POWERING To World Markets

POWERING To World Markets

PT BERLIAN LAJU TANKER Tbk

Annual Report 2007 Laporan Tahunan

Contents Daftar Isi

Vision and Mission Visi dan Misi

01

Company at Glance Sejarah Singkat Perseroan

02

Corporate Milestones Tonggak Penting Perjalanan Perseroan

04

Financial Highlights Ikhtisar Data Keuangan Penting

06

Organization Structure Struktur Organisasi

08

Company Information Informasi Perseroan

09

Remarks from Board of Commissioners Sambutan Dewan Komisaris

10

Remarks from Board of Directors Sambutan Direksi

14

Operations Review Pembahasan Operasional

25

Good Corporate Governance Tata Kelola Perusahaan Yang Baik

59

Management’s Discussion and Analysis Analisa dan Pembahasan Manajemen

97

Board of Commissioners Dewan Komisaris

104

Board of Directors Direksi

106

Statement Letter Surat Pernyataan

108

Independent Auditor’s Report Laporan Auditor Independen

111

VISION and Mission Visi dan Misi

VISI Untuk

VISION Multinasional

To be preferred Multinational Shipping Company in domestic

terkemuka baik dalam perdagangan dalam negeri maupun

menjadi

Perusahaan

Pelayaran

and International trading by employing good and competitive

Internasional dengan mempekerjakan sumber daya yang

resources to deliver enhanced services.

memiliki keunggulan bersaing agar dapat memberikan layanan yang berkualitas tinggi.

MISI Untuk

MISSION kebutuhan

To serve the public interest, as well as the needs of our

pelanggan dengan melakukan pencegahan kehilangan jiwa,

melayani

kepentingan

publik

dan

customers by preventing loss of life, marine casualties, and

kecelakaan di laut dan pencemaran lingkungan.

environmental pollution.

01 PT BERLIAN LAJU TANKER Tbk

Annual Report 2007

COMPANY At a Glance Sejarah Singkat Perseroan

SEKILAS TENTANG PERSEROAN

THE COMPANY AT A GLANCE

PT Berlian Laju Tanker Tbk pertama kali didirikan dengan

PT Berlian Laju Tanker Tbk (‘the Company’) was first

nama PT Bhaita Laju Tanker, pada tahun 1981. Perseroan

established under the name of PT Bhaita Laju Tanker in

mulai beroperasi dengan dua tanker berukuran bobot mati

1981. The Company commenced operations with two

12.050 DWT. Pada tahun 1988, Perusahaan berganti nama

tankers with a total deadweight of 12,050 DWT. In 1988, the

menjadi PT Berlian Laju Tanker.

Company officially changed its name to become PT Berlian Laju Tanker.

Bisnis Perseroan, yang menyediakan jasa transportasi laut dengan fokus pada pengangkutan muatan cair, berkembang

The Company’s business of providing marine transportation

dengan pesat. Selama beberapa tahun belakangan,

services, with a particular focus on the transportation of

peningkatan permintaan terhadap produk petrokimia dan

liquid cargoes, has expanded rapidly. Over recent years,

minyak nabati telah menciptakan sejumlah peluang bagi

the increased demand for petrochemical and vegetable

perusahaan untuk meningkatkan segmen dan jangkauan

oil products has created a number of opportunities for the

bisnisnya. Pada tahun 1986, Perseroan mengembangkan

Company to expand the extent and range of its business. In

jasanya pada pengangkutan sejumlah bahan kimia cair, LPG

1986, the Company expanded the range of services it offers

dan minyak nabati.

to include the transportation of a wide range of chemicals, liquefied petroleum gas (LPG) and vegetable oils.

Pada tahun 1990, Perseroan menjadi perusahaan pelayaran Indonesia pertama yang mencatatkan sahamnya di Bursa

In 1990, the Company became the first Indonesian shipping

Efek Indonesia. Perseroan memiliki jaringan Internasional

Company to be listed on the Indonesia Stock Exchange. The

yang kuat, baik dalam wilayah pengoperasian, maupun

Company maintains an extensive international operational,

penjualan dan pemasaran. Dalam menjalankan bisnis di

sales, and marketing network. In the operation of its business

pasar-pasar utama, Perseroan berusaha menjaga komitmen

in key markets abroad, the Company is committed to

dan memastikan agar para klien di pasar benar-benar

maintaining close control over its business operations and to

terintegrasi dalam jaringan operasi Perseroan. Karena itu,

ensuring that clients in these markets are fully integrated into

selain memiliki kantor di Jakarta, Singapura, Hong Kong,

the Company’s operational network. Thus, in addition to its

Bangkok, Taiwan, Shanghai dan Beijing, Perseroan juga

offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan,

membangun kantor pemasaran di Dubai untuk melayani

Shanghai and Beijing, the Company has also established

pelanggan di Timur Tengah, kantor di Mumbai untuk

marketing officers in Dubai to serve customers in the Middle

02 Annual Report 2007


COMPANY At Glance Sejarah Singkat Perseroan

melayani pelanggan di Asia Selatan, kantor di Glasgow

East; an office in Mumbai to serve customers in South Asia;

dan Rotterdam untuk melayani pelanggan di Eropa, serta

offices in Glasgow and Rotterdam to serve customers in

kantor di Westport, Connecticut untuk melayani pelanggan

Europe; and an office in Westport, Connecticut, to serve

di Amerika.

customers in America.

Memiliki lingkup usaha pelayaran berskala internasional,

As an internationally established shipping Company with

Perseroan merupakan perusahaan pelayaran Indonesia

extensive operations abroad, the Company became the

pertama yang mencatatkan sahamnya di Singapore

first Indonesian Company to be listed on the Singapore

Exchange Securities Trading Ltd pada 30 Oktober 2006.

Exchange Securities Trading Ltd on 30 October 2006.

Singapura sejak lama telah dikenal sebagai pusat pelayaran

Considering Singapore’s position as the largest regional

antar negara dan pusat kegiatan ekonomi regional. Karena

economic and transshipment center, this move is expected

itulah, gebrakan ini diharapkan dapat memberi pengaruh

to have a positive impact on the Company’s growth in the

positif terhadap perkembangan Perseroan di masa datang.

future.

Seiring bisnisnya yang berkembang pesat, Perseroan kini

The rapid expansion of its business has caused the Company

menjadi salah satu perusahaan penyedia jasa tranportasi

to become one of the largest providers of sea transportation

laut, khususnya muatan cair, yang terbesar di Indonesia dan

services specializing in the transportation of liquid cargoes in

dunia. Perseroan juga merupakan perusahaan pelayaran

Indonesia and throughout the world. The Company has the

terbesar ketiga di dunia dalam pengangkutan bahan kimia

third largest fleet of tankers designed for the transportation

cair.

of liquid chemicals in the world.

Dengan mengakuisisi Chembulk Tankers LLC pada

With the acquisition of Chembulk Tankers LLC at the end of

akhir tahun 2007, Perseroan mampu menyediakan jasa

2007, the Company provided transportation services across

transportasi ke seluruh dunia, termasuk Eropa, Amerika

the globe, including throughout and between Europe,

Utara, Amerika Selatan, Timur Tengah, Asia Selatan, Asia

North America, South America, the Middle East, South

Tenggara, Asia Timur/Timur Jauh dan Australia. Armada

Asia, Southeast Asia, East Asia/Far East and Australia. The

Perseroan yang terdiri atas kapal-kapal modern, didukung

Company’s fleet of modern ships is manned by well trained/

oleh perwira dan awak yang terlatih, berpengalaman, dan

competence, experienced and internationally certified officer

bersertifikat internasional. Hingga akhir 2007, Perseroan

and crew members. By the end of 2007, the Company

mengoperasikan 78 kapal tanker dengan total tonase 1,88

operated 78 tankers with a total tonnage of 1.88 million

juta DWT, 18 kapal tanker di antaranya merupakan kapal

DWT, with 18 of these tankers being chartered-in vessels.

sewa. With its motto ‘Delivers with Safety, Competitiveness, and Dengan

Selamat,

Timeliness’ the Company is committed to providing excellent

Kompetitif dan Tepat Waktu’, Perseroan memiliki komitmen

semboyan

service to all its customers. This commitment is demonstrated

untuk

memberikan

‘Mengangkut pelayanan

dengan

semua

by the Company’s compliance with the International Safety

pelanggan. Komitmen ini ditunjukkan dengan kepatuhan

terbaik

pada

Management Code, the ISO 9001:2000 standard, the ISO

pada International Safety Management Code, standar ISO

14001:2004 standard, and with the OHSAS 18001:1999

9001:2000, standar ISO 14001:2004 dan standar OHSAS

standard, for which certification has been granted. The

18001:1999, di mana Perseroan telah memperoleh sertifikat

Company’s commitment to providing excellent service and

dari lembaga-lembaga internasional. Komitmen Perseroan

its adherence to the highest possible standards will ensure

untuk memberikan pelayanan terbaik dan mematuhi standar

the ongoing development of its business into the future.

tertinggi diyakini akan dapat menjamin kelangsungan bisnis Perseroan hingga masa datang.


Annual Report 2007

CORPORATE Milestones Tonggak Penting Perjalanan Perseroan

1981

Perseroan didirikan, dimulai dengan penyewaan dua tanker untuk Pertamina.

1986

Mulai mengangkut bahan kimia cair untuk beberapa pabrik kimia besar.

1990

Penawaran umum saham perdana BLT di Bursa Efek Jakarta dan Bursa Efek Surabaya (Sekarang sudah bergabung menjadi Bursa Efek Indonesia).

1998

Membeli Asean Maritime Corp, termasuk anak usahanya Gold Bridge Shipping Corp, yang memiliki tujuh tanker kimia. Akuisisi ini ditujukan untuk mempercepat pertumbuhan usaha Perseroan di Asia Timur Jauh dan China.

2001

Memperluas usaha ke Timur Tengah dan India.

2004

Membuka kantor perwakilan di Glasgow untuk mendorong pertumbuhan usaha di Eropa.

2005

Menerbitkan obligasi konversi dengan nilai nominal US$ 50 juta, yang dicatatkan di Singapore Exchange Securities Trading Limited. Membuka kantor di Dubai.

2006

Mencatatkan saham di SGX-ST, untuk menjadi perusahaan pertama yang tercatat di bursa Indonesia dan Singapura. BLT menjadi penyedia jasa transportasi terbesar dalam pengangkutan bahan kimia antar negara Asia dan terbesar ketiga di dunia untuk armada tanker kimia ukuran di bawah 20.000 DWT

2007

Membuka kantor di Mumbai. Menerbitkan Obligasi Konversi kedua bernilai nominal US$ 125.000.000 dan wesel bayar (Guaranteed Senior Notes) bernilai US$ 400.000.000, dicatatkan di Bursa Efek Singapura. Menerbitkan Obligasi Berlian Laju Tanker III senilai Rp 700 miliar dan Sukuk Ijarah Berlian Laju Tanker senilai Rp 200 miliar, dicatatkan di Bursa Efek Indonesia. Mengakuisisi Chembulk Tankers LLC-USA, yang mengoperasikan 16 kapal kimia besar. Dengan akuisisi ini, Perseroan menjadi penyedia jasa transportasi kelautan ketiga terbesar di dunia untuk segmen pengangkutan bahan kimia.

2008

Perseroan sekarang beroperasi di hampir semua pasar utama di dunia, dan mengoperasikan 81 kapal (57 tanker kimia, 15 tanker minyak, 8 tanker gas dan 1 FPSO), dengan total tonase 1,94 juta DWT.



CORPORATE Milestones Tonggak Penting Perjalanan Perseroan

1981

Established with two tankers on charter to Pertamina (Indonesian state-owned oil company).

1986

Began transporting chemicals for major chemical manufacturers.

1990

Initial Public Offering of BLT shares on the Jakarta Stock Exchange and Surabaya Stock Exchanges (Now the Indonesia Stock Exchange).

1998

Acquired Asean Maritime Corp. including its subsidiary Gold Bridge Shipping Corp, which owned seven Chemical tankers. This acquisition was intended to accelerate growth in Far East and China.

2001

Expanded operations into the Middle East and India.

2004

Opened an office in Glasgow to facilitate growth in Europe .

2005

Issuance of US$50 million Convertible Bond, which is listed on the Singapore Exchange Securities Trading Limited. Opened an office in Dubai.

2006

Conducted a Primary Listing on the SGX-ST to become the first company listed on both the Indonesian and Singaporean exchanges. BLT became the largest transportation services provider in the intra-Asian chemical transportation market, with the third largest sub-20,000 DWT chemical tanker fleet globally.

2007

Opened Office in Mumbai. Issued US$ 125,000,000 of Second Convertible Bonds and US$ 400,000,000 of Guaranteed Senior Notes, listed on the Singapore Exchange Securities Trading Limited. Issued Rp 700 billion of Obligasi Berlian Laju Tanker III and Rp 200 billion of Sukuk Ijarah Berlian Laju Tanker, listed on the Indonesia Stock Exchange. Acquired Chembulk Tankers LLC-USA, which operated 16 large chemical vessels. With this acquisition, the Company became the third largest provider of maritime transportation services in the world in the liquid chemical segment.

2008

The Company now operates in all major markets and regions of the world. The Company maintains a fleet of 81 ships (57 chemical tankers, 15 oil tankers, 8 gas tankers and 1 FPSO) with a total tonnage of 1.94 million DWT.


Annual Report 2007

FINANCIAL Highlights Ikhtisar Data Keuangan Penting In Rupiah based on INDONESIAN GAAP LAPORAN LABA RUGI (Rp Juta) Income Statement (Million Rp) Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba Bersih Net Profit NERACA (Rp Juta) Balance Sheet (Million Rp) Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

2007

2006

2005

2004

2003

3,641,773 1,137,092 898,071 758,982

3,073,788 1,122,293 946,392 1,205,280

2,617,192 1,048,574 945,822 645,186

1,351,433 386,214 305,432 243,204

969.866 262.270 203.122 149.150

15,810,719

5,903,932

5,184,774

2,944,327

2.175.580

20,668,625 17,353,043 3,315,582 4,159,010 3,810,883

8,205,956 5,074,796 3,131,160 4,157,572 3,973,970

7,908,587 5,900,202 2,008,385 4,157,214 4,046,588

4,393,914 2,728,454 1,665,460 4,144,385 3,780,785

3.010.417 1.928.527 1.081.891 1.863.238 3.726.147

199

303

159

64

40

3.7

14.7

8.2

5.5

5.0

22.9

38.5

32.1

14.6

13.8

0.70

1.5

1.5

1.3

2.0

523.4

162.1

293.8

163.8

178.3

84.0

61.8

74.6

62.1

64.1

DATA PER SAHAM (Rp) Per Share Data (Rp) Laba Bersih Per Saham Net Earning per Share RASIO Ratios Laba Bersih / Jumlah Aktiva (%) Net Profit / Total Assets (%) Laba Bersih / Ekuitas (%) Net Profit / Equity (%) Rasio Lancar (x) Current Ratio (x) Jumlah Kewajiban / Ekuitas (%) Total Liabilities / Equity (%) Jumlah Kewajiban / Jumlah aktiva (%) Total Liabilities / Total Assets (%)

06

03 04

05

06

07



03 04

06

07

898,071

06

305,432

203,122 05

05

758,982

243,204

645,186

3,641,773

149,150

1,351,433

969,866 07

946,392

05

8,205,956

7,908,587

4,393,914

3,010,417

03 04

945,822

(million Rp) 1,205,280

Operating profit

(million Rp)

3,073,788

Profit of the year

(million Rp)

2,617,192

Operating revenues

(milion Rp)

20,668,625

Total assets

03 04

07

FINANCIAL Highlights Ikhtisar Data Keuangan Penting IN USD based on IFRS LAPORAN LABA RUGI (USD) Income Statement USD) Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba Bersih Net Profit NERACA (USD) Balance Sheet (USD) Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

2007

2006

2005

398,642,549 118,793,989 96,824,167 76,777,392

335,216,811 113,441,929 94,921,371 107,489,649

266,405,159 101,618,690 91,369,975 60,209,716

151,544,488 113,192,589 44,097,572 31,372,283 35,559,215 24,886,575 34,258,611 24,336,837

1,891,626,220

817,556,485

677,147,638

398,735,510 284,329,890

2,413,085,673 1,837,860,040 575,225,633 4,159,010

1,077,989,453 560,779,821 517,209,632 4,157,572

960,140,583 603,061,509 357,079,074 4,157,214

561,838,673 388,067,331 29,573,223 228,583,193 268,265,450 159,484,138 4,144,385 1,863,238

3,810,883

3,973,970

4,046,588

3,780,785

3,726,147

0.0201

0.0270

0.0149

0.0091

0.0065

3.2

10.0

6.3

6.1

6.3

13.3

20.8

16.9

12.8

15.3

0.70

1.5

1.3

1.3

1.5

319.5

108.4

168.9

109.4

143.3

76.2

52.0

62.8

52.3

58.9

DATA PER SAHAM (USD) Per Share Data (USD) Laba Bersih Per Saham Net Earning per Share RASIO Ratios Laba Bersih / Jumlah Aktiva (%) Net Profit / Total Assets (%) Laba Bersih / Ekuitas (%) Net Profit / Equity (%) Rasio Lancar (x) Current Ratio (x) Jumlah Kewajiban / Ekuitas (%) Total Liabilities / Equity (%) Jumlah Kewajiban / Jumlah aktiva (%) Total Liabilities / Total Assets (%)

2004

2003

03 04

05

06

07

03 04

05

06

07

35,559,215

24,886,575

76,777,392

107,489,649

60,209,716

34,258,611

24,336,837

398,642,549

335,216,811

266,405,159

151,544,488

113,192,589 07

03 04

96,824,167

06

94,921,371

05

91,369,975

03 04

2,413,085,673

(in USD)

1,077,989,453

Operating profit

(in USD)

960,140,583

Profit of the year

(in USD)

561,838,673

Operating revenues

(in USD)

388,067,331

Total assets

05

06

07


Annual Report 2007

ORGANIZATION structure Struktur Organisasi

Board of Commissioners

President Director

Nomination Committee

Quality Management Representative

Business Development Director

Commercial Director

Commercial

Corporate

Legal & Insurance

Business Dev & Asset mgt

Vessels Sales & Purchase

Chartering

Marketing & Operation

Marketing & Operation

Agency & Branch

Business Relation

People Management



Remuneration Committee

Corporate Secretary

Audit Committee

Internal Audit

Finance Director

Administration Director

Finance & Treasury

Accounting

Investor Relation

Information Technology

Ship Management Controller

COMPANY information Informasi Perseroan

BOARD OF COMMISSIONERS

CORPORATE SECRETARY

Mr Hadi Surya

Mr Wong Kevin

(President Commissioner) (Commissioner)

REGISTERED OFFICE & BUSINESS ADDRESS

Mr Alan Jonathan Tangkas Darmawan

PT Berlian Laju Tanker Tbk

(Independent Commissioner)

Wisma BSG, 10th floor

Mr Jaka Prasetya

Jalan Abdul Muis No.40

(Independent Commissioner)

Jakarta 10160 – Indonesia

Mr Harijadi Soedarjo

Phone : +62 21 30060300

BOARD OF DIRECTORS

Fax : +62 21 30060389, +62 21 30060391

Mr Widihardja Tanudjaja

Email : [email protected] , [email protected]

(President Director) Mr Henrianto Kuswendi

SHARE REGISTRAR

(Commercial Director)

PT Sinartama Gunita as Share Registrar

Mr Michael Murni Gunawan

PT Sinartama Gunita

(Administration Director)

Plaza BII, Tower 3, 12th floor

Ms Siana Anggraeni Surya

Jl. M.H Thamrin No.51, Jakarta

(Business Development Director)

10350 - Indonesia

Mr Wong Kevin (Finance Director)

Boardroom Limited as Share Transfer Agent for Share registered in Singapore Exchange

AUDIT COMMITTEE

Boardroom Limited

Mr Alan Jonathan Tangkas Darmawan (Chairman)

3 Church Street

Mr Jaka Prasetya

#08-01 Samsung Hub

Mr Max Sumakno Budiarto

Singapore 049483

REMUNERATION COMMITTEE

AUDITORS

Mr Alan Jonathan Tangkas Darmawan (Chairman)

Osman Bing Satrio & Rekan

Mr Hadi Surya

Member of Deloitte Touche Tohmatsu

Mr Jaka Prasetya

Wisma Antara 12 th Floor, Jl. Medan Merdeka Selatan No.17

NOMINATING COMMITTEE

Jakarta -10110

Mr Alan Jonathan Tangkas Darmawan (Chairman) Mr Hadi Surya Mr Jaka Prasetya


Annual Report 2007

REMARKS from board of commissioners Sambutan Dewan Komisaris

From left to right: ALAN JONATHAN TANGKAS DARMAWAN, HADI SURYA, HARIJADI SOEDARJO, JAKA PRASETYA

Yang Terhormat para Pemegang Saham dan Mitra Usaha Perseroan,

Dear Shareholders and Business Partners,

Pertama-tama Dewan Komisaris menyampaikan terima

Firstly, the Board of Commissioners would like to express

kasih kepada para Pemegang Saham, Direksi beserta

its gratitude to all Shareholders, to Members of the Board

Jajaran Manajemen atas dukungan dan kerja keras selama

of Directors, and to the Staff and the Management of the

tahun 2007 sehingga membawa perseroan tetap maju dan

Company for their ongoing support and their hard work

berkembang.

throughout 2007, as a result of which the Company has achieved its present progress and growth.

Kinerja yang baik tahun 2007 didukung oleh faktor eksternal, yakni pertumbuhan ekonomi global dan ekonomi nasional

The excellent performance recorded by the Company in

yang cukup baik, walaupun pertumbuhannya melambat

2007 was partly supported by external factors, including

dibandingkan tahun 2006. Pertumbuhan ekonomi makro

good global and national economic growth, even if this

yang terpengaruh oleh kurang stabilnya pertumbuhan

growth was not quite as impressive as in 2006. Even though

ekonomi Amerika Serikat memang menjadi tantangan,

global economic growth was impacted by issues affecting

namun pertumbuhan ekonomi Indonesia masih cukup

the American economy, the rate of economic growth within

baik sehingga walaupun ada risiko, namun tidak terlalu

Indonesia was still good, and although this growth is subject

mengkhawatirkan. Suku bunga akan cenderung menurun

to risk factors, these are not cause for excessive concern.

dan akan memacu pertumbuhan di beberapa sektor

In particular, interest rates have declined, which has had a

kegiatan, termasuk di sektor transportasi. Sementara itu,

stimulating effect on a number of economic activities and

laju inflasi relatif sama dengan tahun lalu, berkisar antara 6-7

sectors, including the transportation sector. At the same

persen.

time, the rate of inflation has remained relatively stable at approximately six to seven percent.




Pada tahun 2007 Dewan Komisaris mencatat beberapa hal

In 2007, the Board of Commissioners was gratified to note

penting yang berhasil dicapai oleh perseroan, antara lain:

a number of important achievements by the Company, including the following:

a. Perkembangan Armada: Sebagai antisipasi terhadap meningkatnya

pertumbuhan

permintaan

jasa

a. Fleet development: In anticipation of increased demand

transportasi laut, khususnya muatan cair, Perseroan

for maritime transportation services, and particularly for

telah meningkatkan kapasitas armadanya sehingga

the transportation of liquid bulk cargo, the Company

pada akhir tahun 2007 total armada Perseroan mencapai

has increased the capacity of its fleet so that at the end

78 unit dengan total bobot 1,88 juta DWT. Suatu

of 2007, this fleet consisted of 78 vessels with a total

peningkatan dibandingkan dengan akhir tahun 2006

capacity of 1.88 million DWT. This is a significant increase

dimana perseroan mengoperasikan 59 unit dengan total

over the size and capacity of the fleet at the end of 2006,

bobot 1,52 juta DWT.

when it consisted of 59 vessels with a total capacity of

b. Perluasan Daerah Operasi (Trading Area) : Sejalan dengan

1.52 million DWT.

peningkatan kapasitas armada, Perseroan telah berhasil

b. Expansion of trading area: With the expansion in the

mengembangkan angkutan ke beberapa daerah baru di

capacity of its fleet, the Company has also successfully

luar Asia seperti Mediterania, Afrika, Eropa, Australia, dan

developed a number of new routes into areas outside Asia

Amerika Latin. Selain itu dengan akuisisi atas Chembulk

including in the Mediterranean, Africa, Europe, Australia,

Tankers LLC di akhir 2007 Perseroan telah menambah

and Latin America. In addition to its acquisition of

satu daerah operasi penting yaitu Amerika Serikat.

Chembulk Tankers LLC at the end of 2007, the Company

Perluasan Trading Area ini meningkatkan fleksibilitas

also included an important new area of operations, the

dan kemampuan Perseroan dalam mengoperasikan

USA. The expansion of the Company’s trading area will

armadanya ke daerah-daerah yang dapat memberikan

improve the Company’s flexibility and its ability to operate

marjin yang menguntungkan.

its fleet in areas that offer profitable margins.

c. Keberhasilan akuisisi Chembulk Tankers LLC: Sebuah

c. The acquisition of Chembulk Tankers LLC: The successful

perusahaan pelayaran Amerika Serikat, pada akhir

acquisition of this American maritime transportation

2007 secara langsung berdampak pada penambahan

company at the end of 2007 had a direct impact on the

kapasitas angkutan armada dan memberikan kontribusi

expansion of the Company’s fleet and will contribute

yang lebih besar dalam memperluas jaringan wilayah

greatly to the expansion of the Company’s operational

operasi dan pasar peseroan sehingga menjadi pemain

and marketing network and facilitate its goal of becoming

Global.

a global player.

d. Pertumbuhan Penghasilan Sebelum Biaya Bunga, Pajak,

d. Growth in revenues before interest costs, tax, and

dan Penyusutan (EBITDA): Sejalan dengan pertumbuhan

depreciation (EBITDA): Subsequent to the growth of its

armada, Perseroan juga secara konsisten telah berhasil

fleet, the Company has also recorded a consistent growth

mencatatkan pertumbuhan EBITDA yang berasal dari

in its EBITDA derived from its operating activities.

kegiatan operasional Perseroan. As part of its endeavors to expand the size of its fleet and Dalam upaya memperbesar armada dan merebut pangsa

to win a larger market share, the Company is continuing to

pasar yang lebih luas, Perseroan tetap memperhatikan

pay attention to its liquidity, cash flow and financial ratios.

likuiditas maupun rasio pinjaman terhadap ekuitas. Namun

However, with the acquisition of Chembulk Tankers LLC at

sehubungan dengan akuisisi Chembulk Tankers LLC di

the end of 2007, where performance of the newly acquired

akhir 2007 dimana kinerja perusahaan yang diakuisisi belum

company has not been reflected yet in the consolidated

tercermin dalam laporan keuangan konsolidasi, maka hal

financial reports, there has been an increase in the Company’s

ini telah mengakibatkan peningkatan rasio utang terhadap

debt to equity ratio. Although the Company is capable of

ekuitas. Walaupun Perseroan memiliki kemampuan untuk memenuhi seluruh kewajiban keuangannya, hal ini menjadi


Annual Report 2007


tantangan bagi Manajemen Perseroan untuk mengendalikan

meeting its financial obligations, the management of the

gearing ratio ini ke tingkat yang lebih baik lagi di tahun 2008

Company faces the challenge of controlling its gearing ratio

mendatang, sehingga memperkuat citra Perseroan sebagai

and improving this ratio in 2008 in order to demonstrate the

perusahaan dengan kondisi keuangan yang sehat.

financial health of the Company.

Perkembangan dan pertumbuhan Perseroan sepanjang

The growth and development of the Company throughout

tahun ini cukup sehat. Selain membawa optimisme,

the year has been strong. This growth and development

perkembangan dan pertumbuhan yang cukup sehat

provides a strong basis for the management of the Company

tersebut memberikan keyakinan pada Jajaran Manajemen

to face the challenges that will emerge in years to come and

dalam menghadapi tantangan di tahun-tahun mendatang

to achieve the goal of transforming the Company into the

dan mewujudkan cita-cita Perseroan menjadi salah satu

best provider of maritime transportation services specializing

perusahaan pelayaran angkutan cair terbaik di Indonesia,

in the transportation of liquid chemicals in Indonesia and

regional maupun global. Untuk mencapai hal tersebut tentu

throughout the region. In order to achieve this, much hard

menuntut kerja yang lebih keras dan komitmen penuh

work and the total commitment with full responsibility of all

serta tanggung jawab yang tinggi di Jajaran Manajemen

levels of management and staff, together with the support of

dan seluruh Karyawan disertai dukungan penuh dari para

Shareholders and business partners, will be required.

Pemegang Saham dan Mitra Usaha. In addition, in order to achieve the Company’s goals, all Selain itu, untuk mencapai cita-cita perseroan, seluruh Jajaran

layers of management and staff within the Company must

dalam Perseroan terus bahu-membahu mempertahankan

continue to strive to increase revenues and to control

kinerja dengan terus memacu Pendapatan dan lebih ketat

costs so that liquidity, cash flow, and cash surpluses will

dalam pengendalian biaya sehingga likuiditas, cash flow,

continue to improve, thus ensuring the ongoing growth and

dan cash surplus tetap meningkat sehingga pertumbuhan

development of the Company.

Perseroan terus berkesinambungan. The Board of Commissioners also notes the efforts of Dewan Komisaris juga mencatat bahwa Perseroan telah

the Company to improve the competencies of its human

melakukan

mengembangkan

resources through the promulgation of 2007 as the Year

kompetensi SDM dengan pencanangan tahun 2007

of Human Resources Development. In order to achieve

sebagai

Tahun Pengembangan SDM. Untuk mencapai

this, a number of systems and procedures to facilitate the

hal ini perlu penjabaran dan kesiapan semua sistem dan

development of human resources have been implemented.

prosedur ke-HRD-an yang terencana. Tugas ini hendaknya

These efforts involve all layers of the Company staff and

menjadi tugas bersama seluruh Jajaran Perseroan. Terkait

management. As part of this endeavor, all layers of the

dengan hal ini seluruh Jajaran dalam Perseroan perlu

Company staff and management must adopt new, more

merubah perspektif dan paradigma agar lebih modern dan

modern and visionary perspectives and paradigms regarding

pandangan jauh kedepan dalam hal pengelolan semua asset

the management of the Company’s assets, including its

Perseroan, termasuk SDM. Dengan cara demikian, seluruh

human resources. In this fashion, all layers of the Company

Jajaran dalam Perseroan lebih mampu mengimbangi arah

staff and management will be better prepared to deal

perubahan global yang setiap saat terus terjadi.

with the rapidly changing global environment in which the

berbagai

upaya

untuk

Company now operates. Melihat kondisi perkembangan Perseroan sejauh ini dan perkiraan akan peningkatan pertumbuhan ekonomi yang

Looking at the Company’s growth to this point and based on

stabil di kawasan Asia Pasifik, Dewan Komisaris yakin

the forecast of ongoing stable economic growth in the Asian

bahwa Perseroan bersama Jajaran Manajemen yang telah

Pacific region, the Board of Commissioners is satisfied that

teruji dapat mempertahankan dan meningkatkan kinerja

the current management of the Company will continue to




dengan memanfaatkan pertumbuhan ekonomi regional,

maintain and improve the Company’s performance and to

bahkan mampu melintas pada jalur ekonomi dunia, demi

harness regional and global economic growth to ensure its

pertumbuhan Perseroan di masa-masa mendatang.

future growth.

Setelah mempelajari laporan keuangan Perseroan untuk

After examining the Company’s financial reports for the

tahun buku yang berakhir tanggal 31 Desember 2007 yang

book year ending 31 December 2007, which have been

telah diaudit oleh Kantor Akuntan Publik Osman Bing Satrio

audited and found to be a fair representation by the Public

& Rekan (member of Deloitte Touche Tohmatsu) dengan

Accountant Osman Bing Satrio & Rekan (member of Deloitte

pendapat wajar tanpa pengecualian, Dewan Komisaris

Touche Tohmatsu), the Board of Commissioners is of the

berpendapat bahwa secara umum usaha Perseroan

opinion that the Company has recorded a good financial

selama tahun 2007 berjalan cukup baik dan dapat

and operational performance. The Board of Directors of

dipertanggungjawabkan. Direksi Perseroan bersama Jajaran

the Company and its management have implemented the

Manajemennya telah mengambil kebijakan-kebijakan yang

appropriate policies to expand the Company’s fleet and to

efektif dalam mengembangkan armada dan memanfaatkan

utilize the conducive external conditions in order to ensure

kondisi eksternal yang kondusif sehingga Perseroan

that the Company recorded good net profits and added

berhasil mencatat laba yang cukup baik dan memberikan

value to Shareholders. Thus, the Board of Commissioners

nilai tambah bagi para Pemegang Saham. Untuk itu, Dewan

has no hesitation in recommending that the Company’s

Komisaris merekomendasikan kepada para Pemegang

Shareholders accept this report of the Company’s business

Saham Perseroan agar menanggapi secara positif laporan

operations and financial performance in 2007.

hasil usaha dan laporan keuangan Perseroan tahun buku 2007 ini.

Finally, the Board of Commissioners would like to express its gratitude to Shareholders, members of the Board of Directors

Akhirnya, Dewan Komisaris menyampaikan terima kasih

and all members of the Company’s management and staff for

kepada para Pemegang Saham, Direksi beserta Jajaran

their ongoing support. The Board of Commissioners would

Manajemen atas dukungannya. Dewan Komisaris juga

also like to express its gratitude to the Audit Committee and

menyampaikan terima kasih kepada Komite Audit serta

to the Independent Commissioner for their cooperation and

Komisaris Independen atas usaha dan kerjasamanya

effort in assisting the Board of Commissioners to exercise

sehingga tugas pengawasan yang diemban Dewan

their supervisory role appropriately.

Komisaris dapat terlaksana dengan baik. Best Regards and Thank You, Sekian dan Terima Kasih. The Board of Commissioners Dewan Komisaris


Annual Report 2007

REMARKS from board of directors Sambutan Direksi

Yang Terhormat para Pemegang Saham dan Mitra Usaha Perseroan,

Dear Shareholders and Business Partners,

The maritime transportation industry plays an important Industri angkutan laut memainkan peran penting dalam

role in international trade and commerce. For a number of

perdagangan internasional dan pada beberapa jenis

commodities, it is the only viable means of transportation for

komoditi merupakan pilihan satu-satunya bagi sarana

large volumes. However, given the particular characteristics

transportasi dalam jumlah atau volume yang besar. Sesuai

of this industry, it is extremely susceptible to the influence

dengan karakteristiknya maka industri angkutan laut secara

of fluctuations in international trade and of global economic

umum sangat dipengaruhi oleh pertumbuhan perdagangan

cycles. Despite a certain level of nervousness in financial

internasional dan pertumbuhan ekonomi dunia. Walaupun

markets in the second half of 2007 as a result of the sub

dibayangi oleh kegelisahan pasar keuangan (financial

prime crisis in the USA, the global economy grew at a

market) di paruh kedua tahun 2007 yang dipicu oleh krisis

healthy rate of approximately 5.2 per cent, with this growth

subprime di Amerika Serikat, Pertumbuhan Ekonomi Global

being mainly driven by the particularly strong economic

diperkirakan mencapai angka yang cukup sehat yaitu sekitar

growth in emerging markets. The rate of growth in the

5,2% terutama didukung oleh kuatnya perekonomian

emerging markets of Asia stood at approximately 8.9 per

di

perekonomian

cent, with China and India recording growth rates of 11.5

kawasan Emerging Asia mencatat pertumbuhan yang lebih

Emerging

Markets.

Sementara

itu

per cent and 8.9 per cent respectively, while the ASEAN-4

mengesankan yaitu sekitar 8,9%, dimana China dan India

nations (Indonesia, Thailand, the Philippines, and Malaysia)

diperkirakan mencapai pertumbuhan 11,5% dan 8,9%,

recorded an average growth of 5.6 per cent. This strong

sedangkan negara-negara ASEAN-4 (Indonesia, Thailand,

economic growth had a positive impact on international

Phillipines, dan Malaysia) mencatat pertumbuhan rata-rata

trade, with the estimated rate of growth in the volume of

sebesar 5,6%. Pertumbuhan ekonomi yang cukup sehat

the international trade of goods and services standing at 6.6

ini memberikan dampak positif terhadap perdagangan

per cent in 2007. In turn, this had a positive impact on the

internasional dimana diperkirakan volume perdagangan

demand for maritime transportation services.

barang dan jasa tumbuh sebesar 6,6% di tahun 2007 dan selanjutnya telah mendorong permintaan akan ruang kapal (space).

In general, the demand for shipping services involving the transportation of liquid bulk cargoes such as petroleum, liquid chemical products and liquefied gas product has seen

Secara umum permintaan pengangkutan untuk minyak,

steady and stable growth over recent years. In the period

produk kimia cair, dan gas cair mengalami peningkatan yang

between 2002 to 2007, the total volume of chemical liquid

cukup stabil dari tahun ketahun. Dalam kurun waktu 2002-

bulk cargoes increased from 133 million tons to 161 million

2007 total angkutan muatan cair mengalami peningkatan

tons, while the demand for transportation services involving

dimana angkutan kimia cair meningkat dari 133 juta ton

oil tankers grew by an average rate of 3.9 per cent per year.

menjadi 161 juta ton dan permintaan angkutan tanker

This state of affairs had a positive impact on the maritime

minyak tumbuh rata-rata 3,9% pertahun. Ini merupakan

transportation industry in general, and on the Company’s

faktor positif bagi industri pelayaran secara umum dan

performance in particular.

Perseroan secara khusus.

In the particular area of the transportation of liquid bulk

Di sektor angkutan produk kimia cair dan sejenisnya

chemicals and similar products (including tallow and

(termasuk

total

vegetable oils), it is estimated that in 2007 the total volume

angkutan pada tahun 2007 mencapai sekitar 161,3 juta ton.

minyak

nabati/hewani)

diperkirakan

of such products transported by sea reached 161.3 million

Ini menunjukkan peningkatan dibanding tahun 2006 yang

tons. This is a significant increase over the figure of 154.9

mencatat angka 154,9 juta ton.

million tons recorded in 2006.

Sektor yang memberikan kontribusi terbesar dalam

The particular sub sector that made the greatest contribution

pertumbuhan permintaan ruang kapal tanker kimia adalah

to the growth in demand for chemical tanker space was the




Standing from left to right: MICHAEL MURNI GUNAWAN, SIANA ANGGRAENI SURYA, WONG KEVIN Seated: WIDIHARDJA TANUDJAJA, HENRIANTO KUSWENDI

kimia organik. Di sektor perdagangan ini, negara-negara

organic chemical sector. In this sub sector, the Asian nations,

Asia terutama Timur Jauh dan Asia Tenggara mempunyai

and particularly the nations of the Far East and of Southeast

peranan penting karena porsi terbesar dari perdagangan

Asia, played a particularly important role, as the greatest

kimia organik yang terjadi di kawasan ini terus meningkat

volume of trade in organic chemicals occurs within this region,

dari tahun ke tahun. Diperkirakan angkutan kimia cair

with the volume of trade rising steadily over recent years. It

di kawasan Asia Tenggara dan Jepang pada tahun 2007

is estimated that the volume of liquid chemicals transported

mencapai 21 juta ton, naik dari 18 juta ton ditahun 2006.

within and between the Southeast Asian region and Japan

Kondisi ini memberikan dampak yang cukup positif bagi

in 2007 reached 21 million tons, a significant increase over

usaha Perseroan dikarenakan daerah operasi Perseroan

the figure of 18 million tons recorded in 2006. This has had

mencakup dari Timur Tengah hingga Timur Jauh. Daerah

a particularly positive impact on the Company’s business,

ini merupakan daerah paling potensial dalam perdagangan

considering that the Company has firm basis of operation

kimia organik dunia, disamping jumlah penduduknya

in the area between the Middle East and the Far East. This

mencapai lebih dari setengah penduduk dunia.

area continues to offer the greatest potential for growth in

Di sektor angkutan minyak sebagaimana kita ketahui, pertumbuhan permintaan jasa angkutan sangat dipengaruhi oleh volume produksi dan konsumsi minyak dunia.

terms of the trade of organic chemicals, particularly given that more than one half of the world’s population live within this zone.

Permintaan untuk konsumsi serta produksi minyak dunia

In the oil transportation sector, the growth in the demand for

tumbuh secara konstan pada tingkat sekitar 1,8% - 1,9%

maritime transportation services is greatly influenced by the global volume of production and levels of consumption of


Annual Report 2007


pertahun sejak tahun 2000. Permintaan atas konsumsi

such products. Since 2000, the volume of production and

minyak ini mengalami pertumbuhan cukup tinggi di negara-

the level of consumption of oil and petroleum products has

negara Asia, terutama China yang pada tahun 2007

grown consistently at an average annual rate of between

diperkirakan mencatat pertumbuhan sebesar 4,7%. Hal ini

1.8 per cent to 1.9 per cent. In particular, the demand for oil

selanjutnya akan memacu permintaan space kapal untuk

has grown strongly in the Asian region, and most particularly

muatan minyak mentah dan bahan bakar minyak serta gas

in China, which in 2007 recorded a growth in demand of

cair.

approximately 4.7 per cent. In turn, this has inspired further

Untuk gas cair permintaan atas transportasi umumnya didorong oleh permintaan industri dan konsumen atas

demand for shipping services involving the transportation of crude oil, petroleum product and gas.

produk-produk turunan gas petrokimia seperti plastik,

The demand for shipping services involving the transportation

produk-produk sintetis, tekstil, dan lain-lain. Sejalan

of liquefied gas is primarily driven by the demands of

dengan pertumbuhan ekonomi global maka permintaan

industries producing products derived from petrochemical

transportasi gas cair diperkirakan juga akan meningkat,

gas, including plastics, synthetic products, textiles, and so

selain itu peningkatan produksi minyak mentah dan gas

on, and by the demands of consumers for these products.

alam juga akan meningkatkan permintaan angkutan LPG,

With ongoing global economic growth, the demand for

gas petrokimia dan lain-lain sebagai produk turunan dari

shipping services involving the transportation of liquefied

minyak petrokimia dan gas alam cair tersebut. Berdasarkan

gas is expected to continue to increase. In particular, the

laporan yang kami terima perdagangan gas cair mengalami

increase in the volume of production of crude and natural gas

pertumbuhan yang cukup pesat, terutama pertumbuhan

will also result in an increased demand for shipping services

perdagangan gas petrokimia di China dan Korea Selatan.

involving the transportation of liquefied petrochemical gas and other gases derived from petroleum and liquefied natural gas. Based on reports received, the volume of trade of liquefied gas has experienced significant growth over the year, particularly in China and South Korea.

MT Ratih, 10,329 DWT, 1996




Beberapa kondisi yang disebutkan di atas membuka

The conditions described above have created significant

peluang bagi Perseroan untuk terus mengembangkan

opportunities for the Company to expand its fleet of vessels,

armadanya baik di sektor angkutan kimia cair, maupun

including those used for the transportation of liquid chemicals,

minyak dan gas cair. Pada tahun 2007 Perseroan telah

oil and petroleum products, and liquefied gas. In 2007, the

berhasil mengembangkan armadanya, sehingga pada akhir

Company expanded its fleet to the point that at the end of

tahun 2007 armada Perseroan bertambah menjadi 78 kapal

2007, this fleet consisted of 78 tankers with a total capacity

tanker dengan total bobot mati atau DWT sekitar 1,88 juta

of 1.88 million DWT. In addition to this fleet, the Company

ton. Selain itu Perseroan juga memiliki kontrak pesanan

has also entered into contracts for the construction of 25

kapal baru sejumlah 25 kapal yang akan bergabung dengan

new ships which will be delivered and will join the Company’s

armada Perseroan pada tahun 2008-2011. Pengembangan

fleet in the period between 2008 to 2011. The development

armada kapal membutuhkan dana yang cukup besar dan

of the Company’s fleet requires a significant degree of capital

sumber daya manusia yang cukup dan handal. Dalam

and experience human resources. So far the Company has

hal ini Perseroan telah membuktikan fleksibilitas maupun

demonstrated its flexibility and its credibility in terms of

kredibilitas dalam bidang pendanaan eksternal yang terdiri

raising capital from external sources, including bank loans

dari berbagai tipe pendanaan seperti pinjaman bank baik

from domestic and foreign sources, bonds, and convertible

dari dalam negeri maupun luar negeri, obligasi, dan obligasi

bonds. By adopting a flexible approach to fundraising, the

konversi. Dengan adanya fleksibilitas dalam menggalang

Company has access to a wider range of sources of funds

dana, Perseroan memiliki lebih banyak pilihan untuk

at competitive costs, an extremely important competitive

mendapatkan sumber dana yang lebih murah dan fleksibel

advantage in the capital intensive shipping industry.

dimana hal ini merupakan faktor penting bagi persaingan dalam industri pelayaran yang padat modal.

Operating in the maritime transportation industry, the Company’s business will inevitably be affected by fluctuations

Perseroan yang bergerak dibidang jasa angkutan laut tentu

in industrial cycles, by fluctuations in interest rates, and by

tidak terlepas dari fluktuasi siklus industri, naik turunnya

fluctuations in fuel costs, which form a significant part of the

tingkat suku bunga, maupun gejolak harga bahan bakar

Company’s operational expenditure. In order to manage the

yang merupakan komponen penting biaya usaha. Sebagai

business risks inherent in the sector in which it operates,

antisipasi terhadap risiko usaha ini maka Manajemen

the management has implemented a number of strategies,

menetapkan beberapa strategi usaha seperti:

including the following:

1.

2.

3.

Pengoperasian sebagian kapal dengan basis kontrak.

1.

The operation of a portion of the Company’s fleet on a

Hal ini bertujuan untuk mengamankan pendapatan dari

contract basis: This strategy is implemented to ensure

fluktuasi tarif uang tambang. Selain itu dalam beberapa

levels of revenue despite fluctuations in freight rates. In

kontrak mencantumkan pula penyesuaian tarif yang

addition, some contracts contain clauses allowing for an

dikaitkan dengan harga bahan bakar kapal (bunker).

adjustment in rates related to fluctuations in fuel costs.

Dalam tahun 2007 kurang lebih 50% pendapatan

In 2007, approximately 50 per cent of the Company’s

Perseroan berasal dari kontrak.

revenues were derived from contracts.

