila terdapat indikasi penurunan nilai. Dalam hal goodwill, aset diuji untuk penurunan nilai setiap tahunnya dan jika terdapat indikasi penurunan nilai, Manajemen harus menggunakan pertimbangan dalam mengestimasi nilai terpulihkan dan menentukan jumlah penurunan nilai.

Impairment testing is performed when certain impairment indicators are present. In the case of goodwill, such assets are subject to annual impairment testing and whenever there is an indication that such asset may be impaired, management has to use its judgment in estimating the recoverable value and determining the amount of impairment.

71



SUMBER (lanjutan)

ESTIMASI


KETIDAKPASTIAN

3.

SOURCES OF (continued)

ESTIMATION

UNCERTAINTY

Pertimbangan (lanjutan)

Judgments (continued)

Penyisihan atas Penurunan Nilai Piutang Usaha

Allowance for Impairment of Trade Receivables

Grup mengevaluasi akun tertentu jika terdapat informasi bahwa pelanggan yang bersangkutan tidak dapat memenuhi kewajiban keuangannya. Dalam hal tersebut, Grup mempertimbangkan, berdasarkan fakta dan situasi yang tersedia, termasuk namun tidak terbatas pada, jangka waktu hubungan dengan pelanggan dan status kredit dari pelanggan berdasarkan catatan kredit dari pihak ketiga dan faktor pasar yang telah diketahui, untuk mencatat provisi spesifik atas jumlah piutang pelanggan guna mengurangi jumlah piutang yang diharapkan dapat diterima oleh Grup. Provisi spesifik ini dievaluasi kembali dan disesuaikan jika tambahan informasi yang diterima mempengaruhi jumlah penyisihan untuk piutang usaha. Nilai tercatat dari piutang usaha Grup sebelum nilai pada tanggal penyisihan penurunan 31 Desember 2011 dan 2010 masing-masing sebesar Rp1.426.303 dan Rp1.021.616. Penjelasan lebih lanjut diungkapkan dalam Catatan 6.

The Group evaluates specific accounts where it has information that certain customers are unable to meet their financial obligations. In these cases, the Group uses judgment, based on the best available facts and circumstances, including but not limited to, the length of its relationship with the customer and the customer’s current credit status based on third party credit reports and known market factors, to record specific provisions for customers against amounts due to reduce the receivable amounts that the Group expects to collect. These specific provisions are re-evaluated and adjusted as additional information received affects the amounts of allowance for impairment of trade receivables. The carrying amount of the Group’s trade receivables before allowance for impairment as of December 31, 2011 and 2010 amounted to Rp1,426,303 and Rp1,021,616, respectively. Further details are presented in Note 6.

Estimasi dan Asumsi

Estimates and Assumptions

Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada tanggal pelaporan yang memiliki risiko signifikan mengakibatkan penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun berikutnya diungkapkan di bawah ini. Grup mendasarkan asumsi dan estimasi pada parameter yang tersedia pada saat laporan keuangan konsolidasian disusun. Asumsi dan situasi mengenai perkembangan masa depan mungkin berubah akibat perubahan pasar atau situasi yang di luar kendali Grup. Perubahan tersebut dicerminkan dalam asumsi terkait pada saat terjadinya.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

72



SUMBER (lanjutan)

ESTIMASI


KETIDAKPASTIAN

3.


ESTIMATION

UNCERTAINTY

Estimasi dan Asumsi (lanjutan)

Estimates and Assumptions (lanjutan)

Pensiun dan Imbalan Kerja

Pension and Employee Benefits

Penentuan kewajiban dan biaya pensiun dan liabilitas imbalan kerja Grup bergantung pada pemilihan asumsi yang digunakan oleh aktuaris independen dalam menghitung jumlah-jumlah tersebut. Asumsi tersebut termasuk antara lain, tingkat diskonto, tingkat kenaikan gaji tahunan, tingkat pengunduran diri karyawan tahunan, tingkat kecacatan, umur pensiun dan tingkat kematian. Hasil aktual yang berbeda dari asumsi yang ditetapkan Grup langsung diakui dalam laba atau rugi pada saat terjadinya. Sementara Grup berkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai, perbedaan signifikan pada hasil aktual atau perubahan signifikan dalam asumsi yang ditetapkan dapat mempengaruhi secara material liabilitas diestimasi atas pensiun dan imbalan kerja dan beban imbalan kerja bersih. Nilai tercatat atas liabilitas diestimasi imbalan kerja Grup pada tanggal 31 Desember 2011 dan 2010 masingmasing sebesar Rp92.194 dan Rp67.939. Penjelasan lebih rinci diungkapkan dalam Catatan 29.

The determination of the Group’s obligations and cost for pension and employee benefits liabilities is dependent on its selection of certain assumptions used by the independent actuaries in calculating such amounts. Those assumptions include discount rates, future annual salary increase, annual employee turn-over rate, disability rate, retirement age and mortality rate. Actual results that differ from the Group’s assumptions are recognized immediately in profit or loss as and when they occur. While the Group believes that its assumptions are reasonable and appropriate, significant differences in the Group’s actual experiences or significant changes in the Group’s assumptions may materially affect its estimated liabilities for pension and employee benefits and net employee benefits expense. The carrying amount of the Group’s estimated liabilities for employee benefits as of December 31, 2011 and 2010 amounted to Rp92,194 and Rp67,939, respectively. Further details are disclosed in Note 29.

Penyusutan Aset Tetap

Depreciation of Fixed Assets

Biaya perolehan aset tetap disusutkan dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomisnya. Manajemen mengestimasi masa manfaat ekonomis aset tetap antara 3 sampai 25 tahun. Ini adalah umur yang secara umum diharapkan dalam industri di mana Grup menjalankan bisnisnya. Perubahan tingkat pemakaian dan perkembangan teknologi dapat mempengaruhi masa manfaat ekonomis dan nilai sisa aset, dan karenanya biaya penyusutan masa depan mungkin direvisi. Nilai tercatat bersih atas aset tetap Grup pada tanggal 31 Desember 2011 dan 2010 masing-masing sebesar Rp4.007.349 dan Rp2.107.655. Penjelasan lebih rinci diungkapkan dalam Catatan 11.

The costs of fixed assets are depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these fixed assets to be within 3 to 25 years. These are common life expectancies applied in the industries where the Group conducts its businesses. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual values of these assets, and therefore future depreciation charges could be revised. The net carrying amount of the Group’s fixed assets as of December 31, 2011 and 2010 amounted to Rp4,007,349 and Rp2,107,655, respectively. Further details are disclosed in Note 11.

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SUMBER (lanjutan)

ESTIMASI


KETIDAKPASTIAN

3.


ESTIMATION

UNCERTAINTY


Estimates and Assumptions (continued)

Pajak Penghasilan

Income Tax

Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti dalam kegiatan usaha normal. Grup mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah akan terdapat tambahan pajak penghasilan badan. Penjelasan lebih lanjut diungkapkan dalam Catatan 21.

Significant judgment is involved in determining the provision for corporate income tax. There are certain transactions and computation for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due. Further details are disclosed in Note 21.

Realisasi dari Aset Pajak Tangguhan

Realization of Deferred Tax Assets

Grup melakukan penelaahan atas nilai tercatat aset pajak tangguhan pada setiap akhir periode pelaporan dan mengurangi nilai tersebut sebesar penghasilan kena pajak tersedia untuk penggunaan seluruh atau sebagian dari aset pajak tangguhan tersebut. Penelaahan Grup atas pengakuan aset pajak tangguhan untuk perbedaan temporer yang dapat dikurangkan didasarkan atas tingkat dan waktu taksiran penghasilan kena pajak pada periode pelaporan berikutnya.

The Group reviews the carrying amounts of deferred tax assets at the end of each reporting period and reduces these to the extent that sufficient taxable income will be available to allow all or part of the deferred income tax assets to be utilized. The Group’s assessment on the recognition of deferred tax assets on deductible temporary differences is based on the level and timing of forecasted taxable income of the subsequent reporting periods.

Taksiran penghasilan kena pajak didasarkan pada hasil pencapaian Grup di masa lalu dan ekspektasi di masa depan terhadap pendapatan dan beban, serta strategi perencanaan perpajakan di masa depan. Namun, tidak terdapat kepastian bahwa Grup dapat menghasilkan penghasilan kena pajak yang memadai untuk memungkinkan penggunaan sebagian atau seluruh bagian dari aset pajak tangguhan tersebut. Penjelasan lebih lanjut diungkapkan dalam Catatan 21.

The forecast of taxable income is based on the Group’s past results and future expectations on revenues and expenses as well as future tax planning strategies. However, there is no assurance that the Group will generate sufficient taxable income to allow all or part of the deferred tax assets to be utilized. Further details are disclosed in Note 21.

Aset pajak tangguhan diakui atas seluruh rugi fiskal yang belum digunakan sepanjang besar kemungkinannya bahwa penghasilan kena pajak akan tersedia sehingga rugi fiskal tersebut dapat digunakan. Estimasi signifikan oleh manajemen disyaratkan dalam menentukan jumlah aset pajak tangguhan yang dapat diakui, berdasarkan saat penggunaan dan tingkat penghasilan kena pajak dan strategi perencanaan pajak masa depan.

Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management estimates are required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.

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SUMBER (lanjutan)

ESTIMASI


KETIDAKPASTIAN

3.


ESTIMATION

UNCERTAINTY



Ketidakpastian Liabilitas Perpajakan

Uncertain Tax Exposure

Dalam situasi tertentu, Grup tidak dapat menentukan secara pasti jumlah liabilitas pajak mereka pada saat ini atau masa depan karena proses pemeriksaan oleh otoritas perpajakan yang masih berlangsung. Ketidakpastian timbul terkait dengan interpretasi dari peraturan perpajakan yang kompleks dan jumlah dan waktu dari penghasilan kena pajak di masa depan. Dalam menentukan jumlah yang harus diakui terkait dengan liabilitas pajak yang tidak pasti, Grup menerapkan pertimbangan yang sama yang akan mereka gunakan dalam menentukan jumlah cadangan yang harus diakui sesuai dengan PSAK No. 57, “Provisi, Liabilitas Kontinjensi dan Aset Kontinjensi”. Grup membuat analisa untuk semua posisi pajak terkait dengan pajak penghasilan untuk menentukan apakah liabilitas pajak atas manfaat pajak yang belum diakui harus diakui.

In certain circumstances, the Group may not be able to determine the exact amount of its current or future tax liabilities due to ongoing investigations by the taxation authority. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. In determining the amount to be recognized in respect of an uncertain tax liability, the Group applies similar considerations as it would use in determining the amount of a provision to be recognized in accordance with PSAK No. 57, “Provisions, Contingent Liabilities and Contingent Assets”. The Group makes an analysis of all tax positions related to income taxes to determine whether a tax liability of unrecognized tax benefit should be recognized.

Grup menyajikan bunga dan denda untuk kekurangan pembayaran pajak penghasilan sebagai bagian dari “Beban Operasi Lain” pada laporan laba rugi komprehensif konsolidasian.

The Group presents interest and penalties for the underpayment of income tax as part of “Other Operating Expenses” in the consolidated statements of comprehensive income.

Penyisihan Keusangan Persediaan

Nilai

Allowance for Inventory Obsolescence and Decline in Value

Penyisihan keusangan dan penurunan nilai persediaan diestimasi berdasarkan fakta dan keadaan yang tersedia, termasuk namun tidak terbatas kepada, kondisi fisik persediaan yang dimiliki, harga jual pasar, estimasi biaya penyelesaian dan estimasi biaya yang timbul untuk penjualan. Provisi dievaluasi kembali dan disesuaikan jika terdapat tambahan informasi yang mempengaruhi jumlah yang diestimasi. Nilai tercatat persediaan Grup sebelum penyisihan atas keusangan dan penurunan nilai pasar pada tanggal 31 Desember 2011 dan 2010 masing-masing sebesar Rp416.491 dan Rp303.633. Penjelasan lebih rinci diungkapkan dalam Catatan 8.

Allowance for inventory obsolescence and decline in value is estimated based on the best available facts and circumstances, including but not limited to, the inventories’ own physical conditions, their market selling prices, estimated costs of completion and estimated costs to sell. The provisions are re-evaluated and adjusted as additional information received affects the amount estimated. The carrying amount of the Group’s inventories before allowance for obsolescence and decline in market values as of December 31, 2011 and 2010 amounted to Rp416,491 and Rp303,633, respectively. Further details are disclosed in Note 8.

dan

Penurunan

75



SUMBER (lanjutan)

ESTIMASI


KETIDAKPASTIAN

3.


ESTIMATION

UNCERTAINTY



Penentuan Nilai Wajar dari Instrumen Keuangan

Fair Value of Financial Instruments

Ketika nilai wajar dari aset keuangan dan liabilitas keuangan dicatat dalam laporan posisi keuangan konsolidasian tidak dapat diperoleh dari pasar yang aktif, maka nilai wajarnya ditentukan dengan menggunakan teknik penilaian termasuk model discounted cash flow. Masukan untuk model tersebut dapat diambil dari pasar yang dapat diobservasi, tetapi apabila hal ini tidak dimungkinkan, pertimbangan disyaratkan dalam menetapkan nilai wajar. Pertimbangan tersebut mencakup penggunaan masukan seperti risiko likuiditas, risiko kredit dan volatilitas. Perubahan dalam asumsi mengenai faktor-faktor tersebut dapat mempengaruhi nilai wajar dari instrumen keuangan yang dilaporkan.

When the fair value of financial assets and financial liabilities recorded in the consolidated statement of financial position cannot be derived from active markets, their fair value is determined using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

Estimasi Cadangan

Reserve Estimates

Cadangan merupakan estimasi jumlah batubara yang dapat diekstraksi secara ekonomis dan legal dari wilayah kuasa pertambangan milik TIA, Mifa dan BEL (Grup Pertambangan Batubara). Grup Pertambangan Batubara menentukan dan melaporkan cadangan batubara berdasarkan prinsip-prinsip yang terkandung dalam “Standar Nasional Indonesia”. Dalam memperkirakan cadangan batubara diperlukan beberapa asumsi seperti faktor geologi, teknis dan ekonomi, termasuk jumlah, teknik produksi, rasio pengupasan tanah, biaya produksi, biaya transportasi, permintaan komoditas, harga komoditas dan nilai tukar mata uang.

Reserves are estimates of the quantity of coal that can be economically and legally extracted from TIA, Mifa and BEL’s (Coal Mining Group) mining authorization areas. The Coal Mining Group determines and reports its coal reserves under the principles incorporated in the “Standar Nasional Indonesia”. In order to estimate coal reserves, assumptions are required about a range of geological, technical and economic factors, quantities, production techniques, including stripping ratio, production costs, transport costs, commodity demand, commodity prices and exchange rates.

Penaksiran jumlah dan/atau nilai kalori cadangan batubara mengharuskan ukuran, bentuk dan kedalaman batubara atau lahan ditentukan dengan menganalisa data geologis seperti sampel pengeboran. Proses ini mungkin memerlukan pertimbangan geologis yang kompleks dan sulit dalam menginterpretasikan data.

Estimating the quantity and/or calorific value of coal reserves requires the size, shape and depth of coal bodies or fields to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data.

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SUMBER (lanjutan)

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KETIDAKPASTIAN

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ESTIMATION

UNCERTAINTY



Estimasi Cadangan (lanjutan)

Reserve Estimates (continued)

Karena asumsi-asumsi ekonomi yang digunakan dalam membuat estimasi cadangan berubah dari waktu ke waktu dan karena tambahan data geologis dihasilkan selama periode operasi, maka jumlah estimasi cadangan dapat berubah dari waktu ke waktu. Perubahan cadangan yang dilaporkan dapat mempengaruhi hasil dan posisi keuangan Grup Pertambangan Batubara dalam berbagai cara, diantaranya: Penyusutan dan amortisasi yang dibebankan dalam laporan laba rugi komprehensif konsolidasian dapat berubah jika biaya tersebut ditentukan berdasarkan basis unit produksi. - Provisi untuk pengelolaan dan reklamasi lingkungan hidup dapat berubah karena perubahan estimasi cadangan mempengaruhi ekspektasi atas saat atau biaya kegiatankegiatan tersebut.

Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data are generated during the course of operations, estimates of reserves may change from period to period. Changes in reported reserves may affect the Coal Mining Group’s financial results and positions in a number of ways, including the following: Depreciation and amortization charged in the consolidated statements of comprehensive income may change where such charges are determined on the units-of-production basis.

Biaya Eksplorasi dan Pengembangan Tambang Ditangguhkan

Deferred Mining Exploration and Development Costs

Kebijakan akuntansi Grup Pertambangan Batubara untuk biaya eksplorasi menyebabkan adanya beberapa biaya yang dikapitalisasi untuk suatu area of interest dimana biaya tersebut dianggap dapat dipulihkan melalui kegiatan eksploitasi di masa depan atau penjualan atau dimana kegiatan belum mencapai tahap yang memungkinkan penilaian yang wajar atas keberadaan cadangan. Kebijakan ini mengharuskan manajemen untuk membuat estimasi dan asumsi tertentu sehubungan peristiwa dan keadaan di masa depan, khususnya apakah operasi ekstraksi yang ekonomis dapat dilaksanakan. Setiap perkiraan dan asumsi tersebut dapat berubah seiring tersedianya informasi baru. Jikalau, setelah biaya dikapitalisasi, kemungkinan kecil biaya dapat dipulihkan, maka biaya yang dikapitalisasi tersebut dibebankan dalam laporan laba rugi komprehensif konsolidasian.

The Coal Mining Group’s accounting policy for exploration expenditure results in certain items of expenditure being capitalized for an area of interest where it is considered likely to be recoverable by future exploitation or sale or where the activities have not yet reached a stage which permits a reasonable assessment of the existence of reserves. This policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after having capitalized the expenditure under the policy, a judgment is made that recovery of the expenditure is unlikely, the capitalized amount will be charged to the consolidated statement of comprehensive income.

-

77

Provision for environmental and reclamation costs may change where changes in estimated reserves affect expectations about the timing or cost of these activities.



SUMBER (lanjutan)

ESTIMASI


KETIDAKPASTIAN

3.


ESTIMATION

UNCERTAINTY



Biaya Eksplorasi dan Pengembangan Tambang Ditangguhkan (lanjutan)

Deferred Mining Exploration and Development Costs (continued)

Kegiatan pengembangan dimulai setelah dilakukan pengesahan proyek oleh tingkat manajemen yang berwenang. Manajemen melakukan pertimbangan untuk menentukan kapan suatu proyek layak dikembangkan secara ekonomis. Dalam melaksanakan pertimbangan tersebut, manajemen perlu membuat estimasi dan asumsi tertentu seperti yang dijelaskan di atas untuk biaya eksplorasi yang dikapitalisasi. Setiap estimasi dan asumsi tersebut dapat berubah seiring tersedianya informasi baru. Jika, setelah memulai kegiatan pengembangan, dinilai bahwa terdapat penurunan nilai aset pengembangan, jumlah penurunan nilai akan dibebankan dalam laporan laba rugi komprehensif konsolidasian. Penjelasan lebih rinci diungkapkan dalam Catatan 12.

Development activities commence after project sanctioning by the appropriate level of management. Judgment is applied by management in determining when a project is economically viable. In exercising this judgment, management is required to make certain estimates and assumptions similar to those described above for capitalized exploration expenditure. Any such estimates and assumptions may change as new information becomes available. If, after having commenced the development activity, a judgment is made that a development asset is impaired, the appropriate amount will be charged to the consolidated statement of comprehensive income. Further details are disclosed in Note 12.

Provisi untuk Biaya Pengelolaan dan Reklamasi Lingkungan Hidup

Provision for Environmental and Reclamation Costs

Kebijakan akuntansi Grup Pertambangan Batubara untuk pengakuan nilai provisi untuk biaya pengelolaan dan reklamasi lingkungan hidup membutuhkan estimasi dan asumsi yang signifikan, seperti persyaratan hukum dan regulasi yang relevan, serta waktu, cakupan dan biaya yang dibutuhkan untuk kegiatan pengelolaan dan reklamasi lingkungan hidup. Ketidakpastian ini dapat menimbulkan perbedaan atas biaya aktual di masa mendatang dengan jumlah yang dicadangkan saat ini. Pencadangan yang diakui untuk setiap lokasi ditinjau dan diperbarui secara berkala berdasarkan pada fakta dan keadaan pada saat itu. Saldo provisi ini dicatat sebagai bagian dari “Beban yang Masih Harus Dibayar - Lain-lain” (Catatan 17).

The Coal Mining Group’s accounting policy for the recognition of provision for environmental and reclamation costs requires significant estimates and assumptions, such as requirements of the relevant legal and regulatory framework, and the timing, extent and costs of required environmental and reclamation activity. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognized for each location is periodically reviewed and updated based on the facts and circumstances available at that time. The balance of the provision is recorded as part of “Accrued Expenses - Others” (Note 17).

Biaya Pengupasan Tangguhan

Deferred Stripping Costs

Grup Pertambangan Batubara menangguhkan biaya pengupasan tanah yang timbul selama tahap produksi operasinya. Perhitungan ini memerlukan pertimbangan dan estimasi seperti perkiraan jumlah bcm (bank cubic meter) lapisan tanah penutup yang akan dibuang sepanjang umur area pertambangan dan cadangan yang secara ekonomis dapat diekstrak. Perubahan pada umur dan desain tambang biasanya akan menghasilkan perubahan pada rasio pengupasan yang diharapkan (rasio lapisan tanah penutup terhadap cadangan mineral). Perubahan ini dicatat secara prospektif. Penjelasan lebih rinci diungkapkan dalam Catatan 13.

The Coal Mining Group defers advanced stripping costs incurred during the production stage of its operations. This calculation requires the use of judgments and estimates such as estimates of bcm (bank cubic meter) of overburden to be removed over the life of the mining area and economically recoverable reserves extracted as a result. Changes in a mine’s life and design will usually result in changes to the expected stripping ratio (overburden to mineral reserves ratio). These changes are accounted for prospectively. Further details are disclosed in Note 13.

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Tanggal mulai produksi

Production start date

Grup Pertambangan Batubara menilai kondisi setiap tambang dalam tahap pengembangan untuk menetapkan kapan suatu tambang dipindahkan ke tahap produksi yaitu saat dimana tambang tersebut secara substansial telah selesai dan sudah siap digunakan. Kriteria yang digunakan untuk menentukan tanggal mulai produksi didasarkan pada kondisi masing-masing tambang, seperti kompleksitas dan lokasi tambang yang dimaksud. Grup mempertimbangkan beberapa kriteria dalam menentukan kapan tahap produksi dapat dimulai dan mereklasifikasi nilai terkait dari “Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang belum mencapai tahap produksi komersial” menjadi “Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang telah mencapai tahap produksi komersial”.

The Coal Mining Group assesses the stage of each mine under development to determine when a mine moves into the production stage, being the time when the mine is substantially developed and ready for commercial production. The criteria used to assess the start date are determined based on the unique nature of each mine construction project, such as the complexity of a plant and its location. The Group considers various relevant criteria to assess when the production phase is considered to commence and all related amounts are reclassified from “Deferred mining exploration and development costs related to areas of interest which have not yet reached the commercial production stage” to “Deferred mining exploration and development costs related to areas of interest which have reached the commercial production stage”.

Berikut beberapa kriteria yang digunakan, termasuk namun tidak terbatas: Besaran belanja modal yang telah terjadi dibandingkan dengan estimasi biaya konstruksi awal Penyelesaian periode pengujian yang memadai atas tambang beserta peralatannya Kemampuan untuk memproduksi hasil tambang dalam bentuk siap jual (dengan spesifikasi tertentu) Kemampuan untuk mempertahankan kesinambungan produksi.

Some of the criteria used will include, but are not limited to, the following: Level of capital expenditure incurred compared to the original construction cost estimates Completion of a reasonable period of testing of the mine plant and equipment Ability to produce metal in saleable form (within specifications) Ability to sustain ongoing production of metal.

Pada saat sebuah tambang dalam tahap pengembangan/konstruksi dipindahkan ke tahap produksi, kapitalisasi biaya pengembangan tambang dihentikan dan biaya yang timbul dicatat sebagai bagian dari beban pokok penjualan, kecuali untuk biaya yang memenuhi kriteria untuk dikapitalisasi sehubungan dengan penambahan atau pengembangan aset tambang atau pengembangan cadangan tambang. Pada tahap ini penyusutan/amortisasi dimulai.

When a mine development/construction project moves into the production stage, the capitalization of certain mine development/construction costs ceases and costs are either regarded as forming part of the cost of inventory sold, except for costs that qualify for capitalization relating to mining asset additions or improvements or mineable reserve development. It is also at this point that depreciation/amortization commences.

79




KAS DAN SETARA KAS

4. 2011

CASH AND CASH EQUIVALENTS 2010

Kas Rupiah Dolar Amerika Serikat Mata uang asing lainnya

1.768 131 1

1.438 -

Cash on hand Rupiah United States dollar Other foreign currencies

Sub-total

1.900

1.438

Sub-total

Pihak ketiga Bank Rupiah PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Internasional Indonesia Tbk Citibank, N. A., Indonesia Standard Chartered Bank, Indonesia PT Bank ANZ Panin PT Bank Permata Tbk PT Bank DBS Indonesia PT Bank Central Asia Tbk Lain-lain

Third parties Cash in banks Rupiah PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Internasional IndonesiaTbk Citibank, N. A., Indonesia Standard Chartered Bank, Indonesia PT Bank ANZ Panin PT Bank Permata Tbk PT Bank DBS Indonesia PT Bank Central Asia Tbk Others

97.152

51.412

32.166 26.923 4.927

11.111 5.949

2.140 1.391 980 611 239 53

520 5.361 138 10

163.605 110.844 56.378 9.068

136.797 45.833 -

841 126 37

2.379 1.182 -

545

164

110

113

European euro Citibank, N. A., Indonesia Standard Chartered Bank, Indonesia

Lain-lain

663

258

Others

Sub-total

508.799

261.227

Sub-total

86.885 51.900 4.500 6.500

Time deposits Rupiah PT Bank CIMB Niaga Tbk PT Bank UOB Buana PT Bank Internasional Indonesia Tbk PT Bank ICBC Indonesia PT Bank Permata Tbk PT Bank Mandiri (Persero) Tbk PT Danamon Indonesia Tbk PT Bank DBS Indonesia PT Bank Central AsiaTbk PT Bank BukopinTbk Citibank, N. A., Indonesia PT Bank Syariah Mandiri

Dolar Amerika Serikat PT Bank ANZ Panin PT Bank Mandiri (Persero) Tbk Citibank, N. A., Indonesia PT Bank Internasional Indonesia Tbk Standard Chartered Bank, Indonesia PT Bank DBS Indonesia PT Bank OCBC NISP Tbk Euro Eropa Citibank, N. A., Indonesia Standard Chartered Bank, Indonesia

Deposito Berjangka Rupiah PT Bank CIMB Niaga Tbk PT Bank UOB Buana PT Bank Internasional Indonesia Tbk PT Bank ICBC Indonesia PT Bank Permata Tbk PT Bank Mandiri (Persero) Tbk PT Danamon Indonesia Tbk PT Bank DBS Indonesia PT Bank Central Asia Tbk PT Bank Bukopin Tbk Citibank, N. A., Indonesia PT Bank Syariah Mandiri

195.653 175.000 175.000 175.000 175.000 77.500 50.000 50.000 25.000 22.000 8.800 -

80

United States dollar PT Bank ANZ Panin PT Bank Mandiri (Persero) Tbk Citibank, N.A., Indonesia PT Bank Internasional IndonesiaTbk Standard Chartered Bank, Indonesia PT Bank DBS Indonesia PT Bank OCBC NISP Tbk




KAS DAN SETARA KAS (lanjutan)

4. 2011

Dolar Amerika Serikat PT Bank Internasional Indonesia Tbk PT Bank UOB Buana PT Bank Mandiri (Persero) Tbk Citibank, N. A., Indonesia PT Bank Syariah Mandiri

2010 United States dollar PT Bank Internasional Indonesia Tbk PT Bank UOB Buana PT Bank Mandiri (Persero) Tbk Citibank, N. A., Indonesia PT Bank Syariah Mandiri

13.602 13.602 1.814 -

1.798 9.800 8.991

Sub-total

1.157.971

170.374

Sub-total

Total kas dan setara kas

1.668.670

433.039

Total cash and cash equivalents

The ranges of time deposit interest rates per annum were as follows:

Tingkat suku bunga deposito berjangka per tahun adalah sebagai berikut: 2011 Rupiah Dolar Amerika Serikat

5.

CASH AND CASH EQUIVALENTS (continued)

2010

5,50% - 8,50% 0,25% - 3,10%

KAS DAN SETARA KAS YANG DIBATASI PENGGUNAANNYA

5,30 - 7,00% 0,25 - 1,91%

5.

2011

Rupiah United States dollar

RESTRICTED CASH AND CASH EQUIVALENTS 2010

Deposito berjangka yang dibatasi penggunaannya PT Bank DBS Indonesia (DBS) Kas di bank yang dibatasi penggunaannya PT Bank Mandiri (Persero) Tbk (Mandiri)

184.547

-

2.030

7.626

Restricted time deposits PT Bank DBS Indonesia (DBS) Restricted cash in bank PT Bank Mandiri (Persero) Tbk (Mandiri)

Total

186.577

7.626

Total

Pada tanggal 31 Desember 2011, deposito berjangka yang dibatasi penggunaannya pada DBS sebesar USD17.881.444 (setara dengan Rp162.149) dan USD2.470.000 (setara dengan Rp22.398) masing-masing sehubungan dengan perjanjian pinjaman gabungan antara SS/ PT Eramas Persada Energy dan PT Bank DBS Indonesia (Catatan 33), dan untuk penerbitan L/C untuk pembelian aset tetap (Catatan 14).

As of December 31, 2011, the restricted time deposits in DBS amounting to USD17,881,444 (or equivalent to Rp162,149) and USD2,470,000 (or equivalent to Rp22,398) are related to the joint borrowing loan agreement between SS/PT Eramas Persada Energy and PT Bank DBS Indonesia (Note 33) and for the issuance of L/C for the purchase of fixed assets (Note 14), respectively.

Pada tanggal 31 Desember 2011 dan 2010, saldo kas yang dibatasi penggunaannya milik CKB pada Mandiri masing-masing sebesar Rp2.030 dan Rp7.626 merupakan uang muka dari SSB, CJ dan TU yang khusus digunakan untuk pembayaran surat keterangan fiskal (tax clearance) sehubungan dengan proses pengeluaran barang di pelabuhan.

As of December 31, 2011 and 2010, the balances of the restricted cash in Mandiri of CKB amounting to Rp2,030 and Rp7,626, respectively, are related to deposits from SSB, CJ and TU, and are restricted for the payments of tax clearance in connection with goods handling activities in ports only.

81




PIUTANG USAHA

6. 2011

Piutang usaha Pihak ketiga Penyisihan kerugian penurunan nilai Neto Pihak berelasi (Catatan 30) Piutang usaha, neto

2010

1.240.096 (20.707)

954.520 (36.378)

Trade receivables Third parties Allowance for impairment

1.219.389 186.207

918.142 67.096

Net Related parties (Note 30)

1.405.596

985.238

2011

Total

Trade receivables, net

The details of trade receivables from third parties based on customers are as follows:

Rincian piutang usaha pihak ketiga berdasarkan pelanggan adalah sebagai berikut:

Pihak ketiga PT Multi Harapan Utama PT PLN (Persero) PT Arutmin Indonesia PT Mahakam Sumber Jaya PT Kaltim Batu Manunggal Lain-lain

TRADE RECEIVABLES

2010

239.428 189.219 161.878 117.447 61.318 470.806

63.311 146.005 64.439 129.919 42.552 508.294

Third parties PT Multi Harapan Utama PT PLN (Persero) PT Arutmin Indonesia PT Mahakam Sumber Jaya PT Kaltim Batu Manunggal Others

1.240.096

954.520

Total

Details of trade receivables based on currencies are as follows:

Rincian piutang usaha berdasarkan mata uang adalah sebagai berikut: 2011

2010

Dolar Amerika Serikat Rupiah Mata uang asing lainnya

1.032.696 393.605 2

807.745 212.261 1.610

United States dollar Rupiah Other foreign currencies

Total Penyisihan kerugian penurunan nilai

1.426.303 (20.707)

1.021.616 (36.378)

Total Allowance for impairment

Piutang usaha, neto

1.405.596

985.238

Trade receivables, net

The aging analysis of trade receivables is as follows:

Analisis umur piutang usaha adalah sebagai berikut: 2011

2010

Belum jatuh tempo Lewat jatuh tempo: 1 sampai 30 hari 31 sampai 60 hari 61 sampai 90 hari Lebih dari 90 hari

1.152.390

529.503

30.310 132.386 16.303 94.914

243.694 76.751 24.231 147.437

Total Penyisihan kerugian penurunan nilai

1.426.303 (20.707)

1.021.616 (36.378)

Piutang usaha, neto

1.405.596

985.238

82

Current Overdue: 1 to 30 days 31 to 60 days 61 to 90 days Over than 90 days Total Allowance for impairment Trade receivables, net




PIUTANG USAHA (lanjutan)

6.

The changes in the allowance for impairment of trade receivable are as follows:

Perubahan penyisihan kerugian penurunan nilai piutang usaha adalah sebagai berikut: 2011 Saldo awal Penyisihan selama tahun berjalan Pemulihan penyisihan Penghapusan

8.

2010

36.378 2.972 (14.807) (3.836)

108.388 7.829 (3.530) (76.309)

20.707

36.378

Saldo akhir

7.

TRADE RECEIVABLES (continued)

Beginning balance Provision during the year Reversal Write-off Ending balance

Berdasarkan hasil penelaahan terhadap keadaan akun piutang masing-masing pelanggan pada akhir setiap tahun, manajemen Grup berpendapat bahwa penyisihan kerugian penurunan nilai yang dibentuk adalah cukup untuk menutup kemungkinan kerugian atas tidak tertagihnya piutang usaha.

Based on the review of the status of the individual receivables at the end of each year, the Group’s management is of the opinion that the allowance for impairment of receivables is adequate to cover any loss from uncollectible accounts.

Pada tanggal 31 Desember 2011, piutang usaha milik Entitas Anak tertentu sebesar USD73.928.522 dan Rp973.922 digunakan sebagai jaminan atas hutang bank (Catatan 14 dan 16).

As of December 31, 2011, trade receivables owned by certain Subsidiaries amounted to USD73,928,522 and Rp973,922 were pledged as collateral for their respective loans payable (Notes 14 and 16).

JASA PERTAMBANGAN DALAM PROSES

7.

