IMPORTANT NOTICE IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached information memorandum. You are advised to read this disclaimer carefully before accessing, reading or making any other use of the attached information memorandum. In accessing the attached information memorandum, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. Confirmation of Your Representation: In order to be eligible to view the attached information memorandum or make an investment decision with respect to the securities, investors must not be a U.S. person (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The attached information memorandum is being sent at your request and by accepting the e-mail and accessing the attached information memorandum, you shall be deemed to have represented to us that (1) you are not resident in the United States nor a U.S. Person, as defined in Regulation S under the Securities Act nor are you acting on behalf of a U.S. Person, the electronic mail address that you gave us and to which this email has been delivered is not located in the U.S. and, to the extent you purchase the securities described in the attached information memorandum, you will be doing so pursuant to Regulation S under the Securities Act, and (2) you consent to delivery of the attached information memorandum and any amendments or supplements thereto by electronic transmission. By accepting this document, if you are an investor in Singapore, you (1) represent and warrant that you are either an institutional investor as defined under Section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), a relevant person as defined under Section 275(2) of the SFA or persons to whom an offer is being made, as referred to in Section 275(1A) of the SFA, and (2) agree to be bound by the limitations and restrictions described herein. The attached document has been made available to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and consequently neither United Overseas Bank Limited nor any person who controls it nor any of its directors, officers, employees, representatives or affiliates accepts any liability or responsibility whatsoever in respect of any discrepancies between the document distributed to you in electronic format and the hard copy version. We will provide a hard copy version to you upon request. Restrictions: The attached document is being furnished in connection with an offering exempt from registration under the Securities Act solely for the purpose of enabling a prospective investor to consider the purchase of the securities described therein. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE SECURITIES AND THE INFORMATION CONTAINED IN AN INFORMATION MEMORANDUM THAT WILL BE DISTRIBUTED TO YOU PRIOR TO THE CLOSING DATE AND NOT ON THE BASIS OF THE ATTACHED DOCUMENTS. Except with respect to eligible investors in jurisdictions where such offer is permitted by law, nothing in this electronic transmission constitutes an offer or an invitation by or on behalf of either the issuer of the securities or United Overseas Bank Limited to subscribe for or purchase any of the securities described therein, and access has been limited so that it shall not constitute in the United States or elsewhere a general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or directed selling efforts (within the meaning of Regulation S under the Securities Act).
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INFORMATION MEMORANDUM DATED 26 JANUARY 2015
PT LOGINDO SAMUDRAMAKMUR TBK (Incorporated under the laws of Indonesia)
S$50,000,000 2.93 Per Cent. Credit Enhanced Notes due 2020 with an irrevocable and unconditional Standby Letter of Credit provided by United Overseas Bank Limited This Information Memorandum has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Information Memorandum and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the S$50,000,000 2.93 per cent. Credit Enhanced Notes due 2020 (the “Notes”) to be issued by PT Logindo Samudramakmur Tbk (the “Issuer”) may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a)
a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Notes pursuant to an offer made under Section 275 of the SFA except: (1)
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(2)
where no consideration is or will be given for the transfer;
(3)
where the transfer is by operation of law; or
(4)
as specified in Section 276(7) of the SFA; or
(5)
as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.
Payments of principal and interest in respect of the Notes will have the benefit of an irrevocable and unconditional standby letter of credit (the “Standby Letter of Credit”) denominated in Singapore dollars and issued by United Overseas Bank Limited (the “LC Bank”). Please see “Appendix V – Form of Standby Letter of Credit” for the form of the Standby Letter of Credit. Interest on the Notes is payable semi-annually in arrear on the interest payment dates falling on 3 February and 3 August in each year, commencing with the first interest payment date falling on 3 August 2015. In the event that the shares of the Issuer cease to be traded on the Indonesia Stock Exchange (as defined herein), the Issuer shall, at the option of the holder of any Note, redeem such Note at its principal amount together with interest accrued to the date fixed for redemption on the Interest Payment Date (as defined in the Conditions) immediately following such event or, if earlier, the date falling 45 days after the Effective Date (as defined in the Conditions). The Notes shall be redeemed at their principal amount, together with interest accrued up to but excluding the date of redemption, immediately upon it being or becoming unlawful for the LC Bank to perform or comply with any one or more of its obligations under the Standby Letter of Credit and the LC Bank fails to obtain the necessary waiver(s) or approval(s) or complete such other necessary remedial action(s) (if any) within 30 days of such unlawfulness coming into effect such that the LC Bank may lawfully perform and comply with such obligations. The Notes shall be redeemed at the Mandatory Redemption Amount (as defined in the Conditions) on the Interest Payment Date immediately falling after the date the Pre-funding Failure Notice (as defined in the Conditions) is given to the Noteholders in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding), together with interest accrued to, but excluding, the Mandatory Redemption Date (as defined in the Conditions). The Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date, on giving not less than 30 nor more than 60 days’ notice to the Noteholders (as defined herein) (which notice shall be irrevocable), at their principal amount, together with interest accrued to the date fixed for redemption, as a result of certain changes in tax law. Subject to the above and unless the Notes are redeemed early in accordance with the terms and conditions of the Notes, the Notes mature on 3 February 2020 and the Notes shall be redeemed by the Issuer in the circumstances more particularly set out in “Summary of the Proposed Issue”. See “Terms and Conditions of the Notes – Redemption and Purchase”. The Notes are expected to be rated “AA-” by Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (“S&P”). Such rating of the Notes does not constitute a recommendation to buy, sell or hold the Notes and may be subject to revision or withdrawal at any time by S&P. Such rating should be evaluated independently of any other rating of the other securities of the Issuer or the LC Bank. The Notes will initially be represented by the Global Note (as defined herein), without interest coupons, which will be deposited with The Central Depository (Pte) Limited on or about 3 February 2015. The Global Note will be exchangeable for definitive Notes in bearer form in the denomination of S$250,000 in the circumstances set out in it. Application will be made to the SGX-ST for the listing and quotation of the Notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of the SGX-ST and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of the Issuer, its subsidiaries (if any), its associated companies (if any) or the Notes. Sole Lead Manager and Bookrunner
TABLE OF CONTENTS
Page NOTICE ................................................................................................................................................
1
CONVENTIONS WHICH APPLY TO THIS INFORMATION MEMORANDUM .....................................
3
ENFORCEABILITY...............................................................................................................................
4
FORWARD-LOOKING STATEMENTS .................................................................................................
9
DEFINITIONS .......................................................................................................................................
10
CORPORATE INFORMATION .............................................................................................................
14
SUMMARY OF THE PROPOSED ISSUE ............................................................................................
15
TERMS AND CONDITIONS OF THE NOTES .....................................................................................
21
SUMMARY OF PAYMENT ARRANGEMENTS ON EACH SCHEDULED PAYMENT DATE UNDER THE NOTES ...........................................................................................................................
38
RISK FACTORS ...................................................................................................................................
39
THE ISSUER ........................................................................................................................................
52
SELECTED FINANCIAL INFORMATION .............................................................................................
63
THE LC BANK ......................................................................................................................................
77
USE OF PROCEEDS ...........................................................................................................................
84
CLEARING AND SETTLEMENT..........................................................................................................
85
TAXATION ............................................................................................................................................
86
SUBSCRIPTION, PURCHASE AND DISTRIBUTION .........................................................................
92
APPENDIX I - GENERAL INFORMATION ...........................................................................................
95
APPENDIX II - AUDITED FINANCIAL STATEMENTS OF PT LOGINDO SAMUDRAMAKMUR TBK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012 ......................................................
98
APPENDIX III - AUDITED FINANCIAL STATEMENTS OF PT LOGINDO SAMUDRAMAKMUR TBK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013 ......................................................
193
APPENDIX IV - UNAUDITED FINANCIAL STATEMENTS OF PT LOGINDO SAMUDRAMAKMUR TBK FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 ........................................................
287
APPENDIX V – FORM OF STANDBY LETTER OF CREDIT ..............................................................
389
NOTICE United Overseas Bank Limited (the “Lead Manager”) has been appointed by the Issuer to arrange the issue by the Issuer of the Notes. This Information Memorandum contains information with regards to the Issuer, the LC Bank and the Notes. The Issuer confirms that this Information Memorandum contains all information which is material in the context of the issue and offering of the Notes, that the information contained herein is true and accurate and not misleading, the opinions and intentions expressed in this Information Memorandum are honestly held, have been reached after considering all relevant circumstances and are based on reasonable assumptions, and that there are no other facts the omission of which would, in the context of the issue and offer of the Notes make any statement in this Information Memorandum misleading in any material respect. No person has been authorised to give any information or to make any representation other than those contained in this Information Memorandum and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Lead Manager or DB International Trust (Singapore) Limited (the “Trustee”). Nothing contained herein is, or may be relied upon as, a promise or representation as to the future performance or policies of the Issuer. The delivery of this Information Memorandum at any time after the date of this Information Memorandum does not imply that the information contained in this Information Memorandum or any part of this Information Memorandum is correct at any time subsequent to such date. Neither this Information Memorandum nor any other document or information (or any part thereof) delivered or supplied under or in relation to the issue of the Notes may be used for the purpose of, and does not constitute an offer of, or solicitation or invitation by or on behalf of the Issuer, the Lead Manager or the Trustee to subscribe for or purchase, any of the Notes in any jurisdiction or under any circumstances in which such offer, solicitation or invitation is unlawful, or not authorised or to any person to whom it is unlawful to make such offer, solicitation or invitation. The distribution and publication of this Information Memorandum or any such other document or information and the offer of the Notes in certain jurisdictions may be restricted by law. Persons who distribute or publish this Information Memorandum or any such other document or information or into whose possession this Information Memorandum or any such other document or information comes are required to inform themselves about and to observe any such restrictions and all applicable laws, orders, rules and regulations. The Notes and the Standby Letter of Credit have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)). Neither this Information Memorandum nor any other document or information (or any part thereof) delivered or supplied under or in relation to the issue of the Notes shall be deemed to constitute an offer of, or an invitation by or on behalf of the Issuer, the Lead Manager or the Trustee to subscribe for, or purchase, any of the Notes. This Information Memorandum and any other documents or materials in relation to the issue, offering or sale of the Notes have been prepared solely for the purpose of the initial sale or placement by the Lead Manager of the Notes. This Information Memorandum and such other documents or materials are made available to the recipients thereof solely on the basis that they are persons falling within the ambit of Section 274 and/or Section 275 of the SFA and may not be relied upon by any person other than persons to whom the Notes are sold or with whom they are placed by the Lead Manager as aforesaid or for any other purpose. Recipients of this Information Memorandum shall not reissue, circulate or distribute this Information Memorandum or any part thereof in any manner whatsoever. Neither the delivery of this Information Memorandum (or any part thereof) nor the issue, offering, purchase or sale of the Notes shall, under any circumstances, constitute a representation, or give rise to any implication, that there has been no change in the affairs, business or financial position of the Issuer or (if any) any of its subsidiaries or in the information herein since the date hereof or the date on which this Information Memorandum has been most recently amended or supplemented. 1
The Lead Manager has not separately verified the information contained in this Information Memorandum. None of the Lead Manager, the Trustee or any of their respective officers or employees is making any representation or warranty expressed or implied as to the merits of the Notes or the subscription for, purchase or acquisition thereof, the creditworthiness or financial condition or otherwise of the Issuer or (if any) any of its subsidiaries. Further, neither the Lead Manager nor the Trustee gives any representation or warranty as to the Issuer, its subsidiaries (if any) or associated companies (if any) or as to the accuracy, reliability or completeness of the information set out herein (including the legal and regulatory requirements pertaining to Sections 274, 275 and 276 or any other provisions of the SFA) and the documents which are incorporated by reference in, and form part of, this Information Memorandum. Neither this Information Memorandum nor any other document or information (or any part thereof) delivered or supplied under or in relation to the issue of the Notes is intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Issuer, the Lead Manager or the Trustee that any recipient of this Information Memorandum or such other document or information (or such part thereof) should subscribe for or purchase any of the Notes. A prospective purchaser shall make its own assessment of the foregoing and other relevant matters including the affairs, business and financial condition and the creditworthiness of each of the Issuer, its subsidiaries (if any) and associated companies (if any), the LC Bank and the Standby Letter of Credit and obtain its own independent legal or other advice thereon, and its investment shall be deemed to be based on its own independent investigation of the affairs, business and financial condition and its appraisal of the creditworthiness of each of the Issuer, its subsidiaries (if any) and associated companies (if any), the LC Bank and the Standby Letter of Credit. Accordingly, notwithstanding anything herein, none of the Issuer, the Lead Manager, the LC Bank, the Trustee nor any of their respective officers, employees or agents shall be held responsible for any loss or damage suffered or incurred by the recipients of this Information Memorandum or such other document or information (or such part thereof) as a result of or arising from anything expressly or implicitly contained in or referred to in this Information Memorandum or such other document or information (or such part thereof) and the same shall not constitute a ground for rescission of any subscription, purchase or acquisition of any of the Notes by a recipient of this Information Memorandum or such other document or information (or such part thereof). To the fullest extent permitted by law, neither the Lead Manager, the LC Bank nor the Trustee accepts any responsibility for the contents of this Information Memorandum or for any other statement made or purported to be made by the Lead Manager or on its behalf in connection with the Issuer or the issue and offering of the Notes. Each of the Lead Manager, the LC Bank and the Trustee accordingly disclaims all and any liability whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this Information Memorandum or any such statement. Any subscription, purchase or acquisition of the Notes is in all respects conditional on the satisfaction of certain conditions set out in the Subscription Agreement (as defined herein) and the issue of the Notes by the Issuer to the Lead Manager pursuant to the Subscription Agreement and the Subscription Agreement not being terminated for any reason whatsoever. Any offer, invitation to offer or agreement made in connection with the subscription, purchase or acquisition of the Notes or pursuant to this Information Memorandum shall (without any liability or responsibility on the part of the Issuer, the Lead Manager, the LC Bank or the Trustee) lapse and cease to have any effect if (for any reason whatsoever) the Notes are not issued by the Issuer to the Lead Manager pursuant to the Subscription Agreement. The attention of recipients of this Information Memorandum is drawn to the restrictions on resale of the Notes set out under the section “Subscription, Purchase and Distribution” on pages 91 to 93 of this Information Memorandum. Any person(s) who is invited to purchase or subscribe for the Notes or to whom this Information Memorandum is sent shall not make any offer or sale, directly or indirectly, of any Notes or distribute or cause to be distributed any document or other material in connection therewith in any country or jurisdiction except in such manner and in such circumstances as will result in compliance with any applicable laws and regulations. It is recommended that persons proposing to subscribe for, purchase or otherwise acquire any of the Notes consult their own legal and other advisers before subscribing for, purchasing or acquiring the Notes.
2
CONVENTIONS WHICH APPLY TO THIS INFORMATION MEMORANDUM All references in this document to U.S. dollars and US$ refer to the currency of the United States of America, to Rupiah or Rp refer to the currency of Indonesia and to Singapore dollars and S$ refer to the currency of Singapore. For convenience, certain Rupiah amounts have been translated into U.S. dollar amounts, based on the exchange rate on the Latest Practicable Date of approximately Rp12,295 = US$1.00. Such translations should not be construed as representations that the Rupiah or U.S. dollar amounts referred to could have been, or could be, converted into Rupiah or U.S. dollars, as the case may be, at that or any other exchange rate or at all.
3
ENFORCEABILITY Enforceability of Foreign Judgments in Indonesia The Notes and the agreements entered into with respect to the issue of the Notes, including the Trust Deed, are governed by Singapore law. The Issuer is established and existing in Indonesia. Most of the Issuer’s commissioners and directors reside in Indonesia, and all of the assets of the Issuer are located in Indonesia. As a result, it may not be possible for investors to effect service of process outside of Indonesia upon the Issuer or such persons or to enforce against the Issuer, or such persons outside of Indonesia in an Indonesian court, judgments obtained in courts outside of Indonesia, including judgments based upon the civil liability provisions of the securities laws outside Singapore or within Singapore. The Issuer has been advised by its Indonesian counsel, Hanafiah Ponggawa & Partners, that judgments of non-Indonesian courts are not enforceable in Indonesian courts. A foreign court judgment could be offered and accepted as evidence in a proceeding of the underlying claim in an Indonesian court and may be given such evidentiary weight as the Indonesian court may deem appropriate in its sole discretion. A claimant may be required to pursue claims in Indonesian courts on the basis of Indonesian law. Reexamination of the underlying claim de novo would be required before the Indonesian courts. There can be no assurance that the claims or remedies available under Indonesian law will be the same, or as extensive, as those available in other jurisdictions. In several court cases in Indonesia, Indonesian companies that had defaulted on debt incurred through offshore financing entities (using structures involving a guarantee issued by an Indonesian company) have sued their creditors to, among other things, invalidate their debt obligations and have sought damages from creditors exceeding the original proceeds of the debt issued. In one case, which was subsequently settled, an Indonesian court annulled the transaction documents in a structure involving a guarantee issued by an Indonesian company for debt of an offshore subsidiary. In another case, an Indonesian court declared a loan agreement between an offshore entity and its creditors null and void, awarding damages to the defaulting borrower. The courts’ reports of these decisions do not provide a clear factual basis of legal rationale for the judgments. For a description of potential limitations on enforcement against the Issuer and the right of the Noteholders under the Notes, see “Risk Factors — Risks relating to the Notes and the Standby Letter of Credit — Through the purchase of the Notes, Noteholders may be exposed to a legal system subject to considerable discretion and uncertainty; it may be difficult or impossible for Noteholders to pursue claims under the Notes because of considerable discretion and uncertainty of the Indonesian legal system”. Indonesian Regulation of Offshore Borrowings Under Presidential Decree No. 59/1972 dated 12 October 1972 (“PD 59/1972”) as amended by the Presidential Decree No. 15/1991 dated 18 March 1991, the Issuer is required to report particulars of their offshore borrowings to the Minister of Finance of Indonesia and Bank Indonesia, on the acceptance, implementation, and repayment of principal and interest. The Ministry of Finance Decree No. KEP-261/ KMK/IV/5/73 dated 3 May 1973, as amended by the Ministry of Finance Decree No. 417/KMK.013/1989 dated 1 May 1989 and Ministry of Finance Decree No. 279/KMK.01/1991 dated 18 March 1991, further set forth the requirement to submit periodic reports to the Minister of Finance of Indonesia and Bank Indonesia on the effective date of the contract and each subsequent three-month period. In addition, under Presidential Decree No. 39/1991 dated 4 September 1991 (“PD 39/1991”), all offshore commercial borrowers must submit periodic reports to the Offshore Commercial Borrowings Team (the “PKLN Team”) upon the implementation of their offshore commercial borrowing. PD 39/1991 does not stipulate either the time frame or the format and the content of the periodic reports that must be submitted. In December 2012, Bank Indonesia issued Bank Indonesia Regulation No. 14/21/PBI/2012 on Foreign Exchange Reporting (“PBI 14/21/2012”) which requires banking institutions, non-bank financial institutions, non-financial institutions, state/regional-owned companies, private companies, business entities and individuals to submit the following report to Bank Indonesia on their foreign exchange activities and plan to incur and the incurrence of offshore borrowings:
4
(a)
a report in relation to the acceptance by such non-financial institution of offshore commercial borrowings or issuance of debt securities no later than the fifteenth day of the month following the signing of the offshore loan agreement or the issuance of the debt securities, as stipulated by Bank Indonesia Circular Letter No. 15/16/DInt. In addition, such non-financial institution is required to submit monthly reports with respect to the use of proceeds of such offshore commercial borrowings or issuance of debt securities no later than on the fifteenth day of the following month. Any changes to the said monthly report can be submitted to Bank Indonesia no later than the twentieth day of the said month. Further, any failure to submit the required reports will subject such non-financial institution to certain administrative sanctions in the form of fines for the delay or for not submitting or not completing the required reports;
(b)
a report on the plan to obtain a long-term offshore borrowing in foreign currency and/or Rupiah by no later than 15 March of each year, as stipulated by Bank Indonesia Circular Letter No. 15/17/DInt. Such report is to consist of information on the debtor’s (i) financial ratios, (ii) financial statements, (iii) ratings assessment, if available, (iv) offshore commercial borrowing plans for the next one-year period and (v) risk management analysis. In the event that there is a change to the debtor’s plan to obtain an offshore loan, an amendment to such report must be submitted to Bank Indonesia by no later than 1 July of the year of such change. In addition, such non-financial institution is required to submit financial information on a semester basis by 15 June (with respect to annual financial information) and 15 December (with respect to interim financial information); and
(c)
reports with respect to the following transactions: (i) trade transactions of goods and services and other transactions between residents and non-residents, (ii) positions held and changes in offshore financial assets covering position and increment or decrease of all assets which are of the claim against non-resident as stated in the financial statement and bookkeeping, (iii) positions held and changes in equities of non-resident and other related liabilities, (iv) positions held and changes in offshore derivative liabilities, (v) offshore commitment and contingency positions report, and (vi) custodian customer’s commercial paper positions report, which must be submitted on a monthly basis by the fifteenth day of each month, as stipulated by Bank Indonesia Circular Letter No. 15/5/ DSM.
Failure to submit such reports will result in certain administrative sanctions in the form of warning letters and/or notifications to the relevant authority. In May 2014, Bank Indonesia issued Bank Indonesia Regulation No. 16/10/PBI/2014 Concerning Receiving and Withdrawing Foreign Currencies From Export Activities and Foreign Loans (“16/10/ PBI/2014”) which requires any cash proceeds from offshore borrowings originating from (i) a nonrevolving loan agreement for purposes other than refinancing, (ii) any balance between the amount of a refinancing facility and the amount of the original facility refinanced and (iii) offshore debt securities in the form of bonds, medium term notes, floating rate notes, promissory notes and commercial paper, to be withdrawn by the debtor under an offshore borrowing agreement through an account held in a bank licensed by Bank Indonesia to conduct foreign exchange banking activities (an “Onshore Account”). The aggregate amount of offshore borrowings withdrawn should be equal to the total commitment granted by the creditor or lender under the relevant offshore borrowing agreement. In the event that the aggregate amount withdrawn through an Onshore Account is less than the total amount committed under the relevant offshore borrowing agreement but more than Rp50 million, the debtor must provide a written explanation and supporting documents to Bank Indonesia prior to the maturity date of such offshore borrowing agreement regarding such shortfall. If the debtor fails to submit such report at the required time it will be deemed not to have withdrawn such amount through an Onshore Account. Any withdrawal of the above-mentioned offshore borrowings will have to be reported to Bank Indonesia no later than the fifteenth day of the following month accompanied with any supporting documents evidencing that the withdrawal was made through an Onshore Account. However, if there is any balance between the cash proceeds of the offshore borrowing and the facilities to be refinanced, the debtor will not be exempt from such reporting obligations. The withdrawal of an offshore borrowing arising out of an offshore borrowing agreement executed before 2 January 2012 does not have to be made through an Onshore Account. However, the requirement to withdraw an offshore borrowing through an Onshore Account will also apply to any amendment executed after 2 January 2012 which relates to any offshore borrowing agreements executed prior to such date. 5
Under 16/10/PBI/2014, if the debtor does not withdraw the offshore borrowing through an Onshore Account, the debtor will be subject to administrative sanctions in the form of penalties amounting to 0.25 per cent. of the amount of each non-compliant withdrawal, with the maximum amount of Rp50 million for each such non-compliant withdrawal. Under 16/10/PBI/2014, if the debtor is late in submitting the report of the offshore borrowing withdrawal as well as the supporting documents on the fifteenth day of the month following the offshore borrowing withdrawal, the debtor is subject to administrative sanctions in the form of penalties amounting to Rp500,000 for each day of delay. The debtor will be deemed to have failed to submit the report if it is submitted after the end of the month of the deadline that the debtor must submit the report. Bank Indonesia further issued Bank Indonesia Regulation No. 16/21/PBI/2014 concerning the Prudential Principle in Managing Offshore Loans for Non-Bank Companies on 29 December 2014 (“PBI No. 16/21/PBI/2014”) to regulate nonbank corporations which have foreign debt in foreign currencies, including the shari’ah financing principle to implement the prudential principle for hedging ratio, liquidity ratio, and credit rating, and such regulation shall take effect on 1 January 2015. The regulation states that, with effect from 1 January 2015, the minimum hedging ratio shall be 20% of the negative difference between the foreign exchange assets against the foreign exchange liabilities which will become due (i) within the three months to occur after the end of the relevant quarter, and (ii) in the period between the commencement of the fourth and ending of the sixth month after the end of the relevant quarter. This minimum hedging ratio will be 25% starting from 1 January 2016. Bank Indonesia may stipulate the minimum threshold which must be hedged. Any further regulation regarding the detail of the foreign exchange assets, foreign exchange obligation, and hedging ratio including the threshold shall be regulated under the Circular Letter from Bank Indonesia. Bank Indonesia has issued the Circular Letter No. 16/24/DKEM dated 30 December 2014 (“BI Letter No. 16/24/DKEM”) which among other regulates that threshold which must be hedged is at least in the amount of equivalent of US$ 100,000.00. However, under the PBI No. 16/21/PBI/2014 and BI Letter No. 16/24/DKEM, the hedging ratio requirement would not applied to Non-Bank Companies whose (i) having ratio of export income against the income are more than 50% (fifty percent) in the previous financial year, and (ii) its financial reports are in the US Dollar denomination and have obtained prior written approval from Ministry of Finance to prepare the bookkeeping in US Dollar currency. Further, starting from 1 January 2017 the hedging transaction must be conducted with any of Indonesian bank. Moreover, with effect from 1 January 2015, debtors are required to maintain a minimum liquidity ratio of at least 50% by maintaining sufficient foreign currency assets against the foreign exchange liabilities which will become due within the three months to occur after the end of the relevant quarter. This minimum liquidity ratio will be 70% starting on 1 January 2016. In addition, debtors must have a minimum credit rating of Standard & Poor’s BB-, issued by a rating agency recognised by Bank Indonesia, such credit rating to be in the form of rating over the relevant corporations and/or bonds issued by that corporation. The validity of the credit rating of the issuer rating and/or issue rating no longer that 2 (two) years after such rating has been issued and/or stipulated. The obligation of the fulfillment of the credit rating must be carried out on the debt is signed and/or issued. Any further regulation regarding the credit rating and rating agency shall be regulated under the Circular Letter from Bank Indonesia. Under the BI Letter No. 16/24/DKEM, the credit rating which issued by the local rating agency shall be deemed equal to credit rating which issued by the foreign rating agency. BI Letter No. 16/24/DKEM further regulates that credit rating BB- which issued by Standard & Poor’s (S&P) and Fitch Ratings shall be equal to Ba3 issued by Moody’s Investor Service, BB- issued by Japan Credit Rating Agency, BB- issued by Rating and Investment Information Inc. (R&I), idBB- issued by PT Pemeringkat Efek Indonesia (PEFINDO), BB-(idn) issued by Fitch Rating Indonesia, and (Idr)BB- issued by Investment & Credit Rating Agency (ICRA) Indonesia. This specific provision regarding the minimum credit rating is only applicable to foreign debt in foreign currencies executed and issued after 1 January 2016. However, foreign debt in foreign currencies which is in the form of trade credit is excluded from the fulfillment of the obligation of minimum credit rating standard. The minimum credit rating shall not apply to refinanced foreign debt in foreign currencies and foreign debt in foreign currencies loaned from international creditors with respect to infrastructure project financing as well.
6
The debtors are obliged to submit report and supporting documents to Bank Indonesia in relation to the implementation of the Prudential Principle and, for the exempted foreign debt in foreign currencies, the debtors are only required to submit supporting documents, compliance of which will be monitored by Bank Indonesia. The debtors that violate this regulation will be subject to administrative sanctions in the form of a written warning, which will be forwarded, among others, to the relevant foreign creditors, the Ministry of Finance, the OJK and Indonesia Stock Exchange for public companies. Such sanctions shall be valid and enforceable with effect from the third quarterly reporting period in 2015. Language of the Transaction Documents Pursuant to Law No. 24 of 2009 on Flag, Language, Coat of Arms, and National Anthem that was enacted on 9 July 2009 (“Law No. 24/2009”), agreements to which Indonesian parties are a party are required to be executed in Bahasa Indonesia, although, when a foreign entity is a party, a dual-language document in English or the national language of the relevant party is permitted. There exists substantial uncertainty on how Law No. 24/2009 will be interpreted and applied in general, and to date, the Government has only issued one implementing regulation on the use of Bahasa Indonesia in the formal speech of the President and/or Vice President and other state officers. The Indonesian Ministry of Law and Human Rights has issued a clarification letter dated 28 December 2009 regarding Clarification for Implication and Implementation of Law No. 24 (the “MOLHR Clarification Letter”) to clarify that the implementation of Law No. 24 is contingent upon the enactment of a Presidential Regulation and until such a Presidential Regulation is enacted, any agreement that is executed prior to the enactment of the Presidential Regulation in English without a Bahasa Indonesia version, is still legal and valid, and shall not violate Law No. 24/2009. However, the MOLHR Clarification Letter is issued only as an opinion and does not fall within the types and hierarchy of Indonesian laws and regulations stipulated in Article 7 of Law No. 12 of 2011 regarding the Formation of Laws and Regulations to be considered a law or regulation. In addition, on 20 June 2013, the District Court of West Jakarta ruled in a decision No. 451/Pdt.G/2012/ PN.Jkt Bar (the “June 2013 Decision”) that a loan agreement entered into between an Indonesian borrower, PT Bangun Karya Pratama Lestari, as plaintiff, and a non-Indonesian lender, Nine AM Ltd., as defendant, was null and void under Indonesian law. The governing law of the agreement was Indonesian law and the agreement was written in the English language. The Court ruled that the agreement had contravened Article 31(1) of Law No. 24/2009 and declared it to be invalid. In arriving at this conclusion, the Court relied on Articles 1320, 1335 and 1337 of the Indonesian Civil Code, which when taken together, render an agreement void if, inter alia, it is tainted by illegality. The Court held that as the agreement had not been drafted in the Indonesian language, as required by Article 31(1), it therefore failed to satisfy the “lawful cause” requirement and was void from the outset, meaning that a valid and binding agreement had never existed. On 7 May 2014, the Jakarta High Court rejected the appeal submitted by Nine AM Ltd. and affirmed the June 2013 Decision in its entirety. In its judgment, the Jakarta High Court was of the opinion that the District Court of West Jakarta’s judgment was correct and accurate. Indonesian court decisions are generally not binding precedents and do not constitute a source of law at any level of the judicial hierarchy, as would typically be the case in common law jurisdictions. However, there can be no assurance that a court will not, in the future, issue a similar decision to the June 2013 Decision in relation to the validity and enforceability of agreements which are made in the English language. On 15 January 2014, Law No. 2 of 2014 on Notary Law was issued. Pursuant to the Notary Law, a notarial deed made after 15 January 2014 must be drawn up in the Indonesian language. If the parties require, the notarial deed can be written in a foreign language, and in such an event, the notary must translate the deed into the Indonesian language. However, in the event of different interpretation as to the contents of the deed, the Indonesian language deed shall prevail. The Issuer will execute dual English and Bahasa Indonesia versions of all transaction agreements to which the Issuer is a party. All of these documents will provide that, in the event of a discrepancy or inconsistency, the parties intend the English version to prevail. Some concepts in the English language may not have a corresponding term in the Indonesian language and the exact meaning of the English text may not be fully captured by the Indonesian language version. If this occurs, there can be no assurance that the terms of the Notes, including the Trust Deed, will be as described in this Information
7
Memorandum, or will be interpreted and enforced by the Indonesian courts as intended. See “Risk Factors — Risks relating to Indonesia”. The Trust Deed and other documents entered into in connection with the issuance of the Notes will also be prepared in Bahasa Indonesia. However, there can be no assurance that, in the event of inconsistencies between the Bahasa Indonesia and English language versions of those documents, an Indonesian court would hold that the English versions of such documents shall prevail.
8
FORWARD-LOOKING STATEMENTS All statements contained in this Information Memorandum that are not statements of historical fact constitute “forward-looking statements”. Some of these statements can be identified by forwardlooking terms such as “expect”, “believe”, “plan”, “intend”, “estimate”, “anticipate”, “may”, “will”, “would” and “could” or similar words. However, these words are not the exclusive means of identifying forwardlooking statements. All statements regarding the expected financial position, business strategy, plans and prospects of the Issuer (including statements as to the Issuer’s revenue and profitability, prospects, future plans and other matters discussed in this Information Memorandum regarding matters that are not historical fact and including the financial forecasts, profit projections, statements as to the expansion plans of the Issuer, expected growth in the Issuer and other related matters), if any, are forward-looking statements and accordingly, are only predictions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Issuer to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others: z
changes in general political, social and economic conditions;
z
changes in currency exchange and interest rates;
z
demographic changes;
z
changes in competitive conditions; and
z
other factors beyond the control of the Issuer.
Some of these factors are discussed in greater detail in this Information Memorandum, in particular, but not limited to, discussion under the section “Risk Factors”. Given the risks and uncertainties that may cause the actual future results, performance or achievements of the Issuer to be materially different than expected, expressed or implied by any financial forecasts, profit projections and forward-looking statements in this Information Memorandum, undue reliance must not be placed on those forecasts, projections and statements. The Issuer, the Lead Manager and the Trustee do not represent or warrant that the actual future results, performance or achievements of the Issuer will be as discussed in those statements. Neither the delivery of this Information Memorandum nor the issue of any Notes by the Issuer shall under any circumstances, constitute a continuing representation or create any suggestion or implication that there has been no change in the affairs of the Issuer or any statement of fact or information contained in this Information Memorandum since the date of this Information Memorandum. Further, the Issuer, the Lead Manager and the Trustee disclaim any responsibility, and undertake no obligation, to update or revise any forward-looking statements contained herein to reflect any changes in the expectations with respect thereto after the date of this Information Memorandum or to reflect any change in events, conditions or circumstances on which any such statements are based.
9
DEFINITIONS The following definitions have, where appropriate, been used in this Information Memorandum: “ABS”
:
American Bureau of Shipping.
“Account Bank Agreement”
:
The Account Bank Agreement to be made between (1) the Issuer, as issuer, (2) the Trustee, as trustee, (3) the Pre-funding Account Bank, as account bank, (4) the LC Proceeds Account Bank, as account bank, and (5) the LC Bank, as amended, varied or supplemented from time to time.
“Agency Agreement”
:
The Agency Agreement to be made between (1) the Issuer, as issuer, (2) the Principal Paying Agent, as principal paying agent, and (3) the Trustee, as trustee, as amended, varied or supplemented from time to time.
“AHT”
:
Anchor handling tug.
“AHTS”
:
Anchor handling tug supply.
“AHTS-DP”
:
Anchor handling tug supply equipped with dynamic positioning system.
“Alstonia Offshore”
:
Alstonia Offshore Pte. Ltd.
“ATM”
:
Automated teller machines.
“AWB”
:
Accommodation work barge(s). This is used for crew accommodation near the rig or operation field.
“barge”
:
A flat-bottomed steel vessel used for the transportation of cargoes or for accommodation.
“BHP”
:
Brake horse power, being a measure of engine power.
“BKI”
:
Biro Klasifikasi Indonesia.
“Business Day”
:
A day, other than a Saturday or Sunday or a gazetted public holiday, on which banks and foreign exchange markets are open for general business in Singapore and Jakarta.
“BV”
:
Bureau Veritas.
“CB” or “crew boat”
:
A specific support vessel used for transporting crew and cargo (such as drilling rigs). This is also known as a “fast support vessel”.
“CDP”
:
The Central Depository (Pte) Limited.
“Commissioners”
:
The commissioners of the Issuer as at the date of this Information Memorandum, unless otherwise stated.
“Companies Act”
:
The Companies Act, Chapter 50 of Singapore, as amended or modified from time to time.
“Conditions”
:
The terms and conditions of the Notes. 10
“Couponholders”
:
The several persons who are for the time being the holders of the Coupons.
“Coupons”
:
The bearer coupons relating to the Definitive Notes or, as the context may require, a specific number of them and includes any replacement Coupons issued pursuant to the Conditions.
“Deadweight tonnage” or “DWT” :
One DWT equals 1,000 kilograms and is a measurement which refers to the weight of cargo and consumables that a ship is designed to carry in metric tons.
“Definitive Note”
:
A definitive Note in bearer form, being substantially in the form set out in Part I of Schedule 1 to the Trust Deed and having, where appropriate, Coupons attached on issue.
“Directors”
:
The directors of the Issuer as at the date of this Information Memorandum, unless otherwise stated.
“DNV”
:
Det Norske Veritas.
“DSV”
:
Diving support vessel(s).
“FY”
:
Financial year ended or, as the case may be, ending 31 December.
“Global Note”
:
The global Note representing the Notes.
“Indonesia Stock Exchange”
:
The stock exchange of the Republic of Indonesia (PT. Bursa Efek Indonesia).
“Interest Payment Date”
:
3 February and 3 August in each year.
“IPO”
:
The listing of the Issuer on the Indonesian Stock Exchange.
“ISO”
:
International Standards Organisation.
“Issue”
:
The proposed issue of the Notes by the Issuer.
“ITA”
:
The Income Tax Act, Chapter 134 of Singapore, as amended or modified from time to time.
“Latest Practicable Date”
:
3 December 2014.
“LC Proceeds Account”
:
The Singapore dollar account established in the name of the Trustee with the LC Proceeds Account Bank and any other account or accounts which replace(s) or is/are a substitute for the LC Proceeds Account.
“LC Proceeds Account Bank”
:
United Overseas Bank Limited.
“LCT”
:
Landing craft transport. This is a support vessel for offshore activities, which can be used to move equipment and heavy machinery from vessels to mainland.
“MAS”
:
The Monetary Authority of Singapore.
“Noteholders”
:
The persons who are for the time being holders of the Notes. 11
“Notes”
:
The S$50,000,000 2.93 per cent. Credit Enhanced Notes Due 2020.
“offshore vessels”
:
OSV, AWB, DSV, LCT, crew boat, utility boat, tugs and barges.
“OHSAS 18001”
:
An international occupational health and safety management system specification.
“OJK”
:
The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan).
“OSV”
:
Offshore support vessel(s) namely, AHT, AHTS, AHTS-DP and PSV.
“Pre-funding Account”
:
The Singapore dollar account established in the name of the Issuer with the Pre-funding Account Bank and any other account or accounts which replace(s) or is/are a substitute for the Prefunding Account.
“Pre-funding Account Bank”
:
United Overseas Bank Limited.
“Principal Paying Agent”
:
Deutsche Bank AG, Singapore Branch, or any sucessor paying agent.
“PRL”
:
Pacific Radiance Ltd.
“PSV”
:
Platform supply vessels(s) used to supply piping and project equipment.
“Rp”
:
Rupiah.
“Securities Act”
:
The Securities Act of 1933 of the United States, as amended.
“SFA”
:
The Securities and Futures Act, Chapter 289 of Singapore, as amended or modified from time to time.
“SGX-ST”
:
The Singapore Exchange Securities Trading Limited.
“Shares”
:
The ordinary shares in the capital of the Issuer.
“SME”
:
Small and medium enterprise.
“Subscription Agreement”
:
The Subscription Agreement dated 26 January 2015 made between (1) the Issuer, as issuer, and (2) the Lead Manager, as lead manager, as amended, varied or supplemented from time to time.
“subsidiary”
:
Any company which is for the time being a subsidiary (within the meaning of Section 5 of the Companies Act) of the Issuer, or any company of which the Issuer owns more than 50 per cent. of the issued share capital of, or which the Issuer has an ability to determine, indirectly or indirectly, by any means, the management and/or policy of.
“S$” or “Singapore dollars”
:
The lawful currency of Singapore.
“S&P”
:
Standard & Poor’s Ratings Services, a division of The McGrawHill Companies.
12
“TB” or “tug”
:
A vessel that manoeuvres other vessels by pushing or towing them and includes flat top barges.
“Trust Deed”
:
The Trust Deed to be made between (1) the Issuer, as issuer, and (2) the Trustee, as trustee, as amended, varied or supplemented from time to time.
“Trustee”
:
DB International Trust (Singapore) Limited.
“UB” or “utility”
:
An OSV generally used to transport boat crew and small mining equipment.
“UOB”
:
United Overseas Bank Limited.
“UOB Australia”
:
UOB Australia Limited.
“UOB China”
:
United Overseas Bank (China) Limited.
“UOB Group”
:
UOB and its subsidiaries.
“UOB Indonesia”
:
PT Bank UOB Indonesia.
“UOB Malaysia”
:
United Overseas Bank (Malaysia) Bhd.
“UOB Philippines”
:
United Overseas Bank Philippines.
“United States” or “U.S.”
:
United States of America.
“UOB Thailand”
:
United Overseas Bank (Thai) Public Company Limited.
“UOBAM”
:
UOB Asset Management Ltd.
“UOBVM”
:
UOB Venture Management Private Limited.
“UOBGC”
:
UOB Global Capital LLC.
“US$” or “U.S. Dollars”
:
United States dollars and, respectively.
“%”
:
per cent.
“3Q”
:
Financial period ended or, as the case may be, ending 30 September.
Words importing the singular shall, where applicable, include the plural and vice versa, and words importing the masculine gender shall, where applicable, include the feminine and neuter genders. References to persons shall, where applicable, include corporations. Any reference to a time of day in this Information Memorandum shall be a reference to Singapore time unless otherwise stated. Any reference in this Information Memorandum to any enactment is a reference to that enactment as for the time being amended or re-enacted. Any word defined under the Companies Act or the SFA or any statutory modification thereof and used in this Information Memorandum shall, where applicable, have the meaning ascribed to it under the Companies Act or, as the case may be, the SFA. Certain figures included in this Information Memorandum have been subject to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.
13
CORPORATE INFORMATION Issuer
:
PT Logindo Samudramakmur Tbk.
The Commissioners
:
Mr. Pang Yoke Min (President Commissioner) Ms. Merna Logam (Commissioner) Ms. Estherina Arianti Djaja (Independent Commissioner)
The Directors
:
Mr. Eddy Kurniawan Logam (President Director) Mr. Mok Weng Vai (Deputy President Director) Mr. Rudy Kurniawan Logam (Operations Director) Mr. Loo Choo Leong (Finance Director) Mr. Rudy Kusworo (Operations Support Director) Mr. Meyrick Alda Sumantri (Independent Director)
Company Secretary
:
Mr. Sundap Carulli
Registered Office
:
Graha Corner Stone, Jalan Rajawali Selatan II No. 1, Jakarta, Indonesia
Auditors to the Issuer
:
Purwantono, Suherman & Surja
Lead Manager of the Issue
:
United Overseas Bank Limited 80 Raffles Place #03-01 UOB Plaza 1 Singapore 048624
Legal Advisers to the Lead Manager as to : Singapore law
Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989
Legal Advisers to the Issuer as to Singapore law
:
TSMP Law Corporation 6 Battery Road Level 41 Singapore 049909
Legal Advisers to the Issuer as to Indonesian law
:
Hanafiah Ponggawa & Partners Wisma 46 – Kota BNI, 32nd, 41st Fl. Jl. Jend. Sudirman Kav. 1, Jakarta 10220 Indonesia
Principal Paying Agent for the Notes
:
Deutsche Bank AG, Singapore Branch One Raffles Quay #17-00 South Tower Singapore 048583
Trustee for the Noteholders
:
DB International Trust (Singapore) Limited One Raffles Quay #17-00 South Tower Singapore 048583
Legal Advisers to the Principal Paying Agent and the Trustee
:
Allen & Gledhill LLP One Marina Boulevard #28-00 Singapore 018989
14
SUMMARY OF THE PROPOSED ISSUE The following summary is derived from, and should be read in conjunction with, the full text of this Information Memorandum (and any relevant supplement to this Information Memorandum), the Agency Agreement, the Account Bank Agreement and the Trust Deed including, without limitation, the terms and conditions of the Notes. Issuer
:
PT Logindo Samudramakmur Tbk.
Lead Manager
:
United Overseas Bank Limited.
Principal Paying Agent
:
Deutsche Bank AG, Singapore Branch.
Trustee
:
DB International Trust (Singapore) Limited.
LC Bank
:
United Overseas Bank Limited.
Description
:
S$50,000,000 2.93 Per Cent. Notes due 2020.
Issue Price
:
100 per cent.
Mandatory Redemption
:
Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on 3 February 2020.
Interest
:
The Notes will bear interest from 3 February 2015 at the rate of 2.93 per cent. per annum, payable semi-annually in arrear on 3 February and 3 August in each year.
Standby Letter of Credit
:
The Notes will have the benefit of an irrevocable and unconditional Standby Letter of Credit denominated in Singapore dollars issued by United Overseas Bank Limited as the LC Bank in favour of the Trustee. The Standby Letter of Credit shall be drawable by the Trustee as the beneficiary under the Standby Letter of Credit on behalf of the Noteholders upon the presentation of a demand by facsimile sent by the Trustee to the effect that (i) the Issuer has failed to comply with Condition 2(b) (Standby Letter of Credit and Pre-funding) of the Notes in relation to pre-funding an amount that is payable under the Conditions or (ii) an Event of Default (as defined in Condition 9) has occurred and the Trustee has given notice to the Issuer that the Notes are immediately due and payable in accordance with Condition 9 or (iii) the Issuer has failed to pay the fees and expenses in connection with the Notes or the Trust Deed when due and such failure continues for a period of seven days from the date of the Trustee delivering its demand therefor to the Issuer. Please see the section “Terms and Conditions of the Notes – Status and Standby Letter of Credit and Pre-funding – Standby Letter of Credit and Pre-funding”, and “Appendix V – Form of Standby Letter of Credit”.
Pre-funding
:
(i)
In order to provide for the payment of any amount in respect of the Notes (other than the Mandatory Redemption Amount payable under Condition 5(d) (Mandatory redemption upon Pre-funding Failure) or Condition 5(e) (Mandatory redemption upon the Standby Letter of Credit ceasing to be enforceable)) (the “Relevant Amount”) as the same shall 15
become due, the Issuer shall by no later than the date falling 10 Business Days (the “Pre-funding Date”) prior to the due date for such payment under the Conditions:
(ii)
(1)
unconditionally pay or procure to be paid the Relevant Amount into the Pre-funding Account; and
(2)
deliver to each of the Trustee and the Principal Paying Agent (A) a copy of a Payment and Solvency Certificate signed by any Director of the Issuer, and (B) a copy of the irrevocable Pre-funding Account Withdrawal Instruction from the Issuer to the Prefunding Account Bank instructing the Pre-funding Account Bank to withdraw the Relevant Amount from the Pre-funding Account and to pay such Relevant Amount in full to the Principal Paying Agent by no later than 11.00 a.m. (Singapore time) on the Business Day immediately preceding the due date for such payment (together, the “Required Confirmations”).
If the Relevant Amount has not been paid into the Prefunding Account in full, or the Trustee does not receive the Required Confirmations, in each case by 11.00 a.m. (Singapore time) on the Business Day immediately following the Pre-funding Date (the “Pre-funding Failure”): (x) the Pre-funding Account Bank shall notify the Trustee forthwith upon the failure by the Issuer to pay the Relevant Amount into the Pre-funding Account in accordance with the Conditions, and (y) the Trustee shall: (1)
(2)
as soon as practicable: (a)
notify the LC Bank and the LC Proceeds Account Bank by facsimile of the occurrence of the Pre-funding Failure; and
(b)
and in any event no later than five Business Days after the occurrence of the Pre-funding Failure, give written notice to the Noteholders of (i) the Pre-funding Failure and (ii) the redemption of the Notes as a result of the Prefunding Failure in accordance with Condition 5( d) (Mandatory Redemption upon Prefunding Failure);
by no later than 11:00 a.m. (Singapore time) on the second Business Day following the Pre-funding Date, issue a demand to the LC Bank for the Mandatory Redemption Amount (as defined under Condition 5(d) (Mandatory Redemption upon Prefunding Failure)), together with interest accrued to but excluding the Mandatory Redemption Date (as defined in Condition 5(d) (Mandatory Redemption upon Pre-funding Failure)) and all fees and expenses of the Trustee then outstanding, provided that, in accordance with the terms of the Standby Letter of Credit, the Trustee need not physically present the Standby Letter of Credit to the LC Bank and shall be entitled to draw on the Standby Letter of Credit 16
by way of a demand issued via facsimile sent on its behalf (with the original copy of the demand delivered to the LC Bank no later than two Business Days thereafter). After receipt by the LC Bank of such Demand, the LC Bank shall by 11:00 a.m. (Singapore time) on the fourth Business Day immediately following receipt of such Demand (or, if such Demand is received after 11:00 a.m. (Singapore time) on a Business Day, the fifth Business Day after such Business Day) (“LC Demand Payment Date”), pay to or to the order of the Trustee the amount in Singapore dollars specified in the Demand to the LC Proceeds Account. Please see the section “Terms and Conditions of the Notes – Status and Standby Letter of Credit and Pre-funding – Standby Letter of Credit and Pre-funding” and “Appendix V – Form of Standby Letter of Credit”. Form and Denomination of the Notes
:
The Notes are issued in bearer form in denominations of S$250,000 each with Coupons attached on issue.
Status of the Notes
:
The Notes and Coupons constitute direct, unsubordinated, unconditional and unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference or priority among themselves. The payment obligations of the Issuer under the Notes and Coupons shall, at all times rank pari passu with all other present and future unsecured and unsubordinated obligations (other than subordinated obligations and priorities created by law) of the Issuer.
Redemption upon Cessation of Trading of Shares
:
In the event that the shares of the Issuer cease to be traded on the Indonesia Stock Exchange, the Issuer shall, at the option of the holder of any Note, redeem such Note at its principal amount together with interest accrued to the date fixed for redemption on the Interest Payment Date immediately following such event or, if earlier, the date falling 45 days after the Effective Date. The Issuer shall within seven days after the Effective Date, give notice to the Trustee, the Principal Paying Agent and the Noteholders of the occurrence of the event specified in Condition 5(c) (provided that any failure by the Issuer to give such notice shall not prejudice any Noteholder of such option). “Effective Date” means the date of cessation of trading in the shares of the Issuer on the Indonesia Stock Exchange. Please see the section “Terms and Conditions of the Notes – Redemption and Purchase – Redemption Upon Cessation of Trading of Shares”.
Redemption for Taxation Reasons :
The Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date or at any time on giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall be irrevocable), at their principal amount (together with interest accrued to (but excluding) the date fixed for redemption), if: (i)
the Issuer has or will become obliged to pay Additional Amounts (as defined in the Conditions) as provided or referred to in Condition 7, or increase the payment of 17
such Additional Amounts, as a result of any change in, or amendment to, the laws (or any regulations, rulings or other administrative pronouncements promulgated thereunder) of Indonesia or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws, regulations, rulings or other administrative pronouncements, which change or amendment is made public on or after 3 February 2015; and (ii)
such obligations cannot be avoided by the Issuer taking reasonable measures available to it,
PROVIDED THAT no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Notes then due. Please see the section “Terms and Conditions of the Notes Redemption and Purchase – Redemption for Taxation Reasons”. Redemption Upon Pre-funding Failure
:
The Notes shall be redeemed at their principal amount (the “Mandatory Redemption Amount”) on the Interest Payment Date immediately falling after the date the Pre-funding Failure Notice is given to the Noteholders in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding) (the “Mandatory Redemption Date”), together with interest accrued to, but excluding, the Mandatory Redemption Date. If the holder of any Note shall have exercised its right to require the Issuer to redeem its Note under Condition 5(c) (Redemption Upon Cessation of Trading of Shares) and a Pre-funding Failure Notice is given to the Noteholders in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding) as a result of the Pre-funding Failure relating to the amount payable pursuant to such redemption, the Notes shall be redeemed in whole, but not in part, at the Mandatory Redemption Amount in accordance with Condition 5(d) (Mandatory redemption upon Pre-funding Failure) on the Put Settlement Date (as defined in the Conditions), together with interest accrued to but excluding such Put Settlement Date, provided that if such Pre-funding Failure occurs and concurrently the Pre-funding Failure Notice has been given or is given to the Noteholders in respect of a scheduled payment of principal or interest payable under Condition 4 (Interest) or Condition 5(a) (Final Redemption), the Put Settlement Date shall be the Mandatory Redemption Date. Please see the section “Terms and Conditions of the Notes – Redemption and Purchase – Mandatory Redemption upon Prefunding Failure”.
Redemption upon Standby Letter : of Credit ceasing to be enforceable
The Notes shall be redeemed at their principal amount, together with interest accrued up to but excluding the date of redemption, immediately upon it being or becoming unlawful for the LC Bank to perform or comply with any one or more of its obligations under the Standby Letter of Credit and the LC Bank fails to obtain the necessary waiver(s) or approval(s) or complete such other necessary remedial action(s) (if any) within 30 days of such unlawfulness coming into effect such that the LC Bank may lawfully perform and comply with such obligations. 18
Please see the section “Terms and Conditions of the Notes – Redemption and Purchase – Mandatory Redemption upon Standby Letter of Credit ceasing to be enforceable”. Negative Pledge
:
Please see Condition 3(a) (Covenants – Negative Pledge) of the Notes.
Financial Covenants
:
Please see Condition 3(b) (Covenants – Financial Covenants) of the Notes.
Ratings
:
The Notes are expected to be rated “AA-” by S&P. Such rating of the Notes does not constitute a recommendation to buy, sell or hold the Notes and may be subject to revision or withdrawal at any time by S&P.
Custody of the Notes
:
The Notes will be cleared through CDP and are to be kept with CDP as authorised depository.
Listing, trading and exchange of : the Global Note for Notes in their definitive form
Application will be made to the SGX-ST for the listing and quotation of the Notes on the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained herein. Admission to the Official List of the SGX-ST and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of the Issuer, its subsidiaries (if any), its associated companies (if any) or the Notes. The Notes will be traded in a minimum board lot size of S$250,000 so long as any of the Notes are listed on the SGX-ST and the rules of the SGX-ST so require. For so long as any of the Notes are listed on the SGX-ST and the rules of the SGX-ST so require, the Issuer will appoint and maintain a paying agent in Singapore, where the Notes may be presented or surrendered for payment or redemption, in the event that the Global Note is exchanged for Notes in their definitive form. In addition, in the event that the Global Note is exchanged for Notes in their definitive form, an announcement of such exchange shall be made by the Issuer or on its behalf through the SGX-ST and such announcement will include all material information with respect to the delivery of the Notes in their definitive form, including details of the paying agent in Singapore.
Events of Default
:
The Notes will contain certain events of default provisions, including without limitation, certain events of default in respect of the LC Bank, as further described in “Terms and Conditions of the Notes – Events of Default”.
Taxation
:
All payments in respect of the Notes and the Coupons by the Issuer shall be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within Singapore or Indonesia or any authority thereof or therein having power to tax, unless such deduction or withholding is required by law. Where such withholding or deduction is in respect of Indonesian withholding tax on premium or interest payments at the rate of up to 20 per cent., the Issuer will increase the amount
19
of premium or interest paid by it to the extent required so that the amount of premium or interest received by the Noteholders amounts to the relevant amount of the premium or interest which otherwise would have been receivable had no such withholding or deduction been required. In the event that any such additional withholding or deduction in excess of 20 per cent. in respect of premium or interest is required to be made, the Issuer shall pay such Additional Amounts as will result in the receipt by the Noteholders and the Couponholders of such amounts as would have been received by them had no such deduction or withholding been required subject to the exceptions provided in Condition 7 of the Notes. Please see the section “Terms and Conditions of the Notes – Taxation”. Selling Restrictions
:
For a description of certain restrictions on offers, sales and deliveries of Notes and the distribution of offering material relating to the Notes, see the section “Subscription, Purchase and Distribution”.
Governing Law
:
The Notes will be governed by, and construed in accordance with, the laws of Singapore.
20
TERMS AND CONDITIONS OF THE NOTES The following, subject to completion and amendment, are the terms and conditions of the Notes substantially as they will appear on the reverse of the Notes in definitive form (if issued). The issue of the S$50,000,000 2.93 per cent. Credit Enhanced Notes due 2020 (the “Notes” which term shall include, unless the context requires otherwise, any further notes issued in accordance with Condition 13 and consolidated and forming a single series therewith) was authorised by a resolution of the board of commissioners of PT Logindo Samudramakmur Tbk (the “Issuer”) passed on 9 December 2014. The Notes are constituted by a Trust Deed (the “Trust Deed”) dated on or about 3 February 2015 between (1) the Issuer and (2) DB International Trust (Singapore) Limited (the “Trustee”, which expression shall wherever the context so admits include all persons for the time being the trustee or trustees under the Trust Deed) as trustee for the Noteholders (as defined below). The Notes are the subject of an agency agreement (the “Agency Agreement”) dated on or about 3 February 2015 between (1) the Issuer, (2) the Trustee and (3) Deutsche Bank AG, Singapore Branch, as principal paying agent (the “Principal Paying Agent”), and an account bank agreement (the “Account Bank Agreement”) between (1) the Issuer, (2) the Trustee, (3) United Overseas Bank Limited as the account bank (the “Pre-funding Account Bank”) where the Pre-funding Account (as defined below) is held, (4) United Overseas Bank Limited as the account bank (the “LC Proceeds Account Bank”) where the LC Proceeds Account (as defined below) is held and (5) the LC Bank (as defined below). References herein to “Agents” means the Principal Paying Agent and any other agent or agents appointed from time to time with respect to the Notes. The Notes will have the benefit of an irrevocable standby letter of credit (the “Standby Letter of Credit”) dated 3 February 2015 issued by United Overseas Bank Limited (the “LC Bank”). The Noteholders and the holders of the coupons (the “Coupons”) appertaining to the interest-bearing Notes (the “Couponholders”) are bound by and are deemed to have notice of all the provisions of the Trust Deed, the Agency Agreement, the Account Bank Agreement and the Standby Letter of Credit. Copies of the Trust Deed, the Agency Agreement, the Account Bank Agreement and the Standby Letter of Credit are available for inspection by Noteholders at all reasonable times during usual business hours at the principal place of business of the Trustee (presently at One Raffles Quay #16-00 South Tower Singapore 048583) and at the specified office for the time being of the Principal Paying Agent. All capitalised terms that are not defined in these terms and conditions (the “Conditions”) will have the meanings given to them in the Trust Deed. 1.
Form, Denomination and Title The Notes are serially numbered and in bearer form in the denomination of S$250,000 each with Coupons attached on issue. Title to the Notes and the Coupons passes by delivery. For as long as any of the Notes is represented by the Global Note and the Global Note is held by The Central Depository (Pte) Limited (the “Depository”), each person who is for the time being shown in the records of the Depository as the holder of a particular principal amount of such Notes (in which regard any certificate or other document issued by the Depository as to the principal amount of such Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated by the Issuer, the Principal Paying Agent and the Trustee as the holder of such principal amount of Notes other than with respect to the payment of principal, premium (if any), interest and any other amounts in respect of the Notes, for which purpose the bearer of the Global Note shall be treated by the Issuer, the Principal Paying Agent and the Trustee as the holder of such Notes in accordance with and subject to the terms of the Global Note (and the expressions “Noteholder” and “holder of Notes” and related expressions shall be construed accordingly). Notes which are represented by the Global Note will be transferable only in accordance with the rules and procedures for the time being of the Depository. In these Conditions, “Noteholder” and (in relation to a Note or Coupon) “holder” means the bearer of any Note or Coupon (as the case may be). Except as ordered by a court of competition or as required by law, each of the Issuer, the Principal Paying Agent and the Trustee may deem and treat the holder of any Note or Coupon as the absolute owner thereof (notwithstanding any notice to the contrary and whether or not such Note or Coupon shall be overdue and notwithstanding any
21
notation of ownership or writing thereon or notice of any previous loss or theft or forgery thereof) for the purpose of receiving payment thereof or on account thereof and for all other purposes and no person shall be liable for so treating the holder. 2.
Status and Standby Letter of Credit and Pre-funding (a)
Status The Notes and Coupons constitute direct, unsubordinated, unconditional and unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference or priority among themselves. The payment obligations of the Issuer under the Notes and Coupons shall, at all times rank pari passu with all other present and future unsecured and unsubordinated obligations (other than subordinated obligations and priorities created by law) of the Issuer.
(b)
Standby Letter of Credit and Pre-funding (i)
The Notes will have the benefit of the Standby Letter of Credit issued in favour of the Trustee, on behalf of the holders of the Notes, by the LC Bank. The Standby Letter of Credit shall be drawable by the Trustee as beneficiary under the Standby Letter of Credit on behalf of the Noteholders upon the presentation of a demand by facsimile sent by the Trustee to the effect that (i) the Issuer has failed to comply with this Condition 2(b) (Standby Letter of Credit and Pre-funding) in relation to pre-funding an amount that is payable under these Conditions or (ii) an Event of Default (as defined in Condition 9) has occurred and the Trustee has given notice to the Issuer that the Notes are immediately due and payable in accordance with Condition 9 or (iii) the Issuer has failed to pay the fees and expenses in connection with the Notes or the Trust Deed when due and such failure continues for a period of seven days from the date of the Trustee delivering its demand therefor to the Issuer.
(ii)
Each drawing on the Standby Letter of Credit will be payable in Singapore dollars to or to the order of the Trustee at the time and to the account specified in the demand presented to the LC Bank. Payment received in respect of a demand will be deposited into the LC Proceeds Account.
(iii)
Every payment made under the Standby Letter of Credit in respect of any amount payable under these Conditions or in connection with the Notes or the Trust Deed shall, to the extent of the drawing paid to or to the order of the Trustee, satisfy the obligations of the Issuer in respect of such amount payable under these Conditions or in connection with the Notes or the Trust Deed.
(iv)
The LC Bank’s liability under the Standby Letter of Credit shall be expressed and payable in Singapore dollars and shall not exceed an amount representing the aggregate of the principal amount of the Notes, interest on the Notes payable by the Issuer in accordance with the Conditions and any fees, expenses and other amounts payable by the Issuer under or in connection with the Notes, the Agency Agreement, the Trust Deed and the Account Bank Agreement. The Standby Letter of Credit expires at 5:00 p.m. (Singapore time) on 4 March 2020.
(v)
In order to provide for the payment of any amount in respect of the Notes (other than the Mandatory Redemption Amount (as defined under Condition 5(d) (Mandatory Redemption upon Pre-funding Failure)) payable under Condition 5(d) (Mandatory redemption upon Pre-funding Failure) or Condition 5(e) (Mandatory redemption upon the Standby Letter of Credit ceasing to be enforceable)) (the “Relevant Amount”) as the same shall become due, the Issuer shall by no later than the date falling 10 Business Days (the “Pre-funding Date”) prior to the due date for such payment under these Conditions: (1)
unconditionally pay or procure to be paid the Relevant Amount into the Prefunding Account; and
22
(2)
(vi)
deliver to each of the Trustee and the Principal Paying Agent (A) a copy of a Payment and Solvency Certificate signed by any Director of the Issuer, and (B) a copy of the irrevocable Pre-funding Account Withdrawal Instruction from the Issuer to the Pre-funding Account Bank instructing the Pre-funding Account Bank to withdraw the Relevant Amount from the Pre-funding Account and to pay such Relevant Amount in full to the Principal Paying Agent by no later than 11.00 a.m. (Singapore time) on the Business Day immediately preceding the due date for such payment (together, the “Required Confirmations”).
If the Relevant Amount has not been paid into the Pre-funding Account in full, or the Trustee does not receive the Required Confirmations, in each case by 11.00 a.m. (Singapore time) on the Business Day immediately following the Pre-funding Date (the “Pre-funding Failure”): (x) the Pre-funding Account Bank shall notify the Trustee forthwith upon the failure by the Issuer to pay the Relevant Amount into the Prefunding Account in accordance with these Conditions, and (y) the Trustee shall: (1)
(2)
as soon as practicable: (A)
notify the LC Bank and the LC Proceeds Account Bank by facsimile of the occurrence of the Pre-funding Failure; and
(B)
in any event no later than five Business Days after the occurrence of the Pre-funding Failure, give written notice (the “Pre-funding Failure Notice”) to the Noteholders of (i) the Pre-funding Failure and (ii) the redemption of the Notes as a result of the Pre-funding Failure in accordance with Condition 5(d) (Mandatory Redemption for Pre-funding Failure);
by no later than 11:00 a.m. (Singapore time) on the second Business Day following the Pre-funding Date, issue a Demand to the LC Bank for the Mandatory Redemption Amount, together with interest accrued to but excluding the Mandatory Redemption Date (as defined in Condition 5(d) (Mandatory Redemption for Pre-funding Failure)) and all fees and expenses of the Trustee then outstanding, provided that, in accordance with the terms of the Standby Letter of Credit, the Trustee need not physically present the Standby Letter of Credit to the LC Bank and shall be entitled to draw on the Standby Letter of Credit by way of a Demand issued via facsimile sent on its behalf (with the original copy of the Demand delivered to the LC Bank no later than two Business Days thereafter). After receipt by the LC Bank of such Demand, the LC Bank shall by 11:00 a.m. (Singapore time) on the fourth Business Day immediately following receipt of such Demand (or, if such Demand is received after 11:00 a.m. (Singapore time) on a Business Day, the fifth Business Day after such Business Day) (“LC Demand Payment Date”), pay to or to the order of the Trustee the amount in Singapore dollars specified in the Demand to the LC Proceeds Account; and
(3)
by no later than 3:00 p.m. (Singapore time) on the date falling one Business Day after the LC Demand Payment Date: (A)
deliver to the LC Proceeds Account Bank an irrevocable LC Proceeds Account Withdrawal Instruction instructing the LC Proceeds Account Bank to withdraw the amounts deposited into the LC Proceeds Account by the LC Bank; and
(B)
to the extent that there are amounts standing to the credit of the Prefunding Account, deliver to the Pre-funding Account Bank an irrevocable Pre-funding Account Withdrawal Instruction instructing the Pre-funding Account Bank to withdraw such amounts,
23
in each case, to pay such amounts to the Principal Paying Agent by no later than 5:30 p.m. (Singapore time) on the date falling one Business Day prior to each due date for payment. For the purposes of these Conditions: “Business Day” means a day, other than a Saturday or a Sunday or a gazetted public holiday, on which banks and foreign exchange markets are open for general business in Singapore and Jakarta; “Demand” means a written demand in respect of the Standby Letter of Credit; “LC Proceeds Account” means a Singapore dollar account established in the name of the Trustee with the LC Proceeds Account Bank and any other account or accounts which replace(s) or is/are a substitute for the LC Proceeds Account; “LC Proceeds Account Withdrawal Instruction” means the instruction form in respect of the LC Proceeds Account substantially in the form set forth in the Account Bank Agreement; “Payment and Solvency Certificate” means a certificate, in substantially the form set forth in the Account Bank Agreement, stating the Relevant Amount in respect of the relevant due date in respect of the Notes and confirming that (i) a payment for the Relevant Amount has been made by the Issuer to the Pre-funding Account in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding) and (ii) the Issuer is solvent; “Pre-funding Account” means a Singapore dollar account established in the name of the Issuer with the Pre-funding Account Bank and any other account or accounts which replace(s) or is/are a substitute for the Pre-funding Account; and “Pre-funding Account Withdrawal Instruction” means the instruction form in respect of the Pre-funding Account substantially in the form set forth in the Account Bank Agreement. 3.
Covenants (a)
Negative Pledge The Issuer has covenanted with the Trustee in the Trust Deed that so long as any of the Notes or Coupons remains outstanding, it will not, and will ensure that none of its subsidiaries will, create or permit to be created or have outstanding any security on or over the whole or any part of their respective undertakings, assets, property, revenues or rights to receive dividends, present or future, save for: (i)
any security created over any asset existing on the date of the Trust Deed which has been disclosed to the Trustee in writing on or prior to the date of the Trust Deed and any security to be created over such asset in connection with the extension or refinancing of the original credit facilities secured by such asset;
(ii)
any liens or rights of set-off arising solely by operation of law and in the ordinary course of its business, in respect of indebtedness which either (1) has been due for less than 14 days or (2) is being contested in good faith and by appropriate means;
(iii)
any security over any assets acquired (including acquisitions by way of acquisition of the shares or interest in the company or any entity owning (whether directly or indirectly) such assets) and/or developed by it ((in the case of a development of such asset) whether such assets are acquired before or after the date of the Trust Deed) after the date of the Trust Deed for the purpose of financing or refinancing the acquisition or development of such assets;
24
(b)
(iv)
any security (including security over revenue arising from the operation of, and insurance proceeds arising from, its assets) in favour of banks to secure the performance of its bids or maintenance of its performance bonds, warranties and/or guarantees issued in the ordinary course of business;
(v)
any security created by way of a fixed and/or floating charge on or over its assets for the purpose of securing working capital facilities granted in the ordinary course of business; and
(vi)
any other security created or permitted to subsist, the terms of which have been approved by the Noteholders by way of an Extraordinary Resolution.
Financial Covenants The Issuer has further covenanted with the Trustee in the Trust Deed that for so long as any of the Notes or Coupons remains outstanding, it will ensure that: (i)
the Consolidated Tangible Net Worth will not at any time be less than US$75,000,000;
(ii)
the ratio of the Consolidated Total Borrowings to the Consolidated Tangible Net Worth will not at any time be more than 3.0:1; and
(iii)
the ratio of the EBITDA to the Interest Expense will not at any time be less than 2.75:1.
For the purposes of the Trust Deed and these Conditions: (1)
“Consolidated Tangible Net Worth” means the amount for the time being equal to the aggregate of: (A)
the nominal capital of the Issuer for the time being issued and paid up;
(B)
the amounts standing to the credit of the capital and revenue reserves (including share premium account, capital redemption reserve fund and profit and loss account) on a consolidated basis; and
(C)
the amount standing to the credit of the revaluation surplus on a consolidated basis,
all as shown in the Financial Statements but after (to the extent that the following items have not already been added, deducted or excluded in arriving at the amounts referred to in (A), (B) and (C) above): (aa)
making such adjustments as may be appropriate in respect of any variation in the issued and paid up share capital, and the capital and revenue reserves on a consolidated basis of the Issuer since the date of the Financial Statements;
(bb)
excluding any sums set aside for future taxation; and
(cc)
deducting: (I)
an amount equal to any distribution by any member of the Group out of profits earned prior to the date of the Financial Statements and which has been declared, recommended or made since that date except so far as provided for in such Financial Statements and/or paid or due to be paid to members of the Group;
(II)
any amounts attributable to minority interests;
(III)
all goodwill and other intangible assets;
25
(2)
(3)
(IV)
any debit balances on consolidated profit and loss account for the relevant period; and
(V)
any negative amount attributable to a revaluation of assets on a consolidated basis since the date of the Financial Statements;
“Consolidated Total Borrowings” means in relation to the Group, an amount for the time being, calculated on a consolidated basis, equal to the aggregate (without double counting) of: (A)
the outstanding principal amount of any moneys borrowed by any member of the Group and any outstanding overdraft debit balance of any member of the Group;
(B)
the outstanding principal amount of the Notes or any bonds, debentures or debt instruments of any member of the Group, whether offered, issued or distributed by way of public offer, private placing, acquisition, consideration or otherwise and whether issued for cash or a consideration other than cash; and
(C)
all other indebtedness or liabilities whatsoever of the Group for borrowed moneys;
“EBITDA” means the net pre-taxation profits of the Issuer for a Measurement Period and all as adjusted by: (a)
adding back Interest Expense;
(b)
taking no account of any exceptional or extraordinary item;
(c)
excluding any amount attributable to minority interests; and
(d)
adding back depreciation and amortisation,
as derived from the Financial Statements; (4)
“Financial Statements” means the most recently published audited consolidated financial statements of the Group or the most recent half-year unaudited interim consolidated financial statements of the Group, as the case may be or (if the Issuer has no subsidiaries) the most recently published audited financial statements of the Issuer or the most recent half-year unaudited interim financial statements of the Issuer, as the case may be;
(5)
“Interest Expense” means all interest as shown in the income statements of the Financial Statements under the line item “Finance Costs” or “Interest Expense”, including interest capitalised into fixed assets, as the case may be, incurred by the Issuer during a Measurement Period; and
(6)
“Measurement Period” means each financial half-year of the Issuer and each financial year of the Issuer.
For the avoidance of doubt, for the purposes of these definitions, any preference shares issued by the Issuer or any other member of the Group which are accounted for as “debt” or “equity”, as the case may be, shall be treated as such. (c)
Rating Agency The Issuer undertakes, inter alia, that so long as any Note remains outstanding, save with the approval of an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders, it will use its best endeavours to maintain a rating on the Notes by a Rating Agency. In these Conditions: 26
4.
(i)
“Rating Agency” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.; and
(ii)
“subsidiary” means (a) any company which is for the time being a subsidiary (within the meaning of Section 5 of the Companies Act, Chapter 50 of Singapore) of the Issuer, or (b) any company which the Issuer owns more than 50 per cent. of the issued share capital of, or which the Issuer has an ability to determine, directly or indirectly, by any means, the management and/or policy of.
Interest The Notes bear interest from 3 February 2015 at the rate of 2.93 per cent. per annum (the “Interest Rate”), payable semi-annually in arrear on 3 February and 3 August in each year (each, an “Interest Payment Date”). Each Note will cease to bear interest from the due date for redemption unless, upon due presentation, payment of principal is improperly withheld or refused. In such event, it shall continue to bear interest at the rate as aforesaid (both before and after any judgment) until whichever is the earlier of (a) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and (b) the day which is seven days after the Trustee or the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of all the Note up to such seventh day (except to such extent that there is any subsequent default in payment). If interest is required to be calculated for a period of less than one year, it will be calculated on the basis of a 365-day year and the actual number of days elapsed.
5.
Redemption and Purchase (a)
Final Redemption Unless previously redeemed, or purchased and cancelled, the Notes will be redeemed at their principal amount on 3 February 2020 (the “Maturity Date”). The Notes may not be redeemed at the option of the Issuer other than in accordance with this Condition.
(b)
Redemption for Taxation Reasons The Notes may be redeemed at the option of the Issuer in whole, but not in part, on any Interest Payment Date or at any time on giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall be irrevocable), at their principal amount (together with interest accrued to (but excluding) the date fixed for redemption), if: (i)
the Issuer has or will become obliged to pay Additional Amounts as provided or referred to in Condition 7, or increase the payment of such Additional Amounts, as a result of any change in, or amendment to, the laws (or any regulations, rulings or other administrative pronouncements promulgated thereunder) of Indonesia or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws, regulations, rulings or other administrative pronouncements, which change or amendment is made public on or after 3 February 2015; and
(ii)
such obligations cannot be avoided by the Issuer taking reasonable measures available to it,
PROVIDED THAT no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Notes then due. The Issuer will furnish to the Rating Agency a copy of any notice of redemption given under this Condition 5(b), at or about the same time as such notice is given to the Noteholders. Prior to the publication of any notice of redemption pursuant to this Condition 5(b), the Issuer shall deliver to the Trustee and the Principal Paying Agent:
27
(c)
(i)
a certificate signed by a duly authorised director or officer of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred; and
(ii)
an opinion of independent legal, tax or any other professional advisers of recognised standing to the effect that the Issuer has or is likely to become obliged to pay such Additional Amounts as a result of such change or amendment.
Redemption upon Cessation of Trading of Shares In the event that the shares of the Issuer cease to be traded on the Indonesia stock exchange (PT Bursa Efek Indonesia) (the “Indonesia Stock Exchange”), the Issuer shall, at the option of the holder of any Note, redeem such Note at its principal amount together with interest accrued to the date fixed for redemption on the Interest Payment Date immediately following such event or, if earlier, the date falling 45 days after the Effective Date (as defined below). The Issuer shall within seven days after the Effective Date, give notice to the Trustee, the Principal Paying Agent and the Noteholders of the occurrence of the event specified in this Condition 5(c) (provided that any failure by the Issuer to give such notice shall not prejudice any Noteholder of such option). To exercise such option, the holder must deposit such Note (together with all unmatured Coupons) with any Principal Paying Agent at its specified office, together with an exercise notice in the form obtainable from any Principal Paying Agent or the Issuer (as applicable), no later than 21 days after the Effective Date (the “Put Settlement Date”). Any Note so deposited may not be withdrawn (except as provided in the Agency Agreement) without the prior consent of the Issuer. In this Condition 5(c), “Effective Date” means the date of cessation of trading in the shares of the Issuer on the Indonesia Stock Exchange.
(d)
(e)
Mandatory redemption upon Pre-funding Failure (i)
The Notes shall be redeemed at their principal amount (the “Mandatory Redemption Amount”) on the Interest Payment Date immediately falling after the date the Prefunding Failure Notice is given to the Noteholders in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding) (the “Mandatory Redemption Date”), together with interest accrued to, but excluding, the Mandatory Redemption Date.
(ii)
If the holder of any Note shall have exercised its right to require the Issuer to redeem its Note under Condition 5(c) (Redemption Upon Cessation of Trading of Shares) and a Pre-funding Failure Notice is given to the Noteholders in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding) as a result of the Prefunding Failure relating to the amount payable pursuant to such redemption, the Notes shall be redeemed in whole, but not in part, at the Mandatory Redemption Amount in accordance with this Condition 5(d) (Mandatory redemption upon Pre-funding Failure) on the Put Settlement Date, together with interest accrued to but excluding such Put Settlement Date, provided that if such Pre-funding Failure occurs and concurrently the Pre-funding Failure Notice has been given or is given to the Noteholders in respect of a scheduled payment of principal or interest payable under Condition 4 (Interest) or Condition 5(a) (Final Redemption), the Put Settlement Date shall be the Mandatory Redemption Date.
Mandatory redemption upon Standby Letter of Credit ceasing to be enforceable The Notes shall be redeemed at their principal amount, together with interest accrued up to but excluding the date of redemption, immediately upon it being or becoming unlawful for the LC Bank to perform or comply with any one or more of its obligations under the Standby Letter of Credit and the LC Bank fails to obtain the necessary waiver(s) or approval(s) or complete such other necessary remedial action(s) (if any) within 30 days of such unlawfulness coming into effect such that the LC Bank may lawfully perform and comply with such obligations.
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(f)
Purchase The Issuer and/or any of its related corporations may at any time purchase Notes at any price (provided that they are purchased together with all unmatured Coupons relating to them) in the open market or otherwise, provided that in any such case such purchase or purchases is in compliance with all relevant laws, regulations and directives. Notes purchased by the Issuer and/or any of its related corporations may be surrendered by the purchaser through the Issuer to the Principal Paying Agent for cancellation or may at the option of the Issuer or relevant related corporation be held or resold. For the purposes of these Conditions, “directive” includes any present or future directive, regulation, request, requirement, rule or credit restraint programme of any relevant agency, authority, central bank department, government, legislative, minister, ministry, official public or statutory corporation, self-regulating organisation, or stock exchange.
(g)
Cancellation All Notes purchased by or on behalf of the Issuer and/or any of its related corporations may be surrendered for cancellation by surrendering each such Note together with all unmatured Coupons to the Principal Paying Agent at its specified office and, if so surrendered, shall, together with all Notes redeemed by the Issuer, be cancelled forthwith (together with all unmatured Coupons surrendered therewith). Any Note so surrendered for cancellation may not be reissued or resold.
6.
Payments (a)
Principal and Interest Payments of principal and interest in respect of each Note will be made against presentation and surrender (or, in the case of part payment only, endorsement) of the relevant Notes, except that payment of interest on an Interest Payment Date will be made against presentation and surrender (or, in the case of part payment only, endorsement) of the relevant Coupon, in each case at the specified office of the Principal Paying Agent by a Singapore Dollar cheque drawn on, or, at the option of the holders, by transfer to a Singapore Dollar account maintained by the payee with a bank in Singapore.
(b)
Payments subject to applicable laws All payments are subject in all cases to any applicable fiscal or other laws, regulations and directives, but without prejudice to the provisions of Condition 7. No commission or expenses shall be charged to the Noteholders or Couponholders in respect of such payments.
(c)
Unmatured Coupons Each Note should be presented for redemption together with all unmatured Coupons relating to it, failing which the amount of any such missing unmatured Coupon (or, in the case of payment not being made in full, that proportion of the amount of such missing unmatured Coupon which the sum of principal so paid bears to the total principal amount due) will be deducted from the sum due for payment. Each amount of principal so deducted will be paid in the manner mentioned above against surrender of the relevant missing Coupon not later than three years after the Relevant Date (as defined in Condition 7) for the relevant payment of principal.
(d)
Appointment of Agents The name of the initial Principal Paying Agent and its specified office are set out at the end of these Conditions. The Issuer reserves the right at any time to vary or terminate the appointment of any Principal Paying Agent any other Paying Agent in accordance with the terms of the Agency Agreement and to appoint additional or other Paying Agents, provided that it will at all times maintain a Principal Paying Agent having a specified office in Singapore.
29
Notice of any such change or any change of any specified office will promptly be given by the Issuer to the Noteholders in accordance with Condition 15 within 15 days after any appointment of a Principal Paying Agent or Paying Agent or no later than the date on which the termination of the appointment of the Principal Paying Agent or Paying Agent takes effect. The Agency Agreement may be amended by the Issuer, the Principal Paying Agent and the Trustee, without the consent of any Noteholder or Couponholder for the purpose of curing any ambiguity or of curing, correcting or supplementing any defective provision contained therein or in any manner which the Issuer, the Principal Paying Agent and the Trustee may mutually deem necessary or desirable and which does not, in the opinion of the Issuer, the Principal Paying Agent and the Trustee, materially and adversely affect the interests of the Noteholders or the Couponholders. Any such amendment shall be binding on the Noteholders and the Couponholders. (e)
Non-business Days A Note or Coupon may only be presented for payment on a day which is a Business Day in the place of presentation (and, in the case of payment by transfer to a Singapore dollar account, in Singapore). No further interest or other payment will be made as a consequence of the day on which the relevant Note or Coupon may be presented for payment under this Condition 6(e) falling after the due date.
(f)
Default Interest If on or after the due date for payment of any sum in respect of the Notes or, as the case may be, the Coupons payment of all or any part of such sum is not made against due presentation of the Notes or, as the case may be, the Coupons, the Issuer shall pay interest on the amount so unpaid from such due date up to the day of actual receipt by the relevant Noteholders or, as the case may be, Couponholders (as well after as before judgment) at a rate per annum determined by the Principal Paying Agent to be equal to two per cent. per annum above the Interest Rate. The Issuer shall pay any unpaid interest accrued on the amount so unpaid at the last Business Day of the calendar month in which such interest accrued and any interest payable under this Condition 6(f) which is not paid on the last Business Day of the calendar month in which it accrued shall be added to the overdue sum and itself bear interest accordingly. Interest at the rate determined in accordance with this Condition 6(f) shall be calculated on the basis of a 365-day year and the actual number of days elapsed.
7.
Taxation All payments in respect of the Notes and the Coupons by the Issuer shall be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed, levied, collected, withheld or assessed by or within Singapore or Indonesia or any authority thereof or therein having power to tax, unless such deduction or withholding is required by law. Where such withholding or deduction is in respect of Indonesian withholding tax on premium or interest payments at the rate of up to 20 per cent., the Issuer will increase the amount of premium or interest paid by it to the extent required so that the amount of premium or interest received by the Noteholders amounts to the relevant amount of the premium or interest which otherwise would have been receivable had no such withholding or deduction been required. In the event that any such additional withholding or deduction in excess of 20 per cent. in respect of premium or interest is required to be made, the Issuer shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the Noteholders and the Couponholders of such amounts as would have been received by them had no such deduction or withholding been required, except that no such Additional Amounts shall be payable in respect of any Note or Coupon presented for payment: (i)
by or on behalf of a holder who is subject to such Taxes in respect of such Note or Coupon by reason of it being connected with Singapore or, as the case may be, Indonesia otherwise than by reason only of the holding of such Note or Coupon or the receipt of any
30
sums due in respect of such Note or Coupon (including, without limitation, the holder being a resident of, or having a permanent establishment in, Singapore or, as the case may be, Indonesia); or (i)
more than 30 days after the Relevant Date except to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting such Note or Coupon for payment on the last day of such period of 30 days.
As used in these Conditions, “Relevant Date” in respect of any Note or Coupon means the date on which the payment first becomes due or (if any amount of the money payable is improperly withheld or refused) the date on which payment in full of the amount outstanding is made or (if earlier) the date falling seven days after the date on which notice is duly given to the Noteholders in accordance with Condition 15 that, upon further presentation of the Note or Coupon being made in accordance with these Conditions, such payment will be made, provided that payment is in fact made upon presentation. Any reference in these Conditions to principal, premium and/or interest shall be deemed to include any Additional Amounts in respect of principal, premium or interest (as the case may be) which may be payable under this Condition 7. 8.
Prescription Claims against the Issuer for payment in respect of the Notes and Coupons shall be prescribed and become void unless made within three years from the appropriate Relevant Date for payment.
9.
Events of Default If any of the following events (“Events of Default”) occurs the Trustee at its discretion may, and if so requested by holders of at least 25 per cent. in principal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution shall, give notice to the Issuer that the Notes are immediately repayable, whereupon the principal amount of such Notes together with accrued interest to the date of payment shall become immediately due and payable: A.
With respect to the Issuer (a)
Non-Payment: the Issuer does not pay any sum payable by it under any of the Notes or the Issue Documents (as defined in the Trust Deed) when due at the place at and in the currency in which it is expressed to be payable and (in the case of any sum in the nature of interest only) such default continues for a period of three days (other than a failure to pay caused by any defect or mistake or delay (due to compliance checks) in transfer of funds between banks (i) which is remedied within five business days of such due date and (ii) where proof of payment satisfactory to the Trustee has been delivered to it within such remedy period);
(b)
Breach of Other Obligations: the Issuer does not perform or comply with any one or more of its obligations (other than the payment obligation of the Issuer referred to in Condition 9A(a)) under any of the Issue Documents or any of the Notes and such default (i) is incapable of remedy or, (ii) being a default which is capable of remedy, remains unremedied for 21 days after the Trustee has given written notice thereof to the Issuer; provided that a breach by the Issuer of its obligations to pre-fund any amount in respect of the Notes or a failure to provide the Required Confirmations in accordance with Condition 2(b) (Standby Letter of Credit and Pre-funding) does not constitute an Event of Default under this Condition 9A(b) unless and until an Event of Default has occurred under Condition 9A(a);
(c)
Non-compliance with representations: any representation, warranty or statement by the Issuer in any of the Issue Documents or any of the Notes, or in any document delivered under any of the Issue Documents or any of the Notes is not complied with in any respect or is or proves to have been incorrect in any respect when made or deemed repeated and, if the event resulting in such non-compliance or incorrectness is capable of remedy, it is not remedied within 21 days after notice of such noncompliance or incorrectness shall have been given by the Trustee to the Issuer; 31
(d)
Cross-Default: (i)
any other indebtedness of the Issuer or any of its subsidiaries in respect of borrowed moneys is or is declared to be or is capable of being rendered due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (however described) or is not paid when due (taking into account any original grace period applicable thereto) or, as a result of any actual or potential default, event of default or the like (however described) any facility relating to any such indebtedness is or is declared to be or is capable of being cancelled or terminated before its normal expiry date or any person otherwise entitled to use any such facility is not so entitled; or
(ii)
the Issuer or any of its subsidiaries fails to pay when properly called upon to do so any guarantee of indebtedness for borrowed moneys,
provided however that no event described in Condition 9A(d)(i) or 9A(d)(ii) above shall constitute an Event of Default unless and until the aggregate amount of indebtedness for borrowed moneys or guarantee of indebtedness for borrowed moneys falling within Condition 9A(d)(i) and 9A(d)(ii) above equals to or exceeds US$5,000,000 (or its equivalent in any other currency); (e)
Indebtedness: the Issuer or any of its subsidiaries is (or is, or could be, deemed by law or a court to be) insolvent or unable to pay its debts, (by reason of actual or anticipated financial difficulty) stops, suspends or threatens to stop or suspend payment of all or any material part of its indebtedness and (in the case of a subsidiary only) where such event has or is likely to have a material adverse effect on the Issuer, (by reason of actual or anticipated financial difficulty) enters into any formal agreement or arrangement with a view to the deferral, rescheduling or other readjustment of all or any material part of its indebtedness (or of any part which it will or might otherwise be unable to pay when due) and (in the case of a subsidiary only) where such event has or is likely to have a material adverse effect on the Issuer, proposes or makes a general assignment or an arrangement or composition with or for the benefit of the relevant creditors or a moratorium is agreed or declared in respect of or affecting all or any material part of the indebtedness of the Issuer or any of its subsidiaries and (in the case of a subsidiary only) where such event has or is likely to have a material adverse effect on the Issuer;
(f)
Distress, attachment etc.: a distress, attachment, execution or other legal process is levied, enforced or sued out on or against all or any material part of the property, assets or revenues of the Issuer or any of its subsidiaries and is not discharged or stayed within 21 days and (in the case of a subsidiary only) where such event has or is likely to have a material adverse effect on the Issuer;
(g)
Security Enforced: any security on or over the whole or any material part of the property or assets of the Issuer or any of its subsidiaries becomes enforceable or any step is taken to enforce it (including the taking of possession or the appointment of a receiver, manager or other similar person) and (in the case of a subsidiary only) where such event has or is likely to have a material adverse effect on the Issuer;
(h)
Winding-up: any corporate action, steps or legal proceedings is initiated or threatened for the winding-up, dissolution, administration, bankruptcy, insolvency of the Issuer or any of its subsidiaries, or a liquidator, receiver, administrator, trustee or similar person is appointed in respect of the Issuer or any of its subsidiaries or any of their assets (except (i) for the purposes of or in connection with any reconstruction, amalgamation, merger, consolidation or reorganisation on terms approved by an Extraordinary Resolution of the Noteholders, or (ii) (in the case of a subsidiary only) where such winding-up does not involve insolvency, such subsidiary is able to pay all of its creditors in full and such event does not have a material adverse effect on the Issuer);
32
B.
(i)
Reconstruction, amalgamation, merger, consolidation or reorganisation: the Issuer or any of its subsidiaries ceases or threatens to cease to carry on all or any material part of its business (except (i) for the purposes of any reconstruction, amalgamation, merger, consolidation or reorganisation on terms approved by an Extraordinary Resolution of the Noteholders or (ii) (in the case of a subsidiary only) where such winding up does not involve insolvency, such subsidiary is able to pay all of its creditors in full and such event does not have a material adverse effect of the Issuer) or (other than as permitted by clause 15.28 of the Trust Deed) disposes or threatens to dispose of the whole or any part of its property or assets;
(j)
Nationalisation: all or a substantial part of the assets of the Issuer or any of its subsidiaries are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any government or regulatory authority and the same materially and adversely affects the ability of the Issuer to perform its obligations under any of the Notes or the Issue Documents;
(k)
Authorisation and Consents: any action, condition or thing (including the obtaining of any necessary consent) at any time required to be taken, fulfilled or done for any of the purposes stated in Clause 15.24 of the Trust Deed is not taken, fulfilled or done, or any such consent ceases to be in full force and effect without modification or any condition in or relating to any such consent is not complied with (unless that consent or condition is no longer required or applicable);
(l)
Illegality: it is or will become unlawful for the Issuer to perform or comply with any one or more of its obligations under any of the Issue Documents or the Notes;
(m)
Legal and valid obligations: any of the Issue Documents or any of the Notes ceases for any reason (or is claimed by the Issuer not) to be the legal and valid obligations of the Issuer, binding upon it in accordance with its terms;
(n)
Proceedings: any litigation, arbitration or administrative proceeding against the Issuer or any of its subsidiaries is current or pending (other than those of a frivolous or vexatious nature are discharged within 21 days of their commencement) (i) to restrain the exercise of any of the rights and/or the performance or enforcement of or compliance with any of the obligations of the Issuer under any of the Issue Documents or any of the Notes or (ii) which has or could have a material adverse effect on the Issuer;
(o)
Analogous events: any event occurs which, under the law of any relevant jurisdiction, has an analogous or equivalent effect to any of the events mentioned in Conditions 9(A)(e), 9(A)(f), 9(A)(g), 9(A)(h) or 9(A)(j); and
(p)
Declared company: the Issuer or any of its subsidiaries is declared by the Minister of Finance to be a declared company under the provisions of Part IX of the Companies Act, Chapter 50 of Singapore.
With respect to the LC Bank (a)
Insolvency: the LC Bank is insolvent or bankrupt or unable to pay its debts, stops or suspends payment of all or a material part of its debts, proposes or makes any agreement for the deferral, rescheduling or other readjustment of all or a material part of its debts, proposes or makes a general assignment or an arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or affecting all or a material part of the debts of the LC Bank;
(b)
Winding-up: an order is made or an effective resolution passed for the winding-up or dissolution or administration of the LC Bank, or the LC Bank ceases to carry on all or a material part of its business or operations, except for the purpose of and followed by a reconstruction, amalgamation, reorganisation, merger or consolidation on terms approved by an Extraordinary Resolution of the Noteholders; and 33
(c)
10.
Analogous Events: any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the events referred to in any of Conditions 9(B)(a) and 9(B)(b).
Enforcement of Rights At any time after an Event of Default shall have occurred or after the Notes shall have become due and payable, the Trustee may, at its discretion and without further notice, institute such proceedings against the Issuer or the LC Bank as it may think fit to enforce repayment of the Notes, together with accrued interest, or to enforce the provisions of the Issue Documents (as defined in the Trust Deed) and, where appropriate, to draw down on the Standby Letter of Credit, but it shall not be bound to take any such proceedings unless (a) it shall have been so directed by an Extraordinary Resolution of the Noteholders or so requested in writing by Noteholders holding at least 25 per cent. in principal amount of the Notes outstanding, and (b) other than in the case of the making of a drawing under the Standby Letter of Credit, it shall have been indemnified and/or secured and/ or pre-funded to its satisfaction. No Noteholder or Couponholder may proceed directly against the Issuer or the LC Bank unless the Trustee, having become bound to do so, fails or neglects to do so within a reasonable time and such failure or neglect shall be continuing.
11.
Meetings of Noteholders, Modification and Waiver (a)
Meetings of Noteholders The Trust Deed contains provisions for convening meetings of Noteholders to consider matters affecting their interests, including modification by Extraordinary Resolution of the Notes (including these Conditions) or any provisions of the Trust Deed or the Standby Letter of Credit. The Trustee at any time may, and the Trustee upon the request in writing by Noteholders holding not less than one-tenth of the principal amount of the Notes for the time being outstanding and after being indemnified and/or secured and/or pre-funded to its satisfaction against all costs and expenses shall, convene a meeting of the Noteholders. An Extraordinary Resolution duly passed at any such meeting shall be binding on all the Noteholders, whether present or not and on all relevant Couponholders, except that any Extraordinary Resolution proposed, inter alia, (a) to amend the date of maturity or redemption of the Notes or any date for payment of interest on the Notes, (b) to reduce or cancel the principal amount of, or any premium payable on redemption of, the Notes, (c) to reduce the rate of interest in respect of the Notes or to vary the method or basis of calculating the rate of interest in respect of the Notes, (d) to vary the currency or currencies of payment or denomination of the Notes, (e) to take any steps that as specified hereon may only be taken following approval by an Extraordinary Resolution to which the special quorum provisions apply, (f) to modify the provisions concerning the quorum required at any meeting of Noteholders or the majority required to pass the Extraordinary Resolution, or (g) to modify or release the Standby Letter of Credit, will only be binding if passed at a meeting of the Noteholders (or at any adjournment thereof) at which a special quorum (provided for in the Trust Deed) is present.