Komposisi yang seimbang dalam jumlah dan tipe kapal

2.

Balanced composition: By maintaining a balance

tanker (Oil, Chemical, Gas), yang dimaksudkan untuk

between the type of tankers it operates and the

menyebar risiko gejolak siklus bisinis.

particular liquid cargo it transports (oil, chemical, gas), the Company manages to diversify the risk associated

Pengembangan daerah operasi (North Asia, Middle

with fluctuations in business cycles affecting any one of

East, India, Eropa, Australia, dan Amerika Serikat), yang

these particular types of liquid cargos transportation.

bertujuan mencari daerah-daerah yang dapat memberi marjin yang lebih baik.

3.

Expansion of the area of operations: The expansion into areas including North Asia, the Middle East, India, Europe, Australia, and the USA is intended to facilitate entry into markets that offer higher margins.


Annual Report 2007


4.

Pengembangan

armada

dengan

memperhatikan

4.

Prudent management of capital structure: The Company

struktur permodalan. Hal ini untuk menjaga agar

adopts a prudent approach to the management of its

Perseroan jangan sampai mengalami kesulitan likuiditas

capital structure while consistently striving to expand

saat menghadapi kondisi usaha yang kurang baik.

its fleet. This approach is intended to prevent liquidity

Strategi pengembangan armada dilakukan tidak hanya melalui pembangunan kapal baru ataupun pembelian kapal

problems from occurring in the face of unfavorable business conditions.

bekas tetapi juga dengan membeli perusahaan sejenis

The strategy of expanding the Company’s fleet has been

yang memiliki bisnis yang menjanjikan. Pada akhir tahun

implemented not only through the construction of new

2007 Perseroan telah merampungkan proses pembelian

vessels or the purchase of existing vessels, but through the

Chembulk Tankers LLC, sebuah perusahaan pelayaran

acquisition of highly prospective companies operating in the

khusus angkutan kimia cair yang berkedudukan di Westport,

same sector. At the end of 2007, the Company completed the

Connecticut –Amerika Serikat. Bergabungnya Chembulk

acquisition of Chembulk Tankers LLC, a shipping company

Tankers LLC kedalam Perseroan telah memberikan kontribusi

specializing in the transportation of liquid chemicals based in

terhadap pengembangan armada dengan penambahan 16

Westport, Connecticut, USA. The acquisition of Chembulk

kapal tanker kimia stainless steel dengan total bobot mati

Tankers LLC by the Company has had a significant positive

sekitar 400.000 ton sehingga membawa Perseroan menjadi

contribution to the development of the Company’s fleet,

perusahaan tanker kimia terbesar ketiga di dunia dengan

resulting in an addition to this fleet of 16 stainless steel

total armada tanker kimia sebesar 54 kapal dan total bobot

chemical tankers with a total capacity of 400,000 tons.

mati sekitar 816.000 ton. Beberapa hal positif lainnya dari

With these additional vessels, the Company now has the

akuisisi ini adalah usia kapal-kapal dalam armada Chembulk

third largest fleet of chemical tankers in the world, with 54

Tankers LLC yang relative masih sangat muda (rata-rata

such vessels and with a total capacity of 816,000 DWT. The

dibawah 4 tahun), dan adanya kontrak pembangunan 3

acquisition of Chembulk Tankers LLC is particularly beneficial

kapal baru yang akan diserahterimakan mulai tahun 2008

considering that the ships in that company’s fleet are relatively

dan 2009. Selain itu daerah operasi armada Chembulk

new, with an average age of less than four years, and that

Tankers LLC yang meliputi Amerika Serikat, Amerika Selatan,

Chembulks Tanker LLC has contracts for the construction

Eropa, dan Timur Tengah sangat baik untuk melengkapi

of an additional three new vessels which will be delivered in

daerah operasi armada Perseroan yang sebelumnya lebih

2008 and 2009. In addition, Chembulks Tanker LLC’s area

dominan di daerah Timur jauh Asia sampai Timur Tengah.

of operations covers the USA, South America, Europe, and

Dengan demikian jika sebelumnya Perseroan telah memiliki

the Middle East. This is particularly advantageous as it will

kantor di Singapore, Hongkong, Glasgow, Dubai, Shanghai,

complement the Company’s existing trading area which

dan Mumbai maka sejak akhir tahun 2007 Perseroan

covers the zone between the Far East and the Middle East.

telah memiliki kantor di Westport (Connecticut – USA) dan

While the Company already has offices in Singapore, Hong

Rotterdam untuk melayani kebutuhan usaha dan pelanggan

Kong, Glasgow, Dubai, Shanghai and Mumbai, with this

di seluruh dunia.

acquisition at the end of 2007, the Company now has an office in Westport, Connecticut, U.S.A., and Rotterdam, the Netherlands, to facilitate serving the needs of clients across the globe.




Berbagai

faktor

dengan

With the conducive conditions described above and the

keberhasilan Perseroan dalam membangun pertumbuhan

Company’s success in implementing measures to expand its

armada

telah

fleet and to develop its area of operations, the Company has

membuahkan hasil yang cukup baik pada tahun buku

recorded satisfying results in the financial year of 2007. As

2007. Dalam hubungannya dengan pencatatan saham

a result of the Company listing its shares on the Singapore

Perseroan di bursa efek Singapura maka mulai tahun buku

stock exchange, since the financial year of 2006, the

2006 Perseroan selain menyajikan laporan keuangan sesuai

Company has prepared financial reports both in accordance

Prinsip Akuntansi Yang Berlaku Umum di Indonesia, juga

with the Prevailing Principles of Accountancy in Indonesia

menyajikan laporan keuangan sesuai Standard Pelaporan

and with the International Financial Reporting Standard

Keuangan Internasional. Perbandingan kinerja Perseroan

(IFRS). A comparison of the Company’s performance in

di tahun 2007 dibandingkan dengan tahun 2006 sesuai

2007 with its performance in 2006 according to the two

dengan kedua standard pelaporan keuangan tersebut dapat

different standards of financial reporting can be seen from

dilihat pada tabel sebagai berikut:

the following table:

serta

pendukung

diatas

pengembangan

diiringi

daerah

usaha

IFRS

INDONESIAN GAAP In thousand IDR 2007

2006

Revenue

3.641.772.919

3.073.787.611

Gross Profit

1.137.092.324 758.981.783

Net Profit

Increase/ (Decrease)

Increase/ (Decrease)

In USD 2007

2006

18%

398,642,549

335,216,811

19%

1.122.293.257

1%

118,793,989

113,441,929

5%

1.205.279.899

(37%)

76,777,392

107,489,649

(29%)

Peningkatan atas Pendapatan dalam tahun buku 2007

Increases in revenues in the 2007 were largely the result

terutama dipengaruhi oleh pengembangan armada kapal,

of expansions in the size of the Company’s fleet. Excluding

dimana diluar penambahan 16 kapal tanker kimia stainless

the addition of 16 stainless steel chemical tankers that

steel yang berasal dari akuisisi Chembulk Tanker LLC,

were added to the Company’s fleet with the acquisition of

Perseroan menambah jumlah kapal tanker kimia sebanyak

Chembulk Tanker LLC, the Company added two chemical

2 unit dan kapal tanker gas sejumlah 2 unit. Untuk sektor

tankers and two gas tankers to this fleet. With reference to

tanker minyak, Perseroan selama tahun 2007 membeli 2

the number of the Company’s oil tankers, the Company

kapal tanker lambung ganda (double hull) kelas Suezmax,

also purchased two double hull Suezmax tankers in 2007.

namun bersamaan dengan itu Perseroan menjual 3 kapal

However, during the same period, the Company also sold

lambung tunggal (single hull) masing-masing 2 kapal kelas

three single hull vessels, including two Suezmax class vessels

Suezmax dan 1 kapal kelas Aframax. Total pertambahan

and one Aframax class vessel. With the inclusion of the

bersih kapasitas armada termasuk armada Chembulk

vessels incorporated into the Company’s fleet through the

Tankers LLC adalah 19 kapal (sekitar 360.000 DWT), namun

acquisition of Chembulk Tankers LLC, the number of vessels

kontribusi pertambahan armada Chembulk Tankers LLC

in the Company’s fleet increased by 19, representing an

tersebut belum tercermin dalam Pendapatan Perseroan

additional capacity of 360,000 DWT. However, the additional

disebabkan proses akuisisi baru diselesaikan menjelang

vessels obtained through the acquisition of Chembulk

akhir tahun 2007. Sejalan dengan peningkatan Pendapatan

Tankers LLC have not yet had an impact on the Company’s

maka Perseroan juga mencatat adanya peningkatan Laba

revenues, as the acquisition was only completed towards

Kotor, walaupun dengan marjin yang lebih kecil dibandingkan

the end of 2007. With a rise in the Company’s revenues, the


Annual Report 2007


tahun 2006. Hal ini disebabkan oleh meningkatnya biaya

Company has also recorded increases in its level of gross

operasi kapal yang terutama dipengaruhi oleh harga bahan

profits, although at a lower margin than in 2006. This lower

bakar (bunker), biaya sandar (port charges), biaya awak

margin was due to increases in ship operating expenditure,

kapal, dan biaya pemeliharaan kapal. Harga bahan bakar

which in turn were largely due to increases in the cost of fuel,

kapal (MFO) per metrik ton mengalami kenaikan dari USD

in port charges, in the salary bill for ship crew, and in the

330,- menjadi USD 385 berdasarkan harga rata-rata tahun

cost of ship maintenance. The cost of shipping fuel (MFO)

2006 dan 2007. Sementara itu biaya sandar juga naik,

increased from an average price of USD 330 per metric ton

sedangkan biaya awak kapal juga meningkat seiring dengan

in 2006 to USD 385 in 2007. At the same time, port charges

meningkatnya permintaan dunia terhadap awak kapal.

was also increased, while the salaries of ship crew and

Dilain sisi biaya perawatan kapal juga mengalami kenaikan

related costs were impacted by the increased global demand

terutama disebabkan meningkatnya kesibukan galangan

for experienced crew. Similarly, the cost of ship maintenance

kapal (shipyard) dalam dan luar negeri melayani pesanan baik

also experienced increases due to increased demand for

untuk pembangunan kapal baru maupun untuk perawatan

the services of shipyards both domestically and abroad

kapal (docking). Diluar biaya operasional Perseroan juga

for the construction of new ships and for the maintenance

mencatat naiknya biaya keuangan disebabkan peningkatan

of existing ships. In addition to operational expenditure,

jumlah pinjaman yang cukup besar dimana dana tersebut

the Company also experienced increased financial costs

digunakan untuk pengembangan armada dan terutama

associated with the increase in the number of large loans

untuk akuisisi Chembulk Tankers LLC. Beberapa faktor yang

required to finance the expansion of the Company’s fleet

disebutkan diatas telah berperan mempengaruhi penurunan

and most particularly the acquisition of Chembulk Tankers

Laba Bersih dibandingkan tahun 2006.

LLC. The combined impact of the factors described above

Menghadapi meningkatnya biaya keuangan dan operasional ini

Manajemen

Perseroan

sejak

memutuskan

untuk

meant that net profits declined slightly compared to those recorded in 2006.

mengakuisisi Chembulk Tanker LLC di tahun 2007 telah

Facing of increased financial and operational costs, and

menyusun rencana untuk melunasi sebagian pinjaman di

since its decision to acquire Chembulk Tanker LLC in 2007,

tahun 2008 sehingga selain mengendalikan biaya bunga

the management of the Company has formulated plans to

juga akan memperbaiki tingkat rasio pinjaman bersih

repay some of its debt in 2008 in order to control interest

terhadap ekuitas. Selain itu Perseroan akan lebih aktif dalam

cost and to improve the Company’s debt-to-equity ratio. In

usaha melakukan penyesuaian tarif yang dikaitkan dengan

addition, the Company will make greater efforts to adjust

harga bahan bakar (bunker adjustment clause) dalam

its tariffs with reference to fluctuations in fuel costs through

kontrak-kontrak pengangkutan. Mengingat bahwa sekitar

bunker adjustment clauses in the transportation service

50% pendapatan Perseroan berasal dari kontrak maka

contracts into which it enters. Given that approximately 50

Manajemen cukup optimistik bahwa kenaikan harga bunker

per cent of the Company’s revenues derives from contracts,

ini masih dalam taraf yang dapat dikendalikan.

the management of the Company is optimistic that the

Prospek pada 2008 ke depan memiliki beberapa faktor

impact of fluctuations in fuel costs can be mitigated.

yang cukup positif bagi industri pelayaran secara umum dan

Looking at the Company’s business prospects in 2008,

Perseroan secara khusus. Tingkat permintaan angkutan

there are a number of factors that should have a positive

minyak, bahan kimia, dan gas telah meningkat secara stabil

impact on the maritime transportation services industry in

sejak beberapa tahun terakhir. Berdasarkan laporan Drewry,

general and on the Company’s performance in particular. The

pengangkutan bahan kimia dunia diperkirakan tumbuh

demand for maritime transportation services involving the

4,2% ditahun 2007 menjadi 161,3 juta ton, dan akan terus

transportation of oil, liquid chemicals and gas has increased

naik menjadi sekitar 184,2 juta ton ditahun 2011. Proyeksi

steadily over the past several years. According to the Drewry

pertumbuhan ini ditunjang dengan implementasi regulasi

Report, the volume of liquid chemicals transported around

IMO tentang pengangkutan Vegetables Oil yang harus

the globe increased by approximately 4.2 per cent in 2007

menggunakan kapal tanker tipe IMO II serta hasil konferensi

to 161.3 million tons and will continue to increase to 184.2




MT CB Westport, 32,000 DWT, 2006

di Bali tentang pemanasan global yang mendukung

million tons by 2011. Factors supporting this projection

penggunaan bahan bakar biofuel memberikan keyakinan

include the implementation of IMO regulations mandating

akan pertumbuhan permintaan kapal tanker kimia tipe IMO

the transportation of vegetable oil using IMO II-type tankers

II. Disisi lain mengingat hampir seluruh kapal tanker kimia

and the outcomes of the global warming conference in

dalam armada Perseroan merupakan tipe IMO II stainless

Bali which provided support for the use of bio fuels. These

steel, dan kondisi galangan kapal yang telah maksimal maka

factors will certainly result in an increased demand for IMO

Manajemen cukup optimistik bahwa tarif uang tambang di

II-type chemical tankers in the immediate future. Given that

sektor ini akan stabil bahkan diperkirakan akan meningkat

almost all of the chemical tankers in the Company’s fleet are

dalam tahun-tahun mendatang.

IMO II-type tankers and given that shipyards are already

Dengan bergabungnya Chembulk Tankers LLC kedalam group Perseroan dimana seluruh armadanya terdiri dari kapal tanker kimia stainless steel IMO II diharapkan juga

working at full capacity, the management of the Company is optimistic that revenues derived from this particular sub sector will remain stable or will increase in years to come.

akan memberikan kontribusi yang cukup besar pada

In this regard, the acquisition by the Company of Chembulk

kinerja Perseroan di tahun-tahun mendatang. Sekitar 50%

Tankers LLC, whose entire fleet consisted of IMO II-type

dari pendapatan Chembulk Tankers LLC adalah berbasis

chemical tankers, is expected to have a significant positive

kontrak, dan selama ini armada Chembulk Tankers LLC

impact on the Company’s financial performance in years to

lebih banyak melayani rute Amerika-Eropa dan Amerika Latin

come. Because approximately 50 per cent of the revenues

disamping Asia dan Timur Tengah, sehingga diperkirakan

generated by Chembulk Tankers LLC were achieved on the

kinerjanya tidak akan terpengaruh banyak oleh melambatnya

basis of contract arrangements and because Chembulk

pertumbuhan ekonomi di Amerika Serikat.

Tankers LLC’s fleet was involved in serving routes between America-Europe and Latin America in addition to routes in Asia and the Middle East, it is expected that the financial performance of this fleet will not be significantly impacted by a decline in economic growth in the USA.


Annual Report 2007


Di sektor angkutan Gas cair, angkutan laut LPG diperkirakan

With reference to the liquid gas sub sector, it is estimated

tumbuh sekitar 4,8% per tahun sampai 2011. Armada

that the total volume of LPG transported by sea will increase

Perseroan terdiri dari kapal tanker gas dengan ukuran

by 4.8 per cent per year at least until 2011. The Company’s

dibawah 9000 meter kubik dimana pada sektor ini

fleet of gas tanker ships are mostly comprised of vessels

pemesanan kapal (order book) diperkirakan kurang dari

with a capacity below 9000 cubic meter whereby the vessel

17%, sedangkan disisi lain sekitar 20% dari total armada

order book of this segment in the market is estimated to be

telah berumur 25 tahun atau lebih. Ke depan hal ini akan

less than 17%, while on the other hand 20% of available ships

membuat kurangnya supply kapal LPG dibawah 9000 meter

are at least 25 years of age. In the future, this will result in

kubik dibandingkan dengan permintaan dan karenanya akan

demand exceeding supply for LPG tankers with dimensions

meningkatkan tarif uang tambang.

of less than 9000 cubic meters and this will result in upward

Di sektor angkutan minyak diperkirakan permintaan akan

pressure on transportation tariffs.

kapal tanker meningkat secara rata-rata 3,9% per tahun

In the petroleum and petroleum product sub sector, it is

hingga tahun 2010. Disisi lain walaupun tingkat supply tanker

predicted that the demand for tankers will continue to

minyak akan meningkat mengingat pemesanan kapal (order

grow at an average rate of 3.9 per cent per year until 2010.

book) sekitar 39% dari total armada yang ada dengan target

Although the supply of oil tankers will increase given that the

serah-terima hingga tahun 2011, hal ini akan diimbangi oleh

number of new ships under construction and ready to be

berkurangnya jumlah kapal tanker minyak lambung tunggal

delivered by 2011 amount to 39 per cent of total existing

(single hull) yang tidak boleh berlayar di sebagian besar

vessels, this will be balanced by the decline in the number

wilayah dunia pada tahun 2010. Jumlah kapal single hull

of single hull oil tankers, the use of which will be prohibited

saat ini diperkirakan sekitar 30% dari total armada. Selain itu

in many parts of the world by 2010. At present, single hull

adanya konversi kapal tanker minyak menjadi kapal dry-bulk

tankers comprise approximately 30% of existing fleets.

maupun FPSO/FSO diperkirakan cukup banyak mengurangi

In addition, the conversion of a number of oil tankers into

supply kapal tanker dari pasar. Oleh karenanya diperkirakan

dry bulk vessels or FPSO/FSO vessels will also result in a

tarif tambang disektor ini masih akan stabil di tahun 2008

contraction in the supply of tankers. Thus, it is predicted the

mendatang.

transportation rates in this particular sub sector will remain stable in 2008.




Di dalam negeri, adanya regulasi pelayaran nasional yang

Domestically, Presidential Decree No. 5 of 2005 regarding

tertuang dalam Inpres No.5 Tahun 2005 yang mengatur

domestic transportation requires that domestic transportation

bahwa transportasi muatan domestik harus diangkut

services be conducted by Indonesian flag vessels operated

oleh kapal berbendera Indonesia yang dioperasikan oleh

by national shipping companies based in Indonesia. This

perusahaan pelayaran nasional yang berbasis di Indonesia,

Presidential Decree also stipulates that the import and

selain itu juga diatur untuk muatan ekspor-impor yang

export of goods and commodities financed by state treasury

dibiayai oleh anggaran belanja negara wajib diangkut

must be transported on ships owned and or operated by

oleh kapal yang dioperasikan oleh perusahaan pelayaran

national shipping companies. This creates opportunities

nasional. Kondisi ini membuka peluang bagi Perseroan untuk

for the Company to develop and expand its share of the

mengembangkan pangsa pasar domestik dan berperan

domestic market and to participate in the development and

serta dalam pengembangkan armada nasional.

expansion of the national fleet.

Berdasarkan faktor-faktor yang dikemukakan di atas dan

On the basis of the factors described above and of the

perkembangan Perseroan selama ini, manajemen yakin

Company’s growth and development in the past, the

dan optimis bahwa Perseroan memiliki prospek yang cerah

management of the Company is optimistic that the Company

untuk terus berkembang di masa-masa mendatang.

has excellent prospects to achieve ongoing growth into the

Akhir kata, Direksi mengucapkan banyak terima kasih

future.

atas kepercayaan yang telah diberikan selama ini oleh

Finally, the Board of Directors would like to express its

para pemegang saham, mitra usaha Perseroan, dan

sincere gratitude for the trust demonstrated by Shareholders,

para karyawan baik karyawan laut dan karyawan darat

the Company’s business partners, and the Company’s

yang telah memberikan dedikasi, bekerja keras dan turut

employees, including both those serving on vessels and

berperan serta membesarkan dan mengembangkan usaha

those based on shore, for their hard work and dedication

Perseroan selama ini. Ucapan terimakasih kami sampaikan

in developing and expanding the Company’s business. The

pula kepada Dewan Komisaris, Komite Audit, dan lembaga-

Board of Directors would also like to express its gratitude to

lembaga profesi maupun penunjang pasar modal lainnya

the Board of Commissioners, the Audit Committee, and the

yang telah memberikan masukan-masukan berharga kepada

professional bodies and institutions governing the capital

Dewan Direksi dalam menjalankan usaha Perseroan. Saran

markets that have provided valuable input to the Board of

dan pendapat yang membangun dari semua pihak demi

Directors in their management of the Company. The Board

kemajuan Perseroan di masa yang akan datang senantiasa

of Directors welcomes suggestions and advice from any

kami nantikan.

party willing to assist in the development of the Company in the future.

Sekian dan Terima Kasih. Direksi

Best Regards and Thank You, The Board of Directors


Annual Report 2007

OPERATIONS REVIEW Pembahasan Operasional

24 Annual Report 2007 PT BERLIAN LAJU TANKER Tbk MT Frabandari, 8,575 DWT, 2004

OPERATIONS review Pembahasan Operasional

RINGKASAN AKTIVITAS USAHA

BUSINESS ACTIVITIES

Perseroan bergerak di bidang angkutan laut, khususnya pengangkutan muatan cair. Jenis muatan cair tersebut antara lain: • Minyak (minyak mentah, bahan bakar, dan jenis lainnya) • Pelumas (Pelumas dasar dan aditif) • Kimia cair (organik dan non-organik) • Gas cair (LPG, propylene, propane, dan gas-gas bertekanan lainnya) • Minyak nabati dan hewani

The Company’s main business is the maritime transportation of liquid bulk cargo. The types of cargo carried by the Company’s fleet include: • Crude oil and petroleum products; • Lubricating Oil (Base Oil and additives); • Liquid Chemical (organic and non-organic); • Liquified gas (LPG, propylene, propane, and other pressurized gas); • Vegetable oil and animal fats.

Kegiatan usaha utama Perseroan dapat dikategorikan menjadi beberapa bidang usaha, yaitu:

The Company offers a range of maritime transportation and related services, including the following:

Penyewaan Kapal (Time Charter)

Time Charter

Perseroan menyewakan kapal-kapal kepada pihak ketiga secara Short Term Time Charter, Medium Term Time Charter, dan Long Term Time Charter.

The Company charters out its vessels to third parties on a range of terms, including short-term time charter; mediumterm time charter; and long-term time charter basis.

Pengoperasian Kapal

Vessel Operation

Perseroan menyewakan ruang muatan kapal kepada pihak ketiga. Kapal yang dioperasikan adalah kapal-kapal milik Perseroan serta kapal yang disewa dari pihak ketiga. Muatan yang diangkut berasal dari spot market dan c Contract Of Affreightment (COA). COA merupakan kontrak pengangkutan dengan jumlah muatan tertentu untuk periode waktu tertentu.

The Company charters out cargo space in its vessels to the third parties. The vessels used to provide these services include vessels owned by the Company and chartered-in vessels. Cargo is carried according to a range of terms, including spot market contracts and Contract Of Affreightment (COA). COA is a contract for the transportation of a certain volume of cargo within a specified period of time.

Jasa Keagenan Kapal Vessel Agency Service Kapal-kapal asing yang mengunjungi pelabuhan Indonesia diwajibkan untuk menunjuk Perusahaan Indonesia untuk bertindak selaku agen. Pada bidang usaha ini, Perseroan bertindak sebagai agen bagi banyak kapal asing. Beberapa perusahaan pelayaran terkemuka di dunia yang armadanya sering melakukan aktivitas bisnis di pelabuhan Indonesia telah menunjuk Perseroan sebagai agen untuk mengurus perizinan, pelabuhan, dan pemasokan keperluan-keperluan kapal, seperti bahan bakar, air tawar, suku cadang, perbaikan, dan lain-lain. Selain memberikan kontribusi yang menguntungkan bagi pendapatan Perseroan, kegiatan keagenan ini juga akan memperluas jaringan kerja sama Perseroan dengan perusahaan pelayaran di luar negeri.

Foreign vessels calling at Indonesian ports are required to appoint an Indonesian company or companies to act as their general agent. As a registered Indonesian company, the Company acts as the general agent for many foreign vessels. Foreign shipping companies whose vessels enter into Indonesian waters contract a range of agency services from the Company, including the arrangement of permits, the arrangement of port facilities, and the provision of supplies such as fuels, freshwater, spare-parts, repair services, and others. Besides contributing directly to the Company’s revenues and profits, the agency business facilitates the expansion of the Company’s network with foreign shipping companies.

Penyewaan tanki penyimpanan di darat Shore Storage Rental Proses bongkar muat muatan cair di pelabuhan membutuhkan tanki-tanki penampung di darat yang digunakan sebagai tempat penyimpanan sementara sebelum muatan cair tersebut diangkut oleh kapal tanker atau didistribusikan ke tempat pemrosesan. Perseroan memiliki beberapa tanki darat yang disewakan kepada pemilik muatan cair.

Liquid cargo must be stored in the appropriate facilities in ports before being transported by oil tankers or distributed to processing plants. The Company owns and operates shore storage facilities which it rents to the owners of liquid cargo.

25


Annual Report 2007


KAPASITAS DAN KOMPOSISI ARMADA

CAPACITY AND COMPOSITION OF THE COMPANY’S FLEET

Dalam bisnis transportasi kelautan, jumlah kapal merupakan faktor yang sangat menentukan dan langsung mempengaruhi

The number of vessels in the Company’s fleet is the

hasil operasi. Seiring dengan meningkatnya armada kapal

single most important factor affecting its performance and

yang dimiliki, tingkat pendapatan Perseroan pun

terus

operations. As the number of vessels in the Company’s fleet

merangkak naik. Memang, peningkatan armada juga

has increased, both revenues and operating costs have risen

mendorong kenaikan biaya pelayaran dan biaya operasional

accordingly, although the increase in the former has greatly

kapal, yang sebanding dengan pendapatan yang diperoleh.

outstripped the increase in the latter. With the increase in the

Kalau dilihat dari sudut usaha, penambahan jumlah kapal

size of its fleet, the Company’s tonnage capacity has also

jelas

increased correspondingly.

menguntungkan

karena

mampu

meningkatkan

kapasitas tonase. The following table demonstrates the composition of our Tabel berikut menunjukkan komposisi armada Perseroan,

fleet in terms of business segmentation as of 31 December

berdasarkan segmen usaha per 31 Desember 2007:

2007:

Type of Tanker (Tipe Tanker)

Number of Vessels (Jumlah Kapal)

Chemical

54

Oil

Average Age (Rata-rata Usia)

Type of Tanker (Tipe Tanker)

816.2

7.6

Bahan Kimia

15

966.1

14.4

Minyak

Gas(1)

8

35.4

11.2

Gas(1)

FPSO

1

60.9

27.0

FPSO

Total

78

1,878.50

9.4

Jumlah

DWT (‘000)

Catatan: (1) Kapasitas kapal tanker pengangkut gas yang disajikan di sini dalam DWT tetapi dapat juga disajikan dalam CBM.

Notes: (1) Capacity for gas tankers is presented here in DWT but can also be presented in CBM.

Selain ukuran dan kapasitas, karakteristik penting yang

In addition to the size and capacity of the Company’s fleet,

dimiliki oleh armada Perseroan adalah komposisi dari

another important consideration is the composition of this

armadanya. Armada Perseroan terdiri atas kapal tanker

fleet in terms of the uses to which individual ships may

pengangkut bahan kimia, minyak mentah, produk minyak,

be put. The Company’s fleet includes chemical tankers,

gas dan tanker FPSO, serta dua buah kapal tanker LNG

crude oil tankers, oil product tankers, gas tankers and

yang sedang dalam proses pembangunan. Kapal-kapal ini

an FPSO tanker. In addition, the Company has entered

memiliki perbedaan ukuran dan kapasitas tonase, umur,

into a purchase order for two LNG tankers. The different

fungsi, keandalan, jangkauan dan penggunaan, serta

vessels vary in terms of size and tonnage capacity; age;

perbedaan peralatan teknis.

functionality; reliability; reach and usage; and in the nature of their technical equipment.

Selama ini, Perseroan berusaha menjaga portofolio kapalkapal yang berbeda dalam armadanya dan menjaga

The Company deliberately implements a policy of maintaining

keseimbangan pengelolaan kapal dalam keempat segmen

a variety of different vessels within the fleet, with a balanced

operasi. Dengan demikian Perseroan dapat memberikan

mix of vessels able to meet the needs of the three different




layanan dalam wilayah maupun pasar tertentu, yang

operating segments. This allows the Company to better

dipercaya

menguntungkan

service a wide range of geographic and product markets

pada masa datang serta mampu menjaga margin dalam

akan

tumbuh

dan

tetap

and to maintain margins despite business cycles affecting

pengoperasian kapalnya.

individual segments that the Company serves.

Kapal Tanker Kimia

Chemical Tankers

Per 31 Desember 2007, Perseroan merupakan salah satu

As of 31 December 2007, the Company was one of the

perusahaan pelayaran terbesar ketiga di dunia dalam jumlah

three largest shipping companies in the world in terms of the

tonase pada pasar angkutan bahan kimia 816.196 DWT.

volume of chemical liquids transported, with a total tonnage

Rata-rata umur kapal untuk armada tanker pengangkut

of 816,196 DWT. The average age of the ships used for the

bahan kimia baru berusia sekitar 7,6 tahun, dibandingkan

transportation of chemical liquids within the Company’s fleet

armada pada industri yang rata-rata berusia sekitar 12,4

is 7.6 years, compared with an industry average of 12.4

tahun. Per 31 Desember 2007, Perseroan telah memesan

years. As of 31 December 2007, the Company had placed

17 buah kapal tanker baru pengangkut bahan kimia, dengan

purchase orders for the acquisition of 17 new tankers to

kapasitas total 339.780 DWT yang akan diserahterimakan

carry chemical liquids with a total combined capacity of

antara tahun 2008 dan 2011.

339,780 DWT. The Company will take delivery of these new ships between 2008 and 2011.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut bahan kimia yang dioperasikan

The tables below contain a list and short description of the

oleh Perseroan

per 31 Desember 2007. Tabel pertama

Company’s chemical tankers that were in operation as of

menunjukkan tanker pengangkut bahan kimia yang

31 December 2007. The first table shows chemical tankers

seluruhnya dimiliki oleh Perseroan, sementara tabel

wholly owned by the Company, while the second and third

kedua dan ketiga menunjukkan kapal yang disewa oleh

tables describe the Company’s chartered in vessels.

Perseroan.

Owned Vessels

Built

DWT

Type(1)

Flag

Hull(2)

1

MT Dragonaria

1998

6,555

IMO II/III

Singapore

DH

2

MT Erowati

1999

6,688

IMO II/III

Singapore

DH

3

MT Gagarmayang

2004

40,354

IMO II/III

Singapore

DH

4

MT Ulupi

1999

6,690

IMO II/III

Singapore

DH

5

MT Yanaseni

1992

9,202

IMO II/III

Singapore

DH

6

MT Bauhinia

1997

5,851

IMO II/III SUS

Singapore

DH

7

MT Celosia

1997

7,477

IMO II/III SUS

Hong Kong

DH

8

MT Cendanawati

1997

3,159

IMO II/III SUS

Singapore

DH

9

MT Dewi Madrim

1987

1,250

IMO II/III SUS

Indonesia

DH

No.


Annual Report 2007


Owned Vessels

Built

DWT

Type(1)

Flag

10

MT Eustoma

1994

4,990

IMO II/III SUS

Hong Kong

DH

11

MT Fatmawati

1996

7,527

IMO II/III SUS

Singapore

DH

12

MT Freesia

2003

8,521

IMO II/III SUS

Hong Kong

DH

13

MT Gerbera

2004

8,738

IMO II/III SUS

Hong Kong

DH

14

MT Indradi

1993

13,944

IMO II/III SUS

Singapore

DB

15

MT Larasati

1991

3,665

IMO II/III SUS

Hong Kong

DH

16

MT Mustokoweni

1991

3,199

IMO II/III SUS

Singapore

DB

17

MT Purwati

2007

19,900

IMO II/III SUS

Singapore

DH

18

MT Rasawulan

1996

10,332

IMO II/III SUS

Singapore

DH

19

MT Rengganis

1993

3,667

IMO II/III SUS

Singapore

DH

20

MT Setyawati

1994

3,189

IMO II/III SUS

Hong Kong

DH

21

MT Tirtasari

1997

5,878

IMO II/III SUS

Singapore

DH

22

MT Wulansari

1992

11,055

IMO II/III SUS

Singapore

DB

23

MT CB Virgin Gorda

2004

32,000

IMO II/III SUS

Singapore

DH

24

MT CB Hong Kong

2003

32,000

IMO II/III SUS

Singapore

DH

25

MT CB Savannah

2002

25,000

IMO II/III SUS

Singapore

DH

26

MT CB New York

2002

27,000

IMO II/III SUS

Singapore

DH

27

MT CB Yokohama

2003

19,500

IMO II/III SUS

Singapore

DH

28

MT CB Kobe

2002

19,500

IMO II/III SUS

Singapore

DH

29

MT CB Gibraltar

2001

19,500

IMO II/III SUS

Singapore

DH

30

MT CB Shanghai

2000

19,500

IMO II/III SUS

Singapore

DH

31

MT CB Ulsan

2004

19,500

IMO II/III SUS

Singapore

DH

32

MT CB Barcelona

2004

32,300

IMO II/III SUS

Singapore

DH

33

MT CB Houston

2003

16,400

IMO II/III SUS

Singapore

DH

34

MT Anggraini

1995

31,225

IMO III

Singapore

DH

35

MT Anjasmoro

1996

32,696

IMO III

Singapore

DH

36

MT Jembawati

1999

6,685

IMO III

Singapore

DH

37

MT Kunti

1992

3,984

IMO III

Indonesia

DB

No.



Hull(2)


No.

Bareboat Charter

Built

DWT

Type(1)

Flag

Hull(2)

38

MT Nogogini(3)

1996

11,639

IMO II/III SUS

Singapore

DH

39

MT Ratih

1996

10,329

IMO II/III SUS

Singapore

DH

40

MT Nolowati

1998

11,636

IMO II/III SUS

Singapore

DH

41

MT Fatmarini(3)

2004

8,578

IMO II/III SUS

Singapore

DH

42

MT Frabandari(3)

2004

8,575

IMO II/III SUS

Singapore

DH

43

MT Hartati

2004

14,312

IMO II/III SUS

Singapore

DH

44

MT Harsanadi

2005

14,271

IMO II/III SUS

Singapore

DH

45

MT Pertiwi(3)

2006

19,970

IMO II/III SUS

Singapore

DH

46

MT Prita Dewi(3)

2006

19,998

IMO II/III SUS

Singapore

DH

47

MT Pujawati

2006

19,900

IMO II/III SUS

Singapore

DH

Built

DWT

Type(1)

Flag

Hull(2)

2003

6,678

IMO II/III SUS

Panama

DH

2003

6,689

IMO II/III SUS

Panama

DH

No.

(3) (3)

(3) (3)

(3)

Time Charter

48

MT Bidadari(5)

49

MT Bestari(5)

50

MT CB New Orleans

2003

32,000

IMO II/III SUS

Singapore

DH

51

MT CB Westport

2006

32,000

IMO II/III SUS

Singapore

DH

52

MT CB Singapore(6)

2007

19,500

IMO II/III SUS

Singapore

DH

53

MT CB Tortola(6)

2007

19,500

IMO II/III SUS

Singapore

DH

54

MT CB Minneapolis

2007

32,000

IMO II/III SUS

Singapore

DH

(7)

(6)

(6)

Catatan: (1) “SUS” berarti kapal tanker yang memiliki tanki kargo yang

Notes: (1) “SUS” refers to tankers with cargo tanks made of stainless

terbuat dari baja stainless. (2) “DH” berarti double hull; “DB” berarti double bottom. (3) Sewa kapal kosong (bareboat charter) untuk masa 6.5 tahun,

steel. (2) “DH” means double hull; “DB” means double bottom. (3) Six-and-a-half-year bareboat charters, to expire in 2010 and

berakhir pada 2010 dan 2011. (4) Sewa kapal kosong (bareboat charter) untuk masa 12 tahun,

2011. (4) Twelve-year bareboat charters, to expire in June, July and

berakhir bulan Juni, Juli dan September 2018. (5) Sewa berjangka waktu (time charter) untuk masa 5 tahun, berakhir bulan Agustus dan Oktober 2009. (6) Sewa berjangka waktu (time charter) untuk masa 10 tahun, berakhir pada tahun 2017 dan 2018.

September 2018. (5) Five-year time charters, to expire in August and October 2009. (6) Ten-year time charters, to expire in 2017 and 2018. (7) Five-year time charters, to expire in 2008

(7) Sewa berjangka waktu (time charter) untuk masa 5 tahun, berakhir pada tahun 2008.


Annual Report 2007


Perseroan telah menambah armada operasinya dengan tiga

The Company increased the size of its fleet with the addition

buah kapal yang semuanya diserahterimakan pada bulan

of three ships that were delivered in January and February

Januari dan Februari 2008. Ketiga kapal tersebut terdiri atas

2008. These three ships consist of one recently constructed

satu kapal tanker pengangkut bahan kimia milik Perseroan

chemical tanker owned by the Company and with a capacity

yang baru selesai dibuat, dengan kapasitas 19.900 DWT

of 19,900 DWT, named MT Puspawati; another recently

bernama MT Puspawati, satu kapal tanker sewa dengan

constructed tanker chartered by the Company with an option

opsi beli yang juga baru selesai dbuat, dengan kapasitas

to buy and with a capacity of 32,000 DWT, named MT CB

32.000 DWT bernama MT CB Lindy Alice. Yang terakhir

Chembulk Lindy Alice; and another chartered vessel with a

adalah satu kapal sewa bernama MT Golden Ambrosia

capacity of 13,000 DWT, named MT Golden Ambrosia.

dengan kapasitas 13.000 DWT. Each of the Company’s chemical tankers is registered with Setiap kapal tanker pengangkut bahan kimia Perseroan

one of several classification societies. For the Company’s

didaftarkan dalam salah satu biro klasifikasi. Untuk kapal

chemical tankers, these organizations include Lloyds

tanker pengangkut bahan kimia, klasifikasi ini adalah: Lloyds

Register, Nippon Kaji Kyokai, Bureau Veritas and Det Norske

Register, Nippon Kaiji Kyokai, Bureau Veritas dan Det Norske

Veritas.

Veritas.

Oil Tankers Kapal Tanker Minyak As of 31 December 2007, the Company operated 15 oil Per 31 Desember 2007, Perseroan mengoperasikan 15

tankers with a total combined shipping capacity of 966,068

tanker minyak dengan jumlah kapasitas 966.068 DWT.

DWT. The Company’s fleet of oil tankers consisted of two

Armada tanker minyak terdiri atas dua unit Suezmax, empat

Suezmax units, six Handysize units and three small-range

unit Aframax, enam unit Handysize dan tiga unit tanker

tankers. The Company’s fleet of oil tankers had an average

small-range. Armada tanker minyak Perseroan rata-rata

age of 14.4 years, compared to the industry average of 12.8

berusia sekitar 14,4 tahun, dibandingkan dengan kapal

years.

dalam industri yang berusia rata-rata 12,8 tahun. The tables below contain a list and short description of Tabel di bawah memberikan penjelasan singkat mengenai

the Company’s oil tankers that were in operation as of 31

tanker minyak yang dioperasikan Perseroan per 31

December 2007. Except for MT Gandari, all of the Company’s

Desember 2007. Kecuali untuk MT Gandari, seluruh kapal

fleet of oil tankers are wholly owned by the Company.

tanker minyak ini dimiliki oleh Perseroan.

No

Vessels

Built

DWT

Type

Flag

Hull

1

MT Tridonawati

1991

154,970

Crude Oil Tanker

Liberia

SH

2

MT Trirasa

1991

154,970

Crude Oil Tanker

Singapore

SH

3

MT Badraini

1991

111,777

Crude Oil Tanker

Singapore

DB

4

MT Barunawati

1992

111,689

Crude Oil Tanker

Singapore

DB

5

MT Barawati

1990

101,134

Crude Oil Tanker

Singapore

SH

6

MT Bramani

1990

96,672

Crude Oil Tanker

Singapore

SH




No

Vessels

Built

DWT

Type

Flag

Hull

7

MT Pergiwo

1993

37,087

Crude Oil Tanker

Singapore

SH

8

MT Anjani

1985

36,882

Oil Product Tanker

Indonesia

DS

9

MT Pradapa

1993

36,362

Crude Oil Tanker

Indonesia

DS

10

MT Pergiwati

1993

36,345

Crude Oil Tanker

Singapore

DS

11

MT Gandini

1998

32,042

Oil Product Tanker

Singapore

DH

12

MT Gandari(1)

1999

30,500

Oil Product Tanker

Singapore

DH

13

MT Ontari

1993

18,520

Oil Product Tanker

Indonesia

SH

14

MT Dewayani

1999

3,561

Oil Product Tanker

Singapore

DH

15

MT Dewi Sri

1999

3,557

Oil Product Tanker

Singapore

DH

Catatan: (1) Kepemilikan melalui sewa kapal kosong (bareboat charter) untuk masa 10 tahun, yang berakhir bulan Mei 2012.

Notes: (1) Ownership is through a 10-year bareboat charter, to expire in May 2012.

Masing-masing kapal tanker minyak tersebut terdaftar dalam

Each of these oil tankers is registered with one of several

salah satu biro klasifikasi, yaitu: Lloyds Register, Nippon Kaiji

classification societies, including Lloyds Register, Nippon

Kyokai, Bureau Veritas dan Det Norske Veritas dan Biro

Kaiji Kyokai, Bureau Veritas, Det Norske Veritas and Biro

Klasifikasi Indonesia.

Klasifikasi Indonesia.

Kapal Tanker Gas

Gas Tankers

Per 31 Desember 2007, Perseroan mengoperasikan 8

As of 31 December 2007, the Company operated 8 gas

kapal tanker gas, seluruhnya adalah tanker gas LPG/

tankers, all of which were built for the transportation of LPG/

petrochemical, dengan total kapasitas 34.126 CBM (35,364

petrochemical gas, with a total combined capacity of 34,126

DWT). Armada tanker Perseroan memiliki umur rata-rata

CBM (35,364 DWT). The average age of the gas tankers in

sekitar 11,2 tahun, dibandingkan dengan umur rata-rata

the Company’s fleet is 11.2 years, compared to an industry

untuk industri yaitu 16,5 tahun.

average of 16.5 years.

Perseroan saat ini memiliki enam unit tanker pengangkut

The Company currently has six tankers for the transportation

ethylene dan gas yang sedang dibangun dan dua unit

of ethylene and gas and two tankers for the transportation

tanker LNG baru, dengan kapasitas keseluruhan 35.000

of LNG on order, with a capacity of 35,000 CBM (36,500

CBM (36.500 DWT) dan 310.000 CBM (153.400 DWT).

DWT) and 310,000 CBM (153,400 DWT) respectively. The

Kapal-kapal

kepada

Company will take delivery of these ships between 2008 to

Perseroan antara tahun 2008-2012. Perseroan tersebut

tersebut

akan

diserahterimakan

2012. The Company owns a 30 per cent stake in the two

memiliki 30% saham dalam dua kapal tanker LNG itu.

LNG tankers on order. The Company aims to utilize these new

Perseroan juga bermaksud untuk meningkatkan pangsa

vehicles to increase its market share in the transportation of

pasar

pengangkutan gas LPG/Petrochemical di wilayah

LPG and petrochemical gases in the Far East Asian region.

Asia Timur Jauh. Selain itu, Perseroan akan terus berusaha

The Company also intends to increase the volume of LNG

meningkatkan pengangkutan LNG di dalam negeri seiring

transported domestic rate, depending on the growth in the

pertumbuhan permintaan LNG di Indonesia.

demand for LNG within Indonesia.


Annual Report 2007


Tabel berikut memberikan gambaran singkat mengenai kapal


tanker pengangkut gas yang dioperasikan oleh Perseroan

Company’s gas tankers that were in operation as of 31

per 31 Desember 2007, dimana seluruh kapal ini dimiliki

December 2007. All of the Company’s fleet of gas tankers

oleh Perseroan.

are wholly owned by the Company.

Setiap kapal tanker gas Perseroan terdaftar pada salah satu

Each of these gas tankers is registered with one of several

biro klasifikasi, yaitu: Nippon Kaiji Kyokai dan Biro Klasifikasi

classification societiess, including Nippon Kaiji Kyokai and

Indonesia.

Biro Klasifikasi Indonesia.

No

Owned Vessels

Built

Type

Flag

Hull

CBM

1

MT Gas Maluku

1996

Gas Tanker

Singapore

DH

5,000

2

MT Gas Sumatera

1989

Gas Tanker

Indonesia

DH

3,512

3

MT Gas Jawa

1989

Gas Tanker

Indonesia

DH

3,596

4

MT Gas Indonesia

1990

Gas Tanker

Indonesia

DH

3,518

5

MT Gas Kalimantan

1996

Gas Tanker

Indonesia

DH

3,500

6

MT Gas Sulawesi

2006

Gas Tanker

Singapore

DH

5,000

7

MT Gas Papua

2007

Gas Tanker

Singapore

DH

5,000

8

MT Gas Bali

2007

Gas Tanker

Singapore

DH

5,000

Kapal Tanker FPSO

FPSO Tankers

Kapal tanker FPSO adalah kapal tanker yang digunakan

An FPSO tanker is a tanker used as a floating production,

untuk fasilitas terapung untuk produksi, penyimpanan

storage and offloading facility. As of 31 December 2007,

dan bongkar muat minyak bumi. Per 31 Desember 2007,

the Company had one single FPSO tanker in its fleet. The

Perseroan memiliki satu tanker FPSO dalam armadanya.