MINING SERVICES IN PROCESS

Akun ini terdiri atas biaya pengupasan tanah tambang, penambangan batubara, dan pengangkutan batubara dalam penyediaan jasa pertambangan kepada PT Arutmin Indonesia, yang masih dalam pelaksanaan dan akan ditagihkan seluruhnya pada saat batubara tiba di pelabuhan.

This account pertains to costs incurred for overburden works, coal extraction and coal hauling in the provision of mining services to PT Arutmin Indonesia, which are still ongoing and will be fully claimed when the coal products arrive at the port.

Berdasarkan hasil penelaahan terhadap jasa pertambangan dalam proses, manajemen berpendapat bahwa penyisihan kerugian tidak diperlukan.

Based on the review of the condition of mining services in process, management is of the opinion that no allowance for losses is required.

PERSEDIAAN

8. 2011

INVENTORIES 2010

Bahan baku dan barang setengah jadi Barang dalam proses Suku cadang Barang jadi Lain-lain

152.232 136.234 69.976 56.869 1.180

99.374 98.634 72.902 30.785 1.938

Raw materials and semi-finished goods Work in process Spare parts Finished goods Others

Total Penyisihan keusangan dan penurunan nilai persediaan

416.491

303.633

Total Allowance for inventory obsolescence and decline in value

Persediaan, neto

415.693

(798)

83

(2.277) 301.356

Inventories, net




PERSEDIAAN (lanjutan)

8.

The changes in the allowance for inventory obsolescence and decline in value are as follows:

Perubahan penyisihan keusangan dan penurunan nilai persediaan sebagai berikut: 2011 Saldo awal Penyisihan selama tahun berjalan Pemulihan penyisihan

2010 2.277 3.224 (4.703)

Saldo akhir

9.

INVENTORIES (continued)

5.694 1.404 (4.821)

798

Beginning balance Provision during the year Reversal

2.277

Ending balance

Berdasarkan hasil penelaahan kondisi persediaan pada setiap akhir tahun, manajemen Grup berpendapat bahwa penyisihan keusangan dan penurunan nilai persediaan adalah cukup untuk menutupi kemungkinan kerugian penurunan nilai dan kerugian yang mungkin timbul dari nilai yang tidak terpulihkan dari persediaan yang lambat pergerakannya.

Based on the review of the condition of inventories at the end of each year, the Group’s management is of the opinion that the allowance for inventory obsolescence and decline in value is adequate to cover possible losses that may arise from nonrecoverability of slow-moving inventories.

Pada tanggal 31 Desember 2011, persediaan milik Entitas Anak dilindungi asuransi oleh PT Asuransi AXA Indonesia, PT Asuransi MSIG Indonesia, kesemuanya adalah pihak ketiga, yang bertindak sebagai co-insurers, terhadap kerugian akibat kebakaran dan risiko lainnya berdasarkan perjanjian asuransi bersama PT Tiara Marga Trakindo (TMT) sebesar USD54.954.716. Manajemen Grup berkeyakinan bahwa nilai tersebut cukup untuk menutupi kerugian yang mungkin timbul dari risiko-risiko tersebut.

As of December 31, 2011, the inventories of Subsidiaries are covered by insurance, with PT Asuransi AXA Indonesia, PT Asuransi MSIG Indonesia, all third parties, as co-insurers, against losses from fire and other risks under insurance agreement with PT Tiara Marga Trakindo (TMT) totaling USD54,954,716. The Group’s management believes that the above coverage is sufficient to cover possible losses arising from those risks.

Pada tanggal 31 Desember 2011, persediaan milik Entitas Anak tertentu sebesar Rp99.724 digunakan sebagai jaminan atas hutang bank masing-masing Entitas Anak (Catatan 14 dan 16).

As of December 31, 2011, inventories owned by certain Subsidiaries amounting to Rp99,724 was pledged as collateral for their respective loans payable (Notes 14 and 16).

ASET LANCAR LAINNYA

9. 2011

Uang muka operasional Pinjaman karyawan Uang muka perjalanan dinas Uang muka penyertaan saham Lain-lain Total aset lancar lainnya

OTHER CURRENT ASSETS 2010

11.079 3.621 2.339

33.758 732 2.532

7.009

26.871 3.442

Advances for operations Staff loans Travel advances Advance for purchase of investment in shares of stock Others

24.048

67.335

Total other current assets

84




ASET LANCAR LAINNYA (lanjutan)

9.

OTHER CURRENT ASSETS (continued)

Uang muka penyertaan saham mencerminkan uang muka yang dibayarkan oleh SS sebesar USD3.000.000 atau setara dengan Rp26.871 pada tahun 2010 untuk pembelian 75% kepemilikan saham (setara dengan 54.000 saham dengan nilai nominal Rp1.000.000 [dalam angka penuh] per saham) pada PT Kwartadaya Dirganusa (KDD) dari PT Sinergi Pancawahana Setara (SPS), dengan harga beli sebesar USD5.000.000.

Advance for purchase of investment in shares of stock represents advance made by SS amounting to USD3,000,000 or equivalent to Rp26,871 in 2010 to purchase 75% equity ownership (equivalent to 54,000 shares with par value of Rp1,000,000 [full amount] per share) in PT Kwartadaya Dirganusa (KDD) from PT Sinergi Pancawahana Setara (SPS), with purchase value of USD5,000,000.

Selanjutnya, pada bulan Maret 2011, SS memutuskan untuk membatalkan pembelian dan meminta pengembalian uang muka yang telah disetorkan. Pada tahun 2011, SS telah menerima pembayaran sebesar USD75.000. Sesuai dengan perjanjian jual beli antara SS dan SPS, uang muka tersebut dikenakan tingkat bunga sebesar 6% per tahun. Piutang ini dijamin dengan fiduciary assignment atas 2 set generator. Pada tanggal 31 Desember 2011, saldo piutang beserta bunga yang terkait adalah sebesar USD3.128.000 (setara dengan Rp28.365), yang dicatat sebagai bagian dari piutang lainnya.

Subsequently in March 2011, SS decided to cancel the purchase and requested the advance to be refunded. In 2011, SS received a payment amounting to USD75,000. As stated in the sales and purchase agreement between SS and SPS, the balance will be charged interest at 6% per annum. This receivable is collateralized by a fiduciary assignment over 2 generator sets. As of December 31, 2011, the outstanding receivable and related interest amounting to USD3,128,000 (equivalent to Rp28,365), are recorded as part of other receivables.

10. PENYERTAAN SAHAM

10. INVESTMENT IN SHARES OF STOCK 2011

Tersedia untuk dijual: PT Metaepsi Pejebe Power Generation (Meppogen)

2010

59.780

-

Available-for-sale: PT Metaepsi Pejebe Power Generation (Meppogen)

-

59.519

Equity method: Meppogen

-

400

Cost method: PT Chandra Sakti Utama Leasing (CSUL)

59.780

59.919

Total investment in shares of stock

Metode ekuitas: Meppogen Metode harga perolehan: PT Chandra Sakti Utama Leasing (CSUL) Total penyertaan saham

Meppogen

Meppogen

Based on Notarial Deed No. 36 dated November 24, 2010 of Andreas, S.H., LL.M, SS acquired 27,900 shares (at par value of Rp1,000,000 [full amount] per share) of Meppogen from PT Widjaja Tunggal Sejahtera for USD6,500,000 or equivalent to Rp59,519, representing 20% equity ownership in Meppogen. The equity in net income of this investee amounted to Rp261 in 2011. On October 31, 2011, SS investment in Meppogen was diluted to 12%. Consequently, SS has discontinued the use of the equity method and has accounted for the investment in accordance with PSAK No. 55 (Revised 2006) from that date.

Berdasarkan Akta No. 36 tanggal 24 November 2010 dari Notaris Andreas, S.H., LL.M, SS mengakuisisi 27.900 saham Meppogen (dengan nilai nominal Rp1.000.000 [dalam angka penuh] per saham) dari PT Widjaja Tunggal Sejahtera sebesar USD6.500.000 atau setara dengan Rp59.519, yang mewakili 20% kepemilikan saham di Meppogen. Bagian atas laba neto entitas asosiasi adalah sebesar Rp261 pada tahun 2011. Pada tanggal 31 Oktober, 2011, investasi SS pada Meppogen terdilusi menjadi 12%. Oleh karena itu, SS telah menghentikan pencatatan dengan menggunakan metode ekuitas dan mencatat investasinya sesuai dengan PSAK No. 55 (Revisi 2006) sejak tanggal tersebut diatas.

85


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)


10. PENYERTAAN SAHAM (lanjutan)

10. INVESTMENT (continued)

IN

SHARES

OF

STOCK

CSUL

CSUL

SS mengakuisisi 40 saham pada nilai nominal Rp10.000.000 per saham (dalam angka penuh) pada tanggal 24 Oktober 1996. Akuisisi tersebut mewakili 0,45% kepemilikan saham.

SS acquired 40 shares at par value of Rp10,000,000 (full amount) per share on October 24, 1996. The acquisition represented share ownership of 0.45%.

Pada tanggal 24 Juni 2011, SS menjual semua penyertaan saham di CSUL kepada PT Mahadana Dasha Utama (MDU), pihak berelasi, sebesar Rp1.000.

On June 24, 2011, SS sold all its investment in CSUL to PT Mahadana Dasha Utama (MDU), a related party, for Rp1,000.

11. ASET TETAP

11. FIXED ASSETS 2011 Saldo awal/ Beginning balances

Biaya perolehan Kepemilikan langsung Tanah Jalan dan infrastruktur Bangunan dan prasarana Perlengkapan, perabot dan peralatan kantor Kendaraan Kapal Mesin dan peralatan

57.669 43.803 55.452 1.812.576

Sub-total

Penambahan/ Additions

Pengurangan/ Deductions

Reklasifikasi/ Reclassifications

Saldo akhir/ Ending balances

7.037

70.210

85.815 65.704 250.503

53.061* 15.164* 199 739.764*

666 3.365 184.964

7.769 8.296 63.474 358.433

117.833 63.898 119.125 2.725.809

Acquisition cost Direct ownership Landrights Road and infrastructure Building and improvements Office furniture, fixtures and equipment Vehicles Vessels Machineries and equipment

2.157.776

958.761

196.032

508.182

3.428.687

Sub-total

161.970

649.150

-

(149.616)

661.504

Construction in progress

4.883

80.457

-

(23.840)

61.500

Advances for purchase of vessels

Sewa pembiayaan Perlengkapan, perabot dan peralatan kantor Kendaraan Mesin dan peralatan Aset dalam penyelesaian - mesin dan peralatan

664 27.773 1.640.429

30.589 769.231

210 1.723

(664) (7.934) (326.128)

50.218 2.081.809

5.008

1.752

-

6.760

Finance lease Office furniture, fixtures and equipment Vehicles Machineries and equipment Construction in progress machineries and equipment

Sub-total

1.673.874

801.572

1.933

2.138.787

Sub-total

Total biaya perolehan

3.998.503

2.489.940

197.965

Aset dalam penyelesaian Uang muka pembelian kapal

Akumulasi penyusutan Kepemilikan langsung Jalan dan infrastruktur Bangunan dan prasarana Perlengkapan, perabot dan peralatan kantor Kendaraan Kapal Mesin dan peralatan Sub-total

23.048 41.848 123.380

62.767 23.856 63.950

(334.726) -

6.290.478

Total acquisition cost Accumulated depreciation Direct ownership Road and infrastructure Building and improvements Office furniture, fixtures and equipment Vehicles Vessels Machineries and equipment

4.837 28.299

5.404 11.207

4.788

-

10.241 34.718

34.141 34.211 11.489 961.492

15.204 5.495 6.089 256.060

458 3.213 158.949

721 5.074 250.356

49.608 41.567 17.578 1.308.959

1.074.469

299.459

167.408

256.151

1.462.671

Sub-total

12.223 808.235

Finance lease Office furniture, fixtures and equipment Vehicles Machineries and equipment

Sewa pembiayaan Perlengkapan, perabot dan peralatan kantor Kendaraan Mesin dan peralatan

284 9.823 806.272

7.501 253.745

57 959

Sub-total

816.379

261.246

1.016

(256.151)

820.458

Sub-total

Total akumulasi penyusutan

1.890.848

560.705

168.424

-

2.283.129

Total accumulated depreciation

Nilai tercatat

2.107.655

4.007.349

Carrying amount

(284) (5.044) (250.823)

* termasuk saldo awal dari entitas anak baru yang terdiri dari biaya perolehan dan akumulasi penyusutan masing-masing sebesar Rp1.491 dan Rp983 (Catatan 1c)/ including beginning balances of new subsidiaries, which consist of acquisition cost and accumulated depreciation totaling Rp1,491 and Rp983, respectively (Note 1c)

86




11. ASET TETAP (lanjutan)

11. FIXED ASSETS (continued) 2010 Saldo awal/ Beginning balances

Biaya perolehan Kepemilikan langsung Tanah Jalan dan infrastruktur Bangunan dan prasarana Perlengkapan, perabot dan peralatan kantor Kendaraan Kapal Mesin dan peralatan Sub-total Aset dalam penyelesaian Uang muka pembelian kapal Sewa pembiayaan Perlengkapan, perabot dan peralatan kantor Kendaraan Mesin dan peralatan Aset dalam penyelesaian - mesin dan peralatan


Pengurangan/ Deductions


6.223 19.381

-

49.296 42.555 53.563 872.854

14.138 2.056 1.688 648.039

1.207 2.005 47.077

(4.558) 1.197 201 338.760

57.669 43.803 55.452 1.812.576

1.121.226

691.525

50.289

395.314

2.157.776

Sub-total

86.522

140.052

-

161.970

Construction in progress

-

4.883

-

4.883

Advances for purchase of vessels

14.623 1.808.596

12.242 163.981

172 16.496

664 1.080 (315.652)

664 27.773 1.640.429

15.370

6.440

-

(16.802)

5.008

Finance lease Office furniture, fixtures and equipment Vehicles Machineries and equipment Construction in progress machineries and equipment

(330.710)

1.838.589

182.663

16.668

Total biaya perolehan

3.046.337

1.019.123

66.957

(64.604) -

-

Akumulasi penyusutan Kepemilikan langsung Jalan dan infrastruktur Bangunan dan prasarana Perlengkapan, perabot dan peralatan kantor Kendaraan Kapal Mesin dan peralatan

1.009 22.041

3.828 6.258

-

30.249 31.652 7.647 622.914

9.554 4.389 3.842 134.910

1.036 2.003 38.400

(4.626) 173 242.068

Sub-total

715.512

162.781

41.439

237.615

Sewa pembiayaan Perlengkapan, perabot dan peralatan kantor Kendaraan Mesin dan peralatan

5.311 792.789

134 4.709 264.019

97 12.871

Sub-total

798.100

268.862

12.968

Total akumulasi penyusutan

1.513.612

431.643

54.407

Nilai tercatat

1.532.725

-

23.048 41.848 123.380

Acquisition cost Direct ownership Landrights Road and infrastructure Building and improvements Office furniture, fixtures and equipment Vehicles Vessels Machineries and equipment

6.251 35.625 61.082

Sub-total

16.797 42.917

Saldo akhir/ Ending balances

1.673.874

Sub-total

3.998.503

Total acquisition cost

4.837 28.299 34.141 34.211 11.489 961.492

Accumulated depreciation Direct ownership Road and infrastructure Building and improvements Office furniture, fixtures and equipment Vehicles Vessels Machineries and equipment

1.074.469

Sub-total

150 (100) (237.665)

284 9.823 806.272

Finance lease Office furniture, fixtures and equipment Vehicles Machineries and equipment

(237.615)

816.379

Sub-total

1.890.848

Total accumulated depreciation

2.107.655

Carrying amount

-

The details of gain on sales of fixed assets are as follows:

Rincian laba penjualan aset tetap adalah sebagai berikut: 2011

2010

Hasil penjualan aset tetap Nilai tercatat aset tetap

54.773 29.280

25.757 12.550

Proceeds from sales of fixed assets Carrying amount of fixed assets

Laba penjualan aset tetap

25.493

13.207

Gain on sales of fixed assets

Gain on sales of fixed assets is presented as part of “Other Operating Income” in consolidated statements of comprehensive income.

Laba penjualan aset tetap disajikan sebagai bagian dari “Pendapatan Operasi Lainnya” pada laporan laba rugi komprehensif konsolidasian.

87





11. FIXED ASSETS (continued)

Pada tahun 2011, SS dan SSB menghapus aset tetapnya dengan nilai tercatat sebesar Rp261 dan mengakui rugi penghapusan aset tetap yang disajikan sebagai bagian dari “Beban Operasi Lainnya” pada laporan laba rugi komprehensif konsolidasian.

In 2011, SS and SSB disposed fixed assets with carrying amount of Rp261 and recognized loss on disposal of fixed assets which is presented as part of “Other Operating Expenses” in the consolidated statements of comprehensive income.

Beban penyusutan dialokasikan sebagai berikut:

Allocation of depreciation expense is as follows:

2011 Beban pokok penjualan dan pendapatan jasa Beban penjualan, umum dan administrasi Total

2010

538.315

420.139

21.407

11.504

Cost of goods sold and services Selling, general and administrative expenses

559.722

431.643

Total

Pada tahun 2011 dan 2010, aset dalam penyelesaian terutama berupa bangunan dan prasarana serta mesin dan peralatan dengan persentase penyelesaian berkisar antara 94% dan 96%.

In 2011 and 2010, construction in progress mainly represents building and improvements, and machineries and equipments wherein the percentage of completion is approximately 94% and 96%.

Pada tanggal 31 Desember 2011, tidak terdapat hambatan yang signifikan dalam penyelesaian aset dalam penyelesaian di atas.

There are no significant obstacles to the completion of the construction in progress as of December 31, 2011.

Uang muka pembelian kapal merupakan pembayaran uang muka atas dua kontrak pembelian dua Landing Craft Tank (LCT) dan enam set kapal penarik dan tongkang. Sampai dengan tanggal 31 Desember 2011, pembayaran uang muka masing-masing mencerminkan 30% dan 25% dari total nilai kontrak.

The advances for purchase of vessels represent the advance payments under two contracts to purchase two Landing Craft Tank (LCT) and six sets of tug boats and barges. As of December 31, 2011, the advance payments represent 30% and 25% of the total contract, respectively.

Pada tanggal 31 Desember 2011, Grup mengasuransikan aset tetapnya, kecuali tanah, terhadap kerugian dari kebakaran dan risiko lainnya dengan nilai pertanggungan Rp20.156 dan USD60.684.340 dengan PT Asuransi AXA Indonesia, PT Asuransi MSIG Indonesia, PT Asuransi Indrapura dan PT Asuransi Dayin Mitra Tbk, semuanya pihak ketiga, sebagai coinsurers. Manajemen berpendapat bahwa nilai pertanggungan asuransi tersebut cukup untuk menutupi kemungkinan kerugian yang timbul dari risiko-risiko tersebut.

As of December 31, 2011, the Group has insured its fixed assets, except landrights, against losses from fire and other risk under blanket policies with a total insurance coverage of Rp20,156 and USD60,684,340 with PT Asuransi AXA Indonesia, PT Asuransi MSIG Indonesia, PT Asuransi Indrapura and PT Asuransi Dayin Mitra Tbk, all third parties, as co-insurers. In management’s opinion, the insurance coverage is adequate to cover possible losses that may arise from such risks.

Entitas Anak (SSB, CKB, dan TIA) memiliki dua puluh delapan Hak Guna Bangunan (HGB) yang akan berakhir pada berbagai tanggal antara tahun 2014 sampai 2041. Manajemen berpendapat HGB tersebut dapat diperpanjang pada saat berakhirnya hak tersebut.

Certain subsidiaries (TIA, SSB and CKB) have twenty-eight parcels of land with Rights to Build and Use the Building (HGB), which will expire on various dates from year 2014 up to 2041. Management is of the opinion that the landrights can be extended on their respective expiration dates.

88





11. FIXED ASSETS (continued)

Biaya pinjaman yang dikapitalisasi ke dalam aset dalam penyelesaian adalah masing-masing sebesar Rp16.242 dan Rp3.811 pada tahun 2011 dan 2010, sedangkan biaya pinjaman yang dikapitalisasi ke dalam uang muka pembelian kapal adalah masing-masing sebesar Rp386 dan Rp137 pada tahun 2011 dan 2010.

The borrowing costs capitalized to construction in progress amounted to Rp16,242 and Rp3,811 in 2011 and 2010, respectively, while, the borrowing costs capitalized to advances for purchase of vessels amounted to Rp386 and Rp137 in 2011 and 2010, respectively.

Pada tanggal 31 Desember 2011, aset tetap milik Entitas Anak tertentu digunakan sebagai jaminan atas hutang bank masing-masing Entitas Anak (Catatan 14 dan 16).

As of December 31, 2011, fixed assets owned by certain Subsidiaries are pledged as collateral for their respective loans payable (Notes 14 and 16).

Berdasarkan hasil evaluasi manajemen Grup, tidak terdapat peristiwa atau perubahan keadaan yang mengindikasikan adanya penurunan nilai aset tetap pada tanggal-tanggal 31 Desember 2011 dan 2010.

Based on the assessment of the Group’s management, there were no events or changes in circumstances which may indicate impairment in the value of fixed assets as of December 31, 2011 and 2010.

12. BIAYA EKSPLORASI DAN PENGEMBANGAN TAMBANG DITANGGUHKAN

12. DEFERRED MINING EXPLORATION DEVELOPMENT COSTS

2011 Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang belum mencapai tahap produksi komersial Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang telah mencapai tahap produksi komersial - bersih Biaya eksplorasi dan pengembangan tambang ditangguhkan, neto

AND

2010

122.395

67.322

23.094

2.900

Deferred mining exploration and development costs related to areas of interest which have not yet reached the commercial production stage Deferred mining exploration and development costs related to areas of interest which have reached the commercial production stage - net

145.489

70.222

Deferred mining exploration and development costs, net

Movements in deferred mining exploration and development costs are as follows:

Mutasi biaya eksplorasi dan pengembangan tambang ditangguhkan adalah sebagai berikut: 2011 Saldo awal/ Beginning balance



Saldo akhir/ Ending balance

Biaya perolehan Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang belum mencapai tahap produksi komersial Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang telah mencapai tahap produksi komersial

67.322

73.136*

(18.063)

122.395

5.604

6.029*

18.063

29.696

Total

72.926

-

152.091

Total

6.602

Accumulated amortization Deferred mining exploration and development costs related to areas of interest which have reached the commercial production stage

145.489

Net

Akumulasi amortisasi Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang telah mencapai tahap produksi komersial Neto

2.704

79.165

3.898*

70.222

-

Cost of acquisition Deferred mining exploration and development costs related to areas of interest which have not yet reached the commercial production stage Deferred mining exploration and development costs related to areas of interest which have reached the commercial production stage

* termasuk saldo awal dari entitas anak baru yang terdiri dari biaya perolehan dan akumulasi amortisasi masing-masing sebesar Rp22.457 dan Rp903 (Catatan 1c)/ including beginning balances of new subsidiaries, which consist of acquisition cost and accumulated amortization totaling Rp22,457 and Rp903, respectively (Note 1c)

89




12. BIAYA EKSPLORASI DAN PENGEMBANGAN TAMBANG DITANGGUHKAN (lanjutan)

12. DEFERRED MINING EXPLORATION DEVELOPMENT COSTS (continued)

AND

2010 Saldo awal/ Beginning balance Biaya perolehan Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang belum mencapai tahap produksi komersial Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang telah mencapai tahap produksi komersial

57.425

Total Akumulasi amortisasi Biaya eksplorasi dan pengembangan tambang ditangguhkan sehubungan dengan area of interest yang telah mencapai tahap produksi komersial Neto



Saldo akhir/ Ending balance

9.897

-

5.604

-

-

5.604

63.029

9.897

-

72.926

Total

2.704

Accumulated amortization Deferred mining exploration and development costs related to areas of interest which have reached the commercial production stage

70.222

Net

287

2.417

-

62.742

67.322

Cost of acquisition Deferred mining exploration and development costs related to areas of interest which have not yet reached the commercial production stage Deferred mining exploration and development costs related to areas of interest which have reached the commercial production stage

Amortisasi biaya eksplorasi dan pengembangan tambang ditangguhkan yang dibebankan pada operasi untuk tahun yang berakhir pada tanggal 31 Desember 2011 dan 2010 masing-masing sebesar Rp2.995 dan Rp2.417.

Amortization of deferred mining exploration and development costs charged to operations for the years ended December 31, 2011 and 2010 amounted to Rp2,995 and Rp2,417, respectively.

Tidak ada biaya pinjaman yang dikapitalisasi ke biaya eksplorasi dan pengembangan tambang ditangguhkan pada tahun 2011 dan 2010.

There were no borrowing costs capitalized to deferred mining exploration and development costs in 2011 and 2010.

Berdasarkan hasil evaluasi manajemen Grup, tidak ada peristiwa atau perubahan keadaan yang dapat mempengaruhi pemulihan aset diatas pada tanggal 31 Desember 2011 dan 2010.

Based on the Group’s management’s assessment, there were no events or changes in circumstances which may affect the recoverability of the above assets as of December 31, 2011 and 2010.

13. ASET TIDAK LANCAR LAINNYA

13. OTHER NON-CURRENT ASSETS 2011

Biaya pengupasan tangguhan Uang muka pembelian aset tetap Uang muka penyertaan saham Uang jaminan Aset takberwujud - perangkat lunak Lain-lain (Catatan 33) Total

2010

165.530 80.148

7.296

41.711 13.038 5.698 38.689

4.700 7.426 4.350

Deferred stripping costs Advances for purchases of fixed assets Advance for purchase of investment in shares of stock Security deposits Intangible asset- software Others (Note 33)

344.814

23.772

Total

Biaya pengupasan tangguhan

Deferred stripping costs

Biaya pengupasan tangguhan akan dibebankan sebagai biaya produksi untuk daerah dimana rasio aktual secara signifikan lebih rendah dari pada rasio pengupasan yang direncanakan.

The deferred stripping costs will be charged as production costs for areas where the actual ratio is significantly lower than the planned stripping ratio.

90




13. ASET TIDAK LANCAR LAINNYA (lanjutan)

13. OTHER NON-CURRENT ASSETS (continued)

Biaya pengupasan tangguhan (lanjutan)

Deferred stripping costs (comtinued)

Rasio pengupasan rata-rata aktual untuk periode yang berakhir pada tanggal 31 Desember 2011 dan 2010 masing-masing adalah 7,08:1 dan 4,47:1 (tidak diaudit). Estimasi rasio pengupasan rata-rata pada tanggal 31 Desember 2011 dan 2010 masingmasing adalah 4,43:1 dan 4,21:1 (tidak diaudit), berdasarkan rencana manajemen atas pengelolaan tambang pada periode yang bersangkutan.

The actual average stripping ratios as of December 31, 2011 and 2010 were 7.08:1 and 4.47:1 (unaudited), respectively. The estimated average stripping ratios as of December 31, 2011 and 2010 were 4.43:1 and 4.21:1 (unaudited), respectively, based on management’s mine plan for those periods.

Uang muka penyertaan saham

Advance for purchase of investment in shares of stock

Berdasarkan perjanjian jual beli saham bersyarat tanggal 14 Juni 2011, PAS setuju untuk mengambil alih 70% kepemilikan saham (yang merupakan 5.950 saham) di PT Energi Alamraya Semesta (EAS) dari Link Energy Pte. Ltd, Hendry Jurnawan dan Toh Seng Hee dengan harga total USD7.000.000, yang akan dibayarkan sebagai berikut: Pembayaran awal USD2.500.000, yang harus dibayar pada Pemberitahuan Pemenuhan Pertama. Pembayaran ke 2 USD2.000.000, yang harus dibayar pada Pemberitahuan Pemenuhan Kedua. Pembayaran ke 3 USD2.000.000, yang harus dibayar pada Pemberitahuan Pemenuhan Ketiga. Pembayaran akhir USD500.000, yang harus dibayar pada Pemberitahuan Pemenuhan Keempat.

Based on a conditional share sale and purchase agreement dated June 14, 2011, PAS agreed to take over the 70% equity ownership (represented by 5,950 shares) in PT Energi Alamraya Semesta (EAS) from Link Energy Pte. Ltd., Hendry Jurnawan and Toh Seng Hee for a total price of USD7,000,000, which will be paid as follows:

Pada tanggal 31 Desember 2011, PAS telah melakukan pembayaran sebesar USD4.500.000 (setara dengan Rp38.486) dan Rp3.225.

As of December 31, 2011, PAS has made payments amounting to USD4,500,000 (equivalent to Rp38,486) and Rp3,225.

-

14. UTANG BANK JANGKA PENDEK

Dolar Amerika Serikat PT ANZ Panin Bank (ANZ) Mandiri DBS Standard Chartered Bank, Indonesia (SCB) Citibank N.A, Indonesia (Citibank) Total

Final payment of USD500,000, which shall be paid upon the Fourth Notification of Fulfillment.

14. SHORT-TERM BANK LOANS 2011

Rupiah PT Bank Mandiri (Persero) Tbk (Mandiri) PT Bank DBS Indonesia (DBS)

Initial payment of USD2,500,000, which should be paid upon the First Notification of Fulfillment. nd 2 payment of USD2,000,000, which shall be paid upon the Second Notification of Fulfillment. rd 3 payment of USD2,000,000, which shall be paid upon the Third Notification of Fulfillment.

2010 Rupiah PT Bank Mandiri (Persero) Tbk (Mandiri) PT Bank DBS Indonesia (DBS)

84.826 49.593

-

131.214 90.531 89.781

89.910 35.964

47.907 -

8.991 157.343

United States dollar PT ANZ Panin Bank (ANZ) Mandiri DBS Standard Chartered Bank, Indonesia (SCB) Citibank N.A, Indonesia (Citibank)

493.852

292.208

Total

91




14. UTANG BANK JANGKA PENDEK (lanjutan)

14. SHORT-TERM BANK LOANS (continued)

Mandiri

Mandiri

Pada tanggal 25 April 2011, TIA memperoleh fasilitas pinjaman revolving untuk modal kerja dari Mandiri dengan jumlah fasilitas sebesar Rp75.000. Fasilitas pinjaman ini dikenakan tingkat bunga tahunan sebesar 10,25%. Saldo pinjaman ini akan jatuh tempo pada tanggal 24 April 2012. Saldo pinjaman pada tanggal 31 Desember 2011 adalah sebesar Rp65.826 (setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp174).

On April 25, 2011, TIA obtained a revolving loan facility for working capital from Mandiri with a total facility of Rp75,000. The loan from this facility bears interest at the annual rate of 10.25%. The loan will mature on April 24, 2012. The outstanding balance of the loan as of December 31, 2011 at amortized cost amounted to Rp65,826 (net of unamortized transaction cost amounting to Rp174).

Berdasarkan perjanjian pinjaman, TIA diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio pendapatan sebelum bunga, pajak, depresiasi dan amortisasi (EBITDA) terhadap bunga minimal 150% b. Rasio debt service coverage minimal 100%.

The loan agreement requires TIA to maintain certain financial ratios, as follows: a.

Pembatasan pinjaman ini berlaku untuk semua fasilitas utang yang diperoleh dari Mandiri, termasuk utang bank jangka panjang (Catatan 16).

This loan covenant applies to all loan facilities obtained from Mandiri, including the long-term bank loan facilities (Note 16).

Pinjaman dari fasilitas tersebut di atas, bersamasama dengan pinjaman TIA lainnya dari fasilitas kredit investasi dalam mata uang rupiah dan dolar AS dari Mandiri (Catatan 16) dijamin dengan sebidang tanah seluas 273.866 meter persegi dengan nilai jaminan sebesar Rp40.837 serta persediaan batubara dan piutang usaha dengan nilai jaminan masing-masing sebesar Rp47.857 dan USD7.625.000 (Catatan 6, 8 dan 11).

The loan from the above facility, together with TIA’s other loans in Mandiri which are drawn from rupiah and U.S. dollar investment credit facilities (Note 16), is collateralized by a parcel of land with an area of 273,866 square meters with guaranteed value of Rp40,837, and coal inventory and trade receivables with guaranteed values totaling Rp47,857 and USD7,625,000, respectively (Notes 6, 8 and 11).

Pada tanggal 15 Agustus 2011, SS memperoleh fasilitas pinjaman revolving untuk modal kerja dan bank garansi dengan batas kredit maksimum masing-masing sebesar Rp50.000 dan Rp70.000.

On August 15, 2011, SS obtained a revolving working capital and bank guarantee facility with total maximum credit limits of Rp50,000 and Rp70,000, respectively.

Fasilitas tersebut tersedia sampai dengan tanggal 26 September 2012. Pinjaman dari fasilitas modal kerja dikenakan tingkat bunga sebesar 9,50% per tahun. Saldo pinjaman dari fasilitas modal kerja pada tanggal 31 Desember 2011 adalah sebesar Rp10.000, sedangkan fasilitas bank garansi yang telah digunakan pada tanggal 31 Desember 2011 adalah sebesar Rp57.269.

The facilities are available up to September 26, 2012. The loan from the working capital facility bears interest at 9.50% per annum. The outstanding working capital loan as of December 31, 2011 amounted to Rp10,000, while the bank guarantee facility used as of December 31, 2011 amounted to Rp57,269.

Tidak ada aset yang digunakan sebagai jaminan atas pinjaman dari fasilitas ini.

No assets are pledged as collateral for loan obtained from the facilities.

b.

92

Ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) over interest at a minimum of 150% Debt service coverage ratio at a minimum of 100%.





14. SHORT-TERM BANK LOANS (continued) Mandiri (continued)

Mandiri (lanjutan)

The loan agreement requires SS to maintain certain financial ratios, as follows:

Berdasarkan perjanjian pinjaman, SS diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio utang atas ekuitas maksimal 300% b. Rasio debt service coverage minimal 150%.

a. b.

Debt-to-equity ratio at a maximum of 300% Debt service coverage ratio at a minimum of 150%.



Pada tanggal 3 Oktober 2011, CKB memperoleh fasilitas pinjaman revolving untuk modal kerja dari Mandiri dengan total fasilitas sebesar Rp12.500 dan tingkat bunga sebesar 9,75% per tahun. Pada tanggal 31 Desember 2011, saldo pinjaman terutang dari fasilitas ini adalah sebesar Rp9.000, yang akan jatuh tempo pada tanggal 26 September 2012.

On October 3, 2011, CKB obtained a revolving working capital facility from Mandiri with total facility amount of Rp12,500 and interest at the annual rate of 9.75%. As of December 31, 2011, the outstanding loan from this facility amounted to Rp9,000, which will mature on September 26, 2012.

Pinjaman dari fasilitas di atas, bersama dengan hutang jangka panjang CKB lainnya dari Mandiri, dijaminkan dengan tanah seluas 17.500 meter persegi dan piutang usaha dengan nilai penjaminan masing-masing sebesar Rp51.732 dan Rp93.283 (Catatan 16).

