AND SUBSIDIARIES

PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN / AND SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASI CONSOLIDATED FINANCIAL STATEMENTS Per 30 September 2011, 31 Desember 2010 dan 1 Januari 2010 As of September 30, 2011, December 31, 2010 and January 1, 2010

S E & O, ttd Direksi

PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN / AND SUBSIDIARIES

DAFTAR ISI / TABLE OF CONTENTS Halaman/ Page SURAT PERNYATAAN DIREKSI / DIRECTOR'S STATEMENT LETTER LAPORAN POSISI KEUANGAN KONSOLIDASI / CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

1-2

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASI / CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

3

LAPORAN PERUBAHAN EKUITAS KONSOLIDASI / CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

4

LAPORAN ARUS KAS KONSOLIDASI / CONSOLIDATED STATEMENTS OF CASH FLOWS

5-6

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI / NOTES TO CONSOLIDATED FINANCIAL STATEMNETS

7 - 34

PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN LAPORAN POSISI KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 1 JANUARI 2010

PT KERTAS BASUKI RACHMAT INDONESIA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 1, 2010

( Dalam Rupiah, kecuali dinyatakan lain )

Catatan/ Notes

( Expressed in Rupiah, unless otherwise stated )

2011 (30 September)

2010 ( 31 Desember )

2010 ( 1 Januari )

ASET ASET LANCAR Kas dan setara kas Piutang usaha Pihak berelasi Pihak ketiga, bersih

ASSETS CURRENT ASSETS 2c,e, 5

16.790.289.798

2d, 6 2g, 6

1.281.065.805

883.671.718

655.333.240

6.833.342.471

51.359.161

29.870.591

100.821.554

2h, 7 2t,28

4.842.870.239

544.971.790

2.550.546.003

6.915.040.774

5.901.762.968

711.194.739

1.204.587.597

38.908.039

245.957.951

2.583.496.863

511.798.301

734.039.163

Other receivables Inventories Prepaid tax Advance payment Prepaid expenses

34.324.043.477

43.416.665.126

5.215.126.421

Total Current Assets

553.932.435

704.277.994

1.178.791.756

6.830.648.909

6.830.648.910

7.341.988.833

28.672.339.248

dikurangi penyisihan piutang ragu-ragu sebesar Rp116.502.809 masingmasing untuk 2011 dan 2010

Piutang lain - lain Persediaan Pajak dibayar dimuka Uang muka pembelian Biaya dibayar dimuka Jumlah Aset Lancar

Cash and cash equivalents Trade receivables 165.591.006 Related parties 874.059 Third parties, net-of allowance of Rp 116,502,809 in 2011 and 2010, respectively

706.101.946

ASET TIDAK LANCAR

NON-CURRENT ASSETS

Beban ditangguhkan 2i,m Piutang pada pihak yang berelasi 2d,8 Investasi pada perusahaan asosiasi 2j,9 Aset Tetap, bersih 2k,I,10 dikurangi akumulasi penyusutan sebesar Rp 21.347.890.391 di 2011 (2010:Rp 20.616.458.220)

382.084.500

158.418.750

201.663.613

1.819.631.249

1.819.631.249

1.518.576.163

Deferred expenses Due from related parties Investment in asociated company Property, plant & equipments, net-of accumulated depreciation amounted to Rp 21,347,890,391 in 2011 (2010:Rp 20,616,458,220) Guarantee deposit Deferred tax assets

Jumlah Aset Tidak Lancar

711.938.356.270

742.746.881.362

1.093.285.114.339

Total Non-current Assets

JUMLAH ASET

746.262.399.747

786.163.546.488

1.098.500.240.760

TOTAL ASSETS

Uang jaminan Aset pajak tangguhan

2t,28

2.261.433.353

2.261.433.353

2.261.433.353

700.090.625.823

730.972.471.107

1.080.782.660.621

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi

PT Kertas Basuki Rachmat Indonesia, Tbk dan Anak Perusahaan

See the accompanying notes to financial statements which are an integral part of the consolidated financial statements.

1

PT Kertas Basuki Rachmat Indonesia, Tbk and Its Subsidiaries

PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN

PT KERTAS BASUKI RACHMAT INDONESIA Tbk AND ITS SUBSIDIARIES

LAPORAN POSISI KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 1 JANUARI 2010

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 1, 2010

( Dalam Rupiah, kecuali dinyatakan lain )

Catatan/ Notes

( Expressed in Rupiah, unless otherwise stated )

2011 (30 September)

2010 ( 31 Desember )

2010 ( 1 Januari )

LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Hutang bank Hutang usaha Pihak berelasi Pihak ketiga Biaya yang masih harus dibayar Uang muka penjualan Uang jaminan Hutang lain-lain Hutang pajak Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Pihak berelasi Bank Lembaga keuangan non bank Pinjaman jangka panjang

LIABILITIES AND EQUITY CURRENT LIABILITIES -

11 2d,12 12 2s,13 14 15 16 2t,28

-

1.860.000.000

2.661.500.000

908.580

7.953.094.874

8.967.750.294

15.405.271.804

19.666.723.840

3.872.665.049

3.644.424.359

12.568.121.063

171.082.100

121.082.100

11.233.556.649

12.286.181.845

-

-

11.957.545.367

62.901.887.105

76.305.788.181

1.096.442.551

27.051.970.529

7.756.080.424

-

0

2.164.180.800

-

0

9.613.292.322 94.629.373

Bank loan Trade payables Related parties Third parties Accrued expenses Sales advance Deposit Others payables Taxes payable Current maturities within one year of long-term payables

20.794.997

83.180.000

13.234.500.000

13.486.500.000

0

Related parties Bank Financial institution non bank Long-term loan

51.606.962.203

124.555.224.477

150.016.967.526

Total current liabilities

6.384.604.155

6.380.242.068

18.473.433.333

-

0

18.980.931.896

-

0

83.182.160

-

0

362.696.517.045

9.986.414.454

12.629.442.782

14.702.386.060

Post-employment benefits obligation

Jumlah Liabilitas Jangka Panjang

16.371.018.609

19.009.684.850

414.936.450.494

Total non-current liabilities

JUMLAH LIABILITAS

67.977.980.812

143.564.909.327

564.953.418.020

TOTAL LIABILITIES

1.273.058.523.800

1.234.314.668.600

636.005.752.000

18 18 19

Jumlah Liabilitas Jangka Pendek

LIABILITAS JANGKA PANJANG Hutang pada pihak yang berelasi Hutang jangka panjang, setelah dikurangi bagian yang jatuh tempo Bank Lembaga keuangan non bank Pinjaman jangka panjang

Kewajiban imbalan pasca kerja

NON-CURRENT LIABILITIES 17

18 18 19 2n,20

EKUITAS

Due to related parties Long-term payables, after deducted with current maturities Bank Financial institution non bank Long-term loan

EQUITY

Modal saham Agio saham Saldo rugi Ekuitas lainnya Ekuitas yang dapat diatribusikan kepada pemilik entitas induk

22 23

Kepentingan non pengendali

21

3

(2.464.610.469.021)

(2.449.335.483.534)

(1.962.663.397.160)

1.656.160.812.294

1.656.160.812.294

1.656.160.812.294

678.235.363.235

641.757.665.742

531.411.050.138

Share capital Share premium Deficits Others equity components Equity atributable to owners of the company

213.626.496.162

200.617.668.382

201.907.883.004

49.055.700

840.971.419

2.135.772.602

Non-controlling interests

Jumlah Ekuitas

678.284.418.935

642.598.637.161

533.546.822.740

Total Equity

JUMLAH LIABILITAS DAN EKUITAS

746.262.399.747

786.163.546.488

1.098.500.240.760

TOTAL LIABILITIES AND EQUITY

Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.



2




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

2011 ( 9 Bulan )

Catatan/ Notes

2010 ( 9 Bulan )

PENDAPATAN USAHA

7.972.672.317

2s,24

58.528.668.267

REVENUE

BEBAN POKOK USAHA

10.655.509.226

2s,25

57.187.558.508

COST OF REVENUE

LABA (RUGI) KOTOR Pendapatan lainnya - bersih Beban administrasi Keuntungan penjualan aset tetap Keuntungan selisih kurs - bersih Laba penjualan anak perusahaan Beban bunga

(2.682.836.909) 1.126.387.015 (12.752.151.366) 721.181.771 524.578.757 0 (110.325.292)

26 2s,27 2k,I,10 2c 2d,4

1.341.109.759 3.535.045.496 (11.325.914.456) 14.301.752.767 18.508.703.256 49.288.392.386 (1.547.926.371)

GROSS PROFIT (LOSS) Other income - net Administrative expenses plant and quipment Foreign exchange gains - net Gain on sale of subsidiary company Interest expense

LABA (RUGI) SEBELUM PAJAK PENGHASILAN

(13.173.166.024)

74.101.162.836

INCOME (LOSS) BEFORE INCOME TAX

209.832.776

ESTIMATED INCOME TAX Deferred tax income

74.310.995.612

INCOME (LOSS) FOR THE PERIODS FROM CONTINUING OPERATIONS

TAKSIRAN PAJAK PENGHASILAN Pendapatan pajak tangguhan LABA (RUGI) PERIODE BERJALAN DARI OPERASI YANG DILANJUTKAN

0

(13.173.166.024)

OTHER COMPREHENSIVE INCMOE (LOSS) CURRENT PERIODS

LABA (RUGI) KOMPREHENSIF LAIN PERIODE BERJALAN

TOTAL LABA ( RUGI ) KOMPREHENSIF PERIODE BERJALAN Laba rugi yang dapat diatribusikan ke: Pemilik entitas induk Kepentingan non pengendali Jumlah laba (rugi) komprehensif yang dapat diatribusikan ke: Pemilik entitas induk Kepentingan non pengendali

2t

0

0 TOTAL COMPREHENSIVE INCMOE (LOSS) CURRENT PERIODS

(13.173.166.024)

74.310.995.612

(13.174.297.415) 1.131.392 (13.173.166.024)

74.381.375.377 (70.379.765) 74.310.995.612

(13.173.166.024) 0 (13.173.166.024)

LABA (RUGI) BERSIH PER SAHAM DASAR

(2,20)

74.310.995.612 0 74.310.995.612

51,34

29

Total profit and loss comprehensive atributable to: Owners of the company Non-controlling interests

BASIC INCOME (LOSS) PER SHARE

See the accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.

Lihat Ccatatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.


Profit and loss atributable to: Owners of the company Non-controlling interests

3



PT KERTAS BASUKI RACHMAT INDONESIA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain)


Modal saham / Share capital Saldo per 31 Desember 2010 Koreksi ekuitas negatif di anak perusahaan Tambahan setoran modal Pelaksanaan waran seri I Kepentingan non pengendali Biaya emisi saham Laba (rugi) kini Saldo per 30 September 2011 Saldo per 31 Desember 2009 Koreksi ekuitas negatif di anak perusahaan Pelaksanaan waran seri I Kepentingan non pengendali Laba (rugi) kini Saldo per 30 September 2010

Agio saham / Share premium

1.234.314.668.600 0 38.743.850.000 5.200 0 0 0

Ekuitas lainnya / Others equity

200.617.668.382

1.656.160.812.294

0 13.172.892.076 8.684 0 (164.072.980) 0

0 0 0 0 0 0

Kepentingan non pengendali / Non-controlling interests 840.971.419 0 0 0 (791.915.719) 0 0

Saldo laba (rugi) / Retained earnings (deficits) (2.449.335.483.534) (2.101.819.464) 0 0 0 0 (13.173.166.024)

Jumlah ekuitas bersih / Total equity - net

642.598.637.161 (2.101.819.464) 51.916.742.076 13.884 (791.915.719) (164.072.980) (13.173.166.024)

1.273.058.523.800

213.626.496.162

1.656.160.812.294

49.055.700

(2.464.610.469.021)

678.284.418.934

636.005.752.000

201.907.883.004

1.656.160.812.294

2.135.772.602

(1.962.663.397.142)

533.546.822.758

0 0 0 0

0 0 0 0

0 0 0

0 0 145.594.192 0

636.005.752.000

201.907.883.004

1.663.757.022.437

2.281.366.794



0 0 0 74.310.995.612 (1.908.612.248.857)

Balance as of December 31, 2010 Adjustment of negative equity in subsidiary Additional paid in capital Exercised warrant Serie I Non-controlling interests Share issuance costs Current income (loss) Balance as of September 30, 2011

0 0 145.594.192 74.310.995.612

Balance as of December 31, 2009 Adjustment of negative equity in subsidiary Exercised warrant Serie I Non-controlling interests Current income (loss)

608.003.412.562

Balance as of September 30, 2010


4



PT KERTAS BASUKI RACHMAT INDONESIA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

LAPORAN ARUS KAS KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain)


2011 ( Jan - Sep )

2010 ( Jan - Sep )

ARUS KAS DARI AKTIVITAS OPERASI Penerimaan kas dari pelanggan Pembayaran kas kepada: Pemasok Kas diperoleh dari (digunakan untuk) operasi Pembayaran beban administrasi Pembayaran bunga Pembayaran pajak Kas bersih diperoleh dari (digunakan untuk) aktivitas operasi

CASH FLOW FROM OPERATING ACTIVITIES 13.803.287.461

57.718.956.085

(19.101.364.500) (5.298.077.039) (12.190.073.996) (110.325.292) (46.148)

(63.692.691.485) (5.973.735.400) (8.080.095.800) (1.547.926.371) (2.053.499.183)

(17.598.522.474)

(17.655.256.754)

1.000.000 12.286.181.845 (2.925.000.000) (3.244.680.490) 34.444.026.784 0 (464.146.135) (3.444.432.187) (73.320.192)

1.374.500.000 0 0 0 24.238.800.000 12.000.000.000 (173.045.001) (209.816.000) (1.179.212.850)

(3.237.378.120)

(387.674.007)

ARUS KAS DARI AKTIVITAS INVESTASI Pelepasan saham anak perusahaan Uang Jaminan Kepemilikan saham di anak perusahaan Pembayaran pesangon pensiun Hasil penjualan aset tetap Uang muka penjualan aset tetap Penambahan aset tetap Penambahan aset dalam penyelesaian Penurunan (kenaikan) aset lain-lain Penurunan (kenaikan) uang muka dan biaya dibayar dimuka Kas bersih diperoleh dari (digunakan untuk) aktivitas investasi

CASH FLOW FROM INVESTING ACTIVITIES

33.342.251.506

35.663.552.142

ARUS KAS DARI AKTIVITAS PENDANAAN Penambahan (pembayaran) hutang pada pihak yang berelasi Penurunan (kenaikan) piutang pada pihak yang berelasi Kenaikan (penurunan) hutang bank Pembayaran hutang sewa guna usaha Pembayaran premi pinjaman jangka panjang Pembayaran jasa restrukturisasi pinjaman jangka panjang Pelaksanaan waran Seri I Kas bersih diperoleh dari (digunakan untuk) aktivitas pendanaan

Share disposal of subsidiary Deposit Share ownership in subsidiary Payment for retirements Proceeds from sale of fixed assets Sales advance of property, plant & equipment Addition to property, plant and equipment Addition to asset under construction Decrease (increase) in other assets Decrease (increase) in advances payment and prepaid expenses Net cash provided from (used for) investing activities CASH FLOW FROM FINANCING ACTIVITIES

4.362.087

(15.708.227.944)

0 (1.860.000.000) (77.108.400) (21.147.591.508)

476.657.519 (801.500.000) (77.108.400) 0

(4.545.454.545) 13.884

0 5.300

(27.625.778.482)

(16.110.173.525)



Cash received from customers Cash payments to: Suppliers Cash provided from (used for) operations Payment of administrative expenses Payment of interest Payment of tax Net cash provided from (used for) operating activities

Addition to (repayment of) related parties payable Decrease (increase) in due from related parties Increase (decrease) in bank loans Payment of lease payable Payment of long term loan's premium Payment of restructuring fees for long-term loan Exercise warrant Serie I Net cash provided from (used for) financing activities


5

PT Kertas Basuki Rachmat Indonesia, Tbk and Subsidiaries


PT KERTAS BASUKI RACHMAT INDONESIA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

LAPORAN ARUS KAS KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain)


2011 ( Jan - Sep )

2010 ( Jan - Sep )

(11.882.049.450)

1.898.121.863

Net increase (decrease) in cash and cash equivalents

Kas dan Setara Kas Awal Tahun

28.672.339.248

706.101.946

Cash and Cash Equivalents at Beginning of Year

Kas dan Setara Kas Akhir Periode

16.790.289.798

2.604.223.809

Cash and Cash Equivalents at End of Period

Kenaikan (penurunan) bersih kas dan setara kas




6




CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 1. UMUM a. Pendirian dan informasi umum

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 1. GENERAL a. Establishment and general information

PT Kertas Basuki Rachmat Indonesia, Tbk. (dahulu PT Indhasana, "Perseroan") didirikan berdasarkan akta No. 21 tanggal 14 Pebruari 1978 dibuat dihadapan Notaris Edison Sianipar, SH di Jakarta, akta ini telah disahkan oleh Menteri Kehakiman Republik Indonesia dengan Surat Keputusan No. Y.A.5/231/24 tanggal 12 Oktober 1979. Perseroan telah melakukan perubahan anggaran dasar berdasarkan Rapat Umum Pemegang Saham tanggal 17 Januari 2008 dengan akta Notaris Sutjipto S.H., M.Kn. No. 22 tanggal 5 Pebruari 2008 sehubungan dengan perubahan yang diadakan dalam rangka Penawaran Umum Perdana saham perseroan perubahan nama perseroan menjadi PT Kertas Basuki Rachmat Indonesia Tbk (KBRI), peningkatan modal dasar, perubahan nilai nominal saham dan perubahan anggaran dasar sesuai dengan ketentuan UU No. 40 Tahun 2007 tentang Perseroan Terbatas dan UU No. 8 Tahun 1995 tentang Pasar Modal dan peraturan pelaksanaannya. Perubahan anggaran dasar tersebut telah disahkan oleh Menteri Hukum dan HAM RI dengan Surat Keputusan No. AHU-06707.AH.01.02 Tahun 2008 tanggal 2 Pebruari 2008.

PT Kertas Basuki Rachmat Indonesia, Tbk. (formerly PT Indhasana, the "Company") was established based on the deed No. 21, dated 14 February 1978 by Notary of Edison Sianipar, SH in Jakarta, the deed of establishment was approved by the Minister of Justice of Republic of Indonesia in his decree No. Y.A.5/231/24 dated 12 October 1979. The Company’s articles of association has been amended based on the General of Stockholders’ Meeting dated 17 January 2008 by Notary Sutjipto S.H., M.Kn. No. 22 dated 5 Pebruary 2008 concerning the Company's Initial Public Offering, changes in Company’s name become PT Kertas Basuki Rachmat Indonesia Tbk (KBRI), increase in Company’s paid-in capital, changes in Company’s par value of share and changes in Company’s articles of association to comply with the Law No. 40 year 2007 regarding Limited Liability Company and Law No. 8 of 1995 regarding Capital Market. These changes of Company’s articles of association was approved by the Minister of Justice and Human Right of Republic of Indonesia in his decree No. No. AHU-06707.AH.01.02 in 2008 dated 2 February 2008.

Berdasarkan Berita Acara RUPSLB Perseroan No. 64 tanggal 19 Agustus 2010 yang dibuat dihadapan Notaris Humberg Lie, SH di Jakarta, Perseroan melakukan perubahan jenis saham Seri B yang terdapat dalam portepel (non-reverse) menjadi saham Seri C dan penggabungan nilai nominal saham (reverse stock) yaitu; 2 saham menjadi 1 saham dengan merubah nilai nominal saham Seri A dari Rp 200,- menjadi Rp 400,-, saham Seri B dari Rp 100,- menjadi Rp 200,-. Saham Seri C ditawarkan kepada pemegang saham Perseroan melalui Penawaran Umum Terbatas I (PUT I) dalam rangka Hak Memesan Efek Terlebih Dahulu (HMETD). Perubahan tersebut telah diberitahukan kepada Menteri Kehakiman berdasarkan Penerimaan Pemberitahuan Perubahan Anggaran Dasar Perseroan No. AHU-AH01.1022712 tanggal 1 September 2010.

Based on the notarial deed of Humberg Lie No. 64 regarding the decree of the extraordinary shareholders meeting dated 19 August 2010, the Company's unissued share of B Series (non-reverse stock) was changed to share of C Series, and the Company's par value of share was combined (reversed stock) with the following scheme: 2 shares into 1 share; par value of share A Series from Rp 200,- to Rp 400, par value of share B Series from Rp 100,- to Rp 200,-. The Company's share of C Series was offered to the shareholders through Rights Issue No. I in connection with pre-emptive rights ("HMETD"). The above changes has been reported to the Ministry of Justice and Human Rights based on the notice of receipt No. AHU-AH01.10-22712 dated September 1, 2010.

