PT GUDANG GARAM Tbk AND SUBSIDIARIES

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDANG GARAM Tbk AND SUBSIDIARIES NERACA KONSOLIDASI / CONSOLIDATED BALANCE SHEETS ** 30 SEPTEMBER 2010 DAN 2009 / 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )

Catatan/ A S ET

Notes

2010

2009

ASSETS CURRENT ASSETS

ASET LANCAR KAS DAN SETARA KAS PIUTANG USAHA:

2a,3

CASH AND CASH EQUIVALENTS

831,137

726,704

Third parties

14,168

48,742

Related parties

TRADE RECEIVABLES:

Pihak yang mempunyai hubungan istimew a PERSEDIAAN

1,385,596

2m,4,27

Pihak ketiga PIUTANG LAIN-LAIN

1,152,606

5 2d,6

89,917

41,884

18,425,734

16,015,442

OTHER RECEIVABLES INVENTORIES

PAJAK DIBAYAR DIMUKA

7

96,974

54,963

PREPAID TAXES

BIAYA DIBAYAR DIMUKA

2h

295,029

210,092

PREPAID EXPENSES

ASET LANCAR LAIN-LAIN

8,30

JUM LAH ASET LANCAR

137,133

282,198

21,042,698

18,765,621

NON-CURRENT ASSETS

ASET TIDAK LANCAR INVESTASI PADA PERUSAHAAN ASOSIASI

9,271

2f

9,811

ASET TETAP

Net of accumulated depreciation of Rp 5,703,446 million in September 7,216,760

2g,9

7,035,190

September 2009

GOODWILL

Setelah dikurangi akumulasi amortisasi

Net of accumulated amortization of

sebesar Rp 5.173 juta September 2010 ASET PAJAK TANGGUHAN, bersih ASET TIDAK LANCAR LAIN-LAIN

2010 and Rp 4,922,867 million in September 2009

GOODWILL

dan Rp 4.864 juta September 2009

INVESTMENT IN ASSOCIATED COMPANY FIXED ASSETS

Setelah dikurangi akumulasi penyusutan sebesar Rp 5.703.446 juta September 2010 dan Rp 4.922.867 juta

OTHER CURRENT ASSETS TOTAL CURRENT ASSETS

Rp 5,173 million in September 2010 and 2i

1,004

1,313

2k, 13

5,217

667

DEFERRED TAX ASSETS, net

450,542

619,789

OTHER NON-CURRENT ASSETS

7,682,794

7,666,770

28,725,492

26,432,391

2h,10,30

JUM LAH ASET TIDAK LANCAR JUM LAH ASET

Rp 4,864 million in Septemb er 2009

TOTAL NON-CURRENT ASSETS TOTAL ASSETS

Catatan / Note : ** Belum diaudit / Unaudited

Lihat Catatan atas Laporan Keuangan Konsolidasi yang merupakan bagian tak terpisahkan dari laporan keuangan.

See Notes to the Consolidated Financial Statements which form an integral part of these financial statements.

PT Gudang Garam Tbk

1

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDANG GARAM Tbk AND SUBSIDIARIES NERACA KONSOLIDASI / CONSOLIDATED BALANCE SHEETS ** 30 SEPTEMBER 2010 DAN 2009 / 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )

Catatan/ KEWAJIBAN DAN EKUITAS

LIABILITIES AND 2010

Notes

2009

CURRENT LIABILITIES

KEWAJIBAN LANCAR PINJAMAN JANGKA PENDEK HUTANG USAHA:

11

4,515,509

4,033,638

251,264

180,336

Third parties

31,015

18,965

parties

Pihak yang mempunyai

Related

hubungan istimew a

139,625

527,604

TAXES PAYABLE

2,541,777

3,034,589

EXCISE DUTY AND VAT PAYABLES

15

66,284

101,036

ACCRUED EXPENSES

16

124,582

202,274

OTHER CURRENT LIABILITIES

7,670,056

8,098,442

2k,13

HUTANG CUKAI DAN PPN ROKOK

14

BEBAN MASIH HARUS DIBAYAR KEWAJIBAN LANCAR LAIN-LAIN JUMLAH KEWAJIBAN LANCAR

KEWAJIBAN IMBALAN KEWAJIBAN PAJAK TANGGUHAN, bersih

OBLIGATION FOR POST-EMPLOYMENT 2o ,17

574,793

536,217

2k,13

308,060

403,393

882,853

939,610

112,536

73,085

BENEFITS DEFERRED TAX LIABILITIES, net TOTAL NON-CURRENT

JUMLAH KEWAJIBAN TIDAK LANCAR HAK MINORITAS

TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES

KEWAJIBAN TIDAK LANCAR PASCA-KERJA

SHORT-TERM LOANS TRADE PAYABLES:

2m,12,27

Pihak ketiga

HUTANG PAJAK

SHAREHOLDERS' EQUITY

2b

LIABILITIES M INORITY INTEREST SHAREHOLDERS' EQUITY

EKUITAS MODAL SAHAM, nilai nominal

SHARE CAPITAL, par value of

Rp 500 (rupiah penuh) per saham:

Rp 500 (whole rupiah) per share:

Modal dasar:

Authorized capital:

2.316.000.000 saham

2,316,000,000 shares

Modal ditempatkan dan disetor penuh: 1.924.088.000 saham

Issued and paid-up capital: 1,18

dipindahkan


962,044

962,044

962,044

962,044

1,924,088,000 shares carry forward


PT Gudang Garam Tbk

2

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDA NG GA RA M Tbk A ND SUBSIDIA RIES NERA CA KONSOLIDA SI / CO NSOLIDATED BALANCE SHEETS ** 30 SEPTEMBER 2010 DA N 2009 / 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )

Catatan/ KEWAJIBAN DAN EKUITAS

LIABILITIES AND 2010

Notes

pindahan

2009

SHAREHO LDERS' EQUITY

962,044

962,044

1,19

53,700

53,700

26

200,000

200,000

Appropriated

Belum dicadangkan

18,844,303

16,105,510

Unappropriated

JUMLAH EKUITAS

20,060,047

17,321,254

TOTAL SHAREHOLDERS' EQUITY

28,725,492

26,432,391

AGIO SAHAM SALDO LABA: Dicadangkan

carried forward CAPITAL PAID IN EXCESS OF PAR RETAINED EARNINGS:

TOTAL LIABILITIES AND

JUMLAH KEWAJIBAN DAN EKUITAS

SHAREHOLDERS' EQUITY

Ke diri, Ok tobe r /O ctober 2010 Catatan / Note : ** Belum diaudit / Unaudited

HERRY SUSIANTO Direktur / Director



PT Gudang Garam Tbk

3

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDANG GARAM Tbk AND SUBSIDIARIES LAPORAN LABA RUGI KONSOLIDASI / CONSOLIDATED STATEMENTS OF INCOME ** PERIODE YANG BERAKHIR 30 SEPTEMBER 2010 DAN 2009 / PERIOD ENDED 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )

Catatan/ Notes

2010

2009

PENJUALAN/PENDAPATAN USAHA

2c,20

27,534,367

23,533,866

BEBAN POKOK PENJUALAN

2d,21

(21,151,976)

(18,310,777)

6,382,391

LABA KOTOR

5,223,089

SALES/OPERATING REVENUE COST OF SALES GROSS PROFIT OPERATING EXPENSES:

BEBAN USAHA: Beban penjualan

22

(1,399,664)

(658,129)

Selling expenses

Beban umum dan administrasi

23

(736,699)

(653,644)

General and administrative expenses

(2,136,363)

(1,311,773)

4,246,028

3,911,316

LABA USAHA

OTHER INCOM E (EXPENSES):

PENGHASILAN (BEBAN) LAIN-LAIN: (Rugi) laba penjualan aset tetap

(1,863)

9

Pendapatan bunga

14,859

24,075

Beban bunga Rugi kurs, bersih

2j

Lainnya, bersih

87,755

Interest income

(346,373)

Interest expense

(12,314)

(39,277)

Foreign exchange loss, net

(1,512)

LABA SEBELUM PAJAK

(Loss) gain on sale of fixed assets

(162,330)

123

(153,944)

BEBAN PAJAK:

OPERATING PROFIT

Miscellaneous, net

(282,913)

4,092,084

3,628,403

(1,039,962)

(1,124,725)

Current

(5,980)

Deferred

PROFIT BEFORE TAX INCOM E TAX EXPENSE:

2k,13

Pajak kini Pajak tangguhan

14,974 (1,024,988)

(1,130,705)

3,067,096

2,497,698

PROFIT BEFORE M INORITY

LABA SEBELUM HAK M INORITAS (dipindahk an)


INTEREST (ca rry forwa rd)


PT Gudang Garam Tbk

4

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDANG GARAM Tbk AND SUBSIDIARIES LAPORAN LABA RUGI KONSOLIDASI / CONSOLIDATED STATEMENTS OF INCOME ** PERIODE YANG BERAKHIR 30 SEPTEMBER 2010 DAN 2009 / PERIOD ENDED 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )

Catatan/ Notes

2010

2009

3,067,096

pindahan

2,497,698

M INORITY INTEREST IN

HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN

carried forward

(57,929)

2b

LABA BERSIH

(22,279)

SUBSIDIARIES' NET PROFIT NET PROFIT

3,009,167

2,475,419

Laba usaha

2,207

2,033

Operating profit

Laba bersih

1,564

1,287

Net profit

Laba per saham (dalam rupiah penuh):

Earnings per share (in whole rupiah):

2l,24

Ke diri, Ok tobe r /O ctober 2010 Catatan / Note : ** Belum diaudit / Unaudited

HERRY SUSIANTO Direktur / Director



PT Gudang Garam Tbk

5

PT G UDANG G ARAM T bk DAN ANAK PERUSAHAAN/ PT G UDANG G ARAM Tbk AND SUBSIDIARIES LAPOR AN PER U BAH AN EKU ITAS KON SOLID ASI / C ON SOLID ATED STATEMEN TS OF C H AN GES IN SH AR EH OLD ER S' EQU ITY ** PER IOD E YAN G BER AKH IR 30 SEPTEMBER 2010 D AN 2009 / PER IOD EN D ED 30 SEPTEMBER 2010 AN D 2009 (D alam jutaan rupiah, kecuali dinyatakan khus us / In m illions of rupiah, unless otherwise specified )

A gio s aham / Capital

Modal saham /

Saldo laba/Retained earnings

paid in

Catatan/

Share

ex ces s of

Notes

capital

par

Dic adangkan/

Jumlah ekuitas /

Belum

Total

Dic adangkan/

s hareholders '

Appropriated Unappropriated

equity Balanc e as of

962,044

Saldo 31 Desember 2009

53,700

200,000

17,085,793

18,301,537

31 Dec emb er 2009

ended 30 Septemb er 2010

Laba bers ih untuk periode y ang

Net profit for the period

berakhir 30 September 2010 Dividen kas

25

-

-

-

3,009,167

3,009,167

-

-

-

(1,250,657)

(1,250,657)

18,844,303

20,060,047

Cash dividends Ba l a nce a s of

962,044

Saldo 30 Se pte m be r 2010

53,700

200,000

30 Septem ber 2010

A gio saham / Modal

Jumlah

Capital

saham /

Saldo laba/Retained earnings

paid in

Catatan/

Share

excess of

Notes

capital

par

Dicadangkan/

ekuitas /

Belum

Total

Dicadangkan/

shareholders'

Appropriated Unappropriated

equity Balance as of

962,044

Saldo 31 Desember 2008

53,700

200,000

14,303,522

15,519,266

31 Decemb er 2008

2,475,419

2,475,419

ended 30 Septemb er 2009

Laba bersih untuk periode yang

Net profit for the period

berakhir 30 September 2009 Dividen kas

25

-

-

-

-

-

-

(673,431)

(673,431)

Cash dividends Ba l a nce a s of

Saldo 30 Se pte m be r 2009

962,044

53,700

200,000

16,105,510

17,321,254

30 September 2009




PT Gudang Garam Tbk

6

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDANG GARAM Tbk AND SUBSIDIARIES LAPORAN ARUS KAS KONSOLIDASI / CONSOLIDATED STATEMENTS OF CASH FLOWS ** PERIODE YANG BERAKHIR 30 SEPTEMBER 2010 DAN 2009 / PERIOD ENDED 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )

2010

2009 CASH FLOWS FROM OPERATING

ARUS KAS DARI AKTIVITAS

ACTIVITIES:

OPERASI: Penerimaan kas dari pelanggan

27,700,575

24,838,673

(25,704,042)

(21,539,083)

1,996,533

3,299,590

Penerimaan bunga

24,075

87,755

Receipts of interest

Pembayaran bunga

(176,615)

(385,333)

Payments of interest

(1,124,211)

(742,027)

Pembayaran kas kepada pemasok dan karyaw an Kas dihasilkan dari operasi

Pembayaran pajak penghasilan badan

719,782

2,259,985

(407,481)

Hasil penjualan aset tetap Pembayaran uang muka pembelian aset tetap

2,037 (463,607)

(699,496) 15,383 (391,650)

(869,051)

(1,075,763)

3,682,747

1,701,715

(2,350,000)

(2,000,000)

Penyetoran modal saham anak perusahaan oleh

of fixed assets activities

Proceeds from short-term loans Repayments of short-term loans Subsidiary's capital contribution by the

pemegang saham minoritas Pembayaran dividen kas

Acquisition of fixed assets Proceeds from sale of fixed assets Payments of advances for the purchase

ACTIVITIES:

PENDANAAN: Pembayaran pinjaman jangka pendek

activities

CASH FLOWS FROM FINANCING

ARUS KAS DARI AKTIVITAS Penerimaan dari pinjaman jangka pendek

Payments of corporate income tax

Net cash used in investing

Kas bersih digunakan untuk aktivitas investasi

Cash provided by operations

CASH FLOWS FROM INVESTING ACTIVITIES:

ARUS KAS DARI AKTIVITAS INVESTASI: Perolehan aset tetap

Cash paid to suppliers and employees

Net cash provided by operating

Kas bersih diperoleh dari aktivitas operasi

Cash received from customers

3,800 (1,250,657)

50,800 (673,431)

minority shareholders Payments of cash dividends Net cash provided by (used in)

Kas bersih diperoleh dari (digunakan untuk) aktivitas pendanaan

85,890

(920,916)

(6,912)

(12,536)

(70,291)

250,770

financing activities Foreign exchange loss on cash and

Rugi kurs atas kas dan setara kas

cash equivalents Net (decrease) increase in cash and

(Penurunan) kenaikan bersih kas dan setara kas

cash equivalents

Kas dan setara kas aw al tahun

1,222,897

1,134,826

Cash and cash equivalents, beginning of year

Kas dan setara kas akhir bulan September

1,152,606

1,385,596

Cash and cash equivalents, end of September




PT Gudang Garam Tbk

7

PT GUDANG GARAM Tbk DAN ANAK PERUSAHAAN/ PT GUDANG GARAM Tbk AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI/NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PERIODE YANG BERAKHIR 30 SEPTEMBER 2010 DAN 2009 / PERIOD ENDED 30 SEPTEMBER 2010 AND 2009 (Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified)

1.