The loan from the above facility, together with CKB’s other long-term loan from Mandiri, is secured by a parcel of land with an area of 17,500 square meters and trade receivables with guaranteed value of Rp51,732 and Rp93,283, respectively (Note 16).

Berdasarkan perjanjian pinjaman, CKB diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio lancar minimal 100% b. Rasio leverage maksimum sebesar 200% c. Rasio debt service coverage minimal 120%.

The loan agreement requires CKB to maintain certain financial ratios, as follows: a. Current ratio at a minimum of 100% b. Leverage ratio at a maximum of 200% c. Debt service coverage ratio at a minimum of 120%.



93






Mandiri (lanjutan)

Mandiri (continued)

Pada tanggal 28 September 2010, SSB juga memperoleh fasilitas pinjaman dari Mandiri sebagai berikut:

On September 28, 2010, SSB also obtained the following loan facilities from Mandiri:

a.

Fasilitas pinjaman revolving non tunai (noncash loan) dengan batas kredit maksimum USD10.000.000 dapat digunakan untuk penerbitan Letter of Credit (LC), Surat Kredit Berdokumen dalam Negeri (SKBDN) dan garansi bank. Fasilitas ini tersedia selama 1 tahun dimulai dari 27 September 2010 sampai dengan 26 September 2011. SSB dapat melakukan pembayaran pokok sebelum jatuh tempo. Pada tanggal 21 Oktober 2011, fasilitas ini dikonversi menjadi Rp85.000 dan jangka waktu fasilitas diperpanjang sampai dengan 26 September 2012. Pinjaman ini dikenakan biaya provisi tertentu sebagaimana diatur dalam perjanjian. Fasilitas bank garansi yang telah digunakan pada tanggal 31 Desember 2011 adalah sebesar Rp29.177.

a.

Revolving non-cash loan facility with a maximum credit limit of USD10,000,000 can be used for issuance of Letter of Credit (LC), Surat Kredit Berdokumen Dalam Negeri (SKBDN) and bank guarantee. This facility is available for a period of 1 year starting from September 27, 2010 up to September 26, 2011. SSB may make payment of the principal prior to maturity. On October 21, 2011, the credit facility was converted to Rp85,000 and the facility period was extended to September 26, 2012. The loan is subject to certain provisional fees as stipulated in the agreement. The bank guarantee facility used as of December 31, 2011 amounted to Rp29,177.

b.

Fasilitas pinjaman revolving untuk modal kerja dengan batas kredit maksimum USD10.000.000 dan tingkat bunga sebesar SIBOR ditambah 3,75% per tahun. Fasilitas ini tersedia selama 1 tahun dimulai dari 27 September 2010 sampai dengan 26 September 2011. SSB dapat melakukan pembayaran pokok sebelum jatuh tempo. Pada tanggal 21 Oktober 2011, jangka waktu fasilitas ini diperpanjang sampai dengan 26 September 2012 dan tingkat bunga ditingkatkan menjadi SIBOR 3 bulan ditambah 5,5% per tahun. Pada tanggal 31 Desember 2011, saldo pinjaman terutang dari fasilitas ini sebesar USD9.983.333 (setara dengan Rp90.531), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp149, dan pada tanggal 31 Desember 2010, sebesar USD10.000.000 (setara dengan Rp89.910).

b.

Revolving working capital loan facility with a maximum credit limit of USD10,000,000 and interest at SIBOR plus 3.75% per annum. This facility is available for a period of 1 year starting from September 27, 2010 up to September 26, 2011. SSB may make payment of the principal prior to maturity. On October 21, 2011, the facility period was extended to September 26, 2012 and the interest rate was increased to SIBOR 3 months plus 5.5% per annum. As of December 31, 2011, the outstanding loan balance from this facility amounted to USD9,983,333 (equivalent to Rp90,531), net of unamortized transaction cost amounting to Rp149, while as of December 31, 2010, the loan balance amounted to USD10,000,000 (equivalent to Rp89,910).

Tidak ada aset yang digunakan sebagai jaminan untuk fasilitas kredit ini.

No assets are pledged as collateral for this loan.

Berdasarkan perubahan perjanjian pinjaman tanggal 21 Oktober 2011, SSB diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio lancar minimal 100% b. Rasio utang atas ekuitas maksimum sebesar 500% pada tahun 2011, 475% pada tahun 2012, 400% pada tahun 2013, 330% pada tahun 2014, dan 300% pada tahun 2015 c. Rasio debt service coverage minimal 100%.

Based on the amendment of the loan agreement made on October 21, 2011, SSB was required to maintain certain financial ratios, as follows: a. Current ratio at a minimum of 100% b. Debt-to-equity ratio at a maximum of 500% in 2011, 475% in 2012, 400% in 2013, 330% in 2014, and 300% in 2015 c. Debt service coverage ratio at a minimum of 100%.

94






Mandiri (lanjutan)

Mandiri (continued)



DBS

DBS

Pada tanggal 19 Oktober 2010, SSB memperoleh fasilitas pinjaman dari DBS dengan total batas kredit maksimum sebesar USD35.000.000 dan Rp40.000 sebagai berikut:

On October 19, 2010, SSB obtained from DBS the following banking facilities with aggregate maximum credit limits of USD35,000,000 and Rp40,000:

a.

Fasilitas kredit amortisasi berjangka (ATL) dengan batas kredit maksimum sebesar USD16.000.000 dan tingkat bunga sebesar Fund Tranfer Pricing (FTP) ditambah 1,8% per tahun. Pinjaman yang ditarik dari fasilitas ini terutang dalam 20 cicilan triwulan sejak tanggal 20 Januari 2011 sampai 20 Oktober 2015. Pada tanggal 31 Desember 2011, saldo pinjaman terutang dari fasilitas ini sebesar USD14.904.187 (setara dengan Rp135.151), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp1.232, sedangkan pada tanggal 31 Desember 2010, sebesar USD16.000.000 (setara dengan Rp143.856), yang disajikan sebagai bagian dari "Utang Bank Jangka Panjang" dalam laporan posisi keuangan konsolidasian (Catatan 16).

a.

Amortizing term loan (ATL) facility with a maximum credit limit of USD16,000,000 and interest at Fund Transfer Pricing (FTP) plus 1.8% per annum. The loan drawn from this facility is payable in 20 quartely installments from January 20, 2011 up to October 20, 2015. As of December 31, 2011, the outstanding loan balance from this facility amounted to USD14,904,187 (equivalent to Rp135,151), net of unamortized transaction cost amounting to Rp1,232, while as of December 31, 2010, the loan balance amounted to USD16,000,000 (equivalent to Rp143,856) which is presented as part of “Long-term Bank Loans” in the consolidated statement of financial position (Note 16).

b.

Fasilitas kredit uncommitted revolving (RCF 1) dengan batas kredit maksimum sebesar USD4.000.000 dan tingkat bunga sebesar FTP ditambah 2,25% per tahun. Fasilitas ini jatuh tempo pada 20 Oktober 2011 dan telah diperpanjang sampai dengan 30 Juni 2012. Pada tanggal 31 Desember 2011 dan 2010, saldo terutang dari fasilitas ini sebesar USD4.000.000 (setara dengan Rp36.272 di 2011 dan Rp35.964 di 2010).

b.

Uncommitted revolving credit facility (RCF 1) with a maximum credit limit of USD4,000,000 and interest at FTP plus 2.25% per annum. The facility was available up to October 20, 2011 and was extended up to June 30, 2012. As of December 31, 2011 and 2010, the outstanding loan balance from this facility amounted to USD4,000,000 (equivalent to Rp36,272 in 2011 and Rp35,964 in 2010).

c.

Fasilitas kredit uncommitted revolving (RCF 2) dengan batas kredit maksimum sebesar Rp40.000 dan tingkat bunga sebesar FTP ditambah 2,25% per tahun. Fasilitas kredit yang tersedia sampai dengan 20 Oktober 2011 telah diperpanjang sampai dengan 22 Mei 2012 dan 12 Juni 2012 untuk saldo pinjaman masing-masing sebesar Rp25.000 dan Rp10.000. Pada tanggal 31 Desember 2011 dan 2010, saldo pinjaman terutang dari fasilitas ini sebesar Rp35.000 dan nol.

c.

Uncommitted revolving credit facility (RCF 2) with a maximum credit limit of Rp40,000 and interest at FTP plus 2.25% per annum. The facility, which was originally available up to October 20, 2011, was extended up to May 22, 2012 and June 12, 2012 for the outstanding loans amounting to Rp25,000 and Rp10,000, respectively. As of December 31, 2011 and 2010, the outstanding loan balance from this facility amounted to Rp35,000 and nil, respectively.

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DBS (lanjutan)

DBS (continued)

d.

d.

Fasilitas uncommitted trade finance dengan batas kredit gabungan maksimum sebesar USD15.000.000 atau setara rupiah nya, dan tingkat bunga sebesar FTP ditambah 2,0% per tahun. Pada tanggal 31 Desember 2011, saldo pinjaman terutang dari fasilitas ini adalah sebesar USD690.857 (setara dengan Rp6.265) dan Rp14.593. Tidak ada saldo pinjaman terutang dari fasilitas ini pada tanggal 31 Desember 2010.

Uncommitted trade finance facility with a combined maximum limit of USD15,000,000 or its rupiah equivalent, and interest at FTP plus 2.0% per annum. As of December 31, 2011, the outstanding loans from this facility amounted to USD690,857 (equivalent to Rp6,265) and Rp14,593. There was no outstanding loan from this facility as of December 31, 2010.


No assets are pledged as collateral for these loans.

Berdasarkan perjanjian pinjaman, SSB diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio debt service coverage minimal 100%

The loan agreement requires SSB to maintain certain financial ratios, as follows:

b. Rasio gearing maksimum sebesar 500% pada tahun 2010, 450% pada tahun 2011, 400% pada tahun 2012 dan 350% pada tahun 2013.

b.

Pada tahun 2011, SS memperoleh uncommitted import letter of credit (L/C) sejumlah USD5.210.000 (setara dengan Rp47.244) dari DBS untuk pembelian Gas Turbin dari Chromalloy San Diego Corporation (Catatan 33). L/C tersebut jatuh tempo pada 270 hari sejak tanggal penarikan dan dikenakan biaya acceptance sebesar 1% per tahun di tahun 2011. Penarikan L/C ini dijaminkan oleh deposito yang dibatasi penggunaannya di DBS sebesar USD2.470.000 (Catatan 5).

In 2011, SS obtained an uncommitted import letter of credit (L/C) totaling USD5,210,000 (equivalent to Rp47,244) from DBS for the purpose of Gas Turbine purchases from Chromalloy San Diego Corporation (Note 33). The L/C is due within 270 days of the drawdown date and was charged with an acceptance fee of 1% per annum in 2011. The L/C drawdown is collateralized by restricted time deposits placed in DBS amounting to USD2,470,000 (Note 5).

ANZ

ANZ

Pada tanggal 16 Agustus 2011, SS memperoleh fasilitas pinjaman dari ANZ untuk membiayai pembelian suku cadang, biaya perbaikan dan modal kerja dengan batas kredit maksimum sebesar USD20.000.000 dan tingkat bunga sebesar Cost of Fund (COF) ditambah 2,5% per tahun. Tingkat bunga tahunan yang dikenakan berkisar antara 3,75% sampai dengan 4,30% di tahun 2011. Fasilitas ini akan jatuh tempo dalam 12 bulan setelah penandatanganan perjanjian.

On August 16, 2011, SS obtained a facility from ANZ to finance its purchase of spare parts, maintenance cost and working capital with a maximum credit limit of USD20,000,000 and interest at Cost of Fund (COF) plus 2.5% per annum. The annual interest rate ranged from 3.75% to 4.30% in 2011. This facility is available up to twelve months from the signing date of the agreement.

a.

96

Debt service coverage ratio at a minimum of 100% Gearing ratio at a maximum of 500% in 2010, 450% in 2011, 400% in 2012 and 350% in 2013.





14. SHORT-TERM BANK LOANS (continued) ANZ (continued)

ANZ (lanjutan)


Berdasarkan perjanjian pinjaman, SS diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio debt service coverage minimal 1,5 kali b.

a. Debt service coverage ratio at minimum of 1.5 times b. Debt to EBITDA ratio at maximum of 3 times.

Rasio utang terhadap EBITDA maksimum sebesar 3 kali.



Pada tanggal 31 Desember 2011 saldo pinjaman terutang sebesar USD14.470.000 (setara dengan Rp131.214).

The outstanding balance of the loan as of December 31, 2011 amounted to USD14,470,000 (equivalent to Rp131,214).

SCB

SCB

Pada April 1996, SSB memperoleh fasilitas pinjaman dari SCB yang telah diperbaharui dan diubah pada tanggal 7 Juli 2011 menjadi sebagai berikut:

In April 1996, SSB obtained loan facilities from SCB which were renewed and amended on July 7, 2011 to become:

a.

Fasilitas pinjaman jangka pendek untuk modal kerja dengan batas kredit maksimum sebesar USD2.000.000 (atau setara rupiahnya) dan tingkat bunga per tahun sebesar COF ditambah 2,25%. Saldo terutang dari fasilitas ini sebesar USD2.000.000 (setara dengan Rp18.136) dan USD1.000.000 (setara dengan Rp8.991) masing-masing pada tanggal 31 Desember 2011 dan 2010.

a.

Short-term loan facility for working capital with a maximum credit limit of USD2,000,000 (or its equivalent in rupiah) and interest at COF plus 2.25% per annum. The outstanding balance under this facility amounted to USD2,000,000 (equivalent to Rp18,136) and USD1,000,000 (equivalent to Rp8,991) as of December 31, 2011 and 2010, respectively.

Fasilitas import letter of credit dengan batas sebesar kredit gabungan maksimum USD4.000.000 (atau setara dalam berbagai mata uang) dan tingkat bunga tahunan sebesar 2% sampai 2,25% di atas COF. Fasilitas ini tersedia sampai dengan 31 Mei 2012. Pada tanggal 31 Desember 2011, saldo pinjaman terutang dari fasilitas ini adalah sebesar USD3.283.064 (setara dengan Rp29.771) dan telah dilunasi terakhir pada tanggal 21 Februari 2012. Tidak ada saldo terutang dari fasilitas ini pada tanggal 31 Desember 2010. Pada tahun 2011, pinjaman ini dijamin dengan piutang usaha terkait sebesar USD3.283.064 (Catatan 6).

b.

Import letter of credit facility with aggregate maximum credit limit of USD4,000,000 (or its equivalent in multiple currencies) and interest rates from 2% to 2.25% above COF per annum. This facility is available up to May 31, 2012. As of December 31, 2011, the outstanding loan balance from the facility amounted to USD3,283,064 (equivalent to Rp29,771) which has been fully paid on February 21, 2012. There was no outstanding loan balance under this facility as of December 31, 2010. In 2011, this loan was collateralized by trade receivables amounting to USD3,283,064 (Note 6).

b.

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Citibank

Citibank

Pada bulan Juli 2004, TMT memperoleh fasilitas pinjaman revolving dari Citibank dalam mata uang Rupiah atau Dolar Amerika Serikat atau gabungan keduanya, dengan batas kredit gabungan maksimum sebesar USD50.000.000. Batas kredit gabungan fasilitas tersebut diberikan kepada CSUL, CK, SSB, TU dan TMT. Jumlah saldo pinjaman terutang tidak diperkenankan melebihi batas fasilitas kredit gabungan. Pinjaman ini dikenakan tingkat bunga tahunan sebesar 2% diatas COF jika setidaknya 75% dari fasilitas jangka pendek telah ditarik dan dimanfaatkan, atau 2,25% diatas COF jika kurang dari 75% dari fasilitas jangka pendek ditarik dan dimanfaatkan. Pada tanggal 31 Desember 2010, saldo pinjaman terutang dari CK dan SSB atas fasilitas ini sebesar USD17.500.000 (setara dengan Rp157.343) telah dibayar penuh di tahun 2011.

In July 2004, TMT obtained a revolving credit facility from Citibank in either rupiah or USD or a combination thereof, with a maximum combined facility credit of USD50,000,000. The combined facility credit limit was provided for CSUL, CK, SSB, TU and TMT. The total outstanding loan should not exceed the combined facility credit limit. The loan bore interest at the annual rate of 2% above the COF if at least 75% of the short-term facility was drawn and utilized, or at 2.25% above COF if less than 75% of the short-term facility was drawn and utilized. The outstanding loan balance from CK and SSB as of December 31, 2010 amounted to USD17,500,000 (equivalent to Rp157,343), which was fully paid in 2011.

Pembatasan utang

Debt Covenants

Sebagai tambahan dari rincian tersebut di atas, Grup harus mematuhi batasan-batasan tertentu, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi-transaksi tertentu seperti penggabungan usaha, pengambilalihan, likuidasi atau perubahan status dan Anggaran Dasar, pengurangan modal dasar, ditempatkan dan disetor penuh; pembatasan pemberian pinjaman kepada pihak ketiga; penjaminan negatif, dengan pengecualian tertentu; pembatasan dalam perubahan kegiatan bisnis utama dan pembagian dividen; dan persyaratan untuk memenuhi rasio-rasio keuangan tertentu.

In addition to those detailed above, the Group, under the loan agreements, is subject to various covenants, which include obtaining written approval from the lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status and the articles of association; reducing the authorized, issued and fully paid capital; restrictions on lending money to third parties; negative pledges, with certain exceptions; restrictions on change in core business activities and payments of dividends; and requirement to comply with certain financial ratios.

Pada tanggal 31 Desember 2011, Grup telah memenuhi pembatasan finansial dari semua utang bank jangka pendek.

As of December 31, 2011, the Group is in compliance with the financial covenants of all the short-term bank loans.

Manajemen menyatakan bahwa selama periode pelaporan dan sampai dengan tanggal laporan keuangan konsolidasian, Grup tidak pernah gagal bayar atas pemenuhan kewajibannya.

Management declares that during the reporting periods and up to the date of the consolidated financial statements, the Group has not defaulted in the payment of any of its obligations.

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15. UTANG USAHA

15. TRADE PAYABLES Trade payables represent payables for purchases of goods and services, with details as follows:

Utang usaha merupakan utang atas pembelian barang dan jasa, dengan rincian sebagai berikut: 2011 Utang usaha Pihak-pihak berelasi (Catatan 30) Pihak ketiga

Dikurangi: Pihak-pihak berelasi yang jatuh tempo dalam satu tahun Pihak ketiga yang jatuh tempo dalam satu tahun

2010

779.531 615.875

848.227 478.751

1.395.406

1.326.978

Trade payables Related parties (Note 30) Third parties

Less: 779.531

791.792

Related parties - current maturities

615.875

478.751

Third parties - current maturities

1.395.406

1.270.543

-

56.435

Utang usaha jangka panjang - pihak berelasi

Long-term trade payables - related party

The details of trade payables to third parties based on suppliers are as follows:

Rincian utang usaha kepada pihak ketiga berdasarkan pemasok adalah sebagai berikut: 2011

2010

Pihak ketiga PT Berkat Manunggal Jaya PT Patra Niaga PT Halcon Prima Logistics Pte. Ltd. Lain-lain

22.994 17.593 16.605 558.683

7.707 36.038 435.006

Third parties PT Berkat Manunggal Jaya PT Patra Niaga PT Halcon Prima Logistics Pte. Ltd. Others

Total

615.875

478.751

Total

Details of trade payables based on currency are as follows:

Rincian utang usaha berdasarkan mata uang adalah sebagai berikut: 2011 Rupiah Dolar Amerika Serikat Euro Eropa Mata uang asing lainnya Total

2010

708.785 657.600 13.589 15.432

169.465 1.133.404 11.594 12.515

Rupiah United States dollar European euro Other foreign currencies

1.395.406

1.326.978

Total

Aging of trade payables is as follows:

Rincian umur utang usaha adalah sebagai berikut: 2011 Belum jatuh tempo Lewat jatuh tempo 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari Total

2010

728.979

472.369

354.076 102.234 71.944 138.173

181.178 62.002 68.516 542.913

Current Overdue: 1 - 30 days 31 - 60 days 61 - 90 days More than 90 days

1.395.406

1.326.978

Total

99




16. UTANG BANK JANGKA PANJANG

16. LONG-TERM BANK LOANS 2011

Rupiah Mandiri DBS

2010 303.282 213.978

Rupiah Mandiri DBS

1.016.486 815.941 310.013 135.151 7.105

186.482 143.856 -

United States dollar ANZ Banking Group Limited Syndicated loan DBS Bank Ltd. Mandiri DBS (Note 14) PT Bank OCBC NISP Tbk (OCBC NISP)

Total Dikurangi bagian yang jatuh tempo dalam satu tahun

3.301.682

847.598

Total

Bagian jangka panjang

2.831.156

Dolar Amerika Serikat ANZ Banking Group Limited Syndicated loan DBS Bank Ltd. Mandiri DBS (Catatan 14) PT Bank OCBC NISP Tbk (OCBC NISP)

698.176 318.810

(470.526)

(131.813) 715.785

Less current maturities Long-term portion

Mandiri

Mandiri

SS memperoleh fasilitas pinjaman dari Bank Mandiri pada tanggal 28 Juni 2010 sebesar Rp600.000, yang tersedia selama satu tahun sejak tanggal penandatanganan perjanjian, yang telah diperpanjang sampai dengan tanggal 31 Desember 2011, dan terbagi atas: a. Pinjaman transaksi khusus I sebesar Rp350.000 b. Pinjaman transaksi khusus II sebesar Rp250.000.

SS obtained a loan facility from Mandiri on June 28, 2010 in the amount of Rp600,000, available within one year from the signing date of the agreement, which was extended up to December 31, 2011, and divided into: a. b.

Specific transaction loan I amounting to Rp350,000 Specific transaction loan II amounting to Rp250,000.

Pinjaman tersebut digunakan untuk membiayai pengeluaran modal. Pinjaman dari fasilitas ini dikenakan tingkat bunga sebesar 9,50% per tahun yang dapat berubah berdasarkan tingkat bunga pasar saat ini dan dibayarkan pada maksimum 48 cicilan bulanan yang dimulai dari Juni 2010. Pinjaman ini dikenakan tingkat bunga sebesar 9,50% untuk tahun yang berakhir pada tanggaltanggal 31 Desember 2011 dan 2010. Pada tanggal 31 Desember 2011, saldo pinjaman adalah sebesar Rp476.910, setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp1.255, sementara pada tanggal 31 Desember 2010, saldo pinjaman adalah sebesar Rp303.282.

The loan proceeds were used to finance capital expenditures. The loan from the facility bears interest at 9.50% per annum which is subject to change based on current market rate and is payable at a maximum of 48 monthly installments starting in June 2010. The loan bore interest at the rate of 9.50% for the years ended December 31, 2011 and 2010. As of December 31, 2011, the outstanding balance of the loan amounted to Rp476,910, which is net of unamortized transaction cost amounting to Rp1,255, while as of December 31, 2010, the loan balance amounted to Rp303,282.



Pada tanggal 25 April 2011, TIA memperoleh fasilitas kredit investasi sebesar Rp116.500 dari Mandiri. Pinjaman ini dikenakan tingkat bunga tahunan sebesar 10,25%. Pinjaman ini akan jatuh tempo pada tanggal 24 April 2016. Pada tanggal 31 Desember 2011, saldo pinjaman adalah sebesar Rp115.640, setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp860.

On April 25, 2011, TIA obtained an investment credit facility of Rp116,500 from Mandiri. The loan facility bears interest at the annual rate of 10.25%. This loan will mature on April 24, 2016. As of December 31, 2011, the outstanding balance of the loan amounted to Rp115,640, which is net of unamortized transaction cost amounting to Rp860.

100




16. UTANG BANK JANGKA PANJANG (lanjutan)

16. LONG-TERM BANK LOANS (continued)

Mandiri (lanjutan)

Mandiri (continued)

Pada tanggal 3 Oktober 2011, CKB memperoleh fasilitas kredit investasi pinjaman dengan batas kredit maksimum Rp40.000 dari Mandiri. Pinjaman ini dikenakan tingkat bunga tahunan sebesar 10% dan terutang dalam 33 cicilan bulanan sejak tanggal 23 Januari 2012 sampai 23 September 2014. Pada tanggal 31 Desember 2011, saldo pinjaman adalah sebesar Rp39.800, setelah dikurangi dengan biaya transaksi yang belum diamortisasi sebesar Rp200.

On October 3, 2011, CKB obtained an investment credit facility with a maximum of Rp40,000 from Mandiri. The loan drawn from this facility bears interest at the annual rate of 10% and is payable in 33 monthly installments from January 23, 2012 until September 23, 2014. As of December 31, 2011, the loan is presented at amortized cost of Rp39,800, which is net of unamortized transaction cost amounting to Rp200.

Pada tanggal 21 Oktober 2011, SSB menerima fasilitas Pinjaman Transaksi Khusus III dari Mandiri dengan batas kredit maksimum Rp135.000 dan tingkat bunga sebesar 9,75% per tahun. Pada tanggal 8 November 2011, pinjaman ini diperbaharui menjadi sebagai berikut :

On October 21, 2011, SSB obtained Non-Revolving Specific Transaction Loan III facility from Mandiri with a maximum credit limit of Rp135,000 and interest at 9.75% per annum. On November 8, 2011, this facility was amended to become:

a.

Fasilitas Pinjaman Transaksi Khusus III (PTK III) dengan batas kredit maksimum Rp66.000 dan tingkat bunga sebesar 9,75% per tahun. Pinjaman tersebut digunakan untuk membiayai pembelian kantor dan workshop SSB di Tangerang (Catatan 11). Pinjaman yang ditarik dari fasilitas ini terutang dalam 19 cicilan triwulanan sejak tanggal penandatanganan perjanjian sampai 30 September 2016. Pada tanggal 31 Desember 2011, saldo pinjaman dari fasilitas ini adalah sebesar Rp65.826, setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp173.

a.

Non-revolving specific transaction loan III (PTK III) facility with a maximum credit limit of Rp66,000 and interest at 9.75% per annum. The loan proceeds were used to purchase SSB’s office and workshop in Tangerang (Note 11). The loan drawn from this facility is payable in 19 quarterly installments from the signing date of the agreement, until September 30, 2016. As of December 31, 2011, the outstanding loan balance from this facility amounted to Rp65,826, net of unamortized transaction cost amounting to Rp173.

b.

Fasilitas Pinjaman Transaksi Khusus IV (PTK IV) dengan batas kredit maksimum Rp69.000 dan tingkat bunga sebesar 9,75% per tahun. Pinjaman tersebut digunakan untuk membiayai operasional SSB. Fasilitas ini tersedia sampai dengan 30 November 2012. Pada tanggal 31 Desember 2011, tidak ada fasilitas pinjaman yang telah digunakan oleh SSB.

b.

Non-revolving specific transaction loan IV (PTK IV) facility with a maximum credit limit of Rp69,000 and interest at 9.75% per annum. The loan proceeds will be used to finance SSB’s operations. This facility is available up to November 30, 2012. As of December 31, 2011, SSB has not utilized this loan facility.

101





16. LONG-TERM BANK LOANS (continued) Mandiri (continued)

Mandiri (lanjutan) Pada tanggal 28 September memperoleh fasilitas pinjaman sebagai berikut:

On September 28, 2010, SSB obtained the following loan facilities from Mandiri:

2010, SSB dari Mandiri

Fasilitas Pinjaman Transaksi Khusus I (PTK I) dengan batas kredit maksimum USD8.000.000 dan tingkat bunga sebesar SIBOR 3 bulan ditambah 5,5% per tahun. Fasilitas ini digunakan untuk melunasi hutang ke PT Halcon Prima Logistic Pte. Ltd. Pinjaman yang ditarik dari fasilitas ini terutang dalam 20 cicilan triwulanan sejak tanggal 23 Maret 2011 sampai 23 Desember 2015. Pada tanggal 31 Desember 2011 dan 2010, saldo pinjaman dari fasilitas ini masingmasing sebesar USD7.518.653 (setara dengan Rp68.179), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp12, dan USD8.000.000 (setara dengan Rp71.928).

a.

Non-revolving specific transaction loan I (PTK I) facility with a maximum credit limit of USD8,000,000 and interest at SIBOR 3 months plus 5.5% per annum.The facility was used to refinance a loan from PT Halcon Prima Logistic Pte. Ltd. The loan drawn from this facility is payable in 20 quarterly installments from March 23, 2011 until December 23, 2015. As of December 31, 2011 and 2010, the outstanding loan balance from this facility amounted to USD7,518,653 (equivalent to Rp68,179), net of unamortized transaction cost amounting to Rp12 and USD8,000,000 (equivalent to Rp71,928), respectively.

b. Fasilitas Pinjaman Transaksi Khusus II (PTK II) dengan batas kredit maksimum USD10.000.000 dan tingkat bunga sebesar SIBOR 3 bulan ditambah 5,5% per tahun. Pinjaman tersebut digunakan untuk membiayai pengeluaran modal. Pinjaman yang ditarik dari fasilitas ini terutang dalam 20 cicilan triwulanan sejak tanggal 23 Maret 2011 sampai 23 Desember 2015. Pada tanggal 31 Desember 2011 dan 2010, saldo pinjaman dari fasilitas ini masing-masing sebesar USD8.046.679 (setara dengan Rp72.967), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp121, dan USD8.660.045 (setara dengan Rp77.862).

b.

Non-revolving specific transaction loan II (PTK II) facility with a maximum credit limit of USD10,000,000 and interest at SIBOR 3 months plus 5.5% per annum. The loan was used to finance capital expenditures. The proceeds were drawn from this facility is payable in 20 quarterly installments from March 23, 2011 until December 23, 2015. As of December 31, 2011 and 2010, the outstanding loan balance from this facility amounted to USD8,046,679 (equivalent to Rp72,967), net of unamortized transaction cost amounting to Rp121 and USD8,660,045 (equivalent to Rp77,862), respectively.

a.

No assets are pledged as collateral for the loan.


102






Mandiri (lanjutan)

Mandiri (continued)

Pada tanggal 25 April 2011, TIA memperoleh fasilitas non-revolving Kredit Investasi sebesar USD22.500.000 dari Mandiri. Pinjaman ini dikenakan tingkat bunga tahunan berdasarkan SIBOR untuk periode 3 bulan ditambah 4%. Pinjaman ini akan jatuh tempo pada tanggal 24 April 2016. Pada tanggal 31 Desember 2011, saldo pinjaman sebesar USD13.526.346 (setara dengan Rp122.657), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp1.525.

On April 25, 2011, TIA obtained a non-revolving investment credit facility of USD22,500,000 from Mandiri. The loan from the facility bears interest at annual rate based on SIBOR for a period of 3 months plus 4% annually. This loan will mature on April 24, 2016. As of December 31, 2011, the loan amounted to USD13,526,346 (equivalent to Rp122,657), which is net of unamortized transaction cost amounting to Rp1,525.

Pada tanggal 23 November 2010, ATR memperoleh fasilitas kredit dengan batas kredit maksimum gabungan sebesar USD6.200.000 dari Mandiri dan tingkat bunga sebesar 4% diatas SIBOR per tahun sebagai berikut:

On November 23, 2010, ATR obtained the following credit facilities with aggregate maximum credit limit of USD6,200,000 from Mandiri and interest rate at 4% above SIBOR per annum:

a.

Fasilitas Pinjaman Transaksi Khusus I (PTK I) dengan batas kredit maksimum USD4.150.000. Fasilitas PTK I ini digunakan untuk melunasi pinjaman dari Perusahaan untuk pembelian Kapal Multi Purpose Container (MPC) Alfa Trans Satu dan Landing Craft Tank (LCT) Alfa Trans Dua dan juga untuk pembiayaan modifikasi LCT Alfa Trans Dua. Pinjaman ini ditarik pada tanggal 25 November 2010 dan terutang dalam 60 cicilan bulanan sejak Desember 2010 sampai November 2015. Pinjaman ini dijamin dengan kapal Alfa Trans Satu dan Alfa Trans Dua.

a.

Specific transaction loan I (PTK I) facility with a maximum credit limit of USD4,150,000. PTK I facility was used to refinance a loan from the Company for the acquisition of MultiPurpose Container (MPC) Alfa Trans Satu and Landing Craft Tank (LCT) Alfa Trans Dua vessels and also for financing the modification of LCT Alfa Trans Dua. The loan was drawn on November 25, 2010 and is payable in 60 monthly installments from December 2010 until November 2015. The loan is collateralized by Alfa Trans Satu and Alfa Trans Dua vessels.

b.

Fasilitas Pinjaman Transaksi Khusus II (PTK II) dengan batas kredit maksimum USD2.050.000. Fasilitas PTK II ini digunakan untuk membiayai pembuatan kapal LCT Adinda Azula. Fasilitas ini awalnya tersedia hingga tanggal 30 Juni 2011 dan telah diperpanjang sampai 31 Desember 2011. Fasilitas pinjaman ini terutang dalam 60 kali cicilan bulanan sejak Juli 2011 sampai dengan Juni 2016. Pinjaman ini dijamin dengan kapal Adinda Azula.

b.

Specific transaction loan II (PTK II) facility with a maximum credit limit of USD2,050,000. PTK II facility was used to finance the building of LCT Adinda Azula vessel. The availability period of the facility was originally set on June 30, 2011, which subsequently extended up to December 31, 2011. The loan is payable in 60 monthly installments from July 2011 until June 2016. The loan is collateralized by Adinda Azula vessel.

Pada tanggal 31 Desember 2011 dan 2010, saldo pinjaman masing-masing sebesar USD5.095.896 (setara dengan Rp46.210) dan USD4.080.945 (setara dengan Rp36.692).

As of December 31, 2011 and 2010, the outstanding balance of the loans amounted to USD5,095,896 (equivalent to Rp46,210) and USD4,080,945 (equivalent to Rp36,692), respectively.

Berdasarkan perjanjian pinjaman, ATR diharuskan untuk menjaga rasio leverage maksimum sebesar 233%.

The loan agreement requires ATR to maintain leverage ratio at a maximum of 233%.

103






DBS

DBS

SS menandatangani perjanjian fasilitas pinjaman dengan DBS pada tanggal 22 Juni 2010. Fasilitas ini memiliki batas kredit maksimum Rp400.000 yang tersedia selama enam bulan sejak tanggal penandatanganan perjanjian, yang telah diperpanjang sampai dengan tanggal 22 Juni 2011. Pinjaman tersebut digunakan untuk membiayai pengeluaran modal. Pinjaman dari fasilitas ini terutang dalam cicilan sampai tanggal 22 Juni 2015 dan dikenakan tingkat bunga sebesar COF ditambah 1,8% per tahun. Tingkat bunga tahunan berkisar antara 10,25% sampai 10,75% untuk tahun yang berakhir pada tanggal 31 Desember 2011 dan antara 9,50% sampai 10% untuk tahun yang berakhir pada tanggal 31 Desember 2010. Pada 31 Desember 2011, saldo pinjaman adalah sebesar Rp318.810, setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp3.504, sementara pada tanggal 31 Desember 2010, saldo pinjaman adalah sebesar Rp213.978.