Selanjutnya, berdasarkan RUPSLB tanggal 22 Nopember 2010 dengan akta No. 183 Perseroan telah menyetujui untuk melakukan PUT I, melakukan perubahan susunan pengurus Perseroan tanggal 24 Nopember 2010 dengan akta No. 231dan terakhir melakukan perubahan anggaran dasar tanggal 20 Januari 2011 dengan akta No. 112 yang semuanya berdasarkan akta notaris Humberg Lie, S.H., S.E., Mkn. Perubahan tersebut telah didaftarkan pada Kementeri Hukum dan HAM RI dengan surat Penerimaan Pemberitahuan No. AHU-AH.01.10-09011 tanggal 24 Maret 2011. Perubahan susunan pengurus terakhir sebagaimana dimuat dalam akta Pernyataan Keputusan Rapat tanggal 29 Maret 2011, No. 28 dibuat dihadapan Aulia Taufani SH, pengganti notaris Sutjipto, SH dan telah didaftarkan di Kementerian Hukum dan HAM RI surat Penerimaan Pemberitahuan Perubahan Data Perseroan No. AHU-AH.01.10-11599 tertanggal 19 April 2011.

Subsequently, based on the Extra Ordinary Shareholders Meeting dated November 22, 2010 with notarial deed No. 183, the Company had approved to perform Right Issue No. I, changing of the Company's management based on the notarial deed No. 231 dated November 24, 2010 and the lastest, amended of the Company's article of association with notarial deed No. 112 dated January 20, 2011 which is all of them based on the notarial deed of Humberg Lie, S.H., S.E., Mkn. The above changes has been registered to the Ministry of Justice and Human Rights based on the notice of receipt No.AHU-AH.01.10-09011 dated March 24, 2011.The last changes in the Company's management as described in the deed No. 28 of Aulia Taufani SH, represents notarial of Sutjipto SH, and has been registered to the Ministry of Justice and Human Rifghts based on the notice of receipt No. AHU-AH.01.10-11599 dated April 19, 2011.

Ruang lingkup kegiatan usaha Perseroan antara lain bergerak dalam industri dan distribusi kertas. Perseroan berdomisili di Jakarta Pusat dan berkantor di Gedung Graha CIMB Niaga, Lantai 26, Jalan Jend. Sudirman Kav. 58 Jakarta Selatan.

The Company's scope of activities are paper manufacturing and distribution. The Company is domiciled in Center of Jakarta and offices in Graha CIMB Niaga Building, 26th Floor , Jl. Jend. Sudirman Kav. 58, South Jakarta.

b. Penawaran umum saham Perseroan

b. Public offering of the Company's shares

Berdasarkan surat dari Bapepam dan LK No. S-10512/BL/2008 tanggal 19 Nopember 2010, Perseroan memperoleh pemberitahuan efektif untuk melakukan Penawaran Umum Terbatas I (PUT I) kepada masyarakat sebanyak 5.983.089.146 saham biasa Seri C dengan nilai nominal Rp 100.per saham yang ditawarkan dengan harga pelaksanaan Rp 101,- per saham sehingga seluruhnya berjumlah sebesar Rp 604.292.003.746.


Based on the letter of BAPEPAM and LK No. S-10512/BL/2008 dated November 19, 2010, the Company has obtained an effective notice to perform Rights Issue No. I ("RI I") amounted to 5,983,089,146 shares of C Series with par value of Rp 100,- per share which is offered by exercise price of Rp 101,- per share, so that, issued share of C Series would be in the total amounts of Rp 604,292,003,746,-.

7



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated)

1. UMUM (Lanjutan)

1. GENERAL (Continued)

b. Penawaran umum saham Perseroan

b. Public offering of the Company's shares

Dalam PUT I ini, Perseroan akan menerbitkan waran Seri II (waran pisah atas saham Seri C) sebanyak 199.436.305 unit dengan nilai yang akan diperoleh sejumlah Rp 20.940.812.046,-. Setiap pelaksanaan 30 HMETD dalam rangka membeli 30 saham yang ditawarkan dalam PUT I akan memperoleh 1 waran Seri II secara cuma-cuma, dimana 1 waran Seri II dapat digunakan untuk membeli 1 saham biasa atas nama Seri C yang bernilai nominal Rp 100,- per saham dengan harga pelaksanaan sebesar Rp 105,- selama periode pelaksanaan waran Seri II yaitu mulai tanggal 6 Juli 2011 sampai dengan 5 Desember 2013.

In this PUT I, the Company will issue warrant Serie II (for Share C Series) amounted to 199,436,305 with the total value to be received in the amounts of Rp 20,940,812,046,-. Each of 30 exercised HMETD (preemptive rights) for purchase of 30 offered shares in PUT I, will receive free of 1 warrant Serie II. This warrant can be used to purchase 1 common share of C Series which par value of Rp 100,- per share and an exercise price at Rp 105,- during exercise period of warrant Serie II starting from July 6, 2011 until December 5, 2013.

Berdasarkan surat dari Bapepam dan LK No. S-4213/BL/2008 tanggal 30 Juni 2008, Perseroan memperoleh pernyataan efektif untuk melakukan penawaran umum perdana kepada masyarakat sebanyak 1.360.000.000 saham.

Based on the letter of BAPEPAM and LK No. S-4213/BL/2008 dated June 30, 2008, the Company was obtained the notice of effectiveness of initial public offering for common share amounted to 1,360,000,000 shares.

Pada tanggal 4, 5 dan 7 Juli 2008 Perseroan telah melaksanakan penawaran umum perdana saham dengan hasil sebesar Rp 353.600.000.000,-. Jumlah saham yang dijual kepada publik adalah sebanyak 1.360.000.000 saham seri B dengan harga Rp 260,- per lembar.

On July 4, 5 and 7, 2008, the Company has conducted initial public offering with the results of Rp 353,600,000,000,-. The number of shares sold to public investors amounted to 1,360,000,000 shares of B Series at a price of Rp 200,- per share.

Setelah reverse stock, waran Seri I (waran pisah atas saham Seri B) yang diterbitkan berubah dari 875.000.000 unit menjadi sebanyak 437.500.000 unit dengan harga pelaksanaan dari Rp 265,- menjadi sebesar Rp 530,- per saham, dan dengan ketentuan bahwa setiap pemegang 1 waran Seri I yang terdaftar dalam daftar pemegang waran Seri I berhak untuk membeli saham baru dengan cara melakukan pelaksanaan pada hari bursa selama masa berlaku pelaksanaan mulai tanggal 9 Januari 2009 sampai dengan tanggal 8 Juli 2011.

After reversed stock, issued warrant Serie I (for B Series of share) was changed from 875,000,000 to 437,500,000 with the exercise price from Rp 265,- per share to Rp 530,- per share respectively, and with the condition that each holders of 1 warrant Seri I registered in the list of warrant Seri I holders have rights to purchase new common shares by performing it during stock exchange working days and effective period of exercised warrant starting from January 9, 2009 until July 8, 2011.

c. Dewan komisaris, direksi dan karyawan

c. Board of commissioners, directors and employees

Pada tanggal 30 September 2011 dan 31 Desember 2010, Perseroan dan anak Perusahaan mempunyai karyawan tetap masing-masing sebanyak 229 orang.

As of September 30, 2011 and December 31, 2010 the Company and its subsidiaries have a number of permanent employees amounted to 229 persons, respectively.

Susunan pengurus Perseroan per 30 September 2011 sesuai RUPSLB tanggal 21 September 2011 dan Akta no. 09 tanggal 21 September 2011 dari notaris Andalia Farida, SH., M.H, bahwa susunan pengurus per 31 Desember 2010 adalah sebagai berikut:

The composition of the management company per 30 September 2011 according to the RUPSLB dated 21 September 2011 and the Deed no. 09 dated 21 September 2011 from the notary Andalia Farida, SH., M.H, that the composition of the board as of 31 December 2010 are as follows:

Komisaris utama (independen) Komisaris Komisaris

: : :

30 Sep 2011 Anton BS Hudyana Adam Ariaji Ferdy Yustianto

31 Des 2010 Anton BS Hudyana Adam Ariaji Farid Harianto

Direktur utama Direktur

: :

Gani Bustan T. Ito Prawira J.

Glenn MS Yusuf Theo Satria

: Presiden (independent) commissioner : Commisioner : Independent Commissioner : Presiden director : Director

Berdasarkan RUPSLB tanggal 23 Juni 2011, Sdr. Theo Satria telah diberhentikan dengan hormat dari jabatannya sebagai Direktur.

Based on extraordinary meeting of the shareholders dated June 23, 2011, Theo Satria has been released from his position as Director.

Berdasarkan RUPSLB tanggal 29 Maret 2011, Sdr. Farid Harianto dan Sdr. Glenn MS Yusuf telah diberhentikan dengan hormat dari jabatannya masingmasing sebagai Komisaris Independen dan Direktur Utama.

Based on the shareholder's extraordinary meeting dated March 29, 2011, Farid Harianto and Glenn MS Yusuf has been released from their position as Independent Commissioner and President Director, respectively.

d. Struktur perseroan dan anak perusahaan

d. Structure of the company and subsidiaries

Daftar anak Perusahaan yang dikonsolidasi dalam laporan keuangan per 30 September 2011 dan 31 Desember 2010, adalah sebagai berikut:

Anak Perusahaan/ Subsidiaries

PT Kertas Basuki Rachmat PT HTI Basuki Rachmat PT Hutan Ketapang Industri

The list of the Company's subsidiaries consolidated into the financial statements as of September 30, 2011 and December 31, 2010, are as follows:

Domisili/ Domicile

Jenis Usaha/ Business type

Prosentase kepemilikan/ Percentage of ownership

Banyuwangi

Pabrik kertas

99.99987%

1971

Jakarta

Tanaman industri Tanaman industri

90%

Belum aktif/ Not yet active Belum aktif/ Not yet active

Jakarta


99.8%

Tahun operasional komersial/ Commercial operating year

8

Jumlah aset 30 September 2011 Total assets September 30, 2011

Jumlah aset 31 Desember 2010 Total assets December 31, 2010

712.253.344.646

729.881.413.543

500.000.000

500.000.000

482.629.590

0



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 1. UMUM (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 1. GENERAL (Continued)

d. Struktur perseroan dan anak perusahaan PT HTI Basuki Rachmat, anak Perusahaan (“HTIBR”) didirikan berdasarkan Akta Notaris Wahyu Nurani, SH di Jakarta No. 12 tanggal 5 Pebruari 2008 dan telah mendapat pengesahan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan Nomor AHU10509.AH.01.01.Tahun 2008 tanggal 3 Maret 2008. Modal yang ditempatkan dan disetor penuh adalah sebesar Rp 500.000.000.

PT HTI Basuki Rachmat, a subsidiary company ("HTIBR") was established based on the notarial deed No. 12 of Wahyu Nurani, SH dated February 5, 2008 in Jakarta. This establishment has been approved by the Ministry of Justice and Human Rights of the Government of Republic of Indonesia in its letter No. AHU-10509.AH.01.01.Year 2008 dated March 3, 2008. Its authorized capital has been fully paid amounted to Rp 500,000,000.-

PT Hutan Ketapang Industri, anak Perusahaan (“HKI”) didirikan berdasarkan Akta Notaris Sutjipto, SH di Jakarta No. 37 tanggal 3 Maret 2011 dan telah mendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan Nomor AHU-19501.AH.01.01.Tahun 2011 tanggal 19 April 2011. Berdasarkan perubahan anggaran dasar Perusahaan tanggal 15 Juli 2011, modal yang ditempatkan dan disetor penuh adalah sebesar Rp 500.000.000.

PT Hutan Ketapang Industri, a subsidiary company ("HKI") was established based on the notarial deed No. 37 of Sutjipto, SH dated March 3, 2011 in Jakarta. This establishment has been approved by the Ministry of Justice and Human Rights of the Government of Republic of Indonesia in its letter No. AHU-19501.AH.01.01.Year 2011 dated April 19, 2011. Based on the changes in the Company's articles of association, its authorized capital has been fully paid amounted to Rp 500,000,000.-

2. KEBIJAKAN AKUNTANSI a. Penyajian laporan keuangan konsolidasi

2. ACCOUNTING POLICY a. Presentation of consolidated financial statements

Laporan keuangan konsolidasi disusun sesuai dengan prinsip dan praktik akuntansi yang berlaku umum di Indonesia yang meliputi Pernyataan Standar Akuntansi Keuangan (PSAK) yang dikeluarkan oleh Ikatan Akuntan Indonesia (IAI), dan Peraturan Badan Pengawas Pasar Modal (BAPEPAM) No. VIII.G.7 tentang pedoman penyajian laporan keuangan emiten atau perusahaan publik bagi perusahaan pabrikasi.

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in Indonesia, which are covered by Statements of Financial Accounting Standard (PSAK) issued by the Indonesian Institute of Accountants (IAI), and the Decree of the Capital Market Supervisory Agency (BAPEPAM) No. VIII.G.7 regarding the guidelines of financial statement presentation for public company or listed company in manufacturing.

Laporan keuangan konsolidasi disusun dengan dasar akrual, kecuali untuk laporan arus kas yang menggunakan konsep biaya perolehan (historical cost).

The consolidated financial statements are prepared based on accrual basis, except for statements of cash flows are using the historical cost basis of accounting.

Laporan arus kas konsolidasi disusun dengan menggunakan metode langsung (direct method) dengan mengelompokan arus kas ke dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using direct method by classifying flows of cash into operating, investing and financing activities.

Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasi ini adalah Rupiah.

The reporting currency used in preparation of the consolidated financial statements is Indonesian Rupiah.

b. Prinsip - prinsip konsolidasi

b. Consolidating principles

Laporan keuangan konsolidasi menggabungkan laporan keuangan Perseroan dan entitas yang dikendalikan oleh Perseroan yang disusun sampai dengan 31 Desember setiap tahunnya. Pengendalian dianggap ada apabila Perseroan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk Perseroan memiliki baik secara langsung atau tidak langsung melalui anak Perseroan lebih dari 50% hak suara.

The consolidated financial statements was inCompanyd with the financial statements of the Company and entities which are controlled by the Company and prepared each year, up to December 31. Control is achieved where the Company has the rights to manage and determine the investee's financial and operating policies to obtain benefits from its activities. Control is also presumed to exist when the Company owns directly or indirectly through subsidiaries company, more than 50% of the voting rights.

Pada saat akuisisi, aset dan kewajiban anak Perusahaan diukur sebesar nilai wajarnya pada tanggal akuisisi.

At the time of acquisition, the assets and liabilities of subsidiaries company are measured at their fair values at the time of acquisition date.

Hak non pengendali dinyatakan sebesar bagian non pengendali dari biaya perolehan historis aset bersih. Kepentingan non pengendali akan disesuaikan untuk bagian non pengendali dari perubahan ekuitas.

The non-controlling interest is stated at the non-controlling’s portion from the historical cost of the net assets. The non-controlling interest is subsequently adjusted from changes in equity of the non-controlling's portion.

Penyesuaian dapat dilakukan terhadap laporan keuangan anak Perusahaan agar kebijakan akuntansi yang digunakan sesuai dengan kebijakan akuntansi yang digunakan oleh Perseroan.

Necessary adjustments can be made to the financial statements of the subsidiaries company to bring it's accounting policies used is in accordance with those used by the Company.

Seluruh transaksi antar perusahaan, saldo, penghasilan dan beban dieliminasi pada saat konsolidasi.

All intercompany transactions, balances, income and expenses are eliminated at the time of consolidation.

c. Transaksi dan saldo dalam mata uang asing

c. Foreign currency transactions and balances

Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang asing dijabarkan ke dalam Rupiah menggunakan kurs yang diumumkan oleh Bank Indonesia yang berlaku pada tanggal tersebut (per 30 September 2011 dan 31 Desember 2010 kurs tukar yang digunakan adalah USD1 = Rp 8.823 dan USD1 = Rp 8.991). Laba atau rugi selisih kurs dibebankan pada laporan laba rugi tahun berjalan.

At balance sheets date, monetary assets and liabilities denominated in foreign currencies are adjusted to Rupiah using the excange rate prevailing at such date as published by Bank Indonesia (as of September 30, 2011 and December 31, 2010 exchange rates used are USD1 = Rp 0,000 and USD 1 = Rp 8,991). The resulting gains or losses are credited or charged to the current statement of income.

Transaksi dalam mata uang asing dicatat berdasarkan kurs yang berlaku pada saat transaksi dilakukan.

Transactions involving foreign currencies are recorded at the exchange rate prevailing at the time the transactions are made.


9



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 2. KEBIJAKAN AKUNTANSI (lanjutan) d. Transaksi dengan pihak yang berelasi

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 2. ACCOUNTING POLICY (continued) d. Related parties transactions

Perseroan dan anak Perusahaan telah melakukan transaksi dengan beberapa pihak yang berelasi, sebagaimana didefinisikan dalam PSAK No. 7 (Revisi 2009) ”Pengungkapan Pihak-Pihak Berelasi”. e. Kas dan setara kas

The Company and subsidiaries company have transactions with certain parties, which have related party relationship as defined under PSAK No.7 (2009 Revised) "Related Party Disclosure". e. Cash and cash equivalents

Setara kas terdiri dari deposito jangka pendek dengan jangka waktu jatuh tempo 3 (tiga) bulan atau kurang sejak tanggal penempatannya, tidak digunakan sebagai jaminan dan tidak dibatasi penggunaannya. f. Aset dan kewajiban keuangan

Cash equivalents consist of short-term time deposits with maturity periods of 3 (three) months or less since the time of their placement, not pledged as collateral and unrestricted. f.

Financial assets and liabilities

Efektif tanggal 1 Januari 2010, Perseroan telah menerapkan PSAK 55 (Revisi 2006) “Instrumen Keuangan: Pengakuan dan Pengukuran” dan PSAK 50 (Revisi 2006), “Instrumen Keuangan: Penyajian dan Pengungkapan” yang menggantikan PSAK 55 (Revisi 1999) “Akuntansi Instrumen Derivatif dan Aktivitas Lindung Nilai” dan PSAK 50 “Akuntansi Investasi Efek Tertentu”.

Effective on January 1, 2010, the Company has adopted PSAK 55 (Revised 2006) "Financial Instruments: Recognition and Measurement" and PSAK 50 (Revised 2006), "Financial Instruments: Presentation and Disclosure" which replaces PSAK 55 (Revised 1999) "Accounting for Instruments Derivatives and Hedging Activities "and PSAK 50" Accounting for Certain Investments in Securities. "

Dalam rangka penerapan PSAK 50 (Revisi 2006) dan PSAK 55 (Revisi 2006), Perseroan mengklasifikasikan instrumen keuangan dalam bentuk aset keuangan dan kewajiban keuangan.

In the application of PSAK 50 (Revised 2006) and PSAK 55 (Revised 2006), the Company classifies its financial instruments in the form of financial assets and financial liabilities.

Aset Keuangan diklasifikasikan dalam kelompok berikut:

Financial assets are classified in groups as follows: 1. Financial assets are measured at fair value through the statement of income.

1. Aset Keuangan yang diukur pada nilai wajar melalui laporan laba rugi.

Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi adalah aset keuangan yang ditujukan untuk diperdagangkan (trading), yaitu jika dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat atau terdapat bukti mengenai pola ambil untung dalam jangka pendek yang terkini. Instrumen derivatif masuk dalam kelompok ini kecuali bila derivatif tersebut merupakan instrumen lindung nilai. Investasi dalam efek yang termasuk dalam kelompok ini dicatat sebesar nilai wajarnya. Laba/rugi yang belum direalisasi pada tanggal neraca dikreditkan atau dibebankan pada usaha tahun berjalan.

Financial assets are measured at fair value through the statement of income are financial assets that are designated for trading, especially if it is owned primarily for the purpose of resale in the near future or there is evidence of a pattern of short-term profit taking in the most recent. Derivative instruments included in this group except when the derivative is a hedge. Investments in securities are included in this group are accounted for at fair value. At balance sheet date unrealized profit/loss are credited or charged to current operations.

Pada tahun 2011 dan 2010, tidak ada aset keuangan Perseroan yang diklasifikasi sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi.

In the years of 2011 and 2010, there were no financial assets classified as financial assets measured at fair value through the statement of income.

2. Investasi dalam kelompok dimiliki hingga jatuh tempo

2. Investment in group held up to maturity

Investasi dalam kelompok dimiliki hingga jatuh tempo adalah aset keuangan non-derivatif dengan pembayaran tetap atau ditentukan dan jatuh temponya telah ditetapkan, serta Manajemen mempunyai intensi positif dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo, kecuali:

Investment in group held up to maturity is non-derivative financial assets with fixed or predetermined payment and maturity have been defined, and management has the positive intention and ability to hold these financial assets to maturity, unless:

a. investasi yang pada saat pengakuan awal ditetapkan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi;

a. investment at initial recognition, designated as financial assets and measured at fair value through the statement of income;

b. investasi yang ditetapkan oleh entitas dalam kelompok tersedia untuk dijual; dan c. investasi yang memiliki definisi pinjaman yang diberikan dan piutang.

b. investment set by the entity classified in group as available for sale; and c. investment that has the definition of loans and receivables.

Pada saat pengakuan awal, investasi dalam kelompok dimiliki hingga jatuh tempo diakui pada nilai wajarnya ditambah biaya transaksi dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan suku bunga efektif.