UMUM

1.

GENERAL

PT Gudang Garam Tbk (“Perseroan”), yang semula bernama PT Perusahaan Rokok Tjap “Gudang Garam” Kediri (PT Gudang Garam), didirikan dengan akte Suroso SH, wakil notaris sementara di Kediri, tanggal 30 Juni 1971 No. 10, diubah dengan akte notaris yang sama tanggal 13 Oktober 1971 No. 13; akte-akte ini disetujui oleh Menteri Kehakiman dengan No. J.A.5/197/7 tanggal 17 Nopember 1971, didaftarkan di Pengadilan Negeri Kediri dengan No. 31/1971 dan No. 32/1971 tanggal 26 Nopember 1971, dan diumumkan dalam Tambahan No. 586 pada Berita Negara No. 104 tanggal 28 Desember 1971.

PT Gudang Garam Tbk (“the Company”), previously named as PT Perusahaan Rokok Tjap “Gudang Garam” Kediri (PT Gudang Garam), was established by deed of Mr. Suroso SH, acting notary public in Kediri, dated 30 June 1971 No. 10, amended by deed of the same notary dated 13 October 1971 No. 13; these deeds were approved by the Minister of Justice under No. J.A.5/197/7 on 17 November 1971, registered at the Kediri Court of Justice under No. 31/1971 and No. 32/1971 on 26 November 1971, and published in Supplement No. 586 to State Gazette No. 104 of 28 December 1971.

Perseroan merupakan kelanjutan dari Perusahaan Perorangan yang didirikan tahun 1958. Pada tahun 1969 berubah status menjadi Firma dan pada tahun 1971 menjadi Perseroan Terbatas. Operasi komersial dimulai tahun 1958.

The Company is a continuation of a Proprietorship which was established in 1958. In 1969, the Company changed its legal status to a Partnership and in 1971 it was further changed its existing legal entity as a Limited Liability Company. Commercial operation was commenced in 1958.

Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir dilakukan dengan akte notaris Dyah Ambarwaty Setyoso, SH tanggal 18 Desember 2008 No. 27 untuk memenuhi ketentuan Undang-Undang No. 40/2007 tentang Perseroan Terbatas.

The Company’s Articles of Association have been amended several times. The latest amendment was effected by deed of notary public Dyah Ambarwaty Setyoso, SH dated 18 December 2008 No. 27 to comply with the provisions of Company Law No. 40/2007.

Perseroan berdomisili di Indonesia dengan Kantor Pusat di Jl. Semampir II / 1, Kediri, Jawa Timur, serta memiliki pabrik yang berlokasi di Kediri dan Gempol. Perseroan juga memiliki Kantor-kantor Perwakilan yaitu Kantor Perwakilan Jakarta di Jl. Jenderal A. Yani 79, Jakarta dan Kantor Perwakilan Surabaya di Jl. Pengenal 7 – 15, Surabaya, Jawa Timur.

The Company is an Indonesian domiciled company with its Head Office at Jl. Semampir II / 1, Kediri, East Java, and its plants are located in Kediri and Gempol. The Company also has representative offices, which are Jakarta Representative Office at Jl. Jenderal A. Yani 79, Jakarta and Surabaya Representative Office at Jl. Pengenal 7 – 15, Surabaya, East Java.

Sesuai dengan pasal 3 Anggaran Dasarnya, Perseroan bergerak di bidang industri rokok dan yang terkait dengan industri rokok.

In accordance with article 3 of its Articles of Association, the Company is engaged in cigarette industry and other related cigarette industry activities.

Mayoritas saham Perseroan dimiliki, secara langsung maupun tidak langsung, oleh keluarga Wonowidjojo, yang juga memiliki secara langsung maupun tidak langsung, beberapa perusahaan di Indonesia dan luar negeri.

The majority of the Company’s shares are owned, directly and indirectly, by Wonowidjojo family, who also owns, directly and indirectly, several companies in Indonesia and other countries.

Dengan izin Menteri Keuangan No. SI-126/SHM/ KMK.10/1990 tanggal 17 Juli 1990, Perseroan telah melakukan penawaran umum kepada masyarakat melalui pasar modal sejumlah 57.807.800 saham dengan nominal Rp 1.000 (rupiah penuh) per saham.

By Minister of Finance license No. SI-126/SHM/ KMK.10/1990 dated 17 July 1990, the Company has publicly offered through the capital market its 57,807,800 shares at par value of Rp 1,000 (whole rupiah) per share.

Dengan surat PT Bursa Efek Surabaya No. 372/D129/BES/VIII/90 tanggal 21 Agustus 1990 telah disetujui untuk dicatatkan di Bursa Efek Surabaya (“BES”) sebanyak 96.204.400 saham Perseroan sejak 27 Agustus 1990. Dengan

By a letter from PT Bursa Efek Surabaya No. 372/D129/BES/VIII/90 dated 21 August 1990, 96,204,400 of the Company’s shares have been agreed to be listed in the Surabaya Stock Exchange (“BES”) since 27 August 1990.

PT Gudang Garam Tbk

8

surat PT Bursa Efek Jakarta No. S-204/BEJ/VI/92 tanggal 24 Juni 1992, telah disetujui untuk dicatatkan di Bursa Efek Jakarta (“BEJ”) sejumlah saham yang sama. Dengan surat PT Bursa Efek Surabaya No. 48/EMT/LIST/BES/V/94 tanggal 26 Mei 1994 dan surat PT Bursa Efek Jakarta No. S359/BEJ.I.1/V/1994 tanggal 27 Mei 1994 telah dicatatkan lagi sejumlah 384.817.600 saham Perseroan di kedua Bursa tersebut sehingga seluruh saham Perseroan yang beredar saat itu telah dicatatkan, yaitu 481.022.000 saham.

By a letter from PT Bursa Efek Jakarta No. S-204/BEJ/VI/92 dated 24 June 1992, the same number of shares have been agreed to be listed in the Jakarta Stock Exchange (“BEJ”). By a letter from PT Bursa Efek Surabaya No. 48/EMT/LIST/BES/V/94 dated 26 May 1994 and a letter from PT Bursa Efek Jakarta No. S-359/BEJ.I.1/V/1994 dated 27 May 1994, an additional 384,817,600 shares were listed in both Stock Exchanges; accordingly, all of the Company’s issued shares at that time, i.e., 481,022,000 shares, have been listed.

Dalam tahun 1996 telah dilakukan pemecahan nilai nominal saham (“stock split”) dari Rp 1.000 (rupiah penuh) menjadi Rp 500 (rupiah penuh) per saham dan pengeluaran satu saham bonus untuk setiap saham yang beredar sehingga jumlah saham beredar bertambah dari 481.022.000 menjadi 1.924.088.000. Dengan surat PT Bursa Efek Jakarta No. S039/ BEJ.I.2/0596 tanggal 24 Mei 1996 dan surat PT Bursa Efek Surabaya No. 31/EMT/LIST/BES/V/96 tanggal 27 Mei 1996 seluruh saham Perseroan yang beredar, yaitu sebanyak 1.924.088.000 saham, telah dicatatkan di kedua Bursa tersebut.

In 1996, the par value of the shares has been split (“stock split”) from Rp 1,000 (whole rupiah) to Rp 500 (whole rupiah) per share and a one-for-one bonus share has been distributed; consequently, the number of outstanding shares increased from 481,022,000 to 1,924,088,000. By a letter from PT Bursa Efek Jakarta No. S-039/BEJ.I.2/0596 dated 24 May 1996 and a letter from PT Bursa Efek Surabaya No. 31/ EMT/LIST/BES/V/96 dated 27 May 1996, all of the Company’s issued shares, i.e., 1,924,088,000 shares, have been listed in both Stock Exchanges.

Terhitung sejak tanggal 30 Nopember 2007, BES telah efektif digabung ke dalam BEJ dan selanjutnya BEJ berubah nama menjadi PT Bursa Efek Indonesia.

As of 30 November 2007, BES has effectively been merged into BEJ and BEJ subsequently changed its name to PT Bursa Efek Indonesia.

Sesuai dengan surat PT Bursa Efek Surabaya No. JKT026/LIST-EMITEN/BES/XI/2007 tanggal 30 Nopember 2007 saham Perseroan yang sebelumnya tercatat di BES dan BEJ sebanyak 1.924.088.000 saham, efektif tercatat dan diperdagangkan di Bursa Efek Indonesia terhitung sejak tanggal 3 Desember 2007.

Based on a letter from PT Bursa Efek Surabaya No. JKT026/LIST-EMITEN/BES/XI/2007 dated 30 November 2007, the Company’s shares, 1,924,088,000 shares which were previously listed in BES and BEJ are listed and traded in Bursa Efek Indonesia starting from 3 December 2007.

Perseroan memiliki kepemilikan secara langsung dan tidak langsung pada anak-anak perusahaan sebagai berikut:

The Company has direct and indirect ownership in the following subsidiaries:

N a m a p e ru s a h a a n / Com pany nam e

Ala m a t/ A d d re s s

K e p e m ilik a n la n g s u n g / D ire c tly -o wn e d P T S u rya P a m e n a n g J l. R a ya K e d iri K e rto s o n o K M.7 ,

K e g ia ta n u ta m a / P rin c ip a l a c tiv itie s

T a h u n m u la i b e ro p e ra s i k o m e rs ia l/ Year co m m e n ce d c o m m e rc ia l o p e ra tio n s

In d u s tri k e rta s /

1993

9 9 .9 9 % (* )

9 9 .9 9 % (* )

1 ,2 2 3 ,5 4 1

1 ,1 1 4 ,5 7 5

P e rs e n ta s e k e p e m ilik a n / P e rc e n ta g e o f o wn e rs h ip 2010 2009

J u m la h a s e t s e b e lu m e lim in a s i/ To ta l a s s e ts b e fo re e lim in a tio n 2010 2009

P a p e r in d u s try

d e s a N g e b ra k , K e d iri P T S u rya Ma d is trin d o

J l. J e n d . A.Ya n i N o . 7 9 , J a k a rta

P e rd a g a n g a n / T ra d in g

2004

9 9 .9 9 % (* )

9 9 .9 9 % (* )

3 ,2 5 4 ,6 4 6

2 ,6 8 8 ,4 2 9

P T G ra h a S u rya Me d ia

J l. S e m a m p ir II/1 , K e d iri

J a s a h ib u ra n / E n te rta in m e n t s e rv ic e s

(* * )

9 9 .9 9 % (* )

9 9 .9 9 % (* )

1 4 ,8 8 2

2 5 9 ,6 7 1

PT Gudang Garam Tbk

9

K e g ia ta n u ta m a /

T a h u n m u la i b e ro p e ra s i k o m e rs ia l/ Year co m m e n ce d

P e rs e n ta s e k e p e m ilik a n / P e rc e n ta g e o f

J u m la h a s e t s e b e lu m e lim in a s i/ T o ta l a s s e ts

P rin c ip a l a c tiv itie s

c o m m e rc ia l o p e ra tio n s

o w n e rs h ip 2010 2009

b e fo re e lim in a tio n 2010 2009


2009

6 0 .0 0 %

6 0 .0 0 %

3 7 6 ,7 9 9

4 4 6 ,7 0 5

J l.U ju n g T a n a h N o .1 P e rd a g a n g a n / L u b u k B e g a lu n g , T ra d in g Padang

2009

6 0 .0 0 %

6 0 .0 0 %

6 0 ,1 7 6

6 7 ,4 1 7

P T S u rya B a b e l

J l.M e lin ta s /T o n iw e n P e rd a g a n g a n /

2009

6 0 .0 0 %

6 0 .0 0 %

4 7 ,2 2 0

2 5 ,0 7 8

P e rk a s a

N o .3 8 , R T 0 1 , R W 0 1 T ra d in g


2009

6 0 .0 0 %

6 0 .0 0 %

1 5 1 ,9 1 1

1 2 8 ,0 7 1



K e p e m ilik a n tid a k la n g s u n g / I n d ire c tly -o w n e d m e la lu i / th ro u g h P T S u rya M a d is trin d o P T S u rya Aya m m a s J l.K L Yo s S u d a rs o P e rk a s a K m 7 ,8 T a n ju n g M u lia , M e d a n P T S u rya An d a la s P e rk a s a

K e l. B in ta n g , P a n g k a l P in a n g , B a n g ka P T S u rya C e le b e s P e rk a s a

J l.G a la n g a n K a p a l N o . 5 , U ju n g Pandang

P T S u rya In d o K h a tu lis tiw a

J l.P a h la w a n N o .2 3 -2 5 , K e l. B e n u a Me la yu D a ra t, P o n tia n a k


2009

6 0 .0 0 %

6 0 .0 0 %

5 8 ,0 8 5

6 6 ,2 7 1

P T S u rya K a ltim P e rk a s a

J l.Ir. S u ta m i B lo k I No. 3, RT 34, K o m p le k P e rg u d a n g a n ,


2009

6 0 .0 0 %

6 0 .0 0 %

7 1 ,2 4 7

5 1 ,8 8 7


2009

6 0 .0 0 %

6 0 .0 0 %

1 5 4 ,7 6 8

1 0 0 ,2 3 4


2009

6 0 .0 0 %

6 0 .0 0 %

1 9 ,8 0 0

1 4 ,6 7 3

2009

6 0 .0 0 %

6 0 .0 0 %

2 0 6 ,0 3 3

2 1 9 ,7 8 6

S a m a rin d a P T S u rya L a m p u n g P e rk a s a

J l.Yo s S u d a rs o N o . 1 1 , W a ylu n ik , P a n ja n g - B a n d a r Lam pung

P T S u rya Ma s a in d a h P e rk a s a

J l.R . S o e p ra p to N o .3 2 , P o w a tu , K e n d a ri

P T S u rya M in a h a s a

J l.R a ya T o m o h o n

P e rd a g a n g a n /

P e rk a s a

N o .2 8 , W in a n g u n , Ma n a d o

T ra d in g

P T S u rya P e rin tis R ia u P e rk a s a

J l.T u a n k u T a m b u s a i P e rd a g a n g a n / N o . 3 7 -3 8 , T ra d in g P e k a n b a ru