(b)
Modification of the Conditions, Trust Deed, Agency Agreement, Account Bank Agreement and Standby Letter of Credit The Trustee may at any time or times without any consent or sanction of the Noteholders or the Couponholders concur with the Issuer in making any modification (i) to the Trust Deed (other than any provision of the Trust Deed referred to in the proviso to paragraph 2 of Schedule 3 to the Trust Deed) or any of the other Issue Documents which in the opinion of the Trustee it may be expedient to make, provided the Trustee is of the opinion that such modification will not be materially prejudicial to the interests of the Noteholders or (ii) to the Trust Deed (including any provision of the Trust Deed referred to in the proviso to paragraph 2 of Schedule 3 to the Trust Deed) or any of the other Issue Documents which in the opinion of the Trustee is of a formal, minor or technical nature, to correct a manifest error or to comply with mandatory provisions of Singapore law or is required by the Depository. Any such modification, authorisation or waiver shall be binding on the Noteholders and the Couponholders and, if the Trustee so requires, such modification, authorisation or waiver shall be notified to the Noteholders as soon as practicable. The Issuer shall notify as soon 34
as possible the Rating Agency of any modification of any of these Conditions or any of the provisions of the Trust Deed, the Agency Agreement, the Account Bank Agreement, the Standby Letter of Credit or any of the other Issue Documents. (c)
Entitlement of the Trustee In connection with the exercise of its functions (including but not limited to those in relation to any proposed modification, waiver, authorisation or substitution) the Trustee shall have regard to the interests of the Noteholders as a class and shall not have regard to the consequences of such exercise for individual Noteholders or Couponholders.
12.
Replacement of Notes and Coupons If a Note or Coupon is lost, stolen, mutilated, defaced or destroyed it may be replaced, subject to applicable laws, regulations and stock exchange or other relevant authority regulations, at the specified office of the Principal Paying Agent, or at the specified office of such other Principal Paying Agent as may from time to time be designated by the Issuer for the purpose and notice of whose designation is given to Noteholders in accordance with Condition 15, on payment by the claimant of the fees and costs incurred in connection therewith and on such terms as to evidence, undertaking, security and indemnity (which may provide, inter alia, that if the allegedly lost, stolen or destroyed Note or Coupon is subsequently presented for payment, there will be paid to the Issuer on demand the amount payable by the Issuer in respect of such Note or Coupon) and otherwise as the Issuer may require. Mutilated or defaced Notes or Coupons must be surrendered before replacements will be issued.
13.
Further Issues The Issuer may from time to time without the consent of the Noteholders create and issue further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest on them) and so that such further issue shall be consolidated and form a single series with the outstanding Notes. References in these Conditions to the Notes include (unless the context requires otherwise) any other notes issued pursuant to this Condition 13. However, such further notes may only be issued if (i) the Rating Agency has been informed of such issue; (ii) such issue will not result in any adverse change in the then credit rating of the Notes; (iii) a further or supplemental standby letter of credit is issued by the LC Bank (or an amendment is made to the Standby Letter of Credit) on terms that are substantially similar to the Standby Letter of Credit (including that the stated amount of such further or supplemental standby letter of credit is at least equal to the principal of and interest payments due on such further notes) and (iv) such supplemental documents are executed and further opinions are obtained as the Trustee may require, as further set out in the Trust Deed. References to the Standby Letter of Credit shall thereafter include such further or supplemental standby letter of credit.
14.
Indemnification of the Trustee The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions relieving it from taking proceedings to enforce repayment and from taking action to convene meetings unless indemnified and/or secured and/or pre-funded to its satisfaction. The Trust Deed also contains a provision entitling the Trustee or any corporation related to it to enter into business transactions with the Issuer or any of its related corporations without accounting to the Noteholders or Couponholders for any profit resulting from such transactions. Each Noteholder shall be solely responsible for making and continuing to make its own independent appraisal and investigation into the financial condition, creditworthiness, condition, affairs, status and nature of the Issuer, and the Trustee shall not at any time have any responsibility for the same and each Noteholder shall not rely on the Trustee in respect thereof.
15.
Notices Notices to the holders of the Notes shall be in the English language or accompanied by a certified translation thereto and shall be published in a daily newspaper of general circulation in Singapore. It is expected that such publication will be made in The Business Times. Notices will, if published more than once or on different dates, be deemed to have been given on the date of the first
35
publication in such newspaper as provided above. Couponholders shall be deemed for all purposes to have notice of the contents of any notice to the holders of the Notes in accordance with this Condition 15. So long as the Notes are represented by a Global Note and such Global Note is held in its entirety on behalf of the Depository, there may be substituted for such publication in such newspapers the delivery of the relevant notice to (subject to the agreement of the Depository) the Depository for communication by it to the Noteholders, except that if the Notes are listed on the SGX-ST and the rules of such exchange so require or permit, notice will in any event be published in accordance with the first paragraph above. Any such notice shall be deemed to have been given to the Noteholders on the seventh day after the day on which the said notice was given to the Depository. Notices to be given by any Noteholder pursuant hereto (including to the Issuer) shall be in writing and given by lodging the same, together with the relevant Note or Notes, with the Principal Paying Agent. Whilst the Notes are represented by a Global Note, such notice may be given by any Noteholder to the Principal Paying Agent through the Depository in such manner as the Principal Paying Agent and the Depository may approve for this purpose. Notwithstanding the other provisions of this Condition, in any case where the identities and addresses of all the Noteholders are known to the Issuer, notices to such holders may be given individually by recorded delivery mail to such addresses and will be deemed to have been given two days from the date of despatch to the Noteholders. 16.
Contracts (Rights of Third Parties) Act No person shall have any right to enforce any term or condition of the Notes under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore.
17.
Governing Law and Jurisdiction (a)
Governing Law The Notes and the Coupons are governed by, and shall be construed in accordance with, the laws of Singapore.
(b)
Jurisdiction The courts of Singapore are to have non-exclusive jurisdiction to settle any disputes that may arise out of or in connection with the Trust Deed, any Notes or Coupons and accordingly any legal action or proceedings arising out of or in connection with the Trust Deed, Notes or Coupons may be brought in such courts. The Issuer has in the Trust Deed irrevocably submitted to the jurisdiction of such courts.
(c)
Process Agent The Issuer irrevocably appoints Pacific Radiance Ltd. (UEN/Company Registration No. 200609894C) of 15 Pandan Road, Singapore 609263 (Attention: Group Finance Director/ Corporate Finance Team) as its authorised agent for service of process in any proceedings in Singapore. Such service shall be deemed completed on delivery to such process agent (whether or not it is forwarded to and received by the Issuer). If for any reason such agent shall cease to be such agent for service of process, the Issuer shall forthwith appoint a new agent for service of process in Singapore and deliver to each of the Trustee and the Dealers a copy of the new agent’s acceptance of that appointment within seven days. Nothing in these Conditions shall affect the right to serve process in any other manner permitted by law.
(d)
No Immunity The Issuer agrees that in any legal action or proceedings arising out of or in connection with the Trust Deed, the Notes and the Coupons against it or any of its assets, no immunity from such legal action or proceedings (which shall include, without limitation, suit, attachment prior to award, other attachment, the obtaining of an award, judgment, execution or other enforcement) shall be claimed by or on behalf of the Issuer or with respect to any of its assets and irrevocably waives any such right of immunity which it or its assets now have or 36
may hereafter acquire or which may be attributed to it or its assets and consent generally in respect of any such legal action or proceedings to the giving of any relief or the issue of any process in connection with such action or proceedings including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order, award or judgment which may be made or given in such action or proceedings.
Principal Paying Agent Deutsche Bank AG, Singapore Branch One Raffles Quay #16-00 South Tower Singapore 048583
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38
•
•
• By 11.00 a.m. (Singapore me), the LC Bank pays the amount specified in the Demand into the LC Proceeds Account, provided that the LC Bank has received the Demand no later than 11.00 am (Singapore me). • By 5.30 p.m. (Singapore me), the LC Proceeds Account Bank nofies the Trustee by facsimile of the amount standing to the credit of the LC Proceeds Account.
T-4 Business Days (SBLC Transfer Date)
T-8 Business Days (SBLC Demand Date)
On or before 11.00 a.m. (Singapore me), if a Pre-funding Failure has occurred, the Trustee shall issue a demand noce to the LC Bank (the “Demand”) for the Mandatory Redempon Amount in accordance with the Standby Leer of Credit.
By 11.00 a.m. (Singapore me), if the Relevant Amount has not been paid into the Pre-funding Account in full, or the Trustee does not receive the Required Confirmaons (the “Prefunding Failure”), the Trustee shall as soon as praccable nofy the LC Bank and LC Proceeds Account Bank by facsimile of the Pre-funding Failure.
On or before 11.00 a.m. (Singapore me) on the Business Day immediately following the date of receipt of the Relevant Amount into the Pre-funding Account, the Prefunding Account Bank confirms the amount received to the Trustee and the Principal Paying Agent.
T-9 Business Days Noficaon
T-10 Business Days Pre-funding Date
Issuer to pay or procure to be paid the Relevant Amount into the Prefunding Account before close of business (Singapore me). Issuer to deliver to the Trustee and the Principal Paying Agent the Required Confirmaons.
•
•
•
By 11.00 a.m. (Singapore me), the LC Bank pays the amount specified in the Demand into the LC Proceeds Account where the LC Bank has received the Demand aer 11.00 a.m. (Singapore me) on T-4 Business Days. By 5.30 p.m. (Singapore me), the LC Proceeds Account Bank nofies the Trustee by facsimile of the amount standing to the credit of the LC Proceeds Account. If amounts have been drawn on the Standby Leer of Credit on T-4 Business Days, by no later than 3.00 p.m. (Singapore me), the Trustee shall issue withdrawal instrucons to the LC Proceeds Account Bank and (if there are amounts in the Pre-Funding Account) the Pre-funding Account Bank to, in each case, transfer such amounts to the Principal Paying Agent by no later than 5.30 p.m. (Singapore me) on the date falling one Business Day prior to the due date for payment.
T-3 Business Days (Alternate SBLC Transfer Date)
T Note Payment Date
If amounts have been drawn on the Standby Leer of Credit, the Notes will be mandatory prepaid at their principal amount, together with interest accrued to, but excluding the Mandatory Redempon Date.
Principal Paying Agent to pay funds to CDP for same day value on T for benefit of the Noteholders.
Pre-funding payment arrangements
In the event of Pre-funding Failure
If amounts have been drawn on the Standby Leer of Credit on T-3 Business Days, by no later than 3.00 p.m. (Singapore me), the Trustee shall issue withdrawal instrucons to the LC Proceeds Account Bank and (if there are amounts in the Pre-Funding Account) the Pre-funding Account Bank to, in each case, transfer such amounts to the Principal Paying Agent by no later than 5.30 p.m. (Singapore me) on the date falling one Business Day prior to the due date for payment.
T-2 Business Days Noficaon to Principal Paying Agent
T-1 Business Days Payment to Principal Paying Agent
By 5.30 p.m. (Singapore me), (i) (to the extent that there are amounts in the Pre-funding Account) the Pre-funding Account Bank to pay such amounts, and (ii) the LC Proceeds Account Bank to pay in full the amount deposited into the LC Proceeds Account, in each case, to the Principal Paying Agent.
In the event that the Issuer has paid the Relevant Amount into the Pre-funding Account and has given payment instrucons to the Pre-funding Account Bank on the Prefunding Date, by 11.00 a.m. (Singapore me), the Prefunding Account Bank to pay such Relevant Amount in full to the Principal Paying Agent.
The following diagram sets forth a summary of the pre-funding arrangements under the Notes and the drawing arrangements in respect of the Standby Letter of Credit on each scheduled due date under the Notes. The following diagram is not intended to be comprehensive. This diagram should be read in conjunction with “Terms and Conditions of the Notes”, the Trust Deed, the Account Bank Agreement, the Agency Agreement and “Appendix V – Form of Standby Letter of Credit”. Words and expressions defined in the “Terms and Conditions of the Notes” shall have the same meaning in this summary.
A Summary of Payment Arrangements on each Scheduled Payment Date under the Notes
RISK FACTORS Prior to making an investment or divestment decision, prospective investors in the Notes should carefully consider all the information set forth in this Information Memorandum including the risk factors set out below. The risk factors set out below do not purport to be complete or comprehensive of all the risks that may be involved in the operations, operating results, business, financial condition, performance and/or prospects of the Issuer or any decision to purchase, own or dispose of the Notes. Additional risks which the Issuer is currently unaware of may also impair its operations, operating results, business, financial condition, performance and/or prospects. If any of the following risk factors develops into actual events, the operations, operating results, business, financial condition, performance and/or prospects of the Issuer could be materially and adversely affected. In such cases, the ability of the Issuer to comply with its obligations under the Trust Deed and the Notes may be adversely affected. Limitations of this Information Memorandum This Information Memorandum does not purport to nor does it contain all information that a prospective investor in the Notes may require in investigating the Issuer prior to making an investment or divestment decision in relation to the Notes. This Information Memorandum is not, and does not purport to be, investment advice. A prospective investor should make an investment in the Notes only after it has determined that such investment is suitable for its investment objectives. Determining whether an investment in the Notes is suitable is a prospective investor’s responsibility, even if such investor has received information to assist it in making such determination. Neither this Information Memorandum nor any other document or information (or any part thereof) delivered or supplied under or in relation to the Notes (or any part thereof) is intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Issuer or the Lead Manager that any recipient of this Information Memorandum or any such other document or information (or any such part thereof) should subscribe for or purchase or sell any of the Notes. Each person receiving this Information Memorandum acknowledges that such person has not relied on the Issuer, the Lead Manager or any person affiliated with any of them in connection with its investigation of the accuracy or completeness of the information contained herein or of any additional information considered by it to be necessary in connection with its investment or divestment decision. Any recipient of this Information Memorandum contemplating subscribing for or purchasing or selling any of the Notes should determine for itself the relevance of the information contained in this Information Memorandum and any such other document or information (or any such part thereof) and its investment or divestment should be, and shall be deemed to be, based solely upon its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer, the terms and conditions of the Notes and any other factors relevant to its decision, including the merits and risks involved. A prospective investor should consult with its legal, tax and financial advisers prior to deciding whether to make an investment in the Notes. Risks relating to the Notes and the Standby Letter of Credit The Notes may not be a suitable investment for all investors Each potential investor in the Notes must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should: z
have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks of investing in the Notes and the information contained or incorporated by reference in this Information Memorandum or any applicable supplement;
z
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Notes and the impact such investment will have on its overall investment portfolio;
z
have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including where principal or interest is payable in one or more currencies, or where the currency for principal or interest payments is different from the potential investor’s currency;
39
z
understand thoroughly the terms of the Notes and be familiar with the behaviour of any relevant indices and financial markets; and
z
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.
A potential investor should not invest in the Notes unless it has the expertise (either alone or with the help of a financial adviser) to evaluate how the Notes will perform under changing conditions, the resulting effects on the value of such Notes and the impact this investment will have on the potential investor’s overall investment portfolio. The Notes are unsecured obligations that may compromise their repayment under certain circumstances The Notes are unsecured obligations and will be effectively subordinated to the Issuer’s existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness. The repayment of the Notes may be compromised if: z
the Issuer enters into bankruptcy, liquidation, rehabilitation or other winding-up proceedings;
z
there is a default in payment under the Issuer’s future secured indebtedness or other unsecured indebtedness; or
z
there is an acceleration of any of the Issuer’s indebtedness.
If any of these events occurs, its assets may not be sufficient to pay amounts due on any of the Notes. There is no existing market for the Notes and therefore the Notes offer limited liquidity The Notes constitute a new issue of securities for which there is no existing market. Application will be made for the listing and quotation of the Notes on the SGX-ST. The offer and sale of the Notes is conditional upon obtaining a listing of the Notes on the SGX-ST. No assurance can be given as to the listing of the Notes on the SGX-ST or the liquidity of, or the development and continuation of an active trading market for, the Notes. If an active trading market for the Notes does not develop or is not maintained, the market price and liquidity of the Notes may be adversely affected. The market value of the Notes may fluctuate If a trading market in the Notes were to develop, the Notes could trade at prices that may be higher or lower than the offering price depending on many factors, including: z
prevailing interest rates;
z
the results of operations and financial condition of the Issuer;
z
political, economic, financial and any other factors that can affect the capital markets, the industry and the Issuer generally;
z
political and economic developments in and affecting Singapore;
z
the market conditions for similar securities;
z
the financial condition and stability of the financial sectors in Singapore; and
z
the credit rating, the revenues, earnings, results of operations or otherwise in the financial condition of the LC Bank.
The ratings of the Notes may be downgraded or withdrawn. The Notes are expected to be rated “AA-” by S&P. The ratings represent the opinion of the rating agencies and their assessment of the ability of the Issuer and the LC Bank to perform their respective obligations under the Notes and the Standby Letter of Credit, and credit risks in determining the likelihood that 40
payments will be made when due under the Notes. A rating is not a recommendation to buy, sell or hold securities. The ratings can be lowered or withdrawn at any time. The Issuer is not obligated to inform holders of the Notes if the ratings are lowered or withdrawn. A reduction or withdrawal of the ratings may adversely affect the market price of the Notes. The insolvency laws of Indonesia and Singapore and other local insolvency laws may differ from those of another jurisdiction with which the holders of the Notes are familiar. Because the Issuer is incorporated under the laws of Indonesia and the LC Bank is established in Singapore, any insolvency proceeding relating to the Issuer or the LC Bank would likely involve insolvency laws of Indonesia or Singapore, as applicable, the procedural and substantive provisions of which may differ from comparable provisions of the local insolvency laws of jurisdictions with which the holders of the Notes are familiar. It may not be possible for investors to effect service of process or to enforce judgment of a foreign court on the Issuer in Indonesia The Issuer is a company incorporated in Indonesia operating within the framework of Indonesian laws, and all of its assets are located in Indonesia. In addition, most of the Issuer’s commissioners and directors reside in Indonesia. The Issuer has been advised by its Indonesian legal adviser, Hanafiah Ponggawa & Partners, that judgments of non-Indonesian courts are not enforceable in Indonesian courts, although such judgments could be admissible as non-conclusive evidence in a proceeding on the underlying claim in an Indonesian court. Their Indonesian legal advisers have also advised them that there is doubt as to whether Indonesian courts will recognise judgments in original actions brought in Indonesian courts based only upon the civil liability provisions of the securities laws of other countries. In addition, an Indonesian court may refuse to hear an original action based on securities laws of other countries. As a result, Noteholders would be required to pursue claims against the Issuer or its commissioners, directors and executive officers in Indonesian courts. The claims and remedies available under Indonesian law may not be as extensive as those available in other jurisdictions. While any judgment decisions will be made under the Indonesian prevailing laws and regulations, no assurance can be given that the Indonesian courts will protect the interests of Noteholders in the same manner or to the same extent as would courts in more developed countries outside of Indonesia. As a result, it may be difficult for investors to effect service of process, including judgments, on the Issuer or its commissioners and directors, or to enforce judgments obtained in non-Indonesian courts against the Issuer or its commissioners and directors in Indonesia. Through the purchase of the Notes, Noteholders may be exposed to a legal system subject to considerable discretion and uncertainty; it may be difficult or impossible for Noteholders to pursue claims under the Notes because of the considerable discretion and uncertainty in the Indonesian legal system Indonesian legal principles relating to the rights of debtors and creditors, or their practical implementation by Indonesian courts, may differ materially from those that would apply within the jurisdictions of Singapore, the United States, the European Union or other jurisdictions. Neither the rights of debtors nor the rights of creditors under Indonesian law are as clearly established or recognised as under legislation or judicial precedent in Singapore, the United States and most European Union member states. In addition, under Indonesian law, debtors may have rights and defences to actions filed by creditors that these debtors would not have in jurisdictions with more established legal regimes such as those in Singapore, the United States and the European Union member states. Indonesia’s legal system is a civil law system, based on written statutes, in which judicial and administrative decisions do not constitute binding precedent and are not systematically published. Indonesia’s commercial and civil laws, as well as rules on judicial process, were historically based on Dutch law as in effect prior to Indonesia’s independence in 1945, and some have not been revised to reflect the complexities of modern financial transactions and instruments. Indonesian courts may be unfamiliar with sophisticated commercial or financial transactions, leading in practice to uncertainty in the interpretation and application of Indonesian legal principles. The application of Indonesian law depends 41
upon subjective criteria such as the good faith of the parties to the transaction and principles of public policy, the practical effect of which is difficult or impossible to predict. Indonesian judges operate in an inquisitorial legal system, have very broad fact-finding powers and a high level of discretion in relation to the manner in which those powers are exercised. In practice, Indonesian court decisions may omit, or may not be decided upon, a legal and factual analysis of the issues presented in a case, and as a result, the administration and enforcement of laws and regulations by Indonesian courts and Indonesian governmental agencies may be subject to considerable discretion and uncertainty. Furthermore, corruption in the court system in Indonesian has been widely reported in publicly available sources. As a result, it may be difficult for Noteholders to pursue a claim against the Issuer in Indonesia, which may adversely affect or eliminate entirely the ability of the Noteholders to obtain and enforce a judgment against the Issuer in Indonesia or increase the costs incurred by Noteholders in pursuing, and the time required to pursue, claims against the Issuer. Noteholders are exposed to financial risk Interest payment and principal repayment for debts occur at specified periods regardless of the performance of the Issuer. The Issuer may be unable to make interest payments or principal repayments under the Notes should they suffer serious decline in net operating cash flows. Noteholders are exposed to interest rate risk Noteholders may suffer unforeseen losses due to fluctuation in interest rates. Generally, a rise in interest rates may cause a fall in note prices, resulting in a capital loss for the Noteholders. However, the Noteholders may reinvest the interest payments at higher prevailing interest rates. Conversely, when interest rates fall, note prices may rise. The Noteholders may enjoy a capital gain but interest payments received may be reinvested at lower prevailing interest rates. Noteholders are exposed to inflation risk Noteholders may suffer erosion on the return of their investments due to inflation. Noteholders would have an anticipated rate of return based on expected inflation rates on the purchase of the Notes. An unexpected increase in inflation could reduce the actual returns. Exchange rate risks and exchange controls The Issuer will pay principal and interest on the Notes and the LC Bank will make any payments under the Standby Letter of Credit in Singapore dollars. This presents certain risks relating to currency conversions if an investor’s financial activities are denominated principally in a currency or currency unit (the “Investor’s Currency”) other than Singapore dollars. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Singapore dollar or revaluation of the Investor’s Currency) and the risk that authorities with jurisdiction over the Investor’s Currency may impose or modify exchange controls. An appreciation in the value of the Investor’s Currency relative to the Singapore dollar would decrease (1) the Investor’s Currency-equivalent yield on the Notes, (2) the Investor’s Currency-equivalent value of the principal payable on the Notes and (3) the Investor’s Currencyequivalent market value of the Notes. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate. As a result, investors may receive less interest or principal than expected, or no interest or principal. Investment in the Notes may subject Noteholders to foreign exchange risks The Notes are denominated and payable in Singapore dollars. If investors measure their investment returns by reference to a currency other than Singapore dollars, an investment in the Notes entails foreign exchange-related risks, including possible significant changes in the value of the Singapore dollars relative to the currency by reference to which they measure their returns, due to, among other things, economic, political and other factors over which the Issuer has no control. Depreciation of the Singapore dollar against the currency by reference to which they measure their investment returns could cause a decrease in the effective yield of the Notes below their stated coupon rates and could result in a loss to them when the return on the Notes is translated into the currency by reference to which they measure their investment returns. In addition, there may be tax consequences for them as a result of any foreign exchange gains resulting from any investment in the Notes. 42
Noteholders are exposed to risks relating to Singapore taxation The Notes to be issued are, pursuant to the ITA and the MAS Circular FSD Cir 02/2013 entitled “Extension and Refinement of Tax Concessions for Promoting the Debt Market” issued by MAS on 28 June 2013, intended to be “qualifying debt securities” for the purposes of the ITA subject to the fulfilment of certain conditions more particularly described in the section “Taxation - Singapore”. However, there is no assurance that the Notes will continue to enjoy the tax concessions in connection therewith should the relevant tax laws or MAS circulars be amended or revoked at any time. Risks relating to Indonesia The Issuer is incorporated in Indonesia and most of its commissioners and directors are based in Indonesia. All of the Issuer’s operations and all of its assets are also located in Indonesia. As a result, future political, economic, legal and social conditions in Indonesia, as well as certain actions and policies the Government may take or adopt, or omit from taking or adopting, could have a material adverse effect on the Issuer’s business, financial condition, results of operations and prospects. Political and social instability in Indonesia may adversely affect the economy, which in turn could have a material adverse effect on the Issuer’s business, financial condition, results of operations and prospects Since the collapse of President Soeharto’s regime in 1998, Indonesia has experienced a process of democratic change, resulting in political and social events that have highlighted the unpredictable nature of Indonesia’s changing political landscape. These events have resulted in political instability, as well as general social and civil unrest on certain occasions in recent years. Indonesia is a Republic with a President, a Vice President and a presidential system of government. From its independence in 1945 until 1998, there were only two Presidents in Indonesia. At the end of the term of each of these Presidents, Indonesia experienced political instability and many cities in Indonesia, including Jakarta, experienced rioting, unrest and destruction of property. Although the elections in 2009 were conducted in a peaceful manner, political campaigns in Indonesia may bring increased political activity in Indonesia as well as a degree of political and social uncertainty to Indonesia. In addition, although the official results of the recent Indonesian presidential elections have been announced and the Indonesian Constitutional Court has delivered its verdict in connection with the petition challenging the election results, there can be no assurance that political and social unrest will not occur. Political and social developments in Indonesia have been unpredictable in the past and have caused confidence in the Indonesian economy to remain low. Any resurgence of political instability could lead to extended disruptions in the Issuer’s operations and/or adversely affect the Indonesian economy, which could adversely affect the Issuer’s business. Social and civil disturbances could occur in the future and on a wider scale, directly or indirectly, and have a material adverse effect on the Issuer’s business, financial condition, results of operations and prospects, and on the Issuer’s ability to pay interest on, and repay the principal of, the Notes. Separatist movements and clashes between religious and ethnic groups have resulted in social and civil unrest in parts of Indonesia, such as the provinces of Aceh and Papua (formerly Irian Jaya) and the provinces of Maluku and West Kalimantan. The Government has attempted to resolve problems in these troubled regions with limited success except in the province of Aceh in which an agreement between the Government and the Aceh separatists was reached in 2005 and peaceful local elections were held with some former separatists as candidates, but there can be no assurance that the terms of any agreement reached between the Government and the separatists will be upheld. Political and related social developments in Indonesia have been unpredictable in the past. There can be no assurance that social and civil disturbances will not occur in the future or that such social and civil disturbances will not directly or indirectly, materially and adversely, affect the Issuer’s business, financial condition, results of operations and prospects, and the Issuer’s ability to meet its payment obligations under the Notes. Changes in the Government and Government policies may have a direct impact on the Issuer’s business and the market price of the Notes. In addition, Indonesia has experienced frequent social unrest arising from economic issues which has, on occasion, escalated into riots and violence. The Government has recently proposed an increase in the price of subsidised fuel prices, which in the past has resulted in 43
large public demonstrations. There can be no assurance that the recent proposed increase in subsidised fuel prices, or cuts in fuel subsidies in the future, will not result in political and social instability. The Issuer’s business may be affected by similar Government actions including, but not limited to, changes in crude oil or natural gas policy, responses to war and terrorist acts, renegotiation or nullification of existing concessions and contracts, changes in tax laws, treaties or policies, the imposition of foreign exchange restrictions and responses to international developments. Indonesia is located in an earthquake zone and is subject to significant geological risk that could lead to social unrest and economic loss The Indonesian archipelago is one of the most volcanically active regions in the world. Because it is located in the convergence zone of three major lithospheric plates, it is subject to significant seismic activity that can lead to destructive volcanoes, earthquakes and tsunamis, or tidal waves. On 26 December 2004, an underwater earthquake off the coast of Sumatra released a tsunami that devastated coastal communities in Indonesia, Thailand, India and Sri Lanka. In Indonesia, more than 220,000 people died or were recorded as missing in the disaster. Aftershocks from the December 2004 tsunami and additional high-magnitude earthquakes have occurred in Indonesia, causing significant fatalities and damage. In addition to these geological events, there have been heavy rains in the past, resulting in floods and landslides. More recently, in January 2013 and January 2014, floods in Jakarta resulted in disruptions to businesses and extensive evacuations in the city. While recent seismic events and meteorological occurrences have not had a significant economic impact on Indonesian capital markets, the Government has had to spend significant amounts on emergency aid and resettlement efforts. Most of these costs have been underwritten by foreign governments and international aid agencies. However, there can be no assurance that such aid will continue to be forthcoming, or that it will be delivered to recipients on a timely basis. If the Government is unable to timely deliver foreign aid to affected communities, political and social unrest could result. Additionally, recovery and relief efforts are likely to continue to impose a strain on the Government’s finances, and may affect its ability to meet its obligations on its sovereign debt. Any such failure on the part of the Government, or declaration by it of a moratorium on its sovereign debt, could trigger an event of default under numerous private-sector borrowings, including the Issuer’s, thereby materially and adversely affecting the Issuer’s business, financial condition, results of operations and prospects. In addition, there can be no assurance that future geological or meteorological occurrences will not significantly harm the Indonesian economy. A significant earthquake or other geological disturbance or weather-related natural disasters in any of Indonesia’s more populated cities and financial centres could severely disrupt the Indonesian economy and undermine investor confidence, thereby materially and adversely affecting the Issuer’s business, financial condition, results of operations and prospects. Terrorist attacks and terrorist activities, and certain destabilising events have led to substantial and continuing economic and social volatility in Indonesia, which may materially and adversely affect the Issuer’s business Any occurrence of terrorist attacks or acts of violence such as those in Indonesia during the last ten years may lead to uncertainty in the economic outlook of the Indonesian market. All these could have a negative impact on the demand of the Issuer’s services and business. While in response to the terrorist attacks, the Government has institutionalised certain security improvements and undertaken certain legal reforms which seek to better implement anti-terrorism measures and some suspected key terrorist figures have been arrested and tried, there can be no assurance that further terrorist acts will not occur in the future. In addition, following the military involvement of the United States and its allies in Iraq, a number of governments have issued warnings to their citizens in relation to a perceived increase in the possibility of terrorist activities in Indonesia, targeting foreign, particularly U.S. interests. Such terrorist activities could destabilise Indonesia and increase internal divisions within the Government as it considers responses to such instability and unrest, thereby adversely affecting investors’ confidence in Indonesia and the Indonesian economy. Violent acts arising from and leading to instability and unrest have in the past 44
had, and could continue to have, a material adverse effect on investment and confidence in, and the performance of, the Indonesian economy, and in turn the Issuer’s business. The Issuer’s projects may be particularly vulnerable to, and adversely affected by, terrorist attacks because of the large numbers of people they attract and the general public access provided. Political unrest in Indonesia may disrupt the operation of the Issuer’s developments or make them less attractive to buyers. There can be no assurance that its properties will not be subject to acts of terrorism, violent acts and adverse political developments which may have a material adverse effect on the Issuer, its business, financial condition, results of operations and prospects. Depreciation or volatility in the value of the Rupiah may adversely affect the Issuer’s business, financial condition, results of operations and prospects One of the most important immediate causes of the economic crisis which began in Indonesia in mid-1997 was the depreciation and volatility of the value of the Rupiah, as measured against other currencies, such as the U.S. dollar. Although the Rupiah has appreciated considerably from its low point of approximately Rp17,000 per U.S. dollar in January 1998, the Rupiah continues to experience significant volatility. The Rupiah has generally been freely convertible and transferable (except that Indonesian banks may not transfer Rupiah to persons outside of Indonesia and may not conduct certain transactions with nonresidents). However, from time to time, Bank Indonesia has intervened in the currency exchange markets in furtherance of its policies, either by selling Rupiah or by using its foreign currency reserves to purchase Rupiah. There can be no assurance that the Rupiah will not be subject to depreciation and continued volatility, that the current floating exchange rate policy of Bank Indonesia will not be modified, that additional depreciation of the Rupiah against other currencies, including the U.S. dollar, will not occur, or that the Government will take additional action to stabilise, maintain or increase the value of the Rupiah, or that any of these actions, if taken, will be successful. Modification of the current floating exchange rate policy could result in significantly higher domestic interest rates, liquidity shortages, capital or exchange controls or the withholding of additional financial assistance by multinational lenders. This could result in a reduction of economic activity, an economic recession, loan defaults or declining interest by the Issuer’s customers, and as a result, the Issuer may also face difficulties in funding its capital expenditure and in implementing its business strategy. Any of the foregoing consequences could have a material adverse effect on the Issuer’s business, financial conditions, results of operations and prospects. Regional autonomy may adversely affect the Issuer’s business through imposition of local restrictions, taxes and levies Indonesia is a large and diverse nation covering a multitude of ethnicities, languages, traditions and customs. During the administration of the former President Soeharto, the central Government controlled and exercised decision-making authorities on almost all aspects of national and regional administration, including the allocation of revenues generated from extraction of national resources in the various regions. This control led to a demand for greater regional autonomy, in particular with respect to the management of local economic and financial resources. In response to such demand, the Indonesian Parliament in 1999 passed Law No. 22 of 1999 regarding Regional Autonomy (“Law No. 22/1999”) and Law No. 25 of 1999 regarding Fiscal Balance between the Central and the Regional Governments (“Law No. 25/1999”). Law No. 22/1999 has been revoked and replaced by the provisions of regional autonomy Law No. 32 of 2004 (“Law No. 32/2004”) as amended by Law No. 8 of 2005 regarding the First Amendment of Law No. 32/2004 on Regional Autonomy and Law No. 12 of 2008 regarding the Second Amendment of Law No. 32/2004. Law No. 25/1999 has been revoked and replaced by Law No. 33 of 2004 regarding the Fiscal Balance between the Central and the Regional Governments, respectively. Under these regional autonomy laws, regional autonomy was expected to give the regional governments greater powers and responsibilities over the use of “national assets” and to create a balanced and equitable financial relationship between central and regional governments. However, under the pretext of regional autonomy, certain regional governments have put in place various restrictions, taxes and levies which may differ from restrictions, taxes and levies put in by other regional governments and/or are in addition to restrictions, taxes and levies stipulated by the central government. The Issuer’s business and operations are located throughout Indonesia and may be adversely affected by conflicting or additional restrictions, taxes and levies that may be imposed by the applicable regional authorities.
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Downgrades of credit ratings of Indonesia and Indonesian companies could adversely affect the Issuer and the market price of the Notes In 1997, certain recognised statistical rating organisations, including Moody’s and S&P, downgraded Indonesia’s sovereign rating and the credit ratings of various credit instruments of the Government and a large number of Indonesian banks and other companies. Currently, Indonesia’s sovereign foreign currency long-term debt is rated “Baa3” by Moody’s, “BB+” by S&P and “BBB-” by Fitch, and its short-term foreign currency debt is rated “P-3” by Moody’s, “B” by S&P and “F3” by Fitch with a stable outlook from Moody’s, a positive outlook from S&P and a stable outlook from Fitch. These ratings reflect an assessment of the Government’s overall financial capacity to pay its obligations and its ability or willingness to meet its financial commitments as they become due. Even though the recent trend in Indonesian sovereign ratings has been positive, no assurance can be given that Moody’s, S&P, Fitch or any other statistical rating organisation will not downgrade the credit ratings of Indonesia or Indonesian companies in general. Any such downgrade could have an adverse impact on liquidity in the Indonesian financial markets, the ability of the Government and Indonesian companies, including the Issuer, to raise additional financing and the interest rates and other commercial terms at which such additional financing is available to the Issuer, which could materially and adversely affect the Issuer’s business, financial condition, results of operations and prospects. An outbreak of the Ebola virus disease, the avian flu, the Influenza A (H1N1) virus, severe acute respiratory syndrome (SARS) or another contagious disease may have an adverse effect on the economies of Asian countries and may adversely affect the Issuer An outbreak of the Ebola virus disease, the avian flu, the H1N1 virus, SARS, or another contagious disease or the measures taken by the governments of affected countries, including Indonesia, against such potential outbreaks, could seriously interrupt the Issuer’s operations or the services or operations of its suppliers and customers, which could have a material adverse effect on the Issuer’s business, financial condition, results of operations and prospects. The perception that an outbreak of avian flu, SARS or another contagious disease may occur again may also have an adverse effect on the economic conditions of countries in Asia, including Indonesia. Labour activism could adversely affect Indonesian companies, including the Issuer, which in turn could affect its business, financial condition, results of operations and prospects Laws and regulations which facilitate the forming of labour unions, combined with weak economic conditions, have resulted and may continue to result in labour unrest and activism in Indonesia. In 2000, the Government issued Law No. 21 of 2000 on Labour Union (the “Labour Union Law”). The Labour Union Law permits employees to form unions without employer intervention. In March 2003, the Government enacted Law No. 13 of 2003 on Labour (the “Labour Law”) which, among other things, increased the amount of severance, service and compensation payments payable to employees upon termination of employment. The Labour Law requires further implementation of regulations that may substantively affect labour relations in Indonesia. The Labour Law requires bipartite forums with participation from employers and employees and the participation of more than 50.0 per cent. of the employees of a company in order for a collective labour agreement to be negotiated and creates procedures that are more permissive to the staging of strikes. Under the Labour Law, employees who voluntarily resign are also entitled to payments for, among other things, unclaimed annual leave and relocation expenses. Following the enactment, several labour unions urged the Indonesian Constitutional Court to declare certain provisions of the Labour Law unconstitutional and order the Government to revoke those provisions. The Indonesian Constitutional Court declared the Labour Law valid except for certain provisions, including relating to the right of an employer to terminate its employee who committed a serious mistake and criminal sanctions against an employee who instigates or participates in an illegal labour strike. Labour unrest and activism in Indonesia could disrupt the Issuer’s operations and could affect the financial condition of Indonesian companies in general, depressing the prices of Indonesian securities on the Jakarta or other stock exchanges and the value of the Rupiah relative to other currencies. Such events could materially and adversely affect the Issuer’s businesses, financial condition, results of operations and prospects as well as the Issuer’s ability to pay interest on, and repay the principal of, the Notes. In addition, any national or regional inflation of wages will directly and indirectly increase operating costs of the Issuer’s business and thus decrease its profit margin.
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Indonesian corporate and other disclosure and accounting standards differ from those in Singapore, the United States, countries in the European Union and other jurisdictions The Issuer’s financial statements are prepared in accordance with Indonesian FAS, which differ from International Financial Reporting Standards (“IFRS”). As a result, the Issuer’s financial statements and reported earnings could be different from those which would be reported under IFRS. This Information Memorandum does not contain a reconciliation of the Issuer’s financial statements to IFRS, and there can be no assurance that such reconciliation, if performed, would not reveal material differences. The Trust Deed and certain other documents entered into in connection with the issue of the Notes thereunder will also be prepared in Bahasa Indonesia as required under Indonesian law. However, there can be no assurance that, in the event of inconsistencies between the Bahasa Indonesia and English language versions of these documents, an Indonesian court would hold that the English language versions of such documents would prevail Pursuant to Law No. 24/2009, agreements between Indonesian entities and other parties must be set out in Bahasa Indonesia, which is the national language of Indonesia, save that where such party is a foreign entity or individual, the agreement may also be prepared in the language of such foreign party or in the English language. Law No. 24 does not specify any consequences in the event that applicable agreements are not prepared in the Bahasa Indonesia language, and to date, no implementing regulations have been issued with the exception of one implementing regulation on the use of Bahasa Indonesia in the formal speech of the President and/or Vice President and other state officers. While the Indonesian Ministry of Law and Human Rights had issued the MOLHR Clarification Letter to clarify that the implementation of Law No. 24/2009 is contingent upon the enactment of a Presidential Regulation and until such a Presidential Regulation is enacted, any agreement that is executed prior to the enactment of the Presidential Regulation in English without a Bahasa Indonesia version is still legal and valid, and shall not violate Law No. 24/2009. However, it is unclear whether the Ministry of Law and Human Rights has any capacity or authority to provide such clarification. In June 2013, the West Jakarta District Court found that a loan agreement entered into between a nonIndonesian party and an Indonesian party which was not executed in Bahasa Indonesia violated Law No. 24/2009 and held that such agreement to be null and void (the “West Jakarta District Court Decision”). The West Jakarta District Court held (i) Law No. 24 explicitly requires the use of Bahasa Indonesia for an Indonesian party to enter into any agreement and (ii) any presidential regulation to be promulgated as the implementing regulations of Law No. 24/2009 and/or the MOLHR Clarification Letter will not be able to waive requirements under Law No. 24/2009 because Law No. 24/2009 is a parliamentary legislation which takes precedence over a ministerial clarification letter, such as the MOLHR Clarification Letter, and such letter does not constitute legislation under Indonesia’s legislative hierarchy of legal norms. On 7 May 2014, the Jakarta High Court rejected the appeal submitted by Nine AM Ltd. and affirmed the West Jakarta District Court Decision in its entirety. The Jakarta High Court opined that the Lower Court decision was legally sound and there were no new facts to the contrary submitted by the Plaintiff. The West Jakarta District Court was of the view that an agreement that was not executed in Bahasa Indonesia is void as a matter of law. The Jakarta High Court affirmed the decision in its entirety. On 15 January 2014, Law No. 2 of 2014 on Notary Law was issued. Pursuant to the Notary Law, a notarial deed made after 15 January 2014 must be drawn up in the Indonesian language. If the parties require, the notarial deed can be made in a foreign language, and in such an event, the notary must translate the deed into the Indonesian language. However, in the event of a different interpretation as to the contents of the deed, the Indonesian language deed shall prevail. The Trust Deed and certain other documents entered into in connection with the issue of the Notes thereunder will be prepared in dual English and Bahasa Indonesia forms as permitted under Law No. 24/2009 and, pursuant to Law No. 24/2009, each version will be considered equally original. While these documents will expressly state that the English versions will prevail, there can be no assurance, in light of the ongoing uncertainty surrounding Law No. 24/2009 and the West Jakarta District Court Decision, that in the event of inconsistencies between the Bahasa Indonesia and English language versions of these documents an Indonesian court will hold that the English language versions of such documents would prevail, or even consider the English language version. Further, as the implementing regulation for Law No. 24/2009 has not been published and the law itself does not specify any sanctions for non-compliance,
47
the Issuer cannot predict how the implementation of Law No. 24/2009 (including its implementing regulation) will impact the validity and enforceability of the Trust Deed and certain other documents related to the issuance of the Notes. Some concepts in the English language may not have a corresponding term in Bahasa Indonesia, or may not be fully captured by the Bahasa Indonesia version. If this occurs, there can be no assurance that the Notes will be as described in this Information Memorandum, or will be interpreted and enforced by the Indonesian courts as intended. Risks associated with the Issuer’s industry Global and regional economic, social and political conditions may affect the Issuer’s business operations The performance of the shipping industry is dependent on the global and regional economic, social and political conditions. The slowdown in the global economy or unfavorable social and political conditions such as terrorist attacks, wars, riots, trade sanctions and embargoes, may result in a decline in the shipping industry and present risks for the Issuer’s business, such as a potential slowdown in the chartering of the Issuer’s vessels. In addition, the shipping industry has historically been cyclical and is affected by oil and gas price levels and volatility. There have been periods of high demand, shortage of vessel supply and high charter rates, followed by periods of low demand, excess vessel supply and low charter rates. Changes in oil and gas prices can have a dramatic effect on vessel demand, affecting the Issuer’s level of business activities, and thereby affecting its financial performance. The Issuer operates in a heavily regulated industry The shipping industry is heavily regulated and the Issuer’s business activities are affected by laws and regulations promulgated by the governmental authorities in Indonesia. For example, the Indonesian cabotage regulations require domestic sea transport to be served by Indonesia-flagged vessels. Further, the shipping industry has been included in the negative list stipulated in Presidential Regulation No. 36/2010 such that foreign ownership of Indonesian companies in the shipping industry is restricted to 49%, provided that such companies own vessels with gross tonnage of 5,000 tons or more. The governmental authorities may add or amend the laws and regulations applicable to the shipping industry, which may limit the Issuer’s business activities, and adversely and materially affect its financial condition and operating performance. In addition, operators in the shipping industry must comply with various international conventions under the International Maritime Organisation. The Issuer is subject to international laws and regulations on environmental protection which may require certifications, permits and operating standards and codes. Compliance to the aforementioned requirements may require the Issuer to spend significant amount of costs to modify its vessels, conduct periodical vessel repair, maintenance and inspection, change the vessel operating systems, take measures to preserve the environment as well as the crew’s health and safety, and renew the required certificates and permits. In the event that international conventions, certification and permit regulations as well as operating standards and codes become more stringent and additional regulations are enacted, the Issuer’s operating costs may increase. In addition, failure to comply with the regulations referred to above may result in sanctions and revocation of the Issuer’s business licences. This may adversely and materially affect the Issuer’s financial condition and financial performance. The Issuer operates in a highly competitive industry The vessel charter industry is a fragmented industry consisting of many large and small-scale service providers, owners and operator of vessels. The Issuer’s competitors or new players in the industry may have lower operating expenses and better access to financial, technological and/or other resources compared to the Issuer. Some of its competitors may even compete aggressively by offering lower prices in order to gain market share and satisfy customer needs. If the Issuer’s competitors are able to provide the same level of service at a lower price and/or in shorter preparation time, the Issuer may have to reduce its charter fees in order to secure contracts, thereby resulting in lower profit margin.
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The Issuer believes that the industry will remain competitive. If it fails to compete successfully with existing competitors or new entrants, its business, financial performance and operating results will be adversely affected. Risks associated with the Issuer’s business activities The Issuer’s service contracts with its customers may be terminated and may not be extended for further terms The Issuer’s business of chartering offshore support vessels is generally undertaken on a project basis to its end-customers. The vessel charters are based on contracts of work with the Issuer’s customers and the charter periods typically range between one to three years. The charter contracts may be extended by mutual agreement between the parties prior to the end of the contract. The charter contracts may also be terminated before the end of charter period in a force majeure event or if any of the parties fails to carry out its obligations as defined in the charter contracts. Demand for the Issuer’s services would also depend on its customers’ ability to secure new charter projects. There can be no assurance that the Issuer’s customers will continue to engage its services for future charter projects. If the Issuer fails to secure new charter projects and/or extend expiring charter projects from these customers, the Issuer’s financial condition, operating activities and business prospects may be adversely affected. The Issuer’s business is capital intensive and is subject to financing risks The business which the Issuer operates is capital intensive and requires a significant amount of capital. The Issuer sources such capital through a combination of internal cash resources as well as external financing. Failure to obtain the requisite capital in the future, on terms which are acceptable to the Issuer, may limit its expansion which may in turn affect its competitiveness in the market and its business prospects. As part of the terms of the Issuer’s debt financing arrangements, the Issuer is required to comply with restrictive covenants and obligations to service its borrowings which may limit its ability to operate or expand its business in the manner that it would otherwise choose. Further, should the Issuer breach any financial or other covenants contained in its financing agreements, the Issuer may be required to immediately repay its borrowings, together with any related costs, or the Issuer’s vessels may be seized by the financial institution as part of the security entered into for such debt financing arrangements. These events will adversely impact the Issuer’s business, results of operations and prospects. As at the Latest Practicable Date, the total outstanding banking and credit facilities of the Issuer from third parties, comprising banks and other financial institutions, was approximately US$128 million. While the Issuer’s cash flows have been able to finance the Issuer’s payment obligations under the financing agreements so far, there is a risk that its cash flows may be inadequate to service the payment obligations as they fall due in the future. The Issuer is affected by fluctuations in charter rates for vessels The Issuer’s financial performance is dependent on the prevailing charter fees which it charges and receives, which is in turn determined by the demand and supply of vessels in the highly competitive market. In addition, charter rates are affected by conditions such as environmental and weather conditions, as well as political situation in Indonesia. Generally, the Issuer offers short-term charters or spot services, when its customers need to use the chartering services for urgent or unexpected needs. The charter fees for such spot services are based on the prevailing market rate for a given period of time, which typically ranges between three to six months. Although short-term charters or spot services provide flexibility in managing the capacity of the Issuer’s fleet in accordance with the level of demand for the vessels, it also subjects the Issuer to short-term fluctuations in charter fees. This may result in lower charter rates, which may adversely affect the Issuer’s financial performance.
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The Issuer may incur losses as a result of failures to comply with the terms in the charter contracts The Issuer’s charter contracts generally set out the terms of the performance and deliverables. Any deviations from the stipulated terms may reduce the Issuer’s revenue derived from the charter contracts and/or result in losses. There is no assurance that these contracts, if secured, can be completed profitably. For example, unfavourable weather conditions may cause delays in ship delivery to customers. In such events, the Issuer may have to pay compensation to its customers, which may adversely affect its business, financial performance and results of operations. The Issuer is exposed to credit risks The Issuer generally grants credit terms to its customers and is therefore exposed to delays in payment and/or payment defaults. There is no guarantee that the Issuer will be able to collect the receivables (whether in part or in full) as they fall due. The Issuer is also exposed to credit risks due to the inherent uncertainties in its customers’ business environment. These include political, social, legal, economic and foreign exchange risks, as well as those arising from unanticipated events or circumstances. In the event that the Issuer’s customers experience cash flow problems or setbacks in their business performance, they may not be able to meet their obligations to the Issuer. Accordingly, the Issuer may experience delayed payments or unpaid receivables, and the Issuer’s profitability may be adversely affected through allowance for the impairment of receivables. The Issuer is dependent on its key personnel for its continued success The Issuer believes that its ability to maintain competent, qualified and experienced personnel and its vessel crew is a key factor to its success. If the Issuer fails to attract, maintain and motivate its employees and vessel crew, the Issuer’s performance may be adversely affected. The Issuer’s business is also dependent on the crew that manages its vessels and ensures the periodical rotation of vessel crew to minimise recruitment costs. Decrease in supply of vessel crew may disrupt the Issuer’s operating activities. As the Issuer encounters competition for competent personnel from other vessel operators, the Issuer may have to increase its wages, which may significantly increase remuneration costs. This could increase the Issuer’s cost of sales and reduce its profit margin, thereby adversely affecting the Issuer’s financial performance and results of operations. Currently, the Issuer is managed by its senior management and key employees, who are experienced in the Issuer’s operating activities and the shipping industry. If a member of the senior management or a key employee leaves without competent replacements in a timely manner, the Issuer’s business operations, profitability and future prospects may be adversely affected. The Issuer is exposed to potential liabilities arising from accidental damages, injuries or deaths Due to the nature of vessel charter operations, the Issuer is exposed to the risk of employees or third parties being involved in accidents on its or third parties’ premises or vessels. Accidents may occur due to fire, explosions or other circumstances which may result in injury or death, or damage to property or vessels. In addition, the Issuer’s vessels may be involved in collisions resulting in damages to the cargoes or the vessels and/or loss of lives. The Issuer may be liable, whether contractually or under law, for any or all of such loss, damage or injury, and may be liable for the claims which are in excess of its insurance coverage. This will adversely affect its business operations, financial performance and financial condition. The Issuer may not have adequate insurance coverage for its business operations and may not be able to renew its existing insurance policies In operating its fleet of vessels, the Issuer is exposed to risks that are inherent to the shipping industry as well as external factors beyond the Issuer’s control, such as sinking of vessels, collisions or other sea disasters, environmental pollution, cargo losses or damages, and disturbance in operating activities due to mechanical problems, human errors, political actions, vessel crew strikes, bad weather condition and other issues. Such events may result in limitations on or withdrawal of insurance coverage by the Issuer’s insurers.
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While the Issuer is insured against the loss of the vessels in some of the risks, there is no certainty that all risks are insured or adequately insured. The Issuer’s existing insurance policies do not cover, among others, the following risks: (1) contract termination, (2) cease of operation due to damages (loss of hire), (3) losses or damages due to terrorism, chemical and radioactive contamination or virus attacks on software or electronic systems, and (4) nuclear risks or blockade. The Issuer also does not have insurance against the risk of loss of revenue due to delays or ship detainment as a result of riots, vessel crew strikes, arrests, illness affecting vessel crew, contagious diseases, stowaways, illegal drugs raids and the inability to load or unload cargoes, which are considered business risks. Although the Issuer’s liability to customers is generally limited to the amount of loss covered by a corresponding insurance policy, the Issuer may be liable to cover part or all of the amounts claimed if the insurance coverage is insufficient or the losses are not covered by the insurance policies the Issuer has taken up. In addition, the Issuer will not be able to renew the existing insurance policies in the event of intentional negligence on collaterals. This may adversely affect the Issuer’s results of operations and financial condition. The Issuer faces risks that its vessels may be detained Vessel crew, cargo owners and other parties may have a claim on the Issuer’s vessels through a maritime lien in the event of unsettled or unsatisfied debts, bills, claims or damages. The holders of a maritime lien may enforce their claims by arresting or detaining the vessels and commencing foreclosure proceedings. In addition, the Issuer’s vessels may be detained for investigation by the authorities with regard to violations of laws and regulations. Detainment of vessels owned by the Issuer will prevent such vessels from being chartered, and could require the Issuer to pay a significant amount of money to have the arrest lifted. As a result, in the event that the Issuer is affected by prolonged and significant downtime of its vessels, its business activities, financial position and financial performance will be adversely affected. There were no arrests made by maritime claimants on the Issuer’s vessels in the last three financial years. However, there is no assurance that the Issuer’s vessels will not face such arrests in the future and the detaining of the vessels may cause the Issuer’s business activities, financial position and financial performance to be adversely affected. The Issuer is subject to risks associated with the utilisation of vessels There is a possibility that the Issuer’s vessels may not be ready for use due to, inter alia, the lack of vessel crew and/or the failure to obtain the requisite permits in a timely manner. This is especially so for the Issuer’s offshore vessels, for which it charges higher charter fees (calculated on a daily basis). During such periods, the operating expenses of the vessels, such as the wages of the vessel crew and insurance premium on the vessel, continue to accrue although the vessels are not generating revenue. This will adversely affect the Issuer’s business operations and financial position. Fluctuations in input costs could adversely affect profitability and consequently the Issuer’s business, results of operations and financial performance The Issuer’s profitability is affected by a variety of input costs including labour costs, consumables and charter hire expenses. These input costs represent a significant portion of the total cost of the services the Issuer provides to its customers. Any significant increases in these input costs could result in an increase in the Issuer’s cost of sales and adversely affect the Issuer’s business, financial condition, results of operations and prospects. The Issuer is exposed to risks of litigation The Issuer is exposed to risks of litigation. The cost of pursuing and defending any legal proceeding in which the Issuer is involved in may be substantial, and may divert the Issuer’s management from the effective operation of its businesses. In addition, if the Issuer is unsuccessful in settling any legal proceedings on commercially reasonable terms, the Issuer may be liable for amounts that may have a material adverse effect on the Issuer’s business, results of operations and financial performance.
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THE ISSUER (A)
GENERAL INFORMATION
The Issuer operates a diverse range of offshore support vessels to support the oil and gas industry, and focuses on vessel-chartering services in Indonesian waters in order to maximize its competitive advantage as an Indonesian shipping company in view of the Indonesian cabotage laws. To support its main business activities and to enhance customer services, the Issuer also owns and operates a repair and maintenance yard/workshop in East Kalimantan, Indonesia. In addition to vesselchartering, the Issuer provides accommodation and/or meals services to its customers’ crew on the vessels. As at the Latest Practicable Date, the Issuer owns and operates 60 offshore support vessels. The Issuer has a portfolio of customers comprising local and multinational oil and gas companies, including Total E&P Indonesie, PT Pertamina Hulu Energi Offshore North West Java and ENI Muara Bakau BV. As at the Latest Practicable Date, the Issuer employs 925 employees, consisting of 236 ground personnel and 689 marine personnel. (B)
HISTORY AND BACKGROUND
The Issuer obtained the deed of establishment in 1995 and was incorporated in 1998, and is a limited liability company currently domiciled in Central Jakarta, Indonesia. It obtained its first vessel-chartering contract from Total E&P Indonesie in 1997. The Issuer subsequently obtained the Marine Transportation Business Permit from the Directorate General of Sea Transport of the Department of Transportation No. BXXW-1842/AL.58 in 2002. Since then, the Issuer has focused its business on the owning and operating of offshore support vessels. In 2005, the Republic of Indonesia issued the Presidential Instruction No. 5/2005 on Empowerment of the National Shipping Industry to implement the cabotage principle which requires domestic sea transport to be served by Indonesian-flagged vessels operated by national shipping companies. To capitalise on the cabotage laws in Indonesia, the Issuer increased its drive to acquire more vessels, beginning with the operation of tug boats and subsequently the AHTS vessels in the areas of East Kalimantan, Indonesia. The Issuer now independently operates a diverse range of offshore support vessels in Indonesian waters and positions itself as an integrated offshore marine services provider. In October 2011, PRL, through its wholly-owned subsidiary, Alstonia Offshore, acquired a 49% stake in the Issuer, in accordance with the maximum foreign ownership limit in domestic shipping companies as stipulated under the laws of Indonesia. The PRL group is an offshore support services provider listed on the Mainboard of the SGX-ST, with operations spanning across Asia, South America, Africa and Australia. As at the Latest Practicable Date, Alstonia Offshore owns 35% of the issued share capital of the Issuer. The Issuer believes that with PRL as its major shareholder, it can tap on PRL’s business expertise, diverse fleet of offshore vessels and established network of customers, suppliers and shipbrokers to support it business expansion. The Issuer is able to access more sources of financing from banks based outside of Indonesia by association with PRL, and is able to synergise the managerial capabilities of both PRL and the Issuer and thereby, enhancing the Issuer’s competitiveness in the industry. The Issuer successfully listed on the Indonesian Stock Exchange in December 2013, raising net proceeds of approximately US$45.9 million. The proceeds are being used by the Issuer to acquire more vessels, thereby increasing its market share in the Indonesian shipping market. As at the Latest Practicable Date, the Issuer’s market capitalisation is Rp2,386,972,714,815 (approximately US$194 million). The Issuer’s existing charter contracts as at 30 September 2014 are worth approximately US$151 million, and it has recently clinched additional projects with major exploration and production players in the oil and gas industry worth approximately US$27 million. For the financial years ended 31 December 2011, 2012 and 2013, the Issuer had earned revenue of approximately US$25.5 million, US$34.1 million and US$59 million respectively, and income of approximately US$3.7 million, US$8.9 million and US$16.5 million respectively.
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(C)
BUSINESS OVERVIEW
In the course of its principal business of chartering offshore support vessels for the oil and gas industry, the Issuer also provides vessels (including operators, crew and captains) for charter to its customers, after which the customers have complete authority over the utilisation of the vessels in accordance with the terms and conditions set out in the respective agreements. The customers also have authority to use the vessels’ crew in accordance with their requirements and operational procedures, provided that it is within the scope of the Issuer’s internal operational procedures, for example, in relation to docking processes, vessel operations, and vessel repairs and maintenance. Further, in order to support its main business activities and to enhance customer services, the Issuer also owns and operates a repair and maintenance yard/workshop in East Kalimantan, Indonesia. The workshop functions as the repair and maintenance center for the Issuer’s vessels, the training center for its marine employees as well as a spare parts warehouse. The Issuer also provides accommodation and/or meals services to its customers’ crew on the vessels. In FY2013, the Issuer’s vessel-chartering business contributed to approximately 91.14% of its revenue, while the other non vessel-chartering businesses contributed to approximately 8.86%. The Issuer generally implements time charter method in its business operations, as this provides its customers with more flexibility to determine their destinations. The Issuer charters the vessels to a customer for a determined period of time for a charter fee as mutually agreed between the parties. During the charter period, the charterer is responsible for all voyage costs, including fuel, port costs and agency tariff. The Issuer, as the vessel owner, is in charge for the crew (including daily needs), vessel repair and maintenance, spare parts and other operating expenses, which have been taken into account when negotiating the charter fee. In certain arrangements, such costs are charged to the charterer. In general, in a time charter scheme, the customers charter the vessel and crew and have full authority to direct the destination of the vessel and what cargoes are being transported; they also bear the fuel and port costs for the duration of the charter. (D)
THE ASSETS
The vessels The Issuer employs its own standard operating procedures (the “SOP”) to monitor the daily operations of its vessels. The SOP applies to all of the Issuer’s vessels and is evaluated on a periodic basis. The Issuer strives to ensure that its business operations strictly comply with the applicable health, safety and environmental regulations. The Issuer requires all vessels of more than 500 gross tonnage as well as crew boats to be equipped with certificates such as the Safety Management Certificate and Environmental Certificate issued by the Directorate General of Sea Transport of the Ministry of Transportations, and ensures that work safety management regulations are in place for all the vessels. The Issuer conducts regular inspection, at least on a monthly basis, of the vessels in operation. In order to maintain high customer satisfaction and customer retention, the Issuer conducts annual customer satisfaction surveys to obtain information on complaints as well as input from the customers, allowing the Issuer to take preventive and corrective measures in the future where necessary. The Issuer’s vessels are depreciated using the straight line method with an estimated useful life of 20 years. As at the Latest Practicable Date, the Issuer’s wholly-owned fleet comprises the vessels set out below.
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No.
Name / Description of Vessel
Type
Year Built
Power (BHP) (unless otherwise indicated)
1
LSM Splendid
Crew Boat
1988
2 x 1,200
BKI
2
Logindo Gladness
Crew Boat
1990
2 x 1,500
BKI
3
Logindo Glory
Tug Boat
1992
2 x 450
BKI
4
Logindo Victory
Tug Boat
1993
2 x 510
BKI
5
LSM Sparrow
Crew Boat
1993
2 x 1,450
BKI
6
LSM 03
Flat Top Barge
1993
639 DWT
BKI
7
LSM 05
Flat Top Barge
1995
639 DWT
BKI
8
Servewell Steady
Tug Boat
1995
2 x 1,280
ABS, BKI
9
LSM 01
Flat Top Barge
1996
639 DWT
BKI
10
LSM 04
Flat Top Barge
1997
639 DWT
BKI
11
Servewell Stable
Tug Boat
1998
2 x 1,280
BV, BKI
12
Logindo Power
Tug Boat
2000
2 x 540
BKI
13
Logindo Mighty
Tug Boat
2001
2 x 500
BKI
14
LSM 02
Flat Top Barge
2002
639 DWT
BKI
15
LSM 06
Flat Top Barge
2002
639 DWT
BKI
16
Logindo Liberty
LCT
2002
2 x 320
BKI
17
Logindo Pelican
LCT
2002
2 x 180
BKI
18
LSM Elang Laut
LCT
2002
2 x 350
BKI
19
Logindo Wisdom
Tug Boat
2002
2 x 550
BKI
20
Logindo Prosper
LCT
2003
2 x 405
BKI
21
Servewell Sincere
PSV
2003
2 x 2,375
BV, BKI
22
Logindo Warrior
Tug Boat
2003
2 x 500
BKI
23
Logindo Worthy
Tug Boat
2003
2 x 500
BKI
24
Logindo Steadfast
LCT
2004
2 x 370
BKI
25
LSM Provider
DSV
2005
2 x 1,030
BKI
26
Logindo Valiant
LCT
2005
2 x 365
BKI
27
Logindo Joyful
LCT
2005
2 x 365
BKI
28
Logindo Courage
Tug Boat
2005
2 x 600
BKI
29
Logindo Favor
Tug Boat
2005
2 x 600
BKI
30
Logindo Graceful
Tug Boat
2005
2 x 640
BKI
31
Logindo Progress
AHT
2005
2 x 2,000
BV, BKI
32
Logindo Synergy
AHT
2006
2 x 1,900
BV, BKI
33
LSM Spearhead
Crew Boat
2006
3 x 680
BKI
34
Loginaito Blessing
LCT
2006
2 x 365
BKI
35
Logindo Hopeful
LCT
2006
2 x 500
BKI
36
Logindo Alpha
Tug Boat
2006
2 x 500
BKI
37
Logindo Navigator
Tug Boat
2006
2 x 240
BKI
38
Logindo Sturdy
AHTS
2006
2 x 3,977
DNV, BKI
54
Classification of Vessel
No.
Name / Description of Vessel
Type
Year Built
Power (BHP) (unless otherwise indicated)
39
Logindo Vigilant
AWB
2007
2 x 1,600
ABS, BKI
40
LSM Servewell
Crew Boat
2007
3 x 671
BKI
41
Logindo Reliance
AWB
2008
4,486
BV, BKI
42
Servewell Eager
Tug Boat
2008
2 x 540
BKI
43
LSM Nusantara
Utility Boat
2008
2,000
BV
44
Logindo Stout
AHTS
2008
2 x 4,000
BV
45
Logindo Radiance
AWB
2009
5,107
BV, BKI
46
Logindo Overcomer
AHT
2009
2 x 2,575
ABS
47
Servewell Steward
Crew Boat
2009
3 x 1,300
BV, BKI
48
LSM Dunamos
Utility Boat
2009
2 x 848
BV
49
LSM 07
Flat Top Barge
2010
676 DWT
BKI
50
LSM 08
Hopper Barge
2010
676 DWT
BKI
51
LSM 09
Hopper Barge
2010
676 DWT
BKI
52
LSM 10
Hopper Barge
2010
676 DWT
BKI
53
LSM 11
Hopper Barge
2010
676 DWT
BKI
54
LSM 12
Hopper Barge
2010
676 DWT
BKI
55
Logindo Braveheart
AHT
2012
2 x 2,575
BV, BKI
56
Logindo Destiny
AHT
2012
2 x 2,575
BV, BKI
57
Logindo Stature
AHT
2012
2 x 2,575
ABS, BKI
58
Logindo Energy
AHTS
2012
2 x 6,120
ABS, BKI
59
Logindo Enterprise
AHTS
2012
12,000
ABS, BKI
60
Logindo Stamina
AHTS
2014
2 x 4,080
ABS, BKI
Classification of Vessel
Utilisation rates The utilisation rates of the Issuer’s vessel fleet are approximately 70.8% in FY2011, 70.0% in FY2012, 82.0% in FY2013 and 72.0% in the first nine months of 2014. The following table sets out the utilisation rates for each type of offshore vessel within the Issuer’s vessel fleet which is calculated by aggregating the number of contract days and dividing that by the aggregate number of days each type of vessels are available for charter in a financial year: Type of Vessels OSVs DSVs AWBs Tugs/Barges LCT UB CB
55
FY2011
FY2012
FY2013
77% 59% 5% 71% 86% 100% 54%
83% 75% 84% 75% 77% 35% 53%
79% 83% 100% 85% 89% 95% 47%
Revenue breakdown The pie charts below show the Issuer’s revenue breakdown by each type of offshore vessel within the Issuer’s vessel fleet as at 31 December 2013 and year-to-date as at 30 September 2014:
As at 31 December 2013 (US$'000) CB, 3,237 UB, 5,359 LCT, 2,096 OSV, 25,900
TB/BARGE, 9,084
AWB, 11,782
OSV
(E)
DSV
DSV, 1,444
AWB
TB/BARGE
LCT
UB
CB
COMPETITIVE STRENGTHS
The Issuer possesses competitive advantages that support its performance amidst the tightening competition in the shipping industry: One of the rapidly growing OSV providers in Indonesia The Issuer has been undergoing rapid growth in the last five years. Its fleet has grown from 41 vessels in 2008 to 60 vessels as at the Latest Practicable Date, making it one of the largest OSV providers in Indonesia. The Issuer’s management maintains a high level of service. As a testament to its commitment to quality, the Issuer was awarded the ISO 9001:2008 certification in recognition of its quality management system standard and it is also OHSAS 18001 certified for occupational health and safety management systems. With its high level of service, the Issuer in turn earns the trust and loyalty of its customers, which ultimately contributes to the rapid growth rate of its business. High level of service to customers The Issuer understands that offshore support vessel services for the oil and gas industry is one where commitment to high quality of service to customers is a key success factor. It has invested in a workshop in East Kalimantan, Indonesia which is used to repair and maintain and, if necessary, modify the vessels, such that they fully comply with customer requirements. This allows the Issuer to maintain a swifter maintenance response to suit the demands of its customers. The Issuer is committed to improving the quality of its services through continuous training of its employees and improvements on its standard operating procedures. As an indication of its commitment, the Issuer achieved the renewal of quality management standards certificate ISO 9001:2008 from Lloyd’s Register Quality Assurance Limited in 2014. The Issuer also complies with the International Safety Management Code and the International Ship and Port Facility Security Code from the Indonesian Classification Bureau. This demonstrates the Issuer’s awareness of the importance of its crew’s safety as well as the need to continually improve vessel operational management to reduce the likelihood of shipwrecks, accidents and environmental pollution. The diligence and persistence of the Issuer’s employees in providing a high level of service to its customers have contributed to the Issuer’s excellent reputation, and have further contributed to the Issuer’s achievement of the following awards: z
Health, Safety and Environment Award from the Marine & Logistic Division, Total E&P Indonesie (for the category of Safety Awareness and Good Housekeeping) in 2013;
56
z
Quality, Health, Safety, and Environment Award from BP Migas & CNOOC for operating vessels with a minimum number of accidents in 2011;
z
Third place in the Mahakam Award, Total E&P Indonesie for work performance in the Health, Safety, and Environment (for the high risk category) in 2012; and
z
INSA Best Offshore Shipowner/Operator of the Year in 2012.
Continuous after-charter services by providing repair and maintenance facilities and integrated vessel maintenance services The Issuer adopts an after-sales service concept, whereby it continues to serve its customers by providing quick and accurate resolutions to unfavourable situations and problems which may occur during the charter, such as engine trouble and issues with the docking process. To ensure a high quality of services, the Issuer provides its own repair and maintenance services through its yard/workshop. The Issuer also ensures that it is able to provide vessel spare parts which may be required by its yard/ workshop. This is done swiftly and at times, within 24 hours from the time of request, thereby preventing delays in vessel charter times. This ensures that the down time of the vessels is kept to the minimum in order to keep to the time schedule as planned. Long-term contracts with customers The Issuer has a significant competitive advantage in terms of being able to acquire long-term contracts with its main customers, such as Total E&P Indonesie. The percentage of the Issuer’s vessels committed to long-term contracts is relatively significant compared to the other competitors in the industry. Majority of the Issuer’s vessels are committed to three-year term contracts with its customers. The lengthy duration of the contracts helps the Issuer to maintain its cash flows, for the duration of the contract term, thereby enabling the Issuer to better predict its cash flows for the next few years. The proceeds from the longterm contracts also improve the Issuer’s financial health by increasing its ability to service its bank loans, increasing the working capital available and providing funds for capital expenditure. Strong support and commitment from PRL PRL, as the shareholder holding 35% of the Issuer’s shares, is a fast-expanding integrated offshore support services provider which is listed on the Mainboard of the SGX-ST. The Issuer believes that PRL’s business expertise, diverse fleet of offshore vessels and network of customers, suppliers and shipbrokers will provide added value to the Issuer in providing offshore support services to its customers and support its business expansion. The Issuer is able to access more sources of financing from banks based outside of Indonesia by association with PRL and as part of PRL group, the Issuer is also able to synergise the managerial capabilities of both PRL and the Issuer and thereby, enhancing the Issuer’s competitiveness in the industry. Technology to monitor the fuel usage of every vessel The Issuer invests in equipment that enables it to maximize its services to customers, one of which being the measurement tools technology. This technology is able to detect fuel usage, which can also be monitored from the Issuer’s head office on a periodical basis. With this technology, the Issuer is able to prevent fuel embezzlement, optimize fuel usage and in turn, maximize its services to customers. Ability to maintain long-term relationships with key customers The Issuer strives to provide high-quality services to its customers and through the years, have earned the trust and loyalty of many of its key customers. As an example, it has maintained a business relationship with its main customer, Total E&P Indonesie, since 1997. Competent and experienced management in the shipping industry The Issuer’s management team comprises the founders of the Issuer as well as dedicated personnel who have extensive years of experience in their respective fields. The management’s experience has contributed to the Issuer being able to build good relationships with the stakeholders of its business, including employees, customers, suppliers and governmental officials, allowing the Issuer to continually secure new contracts. 57
The Issuer also invests in regular training sessions and awards for its employees. Reliable assets and liabilities management The Issuer has established creditworthiness among financial institutions in Singapore, and is therefore able to secure various avenues of funding resources. This allows the Issuer to manage its liabilities in accordance with its cash flow conditions. Further, the Issuer also implements a comprehensive calculation method when determining the charter fees being offered to its customers, taking into account the cost of fund financing, maintenance expense, vessel economic depreciation rate and other operating expenses. Indonesian-flagged OSVs The Issuer operates its own Indonesian-flagged vessels as compared to some other offshore support vessel providers in Indonesia which still charter foreign-flagged vessels with back-to-back mechanisms. This is especially significant ever since the implementation of cabotage principles by the Indonesian government, whereby domestic inter-port services must be provided by Indonesian-flagged vessels. Regulation of Transportation Minister No. PM.10 of 2014 concerning Procedures and Requirements for Licensing the Use of Foreign-Flagged Vessels to Other Activities that Excluded the Activities of Transporting Passengers and/or Goods in the Domestic Sea Freight Activities, only allows the foreignflagged vessels operated by national shipping company to conduct activities other than transporting passengers and/or goods in the domestic sea freight activities in Indonesia as long as Indonesian-flagged vessels are not available or not sufficiently available. While the Indonesian government still allows foreign-flagged vessels operated by national shipping company to conduct drilling such as jack up rig, semi-submersible rig, deep water drill ship, tender assist rig, and swamp barge rig (until the end of 2015), in Indonesia waters, all other types of vessels must be Indonesian-flagged. The cabotage principles have allowed the Issuer to capitalise on the opportunities granted to national shipping companies to grow its business. Diverse and modern fleet of vessels As at the Latest Practicable Date, the Issuer has a fleet of 60 offshore support vessels which has an average age of approximately nine years. The Issuer’s fleet comprises a variety of vessels, including highend sophisticated vessels required for the increasing number of deep water projects in Indonesia. The Issuer also strives to equip its vessels with the latest marine technical specifications to meet the growing demand in the market. The diverse and modern fleet of vessels allows the Issuer to provide a wide range of services, and to support its clients over a spectrum of operations covering all the major phases of an oil and gas field’s life cycle. (F)
INSURANCE
For insurance related to the Issuer’s vessels, the Issuer has in place the following insurance coverage: (a) increased value and/or disbursements including excess liabilities, (b) hull, materials and machinery outfits etc. and everything connected therewith, (c) war risks insurance, (d) mortgagee interest insurance, and (e) protection and indemnity cover. In relation to non-marine insurances, the Issuer takes on property all risks insurance as well as earthquake insurance policy for its office space in Central Jakarta, Indonesia. (G)
STRATEGY
The Issuer’s strategic objective is to establish itself as one of the main players in the offshore oil and gas services industry. The Issuer plans to achieve its objective by pursuing the following strategies: Diversification of customer base and development of existing fleets The Issuer intends to acquire more vessels and build a larger portfolio of vessels comprising a variety of functions and types. It has embarked on the process of acquiring larger and more sophisticated vessels in order to support deep water exploration and production activities in Indonesia. The Issuer also strives to 58
acquire new vessels equipped with the latest technology required in the offshore oil and gas industry. With a more developed fleet of vessels, the Issuer is able to grow and diversify its customer base by increasing the number of charterers which requirements the Issuer is able to cater to and satisfy. The Issuer plans to secure more long-term charters in the long run and strengthen its market position in Indonesia, thereby increasing its revenue and income. Provide high-quality vessel charter services The Issuer is committed to the continual provision of high-quality services to its customers. It aims to perform consistently in terms of meeting the specifications and time schedules of its charterers. The Issuer believes that this commitment to provide high-quality services, along with its competitive prices, timeliness and consistency in meeting the charterers’ needs, has contributed to its well-established reputation in the oil and gas industry. Efficiency of operating expenses through, among others, fuel usage efficiency In order to keep up with the increased costs and tightening business competition in terms of pricing, the Issuer believes that cost management is the key element in the operation of its business. The Issuer aims to reduce the average age of its vessels to seven years (which is lower than the industry average in Indonesia), as this helps to ensure optimum operation with relatively lower costs as compared to an older fleet of vessels. In addition, to maintain high levels of utilisation rates and vessel maintenance, the Issuer strives for improved cost efficiency by taking strategic measures such as installing satellite monitoring systems on tug boats and implementing incentive systems for its boat crew. The Issuer is of the view that with increased cost efficiency, its services to major customers will be enhanced and its profitability will increase. Maintain good relationships with end-users of vessel charter services as well as business partners The Issuer plans to strengthen relationships with the charterers of its vessels. This allows the Issuer to receive meaningful feedback of its level of service from time to time and capitalise on such information to improve its operations and pre-empt certain customer complaints. With the trust that it gains from the end-users, the Issuer is also better-positioned to secure more long term charters. The Issuer also intends to continue maintaining strong relationships with its business partners, and is continually exploring opportunities as part of its growth strategy. Routine fleet inspection and maintenance The Issuer keeps a high level of fleet maintenance. It records every route travelled by each operating vessel, and its technical teams ensures that all vessels are ready to operate at any time by conducting periodical inspections and maintenance works. The technical teams also closely monitor any changes in vessel condition or problems. The Issuer’s technical teams and boat crew conduct routine repairs and maintenance on machines and equipment as and when required. For more complicated repairs, the technical teams will work with the operational teams to assess the condition of the vessel and determine the next steps to be taken when the vessel anchors. In addition, the technical teams will inspect the vessel when it anchors, providing recommendations and requesting approval from the operational teams for each repair. All significant modifications, repairs and additions to the vessels are fully documented for future reference. This comprehensive inspection/maintenance routine keeps the Issuer’s vessels in good condition. This also allows the Issuer to keep track of whether the vessels comply with the prevailing industry regulations to support the advancement of the oil and gas industry in Indonesia.
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Developing excellent people The Issuer believes in investing in its workforce by recruiting, hiring and retaining talent, in order to support the Issuer’s business expansion. The Issuer conducts in-house programmes to keep its crew updated of the latest market developments, and to equip its crew with the best industry practices. With a well-trained and excellent workforce, the Issuer would be able to maintain a high level of standard and operational efficiency. (H)
MANAGEMENT
Board of Commissioners The Board of Commissioners oversees the policies of the board of Directors and provides advice and guidance in accordance with the purposes and objectives of the Issuer. The Commissioners are also entrusted with implementing risk management measures and good corporate governance in relation to the Issuer’s business activities. The particulars of the Commissioners are set out below: Name
Position
Mr. Pang Yoke Min
President Commissioner
Ms. Merna Logam
Commissioner
Ms. Estherina Arianti Djaja
Independent Commissioner
Information on the business and working experience, education and professional qualifications, if any, of the Board of Commissioners are set out below: Mr. Pang Yoke Min Mr. Pang Yoke Min was appointed as the Issuer’s President Commissioner since 2011. He is the Executive Chairman of PRL since January 2013, after having served as its principal advisor (2012) and non-executive director (2007-2011). A veteran of the offshore oil and gas industry with more than 30 years of experience, Mr. Pang cofounded Jaya Holdings Limited in 1981 and was its managing director until 2006. During this time, he was instrumental in charting its rapid growth. Jaya Holdings Limited is a listed company on the Main Board of the SGX-ST. Mr. Pang is a non-independent and non-executive director of two companies listed on the SGX-ST, Global Yellow Pages Limited and Pacific Healthcare Holdings Limited. He sits on the nomination, audit and remuneration committees at Global Yellow Pages Limited. Mr. Pang graduated with a Diploma in Business Administration from the Institute of Business Administration in Australia. Ms. Merna Logam Ms. Merna Logam was appointed as the Issuer’s Commissioner since 1999. She previously served as a custodian officer in Deutsche Bank and a remittance officer in United Overseas Bank, Bali. She is also an administration staff at the Santa Monica College, United States of America. Ms. Logam obtained her post-graduate degree in Business Administration from the Loyola Marymount University in California, United States of America in 1993. Ms. Estherina Arianti Djaja Ms. Estherina Arianti Djaja was appointed as the Issuer’s Commissioner since 2013. She was previously a General Manager in the Agung Sedayu Group, an advisor in various firms, including Muljohardjo & Associates, PT Crown Property Indonesia and PT Anugerah Unggul Persada. Ms. Djaja was also appointed as President Commissioner of PT Ridean Finance from 2001 to 2003, and a commissioner of PT Multipanen Kotrindo from 1995 to 1997.
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Ms. Djaja graduated with a Bachelor degree in Business Economy at the Parahyangan Catholic University, Indonesia in 1979. Board of Directors The Directors are in charge of the management of the Issuer, and manages the risks in relation to the Issuer’s business activities. The particulars of the Directors are set out below: Name
Position
Mr. Eddy Kurniawan Logam
President Director
Mr. Mok Weng Vai
Deputy President Director
Mr. Rudy Kurniawan Logam
Operations Director
Mr. Loo Choo Leong
Finance Director
Mr. Rudy Kusworo
Operations Support Director
Mr. Meyrick Alda Sumantri
Independent Director
Information on the business and working experience, education and professional qualifications, if any, of the Directors are set out below: Mr. Eddy Kurniawan Logam Mr. Eddy Kurniawan Logam has served as the Issuer’s President Director since 1996 and is in charge of the Issuer’s overall business management. He also served as Offshore Industry Department Head of IPERINDO (Ikatan Perusahaan Industri Kapal dan Lepas Pantai Indonesia, Indonesia Ship Building and Offshore Association) from 2011 to 2014. In May 2014, he was appointed as Chairman of the IPERINDO for a term of five years. He earned his Bachelor Degree in Business Administration at the Loyola Marymount University in California, United States of America in 1992. Mr. Mok Weng Vai Mr. Mok Weng Vai was appointed as the Issuer’s Deputy President Director in 2001 and he is involved in the Issuer’s business development. He is PRL’s Executive Director and the managing director of PRL’s offshore support services business division. A 20-year veteran of the offshore oil and gas industry, Mr. Mok began his career as a commercial and business development executive at Maritime Pte. Ltd. in 1989. He then joined Jaya Holdings Limited as a marketing executive in 1993 and spent nine years there before leaving to co-found the PRL group. Mr. Mok graduated with a Bachelor of Arts from the National University of Singapore. Mr. Rudy Kurniawan Logam Mr. Rudy Kurniawan Logam was appointed as the Issuer’s Operations Director since 1996 and he is in charge of the operational, health, safety and environmental as well as vessel maintenance aspects of the Issuer’s business. He also acts as a director of PT Steadfast Marine, since his appointment in 2005. He obtained his Associate Degree in Business Management at the Santa Monica College in California, United States of America in 1992.
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Mr. Loo Choo Leong Mr. Loo Choo Leong was appointed as the Issuer’s Finance Director in 2011 and he is in charge of the finance, accounting, legal and information technology aspects of the Issuer’s business. He is the group finance director of PRL. Mr. Loo has more than 20 years of experience in general management, financial and management accounting, corporate planning and finance, treasury, taxation and internal audit. He started his career at the tax division of Arthur Andersen & Co. and later joined the Sime Darby Group where he was the head of its regional finance office and the group head of its global services centre. While at Sime Darby, Mr. Loo took on a wide range of responsibilities in its diverse business segments, including its offshore engineering and construction, property development and investment, plantation and trading businesses. Mr. Loo has been a fellow of the Association of Chartered Certified Accountants since 1991 and a nonpractising member of the Institute of Singapore Chartered Accountants. He obtained a Master of Business Administration (Distinction) from the University of Strathclyde, in the United Kingdom. Mr. Rudy Kusworo Mr. Rudy Kusworo was appointed as the Issuer’s Operations Support Director in 2013 and he is in charge of the human resources and general services, as well as purchasing and logistics of the Issuer’s operations. He has more than 30 years’ working experience. He previously served as Director of PT Mega Finadana from 2009 to 2013, and before that, an associate director/senior vice president, Head of Enterprise Banking of PT Bank DBS Indonesia from 2006 to 2008. He also acted as the General Manager of Commercial Banking at PT PermataBank from 2004 to 2005. Mr. Kusworo earned his Bachelor degree in Business Economy at the Parahyangan Catholic University, Indonesia in 1983. Mr. Meyrick Alda Sumantri Mr. Meyrick Alda Sumantri was appointed as the Issuer’s Independent Director since 2013. He also currently serves as Commissioner of PT Subur Progress. Mr. Sumantri previously worked as a derivatives trader in Wachovia Securities, Charlotte, North Carolina, United States of America and was a staff of Strategic Credit Trading in UBS, AG in Singapore. He graduated with a Bachelor of Science in Business Administration (Marketing and Computational Finance) at the Carnegie Mellon University, United States of America in 2006.
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SELECTED FINANCIAL INFORMATION The following tables set forth selected financial information of the Issuer as at and for FY2011, FY2012, FY2013, 3Q2013 and 3Q2014. This selected financial information for FY2011, FY2012 and FY2013 are derived from the historical financial statements of the Issuer, which have been audited by the Issuer’s independent auditors, Purwantono, Suherman & Surja. The selected financial information for 3Q2013 and 3Q2014 are derived from the unaudited financial information of the Issuer. Pursuant to Indonesian laws, the Issuer’s 3Q2014 financial figures which have been subject to limited review by the Issuer’s auditors will be published on the IDX website and can be found on www.idx.co.id within two days from the date of this Information Memorandum. The audited financial statements of the Issuer have been drawn up in accordance with the Indonesian Financial Reporting Standards. The statements of comprehensive income of the Issuer for FY2011, FY2012, FY2013, 3Q2013 and 3Q2014 are set out below:
(US$) Revenue Cost of revenue
Audited FY2011
Audited FY2012
Audited FY2013
Unaudited 3Q2013
Unaudited 3Q2014
25,515,201 (13,123,858)
34,094,104 (17,509,648)
59,015,412 (28,915,295)
41,954,205 (21,514,982)
53,560,931 (27,208,976)
12,391,343 (4,036,864) 283,145 (5,713) 8,631,911 15,704 (4,141,993) (380,683)
16,584,456 (4,510,903) 404,818 (11,271) 12,467,100 36,945 (3,082,283) -
30,100,117 (6,562,685) 432,279 (101,535) 23,868,176 27,133 (6,365,553) -
20,439,223 (4,466,792) 181,902 (83,743) 16,070,590 12,413 (4,105,124) -
26,351,955 (4,969,570) 1,702,254 (136,787) 22,947,852 23,210 (4,818,406) -
Income before income tax Income tax expense
4,124,939 (397,961)
9,421,762 (563,048)
17,529,756 (1,072,578)
11,977,879 (716,138)
18,152,656 (926,983)
Income for the year
3,726,978
8,858,714
16,457,178
11,261,741
17,225,673
-
-
-
-
-
3,726,978
8,858,714
16,457,178
11,261,741
17,225,673
140
0.02
0.04(1)
0.025
0.027
Gross income General and administrative expenses Other operating income Other operating expenses Operating income Finance income Finance costs Loss on write-off for unquoted available-for-sale equity investment
Other comprehensive income, net of tax Total comprehensive income for the year Basic Earnings per Share
Note: (1)
The Issuer changed its nominal value per share on 13 August 2013 from Rp1,000,000 to Rp100. This is based on the amendment of the Issuer’s articles of association, notarized by Notarial Deed no. 13 of Tjhong Sendrawan SH, Public Notary in Jakarta dated 13 August 2013. The amendment has been approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter no. AHU-43875.AH.01.02 tahun 2013 dated 21 August 2013.
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The statements of financial position of the Issuer as at FY2011, FY2012, FY2013, 3Q2013 and 3Q2014 are set out below: (US$)
Audited FY2011
Audited FY2012
Audited FY2013
Unaudited 3Q2013
Unaudited 3Q2014
ASSETS Current assets Cash and cash equivalents Trade receivables: third parties(1) Trade receivables: related parties Inventories Prepaid taxes Other receivables: third parties Other receivables: related parties Advances Prepaid expenses
3,125,817 4,838,014 22,945 194,847 710,291 83,565 5,540 36,211
2,799,444 7,101,528 106,468 409,470 1,087,391 18,955 420,642 52,103
8,190,008 13,231,467 191,869 545,241 1,384,970 23,937 497,002 407,365
4,953,260 13,005,475 239,793 683,673 1,447,154 16,609 824,655 549,078
7,133,061 16,623,468 629,034 1,223,592 820,289 320,957 2,015,741 386,699
Total current assets
9,017,230
11,996,001
24,471,859
21,719,697
29,152,841
Non-current assets Deferred tax assets Fixed assets(2) Investment in shares of stock Other non-current assets
90,108,161 837,259
134,665,454 1,781,373
208,928,119 2,345,029
183,823,844 2,446,657
237,576,889 3,503,735
Total non-current assets
90,945,420
136,446,827
211,273,148
186,270,501
241,080,624
Total assets
99,962,650
148,442,828
235,745,007
207,990,198
270,233,465
1,133,386 1,364,755 740,815 222,671 115,130 3,050,000 -
1,398,495 905,359 274,514 682,088 555,861 305,509 10,752,500 6,542,938
1,487,741 886,846 402,049 1,768,521 1,027,367 390,255 15,608,000 -
4,401,767 266,010 5,404,075 1,560,556 956,077 447,756 16,850,000 13,000,000
4,144,305 582,556 400,850 1,361,978 1,467,147 499,166 5,300,000 -
5,944,271 82,216 2,110,437
15,296,552 91,572 526,136
21,032,259 93,974 436,099
19,282,976 88,101 432,785
27,234,556 51,093 124,440
14,763,681
37,331,524
43,133,111
62,690,103
41,166,091
EQUITY AND LIABILITIES Current liabilities Trade payables: third parties Trade payables: related parties Other payables: third parties Accrued expenses Short-term employee benefits liability Taxes payable Short-term bank loans Loan from a related party Current maturities of long-term liabilities: Long-term bank loans Consumer finance liabilities Finance lease liabilities Total current liabilities
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(US$)
Audited FY2011
Audited FY2012
Audited FY2013
Unaudited 3Q2013
Unaudited 3Q2014
Non-current liabilities Long-term liabilities, net of current portion: Long-term bank loans Consumer finance liabilities Finance lease liabilities Long-term employee benefits liability
39,511,310 30,546 3,638,807 174,533
59,549,724 101,171 451,111 306,811
80,169,961 65,008 11,083 406,905
82,857,845 38,562 122,143 317,317
100,906,294 37,040 524,875
Total non-current liabilities
43,355,196
60,408,817
80,652,957
83,335,867
101,468,209
Total liabilities
58,118,877
97,740,341
123,786,068
146,025,970
142,634,300
5,529,734
5,529,734
7,151,731
5,529,734
7,151,731
Equity Share capital - par value of Rp1,000,000 (full amount)(3) Additional paid-in capital Retained earnings - appropriated Retained earnings - unappropriated
20,529,017
20,529,017
63,706,294
20,529,017
15,785,022
24,643,736
41,100,914
35,905,477
63,706,294 100,000 56,641,140
Total equity
41,843,773
50,702,487
111,958,839
61,964,228
127,599,165
Total liabilities and equity
99,962,650
148,442,828
235,745,007
207,990,198
270,233,465
Notes: (1)
This is net of allowance for impairment losses of US$80,000 (FY2013: US$80,000; FY2012: US$32,589; FY2011: US$32,589).
(2)
This is net of accumulated depreciation of US$25,933,565 (FY2013: US$25,933,565; FY2012: US$16,870,892; FY2011: US$11,541,902).
(3)
Based on the issued and fully paid share capital of the Issuer comprising 644,257,143 shares (FY2013: 644,257,143 shares; FY2012: 45,098 shares; FY2011: 45,098 shares).
Comparison of revenue for 3Q2014 and 3Q2013 The Issuer’s revenue in 3Q2014 increased by US$11.6 million or approximately 28% compared to 3Q2013 i.e. from US$41.9 million for 3Q2013 to US$53.6 million for 3Q2014. The increase in the Issuer’s revenue was mainly due to the increase in vessel charter services, in line with the increase in number of contracts with its major customers, including amongst others, Total E&P Indonesie and PT Pertamina Hulu Energi. During 3Q2014 alone, the Issuer has secured six new contracts from Total E&P Indonesie and three new contracts from PT Pertamina Hulu Energi. Based on the type of vessels rented, the largest portion of revenue was contributed by charter of the AHTS type vessel, which amounted to US$30.1 million or approximately 56.14% of the total vessel charter revenue during 3Q2014. The amount increased compared to 3Q2013, which amounted to US$16.2 million. In addition, the Issuer has recorded revenue from AWB charter services of approximately US$7.6 million in 3Q2014 compared to 3Q2013 which amounted to US$8.9 million. Comparison of revenue for FY2013 and FY2012 The Issuer’s revenue in FY2013 increased by US$24.9 million or approximately 73% compared to FY2012, i.e., from US$34.1 million for FY2012 to US$59 million for FY2013. The increase in the Issuer’s revenue was mainly due to the increase in vessel charter services, in line with the increase in number of contracts with its major customers, including amongst others, Total E&P Indonesie and PT Pertamina Hulu Energy. During FY2013 alone, the Issuer has secured four new contracts from Total E&P Indonesie and two new contracts from PT Pertamina Hulu Energy.
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Based on the type of vessels rented, the largest portion of revenue was contributed by charter of the AHTS type vessel, which amounted to US$21.7 million or approximately 37% of the total vessel charter revenue during FY2013. The amount increased compared to FY2012, which amounted to US$7.2 million. In addition, the Issuer has recorded revenue from AWB charter services of approximately US$11.8 million in FY2013 compared to 2012 which amounted to US$5.7 million. Comparison of revenue for FY2012 and FY2011 The Issuer’s revenue in FY2012 increased by US$8.6 million or approximately 33.6% compared to FY2011, i.e., from US$25.5 million for FY2011 to US$34.1 million for FY2012. The increase in the Issuer’s revenue was mainly due to the increase in vessel charter services, in line with the increase in number of contracts with its major customers, including amongst others, Total E&P Indonesie. During FY2012 alone, the Issuer has secured 10 new contracts from Total E&P Indonesie. Based on the type of vessels rented, the largest portion of revenue was contributed by charter of the AHTS type vessel, which amounted to US$7.2 million or approximately 21% of the total vessel charter revenue during FY2012. The amount increased compared to FY2011, which amounted to US$6.4 million. In addition, the Issuer has recorded revenue from AWB charter services of approximately US$5 million in FY2012. There was no revenue generated from AWB charter during FY2011. Comparison of cost of revenue for 3Q2014 and 3Q2013 The Issuer’s cost of revenue for 3Q2014 was US$27.2 million, which was dominated by depreciation expense of US$9.7 million (35.81%) and salary expense of US$6.0 million (21.97%). The cost of revenue for 3Q2014 has increased by US$5.7 million or approximately 26.5% compared to 3Q2013. The increase in cost of revenue arose from the significant increase in depreciation expense, which increased by US$3.5 million or approximately 57.19% and the increase in salary expense by US$1.6 million or approximately 36.92% compared to 3Q2013. The increase in depreciation expense was in line with the growing number of vessels in the Issuer’s fleet during 3Q2014 and in the last two quarters. The Issuer expanded its business by purchasing three units of AHTS-DP vessels. The increase in salary expense was mainly due to the increase in the number of marine employees (boat crew) from 717 at the end of 3Q2013 to 906 at the end of 3Q2014, in line with the growing number of the vessels in the Issuer’s fleet. The increase in business capacity was in accordance with the investment objectives of PRL in 3Q2013. Comparison of cost of revenue for FY2013 and FY2012 The Issuer’s cost of revenue for FY2013 was US$28.9 million, which was dominated by depreciation expense of US$8.8 million (30.6%) and salary expense of US$5.9 million (20.3%). The cost of revenue for FY2013 has increased by US$11.4 million or approximately 65% compared to FY2012. The increase in cost of revenue arose from the significant increase in depreciation expense, which increased by US$3.8 million or approximately 76% and the increase in salary expense by US$1.7 million or approximately 41% compared to FY2012. The increase in depreciation expense was in line with the growing number of vessels in the Issuer’s fleet during FY2013. The Issuer expanded its business by purchasing two units of AHTS-DP vessels, one unit of AHTS vessel and one unit of AHT vessel. The increase in salary expense was mainly due to the increase in the number of marine employees (boat crew) from 517 at the end of FY2012 to 816 at the end of FY2013, in line with the growing number of the vessels in the Issuer’s fleet. The increase in business capacity was in accordance with the investment objectives of PRL in FY2012. Comparison of cost of revenue for FY2012 and FY2011 The Issuer’s cost of revenue for FY2012 was US$17.5 million, which was dominated by depreciation expense of US$5 million (28.6%) and salary expense of US$4.1 million (23.6%).