SS entered into a loan facility agreement with DBS on June 22, 2010. The facility has a maximum credit limit of Rp400,000 which is available for six months from the signing date of the agreement, which was extended up to June 22, 2011. The loan proceeds were used to finance capital expenditures. The loan from the facility is payable in installments up to June 22, 2015 and is subject to interest at COF plus 1.8% per annum. The annual interest rates ranged from 10.25% to 10.75% for the year ended December 31, 2011 and from 9.50% to 10% for the year ended December 31, 2010. As of December 31, 2011, the outstanding balance of the loan amounted to Rp318,810 which is net of unamortized transaction cost amounting to Rp3,504, while as of December 31, 2010, the loan balance amounted to Rp213,978.

Berdasarkan perjanjian pinjaman, SS diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio debt service coverage minimal 100%


b.

b.

a.

Rasio gearing maksimum sebesar 300%.

Debt service coverage ratio at minimum of 100% Gearing ratio at maximum of 300%.

ANZ Banking Group Limited - Pinjaman Sindikasi

ANZ Banking Group Limited - Syndicated Loan

Pada tanggal 17 Juni 2011, CK mengadakan perjanjian fasilitas pinjaman sindikasi dengan beberapa bank asing dan bank lokal (“Pemberi Pinjaman”), yang terdiri dari Overseas-Chinese Banking Corporation (OCBC), PT ANZ Panin Bank (ANZ Panin), PT Bank OCBC NISP Tbk (OCBC NISP), Standard Chartered Bank (cabang Jakarta) (SCB), dan The Royal Bank of Scotland N.V. (cabang Singapura) (RBS). OCBC NISP dan ANZ Banking Group Limited bertindak masing-masing sebagai Security Agent dan Facility Agent. Berdasarkan perjanjian, Pemberi Pinjaman setuju untuk memberikan fasilitas pinjaman dolar Amerika Serikat yang terdiri dari Fasilitas A dan Fasilitas B dengan nilai maksimum masing-masing sebesar USD75.000.000 dan USD40.000.000 dengan tingkat bunga berdasarkan London Interbank Offered Rate (LIBOR) ditambah dengan presentase tertentu, terutang setiap kuartal dengan masa tenggang satu tahun untuk Fasilitas A dan sembilan bulan untuk Fasilitas B. Fasilitas pinjaman ini digunakan untuk membiayai kembali (refinance) beberapa pinjaman CK yang ada.

On June 17, 2011, CK, as the borrower, entered into a term loan facility agreement with several foreign and local banks (the “Lenders”), which consisted of Overseas-Chinese Banking Corporation (OCBC), PT ANZ Panin Bank (ANZ Panin), PT Bank OCBC NISP Tbk (OCBC NISP), Standard Chartered Bank (Jakarta Branch) (SCB), and The Royal Bank of Scotland N.V. (Singapore Branch) (RBS). OCBC NISP and ANZ Banking Group Limited serve as Security Agent and Facility Agent, respectively. Based on the agreement, the Lenders agreed to grant U.S. dollar term loan, broken down into Facility A and Facility B, with maximum amounts of USD75,000,000 and USD40,000,000, respectively, and interest rates at London Interbank Offered Rate (LIBOR) plus a certain percentage, payable every quarter with grace period of one year for Facility A and nine months for Facility B. This loan facility was used to refinance some of CK’s existing loans.

104






ANZ Banking Group Limited - Pinjaman Sindikasi (lanjutan)

ANZ Banking Group Limited - Syndicated Loan (continued)

Pada tanggal 23 Juni 2011, CK melakukan penarikan penuh atas Fasilitas A sebesar USD75.000.000, yang akan dibayarkan dalam cicilan triwulanan, dimulai sejak Juni 2012 sampai Juni 2016 selama lima tahun sesuai dengan perjanjian. Pada tanggal 30 September 2011 dan 15 Desember 2011 CK melakukan penarikan penuh atas Fasilitas B sebesar USD40.000.000, yang akan dibayarkan dalam cicilan triwulan, dimulai sejak Maret 2012 sampai Juni 2016 selama lima tahun sesuai dengan perjanjian. Fasilitas ini dikenakan tingkat bunga sebesar LIBOR ditambah persentase tertentu, yang dibayarkan setiap triwulanan. Pada tanggal 31 Desember 2011, saldo pinjaman terutang adalah sebesar USD112.095.959 (atau setara dengan Rp1.016.486), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp26.334.

On June 23, 2011, CK fully availed of Facility A amounting to USD75,000,000, payable in specified quarterly installments as indicated in the agreement over a total term of five years from June 2012 until June 2016. On September 30, 2011 and December 15, 2011, CK fully availed of Facility B amounting to USD40,000,000, payable in specified quarterly installments as indicated in the agreement over a total term of five years from March 2012 until June 2016. The loan from this facility bears interest at LIBOR plus a certain percentage, payable every quarter. As of December 31, 2011, the loan is presented at amortized cost of USD112,095,959 (or equivalent to Rp1,016,486), which is net of unamortized transaction cost amounting to Rp26,334.

Pinjaman ini dijamin dengan (i) Kontrak Penugasan (Catatan 33) dan (ii) fiduciary assignment atas piutang, persediaan, aset bergerak dan klaim/hasil asuransi masing-masing sebesar USD63.020.458, Rp40.066, Rp73.190 dan USD165.742.827.

The loan is collateralized by (i) the Assignment of Contracts (Note 33) and (ii) fiduciary assignment over receivables, inventory, movable asset and insurance claim/proceeds amounting to USD63,020,458, Rp40,066, Rp73,190 and USD165,742,827, respectively.

Berdasarkan perjanjian pinjaman, CK diharuskan untuk menjaga rasio keuangan tertentu, sebagai berikut: a. Rasio debt service coverage minimal 125% b. Rasio utang terhadap nilai aset bersih konsolidasian maksimal sebesar 425% pada tahun 2011, 375% pada tahun 2012, 325% pada tahun 2013 dan 300% pada tahun 2014 dan seterusnya.

The loan agreement requires CK to maintain certain financial ratios, as follows:

DBS Bank Ltd.

DBS Bank Ltd.

Pada tanggal 15 Juni 2011, Perusahaan menandatangani perjanjian fasilitas pinjaman dengan DBS Bank Ltd. dengan total fasilitas maksimum sebesar USD90.000.000 untuk kebutuhan modal kerja dengan tingkat bunga sebesar 4% per tahun. Pinjaman ini akan jatuh tempo pada 17 Juni 2016. Bunga dibayarkan setiap tahun. Pada tanggal 31 Desember 2011, saldo pinjaman terutang sebesar USD89.980.222 (setara dengan Rp815.941), setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp179. Tidak ada aset yang digunakan sebagai jaminan untuk fasilitas kredit ini.

On June 15, 2011, the Company signed a loan facility agreement with DBS Bank Ltd. with a maximum facility amount of USD90,000,000 for working capital requirement and interest at 4% per annum. The loan will be due on June 17, 2016. Interest is payable annually. As of December 31, 2011, the outstanding balance of the loan amounted to USD89,980,222 (equivalent to Rp815,941), net of unamortized transaction cost amounting to Rp179. No assets are pledged as collateral for the loan.

a. b.

105

Debt service coverage ratio at a minimum of 125% Total debt to consolidated net worth ratio at a maximum of 425% in 2011, 375% in 2012, 325% in 2013 and 300% in 2014 and thereafter.






OCBC NISP

OCBC NISP

Pada tanggal 24 Oktober 2011, ATR memperoleh fasilitas pinjaman dari OCBC NISP dengan batas kredit maksimum sebesar USD7.150.000. Pinjaman dari fasilitas ini dikenakan tingkat bunga SIBOR perbulan ditambah 4% per tahun dan tersedia selama 60 bulan dari tanggal pencairan dana pertama atau sampai tanggal 28 Oktober 2016. Pada tanggal 31 Desember 2011, saldo pinjaman dari fasilitas ini adalah sebesar USD783.575 (setara dengan Rp7.105) setelah dikurangi biaya transaksi yang belum diamortisasi sebesar Rp86. Pinjaman ini dijaminkan, antara lain, dengan kapal LCT Adinda Bella dan Adinda Celina, piutang usaha dari kontrak operasi kapal, Letter of Undertaking, dan Letter of Comfort dari CKB.

On October 24, 2011, ATR obtained a term loan facility from OCBC NISP with a maximum credit limit of USD7,150,000. The loan from the facility bears interest at monthly USD SIBOR rate plus 4% per annum and is available for sixty months from the first drawdown date or up to October 28, 2016. As of December 31, 2011, the outstanding loan balance from this facility amounted to USD783,575 (equivalent to Rp7,105), net of unamortized transaction cost amounting to Rp86. The loan is collateralized by, among others, LCT Adinda Bella and Adinda Celina vessels, trade receivable from contract operations of the vessel, letter of undertaking and letter of comfort from CKB.

Berdasarkan perjanjian pinjaman, ATR diharuskan untuk menjaga rasio-rasio keuangan tertentu, sebagai berikut: a. Rasio debt service coverage minimal 1x di 2011 dan 2012, dan 1,25x di 2013, dan seterusnya b. Rasio leverage yang disesuaikan maksimal 2,33x c. Kontrak Time charter dengan nilai minimal 125% dari nilai saldo pinjaman terhutang.

The loan agreement requires ATR to maintain certain financial ratios, as follows:

Pembatasan utang

Debt Covenants

Sebagai tambahan dari rincian tersebut di atas, Grup harus mematuhi batasan-batasan tertentu, antara lain untuk memperoleh persetujuan tertulis dari pemberi pinjaman sebelum melakukan transaksi-transaksi tertentu seperti penggabungan usaha, pengambilalihan, likuidasi atau perubahan status dan Anggaran Dasar; pengurangan modal dasar, ditempatkan dan disetor penuh; pembatasan pemberian pinjaman kepada pihak ketiga; penjaminan negatif, dengan pengecualian tertentu; pembatasan dalam perubahan kegiatan bisnis utama dan pembagian dividen; dan persyaratan untuk memenuhi rasio-rasio keuangan tertentu.

In addition to those detailed above, the Group, under the loan agreements, is subject to various covenants, which include obtaining written approval from the lenders before entering into certain transactions such as mergers, takeovers, liquidation or change in status and the articles of association; reducing the authorized, issued and fully paid capital; restrictions on lending money to third parties; negative pledges, with certain exceptions; restrictions on change in core business activities and payments of dividends; and requirement to comply with certain financial ratios.

Pada tanggal 31 Desember 2011, Grup telah memenuhi pembatasan finansial dari semua utang bank jangka panjang.

As of December 31, 2011, the Group is in compliance with the financial covenants of all its long-term bank loans.

Manajemen menyatakan bahwa selama periode pelaporan dan sampai dengan tanggal laporan keuangan konsolidasian, Grup tidak pernah gagal bayar atas pemenuhan kewajibannya.

Management declares that during the reporting periods and up to the date of the consolidated financial statements, the Group has not defaulted in the payment of its obligations.

a. b. c.

106

Debt service coverage ratio at a minimum of 1x in 2011 and 2012, and 1.25x in 2013 onwards Adjusted leverage ratio at a maximum of 2.33x Time charter contract amount at a minimum of 125% of the outstanding loan.




17. BEBAN YANG MASIH HARUS DIBAYAR

17. ACCRUED EXPENSES This account consists of:

Akun ini terdiri dari: 2011 Biaya perbaikan dan pemeliharaan mesin Gaji dan kesejahteraan karyawan Biaya proyek Jasa profesional Bunga Lain-lain Total beban yang masih harus dibayar Dikurangi: bagian yang jatuh tempo dalam satu tahun

2010

57.410 50.385 39.226 32.609 24.308 27.973

237.798 35.454 31.615 1.302 3.840 7.482

Repairs and maintenance on machinery Salaries and employees’ benefits Project cost Professional fees Interest Others

231.911

317.491

Total accrued expenses

231.911

282.130

Less current maturities

-

35.361

Accrued expenses - net of current maturities

Beban yang masih harus dibayar - setelah dikurangi bagian yang jatuh tempo dalam satu tahun

18. UANG MUKA PELANGGAN

18. ADVANCES FROM CUSTOMERS 2011

Uang muka pelanggan Dikurangi: bagian yang jatuh tempo dalam satu tahun Uang muka pelanggan setelah dikurangi bagian yang jatuh tempo dalam satu tahun

2010 63.900

54.997

Advances from customers

29.442

20.831

Less current maturities

34.458

34.166

Advances from customers - net of current maturities

The advances received were mainly from the customers of TIA and SSB.

Uang muka yang diterima terutama berasal dari pelanggan TIA dan SSB.

107




18. UANG MUKA PELANGGAN (lanjutan)

18. ADVANCES FROM CUSTOMERS (continued)

Pada tanggal 9 Desember 2010, TIA mengadakan Perjanjian Kesepahaman dengan Mega Strada Pte. Ltd. (MSPL), pihak berelasi, dimana MSPL setuju memberikan uang muka sebesar USD5.000.000 kepada TIA untuk pembelian batubara sebesar 5.000.000MT yang akan dikirim pada Januari 2011 sampai dengan Desember 2016. Sebagai tambahan, pada tanggal 9 Desember 2010, TIA mengadakan perjanjian Jual Beli Batubara, dimana TIA setuju untuk menjual batubara kepada MSPL sebesar 1.200.000MT, yang akan dikirimkan pada Januari 2011 sampai dengan Desember 2012. Lebih lanjut, harga batubara yang disepakati, berdasarkan perjanjian adalah sebesar USD42,50 sampai USD47,50 tergantung pada harga pasar dan kondisi batubara, sebagian akan diselesaikan dengan pembayaran uang muka diatas dengan tarif sebesar USD1/MT. Saldo uang muka pelanggan pada 31 Desember 2011, yang akan digunakan dalam satu tahun berdasarkan perjanjian Jual Beli Batubara tersebut diatas sebesar USD878.140 (setara dengan Rp7.963) dan sisanya akan diselesaikan pada tahun 2013 sampai dengan 2016 sebesar USD3.800.000 (setara dengan Rp34.458).

On December 9, 2010, TIA entered into a Memorandum of Understanding with Mega Strada Pte. Ltd. (MSPL), a related party, whereby MSPL agreed to make an advance payment amounting to USD5,000,000 to TIA for the purchase of 5,000,000 MT coal that will be delivered from January 2011 to December 2016. In addition, on December 9, 2010, TIA entered into a Coal Sale and Purchase agreement, whereby TIA agreed to sell 1,200,000MT coal to MSPL, with shipment period from January 2011 to December 2012. Furthermore, the agreed coal prices, based on the agreement, ranging from USD42.50 to USD47.50 depending on the market price and condition of coal will be partially settled from the above advance payments at the rate of USD1/MT. The outstanding balance of the advances from the customers as of December 31, 2011 which will be settled in one year based on the coal Sale and Purchase agreement described above amounted to USD878,140 (equivalent to Rp7,963), and the remaining balance amounting to USD3,800,000 (equivalent to Rp34,458) will be settled in 2013 until 2016.

Selain itu, uang muka lainnya sebesar USD1.671.233 (setara dengan Rp15.155) dan Rp926 diterima oleh SSB dari pelanggannya sehubungan dengan kegiatan usaha yang dihasilkan dari kontrak-kontrak tertentu.

In addition, other advance payment amounting to USD1,671,233 (equivalent to Rp15,155) and Rp926 is received by SSB from its customer in relation to its contracting activities.

108




19. UTANG SEWA PEMBIAYAAN

19. OBLIGATIONS UNDER FINANCE LEASE 2011

Pihak ketiga: PT Caterpillar Finance Indonesia PT Austindo Nusantara Jaya Finance Pihak berelasi: PT Chandra Sakti Utama Leasing Utang sewa pembiayaan Dikurangi beban bunga Utang sewa pembiayaan, bersih Dikurangi bagian yang jatuh tempo dalam satu tahun Pihak ketiga PT Caterpillar Finance Indonesia PT Austindo Nusantara Jaya Finance Pihak berelasi PT Chandra Sakti Utama Leasing (Catatan 30) Utang sewa pembiayaan - setelah dikurangi bagian yang jatuh tempo dalam satu tahun Pihak ketiga PT Caterpillar Finance Indonesia PT Austindo Nusantara Jaya Finance Pihak berelasi PT Chandra Sakti Utama Leasing (Catatan 30)

2010

570.627

180.024

257.809

-

Third parties: PT Caterpillar Finance Indonesia PT Austindo Nusantara Jaya Finance

403.819

533.197

Related party: PT Chandra Sakti Utama Leasing

1.232.255

713.221

Obligations under finance lease

99.437

54.835

Less amount applicable to interest

1.132.818

658.386

Obligations under finance lease, net

129.278 68.002

95.028 -

201.759

194.173

389.922 171.428

74.981 -

172.429

294.204

2011

______________________________________________________________________________

Total

Obligations under finance lease - net of current maturities Third parties PT Caterpillar Finance Indonesia PT Austindo Nusantara Finance Related party PT Chandra Sakti Utama Leasing (Note 30)

The present values of the scheduled payments of the obligations under finance lease by the year of maturity are as follows:

Jadwal pembayaran nilai kini utang sewa pembiayaan berdasarkan tahun jatuh tempo adalah sebagai berikut:

Dalam 1 tahun Dalam 1 - 2 tahun Dalam 2 - 3 tahun Lebih dari 3 tahun

Less current maturities Third parties PT Caterpillar Finance Indonesia PT Austindo Nusantara Finance Related party PT Chandra Sakti Utama Leasing (Note 30)

_

Pembayaran Utang Sewa Pembiayaan Minimum/ Minimum Leasing Payment

Komponen Bunga/ Interest Component

448.854 348.927 219.078 215.396 ________________

(49.815) (28.017) (14.031) (7.574) _________________

399.039 320.910 205.047 207.822 _________________

Within 1 year Within 1 - 2 years Within 2 - 3 years More than 3 years

1.232.255

(99.437)

1.132.818

Total

109

Nilai Kini/ Present Value




19. UTANG SEWA PEMBIAYAAN (lanjutan)

19. OBLIGATIONS (continued) 2010

______________________________________________________________________________

Dalam 1 tahun Dalam 1 - 2 tahun Dalam 2 - 3 tahun Lebih dari 3 tahun

UNDER

FINANCE

LEASE

_

Pembayaran Utang Sewa Pembiayaan Minimum/ Minimum Leasing Payment

Komponen Bunga/ Interest Component

321.179 233.206 131.849 26.987 ________________

(31.978) (16.899) (5.154) (804) _________________

289.201 216.307 126.695 26.183 _________________

Within 1 year Within 1 - 2 years Within 2 - 3 years More than 3 years

713.221

(54.835)

658.386

Total

Total

Interest rates per annum

Tingkat bunga per tahun 2011 PT Chandra Sakti Utama Leasing Dolar Amerika Serikat Rupiah

Nilai Kini/ Present Value

2010

5,0% - 7,2% 12,0% - 23,0%

7,0% - 8,0% 15% - 17%

PT Chandra Sakti Utama Leasing United States dollar Rupiah

PT Caterpillar Finance Indonesia Dolar Amerika Serikat

2,3% - 5,2%

2,3% - 6,4%

PT Caterpillar Finance Indonesia United States dollar

PT Austindo Nusantara Finance Dolar Amerika Serikat

3,7% - 3,8%

-

PT Austindo Nusantara Finance United States dollar

Seluruh aset yang diperoleh melalui perjanjian sewa pembiayaan digunakan sebagai jaminan atas utang sewa pembiayaan tersebut.

All assets acquired under finance lease agreements are used as collateral for the obligations under finance leases.

Grup memiliki komitmen sewa pembiayaan mencakup perlengkapan, perabot dan peralatan kantor, kendaraan dan mesin dan peralatan dengan jangka waktu sewa mulai dari tiga sampai lima tahun dan jatuh tempo pada berbagai tanggal.

The Group has lease commitments covering office furniture, fixtures and equipment, vehicles and machineries and equipment with lease terms ranging from three to five years and expiring on various dates.

20. UTANG JANGKA PANJANG LAINNYA

20. OTHER LONG-TERM LOAN On October 26, 2010, CK obtained a subordinated loan facility from TMT with maximum amount of USD20,000,000 or its equivalent in other currencies, available up to October 26, 2015. Interest rate was determined based on market rates. On December 31, 2010, the interest rate was 3.7% per annum. The outstanding balance of the loan as of December 31, 2010 amounted to USD14,000,000 (equivalent to Rp125,874). On June 24, 2011, the loan was fully paid. The interest expense amounted to USD256,355 (equivalent to Rp2,236) which is presented as part of “Finance Charges” in the 2011 consolidated statement of comprehensive income.

Pada tanggal 26 Oktober 2010, CK memperoleh fasilitas pinjaman subordinasi dari TMT dengan jumlah maksimum sebesar USD20.000.000 atau setara dengan mata uang lainnya, dengan tanggal jatuh tempo pada tanggal 26 Oktober 2015. Tingkat bunga ditetapkan berdasarkan tingkat bunga pasar. Pada tanggal 31 Desember 2010, bunga yang ditetapkan sebesar 3,7% per tahun. Saldo pinjaman pada tanggal 31 Desember 2010 adalah sebesar USD14.000.000 (setara dengan Rp125.874). Pinjaman ini telah dilunasi pada tanggal 24 Juni 2011. Beban bunga sebesar USD256.355 (setara dengan Rp2.236) disajikan sebagai bagian dari “Biaya Keuangan” di laporan laba rugi komprehensif konsolidasian 2011.

110




21. PERPAJAKAN a.

21. TAXATION

Taksiran tagihan pajak

a. 2011

Estimated claims for tax refund

2010

Lebih bayar pajak penghasilan badan: 2011 2010 2009 2008 2007 2005

85.870 94.298 1.503 1.447

91.208 99.616 2.652 996 62.803

Overpayments of corporate income taxes: 2011 2010 2009 2008 2007 2005

Lebih bayar pajak pertambahan nilai (PPN): 2011 2010 2009 2008 2007 2005

29.015 22.658 247 535 -

1.249 277 247 535 -

Overpayments of value-added tax (VAT): 2011 2010 2009 2008 2007 2005

Pembayaran ketetapan pajak untuk:

Payment of tax assessments for:

(i) Pajak penghasilan: 2008 2007 2005

217 2.125 13.253

5.362 2.125 58.770

(i) Income taxes: 2008 2007 2005

(ii) Pajak Pertambahan Nilai: 2008 2007 2006 2005 2004 2003 2002

2.007 16.213 51.621 5.220 1.460 5.626 -

2.007 16.213 54.539 6.483 1.460 5.626 -

(ii) Value-added tax: 2008 2007 2006 2005 2004 2003 2002

Sub-total Penyisihan kerugian atas taksiran tagihan pajak

333.315

412.168

(26.143)

(24.129)

Taksiran tagihan pajak, bersih

307.172

388.039

Sub-total Allowance for losses on estimated claims for tax refund Net estimated claims for tax refund

Perusahaan

The Company

Pada tahun 2011, Perusahaan menerima beberapa Surat Tagihan Pajak (STP) untuk Pajak Penghasilan Pasal 21 dan 4(2) sejumlah Rp1 untuk tahun 2008 dan STP Pajak Penghasilan Pasal 21, 26, 4(2), dan PPN sejumlah Rp102 untuk tahun 2009. Sebagai tambahan, Perusahaan juga menerima STP untuk Pajak Penghasilan Pasal 21, 23 dan 4(2) sejumlah Rp5 untuk tahun 2010.

In 2011, the Company received several Tax Collection Letters (Surat Ketetapan Pajak or STP) for 2008 Income Tax Article 21 and 4(2) amounting to Rp1 and 2009 income tax article 21, 26, 4(2) and VAT amounting to Rp102. In addition, the Company also received STPs for Income Tax Articles 21, 23 and 4 (2) totaling Rp5 for the year 2010.

111




21. PERPAJAKAN (lanjutan) a.

21. TAXATION (continued)

Taksiran tagihan pajak (lanjutan)

a.

Perusahaan (lanjutan)

Estimated claims for tax refund (continued) The Company (continued)

Pada tahun 2010, Perusahaan menerima beberapa Surat Ketetapan Pajak Kurang/Lebih Bayar (SKPs) untuk Pajak Penghasilan Badan, Pajak Penghasilan 23, 26, dan 4(2) dan PPN untuk tahun 2008. Berdasarkan SKP tersebut, Perusahaan dinyatakan kurang bayar bersih sebesar Rp246 yang dicatat sebagai bagian dari "Beban Penjualan, Umum dan Administrasi" pada tahun 2010.

In 2010, the Company received several Tax Underpayment/Overpayment Assessment Letters (SKPs) for the fiscal year 2008 Corporate Income Tax, Income Tax Articles 23, 26 and 4(2) and VAT. Based on the SKPs and STPs, the Company was assessed for net underpayment of taxes amounting to Rp246 which was recorded as part of “Selling, General and Administrative Expenses” in 2010.

CK

CK

Pada tanggal 27 Juli 2011, CK menerima Surat Perintah Membayar Kelebihan Pajak (SPMKP) atas Surat Ketetapan Pajak Lebih Bayar (SKPLB) Pajak Penghasilan Badan tahun 2009 sebesar Rp99.616 sama dengan jumlah yang diajukan oleh CK. CK menerima pengembalian sebesar Rp99.302, dan sisanya sebesar Rp314 dikompensasikan untuk pajak kurang bayar PPN masa Juni, Oktober dan Desember 2009 sebesar Rp36 dan pajak kurang bayar PPh 21 tahun 2009 sebesar Rp278.

On July 27, 2011, CK received SPMKP for its Tax Overpayment Assesment Letter (SKPLB) for 2009 Corporate Income Tax amounting to Rp99,616, which is the same as CK’s tax claim. CK received the refund amounting to Rp99,302, and the balance amounting to Rp314 has been compensated with VAT underpayment for the periods June, October and December 2009 amounting to Rp36 and income tax payable article 21 for the year 2009 amounting to Rp278.

Pada tanggal 4 Agustus 2011, CK menerima SPMKP atas Surat Putusan Pengadilan Pajak yang menyetujui banding yang diajukan CK atas Pajak Penghasilan Badan tahun 2005 sebesar Rp104.450, lebih kecil sebesar Rp6.337 dari total klaim yang diajukan oleh CK. Per tanggal 31 Desember 2011, CK sedang mempersiapkan proses “Pengajuan Kembali (PK)” kepada Mahkamah Agung atas keputusan Pengadilan Pajak tersebut.

On August 4, 2011, CK received SPMKP for Tax Court Decision Letter that approved CK’s objection on the adjustment to its 2005 Corporate Income Tax for the amount of Rp104,450, which is Rp6,337 lower than CK’s original claim. As of December 31, 2011, CK is in the process of filing “Judicial Review (PK)” to the Supreme Court against such Tax Court decision.

Pada tanggal 17 Juni 2010, CK menerima SKPLB atas Pajak Penghasilan Badan tahun 2008 sebesar Rp80.989 dari Rp81.094 yang sebelumnya diklaim oleh CK. Sisa sebesar Rp105 masih dalam proses banding. Disamping itu, rugi fiskal tahun 2008 CK sebesar Rp431.624 dikoreksi menjadi Rp249.023. Koreksi sebesar Rp8.888 disetujui oleh CK, sedangkan atas sisa koreksi sebesar Rp173.713 masih dalam proses banding di Pengadilan Pajak.

On June 17, 2010, CK received SKPLB for 2008 Corporate Income Tax amounting to Rp80,989 out of Rp81,094 which previously was claimed by CK. The balance amounting to Rp105 is still in tax appeal process. In addition, CK‘s 2008 tax loss amounting to Rp431,624 was adjusted to become Rp249,023. Some adjustments amounting to Rp8,888 was agreed by CK, while the remaining adjustments of Rp173,713 is still in tax appeal process in the Tax Court.

Pada tanggal yang sama, CK menerima SKPLB atas PPN tahun 2008 sebesar Rp30.330 dari Rp30.577 yang diklaim oleh CK. Sisanya sebesar Rp247 masih dalam proses banding di Pengadilan Pajak.

On the same date, CK received SKPLB for 2008 VAT amounting to Rp30,330 out of Rp30,577 that was claimed by CK. The difference amounting to Rp247 is still in tax appeal process in the Tax Court.

112







a.

Estimated claims for tax refund (continued)

CK (lanjutan)

CK (continued)

Pada tanggal 29 Mei 2009, CK menerima SKPLB Pajak Penghasilan Badan tahun 2007 sebesar Rp62.993 sama dengan jumlah yang diklaim oleh CK. Disamping itu, rugi fiskal tahun 2007 CK dikoreksi dari Rp273.385 menjadi Rp192.811. Dari koreksi tersebut sebesar Rp80.574, CK mengajukan banding pada Pengadilan Pajak. Pada tanggal 19 Desember 2011, Pengadilan Pajak memutuskan bahwa rugi fiskal adalah sebesar Rp228.781. Per tanggal 31 Desember 2011 CK sedang mempersiapkan proses PK kepada Mahkamah Agung atas keputusan Pengadilan Pajak tersebut.

On May 29, 2009, CK received SKPLB for its 2007 Corporate Income Tax amounting to Rp62,993 as claimed by CK. In addition, CK’s 2007 tax loss was adjusted from Rp273,385 to become Rp192,811. CK disagrees with some adjustments totalling Rp80,574 and submitted its appeal to the Tax Court. On December 19, 2011, the Tax Court decided that CK’s tax loss is Rp228,781. As of December 31, 2011, CK is in the process of filing PK to the Supreme Court against such Tax Court decision.

SS

SS

Pada bulan November 2011, SS menerima Surat Putusan Pengadilan Pajak yang menyetujui banding yang diajukan SS atas Pajak Penghasilan Badan dan PPN tahun 2007 dengan jumlah sebesar Rp764 (Rp232 lebih kecil dari jumlah yang diajukan SS). SS telah menerima pembayaran pada bulan November 2011.

In November 2011, SS received Tax Court Decision Letter regarding the approval of its objection to the 2007 Corporate Income Tax and VAT with total amounting to Rp764 (Rp232 less than the original amount of the claim). SS received the refund in November 2011.

Pada bulan November 2011, SS menerima Surat Ketetapan Pajak Kurang Bayar untuk Pajak Pertambahan Nilai dan Pajak Penghasilan Pasal 23 tahun 2008 sebesar Rp1.149. Atas koreksi tersebut, SS telah mengajukan keberatan.

In November 2011, SS received Tax Underpayment Assessment Letter for 2008 value-added tax and Income Tax Article 23 totaling Rp1,149. SS filed an objection to the assessment.

Pada bulan September 2010, SS menerima SKPLB atas Pajak Penghasilan Badan tahun 2008 sebesar Rp16.499 dari Rp18.956 yang diklaim oleh SS. SS menerima pembayaran pada tanggal 13 Oktober 2010. Atas selisih yang masih belum disetujui, SS telah mengajukan keberatan, di samping itu SS menghapusbukukan klaim Pajak Penghasilan Badan tahun 2008 sebesar Rp1.149, agar sesuai dengan jumlah yang diajukan dalam proses keberatan.

In September 2010, SS received SKPLB for 2008 Corporate Income Tax amounting to Rp16,499 out of Rp18,956 that was claimed by SS. SS received the refund on October 13, 2010. SS has filed an objection for the unapproved portion of its claim. In addition, SS has written off a part of the 2008 Corporate Income Tax refund claim amounting to Rp1,149, to conform with the balance under objection.

113





b.



a.

SS (lanjutan)

SS (continued)

Berdasarkan penelaahan dari status taksiran tagihan pajak pada tanggal 31 Desember 2011, manajemen berpendapat bahwa penyisihan untuk taksiran tagihan pajak adalah cukup untuk menutup kerugian dari klaim tidak tertagih.

Based on the review of the status of individual estimated claims for tax refund as of December 31, 2011, the management is of the opinion that the allowance for estimated claims for tax refund is adequate to cover any loss from uncollectible claims.

Utang pajak

b. 2011

c.

Estimated claims for tax refund (continued)

Taxes payable

2010

Pajak Penghasilan: Pasal 4 (2) Pasal 15 Pasal 21 Pasal 23 Pasal 25 Pasal 26 Pasal 29 (Catatan 21d) Pajak Pertambahan Nilai

1.747 744 14.228 19.109 1.513 782 10.700 6.263

866 140 5.035 6.168 630 18.772 2.225

Income Taxes: Article 4 (2) Article 15 Article 21 Article 23 Article 25 Article 26 Article 29 (Note 21d) Value-added tax

Total utang pajak

55.086

33.836

Total taxes payable

Manfaat (beban) pajak

c.

Tax benefit (expense) Tax benefit (expense) of the Group consist of the following:

Manfaat (beban) pajak Grup adalah sebagai berikut: 2011

2010

Kini Perusahaan Entitas Anak

(39.375)

(8.136) (53.392)

Sub-total

(39.375)

(61.528)

11.661 (29.619)

902 (5.537)

Tangguhan Perusahaan Entitas Anak Lainnya Keuntungan yang belum direalisasi atas transaksi intragrup Bersih Beban pajak, neto

5.810

-

(12.148)

(4.635)

(51.523)

(66.163)

114

Current The Company Subsidiaries Sub-total Deferred The Company Subsidiaries Other Unrealized intra-group profits Net Tax expense, net




21. PERPAJAKAN (lanjutan) d.


Pajak kini

d.

Current tax The reconciliation between income before income tax, as shown in the consolidated statements of comprehensive income, and estimated taxable income (tax loss) is as follows:

Rekonsiliasi antara laba sebelum beban pajak, seperti yang tercantum dalam laporan laba rugi komprehensif konsolidasian, dan taksiran laba (rugi) kena pajak adalah sebagai berikut: 2011 Laba sebelum pajak penghasilan per laporan laba rugi komprehensif konsolidasian Laba sebelum pajak penghasilan Entitas Anak Laba (rugi) sebelum pajak penghasilan Perusahaan

2010

464.406

237.417

551.835

233.358

Income before income tax per consolidated statements of comprehensive income Income before income tax of the Subsidiaries

4.059

Income (loss) before income tax of the Company

(87.429)

Beda temporer Beban yang masih harus dibayar Liabilitas imbalan kerja Penyusutan dan amortisasi Utang sewa pembiayaan

25.390 1.188 1.048 (851)

2.895 941 (65) (164)

Beda temporer, neto

26.775

3.607

Temporary differences, net

7.721

255

Permanent differences Tax penalties

Beda tetap Denda pajak Penghasilan bunga yang telah dikenakan pajak penghasilan final Lain-lain Beda tetap, neto Taksiran penghasilan kena pajak (rugi fiskal) Beban pajak kini - Perusahaan Pembayaran pajak penghasilan dibayar dimuka Pajak Penghasilan Pasal 23 dan 25 Taksiran utang (tagihan pajak) Pajak .. . Penghasilan Badan

Temporary differences Accrued expenses Employee benefits liability Depreciation and amortization Obligations under finance lease

Interest income already subjected to final income tax Others

(11.263) 16.727

(17.359) 41.980

13.185

24.876

Permanent differences, net

(47.469)

32.542

Estimated taxable income (tax loss)

8.136

Current tax expense - the Company

-

(6.614)

(1.686)

Prepayments of income taxes Income Tax Articles 23 and 25

(6.614)

6.450

Estimated payable for (claims for tax refund of) Corporate Income Tax

Taksiran tagihan pajak Perusahaan Entitas Anak

(6.614) (79.256)

-

Estimated claims for tax refund The Company Subsidiaries

Tagihan pajak (Catatan 21a)

(85.870)

-

Claims for tax refund (Note 21a) Tax payable The Company Subsidiaries

Utang pajak Perusahaan Entitas Anak

10.700

6.450 12.322

Utang pajak penghasilan badan (Catatan 21b)

10.700

18.772

115

Corporate income tax payable (Note 21b)




21. PERPAJAKAN (lanjutan) d.

e.