2009

6 0 .0 0 %

6 0 .0 0 %

1 3 3 ,1 5 5

1 1 7 ,6 2 1

P T S u rya S riw ija ya P e rk a s a

J l.S o e k a rn o - H a tta No. 2553, RT 38, R W 1 1 , P a le m b a n g


2009

6 0 .0 0 %

6 0 .0 0 %

2 2 9 ,3 7 3

1 6 3 ,7 8 2

2009

6 0 .0 0 %

6 0 .0 0 %

4 5 ,9 1 2

3 3 ,2 9 7

2009

6 0 .0 0 %

6 0 .0 0 %

5 5 ,7 4 6

6 6 ,4 9 0

P T S u rya L o m b o k

J l.K u tila n g 1 N o . 9 ,

P e rd a g a n g a n /

P e rk a s a

C a k ra n e g a ra ,

T ra d in g

M a ta ra m P T S u rya B im a P e rk a s a

J l.G a to t S u b ro to K e lu ra h a n M a u ta p a g a , B im a


PT Gudang Garam Tbk

10



K e g ia ta n u ta m a /

T a h u n m u la i b e ro p e ra s i k o m e rs ia l/ Year co m m e n ce d

P e rs e n ta s e k e p e m ilik a n / P e rc e n ta g e o f

J u m la h a s e t s e b e lu m e lim in a s i/ T o ta l a s s e ts

P rin c ip a l a c tiv itie s

c o m m e rc ia l o p e ra tio n s

o w n e rs h ip 2010 2009

b e fo re e lim in a tio n 2010 2009

K e p e m ilik a n tid a k la n g s u n g / I n d ire c tly -o w n e d m e la lu i / th ro u g h P T S u rya M a d is trin d o P T S u rya K e rb a u m a s P e rk a s a

J l.T im o r R a ya Km . 7, Was apa Kupang


2009

6 0 .0 0 %

6 0 .0 0 %

2 6 ,7 6 9

1 5 ,6 3 5

P T S u rya R a h a rja P e rk a s a

J l.A. Ya n i K m . 9 , B a n ja rm a s in


2009

6 0 .0 0 %

6 0 .0 0 %

7 9 ,1 7 4

5 5 ,5 6 6

P T S u rya Ma n d a la P e rk a s a

J l.K o lo m b e k e R T P e rd a g a n g a n / 0 0 1 /R W 0 1 ,L K . I, T ra d in g K e l.N a n g a lim a n g , K e c . Alo k ,K a b .S ik k a , M a u m e re

2010

6 0 .0 0 %

-

5 9 ,1 4 0

-

P T S u rya P a p u a P e rk a s a

J l.Arg a p u ra N o .1 8 , J a ya p u ra


2010

6 0 .0 0 %

-

1 4 2 ,7 1 2

-

J l.S e m a m p ir II/1 ,

Pengus ahaan

1988

9 9 .9 9 % (* )

-

4 ,9 4 8

-

K e d iri

o b je k w is a ta /

K e p e m ilik a n tid a k la n g s u n g / I n d ire c tly -o w n e d m e la lu i / th ro u g h P T G ra h a S u rya M e d ia P T S u rya W is a ta

T o u ris m in d u s try

(* ) 1 0 0 % k u ra n g 1 (s a tu ) s a h a m . (* * ) S a m p a i a k h ir S e p te m b e r 2 0 1 0 , P T G ra h a S u rya M e d ia b e lu m b e ro p e ra s i k o m e rs ia l.

(* ) 1 0 0 % le s s 1 (o n e ) s h a re . (* * ) T h ro u g h th e e n d o f S e p te m b e r 2 0 1 0 , P T G ra h a S u ry a M e d ia h a s n o t c o m m e n c e d its c o m m e rc ia l o p e ra tio n s .

Seluruh anak perusahaan yang dimiliki secara tidak langsung melalui PT Surya Madistrindo adalah perusahaan-perusahaan yang didirikan oleh PT Surya Madistrindo dari 2009 sampai 30 September 2010, dengan total setoran modal saham sebesar Rp 81.900 juta.

All subsidiaries which are owned indirectly through PT Surya Madistrindo are new companies incorporated by PT Surya Madistrindo from 2009 until 30 September 2010,with total share capital payment amounted to Rp 81,900 million.

Dalam tahun 2009, PT Graha Surya Media membeli 99,99% saham PT Surya Wisata dengan pembayaran sebesar Rp 5.009 juta.

In 2009, PT Graha Surya Media acquired 99.99% shares of PT Surya Wisata with payment amounted to Rp 5,009 million.

Susunan Pengurus Perseroan akhir September 2010 dan 2009 adalah sebagai berikut:

At the end of September 2010 and 2009, the composition of the Company’s Board of Commissioners and Directors was as follows:

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11

2010 Presiden Komisaris Komisaris-komisaris

Ny./Mrs. Juni Setiawati Wonowidjojo Tn./Mr. Yudiono Muktiwidjojo (*) Tn./Mr. Frank Willem van Gelder (*) Tn./Mr. Lucas Mulia Suhardja (*)

Presiden Direktur Direktur-direktur

Tn./Mr. Susilo Wonowidjojo Tn./Mr. Heru Budiman Tn./Mr. Edijanto Tn./Mr. Herry Susianto Tn./Mr. Buana Susilo Tn./Mr. Fajar Sumeru

President Commissioner Commissioners

President Director Directors

2009 Presiden Komisaris Komisaris-komisaris

Ny./Mrs. Juni Setiawati Wonowidjojo Tn./Mr. Yudiono Muktiwidjojo (*) Tn./Mr. Frank Willem van Gelder (*) Tn./Mr. Lucas Mulia Suhardja (*) Tn./Mr. Hadi Soetirto (*)

Presiden Direktur Direktur-direktur

Tn./Mr. Susilo Wonowidjojo Tn./Mr. Heru Budiman Tn./Mr. Edijanto Tn./Mr. Herry Susianto Tn./Mr. Buana Susilo Tn./Mr. Fajar Sumeru Tn./Mr. Buntoro Turutan

President Commissioner Commissioners

President Director Directors

(*) Independent Commissioners

(*) Komisaris Independen

2.

Beberapa anggota Dewan Komisaris dan Direksi Perseroan juga merupakan pemegang saham Perseroan (Catatan 18).

Certain members of the Company’s Board of Commissioners and Directors are also the shareholders of the Company (Note 18).

Per akhir September 2010, Perseroan dan anak perusahaan mempekerjakan 46.387 karyawan (2009: 43.732 karyawan).

At the end of September 2010, the Company and subsidiaries employed 46,387 employees (2009: 43,732 employees).

IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Dalam pembukuan dan pelaporan keuangannya, Perseroan dan anak perusahaan menganut kebijakan akuntansi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia, yang sesuai dengan Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Peraturan Badan Pengawas Pasar Modal (“BAPEPAM”) tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik. Kebijakan-kebijakan akuntansi yang penting, yang diterapkan secara konsisten dalam penyusunan laporan keuangan konsolidasi periode yang berakhir 30 September 2010 dan 2009, adalah sebagai berikut:

The accounting and reporting policies adopted by the Company and subsidiaries conform to accounting principles generally accepted in Indonesia based on the Statements of Financial Accounting Standards (“PSAK”) and the Capital Market Supervisory Agency (“BAPEPAM”) rules on Guidelines in Presentation and Disclosure of Financial Statements of an Issuer or a Public Company. The significant accounting policies, consistently applied in the preparation of the consolidated financial statements for period ended 30 September 2010 and 2009, were as follows:

a.

a.

Dasar penyusunan laporan keuangan Laporan keuangan, yang disajikan dalam jutaan rupiah, disusun atas dasar akrual, dengan konsep harga perolehan/nilai historis, kecuali untuk laporan arus kas konsolidasi.

Basis for preparation of financial statements The financial statements, presented in millions of rupiah, are prepared on the accrual basis, using the historical cost concept, except for consolidated statements of cash flows.

PT Gudang Garam Tbk

12

The statements of cash flows present the changes in cash and cash equivalents from operating, investing and financing activities and are prepared using the direct method. The Company and subsidiaries consider short-term time deposits with maturities of not more than three months at the date of acquisition to be cash equivalents.

Laporan arus kas menyajikan perubahan dalam kas dan setara kas dari aktivitas operasi, investasi dan pendanaan yang disusun dengan metode langsung (direct method). Untuk memenuhi definisi sebagai setara kas, Perseroan dan anak perusahaan memperhitungkan deposito berjangka yang jatuh temponya tidak lebih dari tiga bulan dari tanggal perolehannya. b.

c.

d.

e.

Prinsip konsolidasi Laporan keuangan konsolidasi meliputi laporan keuangan Perseroan dan anak perusahaannya dimana Perseroan, baik secara langsung ataupun tidak langsung, memiliki kepemilikan saham dengan hak suara lebih dari 50%. Anak perusahaan dikonsolidasi sejak tanggal Perseroan memperoleh pengendalian secara efektif dan tidak lagi dikonsolidasi sejak tanggal pelepasannya.

b.

Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries on which the Company directly or indirectly has a voting-right share ownership of more than 50%. Subsidiaries are consolidated from the date on which effective control is obtained and are no longer consolidated from the date of disposal.

Seluruh saldo dan transaksi antar perusahaan dieliminasi pada saat konsolidasi.

All intercompany balances and transactions are eliminated in consolidation.

Kebijakan akuntansi yang digunakan dalam laporan keuangan konsolidasi telah diterapkan secara konsisten oleh anak perusahaan, kecuali bila dinyatakan lain.

The accounting policies adopted in the consolidated financial statements have been consistently applied by the subsidiaries, unless otherwise stated.

Hak minoritas atas laba (rugi) bersih dan ekuitas anak perusahaan dinyatakan sebesar proporsi pemegang saham minoritas atas laba (rugi) bersih dan ekuitas anak perusahaan tersebut.

Minority interest on net profit (loss) and equity of the subsidiaries are stated at the minority shareholders’ portion on net profit (loss) and equity of the subsidiaries.

c.

Pengakuan pendapatan dan beban

Revenue and expense recognition

Pendapatan penjualan/jasa dibukukan berdasarkan pengiriman barang atau penyerahan jasa kepada pembeli, sesuai dengan syarat penjualannya.

Revenue from sales/services is recognized based on the shipment of goods or delivery of services to buyers, in accordance with the terms of sale.

Beban diakui pada saat terjadinya.

Expenses are recognized when incurred.

Penilaian persediaan

d.

Inventory valuation

Persediaan dinilai menurut harga yang lebih rendah antara harga perolehan atau nilai bersih yang dapat direalisasi (net realizable value).

Inventories are valued at the lower of cost or net realizable value.

Harga perolehan barang jadi rokok dihitung berdasarkan biaya produksi rata-rata sebenarnya, ditambah biaya pembungkusan dan pita cukai (termasuk PPN) untuk rokok yang telah dibungkus dan diberi pita cukai.

Cost of cigarette finished goods is computed based on average actual production cost, plus cost of packaging and excise duty ribbons (including VAT) for cigarettes already packed and provided with excise duty ribbons.

Harga perolehan barang jadi kertas karton dihitung berdasarkan biaya produksi rata-rata sebenarnya, ditambah biaya pembungkusan.

Cost of paperboard finished goods is computed based on average actual production cost, plus cost of packaging.

Harga perolehan barang dagangan dihitung dengan metode FIFO.

Cost of merchandise is computed using the FIFO method.

Harga perolehan barang dalam pengolahan dihitung berdasarkan biaya produksi rata-rata sebenarnya sesuai dengan tingkat penyelesaiannya.

Cost of goods in process is computed based on average actual production cost proportional to their stage of completion.

Harga perolehan bahan baku/pembantu, suku cadang dan keperluan pabrik dihitung dengan metode rata-rata.

Cost of raw/supplementary materials, spare parts and factory supplies is computed using the average method.

Pita cukai dinilai dengan harga beli, sedangkan PPN rokok yang termasuk dalam pita cukai dinilai sebesar 8,4% dari nilai nominal pita cukai sesuai dengan peraturan Pemerintah.

Excise duty ribbons are valued at purchase price, while the VAT included in the excise duty ribbons is valued at 8.4% of the nominal value of the excise duty ribbons in accordance with Government regulation.

Penyisihan piutang ragu-ragu Penyisihan piutang ragu-ragu dilakukan berdasarkan penelaahan manajemen atas status masing-masing debitur

e.

Allowance for doubtful accounts Allowance for doubtful accounts is provided based on management’s evaluation of the status of each debtor at

PT Gudang Garam Tbk

13

pada tanggal pelaporan. Piutang yang tidak tertagih dihapuskan.

reported date. Uncollectible accounts are written off.

f.

Investasi jangka panjang Investasi pada perusahaan asosiasi dengan pemilikan 20% sampai dengan 50% dicatat dengan metode ekuitas (equity method).

f.

Long-term investments Investment in associated company with an ownership of 20% through 50% are recorded using the equity method.

g.

Aset tetap

g.

Fixed assets Land is presented at acquisition cost and not depreciated.

Tanah disajikan dengan harga perolehan dan tidak disusutkan. Aset tetap selain tanah diakui sebesar harga perolehan, dikurangi dengan akumulasi penyusutan.

Fixed assets other than land are stated at acquistion cost, less accumulated depreciation.

Penyusutan aset tetap selain tanah dihitung sejak bulan aset yang bersangkutan siap untuk digunakan, dengan metode garis lurus (straight-line method), berdasarkan taksiran masa manfaat sebagai berikut:

Depreciation of the fixed assets other than land is applied from the month such assets were ready to put into service, on the straight-line method, based on estimated useful lives as follows:

Bangunan, jalan dan jembatan Instalasi air dan listrik Mesin dan peralatan Inventaris Kendaraan bermotor, helikopter dan peralatannya

h.

20 - 30 tahun/years 10 & 25 tahun/years 10 - 25 tahun/years 4 – 5 tahun/years 4 - 8 tahun/years

Buildings, roads and bridges Water and electrical installations Machinery and equipment Furniture and fixtures Motor vehicles, helicopters and related equipments

Aset dalam penyelesaian merupakan akumulasi dari biayabiaya bahan, peralatan serta biaya lainnya yang berkaitan langsung dengan penyelesaian aset tetap. Akumulasi biaya tersebut akan direklasifikasi ke dalam akun aset tetap yang bersangkutan pada saat pekerjaan selesai dan aset tersebut siap untuk digunakan.

Assets under construction represent the accumulated cost of materials, equipment and other costs directly related to the construction of the fixed assets. The accumulated cost is reclassified to the related fixed assets when asset construction is completed and ready to put into service.

Biaya perbaikan dan pemeliharaan dibebankan pada laporan laba rugi konsolidasi tahun berjalan. Biaya penambahan dan pemugaran signifikan yang menambah manfaat ekonomis masa depan aset dikapitalisasi.

Repair and maintenance cost are charged to current year consolidated statement of income. Cost of betterments and renovations that increase the future economic benefits of the assets are capitalized.

Aset tetap yang sudah tidak digunakan atau yang dijual, dikeluarkan dari kelompok aset tetap yang bersangkutan, sedang laba (rugi) yang terjadi dibukukan dalam laporan laba rugi konsolidasi tahun berjalan.

Fixed assets which are no longer utilized or sold are removed from the related group of fixed assets, and the gains (losses) are recorded in the current year consolidated statement of income.