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The cost of revenue for FY2012 has increased by US$4.4 million or approximately 33% compared to FY2011. The increase in cost of revenue arose from the significant increase in depreciation expense, which increased by US$1.8 million or approximately 56% and the increase in salary expense by US$2.3 million or approximately 127% compared to FY2011. The increase in depreciation expense was in line with the growing number of vessels in the Issuer’s fleet during FY2012. The Issuer expanded its business by purchasing two units of AHTS vessels, one unit of AHT vessel, one utility boat and one AWB. The increase in salary expense was mainly due to the increase in the number of marine employees (boat crew), in line with the growing number of the vessels in the Issuer’s fleet. The increase in business capacity was in accordance with the investment objectives of PRL in FY2011. Comparison of general and administrative expenses for 3Q2014 and 3Q2013 The Issuer’s general and administrative expenses for 3Q2014 was US$5.0 million, with salary and other benefits expense accounting for the largest component, with a total value of US$3.2 million or approximately 65.28% of the total general and administrative expense. The general and administrative expenses in 3Q2014 increased by US$0.5 million or approximately increased 11.26% compared to 3Q2013. The increase in general and administrative expenses arose from the significant increase in salary which increased by US$0.98 million or approximately 43.48% compared to the salary for 3Q2013. The increase in salary was mainly due to the growing number of total ground personnel from 87 at the end of 3Q2013 to 103 at the end of 3Q2014 and the employees’ general salary adjustments to match the market salary level. The number of employees was increased to accommodate the Issuer’s business expansion plans. Comparison of general and administrative expenses for FY2013 and FY2012 The Issuer’s general and administrative expenses for FY2013 was US$6.6 million, with salary and other benefits expense accounting for the largest component, with a total value of US$3.4 million or approximately 52% of the total general and administrative expense. The general and administrative expenses in FY2013 increased by US$2 million or approximately 45% compared to FY2012. The increase in general and administrative expenses arose from the significant increase in salary and other benefits expense, which increased by US$1 million or approximately 42% compared to the salary and other benefits expense for FY2012. The increase in salary and other benefits expense was mainly due to the growing number of total ground personnel from 136 at the end of FY2012 to 178 at the end of FY2013 and the employees’ general salary adjustments to match the market salary level. The number of employees was increased to accommodate the Issuer’s business expansion plans. Comparison of general and administrative expenses for FY2012 and FY2011 The Issuer’s general and administrative expenses for FY2012 was US$4.5 million, with salary and other benefits expense accounting for the largest component, with a total value of US$2.4 million or approximately 53% of the total general and administrative expense. The general and administrative expenses in FY2012 increased by US$474,039 or approximately 12% compared to FY2011. The increase in general and administrative expenses arose from the significant increase in salary and other benefits expense, which increased by US$1.1 million or approximately 87% compared to the salary and other benefits expense for FY2011. The increase in salary and other benefits expense was mainly due to the growing number of total ground personnel from 106 at the end of FY2011 to 136 at the end of FY2012 and the employees’ general salary adjustments to match the market salary level. The number of employees was increased to accommodate the Issuer’s business expansion plans. Comparison of net other operating income (expenses) for 3Q2014 and 3Q2013 Net other operating income for 3Q2014 has increased by US$1,467,308 or approximately 1495% compared to 3Q2013 (3Q2014: US$1,565,467; 3Q2013: US$98,159). In general, the increase was due to gain on sale of fixed assets US$1,679,301 which increased by US$1,724,809 (3Q2014: US$1,679,301; 3Q2013:-US$45,508).
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Comparison of net other operating income (expenses) for FY2013 and FY2012 Net other operating income for FY2013 has decreased by US$62,803 or approximately 16% compared to FY2012 (FY2013: US$330,744; FY2012: US$393,547). In general, the decrease was due to loss on sale of fixed assets amounted to US$61,427 which decreased US$80,204 compared to 2012 (FY2013:US$61,427; FY2012: US$18,777). Comparison of net other operating income (expenses) for FY2012 and FY2011 Net other operating income for FY2012 has increased by US$116,115 or approximately 42% compared to FY2011 (FY2012: US$393,547; FY2011: US$277,432). In general, the increase was due to gain on foreign exchange which increased by US$131,817 (FY2012: US$386,041; FY2011: US$254,224). Comparison of comprehensive income for 3Q2014 and 3Q2013 The Issuer’s comprehensive income during 3Q2014 was US$17.2 million and this increased by 53% compared to 3Q2013 where it was US$11.3 million. The increase in comprehensive income was mainly due to the increase in revenue approximately 27.67%, in line with the new contracts secured in 3Q2013, which was in line with the growing number of the vessels in the Issuer’s fleet. Otherwise, increase in general and administrative expenses was approximately only 11.26%. The increase in other net operating income in 3Q2014 by US$1.5 million, representing an increase of approximately 1495%, also contributed to the increase in the Issuer’s comprehensive income for 3Q2014. Comparison of comprehensive income for FY2013 and FY2012 The Issuer’s comprehensive income during FY2013 was US$16.5 million and this increased by 86% compared to FY2012 where it was US$8.9 million. The increase in comprehensive income was mainly due to the increase in revenue, in line with the new contracts secured in FY2013, which was in line with the growing number of the vessels in the Issuer’s fleet. Comparison of comprehensive income for FY2012 and FY2011 The Issuer’s comprehensive income during FY2012 was US$8.9 million and this increased by 138% compared to FY2011 where it was US$3.7 million. The increase in comprehensive income was mainly due to the increase in revenue, in line with the new contracts secured in FY2012, which was in line with the growing number of the vessels in the Issuer’s fleet. The decrease in financial cost in FY2012 by US$1.1 million, representing a decrease of approximately 26% also contributed to the increase in the Issuer’s comprehensive income for FY2012. The decrease in finance cost was due to the Issuer having obtained an additional US$ denominated bank loan with a lower interest rate. It is important to note that there has been significant pressure on the FY2011 comprehensive income, which was due to loss on the write-off of available-for-sale unquoted securities totaling US$380,683. The investment write off was a divestment transaction. The transaction referred to above was part of the Issuer’s restructuring following the entry of PRL as one of the Issuer’s shareholders, which was effective in FY2011. Comparison of total assets as of 30 September 2014 and 30 September 2013 The Issuer reported total assets of US$270.2 million at the end of 3Q2014, an increase by US$62.2 million or approximately 30% of the total assets at the end of 3Q2013, which amounted to US$208 million. The increase in total assets was contributed by the growth in trade receivables, which reached US$3.6 million or increased by approximately 27.82% compared to the balance of trade receivables at the end of 3Q2013. Another significant increase is other receivables by US$ 304,348 or approximately 1832% of 3Q2013 balance (3Q2014: US$320,957, 3Q2013: US$16,609). The increase in other receivables was due to settlement received from a vessel buyer of the vessel “Faithful”. Moreover, there was a significant increase in fixed assets by US$53.8 million or approximately 29.24% of 3Q2013’s balance (3Q2014: US$237.6 million; 3Q2013: US$183.8 million). As indicated in the movement of fixed assets presented in the financial statements, the Issuer acquired new vessels with a total value of US$39.4 million. 68
Comparison of total assets as of 31 December 2013 and 31 December 2012 The Issuer reported total assets of US$235.7 million at the end of FY2013, an increase by US$87.3 million or approximately 59% of the total assets at the end of FY2012, which amounted to US$148.4 million. The increase in total assets was contributed by the growth in trade receivables, which reached US$6.1 million or increased by approximately 86% compared to the balance of trade receivables at the end of FY2012. Moreover, there was a significant increase in fixed assets by US$74.3 million or approximately 55% of FY2012’s balance (FY2013: US$208.9 million; FY2012: US$134.7 million). As indicated in the movement of fixed assets presented in the financial statements, the Issuer acquired new vessels with a total value of US$85 million, out of which a total of US$2 million was reclassified from leased assets to assets under direct ownership. Comparison of total assets as of 31 December 2012 and 31 December 2011 The Issuer reported total assets of US$148.4 million at the end of FY2012, an increase by US$48.5 million or approximately 48% of the total assets at the end of FY2011, which amounted to US$100 million. The increase in total assets was contributed by the growth in trade receivables, which reached US$2.3 million or increased by approximately 47% compared to the balance of trade receivables at the end of FY2011. Moreover, there was a significant increase in fixed assets by US$44.6 million or approximately 49% of FY2011’s balance (FY2012: US$134.7 million; FY2011: US$90.1 million). As indicated in the movement of fixed assets presented in the financial statements, the Issuer acquired new vessels with a total value of US$55.7 million, out of which a total of US$6.3 million was reclassified from leased assets to assets under direct ownership. Comparison of cash and cash equivalents as of 30 September 2014 and 30 September 2013 The Issuer reported cash and cash equivalents of US$7.1 million at the end of 3Q2014, an increase by US$2.2 million or approximately 44% of the cash and cash equivalents at the end of 3Q2013, which amounted to US$5 million. The increase in cash and cash equivalents was contributed by the growth in bank account and time deposit in PT Bank Mandiri (Persero), which reached US$2.6 million or increased by approximately 110.3% compared to the balance of cash and cash equivalent at the end of 3Q2013 (3Q2014: US$5 million; 3Q2013: US$2.4 million), in line to the increase of revenue. Comparison of cash and cash equivalents as of 31 December 2013 and 31 December 2012 The Issuer reported cash and cash equivalents of US$8.2 million at the end of FY2013, an increase by US$5.4 million or approximately 192.56% of the cash and cash equivalents at the end of FY2012, which amounted to US$2.8 million. The increase in cash and cash equivalents was contributed by the growth in bank account in PT Bank Mandiri (Persero), which reached US$4.3 million or increased by approximately 519.34% compared to the balance of cash and cash equivalent at the end of FY2012 (FY2013: US$5.1 million; FY2012: US$0.8 million), in line to the increase of revenue. Comparison of cash and cash equivalents as of 31 December 2012 and 31 December 2011 The Issuer reported cash and cash equivalents of US$2.8 million at the end of FY2012, a decrease by US$0.3 million or approximately 10.5% of the cash and cash equivalents at the end of FY2011, which amounted to US$3.1 million. The decrease in cash and cash equivalents was contributed by the decreased balance in bank account in United Overseas Bank Limited, Singapore, which amounted to US$1.5 million or decreased by approximately 71.0% compared to the balance of cash and cash equivalents at the end of FY2011 (FY2012: US$0.6 million; FY2011: US$2.1 million). In FY2011, the Issuer has received the loan from United Overseas Bank Limited in December 2011 and used the funds in January 2012. Comparison of trade receivables as of 30 September 2014 and 30 September 2013 The Issuer reported total trade receivables of US$16.6 million at the end of 3Q2014, which represented an increase by US$3.6 million or approximately 27.82% from the trade receivables balance at the end of 3Q2013, which amounted to US$13 million. The increase in trade receivables was largely due to the
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increase in the Issuer’s total revenue in 3Q2014. During 3Q2014, the Issuer recorded total revenue of US$53.6 million, representing an increase by US$11.6 million or approximately 27.7% compared to 3Q2013. Comparison of trade receivables as of 31 December 2013 and 31 December 2012 The Issuer reported total trade receivables of US$13.2 million at the end of FY2013, which represented an increase by US$6.1 million or approximately 86% from the trade receivables balance at the end of FY2012, which amounted to US$7.1 million. The increase in trade receivables was largely due to the increase in the Issuer’s total revenue in FY2013. During FY2013, the Issuer recorded total revenue of US$59 million, representing an increase by US$25 million or approximately 73% compared to FY2012. Comparison of trade receivables as of 31 December 2012 and 31 December 2011 The Issuer reported total trade receivables of US$7.1 million at the end of FY2012, which represented an increase by US$2.3 million or approximately 47% from the trade receivables balance at the end of FY2011, which amounted to US$4.8 million. The increase in trade receivables was largely due to the increase in the Issuer’s total revenue in FY2012. During FY2012, the Issuer recorded total revenue of US$34.1 million, representing an increase by US$8.6 million or approximately 34% compared to FY2011. Comparison of prepaid taxes as of 30 September 2014 and 30 September 2013 The Issuer reported total prepaid taxes of US$0.8 million at the end of 3Q2014, representing a decrease by US$0.6 million or approximately 43.32% from the prepaid taxes balance at the end of 3Q2013, which amounted to US$1.4 million. The decrease in prepaid taxes was largely due to the decrease in value added taxes as a result of refund of value added taxes of 2012 backwards that is received in July 2014 with a value of US$1 million. Comparison of prepaid taxes as of 31 December 2013 and 31 December 2012 The Issuer reported total prepaid taxes of US$1.4 million at the end of FY2013, representing an increase by US$0.3 million or approximately 27% from the prepaid taxes balance at the end of FY2012, which amounted to US$1.1 million. The increase in prepaid taxes was largely due to the increase in value added taxes as a result of the increase in purchase of spare parts and supplies in response to the increase in the Issuer’s business activities. Comparison of prepaid taxes as of 31 December 2012 and 31 December 2011 The Issuer reported total prepaid taxes of US$1.1 million at the end of FY2012, representing an increase by US$0.4 million or approximately 53% from the prepaid taxes balance at the end of FY2011, which amounted to US$0.7 million. The increase in prepaid taxes was largely due to the increase in value added taxes as a result of the increase in purchase of spare parts and supplies in response to the increase in the Issuer’s business activities. Comparison of advances as of 30 September 2014 and 30 September 2013 The Issuer reported a total advances of US$2 million at the end of 3Q2014, representing an increase by US$1.2 million or approximately 144.43% from the advances balance at the end of 3Q2013, which amounted to US$0.8 million. The increase in advances at the end of 3Q2014 was due to the increase in advances paid to suppliers with regard to the purchase of supplies and spare parts in response to the increase in the Issuer’s business activities during 3Q2014. Comparison of advances as of 31 December 2013 and 31 December 2012 The Issuer reported a total advances of US$0.5 million at the end of FY2013, representing an increase by US$0.1 million or approximately 18% from the advances balance at the end of FY2012, which amounted to US$0.4 million. The increase in advances at the end of FY2013 was due to the increase in advances paid to suppliers with regard to the purchase of supplies and spare parts in response to the increase in the Issuer’s business activities during FY2013.
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Comparison of advances as of 31 December 2012 and 31 December 2011 The Issuer reported a total advances of US$0.4 million at the end of FY2012, representing an increase by US$0.4 million or approximately 7493% from the advances balance at the end of FY2011, which amounted to US$5,540. The increase in advances at the end of FY2012 was due to the increase in advances paid to suppliers with regard to the purchase of supplies and spare parts in response to the increase in the Issuer’s business activities during FY2012. Comparison of prepaid expenses as of 30 September 2014 and 30 September 2013 The Issuer’s prepaid expenses as at the end of 3Q2014 was US$0.4 million, representing an decrease by US$0.16 million or approximately 29.57% from the Issuer’s prepaid expenses balance as at the end of 3Q2013, which amounted to US$0.55 million. The decrease in the Issuer’s prepaid expenses at the end of 3Q2014 was due to the decrease in prepaid insurance in 3Q2014. Comparison of prepaid expenses as of 31 December 2013 and 31 December 2012 The Issuer’s prepaid expenses as at the end of FY2013 was US$0.4 million, representing an increase by US$0.35 million or approximately 682% from the Issuer’s prepaid expenses balance as at the end of FY2012, which amounted to US$0.05 million. The increase in the Issuer’s prepaid expenses at the end of FY2013 was due to the increase in prepaid insurance in FY2013. Comparison of prepaid expenses as of 31 December 2012 and 31 December 2011 The Issuer’s prepaid expenses as at the end of FY2012 was US$52,103, representing an increase by US$0.016 million or approximately 44% from the Issuer’s prepaid expenses balance as at the end of FY2011, which amounted to US$0.04 million. The increase in the Issuer’s prepaid expenses at the end of FY2012 was due to the increase in prepaid insurance in FY2012. Comparison of fixed assets as of 30 September 2014 and 30 September 2013 The Issuer reported total fixed assets of US$237.6 million at the end of 3Q2014, representing an increase by US$53.8 million or approximately 29.24% from the fixed assets balance at the end of 3Q2013, which amounted to US$183.8 million. The increase in fixed assets at the end of FY2013 was due to the acquisition of additional vessels by the Issuer in response to the increase in the Issuer’s business activities during FY2013. Comparison of fixed assets as of 31 December 2013 and 31 December 2012 The Issuer reported total fixed assets of US$209 million at the end of FY2013, representing an increase by US$74 million or approximately 55% from the fixed assets balance at the end of FY2012, which amounted to US$135 million. The increase in fixed assets at the end of FY2013 was due to the acquisition of additional vessels by the Issuer in response to the increase in the Issuer’s business activities during FY2013. Comparison of fixed assets as of 31 December 2012 and 31 December 2011 The Issuer reported total fixed assets of US$135 million at the end of FY2012, representing an increase by US$44.56 million or approximately 50% from the fixed assets balance at the end of FY2011, which amounted to US$90 million. The increase in fixed assets at the end of FY2012 was due to the acquisition of additional vessels by the Issuer in response to the increase in the Issuer’s business activities during FY2012.
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Comparison of total liabilities as of 30 September 2014 and 30 September 2013 The Issuer’s total liabilities as at the end of 3Q2014 was US$142.6 million, representing a decrease by 2.3% from the total liabilities as at the end of FY2012, which amounted to US$146 million. The decrease was mainly due to loan from related party in 3Q2013. The decrease in current liabilities was due to the loan from related party, which decreased by approximately 100%. Other payable third parties decreased by around 93% due to the decrease in the convertible loans that were converted in FY2013. Short-term bank loans decreased by around 69% due to the repayment of a short-term bank loan in United Overseas Bank Limited, Singapore. The sources of this repayment are the proceeds of the Issuer’s IPO in December 2013, the proceeds of the “Faithful” vessel sale and the proceeds of operations. The increase in non-current liabilities was due to a long-term bank loan, taken out in line with the acquisition of three new units of AHTS vessels. Comparison of total liabilities as of 31 December 2013 and 31 December 2012 The Issuer’s total liabilities as at the end of FY2013 was US$123.8 million, representing an increase by 27% from the total liabilities as at the end of FY2012, which amounted to US$97.7 million. The increase was mainly due to bank loan for business expansion, which further increased working capital and fund for the Issuer’s investment in the addition of new vessels. The increase in current liabilities was due to the additional short-term bank loan, which increased by approximately 45%, which was allocated to support the Issuer’s working capital and pre-IPO funding. Short-term employee benefits liabilities increased around 85% due to increase in the number of sea crews and employees, and accrued bonus annually. Accrued expenses increased by around 159% to support vessels operation and accrued interest expenses. This increase is in line with the increase in the number of vessels and loans. The increase in non-current liabilities was derived from the drawdown on long-term bank loans in relation to the acquisition of new vessels. Comparison of total liabilities as of 31 December 2012 and 31 December 2011 The Issuer’s total liabilities as at the end of FY2012 was US$97.7 million, representing an increase by 68% from the total liabilities as at the end of FY2011, which amounted to US$58.1 million. The increase was mainly due to the increase in current and non-current liabilities. The increase in current liabilities was due to the additional short-term bank loan and loan from related parties obtained in FY2012, which amounted to US$7.7 million and US$6.5 million, respectively. The additional short-term bank loan consisted of loan from Oversea-Chinese Banking Corporation Limited and DBS Bank Ltd., all of which are Singapore-based banks, with total loan value of US$3.8 million and US$3.9 million respectively. During FY2012, the Issuer also obtained a new loan from a related party, Strato Maritime Services Pte. Ltd., totaling US$6.5 million. The increase in non-current liabilities was derived from the additional long-term bank loans with maturity periods longer than 1 year, totaling US$17 million, which mainly consisted of additional loans from United Overseas Bank Limited, Singapore, Oversea-Chinese Banking Corporation Limited, Singapore, DBS Bank Ltd., Singapore and PT Bank CIMB Niaga Tbk., with total loan value of US$9.4 million, US$4 million, US$14.1 million and US$1.9 million respectively. The majority of the proceeds from bank loans were used to finance the acquisition of fixed assets as part of the Issuer’s expansion plans as well as the current financial year’s working capital. Comparison of trade payables as of 30 September 2014 and 30 September 2013 The Issuer’s trade payable as at the end of 3Q2014 was US$4.1 million, representing a decrease by 5.8% from the trade payable as at the end of 3Q2013, which amounted to US$4.4 million. The decrease was mainly due to the decrease of trade payable in S$.
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Comparison of trade payables as of 31 December 2013 and 31 December 2012 The Issuer’s trade payable as at the end of FY2013 was US$1.5 million, representing an increase by 6.4% from the trade payable as at the end of FY2012, which amounted to US$1.4 million. The increase was mainly due to the increase of trade payable in US$. Comparison of trade payables as of 31 December 2012 and 31 December 2011 The Issuer’s trade payable as at the end of FY2012 was US$1.4 million, representing an increase by 23.4% from the trade payable as at the end of FY2011, which amounted to US$1.1 million. The increase was mainly due to the increase of trade payable in S$. Comparison of accrued expenses as of 30 September 2014 and 30 September 2013 The Issuer’s accrued expenses as at the end of 3Q2014 was US$1.4 million, representing a decrease by 12.7% from the accrued expense as at the end of 3Q2013, which amounted to US$1.6 million. The decrease was mainly due to accrued interest on loan from related parties during 3Q2013. Comparison of accrued expenses as of 31 December 2013 and 31 December 2012 The Issuer’s accrued expenses as at the end of FY2013 was US$1.8 million, representing an increase by 159% from the accrued expense as at the end of FY2012, which amounted to US$0.7 million. The increase was mainly due to the increase of accrued expense in vessel operation and accrued interest expenses. Comparison of accrued expenses as of 31 December 2012 and 31 December 2011 Accrued expenses as at the end of FY2012 decreased by US$0.05 million or 7.9% to US$0.68 million compared to the accrued expenses as at the end of FY2011, which amounted to US$0.74 million. The decrease was due to the decrease in the Issuer’s interest expense during FY2012. Comparison of taxes payable as of 30 September 2014 and 30 September 2013 Taxes payable as at 3Q2014 increased by US$0.05 million or 11% to US$0.5 million compared to the Issuer’s taxes payable balance as at 3Q2013, which amounted to US$0.4 million. The increase was due to the increase in the Issuer’s financial performance as reflected in the increase of the Issuer’s net income, which in turn increased the corporate income tax payable. Comparison of taxes payable as of 31 December 2013 and 31 December 2012 Taxes payable as at the end of FY2013 increased by US$0.08 million or 28% to US$0.4 million compared to the Issuer’s taxes payable balance as at the end of FY2012, which amounted to US$0.3 million. The increase was due to the increase in the Issuer’s financial performance as reflected in the increase of the Issuer’s net income, which in turn increased the corporate income tax payable. Comparison of taxes payable as of 31 December 2012 and 31 December 2011 Taxes payable as at the end of FY2012 increased by US$0.19 million or 165% to US$0.31 million compared to the Issuer’s taxes payable balance as at the end of FY2011, which amounted to US$0.12 million. The increase was due to the increase in the Issuer’s financial performance as reflected in the increase of the Issuer’s net income, which in turn increased the corporate income tax payable. Comparison of short-term bank loans as of 30 September 2014 and 30 September 2013 Short-term bank loans as at the end of 3Q2014 decreased by US$11.6 million or approximately 69% to US$5.3 million compared to short-term bank loans balance as at the end of 3Q2013, which amounted to US$16.9 million. The decrease was due to short-term bank loans from United Overseas Bank Limited, Singapore amounted to US$11,550,000. Payment of US$10,000,000 was from the proceeds of the Issuer’s IPO, US$848,000 was from the proceeds of the “Faithful” vessel sale and the balance from operations proceeds.
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Comparison of short-term bank loans as of 31 December 2013 and 31 December 2012 Short-term bank loans as at the end of FY2013 increased by US$4.8 million or approximately 45% to US$15.6 million compared to short-term bank loans balance as at the end of FY2012, which amounted to US$10.8 million. The increase was due to short-term bank loans from United Overseas Bank Limited, Singapore and decrease in loan from DBS Bank Ltd., Singapore totaling US$8.8 million and US$3.9 million respectively. Comparison of short-term bank loans as of 31 December 2012 and 31 December 2011 Short-term bank loans as at the end of FY2012 increased by US$7.7 million or approximately 253% to US$10.8 million compared to short-term bank loans balance as at the end of FY2011, which amounted to US$3.1 million. The increase was due to short-term bank loans from Oversea-Chinese Banking Corporation Limited, Singapore and DBS Bank Ltd., Singapore totaling US$3.8 million and US$3.9 million respectively. Comparison of long-term bank loans as of 30 September 2014 and 30 September 2013 Long-term bank loans as at the end of 3Q2014 increased by US$26 million or approximately 25.5% to US$128.1 million compared to the long-term bank loans balance as at the end of 3Q2013, which amounted to US$102.1 million. The increase was because since 3Q2013 the Issuer obtained some new long-term bank loans amounting to US$34.7 million from DBS Bank Ltd., Singapore, US$11.2 million from United Overseas Bank Limited, Singapore and US$4.5 million from PT Bank Danamon Indonesia Tbk. Comparison of long-term bank loans as of 31 December 2013 and 31 December 2012 Long-term bank loans as at the end of FY2013 increased by US$26.4 million or approximately 35% to US$101.2 million compared to the long-term bank loans balance as at the end of FY2012, which amounted to US$74.8 million. The increase was because during FY2013 the Issuer obtained a new longterm bank loan from United Overseas Bank Limited, Singapore amounting to US$50 million. Comparison of long-term bank loans as of 31 December 2012 and 31 December 2011 Long-term bank loans as at the end of FY2012 increased by US$29.3 million or approximately 65% to US$74.8 million compared to the long-term bank loans balance as at the end of FY2011, which amounted to US$45.5 million. The increase was because during FY2012 the Issuer obtained a new long-term bank loan from United Overseas Bank Limited, Singapore amounting to US$12.4 million, a new long-term bank loan from CIMB Bank Naiga amounting to US$3 million and a new long-term bank loan from DBS Bank Ltd., Singapore amounting to US$14.5 million. Comparison of consumer finance liabilities as of 30 September 2014 and 30 September 2013 Consumer finance liabilities as at the end of 3Q2014 decreased by US$38,530 or approximately 30.41% to US$88,133 compared to the consumer finance liabilities balance as at the end of 3Q2013 which amounted to US$126,663. The decrease was due to the acquisition of two additional new cars amounting to US$57,319 during 3Q2013, and one new car amounted to US$19,217 during 3Q2014 funded by consumer finance liabilities. Comparison of consumer finance liabilities as of 31 December 2013 and 31 December 2012 Consumer finance liabilities as at the end of FY2013 decreased by US$33,761 or approximately 18% to US$158,982 compared to the consumer finance liabilities balance as at the end of FY2012, which amounted to US$192,743. The decrease was due to the payment installment for consumer finance liabilities were funded in 2012 by PT U Finance and PT Tunas Mandiri Finance amounting to US$61.424 (FY2013: US$102,211 and FY2012: US$163,635). Comparison of consumer finance liabilities as of 31 December 2012 and 31 December 2011 Consumer finance liabilities as at the end of FY2012 increased by US$79,981 or approximately 71% to US$192,743 compared to the consumer finance liabilities balance as at the end of FY2011, which amounted to US$112,762. The increase was due to the increase in consumer finance liabilities, particularly from PT U Finance and PT Tunas Mandiri Finance, during FY2012.
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Comparison of finance lease liabilities as of 30 September 2014 and 30 September 2013 Finance lease liabilities as at the end of 3Q2014 decreased by US$0.4 million or approximately 78% to US$0.1 million compared to finance lease liabilities balance as at the end of 3Q2013, which amounted to US$0.6 million. The decrease was due to the decrease in vessel finance lease liabilities from PT Megafina Dana Finance during 3Q2014. Comparison of finance lease liabilities as of 31 December 2013 and 31 December 2012 Finance lease liabilities as at the end of FY2013 decreased by US$0.5 million or approximately 54% to US$0.45 million compared to finance lease liabilities balance as at the end of FY2012, which amounted to US$0.98 million. The decrease was due to the decrease in vessel finance lease liabilities from PT Megafina Dana Finance during FY2013. Comparison of finance lease liabilities as of 31 December 2012 and 31 December 2011 Finance lease liabilities as at the end of FY2012 decreased by US$4.8 million or approximately 83% to US$1 million compared to finance lease liabilities balance as at the end of FY2011, which amounted to US$5.8 million. The decrease was due to the decrease in vessel finance lease liabilities from PT Megafina Dana Finance during FY2012. Comparison of long-term employee benefits liability as of 30 September 2014 and 30 September 2013 Long-term employee benefits liability as at the end of 3Q2014 increased by US$0.2 million or approximately 65% to US$0.5 million compared to the long-term employee benefits liability balance as at the end of 3Q2013, which amounted to US$0.3 million. The increase was due to the increase in present value of the obligations of US$183,227 to US$463,347 compared to the 3Q2013 balance of US$280,120. The increase was due to the increase in the Issuer’s number of employees, which was in line with the Issuer’s business growth in 3Q2014. Comparison of long-term employee benefits liability as of 31 December 2013 and 31 December 2012 Long-term employee benefits liability as at the end of FY2013 increased by US$0.1 million or approximately 33% to US$0.4 million compared to the long-term employee benefits liability balance as at the end of FY2012, which amounted to US$0.3 million. The increase was due to the increase of the present value of the current obligation to US$163,788 in FY 2013 compared to US$143,145 in FY2012. The increase was due to an increase in the Issuer’s number of employees, which was in line with the Issuer’s business growth in FY2013. Comparison of long-term employee benefits liability as of 31 December 2012 and 31 December 2011 Long-term employee benefits liability as at the end of FY2012 increased by US$0.1 million or approximately 76% to US$0.3 million compared to the long-term employee benefits liability balance as at the end of FY2011, which amounted to US$0.2 million. The increase was due to the increase in present value of the obligations to US$403,544 compared to the FY2011 balance of US$246,685. The increase was due to the increase in the Issuer’s number of employees, which was in line with the Issuer’s business growth in FY2012. Comparison of total equity as of 30 September 2014 and 30 September 2013 The Issuer’s total equity as at the end of 3Q2014 was US$128 million, representing an increase by approximately 106% compared to the total equity as at the end of 3Q2013, which amounted to US$50.7 million. The increase was due to the increase public capital stock issued at the IPO of the Issuer on 11 December 2013 which amounted to US$29.9 million, additional equity from convertible loan amounting to US$16.0 million and increase in retained earnings during 3Q2014 by US$17.2 million.
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Comparison of total equity as of 31 December 2013 and 31 December 2012 The Issuer’s total equity as at the end of FY2013 was US$112 million, representing an increase by approximately 121% compared to the total equity as at the end of FY2012, which amounted to US$50.7 million. The increase was due to the increase public capital stock issued at the initial public offering of the Issuer on 11 December 2013 which amounted to US$29.8 million, additional equity from convertible loan amounting to US$16.0 million and increase in retained earnings during FY2013 by US$16.5 million. Comparison of total equity as of 31 December 2012 and 31 December 2011 The Issuer’s total equity as at the end of FY2012 was US$50.7 million, representing an increase by approximately 21% compared to the total equity as at the end of FY2011, which amounted to US$41.8 million. The increase was mainly due to the increase in retained earnings during FY2012 by US$8.9 million.
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THE LC BANK (A)
OVERVIEW
UOB was incorporated on 6 August 1935 as United Chinese Bank. It was renamed the United Overseas Bank in 1965. UOB has been listed on the SGX-ST since 1970 and had a market capitalization of S$33 billion as at 31 December 2013. As of the date of this Information Memorandum, the UOB Group derives most of its income from its Singapore operations. In Singapore, UOB provides its customers with a wide range of financial products and services through its domestic branch network, comprising 65 branches, 623 ATMs and other delivery channels as at 31 December 2013. The main business functions of UOB include Personal Financial Services, Private Banking, Privilege Banking, Business Banking, Commercial Banking, Corporate Banking, Investment Banking, Transaction Banking, Structured Trade and Commodity Finance, Ship Finance, Global Markets and Investment Management. For the year ended 31 December 2013, the UOB Group derived 56 per cent. of its operating income from its Singapore operations. As at 31 December 2013, the UOB Group had S$284 billion in total assets, consisting primarily of S$179 billion in net customer loans, S$31 billion in placements and balances with banks, S$30 billion in investment, government and trading securities and S$27 billion in cash, balances and placements with central banks. As at 31 December 2013, the UOB Group had S$202 billion in nonbank customer deposits and balances, S$26 billion in deposits and balances of banks and S$26 billion in shareholders’ equity. (B)
PRINCIPAL BUSINESS ACTIVITIES
The UOB Group’s businesses are organised into segments that are based on the types of products and services that each provides: “Group Retail”, “Group Wholesale Banking” and “Global Markets and Investment Management”. Group Retail Group Retail comprises Personal Financial Services and Business Banking. Personal Financial Services serves the mass market, high net worth and mass affluent segments, while Business Banking serves small enterprises. Personal Financial Services Personal Financial Services offers a wide range of personal financial products and services such as home loans, credit/debit cards, vehicle loans, overdraft facilities, deposit accounts, and investment, insurance and treasury products. The product range includes proprietary and third-party products. An extensive distribution network and a large retail customer base lend strong support to its deposittaking activities which provide a stable source of funding for the UOB Group. In Singapore, UOB is a strong player in the home loan and credit card markets. The UOB Group has a regional bancassurance alliance with the Prudential Group, which covers Singapore, Malaysia, Thailand and Indonesia. The alliance has since branched out beyond retail products and extended into the commercial and business banking areas. Private Banking Private Banking caters to high net worth individuals and accredited investors, offering financial and portfolio planning which includes investment management, asset management and estate planning. Private Banking adopts a coordinated approach where it works closely with other business units such as Commercial Banking, Corporate Banking and Investment Banking to offer integrated solutions to meet clients’ private and business wealth requirements. Private Banking provides an open architecture platform where in-house product solutions are supplemented by offerings from third parties and global financial providers.
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Privilege Banking Privilege Banking offers a comprehensive range of wealth management solutions, financial advisory services as well as privileges to meet the needs of the mass affluent segment. As seamless and quality service is key to serving this segment, in recent years the UOB Group has invested heavily in developing the Privilege Banking platform by upgrading infrastructure, introducing specialist platforms, improving product offering and training relationship managers. Wealth Banking UOB launched its Wealth Banking service in 2011 to service a growing segment of people who are potential high net worth individuals, known as the “rising rich”. These individuals are aged between 30 and 55, have investable assets of at least S$100,000 and represent an under-served but sizeable and growing segment of banking customers in Singapore. UOB’s Wealth Banking service provides its customers with a suite of financial services and dedicated relationship managers to help them manage their finances and investments more effectively. The service focuses on providing customers with a greater understanding of market conditions, the different financial products specific to their needs and help them seize opportunities based on market trends. Business Banking The SME segment is one of the UOB Group’s traditional strongholds. Business Banking serves small enterprises through a wide range of products and services, and supports them through active participation in various local government-initiated loan assistance schemes. The UOB Group will leverage its extensive regional footprint to tap the huge base of small enterprises which support large or multinational corporations across Southeast Asia. Group Wholesale Banking Group Wholesale Banking comprises Commercial Banking, Corporate Banking, Investment Banking, Transaction Banking, Structured Trade and Commodity Finance and Ship Finance. Group Wholesale Banking provides a wide range of lending related products and services, foreign exchange, trade and cash management solutions to clients, and underwriting and advisory services through the UOB Group’s network of offices and client relationship teams. The UOB Group’s lending products and services include commercial loans, commitment facilities, trade finance, real estate lending and asset based lending. The UOB Group also works with its clients to provide investment banking products such as debt and equity underwriting and distribution, merger related and other advisory services. Commercial Banking Commercial Banking offers medium sized enterprises a variety of instruments to meet their financing requirements. Commercial Banking customers are diversified across industries, including manufacturing, wholesale, retail, general commerce, distribution, import and export trade, business and professional services, building, construction and infrastructure development, transport, storage, communications, and investment and holding companies. UOB remains a key player in the SME market in Singapore, although it faces strong competition from other banks. The UOB Group seeks to enhance its SME market position by continuing to develop relevant products and services, deepening its relationships with existing customers and attracting new customers. UOB is currently one of the leading financial institutions offering government assistance schemes (such as the Local Enterprise Finance Scheme, Loan Insurance Scheme and Internationalisation Finance Scheme in Singapore) to meet the upgrading and expansion needs of SME customers. Many of the UOB Group’s existing SME customers are expanding their operations beyond Singapore, to countries such as Malaysia, Thailand, Indonesia and Greater China where production costs are relatively lower. Customers are also using Singapore as a base to venture into the ASEAN region. With its strong regional presence, the UOB Group is well placed to assist SME customers in their regional expansion.
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Corporate Banking Corporate Banking serves publicly-listed companies, large private companies, multinational companies, government-linked companies, statutory boards and other government agencies. Working closely with the various product specialists within the UOB Group such as Investment Banking, Global Markets and Transaction Banking, Corporate Banking continues to develop the platform to deliver comprehensive and customised financial solutions to the UOB Group’s corporate clients across its regional footprint. Corporate Banking has a strategic integrated client coverage model by industry specialisation to provide services to key corporate groups across geographies and products. Overall, the UOB Group’s regional subsidiaries and overseas branches offer an integrated platform to service the UOB Group’s clients seamlessly across geographies. Investment Banking Investment Banking comprises Corporate Finance and Debt Capital Markets. Corporate Finance manages and underwrites initial public offerings, secondary equity placements, rights issues and equity-linked issues and also provides corporate advisory services in mergers and acquisitions, corporate restructurings and other corporate actions. Debt Capital Markets arranges and/or underwrites financing for clients, including acquisition financing, leveraged buy-out financing and general corporate financing. It also lead manages bonds and other debt securities issues. The Corporate Finance and Debt Capital Markets functions work closely with other business units to provide integrated financial solutions for clients on matters such as those relating to privatization transactions. Transaction Banking Transaction Banking offers end-to-end solutions including the provision of cash, trade and supply chain financing across the UOB Group’s network to corporate customers and financial institutions. Transaction Banking provides customers with access to dedicated and experienced trade advisers and product specialists to help them manage risk exposures inherent in international trade deals, and to benefit from the UOB Group’s regional presence in relation to cross-border cash management and trade finance solutions. Structured Trade and Commodity Finance Structured Trade and Commodity Finance teams in Singapore, Hong Kong and Shanghai provide commodity finance expertise on financing for energy, metals and agricultural commodities involving shipment sales financing, stock and receivables financing, structured trade for pre-shipment and prepayment financing, as well as tolling arrangement financing. Ship Finance Ship Finance leverages on the UOB Group’s strong regional franchise to engage in shipyard and vessel financing, notably in the oil and gas sector. Global Markets and Investment Management The Global Markets and Investment Management segment provides a comprehensive range of treasury products and services, including foreign exchange, money market, fixed income, derivatives, margin trading, futures broking, commodities and structured products. It also engages in third-party fund management and proprietary investment activities. UOB is one of the main providers of banknotes services in the region, with a strong presence in the Asia Pacific region that includes Japan, Greater China and ASEAN countries. It also offers a comprehensive range of gold investment products. Global Markets The Global Markets business is well-established in the Singapore market and primarily serves the treasury needs of individual customers, corporates, SMEs and financial institutions. Global Markets offer a range of structured products linked to foreign exchange, interest rates, credit, equity and commodity instruments.
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Investment Management Investment Management comprises proprietary investment and third-party asset management, private equity and venture capital. Global investment management services are provided through subsidiaries in Singapore, Malaysia, Thailand, Taiwan, the United States, Greater China, France, Brunei and Japan. UOBAM A wholly-owned subsidiary of UOB, UOBAM had S$46.9 billion in clients’ assets under management as at 31 December 2013. It offers global investment management expertise through customised portfolio management services and unit trusts. In Singapore, UOBAM manages 53 unit trusts with total assets under management of S$4.0 billion as at 31 December 2013. UOBAM manages equity investments in the Asian, Australian, European and United States markets and covers the bond markets in the emerging markets and OECD countries. UOBVM A wholly-owned subsidiary of UOB, UOBVM specialises in venture capital and private equity investments in Southeast Asia and Greater China. As at 31 December 2013, it managed and advised six funds totalling S$616 million in committed capital. UOBGC UOBGC is an asset management affiliate of the UOB Group with offices in New York, Paris and Singapore. UOBGC offers a range of asset management and product expertise through the origination and distribution of asset management products in all asset classes. These products are operated through strategic alliances, partnerships and affiliate companies. International Operations The UOB Group’s regional network has increased substantially since 1970, and as at 31 December 2013, its network spans over 500 offices in 19 countries and territories in Asia Pacific, North America and Western Europe. Outside Singapore, UOB has five regional banking subsidiaries with over 400 branches (UOB Malaysia, UOB Thailand, UOB Indonesia, UOB China and UOB Philippines) and 20 overseas UOB branches, agencies and representative offices. Apart from lending services, the UOB Group’s network outside Singapore has expanded into many niche areas including credit cards, project financing, commodity and trade financing as well as capital and debt market activities. This is in addition to offering banking services such as deposit-taking, remittance and trade-related financing services. Malaysia is the UOB Group’s second largest market after Singapore. Through 45 branches in the country, UOB Malaysia offers an extensive range of commercial and personal financial services, including commercial loans, investment banking, treasury services, trade services, cash management, home loans, credit cards, wealth management and insurance products. UOB Thailand has 155 branches, and is focused on consumer financial services, SME financing, and project financing for both the public and private sectors. In Indonesia, UOB has rationalised its operations by merging PT Bank UOB Indonesia and PT Bank UOB Buana in 2010 to form UOB Indonesia. This merger is to comply with Bank Indonesia’s “The Single Presence Policy in Indonesian Banks”. UOB Indonesia has 209 branches and sub-branches in Indonesia focusing on the SME and corporate banking business. The UOB Group has a presence in the Philippines through UOB Philippines, a thrift bank that focuses on wholesale banking and fee-based income. Since the incorporation of UOB China in 2007, UOB has been taking a focused approach in establishing itself in key coastal and inland cities. As at 31 December 2013, UOB China has 13 branches and subbranches in key Chinese cities to serve the needs of the domestic and intra-regional customers in Asia by leveraging on UOB’s extensive regional network. UOB also has a stake in Evergrowing Bank Co Ltd, China, affording the UOB Group an opportunity to participate actively in the growth of the Chinese market.
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In Vietnam, UOB has a branch in Ho Chi Minh City and a stake in The Southern Commercial Joint Stock Bank. UOB has extended its footprint to India, when it opened its maiden branch in Mumbai in December 2009. The UOB Group also maintains niche operations in North America, Western Europe and elsewhere in the Asia-Pacific region, including Australia, Japan and South Korea. The UOB Group’s presence in Australia consists of a branch in Sydney, a marketing office each in Melbourne and Brisbane and a local subsidiary, UOB Australia. The core business of the Australian operations is loan syndications, direct loans to selected corporates, project financing and treasury activities. Board of Directors The Board currently comprises ten members: Name
Position
Wee Cho Yaw Hsieh Fu Hua Wee Ee Cheong Wong Meng Meng Franklin Leo Lavin Willie Cheng Jue Hiang James Koh Cher Siang Ong Yew Huat Lim Hwee Hua
Chairman Emeritus and Adviser Chairman Deputy Chairman and Chief Executive Officer Director Director Director Director Director Director
(C)
SELECTED FINANCIAL INFORMATION
Set out below is selected consolidated financial information for the UOB Group as at and for each of the financial years ended 31 December 2013 and 31 December 2012. The consolidated financial information is based on, and should be read in conjunction with, the UOB Group’s published consolidated financial statements and the related notes thereto available at www.uobgroup.com/investor. Years ended 31 December (audited) 2013 2012 (in S$ million, except for per share data) Interest income .............................................................................................................. Interest expense ............................................................................................................
6,508 (2,388)
6,202 (2,285)
Net interest income ....................................................................................................... Non-interest income(1) ....................................................................................................
4,120 2,600
3,917 2,578
Total operating income .................................................................................................. Total operating expenses...............................................................................................
6,720 (2,898)
6,495 (2,747)
Operating profit before charges..................................................................................... Amortisation/impairment charges Intangible assets ........................................................................................................ Loans and other assets..............................................................................................
3,822
3,748
Operating profit after charges ....................................................................................... Share of profit of associates and joint ventures ............................................................
3,393 191
3,264 87
Profit before tax ............................................................................................................. Tax .................................................................................................................................
3,584 (559)
3,351 (531)
Profit after tax ................................................................................................................ Non-controlling interests ................................................................................................
3,025 (17)
2,821 (17)
Net profit attributable to equity holders of UOB ............................................................
3,008
2,803
Earnings per ordinary share Basic .......................................................................................................................... Diluted ........................................................................................................................
S$ 1.84 S$ 1.84
S$ 1.72 S$ 1.71
Dividend per ordinary share ..........................................................................................
S$ 0.75
S$ 0.70
– (429)
(7) (476)
(2)
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Years ended 31 December (audited) 2013 2012 (in S$ million, except for per share data) Assets Total assets ................................................................................................................... Total loans(3) ................................................................................................................... Customer loans(4) ........................................................................................................... Inter-bank assets(5) ........................................................................................................ Securities(6) .................................................................................................................... Liabilities Total liabilities ................................................................................................................ Total deposits(7) .............................................................................................................. Customer deposits(8) ...................................................................................................... Inter-bank liabilities(9) ..................................................................................................... Debts issued .................................................................................................................. Capital and Reserves Shareholders’ equity ...................................................................................................... Financial Ratios Return on average total assets(10).................................................................................. Return on average ordinary shareholders’ equity(2) ....................................................... Loans/Deposits ratio(11) .................................................................................................. Dividend payout ratio(12) ................................................................................................. Shareholders’ equity/Total assets .................................................................................. NPL ratio(13). ................................................................................................................... Total cumulative impairment as a% of non-performing assets(14) .................................. Net interest margin(15) ....................................................................................................
284,229 210,269 178,857 31,412 30,366
252,900 168,921 152,930 15,991 34,068
257,652 228,254 202,006 26,247 18,981
227,628 203,567 182,029 21,538 12,800
26,388
25,080
1.12% 12.3% 88.5% 39% 9.3% 1.1% 147.3% 1.72%
1.18% 12.4% 84.0% 39% 9.9% 1.5% 122.2% 1.87%
Notes: (1)
Fee and commission income, dividend income, rental income and other operating income.
(2)
Calculated based on annualised net profit attributable to equity holders of UOB net of preference share dividends.
(3)
Customer loans plus inter-bank assets, net of cumulative impairment.
(4)
Loans to non-bank customers, net of cumulative impairment.
(5)
Placements and balances with banks.
(6)
Singapore and other government treasury bills and securities, and trading and investment securities (excluding investments in associates and joint ventures) net of cumulative impairment.
(7)
Customer deposits plus inter-bank liabilities.
(8)
Current accounts, fixed deposits, savings accounts and other deposits of non-bank customers.
(9)
Deposits and balances of banks.
(10)
Calculated based on annualised profit for the financial year.
(11)
Refer to net customer loans and customer deposits.
(12)
Dividends for the financial year divided by net profit attributable to equity holders of UOB.
(13)
Refer to non-performing loans (excluding debt securities and contingent assets) as a percentage of gross customer loans.
(14)
Non-performing assets include classified loans, debt securities and contingent assets.
(15)
Represents annualised net interest income as a percentage of total interest bearing assets.
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(D)
GENERAL INFORMATION
The LC Bank’s registered office is located at 80 Raffles Place, UOB Plaza, Singapore 048624. The LC Bank’s website address is www.uob.com.sg. Information contained on LC Bank’s website is subject to change from time to time. No representation is made and none of the LC Bank, the Lead Manager, Trustee, Agents, or any of their affiliates, employees or professional advisers, take any responsibility for any information contained on the LC Bank’s website. Copies of the latest interim and annual reports of the LC Bank can be downloaded free of charge from its corporate website at www.uob.com.sg.
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USE OF PROCEEDS The net proceeds arising from the issue of Notes (after deducting issue expenses) will be used for its expansion plans (including to finance acquisitions of new vessels), working capital purposes and capital expenditure requirements of the Issuer.
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CLEARING AND SETTLEMENT Introduction Clearance of the Notes will be effected through an electronic book-entry clearance and settlement system for the trading of debt securities (“Depository System”) maintained by CDP. CDP, a wholly-owned subsidiary of Singapore Exchange Limited, is incorporated under the laws of Singapore and acts as a depository and clearing organisation. CDP holds securities for its accountholders and facilitates the clearance and settlement of securities transactions between accountholders through electronic book-entry changes in the securities accounts maintained by such accountholders with CDP. Clearance and Settlement under the Depository System The entire issue of the Notes is to be held by CDP in the form of the Global Note for persons holding the Notes in securities accounts with CDP (“Depositors”). Delivery and transfer of Notes between Depositors is by electronic book-entries in the records of CDP only, as reflected in the securities accounts of Depositors. Although CDP encourages settlement on the third business day following the trade date of debt securities, market participants may mutually agree on a different settlement period if necessary. Settlement of over-the-counter trades in the Notes through the Depository System may only be effected through certain corporate depositors (“Depository Agents”) approved by CDP under the Companies Act to maintain securities sub-accounts and to hold the Notes in such securities sub-accounts for themselves and their clients. Accordingly, Notes for which trade settlement is to be effected through the Depository System must be held in securities sub-accounts with Depository Agents. Depositors holding the Notes in direct securities accounts with CDP, and who wish to trade Notes through the Depository System, must transfer the Notes to be traded from such direct securities accounts to a securities sub-account with a Depository Agent for trade settlement. General CDP is not involved in money settlement between Depository Agents (or any other persons) as CDP is not a counterparty in the settlement of trades of debt securities. However, CDP will make payment of interest and repayment of principal on behalf of issuers of debt securities. Although CDP has established procedures to facilitate transfer of interests in the Notes in global form among Depositors, it is under no obligation to perform or continue to perform such procedures, and such procedures may be discontinued at any time. None of the Issuer, the Principal Paying Agent nor any other agent will have the responsibility for the performance by CDP of its obligations under the rules and procedures governing its operations.
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TAXATION Indonesia The following is a summary with respect to taxs imposed by the Government of Indonesia. The summary does not address any laws other than the tax laws of Indonesia. 1.
General
In general, an individual is considered to be a non-resident of Indonesia if the individual does not reside in Indonesia or does not stay in Indonesia for more than 183 days within a twelve month period. An entity will be considered a non-resident of Indonesia if the entity is not established and not domiciled in Indonesia. In Indonesia, domicile is determined primarily according to the potential place of management. In determining the residency and tax status of an individual or corporation, consideration will also be given to the provision of any applicable double tax treaty which Indonesia has concluded with other countries (“Tax Treaty”). In this section, both a non-resident individual and a non-resident company will be referred to as “non-resident taxpayers”. Resident taxpayers are generally subject to income tax in Indonesia on their net taxable income at the rate of 25% for corporate taxpayers and at progressive rates (up to a maximum of 30%) for individual taxpayers. However, in calculating net taxable income for these purposes, certain types of income may be excluded, including income subject to final withholding tax at the source on the gross amount paid. Non-resident taxpayers who derive Indonesian-sourced income, including interest, are generally subject to a final withholding tax on that income at a rate of 20%, as long as the income is not effectively connected with a permanent establishment of the non-resident in Indonesia. This withholding tax may be reduced or eliminated under the provisions of any applicable Tax Treaty. If the income is effectively connected with a permanent establishment in Indonesia, such income shall be regarded as income earned by the permanent establishment, and is taxable in the same manner as for resident taxpayers. Furthermore, a branch profit tax of 20% will be imposed on the net profit after tax of the permanent establishment. 2.
Withholding Tax on Interest
Based on Government Regualtion No. 16/2009, which has been amended by Government Regualtion No. 100/2013 (“GR No. 16”) and Ministry of Finance Regulation No. 85/PMK.03/2011 (“MoF Reg No. 85”), which has been amended by Ministry of Finance Regualtion No. 07/PMK.011/2012 (“MoF Reg No. 07”), any amount paid by a company in the form of interest and/or discount (which is in general is also treated as interest) in relation to the Notes will be subject to a final withholding tax under Article 4(2) of MoF Reg No. 07 in Indonesia. Interest is taxed on the gross value, while discount is taxed on the difference between the transfer value (or nominal value if held to maturity date) and acquisition cost of the Notes. The definition of ‘discount’ is the difference between the transfer value and the nominal value of the Notes, as well as the difference between the transfer value and the acquisition cost of the Notes. For a resident taxpayer or non-resident taxpayer with a permanent establishment, a final withholding tax of 15% applies to interest received on the Notes. However, an Indonesian bank or foreign bank having a permanent establishment in Indonesia is exempt from this tax. A special tax rate of 5% is available for interest received by a mutual fund taxpayer starting from 2014 until 2020, and a special tax rate of 10% applies from 2021 onwards, provided that the mutual fund is registered at OJK. For a non-resident taxpayer, a final withholding tax of 20% applies to interest received on the Notes. However, the withholding tax rate could be reduced or exempt under an applicable Tax Treaty. For example, under the U.S. – Indonesia Tax Treaty, the interest withholding tax rate is reduced to 10%. Aplication of the reduced withholding tax rate is subject to requirements under the applicable Tax Treaty and the Indonesian tax regulations (see “Anti-Avoidance Rule on the Tax Treaty and Certificate of Domicile (“CoD”) Requirements” below). 3.
Withholding Tax on Sale or Disposal of Notes
Based on GR No. 16 and MoF Reg No. 85, which has been amended most recently by MoF Reg No.07, gains from the disposal of the Notes are considered interest that is subject to the final withholding tax outlined above. 86
Gains from the disposal of the Notes derived by a resident taxpayer, whether an individual or a corporation, or by a non-resident taxpayer with a permanent establishment, are subject to final withholding tax at the rate of 15%. Non-resident taxpayers that derive gains from the disposal of the Notes will be subject to 20% final withholding tax. Under Article 3A of MoF Reg No. 07, any negative discount or loss incurred from the disposal of the Notes can be deducted from the amount of interest income in calculating the withholding tax on interest. 4.
Article 4(2) Tax Withholder Obligations
Based on Article 4 of MoF Reg No. 85, the following parties are liable for the withholding tax obligation on interest on the Notes or gains from disposal of the Notes: (a)
Bond issuer or custodian as appointed paying agent, with respect to: z
interest and/or discount received or earned by the noteholders of interest bearing notes on the interest payment date; and
z
discount received or gained by the noteholders of non-interest bearing notes at the maturity of the notes;
(b)
Securities companies, dealers, or banks, acting as an intermediary (broker), with respect to interest on the Notes and/or discount received or gained by the noteholders (sellers) during transactions;
(c)
Securities companies, dealers, banks, pension funds, and mutual funds, as a direct buyer of the Notes without intermediary (broker) parties, with respect to interest on the Notes and/or discount received or gaiend by the noteholders (sellers) during a sale of the Notes; and/or
(d)
If the Notes are directly sold without intermediary parties (brokers), a custodian or sub-registry (as a recording party of the ownership change of the Notes) will be required to withhold the final withholding tax payable from the noteholders (sellers) before the ownership change is completed.
5.
Anti-Avoidance Rule on the Tax Treaty and Certificate of Domicile (“CoD”) Requirements
Indonesia has concluded tax treaties with a number of countries, including the United States of America, the United Kingdom, the Netherlands, Australia, Belgium, Canada, France, Germany, Japan, Singapore, Sweden and Switzerland. The relevant Tax Treaty may affect the definition of non-resident taxpayers and level of withholding tax applied to payments on the Notes. Where a Tax Treaty exists and the eligibility requirements of that treaty are satisfied, a reduced rate of withholding tax may be applicable on interest (or payments in the nature of interest, such as premium or discount). Indonesia has specific rules regarding the application of benefits under the various Tax Treaties. The requirements include absence of misuse of the Trax Treaty, as well as administrative requirements under Indonesian tax regulations that are applicable to non-resident taxpayers. Some Tax Treaties also provide an exemption from Indoensian tax on any capital gains of non-resident taxpayers arising from alienation of certain properties in Indoensia. Specific requirements to obtain Tax Treaty benefits in Indonesia are set out below: In order for a non-resident recipient of payment from Indonesia to be eligible for Tax Treaty relief, it must: (a)
not be an Indonesian tax resident;
(b)
fulfill administrative requirements necessary to implement the Tax Treaty provisions; and
(c)
not commit any Tax Treaty misuse.
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The administrative requirements a non-resident taxpayer must meet to apply the Tax Treaty relief include providing a valid CoD form, which must be: (a)
in the form prescribed by the Directorate General of Taxation (i.e. Form DGT-1 or Form DGT-2, where applicable);
(b)
filled in completely by the non-resident;
(c)
signed by the non-resident or marked in a way that is similar to a signature and which marking is considered a common practice in that treaty coutnry;
(d)
certified by the competent tax authority, the legal representative or the tax office official of the treaty country of the non-resident in the form of signature or marked in a way that is similar to a signature and which marking is considered a common practice in that treaty country; and
(e)
submitted prior to the filing of the relevant monthly tax return for the tax period of the tax payable.
The CoD is valid for 12 months from the date of issuance and must be renewed subsequently. However, page 2 of Form DGT-1 must be produced by a non-bank non-resident income recipient in respect of each payment of income subject to withholding tax. Furthermore, the prevailing tax regulation indicates that misuse of a Tax Treaty may occur in the event: (a)
a transaction does not have economics substance and is structured with the sole purpose of enjoying Tax Treaty benefits;
(b)
a transaction is structured such that the legal form is at variance with the economic substance for the sole purpose of enjoying Tax Treaty benefits; or
(c)
an income recipient is not the beneficial owner of the income (for example, the income recipient is merely an agent or a nominee or a conduit company).
The beneficial owner criteria shall be applied only to income for which the article in the relevant Tax Treaty contains the beneficial owner requirement. The “beneficial owner” of income is the non-resident income recipient, provided such person is not acting as an agent, a nominee or a conduit company. “Agent” is defined as a person or an entity that acts as an intermediary and conducts action for and/or on behalf of another party. A “nominee” is defined as a person or an entity that legally owns an asset and/or income (i.e. a legal owner) for the interests of or based on instruction/mandate from a party who is the actual owner of the asset and/or the party who actually enjoys the benefit of the income. A “conduit company” is defined as a company which enjoys Tax Treaty benefits in relation to income sourced from another country, while the economic benefits of said income is owned by persons in that other country who would not be able to enjoy Tax Treaty benefits if such income were directly received by them. However, in practice, the tax office does not apply a lookthrough to the ultimate owner of the economic benefit of the income and therefore immediately deny the application of any Tax Treaty provision if the Indonesian income is paid to a conduit company. The folowing non-resident taxpayers, residing in a treaty partner country, shall not be deemed to commit Tax Treaty misuse: (a)
an individual who is not acting as an agent or a nominee;
(b)
an institution whose name is clearly stated in the Tax Treaty or one that has been jointly agreed by the competent authorities in Indonesia and the treaty partner country;
(c)
a non-resident taxpayer that receives or earns income through a custodian in relation to income from transaction on the transfer of shares or bonds (i.e. the Notes) that are traded or reported in a capital market in Indonesia, other than interest and dividends, in the case that the non-resident taxpayer is not acting as an agent or a nominee;
(d)
a company whose shares are listed in the stock exchange and are regularly traded; 88
(e)
a pension fund that is established under the laws of the Tax Treaty partner country and is a tax subject of the Tax Treaty partner country;
(f)
a bank; or
(g)
a company that satisfies the following conditions: z
the establishment of the company in the Tax Treaty partner country or the arrangement of the transaction structure/scheme is not aimed solely at utilizing Tax Treaty benefits;
z
the company has its own management to conduct business and the management has independent discretion;
z
the company has employees;
z
the company engages in genuine business activities;
z
the income derived from Indonesia is subject to tax in the country of the recipient; and
z
the company does not use more than 50% of its total income (non-consolidated) to fulfill obligations to other parties in the form of interest, royalty, or other fees (excluding reasonable remuneration to employees or dividends distribution to shareholders).
When a company receives income for which the provision in the relevant Tax Treaty does not stipulate a beneficial owner requirement, the company will not be deemed to commit misuse of Tax Treaty provided that the establishment of the company or the arrangement of the transaction strcuture/scheme is not aimed solely at utilizing the Tax Treaty benefits. 6.
Stamp Duty
Stamp duty is currently immaterial. According to Government Regulation No. 24 of 2000, a document that affects a sale of Indonesian Notes is subject to stamp duty. Currently, the nominal amount of the Indonesian stamp duty is Rp 6,000 for transactions having a value greater than Rp 1,000,000 and Rp 3,000 for transactions having a value up to a maximum of Rp 1,000,000. Generally, the stamp duty is due at the time the document is executed. Stamp duty is payable by the party that benefits from the executed document unless both parties state otherwise. 7.
Other Indonesian Taxes
There are no Indonesian estate, inheritance, succession or gift taxes generally applicable to the acquisition, ownership or disposition of the Notes. Singapore The statements below are general in nature and are based on certain aspects of current tax laws in Singapore and administrative guidelines and circulars issued by MAS in force as at the date of this Information Memorandum and are subject to any changes in such laws, administrative guidelines or circulars, or the interpretation of those laws, guidelines or circulars, occurring after such date, which changes could be made on a retroactive basis. These laws, guidelines and circulars are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with the explanations or conclusions set out below. Neither these statements nor any other statements in this Information Memorandum are intended or are to be regarded as advice on the tax position of any holder of the Notes or of any person acquiring, selling or otherwise dealing with the Notes or on any tax implications arising from the acquisition, sale or other dealings in respect of the Notes. The statements made herein do not purport to be a comprehensive or exhaustive description of all the tax considerations that may be relevant to a decision to subscribe for, purchase, own or dispose of the Notes and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or financial institutions in Singapore which have been granted the relevant Financial Sector Incentive(s)) may be subject to special rules or tax rates. Prospective holders of the Notes are advised to consult their own professional tax advisers as to the Singapore or other tax consequences of the acquisition, ownership of or disposal of the Notes, including, in particular, the effect
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of any foreign, state or local tax laws to which they are subject. It is emphasised that none of the Issuer, the Lead Manager and any other persons involved in the issuance of the Notes accepts responsibility for any tax effects or liabilities resulting from the subscription for, purchase, holding or disposal of the Notes. 1.
Interest and Other Payments
On the basis that the issue of the Notes is lead-managed by United Overseas Bank Limited, which is a Financial Sector Incentive (Capital Market) Company or Financial Sector Incentive (Standard Tier) Company (as defined in the ITA) at such time, and the Notes are issued as debt securities before 31 December 2018, the Notes would be, pursuant to the ITA and the MAS Circular FSD Cir 02/2013 entitled “Extension and Refinement of Tax Concessions for Promoting the Debt Market” issued by MAS on 28 June 2013, qualifying debt securities (“QDS”) for the purposes of the ITA, to which the following treatment shall apply. Subject to certain conditions having been fulfilled (including the furnishing of a return on debt securities in the prescribed format for the Notes within such period as the relevant authorities may specify and such other particulars in connection with the Notes as the relevant authorities may require to MAS and such other relevant authorities as may be prescribed), interest, discount income (not including discount income arising from secondary trading), prepayment fee, redemption premium and break cost (collectively, the “Qualifying Income”) from the Notes paid by the Issuer and derived by any company or body of persons (as defined in the ITA) in Singapore is subject to income tax at a concessionary rate of 10.0% (except for holders of the relevant Financial Sector Incentive(s) who may be taxed at different rates). Notwithstanding the foregoing: (A)
if during the primary launch of the Notes, the Notes are issued to fewer than four persons and 50.0% or more of the issue of the Notes is beneficially held or funded, directly or indirectly, by related parties of the Issuer, the Notes would not qualify as QDS; and
(B)
even though the Notes are QDS, if, at any time during the tenure of the Notes, 50.0% or more of the issue of the Notes is held beneficially or funded, directly or indirectly, by any related party(ies) of the Issuer, Qualifying Income derived from the Notes held by: (I)
any related party of the Issuer; or
(II)
any other person where the funds used by such person to acquire the Notes are obtained, directly or indirectly, from any related party of the Issuer,
shall not be eligible for the tax exemption or concessionary rate of tax as described above. The term “related party”, in relation to a person, means any other person who, directly or indirectly, controls that person, or is controlled, directly or indirectly, by that person, or where he and that other person, directly or indirectly, are under the control of a common person. The terms “break cost”, “prepayment fee” and “redemption premium” are defined in the ITA as follows: “break cost”, in relation to debt securities and qualifying debt securities, means any fee payable by the issuer of the securities on the early redemption of the securities, the amount of which is determined by any loss or liability incurred by the holder of the securities in connection with such redemption; “prepayment fee”, in relation to debt securities and qualifying debt securities, means any fee payable by the issuer of the securities on the early redemption of the securities, the amount of which is determined by the terms of the issuance of the securities; and “redemption premium”, in relation to debt securities and qualifying debt securities, means any premium payable by the issuer of the securities on the redemption of the securities upon their maturity. References to “break cost”, “prepayment fee” and “redemption premium” in this Singapore tax disclosure have the same meaning as defined in the ITA. 90
All foreign-sourced income received in Singapore on or after 1 January 2004 by Singapore tax-resident individuals will be exempt from income tax, provided such foreign-sourced income is not received through a partnership in Singapore. Where interest, discount income, prepayment fee, redemption premium or break cost (i.e. the Qualifying Income) is derived from the Notes by any person who is not resident in Singapore and who carries on any operations in Singapore through a permanent establishment in Singapore, the tax exemption available for QDS under the ITA shall not apply if such person acquires such Notes using the funds and profits of such person’s operations through a permanent establishment in Singapore. Any person whose interest, discount income, prepayment fee, redemption premium or break cost (i.e. the Qualifying Income) derived from the Notes is not exempt from tax is required to include such income in a return of income made under the ITA. 2.
Capital Gains
Any gains considered to be in the nature of capital made from the sale of the Notes will not be taxable in Singapore. However, any gains derived by any person from the sale of the Notes which are gains from any trade, business, profession or vocation carried on by that person, if accruing in or derived from Singapore, may be taxable as such gains are considered revenue in nature. Holders of the Notes who apply or who are required to apply Singapore Financial Reporting Standard 39 (“FRS 39”), may for Singapore income tax purposes be required to recognise gains or losses (not being gains or losses in the nature of capital) on the Notes, irrespective of disposal, in accordance with FRS 39. Please see the section below on “Adoption of FRS 39 Treatment for Singapore Income Tax Purposes”. 3.
Adoption of FRS 39 Treatment for Singapore Income Tax Purposes
The Inland Revenue Authority of Singapore has issued a circular entitled “Income Tax Implications Arising from the Adoption of FRS 39 − Financial Instruments: Recognition & Measurement” (the “FRS 39 Circular”). The ITA has since been amended to give legislative effect to the FRS 39 Circular. The FRS 39 Circular generally applies, subject to certain “opt-out” provisions, to taxpayers who are required to comply with FRS 39 for financial reporting purposes. Holders of the Notes who may be subject to the tax treatment under the FRS 39 Circular should consult their own accounting and tax advisers regarding the Singapore income tax consequences of their acquisition, holding or disposal of the Notes. 4.
Estate Duty
Singapore estate duty has been abolished with respect to all deaths occurring on or after 15 February 2008.
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SUBSCRIPTION, PURCHASE AND DISTRIBUTION The Subscription Agreement provides, inter alia, that the Lead Manager may by notice to the Issuer given at any time prior to payment of the net subscription moneys for the Notes to the Issuer, terminate the Subscription Agreement under certain circumstances, including if there shall have been, in the opinion of the Lead Manager (a) any introduction or prospective introduction of, or any change or prospective change in, or in the interpretation or application of, any legislation, statute, regulation, order, policy, notice, directive, request or guideline (whether or not having the force of law) by the MAS, the Securities Industry Council, the SGX-ST, the OJK, the Indonesia Stock Exchange or any other governmental or regulatory body or (b) any change or development which is likely to lead to a change in monetary, political (including, but not limited to, changes by reason of military action), financial (including, but not limited to, stock market conditions, currency exchange conditions in any of the financial markets and interest rates) or economic conditions in Singapore, Indonesia or internationally (including changes or developments in stock, bond, money, bank syndication and interest rate markets) or exchange controls in Singapore, Indonesia or internationally or any other jurisdiction relevant to issue of the Notes or the occurrence of any combination of any such changes, crises or developments, in either case, as would in the opinion of the Lead Manager materially and adversely prejudice or affect the success of the placement, issue, offer, sale or distribution (whether in the primary or secondary markets) of the Notes or (without prejudice or limitation to the foregoing) restrict, impede or delay the exercise by the Lead Manager of its rights to sell, transfer or otherwise dispose of any of the Notes subscribed for or to be subscribed by it, or materially and adversely or be likely to materially and adversely affect the listing of the Notes, or materially and adversely affect or be likely to materially and adversely affect the financial condition, business, results of operations or assets of the Issuer. United States The Notes and the Standby Letter of Credit have not been and will not be registered under the Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S. The Lead Manager has agreed that, except as permitted by the Subscription Agreement, it will not offer or sell the Notes (i) as part of its distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the Closing Date (as defined in the Subscription Agreement), within the United States or to, or for the account or benefit of, U.S. persons, and it will have sent to each dealer to which it sells Notes during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers and sales of the Notes within the United States or to, or for the account or benefit of, U.S. persons. Terms used in this paragraph have the meanings given to them by Regulation S. The Notes are being offered and sold outside of the United States to non-U.S. persons in reliance on Regulation S. In addition, until 40 days after the commencement of the offering of the Notes, an offer or sale of Notes within the United States by a dealer that is not participating in the offering may violate the registration requirements of the Securities Act. In addition, under U.S. Treas. Reg. §1.163-5(c)(2)(i)(C) (the “C Rules”), Notes must be issued and delivered outside the United States and its possessions in connection with their original issue. The Lead Manager represents that it has not offered, sold or delivered, and agrees that it will not offer, sell or deliver, directly or indirectly, Notes within the United States or its possessions in connection with their original issue. Further, in connection with the original issue of Notes, the Lead Manager represents that it has not communicated, and agrees that it will not communicate, directly or indirectly, with a prospective purchaser if either of the Lead Manager or such purchaser is within the United States or its possessions or otherwise involve its U.S. office in the offer or sale of Notes. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986 and regulations thereunder, including the C Rules.
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Hong Kong The Lead Manager represents and agrees that: (i)
it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Notes, other than (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and
(ii)
it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Notes, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.
Singapore The Lead Manager has acknowledged that this Information Memorandum has not been registered as a prospectus with MAS. Accordingly, the Lead Manager has represented, warranted and agreed that it has not offered or sold any Notes or caused the Notes to be made the subject of an invitation for subscription or purchase and will not offer or sell any Notes or cause the Notes to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this Information Memorandum or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. General No action has been or will be taken in any jurisdiction by the Lead Manager or the Issuer that would permit a public offering of the Notes, or possession or distribution of the Information Memorandum, the Information Memorandum or any other offering or publicity material relating to the Notes, in any country or jurisdiction where action for that purpose is required. The Lead Manager will comply with all applicable laws and regulations in each jurisdiction in which it acquires, offers, sells or delivers Notes or has in its possession or distributes the Information Memorandum, the Information Memorandum or any such other material, in all cases at its own expense. The Lead Manager will also ensure that no obligations are imposed on the Issuer in any such jurisdiction as a result of any of the foregoing actions. The Issuer will have no responsibility for, and the Lead Manager will obtain any consent, approval or permission required by it for, the acquisition, offer, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in or from which it makes any acquisition, offer, sale or delivery. The Lead Manager is not authorised to make any representation or use any information in connection with the issue, subscription and sale of the Notes other than as contained in the Information Memorandum and the Information Memorandum or any amendment or supplement to it. Any person who may be in doubt as to the restrictions set out in the SFA or the laws, regulations and directives in each jurisdiction in which it subscribes for, purchases, offers, sells or delivers the Notes or any interest therein or rights in respect thereof and the consequences arising from a contravention thereof should consult his own professional advisers and should make his own inquiries as to the laws, regulations and directives in force or applicable in any particular jurisdiction at any relevant time.
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Indonesia The Notes have not been offered or sold and will not be offered or sold in Indonesia or to any Indonesian nationals, corporations or residents, including by way of invitation, offering or advertisement, and this Information Memorandum and any other offering material relating to the Notes has not been distributed, and will not be distributed, in Indonesia or to any Indonesian nationals, corporations or residents in a manner which would constitute a public offering in Indonesia under Law No. 8 of 1995 on Capital Market. OJK has not reviewed or declared its approval or disapproval of the issue of the Notes, nor has it made any determination as to the accuracy or adequacy of this Information Memorandum. Any statement to the contrary is a violation of Indonesian law.
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APPENDIX I
GENERAL INFORMATION INFORMATION ON DIRECTORS 1.
2.
3.
The name and position of each of the Directors are set out below: Name
Position
Eddy Kurniawan Logam Mok Weng Vai Rudy Kurniawan Logam Loo Choo Leong Rudy Kusworo Meyrick Alda Sumantri
President Director Deputy President Director Operations Director Finance Director Operations Support Director Independent Director
No Director is or was involved in any of the following events: (a)
a petition under any bankruptcy laws filed in any jurisdiction against such person or any partnership in which he was a partner or any corporation of which he was a director or an executive officer;
(b)
a conviction of any offence, other than a traffic offence, or judgment, including findings in relation to fraud, misrepresentation or dishonesty, given against him in any civil proceedings in Singapore, Indonesia or elsewhere, or being named subject to any pending proceedings which may lead to such a conviction or judgment, or so far as such person is aware, any criminal investigation pending against him; or
(c)
the subject of any order, judgment or ruling of any court of competent jurisdiction, tribunal or government body, permanently or temporarily enjoining him from acting as an investment adviser, dealer in securities, director or employee of a financial institution and engaging in any type of business practice or activity.
Save as disclosed below, the Directors are not related by blood or marriage to one another nor are they related to any substantial shareholder of the Issuer: (a)
Eddy Kurniawan Logam and Rudy Kurniawan Logam are brothers.
4.
As at the date of this Information Memorandum, no option to subscribe for shares in, or debentures of, the Issuer has been granted to, or was exercised by, any Director or employees of the Issuer.
5.
No Director of the Issuer is interested, directly or indirectly, in the promotion of any assets acquired or disposed of by, or leased to, the Issuer, within the two years preceding the date of this Information Memorandum, or in any proposal for such acquisition, disposal or lease as aforesaid.
6.
The interests of the Directors and the substantial shareholders of the Issuer in the Shares as at the Latest Practicable Date are as follows: Directors
Eddy Kurniawan Logam Rudy Kurniawan Logam
Direct Interest Number of % Shares 89,745,100 13.93 112,745,000 17.5
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Deemed Interest Number of % Shares -
Substantial Shareholders
Alstonia Offshore(1) UOB Kay Hian Pte Ltd
Direct Interest Number of % Shares 220,980,000 34.3 54,569,443 8.47
Deemed Interest Number of % Shares 4,509,800 0.7 -
Note: (1)
Alstonia Offshore is deemed to be interested in 4,509,800 Shares held through its nominee, UOB Kay Hian Pte Ltd.
SHARE CAPITAL 7.
As at the date of this Information Memorandum, there is only one class of ordinary shares in the Issuer. The rights and privileges attached to the Shares are stated in the constitutive documents of the Issuer.
8.
The issued share capital of the Issuer as at the Latest Practicable Date is as follows: Share Designation
Issued Share Capital Number of Shares 644,257,143
Ordinary Shares
Amount Rp.64,425,714,300
9.
No shares in, or debentures of, the Issuer have been issued or are proposed to be issued, as fully or partly paid-up, for cash or for a consideration other than cash, within the two years preceding the date of this Information Memorandum.
10.
No shares in, or debentures of, the Issuer are under option or agreed conditionally or unconditionally to be put under option and no person has been, or is entitled to be, given an option to subscribe for any shares in, or debentures of, the Issuer.
BORROWINGS 11.
Save as disclosed in Appendix IV, the Issuer had as at 30 September 2014 no other borrowings or indebtedness in the nature of borrowings including bank overdrafts and liabilities under acceptances (other than normal trading bills) or acceptance credits, mortgages, charges, hire purchase commitments, guarantees or other material contingent liabilities.
WORKING CAPITAL 12.
The Directors are of the opinion that, after taking into account the present banking facilities and the net proceeds of the issue of the Notes, the Issuer will have adequate working capital for its present requirements.
CHANGES IN ACCOUNTING POLICIES 13.
There has been no significant change in the accounting policies of the Issuer since its audited financial accounts for the financial year ended 31 December 2013.
LITIGATION 14.
There are no legal or arbitration proceedings pending or threatened against the Issuer during the 12 months prior to the date of this Information Memorandum the outcome of which, if determined adversely to the Issuer, would have or have had a material adverse effect on the financial condition, business, results of operations or assets of the Issuer.
MATERIAL ADVERSE CHANGE 15.
There has been no material adverse change, or any development involving a prospective material adverse change, in the financial condition, business, results of operations or assets of the Issuer since 31 December 2013.
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ACKNOWLEDGEMENT 16.
Purwantono, Suherman & Surja (a member firm of Ernst & Young Global Limited) have given and have not withdrawn their written acknowledgment to the inclusion in this Information Memorandum of: (i) their audit report dated 7 March 2014 with respect to the audited financial statements of the Issuer as of 31 December 2013 and for the year then ended, (ii) their audit report dated 28 May 2013 with respect to the audited financial statements of the Issuer as of 31 December 2011 and 2012, and for the years then ended.
DOCUMENTS AVAILABLE FOR INSPECTION 17.
18.
Copies of the following documents may be inspected at 15 Pandan Road, Singapore 609263 during normal business hours for a period of six months from the date of this Information Memorandum: (i)
the constitutive documents of the Issuer;
(ii)
the Trust Deed;
(iii)
the Agency Agreement;
(iv)
the Account Bank Agreement;
(v)
the Standby Letter of Credit; and
(vi)
the audited financial statements of the Issuer for the financial years ended 31 December 2012 and 31 December 2013, and the unaudited accounts of the Issuer for the nine months ended 30 September 2014. The Issuer’s 3Q2014 financial figures included in this Information Memorandum are unaudited figures. Pursuant to Indonesian laws, the Issuer’s 3Q2014 financial figures which have been subject to limited review by the Issuer’s auditors will be published on the IDX website and can be found on www.idx.co.id within two days from the date of this Information Memorandum.
Copies of the latest annual and interim reports of the LC Bank can be downloaded free of charge from its corporate website at www.uob.com.sg.
FUNCTIONS, RIGHTS AND OBLIGATIONS OF THE TRUSTEE 19.
The functions, rights and obligations of the Trustee are set out in the Trust Deed.
97
APPENDIX II
AUDITED FINANCIAL STATEMENTS OF PT LOGINDO SAMUDRAMAKMUR TBK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012 The information in this Appendix II has been reproduced from the audited financial statements of PT Logindo Samudramakmur Tbk for the financial year ended 31 December 2012 and has not been specifically prepared for inclusion in this Information Memorandum.
98
99
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR LAPORAN KEUANGAN BESERTA LAPORAN AUDITOR INDEPENDEN 31 DESEMBER 2012 DAN 2011 (DISAJIKAN KEMBALI) DENGAN ANGKA PERBANDINGAN UNTUK TANGGAL 1 JANUARI 2011/ 31 DECEMBER 2010 (DISAJIKAN KEMBALI)
PT LOGINDO SAMUDRAMAKMUR FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS’ REPORT DECEMBER 31, 2012 AND 2011 (AS RESTATED) WITH COMPARATIVE FIGURES AS OF JANUARY 1, 2011/DECEMBER 31, 2010 (AS RESTATED)
Daftar Isi/Table of Contents Halaman/Pages Laporan Auditor Independen Laporan Posisi Keuangan
Independent Auditors’ Report 1-2
Statements of Financial Position
Laporan Laba Rugi Komprehensif
3
Statements of Comprehensive Income
Laporan Perubahan Ekuitas
4
Statements of Changes in Equity
Laporan Arus Kas
5
Statements of Cash Flows
Catatan atas Laporan Keuangan
6 - 89 ************************
100
Notes to the Financial Statements
101
102
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR LAPORAN POSISI KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
Catatan/ Notes
PT LOGINDO SAMUDRAMAKMUR STATEMENTS OF FINANCIAL POSITION December 31, 2012 and 2011 (As Restated) with Comparative Figures As Of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated) 1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ 2011 Dec. 31, 2010 (Disajikan Kembali - (Disajikan Kembali Catatan 3/ Catatan 3/ As Restated As Restated Note 3) Note 3)
2012
ASET ASET LANCAR Kas dan setara kas Piutang usaha: - Pihak ketiga, setelah dikurangi cadangan penurunan nilai sebesar AS$32.589 (31 Des. 2011: AS$32.589; 1 Jan. 2011/31 Des. 2010: AS$Nihil) - Pihak berelasi Persediaan Pajak dibayar dimuka Piutang lain-lain: - Pihak ketiga - Pihak berelasi Uang muka Biaya dibayar dimuka
ASSETS 2c,2d,2l,5
2.799.444
3.125.817
228.462
2c,2l,6 2c,2b,2l,6,29, 2h,2e,7 2i,12a
7.101.528 106.468 409.470 1.087.391
4.838.014 22.945 194.847 710.291
3.633.790 170.875 466.319
2c,2l,8 2b,2c,2l,8,34 9,41 10,41
18.955 420.642 52.103
83.565 5.540 36.211
10.398 26.699 309.580
CURRENT ASSETS Cash and cash equivalents Trade receivables: Third parties, net of allowance for impairment losses of US$32,589 (Dec. 31, 2011: US$32,589; Jan. 1, 2011/Dec. 31, 2010: US$Nil) Related parties Inventories Prepaid taxes Other receivables: Third parties Related party Advances Prepaid expenses
11.996.001
9.017.230
4.846.123
Total Current Assets
-
-
14.809
NON-CURRENT ASSETS Deferred tax assets
Total Aset Lancar ASET TIDAK LANCAR Aset pajak tangguhan Aset tetap, setelah dikurangi akumulasi penyusutan sebesar AS$16.870.892 (31 Des. 2011: AS$11.541.902; 1 Jan. 2011/31 Des. 2010: AS$8.092.501) Investasi dalam saham Aset tidak lancar lainnya
2i,12f
134.665.454 1.781.373
90.108.161 837.259
44.472.840 380.683 1.560.957
Fixed assets, net of accumulated depreciation of US$16,870,892 (Dec. 31, 2011: US$11,541,902; Jan. 1, 2011/Dec. 31, 2011: US$8,092,501) Investment in shares of stock Other non-current assets
Total Aset Tidak Lancar
136.446.827
90.945.420
46.429.289
Total Non-Current Assets
TOTAL ASET
148.442.828
99.962.650
51.275.412
TOTAL ASSETS
2h,2f,13 11,41 14
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
1
103
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR LAPORAN POSISI KEUANGAN (lanjutan) 31 Desember 2012 dan 2011 (Disajikan Kembali) dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
Catatan/ Notes
2012
PT LOGINDO SAMUDRAMAKMUR STATEMENTS OF FINANCIAL POSITION (continued) December 31, 2012 and 2011 (As Restated) with Comparative Figures As Of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated) 1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ 2011 Dec. 31, 2010 (Disajikan Kembali - (Disajikan Kembali Catatan 3/ Catatan 3/ As Restated As Restated Note 3) Note 3)
LIABILITAS DAN EKUITAS
LIABILITIES AND EQUITY
LIABILITAS JANGKA PENDEK Utang usaha: - Pihak ketiga 2c,2l,15 - Pihak berelasi 2b,2c,2l,15,34,41 Utang lainnya: - Pihak ketiga 2c,2l,16 Beban akrual 2c,2l,17,41 Liabilitas imbalan kerja jangka pendek 2k,23 Utang pajak 2i,12b Pinjaman bank jangka pendek 2l,18 Pinjaman dari pihak berelasi 2b,2l,19,34 Bagian lancar atas liabilitas jangka panjang: - Pinjaman bank jangka panjang 2l,20 - Utang pembiayaan konsumen 2l,21,41 - Liabilitas sewa pembiayaan 2g,22,41 Total Liabilitas Jangka Pendek
1.398.495 905.359
1.133.386 1.364.755
1.842.687 -
274.514 682.088 555.861 305.509 10.752.500 6.542.938
740.815 222.671 115.130 3.050.000 -
1.284.051 157.366 95.503 4.324.769 -
15.296.552 91.572 526.136
5.944.271 82.216 2.110.437
7.864.456 105.015 2.791.927
CURRENT LIABILITIES Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability Taxes payable Short-term bank loans Loan from a related party Current maturities of long-term liabilities: Long-term bank loans Consumer finance liabilities Finance lease liabilities -
37.331.524
14.763.681
18.465.774
Total Current Liabilities
LIABILITAS JANGKA PANJANG Liabilitas jangka panjang, setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun - Pinjaman bank jangka panjang 2l,20 - Utang pembiayaan konsumen 2l,21,41 - Liabilitas sewa pembiayaan 2l,22,29,41 Liabilitas imbalan kerja jangka panjang 2k,24
59.549.724 101.171 451.111 306.811
39.511.310 30.546 3.638.807 174.533
Long-term liabilities, net of current portion: 11.186.897 Long-term bank loans 132.848 Consumer finance liabilities 6.313.862 Finance lease liabilities 59.236 Long-term employee benefits liability
Total Liabilitas Jangka Panjang
60.408.817
43.355.196
17.692.843
Total Non-Current Liabilities
TOTAL LIABILITAS
97.740.341
58.118.877
36.158.617
TOTAL LIABILITIES EQUITY Equity attributable to equity holders of the parent entity: Share capital - par value of Rp1,000,000 (full amount) Issued and fully paid - 45,098 shares (Dec. 31, 2011: 45,098 shares; Jan. 1, 2011/Dec. 31, 2010: 23,000 shares) Additional paid-in capital Retained earnings
EKUITAS Ekuitas yang dapat diatribusikan kepada pemilik entitas induk: Modal saham - nilai nominal Rp1.000.000 (angka penuh) Modal ditempatkan dan disetor penuh - 45.098 saham (31 Des. 2011: 45.098 saham; 1 Jan. 2011/31 Des. 2010: 23.000 saham) Tambahan modal disetor Saldo laba TOTAL EKUITAS TOTAL LIABILITAS DAN EKUITAS
25 26
NON-CURRENT LIABILITIES
5.529.734 20.529.017 24.643.736
5.529.734 20.529.017 15.785.022
3.058.751 12.058.044
50.702.487
41.843.773
15.116.795
TOTAL EQUITY
148.442.828
99.962.650
51.275.412
TOTAL LIABILITIES AND EQUITY
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
2
104
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR LAPORAN LABA RUGI KOMPREHENSIF Tahun yang Berakhir pada tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) (Disajikan Dalam Dolar AS, kecuali dinyatakan lain)
Pendapatan Beban pokok pendapatan
2012
Catatan/ Notes
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
34.094.104
2j,28,40
25.515.201
(17.509.648)
2j,29
(13.123.858)
Laba bruto
16.584.456
Beban umum dan administrasi Pendapatan operasi lainnya Beban operasi lainnya
(4.510.903) 404.818 (11.271)
Laba usaha
12.467.100
Pendapatan keuangan Biaya keuangan Kerugian penghapusan investasi tidak berkuotasi yang tersedia untuk dijual
36.945 (3.082.283)
Laba sebelum pajak penghasilan Beban pajak penghasilan
PT LOGINDO SAMUDRAMAKMUR STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31, 2012 and 2011 (As Restated) (Expressed in US Dollar, unless otherwise stated)
12.391.343 30 31,41 32,41
8.631.911 33a 33b
-
15.704 (4.141.993) (380.683)
9.421.762 (563.048)
(4.036.864) 283.145 (5.713)
4.124.939 2i,12c
(397.961)
Revenue Cost of revenue Gross income General and administrative expenses Other operating income Other operating expenses Operating income Finance income Finance costs Loss on write-off of unquoted available-for-sale equity investment Income before income tax Income tax expense
Laba tahun berjalan Pendapatan komprehensif lain, setelah pajak
8.858.714
3.726.978
-
-
Income for the year Other comprehensive income, net of tax
Total laba komprehensif
8.858.714
3.726.978
Total comprehensive income
140
Basic earnings per share
Laba per saham dasar
196
2i,27
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
3
105
106 -
5.529.734
-
5.529.734
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
Saldo pada tanggal 31 Desember 2012
Total laba komprehensif tahun berjalan
Saldo pada tanggal 31 Desember 2011 (Disajikan kembali - Catatan 3)
Total laba komprehensif tahun berjalan (Disajikan Kembali - Catatan 3)
2.470.983
Tambahan modal dari penerbitan saham (Disajikan Kembali - Catatan 3)
25,26
3.058.751
Modal saham/ Share capital
Saldo pada tanggal 1 Januari 2011/ 31 Desember 2010 (Disajikan Kembali - Catatan 3)
Catatan/ Notes
-
4
20.529.017
-
20.529.017
-
20.529.017
Tambahan modal disetor/ Additional paid-in capital
50.702.487
8.858.714
41.843.773
3.726.978
23.000.000
15.116.795
Balance as of December 31, 2012
Total comprehensive income for the year
Balance as of December 31, 2011 (As restated - Note 3)
Total comprehensive income for the year (As Restated - Note 3)
Additional capital from share issuance (As Restated - Note 3)
Balance as of January 1, 2011/ December 31, 2010 (As Restated - Note 3)
The accompanying notes form an integral part of these financial statements.
24.643.736
8.858.714
15.785.022
3.726.978
-
12.058.044
Saldo laba/ Retained earnings
Total ekuitas/ Total equity
PT LOGINDO SAMUDRAMAKMUR STATEMENTS OF CHANGES IN EQUITY Years ended December 31, 2012 and 2011 (As Restated) (Expressed in US Dollar, unless otherwise stated)
Dapat diatribusikan kepada pemilik entitas induk/ Attributable to equity holders of the parent entity
PT LOGINDO SAMUDRAMAKMUR LAPORAN PERUBAHAN EKUITAS Tahun yang berakhir pada tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
The original financial statements included herein are in the Indonesian language.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR LAPORAN ARUS KAS Tahun yang berakhir pada tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
Catatan/ Notes
2012
ARUS KAS DARI AKTIVITAS OPERASI: Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok Pembayaran kepada karyawan Penghasilan bunga yang diterima Pembayaran pajak penghasilan dan pajak lainnya Arus kas neto yang diperoleh dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI: Perolehan aset tetap Penambahan dana yang dibatasi pengunaannya Uang muka pembelian aset tetap, neto Penerimaan dari penjualan aset tetap Arus kas neto yang digunakan untuk aktivitas investasi ARUS KAS DARI AKTIVITAS PENDANAAN: Pinjaman bank jangka panjang: Penerimaan Pembayaran Pinjaman bank jangka pendek: Penerimaan Pembayaran Pinjaman dari hubungan istimewa: Penerimaan Pembayaran Pembayaran utang pembiayaan konsumen Pembayaran bunga Pembayaran liabilitas sewa pembiayaan Penerimaan dari tambahan modal dari penerbitan saham Arus kas neto yang diperoleh dari aktivitas investasi Pengaruh perubahan kurs mata uang pada kas dan setara kas (PENURUNAN)/KENAIKAN NETO KAS DAN SETARA KAS
PT LOGINDO SAMUDRAMAKMUR STATEMENTS OF CASH FLOWS Years ended December 31, 2012 and 2011 (As Restated) (Expressed in US Dollar, unless otherwise stated) 2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
31.811.677
24.083.639
(9.795.285) (6.206.303) 36.945
(10.501.992) (3.041.575) 15.704
(749.769)
(607.548)
15.097.265
(49.610.065)
9.948.228
13
(991.200) -
(29.209.124) -
14
43.104
1.155.101 135.854
(50.558.161)
(27.918.169)
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers Cash paid to suppliers Cash paid to employee Interest received Income taxes and other taxes paid Net cash flows provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of fixed assets Addition to restricted funds Advance for purchase of fixed assets, net Proceeds from disposal of fixed assets Net cash flows used in investing activities
-
3.000.000
CASH FLOWS FROM FINANCING ACTIVITIES: Long-term bank loans: Proceeds Repayments Short-term bank loans: Proceeds Repayments Loan from a related party: Proceeds Repayments Payments of consumer finance liabilities Interest payment Payments of finance lease liabilities Proceeds from additional capital from share issuance
35.135.708
20.893.530
Net cash flows provided by investing activities
39.535.000 (10.164.408)
43.840.000 (17.023.646)
12.298.500 (4.596.000)
3.050.000 (4.324.769)
7.150.000 (750.000)
-
(114.680) (3.390.081)
(160.446) (4.848.636)
(4.832.623)
(2.638.973)
(1.185)
(26.233)
(326.373)
Effect from changes in foreign exchange rates on cash and cash equivalents
2.897.355
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS AWAL TAHUN
3.125.817
228.462
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
KAS DAN SETARA KAS AKHIR TAHUN
2.799.444
3.125.817
CASH AND CASH EQUIVALENTS AT END OF YEAR
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
5
107
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
1. UMUM
1.
a. Pendirian dan Informasi umum
GENERAL a. Establishment and General Information
PT Logindo Samudramakmur ("Perseroan") berkedudukan dan didirikan di Jakarta, Indonesia berdasarkan Akta No. 55 dari Nurul Hidajati Handoko, S.H., Notaris di Jakarta tanggal 23 Agustus 1995. Anggaran Dasar Perseroan tersebut telah disahkan oleh Menteri Kehakiman melalui Surat Keputusan No. C2-4739 HT.01.01.Th.98. tanggal 5 Mei 1998.
PT Logindo Samudramakmur (the "Company") is domiciled and was established in Jakarta, Indonesia based on Notarial Deed No. 55 of Nurul Hidajati Handoko, SH., Public Notary in Jakarta dated August 23, 1995. The Company’s Articles of Association was approved by the Minister of Justice through his Decree No. C2-4739 HT.01.01.Th.98. dated May 5, 1998.
Anggaran Perseroan Dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir dilakukan berdasarkan Akta Notaris No. 6 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 13 Oktober 2011 diantaranya mengenai peningkatan modal dasar dan modal ditempatkan Perseroan (Catatan 25). Perubahan Anggaran Dasar Perseroan tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan Nomor AHU54661.AH.01.02.Tahun 2011 tanggal 9 November 2011.
The Company’s Articles of Association has been amended several times. The latest amendment was based on Notarial Deed No. 6 of Tjhong Sendrawan, SH., Public Notary in Jakarta dated October 13, 2011, regarding, among others, the increase in authorized capital and paid up capital (Note 25). The Company’s Articles of Association were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter No. AHU-54661.AH.01.02.Tahun 2011 dated November 9, 2011.
Sesuai dengan pasal 3 Anggaran Dasar Perseroan, ruang lingkup kegiatan Perseroan, diantaranya, meliputi jasa transportasi laut. Perseroan telah memperoleh Surat Izin Usaha Perusahaan Angkutan Laut (”SIUPAL”) dari Direktorat Jenderal Perhubungan Laut Departemen Perhubungan No. BXXU-1842/AL.58 tanggal 16 Mei 2002. Perseroan memulai operasi komersialnya sejak 14 Februari 1996.
In accordance with article 3 of the Company’s Articles of Association, the main activities of the Company, among others, is sea transportation. The Company has obtained Authorization as a Sea Transportation Company (“SIUPAL”) BXXU1842/AL.58 dated May 16, 2002 from the Directorate General of Sea Transportation of the Ministry of Transportation. The Company started its commercial operations on February 14, 1996.
Perseroan berkedudukan di Graha Corner Stone, Jalan Rajawali Selatan II No 1, Gunung Sahari, Jakarta Pusat.
The Company is located at Graha Corner Stone, Jalan Rajawali Selatan II No. 1, Gunung Sahari, Jakarta Pusat.
Perseroan merupakan entitas dalam pengendalian bersama antara seluruh pemegang saham sesuai dengan Perjanjian Pemegang Saham (Shareholder Agreement) yang ditandatangani seluruh pemegang saham.