Pajak kini (lanjutan)

d.

Current tax (continued)

Taksiran laba kena pajak untuk tahun 2010 telah sesuai dengan jumlah yang dilaporkan dalam Surat Pemberitahuan Tahunan (SPT) Pajak Penghasilan Badan tahun 2010 yang dilaporkan Perusahaan ke Kantor Pelayanan Pajak.

Estimated taxable income for 2010 is in agreement with the information reported in the 2010 annual income tax return of the Company, which was submitted to the Tax Office.

Pada tanggal penyelesaian laporan keuangan konsolidasi, Perusahaan belum menyampaikan SPT Pajak Penghasilan Badan tahun 2011 kepada Kantor Pajak. Manajemen Perusahaan menyatakan bahwa SPT Pajak Penghasilan Badan tahun 2011 akan dilaporkan sesuai dengan perhitungan pajak di atas.

As of the date of completion of the consolidated financial statements, the Company has not yet submitted its 2011 annual income tax return to the Tax Office. The Company’s management has declared that the Company’s 2011 annual income tax return will be reported based on the computation above.

Pajak tangguhan Rincian dari aset dan liabilitas tangguhan adalah sebagai berikut:

e.

The details of deferred tax assets and deferred tax liabilities are as follows:

pajak 2011

Perusahaan Aset pajak tangguhan Akumulasi rugi fiskal Liabilitas imbalan kerja Aset tetap Beban yang masih harus dibayar Liabilitas pajak tangguhan Utang sewa pembiayaan Aset tetap Aset pajak tangguhan neto Perusahaan Entitas Anak Aset pajak tangguhan PT Cipta Kridatama PT Sanggar Sarana Baja PT Reswara Minergi Hartama PT Tunas Inti Abadi PT Cipta Krida Bahari PT Pradipa Aryasatya PT Mifa Bersaudara PT Bara Energi Lestari PT Nagata Bisma Shakti PT Alfa Trans Raya PT Sumberdaya Sewatama Aset pajak tangguhan Entitas Anak Keuntungan yang belum direalisasi atas transaksi intragrup Aset pajak tangguhan - neto

Deferred tax

2010

11.867 532 218 (106) -

235 673 (41) (16)

Company Deferred tax assets Tax loss carry-forward Employee benefits liability Fixed assets Accrued expenses Deferred tax liabilities Obligations under finance lease Fixed assets

851

Net deferred tax assets - Company

93.016 19.462 10.581 10.175 2.143 806 783 768 19 8 -

90.591 9.850 19.641 1.294 6 12.232

Subsidiaries Deferred tax assets PT Cipta Kridatama PT Sanggar Sarana Baja PT Reswara Minergi Hartama PT Tunas Inti Abadi PT Cipta Krida Bahari PT Pradipa Aryasatya PT Mifa Bersaudara PT Bara Energi Lestari PT Nagata Bisma Shakti PT Alfa Trans Raya PT Sumberdaya Sewatama

137.761

133.614

Deferred tax assets Subsidiaries

5.810

-

Unrealized intra-group profits

156.082

134.465

Deferred tax assets - net

12.511

116




21. PERPAJAKAN (lanjutan) e.


Pajak tangguhan (lanjutan)

e. 2011

Deferred tax (continued)

2010

Entitas Anak Liabilitas pajak tangguhan PT Sumberdaya Sewatama

33.766

-

Subsidiary Deferred tax liabilities PT Sumberdaya Sewatama

Liabilitas pajak tangguhan - neto

33.766

-

Total deferred tax liabilities - net

The details of deferred tax benefit (expense) are as follows:

Rincian manfaat (beban) pajak tangguhan adalah sebagai berikut: 2011 Perusahaan Pengaruh pajak atas beda temporer pada tarif pajak maksimum: Kompensasi rugi fiskal Liabilitas imbalan kerja Aset tetap Beban yang masih harus dibayar Utang sewa pembiayaan Total - Perusahaan Entitas Anak Lainnya Keuntungan yang belum direalisasi atas transaksi intragrup Beban pajak tangguhan, bersih

2010

11.867 297 235 (674) (65)

235 (16) 724 (41)

11.660 (29.618)

902 (5.537)

5.810 (12.148)

117

(4.635)

Company Effects of temporary differences at maximum tax rates: Tax loss carry-forward Employees benefits liability Fixed assets Accrued expenses Obligations under finance lease Total - Company Subsidiaries Other Unrealized intra-group profits Deferred tax expense, net




21. PERPAJAKAN (lanjutan) e.


Pajak tangguhan (lanjutan)

e.

Deferred tax (continued) The reconciliation between tax expense computed using the prevailing tax rates on the accounting income before tax benefit expense and the tax expense reported in the consolidated statements of comprehensive income for the years ended December 31, 2011 and 2010 is as follows:

Rekonsiliasi antara beban pajak penghasilan yang dihitung dengan menggunakan tarif pajak yang berlaku dari laba akuntansi sebelum beban pajak penghasilan dan beban pajak seperti yang tercantum dalam laporan laba rugi komprehensif konsolidasian untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010, sebagai berikut: 2011 Laba sebelum pajak per laporan laba rugi komprehensif konsolidasian Laba sebelum beban pajak Entitas Anak Laba (rugi) sebelum beban pajak Perusahaan (Catatan 21d) Manfaat (beban) pajak dengan tarif pajak yang berlaku Pengaruh pajak atas beda tetap Perusahaan Penghasilan bunga yang telah dikenakan pajak final Lainnya Manfaat (beban) pajak: Perusahaan Entitas Anak Keuntungan yang belum direalisasi atas transaksi intragrup Beban pajak bersih menurut laporan laba rugi komprehensif konsolidasian

2010

464.406

237.417

551.835

233.358

Income before income tax per consolidated statements of comprehensive income Income before income tax of the Subsidiaries

4.059

Income (loss) before income tax of the Company (Note 21d)

(87.429)

21.857

(1.015)

(6.112)

(10.558)

2.816 (6.901)

4.340 -

11.660 (68.993)

(7.233) (58.930)

5.810

(51.523)

22. OBLIGASI WAJIB KONVERSI

-

(66.163)

Tax benefit (expense) computed using the applicable tax rate Tax effect on the Company’s permanent differences Less interest income subject to final tax Others Tax benefits (expense): The Company Subsidiaries Unrealized intra-group profits Tax expense, net per consolidated statements of comprehensive income

22. MANDATORY CONVERTIBLE BONDS On October 1, 2009, the Company entered into a Mandatory Convertible Bonds (MCB) subscription agreement with AHK Holding Pte. Ltd. (AHKH), with maximum facility amounting to Rp600,000. On December 11, 2009, the facility was increased by Rp157,120. As of December 31, 2010, the outstanding bonds amounted to Rp757,120. The bonds bore no interest and would be converted into common shares of the Company at nominal value on the date when the entire issued shares of the Company were listed in the Indonesia Stock Exchange or other date as to be mutually agreed by the parties.

Pada tanggal 1 Oktober 2009, Perusahaan mendatangani perjanjian Obligasi Wajib Konversi (OWK) dengan AHK Holding Pte. Ltd. (AHKH), dengan batas kredit maksimum sebesar Rp600.000. Pada tanggal 11 Desember 2009, fasilitas ini bertambah sebesar Rp157.120. Pada tanggal 31 Desember 2010, saldo obligasi ini adalah sebesar Rp757.120. Fasilitas obligasi ini tidak dikenakan bunga dan akan dikonversikan menjadi saham biasa Perusahaan dengan nilai nominal pada saat seluruh saham yang diterbitkan oleh Perusahaan tercatat di Bursa Efek Indonesia atau tanggal lain yang telah disepakati bersama oleh para pihak.

118




22. OBLIGASI WAJIB KONVERSI (lanjutan)

22. MANDATORY (continued)

CONVERTIBLE

BONDS

Pada tanggal 29 Desember 2010, Perusahaan melakukan amandemen terhadap perjanjian OWK. AHKH, sebagai pemegang obligasi menyerahkan dan memindahkan hak dan liabilitasnya dalam perjanjian kepada Valle Verde Pte. Ltd., sesuai dengan Perjanjian Jual Beli.

On December 29, 2010, the Company amended the MCB subscription agreement. AHKH, as subscriber, assigned and transferred its rights and obligations in the agreement to Valle Verde Pte. Ltd., pursuant to a Sale and Purchase Agreement.

Pada Maret 2011, OWK telah dikonversi menjadi 757.120.000 saham Perusahaan dengan nilai nominal Rp1.000 (dalam angka penuh) per saham (Catatan 23 dan 30a).

In March 2011, the MCBs were converted into 757,120,000 shares of the Company with nominal value of Rp1,000 (full amount) per share (Notes 23 and 30a).

23. MODAL SAHAM

23. SHARE CAPITAL The composition of the Company’s shareholders is as follows:

Susunan pemegang saham Perusahaan adalah sebagai berikut: 2011

______________________________________________________________________________

Pemegang saham

Jumlah Saham/ Number of Shares

_

Modal ditempatkan dan disetor penuh/ Issued and Fully Paid

Persentase/ Percentage

Shareholders

Valle Verde Pte. Ltd. TMT Momentum Fund SP.B Achmad Ananda Djajanegara (Direktur Utama) Willy Agung Adipradhana (Direktur) Syahnan Poerba (Direktur) Yovie Priadi (Direktur) Rachmat Mulyana Hamami (Komisaris Utama) Mivida Hamami (Komisaris) Masyarakat umum dan karyawan (dengan pemilikan masing-masing dibawah 5%)

1.514.240.000 633.229.000 288.000.000 890.000

55,0000% 23,0000% 10,4607% 0,0323%

757.120 316.614 144.000 445

403.000

0,0146%

202

285.500

0,0104%

143

280.000

0,0102%

140

165.500

0,0060%

83

133.500

0,0048%

67

315.538.500

11,4610%

157.769

Valle Verde Pte. Ltd. TMT Momentum Fund SP.B Achmad Ananda Djajanegara (President Director) Willy Agung Adipradhana (Director) Syahnan Poerba (Director) Yovie Priadi (Director) Rachmat Mulyana Hamami (President Commissioner) Mivida Hamami (Commissioner) Public and employees (each with ownership interest below 5%)

Total

2.753.165.000

100,0000%

1.376.583

Total

2010

______________________________________________________________________________

Pemegang saham

Jumlah Saham/ Number of Shares

_

Persentase/ Percentage

Modal ditempatkan dan disetor penuh/ Issued and Fully Paid

Shareholders

TMT Achmad Hadiat Kismet Hamami

412.877.500 2.500

99,999% 0,001%

412.877 3

TMT Achmad Hadiat Kismet Hamami

Total

412.880.000

100,000%

412.880

Total

119




23. MODAL SAHAM (lanjutan)

23. SHARE CAPITAL (continued)

Pada tanggal 6 Desember 2011, Perusahaan menyelesaikan penawaran umum perdana (IPO) atas 550.633.000 saham kepada masyarakat (termasuk 137.468.000 saham pendiri) dengan harga Rp3.750 per saham (dalam angka penuh).

On December 6, 2011, the Company completed its initial public offering (IPO) of 550,633,000 shares (including 137,468,000 of founders’ shares) to the public at Rp3,750 per share (full amount).

Sehubungan dengan IPO dan berdasarkan perjanjian tertentu dengan para penjamin pelaksana emisi efek, TMT menjual tambahan 55.063.000 saham guna menutup penjatahan lebih selama proses IPO.

In connection with the IPO and in accordance with certain agreements with the underwriters, TMT sold additional 55,063,000 shares to cover the overallotments during the IPO process.

Berdasarkan Akta Notaris Aulia Taufani, S.H. No.163 tanggal 21 Juli 2011, para pemegang saham Perusahaan menyetujui hal-hal berikut: - Pemecahan nilai nominal saham Perusahaan dari Rp1.000 (dalam angka penuh) per saham menjadi Rp500 (dalam angka penuh) per saham. - Peningkatan modal dasar Perusahaan menjadi Rp4.680.000 yang terbagi atas 9.360.000.000 saham dengan nilai nominal Rp500 (dalam angka penuh) per saham.

Based on Notarial Deed No.163 dated July 21, 2011 of Aulia Taufani, S.H., the Company’s shareholders approved the following matters: - Stock split of the par value of the Company’s shares from Rp1,000 (full amount) per share to Rp500 (full amount) per share. -

Increase in the authorized capital of the Company to become Rp4,680,000, consisting of 9,360,000,000 shares with par value of Rp500 (full amount) per share.

-

Penerbitan saham baru sebanyak 413.165.000 saham dengan nilai nominal Rp500 (dalam angka penuh) per saham untuk ditawarkan kepada masyarakat melalui IPO.

-

Issuance of new shares by as much as 413,165,000 shares with par value of Rp500 (full amount) per share to be offered to the public through the IPO.

-

Pelepasan kepemilikan PT Tiara Marga Trakindo sebanyak 137.463.000 saham, setelah pemecahan saham, dengan nilai nominal Rp500 (dalam angka penuh) per saham atau sebesar Rp68.732, kepada masyarakat melalui IPO.

-

Release of the ownership of PT Tiara Marga Trakindo in 137,463,000 shares, after the stock split, with par value of Rp500 (full amount) per share or amounting to Rp68,732, to the public through the IPO.

-

Pelepasan kepemilikan saham Achmad Hadiat Hamami sebanyak 5.000 saham, setelah pemecahan saham, dengan nilai nominal Rp500 (dalam angka penuh) per saham atau sebesar Rp2,5, kepada masyarakat melalui IPO.

-

Release of the ownership of Mr. Achmad Hadiat Hamami in 5,000 shares, after the stock split, with par value of Rp500 (full amount) per share or amounting to Rp2.5, to the public through the IPO.

-

Perubahan status Perusahaan dari Perusahaan Terbatas menjadi Perusahaan Terbuka.

-

Change of the status of the Company from a Limited Liability Company to become a Public Company.

120




23. MODAL SAHAM (lanjutan) -

23. SHARE CAPITAL (continued) -

Perubahan anggaran dasar Perusahaan sesuai dengan Peraturan BAPEPAM-LK No.IX.J.1, tentang Pokok-Pokok Anggaran Dasar Perseroan Yang Melakukan Penawaran Umum Efek Bersifat Ekuitas dan Perusahaan Publik.

Amendment of the Company’s articles of association to comply with BAPEPAM-LK Regulation No.IX.J.1, on Articles of Association of Companies Conducting Public Offering and Public Companies.

Pada bulan Maret 2011, OWK (Catatan 22) telah dikonversi menjadi 757.120.000 saham Perusahaan dengan nilai nominal Rp1.000 (dalam angka penuh) per saham. Konversi ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-19151.AH.01.02 Tahun 2011 tanggal 15 April 2011. Pengumuman konversi dalam Berita Negara masih dalam proses.

In March 2011, the MCBs (Note 22) were converted into 757,120,000 shares of the Company with nominal value of Rp1,000 (full amount) per share. The conversion was approved by the Minister of Laws and Human Rights of the Republic Indonesia in his Decision Letter No. AHU19151.AH.01.02 Year 2011 dated April 15, 2011. The publication of the conversion in the State Gazette is still in process.

Manajemen Modal

Capital Management

Tujuan utama dari pengelolaan modal Perusahaan adalah untuk memastikan agar Perusahaan mempertahankan rasio modal yang sehat dalam rangka untuk mendukung usaha dan memaksimalkan nilai pemegang saham.

The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize stockholder value.

24. TAMBAHAN MODAL DISETOR - BERSIH

24. ADDITIONAL PAID-IN-CAPITAL - NET

Saldo akun ini merupakan selisih antara nilai nominal saham baru yang diterbitkan dalam rangka IPO pada bulan Desember 2011 dengan hasil yang diterima, setelah dikurangi biaya penerbitan saham sebesar Rp69.067.

This account represents the difference between the total par value of new shares issued in connection with the IPO conducted in December 2011 and the related proceeds, net of the share issuance costs of Rp69,067.

25. SELISIH NILAI TRANSAKSI RESTRUKTURISASI ENTITAS SEPENGENDALI

25. DIFFERENCE ARISING FROM RESTRUCTURING TRANSACTIONS OF ENTITIES UNDER COMMON CONTROL

2011

2010

Saldo awal tahun Penambahan

152.914 -

143.454 9.460

Balance at beginning of year Additions

Saldo akhir

152.914

152.914

Ending balance

In 2009, the Company acquired subsidiaries’ shares from TMT, TU and SS (entities under common control). The resulting difference arising from the acquisitions/restructuring transactions is as follows:

Pada tahun 2009, Perusahaan memperoleh saham beberapa entitas anak yang sebelumnya dimiliki oleh TMT, TU dan SS (entitas sepengendali). Selisih yang timbul dari transaksi perolehan/restrukturisasi adalah sebagai berikut:

121




25. SELISIH NILAI TRANSAKSI RESTRUKTURISASI ENTITAS SEPENGENDALI (lanjutan)

25. DIFFERENCE RESTRUCTURING ENTITIES UNDER (continued)

ARISING FROM TRANSACTIONS OF COMMON CONTROL

Nilai buku yang diperoleh dalam restrukturisasi PT Sumberdaya Sewatama PT Sanggar Sarana Baja PT Cipta Krida Bahari PT Cipta Kridatama PT Tunas Inti Abadi

73.522 60.544 46.085 (217.474) (90.107)

Net book value acquired from restructuring: PT Sumberdaya Sewatama PT Sanggar Sarana Baja PT Cipta Krida Bahari PT Cipta Kridatama PT Tunas Inti Abadi

Sub-total

(127.430)

Sub-total

Biaya perolehan PT Sumberdaya Sewatama PT Sanggar Sarana Baja PT Cipta Krida Bahari PT Cipta Kridatama PT Tunas Inti Abadi

527 2.929 805 1.472 10.291

Acquisition cost PT Sumberdaya Sewatama PT Sanggar Sarana Baja PT Cipta Krida Bahari PT Cipta Kridatama PT Tunas Inti Abadi

Sub-total

16.024

Sub-total

Selisih bersih

(143.454)

In 2010, the Company acquired shares of CK (an entity under common control). The resulting difference arising from the acquisition/restructuring transaction is as follows:

Pada tahun 2010, Perusahaan memperoleh saham CK (entitas sepengendali). Perbedaan yang timbul dari transaksi perolehan/restrukturisasi adalah sebagai berikut: Nilai buku yang diperoleh dari restrukturisasi Biaya perolehan Selisih 26. PENJUALAN DAN PENDAPATAN JASA

Total

135.881 145.341

Net book value acquired from restructuring Acquisition cost

(9.460)

Difference

26. SALES AND SERVICES 2011

Kontraktor tambang dan tambang batubara Jasa Sewa mesin pembangkit tenaga listrik Divisi Transport Equipment (TED), Site Services (SSD) dan Repabrikasi (Reman) Logistik dan sewa kapal Pabrikasi

Net difference

2010

3.880.132

2.427.837

Mining contractors and coal mining Services

989.935

788.375

785.752 750.250 220.206

666.639 461.617 141.951

Power engine rental Transport Equipment Division (TED), Site Services Division (SSD), and Remanufacturing (Reman) Logistics and vessel rental Manufacturing

6.626.275

4.486.419

Total

The details of sales and services to individual customers representing more than 10% of the total sales and services are as follows:

Rincian penjualan dan pendapatan jasa kepada pelanggan yang melebihi 10% dari total penjualan dan pendapatan jasa adalah sebagai berikut:

122


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 26. PENJUALAN (lanjutan)

DAN

PENDAPATAN


JASA

26. SALES AND SERVICES (continued)

2011

2010

Nilai: PT Trakindo Utama PT Arutmin Indonesia PT PLN (Persero)

1.107.381 1.039.464 847.095

485.435 671.258 656.610

Amount: PT Trakindo Utama PT Arutmin Indonesia PT PLN (Persero)

Persentase: PT Trakindo Utama PT Arutmin Indonesia PT PLN (Persero)

16,71% 15,69% 12,78%

10,82% 14,96% 14,63%

Percentage: PT Trakindo Utama PT Arutmin Indonesia PT PLN (Persero)

27. BEBAN POKOK PENDAPATAN JASA

PENJUALAN

DAN

27. COST OF GOODS SOLD AND SERVICES

2011 Kontraktor tambang dan tambang batubara Jasa Sewa mesin pembangkit tenaga listrik Divisi Transport Equipment (TED), Site Services (SSD), dan Repabrikasi (Reman) Logistik dan sewa kapal Pabrikasi Total

2010

3.210.547

2.146.079

565.520

570.235

565.065 694.966 208.460

524.118 413.846 119.116

Mining contractors and coal mining Services Power engine rental Transport Equipment Division (TED), Site Services Division (SSD) and Remanufacturing (Reman) Logistic and vessel rental Manufacturing

5.244.558

3.773.394

Total

There were no purchases from individual suppliers which exceeded 10% of the sales and services for the years ended December 31, 2011 and 2010 except for the purchases from PT Trakindo Utama amounting to Rp1,830,814 and Rp721,827 which represent 27.63% and 16.09% of the sales for the years ended December 31, 2011 and 2010, respectively.

Tidak ada pembelian dari satu pihak yang melebihi 10% dari penjualan dan pendapatan jasa untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010, kecuali untuk pembelian dari PT Trakindo Utama masing-masing sebesar Rp1.830.814 dan Rp721.827, yang mewakili 27,63% dan 16,09%, dari penjualan dan pendapatan jasa untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010. 28. BEBAN PENJUALAN, ADMINISTRASI

UMUM

DAN

28. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

2011

2010

Penjualan, umum dan administrasi Gaji dan kesejahteraan karyawan Biaya penjualan Jasa profesional Sewa Perjalanan dinas Perbaikan dan pemeliharaan Peralatan dan fasilitas Penyusutan Lain-lain

337.218 90.090 72.209 47.701 33.074 22.271 21.554 21.407 73.429

220.758 49.048 21.670 26.744 18.583 16.293 44.615 11.504 54.384

Selling, general and administrative Salaries and employees’ benefits Selling expense Professional fees Rental Travelling Repairs and maintenance Utilities and facilities Depreciation Others

Total beban penjualan, umum dan administrasi

718.953

463.599

Total selling, general and administrative expenses

123




29. LIABILITAS IMBALAN KERJA

29. EMPLOYEE BENEFITS LIABILITY

Dana pensiun iuran pasti

Defined contribution pension plan

Perusahaan dan Entitas Anak tertentu menyelenggarakan program pensiun iuran pasti untuk semua karyawan tetap yang memenuhi syarat. Program pensiun iuran pasti Perusahaan dikelola oleh Dana Pensiun Lembaga Keuangan PT Bank Negara Indonesia (Persero) Tbk.

The Company and certain Subsidiaries have a defined contribution pension plan for all of their eligible permanent employees. The Company’s defined contribution pension plan is managed by Dana Pensiun Lembaga Keuangan PT Bank Negara Indonesia (Persero) Tbk.

Dana pensiun manfaat pasti

Defined benefit pension plan

Perusahaan dan beberapa Entitas Anak menyelenggarakan dana pensiun manfaat pasti untuk sebagian karyawan tetap yang didanai melalui kontribusi bulanan kepada dana pensiun yang dikelola terpisah. Program pensiun manfaat pasti Perusahaan dikelola oleh Dana Pensiun PT Trakindo Utama. Sumber dana program pensiun berasal dari kontribusi Perusahaan dan beberapa Entitas Anak tertentu, dan karyawan yang termasuk dalam program pensiun ini. Manfaat dana pensiun tersebut telah disesuaikan dengan manfaat minimal sesuai UU No. 13/2003 tanggal 25 Maret 2003 (Undang-undang). Tambahan manfaat pasti diluar dari Undang-undang tidak didanai. Umur normal pensiun adalah 55 tahun.

The Company and certain Subsidiaries have a defined benefit pension plan, covering certain permanent employees, which plan is funded through monthly contributions to a separately administered fund. The pension plan is managed by Dana Pensiun PT Trakindo Utama. The fund for the pension plan is contributed by the Company and certain Subsidiaries and their covered employees. The benefits under such pension plan have been adjusted to cover minimum benefits under Labor Law No. 13/2003 dated March 25, 2003 (“the Law”). The additional benefits under the Law are unfunded. The normal retirement age is 55 years.

Liabilitas berdasarkan Undang-undang telah dihitung dengan membandingkan manfaat yang akan diterima oleh karyawan pada umur wajar pensiun dari Dana Pensiun dengan manfaat yang diperoleh sesuai dengan Undang-undang setelah dikurangi akumulasi kontribusi dari pemberi kerja dan hasil investasi terkait. Jika manfaat dana yang didanai pemberi kerja lebih kecil dari manfaat sesuai UU, Grup akan menyediakan kekurangannya.

The obligation under the Law has been calculated by comparing the benefit that will be received by an employee at normal pension age from the Pension Plan with the benefit as stipulated under the Law after deducting the accumulated employer contributions and the related investment results. If the employer-funded portion of the Pension Plan benefit is less than the benefit as required by the Law, the Group will provide for such shortage.

Beberapa karyawan tetap tidak ikut serta dalam kedua program. Liabilitas imbalan kerja Grup atas karyawan tersebut dihitung berdasarkan persyaratan minimum Undang-undang.

Some permanent employees are not covered in both programs. The Group’s liability for the benefits of these employees is calculated based on the minimum requirement of the Law.

Tabel berikut ini merupakan rangkuman komponen beban imbalan kerja bersih yang diakui pada laporan laba rugi komprehensif konsolidasian, dan status pendanaan dan liabilitas atas imbalan kerja karyawan yang diakui pada laporan posisi keuangan konsolidasian pada tanggal-tanggal 31 Desember 2011 dan 2010 yang ditentukan berdasarkan perhitungan aktuaria independen (PT Sentra Jasa Aktuaria) berdasarkan laporannya tertanggal 15 Februari 2012 dan 28 Januari 2011.

The following tables summarize the components of net employee benefit expense recognized in the consolidated statements of comprehensive income and the funded status and amounts recognized in the consolidated statements of financial position for the employee benefits liability as of December 31, 2011 and 2010, as determined by an independent actuary (PT Sentra Jasa Aktuaria) in its reports dated February 15, 2012 and January 28, 2011, respectively.

124




29. LIABILITAS IMBALAN KERJA (lanjutan)

29. EMPLOYEE BENEFITS LIABILITY (continued) The principal assumptions used in determining employee benefits liability as of December 31, 2011 and 2010 are as follows:

Asumsi-asumsi penting yang digunakan dalam menghitung liabilitas imbalan kerja pada tanggal tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut: 2011

2010

Tingkat diskonto Kenaikan gaji tahunan Tingkat investasi Tingkat mortalitas Usia pensiun

7,0% p.a. 8,5% p.a. 8,0% p.a. 10,0% p.a. 9,0% p.a. 9,0% p.a. TMI 99 TMI 99 55 tahun (asumsi seluruh karyawan pensiun pada usia pensiun)/ 55 years (all employees are assumed to retire at the retirement age)

Discount rate Annual salary increase Investment rate Mortality rate Retirement age

Tingkat pengunduran diri

6% dari karyawan usia dibawah 30 tahun dan menurun hingga 0% pada usia 52 tahun/ 6% from employees before age of 30 years and will linearly decrease until 0% at the age of 52 years

Resignation rate

Tingkat kecacatan

a.

10% dari tingkat mortalitas/ 10% of the mortality rate

Beban imbalan kerja

a.

Disability rate

Net employee benefits expense

2011 Didanai/ Funded Plan Biaya jasa kini Biaya bunga Rugi (laba) aktuaria, bersih Biaya jasa lalu - non vested Biaya jasa lalu Pengembalian aset program yang diharapkan Lain-lain

4.221 4.237

b.

24.586 8.582

Total/ Total

Didanai/ Funded Plan

Tidak didanai/ Unfunded Plan

4.234 3.296

16.967 5.678

28.807 12.819 374 156 (175)

(366) -

(4.246) -

(5.178)

(4.246) (5.178)

(3.266) (101)

(1.872)

4.296

28.261

32.557

3.797

25.372

29.169

b.



Total/ Total


56.716 (48.594)

115.772 -

172.488 (48.594)

49.842 (47.178)

Nilai kini liabilitas imbalan kerja, bersih Keuntungan (kerugian) aktuaria yang belum diakui

8.122

115.772

123.894

2.664

(2.739)

(27.367)

(30.106)

-

Net employee benefits expense

2010

Nilai kini liabilitas imbalan kerja Nilai wajar aktiva program

5.383

4.442 156 1

Employee benefits liability

2011

Liabilitas imbalan kerja

21.201 8.974

290 156 (175)

Liabilitas imbalan kerja

Biaya jasa lalu - non vested

Total/ Total Current service cost Interest cost Net actuarial losses 4.076 (gains) 156 Past service cost non-vested 1 Past service cost Expected return on plan (3.266) asset (1.973) Others

84 -

Beban imbalan kerja

2010


(1.594)

(1.594)

86.811

92.194

125

528 3.192


88.798 -

Total/ Total

138.640 (47.178)

88.798

91.462

(22.300)

(21.772)

Present value of employee benefits obligation (PBO) Fair value of plan assets PBO, net Unrecognized actuarial gains (losses) Past service cost - nonvested

(1.751)

(1.751)

64.747

67.939 Employee benefits liability




29. LIABILITAS IMBALAN KERJA (lanjutan)

29. EMPLOYEE BENEFITS LIABILITY (continued) Movements in the employee benefits liability for the years ended December 31, 2011 and 2010 are as follows:

Perubahan liabilitas imbalan kerja selama tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut: 2011 Didanai/ Funded Plan Saldo awal

2010


Total/ Total



Total/ Total

3.192

64.747

67.939

1.470

41.839

43.309

Beban imbalan kerja Transfer masuk/keluar Pembayaran manfaat Pembayaran kontribusi

4.296 (2.105)

28.261 (6.197) -

32.557 (6.197) (2.105)

3.797 (2.075)

25.372 437 (2.901) -

29.169 437 (4.976)

Saldo akhir

5.383

86.811

92.194

3.192

64.747

67.939

30. SALDO DAN TRANSAKSI DENGAN PIHAKPIHAK BERELASI

30. BALANCES AND RELATED PARTIES

Beginning balance Employee benefits expense Transfer in/out Benefit paid Contribution paid Ending balance

TRANSACTIONS

WITH

Dalam kegiatan usaha normal, Grup melakukan transaksi dengan pihak-pihak berelasi. Entitas dianggap sebagai pihak berelasi dari Grup berkaitan dengan kesamaan pemilik dan manajemen. Harga jual atau beli antara pihakpihak berelasi ditentukan berdasarkan harga yang disepakati oleh kedua belah pihak.

In the normal course of business, the Group has transactions with entities which are considered related parties. The entities are considered related parties of the Group in view of their common ownership and management. Sales or purchase price among related parties is determined based on prices agreed by both parties.

Rincian transaksi dan saldo transaksi dengan pihak-pihak berelasi adalah sebagai berikut:

Details of transactions and balances with related parties are as follows:

a.

a.

Saldo signifikan dari pihak-pihak berelasi

Persentase terhadap total aset konsolidasian (%)/ Percentage to total consolidated assets (%)

Total 2011

Significant balances with related parties

2010

2011

2010

Piutang usaha (Catatan 6)

Trade receivables (Note 6)

PT Trakindo Utama Megastrada Pte. Ltd. PT Chakra Jawara PT Tri Swardana Utama PT Chitra Paratama PT Mitra Solusi Telematika PT Chandra Sakti Utama Leasing PT Tiara Marga Trakindo PT Mahadana Dasha Utama

115.875 34.240 21.257 14.318 302 196 10 9 -

45.961 11.754 8.724 345 167 145

1,17 0,35 0,22 0,14 0,00 0,00 0,00 0,00 -

0,94 0,24 0,18 0,01 0,00 0,00

PT Trakindo Utama Megastrada Pte. Ltd. PT Chakra Jawara PT Tri Swardana Utama PT Chitra Paratama PT Mitra Solusi Telematika PT Chandra Sakti Utama Leasing PT Tiara Marga Trakindo PT Mahadana Dasha Utama

Total

186.207

67.096

1,88

1,37

Total

126




30. SALDO DAN TRANSAKSI DENGAN PIHAKPIHAK BERELASI (lanjutan) a.

30. BALANCES AND TRANSACTIONS RELATED PARTIES (continued)

Saldo signifikan dari pihak-pihak berelasi (lanjutan)

a.

Significant balances with related parties (continued)

Persentase terhadap total liabilitas konsolidasian (%)/ Percentage to total consolidated liabilities (%)

Total 2011

WITH

2010

2011

2010

Utang usaha (Catatan 15)

Trade payables (Note 15)

PT Trakindo Utama PT Tri Swardana Utama PT Tiara Marga Trakindo PT Mitra Solusi Telematika PT Chakra Jawara PT Chitra Paratama PT Triyasa Propertindo PT Mahadana Dasha Utama PT Chandra Sakti Utama Leasing

721.524 44.452 6.336 3.017 2.400 1.715 72 15 -

820.668 4.549 1.568 10.076 3.862 7.504

10,52 0,65 0,10 0,04 0,03 0,02 0,00 0,00 -

21,81 0,12 0,04 0,27 0,10 0,20

PT Trakindo Utama PT Tri Swardana Utama PT Tiara Marga Trakindo PT Mitra Solusi Telematika PT Chakra Jawara PT Chitra Paratama PT Triyasa Propertindo PT Mahadana Dasha Utama PT Chandra Sakti Utama Leasing

Total

779.531

848.227

11,36

22,54

Total

Utang lainnya PT Tiara Marga Trakindo PT Mitra Solusi Telematika PT Trakindo Utama PT Chakra Jawara PT Triyasa Propertindo PT Mahadana Dasha Utama Total

Other payables 8.693 3.010 524 475 147 40

1.007 43 52

0,13 0,04 0,01 0,01 0,00 0,00

0,03 0,00 0,00

PT Tiara Marga Trakindo PT Mitra Solusi Telematika PT Trakindo Utama PT Chakra Jawara PT Triyasa Propertindo PT Mahadana Dasha Utama

12.889

1.102

0,19

0,03

Total

42.421

-

0,62%

-

Uang muka pelanggan (Catatan 18) Mega Strada Pte. Ltd.