Biaya dibayar dimuka

h. Prepaid expenses

Biaya dibayar dimuka diamortisasi sesuai dengan masa manfaat beban yang bersangkutan menggunakan metode garis lurus (straight-line method).

Prepaid expenses are amortized over the benefited periods using the straight-line method.

i.

Goodwill Goodwill diamortisasi dengan metode garis lurus (straightline method) selama 20 tahun.

i.

Goodwill Goodwill is amortized on the straight-line method over a period of 20 years.

j.

Penjabaran valuta asing

j.

Foreign currencies translation

Mata uang fungsional dan mata uang pencatatan/pelaporan Perseroan dan anak perusahaan adalah rupiah.

The functional and recording/reporting currency of the Company and its subsidiaries is the Indonesian rupiah.

Transaksi dalam valuta asing dijabarkan dalam rupiah dengan kurs tanggal transaksi. Pada tanggal neraca, saldo aset dan kewajiban moneter dalam valuta asing dijabarkan dalam rupiah dengan kurs yang berlaku pada tanggal tersebut.

Transactions in foreign currencies are translated into rupiah at the rates prevailing at transaction date. At the date of balance sheets, balances of monetary assets and liabilities in foreign currencies are translated into rupiah at the exchange rates prevailing at that date.

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14

At the end of September 2010 and 2009, the main exchange rates used, based on Bank Indonesia middle rates, are as follows:

Per akhir September 2010 dan 2009, kurs utama yang digunakan, berdasarkan kurs tengah Bank Indonesia adalah sebagai berikut:

2010 2009 Rupiah penuh/ Rupiah penuh/ In whole rupiah In whole rupiah Dolar Amerika Serikat ("USD") Euro ("EUR")

8,924 12,139

k. Income tax expense calculation

Perhitungan beban pajak Perseroan dan anak perusahaan menerapkan metode aset dan kewajiban (asset and liability method) dalam menghitung beban pajaknya. Dengan metode ini, aset dan kewajiban pajak tangguhan diakui pada setiap tanggal pelaporan sebesar perbedaan temporer dalam pencatatan aset dan kewajiban untuk tujuan akuntansi dan perpajakan. Metode ini mengharuskan pengakuan manfaat pajak di masa yang akan datang, seperti kompensasi rugi fiskal, jika kemungkinan realisasi manfaat tersebut di masa mendatang cukup besar (probable).

l.

m. Transaksi dengan pihak-pihak hubungan istimewa

Earnings per share Earnings per share are computed by dividing the operating/ net profit for the year by the weighted average of total outstanding/issued shares during the year.

m. Transactions with related parties

Perseroan melakukan transaksi dengan pihak-pihak yang mempunyai hubungan istimewa sesuai dengan yang dijelaskan dalam PSAK No. 7 tentang “Pengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa” dan perumusan dalam Keputusan Ketua Badan Pengawas Pasar Modal (Bapepam) No. KEP-06/PM/2000 tanggal 13 Maret 2000 mengenai Pedoman Penyajian Laporan Keuangan.

The Company has transactions with related parties in accordance with the definition in PSAK No. 7, “Related Party Disclosures” and Decree of the Chairman of the Capital Market Supervisory Agency No. KEP-06/PM/2000 dated 13 March 2000 regarding the Guidance for the Presentation of Financial Statements.

Dalam kegiatan usaha normal, semua transaksi dengan pihak-pihak yang mempunyai hubungan istimewa, dilakukan dengan persyaratan dan kondisi yang wajar (arm’s length) dan diungkapkan dalam laporan keuangan konsolidasi.

In the normal conduct of business, all transactions with related parties are conducted on an arm’s length basis and are disclosed in the consolidated financial statements.

n. Segment information

Informasi segmen Perseroan dan anak perusahaan mengidentifikasikan segmen operasi berdasarkan segmen usaha (rokok, kertas karton, perdagangan dan lainnya) dan segmen geografis (pasar Indonesia dan di luar Indonesia). Harga antar segmen ditentukan secara wajar (arm’s length basis). Beban yang timbul akan dibebankan pada setiap segmen pada saat terjadi. Kebijakan akuntansi yang diterapkan oleh setiap segmen sama dengan yang diungkapkan dalam ikhtisar kebijakan akuntansi yang penting. Seluruh transaksi antar segmen telah dieliminasi.

o.

The Company and subsidiaries adopt the asset and liability method in determining their income tax expense. Under this method, deferred tax assets and liabilities are recognized at each reporting date for temporary differences between the financial and tax basis of assets and liabilities. This method also requires the recognition of future tax benefits, such as tax loss carryforwards, to the extent that realization of such benefits is probable.

l.

Laba per saham Laba per saham dihitung dengan membagi laba usaha/ bersih dengan jumlah rata-rata tertimbang saham beredar/ ditempatkan dalam tahun yang bersangkutan.

n.

United States Dollar ("USD") Euro ("EUR")

Foreign exchange gains (losses), realized and unrealized, are recognized in the related year.

Laba (rugi) kurs, yang telah maupun yang belum direalisasi, diakui dalam tahun yang bersangkutan. k.

9,681 14,158

Imbalan pasca-kerja Kewajiban Perseroan dan anak perusahaan atas imbalan pasca-kerja dihitung sebesar nilai kini dari estimasi jumlah imbalan pasca-kerja di masa depan yang timbul dari jasa yang telah diberikan oleh karyawan pada masa kini dan

The Company and subsidiaries identify operating segments based on their business segments (cigarettes, paperboard, trading and others) and geographical segments (Indonesia and outside Indonesia market). Inter-segment pricing is determined on an arm’s length basis. Expenses are charged to each segment where the expenses incurred. The accounting policies of the segment are the same as those prescribed in the summary of significant accounting policies. All inter-segment transactions have been eliminated.

o. Post-employment benefits The Company’s and subsidiaries’ obligation for postemployment benefits is calculated at present value of estimated future benefits that the employees have earned in return for their service in the current and prior periods. The calculation is performed by an independent actuary using the

PT Gudang Garam Tbk

15

p.

3.

masa lalu. Perhitungan dilakukan oleh aktuaris independen dengan metode projected unit credit.

projected unit credit method.

Pada saat imbalan atas program pasca-kerja berubah, porsi kenaikan atau penurunan imbalan sehubungan dengan jasa yang telah diberikan oleh karyawan pada masa lalu dibebankan atau dikreditkan dalam laporan laba rugi konsolidasi dengan menggunakan metode garis lurus selama rata-rata masa kerja karyawan hingga imbalan pasca-kerja menjadi hak karyawan (vested). Apabila imbalan pasca-kerja telah menjadi hak karyawan, bebannya diakui segera dalam laporan laba rugi konsolidasi.

When the benefits of a plan changed, the portion of the increased or decreased benefits relating to past service by employees is charged or credited to the consolidated statement of income on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognized immediately in the consolidated statement of income.

p. Use of estimates

Penggunaan taksiran Penyusunan laporan keuangan sesuai dengan prinsip akuntansi yang berlaku umum menyebabkan manajemen perlu membuat taksiran-taksiran dan asumsi-asumsi yang mempengaruhi jumlah aset dan kewajiban yang dilaporkan serta pengungkapan aset dan kewajiban kontinjensi pada tanggal laporan keuangan dan jumlah pendapatan dan beban yang dilaporkan selama periode pelaporan. Hasil aktual dapat berbeda dari taksiran-taksiran tersebut.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3.

KAS DAN SETARA KAS

2010

2009 Cas h on hand Rupiah F oreign c urrenc y T otal c as h

K as Rupiah V aluta as ing Total k as B ank pihak k etiga: Rupiah P T B ank M ega Tbk P T B ank Negara Indones ia (P ers ero) Tbk P T B ank S y ariah M ega Indones ia P T B ank Central A s ia Tbk P T B ank Internas ional Indones ia Tbk S tandard Chartered B ank Deuts c he B ank A G P T B ank Rak y at Indones ia (P ers ero) Tbk P T B ank ICB B um i P utera Tbk P T B ank Danam on Indones ia Tbk P T B ank P an Indones ia Tbk P T B P D S um atera S elatan P T B ank E k onom i Raharja Tbk P T B ank P erm ata Tbk P T B ank O CB C NIS P Tbk P T B P D S um atera B arat P T B ank CIM B Niaga Tbk The Roy al B ank of S c otland P T B ank UO B B uana Tbk Citibank N.A . P T B ank ICB C Indones ia P T B P D K alim antan B arat P T B P R Tri G unung S elatan P T B ank M andiri (P ers ero) Tbk P T B ank B uk opin Tbk P T B P D B engk ulu P T B ank Nus antara P arahy angan Tbk B ank lainny a (s aldo m as ing-m as ing dibawah Rp 250 juta) Total rupiah

293,452 260 293,712

300,494 136 300,630

150,622 146,242 76,214 57,965 48,622 21,275 11,979 10,993 7,416 5,487 2,502 2,201 1,830 1,615 1,593 1,529 1,477 1,232 772 418 397 295 291 265 159

115,685 373,339 44,464 42,910 21,930 12,544 10,800 5,670 563 2,328 3 106,416 2,075 1,193 2,220 1,522 447 776 856 -

409 553,800

CASH AND CASH EQUIVALENTS

1,013 513 2,823 574 750,664

PT Gudang Garam Tbk

Cas h in third parties b ank s : Rupiah P T B ank Mega T b k P T B ank Negara Indones ia (P ers ero) T b k P T B ank S yariah Mega Indones ia P T B ank Central A s ia T b k P T B ank Internas ional Indones ia T b k S tandard Chartered B ank Deuts c he B ank A G P T B ank Rak yat Indones ia (P ers ero) T b k P T B ank ICB B um i P utera T b k P T B ank Danam on Indones ia T b k P T B ank P an Indones ia T b k P T B P D S um atera S elatan P T B ank E k onom i Raharja T b k P T B ank P erm ata T b k P T B ank O CB C NIS P T b k P T B P D S um atera B arat P T B ank CIMB Niaga T b k T he Royal B ank of S c otland P T B ank UO B B uana T b k Citib ank N.A . P T B ank ICB C Indones ia P T B P D K alim antan B arat P T B P R T ri G unung S elatan P T B ank Mandiri (P ers ero) T b k P T B ank B uk opin T b k P T B P D B engk ulu P T B ank Nus antara P arahyangan T b k O ther b ank s (b alanc es of b elow Rp 250 m illion eac h) T otal rupiah

16

2010 V alu ta as ing C itiban k N .A . P T B an k Int erna s iona l Indo nes ia Tb k P T B an k M ega Tbk S tand ard C hartere d B an k D euts c he B ank A G P T B an k IC B B um i P ut era Tbk P T B an k O C B C N IS P Tbk The R oy a l B ank of S c o tland P T B an k P erm at a Tbk B ank lainny a (s aldo m a s ing-m as ing d ibaw ah R p 250 juta) Total va lu ta as ing

2009

193 163 ,379

3 70 2 24,9 87

F oreig n c u rre nc y C itib ank N .A . P T B an k I nte rnas ional Indo nes ia T b k P T B a nk Mega T b k S ta ndard C ha rte red B ank D eu ts c h e B an k A G P T B ank IC B B u m i P u tera T b k P T B an k O C B C N IS P T b k T he R o yal B an k o f S c o tland P T B ank P erm ata T b k O t her b a nk s (b alan c es of b elo w R p 250 m illio n ea c h) T o tal f ore ig n c urre nc y

717 ,179

9 75,6 51

T ot al c a s h in third p artie s b ank s

43 ,663 36 ,494 24 ,751 23 ,193 19 ,235 13 ,477 1 ,614 659 100

Tot al b ank pihak k et iga D e p o s ito b e rja n g k a p ih a k k e tig a : R u p ia h P T B a n k C e n tra l A s ia Tb k P T B a n k N e g a ra In d o n e s ia (P e rs e ro ) Tb k P T B a n k O C B C N IS P Tb k P T B a n k R a b o b a n k In t e rn a tio n a l In d o n e s ia P T B a n k M e g a Tb k P T B P D S u m a te ra S e la ta n P T B a n k D a n a m o n In d o n e s ia Tb k P T B a n k IC B C In d o n e s ia P T B a n k C o m m o n w e a lt h P T B a n k P e rm a t a Tb k P T B a n k M e s t ik a D h a rm a P T B a n k In t e rn a s io n a l In d o n e s ia Tb k P T B a n k R a k y a t In d o n e s ia (P e rs e ro ) Tb k P T B a n k C IM B N ia g a Tb k

13,2 60 1 55,7 11 33,9 52 13,0 48 7,7 64 4 93 3 89

6 5 ,1 4 3 2 0 ,5 7 8 1 9 ,0 1 1 7 ,5 5 1 6 ,6 6 9 6 ,0 0 0 4 ,3 7 5 3 ,9 3 4 2 ,5 6 0 1 ,0 9 5 1 ,0 6 5 730 650 605

P T B P D S u m a te ra U t a ra P T B a n k P a n In d o n e s ia Tb k P T B a n k E k o n o m i R a h a rja Tb k P T B a n k K e s a w a n Tb k B a n k la in n y a (s a ld o m a s in g -m a s in g d ib a w a h R p 2 5 0 ju ta ) To ta l ru p ia h

5 7 ,8 9 9 1 2 ,4 8 4 1 6 ,5 9 3 2 ,3 6 3 2 ,0 0 0 3 ,1 2 1 700 6 ,4 5 0 2 ,1 0 0

430 370 270 265

-

414 1 4 1 ,7 1 5

T im e d e p o s its in t h ird p a rt ie s : R u p ia h P T B a n k C e n tra l A s ia T b k P T B a n k N e g a ra I n d o n e s ia (P e rs e ro ) T b k P T B a n k O C B C N IS P T b k P T B a n k R a b o b a n k I n te rn a t io n a l In d o n e s ia P T B ank Mega T b k P T B P D S u m a te ra S e la ta n P T B a n k D a n a m o n In d o n e s ia T b k P T B a n k I C B C In d o n e s ia P T B a n k C o m m o n we a lth P T B a n k P e rm a ta T b k P T B a n k M e s tik a D h a rm a P T B a n k I n te rn a s io n a l In d o n e s ia T b k P T B a n k R a k ya t I n d o n e s ia (P e rs e ro ) T b k P T B a n k C I M B N ia g a T b k

1 0 3 ,7 1 0

P T B P D S u m a t e ra U ta ra P T B a n k P a n In d o n e s ia T b k P T B a n k E k o n o m i R a h a rja T b k P T B a n k K e s a wa n T b k O t h e r b a n k s (b a la n c e s o f b e lo w R p 2 5 0 m illio n e a c h ) T o ta l ru p ia h

-

V a lu ta a s in g P T B a n k O C B C N IS P Tb k

-

5 ,6 0 5

F o re ig n c u rre n c y P T B a n k O C B C N IS P T b k

To ta l va lu ta a s in g

-

5 ,6 0 5

T o ta l f o re ig n c u rre n c y

To t a l d e p o s ito b e rja n g k a p ih a k k e t ig a

1 4 1 ,7 1 5

1 0 9 ,3 1 5

1 ,1 5 2 ,6 0 6

1 ,3 8 5 ,5 9 6

2010

2009 T he average annual interes t rates of the tim e depos its are:

Tingk at s uk u bunga rata-rata per tahun depos ito berjangk a adalah: Depos ito rupiah Depos ito US dollar

T o ta l tim e d e p o s its in th ird p a rtie s

5.25% -8% 1.75% -3.25%

Lihat Catatan 28 untuk rincian saldo dalam valuta asing.