The Company is a jointly controlled entity between the shareholders in accordance with the Shareholders Agreement entered by all shareholders.
b. Manajemen Kunci dan Informasi Lainnya
b. Key management and other information
Susunan Dewan Komisaris dan Direksi Perseroan Perseroan pada tanggal 31 Desember 2012 dan 2011 dan 1 Januari 2011/31 Desember 2010 adalah sebagai berikut:
2012 Dewan Komisaris Komisaris Utama Komisaris
Pang Yoke Min Merna Logam
The members of the Company’s Board of Commissioners and Directors as at December 31, 2012 and 2011 and 1 January 2011/ December 31, 2010 were as follows:
2011 Pang Yoke Min Merna Logam
6
108
1 Januari 2011/ 31 Desember 2910 January 1, 2011/ December 31, 2010 Merna Logam -
Board of Commissioners President Commissioner Commissioner
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
1. UMUM (lanjutan) b. Manajemen (lanjutan)
Kunci
1. dan
Informasi
Lainnya
2012 Direksi Direktur Utama Direktur Direktur Direktur Direktur Direktur
b. Key management (continued)
and
other
information
1 Januari 2011/ 31 Desember 2010 January 1, 2011/ December 31, 2010
2011
Eddy Kurniawan Logam Eddy Kurniawan Logam Rudy Kurniawan Logam Rudy Kurniawan Logam Herry Subandrio Herry Subandrio Mok Weng Vai Mok Weng Vai Pang Wei Meng Pang Wei Meng Loo Choo Leong Loo Choo Leong
Eddy Kurniawan Logam Rudy Kurniawan Logam Herry Subandrio -
Directors President Director Director Director Director Director Director
Manajemen kunci meliputi anggota dewan komisaris dan direksi Perseroan.
The members of the Board of Commissioners and Directors are the key management personnel of the Company.
Perseroan pada tanggal 31 Desember 2012 dan 2011 dan 1 Januari 2011/31 Desember 2010, mempunyai karyawan tetap masing-masing sebanyak 653, 530 dan 429 karyawan (tidak diaudit).
The Company as of December 31, 2012 and 2011 and January 1, 2011/December 31, 2010 has 653, 530 and 429 permanent employees, respectively (unaudited).
c. Penyelesaian laporan keuangan
c. Completion of financial statements
Manajemen bertanggung jawab atas penyusunan dan penyajian laporan keuangan yang telah diselesaikan dan diotorisasi untuk diterbitkan oleh Manajemen Perseroan pada tanggal 28 Mei 2013.
2.
GENERAL (continued)
The management is responsible for the preparation and presentation of the financial statements, which were completed and authorized for issuance by the Company’s Management on May 28, 2013.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING
2.
SUMMARY POLICIES
OF
SIGNIFICANT
ACCOUNTING
The financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”) comprising the Statements of Financial Accounting Standards (“PSAK”) and Interpretations to Financial Accounting Standards (“ISAK”) issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants (“DSAK”).
Laporan keuangan telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”) yang mencakup Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Interpretasi Standar Akuntansi Keuangan (“ISAK”) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (“DSAK”).
7
109
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan)
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
Kebijakan akuntansi yang signifikan diterapkan secara konsisten dalam penyusunan laporan keuangan untuk tanggal-tanggal 31 Desember 2012 dan 2011 dan 1 Januari 2011/31 Desember 2010 dan tahun yang berakhir pada tanggal-tanggal tersebut adalah sebagai berikut:
The significant accounting policies applied consistently in the preparation of the financial statements as of December 31, 2012 and 2011 and January 1, 2011/December 31, 2010 and for years then ended are as follows:
a.
a.
b.
Dasar penyusunan laporan keuangan
Basis of preparation statements
of
the
financial
Laporan keuangan, kecuali untuk laporan arus kas, disusun berdasarkan konsep akrual dengan menggunakan konsep harga historis, kecuali untuk beberapa akun tertentu yang diukur berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masingmasing akun tersebut.
The financial statements, except for the statements of cash flows, have been prepared on the accrual basis using the historical cost concept of accounting, except for certain accounts which are measured on the bases described in the related accounting policies for those accounts.
Laporan arus kas disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas atas dasar kegiatan operasi, investasi dan pendanaan.
The statements of cash flows are prepared based on the direct method by classifying cash flows on the basis of operating, investing and financing activities.
Laporan keuangan disajikan dalam Dolar Amerika Serikat (“Dolar AS”), yang merupakan mata uang fungsional dan penyajian Perseroan.
The financial statements are presented in United States Dollars (“US Dollars”), which is the Company’s functional and presentation currency.
Sejak 1 Januari 2012, Perseroan mengubah mata uang pelaporannya dari Rupiah menjadi Dolar AS (lihat Catatan 3).
From 1 January 2012, the Company changed its reporting currency from Rupiah to US Dollars (refer to Note 3).
Periode pelaporan keuangan Perseroan adalah 1 Januari - 31 Desember.
The financial reporting period of the Company is January 1 - December 31.
Transaksi dengan pihak berelasi
b.
Transactions with related parties
Perseroan mempunyai transaksi dengan pihak berelasi. Definisi pihak berelasi sesuai dengan yang diatur dalam PSAK No. 7 (Revisi 2010), “Pengungkapan Pihak-Pihak Berelasi”.
The Company has transactions with related parties. The definition of related parties is in accordance with PSAK No. 7 (Revised 2010), “Related Party Disclosures”.
Pihak berelasi didefinisikan sebagai berikut:
A related party is defined as follows:
a) Orang atau anggota keluarga terdekat mempunyai relasi dengan Perseroan jika orang tersebut : i. memiliki pengendalian atau pengendalian bersama Perseroan; ii. memiliki pengaruh signifikan atas Perseroan; atau iii. personil manajemen kunci Perseroan atau entitas induk Perseroan.
a) A person or a close member of the person’s family is related to the Company if that person: i. has control or joint control over the Company; ii. has significant influence over the Company; or iii. is a member of the key management personnel of the Company or of a parent of the Company.
8
110
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) b.
c.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Transaksi dengan pihak berelasi (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) b.
ACCOUNTING
Transactions with related parties (continued)
b) Suatu entitas berelasi dengan Perseroan jika memenuhi salah satu hal berikut: i. Entitas dan Perseroan adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain). ii. Satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya). iii. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama. iv. Satu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga. v. Entitas tersebut adalah suatu program imbalan pascakerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas pelapor adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor. vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a). vii. Orang yang diidentifikasi dalam huruf (a) (i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas).
b) An entity is related to a reporting entity if any of the following conditions applies: i. The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
Transaksi dilakukan berdasarkan persyaratan yang disetujui oleh kedua belah pihak.
The transactions are made based on terms agreed by the parties.
Seluruh transaksi dan saldo yang material dengan pihak berelasi diungkapkan dalam Catatan 34 atas laporan keuangan.
All material transactions and balances with related parties are disclosed in the Note 34 to the financial statements.
ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). iii. Both entities are joint venture of the same third party. iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity. v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. vi. The entity is controlled or jointly controlled by a person identified in (a). vii. A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
Transaksi dan saldo dalam mata uang asing
c.
Foreign currency transactions and balances Effective January 1, 2012, the Company applied PSAK No. 10 (Revised 2010), “The Effect of Changes in Foreign Exchange Rates”. The revised PSAK principally establishes functional currency determination and account translation in foreign currency to functional currency. At that date, the Company determined that their functional currency is US Dollar, and therefore the adoption of this PSAK has significant impact on the financial statements as disclosed in Note 3.
Efektif tanggal 1 Januari 2012, Perseroan menerapkan PSAK No 10 (Revisi 2010), "Pengaruh Perubahan Kurs Valuta Asing". PSAK revisi tersebut terutama mengatur penentuan mata uang fungsional dan penjabaran akun dalam mata uang asing ke mata uang fungsional. Pada tanggal tersebut, Perseroan menentukan bahwa mata uang fungsionalnya adalah Dolar AS, sehingga penerapan PSAK memiliki dampak yang signifikan terhadap laporan keuangan sebagaimana diungkapkan dalam Catatan 3.
9
111
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) c.
d.
e.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Transaksi dan saldo dalam mata uang asing (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) c.
ACCOUNTING
Foreign currency transactions and balances (continued)
Transaksi dalam mata uang asing dicatat dalam Dolar AS berdasarkan kurs yang berlaku pada saat transaksi dilakukan. Pada tanggal pelaporan, aset dan liabilitas moneter dalam mata uang asing dijabarkan sesuai dengan ratarata kurs jual dan beli yang diterbitkan oleh Bank Indonesia pada tanggal transaksi perbankan terakhir untuk tahun/periode yang bersangkutan, dan laba atau rugi kurs yang timbul, dikreditkan atau dibebankan pada operasi tahun/periode kini.
Transactions involving foreign currencies are recorded in US Dollars at the rates of exchange prevailing at the time the transactions are made. At the reporting date, monetary assets and liabilities denominated in foreign currencies are adjusted to reflect the average of the selling and buying rates of exchange prevailing at the last banking transaction date of the year/period, as published by Bank Indonesia, and any resulting gains or losses are credited or charged to operations of the current year/period.
Kurs yang digunakan untuk menjabarkan mata uang Rupiah (angka penuh), Dolar Singapura (“SG$”) dan Euro (“EUR”) ke dalam Dolar AS (“AS$”) pada tanggal 31 Desember 2012, 2011 dan 2010 (angka penuh) adalah sebagai berikut: 2012 2011
Exchange rates used to translate Rupiah (full amount), Singapore Dollars (“SG$”) and Euro (“EUR”) into US Dollars (“US$”) as of December 31, 2012, 2011 and 2010 (full amount) were as follows: 2010
AS$1/Rupiah AS$1/SG$ AS$1/EUR Kas dan setara kas
9.670 1,22 0,75
9.068 1,30 0,77 d.
8.991 1,40 0,70 Cash and cash equivalents
US$1/Rupiah US$1/SG$ US$1/EUR
Kas dan setara kas terdiri dari kas dan bank serta deposito berjangka dengan masa jatuh tempo tiga bulan atau kurang yang tidak digunakan sebagai jaminan atau dibatasi pengunaannya.
Cash and cash equivalents comprise cash on hand and in banks, and time deposits with original maturities of three months or less, which are not used as collateral or are not restricted as to use
Kas yang dibatasi penggunaannya disajikan secara terpisah dari kas dan setara kas.
Restricted cash accounts are presented separately from cash and cash equivalents.
Persediaan
e.
Inventories
Persediaan dinyatakan menurut nilai yang terendah antara biaya perolehan atau nilai realisasi neto. Biaya perolehan ditentukan dengan menggunakan metode rata-rata tertimbang dan mencakup harga pembelian dan biaya lainnya yang timbul hingga persediaan berada dalam kondisi dan tempat yang siap untuk dipakai. Nilai realisasi neto adalah estimasi harga jual dalam kegiatan usaha normal dikurangi estimasi biaya yang diperlukan untuk melakukan penjualan.
Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method and includes purchase cost and other costs to bring the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated selling cost necessary to make the sale.
Cadangan persediaan usang ditentukan berdasarkan hasil penelaahan terhadap kondisi persediaan pada tanggal pelaporan.
Allowance for inventory obsolescence is provided based on a review of the condition of inventories at the reporting date.
10
112
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) f.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Aset tetap dan penyusutan
SUMMARY OF SIGNIFICANT POLICIES (continued) f.
ACCOUNTING
Fixed assets and depreciation
Efektif tanggal 1 Januari 2012, Perseroan telah menerapkan PSAK No. 16 (Revisi 2011), “Aset Tetap”, dan ISAK No. 25, “Hak atas Tanah”. Penerapan PSAK No. 16 (Revisi 2011) dan ISAK No. 25 tidak memberikan dampak yang signifikan terhadap pelaporan keuangan dan pengungkapan dari Perseroan.
Effective January 1, 2012, the Company have adopted PSAK No. 16 (Revised 2011), “Fixed Assets”, and ISAK No. 25, “Landrights”. The adoption of PSAK No. 16 (Revised 2011) and ISAK No. 25 has no significant impact on the financial reporting and disclosures of the Company.
ISAK No. 25 menetapkan bahwa biaya pengurusan legal hak atas tanah dalam bentuk Hak Guna Bangunan (HGB), Hak Guna Usaha (HGU) dan Hak Pakai (HP) ketika tanah diperoleh pertama kali diakui sebagai bagian dari biaya perolehan tanah pada akun asset tetap dan tidak diamortisasi.
ISAK No. 25 prescribes that the legal cost of landright in the form of Building Usage Rights (Hak Guna Bangunan or HGB), Business Usage Rights (Hak Guna Usaha or HGU) and Usage Rights (Hak Pakai or HP) when the land was acquired initially is recognized as part of the cost of the land under the “Fixed Assets” account and not amortized.
Adopsi PSAK No. 16 dan ISAK No. 25 yang direvisi tidak memberikan pengaruh yang berarti terhadap pelaporan keuangan dan pengungkapan dari Perseroan.
Adoption of the revised PSAK No. 16 and ISAK No. 25 has no significant impact on the financial reporting and disclosures of the Company.
Seluruh aset tetap awalnya diakui sebesar biaya perolehan, yang terdiri atas harga perolehan dan biaya-biaya tambahan yang dapat di atribusikan langsung untuk membawa aset ke lokasi dan kondisi yang diinginkan supaya aset tersebut siap digunakan sesuai dengan maksud manajemen.
All property, plant and equipment are initially recognized at cost, which comprises its purchase price and any costs directly attributable in bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management.
Setelah pengakuan awal, aset tetap dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan rugi penurunan nilai. Biaya perolehan termasuk biaya penggantian bagian aset tetap saat biaya tersebut terjadi, jika memenuhi kriteria pengakuan. Selanjutnya, pada saat inspeksi yang signifikan dilakukan, biaya inspeksi itu diakui ke dalam jumlah tercatat (“carrying amount”) aset tetap sebagai suatu penggantian jika memenuhi kriteria pengakuan. Semua biaya pemeliharaan dan perbaikan yang tidak memenuhi kriteria pengakuan diakui dalam laporan laba rugi komprehensif ketika terjadi.
Subsequent to initial recognition, fixed assets are stated at cost less accumulated depreciation and impairment losses. Such cost includes the cost of replacing part of the fixed assets when that cost is incurred, if the recognition criteria are met. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the fixed assets as a replacement if the recognition criteria are satisfied. All repairs and maintenance costs that do not meet the recognition criteria are charged to the statements of comprehensive income as incurred.
Kapal Perseroan mengalami pengedokan dan biaya pengedokan kapal (vessel dry-docking costs) tersebut dikapitalisasi sepanjang pengeluarannya dapat menunjukkan peningkatan manfaat ekonomis mendatang kapal. Kapitalisasi biaya tersebut dicatat sebagai penambahan ke harga perolehan kapal untuk kapal yang dimiliki sendiri dan kapal yang diperoleh melalui sewa pembiayaan, dan disusutkan selama periode hingga jadwal pengedokan berikutnya. Total biaya pengedokan terdahulu yang tersisa, jika ada, dihentikan pengakuannya, dan dibebankan ke laporan laba rugi komprehensif tahun berjalan.
The Company’s vessels are dry-docked and the vessel dry-docking costs are capitalized to the extent that the expenditure results in increase in the future economic benefit of the vessels. The capitalized costs are recorded as an additional cost of the owned vessels and leased vessels under finance lease arrangements, and the costs are amortized over the period up to the next scheduled dry-docking. Any remaining carrying amount of the cost of the previous drydocking is derecognized, and charged to current year statements of comprehensive income.
11
113
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) f.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Aset tetap dan penyusutan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) f.
ACCOUNTING
Fixed assets and depreciation (continued)
Suku cadang utama dan peralatan siap pakai diklasifikasikan sebagai aset tetap bila diperkirakan akan digunakan dalam operasi selama lebih dari satu tahun.
Major spare parts and stand-by equipment are classified as fixed assets when they are expected to be used in operations during more than one year.
Penyusutan dihitung dengan menggunakan metode garis lurus selama estimasi umur manfaat aset tetap sebagai berikut:
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Tahun/Years 20 5 - 20 8 4-8
Vessels Buildings Vehicles Office furniture and equipment
Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau ketika tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset tetap (dihitung sebagai perbedaan antara jumlah bersih hasil pelepasan dengan jumlah tercatat aset tetap) diakui dalam laporan laba rugi komprehensif pada tahun aset tersebut dihentikan pengakuannya.
An item of fixed asset is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the fixed assets (calculated as the difference between the net disposal proceeds and the carrying amount of the fixed assets) is included in the statements of comprehensive income in the year which the asset is derecognized.
Biaya konstruksi kapal dapat dikapitalisasi sebagai aset dalam penyelesaian. Penyusutan aset dimulai pada saat aset tersebut siap untuk digunakan, yaitu pada saat aset tersebut berada pada lokasi dan kondisi yang diinginkan agar siap digunakan sesuai dengan keinginan dan maksud manajemen.
The costs of the construction of vessels are capitalized as construction in progress. Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.
Pada setiap akhir tahun buku, nilai residu, umur manfaat dan metode penyusutan aset tetap ditelaah, dan disesuaikan secara prospektif, jika relevan.
The residual values, useful lives and methods of depreciation of fixed assets are reviewed, and adjusted prospectively if appropriate, at each financial year end.
Biaya pinjaman diatribusikan secara langsung dengan perolehan, konstruksi, atau pembuatan aset kualifikasian dikapitalisasi sebagai bagian biaya perolehan aset tersebut. Kapitalisasi biaya pinjaman dihentikan ketika aset kualifikasian telah selesai dan siap digunakan.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of those assets. Capitalization of borrowing costs ceases when the qualifying assets are complete and ready for service.
Aset tetap yang tidak digunakan lagi dan ditujukan untuk dijual dihentikan penyusutannya dan diklasifikasikan sebagai aset yang dimiliki untuk dijual. Aset yang dimiliki untuk dijual diukur berdasarkan nilai yang lebih rendah nilai buku atau nilai wajar.
Fixed assets which use is discontinued and is held for sale ceased of being depreciated and reclassified as asset held for sale. Asset held for sale are measured at the lower of book value or fair value.
12
114
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) g.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Sewa
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
ACCOUNTING
Leases
Efektif tanggal 1 Januari 2012, Perseroan telah menerapkan PSAK No. 30 (Revisi 2011), “Sewa”, dan ISAK No. 24, “Evaluasi Substansi Beberapa Transaksi yang Melibatkan Suatu Bentuk Legal Sewa”.
Effective January 1, 2012, the Company has adopted PSAK No. 30 (Revised 2011), “Leases”, and ISAK No. 24, “Evaluating the Substance of Transactions Involving the Legal Form of a Lease”.
PSAK No. 30 (Revisi 2011) menetapkan bahwa klasifikasi dari setiap elemen sebagai sewa pembiayaan atau sewa operasi secara terpisah bagi suatu perjanjian sewa yang mengandung elemen tanah dan bangunan.
PSAK No. 30 (Revised 2011) prescribes separate classification of each element as finance lease or operating lease if a lease comprises land and buildings.
ISAK No. 24 mensyaratkan entitas untuk menilai apakah entitas menahan seluruh risiko dan manfaat yang terkait dengan kepemilikan dari aset yang mendasari dan memiliki hak yang sama secara substansial atas penggunaan aset sebagaimana sebelum perjanjian; alasan utama dari perjanjian ini adalah untuk mendapatkan hasil pajak tertentu dan bukan untuk mengalihkan kepemilikan dari aset dan pelaksanaan opsi yang termasuk dalam persyaratan hampir pasti akan dieksekusi. Jika suatu transaksi yang melibatkan suatu bentuk legal sewa memenuhi kriteria di atas maka transaksi tersebut tidak diperlukan sesuai dengan ketentuan dalam PSAK No. 30 (Revisi 2011).
ISAK No. 24 requires an entity to assess whether it retains all the risks and rewards incidental to ownership of an underlying asset and enjoys substantially the same rights to its use as before the arrangement; the primary reason for the arrangement is to achieve a particular tax result, and not to convey the right to use an asset and an option is included on terms that make its exercise almost certain. If a transaction involving the legal form of a lease meets the above criteria, such transaction should not be treated as required in PSAK No. 30 (Revised 2011).
Penerapan PSAK No. 30 yang direvisi dan ISAK No. 24 tidak memberikan dampak yang signifikan terhadap pelaporan keuangan dan pengungkapan dari Perseroan.
The adoption of PSAK No. 30 (Revised 2011) and ISAK No. 24 has no significant impact on the financial reporting and disclosures of the Company.
Penentuan apakah suatu perjanjian merupakan perjanjian sewa atau perjanjian yang mengandung sewa didasarkan atas substansi perjanjian pada tanggal awal sewa dan apakah pemenuhan perjanjian tergantung pada penggunaan suatu aset dan perjanjian tersebut memberikan suatu hak untuk menggunakan aset tersebut. Sewa yang mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset, diklasifikasikan sebagai sewa pembiayaan. Suatu sewa diklasifikasikan sebagai sewa operasi, jika sewa tidak mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset.
The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at the inception date and whether the fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset. Leases that transfer to the lessee substantially all of risks and rewards incidental to ownership of the leased item are classified as finance leases. Leases which do not transfer to the lessee substantially all of the risks and rewards incidental to ownership of the leased item are classified as operating leases.
13
115
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) g.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Sewa (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
ACCOUNTING
Leases (continued)
Perseroan sebagai lessee
The Company as a lessee
i) Dalam sewa pembiayaan, Perseroan mengakui aset dan liabilitas dalam laporan posisi keuangan pada awal masa sewa, sebesar nilai wajar aset pembiayaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Pembayaran sewa dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pelunasan liabilitas sewa. Beban keuangan dialokasikan pada setiap periode selama masa sewa, sehingga menghasilkan tingkat suku bunga periodik yang konstan atas saldo liabilitas. Sewa kontinjen dibebankan sebagai biaya pada periode terjadinya. Beban keuangan dicatat dalam laporan laba rugi komprehensif. Aset pembiayaan (disajikan sebagai bagian dari aset tetap) disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset pembiayaan dengan masa sewa, jika tidak ada kepastian yang memadai bahwa Perseroan akan mendapatkan hak kepemilikan pada akhir masa sewa.
i) Under a finance lease, the Company is required to recognize assets and liabilities in their statements of financial position at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Minimum lease payments shall be apportioned between the finance charges and the reduction of the outstanding liability. The finance charges shall be allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents shall be charged as expenses in the periods in which they are incurred. Finance charges are reflected in the statements of comprehensive income. Capitalized leased assets (presented are part of fixed assets) are depreciated over the shorter of the estimated useful lives of the assets and the lease terms, if there is no reasonable certainty that the Company will obtain ownership of the assets by the end of the lease terms.
ii) Untuk sewa operasi, Perseroan mengakui pembayaran sewa sebagai beban dengan dasar garis lurus selama masa sewa.
ii) Under an operating lease, the Company recognizes lease payments as an expense on a straight-line basis over the lease terms.
Perseroan sebagai lessor
The Company as a lessor
i) Untuk sewa pembiayaan, Perseroan mengakui aset berupa piutang sewa pembiayaan di laporan posisi keuangan sebesar jumlah yang sama dengan investasi sewa neto. Penerimaan piutang sewa diperlakukan sebagai pembayaran pokok dan penghasilan pembiayaan. Pengakuan penghasilan pembiayaan didasarkan pada suatu pola yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi bersih Perseroan sebagai lessor dalam sewa pembiayaan.
i) Under a finance lease, the Company is required to recognize assets held under a finance lease in their statements financial position and present them as a receivable at an amount equal to the net investment in the lease. Lease payments received are treated as payments of principal and finance income. The recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the Company’s net investments in finance leases.
14
116
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) g.
h.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Sewa (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
ACCOUNTING
Leases (continued)
Perseroan sebagai lessor_(lanjutan)
The Company as a lessor (continued)
ii) Untuk sewa operasi, Perseroan mengakui aset untuk sewa operasi di laporan posisi keuangan sesuai sifat aset tersebut. Biaya langsung awal sehubungan proses negosiasi sewa operasi ditambahkan ke jumlah tercatat dari aset sewa dan diakui sebagai beban selama masa sewa dengan dasar yang sama dengan pendapatan sewa. Sewa kontinjen, apabila ada, diakui sebagai pendapatan pada periode terjadinya. Pendapatan sewa operasi diakui sebagai pendapatan atas dasar garis lurus selama masa sewa.
ii) Under an operating lease, the Company is required to present assets subject to operating leases in their statements financial position according to the nature of the asset. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents, if any, are recognized as revenue in the periods in which they are earned. Lease income from operating leases is recognized as income on a straight-line basis over the lease terms.
Penurunan nilai aset non-keuangan
h.
Impairment of non-financial assets
Pada setiap akhir periode pelaporan, Perseroan menilai apakah terdapat indikasi suatu aset mengalami penurunan nilai. Jika terdapat indikasi tersebut atau pada saat pengujian tahunan penurunan nilai aset tertentu diperlukan, maka Perseroan membuat estimasi atas jumlah terpulihkan aset tersebut.
The Company assesses at each annual reporting period whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset’s recoverable amount.
Jumlah terpulihkan yang ditentukan untuk aset individual adalah jumlah yang lebih tinggi antara nilai wajar aset atau Unit Penghasil Kas (UPK) dikurangi biaya untuk menjual dengan nilai pakainya, kecuali aset tersebut tidak menghasilkan arus kas masuk yang sebagian besar independen dari aset atau kelompok aset lain. Jika nilai tercatat aset lebih besar daripada nilai terpulihkannya, maka aset tersebut dipertimbangkan mengalami penurunan nilai dan nilai tercatat aset diturunkan nilainya menjadi sebesar nilai terpulihkannya. Rugi penurunan nilai dari operasi yang berkelanjutan diakui pada laporan laba rugi komprehensif sebagai laba rugi sesuai kategori biaya yang konsisten dengan fungsi dari aset yang diturunkan nilainya. Dalam menghitung nilai pakai, estimasi arus kas masa depan neto didiskontokan ke nilai kini dengan menggunakan tingkat diskonto sebelum pajak yang menggambarkan penilaian pasar kini dari nilai waktu uang dan risiko spesifik atas aset.
An asset’s recoverable amount is the higher of an asset’s or Cash Generating Unit (CGU)’s fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognized in statement of comprehensive income as profit or loss under expense categories that are consistent with the functions of the impaired asset. In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
15
117
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) h.
i.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Penurunan nilai aset non-keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) h.
Impairment (continued)
of
ACCOUNTING
non-financial
assets
Dalam menentukan nilai wajar dikurangi biaya untuk menjual, digunakan harga penawaran pasar terakhir, jika tersedia. Jika tidak terdapat transaksi tersebut, Perseroan menggunakan model penilaian yang sesuai untuk menentukan nilai wajar aset. Perhitungan-perhitungan ini dikuatkan oleh penilaian berganda atau indikator nilai wajar yang tersedia.
In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used to determine the fair value of the assets. These calculations are corroborated by valuation multiples or other available fair value indicators.
Penilaian dilakukan pada akhir setiap periode pelaporan tahunan untuk menentukan apakah terdapat indikasi bahwa rugi penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset mungkin tidak ada lagi atau mungkin telah menurun. Jika indikasi dimaksud ditemukan, maka entitas mengestimasi jumlah terpulihkan aset tersebut. Kerugian penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset dibalik hanya jika terdapat perubahan asumsi-asumsi yang digunakan untuk menentukan jumlah terpulihkan aset tersebut sejak rugi penurunan nilai terakhir diakui. Dalam hal ini, jumlah tercatat aset dinaikkan ke jumlah terpulihkannya. Pembalikan tersebut dibatasi sehingga jumlah tercatat aset tidak melebihi jumlah terpulihkannya maupun jumlah tercatat, neto setelah penyusutan, seandainya tidak ada rugi penurunan nilai yang telah diakui untuk aset tersebut pada tahun sebelumnya. Pembalikan rugi penurunan nilai diakui dalam laporan laba rugi komprehensif. Setelah pembalikan tersebut, penyusutan aset tersebut disesuaikan di periode mendatang untuk mengalokasikan jumlah tercatat aset yang direvisi, dikurangi nilai sisanya, dengan dasar yang sistematis selama sisa umur manfaatnya.
An assessment is made at each annual reporting period as to whether there is any indication that previously recognized impairment losses recognized for an asset may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss for an asset is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The reversal is limited so that the carrying amount of the assets does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Reversal of an impairment loss is recognized in the statement of comprehensive income. After such a reversal, the depreciation charge on the said asset is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
Perpajakan
i.
Taxation
Efektif tanggal 1 Januari 2012, Perseroan telah menerapkan PSAK No. 46 (Revisi 2010), “Pajak Penghasilan”, yang mensyaratkan Perseroan untuk memperhitungkan konsekuensi pajak kini dan mendatang dari pemulihan (penyelesaian) jumlah tercatat aset (liabilitas) masa depan yang diakui dalam laporan posisi keuangan, dan transaksi dan kejadian lain dari tahun berjalan yang diakui dalam laporan keuangan.
Effective January 1, 2012, the Company has applied PSAK No. 46 (Revised 2010), “Income Tax”, which requires the Company to account for the current and future tax consequences of the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in the statements of financial position, and transactions and other events of the current year that are recognized in the financial statements.
Penerapan PSAK yang direvisi ini tidak memberikan pengaruh yang signifikan terhadap pengungkapan terkait dalam laporan keuangan Perseroan.
The adoption of this revised PSAK has no significant impact on the related disclosures in the financial statements of the Company.
16
118
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) i.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Perpajakan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
ACCOUNTING
Taxation (continued)
Penghasilan Perseroan atas pendapatan dari jasa perkapalan yang diberikan kepada Perusahaan Indonesia dikenakan pajak final dengan tarif 1,20% sesuai dengan Undangundang Perpajakan di Indonesia.
The Company’s vessel charter income provided to Indonesian companies is subject to a final tax at rates of 1.20% under the Taxation Laws of Indonesia.
Untuk pendapatan selain jasa perkapalan yang diberikan kepada Perusahaan Indonesia, beban pajak kini ditentukan berdasarkan taksiran laba kena pajak dalam tahun yang berjalan. Penghasilan kena pajak berbeda dengan laba yang dilaporkan dalam laporan laba rugi karena penghasilan kena pajak tidak termasuk item-item pendapatan atau beban yang dikenakan pajak atau dikurangkan di tahun-tahun lainnya dan tidak termasuk item-item yang tidak pernah dikenakan pajak atau dikurangkan. Pajak penghasilan badan kini yang terutang dihitung dengan menggunakan tarif pajak berdasarkan peraturan perpajakan yang telah ditetapkan atau secara substansial ditetapkan pada akhir periode pelaporan.
For income other than vessel charter income provided to Indonesian companies, current tax expense is provided based on the estimated taxable income for the year. Taxable profit differs from profit as reported in the statements of income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current corporate income tax is calculated using tax rates based on tax laws that have been enacted or substantively enacted as at the reporting dates.
Pajak tangguhan diakui menggunakan metode liabilitas atas perbedaan temporer pada tanggal pelaporan antara dasar pengenaan pajak dari aset dan liabilitas dan nilai tercatatnya untuk tujuan pelaporan keuangan pada akhir tahun pelaporan.
Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the end of the reporting year.
Aset pajak tangguhan diakui untuk semua perbedaan temporer yang dapat dikurangkan dan rugi fiskal belum dikompensasi, sejauh terdapat kemungkinan besar bahwa laba kena pajak akan tersedia untuk dimanfaatkan dengan perbedaan temporer yang dapat dikurangkan dan rugi fiskal belum dikompensasi.
Deferred tax assets are recognized for all deductible temporary differences and carryforward of unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax losses can be utilized.
Nilai tercatat dari aset pajak tangguhan ditelaah pada setiap akhir periode pelaporan dan diturunkan ketika tidak lagi terdapat kemungkinan bahwa akan terdapat laba kena pajak yang memungkinkan semua atau sebagian dari aset pajak tangguhan terdapat untuk direalisasi.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized.
17
119
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) i.
j.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Perpajakan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
ACCOUNTING
Taxation (continued)
Aset dan kewajiban pajak tangguhan diukur berdasarkan tarif pajak yang akan berlaku pada tahun saat aset direalisasikan atau liabilitas diselesaikan berdasarkan peraturan perpajakan yang berlaku atau yang telah secara substantif telah diberlakukan pada tanggal pelaporan. Pengaruh pajak terkait dengan penyisihan untuk dan/atau pembalikan seluruh perbedaan temporer selama tahun berjalan, termasuk pengaruh perubahan tarif pajak, diakui sebagai “Manfaat/(Beban) Pajak Penghasilan, Tangguhan” dan termasuk dalam laba atau rugi neto tahun berjalan, kecuali untuk transaksitransaksi yang sebelumnya telah langsung dibebankan atau dikreditkan ke ekuitas.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled based on tax laws that have been enacted or substantively enacted date by the end of the reporting period. The related tax effects of the provisions for and/or reversals of all temporary differences during the year, including the effect of change in tax rates, are recognized as “Income Tax Benefit/(Expense), Deferred” and included in the determination of net profit or loss for the year, except to the extent that they relate to items previously charged or credited to equity.
Koreksi terhadap kewajiban perpajakan diakui saat surat ketetapan pajak diterima atau jika dilakukan banding, ketika hasil banding diterima. Penambahan pajak dan hukuman yang dijatuhkan melalui Surat Ketetapan Pajak ("SKP") diakui sebagai pendapatan atau beban dalam laba periode berjalan atau rugi, kecuali keberatan /tindakan banding diambil. Penambahan pajak dan hukuman yang dijatuhkan melalui SKP ditangguhkan selama memenuhi kriteria pengakuan aset.
Amendments to taxation obligation are recorded when an assessment is received or, if appeal is applied, when the results of the appeal are received. The additional taxes and penalty imposed through Tax Assessment Letter (“SKP”) are recognized as income or expense in the current period profit or loss, unless objection/appeal action is taken. The additional taxes and penalty imposed through SKP are deferred as long as they meet the asset recognition criteria.
Perusahaan menyajikan penyesuaian pajak penghasilan dari tahun-tahun sebelumnya, jika ada, sebagai bagian dari "Pajak Kini (Beban)/ Manfaat" dalam laporan laba rugi komprehensif.
The Company presented adjustments of income tax from previous years, if any, as part of “Current Tax (Expense)/Benefit” in the statement of comprehensive income.
Aset pajak tangguhan dan liabilitas pajak tangguhan dapat saling menghapuskan jika secara legal dapat saling menghapuskan antara aset pajak kini terhadap liabilitas pajak kini dan aset pajak tangguhan terhadap liabilitas pajak tangguhan atau Perseroan bermaksud untuk menyelesaikan aset dan liabilitas lancar berdasarkan jumlah neto.
Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to offset current tax assets against current tax liabilities, or the deferred tax assets and the deferred tax liabilities or the Company intends to settle its current assets and liabilities on a net basis.
Pengakuan pendapatan dan beban
j.
Pendapatan diakui bila besar kemungkinan manfaat ekonomi akan diperoleh Perseroan dan jumlahnya dapat diukur secara andal. Pendapatan diukur pada nilai wajar pembayaran yang diterima atau dapat diterima, tidak termasuk diskon dan Pajak Pertambahan Nilai (“PPN”).
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120
Revenue and expense recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and Value Added Taxes (“VAT”).
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) j.
k.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Pengakuan pendapatan dan beban (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) j.
Revenue and (continued)
expense
ACCOUNTING recognition
Pendapatan dari jasa pengakutan diakui pada saat penyerahan jasa kepada pelanggan. Jika pendapatan dari sewa kapal berbasis waktu (vessel time charter) mencakup lebih dari satu periode akuntansi maka pengakuan pendapatan diakui secara proporsional sesuai dengan periode yang dicakup.
Revenue on freight service is recognized when services are rendered to the customers. If the vessel time charter revenue cover more than one accounting period, then revenue is recognized proportionally over the period covered.
Beban diakui pada saat terjadinya (basis akrual).
Expenses are (accrual basis).
Liabilitas imbalan kerja
k.
recognized
when
incurred
Employee benefits liability
Efektif tanggal 1 Januari 2012, Perseroan menerapkan PSAK 24 (Revisi 2010). Penerapan PSAK No. 24 (Revisi 2010) tidak menimbulkan perubahan yang besar terhadap pelaporan keuangan dan pengungkapan dalam laporan keuangan.
Effective January 1, 2012, the Company adopted PSAK No. 24 (Revised 2010). The adoption of PSAK No. 24 (Revised 2010) has no significant impact on the financial reporting and disclosures in the financial statements.
Perseroan mengakui liabilitas atas imbalan kerja sesuai dengan PSAK No. 24 (Revisi 2010) mengenai “Akuntansi Imbalan Kerja” berdasarkan dengan Undang-undang Ketenagakerjaan No.13/2003 tanggal 25 Maret 2003 (“UU No. 13/2003”).
The Company recognizes employee benefits liabilities in accordance with PSAK No. 24 (Revised 2010), regarding “Accounting for Employee Benefits” based on Labor Law No. 13/2003 dated March 25, 2003 (the “Law”).
Biaya untuk penyediaan liabilitas imbalan kerja berdasarkan UU No. 13/2003 ditentukan dengan menggunakan metode penilaian aktuaria “Projected Unit Credit”. Keuntungan dan kerugian aktuarial diakui sebagai pendapatan atau beban apabila akumulasi bersih dari keuntungan dan kerugian aktuarial yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi 10% dari nilai kini imbalan pasti pada tanggal tersebut. Keuntungan dan kerugian aktuarial ini diakui selama sisa masa kerja masing-masing karyawan. Keuntungan atau kerugian kurtailmen terdiri dari perubahan yang terjadi dalam nilai kini dari liabilitas dan keuntungan atau kerugian aktuarial dan biaya jasa lalu yang belum diakui sebelumnya.
The cost of providing employee benefits liability under the Law No. 13/2003 is determined using the “Projected Unit Credit” actuarial valuation method. Actuarial gains and losses are recognized as income or expense when the net cumulative unrecognized actuarial gains and losses for each individual plan at the end of the previous reporting year exceeded 10% of the defined benefit obligation at that date. These gains or losses are recognized on a straight-line basis over the remaining working lives of each employee. The gain or loss on curtailment comprises any resulting change in present value of the obligations and any related actuarial gains and losses and past service cost that had not previously been recognized.
Perseroan mengakui liabilitas imbalan kerja jangka pendek ketika jasa diberikan oleh karyawan dan imbalan atas jasa tersebut akan dibayarkan dalam waktu dua belas bulan setelah jasa tersebut diberikan.
The Company recognizes short-term employee benefits liability when services are rendered and the compensation for such services are to be paid within twelve months after the rendering of such services.
19
121
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
ACCOUNTING
Financial instruments
Efektif tanggal 1 Januari 2012, Perseroan menerapkan PSAK No. 50 (Revisi 2010), “Instrumen Keuangan: Penyajian”, PSAK No. 55 (Revisi 2011), “Instrumen Keuangan: Pengakuan dan Pengukuran” dan PSAK No. 60, “Instrumen Keuangan: Pengungkapan”. PSAK No. 50 (Revisi 2010) direvisi sehingga hanya untuk mengatur penyajian instrumen keuangan, sedangkan prinsip pengungkapan instrumen keuangan dipindahkan ke PSAK No. 60.
Effective January 1, 2012, the Company adopted PSAK No. 50 (Revised 2010), “Financial Instruments: Presentation”, PSAK No. 55 (Revised 2011), “Financial Instruments: Recognition and Measurement”, and PSAK No. 60, “Financial Instruments: Disclosures”. PSAK No. 50 (Revised 2010) was revised to only cover presentation of financial instruments, while the principles for disclosures of financial instruments are transferred to PSAK No. 60.
Penerapan PSAK No. 50 (Revisi 2010), PSAK No. 55 (Revisi 2011) dan PSAK No. 60 tidak memberikan pengaruh yang signifikan bagi laporan keuangan.
The adoption of PSAK No. 50 (Revised 2010), PSAK No. 55 (Revised 2011) and PSAK No. 60 has no significant impact on the financial statements.
1. Aset keuangan
1. Financial assets
Pengakuan awal dan pengukuran
Initial recognition and measurement
Aset keuangan diklasifikasikan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi komprehensif, pinjaman yang diberikan dan piutang, investasi dimiliki hingga jatuh tempo, aset keuangan tersedia untuk dijual, atau sebagai derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif. Perseroan menentukan klasifikasi aset keuangan tersebut pada pengakuan awal dan, jika diperbolehkan dan diperlukan, mengevaluasi kembali pengklasifikasian aset tersebut pada setiap akhir periode pelaporan.
Financial assets are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge. The Company determines the classification of their financial assets at initial recognition and, where allowed and appropriate, reevaluates the designation of such assets at each end of reporting period.
Pada saat pengakuan awal, aset keuangan diukur pada nilai wajarnya. Dalam hal aset keuangan tidak diukur pada nilai wajar melalui laporan laba rugi komprehensif, nilai wajar tersebut ditambah biaya transaksi yang dapat diatribusikan secara langsung dengan perolehan atau penerbitan aset keuangan tersebut.
When financial assets are recognized initially, they are measured at fair value. In the case of financial assets not measured at fair value through profit and loss, the fair value plus transaction costs that are directly attributable to the acquisition or issuance of these financial assets.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
1. Aset keuangan (lanjutan)
ACCOUNTING
Financial instruments (continued) 1. Financial assets (continued)
Pengukuran setelah pengakuan awal
Subsequent measurement
Pengukuran aset keuangan pengakuan awal tergantung klasifikasinya sebagai berikut:
The subsequent measurement of financial assets depends on their classification as follows:
•
•
setelah pada
•
Pinjaman yang diberikan dan piutang
Loans and receivables
Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan, yang tidak mempunyai kuotasi di pasar aktif. Aset keuangan tersebut diukur sebesar biaya perolehan diamortisasi (amortized cost) dengan menggunakan metode suku bunga efektif (effective interest rate).
Loans and receivables are nonderivative financial assets with fixed or predetermined payment that are not quoted in an active market. Financial assets are measured at amortized cost using the effective interest rate method.
Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif pada saat pinjaman yang diberikan dan piutang dihentikan pengakuannya atau mengalami penurunan nilai, demikian juga pada saat proses amortisasi.
Gains and losses are recognized in the statements of comprehensive income when the loans and receivables are derecognized or impaired, as well as through the amortization process.
Kas dan setara kas, piutang usaha, piutang lain-lain dan aset tidak lancar lainnya - uang jaminan dan dana yang dibatasi penggunaannya termasuk dalam klasifikasi ini.
Cash and cash equivalents, trade receivables, other receivables and other non-current assets - security deposits and restricted funds are included in this classification.
Investasi dalam Instrumen Ekuitas yang Tidak Memiliki Kuotasi
•
Investments Instruments
in
Unquoted
Equity
Investasi dalam instrumen ekuitas yang tidak memiliki harga kuotasi di pasar aktif dicatat pada biaya perolehan bila (i) nilai tercatatnya adalah kurang lebih sebesar nilai wajarnya; atau (ii) nilai wajarnya tidak dapat diukur secara andal.
Investments in equity instruments that do not have quoted market prices in an active market are carried at costs if either (i) their carrying amounts approximate their fair values; or, (ii) their fair values cannot be reliably measured.
Investasi Perseroan yang dicatat sebagai investasi dalam saham termasuk dalam klasifikasi ini.
The Company’s investment which recorded as investment in shares of stock is included in this classification.
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123
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
1. Aset keuangan (lanjutan)
ACCOUNTING
Financial instruments (continued) 1. Financial assets (continued)
Penghentian Pengakuan
Derecognition
Aset keuangan dihentikan pengakuannya pada saat: (1) hak untuk menerima arus kas yang berasal dari aset tersebut telah berakhir; atau (2) Perseroan telah mentransfer hak mereka untuk menerima arus kas yang berasal dari aset atau berkewajiban untuk membayar arus kas yang diterima secara penuh tanpa penundaan material kepada pihak ketiga dalam perjanjian yang memenuhi kriteria “pass-through” dan (a) Perseroan telah secara substansial mentransfer seluruh risiko dan manfaat dari aset, atau (b) Perseroan secara substansial tidak mentransfer atau tidak memiliki seluruh risiko dan manfaat suatu aset, namun telah mentransfer kendali atas aset tersebut.
A financial asset is derecognized when: (1) the rights to receive cash flows from the asset have expired; or (2) the Company has transferred their rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.
Pada setiap akhir periode pelaporan Perseroan mengevaluasi apakah terdapat bukti yang obyektif bahwa aset keuangan atau kelompok aset keuangan mengalami penurunan nilai.
At the end of each reporting period the Company assesses whether there is objective evidence that a financial asset or group of financial assets is impaired.
•
•
Aset keuangan dicatat perolehan diamortisasi
pada
biaya
Untuk pinjaman yang diberikan dan piutang yang dicatat pada biaya perolehan diamortisasi, Perseroan pertama kali menentukan apakah terdapat bukti obyektif mengenai penurunan nilai secara individual atas aset keuangan yang signifikan secara individual, atau secara kolektif untuk aset keuangan yang jumlahnya tidak signifikan secara individual. Jika Perseroan menentukan tidak terdapat bukti obyektif mengenai penurunan nilai atas aset keuangan yang dinilai secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka aset tersebut dimasukkan ke dalam kelompok aset keuangan yang memiliki karakteristik risiko kredit yang sejenis dan menilai penurunan nilai kelompok tersebut secara kolektif. Aset keuangan yang penurunan nilainya dinilai secara individual, dan untuk itu kerugian penurunan nilai diakui atau tetap diakui, tidak termasuk dalam penilaian penurunan nilai secara kolektif. 22
124
Financial assets carried at amortized cost For loans and receivables carried at amortized cost, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, they include the asset in a group of financial assets with similar credit risk characteristics and collectively assess them for impairment. Financial assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan (lanjutan)
l.
1. Aset keuangan (lanjutan)
Aset keuangan dicatat pada perolehan diamortisasi (lanjutan)
ACCOUNTING
Financial instruments (continued) 1. Financial assets (continued)
Penghentian Pengakuan (lanjutan) •
SUMMARY OF SIGNIFICANT POLICIES (continued)
Derecognition (continued) biaya
•
Financial assets carried at amortized cost (continued)
Jika terdapat bukti obyektif bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian tersebut diukur sebagai selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa datang (tidak termasuk ekspektasi kerugian kredit masa datang yang belum terjadi). Nilai kini estimasi arus kas masa datang didiskonto menggunakan suku bunga efektif awal dari aset keuangan tersebut. Jika pinjaman yang diberikan atau piutang memiliki suku bunga variabel, tingkat diskonto untuk mengukur kerugian penurunan nilai adalah suku bunga efektif terkini.
If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the carrying value of assets and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan or receivable has a variable interest rate, the discount rate for measuring impairment loss is the current effective interest rate.
Nilai tercatat aset keuangan tersebut berkurang melalui penggunaan akun cadangan dan jumlah kerugian diakui dalam laporan laba rugi komprehensif. Pendapatan bunga tetap diakui berdasarkan nilai tercatat yang telah dikurangi, berdasarkan suku bunga efektif aset tersebut. Pinjaman yang diberikan dan piutang, bersama-sama dengan cadangan terkait, akan dihapuskan pada saat tidak terdapat kemungkinan pemulihan di masa depan yang realistik dan semua jaminan telah terealisasi atau telah dialihkan kepada Perseroan. Jika, pada periode berikutnya, jumlah taksiran kerugian penurunan nilai bertambah atau berkurang karena suatu peristiwa yang terjadi setelah penurunan nilai tersebut diakui, maka kerugian penurunan nilai yang sebelumnya diakui ditambah atau dikurangi dengan menyesuaikan akun cadangan. Jika penghapusan kemudian dipulihkan, maka pemulihan tersebut diakui dalam laporan laba rugi komprehensif.
The carrying amount of the financial asset is reduced through the use of an allowance account and the amount of the loss is recognized in the statement of comprehensive income. Interest income continues to be accrued on the reduced carrying amount based on the original effective interest rate of the asset. Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is recognized in the statement of comprehensive income.
23
125
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
1. Aset keuangan (lanjutan)
ACCOUNTING
Financial instruments (continued) 1. Financial assets (continued)
Penghentian Pengakuan (lanjutan)
Derecognition (continued)
•
•
Aset Keuangan yang Dicatat pada Biaya Perolehan Jika terdapat bukti obyektif bahwa kerugian penurunan nilai telah terjadi, maka jumlah kerugian penurunan nilai diukur berdasarkan selisih antara nilai tercatat aset keuangan dengan nilai kini dan estimasi arus kas masa mendatang yang didiskontokan pada tingkat pengembalian yang berlaku di pasar untuk aset keuangan serupa (tidak termasuk ekspektasi kerugian kredit masa datang yang belum terjadi).
2. Liabilitas keuangan
Financial Assets Carried at Cost When there is objective evidence that an impairment loss has occured, the amount of the impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows discounted at the current market rate of return for a similar financial asset (excluding future expected credit losses that have not yet been incurred).
2. Financial liabilities
Pengakuan awal dan pengukuran
Initial recognition and measurement
Liabilitas keuangan diklasifikasikan sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi, liabilitas keuangan yang diukur dengan biaya amortisasi, atau derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif, mana yang sesuai pada saat pengakuan awal. Perseroan menentukan klasifikasi liabilitas keuangan tersebut pada saat pengakuan awal. Pada tanggal pelaporan, Perseroan tidak memiliki liabilitas keuangan selain yang diklasifikasikan sebagai liabilitas keuangan yang diukur dengan biaya amortisasi.
Financial liabilities are classified as financial liabilities measured at fair value through profit or loss, financial liabilities measured at amortized cost, or derivatives that are designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of their financial liabilities at initial recognition. As at the reporting dates, the Company has no other financial liabilities other than those classified as financial liabilities measured at amortized cost.
Pengakuan awal liabilitas keuangan dalam bentuk liabilitas keuangan yang diukur dengan biaya amortisasi dicatat pada nilai wajar ditambah biaya transaksi yang dapat diatribusikan secara langsung.
Financial liabilities in the form of financial liabilities measured at amortized cost are initially recognized at their fair values plus directly attributable transaction costs.
Liabilitas keuangan Perseroan terdiri dari utang usaha, utang lainnya, beban akrual, liabilitas imbalan kerja jangka pendek, utang pembiayaan konsumen, pinjaman bank jangka pendek, pinjaman dari pihak berelasi dan pinjaman bank jangka panjang.
The Company’s financial liabilities include trade payables, other liabilities, accrued expenses, short-term employee benefit liability, consumer finance liabilities, shortterm bank loans, loan from a related party and long-term bank loans.
24
126
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
2. Liabilitas keuangan (lanjutan)
ACCOUNTING
Financial instruments (continued) 2. Financial liabilities (continued)
Pengukuran setelah pengakuan awal
Subsequent measurement
Setelah pengakuan awal, liabilitas keuangan yang diukur dengan biaya amortisasi yang dikenakan bunga selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.
After initial recognition, interest bearing financial liabilities measured at amortized cost are subsequently measured at amortized cost using the effective interest rate method.
Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif pada saat liabilitas tersebut dihentikan pengakuannya serta melalui proses amortisasi.
Gains and losses are recognized in the comprehensive income statements when the liabilities are derecognized as well as through the amortization process.
Penghentian pengakuan
Derecognition
Liabilitas keuangan dihentikan pengakuannya, jika dan hanya jika, liabilitas keuangan tersebut berakhir, yaitu ketika liabilitas yang ditetapkan dalam kontrak dihentikan atau dibatalkan atau kadaluwarsa.
A financial liability is derecognized, when and only when, it is extinguished i.e. when the obligation specified in contract is discharged or cancelled or expired.
Ketika suatu liabilitas keuangan yang ada digantikan oleh liabilitas keuangan lain dari pemberi pinjaman yang sama dengan persyaratan yang berbeda secara substantial, atau modifikasi secara substansial persyaratan dari suatu liabilitas yang saat ini ada, pertukaran atau modifikasi tersebut diperlakukan sebagai penghentian pengakuan liabilitas awal dan pengakuan liabilitas baru, dan selisih antara nilai tercatat masing-masing liabilitas diakui dalam laporan laba rugi komprehensif.
When an existing financial liability is replaced by another financial liability from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of comprehensive income.
3. Saling hapus dari instrumen keuangan
3. Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan saling hapus dan nilai bersihnya disajikan dalam laporan posisi keuangan jika, dan hanya jika, entitas saat ini memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dan berniat untuk menyelesaikan secara neto, atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara bersamaan.
25
127
Financial assets and financial liabilities are offset and the net amount reported in the statements of financial position if, and only if, the entity currently has enforceable legal right to offset the recognized amount and there is an intention to settle on a net basis, or to realize the asset and settle the liabilities simultaneously.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) l.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
4. Nilai wajar instrumen keuangan
n.
Financial instruments (continued) 4. Fair value of financial instruments The fair value of financial instruments that are traded in active markets is determined by reference to quoted bid prices or demand in active markets at the close of business at the end of the reporting period. For financial instruments that have no active market, fair value is determined using valuation techniques. Such valuation techniques may include the use of the latest market transactions conducted properly by the parties that desire and understand (recent arm's length market transactions); the use of the current fair value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models.
Nilai wajar instrumen keuangan yang diperdagangkan secara aktif di pasar keuangan yang ditentukan dengan mengacu pada kuotasi harga penawaran atau permintaan (bid or ask prices) di pasar aktif pada penutupan perdagangan pada akhir periode pelaporan. Untuk instrumen keuangan yang tidak memiliki pasar aktif, nilai wajar ditentukan dengan menggunakan teknik penilaian. Teknik penilaian mencakup penggunaan transaksi pasar terkini yang dilakukan secara wajar oleh pihak-pihak yang berkeinginan dan memahami (recent arm’s length market transactions); penggunaan nilai wajar terkini instrumen lain yang secara substansial sama; analisa arus kas yang didiskontokan; atau model penilaian lain. m.
ACCOUNTING
Provisi
m.
Provision
Provisi diakui jika Perseroan memiliki kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) yang akibat peristiwa masa lalu besar kemungkinannya penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya yang mengandung manfaat ekonomi dan estimasi yang andal mengenai jumlah kewajiban tersebut dibuat.
Provisions are recognized when the Company has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisi ditelaah pada setiap akhir periode pelaporan dan disesuaikan untuk mencerminkan estimasi kini terbaik. Jika tidak terdapat kemungkinan arus keluar sumber daya yang mengandung manfaat ekonomi untuk menyelesaikan kewajiban tersebut, provisi dibatalkan.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
Laba per saham dasar
n.
Basic earnings per share
Efektif tanggal 1 Januari 2012, Perseroan menerapkan PSAK No. 56 (Revisi 2011), “Laba per Saham”. PSAK revisi ini mengatur dampak dilutif pada opsi, waran dan ekuivalennya. Penerapan PSAK yang direvisi ini tidak memberikan pengaruh yang signifikan terhadap laporan keuangan.
Effective January 1, 2012, the Company applies PSAK No. 56 (Revised 2011), “Earnings per Share”. This revised PSAK establishes the dilutive effects of options, warrants and their equivalents. The adoption of this revised PSAK has no significant impact on the financial statements.
Laba per saham dasar dihitung dengan membagi laba yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar pada tahun yang bersangkutan.
Earnings per share are computed by dividing profit attributable to equity holders of the parent entity by the weighted average number of shares outstanding during the year.
26
128
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
IKHTISAR (lanjutan) n.
KEBIJAKAN
AKUNTANSI
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PENTING
2.
Laba per saham dasar (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) n.
p.
Penerapan standar akuntansi revisi dan interpretasi lainnya
Basic earnings per share (continued) The Company has no outstanding dilutive potential ordinary shares as of December 31, 2012 and 2011, and accordingly, no diluted earnings per share is calculated and presented in the statements of comprehensive income.
Perseroan tidak mempunyai efek berpotensi saham biasa yang bersifat dilutif pada tanggal 31 Desember 2012 dan 2011, dan oleh karenanya, laba per saham dilusian tidak dihitung dan disajikan pada laporan laba rugi komprehensif. o.
ACCOUNTING
o.
Adoption of other revised standards and interpretations
accounting
Selain standar akuntansi revisi dan interpretasi yang telah disebutkan sebelumnya, Perseroan juga telah menerapkan standar akuntansi revisi dan interpretasi berikut pada tanggal 1 Januari 2012 yang dianggap relevan terhadap laporan keuangan namun tidak menimbulkan dampak yang signifikan:
Other than the revised accounting standards and intrepretations previously mentioned, the Company also adopted the following revised accounting standards and interpretations on January 1, 2012, which are considered relevant to the financial statements but did not have significant impact:
i)
PSAK No. Investasi”.
“Properti
i)
PSAK No. 13 (Revised 2011) “Investment Property”.
ii)
PSAK No. Pinjaman”.
“Biaya
ii)
PSAK No. 26 (Revised 2011) “Borrowing Costs”.
iii) ISAK No. 15 “PSAK No. 24 - Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum dan Interaksinya”.
iii)
ISAK No. 15 “PSAK No. 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”.
iv) ISAK No. 20, “Pajak penghasilan Perubahan Dalam Status Pajak Entitas atau Para Pemegang Saham”.
iv)
ISAK No. 20, “Income Taxes - Changes in the Tax Status of an Entity or its Shareholders”.
v) ISAK No. 26 (Revisi 2011), “Penilaian Ulang Derivatif Melekat”.
v)
ISAK No. 26 “Reassessment Derivatives”
13 26
(Revisi (Revisi
2011) 2011)
Standar Akuntansi Revisi yang Telah Diterbitkan namun Belum Efektif Berlaku
p.
(Revised 2011), of Embedded
Revised Accounting Standards that Have Been Published but Not Yet Effective
Berikut ini adalah standar akuntansi yang direvisi dan diterbitkan namun berlaku efektif pada tanggal 1 Januari 2012 yang dipandang relevan terhadap pelaporan keuangan Perseroan:
The revised and published accounting standard that are considered relevant to the financial reporting of the Company but not yet effective as at January 1, 2012 are as follows:
i)
i)
PSAK No. 38 (Revisi 2012) “Kombinasi Entitas Sepengendali”.
PSAK No. 38 (Revised 2012) “Business Combination under Common Control”.
PSAK revisi ini mengatur perlakuan akuntansi bagi transaksi kombinasi bisnis antar entitas sepengendali.
The revised PSAK prescribes accounting treatment for business combination among entities under common control.
Perseroan sedang mengevaluasi dampak dari standar akuntansi yang direvisi tersebut dan belum menentukan dampaknya terhadap laporan keuangan.
The Company is presently evaluating and has not yet determined the effects of the amended accounting standard on the financial statements.
27
129
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
3.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PERUBAHAN MATA UANG PELAPORAN
3.
CHANGE IN REPORTING CURRENCY
Efektif tanggal 1 January 2012, sehubungan implementasi PSAK No. 10 (Revisi 2010), Perseroan menentukan Dolar AS adalah sebagai mata uang fungsionalnya, karena secara substansial: i) penjualan dan pendapatan Perseroan dalam Dolar AS. ii) pengeluaran Perseroan dalam Dolar AS dan iii) aktivitas pendanaan Perseroan dalam Dolar AS. Oleh karena itu, Perseroan memutuskan mengubah mata uang pelaporan dari Rupiah ke Dolar AS.
Effective January 1, 2012, following implementation of PSAK No. 10 (revised 2010), the Company determined that its functional currency is the US Dollar, due to substantially: i) The Company’s sales and earnings are originated in US Dollar, ii) the Company’s expenditures are originated in US Dollar and iii) the Company’s financing activities are originated in US Dollar. Therefore, the Company decided to change its reporting currency from Rupiah to US Dollar.
Dengan demikian, Manajemen Perseroan berpendapat bahwa perubahan mata uang pelaporan akan menghasilkan penyajian transaksi Perseroan yang lebih tepat dalam laporan keuangan.
As such, the Managements of the Company believes the change will result in a more appropriate presentation of the Company’s transactions in the financial statements.
Sehubungan dengan perubahan mata uang pelaporan, untuk tujuan komparatif, laporan posisi keuangan tanggal 31 Desember 2011 dan 1 Januari 2011/ 31 Desember 2010 dan laporan laba rugi komprehensif, laporan perubahan ekuitas dan laporan arus kas untuk tahun yang berakhir pada tanggal 31 Desember 2011 telah diukur kembali, seolah-olah Dolar AS adalah mata uang pelaporan pada tahun itu, dengan menggunakan prosedur sebagai berikut:
In relation to such change in the reporting currency, for comparative purposes, the statements of financial position as of December 31, 2011 and January 1, 2011/December 31, 2010 and the statement of comprehensive income, changes in equity and cash flows for the year ended December 31, 2011, have been remeasured, as though the US Dollar were the reporting currency in those years, using the procedures outlined below:
-
Aset dan liabilitas moneter Perseroan dikonversi menjadi Dolar AS dengan menggunakan kurs penutupan, sementara aset dan liabilitas nonmoneter termasuk ekuitas dikonversi dengan menggunakan kurs pada tanggal transaksi.
- The Company’s monetary assets and liabilities are converted into US Dollar using the closing rate, while non-monetary assets and liabilities including equity are converted using the exchange rate at the date of transactions.
-
Pendapatan dan beban dikonversi dengan menggunakan kurs rata-rata bulanan, kecuali untuk beberapa transaksi yang telah dikonversi dengan menggunakan kurs pada tanggal transaksi.
- Income and expenses are converted using a monthly average rate, except for several transactions which were converted using the exchange rate at the date of transactions.
28
130
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
3.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PERUBAHAN MATA UANG PELAPORAN (lanjutan)
3.
CHANGE IN REPORTING CURRENCY (continued)
Berikut ini dampak penerapan awal PSAK No. 10 (Revisi 2010) terhadap laporan posisi keuangan pada tanggal 31 Desember 2011 dan 1 Januari 2011/ 31 Desember 2010 dan laporan laba rugi komprehensif untuk tahun yang berakhir pada tanggal 31 Desember 2011, termasuk reklasifikasi sebagaimana yang diungkapkan pada Catatan 41 adalah sebagai berikut:
Following is the impact of the initial adoption of PSAK No. 10 (Revised 2010) on the statements of financial position as at 31 December 2011 and January 1, 2011/December 31, 2010 and statement of comprehensive income for the year ended December 31, 2011, including reclassification as disclosed in Note 41 is as follow:
Laporan Posisi Keuangan:
Statements of Financial Position: 31 Desember 2011/December 31, 2011 Dilaporkan Sebelumnya/ As Previously Reported (Dalam Ribuan Rupiah/ In Thousand Rupiah)
ASET ASET LANCAR Kas dan bank Piutang usaha: - Pihak ketiga, setelah dikurangi cadangan penurunan nilai - Pihak berelasi Persediaan Pajak dibayar dimuka Piutang lain-lain: - Pihak ketiga Uang muka Biaya dibayar dimuka Total Aset Lancar
Disajikan Kembali/ As Restated (Dalam Dolar AS/ In US Dollar) ASSETS CURRENT ASSETS Cash on hand and in banks Trade receivables:
28.344.905
3.125.817
43.871.115 208.065 1.750.214 6.440.920
4.838.014 22.945 194.847 710.291
757.770 48.694 318.260
83.565 5.540 36.211
Third parties, net of allowance Related party Inventories Prepaid taxes Other receivables: Third parties Advances Prepaid expenses
81.739.943
9.017.230
Total Current Assets
ASET TIDAK LANCAR Aset tetap, setelah dikurangi akumulasi penyusutan Aset tidak lancar lainnya
813.212.832 7.365.177
90.108.161 837.259
NON-CURRENT ASSETS Fixed assets, net of accumulated depreciation Other non-current assets
Total Aset Tidak Lancar
820.578.009
90.945.420
Total Non-Current Assets
TOTAL ASET
902.317.952
99.962.650
TOTAL ASSETS
LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang usaha: - Pihak ketiga - Pihak berelasi Beban akrual Liabilitas imbalan kerja jangka pendek Utang pajak Pinjaman bank jangka pendek Bagian lancar atas liabilitas jangka panjang: - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan Total Liabilitas Jangka Pendek
10.277.552 9.965.670 9.127.654
1.133.386 1.364.755 740.815
2.019.181 1.043.997 27.657.400
222.671 115.130 3.050.000
53.902.646 745.531 19.137.443
5.944.271 82.216 2.110.437
LIABILITIES AND EQUITY CURRENT LIABILITIES Trade payables: Third parties Related parties Accrued expenses Short-term employee benefits liability Taxes payable Short-term bank loans Current maturities of long-term liabilities: Long-term bank loans Consumer finance liabilities Finance lease liabilities -
133.877.074
14.763.681
Total Current Liabilities
29
131
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
3.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PERUBAHAN MATA UANG PELAPORAN (lanjutan)
3.
Laporan Posisi Keuangan (lanjutan):
CHANGE IN REPORTING CURRENCY (continued) Statements of Financial Position (continued):
31 Desember 2011/December 31, 2011 Dilaporkan Sebelumnya/ As Previously Reported (Dalam Ribuan Rupiah/ In Thousand Rupiah) LIABILITAS JANGKA PANJANG Liabilitas jangka panjang, setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun: - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan Liabilitas imbalan kerja jangka panjang
Disajikan Kembali/ As Restated (Dalam Dolar AS/ In US Dollar) NON-CURRENT LIABILITIES
1.582.663
174.533
Long-term liabilities, net of current portion: Long-term bank loans Consumer finance liabilities Finance lease liabilities Long-term employee benefits liability
Total Liabilitas Jangka Panjang
393.144.916
43.355.196
Total Non-Current Liabilities
TOTAL LIABILITAS
527.021.990
58.118.877
TOTAL LIABILITIES EQUITY Equity attributable to equity holders of the parent entity: Share capital - par value of Rp1,000,000 (full amount) Issued and fully paid - 45,098 shares Additional paid-in capital Retained earnings
358.288.559 276.991 32.996.703
39.511.310 30.546 3.638.807
EKUITAS Ekuitas yang dapat diatribusikan kepada pemilik entitas induk: Modal saham - nilai nominal Rp1.000.000 (angka penuh) Modal ditempatkan dan disetor penuh - 45.098 saham Tambahan modal disetor Saldo laba
45.098.000 183.591.000 146.606.962
5.529.734 20.529.017 15.785.022
TOTAL EKUITAS
375.295.962
41.843.773
TOTAL EQUITY
99.962.650
TOTAL LIABILITIES AND EQUITY
TOTAL LIABILITAS DAN EKUITAS
902.317.952
1 Januari 2011/31 Desember 2010 January 1, 2011/December 31, 2010 Dilaporkan Sebelumnya/ As Previously Reported (Dalam Ribuan Rupiah/ In Thousand Rupiah) ASET ASET LANCAR Kas dan bank Piutang usaha: - Pihak ketiga, setelah dikurangi cadangan penurunan nilai Persediaan Pajak dibayar dimuka Piutang lain-lain: - Pihak ketiga - Pihak berelasi Biaya dibayar dimuka Total Aset Lancar
Disajikan Kembali/ As Restated (Dalam Dolar AS/ In US Dollar) ASSETS CURRENT ASSETS Cash on hand and in banks Trade receivables:
2.054.100
228.462
32.671.409 1.556.820 4.192.677
3.633.790 170.875 466.319
93.484 240.049 2.817.802
10.398 26.699 309.580
Third parties, net of allowance Inventories Prepaid taxes Other receivables: Third parties Related party Prepaid expenses
43.626.341
4.846.123
Total Current Assets
30
132
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
3.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PERUBAHAN MATA UANG PELAPORAN (lanjutan)
3.
Laporan Posisi Keuangan (lanjutan):
CHANGE IN REPORTING CURRENCY (continued) Statements of Financial Position (continued):
1 Januari 2011/31 Desember 2010 January 1, 2011/December 31, 2010 Dilaporkan Sebelumnya/ As Previously Reported (Dalam Ribuan Rupiah/ In Thousand Rupiah)
Disajikan Kembali/ As Restated (Dalam Dolar AS/ In US Dollar)
ASET TIDAK LANCAR Aset pajak tangguhan Aset tetap, setelah dikurangi akumulasi penyusutan Investasi dalam saham Aset tidak lancar lainnya
133.829
14.809
416.853.162 3.500.000 14.107.880
44.472.840 380.683 1.560.957
NON-CURRENT ASSETS Deferred tax assets Fixed assets, net of accumulated depreciation Investment in share of stock Other non-current assets
Total Aset Tidak Lancar
434.594.871
46.429.289
Total Non-Current Assets
TOTAL ASET
478.221.212
51.275.412
TOTAL ASSETS
LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang usaha: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Utang pajak Pinjaman bank jangka pendek Bagian lancar atas liabilitas jangka panjang: - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan Total Liabilitas Jangka Pendek LIABILITAS JANGKA PANJANG Liabilitas jangka panjang, setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun: - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan Liabilitas imbalan kerja jangka panjang
16.567.601 11.544.903
1.842.687 1.284.051
1.412.170 858.667 38.883.996
157.366 95.503 4.324.769
70.709.327 944.190 25.102.216
7.864.456 105.015 2.791.927
LIABILITIES AND EQUITY CURRENT LIABILITIES Trade payables: Third parties Accrued expenses Short-term employee benefits liability Taxes payable Short-term bank loans Current maturities of long-term liabilities: Long-term bank loans Consumer finance liabilities Finance lease liabilities -
166.023.070
18.465.774
Total Current Liabilities NON-CURRENT LIABILITIES
535.316
59.236
Long-term liabilities, net of current portion: Long-term bank loans Consumer finance liabilities Finance lease liabilities Long-term employee benefits liability
Total Liabilitas Jangka Panjang
159.079.075
17.692.843
Total Non-Current Liabilities
TOTAL LIABILITAS
325.102.145
36.158.617
TOTAL LIABILITIES
100.581.396 1.194.433 56.767.930
11.186.897 132.848 6.313.862
EKUITAS Ekuitas yang dapat diatribusikan kepada pemilik entitas induk: Modal saham - nilai nominal Rp1.000.000 (angka penuh) Modal ditempatkan dan disetor penuh - 45.098 saham Saldo laba
23.000.000 130.119.067
3.058.751 12.058.044
EQUITY Equity attributable to equity holders of the parent entity: Share capital - par value of Rp1,000,000 (full amount) Issued and fully paid - 45,098 shares Retained earnings
TOTAL EKUITAS
153.119.067
15.116.795
TOTAL EQUITY
TOTAL LIABILITAS DAN EKUITAS
478.221.212
51.275.412
TOTAL LIABILITIES AND EQUITY
31
133
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
3.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PERUBAHAN MATA UANG PELAPORAN (lanjutan)
3.
Laporan Laba Rugi Komprehensif:
CHANGE IN REPORTING CURRENCY (continued) Statement of Comprehensive Income:
31 Desember 2011/December 31, 2011 Dilaporkan Sebelumnya/ As Previously Reported (Dalam Ribuan Rupiah/ In Thousand Rupiah) Pendapatan
Disajikan Kembali/ As Restated (Dalam Dolar AS/ In US Dollar)
224.373.438
25.515.201
(115.695.474)
(13.123.858)
Laba bruto
108.677.964
12.391.343
Beban umum dan administrasi Pendapatan operasi lainnya Beban operasi lainnya
(35.703.483) 249.545 (13.465.863)
(4.036.864) 283.145 (5.713)
59.758.163
8.631.911
135.505 (36.403.974)
15.704 (4.141.993)
Beban pokok pendapatan
Laba usaha Pendapatan keuangan Biaya keuangan Kerugian penghapusan investasi tidak berkuotasi yang tersedia untuk dijual
(3.500.000)
(380.683) 4.124.939
Revenue Cost of revenue Gross income General and administrative expenses Other operating income Other operating expenses Operating income Finance income Finance costs Loss on write-off of unquoted available-for-sale equity investment
Laba sebelum pajak penghasilan
19.989.694
Beban pajak penghasilan
(3.501.799)
Laba tahun berjalan Pendapatan komprehensif lain, setelah pajak
16.487.895
3.726.978
-
-
Income for the year Other comprehensive income, net of tax
Total laba komprehensif
16.487.895
3.726.978
Total comprehensive income
32
134
(397.961)
Income before income tax Income tax expense
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
4. PERTIMBANGAN DAN ESTIMASI
4. JUDGEMENTS AND ESTIMATES
Penyusunan laporan keuangan Perseroan mengharuskan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan atas pendapatan, beban, aset dan liabilitas, dan pengungkapan atas liabilitas kontijensi, pada akhir periode pelaporan. Ketidakpastian mengenai asumsi dan estimasi tersebut dapat mengakibatkan penyesuaian material terhadap nilai tercatat aset dan liabilitas dalam periode pelaporan berikutnya.
The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset and liability affected in future periods.
Pertimbangan
Judgements
Pertimbangan berikut ini dibuat oleh manajemen dalam rangka penerapan kebijakan akuntansi Perseroan yang memiliki pengaruh paling signifikan atas jumlah yang diakui dalam laporan keuangan:
The following judgements are made by management in the process of applying the Company’s accounting policies that have the most significant effects on the amounts recognized in the financial statements:
Klasifikasi Aset dan Liabilitas Keuangan
Financial Assets and Liabilities Classifications
Klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan ditetapkan dengan mempertimbangkan apakah definisi yang ditetapkan PSAK 50 (Revisi 2011) terpenuhi. Dengan demikian aset keuangan dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi seperti dijelaskan pada Catatan 2l.
Classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in PSAK No. 50 (Revised 2011). Accordingly, the financial assets and financial liabilities are accounted for in accordance with accounting policies disclosed in Note 2l.
Sewa
Lease
Perseroan mempunyai perjanjian-perjanjian sewa dimana Perseroan bertindak sebagai lessor atau lessee untuk beberapa aset tetap tertentu. Perseroan mengevaluasi apakah terdapat risiko dan manfaat yang signifikan dari aset sewa yang dialihkan berdasarkan PSAK 30 (Revisi 2011), “Sewa”, yang mensyaratkan Perseroan untuk membuat pertimbangan dan estimasi dari pengalihan risiko dan manfaat terkait dengan kepemilikan aset.
The Company has entered into lease agreements where the Company act as lessor or lessee for a certain fixed assets. The Company evaluate whether there are significant risks and rewards of assets transferred under PSAK 30 (Revised 2011), "Leases", which requires the Company to make judgments and estimates of the transfer of risks and rewards incidental to ownership.
Perseroan mengadakan perjanjian sewa kapal laut. Perseroan telah menentukan, berdasarkan evaluasi atas syarat dan ketentuan dalam perjanjian, bahwa secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset yang disewa dialihkan di Perseroan sehingga perjanjian sewa tersebut diakui sebagai sewa pembiayaan. Penjelasan lebih lanjut diungkapkan dalam Catatan 2g.
The Company entered into a lease of vessels. The Company had determined, based on an evaluation of the terms and conditions of the agreement, that substantially all the risks and rewards incidental to ownership of these leased assets are transferred to the Company, therefore the lease agreement are recognized as a finance lease. Further details are disclosed in Note 2g.
33
135
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
4. PERTIMBANGAN DAN ESTIMASI (lanjutan)
4. JUDGMENTS AND ESTIMATES (continued)
Pertimbangan (lanjutan)
Judgments (continued)
Cadangan kerugian nilai piutang
Allowance of impairment of receivables
Perseroan mengevaluasi akun tertentu jika terdapat informasi bahwa pelanggan tertentu tidak dapat memenuhi liabilitas keuangannya. Dalam hal tersebut, Perseroan mempertimbangkan, berdasarkan fakta dan situasi yang tersedia, termasuk namun tidak terbatas pada, jangka waktu hubungan dengan pelanggan, kualitas jaminan yang diterima dan status kredit dari pelanggan berdasarkan catatan kredit pihak ketiga yang tersedia dan faktor pasar yang telah diketahui, untuk mencatat provisi yang spesifik atas jumlah piutang pelanggan guna mengurangi jumlah piutang yang diharapkan dapat diterima oleh Perseroan. Cadangan yang spesifik ini dievaluasi kembali dan disesuaikan jika tambahan informasi yang diterima mempengaruhi jumlah penyisihan penurunan nilai piutang. Penjelasan lebih rinci diungkapkan dalam Catatan 6.
The Company evaluates specific accounts where it has information that certain customers are unable to meet their financial obligations. In these cases, the Company uses judgment, based on the best available facts and circumstances, including but not limited to, the length of its relationship with the customer, quality of collateral received and the customer’s current credit status based on any available third party credit reports and known market factors, to record specific provisions for customers against amounts due to reduce its receivable amounts that the Company expects to collect. These specific provisions are re-evaluated and adjusted as additional information received affects the amounts of allowance for impairment losses on trade receivables. Further details are disclosed in Note 6.
Bila Perseroan memutuskan bahwa tidak terdapat bukti obyektif atas penurunan nilai pada evaluasi individual atas piutang usaha, baik yang nilainya signifikan maupun tidak, Perseroan menyertakannya dalam kelompok piutang usaha dengan risiko kredit yang serupa karakteristiknya dan melakukan evaluasi kolektif atas penurunan nilai. Karakteristik yang dipilih mempengaruhi estimasi arus kas masa depan atas kelompok piutang usaha tersebut karena merupakan indikasi bagi kemampuan pelanggan untuk melunasi jumlah terutang.
If the Company determines that no objective evidence of impairment exists for an individually assessed trade receivables, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. The characteristics chosen are relevant to the estimation of future cash flows for such groups of trade receivables by being indicative of the customers’ ability to pay all amounts due.
Penentuan Mata Uang Fungsional
Determination of Functional Currency
Mata uang fungsional Perseroan merupakan mata uang dalam lingkungan ekonomi dimana Perseroan beroperasi. Mata uang tersebut adalah mata uang yang paling mempengaruhi pendapatan dan beban pokok pendapatan. Berdasarkan penilaian manajemen Perseroan, mata uang fungsional Perseroan adalah dalam Dolar AS.
The functional currency of the Company is the currency of the primary economic environment in which the Company operates. It is the currency that mainly influences the revenue and cost of rendering services. Based on the Company‘s management assessment, the Company’s functional currency is the US Dollar.
Estimasi dan Asumsi
Estimates and Assumptions
Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada tanggal pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun/periode berikutnya diungkapkan di bawah ini. Perseroan mendasarkan asumsi dan estimasinya pada parameter yang tersedia pada saat laporan keuangan disusun. Asumsi dan situasi mengenai perkembangan masa depan mungkin berubah akibat perubahan pasar atau situasi di luar kendali Perseroan. Perubahan tersebut dicerminkan dalam asumsi terkait pada saat terjadinya.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year/period are disclosed below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
34
136
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
4. PERTIMBANGAN DAN ESTIMASI (lanjutan)
4. JUDGMENTS AND ESTIMATES (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Penyusutan aset tetap
Depreciation of fixed assets
Biaya perolehan aset tetap disusutkan dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomisnya. Manajemen mengestimasi masa manfaat ekonomis aset tetap antara 4 sampai dengan 20 tahun. Ini adalah umur secara umum diharapkan dalam industri dimana Perseroan menjalankan bisnisnya. Perubahan tingkat pemakaian dan perkembangan teknologi dapat mempengaruhi masa manfaat ekonomis dan nilai sisa aset, dan karenanya biaya penyusutan masa depan mungkin direvisi. Penjelasan lebih rinci diungkapkan dalam Catatan 2f dan 13.
The costs of fixed assets are depreciated on a straight-line basis over their estimated useful lives. Management properly estimates the useful lives of these fixed assets to be within 4 to 20 years. These are common life expectations applied in the industry where the Company conducts its business. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual value of these assets, and therefore future depreciation charges could be revised. Further details are disclosed in Notes 2f and 13.
Imbalan pasca kerja
Post-employment benefits
Nilai kini liabilitas pasca-kerja tergantung pada beberapa faktor yang ditentukan dengan dasar aktuarial berdasarkan beberapa asumsi. Asumsi yang digunakan untuk menentukan biaya bersih imbalan pasca-kerja mencakup tingkat diskonto, tingkat kenaikan gaji, dan tingkat pengembalian investasi. Perubahan asumsi-asumsi ini akan mempengaruhi jumlah tercatat liabilitas imbalan pasca-kerja.
The present value of post-employment liability depends on several factors that are determined by actuarial basis based on several assumptions. Assumptions used to determine the net cost of post-employment benefits include a discount rate, salary increase rate, and expected return on plan assets. Changes in these assumptions will affect the carrying amounts of other post-employment liabilities.
Tingkat diskonto ditentukan pada akhir periode pelaporan, yakni tingkat suku bunga untuk menentukan nilai kini arus kas keluar masa depan estimasian yang diharapkan untuk menyelesaikan liabilitas imbalan pasca-kerja. Dalam menentukan tingkat suku bunga yang sesuai, Perseroan mempertimbangkan tingkat suku bunga obligasi pemerintah yang didenominasikan dalam mata uang Rupiah, mata uang yang mana imbalan akan dibayar, dan yang memiliki jangka waktu yang serupa dengan jangka waktu liabilitas imbalan pasca-kerja yang terkait.
The appropriate discount rate at the end of the reporting period is the interest rate used in determining the present value of estimated future cash outflows expected to settle other postemployment liabilities. In determining the appropriate level of interest rates, the Company consider the interest rates of government bonds denominated in Rupiah, the currency in which the benefits will be paid, and which has a similar time period with a period of related post-employment benefits liability.
Asumsi utama yang digunakan untuk penentuan liabilitas imbalan pasca-kerja lainnya termasuk asumsi kondisi pasar saat ini. Informasi tambahan diungkapkan pada Catatan 24.
The key assumption used for determining other post-employment liabilities included current market conditions. Additional information is disclosed in Note 24.
Pajak penghasilan
Income tax
Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti sepanjang kegiatan usaha normal. Perseroan mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah terdapat tambahan pajak penghasilan badan.
Significant judgment is involved in determining provision for corporate income tax. There are certain transaction and computation for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognizes liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due.
35
137
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
4. PERTIMBANGAN DAN ESTIMASI (lanjutan)
5.
4. JUDGMENTS AND ESTIMATES (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Instrumen keuangan
Financial instruments
Perseroan mencatat aset dan liabilitas keuangan tertentu pada nilai wajar, yang mengharuskan penggunaan estimasi akuntansi. Sementara komponen signifikan atas pengukuran nilai wajar ditentukan menggunakan bukti obyektif yang dapat diverifikasi, jumlah perubahan nilai wajar dapat berbeda bila Perseroan menggunakan metodologi penilaian yang berbeda. Perubahan nilai wajar aset dan liabilitas keuangan tersebut dapat mempengaruhi secara langsung laba atau rugi Perseroan. Penjelasan lebih lanjut diungkapkan dalam Catatan 37 dan 38.
The Company carries certain financial assets and liabilities at fair value, which requires the use of accounting estimates. While significant components of fair value measurement were determined using verifiable objective evidences, the amount of changes in fair value would differ if the Company utilized a different valuation methodology. Any changes in a fair value of these financial assets and liabilities would directly affect the Company’s profit or loss. Further details are disclosed in Notes 37 and 38.
KAS DAN SETARA KAS
5. CASH AND CASH EQUIVALENTS
2012
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
Kas Rupiah Dolar Amerika Serikat Dolar Singapura
1.841 743 77
10.170 1.523 69
41.071 -
Cash on hand Rupiah United States Dollar Singapore Dollar
Total kas
2.661
11.762
41.071
Total cash on hand
148.037 9.322
62.626 6.675
18.785 6.150
6.670 1.530 2
1.856 36
107
-
220 107 98
431 113 103
165.561
71.618
25.689
Bank Rupiah PT Bank Mandiri (Persero) Tbk. PT Bank CIMB Niaga Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank Pensiunan Nasional Tbk. PT Bank OCBC NISP Tbk. PT Bank Internasional Indonesia Tbk. PT Bank DBS Indonesia PT Bank ANZ Indonesia Sub-total Dolar Amerika Serikat PT Bank Mandiri (Persero) Tbk. United Overseas Bank Limited, Singapura Oversea-Chinese Banking Corporation Limited, Singapura DBS Bank Ltd., Singapura PT Bank CIMB Niaga Tbk. PT Bank Negara Indonesia (Persero) Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank OCBC NISP Tbk. PT Bank DBS Indonesia PT Bank Nusantara Parahyangan Tbk. Saldo dipindahkan
Cash in bank Rupiah PT Bank Mandiri (Persero) Tbk. PT Bank CIMB Niaga Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank Pensiunan Nasional Tbk. PT Bank OCBC NISP Tbk. PT Bank Internasional Indonesia Tbk. PT Bank DBS Indonesia PT Bank ANZ Indonesia Sub-total
-
1.046
1.076
United States Dollars PT Bank Mandiri (Persero) Tbk. United Overseas Bank Limited, Singapore Oversea-Chinese Banking Corporation Limited, Singapore DBS Bank Ltd., Singapore PT Bank CIMB Niaga Tbk. PT Bank Negara Indonesia (Persero) Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank OCBC NISP Tbk. PT Bank DBS Indonesia PT Bank Nusantara Parahyangan Tbk.
2.191.222
3.037.350
158.229
Balance carried forward
680.558
728.125
154.202
610.539
2.108.155
-
547.923 313.551 33.285
171.933 285 7.025
662 824
3.210
12.305
-
1.376 780 -
847 7.629
915 550
36
138
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
5.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
KAS DAN SETARA KAS (lanjutan)
5. CASH AND CASH EQUIVALENTS (continued)
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
2012 Bank (lanjutan) Dolar Amerika Serikat (lanjutan) Saldo pindahan PT Bank ANZ Indonesia PT Bank Internasional Indonesia Tbk. PT Bank Permata Tbk. Sub-total
2.191.222 -
3.037.350 568
158.229 576
-
411 55
171 119
2.191.222
3.038.384
159.095
-
3.005
1.448
-
3.005
1.448
-
1.048
1.159
Euro PT Bank DBS Indonesia Sub-total Dolar Singapura PT Bank Internasional Indonesia Tbk. Sub-total Total bank
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3) Cash in bank (continued) United States Dollars (continued) Balance brought forward PT Bank ANZ Indonesia PT Bank Internasional Indonesia Tbk. PT Bank Permata Tbk. Sub-total Euro PT Bank DBS Indonesia Sub-total Singapore Dollars PT Bank Internasional Indonesia Tbk.
-
1.048
1.159
2.356.783
3.114.055
187.391
Sub-total Total banks
Deposito berjangka Tiga bulan atau kurang Dolar Amerika Serikat PT Bank CIMB Niaga Tbk.
440.000
-
-
Time deposit Three months or less United States Dollars PT Bank CIMB Niaga Tbk.
Total deposito berjangka
440.000
-
-
Total time deposit
2.799.444
3.125.817
228.462
Total cash and cash equivalents
Total kas dan setara kas
Rekening di bank memiliki tingkat bunga mengambang sesuai dengan tingkat penawaran pada masing-masing bank.
Accounts in bank earn interest at floating rates based on the offered rate from each bank.
Tingkat bunga berkisar antara:
The range of the interest rates per annum for time deposits is:
deposito
berjangka
per
tahun
2012 Dolar Amerika Serikat
0,5% - 0,75%
2011 -
2010 -
US Dollar
Pada tanggal 10 Januari 2013, deposito berjangka yang ditempatkan di PT Bank CIMB Niaga Tbk. telah ditarik seluruhnya.
On January 10, 2013, time deposit placed in PT Bank CIMB Niaga Tbk. has been fully withdrawn.
Semua rekening bank dan deposito berjangka ditempatkan pada bank pihak ketiga.
All bank accounts and time deposit are placed in third-party banks.
37
139
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
6.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
6.
PIUTANG USAHA
TRADE RECEIVABLES The details of trade receivables per customer are as follows:
Rincian piutang usaha berdasarkan pelanggan adalah sebagai berikut:
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
4.864.670 1.254.817 1.014.630
3.329.049 526.686 1.014.868
2.138.402 1.495.388
7.134.117
4.870.603
3.633.790
2012 Pihak ketiga: Total E&P Indonesie PT Pertamina Hulu Energi Lain-lain (kurang dari AS$500.000) Total pihak ketiga Dikurangi: Cadangan penurunan nilai piutang Total piutang usaha pihak ketiga, neto
(32.589)
Total piutang usaha, neto
-
Total third parties Less: Allowance for impairment of receivables
7.101.528
4.838.014
3.633.790
Total third parties receivables, net
40.745 65.723
22.945 -
-
Related parties (Note 34): PT Steadfast Marine Strato Maritime Services Pte. Ltd.
Pihak berelasi (Catatan 34): PT Steadfast Marine Strato Maritime Services Pte. Ltd. Total piutang usaha pihak berelasi, neto
(32.589)
Third parties: Total E&P Indonesie PT Pertamina Hulu Energi Others (less than US$500,000)
106.468
22.945
-
Total related party receivables, net
7.207.996
4.860.959
3.633.790
Total trade receivables, net
The details of the trade receivables based on aging are as follows:
Rincian piutang usaha berdasarkan umur piutang adalah sebagai berikut:
2012
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
Belum jatuh tempo Telah jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
6.661.005
4.798.810
1.563.387
300.207 55.414 8.286 215.673
2.151 2.151 90.436
1.788.482 126.737 155.184
Total piutang usaha Dikurangi: Cadangan penurunan nilai piutang
7.240.585
4.893.548
3.633.790
Total piutang usaha, neto
7.207.996
(32.589)
(32.589) 4.860.959
38
140
Not yet due Overdue: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
-
Total trade receivable Less: Allowance for impairment of receivables
3.633.790
Total trade receivable, net
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
6.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PIUTANG USAHA (lanjutan)
6.
The details of trade receivables by currencies are as follows:
Rincian piutang usaha menurut jenis mata uang adalah sebagai berikut:
2012
TRADE RECEIVABLES (continued)
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
Rupiah Dolar Amerika Serikat
366.244 6.874.341
22.944 4.870.604
31.321 3.602.469
Rupiah United States Dollars
Total piutang usaha Dikurangi: Cadangan penurunan nilai piutang
7.240.585
4.893.548
3.633.790 -
Total trade receivable Less: Allowance for impairment of receivables
Total piutang usaha, neto
7.207.996
3.633.790
Total trade receivable, net
(32.589)
(32.589) 4.860.959
The movements in the balance of allowance for impairment of receivables are as follows:
Mutasi saldo cadangan penurunan nilai piutang adalah sebagai berikut:
2012 Saldo awal Penambahan Penghapusan piutang
32.589 -
Saldo akhir
32.589
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
157.925 (125.336)
-
Beginning balance Addition Write off of receivable
-
Ending balance
32.589
Rincian transaksi dan saldo dengan pihak berelasi diungkapkan dalam Catatan 34.
Details of related party transactions and balances are disclosed in Note 34.
Pada tanggal 31 Desember 2012, Perseroan menempatkan jaminan fidusia atas piutang usaha Perseroan sehubungan dengan pinjaman bank jangka pendek (Catatan 18) dan pinjaman bank jangka panjang (Catatan 20) dengan nilai sampai dengan AS$95.606.000 dan Rp59.814.450.000 (2011: AS$39.900.000).
As of December 31, 2012, the Company placed a fiduciary security over the Company’s trade receivables related to the short-term bank loans (Note 18) and long-term bank loans (Note 20 with amounts until US$95,606,000 and Rp59,814,450,000 (2011: US$39,900,000).
Berdasarkan hasil penelaahan keadaan akun piutang masing-masing pelanggan pada akhir tahun, pada tanggal 31 Desember 2012 dan 2011, manajemen Perseroan berkeyakinan bahwa cadangan penurunan nilai piutang telah memadai untuk menutup kemungkinan kerugian atas tidak tertagihnya piutang usaha.
Based on a review of the status of the individual receivable accounts at the end of the year, as of December 31, 2012 and 2011, the management of the Company believes that the allowance for impairment of receivables is adequate to cover possible losses from uncollectible of trade receivables
Pada tanggal 1 Januari 2011/31 Desember 2010, manajemen Perseroan berkeyakinan bahwa seluruh piutang dapat tertagih dan cadangan untuk penurunan nilai dianggap tidak diperlukan.
As of January 1, 2011/December 31, 2010, the management of the Company believes that all receivables are collectible and an allowance for impairment is not considered necessary.
39
141
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
7. PERSEDIAAN
7.
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
320.145 68.280 21.045
178.900 1.730 14.217
101.407 56.258 13.210
409.470
194.847
170.875
2012 Suku cadang dan perlengkapan kapal Bahan bakar kapal Minyak pelumas
8.
PIUTANG LAIN-LAIN
Pihak ketiga: Piutang klaim asuransi Lain-lain Pihak berelasi: Piutang kepada Direksi
OTHER RECEIVABLES
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
18.955
71.096 12.469
10.398
18.955
83.565
10.398
-
-
26.699
18.955
83.565
37.097
2012
Supplies and vessel spare parts Fuels Lubricants
At year end management believes that all inventories are usable and an allowance for decline in value of inventories is not considered necessary.
Pada akhir tahun manajemen berkeyakinan bahwa semua persediaan dapat digunakan dan cadangan penurunan nilai persediaan tidak diperlukan. 8.
INVENTORIES
Third parties: Insurance claim receivables Others Related parties: Receivables from Director
Pada tanggal 31 Desember 2011, piutang klaim asuransi merupakan klaim Perseroan kepada L.C.H. (S) Pte. Ltd., perusahaan yang berdomisili di Singapura, sehubungan kerusakan kapal LSM Spearhead milik Perseroan yang telah diterima seluruhnya di tahun 2012.
As of December 31, 2011, insurance claim receivables represent the Company’s claim to L.C.H. (S) Pte. Ltd., a company domiciled in Singapore, in relation to the damages of LSM Spearhead vessel owned by the Company which have been fully received in 2012.
Pada akhir tahun, manajemen berpendapat bahwa seluruh piutang dapat tertagih dan cadangan untuk penurunan nilai dianggap tidak diperlukan.
At year end, management believes that all other receivables are collectible and an allowance for impairment is not considered necessary.
40
142
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
9.
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
UANG MUKA
9.
ADVANCES Advances represent advance paid to third party suppliers by the Company related to the Company’s operational activities.
Uang muka merupakan uang muka yang dibayarkan Perseroan kepada pemasok pihak ketiga sehubungan dengan kegiatan operasional Perseroan.
10. BIAYA DIBAYAR DIMUKA
10. PREPAID EXPENSES
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
50.249 1.854
34.580 1.631
298.539 11.041
52.103
36.211
309.580
2012 Asuransi di bayar dimuka Biaya lain-lain dibayar dimuka
11. INVESTASI DALAM SAHAM
Prepaid insurance Other prepayments
11. INVESTMENT IN SHARES OF STOCK
Pada tanggal 1 Januari 2011/31 Desember 2010, instrumen keuangan lancar lainnya merupakan investasi atas kepemilikan saham di PT Servewell Offshore sebanyak 3.500 lembar saham dengan nilai nominal Rp1.000.000 per lembar.
As of Janaury 1, 2011/December 31, 2010, other current financial assets represents investment in share ownership in PT Servewell Offshore of 3,500 shares with a nominal value of 1,000,000 per share.
Untuk tujuan pengelompokkan instrumen keuangan, investasi atas kepemilikan saham di PT Servewell Offshore, dikelompokkan sebagai investasi tersedia untuk dijual dalam instrumen ekuitas yang tidak memiliki kuotasi.
For the purpose of financial instrument classification, investment in share ownership in PT Servewell Offshore was classified as availablefor-sale investments in unquoted equity instruments.
Pada tanggal 1 Januari 2011/31 Desember 2010, nilai wajar dari investasi atas kepemilikan saham di PT Servewell Offshore tidak dapat diukur secara handal karena saham tidak memiliki kuotasi harga di pasar aktif, maka investasi dalam saham tersebut dinyatakan pada biaya perolehan atau senilai US$380.683 (setara dengan Rp3.500 juta).
As of January 1, 2011/December 31, 2010, the fair value of investment in share ownership PT Servewell Offshore could not be reliably measured since such shares did not have a quoted market price in an active market, therefore investment in such shares was presented at cost or amounted to US$380,683 (equivalent to Rp3,500 million).