These are initially recognised at fair value including transaction costs and subsequently measured at amortised cost, using the effective interest method.

Pada tahun 2011 dan 2010, tidak ada aset keuangan Perseroan yang diklasifikasi sebagai investasi dalam kelompok dimiliki hingga jatuh tempo.

In the years of 2011 and 2010, there were no financial assets classified as investments in group held up to maturity.

3. Pinjaman yang diberikan dan piutang

3. Loans and receivables

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif.

Loans and receivables are non-derivative financial assets with fixed payment or predetermined payment and have not quota in active markets.

Pada saat pengakuan awal, pinjaman yang diberikan dan piutang diakui pada nilai wajarnya, ditambah dengan biaya transaksi dan selanjutnya diukur pada biaya perolehan dan diamortisasi dengan menggunakan metode suku bunga efektif, kecuali untuk pinjaman yang diberikan dan piutang jangka pendek dimana perhitungan bunga tidak material.

Loans and receivables are initially recognised at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest rate method, except for loans and receivables whereby the calculation of interest is not material.

Pinjaman yang diberikan dan piutang meliputi piutang usaha dan piutang lain-lain pada neraca konsolidasian.

Loans and receivables comprise of trade accounts receivable and other receivables on the consolidated balance sheets.


10



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 2. KEBIJAKAN AKUNTANSI (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 2. ACCOUNTING POLICY (Continued)

4. Aset Keuangan yang diklasifikasikan dalam kelompok tersedia untuk dijual

4. Financial assets classified as available for sale

Aset Keuangan yang diklasifikasikan dalam kelompok tersedia untuk dijual adalah aset keuangan non-derivatif yang ditetapkan sebagai tersedia untuk dijual atau yang tidak memenuhi kriteria kelompok lainnya. Aset keuangan ini dicatat sebesar nilai wajar. Selisih antara nilai perolehan dan nilai wajar merupakan rugi (laba) yang belum direalisasikan pada tanggal neraca yang disajikan sebagai bagian dari ekuitas.

Financial assets classified as available for sale are non-derivative financial assets designated as available for sale or that do not meet criteria for other groups. These financial assets are recorded at fair value. The difference between the cost and fair value is a loss (income) that have not been realized in the balance sheet date are presented as part of equity.

Pada tahun 2011 dan 2010, tidak ada aset keuangan Perseroan yang diklasifikasi sebagai aset keuangan yang diklasifikasikan dalam kelompok tersedia untuk dijual.

In the years of 2011 and 2010, there were no financial assets of Company classified as financial assets classified as available for sale.

Perseroan menggunakan akuntansi tanggal penyelesaian untuk kontrak regular ketika mencatat transaksi aset keuangan.

The Company uses settlement date accounting for regular contracts when recording transactions of financial assets.

Kewajiban keuangan diklasifikasikan pada kelompok berikut: a. Kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi. Nilai wajar kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi adalah kewajiban keuangan yang dapat dipindahtangankan dalam waktu dekat. Derivatif diklasifikasikan sebagai kewajiban yang diukur pada nilai wajar melalui laporan laba rugi kecuali ditetapkan dan efektif sebagai instrumen lindung nilai.

Financial liabilities are classified in the following groups: a. Financial liabilities measured at fair value through the statement of income. The fair value of financial liabilities measured at fair value through the statement of income are financial obligations that can be transferred in the near future. Derivatives are classified as liabilities are measured at fair value through the statement of income unless specified, and effective as hedging instruments.

Pada tahun 2011 dan 2010, tidak ada kewajiban keuangan Perseroan yang diklasifikasi sebagai kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi.

In the years of 2011 and 2010, there were no financial liabilities of Company classified as financial liabilities measured at fair value through the statement of income.

b. Kewajiban keuangan yang diukur dengan biaya perolehan diamortisasi. Kewajiban keuangan yang tidak diklasifikasikan sebagai kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi dikategorikan dan diukur pada biaya perolehan diamortisasi.

b. Financial liabilities are measured using amortized cost. Financial liabilities not classified as financial liabilities measured at fair value through the statement of income are categorized and measured at amortized cost.

Kewajiban keuangan yang diukur pada biaya perolehan diamortisasi antara lain, hutang usaha, hutang lain-lain, biaya yang masih harus dibayar dan pinjaman. g. Piutang usaha Sebelum 1 Januari 2010, piutang usaha dinyatakan dalam jumlah kotor dikurangi penyisihan piutang ragu-ragu.

The financial liabilities at amortized cost are, among others, trade accounts payable, other payables, accrued expenses and loans payable. g. Trade accounts receivable Prior to January 1, 2010, trade receivables are stated at gross less allowance for doubtful account.

Efektif 1 Januari 2010, pada saat pengakuan awal piutang usaha diukur sebesar nilai wajar dan setelah pengakuan awal diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif, dikurangi penyisihan penurunan nilai sebagai mana yang diungkapkan pada Catatan 2f atas laporan keuangan konsolidasi.

Effective January 1, 2010, trade accounts receivable are recognized initially at fair value and subsequently measured at amortized cost using effective interest method, less allowance for impairment as disclosed in Note 2f of the consolidated financial statements.

Penyisihan penurunan nilai dibentuk ketika terdapat bukti obyektif bahwa Perseroan tidak akan dapat menagih semua piutang sesuai dengan persyaratan awal piutang. Kesulitan keuangan yang signifikan pada debitur, probabilitas bahwa debitur akan dinyatakan pailit atau reorganisasi keuangan, dan wanprestasi atau tunggakan dalam pembayaran dianggap sebagai indikator bahwa piutang usaha telah turun nilainya. Jumlah penyisihan tersebut adalah selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa depan, yang didiskontokan pada suku bunga efektif awal.

An allowance for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of receivables. Significant financial difficulties of the debtor, the probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments are considered as indicators that the trade accounts receivables are impaired. The amount of allowance is the difference between the assets’ carrying amounts and the present value of estimated future cash flows, discounted with the original effective interest rate.

Nilai tercatat aset tersebut dikurangi melalui penggunaan akun penyisihan, dan jumlah kerugian yang terjadi diakui dalam laporan laba rugi konsolidasian. Ketika piutang usaha tidak dapat ditagih, piutang tersebut dihapuskan terhadap akun penyisihan. Penerimaan kemudian atas jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap laporan laba rugi konsolidasi.

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 consolidated statement of income. When a trade accounts receivables is uncollectible, it is written-off against the allowance account for receivables. Subsequent recoveries of amounts previously written-off are credited against the consolidated statement of income.

h. Persediaan

h. Inventories

Suatu penilaian baru (new assessment ) dilakukan atas nilai realisasi neto pada setiap periode berikutnya. Ketika kondisi yang semula mengakibatkan penurunan nilai persediaan dibawah biaya ternyata tidak ada lagi atau ketika terdapat bukti yang jelas terhadap peningkatan nilai realisasi neto karena perubahan keadaan ekonomi, maka jumlah penurunan nilai harus dibalik (dalam hal ini pemulihan adalah terbatas untuk jumlah penurunan nilai awal) sehingga jumlah tercatat yang baru dari persediaan adalah yang terendah dari biaya atau nilai realisasi neto yang telah direvisi.


A new assesment is carried out based on the net realizable value at each subsequent period. If the condition of the declining inventory value below its cost does not exist or if there is an evidence against increasing in inventory value due to the changes in economic condition, therefor the amount of declining value should be reversed (in this case, the recovery is limited to the amount of initial declining value), so that the new carrying amount of inventory is the lowest of cost or the revised net realizable value.

11





2. KEBIJAKAN AKUNTANSI (Lanjutan)

2. ACCOUNTING POLICY (Continued)

i. Beban ditangguhkan

i.

Beban ditangguhkan diamortisasi selama masa manfaatnya dengan menggunakan metode garis lurus. j. Investasi saham

j.

Investasi saham dimana Perseroan dan perusahaan anak mempunyai pemilikan paling sedikit 20% tetapi tidak lebih dari 50% dicatat dengan menggunakan metode ekuitas. Berdasarkan metode ini, investasi awal dinyatakan sebesar harga perolehan, disesuaikan dengan bagian Perusahaan dan perusahaan anak atas laba (rugi) bersih perusahaan asosiasi setelah tanggal akuisisi, dividen yang diterima dan amortisasi dengan menggunakan metode garis lurus (straight-line method) selama 20 (dua puluh) tahun atas selisih antara harga perolehan investasi dan bagian atas aset bersih perusahaan asosiasi pada tanggal akuisisi. Investasi di mana Perseroan mempunyai penyertaan dengan pemilikan kurang dari 20% dan harga pasar tidak tersedia dinyatakan sebesar harga perolehan. Perusahaan menelaah dan mengevaluasi nilai tercatat atas selisih antara harga perolehan investasi dan bagian atas aset bersih perusahaan asosiasi secara berkala, dengan mempertimbangkan hasil usaha tahun berjalan dan prospek di masa yang akan datang dari perusahaan asosiasi tersebut.

k. Aset tetap

Investments in shares of stock Investments in shares of stock wherein the Company and subsidiaries have an ownership interest of at least 20% but not exceeding 50% are accounted for under the equity method. Under this method, the investments are initially stated at cost, adjusted for the Company's and subsidiaries' share in the net profit (losses) of the associated companies after the date of acquisition, dividends received and straight-line method of amortization over a 20 (twenty) years period againts the difference between the cost of such investment and the investor's proportionate share in the underlying net assets of the investee at the date of acquisition. Investment wherein the Company and subsidiaries have an ownership interest of less than 20% and its market price is not readily determinable are stated at cost. The Company reviews and evaluates periodically the carrying values of goodwill, taking into consideration current results and future prospects of the related associate company.

k. Property, plant and equipment

Aset tetap dipertanggungjawabkan dengan menggunakan model biaya yang dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai. Hak atas tanah tidak disusutkan dan disajikan sebesar biaya perolehan. Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut: Bangunan Mesin dan perlengkapan Kendaraan bermotor Peralatan dan inventaris kantor

Deferred charges Deferred charges are amortized over the periods benefited by using the straight-line method.

Property, plant and equipment is accounted for by using cost model which stated at cost less their accumulated depreciation and decline in value. Landrights are not depreciated and presented at acquisition cost. The depreciation were calculated using the straight line method over the estimated useful lives of the assets as follows:

Tahun / Years 15 - 30 10 - 15 5 5

Buildings Machinaries and equipments Motor vehicles Office equipments

Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan.

Land is carried at cost and not depreciated.

Beban pemeliharaan dan perbaikan dibebankan langsung ke laporan laba rugi pada saat terjadinya. Sedangkan biaya-biaya yang sifatnya meningkatkan masa manfaat aset secara signifikan, dikapitalisasi. Apabila suatu aset tetap tidak digunakan lagi atau dijual, biaya perolehan dan akumulasi penyusutan aset tetap tersebut dikeluarkan dari kelompok aset tetap, dan laba atau rugi yang terjadi dilaporkan dalam laporan laba rugi tahun bersangkutan.

The cost of maintenance and repairs is directly charged to statement of income as incurred. While significant renewal and betterments which increase the property, plant and equipment condition are capitalized. When property, plant and equipment are retired or otherwise disposed of, their cost and related accumulated depreciation are removed from the account and any resulting gain or loss is reflected in the statement of income for the year.

Pada tanggal neraca nilai aset tetap direview terhadap kemungkinan penurunan nilai, apakah terdapat peristiwa atau kondisi yang menunjukkan bahwa nilai tercatat aset tetap tidak dapat dipulihkan. Penyisihan atas penurunan nilai aset tetap diakui pada periode terjadinya penurunan nilai. Pada akhir tahun 2010 KBR, anak perusahaan telah melakukan penurunan nilai aset dalam penyelesaian sebesar Rp 310.538.885.887.

At the balance sheet date the carrying value of property, plant and equipment is reviewed for impairment whenever events and circumstances that the carrying value of property, plant and equipment may not be recoverable. The provision for impairment of value is recognized in the period it occurred. At the end of 2010, KBR, a subsidiary company had impaired the assets under construction amounted to Rp 310.538.885.887.

l. Kapitalisasi biaya pinjaman

l.

Sesuai dengan PSAK No. 26, "Biaya Pinjaman", beban bunga, rugi kurs yang timbul atas pinjaman dan biaya-biaya lainnya yang digunakan untuk biaya pembangunan dan instalasi fasilitas-fasilitas penting dikapitalisasi. Kapitalisasi biaya pinjaman berakhir pada saat aset dalam penyelesaian tersebut selesai dibangun dan aset tersebut siap digunakan atau pembangunan aset tersebut dihentikan sementara.

m. Aset lain-lain

m. Other assets

Pos-pos yang tidak dapat secara layak digolongkan dalam aset tetap, dan juga tidak dapat digolongkan dalam aset lancar, investasi/ penyertaan maupun aset tak berwujud, seperti: aset tetap yang tidak digunakan, piutang kepada pemegang saham, beban yang ditangguhkan dan aset lancar lainnya disajikan dalam kelompok aset lain-lain. Biaya yang tidak dilaporkan sebagai beban pada periode terjadinya karena dianggap memberikan manfaat bagi periode-periode selanjutnya digolongkan sebagai beban yang ditangguhkan.


Assets under constructions In accordance with PSAK No. 26 , "Borrowing Cost", interest expense, foreign exchange losses incurred on loans and other costs that are used to finance the construction and installation of necessary facilities are capitalized. Capitalization of borrowing costs cease when the assets in the settlement completed and the asset is ready for use or development of these assets is suspended.

Accounts of assets which can not reasonably be classified in fixed assets, and also can not be classified under current assets, investment/participation as well as intangible assets, such as fixed assets are not used, the receivables to a shareholder, deferred expense and other current assets presented in the other assets. Cost is not reported as expense in the period because it is considered beneficial for subsequent periods are classified as a deferred expense.

12



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 2. KEBIJAKAN AKUNTANSI (Lanjutan) n. Imbalan pasca kerja

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 2. ACCOUNTING POLICY (Continued) n. Post-employment benefits

Imbalan kerja jangka pendek diakui sebesar jumlah tak terdiskonto ketika pekerja telah memberikan jasanya kepada perseroan dan anak perusahaan dalam suatu periode akuntansi.

Short-term employee benefits are recognized at undiscounted amount when an employee has rendered service to the Company and subsidiary companies during an accounting period.

Imbalan pasca kerja diakui sebesar jumlah yang diukur dengan menggunakan dasar diskonto ketika pekerja telah memberikan jasanya kepada perusahaan dalam suatu periode akuntansi. Kewajiban dan beban diukur dengan menggunakan teknik aktuaria yang mencakup pula kewajiban konstruktif yang timbul dari praktik kebiasaan perusahaan. Dalam perhitungan kewajiban, imbalan harus didiskontokan dengan menggunakan metode projected unit credit.

Post-employment benefits are recognized at a discounted amount when an employee has rendered service to the Company during an accounting period. Liabilities and expenses are measured using actuarial techniques which include constructive obligation that arises from the Company’s informal practices. In calculating the liabilities, benefits should be discounted by using projected unit credit method.

Pesangon pemutusan kontrak kerja diakui jika, dan hanya jika, Perseroan berkomitmen untuk: a. memberhentikan seorang atau sekelompok pekerja sebelum tanggal pensiun normal; atau b. menyediakan pesangon bagi pekerja yang menerima penawaran mengundurkan diri secara sukarela.

Termination benefits are recognized when, and only when, the Company is demonstrably committed to either: a. terminate an employee or group of employees before the normal retirement date; or b. provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

o. Selisih transaksi perubahan ekuitas anak perusahaan

o. Transaction difference from changes in equity of subsidiary

Sesuai dengan PSAK No. 40, "Akuntansi Perubahan Ekuitas Anak Perusahaan atau Perusahaan Asosiasi", selisih nilai tercatat penyertaan Perusahaan dan bagian proporsional saham atas nilai buku aset bersih anak Perusahaan yang timbul dari perubahan pada ekuitas anak Perusahaan, yang bukan berasal dari transaksi antara perusahaan dan anak Perusahaan terkait, dicatat dan disajikan sebagai bagian dari ekuitas dalam neraca konsolidasi pada akun "Selisih Transaksi Perubahan Ekuitas Anak Perusahaan ".

p. Transaksi restrukturisasi entitas sepengendali

In accordance with PSAK No. 40, "Accounting for Changes in Equity Subsidiary or associated company", the difference between the carrying value of investments in companies and the proportionate share of the net asset book value of the Subsidiaries arising from changes in equity Subsidiary, which is not derived from transactions between the Company and related subsidiaries, recorded and presented as part of the equity in the consolidated balance sheet account "Difference in Transactions of Changes in Equity of Subsidiaries"

p. Restructuring transactions of entities under common control

Transaksi restrukturisasi antara entitas sepengendali berupa pengalihan aset, kewajiban, saham, atau instrumen kepemilikan lainnya yang dilakukan dalam rangka reorganisasi entitas yang berada dalam satu kelompok usaha yang sama tidak mengakibatkan perubahan substansi ekonomi kepemilikan, dan oleh karena itu, transaksi tersebut tidak menimbulkan laba atau rugi bagi seluruh kelompok perusahaan maupun bagi entitas individu dalam kelompok perusahaan tersebut. Berdasarkan PSAK No. 38, "Akuntansi Restrukturisasi Entitas Sepengendali ", transaksi tersebut harus dicatat sesuai dengan nilai buku seperti penggabungan usaha berdasarkan metode penyatuan kepemilikan (pooling of interests method )

Restructuring transactions between entities under common control comprise transfer of assets, liabilities, shares or other ownership instrument in the context of reorganization in the same business group does not result in a change of ownership of economic substance, and therefore, these transactions do not generate profits or loose for the group of companies as well as for individual entities within the group companies. Based PSAK No. 38, "Accounting for Restructuring of Entities Under Common Control", the transaction must be recorded based on its book value as business combination using pooling of interests method.

Dalam menerapkan metode penyatuan kepemilikan, unsur laporan keuangan dari entitas yang direstrukturisasi untuk periode terjadinya restrukturisasi tersebut dan untuk periode perbandingan yang disajikan, harus disajikan sedemikian rupa seolah - olah perusahaan tersebut telah tergabung sejak permulaan periode perbandingan yang disajikan tersebut. Selisih antara harga pengalihan dalam nilai buku dalam transaksi restrukturisasi entitas sepengendali dicatat dalam akun "Selisih Transaksi Restrukturisasi Entitas Sepengendali " yang disajikan sebagai bagian dari ekuitas pada neraca konsolidasi.

In the application of pooling of interest methods, elements of financial statements of the restructured entity for a period of restructuring and for comparative periods presented, must be presented in such a way as - if the company has been incorporated since the beginning of the period of comparison is presented. The difference between the transfer price of the book value of the restructuring of entities under common control transactions are recorded under "Difference in Restructuring Transactions of Entities Under Common Control" is presented as part of the equity in the consolidated balance sheet.

Jika substansi sepengendali antara entitas yang pernah melakukan transaksi restrukturisasi entitas sepengendali kepada pihak lain yang tidak sepengendali, maka saldo akun selisih nilai transaksi restrukturisasi entitas sepengendali dicatat sebagai laba atau rugi yang direalisasikan pada laporan laba rugi konsolidasi.

While the substance between entities under common control, who had conducted the restructuring of entities under common control transactions to other parties who are not under common control, the account balance is the difference between the value of the restructuring of entities under common control transactions are recorded as a income or loss realized on consolidated income statements.

q. Biaya emisi saham

q. Stock issuance costs

Biaya emisi saham merupakan biaya yang berkaitan dengan penerbitan saham Perseroan. Biaya ini mencakup fee dan komisi yang dibayarkan kepada penjamin emisi, lembaga dan profesi penunjang pasar modal, serta biaya pencetakan dokumen pernyataan pendaftaran, biaya pencatatan efek ekuitas di bursa efek, dan biaya promosi. Biaya-biaya yang berkaitan dengan pencatatan saham di bursa efek atas saham yang sudah beredar dan biaya yang berkaitan dengan dividen saham dan pemecahan saham tidak termasuk dalam pos biaya emisi efek ekuitas.

Stock issuance costs represent expenses which relate to the issuance of the stock of the Company. These expenses include fee and commission which paid to underwriter, stock exchanges’ supporting institutions and professionals, and registration document printing expenses, listing at stock exchange expense and promotion expenses. Expenses relate to the listing of outstanding stock at stock exchange and expenses relate to stock dividend and stock split does not include in this stock issuance cost.

Sesuai dengan Surat Keputusan Badan Pengawas Pasar Modal (BAPEPAM) No. KEP-06/PM/2000 tanggal 13 Maret 2000, beban yang terjadi sehubungan dengan penawaran saham Perseroan kepada masyarakat dibebankan ke “Tambahan Modal Disetor”.

In accordance with the decree of the Capital Market Supervisory Agency (BAPEPAM) No. KEP-06/PM/2000 dated March 13, 2000, the expenses incurred in connection with the shares offered by the Company to publics are recorded as “Additional Paid In Capital”.