Advances from customers (Note 18)

Obligations under finance lease (Note 19)

Utang sewa pembiayaan (Catatan 19) PT Chandra Sakti Utama Leasing

374.188

488.377

5,45

12,98

Utang jangka panjang lainnya (Catatan 20) PT Tiara Marga Trakindo

PT Chandra Sakti Utama Leasing Other long-term loan (Note 20)

-

125.874

-

3,34

-

757.120

-

20,12

Obligasi wajib konversi (Catatan 22) Valle Verde Pte. Ltd.

Mega Strada Pte. Ltd.

PT Tiara Marga Trakindo Mandatory convertible bonds (Note 22)

127

Valle Verde Pte. Ltd.




30. SALDO DAN TRANSAKSI DENGAN PIHAKPIHAK BERELASI (lanjutan) b.


Transaksi signifikan dengan pihak-pihak berelasi

b.

Significant transactions with related parties

Persentase terhadap total penjualan dan pendapatan jasa (%)/ Percentage to total consolidated sales and services (%)

Total 2011

WITH

2010

2011

2010

Penjualan dan pendapatan jasa

Sales and services

PT Trakindo Utama PT Chakra Jawara PT Tri Swardana Utama PT Chitra Paratama PT Mitra Solusi Telematika PT Chandra Sakti Utama Leasing PT Tiara Marga Trakindo PT Triyasa Propertindo PT Mahadana Dasha Utama

720.388 67.173 26.672 6.143 1.436 46 1 1 -

485.435 49.938 11.529 4.350 734 170 1.252

10,88 1,01 0,40 0,09 0,02 0,00 0,00 0,00 -

10,82 1,11 0,26 0,10 0,02 0,03

PT Trakindo Utama PT Chakra Jawara PT Tri Swardana Utama PT Chitra Paratama PT Mitra Solusi Telematika PT Chandra Sakti Utama Leasing PT Tiara Marga Trakindo PT Triyasa Propertindo PT Mahadana Dasha Utama

Total penjualan dan pendapatan jasa

821.860

553.408

12,40

12,34

Total sales and services

Persentase terhadap Total aset konsolidasian (%)/ Percentage to total consolidated assets (%)

Total 2011

2010

2011

2010

Pembelian aset tetap

Purchased fixed assets

PT Trakindo Utama PT Tiara Marga Trakindo PT Tri Swardana Utama PT Mitra Solusi Telematika PT Mahadana Dasha Utama

1.507.765 141.390 78.097 6.197 3.087

869.668 1.730 7.719 -

15,26 1,43 0,79 0,06 0,03

17,78 0,04 0,16 -

PT Trakindo Utama PT Tiara Marga Trakindo PT Tri Swardana Utama PT Mitra Solusi Telematika PT Mahadana Dasha Utama

Total pembelian aset tetap

1.736.536

879.117

17,57

17,98

Total purchased fixed assets

Persentase terhadap beban terkait (%)/ Percentage to total respective expenses (%)

Total 2011

2010

2011

2010

Sewa ruang kantor, tempat parkir, dan kendaraan

Rented office, parking spaces and vehicles

PT Tiara Marga Trakindo PT Mahadana Dasha Utama PT Chakra Jawara PT Triyasa Propertindo

96.782 1.523 213 196

28.116 -

13,46 0,21 0,03 0,03

6,06 -

PT Tiara Marga Trakindo PT Mahadana Dasha Utama PT Chakra Jawara PT Triyasa Propertindo

Total sewa ruang kantor, tempat parkir dan kendaraan

98.714

28.116

13,73

6,06

Total rented office, parking spaces and vehicles

Pembelian jasa teknologi dan informasi PT Mitra Solusi Telematika dan PT Mahadana Dasha Utama

Purchased Information and technology services 16.726

21.938

128

2,33

4,73

PT Mitra Solusi Telematika and PT Mahadana Dasha Utama




30. SALDO DAN TRANSAKSI DENGAN PIHAKPIHAK BERELASI (lanjutan) b.


Transaksi signifikan dengan pihak-pihak berelasi (lanjutan)

b.

Significant transactions with related parties (continued)

Persentase terhadap beban terkait (%)/ Percentage to total respective expenses (%)

Total 2011

WITH

2010

2011

2010

Pembelian suku cadang dan lain-lain

Purchased sparepart and others

PT Trakindo Utama PT Chitra Paratama PT Chakra Jawara PT Tri Swardana Utama

322.514 42.443 10.025 38

345.888 50.924 8.625 -

6,15 0,81 0,19 0,00

9,17 1,35 0,23 -

PT Trakindo Utama PT Chitra Paratama PT Chakra Jawara PT Tri Swardana Utama

Total pembelian suku cadang dan lain-lain

375.020

405.437

7,15

10,75

Total purchased sparepart and others

Pelatihan karyawan

Employee training

PT Mahadana Dasha Utama PT Trakindo Utama PT Tiara Marga Trakindo

1.529 535 31

-

0,22 0,07 0,00

-

PT Mahadana Dasha Utama PT Trakindo Utama PT Tiara Marga Trakindo

Total pelatihan karyawan

2.095

-

0,29

-

Total employee trainning

30.266

41.833

14,04

41,50

PT Chandra Sakti Utama Leasing

Biaya keuangan PT Chandra Sakti Utama Leasing

Finance expenses

c. Transaksi dengan karyawan kunci

c.

Transaction personnel

with

key

management

Program Penjatahan Saham Manajemen dan Karyawan (MESA)

Management and Employee Stock Allocation Program (MESA)

Berdasarkan Pernyataan Keputusan Rapat Para Pemegang Saham Secara Edaran Sebagai Pengganti Rapat Umum Pemegang Saham Perseroan tanggal 27 Juli 2011, para pemegang saham menyetujui, antara lain, alokasi saham sebanyak-banyaknya sebesar 10% dari jumlah saham yang ditawarkan dalam IPO dalam rangka Program Penjatahan Saham Manajemen dan Karyawan (MESA). MESA memberikan sejumlah saham yang ditawarkan dalam IPO kepada personil Grup tertentu yang memenuhi syarat, dimana alokasi saham tersebut ditentukan berdasarkan perhitungan tertentu.

Based on the Circular Resolution in lieu of General Meeting of the Shareholders dated July 27, 2011, the shareholders approved, among others, the allocation of a maximum of 10% of the shares offered in the IPO for Management and Employee Stock Allocation Program (the MESA). The MESA granted certain quantity of shares offered in the IPO to certain qualifying personnel of the Group, the allocation of which is determined based on certain formula.

Pada tanggal 31 Desember 2011, Perusahan telah menerbitkan 7.270.500 saham atas pelaksanaan program MESA tersebut dan mencatat beban yang terkait sebesar Rp34.720 sebagai bagian dari “Beban Penjualan, Umum dan Administrasi” (Catatan 28).

As of December 31, 2011, the Company has allocated 7,270,500 shares pursuant to the MESA Program and recorded the related costs amounting to Rp34,720 as part of “Selling, General and Administrative Expenses” (Note 28).

129




30. SALDO DAN TRANSAKSI DENGAN PIHAKPIHAK BERELASI (lanjutan)


c. Transaksi dengan karyawan kunci (lanjutan)

c.

Transaction with key personnel (continued)

WITH

management

Compensation of key management personnel of the Group

Kompensasi personil kunci Grup

2011

2010

Imbalan kerja jangka pendek MESA Imbalan pasca-kerja

12.668 6.969 778

7.058 630

Short-term employee benefits MESA Post-employment benefit

Total

20.415

7.688

Total

The amounts disclosed in the table are amounts recognized as an expense during the reporting periods.

Jumlah yang dilaporkan dalam tabel merupakan jumlah yang dicatat sebagai biaya tahun berjalan. Sifat hubungan dengan adalah sebagai berikut:

pihak-pihak

Perusahaan/Company Valle Verde Pte. Ltd. PT Tiara Marga Trakindo (TMT) Mega Strada Pte. Ltd. PT Trakindo Utama (TU) PT Chandra Sakti Utama Leasing PT Mahadana Dasha Utama (Mahadasha) (dahulu PT Mitra Solusi Telematika/ formerly PT Mitra Solusi Telematika) PT Chakra Jawara PT Chitra Paratama PT Tri Swadarna Utama PT Triyasa Propertindo PT Mitra Solusi Telematika (dahulu PT Mitra Sembada/ formerly PT Mitra Sembada) Dana Pensiun PT Trakindo Utama

The nature of the relationship with each of the related parties is as follows:

berelasi

Sifat hubungan/Nature of relationship Pemegang saham akhir (ultimate shareholder) Grup/ Ultimate Shareholder of the Group Entitas yang mempunyai pengaruh signifikan terhadap Grup/ Entity with significant influence over the Group Entitas yang dikendalikan oleh ultimate shareholder Grup / Entity controlled by Ultimate Shareholder of the Group Entitas yang dikendalikan oleh TMT/ Entity controlled by TMT Entitas yang dikendalikan oleh TMT/ Entity controlled by TMT Entitas yang dikendalikan oleh TMT/ Entity controlled by TMT Entitas yang dikendalikan oleh TMT melalui Mahadasha/ Entity controlled by TMT through Mahadasha Entitas yang dikendalikan oleh TMT melalui Mahadasha/ Entity controlled by TMT through Mahadasha Entitas yang dikendalikan oleh TMT melalui Mahadasha/ Entity controlled by TMT through Mahadasha Entitas yang dikendalikan oleh TMT melalui Mahadasha/ Entity controlled by TMT through Mahadasha Entitas yang dikendalikan oleh TMT melalui Mahadasha/ Entity controlled by TMT through Mahadasha Program manfaat kerja dari Grup/ Post-employment benefit plan of the Group

130




31. LABA PER SAHAM

31. EARNINGS PER SHARE The following reflects the income and shares data used in the basic and diluted earnings per share computations:

Berikut merupakan data laba dan saham yang digunakan dalam perhitungan laba bersih per saham dasar dan dilusian: 2011 Laba yang dapat diatribusikan ke pemilik entitas induk

2010

415.740

127.324

Rata-rata tertimbang jumlah saham untuk perhitungan laba per saham dasar (dalam angka penuh):

Net income attributable to owners of the parent company Weighted average number of shares for calculation of basic earnings per share (full amount):

Saldo awal sebelum pengaruh pemecahan saham

412.880.000

412.880.000

Beginning balance before effect of stock splits

Pengaruh konversi OWK menjadi saham bulan Maret 2011 (Catatan 22)

657.280.000

-

Effect of conversion of MCBs into shares on March 2011 (Note 22)

1.070.160.000

412.880.000

Effect of stock split on July 2011 (Note 23)

28.376.717

-

Effect of issuance of new shares in connection with the IPO (Note 23)

2.168.696.717

825.760.000

Total

Pengaruh pemecahan saham bulan Juli 2011 (Catatan 23) Pengaruh penerbitan saham baru dalam rangka IPO (Catatan 23) Total Rata-rata tertimbang jumlah saham untuk perhitungan laba per saham dilusian (dalam angka penuh): Rata-rata tertimbang total saham untuk perhitungan laba per saham dasar Pengaruh dilusi OWK setelah mempertimbangkan pengaruh pemecahan saham tahun 2011 Total Laba per saham (dalam angka penuh): Dasar Dilusian

Weighted average number of shares for calculation of diluted earnings per share (full amount): 825.760.000

Weighted average number of shares for calculation of basic earnings per share

199.680.000

1.514.240.000

Effect of dilution of mandatory convertible bonds after considering the effect of 2011 stock split

2.368.376.717

2.340.000.000

Total

192 176

154 54

Earnings per share (full amount): Basic Diluted

2.168.696.717

131




32. INFORMASI SEGMEN

32. SEGMENT INFORMATION

Segmen primer

Primary segments

Grup mengklasifikasikan usahanya menjadi tiga segmen usaha yaitu jasa, pabrikasi dan pertambangan batubara. Informasi mengenai segmen usaha Grup adalah sebagai berikut:

The Group classifies its business into three business segments, namely services, manufacturing and coal mining. Information concerning the Group’s business segments is as follows: 2011

Jasa/ Services Penjualan dan pendapatan jasa dari pelanggan eksternal Penjualan dan pendapatan jasa antar segmen

Pabrikasi/ Manufacturing

Tambang batubara/ Coal Mining

Lain-lain/ Others

Eliminasi/ Elimination

Neto/ Net

5.165.347

542.310

918.618

-

-

6.626.275

568.328

124

6.785

-

(575.237)

-

Sales and services from external customers Sales and services inter-segment

Penjualan dan pendapatan jasa Beban pokok penjualan dan pendapatan jasa

5.733.675

542.434

925.403

-

(575.237)

6.626.275

4.596.992

459.762

692.078

-

(504.274)

5.244.558

Sales and services Cost of goods sold and services

Laba bruto

1.136.683

82.672

233.325

-

(70.963)

1.381.717

Gross profit

Beban penjualan, umum dan administrasi Pendapatan operasi lainnya

Selling, general and (718.953) administrative expenses 70.864 Other operating income Loss on foreign (64.126) exchange - net (13.480) Other operating expenses

Rugi selisih kurs - bersih Beban operasi lainnya Laba usaha Bagian atas laba neto entitas asosiasi Pendapatan keuangan Biaya keuangan Laba sebelum pajak penghasilan

656.022

Income from operations

261 23.743 (215.620)

Equity in net income of associated company Finance income Finance charges

464.406 Income before income tax

Beban pajak penghasilan Kini Tangguhan

39.375 12.148

Income tax expense Current Deferred


51.523


Income before proforma loss arising from restructuring transactions of entities 412.883 under common control

Laba sebelum rugi proforma dari transaksi restrukturisasi entitas sepengendali

Rugi proforma dari transaksi restrukturisasi entitas sepengendali Laba bersih tahun berjalan Pendapatan komprehensif lain Total laba bersih komprehensif tahun berjalan

-

Proforma loss arising from restructuring transactions of entities under common control

412.883

Net income for the year

-

Other comprehensive income

412.883

Total comprehensive income for the year

Segmen aset

6.694.753

527.512

1.514.506

1.178.723

(32.314)

9.883.180

Segment assets

Segmen liabilitas

4.811.199

844.712

460.023

895.363

(151.123)

6.860.174

Segment liabilities

Informasi lainnya Belanja modal Biaya depresiasi dan amortisasi

Other information 2.084.081

192.592

254.149

14.335

-

2.545.157

525.769

23.314

11.521

2.113

-

562.717

132

Capital expenditures Depreciation and amortization expense




32. INFORMASI SEGMEN (lanjutan)

32. SEGMENT INFORMATION (continued)

Segmen primer (lanjutan)

Primary segments (continued) 2010 Jasa/ Services

Penjualan dan pendapatan jasa dari pelanggan eksternal Penjualan dan pendapatan jasa antar segmen Penjualan dan pendapatan jasa Beban pokok penjualan dan pendapatan jasa Laba bruto

3.599.216

Pabrikasi/ Manufacturing 493.614

Tambang batubara/ Coal Mining

Lain-lain/ Others

393.589

Eliminasi/ Elimination -

Neto/ Net -

4.486.419

Sales and services from external customers Sales and services inter-segment

321.894

5.030

-

-

(326.924)

-

3.921.110

498.644

393.589

-

(326.924)

4.486.419

3.329.410

409.188

361.720

-

(326.924)

3.773.394

Sales and services Cost of goods sold and services

591.700

89.456

31.869

-

713.025

Gross profit

-

Beban penjualan, umum dan administrasi Pendapatan operasi lainnya

(463.599) 24.161

Laba selisih kurs - bersih Beban operasi lainnya

44.506 (2.321)

Laba usaha

315.772

Pendapatan keuangan Biaya keuangan

22.456 (100.811)

Laba sebelum pajak penghasilan

Selling, general and administrative expenses Other operating income Gain on foreign exchange - net Other operating expenses Income from operations Finance income Finance charges

237.417 Income before income tax

Beban pajak penghasilan Kini Tangguhan

61.528 4.635

Income tax expense Current Deferred


66.163


Income before proforma loss arising from restructuring transactions of entities 171.254 under common control

Laba sebelum rugi proforma dari transaksi restrukturisasi entitas sepengendali

Rugi proforma dari transaksi restrukturisasi entitas sepengendali

(43.878)

Proforma loss arising from restructuring transactions of entities under common control

Laba bersih tahun berjalan

127.376

Net income for the year

-

Other comprehensive income

127.376

Total comprehensive income for the year

Pendapatan komprehensif lain Total laba bersih komprehensif tahun berjalan Segmen aset

3.362.156

416.859

311.253

853.422

(53.424)

4.890.266

Segment assets

Segmen liabilitas

2.207.866

595.963

306.145

779.719

(125.863)

3.763.830

Segment liabilities

Informasi lainnya

Other information

Belanja modal

870.481

67.116

87.250

4.173

-

1.029.020

Capital expenditures

Biaya depresiasi dan amortisasi

419.116

6.073

7.946

925

-

434.060

Depreciation and amortization expense

133


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 33. PERJANJIAN PENTING, KONTINJENSI

PERIKATAN


DAN

33. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES

Grup mengadakan perjanjian-perjanjian penting sebagai berikut:

The Group agreements:

a.

Grup, bersama-sama dengan TMT dan seluruh entitas anak TMT, menandatangani fasilitas perjanjian "Notional Pooling Facility" dengan Mandiri pada tanggal 12 September 2007. Disepakati bahwa Mandiri akan mengkonsolidasikan semua rekening bank di Grup TMT dan memungkinkan entitas anak untuk menarik overdraft dalam batas yang telah disepakati oleh TMT dan disetujui oleh Mandiri. Perjanjian ini telah diperpanjang beberapa kali, dengan perpanjangan terakhir sampai tanggal 12 September 2013.

a.

The Group, together with TMT and all the TMT subsidiaries, entered into a “Notional Pooling Facility” agreement with Mandiri on September 12, 2007. It was agreed that Mandiri would consolidate all the bank accounts in TMT Group and allow the TMT subsidiaries to draw an overdraft within the limit which had been agreed by TMT and approved by Mandiri. This agreement has been renewed several times, with the latest renewal extending up to September 12, 2013.

b.

Pada tanggal 1 Februari 2007, SSB dan SS menandatangani perjanjian "account-linked deposit" dengan Citibank NA, dimana setiap saldo rekening bank diatas Rp2.000 atau USD200.000 akan otomatis didebet dan dikonversikan menjadi "deposito berjangka" dengan jangka waktu minimal satu minggu. Perjanjian ini diperbaharui dengan perjanjian tanggal yang ditandatangani pada 26 Agustus 2009, dimana setiap saldo rekening bank di atas USD50.000 akan otomatis didebet dan dikonversikan menjadi "deposito berjangka" dengan jangka waktu minimal satu minggu.

b.

On February 1, 2007, SSB and SS signed an “account-linked deposit” agreement with Citibank N.A., whereby any amount on the balance of bank account over Rp2,000 or USD200,000 will be automatically debited and taken as “time deposit” with a minimum term of one week. This agreement was renewed with the agreement signed on August 26, 2009, whereby any amount on the balance of bank account over USD50,000 will be automatically debited and taken as “time deposit” with a minimum term of one week.

SS a.

has

the

following

significant

SS a.

Pada tanggal 31 Oktober 2011, SS dan Chromalloy San Diego Corporation (Chromalloy) menandatangani perjanjian jual beli LM2500 Generator Package, yang terdiri atas mesin gas turbin lengkap dengan perlengkapan pendukungnya seharga USD6.000.000. Pada tanggal 31 Desember 2011, SS telah melakukan pembayaran sebesar USD5.710.000 (setara dengan Rp30.392).

134

On October 31, 2011, SS and Chromalloy San Diego Corporation (Chromalloy) entered into a purchase and sale agreement covering LM2500 Generator Package, consisting of a complete gas turbine engine and a package of support equipment with total purchase price amounting to USD6,000,000. As of December 31, 2011, SS has paid the amount of the total purchase price of USD5,710,000 (equivalent to Rp30,392).


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 33. PERJANJIAN PENTING, KONTINJENSI (lanjutan)

PERIKATAN


DAN

33. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES (continued)

SS (lanjutan)

SS (continued)

b. Pada tanggal 16 Agustus 2011, Eramas menandatangani perjanjian pinjaman dengan SS untuk menyelesaikan pelaksanaan proyek pembangunan penyewaan pembangkit listrik 100 MW berbahan bakar gas di Payoselincah, Jambi, dengan jumlah maksimum sebesar USD15.000.000 dan dikenakan bunga COF ditambah 2,5% per tahun. Pinjaman ini akan jatuh tempo dua belas bulan setelah penandatanganan perjanjian. Pada tanggal 31 Desember 2011, saldo pinjaman dan bunga sebesar USD11.683.727 (setara dengan Rp105.948), yang dicatat sebagai bagian dari “Piutang Lainnya”.

b.

On August 16, 2011, Eramas signed a loan agreement with SS for the development of “lease purchase” of 100 MW gas-fired power plant in Payoselincah, Jambi, with a maximum amount of USD15,000,000 and interest at COF plus 2.5% per annum. This loan will be due twelve months after the signing of the agreement. As of December 31, 2011, the total outstanding loan and related interest amounted to USD11,683,727 (equivalent to Rp105,948), which are recorded as part of “Other Receivables”.

c. Pada tanggal 17 Juni 2011, SS dan Eramas menandatangani perjanjian fasilitas pinjaman bersama dengan DBS untuk memperoleh fasilitas Uncommitted Import Usance Letter of Credit (Usance L/C) dengan fasilitas pinjaman sebesar USD18.000.000 yang tersedia sampai dengan tanggal 17 Juni 2012. Fasilitas pinjaman ini dikenakan bunga sebesar suku bunga bank yang berlaku. Pinjaman akan digunakan untuk membiayai pembelian mesin yang berhubungan dengan proyek Eramas di Payo Selincah dan dijamin dengan deposito berjangka sebesar USD18.000.000, dengan jaminan yang didukung oleh mortgage agreement yang ditandatangani pada tanggal yang sama (Catatan 5). Selanjutnya pada tanggal 12 Juli 2011, SS dan Eramas menandatangani perubahan fasilitas pinjaman dengan total fasilitas maksimum menjadi USD45.000.000. Perubahan tersebut juga mengharuskan SS dan Eramas untuk memenuhi rasio-rasio keuangan sebagaimana dipersyaratkan atas utang bank jangka panjang yang diperoleh dari DBS (Catatan 16) dan mengharuskan Eramas untuk menyediakan tambahan jaminan senilai minimum USD45.000.000.

c.

On June 17, 2011, SS and Eramas entered into a joint borrowing agreement with DBS to obtain an Uncommitted Import Usance Letter of Credit (Usance L/C) facility with a total facility amount of USD18,000,000 which is available up to June 17, 2012. The loan from the facility bears interest at the applicable bank interest rate. The loan will be used to finance the purchase of machine related to Eramas’ project in Payo Selincah and is collateralized by time deposits amounting to USD18,000,000, which collateral is supported by the mortgage agreement signed on the same date (Note 5). On July 12, 2011, SS and Eramas subsequently entered into an Addendum of the Loan Agreement with DBS. The addendum increased the principal facility amount to a maximum of USD45,000,000. The addendum also requires SS and Eramas to maintain certain financial ratios, which is also required on the long-term bank loan obtained from DBS (Note 16), and Eramas to provide additional collateral at the minimum of USD45,000,000.

Prior to the above-mentioned agreement, on June 16, 2011, SS, PT Elektrindo Perkasa Utama (EPU) and Eramas entered into an agreement for a facility to borrow the time deposits amounting to USD17,800,000 of SS placed in DBS, which facility is available from June 17, 2011 up to June 16, 2012. The applicable interest rate on the borrowing is 6% per annum. The borrowing is collateralized by EPU’s 51% equity ownership in Eramas and its shareholder’s loan receivable from Eramas.

Sebelum perjanjian diatas dilakukan, pada tanggal 16 Juni 2011, SS, PT Elektrindo Perkasa Utama (EPU) dan Eramas menandatangani perjanjian peminjaman deposito berjangka sebesar USD17.800.000 milik SS yang ditempatkan di DBS, yang fasilitasnya tersedia dari tanggal 17 Juni 2011 sampai dengan tanggal 16 Juni 2012. Tingkat suku bunga yang berlaku adalah 6% per tahun. Fasilitas pinjaman ini dijamin dengan 51% kepemilikan saham EPU di Eramas dan piutang pinjaman pemegang saham EPU dari Eramas.

135



PERIKATAN


DAN


SS (lanjutan)

SS (continued)

d.

Pada tanggal 30 Desember 2010, SS menandatangani perjanjian jual beli dengan TU untuk membeli 23 unit Caterpillar Generator Set seharga USD6.888.500, tidak termasuk PPN. Pembayaran akan dicicil dalam 12 angsuran bulanan mulai dari tanggal 1 Januari 2012 sampai dengan tanggal 30 Desember 2012. Pada tanggal 28 Juni 2011, SS telah melunasi seluruh nilai pembelian.

d.

On December 30, 2010, SS entered into a sale and purchase agreement with TU for SS to purchase 23 units of Caterpillar Generator Set for USD6,888,500, excluding VAT. The payment of the purchase price was set to be made in 12 monthly installments starting from January 1, 2012 until December 30, 2012. On June 28, 2011, SS fully paid the purchase price.

e.

Pada tanggal 1 Oktober 2010, SS menandatangani Perjanjian Operasi Bersama (JOA) dengan PT Jaya Dinamika Geohidro Energi (JDGE) untuk pengembangan Minihydro Power Plant dalam satu program yang meliputi maksimum 10 sub-proyek (dengan maksimal kapasitas 10 MW untuk masing-masing sub-proyek) di Indonesia Timur. Sebelum JOA, SS telah menandatangani “Convertible Grant and Option Agreement” (CGA) dengan International Finance Corporation (IFC), dimana IFC sepakat untuk membentuk fasilitas pinjaman Convertible Grant ke SS untuk membiayai sebagian pengembangan proyek. IFC adalah yayasan di bawah grup Bank Dunia yang bertujuan untuk mengembangkan dan mendukung investasi energi terbaharui pada negara-negara kelompok International Development Association (IDA) dan Indonesia. Bantuan tersebut akan dicairkan sebagian setiap triwulanan dan hanya terbatas pada 50% dari biaya proyek yang dianggarkan dan maksimum USD900.000, dan sisa biaya proyek akan ditanggung bersama oleh SS dan JDGE (bersama-sama disebut penerima pinjaman) dengan komposisi 25% untuk masing-masing pihak. Setelah pembangunan proyek selesai, IFC memiliki hak untuk menjadikan pembiayaan tersebut menjadi investasi ekuitas atau perpanjangan bentuk lain dari pembiayaan yang sesuai dengan masing-masing sub-proyek. IFC juga memiliki opsi untuk (i) mengalihkan pinjaman kepada penerima pinjaman atau pihak ketiga, atau (ii) meminta pengembalian bantuan dalam bentuk investasi ekuitas atau pembiayaan jangka panjang yang sesuai untuk masing-masing sub-proyek. Pada tanggal 31 Desember 2011, porsi sebesar Rp1.720 dari biaya pengembangan proyek yang telah dicairkan oleh SS dicatat sebagai bagian dari "Aset Tidak Lancar Lainnya - Lain-lain" (Catatan 13).

e.

On October 1, 2010, SS entered into a Joint Operation Agreement (JOA) with PT Jaya Dinamika Geohidro Energi (JDGE) in the development of a Mini-hydro Power Plant under a program covering up to a maximum of 10 sub-projects (with maximum capacity of 10 MW for each sub-project) in East Indonesia. Prior to this JOA, SS has entered into a Convertible Grant and Option Agreement (CGA) with International Finance Corporation (IFC), where IFC agreed to establish a grant facility convertible to a loan to SS to partially finance the development of the projects. IFC is a foundation under a World Bank group which aims to develop and support prospective renewable energy investments in International Development Association (IDA) countries and Indonesia. The grant will be disbursed partially on a quarterly basis and shall be limited to 50% of the project cost budgeted and will be totaling only up to USD900,000, and the remaining project cost will be borne jointly by SS and JDGE (together, the Grantee) with composition of 25% for each party. Upon the completion of the development process of the projects, IFC has the right to make equity investment or extend any other form of financing to the relevant sub-projects. IFC also has the option to (i) transfer its option to the Grantee or a third party, or (ii) reimburse the grant from the equity investment or the longterm financing that it proposes to make in connection with the sub-projects. As of December 31, 2011, the portion amounting to Rp1,720 of the development cost of the projects which has been paid by SS is recorded as part of “Other Non-current Assets - Others” (Note 13).

136



PERIKATAN


DAN


PAS

PAS

Berdasarkan perjanjian jual beli saham bersyarat pada tanggal 1 Juni 2011, PAS menyetujui untuk mengambil alih 51% kepemilikan saham (diwakili oleh 306 saham) di Eramas dari EPU dengan total harga pembelian Rp371 dan mengambil alih piutang pinjaman pemegang saham EPU dari Eramas sebesar USD15.252.000. Pembelian tersebut akan dilakukan dalam 2 tahap sebagai berikut: Tahap 1: 240 saham dengan harga pembelian sebesar Rp288 (setara dengan 40% kepemilikan saham) dan mengambil-alih pinjaman pemegang saham sebesar USD11.856.000 yang akan dibayarkan setelah proses due diligence selesai, atau paling lambat pada Tanggal Operasi Komersial.

Based on a conditional share sale and purchase agreement dated June 1, 2011, PAS agreed to take over the 51% equity ownership (represented by 306 shares) in Eramas from EPU for a total purchase price of Rp371 and take over shareholder’s loan receivable from Eramas amounting to USD15,252,000. The purchase will be conducted in 2 phases as follows: -

Phase 1: 240 shares at a total purchase price of Rp288 (equivalent to 40% shares ownership) and take-over of the shareholder’s loan amounting to USD11,856,000, which will be paid after the due diligence process is completed or at the latest, on the Commercial Operation Date.

-

-

Phase 2: 66 shares at a total purchase price of Rp83 (equivalent to 11% shares ownership) and take-over of the shareholder’s loan amounting to USD3,396,000, which will be paid one year after the Commercial Operation Date.

Tahap 2: 66 saham pada total harga pembelian Rp83 (setara dengan 11% kepemilikan saham) dan mengambil alih pinjaman pemegang saham sebesar USD3.396.000 yang akan dibayarkan 1 tahun setelah Tanggal Operasi Komersial.

Jika ada bagian dari ketentuan tersebut tidak terpenuhi atau tidak sesuai sebelum penyelesaian, PAS memiliki pilihan untuk: a) Menyesuaikan harga pembelian yang akan ditentukan lebih lanjut, atau b) Membatalkan perjanjian dan mendapatkan pengembalian dana atas uang muka transaksi pertama.

If any such provision is not met or is appropriate before the settlement, PAS has option to: a) Adjust the purchase price that will determined further, or b) Cancel the agreement and get a refund for first transaction downpayment.

Pada tanggal 31 Desember 2011, proses due diligence masih berlangsung.

As of December 31, 2011, the due diligence process is still in progress.

137

not the be the



PERIKATAN


DAN


CKB

CKB

a.

Pada tanggal 3 Oktober 2011, CKB memperoleh fasilitas bank garansi dari Mandiri dengan batas kredit maksimum sebesar Rp25.000. Pinjaman tersebut akan jatuh tempo pada tanggal 26 September 2012. Pada tanggal 31 Desember 2011, tidak ada saldo pinjaman dari fasilitas ini.

a.

On October 3, 2011, CKB obtained a bank guarantee facility from Mandiri with a maximum credit limit of Rp25,000. Any loan drawn from the facility will mature on September 26, 2012. As of December 31, 2011, there is no outstanding loan balance from this facility.

b.

Pada tanggal 16 Mei 2011, CKB menandatangani perjanjian sewa bangunan dan gudang dengan PT Multi Sejahtera Abadi. Periode perjanjian ini selama lima tahun dari tanggal penyerahan obyek sewa atau selambatlambatnya 1 Maret 2012 sampai dengan 28 Februari 2017. Syarat dan ketentuan mengenai hak dan kewajiban kedua belah pihak dinyatakan dalam kontrak perjanjian.

b.

On May 16, 2011, CKB entered into a building and warehouse rental agreement with PT Multi Sejahtera Abadi. The agreement period is for five years from the date of the handover of the lease object or no later than March 1, 2012 until February 28, 2017. The terms and conditions concerning the rights and obligations of both parties are stated in the agreement.

Pada tanggal 31 Desember 2011, CKB telah melakukan pembayaran uang muka sebesar Rp6.356 yang disajikan sebagai bagian dari “Aset Tidak Lancar Lainnya” pada laporan posisi keuangan konsolidasian tahun 2011.

As of December 31, 2011, CKB made down payment amounting to Rp6,356, which is presented as part of “Other Non-current Assets” in the 2011 consolidated statement of financial position.

c. Pada tanggal 28 Oktober 2010, CKB melakukan perjanjian jasa logistik dengan PT International Nickel Indonesia Tbk (INCO). Periode perjanjian adalah 2 tahun dan dapat diperpanjang selama 2 tahun.

c. On October 28, 2010, CKB entered into a Logistic Services Agreement with PT International Nickel Indonesia Tbk (INCO). The period of the agreement is 2 years and may be extended for another 2 years.

Untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010, pendapatan yang diakui masing-masing sebesar Rp33.733 dan nihil, yang disajikan pada laporan laba rugi komprehensif konsolidasian.

For the years ended December 31, 2011 and 2010, revenue amounted to Rp33,733 and nil, respectively, which is presented in the consolidated statements of comprehensive income.

d. Pada tanggal 20 April 2009, CKB melakukan perjanjian jasa impor logistik dengan BUT BP Berau Ltd. (BP) untuk menyediakan jasa logistik terpadu dan jasa pengaturan barang dan logistik selama 5 tahun sejak tanggal 20 April 2009 dengan nilai kontrak tidak melebihi USD19.502.670.

d. On April 20, 2009, CKB entered into an Inbound Logistic Services Agreement with BUT BP Berau Ltd. (BP) to provide integrated logistics and materials management services for five years starting from April 20, 2009 or a maximum contract value not to exceed USD19,502,670.

Untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010, pendapatan jasa yang diakui masing-masing sebesar Rp45.510 dan Rp21.664, yang disajikan pada laporan laba rugi komprehensif konsolidasian.