Pada tanggal 31 Desember 2011, investasi atas kepemilikan saham di PT Servewell Offshore yang dimiliki Perseroan telah dihapuskan. Penghapusan investasi ini telah disetujui oleh pemegang saham Perseroan melalui Rapat Umum Pemegang Saham Luar Biasa (“RUPSLB”) yang diadakan pada tanggal 28 Desember 2011.
As of December 31, 2011, the Company’s investment in share ownership in PT Servewell Offshore has been written off. The write-off on this investment has been approved by the Company’s shareholders through Extraordinary General Meeting of Shareholders (“EGMS”) which was held on December 28, 2011.
41
143
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
12. PERPAJAKAN
12. TAXATION
a. Pajak dibayar di muka
a. Prepaid taxes
2012 Pajak Pertambahan Nilai
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
710.291
466.319
1.087.391
b. Utang pajak
b. Taxes payable
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
101.826
45.295
54.173
196.329 3.042 1.208 3.104
65.896 533 1.103 2.303
39.977 1.353 -
305.509
115.130
95.503
2012 PPh badan Utang pajak lain: PPh Pasal 21 PPh Pasal 23 PPh Pasal 4 ayat 2 Pajak penghasilan final
Value Added Tax
Corporate Income tax Other taxes payable: Income tax Article 21 Income tax Article 23 Income tax Article 4(2) Final income tax
Verifikasi lapangan
Field verification
Tahun pajak 2010
Tax year 2010
Pada tanggal 26 November 2012, Perseroan menerima hasil verifikasi lapangan yang menghasilkan kurang bayar atas pajak penghasilan Pasal 23 dan 26 serta dendanya dengan jumlah keseluruhan Rp330.603.840 atau setara dengan AS$34.640. Perseroan menerima hasil verifikasi tersebut dan mencatat kurang bayar pajak penghasilan Pasal 23 dan 26 sebesar Rp330.603.840 atau setara dengan AS$34.640 sebagai beban dalam laporan laba rugi komprehensif tahun 2012. Pada tanggal 31 Desember 2012, Perseroan telah membayar kurang bayar pajak penghasilan Pasal 23 dan 26 sebesar Rp950.000 atau setara dengan AS$100. Sisa kurang bayar pajak penghasilan Pasal 23 dan 26 sebesar Rp329.653.840 atau setara dengan AS$34.540 dicatat sebagai beban akrual.
On November 26, 2012, the Company received the results of field verification which resulted underpayment of withholding income tax Articles 23 and 26 and related penalties totaling Rp330,603,840 or equivalent to US$34,640. The Company accepted the results of field verification and recorded underpayment of withholding income tax Articles 23 and 26 totaling Rp330,603,840 or equivalent to US$34,640 as expenses in the 2012 statements of comprehensive income. As of December 31, 2012, the Company has paid underpayment of withholding income tax Articles 23 and 26 totaling Rp950,000 or equivalent to US$100. The remaining underpayment of withholding income tax Articles 23 and 26 totaling Rp329,653.,840 or equivalent to US$35,540 are recorded as accrued expenses.
42
144
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
12. PERPAJAKAN (lanjutan)
12. TAXATION (continued)
b. Utang pajak (lanjutan)
b. Taxes payable (continued)
Verifikasi lapangan (lanjutan)
Field verification (continued)
Tahun pajak 2010 (lanjutan)
Tax year 2010 (continued)
Pada tanggal 26 November 2012, Perseroan juga menerima hasil verifikasi lapangan yang menghasilkan kurang bayar atas PPN sebesar Rp108.824.140 atau setara dengan AS$11.210. Perseroan menerima hasil verifikasi tersebut dan mencatat kurang bayar sebesar Rp108.824.140 atau setara dengan AS$11.210 sebagai PPN masukan yang telah dibayarkan seluruhnya pada tanggal 30 April 2013.
On November 26, 2012, the Company also received the results of field verification which resulted underpayment of VAT amounted to Rp108,824,140 or equivalent to US$11,210. The Company accepted the results of field verification and recorded underpayment of VAT amounted to Rp108,824,140 or equivalent to US$11,210 as VAT input which have been fully paid on April 30, 2013.
Tahun pajak 2011
Tax year 2011
Pada tanggal 26 November 2012, Perseroan menerima hasil verifikasi lapangan yang menghasilkan kurang bayar atas pajak penghasilan Pasal 23 dan 26 serta dendanya dengan jumlah keseluruhan Rp2.318.625.050 atau setara dengan AS$242.941. Perseroan menerima hasil verifikasi tersebut dan mencatat kurang bayar pajak penghasilan Pasal 23 dan 26 sebesar Rp2.318.625.050 atau setara dengan AS$242.941 sebagai beban dalam laporan laba rugi komprehensif tahun 2012. Pada tanggal 31 Desember 2012, Perseroan telah membayar kurang bayar pajak penghasilan Pasal 23 dan 26 sebesar Rp181.074.895 atau setara dengan AS$18.973. Sisa kurang bayar pajak penghasilan Pasal 23 dan 26 sebesar Rp2.137.550.155 atau setara dengan AS$223.968 dicatat sebagai beban akrual.
On November 26, 2012, the Company received the results of field verification which resulted underpayment of withholding income tax Articles 23 and 26 and related penalties totaling Rp2,318,625,050 or equivalent to US$242,941. The Company accepted the results of field verification and recorded underpayment of withholding income tax Articles 23 and 26 totaling Rp2,318,625,050 or equivalent to US$242,941 as expenses in the 2012 statements of comprehensive income. As of December 31, 2012, the Company has paid underpayment of withholding income tax Articles 23 and 26 totaling Rp181,074,895 or equivalent to US$18,973. The remaining underpayment of withholding income tax Articles 23 and 26 totaling Rp2,137,550,155 or equivalent to US$223,968 are recorded as accrued expenses.
Pada tanggal 26 November 2012, Perseroan juga menerima hasil verifikasi lapangan yang menghasilkan kurang bayar atas PPN sebesar Rp1.291.599.907 atau setara dengan AS$133.045. Perseroan menerima hasil verifikasi tersebut dan mencatat kurang bayar sebesar Rp1.291.599.907 atau setara dengan AS$133.045 sebagai PPN masukan yang telah dibayarkan seluruhnya pada tanggal 30 April 2013.
On November 26, 2012, the Company also received the results of field verification which resulted underpayment of VAT amounted to Rp1,291,599,907 or equivalent to US$133,045. The Company accepted the results of field verification and recorded underpayment of VAT amounted to Rp1,291,599,907 or equivalent to US$133,045 as VAT input which have been fully paid on April 30, 2013.
Pada tanggal 26 November 2012, Perseroan juga menerima hasil verifikasi lapangan yang menghasilkan kurang bayar atas Pajak Penghasilan Pasal 25 sebesar Rp45.628.552 atau setara dengan AS$4.700. Perseroan menerima hasil verifikasi tersebut dan mencatat kurang bayar sebesar Rp45.628.552 atau setara dengan AS$4.700 sebagai beban kekurangan provisi atas pajak penghasilan tahun sebelumnya tahun 2012.
On November 26, 2012, the Company also received the results of field verification which resulted underpayment of Income tax Article 25 amounted to Rp45,628,552 or equivalent to US$4,700. The Company accepted the results of field verification and recorded the underpayment amounted to Rp45,628,552 or equivalent to US$4,700 as under provision of previous years corporate income expense for 2012. 43
145
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
12. PERPAJAKAN (lanjutan)
12. TAXATION (continued)
c. Beban pajak penghasilan
c. Income tax expense 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Pajak kini: - Tahun berjalan - Kekurangan provisi atas pajak penghasilan tahun sebelumnya Tangguhan
4.700
-
Current tax: Current year Under provision of previous years corporate income tax
563.048 -
383.203 14.758
Deferred
563.048
397.961
558.348
383.203
d. Pajak penghasilan kini
d. Current income tax The reconciliations between income before corporate income tax as shown in the statements of comprehensive income and estimated taxable income and current tax expense are as follows:
Rekonsiliasi antara laba sebelum pajak penghasilan yang ditunjukkan dalam laporan laba rugi komprehensif dengan estimasi laba kena pajak dan beban pajak kini adalah sebagai berikut:
2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Laba sebelum pajak penghasilan Perbedaan permanen: Pendapatan yang dikenakan pajak penghasilan final Pendapatan bunga yang dikenakan pajak penghasilan final Beban yang tidak dapat dikurangkan
9.421.762
4.124.939
Income before income tax Permanent differences:
(31.339.530)
(23.814.916)
Income subject to final tax
(36.945)
(14.943)
Interest income subject to withholding tax
22.796.733
20.094.616
(8.579.742)
(3.735.243)
Non-deductible expenses
Estimasi laba kena pajak
842.020
389.696
Estimated taxable income
Penghasilan kini beban pajak: Pajak dihitung pada tarif pajak 25% Pajak final
210.505 347.843
97.424 285.779
Current corporate income tax expense: Tax calculated at the rate of 25% Final tax
558.348
383.203
Dikurangi pembayaran pajak penghasilan: Pajak penghasilan pasal 22 Pajak penghasilan pasal 23 Pajak penghasilan pasal 25 Pajak final
431 39.445 68.803 347.843
168 14.358 37.603 285.779
Jumlah pajak dibayar di muka
456.522
337.908
Total prepaid taxes
Utang pajak penghasilan badan
101.826
45.295
Corporate income tax payable
44
146
Less corporate income tax payments: Income tax article 22 Income tax article 23 Income tax article 25 Final tax
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
12. PERPAJAKAN (lanjutan)
12. TAXATION (continued)
d. Pajak penghasilan kini (lanjutan)
d. Current income tax (continued) The calculation of corporate income tax for 2011 conform with the amounts that reported by the Company to Tax Office in its Annual Tax Return (“SPT”). The estimated taxable income is used for the basis of the 2012 annual corporate income tax return.
Perhitungan pajak penghasilan badan tahun 2011 sesuai dengan yang dilaporkan Perseroan dalam Surat Pemberitahuan Tahunan (“SPT”) kepada Kantor Pajak. Taksiran penghasilan kena pajak menjadi dasar dalam SPT Tahunan pajak penghasilan badan tahun 2012. e. Rekonsiliasi pajak penghasilan badan
e. Reconciliation expense
9.421.762
4.124.939
2.355.440
1.031.235
-
14.758
4.700
-
(2.144.935)
Taksiran beban pajak
tax
(933.811)
Income before income tax Tax calculated at the rate of 25% Adjustment on beginning balance of deferred tax Under provision of corporate income tax previous years Tax effect on non-deductible expense and other permanent differences
347.843
285.779
Income subject to final tax
563.048
397.961
Estimated tax expense
f. Aset pajak tangguhan
f. Deferred tax assets
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
2012 Aset pajak tangguhan: Liabilitas imbalan kerja jangka panjang
income
2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Pajak dihitung pada tarif pajak 25% Penyesuaian saldo awal pajak tangguhan Kekurangan provisi atas pajak penghasilan tahun sebelumnya Pengaruh pajak atas beban yang tidak dapat dikurangkan dan perbedaan permanen lainnya Penghasilan yang telah dipotong pajak final
corporate
The reconciliation between income tax expense as calculated by applying the applicable tax rate to the commercial income before income tax and the income tax expense, net shown in the statements of comprehensive income is as follows:
Rekonsiliasi antara beban pajak penghasilan, yang dihitung dengan menggunakan tarif pajak yang berlaku atas laba komersial sebelum pajak penghasilan dan beban pajak penghasilan, seperti yang tercantum dalam laporan laba rugi komprehensif adalah sebagai berikut:
Laba sebelum pajak penghasilan
of
-
-
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
14.809
Deferred tax assets: Long-term employee benefits liability
As of December 31, 2012 and 2011, the Company did not recognized any deferred tax since no temporary differences between the tax bases of assers and liabilities and their carrying amount.
Pada tanggal 31 Desember 2012 dan 2011, Perseroan tidak mengakui adanya pajak tangguhan dikarenakan tidak terdapat perbedaan temporer antara dasar pengenaan pajak dari aset dan liabilitas dan nilai tercatatnya. 45
147
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
12. PERPAJAKAN (lanjutan)
12. TAXATION (continued)
g. Analisa perubahan aset pajak tangguhan
2012
g. Analysis of changes in deferred tax assets
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3) -
Aset pajak tangguhan - saldo awal Manfaat/(beban) pajak tangguhan dikreditkan/(dibebankan) pada tahun berjalan Selisih penjabaran mata uang
-
14.809
-
(14.758) (51)
Aset pajak tangguhan
-
-
h. Administrasi
14.809 -
Deferred tax assets beginning balance Deferred tax benefit/(expense) credited/(charged) for the current year Foreign exchange translation
14.809
Deferred tax assets,
h. Administration Under the taxation laws of Indonesia, the Company submits tax returns on the basis of self assessment. The Directorate General of Taxes (“DGT”) may assess or amend taxes within ten years from the date the tax became due, or until the end of year 2013, whichever is earlier, for tax years prior to 2008. Based on taxation laws which are applicable starting in year 2008, the DGT may assess or amend taxes within five years from the date of the tax becomes due.
Berdasarkan peraturan perpajakan Indonesia, Perseroan menghitung, menetapkan, dan membayar sendiri jumlah pajak yang terutang. Direktorat Jenderal Pajak (“DJP”) dapat menetapkan dan mengubah liabilitas pajak dalam batas waktu sepuluh tahun sejak tanggal terutangnya pajak, atau sampai dengan akhir tahun 2013, mana lebih dulu, untuk tahun-tahun pajak sebelum 2008. Berdasarkan peraturan pajak yang berlaku mulai tahun 2008, DJP dapat menetapkan dan mengubah liabilitas pajak dalam batas waktu lima tahun sejak tanggal terutangnya pajak. 13. ASET TETAP
13. FIXED ASSETS
2012:
2012: 31 Desember/ December 31, 2011
Harga perolehan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Penambahan/ Additions
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
31 Desember/ December 31, 2012
89.402.816 739.703 967.584 291.927
49.372.732 296.257 237.333
(102.463) -
6.323.512 21.530 -
145.099.060 739.703 1.182.908 529.260
91.402.030
49.906.322
(102.463)
6.345.042
147.550.931
10.111.613 136.420
82.424
10.248.033
82.424
101.650.063
49.988.746
-
(6.323.512) (21.530)
-
(6.345.042)
(102.463)
46
148
-
3.788.101 197.314 3.985.415 151.536.346
Acquisition cost Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Leased Assets Vessels Vehicles
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
13. ASET TETAP (lanjutan)
13. FIXED ASSETS (continued)
2012 (lanjutan):
2012 (continued): 31 Desember/ December 31, 2011
Akumulasi penyusutan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Nilai buku neto
Penambahan/ Additions
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
31 Desember/ December 31, 2012
9.353.685 225.604 475.378 161.958
4.525.341 136.147 174.866 72.021
(78.136) -
1.122.221 -
15.001.247 361.751 572.108 233.979
10.216.625
4.908.375
(78.136)
1.122.221
16.169.085
1.296.003 29.274
493.811 4.940
1.325.277
498.751
11.541.902
5.407.126
-
(1.122.221) -
-
(1.122.221)
(78.136)
-
90.108.161
667.593 34.214 701.807
2011: 31 Desember/ December 31, 2010
Akumulasi penyusutan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Nilai buku neto
Net book value
Fixed assets’ movements for the years ended December 31, 2011 and January 1, 2011/ December 31, 2010 are as follows (As restated Note 3):
2011:
Aset sewa Kapal Kendaraan
Leased Assets Vessels Vehicles
16.870.892 134.665.454
Mutasi aset tetap untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2011 dan 1 Januari 2011/31 Desember 2010 adalah sebagai berikut (Disajikan kembali - Catatan 3):
Harga perolehan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Accumulated depreciation Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Penambahan/ Additions
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
31 Desember/ December 31, 2011
40.351.643 723.456 865.487 267.785
49.169.096 16.247 38.515 23.781
(162.095) (822)
(117.923) 225.677 1.183
89.402.816 739.703 967.584 291.927
42.208.371
49.247.639
(162.917)
108.937
91.402.030
9.993.690 363.280
-
-
117.923 (226.860)
10.111.613 136.420
-
(108.937)
10.356.970
-
52.565.341
49.247.639
(162.917)
-
101.650.063
6.097.926 89.457 416.381 91.614
2.650.488 136.147 87.874 45.420
(55.967) (17)
605.271 27.090 24.941
9.353.685 225.604 475.378 161.958
6.695.378
2.919.929
(55.984)
657.302
10.216.625
1.342.099 55.024
559.175 26.281
-
(605.271) (52.031)
1.296.003 29.274
-
(657.302)
1.397.123
585.456
8.092.501
3.505.385
(55.984)
44.472.840
-
149
Leased Assets Vessels Vehicles
10.248.033
Accumulated depreciation Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Leased Assets Vessels Vehicles
1.325.277 11.541.902 90.108.161
47
Acquisition cost Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Net book value
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
13. ASET TETAP (lanjutan)
13. FIXED ASSETS (continued)
2010:
2010: 31 Desember/ December 31, 2009
Harga perolehan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
31 Desember/ December 31, 2010
32.593.272 454.022 712.462 122.299
7.758.371 269.434 229.786 145.486
(14.400) -
(62.361) -
40.351.643 723.456 865.487 267.785
33.882.055
8.403.077
(14.400)
(62.361)
42.208.371
8.884.403 186.031
1.109.287 114.888
-
62.361
9.993.690 363.280
-
62.361
10.356.970
-
52.565.341
Aset sewa Kapal Kendaraan
9.070.434
1.224.175
42.952.489
9.627.252
(14.400)
4.375.388 376.549 61.879
1.722.538 89.457 71.265 29.735
(4.800) -
(26.633) -
6.097.926 89.457 416.381 91.614
4.813.816
1.912.995
(4.800)
(26.633)
6.695.378
854.184 1.992
487.915 26.399
-
26.633
1.342.099 55.024
-
26.633
1.397.123
Akumulasi penyusutan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Nilai buku neto
Penambahan/ Additions
856.176
514.314
5.669.992
2.427.309
(4.800)
-
37.282.497
Leased Assets Vessels Vehicles
Accumulated depreciation Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Leased Assets Vessels Vehicles
8.092.501 44.472.840
Net book value
Depreciation of fixed assets was allocated to the following:
Beban penyusutan aset tetap dialokasikan sebagai berikut:
2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Beban pokok pendapatan Beban umum dan administrasi
Acquisition cost Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
5.019.152 387.974
3.209.663 295.722
5.407.126
3.505.385
Cost of revenue General and administrative expenses
Termasuk di dalam penambahan aset tetap selama 2011, sebuah kapal senilai US$20.000.000 sebagai pembayaran penambahan modal disetor oleh Alstonia Offshore Pte. Ltd. (Catatan 25).
Included in the additions of fixed assets during 2011, is a vessel of US$20,000,000 as a payment of addition share capital by Alstonia Offshore Pte. Ltd. (Notes 25).
Perhitungan laba dari pelepasan aset tetap adalah sebagai berikut:
The calculation of the gain on disposal of fixed assets is as follows: 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Nilai buku bersih aset tetap Harga jual
24.327 43.104
106.933 135.854
Net book value of fixed assets Sales proceeds
Laba pelepasan aset tetap
18.777
28.921
Gain on disposal of fixed assets
48
150
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
13. ASET TETAP (lanjutan)
13. FIXED ASSETS (continued) Vessels pledged to the lenders (Notes 18, 20 and 22) are as follows:
Kapal-kapal yang dijaminkan kepada kreditur (Catatan 18, 20 dan 22) adalah sebagai berikut:
Kreditur/ Lender
Kapal/ Vessel
Nilai buku/ Net book value 31 Desember 2012/ December 31, 2012
United Overseas Bank Limited, Singapura
18 kapal milik Perseroan/ vessels owned by the Company
AS$48.510.441
Oversea-Chinese Banking Corporation Limited, Singapura
22 kapal milik Perseroan/ vessels owned by the Company
AS$47.064.090
DBS Bank Limited, Singapura
Logindo Destiny Logindo Stature
AS$12.028.387 AS$10.804.053
PT Bank CIMB Niaga Tbk.
LSM Dunamos LSM Nusantara
AS$2.612.794 AS$2.816.262
PT Megafina Dana Finance
Logindo Steady Logindo Splendid Logindo Sparrow
AS$1.451.591 AS$853.437 AS$815.479
Bangunan milik Perseroan dengan total nilai buku pada tanggal 31 Desember 2012 sebesar AS$377.952 digunakan sebagai jaminan atas pinjaman bank jangka panjang (Catatan 20).
Buildings owned by the Company with a total net book value of US$377,952 are pledged as collateral for Long-term bank loans (Note 20).
Beberapa kendaraan milik Perseroan dengan total nilai buku pada tanggal 31 Desember 2012 sebesar AS$398.809 digunakan sebagai jaminan atas utang pembiayaan konsumen (Catatan 21).
Several vehicles owned by the Company with a total net book value of US$398,809 are pledged as collateral for consumer finance liabilities (Note 21).
Pada tanggal 31 Desember 2012, beberapa aset tetap milik Perseroan dengan total nilai buku sebesar AS$103.967.040 (2011: AS$78.281.220) dijaminkan sehubungan dengan pinjaman bank jangka pendek (Catatan 18), pinjaman bank jangka panjang (Catatan 20) dan liabilitas sewa pembiayaan (Catatan 21) yang diperoleh Peseroan.
As of December 31, 2012, certain fixed assets owned by the Company with net book value totaling US$103,967,040 (2011: US$78,281,220) are placed as collateral in relation with short-term bank loans (Note 18), long-term bank loans (Note 20) and finance lease liabilities (Note 21) obtained by the Company.
Kapal-kapal yang dimiliki sendiri telah diasuransikan dengan nilai pertanggungan sebesar AS$130.731.840 (2011: AS$62.021.000; 2010 : AS$35.344.000) yang meliputi penutupan kerugian atas kerusakan rangka dan mesin-mesin kapal.
Directly owned vessels have been insured for US$130,731,840 (2011: US$62,021,200; 2010: US$35,344,000) to cover losses from hull and machinery damage.
Manajemen berkeyakinan bahwa nilai pertanggungan untuk aset tetap kapal tersebut adalah cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.
Management believes that the insurance coverage for these vessels is adequate to cover the risk of potential loss of the insured assets.
Manajemen berkeyakinan bahwa tidak terdapat penurunan nilai aset tetap pada tanggal 31 Desember 2012 dan 2011 dan 1 Januari 2011/ 31 Desember 2010.
Management believes that there was no impairment in the value of fixed assets as of December 31, 2012 and 2011 and January 1, 2011/December 31, 2010.
Pada tanggal 31 Desember 2012, aset tetap yang telah disusutkan penuh tetapi masih digunakan senilai AS$890.259 (2011: AS$943.143).
As of December 31, 2012, fixed asset has been fully depreciated but still in use amounting US$890,259 (2011: US$943,143). 49
151
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
14. ASET TIDAK LANCAR LAINNYA
14. OTHER NON-CURRENT ASSETS
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
991.200 425.459
427.072
45.942
340.301 24.413
340.301 69.886
1.495.402 19.613
1.781.373
837.259
1.560.957
2012 Dana yang dibatasi penggunannya Uang jaminan Uang muka pembelian kapal: Pihak berelasi Lain-lain
Restricted funds Security deposits Advance for purchase of vessel: Related party Others
Pada tanggal 31 Desember 2012, dana yang dibatasi penggunaannya merupakan dana yang ditempatkan di United Overseas Bank Limited, Singapura dan PT Bank CIMB Niaga Tbk., masingmasing sebesar AS$830.000 dan AS$161.200. Dana ini ditempatkan sebagai sinking fund yang dialokasikan Perseroan sehubungan dengan pinjaman bank jangka panjang (Catatan 20).
As of December 31, 2012, restricted funds represent fund placed in United Overseas Bank Limited, Singapore and PT Bank CIMB Niaga Tbk. amounted to US$830,000 and US$161,200, respectively. The funds are placed as sinking fund allocated by the Company related to long-term bank loans (Note 20).
Pada tanggal 31 Desember 2012, uang jaminan merupakan saldo dana yang ditempatkan di PT Bank Negara Indonesia (Persero) Tbk. sebagai performance bonds terkait dengan kontrak sewa kapal dengan Total E&P Indonesie sebesar AS$407.551 dan jaminan sehubungan dengan keikutsertaan Perseroan dalam tender yang diadakan oleh beberapa konsumen serta jaminan lainnya kepada pihak ketiga lainnya.
As of December 31, 2012, the security deposits represent funds placed in PT Bank Negara Indonesia (Persero) Tbk. as performance bonds related to vessel time charter with Total E&P Indonesie of US$407,551 and guarantees related to the Company’s participation in tenders held by several customers and other security deposits paid to other third parties.
Pada tanggal 31 Desember 2011, uang jaminan merupakan saldo dana yang ditempatkan di PT Bank Internasional Indonesia Tbk. sebagai jaminan terkait dengan penerbitan bank garansi kepada Total E&P Indonesie sebesar AS$400.000 dan jaminan lainnya kepada pihak ketiga lainnya.
As of December 31, 2011, the security deposit represents funds placed in PT Bank Internasional Indonesia Tbk. as collateral related to the issuance of bank guarantee to Total E&P Indonesie amounted to US$400,000 and other security deposits paid to other third parties.
Uang muka pembelian kapal merupakan uang muka yang dibayarkan kepada PT Steadfast Marine, pihak berelasi, sehubungan modifikasi atas kapal Gladness dan Faithful.
Advance for purchase of vessel represents advances paid to PT Steadfast Marine, a related party, regarding modification of Gladness and Faithful vessel.
15. UTANG USAHA
15. TRADE PAYABLES Trade payables represent trade payables involving, among others: (i) purchases of inventories and consumables for vessels owned by the Company, (ii) expense on vessel chartered by the Company and (iii) outstanding insurance premiums payable for vessels owned by the Company.
Utang usaha merupakan utang usaha sehubungan, antara lain: (i) pembelian persediaan dan suku cadang yang digunakan untuk keperluan kapalkapal yang dimiliki oleh Perseroan, (ii) biaya sewa kapal oleh Perseroan dan (iii) utang premi asuransi atas kapal-kapal yang dimiliki oleh Perseroan.
50
152
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
15. UTANG USAHA (lanjutan)
15. TRADE PAYABLES (continued)
Rincian utang usaha adalah sebagai berikut
The details of trade payables are as follows:
a. Berdasarkan pemasok
a. Based on suppliers
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
206.470 143.834 86.682 37.776 16.884 650 -
8.363 106.804 2.576 289.568 235.845 82.547 51.561
74.285 325.379 403.177 51.804 392.035
Third parties: PT Petroleum Energi Indonesia CV Kanaya PT Halim Raya Samudra L.C.H. (S) Pte. Ltd. PT Cindara Pratama Lines Farstad Java Marine Lines Pte. Ltd. Swisco Offshore
906.199
356.122
596.007
Others (less than US$50,000)
1.398.495
1.133.386
1.842.687
217.222 242.937 445.200 -
671.556 380.021 236.044 77.134
-
2012 Pihak ketiga: PT Petroleum Energi Indonesia CV Kanaya PT Halim Raya Samudra L.C.H. (S) Pte. Ltd PT Cindara Pratama Lines Farstad Java Marine Lines Pte. Ltd. Swisco Offshore Lain-lain (kurang dari AS$50.000) Pihak berelasi: PT Servewell Offshore Pacific Crest Pte. Ltd. Alstonia Offshore Pte. Ltd. PT Steadfast Marine Strato Maritime Service Pte. Ltd.
905.359
1.364.755
-
2.303.854
2.498.141
1.842.687
b. Berdasarkan umur
b. Based on aging
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
1.167.041
1.327.360
530.249
449.410 288.692 1.851 396.860
229.876 372.737 40.417 527.751
237.192 91.845 147.920 835.481
2.303.854
2.498.141
1.842.687
2012 Belum jatuh tempo Telah jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
c. Berdasarkan mata uang
Not yet due Overdue: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
c. Based on currency
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
1.011.317 1.036.764 255.773
1.547.065 909.351 41.725
1.347.488 492.249 2.950
2.303.854
2.498.141
1.842.687
2012 Rupiah Dolar AS Dolar Singapura
Related parties: PT Servewell Offshore Pacific Crest Pte. Ltd. Alstonia Offshore Pte. Ltd. PT Steadfast Marine Strato Maritime Service Pte. Ltd.
51
153
Rupiah US Dollar Singapore Dollar
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
16. UTANG LAIN-LAIN
16. OTHER PAYABLES As of December 31, 2012, other payables represent penalty claim from Total E&P Indonesie related to vessel time charter.
Pada tanggal 31 Desember 2012, utang lain-lain merupakan tagihan dari Total E&P Indonesie sehubungan dengan denda atas kontrak sewa kapal dengan Perseroan. 17. BEBAN AKRUAL
17. ACCRUED EXPENSES
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
559.567 122.521
167.558 573.257
4.151 1.279.900
682.088
740.815
1.284.051
2012 Biaya operasi kapal dan lainnya Bunga
18. PINJAMAN BANK JANGKA PENDEK
18. SHORT-TERM BANK LOANS
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
3.902.500
-
-
3.800.000
-
-
3.050.000
3.050.000
-
-
-
1.000.000 2.000.000
-
500.000 177.805
-
-
10.752.500
3.050.000
4.324.769
2012 Pihak ketiga: DBS Bank Limited, Singapura Oversea-Chinese Banking Corporation Limited, Singapura United Overseas Bank Limited, Singapura PT Bank Internasional Indonesia Tbk. Pinjaman Promes Berulang 1 Pinjaman Promes Berulang 2 PT Bank DBS Indonesia Fasilitas Pembiayaan Piutang Fasilitas Kredit Modal Kerja PT IFS Capital Indonesia Fasilitas Anjak Piutang
Vessel operation and other charges Interest
646.964
Third parties: DBS Bank Limited, Singapore Oversea-Chinese Banking Corporation Limited, Singapore United Overseas Bank Limited, Singapore PT Bank Internasional Indonesia Tbk. Demand Loan 1 Demand Loan 2 PT Bank DBS Indonesia Account Receivable Facility Working Capital Credit Facility PT IFS Capital Indonesia Receivable Factoring Credit Facility
Oversea-Chinese Banking Corporation Limited, Singapura
Oversea-Chinese Banking Corporation Limited, Singapore
Berdasarkan Perjanjian Fasilitas Kredit tanggal 12 Januari 2012, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan specific advance facility dengan nilai maksimum sebesar US$3.800.000. Fasilitas ini dapat ditarik sewaktu-waktu oleh OCBC. Fasilitas ini dikenakan bunga dengan tingkat bunga berkisar antara 3,14% sampai 3,25% per tahun.
Based on Credit Facility Agreement dated January 12, 2012, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide specific advance facility with a maximum amount of US$3,800,000. This facility can be withdrawn at any time by OCBC. This facility is subject to interest at rates ranging from 3.14% to 3.25% per annum.
52
154
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PENDEK (lanjutan)
18. SHORT-TERM BANK LOANS (continued)
Oversea-Chinese Banking Corporation Limited, Singapura (lanjutan)
Oversea-Chinese Banking Corporation Limited, Singapore (continued)
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas dua puluh kapal yang dimiliki oleh Peseroan (Catatan 13). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas pendapatan kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini.
This credit facility is secured by, among others: 1. First Priority Mortgage over twenty vessels owned by the Company (Note 13). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee for an amount up to 51% of the principal outstanding.
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh OCBC, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan OCBC untuk merubah komposisi pemegang saham, memberikan pinjaman kepada pemegang saham, dan membayar dividen kepada pemegang saham serta disyaratkan untuk mempertahankan rasio-rasio keuangan. Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company is required to comply with several covenants as required by OCBC, among others, the Company without the OCBC’s approval to change the Company’s shareholders composition, provide loan to shareholders and pay dividend to shareholders and is required to maintain financial ratios. As of December 31, 2012, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2012 sebesar US$3.800.000. Fasilitas kredit ini jatuh tempo berdasarkan permintaan.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, amounted to US$3,800,000. This credit facility are repayable on demand.
4. Fiduciary security over the revenue of vessels been secured related to this facility.
DBS Bank Limited, Singapura
DBS Bank Limited, Singapore
Berdasarkan Perjanjian Fasilitas Kredit tanggal 23 Oktober 2012, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan revolving credit facility dengan nilai maksimum sebesar AS$7.805.000 yang akan digunakan sebagai modal kerja. Fasilitas ini dapat ditarik sewaktu-waktu oleh DBS. Fasilitas ini dikenakan bunga dengan tingkat bunga berkisar antara 5,11% sampai 5,20% per tahun.
Based on Credit Facility Agreement dated October 23, 2012, DBS Bank Limited, Singapore (“DBS”) agreed to provide revolving credit facility with a maximum amount of US$7,805,000 which will be used as working capital. This facility can be withdrawn at any time by DBS. This credit facility is subject to interest at rates ranging from 5.11% to 5.20% per annum.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Destiny (eks. Jaya Agility) yang dimiliki oleh Peseroan (Catatan 13). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang.
This credit facility is secured by, among others: 1. First Priority Mortgage over Destiny (ex. Jaya Agility) vessel owned by the Company (Note 13). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding.
53
155
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PENDEK (lanjutan)
18. SHORT-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura (lanjutan)
DBS Bank Limited, Singapore (continued)
4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh DBS, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan DBS untuk merubah komposisi pemegang saham, memberikan pinjaman kepada pemegang saham, dan membayar dividen kepada pemegang saham serta disyaratkan untuk mempertahankan rasio-rasio keuangan. Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company is required to comply with several covenants as required by DBS, among others, the Company without the DBS’s approval to change the Company’s shareholders composition, provide loan to shareholders and pay dividend to shareholders and is required to maintain financial ratios. As of December 31, 2012, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal 31 Desember 2012, Perseroan belum sepenuhnya menarik fasilitas. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$3.902.500. Fasilitas ini akan jatuh tempo pada 25 September 2017 dan dapat ditarik sewaktu-waktu oleh DBS.
As of December 31, 2012, the Company has not fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, amounted to US$3,902,500. This facility will be due on September 25, 2017 and can be withdrawn at any time by DBS.
United Overseas Bank Limited, Singapura
United Overseas Bank Limited, Singapore
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 Desember 2011, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman modal kerja dengan nilai maksimum sebesar SG$4.500.000 (setara dengan US$3.050.000). Fasilitas ini akan jatuh tempo pada tanggal pembayaran bunga. Atas tanggal jatuh tempo tersebut, Perseroan diperbolehkan untuk memperpanjang jatuh tempo untuk jangka waktu 1, 3 atau 6 bulan. Fasilitas ini dikenakan bunga dengan tingkat bunga sebesar 3,35% sampai 3,44% (2011: 3,79%) per tahun.
Based on Credit Facility Agreement dated December 8, 2011, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company working capital loan facility with a maximum amount of SG$4,500,000 (equivalent with US$3,050,000). This facility shall be repayable on the interest payment date. On the maturity date, the Company may request to roll over the maturity date for another term of 1, 3 or 6 months. This facility is subject to interest at rates ranging from 3.35% to 3.44% (2011: 3.79%) per annum.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas enam belas kapal yang dimiliki oleh Peseroan (Catatan 13). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
This credit facility is secured by, among others: 1. First Priority Mortgage over sixteen vessels owned by the Company (Note 13). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
54
156
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PENDEK (lanjutan) United Overseas (lanjutan)
Bank
Limited,
18. SHORT-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
Bank
Limited,
Singapore
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan UOB untuk merubah komposisi pemegang saham, memberikan pinjaman kepada pemegang saham, dan membayar dividen kepada pemegang saham. Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company required to comply with several covenants as required by UOB, among others, the Company without the UOB’s approval to change the Company’s shareholders composition, provide loan to shareholders and pay dividend to shareholders. As of December 31, 2012, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$3.050.000 (2011: AS$3.050.000).
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, amounted to US$3,050,000 (2011: US$3,050,000).
PT Bank Internasional Indonesia Tbk.
PT Bank Internasional Indonesia Tbk.
Perseroan memperoleh fasilitas pinjaman promes berulang 1 dan fasilitas pinjaman promes berulang 2 dari PT Bank Internasional Indonesia Tbk. dengan nilai pinjaman masing-masing sebesar US$1.000.000 dan US$2.000.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar 7% per tahun dan dijamin oleh kapal-kapal milik Perseroan, piutang usaha dan jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam.
The Company obtained demand loan facility 1 and demand loan facility 2 from PT Bank Internasional Indonesia Tbk. amounting to US$1,000,000 and US$2,000,000, respectively. These loan facilities were subject to interest at the rate of 7% per annum and secured by the Company’s vessels, trade receivables and personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam.
Fasilitas pinjaman ini telah dillunasi oleh Perseroan pada tanggal 20 Desember 2011. Sehubungan dengan pelunasan pinjaman fasilitas ini, seluruh jaminan yang diberikan Perseroan telah dilepaskan.
These loan facilities were fully settled by the Company on December 20, 2011. Following to the settlement on these loan facilities, all guarantees provided by the Company had been released.
PT Bank DBS Indonesia
PT Bank DBS Indonesia
Perseroan memperoleh fasilitas pembiayaan piutang dan fasilitas kredit modal kerja dengan nilai pinjaman masing-masing sebesar US$500.000 dan US$177.805 dari PT Bank DBS Indonesia. Fasilitas pembiayaan piutang dikenakan bunga dengan tingkat bunga 5% per tahun. Fasilitas kredit modal kerja dikenakan bunga dengan tingkat bunga 5,25% per tahun. Fasilitas pinjaman ini dijamin oleh kapalkapal milik Perseroan, bangunan dan jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam.
The Company obtained account receivable financing facility and working capital credit facility from PT Bank DBS Indonesia amounting to US$500,000 and US$177,805, respectively. The account receivable financing facility was subject to interest at the rate of 5% per annum. The working capital credit facility was subject to interest at the rate of 5.25% per annum.These loan facilities were secured by the Company’s vessels, buildings and personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam.
Fasilitas pinjaman ini telah dillunasi oleh Perseroan pada tanggal 9 Desember 2011. Sehubungan dengan pelunasan pinjaman fasilitas ini, seluruh jaminan yang diberikan Perseroan telah dilepaskan.
These loan facilities were fully settled by the Company on December 9, 2011. Following to the settlement on these loan facilities, all guarantees provided by the Company had been released. 55
157
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PENDEK (lanjutan)
18. SHORT-TERM BANK LOANS (continued)
PT IFS Capital Indonesia
PT IFS Capital Indonesia
Perseroan memperoleh pinjaman berupa fasilitas anjak piutang dari PT IFS Capital Indonesia dengan nilai maksimum fasilitas sebesar US$1.000.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar 11% per tahun dan dijamin oleh piutang usaha dan jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam.
The Company obtained receivable factoring credit facility for a maximum amount of US$1,000,000. This loan facility was subject to interest at the rate of 11% per annum and secured by the Company’s trade receivables and personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam.
Fasilitas pinjaman ini telah dillunasi oleh Perseroan pada tanggal 19 Desember 2011. Sehubungan dengan pelunasan pinjaman fasilitas ini, seluruh jaminan yang diberikan Perseroan telah dilepaskan.
This loan facility was fully settled by the Company on December 19, 2011. Following to the settlement on these loan facilities, all guarantees provided by the Company had been released.
19. PINJAMAN DARI PIHAK BERELASI
2012 Strato Maritime Service Pte. Ltd.
19. LOAN FROM A RELATED PARTY
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
-
-
6.542.938
In October 2012, the Company and Strato Maritime Service Pte. Ltd. (“Strato”), a related party, entered into Intercompany Loan agreements, where Strato agreed to provide term loan facility to the Company with total facility of US$7,150,000. This facility is repayable on demand by Strato. This facility is unsecured and are subject to interest at the rate of 10% per annum. The outstanding balance of this facility amounted to US$6,542,938 as of December 31, 2012.
Di bulan Oktober 2012, Perseroan dan Strato Maritime Service Pte. Ltd. (“Strato”), pihak berelasi, menandatangani perjanjian Intercompany Loan, dimana Strato setuju untuk memberikan fasilitas pinjaman berjangka kepada Perseroan dengan total nilai pinjaman sebesar AS$7.150.000. Fasilitas ini dapat ditarik sewaktu-waktu oleh Strato. Fasilitas ini merupakan pinjaman tanpa jaminan dan dikenakan bunga dengan tingkat bunga sebesar 10% per tahun. Saldo terutang untuk fasilitas pinjaman ini sebesar AS$6.542.938 pada tanggal 31 Desember 2012. 20. PINJAMAN BANK JANGKA PANJANG Jatuh tempo dalam 1 tahun/ Current portion Saldo 31 Desember 2012 Pihak ketiga: United Overseas Bank Limited, Singapura Oversea-Chinese Banking Corporation Limited, Singapura DBS Bank Limited, Singapura PT Bank CIMB Niaga Tbk. Dikurangi: Biaya pinjaman yang belum diamortisasi
Strato Maritime Service Pte. Ltd.
20. LONG-TERM BANK LOANS Jatuh tempo lebih dari 1 tahun/ Non-current portion
Jumlah/ Total
6.582.736
26.313.694
32.896.430
5.100.000 2.070.720 1.653.976
18.050.000 12.079.160 3.425.670
23.150.000 14.149.880 5.079.645
15.407.432
59.868.524
75.275.955
Balance as of December 31, 2012 Third parties: United Overseas Bank Limited, Singapore Oversea-Chinese Banking Corporation Limited, Singapore DBS Bank Limited, SIngapore PT Bank CIMB Niaga Tbk. Less:
(110.880)
(318.800)
(429.680)
15.296.552
59.549.724
74.846.275
56
158
Unamortized costs of loans
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan) Jatuh tempo dalam 1 tahun/ Current portion Saldo 31 Desember 2011 (Disajikan Kembali - Catatan 3) Pihak ketiga: United Overseas Bank Limited, Singapura Oversea-Chinese Banking Corporation Limited, Singapura PT Bank CIMB Niaga Tbk. Dikurangi: Biaya pinjaman yang belum diamortisasi
Saldo 31 Desember 2010 (Disajikan Kembali - Catatan 3) Pihak ketiga: PT Bank CIMB Niaga Tbk. PT Bank Internasional Indonesia Tbk. PT Bank DBS Indonesia
20. LONG-TERM BANK LOANS (continued)
Jatuh tempo lebih dari 1 tahun/ Non-current portion
Jumlah/ Total
1.583.337
21.895.828
23.479.165
3.540.000 910.278
15.650.000 2.284.886
19.190.000 3.195.164
6.033.615
39.830.714
45.864.329
Balance as of December 31, 2011 (As Restated - Note 3) Third parties: United Overseas Bank Limited, Singapore Oversea-Chinese Banking Corporation Limited, Singapore PT Bank CIMB Niaga Tbk. Less:
(89.344)
(319.404)
(408.748)
5.944.271
39.511.310
45.455.581
911.222
3.198.547
4.109.769
5.981.923 971.311
7.988.350 -
13.970.273 971.311
7.864.456
11.186.897
19.051.353
Unamortized costs of loans
Balance as of December 31, 2010 (As Restated - Note 3) Third parties: PT Bank CIMB Niaga Tbk. PT Bank Internasional Indonesia Tbk. PT Bank DBS Indonesia
United Overseas Bank Limited, Singapura
United Overseas Bank Limited, Singapore
- Fasilitas Pinjaman Berjangka I
-
Term Loan Facility I
Berdasarkan Perjanjian Fasilitas Kredit tanggal 11 Juli 2011, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$8.750.000 yang akan digunakan untuk pembiayaan atas pembelian kapal. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$104.167 dan pembayaran terakhir sebesar AS$2.604.147. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3% per tahun; tingkat bunga efektif selama tahun 2012 berkisar antara 3,20% sampai 3,25% (2011: 3,24%) per tahun.
Based on Credit Facility Agreement dated July 11, 2011, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$8,750,000 which will be used to refinance the acquisition of vessel. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$104,167 and final installment of US$2,604,147. This credit facility is subject to interest at the rate of SIBOR + 3% per annum; the effective interest rates in 2012 were ranging from 3.20% to 3.25% (2011: 3.24%) per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$6.979.162 (2011: AS$8.229.165). Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$1.250.004.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$6,979,161 (2011: US$8,229,165). Total installment payments made during 2012 amounted to US$1,250,004.
57
159
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan) United Overseas (lanjutan)
Bank
Limited,
20. LONG-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
- Fasilitas Pinjaman Berjangka II
-
Bank
Limited,
Singapore
Term Loan Facility II
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 Desember 2011, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar SG$22.000.000 (setara dengan AS$15.250.000) yang akan digunakan untuk pembayaran pinjaman berjangka kepada PT Bank Internasional Indonesia Tbk. atas pembelian kapal-kapal. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar SG$333.333 (setara dengan AS$231.061) dan pembayaran terakhir sebesar SG$2.333.353 (setara dengan AS$1.617.401). Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3,5% per tahun dengan tingkat bunga efektif tahun 2012 adalah berkisar antara 3,72% sampai 3,78% (2011: 3,51%) per tahun.
Based on Credit Facility Agreement dated December 8, 2011, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of SG$22,000,000 (equivalent with US$15,250,000) which will be used to repay term loan from PT Bank Internasional Indonesia Tbk. in relation to the acquisition of vessels. Repayment on this credit facility by the Company shall be in 59 monthly installments of SG$333,333 (equivalent with US$231,061) and final installment of SG$2,333,353 (equivalent with US$1,617,401). This credit facility is subject to interest at the rate of SIBOR + 3.5% per annum with the effective interest rates in 2012 were ranging from 3.72% to 3.78% (2011: 3.51%) per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$12.477.268 (2011: AS$15.250.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$2.772.732.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, amounted to US$12,477,268 (2011: US$15,250,000). Total installment payments made during 2012 amounted to US$2,772,732.
- Fasilitas Pinjaman Berjangka III
-
Term Loan Facility III
Berdasarkan Perjanjian Fasilitas Kredit tanggal 29 November 2012, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$13.440.000 yang akan digunakan untuk bagian pembiayaan atas pembelian kapal Logindo Reliance. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 9 kali pembayaran secara bulanan sebesar AS$213.333 dilanjutkan dengan 47 kali pembayaran secara bulanan sebesar AS$160.000 dan kemudian pembayaran terakhir sebesar AS$4.000.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3,5% per tahun; tingkat bunga efektif tahun 2012 adalah 3,71% per tahun.
Based on Credit Facility Agreement dated November 29, 2012, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$13,440,000 which will be used to finance partly the acquisition of Logindo Reliance vessel. Repayment on this credit facility by the Company shall be in 9 equal monthly installments of US$213,333 followed by 47 equal monthly installments of US$160,000 and then final repayment of US$4,000,000. This credit facility is subject to interest at the rate of SIBOR + 3.5% per annum; the effective interest rate in 2012 was 3.71% per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$13.440.000. Sampai dengan tanggal 31 Desember 2012, Perseroan belum melakukan pembayaran cicilan.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, amounted to US$13,440,000. As of December 31, 2012, the Company has not made installment payments.
58
160
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan) United Overseas (lanjutan)
Bank
Limited,
20. LONG-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
Bank
Limited,
Singapore
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas delapan belas kapal yang dimiliki oleh Peseroan (Catatan 13). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
These credit facilities are secured by, among others: 1. First Priority Mortgage over eighteen vessels owned by the Company (Note 13). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding.
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan UOB untuk merubah komposisi pemegang saham, memberikan pinjaman kepada pemegang saham, dan membayar dividen kepada pemegang saham. Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
Based on the credit facilities agreements, the Company required to comply with several covenants as required by UOB, among others, the Company without the UOB’s approval to change the Company’s shareholders composition, provide loan to shareholders and pay dividend to shareholders. As of December 31, 2012, the Company has complied with covenants as stated in the credit facilities agreements.
Oversea-Chinese Banking Corporation Limited, Singapura
Oversea-Chinese Banking Corporation Limited, Singapore
- Fasilitas Pinjaman Berjangka I
-
4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
Term Loan Facility I Based on Credit Facility Agreement dated July 7, 2011, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide the Company term loan facility with a maximum amount of US$7,840,000 which will be used to part finance the acquisition of Logindo Overcomer vessel. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$130,000 and final installment of US$170,000. This credit facility is subject to interest at the rate of SIBOR + 2.5% per annum with effective interest rates in 2012 were 2.76% to 2.92% (2011: 2.89%) per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 7 Juli 2011, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar US$7.840.000 yang akan digunakan untuk bagian pembiayaan atas pembelian kapal Logindo Overcomer. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar US$130.000 dan pembayaran terakhir sebesar US$170.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 2,5% per tahun dengan tingkat bunga efektif tahun 2012 adalah berkisar antara 2,76% sampai 2,92% (2011: 2,89%) per tahun.
59
161
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan)
20. LONG-TERM BANK LOANS (continued)
Oversea-Chinese Banking Corporation Limited, Singapura (lanjutan)
Oversea-Chinese Banking Corporation Limited, Singapore (continued)
- Fasilitas Pinjaman Berjangka I (lanjutan)
-
Term Loan Facility I (continued) As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$5,630,000 (2011: US$7,190,000). Total installment payments made during 2012 amounted to US$1,560,000.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$5.630.000 (2011: AS$7.190.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$1.560.000. - Fasilitas Pinjaman Berjangka II
-
Term Loan Facility II
Berdasarkan Perjanjian Fasilitas Kredit tanggal 28 November 2011, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar US$12.000.000 yang akan digunakan untuk bagian pembiayaan atas pembelian kapal Logindo Radiance. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 57 kali pembayaran secara bulanan sebesar US$165.000 dan pembayaran terakhir sebesar US$2.595.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3% per tahun dengan tingkat bunga efektif tahun 2012 adalah berkisar antara 3,22% sampai 3,53% (2011: 3%) per tahun.
Based on Credit Facility Agreement dated July 7, 2011, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide the Company term loan facility with a maximum amount of US$12,000,000 which will be used to finance partly the acquisition of Logindo Radiance vessel. Repayment on this credit facility by the Company shall be in 57 monthly installments of US$165,000 and final installment of US$2,595,000. This credit facility is subject to interest at the rate of SIBOR + 3% per annum with effective interest rates in 2012 were 3.22% to 3.53% (2011: 3%) per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$10.350.000 (2011: AS$12.000.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$1.650.000.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$10,350,000 (2011: US$12,000,000). Total installment payments made during 2012 amounted to US$1,650,000.
- Fasilitas Pinjaman Berjangka III
-
Term Loan Facility III Based on Credit Facility Agreement dated January 12, 2012, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide the Company term loan facility with a maximum amount of US$8,600,000 which will be used to repay term loan from PT Bank DBS Indonesia and PT Mega Finadana Finance in relation to the acquisition of vessels. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$130,000 and final installment of US$930,000. This credit facility is subject to interest at the rate of SIBOR + 3% per annum with effective average interest rate in 2012 was 3.14% per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 12 Januari 2012, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar US$8.600.000 yang akan digunakan untuk pembayaran pinjaman berjangka kepada PT Bank DBS Indonesia dan PT Mega Finadana Finance atas pembelian kapal-kapal. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar US$130.000 dan pembayaran terakhir sebesar US$930.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3% per tahun dengan tingkat bunga efektif rata-rata tahun 2012 adalah 3,14% per tahun. 60
162
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan)
20. LONG-TERM BANK LOANS (continued)
Oversea-Chinese Banking Corporation Limited, Singapura (lanjutan)
Oversea-Chinese Banking Corporation Limited, Singapore (continued)
- Fasilitas Pinjaman Berjangka III (lanjutan)
-
Term Loan Facility III (continued)
Sampai dengan tanggal 31 Desember 2012, Perseroan belum menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$7.170.000. Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$1.430.000.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, amounted to US$7,170,000. Total installment payments made during 2012 amounted to US$1,430,000.
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas dua puluh dua kapal yang dimiliki oleh Peseroan (Catatan 13). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
These credit facilities are secured by, among others: 1. First Priority Mortgage over twenty two vessels owned by the Company (Note 13). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding.
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh OCBC, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan OCBC untuk merubah komposisi pemegang saham, memberikan pinjaman kepada pemegang saham, dan membayar dividen kepada pemegang saham serta disyaratkan untuk mempertahankan rasio-rasio keuangan. Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
Based on the credit facilities agreements, the Company required to comply with several covenants as required by OCBC, among others, the Company without the OCBC’s approval to change the Company’s shareholders composition, provide loan to shareholders and pay dividend to shareholders and is required to maintain financial ratios. As of December 31, 2012, the Company has complied with covenants as stated in the credit facilities agreements.
DBS Bank Limited, Singapura
DBS Bank Limited, Singapore
- Fasilitas Pinjaman Investasi I
-
4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
Investment Loan Facility I Based on Credit Facility Agreement dated October 31, 2012, DBS Bank Limited, Singapura (“DBS”) agreed to provide the Company term loan facility with a maximum amount of US$7,475,000 which will be used to finance partly the acquisition of Destiny vessel. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$88,988 and final installment of US$2,224,708. This credit facility is subject to interest at the rate of SIBOR + 4.9% per annum with effective average interest rate in 2012 was 4.26% per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 31 Oktober 2012, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$7.475.000 yang akan digunakan untuk pembelian kapal Destiny. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$88.988 dan pembayaran terakhir sebesar AS$2.224.708. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 4,9% per tahun dengan tingkat bunga efektif rata-rata tahun 2012 adalah 4,26% per tahun. 61
163
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan)
20. LONG-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura (lanjutan)
DBS Bank Limited, Singapore (continued)
- Fasilitas Pinjaman Investasi I (lanjutan)
-
Investment Loan Facility I (continued) As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$7,297,024. Total installment payments made during 2012 amounted to US$177,976.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah sepenuhnya menarik fasilitas. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$7.297.024. Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$177.976. - Fasilitas Pinjaman Investasi II
-
Investment Loan Facility II
Berdasarkan Perjanjian Fasilitas Kredit tanggal 31 Oktober 2012, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$7.02.000 yang akan digunakan untuk pembelian kapal Enterprise. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$83.572 dan pembayaran terakhir sebesar AS$2.089.252. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 4,9% per tahun dengan tingkat bunga efektif rata-rata tahun 2012 adalah 4,26% per tahun.
Based on Credit Facility Agreement dated October 31, 2012, DBS Bank Limited, Singapore (“DBS”) agreed to provide the Company term loan facility with a maximum amount of US$7,020,000 which will be used to finance partly the acquisition of Enterprise vessel. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$83,572 and final installment of US$2,089,252. This credit facility is subject to interest at the rate of SIBOR + 4.9% per annum with effective average interest rate in 2012 was 4.26% per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah sepenuhnya menarik fasilitas. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$6.852.856. Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$167.144.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$6,852,856. Total installment payments made during 2012 amounted to US$167,144.
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Destiny dan kapal Longindo Stature yang dimiliki oleh Peseroan (Catatan 13). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
These credit facilities are secured by, among others: 1. First Priority Mortgage over Destiny and Longindo Stature vessel owned by the Company (Note 13). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
62
164
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan)
20. LONG-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura (lanjutan)
DBS Bank Limited, Singapore (continued)
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh DBS, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan DBS untuk merubah komposisi pemegang saham, memberikan pinjaman kepada pemegang saham, dan membayar dividen kepada pemegang saham serta disyaratkan untuk mempertahankan rasio-rasio keuangan. Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
Based on the credit facilities agreements, the Company required to comply with several covenants as required by DBS, among others, the Company without the DBS’s approval to change the Company’s shareholders composition, provide loan to shareholders and pay dividend to shareholders and is required to maintain financial ratios. As of December 31, 2012, the Company has comply with covenants as stated in the credit facilities agreements.
PT Bank CIMB Niaga Tbk.
PT Bank CIMB Niaga Tbk.
- Fasilitas Pinjaman Investasi I
-
Investment Loan Facility I
Berdasarkan Perjanjian Kredit tanggal 17 Juli 2009, PT Bank CIMB Niaga Tbk. (“CIMB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar Rp5.000.000.000 yang akan digunakan untuk mendanai pembangunan gedung kantor milik Perseroan. Jangka waktu fasilitas pinjaman ini adalah 72 bulan setelah pencairan pinjaman. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga sebesar 12,5% (2011: 12,5%; 2010: 12,5%) per tahun.
Based on Credit Facility Agreement dated July 17, 2009, PT Bank CIMB Niaga Tbk. (“CIMB”) agreed to provide the Company investment loan facility amounting to Rp5,000,000,000 which will be used to finance development of the Company’s office building. This loan will be due in 72 months from drawdown of this loan. This credit facility is subject to variable interest at the rate of 12.5% (2011: 12.5%; 2010: 12.5%) per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar Rp2.583.333.343 atau setara dengan AS$267.149 (2011: Rp3.583.333.427 atau setara dengan AS$395.162). Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar Rp1.000.000.000 atau setara dengan AS$106.548.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to Rp2,583,333,343 or equivalent to US$267,149 (2011: Rp3,583,333,427 or equivalent to US$395,162). Total installment payments made during 2012 amounted to Rp1,000,000,000 or equivalent to US$106,548.
- Fasilitas Pinjaman Investasi II
-
Investment Loan Facility II Based on Credit Facility first Amendment Agreement date June 28, 2010, PT Bank CIMB Niaga Tbk. (“CIMB”) agreed to provide the Company investment loan facility amounting to US$3,600,000 which will be used to part finance the acquisition of LSM Dunamos vessel. This loan will be due in 72 months from drawdown of this loan. This credit facility is subject to variable interest at the rate of 6.5% (2011: 6.5%; 2010: 6.5%) per annum.
Berdasarkan Perubahan kesatu atas Perjanjian Kredit tanggal 28 Juni 2010, PT Bank CIMB Niaga Tbk. (“CIMB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar US$3.600.000 yang akan digunakan untuk pembelian kapal LSM Dunamos. Jangka waktu fasilitas pinjaman ini adalah 72 bulan setelah pencairan pinjaman. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga berkisar antara 6,5% (2011: 6,5%; 2010: 6,5%) per tahun
63
165
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan)
20. LONG-TERM BANK LOANS (continued)
PT Bank CIMB Niaga Tbk. (lanjutan)
PT Bank CIMB Niaga Tbk. (continued)
- Fasilitas Pinjaman Investasi II (lanjutan)
-
Investment Loan Facility II (continued) As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$1,999,996 (2011: US$2,800,000; 2010: AS$3,600,000). Total installment payments made during 2012 amounted to US$1,116,207.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$1.999.996 (2011: AS$2.800.000; 2010: AS$3.600.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$1.116.207. - Fasilitas Pinjaman Investasi III
-
Investment Loan Facility III
Berdasarkan Perjanjian Fasilitas Kredit tanggal 9 Mei 2012, PT Bank CIMB Niaga Tbk. (“CIMB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$3.000.000 yang akan digunakan untuk pembelian kapal LSM Nusantara. Jangka waktu fasilitas pinjaman ini adalah 60 bulan setelah pencairan pinjaman. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga sebesar 6,5% per tahun.
Based on Credit Facility Agreement dated May 9, 2012, PT Bank CIMB Niaga Tbk. (“CIMB”) agreed to provide the Company investment loan facility amounting to US$3,000,000 which will be used to part finance the acquisition of LSM Nusantara vessel. This loan will be due in 60 months from drawdown of this loan. This credit facility is subject to variable interest at the rate of 6.5% per annum.
Sampai dengan tanggal 31 Desember 2012, Perseroan telah menarik seluruh fasilitas pinjaman. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2012 sebesar AS$2.812.500. Jumlah pembayaran cicilan yang dilakukan selama tahun 2012 adalah sebesar AS$250.000.
As of December 31, 2012, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$2,812,500. Total installment payments made during 2012 amounted to US$250,000.
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal LSM Nusantara dan kapal LSM Dunamos yang dimiliki oleh Perseroan (Catatan 13). 2. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sebesar total fasilitas pinjaman. 3. Bangunan milik Perseroan.
These credit facilities are secured by, among others: 1. First Priority Mortgage over LSM Nusantara and LSM Dunamos vessels owned by the Company (Note 13). 2. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam, in the amount of total loan facility. 3. Buildings owned by the Company.
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh CIMB, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan CIMB untuk merubah pengurus dan komposisi pemegang saham Perseroan, dan membayar dividen kepada pemegang saham serta disyaratkan untuk mempertahankan rasio keuangan dan menyediakan dana (sinking fund).
Based on the credit facilities agreements, the Company required to comply with several covenants as required by CIMB, among others, the Company without the CIMB’s approval to change the Company’s management and shareholders composition and pay dividend to shareholders and is required to maintain financial ratio and provide sinking funds.
Pada tanggal 31 Desember 2012, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
As of December 31, 2012, the Company has complied with covenants as stated in the credit facilities agreements. 64
166
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
20. PINJAMAN BANK JANGKA PANJANG (lanjutan)
20. LONG-TERM BANK LOANS (continued)
PT Bank Internasional Indonesia Tbk.
PT Bank Internasional Indonesia Tbk.
- Fasilitas Pinjaman Berjangka
-
Term Loan Facilities
Berdasarkan Akta Notaris No. 10 dari Veronica Nataatdmadja, S.H., tanggal 12 November 2008 dan berikut perubahan-perubahannya, Perseroan memperoleh fasilitas pinjaman berjangka 1, 2 dan 3 dari PT Bank Internasional Indonesia Tbk. dengan nilai maksimum pinjaman masing-masing sebesar AS$6.138.608, AS$3.192.933 dan AS$8.706.199. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar 7,5% (2010 : 7% sampai 7,5%) per tahun dan dijamin oleh sembilan belas kapal yang dimiliki oleh Perseroan, piutang usaha dan jaminan pribadi.
Based on Notarial Deed No, 10 of Veronica Nataadmadja, S.H., dated November 12, 2008 and including its amendments, the Company obtained term loan facilities 1, 2 and 3 from PT Bank Internasional Indonesia Tbk. for maximum amounts of US$6,138,608, US$3,192,933 and US$8,706,199, respectively. These loan facilities were subject to interest at the rate of 7.5% (2010: 7% to 7.5%) per annum and secured by nineteen vessels owned by the Company, trade receivables and personal guarantee.
Fasilitas pinjaman ini telah dillunasi oleh Perseroan pada tanggal 20 Desember 2011. Sehubungan dengan pelunasan pinjaman fasilitas ini, seluruh jaminan yang diberikan Perseroan telah dilepaskan.
These loan facilities were fully settled by the Company on December 20, 2011. Following to the settlement on these loan facilities, all guarantees provided by the Company had been released.
PT Bank DBS Indonesia
PT Bank DBS Indonesia
- Fasilitas Pinjaman Investasi
-
Investment loan facilities
Berdasarkan Akta Notaris No. 12 dari Veronica Nataatdmadja, S.H., tanggal 12 Desember 2006, Perseroan memperoleh fasilitas pinjaman investasi 1, 2 dan 3 dengan nilai pinjaman masing-masing sebesar AS$1.200.000, AS$2.029.388 dan AS$2.592.807 dari PT Bank DBS Indonesia. Seluruh fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga 5% per tahun. Fasilitas pinjaman ini dijamin oleh kapalkapal sepuluh kapal yang dimiliki oleh Perseroan, bangunan dan jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam.
Based on Notarial Deed No, 12 of Veronica Nataadmadja, S.H., dated December 12, 2006, the Company obtained investment loan facilities 1, 2 and 3 amounting to US$1,200,000, US$2,029,388 dan US$2,592,807, respectively, from PT Bank DBS Indonesia, respectively. All loan facilities were subject to interest at the rate of 5% per annum. These loan facilities were secured by the ten vessels owned by the COmpany, buildings and personal guarantee from Eddy Kurniawan Logam dan Rudy Kurniawan Logam.
Fasilitas pinjaman ini telah dillunasi oleh Perseroan pada tanggal 9 Desember 2011. Sehubungan dengan pelunasan pinjaman fasilitas ini, seluruh jaminan yang diberikan Perseroan telah dilepaskan.
These loan facilities were fully settled by the Company on December 9, 2011. Following to the settlement on these loan facilities, all guarantees provided by the Company had been released.
65
167
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
21. UTANG PEMBIAYAAN KONSUMEN
21. CONSUMER FINANCE LIABILITIES
Perseroan mengadakan perjanjian pembiayaan konsumen dengan beberapa lembaga keuangan untuk pembelian kendaraan bermotor.
The Company entered into consumer finance agreements with several financial institutions for purchase of motor vehicles.
Utang pembiayaan konsumen Perseroan terdiri dari:
Consumer finance liabilities represent liabilities of the Company as follows:
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
111.486 52.149 28.422 686 -
16.468 28.317 59.513 1.296 7.168
41.522 183.328 13.013
PT U Finance PT Tunas Mandiri Finance PT BII Finance Center PT Federal International Finance PT Clipan Multifinance
192.743
112.762
237.863
Total consumer finance liabilities
(91.572)
(82.216)
(105.015)
101.171
30.546
132.848
2012 PT U Finance PT Tunas Mandiri Finance PT BII Finance Center PT Federal International Finance PT Clipan Multifinance Total utang pembiayaan konsumen Dikurangi bagian yang jatuh tempo dalam waktu satu tahun Bagian jangka panjang
Less current portion Long-term liabilities
Utang pembiayaan konsumen ini dijamin oleh kendaraan yang dibeli oleh Perseroan (Catatan 13).
These consumer finance liabilities are secured by vehicles purchased by the Company (Note 13).
Utang pembiayaan konsumen dikenakan bunga berkisar antara 5,7% sampai dengan 17,5% per tahun.
Consumer finance liabilities bear interest at rates ranging from 5.7% to 17.5% per annum.
22. LIABILITAS SEWA PEMBIAYAAN
22. FINANCE LEASE LIABILITIES Finance lease liabilities represent liabilities of the Company as follows:
Liabilitas sewa pembiayaan Perseroan terdiri dari:
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
892.575 -
5.677.870 -
8.119.093 762.992
Vessels PT Megafina Dana Finance PT PANN Multi Finance
84.672
71.374
223.704
Vehicles PT Mitsui
977.247
5.749.244
9.105.789
Total finance lease liabilities
(526.136)
(2.110.437)
(2.791.927)
451.111
3.638.807
6.313.862
2012 Kapal PT Megafina Dana Finance PT PANN Multi Finance Kendaraan PT Mitsui Total liabilitas sewa pembiayaan Dikurangi bagian yang jatuh tempo dalam waktu satu tahun Bagian jangka panjang
66
168
Less current portion Long-term liabilities
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
22. LIABILITAS SEWA PEMBIAYAAN (lanjutan)
22. FINANCE LEASE LIABILITIES (continued) Future minimum lease payments under finance leases together with the present value of net minimum lease payments are as follows:
Pembayaran sewa minimum masa datang atas liabilitas sewa pembiayaan dan nilai kini dari pembayaran sewa minimum adalah sebagai berikut:
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
2012 Dalam satu tahun Lebih dari satu tahun tetapi kurang dari lima tahun
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
593.786
2.805.861
3.153.307
476.205
4.131.227
7.693.061
Jumlah pembayaran sewa minimum Dikurangi bagian bunga
1.069.991 (92.744)
6.937.088 (1.187.844)
10.846.368 (1.740.579)
Nilai kini pembayaran sewa minimum Bagian yang jatuh tempo dalam satu tahun
977.247
5.749.244
9.105.789
(526.136)
(2.110.437)
(2.791.927)
451.111
3.638.807
6.313.862
Bagian jangka panjang
Within one year After one year but not more than five years Total minimum leases payments Less interest portion Present value of minimum lease payments Current portion Long-term liabilities
Liabilitas sewa pembiayaan dijamin oleh kapal-kapal dan kendaraan yang diperoleh melalui liabilitas sewa pembiayaan (Catatan 13).
Finance lease liabilities are secured by vessels and vehicles acquired through finance lease liabilities (Note 13).
Liabilitas sewa pembiayaan dikenakan bunga berkisar antara 5,7% sampai dengan 17,5% per tahun.
Finance lease liabilities bear interest at rates ranging from 5.7% to 17.5% per annum.
23. LIABILITAS IMBALAN KERJA JANGKA PENDEK
23. SHORT-TERM EMPLOYEE BENEFITS LIABILITY This account represents short-term employee benefits liability consisting mainly of accrual for salaries and bonus.
Akun ini merupakan imbalan kerja jangka pendek yang terdiri dari pembayaran akrual gaji dan bonus.
24. LIABILITAS PANJANG
IMBALAN
KERJA
JANGKA
24. LONG-TERM EMPLOYEE BENEFITS LIABILITY
Perseroan memberikan imbalan kerja jangka panjang kepada karyawan sesuai dengan UU No. 13/2003. Imbalan tesebut tidak didanai.
The Company provides long-term employee benefits to its employee based on the Law No. 13/2003. The benefits are unfunded.
Liabilitas imbalan kerja jangka panjang pada tanggal 31 Desember 2012 dan 2011 adalah berdasarkan perhitungan yang dilakukan oleh PT Sakura Aktuaria Indonesia, aktuaris independen, sesuai laporannya masing-masing tanggal 18 Pebruari 2013 dan 9 April 2012. Liabilitas imbalan kerja jangka panjang pada tanggal 31 Desember 2010 berdasarkan perhitungan manajemen Perseroan.
The long-term employee benefits liability as of December 31, 2012 and 2011 is based on calculation performed by PT Sakura Aktuaria Indonesia, an independent actuary, as per its report dated February 18, 2013 and April 9, 2012, respectively. The long-term employee benefits liability as of December 31, 2010 is based on calculation performed by the Company’s management.
67
169
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
24. LIABILITAS IMBALAN PANJANG (lanjutan)
KERJA
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
JANGKA
24. LONG-TERM EMPLOYEE BENEFITS LIABILITY (continued)
Asumsi aktuarial utama yang digunakan untuk menentukan liabilitas imbalan kerja jangka panjang dalam program imbalan pasti pada tanggal 31 Desember 2012 dan 2011 dan 1 Januari 2011/ 31 Desember 2010 adalah sebagai berikut:
The principal actuarial assumptions used to longterm employee benefits liability under defined benefits plans as at December 31, 2012 and 2011 and Jauary 1, 2011/December 31, 2011, are as follows:
2012 Tingkat diskonto Tingkat kenaikan gaji Usia pensiun Tingkat kematian Tingkat catat Tingkat pengunduran diri
2011
6% per annum 10% per annum 55 years of age CSO 1980 3% of mortality rate 3% at less than 45 years of age and reducing linearly until pension
Jumlah yang diakui pada laporan komprehensif adalah sebagai berikut:
2010
7% per annum 10% per annum 55 years of age CSO 1980 3% of mortality rate 3% at less than 45 years of age and reducing linearly until pension
laba
12% per annum 10% per annum 55 years of age -
Discount rate Wages and salary increase Retirement age Mortality rate Disability rate Voluntary resignation rate
The amounts recognized in the statements of comprehensive income are as follows:
rugi
2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Biaya jasa kini Biaya bunga Amortisasi dari kerugian aktuarial yang belum diakui dan penyesuaian lainnya Biaya jasa lalu
124.669 16.126
94.150 10.276
2.024 326
10.726 348
Current service cost Interest cost Amortization of unrecognized actuarial loss and other adjustments Past service costs
Total beban imbalan kerja karyawan
143.145
115.500
Total employee benefit expenses
Long-term employee benefits liability recognized in the statements of financial position is as follows:
Liabilitas imbalan kerja jangka panjang yang diakui di laporan posisi keuangan adalah sebagai berikut:
2012
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3) 59.236
Nilai kini dari liabilitas Kerugian aktuarial masa lalu yang belum diakui Biaya jasa masa lalu yang belum diakui
403.544
246.685
(95.027)
(69.985)
-
Unrecognized actuarial losses
(1.706)
(2.167)
-
Unrecognized past service cost
Saldo pada akhir tahun
306.811
59.236
Balance at end of year
174.533
68
170
Present value of the obligations
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
24. LIABILITAS IMBALAN PANJANG (lanjutan)
KERJA
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
JANGKA
24. LONG-TERM EMPLOYEE BENEFITS LIABILITY (continued) The movement of present value of obligation is as follows:
Mutasi nilai kini liabilitas adalah sebagai berikut:
2012
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
Pada awal tahun Biaya jasa kini Biaya bunga Kerugian aktuarial
246.685 124.669 16.126 16.064
59.236 94.150 10.276 83.023
41.338 10.397 7.501
At beginning of the year Current service cost Interest cost Actuarial losses
Saldo pada akhir tahun
403.544
246.685
59.236
Balance at the end of the year
Comparison of present value of obligation:
Perbandingan nilai kini liabilitas: Nilai Kini Liabilitas/ Present Value of Obligation 31 Desember 2012 31 Desember 2011 31 Desember 2010
403.544 246.685 59.236
The movements in long-term employee benefits liability recognized in the statements of financial position are as follows:
Mutasi liabilitas imbalan kerja jangka panjang yang diakui pada laporan posisi keuangan adalah sebagai berikut:
2012
December 31, 2012 December 31, 2011 December 31, 2010
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
Saldo pada awal tahun Beban tahun berjalan Selisih kurs mata uang asing
174.533 143.145 (10.867)
59.236 115.500 (203)
59.236 -
Balance at beginning of year Expense during the year Foreign exchange difference
Saldo pada akhir tahun
306.811
174.533
59.236
Balance at end of year
69
171
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
25. MODAL SAHAM Susunan pemegang sebagai berikut:
25. SHARE CAPITAL saham
Perseroan
The Company’s shareholders and their ownership interests are as follows:
adalah
31 Desember 2012 dan 2011:
December 31, 2012 and 2011:
Saham/ Shares Alstonia Offshore Pte. Ltd. Mr. Rudy Kurniawan Logam Mr. Eddy Kurniawan Logam Mrs. Merna Logam
Nilai Nominal Saham/ Par value of shares
% Kepemilikan/ % Ownership
22.098 11.500 9.200 2.300
2.470.983 1.529.376 1.223.500 305.875
49,00 25,50 20,40 5,10
45.098
5.529.734
100,00
31 Desember 2010:
December 31, 2010: Saham (ribuan lembar)/ Nilai Nominal Shares Saham/ (thousand Par value of of shares) shares
Mr. Rudy Kurniawan Logam Mr. Eddy Kurniawan Logam Mrs. Merna Logam
Alstonia Offshore Pte. Ltd. Mr. Rudy Kurniawan Logam Mr. Eddy Kurniawan Logam Mrs. Merna Logam
% Kepemilikan/ % Ownership
11.500 9.200 2.300
1.529.376 1.223.500 305.875
50,00 40,00 10,00
23.000
3.058.751
100,00
Mr. Rudy Kurniawan Logam Mr. Eddy Kurniawan Logam Mrs. Merna Logam
On May 25, 2011, Alstonia Offshore Pte. Ltd. (“Alstonia”) and Eddy Kurniawan Logam (“EKL”), Rudy Kurniawan Logam (“RKL”), and Merna Logam (“ML”), (EKL, RKL and ML collectively referred as to the “Existing Shareholders”), and the Company entered into Shares Subscription Agreement whereas the Company agreed to propose allotment and issues the new shares (representing 22,098 ordinary shares or 49% of new shares ownership) to Alstonia. Alstonia has agreed to subscribe for the new shares. The consideration amount payable to Alstonia for each new share was at premium price, in amount of US$1,040.82 per share and the aggregate subscription price was US$23,000,000. The total subscription price of US$23,000,000 be settled by: a) transfer of the vessel to the Company based on value assessed by independent valuer of US$20,000,000 and b) the remaining amount of US$3,000,000 shall be paid in cash.
Pada tanggal 25 Mei 2011, Alstonia Offshore Pte. Ltd. ("Alstonia") dan Eddy Kurniawan Logam ("EKL"), Rudy Kurniawan Logam ("RKL"), dan Merna Logam ("ML"), (EKL, RKL dan ML secara kolektif disebut sebagai ke "Pemegang Saham Lama"), dan Perseroan mengadakan Shares Subscription Agreement dimana Perseroan setuju untuk mengusulkan penjatahan dan menerbitkan saham baru (mewakili 22.098 saham biasa atau 49% kepemilikan saham baru) untuk Alstonia. Alstonia telah setuju untuk memiliki saham baru tersebut. Jumlah utang Alstonia untuk setiap saham baru ditetapkan pada harga premium sebesar AS$1.040,82 per lembar saham dan harga total sebesar AS$23.000.000. Harga pembelian saham sebesar AS$23.000.000 diselesaikan dengan caracara sebagai berikut: a) pengalihan kapal kepada Perseroan berdasarkan nilai penilaian oleh penilai independen sebesar AS$20.000.000 dan b) jumlah yang tersisa sebesar AS$3.000.000 akan dibayar secara tunai.
70
172
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
25. MODAL SAHAM (lanjutan)
25. SHARE CAPITAL (continued) Based on Shareholders’ Resolution In Lieu of An Extraordinary General Meeting of Shareholders, which were notarized in Deed No. 6 dated October 13, 2011, of Tjhong Sendrawan, S.H., the existing shareholders approved several matters, among others: a) the increase in the Company’s authorized capital from Rp23,000,000,000 consisting 23,000 shares to Rp45,098,000,000 consisting 45,098 shares, b) the issuance of new 22,098 shares which will be allocated to Alstonia, c) approved the entering, signing and execution of the Subscription Agreement dated May 25, 2011, d) approved the premium price of US$23,000,000 and to accept payment in form of transfer vessel with market value of US$20,000,000 and in cash payment at US$3,000,000 and e) approved the amendments of the Company’s Article of Association. The amendment of the Company’s Article of Association was approved by the Minister of Justice and Human Rights through his Decision Letter No. AHU-54661.AH.01.02.Tahun 2011 dated November 9, 2011.
Berdasarkan Resolusi Pemegang Saham Sebagai Pengganti Rapat Umum Pemegang Saham Luar Biasa, yang diaktakan dengan Akta Notaris Tjhong Sendrawan, S.H., No. 6 tanggal 13 Oktober 2011, para pemegang saham lama menyetujui beberapa hal, antara lain: a) peningkatan modal dasar Perseroan dari Rp23.000.000.000 yang terdiri 23.000 saham menjadi Rp45.098.000.000 yang terdiri 45.098 saham, b) penerbitan 22.098 saham baru yang akan dialokasikan untuk Alstonia, c) menyetujui penandatanganan dan pelaksanaan dari Subscription Agreement tanggal 25 Mei 2011, d) menyetujui harga premium penerbitan saham sebesar AS$23.000.000 dan menerima pembayaran dalam bentuk pemindahan kapal dengan nilai pasar sebesar AS$20.000.000 dan pembayaran tunai sebesar AS$3.000.000 dan e) menyetujui perubahan Anggaran Dasar Perseroan. Perubahan Anggaran Dasar Perseroan telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan Nomor AHU54661.AH.01.02.Tahun 2011 tanggal 9 November 2011. 26. TAMBAHAN MODAL DISETOR
26. ADDITIONAL PAID-IN CAPITAL The additional paid-in capital represents the difference between the share premium price issued to Alstonia and nominal value per shares as described in Note 25.
Tambahan modal disetor merupakan selisih antara harga saham baru yang diterbitkan kepada Alstonia dengan harga per lembar saham seperti dijelaskan dalam Catatan 25. 27. LABA PER SAHAM DASAR
27. BASIC EARNINGS PER SHARE The computation of basic earnings per share is as follows:
Perhitungan laba per saham dasar adalah sebagai berikut: 2012 Laba neto yang dapat diatribusikan kepada pemilik entitas induk untuk perhitungan laba per saham dasar Total rata-rata tertimbang saham yang beredar (lembar) Laba per saham dasar yang dapat diatribusikan kepada pemilik entitas induk (angka penuh)
2011
8.858.714 45.098
196
71
173
Net income attributable to the equity holders of parent entity for computation 3.726.978 of basic earnings per share 26.683
Weighted average number of shares outstanding (shares)
140
Basic earnings per share, attributable to the equity holders of parent entity (full amount)
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
28. PENDAPATAN
28. REVENUE 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Pihak ketiga: Jasa sewa kapal Jasa pelayaran lainnya
31.339.530 2.754.574
23.515.386 1.999.815
34.094.104
25.515.201 Details of customers which represent more than 10% of the total revenues are as follows:
Perincian pelanggan dengan nilai pendapatan melebihi 10% dari jumlah pendapatan usaha adalah sebagai berikut:
Persentase dari jumlah pendapatan/ Percentage of total revenue
Pendapatan/Revenue 2012 Pihak ketiga: Total E&P Indonesie PT Pertamina Hulu Energi
Third parties: Vessel charter Other marine services
2011
2012
2011
21.784.871 4.750.384
15.347.848 2.934.189
70% 15%
65% 12%
26.535.255
18.282.037
85%
77%
29. BEBAN POKOK PENDAPATAN
29. COST OF REVENUE 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Penyusutan (Catatan 13) Gaji Bahan bakar kapal Perbaikan dan pemeliharaan Sewa kapal Asuransi Akomodasi Lain-lain (kurang dari AS$500.000)
Third parties Total E&P Indonesie PT Pertamina Hulu Energi
5.019.152 4.129.832 2.798.499 2.268.858 641.098 610.311 590.683 1.451.215
3.209.663 1.821.094 2.670.751 1.931.092 1.617.481 483.692 393.530 996.555
17.509.648
13.123.858
Depreciation (Note 13) Salaries Vessel fuels Repair and maintenance Vessel lease Insurance Accomodation Others (less than US$500,000)
During the years ended December 31, 2012 and 2011, there were no purchases made from any single supplier with a cumulative amount exceeding 10% of the total net revenue.
Selama tahun yang berakhir pada tanggal-tanggal 31 Desember 2012 dan 2011, tidak ada transaksi dari satu pemasok dengan total pendapatan kumulatif yang melebihi 10% dari penjualan neto.
72
174
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
30. BEBAN UMUM DAN ADMINISTRASI
30. GENERAL AND ADMINISTRATIVE EXPENSES 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Gaji dan tunjangan lainnya Penyusutan (Catatan 13) Beban kantor Denda pajak Beban tender Sewa Jasa profesional Beban imbalan kerja karyawan (Catatan 24) Perjalanan dinas Perbaikan pemeliharaan Penyisihan penurunan nilai piutang (Catatan 6) Lain-lain (kurang dari AS$500.000)
2.398.794 387.974 318.137 272.891 184.669 156.449 151.353
1.285.583 295.722 272.121 9.651 130.533 164.886 222.081
143.145 142.717 29.884
115.500 184.628 149.526
324.890
157.925 1.048.708
4.510.903
4.036.864
31. PENDAPATAN OPERASI LAINNYA
31. OTHER OPERATING INCOME 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Laba selisih kurs, neto Laba penjualan aset tetap
386.041 18.777
254.224 28.921
404.818
283.145
32. BEBAN OPERASI LAINNYA
Foreign exchange gains, net Gain on sale of fixed assets
32. OTHER OPERATING EXPENSES 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Beban lainnya
Salaries and other benefits Depreciation (Note 13) Office expenses Tax penalty Tender expenses Rent Profesional services Employee benefit expenses (Note 24) Business travel Repairs and maintenance Provision for impairment of receivables (Note 6) Others (less than US$500,000)
11.271
73
175
5.713
Other expenses
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
33. PENDAPATAN KEUANGAN a.
KEUANGAN
DAN
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
BEBAN
33. FINANCE INCOME AND FINANCE COSTS
Pendapatan keuangan
a. Finance income 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Pendapatan bunga deposito Pendapatan jasa giro
b.
32.955 3.990
24 15.680
36.945
15.704
Biaya keuangan
b. Finance costs 2011 Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Beban bunga bank Beban bunga sewa pembiayaan Beban bank Beban bunga utang pembiayaan konsumen
2.566.428 245.354 244.733
1.997.655 1.703.879 407.040
25.768
33.419
3.082.283
4.141.993
34. INFORMASI MENGENAI PIHAK BERELASI
a. Transactions with related parties The details of sales to and purchases from related parties are as follows:
Rincian penjualan dan pembelian kepada pihak berelasi adalah sebagai berikut:
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
2012
Pendapatan jasa towing: Entitas di bawah kendali grup Pacific Radiance Ltd.: Strato Maritime Services Pte. Ltd. Pendapatan atas biaya penggantian : Pihak berelasi lainnya: PT Steadfast Marine PT Servewell Offshore
Persentase pendapatan dari pihak berelasi dengan total pendapatan
Interest expense from banks Interest expense from finance leases Bank charges Consumer finance liabilities expenses
34. RELATED PARTY INFORMATION
a. Transaksi dengan pihak berelasi
Pendapatan jasa manajemen: Pihak berelasi lainnya: PT Steadfast Marine
Interest income from time deposits Interest income from current accounts
34.021
23.660
345.150
-
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
-
Management fee income: Other related party: PT Steadfast Marine
-
Towing service income: Entity under common control of Pacific Radiance Ltd. Group: Strato Maritime Services Pte. Ltd. Income from reimbursement charges: Other related party: PT Steadfast Marine PT Serveweel Offshore
63.499 93.618
-
-
536.288
23.660
-
1,54%
0,09%
0,00%
74
176
Percentage of revenue involving a related party to total revenue
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
34. INFORMASI (lanjutan)
MENGENAI
PIHAK
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
BERELASI
34. RELATED PARTY INFORMATION (continued)
a. Transaksi dengan pihak berelasi (lanjutan)
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
2012 Beban pokok pendapatan dan biaya keuangan: Pihak berelasi lainnya: PT Steadfast Marine
a. Transactions with related parties (continued)
-
985.067
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
-
Cost of revenue and finance expense: Other related party: PT Steadfast Marine
Entitas di bawah kendali grup Pacific Radiance Ltd.: Pacific Crest Pte. Ltd. Strato Maritime Services Pte. Ltd.
-
726.484
-
142.938
85.803
-
Entity under common control of Pacific Radiance Ltd. Group: Pacific Crest Pte. Ltd. Strato Maritime Services Pte. Ltd.
Entitas Induk: Alstonia Offshore Pte. Ltd.
-
568.812
-
Parent company: Alstonia Offshore Pte. Ltd.
Biaya penggantian : Entitas Induk: Alstonia Offshore Pte. Ltd. Pihak berelasi lainnya: PT Steadfast Marine Biaya lain-lain : Entitas di bawah kendali grup Pacific Radiance Ltd.: Pacific Crest Pte. Ltd. Strato Maritime Services Pte. Ltd. Pihak berelasi lainnya: PT Steadfast Marine PT Servewell Offshore
Persentase beban pokok pendapatan dan biaya keuangan dari pihak berelasi dengan total beban pokok pendapatan dan biaya keuangan
200.526
-
-
Reimbursement expense: Parent company: Alstonia Offshore Pte. Ltd.
22.053
-
-
Other related party: PT Steadfast Marine
310.943
-
-
26.037
-
-
Other expense: Entity under common control of Pacific Radiance Ltd. Group: Pacific Crest Pte. Ltd. Strato Maritime Services Pte. Ltd.
731.301 208.725
-
-
Other related party: PT Steadfast Marine PT Servewell Offshore
1.642.523
2.366.166
-
6,48%
13,52%
75
177
0,00%
Percentage of cost of revenue and finance expenses involving related parties to total cost of revenue and finance expenses
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
34. INFORMASI MENGENAI PIHAK BERELASI
34. RELATED PARTY INFORMATION
b. Saldo dengan pihak berelasi
b. Balances with related parties
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
2012 Aset Piutang usaha Pihak berelasi lainnya: PT Steadfast Marine Entitas di bawah kendali grup Pacific Radiance Ltd.: Strato Maritime Services Pte. Ltd. Total piutang usaha dengan pihak berelasi
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
40.745
22.945
-
65.723
-
-
Asset Trade receivables Other related party: PT Steadfast Marine Entity under common control of Pacific Radiance Ltd. Group: Strato Maritime Services Pte. Ltd.
106.468
22.945
-
Total trade receivables from related parties
Piutang lain-lain Pihak berelasi lainnya: Piutang kepada Direksi Aset tidak lancar lainnya Uang muka pembelian kapal Pihak berelasi lainnya: PT Steadfast Marine
340.301
340.301
1.495.402
Other receivables Other related party: Director’s receivables Other non-current assets Advance for purchase of vessel Other related party: PT Steadfast Marine
Total aset
446.769
363.246
1.522.101
Total assets
0,30%
0,36%
2,97%
Percentage of total assets involving related parties to total assets
Persentase jumlah aset dari pihak-pihak berelasi dengan total aset Liabilitas Utang usaha Entitas di bawah kendali grup Pacific Radiance Ltd.: Pacific Crest Pte. Ltd. Strato Maritime Service Pte. Ltd.
-
-
26.699
242.937
671.556
-
Liabilities Trade payables Entity under common control of Pacific Radiance Ltd. Group: Pacific Crest Pte. Ltd. Strato Maritime Service Pte. Ltd.
-
77.134
-
Pihak berelasi lainnya: PT Servewell Offshore PT Steadfast Marine
217.222 -
236.045
-
Other related party: PT Servewell Offshore PT Steadfast Marine
Entitas Induk: Alstonia Offshore Pte. Ltd.
445.200
380.020
-
Parent company: Alstonia Offshore Pte. Ltd.
Total utang usaha dengan pihak berelasi
905.359
1.364.755
-
Total trade payables to related parties
Pinjaman dari Entitas di bawah kendali grup Pacific Radiance Ltd.: Strato Maritime Service Pte. Ltd.
6.542.938
-
-
Total liabilitas
7.448.297
1.364.755
-
Total liabilities
0,00%
Percentage of total liabilities involving related parties to total liabilities
Persentase jumlah liabilitas dari pihak-pihak berelasi dengan total liabilitas
Loan from Entity under common control of Pacific Radiance Ltd. Group:
7,62%
2,34%
Strato Maritime Service Pte. Ltd.
In the normal course of business, the Company enters into certain transactions with parties which are related to the management and/or owned by the same ultimate shareholder. All transactions with related parties have met the agreed terms and conditions.
Dalam kegiatan normal usaha, Perseroan melakukan transaksi dengan pihak berelasi karena hubungan kepemilikan dan/atau kepengurusan. Semua transaksi dengan pihak berelasi telah dilakukan dengan kebijakan dan syarat yang telah disepakati bersama. 76
178
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
34. INFORMASI (lanjutan)
MENGENAI
PIHAK
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
BERELASI
34. RELATED PARTY INFORMATION (continued)
c. Sifat hubungan dengan pihak berelasi Pihak-pihak berelasi/Related parties
c. The nature of relationships with related parties Sifat hubungan/Relationship
Transaksi/Transactions
Pacific Radiance Ltd.
Perusahaan pengendali pemegang saham/Ultimate shareholder
Penjamin pinjaman bank yang diperoleh Perseroan/Guarantor on bank loans obtained by the Company.
Alstonia Offshore Pte. Ltd.
Pemegang saham/Shareholder
Pinjaman untuk modal kerja dan pembayaran atas nama Perseroan/Loan for working capital and reimbursement expenses on behalf of the Company.
Strato Maritime Services Pte. Ltd.
Entitas di bawah kendali Pacific Radiance Ltd./Entity under common control of Pacific Radiance Ltd.
Pinjaman untuk modal kerja, pembayaran atas nama Perseroan dan jasa towing/Loan for working capital, reimbursement expenses on behalf of the Company and towing service.
Pacific Crest Pte. Ltd.
Entitas di bawah kendali Pacific Radiance Ltd./Entity under common control of Pacific Radiance Ltd.
Sewa kapal dan pembelian suku cadang/Vessel charter and purchase of spare parts.
PT Steadfast Marine
Mempunyai anggota manajemen kunci yang sama dengan Perseroan/Entity which has the same key management personnel as the Company
Pinjaman untuk modal kerja dan modifikasi kapal, perbaikan, pemeliharaan biaya dan jasa manajemen//Loan for working capital and vessel modification, repair and maintenance cost and management fee.
PT Servewell Offshore
Mempunyai anggota manajemen kunci yang sama dengan Perseroan/Entity which has the same key management personnel as the Company
Sewa kapal/Vessel charter.
d. Kompensasi manajemen kunci
d. Key management compensation
2012 Imbalan kerja jangka pendek
2011 (Disajikan Kembali Catatan 3/ As Restated Note 3)
1 Jan. 2011/ 31 Des. 2010/ Jan. 1, 2011/ Dec. 31, 2010 (Disajikan Kembali Catatan 3)/ As Restated Note 3)
255.498
165.692
542.162
Short-term employee benefit
Jumlah dalam tabel di atas merupakan jumlah yang diakui sebagai biaya selama periode pelaporan sehubungan dengan kompensasi yang diberikan kepada Dewan Komisaris dan Direksi Perseroan.
The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to the Company’s Board of Commissioners and Directors compensation.
Tidak ada kompensasi dalam bentuk imbalan pascakerja, imbalan kerja jangka panjang lainnya, pesangon pemutusan kontrak kerja dan pembayaran berbasis saham.
There are no compensation of post-employment benefits, other long-term benefits, termination benefits, and share-based payment.
77
179
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
35. ASET DAN LIABILITAS MONETER DALAM MATA UANG ASING
35. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Aset dan liabilitas moneter dalam mata uang asing pada tanggal pelaporan adalah sebagai berikut:
The monetary assets and liabilities denominated in foreign currencies as of the reporting dates are as follows:
2012 Aset Dalam Rupiah Kas dan bank Piutang usaha Piutang lain-lain
Dalam Dolar Singapura Kas dan bank
Dalam Euro Kas dan bank
Total aset
Rp SG$ EUR
Setara dengan Dolar Amerika Serikat Liabilitas Dalam Rupiah Utang usaha Beban akrual Liabilitas imbalan kerja jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
Dalam Dolar Singapura Utang usaha
2011
2010
1.618.777.340 3.541.579.190 183.290.982
741.653.584 208.056.192 113.068.892
600.239.160 281.607.111 333.539.127
5.343.647.512
1.062.778.668
1.215.385.398
94
1.452
1.493
94
1.452
1.493
-
2.321
1.089
-
2.321
1.089
5.349.047.512 -
1.062.778.668 1.452 2.321
1.215.385.398 1.493 1.089
552.601
121.323
137.785
9.779.435.390 5.465.087.530
14.028.785.420 4.277.965.020
12.115.264.608 1.449.493.056
5.375.175.870 1.863.824.810 2.583.333.343
2.019.180.628 1.022.525.816 3.583.333.427
1.414.877.706 2.138.620.691 4.583.333.335
25.066.856.943
24.931.790.311
21.701.589.396
312.802
54.253
3.800
Assets In Rupiah Cash on hand and in banks Trade receivables Other receivables
In Singapore Dollar Cash on hand and in banks
In Euro Cash on hand and in banks
Total assets
Equivalents to US Dollar Liabilities In Rupiah Trade payables Accrued expenses Short-term employee benefits liability Consumer finance liabilities Long-term bank loans
In Singapore Dollar Trade payables
312.802
54.253
3.800
25.066.856.943 312.802
24.931.790.311 54.253
21.701.589.396 3.800
Setara dengan Dolar Amerika Serikat
2.848.002
2.791.150
2.416.652
Equivalents to US Dollar
Total Liabilitas - Neto
2.295.401
2.669.827
2.278.867
Total Liabilities - Net
Total liabilitas
Rp SG$
Total liabilities
Had the assets and liabilities denominated in foreign currencies as of December 31, 2012 been reflected using the middle rates of exchange as of May 28, 2013, the net foreign currency denominated liabilities, as presented above, would have decreased by approximately US$39,995 in terms of US Dollar.
Jika aset dan liabilitas dalam mata uang asing pada tanggal 31 Desember 2012 disajikan dengan menggunakan kurs tengah pada tanggal 28 Mei 2013, maka liabilitas neto dalam mata uang asing, sebagaimana yang disajikan di atas, akan turun sekitar AS$39.995 dalam mata uang Dolar AS.
78
180
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
36. INFORMASI SEGMEN
36. SEGMENT INFORMATION
Perseroan mengoperasikan dan mengelola bisnis dalam satu segmen yang meyediakan jasa sewa kapal dan jasa pelayaran lainnya (Catatan 28).
The Company operates and manages business in a single segment which provides vessel charter and other marine services (Note 28).
37. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN
37. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES
Liabilitas keuangan Perseroan terdiri dari utang usaha, utang lain-lain, beban akrual, liabilitas imbalan kerja jangka pendek, utang pembiayaan konsumen, pinjaman bank jangka pendek, pinjaman dari pihak berelasi dan pinjaman bank jangka panjang. Tujuan utama dari liabilitas keuangan ini adalah untuk membiayai investasi dan operasi Perseroan. Aset keuangan Perseroan terdiri dari kas dan setara kas, piutang usaha, piutang lain-lain dan uang jaminan.
The Company’s financial liabilities comprise of trade payables, other payables, accrued expenses, short-term employee benefits liability, consumer finance liabilities, short-term bank loans, loan from a related party and long-term bank loans. The main purposes of these financial liabilities are to finance the Company’s investment and operations. The Company’s financial assets comprise cash and cash equivalents, trade receivables, other receivables and security deposits.
Perseroan menghadapi risiko pasar, risiko kredit dan risiko likuiditas. Manajemen Perseroan mengawasi manajemen risiko tersebut. Mengelola risiko merupakan bagian dari proses manajemen risiko Perseroan. Direksi mereviu dan menyetujui kebijakan untuk mengelola setiap risiko yang dirangkum di bawah ini.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's management oversees the management of these risks. Managing these risks is part of the Company’s risk management process. The Director reviews and agrees policies for managing each of these risks which are summarized below.
Risiko pasar
Market risk
Risiko pasar adalah risiko bahwa nilai wajar arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan harga pasar. Perseroan dipengaruhi oleh risiko pasar, terutama risiko mata uang asing dan risiko tingkat bunga.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company is exposed to market risks, in particular, foreign currency risk and interest rate risk.
Risiko nilai tukar mata uang asing
Foreign currency risk
Risiko mata uang asing adalah risiko bahwa nilai wajar atau arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan kurs mata uang asing. Eksposur Perseroan terhadap risiko perubahan kurs mata uang asing terutama berkaitan dengan kegiatan pendanaan Perseroan.
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s financing activities.
Tidak ada kebijakan formal lindung nilai sehubungan dengan eksposur valuta asing. Eksposur terhadap risiko nilai tukar dipantau secara berkelanjutan.
There is no formal hedging policy with respect to the foreign exchange exposure. Exposure to exchange risk is monitored on an ongoing basis.
79
181
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
37. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
37. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko nilai tukar mata uang asing (lanjutan)
Foreign currency risk (continued)
Tabel berikut ini menunjukan sensitivitas kemungkinan perubahan tingkat pertukaran Dolar AS terhadap mata uang asing, dengan asumsi variabel lain konstan, dampak terhadap laba sebelum beban pajak sebagai berikut:
The following table demonstrates the sensitivity to a reasonably possible change in the US Dollar exchange rate against foreign currency, with all other variables held constant, the effect to the income before tax expenses is as follows: Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
Perubahan tingkat US$/ Change in US$ rate 31 Desember 2012 Rupiah Indonesia Dolar Singapura Rupiah Indonesia Dolar Singapura
10% 10% -10% -10%
(203.963) (25.570) 203.963 25.570
December 31, 2012 Indonesia Rupiah Singapore Dollar Indonesia Rupiah Singapore Dollar
31 Desember 2011 Rupiah Indonesia Dolar Singapura Euro Rupiah Indonesia Dolar Singapura Euro
10% 10% 10% -10% -10% -10%
(263.222) (4,061) 300 268.222 4,061 (300)
December 31, 2011 Indonesia Rupiah Singapore Dollar Euro Indonesia Rupiah Singapore Dollar Euro
31 Desember 2010 Rupiah Indonesia Dolar Singapura Euro Rupiah Indonesia Dolar Singapura Euro
10% 10% 10% -10% -10% -10%
(227.852) (179) 145 227.852 179 (145)
December 31, 2010 Indonesia Rupiah Singapore Dollar Euro Indonesia Rupiah Singapore Dollar Euro
Risiko tingkat bunga
Interest rate risk
Risiko tingkat bunga adalah risiko bahwa nilai wajar arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan tingkat bunga pasar. Eksposur Perseroan untuk risiko tingkat bunga timbul terutama dari liabilitas sewa pembiayaan, pinjaman bank jangka pendek dan pinjaman bank jangka panjang.
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk arises primarily from finance lease liabilities, shortterm bank loans and long-term bank loans.
Tidak ada kebijakan formal lindung nilai sehubungan dengan eksposur tingkat bunga. Eksposur terhadap risiko tingkat bunga dipantau secara berkelanjutan.
There is no formal hedging policy with respect to the interest rate exposure. Exposure to interest rate risk is monitored on an ongoing basis.
80
182
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
37. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
37. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko tingkat bunga (lanjutan)
Interest rate risk (continued)
Tabel berikut ini menunjukan sensitivitas kemungkinan perubahan tingkat suku bunga pinjaman. Dengan asumsi variabel lain konstan, laba sebelum beban pajak dipengaruhi oleh tingkat suku bunga mengambang sebagai berikut:
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans. With all other variables held constant, the income before tax expenses is affected through the impact on floating rate loans as follows:
Kenaikan/ penurunan dalam satuan poin/ Increase/ decrease in basis point
Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
31 Desember 2012 Rupiah Indonesia Dolar AS Rupiah Indonesia Dolar AS
+100 +100 -100 -100
(2.925) (892.426) 2.925 892.426
December 31, 2012 Indonesia Rupiah US Dollar Indonesia Rupiah US Dollar
31 Desember 2011 Rupiah Indonesia Dolar AS Euro Rupiah Indonesia Dolar AS Euro
+100 +100 +100 -100 -100 -100
(4.272) (450.720) 30 4.272 450.720 (30)
December 31, 2011 Indonesia Rupiah US Dollar Euro Indonesia Rupiah US Dollar Euro
31 Desember 2010 Rupiah Indonesia Dolar AS Euro Rupiah Indonesia Dolar AS Euro
+100 +100 +100 -100 -100 -100
(7.219) (227.073) 14 7.219 227.073 (14)
December 31, 2010 Indonesia Rupiah US Dollar Euro Indonesia Rupiah US Dollar Euro
Risiko kredit
Credit risk
Risiko kredit adalah risiko dimana lawan transaksi tidak akan memenuhi liabilitasnya berdasarkan instrumen keuangan atau kontrak pelanggan, yang menyebabkan kerugian keuangan. Perseroan terkena risiko kredit dari kegiatan operasi yang berhubungan dengan jasa transportasi kapal. Risiko kredit pelanggan dikelola oleh manajemen Perseroan sesuai kebijakan Perseroan, prosedur dan pengendalian yang telah ditetapkan yang berkaitan dengan manajemen risiko kredit pelanggan. Posisi piutang pelanggan dipantau secara teratur.
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities related to vessel transportation services. Customer credit risk is managed by the Company’s management subject to the Company’s established policies, procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored.
Maksimum risiko kredit yang dihadapi oleh Perseroan kurang lebih sebesar nilai tercatat neto dari piutang usaha sebagaimana diungkapkan dalam Catatan 6.
The Company’s maximum exposure of the credit risk approximates net carrying amounts of trade receivables as discloded in Note 6. 81
183
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
37. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
37. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko likuiditas
Liquidity risk
Risiko likuiditas adalah risiko bahwa Perseroan akan mengalami kesulitan dalam memenuhi liabilitas keuangannya diakibatkan kekurangan dana. Pengaruh risiko likuiditas pada Perseroan terutama timbul dari utang usaha, utang lain-lian, beban yang masih harus dibayar, liabilitas imbalan kerja jangka pendek, utang pembiayaan konsumen, pinjaman pihak berelasi, pinjaman bank jangka pendek dan pinjaman bank jangka panjang.
Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarily from the maturities of trade payables, other payable, accrued expenses, short-term employee benefit liabilities, consumer finance liabilities,loan from related party, short-term bank loans and long-term bank loans.
Tabel di bawah ini merangkum profil jatuh tempo liabilitas keuangan Perseroan pada akhir periode pelaporan berdasarkan jadwal pembayaran sebagaimana tercantum dalam kontrak.
The table below summarizes the maturity profile of the Company’s financial liabilities at end of reporting period based on contractual payments.
31 Desember 2012/ December 31, 2012
1 tahun atau kurang/ 1 year or less Liabilitas keuangan Utang usaha: - Pihak ketiga - Pihak berelasi Utang lain-lain: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Pinjaman dari pihak berelasi Utang pembiayaan konsumen Pinjaman bank jangka panjang
Lebih dari 1 tahun sampai kurang dari 2 tahun/ More than 1 year to less than 2 years
Lebih dari 2 tahun/ More than 2 years
Jumlah/ Total
1.398.495 905.359
-
-
1.398.495 905.359
274.514 682.088
-
-
274.514 682.088
555.861
-
-
555.861
10.752.500 6.542.938
-
-
10.752.500 6.542.938
Financial liabilities Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability
91.572
91.572
9.599
192.743
Short-term bank loans Loan from related party Consumer finance liabilities
15.296.552
15.296.552
44.253.172
74.846.276
Long-term bank loans
36.499.879
15.388.124
44.262.771
96.150.774
31 Desember 2011/ December 31, 2011
1 tahun atau kurang/ 1 year or less Liabilitas keuangan Utang usaha: - Pihak ketiga - Pihak berelasi Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
Lebih dari 1 tahun sampai kurang dari 2 tahun/ More than 1 year to less than 2 years
Lebih dari 2 tahun/ More than 2 years
Jumlah/ Total
1.133.386 1.364.755 740.815
-
-
1.133.386 1.364.755 740.815
222.671
-
-
222.671
Financial liabilities Trade payables: Third parties Related parties Accrued expenses Short-term employee benefits liability
3.050.000
-
-
3.050.000
82.216
30.546
-
112.762
Short-term bank loans Consumer finance liabilities
5.944.271
5.944.271
33.567.039
45.455.581
Long-term bank loans
12.538.114
5.974.817
33.567.039
52.079.970
82
184
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
37. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
37. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko likuiditas (lanjutan)
Liquidity risk (continued) 1 january 2011 /31 Desember 2010/ January 1, 2011/December 31, 2010
1 tahun atau kurang/ 1 year or less Liabilitas keuangan Utang usaha: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank
jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
Lebih dari 1 tahun sampai kurang dari 2 tahun/ More than 1 year to less than 2 years
Lebih dari 2 tahun/ More than 2 years
Jumlah/ Total
1.842.687 1.283.751
-
-
1.842.687 1.283.751
Financial liabilities Trade payables: Third parties Accrued expenses Short-term employee benefits liability
157.366
-
-
157.366
4.324.769
-
-
4.324.769
105.015
105.015
27.833
237.863
Short-term bank loans Consumer finance liabilities Long-term bank loans
7.864.456
7.864.456
3.322.441
19.051.353
15.578.043
7.969.471
3.350.274
26.897.788
Pengelolaan modal
Capital management
Tujuan utama pengelolaan modal Perseroan adalah untuk memastikan pemeliharaan rasio modal yang sehat untuk mendukung usaha dan memaksimalkan imbalan bagi pemegang saham.
The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value.
Perseroan mengelola struktur permodalan dan melakukan penyesuaian, bila diperlukan, berdasarkan perubahan kondisi ekonomi. Untuk memelihara dan menyesuaikan struktur permodalan, Perseroan dapat menyesuaikan pembayaran dividen kepada pemegang saham, menerbitkan saham baru atau mengusahakan pendanaan melalui pinjaman. Tidak ada perubahan atas tujuan, kebijakan maupun proses selama tahun yang berakhir pada tanggal-tanggal 31 Desember 2012 dan 2011 dan 1 Januari 2011/31 Desember 2010.
The Company’s manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2012 and 2011 and January 1, 2011/December 31, 2010.
Perseroan mengawasi modal menggunakan rasio utang terhadap ekuitas, yang merupakan nilai utang dibagi dengan total ekuitas.
The Company monitors capital using debt to equity ratio, which is debt divided by total capital.
83
185
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
38. INSTRUMEN KEUANGAN
38. FINANCIAL INSTRUMENTS The table below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that are carried in the financial statements.
Tabel di bawah ini menyajikan perbandingan atas nilai tercatat dengan nilai wajar dari instrumen keuangan Perseroan yang tercatat dalam laporan keuangan.
31 Desember 2012/ December 31, 2012 Nilai Tercatat/ Carrying Value Aset Keuangan Pinjaman yang diberikan dan piutang: Kas dan setara kas Piutang usaha: - Pihak ketiga, neto - Pihak berelasi, neto Piutang lain-lain: - Pihak ketiga Uang jaminan Dana yang dibatasi pengunaannya Total Aset Keuangan Liabilitas Keuangan Liabilitas keuangan pada biaya perolehan diamortisasi: Utang usaha: - Pihak ketiga - Pihak berelasi Utang lainnya: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman dari pihak berelasi Pinjaman bank jangka panjang Total Liabilitas Keuangan
Nilai Wajar/ Fair Value Financial Assets
2.799.444
2.799.444
7.101.528 106.468
7.101.528 106.468
18.955 425.459 991.200
18.955 425.459 991.200
Loans and receivables: Cash and cash equivalent Trade receivables: Third parties, net Related party, net Other receivables: Third parties Security deposits Restricted funds
11.443.054
11.443.054
Total Financial Assets
1.398.495 905.359
1.398.495 905.359
274.514 682.088
274.514 682.088
555.861 10.752.500 192.743 6.542.938 74.846.276
555.861 10.752.500 192.743 6.542.938 74.846.276
Financial Liabilities Liabilities measured at amortized cost: Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability Short-term bank loans Consumer finance liabilities Loan from a related party Long-term bank loans
96.150.774
96.150.774
Total Financial Liabilities
31 Desember 2011/ December 31, 2011 Nilai Tercatat/ Carrying Value Aset Keuangan Pinjaman yang diberikan dan piutang: Kas dan bank Piutang usaha: - Pihak ketiga, neto - Pihak berelasi, neto Piutang lain-lain: - Pihak ketiga Uang jaminan Total Aset Keuangan
Nilai Wajar/ Fair Value Financial Assets
3.125.817
3.125.817
4.838.014 22.945
4.838.014 22.945
83.565 427.072
83.565 427.072
8.497.413
8.497.413
84
186
Loans and receivables: Cash on hand and in banks Trade receivables: Third parties, net Related party, net Other receivables: Third parties Security deposits Total Financial Assets
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
38. INSTRUMEN KEUANGAN (lanjutan)
38. FINANCIAL INSTRUMENTS (continued) 31 Desember 2011/ December 31, 2011 Nilai Tercatat/ Carrying Value
Nilai Wajar/ Fair Value
Liabilitas Keuangan Liabilitas keuangan pada biaya perolehan diamortisasi: Utang usaha: - Pihak ketiga - Pihak berelasi Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
1.133.386 1.364.755 740.815
1.133.386 1.364.755 740.815
222.671 3.050.000 112.762 45.455.581
222.671 3.050.000 112.762 45.455.581
Financial Liabilities Liabilities measured at amortized cost: Trade payables: Third parties Related parties Accrued expenses Short-term employee benefits liability Short-term bank loans Consumer finance liabilities Long-term bank loans
Total Liabilitas Keuangan
52.079.970
52.079.970
Total Financial Liabilities
1 Januari 2011/31 Desember 2010/ January 1, 2011/December 31, 2010 Nilai Tercatat/ Carrying Value Aset Keuangan Pinjaman yang diberikan dan piutang: Kas dan setara kas Piutang usaha: - Pihak ketiga, neto Piutang lain-lain: - Pihak ketiga - Pihak berelasi Uang jaminan Aset keuangan tersedia untuk dijual untuk dijual: Investasi dalam saham Total Aset Keuangan
Nilai Wajar/ Fair Value Financial Assets
228.462
228.462
3.633.790
3.633.790
10.398 26.699 45.942
10.398 26.699 45.942
Loans and receivables: Cash and cash equivalent Trade receivables: Third parties, net Other receivables: Third parties Related parties Security deposits
380.683
380.683
Available-for-sale financial assets Investment in shares of stock
4.325.974
4.325.974
Total Financial Assets
Liabilitas Keuangan Liabilitas keuangan pada biaya perolehan diamortisasi: Utang usaha: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
1.842.687 1.283.751
1.842.687 1.283.751
157.366 4.324.769 237.863 19.051.353
157.366 4.324.769 237.863 19.051.353
Financial Liabilities Liabilities measured at amortized cost: Trade payables: Third parties Accrued expenses Short-term employee benefits liability Short-term bank loans Consumer finance liabilities Long-term bank loans
Total Liabilitas Keuangan
26.897.789
26.897.789
Total Financial Liabilities
85
187
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
38. INSTRUMEN KEUANGAN (lanjutan)
38. FINANCIAL INSTRUMENTS (continued)
Nilai wajar aset dan liabilitas keuangan ditentukan berdasarkan jumlah dimana instrumen tersebut dapat dipertukarkan dalam transaksi kini antara pihak-pihak yang berkeinginan (willing parties), dan bukan merupakan penjualan yang dipaksakan atau likuidasi.
The fair values of the financial assets and liabilities are determined based on the amounts at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.
Metode dan asumsi berikut ini digunakan untuk mengestimasi nilai wajar untuk setiap kelompok instrumen keuangan:
The following methods and assumptions are used to estimate the fair value for each class of financial instruments:
Aset dan liabilitas keuangan jangka pendek
Short-term financial assets and liabilities
Instrumen keuangan jangka pendek dengan jatuh tempo satu tahun atau kurang termasuk kas dan setara kas, piutang usaha, piutang lain-lain, uang jaminan, utang usaha, beban yang masih harus dibayar pinjaman dari pihak berelasi dan pinjaman bank jangka pendek. Nilai wajar instrumen keuangan tersebut dianggap mendekati nilai tercatatnya karena jangka waktu jatuh tempo yang singkat atas instrumen keuangan tersebut.
Short-term financial instruments with maturities of one year or less includes cash and cash equivalents, trade receivables, other receivables, security deposits, trade payables, accrued expenses, loan from a related party and short-term bank loans. The fair values of these financial instruments are approximately the same with their carrying amounts due to the short-term maturities of these instruments.
Instrument keuangan dicatat pada nilai selain nilai wajar
Financial instruments carried at amounts other than fair values
Investasi dalam instrument ekuitas yang tidak memiliki harga kuotasi di pasar aktif dicatat pada biaya perolehan karena nilai wajarnya tidak dapat diukur secara handal.
Investments in equity instruments that do not have quoted market prices in an active market are carried at costs as their fair values cannot be reliably measured.
Aset dan liabilitas keuangan jangka panjang
Long-term financial assets and liabilities
Nilai tercatat pinjaman bank jangka panjang dengan suku bunga mengambung besarnya kurang lebih sama dengan nilai wajarnya karena dinilai ulang secara berkala.
The carrying amounts of long-term bank loans with floating interest rates approximate their fair values as they are re-priced frequently.
Dana yang dibatasi pengunaannya dan utang pembiayaan konsumen disajikan dlaam biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.
Restricted funds and consumer finance liabilities are carried at amortized costs using the effective interest rate method.
39. PERJANJIAN DAN IKATAN PENTING
39. SIGNIFICANT COMMITMENTS
AGREEMENTS
AND
Perseroan mengadakan perjanjian penyewaan kapal-kapal milik Perseroan dengan beberapa pihak ketiga sebagai berikut:
The Company entered charter agreements on the Company’s vessels with several third parties as follows:
i)
i)
Total E&P Indonesie Perseroan dan Total E&P Indonesie menandatangani beberapa perjanjian sewa kapal-kapal milik Perseroan dengan total nilai kontrak sebesar AS$118.227.121 untuk periode mulai tanggal 14 Januari 2010 sampai dengan tanggal 27 Pebruari 2017. 86
188
Total E&P Indonesie The Company and Total E&P Indonesie entered into several charter parties on vessels owned by the Company with total contracts amounted to US$118,227,121 for period from January 14, 2010 until February 27, 2017.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
39. PERJANJIAN DAN IKATAN PENTING (lanjutan)
39. SIGNIFICANT AGREEMENTS COMMITMENTS (continued)
AND
PT Pertamina Hulu Energi Perseroan dan PT Pertamina Hulu Energi menandatangani perjanjian sewa kapal-kapal milik Perseroan dengan total nilai kontrak sebesar AS$9.604.700 untuk periode mulai tanggal 30 Maret 2012 sampai dengan tanggal 30 September 2014.
ii)
PT Pertamina Hulu Energi The Company and PT Pertamina Hulu Energi entered into several charter parties on vessels owned by the Company with total contracts amounted to US$9,604,700 for period from March 30, 2012 until September 30, 2014.
iii) PT Jawa Tirtamarin Perseroan dan PT Jawa Tirtamarin Tbk. menandatangani perjanjian sewa kapal milik Perseroan dengan total nilai kontrak sebesar AS$6.068.125 untuk periode mulai tanggal 1 Januari 2010 sampai dengan tanggal 31 Desember 2014.
iii)
PT Jawa Tirtamarin The Company and PT Jawa Tirtamarin entered into a charter party on vessel owned by the Company with total contract amounted to US$6,068,125 for period from January 1, 2010 until December 31, 2014.
iv) CNOOC Southeast Sumatra Ltd Perseroan dan PT Wintermar Offshore Marine Tbk. menandatangani perjanjian sewa kapal milik Perseroan dengan total nilai kontrak sebesar AS$1.504.500untuk periode mulai tanggal 12 Juli 2012 sampai dengan tanggal 30 Juni 2013.
iv)
CNOOC Southeast Sumatra Ltd The Company and CNOOC Southeast Sumatra Ltd. entered into a charter party on vessel owned by the Company with total contract amounted to US$1,504,500 for period from July 12, 2012 until June 30, 2013.
v)
v)
PT Wintermar Offshore Marine Tbk. The Company and PT Wintermar Offshore Marine Tbk. entered into a charter party on vessel owned by the Company with total contract amounted to US$1,140,000 and Rp628,200,000 for period from August 1, 2008 until August 1, 2013.
ii)
PT Wintermar Offshore Marine Tbk. Perseroan dan PT Wintermar Offshore Marine Tbk. menandatangani perjanjian sewa kapal milik Perseroan dengan total nilai kontrak sebesar AS$1.140.000 dan Rp628.200.000 untuk periode mulai tanggal 1 Agustus 2008 sampai dengan tanggal 1 Agustus 2013.
40. PERISTIWA PENTING PELAPORAN
SETELAH
PERIODE
40. SUBSEQUENT EVENTS
Pinjaman Bank dari PT Bank UOB Indonesia
Bank Loans from PT Bank UOB Indonesia
Berdasarkan Perjanjian Fasilitas Kredit tanggal 3 April 2013, PT Bank UOB Indonesia (“UOB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$4.125.000 yang akan digunakan untuk pembelian kapal Logindo Synergy. Jangka waktu fasilitas pinjaman ini adalah 60 bulan setelah pencairan pinjaman. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga sebesar 5,75% per tahun.
Based on Credit Facility Agreement dated April 3, 2013, PT Bank UOB Indoneisa (“UOB”) agreed to provide the Company investment loan facility amounting to US$4,125,000 which will be used to part finance the acquisition of Logindo Synergy vessel. This loan will be due in 60 months from drawdown of this loan. This credit facility is subject to variable interest at the rate of 5.75% per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 3 April 2013, UOB setuju untuk memberikan revolving credit facility dengan nilai maksimum sebesar AS$1.000.000 yang akan digunakan sebagai modal kerja. Fasilitas ini dapat ditarik sewaktu-waktu oleh UOB. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga sebesar 5,75% per tahun.
Based on Credit Facility Agreement dated April 3, 2013, UOB agreed to provide revolving credit facility with a maximum amount of US$1,000,000 which will be used as working capital. This facility can be withdrawn at any time by UOB. This credit facility is subject to variable interest at the rate of 5.75% per annum. 87
189
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
40. PERISTIWA PENTING PELAPORAN (lanjutan)
SETELAH
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
PERIODE
40. SUBSEQUENT EVENTS (continued)
Pinjaman Bank dari PT Bank UOB Indonesia (lanjutan)
Bank Loans from PT Bank UOB Indonesia (continued)
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Logindo Synergy (eks. Lanpan 10) milik Perseroan.
This credit facility is secured by, among others: 1. First Priority Mortgage over vessel Logindo Synergy (ex. Lanpan 10) owned by the Company. 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding.
2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
Pinjaman Bank dari United Overseas Bank Limited, Singapura
Bank Loans from Limited, Singapore
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 April 2013, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka 1 dengan nilai maksimum sebesar AS$5.000.000 yang akan digunakan untuk pembiayaan atas pembelian kapal. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan pada tanggal akhir masa pinjaman. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 4,25% per tahun.
Based on Credit Facility Agreement dated April 8, 2013, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility 1 with a maximum amount of US$5,000,000, which will be used to refinancing the acquisition of vessel. Repayment on this credit facility shall be repaid by the Company on final repayment date. These credit facility are subject to interest at the rate of SIBOR + 4.25% per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 April 2013, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka 2 dengan nilai maksimum sebesar AS$5.000.000 yang akan digunakan untuk pembiayaan atas pembelian kapal. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan setelah penawaran saham perdana (“IPO”). Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 4,25% per tahun.
Based on Credit Facility Agreement dated April 8, 2013, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility 2 with a maximum amount of US$5,000,000, which will be used to refinancing the acquisition of vessel. Repayment on this credit facility shall be repaid by the Company after initial public offering (“IPO”). These credit facility are subject to interest at the rate of SIBOR + 4.25% per annum.
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 2. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang.
These credit facilities are secured by, among others: 1. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 2. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 88
190
United
Overseas
Bank
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR CATATAN ATAS LAPORAN KEUANGAN 31 Desember 2012 dan 2011 (Disajikan Kembali) dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2012 dan 2011 (Disajikan Kembali) Dengan Angka Perbandingan Untuk Tanggal 1 Januari 2011/31 Desember 2010 (Disajikan Kembali) (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR NOTES TO FINANCIAL STATEMENTS December 31, 2012 and 2011 (As Restated) and Years Ended December 31, 2012 and 2011 (As Restated) With Comparative Figures as of January 1, 2011/December 31, 2010 (As Restated) (Expressed in US Dollar, unless otherwise stated)
41. REKLASIFIKASI AKUN
41. RECLASSIFICATION OF ACCOUNTS Certain accounts in the statements of financial position as of December 31, 2011 and statement of comprehensive income for the year ended December 31, 2011, have been reclassified to conform with the presentation of accounts in the 2012 financial statements, as follows:
Akun-akun tertentu dalam laporan posisi keuangan tahun 31 Desember 2011 dan laporan laba rugi komprehensif untuk tahun yang berakhir tanggal 31 Desember 2011 telah direklasifikasi agar sesuai dengan penyajian laporan keuangan tahun 2012, sebagai berikut: Dilaporkan/ As reported 31 Desember 2011 Aset Aset lancar lainnya Uang muka Biaya dibayar dimuka Liabilitas Utang usaha pihak berelasi Beban akrual Liabilitas imbalan kerja jangka pendek Liabilitas sewa pembiayaan yang jatuh tempo dalam waktu satu tahun Utang pembiayaan konsumen yang jatuh tempo dalam waktu satu tahun Liabilitas sewa pembiayaan jangka panjang Utang pembiayaan konsumen jangka panjang Biaya operasional (Beban)/pendapatan operasi lainnya, neto Pendapatan operasi lainnya Beban operasi lainnya
Reklasifikasi/ Reclassification
41.751 -
(41.751) 5.540 36.211
5.540 36.211
1.098.994 1.229.247
265.761 (488.432)
1.364.755 740.815
-
222.671
2.192.653
non-kas
-
82.216
82.216
(30.546)
3.638.807
-
30.546
30.546
(277.432) 283.145 (5.713)
283.145 (5.713)
December 31, 2011 Assets Other current assets Advances Prepaid expenses Liability Trade payables related parties Accrued expenses Short-term employee benefit liability Finance lease liabilities - current Consumer finance liabilities - current Finance lease liabilities - long-term Consumer finance liabilities - long-term Operating expenses Other operating (expenses)/ income, net Other operating income Other operating expenses
42. NON-CASH TRANSACTIONS adalah
Non-cash transactions of the Company are as follow:
sebagai 2012
Penambahan aset tetap melalui utang pembiayaan konsumen Penambahan aset tetap melalui liabilitas sewa pembiayaan Penambahan aset tetap dari penambahan modal
2.110.437
3.669.353
277.432 -
Perseroan
222.671
(82.216)
42. TRANSAKSI NON-KAS Transaksi berikut:
Direklasifikasi/ As reclassified
2011
296.257
38.515
82.424
-
-
20.000.000
89
191
Acquisition of fixed assets under consumer finance liabilities Acquisition of fixed assets under finance liabilities Acquisition of fixed assets resulting from additional of capital
192
APPENDIX III
AUDITED FINANCIAL STATEMENTS OF PT LOGINDO SAMUDRAMAKMUR TBK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013 The information in this Appendix III has been reproduced from the audited financial statements of PT Logindo Samudramakmur Tbk for the financial year ended 31 December 2013 and has not been specifically prepared for inclusion in this Information Memorandum.
193
PT Logindo Samudramakmur Tbk. Laporan keuangan Tanggal 31 Desember 2013 dan unt uk tahun yang berakhir pada tanggal tersebut beserta laporan auditor independen/ Financial statements as of December 31, 2013 and for the year then ended with independent auditors’ report
194
195
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR TBK LAPORAN KEUANGAN TANGGAL 31 DESEMBER 2013 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT BESERTA LAPORAN AUDITOR INDEPENDEN
PT LOGINDO SAMUDRAMAKMUR TBK FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 AND FOR THE YEAR THEN ENDED WITH INDEPENDENT AUDITORS’ REPORT
Daftar Isi/Table of Contents Halaman/Pages Laporan Auditor Independen Laporan Posisi Keuangan
Independent Auditors’ Report 1-2
Statements of Financial Position
Laporan Laba Rugi Komprehensif
3
Statements of Comprehensive Income
Laporan Perubahan Ekuitas
4
Statements of Changes in Equity
Laporan Arus Kas
5
Statements of Cash Flows
Catatan atas Laporan Keuangan
6 - 88 ************************
196
Notes to the Financial Statements
197
198
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. LAPORAN POSISI KEUANGAN Tanggal 31 Desember 2013 (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2013
PT LOGINDO SAMUDRAMAKMUR Tbk. STATEMENTS OF FINANCIAL POSITION As of December 31, 2013 (Expressed in US Dollar, unless otherwise stated) Catatan/ Notes
2012
ASET
ASSETS
ASET LANCAR Kas dan setara kas Piutang usaha: - Pihak ketiga, setelah dikurangi cadangan penurunan nilai sebesar AS$80.000 (2012: AS$32.589) - Pihak berelasi Persediaan Pajak dibayar dimuka Piutang lain-lain: - Pihak ketiga Uang muka Biaya dibayar dimuka Total Aset Lancar
CURRENT ASSETS 8.190.008
2c,2d,2l 4,37
2.799.444
13.231.467 191.869 545.241 1.384.970
2c,2l,5,37 5,33b,37 2e,6 2i,10a
7.101.528 106.468 409.470 1.087.391
23.937 497.002 407.365
2c,2l,7,37 8 9
18.955 420.642 52.103
Cash and cash equivalents Trade receivables: Third parties, net of allowance for impairment losses of US$80,000 (2012: US$32,589) Related parties Inventories Prepaid taxes Other receivables: Third partiesAdvances Prepaid expenses
11.996.001
Total Current Assets
24.471.859
ASET TIDAK LANCAR Aset tetap, setelah dikurangi akumulasi penyusutan sebesar AS$25.933.565 (2012: AS$16.870.892) Aset tidak lancar lainnya
NON-CURRENT ASSETS
208.928.119 2.345.029
Total Aset Tidak Lancar TOTAL ASET
134.665.454 1.781.373
Fixed assets, net of accumulated depreciation of US$25,933,565 (2012: US$16,870,892) Other non-current assets
211.273.148
136.446.827
Total Non-Current Assets
235.745.007
148.442.828
TOTAL ASSETS
2f,2h,11 2d,2l,12,37
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
1
199
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. LAPORAN POSISI KEUANGAN (lanjutan) Tanggal 31 Desember 2013 (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. STATEMENTS OF FINANCIAL POSITION (continued) As of December 31, 2013 (Expressed in US Dollar, unless otherwise stated) Catatan/ Notes
2013
2012
LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang usaha: - Pihak ketiga - Pihak berelasi Utang lain-lain: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Utang pajak Pinjaman bank jangka pendek
LIABILITIES AND EQUITY
1.487.741 886.846 402.049 1.768.521 1.027.367 390.255 15.608.000
Pinjaman dari pihak berelasi Bagian lancar atas liabilitas jangka panjang: - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan
21.032.259 93.974 436.099
Total Liabilitas Jangka Pendek
43.133.111
LIABILITAS JANGKA PANJANG Liabilitas jangka panjang, setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun: - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan Liabilitas imbalan kerja jangka panjang
80.169.961 65.008 11.083 406.905
Total Liabilitas Jangka Panjang
CURRENT LIABILITIES Trade payables: Third parties -
2c,2l,13,37 2b,2c,2l 13,33,37
1.398.495
2c,2l,14,37 2c,2l,15,37 21,37 2i,10b 2l,16,37 2b,2l, 17,33,37
274.514 682.088 555.861 305.509 10.752.500
2l,18,37 2l,19,37 2g,20
15.296.552 91.572 526.136
Loan from a related party Current maturities of long-term liabilities: Long-term bank loans Consumer finance liabilities Finance lease liabilities -
37.331.524
Total Current Liabilities
905.359
6.542.938
Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability Taxes payable Short-term bank loans
NON-CURRENT LIABILITIES
59.549.724 101.171 451.111 306.811
Long-term liabilities, net of current portion: Long-term bank loans Consumer finance liabilities Finance lease liabilities Long-term employee benefits liability
80.652.957
60.408.817
Total Non-Current Liabilities
123.786.068
97.740.341
TOTAL LIABILITIES
5.529.734 20.529.017
EQUITY Share capital - par value of Rp100 per share (full amount) (2012: Rp1,000,000) Authorized capital 1,800,000,000 shares (2012: 45,098 shares) Issued and fully paid 644,257,143 shares (2012: 45,098 shares) Additional paid-in capital, net
41.100.914
24.643.736
Retained earnings - unappropriated
TOTAL EKUITAS
111.958.939
50.702.487
TOTAL EQUITY
TOTAL LIABILITAS DAN EKUITAS
235.745.007
148.442.828
TOTAL LIABILITIES AND EQUITY
TOTAL LIABILITAS EKUITAS Modal saham - nilai nominal Rp100 per saham (angka penuh) (2012: Rp1.000.000) Modal dasar 1.800.000.000 saham (2012: 45.098 saham) Modal ditempatkan dan disetor penuh - 644.257.143 saham (2012: 45.098 saham) Tambahan modal disetor, neto Saldo laba - belum ditentukan penggunaannya
2l,18,37 2l,19,37 2g,20 2k,22
7.151.731 63.706.294
24 2p,25
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
2
200
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. LAPORAN LABA RUGI KOMPREHENSIF Tahun yang Berakhir pada Tanggal 31 Desember 2013 (Disajikan Dalam Dolar AS, kecuali dinyatakan lain) Catatan/ Notes
2013 Pendapatan Beban pokok pendapatan
PT LOGINDO SAMUDRAMAKMUR Tbk. STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2013 (Expressed in US Dollar, unless otherwise stated)
2012
59.015.412
2j,27
34.094.104
(28.915.295)
2j,28
(17.509.648)
Cost of revenue
Laba bruto
30.100.117
Beban umum dan administrasi Pendapatan operasi lainnya Beban operasi lainnya
(6.562.685) 432.279 (101.535)
Laba usaha
23.868.176
Pendapatan keuangan Biaya keuangan
27.133 (6.365.553)
Laba sebelum pajak penghasilan
17.529.756
Beban pajak penghasilan
(1.072.578)
Laba tahun berjalan
16.457.178
8.858.714
Income for the year
-
-
Other comprehensive income, net of tax
16.457.178
8.858.714
Total comprehensive income for the year
0,02
Basic earnings per share (In full US Dollar amount As restated)
Pendapatan komprehensif lain, setelah pajak Total laba komprehensif tahun berjalan Laba per saham dasar (Dalam Dolar AS penuh Disajikan kembali)
0,04
16.584.456
Revenue
29 30 31
(4.510.903) 404.818 (11.271) 12.467.100
32a 32b
36.945 (3.082.283) 9.421.762
2i,10c
2n,26
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
(563.048)
Gross income General and administrative expenses Other operating income Other operating expenses Operating income Finance income Finance costs Income before income tax Income tax expense
The accompanying notes form an integral part of these financial statements.
3
201
202
23
Penerbitan saham baru melalui konversi pinjaman 7.151.731
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
Saldo pada tanggal 31 Desember 2013
Total laba komprehensif tahun berjalan
1.068.983
24,25
Penerbitan saham baru melalui saham umum perdana, neto 553.014
5.529.734
-
5.529.734
Modal saham/ Share capital
Saldo pada tanggal 31 Desember 2012
Total laba komprehensif tahun berjalan
Saldo pada tanggal 31 Desember 2011
Catatan/ Notes
PT LOGINDO SAMUDRAMAKMUR Tbk. LAPORAN PERUBAHAN EKUITAS Tahun yang Berakhir pada Tanggal 31 Desember 2013 (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
4
63.706.294
-
15.446.986
27.730.291
20.529.017
-
20.529.017
Tambahan modal disetor, neto/ Additional paid-in capital, net
111.958.939
16.457.178
16.000.000
28.799.274
50.702.487
8.858.714
41.843.773
Total ekuitas/ Total equity
Balance as of December 31, 2013
Total comprehensive income for the year
Issuance of new shares through loans conversion
Issuance of new shares through initial public offering, net
Balance as of December 31, 2012
Total comprehensive income for the year
Balance as of December 31, 2011
The accompanying notes form an integral part of these financial statements.
41.100.914
16.457.178
-
-
24.643.736
8.858.714
15.785.022
Saldo laba/ Retained earnings
PT LOGINDO SAMUDRAMAKMUR Tbk. STATEMENTS OF CHANGES IN EQUITY Year Ended December 31, 2013 (Expressed in US Dollar, unless otherwise stated)
The original financial statements included herein are in the Indonesian language.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. LAPORAN ARUS KAS Tahun yang Berakhir pada Tanggal 31 Desember 2013 (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2013 ARUS KAS DARI AKTIVITAS OPERASI: Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok Pembayaran kepada karyawan Penghasilan bunga yang diterima Pembayaran pajak penghasilan dan pajak lainnya Arus kas neto yang diperoleh dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI: Perolehan aset tetap Penambahan dana yang dibatasi pengunaannya Uang muka pembelian aset tetap, neto Penerimaan dari penjualan aset tetap Arus kas neto yang digunakan untuk aktivitas investasi ARUS KAS DARI AKTIVITAS PENDANAAN: Pinjaman bank jangka pendek: Penerimaan Pembayaran Pinjaman bank jangka panjang: Penerimaan Pembayaran Pinjaman dari pihak berelasi: Penerimaan Pembayaran Pembayaran utang pembiayaan konsumen Pembayaran liabilitas sewa pembiayaan Pembayaran bunga Penerimaan dari pinjaman yang dapat dikonversi Penerimaan dari penawaran umum saham perdana Arus kas neto yang diperoleh dari aktivitas pendanaan Pengaruh perubahan kurs mata uang pada kas dan setara kas
PT LOGINDO SAMUDRAMAKMUR Tbk. STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (Expressed in US Dollar, unless otherwise stated)
Catatan/ Notes
2012
52.795.090
31.811.677
(18.007.812) (8.886.234) 27.133
(9.795.285) (6.206.303) 36.945
(1.285.411)
(749.769)
24.642.766
(83.452.813)
15.097.265
11
(439.000) (100.945)
(49.610.065) (991.200)
12
50.728
43.104
(83.942.030)
(50.558.161)
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers Cash paid to suppliers Cash paid to employee Interest received Income taxes and other taxes paid Net cash flows provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of fixed assets Addition to restricted funds Advance for purchase of fixed assets, net Proceeds from disposal of fixed assets Net cash flows used in investing activities
16.000.000
23
-
29.931.521
25
-
CASH FLOWS FROM FINANCING ACTIVITIES: Short-term bank loans: Proceeds Repayments Long-term bank loans: Proceeds Repayments Loan from a related party: Proceeds Repayments Payments of consumer finance liabilities Payments of finance lease liabilities Interest payment Proceeds from convertible loans Proceeds from initial public offering of shares
35.135.708
Net cash flows provided by financing activities
17.046.500 (12.191.000)
12.298.500 (4.596.000)
42.835.156 (15.960.799)
39.535.000 (10.164.408)
21.250.000 (27.650.000)
7.150.000 (750.000)
(102.619)
(114.680)
(523.308) (5.931.115)
(4.832.623) (3.390.081)
64.704.336
(14.508)
(1.185)
Effect from changes in foreign exchange rates on cash and cash equivalents
(326.373)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
KENAIKAN/(PENURUNAN) NETO KAS DAN SETARA KAS
5.390.564
KAS DAN SETARA KAS AWAL TAHUN
2.799.444
3.125.817
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
KAS DAN SETARA KAS AKHIR TAHUN
8.190.008
2.799.444
CASH AND CASH EQUIVALENTS AT END OF YEAR
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.
The accompanying notes form an integral part of these financial statements.
5
203
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
1. UMUM
1. GENERAL
a. Pendirian dan Informasi umum
a. Establishment and General Information
PT Logindo Samudramakmur Tbk. ("Perseroan") berkedudukan dan didirikan di Jakarta, Indonesia berdasarkan Akta Notaris No. 55 dari Nurul Hidajati Handoko, S.H., Notaris di Jakarta tanggal 23 Agustus 1995 yang telah mengalami beberapa kali perubahan. Perubahan terakhir kali atas Akta Pendirian berdasarkan Akta Notaris No. 32 dari Nurul Hidajati Handoko, S.H., Notaris di Jakarta tanggal 19 Maret 1998. Akta Pendirian dan perubahan-perubahannya telah disahkan oleh Menteri Kehakiman melalui Surat Keputusan No. C2-4739 HT.01.01.Th.98. tanggal 5 Mei 1998 serta telah diumumkan dalam Berita Negara Republik Indonesia No. 97 tanggal 5 Desember 2006, Tambahan No. 12743.
PT Logindo Samudramakmur Tbk. (the "Company") is domiciled and was established in Jakarta, Indonesia based on Notarial Deed No. 55 of Nurul Hidajati Handoko, SH., Public Notary in Jakarta dated August 23, 1995 which was amended several times. The latest amendment on the Deed of Establishment was based on Notarial Deed No. 32 of Nurul Hidajati Handoko, SH., Public Notary in Jakarta dated March 19, 1998. The Deed of Establishment and its amendments were approved by the Minister of Justice through his Decree No. C2-4739 HT.01.01.Th.98. dated May 5, 1998, and has been published in the State Gazette No. 97 dated December 5, 2006, Supplement No. 12743.
Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir dilakukan berdasarkan Akta Notaris No. 4 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 8 Oktober 2013, mengenai persetujuan pemegang saham Perseroan untuk merubah pasal 16 mengenai tugas dan wewenang Direksi Perseroan. Perubahan Anggaran Dasar Perseroan tersebut telah diberitahukan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Penerimaan Pemberitahuan Perubahan Anggaran Dasar No. AHU-AH.01.10-44595 tanggal 28 Oktober 2013.
The Company’s Articles of Association has been amended several times. The latest amendment was based on Notarial Deed No. 4 of Tjhong Sendrawan, SH., Public Notary in Jakarta dated October 8, 2013, regarding the Company’s shareholders approval to amend article 16 regarding duties and authority of the Company’s Board of Directors.The amendment of the Company’s Article of Assocation has been acknowledged by the Minister of Law and Human Rights of the Republic of Indonesia in his Acknowledgement Letter No. AHU-AH.01.1044595 dated October 28, 2013.
Ruang lingkup kegiatan Perseroan sesuai dengan pasal 3 Anggaran Dasar Perseroan dan yang sedang dijalankan meliputi jasa transportasi angkutan laut domestik untuk penumpang dan barang. Perseroan telah memperoleh Surat Izin Usaha Perusahaan Angkutan Laut (”SIUPAL”) dari Direktorat Jenderal Perhubungan Laut Departemen Perhubungan No. BXXU-1842/AL.58 tanggal 16 Mei 2002. Perseroan memulai operasi komersialnya sejak 14 Februari 1996.
The scope of activities of the Company in accordance with article 3 of the Company’s Articles of Association and being carried out involves domestic sea freight transportation services for passengers and goods. The Company has obtained Authorization as a Sea Transportation Company (“SIUPAL”) BXXU1842/AL.58 dated May 16, 2002 from the Directorate General of Sea Transportation of the Ministry of Transportation. The Company started its commercial operations on February 14, 1996.
Perseroan berkedudukan di Graha Corner Stone, Jalan Rajawali Selatan II No 1, Gunung Sahari, Jakarta Pusat.
The Company is located at Graha Corner Stone, Jalan Rajawali Selatan II No. 1, Gunung Sahari, Jakarta Pusat.
Perseroan tidak memiliki entitas induk dan entitas induk terakhir dikarenakan tidak terdapat pemegang saham yang memiliki pengendalian atas Perseroan.
The Company does not have a parent entity and ultimate parent entity due to the there are no shareholders who have control over the Company.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
1. UMUM (lanjutan)
1. GENERAL (continued)
b. Penawaran Umum Saham Tindakan Perseroan Lainnya
Perseroan
dan
b. Public Offering of The Company’s Shares and Other Corporate Actions
Pada tanggal 4 Desember 2013, Perseroan memperoleh Surat Pernyataan Efektif dari Dewan Komisioner Otoritas Jasa Keuangan (“OJK”) dengan Suratnya No. S-407/D.04/2013 untuk melakukan Penawaran Umum Saham Perdana sejumlah 127.380.000 saham biasa atas nama dengan nilai Nominal Rp100 setiap lembar saham yang ditawarkan kepada masyarakat dengan harga penawaran Rp2.800 setiap saham. Termasuk didalam jumlah saham umum perdana kepada masyarakat adalah saham yang telah dialokasikan sehubungan dengan Program Alokasi Saham Karyawan (Employee Stock Allocation atau “ESA”) sejumlah 1.144.000 saham berdasarkan Akta Notaris No. 6 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 13 Agustus 2013. Pada tanggal 11 Desember 2013, seluruh saham tersebut telah dicatat di Bursa Efek Indonesia.
On December 4, 2013, the Company obtained the Effective Statement Letter from Board of Commissioner of Financial Services Authority (“OJK”) through its Letter No. S-407/D.04/2013 for the Company’s initial public offering of 127,380,000 common shares to the public with a par value of Rp100 per share at an offering price of Rp2,800 per share. Included in the number of initial public shares offered to the public are shares that have been allocated in connection with Employee Stock Allocation Program ("ESA") of 1,144,000 shares based on Notarial Deed No. 6 of Tjhong Sendrawan, SH., Public Notary in Jakarta dated August 13, 2013. These shares were listed in Indonesia Stock Exchange on December 11, 2013.
Setelah pencatatan seluruh saham Perseroan di Bursa Efek Indonesia, Perseroan menerbitkan saham biasa atas pelaksanaan konversi pinjaman sehubungan dengan Convertible Loan Agreement (“CLA”) dimana Perseroan memiliki pinjaman kepada SACLP Investment Limited (“SACLP”) dan ASEAN China Investment Fund (“ACIF”), keduanya adalah pihak ketiga, masing-masing sebesar AS$11.000.000 dan AS$5.000.000. Atas pengkonversian seluruh nilai pinjaman tersebut, SACLP dan ACIF menerima masing-masing sebanyak 45.304.286 dan 20.592.857 lembar saham biasa atas nama (Catatan 23).
Upon listing of the Company’s shares in Indonesia Stock Exchange, the Company issued common shares on exercise of loans conversion in relation to the Convertible Loan Agreement (“CLA”) whereby the Company has loans to SACLP Investment Limited (“SACLP”) and ASEAN China Investment Fund (“ACIF”), both of which are third parties, amounted to US$11,000,000 and US$5,000,000, respectively. On conversion of the entire loans, SACLP and ACIF obtained 45,304,286 and 20,592,857 common shares (Note 23)
Pada tanggal 31 Desember 2013, seluruh saham Perseroan tercatat di Bursa Efek Indonesia
As of December 31, 2013, all of the Company’s shares are listed in the Indonesia Stock Exchange.
Ringkasan tindakan Perseroan (corporate actions) yang mempengaruhi saham yang diterbitkan sejak tanggal penawaran umum perdana sampai dengan tanggal 31 Desember 2013, adalah sebagai berikut:
Summary of the Company’s corporate actions affecting its capital stock from the date of its initial public offering up to December 31, 2013 is as follows:
Tanggal/Date 11 Desember 2013/ December 11, 2013
Keterangan/ Description Penawaran umum perdana sebesar 127.380.000 saham/Initial public offering of 127,380,000 shares
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Jumlah saham ditempatkan dan disetor penuh/ Number of shares issued and fully paid
578.360.000
Nilai nominal per saham dalam Rupiah (angka penuh)/ Par value per share in Rupiah(full amount)
100
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
1. UMUM (lanjutan)
1. GENERAL (continued)
b. Penawaran Umum Saham Perseroan Tindakan Perseroan Lainnya (lanjutan)
b. Public Offering of The Company’s Shares and Other Corporate Actions (continued)
Penerbitan 65.897.143 saham baru sehubungan dengan konversi pinjaman dari SACLP dan ACIF sebesar AS$16.000.000/ Issuance of 65,897,143 new shares in relation to loans conversion from SACLP and ACIF totaling to US$16,000,000 Total
100
c. Key management and other informations
Susunan Dewan Komisaris dan Direksi Perseroan Perseroan pada tanggal 31 Desember 2013 dan 2012 adalah sebagai berikut:
The members of the Company’s Board of Commissioners and Directors as at December 31, 2013 and 2012 were as follows:
2013
Direksi Direktur Utama Wakil Direktur Utama Direktur Direktur Direktur Direktur Direktur Independen
65.897.143 644.257.143
c. Manajemen Kunci dan Informasi Lainnya
Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen
Nilai nominal per saham dalam Rupiah (angka penuh)/ Par value per share in Rupiah(full amount)
Jumlah saham ditempatkan dan disetor penuh/ Number of shares issued and fully paid
Keterangan/ Description
Tanggal/Date 11 Desember 2013/ December 11, 2013
dan
2012
Pang Yoke Min Merna Logam Estherina Arianti Djaja
Pang Yoke Min Merna Logam
Eddy Kurniawan Logam Mok Weng Vai Rudy Kurniawan Logam Rudy Kusworo Loo Choo Leong
Eddy Kurniawan Logam Mok Weng Vai Rudy Kurniawan Logam Herry Subandrio Pang Wei Meng Loo Choo Leong
Meyrick Alda Sumantri
Manajemen kunci meliputi anggota Komisaris dan Direksi Perseroan.
Board of Commissioners President Commissioner Commisioner Independent Commisioner Directors President Director Vice President Director Director Director Director Director Independent Director
Dewan
The members of the Board of Commissioners and Directors are the key management personnel of the Company.
Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 31 Desember 2013 berdasarkan Akta Notaris No. 6 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 13 Agustus 2013 yang telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-43875.AH.01.02.Tahun 2013 tanggal 21 Agustus 2013.
The composition of the Company’s Borad of Commisioners and Directors as of December 31, 2013 is based on Notarial Deed No. 6 of Tjhong Sendrawan, SH., Public Notary in Jakarta dated August 13, 2013, which has been approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter No. AHU-43875.AH.01.02.Tahun 2013 dated August 21, 2013.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
1. UMUM (lanjutan)
1. GENERAL (continued) Lainnya
c. Key management and Other Informations (continued)
Susunan Dewan Komisaris Perseroan pada tanggal 31 Desember 2012 berdasarkan Akta Notaris No. 6 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 13 Oktober 2011 yang telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan Nomor AHU54661.AH.01.02.Tahun 2011 tanggal 9 November 2011.
The composition of the Company’s Commisioners as of December 31, 2012 is based on Notarial Deed No. 6 of Tjhong Sendrawan, SH., Public Notary in Jakarta dated October 13, 2011, which were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter No. AHU-54661.AH.01.02.Tahun 2011 dated November 9, 2011.
Susunan Direksi Perseroan pada tanggal 31 Desember 2012, berdasarkan Akta Notaris No. 24 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 22 Agustus 2011 yang telah dilaporkan kepada Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Nomor AHU-AH.01.10-29678 dan AHU-AH.01.10-29679 tanggal 19 September 2011.
The composition of the Company’s Boards of Directors as of December 31, 2012 is based on Notarial Deed No. 24 of Tjhong Sendrawan, SH., Public Notary in Jakarta dated August 22, 2011, which were acknowledged by the Minister of Law and Human Rights of the Republic of Indonesia in his letters No. AHU-AH.01.10-29678 and AHUAH.01.10-29679 dated September 19, 2011.
Pada tanggal 31 Desember 2013, Sekretaris Perseroan adalah Sundap Carulli berdasarkan Surat Keputusan Direksi No. 179/A-12/SKDIR/LSM-JKT/VIII/2013 tanggal 16 Agustus 2013.
As of December 31, 2013, the Company’s Corporate Secretary is Sundap Carulli based on the Director Decision Letter No. 179/A-12/SKDIR/LSM-JKT/VIII/2013 dated August 16, 2013.
Manajemen menyatakan pembentukan Komite Audit Perseroan akan dilaksanakan dalam jangka waktu paling lambat 6 (enam) bulan setelah saham Perseroan tercatat di Bursa Efek Indonesia atau Rapat Umum Pemegang Saham (“RUPS”) Perseroan berikutnya, mana yang lebih dahulu.
The Management declared that the establishment of the Audit Committee will be held no later than 6 (six) months after the Company’s shares are listed on Indonesia Stock Exchange or next the Company’s General Meetings of Shareholders (“GMS”), whichever is earlier.
Perseroan pada tanggal 31 Desember 2013 dan 31 Desember 2012, mempunyai karyawan tetap masing-masing sebanyak 994 dan 653 karyawan (tidak diaudit).
The Company as of December 31, 2013 and December 31, 2012, has 994 and 653 permanent employees, respectively (unaudited).
c. Manajemen (lanjutan)
Kunci
dan
Informasi
d. Completion of financial statements
d. Penyelesaian laporan keuangan Manajemen bertanggung jawab atas penyusunan dan penyajian laporan keuangan yang telah diselesaikan dan diotorisasi untuk diterbitkan oleh Manajemen Perseroan pada tanggal 7 Maret 2014.
The management is responsible for the preparation and presentation of the financial statements, which were completed and authorized for issuance by the Company’s Management on March 7, 2014.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN
2.
SUMMARY POLICIES
OF
SIGNIFICANT
ACCOUNTING
Laporan keuangan telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”) yang mencakup Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Interpretasi Standar Akuntansi Keuangan (“ISAK”) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (“DSAK”) dan peraturan-peraturan serta pedoman dan penyajian dan pengungkapan laporan keuangan yang diterbitkan oleh BAPEPAM-LK No. Kep-347/BL/2012.
The financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”) comprising the Statements of Financial Accounting Standards (“PSAK”) and Interpretations to Financial Accounting Standards (“ISAK”) issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants (“DSAK”) and the regulations and the guidelines on financial statements and disclosures issued by BAPEPAM-LK No. Kep-347/BL/2012.
Kebijakan akuntansi yang signifikan diterapkan secara konsisten dalam penyusunan laporan keuangan untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2013 dan 2012 adalah sebagai berikut:
The significant accounting policies applied consistently in the preparation of the financial statements as of and for years ended December 31, 2013 and 2012 are as follows:
a.
a.
b.
Dasar penyusunan laporan keuangan
Basis of preparation statements
of
the
financial
Laporan keuangan, kecuali untuk laporan arus kas, disusun berdasarkan konsep akrual dengan menggunakan konsep harga historis, kecuali untuk beberapa akun tertentu yang diukur berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masingmasing akun tersebut.
The financial statements, except for the statements of cash flows, have been prepared on the accrual basis using the historical cost concept of accounting, except for certain accounts which are measured on the bases described in the related accounting policies for those accounts.
Laporan arus kas disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas atas dasar kegiatan operasi, investasi dan pendanaan.
The statements of cash flows are prepared based on the direct method by classifying cash flows on the basis of operating, investing and financing activities.
Laporan keuangan disajikan dalam Dolar Amerika Serikat, yang merupakan mata uang fungsional dan penyajian Perseroan.
The financial statements are presented in United States Dollar, which is the Company’s functional and presentation currency.
Periode pelaporan keuangan Perseroan adalah 1 Januari - 31 Desember.
The financial reporting period of the Company is January 1 - December 31.
Transaksi dengan pihak berelasi
b.
Transactions with related parties
Perseroan mempunyai transaksi dengan pihak berelasi. Definisi pihak berelasi sesuai dengan yang diatur dalam PSAK No. 7 (Revisi 2010), “Pengungkapan Pihak-Pihak Berelasi”.
The Company has transactions with related parties. The definition of related parties is in accordance with PSAK No. 7 (Revised 2010), “Related Party Disclosures”.
Pihak berelasi didefinisikan sebagai berikut:
A related party is defined as follows:
a) Orang atau anggota keluarga terdekat mempunyai relasi dengan Perseroan jika orang tersebut: i. memiliki pengendalian atau pengendalian bersama Perseroan; ii. memiliki pengaruh signifikan atas Perseroan; atau iii. personil manajemen kunci Perseroan atau entitas induk Perseroan.
a) A person or a close member of the person’s family is related to the Company if that person: i. has control or joint control over the Company; ii. has significant influence over the Company; or iii. is a member of the key management personnel of the Company or of a parent of the Company.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) b.
c.
Transaksi dengan pihak berelasi (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) b.
ACCOUNTING
Transactions with related parties (continued)
b) Suatu entitas berelasi dengan Perseroan jika memenuhi salah satu hal berikut: i. Entitas dan Perseroan adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain). ii. Satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya). iii. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama. iv. Satu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga. v. Entitas tersebut adalah suatu program imbalan pascakerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas pelapor adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor. vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a). vii. Orang yang diidentifikasi dalam huruf (a)(i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas).
b) An entity is related to a reporting entity if any of the following conditions applies: i. The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).
Transaksi dilakukan berdasarkan persyaratan yang disetujui oleh kedua belah pihak.
The transactions are made based on terms agreed by the parties.
Seluruh transaksi dan saldo yang material dengan pihak berelasi diungkapkan dalam Catatan 33 atas laporan keuangan.
All material transactions and balances with related parties are disclosed in the Note 33 to the financial statements.
Transaksi dan saldo dalam mata uang asing
ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). iii. Both entities are joint venture of the same third party. iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity. v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. vi. The entity is controlled or jointly controlled by a person identified in (a). vii. A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
c.
Transaksi dalam mata uang asing dicatat dalam Dolar Amerika Serikat berdasarkan kurs yang berlaku pada saat transaksi dilakukan. Pada tanggal pelaporan, aset dan liabilitas moneter dalam mata uang asing dijabarkan sesuai dengan rata-rata kurs jual dan beli yang diterbitkan oleh Bank Indonesia pada tanggal transaksi perbankan terakhir untuk tahun/periode yang bersangkutan, dan laba atau rugi kurs yang timbul, dikreditkan atau dibebankan pada operasi tahun/periode kini.
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Foreign currency transactions and balances Transactions involving foreign currencies are recorded in United States Dollar at the rates of exchange prevailing at the time the transactions are made. At the reporting date, monetary assets and liabilities denominated in foreign currencies are adjusted to reflect the average of the selling and buying rates of exchange prevailing at the last banking transaction date of the year/period, as published by Bank Indonesia, and any resulting gains or losses are credited or charged to operations of the current year/period.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) c.
Transaksi dan saldo dalam mata uang asing (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) c.
2013
d.
e.
f.
Foreign currency transactions and balances (continued) Exchange rates used to translate Rupiah (full amount), Singapore Dollar (“SG$”), Euro (“EUR”), Pounds (“GBP”) and Japan Yen (“JPY”) into United States Dollar (“US$”) as of December 31, 2013 and 2012 (full amount) were as follows:
Kurs yang digunakan untuk menjabarkan mata uang Rupiah (angka penuh), Dolar Singapura (“SG$”), Euro (“EUR”), Poundsterling (“GBP”) dan Yen Jepang (“JPY”) ke dalam Dolar Amerika Serikat (“AS$”) pada tanggal 31 Desember 2013 dan 2012 (angka penuh) adalah sebagai berikut:
AS$1/Rupiah AS$1/SG$ AS$1/EUR AS$1/GBP AS$1/JPY
ACCOUNTING
2012
12.189,00 1,27 0,72 0,61 105,08
Kas dan setara kas
9.670,00 1,22 0,75 0,64 96,36
d.
US$1/Rupiah US$1/SG$ US$1/EUR US$1/GBP US$1/JPY
Cash and cash equivalents
Perseroan mengelompokkan semua kas dan bank serta deposito berjangka dengan masa jatuh tempo tiga bulan atau kurang yang tidak digunakan sebagai jaminan atau dibatasi pengunaannya, sebagai kas dan setara kas.
The Company considers all cash on hand and in banks, and time deposits with original maturities of three months or less, which are not used as collateral or are not restricted as to use, as cash and cash equivalents.
Kas yang dibatasi penggunaannya disajikan secara terpisah dari kas dan setara kas.
Restricted cash accounts are presented separately from cash and cash equivalents.
Persediaan
e.
Inventories
Persediaan dinyatakan menurut nilai yang terendah antara biaya perolehan atau nilai realisasi bersih. Biaya perolehan ditentukan dengan menggunakan metode rata-rata tertimbang dan mencakup harga pembelian dan biaya lainnya yang timbul hingga persediaan berada dalam kondisi dan tempat yang siap untuk dipakai. Nilai realisasi neto adalah estimasi harga jual dalam kegiatan usaha normal dikurangi estimasi biaya penyelesaian dan estimasi biaya yang diperlukan untuk melakukan penjualan.
Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method and includes purchase cost and other costs to bring the inventories to their present location and usable condition. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated selling cost necessary to make the sale.
Cadangan persediaan usang ditentukan berdasarkan hasil penelaahan terhadap kondisi persediaan pada tanggal pelaporan.
Allowance for inventory obsolescence is provided based on a review of the condition of inventories at the reporting dates.
Aset tetap dan penyusutan
f.
Seluruh aset tetap awalnya diakui sebesar biaya perolehan, yang terdiri atas harga perolehan dan biaya-biaya tambahan yang dapat di atribusikan langsung untuk membawa aset ke lokasi dan kondisi yang diinginkan supaya aset tersebut siap digunakan sesuai dengan maksud manajemen.
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Fixed assets and depreciation All property, plant and equipment are initially recognized at cost, which comprises its purchase price and any costs directly attributable in bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) f.
Aset tetap dan penyusutan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) f.
ACCOUNTING
Fixed assets and depreciation (continued)
Setelah pengakuan awal aset tetap dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan rugi penurunan nilai. Biaya perolehan termasuk biaya penggantian bagian aset tetap saat biaya tersebut terjadi, jika memenuhi kriteria pengakuan. Selanjutnya, pada saat inspeksi yang signifikan dilakukan, biaya inspeksi itu diakui ke dalam jumlah tercatat (“carrying amount”) aset tetap sebagai suatu penggantian jika memenuhi kriteria pengakuan. Semua biaya pemeliharaan dan perbaikan yang tidak memenuhi kriteria pengakuan diakui dalam laporan laba rugi komprehensif ketika terjadi.
Subsequent to initial recognition, fixed assets are stated at cost less accumulated depreciation and impairment losses. Such cost includes the cost of replacing part of the fixed assets when that cost is incurred, if the recognition criteria are met. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the fixed assets as a replacement if the recognition criteria are satisfied. All repairs and maintenance costs that do not meet the recognition criteria are charged to the statements of comprehensive income as incurred.
Kapal Perseroan mengalami pengedokan dan biaya pengedokan kapal (vessel dry-docking costs) tersebut dikapitalisasi sepanjang pengeluarannya dapat menunjukkan peningkatan manfaat ekonomis mendatang kapal. Kapitalisasi biaya tersebut dicatat sebagai penambahan ke harga perolehan kapal untuk kapal yang dimiliki sendiri dan kapal yang diperoleh melalui sewa pembiayaan, dan disusutkan selama periode hingga jadwal pengedokan berikutnya. Total biaya pengedokan terdahulu yang tersisa, jika ada, dihentikan pengakuannya, dan dibebankan ke laporan laba rugi komprehensif tahun/periode berjalan.
The Company’s vessels are dry-docked and the vessel dry-docking costs are capitalized to the extent that the expenditure results in increase in the future economic benefit of the vessels. The capitalized costs are recorded as an additional cost of the owned vessels and leased vessels under finance lease arrangements, and the costs are amortized over the period up to the next scheduled dry-docking. Any remaining carrying amount of the cost of the previous drydocking is derecognized, and charged to current year/period statements of comprehensive income.
Suku cadang utama dan peralatan siap pakai diklasifikasikan sebagai aset tetap bila diperkirakan akan digunakan dalam operasi selama lebih dari satu tahun.
Major spare parts and stand-by equipment are classified as fixed assets when they are expected to be used in operations during more than one year.
Penyusutan dihitung dengan menggunakan metode garis lurus selama estimasi umur manfaat aset tetap sebagai berikut:
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Tahun/Years 20 5 - 20 8 4-8
Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau ketika tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset tetap (dihitung sebagai perbedaan antara jumlah bersih hasil pelepasan dengan jumlah tercatat aset tetap) diakui dalam laporan laba rugi komprehensif pada tahun aset tersebut dihentikan pengakuannya.
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Vessels Buildings Vehicles Office furniture and equipment An item of fixed asset is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the fixed assets (calculated as the difference between the net disposal proceeds and the carrying amount of the fixed assets) is included in the statements of comprehensive income in the year which the asset is derecognized.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) f.
g.
Aset tetap dan penyusutan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) f.
ACCOUNTING
Fixed assets and depreciation (continued)
Biaya konstruksi kapal dapat dikapitalisasi sebagai aset dalam penyelesaian. Penyusutan aset dimulai pada saat aset tersebut siap untuk digunakan, yaitu pada saat aset tersebut berada pada lokasi dan kondisi yang diinginkan agar siap digunakan sesuai dengan keinginan dan maksud manajemen.
The costs of the construction of vessels are capitalized as construction in progress. Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.
Pada setiap akhir tahun buku, nilai residu, umur manfaat dan metode penyusutan aset tetap ditelaah, dan jika sesuai dengan keadaan, disesuaikan secara prospektif.
The residual values, useful lives and methods of depreciation of fixed assets are reviewed, and adjusted prospectively if appropriate, at each financial year end.
Biaya pinjaman diatribusikan secara langsung dengan perolehan, konstruksi, atau pembuatan aset kualifikasian dikapitalisasi sebagai bagian biaya perolehan aset tersebut. Kapitalisasi biaya pinjaman dihentikan ketika aset kualifikasian telah selesai dan siap digunakan.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of those assets. Capitalization of borrowing costs ceases when the qualifying assets are complete and ready for service.
Aset tetap yang tidak digunakan lagi dan ditujukan untuk dijual dihentikan penyusutannya dan diklasifikasikan sebagai aset yang dimiliki untuk dijual. Aset yang dimiliki untuk dijual diukur berdasarkan nilai yang lebih rendah antara nilai buku atau nilai wajar.
Fixed assets which use is discontinued and is held for sale ceased of being depreciated and reclassified as asset held for sale. Asset held for sale are measured at the lower of book value or fair value.
Sewa
g.
Penentuan apakah suatu perjanjian merupakan perjanjian sewa atau perjanjian yang mengandung sewa didasarkan atas substansi perjanjian pada tanggal awal sewa dan apakah pemenuhan perjanjian tergantung pada penggunaan suatu aset dan perjanjian tersebut memberikan suatu hak untuk menggunakan aset tersebut. Sewa yang mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset, diklasifikasikan sebagai sewa pembiayaan. Sewa yang tidak mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset diklasifikasikan sebagai sewa operasi.
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Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at the inception date and whether the fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset. Leases that transfer to the lessee substantially all of risks and rewards incidental to ownership of the leased item are classified as finance leases. Leases which do not transfer to the lessee substantially all of the risks and rewards incidental to ownership of the leased item are classified as operating leases.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) g.
Sewa (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
ACCOUNTING
Leases (continued)
Perseroan sebagai lessee
The Company as a lessee
i) Dalam suatu sewa pembiayaan, Perseroan diharuskan mengakui aset dan liabilitas dalam laporan posisi keuangan sebesar nilai wajar aset pembiayaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Pembayaran sewa dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pelunasan liabilitas sewa. Beban keuangan dialokasikan pada setiap periode selama masa sewa, sehingga menghasilkan tingkat suku bunga periodik yang konstan atas saldo liabilitas. Sewa kontinjen dibebankan sebagai biaya pada periode terjadinya. Beban keuangan dicatat dalam laporan laba rugi komprehensif. Aset pembiayaan (disajikan sebagai bagian dari aset tetap) disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset pembiayaan dengan masa sewa, jika tidak ada kepastian yang memadai bahwa Perseroan akan mendapatkan hak kepemilikan pada akhir masa sewa.
i) Under a finance lease, the Company is required to recognize assets and liabilities in their statements financial position at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Minimum lease payments shall be apportioned between the finance charges and the reduction of the outstanding liability. The finance charges shall be allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents shall be charged as expenses in the periods in which they are incurred. Finance charges are reflected in the statements of comprehensive income. Capitalized leased assets (presented are part of fixed assets) are depreciated over the shorter of the estimated useful lives of the assets and the lease terms, if there is no reasonable certainty that the Company will obtain ownership of the assets by the end of the lease terms.
ii) Untuk sewa operasi, Perseroan mengakui pembayaran sewa sebagai beban dengan dasar garis lurus selama masa sewa.
ii) Under an operating lease, the Company recognizes lease payments as an expense on a straight-line basis over the lease terms.
Perseroan sebagai lessor
The Company as a lessor
i) Untuk sewa pembiayaan, Perseroan mengakui aset berupa piutang sewa pembiayaan di laporan posisi keuangan sebesar jumlah yang sama dengan investasi sewa neto. Penerimaan piutang sewa diperlakukan sebagai pembayaran pokok dan penghasilan pembiayaan. Pengakuan penghasilan pembiayaan didasarkan pada suatu pola yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi bersih Perseroan sebagai lessor dalam sewa pembiayaan.
i) Under a finance lease, the Company is required to recognize assets held under a finance lease in their statements financial position and present them as a receivable at an amount equal to the net investment in the lease. Lease payments received are treated as payments of principal and finance income. The recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the Company’s net investments in finance leases.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) g.
h.
Sewa (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
ACCOUNTING
Leases (continued)
Perseroan sebagai lessor (lanjutan)
The Company as a lessor (continued)
ii) Untuk sewa operasi, Perseroan mengakui aset untuk sewa operasi di laporan posisi keuangan sesuai sifat aset tersebut. Biaya langsung awal sehubungan proses negosiasi sewa operasi ditambahkan ke jumlah tercatat dari aset sewa dan diakui sebagai beban selama masa sewa dengan dasar yang sama dengan pendapatan sewa. Sewa kontinjen, apabila ada, diakui sebagai pendapatan pada periode terjadinya. Pendapatan sewa operasi diakui sebagai pendapatan atas dasar garis lurus selama masa sewa.
ii) Under an operating lease, the Company is required to present assets subject to operating leases in their statements financial position according to the nature of the asset. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents, if any, are recognized as revenue in the periods in which they are earned. Lease income from operating leases is recognized as income on a straight-line basis over the lease terms.
Penurunan nilai aset non-keuangan
h.
Impairment of non-financial assets
Pada setiap akhir periode pelaporan, Perseroan menilai apakah terdapat indikasi suatu aset mengalami penurunan nilai. Jika terdapat indikasi tersebut atau pada saat pengujian tahunan penurunan nilai aset (yaitu, aset tidak berwujud dengan umur manfaat tidak terbatas, aset tidak berwujud yang belum dapat digunakan, atau goodwill yang diperoleh dalam suatu kombinasi bisnis) diperlukan, maka Perseroan membuat estimasi formal atas jumlah terpulihkan aset tersebut.
The Company assesses at each annual reporting period whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset (i.e. an intangible asset with an indefinite useful life, an intangible asset not yet available for use, or goodwill acquired in a business combination) is required, the Company makes an estimate of the asset’s recoverable amount.
Jumlah terpulihkan yang ditentukan untuk aset individual adalah jumlah yang lebih tinggi antara nilai wajar aset atau Unit Penghasil Kas (UPK) dikurangi biaya untuk menjual dengan nilai pakainya, kecuali aset tersebut tidak menghasilkan arus kas masuk yang sebagian besar independen dari aset atau kelompok aset lain. Jika nilai tercatat aset lebih besar daripada nilai terpulihkannya, maka aset tersebut dipertimbangkan mengalami penurunan nilai dan nilai tercatat aset diturunkan nilainya menjadi sebesar nilai terpulihkannya. Rugi penurunan nilai dari operasi yang berkelanjutan diakui pada laporan laba rugi sebagai laba rugi sesuai kategori biaya yang konsisten dengan fungsi dari aset yang diturunkan nilainya. Dalam menghitung nilai pakai, estimasi arus kas masa depan neto didiskontokan ke nilai kini dengan menggunakan tingkat diskonto sebelum pajak yang menggambarkan penilaian pasar kini dari nilai waktu uang dan risiko spesifik atas aset.
An asset’s recoverable amount is the higher of an asset’s or Cash Generating Unit (CGU)’s fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognized in statement of comprehensive income as profit or loss under expense categories that are consistent with the functions of the impaired asset. In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) h.
i.
Penurunan nilai aset non-keuangan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) h.
Impairment (continued)
of
ACCOUNTING
non-financial
assets
Dalam menentukan nilai wajar dikurangi biaya untuk menjual, digunakan harga penawaran pasar terakhir, jika tersedia. Jika tidak terdapat transaksi tersebut, model penilaian yang sesuai digunakan dapat untuk menentukan nilai wajar aset. Perhitungan-perhitungan ini dikuatkan oleh penilaian berganda atau indikator nilai wajar yang tersedia.
In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used to determine the fair value of the assets. These calculations are corroborated by valuation multiples or other available fair value indicators.
Penilaian dilakukan pada akhir setiap periode pelaporan tahunan untuk menentukan apakah terdapat indikasi bahwa rugi penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset selain goodwill mungkin tidak ada lagi atau mungkin telah menurun. Jika indikasi dimaksud ditemukan, maka entitas mengestimasi jumlah terpulihkan aset tersebut. Kerugian penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset selain goodwill dibalik hanya jika terdapat perubahan asumsi-asumsi yang digunakan untuk menentukan jumlah terpulihkan aset tersebut sejak rugi penurunan nilai terakhir diakui. Dalam hal ini, jumlah tercatat aset dinaikkan ke jumlah terpulihkannya. Pembalikan tersebut dibatasi sehingga jumlah tercatat aset tidak melebihi jumlah terpulihkannya maupun jumlah tercatat, neto setelah penyusutan, seandainya tidak ada rugi penurunan nilai yang telah diakui untuk aset tersebut pada tahun sebelumnya. Pembalikan rugi penurunan nilai diakui dalam laporan laba rugi komprehensif. Setelah pembalikan tersebut, penyusutan aset tersebut disesuaikan di periode mendatang untuk mengalokasikan jumlah tercatat aset yang direvisi, dikurangi nilai sisanya, dengan dasar yang sistematis selama sisa umur manfaatnya
An assessment is made at each annual reporting period as to whether there is any indication that previously recognized impairment losses recognized for an asset other than goodwill may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss for an asset other than goodwill is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The reversal is limited so that the carrying amount of the assets does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Reversal of an impairment loss is recognized in the statement of comprehensive income. After such a reversal, the depreciation charge on the said asset is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
Perpajakan
i.
Penghasilan Perseroan atas pendapatan dari jasa perkapalan yang diberikan kepada Perusahaan Indonesia dikenakan pajak final dengan tarif 1,20% sesuai dengan Undangundang Perpajakan di Indonesia.
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Taxation The Company’s vessel charter income provided to Indonesian companies is subject to a final tax at rates of 1.20% under the Taxation Laws of Indonesia.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) i.
Perpajakan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
ACCOUNTING
Taxation (continued)
Untuk pendapatan selain jasa perkapalan yang diberikan kepada perusahaan Indonesia, beban pajak kini ditentukan berdasarkan taksiran laba kena pajak dalam tahun yang berjalan. Penghasilan kena pajak berbeda dengan laba yang dilaporkan dalam laporan laba rugi karena penghasilan kena pajak tidak termasuk item-item pendapatan atau beban yang dikenakan pajak atau dikurangkan di tahun-tahun lainnya dan tidak termasuk item-item yang tidak pernah dikenakan pajak atau dikurangkan. Pajak penghasilan badan kini yang terutang dihitung dengan menggunakan tarif pajak berdasarkan peraturan perpajakan yang telah ditetapkan atau secara substansial ditetapkan pada akhir periode pelaporan.
For income other than vessel charter income provided to Indonesian companies, current tax expense is provided based on the estimated taxable income for the year. Taxable profit differs from profit as reported in the statements of income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current corporate income tax is calculated using tax rates based on tax laws that have been enacted or substantively enacted as at the reporting dates.
Pajak tangguhan diakui menggunakan metode liabilitas atas perbedaan temporer pada tanggal pelaporan antara dasar pengenaan pajak dari aset dan liabilitas dan nilai tercatatnya untuk tujuan pelaporan keuangan pada akhir tahun pelaporan.
Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the end of the reporting year.
Aset pajak tangguhan diakui untuk semua perbedaan temporer yang dapat dikurangkan dan rugi fiskal belum dikompensasi, sejauh terdapat kemungkinan besar bahwa laba kena pajak akan tersedia untuk dimanfaatkan dengan perbedaan temporer yang dapat dikurangkan dan rugi fiskal belum dikompensasi.
Deferred tax assets are recognized for all deductible temporary differences and carryforward of unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax losses can be utilized.
Nilai tercatat dari aset pajak tangguhan ditelaah pada setiap akhir periode pelaporan dan diturunkan ketika tidak lagi terdapat kemungkinan bahwa akan terdapat laba kena pajak yang memungkinkan semua atau sebagian dari aset pajak tangguhan terdapat untuk direalisasi.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized.
Aset dan liabilitas pajak tangguhan diukur berdasarkan tarif pajak yang akan berlaku pada tahun saat aset direalisasikan atau liabilitas diselesaikan berdasarkan peraturan perpajakan yang berlaku atau yang telah secara substantif telah diberlakukan pada tanggal pelaporan. Pengaruh pajak terkait dengan penyisihan untuk dan/atau pembalikan seluruh perbedaan temporer selama tahun berjalan, termasuk pengaruh perubahan tarif pajak, diakui sebagai “Manfaat/(Beban) Pajak Penghasilan, Tangguhan” dan termasuk dalam laba atau rugi neto tahun berjalan, kecuali untuk transaksitransaksi yang sebelumnya telah langsung dibebankan atau dikreditkan ke ekuitas.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled based on tax laws that have been enacted or substantively enacted date by the end of the reporting period. The related tax effects of the provisions for and/or reversals of all temporary differences during the year, including the effect of change in tax rates, are recognized as “Income Tax Benefit/(Expense), Deferred” and included in the determination of net profit or loss for the year, except to the extent that they relate to items previously charged or credited to equity.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) i.
j.
Perpajakan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
ACCOUNTING
Taxation (continued)
Koreksi terhadap kewajiban perpajakan diakui saat surat ketetapan pajak diterima atau jika dilakukan banding, ketika hasil banding diterima. Penambahan pajak dan hukuman yang dijatuhkan melalui Surat Ketetapan Pajak ("SKP") diakui sebagai pendapatan atau beban dalam laba periode berjalan atau rugi, kecuali keberatan /tindakan banding diambil. Penambahan pajak dan hukuman yang dijatuhkan melalui SKP ditangguhkan selama memenuhi kriteria pengakuan aset.
Amendments to taxation obligation are recorded when an assessment is received or, if appeal is applied, when the results of the appeal are received. The additional taxes and penalty imposed through Tax Assessment Letter (“SKP”) are recognized as income or expense in the current period profit or loss, unless objection/appeal action is taken. The additional taxes and penalty imposed through SKP are deferred as long as they meet the asset recognition criteria.
Perusahaan menyajikan penyesuaian pajak penghasilan dari tahun-tahun sebelumnya, jika ada, sebagai bagian dari "Pajak Kini (Beban)/Manfaat" dalam laporan laba rugi komprehensif.
The Company presented adjustments of income tax from previous years, if any, as part of “Current Tax (Expense)/Benefit” in the statement of comprehensive income.
Aset pajak tangguhan dan liabilitas pajak tangguhan dapat saling menghapuskan jika secara legal dapat saling menghapuskan antara aset pajak kini terhadap liabilitas pajak kini dan aset pajak tangguhan terhadap liabilitas pajak tangguhan atau Perseroan bermaksud untuk menyelesaikan aset dan liabilitas lancar berdasarkan jumlah neto.
Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to offset current tax assets against current tax liabilities, or the deferred tax assets and the deferred tax liabilities or the Company intends to settle its current assets and liabilities on a net basis.
Pengakuan pendapatan dan beban
j.
Revenue and expense recognition
Pendapatan diakui bila besar kemungkinan manfaat ekonomi akan diperoleh Perseroan dan jumlahnya dapat diukur secara andal. Pendapatan diukur pada nilai wajar pembayaran yang diterima atau dapat diterima, tidak termasuk diskon dan Pajak Pertambahan Nilai (“PPN”).
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and Value Added Taxes (“VAT”).
Pendapatan dari jasa sewa kapal dan pelayaran lainnya diakui pada saat penyerahan jasa kepada pelanggan. Jika pendapatan dari sewa kapal berbasis waktu (vessel time charter) mencakup lebih dari satu periode akuntansi maka pengakuan pendapatan diakui secara proporsional sesuai dengan periode yang dicakup.
Revenue on vessel charter and other marine services are recognized when services are rendered to the customers. If the vessel time charter revenue cover more than one accounting period, then revenue is recognized proportionally over the period covered.
Pendapatan atau biaya bunga untuk semua instrumen keuangan yang diukur berdasarkan biaya perolehan diamortisasi dicatat dengan menggunakan metode Suku Bunga Efektif (“SBE”), yaitu suku bunga yang secara tepat mendiskontokan estimasi pembayaran atau penerimaan kas di masa datang selama perkiraan umur dari instrumen keuangan, sebagaimana mestinya, digunakan periode yang lebih singkat, sampai mencapai nilai tercatat neto dari aset keuangan atau liabilitas keuangan.
Interest income or expense on all financial instruments measured at amortized cost is recorded using the Effective Interest Rate (“EIR”) method, which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.
Beban diakui pada saat terjadinya (basis akrual).
Expenses are (accrual basis).
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recognized
when
incurred
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) k.
Liabilitas imbalan kerja
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) k.
ACCOUNTING
Employee benefits liability
Perseroan mengakui liabilitas atas imbalan kerja sesuai dengan PSAK No. 24 (Revisi 2010) mengenai “Akuntansi Imbalan Kerja” berdasarkan dengan Undang-undang Ketenagakerjaan No.13/2003 tanggal 25 Maret 2003 (“UU No. 13/2003”).
The Company recognizes employee benefits liabilities in accordance with PSAK No. 24 (Revised 2010), regarding “Accounting for Employee Benefits” based on Labor Law No. 13/2003 dated March 25, 2003 (the “Law”).
Biaya untuk penyediaan liabilitas imbalan kerja berdasarkan UU No. 13/2003 ditentukan dengan menggunakan metode penilaian aktuaria “Projected Unit Credit”. Keuntungan dan kerugian aktuarial diakui sebagai pendapatan atau beban apabila akumulasi bersih dari keuntungan dan kerugian aktuarial yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi 10% dari nilai kini imbalan pasti pada tanggal tersebut. Keuntungan dan kerugian aktuarial ini diakui selama sisa masa kerja masing-masing karyawan.
The cost of providing employee benefits liability under the Law is determined using the “Projected Unit Credit” actuarial valuation method. Actuarial gains and losses are recognized as income or expense when the net cumulative unrecognized actuarial gains and losses for each individual plan at the end of the previous reporting year exceeded 10% of the defined benefit obligation at that date. These gains or losses are recognized on a straight-line basis over the remaining working lives of each employee.
Perseroan mengakui laba atau rugi dari kurtailmen pada saat kurtailmen terjadi, yaitu apabila terdapat komitmen untuk melakukan pengurangan material terhadap jumlah karyawan yang ditanggung oleh suatu program atau apabila terdapat perubahan terhadap ketentuan-ketentuan pada suatu program imbalan pasti, dimana bagian yang material untuk jasa yang diberikan oleh karyawan pada masa depan tidak lagi memberikan suatu imbalan, atau memberikan imbalan yang lebih rendah. Laba atau rugi penyelesaian diakui apabila terdapat transaksi yang menghapuskan semua kewajiban hukum atau konstruktif atas seluruh imbalan dalam program manfaat pasti. Keuntungan atau kerugian kurtailmen terdiri dari perubahan yang terjadi dalam nilai kini dari liabilitas dan keuntungan atau kerugian aktuarial dan biaya jasa lalu yang belum diakui sebelumnya.
The Company recognizes gains or losses on the curtailment when the curtailment occurs, that is when there is a commitment to make a material reduction in the number of employees covered by a plan or when there is an amendment of the defined benefit plan terms such that a material element of future services to be provided by current employees will no longer qualify for benefits, or will qualify only for reduced benefits. The gain or loss on settlement recognized when there is a transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan. The gain or loss on curtailment comprises any resulting change in present value of the obligations and any related actuarial gains and losses and past service cost that had not previously been recognized.
Perseroan mengakui liabilitas imbalan kerja jangka pendek ketika jasa diberikan oleh karyawan dan imbalan atas jasa tersebut akan dibayarkan dalam waktu dua belas bulan setelah jasa tersebut diberikan.
The Company recognizes short-term employee benefits liability when services are rendered and the compensation for such services are to be paid within twelve months after the rendering of such services.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l.
Instrumen keuangan
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
1. Aset keuangan
ACCOUNTING
Financial instruments 1. Financial assets
Pengakuan awal dan pengukuran
Initial recognition and measurement
Aset keuangan diklasifikasikan sebagai aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi komprehensif, pinjaman yang diberikan dan piutang, investasi dimiliki hingga jatuh tempo, aset keuangan tersedia untuk dijual, atau sebagai derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif. Perseroan menentukan klasifikasi aset keuangan tersebut pada pengakuan awal dan, jika diperbolehkan dan diperlukan, mengevaluasi kembali pengklasifikasian aset tersebut pada setiap akhir periode pelaporan.
Financial assets are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge. The Company determines the classification of their financial assets at initial recognition and, where allowed and appropriate, reevaluates the designation of such assets at each end of reporting period.
Pada saat pengakuan awal, aset keuangan diukur pada nilai wajarnya. Dalam hal aset keuangan tidak diukur pada nilai wajar melalui laporan laba rugi komprehensif, nilai wajar tersebut ditambah biaya transaksi yang dapat diatribusikan secara langsung dengan perolehan atau penerbitan aset keuangan tersebut.
When financial assets are recognized initially, they are measured at fair value. In the case of financial assets not measured at fair value through profit and loss, the fair value plus transaction costs that are directly attributable to the acquisition or issuance of these financial assets.
Aset keuangan Perseroan meliputi kas dan setara kas, piutang usaha, piutang lain-lain dan aset tidak lancar lainnya - uang jaminan dan dana yang dibatasi penggunaannya yang diklasifikasikan sebagai pinjaman yang diberikan dan piutang.
The Company’s financial assets include cash and cash equivalents, trade receivables, other receivables and other non-current assets - security deposits and restricted funds which classified as loans and receivables.
Pada tanggal 31 Desember 2013 dan 2012, Perseroan tidak memiliki aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi komprehensif, investasi dimiliki hingga jatuh tempo dan aset keuangan tersedia untuk dijual.
As of December 31, 2013 and 2012, the Company did not have any financial assets measured at fair value through profit or loss, held-to-maturity investments and available-for-sale financial asset.
Pengukuran setelah pengakuan awal
Subsequent measurement
Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan, yang tidak mempunyai kuotasi di pasar aktif. Aset keuangan tersebut diukur sebesar biaya perolehan diamortisasi (amortized cost) dengan menggunakan metode suku bunga efektif (effective interest rate).
Loans and receivables are non-derivative financial assets with fixed or predetermined payment that are not quoted in an active market. Financial assets are measured at amortized cost using the effective interest rate method.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l.
Instrumen keuangan (lanjutan)
setelah
pengakuan
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
1. Aset keuangan (lanjutan) Pengukuran (lanjutan)
2.
ACCOUNTING
Financial instruments (continued) 1. Financial assets (continued)
awal
Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif pada saat pinjaman yang diberikan dan piutang dihentikan pengakuannya atau mengalami penurunan nilai, demikian juga pada saat proses amortisasi.
Subsequent measurement (continued) Gains and losses are recognized in the statements of comprehensive income when the loans and receivables are derecognized or impaired, as well as through the amortization process.
Penghentian Pengakuan
Derecognition
Aset keuangan dihentikan pengakuannya pada saat: (1) hak untuk menerima arus kas yang berasal dari aset tersebut telah berakhir; atau (2) Perseroan telah mentransfer hak mereka untuk menerima arus kas yang berasal dari aset atau berkewajiban untuk membayar arus kas yang diterima secara penuh tanpa penundaan material kepada pihak ketiga dalam perjanjian yang memenuhi kriteria “pass-through” dan (a) Perseroan telah secara substansial mentransfer seluruh risiko dan manfaat dari aset, atau (b) Perseroan secara substansial tidak mentransfer atau tidak memiliki seluruh risiko dan manfaat suatu aset, namun telah mentransfer kendali atas aset tersebut.
A financial asset is derecognized when: (1) the rights to receive cash flows from the asset have expired; or (2) the Company has transferred their rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.
Penurunan nilai aset keuangan
Impairment of financial assets
Pada setiap akhir periode pelaporan Perseroan mengevaluasi apakah terdapat bukti yang obyektif bahwa aset keuangan atau kelompok aset keuangan mengalami penurunan nilai.
At the end of each reporting period the Company assesses whether there is objective evidence that a financial asset or group of financial assets is impaired.
Untuk pinjaman yang diberikan dan piutang yang dicatat pada biaya perolehan diamortisasi, Perseroan pertama kali menentukan apakah terdapat bukti obyektif mengenai penurunan nilai secara individual atas aset keuangan yang signifikan secara individual, atau secara kolektif untuk aset keuangan yang jumlahnya tidak signifikan secara individual. Jika Perseroan menentukan tidak terdapat bukti obyektif mengenai penurunan nilai atas aset keuangan yang dinilai secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka aset tersebut dimasukkan ke dalam kelompok aset keuangan yang memiliki karakteristik risiko kredit yang sejenis dan menilai penurunan nilai kelompok tersebut secara kolektif. Aset keuangan yang penurunan nilainya dinilai secara individual, dan untuk itu kerugian penurunan nilai diakui atau tetap diakui, tidak termasuk dalam penilaian penurunan nilai secara kolektif.
For proceeds loans and receivables carried at amortized cost, the Company first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, they include the asset in a group of financial assets with similar credit risk characteristics and collectively assess them for impairment. Financial assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l.
Instrumen keuangan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
1. Aset keuangan (lanjutan)
ACCOUNTING
Financial instruments (continued) 1. Financial assets (continued)
Penurunan nilai aset keuangan (lanjutan)
Impairment (continued)
Jika terdapat bukti obyektif bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian tersebut diukur sebagai selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa datang (tidak termasuk ekspektasi kerugian kredit masa datang yang belum terjadi). Nilai kini estimasi arus kas masa datang didiskonto menggunakan suku bunga efektif awal dari aset keuangan tersebut. Jika pinjaman yang diberikan atau piutang memiliki suku bunga variabel, tingkat diskonto untuk mengukur kerugian penurunan nilai adalah suku bunga efektif terkini.
If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the carrying value of assets and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan or receivable has a variable interest rate, the discount rate for measuring impairment loss is the current effective interest rate.
Nilai tercatat aset keuangan tersebut berkurang melalui penggunaan akun cadangan dan jumlah kerugian diakui dalam laporan laba rugi komprehensif. Pendapatan bunga tetap diakui berdasarkan nilai tercatat yang telah dikurangi, berdasarkan suku bunga efektif aset tersebut. Pinjaman yang diberikan dan piutang, bersama-sama dengan cadangan terkait, akan dihapuskan pada saat tidak terdapat kemungkinan pemulihan di masa depan yang realistik dan semua jaminan telah terealisasi atau telah dialihkan kepada Perseroan. Jika, pada periode berikutnya, jumlah taksiran kerugian penurunan nilai bertambah atau berkurang karena suatu peristiwa yang terjadi setelah penurunan nilai tersebut diakui, maka kerugian penurunan nilai yang sebelumnya diakui ditambah atau dikurangi dengan menyesuaikan akun cadangan. Jika penghapusan kemudian dipulihkan, maka pemulihan tersebut diakui dalam laporan laba rugi komprehensif.
The carrying amount of the financial asset is reduced through the use of an allowance account and the amount of the loss is recognized in the statement of comprehensive income. Interest income continues to be accrued on the reduced carrying amount based on the original effective interest rate of the asset. Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is recognized in the statement of comprehensive income.
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of
financial
assets
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l.
Instrumen keuangan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
2. Liabilitas keuangan
ACCOUNTING
Financial instruments (continued) 2. Financial liabilities
Pengakuan awal dan pengukuran
Initial recognition and measurement
Liabilitas keuangan diklasifikasikan sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi, liabilitas keuangan yang diukur dengan biaya amortisasi, atau derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif, mana yang sesuai pada saat pengakuan awal. Perseroan menentukan klasifikasi liabilitas keuangan tersebut pada saat pengakuan awal.
Financial liabilities are classified as financial liabilities measured at fair value through profit or loss, financial liabilities measured at amortized cost, or derivatives that are designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of their financial liabilities at initial recognition.
Pengakuan awal liabilitas keuangan dalam bentuk liabilitas keuangan yang diukur dengan biaya amortisasi dicatat pada nilai wajar ditambah biaya transaksi yang dapat diatribusikan secara langsung.
Financial liabilities in the form of financial liabilities measured at amortized cost are initially recognized at their fair values plus directly attributable transaction costs.
Liabilitas keuangan Perseroan terdiri dari utang usaha, utang lain-lain, beban akrual, liabilitas imbalan kerja jangka pendek, utang pembiayaan konsumen, pinjaman bank jangka pendek, pinjaman dari pihak berelasi dan pinjaman bank jangka panjang yang diklasifikasikan sebagai liabilitas keuangan yang diukur dengan biaya amortisasi.
The Company’s financial liabilities include trade payables, other payables, accrued expenses, short-term employee benefit liability, consumer finance liabilities, shortterm bank loans, loan from a related party and long-term bank loans which classified as financial liabilities measured at amortized cost.
Pada tanggal 31 Desember 2013 dan 2012, Perseroan tidak memiliki liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi komprehensif dan derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif.
As of December 31, 2013 and 2012, the Company did not have any financial liabilities measured at fair value through profit or loss and derivatives that are designated as hedging instruments in an effective hedge.
Pengukuran setelah pengakuan awal
Subsequent measurement
Setelah pengakuan awal, liabilitas keuangan yang diukur dengan biaya amortisasi yang dikenakan bunga selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.
After initial recognition, interest bearing financial liabilities measured at amortized cost is subsequently measured at amortized cost using the effective interest rate method.
Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif pada saat liabilitas tersebut dihentikan pengakuannya serta melalui proses amortisasi.
Gains and losses are recognized in the comprehensive income statements when the liabilities are derecognized as well as through the amortization process.