Company bought this tanker as an oil tanker in December

Perseroan membeli tanker ini sebagai tanker minyak pada

2005 and converted it to its current purpose as an FPSO

bulan Desember 2005, lalu mengkonversinya menjadi kapal

tanker. The conversion to an FPSO tanker was completed in

FPSO. Konversi ke FPSO diselesaikan pada bulan Agustus

August 2006. This tanker is 60,874 DWT, and has production

2006. Tanker ini memiliki bobot mati 60.874 DWT dengan

capacity of 15,000 barrel per day.

kapasitas produksi 15.000 barrel per hari. The table below describes the Company’s FPSO tanker, Tabel di bawah ini memberikan penjelasan singkat mengenai

operational as of 31 December 2007. The Company’s FPSO

tanker FPSO Perseroan yang dioperasikan per 31 Desember

tanker was listed with the Biro Klasifikasi Indonesia.

2007. Tanker FPSO Perseroan terdaftar dalam klasifikasi, yaitu Biro Klasifikasi Indonesia.




No 1

Owned Vessels FPSO Brotojoyo

Built

DWT

Type

Flag

Hull

1980

60,874

FPSO Tanker

Singapore

DB

Kapal Baru

Vessels under Construction

Tabel di bawah ini memberikan penjelasan singkat mengenai


kapal Perseroan yang masih dalam pembuatan, beserta

new ships under construction for inclusion in the Company’s

rencana tonase dan rencana penyerahan. Kecuali yang

fleet, with planned tonnage and expected delivery dates.

diberikan penjelasan, seluruh kapal ini sepenuhnya milik

Unless otherwise stated, all of these ships are wholly owned

Perseroan. Lalu untuk tanker kimia, ukuran kapal tersebut

by the Company. Shipping capacities are indicated by DWT

dinilai dengan DWT, dan untuk tanker gas, ethylene dan

for chemical tankers and by CBM for gas, ethylene and LNG

tanker LNG diukur dalam bentuk CBM.

tankers.

No.

Name

Expected Delivery

DWT/ CBM

Type

Flag

Hull

Shipyard

1

MT Puspawati (*)

2008

19,900

Chemical Tanker IMO II/III SUS

Singapore

DH

Shin Kurushima(2)

2

MT CB Lindy Alice (*)(**)

2008

32,000


Panama

DH

Kitanihon(10)

3

MT Gas Lombok

2008

9,000

Gas Tanker

Singapore

DH

STX(3)

4

MT Gas Sumbawa

2008

9,000

Gas Tanker

Singapore

DH

STX(3)

5

MT Tangguh Hiri(1)

2008

155,000

LNG Tanker

Bahamas

DH

Hyundai Samho(4)

6

MT Pramoni

2008

19,000


Singapore

DH

Shin Kurushima(2)

7

MT Purbasari

2008

19,900


Singapore

DH

Fukuoka(5)

8

MT CB Kings Point (**)

2008

19,500


Panama

DH

Kitanihon(10)

9

MT Tangguh Sago(1)

2009

155,000

LNG Tanker

Bahamas

DH

Hyundai(6)

10

MT Pramesti

2009

19,000


Singapore

DH

Shin Kurushima(2)


Annual Report 2007


No.

Name

Expected Delivery

DWT/ CBM

Type

Flag

Hull

Shipyard

11

MT Hyacinth

2009

12,500


Singapore

DH

Shitanoe(7)

12

CB Jakarta(**)

2009

19,500


Not Decided Yet

DH

Kitanihon(10)

13

MT Subadra

2010

12,500


Singapore

DH

Shitanoe(7)

14

MT Gas Karimun

2012

5,000

Gas Tanker

Singapore

DH

Shitanoe(7)

15

MT Gas Batam

2011

5,000

Gas Tanker

Singapore

DH

Shitanoe(7)

16

MT Gas Bangka

2010

3,500

Gas Tanker

Singapore

DH

Yamanishi(8)

17

MT Gas Madura

2010

3,500

Gas Tanker

Singapore

DH

Yamanishi(8)

18

MT Wilutama

2010

25,100


Singapore

DH

Shin Kurushima(2)

19

MT Watari

2011

25,400


Singapore

DH

Fukuoka(5)

20

MT Setyaboma

2011

12,500


Singapore

DH

Shitanoe(7)

21

MT Sakuntala

2011

12,500


Singapore

DH

Shitanoe(7)

22

MT Wardani

2011

25,400


Singapore

DH

Fukuoka(5)

23

MT Widawati

2011

25,100


Singapore

DH

Shin Kurushima(2)

24

MT Pitaloka

2011

19,990


Singapore

DH

Asakawa(9)

25

MT Partawati

2011

19,990


Singapore

DH

Asakawa(9)

Catatan: (*) Perseroan telah menerima penyerahan MT Gas Puspawati, MT CB Lindy Alice, dan MT Golden Ambrosia pada bulan Januari 2007. (**) Kapal ini tidak dimiliki oleh perseroan, tetapi akan disewa oleh perseroan dengan opsi beli (1) Perseroan memiliki saham 30% dan sisanya 70 % dimilki oleh Teekay Tangguh Holdings Corporation. (2) Shin Kurushima — Shin Kurushima Dockyard Co., Ltd. (3) STX — STX Shipbuilding Co., Ltd. (4) Hyundai Samho — Hyundai Samho Heavy Industries Co., Ltd. (5) Fukuoka — Fukuoka Shipbuilding Co., Ltd. (6) Hyundai — Hyundai Heavy Industries Co., Ltd. (7) Shitanoe — Shitanoe Shipbuilding Co., Ltd. (8) Yamanishi - Yamanishi Corporation (9) Asakawa - Asakawa Shipbuilding Co., Ltd. (10) Kitanihon - Kitanihon Shipbuilding Co. Ltd.



Notes: (*) The Company took delivery of MT Gas Puspawati, MT CB Lindy Alice and MT Golden Ambrosia in January 2007. (**) The vessel doesn’t belong to the Company but will be rented with a purchasing option. (1) The Company owns 30% interest and the remaining 70% owned by Teekay Tangguh Holdings Corporation. (2) Shin Kurushima — Shin Kurushima Dockyard Co., Ltd. (3) STX — STX Shipbuilding Co., Ltd. (4) Hyundai Samho — Hyundai Samho Heavy Industries Co., Ltd. (5) Fukuoka — Fukuoka Shipbuilding Co., Ltd. (6) Hyundai — Hyundai Heavy Industries Co., Ltd. (7) Shitanoe — Shitanoe Shipbuilding Co., Ltd. (8) Yamanishi - Yamanishi Corporation (9) Asakawa - Asakawa Shipbuilding Co., Ltd. (10) Kitanihon - Kitanihon Shipbuilding Co. Ltd.


Pertumbuhan Armada

Fleet Growth

Grafik berikut menunjukkan pertumbuhan armada Perseroan

The following graph demonstrates the growth in the

menurut tonase dan jumlah kapal yang dimiliki Perseroan

Company’s fleet in terms of deadweight tonnage and

selama 10 tahun terakhir.

number of vessels over the past 10 years.

DWT(,000)

Number of vessels

2,000

78

1,800 1,600 1,400

53

1,200

44 40

1,000 800 22

600 400 200 0

1879

59

28

35

30

171

1997

1998

228

244

303

1999

2000

2001

80 70 60

1519

50

1297

727

40 30

422

18 153

35

90

20

380

10

DWT(,000)

2002

2003

2004

2005

2006

2007

0

Number of vessels


Annual Report 2007


PENJUALAN DAN PEMASARAN

SALES AND MARKETING

Kegiatan penjualan dan pemasaran Perseroan didukung

The Company’s sales and marketing activities are supported

oleh jaringan kantor Perseroan yang tersebar luas, sehingga

by an extensive global network of offices that facilitates

memungkinkan

menjual

the Company’s endeavors to market and sell services to

langsung di tempat pelanggan Perseroan

customers in the geographical areas where the majority

beraktivitas. Perseroan melakukan sendiri keseluruhan

of the activities of those customers are conducted. The

kegiatan pemasaran, karena Perseroan beranggapan,

Company conducts all of its own marketing activities, as the

bidang ini sangat penting dan harus dikontrol.

Company believes that it is vital to retain full control over this

layanannya

Perseroan

memasarkan

dan

aspect of its business. Tim pemasaran dan operasional terdiri atas 135 orang, yang tersebar di berbagai kantor Perseroan, yaitu, di Jakarta,

The marketing and operations team consists of 135 people

Singapura, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing,

located in the Company’s offices in Jakarta, Singapore, Hong

Xiamen, Dubai, Mumbai, Glasgow, Rotterdam dan Westport,

Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai,

Connecticut. Kantor Perseroan di Jakarta, Singapura

Mumbai, Glasgow, Rotterdam, and Westport Connecticut.

dan Hong Kong serta Westport, Connecticut melayani

The Company’s offices in Jakarta, Singapore and Hong

segala aspek dari operasional, mulai dari pemasaran

Kong, and Westport, Connecticut, conduct and oversee all

dan pengelolaan kapal, sampai dengan penawaran dan

aspects of the Company’s operations, from marketing and

penandatanganan kontrak, pengalokasian kapal, pembelian

the management of ships to the bidding on and entering

kapal dan pengelolaan umum lainnya. Sedangkan kantor-

into of contracts, the allocation of shipping resources, the

kantor yang lain, memiliki kegiatan utama untuk pemasaran

acquisition of new vessels and general management issues.

dan pengelolaan kapal. Untuk mendukung pengoperasian

Other officers are primarily involved in ship management

armada bagian Barat, Perseroan telah membuka kantor

and marketing activities only. To support the operation of the

pemasaran di Glasgow pada tahun 2004 dan Rotterdam

Company’s fleet in the Western Hemisphere, the Company

MT Gas Papua, 5,000 CBM, 2007




pada tahun 2007 melalui akuisisi Chembulk Tankers LLC,

opened a marketing office in Glasgow in 2004, in Dubai in

di Dubai tahun 2005 dan di Mumbai tahun 2007. Perseroan

2005, in Mumbai in 2007 and Rotterdam in 2007 through

juga telah membuka kantor pemasaran di Shanghai untuk

acquisition of Chembulk Tankers LLC. In order to sport

mendukung operasional di daerah Asia Timur Jauh. Selain

its operations in North Asia, the Company has opened a

itu Perseroan pun telah menambah kantor di Westport,

marketing office in Shanghai in 2007. The Company opened

Connecticut melalui akuisisi Chembulk Tankers LLC, untuk

its additional office in Westport, Connecticut through

membuka daerah operasional baru yaitu Amerika Utara dan

the acquisition of Chembulk Tankers LLC, an acquisition

Amerika Selatan.

which was intended to facilitate the Company’s expansion throughout North and South America.

Dalam berkompetisi ketika menjalankan usaha, Perseroan menggunakan jalur penjualan yang biasa dilakukan dalam

The Company competes for business through established

industri transportasi laut. COA biasanya ditenderkan

sales channels for the maritime transportation industry.

dalam pasar terbuka, dan Perseroan berpartisipasi dalam

COAs are usually tendered in the open market, and the

penawaran COA yang mencakup wilayah geografis di lokasi

Company participates in bidding for those COA that covered

mana kapal-kapal Perseroan beroperasi melalui proses

geographic areas in which or near which the Company has

tender normal.

deployed the vessels through the normal tender process.

Kontrak spot biasanya ditawarkan pada pasar terbuka.

Spot contracts are usually offered on the open market. The

Tim Penjualan dan Pemasaran Perseroan kemudian

Company’s marketing and sales team maintains contact with

melakukan kontak dengan para penyewa dan broker untuk

charterers and brokers to market vessel space according

memasarkan ruang kapal, dengan memperhatikan posisi

to the position and schedules of particular vessels. The

dan ketersediaan kapal. Departemen Marketing senantiasa

marketing department also continually updates charterers

menginformasikan kepada pelanggan tentang ketersediaan

on the availability of space on the Company’s vessels and

ruang kapal dan lokasinya.

on their geographic location.

Persaingan Usaha

Competition

Dalam menjalankan usaha, Perseroan terutama melayani

The Company caters primarily to the liquid cargo segment

segmen pengangkutan muatan bahan cair. Sementara

in the shipping industry. The Company’s tankers are utilized

itu, tanker yang dimiliki digunakan untuk melakukan

for both domestic and foreign trade. Competition in this

perdagangan, baik di dalam negeri maupun luar negeri.

segment of the industry can be extremely intense. Different

Persaingan dalam industri ini sangat ketat. Secara umum,

operators compete on the basis of the availability of vessels

persaingan terjadi berdasarkan tingkat ketersediaan kapal di

in a particular region or for a particular route and price and

wilayah-wilayah atau rute tertentu dan berdasarkan harga.

on the basis of their proven reliability and reputation in the

Selain itu, faktor yang juga berpengaruh adalah keandalan

industry.

dan reputasi di dalam industri. Within the domestic segment, the number of operators Untuk segmen pengangkutan domestik yang melibatkan

in the field offering shipping services within Indonesia is

pengangkutan di dalam wilayah Indonesia, jumlah pesaing

considerably fewer than in the international arena. In terms

yang dihadapi Perseroan lebih sedikit dibandingkan

of transportation services within the Indonesian waters, the

dengan segmen internasional. Beberapa pesaing dalam

Company’s competitors are PT Samudera Indonesia Tbk

pengangkutan domestik diantaranya adalah PT Samudera

and PT Humpuss Intermoda Transportasi Tbk. In terms

Indonesia Tbk dan PT Humpuss Intermoda Transportasi Tbk.

of transportation services in the international arena, the

Untuk segmen internasional, Perseroan memiliki sejumlah

Company has a number of different competitors, primarily

pesaing dari berbagai negara. Pesaing utama adalah grup

shipping groups based in Greece and elsewhere in Europe.

pelayaran asing khususnya yang berasal dari Yunani dan wilayah lain di Eropa.


Annual Report 2007


Pada segmen kapal tanker minyak internasional, beberapa

In the area of the transportation of oil, the Company’s

pesaing Perseroan diantaranya adalah Ocean Tankers,

competitors are Ocean Tankers, Dynacom, Tanker Pacific,

Dynacom, Tanker Pacific, China Shipping dan Teekay

and Teekay Shipping. In the area of the transportation of

Shipping. Pada segmen kapal tanker kimia internasional

liquid chemicals, the Company’s competitors are lino Kaiun

beberapa pesaing Perseroan pada saat ini diantaranya

Kaisha, Odfjell ASA, Stolt Nielsen Group, Jo Tankers A/S,

adalah lino Kaiun Kaisha, Odfjell ASA, Stolt Nielsen Group,

Koyo Kaiun Co Ltd, Tokyo Marine Co Ltd, and Woolim

Jo Tankers A/S, Koyo Kaiun Co Ltd, Tokyo Marine Co Ltd,

Shipping. In the area of the transportation of gas, the

dan Woolim Shipping. Pada segmen kapal tanker gas,

Company’s current major competitors are Unigas Khosan,

pesaing internasional Perseroan diantaranya adalah Unigas

Petredec and Stealth Gas.

Khosan, Petredec dan Stealth Gas.

Customers Pelanggan The Company has established long-term relationships Perusahaan mempunyai hubungan jangka panjang yang

with the majority of its customers, who include the major

kuat dengan banyak pelanggan termasuk diantaranya

international oil and chemical companies such as Pertamina,

perusahaan kimia dan minyak terkemuka dunia seperti

Celanese Corporation, Exxon Mobil Corporation, Shell,

Pertamina, Celanese Corporation, Exxon Mobil Corporation,

BASF, SABIC and Dow Chemical. In particular, the Company

Shell, BASF, SABIC dan Dow Chemical. Perseroan memiliki

has an established long-term business relationship with

hubungan bisnis jangka panjang dengan Pertamina,

Pertamina, the Indonesian state-owned oil Company, which

perusahaan minyak milik negara Indonesia yang saat ini

currently controls the distribution of Indonesian oil and

mengontrol distribusi minyak yang diproduksi di Indonesia

refinery products within Indonesian waters.

dan produk turunannya di wilayah perairan Indonesia. The Company establishes contact with customers and Perseroan mencari pelanggan dan menerima order jasa

received orders for shipping transportation services through

pengangkutan baik melalui broker pelayaran maupun

brokers and through direct contacts with companies

melalui kontak langsung dengan pelanggan yang dilakukan

established by the Company’s marketing and sales force.

oleh tim pemasaran dan penjualan. Para pelanggan memilih

The customers choose the Company’s services over those

menggunakan layanan yang diberikan oleh Perseroan

of competitors on the basis of the Company’s established

dibandingkan

karena

reputation for safety and reliability; its competitive prices;

kombinasi dari reputasi Perseroan yang dikenal luas tentang

and the availability of vessels. Within its marketing and sales

keselamatan dan keandalan, harga yang bersaing dan

teams, the Company employs designated customer service

ketersediaan kapal. Sebagai bagian dari tim pemasaran

representatives who focus exclusively on one or more major

dan penjualan, Perseroan menunjuk personil khusus untuk

customer accounts in order to address the needs of valued

pelayanan pelanggan yang bertugas khusus melayani dan

customers. Through this means, the Company is able to

memenuhi kebutuhan pelanggan utama tertentu secara

anticipate the particular, specific needs of the customer in

eksklusif. Melalui kontak dengan pelanggan ini, Perseroan

terms of their required shipping capacity and destinations,

mampu mengantisipasi atau mengetahui pada wilayah

allowing the Company to deploy its fleet effectively to meet

mana pelanggan tertentu akan membutuhkan layanan

these needs.

dengan

para

pesaing

lainnya

pengangkutan di masa yang akan datang, sehingga Perseroan dapat memenuhi kebutuhan tersebut.




Untuk memenuhi permintaan pelanggan pada wilayah tertentu

In order to fulfill the needs of customers for services in

atau untuk pelayaran tertentu, Perseroan kadang-kadang

a particular area or at a particular time, the Company

menyewa kapal dalam jangka pendek dari perusahaan

occasionally charters vessels from other, reputable shipping

pelayaran lain yang memiliki reputasi baik. Pelayanan dan

companies on a short term charter basis. This allows the

fleksibilitas ini memungkinkan Perseroan untuk menjaga

Company to maintain long-term relationships with its

hubungan jangka panjang dengan para pelanggan, dan

customers and to build on the Company’s reputation to win

pada saat yang bersamaan mampu membangun reputasi

new contracts.

untuk dapat memenangkan kontrak pengangkutan baru.

Areas of Operation Wilayah Operasional Armada The Company divides the operation of its fleet into 4 Perseroan membagi operasi armadanya menjadi 4 wilayah

geographical zones for its chemical tankers, one zone for its

geografis untuk kapal tanker kimia, dan masing-masing satu

oil tankers, and one zone for its gas tankers. In the chemical

wilayah geografis untuk armada tanker minyak dan armada

tanker segment, Section 1 includes the area within Southeast

tanker gas. Divisi I untuk segmen kapal tanker kimia meliputi

Asia, between ports in Indonesia, Thailand, Malaysia and

wilayah operasi di dalam wilayah Asia tenggara, yaitu antar

Singapore. Section 2 includes the area from Southeast Asia

pelabuhan-pelabuhan di Indonesia, Thailand, Malaysia,

to North Asia and within North Asia, as well as the backhaul

dan Singapura. Divisi II meliputi wilayah operasi dari Asia

from North Asia, with the primary destination ports located

Tenggara hingga Asia Timur Jauh, dan di dalam wilayah Asia

in China, Korea, Taiwan and Japan. Section 3 includes the

Timur Jauh dan pengangkutan balik dari Asia Timur Jauh

area from Southeast Asia Westwood, to India, the Middle

dengan pelabuhan tujuan utama di China, Korea, Taiwan

East and Europe as well as trade within these areas and

dan Jepang. Divisi III meliputi wilayah operasi dari wilayah

backhaul from these areas. The primary destination ports

Asia tenggara ke arah barat, menuju India, wilayah Timur

for Section 3 are located in India, Iran, Saudi Arabia, Kuwait,

Tengah, dan Eropa, selain operasi di dalam wilayah itu sendiri

Qatar, Egypt, Italy, Spain, the Netherlands and England.

dan pengangkutan baliknya. Pelabuhan tujuan utama untuk

Section 4 covers trade between North and South America,

Divisi III berlokasi di India, Iran, Saudi Arabia, Kuwait, Qatar,

from America to Europe through the Atlantic Ocean, and

Mesir, Italia, Spanyol, Belanda, dan Inggris. Divisi IV meliputi

from America to Asia through the Pacific Ocean.

wilayah operasi dari wilayah Amerika Utara hingga Amerika Selatan, Amerika ke Eropa melalui Samudera Atlantik dan

The Company deploys its vessels throughout its area of

Amerika ke Asia melalui Samudera Pasifik.

operations on the basis of market conditions and customer requirements. The Company attempts to anticipate where

Perseroan menempatkan kapal yang dimiliki pada wilayah

the greatest demand for transportation services will be,

operasinya agar dapat merespons kondisi pasar dan

while at the same time maintaining a broadly diversified

kebutuhan dari para pelanggan. Perseroan berusaha untuk

position by spreading its vessels across a range of different

selalu mengantisipasi lokasi dari permintaan terbanyak

geographic areas.

untuk kapal yang dimiliki oleh Perseroan, dan pada saat yang bersamaan menjaga tingkat diversifikasi penempatan kapal-kapal pada wilayah geografis yang berbeda.


Annual Report 2007


KEKUATAN BERSAING

COMPETITIVE STRENGTHS

Perseroan memiliki kekuatan bersaing yang dapat membantu meraih visinya untuk menjadi perusahaan pengangkutan pilihan dalam perdagangan domestik dan internasional. Kekuatan ini adalah sebagai berikut:

The Company possesses a number of competitive strengths that will enable it to achieve its vision of becoming the preferred multinational shipping company in domestic and international trade. These strengths include the following:

Armada Operasi Besar, fleksibel, modern, kapal-kapal berkualitas tinggi yang dioperasikan dan dikendalikan oleh awak dan staf yang terampil. Perseroan berharap, industri-industri kimia dan minyak dapat terus berkembang dalam beberapa tahun ke depan. Dengan pertumbuhan ini, kebutuhan mereka terhadap jasa pengangkutan akan terus meningkat. Perseroan mengoperasikan armada yang besar dan beragam, yakni sebanyak 81 kapal sampai dengan Februari 2008. Melalui kekuatan armada itu, Perseroan menempatkan dirinya secara baik untuk melayani kebutuhan transportasi yang luas dan beragam kepada perusahaan-perusahaan multinasional ternama, dan perusahaan-perusahaan perdagangan regional, serta untuk berbagai jenis produk dan klasifikasiklasifikasi produk. Armada kapal-kapal pengangkut milik Perseroan dioperasikan untuk mengangkut bahan kimia modern, minyak dan gas, yang dirawat dan dioperasikan secara prima oleh awak yang memiliki kualifikasi tinggi. Kondisi ini memberikan kesempatan bagi Perseroan untuk mengembangkan kemampuannya dan mempertahankan hubungan jangka panjang dengan para pelanggan mereka, dengan menyediakan pelayanan berkualitas tinggi dan efisiensi pembiayaan secara konstan. Armada Perseroan lebih baru ketimbang mayoritas armada milik para pesaingnya. Sampai dengan 31 Desember 2007, kapal pengangkut bahan kimia, minyak dan gas milik Perseroan berusia antara 7,6, 14,4 dan 9,9 tahun. Bandingkan dengan rata-rata kapal pengangkut sejenis di industri yang berkisar pada usia antara 12,4, 12,8, dan 16,5 tahun. Kualitas manajemen pengawakan Perseroan dibuktikan lewat sertifikasi ISO 9001:2000 yang diperoleh Perseroan dari Nippon Kaji Kyokai, atas penilaian pengaturan awak dan pengendalian divisi, serta untuk kualitas bisnis pengangkutan dan agensi. Kualitas armada dan awaknya juga mendapat pengakuan tingkat tinggi dari para pengguna yang ditunjukkan melalui tingkat penggunaan kapal Perseroan sampai dengan 95,1%.



Operating Fleet Large, flexible, modern, high quality ships operated and managed by skilled crew and staff. The Company expects that the chemical and petroleum industries will continue to grow over the next several years and that with this growth, the demand for shipping services will continue to increase. With its extensive and diverse fleet, comprised of 81 vessels as of February 2008, the Company is extremely well positioned to service the widely varying transportation needs of even the largest multinational companies and regional trading companies and for a wide range of different products and product groups. The Company’s fleet of modern chemical, oil and gas tankers is superbly maintained and operated by highly qualified crew, facilitating its ability to develop and maintain longterm relationships with its clients by providing consistently high-quality and cost efficient service. The Company’s fleet is demonstrably more recently constructed than that of the majority of its competitors: as of 31 December 2007, the average age of the Company’s chemical, oil and gas tankers was approximately 7.6, 14.4 and 9.9 years respectively, compared to industry averages of approximately 12.4, 12.8 and 16.5 years respectively. The quality of the Company’s manning management has been demonstrated by the fact that it has been granted ISO 9001:2000 certification from Nippon Kaiji Kyokai for the crew management and manning division and for shipping and agency business. That the quality of the fleet and the crew manning the fleet has won a high level of acceptance from charterers is demonstrated by the Company’s vessel utilization rate of 95.1 per cent.


Kinerja Keuangan

Financial Performance

Kinerja keuangan jangka panjang yang telah terbukti.

Proven long term financial performance.

Sejak saham Perseroan dicatatkan di Bursa Efek Indonesia

Since its listing on the Indonesia Stock Exchange in 1990,

pada tahun 1990 (d/h Bursa Efek Jakarta), Perseroan telah

the Company has recorded positive net profits every year.

mencatat laba bersih yang positif setiap tahun. Antara

In the period between 1990 and 2007 (on the basis of

periode 1990 dan 2007 (berdasarkan PSAK Indonesia),

Indonesian GAAP), the Company’s EBITDA has increased

EBITDA Perseroan

meningkat berdasarkan rata-rata

at a compound annual growth rates of 23.4 per cent, while

peningkatan tahunan sebesar 23,4%, sementara laba telah

profit has increased at compound annual growth rate of

meningkat berdasarkan rata-rata peningkatan tahunan

21.8 per cent.

sebesar 21,8%. The Company has achieved this excellent financial Perseroan berhasil mencatat kinerja keuangan yang luar

performance by adopting a strategy of a balanced business

biasa ini dengan mengadopsi suatu strategi perimbangan

mix between the chemical, oil and gas sectors. Similarly, it

bisnis campuran, antara sektor bahan kimia, minyak

has adopted a strategy of a balanced mix of contract and

dan gas. Strategi ini memungkinkan Perseroan untuk

spot charters. These strategies enable the Company to

mempertahankan labanya melalui siklus bisnis.

maintain its profitability through business cycles.

Hubungan Pelanggan

Customer Relationships

Membangun kemampuan yang telah terbukti untuk menyediakan jasa transportasi yang dapat diandalkan, aman dan efisien.

Building on proven ability to provide dependable, safe and

Perseroan berhasil mengembangkan hubungan jangka panjang yang erat dengan para pelanggan, yang terdiri atas

perusahaan-perusahaan

migas

ternama

dan

produsen bahan kimia seperti PT. Pertamina (Persero), Exxon Mobil, Shell, BASF, Celanese, Dow dan SABIC. Landasan utama hubungan yang erat dengan pelanggan ini adalah kemampuan Perseroan dalam menyediakan jasa transportasi yang terbukti berkualitas, dapat diandalkan, aman dan efisien. Dengan adanya ekspansi armada Perseroan yang terus berlanjut, diharapkan Perseroan memiliki kemampuan untuk membangun hubungan yang telah ada untuk menarik

efficient transportation services. The Company has worked to develop strong, long standing relationships with its clients, who include major international oil and chemical companies such as PT Pertamina (Persero), Exxon Mobil, Shell, BASF, Celanese, Dow and SABIC. The basis for these strong customer relationships is the Company’s proven ability to provide dependable, safe and efficient transportation services. With the ongoing expansion of the Company’s fleet, it expects to be able to build on these existing relationships to win the trust of new clients by providing them with a greater geographical reach, especially in Europe and America, where the Company plan to expand.

kepercayaan pelanggan-pelanggan baru dan memberikan mereka jangkauan geografis yang lebih besar, terutama di Eropa dan Amerika, dimana Perusahaan berencana mengembangkan usahanya.


Annual Report 2007


Pemasaran dan Jaringan Operasi

Marketing and Operating Network

Ekspansi dari Asia Tenggara ke Asia Utara, Timur Tengah, Eropa, dan Amerika.

Expanding from South-East Asia into North Asia, the Middle

Perseroan telah mengembangkan suatu jaringan penjualan dan pemasaran internasional ekstensif. Keduanya dimaksudkan untuk melayani pelanggan-pelanggan yang ada dan untuk memungkinkan mereka mengidentifikasi peluang-peluang bisnis baru. Perseroan mempertahankan keberadaan pemasaran terpadu di pasar-pasar utama Asia dengan membuka kantor di Jakarta, Singapura, Hong Kong, Bangkok, Taiwan, Shanghai dan Beijing. Ditambah lagi, Perseroan telah menempatkan kehadirannya di Timur Tengah melalui kantor-kantor pemasaran di Dubai, di Eropa melalui kantor-kantor di Glasgow dan Rotterdam, di Asia Selatan melalui kantor di Mumbai, dan di Amerika Utara serta Amerika Selatan melalui kantor di Westport, Conneticut.

The Company has developed an extensive international

Struktur Biaya Yang Kompetitif Tingkat efisiensi tinggi memudahkan struktur pembiayaan kompetitif. Perseroan berhasil memperoleh tingkat efisiensi pembiayaan yang tinggi, dengan tingkat dasar pembiayaan total lebih rendah dibanding sebagian besar pesaingnya. Hal ini dikarenakan sebagian besar lokasi operasi Perseroan berada di Asia, dimana biaya buruh, aktivitas bongkar-muat dan pemeliharaan lebih murah, dibandingkan dengan di Eropa dan di AS. Secara khusus, Perseroan berkomitmen untuk mempekerjakan buruh berdasarkan tingkat pembiayaan efektif dan kebijakan-kebijakan ketenagakerjaan. Sebagai tambahan, sebagian besar kantor-kantor Perseroan di luar negeri mempekerjakan karyawan-karyawan yang direkrut secara lokal. Tidak saja ini merupakan kebijakan pembiayaan yang lebih efektif dibanding menggunakan buruh ekspatriat, karyawan-karyawan lokal yang dipekerjakan biasanya lebih sensitif terhadap kondisi lokal dan kebutuhan pelanggan di negara-negara dimana mereka ditempatkan.

East, Europe, and America.

sales and marketing network, both to serve existing clients and to enable it to identify new business opportunities. The Company maintains an integrated marketing presence in the customers’ key Asian markets with offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing. In addition, the Company has established a presence in the Middle East through marketing offices in Dubai; in Europe through offices in Glasgow and Rotterdam; in South Asia through offices in Mumbai; and in North America and South America through offices in Westport, Connecticut.

Competitive Cost Structure High level of cost efficiency enables a competitive cost structure. The Company has achieved a high level of cost efficiency, with a much lower overall cost base than many of its competitors. At least in part, this is due to the location of the majority of the Company’s central functions in Asia, where the costs of labor, maintenance and docking activities are considerably cheaper than in Europe or the USA. In particular, the Company is committed to highly cost-effective labor employment and the employment policies. In addition, most of the Company’s overseas offices are staffed by locally recruited employees. Not only is this a more costeffective policy than using expatriate labor, locally recruited employees are usually more sensitive to local conditions and the needs of clients in the countries in which they are based. As a result of this high level of cost efficiency, the Company

Dengan demikian, Perseroan memiliki struktur pembiayaan yang kompetitif sehingga memungkinkan Perseroan untuk menetapkan tarif pengangkutan yang lebih rendah atau sama dari para pesaingnya juga menjaga marjin keuntungannya.



is able to implement a competitive cost structure that allows it to set freight rates over the match those of competitors or to protect margins.


Pengelolaan Kapal

Vessel Management

Pengelolaan kapal dengan kualitas tinggi dan biaya yang bersaing.

High-quality and cost competitive services through wholly

Perseroan menyediakan semua jasa pengelolaan kapal

The Company provides all of the vessel management

yang diperlukan untuk mengoperasikan armada, termasuk

services required to operate the fleet, including operations

pendukung operasi, pemeliharaan kapal pengangkut dan

support, tanker maintenance and technical support, crewing,

pendukung teknis, pengawakan, pengawasan galangan

shipyard

kapal dan pengelolaan perdagangan, melalui cabang-

through wholly owned subsidiaries. The Company believes

cabang yang dimiliki sepenuhnya oleh Perseroan. Perseroan

that by performing these services through wholly owned

yakin, dengan menjalankan pelayanan semacam ini oleh

subsidiaries, the Company is able to ensure quality and to

cabang-cabangnya, Perseroan dapat memberikan jaminan

achieve a greater level of cost efficiency.

vessel management.

supervision

and

commercial

management,

kualitas guna memperoleh tingkat pembiayaan efektif yang lebih besar.

Experienced Management Team Lengthy experience in the shipping industry and loyalty and

Tim Manajemen Berpengalaman

commitment to the Company.

Pengalaman yang panjang dalam industri pengangkutan dan kesetiaan serta komitmen terhadap Perseroan.

The Company’s senior executives and key employees have extensive experience in the international shipping industry,

Eksekutif senior Perseroan dan karyawan-karyawan kunci

with an average of 19 years of experience. In addition,

memiliki banyak pengalaman dalam industri pengangkutan,

members of the senior management team’s loyalty and

dengan rata-rata 19 tahun pengalaman. Sebagai tambahan,

commitment to the Company is demonstrated by the fact

kesetiaan dan komitmen anggota tim manajemen senior

that they have on average been employed by the Company

terhadap Perseroan ditunjukkan lewat masa kerja mereka

for almost 17 years. With their long experience, Company’s

yang rata-rata telah berkarier selama 17 tahun di Perseroan.

management team has expertise in all areas of the shipping

Dengan pengalaman yang lama itu, tim manajemen

business, including commercial and technical management.

Perseroan memiliki keahlian dalam semua bidang bisnis

This long experience provides the basis for a focused

pengangkutan, termasuk manajemen perdagangan dan

marketing effort, rigorous quality and costs controls, effective

teknis. Pengalaman yang lama ini memberikan suatu

operations and safety monitoring.

dasar bagi upaya pemasaran yang lebih fokus, lebih tepat, operasional yang efektif dan pengawasan keselamatan yang baik.


Annual Report 2007


STRATEGI

STRATEGY

Untuk mempertahankan dan meningkatkan kinerja saham

In order to maintain and increase its market share and to

di bursa efek, dan untuk meraih kinerja keuangan yang

achieve a consistently strong financial performance through

kuat melalui siklus ekonomi dan pengangkutan, Perseroan

economic and shipping cycles, the Company plans to

merencanakan menjalankan strategi inisiatif berikut:

pursue the following strategic initiatives:

Portofolio yang Berimbang

A Balanced Portfolio

Menjaga keseimbangan portofolio kapal tanker pengangkut bahan kimia, minyak, dan gas.

Maintain a balance portfolio of chemical, oil, and gas

Fakta menunjukkan, produk bahan kimia, minyak dan gas

It is a fact that the chemical, oil, and gas sectors are subject

memiliki siklus ekspansi dan kontraksi, yang dapat berimbas

to cyclical patterns of expansion and contraction, and that

pada permintaan akan jasa pengangkutan di masing-

this will impact the demand for shipping services in each of

masing sektor. Ketiga sektor ini tidak terhubung secara

these respective sectors. However, it is also clear that each

langsung. Dengan adanya diversifikasi produk tersebut,

of these three sectors is governed by cycles that are not

yang sasaran utamanya pada pasar minyak, bahan kimia

directly correlated. Thus, by diversifying its focus across the

dan gas, Perseroan dapat mengurangi kerentanan pada

oil, chemical and gas markets, the Company can reduce

salah satu jenis produk. Dalam rangka pengelolaan risiko

its exposure to volatilities in any one particular sector. In

dan mencapai pertumbuhan yang konsisten, Perseroan

order to manage risk and achieve consistent growth, the

berupaya menjaga keseimbangan antara ketiga produk atau

Company intends to maintain a balance between these

sektor tersebut dalam bisnisnya.

three main segments of its business.

Ikatan Kontrak

Contractual Arrangements

Memanfaatkan ikatan kontrak untuk menjaga pertumbuhan dan menjaga stabilitas arus kas operasional.

Utilize contractual arrangements to grow and maintain stable

Perseroan ingin meningkatkan stabilitas pemasukan yang

The Company seeks to ensure greater cash flow stability

lebih besar melalui kontrak-kontrak dan perjanjian sewa

through the use of contracts and time charters for a

untuk sebagian armada Perseroan, sambil mempertahankan

significant portion of our fleet, while maintaining the

fleksibilitas untuk memperoleh keuntungan yang lebih tinggi

flexibility to benefit from spot market rate improvements.

dari peningkatan tarif di pasar spot. Perseroan juga selalu

The Company constantly monitors the market and seeks

memantau perkembangan pasar untuk mengantisipasi

to anticipate clients’ transportation needs and to respond

kebutuhan transportasi para pelanggan dan menanggapi

quickly to attractive chartering opportunities.

tankers.

operating cash flow.

dengan cepat kebutuhan pasar tersebut, untuk mendapatkan peluang-peluang penyewaan yang menarik.

The achievement of consistent operational stability has facilitated the growth of the Company, allowing it to engage

Dengan tercapainya stabilitas operasi yang konsisten, hal ini dapat mendorong pertumbuhan Perseroan karena memungkinkan Perseroan untuk melakukan investasi.



in investment activities.


Perluasan Armada

Fleet Expansion

Memperluas armada secara konsisten sambil mengelola struktur modal.

Consistently grow the fleet while prudently managing the

Sejak Januari 2005 sampai dengan Desember 2007,

Since January 2005 to December 2007, the Company

Perseroan telah membeli 41 kapal baru dan bekas, dengan

has acquired 41 new and second-hand ships with a total

kapasitas total 1.571.084 ton bobot mati dengan biaya

capacity of 1,571,084 DWT for an aggregate cost of

keseluruhan mencapai US$ 946 juta. Perseroan akan

approximately US$946 million. The Company intends to

melanjutkan penambahan armada, dengan menambah 25

continue to expand its fleet, with 25 vessel new builds,

kapal baru, berkapasitas 684.780 DWT, untuk memenuhi

representing a total capacity of 684,780 DWT, on order for

permintaan dalam empat tahun ke depan.

Perseroan

delivery over the next four years. Furthermore, the Company

juga mempertimbangkan untuk mengakuisisi perusahaan

may consider acquisitions of other shipping companies to

pelayaran lainnya untuk mewujudkan sasaran strategisnya.

achieve its strategic objectives.

Menembus Pasar-Pasar Baru

Penetrating New Markets

Memperluas jangkauan geografis pada pasar utama pelanggan.

Expand the geographic presence in customers’ key

Sejak 1998, Perseroan telah menerapkan strategi perluasan

Since 1998, the Company has pursued a strategy

wilayah geografis untuk menjangkau pasar-pasar

baru

of expanding into new geographical markets from its

dari pusat operasional mereka yang sudah ada di Asia

established operational centre in Southeast Asia. In 1998,

Tenggara. Pada tahun 1998, Perseroan memiliki cabang di

the Company acquired a subsidiary in Hong Kong as a

Hong Kong untuk menembus pasar-pasar Asia Utara. Pada

means to penetrate North Asian markets. In 2001, the

tahun 2001, Perseroan memperluas wilayah perdagangan

Company extended its area of trading and operations

dan operasi mereka ke Timur Tengah dan India. Pada tahun

into the Middle East and India. In 2004, the Company

2004, Perseroan membuka kantor cabang pemasaran di

established a marketing office in Glasgow, Scotland. In 2007

Glasgow, Skotlandia. Pada tahun 2007 Perseroan memiliki

the Company acquired a subsidiary in America to penetrate

cabang di Amerika untuk menembus pasar Amerika Selatan

North and South America

capital structure.

markets.

dan Utara. The Company intends to continue to focus on its core Perseroan berencana melanjutkan fokus utama

bisnis

business in Asia while also striving to extend and expand

mereka di Asia sambil memperluas dan menambah operasi

its operations into Europe and America and to place greater

mereka ke Eropa dan Amerika dan menempatkan penekanan

emphasis on meeting the needs of European and American

terhadap pemenuhan kebutuhan pelanggan-pelanggan

customers. The management of the Company believes

Eropa dan Amerika. Manajemen Perseroan berkeyakinan,

that the European and American market offers substantial

bahwa pasar-pasar Eropa dan Amerika akan menawarkan

opportunities, as many of the largest existing customers

peluang baru. Keyakinan itu didasarkan pada keberadaan

do business in Europe and America and have a demand

para pelanggan besar Perseroan yang menjalankan

for reliable, efficient and cost-effective shipping services

bisnisnya di Eropa dan Amerika, dimana mereka memiliki

throughout this region.

permintaan akan jasa pengangkutan yang handal, efisien dan kompetitif.


Annual Report 2007


Perseroan akan membangun jaringan melalui hubungan-

The Company intends to build on established relationships

hubungan yang sudah ada dengan para pelanggan, untuk

with existing customers in order to facilitate expansion and

memfasilitasi perluasan dan memperoleh bagian yang

gain a greater share of their European and American shipping

lebih besar dari bisnis pengangkutan mereka di Eropa

businesses. At the same time, the Company also plans

dan Amerika. Pada waktu yang bersamaan, Perseroan

to take advantage of the cost efficiencies it has achieved

juga berencana mengambil keuntungan dari efisiensi biaya

through its established presence in Asia to offer competitive

yang harus dicapainya melalui kehadirannya di Asia untuk

pricing to customers in European markets.

menawarkan harga yang kompetitif untuk pasar-pasar di Eropa.

In addition, the Company recognizes that new Indonesian shipping regulations that stipulate that intra-Indonesian

Sebagai tambahan, peraturan pelayaran Indonesia yang

shipping services may only be provided by domestic ship

baru yang mengharuskan jasa-jasa pelayaran di wilayah

owners using Indonesian-flagged vessels, to the extent

Indonesia dilayani oleh pemilik kapal dalam negeri dengan

such vessels are available. The Company believes that the

menggunakan kapal-kapal berbendera Indonesia sepanjang

new regulations will provide an opportunity to expand its

kapal tersebut tersedia. Kebijakan ini memberikan peluang

operations in the domestic market.

untuk memperluas operasi Perseroan di pasar dalam negeri.




Pasar-pasar FSO dan FPSO

FSO and FPSO Markets

Memperluas operasi ke wilayah-wilayah dengan potensi

Expanding operations into areas with high growth potential

pertumbuhan tinggi. The Company believes that the FSO and FPSO markets Perseroan berkeyakinan, pasar-pasar FSO dan FPSO

for offshore services have high growth potential. Thus, the

untuk jasa-jasa lepas pantai memiliki potensi tinggi. Atas

Company will seek to expand its involvement in this area

dasar pertimbangan itu, Perseroan berupaya mendapatkan

by entering into long-term agreements with operators of

kontrak jangka panjang dengan para operator eksplorasi

oil exploration and production facilities to manage storage,

minyak dan fasilitas produksi untuk mengelola penyimpanan,

off-loading and other offshore services. The Company has

bongkar muat dan pelayanan-pelayanan lepas pantai

converted one of its existing tankers to serve as an FPSO in

lainnya. Perseroan telah mengalihkan salah satu kapal

2006 as the first entry into this market.

angkutnya untuk melayani FPSO pada tahun 2006 sebagai salah satu syarat memasuki pasar ini.


Annual Report 2007


PROSPEK USAHA DAN KONDISI PASAR

BUSINESS PROSPECTS AND MARKET CONDITIONS

Industri pengangkutan muatan cair sangat dipengaruhi oleh kondisi pasar yang seringkali berada di luar kendali

The liquid cargo shipping industry is affected by market

perusahaan pelayaran. Hasil operasi Perseroan bisa jadi

conditions that are often outside the control of individual

berfluktuasi secara signifikan karena dipengaruhi oleh

shipping companies. Thus, the Company’s operational

beberapa faktor seperti, kondisi perekonomian global, tingkat

and financial performance may fluctuate significantly due

permintaan dan penawaran dari pengangkutan muatan cair,

to factors including general global economic conditions;

serta siklus yang dimiliki oleh industri pengangkutan muatan

the supply and demand for liquid shipping transportation

cair.

services; and business cycles affecting the liquid cargo maritime shipping industry.

Pengangkutan bahan kimia, minyak bumi, dan gas merupakan penyumbang utama hasil operasi Perseroan.

The vast majority of the Company’s operations involve the

Pasar untuk transportasi bahan kimia, minyak, dan gas

shipping of chemicals, oil and gas. The demand for these

memiliki tingkat volatilitas yang tinggi seiring dengan tingkat

services has historically been volatile, as global demand

permintaan global terhadap produk ini yang berfluktuasi.

for these three products fluctuates. The demand for oil,

Tingkat permintaan terhadap minyak, bahan kimia, dan gas

chemicals and gas is closely interrelated with global patterns

secara umum mengikuti pola perkembangan, pertumbuhan,

of economic development, growth and activity. Fluctuations

dan aktivitas perekonomian global. Perubahan tingkat

in the demand for services involving the transportation

permintaan untuk pengangkutan minyak, bahan kimia, dan

of these commodities are influenced by a number of

gas dipengaruhi banyak faktor. Antara lain,

perubahan

factors, including changes in levels of global production

produksi minyak dan gas global dan hubungannya dengan

of and demand for oil and gas and related changes in the

perubahan harga minyak dan gas, tingkat ekspor dan

prices of these commodities; export and import levels in

impor pada perdagangan minyak dunia, permintaan dunia

the global energy market; the level of global demand for

terhadap energi, khususnya minyak dan produk turunannya,

energy products and particularly petroleum and petroleum

tingkat fluktuasi pada perdagangan dan produksi global dan

related products; fluctuations in global and regional trade;

regional, tingkat nilai tukar mata uang, tingkat persediaan

fluctuations in currency exchange rates; fluctuations in

minyak dan gas terutama di negara pengimpor komoditas

the oil and gas inventory levels, particularly in importing

tersebut, serta perubahan peraturan tentang perkapalan

countries; and changes in the regulatory regimes governing

dan industri pelayaran.

the shipping industry and other related matters.