5.5% -14.5% 1.75% -4%

Rupiah depos its US dollar depos its

See Note 28 for details of balances in foreign currencies.

PT Gudang Garam Tbk

17

4.

4.

PIUTANG USAHA 2010

P iutang us aha pada pihak k etiga P iutang us aha pada pihak y ang m em puny ai hubungan is tim ewa (perus ahaan afilias i): P T K ary a Niaga B ers am a P T M enara K artik a B uana P T Gandum P T Halim W onowidjojo P T P anverta Cak ra K enc ana P T S ury a Jay a B hak ti P T S ury a B hak ti Utam a P T S ury a K erta B hak ti Lainny a

2009

831,137

726,704

3,357 9,785

Trade rec eivab les from third parties

1,885 -

225 686 110 -

22,473 257 719 16,251 233 6,924

5 14,168

48,742

-

845,305

775,446

Umur piutang usaha adalah sebagai berikut:

Piutang usaha pada pihak yang mempunyai hubungan istimewa (perusahaan afiliasi): 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari

Trade rec eivab les from related parties (affiliated c om panies ): P T K arya Niaga B ers am a P T Menara K artik a B uana P T Gandum P T Halim W onowidjojo P T P anverta Cak ra K enc ana P T S urya J aya B hak ti P T S urya B hak ti Utam a P T S urya K erta B hak ti Others

The aging of trade receivables is as follows: 2010

Piutang usaha pada pihak ketiga: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari

TRADE RECEIVABLES

2009

686,249 61,950 75,443 7,495 831,137

4,877 9,181

2,982 -

110 14,168

Trade receivab les from third parties: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days

542,125 164,085 2,967 17,527 726,704

45,760 48,742

Trade receivables from related parties (affiliated companies): 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days



Manajemen berkeyakinan bahwa semua piutang dapat tertagih sehingga penyisihan piutang ragu-ragu nihil.

Management believes that all receivables are collectible. Therefore, the allowance for doubtful accounts is nil.

5.

5.

PIUTANG LAIN-LAIN 2010

Karyawan Lainnya

597 89,320 89,917

OTHER RECEIVABLES

2009 1,116 40,768 41,884

Receivab les from employees Others



Manajemen berkeyakinan bahwa semua piutang dapat tertagih sehingga penyisihan piutang ragu-ragu nihil.

Management believes that all receivables are collectible. Therefore, the allowance for doubtful accounts is nil.

PT Gudang Garam Tbk

18

6.

6. PERSEDIAAN 2010 Barang jadi/dagangan Barang dalam pengolahan Bahan baku/pembantu Pita cukai dan PPN rokok Suku cadang dan keperluan pabrik

2009

2,622,585 185,490 14,569,117 240,550 656,459 18,274,201 151,533 18,425,734

Persediaan dalam perjalanan

Per 30 September 2010, seluruh persediaan diasuransikan terhadap resiko kebakaran, pencurian, huru hara, penjarahan dan bencana alam dengan jumlah pertanggungan sebesar Rp 16.096.073 juta. Manajemen berkeyakinan bahwa jumlah pertanggungan asuransi ini memadai.

2,287,847 95,416 12,437,203 289,175 723,310 15,832,951 182,491 16,015,442

Finished goods/merchandise inventories Goods in process Raw/supplementary materials Excise duty rib b ons and VAT on cigarettes Spare parts and factory supplies Inventories in transit

As of 30 September 2010, all inventories were insured against the risk of fire, theft, riots, civil commotion damage and natural disaster for a total coverage of Rp 16,096,073 million. Management believes that the total insurance coverage is adequate. 7.

7. PAJAK DIBAYAR DIMUKA 2010 P ajak P ertam bahan Nilai P P h B adan (Catatan 13): 2010

PREPAID TAXES

2009

61,950

54,963

35,024 96,974

54,963

V alue A dded Tax Corporate Inc om e Tax (Note 13): 2010

-

8.

8. ASET LANCAR LAIN-LAIN Merupakan uang muka pembelian persediaan.

INVENTORIES

OTHER CURRENT ASSETS

Represent advances for the purchase of inventories.

9. ASET TETAP

9.

FIXED ASSETS

2010 S aldo awal/ B eginning b alanc e

HA RGA P E ROLE HA N: Tanah B angunan, jalan dan jem batan Ins talas i air dan lis trik M es in dan peralatan Inventaris K endaraan berm otor, helik opter dan peralatanny a A s et dalam peny eles aian

309,933

P enam bahan/ A dditions

Rek las ifik as i/ Rec las s ific ations

P engurangan/ Deduc tions

380

-

1,243,397

-

-

37,731

-

-

S aldo ak hir/ E nding b alanc e

10,701

310,313 1,254,098

-

37,731

8,429,585 578,445

3,372 20,317

(378) (541)

220,519 66,010

8,653,098 664,231

578,043 11,177,134

66,980 91,049

(6,813) (7,732)

1,704 298,934

639,914 11,559,385

953,870 12,131,004

705,885 796,934

(7,732)

(298,934) -

1,360,821 12,920,206

PT Gudang Garam Tbk

A CQUIS ITION COS T: Land B uildings , roads and b ridges W ater and elec tric al ins tallations Mac hinery and equipm ent Furniture and fixtures Motor vehic les , helic opters and related equipm ent A s s ets under c ons truc tion

19

2010 S aldo awal/ B eginning b alanc e A K UM ULA S I P E NY US UTA N: B angunan, jalan dan jem batan Ins talas i air dan lis trik M es in dan peralatan Inventaris K endaraan berm otor, helik opter dan peralatanny a

NILA I B UK U





(386,434)

(42,452)

-

-

(25,157)

(1,271)

-

-

(3,894,807) (431,250)

(459,690) (48,639)

378 67

-

(373,892) (5,111,540)

(43,686) (595,738)

3,387 3,832

-

7,019,464

A CCUMULA TE D DE P RE CIA TION: B uildings , roads and (428,886) b ridges W ater and elec tric al (26,428) ins tallations Mac hinery and (4,354,119) equipm ent (479,822) Furniture and fixtures Motor vehic les , helic opters and (414,191) related equipm ent (5,703,446) 7,216,760

NE T B OOK V A LUE

2009 S aldo awal/ B eginning b alanc e

HA RG A P E RO LE HA N: Tanah B angunan, jalan dan jem batan Ins talas i air dan lis trik M es in dan peralatan Inventaris K endaraan berm otor, helik opter dan peralatanny a A s et dalam peny eles aian A K UM U LA S I P E NY US UTA N : B angunan, jalan dan jem batan Ins talas i air dan lis trik M es in dan peralatan Inventaris K endaraan berm otor, helik opter dan peralatanny a

N ILA I B U K U

307,191




1,027

-

1,164,693

-

-

37,731

-

-


78,598

308,218 1,243,291

-

37,731

7,676,593 462,722

117 12,018

-

388,909 69,625

8,065,619 544,365

495,600 10,144,530

63,344 76,506

(27,153) (27,153)

15,352 552,484

547,143 10,746,367

868,907 11,013,437

895,267 971,773

(27,153)

(552,484) -

1,211,690 11,958,057

(331,039)

(41,221)

-

-

(23,461)

(1,272)

-

-

(3,317,816) (380,304)

(428,779) (37,183)

-

-

(352,723) (4,405,343)

(35,698) (544,153)

26,629 26,629

6,608,094

-

A s s ets under c ons truc tion

A CC UMULA T E D DE P RE CIA T IO N: B uildings , roads and b ridges (372,260) W ater and elec tric al ins tallations (24,733) Mac hinery and equipm ent (3,746,595) (417,487) F urniture and fixtures Motor vehic les , helic opters and (361,792) related equipm ent (4,922,867) 7,035,190

PT Gudang Garam Tbk

A CQ UIS IT IO N CO S T : Land B uildings , roads and b ridges W ater and elec tric al ins tallations Mac hinery and equipm ent F urniture and fixtures Motor vehic les , helic opters and related equipm ent

NE T B O O K V A LUE

20

Assets under construction consist of:

Aset dalam penyelesaian terdiri dari: 2010

2009

Bangunan, jalan dan jem batan M esin dan peralatan Inventaris Kendaraan berm otor dan peralatannya

130,307 1,196,949 32,919 646 1,360,821

Persentase penyelesaian

25% - 95%

2010 Penyusutan dibebankan pada: Beban produksi Beban penjualan Beban umum dan administrasi

61,719 1,133,041 15,755 1,175 1,211,690 20% - 98%

Buildings, roads and b ridges Machinery and equipm ent Furniture and fixtures Motor vehicles and related equipm ent

Percentage of completion

2009

521,075 36,994 37,669 595,738

486,136 18,163 39,854 544,153

Depreciation expense was charged to: Production costs Selling expenses General and administrative expenses

Per 30 September 2010, sebagian tanah dan bangunan Perseroan dengan nilai buku Rp 20.338 juta dijaminkan untuk pinjaman jangka pendek dari Bank BNI (Catatan 11).

As of 30 September 2010, part of the Company’s land and buildings at book value of Rp 20,338 million are pledged as collateral for the short-term loan from Bank BNI (Note 11).

Per 30 September 2010, seluruh aset tetap (diluar tanah serta bangunan dan kendaraan tertentu) dengan nilai buku sebesar Rp 6.850.713 juta diasuransikan terhadap resiko kebakaran, pencurian, penjarahan dan huru hara, bencana alam dan kecelakaan dengan jumlah pertanggungan sebesar Rp 7.802.716 juta. Manajemen berkeyakinan bahwa jumlah pertanggungan asuransi ini memadai.

As of 30 September 2010, all fixed assets (excluding land, certain buildings and vehicles) at a total net book value of Rp 6,850,713 million, were insured against the risk of fire, theft, civil commotion damage and riots, natural disaster and accident for a total coverage of Rp 7,802,716 million. Management believes that the total insurance coverage is adequate.

Dalam bulan Januari – September 2010 dan 2009, Perseroan dan anak perusahaan telah melakukan penjualan aset tetap sebagai berikut:

In January – September 2010 and 2009, the Company and subsidiaries sold certain fixed assets as follows:

2010 Nilai buku Hasil penjualan bers ih (Rugi) laba penjualan as et tetap

2009

(3,900) 2,037 (1,863)

(524) 15,383 14,859

10. OTHER NON-CURRENT ASSETS

10. ASET TIDAK LANCAR LAIN-LAIN

2010 Uang muka pembelian aset tetap Uang jaminan Biaya dibayar dimuka Lainnya

Net b ook value Net proceeds (Loss ) gain on sale of fixed ass ets

2009

415,712 23,257 11,573 450,542

242,560 1,705 105,982 269,542 619,789

PT Gudang Garam Tbk

Advances for the purchase of fixed assets Guarantee deposits Prepaid expenses Others

21

11. SHORT-TERM LOANS

11. PINJAMAN JANGKA PENDEK 2010

2009

P ers eroan m em peroleh pinjam an jangk a pendek dalam m ata uang rupiah dari bank -bank berik ut ini:

P T B ank Negara Indones ia (P ers ero) Tbk P T B ank Central A s ia Tbk P T B ank M andiri (P ers ero) Tbk P T B ank DB S Indones ia P T A NZ P anin B ank The B ank of Tok y o - M its ubis hi UFJ, Ltd. The Hongk ong and S hanghai B ank ing Corporation Lim ited P T B ank OCB C NIS P Tbk Citibank N.A . P T B ank CIM B Niaga Tbk P T B ank Internas ional Indones ia Tbk

The Com pany ob tained s hort-term loans in rupiah c urrenc y from the following b ank s :

1,155,677 784,978 750,000 400,000 500,000 300,000

1,032,620 744,988

550,000 74,854

550,000

500,000 250,000 -

-

4,515,509

Tingk at bunga per tahun

7.95% -12.25%

206,030 650,000 100,000

P T B ank Negara Indones ia (P ers ero) Tb k P T B ank Central A s ia Tb k P T B ank Mandiri (P ers ero) Tb k P T B ank DB S Indones ia P T A NZ P anin B ank The B ank of Tok yo - Mits ub is hi UFJ , Ltd. The Hongk ong and S hanghai B ank ing Corporation Lim ited P T B ank OCB C NIS P Tb k Citib ank N.A . P T B ank CIMB Niaga Tb k P T B ank Internas ional Indones ia Tb k

4,033,638

10% -16.36%

A nnual interes t rates

Seluruh pinjaman jangka pendek di atas merupakan penggunaan fasilitas pinjaman jangka pendek yang dapat diperpanjang (“revolving”).

The above outstanding short-term loans represent several drawdowns of short-term revolving credit facilities.

Pada akhir September 2010, pinjaman jangka pendek dari PT Bank Negara Indonesia Tbk dijamin dengan sebagian tanah dan bangunan Perseroan dengan nilai buku Rp 20.338 juta.

At the end of September 2010, short-term loan from PT Bank Negara Indonesia Tbk is guaranteed by part of Company’s land and buildings with net book value of Rp 20,338 million.

Perjanjian pinjaman jangka pendek yang diperoleh Perseroan mencantumkan beberapa pembatasan, antara lain sehubungan dengan ketaatan rasio keuangan dan persyaratan administrasi yang telah ditentukan.

The short-term loan agreements entered into by the Company include certain restrictions, among other things, on compliance with determined financial ratios and administrative requirements.

Informasi mengenai tanggal jatuh tempo dari pinjaman jangka pendek per 30 September 2010 adalah sebagai berikut:

Information relating to due date of outstanding short-term loans as of 30 September 2010 is as follows:

Kreditur / Lenders

Jatuh tempo / Due dates

PT Bank Negara Indonesia (Persero) Tbk

11 dan/and 26 Nopember/November 2010, 5 Januari/January dan/and 27 September 2011

PT Bank Central Asia Tbk

6 dan/and 8 Desember/December 2010 dan/and 8 Maret/March 2011

PT Bank Mandiri (Persero) Tbk

28 Oktober/October, 19 dan/and 29 Nopember/November dan/and 6 Desember/December 2010

PT Bank DBS Indonesia

5 Oktober/October dan/and 30 Nopember/November 2010

PT ANZ Panin Bank

29 Oktober/October dan/and 29 Nopember/November 2010

The Bank of Tokyo - Mitsubishi UFJ, Ltd.