13



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 2. KEBIJAKAN AKUNTANSI (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 2. ACCOUNTING POLICY (Continued)

r. Pengakuan pendapatan dan beban

r.

Revenue and expenditures recognition

Pendapatan diakui pada saat penyerahan, beban diakui pada saat terjadinya (accrual basis).

Revenue is recognized at the time of delivery, and expenses are recognized as incurred on accrual basis.

Disamping itu, tidak terdapat ketidakpastian yang signifikan mengenai arus penerimaan pendapatan dari penjualan dan biaya-biaya terkait penjualan tersebut serta kemungkinan terjadinya pengembalian barang (retur).

Beside that, there is no significant uncertainty related to flows in income from sales, expenses regarding to those sales and the probability returned incurred.

s. Pajak penghasilan

s. Income tax

Seluruh perbedaan temporer antara jumlah tercatat aset dan kewajiban dengan dasar pengenaan pajaknya diakui sebagai pajak tangguhan dengan metode kewajiban (liability). Pajak tangguhan dihitung dengan tarif pajak yang berlaku saat ini.

All temporary differences arising between the tax bases of assets and liabilities and their carrying value are recognized as deferred tax using liability method. Currently enacted tax rates are used to determine deferred income tax.

Saldo rugi fiskal yang dapat dikompensasi diakui sebagai aset pajak tangguhan apabila besar kemungkinan bahwa jumlah laba fiskal dimasa mendatang akan memadai untuk dikompensasi. Penilaian penyisihan dibentuk atas bagian aset pajak tangguhan yang diperkirakan tidak dapat direalisasi di masa yang akan datang. Koreksi terhadap kewajiban perpajakan diakui saat surat ketetapan pajak diterima atau jika mengajukan keberatan, pada saat keputusan atas keberatan tersebut telah ditetapkan.

Deferred tax assets relating to the carryforward of unused tax losses are recognized to the extent that it is probable that the future taxable profit will be available against which the unused tax losses can be utilized. A valuation allowance is provided for the portion of deferred tax assets which is not expected to be realized in the future. Amendment to tax obligations are recorded when an assessment is received or, if appealed against, when the result of the appeal is determined.

Pajak kini dihitung berdasarkan laba kena pajak, yakni laba yang telah disesuaikan dengan peraturan perpajakan yang berlaku.

Current tax is recognized based on taxable income for the year, which is commercial income adjusted in accordance with the current tax regulation.

t. Laba (rugi) per saham

t.

Earning (loss) per share

Laba (Rugi) per saham (LPS) dihitung dengan membagi laba (rugi) bersih dengan rata-rata tertimbang dari jumlah saham yang beredar pada periode yang bersangkutan, sedangkan untuk LPS dilusian dihitung dengan membagi laba (rugi) bersih dengan jumlah rata rata tertimbang saham biasa dalam 1 (satu) periode pelaporan ditambah efek berpotensi saham biasa. Jumlah rata-rata tertimbang saham beredar masing-masing dalam periode sembilan bulan yang berakhir pada 30 September 2011 dan 2010 adalah 5.999.411.529 saham dan 1.447.521.573 saham.

u. Informasi segmen

Earning (Loss) per share (EPS) is calculated by dividing net income (loss) with the weighted average number of shares outstanding during the periods, while for diluted EPS is calculated by dividing net income (loss) with the weighted average number of shares outstanding during the year plus dilutive potential common stocks. The total weighted average number of shares outstanding for the nine moonths ended September 30, 2011 and 2010 are 5,999,411,529 shares and 1,447,521,573 shares, respectively.

u. Segment information

Informasi segmen disajikan menurut pengelompokkan (segmen) usaha dan segmen geografis.

Segment information is presented based on business segments and geographical segments.

Segmen usaha menyajikan komponen yang dapat dibedakan (distinguishable components ) dalam suatu produk dan jasa yang memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan dari segmen usaha lain. Segmen geografis menyajikan informasi produk dan jasa pada wilayah ekonomi tertentu yang memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada wilayah ekonomi tertentu.

Business segment is a distinguishable component in products and services that are subjected to risks and returns that are different from those of other business segments. Geographical segments provide product and services information within a particular economic environment that is subject to risk and returns that are different from those of components operating in other economic environment.

3. OTHER EQUITY

3. EKUITAS LAINNYA 30 Sep 2011

31 Des 2010

1 Jan 2010

Transaksi Restrukturisasi Entitas Sepengendali

7.803.435.210

7.803.435.210

7.803.435.210

Transaksi Perubahan Ekuitas Anak Perusahaan

1.648.357.377.084

1.648.357.377.084

1.648.357.377.084

1.656.160.812.294

1.656.160.812.294

1.656.160.812.294

Jumlah Ekuitas Lainnya

Transaksi Restrukturisasi Entitas Sepengendali

Restructuring Transaction of Entities Undesr Common Control

Pada bulan Pebruari 2008, Perseroan menjual tiga anak Perusahaan (PT Indhasana Purisejahtera, PT Sinar Pedoman Abadi dan PT Tridiantara Alvindo) dengan nilai transfer sebesar Rp 48.216.000.000 kepada PT Sinar Semindo Rezeki (sekarang bernama PT Petroneks Energy, perusahaan asosiasi), transaksi penjualan tidak dalam bentuk tunai tetapi diselesaikan dengan cara pengalihan piutang Perseroan atas penjualan saham tersebut kepada Quest Corporation, dengan rincian adalah sebagai berikut:

In February 2008, the Company spinned off its three subsidiaries namely PT Indhasana Puri Sejahtera, PT Sinar Pedoman Abadi and PT Tridiantara Alvindo with the transaction value of Rp 48,216,000,000,- to PT Sinar Semindo Rezeki (currently PT Petroneks Energy, an affiliated company). No cash settlement for the transaction. The transaction was settled by offsetting receivable against the Company's payable to Quest Corporation, that are as follows:


14




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 3. OTHER EQUITY (Continued)

3. EKUITAS LAINNYA (Lanjutan) Rp Nilai transfer saham PT Indhasana Purisejahtera PT Sinar Pedoman Abadi PT Tridiantara Alvindo Jumlah nilai transfer

4.750.000.000 4.043.000.000 39.423.000.000 48.216.000.000

Aset bersih bagian Perseroan di anak Perusahaan PT Indhasana Purisejahtera PT Sinar Pedoman Abadi PT Tridiantara Alvindo Jumlah aset bersih bagian Perseroan

4.750.000.000 1.000.000.000 34.662.564.790 40.412.564.790

Selisih transaksi restrukturisasi entitas sepengendali

7.803.435.210

Share transfer amount PT Indhasana Purisejahtera PT Sinar Pedoman Abadi PT Tridiantara Alvindo Total transfer amount The Company net asset portion in subsidiary company PT Indhasana Purisejahtera PT Sinar Pedoman Abadi PT Tridiantara Alvindo Total Company net asset portion Difference restructuring transaction of among entities under common control

Transaction of The Changes in The Equty of Subsidiaries

Transaksi Perubahan Ekuitas Anak Perusahaan Sehubungan restrukturisasi hutang KBR, anak Perusahaan dengan GTA pada tahun 2006, disepakati bahwa nilai tercatat hutang yang direstrukturisasi sebesar Rp 1.971.951.858.618 dan dikonversi menjadi modal saham sejumlah 440.700 lembar dengan nilai nominal sebesar Rp 440.700.000.000. Selisih antara hutang yang dikonversi dengan nilai wajar saham yang diperoleh sebesar Rp 1.531.251.858.618 diakui sebagai agio saham. Jumlah selisih perubahan ekuitas anak Perusahaan adalah sebesar Rp 1.648.357.377.084 yang merupakan selisih nilai aset bersih bagian Perseroan di anak Perusahaan sesudah dan sebelum konversi hutang menjadi modal efektif.

In relation to debt restructuring of KBR with GTA in 2006, it has been agreed that balance of restructured payable amounted to Rp 1,971,951,858,618,and has been converted into capital stock of 440,700 shares with value of Rp 440,700,000,000. The difference between loan conversion and fair value of share amounted to Rp 1,531,251,858,618,- is recognized as share premium (agio shares). Total amount of the differences arising form the equity of subsidiaries amounted to Rp 1,648,357,377,084,- that represents the difference in net assets value of the Company's portion in its subsidiaries before and after loan conversion to equity is effective.

4. ACQUISITION OF SHARES IN SUBSIDIARY COMPANY

4. PEMBELIAN SAHAM ANAK PERUSAHAAN Sesuai dengan akta notaris Sutjipto,SH No. 26, tanggal 14 Januari 2010 dan berdasarkan surat kesepakatan harga dari Menteri Negara Badan Usaha Milik Negara No. S-559/MBU/2009 tanggal 10 Agustus 2009 tentang Penjualan Saham Milik Negara RI di KB, Perseroan telah membeli 531 lembar saham KB, anak Perusahaan dengan harga perolehan sebesar Rp 540.000.000 dimana harga tersebut lebih besar daripada nilai wajar aset KB. Akibat dari transaksi tersebut menimbulkan goodwill sebesar Rp 1.895.327.143 yang diperhitungkan

Based on notarial deed of Sutjipto, SH, dated January 14, 2010 and based on the price agreement of the Ministry of State Owned Enterprise No. S559/MBU/2009 dated August 10, 2009 concerning sale of KB share owned by the Government of Indonesia, the Company has bought 531 shares of KB, a subsidiary, with the purchase price of Rp 540,000,000,- where as the purchase price was above the fair value of KB. This transaction resulted in goodwill amounted to Rp 1,895,327,143,- that was accounted into the gain on disposal of subsidiary.

kedalam perhitungan laba atas penjualan saham anak Perusahaan. Selanjutnya, berdasarkan Notaris yang sama, No. 77, tanggal 25 Januari 2010 Perseroan telah melepas seluruh saham yang dimiliki di KB kepada PT Satya Mitra Mandiri, pihak ketiga sejumlah 63.531 lembar saham dengan harga penjualan sebesar Rp 8.874.500.000, dengan perhitungan sebagai berikut: Nilai penjualan saham Dikurang: Piutang hubungan istimewa Goodwill Ditambah: Aset bersih bagian perseroan di KB (100%) Laba atas penjualan anak perusahaan


Furthermore, based on the notarial deed of the same notary No. 77 dated January 25, 2010, the Company has sold all shares in KB to PT Satya Mitra Mandiri, a third party, 63,531 shares with the salling price of Rp 8,874,500,000,- with the following calculation:

Rp 8.874.500.000 (119.039.249.846) (1.895.327.143) 161.348.469.375 49.288.392.386

15

Value of share sale Deducted : Due from affiliated company Goodwill Add: Net asset of Company's portion in KB (100%) Gain on sale of subsidiary company





5. KAS DAN SETARA KAS

5. 30 Sep 2011

Kas ditangan Kas pendapatan usaha Kas kecil Jumlah kas

CASH AND CASH EQUIVALENTS

31 Des 2010

0 22.806.061 22.806.061

1 Jan 2010

0 10.277.209 10.277.209

330.376.054 37.352.222 367.728.276

Cash on hand Cash from revenue Petty cash Total cash on hand

Kas di bank Rupiah Bank DBS Bank Panin Bank CIMB Niaga Bank BNI Rabo Bank Bank Muamalat Bank Mayapada Bank Mandiri Bank Sinarmas Bank Mega Bank BCA Bank Capital Jumlah kas dibank - rupiah

0 0 1.040.792 7.656.153 0 0 2.140.181.132 195.661.966 0 0 10.074.401 0 2.354.614.444

0 0 0 71.215.939 6.702.368 24.425.688 28.314.626.056 98.920.487 10.738.595 1.314.046 83.009.441 1.251.074 28.612.203.694

34.568.228 6.141.992 710.520 26.502.038 7.242.056 26.298.938 0 28.754.027 0 15.231.180 138.701.021 0 284.150.000

Cash in bank Rupiah Bank DBS Bank Panin Bank CIMB Niaga Bank BNI Rabo Bank Bank Muamalat Bank Mayapada Bank Mandiri Bank Sinarmas Bank Mega Bank BCA Bank Capital Total cash in bank - rupiah

Dollar Amerika Bank Mandiri Bank DBS Bank BNI Bank Muamalat Bank Mega Jumlah kas dibank - US Dollar

3.287.171.741 0 18.669.552 0 0 3.305.841.293

0 0 31.589.173 8.448.753 9.820.420 49.858.346

0 8.542.720 36.847.864 8.833.086 0 54.223.670

US Dollar Bank DBS Indonesia Bank DBS Bank BNI Bank Muamalat Bank Mega Total cash in bank - US Dollar

Deposito Berjangka 31 Jul 2011

31 Des 2010

1 Jan 2010

Deposito Bank Mayapada Deposito Bank CIMB Niaga Deposito BTPN Total Deposito Berjangka

2.638.750.000 3.174.886.000 5.293.392.000 11.107.028.000

-

-

Jumlah Kas dan Setara Kas

16.790.289.798

28.672.339.248

706.101.946

Pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010 tidak terdapat saldo kas dan setara kas yang dibatasi pengunaannya dan seluruhnya ditempatkan pada pihak ketiga.


Total Cash and Cash Equivalents

As of September 30, 2011, December 31, 2010 and January 1, 2010 cash and cash equivalent are unrestricted and placed in the third party.

16





6. PIUTANG USAHA

6.

a. Piutang usaha berdasarkan pelanggan adalah sebagai berikut: 30 Sep 2011 Pihak ketiga PT Pertamina (Persero) PT Pusaka Buana Pratama UD Siong Khong, Surabaya CV Tri Inti Pratama, Malang Percetakan Angkasa, Bandung Penjilidan Dian, Banyuwangi Koperasi Insani, Jakarta Indonesia Cone Tatimel, Jakarta Sabnani PT Suryo Renggo C Filipus Nasib, Surabaya Yapanto PT, Surabaya Masco PT, Jakarta Lain-lain (dibawah Rp 10 juta) Penyisihan piutang ragu-ragu

TRADE RECEIVABLES a.

31 Des 2010

Trade receivables based on customer, as follows: 1 Jan 2010

655.333.240 0 10.868.034 15.739.028 10.549.263 10.118.281 15.359.010 0 0 0 0 0 0 0 53.869.193 771.836.049

6.548.809.090 280.498.381 10.868.034 15.739.028 10.549.263 10.118.281 15.359.010 0 0 0 0 0 0 0 57.904.193 6.949.845.280

0 0 10.868.034 15.739.028 10.549.263 10.118.281 15.359.010 22.879.214 38.420.951 80.000.000 110.364.736 29.565.845 37.904.209 557.566.031 131.632.818 1.070.967.420

(116.502.809) 655.333.240

(116.502.809) 6.833.342.471

(1.070.093.361) 874.059

Third parties PT Pertamina (Persero) PT Pusaka Buana Pratama UD Siong Khong, Surabaya CV Tri Inti Pratama, Malang Percetakan Angkasa, Bandung Penjilidan Dian, Banyuwangi Koperasi Insani, Jakarta Indonesia Cone Tatimel, Jakarta Sabnani PT Suryo Renggo C Filipus Nasib, Surabaya Yapanto PT, Surabaya Masco PT, Jakarta Others (under Rp 10 million) Allowance for bad debts

Pihak berelasi

1.281.065.805

883.671.718

165.591.006

Related parties

Jumlah Piutang Usaha

1.936.399.045

7.717.014.189

166.465.065

Total Trade Receivables

b. Piutang usaha berdasarkan umur (hari) adalah sebagai berikut: 30 Sep 2011 Belum jatuh tempo Lewat jatuh tempo 1 s/d 30 hari Lewat jatuh tempo 31 s/d 60 hari Lewat jatuh tempo 61 s/d 90 hari Lewat jatuh tempo 91 s/d 120 hari Lewat jatuh tempo >120 hari Penyisihan piutang ragu-ragu Piutang usaha - bersih

0 0 0 0 59.627.040 1.993.274.814 2.052.901.854 (116.502.809) 1.936.399.045

b. 31 Des 2010

Trade receivables based on aging (days), as follows: 1 Jan 2010

6.829.307.471 0 0 0 0 1.004.209.527 7.833.516.998 (116.502.809) 7.717.014.189

193.543.235 0 0 0 0 1.043.015.191 1.236.558.426 (1.070.093.361) 166.465.065

Mutasi penyisihan piutang ragu-ragu

Allowance for bad debts Trade receivables - net

The movement of allowance for bad debts 30 Sep 2011

Saldo awal Penambahan Penghapusan Saldo akhir

Current Overdue 1 up to 30 days Overdue 31 up to 60 days Overdue 61 up to 90 days Overdue 91 up to 120 days Overdue over 120 days

116.502.809 0 0 116.502.809

31 Des 2010

1 Jan 2010

1.070.093.361 0 (953.590.552) 116.502.809

379.163.903 690.929.458 0 1.070.093.361

Beginning balance Addition Write off Ending balance

Manajemen berpendapat bahwa penyisihan piutang ragu-ragu atas piutang pada pihak ketiga adalah cukup untuk menutupi kerugian yang mungkin timbul dari tidak tertagihnya piutang tersebut, sedangkan terhadap piutang pada pihak yang mempunyai hubungan istimewa tidak diadakan penyisihan piutang ragu-ragu karena manajemen berpendapat seluruh piutang tersebut dapat ditagih.

The Company's management believe that allowance for doubtful accounts is suffecient to cover any potential uncollectible of receivable from third parties, while receivables from affiliated companies are not provide an allowance, the management believe that all receivables are collectible.

Manajemen juga berpendapat bahwa tidak terdapat risiko terkonsentrasi secara signifikan atas piutang kepada pihak ketiga.

The management also believe that there would be no significant concentrated risk over receivables to third parties.


yang

17





7. PERSEDIAAN

7. 30 Sep 2011

Bahan Baku dan Pembantu Barang Dalam Proses Barang Jadi BBM dan Pelumas Perlengkapan suku cadang Penyisihan Barang Usang Jumlah Persediaan - bersih

INVENTORIES

31 Des 2010

1 Jan 2010

3.101.255.900 926.729.948 688.130.211 0 126.754.180 4.842.870.239

190.027.454

4.842.870.239

544.971.790

354.944.336 544.971.790

632.999.905 456.154.630 104.094.919 733.304.629 1.048.376.083 2.974.930.166 (424.384.163) 2.550.546.003

Raw Material and Supporting Work In Process Finished Goods Fuel and Oil Spareparts Allowance for Obsolete Stock Total Inventories - net

Anak Perusahaan telah mengasuransikan persediaan kepada PT Asuransi Wahana Tata terhadap risiko kebakaran dengan jumlah pertanggungan sebesar Rp 5.000.000.000.

The Subsidiary Company has been insuring its inventories to PT Asuransi Wahana Tata for fire risk with sum assured of Rp 5,000,000,000,-.

Anak Perusahaan tidak membentuk penyisihan penurunan nilai persediaan karena manajemen berpendapat bahwa seluruh persediaan masih dapat dijual dengan harga di atas nilai tercatat persediaan.

The Subsidiary Company does not make allowance for inventories impairment as the management believe that all inventories can be salable over its carrying value.

8. PIUTANG PADA PIHAK YANG BERELASI

8. 30 Sep 2011 6.368.362.509 323.047.197 139.239.203 6.830.648.910

PT Tridiantara Alvindo PT Indhasana Energy Ahli waris Tn. Boediono Jumlah

1 Jan 2010

6.368.362.509 323.047.197 139.239.203 6.830.648.910

Piutang kepada pihak yang berelasi merupakan pinjaman tanpa bunga yang tidak memiliki jadual pembayaran dan tidak ditentukan tanggal jatuh temponya.

9. INVESTASI PADA PERUSAHAAN ASOSIASI

1 Jan 2010

2.261.433.353

10. ASET TETAP

2.261.433.353

PT KHI Pipe Industries Tbk (1,52% ownership)

10. PROPERTY, PLANT AND EQUIPMENT 31 Des 2010 Dec 31, 2010 Rp

Penambahan / Additions Rp

Pengurangan / Deduction Rp

30 Sep 2011 / Sep 30, 2011 Rp

Biaya Perolehan:

Acquisition Cost : 6.281.532.500 19.072.429.139 10.778.204.013 1.571.503.845 1.381.346.232 712.503.913.599 751.588.929.328

0 0 0 363.413.636 100.732.499 3.444.432.187 3.908.578.322

0 118.763.686 0 196.388.500 34.449.250 33.709.390.000 34.058.991.436

6.281.532.500 18.953.665.453 10.778.204.013 1.738.528.981 1.447.629.481 682.238.955.786 721.438.516.214

Bangunan dan prasarana Mesin dan peralatan Kendaraan Peralatan kantor Jumlah

10.159.273.400 8.051.496.061 1.228.747.171 1.176.941.588 20.616.458.220

519.702.120 382.758.888 97.969.392 67.370.438 1.067.800.839

118.657.180 0 196.388.500 21.322.988 336.368.668

10.560.318.340 8.434.254.949 1.130.328.063 1.222.989.039 21.347.890.391

Nilai Buku

730.972.471.108

Tanah Bangunan dan prasarana Mesin dan peralatan Kendaraan Peralatan kantor Aset dalam penyelesaian Jumlah

PT Tridiantara Alvindo PT Indhasana Energy Heirs of Mr. Boediono Total

INVESTMENT IN ASOCIATED COMPANY

31 Des 2010

2.261.433.353

6.567.491.583 537.449.529 237.047.721 7.341.988.833

Related parties receivables represents loan without interest, no payment schedule and maturity date is not specified.