Selama beberapa tahun terakhir ini, tingkat permintaan

Over the past several years, the global demand for

dunia terhadap pengangkutan minyak, bahan kimia, dan

transportation services involving the shipping of oil,

gas meningkat secara stabil. Pengangkutan bahan kimia

chemicals and gas has risen steadily. The volume of liquid

mengalami peningkatan sebesar 21,28% sejak tahun 2001,

chemicals transported by sea has risen by approximately

yaitu dari 133 juta ton menjadi 161,3 juta ton di tahun 2007.

21.28 per cent since 2001, from 133 million tons to 161.3

Sedangkan tingkat permintaan untuk tanker pengangkut

million tons in 2007; the volume of petroleum transported by

minyak telah meningkat dari sekitar 249,9 juta DWT di tahun

sea has increased from approximately 249.9 million DWT in

2003 menjadi sekitar 297,7 juta DWT di tahun 2007. Untuk

2003 to approximately 297.7 million DWT in 2007; while the

sektor gas terjadi peningkatan tingkat permintaan dari

volume of LPG, ammonia and petrochemical gas has risen

67,5 juta ton untuk pengangkutan LPG, amonia, dan gas

from 67.5 million tons in 2002 to 79.4 million tons in 2007.

petrokimia pada tahun 2002 menjadi 79,4 juta ton di tahun 2007.




Seaborne Chemical Trade in million tonnes (’000,000) 200 180 160 140 120 100 80 60 40 20 0

2001

2002

*Source: Drewry

2003

2004

Organic

2005

2006

Inorganic

2007E

2008E

Veg-Oils

2009E

2010E

2011E

Others

Oil Carrier Demand in million DWT (’000,000) 400.0 380.0 360.0 340.0 320.0 300.0 280.0 260.0 240.0

2003

2004

2005

2006

2007

2008

2009E

2010E

2011E

2012E

2008

2009E

2010E

2011E

*Source: Drewry

Seaborne Gas Trade in million tonnes (’000,000) 100 80 60 40

2002

2003

2004

2005

2006

2007

*Source: Drewry


Annual Report 2007


MT Puspawati, 19,900 DWT, 2008

Selama beberapa tahun terakhir ini, penawaran akan

Over the past several years, the supply of liquid cargo

pengangkutan muatan cair terus meningkat, sejalan

maritime transportation services has increased in response

dengan

Drewry

to the growth in demand. According to Drewry Shipping

Shipping Consultants Ltd., sejak tahun 2002 armada tanker

meningkatnya

permintaan.

Menurut

Consultants Ltd, since 2002, the total combined capacity of

pengangkut bahan kimia dunia berkembang dari sekitar 40,6

the world chemical tankers has grown from approximately

juta DWT menjadi 69,8 juta DWT pada akhir tahun 2007.

40.6 million DWT to 69.8 million DWT at the end of 2007

Termasuk didalamnya, kapal yang memiliki peringkat kimia

(including vessels that have a limited chemical rating but they

terbatas tapi pada umumnya digunakan untuk transportasi

are primarily used for the transportation of oil products).

produk minyak. The total combined capacity of the world’s oil tankers has Jumlah armada kapal tanker pengangkut minyak telah

grown from approximately 265.5 million DWT in 2003 to

berkembang dari sekitar 265,5 juta DWT pada tahun 2003

approximately 323.8 million DWT at the end of 2007, while

menjadi lebih dari 323,8 juta DWT pada akhir tahun 2007.

the combined capacity of the world’s gas tankers has grown

Sedangkan armada kapal tanker gas dunia berkembang

from 14.4 million CBM in 2003 to approximately 16.1 million

dari 14,4 juta CBM pada tahun 2003 menjadi sekitar 16,1

CBM at the end of 2007. The Company expects a further

juta CBM pada akhir tahun 2007. Perseroan memperkirakan

growth in the supply of liquid cargo shipping services as

pertumbuhan tingkat penawaran pengangkutan muatan cair

shipyards building new vessels are currently running at full

akan terus berlanjut karena galangan-galangan kapal saat

capacity.

ini membangun kapal baru dengan kapasitas maksimal.




MT Nolowati, 11,636 DWT, 1998

Kinerja keuangan dari industri pelayaran pengangkutan

The financial performance of the liquid cargo shipping

bahan kimia secara historis memiliki siklus tersendiri,

industry has historically been subject to specific cycles, with

dikarenakan tingkat volatilitas tarif yang disebabkan oleh

volatility in freight rates due to the fluctuations in the supply

tingkat permintaan dan penawaran layanan pengangkutan

of and demand for shipping services as explained above.

yang berfluktuasi. Siklus usaha dari masing-masing

However, there is not necessarily a correlation between the

kegiatan usaha Perseroan, yaitu, pengangkutan bahan

business cycles of each of the three product markets in

kimia, minyak, dan gas, belum tentu saling berhubungan

which the Company operates: chemicals, oil and gas. The

satu sama lain. Rute operasi Perseroan yang bervariasi

various shipping routes on which the Company operates

dan variasi produk yang diangkut memiliki paparan yang

and the various products for which the Company provides

berbeda-beda dengan siklus tarif tersebut. Perseroan

its services are subject to varying degrees of exposure to this

berusaha untuk selalu mengelola risiko tersebut dengan

volatility affecting freight rates. The Company endeavors to

menjaga keseimbangan dari berbagai macam produk,

control the impact that this volatility has on its performance

dengan menjaga keseimbangan antara spot kontrak dan

by maintaining a balance between the proportion of business

kontrak jangka panjang serta mengalihkan operasi armada

involving each of the three product markets; by maintaining

Perseroan ke wilayah geografis yang diperkirakan memiliki

a balance between long-term and spot contracts; and by

tingkat permintaan yang tinggi dan relatif stabil.

moving its ships to geographic regions where demand is both high and relatively stable.


Annual Report 2007


ANAK PERUSAHAAN UTAMA

MAJOR SUBSIDIARIES

GBLT Shipmanagement (UK) Ltd

Sebagai salah satu cabang dari pemilik kapal Indonesia PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd (“GBLT UK”) ditempatkan secara strategis di Glasgow, Skotlandia untuk membantu ekspansi kelompok ke pasar-pasar Eropa dan Afrika. Glasgow adalah kota yang kaya akan tradisi pembuatan kapal dan saat ini sebagai pusat pengelolaan kapal yang prima. Perusahaan telah menunjukkan kapasitas dan pengalaman, yang dikombinasikan dengan etika yang kuat serta komitmen terhadap keselamatan, dan ini diyakini akan menentukan suksesnya Perseroan di Eropa. GBLT UK mengoperasikan tujuh kapal yang merupakan bagian dari armada BLT, yaitu: MT Fatmarini, MT Frabandari, MT Harsanadi, MT Hartati, MT Nogogini, MT Nolowati dan MT Ratih. GBLT UK memiliki wewenang untuk menyewakan dan mengoperasikan semua kapal di pasar-pasar Eropa dan Afrika Utara. Dengan demikian, di saat kapal-kapal terus diperdagangkan secara reguler di wilayah ini kami telah mengembangkan pelayanan-pelayanan administratif dan teknis (termasuk audit kapal, melayani pelatihan kadet dan pelaut superintenden) untuk menjamin dukungan terbaik yang paling memungkinkan kepada kapal mana pun yang diminta ke Eropa. Bersamaan dengan pemeriksaan semua kapal GBLT UK setiap tahunnya, departemen teknis seringkali mengadakan kunjungan ke kapal-kapal BLT yang dipanggil ke pelabuhan-pelabuhan di Eropa. GBLT UK juga merekrut dan melatih para kadet, yang dilakukan di atas kapal BLT. GBLT mendapatkan akreditasi kualitas ISO 9001 dari Llyods Register pada tahun 2006. Perusahaan terus mempertahankan standar-standar yang tinggi akan kualitas dan pelayanan jasa.

As a subsidiary of the Indonesian Ship Owner PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd. (“GBLT UK”) is strategically located in Glasgow, Scotland to assist with the Group’s expansion into the European and African markets. Glasgow is a city with a rich shipbuilding tradition and in the present day is a centre of ship management excellence. The company’s demonstrated capability and experience, combined with strong ethics and a commitment to safety, will determine its success in Europe. GBLT UK operating 7 vessels which form part of the BLT fleet: MT Fatmarini, MT Frabandari, MT Harsanadi, MT Hartati, MT Nogogini, MT Nolowati and MT Ratih. GBLT (UK) has authority for the chartering and operations of all BLT vessels trading in the European and North African markets. Indeed, as the vessels continue to trade more regularly in this area we have developed administrative and technical services (including ship audit, cadet training and marine supt. services) to ensure the best possible support for any of the vessels calling to Europe. Along with auditing all GBLT UK vessels on an annual basis, the technical department often visits BLT vessels calling in European ports. GBLT UK also recruits and trains cadets, part of their training being conducted onboard BLT vessels. GBLT UK obtained ISO 9001 quality accreditation from Lloyds Register in 2006. The office continues to maintain high standards of quality and service. GBLT UK Ltd recently purchased new office and relocated to the new premises in January 2008. The new offices are situated in the Glasgow Business Park which is only a short distance from the centre of Glasgow. The spacious new office affords GBLT UK the freedom to accommodate their expanding team.

GBLT UK baru saja membeli kantor baru dan menempatinya pada bulan Januari 2008. Kantor-kantor baru tersebut ditempatkan di Sentra Bisnis Glasgow yang berada tidak jauh dari pusat kota Glasgow. Kantor baru yang luas memberikan GBLT UK suatu kebebasan untuk mengakomodasi anggota mereka yang terus bertambah.

Gold Bridge Shipping Ltd (Hong Kong) Industri petrokimia Asia telah mengubah dirinya sebagai pusat penyulingan besar dan penghubung pengangkutan lintas-batas guna memenuhi permintaan akan produk-produk petrokimia dan perminyakan yang semakin meningkat di kawasan. Pusat-pusat penyulingan besar di Asia Utara, Asia Tenggara dan Timur Tengah memberikan peluang perdagangan bagi permintaan akan transportasi laut bahan kimia cair dan perminyakan di kawasan ini. Dibalik pertumbuhan tersebut, Gold Bridge Shipping Ltd. (“Gold Bridge”) telah melayani industri petrokimia dan perminyakan Asia sejak 1990. Gold Bridge merupakan anak perusahaan yang dimiliki seutuhnya oleh PT. Berlian Laju Tanker Tbk (‘BLT’). BLT memiliki lebih dari 24 tahun pengalaman di bidang pengangkutan bahan cair, dan terlibat dalam semua aspek industri tanker dari bahan-bahan kimia, produk minyak mentah, tanker-tanker aspal dan gas. Dengan kehadiran Gold Bridge yang kuat di Asia Utara dan BLT di kawasan lainnya, BLT telah menjadi operator tanker bahan kimia terdepan di kawasan.



Asia petrochemical industry has transformed itself as a major refining centre and transshipment hub to feed the ever increasing demand for petrochemicals and petroleum products in the region. Major refining centers in North Asia, Southeast Asia and the Middle East provide a buoyant trade in the demand for liquid chemical and petroleum marine transportation in the region. Behind this growth, Gold Bridge Shipping Ltd. (“Gold Bridge”) has been serving the Asian petrochemical and petroleum industry since 1990. Gold Bridge is a subsidiary of PT Berlian Laju Tanker Tbk (‘BLT’). BLT has over 24 years of liquid marine transportation experience, and is involved in all aspects of tanker industry from chemical, product crude oil, asphalt and gas tankers. With Gold Bridge strong presence in North Asia and BLT in other regions, BLT has become a leading chemical tanker operator in the region.


Chembulk Tankers LLC (“Chembulk”) Chembulk Tankers LLC (“Chembulk”) didirikan pada bulan Januari 2007 sebagai salah satu penyedia pengangkutan laut mutakhir abad 21 untuk bahan kimia cair yang menggunakan kapal-kapal angkut berbahan baja anti karat (stainless steel) abad 21 sesuai dengan spesifikasi industri tertinggi. Dengan komitmennya akan keunggulan dalam semua aspek yang ditetapkan baik karena persaingan maupun peraturan yang ada, Chembulk memadukan kemampuan berbisnis yang baik dengan kecakapan operasional guna menjamin pengangkutan kargo pelanggan dengan handal. Chembulk merupakan anak perusahaan yang dimiliki seutuhnya oleh PT. Berlian Laju Tanker Tbk. (“BLT”), yang merupakan perusahaan pelayaran terbesar ketiga dalam pengangkutan bahan kimia di dunia. Wilayah operasi Chembulk adalah di Amerika, Eropa dan Asia Timur. Dengan armada baru kami yang dipadukan dengan BLT di kawasan lain, kami beroperasi di seluruh dunia.

Chembulk Tankers LLC (“Chembulk”) was formed in January 2007 as a cutting edge provider of marine transportation for the chemical industry deploying 21st century stainless steel chemical carriers built to the industry’s highest specifications. With its Commitment to excellence in all aspects demanded by a competitive commercial and regulatory arena. Chembulk combines commercially sound business acumen with rigorous operational capabilities ensuring seamless transportation of customer cargoe. Chembulk is a wholly owned subsidiary of PT Berlian Laju Tanker Tbk (“BLT”), which becomes the 3rd in the world in chemical liquid transportation. Chembulk operating areas are in America, Europe and East Asia. With our young fleet and combined with BLT in other region, we are trading all over the world.

GBLT Ship Management Pte. Ltd. (Singapore)

GBLT Ship Management Pte. Ltd. (“GBLT”), anak perusahaan yang dimiliki seutuhnya oleh PT. Berlian Laju Tanker Tbk. (“BLT”), didirikan di Singapura pada tanggal 1 Juni 2002. GBLT didirikan untuk memberikan pelayanan independen pengelolaan teknis bagi armada BLT. GBLT mengelola armada tanker-tanker, termasuk kapal minyak, kimia, dan gas yang beroperasi dari pelabuhan-pelabuhan asal di Indonesia ke Asia Tenggara, Asia dan Timur Tengah, meluas ke Mediterania, Eropa dan melintasi benua menuju Amerika Selatan.

GBLT Ship management Pte. Ltd., a wholly owned subsidiary of PT. Berlian Laju Tanker Tbk. (BLT), was established in Singapore on 1st June 2002. It was set up to provide an independent technical management services to BLT fleet. GBLT manages a fleet of tankers, which include Petroleum, Chemical, and Gas vessels, trading from the home ports of Indonesia to South East Asia, Asia and the Middle East, extending to the Mediterranean, Europe and across the continents to South America.

Untuk dapat mencapai misinya dalam menyediakan pelayanan yang berkualitas dunia dan profesional, GBLT berkomitmen pada pencapaian ZERO incident dan ZERO spills dalam pengelolaan kapal-kapal. Kami senantiasa melakukan perbaikan-perbaikan yang berkesinambungan untuk mencapai tujuan-tujuan tersebut.

To uphold its Mission Statement to provide a world class quality and professional services, GBLT is committed to ZERO incidents and ZERO spills in the management of our vessels and we aim to achieve these goals through continuous improvement.

Melalui struktur program pelatihan in-house-nya, berdasarkan keunggulan keselamatan dan lingkungan, GBLT menetapkan standar-standar, menyediakan pelayanan-pelayanan pengelolaan kapal yang kompeten dan menetapkan strategi-strategi untuk meningkatkan kinerja keselamatan secara keseluruhan bagi armada kapal. Tim manajemen GBLT yang terdiri atas profesional-profesional internasional memberikan pandangan dan pengalaman yang tiada bandingannya kepada semua wilayah pengelolaan kapal agar dapat tetap menjadi yang terdepan dalam industri maritim.

Through its in-house structured training program, based on safety and environmental excellence, GBLT defines standards, provides competent ship management services and maps out strategies to improve the overall safety performance of the fleet. GBLT’s management team of international professionals provides unparalleled insight and experience to all areas of ship management to stay at the forefront of the maritime industry.


Annual Report 2007


KINERJA SAHAM

SHARE PERFORMANCE

Setelah melakukan penawaran perdana saham (Initial Public Offering/IPO) pada tanggal 22 Januari 1990 dan tercatat di Bursa Efek Indonesia, yang merupakan hasil penggabungan Bursa Efek Jakarta dan Bursa Efek Surabaya, Perseroan pun telah melaksanakan tiga kali penawaran umum terbatas (Limited Public Offering) melalui mekanisme right issue pada tahun 1993, 1998, dan 2001. Sebagai tambahan, beberapa aksi korporasi juga telah dilaksanakan seperti pendistribusian saham bonus sebagai bentuk penghargaan dari Perseroan untuk para pemegang saham, serta stock split atau pemecahan saham dengan tujuan meningkatkan likuiditas perdagangan saham Perseroan.

Since the Company conduct its Initial Public Offering on 22 January 1990, with shares in the Company being listed on what was then known as the Jakarta Stock Exchange and the Surabaya Stock Exchange (now the Indonesian Stock Exchange) the Company has conducted three limited public offerings with pre-emptive rights, in 1993, 1998, and 2001 respectively. In addition, a number of corporate actions in the capital market have also been conducted, including a distribution of Bonus to shareholders and a Stock Split which was intended to increase the trading liquidity of the Company’s shares.

Perseroan harus selalu mempertimbangkan berbagai alternatif pembiayaan untuk mendukung aktivitas investasi dan operasional. Salah satu alternatif pembiayaan yang pada masa lalu belum menjadi fokus Perseroan yaitu pasar modal. Kini Perseroan telah membuka akses ke pendanaan pasar modal luar negeri dengan menerbitkan obligasi konversi, yang sukses diterbitkan pada akhir 2005. Selanjutnya, pada tanggal 30 Oktober 2006, Perseroan telah mendaftarkan surat berharga tersebut di Bursa Efek Singapura sebagai landasan bagi Pereroan untuk mengakses dana di pasar modal luar negeri. Pada awal tahun 2007 Perseroan juga berhasil menerbitkan wesel bayar (notes payable) dan obligasi konversi kedua yang juga terdaftar di Bursa Efek Singapura, serta menerbitkan obligasi rupiah ketiga dan sukuk Ijarah yang tercatat di Bursa Efek Indonesia.

The Company is engaged in an ongoing process to determine optimally beneficial financial resources for investment and to finance the operational activities of the Company. One source of financing which, in the past, has not been a major area of focus for the Company is the international capital market. However, the Company has begun to access the overseas capital market through a Convertible Bond that was successfully issued by the Company at the end of 2005. Thereafter, on 30 October 2006, the Company has registered its stock on the Singapore Stock Exchange (Singapore Exchange Securities Trading Limited) as a means to access overseas capital market. In early 2007, the Company also successfully issued Guaranteed Notes and the second Convertible Bond, which is also listed in Singapore Stock Exchange. It also issued its Third Rupiah Bond and Sukuk Ijarah which was listed on the Indonesian Stock Exchange.

Aksi Korporasi Perseroan di Pasar Modal:

Summary of Company’s Activities in Capital Markets:

Tanggal Pencatatan

Saham Baru

Jumlah Saham

Nilai Nominal

Recording Date

New Share

Total Share

Nominal Value

11,900,000

Rp. 1,000

Aksi Korporasi

Corporate Action

Sebelum Penawaran Umum Perdana Penawaran Umum

Before IPO Initial Public Offering

26-Mar-90

2,100,000

14,000,000

Rp. 1,000

Saham Bonus I (2:1)

20-Jul-91

7,000,000

21,000,000

Rp. 1,000

Stock Bonus I (2:1)

Saham Bonus II (5:2)

24-Sep-92

8,400,000

29,400,000

Rp. 1,000

Stock Bonus II (5:2)

24-May-93

29,400,000

58,800,000

Rp. 1,000

Rights Issue I (1:1 @ Rp 1,600)

27-Jan-97

58,800,000

117,600,000

Rp. 500

Stock Split (1:2)

4-Mar-97

35,280,000

152,880,000

Rp. 500

Perdana (@ Rp 8.500)

Penawaran Umum Terbatas I (1:1 @ Rp 1.600) Pemecahan Nilai Saham (1:2) Saham Bonus III (500:150)



(@ Rp 8,500)

Stock Bonus III (500:150)


Tanggal Pencatatan

Saham Baru

Jumlah Saham

Nilai Nominal

Recording Date

New Share

Total Share

Nominal Value

Aksi Korporasi

Corporate Action

Penawaran Umum Terbatas II

16-Jan-98

305,760,000

458,640,000

Rp. 500

Rights Issue II (1:2 @ Rp 1,200, 10

6,380

458,646,380

Rp. 500

Warrant Conversion

19-Jan-01

53,958,150

512,604,530

Rp. 500

Rights Issue III (17:2 @ Rp 1,100)

Start from Oct-01

51,260,000

512,604,530

Rp. 500

Stock Buy Back(*)

839,262

513,443,792

Rp. 500

Warrant Conversion

1,540,331,376

2,053,775,168

Rp. 125

Stock Split (1:4)

14,482,420

2,068,257,588

Rp. 125

Warrant Conversion Warrant Conversion

(1:2 @ Rp 1.200, 10 HMETD + 2 Waran) Konversi Waran

Rights + 2 Warrant) Up to 31-Dec-00

Penawaran Umum Terbatas III (17:2 @ Rp 1.100) Pembelian Kembali Saham * Konversi Waran

Up to 6-Feb-02

Pemecahan Nilai Saham (1:4)

6-Feb-02

Konversi Waran

Up to 31-Dec-03

Konversi Waran

Up to 12-Nov-04


12-Nov-04

3,923,900

2,072,181,488

Rp. 125

2,072,181,488

4,144,362,976

Rp. 62.50

Stock Split (1:2)

Konversi Waran

Up to 31-Dec-04

22,500

4,144,385,476

Rp. 62.50

Warrant Conversion

Pembelian Kembali Saham *

Start from May-05

412,433,000

4,144,385,476

Rp. 62.50

Stock Buy Back(*) Warrant Conversion

Konversi Waran

Up to 31-Dec-05

12,828,960

4,157,214,436

Rp. 62.50


Start from Jul-06

113,938,000

4,157,214,436

Rp. 62.50

Stock Buy Back(*)

Konversi Waran

Up to 31-Dec-06

358,000

4,157,572,436

Rp. 62.50

Warrant Conversion

Konversi Waran

Up to 31-Dec-07

1,438,000

4,159,010,436

Rp. 62.50

Warrant Conversion


Start from Oct-01

51,260,000

512,604,530

Rp. 500

Stock Buy Back(*)

839,262

513,443,792

Rp. 500

Warrant Conversion

1,540,331,376

2,053,775,168

Rp. 125

Stock Split (1:4)

14,482,420

2,068,257,588

Rp. 125

Warrant Conversion Warrant Conversion

Konversi Waran

Up to 6-Feb-02


6-Feb-02

Konversi Waran

Up to 31-Dec-03

Konversi Waran

Up to 12-Nov-04


12-Nov-04

3,923,900

2,072,181,488

Rp. 125

2,072,181,488

4,144,362,976

Rp. 62.50

Stock Split (1:2)

Konversi Waran

Up to 31-Dec-04

22,500

4,144,385,476

Rp. 62.50

Warrant Conversion


Start from May-05

412,433,000

4,144,385,476

Rp. 62.50

Stock Buy Back(*) Warrant Conversion

Konversi Waran

Up to 31-Dec-05

12,828,960

4,157,214,436

Rp. 62.50


Start from Jul-06

113,938,000

4,157,214,436

Rp. 62.50

Stock Buy Back(*)

Konversi Waran

Up to 31-Dec-06

358,000

4,157,572,436

Rp. 62.50

Warrant Conversion

Konversi Waran

Up to 31-Dec-07

1,438,000

4,159,010,436

Rp. 62.50

Warrant Conversion

* Tidak mempengaruhi Jumlah Saham yang telah diterbitkan

* Will not have an effect on Total Share issued

Total Saham yang Tercatat di BEI dan SGX per 31 December

Total Listed Share in IDX and SGX on 31 December 2007

2007: 4.159.010.426 Saham

4,159.010,426 shares

Kinerja Saham Perseroan per Kuartal Tahun 2006 & 2007

Performance of Share Quarterly in 2006 and 2007

BEI/Indonesian Stock Exchange

SGX/Bursa Singapura

Year

Q

Vol

Hih

Low

Close

High

Low

Close

2006

Q1

1,320,584,500

1,570

1,020

1,420

Vol -

-

-

-

2006

Q2

3,314,415,000

2,130

1,410

1,730

-

-

-

-

2006

Q3

1,370,428,000

2,150

1,720

2,125

-

-

-

2006

Q4

907,840,000

2,200

1,660

1,740

313,686,000

0.34

0.27

0.29

2007

Q1

1,095,653,000

1,940

1,640

1,880

343,292,000

0.35

0.28

0.32

2007

Q2

1,148,385,000

2,100

1,870

2,050

327,589,000

0.36

0.31

0.33

2007

Q3

809,422,500

2,050

1,170

1,950

183,200,000

0.35

0.21

0.32

2007

Q4

858,645,000

2,700

1,940

2,650

588,322,000

0.44

0.28

0.40

-


Annual Report 2007


Kinerja Saham di BEI (Bursa Efek Indonesia) dan SGX

Performance of Share in IDX ( Indonesia Stock Exchange)

(Bursa Efek Singapura) periode 2006 & 2007

and SGX (Singapore Exchange Securities Trading Limited) for period 2006 & 2007

Bursa Efek Indonesia/ Indonesia Stock Exchange 3,000

250,000,000

2,500

200,000,000

2,000

150,000,000

1,500 100,000,000

1,000

50,000,000

500

Fe

Ja n

-0 6 b0 M 6 ar -0 Ap 6 rM 06 ay -0 Ju 6 n0 Ju 6 l-0 Au 6 gSe 06 pO 06 ct -0 No 6 vDe 06 cJa 06 n0 Fe 7 b0 M 7 ar -0 Ap 7 r-0 M 7 ay -0 Ju 7 n0 Ju 7 l-0 Au 7 gSe 07 pO 07 ct -0 No 7 vDe 07 c07

-

VOLUME

HIGH

LOW

CLOSE

Bursa Singapura/ Singapore Stock Exchange Trading Limited 0,500 0,450 0,400 0,350 0,300 0,250 0,200 0,150 0,100 0,050 -

160,000,000 140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000



LOW

07 cDe

v07 No

ct

-0 7

07

CLOSE

O

pSe

g07 Au

7

07

Ju l-0

7 -0 ay M

HIGH

Ju n-

r-0 7

7 ar -0 M

VOLUME

Ap

b07 Fe

06

n07 Ja

cDe

v06 No

O

ct

-0 6

-


PENGHARGAAN DAN SERTIFIKASI

AWARDS AND CERTIFICATIONS

Perseroan

memperluas

The Company is engaged in an ongoing endeavor to develop

pangsa pasar, dengan cara memperkuat dan meningkatkan

berupaya

meningkatkan

dan

and expand its market share by strengthening and developing

keunggulan kompetitifnya dalam segala hal, terutama yang

its competitive excellence in terms of management systems,

berkaitan dengan sistem-sistem manajemen, performa

operational performance, financial performance, adherence

operasional, performa finansial, keterkaitan dengan prinsip-

to the principles of good corporate governance, and creating

prinsip perusahaan yang baik (good corporate governance),

value for shareholders. The Company is extremely gratified

dan peningkatan nilai untuk para pemegang saham.

that its endeavors to achieve excellence in all these areas has

Perseroan sangat berterimakasih terhadap upaya-upaya

been recognized and acknowledged through awards and

manajemen dan karyawan dalam menciptakan keunggulan

certificates granted by a number of prestigious agencies,

di semua bidang-bidang tersebut. Hasil kerja keras ini telah

certifying bodies, and other third parties. In 2007, amongst

diakui

others, the Company received the following awards:

melalui penghargaan-penghargaan dan sertifikasi-

sertifikasi yang diterima Perseroan dari sejumlah lembaga, badan-badan sertifikasi, dan pihak ketiga lainnya. Pada tahun 2007, Perseroan antara lain menerima penghargaanpenghargaan berikut:

Investor Award 2007: Perusahaan Publik Terbaik di bidang Infrastruktur Investor Award 2007: Best Public Company in Infrastructure Sector

Business Review Award 2007: CEO terbaik ke-6 Bisnis Review Award 2007: 6th Best CEO.

Investor Best Syariah 2007: Peringkat Kedua untuk Obligasi Syariah Mudharabah Investor Best Syariah 2007: 2nd Place for Syariah Mudharabah Bond


Annual Report 2007

GOOD CORPORATE GOVERNANCE Tata Kelola Perusahaan Yang Baik



GOOD corporate governance Tata Kelola Perusahaan Yang Baik

BERMULA DARI TATA KELOLA PERUSAHAAN YANG BAIK MENUJU HASIL YANG BAIK

FROM GOOD CORPORATE GOVERNANCE TO GOOD RESULTS

Perseroan memiliki komitmen untuk meningkatkan dan

high standards of corporate governance, in compliance

mempertahankan tata kelola perusahaan (good governance)

with the principles and guidelines set out in the new Code

dengan standar tinggi, sesuai dengan prinsip dan panduan

of Corporate Governance 2005 (“Code 2005”) and the

yang dirumuskan dalam Code of Corporate Governance

Best Practices Guide issued by the Singapore Exchanges

2005 (Code 2005) dan Best Practice Guide yang diterbitkan

Securities Limited (the “SGX-ST) and these are in line in

oleh Bursa Efek Singapura (Singapore Exchanges Securities

principle with the Indonesian Code of Good Corporate

Limited) (“SGX-ST”) dan selaras dengan ketentuan Tata

Governance 2001 and other prevailing standards adopted

Kelola Perusahaan yang Baik 2001 (Indonesian Good

and used in Indonesia.

Corporate Governance 2001) dan ketentuan lain yang yang berlaku di Indonesia.

The Company is committed to achieving and maintaining

The corporate governance practices of the Company in 2007 are described herein under the following sections:

Praktik Tata Kelola Perusahaan yang diterapkan perusahaan selama tahun 2007 sebagai berikut:

Ketentuan Tentang Direksi dan Dewan Komisaris Dalam Perusahaan Prinsip 1: Setiap perusahaan harus ditangani oleh Direksi

The Board’s Conduct of its Affairs Principle 1: Every company should be headed by an effective Board to lead and control the company.

dan Dewan Komisaris yang efektif untuk memimpin dan

Board Composition and Balance

mengendalikan perusahaan.

Principle 2: There should be a strong and independent element on the Board, which is able to exercise objective

Komposisi Direksi dan Dewan Komisaris dan Keseimbangan Prinsip 2: Sebaiknya ada elemen kuat dan independen

judgment on corporate affairs independently, in particular, from Management. No individual or small group of individuals should be allowed to dominate the Board’s decision making.

dalam Direksi dan Dewan Komisaris, yang mampu memberikan penilaian objektif terhadap hubungan korporasi yang independen, secara khusus, dari pihak Manajemen.

Composition of the Board and its Committees

Tidak ada individu atau sekelompok kecil individu yang

The composition of the Board and its Committee is as stated

diizinkan mendominasi Direksi dan Dewan Komisaris dalam

on page 62.

mengambil keputusan.

During the financial year ended 31st December 2007, two (2) Board Meetings and twelve (12) Management Review

Komposisi Direksi, Dewan Komisaris dan Komitenya Komposisi Direksi, Dewan Komisaris dan Komitenya adalah

Meetings were held. The attendance records of the Commissioners and Directors, together with their attendance at Committee Meetings are as follows:

sebagaimana yang tertera pada tabel di halaman 62. Selama tahun keuangan yang berakhir 31 Desember 2007, telah dilakukan dua (2) kali Rapat Direksi dan Dewan Komisaris dan dua belas (12) kali Evaluasi Manajemen. Daftar kehadiran dari Komisaris dan Direksi bersama dengan kehadiran mereka pada pertemuan komite adalah sebagai berikut:


Annual Report 2007


Rapat Dewan

Rapat Evaluasi Manajemen

Rapat Komite Audit

Rapat Komite Nominasi

Rapat Komite Remunerasi

Board Meeting

Management Review Meeting

Audit Committee Meeting

Nomination Committee Meeting

Remuneration Committee Meeting

Hadi Surya

2/2

-

1/1

1/1

Harijadi Soedarjo

2/2

-

-

-

Alan Jonathan

2/2

4/4

1/1

1/1

Jaka Prasetya

2/2

4/4

1/1

1/1

Max Sumakno

-

4/4

-

-

Segara Utama

-

-

-

-

(resigned on 31 May 2007)

Widihardja Tanudjaja

2/2

10/12

0/4

-

-

Siana Anggraeni Surya

2/2

8/12

0/4

-

-

Kevin Wong

2/2

10/12

3/4

-

-

Michael Murni Gunawan

2/2

12/12

4/4

-

-

Henrianto Kuswendi

2/2

10/12

2/4

-

-

Dewan Komisaris


Berdasarkan Anggaran Dasar Perseroan, Dewan Komisaris

Under the Company’s Articles of Association, the Board

terdiri atas sedikitnya 3 anggota termasuk di dalamnya

of Commissioners, which has the task of supervising

Komisaris

mengawasi

the Company’s management, must consist of at least

Utama,

manajemen

yang

bertugas

untuk

Perseroan. Karena Perseroan mencatatkan

three members, including the President Commissioner.

sahamnya pada Bursa Efek Indonesia dan Bursa Efek

A company listed on the Indonesia Stock Exchange and

Singapura, maka Perseroan diharuskan memiliki Komisaris

Singapore Exchange Securities Trading Limited (SGX),

Independen (dalam peraturan SGX disebut independen non-

such as the Company, is also required to have independent

executive director) sebagai bagian dari Dewan Komisaris.

commissioners (or independent non-executive director in

Fungsi utama Dewan Komisaris adalah memberikan saran

the case of Singapore Stock Exchange requirement) as

dan mengawasi kebijakan-kebijakan yang dilakukan Dewan

members of its Board of Commissioners. The principal

Direksi dalam mengelola Perseroan. Dewan Komisaris

functions of the Board of Commissioners are to give advice

berkewajiban untuk menjalankan tugasnya dengan itikad baik

to and supervise the policies of the Board of Directors. The

dan penuh tanggung jawab dengan selalu memperhatikan

Board of Commissioners is required to perform its duties in

kepentingan Perseroan.

good faith and in the best interests of the Company.

Rapat Dewan Komisaris dapat diadakan setiap waktu jika

Meetings of the Board of Commissioners may be held at

dipandang perlu oleh Komisaris Utama atau dua orang

any time deemed necessary by the President Commissioner

anggota Dewan Komisaris, atau didasarkan atas permintaan

or two members of the Board of Commissioners, or upon

tertulis, baik dari seorang atau lebih anggota Dewan Direksi,

the request in writing from either one or more members of

atau seorang pemegang saham Perseroan ataupun lebih,

the Board of Directors or one or more of the shareholders

yang bersama-sama mewakili 1/10 ( satu per sepuluh)

jointly representing at least one-tenth of the total voting

bagian dari seluruh jumlah saham dengan hak suara yang

shares issued by the Company. A meeting of the Board of

sah. Keputusan yang diambil dalam Rapat Dewan Komisaris

Commissioners will be valid and entitled to adopt binding

sah dan mengikat apabila lebih dari lima puluh persen dari

resolutions only if more than 50 percent of the members of

jumlah anggota Dewan Komisaris hadir dan / atau diwakili

the Board of Commissioners are present and/or represented

dalam rapat.

at the meeting.




Anggota Dewan Komisaris diangkat dan diberhentikan

The members of the Board of Commissioners are appointed

melalui Rapat Umum Pemegang Saham. Dalam menjalankan

and dismissed by a general meeting of shareholders. Each

tugas yang diberikan, setiap anggota Dewan Komisaris

Commissioner is granted an honorarium for serving, the

mendapatkan gaji/honorarium yang besarnya ditentukan

amount of which is determined at a general meeting of

oleh Rapat Umum Pemegang Saham.

shareholders.

Direksi

Board Of Directors

Direksi bertugas mengelola jalannya Perseroan sehari-hari.

The Board of Directors manages the Company on a day-

Sesuai Anggaran Dasar Perseroan, Direksi diharuskan terdiri

to-day basis. Under the Articles of Association of the

atas paling sedikit tiga orang anggota, salah satu di antaranya

Company, the Board of Directors is required to be made

adalah Direktur Utama dan apabila diperlukan, satu atau

up of at least three members, one of whom is the President

lebih dari anggota Direksi dapat ditunjuk sebagai Wakil

Director and if deemed necessary, one or more Directors

Direktur Utama. Direksi berkewajiban untuk menjalankan

may be appointed as Vice-President Director. The Board of

tugasnya dengan itikad baik dan penuh tanggung jawab

Directors is required to perform its duties in good faith and

dengan selalu memperhatikan kepentingan Perseroan.

in the best interests of the Company.

Direksi memiliki wewenang untuk menjalankan segala

The Board of Directors has the power to perform for and

tindakan untuk kepentingan dan atas nama Perseroan yang

on behalf of the Company all transactions concerning the

berkaitan dengan manajemen dan administrasi Perseroan.

Company’s management and administration. However,

Walaupun demikian, berdasarkan Anggaran Dasar Perseroan

pursuant to the Company’s Articles of Association and in

dan Undang Undang yang berlaku di Indonesia, ada tindakan-

conjunction with the Indonesian Company Law, certain

tindakan tertentu yang memerlukan persetujuan tertulis dari

actions of the Company require written approval or the

dan/atau akta yang bersangkutan turut ditandatangani

relevant deed relating to such actions must also be signed

oleh Komisaris Utama atau dari/oleh dua anggota Dewan

by the President Commissioner or in the absence of the

Komisaris bila Komisaris Utama berhalangan hadir atau oleh

President Commissioner by two other Commissioners or by

semua anggota Dewan Komisaris bersama-sama.

all members of the Board of Commissioners.

Rapat Direksi dapat dilakukan sewaktu-waktu apabila

Meetings of the Board of Directors may be held at any time

dipandang perlu, oleh Direktur Utama atau satu atau lebih

deemed necessary by the President Director or one or more

dari satu anggota Direksi, atau berdasarkan permintaan

members of the Board of Directors, or upon the request in

tertulis, baik dari seorang atau lebih anggota Dewan

writing from either one or more members of the Board of

Komisaris atau atas permintaan tertulis 1 (satu) pemegang

Commissioners or one or more of the shareholders jointly

saham atau lebih yang bersama-sama mewakili 1/10 (satu

representing at least one-tenth of the total voting shares

per sepuluh) bagian dari jumlah seluruh saham dengan hak

issued by the Company.

suara yang sah.

A meeting of the Board of Directors will be valid and entitled

Pertemuan para Direksi dinyatakan sah dan dapat

to adopt binding resolutions only if more than 50 percent

menerapkan keputusan-keputusan rapat tersebut jika lebih

of the members of the Board of Directors are present or

dari 50 persen anggota Direksi hadir atau diwakilkan.

represented at the meeting.

Seluruh rapat Direksi dipimpin oleh Direktur Utama. Apabila

All meetings of the Board of Directors are chaired by the

Direktur Utama berhalangan hadir hal mana tidak perlu

President Director. In the event of the absence or disability

dibuktikan kepada pihak ketiga, maka Rapat Direksi akan

of the President Director, the impediment of which need not

dipimpin oleh salah satu dari anggota Direksi yang secara

be evidenced to any third parties, a meeting of the Board of

khusus ditunjuk oleh Rapat Direksi tersebut.

Directors will be chaired by another member of the Board of Directors specifically appointed by the meeting of the Board of Directors.


Annual Report 2007


Keputusan rapat Direksi harus diambil dengan musyawarah

Resolutions of a meeting of the Board of Directors are

mufakat, namun bila tidak tercapai suatu mufakat, maka

generally adopted on the basis of a mutual consensus. In the

keputusan diambil berdasarkan pemungutan suara dengan

event a mutual consensus is not reached, then a resolution

suara setuju lebih dari 50% (lima puluh persen) dari jumlah

may be adopted on the basis of an affirmative vote of more

anggota Direksi yang hadir dan/atau diwakili dalam rapat.

than 50 per cent. of the members of the Board of Directors

Manajemen Kinerja dan Manajemen Krisis adalah pelatihan

present and/or represented at the meeting.

yang diselenggarakan oleh Perseroan untuk meningkatkan

Performance Management and Crisis Management are the

kompetensi para Direksi.

training held by the Company to improve competency of the

Anggota Direksi diangkat dan diberhentikan oleh Rapat

Board of Directors.

Umum Pemegang Saham. Berdasarkan Anggaran Dasar

The members of the Board of Directors are appointed

Perseroan setiap anggota Direksi mendapatkan gaji bulanan

and dismissed by a general meeting of shareholders. In

dan tunjangan lainnya, termasuk santunan purna jabatan

accordance with the Company’s Articles of Association,

yang jumlahnya ditentukan oleh Rapat Umum Pemegang

members of the Board of Directors may be given monthly

Saham. Kewenangan Rapat Umum Pemegang Saham

salary and other benefits, including pension benefits, which

untuk menentukan jumlah gaji dan tunjangan yang diberikan

amount shall be determined by the General Meeting of

kepada masing-masing Direksi dapat didelegasikan kepada

Shareholders of the Company. The authority of the General

Dewan Komisaris.

Meeting of Shareholders to determine the amount of the salary and benefits of each member of the Board of Directors may be delegated to the Board of Commissioners. Dewan Komisaris

Direksi

Komite Audit

Komite Nominasi

Komite Remunerasi


Board of Directors

Audit Committee



Hadi Surya

C

-

-

C

C

Harijadi Soedarjo

M

-

-

-

-

Alan Jonathan*

M

-

C

M

M

Jaka Prasetya*

M

-

M

M

M

Max Sumakno

-

-

M

-

-

Segara Utama (resigned on 31 May 2007)

-

-

M

-

-


-

C

-

-

-


-

M

-

-

-

Kevin Wong

-

M

-

-

-


-

M

-

-

-

Henrianto Kuswendi

-

M

-

-

-

Catatan: C - Ketua; M - Anggota; * - Komisaris Indepeden

Note: C - Chairman; M - Member; * - Independent Commissioner

Tanggung Jawab Manajemen

Management Responsibilities

Prinsip 3: Harus ada pembagian tanggung jawab yang

Principle 3: There should be a clear division of responsibilities

jelas antara para pemimpin perusahaan – pekerjaan Direksi

at the top of the company – the working of the Board and the

dan Dewan Komisaris dan eksekutif yang bertanggung

executive responsibility of the company’s business – which

jawab terhadap bisnis perusahaan – yang dapat menjamin

will ensure a balance of power and authority, such that no

keseimbangan kekuasaan dan wewenang, sebagaimana

one individual represents a considerable concentration of

tidak ada seorang individu pun yang menjadi pusat

power.

kekuasaan.




Peran Presiden Direktur dan direktur-direktur eksekutif

The roles of President Director and those of the other

lainnya terpisah, untuk menjamin perimbangan kekuasaan,

executive directors are separate to ensure an appropriate

meningkatkan akuntabilitas dan kapasitas Direksi yang lebih

balance of power, increased accountability and greater

besar dalam mengambil keputusan independen. Mereka

capacity of the Board for independent decision making.

tidak terkait satu sama lain.

They are not related to each other.

Peran Presiden Direktur dalam Direksi di antaranya sebagai

The President Director’s role in the Board of Directors

berikut:

includes among others, the following:

a)

b)

c)

Mengatur pertemuan yang dapat membuat Direksi dapat

a)

duties responsibly while not interfering with the flow of

kegiatan-kegiatan perusahaan;

the company’s operations;

Mempersiapkan

agenda

pertemuan

dikonsultasikan

dengan Direksi;

yang

b)

Mengendalikan kualitas, kuantitas dan jadwal aliran

c)

ketentuan-ketentuan

perusahaan

Exercise control over quality, quantity and timeliness of the flow of information between Management and the Board; and

Memberikan bantuan untuk menjamin kepatuhan terhadap

Prepare meeting agenda in consultation with the Board;

informasi antara Manajemen dan Direksi; dan d)

Schedule meetings that enable the Board to perform its

menjalankan kewajibannya dengan tidak mencampuri

terkait

d)

Assist in ensuring compliance with company’s guidelines on corporate governance.

dengan penerapan tata kelola perusahaan yang baik.

Keanggotaan Direksi dan Dewan Komisaris

Board Membership

Prinsip 4: Harus ada proses formal dan transparan dalam

Principle 4: There should be a formal and transparent

penunjukan direktur baru. Sesuai ketentuan tata kelola

process for the appointment of new directors to the Board.

perusahaan (Good Corporate Governance), semua direktur

As a principle of good corporate governance, all directors

diminta mendaftarkan diri untuk pencalonan dan pemilihan

should be required to submit themselves for re-nomination

ulang dalam suatu interval yang reguler.

and re-election at regular intervals.

Komite Nominasi


Anggota dari Komite Nominasi adalah Hadi Surya,

The Nomination Committee members are Hadi Surya,

Jaka Prasetya, dan Alan Jonathan Tangkas Darmawan.

Jaka Prasetya and Alan Jonathan Tangkas Darmawan. The

Ketua Komite Nominasi adalah Alan Jonathan Tangkas

Chairman of our Nomination Committee is Alan Jonathan

Darmawan.

Tangkas Darmawan.

Tugas dan tanggung jawab dari Komite Nominasi Perseroan

Nomination Committee has the duties of, among other

adalah:

things:

•

•

Meneliti dan menilai calon Direksi dan Komisaris

•

Reviewing and assessing candidates for directorships

sebelum direkomendasikan kepada pemegang saham

and commissionership before making recommendations

Perseroan untuk dapat disetujui sebagai Direktur dan

to Shareholders for appointment of Directors and

Komisaris Perseroan.

Commissioners;

Meneliti

dan

memberikan

rekomendasi

kepada

•

Reviewing and recommending to our Shareholders

pemegang saham Perseroan mengenai pengakhiran

the

retirement

or

re-election

of

Directors

and

masa jabatan atau pengangkatan kembali Direktur dan

Commissioners in accordance with the Company’s

Komisaris sesuai dengan Anggaran Dasar Perseroan

Articles of Association at each annual general meeting;

pada setiap rapat tahunan.