30 Nopember/November 2010

The Hongkong and Shanghai Banking Corporation Limited

25 Nopember/November dan/and 3 Desember/December 2010

PT Bank OCBC NISP Tbk

19 Februari/February 2011

PT Gudang Garam Tbk

22

12. TRADE PAYABLES

12. HUTANG USAHA

Hutang usaha terutama baku/pembantu.

berasal

dari

pembelian

bahan

Trade payables are mainly originated from purchase of raw/supplementary materials.

2010 Hutang usaha pada pihak ketiga Hutang usaha pada pihak yang m em punyai hubungan istim ewa (perusahaan afiliasi): P T S urya Zig Zag P T Trias S entosa P T Tam an S riwedari P T Halim W onowidjojo P T P rim abox A diperkasa

Umur hutang usaha adalah sebagai berikut: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari

2009

251,264

180,336

23,094 5,003 1,719 739 460 31,015

9,754 6,389 1,919 456 447 18,965

282,279

199,301

246,705 23,544 6,836 5,194 282,279

164,440 30,678 3,049 1,134 199,301

Trade payab les to third parties Trade payab les to related parties (affiliated com panies): P T S urya Zig Zag P T Trias Sentosa P T Tam an S riwedari P T Halim W onowidjojo P T P rim ab ox A diperk asa

The aging of trade payables is as follows: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days



13. TAXES PAYABLE

13. HUTANG PAJAK a. Hutang pajak terdiri dari:

a. Taxes payable consist of: 2010

Perseroan: Pajak Penghasilan Badan (pasal 29) Pajak Penghasilan : Pasal 21 Pasal 22 Pasal 23/26 Pasal 25

Anak perusahaan: Pajak Penghasilan Badan (pasal 29) Pajak Penghasilan Lainnya

-

358,491

3,217 1,140 877 107,181 112,415

16,017 1,660 562 105,441 482,171

25,803 1,407 27,210

43,920 1,513 45,433

139,625

527,604

b. Komponen beban (penghasilan) pajak adalah sebagai berikut:

2010 Pajak kini: Perseroan Anak perusahaan

2009

967,439 72,523 1,039,962

Company: Corporate Income Tax (article 29) Income Tax : Article 21 Article 22 Article 23/26 Article 25

Sub sidiaries: Corporate Income Tax (article 29) Other Income Taxes

b. The components of income tax expense (benefit) are as follows: 2009

1,066,123 58,602 1,124,725

PT Gudang Garam Tbk

Current: Com pany Sub sidiaries

23

2010 Pajak tangguhan: Perseroan Anak perusahaan

2009

(8,344) (6,630) (14,974) 1,024,988

c. The reconciliation between the consolidated accounting profit before tax multiplied by the maximum marginal tax rate and income tax expense is as follows:

2010

P engaruh pajak dari perbedaan perm anen: P ers eroan A nak perus ahaan

2009

4,092,084 25% 1,023,021

3,628,403 28% 1,015,953

3,602 (1,688) 1,914

118,480 (2,360) 116,120

-

(1,321) (50) (1,371)

P engaruh perubahan peraturan pajak (Catatan 13h): P ers eroan A nak perus ahaan

E ffec t of c hange in tax regulation (Note 13h): Com pany S ub s idiaries Changes in valuation allowanc e of deferred tax as s ets

1,024,988

1,130,705

Inc om e tax expens e

2010 4,092,084 (270,115) 3,821,969

d. The reconciliation between consolidated accounting profit before tax and the Company’s taxable profit is as follows:

2009 3,628,403 (199,926) 3,428,477

P erbedaan perm anen: S um bangan P eny us utan as et y ang tidak boleh dik urangk an P endapatan bunga dan s ewa B iay a P rom os i Rok ok k ary awan Lainny a Jum lah perbedaan perm anen

3,538 (13,175) 12,125 14,410

3,570 (76,395) 231,729 1,819 254,742 423,141

P erbedaan tem porer: Laba belum terealis as i dalam pers ediaan K ewajiban im balan pas c a-k erja Laba penjualan as et tetap P eny us utan as et tetap Jum lah perbedaan tem porer

110,802 (2,257) 37 (75,205) 33,377

-

Laba k ena pajak

Tax effec t of perm anent differenc es : Com pany S ub s idiaries

3

d. Rekonsiliasi antara laba akuntansi konsolidasi sebelum pajak dengan laba kena pajak Perseroan adalah sebagai berikut:

Laba ak untans i k ons olidas i s ebelum pajak Laba s ebelum pajak anak perus ahaan Laba ak untans i s ebelum pajak P ers eroan

Cons olidated ac c ounting profit b efore tax E nac ted m axim um m arginal tax rate

53

P erubahan peny is ihan as et pajak tangguhan B eban pajak

Deferred: Com pany Sub sidiaries

1,130,705

c. Rekonsiliasi antara laba akuntansi konsolidasi sebelum pajak dikalikan tarif pajak maksimum yang berlaku dengan beban pajak adalah sebagai berikut:

Laba ak untans i k ons olidas i s ebelum pajak Tarif pajak m ak s im um y ang berlak u

11,009 (5,029) 5,980

11,922

3,869,756

7,676

46,984 (2,157) (88,863) (44,036) 3,807,582

PT Gudang Garam Tbk

Cons olidated ac c ounting profit b efore tax S ub s idiaries ' inc om e b efore tax Com pany's ac c ounting profit b efore tax P erm anent differenc es : Donations Deprec iation of c ertain fixed as s ets , whic h is non-deduc tib le Interes t and rental inc om e P rom otion expens es Cigarettes for em ployees Others Total perm anent differenc es Tem porary differenc es : Unrealiz ed profits in inventories Ob ligation for pos t-em ploym ent b enefits Gain on s ale of fixed as s ets Deprec iation of fixed as s ets Total tem porary differenc es Taxab le profit

24

e. Perhitungan beban pajak kini dan hutang pajak adalah sebagai berikut: 2010 Laba k ena pajak : P ers eroan A nak P erus ahaan

3,869,756 289,899 4,159,655

2010 B eban pajak k ini, dengan tarif pajak y ang berlak u: P ers eroan A nak perus ahaan

967,439 72,523 1,039,962

P ajak dibay ar dim uk a: P ers eroan: P P h pas al 22 P P h pas al 23 P P h pas al 25

A nak perus ahaan: P P h pas al 22 P P h pas al 23 P P h pas al 25

Tak s iran (P P h B adan Lebih bay ar) P P h pas al 28a/ Hutang P P h pas al 29

semua

aset

Current tax expens e, at enac ted tax rates : Com pany S ub s idiaries

1,066,123 58,602 1,124,725

(9,305) (16) (5,361) (14,682)

2009 667

Deferred tax as s ets of s ub s idiaries , net

127,557 (486,420) (358,863)

(38,782) (308,060)

(44,530) (403,393)

g. Sesuai peraturan perpajakan di Indonesia, Perseroan dan anak perusahaan melaporkan / menyetorkan pajak untuk setiap perusahaan sebagai suatu badan hukum yang terpisah berdasarkan sistem self-assessment. Fiskus dapat menetapkan / mengubah pajak-pajak tersebut dalam batas waktu yang ditentukan sesuai dengan ketentuan yang berlaku.

h. Tanggal 23 September 2008, Presiden Republik Indonesia mengesahkan Undang-Undang Pajak Penghasilan No.36/2008 yang merupakan amandemen dari UndangUndang Pajak Penghasilan No.7/1983. Perubahan

S ub s idiaries : Inc om e Tax artic le 22 Inc om e Tax artic le 23 Inc om e Tax artic le 25

f. The items that give rise to significant portions of the deferred tax assets and liabilities as of 30 September 2010 and 2009 are as follows:

112,302 131,771 (513,351) (269,278)

pajak

P repaid taxes : Com pany: Inc om e Tax artic le 22 Inc om e Tax artic le 23 Inc om e Tax artic le 25

E s tim ated (O verpaym ent of Corporate Inc om e T ax) artic le 28a/ Inc om e T ax artic le 29 payab le

402,411

5,217

K ewajiban pajak tangguhan anak perus ahaan, bers ih

bahwa

2009

(13,650) (17) (38,004) (51,671)

2010

A s et (k ewajiban) pajak tangguhan P ers eroan: Laba belum terealis as i dalam pers ediaan K ewajiban im balan pas c a-k erja A s et tetap K ewajiban pajak tangguhan P ers eroan, bers ih

Taxab le profit: Com pany S ub s idiaries

3,807,582 209,282 4,016,864

(44,002) (76) (663,554) (707,632)

f. Perbedaan temporer yang membentuk bagian signifikan dari aset dan kewajiban pajak tangguhan per 30 September 2010 dan 2009, adalah sebagai berikut:

Manajemen berkeyakinan tangguhan dapat terealisasi.

2009

(38,033) (70) (959,409) (997,512)

(9,221)

A s et pajak tangguhan anak perus ahaan, bers ih

e. The calculation of current tax expense and payable is as follows:

-

Deferred tax as s et (liab ilities ) of the Com pany: Unrealiz ed profits in inventories O b ligation for pos t-em ploym ent b enefits Fixed as s ets Deferred tax liab ilities of the Com pany, net Deferred tax liab ilities of s ub s idiaries , net

Management believes that all deferred tax assets are realizable. g. Under the taxation laws of Indonesia, the Company and subsidiaries submit/pay individual company tax returns on the basis of self-assessment. The tax authorities may assess or amend taxes within the statute of limitations, under prevailing regulations.

h. On 23 September 2008, the President of Republic of Indonesia approved the Income Tax Law No.36/2008 which is the amendment of the Income Tax Law No.7/1983. The significant change stipulated in the amendment is changing

PT Gudang Garam Tbk

25

signifikan yang diatur dalam amandemen tersebut adalah perubahan tarif pajak penghasilan perusahaan menjadi tarif tunggal, yaitu 28% untuk tahun fiskal 2009 dan 25% untuk tahun fiskal 2010 dan seterusnya.

of corporate income tax rate to a single rate, i.e. 28% for fiscal year 2009 and 25% for fiscal year 2010 and onwards.

Sampai 31 Desember 2008, seluruh pendapatan anak perusahaan PT Surya Madistrindo, yang bergerak di bidang distribusi rokok, dikenakan pajak final atas penghasilan berdasarkan Surat Keputusan Direktur Jenderal Pajak. Pada tanggal 31 Desember 2008, Direktorat Jenderal Pajak mengesahkan peraturan No. PER-52/PJ/2008 tentang perubahan pajak penghasilan perusahaan untuk distributor industri rokok. Dengan adanya perubahan tersebut, pajak penghasilan final diubah menjadi tidak final. Peraturan baru ini berlaku efektif untuk tahun berakhir setelah 31 Desember 2008.

Through 31 December 2008, all revenues of the subsidiary PT Surya Madistrindo, which is engaged in the distribution of cigarettes were subject to final income tax, in accordance with the prevailing decree of the Director General of Taxation. On 31 December 2008, the Directorate General of Taxation has approved the rule No. PER-52/PJ/2008 with respect to the change of corporate income tax for the distributor of cigarette industry. Under this amended rule, the final income tax is changed to non final. The new rule is effective for financial year ending after 31 December 2008.

Aset dan kewajiban pajak tangguhan per 30 September 2010 dan 2009 telah dihitung dengan memperhitungkan perubahan-perubahan peraturan pajak di atas.

Deferred tax assets and liabilities as of 30 September 2010 and 2009 have been calculated by taking into account the above-mentioned changes in tax regulations.

14. EXCISE DUTY AND VAT PAYABLES

14. HUTANG CUKAI DAN PPN ROKOK 2010 Pita cukai PPN rokok

2,180,898 360,879 2,541,777

2009 2,534,159 500,430 3,034,589

15. ACCRUED EXPENSES

15. BEBAN MASIH HARUS DIBAYAR 2010 Beban pemasaran Beban bunga Lain-lain

16,399 32,334 17,551 66,284

2009 31,611 29,051 40,374 101,036

16. OTHER CURRENT LIABILITIES

16. KEWAJIBAN LANCAR LAIN-LAIN 2010


Mark eting expenses Interest expense Miscellaneous



Hutang pembelian aset tetap Uang jaminan distributor Lainnya

Excise duty ribbons VAT on cigarettes

27,736 94,777 2,069 124,582

2009 68,851 66,993 66,430 202,274

Payables for the purchase of fixed assets Distributors' guarantee deposits Others


PT Gudang Garam Tbk

26

17. KEWAJIBAN IMBALAN PASCA-KERJA

17. OBLIGATION FOR POST-EMPLOYMENT BENEFITS

Sesuai dengan Undang-Undang Republik Indonesia No.13/2003 tentang Ketenagakerjaan, Perseroan dan anak perusahaan wajib memberikan imbalan pasca-kerja kepada karyawannya pada saat pemutusan hubungan kerja atau pada saat karyawan pensiun. Imbalan pasca-kerja ini diberikan berdasarkan masa kerja dan kompensasi karyawan pada saat pemutusan hubungan kerja atau pensiun.

In accordance with Law of the Republic of Indonesia No.13/2003 relating to labor regulations, the Company and subsidiaries are required to provide post-employment benefits to their employees when their employment is terminated or when they retire. These benefits are primarily based on years of service and the employees’ compensation at termination or retirement.