For the years ended December 31, 2011 and 2010, service fees amounted to Rp45,510 and Rp21,664, respectively, which are presented in the consolidated statements of comprehensive income.

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DAN


CK Perjanjian batubara,

CK pengangkutan, dan lainnya

pemindahan

Coal transportation, barging, transhipment and other agreement

CK sebagai penyedia jasa kontraktor pertambangan kepada produsen batubara mengadakan beberapa perjanjian dengan produsen batubara. Berdasarkan perjanjian-perjanjian tersebut, CK menyediakan tenaga kerja, peralatan, dan material untuk pembuangan overburden, penambangan batubara, dan pengangkutan overburden dan batubara, dan diharuskan untuk memenuhi produksi minimum tertentu untuk aktivitas-aktivitas ini. CK akan menerima imbalan jasa yang dihitung secara bulanan, berdasarkan suatu rumusan yang meliputi beberapa klausa penyesuaian.

CK, as a provider of mining services to coal producers, entered into several agreements with coal producers. Under these agreements, CK provides manpower, equipment, and materials for the disposal of overburden, coal mining, and transport of overburden and coal, and is required to meet certain minimum production for these activities. CK receives a fee, calculated on a monthly basis, based on a formula that includes some adjustment clauses.

Produsen Batubara/ Coal Producer PT Arutmin Indonesia (Ata & Mangkal Api) PT Arutmin Indonesia (Sungkai)

PT Kaltim Batumanunggal PT Mahakam Sumber Jaya PT Gema Rahmi Persada PT Multi Harapan Utama PT Tunas Inti Abadi

PT Titan Wijaya

Tanggal Perjanjian/ Agreement Date 1 Juli 2006/ July 1, 2006 1 Juli 2006/ July1,2006 18 Maret 2005/ March 18, 2005 24 November 2011/ November 24, 2011 24 November 2011/ November 24, 2011 29 November 2007/ November 29, 2007 25 Juni 2009/ June 25, 2009 18 Maret 2011/ March 18, 2011

Periode Kontrak atau Tingkat Produksi (Metric Tonnes/MT)/ Contract Period or Production Level (Metrik Ton/MT) Sampai masa umur tambang berakhir/ Until the life of the mine Agustus 2008 - Juli 2011 atau saat seluruh cadangan ekonomis tambang batubara telah habis/ August 2008 - July 2011 or until all of the economical coal reserves are depleted Sampai target produksi tercapai/ Until target production is achieved 1 September 2010 - 31 Agustus 2015/ September 1, 2010 - August 31, 2015 Maret 2008 - April 2012/ March 2008 - April 2012 19 Oktober 2010 - 18 Oktober 2015/ October 19, 2010 - October 18, 2015 Sampai berakhir masa pakai tambang atau sampai 30 Juni 2020/ Until the expiration of the life of mine or until June 30, 2020 72 bulan terhitung dari tanggal mulainya CK beroperasi di tambang Titan/ 72 months from the date CK starts its operations in the Titan site

Piutang yang berasal dari kontrak jasa pertambangan batubara antara CK dengan para produsen batubara dijaminkan untuk fasilitas pinjaman sindikasi (Catatan 16).

Receivables from coal mining service contracts between CK and the coal producers are pledged as collateral to a Syndicated Loan facility (Note 16).

Seluruh perjanjian dengan para produsen batubara telah dijaminkan untuk fasilitas pinjaman sindikasi di ANZ Banking Group Limited.

All the agreements with coal producers have been assigned to syndicated banks in relation to the ANZ Banking Group Limited loan facility.

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PERIKATAN


DAN


ATR

ATR

a.

a.

b.

Fasilitas pinjaman

Loan facility

Pada tanggal 24 Oktober 2011, ATR memperoleh fasilitas demand loan dari OCBC NISP dengan batas kredit kredit maksimum sebesar USD500.000. Pinjaman ini dikenakan tingkat bunga tahunan sebesar SIBOR ditambah 4% per tahun. Pada saat bersamaan ATR juga memperoleh fasilitas rekening koran sebesar Rp1.000 dan dengan tingkat bunga sebesar Sertifikat Bank Indonesia (SBI) per bulan ditambah 4% per tahun, dan fasilitas transaksi mata uang asing sebesar USD1.000.000.

On October 24, 2011, ATR obtained demand loan facility from OCBC NISP with total amount of USD500,000. The loan from this facility bears interest at SIBOR plus 4% per annum. At the same time, ATR also obtained overdraft facility in the amount of Rp1,000 with interest rate based on monthly Sertifikat Bank Indonesia (SBI) rate plus 4% per annum and foreign currency transaction facility in the amount of USD1,000,000.

Fasilitas pinjaman tersebut diatas berlaku dua belas bulan sejak tanggal penandatanganan perjanjian. Pada tanggal 31 Desember 2011, tidak terdapat saldo pinjaman dari fasilitas ini.

The facilities as stated above are available for twelve months from the signing date of the agreement. As of December 31, 2011, there is no outstanding loan balance from those facilities.

Kontrak Sewa Kapal

b.

Contract of affreightment

Pada tanggal 22 Juni 2011, ATR menandatangani kontrak sewa kapal dengan PT Mitrabahtera Segara Sejati Tbk (MBSS) untuk batu bara. Periode kontrak tersebut dimulai dari tanggal 1 Juli 2011 sampai tanggal 30 Juni 2012, dimana MBSS akan menyediakan kapal penarik dan tongkang untuk memuat 2.200.000MT batubara. Harga akan dievaluasi dan disesuaikan setiap bulan berdasarkan antara lain harga bahan bakar. Pada tanggal 31 Desember 2011 ATR mengalihkan kontrak tersebut kepada BDD.

On June 22, 2011, ATR entered into contract of affreightment with PT Mitrabahtera Segara Sejati Tbk (MBSS) for coal. The contract period is from July 1, 2011 up to June 30, 2012, whereby MBSS will provide tug boat and barge to load up to 2,200,000MT of coal. The price for the service will be evaluated and adjusted every month based on, among others, fuel price. As of December 31, 2011, ATR has handed over the contract to BDD.

Untuk tahun yang berakhir pada tanggal 31 Desember 2011, biaya jasa yang diakui sebesar Rp31.606, yang disajikan pada laporan laba rugi komprehensif konsolidasian.

For the year ended December 31, 2011, service fee amounted to Rp31,606, which is presented in the consolidated statement of comprehensive income.

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PERIKATAN


DAN


ATR (lanjutan) c.

d.

ATR (continued)

Perjanjian pembangunan kapal

c.

Shipbuilding contracts

Pada tanggal 27 Mei 2011, ATR menandatangani perjanjian pembangunan LCT N 11607 Adinda Bella dan N 11608 Adinda Cellina dengan PT Dok dan Perkapalan Surabaya (Persero). Nilai kontrak untuk setiap kapal yang akan diserahkan kepada ATR adalah sebesar USD3.965.000 tidak termasuk pajak dan biaya lainnya. Pada tanggal 31 Desember 2011, total pembayaran adalah sebesar USD2.379.000 (setara dengan Rp20.724). Penyelesaian pembangunan LCT diestimasikan pada bulan Juni 2012. Kontrak pembuatan kapal ini dibiayai dengan pinjaman dari OCBC NISP (Catatan 16).

On May 27, 2011, ATR entered into a contract with PT Dok dan Perkapalan Surabaya (Persero) for the latter to build the LCT N 11607 Adinda Bella and N 11608 Adinda Cellina. The total contract price for each vessel amounted to USD3,965,000 excluding tax and other expenses. As of December 31, 2011, total payments for the contract price amounted to USD2,379,000 (equivalent to Rp20,724). The completion of building the LCT is estimated in June 2012. This shipbuilding contract is financed with loan from OCBC NISP (Note 16).

Pada tanggal 8 September 2010, ATR menandatangani perjanjian pembangunan LCT Adinda Azula dengan PT Dok dan Perkapalan Surabaya (Persero) berdasarkan kontrak HULL No. N 10605. Nilai kontrak untuk kapal yang akan diserahkan kepada Perusahaan adalah sebesar USD2.662.000 tidak termasuk PPN. Pada tanggal 31 Desember 2011, CKB telah melunasi seluruh nilai kontrak. Kontrak pembuatan kapal ini dibiayai dengan pinjaman PTK II dari Mandiri (Catatan 16).

On September 8, 2010, ATR entered into a contract with PT Dok dan Perkapalan Surabaya (Persero) for the latter to build the LCT Adinda Azula based on contract HULL No. N 10605. The contract price of the shipbuilding amounted to USD2,662,000 excluding VAT. As of December 31, 2011, CKB has fully paid the contract price. This shipbuilding contract is financed by the proceeds of the PTK II loan from Mandiri (Note 16).

Fasilitas jaminan

d.

Bond facility Based on agreement No. 071/FA/ANZ/V/2011 dated May 11, 2011, ATR obtained a bond facility from ANZ to facilitate the tender process and delivery of vessel through the issuance of performance bond, bid bond and customs bond for a maximum amount of USD750,000, which is unsecured. The maximum period for each guarantee instrument issued by ANZ is one year. As of December 31, 2011, ATR has used USD543,976 from the facility.

Berdasarkan perjanjian No. 071/FA/ANZ/V/ 2011 tanggal 11 Mei 2011, ATR memperoleh fasilitas jaminan dari ANZ untuk memfasilitasi proses tender dan pengiriman kapal melalui penerbitan performance bond, bid bond dan customs bond dengan jumlah maksimum USD750.000, yang tanpa jaminan. Periode maksimum untuk setiap instrumen jaminan yang dikeluarkan oleh ANZ adalah satu tahun. Pada tanggal 31 Desember 2011, ATR telah menggunakan USD543.976 dari fasilitas tersebut.

141



PERIKATAN


DAN


ATR (lanjutan)

ATR (continued)

e.

e.

f.

Perjanjian penyewaan kapal dengan Talisman Energy Niugini Limited (Talisman)

Time charter vessel agreement with Talisman Energy Niugini Limited (Talisman)

Pada bulan Oktober 2010, ATR melakukan perjanjian sewa menyewa kapal (time charter) dengan Talisman berdasarkan kontrak TENL00146, dimana ATR menyetujui untuk menyewakan kapal Alfa Trans Dua ke Talisman terhitung tanggal 11 Oktober 2010 untuk jangka waktu 2 tahun, dan dapat diperpanjang selama 1 tahun (Catatan 40). Harga sewa adalah USD6.325 per hari.

In October 2010, ATR entered into a time charter agreement with Talisman based on contract TENL00146, whereby ATR agreed to charter Alfa Trans Dua vessel to Talisman commencing on October 11, 2010 for an original term of two years, extendable for another one year (Note 40). The charter price is USD6,325 per day.

Perjanjian sewa kapal tersebut dijamin dengan jaminan kinerja dari CKB.

The above-mentioned vessel agreement is covered by a performance guarantee from CKB.

Untuk tahun yang berakhir pada tanggaltanggal 31 Desember 2011 dan 2010, pendapatan yang diakui masing-masing sebesar USD2.027.109 (setara dengan Rp17.735) dan nihil, yang disajikan pada laporan laba rugi komprehensif konsolidasian.

For the years ended December 31, 2011 and 2010, revenue amounted to USD2,027,109 (equivalent toRp17,735) and nil, respectively, which is presented in the consolidated statements of comprehensive income.

Perjanjian penyewaan kapal dengan INCO

f.

Time charter vessel agreement with INCO

Pada bulan Desember 2006, ATR melakukan perjanjian sewa menyewa kapal (time charter) dengan INCO dimana ATR menyetujui untuk menyewakan kapal Alfa Trans Satu kepada INCO pada tanggal 1 Januari 2007 sampai dengan 31 Desember 2010. Harga sewa USD94.000 per bulan untuk dua tahun pertama, USD87.000 per bulan untuk tahun 2009 dan USD86.000 per bulan untuk tahun 2010.

In December 2006, ATR entered into a time charter agreement with INCO, whereby ATR agreed to charter Alfa Trans Satu vessel to INCO commencing January 1, 2007 to December 31, 2010. The charter price was USD94,000 per month in the first two years, USD87,000 per month in 2009 and USD86,000 per month in 2010.

Pendapatan ATR dari perjanjian dengan INCO masing-masing sebesar USD1.032.000 (setara dengan Rp9.416) untuk tahun yang berakhir pada tanggal 31 Desember 2010.

Revenue from INCO amounted to USD1,032,000 (equivalent to Rp9,416) for the year ended December 31, 2010.

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PERIKATAN


DAN


BDD

BDD

a.

a.

b.

Fasilitas pinjaman

Loan facility

Pada tanggal 22 Desember 2011, BDD memperoleh fasilitas pinjaman demand loan untuk membiayai kebutuhan modal kerja dari OCBC NISP sebesar USD200.000 dengan tingkat bunga mengambang pinjaman sebesar 6% per tahun dan dapat disesuaikan oleh bank sewaktu-waktu. Pada tanggal 31 Desember 2011, tidak terdapat saldo terutang dari fasilitas ini.

On December 22, 2011, BDD obtained demand loan facility for working capital from OCBC NISP in the amount of USD200,000 with floating interest rate of 6% per annum and can be adjusted by OCBC NISP at anytime. As of December 31, 2011, there is no outstanding loan balance from the facility.

Pada tanggal 22 Desember 2011, BDD menandatangani perjanjian fasilitas pinjaman dengan OCBC NISP dengan batas kredit maksimum USD15.052.000 yang terbagi atas:

On December 22, 2011, BDD also entered into a loan facility agreement with OCBC NISP with a maximum credit limit of USD15,052,000, consisting of:

a. Fasilitas Pinjaman Berjangka 1 sebesar USD5.594.500 yang tersedia 66 bulan dari tanggal penarikan pinjaman pertama.

a. Term Loan Facility 1 for USD5,594,500 which is availabile for 66 months from the first drawdrown date.

b. Fasilitas Pinjaman Berjangka 2 sebesar USD9.457.500 yang tersedia 66 bulan dari tanggal penarikan pinjaman pertama.

b. Term Loan Facility 2 for USD9,457,500 which is available for 66 months from the first drawdrown date.

Fasilitas ini memiliki tingkat bunga 6% per tahun dan dapat berubah sesuai dengan suku bunga pasar. Sampai dengan 31 Desember 2011 tidak terdapat saldo terutang dari fasilitas ini.

The loan from the facility bears interest at the annual rate of 6% subject to fluctuation based on market interest rates. As of December 31, 2011, there is no outstanding loan balance from the facility.

Perjanjian pembangunan kapal

b.

Shipbuilding contract On August 25, 2011, BDD entered into a contract with PT Palma Progress Shipyard for the latter to build tug boat and barges for a total contract price of USD18,510,000. As of December 31, 2011, BDD has made a total payment amounting to USD4,627,500 (equivalent to Rp40,699) which is presented as part of “Fixed Assets” as advance for purchase of vessels in the consolidated statements of financial position. The completion of the shipbuilding will be divided into several phases that are estimated to be completed between February and September 2012.

Pada tanggal 25 Agustus 2011, BDD menandatangani kontrak dengan PT Palma Progress Shipyard untuk membuat kapal penarik dan tongkang dengan total harga kontrak sebesar USD18.510.000. Pada tanggal 31 Desember 2011, BDD telah melakukan pembayaran sebesar USD4.627.500 (setara dengan Rp40.699) yang disajikan sebagai bagian dari “Aset Tetap” sebagai uang muka pembelian kapal pada laporan posisi keuangan konsolidasian. Penyelesaian pembangunan kapal terbagi dalam beberapa tahap yang diestimasikan akan selesai antara Februari dan September 2012.

143



PERIKATAN


DAN


TIA a.

TIA Jual beli tanah

Sale and purchase of land

Berdasarkan Akta Notaris No. 20 tanggal 16 Juni 2011 oleh Notaris Djumini Setyoadi, S.H., M.Kn., TIA akan menjual beberapa bidang tanah di Desa Sebamban kepada PBR dengan nilai penjualan sebesar Rp150.000. Namun demikian sertifikat hak atas tanah tersebut masih digunakan sebagai jaminan utang TIA kepada Mandiri.

Based on Notarial Deed No. 20 dated June 16, 2011 of Djumini Setyoadi, S.H., M.Kn., TIA will sell several parcels of land in Desa Sebamban to PBR for selling prices totaling Rp150,000. However, the certificates of land rights are still used as guarantee to TIA’s loan from Mandiri.

Jual beli akan dilakukan jika persyaratan yang ditetapkan telah dipenuhi oleh kedua belah pihak, sebagai berikut:

The sale and purchase will be executed if certain conditions are fulfilled by both parties, as follows:

-

-

-

-

b.

a.

TIA telah memperoleh surat pembebasan jaminan atas tanah dari Mandiri; PBR telah memperoleh izin dari Badan Usaha Pelabuhan Republik Indonesia cq Departemen Perhubungan Direktorat Jenderal Perhubungan Laut Pembayaran dari nilai pembelian tanah akan dilakukan dengan angsuran; Setiap pihak telah memperoleh izin yang diperlukan, dari otoritas pemerintah/pusat atau otoritas pemerintah/daerah yang terlibat dalam pelaksanaan perjanjian berkaitan dengan penjualan dan pembelian tanah.

-

-

Jasa sampling dan analisa batubara

b.

TIA has obtained the release letter of collateral for the land from Mandiri; PBR has obtained permission from the Port Enterprise Agency of the Republic of Indonesia cq the Ministry of Transportation Directorate General of Sea Transportation; The payment of the purchase price of the land will be made in installments; Each party has obtained the required permits, from the government/central authorities or government/local authorities involved in the implementation of agreements related to the sale and purchase of land.

Coal sampling and analysis

Pada tanggal 10 Februari 2011, TIA mengadakan perjanjian dengan PT Geoservices untuk jasa sampling dan analisa batubara di wilayah operasional TIA di Kalimantan Selatan. Biaya minimum atas jasa ini adalah USD30.000/bulan. Jangka waktu kontrak ini berlaku dari tanggal 1 Januari 2011 sampai dengan tanggal 31 Desember 2014 dan dapat diperpanjang oleh kedua belah pihak.

On February 10, 2011, TIA entered into an agreement with PT Geoservices for sampling and analysis services at TIA’s stockpile operation in South Kalimantan. The minimum cost of this service is USD30,000/month. The period of this contract is from January 1, 2011 to December 31, 2014 and may be extended by both parties.

Untuk tahun yang berakhir pada tanggal 31 Desember 2011, biaya jasa sampling dan analisa batubara yang dibebankan pada operasi tahun berjalan sebesar Rp5.224, yang disajikan sebagai bagian dari “Beban Penjualan, Umum dan Administrasi” pada laporan laba rugi komprehensif konsolidasian (Catatan 28).

For the year ended December 31, 2011, coal sampling and analysis service cost charged to current operations amounted to Rp5,224, which is presented as part of ”Selling, General and Administrative Expenses” in the consolidated statements of comprehensive income (Note 28).

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PERIKATAN


DAN


TIA (lanjutan)

TIA (continued)

c.

c.

Pembangunan jetty

On January 11, 2011, TIA signed a contract with PT Bangun Arta Hutama for the construction of a jetty at Desa Sebamban, District Tanah Bumbu, South Kalimantan. The contract price is Rp53,000 (before value added tax). As of December 31, 2011, the completion of the construction is around 35%, and TIA has already paid Rp18,688 of the contract price. The construction is recorded as construction in progress, which is presented as part of “Fixed Assets” in the consolidated statements of financial position (Note 11).

Pada tanggal 11 Januari 2011, TIA menandatangani kontrak perjanjian untuk pembangunan jetty dengan PT Bangun Arta Hutama di Desa Sebamban, Kabupaten Tanah Bumbu, Kalimantan Selatan. Nilai kontrak sebesar Rp53.000 (sebelum pajak pertambahan nilai). Pada tanggal 31 Desember 2011, penyelesaian atas konstruksi ini diperkirakan mencapai 35%, dan TIA telah membayar Rp18.688 dari nilai kontrak dan dicatat sebagai aset dalam penyelesaian yang disajikan sebagai bagian dari "Aset tetap” pada laporan posisi keuangan konsolidasian (Catatan 11). d.

e.

Construction of jetty

Perjanjian penjualan batubara

d.

Coal sales agreement

TIA mempunyai beberapa komitmen untuk menjual batubara kepada beberapa pelanggan dengan jumlah tertentu yang disepakati. Penyerahan barang akan dilakukan secara berkala selama jangka waktu tertentu yang berkisar antara satu minggu hingga satu bulan.

TIA has various commitments to sell coal to various buyers at specified agreed quantities. The products are periodically delivered for periods ranging from one week to one month.

Pada tanggal 9 Desember 2010, TIA telah melakukan perjanjian dengan MSPL untuk menjual 5.000.000MT batubara dengan harga yang disepakati dalam perjanjian. Pengiriman batubara dilakukan selama periode Januari 2011 sampai dengan Desember 2016 (Catatan 18).

On December 9, 2010, TIA entered into a commitment to sell 5,000,000MT of coal to MSPL, a proportion of which is subject to price agreement. The coal will be delivered during the period January 2011 until December 2016 (Note 18).

Pemeliharaan jalan hauling batubara

e.

Coal hauling road maintenance On November 26, 2010, TIA and PT Borneo Indobara (BIB) entered into coal hauling road maintenance agreement. BIB may pass the hauling road which is owned by TIA for a total volume of 15,000,000MT for five years or for 3,000,000MT per year and pay maintenance fees as follows: (i) hauling road amounting to USD0.067/MT/KM and (ii) Minamas road amounting to Rp71 per month. During 2011, total maintenance fees recognized by TIA amounted to Rp4,608, which is presented as part of “Other Operating Income” in the consolidated statements of comprehensive income.

Pada tanggal 26 November 2010, TIA dan PT Borneo Indobara (BIB) menandatangani perjanjian kerjasama pemeliharaan jalan hauling batubara. BIB dapat melintasi jalan hauling batubara milik TIA untuk total volume batubara 15.000.000MT selama lima tahun atau 3.000.000MT per tahun dan membayar biaya pemeliharaan sebagai berikut: (i) jalan hauling sebesar USD0,067/MT/KM dan (ii) jalan Minamas Rp71 per bulan. Selama tahun 2011, total biaya pemeliharaan yang diakui TIA adalah sebesar Rp4.608, yang disajikan sebagai bagian dari “Pendapatan Operasi Lainnya” pada laporan laba rugi komprehensif konsolidasian.

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PERIKATAN


DAN


TIA (lanjutan)

TIA (continued)

f.

f.

g.

Perjanjian layanan hukum

Legal service agreement

Pada tanggal 1 April 2010, TIA mengadakan perjanjian jasa hukum dengan Yanuar & Partners Law Office dalam rangka memberikan pelayanan hukum dalam proses penambangan batubara di area pertambangan. Perjanjian ini berlaku sampai dengan tanggal 31 Maret 2013 dan dapat diperpanjang oleh kedua belah pihak.

On April 1, 2010, TIA entered into legal service agreement with Yanuar & Partners Law Office in the framework of providing legal services in the course of coal mining in the mining area. This agreement is valid until March 31, 2013 and can be extended by both parties.

Untuk tahun yang berakhir pada tanggaltanggal 31 Desember 2011 dan 2010, biaya layanan hukum yang dibebankan pada operasi tahun berjalan masing-masing sebesar Rp15.044 dan Rp8.200, yang disajikan sebagai bagian dari “Beban Penjualan, Umum dan Administrasi” pada laporan laba rugi komprehensif konsolidasian (Catatan 28).

For the years ended December 31, 2011 and 2010, legal service fees charged to current operations amounted to Rp15,044 and Rp8,200, respectively, which are presented as part of ”Selling, General and Administrative Expenses” in the consolidated statements of comprehensive income (Note 28).

Perjanjian penggunaan jasa pelabuhan

g.

Port utilization service agreement

TIA menandatangani perjanjian No. 001/CAVDR/TIA-BBC/IX/09 mengenai penggunaan jasa pelabuhan dengan PT Berkat Borneo Coal (BBC) sebagai pemilik sekaligus pengelola fasilitas pelabuhan pada tanggal 7 September 2009. Batubara yang akan diproduksi dan dikapalkan selama satu tahun jangka waktu perjanjian sejumlah 800.000MT yang akan dikenakan ongkos jasa pelabuhan sebesar Rp50.000/MT (dalam angka penuh) (termasuk didalamnya biaya pelabuhan, crushing, rehandling, pemuatan, dan biaya jetty).

TIA entered into agreement No. 001/CAVDR/TIA-BBC/IX/09, dated September 7, 2009 to render port utilization service to PT Berkat Borneo Coal (BBC) as owner and operator of coal port facility. Coal that will be produced and shipped during the contract term of one year is 800,000MT on which will be charged port service fee amounting to Rp50,000/MT (full amount) (including port fee, crushing, rehandling, loading, and jetty fee).

Perjanjian ini diubah pada tanggal 21 Juni 2010, untuk merubah ongkos jasa pelabuhan menjadi Rp37.000/MT (dalam angka penuh) untuk batubara di ROM dan Rp50.000/MT (dalam angka penuh) untuk batubara crushed (termasuk biaya pelabuhan, crushing, rehandling, pemuatan, dan biaya jetty).

The agreement was amended on June 21, 2010, changing the service fee to Rp37,000/MT (full amount) for coal in ROM, and Rp50,000/MT (full amount) for crushed coal (including port fee, crushing, re-handling, loading, and jetty fee).

Untuk tahun yang berakhir pada tanggaltanggal 31 Desember 2011 dan 2010, biaya jasa penggunaan pelabuhan yang telah dibebankan pada operasi tahun berjalan masing-masing sebesar Rp27.037 dan Rp35.951, yang disajikan sebagai bagian dari “Beban Pokok Penjualan dan Pendapatan Jasa” pada laporan laba rugi komprehensif konsolidasian (Catatan 27).

For the years ended December 31, 2011 and 2010, port utilization service fee charged to current operations amounted to Rp27,037 and Rp35,951, respectively, which is presented as part of “Cost of Goods Sold and Services” in the consolidated statements of comprehensive income (Note 27).

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TIA (lanjutan)

TIA (continued)

h.

h.

i.

Biaya eksploitasi

Exploitation fee

Berdasarkan Peraturan Pemerintah No. 45/2003 seluruh perusahaan yang memiliki ijin eksploitasi diwajibkan untuk membayar iuran eksploitasi sebesar 4% sampai 5% dari nilai penjualan, setelah dikurangi beban penjualan. Iuran eksploitasi (royalti) disajikan sebagai “Beban Pokok Penjualan dan Pendapatan Jasa” pada laporan laba rugi komprehensif konsolidasian (Catatan 27).

Based on Government Regulation No. 45/2003, all companies holding mining rights will have an obligation to pay exploitation fees ranging from 4% to 5% of sales, net of selling expenses. The fees are presented as part of “Cost of Goods Sold and Services” in the consolidated statements of comprehensive income (Note 27).

Untuk tahun yang berakhir pada tanggaltanggal 31 Desember 2011 dan 2010, iuran eksploitasi yang telah dibebankan pada operasi tahun berjalan masing-masing adalah sebesar Rp55.448 dan Rp23.956.

For the years ended December 31, 2011 and 2010, exploitation fees charged to current operations amounted to Rp55,448 and Rp23,956, respectively.

Biaya keagenan

i.

Agency fees

TIA memiliki perjanjian keagenan dengan Tn. Girish Raghavan, seorang agen, untuk memasarkan batubara kepada beberapa pelanggan tertentu. Agen tersebut mendapatkan komisi sebesar USD0,75/MT berdasarkan jumlah penjualan batubara kepada pelanggan.

TIA has an agency agreement with Mr. Girish Raghavan, an agent, to market coal to certain customers. Under the agreement, the agent would receive commission of USD0.75/MT based on quantity sold to customers.

Sejak Oktober 2011, perjanjian keagenan dengan Tn. Girish Reaghavan tidak dilanjutkan, tetapi TIA menandatangani perjanjian keagenan dengan Reswara. Komisi yang dibayarkan sebesar USD1,00/MT berdasarkan jumlah penjualan batubara kepada pelanggan.

In October 2011, the agency agreement was terminated, hence, TIA entered into an agency agreement with Reswara. Commission is paid at USD1.00/MT based on quantity sold to customers.

MDB

MDB

Pada tanggal 28 April 2011, MDB dan PT Tata Bara Utama (TBU) menandatangani perjanjian pekerjaan pembangunan infrastruktur dan penambangan batubara di wilayah IUP MIFA dan BEL, dengan jangka waktu pekerjaan selama periode 36 bulan, mulai dilaksanakan pada tanggal 23 Mei 2011 sampai dengan 23 Mei 2014.

On April 28, 2011, MDB and PT Tata Bara Utama (TBU) signed an agreement for the infrastructure development and coal mining in the IUP of MIFA and BEL, for a period of 36 months effective on May 23, 2011 up to May 23, 2014.

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MDB (lanjutan)

MDB (continued)

Selama tahun 2011, total biaya yang dikeluarkan untuk pekerjaan tersebut sebesar Rp8.886 (sebelum pajak pertambahan nilai). TBU berhak menerima management fee sebesar 15% setiap bulan yang dihitung berdasarkan total biaya operasional aktual setiap bulan.

During 2011, total costs incurred for work amounted to Rp8,886 (excluding VAT). TBU is entitled to receive a management fee of 15% per month that is calculated based on total actual operating expenses per month.

Proses litigasi

Litigations

a.

CK terlibat dalam perkara dengan Bulk Trading, sehubungan dengan kegagalan Bulk Trading untuk melakukan pembayaran atas pekerjaan yang telah dilakukan oleh CK senilai USD7.100.000 dan Rp3.800 berdasarkan kontrak pekerjaan penambangan batubara tanggal 20 Februari 2007 antara CK dan Bulk Trading yang diakhiri oleh CK pada tanggal 24 Juni 2008. Merujuk pada Putusan No. 396K/PDT.SUS/2010, Mahkamah Agung memutuskan menerima permohonan banding dari BANI dan membatalkan Penetapan Pengadilan Negeri Jakarta Selatan. CK kemudian mengajukan permohonan Peninjauan Kembali pada tanggal 22 Juli 2011 kepada Mahkamah Agung. Sampai dengan tanggal laporan, perkara ini masih dalam proses pemeriksaan Mahkamah Agung.

a.

CK is involved in litigation proceedings with Bulk Trading, in relation to Bulk Trading's payment default amounting to USD7,100,000 and Rp3,800 under a coal mining services contract dated February 20, 2007 between CK and Bulk Trading which was terminated by CK on June 24, 2008. Pursuant to the Supreme Court Decision No. 396/PDT.SUS/2010, the Supreme Court decided in favor of BANI’s request and cancelled the decision of the South Jakarta District Court. CK subsequently submitted an appeal for review on July 22, 2011. As of the date of this report, the case is still in the process of investigation by the Supreme Court.

b.

CK juga terlibat dalam perkara lainnya sehubungan dengan sengketa kepemilikan dua buah bidang tanah yang terletak di Mantewe, Kabupaten Tanah Bumbu, Kalimantan Selatan dengan luas total tanah sebesar 20.000 meter persegi. Pada tahun 2011, Abdul Hadi mengajukan gugatan terhadap PT. Arutmin Indonesia, CK dan H. Darmansyah pada Pengadilan Negeri Kotabaru. Dalam gugatan tersebut, penggugat menuntut pembayaran (i) kerugian material sebesar Rp358.800 dan Rp3.120 serta (ii) kerugian immaterial yang diderita oleh penggugat sebesar Rp10.000. Penggugat juga menuntut CK untuk menghentikan kegiatan pertambangan yang dilakukan di tanah sengketa sampai ada putusan pengadilan yang menetapkan hak milik dari obyek sengketa. Sampai dengan tanggal laporan, proses beracara di pengadilan Negeri Kotabaru masih berlangsung

b.

CK is also involved in a legal dispute in connection with the ownership rights to two plots of land located in Mantewe, Tanah Bumbu, South Kalimantan with a total area of 20,000 square meters. In 2011, Abdul Hadi filed a lawsuit against PT Arutmin Indonesia, CK and H. Darmawan as the defendants, with the Kotabaru District Court, claiming (i) material loss amounting to Rp358,800 and Rp3,120 and (ii) moral damage suffered by the plaintiff amounting to Rp10,000. The plaintiff further seeks to cease CK's mining contracting activity on the disputed land until the court has issued its decision. As of the date of this report, CK is in the process of proceeding in the District Court of Kotabaru.

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Proses litigasi (lanjutan)

Litigations (continued)

c. CK terlibat dalam gugatan hukum dengan Bulk Trading SA, dimana CK digugat oleh Bulk Trading melalui Pengadilan Negeri Jakarta Selatan karena telah memutuskan kontrak secara sepihak dan mencairkan bank garansi senilai USD2.000.000 yang ada di Credit Agricole (Suisse) SA, Swiss. Pengadilan Negeri Jakarta Selatan berdasarkan putusannya No. 481/Pdt.G/2010/PN.Jkt.Sel. menyatakan bahwa gugatan Bulk Trading dan eksepsi CK tidak dapat diterima. Pada tanggal 21 Oktober 2011, CK telah melakukan upaya hukum banding dan mengajukan Memori Banding ke Mahkamah Agung. Sampai dengan tanggal laporan, CK masih dalam proses banding di Mahkamah Agung.

c. CK is involved in litigation proceedings with Bulk Trading SA whereby CK was sued by Bulk Trading in the District Court of South Jakarta for unilaterally terminating a contract and withdrawing the Bank Guarantee of USD2,000,000 at Credit Agricole (Suisse) SA, Switzerland. The District Court of South Jakarta, in its decision No.481/Pdt.G.2010/ PN.Jak.Sel., stated that the suit filed by Bulk Trading and the exception by CK is not accepted. On October 21, 2011, CK filed an appeal with the Supreme Court. As of the date of this report, no decision has been made by the Supreme Court.

d. TIA terlibat dalam gugatan hukum sehubungan dengan kompensasi bagi pemanfaatan lahan yang berada pada area konsesi milik TIA. Pada bulan Januari 2011, Haji Adi selaku penggugat mendaftarkan gugatan terhadap TIA di Pengadilan Negeri Banjarmasin. Penggugat juga berusaha untuk mencabut dan membatalkan IUP milik TIA berikut ijin pinjam pakai kawasan hutan yang telah diberikan kepada TIA. Pada bulan September 2011, Pengadilan Negeri Banjarmasin telah mengeluarkan putusan yang menolak gugatan penggugat dan memberikan waktu 14 hari bagi penggugat untuk mengajukan perlawanan hukum (banding) ke Pengadilan Tinggi Kalimantan Selatan. Namun demikian, karena penggugat sampai dengan tanggal yang ditetapkan tidak mengajukan banding, maka putusan Pengadilan Negeri Banjarmasin telah berkekuatan hukum tetap.

d.