Penghentian pengakuan
Derecognition
Liabilitas keuangan dihentikan pengakuannya, jika dan hanya jika, liabilitas keuangan tersebut berakhir, yaitu ketika liabilitas yang ditetapkan dalam kontrak dihentikan atau dibatalkan atau kadaluwarsa.
A financial liability is derecognized, when and only when, it is extinguished i.e. when the obligation specified in contract is discharged or cancelled or expired.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l.
Instrumen keuangan (lanjutan)
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
2. Liabilitas keuangan (lanjutan)
ACCOUNTING
Financial instruments (continued) 2. Financial liabilities (continued)
Penghentian pengakuan (lanjutan)
Derecognition (continued)
Ketika suatu liabilitas keuangan yang ada digantikan oleh liabilitas keuangan lain dari pemberi pinjaman yang sama dengan persyaratan yang berbeda secara substantial, atau modifikasi secara substansial persyaratan dari suatu liabilitas yang saat ini ada, pertukaran atau modifikasi tersebut diperlakukan sebagai penghentian pengakuan liabilitas awal dan pengakuan liabilitas baru, dan selisih antara nilai tercatat masing-masing liabilitas diakui dalam laporan laba rugi komprehensif.
When an existing financial liability is replaced by another financial liability from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the statement of comprehensive income.
3. Saling hapus dari instrumen keuangan
3. Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan saling hapus dan nilai bersihnya disajikan dalam laporan posisi keuangan jika, dan hanya jika, entitas saat ini memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dan berniat untuk menyelesaikan secara neto, atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara bersamaan. 4. Nilai wajar instrumen keuangan
Financial assets and financial liabilities are offset and the net amount reported in the statements of financial position if, and only if, the entity currently has enforceable legal right to offset the recognized amount and there is an intention to settle on a net basis, or to realize the asset and settle the liabilities simultaneously. 4. Fair value of financial instruments
Nilai wajar instrumen keuangan yang diperdagangkan secara aktif di pasar keuangan yang ditentukan dengan mengacu pada kuotasi harga penawaran atau permintaan (bid or ask prices) di pasar aktif pada penutupan perdagangan pada akhir periode pelaporan. Untuk instrumen keuangan yang tidak memiliki pasar aktif, nilai wajar ditentukan dengan menggunakan teknik penilaian. Teknik penilaian mencakup penggunaan transaksi pasar terkini yang dilakukan secara wajar oleh pihak-pihak yang berkeinginan dan memahami (recent arm’s length market transactions); penggunaan nilai wajar terkini instrumen lain yang secara substansial sama; analisa arus kas yang didiskontokan; atau model penilaian lain.
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The fair values of financial instruments that are traded in active markets is determined by reference to quoted bid or ask prices in active markets at the close of business at the end of the reporting period. For financial instruments that have no active market, fair value is determined using valuation techniques. Such valuation techniques may include the use of the latest market transactions conducted properly by the parties that desire and understand (recent arm's length market transactions); the use of the current fair value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) m.
n.
o.
Provisi
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) m.
ACCOUNTING
Provision
Provisi diakui jika Perseroan memiliki kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) yang akibat peristiwa masa lalu besar kemungkinannya penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya yang mengandung manfaat ekonomi dan estimasi yang andal mengenai jumlah kewajiban tersebut dibuat.
Provisions are recognized when the Company has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisi ditelaah pada setiap akhir periode pelaporan dan disesuaikan untuk mencerminkan estimasi kini terbaik. Jika tidak terdapat kemungkinan arus keluar sumber daya yang mengandung manfaat ekonomi untuk menyelesaikan kewajiban tersebut, provisi dibatalkan.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
Laba per saham dasar
n.
Basic earnings per share
Laba per saham dasar dihitung dengan membagi laba yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar pada tahun yang bersangkutan. Rata-rata tertimbang jumlah saham yang beredar untuk tahun yang berakhir pada tanggal 31 Desember 2013 adalah 461.570.528 saham. Laba bersih per saham dasar untuk tahun yang berakhir pada tanggal 31 Desember 2012 disajikan kembali setelah memperhitungkan pengaruh perubahan nilai nominal saham (Catatan 24 dan 26).
Earnings per share are computed by dividing profit attributable to equity holders of the parent entity by the weighted average number of shares outstanding during the year. The weighted average number of shares outstanding for the year ended December 31, 2013 was 461,570,528 shares.Basic earnings per share for the year ended December 31, 2012, are restated after giving effect to the change of par value of share (Notes 24 and 26).
Untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2013 dan 2012, Perseroan tidak mempunyai efek berpotensi saham biasa yang bersifat dilutif; oleh karena itu, jumlah laba per saham dilusian tidak dihitung dan disajikan pada laporan laba rugi komprehensif.
For the years ended December 31, 2013 and 2012, the Company has no outstanding potential dilutive ordinary shares; accordingly, no diluted earnings per share amounts are calculated and presented in the statements of comprehensive income.
Segmen operasi
o.
Operating segments
Segmen adalah bagian yang dapat dibedakan dari Perseroan dalam menyediakan produk atau jasa tertentu (segmen usaha), maupun dalam menyediakan produk atau jasa dalam lingkungan ekonomi tertentu (segmen geografis), yang memiliki risiko dan imbalan yang berbeda dengan segmen lainnya.
A segment is a distinguishable component of the Company that is engaged either in providing certain products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments.
Pendapatan, beban, hasil, aset dan liabilitas segmen mencakup item-item yang dapat diatribusikan langsung kepada suatu segmen serta hal-hal yang dapat dialokasikan dengan dasar yang sesuai kepada segmen tersebut.
Segment revenue, expenses, results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis to that segment.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) p.
Biaya penerbitan emisi efek ekuitas
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) p.
r.
Pembayaran berbasis saham
Stock issuance costs Stock issuance costs are presented as deduction from “Additional Paid-in Capital” in the equity section in the statements of financial position.
Biaya emisi efek ekuitas disajikan sebagai pengurang “Tambahan Modal Disetor” sebagai bagian dari ekuitas pada laporan posisi keuangan. q.
ACCOUNTING
q.
Share-based payments
Karyawan Perseroan menerima remunerasi dalam bentuk pembayaran berbasis saham, dimana karyawan memberikan jasa sebagai imbalan untuk instrumen ekuitas (transaksi yang diselesaikan dengan instrumen ekuitas).
Employees of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equitysettled transactions).
Suatu pembayaran berbasis saham kepada karyawan menjadi vested ketika telah menjadi hak karyawan. Kondisi vesting adalah kondisi yang menentukan apakah Perseroan menerima jasa yang memberikan hak kepada karyawan untuk menerima kas, aset lain atau instrumen ekuitas Perseroan, dalam perjanjian pembayaran berbasis saham. Untuk memenuhi kondisi memiliki, dalam perjanjian pembayaran berbasis saham, hak karyawan untuk menerima kas, aset lain atau instrumen ekuitas Perseroan menjadi vested jika hak karyawan tidak lagi bergantung kepada kondisi vesting.
A share-based payment to employee is said to be vested when it becomes an entitlement of the employee. Vesting conditions represent the conditions that determine whether the Company receives the services that entitle the employee to receive cash, other assets or equity instruments of the Company, under a sharebased payment arrangement. To become an entitlement, under a share-based payment arrangement, employee’s right to receive cash, other assets or equity instruments of the Company vested when the employee's entitlement is no longer conditional on the satisfaction of any vesting conditions.
Pemberian atas instrumen ekuitas yang telah vested secara seketika dikarenakan jasa yang telah diberikan oleh karyawan dibebankan secara penuh pada tanggal pemberian (grant date).
An award of equity instruments that vests immediately due to services that have already been rendered by the employee is therefore expensed in full at grant date.
Setelah suatu transaksi yang diselesaikan dengan instrumen ekuitas telah vested, Perseroan tidak melakukan penyesuaian atas biaya yang telah diakui, meskipun instrumen yang menjadi subjek dari transaksi kemudian menjadi hangus.
Has an equity-settled transaction been vested, the Company does not made any adjustment on cost already charged, even if the instruments that are the subject of the transaction are subsequently forfeited.
Standar akuntansi yang telah namun belum berlaku efektif
disahkan
r.
Accounting standards issued but not yet effective
Berikut ini adalah beberapa standar akuntansi yang telah disahkan oleh DSAK yang dipandang relevan terhadap pelaporan keuangan Perusahaan namun belum berlaku efektif untuk laporan keuangan tahun 2013:
The following are several issued accounting standards by DSAK that are considered relevant to the financial reporting of the Company but not yet effective for 2013 financial statements:
•
•
PSAK No. 1 (2013): Penyajian Laporan Keuangan, yang diadopsi dari IAS 1, berlaku efektif 1 Januari 2015 PSAK ini mengubah penyajian kelompok pospos dalam Penghasilan Komprehensif Lain. Pos-pos yang akan direklasifikasi ke laba rugi disajikan terpisah dari pos-pos yang tidak akan direklasifikasi ke laba rugi. 27
225
PSAK No. 1 (2013): Presentation of Financial Statements, adopted from IAS 1, effective January 1, 2015 This PSAK change the grouping of items presented in Other Comprehensive Income. Items that could be reclassified to profit or loss would be presented separately from items that will never be reclassified.
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
2.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) r.
2.
Standar akuntansi yang telah disahkan namun belum berlaku efektif (lanjutan) •
SUMMARY OF SIGNIFICANT POLICIES (continued) r.
Accounting standards issued but not yet effective (continued) •
PSAK No. 24 (2013): Imbalan Kerja, yang diadopsi dari International Accounting Standards (“IAS”) No. 19, berlaku efektif 1 Januari 2015
•
PSAK No. 68: Pengukuran Nilai Wajar, yang diadopsi dari International Financial Reporting Standards (“IFRS”) No. 13, berlaku efektif 1 Januari 2015
•
ISAK No. 28: Pengakhiran Liabilitas Keuangan dengan Instrumen Ekuitas, yang diadopsi dari International Financial Reporting Interpretations Committee (“IFRIC”) No. 19, berlaku efektif 1 Januari 2014
ISAK 28: Extinguishing Financial Liabilities with Equity Instruments, adopted from International Financial Reporting Interpretations Committee (“IFRIC”) No. 19, effective January 1, 2014
The Company is presently evaluating and has not yet determined the effects of the amended accounting standard on the financial statements.
Perseroan sedang mengevaluasi dampak dari standar akuntansi yang direvisi tersebut dan belum menentukan dampaknya terhadap laporan keuangan. 3. PERTIMBANGAN DAN ESTIMASI
PSAK No. 68: Fair Value Measurement, adopted from International Financial Reporting Standards (“IFRS”) No. 13, effective January 1, 2015 This PSAK provides guidance on how to measure fair value when fair value is required or permitted.
PSAK ini memberikan panduan tentang bagaimana pengukuran nilai wajar ketika nilai wajar disyaratkan atau diizinkan. •
PSAK No. 24 (2013): Employee Benefits, adopted from International Accounting Standards (“IAS”) No. 19, effective January 1, 2015 This PSAK, among other, removes the corridor mechanism and contingent liability disclosures to simple clarifications and disclosures.
PSAK ini, antara lain, menghapus mekanisme koridor dan pengungkapan atas informasi liabilitas kontinjensi untuk menyederhanakan klarifikasi dan pengungkapan. •
ACCOUNTING
3. JUDGMENTS AND ESTIMATES
Penyusunan laporan keuangan Perseroan mengharuskan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan atas pendapatan, beban, aset dan liabilitas, dan pengungkapan atas liabilitas kontijensi, pada akhir periode pelaporan. Ketidakpastian mengenai asumsi dan estimasi tersebut dapat mengakibatkan penyesuaian material terhadap nilai tercatat aset dan liabilitas dalam periode pelaporan berikutnya.
The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset and liability affected in future period.
Pertimbangan
Judgments
Pertimbangan berikut ini dibuat oleh manajemen dalam rangka penerapan kebijakan akuntansi Perseroan yang memiliki pengaruh paling signifikan atas jumlah yang diakui dalam laporan keuangan:
The following judgments are made by management in the process of applying the Company’s accounting policies that have the most significant effects on the amounts recognized in the financial statements:
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226
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
3. PERTIMBANGAN DAN ESTIMASI (lanjutan)
3. JUDGMENTS AND ESTIMATES (continued)
Pertimbangan (lanjutan)
Judgments (continued)
Klasifikasi Aset dan Liabilitas Keuangan
Financial Assets and Liabilities Classifications
Klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan ditetapkan dengan mempertimbangkan apakah definisi yang ditetapkan PSAK 50 (Revisi 2011) terpenuhi. Dengan demikian aset keuangan dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi seperti dijelaskan pada Catatan 2l.
Classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in PSAK No. 50 (Revised 2011). Accordingly, the financial assets and financial liabilities are accounted for in accordance with accounting policies disclosed in Note 2l.
Sewa
Lease
Perseroan mempunyai perjanjian-perjanjian sewa dimana Perseroan bertindak sebagai lessor atau lessee untuk beberapa aset tetap tertentu. Perseroan mengevaluasi apakah terdapat risiko dan manfaat yang signifikan dari aset sewa yang dialihkan berdasarkan PSAK 30 (Revisi 2011), “Sewa”, yang mensyaratkan Perseroan untuk membuat pertimbangan dan estimasi dari pengalihan risiko dan manfaat terkait dengan kepemilikan aset.
The Company has entered into lease agreements where the Company acts as lessor or lessee for a certain fixed assets. The Company evaluate whether there are significant risks and rewards of assets transferred under PSAK 30 (Revised 2011), "Leases", which requires the Company to make judgments and estimates of the transfer of risks and rewards incidental to ownership.
Perseroan mengadakan perjanjian sewa kapal laut. Perseroan telah menentukan, berdasarkan evaluasi atas syarat dan ketentuan dalam perjanjian, bahwa secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset yang disewa dialihkan di Perseroan sehingga perjanjian sewa tersebut diakui sebagai sewa pembiayaan. Penjelasan lebih lanjut diungkapkan dalam Catatan 2g.
The Company entered into a lease of vessels. The Company had determined, based on an evaluation of the terms and conditions of the agreement, that substantially all the risks and rewards incidental to ownership of these leased assets are transferred to the Company, therefore the lease agreement are recognized as a finance lease. Further details are disclosed in Note 2g.
Cadangan kerugian nilai piutang
Allowance of impairment of receivables
Perseroan mengevaluasi akun tertentu jika terdapat informasi bahwa pelanggan tertentu tidak dapat memenuhi liabilitas keuangannya. Dalam hal tersebut, Perseroan mempertimbangkan, berdasarkan fakta dan situasi yang tersedia, termasuk namun tidak terbatas pada, jangka waktu hubungan dengan pelanggan, kualitas jaminan yang diterima dan status kredit dari pelanggan berdasarkan catatan kredit pihak ketiga yang tersedia dan faktor pasar yang telah diketahui, untuk mencatat provisi yang spesifik atas jumlah piutang pelanggan guna mengurangi jumlah piutang yang diharapkan dapat diterima oleh Perseroan. Cadangan yang spesifik ini dievaluasi kembali dan disesuaikan jika tambahan informasi yang diterima mempengaruhi jumlah penyisihan penurunan nilai piutang. Penjelasan lebih rinci diungkapkan dalam Catatan 5.
The Company evaluates specific accounts where it has information that certain customers are unable to meet their financial obligations. In these cases, the Company uses judgment, based on the best available facts and circumstances, including but not limited to, the length of its relationship with the customer, quality of collateral received and the customer’s current credit status based on any available third party credit reports and known market factors, to record specific provisions for customers against amounts due to reduce its receivable amounts that the Company expects to collect. These specific provisions are re-evaluated and adjusted as additional information received affects the amounts of allowance for impairment losses on trade receivables. Further details are disclosed in Note 5.
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227
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
3. PERTIMBANGAN DAN ESTIMASI (lanjutan)
3. JUDGMENTS AND ESTIMATES (continued)
Pertimbangan (lanjutan)
Judgments (continued)
Cadangan kerugian nilai piutang (lanjutan)
Allowance (continued)
Bila Perseroan memutuskan bahwa tidak terdapat bukti obyektif atas penurunan nilai pada evaluasi individual atas piutang usaha, baik yang nilainya signifikan maupun tidak, Perseroan menyertakannya dalam kelompok piutang usaha dengan risiko kredit yang serupa karakteristiknya dan melakukan evaluasi kolektif atas penurunan nilai. Karakteristik yang dipilih mempengaruhi estimasi arus kas masa depan atas kelompok piutang usaha tersebut karena merupakan indikasi bagi kemampuan pelanggan untuk melunasi jumlah terutang.
If the Company determines that no objective evidence of impairment exists for an individually assessed trade receivables, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. The characteristics chosen are relevant to the estimation of future cash flows for such groups of trade receivables by being indicative of the customers’ ability to pay all amounts due.
Penentuan Mata Uang Fungsional
Determination of Functional Currency
Mata uang fungsional Perseroan merupakan mata uang dalam lingkungan ekonomi dimana Perseroan beroperasi. Mata uang tersebut adalah mata uang yang paling mempengaruhi pendapatan dan beban pokok pendapatan. Berdasarkan penilaian manajemen Perseroan, mata uang fungsional Perseroan adalah dalam Dolar AS.
The functional currency of the Company is the currency of the primary economic environment in which the Company operates. It is the currency that mainly influences the revenue and cost of rendering services. Based on the Company‘s management assessment, the Company’s functional currency is the US Dollar.
Estimasi dan Asumsi
Estimates and Assumptions
Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada tanggal pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun/periode berikutnya diungkapkan di bawah ini. Perseroan mendasarkan asumsi dan estimasinya pada parameter yang tersedia pada saat laporan keuangan disusun. Asumsi dan situasi mengenai perkembangan masa depan mungkin berubah akibat perubahan pasar atau situasi di luar kendali Perseroan. Perubahan tersebut dicerminkan dalam asumsi terkait pada saat terjadinya.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year/period are disclosed below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
Penyusutan aset tetap
Depreciation of fixed assets
Biaya perolehan aset tetap disusutkan dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomisnya. Manajemen mengestimasi masa manfaat ekonomis aset tetap antara 4 sampai dengan 20 tahun. Ini adalah umur secara umum diharapkan dalam industri dimana Perseroan menjalankan bisnisnya. Perubahan tingkat pemakaian dan perkembangan teknologi dapat mempengaruhi masa manfaat ekonomis dan nilai sisa aset, dan karenanya biaya penyusutan masa depan mungkin direvisi. Penjelasan lebih rinci diungkapkan dalam Catatan 2f dan 11.
The costs of fixed assets are depreciated on a straight-line basis over their estimated useful lives. Management properly estimates the useful lives of these fixed assets to be within 4 to 20 years. These are common life expectations applied in the industry where the Company conducts its business. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual value of these assets, and therefore future depreciation charges could be revised. Further details are disclosed in Notes 2f and 11.
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228
of
impairment
of
receivables
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
3. PERTIMBANGAN DAN ESTIMASI (lanjutan)
3. JUDGMENTS AND ESTIMATES (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Imbalan pasca kerja
Post-employment benefits
Nilai kini liabilitas pasca-kerja tergantung pada beberapa faktor yang ditentukan dengan dasar aktuarial berdasarkan beberapa asumsi. Asumsi yang digunakan untuk menentukan biaya bersih imbalan pasca-kerja mencakup tingkat diskonto, tingkat kenaikan gaji, dan tingkat pengembalian investasi. Perubahan asumsi-asumsi ini akan mempengaruhi jumlah tercatat liabilitas imbalan pasca-kerja.
The present value of post-employment liability depends on several factors that are determined by actuarial basis based on several assumptions. Assumptions used to determine the net cost of postemployment benefits include a discount rate, salary increase rate, and expected return on plan assets. Changes in these assumptions will affect the carrying amounts of other post-employment liabilities.
Tingkat diskonto ditentukan pada akhir periode pelaporan, yakni tingkat suku bunga untuk menentukan nilai kini arus kas keluar masa depan estimasian yang diharapkan untuk menyelesaikan liabilitas imbalan pasca-kerja. Dalam menentukan tingkat suku bunga yang sesuai, Perseroan mempertimbangkan tingkat suku bunga obligasi pemerintah yang didenominasikan dalam mata uang Rupiah, mata uang yang mana imbalan akan dibayar, dan yang memiliki jangka waktu yang serupa dengan jangka waktu liabilitas imbalan pasca-kerja yang terkait.
The appropriate discount rate at the end of the reporting period is the interest rate used in determining the present value of estimated future cash outflows expected to settle other postemployment liabilities. In determining the appropriate level of interest rates, the Company considers the interest rates of government bonds denominated in Rupiah, the currency in which the benefits will be paid, and which has a similar time period with a period of related post-employment benefits liability.
Asumsi utama yang digunakan untuk penentuan liabilitas imbalan pasca-kerja lainnya termasuk asumsi kondisi pasar saat ini. Informasi tambahan diungkapkan pada Catatan 22.
The key assumption used for determining other postemployment liabilities included current market conditions. Additional information is disclosed in Note 22.
Pajak penghasilan
Income tax
Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti sepanjang kegiatan usaha normal. Perseroan mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah terdapat tambahan pajak penghasilan badan.
Significant judgment is involved in determining provision for corporate income tax. There are certain transaction and computation for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognizes liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due.
Instrumen keuangan
Financial instruments
Perseroan mencatat aset dan liabilitas keuangan tertentu pada nilai wajar, yang mengharuskan penggunaan estimasi akuntansi. Sementara komponen signifikan atas pengukuran nilai wajar ditentukan menggunakan bukti obyektif yang dapat diverifikasi, jumlah perubahan nilai wajar dapat berbeda bila Perseroan menggunakan metodologi penilaian yang berbeda. Perubahan nilai wajar aset dan liabilitas keuangan tersebut dapat mempengaruhi secara langsung laba atau rugi Perseroan. Penjelasan lebih lanjut diungkapkan dalam Catatan 36 dan 37.
The Company carries certain financial assets and liabilities at fair value, which requires the use of accounting estimates. While significant components of fair value measurement were determined using verifiable objective evidences, the amount of changes in fair value would differ if the Company utilized a different valuation methodology. Any changes in a fair value of these financial assets and liabilities would directly affect the Company’s profit or loss. Further details are disclosed in Notes 36 and 37.
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229
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
3. PERTIMBANGAN DAN ESTIMASI (lanjutan)
4.
3. JUDGMENTS AND ESTIMATES (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Penurunan nilai aset non-keuangan
Impairment of non-financial assets
Penurunan nilai muncul saat nilai tercatat aset atau UPK melebihi nilai terpulihkannya, yaitu yang lebih besar antara nilai wajar dikurangi biaya untuk menjual dan nilai pakainya. Nilai wajar dikurangi biaya untuk menjual didasarkan pada ketersediaan data dari perjanjian penjualan yang mengikat yang dibuat dalam transaksi normal atas aset serupa atau harga pasar yang dapat diamati dikurangi dengan biaya tambahan yang dapat diatribusikan dengan pelepasan aset.
An impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm’s length transaction of similar assets or observable market prices less incremental costs for disposing the asset.
Perhitungan nilai pakai didasarkan pada model arus kas yang didiskontokan. Arus kas diproyeksikan untuk sepuluh tahun ke depan dan tidak mencakup aktivitas restrukturisasi yang belum ada komitmennya atau investasi signifikan di masa depan yang akan meningkatkan kinerja UPK yang diuji. Nilai terpulihkan paling sensitif terhadap tingkat diskonto yang digunakan untuk model arus kas yang didiskontokan dan juga arus kas masuk masa depan yang diharapkan dan tingkat pertumbuhan yang digunakan untuk tujuan ekstrapolasi. Manajemen berkeyakinan bahwa tidak diperlukan pencatatan kerugian penurunan nilai pada tanggal pelaporan.
The value in use calculation is based on a discounted cash flow model. The future cash flow projection is for a period of ten years and does not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. The Management believes that no impairment loss is required at reporting dates.
KAS DAN SETARA KAS
4. CASH AND CASH EQUIVALENTS 2013
2012
Kas Dolar Amerika Serikat Rupiah Dolar Singapura
3.725 768 345
743 1.841 77
Cash on hand United States Dollar Rupiah Singapore Dollar
Total kas
4.838
2.661
Total cash on hand
Bank Rupiah PT Bank Mandiri (Persero) Tbk. PT Bank CIMB Niaga Tbk. PT Bank DKI PT Bank OCBC NISP Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank Tabungan Pensiunan Nasional Tbk. PT Bank UOB Indonesia Sub-total
778.175 16.450 11.578 5.966
148.037 9.322 2
5.301
6.670
1.243 55
1.530 -
818.768
165.561
32
230
Cash in bank Rupiah PT Bank Mandiri (Persero) Tbk. PT Bank CIMB Niaga Tbk. PT Bank DKI PT Bank OCBC NISP Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank Tabungan Pensiunan Nasional Tbk. PT Bank UOB Indonesia Sub-total
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
4.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
KAS DAN SETARA KAS (lanjutan)
4. CASH AND CASH EQUIVALENTS (continued) 2013
Bank (lanjutan) Dolar Amerika Serikat PT Bank Mandiri (Persero) Tbk. United Overseas Bank Limited, Singapura PT Bank UOB Indonesia Oversea-Chinese Banking Corporation Limited, Singapura DBS Bank Ltd., Singapura PT Bank Negara Indonesia (Persero) Tbk. PT Bank CIMB Niaga Tbk. PT Bank OCBC NISP Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank DKI Sub-total Total bank
2012 Cash in bank (continued) United States Dollars PT Bank Mandiri (Persero) Tbk. United Overseas Bank Limited, Singapore PT Bank UOB Indonesia Oversea-Chinese Banking Corporation Limited, Singapore DBS Bank Ltd., Singapore PT Bank Negara Indonesia (Persero) Tbk. PT Bank CIMB Niaga Tbk. PT Bank OCBC NISP Tbk. PT BPD Sumatera Selatan dan Bangka Belitung PT Bank DKI
4.353.634
680.558
1.129.971 747.773
610.539 -
702.466 203.974
547.923 313.551
170.880 47.592 7.805
3.210 33.285 780
1.353 954
1.376 -
7.366.402
2.191.222
Sub-total
8.185.170
2.356.783
Total banks
Deposito berjangka Tiga bulan atau kurang Dolar Amerika Serikat PT Bank CIMB Niaga Tbk.
-
440.000
Time deposit Three months or less United States Dollars PT Bank CIMB Niaga Tbk.
Total deposito berjangka
-
440.000
Total time deposit
8.190.008
2.799.444
Total cash and cash equivalents
Total kas dan setara kas
Rekening di bank memiliki tingkat bunga mengambang sesuai dengan tingkat penawaran pada masing-masing bank.
Accounts in bank earn interest at floating rates based on the offered rate from each bank.
Tingkat bunga berkisar antara:
The range of the interest rates per annum for time deposits is:
deposito
berjangka
per
tahun 2013
Dolar AS
2012 -
0,5% - 0,75%
US Dollar
Pada tanggal 10 Januari 2013, deposito berjangka yang ditempatkan di PT Bank CIMB Niaga Tbk. telah ditarik seluruhnya.
On January 10, 2013, time deposit placed in PT Bank CIMB Niaga Tbk. has been fully withdrawn.
Semua rekening bank dan deposito berjangka ditempatkan pada bank pihak ketiga.
All bank accounts and time deposit are placed in third-party banks.
33
231
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
5.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
PIUTANG USAHA
5.
The details of trade receivables per customer are as follows:
Rincian piutang usaha berdasarkan pelanggan adalah sebagai berikut: 2013 Pihak ketiga: Total E&P Indonesie PT Pertamina Hulu Energi PT Swiber Berjaya PT Meindo Elang Indah Lain-lain (kurang dari AS$500.000) Dikurangi: Cadangan kerugian penurunan nilai piutang Total piutang usaha pihak ketiga, neto
TRADE RECEIVABLES
2012
8.223.692 2.035.499 1.703.000 724.075 625.201
4.864.670 1.254.817 245.109 9.035 760.486
13.311.467
7.134.117
(80.000)
(32.589)
Third parties: Total E&P Indonesie PT Pertamina Hulu Energi PT Swiber Berjaya PT Meindo Elang Indah Others (less than US$500,000) Less: Allowance for impairment losses of receivables
13.231.467
7.101.528
Total third parties receivables, net
Pihak berelasi (Catatan 33): PT Steadfast Marine Alstonia Offshore Pte. Ltd. Strato Maritime Services Pte. Ltd.
180.244 11.625 -
40.745 65.723
Related parties (Note 33): PT Steadfast Marine Alstonia Offshore Pte. Ltd. Strato Maritime Services Pte. Ltd.
Total piutang usaha pihak berelasi, neto
191.869
106.468
Total related party receivables, net
13.423.336
7.207.996
Total trade receivables, net
Total piutang usaha, neto
The details of the trade receivables based on aging are as follows:
Rincian piutang usaha berdasarkan umur piutang adalah sebagai berikut: 2013
2012
Belum jatuh tempo Telah jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
10.651.333
6.661.005
1.593.786 1.066.531 4.757 186.929
300.207 55.414 8.286 215.673
Total piutang usaha Dikurangi: Cadangan kerugian penurunan nilai piutang
13.503.336
7.240.585
Total piutang usaha, neto
13.423.336
(80.000)
34
232
(32.589) 7.207.996
Not yet due Overdue: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days Total trade receivable Less: Allowance for impairment losses of receivables Total trade receivable, net
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
5.
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
PIUTANG USAHA (lanjutan)
5.
TRADE RECEIVABLES (continued) The details of trade receivables by currencies are as follows:
Rincian piutang usaha menurut jenis mata uang adalah sebagai berikut: 2013
2012
Dolar Amerika Serikat Rupiah
13.033.742 469.594
6.874.341 366.244
United States Dollars Rupiah
Total piutang usaha Dikurangi: Cadangan kerugian penurunan nilai piutang
13.503.336
7.240.585
Total trade receivable Less: Allowance for impairment losses of receivables
Total piutang usaha, neto
13.423.336
(80.000)
(32.589) 7.207.996
Total trade receivable, net
The movements in the balance of allowance for impairment of receivables are as follows:
Mutasi saldo cadangan penurunan nilai piutang adalah sebagai berikut: 2013
2012
Saldo awal Penambahan
32.589 47.411
32.589 -
Beginning balance Addition
Saldo akhir
80.000
32.589
Ending balance
Rincian transaksi dan saldo dengan pihak berelasi diungkapkan dalam Catatan 33.
Details of related party transactions and balances are disclosed in Note 33.
Pada tanggal 31 Desember 2013, Perseroan menempatkan jaminan fidusia atas piutang usaha Perseroan sehubungan dengan pinjaman bank jangka pendek (Catatan 16) dan pinjaman bank jangka panjang (Catatan 18) dengan nilai sampai dengan AS$167.220.400 dan Rp59.814.450.000 (2012: AS$95.606.000 dan Rp59.814.450.000).
As of December 31, 2013, the Company placed a fiduciary collateral on the Company’s trade receivables related to the short-term bank loans (Note 16) and long-term bank loans (Note 18) with amounts up to US$167,220,400 and Rp59,814,450,000 (2012: US$95,606,000 and Rp59,814,450,000).
Berdasarkan hasil penelaahan keadaan akun piutang masing-masing pelanggan pada akhir tahun, pada tanggal 31 Desember 2013 dan 2012, manajemen Perseroan berkeyakinan bahwa cadangan penurunan nilai piutang telah memadai untuk menutup kemungkinan kerugian atas tidak tertagihnya piutang usaha.
Based on a review of the status of the individual receivable accounts at the end of the year, as of December 31, 2013 and 2012, the management of the Company believes that the allowance for impairment of receivables is adequate to cover possible losses from uncollectible of trade receivables
6. PERSEDIAAN
6. 2013
Suku cadang dan perlengkapan kapal Bahan bakar kapal Minyak pelumas
INVENTORIES 2012
472.807 14.882 57.552
320.145 68.280 21.045
545.241
409.470
Supplies and vessel spare parts Fuels Lubricants
Manajemen berkeyakinan bahwa semua persediaan dapat digunakan dan cadangan penurunan nilai persediaan tidak diperlukan.
Management believes that all inventories are usable and an allowance for decline in value of inventories is not considered necessary.
Untuk tahun yang berakhir pada tanggal 31 Desember 2013, jumlah persediaan yang diakui sebagai beban pokok pendapatan dan beban operasi sebesar AS$3.147.080.
For the twelve-month period ended December 31, 2013, the inventories recognized as cost of revenue and operating expenses amounted to US$3,147,080. 35
233
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
6. PERSEDIAAN (lanjutan)
7.
6.
Manajemen Perseroan tidak mengasuransikan seluruh persediaan terhadap risiko kerugian atas kebakaran atau risiko lainnya mempertimbangkan sifat dan nilai dari persediaan tersebut.
The Company’s management does not insure the entire inventory against losses from fire and other risks considering the nature and value of the inventory.
Pada akhir periode/tahun, tidak terdapat persediaan yang digunakan sebagai jaminan.
At the end of the period/year, there is no inventory is used as collateral.
PIUTANG LAIN-LAIN
7. 2013
Pihak ketiga: Lain-lain
23.937
18.955
UANG MUKA
8.
9. 2013
2012 50.249 1.854
407.365
52.103
Prepaid insurance Other prepayments
10. TAXATION
a. Pajak dibayar di muka
a. Prepaid taxes 2013
2012
1.384.970
b. Utang pajak
1.087.391
Value Added Tax
b. Taxes payable 2013
PPh Badan Utang pajak lain: PPh Pasal 21 PPh Pasal 23 PPh Pasal 15 PPh Pasal 4 ayat 2
PREPAID EXPENSES
316.435 90.930
10. PERPAJAKAN
Pajak Pertambahan Nilai
ADVANCES Advances represent advance paid to third party suppliers by the Company related to the Company’s operational activities.
BIAYA DIBAYAR DIMUKA
Asuransi di bayar dimuka Biaya lain-lain dibayar dimuka
Third parties: Others
At year end, management believes that all other receivables are collectible and an allowance for impairment is not considered necessary.
Uang muka merupakan uang muka yang dibayarkan Perseroan kepada pemasok pihak ketiga sehubungan dengan kegiatan operasional Perseroan. 9.
OTHER RECEIVABLES 2012
Pada akhir tahun, manajemen berpendapat bahwa seluruh piutang dapat tertagih dan cadangan untuk penurunan nilai dianggap tidak diperlukan. 8.
INVENTORIES (continued)
2012
230.145
101.826
127.968 25.383 5.583 1.176
196.329 3.042 3.104 1.208
390.255
305.509
36
234
Corporate Income tax Other taxes payable: Income tax Article 21 Income tax Article 23 Income tax Article 15 Income tax Article 4 (2)
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
10. PERPAJAKAN (lanjutan)
10. TAXATION (continued)
c. Beban pajak penghasilan
c. Income tax expense 2013
Pajak kini: - Tahun berjalan - Kekurangan provisi atas pajak penghasilan tahun sebelumnya
2012
1.072.578
558.348
-
4.700
1.072.578
563.048
d. Pajak penghasilan kini
d. Current income tax The reconciliations between income before corporate income tax as shown in the statements of comprehensive income and estimated taxable income and current tax expense are as follows:
Rekonsiliasi antara laba sebelum pajak penghasilan yang ditunjukkan dalam laporan laba rugi komprehensif dengan estimasi laba kena pajak dan beban pajak kini adalah sebagai berikut: 2013 Laba sebelum pajak penghasilan Perbedaan permanen: Pendapatan yang dikenakan pajak penghasilan final Pendapatan bunga yang dikenakan pajak penghasilan final Beban sehubungan dengan pendapatan yang dikenakan pajak penghasilan final Beban yang tidak dapat dikurangkan lainnya
Estimasi laba kena pajak Penghasilan kini beban pajak: Pajak dihitung pada tarif pajak 25% Pajak final
Current tax: Current year Under provision of previous year corporate income tax
2012
17.529.756
9.421.762
Income before income tax Permanent differences:
(53.786.385)
(31.339.530)
Income subject to final tax
(27.133)
(36.945)
Interest income subject to withholding tax
35.595.811
21.612.333
Expenses related to income subject to final tax
2.396.513
1.184.400
Other non-deductible expenses
(15.821.194)
(8.579.742)
1.708.562
842.020
Estimated taxable income
427.141 645.437
210.505 347.843
Current corporate income tax expense: Tax calculated at the rate of 25% Final tax
1.072.578
558.348
Dikurangi pembayaran pajak penghasilan: PPh pasal 22 PPh pasal 23 PPh pasal 25 Pajak final
1.742 33.321 161.933 645.437
431 39.445 68.803 347.843
Less corporate income tax payments: Income tax article 22 Income tax article 23 Income tax article 25 Final tax
Jumlah pajak dibayar di muka
842.433
456.522
Total prepaid taxes
Utang pajak penghasilan badan
230.145
101.826
Corporate income tax payable
The calculation of corporate income tax for 2012 conform to the amounts that reported by the Company to Tax Office in its Annual Tax Return (“SPT”) Corporate Income Tax for 2012. The estimated taxable income is used for the basis of SPT for Corporate Income Tax for 2013.
Perhitungan pajak penghasilan badan tahun 2012 sesuai dengan yang dilaporkan Perseroan dalam Surat Pemberitahuan Tahunan (“SPT”) PPh Badan tahun 2012 kepada Kantor Pajak. Estimasi laba kena pajak menjadi dasar dalam SPT PPh Badan tahun 2013.
37
235
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
10. PERPAJAKAN (lanjutan)
10. TAXATION (continued)
e. Rekonsiliasi pajak penghasilan badan
e. Reconciliation expense
2013
Pajak dihitung pada tarif pajak 25% Pajak atas penghasilan dikenakan tarif pajak final Kekurangan provisi atas pajak penghasilan tahun sebelumnya Pendapatan yang dikenakan pajak penghasilan final Pendapatan bunga yang dikenakan pajak penghasilan final Beban sehubungan dengan pendapatan yang dikenakan pajak penghasilan final Beban yang tidak dapat dikurangkan lainnya Taksiran beban pajak
corporate
income
tax
The reconciliation between income tax expense as calculated by applying the applicable tax rate to the commercial income before income tax and the income tax expense, net shown in the statements of comprehensive income is as follows:
Rekonsiliasi antara beban pajak penghasilan, yang dihitung dengan menggunakan tarif pajak yang berlaku atas laba komersial sebelum pajak penghasilan dan beban pajak penghasilan, seperti yang tercantum dalam laporan laba rugi komprehensif adalah sebagai berikut:
Laba sebelum pajak penghasilan
of
2012
17.529.756
9.421.762
4.382.439
2.355.440
645.437
347.843 4.700
Income before income tax Tax calculated at the rate of 25% Income tax expense in relation to income subject to final tax Under provision of corporate income tax previous years
(13.446.596)
(7.834.883)
Income subject to final tax
(6.783)
(9.236)
Interest income subject to withholding tax
8.898.953
5.403.084
Expenses related to income subject to final tax
599.128
296.100
Other non-deductible expenses
1.072.578
563.048
Estimated tax expense
f. Pajak tangguhan
f. Deferred tax As of December 31, 2013 and 2012, the Company did not recognized any deferred tax since no temporary differences between the tax bases of assets and liabilities and their carrying amount.
Pada tanggal 31 Desember 2013 dan 2012, Perseroan tidak mengakui adanya pajak tangguhan dikarenakan tidak terdapat perbedaan temporer antara dasar pengenaan pajak dari aset dan liabilitas dan nilai tercatatnya. g. Administrasi
g. Administration Under the taxation laws of Indonesia, the Company submits tax returns on the basis of self assessment. The Directorate General of Taxes (“DGT”) may assess or amend taxes within ten years from the date the tax became due, or until the end of year 2013, whichever is earlier, for tax years prior to 2008. For tax years subsequent to 2008, the DGT may assess or amend taxes within five years from the date of the tax becomes due.
Berdasarkan peraturan perpajakan Indonesia, Perseroan menghitung, menetapkan, dan membayar sendiri jumlah pajak yang terutang. Direktorat Jenderal Pajak (“DJP”) dapat menetapkan dan mengubah liabilitas pajak dalam batas waktu sepuluh tahun sejak tanggal terutangnya pajak, atau sampai dengan akhir tahun 2013, mana lebih dulu, untuk tahun-tahun pajak sebelum 2008. Setelah tahun pajak 2008, DJP dapat menetapkan dan mengubah liabilitas pajak dalam batas waktu lima tahun sejak tanggal terutangnya pajak.
38
236
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
11. ASET TETAP
11. FIXED ASSETS
Mutasi 2013
Movements 2013 31 Desember/ December 31, 2012
Harga perolehan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Akumulasi penyusutan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Nilai buku neto
Penambahan/ Additions
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
145.099.060 739.703 1.182.908 529.260
82.961.452 179.597 409.973
(225.684) -
2.080.346 114.888 -
230.140.858 739.703 1.251.709 939.233
147.550.931
83.551.022
(225.684)
2.195.234
233.071.503
3.788.101 197.314
-
-
(2.080.346) (114.888)
-
(2.195.234)
3.985.415
83.551.022
(225.684)
-
234.861.684
15.001.247 361.751 572.108 233.979
8.566.685 135.335 113.848 146.265
(113.529) -
515.449 44.280 -
24.083.381 497.086 616.707 380.244
16.169.085
8.962.133
(113.529)
559.729
25.577.418
667.593 34.214
189.405 24.664
701.807
214.069
16.870.892
9.176.202
-
(515.449) (44.280)
-
(559.729)
(113.529)
Akumulasi penyusutan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
Aset sewa Kapal Kendaraan
Nilai buku neto
-
134.665.454
Acquisition cost Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Leased Assets Vessels Vehicles
1.790.181
341.549 14.598
Accumulated depreciation Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Leased Assets Vessels Vehicles
356.147 25.933.565 208.928.119
Net book value
Movements 2012 31 Desember/ December 31, 2011
Aset sewa Kapal Kendaraan
1.707.755 82.426
151.536.346
Mutasi 2012
Harga perolehan Pemilikan langsung Kapal Bangunan Kendaraan Perabotan dan peralatan kantor
31 Desember/ December 31, 2013
Penambahan/ Additions
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
31 Desember/ December 31, 2012
89.402.816 739.703 967.584 291.927
49.372.732 296.257 237.333
(102.463) -
6.323.512 21.530 -
145.099.060 739.703 1.182.908 529.260
91.402.030
49.906.322
(102.463)
6.345.042
147.550.931
10.111.613 136.420
82.424
-
(6.323.512) (21.530)
-
(6.345.042)
3.788.101 197.314
10.248.033
82.424
101.650.063
49.988.746
(102.463)
-
151.536.346
9.353.685 225.604 475.378 161.958
4.525.341 136.147 174.866 72.021
(78.136) -
1.122.221 -
15.001.247 361.751 572.108 233.979
10.216.625
4.908.375
(78.136)
1.122.221
16.169.085
1.296.003 29.274
493.811 4.940
1.325.277
498.751
11.541.902
5.407.126
-
(1.122.221) -
-
(1.122.221)
(78.136)
90.108.161
-
237
Leased Assets Vessels Vehicles
3.985.415
667.593 34.214
Accumulated depreciation Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Leased Assets Vessels Vehicles
701.807 16.870.892 134.665.454
39
Acquisition cost Direct Ownership Vessels Buildings Vehicles Office furniture and equipment
Net book value
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
11. ASET TETAP (lanjutan)
11. FIXED ASSETS (continued) Depreciation of fixed assets was allocated to the following:
Beban penyusutan aset tetap dialokasikan sebagai berikut: 2013 Beban pokok pendapatan Beban umum dan administrasi
2012
8.838.986 337.216
5.019.152 387.974
9.176.202
5.407.126
Cost of revenue General and administrative expenses
The calculation of the gain on disposal of fixed assets is as follows:
Perhitungan laba dari pelepasan aset tetap adalah sebagai berikut: 2013
2012
Harga jual Nilai buku bersih aset tetap
50.728 112.155
43.104 24.327
Sales proceeds Net book value of fixed assets
(Rugi)/laba pelepasan aset tetap, neto
(61.427)
18.777 (Loss)/gain on disposal of fixed assets, net
Pada tanggal 31 Desember 2013, beberapa aset tetap milik Perseroan dengan total nilai buku sebesar AS$203.272.283 (2012: AS$127.733.295) dijaminkan sehubungan dengan pinjaman bank jangka pendek (Catatan 16), pinjaman bank jangka panjang (Catatan 18), utang pembiayaan konsumen (Catatan 19) dan liabilitas sewa pembiayaan (Catatan 20) yang diperoleh Perseroan.
As of December 31, 2013, certain fixed assets owned by the Company with net book value totaling US$203,272,283 (2012: US$127,733,295) are placed as collateral in relation with short-term bank loans (Note 16), long-term bank loans (Note 18), consumer finance liabilities (Note 19) and finance lease liabilities (Note 20) obtained by the Company.
Kapal-kapal yang dijaminkan kepada kreditur (Catatan 18 dan 20) adalah sebagai berikut:
Vessels pledged to the lenders (Notes 18 and 20) are as follows:
Kreditur/ Lender
Kapal/ Vessel
Nilai buku/ Net book value 31 Desember 2013/ December 31, 2013
United Overseas Bank Limited, Singapura
21 kapal milik Perseroan/ vessels owned by the Company
AS$102.702.957
PT United Overseas Bank, Indonesia
7 kapal milik Perseroan/ vessels owned by the Company
AS$5.348.505
Oversea-Chinese Banking Corporation Limited, Singapura
22 kapal milik Perseroan/ vessels owned by the Company
AS$40.947.209
DBS Bank Limited, Singapura
Logindo Destiny Logindo Stature Logindo Enterprise
AS$11.426.968 AS$10.263.850 AS$27.450.000
PT Bank CIMB Niaga Tbk.
LSM Dunamos LSM Nusantara
AS$2.460.341 AS$2.672.453
PT Megafina Dana Finance
Logindo Steady
AS$1.366.203 Buildings owned by the Company with a total net book value as of December 31, 2013, amounted to US$244,243 is pledged as collateral for long-term bank loans (Note 18).
Bangunan milik Perseroan dengan total nilai buku pada tanggal 31 Desember 2013 sebesar AS$244.243 digunakan sebagai jaminan atas pinjaman bank jangka panjang (Catatan 18).
40
238
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
11. ASET TETAP (lanjutan)
11. FIXED ASSETS (continued)
Beberapa kendaraan milik Perseroan dengan total nilai buku pada tanggal 31 Desember 2013 sebesar AS$437.934 digunakan sebagai jaminan atas utang pembiayaan konsumen dan utang sewa guna usaha (Catatan 19 dan 20).
Several vehicles owned by the Company with a total net book value as of December 31, 2013, amounted to US$437,934 are pledged as collateral for consumer finance liabilities and finance lease liabilites (Notes 19 and 20).
Pada tanggal 31 Desember 2013, kapal-kapal yang dimiliki sendiri dengan nilai buku sebesar AS$206.739.074 telah diasuransikan dengan nilai pertanggungan sebesar AS$161.897.360 (2012: AS$130.731.840) yang meliputi penutupan kerugian atas kerusakan rangka dan mesin-mesin kapal.
As of December 31, 2013, directly owned vessels with net book value of US$206,739,074 have been insured for US$161,897,360 (2012: US$130,731,840) to cover losses from hull and machinery damage.
Manajemen berkeyakinan bahwa nilai pertanggungan untuk aset tetap kapal tersebut adalah cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.
Management believes that the insurance coverage for these vessels is adequate to cover the risk of potential loss of the insured assets.
Manajemen berkeyakinan bahwa tidak terdapat penurunan nilai aset tetap pada tanggal 31 Desember 2013 dan 2012.
Management believes that there was no impairment in the value of fixed assets as of December 31, 2013 and 2012.
Pada tanggal 31 Desember 2013, harga perolehan aset tetap Perseroan yang telah disusutkan penuh tetapi masih digunakan senilai AS$1.141.072 (2012: AS$890.259).
As of December 31, 2013, the acquisition cost of the Company’s fixed assets which have been fully depreciated but still in use amounting US$1,141,072 (2012: US$890,259).
12. ASET TIDAK LANCAR LAINNYA
12. OTHER NON-CURRENT ASSETS 2013
Dana yang dibatasi penggunannya Uang muka pembelian kapal: Pihak berelasi Uang jaminan Lain-lain
2012
1.430.200
991.200
441.256 416.990 56.583
340.301 425.459 24.413
2.345.029
1.781.373
Restricted funds Advance for purchase of vessel: Related party Security deposits Others
Pada tanggal 31 Desember 2013, dana yang dibatasi penggunaannya merupakan dana yang ditempatkan di United Overseas Bank Limited, Singapura, PT Bank UOB Indonesia dan PT Bank CIMB Niaga Tbk., masing-masing sebesar AS$1.215.000, AS$54.000 dan AS$161.200. Dana ini ditempatkan sebagai sinking fund yang dialokasikan Perseroan sehubungan dengan pinjaman bank jangka panjang (Catatan 18).
As of December 31, 2013, restricted funds represent fund placed in United Overseas Bank Limited, Singapore, PT Bank UOB Indonesia and PT Bank CIMB Niaga Tbk. amounted to US$1,215,000, US$54,000 and US$161,200, respectively. The funds are placed as sinking fund allocated by the Company related to long-term bank loans (Note 18).
Pada tanggal 31 Desember 2012, dana yang dibatasi penggunaannya merupakan dana yang ditempatkan di United Overseas Bank Limited, Singapura dan PT Bank CIMB Niaga Tbk., masingmasing sebesar AS$830.000 dan AS$161.200. Dana ini ditempatkan sebagai sinking fund yang dialokasikan Perseroan sehubungan dengan pinjaman bank jangka panjang (Catatan 18).
As of December 31, 2012, restricted funds represent fund placed in United Overseas Bank Limited, Singapore and PT Bank CIMB Niaga Tbk. amounted to US$830,000 and US$161,200, respectively. The funds are placed as sinking fund allocated by the Company related to long-term bank loans (Note 18).
41
239
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
12. ASET TIDAK LANCAR LAINNYA (lanjutan)
12. OTHER NON-CURRENT ASSETS (continued)
Uang muka pembelian kapal merupakan uang muka yang dibayarkan kepada PT Steadfast Marine, pihak berelasi, sehubungan modifikasi atas kapal Gladness.
Advance for purchase of vessel represents advances paid to PT Steadfast Marine, a related party, regarding modification of Gladness vessel.
Pada tanggal 31 Desember 2013 dan 2012, uang jaminan merupakan saldo dana yang ditempatkan di PT Bank Negara Indonesia (Persero) Tbk. sebagai performance bonds terkait dengan kontrak sewa kapal dengan Total E&P Indonesie sebesar masingmasing AS$421.204 dan AS$407.551 dan jaminan sehubungan dengan keikutsertaan Perseroan dalam tender yang diadakan oleh beberapa konsumen serta jaminan lainnya kepada pihak ketiga lainnya.
As of December 31, 2013 and 2012, the security deposits represent funds placed in PT Bank Negara Indonesia (Persero) Tbk. as performance bonds related to vessel time charter with Total E&P Indonesie of US$421,204 and US$407,551, respectively, and guarantees related to the Company’s participation in tenders held by several customers and other security deposits paid to other third parties.
13. UTANG USAHA
13. TRADE PAYABLES
Utang usaha merupakan utang usaha sehubungan, antara lain: (i) pembelian persediaan dan suku cadang yang digunakan untuk keperluan kapalkapal yang dimiliki oleh Perseroan, (ii) biaya sewa kapal oleh Perseroan dan (iii) utang premi asuransi atas kapal-kapal yang dimiliki oleh Perseroan.
Trade payables represent trade payables involving, among others: (i) purchases of inventories and consumables for vessels owned by the Company, (ii) expense on vessel chartered by the Company and (iii) outstanding insurance premiums payable for vessels owned by the Company.
Rincian utang usaha adalah sebagai berikut
The details of trade payables are as follows:
a. Berdasarkan pemasok
a. Based on suppliers 2013
Pihak ketiga: PT Carindo PT Trakindo Utama PT Cindara Pratama Lines PT Halim Raya Samudra PT Petroleum Energi Indonesia PT Hempel Indonesia Lain-lain (kurang dari AS$50.000) Pihak berelasi: Strato Maritime Service Pte. Ltd. Alstonia Offshore Pte. Ltd. PT Servewell Offshore Pacific Crest Pte. Ltd.
2012
230.190 125.441 114.653 89.597 84.899 53.988
49.493 6.012 16.884 86.682 206.470 29.086
Third parties: PT Carindo PT Trakindo Utama PT Cindara Pratama Lines PT Halim Raya Samudra PT Petroleum Energi Indonesia PT Hempel Indonesia Others (less than US$50,000)
788.973
1.003.868
1.487.741
1.398.495
412.932 286.518 182.054 5.342
445.200 217.222 242.937
886.846
905.359
2.374.587
2.303.854
b. Berdasarkan umur
b. Based on aging 2013
Belum jatuh tempo Telah jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
Related parties: Strato Maritime Service Pte. Ltd. Alstonia Offshore Pte. Ltd. PT Servewell Offshore Pacific Crest Pte. Ltd.
2012
1.399.140
1.167.041
416.560 191.909 39.188 327.790
449.410 288.692 1.851 396.860
2.374.587
2.303.854
42
240
Not yet due Overdue: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
13. UTANG USAHA (lanjutan)
13. TRADE PAYABLES (continued)
c. Berdasarkan mata uang
c. Based on currency 2013
Dolar AS Rupiah Dolar Singapura Euro Poundsterling Yen Jepang
2012
1.342.591 823.437 194.509 7.676 4.674 1.700
1.036.764 1.011.317 255.773 -
2.374.587
2.303.854
14. UTANG LAIN-LAIN
14. OTHER PAYABLES As of December 31, 2013, other payables represent penalty claim from Total E&P Indonesie related to vessel time charter.
Pada tanggal 31 Desember 2013, utang lain-lain merupakan tagihan dari Total E&P Indonesie sehubungan dengan denda atas kontrak sewa kapal dengan Perseroan. 15. BEBAN AKRUAL
15. ACCRUED EXPENSES 2013
Biaya operasi kapal dan lainnya Bunga
2012
1.068.624 699.897
559.567 122.521
1.768.521
682.088
16. PINJAMAN BANK JANGKA PENDEK
Vessel operation and other charges Interest
16. SHORT-TERM BANK LOANS 2013
Pihak ketiga: United Overseas Bank Limited, Singapura Kredit berjangka Pinjaman modal kerja Oversea-Chinese Banking Corporation Limited, Singapura DBS Bank Limited, Singapura
US Dollar Rupiah Singapore Dollar Euro Pounds Japan Yen
2012
10.000.000 1.808.000
3.050.000
3.800.000 -
3.800.000 3.902.500
15.608.000
10.752.500
Third parties: United Overseas Bank Limited, Singapore Term loan Working capital loan Oversea-Chinese Banking Corporation Limited, Singapore DBS Bank Limited, Singapore
United Overseas Bank Limited, Singapura
United Overseas Bank Limited, Singapore
- Pinjaman modal kerja
-
Working capital loan Based on Credit Facility Agreement dated December 8, 2011, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company a working capital loan facility with a maximum amount of SG$4,500,000 (equivalent with US$3,050,000). The maturity dates of the outstanding balance are vary between July 6, 2013 to July 26, 2013. The Company may request to roll over the maturity date for another term of 1, 3 or 6 months. This facility is subject to interest at rates ranging from 3.21% to 3.36% (2012: 3.35% to 3.44%) per annum and can be repaid at any time upon request of UOB.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 Desember 2011, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman modal kerja dengan nilai maksimum sebesar SG$4.500.000 (setara dengan AS$3.050.000). Jatuh tempo atas saldo terutang berkisar antara tanggal 6 Juli 2013 sampai dengan 26 Juli 2013. Perseroan diperbolehkan untuk memperpanjang jatuh tempo untuk jangka waktu 1, 3 atau 6 bulan. Fasilitas ini dikenakan bunga dengan tingkat bunga sebesar 3,21% sampai 3,36% (2012: 3,35% sampai 3,44%) per tahun dan dapat dilunasi sewaktuwaktu atas permintaan UOB. 43
241
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
16. PINJAMAN BANK JANGKA PENDEK (lanjutan) United Overseas (lanjutan)
Bank
Limited,
16. SHORT-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
- Pinjaman modal kerja (lanjutan)
-
Bank
Limited,
Singapore
Working capital loan (continued)
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas enam belas kapal yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas (Catatan 5).
This credit facility is secured by, among others:
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB, antara lain, Perseroan tidak diperbolehkan, tanpa persetujuan UOB, untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan. Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company required to comply with several covenants as required by UOB, among others, the Company, without the UOB’s approval, to provide loan to shareholders and make a material change to the nature business of the Company. As of December 31, 2013, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam sehubungan dengan tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change the colateral of this loan facility on corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Eddy Kurniawan Logam and Rudy Kurniawan Logam in relation to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2013 sebesar AS$1.808.000 (2012: AS$3.050.000).
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, amounted to US$1,808,000 (2012: US$3,050,000).
1. First Priority Mortgage on sixteen vessels owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above (Note 5).
- Pinjaman berjangka
-
Term loans Based on Credit Facility Agreement dated April 8, 2013, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facilities with total maximum amounts of US$10,000,000 for refinancing on the acquisition of vessel. Repayment on this credit facility will be due 3 days after the Company’s receipt of the proceeds resulted initial public offering (“IPO”).
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 April 2013, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan total nilai maksimum sebesar AS$10.000.000 untuk pembiayaan atas pembelian kapal. Pembayaran atas fasilitas pinjaman ini akan jatuh tempo 3 hari setelah Perseroan menerima dana hasil penawaran saham perdana (“IPO”). 44
242
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
16. PINJAMAN BANK JANGKA PENDEK (lanjutan) United Overseas (lanjutan)
Bank
Limited,
16. SHORT-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
- Pinjaman berjangka (lanjutan)
-
Bank
Limited,
Singapore
Term loans (continued)
Berdasarkan Surat Memorial tanggal 9 Januari 2014, UOB setuju memberikan perpanjangan fasilitas pinjaman berjangka hingga 31 Maret 2014. Fasilitas pinjaman ini dikenakan bunga dengan tingkat suku bunga berkisar antara 4,35% sampai 4,52% per tahun.
Based on Memorial Letter dated January 9, 2014, UOB agreed to extend the facility up to March 31, 2014. This facility subject to interest at rates ranging from 4.35% to 4.52% per annum.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham dan jaminan personal dari Pang Yoke Min, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 2. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang.
This credit facility is secured by, among others:
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan UOB untuk memberikan pinjaman kepada pemegang saham dan dan melakukan perubahan secara material atas sifat bisnis Perseroan. Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company required to comply with several covenants as required by UOB, among others, the Company without the UOB’s approval to provide loan to shareholders and make a material change to the nature business of the Company. As of December 31, 2013, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Pang Yoke Min, Eddy Kurniawan Logam dan Rudy Kurniawan Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Pang Yoke Min, Eddy Kurniawan Logam and Rudy Kurniawan Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2013 sebesar AS$10.000.000
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, amounted to US$10,000,000.
1. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder and personal guarantee from Pang Yoke Min, for an amount up to 49% of the principal outstanding. 2. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding.
45
243
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
16. PINJAMAN BANK JANGKA PENDEK (lanjutan)
16. SHORT-TERM BANK LOANS (continued)
Oversea-Chinese Banking Corporation Limited, Singapura
Oversea-Chinese Banking Corporation Limited, Singapore
Berdasarkan Perjanjian Fasilitas Kredit tanggal 12 Januari 2012, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan specific advance facility dengan nilai maksimum sebesar AS$3.800.000. Fasilitas ini dapat ditarik sewaktu-waktu oleh OCBC. Fasilitas ini dikenakan bunga dengan tingkat bunga berkisar antara 3,17% sampai 3,21% (2012: 3,14% sampai 3,25%) per tahun.
Based on Credit Facility Agreement dated January 12, 2012, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide specific advance facility with a maximum amount of US$3,800,000. This facility can be withdrawn at any time by OCBC. This facility is subject to interest at rates ranging from 3.17% to 3.21% (2012: 3.14% to 3.25%) per annum.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas dua puluh kapal yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham dan jaminan pribadi dari Pang Yoke Min, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas klaim asuransi kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 11). 5. Jaminan fidusia atas pendapatan kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 5).
This credit facility is secured by, among others: 1. First Priority Mortgage on twenty vessels owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder and personal gurantee from Pang Yoke Min, for an amount up to 49% of the principal outstanding.
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh OCBC, antara lain, Perseroan tidak diperbolehkan, tanpa persetujuan OCBC, untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta mensyaratkan Pacific Radiance Ltd. sebagai penjamin Perseroan untuk mempertahankan rasio tangible net-worth minimal sebesar AS$100.000.000 dan menjaga rasio consolidated leverage maksimal 2,5 kali. Pada tanggal 31 December 2013, Perseroan dan Pacific Radiance Ltd. telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company is required to comply with several covenants as required by OCBC, among others, the Company, without the OCBC’s approval, to provide loan to shareholders and make a material change to the nature business of the Company and is required Pacific Radiance Ltd. as corporate guarantor to maintain tangible net-worth ratio at minimum US$100,000,000 and to maintain consolidated leverage ratio at maximum 2.5 times. As of December 31, 2013, the Company and Pacific Radiance Ltd. have complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Pang Yoke Min, Eddy Kurniawan Logam dan Rudy Kurniawan Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Pang Yoke Min, Eddy Kurniawan Logam and Rudy Kurniawan Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$3.800.000.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, amounted to US$3,800,000.
3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the insurance claims of vessels been secured related to this facility (Note 11). 5. Fiduciary security over the revenue of vessels been secured related to this facility (Note 5).
46
244
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
16. PINJAMAN BANK JANGKA PENDEK (lanjutan)
16. SHORT-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura
DBS Bank Limited, Singapore
Berdasarkan Perjanjian Fasilitas Kredit tanggal 23 Oktober 2012, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan revolving credit facility dengan nilai maksimum sebesar AS$7.805.000 untuk modal kerja. Fasilitas ini akan jatuh tempo pada tanggal 31 Desember 2013 atau tanggal tercatatnya saham Perseroan di Bursa Efek Indonesia, mana yang lebih dahulu. Fasilitas ini dikenakan bunga dengan tingkat bunga berkisar antara 5,07% sampai 5,11% (2012: 5,11% sampai 5,20%) per tahun.
Based on Credit Facility Agreement dated October 23, 2012, DBS Bank Limited, Singapore (“DBS”) agreed to provide revolving credit facility with a maximum amount of US$7,805,000 for working capital. This facility will be due on December 31, 2013 or date when the Company’s shares are listed in Indonesia Stock Exchange, whichever is earlier. This credit facility was subject to interest at rates ranging from 5.07% to 5.11% (2012: 5.11% to 5.20%) per annum.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Destiny (eks. Jaya Agility) dan kapal Stature (eks. Enterprise) yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas klaim asuransi kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 11). 5. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas (Catatan 5).
This credit facility was secured by, among others: 1. First Priority Mortgage over Destiny (ex. Jaya Agility) and Stature (ex. Enterprise) vessels owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding.
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh DBS, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan DBS untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta disyaratkan untuk menjaga leverage ratio maksimal sebanyak 2,5 kali.
Based on the credit facility agreement, the Company required to comply with several covenants as required by DBS, among others, the Company without the DBS’s approval to provide loan to shareholders and make a material change to the nature business of the Company and is required to maintain leverage ratio at maximum 2.5 times.
Fasilitas pinjaman ini telah dilunasi oleh Perseroan pada tanggal 24 Desember 2013. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2012 sebesar AS$3.902.500.
This loan facility was fully settled by the Company on December 24, 2013. The outstanding balance of this facility as of December 31, 2012, amounted to US$3,902,500.
PT Bank UOB Indonesia
PT Bank UOB Indonesia
Berdasarkan Perjanjian Fasilitas Kredit tanggal 3 April 2013, PT Bank UOB Indonesia (“UOB Indonesia”) setuju untuk memberikan revolving credit facility dengan nilai maksimum sebesar AS$1.000.000 yang akan digunakan sebagai modal kerja. Fasillitas ini akan jatuh tempo pada tanggal 3 April 2014. Fasilitas pinjaman ini dikenakan bunga variabel dengan tingkat bunga sebesar 5,75% per tahun.
Based on Credit Facility Agreement dated April 3, 2013, PT Bank UOB Indonesia (“UOB Indonesia”) agreed to provide revolving credit facility with a maximum amount of US$1,000,000 which will be used as working capital. This facility will be due on April 3, 2014. This credit facility is subject to variable interest at the rate of 5.75% per annum.
4. Fiduciary security over the insurance claims of vessels been secured related to this facility (Note 11). 5. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above (Note 5).
47
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
16. PINJAMAN BANK JANGKA PENDEK (lanjutan)
16. SHORT-TERM BANK LOANS (continued)
PT Bank UOB Indonesia (lanjutan)
PT Bank UOB Indonesia (continued)
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Logindo Synergy (eks. Lanpan 10) milik Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam, Rudy Kurniawan Logam dan Merna Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas klaim asuransi kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 11). 5. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas (Catatan 5). 6. Pemberian gadai atas deposito dan sinking fund yang ditempatkan oleh Perseroan pada PT UOB Indonesia (Catatan 12).
This credit facility is secured by, among others: 1. First Priority Mortgage over vessel Logindo Synergy (ex. Lanpan 10) owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam, Rudy Kurniawan Logam and Merna Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the insurance claims of vessels been secured related to this facility (Note 11). 5. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above (Note 5). 6. Pledge over the deposit accounts and sinking fund which placed by the Company in PT UOB Indonesia (Note 12).
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB Indonesia, antara lain, Perseroan tidak diperbolehkan, tanpa persetujuan UOB Indonesia, untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta disyaratkan untuk menjaga Gearing ratio maksimal sebanyak 3 kali dan menyediakan sinking fund (Catatan 12). Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company required to comply with several covenants as required by UOB Indonesia, among others, the Company without, the UOB Indonesia’s, approval to provide loan to shareholders and make a material change to the nature business of the Company and is required to maintain Gearing ratio at maximum 3 times and provide sinking funds (Note 12). As of December 31, 2013, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Eddy Kurniawan Logam, Rudy Kurniawan Logam dan Merna Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Eddy Kurniawan Logam, Rudy Kurniawan Logam and Merna Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2013 sebesar AS$Nihil.
The outstanding balance of this facility as of December 31, 2013, amounted to US$Nil.
48
246
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
17. PINJAMAN DARI PIHAK BERELASI
17. LOAN FROM A RELATED PARTY 2013
2012
Strato Maritime Service Pte. Ltd.
-
6.542.938
Strato Maritime Service Pte. Ltd.
Di bulan Oktober 2012, Perseroan dan Strato Maritime Service Pte. Ltd. (“Strato”), pihak berelasi, menandatangani perjanjian Intercompany Loan, dimana Strato setuju untuk memberikan fasilitas pinjaman berjangka kepada Perseroan dengan total nilai pinjaman sebesar AS$7.150.000. Fasilitas ini dapat ditarik sewaktu-waktu oleh Strato. Fasilitas ini merupakan pinjaman tanpa jaminan dan dikenakan bunga dengan tingkat bunga sebesar 10% per tahun. Fasilitas pinjaman ini telah dilunasi oleh Perseroan pada tanggal 28 Juni 2013.
In October 2012, the Company and Strato Maritime Service Pte. Ltd. (“Strato”), a related party, entered into Intercompany Loan agreements, where Strato agreed to provide term loan facility to the Company with total facility of US$7,150,000. This facility was repayable on demand by Strato. This facility was unsecured and are subject to interest at the rate of 10% per annum. This loan facility was fully settled by the Company on June 28, 2013.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 3 Juli 2013, Strato Maritime Services Pte. Ltd., pihak berelasi, setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$25.000.000 yang akan digunakan untuk pembiayaan atas pembelian kapal. Fasilitas ini dapat ditarik sewaktu-waktu oleh Strato Maritime Services Pte. Ltd. Fasilitas pinjaman berjangka merupakan pinjaman tanpa jaminan dan dikenakan bunga dengan tingkat bunga sebesar 10% per tahun. Perseroan telah menarik fasilitas pinjaman sebesar AS$20.000.000 dan telah dilunasi oleh Perseroan pada tanggal 18 November 2013.
Based on Credit Facility Agreement dated July 3, 2013, Strato Maritime Services Pte. Ltd., a related party agreed to provide the Company term loan facility with a maximum amount of US$25,000,000 which will be used to refinancing the acquisition of vessel. This facility can be withdrawn at any time by Strato Maritime Services Pte. Ltd. This credit facility was unsecured and was subject to interest at the rate of 10% per annum. The Company has withdrawn this facility amounted to US$20,000,000 and was fully settled by the Company on November 18, 2013.
18. PINJAMAN BANK JANGKA PANJANG
18. LONG-TERM BANK LOANS
Saldo per tanggal 31 Desember 2013 Jatuh tempo dalam 1 tahun/ Current portion Pihak ketiga: United Overseas Bank Limited, Singapura Oversea-Chinese Banking Corporation Limited, Singapura DBS Bank Limited, Singapura PT Bank CIMB Niaga Tbk. PT Bank UOB Indonesia Dikurangi: Biaya pinjaman yang belum diamortisasi
Balance as of December 31, 2013 Jatuh tempo lebih dari 1 tahun/ Non-current portion
Jumlah/ Total
11.863.330
53.117.582
64.980.912
5.100.000 2.070.720 1.679.903 582.292
12.950.000 10.008.440 1.712.483 3.025.000
18.050.000 12.079.160 3.392.386 3.607.292
21.296.245
80.813.505
102.109.750
Third parties: United Overseas Bank Limited, Singapore Oversea-Chinese Banking Corporation Limited, Singapore DBS Bank Limited, SIngapore PT Bank CIMB Niaga Tbk. PT Bank UOB Indonesia Less:
(263.986)
(643.544)
(907.530)
21.032.259
80.169.961
101.202.220
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247
Unamortized costs of loans
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
Saldo per tanggal 31 Desember 2012 Jatuh tempo dalam 1 tahun/ Current portion Pihak ketiga: United Overseas Bank Limited, Singapura Oversea-Chinese Banking Corporation Limited, Singapura DBS Bank Limited, Singapura PT Bank CIMB Niaga Tbk.
Balance as of December 31, 2012 Jatuh tempo lebih dari 1 tahun/ Non-current portion
Jumlah/ Total
6.582.736
26.313.694
32.896.430
5.100.000 2.070.720 1.653.976
18.050.000 12.079.160 3.425.670
23.150.000 14.149.880 5.079.645
15.407.432
59.868.524
75.275.955
Dikurangi: Biaya pinjaman yang belum diamortisasi
Third parties: United Overseas Bank Limited, Singapore Oversea-Chinese Banking Corporation Limited, Singapore DBS Bank Limited, SIngapore PT Bank CIMB Niaga Tbk. Less:
(110.880)
(318.800)
(429.680)
15.296.552
59.549.724
74.846.275
Unamortized costs of loans
Biaya pinjaman merupakan biaya ditangguhkan yang berasal dari biaya perolehan pinjaman dan biaya provisi sehubungan dengan perolehan pinjaman dan diamortisasi selama masa pinjaman.
Cost of loans represents deferred charges arising from upfront fees and provision fees in relation to obtaining loans and is amortized over the respective loan periods.
United Overseas Bank Limited, Singapura
United Overseas Bank Limited, Singapore
- Fasilitas Pinjaman Berjangka I
-
Term Loan Facility I
Berdasarkan Perjanjian Fasilitas Kredit tanggal 11 Juli 2011, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$8.750.000 untuk pembiayaan atas pembelian kapal. Pinjaman ini akan jatuh tempo pada tanggal 18 Juli 2016. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$104.167 dan pembayaran terakhir sebesar AS$2.604.147. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,18% sampai 3,21% (2012: 3,20% sampai 3,25%) per tahun.
Based on Credit Facility Agreement dated July 11, 2011, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$8,750,000 for refinancing the acquisition of vessel. This loan will be due on July 18, 2016. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$104,167 and final installment of US$2,604,147. This credit facility is subject to interest at the rate of SIBOR + 3% per annum; the effective interest rates for 2013 were ranging from 3.18% to 3.21% (2012: 3.20% to 3.25%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$5.729.157 (2012: AS$6.979.162). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$1.250.004.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$5,729,157 (2012: US$6,979,162). Total installment payments made during 2013 amounted to US$1,250,004.
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248
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan) United Overseas (lanjutan)
Bank
Limited,
18. LONG-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
- Fasilitas Pinjaman Berjangka II
-
Bank
Limited,
Singapore
Term Loan Facility II
Berdasarkan Perjanjian Fasilitas Kredit tanggal 8 Desember 2011, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar SG$22.000.000 (setara dengan AS$15.250.000) untuk pembayaran pinjaman berjangka kepada PT Bank Internasional Indonesia Tbk. atas pembelian kapal-kapal. Pinjaman ini akan jatuh tempo pada tanggal 16 Desember 2016. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar SG$333.333 (setara dengan AS$231.061) dan pembayaran terakhir sebesar SG$2.333.353 (setara dengan AS$1.617.401). Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3,5% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,67% sampai 3,71% (2012: 3,72% sampai 3,78%) per tahun.
Based on Credit Facility Agreement dated December 8, 2011, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of SG$22,000,000 (equivalent with US$15,250,000) for repaying term loan from PT Bank Internasional Indonesia Tbk. in relation to the acquisition of vessels. This loan will be due on December 16, 2016. Repayment on this credit facility by the Company shall be in 59 monthly installments of SG$333,333 (equivalent with US$231,061) and final installment of SG$2,333,353 (equivalent with US$1,617,401). This credit facility is subject to interest at the rate of SIBOR + 3.5% per annum; the effective interest rates for 2013 were ranging from 3.67% to 3.71% (2012: 3.72% to 3.78%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$9.704.536 (2012: AS$12.477.268). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$2.772.732.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, amounted to US$9,704,536 (2012: US$12,477,268). Total installment payments made during 2013 amounted to US$2,772,732.
- Fasilitas Pinjaman Berjangka III
-
Term Loan Facility III Based on Credit Facility Agreement dated November 29, 2012, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$13,440,000 for financing partly the acquisition of Logindo Reliance vessel. This loan will be due on November 27, 2017. Repayment on this credit facility by the Company shall be in 9 equal monthly installments of US$213,333 followed by 47 equal monthly installments of US$160,000 and then final repayment of US$4,000,000. This credit facility is subject to interest at the rate of SIBOR + 3.5% per annum; the effective interest rates for 2013 were ranging from 3.67% to 3.71% (2012: 3.71%) per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 29 November 2012, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$13.440.000 yang akan digunakan untuk bagian pembiayaan atas pembelian kapal Logindo Reliance. Pinjaman ini akan jatuh tempo pada tanggal 27 November 2017. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 9 kali pembayaran secara bulanan sebesar AS$213.333 dilanjutkan dengan 47 kali pembayaran secara bulanan sebesar AS$160.000 dan kemudian pembayaran terakhir sebesar AS$4.000.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3,5% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,67% sampai 3,71% (2012: 3,71%) per tahun.
51
249
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan) United Overseas (lanjutan)
Bank
Limited,
18. LONG-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
- Fasilitas Pinjaman Berjangka III (lanjutan)
-
Bank
Limited,
Singapore
Term Loan Facility III (continued) As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, amounted to US$11,360,000. Total installment payments made during 2013 amounted to US$2,080,000.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$11.360.000. Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$2.080.000. - Fasilitas Pinjaman Berjangka IV
-
Term Loan Facility IV
Berdasarkan Perjanjian Fasilitas Kredit tanggal 29 Mei 2013, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$3.066.000 yang akan digunakan untuk bagian pembiayaan atas pembelian kapal Perseroan. Pinjaman ini akan jatuh tempo pada tanggal 26 Juli 2018. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 56 kali pembayaran secara bulanan sebesar AS$38.455 dan pembayaran terakhir sebesar AS$912.500. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3,5% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,67% sampai 3,70% per tahun.
Based on Credit Facility Agreement dated May 29, 2013, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$3,066,000 for financing partly the acquisition of the Company’s vessel. This loan will be due on July 26, 2018. Repayment on this credit facility by the Company shall be in 56 equal monthly installments of US$38,455 and final repayment of US$912,500. This credit facility is subject to interest at the rate of SIBOR + 3.5% per annum; the effective interest rates for 2013 were ranging from 3.67% to 3.70% per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$2.950.634. Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$115.366.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, amounted to US$2,950,634. Total installment payments made during 2013 amounted to US$115,366.
- Fasilitas Pinjaman Berjangka V
-
Term Loan Facility V Based on Credit Facility Agreement dated July 1, 2013, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$23,320,000 which will be used to refinance the acquisition of vessel. This loan will be due on July 1, 2018. Repayment on this credit facility by the Company shall be in 56 monthly installments of US$292,491 and final installment of US$6,940,476. This credit facility is subject to interest at the rate of SIBOR + 3.5% per annum; the effective interest rates for 2013 were ranging from 3.67% to 3.70% per annum.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 1 Juli 2013, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$23.320.000 yang akan digunakan untuk pembiayaan atas pembelian kapal. Pinjaman ini akan jatuh tempo pada tanggal 1 Juli 2018. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 56 kali pembayaran secara bulanan sebesar AS$292.491 dan pembayaran terakhir sebesar AS$6.940.476. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3,5% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,67% sampai 3,70% per tahun.
52
250
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan) United Overseas (lanjutan)
Bank
Limited,
18. LONG-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
- Fasilitas Pinjaman Berjangka V (lanjutan)
-
Bank
Limited,
Singapore
Term Loan Facility V (continued) As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$22,729,021. Total installment payments made during 2013 amounted to US$584,983.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$22.729.021. Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$584.983. - Fasilitas Pinjaman Berjangka VI
-
Term Loan Facility VI
Berdasarkan Perjanjian Fasilitas Kredit tanggal 24 September 2013, United Overseas Bank Limited, Singapura (“UOB”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$12.670.000 yang akan digunakan untuk pembiayaan atas pembelian kapal. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$162.436 dan pembayaran terakhir sebesar AS$3.086.276. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar LIBOR + 3,25% per tahun; tingkat bunga efektif selama tahun 2013 sebesar 3,42% per tahun.
Based on Credit Facility Agreement dated September 24, 2013, United Overseas Bank Limited, Singapore (“UOB”) agreed to provide the Company term loan facility with a maximum amount of US$12,670,000 which will be used to refinance the acquisition of vessel. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$162,436 and final installment of US$3,086,276. This credit facility is subject to interest at the rate of LIBOR + 3.25% per annum; the effective interest rates in 2013 was at the rate 3.42% per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$12.507.564. Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$162.436.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$12,507,564. Total installment payments made during 2013 amounted to US$162,436.
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas dua puluh satu kapal yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham dan jaminan pribadi dari Pang Yoke Min, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas klaim asuransi kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 11). 5. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas (Catatan 5).
These credit facilities are secured by, among others: 1. First Priority Mortgage over twenty one vessels owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder and personal guarantee from Pang Yoke Min, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the insurance claims of vessels been secured related to this facility (Note 11). 5. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above (Note 5).
53
251
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan) United Overseas (lanjutan)
Bank
Limited,
18. LONG-TERM BANK LOANS (continued)
Singapura
United Overseas (continued)
Bank
Limited,
Singapore
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB, antara lain, Perseroan tidak diperbolehkan, tanpa persetujuan UOB, untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta disyaratkan untuk menyediakan sinking fund (Catatan 12). Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
Based on the credit facilities agreements, the Company required to comply with several covenants as required by UOB, among others, the Company, without the UOB’s approval, to provide loan to shareholders and make a material change to the nature business of the Company and is required to provide sinking funds (Note 12). As of December 31, 2013, the Company has complied with covenants as stated in the credit facilities agreements.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Pang Yoke Min, Eddy Kurniawan Logam dan Rudy Kurniawan Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Pang Yoke Min, Eddy Kurniawan Logam and Rudy Kurniawan Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
Oversea-Chinese Banking Corporation Limited, Singapura
Oversea-Chinese Banking Corporation Limited, Singapore
- Fasilitas Pinjaman Berjangka I
-
Term Loan Facility I
Berdasarkan Perjanjian Fasilitas Kredit tanggal 7 Juli 2011, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$7.840.000 untuk pembiayaan sebagian dari pembelian kapal Logindo Overcomer. Pinjaman ini akan jatuh tempo pada tanggal 1 Juli 2017. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$130.000 dan pembayaran terakhir sebesar AS$170.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 2.5% per tahun dengan tingkat bunga efektif sebesar SIBOR + 2,5% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 2,62% sampai 2,72% (2012: 2,76% sampai 2,92%) per tahun.
Based on Credit Facility Agreement dated July 7, 2011, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide the Company term loan facility with a maximum amount of US$7,840,000 which will be used to part finance the acquisition of Logindo Overcomer vessel. This loan will be due on July 1, 2017. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$130,000 and final installment of US$170,000. This credit facility is subject to interest at the rate of SIBOR + 2.5% per annum; the effective interest rates for 2013 were ranging from 2.62% to 2.72% (2012: 2.76% to 2.92%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$4.070.000 (2012: AS$5.630.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$1.560.000.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$4,070,000 (2012: US$5,630,000). Total installment payments made during 2013 amounted to US$1,560,000.
54
252
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
Oversea-Chinese Banking Corporation Limited, Singapura (lanjutan)
Oversea-Chinese Banking Corporation Limited, Singapore (continued)
- Fasilitas Pinjaman Berjangka II
-
Term Loan Facility II
Berdasarkan Perjanjian Fasilitas Kredit tanggal 28 November 2011, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$12.000.000 untuk sebagian pembiayaan atas pembelian kapal Logindo Radiance. Pinjaman ini akan jatuh tempo pada tanggal 1 Februari 2017. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 57 kali pembayaran secara bulanan sebesar AS$165.000 dan pembayaran terakhir sebesar AS$2.595.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,17% sampai 3,21% (2012: 3,22% sampai 3,53%) per tahun.
Based on Credit Facility Agreement dated November 28, 2011, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide the Company term loan facility with a maximum amount of US$12,000,000 for financing the part of acquisition of Logindo Radiance vessel. This loan will be due on February 1, 2017. Repayment on this credit facility by the Company shall be in 57 monthly installments of US$165,000 and final installment of US$2,595,000. This credit facility is subject to interest at the rate of SIBOR + 3% per annum; the effective interest rates for 2013 were ranging from 3.17% to 3.21% (2012: 3.22% to 3.53%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$8.370.000 (2012: AS$10.350.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$1.980.000.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$8,370,000 (2012: US$10,350,000). Total installment payments made during 2013 amounted to US$1,980,000.
- Fasilitas Pinjaman Berjangka III
-
Term Loan Facility III
Berdasarkan Perjanjian Fasilitas Kredit tanggal 12 Januari 2012, Oversea-Chinese Banking Corporation Limited, Singapura (“OCBC”) setuju untuk memberikan fasilitas pinjaman berjangka dengan nilai maksimum sebesar AS$8.600.000 untuk pembayaran pinjaman berjangka kepada PT Bank DBS Indonesia dan PT Mega Finadana Finance atas pembelian kapal-kapal. Pinjaman ini akan jatuh tempo pada tanggal 1 Desember 2016. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$130.000 dan pembayaran terakhir sebesar AS$930.000. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 3% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 3,17% sampai 3,21% (2012: 3,14%) per tahun.
Based on Credit Facility Agreement dated January 12, 2012, Oversea-Chinese Banking Corporation Limited, Singapore (“OCBC”) agreed to provide the Company term loan facility with a maximum amount of US$8,600,000 for repaying term loan from PT Bank DBS Indonesia and PT Mega Finadana Finance in relation to the acquisition of vessels. This loan will be due on December 1, 2016. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$130,000 and final installment of US$930,000. This credit facility is subject to interest at the rate of SIBOR + 3% per annum; the effective interest rates for 2013 were ranging from 3.17% to 3.21% (2012: 3.14%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$5.610.000 (2012: AS$7.170.000). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$1.560.000.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2012, was amounted to US$5,610,000 (2012: US$7,170,000). Total installment payments made during 2013 amounted to US$1,560,000.
55
253
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
Oversea-Chinese Banking Corporation Limited, Singapura (lanjutan)
Oversea-Chinese Banking Corporation Limited, Singapore (continued)
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas dua puluh dua kapal yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham dan jaminan pribadi dari Pang Yoke Min, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas klaim asuransi kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 11). 5. Jaminan fidusia atas piutang kapal-kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 5).
These credit facilities are secured by, among others: 1. First Priority Mortgage over twenty two vessels owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder and personal guarantee from Pang Yoke Min, for an amount up to 49% of the principal outstanding.
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh OCBC, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan OCBC untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta mensyaratkan Pacific Radiance Ltd. sebagai penjamin Perseroan untuk mempertahankan rasio tangible net-worth minimal sebesar AS$100.000.000 dan menjaga rasio consolidated leverage maksimal 2,5 kali. Pada tanggal 31 Desember 2013, Perseroan dan Pacific Radiance Ltd. telah mematuhi persyaratan dalam perjanjianperjanjian fasilitas kredit.
Based on the credit facilities agreements, the Company is required to comply with several covenants as required by OCBC, among others, the Company without the OCBC’s approval to provide loan to shareholders and make a material change to the nature business of the Company and is required Pacific Radiance Ltd. as corporate guarantor to maintain tangible net-worth ratio at minimum AS$100,000,000 and to maintain consolidated leverage ratio at maximum 2.5 times. As of December 31, 2013, the Company and Pacific Radiance Ltd. have complied with covenants as stated in the credit facilities agreements.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Pang Yoke Min, Eddy Kurniawan Logam dan Rudy Kurniawan Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Pang Yoke Min, Eddy Kurniawan Logam and Rudy Kurniawan Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the insurance claims of vessels been secured related to this facility (Note 11). 5. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above (Note 5).
56
254
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura
DBS Bank Limited, Singapore
- Fasilitas Pinjaman Investasi I
-
Investment Loan Facility I
Berdasarkan Perjanjian Fasilitas Kredit tanggal 31 Oktober 2012, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$7.475.000 yang akan digunakan untuk pembelian kapal Destiny. Pinjaman ini akan jatuh tempo pada tanggal 29 September 2017. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$88.988 dan pembayaran terakhir sebesar AS$2.224.708. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 4,9% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 4,16% sampai 4,21% (2012: 4,26%) per tahun.
Based on Credit Facility Agreement dated October 31, 2012, DBS Bank Limited, Singapore (“DBS”) agreed to provide the Company term loan facility with a maximum amount of US$7,475,000 which will be used to finance partly the acquisition of Destiny vessel. This loan will be due on September 29, 2017. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$88,988 and final installment of US$2,224,708. This credit facility is subject to interest at the rate of SIBOR + 4.9% per annum; the effective interest rates for 2013 were ranging from 4.16% to 4.21%(2012: 4.26%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah sepenuhnya menarik fasilitas. Saldo terutang untuk fasilitas kredit ini pada tanggal 31 Desember 2013 sebesar AS$6.229.168 (2012: AS$7.297.024). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$1.067.856.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$6,229,168 (2012: US$7,297,024). Total installment payments made during 2013 amounted to US$1,067,856.
- Fasilitas Pinjaman Investasi II
-
Investment Loan Facility II
Berdasarkan Perjanjian Fasilitas Kredit tanggal 31 Oktober 2012, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$7.020.000 yang akan digunakan untuk pembelian kapal Stature. Pinjaman ini akan jatuh tempo pada tanggal 29 September 2017. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$83.572 dan pembayaran terakhir sebesar AS$2.089.252. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar SIBOR + 4,9% per tahun; tingkat bunga efektif selama tahun 2013 berkisar antara 4,16% sampai 4,21% (2012: 4,26%) per tahun.
Based on Credit Facility Agreement dated October 31, 2012, DBS Bank Limited, Singapore (“DBS”) agreed to provide the Company term loan facility with a maximum amount of US$7,020,000 which will be used to finance partly the acquisition of Stature vessel. This loan will be due on September 29, 2017. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$83,572 and final installment of US$2,089,252. This credit facility is subject to interest at the rate of SIBOR + 4.9% per annum; the effective interest rates for 2013 were ranging from 4.16% to 4.21% (2012: 4.26%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$5.849.992 (2012: AS$6.852.856). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$1.002.864.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$5,849,992 (2012: US$6,852,856). Total installment payments made during 2013 amounted to US$1,002,864.
57
255
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura (lanjutan)
DBS Bank Limited, Singapore (continued)
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Destiny dan kapal Stature yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas (Catatan 5).
These credit facilities are secured by, among others: 1. First Priority Mortgage over Destiny and Stature vessels owned by the Company (Note 11).
- Fasilitas Pinjaman Investasi III
-
2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above (Note 5). Investment Loan Facility III
Berdasarkan Perjanjian Fasilitas Kredit tanggal 27 Desember 2013, DBS Bank Limited, Singapura (“DBS”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$19.600.000 yang akan digunakan untuk pembelian kapal Enterprise. Pinjaman ini akan jatuh tempo pada tanggal 27 Desember 2018. Pembayaran atas fasilitas pinjaman ini akan dilakukan oleh Perseroan dalam 59 kali pembayaran secara bulanan sebesar AS$235.200 dan pembayaran terakhir sebesar AS$5.023.200. Fasilitas pinjaman ini dikenakan bunga dengan tingkat bunga sebesar LIBOR + 4% per tahun.
Based on Credit Facility Agreement dated December 27, 2013, DBS Bank Limited, Singapore (“DBS”) agreed to provide the Company term loan facility with a maximum amount of US$19,600,000 which will be used to finance partly the acquisition of Enterprise vessel. This loan will be due on December 27, 2018. Repayment on this credit facility by the Company shall be in 59 monthly installments of US$235,200 and final installment of US$5,023,200. This credit facility is subject to interest at the rate of LIBOR + 4% per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan belum menarik fasilitas. Fasilitas pinjaman ini telah ditarik sebagian oleh Perseroan pada tanggal 2 Januari 2014 sebesar AS$17.550.000.
As of December 31, 2013, the Company not yet has withdrawn the facility. This credit facility has partially withdrawn by the Company on January 2, 2014 amounted to US$17,550,000.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Enterprise yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas piutang yang berkaitan dengan kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
This credit facilities are secured by, among others: 1. First Priority Mortgage over Enterprise vessels owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the receivables related to certain pledged vessel as described in point 1 above.
58
256
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
DBS Bank Limited, Singapura (lanjutan)
DBS Bank Limited, Singapore (continued)
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh DBS, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan DBS untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta disyaratkan untuk menjaga leverage ratio maksimal sebanyak 2,5 kali. Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
Based on the credit facilities agreements, the Company required to comply with several covenants as required by DBS, among others, the Company without the DBS’s approval to provide loan to shareholders and make a material change to the nature business of the Company and is required to maintain leverage ratio at maximum 2.5 times. As of December 31, 2013, the Company has comply with covenants as stated in the credit facilities agreements.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to change proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Eddy Kurniawan Logam and Rudy Kurniawan Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
PT Bank CIMB Niaga Tbk.
PT Bank CIMB Niaga Tbk.
- Fasilitas Pinjaman Investasi I
-
Investment Loan Facility I
Berdasarkan Perjanjian Kredit tanggal 17 Juli 2009, PT Bank CIMB Niaga Tbk. (“CIMB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar Rp5.000.000.000 yang akan digunakan untuk mendanai pembangunan gedung kantor milik Perseroan. Pinjaman ini akan jatuh tempo pada tanggal 23 Juli 2014. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga sebesar 12,5% (2012: 12,5%) per tahun.
Based on Credit Facility Agreement dated July 17, 2009, PT Bank CIMB Niaga Tbk. (“CIMB”) agreed to provide the Company investment loan facility amounting to Rp5,000,000,000 which will be used to finance development of the Company’s office building. This loan will be due on July 23, 2014. This credit facility is subject to variable interest at the rate of 12.5% (2012: 12.5%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar Rp1.583.333.347 atau setara dengan AS$129.888 (2012: Rp2.583.333.343 atau setara dengan AS$267.149). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar Rp1.000.000.000 atau setara dengan AS$96.689.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to Rp1,583,333,347 or equivalent to US$129,888 (2012: Rp2,583,333,343 or equivalent to US$267,149). Total installment payments made during 2012 amounted to Rp1,000,000,000 or equivalent to US$96,689.
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257
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
PT Bank CIMB Niaga Tbk. (lanjutan)
PT Bank CIMB Niaga Tbk. (continued)
- Fasilitas Pinjaman Investasi II
-
Investment Loan Facility II
Berdasarkan Perubahan kesatu atas Perjanjian Kredit tanggal 28 Juni 2010, PT Bank CIMB Niaga Tbk. (“CIMB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$3.600.000 yang akan digunakan untuk pembelian kapal LSM Dunamos. Pinjaman ini akan jatuh tempo pada tanggal 23 Juni 2015. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga berkisar antara 6,5% sampai 7% (2012: 6,5%) per tahun
Based on Credit Facility first Amendment Agreement date June 28, 2010, PT Bank CIMB Niaga Tbk. (“CIMB”) agreed to provide the Company investment loan facility amounting to US$3,600,000 which will be used to part finance the acquisition of LSM Dunamos vessel. This loan will be due on June 23, 2015. This credit facility is subject to variable interest at rates ranging from 6.5% to 7% (2012: 6.5%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$1.199.998 (2012: AS$1.999.996). Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$800.004.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$1,199,998 (2012: US$ US$1,999,996). Total installment payments made during 2012 amounted to US$800,004.
- Fasilitas Pinjaman Investasi III
-
Investment Loan Facility III
Berdasarkan Perjanjian Fasilitas Kredit tanggal 9 Mei 2012, PT Bank CIMB Niaga Tbk. (“CIMB”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$3.000.000 yang akan digunakan untuk pembelian kapal LSM Nusantara. Pinjaman ini akan jatuh tempo pada tanggal 4 Agustus 2016. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga berkisar antara sebesar 6,5% sampai 7% (2012: 6,5%) per tahun.
Based on Credit Facility Agreement dated May 9, 2012, PT Bank CIMB Niaga Tbk. (“CIMB”) agreed to provide the Company investment loan facility amounting to US$3,000,000 which will be used to part finance the acquisition of LSM Nusantara vessel. This loan will be due on August 4, 2016. This credit facility is subject to variable interest at rates from 6.5% to 7% (2012: 6.5%) per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik seluruh fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$2.062.500. Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$750.000.
As of December 31, 2013, the Company has fully withdrawn the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$2,062,500. Total installment payments made during 2013 amounted to US$750,000.
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258
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
PT Bank CIMB Niaga Tbk. (lanjutan)
PT Bank CIMB Niaga Tbk. (continued)
Fasilitas-fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal LSM Nusantara dan kapal LSM Dunamos yang dimiliki oleh Perseroan (Catatan 11). 2. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam dengan nilai sebesar total fasilitas pinjaman. 3. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 4. Bangunan milik Perseroan (Catatan 11).
These credit facilities are secured by, among others: 1. First Priority Mortgage over LSM Nusantara and LSM Dunamos vessels owned by the Company (Note 11). 2. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam, in the amount of total loan facility. 3. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 4. Buildings owned by the Company (Note 11).
Berdasarkan perjanjian-perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh CIMB, antara lain, Perseroan disyaratkan untuk menjaga rasio Loan to EBITDA maksimal 4 kali dan menyediakan sinking fund (Catatan 12). Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian-perjanjian fasilitas kredit tersebut.
Based on the credit facilities agreements, the Company required to comply with several covenants as required by CIMB, among others, the Company is required to maintain financial Loan to EBITDA ratio at maximum 4 times and provide sinking funds (Note 12). As of December 31, 2013, the Company has comply with covenants as stated in the credit facilities agreements.
Fasilitas-fasilitas pinjaman ini telah dilunasi oleh Perseroan pada tanggal 13 Januari 2014. Sehubungan dengan pelunasan fasilitas-fasilitas pinjaman ini, seluruh jaminan yang diberikan Perseroan telah dilepaskan.