Annual Report 2007


•

•

Meneliti komposisi Direksi dan Dewan Komisaris setiap

Reviewing the composition of the Company’s Board

tahun untuk memastikan bahwa Perseroan memiliki

of Directors and Board of Commissioners annually

cukup Komisaris Independen dan untuk memastikan

to ensure that we have an appropriate balance of

adanya keseimbangan keahlian dan kemampuan yang

independent Commissioners and to ensure there is an

tepat antar Direktur dan Komisaris Perseroan

appropriate balance of expertise, skills, attributes and

Secara

tahunan

menentukan

independensi

ability among Directors and Commissioners;

dari

Komisaris Independen Perseroan, sesuai dengan

•

•

•

Determining

annually

the

independence

of

the

peraturan perundang-undangan dan pedoman yang

Company’s Independent Commissioners, in accordance

berlaku

with applicable codes and guidelines; and

Menentukan apakah Direktur dan Komisaris dapat terus

•

Deciding whether the Directors and Commissioners

memberikan kontribusi secara efektif dan menunjukkan

can continue to contribute effectively and demonstrate

komitmen mereka terhadap tugas-tugas mereka.

commitment to their roles.

Komite ini baru dibentuk pada akhir tahun 2006 dan baru

This committee was established by the end of 2006 and

akan mengadakan pertemuan pertama pada tahun 2007.

conducted it first meeting in 2007.

Kinerja Direksi dan Dewan Komisaris

Board Performance

Prinsip 5: Harus ada evaluasi formal untuk menguji efektivitas

Principle 5: There should be a formal assessment of the

Direksi dan Dewan Komisaris secara keseluruhan serta

effectiveness of the Board as a whole and the contribution

untuk menguji kontribusi setiap direktur terhadap efektivitas

by each director to the effectiveness of the Board.

Direksi dan Dewan Komisaris.

Informed Decision Keputusan Yang Disampaikan

The decisions made by the Board of Commissioners and/or

Keputusan yang dibuat oleh Dewan Komisaris dan/atau Direksi berdasarkan pada: •

•

be carried out in a correct framework by defining

pada suatu kerangka kerja yang tepat dengan

scope of issue/project, assumption and its final results,

menetapkan lingkup asumsi dan hasil akhir suatu isu

assumption and its final results;

Memberikan

• alternatif-alternatif

(oleh

manajemen)

dasar kebijakan / keputusan yang diambil;

basis of the policy / decision taken; •

Delivering integrated and reliable information to the

Memberikan informasi yang terintegrasi dan dapat

Board of Commissioners and / or Board of Directors

dipercaya kepada Dewan Komisaris dan / atau Direksi

as to serve the decision making process which is taken

sebagai pendukung proses pengambilan keputusan

by considering various aspects of the issue / project

dengan mempertimbangkan berbagai aspek isu/

including paying attention to customers and other

proyek dimaksud termasuk memperhatikan masukan

stakeholders input and / or perspective;

dan / atau perspektif para pelanggan dan stakeholder lainnya; •

Presenting alternatives (by management) to the Board of Commissioners and / or Board of Directors as a

kepada Dewan Komisaris dan / atau Direksi sebagai

•

Discussion of the main topic of an issue/project should

Diskusi mengenai suatu isu / proyek harus dilaksanakan

/ proyek; •

Board of Directors are based on:

Final policy approved by the Board of Commissioners and Board of Directors is based on a clear, logic, sound

Kebijakan yang disetujui oleh Dewan Komisaris dan Direksi didasarkan pada penjelasan yang jernih, logis, jelas, dan terukur, sejauh dapat dijadikan pembanding;


•


explanation, and is measurable as well as comparable;


•

Keputusan yang dapat dilaksanakan dan orang yang

•

Decisions are executable and people who implement

mengimplementasikan keputusan-keputusan tersebut

the decisions should take responsibility for the result

harus bertanggung jawab terhadap hasil akhir dan

and project timeliness.

lamanya waktu proyek.

Risk Management Pengelolaan Risiko

Company manages risk through a framework and processes,

Perseroan mengelola risiko melalui suatu kerangka kerja

whereby a culture of risk awareness and risk management is

dan proses-proses, sesuai budaya waspada risiko, dan

encouraged in the organization, which involves:

pengelolaan risiko yang diterapkan Perseroan, meliputi: •

Recognizing the different types of risk the company may encounter in running daily operation and / or making

Perseroan dalam menjalankan kerja sehari-hari dan /

decision.

atau membuat keputusan. •

•

Mengenali berbagai jenis risiko yang dapat ditemui oleh

•

Ensuring that there is accountable senior management

Menjamin adanya seorang manajemen senior yang

who may answer or take responsibility for mitigating the

akuntabel untuk menjawab atau bertanggung jawab

risk.

dalam mengurangi risiko.

Crisis Management Manajemen Krisis

The Company recognizes various types of crisis such as

Perseroan dapat dihadapkan pada berbagai jenis krisis,

on site and working environment that requires effective

seperti di lapangan dan lingkungan kerja yang memerlukan

crisis management. Plan for effective crisis management

pengendalian krisis yang efektif. Rencana penanganan krisis

is formulated based on the weakness identified in order to

disusun berdasarkan kelemahan yang telah teridentifikasi

establish a proven and reliable business process.

agar dapat membuat proses bisnis yang teruji dan andal.

Board of Commissioners and Directors are committed to

Dewan Komisaris dan Direksi Perseroan berkomitmen untuk

put into practice Good Corporate Governance in managing

menerapkan Tata Kelola Perusahaan dalam mengendalikan

the business to achieve Company’s objectives. By having a

jalannya Perseroan untuk mencapai tujuan usaha. Dengan

mechanism that promotes good decision making process,

memiliki mekanisme yang mendukung proses pengambilan

recognize and address business risk, as well as being

keputusan yang baik, pengenalan dan pengendalian risiko

prepared to deal with event of crisis the Company is well

bisnis, serta kesiapan dalam menghadapi krisis, maka

equipped to running an effective business. Coupled with

Perseroan memiliki cukup bekal untuk menjalankan usaha

good cost control mechanism the Company surely will

secara efektif. Ditambah dengan mekanisme pengendalian

deliver a sustainable growth and worthy investment results.

biaya yang baik maka dapat diyakinkan bahwa Perseroan akan tumbuh berkelanjutan dan memberikan imbal hasil investasi yang layak.

Corporate Secretary Currently the Corporate Secretary post is held by Wong

Sekretaris Perusahaan

Kevin, who is also a Director of the Company. The tasks and function of the Corporate Secretary are as follow:

Pada saat ini Sekretaris Perusahaan dijabat oleh Wong Kevin yang juga adalah Direktur Keuangan Perseroan. Uraian tugas dan fungsi dari Sekretaris Perusahaan adalah sebagai berikut:


Annual Report 2007


•

Mengikuti perkembangan pasar modal, khususnya

•

peraturan-peraturan yang berlaku di bidang pasar modal; •

•

dengan kondisi Perseroan; •

yang berlaku;

Provide the public with all information needed by investors regarding the condition of the Company;

•

Make recommendations to the Company’s Board of Directors with respect to compliance with the applicable

Memberikan masukan kepada Direksi Perseroan untuk mematuhi ketentuan peraturan perundang-undangan

•

developments, especially capital market regulations;

Memberikan pelayanan kepada masyarakat atas setiap informasi yang dibutuhkan pemodal yang berkaitan

Keep informed with respect to capital market

law, rules, and regulation; •

Act as the Company’s contact person with capital market authorities and the public.

Sebagai penghubung atau contact person antara Emiten atau Perusahaan Publik dengan Bapepam dan

Board Meetings and Access to Information

masyarakat.

Principle 6: In order to fulfil their responsibilities, board

Rapat Dewan Komisaris, Direksi dan Akses Informasi Prinsip 6: Untuk mewujudkan tanggung jawabnya, anggota Direksi dan Dewan Komisaris harus diberikan informasi yang lengkap, memadai dan tepat waktu, sebelum rapat dewan dan saat pelaksanaan repat, secara terus menerus.

members should be provided with complete, adequate and timely information prior to board meetings and on an ongoing basis. Prior to each Board meeting, management has an obligation to provide members of the Commissioners and the Directors with timely and complete information to enable members to fulfill their responsibilities. Information provided includes

Dalam setiap rapat Direksi dan Dewan Komisaris, manajemen

background and explanatory notes on matters to be

berkewajiban menyediakan informasi yang lengkap dan tepat

addressed by the Boards, copies of disclosure documents,

waktu bagi anggota Komisaris dan Direksi untuk membantu

monthly internal financial statements, risk management

Direksi dan Dewan Komisaris memenuhi tanggung jawab

reports, budgets and forecasts. In respect of budgets, any

mereka. Informasi yang disediakan termasuk latar belakang

material variance between the projections and actual results

dan penjelasan mengenai masalah-masalah yang akan

should also be disclosed and explained.

disampaikan oleh Direksi dan Dewan Komisaris, salinan dokumen-dokumen yang disampaikan, pernyataan finansial bulanan, laporan pengelolaan risiko, anggaran dan prediksi. Untuk anggaran, materi tentang perbedaan antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan. Sesuai prosedur Dewan Komisaris dan Direksi, para komisaris dan direksi, secara individual atau berkelompok, bisa mempekerjakan penasihat profesional yang independen, jika diperlukan untuk mendukung pekerjaan mereka, yang dibiayai perusahaan. Selama tahun fiskal yang berakhir tanggal 31 Desember 2007, dua (2) Rapat Direksi dan Dewan Komisaris dan duabelas (12) Rapat Evaluasi Manajemen diselenggarakan. Laporan kehadiran Komisaris dan Direksi dalam rapat-rapat Komite dapat dilihat pada halaman 60.



The Boards have a procedure for commissioners and directors, either individually or as a group, in the furtherance of their duties, to take independent professional advice, if necessary, at the company’s expense. During the financial year ended 31 December 2007, two (2) Board Meetings and twelve (12) Management Review Meeting were held. The attendance records of the Commissioners and Directors together with their attendance at Committee meetings can be seen on page 60.


Ketentuan Remunerasi

Remuneration Matters

Kebijakan Prosedur Peningkatan Remunerasi

Procedures for Developing Remuneration Policies

Prinsip 7: Harus ada prosedur formal dan transparan untuk

Principle 7: There should be a formal and transparent

memperbaiki paket-paket remunerasi setiap direktur. Tidak

procedure for fixing the remuneration packages of individual

dibolehkan ada direktur yang terlibat dalam menentukan

directors. No director should be involved in deciding his

remunerasinya sendiri.

own remuneration.

Komite Remunerasi


Komite Remunerasi Perseroan adalah Hadi Surya, Jaka

The Company’s Remuneration Committee members are

Prasetya, dan Alan Jonathan Tangkas Darmawan. Ketua

Hadi Surya, Jaka Prasetya and Alan Jonathan Tangkas

dari Komite Remunerasi adalah Alan Jonathan Tangkas

Darmawan. The Chairman of the Company’s Remuneration

Darmawan. Jika ada anggota Komite Remunerasi yang

Committee is Alan Jonathan Tangkas Darmawan. If a

mempunyai kepentingan dengan masalah yang sedang

member of the Remuneration Committee has an interest in

dibahas oleh Komite, maka anggota tersebut tidak akan

a matter being deliberated upon by the Committee, he will

berpartisipasi dalam proses penelaahan dan persetujuan

abstain from participating in the review and approval process

Komite Remunerasi dalam hal tersebut.

of the Remuneration Committee in relation to that matter.

Tugas dan tanggung jawab dari Komite Remunerasi

Remuneration Committee has the duties of, among other

Perseroan adalah:

things:

•

•

Memberikan rekomendasi kepada Dewan Komisaris

•

to

Board

of

Commissioners

for endorsement, the remuneration policies and

renumerasi Direktur, Komisaris dan eksekutif-eksekutif

guidelines for setting remuneration for the Directors,

utama Perseroan;

Commissioners and key executives;

Menyetujui target kinerja untuk menilai kinerja Direktur

•

Perseroan; dan •

Recommending

mengenai kebijakan dan pedoman dalam menetapkan

Memberikan rekomendasi kepada Dewan Komisaris

Approving performance targets for assessing the performance of our Directors; and

•

Recommending

specific

remuneration

packages

mengenai paket renumerasi yang diberikan kepada se-

for each Director for endorsement by our Board of

tiap Direktur.

Commissioners.

Komite ini baru dibentuk pada akhir tahun 2006 dan telah

This committee was established by the end of 2006 and

mengadakan pertemuan yang pertama pada tahun 2007.

conducted its first meeting in 2007.

Level dan Komposisi Renumerasi

Level and Mix of Remuneration

Prinsip 8: Tingkat remunerasi harus menarik, untuk

Principle 8: The level of remuneration should be appropriate

mempertahankan dan memotivasi direksi agar menjalankan

to attract, retain and motivate the directors needed to run the

Perseroan dengan sukses, tetapi perusahaan harus

company successfully but companies should avoid paying

menghindari untuk membayar lebih untuk tujuan ini.

more for this purpose. A proportion of the remuneration,

Renumerasi yang proporsional, terutama bagi direksi

especially that of executive directors, should be linked to

eksekutif, harus dikaitkan dengan kinerjanya.

performance.


Annual Report 2007


Disclosure on Remuneration

Pembahasan Remunerasi Prinsip 9: Setiap perusahaan harus menyediakan kebijakan

Principle 9: Each company should provide clear disclosure

remunerasi yang jelas, tingkat dan komposisi remunerasi,

of its remuneration policy, level and mix of remuneration, and

dan prosedur untuk menerapkan remunerasi, dalam laporan

the procedure for setting remuneration, in the company’s

tahunan perusahaan.

annual report.

Berdasarkan Rapat Umum Pemegang Saham Tahunan

On the Annual General Meeting of the Company which

Perseroan yang diadakan pada tanggal 24 Mei 2007

was held on 24 May 2007, it was resolved that the annual

ditetapkan bahwa besarnya gaji dan /atau tunjangan

compensation for all members of Board of Commissioners

lainnya bagi seluruh anggota Dewan Komisaris Perseroan

after income tax is not more than Rp 7,000,000,000,-

setelah dipotong Pajak Penghasilan tidak melebihi jumlah

(seven billion Rupiah).The compensation in bands of S$

Rp 7.000.000,000.- (tujuh miliar Rupiah) setahun. Gaji

250,000 (except for the President Commissioner which is

dan/atau tunjangan yang diberikan pada masing-masing

in band of S$250,000 - S$500,000) paid by the Company

anggota Dewan Komisaris besarnya kurang dari S$250.000

to each of the Commissioners for services rendered by

(kecuali untuk Presiden Komisaris yang berada pada kisaran

them in all capacities to the Company for the years ended

S$250.000 - S$500.000) yang merupakan balas jasa atas

31 December 2007, including any benefit-in-kind and any

pengabdian yang diberikan kepada Perseroan selama tahun

deferred compensation accrued for the financial year in

2007, termasuk di dalamnya segala benefit atau kompensasi

question and payable at a later date, are as follows:

pada tahun tersebut yang diakumulasikan untuk dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut: Dibawah/Below

Antara/Between

Diatas/Above

SGD250,000

SGD250,000 - SGD500,000

SGD500,000

Hadi Surya

-

-

Harijadi Soedarjo

-

-

Jaka Prasetya

-

-

Alan Jonathan Tangkas Darmawan

-

-

Nama/Name

Berdasarkan Rapat Umum Pemegang Saham Tahunan

On the Annual General Meeting of the Company which

Perseroan yang diadakan pada tanggal 24 Mei 2007

was held on 24 May 2007, it was resolved that the annual

ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya

compensation for all members of Board of Directors after

bagi seluruh anggota Direksi Perseroan setelah dipotong

income tax is not more than Rp 15,000,000,000,- (fifteen

Pajak Penghasilan tidak melebihi Rp 15.000.000,000.- (lima

billion Rupiah).The compensation in bands of S$ 250,000

belas miliar Rupiah) setahun. Gaji dan/atau tunjangan yang

-S$500,000 paid by our Company to each of our Directors

diberikan pada masing-masing anggota Direksi besarnya

for services rendered by them in all capacities to our

antara S$250.000 - S$500.000 yang merupakan balas

Company for the years ended 31 December 2007, including

jasa atas pengabdian yang diberikan kepada Perseroan

any benefit-in-kind and any deferred compensation accrued

selama tahun 2007, termasuk didalamnya segala benefit

for the financial year in question and payable at a later date,

atau kompensasi pada tahun tersebut yang diakumulasikan

are as follows:

untuk dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut:




Dibawah/Below

Antara/Between

Diatas/Above

SGD250,000

SGD250,000 - SGD500,000

SGD500,000


-

-

Kevin Wong

-

-


-

-

Henrianto Kuswendi

-

-


-

-

Nama/Name

Akuntabilitas dan Audit

Accountability and Audit

Akuntabilitas

Accountability

Prinsip 10: Dewan Komisaris dan Direksi dapat diaudit oleh

Principle 10: The Board is accountable to the shareholders

pemegang saham sedangkan pihak manajemen dapat

while the Management is accountable to the Board.

diaudit oleh Dewan Komisaris dan Direksi.

The Board strives to provide its shareholders with a balanced

Dewan Komisaris dan Direksi berupaya memberikan penilaian

and understandable assessment of the Company’s

yang berimbang dan dapat dipahami pemegang saham,

performance, position and prospects on a quarterly basis.

mengenai kinerja Perseroan, serta posisi dan peluang pada

This responsibility extends to interim and other price sensitive

tiap kuartal. Tanggung jawab ini dapat diperluas ke laporan

public reports, and reports to regulators (if required).

interim dan laporan sensitif lainnya, dan laporan kepada

The Management provides to all members of the Boards

regulator (jika diperlukan).

with a balanced and understandable management accounts

Pihak Manajemen menyediakan menyiapkan laporan yang

of the company’s performance, position and prospects on

berimbang dan mudah dipahami soal posisi dan peluang

a monthly basis.

perusahaan setiap bulan, untuk kepentingan anggota Dewan.

Akuntabilitas bagi Pemegang Saham

Accountability to Shareholders The Board of Commissioners and Board of Directors acknowledge the importance of ensuring high quality,

Dewan Komisaris dan Direksi memahami pentingnya

relevant information are made available to shareholders

menjamin kualitas tinggi. Untuk itu informasi yang relevan

in a timely manner to keep them abreast of all material

perlu disediakan bagi pemegang saham secara tepat

business matters affecting the Company. Towards ensuring

waktu agar mereka bisa mengikuti semua informasi

the effective dissemination of information, the Company

bisnis yang mempengaruhi Perseroan. Dalam menjamin

maintains a Shareholders Communication and Investor

diseminasi informasi yang efektif, Perseroan membentuk

Relation Policy. The Policy outines how the Company

divisi Komunikasi antara Pemegang Saham dan Hubungan

identifies and distributes information in a timely manner to all

Investor. Kebijakan tersebut menggarisbawahi bagaimana

shareholders. It also reinforces the Company’s commitment

Perseroan mengidentifikasi dan membagikan informasi

to the continuous disclosure obligations imposed by law,

tepat waktu kepada semua pemegang saham. Hal tersebut

and describes the procedures implemented to ensure

juga memperkuat komitmen Perseroan terhadap kewajiban-

compliance.

kewajiban untuk mengungkapkan kewajiban-kewajiban secara sah dan terus-menerus, dan menggambarkan prosedur-prosedur yang diimplementasikan untuk menjamin kepatuhan.


Annual Report 2007


Pengumuman Peraturan, Laporan Tahunan, Hasil Finansial

Regulatory Announcements, Annual Reports, Quarterly

per Kuartal dan informasi terkait lainnya dapat diakses melalui

Financial Results and other relevant information are

situs web Perseroan di www.blt.co.id. Siapa pun yang berniat

accessible via the Company’s website at www.blt.co.id.

menerima atau membuat permohonan dokumen dapat

Any persons wishing to receive or make any request for

disampaikan melalui situs Perseroan. Sebagai tambahan,

documents are able to do so via submission to the Group’s

pemegang saham didorong untuk menghadiri Rapat Umum

website. Additionally, shareholders are encouraged to attend

Pemegang Saham (RUPS) Tahunan yang dihadiri oleh para

the Annual General Meeting (AGM) which is attended by

Komisaris, Direksi dan auditor eksternal, di mana pemegang

the Commissioners, Directors and external auditors, where

saham dapat mengajukan pertanyaan, menyampaikan

shareholders may raise questions, voice their concerns and

kekhawatiran dan mengusulkan langkah bisnis tertentu.

vote on proposed resolutions.

Laporan Finansial

Financial Reporting

Direksi

mempunyai

komitmen

untuk

menyediakan

The Board of Directors is committed to providing a balanced

pandangan benar dan berimbang mengenai kinerja dan

and true view of its financial performance and prospects in

peluang finansial Perseroan dalam semua laporannya kepada

all its reports to stakeholders and regulatory authorities.

pemegang saham dan wewenang pembuatan peraturan.

This is channeled through the audited financial statements,

Hal tersebut disalurkan melalui laporan finansial yang telah

quarterly announcements of the Company’s unaudited

diperiksa, pengumuman-pengumuman kuartal tentang hasil

financial results as well as the Remarks from Board of

finansial Perseroan yang belum diaudit, begitu pula dengan

Commissioners, Remarks from Board of Directors and

Sambutan Dewan Komisaris, Sambutan Direksi, serta

Management Discussion and Analysis in the Annual Report.

Diskusi dan Analisis Manajemen dalam Laporan Tahunan.

The Company strives to make timely releases of all result

Perseroan berjuang agar semua pengumuman kinerja dan

announcements and press releases to the media.

pernyataan pers dapat disampaikan tepat waktu kepada media.

In discharging its fiduciary responsibility, the Boards are assisted by the Audit Committee to oversee the financial

Dalam kaitan dengan tanggung jawab fidusianya, Dewan

reporting processes and the quality of the Company’s

dibantu oleh Komite Audit untuk mengawasi proses

financial statements.

pelaporan finansial dan kualitas pernyataan finansial Perseroan. Pernyataan

The Statement of Responsibility by Directors in respect of the preparation of the annual audited financial statements for

Tanggung

Jawab

Direksi

dalam

hal

penyelenggaraan pemeriksaan laporan keuangan tahunan

the financial year under review is set out on the independent auditor’s report.

yang telah diaudit untuk evaluasi tahun buku ini dapat dilihat pada laporan auditor independen.

Audit Committee Principle 11: The Board should establish an Audit Committee

Komite Audit

(“AC”) with written terms of reference which clearly set out

Prinsip 11: Dewan harus membentuk suatu Komite Audit (“AC”) dengan ketentuan referensi yang menggariskan dengan jelas wewenang dan kewajibannya.



its authority and duties.


Anggota Komite Audit terdiri atas Alan Jonathan Tangkas

The Audit Committee members are Alan Jonathan Tangkas

Darmawan, Max Sumakno Budiarto, dan Jaka Prasetya.

Darmawan, Max Sumakno Budiarto and Jaka Prasetya. The

Ketua Komite Audit adalah Alan Jonathan Tangkas

Chairman of our Audit Committee is Alan Jonathan Tangkas

Darmawan yang diangkat sebagai Ketua sejak tanggal 19

Darmawan which was appointed since 19 December

Desember 2006. Segara Utama berhenti dari keanggotaan

2006. Segara Utama resigned from the member of Audit

Komite Audit pada tanggal 31 Mei 2007. Komite Audit

Committee on 31 May 2007. Our Audit Committee is

Perseroan dibentuk Dewan Komisaris untuk mengawasi

formed by the Board of Commissioners to assist the Board

Direksi dan bertanggung jawab penuh terhadap Dewan

of Commissioners in supervising the Board of Directors and

Komisaris.

is accountable to the Board of Commissioners.

Sesuai dengan peraturan yang berlaku di Indonesia, Perseroan telah mengangkat seorang anggota Komite Audit, yaitu Max Sumakno Budiarto, yang bukan merupakan anggota dari Dewan Komisaris maupun Direksi, sehingga diperoleh perpaduan keahlian dan pengalaman di antara anggota Komite Audit untuk mencapai seluruh tujuan dari Komite Audit. Latar belakang masing-masing anggota Komite Audit sebagai berikut:

In accordance with Indonesian law and regulations, the Company has appointed one member of our Audit Committee Mr. Max Sumakno Budiarto, who is independent of our Board of Directors and Board of Commissioners, in order to have a mix of relevant skills, experience and other qualities among the members of the Audit Committee to achieve all of the Audit Committee’s objectives. Brief details of their background are set out below:

Max Sumakno Budiarto Umur 63 tahun, lulus dari jurusan Akuntansi Fakultas Ekonomi Universitas Indonesia tahun 1961-1967. Max Sumakno Budiarto ditunjuk sebagai Anggota Komite Audit Perseroan sejak tanggal 6 Mei 2004. Berbagai jabatan penting yang diemban di antaranya adalah Komisaris Independen PT Surya Citra Televisi (2005 – sekarang), Anggota Komite Audit PT Surya Citra Media Tbk (2004 – sekarang), Advisor PT Styrindo Mono Indonesia (2002), Vice President Director di PT Styrindo Mono Indenesia (1993 – 2002), Komisaris PT Redeco Petrolin Utama (1999 – 2002), Direktur di Chemical Holding PT Bima Kimia Citra (1996 – 1999), Direktur PT Sytrindo Mono Indonesia ( 1990 – 1993), Direktur PT Redeco Petrolin Utama ( 1986 – 1990), Direktur PT Polychem Lindo Inc (1982 – 1990), Direktur PT Ananda Lindo Inc (1978 – 1982). Resume Alan Jonathan Tangkas Darmawan dan Jaka Prasetya, dapat ditemukan di bagian Profil Dewan Komisaris. Tugas dan tanggung jawab dari Komite Audit adalah sebagai berikut: •

Meneliti rencana audit auditor eksternal dan internal Perseroan, termasuk hasil auditor Perseroan dalam menelaah dan mengevaluasi sistem akuntansi internal,

Max Sumakno Budiarto Aged 63, he graduated with a bachelor degree in Accounting, Faculty of Economics University of Indonesia (1961-1967). He was appointed as a member of Audit Committee on 6 May 2004. He has held several important positions including: Independent Commissioner of PT. Surya Citra Televisi since 2005, member of Audit Committee PT Surya Citra Televisi since 2004, an advisor of PT. Styrindo Mono Indonesia (2002), Vice President Director at PT Styrindo Mono Indenesia (1993 – 2002), Commissioner of PT Redeco Petrolin Utama (1999 – 2002), Director of Chemical Holding PT Bima Kimia Citra (1996 – 1999), Director of PT Sytrindo Mono Indonesia ( 1990 – 1993), Director of PT Redeco Petrolin Utama ( 1986 – 1990), Director of PT Polychem Lindo Inc (1982 – 1990), and PT Ananda Lindo Inc (1978 – 1982). For the CVs of Alan Jonathan Tangkas Darmawan and Jaka Prasetya, please refer to the Board of Commissioners’ CV. The tasks and responsibilities of the Audit Committee are as follows: •

Examining the audit plan of the Company’s external and internal auditor in evaluating the internal accounting system, operational supervision, compliance and risk


Annual Report 2007


pengawasan operasional, kepatuhan dan manajemen

management, and ensuring coordination among the

risiko, serta memastikan koordinasi antara auditor

internal auditor, external auditor and the Company’s

internal, auditor eksternal, dan manajemen Perseroan,

management at least once a year;

sekurang-kurangnya setahun sekali; •

Melakukan

penelaahan

atas

•

laporan

keuangan

auditor’s report on the financial statement, discussing

konsolidasi dan laporan auditor atas laporan keuangan

every important adjustment and high-risk areas,

tersebut, membahas setiap penyesuaian penting

changes in accounting policies, compliance of the

dan bidang-bidang yang berisiko tinggi, perubahan

reporting to the applicable rules, issues found from

kebijakan akuntansi, kepatuhan tehadap standar-

audit process, including matters which the external

standar pelaporan keuangan berdasarkan ketentuan

auditor wish to discuss without the presence of

yang berlaku, masalah-masalah yang timbul dari hasil

management (if necessary), prior to submission to

audit, termasuk hal-hal yang ingin dibahas oleh auditor

Board of Commissioners for approval;

eksternal tetapi tidak di hadapan manajemen (jika diperlukan), sebelum diajukan kepada Dewan Komisaris

•

of law or regulation which might have material effect to

Melakukan penelaahan dan pembahasan dengan

the result of the Company’s operation and/or financial

auditor eksternal tentang dugaan penipuan, hal-hal

position and management’s responds on the above

yang janggal atau pelanggaran peraturan perundang-

issues;

undangan yang berakibat atau kemungkinan dapat berdampak

material

terhadap

hasil

operasional

•

tanggapan dari manajemen atas hal-hal tersebut di

•

Meneliti kerjasama yang diberikan manajemen kepada

•

objectivity of external auditor annually;

Menelaah transaksi-transaksi yang diadakan Perseroan yang menyangkut instrumen derivative keuangan;

•

•

penelaahan

atas

transaksi-transaksi

•

Conducting other researches and other tasks assigned

benturan kepentingan berdasarkan peraturan-peraturan

by Board of Commissioners from time to time on issues

yang berlaku;

which require Commissioners’ attention;

•

Meneliti dan menyetujui biaya auditor Perseroan;

•

Melakukan penelitian-penelitian lain dan tugas-tugas yang diminta oleh Dewan Komisaris dan melaporkan hasil temuan kepada Dewan Komisaris dari waktu ke waktu atas hal-hal yang timbul dan membutuhkan perhatian Komisaris;

•

Examining and approving the fees of the Auditors of the Company;

dan objektifitas auditor eksternal setiap tahun; Melakukan

Examining conflict of interests transactions based on applicable rules and regulations;

Mempertimbangkan pengangkatan dan pengangkatan kembali auditor eksternal dan meneliti ketidakberpihakan

•

Considering the appointment and re-appointment of external auditor and examining the independence and

auditor Perseroan;

•

Examining the transactions undertaken by the Company which involve financial derivative instruments;

atas;

•

Examining the cooperation given by the management to the Company’s auditor;

Perseroan dan atau posisi keuangan Perseroan dan

•

Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach

untuk disetujui; •

Examining the consolidated financial statement and

Melaporkan risiko-risiko yang dihadapi Perseroan dan implementasi risiko manajemen oleh Perseroan kepada Dewan Komisaris;



•

Reporting the risks which the Company faces and the implementation of risk management by the Company to Board of Commissioners;


•

Melakukan penelaahan dan melaporkan keluhankeluhan

mengenai

Perseroan

kepada

Dewan

kepatuhan

Perseroan

terhadap

semua

Komisaris; •

Meneliti

•

Company to Board of Commissioners; •

tempat Perseroan beroperasi; dan •

Examining the compliance of the Company to all applicable rules and regulation in capital market and the

peraturan dan perundang-undangan di bawah hukum pasar modal dan peraturan perundang-undangan

Examining and reporting complaints regarding the

law where the Company is operating; and •

In general conducting the functions and other tasks which are required by applicable law from time to time.

Secara umum melakukan fungsi-fungsi dan tugastugas lain yang diisyaratkan oleh hukum yang berlaku, sebagaimana diubah dari waktu ke waktu.

Other than the above mentioned tasks, the Audit Committee shall provide a mechanism so that the Company’s employees can confidentially communicate the possible breach with

Selain dari tugas-tugas yang disebutkan di atas, Komite

regard to financial reports or other matters. The Audit

Audit akan mengadakan suatu mekanisme agar pegawai

Committee shall examine the findings of internal investigation

Perseroan dapat menyampaikan (secara confidential) hal-hal

regarding the issues and whereby fraud or unusual matter

mengenai kemungkinan pelanggaran sehubungan dengan

is suspected or the failure in internal supervision, or breach

laporan keuangan atau hal lainnya. Komite Audit akan

of applicable law, rules and regulations which have or may

meneliti penemuan-penemuan investigasi internal mengenai

have material impact to the Company’s operational result

masalah-masalah tersebut atau masalah-masalah di mana

or financial position. The Audit Committee also ensures

diduga terjadi penipuan atau kejanggalan atau kegagalan

necessary mitigation measures are taken. Any member of

pengawasan internal atau pelanggaran hukum dan peraturan

the Audit Committee cannot vote on decision whereby the

perundang-undangan yang berlaku yang memiliki atau

member has conflict of interests.

dapat memiliki dampak material terhadap hasil operasional atau posisi keuangan Perseroan. Komite Audit juga akan memastikan tindakan-tindakan yang diperlukan dilakukan.

During the year 2007, the Audit Committee has conducted

Setiap anggota Komite Audit tidak dapat memberikan suara

meetings with the Company’s management once in 3

sehubungan dengan keputusan-keputusan ketika anggota

months. The meetings with external auditor conducted

tersebut memiliki kepentingan.

twice a year.

Selama tahun 2007, Komite Audit mengadakan pertemuan

In the year 2007, the Audit Committee conducted activities

dengan Managemen Perseroan, dengan frekuensi rata-rata

as follows:

sekali dalam tiga bulan yang dihadiri oleh anggota Komite

•

Requesting explanation to the management regarding

Audit. Sedangkan pertemuan Komite Audit dengan Eksternal

the compliance to applicable rules and regulation both

Auditor Perseroan dilakukan dua kali dalam setahun.

in Indonesia and Singapore in relation to the Company plan to dual-listing shares;

Kegiatan-kegiatan Komite Audit selama tahun 2007 sebagai berikut: •

•

Following the progress of the Company’s new building vessels;

Meminta penjelasan kepada Manajemen tentang kepatuhan terhadap peraturan terkait, yang berlaku di Indonesia dan di Singapura, sehubungan dengan rencana dual-listing Perseroan;

•

Mengikuti perkembangan pembangunan kapal-kapal baru Perseroan;


Annual Report 2007


•

Mendiskusikan dan memantau transaksi hubungan istimewa;

•

Routinely discussing with the Company’s management regarding the latest development of the Company and regulations related the Company’s business;

•

Reviewing the scope and working plan of the Company’s

Meninjau ruang lingkup rencana kerja Internal Audit

Internal Audit, providing advices and monitor the results

Perseroan, memberi masukan dan memonitor hasil

of Internal Audit; •

Conducting meeting with external auditors and the

Mengadakan pertemuan dengan Auditor Eksternal dan

Company’s management in discussing scope of audit,

Manajemen Perseroan dalam membahas lingkup Audit,

result of audit and Management Letter;

hasil Audit, dan surat kepada Manajemen; •

•

mengenai perkembangan terakhir Perseroan dan

kerja Internal Audit; •

Discussing and monitoring related-party transactions;

Berdiskusi secara rutin dengan Manajemen Perseroan regulasi-regulasi terkait bisnis Perseroan;

•

•

•

Mendiskusikan mengenai peran dan fungsi Komite

Discussing the role and function of Audit Committee and the plan to update the Audit Committee Charter.

Audit serta rencana meng-update pedoman kerja Komite Audit. Komite Audit dan Perusahaan telah mengevaluasi dan mengkonfirmasi jika para pemeriksa eksternal, Osman, Bing, Satrio & Rekan, tidak menyediakan jasa-jasa nonaudit kepada Perusahaan dan oleh karena itu tidak ada

The Audit Committee and the Company has reviewed and confirmed if the external auditors, Osman, Bing, Satrio & Rekan, did not provide non-audit services to the Company and therefore no such fee being paid for these services.

biaya untuk jasa-jasa tersebut.

Internal Controls Principle 12: The Board should ensure that the Management

Pengendalian Internal Prinsip 12: Dewan harus menjamin agar pihak Manajemen memelihara suatu sistem pengendalian internal untuk menjaga

investasi

pemegang

saham

dan

maintains a sound system of internal controls to safeguard the shareholders’ investments and the company’s assets.

aset-aset

perusahaan.

The Company’s management recognized the importance of sistem

a good internal control system as an important element in

pengendalian internal yang baik merupakan salah satu

the framework of Good Corporate Governance, which helps

elemen penting dalam kerangka Tata Kelola Perusahaan,

the Company to achieve it goals and prevent or detect

sekaligus membantu untuk mencapai tujuan Perseroan dan

wrongdoings.

Manajemen

Perseroan

menyadari

bahwa

mencegah atau mendeteksi apabila terjadi penyimpangan. Perseroan telah membentuk serangkaian elemen kontrol

The Company has established a series of integrated control

terintegrasi, mulai dari pengendalian lingkungan dengan

element, starting with environment control by establishing

membuat suatu aturan pelaksana yang tepat dan sepakat

a strict code of conduct and adopting adherence to its

untuk

sebagai

Corporate Values as guidelines in doing business. Activities

panduan dalam menjalankan bisnis. Kegiatan mengontrol

controls are created by setting a clear division of tasks,

dibentuk dengan cara menetapkan pembagian pekerjaan,

authority and responsibility at all level of staff within the

wewenang dan tanggung jawab yang jelas di semua tingkat

organization structure. Proper channels of risk assessment,

staf dalam struktur organisasi. Saluran-saluran yang tepat

control information flow and communication are initiated and

patuh

terhadap

nilai-nilai

Korporasi

mengenai penilaian resiko, pengendalian aliran informasi dan komunikasi diterapkan, dan pengawasan berkelanjutan




diterapkan melalui pemeriksaan internal dan kegiatan

continuous monitoring conducted through internal audit and

kolaboratif lainnya dilaksanakan untuk menjaga integritas

other collaborative activities are undertaken to safe guard

dari sistem pengendalian.

the integrity of the control systems.

Tujuan dari pengendalian tersebut adalah untuk menetapkan

The essence of the controls is that the Company is aiming

dan

to establish and implement internal control system which

menerapkan

sistem

pengendalian

intern

yang

mencakup:

covers:

•

Pengendalian Keuangan (Financial Controls);

•

Financial Controls;

•

Pengendalian Operasional (Operational Controls); dan

•

Operational Controls;

•

Pengendalian Ketaatan atas Hukum dan Peraturan

•

Compliance Controls.

yang berlaku (Compliance Controls).

Internal Audit Pemeriksaan Internal

Principle 13: The Company should establish an internal audit

Prinsip 13: Perseroan harus membuat suatu fungsi pemeriksaan internal yang independen dalam kegiatan pemeriksaan. Setiap

level

function that is independent of the activities it audits. All levels of staff within the Company are required to adhere to a prescribed internal control system. To ensure the

dalam

struktur

organisasi

Perseroan

bertanggung jawab untuk mengimplementasikan sistem

effectiveness of the Company’s internal control system, the Board of Directors is assisted by internal auditor.

pengendalian internal yang baik. Untuk memastikan efektivitas pengendalian internal Perseroan, Direksi dibantu oleh auditor internal.

The Role of an Internal Auditor Internal auditor conducts tests on the sufficiency and

Peran Auditor Internal

compliance on policies, procedures, law and regulations, and verify the reliability of information and financial reports.

Auditor internal Perseroan melakukan pengujian atas

In addition, internal auditor also provide his views on internal

kecukupan dan ketaatan kebijakan, prosedur, hukum dan

controls and make appropriate recommendations to the

peraturan, serta kehandalan informasi dan laporan keuangan.

auditees to immediately undertake corrective actions on

Di samping itu, auditor internal juga memberikan pandangan

the weaknesses identified during the investigative process

mengenai pengendalian internal dan rekomendasi kepada

and to ensure the completeness of internal control

bagian yang bertanggung jawab (auditee) agar segera

implementation.

melakukan tindakan perbaikan atas kelemahan implementasi pengendalian internal.

Communication with Shareholders Komunikasi dengan Pemegang Saham Prinsip 14: Perseroan harus mengembangkan komunikasi secara reguler, efektif dan fair dengan para pemegang saham.

Principle 14: Companies should engage in regular, effective and fair communication with shareholders. The Company strives for timeliness and transparency in its disclosures to the shareholders and the public. All information on the Company’s new initiatives will be first

Perseroan berusaha memberikan informasi tepat waktu

disseminated via IDX website, Bapepam-LK office and

dan transparan kepada para pemegang saham dan

SGXNET followed by a news release, where appropriate.

publik. Semua informasi mengenai inisiatif-inisiatif baru Perseroan akan disebarkan pertama kali melalui situs BEI, kantor Bapepam-LK dan SGXNET diikuti oleh berita-


Annual Report 2007


berita lainnya, karena dimungkinkan. Perseroan saat ini

The Company currently holds media and analyst briefing

melakukan pertemuan dengan media dan analis menjelang

upon the release of its quarterly financial results. In addition

diterbitkannya laporan keuangan per kuartal. Sebagai

to the media and analyst briefings, the Company has taken

tambahan terhadap pertemuan media dan analis tersebut,

part in various road shows.

Perseroan telah ikut serta dalam berbagai road show.

Price-sensitive information is first publicly released via IDX

Informasi sensitif pertama kali dipublikasikan kepada publik

website, Bapepam-LK office and SGXNET, either before

melalui situs BEI, kantor Bapepam-LK dan SGXNET, sebelum

the Company meets with any group of investors or analysts

Perseroan bertemu dengan kelompok investor atau analis

or simultaneously with such meetings. Results and annual

atau keduanya sekaligus secara simultan. Hasil dan laporan

reports are announced or issued within the period prescribed

tahunan diumumkan atau dikeluarkan dalam jangka waktu

by the SGX-ST.

yang ditetapkan oleh SGX-ST.

At general meetings of the Company, shareholders are given

Pada rapat umum pemegang saham Perseroan, pemegang

the opportunity to express their views and ask questions

saham

regarding the Company and the Group.

diberikan

kesempatan

untuk

menyampaikan

pandangan mereka dan bertanya mengenai Perseroan dan grup.

During 2007 the Company has conducted several road show in Indonesia and overseas. Furthermore, in various

Selama tahun 2007, Perseroan telah melaksanakan

opportunities the Company has also held analyst meetings

beberapa kali roadshow baik di dalam negeri maupun ke luar

and press conference which were aimed to disclose the

negeri. Selain itu dalam beberapa kesempatan, Perseroan

latest development of the Company. Aside from that, the

juga mengadakan analyst meeting dan konferensi pers

Company has conducted public exposes which were held

yang bertujuan untuk menginformasikan perkembangan

at least once a year.

terbaru Perseroan. Disamping itu, Perseroan juga

telah

melaksanakan paparan publik yang diadakan minimal satu

Interested Person Transactions

tahun sekali.

(“IPTS”) Policy Kebijakan Transaksi Berkepentingan (“IPTS”)

Orang

Yang

Material Contracts Involving Commissioners’, Directors’ and Major Shareholders’ Interest

Materi Kontrak Terkait Kepentingan Komisaris, Direktur, dan

No material contract has been entered into between the

Pemegang Saham Mayoritas

Company and its subsidiaries which involve the interests of

Tidak ada materi kontrak antara Perseroan dan cabangcabangnya yang melibatkan kepentingan masing-masing komisaris, direktur atau pemegang saham pengendali Perseroan, baik yang masih berlaku pada akhir tahun

each commissioners, directors or controlling shareholder of the Company, either still subsisting at the end of the financial year or if not then subsisting, entered into since the end of the previous financial year.

keuangan saat ini sudah tidak berlaku namun terjadi sejak

Other Contracts in Relation to Related Party Transactions

akhir tahun fiskal sebelumnya.

Other than contracts entered into and disclosed as Related

Kontrak-kontrak yang Terkait dengan Transaksi Pihak

Party Transactions in Note 38 to the Consolidated Financial

Terafiliasi

Statements for years ending 31 December 2007, there are

Selain kontrak yang dimasukkan dan diumumkan sebagai Transaksi Pihak Terafiliasi dalam Catatan No 38 laporan keuangan konsolidasi untuk tahun yang berakhir 31 Desember 2007, tidak ada materi kontrak, termasuk kontrak terkait dengan pinjaman (yang tidak menjadi kegiatan bisnis biasa) Perseroan, melibatkan kepentingan-kepentingan



no other material contracts, including contracts relating to loans (not being in the ordinary course of business) of the Company, involving Commissioners’, Directors’ and major


Komisaris, Direktur dan pemegang saham mayoritas baik

shareholders’ interests, either still subsisting at the end of

yang masih berlaku pada akhir tahun keuangan saat ini atau

the financial year or, if not then subsisting, entered into since

sudah tidak berlaku namun terjadi sejak akhir tahun fiskal

the end of the previous financial year.

sebelumnya.

Disclosure of Recurrent Related Party Transaction

Pengumuman Transaksi Berulang dengan pihak Terkait

The amount of the recurrent related party transaction varies

Jumlah transaksi berulang dengan pihak terkait yang

depends on the depth of the transaction in a particular

beragam mengacu pada transaksi tersebut dalam tahun

year and it is also stated in the note 38 of the notes to the

tertentu dan juga disebutkan dalam catatan No 38 dari

Financial Statements of the Company.

catatan keuangan Perseroan.

Disclosure Of Related Party Transactions of Trading Nature

Pengumuman Transaksi Pihak Terkait Bermotif Dagang

In relation to Related party Transactions of a revenue of

Dalam kaitan dengan Transaksi Pihak Terkait tentang

trading nature which are necessary for the Company’s day-

pendapatan bersifat dagang, yang diperlukan bagi

to-day operations and transacted in the ordinary course

Perseroan dalam operasi sehari-harinya dan ditransaksikan

of business with related parties, the Company will make

dalam

pihak-pihak

an immediate notification or announcement to Bursa Efek

terkait, Perseroan akan segera membuat laporan atau

Indonesia and Singapore Exchange where appropriate and

pengumuman kepada Bursa Efek Indonesia dan Bursa

required.

kegiatan

bisnis

biasa

dengan

Efek Singapura sejauh dimungkinkan dan dibutuhkan. Transaksi pihak Terafiliasi yang Signifikan akan disampaikan dalam Catatan 38 dalam Laporan Keuangan

Significant Related party Transactions are disclosed in note 38 to the Financial Statements The Company has adopted an internal policy in respect of

Perseroan telah menyetujui kebijakan internal mengenai

any transactions with interested persons and has set out

setiap transaksi dengan pihak-pihak yang berkepentingan

the procedures for review and approval of the Company’s

dan telah menetapkan suatu prosedur untuk evaluasi

interested person transactions and its associates, which

dan persetujuan transaksi pihak yang memiliki hubungan

are covered by a Shareholders’ Mandate approved at each

istimewa dengan Perseroan dan rekanannya, yang dilindungi

general meeting.

oleh Mandat Pemegang Saham yang disetujui pada setiap rapat umum.