9. 30 Sep 2011

PT KHI Pipe Industries Tbk (kepemilikan 1,52%)

DUE FROM RELATED PARTIES

31 Des 2010

Akumulasi Penyusutan:

Land Buildings Machineryand equipments Vehicles Office equipments Assets under construction Total Accumulated Depreciaton :


700.090.625.823

18

Buildings Machinery & equipments Vehicles Office equipments Total Net book value





10. ASET TETAP (Lanjutan)

10. PROPERTY, PLANT AND EQUIPMENT (Continued) 1 Jan 2010 Jan 1, 2010

Penambahan/ Additions

Pengurangan/ Deduction

31 Des 2010 Dec 31, 2010

Biaya Perolehan: Tanah Bangunan dan prasarana Mesin dan peralatan Kendaraan Peralatan kantor Aset dalam penyelesaian Jumlah

Acquisition Cost : 17.286.458.484 37.786.508.354 144.925.039.840 4.441.652.526 1.851.496.500 1.021.827.332.231 1.228.118.487.935

0 0 0 154.850.000 27.545.001 1.215.466.855 1.397.861.856

11.004.925.984 18.714.079.215 134.146.835.827 3.024.998.681 497.695.270 310.538.885.487 477.927.420.464

6.281.532.500 19.072.429.139 10.778.204.013 1.571.503.845 1.381.346.231 712.503.913.599 751.588.929.327

18.790.070.248 123.615.506.249 3.443.358.799 1.486.892.018 147.335.827.314

771.898.155 539.879.305 107.064.998 96.735.406 1.515.577.864

9.402.695.003 116.103.889.493 2.321.676.626 406.685.836 128.234.946.958

10.159.273.400 8.051.496.061 1.228.747.171 1.176.941.588 20.616.458.220

Akumulasi Penyusutan: Bangunan dan prasarana Mesin dan peralatan Kendaraan Peralatan kantor Jumlah Nilai Buku

Accumulated Depreciaton :

1.080.782.660.621 1 Jan 2009 Jan 1, 2009

730.972.471.107 Penambahan/ Additions

Pengurangan/ Deduction

Nilai Buku

0 0 357.184.999 42.000.000 44.858.000 1.281.066.153 1.725.109.152

5.720.000 1.294.546 0 462.205.205 354.076.049 277.515.406 1.100.811.206

17.286.458.484 37.786.508.354 144.925.039.840 4.441.652.526 1.851.496.500 1.021.827.332.231 1.228.118.487.935

17.182.038.298 114.270.269.544 3.459.065.066 1.714.398.663 136.625.771.571

1.652.348.274 9.412.047.628 475.228.347 105.433.014 11.645.057.263

44.316.324 66.810.923 490.934.614 332.939.659 935.001.520

18.790.070.248 123.615.506.249 3.443.358.799 1.486.892.018 147.335.827.314

1.090.868.418.418

30 Sep 2011

Laba penjualan aset tetap

Land Buildings Machinery and equipments Vehicles Office equipments Assets under construction Total Accumulated Depreciaton :

1.080.782.660.621

Perhitungan penjualan asset tetap untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2011 dan 2010 serta untuk tahun yang berakhir pada tanggal 1 Januari 2010, adalah sebagai berikut:

Piutang penjualan asset tetap Hasil penjualan asset tetap Nilai buku asset tetap yang dijual

Net book value

Acquisition Cost : 17.292.178.484 37.787.802.900 144.567.854.841 4.861.857.731 2.160.714.549 1.020.823.781.484 1.227.494.189.989

Akumulasi Penyusutan: Bangunan dan prasarana Mesin dan peralatan Kendaraan Peralatan kantor Jumlah

Buildings Machinery & equipments Vehicles Office equipments Total

1 Jan 2010 Jan 1, 2010

Biaya Perolehan: Tanah Bangunan dan prasarana Mesin dan peralatan Kendaraan Peralatan kantor Aset dalam penyelesaian Jumlah

Land Buildings Machinery and equipments Vehicles Office equipments Assets under construction Total

0 34.444.026.784 (33.722.845.013) 721.181.771


Buildings Machinery & equipments Vehicles Office equipments Total Net book value

The computation on sale of the Company's fixed asets for the nine months period ended September 30, 2011 and 2010 and for the year ended January 1, 2010, are as follows:

30 Sep 2010

1 Jan 2010

1.140.000.000 24.238.800.000 (11.077.047.233)

0 206.550.000 0

Receivable on sale of fixed assets Proceeds on sale fixed assets Net book value on sale

14.301.752.767

206.550.000

Gain on sale of fixed assets

19





10. ASET TETAP (Lanjutan)

10. PROPERTY, PLANT AND EQUIPMENT (Continued)

Aset dalam penyelesaian merupakan biaya yang terjadi sehubungan dengan pengadaan mesin dan pembangunan pabrik kertas baru Paper Mill Project-2 (PM-2) dan HTI untuk ekspansi kertas HVS di KBR, anak perusahaan termasuk biaya terkait dengan perolehan pinjaman yang digunakan untuk pembiayaan proyek selama periode konstruksi dengan saldo per tanggal 31 Desember 2009 sebesar Rp 1.021.827.332.231 dan prosentase penyelesaian 90%. Pada tahun 2010 manajemen mengindikasikan adanya potensi penurunan nilai atas nilai aset dalam penyelesaian PM-2. Sehingga berdasarkan laporan penilai independen KJPP Herly, Ariawan & Rekan No. AV.01.11.026, tanggal 4 Maret 2011 manajemen telah melakukan penyesuaian atas saldo aset dalam penyelesaian tersebut sebesar Rp 310.538.885.487 menjadi sebesar Rp 710.795.005.088 yang dibebankan pada laporan laba (rugi) tahun 2010. Nilai ini merupakan nilai pasar dari aset dimaksud.

Assets under contruction represents the costs incurred in connection with procurement of machinery and the construction of a new paper mill Paper Mill Project-2 (PM-2), the industrial plantation (HTI) for expansion paper HVS in KBR, a subsidiary company including the cost of associated with the acquisition loans used to finance the project during the construction period with the balance as of 31 December 2009 amounted to Rp 1,021,827,332,231 and the completion of 90%. In 2010 management had indicated impairment value of asset under construction PM-2. Accordingly based on independent appraisal report of KJPP Herly, Ariawan & Rekan No. AV.01.11.026. dated 4 March 2011 management had made adjustment to asset under construction amounted to Rp 310,538,885,487 become amounted to Rp 710,795,005,088 which charged to the profit (loss) statement in 2010 year. This amount represent the market value of the respective assets.

PM-1 dan PM-2 diklasifikasikan sebagai aktiva tetap yaitu properti, pabrik dan peralatan di KBR, anak perusahaan diasuransikan dengan jumlah pertanggungan sebesar Rp 1.822.354.180.000 terdiri dari Rp 84.646.800.000 asuransi untuk PM-1 dan Rp 1.737.707.380.000 asuransi untuk PM-2. Manajemen berkeyakinan jumlah ini cukup untuk menanggung asuransi aktiva tetap. Asuransi PM-2 menggunakan produk asuransi “Fire Material Damage” untuk Bangunan Pabrik termasuk isinya dan Mesin & Peralatan yang meliputi resiko akan Kebakaran, Petir, Ledakan, Dampak jatuhnya pesawat dan / Dampak Kendaraan, Kerusuhan, Hantaman/Mogok dan Berbahaya Kerusakan, Keributan Sipil. Periode waktu polis asuransi adalah dari tanggal 8 September 2011 sampai dengan 8 September 2012.

PM-1 and PM-2 are classified as fixed assets ie property, plant and equipment at KBR, a subsidiary insured with total coverage amounting to Rp 1,822,354,180,000 consisting of Rp 84,646,800,000 insurance for PM-1 and Rp 1,737,707,380,000 insurance for PM-2. Management believes this amount is sufficient to cover the insurance of fixed assets. Insurance PM-2 use of the insurance product is "Fire Material Damage" for Building and Contents Including Machinery & Equipment which include the risk of Fire, Lightning, Explosing, Impact of Falling Aircraft, Smoke and /or Impact of Vehicle, Riot, Strike and Malicious Damage, civil Commotion. The time period from the date of the insurance policy is 8 September 2011 up to 8 September 2012.

11. HUTANG BANK

11. BANK LOAN 31 Des 2010

30 Sep 2011

PT Bank Negara Indonesia (Persero) Tbk

0

1.860.000.000

Pinjaman yang diperoleh tersebut di atas merupakan fasilitas pinjaman KMK Post-Financing dengan maksimum kredit sebesar Rp 1.860.000.000, dengan suku bunga 12 % per tahun dan berjangka waktu 1 (satu) tahun yang dijamin dengan tanah/bangunan kantor dan persediaan yang telah diperpanjang dan dilunasi pada tanggal 7 Mei 2011. 12. HUTANG USAHA

PT Bank Negara Indonesia (Persero) Tbk

12. TRADE PAYABLES

30 Sep 2011

This account represents the Subsidiary Company's payable to supplier for purchase of raw material, spare parts, supporting materials and others, with the details as follows:

31 Des 2010

627.823.608 434.173.981 224.129.972 0 4.400.000.000 278.870.400 0 0 0 0 0 0 0 0 3.002.752.333 8.967.750.294

1 Jan 2010

643.823.608 450.173.981 240.129.972 345.428.960 7.486.008.328 0 0 0 0 0 0 0 2.162.422.350 286.000.000 3.791.284.605 15.405.271.804

667.823.608 0 264.129.972 0 6.023.353.533 0 814.222.800 363.547.263 384.335.211 283.141.433 1.058.452.440 2.215.340.890 0 0 7.592.376.690 19.666.723.840

0 0 0

908.580 908.580

7.953.094.874 0 7.953.094.874

8.967.750.294

15.406.180.384

27.619.818.714

Pihak berelasi PT Sinar Pedoman Abadi PT Petroneks Energy Jumlah Hutang Usaha

2.661.500.000

Bank loan represents a loan facility for post-financing with maximum credit of Rp 1,800,000,000,- with interest rate at 12 % per annum and one year tenor which have been extended and settled on May 7, 2011. The Company's office land and building are used as collateral for the loan.

Akun ini merupakan kewajiban anak perusahaan kepada pemasok atas pembelian bahan baku, suku cadang, bahan pembantu dan lainnya, dengan rincian sebagai berikut:

Pihak ketiga PT Klorin Inti PT Inti Kaliasin, Surabaya PT Indimex SAG PT Bumi Pertiwi Lestari CV Putra Tunggal PT Putri Sakti Jaya Mandiri CBC Indonesia, Sby Sumber Tehnik MGL, PD PT GSP/ Tehnik PT GSP Nine Stars & Stockpile CV PT Alida Perkasa PT Sirara Agung Jaya Lain-lain (dibawah Rp 200 juta)

1 Jan 2010


20

Third parties PT Klorin Inti PT Inti Kaliasin, Surabaya PT Indimex SAG PT Bumi Pertiwi Lestari CV Putra Tunggal PT Putri Sakti Jaya Mandiri CBC Indonesia, Sby Sumber Tehnik MGL, PD PT GSP/ Tehnik PT GSP Nine Stars & Stockpile CV PT Alida Perkasa PT Sirara Agung Jaya Others (under Rp 200 million) Related parties PT Sunar Pedoman Abadi PT Petroneks Energy Total Trade Payables





12. HUTANG USAHA (Lanjutan)

12. TRADE PAYABLES (Continued) All of trade payables balances are in Indonesian Rupiah.

Seluruh saldo hutang usaha dalam mata uang Rupiah. Saldo hutang kepada pihak yang berelasi PT Sinar Pedoman Abadi merupakan hutang jasa pengelolaan operasional dan penebusan bahan bakar minyak untuk SPBU Mampang.

The balance due to PT Sinar Pedoman Abadi, an affiliated company, represents payable of operator fees and reimburesement of fuel purchase for the Company's fuel station in Mampang.

Saldo kepada PT Petroneks Energy, pihak yang berelasi merupakan hutang untuk modal kerja tanpa bunga dan tidak ditentukan batas waktu pengembaliaanya.

The balance due to PT Petroneks Energy, an affiliated company, represents payable for working capital without intersest and maturity date.

Saldo kepada CV. Putra Tunggal merupakan hutang untuk modal kerja tanpa bunga sehubungan dengan transaksi makloon kertas di KBR, anak Perusahaan. Hutang tersebut dibayar berdasarkan jadual pembayaran.

The balance of the CV. Putra Tunggal is payable for working capital with no interest bearing in relation with transactions in the paper makloon KBR, subsidiary. Such debts are paid based on the payment schedule.

13. BIAYA YANG MASIH HARUS DIBAYAR

13. ACCRUED EXPENSES 30 Sep 2011

Gaji, upah dan tunjangan Jamsostek dan Taspen Air, listrik dan telepon Bunga Purna Kerja/Pesangon pensiun DPLK Asuransi Denda pajak Angkutan kertas Lain-lain (dibawah Rp 10 juta) Jumlah

263.101.081 1.278.040.222 754.645.639 35.677.500 50.000.000 0 1.433.608.589 0 0 57.592.018 3.872.665.049

31 Des 2010

14. UANG MUKA PENJUALAN

3.518.276.376 1.900.316.807 1.514.384.404 266.651.429 1.890.978.564 2.498.878.907 225.087.973 141.835.637 449.790.943 161.920.023 12.568.121.063

Salaries, wages and allowances Jamsostek and Taspen Water, electricity and telephone Interest Retirements DPLK Insurance Tax fine Paper transportation Others (under Rp 10 milion) Total

14. SALES ADVANCE 30 Sep 2011

CV Putra Tunggal, Semarang PT Satya Mitra Mandiri Lainnya (dibawah Rp 10 juta) Jumlah Uang Muka Penjualan

31 Des 2010

157.000.000 0 14.082.100 171.082.100

1 Jan 2010

107.000.000 14.082.100 121.082.100

15. UANG JAMINAN

2.403.645.593 7.500.000.000 1.329.911.056 11.233.556.649

CV Putra Tunggal, Semarang PT Satya Mitra Mandiri Others (under Rp 10 million) Total Sales Advance

15. DEPOSIT 30 Sep 2011

PT. Glory Indonesia Abadi PT Sungai Menang Jumlah Uang Jaminan

1 Jan 2010

406.309.280 1.556.255.833 806.594.809 266.651.429 446.733.943 0 0 0 0 161.879.065 3.644.424.359

31 Des 2010

1.679.153.845 10.607.028.000 12.286.181.845

1 Jan 2010 0 0 0

0 0 0

PT. Glory Indonesia Abadi PT Sungai Menang Total Deposit

Uang Jaminan dari PT. Glory Indonesia Abadi (GIA) kepada KBR, sebagai pembayaran dimuka pesanan kertas.

Deposit of PT. Glory Indonesia Abadi (GIA) to KBR, a prepayment order paper.

Uang jaminan yang dapat dikembalikan dari PT. Sungai Menang (SM) kepada perseroan, sebagai akuisisi saham PT. Hutan Ketapang Industri (HKI). (Catatan 30a).

The Refundable deposit of the PT Sungai Menang (SM) to corporate, as the acquisition of shares of PT. Hutan Ketapang Industi (HKI). (Notes 30a).

16. HUTANG LAIN - LAIN

16. OTHER PAYABLES 30 Sep 2011

Pihak ketiga PT Greta Sastra Prima Valmet Corporation Inc. PT Weltes Energi Nusantara PT Trirta Kreasi Amrita PT Arianto Darmawan PT Grama Bazita Niigata Engineering Co. PT Purna Sentana Baja PT Saka PT Seltech Utama HA Simons Ltd. PT Dinda Pradana PT Jasindo, Jember Pengobatan dan Pakaian Dinas Lain-lain (dibawah Rp 200 juta) Pihak berelasi PT Sinar Pedoman Abadi Jumlah hutang lain - lain

31 Des 2010

1 Jan 2010 Other parties PT. Greta Sastra Prima Valmet Corporation Inc. PT Weltes Energi Nusantara PT Trirta Kreasi Amrita PT Arianto Darmawan, Bandung PT Grama Bazita Niigata Engineering Co. PT Purna Sentana Baja, Cilegon PT Saka PT Seltech Utama HA Simons Ltd. PT Dinda Pradana PT Jasindo, Jember Medical and uniform Others (under Rp 200 million)

0 2.477.498.400 1.094.800.000 745.520.015 212.430.200 460.939.328 352.920.000 622.590.897 387.763.653 394.976.313 234.344.791 0 225.087.973 317.598.691 3.192.134.106 10.718.604.367

51.916.742.076 2.524.672.800 1.094.800.000 745.385.015 212.430.200 422.297.411 359.640.000 630.857.262 387.763.653 359.029.698 238.806.984 0 0 407.554.323 2.362.966.684 61.662.946.105

62.456.674.834 2.639.520.000 1.094.800.000 745.385.015 212.430.200 422.297.411 374.248.728 618.202.000 387.763.653 359.029.698 249.670.298 1.440.102.000 0 346.848.606 3.719.874.738 75.066.847.181

1.238.941.000

1.238.941.000

1.238.941.000

Related parties PT Sinar Pedoman Abadi

11.957.545.367

62.901.887.105

76.305.788.181

Total other payables


21





16. HUTANG LAIN - LAIN (Lanjutan)

16. OTHER PAYABLES (Continued)

Saldo hutang lain-lain kepada pihak ketiga PT Greta Sastra Prima (GSP) sebesar Rp 51.916.742.076 di PT Kertas Basuk Rachmat (KBR), anak perusahaan telah mengalami beberapa kali pengalihan, terakhir dialihkan kepada PT Wahyu Berkat Abadi (WBA) pada tanggal 8 Agustus 2011, berdasarkan Akta Perjanjian Pengalihan Hak No. 25, Notaris Humberg Lie, SH di Jakarta. Kemudian pada tanggal 18 Agustus 2011 saldo hutang anak perusahaan tersebut di restruktur dan diambil alih oleh Perseroan untuk diselesaikan dengan cara konversi hutang ke modal saham melalui penerbitan saham baru tanpa HMETD, sesuai dengan Keputusan RUPSLB tanggal 21 September 2011 (Catatan 21 dan 30d).

Balance of other payables to third party PT Greta Sastra Prima (GSP) amounted to Rp 51,916,742,076 in PT Kertas Basuki Rachmat (KBR), subsidiary company have been assigned in several times, lastest assignment to PT Wahyu Berkat Abadi (WBA) was based on Notarial Receivables Assignment Agreement dated August 8, 2011 deed No. 25 of Humberg Lie, SH in Jakarta. Afterwards, the Corporate has restructured and took over the accounts payable balance of KBR to WBA on August 18, 2011 for settlement with debt to equity method by means of issuing a new share of NonPreemtive Rights, in accordance with the resolution of Extra Ordinary Shareholders Meeting (RUPSLB) dated September 21, 2011 (Notes 21 and 30d).

Saldo kepada PT Sinar Pedoman Abadi, pihak yang berelasi merupakan hutang modal kerja PT Kertas Basuki Rachmat, anak perusahaan tanpa bunga dan tidak ditentukan batas waktu pengembaliaanya.

The balance due to PT Sinar Pedoman Abadi, an affiliated company, represents payable of working capital PT Kertas Basuki Rachmat, subsidiary company without intersest and no maturity date.

17. HUTANG PADA PIHAK YANG BERELASI

17. DUE TO RELATED PARTIES 30 Sep 2011

31 Des 2010

1 Jan 2010

PT Petroneks Energy PT Sinar Pedoman Abadi PT Malindo Nusantara Cemerlang Ahli Waris Tn. Boediono Yusuf Ardhi Boediono PT Indhasana Energy Bagian Yang Jatuh Tempo

713.716.450 849.082.692 2.500.000.000 2.321.805.013 0 0 0

713.716.450 724.720.605 2.500.000.000 2.321.805.013 120.000.000 0 0

0 15.814.668.140 2.500.000.000 2.321.805.013 0 1.140.980 (2.164.180.800)

Jumlah

6.384.604.155

6.380.242.068

18.473.433.333

PT Petroneks Energy PT Sinar Pedoman Abadi PT Malindo Nusantara Cemerlang Ahli Waris Tn. Boediono Yusuf Ardhi Boediono PT Indhasana Energy Due date portion Total long-term portion

Saldo hutang kepada pihak yang berelasi PT Petroneks Energy merupakan pinjaman untuk membayar pesangon karyawan yang dialihkan ke perusahaan tersebut, tanpa dikenakan bunga dan jadual pengembalian yang tetap.

The balance to related party of PT Petroneks Energy, represents loan for severance payment of the Company's employees which have been transferred to PT Petroneks Energy, not interest bearing and repayment schedule has not been fixed yet.