These loan facilities have been settled by the Company on January 13, 2014. Following to the settlement on these loan facilities, all guarantees provided by the Company have been released.
PT Bank UOB Indonesia
PT Bank UOB Indonesia
Berdasarkan Perjanjian Fasilitas Kredit tanggal 3 April 2013, PT Bank UOB Indonesia (“UOB Indonesia”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$4.125.000 untuk pembiayaan sebagian pembelian kapal Logindo Synergy. Jangka waktu fasilitas pinjaman ini adalah 60 bulan setelah pencairan pinjaman yaitu pada bulan April 2018. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga untuk periode yang berakhir pada tanggal 31 Desember 2013 sebesar 5,75% per tahun.
Based on Credit Facility Agreement dated April 3, 2013, PT Bank UOB Indoneisa (“UOB Indonesia”) agreed to provide the Company investment loan facility amounting to US$4,125,000 for financing the part of acquisition of Logindo Synergy vessel. This loan will be due in 60 months from drawdown of this loan which is in April 2018. This credit facility is subject to variable interest rates for the period ended December 31, 2013, was at the rate of 5.75% per annum.
Sampai dengan tanggal 31 Desember 2013, Perseroan telah menarik sebesar AS3.785.156 dari fasilitas. Saldo terutang untuk fasilitas ini pada tanggal 31 Desember 2013 sebesar AS$3.607.292. Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$177.865.
As of December 31, 2013, the Company has withdrawn of US$3,785,156 from the facility. The outstanding balance of this facility as of December 31, 2013, was amounted to US$3,607,292. Total installment payments made during 2013 amounted to US$177,865.
61
259
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
18. PINJAMAN BANK JANGKA PANJANG (lanjutan)
18. LONG-TERM BANK LOANS (continued)
PT Bank UOB Indonesia (lanjutan)
PT Bank UOB Indonesia (continued)
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal Logindo Synergy (eks. Lanpan 10) milik Perseroan (Catatan 11). 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 49% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam, Rudy Kurniawan Logam dan Merna Logam dengan nilai sampai dengan 51% dari total pokok saldo pinjaman terutang. 4. Jaminan fidusia atas klaim asuransi kapal yang dijaminkan sehubungan dengan fasilitas ini (Catatan 11). 5. Jaminan fidusia atas piutang yang berkaitan dengan kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas (Catatan 5). 6. Pemberian gadai atas deposito dan sinking fund yang ditempatkan oleh Perseroan pada PT UOB Indonesia (Catatan 12).
This credit facility is secured by, among others: 1. First Priority Mortgage over vessel Logindo Synergy (ex. Lanpan 10) owned by the Company (Note 11). 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 49% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam, Rudy Kurniawan Logam and Merna Logam for an amount up to 51% of the principal outstanding. 4. Fiduciary security over the insurance claims of vessel been secured related to this facility (Note 11). 5. Fiduciary security over the receivables related to certain pledged vessel as described in point 1 above (Note 5). 6. Pledge over the deposit accounts and sinking fund which placed by the Company in PT UOB Indonesia (Note 12).
Berdasarkan perjanjian fasilitas kredit tersebut, Perseroan diwajibkan untuk mematuhi beberapa pembatasan yang dipersyaratkan oleh UOB Indonesia, antara lain, Perseroan tidak diperbolehkan tanpa persetujuan UOB untuk memberikan pinjaman kepada pemegang saham dan melakukan perubahan secara material atas sifat bisnis Perseroan serta disyaratkan untuk menjaga Gearing ratio maksimal sebanyak 3 kali dan menyediakan sinking fund (Catatan 12). Pada tanggal 31 Desember 2013, Perseroan telah mematuhi persyaratan dalam perjanjian fasilitas kredit.
Based on the credit facility agreement, the Company required to comply with several covenants as required by UOB Indonesia, among others, the Company without the UOB’s approval to provide loan to shareholders and make a material change to the nature business of the Company and is required to maintain Gearing ratio at maximum 3 times and provide sinking funds (Note 12). As of December 31, 2013, the Company has complied with covenants as stated in the credit facility agreement.
Sampai dengan tanggal penyelesaian laporan keuangan ini, Perseroan masih dalam proses untuk merubah proporsi jaminan fasilitas pinjaman ini atas jaminan perusahaan dari Pacific Radiance Ltd. dan jaminan personal dari Eddy Kurniawan Logam, Rudy Kurniawan Logam dan Merna Logam sesuai dengan persentase pemilik saham setelah tercatatnya saham Perseroan di Bursa Efek Indonesia pada tanggal 11 Desember 2013.
Until completion date of these financial statements, the Company is in process to proportion of security of this loan facility for corporate guarantee from Pacific Radiance Ltd. and personal guarantees from Eddy Kurniawan Logam, Rudy Kurniawan Logam and Merna Logam proportionate to percentage of shares subsequent to the listing of the Company’s shares in Indonesia Stock Exchange on December 11, 2013.
62
260
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
19. UTANG PEMBIAYAAN KONSUMEN
19. CONSUMER FINANCE LIABILITIES
Perseroan mengadakan perjanjian pembiayaan konsumen dengan beberapa lembaga keuangan untuk pembelian kendaraan bermotor.
The Company entered into consumer finance agreements with several financial institutions for purchase of motor vehicles.
Utang pembiayaan konsumen Perseroan terdiri dari:
Consumer finance liabilities represent liabilities of the Company as follows:
2013 PT U Finance PT BII Finance Center PT Tunas Mandiri Finance PT Federal International Finance Total utang pembiayaan konsumen Dikurangi bagian yang jatuh tempo dalam waktu satu tahun
2012
81.163 56.771 21.048 -
111.486 28.422 52.149 686
PT U Finance PT BII Finance Center PT Tunas Mandiri Finance PT Federal International Finance
158.982
192.743
Total consumer finance liabilities
(93.974)
(91.572)
65.008
101.171
Bagian jangka panjang
Less current portion Long-term liabilities
Utang pembiayaan konsumen ini dijamin oleh kendaraan yang dibeli oleh Perseroan (Catatan 11).
These consumer finance liabilities are secured by vehicles purchased by the Company (Note 11).
Utang pembiayaan konsumen dikenakan bunga berkisar antara 5,7% sampai dengan 17,5% per tahun.
Consumer finance liabilities bear interest at rates ranging from 5.7% to 17.5% per annum.
Jatuh tempo utang pembiayaan konsumen berkisar antara tanggal 11 Juli 2014 sampai dengan 23 November 2016.
The maturity dates of consumer finance liabilities are vary between July 11, 2014 to November 23, 2016.
Jumlah pembayaran cicilan yang dilakukan selama tahun 2013 adalah sebesar AS$102.619.
Total installment payments made during 2013 amounted to US$102,619.
20. LIABILITAS SEWA PEMBIAYAAN
20. FINANCE LEASE LIABILITIES Finance lease liabilities represent liabilities of the Company as follows:
Liabilitas sewa pembiayaan Perseroan terdiri dari: 2013 Kapal PT Megafina Dana Finance Kendaraan PT Mitsui Leasing Capital Indonesia Total liabilitas sewa pembiayaan Dikurangi bagian yang jatuh tempo dalam waktu satu tahun Bagian jangka panjang
2012
418.658
892.575
Vessels PT Megafina Dana Finance
28.524
84.672
Vehicles PT Mitsui Leasing Capital Indonesia
447.182
977.247
Total finance lease liabilities
(436.099)
(526.136)
11.083
451.111
63
261
Less current portion Long-term liabilities
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
20. LIABILITAS SEWA PEMBIAYAAN (lanjutan)
20. FINANCE LEASE LIABILITIES (continued) Future minimum lease payments under finance leases together with the present value of net minimum lease payments are as follows:
Pembayaran sewa minimum masa datang atas liabilitas sewa pembiayaan dan nilai kini dari pembayaran sewa minimum adalah sebagai berikut: 2013
2012
Dalam satu tahun Lebih dari satu tahun tetapi kurang dari lima tahun
460.731
593.786
11.489
476.205
Jumlah pembayaran sewa minimum Dikurangi bagian bunga
472.220 (25.038)
1.069.991 (92.744)
Nilai kini pembayaran sewa minimum Bagian yang jatuh tempo dalam satu tahun
447.182
977.247
(436.099)
(526.136)
11.083
451.111
Bagian jangka panjang
Within one year After one year but not more than five years Total minimum leases payments Less interest portion Present value of minimum lease payments Current portion Long-term liabilities
Liabilitas sewa pembiayaan dijamin oleh kapal-kapal dan kendaraan yang diperoleh melalui liabilitas sewa pembiayaan (Catatan 11). Berdasarkan perjanjian sewa untuk pembiayaan pembelian kapal, Perseroan tidak berhak untuk melakukan pemindahan hak kepemilikan atas kapal yang disewa.
Finance lease liabilities are secured by vessels and vehicles acquired through finance lease liabilities (Note 11). Based on lease of vessel agreement, the Company entitled to transfer ownership of leased vessel.
Liabilitas sewa pembiayaan dikenakan bunga berkisar antara 5,7% sampai dengan 17,5% per tahun.
Finance lease liabilities bear interest at rates ranging from 5.7% to 17.5% per annum.
21. LIABILITAS IMBALAN KERJA JANGKA PENDEK
21. SHORT-TERM EMPLOYEE BENEFITS LIABILITY This account represents short-term employee benefits liability consisting of accrual for salaries and bonus.
Akun ini merupakan imbalan kerja jangka pendek yang terdiri dari akrual untuk gaji dan bonus.
22. LIABILITAS PANJANG
IMBALAN
KERJA
JANGKA
22. LONG-TERM EMPLOYEE BENEFITS LIABILITY
Perseroan memberikan imbalan kerja jangka panjang kepada karyawan yang telah mencapai usia pensiun normal pada umur 55 tahun sesuai dengan UU No. 13/2003. Imbalan tesebut tidak didanai.
The Company provides long-term employee benefits to its employee who reaches the mandatory retirement age of 55 years based on the Law. The benefits are un-funded.
Liabilitas imbalan kerja jangka panjang pada tanggal 31 Desember 2013 adalah berdasarkan perhitungan yang dilakukan PT Dayamandiri Dharmakonsilindo, aktuaris independen, sesuai laporannya tanggal 12 Februari 2014. Liabilitas imbalan kerja jangka panjang pada tanggal 31 Desember 2012 adalah berdasarkan perhitungan yang dilakukan oleh PT Sakura Aktuaria Indonesia, aktuaris independen, sesuai laporannya tanggal 18 Februari 2013.
The long-term employee benefits liability as of December 31, 2013, is based on calculation performed by PT Dayamandiri Dharmakonsilindo, an independent actuary, as per its report dated February 12, 2014. The long-term employee benefits liability as of December 31, 2012, were based on calculation performed by PT Sakura Aktuaria Indonesia, an independent actuary, as per its reports dated February 18, 2013.
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262
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
22. LIABILITAS IMBALAN PANJANG (lanjutan)
KERJA
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
JANGKA
22. LONG-TERM EMPLOYEE BENEFITS LIABILITY (continued)
Asumsi aktuarial utama yang digunakan untuk menentukan liabilitas imbalan kerja jangka panjang dalam program imbalan pasti pada tanggal 31 Desember 2013 dan 2012 adalah sebagai berikut:
The principal actuarial assumptions used to longterm employee benefits liability under defined benefits plans as at December 31, 2013 and 2012, are as follows:
2013 Tingkat diskonto Tingkat kenaikan gaji Usia pensiun Tingkat kematian Tingkat catat Tingkat pengunduran diri
Metode
Jumlah yang diakui pada laporan komprehensif adalah sebagai berikut:
2012
8,9% per annum 8% per annum 55 years of age CSO 1980 3% of mortality rate 3% at less than 45 years of age and reducing linearly until pension Projected Unit credit
laba
6% per annum 10% per annum 55 years of age CSO 1980 3% of mortality rate 3% at less than 45 years of age and reducing linearly until pension Projected Unit credit
Discount rate Wages and salary increase Retirement age Mortality rate Disability rate Voluntary resignation rate
Method
The amounts recognized in the statements of comprehensive income are as follows:
rugi
2013
2012
Biaya jasa kini Biaya bunga Amortisasi dari kerugian aktuarial yang belum diakui dan penyesuaian lainnya Biaya jasa lalu
137.621 16.586
124.669 16.126
9.322 259
2.024 326
Current service cost Interest cost Amortization of unrecognized actuarial loss and other adjustments Past service costs
Total beban imbalan kerja karyawan
163.788
143.145
Total employee benefit expenses
Long-term employee benefits liability recognized in the statements of financial position is as follows:
Liabilitas imbalan kerja jangka panjang yang diakui di laporan posisi keuangan adalah sebagai berikut: 2013
2012
Nilai kini dari liabilitas Keuntungan/(kerugian) aktuarial masa lalu yang belum diakui Biaya jasa masa lalu yang belum diakui
359.206
403.544
48.794
(95.027)
Present value of the obligations Unrecognized actuarial gains/(losses)
(1.706)
Unrecognized past service cost
Saldo pada akhir tahun
406.905
(1.095)
2013
Saldo pada akhir tahun
Balance at end of year
The movement of present value of obligation is as follows:
Mutasi nilai kini liabilitas adalah sebagai berikut:
Pada awal tahun Biaya jasa kini Biaya bunga (Keuntungan)/kerugian aktuarial Selisih kurs mata uang asing
306.811
2012
403.544 137.621 16.586 (115.147) (83.398)
246.685 124.669 16.126 31.422 (15.358)
359.206
403.544
65
263
At beginning of the year Current service cost Interest cost Actuarial (gains)/losses Foreign exchange difference Balance at the end of the year
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
22. LIABILITAS IMBALAN PANJANG (lanjutan)
KERJA
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
JANGKA
22. LONG-TERM EMPLOYEE BENEFITS LIABILITY (continued) Comparison of present value of obligation:
Perbandingan nilai kini liabilitas:
Nilai Kini Liabilitas/ Present Value of Obligation 31 Desember 2013 31 Desember 2012 31 Desember 2011 31 Desember 2010
359.206 403.544 246.685 59.236
December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010
The movements in long-term employee benefits liability recognized in the statements of financial position are as follows:
Mutasi liabilitas imbalan kerja jangka panjang yang diakui pada laporan posisi keuangan adalah sebagai berikut: 2013
2012
Saldo pada awal tahun Beban tahun berjalan Pembayaran selama tahun berjalan Selisih kurs mata uang asing
306.811 163.788 (287) (63.407)
174.533 143.145 (10.867)
Saldo pada akhir tahun
406.905
306.811
23. PINJAMAN YANG DAPAT DIKONVERSI
Balance at beginning of year Expense during the year Payments during the year Foreign exchange difference Balance at end of year
23. CONVERTIBLE LOANS
Berdasarkan Perjanjian Pinjaman yang Dapat Dikonversi (“Convertible Loan Agreement/CLA”) tanggal 18 September 2013 yang ditandatangani oleh Perseroan, seluruh pemegang saham Perseroan dan SACLP Investments Limited (“SACLP”) serta ASEAN China Investement Fund II L.P. (“ACIF”), keduanya adalah pihak ketiga, dimana SACLP dan ACIF setuju untuk memberikan fasilitas pinjaman yang dapat dikonversikan menjadi saham Perseroan dengan nilai masing-masing sebesar AS$11 juta dan AS$5 juta kepada Perseroan. Pinjaman ini memiliki jangka waktu 24 bulan sejak tanggal pencairan pinjaman (“Closing Date”) yang dapat diperpanjang sampai 12 bulan. Dana dari pinjaman ini telah digunakan untuk pembelian 2 unit kapal.
Based on Convertible Loan Agreement (“CLA”) dated September 18, 2013, entered into the Company, entire the Company’s shareholders, and SACLP Investments Limited (“SACLP”) and ASEAN China Investement Fund II L.P. (“ACIF”), both are third parties, where SACLP and ACIF agreed to provide the Company loan facilities that can be converted into shares of the Company with a value amounted to US$11 million and US$5 million, respectively. These loan facilities were available until 24 months from the date of disbursement of the loans (“Closing Date”) which can be extended until 12 months. Funds from these loans have been utilized to purchase 2 units of vessel.
Atas CLA dan pelaksanaannya telah memperoleh persetujuan dari para pemegang saham Perseroan berdasarkan Circular of Resolution of Shareholders tertanggal 16 September 2013, dimana para pemegang saham Perseroan menyetujui hal-hal yang antara lain sebagai berikut: (i) penandatanganan dan pelaksanaan CLA berikut dengan perjanjian perjanjian atau dokumen lainnya sebagaimana dipersyaratkan dalam CLA, (ii) penggunaan fasilitas pinjaman untuk melaksanakan pembelian atas 2 unit kapal dan (iii) penerbitan saham biasa baru Perseroan sehubungan dengan konversi pinjaman menjadi saham Perseroan berdasarkan CLA.
On CLA and its execution have already obtained approval from the Company’s shareholders based on Circular of Resolution of Shareholders dated September 16, 2013, which the Company’s shareholders approved matters, among others, as follow: (i) the signing and execution of the CLA following agreement or any other document as required by CLA, (ii) the utilization of loan facilities for the purchase of 2 units of vessels and (iii) the issuance of the Company’s new ordinary shares in relation to the conversion of loans into the Company’s shares of the Company as stipulated in CLA.
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The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
23. PINJAMAN YANG DAPAT DIKONVERSI (lanjutan)
23. CONVERTIBLE LOANS (continued)
Perseroan terutang biaya kompensasi berupa bunga kepada SACLP dan ACIF atas pinjaman yang dapat dikonversi. Biaya kompensasi dihitung berdasarkan tingkat bunga 9,5% per tahun dari total pokok pinjaman.
Compensation costs shall be payable in form of interest by the Company to SACLP and ACIF on convertible loans. Compensation costs shall be calculated based on interest at the rate of 9.5% per annum on total principal amount of loan.
CLA ini memberikan hak kepada SACLP dan ACIF untuk dapat mengkonversi seluruh pokok pinjaman menjadi saham baru Perseroan apabila Perseroan telah berhasil melakukan pencatatan sahamnya di Bursa Efek Indonesia. Untuk dapat mengkonversikan pokok pinjamannya, SACLP dan ACIF harus menerbitkan Surat Permohonan Konversi (“Conversion Notice Letter”) kepada Perseroan paling lambat 10 hari sebelum tanggal pencatatan saham Perseroan di Bursa Efek Indonesia. Pengkonversian pokok pinjaman ini telah dilaksanakan pada tanggal pencatatan saham Perseroan di Bursa Efek Indonesia.
The CLA hereby grants the right to SACLP and ACIF to convert all of principal amount into the Company’s new ordinary shares in the event the Company successfully listed its shares in Indonesia Stock Exchange. In order to be able to convert its principal amounts, SACLP and ACIF should issue the Conversion Notice Letter to the Company at lease 10 days before the date of listing of the Company's shares in the Indonesia Stock Exchange. The conversion of principal amounts will be execute on the date of listing of the Company's shares in the Indonesia Stock Exchange.
Apabila Perseroan telah mencatatkan sahamnya di Bursa Efek Indonesia dalam jangka waktu 9 bulan setelah tanggal pencairan pinjaman, jumlah saham baru Perseroan yang dapat diperoleh SACLP dan ACIF dari hasil konversi pinjaman adalah sebanyak nilai pokok pinjaman dibagi harga IPO dan menggunakan nilai tukar kurs Rp11.532/AS$1.
In the event the Company has listed its shares on the Indonesia Stock Exchange within 9 months after the Closing Date, the number of new shares of the Company can be obtained by SACLP and ACIF from loan conversion are total principal amount of loan divided by IPO price and using foreing exchange rate at Rp11,532/US$1.
Pinjaman dari SACLP dan ACIF telah seluruhnya dicairkan masing-masing pada tanggal 1 Oktober 2013 dan 27 September 2013.
The loans from SACP and ACIF has been fully withdrawn on October 1, 2013 and September 27, 2013, respectively.
Pada tanggal 29 Oktober 2013, SACLP dan ACIF telah memberikan Surat Permohonan Konversi (“Conversion Notice Letter”) kepada Perseroan untuk mengkonversi seluruh pokok pinjaman menjadi saham baru Perseroan pada tanggal pencatatan saham Perseroan di Bursa Efek Indonesia.
On October 29, 2013, SACLP and ACIF have issued Conversion Notice Letters to the Company to convert the entire principal loan amounts into the Company’s new shares on the date of listing of the Company's shares in the Indonesia Stock Exchange.
Pada tanggal 11 Desember 2013 atau tanggal pencatatan saham Perseroan di Bursa Efek Indonesia, Perseroan mengkonversi seluruh pokok pinjaman dari SACLP dan ACIF dengan nilai masing-masing sebesar AS$11 juta dan AS$5 juta dengan menerbitkan saham baru dengan nilai nominal Rp100 per saham masing-masing sebanyak 45.304.286 dan 20.592.857 lembar saham kepada SACLP dan ACIF berdasarkan harga IPO Rp2.800 per saham.
On December 11, 2013 or the date of listing of the Company's shares in the Indonesia Stock Exchange, the Company converted the entire principal amount of the loans from SACLP and ACIF amounted to US$11 million and US$5 million, respectively, by issuing the Company’s new shares with a par value of Rp 100 per share amounted to 45,304,286 and 20,592,857 shares to SACLP and ACIF, respectively, based on the IPO price Rp2,800 per shares.
67
265
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
23. PINJAMAN YANG DAPAT DIKONVERSI (lanjutan)
23. CONVERTIBLE LOANS (continued) As result to the issuance of the Company’s new shares in respect of conversion of loan as previously described, the Company record share capital and additional paid-in capital as follow:
Akibat penerbitan saham baru Perseroan sehubungan dengan konversi pinjaman seperti dijelaskan sebelumnya, maka Perseroan mencatat modal saham dan tambahan modal disetor sebagai berikut: Nama Pemegang Saham/ Name of Shareholders
Modal saham/ Share capital
SACLP Investments Limited ASEAN China Investment Fund II L.P.
Tambahan modal disetor/ Paid-in capital
380.197
10.619.803
11.000.000
172.817 553.014
4.827.183 15.446.986
5.000.000 16.000.000
24. MODAL SAHAM Susunan pemegang sebagai berikut:
24. SHARE CAPITAL saham
Perseroan
The Company’s shareholders and their ownership interests are as follows:
adalah
31 Desember 2013:
Nama Pemegang Saham Non-manajemen Alstonia Offshore Pte. Ltd. Masyarakat umum dan karyawan (masing-masing di bawah 5%) SACLP Investments Limited ASEAN China Investment Fund II L.P. Manajemen Mr. Rudy Kurniawan Logam (Direktur) Mr. Eddy Kurniawan Logam (Direktur Utama) Mrs. Merna Logam (Komisaris)
December 31, 2013: Saham Ditempatkan dan Disetor Penuh (angka penuh)/ Number of Shares Issued and Fully Paid (full amount)
Persentase Kepemilikan/ Percentage of Ownership
Jumlah/ Amount
225.489.800
35,00%
2.530.958
127.380.000 45.304.286
19,77% 7,03%
1.068.984 380.197
20.592.857
3,20%
172.817
112.745.100
17,50%
1.499.388
89.745.100
13,93%
1.193.512
23.000.000 644.257.143
3,57% 100,00%
305.875 7.151.731
31 Desember 2012:
Nama Pemegang Saham Non-manajemen Alstonia Offshore Pte. Ltd. Manajemen Mr. Rudy Kurniawan Logam (Direktur) Mr. Eddy Kurniawan Logam (Direktur Utama) Mrs. Merna Logam (Komisaris)
Total/ Total
Name of Shareholder Non-management Alstonia Offshore Pte. Ltd. Public and employees (each below 5%) SACLP Investments Limited ASEAN China Investment Fund II L.P. Management Mr. Rudy Kurniawan Logam (Director) Mr. Eddy Kurniawan Logam (President Director) Mrs. Merna Logam (Commissioner)
December 31, 2012: Saham Ditempatkan dan Disetor Penuh (angka penuh)/ Number of Shares Issued and Fully Paid (full amount)
Persentase Kepemilikan/ Percentage of Ownership
22.098
49,00%
Jumlah/ Amount 2.470.983
11.500
25,50%
1.529.376
9.200
20,40%
1.223.500
2.300 45.098
5,10% 100,00%
305.875 5.529.734
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Name of Shareholder Non-management Alstonia Offshore Pte. Ltd. Management Mr. Rudy Kurniawan Logam (Director) Mr. Eddy Kurniawan Logam (President Director) Mrs. Merna Logam (Commissioner)
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
24. MODAL SAHAM (lanjutan)
24. SHARE CAPITAL (continued)
Berdasarkan perubahan atas Anggaran Dasar Perseroan yang telah diaktakan dalam Akta Notaris No. 6 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 13 Agustus 2013 dan telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan Nomor AHU43875.AH.01.02.Tahun 2013 tanggal 21 Agustus 2013, Pemegang Saham menyetujui dan memutuskan hal-hal diantaranya sebagai berikut: 1. Perubahan Anggaran Dasar Perseroan dalam rangka menjadi Perseroan Terbuka diantaranya perubahan status Perseroan menjadi Perseroan Terbuka. 2. Peningkatan modal dasar Perseroan menjadi Rp180.000.000.000 (dalam Rupiah penuh) yang terdiri dari 1.800.000.000 lembar saham serta perubahan nilai nominal per lembar saham menjadi Rp100 (dalam Rupiah angka penuh). 3. Peningkatan modal ditempatkan dan disetor Perseroan melalui pengeluaran saham baru sebanyak-banyaknya 193.277.175 lembar saham dengan nilai nominal Rp100 (dalam Rupiah angka penuh) dalam rangka Penawaran Umum Saham Perdana (“IPO”) yang akan ditawarkan kepada masyarakat termasuk saham yang berasal dari Program Penjatahan Saham Karyawan (“ESA”) sebanyaknya-banyaknya 10% dari saham baru yang ditawarkan kepada masyarakat melalui IPO.
Based on amendment of the Company’s Articles of Association which was notarized by Notarial Deed No. 13 of Tjhong Sendrawan, S.H., Public Notary in Jakarta dated August 13, 2013 and has been approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter No. AHU-43875.AH.01.02.Tahun 2013 dated August 21, 2013, the Shareholders approved and decided matters, among others, as follows: 1. Amendment to Articles of Association of the Company in order to become a Public Company.
Pada tanggal 11 Desember 2013, Perseroan melakukan IPO dengan menerbitkan 127.380.000 saham biasa atas nama dengan nilai Nominal Rp100 setiap lembar saham yang ditawarkan kepada masyarakat dengan Harga Penawaran Rp2.800 setiap saham. Termasuk didalam jumlah saham umum perdana kepada masyarakat adalah saham yang telah dialokasikan sehubungan dengan Program Alokasi Saham Karyawan (Employee Stock Allocation atau “ESA”) sejumlah 1.144.000 saham (Catatan 39). Pada tanggal 11 Desember 2013, seluruh saham tersebut telah dicatat di Bursa Efek Indonesia. Kurs yang digunakan untuk mencatat penerbitan saham baru adalah adalah Rp11.916/AS$1.
On December 11, 2013, the Company made an IPO by issuing of 127,380,000 common shares to the public with a nominal value of Rp100 per share at an offering price of Rp2,800 per share. Included in the number of initial public shares offered to the Public are shares that has been allocated in connection with Employee Stock Allocation Program ("ESA") of 1,144,000 shares (Note 39). These shares were listed in Indonesia Stock Exchange on December 11, 2013. Exchange rate used to record the issuance of new shares was at Rp11,916/US$1.
Pada tanggal 11 Desember 2013 atau tanggal pencatatan saham Perseroan di Bursa Efek Indonesia, Perseroan mengkonversi seluruh pokok pinjaman dari SACLP dan ACIF dengan nilai masing-masing sebesar AS$11 juta dan AS$5 juta dengan menerbitkan saham baru dengan nilai nominal Rp100 per saham masing-masing sebanyak 45.304.286 dan 20.592.857 lembar saham kepada SACLP dan ACIF berdasarkan harga IPO Rp2.800 per saham (Catatan 23).
On December 11, 2013 or the date of listing of the Company's shares in the Indonesia Stock Exchange, the Company converted the entire principal amount of the loans from SACLP and ACIF amounted to US$11 million and US$5 million, respectively, by issuing the Company’s new shares with a par value of Rp 100 per share amounted to 45,304,286 and 20,592,857 shares to SACLP and ACIF, respectively, based on the IPO price of Rp2,800 per shares (Note 23).
Perseroan telah mencatatkan sahamnya pada Bursa Efek Indonesia pada tanggal 31 Desember 2013 sebanyak 644.257.143 saham.
The Company has listed its shares in the Indonesia Stock Exchange amounting to 644,257,143 shares as of December 31, 2013.
2. Increase in the Company’s authorized capital into Rp180,000,000,000 (in Rupiah full amount) consisting of 1,800,000,000 shares and changes in nominal value per share into Rp100 (in Rupiah full amount). 3. Increase in the Company’s subscribed and paidin capital through the issuance of new shares at the maximum 193,277,175 shares with nominal value Rp100 (in Rupiah full amount) in relation with Initial Public Offering (“IPO”) which will be offered to the public including shares from Employee Stock Allocation (“ESA”) at the maximum 10% of new shares offered to the public through IPO.
69
267
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
25. TAMBAHAN MODAL DISETOR Saldo tambahan modal disetor pada 31 Desember 2013 dan 2012 terdiri dari:
25. ADDITIONAL PAID-IN CAPITAL The balance of additional paid-in capital as of December 31, 2013 and 2012 consist of:
tanggal 2013
2012
Agio Saham Selisih antara nilai saham baru yang diterbitkan kepada Alstonia Offshore Pte. Ltd. (“Alstonia”) dengan nilai nominal saham Selisih antara jumlah nilai nominal dari 127.380.000 saham sehubungan dengan IPO dengan hasil penerimaan terkait (Catatan 24)
Share premium
20.529.017
28.862.538
20.529.017
Difference between the value of new shares issued to Alstonia Offshore Pte. Ltd. (“Alstonia”) and its par value
-
Difference between the par value of 127,380,000 shares related to IPO and the related total proceeds received (Note 24)
-
The difference between the total par value of 45,304,286 new shares issued by the Company to SACLP in relation to the convertible loans with its principal amount of the loan (Note 23)
-
The difference between the total par value of 20,592,857 new shares issued by the Company to ACIF in relation to the convertible loans with its principal amount of the loan (Note 23)
Selisih antara jumlah nilai nominal dari 45.304.286 saham baru yang diterbitkan Perseroan kepada SACLP sehubungan dengan pinjaman yang dapat dikonversi dengan nilai pokok pinjaman (Catatan 23) 10.619.803 Selisih antara jumlah nilai nominal dari 20.592.857 saham baru yang diterbitkan Perseroan kepada ACIF sehubungan dengan pinjaman yang dapat dikonversi dengan nilai pokok pinjaman (Catatan 23) 4.827.183 Biaya-biaya yang terkait dengan penerbitan saham baru sehubungan dengan IPO
(1.132.247) 63.706.294
20.529.017
The costs related to the issuance of the new shares in respect to the IPO
Based on Shareholders’ Resolution In Lieu of An Extraordinary General Meeting of Shareholders, which were notarized in Deed No. 6 dated October 13, 2011, of Tjhong Sendrawan, S.H., the existing shareholders approved several matters, among others: a) the increase in the Company’s authorized capital from Rp23,000,000,000 consisting 23,000 shares to Rp45,098,000,000 consisting 45,098 shares, b) the issuance of new 22,098 shares which will be allocated to Alstonia, c) approved the entering, signing and execution of the Subscription Agreement dated May 25, 2011, d) approved the premium price of US$23,000,000 and to accept payment in form of transfer vessel with market value of US$20,000,000 and in cash payment at US$3,000,000 and e) approved the amendments of the Company’s Article of Association. The amendment of the Company’s Article of Association was approved by the Minister of Justice and Human Rights through his Decision Letter No. AHU54661.AH.01.02.Tahun 2011 dated November 9, 2011. Exchange rate used to record the issuance of new shares was at Rp8,943/US$1.
Berdasarkan Resolusi Pemegang Saham Sebagai Pengganti Rapat Umum Pemegang Saham Luar Biasa, yang diaktakan dengan Akta Notaris Tjhong Sendrawan, S.H., No. 6 tanggal 13 Oktober 2011, para pemegang saham lama menyetujui beberapa hal, antara lain: a) peningkatan modal dasar Perseroan dari Rp23.000.000.000 yang terdiri 23.000 saham menjadi Rp45.098.000.000 yang terdiri 45.098 saham, b) penerbitan 22.098 saham baru yang akan dialokasikan untuk Alstonia, c) menyetujui penandatanganan dan pelaksanaan dari Subscription Agreement tanggal 25 Mei 2011, d) menyetujui harga premium penerbitan saham sebesar AS$23.000.000 dan menerima pembayaran dalam bentuk pengalihan kapal dengan nilai pasar sebesar AS$20.000.000 dan pembayaran tunai sebesar AS$3.000.000 dan e) menyetujui perubahan Anggaran Dasar Perseroan. Perubahan Anggaran Dasar Perseroan telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan Nomor AHU54661.AH.01.02.Tahun 2011 tanggal 9 November 2011. Kurs yang digunakan untuk mencatat penerbitan saham baru adalah adalah Rp8.943/AS$1. 70
268
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
25. TAMBAHAN MODAL DISETOR (lanjutan)
25. ADDITIONAL PAID-IN CAPITAL (continued) The costs related to the issuance of the new shares in respect to the IPO comprise professional fees paid to underwriters, accountants, legal adviser, financial advisers, appraiser and the share register and costs which direcltly related with IPO process.
Biaya-biaya yang terkait dengan penerbitan saham baru sehubungan dengan IPO terdiri dari imbalan jasa profesional yang dibayarkan kepada penjamin emisi, akuntan, penasihat hukum, penasihat keuangan, penilai dan Biro Administrasi Efek serta biaya-biaya yang berkaitan langsung dengan proses IPO. 26. LABA PER SAHAM DASAR
26. BASIC EARNINGS PER SHARE The computation of basic earnings per share is as follows:
Perhitungan laba per saham dasar adalah sebagai berikut: 2013 Laba neto yang dapat diatribusikan kepada pemilik entitas induk untuk perhitungan laba per saham dasar
16.457.178
Total rata-rata tertimbang saham yang beredar (lembar) *)
461.570.528
Laba per saham dasar yang dapat diatribusikan kepada pemilik entitas induk (angka penuh)
*)
2012
450.980.000
Weighted average number of shares outstanding (shares) *)
0,02
Basic earnings per share, attributable to the equity holders of parent entity (full amount)
0,04
*) The weighted average number of shares outstanding for the year ended December 31, 2012 are restated after giving effect to the change of par value of share from Rp1,000,000 per share into Rp100 per share. The change in par value of share is considered to have recognized since January 1, 2012.
Rata-rata tertimbang jumlah saham yang beredar untuk tahun yang berakhir pada tanggal 31 Desember 2012 disajikan kembali setelah memperhitungkan pengaruh perubahan nilai nominal saham dari Rp1.000.000 per saham menjadi Rp100 per saham. Perubahan nilai nominal saham tersebut dianggap telah diakui sejak tanggal 1 Januari 2012.
27. PENDAPATAN
27. REVENUE
Pihak ketiga: Jasa sewa kapal Jasa pelayaran lainnya
2013
2012
53.786.385 5.229.027
31.339.530 2.754.574
59.015.412
34.094.104
Persentase dari total pendapatan/ Percentage of total revenue
Pendapatan/Revenue 2013
Third parties: Vessel charter Other marine services
Details of customers which represent more than 10% of the total revenues are as follows:
Perincian pelanggan dengan nilai pendapatan melebihi 10% dari jumlah pendapatan usaha adalah sebagai berikut:
Pihak ketiga: Total E&P Indonesie PT Pertamina Hulu Energi
Net income attributable to the equity holders of parent entity for computation 8.858.714 of basic earnings per share
2012
2013
2012
36.570.966 9.884.772
21.784.871 4.750.384
61,97% 16,75%
63,89% 13,93%
46.455.738
26.535.255
78,72%
77,82%
71
269
Third parties Total E&P Indonesie PT Pertamina Hulu Energi
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
28. BEBAN POKOK PENDAPATAN
Penyusutan (Catatan 11) Gaji Bahan bakar kapal Perbaikan dan pemeliharaan Sewa kapal Akomodasi Asuransi Perlengkapan kapal Alokasi saham karyawan (Catatan 39) Lain-lain (kurang dari AS$500.000)
28. COST OF REVENUE 2013
2012
8.838.986 5.882.907 4.842.286 3.094.115 1.471.279 1.047.076 956.087 670.239 81.109 2.031.211
5.019.152 4.129.832 2.798.499 2.268.858 641.098 590.683 610.311 240.741 1.210.474
28.915.295
17.509.648 During the years ended December 31, 2013 and 2012, there were no purchases made from any single supplier with a cumulative transaction amount exceeding 10% of the total revenue.
Selama tahun yang berakhir pada tanggal-tanggal 31 Desember 2013 dan 2012, tidak ada pembelian dari satu pemasok dengan total transaksi kumulatif yang melebihi 10% dari penjualan. 29. BEBAN UMUM DAN ADMINISTRASI
Gaji dan tunjangan lainnya Denda pajak Beban kantor Penyusutan (Catatan 11) Beban tender Alokasi saham karyawan (Catatan 39) Jasa profesional Perjalanan dinas Beban imbalan kerja karyawan (Catatan 22) Sewa Penyisihan penurunan nilai piutang (Catatan 5) Lain-lain (kurang dari AS$500.000)
29. GENERAL AND ADMINISTRATIVE EXPENSES 2013
2012
3.411.139 479.302 388.454 337.216 259.868 217.195 199.785 198.236
2.398.794 272.891 318.137 387.974 184.669 151.353 142.717
163.788 148.186
143.145 156.449
47.411 712.105
354.774
6.562.685
4.510.903
30. PENDAPATAN OPERASI LAINNYA
2012
432.279 -
386.041 18.777
432.279
404.818
31. BEBAN OPERASI LAINNYA
Foreign exchange gains, net Gain on sale of fixed assets
31. OTHER OPERATING EXPENSES 2013
Rugi penjualan aset tetap, neto Beban lainnya
Salaries and other benefits Tax penalty Office expenses Depreciation (Note 11) Tender expenses Employee stock allocation (Note 39) Profesional services Business travel Employee benefit expenses (Note 22) Rent Provision for impairment of receivables (Note 5) Others (less than US$500,000)
30. OTHER OPERATING INCOME 2013
Laba selisih kurs, neto Laba penjualan aset tetap
Depreciation (Note 11) Salaries Vessel fuels Repair and maintenance Vessel lease Accomodation Insurance Vessel equipment Employee stock allocation (Note 39) Others (less than US$500,000)
2012
61.427 40.108
11.271
101.535
11.271
72
270
Loss on sale of fixed assets, net Other expenses
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
32. PENDAPATAN KEUANGAN a.
KEUANGAN
DAN
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
BEBAN
32. FINANCE INCOME AND FINANCE COSTS
Pendapatan keuangan
a. Finance income 2013
Pendapatan bunga deposito Pendapatan jasa giro
b.
2012
23.906 3.227
32.955 3.990
27.133
36.945
Biaya keuangan
Beban bunga bank Beban bank Beban bunga sewa pembiayaan Beban bunga utang pembiayaan konsumen
b. Finance costs 2013
2012
5.948.482 331.867 67.702
2.566.428 244.733 245.354
17.502
25.768
6.365.553
3.082.283
33. INFORMASI MENGENAI PIHAK BERELASI
a. Transactions with related parties The details of sales to and purchases from related parties are as follows:
Rincian penjualan dan pembelian kepada pihak berelasi adalah sebagai berikut: 2013
Pendapatan atas biaya penggantian : Pihak berelasi lainnya: PT Servewell Offshore PT Steadfast Marine Pendapatan jasa towing: Entitas di bawah kendali grup Pacific Radiance Ltd.: Strato Maritime Services Pte. Ltd.
Persentase pendapatan dari pihak berelasi dengan total pendapatan
Interest expense from banks Bank charges Interest expense from finance leases Consumer finance liabilities expenses
33. RELATED PARTY INFORMATION
a. Transaksi dengan pihak berelasi
Pendapatan dan pendapatan keuangan: Pihak berelasi lainnya: PT Steadfast Marine
Interest income from time deposits Interest income from current accounts
2012
34.021
Revenue and finance income: Other related party: PT Steadfast Marine
93.618 63.499
Income from reimbursement charges: Other related party: PT Servewell Offshore PT Steadfast Marine
-
345.150
Towing service income: Entity under control of Pacific Radiance Ltd. Group: Strato Maritime Services Pte. Ltd.
291.596
536.288
107.000
113.125 71.471
0,49%
73
271
1,54%
Percentage of revenue involving a related party to total revenue
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
33. INFORMASI (lanjutan)
MENGENAI
PIHAK
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
BERELASI
33. RELATED PARTY INFORMATION (continued)
a. Transaksi dengan pihak berelasi (lanjutan)
a. Transactions with related parties (continued)
2013 Beban pokok pendapatan dan biaya keuangan: Entitas di bawah kendali grup Pacific Radiance Ltd.: Strato Maritime Services Pte. Ltd.
142.938
Cost of revenue and finance expense: Entity under control of Pacific Radiance Ltd. Group: Strato Maritime Services Pte. Ltd.
-
200.526
Reimbursement expense: Entity under control of Pacific Radiance Ltd. Group: Alstonia Offshore Pte. Ltd.
57.030
22.053
Other related party: PT Steadfast Marine
547.944
Biaya penggantian : Entitas di bawah kendali grup Pacific Radiance Ltd.: Alstonia Offshore Pte. Ltd. Pihak berelasi lainnya: PT Steadfast Marine Biaya lain-lain : Entitas di bawah kendali grup Pacific Radiance Ltd.: Pacific Crest Pte. Ltd. Strato Maritime Services Pte. Ltd. Pihak berelasi lainnya: PT Steadfast Marine PT Servewell Offshore
Persentase beban pokok pendapatan dan biaya keuangan dari pihak berelasi dengan total beban pokok pendapatan dan biaya keuangan
2012
9.836
310.943
37.625
26.037
Other expense: Entity under control of Pacific Radiance Ltd. Group: Pacific Crest Pte. Ltd. Strato Maritime Services Pte. Ltd.
2.782 1.440.979
731.301 208.725
Other related party: PT Steadfast Marine PT Servewell Offshore
2.096.196
1.642.523
4,99%
b. Saldo dengan pihak berelasi
b. Balances with related parties 2013
Aset Piutang usaha Pihak berelasi lainnya: PT Steadfast Marine Entitas di bawah kendali grup Pacific Radiance Ltd.: Alstonia Offshore Pte. Ltd. Strato Maritime Services Pte. Ltd. Total piutang usaha dengan pihak berelasi
7,97%
Percentage of cost of revenue and finance expenses involving related parties to total cost of revenue and finance expenses
2012
180.244
40.745
Asset Trade receivables Other related party: PT Steadfast Marine
11.625
-
-
65.723
Entity under control of Pacific Radiance Ltd. Group: Alstonia Offshore Pte. Ltd. Strato Maritime Services Pte. Ltd.
191.869
106.468
Total trade receivables from related parties
74
272
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
33. INFORMASI (lanjutan)
MENGENAI
PIHAK
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
BERELASI
33. RELATED PARTY INFORMATION (continued)
b. Saldo dengan pihak berelasi (lanjutan)
b. Balances with related parties (continued) 2013
2012
Aset Aset tidak lancar lainnya Uang muka pembelian kapal Pihak berelasi lainnya: PT Steadfast Marine
441.256
340.301
Asset Other non-current assets Advance for purchase of vessel Other related party: PT Steadfast Marine
Total aset
633.125
446.769
Total assets
0,30%
Percentage of total assets involving related parties to total assets
286.518 5.342
445.200 242.937
Liabilities Trade payables Entity under control of Pacific Radiance Ltd. Group: Alstonia Offshore Pte. Ltd. Pacific Crest Pte. Ltd.
412.932
-
Pihak berelasi lainnya: PT Servewell Offshore
182.054
217.222
Other related party: PT Servewell Offshore
Total utang usaha dengan pihak berelasi
886.846
905.359
Total trade payables to related parties
Persentase jumlah aset dari pihak-pihak berelasi dengan total aset Liabilitas Utang usaha Entitas di bawah kendali grup Pacific Radiance Ltd.: Alstonia Offshore Pte. Ltd. Pacific Crest Pte. Ltd. Strato Maritime Service Pte. Ltd.
0,27%
Pinjaman dari Entitas di bawah kendali grup Pacific Radiance Ltd.: Strato Maritime Service Pte. Ltd. Total liabilitas Persentase jumlah liabilitas dari pihak-pihak berelasi dengan total liabilitas
Strato Maritime Service Pte. Ltd.
Loan from Entity under control of Pacific Radiance Ltd. Group: -
6.542.938
886.846
7.448.297
Total liabilities
7,62%
Percentage of total liabilities involving related parties to total liabilities
0,72%
Strato Maritime Service Pte. Ltd.
Dalam kegiatan normal usaha, Perseroan melakukan transaksi dengan pihak berelasi karena hubungan kepemilikan dan/atau kepengurusan yang dilakukan dengan persyaratan dan kondisi yang telah disepakati bersama.
In the normal course of business, the Company enters into certain transactions with parties which are related to the management and/or owned by the same ultimate shareholder under terms and conditions agreed by the parties.
Tidak terdapat jaminan yang diberikan atau diterima untuk setiap piutang usaha, piutang lainlain, utang usaha dan pinjaman dari pihak-pihak berelasi. Atas saldo piutang usaha, piutang lainlain dan utang usaha terkait pihak-pihak berelasi tidak dikenakan bunga.
There were no guarantees provided or received for any related party trade receivables, other receivables and loan from a related party. On outstanding balances of related parties trade receivables, other receivables and trade payables were interest-free.
75
273
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
33. INFORMASI (lanjutan)
MENGENAI
PIHAK
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
BERELASI
33. RELATED PARTY INFORMATION (continued)
c. Sifat hubungan dengan pihak berelasi Pihak-pihak berelasi/Related parties
c. The nature of relationships with related parties Sifat hubungan/Relationship
Transaksi/Transactions
Pacific Radiance Ltd.
Perusahaan pengendali pemegang saham/Controlling company of the Company’s shareholder
Penjamin pinjaman bank yang diperoleh Perseroan dan pembayaran atas nama perseroan/Guarantor on bank loans obtained by the Company and reimbursement expenses on behalf of the Company.
Alstonia Offshore Pte. Ltd.
Pemegang saham/Shareholder
Pembayaran atas nama Perseroan/Reimbursement expenses on behalf of the Company.
Strato Maritime Services Pte. Ltd.
Entitas di bawah kendali Pacific Radiance Ltd./Entity under control of Pacific Radiance Ltd.
Pinjaman untuk modal kerja, pembayaran atas nama Perseroan dan jasa towing/Loan for working capital, reimbursement expenses on behalf of the Company and towing service.
Pacific Crest Pte. Ltd.
Entitas di bawah kendali Pacific Radiance Ltd./Entity under control of Pacific Radiance Ltd.
Sewa kapal dan pembelian suku cadang/Vessel charter and purchase of spare parts.
PT Steadfast Marine
Mempunyai anggota manajemen kunci yang sama dengan Perseroan/Entity which has the same key management personnel as the Company
Modifikasi kapal, perbaikan, pemeliharaan biaya dan jasa manajemen/Vessel modification, repair and maintenance cost and management fee.
PT Servewell Offshore
Mempunyai anggota manajemen kunci yang sama dengan Perseroan/Entity which has the same key management personnel as the Company
Sewa kapal dan pembayaran atas nama Perseroan/Vessel charter and reimbursement expenses on behalf of the Company.
d. Kompensasi manajemen kunci
d. Key management compensation 2013
Imbalan kerja jangka pendek : Dewan Komisaris Direksi
2012
116.557 896.771
94.446 477.091
1.013.328
571.537
Short-term employee benefit: Board of Commisioners Directors
Jumlah dalam tabel di atas merupakan jumlah yang diakui sebagai biaya selama periode pelaporan sehubungan dengan kompensasi yang diberikan kepada Dewan Komisaris dan Direksi Perseroan.
The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to the Company’s Board of Commissioners and Directors compensation.
Tidak ada kompensasi dalam bentuk imbalan pascakerja, imbalan kerja jangka panjang lainnya, pesangon pemutusan kontrak kerja dan pembayaran berbasis saham.
There are no compensation of post-employment benefits, other long-term benefits, termination benefits, and share-based payment.
76
274
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
34. ASET DAN LIABILITAS MONETER DALAM MATA UANG ASING
34. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Aset dan liabilitas moneter dalam mata uang asing pada tanggal pelaporan adalah sebagai berikut:
The monetary assets and liabilities denominated in foreign currencies as of the reporting dates are as follows:
2013 Aset Dalam Rupiah Kas dan bank Piutang usaha Piutang lain-lain
Dalam Dolar Singapura Kas dan bank
Total aset: Rp SG$ Setara dengan Dolar Amerika Serikat Liabilitas Dalam Rupiah Utang usaha Beban akrual Liabilitas imbalan kerja jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
2012 Assets In Rupiah Cash on hand and in banks Trade receivables Other receivables
9.989.336.493 5.723.893.455 291.768.093
1.618.777.340 3.541.579.190 183.290.982
16.004.998.041
5.343.647.512
437
94
437
94
16.004.998.041 437
5.349.047.512 94
Total assets: Rp SG$
1.313.414
552.601
Equivalents to US Dollar
In Singapore Dollar Cash on hand and in banks
Liabilities In Rupiah Trade payables Accrued expenses Short-term employee benefits liability Consumer finance liabilities Long-term bank loans
10.036.381.027 10.207.410.882
9.779.435.390 5.465.087.530
8.500.206.363 1.937.831.598 1.583.326.722
5.375.175.870 1.863.824.810 2.583.333.343
32.265.156.592
25.066.856.943
246.248
312.802
246.248
312.802
5.591
-
5.591
-
2.835
-
2.835
-
178.391
-
178.391
-
32.265.156.592 246.248 5.591 2.835 178.391
25.066.856.943 312.802 -
Total liabilities: Rp SG$ EUR GBP JPY
Setara dengan Dolar Amerika Serikat
2.855.668
2.848.002
Equivalents to United States Dollar
Total Liabilitas - Neto
1.542.254
2.295.401
Total Liabilities - Net
Dalam Dolar Singapura Utang usaha
Dalam Euro Utang usaha
Dalam Poundsterling Utang usaha
Dalam Yen Jepang Utang usaha
Total liabilitas: Rp SG$ EUR GBP JPY
77
275
In Singapore Dollar Trade payables
In Euro Trade payables
In Pounds Trade payables
In Japan Yen Trade payables
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
34. ASET DAN LIABILITAS MONETER DALAM MATA UANG ASING (lanjutan)
34. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES (continued)
Jika aset dan liabilitas dalam mata uang asing pada tanggal 31 Desember 2013 disajikan dengan menggunakan kurs tengah pada tanggal 7 Maret 2014, maka liabilitas neto dalam mata uang asing, sebagaimana yang disajikan di atas, akan naik sekitar AS$73.092 dalam mata uang Dolar AS.
Had the assets and liabilities denominated in foreign currencies as of December 31, 2013 been reflected using the middle rates of exchange as of March 7, 2014, the net foreign currency denominated liabilities, as presented above, would have decreased by approximately US$73,092 in terms of US Dollar.
35. INFORMASI SEGMEN
35. SEGMENT INFORMATION
Perseroan mengoperasikan dan mengelola bisnis dalam satu segmen yang menyediakan jasa sewa kapal dan jasa pelayaran lainnya (Catatan 27).
The Company operates and manages business in a single segment which provides vessel charter and other marine services (Note 27).
36. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN
36. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES
Liabilitas keuangan Perseroan terdiri dari utang usaha, utang lain-lain, beban akrual, liabilitas imbalan kerja jangka pendek, utang pembiayaan konsumen, pinjaman bank jangka pendek, pinjaman dari pihak berelasi dan pinjaman bank jangka panjang. Tujuan utama dari liabilitas keuangan ini adalah untuk membiayai investasi dan operasi Perseroan. Aset keuangan Perseroan terdiri dari kas dan setara kas, piutang usaha, piutang lain-lain dan aset tidak lancar lainnya - uang jaminan dan dana yang dibatasi pengunaannya.
The Company’s financial liabilities comprise of trade payables, other payables, accrued expenses, short-term employee benefits liability, consumer finance liabilities, short-term bank loans, loan from a related party and long-term bank loans. The main purposes of these financial liabilities are to finance the Company’s investment and operations. The Company’s financial assets comprise cash and cash equivalents, trade receivables, other receivables and other non-current assets - security deposits and restricted funds.
Perseroan menghadapi risiko pasar, risiko kredit dan risiko likuiditas. Manajemen Perseroan mengawasi manajemen risiko tersebut. Mengelola risiko merupakan bagian dari proses manajemen risiko Perseroan. Direksi mereviu dan menyetujui kebijakan untuk mengelola setiap risiko yang dirangkum di bawah ini.
The Company is exposed to market risk, credit risk and liquidity risk. The Company's management oversees the management of these risks. Managing these risks is part of the Company’s risk management process. The Director reviews and agrees policies for managing each of these risks which are summarized below.
Risiko pasar
Market risk
Risiko pasar adalah risiko bahwa nilai wajar arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan harga pasar. Perseroan dipengaruhi oleh risiko pasar, terutama risiko mata uang asing dan risiko tingkat bunga.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company is exposed to market risks, in particular, foreign currency risk and interest rate risk.
78
276
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
36. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
36. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko nilai tukar mata uang asing
Foreign currency risk
Risiko mata uang asing adalah risiko bahwa nilai wajar atau arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan kurs mata uang asing. Eksposur Perseroan terhadap risiko perubahan kurs mata uang asing terutama berkaitan dengan kegiatan pendanaan Perseroan.
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s financing activities.
Tidak ada kebijakan formal lindung nilai sehubungan dengan eksposur valuta asing. Eksposur terhadap risiko nilai tukar dipantau secara berkelanjutan.
There is no formal hedging policy with respect to the foreign exchange exposure. Exposure to exchange risk is monitored on an ongoing basis.
Tabel berikut ini menunjukan sensitivitas kemungkinan perubahan tingkat pertukaran Dolar AS terhadap mata uang asing, dengan asumsi variabel lain konstan, dampak terhadap laba sebelum beban pajak sebagai berikut:
The following table demonstrates the sensitivity to a reasonably possible change in the US Dollar exchange rate against foreign currency, with all other variables held constant, the effect to the income before tax expenses is as follows: Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
Perubahan tingkat AS$/ Change in US$ rate 31 Desember 2013 Rupiah Indonesia Dolar Singapura Euro Poundsterling Yen Jepang Rupiah Indonesia Dolar Singapura Euro Poundsterling Yen Jepang
10% 10% 10% 10% 10% -10% -10% -10% -10% -10%
(133.400) (19.416) (772) (467) (170) 133.400 19.416 772 467 170
December 31, 2013 Indonesia Rupiah Singapore Dollar Euro Pounds Japan Yen Indonesia Rupiah Singapore Dollar Euro Pounds Japan Yen
31 Desember 2012 Rupiah Indonesia Dolar Singapura Rupiah Indonesia Dolar Singapura
10% 10% -10% -10%
(203.963) (25.570) 203.963 25.570
December 31, 2012 Indonesia Rupiah Singapore Dollar Indonesia Rupiah Singapore Dollar
Risiko tingkat bunga
Interest rate risk
Risiko tingkat bunga adalah risiko bahwa nilai wajar arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan tingkat bunga pasar. Eksposur Perseroan untuk risiko tingkat bunga timbul terutama dari liabilitas sewa pembiayaan, pinjaman bank jangka pendek dan pinjaman bank jangka panjang.
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk arises primarily from finance lease liabilities, shortterm bank loans and long-term bank loans.
Tidak ada kebijakan formal lindung nilai sehubungan dengan eksposur tingkat bunga. Eksposur terhadap risiko tingkat bunga dipantau secara berkelanjutan.
There is no formal hedging policy with respect to the interest rate exposure. Exposure to interest rate risk is monitored on an ongoing basis.
79
277
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
36. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
36. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko tingkat bunga (lanjutan)
Interest rate risk (continued)
Tabel berikut ini menunjukan sensitivitas kemungkinan perubahan tingkat suku bunga pinjaman. Dengan asumsi variabel lain konstan, laba sebelum beban pajak dipengaruhi oleh tingkat suku bunga mengambang sebagai berikut:
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans. With all other variables held constant, the income before tax expenses is affected through the impact on floating rate loans as follows:
Kenaikan/ penurunan dalam satuan poin/ Increase/ decrease in basis point
Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
31 Desember 2013 Rupiah Indonesia Dolar AS Rupiah Indonesia Dolar AS
+100 +100 -100 -100
5.307 (1.093.102) (5.307) 1.093.102
December 31, 2013 Indonesia Rupiah US Dollar Indonesia Rupiah US Dollar
31 Desember 2012 Rupiah Indonesia Dolar AS Rupiah Indonesia Dolar AS
+100 +100 -100 -100
(2.925) (892.426) 2.925 892.426
December 31, 2012 Indonesia Rupiah US Dollar Indonesia Rupiah US Dollar
Risiko kredit
Credit risk
Risiko kredit adalah risiko dimana lawan transaksi tidak akan memenuhi liabilitasnya berdasarkan instrumen keuangan atau kontrak pelanggan, yang menyebabkan kerugian keuangan. Perseroan terkena risiko kredit dari kegiatan operasi yang berhubungan dengan jasa transportasi kapal. Risiko kredit pelanggan dikelola oleh manajemen Perseroan sesuai kebijakan Perseroan, prosedur dan pengendalian yang telah ditetapkan yang berkaitan dengan manajemen risiko kredit pelanggan. Posisi piutang pelanggan dipantau secara teratur.
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities related to vessel transportation services. Customer credit risk is managed by the Company’s management subject to the Company’s established policies, procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored.
Maksimum risiko kredit yang dihadapi oleh Perseroan kurang lebih sebesar nilai tercatat neto dari piutang usaha sebagaimana diungkapkan dalam Catatan 5.
The Company’s maximum exposure of the credit risk approximates net carrying amounts of trade receivables as discloded in Note 5.
Tabel berikut ini menyajikan piutang usaha yang mengalami penurunan nilai, piutang usaha yang telah jatuh tempo tetapi tidak mengalami penurunan nilai serta piutang usaha yang belum jatuh tempo dan tidak mengalami penurunan nilai:
The following table presents the impaired trade receivables, trade receivables past due but not impaired and trade receivables neither past due nor impaired:
2013 Belum jatuh tempo dan tidak mengalami penurunan nilai Telah jatuh tempo dan tidak mengalami penurunan nilai Mengalami penurunan nilai Dikurangi: Cadangan kerugian penurunan nilai piutang
2012
10.651.333
6.661.005
Neither past due nor impaired
2.772.003 80.000
546.991 32.589
Past due but not impaired Impaired
13.503.336
7.240.585
(80.000) 13.423.336
80
278
(32.589) 7.207.996
Less: Allowance for impairment losses of receivables
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
36. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
36. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Risiko likuiditas
Liquidity risk
Risiko likuiditas adalah risiko bahwa Perseroan akan mengalami kesulitan dalam memenuhi liabilitas keuangannya diakibatkan kekurangan dana. Pengaruh risiko likuiditas pada Perseroan terutama timbul dari utang usaha, utang lain-lian, beban yang masih harus dibayar, liabilitas imbalan kerja jangka pendek, utang pembiayaan konsumen, pinjaman pihak berelasi, pinjaman bank jangka pendek dan pinjaman bank jangka panjang.
Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The Company’s exposure to liquidity risk arises primarily from the maturities of trade payables, other payable, accrued expenses, short-term employee benefit liabilities, consumer finance liabilities,loan from related party, short-term bank loans and long-term bank loans.
Tabel di bawah ini merangkum profil jatuh tempo liabilitas keuangan Perseroan pada akhir periode pelaporan berdasarkan jadwal pembayaran sebagaimana tercantum dalam kontrak.
The table below summarizes the maturity profile of the Company’s financial liabilities at end of reporting period based on contractual payments.
31 Desember 2013/ December 31, 2013
1 tahun atau kurang/ 1 year or less Liabilitas keuangan Utang usaha: - Pihak ketiga - Pihak berelasi Utang lain-lain: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang
Lebih dari 1 tahun sampai kurang dari 2 tahun/ More than 1 year to less than 2 years
Lebih dari 2 tahun/ More than 2 years
Jumlah/ Total
1.487.741 886.846
-
-
1.487.741 886.846
402.049 1.768.521
-
-
402.049 1.768.521
1.027.367
-
-
1.027.367
15.608.000
-
-
15.608.000
Financial liabilities Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability
93.974
55.245
9.763
158.982
Short-term bank loans Consumer finance liabilities
21.032.259
20.532.259
59.637.702
101.202.220
Long-term bank loans
42.306.757
20.587.504
59.647.465
122.541.726
31 Desember 2012/ December 31, 2012
1 tahun atau kurang/ 1 year or less Liabilitas keuangan Utang usaha: - Pihak ketiga - Pihak berelasi Utang lain-lain: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Pinjaman dari pihak berelasi Utang pembiayaan konsumen Pinjaman bank jangka panjang
Lebih dari 1 tahun sampai kurang dari 2 tahun/ More than 1 year to less than 2 years
Lebih dari 2 tahun/ More than 2 years
Jumlah/ Total
1.398.495 905.359
-
-
1.398.495 905.359
274.514 682.088
-
-
274.514 682.088
555.861
-
-
555.861
10.752.500 6.542.938
-
-
10.752.500 6.542.938
Financial liabilities Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability
91.572
91.572
9.599
192.743
Short-term bank loans Loan from related party Consumer finance liabilities
15.296.552
15.296.552
44.253.172
74.846.276
Long-term bank loans
36.499.879
15.388.124
44.262.771
96.150.774
81
279
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
36. TUJUAN DAN KEBIJAKAN RISIKO MANAJEMEN KEUANGAN (lanjutan)
36. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Pengelolaan modal
Capital management
Tujuan utama pengelolaan modal Perseroan adalah untuk memastikan pemeliharaan rasio modal yang sehat untuk mendukung usaha dan memaksimalkan imbalan bagi pemegang saham.
The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value.
Perseroan mengelola struktur permodalan dan melakukan penyesuaian, bila diperlukan, berdasarkan perubahan kondisi ekonomi. Untuk memelihara dan menyesuaikan struktur permodalan, Perseroan dapat menyesuaikan pembayaran dividen kepada pemegang saham, menerbitkan saham baru atau mengusahakan pendanaan melalui pinjaman. Tidak ada perubahan atas tujuan, kebijakan maupun proses selama tahun yang berakhir pada tanggal-tanggal 31 Desember 2013 dan 2012.
The Company’s manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2013 and 2012.
Perseroan memonitor modal menggunakan leverage ratio maksimum 2,5 kali dan gearing ratio maksimum sebesar 3 kali (Catatan 18).
The Company monitors capital using leverage ratio at maximum 2.5 times and gearing ratio at maximum 3 times (Note 18).
a) Leverage ratio
a) Leverage ratio
Leverage ratio adalah total liabilitas dibagi dengan net worth. Net worth adalah jumlah modal disetor, saldo laba, cadangan modal dan pinjaman kepada para pemegang saham.
Leverage ratio is defined as total liabilities divided by net worth. Net worth is defined as the sum of paid-up capital, retained earnings, capital reserves and loans due to shareholders.
2013 Total liabilitas Net worth: - Modal disetor - Tambahan modal disetor - Saldo laba
2012
123.786.068
97.740.341
Total liabilities
7.151.731 63.706.294 41.100.914
5.529.734 20.529.017 24.643.736
Net worth: Paid-up capital Additional paid-in capital Retained earnings -
111.958.939
50.702.487
1,11
1,93
Leverage ratio (kali)
b) Gearing ratio
b) Gearing ratio
Gearing ratio adalah liabilitas yang dikenakan bunga dibagi dengan net worth.
Gearing ratio is defined as interest bearing liabilities divided by net worth.
2013 Total liabilitas yang dikenakan bunga: - Pinjaman bank jangka pendek - Pinjaman dari pihak berelasi - Pinjaman bank jangka panjang - Utang pembiayaan konsumen - Liabilitas sewa pembiayaan
Net worth Gearing ratio (kali)
Leverage ratio (times)
2012
15.608.000 101.202.220 158.982 447.182
10.752.500 6.542.938 74.846.276 192.743 977.247
117.416.384
93.311.704
111.958.939
50.702.487
1,41
1,84
82
280
Total interest bearing liabilities: Short-term bank loans Loan from a related party Long-term bank loans Consumer finance liabilities Finance lease liabilities -
Net worth Gearing ratio (times)
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
37. INSTRUMEN KEUANGAN
37. FINANCIAL INSTRUMENTS The table below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that are carried in the financial statements.
Tabel di bawah ini menyajikan perbandingan atas nilai tercatat dengan nilai wajar dari instrumen keuangan Perseroan yang tercatat dalam laporan keuangan.
31 Desember 2013/ December 31, 2013 Nilai Tercatat/ Carrying Value Aset Keuangan Pinjaman yang diberikan dan piutang: Kas dan setara kas Piutang usaha: - Pihak ketiga, neto - Pihak berelasi, neto Piutang lain-lain: - Pihak ketiga Uang jaminan Dana yang dibatasi pengunaannya Total Aset Keuangan Liabilitas Keuangan Liabilitas keuangan pada biaya perolehan diamortisasi: Utang usaha: - Pihak ketiga - Pihak berelasi Utang lain-lain: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman bank jangka panjang Total Liabilitas Keuangan
Nilai Wajar/ Fair Value Financial Assets
8.190.008
8.190.008
13.231.467 191.869
13.231.467 191.869
23.937 416.990 1.430.200
23.937 416.990 1.430.200
Loans and receivables: Cash and cash equivalent Trade receivables: Third parties, net Related party, net Other receivables: Third parties Security deposits Restricted funds
23.484.471
23.484.471
Total Financial Assets
1.487.741 886.846
1.487.741 886.846
402.049 1.768.521
402.049 1.768.521
1.027.367 15.608.000 158.982 101.202.220
1.027.367 15.608.000 158.982 101.202.220
Financial Liabilities Liabilities measured at amortized cost: Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability Short-term bank loans Consumer finance liabilities Long-term bank loans
122.541.726
122.521.256
Total Financial Liabilities
31 Desember 2012/ December 31, 2012 Nilai Tercatat/ Carrying Value Aset Keuangan Pinjaman yang diberikan dan piutang: Kas dan setara kas Piutang usaha: - Pihak ketiga, neto - Pihak berelasi, neto Piutang lain-lain: - Pihak ketiga Uang jaminan Dana yang dibatasi pengunaannya Total Aset Keuangan
Nilai Wajar/ Fair Value Financial Assets
2.799.444
2.799.444
7.101.528 106.468
7.101.528 106.468
18.955 425.459 991.200
18.955 425.459 991.200
Loans and receivables: Cash and cash equivalent Trade receivables: Third parties, net Related party, net Other receivables: Third parties Security deposits Restricted funds
11.443.054
11.443.054
Total Financial Assets
83
281
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
37. INSTRUMEN KEUANGAN (lanjutan)
37. FINANCIAL INSTRUMENTS (continued) 31 Desember 2012/ December 31, 2012 Nilai Tercatat/ Carrying Value
Liabilitas Keuangan Liabilitas keuangan pada biaya perolehan diamortisasi: Utang usaha: - Pihak ketiga - Pihak berelasi Utang lainnya: - Pihak ketiga Beban akrual Liabilitas imbalan kerja jangka pendek Pinjaman bank jangka pendek Utang pembiayaan konsumen Pinjaman dari pihak berelasi Pinjaman bank jangka panjang Total Liabilitas Keuangan
Nilai Wajar/ Fair Value
1.398.495 905.359
1.398.495 905.359
274.514 682.088
274.514 682.088
555.861 10.752.500 192.743 6.542.938 74.846.276
555.861 10.752.500 192.743 6.542.938 74.846.276
Financial Liabilities Liabilities measured at amortized cost: Trade payables: Third parties Related parties Other payables: Third parties Accrued expenses Short-term employee benefits liability Short-term bank loans Consumer finance liabilities Loan from a related party Long-term bank loans
96.150.774
96.150.774
Total Financial Liabilities
Nilai wajar aset dan liabilitas keuangan ditentukan berdasarkan jumlah dimana instrumen tersebut dapat dipertukarkan dalam transaksi kini antara pihak-pihak yang berkeinginan (willing parties), dan bukan merupakan penjualan yang dipaksakan atau likuidasi.
The fair values of the financial assets and liabilities are determined based on the amounts at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation.
Metode dan asumsi berikut ini digunakan untuk mengestimasi nilai wajar untuk setiap kelompok instrumen keuangan:
The following methods and assumptions are used to estimate the fair value for each class of financial instruments:
Aset dan liabilitas keuangan jangka pendek
Short-term financial assets and liabilities
Instrumen keuangan jangka pendek dengan jatuh tempo satu tahun atau kurang termasuk kas dan setara kas, piutang usaha, piutang lain-lain, uang jaminan, utang usaha, beban yang masih harus dibayar pinjaman dari pihak berelasi dan pinjaman bank jangka pendek. Nilai wajar instrumen keuangan tersebut dianggap mendekati nilai tercatatnya karena jangka waktu jatuh tempo yang singkat atas instrumen keuangan tersebut.
Short-term financial instruments with maturities of one year or less includes cash and cash equivalents, trade receivables, other receivables, security deposits, trade payables, accrued expenses, loan from a related party and short-term bank loans. The fair values of these financial instruments are approximately the same with their carrying amounts due to the short-term maturities of these instruments.
Aset dan liabilitas keuangan jangka panjang
Long-term financial assets and liabilities
Nilai tercatat pinjaman bank jangka panjang dengan suku bunga mengambung besarnya kurang lebih sama dengan nilai wajarnya karena dinilai ulang secara berkala.
The carrying amounts of long-term bank loans with floating interest rates approximate their fair values as they are re-priced frequently.
Dana yang dibatasi pengunaannya dan utang pembiayaan konsumen disajikan dalam biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.
Restricted funds and consumer finance liabilities are carried at amortized costs using the effective interest rate method.
84
282
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
38. PERJANJIAN DAN IKATAN PENTING
38. SIGNIFICANT COMMITMENTS
AGREEMENTS
AND
Perseroan mengadakan perjanjian penyewaan kapal-kapal milik Perseroan dengan beberapa pihak ketiga sebagai berikut:
The Company entered charter agreements on the Company’s vessels with several third parties as follows:
i)
Total E&P Indonesie Perseroan dan Total E&P Indonesie menandatangani beberapa perjanjian sewa kapal-kapal milik Perseroan dengan total nilai kontrak sebesar AS$112.176.004 untuk periode mulai tanggal 15 Juli 2010 sampai dengan tanggal 15 Oktober 2019.
i)
Total E&P Indonesie The Company and Total E&P Indonesie entered into several charter parties on vessels owned by the Company with total contracts amounted to US$112,176,004 for period from July 15, 2010 until October 15, 2019.
ii)
PT Pertamina Hulu Energi Perseroan dan PT Pertamina Hulu Energi menandatangani perjanjian sewa kapal-kapal milik Perseroan dengan total nilai kontrak sebesar AS$20.228.767 untuk periode mulai tanggal 25 April 2012 sampai dengan tanggal 27 November 2016.
ii)
PT Pertamina Hulu Energi The Company and PT Pertamina Hulu Energi entered into several charter parties on vessels owned by the Company with total contracts amounted to US$20,228,767 for period from April 25, 2012 until November 27, 2016.
iii) PT Jawa Tirtamarin Perseroan dan PT Jawa Tirtamarin Tbk. menandatangani perjanjian sewa kapal milik Perseroan dengan total nilai kontrak sebesar AS$6.068.125 untuk periode mulai tanggal 1 Januari 2010 sampai dengan tanggal 31 Desember 2014.
iii)
PT Jawa Tirtamarin The Company and PT Jawa Tirtamarin entered into a charter party on vessel owned by the Company with total contract amounted to US$6,068,125 for period from January 1, 2010 until December 31, 2014.
Pada tanggal 1 November 2013, Perseroan dan PT Petroleum Energi Indonesia (“PEI”), pihak ketiga, menandatangani Perjanjian Jual Beli Bahan Bakar Minyak Solar (“Perjanjian”). Berdasarkan perjanjian ini, Perseroan setuju untuk membeli 500.000 liter per bulan bahan bakar minyak solar (“HSD”) dengan harga beli berdasarkan harga jual PT Pertamina (Persero) (“Pertamina”) untuk HSD non-subsidi (termasuk potongan sebesar 9%) serta dengan ketentuan bahwa harga tersebut akan berubah pada setiap tanggal 1 sampai dengan 15 dan 15 sampai dengan 30 setiap bulan sesuai dengan ketentuan harga jual Pertamina. Kontrak ini berlaku sampai dengan tanggal 1 November 2015 dan dapat diperpanjang sesuai kesepakatan para pihak.
On November 1, 2013, the Company and PT Petroleum Energi Indonesia ("PEI"), a third party, entered into a Sale and Purchase Agreement Solar Fuel Oil (the "Agreement"). Under this agreement, the Company agreed to purchase 500,000 liters of diesel fuel oil (“HSD”) per month for a purchase price based on the selling price of HSD at non-subsidized price of PT Pertamina (Persero) (“Pertamina”) (including a discount of 9%) with the provision that the price will change on each st th th th date of 1 to 15 and 15 to 30 every month in accordance with the provisions of the selling price of Pertamina. This contract is valid until November 1, 2015, and may extended as agreed by the parties.
85
283
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
39. KOMPENSASI BERBASIS SAHAM
39. STOCK-BASED COMPENSATION
Berdasarkan perubahan atas Anggaran Dasar Perseroan yang telah diaktakan dalam Akta Notaris No. 6 dari Tjhong Sendrawan, S.H., Notaris di Jakarta, tanggal 13 Agustus 2013 dan telah mendapatkan persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan Nomor AHU43875.AH.01.02.Tahun 2013 tanggal 21 Agustus 2013, Pemegang Saham menyetujui dan memutuskan hal-hal diantaranya adalah peningkatan modal ditempatkan dan disetor Perseroan melalui pengeluaran saham baru sebanyak-banyaknya 193.277.175 lembar saham dengan nilai nominal Rp100 (dalam Rupiah penuh) per saham dalam rangka Penawaran Umum Saham Perdana (“IPO”) yang akan ditawarkan kepada masyarakat termasuk saham yang berasal dari Program Penjatahan Saham Karyawan (“ESA”) sebanyaknya-banyaknya 10% dari saham baru yang ditawarkan kepada masyarakat melalui IPO.
Based on amendment of the Company’s Articles of Association which was notarized by Notarial Deed No. 6 of Tjhong Sendrawan, S.H., Public Notary in Jakarta dated August 13, 2013 and has been approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter No. AHU-43875.AH.01.02.Tahun 2013 dated August 21, 2013, the Shareholders approved and decided matters, among others, increase in the Company’s subscribed and paid-in capital through the issuance of new shares at the maximum 193,277,175 shares with par value at Rp100 (in Rupiah full amount) per share in relation with Initial Public Offering (“IPO”) which will be offered to the public including shares from Employee Stock Allocation (“ESA”) program at the maximum 10% of new shares offered to the public through IPO.
Berdasarkan Surat Keputusan Direksi No. 003/KEP/DIR/2013 (“SKD”) tanggal 16 Oktober 2013, program ESA ini merupakan program pemberian jatah saham yang merupakan bagian dari IPO kepada karyawan Perseroan yang telah memenuhi kualifikasi dari Perseroan.
Based on the Director Decision Letter No. 003/KEP/DIR/2013 (“SKD”) dated October 16, 2013, the ESA program represented a program of the allotment of shares that are part of IPO to the Company’s employees of who have met the Company’s qualifications.
Saham sehubungan dengan program ESA ini adalah seluruhnya berupa Saham Penghargaan kepada karyawan secara cuma-cuma.
Shares in connection with the ESA program is entirely in the form of Share Award to employees for free.
Berdasarkan SKD, ketentuan pelaksanaan program ESA diantaranya adalah sebagai berikut:
Based on SKD, the excercise of the ESA program provisions, among others, as follows:
a. Saham Penghargaan diberikan oleh Perseroan secara cuma-cuma kepada seluruh karyawan peserta program ESA yang memenuhi persyaratan atas nama masing-masing karyawan b. Karyawan yang dapat diikutsertakan dalam program ESA adalah karyawan yang memenuhi persyaratan kepesertaan sebagai berikut: (i) Berstatus karyawan tetap dan masih aktif bekerja dengan peringkat jabatan minimum staff atau Chief Officer atau Second Engineer untuk karyawan laut pada tanggal 30 September 2013, dan (ii) memiliki masa kerja minimum 3 bulan pada tanggal 30 September 2013 c. Saham Penghargaan memiliki lock-up period selama 12 bulan sejak tanggal 11 Desember 2013 d. Selama masa lock-up period, bilamana pegawai mengundurkan diri, diberhentikan atau terlibat perkara kriminal, maka karyawan akan kehilangan hak atas Saham Penghargaan. e. Peserta program ESA tidak dikenakan biaya atas kepemilikan Saham Penghargaan. Biaya atas saham penghargaan dan pajak penghasilan terkait akan menjadi beban Perseroan
a. Shares award granted by the Company for free to all employees of ESA program participants who meets the requirements on behalf of their respective employees b. Employees which able to participate in ESA program are employee who meets requirements as follows: (i) Has a permanent employee status and is still actively working with minimum level as staff or Chief Officer or Second Engineer for marine crew on September 30, 2013 and (ii) have the minimum work time by 3 months on September 30, 2013 c. Shares award have a lock-up period of 12 months since December 11, 2013 d. During the lock-up period, when the employee resign, terminated or involved in criminality case, then the employee will lose the rights to the Share award e. Participants of ESA Program are not charged on the cost of ownership of Shares Award. Such cost and related income tax will be borne by the Company.
86
284
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
39. KOMPENSASI BERBASIS SAHAM (lanjutan)
39. STOCK-BASED COMPENSATION (continued) Based on the Company’s management, the shares of the ESA program provided to the Company’s employees amounted to 1,144,000 shares with offering price at Rp2,800 per share or amounted to Rp3,203 million (equivalent to US$268,815). The Company has provided allowance for income tax related to ESA program totaling to Rp351 million (equivalent to US$29,489).
Berdasarkan keputusan manajemen Perseroan, jumlah saham program ESA yang diberikan kepada karyawan Perseroan adalah sebanyak 1.144.000 saham dengan harga penawaran Rp2.800 per saham atau senilai dengan Rp3.203 juta (setara dengan AS$268.815). Perseroan telah melakukan pencadangan atas pajak penghasilan sehubungan dengan program ESA sebesar Rp351 juta (setara dengan AS$29.489). Beban sehubungan dengan perolehan saham program ESA dan pajak penghasilan terkait dialokasikan sebagai berikut:
Costs in respect to shares of ESA program and its related income tax were allocated to the following
2013 Beban pokok pendapatan Beban umum dan administrasi
40. PERISTIWA PENTING PELAPORAN
SETELAH
2012
81.109 217.195
-
298.304
-
Cost of revenue General and administrative expenses
PERIODE
40. SUBSEQUENT EVENTS AFTER REPORTING PERIOD
Pinjaman Bank dari PT Bank Danamon Indonesia Tbk.
Bank Loan from PT Bank Danamon Indonesia Tbk.
Berdasarkan Perjanjian Fasilitas Kredit tanggal 28 Januari 2014, PT Bank Danamon Indonesia Tbk. (“Danamon”) setuju untuk memberikan fasilitas pinjaman investasi dengan nilai pinjaman sebesar AS$4.500.000 yang akan digunakan untuk pembelian kapal. Jangka waktu fasilitas pinjaman ini adalah 60 bulan setelah pencairan pinjaman. Fasilitas pinjaman ini dikenakan bunga variable dengan tingkat bunga sebesar 6% per tahun.
Based on Credit Facility Agreement dated January 28, 2014, PT Bank Danamon Indoneisa Tbk. (“Danamon”) agreed to provide the Company investment loan facility amounting to US$4,500,000 which will be used to part finance the acquisition of vessel. This loan will be due in 60 months from drawdown of this loan. This credit facility is subject to variable interest at the rate of 6% per annum.
Fasilitas pinjaman ini dijamin dengan, diantaranya: 1. Hipotik Prioritas Pertama atas kapal LSM Dunamos dan LSM Nusantara milik Perseroan. 2. Jaminan perusahaan dari Pacific Radiance Ltd., perusahaan pengendali dari pemegang saham, dengan nilai sampai dengan 35% dari total pokok saldo pinjaman terutang. 3. Jaminan pribadi dari Eddy Kurniawan Logam dan Rudy Kurniawan Logam. 4. Jaminan fidusia atas piutang yang berkaitan dengan beberapa kapal yang dijaminkan seperti yang dijelaskan pada poin 1 di atas.
This credit facility is secured by, among others: 1. First Priority Mortgage over vessel LSM Dunamos and LSM Nusantara owned by the Company. 2. Corporate Guarantee from Pacific Radiance Ltd., a controlling company of a shareholder, for an amount up to 35% of the principal outstanding. 3. Personal guarantee from Eddy Kurniawan Logam and Rudy Kurniawan Logam. 4. Fiduciary security over the receivables related to certain pledged vessels as described in point 1 above.
Pinjaman diatas telah dicairkan seluruhnya pada tanggal 28 Februari 2014.
Above loan has February 28, 2014.
87
285
been
fully
withdrawn
on
The original financial statements included herein are in the Indonesian language.
PT LOGINDO SAMUDRAMAKMUR Tbk. CATATAN ATAS LAPORAN KEUANGAN Tanggal 31 Desember 2013 dan untuk Tahun yang Berakhir Pada tanggal Tersebut (Disajikan dalam Dolar AS, kecuali dinyatakan lain)
40. PERISTIWA PENTING PELAPORAN (lanjutan)
SETELAH
PT LOGINDO SAMUDRAMAKMUR Tbk. NOTES TO FINANCIAL STATEMENTS As of December 31, 2013 and for the Year Then Ended (Expressed in US Dollar, unless otherwise stated)
PERIODE
40. SUBSEQUENT EVENTS AFTER REPORTING PERIOD (continued)
Pembelian kapal dari Nor Supply Pte. Ltd.
Purchase vessel from Nor Supply Pte. Ltd.
Pada tanggal 28 Januari 2014, Perseroan dan Nor Supply Pte. Ltd., pihak ketiga, menandatangani Memorandum of Agreement (“MoA”) dimana Perseroan setuju untuk membeli satu unit kapal dari Nor Supply Pte. Ltd. dengan nilai pembelian sebesar AS$16.000.000 dan telah dilunasi oleh Perseroan pada tanggal 13 Februari 2014. Pada tanggal 14 Februari 2014, kapal yang dibeli telah diterima oleh Perseroan.
On January 28, 2014, the Company and Nor Supply Pte. Ltd., a third party, entered into Memorandum of Agreement (“MoA”) whereas the Company agreed to purchase one unit vessel from Nor Supply Pte. Ltd. with a purchase price of US$16,000,000 which has been fully paid by Company on February 13, 2014. On February 14, 2014, the purchased vessel has been received by the Company.
41. TRANSAKSI NON-KAS Transaksi berikut:
non-kas
Perseroan
41. NON-CASH TRANSACTIONS adalah
Non-cash transactions of the Company are as follow:
sebagai 2013
Penambahan aset tetap melalui utang pembiayaan konsumen Penambahan aset tetap melalui liabilitas sewa pembiayaan
2012
133.085
296.257
-
82.424
88
286
Acquisition of fixed assets under consumer finance liabilities Acquisition of fixed assets under finance lease liabilities
APPENDIX IV
UNAUDITED FINANCIAL STATEMENTS OF PT LOGINDO SAMUDRAMAKMUR TBK FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 The information in this Appendix IV has been reproduced from the unaudited financial statements of PT Logindo Samudramakmur Tbk for the nine months ended 30 September 2014 and has not been specifically prepared for inclusion in this Information Memorandum. The Issuer’s 3Q2014 financial figures included in this Information Memorandum are unaudited figures. Pursuant to Indonesian laws, the Issuer’s 3Q2014 financial figures which have been subject to limited review by the Issuer’s auditors will be published on the IDX website and can be found on www.idx.co.id within two days from the date of this Information Memorandum.
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APPENDIX V
FORM OF STANDBY LETTER OF CREDIT The following sets forth the form of the Standby Letter of Credit that the LC Bank will issue on or before the Issue Date in connection with the offering of the Notes. Please see Condition 2(b) of the Terms and Conditions of the Notes for details of when the Trustee (as beneficiary on behalf of the holders of the Notes) is required to make a drawing under the Standby Letter of Credit.
389
IRREVOCABLE STANDBY LETTER OF CREDIT FM:
BANK OF ………………. BRANCH (SWIFT: ………) [ADDRESS] Facsimile:
DATE: [z] TO BENEFICIARY: DB INTERNATIONAL TRUST (SINGAPORE) LIMITED (“THE “TRUSTEE”) IN ITS CAPACITY AS TRUSTEE FOR AND ON BEHALF OF THE HOLDERS (THE “NOTEHOLDERS”) OF THE S$50,000,000 2.93 PER CENT. CREDIT ENHANCED NOTES DUE 2020 (THE “NOTES”), TO BE ISSUED BY PT LOGINDO SAMUDRAMAKMUR TBK (THE “NOTE ISSUER”) AND TO BE CONSTITUTED BY A TRUST DEED DATED ON 3 FEBRUARY 2015 (THE “NOTE ISSUE DATE”) AMONG THE NOTE ISSUER AND THE TRUSTEE, AS AMENDED OR SUPPLEMENTED FROM TIME TO TIME (THE “TRUST DEED”). DEAR SIRS, RE: OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. AT THE REQUEST OF OUR CUSTOMER, THE NOTE ISSUER (THE “ISSUER”), WE, UNITED OVERSEAS BANK LIMITED (THE “ISSUING BANK”, “OUR”, “US” OR “WE”), HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. [z] IN YOUR FAVOUR, AND FOR THE ACCOUNT OF THE NOTE ISSUER IN RESPECT OF AND IN CONNECTION WITH THE TERMS AND CONDITIONS OF THE NOTES APPENDED TO THE TRUST DEED (THE “CONDITIONS”) AND THE TRUST DEED. THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS MADE AVAILABLE BY US FOR PAYMENT AGAINST OUR RECEIPT OF A DEMAND SUBSTANTIALLY IN THE FORM SET OUT IN THE APPENDIX (A “DEMAND”) PRESENTED IN ACCORDANCE WITH THIS IRREVOCABLE STANDBY LETTER OF CREDIT. SUBJECT TO THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT, WE UNCONDITIONALLY AND IRREVOCABLY UNDERTAKE TO YOU THAT, ON AND AFTER THE NOTE ISSUE DATE AND FOLLOWING RECEIPT BY US OF A DEMAND BY 11:00 A.M. (SINGAPORE TIME) ON A BUSINESS DAY, WE SHALL BY 11:00 A.M. (SINGAPORE TIME) ON THE FOURTH BUSINESS DAY (OR, IF A DEMAND IS RECEIVED, AFTER 11:00 A.M. (SINGAPORE TIME) ON A BUSINESS DAY, THE FIFTH BUSINESS DAY) AFTER SUCH BUSINESS DAY PAY TO OR TO THE ORDER OF THE BENEFICIARY THE AMOUNT IN SINGAPORE DOLLARS SPECIFIED IN THE DEMAND TO THE ACCOUNT SPECIFIED IN THE DEMAND. “BUSINESS DAY” MEANS A DAY, OTHER THAN A SATURDAY OR A SUNDAY OR A GAZETTED PUBLIC HOLIDAY, ON WHICH BANKS AND FOREIGN EXCHANGE MARKETS ARE OPEN FOR GENERAL BUSINESS IN SINGAPORE AND JAKARTA. OUR LIABILITY UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT SHALL BE EXPRESSED AND PAYABLE IN SINGAPORE DOLLARS AND SHALL NOT EXCEED AN AMOUNT REPRESENTING THE AGGREGATE OF THE PRINCIPAL AMOUNT OF THE NOTES, INTEREST ON THE NOTES PAYABLE BY THE ISSUER IN ACCORDANCE WITH THE CONDITIONS AND ANY FEES, EXPENSES AND OTHER AMOUNTS PAYABLE BY THE ISSUER UNDER OR IN CONNECTION WITH THE NOTES, THE AGENCY AGREEMENT (AS DEFINED IN THE TRUST DEED), THE TRUST DEED AND THE ACCOUNT BANK AGREEMENT (AS DEFINED IN THE TRUST DEED) (THE “MAXIMUM LIMIT”). THIS IRREVOCABLE STANDBY LETTER OF CREDIT TAKES EFFECT FROM THE DATE HEREOF AND SHALL REMAIN VALID AND IN FULL FORCE UNTIL 5:00 P.M. (SINGAPORE TIME) ON 4 MARCH 2020 (THE “EXPIRY DATE”) AND SHALL EXPIRE AT THE PLACE OF THE ISSUING BANK. PAYMENT WILL BE EFFECTED AFTER OUR RECEIPT OF A DEMAND PRESENTED IN ACCORDANCE WITH THIS IRREVOCABLE STANDBY LETTER OF CREDIT, WHICH IS PRESENTED ON OR AFTER THE NOTE ISSUE DATE AND ON OR BEFORE 5:00 P.M. (SINGAPORE TIME) ON THE EXPIRY DATE OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT.
390
ANY DEMAND UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS TO BE ISSUED BY WAY OF FACSIMILE WITHOUT THE NEED TO PHYSICALLY PRESENT AN ORIGINAL OF THAT DEMAND AT OUR COUNTER (WITH THE ORIGINAL COPY OF SUCH DEMAND DELIVERED TO US NO LATER THAN TWO BUSINESS DAYS THEREAFTER). SUCH DEMAND SHALL BE SIGNED BY YOU AS TRUSTEE FOR THE NOTES AND ACCOMPANIED BY A COPY OF A LIST OF AUTHORISED SIGNATORIES OF THE TRUSTEE, TOGETHER WITH A STATEMENT THAT THE LIST OF AUTHORISED SIGNATORIES PROVIDED IS VALID AND EFFECTIVE. ONLY ONE DRAWING UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS PERMITTED. ALL CHARGES ARE FOR THE ACCOUNT OF THE NOTE ISSUER AND, FOR THE AVOIDANCE OF DOUBT, ARE NOT FOR THE ACCOUNT OF THE BENEFICIARY. NOTWITHSTANDING THE MAXIMUM LIMIT, ALL PAYMENTS UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT SHALL BE MADE IN SINGAPORE DOLLARS AND FOR VALUE SPECIFIED IN THE DEMAND IN IMMEDIATELY AVAILABLE FUNDS WITHOUT ANY DEDUCTION ON ACCOUNT OF TAX, SET-OFF OR OTHERWISE. IN THE EVENT THAT ANY DEDUCTION OR WITHHOLDING IS REQUIRED, THE ISSUING BANK SHALL PAY SUCH ADDITIONAL AMOUNTS AS WILL RESULT IN RECEIPT BY THE TRUSTEE FOR THE NOTES OF SUCH AMOUNTS AS WOULD HAVE BEEN RECEIVED BY IT HAD NO SUCH DEDUCTION OR WITHHOLDING BEEN REQUIRED. THE BENEFICIARY’S RIGHTS UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT MAY BE TRANSFERRED OR RE-TRANSFERRED IN WHOLE BUT NOT IN PART TO ANY ADDITIONAL OR REPLACEMENT TRUSTEE IN RESPECT OF THE NOTES, SUBJECT IN EACH CASE ONLY TO OUR WRITTEN CONSENT. NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT, IN THE UNEXPECTED EVENT THAT OUR SINGAPORE OFFICES ARE CLOSED WHEN YOU WISH TO ISSUE A DEMAND HEREUNDER ON THE DAY AND AT THE TIME A DEMAND IS ABLE TO BE ISSUED IN ACCORDANCE WITH THIS IRREVOCABLE STANDBY LETTER OF CREDIT, WE AGREE THAT YOU CAN ISSUE THE DEMAND BY FACSIMILE FROM THE DATE OF OUR RESUMPTION OF OUR BUSINESS; PROVIDED THAT IF OUR SINGAPORE OFFICES ARE CLOSED ON THE EXPIRY DATE, SUCH ISSUE SHALL BE MADE WITHIN THREE BUSINESS DAYS AFTER THE DATE OF OUR RESUMPTION OF OUR BUSINESS. ANY SETTLEMENT OR DISCHARGE BETWEEN US AS ISSUING BANK AND YOU AS TRUSTEE FOR THE BONDS SHALL BE CONDITIONAL UPON NO PAYMENT TO YOU BY THE NOTE ISSUER OR ANY OTHER PERSON ON THE NOTE ISSUER’S BEHALF BEING AVOIDED (BY VIRTUE OF ANY LAWS RELATING TO BANKRUPTCY, INSOLVENCY, LIQUIDATION OR SIMILAR LAWS OF GENERAL APPLICATION FOR THE TIME BEING IN FORCE) AND, IN THE EVENT OF ANY SUCH PAYMENT BEING SO AVOIDED, YOU SHALL BE ENTITLED TO RECOVER SUBSEQUENTLY FROM US, BY SENDING A DEMAND TO US ON OR BEFORE THE EXPIRY DATE, THE AMOUNT BY WHICH SUCH PAYMENT IS SO AVOIDED AS IF SUCH SETTLEMENT OR DISCHARGE HAD NOT OCCURRED EXCEPT TO THE EXTENT IT IS INCONSISTENT WITH THE EXPRESS TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT, THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600. THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS GOVERNED BY SINGAPORE LAW. NO PERSON SHALL HAVE ANY RIGHT TO ENFORCE ANY OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT UNDER THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT, CHAPTER 53B OF SINGAPORE.THE ISSUING BANK AND THE BENEFICIARY AS TRUSTEE FOR THE NOTEHOLDERS AGREE THAT THE COURTS OF SINGAPORE HAVE EXCLUSIVE JURISDICTION TO SETTLE ANY DISPUTE (A “DISPUTE”) ARISING OUT OF OR IN CONNECTION WITH THIS IRREVOCABLE STANDBY LETTER OF CREDIT, AND (B) THAT THOSE COURTS ARE THE MOST APPROPRIATE AND CONVENIENT COURTS TO SETTLE ANY DISPUTE AND, ACCORDINGLY, THAT WE WILL NOT ARGUE THAT ANY OTHER COURTS ARE MORE APPROPRIATE OR CONVENIENT.
391
APPENDIX FORM OF DEMAND To:
United Overseas Bank Limited (SWIFT:………………..). [address] Facsimile: ……………….. Attn: ………………….Department [DATE]
Dear Sirs RE: DEMAND UNDER THE IRREVOCABLE STANDBY LETTER OF CREDIT NO. IN RESPECT OF THE S$50,000,000 2.93 PER CENT. CREDIT ENHANCED NOTES DUE 2020 (THE “NOTES”) ISSUED BY PT LOGINDO SAMUDRAMAKMUR TBK (THE “NOTE ISSUER”) The undersigned is a duly authorised person of DB International Trust (Singapore) Limited which is hereby making a demand on behalf of DB International Trust (Singapore) Limited as Trustee for the Notes (the “Beneficiary”) under your Irrevocable Standby Letter of Credit No. [z] (the “Irrevocable Standby Letter of Credit”). Capitalised terms used herein but not defined shall have the meanings given to them in the Irrevocable Standby Letter of Credit. 1
We hereby demand you to pay S$[AMOUNT] after you receive this Demand in accordance with the Irrevocable Standby Letter of Credit.
2
The proceeds of the drawing under this Demand are to be credited to the following account: [Insert account details]
DB International Trust (Singapore) Limited as Beneficiary
By: ___________________________________ Name: Title:
392