Perhitungan atas kewajiban imbalan pasca-kerja per 30 September 2010 dan 2009 dilakukan oleh PT Watson Wyatt Purbajaga, sebagai aktuaris independen dengan asumsi utama sebagai berikut:

Calculation of obligation for post-employment benefits as of 30 September 2010 and 2009 are performed by PT Watson Wyatt Purbajaga as the independent actuary with main assumptions as follows:

2010 Tingkat diskonto per tahun Tingkat kenaikan kompensasi per tahun

10.75% 8.00%

Tabel berikut menyajikan kewajiban imbalan pasca-kerja yang tercatat di neraca konsolidasi, mutasi kewajiban imbalan pascakerja dan beban yang diakui dalam laporan laba rugi konsolidasi periode yang berakhir 30 September 2010 dan 2009:

2010 Nilai k ini kewajiban bers ih im balan pasca-kerja K erugian aktuaria dan beban jasa lalu y ang belum diak ui, non-vested K ewajiban im balan pasca-kerja

K ewajiban im balan pas c a-k erja, awal tahun B eban im balan pas c a-k erja s elam a tahun berjalan Im balan pas c a-k erja y ang dibay ar s elam a tahun berjalan K ewajiban im balan pas c a-k erja, ak hir bulan S eptem ber

B eban jas a k ini B eban bunga A m ortis as i beban jas a lalu

2009 12.00% 9.00%

The following table summarizes the obligation for postemployment benefits as reflected in the consolidated balance sheets, movement in the obligation during the month, and expense recognized in the consolidated statements of income for the period ended 30 September 2010 and 2009:

2009

788,947

698,909

(214,154) 574,793

(162,692) 536,217

566,210

485,966

112,624

99,453

(104,041)

(49,202)

574,793

536,217

36,919 60,665 15,040 112,624

27,189 57,285 14,979 99,453

P resent value of net ob ligation Unrecognized actuarial loss es and past servic e cost, non-vested Ob ligation for post-em ploym ent b enefits

Ob ligation for pos t-em ploym ent b enefits , b eginning of year P os t-em ploym ent b enefits expens e rec ogniz ed during the year A c tual pos t-em ploym ent b enefits paid during the year Ob ligation for pos t-em ploym ent b enefits , end of S eptem b er

Current s ervic e c os ts Interes t on ob ligation A m ortiz ation of pas t s ervic e c os t

18. SHARE CAPITAL

18. MODAL SAHAM M odal dasar: Jumlah saham Nilai nom inal per saham (dalam rupiah penuh) Jumlah nom inal M odal ditem patkan dan disetor penuh : Jumlah saham Jumlah nom inal

Discount rate per annum Future compensation increases per annum

2,316,000,000 saham /shares Rp 500 Rp 1,158,000 juta/m illion 1,924,088,000 saham /shares Rp 962,044 juta/m illion

PT Gudang Garam Tbk

Authorized capital: Numb er of shares Par value per share (in whole rupiah) Total par value Issued and paid-up capital : Numb er of shares Total par value

27

Susunan pemegang saham Perseroan per 30 September 2010 dan 2009 adalah sebagai berikut:

Jumlah saham/ Pemegang saham

The composition of the Company’s shareholders as of 30 September 2010 and 2009 is as follows:

Jumlah nominal/

Numb er of shares

Par value

%

Shareholders

Rp juta/million Ny. Juni Setiaw ati Wonow idjojo Tn. Susilo Wonow idjojo PT Suryaduta Inves tama

Mrs. J uni Setiawati W onowidjojo

10,001,800

5,001

0.52

5,460,400

2,730

0.28

Mr. Sus ilo W onowidjojo

1,285,320,000

642,660

66.80

PT Suryaduta Investama

PT Suryamitra Kus uma

120,442,700

60,221

6.26

PT Suryamitra Kus uma

Lainnya

502,863,100

251,432

26.14

O thers

1,924,088,000

962,044

100.00

19. CAPITAL PAID IN EXCESS OF PAR

19. AGIO SAHAM

Merupakan selisih antara harga penawaran saham Rp 10.250 (rupiah penuh) per saham dengan nilai nominal Rp 1.000 (rupiah penuh) per saham dari 57.807.800 saham yang dijual dalam masa penawaran perdana 21 Juli – 3 Agustus 1990, dimana sejumlah Rp 481.022 juta telah direklasifikasi menjadi modal saham dengan pengeluaran saham bonus dalam tahun 1996 (Catatan 1).

Represents the premium as a result of the difference between offering price of Rp 10,250 (whole rupiah) and par value of Rp 1,000 (whole rupiah) per share from 57,807,800 shares sold during the initial public offering period of 21 July – 3 August 1990, of which Rp 481,022 million has been reclassified to share capital through the issuance of bonus shares in 1996 (Note 1).

20. SALES/OPERATING REVENUE

20. PENJUALAN/PENDAPATAN USAHA 2010

2009

M erupakan penjualan/pendapatan usaha bersih (s etelah dik urangi retur penjualan dan potongan penjualan): Ekspor: Sigaret kretek mesin Sigaret kretek tangan Kertas karton Lainny a

Lok al: Sigaret kretek mesin Sigaret kretek tangan Rok ok klobot Kertas karton Lainny a

Jum lah: Sigaret kretek mesin Sigaret kretek tangan Rok ok klobot Kertas karton Lainny a

Represent net s ales/operating revenue (after deduction of sales returns and sales disc ounts):

1,037,930 3,522 364,244 22,235 1,427,931

1,004,504 4,211 342,719 13,562 1,364,996

22,082,526 3,484,066 25,890 406,064 107,890 26,106,436

18,747,783 2,866,830 26,117 377,208 150,932 22,168,870

23,120,456 3,487,588 25,890 770,308 130,125 27,534,367

19,752,287 2,871,041 26,117 719,927 164,494 23,533,866

PT Gudang Garam Tbk

Export: Machine-m ade clove cigarettes Hand-rolled clove cigarettes Paperb oard Others

Domes tic: Machine-m ade clove cigarettes Hand-rolled clove cigarettes Klob ot (corn s ilk ) clove cigarettes Paperb oard Others

Total: Machine-m ade clove cigarettes Hand-rolled clove cigarettes Klob ot (corn s ilk ) clove cigarettes Paperb oard Others

28

Dalam bulan Januari – September 2010 dan 2009, Perseroan dan anak perusahaan melakukan penjualan pada pihak yang mempunyai hubungan istimewa (perusahaan afiliasi), sebagai berikut:

Jum lah / A m ount 2010 P T M enara K artik a B uana P T K ary a Niaga B ers am a P T P anverta Cak ra K enc ana P T Halim W onowidjojo P T Gandum P T S ury a Jay a B hak ti P T S ury a B hak ti Utam a Lainny a

31,308 34,135 2,613 3,407 935 572 72,970

2009

In January - September 2010 and 2009, the Company and subsidiaries engaged in sales transactions with related parties (affiliated companies), as follows:

P ers entas e dari total penjualan / P erc entage from total s ales 2010 2009

23,900 3,165 1,358 51,079 1,676,124 2,985,467 367 4,741,460

Dalam bulan Januari - September 2010, tidak ada penjualan /pendapatan usaha dari pelanggan yang melebihi 10 % dari jumlah penjualan/pendapatan usaha.

0.11% 0.12% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.25%

21. COST OF SALES

2010

Persediaan awal barang jadi/dagangan Pembelian barang dagangan Persediaan akhir barang jadi/ dagangan Barang jadi untuk promosi dan lain-lain Beban pokok penjualan sigaret/rokok kretek dan kertas karton Beban pokok penjualan lain-lain

P T Menara K artik a B u P T K arya Niaga B ers a P T P anverta Cak ra K enc P T Halim W onowidj P T Gand P T S urya J aya B ha P T S urya B hak ti Uta Oth

In January – September 2010, there were no sales/operating revenue earned from any customer exceeded 10% of total sales/operating revenue.

21. BEBAN POKOK PENJUALAN

Sigaret/rokok kretek dan kertas karton: Beban produksi langsung: Bahan baku yang digunakan Upah langsung Beban produksi tak langsung Jumlah beban produksi Persediaan awal barang dalam pengolahan Persediaan akhir barang dalam pengolahan Beban pokok produksi Pita cukai dan PPN rokok

0.00% 0.10% 0.01% 0.01% 0.22% 7.12% 12.69% 0.00% 20.15%

4,833,006 508,776 1,101,482 6,443,264 114,510 (185,490) 6,372,284 15,447,677 21,819,961 1,944,901 14,049

2009

4,219,300 465,265 965,643 5,650,208 63,909 (95,416) 5,618,701 14,222,131 19,840,832 593,040 4,787

(2,622,585) (111,663)

(2,287,847) (18,582)

21,044,663 107,313 21,151,976

18,132,230 178,547 18,310,777

Dalam bulan Januari – September 2010 dan 2009, Perseroan dan anak perusahaan melakukan pembelian dari pihak yang mempunyai hubungan istimewa (perusahaan afiliasi), sebagai berikut:

Clove cigarettes and paperb oard: Direct production costs: Raw materials used Direct lab or Indirect production costs Total production costs Beginning b alance of goods in process Ending b alance of goods in process Cost of goods manufactured Excise duty rib b ons and VAT on cigarettes Beginning b alance of finished goods/ merchandise inventories Purchase of merchandise inventories Ending b alance of finished goods/ merchandise inventories Finished goods for promotion and others Cost of sales of clove cigarettes and paperb oard Cost of other sales

In January – September 2010 and 2009, the Company and subsidiaries engaged in purchase transactions with related parties (affiliated companies), as follows:

PT Gudang Garam Tbk

29

2010 PT PT PT PT PT PT

Surya Zig Zag Trias Sentosa Taman Sriwedari Halim W onowidjojo Lidjen Primabox Adiperkasa

126,585 32,052 14,305 14,049 2,000 2,903 191,894

Tidak ada pembelian dari pemasok yang melebihi 10 % dari jumlah seluruh pembelian.

2009 103,677 30,510 13,506 4,787 2,542 155,022

There were no purchases from any supplier exceeded 10% of total purchases.

22. SELLING EXPENSES

22. BEBAN PENJUALAN

2010 Kompensasi karyawan Keperluan kantor, perbaikan dan pemeliharaan Transportasi, pengangkutan, iklan, promosi dan beban pemasaran lainnya Penyusutan aset tetap Lain-lain

2009

216,908 112,790

82,921 38,984

1,001,557 36,994 31,415 1,399,664

504,921 18,163 13,140 658,129

2010

2009

300,428 66,737 37,669 26,968 82,990

301,803 58,160 39,854 26,119 47,423

18,783 16,688 30,079 156,357 736,699

14,733 18,062 19,778 127,712 653,644

Employees' compensation Utilities Depreciation of fixed assets Insurance Repairs and maintenance Donations, entertainment, Tax on Land and Building Travelling, accommodation Office supplies, communication, professional fees Miscellaneous

24. EARNINGS PER SHARE

24. LABA PER SAHAM 2010 Laba usaha (dalam jutaan rupiah) Laba bersih (dalam jutaan rupiah) Jumlah rata-rata tertimbang saham beredar/ ditempatkan (dalam ribuan saham) Laba usaha per saham (dalam rupiah penuh) Laba bersih per saham (dalam rupiah penuh)

Employees' compensation Office supplies, repairs and maintenance Transportation, freight, advertising, promotion and other mark eting expenses Depreciation of fixed assets Miscellaneous

23. GENERAL AND ADMINISTRATIVE EXPENSES

23. BEBAN UMUM DAN ADMINISTRASI

Kompensasi karyawan Listrik dan air Penyusutan aset tetap Asuransi Perbaikan dan pemeliharaan Sumbangan, jamuan tamu/atensi relasi, Pajak Bumi dan Bangunan Perjalanan dinas, akomodasi Keperluan kantor, komunikasi, jasa profesional Lain-lain

PT Surya Zig Zag PT Trias Sentosa PT Taman Sriwedari PT Halim W onowidjojo PT Lidjen PT Primab ox Adiperk asa

2009

4,246,028 3,009,167

3,911,316 2,475,419

1,924,088 2,207 1,564

1,924,088 2,033 1,287

PT Gudang Garam Tbk

Operating profit (in millions of rupiah) Net profit (in millions of rupiah) W eighted average of total outstanding/ issued shares (in thousands of share) Operating profit per share (in whole rupiah) Net profit per share (in whole rupiah)

30

25.

25. CASH DIVIDENS

DIVIDEN KAS

Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 17 Juni 2010 (risalah dibuat oleh notaris Siti Nurul Yuliani, SH, M.Kn) memutuskan untuk membagikan dividen kas sejumlah Rp 1.250.657 juta [Rp 650 (rupiah penuh) per saham].

The Annual General Shareholders’ Meeting of the Company on 17 June 2010 (minutes prepared by notary public Siti Nurul Yuliani, SH, M.Kn) resolved to declare cash dividends in the amount of Rp 1,250,657 million [Rp 650 (whole rupiah) per share].

Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 20 Juni 2009 (risalah dibuat oleh notaris Siti Nurul Yuliani, SH, M.Kn) memutuskan untuk membagikan dividen kas sejumlah Rp 673.431 juta [Rp 350 (rupiah penuh) per saham].

The Annual General Shareholders’ Meeting of the Company on 20 June 2009 (minutes prepared by notary public Siti Nurul Yuliani, SH, M.Kn) resolved to declare cash dividends in the amount of Rp 673,431 million [Rp 350 (whole rupiah) per share].

26.

26. APPROPRIATED RETAINED EARNINGS

SALDO LABA DICADANGKAN

Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 21 Juni 2008 (risalah dibuat oleh notaris Dyah Ambarwaty Setyoso, SH, dengan akte No.73) memutuskan untuk membentuk cadangan wajib sebesar Rp 200 milyar.

The Annual General Shareholders’ Meeting of the Company on 21 June 2008 (minutes prepared by notary public Dyah Ambarwaty Setyoso, SH, by deed No.73) resolved to set up a statutory reserve amounting to Rp 200 billion.

27. RELATED PARTY TRANSACTIONS

27. TRANSAKSI HUBUNGAN ISTIMEWA

Ikhtisar transaksi dan saldo yang signifikan antara Perseroan dan anak perusahaan dengan pihak-pihak yang mempunyai hubungan istimewa adalah sebagai berikut: 2010 Jum lah/ A m ount P enjualan (Catatan 20) P em belian barang (Catatan 21) S aldo piutang us aha (Catatan 4) S aldo hutang us aha (Catatan 12)

72,970 191,894 14,168 31,015

Summary of significant transactions and balances between Company and subsidiaries with related parties is as follows:

%

2009 Jum lah/ A m ount

0.25% 2.88% 1.68% 10.99%

4,741,460 155,022 48,742 18,965

Semua transaksi dengan pihak-pihak yang mempunyai hubungan istimewa tersebut dilakukan dengan persyaratan dan kondisi yang wajar (arm’s length).

% 20.15% S ales (Note 20) 2.83% P urc has es of inventories (Note 21) 6.29% B alanc e of trade rec eivab les (Note 4) 9.52% B alanc e of trade payab les (Note 12)

All transactions with these related parties are conducted on an arm’s length basis.

PT Gudang Garam Tbk

31

28. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

28. ASET DAN KEWAJIBAN DALAM VALUTA ASING

Saldo aset dan kewajiban moneter dalam valuta asing adalah sebagai berikut :

The balances of monetary assets and liabilities denominated in foreign currencies are as follows:

2010 V aluta as ing/ Foreign c urrenc ies

2009 Dalam jutaan rupiah/ In m illions of rupiah

V aluta as ing/ Foreign c urrenc ies

Dalam jutaan rupiah/ In m illions of rupiah A S S E TS

AS ET K as dan s etara kas

US D 15,552,750 E UR 2,044,987 Lainny a/ 2,428 Others *

138,793 24,824

P iutang us aha

US D

33,046,008

P iutang lain-lain

US D

4,273

Jum lah as et

US D 23,739,569 E UR 63,766 Lainny a/ 209 Others *

229,823 903

294,903

US D

13,300,590

128,763

Trade rec eivab les

38

US D

4,273

41

Other rec eivab les

359,532

Total as sets

22

Cas h and c as h equivalents

2

458,580

LIA BILITIE S

KEW AJIBAN

Hutang us aha

US D 10,147,650 E UR 1,489,754 Lainny a/ 66,532 Others *

B eban m as ih harus dibay ar

US D

K ewajiban lancar lain-lain

US D E UR Lainny a/ Others *

Jum lah k ewajiban A s et m elebihi k ewajiban dalam valuta as ing, bers ih

90,558 18,084 594


34,055

304

US D

3,240 2,146,384

29 26,055

66,007

589 136,213


322,367

* Aset dan kewajiban dalam valuta asing lainnya disajikan dalam jumlah yang setara dengan USD dengan menggunakan kurs pada tanggal neraca.