Saldo hutang kepada pihak yang berelasi PT Sinar Pedoman Abadi merupakan hutang jasa pengelolaan operasional dan penebusan bahan bakar minyak untuk SPBU Mampang.

The balance due to PT Sinar Pedoman Abadi, an affiliated company, represents payable of operator fees and reimburesement of fuel purchase for the Company's fuel station in Mampang.

Saldo hutang kepada pihak yang berelasi PT Malindo Nusantara Cemerlang, merupakan pinjaman untuk modal kerja Perusahaan sebesar Rp 2.500.000.000, tanpa dikenakan bunga dan jadual pengembalian yang tetap.

Balance to related party of PT. Malindo Nusantara Cemerlang, represents loan for Company's working capital amounted to Rp 2,500,000,000, not interest bearing and repayment schedule has not been fixed yet.

Saldo hutang kepada pihak yang berelasi Ahli Waris Tuan Boediono (“Boediono”), merupakan pinjaman modal kerja anak perusahaan sebesar Rp 2.321.805.013, tanpa dikenakan bunga dan jadual pemgembalian kembali yang tetap. Saldo tersebut berasal dari piutang PT Indhatama Laksana Perdana yang telah dialihkan kepada Boediono sesuai Akta Perjanjian Pengalihan Piutang No. 38 tanggal 27 Juli 2009.

Balance to heirs of Mr. Boediono ("Boediono"), represents working capital loan of subsisiary company amounted to Rp 2,321,805,013, without interest and payment schedule. This balance is represents receivable of PT Indhasana Laksana Perdana to subsidiary which have been transferred to to Boediono in accordance with the deed of transfer receivable agreement No. 38 dated 27 July 2009.

18. BANK DAN LEMBAGA KEUANGAN NON BANK

18. LOANS FROM BANK & FINANCIAL INSTITUTION NON BANK

30 Sep 2011 Bank Bank DBS Bagian yang jatuh tempo Bagian jangka panjang Non Bank PT BCA Finance Bagian yang jatuh tempo Bagian jangka panjang

31 Des 2010 0 0 0

20.794.997 (20.794.997) 0

Saldo pinjaman kepada PT BCA Finance merupakan fisilitas pembiayaan untuk pembelian kendaraan Perseroan.


1 Jan 2010 0 0 0

83.180.000 (83.180.000) 0

28.594.224.218 (9.613.292.322) 18.980.931.896

Bank Bank DBS Due date portion Long-term portion

177.811.533 (94.629.373)

Non Bank PT BCA Finance Due date portion

83.182.160

Long-term portion

The balance of loan to PT BCA Finance represents financing facility for purchase of the Company's vihicle.

22





19. PINJAMAN JANGKA PANJANG

19. LONG-TERM LOAN 30 Sep 2011

Quest Corporation: Tranche A - US$ 10.000.000 Tranche B - US$ 19.000.000 Tranche C - US$ 1.500.000 Bagian yang jatuh tempo Bagian pinjaman jangka panjang

0 0 13.234.500.000 (13.234.500.000) 0

31 Des 2010

1 Jan 2010

0 0 13.486.500.000 (13.486.500.000) 0

94.000.000.000 178.600.000.000 90.096.517.045 0 362.696.517.045

Quest Corporation: Tranche A - US$ 10,000,000 Tranche B - US$ 19,000,000 Tranche C - US$ 1,500,000 Due date portion Long-term loan portion

Pinjaman kepada Quest Corporation ("Quest') pada awalnya merupakan pinjaman kepada Goal Trading Assets Ltd (“GTA”) yang telah diresktrukturisasi pada tanggal 29 Mei 2006. Pada tanggal 30 Agustus 2007, GTA mengalihkan piutangnya kepada Quest yang kemudian merestrukturisasi hutang tersebut menjadi 3 (tiga) fisilitas Tranche, dengan rincian berikut:

The loan to Quest Corporation ("Quest") was initially loan to Goal Trading Assets Ltd ("GTA") which had been restructured on May 29, 2006. On August 30, 2007, GTA transferred the loan to Quest and then Quest Corporation restructured the loan into 3 (Three) Tranches Facilities, with following details:

Setelah direstrukturisasi, hutang Tranche A sebesar US$ 10.000.000 dengan bunga 2% per tahun akan jatuh tempo dalam 10 tahun termasuk 4 tahun masa tenggang.

After being restructured, the Loan Tranche A of USD 10,000,000, with interest rate of 2 % per annum, will mature within10 years including 4 years grace period.

Hutang Tranche B sebesar US$ 19.000.000 dengan bunga 2,5% per tahun akan jatuh tempo dalam 12 tahun termasuk 4 tahun masa tenggang.

The Loan Tranche B of USD 19,000,000, with interest rate of 2.5 % per annum, will mature within12 years including 4 years grace period.

Pinjaman Tranche A dan B dijamin dengan seluruh aset tetap KBR, anak Perusahaan yang meliputi mesin, tanah dan bangunan termasuk aset dalam penyelesaian-PM-2 (Catatan 10).

Loans- Tranches A and B were secured by all assets of the KBR, a subsidiary company, consisting of property, plant and equipment,land and building, including asset under construction -PM-2 ( Note 10)

Pinjaman Tranche C sebesar US$ 16.000.000 dengan bunga 3 % per tahun akan jatuh tempo dalam 15 tahun termasuk masa tenggang selama 4 tahun. Pinjaman ini tidak dijamin.

Loan Tranche C of US$ 16,000,000, with interest rate of 3% per annum, will mature within 15 year including 4 years grace period. This loan is unsecured.

Pada tanggal 11 Oktober 2007, pinjaman Tranche C dialihkan menjadi hutang Perseroan. Pengalihan hutang ini tidak dalam bentuk tunai.

On October 11, 2007, loan Tranche C was transferred to the Company without cash settlement.

Pada tanggal 31 Maret 2008, Perseroan dan Quest mengadakan perjanjian untuk mengoffset hutang ini dengan piutang Perseroan dari Pemegang Saham dan PT Petroneks Energy, perusahaan asosiasi (dahulu bernama PT Sinar Semindo Rezeki).

On March 31, 2008, the Company entered in an agreement with Quest to offset this loan against the Company's receivables from its former shareholder and PT Petroneks Energy, an affiliated company (formerly PT Sinar Semindo Rezeki).

Berdasarkan Perubahan Perjanjian Restrukturisasi Pinjaman antara Quest Corporation dengan Perseroan dan KBR Pada tanggal 12 Oktober 2010, pinjaman Tranche A, B dan C tersebut direstrukturisasi sebagai berikut:

Based on Amendment to the Debt Restructuring Agreement between Quest Corporation with the Company and KBR dated October 12, 2010, Loans Tranche A, B and C had been restructured as follows:

-Pinjaman Tranche A dan B Untuk pinjaman Tranche A dan B sejumlah USD 29.000.000,-, ekuivalent dengan Rp 261.000.000.000,-, KBR dibebankan oleh Quest premi sebesar Rp 159.293.546.425,-. Pinjaman dan premium ini harus dibayar paling lambat 3 Desember 2010.

-Loan Tranche A and B For loans Tranche A and B totalling US$ 29,000,000.- equivalent to Rp 261,000,000,000.-, KBR was charged by Quest a premium amounted to Rp 159,293,546,425.-. These loans and premium should be paid on December 3, 2010 at the latest.

-Pinjaman Tranche C Untuk pinjaman Tranche C sejumlah USD 9,500,000,-, ekuivalent dengan Rp 85.500.000.000,-, Perseroan dibebankan oleh Quest premi sebesar Rp 52.182.368.657,-. Pinjaman dan premium ini harus dibayar paling lambat 3 Desember 2010.

-Loan Tranche C For loans Tranche C of US$ 9,500,000.- equivalent to Rp 85,500,000,000,000.-, the Company was charged by Quest a premium amounted to Rp 52,182,368,657.-. This loan and premium should be paid on December 3, 2010 at the latest.

Berdasarkan perjanjian Jaminan Perseroan antara Quest dengan Perseroan pada tanggal 12 Oktober 2010, Perseroan memberikan jaminan perusahaan atas pembayaran pinjaman Tranche A dan B di KBR.

Based on Corporate Guarantee agreement between Quest and the Company on October 12, 2010, the Company provided a corporate guarantee over the repayment of loans Tranche A and B in KBR.

Pada tanggal 16 Desember 2010, pinjaman Tranche A, B dan sebagian pinjaman Tranche C telah dilunasi oleh Perseroan. Sumber pendanaan untuk melunasi pinjaman tersebut diperoleh dari hasil Penawaran Umum Terbatas I Perseroan.

On December 16, 2010, loans Tranche A, B and a part of loan Tranche C including premiums had been paid by the Company. Sources of fund for payment of the loans was come from the proceed of the Company's rights issue I.

Sisa saldo pinjaman Tranche C direncanakan akan dilunasi seluruhnya oleh Perseroan dalam tahun 2011 setelah penjualan gedung kantor milik Perseroan yang berlokasi di Jl. Abdul Muis 46 Jakarta 10160.

The remaining balance of Loan Tranche C is planning to be paid by the Company within 2011 after sale of the Company's office building located at Jl.Abdul Muis No. 46 Jakarta 10160.


23





20. KEWAJIBAN IMBALAN PASCA KERJA

20. POST-EMPLOYMENT BENEFITS OBLIGATION

Perseroan dan anak Perusahaan menghitung kewajiban estimasi atas pemberhentian karyawan dan imbalan kerja pada kasus pemecatan karyawan berdasarkan masa tahun kerja karyawan. Kewajiban estimasi dihitung berdasarkan Peraturan Ketenagakerjaan dan PSAK No. 24 mengenai Imbalan Kerja.

The Company and subsidiaries have determined the estimated liabilities on their employee’s termination, gratuity and compensation benefits in case of employment dismissal based on employees’ number of years of service provided. The estimated liabilities are calculated based on existing manpower regulations and PSAK No. 24 regarding “Employee Benefits”.

Kewajiban imbalan pasca kerja dineraca adalah sebagai berikut:

Employee benefits liabilities on balance sheets, are as follows:

30 Sep 2011

31 Des 2010

Nilai kini kewajiban Biaya jasa lalu yang belum diakui-non vested Keuntungan aktuarial yang belum diakui

(6.672.291.488) 275.822.830 (676.765.335)

(6.672.291.488) 275.822.830 (704.465.835)

Present value of obligation Unrecognized past service cost Unrecognized actuarial losses

Kewajiban imbalan pasca kerja - anak perusahaan Pembayaran pesangon - anak perusahaan Kewajiban imbalan pasca kerja - Perseroan

(7.073.233.993) 2.615.327.828 (5.528.508.289)

(7.100.934.493) 0 (5.528.508.289)

Employee benefits liabilities -subsidiary company Payment benefits-subsidiary company Employee benefits liabilities-Company

(9.986.414.454)

(12.629.442.782)

Ending balance

Saldo akhir Mutasi kewajiban bersih adalah sebagai berikut :

The movement of net obligation as follows: 30 Sep 2011

31 Des 2010

Saldo awal Pembayaran manfaat Beban periode berjalan

(6.280.068.257) (548.347.984) (244.817.752)

(6.280.068.257) (548.347.984) (272.518.252)

Beginning balance Payment benefits Current expense

Kewajiban imbalan pasca kerja - anak perusahaan Pembayaran pesangon - anak perusahaan Kewajiban imbalan pasca kerja - Perseroan

(7.073.233.993) 2.615.327.828 (5.528.508.289)

(7.100.934.493) 0 (5.528.508.289)

Employee benefits liabilities -subsidiary company Payment benefits-subsidiary company Employee benefits liabilities-Company

Saldo akhir

(9.986.414.454)

(12.629.442.782)

Ending balance

Asumsi utama yang digunakan dalam menentukan biaya manfaat pensiun Perseroan oleh PT Mitra Jasa Prima, aktuaris independen, adalah sebagai berikut: Tingkat Tingkat Tingkat Tingkat Tingkat

diskonto per tahun kenaikan gaji per tahun mortalitas cacat pengunduran diri per tahun

Tingkat pensiun normal

The major assumptions used by PT Mitra Jasa Prima, independent actuary, for the calculation of pension benefit expenses of the Company, are as follows:

10% 10% (2009 : 8%) TMI-II 1999 5% x mortalitas/ 5% x mortality 10% dari 20 - 29 tahun/ 10% of 20 - 29 years old sampai 1% dari 50 - 54 tahun/ up to 1% of 50 - 54 years old 100%

21. KEPENTINGAN NON PENGENDALI

22. MODAL SAHAM

This account represents minority interests of the net assets and profit (loss) in subsidiaries as of September 30, 2011, December 31, 2010 and January 1, 2010 amounted to Rp 49,055,700.-, Rp 840,971,419.- and Rp 2,135,772,602.repectively. 22. SHARE CAPITAL

Jumlah modal ditempatkan dan disetor penuh pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010 berdasarkan catatan yang dibuat oleh Kantor Adminstrasi Saham, PT Ficomindo Buana Registrar, dan Perubahan Anggaran Dasar Perseroan 21 September 2011, adalah sebagai berikut :

Capital stock, issued and fully paid as of September 30, 2011, December 31, 2010 and January 1, 2010 based on the report of stock administration agency, PT Ficomindo Buana Registrar, and change in the company's articles of assocation September 21, 2011 are as follows: September 30, 2011

30 September 2011 Lembar saham/ Number of shares 1.250.000.000 680.028.796 5.983.089.146 774.877.000 8.687.994.942

Jumlah modal disetor/ Total paid in capital

Persentase / Percentage 14,39% 7,83% 68,87% 8,92% 100,00%

500.000.000.000 136.005.759.200 598.308.914.600 38.743.850.000 1.273.058.523.800

Share series A series B series C series D series Desember 31, 2010

31 Desember 2010 Lembar saham/ Number of shares Seri saham Seri A Seri B Seri C

Normal retirement

21. NON-CONTROLLING INTERESTS

Akun ini merupakan kepentingan non pengendali atas aset dan laba (rugi) bersih anak Perusahaan pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010 masing-masing sebesar Rp 49.055.700,-, Rp 840.971.419,dan Rp 2.135.772.602,-.

Seri saham Seri A Seri B Seri C Seri D

Discount rate Salary increment rate Mortality rate Disability rate Resignation rate

1.250.000.000 680.028.770 5.983.089.146 7.913.117.916



Persentase / Percentage 15,80% 8,59% 75,61% 100,00%

500.000.000.000 136.005.759.200 598.308.914.600 1.234.314.673.800

24

Share series A series B series C series





22. MODAL SAHAM (Lanjutan)

22. SHARE CAPITAL (Continued) January 1, 2010

1 Januari 2010 Lembar saham/ Number of shares Seri saham Seri A Seri B


Persentase / Percentage

2.500.000.000 1.360.057.520

31,59% 17,19%

500.000.000.000 272.011.504.000

3.860.057.520

48,78%

772.011.504.000

Susunan para pemegang saham pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010 adalah sebagai berikut:

The shareholder's composition as of September 30, 2011, December 31, 2010 and January 1, 2010 are as follows: September 30, 2011

30 September 2011 Modal saham disetor/ Paid in share capital Riverton Group Holdings Limited Suisse Charter Investment Ltd Wyoming International Ltd AAA-JS Multisectoral Fund Yusuf Ardhi Boediono PT Wahyu Berkat Abadi Masyarakat (kepemilikan dibawah 5%) Jumlah saham ditempatkan dan disetor

Persentase/ Percentage

1.500.000.000 885.918.441 990.005.000 1.018.506.205 949.812.295 774.877.000 2.568.876.001 8.687.994.942

17,27% 10,20% 11,40% 11,72% 10,93% 8,92% 29,57% 100,00%

Modal saham disetor/ Paid in share capital


525.760.741 1.500.000.000 1.428.362.441 1.750.005.000 2.708.989.734 7.913.117.916

6,64% 18,96% 18,05% 22,12% 34,23% 100,00%

Yusuf Ardhi Boediono Riverton Group Holdings Limited Suisse Charter Investment Ltd Wyoming International Ltd Public (ownership below 5%) Total share issued and fully paid January 1, 2010

1 Januari 2010 Modal saham disetor/ Paid in share capital Adam Ariaji PT Malindo Nusantara Cemerlang Rennier AR Latief Masyarakat (kepemilikan dibawah 5%) Jumlah saham ditempatkan dan disetor

Riverton Group Holdings Limited Suisse Charter Investment Ltd Wyoming International Ltd AAA-JS Multisectoral Fund Yusuf Ardhi Boediono PT Wahyu Berkat Abadi Public (owneship below 5%) Total share issued and fully paid Desember 31, 2010

31 Desember 2010

Yusuf Ardhi Boediono Riverton Group Holdings Limited Suisse Charter Investment Ltd Wyoming International Ltd Masyarakat (kepemilikan dibawah 5%) Jumlah saham ditempatkan dan disetor

Share series A series B series


1.186.021.500 960.000.000 539.009.379 1.175.026.641 3.860.057.520

30,73% 24,87% 13,96% 30,44% 100,00%

Adam Ariaji PT Malindo Nusantara Cemerlang Rennier AR Latief Public (ownership below 5%) Total share issued and fully paid

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) tanggal 23 Agustus 2010, dengan akta Notaris Humberg Lie, SH, No. 87, Perseroan melakukan perubahan jenis saham Seri B yang terdapat dalam portepel (nonreverse) menjadi saham Seri C dan penggabungan nilai nominal saham (reverse stock) yaitu 2 saham menjadi 1 saham dan 2 waran Seri I menjadi 1 waran Seri I, dengan merubah nilai nominal saham Seri A dari Rp 200 menjadi Rp 400, saham Seri B dari Rp 100 menjadi Rp 200. Saham Seri C ditawarkan kepada pemegang saham Perseroan melalui Penawaran Umum Terbatas I (PUT I) dalam rangka Hak Memesan Efek Terlebih Dahulu (HMETD). Perubahan tersebut telah diberitahukan kepada Menteri Kehakiman berdasarkan Penerimaan Pemberitahuan Perubahan Anggaran Dasar Perseroan No. AHU-AH01.10-22712 tanggal 1 September 2010.

Based on the notarial deed of Humberg Lie SH No. 87 dated August 23, 2010, the Company has changed unissued shares Series B (non reversed shares) to be shares Series C with its reversed par value from 2 shares to be 1 share and 2 Warrant Series I to be 1 warrant Series 1, by changing par value of share Series A from Rp 200,- to be Rp 400,-; par value of share Series B from Rp 100,- to be Rp 200,-. Shares Seris C was offered to the entitled shareholders through the Company's rights issue I ("PUT I") under preemptive rights ("HMETD"). The above change has been submitted to the Ministry of Justice and Human Rights based on its letter No. AHU-AH01.1022712 dated September 1, 2010.

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) tanggal 21 September 2011, Perseroan telah menyetujui perubahan susunan pengurus, kedudukan Perseroan dan menerbitkan saham biasa Seri D tanpa HMETD sebanyak 774.877.000 saham dengan nilai nominal Rp 50.- per saham dan harga pelaksanaan sebesar Rp 67,- per saham, dalam rangka melakukan konversi hutang menjadi modal saham.

Based on the Extra Ordinary Shareholders Meeting dated September 21, 2011, the Company has approved the changes in the Company's mangement, domicile and issuance of new share Serie D of Non-Preemtive Rights amounted to 774,877,000 shares with par value of Rp 50.- per share and exercise price of Rp 67.- per share, in order to carry out "debts to equity swap".


25





23. AGIO SAHAM

23. SHARE PREMIUM 30 Sep 2011

31 Des 2010

1 Jan 2010

Saldo awal Hasil penawaran umum Tambahan setoran modal Biaya emisi saham Pelaksanaan waran seri I Pelaksanaan waran seri II

200.617.668.382 0 13.172.892.076 (164.072.980) 8.684 0

201.907.883.004 5.983.089.146 0 3.300 0

9.490.800 0

Beginning balance Proceeds from initial public offering Additional paid in capital Share issuance costs Exercise of warrant Serie I Exercise of warrant Serie II

Saldo akhir

213.626.496.162

200.617.668.382

201.907.883.004

Ending balance

(7.273.307.068)

24. PENDAPATAN USAHA

Jumlah pendapatan usaha

0

24. REVENUE 2011 (Jan-Sep)

SPBU Penjualan Kertas

201.898.392.204 0 0

2010 (Jan-Sep)

0 7.972.672.317

50.757.928.025 7.770.740.242

7.972.672.317

58.528.668.267

Fuel station Paper Makloon (toll manufacturing fees) Total revenue

Seluruh transaksi pendapatan usaha dilakukan dengan pihak ketiga. Transaksi makloon dilakukan oleh KBR, anak Perusahaan dengan cara memproduksi bahan baku menjadi kertas, yang mana bahan baku dan modal kerja disediakan oleh CV Putra Tunggal.

All of revenue transactions perform with third party. Makloon (toll manufacturing) transaction held by KBR, a subsidiary company with production process from raw material to paper, which were the raw materials and working capital provided by CV Putra Tunggal.

Pendapatan usaha yang melebihi 10 % berasal dari CV Putra Tunggal dan Publik (konsumen akhir) masing-masing terdiri dari pendapatan jasa makloon dan SPBU.