The Audit Committee reviews the Shareholders’ Mandate at regular intervals, and is satisfied that the review procedures

Komite Audit mengevaluasi Mandat Pemegang Saham

for IPTs and the reviews to be made periodically by the Audit

secara teratur, dan puas akan prosedur evaluasi untuk

Committee in relation thereto are adequate to ensure that

IPT dan evaluasi tersebut akan dibuat secara teratur

the IPTs will be transacted on normal terms and will not be

oleh Komite Audit untuk menjamin agar IPT dapat

prejudicial to the interests of the Company and its minority

dilakukan dengan ketentuan-ketentuan biasa dan tidak

shareholders.

mengesampingkan kepentingan Perseroan dan pemegang saham minoritasnya.

Transaksi Efek

Dealing In Securities In line with Chapter 12 Rule 18 of the Listing Manual of SGXST on dealings in securities, the Company has adopted an

Sejalan dengan Bab 12 Aturan 18 dari Panduan Pendaftaran

internal compliance code which mirrors substantially the

Bursa Efek Singapura mengenai transaksi efek, Perusahaan

provisions of the Best Practices Guide in the Listing Manual

telah menerapkan suatu peraturan mengenai kepatuhan

to provide guidance to its directors and officers in relation to

internal yang merefleksikan secara mendasar ketentuan-

dealings in its securities.

ketentuan Panduan Praktek-praktek Terbaik (Best Practices) dalam Panduan Pendaftaran guna memberikan panduan kepada para direktur dan pejabat terkait sehubungan dengan transaksi efek.


Annual Report 2007


Peraturan Perseroan melarang Direksi dan karyawan

The Company’s Code prohibits securities dealings by

melakukan transaksi

efek ketika sedang memegang

the Directors and employees while in possession of

informasi yang dapat mempengaruhi harga. Perseroan

price-sensitive information. The Company issues regular

menerbitkan edaran kepada Direksi, pejabat tinggi dan

circulars to its Directors, principal officers and relevant

pejabat terkait lainnya yang memiliki akses ke informasi

officers who have access to unpublished material price-

penting yang belum diterbitkan, dan untuk mengingatkan

sensitive information to remind them of the aforementioned

mereka akan kebutuhan untuk melaporkan transaksi efek

prohibition and to remind them of the requirement to report

yang mereka lakukan. Direksi dan karyawan juga dilarang

their dealings in shares of the Company. The Directors and

melakukan transaksi efek milik Perseroan pada periode

employees are also prohibited from dealing in the securities

dua minggu sebelum pengumuman hasil laporan keuangan

of the Company during the period commencing two weeks

Perseroan untuk setiap kuartal pertama dan ketiga tahun

before the announcement of financial results of the Company

fiskal atau satu bulan sebelum kuartal kedua tahun fiskal,

for each of the first and third quarters of its financial year

sebagaimana yang mungkin terjadi, dan berakhir pada saat

or one month before the second quarter and the financial

pengumuman hasil-hasil yang relevan.

year, as the case may be, and ending on the date of the announcement of the relevant results.

Informasi Lainnya Konflik Kepentingan Komisaris dan Direksi

Other Information

Baik Komisaris maupun Direksi tidak mempunyai konflik

Commissioners & Directors Conflict of Interest

kepentingan atau kepentingan lainnya pada pengelolaan usaha yang melibatkan PT Berlian Laju Tanker Tbk., dan anak perusahaannya.

The Commissioners and Directors do not have any existing conflicts of interest or any interest in any business arrangement involving PT Berlian Laju Tanker Tbk., and its

Hukuman dan/atau Penalti

subsidiaries.

Untuk tahun keuangan dalam pembahasan, tidak ada

Sanctions and/or Penalties

hukuman dan/atau penalti yang dibebankan pada Perseroan, Komisaris, Direksi, maupun Manajemen Perseroan.

For the financial year under review, there were no sanctions and/or penalties imposed on the Company, its

Variasi dari Hasil

Commissioners, its Directors or Management.

Tidak ada variasi yang signifikan antara laporan keuangan

Variation in Results

yang diaudit pada tahun keuangan berjalan dengan laporan keuangan yang tidak diaudit yang pernah diumumkan sebelumnya, apabila ada. Beban Non Audit

results for the financial year and the unaudited results previously announced, if any. Non Audit Fees

Tidak ada pembayaran Beban Non Audit kepada auditor selama tahun keuangan dalam pembahasan yang berakhir pada tanggal 31 Desember 2007. Pembelian-Kembali Saham Berikut ini adalah Pembelian Kembali Saham (share buy back) yang dilakukan selama tahun berjalan yang berakhir pada tanggal 31 Desember 2007. Harga Beli Saham adalah harga rata-rata untuk semua saham yang dibeli pada bulan yang bersangkutan dan Total Harga Beli adalah harga beli yang termasuk biaya insidentil. Semua saham telah


There were no significant vatiations between the audited


There is no Non Audit Fees paid to auditor during the financial year under review ended 31 December 2007 . Share Buy-Backs The following is the Share Buy Back actioned during the year under review ended 31 December 2007. The Purchase Price of Shares is the average price for all shares purchased in the month and the Total Purchase Price includes incidental


Jumlah Saham Dibeli Kembali

Harga Tertinggi

Harga Terendah

Harga Rata-Rata Pembelian Saham

Total Harga Pembelian

No. of Shares Bought Back

Highest Price (Rp)

Lowest Price (Rp)

Average Purchase Price of Shares (Rp)

Total Purchase Price (Rp)

January

-

-

-

-

-

February

39,750,000

1,870

1,760

1,802

71,610,000,000

March

60,800,000

1,940

1,690

1,875

114,025,380,000

April

72,500,000

2,050

1,890

1,989

144,198,490,000

May

116,050,000

2,025

1,910

1,943

225,484,750,000

June

-

-

-

-

-

July

-

-

-

-

-

August

-

-

-

-

-

September

-

-

-

-

-

October

-

-

-

-

-

November

-

-

-

December

-

-

-

-

-

TOTAL

289,100,000

2,050

1,690

1,921

553,318,620,000

FY 2007

* Belum termasuk komisi broker

* Not include broker commission

dipertahankan sebagai saham diperoleh kembali dan tidak

costs. All shares have been maintained as treasury shares

ada penjualan kembali saham Perseroan dan tidak ada pula

and there have been no resale of the Company’s treasury

saham yang dibatalkan selama tahun berjalan.

shares nor have there been any shares cancalled during the

Program Kepemilikan Saham Untuk Karyawan Saat ini, Perseeroan belum memiliki program kepemilikan saham untuk karyawan. Pedoman Tata Kelola Perseroan Saat ini Perseroan sedang dalam proses merumuskan

year under review. Employee Stock Option Scheme Currently the Company does not have any employee share option scheme or plan in place. Code of Corporate Governance

kebijakan-kebijakan untuk menerapkan Pedoman Tata

The Company is in the process of setting up the policies

Kelola Perseroan (the Code of Good Corporate Governance)

to adopt the Code of Corporate Governance issued by the

yang dikeluarkan oleh Komite Tata Kelola Perusahaan

Committee on Corporate Governance of Singapore and

Singapura dan Indonesia (The Committee on Corporate

Indonesia (the “Code”) and intends to fully adopt and comply

Governance of Singapore and Indonesia) dan bermaksud

with the Code to the extend that it does not contravene with

untuk menerapkan dan melaksanakannya sejauh tidak

Indonesian laws and regulations.

berbenturan dengan hukum dan peraturan yang berlaku di

Properties for Development, Sale and Investment Purposes

Indonesia The aggregate value of all properties held by the Company Properti Untuk Tujuan Pengembangan, Penjualan dan

for development, sale or investment purposes does not

Investasi

represent more than 15% of the value of the consolidated

Jumlah nilai dari semua tanah dan bangunan yang dimiliki

net tangible assets, or contribute more than 15% of the

oleh Perseroan untuk dibangun, dijual dan diinvestasikan

consolidated pre-tax operating profit of the Company.

tidak melebihi 15% dari nilai bersih aktiva berwujud secara konsolidasi atau tidak memberikan kontribusi melebihi 15% dari laba operasi sebelum pajak secara konsolidasi.


Annual Report 2007


KEBIJAKAN DIVIDEN

DIVIDEND POLICY

Sebagaimana telah disetujui pada Rapat Umum Pemegang Saham Tahunan pada tanggal 24 Mei 2007, Perusahaan telah membayar dividen sebesar Rp 40 per saham dari kinerja tahun 2006.

As approved during The Annual General Meeting of Shareholders on 24 May 2007, the Company paid dividend of Rp 40 per share out of year 2006’s performance.

Dividen Tunai/ Cash Dividend TAHUN FISKAL/ Dewan Direktur mengikuti prinsip-prinsip umum tertentu Rp per Saham/ Rp per Jumlah Dividen/ Total FISCAL YEAR Share Dividend (Rp)

Laba Bersih/ Net Profit (Rp)

Rasio Pembayaran/ Pay Out Ratio

1990 (Interim)

50.0

595,000,000

5,252,487,257

11.33%

1990 (Final)

70.0

980,000,000

5,252,487,357

18.66%

1991

120.0

2,520,000,000

8,165,320,975

30.86%

1992

50.0

2,940,000,000

9,435,826,023

31.16%

1993

50.0

2,940,000,000

12,004,519,839

24.49%

1994

100.0

5,880,000,000

10,186,663,218

57.72%

1995

100.0

5,880,000,000

9,645,533,121

60.96%

1996

30.0

4,586,400,000

13,232,719,380

34.66%

1997

15.0

6,879,600,000

20,673,859,675

33.28%

1998

-

-

74,539,573,249

0.00%

1999

10.0

4,586,463,800

132,641,573,249

3.46%

2000

15.0

7,689,067,950

25,451,979,791

30.21%

2001

12.5

23,151,630,850

112,831,220,587

20.52%

2002

12.5

22,288,155,850

106,505,436,280

20.93%

2003

15.0

27,994,748,820

149,149,512,900

18.77%

2004

15.0

62,333,360,640

243,204,229,960

25.63%

2005

20.0

75,420,628,720

645,185,592,405

11.69%

2006

40.0

166,302,897,440

1,205,279,899,017

13.80%

Dewan Direktur mengikuti prinsip-prinsip umum tertentu Direksi mengkuti prinsip-prinsip umum tertentu dalam memformulasikan rekomendasi-rekomendasinya yang terkait dengan pembayaran dividen-dividen, dan dengan rekomendasi-rekomendasi tersebut yang harus disetujui terlebih dahulu oleh para pemegang saham Perseroan, atau ketika mengumumkan suatu dividen interim. Nilai aktual dividen yang dapat diajukan oleh atau diumumkan pada



The Board of Directors adheres to certain general principles when formulating its recommendations regarding the payment of dividends, with these recommendations subject to approval by the Company’s shareholders, or when declaring interim dividends. The actual value of the dividends that the Board of Directors may recommend or declare in respect of any particular financial year or period


suatu tahun atau periode finansial tertentu harus didasarkan atas faktor-faktor di bawah berikut, begitu pula dengan faktor-faktor lainnya yang dianggap relevan oleh Direksi. Kebijakan dividen saat ini adalah sebagai berikut: • Dalam menentukan rasio pembayaran dividen Perseroan pada tahun finansial manapun, Perseroan akan mempertimbangkan tujuannya untuk mempertahankan dan meningkatkan tingkat dividen dan memaksimalkan nilai pemegang saham untuk jangka waktu panjang; dan • Pada saat dividen dibayarkan pada tahun finansial tertentu, dividen tersebut pada umumnya diumumkan pada kuartal kedua dan dibayarkan pada kuartal ketiga tahun finansial berikutnya. Dalam memformulasikan rekomendasi-rekomendasinya mengenai nilai pembayaran dividen, Direksi akan mempertimbangkan faktor-faktor berikut: • Nilai total uang kas Perseroan, perlengkapan, tingkat pengembalian ekuitas dan laba ditahan Perseroan; • Kinerja finansial yang diharapkan Perseroan; • Tingkat proyeksi pengeluaran modal Perseroan dan rencana-rencana investasi lainnya; • Tingkat dividen, jika ada, yang diterima Perseroan dari cabang-cabangnya; • Hasil dividen perseroan setara dengan perusahaanperusahaan pengangkutan global yang sejenis; dan • Pembatasan-pembatasan pembayaran dividen yang dapat diberlakukan pada pengaturan-pengaturan pendanaan Perseroan. Perseroan dapat juga mengumumkan dividen untuk disetujui dengan resolusi biasa para pemegang saham pada saat Rapat Umum Pemegang Saham Tahunan. Bagaimana pun juga, tidak diperbolehkan membayar dividen melebihi jumlah yang disarankan oleh Direksi. Direksi dapat juga mengumumkan suatu dividen interim atas persetujuan Dewan Komisaris, bilamana suatu dividen interim, merupakan pengimbangan terhadap dividen yang didistribusikan atas dasar resolusi Rapat Umum Pemegang Saham Tahunan berikutnya. Perseroan akan membayar dividen berdasarkan nilai keuntungan Perseroan dengan pengurangan untuk dana cadangan yang diperlukan. Jika dividen telah diumumkan, maka akan diumumkan dalam Rupiah.

will be subject to the factors outlined below, as well as such other factors deemed relevant by the Board of Directors. The current dividend policy is as follows: • In determining the Company’s dividend payout ratio in respect of any particular financial year, the Company will take into account its goal of maintaining and increasing dividend levels and of maximizing shareholder value over the longer term; and • When dividends are paid in any particular financial year, these dividends are generally declared in the second quarter and paid in the third quarter of the following financial year. In formulating its recommendations regarding the value of dividend payments, the Board of Directors will take into account the following factors: • The total value of the Company’s cash, gearing, return on equity and retained earnings; • The Company’s expected financial performance; • The Company’s projected levels of capital expenditure and other investment plans; • The level of dividends, if any, that the Company receives from its subsidiaries; • The dividend yield of similar companies and comparable shipping companies globally; and • Restrictions on payment of dividends that may be imposed on the Company by financing arrangements. The Company may declare dividends to be approved by ordinary resolution of shareholders at the Annual General Shareholders Meeting. However, it is not permitted to pay dividends in excess of the amount recommended by the Board of Directors. The Board of Directors may also declare an interim dividend with the approval of the Board of Commissioners, provided that such interim dividends are offset against the dividends that are distributed on the basis of resolutions made at the next Annual General Shareholders Meeting. The Company will pay dividends on the basis of the value of the Company’s profits with subtraction is for required reserve funds. When dividends are declared, they will be declared in Rupiah. The Board of Directors may, at its discretion, amend or repeal the current dividend policy. The Board of Directors may decrease the level of dividends provided for in this dividend policy or entirely discontinue the payment of dividends.

Direksi dapat dengan diskresinya, mengamandemen atau mencabut kebijakan dividen yang ada. Direksi juga dapat mengurangi tingkat dividen yang disediakan dalam suatu kebijakan dividen atau menghentikan sepenuhnya pembayaran dividen.


Annual Report 2007


PENERBITAN OBLIGASI KORPORASI

CORPORATE BOND ISSUANCE

Perseroan tidak hanya mengandalkan ekuitas sebagai

In addition to equities, the Company uses a number of other

instrumen pendanaan. Alternatif pendanaan lain untuk

financing instruments in order to diversify sources of financing

pengembangan usaha dan armada kapal juga diupayakan

and to reduce risk. Funds raised from these instruments are

sebagai

pendanaan.

used to develop the Company’s business and to expand its

Keberhasilan dalam memberikan nilai tambah bagi para

fleet of ships. The Company’s success in providing added

pemegang saham, telah meyakinkan manajemen Perseroan

value to shareholders justifies the confidence of management

untuk menerbitkan instrumen obligasi korporasi. Dana hasil

in their issuance of corporate bonds as a source of funds for

penerbitan surat utang itu digunakan untuk pengembangan

the development of the Company’s fleet.

diversifikasi

jenis

dan

risiko

armada kapal. In July 2000, the Company issued the Berlian Laju Tanker Pada bulan Juli tahun 2000, Perseroan menerbitkan Obligasi

Bonds 2000, which fell due within five years of the date

Berlian Laju Tanker I tahun 2000, berjangka waktu lima

of issuance and had both fixed and floating interest rates,

tahun dengan tingkat bunga tetap dan atau mengambang

with a total nominal value of Rp 200 billion. The bond was

dengan nilai nominal keseluruhannya berjumlah Rp 200

rated id A- (stable outlook) by PT Pemeringkat Efek Indonesia

miliar. Pada saat diterbitkan, obligasi ini memperoleh

(Pefindo). This bond consisted of two series, the A series,

peringkat

A- (stable outlook) dari PT Pemeringkat Efek

consisting of bonds with fixed interest rates of 17 per cent

Indonesia (Pefindo). Obligasi ini terdiri atas dua seri yaitu

per annum; and the B series, consisting of bonds with fixed

seri A yang memiliki tingkat bunga tetap sebesar 17% per

interest rates of 17 per cent in the first year, and floating

tahun dan Seri B yang memiliki tingkat bunga tetap sebesar

interest rates from the second until the fifth year, based on

17% pada tahun pertama dan tingkat bunga mengambang

interest rates for six months term deposits with an additional

untuk tahun kedua sampai dengan tahun kelima, dengan

margin of three per cent. The bond fell due and was paid in

patokan bunga deposito berjangka enam bulan ditambah

full in 2005.

id

margin sebesar 3%. Obligasi ini telah dibayar lunas pada tahun 2005.

Improvements in the corporate bond market created opportunities for the Company to issue Berlian Laju Tanker

Perkembangan pasar obligasi korporasi yang semakin

Bonds II 2003, which will also fall due after a five-year period

membaik telah memberikan kesempatan bagi Perseroan

on 28 May 2008. The bond was rated id A- (positive outlook)

untuk menerbitkan Obligasi Berlian Laju Tanker II tahun

by PT Pemeringkat Efek Indonesia (Pefindo) and has a

2003 yang juga berjangka waktu lima tahun atau akan jatuh

total nominal value of Rp 340 billion. This bond consists of

tempo pada tanggal 28 Mei 2008. Pada saat diterbitkan,

two series, the A Series, which has a fixed interest rate of

obligasi ini memperoleh peringkat

A- (positive outlook)

14.75 per cent per year; and the B Series, which has a fixed

dari PT Pemeringkat Efek Indonesia (Pefindo), dengan nilai

interest rate of 14.75 per cent in the first year, and a floating

nominal keseluruhan sebesar Rp 340 miliar. Obligasi ini

interest rate from the second until the fifth year, based on the

diterbitkan dalam dua seri, yaitu seri A yang memiliki tingkat

interest rate for three month SBI with an additional margin of

bunga tetap sebesar 14,75% per tahun dan Seri B yang

2.5 per cent and with a maximum interest rate of 16.75 per

memiliki tingkat bunga tetap sebesar 14,75% pada tahun

cent. This bond is listed on the Indonesian Stock Exchange

pertama dan mengambang untuk tahun kedua sampai

with PT Bank Mandiri (Persero) Tbk. as the Trustee.

id

dengan tahun kelima, dengan patokan bunga tiga bulan SBI ditambah margin sebesar 2,5% dengan batas bunga maksimum sebesar 16,75%. Obligasi ini tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk. sebagai wali amanat.




Selain itu pada saat yang bersamaan, Perseroan juga telah memperoleh kepercayaan dari Dewan Syariah Nasional – Majelis Ulama Indonesia, untuk ikut serta mendorong bangkitnya Pasar Modal Syariah dengan menerbitkan Obligasi Syariah Mudharabah Berlian laju Tanker Tahun 2003 dengan jangka waktu lima tahun atau sampai dengan tanggal 28 Mei 2008. Nilai Nominal keseluruhan Obligasi Syariah ini sebesar Rp. 60 miliar. Pada saat diterbitkan obligasi ini memperoleh peringkat id A-(sy) (positive outlook) dari PT Pemeringkat Efek Indonesia(Pefindo). Obligasi syariah ditawarkan dengan ketentuan yang mewajibkan Perseroan untuk membayar kepada pemegang obligasi syariah sejumlah pendapatan bagi hasil yang besarnya dihitung berdasarkan perkalian antara nisbah pemegang obligasi syariah dengan pendapatan yang dibagihasilkan. Obligasi ini tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk. sebagai wali amanat. Pada Tahun 2007, Perseroan melihat perkembangan pasar obligasi korporasi yang semakin membaik, karena itu Perseroan menerbitkan Obligasi Berlian Laju Tanker III tahun 2007 yang juga berjangka waktu lima tahun atau akan jatuh tempo pada tanggal 5 Juli 2012. Pada saat diterbitkan, obligasi ini memperoleh peringkat id AA- (stable outlook) dari PT Pemeringkat Efek Indonesia (Pefindo), dengan nilai nominal yang diterbitkan sebesar Rp 700 miliar. Obligasi ini memiliki tingkat bunga tetap sebesar 10,35% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk. sebagai wali amanat. Pada saat yang bersamaan, Perseroan kembali dipercaya Dewan Syariah Nasional – Majelis Ulama Indonesia, untuk terus mendorong bangkitnya Pasar Modal Syariah dengan menerbitkan Obligasi Sukuk Ijarah Berlian laju Tanker Tahun 2007 dengan jangka waktu lima tahun, yang akan jatuh tempo pada 5 Juli 2012. Nilai nominal obligasi syariah ini sebesar Rp 200 miliar. Pada saat diterbitkan, PT Pemeringkat Efek Indonesia (Pefindo) memberikan peringkat id AA-(sy) (stable outlook). Obligasi syariah ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.6 miliar per tahun. Seluruh sukuk ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk. sebagai wali amanat.

At the same time, the Company was supported by the National Syari’ah Council Majelis Ulama Indonesia in its endeavours to participate in the Syaria’ah Capital Market through the issuance of the Syari’ah Mudarabah Berlian Laju Tanker Bond 2003, which is to fall due within five years of issuance, on 28 may 2008. The nominal value of this Syari’ah Bond is Rp 60 billion. At the time of issuance it received a rating of

id

A-(sy) (positive outlook) from PT. Pemeringkat

Efek Indonesia (Pefindo). According to the terms of this bond, the Company is obliged to pay the holder of the bond a sum based on a share of the profits calculated according to an established ratio between the Syari’ah Bond Holder Ratio and revenues. This bond is listed on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee. In 2007, in light of the improvements in the market for corporate bonds, the Company issued the Berlian Laju Tanker Bonds III 2007, which will also fall due after a fiveyear period on 5 July 2012. At the time of issuance, these bonds were rated id AA- (stable outlook) by PT. Pemeringkat Efek Indonesia (Pefindo) with a total nominal value of Rp 700 billion. These bonds had a fixed interest rate of 10.35% per annum. All of these bonds were sold at their nominal value and were registered on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee. At the same time, the Company was again supported by the National Syari’ah Council Majelis Ulama Indonesia in its endeavours to participate in the Syari’ah Capital Market through the issuance of the Sukuk Ijarah Berlian Laju Tanker Bond 2007, which is to fall due within five years of issuance, on 5 July 2012. The nominal value of this Syari’ah Bond is Rp 200 billion. At the time of issuance it received a rating of

id

AA-(sy) (positive outlook) from PT. Pemeringkat Efek

Indonesia (Pefindo). This Syari’ah bond was offered with the provision obliging the Company to pay Rp 20.6 billion per year to the holder of the bond. This bond is listed on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.


Annual Report 2007


Pada Tanggal 18 Desember 2007 Berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker III tahun 2007, pemegang Sukuk Ijarah Berlian Laju Tanker III Tahun 2007, dan pemegang Obligasi Syariah Mudharabah Berlian laju Tanker Tahun 2003 setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat baru. Pada Tanggal 22 Januari 2008 Berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker II tahun 2003 juga setuju untuk mengganti PT Bank Mandiri Tbk (Persero) Tbk. sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat yang baru.

On 18 December 2007, following the General Bond Holders Meeting, holders of the Berlian Laju Tanker III Bond 2007, the Sukuk Ijarah Berlian Laju Tanker III, and the Syari’ah Mudharabah Berlian laju Tanker 2003 decided to replace PT Bank Mandiri (Persero) Tbk. as the Trustee of the bond with PT Bank Niaga Tbk. On 22 January 2008, following the General Bond Holders Meeting, holders of the Berlian Laju Tanker II Bond 2003 decided to replace PT Bank Mandiri Tbk (Persero) as the Trustee of the bond with PT Bank Niaga Tbk. The decision to nominate a change in the Trustee was intended to avoid conflicts of interest as defined by regulations governing the capital market, with these

Penggantian Wali Amanat ini diputuskan untuk menghindari benturan kepentingan sesuai dengan peraturan pasar modal, yang menyebutkan, wali amanat tidak boleh memiliki hubungan kredit dengan emiten.

regulations stating that an appointed the Trustee may not have a credit connection with the issuer.

Notes Payable Wesel Bayar (Notes Payable) Berkat kepercayaan masyarakat Internasional terhadap kredibilitas Perseroan yang telah tercatat di Bursa Singapura (Singapore Stock Exchange Trading Limited), pada tanggal 4 Mei 2007, melalui anak perusahaan, BLT Finance B.V. Perseroan berhasil menerbitkan wesel bayar (Guaranteed Senior Notes) senilai US$ 400 juta. Wesel bayar ini ditawarkan kepada masyarakat internasional dengan tingkat bunga 7,5% per tahun, dengan jangka waktu selama tujuh tahun yang akan jatuh tempo pada tanggal 15 Mei 2014 dengan harga sebesar nilai nominal. Pada saat penerbitan wesel bayar ini memperoleh peringkat BB- dari Standard & Poor’s Ratings Group dan Fitch ratings Ltd. Wesel bayar ini terdaftar di Bursa Efek Singapura (SGX-ST) dengan The HSBC Bank USA, National Association sebagai wali amanat.

With the increased trust in the Company by the international investor community demonstrated by the Company’s listing of its shares on the Singapore Exchange (Singapore Stock Exchange Trading Limited), on 4 May 2007, the Company, through its subsidiary BLT Finance B.V., issued Guaranteed Senior Notes with a total value of USD 400 million. These notes payable were offered to the international investor community with interest rates of 7.5 per cent per annum and with a term of seven years, to fall due on 15 May 2014 at a price determined by the nominal value. At the time of issuance, these notes payable received a rating of BBfrom Standard and Poor’s Rating Group and Fitch Ratings Limited. These notes payable were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee.

BLT Finance BV (BLTFBV) memiliki opsi untuk membeli kembali wesel bayar pada harga tertentu sesuai dengan syarat dan ketentuan yang berlaku.

BLT Finance BV (BLTFBV) retains the option to read by these notes payable at prices determined by defined conditions and stipulations.




Pada bulan Januari 2008 Fitch Ratings Ltd memberikan peringkat B+ (stable outlook) untuk wesel bayar ini sedangkan Standard & Poor’s memberikan peringkat B+ (negative watch) untuk wesel bayar ini pada bulan Januari 2008 dan B (negative watch) pada bulan Maret 2008.

In January 2008, Fitch Ratings Limited granted a rating of B+ (stable outlook) for this notes payable. Standard and Poor’s granted a rating B+ (negative watch) in January 2008 and granted a rating B (negative watch) in March 2008.

Issuance of Convertible Bonds

Penerbitan Obligasi Konversi

After studying the internal and external conditions of Setelah

mempelajari

Perseroan

khususnya

kondisi dalam

internal hal

dan

eksternal

pembiayaan

the Company, especially with regard to the financing of

untuk

the development of its fleet, on 14 December 2005, the

pengembangan armada kapal, pada tanggal 14 Desember

Company successfully issued a USD 50 million convertible

2005, Perseroan melalui anak perusahaan BLT Finance

bond through its wholly-owned subsidiary BLT Finance

Corporation yang seluruh sahamnya dimiliki oleh Perseroan,

Corporation. This convertible bond was issued at the nominal

berhasil menerbitkan obligasi konversi dalam mata uang

cost of 100 per cent, with a fixed interest rate of 1.25 per

dolar Amerika Serikat senilai US$ 50 iuta. Obligasi konversi

cent per year. This Convertible Bond falls due after five years

ini diterbitkan dengan harga nominal 100%, dengan tingkat

with a bond value at the time of the due date amounting to

suku bunga tetap sebesar 1,25% per tahun. Obligasi

130.44 per cent.

konversi ini berjangka waktu lima tahun dengan nilai obligasi pada saat jatuh tempo sebesar 130,44%.

This Convertible Bond can be converted to shares in the Company at the bondholders option through a Share Buy

Obligasi konversi ini, atas pilihan pemegang obligasi konversi,

Back program with a conversion price of Rp 1,250. The

dapat dikonversikan dengan saham-saham Perseroan hasil

amount of shares to be received by the bond holder at the

pembelian kembali pada harga konversi sebesar Rp. 1.250.

time of the conversion are to be determined by dividing the

Jumlah saham yang akan diterima pada saat konversi, akan

nominal value of the Convertible Bond after conversion into

ditentukan dengan membagi jumlah pokok obligasi konversi

rupiah at the predetermined exchange rate of IDR 10,078

dengan yang akan dikonversikan (setelah disetarakan ke

per US dollar by the Conversion Price.

dalam mata uang rupiah pada kurs yang sudah ditetapkan yaitu Rp 10.078 per US$) dengan harga konversi.

The BLT Finance Corporation retains the option to buy back (‘Call Option’) the Convertible Bond after three years

Setelah jangka waktu tiga tahun sejak obligasi konversi

in accordance with predetermined terms and conditions.

diterbitkan, BLT Finance Corporation memiliki hak opsi untuk

In addition, the bond holder retains the option to sell (‘Put

membeli kembali (call option) obligasi konversi seluruhnya

Option’)the convertible bond to BLT Finance Corporation two

sesuai dengan syarat-syarat dan ketentuan yang berlaku.

years after the convertible bonds were issued in accordance

Selain itu, setelah jangka waktu dua tahun sejak obligasi

with predetermined terms and conditions.This Convertible

diterbitkan, pemegang Obligasi Konversi memiliki hak

Bonds were fully converted in May 2007.

opsi untuk menjual obligasi konversi (Put Option) kepada BLT Finance Corporation sesuai dengan syarat-syarat dan ketentuan yang berlaku. Obligasi konversi ini telah dikonversikan seluruhnya pada bulan Mei 2007.


Annual Report 2007


Pada tanggal 17 Mei 2007, Perseroan melalui anak

On 17 May 2007, the Company successfully issued a

perusahaannya BLT Finance B.V. yang seluruh sahamnya

US$125 million convertible bond through its wholly-owned

dimiliki oleh Perseroan, berhasil menerbitkan obligasi

subsidiary BLT Finance B.V. This convertible bond was

konversi dalam mata uang dolar Amerika Serikat senilai

issued at the nominal cost of 100 per cent, without interest.

US$ 125 juta. Obligasi konversi ini diterbitkan dengan

This Convertible Bond falls due after five years with a bond

harga nominal 100%, tanpa bunga, dengan jangka waktu

value at the time of the due date amounting to 129.58 per

selama lima tahun yang akan jatuh tempo pada tanggal 17

cent. At the time of issuance, this note payable received a

Mei 2012. Nilai obligasi ini pada saat jatuh tempo sebesar

rating of BB- from Standard and Poor’s Ratings Group and

129,58% dari harga pokok. Pada saat penerbitan, obligasi

Fitch Ratings Limited this note was listed on the Singapore

konversi ini memperoleh peringkat BB- dari Standard &

Stock Exchange (SGX-ST) with the Hongkong and Shanghai

Poor’s Ratings Group dan Fitch ratings Ltd. Instrumen ini

Banking Corporation Ltd acting as the Trustee.

tercatat di Bursa Efek Singapura (SGX-ST) dengan The Hongkong and Shanghai Banking Corporation Ltd sebagai

This convertible bond can, at the option of the bond holder,

wali amanat.

be converted into shares in the Company through a buyback program with the initial conversion price set at SGD 0.4965

Obligasi Konversi tersebut, atas pilihan pemegang obligasi konversi, dapat dikonversikan dengan saham-saham Perseroan hasil pembelian kembali pada harga konversi awal sebesar SG$ 0,4965 per saham. Jumlah saham yang akan



per share. The number of shares to be received at the time


diterima pada saat konversi, akan ditentukan berdasarkan

of conversion will be determined according to the number

saham yang tercatat pada SGX-ST, dengan membagi jumlah

of shares registered on the SGX-ST, by dividing the initial

pokok Obligasi Konversi dengan yang akan dikonversikan

value of the convertible bond after conversion at the fixed

(setelah disetarakan menggunakan kurs tetap SG$ 1,5143

rate of SGD1.5143 per USD1 or Rp 8,894 per USD1 by the

per US$ 1 atau Rp 8.894 per US$ 1) dengan harga konversi

conversion price at the time of conversion.

pada saat konversi. The BLT Finance B.V. retains the option to buy back (‘Call Setelah jangka waktu dua tahun sejak obligasi konversi

Option’) the Convertible Bond after three years in accordance

diterbitkan, BLT Finance B.V. memiliki hak opsi untuk

with predetermined terms and conditions. In addition, the

membeli kembali (Call Option) obligasi konversi seluruhnya

bond holder retains the option to sell the convertible bond to

sesuai dengan syarat-syarat dan ketentuan yang berlaku.

BLT Finance B.V. (‘Put Option’) two years after the convertible

Selain itu, setelah jangka waktu tiga tahun sejak obligasi

bonds were issued in accordance with predetermined terms

diterbitkan, pemegang obligasi konversi memiliki hak opsi

and conditions.

untuk menjual obligasi konversi kepada BLT Finance B.V. (Put Option) sesuai dengan syarat-syarat dan ketentuan yang berlaku.


Annual Report 2007


KEPEMILIKAN SAHAM

SHARE OWNERSHIP

Sampai dengan 31 Desember 2007, modal ditempatkan

As at 31 December 2007, the Company has 4,159,010,436

dan disetor Perseroan telah adalah 4.159.010.436 saham

issued shares (including 31,050,000 shares held in

(termasuk 412.351.000 saham yang diperoleh kembali).

treasury). The following table sets forth the shareholdings

Tabel berikut menjelaskan kepemilikan saham dari direksi

of the Company’s Directors, Commissioners, Substantial

Perseroan, Komisaris, pemegang saham substansial dan

Shareholders and others as at 31 December 2007. A

lainnya sampai dengan 31 Desember 2007. “Pemegang

“Substantial Shareholder” is one who, directly or indirectly,

Saham Substansial” adalah pihak yang secara langsung

beneficially owns five percent or more of the Company’s

maupun tidak langsung, memiliki lima persen atau lebih

shares. Beneficial ownership generally includes any shares

saham Perseroan. Kepemilikan demikian, termasuk saham

over which a person exercises sole or shared voting or

dimana satu pihak

investment power.

secara sendiri atau bersama-sama,

mempunyai hak suara ataupun hak melakukan keputusan investasi. Nama Pemegang Saham / Name of Shareholders

Jumlah Saham yang Dimiliki /

Persentase dari Jumlah Saham Beredar/

Number of Shares Held

Percentage of Total Outstanding Shares

Direktur/Directors Widihardja Tanudjaja

8,928,720

0.21%

62,400

0.00%

2,047,793,764

49.24%

138,000,000

3.32%

1,551,874,552

37.31%

412,351,000

9.91%

4,159,010,436

100.00%

Siana Anggraeni Surya Pemegang Saham Lainnya / Other Shareholders PT Tunggaladhi Baskara Meadowstream limited Pemegang Saham Publik/ Public Shareholders Saham Diperoleh Kembali/ Treasury Stock TOTAL Catatan: (1) Meadowstream Limited merupakan anak perusahaan atau cabang usaha dari PT. Tunggaladhi Baskara. (2) Sampai dengan 31 Desember 2007, Widihardja Tanudjaja (Presiden Direktur) dan Siana Anggraeni Surya (Direktur) memiliki 8.928.720 dan 62.400 bagian saham perusahaan, melalui kepemilikan saham langsung atau tidak langsung. Tidak ada kepemilikan saham langsung atau tidak langsung milik perusahaan yang dipegang oleh direktur lainnya. Siana Anggraeni Surya adalah putri dari Hadi Surya, Presiden Komisaris Perseroan.

Notes : (1) Meadowstream Limited is wholly owned subsidiary of PT Tunggaladhi Baskara (2) As of 31 December 2007, Widihardja Tanudjaja(President Director) and Siana Anggraeni Surya ( Director) held 8,928,720 and 62,400 shares of the company respectively, either through direct or deemed interest of the company’s share. No direct shareholding or deemed interest of the Company’s shares held by other Director. Siana Anggraeni Surya is the daughter of Hadi Surya, the President Commissioner of the Company.

Nilai Kapitalisasi Pasar Saham Perseroan berdasarkan harga

Total Capitalisation by ISX price and SGX price as of 31

BEI dan SGX per 31 Desember 2007

December 2007

Jumlah saham tercatat / Number of Shares

4,159,010,436

Nilai kapitalisasi / Capitalisation

ISX Price (Rp)

Rp2,650.00

Rp11,021,377,655,400.00

SGX Price

(Sing $) SGD 0.40

SGD 1,663,604,174.40




Statistik Kepemilikan Saham

Statistic of Shareholding

Sampai dengan 14 Maret 2008, Perseroan memiliki modal

As of 14 March 2008, the Company has an authorized capital

dasar sebesar 14.676.480.000 saham biasa dengan nilai

stock of 14,676,480,000 ordinary shares with par value of

nomial Rp 62,50 per saham. Modal yang ditempatkan dan

Rp 62.50 per share. The issued and fully paid-up capital

disetorkan Perseroan sebesar 4.589.281.176 saham biasa.

stock was 4,589,281,176 ordinary shares. All of the issued

Semua saham yang telah diterbitkan memiliki klasifikasi yang

shares have similar class which is ordinary shares with equal

sama, yaitu saham biasa, dengan hak suara yang sama

voting rights. The tables set forth below are the statistic of

pula. Tabel di bawah adalah statistik kepemilikan saham

shareholding of the issued shares of the Company as of 14

yang dikeluarkan oleh Perseroan sampai dengan 14 Maret

March 2008.

2008.

Jadwal Distribusi Saham (pada 14 Maret 2008) Distribution Schedule of the Shares (as of 14 March 2008) Besar kepemilikan/ Size of shareholdings 1,000,001 and above

Jumlah Pemegang Saham/ No. of Shareholders

Jumlah Saham/ Number of Shares

%

%

141

4.03%

4,438,411,627

96.71%

10,001 – 1,000,000

1,588

45.42%

140,919,655

3.07%

1,000 – 10,000

1,627

46.54%

9,888,928

0.22%

1 - 999

140

4.00%

60,966

0.00%

TOTAL

3,496

100.00%

4,589,281,176

100.00%

Daftar Pemegang Saham Utama Langsung dan Tidak Langsung (pada 14 Maret 2008) List of Substantial Shareholders and Its Deemed Interest (as of 14 March 2008) Pemegang saham utama/ Substantial shareholders

Kepemilikan Langsung/ Direct Interest

%

PT Tunggaladhi Baskara

2,276,425,764

49.60%

Meadowstream Limited

138,000,000

3.01%

Catatan: Kepemilikan tidak langsung PT Tunggaladhi Baskara, termasuk didalamya kepemilikan saham Meadowstream Limited sebagai anak perusahaan dari PT Tunggaladhi Baskara.

Kepemilikan Gabungan/ Deemed Interest

%

2,414,425,764

52.61%

Notes: The deemed interests of PT Tunggaladhi Baskara includes the shareholding interest of Meadowstream Limited as a wholly owned subsidiary of PT Tunggaladhi Baskara.


Annual Report 2007


Dua Puluh Pemegang Saham Terbesar (pada 14 Maret 2008) Twenty Largest Shareholders (as of 14 March 2008)

No

NAME

NO. OF SHARES

%

2,276,425,764

49.60%

1

TUNGGALADHI BASKARA, PT

2

UOB KAY HIAN PTE LTD

144,237,000

3.14%

3

Meadowstream Limited

138,000,000

3.01%

4

Everwin International Corp

120,030,560

2.62%

5

Genial Properties Limited

94,783,296

2.07%

6

Widetech International Limited

75,090,768

1.64%

7

Dayareksa Tataartha,PT

70,798,584

1.54%

8

CITIBANK NEW YORK S/A DIMENSIONAL EMERG MARK

54,456,800

1.19%

9

DBS NOMINEES PTE LTD

54,270,500

1.18%

10

Natalia Salim

34,932,000

0.76%

11

PT PRUDENTIAL LIFE ASSURANCE-REF

33,419,000

0.73%

12

SSB XBJ2 SSL C/O SSB,BOSTON SCOTTISH WIDOWS PLC -2144606505

30,842,000

0.67%

13

Techfaith International Limited

29,030,608

0.63%

14

HSBC (SINGAPORE) NOMS PTE LTD

28,249,000

0.62%

15

SSB 2D09 SSGA EMERGING MARKETS FUND-2157564025

27,617,500

0.60%

16

Chanita Lancy Setiawan

27,126,000

0.59%

17

NANCY GOZALIE

25,189,500

0.55%

18

SSB W33P ABBEY LIFE ASSURANCE COMPANY LIMITED - 2144604384

23,568,000

0.51%

19

SSB D26J ACF THE EMM UMBRELLA FUNDS-2144605397

23,405,000

0.51%

20

SSB W33N ABBEY LIFE ASSURANCE COMPANY LIMITED - 2144604383

21,606,500

0.47%

3,333,078,380

72.63%

TOTAL

Berdasarkan informasi yang dimiliki Perseroan sampai dengan 14 Maret 2008, sebanyak 38,41% saham yang dikeluarkan oleh Perseroan dimiliki oleh publik. Oleh karena itu, telah sesuai dengan Peraturan 723 yang tercantum pada Peraturan Pencatatan Singapore Exchange Securities Trading Limited.

Based on information available to the Company as at 14 March 2008, approximately 38.41% of the issued ordinary shares of the Company is held by the public and therefore, Rule 723 of the Listing Manual of Singapore Exchange Securities Trading Limited is complied with.




PEMERINGKATAN EFEK Sejak tahun 2000,

Perseroan

FINANCIAL RATINGS mendapatkan peringkat

Since 2000, the Company has received financial ratings from

kelayakan penerbitan surat utang dari PT Pemeringkat

PT Pemeringkat Efek Indonesia, or Pefindo. These ratings

Efek Indonesia atau Pefindo. Hasil pemeringkatan terus

have improved steadily, reflecting the steady improvement

meningkat dari tahun ke tahun. Ini mencerminkan posisi

in the financial position and the financial strength of the

keuangan dan kekuatan keuangan Perseroan semakin baik,

Company and its ability to manage risk effectively.

serta semakin rendahnya risiko Perseroan.

Sejarah Pemeringkatan / Ratings History May 2000

id A - / Stable Outlook

October 2001

N/A

May 2002

id A - / Stable Outlook

April 2003

id A - / Positive Outlook

June 2004

id A / Stable Outlook

May 2005

id A / Stable Outlook

July 2006

id A+ / Stable Outlook

May 2007

id AA - / Stable Outlook

Sejarah Pemeringkatan / Ratings History (By Fitch ratings) June 2007

January 2008

Long term - Foreign Currency

BB - / Stable Outlook

B + / Stable Outlook

Long term - Local Currency



Senior Unsecured Notes



Sejarah Pemeringkatan / Ratings History (By Standard & Poors) May 2007


January 2008

B + / Negative Watch

March 2008

B / Negative Watch

Baru pada awal tahun 2008, Perseroan

mendapatkan

Since the acquisition of Chembulk Tankers LLC, the

penurunan peringkat pasca-akuisisi Chembulk Tankers LLC,

Company’s ratings have declined due to the relatively higher

karena tingginya financial leveraging yang relatif lebih tinggi.

level of financial leveraging.


Annual Report 2007


PENGEMBANGAN SUMBER DAYA MANUSIA

HUMAN RESOURCE DEVELOPMENT

Sebagai penyedia jasa transportasi kargo cair terdepan

As a leading provider of maritime transportation services

di kawasan Asia, Perseroan

terus bekerja keras untuk

specializing in the transportation of liquid cargoes in the Asian

mengembangkan dan meningkatkan pasar. Untuk mencapai

region, the Company is engaged in an ongoing endeavor to

tujuan itu, Perseroan terus memperkuat dan memperluas

develop and expand its market share. In order to achieve

kualitas kompetitif jangka panjang melalui pengembangan

this goal, the Company is committed to strengthening and

sumber daya manusia. Perseroan berkeyakinan bahwa

developing its competitive excellence over the long term

sumber daya manusia merupakan aset strategis sekaligus

through the development of its human resources. The

keuntungan kompetitif untuk memaksimalkan kinerja.

Company is committed to the belief that human resources are a strategic asset that provides the Company with

Dalam menghadapi perubahan-perubahan bisnis di pasar

the competitive excellence needed to achieve maximum

global yang kian kompetitif, Perseroan mempersiapkan

performance.

sumber daya manusia melalui peningkatan kemampuan dan komitmen karyawan. Sebagai suatu inisiatif strategis,

In an ever changing and increasingly competitive global

Perseroan telah melakukan pengembangan ke arah

market, the Company strives to develop its human resources

kompetensi keras dan lunak di antara para karyawan,

by improving the capabilities and strengthening the

guna

dengan

commitment of its employees. As a strategic initiative, the

kompetensi sangat baik serta komitmen yang tinggi.

Company strives to achieve improvements in the hard and

Dalam pengembangan para pelaut, Perseroan merujuk

soft competencies of its employees in order to ensure the

pada Standar Pelatihan, Sertifikasi dan Pengawasan bagi

highest possible degree of competence and commitment.

Pelaut 1978, sebagaimana telah diamandemen pada tahun

In order to improve the competence and commitment of the

1995 (STCW 95), sesuai ketentuan Organisasi Kelautan

crew of its vessels, the Company adheres to the standards

Internasional (IMO).

established by the International Maritime Organization

menghasilkan

sumber

daya

manusia

(IMO) through its Standard For Training, Certification & Perseroan menyadari bahwa suatu organisasi yang kompeten

Watchkeeping for Seafarer 1978 as Amended 1995 (STCW

perlu didukung oleh sumber daya yang kompeten pula.