7,406,466 984,057

71,702 13,933

79,991

774

117,665

1,139

A c c rued expens es

43,339 4,789,650

420 67,814

Other c urrent liab ilities

-

Trade payab les

155,782

Total liab ilities

203,750

E xces s of as s ets over liab ilities denom inated in foreign currencies, net

* Assets and liabilities denominated in other foreign currencies are presented in USD equivalents using the exchange rates prevailing at balance sheets date.

PT Gudang Garam Tbk

32

29.

29. SEGMENT INFORMATION

INFORMASI SEGMEN

M e n u ru t s e g m e n u s a h a 2010 K e rt a s k a rt o n / P a p e rb o a rd

Rok ok / C ig a re t t e s P e n ju a la n P ih a k e k s t e rn a l A ntar s egm en Ju m la h p e n ju a la n H a s il H a s il s e g m e n

1,170,394 25,506,934 26,677,328

771,491 305,402 1,076,893

4,130,592

114,030

B eban bunga

(1 6 2 , 3 3 0 )


L a in -la in / O t h e rs

E lim in a s i / E lim in a t io n s

25,592,482 25,592,482

-

(2 5 , 8 1 2 , 3 3 6 ) (2 5 , 8 1 2 , 3 3 6 )

27,534,367

156,243

(1 5 8 )

(1 4 6 , 2 9 3 )

4,254,414

-

-

-

K e w a jib a n s e g m e n

-

(1 6 2 , 3 3 0 )

-

4,092,084 (1 , 0 2 4 , 9 8 8 ) 3,067,096

(5 7 , 9 2 9 ) 3,009,167

28,350,625

1,223,541 -

3,254,646 -

-

5,611

(4 , 1 1 8 , 2 0 2 )

28,716,221

28,350,625

1,223,541

3,254,646

9,271 14,882

(4 , 1 1 8 , 2 0 2 )

9,271 28,725,492

8,290,578

174,427

2,774,754

16

(2 , 6 8 6 , 8 6 6 )

8,552,909

704,958

5,252

86,724

-

796,934

551,882

21,337

22,742

-

595,970

IN F O R M A S I S E G M E N L A IN N Y A P e ro le h a n a s e t t e t a p P eny us utan dan a m o rt is a s i

9

M enurut s egm en geografis

B y geographic s egm ent Indones ia / Indones ia

P enjualan / pendapatan us aha: Rok ok K ertas k arton P erdagangan

A s et Rok ok K ertas k arton P erdagangan Lain-lain

27,534,367

-

B a g ia n la b a (ru g i) p e ru s a h a a n a s o s ia s i L a b a s e b e lu m p a ja k p e n g h a s ila n B e b a n p a ja k L a b a s e b e lu m h a k m in o rit a s H a k m in o rit a s a t a s la b a b e rs ih a n a k p e ru s a h a a n L a b a b e rs ih A S E T DA N K E W A J IB A N A s et s egm en In ve s t a s i p a d a p e ru s a h a a n a s o s ia s i Ju m la h a s e t

K o n s o lid a s i / C o n s o lid a t e d

106,707 407,247 25,592,482 26,106,436

24,736,503 1,174,725 2,799,382 14,882 28,725,492

2010 Di luar Indones ia / O uts ide Indones ia 1,063,687 364,244 1,427,931

-

PT Gudang Garam Tbk

Jum lah / T otal 1,170,394 771,491 25,592,482 27,534,367

24,736,503 1,174,725 2,799,382 14,882 28,725,492

S ales / operating revenue: Cigarettes P aperb oard T rading

A s s ets Cigarettes P aperb oard T rading O thers

33


B y geographic s egm ent 2010 Di luar Indones ia / O uts ide Indones ia

Indones ia / Indones ia

P erolehan as et tetap Rok ok K ertas k arton P erdagangan

704,958 5,252 86,724 796,934

Jum lah / T otal

-

Capital expenditures Cigarettes P aperb oard T rading

704,958 5,252 86,724 796,934

M e n u ru t s e g m e n u s a h a 2009 Rok ok / C ig a re t t e s P e n ju a la n P ih a k e k s t e rn a l A ntar s egm en J u m la h p e n ju a la n H a s il H a s il s e g m e n B eban bunga

K e rt a s k a rt o n / P a p e rb o a rd


6,363,513 17,777,241 24,140,754

720,931 266,842 987,773

16,449,422

3,898,924

90,299

109,288

(3 4 6 , 3 7 3 )

L a in -la in / O t h e rs

16,449,422

-

-

339 -

B a g ia n la b a (ru g i) p e ru s a h a a n a s o s ia s i L a b a s e b e lu m p a ja k p e n g h a s ila n B e b a n p a ja k L a b a s e b e lu m h a k m in o rit a s H a k m in o rit a s a t a s la b a b e rs ih a n a k p e ru s a h a a n L a b a b e rs ih A S E T DA N K E W A J IB A N A s et s egm en In ve s t a s i p a d a p e ru s a h a a n a s o s ia s i J u m la h a s e t K e w a jib a n s e g m e n IN F O R M A S I S E G M E N L A IN N Y A P e ro le h a n a s e t t e t a p P eny us utan dan a m o rt is a s i

E lim in a s i / E lim in a t io n s

K o n s o lid a s i / C o n s o lid a t e d

23,533,866 (1 8 , 0 4 4 , 0 8 3 ) (1 8 , 0 4 4 , 0 8 3 )

23,533,866

-

(1 2 4 , 0 7 4 )

3,974,776

-

(3 4 6 , 3 7 3 )

-

3,628,403 (1 , 1 3 0 , 7 0 5 ) 2,497,698

(2 2 , 2 7 9 ) 2,475,419

26,058,845

1,114,575

2,688,429

249,860

(3 , 6 8 9 , 1 2 9 )

26,422,580

26,058,845

1,114,575

2,688,429

9,811 259,671

(3 , 6 8 9 , 1 2 9 )

9,811 26,432,391

8,737,591

186,340

2,463,261

-

(2 , 3 4 9 , 1 4 0 )

9,038,052

895,099

7,851

68,823

-

-

971,773

516,753

20,792

6,840

-

-

544,385

PT Gudang Garam Tbk

34


B y geographic s egm ent Indones ia / Indones ia

P enjualan / pendapatan us aha: Rok ok K ertas k arton P erdagangan

A s et Rok ok K ertas k arton P erdagangan Lain-lain

P erolehan as et tetap Rok ok K ertas k arton P erdagangan

30.

2009 Di luar Indones ia / O uts ide Indones ia

5,342,240 377,208 16,449,422 22,168,870

1,022,277 342,719 1,364,996

Jum lah / T otal 6,364,517 719,927 16,449,422 23,533,866

22,913,953 1,077,868 2,424,858 15,712 26,432,391

-

22,913,953 1,077,868 2,424,858 15,712 26,432,391

895,099 7,851 68,823 971,773

-

895,099 7,851 68,823 971,773

S ales / operating revenue: Cigarettes P aperb oard T rading

A s s ets Cigarettes P aperb oard T rading O thers

Capital expenditures Cigarettes P aperb oard T rading

30. COMMITMENTS

IKATAN

Pada akhir September 2010, Perseroan dan anak perusahaan mempunyai ikatan-ikatan sehubungan dengan pembelian impor/lokal atas persediaan, jumlah seluruhnya ekuivalen Rp 288.001 juta.

At the end of September 2010, the Company and subsidiaries had various import/local purchase commitments for inventories with a total value of equivalent Rp 288,001 million.

Pada akhir September 2010, Perseroan mempunyai ikatan sehubungan dengan pembelian impor/lokal aset tetap, jumlah seluruhnya ekuivalen Rp 973.583 juta.

At the end of September 2010, the Company had various import/local purchase commitments for fixed assets with a total value of equivalent Rp 973,583 million.

Pada akhir September 2010, Perseroan bersama anak perusahaan PT Surya Pamenang memiliki fasilitas pinjaman jangka pendek, Letter of Credit dan jaminan bank gabungan dari Deutsche Bank AG yang belum dipakai sejumlah USD 18.598.132. Fasilitas gabungan ini dijamin dengan corporate guarantee dari Perseroan senilai USD 20.000.000.

At the end of September 2010, the Company and subsidiary PT Surya Pamenang have unused joint short-term loan, Letter of Credit and bank guarantee facility from Deutsche Bank AG amounting to USD 18,598,132. The joint facility is secured by corporate guarantee from the Company amounting to USD 20,000,000.

Pada akhir September 2010, pada Perseroan terdapat fasilitas pinjaman jangka pendek yang dapat diperpanjang (“revolving”) yang belum terpakai dari PT ANZ Panin Bank, The Royal Bank of Scotland, PT Bank Internasional Indonesia Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank DBS Indonesia, PT Bank Central Asia Tbk, PT Bank CIMB Niaga Tbk, Citibank N.A., PT Bank OCBC NISP Tbk, PT Bank Mandiri (Persero) Tbk, Standard Chartered Bank, The Bank of Tokyo – Mitsubishi UFJ, Ltd. dan HSBC yang seluruhnya berjumlah Rp 5.864.432 juta.

At the end of September 2010, the Company has unused revolving credit facilities from PT ANZ Panin Bank, The Royal Bank of Scotland, PT Bank Internasional Indonesia Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank DBS Indonesia, PT Bank Central Asia Tbk, PT Bank CIMB Niaga Tbk, Citibank N.A., PT Bank OCBC NISP Tbk, PT Bank Mandiri (Persero) Tbk, Standard Chartered Bank, The Bank of Tokyo - Mitsubishi UFJ, Ltd. and HSBC at a total amount of Rp 5,864,432 million.

Pada akhir September 2010, pada Perseroan terdapat fasilitas Letter of Credit yang belum terpakai dari PT Bank Negara Indonesia (Persero) Tbk, The Royal Bank of Scotland, Citibank N.A., Standard Chartered Bank dan HSBC yang seluruhnya berjumlah USD 93.405.963.

At the end of September 2010, the Company has unused Letter of Credit facilities from PT Bank Negara Indonesia (Persero) Tbk, The Royal Bank of Scotland, Citibank N.A., Standard Chartered Bank and HSBC at a total amount of USD 93,405,963.

Pada akhir September 2010, pada Perseroan juga terdapat fasilitas cerukan yang belum terpakai dari PT Bank Negara Indonesia (Persero) Tbk, The Royal Bank of Scotland, PT Bank Central Asia Tbk, Citibank N.A., Deutsche Bank AG, PT Bank Mega Tbk dan PT Bank OCBC NISP Tbk yang seluruhnya berjumlah Rp.1.899.491 juta.

At the end of September 2010, the Company has also unused overdraft facilities from PT Bank Negara Indonesia (Persero) Tbk, The Royal Bank of Scotland, PT Bank Central Asia Tbk, Citibank N.A., Deutsche Bank AG, PT Bank Mega Tbk and PT Bank OCBC NISP Tbk at a total amount of Rp 1,899,491 million.

PT Gudang Garam Tbk

35

Pada akhir September 2010, pada anak perusahaan PT Surya Pamenang terdapat fasilitas kredit jangka pendek yang belum terpakai dari Standard Chartered Bank sejumlah USD 5.000.000.

At the end of September 2010, the subsidiary PT Surya Pamenang has unused short-term loan facility from Standard Chartered Bank amounting to USD 5,000,000.

Pada akhir September 2010, pada anak perusahaan PT Surya Pamenang terdapat fasilitas Letter of Credit yang belum terpakai dari Standard Chartered Bank dan The Royal Bank of Scotland yang seluruhnya berjumlah USD 11.107.690. Fasilitas Letter of Credit dijamin dengan corporate guarantee dari Perseroan.

At the end of September 2010, the subsidiary PT Surya Pamenang has unused Letter of Credit facilities from Standard Chartered Bank and The Royal Bank of Scotland at a total amount of USD 11,107,690. The Letter of Credit facilities are secured by corporate guarantee from the Company.

31.

31. NEW ACCOUNTING STANDARDS

STANDAR AKUNTANSI BARU

Ikatan Akuntan Indonesia telah menerbitkan beberapa standar akuntansi keuangan revisi, sebagai berikut: a. Standar akuntansi keuangan dan interpretasi yang akan berlaku untuk laporan keuangan yang periodenya dimulai pada atau setelah 1 Januari 2011:

The Indonesian Institute of Accountants has issued the revised financial accounting standards, as follows: a.

Financial accounting standards and interpretation that will be applicable for financial statements covering periods beginning on or after 1 January 2011:

- PSAK No. 1

:

Penyajian Laporan Keuangan/Presentation of Financial Statements

- PSAK No. 2

:

Laporan Arus Kas/Statement of Cash Flows

- PSAK No. 4

:

Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri /Consolidated and Separate Financial Statements

- PSAK No. 5

:

Segmen Operasi/Operating Segments

- PSAK No. 12

:

Bagian Partisipasi dalam Ventura Bersama/Interest in Joint Ventures

- PSAK No. 15

:

Investasi pada Entitas Asosiasi/Investments in Associates

- PSAK No. 25

:

Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan/Accounting Policies, Changes in Accounting Estimates and Errors

- PSAK No. 48

:

Penurunan Nilai Aset/Impairment of Assets

- PSAK No. 57

:

Provisi, Liabilitas Kontijensi, dan Aset Kontijensi/Provisions, Contigent Liabilities and Contingent Assets

- PSAK No. 58

:

Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan/Non-current Assets Held for Sale and Discontinued Operations

- ISAK No. 7

:

Konsolidasi Entitas Bertujuan Khusus/Consolidation of Special Purpose Entities

- ISAK No. 9

:

Perubahan atas Liabilitas Aktivitas Purnaoperasi, Restorasi dan Liabilitas Serupa/Change in Existing Decommissioning, Restoration and Similar Liabilities

- ISAK No. 10

:

Program Loyalitas Pelanggan/Customer Loyalty Programs

- ISAK No. 11

:

Distribusi Aset Non-Kas Kepada Pemilik/Distributions of Non-Cash Assets To Owners

- ISAK No. 12

:

Pengendalian Bersama Entitas: Kontribusi Non-Moneter oleh Venturer/Jointly Controlled Entities: NonMonetary Contributions by Venturer

Perseroan masih mempelajari dampak yang mungkin timbul atas penerbitan beberapa standar akuntansi keuangan dan interpretasi tersebut.

The Company is still evaluating the possible impact on the issuance of these financial accounting standards and interpretations.

PT Gudang Garam Tbk

36

PT GUDANG GARAM Tbk AND SUBSIDIARIES

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