Revenues in excess of 10 % are coming from the CV Putra Tunggal and Public (ending consumers) consisting of the revenues from makloon fee and fuel station, respectively.

Pendapatan dari makloon hanya sampai bulan Juli. Sejak bulan September, perusahaan sudah berproduksi kertas mandiri dan menangani penjualan langsung ke customer.

Revenue from makloon only until July, Since September, the company has been producing paper handles independent and direct sales to customer.

25. BEBAN POKOK USAHA

25. COST OF REVENUE 2011 (Jan-Sep)

SPBU Beban pokok usaha Jumlah beban pokok usaha

2010 (Jan-Sep)

0 10.655.509.226

49.876.882.052 7.310.676.456

Gas station Paper Makloon (toll manufacturing fees)

10.655.509.226

57.187.558.508

Total cost of revenue

Beban pokok usaha dan pembelian yang melebihi 10 % berasal dari PT Pertamina (Persero) untuk pembelian BBM dan oli, dan dari CV Putra Tunggal untuk pembelian bahan baku.

Cost of revenue and purchase in excess of 10 % are coming from PT Pertamina (Persero) for purchase of fuel and oil, and from CV Putra Tunggal for purchase of raw materials.

Perhitungan beban pokok usaha untuk periode sembilan bulan yang berakhir 30 September 2011 dan 2010 adalah sebagai berikut:

Cost calculated for the nine months period ended September 30, 2011 and 2010 are as follows:

2011 (Jan-Sep)

2010 (Jan-Sep)

Bahan Baku Digunakan dan Pembelian BBM Upah Langsung Beban Pabrikasi

24.789.110.062 1.047.713.482 4.037.749.619

82.081.313.511 1.153.423.956 4.802.587.241

Raw Material Used and Purchesed of Fuel Direct Labor Factory Overhead

Beban Pokok Barang Tersedian Untuk Dijual Barang Dalam Proses

29.874.573.163 (758.241.776)

88.037.324.708 (78.891.709)

Cost of Goods Available for Sale Goods in Process

Beban Pokok Produksi Barang Jadi

29.116.331.387 960.052.446

87.958.432.999 (148.140.893)

Production Cost Finished Goods

30.076.383.833 (19.420.874.607)

87.810.292.106 (30.622.733.598)

Cost of Sales Consigment Goods

10.655.509.226

57.187.558.508

Cost of Revenue

Beban Pokok Penjualan Bahan Konsinyasi Kertas Beban Pokok Usaha


26





26. BEBAN ADMINISTRASI

26. ADMINSTRATIVE EXPENSES 2011 (Jan-Sep)

Beban Pemasaran Beban Umum dan Administrasi Gaji, upah dan tunjangan Administrasi bank Listrik, air dan telepon Penyusutan Jasa profesional Biaya kantor Perjalanan dinas Perbaikan dan pemeliharaan Jamuan tamu dan representasi Pajak Asuransi Sewa Lain-lain

2010 (Jan-Sep)

291.053.644

Jumlah Beban Administrasi

329.021.416

8.068.569.021 46.018.860 179.805.006 333.836.680 1.301.031.025 1.046.217.252 369.433.321 273.685.050 139.021.685 46.148 302.963.452 310.122.241 90.347.982 12.461.097.722

6.383.356.850 60.589.361 324.716.201 314.669.152 921.671.974 399.958.717 188.758.781 133.562.851 78.360.290 2.053.499.183 99.157.180 0 38.592.500 10.996.893.040

12.752.151.366

11.325.914.456

27. PENDAPATAN (BEBAN) LAINNYA

Sales Expenses General and administrative expenses Salaries, wages and allowances Bank charges Electricity, water and telephone Depreciation Professional fees Office expenses Travelling expenses Maintenance and reparation Entertainment Tax Insurance Rental Others Total Admistrative Expenses

27. OTHER INCOME (CHARGES) 2011 (Jan-Sep)

2010 (Jan-Sep)

Pendapatan lain-lain Amortisasi goodwill Rupa-rupa

0 1.126.387.015

312.173.019 3.222.872.476

Other income Goodwill amortization Misscellaneous

Jumlah Pendapatan Lainnya - Bersih

1.126.387.015

3.535.045.496

Total Others Income - Net

28. PERPAJAKAN

28. TAXATION 30 Sep 2011

Pajak Dibayar Dimuka PPh 22 PPh 23 PPh 25 PPN Masukan

31 Des 2010

1 Jan 2010

216.026.284 401.238.543 101.133.922 6.196.642.025

205.117.284 401.238.543 101.133.922 5.194.273.219

208.822.274 401.238.543 101.133.922 0

Prepaid tax Income tax article 22 Income tax article 23 Income tax article 25 Input VAT

Jumlah pajak dibayar dimuka

6.915.040.774

5.901.762.968

711.194.739

Total prepaid tax

Hutang pajak PPh 21 PPh 22 final PPh 23 PPh 26 VAT Jasa restrukturisasi PPN Keluaran Pajak Bumi dan Bangunan

91.347.624 50.136.101 371.605.217 0 0 583.353.609 0

542.340.187 47.938.722 490.682.378 21.147.591.508 4.545.454.545 61.516.766 216.446.423

1.067.972.570 47.938.722 246.865.942 0 0 6.298.314.282 94.988.908

Tax payables Income tax article 21 Income tax article 22 (final) Income tax article 23 Income tax article 26 VAT of restructuring fees Output VAT Building and land tax

Jumlah pajak dibayar dimuka

1.096.442.551

27.051.970.529

7.756.080.424

Total tax payables

Pajak kini

Current tax

Rekonsiliasi antara laba (rugi) sebelum pajak menurut laporan laba rugi komprehensif konsolidasi dan taksiran laba kena pajak (rugi fiskal), adalah sebagai berikut: 2011 (Jan-Sep) Laba (rugi) pada laporan keuangan konsolidasi Laba (rugi) pada anak perusahaan Laba (rugi) sebelum pajak penghasilan Perbedaan temporer Beban penyusutan Beban imbalan pasca kerja Jumlah perbedaan temporer Perbedaan permanen Beban yang tidak dapat dikurangkan Laba atas penjualan anak perusahaan Rugi penjualan anak perusahaan Pendapatan yang dikenakan pajak bersifat final Jumlah perbedaan permanen

A reconciliation between income (loss) before tax, as shown in the consolidated statements of comprehensive income and estimated taxable income (fical loss), are as follows: 2010 (Jan-Des)

(13.173.166.024) (6.568.154.907) (6.605.011.117)

(487.206.728.690) (447.107.906.067) (40.098.822.623)

0 0 0

22.511.055 902.333.066 924.844.121

Profit (loss) in consolidated financial statement Profit (loss) in subsidiary company Profit (loss) before income tax Temporary differences Depreciation expenses Post-employment benefit expense Total temporary differences

83.445.315 0 0

66.957.098.376 (49.288.392.386) (54.656.500.000)

Permanent differences Non deductable expences Gain on sale of subsidiary company Loss on sale of subsidiary company

(100.268.608) (16.823.293)

(59.581.817.960) (96.569.611.970)

Income subjected to final tax Total permanent differences

Taksiran laba kena pajak (rugi fiskal) Kompensasi rugi fiskal

(6.621.834.410) (139.434.210.316)

(135.743.590.473) (3.690.619.843)

Estimated taxable income (fiscal loss) Compensation of accumulated fiscal loss

Jumlah rugi fiskal

(146.056.044.726)

(139.434.210.316)

Total accumulated fiscal loss


27





28. PERPAJAKAN (Lanjutan)

28. TAXATION (Continued)

Pajak tangguhan

Deferred tax

Rincian dari aset dan kewajiban pajak tangguhan Perusahaan adalah sebagai berikut:

The details of Company's deferred tax assets and liability, are as follows:

Dibebankan ke laporan laba i/ to Charged income statements

1 Jan 2010 Aset pajak tangguhan Kewajiban imbalan pasca kerja Kewajiban pajak tangguhan Beban penyusutan Aset pajak tangguhan-bersih

1.407.152.716

Dibebankan ke laporan laba i/ to Charged income statements

31 Des 2010

251.309.770

30 Sep 2011

1.658.462.486

0

1.658.462.486

0

0

0

0

0

111.423.447

49.745.316

161.168.763

0

161.168.763

1.518.576.163

301.055.086

1.819.631.249

29. LABA (RUGI) PER SAHAM

0

1.819.631.249

Deferred tax assets Post-employment benefit obligation Deferred tax liabilitiy Depreciation expence Deferred tax assets-net

29. EARNING (LOSS) PER SHARE

Laba (rugi) bersih yang digunakan untuk perhitungan laba (rugi) per saham dasar masing-masing untuk 2011 dan 2010, rugi bersih sebesar Rp 13.173.166.024 dan laba bersih sebesar Rp 74.310.995.612.

Net profit (loss) used to calculate profit (loss) per basic share for 2011 and 2010, net loss of Rp 13.173.166.024 and net profit of Rp 74.310.995.612 respectively.

Jumlah rata-rata tertimbang saham yang beredar masing-masing untuk 2011 dan 2010 sejumlah 5.999.411.529 saham dan 1.447.521.573 saham.

Total weighted average of outstanding shares for 2011 and 2010 amounted to 5,999,411.529 and 1,447,521,573 shares,respectively.

Jumlah laba (rugi) pe saham dasar masing-masing untuk 2011 dan 2010 rugi per saham sebesar Rp 2,20 dan laba per saham sebesar Rp 51,34.

Total profit (loss) per basic share for 2011 and 2010, loss per share of Rp 2.20 and profit per share of Rp 51.34, respectively.

Pada tanggal laporan posisi keuangan, Perseroan tidak memiliki efek yang berpotensi dilutif saham biasa.

At the date of the statements of financial position, the Company did not have potentially dilutive of commmon share.

30. PERJANJIAN-PERJANJIAN PENTING

30. SIGNIFICANT AGREEMENTS

a. Berdasarkan Keputusan Menteri Kehutanan Republik Indonesia No. SK.59/Menhut-II/2007 tertanggal 22 Pebruari 2007, KBR anak perusahaan telah memiliki Izin Usaha Pemanfaatan Hasil Hutan Kayu (IUPHHK) pada Hutan Tanaman Industri (HTI) atas areal hutan produksi seluas 100.150 hektar yang berlokasi di Kecamatan Kendawangan dan Marau, Kabupaten Ketapang, Propinsi Kalimantan Barat, terdiri dari Blok Kendawangan seluas 62.170 hektar dan Blok Air Hitam seluas 37.980 hektar. Saat ini, sedang dalam proses perubahan nama IUPHHK-HTI dari PT. Kertas Basuki Rachmat menjadi atas nama PT. Hutan Ketapang Industri (HKI), anak Perusahaan.

a. Based on the Decree of the Minister of Forestry of the Republic of Indonesia No.. SK.59/Menhut-II/2007 dated 22 February 2007, KBR a subsidiary already has Izin Usaha Pemanfaatan Hasil Hutan Kayu (IUPHHK) on Hutan Tanaman Industri (HTI) for the production forest area of 100,150 hectares located in District Kendawangan and Marau, and Ketapang, West Kalimantan Province, consists of an area of 62,170 hectares Kendawangan Block and Block Air Hitam area of 37,980 hectares. Currently, the name change is in the process of IUPHHK-HTI PT. Kertas Basuki Rachmat became the name of PT. Hutan Ketapang Industri (HKI), a subsidiary company.

Selanjutnya, pada tanggal 21 Juli 2011 Perseroan dan KBR serta HKI, anak perusahaan, menanda tangani perjanjian pengambilalihan dengan para pihak PT. Nusa Bhakti Jayaraya (NBJ), PT. Sungai Menang (SM) dan PT. Pertiwi Lenggara Agromas (PLA).

Furthermore, on July 21, 2011 the Company and KBR and HKI, a subsidiary, signed a takeover agreement with the parties to PT. Nusa Bhakti Jayaraya (NBJ), PT. Sungai Menang (SM) and PT. Pertiwi Lenggara Agromas (PLA).

Adapun transaksi-transaksi yang dimaksud dalam perjanjian tersebut adalah: • Penggadaian saham-saham milik Perseroan dalam KBR yang setara dengan nilai Harga Pembelian Pertama yang akan setara dengan US$ 6.240.000 dan penggadaian 80% saham Perseroan dalam HKI kepada SM. • Pengalihan Izin HTI dari KBR kepada HKI • Pembelian saham-saham penjualan oleh SM dari Perseroan dan NBJ untuk harga pengambilalihan.

The transactions contemplated in the agreement are: • The pledge of Company’s share in KBR wich is equal to the the value of the first purchased price wich shall be equal to the amount of US$ 6.240.000 and the pledge of Company’s 80% shares in HKI to SM. • The assignment of HTI lincense from KBR to HKI. • The purchase of the sale shares by SM from Company and NBJ for the acquisition price. The acquisition value of HKI shares by SM and PLA with a value of US$ 7,800,000. As of September 30, 2011, the Company has received payment of a refundable deposit of Rp 10.607.028.000 BC or equivalent to US$ 1,248,000.

Nilai akuisisi saham HKI oleh SM dan PLA dengan nilai sebesar US$ 7.800.000. Sampai dengan tanggal 30 September 2011, Perseroan telah menerima pembayaran uang jaminan yang dapat dikembalikan dari SM sebesar Rp 10.607.028.000 atau setara dengan US$ 1.248.000. Efektifitas perjanjian tersebut menunggu persetujuan Menteri Kehutanan Republik Indonesia baik untuk perubahan nama IUPHHK-HTI dari KBR menjadi atas nama HKI, maupun perubahan pemegang saham HKI.

Effectiveness of the agreement subject to approval of the Minister of Forestry of Republic Indonesia for a name change IUPHHK-HTI from KBR to the name of HKI, as well as changes in shareholders' HKI.

b. KBR, anak Perusahaan melakukan perpanjangan kerja sama makloon kertas dengan CV Putra Tunggal pada tanggal 1 Pebruari 2011 untuk periode sampai dengan tanggal 31 Januari 2014. Namun demikian, pada tanggal 27 Juni 2011 kedua belah pihak telah menandatangani kesepakatan untuk mengakhiri kerja sama makloon tersebut, sehingga KBR akan menjalankan kegiatan usahanya sebagaimana normal bisnis pada umumnya.

b. KBR, subsidiary company has extended makloon (toll manufacturing) paper agreement with CV Putra Tunggal on February 1, 2011 for periods up to January 31, 2014. However, on June 27, 2011 both parties have been signed the termination of such paper agreement, so that effective after termination KBR, subsidiary company shall be conducted its business activities as a normal business in general.


28



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 30. PERJANJIAN-PERJANJIAN PENTING (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 30. SIGNIFICANT AGREEMENTS (Continued)

c. Pada tanggal 24 Januari 2011 berdasarkan akta Notaris Sutjipto, S.H. No 143 pemerintah Republik Indonesia, pemegang saham KBR, anak Perusahaan telah menjual seluruh kepemilikan saham di KBR sebesar Rp 2.925.000.000 (2.925 lembar saham, Nominal Rp 1.000.000) kepada Perseroan. Harga perolehan saham yang lebih besar dari bagian kepemilikan atas nilai wajar aset dan kewajiban yang dapat diidentifikasi pada saat transaksi, diakui sebagi goodwill dan termasuk dalam jumlah tercatat investasi tersebut.

c. On January 24, 2011 based on the notarial Deed of Sujipto, SH, No. 143, Government of Republic of Indonesia, a KBR's stockholder had sold all their own share at KBR amounted to Rp 2,925,000,000 (2,925 shares, Nominal Rp 1,000,000) to the Company. The aqcuisition cost exceeded the portion of ownership at fair value of the assets and liabilities which might be identified at the time of transactions is recognized as goodwill and included in aquisition cost of such investment.

d. Berdasarkan Perjanjian Pengalihan Hak Tagih tanggal 5 Agustus 2011 antara PT Greta Sastra Prima (GSP) dan 1st Financial Company Ltd (FC), GSP telah menjual dan mengalihkan hak tagihnya terhadap KBR, anak perusahaan sejumlah Rp 51.916.742.076,- kepada FC. Kemudian, pada tanggal 8 Agustus 2011 FC juga menjual, mengalihkan dan mentrasfer seluruh hak tagihnya tersebut kepada PT Wahyu Berkat Abadi (WBA), sesuai dengan Akta Perjanjian Pengalihan Hak No. 25 tanggal 8 Agustus 2011, Notaris Humberg Lie, SH di Jakarta.

d. Based on Receivables Assignment Agreement dated August 18, 2011 between PT Greta Sastra Prima (GSP) and 1st Financial Company Ltd (FC), GSP's receivables from KBR, subsidiary company amounted to Rp 51,916,742,076.- have been sold and assigned to FC. Afterwards, FC have also sold, assigned and trasferred of such receivables to PT Wahyu Berkat Abadi (WBA), in accordance with Notarial Receivables Assignment Agreement dated August 8, 2011, notarial deed No. 25 of Humberg Lie, SH in Jakarta.

Selanjutnya berdasarkan akta no.45 notaris Humberg Lie, SH, SE, MH. Tanggal 14 September 2011, perseroan dan anak perusahaan (KBR) mengadakan restrukturisasi hutang dengan PT. Wahyu Berkat Abadi (WBA), dimana perseroan bersedia mengambil alih hutang KBR sebesar Rp 51.916.742.076,- dan menyelesaikan hutang tersebut kepada WBA selambatnya pada tanggal 30 September 2011 dengan menerbitkan saham baru tanpa memberikan Hak Memesan Efek Terlebih Dahulu (HMETD) kepada pemegang saham lama, dengan syarat setelah mendapatkan persetujuan dari pemegang saham perusahaan dan /atau otoritas yang berwenang.

Furthermore, based on notarial deed No.45 Humberg Lie, SH, SE, MH. On 14 September 2011, the company and its subsidiaries (KBR) held a debt restructuring with PT. Wahyu Berkat Abadi (WBA), where the company is willing to take over KBR debts amounting to Rp 51.916.742.076, - and settle debts to the WBA at the latest on September 30, 2011 by issuing new shares without giving pre-emptive rights (HMETD) to the holders of old shares, provided that upon approval of the company's shareholders and / or the competent authority.

31. KELANGSUNGAN USAHA

31. GOING CONCERN

Sampai dengan tanggal 30 September 2011 Perseroan masih mengalami kerugian kumulatif sebesar Rp 2.464.254.169.704,-. Untuk menjaga kelangsungan usaha Perseroan manajemen telah dan akan melakukan tindakan-tindakan sebagai berikut:

Up to September 30, 2011 the Company had suferred accumulated losses amounted to Rp 2.464.254.169.704,-. To maintain the Company's going concern, the Company's management has and will take the following actions:

1. Melanjutkan proyek PM-2 di KBR, anak perusahaan dengan dana dari pihak perbankan.

1. To continue project of PM-2 in KBR, a subsidiary company which funded by a national bank.

2. Menjual aset tidak produktif untuk membayar hutang-hutang Perseroan dan anak perusahaan, dan revitalisasi mesin PM-1 agar dapat meningkatkan kualitas produksi.

2. To sale of unproductive assets for settlement of the Company's account payables, and revitalitated PM-1 machines in order to increase product quality.

3. Sehubungan dengan telah diakhirinya perjanjian kerja sama makloon kertas antara KBR dan CV Putra Tunggal, efektif tanggal 12 September 2011 Anak Perusahaan telah menjalankan kegiatan usahanya dengan mandiri sebagaimana aktivitas normal bisnis pada umumnya.

3. In connection with the termination of makloon paper agreement between KBR and CV Putra Tunggal, so that normal business activities in general have been done by the Subsidiary Company independently effective on September 12, 2011.

32. TRANSAKSI DENGAN PIHAK YANG BERELASI Piutang pihak yang berelasi / Related parties receivable Piutang Usaha PT Tridiantara Alvindo PT Sinar Pedoman Abadi

32. TRANSACTION WITH RELATED PARTIES

Sifat hubungan/ Nature of relationship

30 Sep 2011

31 Des 2010

1 Jan 2010

449.881.227

394.870.977

0

Accounts Receivable PT Tridiantara Alvindo

275.696.337

0

0

PT Sinar Pedoman Abadi

Afiliasi/ Affiliated

555.488.241

488.800.741

165.951.006

PT. Indhasana Energy

Karyawan/ Employee

35.816.700

6.509.841

9.541.646

Others Receivable Employees

6.368.362.509

6.368.362.509

6.567.491.583

Due from Related Parties PT. Tridiantara Alvindo

323.047.197

323.047.197

537.449.529


125.815.274

125.815.274

125.815.274

Heir of Boediono

13.423.930

13.423.930

111.232.447

Yusuf Ardhi

8.147.531.415

7.720.830.469

7.517.481.485

Total

Afiliasi/ Affiliated Afiliasi/ Affiliated

PT Indhasana Energy Piutang Lain-lain Piutang karyawan Piutang Hubungan Istimewa PT Tridiantara Alvindo PT Indhasana Energy Ahli Waris Boediono Yusuf Ardhi

Afiliasi/ Affiliated Afiliasi/ Affiliated Pemegang saham/ Shareholders Pemegang saham/ Shareholders

Jumlah

Persentase piutang kepada pihak yang berelasi terhadap jumlah aset masingmasing sebesar 1,09 %, 0,98 % dan 0,68 % pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010.