95).

Oleh karena itu, Perseroan bekerja keras mempersiapkan karyawan yang memiliki kualifikasi dan dedikasi guna,

The Company is aware that developing a competent

memenuhi

pengetahuan,

organization is only possible when efforts to achieve this are

keterampilan dan tingkah laku yang baik. Upaya-upaya ini

supported by competent staff. Thus, the Company makes

tidak hanya dilakukan untuk mengembangkan kemampuan

every possible effort to implement the highest possible

karyawan yang sudah lama bekerja, tetapi dimulai sejak

standards to ensure the dedication and competence of its

proses perekrutan karyawan baru yang selektif.

staff in terms of knowledge, skills and attitudes. This involves

standar

dengan

dukungan

not merely the ongoing training and development of existing Perseroan menyadari bahwa sumber daya manusia

employees, but begins with a highly selective recruitment

merupakan aset yang berharga dalam kegiatan bisnis

process for the selection of new employees.

dan memberikan keunggulan kompetitif bagi Perseroan. Demi peningkatan kinerja jangka panjang Perseroan,

The Company is aware that human resources are a vital

pihak Manajemen secara konsisten telah menempatkan

asset in the operation of the business and for ensuring the

pengembangan sumber daya manusia sebagai fokus

Company’s competitive excellence. In order to ensure the

utama dan menjadikannya sebagai suatu komitmen

ongoing growth and development of the Company in the

untuk meningkatkan kompetensi sumber daya manusia

long term, the Company consistently strives to achieve

Perseroan.

the development of its human resources by improving the competencies of the Company’s staff and employees.




Sampai dengan tanggal 31 Desember 2007, Perseroan

As of 31 December 2007, the Company had 349 permanent

telah memiliki 349 karyawan tetap dan 1.687 karyawan

employees and 1,687 contract employees. The following

tidak tetap. Tabel berikut menunjukkan komposisi karyawan

table shows the composition of the Company is employees

Perseroan berdasarkan kegiatan dan lokasi:

in terms of their activities and geographical location:

Jumlah Karyawan Berdasarkan

EMPLOYEES BY ACTIVITY

Aktivitias

Marketing/ Operation

135

Pemasaran/Operasi

Ship Management

98

Manajemen Kapal

Administration/ IT

71

Administrasi/IT

Finance

16

Keuangan

Human Resources

17

Sumber Daya Manusia

Legal/ Business Development

12

Hukum/Pengembangan Bisnis

Crew

1,687

Awak Kapal

TOTAL

2,036

Jumlah

EMPLOYEES

Jumlah Karyawan Berdasarkan

BY GEOGRAPHIC REGION

Daerah Geografis

Indonesia

220

Indonesia

Singapore

53

Singapura

Hong Kong

25

Hong Kong

United Kingdom

13

Inggris

China

11

China

United Arab Emirates

1

Uni Emirat Arab

Netherland

3

Belanda

India

4

India

America

19

Amerika

Vessel Crew

1,687

Awak Kapal

TOTAL

2,036

Jumlah


Annual Report 2007


TANGGUNG JAWAB SOSIAL PERUSAHAAN

CORPORATE SOCIAL RESPONSIBILITY

Perseroan memiliki komitmen tidak saja melayani kebutuhan

The Company is committed not only to serving the needs of

para stakeholders, tetapi juga anggota masyarakat,

stakeholders, but also to serving members of the broader

terutama di sekitar lokasi operasi perusahaan. Perseroan

community, particularly those of communities in the areas

sangat

baik

surrounding the Company’s operations. The Company is

dengan masyarakat. Untuk itulah, Perseroan berkomitmen

aware of the importance of maintaining good relationships

mengadakan berbagai kegiatan yang bermanfaat sesuai

with all members of the community. In order to facilitate

dengan kebutuhan masyarakat.

such relationships, the Company is committed to engaging

menyadari

pentingnya

hubungan

yang

in a number of activities intended to benefit members of the Salah satu bentuk kepedulian terhadap masyarakat dan

community.

lingkungannya adalah melalui kegiatan sosial berupa donor darah yang rutin dilakukan dua kali dalam setahun

As one manifestation of its concern for the community and

yaitu pada bulan Maret dan Agustus. Tahun 2007, sesuai

the environment around it, the Company takes part in routine

program, telah dua kali diadakan kegiatan tersebut. Untuk

blood donation programs, conducted twice a year in March

mendukung kegiatan ini, Perseroan bekerjasama dengan

and August. In year 2007 as an integral part of this program,

Palang Merah Indonesia dan mengundang lebih dari 100

the Company worked in cooperation with the Indonesian

pendonor untuk setiap kegiatannya. Pendonor berasal dari

Red Cross, inviting more than 100 donors to participate.

karyawan Perseroan maupun dari pihak eksternal yang telah

These donors included both members of the Company staff

rutin berpartisipasi menyumbangkan darahnya.

and those from outside the Company who have taken in blood donation programs.

Selain itu, Perseroan juga turut andil dalam memberikan bantuan bagi korban banjir di berbagai wilayah Tanah Air.

In addition to this program, the Company also provided

Selain dalam bentuk paket sembako untuk menopang

assistance to flood victims throughout Indonesia. In addition




kebutuhan utama para korban selama bencana, juga

to providing packets of essential goods to flood victims

mengerahkan karyawan sebagai relawan untuk membantu

directly affected by the natural disaster, the Company also

korban banjir saat terjadi bencana di bulan Februari 2007.

facilitated the participation of members of its staff who acted as volunteers to assist flood victims in February 2007.

Perseroan juga selalu membantu karyawan yang terkena musibah bencana. Dengan menunjukkan perhatian kepada

The Company also provided assistance to staff members

karyawan, Perseroan membangun ikatan yang loyal antara

who were themselves directly affected by natural disasters.

Perseroan dengan karyawan. Dalam jangka panjang, hal

By demonstrating its commitment to the welfare of its staff,

ini akan memberi manfaat kepada Perseroan. Karyawan

the Company strengthened long-term bonds of loyalty with

akan melihat adanya komitmen Perseroan untuk melindungi

these staff. In the long term, this will provide direct benefit for

kepentingan jangka panjang mereka. Dengan begitu,

the Company itself, as members of staff will become aware

mereka akan berusaha memberi kontribusi terbaik kepada

of the Company’s commitment to protecting their long-term

Perseroan.

interests. As a result, there will be inspired to make the best possible contribution to the Company.

Program-program sosial yang dilakukan Perseroan secara keseluruhan diharapkan

memberikan

manfaat dari

The social programs and activities conducted by the Company

hubungan yang saling menguntungkan dengan masyarakat.

are designed to develop mutually beneficial relationships

Apabila kesejahteraan masyarakat bertumbuh, diharapkan

with members of the community. With improvements to the

secara tidak langsung akan memacu pula perkembangan

welfare of members of the broader community, it is hoped

kinerja perusahaan, lewat peningkatan kebutuhan armada

that the Company will benefit indirectly from the increased

angkutan pelayaran.

demand for maritime transportation services created by improvements to the economy.


Annual Report 2007

MANAGEMENT’S DISCUSSION AND ANALYSIS Analisa dan Pembahasan Manajemen



MANAGEMENT’S discussion and analysis Analisa dan Pembahasan Manajemen

TINJAUAN BIAYA

ATAS

PENDAPATAN

DAN

OVERVIEW OF REVENUE AND EXPENSES

Perseroan memperoleh pendapatan dari empat kegiatan

The Company derives revenues from four main areas

usaha, yaitu penyewaan kapal, pengoperasian kapal, jasa

of activity, these being the chartering out of its ships; the

keagenan kapal serta penyewaan tanki penyimpanan di

operation of its ships; agency fees; and storage fees. The

darat. Pendapatan utama Perseroan berasal dari penyewaan

majority of the Company’s revenues are derived from its

kapal dan pengoperasian kapal. Kedua kegiatan usaha

shipping operations. The Company’s shipping operations

pengangkutan cair ini oleh Perseroan dibagi kedalam empat

can be divided into four main segments: the transportation of

segmen, yaitu segmen pengangkutan bahan kimia, segmen

liquid chemicals; the transportation of oil; the transportation

pengangkutan bahan minyak, dan segmen pengangkutan

of gas; and, since 2006, the provision of FPSO services.

bahan gas serta segmen baru yang dimasuki oleh perseroan sejak tahun 2006 yaitu segmen FPSO.

The following table shows the operating revenues for 2007 according to business segment:

Tabel berikut ini menunjukkan pendapatan operasi perseroan untuk tahun 2007, berdasarkan segmen usaha:

SEGMENT

Juta US$/ US$ million

%

Segmen

Chemical

218.98

54.9%

Kimia

Oil

146.28

36.7%

Minyak

Gas

21.19

5.3%

Gas

FPSO

10.95

2.7%

FPSO

Other*

1.24

0.3%

Lain-Lain*

TOTAL

398.64

100.0%

Jumlah

* Pendapatan dari jasa keagenan dan penyimpanan

* Revenue from agency and storage fee


Annual Report 2007


Faktor utama yang mendorong pendapatan Perseroan

The primary factor determining the level of the Company’s

adalah jumlah kapal yang dioperasikan oleh Perseroan.

revenues is the number of vessels in its fleet. In 2007, the

Pada Tahun 2007 Perseroan menambah 19 unit kapal ke

Company added 19 vessels to its fleet. These additions

dalam armadanya, melalui pembelian 13 unit kapal tanker

were achieved through the purchase of 13 chemical tankers;

kimia, menyewa lima kapal tanker kimia, dan pembelian dua

the chartering of five chemical tankers; the purchase of two

unit kapal tanker minyak, serta pembelian dua unit kapal

oil tankers; and the purchase of two gas tankers. Over the

tanker gas. Selain itu Perseroan juga menjual tiga buah

year, the Company sold three oil tankers. As a result of

kapal tanker minyak. Hasil dari kegiatan tersebut, Perseroan

these activites, the Company gained an additional capacity

menambah kapasitas angkutnya sebesar 360.015 DWT,

of 360,015 DWT. With the acquisitions, the Company’s

sehingga total kapasitas angkut Perseroan pada akhir

fleet now consists of 78 vessels with a total combined

tahun 2007 sebanyak 78 buah kapal dengan total kapasitas

transportation capacity of 1,878,502 DWT. The average

angkut sebesar 1.878.502 DWT. Jumlah rata-rata kapal

number of vessels maintained by the Company throughout

untuk tahun 2007 sebanyak 63,9 kapal, naik dari 56,3 kapal

2007 was 63.9 vessels, increase from 56.3 vessels in 2006.

pada tahun 2006. Hal ini terjadi karena penambahan 16

This is due to addition of 16 vessels which were acquired

buah kapal hasil akuisisi Chembulk Tankers LLC baru terjadi

through the acquisition of Chembulk Tankers LLC, and was

pada bulan Desember 2007.

only completed in December 2007.

Pada Januari 2008 Perseroan telah menambah tiga buah

MT Puspawati, 19,900 DWT, 2008

kapal melalui pembelian satu buah kapal tanker kimia, dan

In January 2008, the Company acquired an additional three

menyewa dua buah kapal tanker kimia. Sehingga, total

vessels with the purchase of one chemical tanker and the

armada Perseroan menjadi 81 kapal dengan total kapasitas

chartering of two chemical tankers. With these acquisitions,

angkut sebesar 1.943.402 DWT.

the Company’s fleet now consists of 81 vessels, with a combined total capacity of 1,943,402 DWT.




BIAYA

EXPENSES

Biaya utama perseroan dapat dibagi menjadi beberapa

The Company’s main expenses can be described as

komponen seperti berikut:

follows:

Biaya Pelayaran

Voyage Expenses

Biaya pelayaran terdiri atas biaya bahan bakar dan biaya

The Company’s voyage expenses consist primarily of fuel

sandar atau jasa pelabuhan (port charges).

expenses and port charges.

Biaya bahan bakar dipengaruhi oleh jumlah kapal dan

The Company’s fuel costs are determined primarily by the

ukuran armada perseroan, dan harga bahan bakar. Biaya

size of its fleet and the cost of fuel on the open market.

bahan bakar termasuk biaya marine fuel oil (MFO) yang

Fuel costs include the cost of marine fuel oil (MFO), used

digunakan sebagai bahan bakar mesin utama (main engines)

in the main engines of the Company’s vessels, and the cost

kapal, dan marine gas oil (MGO) untuk bahan bakar mesin

of marine gas oil (MGO), used in auxiliary engines. Of the

tambahan (auxiliary engines). Dari jumlah bahan bakar yang

Company’s total expenditure on fuel, approximately two

dipakai Perseroan, sekitar duapertiganya adalah MFO dan

thirds is for the purchase of MFO, while one third is for the

sepertiganya adalah MGO.

purchase of MGO.

Biaya sandar terdiri atas biaya jasa pelabuhan saat kapal

Ports charges consist of port service charges for vessels in

bersandar dan biaya pasasi (passing charges) untuk melalui

harbor and fees imposed on vessels passing through canals.

terusan (canal). Biaya ini sangat dipengaruhi oleh jumlah

The Company’s expenditure on port charges is heavily

kapal armada perseroan dan jumlah pelabuhan yang harus

influenced by the number of vessels in the Company’s fleet

disinggahi.

and the number of port calls made by these vessels.

Biaya sandar sudah termasuk biaya jasa pelabuhan yang

Port charges include harbor services fees imposed by ports

ditagih oleh pihak pelabuhan, dimana biaya kapal yang

visited by the Company’s vessels and including canal passing

singgah, termasuk biaya pasasi (passing charges) untuk

charges. The Company’s expenses for port charges depend

melewati terusan (canal). Biaya sandar Perseroan ditentukan

primarily on the size of the fleet and the resultant number of

terutama oleh jumlah kapal dalam armada Perseroan dan

port calls by the vessels. Port charges also depend on the

jumlah pelabuhan yang disinggahinya. Biaya pelabuhan juga

average fee imposed for each port call.

dipengaruhi oleh rata-rata biaya jasa pelabuhan setiap kali singgah.

Charter Expenses

Biaya Sewa

These consist of charter expenses and other costs incurred by the Company for chartering in vessels from third parties.

Biaya Sewa adalah biaya yang harus dikeluarkan oleh Perseroan untuk menyewa kapal dari pihak ketiga.

Ship Operating Expenses

Biaya Operasi Kapal

The Company’s ship operating expenses are the costs related to the running of the vessels in its fleet. These costs consist of

Biaya operasi kapal Perseroan adalah biaya yang dikeluarkan

salaries and wages for the crew of vessels; the cost of repairs

Perseroan untuk menjalankan kapalnya. Biaya ini terdiri atas

and maintenance, including both routine and extraordinary

biaya untuk gaji awak kapal, biaya untuk perbaikan dan

repairs; the purchase of spare parts; cost of insurance; the

pemeliharaan kapal, baik yang bersifat rutin maupun di luar

cost of supplies and the transportation of spare parts; the cost


Annual Report 2007


kebiasaan, termasuk untuk membeli suku cadang, biaya

of catering and meal allowances for crew members; costs

asuransi, biaya perlengkapan berlayar dan biaya transportasi

related to documentation; and the cost of lubricants and

untuk mengangkut suku cadang pada saat kapal sedang

other such substances for engines.

transit, uang makan untuk para awak kapal, pengurusan dokumen, dan biaya pelumas untuk mesin-mesin kapal.

The relative expenditure on each of the Company’s business segments is influenced by a number of factors, primarily the

Besarnya biaya dari masing-masing segmen bisnis Perseroan

size and age of the vessels used, and also on the different

terhadap biaya operasi kapal ini dipengaruhi oleh beberapa

cost basis for chemical, oil, gas and FPSO tankers.

faktor. Yang paling utama adalah ukuran dan usia kapal itu sendiri. Selain itu juga bergantung pada biaya pokok untuk

Depreciation

masing – masing tanker kimia, tanker minyak dan tanker gas serta tanker FPSO yang berbeda-beda.

Depreciation makes up the largest proportion of the Company’s costs in the operation of vessels owned by

Penyusutan

the Company itself. The Company calculates the cost of depreciation using the straight line method, which is based

Beban penyusutan merupakan komponen biaya yang

on an estimation of the economic lifespan of each vessel,

paling besar bagi perseroan untuk mengoperasikan kapal

which ranges from five to 25 years. The cost of appreciation

milik

penyusutan

is determined by calculating the cost of obtaining the vessel

menggunakan metode garis lurus (straight line method)

Perseroan.

Perseroan

menghitung

in question and subtracting its residual value. The estimated

berdasarkan estimasi usia ekonomis masing – masing

costs of depreciation vary from year to year as a result of

kapal, dengan jangka waktu antara lima tahun sampai 25

differences in the valuations made by third parties.

tahun. Penyusutan didasarkan pada biaya perolehan kapal dikurangi perkiraan nilai akhir/residunya. Beban ini bervariasi

General and Administrative Costs

untuk setiap tahun, karena perhitungannya sebagian didasarkan atas penilaian yang dilakukan oleh pihak ketiga.

The Company’s general and administrative costs consist primarily of salaries for onshore personnel; expenses related

Biaya Umum dan Administrasi

to the running of the Company’s offices in 14 different cities throughout Asia, Europe, the Americas, and the Middle East

Beban umum dan administrasi Perseroan terdiri atas gaji

(including expenses related to the opening of marketing

karyawan darat, biaya operasional kantor untuk kantor-

offices, most recently in Rotterdam, the Netherlands, and

kantor Perseroan yang berlokasi di 14 kota yang tersebar di

Westport, Connecticut - USA); professional fees for financial,

kawasan Asia, Eropa, Amerika dan Timur Tengah (termasuk

legal and other consultants and specialists; costs related to

biaya tertentu yang berkaitan dengan pembukaan beberapa

marketing; telecommunications costs; banking charges;

kantor pemasaran diantaranya yang dibuka akhir-akhir ini di

transportation costs; the cost of depreciation in value of

kota Rotterdam dan Westport, Connecticut - USA), biaya jasa

office equipment; and the cost of providing pensions, training

profesional untuk penasihat keuangan, penasihat hukum dan

and education to employees. Wages and salaries, including

konsultan, biaya pemasaran, biaya-biaya telekomunikasi,

social security, pension payments for onshore personnel,

biaya bank, biaya transportasi, biaya penyusutan peralatan

and payments for crew members, make up the biggest

kantor, imbalan paska kerja/pensiun, pendidikan dan

proportion of these general and administrative costs.

pelatihan karyawan. Gaji merupakan komponen terbesar dari biaya umum dan administrasi ini, Biaya tersebut terdiri atas upah, pembayaran jaminan sosial dan pembayaran pensiunan pegawai darat, juga pembayaran awak kapal yang dibayar selaku pegawai darat.




Beban Keuangan Bersih dan Beban Lain-Lain

Net Financial and Other Costs The Company’s net financial and other costs include gains

Beban keuangan bersih dan beban lain-lain Perseroan

or losses from foreign exchange transactions; gains or

termasuk keuntungan dan kerugian dari perubahan nilai

losses from swap transactions; gains or losses resulting

tukar mata uang asing, keuntungan atau kerugian dari

from net earnings of associated companies; investment

transaksi swap, keuntungan dari kepemilikan saham pada

income; financial costs; and other miscellaneous gains and

anak perusahaan asosiasi, pendapatan investasi, beban

losses. The largest proportion of net financial and other

keuangan dan keuntungan atau kerugian lainnya.

costs is made up of financial costs incurred by the Company

Komponen terbesar dari Beban Keuangan Bersih dan beban

in financing the acquisition of vessels for the expansion of

lain-lain ini adalah beban keuangan yang harus dikeluarkan

its fleet. These financial costs consist primarily of interest

untuk membiayai pembelian kapal untuk pengembangan

payments on bank loans and, to a lesser extent, interest

armada Perseroan. Beban keuangan ini terdiri atas

payments on the Company’s outstanding bonds.

pembayaran bunga pinjaman bank dan dan biaya bunga obligasi yang berhasil diterbitkan oleh Perseroan.

RESULTS OF OPERATIONS

HASIL OPERASI

Operating Revenue

Pendapatan Operasi

The total value of the Company’s operating revenues increased by approximately 18.92 per cent in 2007

Total Pendapatan Operasi Perseroan tahun 2007 meningkat

compared to the previous year. This increase was primarily

sebesar 18,92% dibandingkan dengan tahun 2006.

due to the growth in the size of the Company’s fleet and

Kenaikan ini terutama disebabkan oleh pertumbuhan

to increases in freight rates. The growth in the size of the

armada dan kenaikan uang tambang. Pertumbuhan

Company’s fleet can be seen by the increase in the average

armada kapal perseroan terlihat dari rata-rata jumlah kapal

number of vessels maintained over the year, which grew from

pada tahun 2007 sebanyak 63,9 kapal dibandingkan

56.3 in 2006 to 63.9 in 2007. As a result of this increase,

dengan rata-rata jumlah kapal pada tahun 2006 sejumlah

the Company’s tonnage capacity increase from 1,518,487

56,3 kapal. Dengan penambahan armada tersebut, jumlah

DWT as of 31 December 2006, to 1,878,502 DWT as of 31

kapasitas angkut Perseroan meningkat dari 1.518.487 DWT

December 2007.

pada 31 Desember 2006 menjadi 1.878.502 DWT pada 31 Desember 2007.

Voyage Expenses

Biaya Pelayaran

The total value of the Company’s voyage expenses increased by 25.75 per cent in 2007 compared to the previous year.

Total biaya pelayaran Perseroan meningkat sebesar 25,75%

This increase was largely attributable to the increased

pada tahun 2007 dibandingkan pendapatan pada tahun

cost of fuel. The growth in the size of the Company’s fleet,

2006. Penyebab kenaikan ini diakibatkan oleh kenaikan

combined with the increased cost of fuel and the increased

harga bahan bakar. Pertumbuhan armada Perseroan yang

cost of port charges had a significant impact on the voyage

diikuti dengan kenaikan harga bahan bakar dan biaya sandar

expenses related to the Company’s three main business

yang cukup tinggi, Perseroan berpengaruh cukup signifikan

segments. In addition, the total expenditure on port charges

terhadap kenaikan biaya pelayaran. Biaya pelayaran juga

increased because of the higher number of port calls made

meningkat karena jumlah pelabuhan yang disinggahi oleh

by the Company’s fleet.

armada Perseroan bertambah.


Annual Report 2007


Biaya Sewa

Charter Expenses

Total Biaya Sewa Perseroan hanya meningkat sebesar

The total expenditure on chartering and rental fees increased

0,61%, walaupun Perseroan telah menyewa tambahan lima

by only 0.61 per cent over the year, despite the fact that the

buah kapal tanker kimia seiring dengan akuisisi Chembulk

Company chartered an additional five chemical tankers with

Tankers LLC, hal ini hampir tidak berpengaruh karena hanya

its acquisition of Chembulk Tankers LLC. This acquisition

dihitung dari tanggal akuisisi yaitu 19 Desember 2007.

did not have a significant impact on chartering expenses in 2007, as the acquisition was only effected on 19 December

Biaya Pengoperasian Kapal

2007.

Total Biaya pengoperasian kapal meningkat sebesar 42,17%.

Ship Operating Expenses

Komponen utama peningkatan ini adalah kenaikan biaya gaji yang diakibatkan pertumbuhan armada dan tambahan

The total value of the Company’s ship operating expenses

rute pelayaran tertentu, dimana remunerasi awak kapal lebih

increased by 42.17 per cent over the year. The most

tinggi, ditambah adanya kenaikan biaya suku cadang yang

significant cause of this increase was the increased cost of

disebabkan docking regular untuk beberapa kapal besar

wages and salaries resulting from the increased size of the

Perseroan pada tahun 2007. Armada Perseroan meningkat

Company’s fleet and the addition of a number of routes for

dari rata-rata 56,3 kapal pada tahun 2006 menjadi 63,9

which crew remuneration is higher than with routes served

kapal pada tahun 2007.

by the Company in the past. In addition, the increase was the result of the cost of spare parts required due to regular

Biaya Penyusutan Kapal

docking for several of the Company’s larger ships in 2007. As stated previously, the Company’s fleet grew from an

Beban Penyusutan Kapal Perseroan meningkat sebesar

average of 56.3 ships in 2006 to 63.9 ships in 2007.

25,77% pada tahun 2007 bila dibandingkan dengan tahun 2006. Peningkatan ini dikarenakan adanya peningkatan

Cost of Vessel Depreciation

armada Perseroan dari rata-rata 56,3 kapal pada tahun 2006 menjadi 63,9 kapal pada tahun 2007. Selain itu,disebabkan

The cost of depreciation in the value of the Company’s

pula karena secara umum nilai pasar kapal lebih tinggi.

fleet increased by 25.77 per cent in 2007 compared to the previous year. This increase was primarily attributable to the

Biaya Umum dan Administrasi

increase in the size of the Company’s fleet from an average of 56.3 ships in 2006 to 63.9 ships in 2007 and to increases

Total biaya Umum dan Administrasi Perseroan meningkat

in the market values of these vessels.

sebesar 18,62% pada tahun 2007, dibandingkan dengan tahun 2006. Kenaikan ini dipacu oleh meningkatnya biaya

General and Administrative Expenses

karyawan karena kenaikan gaji umum untuk karyawan kantor dan peningkatan jumlah karyawan, peningkatan

The total value of the Company’s general and administrative

biaya jasa profesional sehubungan dengan dilakukannya

expenses increased by 18.62 per cent in 2007 compared

akuisisi Chembulk tankers LLC, dan kenaikan beban kantor

to the previous year. This increase was primarily due to the increased cost of salaries and associated expenses due to general increases in wages and increases in the number of employees, as well as expenditure on specialized professional services related to the acquisition of Chembulk




setelah pembukaan kantor baru di Mumbai. Selain itu, terjadi

Tankers LLC. In addition, this increase was partly attributable

kenaikan biaya transportasi, biaya telekomunikasi, biaya

to the cost of opening a new office in Mumbai. There were

pemasaran, biaya imbalan pasca-kerja, biaya penyusutan,

also increases in transportation costs, telecommunications

biaya amortisasi serta biaya pendidikan dan pelatihan.

costs, marketing costs, pension payments, depreciation costs, amortization costs, and the cost of training and

Pendapatan /Beban Keuangan Bersih dan Pendapatan/Beban Lain – Lain.

education.

Net Financial and Other Costs Beban Keuangan Bersih dan beban lain-lain Perseroan meningkat terutama karena meningkatnya beban keuangan

The Company’s net financial and other items costs

melalui peningkatan biaya bunga bank, dan kerugian dari

increased largely as a result of increased bank interest rates

transaksi swap, peningkatan pendapatan bunga hasil

and losses resulting from swap transactions; increases in

investasi, dan penurunan keuntungan dari penjualan aktiva

interest income on investment; decreases in profits from the

tetap. Terjadi pula perubahan atas obligasi konversi dan

sale of fixed assets; and changes in convertible bonds and

wesel bayar yang diterbitkan Perseroan.

notes payable.

Belanja Modal

Capital Expenditure

Belanja

modal

Perseroan

terutama

terkait

dengan

The most significant proportion of the Company’s capital

pembelian kapal-kapal baru, baik bekas maupun yang

expenditures are related to the acquisition of new vessels,

baru dibangun, dan peningkatan serta pemeliharaan kapal

including both used and newly built vessels, and to the

serta akuisisi. Perseroan melakukan investasi dengan nilai

upgrading and maintenance of the Company’s vessels. In

keseluruhan US$ 1.147,3 juta atau Rp 10,8 triliun. Belanja

2007, the total value of the Company’s capital expenditure

modal tersebut berasal dari kas hasil operasi Perseroan dan

amounted to US$ 1,147.3 million, or Rp 10,8 billion. The

pinjaman bank. Belanja modal perseroan selanjutnya terkait

source of these funds was revenue derived from the

atau diwujudkan dengan pembuatan kapal baru yang saat

Company’s operations and bank loans. Future expenditures

ini sedang dibangun.

will relate to expenditure on vessels currently under construction.

Per 31 Desember 2007 Perseroan secara keseluruhan memiliki kewajiban belanja modal untuk pembangunan

As of 31 December 2007, the total value of the Company’s

beberapa kapal baru yang dikerjakan di galangan kapal di

contractual obligations for the construction of new ships

Jepang, bernilai kontrak sekitar JPY 26,7 miliar.

from Japan amounted to JPY 26.7 billion.

Divestasi

Divestment

Divestasi utama Perseroan terkait dengan pelepasan

The Company’s most significant divestments of assets

kapal. Tahun 2007 Perseroan telah melepas tiga kapal MT

related to the disposal of vessels. In 2007, the Company

Bandondari, MT Tribuana dan MT Trirasa dengan total nilai

divested itself of three vessels, the MT Bandondari, the MT

penjualan sebesar US$ 61.230.087.

Tribuana and the MT Trirasa, for a total of US$ 61,230,087.


Annual Report 2007

BOARD of commissioners Dewan Komisaris

HADI SURYA Presiden Komisaris / President Commissioner Umur 71 tahun, diangkat sebagai Presiden Komisaris Perseroan pada tanggal 26 Juni 2000. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menjabat sebagai Direktur Utama Perseroan (1989-2000). Pada saat ini juga menjabat selaku Komisaris PT. Jaya Agra Wattie (sejak 1990), Komisaris Utama PT Dwibina Prima (sejak 2004), Komisaris PT. Banyu Laju Shipping (sejak 2002) dan Komisaris Utama PT Alas Watu Utama (sejak 1990). Sebelumnya juga menjabat sebagai komisaris CV Kartika Pabrik Triplex (1955-1959), Komisaris PT Daya Sakti Timber Corporation (1970-1994) dan Komisaris PT Daya Sakti Krida Unggul (1985-1999). Menyelesaikan pendidikan di Lian Huo High School di Surabaya pada tahun 1954. Pada tahun 2002 mendapatkan penghargaan sebagai “entrepreneur of the year Indonesia” oleh Ernst & Young. Aged 71, he was appointed as the President Commissioner of the Company on 26 June 2000. He joined the Company in 1981 and was previously the President Director of the Company (1989—2000). He is also currently a Commissioner of PT Jaya Agra Wattie (since 1990), the President Commissioner of PT Dwibina Prima (since 2004), a Commissioner of PT Banyu Laju Shipping (since 2002) and the President Commissioner of PT Alas Watu Utama (since 1990). He was previously a Commissioner of CV Kartika Pabrik Triplex (1955—1959), a Commissioner of PT Daya Sakti Timber Corporation (1970—1994) and a Commissioner of PT Daya Sakti Krida Unggul (1985—1999). He graduated from Lian Huo High School in Surabaya in 1954. In 2002, he was awarded the ‘‘Entrepreneur of the Year — Indonesia’’ by Ernst & Young.

HARIJADI SOEDARJO Komisaris / Commissioner Umur 45, diangkat sebagai Komisaris Perseroan pada 30 Juni 1991. Pada saat ini menduduki jabatan sebagai Direktur Utama PT Jaya Agra Wattie (sejak 1990). Sebelumnya sebagai Wakil Direktur PT Jaya Agra Wattie (1987-1988). Direktur PT Jaya Agra Wattie (1988-1990) dan Direktur PT Daya Sakti Unggul Corporation Tbk (1994-19998). Memperoleh gelar MBA dari Golden Gate University, San Francisco pada tahun 1987. Aged 45, was appointed as a Commissioner of the Company on 30 June 1991. He is currently the President Director of PT Jaya Agra Wattie (since 1990). He was previously an Assistant Director of PT Jaya Agra Wattie (1987—1988), a Director of PT Jaya Agra Wattie (1988—1990) and a Director of PT Daya Sakti Unggul Corporation Tbk (1994—1998). He received an MBA from Golden Gate University, San Francisco in 1987.



BOARD of commissioners Dewan Komisaris

ALAN JONATHAN TANGKAS DARMAWAN Komisaris Independen/ Independent Commissioner Umur 40, diangkat sebagai Komisaris Perseroan pada 11 September 2006. Saat ini menjabat sebagai Direktur PT Asuransi Allianz Life Indonesia. Sebelumnya menduduki jabatan sebagai konsultan jasa keuangan pada American International Assurance Co. Ltd di Singapura (2002-2004), Direktur PT Asuransi Allianz Life Indonesia (2001-2002), Vice President pada PT Asuransi Jiwa Principal Indonesia (2000-2001), dan Vice President pada PT. Puri Dana Bersama (1997-2000). Lulusan dari Indiana University pada tahun 1991. Aged 40, he was appointed as a Commissioner of the Company on 11 September 2006. He is currently a Director of PT Asuransi Allianz Life Indonesia. He was previously a financial services consultant at the American International Assurance Co. Ltd in Singapore (2002—2004), Director of PT Asuransi Allianz Life Indonesia (2001—2002), Vice President at PT Asuransi Jiwa Principal Indonesia (2000— 2001) and Vice President at PT Puri Dana Bersama (1997—2000). He graduated from Indiana University in 1991.

JAKA PRASETYA Komisaris Independen / Independent Commissioner Umur 36 tahun, diangkat sebagai Komisaris Perseroan pada tanggal 11 September 2006. Pada saat ini menduduki jabatan sebagai CEO di United Fiber System ,Ltd sejak tahun 2006 sampai dengan sekarang, sebelumnya sebagai Direktur pada Deutsche Bank (2004-2006), Wakil Presiden pada Zurich Financial Services (2002-2004), sebagai associate pada Merrill Lynch (2000-2002) dan associate direktur pada UBS (1998-2000). Lulusan dari Institut Teknologi Bandung pada 1994 dan memperoleh gelar MBA dari Massachusetts Institute of Technology Sloan School of Management pada tahun 1998. Aged 36, he was appointed as a Commissioner of the Company on 11 September 2006. He has been the CEO of United Fiber System Ltd since 2006. Prior to this, he was a Director at Deutsche Bank (2004—2006), Vice President at Zurich Financial Services (2002—2004), an associate at Merrill Lynch (2000—2002) and an associate director at UBS (1998—2000). He graduated from the Bandung Institute of Technology in 1994 and received an MBA from the Massachusetts Institute of Technology Sloan School of Management in 1998.


Annual Report 2007

BOARD of directors Dewan Komisaris

WIDIHARDJA TANUDJAJA Direktur Utama / President Director Umur 57, diangkat sebagai Presiden Direktur pada 26 Juni 2000. Bertanggung jawab atas seluruh aspek operasional Perseroan. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menduduki jabatan sebagai Operation Manager Perusahaan (19841987). General Manager (1987-1990) dan Commercial Director (1990-2000). Saat ini menjabat sebagai Direktur Utama PT Banyu Laju Shipping (sejak 2002) dan sebelumnya menduduki jabatan sebagai Komisaris PT Banyu Laju Shipping sejak 1999 sampai 2000. Lulusan dari Tokyo University of Mercantile Marine dengan memperoleh gelar master dalam ilmu kelautan dan master dalam bidang Hukum dari Hosei University of Tokyo pada 1979, dan gelar sarjana dalam bidang ilmu kelautan dari Tokyo University of Mercantile Marine pada 1976. Merupakan Ketua Komite Indonesia dari Nippon Kaiji Kyokai sejak 2001. Juga menjabat sebagai Ketua Divisi Cargo Cair dari Indonesian National Ship owners’ Association (2005-2008) dan Wakil Ketua Forum Komunikasi Rekanan Kapal Charter PT Pertamina (2005-2008). Aged 57, he was appointed as President Director on 26 June 2000. He oversees all aspects of the Group’s operations. He joined the Company in 1981. He previously served as the Company’s Operations Manager (1984—1987), General Manager (1987—1990) and Commercial Director (1990—2000). He currently serves as President Director of PT Banyu Laju Shipping (since 2002) and previously served as a Commissioner of PT Banyu Laju Shipping from 1999 to 2000. He graduated with a Master’s degree in Maritime Science from Tokyo University of Mercantile Marine and a Bachelor’s degree in Law from Hosei University of Tokyo in 1979, and a Bachelor’s degree in Maritime Science from Tokyo University of Mercantile Marine in 1976. He has been the Chairman of the Nippon Kaiji Kyokai’s Indonesia Committee since 2001. He also serves as the Chairman of Liquid Cargo Division of the Indonesian National Ship owners’ Association (2005—2008) and the Vice Chairman of the Forum Komunikasi Rekanan Kapal Charter PT Pertamina (2005—2008), a forum of approved Pertamina partners.

HENRIANTO KUSWENDI Direktur Komersial / Commercial Director Umur 46, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang komersial dan operasional Perseroan. Bergabung dengan Perseroan pada 1986, menduduki jabatan sebagai Marketing Manager (19901994), Assistant General Manager, commercial division (1994-1997) dan General Manager, Divisi Niaga (1997-1999). Memperoleh gelar sarjana dalam bidang manajemen dari Universitas Padjadjaran, Bandung, Indonesia pada tahun 1985. Aged 46, he was appointed as a Director of the Company on 22 June 1999. He is responsible for the operational and commercial areas of the Group. He joined the Company in 1986, served as Marketing Manager (1990—1994), Assistant General Manager, Commercial Division (1994—1997) and General Manager, Commercial Division (1997—1999). He graduated with a Bachelor’s degree in Management from Padjadjaran University, Bandung, Indonesia in 1985.



BOARD of directors Dewan Komisaris

MICHAEL MURNI GUNAWAN Direktur Administrasi / Administration Director Umur 45, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang akunting, audit internal dan teknologi informasi Perseroan. Bergabung dengan Perseroan pada bulan Januari 1999 sebagai General Manager Divisi Admnistrasi. Sebelum bergabung dengan Perseroan, menjabat sebagai Head of Corporate Administration and Information System dari BSG Corporation (1996-1998), Information Technology Manager PT Daya Sakti Timber Corporation (1991-1994), dan Assistant Accounting Manager PT Daya Sakti Timber Corporation (1986-1991). Memperoleh gelar sarjana dalam bidang akuntansi dari Universitas Airlangga Surabaya tahun 1985 dan memperoleh gelar MBA dari University of San Diego pada tahun 1996. Aged 45, he was appointed as a Director of the Company on 22 June 1999. He is responsible for the accounting, internal audit and information technology areas of the Group. He joined the Company in January 1999 as General Manager of the Administration Division, a post he held until June 1999. Prior to joining the Company, he was Head of Corporate Administration and Information System of BSG Corporation (1996—1998), Information Technology Manager of PT Daya Sakti Timber Corporation (1991—1994), and Assistant Accounting Manager of PT Daya Sakti Timber Corporation (1986—1991). He graduated with a Bachelor’s degree in Accounting from Airlangga University Surabaya in 1985 and received his MBA from the University of San Diego in 1996.

SIANA ANGGRAENI SURYA Direktur Korporat dan Pengembangan Usaha / Corporate and Business Development Director Umur 40 tahun, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang hukum, klaim & asuransi, Sumber daya manusia dan pengembangan usaha Perseroan. Bergabung dengan Perseroan pada 1994 dan menduduki jabatan sebagai Marketing Manager sejak 1997 sampai 1999. Sebelum bergabung dengan Perusahaan, menduduki jabatan sebagai Marketing Sales pada ICI Jepang (1993-1994). Mengambil jurusan Kimia Terapan dan memperoleh gelar sarjana dalam bidang chemical engineering dari Waseda University – Tokyo pada 1991 dan gelar master dalam chemical engineering dari Waseda University – Tokyo pada 1993. Aged 40, she was appointed as a Director of the Company on 22 June 1999. She is responsible for the legal, claims & insurance, human resources and business development areas of the Group. She joined the Company in 1994 and served as Marketing Manager from 1997 to 1999. Prior to joining the Company, she was in Marketing Sales at ICI Japan (1993—1994). She majored in Applied Chemistry and graduated with a Bachelor’s degree in Engineering from Waseda University — Tokyo in 1991 and a Master’s degree in engineering from Waseda University — Tokyo in 1993.

WONG KEVIN Direktur Keuangan / Finance Director Umur 39, Diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bergabung dengan Perseroan pada 1996 sebagai Sekretaris Perusahaan, posisi yang masih dijabat sampai dengan saat ini. Pernah menduduki jabatan sebagai General Manager, Divisi Keuangan Perusahaan (Januari 1999-Juni 1999). Sebelum bergabung dengan Perusahaan, pernah menjabat sebagai Associate Direktur Pan Union Co.Ltd (1995-1996). Associate PT Bahana Pembinaan Usaha Indonesia (1994-1995), dan Assistant Manager Citibank, N.A. Jakarta (1992-1994). Dia memperoleh gelar BA dalam bidang administrasi bisnis dari Lewis and Clark College pada 1989 dan gelar BA dalam teknik mesin dari Columbia University pada 1991. Aged 39, he was appointed as a Director of the Company on 22 June 1999. He joined the Company in 1996 as Corporate Secretary, a position he still presently holds. He also served as General Manager, Finance Division of the Company (January 1999—June 1999). Prior to joining the Company, he was an Associate Director of Pan Union Co. Ltd (1995—1996), an Associate of PT Bahana Pembinaan Usaha Indonesia (1994—1995), and an Assistant Manager of Citibank, N.A. Jakarta (1992—1994). He graduated with a Bachelor of Arts degree in business administration from Lewis and Clark College in 1989 and a Bachelor of Science degree in Mechanical Engineering from Columbia University in 1991.


Annual Report 2007

PT BERLIAN LAJU TANKER Tbk Surat Pernyataan

Statement Letter

Direksi dan Dewan Komisaris Perseroan bertanggung

The Board of Directors and the Board of Commissioners of

jawab penuh atas kebenaran informasi yang terdapat

the Company accept full responsibility for the accuracy of

dalam Laporan Tahunan Tahun 2007 ini.

the information contained in this 2007 Annual Report.

Jakarta, 1 April 2008

Direksi The Board of Directors


Kevin Wong

Henrianto Kuswendi

Direktur

Direktur Utama

Direktur

Director

President Director

Director



Direktur

Direktur

Director

Director

Dewan Komisaris The Board of Commissioners

Hadi Surya Komisaris Utama President Commissioner

Harijadi Soedarjo

Alan Jonathan Tangkas Darmawan

Jaka Prasetya

Komisaris

Komisaris Independen

Komisaris Independen

Commissioner

Independent Commissioner

Independent Commissioner



INDEPENDENT AUDITOR’S REPORT Laporan Auditor Independen


Annual Report 2007


Annual Report 2007

Annual Report 2007


P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT

1.

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED

UMUM a.

1.

GENERAL a.

Pendirian dan Informasi Umum

Establishment and General Information

P.T. Berlian Laju Tanker Tbk (Perusahaan) didirikan berdasarkan akta No. 60 tanggal 12 Maret 1981 dengan nama P.T. Bhaita Laju Tanker, yang kemudian dengan akta No. 4 tanggal 5 September 1988 diubah namanya menjadi P.T. Berlian Laju Tanker. Kedua akta tersebut dibuat dihadapan Raden Santoso, notaris di Jakarta, dan telah mendapat persetujuan dari Menteri Kehakiman Republik Indonesia dalam Surat Keputusannya No.C2-2630.HT.01.01-Th.89 tanggal 31 Maret 1989, serta diumumkan dalam Berita Negara Republik Indonesia No. 70 tanggal 1 September 1989, Tambahan No. 1729. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta No. 17 tanggal 23 Nopember 2007 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, mengenai persetujuan peningkatan modal ditempatkan dan disetor Perusahaan. Perubahan anggaran dasar tersebut telah diterima dan dicatat oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusannya No. C-UM.HT.01.10-5957 tanggal 13 Desember 2007.

P.T. Berlian Laju Tanker Tbk (the “Company”) was established based on notarial deed No. 60 dated March 12, 1981 under the name of P.T. Bhaita Laju Tanker. The Company's name was changed to P.T. Berlian Laju Tanker based on notarial deed No. 4 dated September 5, 1988. Both deeds were notarized by Raden Santoso, notary public in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. C2-2630.HT.01.01.Th.89 dated March 31, 1989 and was published in State Gazette of the Republic of Indonesia No. 70 dated September 1, 1989, Supplement No. 1729. The Company's articles of association have been amended several times, most recently by notarial deed No. 17 dated November 23, 2007 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, concerning the increase in the Company’s subcribed and paid-up capital stock. Such amendments were received and recorded by the Minister of Justice and Human Rights of the Republic of Indonesia in his Decision Letter No. C-UM.HT.01.10-5957 dated December 13, 2007.

Perusahaan berkedudukan di Jakarta, mempunyai dua kantor cabang di Merak dan Dumai. Kantor pusat beralamat di Wisma Bina Surya Group (BSG) Lt. 10 Jl. Abdul Muis No. 40 Jakarta.

The Company is domiciled in Jakarta and has two branches in Merak and Dumai. Its head office is located at Wisma Bina Surya Group (BSG) 10th Floor, Jl. Abdul Muis No. 40, Jakarta.

Sesuai dengan pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha dalam bidang perkapalan dalam dan luar negeri dengan menggunakan kapal-kapal, termasuk tetapi tidak terbatas pada kapal tanker, tongkang dan kapal tunda (tugboat). Perusahaan bergerak dalam bidang jasa seperti pelayaran/angkutan laut dengan konsentrasi pada angkutan muatan bahan cair baik dalam kawasan Indonesia maupun Asia, Eropa dan Amerika. Perusahaan mulai beroperasi secara komersial pada tahun 1981. Jumlah karyawan Perusahaan rata-rata 371 karyawan untuk tahun 2007 dan 245 karyawan untuk tahun 2006.

In accordance with article 3 of the Company’s articles of association, the scope of its activities comprise of local and overseas shipping including but not limited to tanker, barges and tugboat operations. The Company is presently engaged in providing cargo shipping with concentration on liquid cargo transportation services in Indonesia, Asia, Europe and America. The Company started its commercial operations in 1981. The Company had average total number of employees of 371 in 2007 and 245 in 2006.

Perusahaan tergabung dalam kelompok usaha (group) Bina Surya Group (BSG). Susunan pengurus Perusahaan pada tanggal 31 Desember 2007 adalah sebagai berikut:

The Company is one of the group of companies owned by the Bina Surya Group (BSG). The Company’s management as of December 31, 2007 consisted of the following:

Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen Dewan Direksi Direktur Utama Direktur

Hadi Surya Harijadi Soedarjo Alan Jonathan Tangkas Darmawan Jaka Prasetya Widihardja Tanudjaja Michael Murni Gunawan Wong Kevin Siana Anggraeni Surya Henrianto Kuswendi

-8-

Board of Commissioners President Commissioner Commissioner Independent Commissioners Board of Directors President Director Directors

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)

b.