149

TIA is involved in legal proceedings in connection with the compensation for the utilization of a parcel of land in TIA's concession area. In January 2011, Haji Adi as the plaintiff filed a lawsuit with the District Court of Banjarmasin against TIA. The plaintiff also seeks the revocation and nullification of TIA's IUPs as well as the forestry borrow-use permits granted to TIA. In September 2011, the District Court of Banjarmasin rejected the lawsuit and gave 14 (fourteen) days for the plantiff to appeal to the High Court of South Kalimantan. Since the plaintiff did not submit his appeal until the determined date, the decision of the District Court of Banjarmasin is legally binding.



PERIKATAN


DAN


Proses litigasi (lanjutan)

Litigation (continued)

e. TIA juga terlibat dalam gugatan hukum sehubungan dengan kepemilikan tanah yang berada didalam area konsesi milik TIA. Pada bulan Januari 2011, Froperi (sebuah organisasi massa setempat) selaku penggugat mendaftarkan gugatan kepada, salah satunya, TIA di Pengadilan Negeri Kotabaru. Penggugat meminta TIA melepaskan tanah yang menjadi sengketa untuk dikembalikan kepada masyarakat. Pada bulan November 2011, Pengadilan Negeri Kotabaru telah mengeluarkan putusan yang menolak gugatan penggugat. Terhadap putusan tersebut, penggugat mengajukan banding ke Pengadilan Tinggi Kalimantan Selatan. Sampai dengan tanggal laporan, perkara ini masih di proses di Pengadilan Tinggi Kalimantan Selatan.

e.

TIA is also involved in a legal proceeding in connection with the land ownership rights within TIA's concession area. In January 2011, Fropery (a local mass organization) as the plaintiff filed a lawsuit against TIA, among other defendants, with the District Court of Kotabaru. The plaintiff also seeks TIA's relinquishment of the disputed land to the community. On November 2011, the District Court of Kotabaru has rejected the lawsuit. Upon The verdict, plaintiff appealed to the High Court of South Kalimantan. As of the date of the report, the case is still in process at the High Court of South Kalimantan.

f.

f.

CKB is involved in environmental criminal cases, where Antonius Roni Setyawan as Director of CKB, charged with environmental crimes. Pursuant to Decision No. 1060/ Pid.B/2010/PN.Mks. dated December 16, 2010 in District Court of Makassar, Director of CKB is expressed not proven legally and convincingly guilty of committing a crime and acquitted him of all charges. Over this decision the Public Prosecutor appealed to the Supreme Court, which Director of CKB also has expressed Kontra Memori Kasasi on January 28, 2011. As of the date of this report, the case is still in the process of the Supreme Court.

CKB terlibat dalam perkara pidana lingkungan, dimana Antonius Roni Setyawan selaku Direktur CKB, dituntut atas tindak pidana lingkungan. Berdasarkan Putusan No. 1060/ Pid.B/2010/PN.Mks. tanggal 16 Desember 2010 di Pengadilan Negeri Makassar, Direktur CKB dinyatakan tidak terbukti secara sah dan meyakinkan bersalah melakukan tindak pidana dan membebaskannya dari semua tuntutan. Atas putusan ini Jaksa Penuntut Umum mengajukan kasasi ke Mahkamah Agung, dimana Direktur CKB juga telah menyampaikan Kontra Memori Kasasi pada tanggal 28 Januari 2011. Sampai dengan tanggal laporan ini, perkara ini masih dalam proses kasasi di Mahkamah Agung.

150


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 34. ASET DAN LIABILITAS MATA UANG ASING


MONETER DALAM

34. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2011 dan 2010, Grup memiliki aset dan liabilitas moneter dalam mata uang asing yang signifikan sebagai berikut:

As of December 31, 2011 and 2010, the Group has significant monetary assets and liabilities denominated in foreign currencies as follows:

2011

USD

2010

Setara dengan Rupiah/Equivalent Amount in Rupiah

USD


Dolar Amerika Serikat Aset Kas dan setara kas Kas dan setara kas yang dibatasi penggunaannya Piutang usaha Piutang lainnya

40.808.066

370.048

22.998.554

206.780

United States dollar Assets Cash and cash equivalents

20.351.444 113.883.578 14.811.727

184.547 1.032.696 134.313

89.839.284 -

807.745 -

Restricted cash and cash equivalent Trade receivables Other recevaibles

Sub-total

189.854.815

1.721.604

112.837.838

1.014.525

Sub-total

Liabilitas Utang bank jangka pendek Utang usaha Utang lainnya Beban yang masih harus dibayar Utang bank jangka panjang Utang sewa pembiayaan Utang jangka panjang lainnya

39.637.254 72.518.766 1.418.375 6.406.774 251.951.517 119.406.851 -

359.433 657.600 12.862 58.097 2.284.696 1.082.781 -

32.500.000 126.059.838 36.740.990 68.325.272 14.000.000

292.208 1.133.404 330.338 64.313 125.874

Liabilities Short-term bank loans Trade payables Other payables Accrued expenses Long-term bank loans Obligations under finance lease Other long-term loan

Sub-total

491.339.537

4.455.469

277.626.100

1.946.137

Sub-total

931.612

Liabilities in United States dollar, net

Liabilitas dalam Dolar Amerika Serikat, neto

301.484.722

Euro Euro Eropa Aset Kas dan setara kas

2.733.865


164.788.262

Euro


55.824

655

23.168

277

European Euro Asset Cash and cash equivalents

Liabilitas Utang usaha

1.157.582

13.589

969.722

11.594

Liability Trade payables

Liabilitas dalam Euro, neto

1.101.758

12.934

946.554

11.317

Liability in Euro, net



Mata uang asing lainnya Aset Kas dan setara kas Piutang usaha

664 2

258 1.610

Other foreign currencies Assets Cash and cash equivalents Trade receivables

Sub-total

666

1.868

Sub-total

Liabilitas Utang usaha

15.432

12.515

Liability Trade payables

Liabilitas dalam mata uang asing lainnya, neto

14.766

10.647

Liability in other foreign currencies, net

151




35. NILAI WAJAR INSTRUMEN KEUANGAN

35. FAIR VALUES OF FINANCIAL INSTRUMENTS

Nilai wajar atas aset dan liabilitas keuangan adalah nilai dimana instrumen dapat dipertukarkan/ diselesaikan antar pihak yang memahami dan berkeinginan untuk melakukan transaksi secara wajar (arm's length transaction), yang bukan berasal dari penjualan yang dipaksakan atau likuidasi.

Fair values of the financial assets and liabilities are included at the amounts at which the instruments could be exchanged in a current transaction between knowledgeable willing parties in an arm's length transaction, other than in a forced or liquidation sale.

Berikut ini adalah metode dan asumsi yang digunakan untuk memperkirakan nilai wajar setiap kelompok dari instrumen keuangan Grup:

The following are the methods and assumptions used to estimate the fair value of each class of the Group’s financial instruments:

a.

Kas dan setara kas, kas dan setara kas yang dibatasi penggunaannya, piutang usaha, piutang lainnya, aset lancar lainnya, utang usaha, utang lainnya dan beban yang masih harus dibayar mendekati nilai tercatatnya karena bersifat jangka pendek.

a.

Cash and cash equivalents, restricted cash and cash equivalents, trade receivables, other receivables, other current assets, trade payables, other payables and accrued expenses approximate their carrying amounts largely due to the short-term maturities of these instruments.

b.

Nilai wajar aset keuangan tersedia untuk dijual yang tidak tersedia nilai wajarnya diperkirakan dengan menggunakan metode penilaian.

b.

The fair value of unquoted available-for-sale financial assets is estimated using appropriate valuation techiques.

c.

Nilai tercatat dari utang bank dan utang jangka panjang lainnya mendekati nilai wajarnya disebabkan oleh pemakaian suku bunga mengambang atas instrumen tersebut, dimana tingkat bunga tersebut selalu disesuaikan oleh bank.

c.

The carrying values of bank loans and other long-term loans approximate their fair values due to the floating rate interests on these instruments which are subject to adjustments by the banks.

d.

Nilai wajar aset tidak lancar lainnya, utang sewa pembiayaan, utang usaha jangka panjang dan beban yang masih harus dibayar jangka panjang diperkirakan dengan mendiskontokan arus kas masa depan menggunakan tingkat suku bunga saat ini bagi pinjaman, yang mempersyaratkan risiko kredit dan sisa masa jatuh tempo yang serupa. Namun karena selisih antara nilai yang tercatat dengan nilai wajarnya tidak material, maka tidak dilakukan penyesuaian.

d.

The fair values of non-current assets, obligations under finance lease, long-term trade payables and long-term accrued expenses are estimated by discounting future cash flows, using rates currently available for debt on similar terms, credit risks and remaining maturities. However, since the differences between the carrying values and fair values are not material, these are no longer adjusted.

152


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 35. NILAI WAJAR (lanjutan)

INSTRUMEN


KEUANGAN

35. FAIR VALUES OF FINANCIAL INSTRUMENTS (continued)

Tabel berikut menyajikan nilai wajar, yang mendekati nilai tercatat, atas aset keuangan dan liabilitas keuangan Grup:

The following tables set forth the fair values, which approximate the carrying amounts, of financial assets and financial liabilities of the Group:

2011

2010

Aset Keuangan Lancar Pinjaman yang diberikan dan piutang Kas dan setara kas Kas dan setara kas yang dibatasi penggunaannya Piutang usaha Piutang lainnya Aset lancar lainnya

1.668.670

433.039

186.577 1.405.596 161.938 3.621

7.626 985.238 9.950 732

Current Financial Assets Loans and receivables Cash and cash equivalents Restricted cash and cash equivalents Trade receivables Other receivables Other current assets

Total Aset Keuangan Lancar

3.426.402

1.436.585

Total Current Financial Assets Non-current Financial Assets Loans and receivables Other non-current assets

Aset Keuangan Tidak Lancar Pinjaman yang diberikan dan piutang Aset tidak lancar lainnya

13.038

4.700

Aset keuangan tersedia untuk dijual Penyertaan saham

59.780

-

3.499.220

1.441.285

Total Aset Keuangan Liabilitas Keuangan Jangka Pendek Liabilitas yang dicatat pada nilai wajar atau biaya perolehan yang diamortisasi Utang bank jangka pendek Utang usaha Utang lainnya Beban yang masih harus dibayar Bagian yang jatuh tempo dalam satu tahun: Utang bank jangka panjang Utang sewa pembiayaan

493.852 1.395.406 59.559 231.911

292.208 1.270.543 38.523 282.130

470.526 399.039

131.813 289.201

Total Liabilitas Keuangan Jangka Pendek

3.050.293

2.304.418

Liabilitas Keuangan Jangka Panjang Liabilitas yang dicatat pada nilai wajar atau biaya perolehan yang diamortisasi Kewajiban jangka panjang setelah dikurangi bagian yang jatuh tempo dalam satu tahun Utang bank jangka panjang Utang jangka panjang lainnya Utang sewa pembiayaan Utang usaha jangka panjang Beban yang masih harus dibayar setelah dikurangi bagian yang jatuh tempo dalam satu tahun

Financial asset available-for-sale Investment in shares of stock Total Financial Assets Current Financial Liabilities Liabilities at fair value or amortized cost Short-term bank loans Trade payables Other payables Accrued expenses Current maturities of: Long-term bank loans Obligations under finance lease Total Current Financial Liabilities Non-current Financial Liabilities

Liabilities at fair value or amortized cost Long-term debts - net of current maturities Long-term bank loans Other long-term loans Obligations under finance lease Long-term trade payable

2.831.156 733.779 -

715.785 125.874 369.185 56.435

-

35.361

Total Liabilitas Keuangan Jangka Panjang

3.564.935

1.302.640

Total Non-current Financial Liabilities

Total Liabilitas Keuangan

6.615.228

3.607.058

Total Financial Liabilities

153

Accrued expenses - net of current maturities


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 36. KEBIJAKAN DAN RISIKO KEUANGAN

TUJUAN


MANAJEMEN

36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Liabilitas keuangan utama Grup meliputi utang jangka pendek dan jangka panjang, utang usaha dan lainnya, utang sewa pembiayaan, dan beban yang masih harus dibayar. Tujuan utama dari liabilitas keuangan ini adalah untuk mengumpulkan dana untuk operasi Grup. Grup juga mempunyai berbagai aset keuangan seperti kas dan setara kas, kas dan setara kas yang dibatasi penggunaannya, piutang usaha dan lainnya, aset lancar lainnya, dan aset tidak lancar lainnya yang dihasilkan langsung dari kegiatan usahanya.

The principal financial liabilities of the Group consist of short-term and long-term loans, trade and other payables, obligations under finance lease, and accrued expenses. The main purpose of these financial liabilities is to raise funds for the operations of the Group. The Group also has various financial assets such as cash and cash equivalents, restricted cash and cash equivalents, trade and other receivables, other current assets and other non-current assets which arise directly from its operations.

Risiko utama yang timbul dari instrumen keuangan Grup adalah risiko suku bunga atas nilai wajar dan arus kas, risiko mata uang, risiko kredit dan risiko likuiditas. Kepentingan untuk mengelola risiko ini telah meningkat secara signifikan seiring perubahan dan volatilitas pasar keuangan baik di Indonesia maupun internasional. Direksi Perusahaan menelaah dan menyetujui kebijakan untuk mengelola risiko-risiko yang dirangkum di bawah ini.

The main risks arising from the Group’s financial instruments are fair value and cash flow interest rate risk, foreign exchange rate risk, credit risk and liquidity risk. The importance of managing these risks has significantly increased in light of the considerable change and volatility in both Indonesian and international financial markets. The Company's Board of Directors reviews and approves the policies for managing these risks which are summarized below.

a.

a.

Risiko suku bunga atas nilai wajar dan arus kas

Fair value and cash flow interest rate risk

Risiko suku bunga atas nilai wajar dan arus kas adalah risiko dimana nilai wajar atau arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi akibat perubahan suku bunga pasar. Eksposur Grup terhadap risiko perubahan suku bunga pasar terutama terkait dengan utang bank jangka pendek dan utang jangka panjangnya. Fluktuasi suku bunga mempengaruhi biaya atas pinjaman baru dan bunga atas saldo utang Grup yang dikenakan suku bunga mengambang.

Fair value and cash flow interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group is exposed to the risk of changes in market interest rates relating primarily to its short-term bank loans and long-term loans. Interest rate fluctuations influence the cost of new loans and the interest on the outstanding variable rate loans of the Group.

Kebijakan Grup terkait dengan risiko suku bunga adalah dengan mengelola biaya bunga melalui kombinasi pinjaman dengan suku bunga tetap dan mengambang. Grup mengevaluasi perbandingan suku bunga tetap terhadap suku bunga mengambang dari utang bank jangka pendek dan utang jangka panjang lainnya sejalan dengan perubahan suku bunga yang relevan di pasar uang. Berdasarkan penilaian manajemen, pembiayaan baru akan ditentukan pada suku bunga tetap atau mengambang.

The Group’s policies relating to interest rate risk are to manage interest cost through a mix of fixed and variable rate debts. The Group evaluates the fixed to floating ratio of its shortterm bank loans and other long-term loans in line with movements of relevant interest rates in the financial markets. Based on management's assessment, new financing will be priced either on a fixed or floating rate basis.

Saat ini, Grup tidak mempunyai kebijakan lindung nilai formal atas risiko suku bunga. Untuk utang sewa pembiayaan dan utang jangka panjang, Grup mengelola risiko suku bunga dengan mengalihkannya kepada para pelanggan.

Currently, the Group does not have a formal hedging policy for interest rate exposures. For obligations under finance lease and long-term loan, the Group may seek to mitigate its interest rate risk by passing it on to its customers.

154


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 36. KEBIJAKAN DAN TUJUAN RISIKO KEUANGAN (lanjutan) b.

c.


MANAJEMEN

36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Risiko mata uang

b.

Foreign exchange rate risk

Risiko mata uang adalah risiko dimana nilai wajar atau arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi akibat perubahan nilai tukar mata uang asing. Dampak fluktuasi nilai tukar terhadap Grup terutama berasal dari utang jangka pendek, utang jangka panjang, piutang usaha dari penjualan dalam mata uang asing dan utang usaha dari pembelian dalam mata uang asing.

Foreign exchange rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to exchange rate fluctuations results primarily from short-term loans, long-term loans, trade receivables from sales in foreign currencies and trade payables from purchases in foreign currencies.

Aset dan liabilitas moneter Grup dalam mata uang asing pada tanggal 31 Desember 2011 dan 2010 disajikan pada Catatan 34.

Monetary assets and liabilities of the Group which are denominated in foreign currencies as of December 31, 2011 and 2010 are presented in Note 34.

Grup tidak mempunyai kebijakan lindung nilai yang formal untuk risiko pertukaran mata uang asing. Walaupun demikian, terkait dengan halhal yang telah didiskusikan pada paragraf diatas, fluktuasi nilai tukar rupiah masingmasing terhadap, dolar Amerika Serikat, dolar Australia, dan Euro menghasilkan lindung nilai natural terhadap risiko mata uang Grup.

The Group does not have any formal hedging policy for foreign exchange exposure. However, in relation to the matters discussed in the preceding paragraph, the fluctuations in the exchange rates between the rupiah and each of the United States dollar, Australian dollar, and Euro provide some degree of natural hedge for the Group’s foreign exchange exposure.

Risiko kredit

c.

Credit risk

Risiko kredit adalah risiko dimana salah satu pihak terhadap suatu instrumen keuangan gagal memenuhi kewajibannya dan menyebabkan pihak lain mengalami kerugian keuangan. Risiko kredit yang dihadapi Grup berasal dari kredit yang diberikan kepada pelanggan. Grup melakukan hubungan usaha hanya dengan pihak ketiga yang diakui dan kredibel. Grup memiliki kebijakan untuk semua pelanggan yang akan melakukan perdagangan secara kredit harus melalui prosedur verifikasi kredit.

Credit risk is the risk that a party to a financial instrument will fail to discharge its obligation and will result in a financial loss to the other party. The Group is exposed to credit risk arising from the credit granted to its customers. The Group trades only with recognized and creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures.

Sebagai tambahan, saldo piutang dipantau secara terus menerus untuk mengurangi risiko piutang yang tidak tertagih. Nilai maksimal eksposur terhadap risiko kredit adalah sebesar nilai tercatat piutang sebagaimana diungkapkan pada Catatan 6. Tidak ada risiko kredit yang terpusat.

In addition, receivable balances are monitored on an ongoing basis to reduce the exposure to bad debts. The maximum exposure to credit risk is represented by the carrying amount of receivables as shown in Note 6. There is no concentration of credit risk.

155


PT ABM INVESTAMA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 2010 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 36. KEBIJAKAN DAN TUJUAN RISIKO KEUANGAN (lanjutan) c.


MANAJEMEN

36. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Risiko kredit (lanjutan)

c.

With respect to credit risk arising from the other financial assets, which comprise cash and cash equivalents, restricted cash and cash equivalent, short-term investment in terms of time deposits and certain derivative instruments, the Group’s exposure to credit risk arises from default of the counterparty. The Group has a policy not to place investments in instruments that have a high credit risk and to put the investments only in banks with high credit ratings.The maximum exposure to this risk is equal to the carrying amounts of the above-mentioned financial assets disclosed in Notes 4, 5 and 6.

Sehubungan dengan risiko kredit yang timbul dari aset keuangan lainnya yang mencakup kas dan setara kas, kas yang dibatasi penggunaanya, dan investasi jangka pendek dalam bentuk deposito, risiko kredit yang dihadapi timbul karena wanprestasi dari pihak terkait. Grup memiliki kebijakan untuk tidak menempatkan investasi pada instrumen yang memiliki risiko kredit tinggi dan hanya menempatkan investasinya pada bank-bank dengan peringkat kredit yang tinggi. Nilai maksimal eksposur terhadap risiko ini adalah sebesar nilai tercatat dari aset keuangan sebagaimana diungkapkan pada Catatan 4, 5 dan 6. d.

Credit risk (continued)

Risiko likuiditas

d.

Liquidity risk

Dalam mengelola risiko likuiditas, Grup memantau dan menjaga tingkat kas dan setara kas yang dianggap memadai untuk membiayai operasi Grup dan untuk mengatasi dampak dari fluktuasi arus kas. Grup juga secara rutin mengevaluasi proyeksi arus kas dan arus kas aktual, termasuk jadwal jatuh tempo utang jangka panjang mereka, dan terus menelaah kondisi pasar keuangan untuk memelihara fleksibilitas pendanaan dengan cara menjaga ketersediaan komitmen fasilitas kredit.

In the management of liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate to finance the Group’s operations and to mitigate the effects of fluctuation in cash flows. The Group also regularly evaluates the projected and actual cash flows, including its long-term loan maturity profiles, and continuously assesses conditions in the financial markets to maintain flexibility in funding by keeping committed credit facilities available.

Tabel di bawah ini merupakan jadwal jatuh tempo liabilitas keuangan Grup pada tanggal 31 Desember 2011 berdasarkan pembayaran kontraktual yang tidak didiskontokan (tidak termasuk pembayaran bunga):

The table below summarizes the maturity profile of the Group’s financial liabilities as of December 31, 2011 based on contractual undiscounted payments to be made (excluding interest payments): 2011

Kurang dari 1 tahun/ Below 1 year Liabilitas jangka pendek Utang bank jangka pendek Utang usaha Utang lainnya Beban yang masih harus dibayar Sub-total Liabilitas jangka panjang Utang bank jangka panjang* Utang sewa pembiayaan* Sub-total Total

1 - 2 tahun/ 1 - 2 years

3 - 5 tahun/ 3 - 5 years

Total/ Total

493.852 1.395.406 59.559 231.911

-

-

493.852 1.395.406 59.559 231.911

2.180.728

-

-

2.180.728

483.120 399.039

617.668 525.957

2.236.375 207.822

3.337.163 1.132.818

882.159

1.143.625

2.444.197

4.469.981

3.062.887

1.143.625

2.444.197

6.650.709

Biaya transaksi yang belum diamortisasi

(35.481)

Neto

6.686.190

*Termasuk bagian yang jatuh tempo dalam satu tahun

* including current maturities

156

Current liabilities Short-term bank loans Trade payables Other payables Accrued expenses Sub-total Non-current liabilities Long-term bank loans* Obligations under finance lease* Sub-total Total Unamortized transaction cost Net




37. PERATURAN MENTERI a.

b.

37. MINISTERIAL REGULATIONS

Peraturan Menteri No. 28/2009

a.

Ministerial Regulation No. 28/2009

Pada bulan September 2009, Menteri Energi dan Sumber Daya Mineral mengeluarkan Peraturan Menteri No. 28/2009, mengatur, antara lain, pengelompokan perusahaan jasa pertambangan dan penggunaan perusahaan jasa pertambangan termasuk perusahaan afiliasi oleh para pemegang ijin usaha pertambangan (IUP).

In September 2009, the Minister of Energy and Mineral Resources issued Ministerial Regulation No. 28/2009 which, among other regulates categorization of mining contractor and the utilization of a mining service contractor including affiliated company by the owner of mining concession.

Direktur Jenderal Mineral, Batubara dan Panas Bumi telah mengeluarkan peraturan pelaksanaan atas Peraturan Menteri No. 28 Tahun 2009 melalui Peraturan Direktur Jenderal No. 376.K/30/DJB/2010 tertanggal 10 Mei 2010 tentang tata cara dan persyaratan permohonan persetujuan keikutsertaan entitas anak dan afiliasi dalam usaha jasa pertambangan. Peraturan ini mengatur dan menjelaskan lebih lanjut mengenai definisi dan syarat penggunaan entitas anak dan afiliasi pemegang IUP dalam bidang usaha jasa oertambangan di wilayah usaha pertambangan yang diusahakannya, untuk dijadikan pedoman dalam penggunaan perusahaan jasa pertambangan afiliasi.

The Director General of Mineral, Coal and Geothermal has issued implementation regulation of Minister Decree No. 28 Year 2009 through the Director General Regulation No. 376.K/30/DJB/2010 dated May 10, 2010 on the procedures and requirements of a request for approval to involve a subsidiary and/or an affiliate in mining service activities (Peraturan Dirjen). Peraturan Dirjen further regulates and explains the definition of and the requirement to use a subsidiary and an affiliate company of IUP holders at mining service contractor in their mining area in order providing guidance for the utilization of an affiliated mining contractor services company.

CK selaku perusahaan pertambangan nasional sedang mempertimbangkan dampak dari peraturan tersebut oleh karena CK menyediakan jasa kontraktor pertambangan kepada pihak ketiga di berbagai lokasi di Indonesia.

CK as a national mining contractor company is considering the impact of the regulation since CK provides mining contractor services to third parties at several locations in Indonesia.


b.

Ministerial Regulation No. 34/2009 In December 2009, the Minister of Energy and Mineral Resources (MEMR) issued Ministerial Regulation No. 34/2009, which provides a legal framework to require mining companies to sell a portion of their output to domestic customers (Domestic Market Obligation or DMO). The list of mining companies that are required to fulfill DMO and the related minimum percentage of coal sales for DMO is determined based on the Decree of the MEMR every year. Based on the latest Decree of the MEMR on the 2012 DMO, TIA is not required to fulfill DMO. However, TIA is closely monitoring the progress of the implementation of the Regulation, and will consider its impact on its operations, if any, when the revised implementing regulations are issued.

Pada Desember 2009, Kementerian Energi dan Sumber Daya Mineral (KESDM) mengeluarkan Peraturan Menteri No. 34/2009, yang menetapkan kerangka hukum yang mengharuskan perusahaan pertambangan untuk menjual sebagian produknya ke pelanggan dalam negeri (Domestic Market Obligation atau DMO). Daftar perusahaan pertambangan yang diwajibkan untuk memenuhi DMO beserta persentase minimal penjualan batubara untuk DMO ditetapkan berdasarkan keputusan KESDM setiap tahunnya. Berdasarkan keputusan KESDM terakhir yang mengatur DMO tahun 2012, TIA tidak diwajibkan untuk memenuhi DMO. Namun demikian, TIA terus memonitor perkembangan dari peraturan pelaksanaan, dan akan mempertimbangkan pengaruh peraturan tersebut, bila ada, ketika peraturan pelaksanaan revisi diterbitkan.

157




37. PERATURAN MENTERI (lanjutan) c.

37. MINISTERIAL REGULATIONS (continued)


c.

Ministerial Regulation No. 17/2010 In September 2010, the Minister of Energy and Mineral Resources issued Ministerial Regulation No. 17/2010 on “The Procedure for the Setting of Benchmark Prices for Mineral and Coal Sales”, which regulates that the sale of coal shall be conducted with reference to the benchmark price as issued by the Directorate General of Mineral and Coal. In the Ministerial Regulation, existing spot and term contracts which have been signed prior to the date of the Ministerial Regulation must conform their provisions with the provisions under the Ministerial Regulation within 6 months for spot contracts and 12 months for term contracts. Those contracts whose coal sales prices have been renegotiated under and in accordance with the instruction of the Minister or Director General are exempted. TIA is still studying the impact of the above regulation on its operations.

Pada bulan September 2010, Menteri Energi dan Sumber Daya Mineral mengeluarkan Peraturan Menteri No. 17/2010 tentang “Tata Cara Penetapan Harga Patokan Penjualan Mineral dan Batubara” yang mengatur bahwa penjualan batubara dilaksanakan dengan berpedoman pada harga patokan yang ditetapkan oleh Direktur Jenderal Mineral dan Batubara. Di dalam Peraturan Menteri tersebut, kontrak penjualan langsung (spot) dan penjualan jangka tertentu (term) yang telah ditandatangani sebelum tanggal ditetapkannya Peraturan Menteri ini, wajib disesuaikan dengan ketentuan dalam Peraturan Menteri ini dalam jangka waktu paling lama 6 bulan untuk kontrak penjualan langsung dan 12 bulan untuk kontrak penjualan jangka tertentu. Kontrak dimana harga penjualan batubara telah dinegosiasikan kembali sesuai instruksi Menteri atau Direktorat Jenderal dikecualikan dari peraturan ini. TIA masih mempelajari pengaruh atas pemberlakuan peraturan tersebut terhadap kegiatan operasional. 38. TAMBAHAN INFORMASI ARUS KAS

38. SUPPLEMENTAL CASH FLOWS INFORMATION

Akuisisi Entitas Anak (Catatan 1c)

Acquisition of a Subsidiary (Note 1c)

Nilai wajar aset yang diperoleh dan liabilitas yang diambil-alih adalah sebagai berikut:

The fair values of assets acquired and liabilities assumed were as follows: Amount

Kas dan bank Uang muka Aset tetap - net Goodwill Biaya eksplorasi dan pengembangan tambang ditangguhkan Aset tidak lancar lainnya Utang lainnya Bagian kepentingan nonpengendali

605 4.071 508 593.883 21.554 20 (15.341) (3.385)

Total harga beli yang dibayarkan Dikurangi: kas dari Entitas Anak

601.915 (605)

Arus kas neto akuisisi Entitas Anak

601.310

158

Cash on hand and cash in banks Advances Fixed assets - net Goodwill Deferred mining exploration and development costs Other non-current assets Other payables Non-controlling interests portion Total purchase price paid in cash Less: cash of acquired Subsidiary Net cash paid to acquire Subsidiary




38. TAMBAHAN INFORMASI ARUS KAS (lanjutan)

38. SUPPLEMENTAL CASH FLOWS INFORMATION (continued) Significant non-cash transactions

Transaksi non-kas yang signifikan 2011

2010

Aktivitas Investasi: Perolehan aset tetap dengan: Utang sewa pembiayaan Utang usaha

801.572 153.900

182.663 73.759

Investing activities: Acquisition of fixed assets under: Finance lease arrangements Trade payables

Aktivitas Pendanaan: Konversi OWK menjadi modal saham

757.120

-

Financing activity: Conversion of MCBs to share capital

39. REKLASIFIKASI AKUN

39. RECLASSIFICATION OF ACCOUNT Reclassification from selling, general and administrative - royalty expenses to cost of goods sold and services amounting to Rp23,956 was made to the consolidated statements of comprehensive income for the year ended December 31, 2010 to conform with the presentation in the financial statements for the year ended December 31, 2011.

Reklasifikasi dari beban penjualan, umum dan administrasi - royalti ke beban pokok penjualan dan pendapatan jasa sebesar Rp23.956 telah dibuat pada laporan laba rugi komprehensif konsolidasian per tanggal 31 Desember 2010 agar sesuai dengan penyajian pada laporan keuangan per tanggal 31 Desember 2011.

40. PERISTIWA SETELAH TANGGAL PELAPORAN

40. EVENTS AFTER THE REPORTING PERIOD

SS

SS

Pada bulan Maret 2012, SS memperoleh fasilitas pinjaman transaksi khusus III dengan total maksimum kredit sebesar Rp600.000 dari Mandiri, yang tersedia selama satu tahun sejak tanggal penandatanganan perjanjian. Pinjaman dari fasilitas ini dikenakan tingkat suku bunga 9,50% per tahun. Selain itu, SS melakukan perubahan batas maksimum fasilitas bank garansi yang diperoleh dari Mandiri dari Rp70.000 menjadi Rp143.000, dengan periode penarikan diperpanjang sampai tanggal 26 September 2013 (Catatan 14).

In March 2012, SS obtained specific transaction loan III facility with total maximum credit of Rp600,000 from Mandiri, which is available within one year from the signing date of the agreement. The loan from the facility will bear interest at the annual rate of 9.50%. In addition, SS also amended the maximum bank guarantee facility limit obtained from Mandiri from Rp70,000 to become Rp143,000, with the availability period extended to September 26, 2013 (Note 14).

ATR

ATR

Pada tanggal 16 Januari 2012, PT Talisman Energy Nuigini Limited (Talisman), pelanggan pihak ketiga di Papua Nuigini memutuskan kontrak sewa menyewa kapal No. TENL00146 yang dimulai pada tanggal 11 Oktober 2010. Talisman setuju untuk membayar ATR sebesar USD460.165 sebagai penyelesaian akhir kontrak seperti tercatat dalam surat penyelesaian kontrak tanggal 8 Februari 2012.

On January 16, 2012, PT Talisman Energy Nuigini Limited (Talisman), a third party customer in Papua New Guinea, terminated Time Charter Agreement Contract No. TENL00146 that was commenced on October 11, 2010. Talisman agreed to pay ATR USD460,165 as the final settlement of the contract that is stated in a letter of contract settlement dated February 8, 2012.

159




40. PERISTIWA SETELAH TANGGAL PELAPORAN (lanjutan)

40. EVENTS AFTER THE REPORTING PERIOD (continued)

Reswara

Reswara

Pada tanggal 20 Januari 2012, Reswara melalui perjanjian antara TIA, anak perusahaan Reswara, dan Mega Strada Pte. Ltd. dan Subham Corporation Pvt. Ltd., menandatangani kontrak jual beli batubara sebanyak 1.200.000MT dan 800.000MT dengan periode pengapalan antara Januari 2012 sampai dengan Desember 2012. Nilai kontrak berkisar antara USD40.200.000 sampai dengan USD59.400.000 yang akan dikaji setiap tiga bulan sesuai dengan harga pasar.

On January 20, 2012, Reswara through agreements made between TIA, a subsidiary of Reswara, and each of Mega Strada Pte. Ltd. and Subham Corporation Pvt. Ltd., entered into sale and purchase contracts of coal involving 1,200,000MT and 800,000MT, respectively, with shipment period from January 2012 until December 2012. The contract values were determined to range from USD40,200,000 to USD59,400,000 which will be reviewed quarterly to align with market values.

CK

CK

Pada tanggal 29 Februari 2012, CK menandatangani kontrak jasa pertambangan batubara dengan PT Riau Bara Harum dengan nilai kontrak USD300.000.000 selama lima tahun. Jasa yang disediakan meliputi pembersihan lahan, pengupasan lahan dan penyewaan alat.

On February 29, 2012, CK signed a coal mining service contracts with PT Riau Bara Harum with estimated contract value of USD300,000,000 covering five years. The scope of the services includes land clearing, overburden removal and equipment rentals.

41. PENYELESAIAN KONSOLIDASIAN

LAPORAN

KEUANGAN

41. COMPLETION OF THE FINANCIAL STATEMENTS

CONSOLIDATED

The management of the Group is responsible for the preparation of the consolidated financial statements that were completed on March 22, 2012.

Manajemen Grup bertanggung jawab atas penyusunan laporan keuangan konsolidasian yang diselesaikan pada tanggal 22 Maret 2012.

160

2011

annual report

PT ABM Investama Tbk Gedung TMT 1, 18th Floor Jl. Cilandak KKO No. 1, Jakarta 12560 T +62 21 2997 6767 F +62 21 2997 6768 www.abm-investama.com A member of Tiara Marga Trakindo Group

2011 annual report. Building A Solid Foundation

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