The percentage of receivable to the parties having a special relationship against the total amount of assets were 1.09 %. 0.98 % and 0.68 % as at September 30, 2011, December 31, 2010 and Januari 1, 2010, respectively.

29





32. TRANSAKSI DENGAN PIHAK YANG BERELASI (Lanjutan) Hutang pihak yang berelasi / Related parties payable Hutang Usaha PT Sinar Pedoman Abadi PT Petroneks Energy

32. TRANSACTION WITH RELATED PARTIES (Continued)

Sifat hubungan/ Nature of relationship

Afiliasi/ Affiliated Afiliasi/

31 Des 2010

30 Sep 2011

0

1 Jan 2010

0

0

7.953.094.874

908.580

0

Accounts Payable PT Sinar Pedoman Abadi PT. Petroneks Energy

Affiliated

Hutang Hubungan Istimewa PT Petroneks Energy

Afiliasi/

713.716.450

713.716.450

0

Due to Related Parties PT. Petroneks Energy

849.082.692

724.720.605

15.814.668.140

PT Sinar Pedoman Abadi

2.500.000.000

2.500.000.000

2.500.000.000

PT. Malindo Nusantara Cemerlang

Affiliated

PT Sinar Pedoman Abadi PT Malindo Nusantara Cemerlang PT. Indhasana Energy Ahli Waris Boediono Hutang Lain-lain PT Sinar Pedoman Abadi Yusuf Ardhi

Afiliasi/ Affiliated Pemegang saham/ Shareholders Afiliasi/ Affiliated Pemegang saham/ Shareholders

Afiliasi/ Affiliated Pemegang saham/ Shareholders

Jumlah

0

0

1.140.980

2.321.805.013

2.321.805.013

2.321.805.013

Heir of Boediono

1.238.941.000

1.238.941.000

1.238.941.000

Others Payable PT Sinar Pedoman Abadi

0 7.623.545.155

120.000.000

33. ASET DAN LIABILITAS DALAM MATA UANG ASING

0

7.620.091.648

Persentase hutang kepada pihak yang berelasi terhadap jumlah kewajiban masing-masing sebesar 11,21 %, 5,31 % dan 5,28 % pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010.

Yusuf Ardhi Total

29.829.650.007

The percentage of payable to the parties having a special relationship against the total amount of liabilities were 11.21 %, 5.31 % and 5.28 % as at September 30, 2011, December 31, 2010 and January 1, 2010, respectively. 33. ASSETS AND LIABILITIES IN IN FOREIGN CURRENCY

2011 ( 30 September ) Dalam mata uang asal/ Setara Rupiah/ In original currency Equivalent Rupiah

Akun


Account

Kas dan setara kas

USD

1.903.014

16.790.289.798

Cash and cash equivalent

Hutang Lain-lain

USD SGD USD

387.265 44.862 1.500.000 1.932.128

3.416.839.449 304.901.251 13.234.500.000 16.956.240.700

Others Payables

Hutang jangka panjang lainnya Jumlah

2010 ( 31 Desember ) Dalam mata uang asal/ Setara Rupiah/ In original currency Equivalent Rupiah

Akun Kas dan setara kas

USD

5.470

Hutang Lain-lain

USD SGD USD

387.265 44.863 1.500.000 1.932.127


49.858.346 3.481.895.479 313.167.616 13.486.500.000 17.281.563.095

2010 ( 1 Januari ) Dalam mata uang asal/ Setara Rupiah/ In original currency Equivalent Rupiah

Akun

Other long term loan Total

Account Cash and cash equivalent Others Payables Other long term loan Total

Account

Kas dan setara kas

USD

5.768

54.233.670

Cash and cash equivalent

Hutang usaha

EUR

4.283

57.864.704

Trade Payables

Hutang Lain-lain

USD SGD USD

387.265 44.863 38.584.736 39.021.147

3.640.286.676 300.512.354 362.696.517.045 366.695.180.779

Others Payables



30

Other long term loan Total



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 34. INFORMASI SEGMEN (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 34. SEGMENT OF INFORMATION (Continued)

a. Infromasi Segmen Primer Berdasarkan Segmen Usaha (dalam ribuan rupiah)

a. Primary Segment Information by Business Segment (in thousand rupiah) 2011 ( Januari - September )

SPBU/ Fuel Station Pendapatan Usaha Beban Pokok Usaha Laba (Rugi) Kotor Beban Usaha Lain-lain - Bersih Laba (Rugi) Sebelum Manfaat (Beban) Pajak Penghasilan Manfaat (Beban) Pajak Laba (Rugi) Komprehensif Periode Berjalan

Perdagangan/ Trading

Kertas/

Eliminasi/

Jumlah/

Paper

Eliminate

Total Revenues Cost Of Revenue Gross Profit Margin Operating Expenses Others - Net Income (Loss) before Income Tax Benefits (Expenses) Tax Benefit (Expenses) Net Income (Loss) Before Minority Interest

0 0 0 0 0

0 0 0 0 0

7.972.672 10.655.509 (2.682.837) 12.752.151 2.260.691

0 0 0 0 0

7.972.672 10.655.509 (2.682.837) 12.752.151 2.260.691

0 0

0 0

(13.174.297) 0

0 0

(13.174.297) 0


0 0

0 0

(13.174.297) 1.131

0 0

(13.174.297) 1.131

Laba (Rugi) Bersih

0

0

(13.173.166)

0

(13.173.166)

Net Income (Loss)

Aset Segmen Dialokasikan Tidak dialokasikan

0

0

712.253.345

0

712.253.345 34.009.055

Segment Assets Allocated Unallocated

Jumlah Aset Segmen Liabilitas Segmen Dialokasikan Tidak dialokasikan

0

0

156.614.686

0

SPBU/ Fuel Station Pendapatan Usaha Beban Pokok Usaha Laba (Rugi) Kotor Beban Usaha Lain-lain - Bersih Laba (Rugi) Sebelum Manfaat (Beban) Pajak Penghasilan Manfaat (Beban) Pajak Laba (Rugi) Komprehensif Periode Berjalan

746.262.400

Total Segment Assets

156.614.686 (88.636.705)

Segment Liabilities Allocated Unallocated

67.977.981

Jumlah Liabilitas Segmen

Perdagangan/ Trading

2010 ( Januari - September ) Kertas/ Eliminasi/ Paper Eliminate 0 0 0 0 0

7.770.740 7.310.676 460.064 (2.937.347) 18.346.071

0 0 0 0 0

58.528.668 57.187.559 1.341.110 (11.325.914) 84.156.347

58.302.755 209.833

0 0

15.868.788 0

0 0

74.171.543 209.833


58.512.588 (70.380)

0 0

15.868.788 0

0 0

74.381.375 (70.380)

Laba (Rugi) Bersih

58.442.208

0

15.868.788

0

74.310.996

1.140.000

0

1.042.692.522

0

1.043.832.522 22.131.337 1.065.963.860


47.939

0

355.013.843

355.061.782 101.262.393 456.324.175



0

31

Total Segment Liabilities

Jumlah/ Total

50.757.928 49.876.882 881.046 (8.388.567) 65.810.276


Non-controlling Interests

Revenues Cost Of Revenue Gross Profit Margin Operating Expenses Others - Net Income (Loss) before Income Tax Benefits (Expenses) Tax Benefit (Expenses) Net Income (Loss) Before Minority Interest Non-controlling Interests Net Income (Loss) Segment Assets Allocated Unallocated Total Segment Assets Segment Liabilities Allocated Unallocated Total Segment Liabilities



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 34. INFORMASI SEGMEN (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 34. SEGMENT OF INFORMATION (Continued)

SPBU/ Fuel Station

1 Januari 2010 ( 12 Bulan ) Perdagangan/ Kertas/ Eliminasi/ Trading Paper Eliminate

Jumlah/ Total

30.556.175 30.608.110 (51.935) 0 0

19.650.696 32.094.019 (12.443.323) (13.155.376) 24.108.693

0 0 0 0 0

21.301.489 575.964

(51.935) 0

(1.490.006) 0

0 0


21.877.453 (180.888)

(51.935) 0

(1.490.006) 0

0 0

Revenue Cost Of Revenue Gross Profit Margin Operating Expenses Others - Net Income (Loss) before Income Tax Benefit (Expenses) 19.759.548 Tax Benefit (Expenses) 575.964 Net Income (Loss) Before Minority Interest 20.335.512 Non-controlling Interests (180.888)

Laba (Rugi) Bersih

21.696.565

(51.935)

(1.490.006)

0

20.154.624


11.885.899

0

1.087.913.682 10.586.559

Pendapatan Usaha Beban Pokok Usaha Laba (Rugi) Kotor Beban Usaha Lain-lain - Bersih Laba (Rugi) Sebelum Manfaat (Beban) Pajak Penghasilan Manfaat (Beban) Pajak Laba (Rugi) Komprehensif Periode Berjalan

58.731.616 57.171.144 1.560.472 (10.576.167) 30.317.184

3.694.477

1.072.333.306

1.098.500.241


209.269

3.105.704

755.769.206

0

759.084.179 (194.130.761) 564.953.418


b. Infromasi Segmen Sekunder Berdasarkan Segmen Geografis (dalam ribuan rupiah)

DKI / Capital City Pendapatan Usaha Beban Pokok Usaha Laba (Rugi) Kotor Beban Usaha Lain-lain - Bersih Laba (Rugi) Sebelum Manfaat (Beban) Pajak Penghasilan Manfaat (Beban) Pajak Laba (Rugi) Komprehensif Periode Berjalan

108.938.487 119.873.273 (10.934.786) (23.731.543) 54.425.877

Jawa Timur/ East Java

2011 ( Januari - September ) Jawa Tengah/ Eliminasi/ Central Java Eliminate 0 0 0 0 0

0 0 0 0 0

7.972.672 10.655.509 (2.682.837) 12.752.151 2.260.691

0 0

(13.174.297) 0

0 0

0 0

(13.174.297) -


0 0

(13.174.297) 1.131

0 0

0 0

(13.174.297) 1.131

Laba (Rugi) Bersih

0

(13.173.166)

0

0

(13.173.166)

34.009.055

712.253.345

0

0

746.262.400

(88.636.705)

156.614.686

0

0

67.977.981


Total Segment Assets Segment Liabilities Allocated Unallocated Total Segment Liabilities

Jumlah/ Total

7.972.672 10.655.509 (2.682.837) 12.752.151 2.260.691

Liabilitas Segmen

Segment Assets Allocated Unallocated

b. Secondary Segment Information by Geographical Segment (in thousand rupiah)

0 0 0 0 0

Aset dan Liabilitas Segmen Aset Segmen

Net Income (Loss)

32

Revenues Cost Of Revenue Gross Profit Margin Operating Expenses Others - Net Income (Loss) before Income Tax Benefits (Expenses) Tax Benefit (Expenses) Net Income (Loss) Before Minority Interest Non-controlling Interests Net Income (Loss) Assets & Liabilities Segment Segment Assets Segment Liabilities





34. INFORMASI SEGMEN (Lanjutan)

34. SEGMENT OF INFORMATION (Continued)

DKI / Capital City Pendapatan Usaha Beban Pokok Usaha Laba (Rugi) Kotor Beban Usaha Lain-lain - Bersih Laba (Rugi) Sebelum Manfaat (Beban) Pajak Penghasilan Manfaat (Beban) Pajak Laba (Rugi) Komprehensif Periode Berjalan Kepentingan non pengendali

50.757.928

Laba (Rugi) Bersih Aset dan Liabilitas Segmen Aset Segmen Liabilitas Segmen

Jumlah/ Total Revenues Cost Of Revenue Gross Profit Margin Operating Expenses Others - Net Income (Loss) before Income Tax Benefits (Expenses) Tax Benefit (Expenses) Net Income (Loss) Before Minority Interest

7.770.740 7.310.676 460.064 (2.937.347) 18.346.071

0 0 0 0 0

0 0 0 0 0

58.528.668 57.187.559 1.341.110 (11.325.914) 84.156.347

15.868.788 0

0 0

0 0

74.171.543 209.833

15.868.788 0

0 0

0 0

74.381.375 (70.380)

58.442.208

15.868.788

0

0

74.310.996

Net Income (Loss)

23.271.337

1.042.692.522

0

0

1.065.963.860

Assets & Liabilities Segment Segment Assets

101.310.332

355.013.843

0

0

456.324.175

49.876.882 881.046 (8.388.567) 65.810.276 58.302.755 209.833 58.512.588 (70.380)

DKI / Capital City Pendapatan Usaha Beban Pokok Usaha Laba (Rugi) Kotor Beban Usaha Lain-lain - Bersih Laba (Rugi) Sebelum Manfaat (Beban) Pajak Penghasilan Manfaat (Beban) Pajak Laba (Rugi) Komprehensif Periode Berjalan

2010 ( Januari - September ) Jawa Timur/ Jawa Tengah/ Eliminasi/ East Java Central Java Eliminate

Jawa Timur/ East Java

1 Januari 2010 ( 12 Bulan ) Jawa Tengah/ Eliminasi/ Central Java Eliminate


Segment Liabilities

Jumlah/ Total Revenues Cost Of Revenue Gross Profit Margin Operating Expenses Others - Net Income (Loss) before Income Tax Benefits (Expenses) Tax Benefit (Expenses) Net Income (Loss) Before Minority Interest

89.287.791 87.779.254 1.508.537 (10.576.167) 30.317.184

11.745.264 11.699.070 46.194 (4.207.699) 28.012.118

7.905.432 20.394.949 (12.489.517) (8.947.677) (3.903.425)

0 0 0 0 0

108.938.487 119.873.273 (10.934.786) (23.731.543) 54.425.877

21.249.554 575.964

23.850.613 0

(25.340.619) 0

0 0

19.759.548 575.964


21.825.518 (180.888)

23.850.613 0

(25.340.619) 0

0 0

20.335.512 (180.888)

Laba (Rugi) Bersih

21.644.630

23.850.613

(25.340.619)

0

20.154.624

Net Income (Loss)

Aset dan Liabilitas Segmen Aset Segmen

26.166.935

1.042.639.142

29.694.164

0

1.098.500.241

Assets & Liabilities Segment Segment Assets

564.726.573

191.042.633

0

564.953.418

Liabilitas Segmen

(190.815.788)


33


Segment Liabilities



PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Dalam Rupiah, kecuali dinyatakan lain) 35. MANAJEMEN RESIKO KEUANGAN

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (Expressed in Rupiah, unless otherwise stated) 35. Financial Risk Management

Risiko keuangan utama yang dihadapi Perseroan dan anak perusahaan adalah resiko kredit, resiko mata uang, resiko suku bunga, resiko likuiditas. Melalui pendekatan manajemen resiko, Perseroan dan anak perusahaan mencoba untuk meminimalkan potensi dampak negatif dari risiko-risiko di atas.

The main financial risks facing the Company and subsidiary companyare credit risk, currency risk, interest rate risk and liquidity risk. Through a risk management approach, the Company and subsidiary has been tried to minimize the potential negative impact of the above risks.

(i) Risiko Kredit Risiko kredit adalah risiko dimana salah satu pihak atas instrumen keuangan akan gagal memenuhi kewajibannya dan menyebabkan pihak lain mengalami kerugian keuangan.

(i) Credit Risk Credit risk is the risk that one party of a financial instrument will fail to meet its obligations and cause the other party suffered financial losses.

Instrumen keuangan Perseroan dan anak perusahaan yang mempunyai potensi atas risiko kredit terdiri dari kas dan setara kas di bank, piutang usaha dan piutang lain. Jumlah eksposur risiko kredit maksimum sama dengan nilai tercatat atas akun-akun tersebut.

Company'and subsidiary company financial instruments that have the potential for credit risk consist of cash and cash equivalents at the bank, accounts receivable and other receivables. Total maximum credit risk exposure is equal to the carrying value of these accounts.

Untuk risiko kredit yang berhubungan dengan bank, hanya bank-bank dengan predikat baik yang dipilih. Selain itu, kebijakan Perseroan dan anak perusahaan adalah untuk tidak membatasi eksposur hanya kepada satu institusi tertentu, sehingga Perseroan dan anak perusahaan memiliki kas dan setara kas di berbagai bank.

For credit risk associated with banks, only banks with well chosen predicate. In addition, Company and subsidiary company policy is to not limit the exposure only to one particular institution, so that the Company and subsidiary company had cash and cash equivalents at various banks.

(ii) Risiko Mata Uang Risiko mata uang adalah risiko fluktuasi nilai instrumen keuangan yang disebabkan perubahan nilai tukar mata uang asing.

(ii) Currency Risk Currency risk is the risk of fluctuations in the value of financial instruments due to changes in foreign currency exchange rates.

Perseroan dan anak perusahaan melakukan transaksi-transaksi dengan menggunakan mata uang asing, diantaranya adalah pembiayaan modal kerja Perseroan. Sehingga, Perseroan dan anak perusahaan harus mengkonversikan Rupiah ke mata uang asing, terutama Dolar Amerika, untuk memenuhi kebutuhan kewajiban dalam mata uang asing pada saat jatuh tempo. Fluktuasi nilai tukar mata uang Rupiah terhadap mata uang Dollar Amerika dapat memberikan dampak pada kondisi keuangan Perseroan dan anak perusahaan .

The Company and subsidiary company conduct transactions using foreign currencies, including the financing of working capital.Thus, the Company and subsidiary company shall convert the amount into foreign currency, mainly U.S. dollars, to meet obligations denominated in foreign currencies at maturity. Fluctuations in currency exchange rate of Rupiah against the U.S. Dollar may impact the Company and subsidiary company financial condition.

Peruseroan dan anak perusahaan mengelola risiko mata uang dengan melakukan pengawasan terhadap fluktuasi nilai tukar mata uang secara terus menerus sehingga dapat melakukan tindakan yang tepat seperti penggunaan transaksi lindung nilai apabila diperlukan untuk mengurangi risiko mata uang asing.

The Company and subsidiary company manages currency risk by monitoring the fluctuation of currency exchange rate continuously so that it can perform appropriate actions such as the use of appropriate hedging transactions to mitigate foreign currency risk.

(iii) Risiko Suku Bunga Risiko suku bunga adalah risiko fluktuasi nilai instrumen keuangan yang disebabkan perubahan suku bunga pasar.

(iii) Interest Rate Risk Interest rate risk is the risk of fluctuations in the value of financial instruments due to the changes in market interest rate.

Perseroan dan anak perusahaan memiliki risiko suku bunga terutama karena melakukan pinjaman menggunakan suku bunga mengambang. Perseroan melakukan pengawasan terhadap dampak pergerakan suku bunga untuk meminimalisasi dampak negatif terhadap Perusahaan dan anak perusahaan.

The Company and subsidiary company exposures to interest rate risk mainly due to the loans using floating interest rate. The Company monitor the impact of interest rate movement to minimize negative impact on the Company and subsidiary company.

Informasi mengenai suku bunga pinjaman yang dikenakan kepada Perseroan dan anak perusahaan dijelaskan pada Catatan 11 dan 12.

Information regarding the interest rate of loans bored by the Company and subsidiary company was described in Note 11 and 12.

(iv) Risiko Likuiditas Risiko Likuiditas adalah risiko di mana Perseroan dan anak perusahaan akan mengalami kesulitan dalam rangka memperoleh dana untuk memenuhi komitmennya terkait dengan instrumen keuangan.

(iv) Liquidity Risk Liquidity risk is the risk in which the Company and subsidiary company will experience difficulties in acquiring funds to meet commitments associated with financial instruments.

Perseroan dan anak perusahaan mengelola risiko likuiditas dengan mempertahankan kas dan setara kas yang mencukupi untuk memungkinkan Perseroan dalam memenuhi komitmen Perseroan dan anak perusahaan untuk operasi normal Perseroan dan anak perusahaan. Selain itu Perseroan dan anak perusahaan juga melakukan pengawasan proyeksi dan arus kas aktual secara terus menerus serta pengawasan tanggal jatuh tempo aset dan kewajiban keuangan.

The Company and subsidiary company manages liquidity risk by maintaining cash and cash equivalents are sufficient to enable the Company and subsidiary company to meet its commitment to the normal operation of the Company and subsidiary company. In addition the Company and subsidiary company also controls the cash flow projections, actual cash flow and continuous supervision of final maturity date of assets and financial liabilities.

36. REKLASIFIKASI AKUN Penyajian akun dalam laporan posisi keuangan konsolidasi per 1 Januari 2010 dan 31 Desember 2010 telah direklasifikasi agar sesuai dengan penyajian laporan posisi keuangan konsolidasi per 30 September 2011.


36. ACCOUNT RECLASSIFICATION Presentation of accounts in the consolidated statements of financial position as of January 1, 2010 and December 31, 2010 have been reclassified to conform with the presentation of consolidated statements of financial position as of September 30, 2011.

34


AND SUBSIDIARIES

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