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)

b. Subsidiaries

Anak Perusahaan Perusahaan memiliki 100% saham Indigo Pacific Corporation, Diamond Pacific International Corporation dan Asean Maritime Corporation (ketiganya berkedudukan di luar negeri dan bergerak dalam bidang investasi). Perusahaan juga memiliki PT Banyu Laju Shipping, PT Brotojoyo Maritime dan PT Buana Listya Tama yang bergerak dalam bidang pengoperasian dan pemilikan kapal serta PT Bayu Lestari Tanaya yang bergerak dalam bidang agen perkapalan, keempat anak perusahaan ini berdomisili di Indonesia.

The Company owns 100% equity in Indigo Pacific Corporation, Diamond Pacific International Corporation and Asean Maritime Corporation. These three subsidiaries are domiciled in foreign countries and are operating as investment holding companies. The Company also owns PT Banyu Laju Shipping, PT Brotojoyo Maritime and PT Buana Listya Tama, owners and operators of vessels, and PT Bayu Lestari Tanaya, operating as a shipping agency, which are all domiciled in Indonesia,

Berdasarkan Rapat Umum Luar Biasa Para Pemegang Saham tanggal 18 Desember 2007 sebagaimana yang tercantum dalam akta notaris Amrul Partomuan, S.H., LLM, No. 16 tanggal 18 Desember 2007, Perusahaan mendapat persetujuan dari pemegang saham untuk melakukan akuisisi/pembelian Chembulk Tankers LLC (Catatan 11).

At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 16 dated December 18, 2007 of Amrul Partomuan, S.H., LLM, notary in Jakarta, the stockholders approved to acquire/purchase Chembulk Tankers LLC (Note 11).

Berikut adalah rincian anak perusahaan yang dimiliki oleh Perusahaan sebesar 100%, baik langsung maupun tidak langsung melalui anak perusahaan:

Details of the Company’s subsidiaries, directly or indirectly owned, are as follows:

Anak Perusahaan dan jenis usaha / Subsidiary and type of business

Domisili/ Domicile

Tahun Operasi Komersial/ Start of Commercial Operations

Jumlah Aktiva 31 Desember 2007/ Total Assets as of December 31, 2007 Rp

1.

Indigo Pacific Corporation (Perusahaan Investasi/ Investment holding company)

Labuan, Malaysia

24 Desember 1997/ December 24, 1997

1.514.396.354.665

1.1.

Indigo Pacific Corporation (Perusahaan Investasi/ Investment holding company)

British Virgin Islands

8 Pebruari 1993/ February 8, 1993

1.533.547.391.739

1.1.1.

Melani Maritime Inc. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Panama/ The Republic of Panama


251.711.110.228

1.1.2.

Zona Overseas International Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


24 Juni 1997/ June 24, 1997

496.564.485.045

1.1.3.

Wigati Maritime S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


13 Nopember 1997/ November 13, 1997

48.875.961.003

1.1.4.

Kunti Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Singapura/ The Republic of Singapore

11 Oktober 2000/ October 11, 2000

36.670.185.209

-9-





Domisili/ Domicile



1.1.5.

Jembawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



83.105.981.989

1.1.6.

Tirtasari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



43.437.351.095

1.1.7.

Pergiwo Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


26 April 2002/ April 26, 2002

1.1.8.

Fatmarini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


14 Agustus 2002/ August 14, 2002

251.053.268.430

1.1.9.

Harsanadi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



52.016.087.474

1.1.10.

Hartati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



132.204.704.508

1.1.11.

BLT Finance Corporation (Perusahaan Investasi/ Investment holding company)


20 Juni 2005/ June 20, 2005

1.678.919.325

1.1.12.

Pujawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


10 Maret 2006/ March 10, 2006

27.215.889.673

1.1.13.

Pertiwi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


12 Maret 2006/ March 12, 2006

34.122.195.853

1.1.14.

Anggraini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


5 Juni 2006/ June 5, 2006

538.076.865.974

1.1.15.

Emerald Maritime Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


12 April 2006/ April 12, 2006

170.108.218.099

1.1.16.

BLT Finance B.V (Perusahaan investasi/ Investment holding Company)

*

Belanda/ The Netherlands

27 April 2007/ April 27, 2007

4.691.309.038.205

1.1.17.

Tridonawati Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*


6 Juni 2007/ June 6, 2007

293.212.811

1.1.18.

Purbasari Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*


23 Juni 2007/ June 23, 2007

303.684.855

1.1.19.

Tridonawati Maritime Corporation (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*

Republik Liberia/ The Republic of Liberia

21 Juni 2007/ June 21, 2007

478.329.677.616

1.1.20.

Trirasa Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*


6 Juni 2007/ June 6, 2007

293.212.811

2.

Diamond Pacific International Corporation (Perusahaan Investasi/ Investment holding company)

Labuan, Malaysia


* Merupakan pendirian perusahaan baru di tahun 2007/Newly established companies in 2007.

- 10 -

164.220.650.049

676.068.895.412



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Jumlah Aktiva 31 Desember 2007/ Total Assets as of December 31, 2007 Rp


Domisili/ Domicile


2.1.

Diamond Pacific International Corporation (Perusahaan Investasi/ Investment holding company)



746.470.246.500

2.1.1.

Lenani Maritime Inc. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



244.507.380.850

2.1.1.1

Ontari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


25 Juli 2002 July 25, 2002

81.832.899.400

2.1.2.

Averina Maritime S.A. (Agen perkapalan/Shipping agency)


27 Mei 1998/ May 27, 1998

53.595.119.246

2.1.3.

Gandari Navigation Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


26 April 2002/ April 26, 2002

6.371.395.048

2.1.4.

GBLT Shipmanagement Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


10 Maret 2002/ March 10, 2002

174.438.711.573

2.1.4.1.

GBLT Shipmanagement Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


52.435.529.390

2.1.4.1.1

Harsanadi Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


4.656.062.622

2.1.4.1.2

Hartati Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


4.678.187.100

2.1.4.1.3

Frabandari Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


3.170.807.827

2.1.4.1.4

Fatmarini Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


3.584.914.822

2.1.4.1.5

Nogogini Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


3.745.512.068

2.1.4.1.6

Nolowati Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


3.820.595.627

2.1.4.1.7

Ratih Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


5.252.974.511

2.1.5.

Cendanawati Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


25 Juli 2002/ July 25, 2002

29.929.764.385

2.1.6.

Frabandari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



224.369.323.093

2.1.7.

Brotojoyo Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


3 Juli 2003/ July 3, 2003

204.920.731.708

2.1.8.

Berlian Laju Tanker Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


3 Juli 2003/ July 3, 2003

45.292.850.485

- 11 -





Domisili/ Domicile



2.1.9.

Anjasmoro Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


17 Maret 2004/ March 17, 2004

297.131.055.142

2.2.

BLT LNG Tangguh Corporation (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Marshall Island/ The Republic of Marshall Island

8 Juli 2005/ July 8, 2005

210.881.430.004

3.

Asean Maritime Corporation (Perusahaan Investasi/ Investment holding company)

Labuan, Malaysia

16 September 1997/ September 16, 1997

2.399.295.093.877

3.1.

Gold Bridge Shipping Corporation (Perusahaan Investasi/ Investment holding company)



307.598.719.601

3.1.1.

Bauhinia Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


30 Mei 1996/ May 30, 1996

16.855.432.837

3.1.2.

Cempaka Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

52.296.805.510

3.1.3.

Gold Bridge Shipping Ltd. (Agen perkapalan/Shipping agency)

Hong Kong

27 April 1990/ April 27, 1990

29.280.702.696

3.1.3.1

BLT Shipping Shanghai Co. Ltd. (Agen perkapalan/Shipping agency)

China

27 Juli 2006/ July 27, 2006

8.223.471.950

3.1.4.

Great Tirta Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

40.287.393.543

3.1.4.1. Dewayani Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



44.106.664.105

3.1.5.

Hopeway Marine Inc. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



89.439.777.330

3.1.6.

Lestari International Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

36.868.946.266

3.1.6.1. Gandini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


2 Januari 2002/ January 2, 2002

302.510.764.181

3.1.7.

Quimera Maritime S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



171.266.986.241

3.1.8.

South Eastern Overseas Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


26 Mei 1994/ May 26, 1994

38.422.865.948

3.1.9.

Zenith Overseas Maritime S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

20.805.794.121

3.1.9.1. Gandari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



281.929.588.062

Zona Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

38.000.377.362

3.1.10.1. Dewi Sri Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



49.256.951.359

3.1.10.

3.1.11.

Dahlia Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



12.128.042.859

3.1.12.

Eglantine Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



17.124.914.666

- 12 -





Domisili/ Domicile



3.1.13.

Wulansari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


6 April 2001/ April 6, 2001

126.574.126.338

3.1.14.

Yanaseni Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


18 April 2001/ April 18, 2001

82.611.979.175

3.1.15.

Indradi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



95.351.631.330

3.1.16.

Gold Bridge Logistic Ltd. (Perusahaan Investasi/ Investment holding company)

Hong Kong

4 Juni 2001/ June 4, 2001

9.608.153.677

China

8 Juni 2001/ June 8, 2001

13.739.876.487

3.1.16.1 Beihai New Resources Logistic Corportion (Jasa penyimpanan/Storage services) 3.1.17.

Gold Bridge Shipping Agencies S.A. (Agen perkapalan/Shipping agency)



7.974.243.137

3.1.18.

Elite Bauhinia Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



76.773.614.191

3.1.19.

Cempaka Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


25 Juli 2002/ July 25, 2002

16.469.522.184

3.1.20.

Dahlia Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


25 Juli 2002/ July 25, 2002

67.228.768.439

3.1.21.

Freesia Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



115.958.840.341

3.1.22.

Gerbera Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



116.231.473.579

3.1.23.

Mustokoweni Maritime Pte Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



22.277.502.604

3.1.24.

Ulupi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



98.509.325.272

3.1.25.

Erowati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



87.646.431.661

3.1.26.

Gas Papua Maritime Pte Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



129.201.970.448

3.1.27.

Rasawulan Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



120.237.059.684

3.1.28.

Gas Sulawesi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



134.583.171.268

3.1.29.

Tribuana Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



188.851.702.107

3.1.30.

Gagarmayang Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



1.076.914.559.302

3.1.31.

Prita Dewi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


13 Nopember 2004/ November 13 2004

175.485.746.545

3.1.32.

Purwati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



356.420.327.323

- 13 -





Domisili/ Domicile



3.1.33.

Trijata Maritime Pte Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



210.421.119.518

3.1.34.

Pradapa Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



2.395.495.379.420

3.1.35.

Pergiwati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



242.308.875.012

3.1.36.

Badraini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



301.621.317.650

3.1.37.

Barunawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



352.565.477.242

3.1.38.

Gas Maluku Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


8 April 2005/ April 8, 2005

136.356.226.339

3.1.39.

Barawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


22 April 2005/ April 22, 2005

280.721.316.010

3.1.40.

Gas Bali Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


6 Juli 2005/ July 6, 2005

134.579.269.730

3.1.41.

Eustoma Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



73.070.830.098

3.1.42.

Puspawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



106.406.190.288

3.1.43.

Diamond Flow Ltd. (Perusahaan investasi/ Investment holding company)

*

Hong Kong


3.1.44.

Likabula International Ltd. (Perusahaan investasi/ Investment holding company)

*

Hong Kong

14 Juni 2007/ June 14, 2007

14.135.498.976

3.2.

BLT Chembulk BVI (Perusahaan investasi/ Investment holding company)

*



51.025.669.546

3.2.1

Chembulk Tankers LLC (Perusahaan investasi/ Investment holding company)

**

Marshall Islands


559.517.428.311

3.2.1.1

Chembulk Trading II LLC (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

**

Marshall Islands


2.098.254.604.127

3.2.1.2

Chembulk Management LLC (Manajemen perkapalan/ Ship management)

**

Amerika Serikat/ United States of America


22.950.355.368

3.2.1.3

Chembulk Management B.V. (Manajemen perkapalan/ Ship management)

**

Belanda/ The Netherlands

22 Mei 2007/ May 22, 2007

1.711.863.408

3.2.1.4

Chembulk Management Pte. Ltd. (Manajemen perkapalan/ Ship management)

**


29 Maret 2007/ March 29, 2007

4.157.210.342

3.2.2

Chembulk Barcelona Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



* Merupakan pendirian perusahaan baru di tahun 2007/Newly established companies in 2007. ** Merupakan akuisisi perusahaan di tahun 2007/Newly acquired companies in 2007.

- 14 -

12.075.629

665.680.350.647





Domisili/ Domicile



3.2.3

Chembulk Gibraltar Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



446.937.172.672

3.2.4

Chembulk Hong Kong Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



646.946.093.962

3.2.5

Chembulk Houston Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



447.191.823.249

3.2.6

Chembulk Kobe Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



466.047.069.344

3.2.7

Chembulk New York Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



570.472.656.331

3.2.8

Chembulk Savannah Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



551.532.227.720

3.2.9

Chembulk Shanghai Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



428.198.560.359

3.2.10

Chembulk Ulsan Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



504.131.036.940

3.2.11

Chembulk Virgin Gorda Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



665.646.019.051

3.2.12

Chembulk Yokohama Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*



485.355.557.530

4.

PT Banyu Laju Shipping (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Indonesia/ The Republic of Indonesia

25 Juli 1991/ July 25, 1991

27.245.191.306

4.1.

Banyu Laju Corporation (Perusahaan investasi/ Investment holding company)

Labuan, Malaysia


1.669.879.575

4.1.1.

Banyu Laju Maritime S.A. (Pengoperasian Kapal/Operator of vessel)


1 Juni 2004/ June 1, 2004

1.669.879.575

5.

PT Brotojoyo Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



65.473.739.045

5.1.

PT Gemilang Bina Lintas Tirta (Pengoperasian kapal/Operator of vessel)



1.941.832.249

5.1.1.

PT Karya Bakti Adil (Agen kru/Crew agency)



328.333.134.575

6.

PT Buana Listya Tama (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


12 Mei 2005/ May 12, 2005

900.524.633.181

6.1.

PT Anjasmoro Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


24 Maret 2006/ March 24, 2006

6.2.

PT Pearl Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



11.341.595.639

6.3.

PT Ruby Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



232.044.352

6.4.

PT Sapphire Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



236.544.352

* Merupakan Pendirian Perusahaan baru di tahun 2007/Newly established companies in 2007. - 15 -

233.109.082






6.5.

PT Citrine Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


29 Mei 2006/ May 29, 2006

160.593.998.688

6.6.

PT Diamond Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


29 Mei 2006/ May 29, 2006

207.749.329.259

6.7.

PT Emerald Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


29 Mei 2006/ May 29, 2006

424.461.787.352

7.

PT Bayu Lestari Tanaya (Agen Perkapalan/Shipping agency)


22 Maret 2005/ March 22, 2005

415.336.008

7.1.

PT Berlian Dumai Logistics (Perdagangan umum/General trading)



250.000.000

* c.

Domisili/ Domicile


*

Merupakan Pendirian Perusahaan baru di tahun 2007/Newly established companies in 2007. Penawaran Umum Efek Perusahaan dan Obligasi

c.

Public Offering of Shares and Bonds

Saham

Shares

Pada tanggal 22 Januari 1990, Perusahaan memperoleh persetujuan dari Menteri Keuangan Republik Indonesia dengan Surat Keputusannya No. S1-076/SHM/MK.01/1990 untuk menawarkan 2.100.000 saham kepada masyarakat melalui Bursa Efek di Indonesia seharga Rp 8.500 setiap saham. Saham-saham tersebut telah tercatat pada Bursa Efek di Indonesia pada tanggal 26 Maret 1990.

The Company’s offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990.

Pada tanggal 27 Januari 1993, Perusahaan memperoleh Surat Pemberitahuan Efektif No. S-109A/PM/1993 dari Ketua Badan Pengawas Pasar Modal (Bapepam) (sekarang menjadi Badan Pengawas Pasar Modal dan Lembaga Keuangan - Bapepam-LK) untuk mengadakan Penawaran Umum Terbatas I kepada para pemegang saham sejumlah 29.400.000 saham seharga Rp 1.600 setiap saham. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 24 Mei 1993.

On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (“Bapepam”) (currently the Capital Market and Financial Institutions Supervisory Agency or Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges on May 24, 1993.

Pada tanggal 26 Desember 1997, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-2966/PM/1997 untuk melakukan Penawaran Umum Terbatas II dengan Hak Memesan Efek Terlebih Dahulu sebanyak 305.760.000 saham dan 61.152.000 waran dengan harga pelaksanaan Rp 1.200 per saham. Jangka waktu pelaksanaan waran mulai tanggal 16 Juli 1998 sampai dengan tanggal 20 Januari 2003. Berdasarkan Addendum Pernyataan Penerbitan Waran sebagaimana tercantum dalam akta No. 32 tanggal 17 Oktober 2002 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memutuskan untuk menambah jangka waktu waran selama 5 (lima) tahun sehingga akan berakhir pada tanggal 18 Januari 2008. Bila waran tidak dilaksanakan sampai masa berlakunya habis, maka waran tersebut menjadi kadaluarsa. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 16 Januari 1998 (Catatan 41c).

On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II to stockholders totaling 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per share. The holder of each warrant can exercise the right to purchase one share from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998 (see Note 41c).

- 16 -




Perusahaan melakukan stock split 4:1 pada tahun 2002 dan 2:1 pada tahun 2004. Dengan demikian harga pelaksanaan waran sejak tahun 2005 adalah sebesar Rp 150 per saham.

The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004. Thus, the warants exercise price since 2005 became Rp 150 per share.

Pada tanggal 18 Desember 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-3690/PM/2000 untuk melakukan Penawaran Umum Terbatas III dengan Hak Memesan Efek Terlebih Dahulu sebanyak 61.152.000 saham. Perusahaan telah mengeluarkan saham baru sebanyak 53.958.150 saham biasa atas nama dengan nilai nominal Rp 500 per saham yang ditawarkan dengan harga Rp 1.100 per saham.

On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with pre-emptive right to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with nominal value of Rp 500 per share at a price of Rp 1,100 per share.

Pada tanggal 22 September 2006, Perusahaan memperoleh ijin dari Singapore Exchange Securities Limited (SGX-ST) dengan suratnya No. RMR/IR/YCH/260407 untuk mencatatkan sahamnya di papan utama (SGX-Mainboard). Sehubungan dengan pencatatan saham tersebut Perusahaan juga telah merubah anggaran dasarnya yang telah disetujui oleh para pemegang sahamnya dalam Rapat Umum Para Pemegang Saham Luar Biasa pada tanggal 11 September 2006.

On September 22, 2006, the Company obtained the eligibility to list all of its shares on the SGX-Mainboard based on letter No. RMR/IR/YCH/260407 from Singapore Exchange Securities Limited (SGX-ST). In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006.

Pada tanggal 31 Desember 2007, seluruh saham Perusahaan sejumlah 4.159.010.436 saham telah tercatat di Bursa Efek Indonesia dan Singapura.

As of December 31, 2007, 4,159,010,436 shares have been listed on the Stock Exchanges in Indonesia and Singapore.

Obligasi dan Wesel Bayar

Bonds and Notes Payable

Pada tanggal 29 Juni 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-1577/PM/2000 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker I tahun 2000 kepada masyarakat dengan nilai nominal Rp 200.000.000.000 pada tingkat bunga tetap dan/atau mengambang.

On June 29, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-1577/PM/2000 for its public offering of Berlian Laju Tanker I Bonds year 2000 with nominal value of Rp 200,000,000,000 at fixed and/or floating rates.

Pada tanggal 12 Mei 2003, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-1006/PM/2003 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker II pada tingkat bunga tetap dan/atau mengambang dan Obligasi Syari’ah Mudharabah kepada masyarakat dengan total keseluruhan sebesar Rp 400.000.000.000.

On May 12, 2003, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-1006/PM/2003 for its public offering of Berlian Laju Tanker II Bonds year 2003 with fixed and/or floating interest rate and Syariah Mudharabah Bonds totaling Rp 400,000,000,000.

Pada tanggal 14 Desember 2005, anak perusahaan, BLT Finance Corporation melakukan penawaran obligasi konversi 1,25% di Singapura dengan nilai nominal USD 50.000.000. Obligasi konversi ini terdaftar di Bursa Efek di Singapura (SGX-ST).

On December 14, 2005, BLT Finance Corporation, a subsidiary, offered 1.25% guaranteed convertible bonds with a principal amount of USD 50,000,000. The convertible bonds are listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Pada tanggal 4 Mei 2007, anak perusahaan, BLT Finance B.V. (BLT FBV) menerbitkan wesel bayar (Guaranteed Senior Notes) senilai USD 400.000.000 dengan tingkat bunga 7,5% per tahun yang jatuh tempo tahun 2014. Wesel bayar ini terdaftar di Bursa Efek Singapura (SGX-ST).

On May 4, 2007, BLT Finance B.V., (BLT FBV), a subsidiary, issued USD 400,000,000, 7.5% Guaranteed Senior Notes due in 2014, which were registered in Singapore Exchange Securities Trading Limited (SGX-ST).

- 17 -


2.



Pada tanggal 17 Mei 2007, anak perusahaan, BLT Finance B.V. (BLT FBV) melakukan penawaran obligasi konversi Zero Coupon Guaranteed di Singapura dengan nilai nominal USD 125.000.000 yang jatuh tempo tahun 2012. Obligasi konversi ini terdaftar di Bursa Efek Singapura (SGX-ST).

On May 17, 2007, BLT Finance B.V., (BLT FBV) a subsidiary, issued USD 125,000,000 Zero Coupon Guaranteed Convertible Bonds due in 2012. The convertible bonds are listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Pada tanggal 25 Juni 2007, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3117/BL/2007 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker III tahun 2007 pada tingkat bunga tetap dan sukuk ijarah kepada masyarakat dengan total keseluruhan Rp 900.000.000.000.

On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Berlian Laju Tanker III Bond year 2007 with fixed interest rate and sukuk ijarah bonds totaling Rp 900,000,000,000.

2.

KEBIJAKAN AKUNTANSI a.

b.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a.

Penyajian Laporan Keuangan Konsolidasi

Consolidated Presentation

Financial

Statement

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia.

The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia.

Dasar penyusunan laporan keuangan konsolidasi, kecuali untuk laporan arus kas, adalah dasar akrual. Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasi adalah mata uang Rupiah (Rp). Laporan keuangan konsolidasi tersebut disusun berdasarkan nilai historis, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements, except for the consolidated statements of cash flows, are prepared under the accrual basis of accounting. The reporting currency used in the preparation of the consolidated financial statements is the Indonesian Rupiah, while the measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies.

Laporan arus kas konsolidasi disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura (SGX), Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards). Perbedaan signifikan antara prinsip-prinsip akuntansi yang berlaku umum di Indonesia dengan Standar Pelaporan Keuangan Internasional dijelaskan pada Catatan 37 atas laporan keuangan konsolidasi.

In connection with the listing of the Company’s shares on the SGX, the Company issued separate consolidated financial statements prepared under International Financial Reporting Standards (IFRS). Significant differences between Indonesia GAAP and IFRS are summarized in Note 37 in the consolidated financial statement.

Prinsip Konsolidasi

b. Principles of Consolidation

Laporan keuangan konsolidasi menggabungkan laporan keuangan Perusahaan dan entitas yang dikendalikan oleh Perusahaan (dan anak perusahaan). Pengendalian dianggap ada apabila Perusahaan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk perusahaan memiliki baik secara langsung atau tidak langsung melalui anak perusahaan lebih dari 50% hak suara. - 18 -

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (and its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities. Control is presumed to exist when the Company owns directly or indirectly through subsidiaries, more than 50% of the voting rights.


c.



Pada saat akuisisi, aktiva dan kewajiban anak perusahaan diukur sebesar nilai wajarnya pada tanggal akuisisi. Selisih lebih antara biaya perolehan dan bagian Perusahaan atas nilai wajar aktiva dan kewajiban yang dapat diidentifikasi diakui sebagai goodwill dan diamortisasi dengan menggunakan metode garis lurus selama dua puluh tahun.

On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and amortized using the straight-line method over twenty years.

Hasil usaha anak perusahaan selama tahun berjalan dari tanggal efektif akuisisi atau sampai dengan tanggal efektif penjualan termasuk dalam laporan laba rugi konsolidasi.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of income from the effective date of acquisition or up to the effective date of disposal, as appropriate.

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

Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by the Company.

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

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Transaksi dan Penjabaran Laporan Keuangan dalam Mata Uang Asing

c. Foreign Currency Translation

Transactions

and

Pembukuan Perusahaan dan anak perusahaan; PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama dan PT Bayu Lestari Tanaya, diselenggarakan dalam mata uang Rupiah. Transaksi-transaksi selama tahun berjalan dalam mata uang asing selain Rupiah dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal neraca, aktiva dan kewajiban moneter dalam mata uang asing selain mata uang Rupiah disesuaikan untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian yang timbul dikreditkan atau dibebankan pada laporan laba rugi tahun yang bersangkutan.

The books of accounts of the Company and its subsidiaries: PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama and PT Bayu Lestari Tanaya, are maintained in Indonesian Rupiah. Transactions during the year involving currencies other than Rupiah are recorded at the rates of exchange prevailing at the time the transactions are made. At balance sheet date, monetary assets and liabilities denominated in currencies other than Rupiah are adjusted to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.

Pembukuan Indigo Pacific Corporation dan anak perusahaan, Diamond Pacific International Corporation dan anak perusahaan serta Asean Maritime Corporation dan anak perusahaan, diselenggarakan dalam Dollar Amerika Serikat. Untuk tujuan penyajian laporan keuangan konsolidasi, aktiva dan kewajiban anak perusahaan pada tanggal neraca dijabarkan masing-masing dengan menggunakan kurs yang berlaku pada tanggal tersebut, sedangkan pendapatan dan beban dijabarkan dengan menggunakan kurs rata-rata. Selisih kurs yang terjadi disajikan sebagai bagian dari ekuitas pada akun “Selisih kurs karena penjabaran laporan keuangan”.

The books of accounts of Indigo Pacific Corporation and subsidiaries, Diamond Pacific International Corporation and subsidiaries and Asean Maritime Corporation and subsidiaries are maintained in US Dollar. For consolidation purposes, assets and liabilities of these subsidiaries at balance sheet date are translated into Rupiah using the exchange rates at balance sheet date, while revenues and expenses are translated at the average rates of exchange for the year. Resulting translation adjustment is shown in equity as “Translation Adjustment”.

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d.



Penggunaan Estimasi

d. Use of Estimates

Penyusunan laporan keuangan konsolidasi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah aktiva dan kewajiban yang dilaporkan dan pengungkapan aktiva dan kewajiban kontinjensi pada tanggal laporan keuangan serta jumlah pendapatan dan beban selama periode pelaporan. Realisasi dapat berbeda dengan jumlah yang diestimasi. e.

e. Cash and Cash Equivalents

Kas dan Setara Kas Kas dan setara kas terdiri dari kas, bank dan semua investasi yang jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal perolehannya dan yang tidak dijaminkan serta tidak dibatasi penggunaannya.

f.

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

Investasi

Cash and cash equivalents consist of cash on hand and in banks and all unrestricted investments with maturities of three months or less from the date of placement. f. Investment

Investasi efek ekuitas yang nilai wajarnya tersedia

Investments in equity securities with readily determinable fair values

Investasi dalam efek yang tersedia untuk dijual dinyatakan sebesar nilai wajarnya. Keuntungan dan kerugian yang timbul dari perubahan nilai wajar diakui langsung dalam ekuitas sampai pada saat efek tersebut dijual atau telah terjadi penurunan nilai. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya telah diakui dalam ekuitas dibebankan dalam laba rugi tahun berjalan.

Investments in available-for-sale securities are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously recognized in equity is included in current operations.

Untuk menghitung laba atau rugi yang direalisasi, biaya perolehan efek ditentukan berdasarkan metode rata-rata tertimbang.

Cost of securities sold is determined using the weighted average method.

Investasi pada perusahaan asosiasi

Investments in associates

Perusahaan asosiasi adalah suatu perusahaan dimana induk Perusahaan mempunyai pengaruh yang signifikan, namun tidak mempunyai pengendalian atau pengendalian bersama, melalui partisipasi dalam pengambilan keputusan atas kebijakan finansial dan operasional investee.

An associate is an entity over which the Company is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee.

Penghasilan, aktiva dan kewajiban dari perusahaan asosiasi digabungkan dalam laporan keuangan konsolidasi dicatat dengan mengunakan metode ekuitas. Investasi pada perusahaan asosiasi dicatat di neraca sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas aktiva bersih perusahaan asosiasi yang terjadi setelah perolehan, dikurangi dengan penurunan nilai yang ditentukan untuk setiap investasi secara individu. Bagian Perusahaan atas kerugian perusahaan asosiasi yang melebihi nilai tercatat dari investasi tidak diakui kecuali jika Perusahaan mempunyai kewajiban atau melakukan pembayaran kewajiban perusahaan asosiasi yang dijaminnya, dalam hal demikian, tambahan kerugian diakui sebesar kewajiban atau pembayaran tersebut.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized except if the Company has incurred obligations or made payments on behalf of the associates to satisfy obligations of the associates that the Company has guaranteed, in which case, additional losses are recognized to the extent of such obligations or payments.

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g.



Selisih lebih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aktiva bersih perusahaan asosiasi yang dapat diidentifikasi pada saat akuisisi diakui sebagai goodwill. Goodwill termasuk dalam nilai investasi dan dinilai untuk penurunan nilai sebagai bagian dari investasi.

Any excess of the cost of acquisition over the Company’s share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of investment.

Apabila terdapat transaksi antara Perusahaan dengan perusahaan asosiasi, keuntungan dan kerugian yang terjadi dieliminasi sebesar bagian Perusahaan pada perusahaan asosiasi tersebut.

Where a company transacts with an associate, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate.

Penyisihan Piutang Ragu-ragu

g. Allowance for Doubtful Accounts

Perusahaan dan anak perusahaan menetapkan penyisihan piutang ragu-ragu berdasarkan penelaahan terhadap masing-masing akun piutang pada akhir tahun. h.

Persediaan

Allowance for doubtful accounts is provided based on a review of the status of the individual receivable accounts at the end of the year. h. Inventories

Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode “first-in, first-out” (FIFO). i.

Biaya Dibayar Dimuka

i.

Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus. j.

Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method.

Aktiva Tetap

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.

j. Property, Vessels and Equipment

Aktiva tetap dinyatakan berdasarkan biaya perolehan setelah dikurangi akumulasi penyusutan. Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aktiva tetap sebagai berikut:

Property, vessels and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straightline method based on the estimated useful lives of the assets as follows:

Tahun/Years Bangunan Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess

20 5 - 25 10 5 5 5

Buildings Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment

Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan.

Land is stated at cost and is not depreciated.

Pada tanggal neraca, manajemen menilai apakah ada indikasi penurunan nilai aktiva. Jika terdapat indikasi tersebut, manajemen akan mengestimasi taksiran jumlah yang dapat diperoleh kembali dari aktiva tersebut. Bila nilai tercatat suatu aktiva melebihi taksiran jumlah yang dapat diperoleh kembali (estimated recoverable amount) maka nilai tersebut diturunkan ke jumlah yang dapat diperoleh kembali tersebut, yang ditentukan sebagai nilai tertinggi antara harga jual neto dan nilai pakai.

At each balance sheet date, management assesses whether there is any indication that an asset may be impaired. If any such indication exists, management estimates the recoverable amount of asset. When the carrying amount of the asset exceeds its estimated recoverable amount, the asset is written down to its estimated recoverable amount, which is determined as the higher of net selling price or value in use.

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k.



Biaya docking kapal dikapitalisasi pada saat terjadinya dan diamortisasi dengan metode garis lurus sampai dengan biaya docking kapal berikutnya atas kapal tersebut.

Vessel dry docking cost is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking.

Beban pemeliharaan dan perbaikan dibebankan pada laporan laba rugi konsolidasi pada saat terjadinya; pengeluaran yang memperpanjang masa manfaat atau memberi manfaat ekonomis di masa yang akan datang, misalnya dalam bentuk peningkatan kapasitas atau peningkatan standar kinerja dikapitalisasi. Aktiva tetap yang sudah tidak digunakan lagi atau yang dijual dikeluarkan dari kelompok aktiva tetap berikut akumulasi penyusutannya. Keuntungan atau kerugian dari penjualan aktiva tetap tersebut dibukukan dalam laporan laba rugi konsolidasi pada tahun yang bersangkutan.

The cost of maintenance and repairs is charged to operations as incurred; expenditures which extend the useful life of the asset or result in increased future economic benefits are capitalized. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the current operations.

Aktiva dalam penyelesaian dinyatakan sebesar biaya perolehan. Akumulasi biaya perolehan akan dipindahkan ke masing-masing aktiva tetap yang bersangkutan pada saat selesai dan siap digunakan.

Construction in progress is stated at cost, and is transferred to the respective property, vessels and equipment account when completed and ready for use.

k. Bond Issuance Costs

Biaya Obligasi Yang Ditangguhkan Biaya emisi obligasi langsung dikurangi dari hasil emisi dalam rangka menentukan hasil emisi neto obligasi tersebut. Selisih antara hasil emisi neto dengan nilai nominal merupakan diskonto atau premium yang diamortisasi selama jangka waktu obligasi tersebut dengan metode garis lurus.

l.

Bond issuance costs are deducted directly from the proceeds of the related bonds to determine the net proceeds. The difference between the net proceeds and nominal value represent discount or premium, which is amortized using the straight-line method over the term of the bonds. l. Notes Payable

Wesel Bayar Instrumen-instrumen ini dipertimbangkan sebagai sebuah instrumen campuran (hybrid instrument) dimana di dalamnya termasuk kumpulan kontrak utama hutang dan instrumen derivatif melekat (embedded derivatives). Pada saat penerbitan, wesel bayar diukur dan dicatat pada nilai wajar, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar yang terjadi dikemudian hari diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar.

These instruments are considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the notes payable were measured and recorded at fair value, with any resultant gain or loss as a result of subsequent changes in fair value recognized in profit or loss. Fair values are determined with reference to quoted market prices.

m. Convertible Bonds

m. Obligasi Konversi Instrumen-instrumen ini dipertimbangkan sebagai sebuah instrumen campuran (hybrid instrument) dimana di dalamnya termasuk kumpulan kontrak utama hutang dan gabungan instrumen derivatif melekat (embedded derivatives). Pada saat penerbitan obligasi konversi jatuh tempo tahun 2010 dan 2012 diukur dan dicatat pada nilai wajar laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar dikemudian hari diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar.

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These instruments are considered a hybrid instrument containing a debt host contract and compound embedded derivatives. At the time of issue, the convertible bonds due in 2010 and 2012 were measured and recorded at fair value, with any resultant gain or loss as a result of subsequent changes in fair value recognized in profit or loss. Fair values are determined with reference to quoted market prices.




Sejak 2 Januari 2006, obligasi konversi yang jatuh tempo pada tahun 2010 tidak diukur lagi pada nilai perolehan setelah dikurangi nilai amortisasi sejak BLT Finance Corporation (BLT FC) membatalkan secara tetap dan pasti serta melepaskan hak opsinya atas penyelesaian secara kas. n.

Sewa

Since January 2, 2006, the convertible bonds due in 2010 were measured at amortized cost and no longer at fair value since BLT Finance Corporation (BLT FC) has irrevocably and permanently waived and renounced its cash settlement option. n.

Leasing

Suatu sewa diklasifikasikan sebagai sewa pembiayaan, jika sewa tersebut mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset kepada lessee. Seluruh sewa yang lainnya diklasifikasikan sebagai sewa operasi.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Perusahaan atau Anak Perusahaan sebagai Lessor

The Company or its Subsidiaries as Lessor

Pendapatan dari sewa operasi diakui sebagai pendapatan dengan dasar garis lurus selama masa sewa. Biaya langsung awal yang dikeluarkan oleh lessor dalam proses negosiasi dan pengaturan sewa operasi ditambahkan ke jumlah tercatat dari aset sewaan dan diakui sebagai beban selama masa sewa dengan dasar garis lurus.

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct cost incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.

Perusahaan atau Anak Perusahaan sebagai Lessee

The Company or its Subsidiaries as Lessee

Pada awal masa sewa, Perusahaan dan anak perusahaan mengakui sewa pembiayaan sebagai aset dan kewajiban sebesar nilai wajar aset sewaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Penilaian ditentukan pada awal kontrak .

Assets held under finance leases are initially recognised as assets of the Company or subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated balance sheet as a finance lease obligation.

Pembayaran sewa minimum harus dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pelunasan kewajiban. Beban keuangan harus dialokasikan ke setiap periode selama masa sewa sedemikian rupa sehingga menghasilkan suatu tingkat suku bunga periodik yang konstan atas saldo kewajiban. Rental kontinjen dibebankan pada periode terjadinya.

Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to profit or loss. Contingent rentals are recognised as expenses in the periods in which they are incurred.

Pembayaran sewa dalam sewa operasi diakui sebagai beban dengan dasar garis lurus (straight-line basis) selama masa sewa kecuali terdapat dasar sistematis lain yang dapat mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Rental kontinjen dibebankan pada periode terjadinya.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

Jika terjadi penarikan insetif sewa ke dalam sewa operasi, insentif tersebut diakui sebagai kewajiban.Seluruh manfaat dari insentif diakui sebagai pengurang beban sewa dengan dasar garis lurus (straight –line basis), kecuali terdapat basis sistematis lain yang lebih merepresentasikan pola waktu dari manfaat aset yang dinikmati pengguna.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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o.



Saham Diperoleh Kembali

o.

Pembelian kembali saham Perusahaan sendiri (treasury stock) dicatat berdasarkan metode biaya perolehan (cost method). Dengan metode ini bila saham tersebut dijual kembali dengan harga jual yang melebihi harga perolehan, maka kelebihannya akan dicatat sebagai agio saham, sedangkan bila harga jual lebih rendah dari harga perolehan, selisihnya akan dicatat sebagai pengurangan saldo laba. p.

q.

Pengakuan Pendapatan dan Beban

Treasury Stock Treasury stock is recorded using the cost method. Under this method, if the treasury stock is subsequently sold, the excess of the selling price over the acquisition cost is recorded as additional paid-in capital, while if the selling price is lower than acquisition cost, the difference is recognized as a deduction from retained earnings.

p. Revenue and Expense Recognition

Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal neraca. Pendapatan diterima dimuka diakui sebagai kewajiban.

Revenues on freight operations are recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability.

Pendapatan dari sewa berdasarkan waktu (time charter) diakui sesuai masa manfaatnya dari periode kontrak charter tersebut. Pendapatan berdasarkan rute perjalanan diakui selama jangka waktu perjalanan tersebut.

Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage.

Pendapatan jasa perantara kapal dan jasa penyimpanan diakui pada saat jasa tersebut diserahkan kepada pelanggan.

Revenues from agency services and storage services are recognized when the services are rendered to customers.

Pendapatan bunga diakui sesuai manfaatnya pada periode yang bersangkutan (accrual basis).

Interest income on interest-bearing instruments is recognized on accrual basis.

Beban diakui pada saat terjadinya.

Expenses are recognized when incurred. q. Post-Employment Benefits

Imbalan Pasca Kerja Perusahaan memberikan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan yang disisihkan oleh Perusahaan sehubungan dengan imbalan pasca kerja ini.

The Company provides defined benefit postemployment benefits to its employees in accordance with Labor Law No. 13/2003. No funding has been made to this defined benefit plan.

Perhitungan imbalan pasca kerja menggunakan metode Projected Unit Credit. Akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui yang melebihi 10% dari nilai kini kewajiban imbalan pasti diakui dengan metode garis lurus selama rata-rata sisa masa kerja yang diprakirakan dari para pekerja dalam program tersebut. Biaya jasa lalu dibebankan langsung apabila imbalan tersebut menjadi hak atau vested, dan sebaliknya akan diakui sebagai beban dengan metode garis lurus selama periode rata-rata sampai imbalan tersebut menjadi vested.

The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.

Jumlah yang diakui sebagai kewajiban imbalan pasti di neraca merupakan nilai kini kewajiban imbalan pasti disesuaikan dengan keuntungan dan kerugian aktuarial yang belum diakui, dan biaya jasa lalu yang belum diakui.

The benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost.

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r.

s.



Pajak Penghasilan

r. Income Tax

Beban pajak kini ditentukan berdasarkan laba kena pajak dalam periode yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku.

Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.

Aktiva dan kewajiban pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aktiva dan kewajiban menurut laporan keuangan dengan dasar pengenaan pajak aktiva dan kewajiban. Kewajiban pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aktiva pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa datang.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable income will be available in future periods against which the deductible temporary differences can be utilized.

Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal neraca. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi, kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity.

Aktiva dan kewajiban pajak tangguhan disajikan di neraca, kecuali aktiva dan kewajiban pajak tangguhan untuk entitas yang berbeda, atas dasar kompensasi sesuai dengan penyajian aktiva dan kewajiban pajak kini.

Deferred tax assets and liabilities are offset in the balance sheet, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.

Atas pendapatan dari kapal yang dikenakan pajak penghasilan final, beban pajak diakui proporsional dengan jumlah pendapatan menurut akuntansi yang diakui pada periode berjalan. Selisih antara jumlah pajak penghasilan final terutang dengan jumlah yang dibebankan sebagai pajak kini pada perhitungan laba rugi diakui sebagai pajak dibayar dimuka atau hutang pajak. Akun pajak penghasilan final dibayar dimuka disajikan terpisah dari hutang pajak penghasilan final.

Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable.

Perbedaan nilai tercatat aktiva atau kewajiban yang berhubungan dengan pajak penghasilan final dengan dasar pengenaan pajaknya tidak diakui sebagai aktiva atau kewajiban pajak tangguhan.

Deferred tax is not recognized for the difference between the financial statement carrying amounts of assets and liabilities related to revenues subject to final tax and their respective tax bases.

Laba Per Saham

s. Earnings Per Share

Laba per saham dasar dihitung dengan membagi laba bersih residual dengan jumlah rata-rata tertimbang saham beredar pada tahun yang bersangkutan.

Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the year.

Laba per saham dilusian dihitung dengan membagi laba bersih residual dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.

Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.

- 25 -


t.

u.



Instrumen Keuangan Derivatif

t. Derivative Financial Instruments

Instrumen keuangan derivatif awalnya dinilai berdasarkan nilai wajar pada saat tanggal kontrak dibuat, dan selanjutnya dinilai kembali berdasarkan nilai wajar pada tanggal laporan keuangan.

Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates.

Perubahan nilai dari instrumen keuangan derivatif diakui dalam laporan laba rugi konsolidasi sepanjang tidak dimaksudkan dan tidak memenuhi kualifikasi lindung nilai.

Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting.

Suatu derivatif disajikan sebagai aktiva atau kewajiban tidak lancar jika nilai sisa dari instrumen yang jatuh tempo lebih dari 12 bulan dan diperkirakan tidak akan direalisasi atau diselesaikan dalam waktu 12 bulan. Derivatif lainnya disajikan sebagai aktiva atau kewajiban lancar.

A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

Penggunaan instrumen keuangan derivatif ditatakelola berdasarkan kebijakan Perusahaan yang disetujui oleh Dewan Direksi yang konsisten dengan strategi risiko manajemen Perusahaan. Perusahaan tidak menggunakan instrumen keuangan derivatif untuk tujuan spekulasi.

The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors consistent with the Company’s risk management strategy. The Company and subsidiaries do not use derivative financial instruments for speculative purposes.

Instrumen keuangan derivatif ini digunakan untuk mengelola risiko yang berkaitan erat dengan fluktuasi mata uang asing. Tetapi akuntansi lindung nilai tidak diperlakukan karena identifikasi lindung nilai dan dokumentasi yang diperlukan sesuai dengan standar akuntansi belum dipenuhi.

These derivative financial instruments are used to manage exposure to foreign currency fluctuation. However, hedge accounting is not applied as the hedging designation and documentation required by accounting standards have not been met.

Derivatif yang melekat pada instrumen keuangan lainnya atau kontrak utama nonfinansial lainnya diperlakukan sebagai derivatif yang terpisah bila resiko dan karakteristiknya tidak secara jelas dan erat berhubungan dengan risiko dan karakteristik kontrak utama, dan kontrak utama tersebut tidak dinyatakan dengan nilai wajar, dan keuntungan atau kerugian yang belum direalisasi dilaporkan pada laporan laba rugi konsolidasi.

Derivatives embedded in other financial instruments or other non-financial host contract are treated as a separate derivative when their risks and characteristics are not closely related to the host contract and the host contract is not carried at fair value with unrealized gains or losses reported in profit or loss.

Informasi Segmen

u. Segment Information

Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyusunan dan penyajian laporan keuangan konsolidasi. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.

Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while the secondary reporting format is based on geographical segment.

Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.

A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments.

Segmen geografis adalah komponen perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa pada lingkungan (wilayah) ekonomi tertentu dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada lingkungan (wilayah) ekonomi lain.

A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different for those of components operating in other economic environments.

- 26 -




Aktiva dan kewajiban yang digunakan bersama dalam satu segmen atau lebih dialokasikan kepada setiap segmen jika, dan hanya jika, pendapatan dan beban yang terkait dengan aktiva tersebut juga dialokasikan kepada segmen-segmen tersebut.

3.

KAS DAN SETARA KAS

3. 2007 Rp

Kas Bank Rupiah Bank INA Perdana Bank Mandiri Bank Mega Citibank Lain-lain (masing-masing dibawah Rp 500.000.000) Dollar Amerika Serikat United Overseas Bank Limited Nordea Bank Citibank DVB Group Merchant Bank (Asia) Ltd. Hongkong & Shanghai Banking Corporation Bank of China DBS Bank Indonesia Bank Central Asia Deutsche Bank Fortis Bank S.A./ N.V. Bank Mandiri J.P. Morgan International Bank Limited Lain-lain (masing-masing dibawah Rp 2.000.000.000) Renmimbi China Bank of China Yen Jepang Nordea Bank Norge ASA Lain-lain (masing-masing dibawah Rp 1.000.000.000) Dollar Singapura Citibank Deutsche Bank United Overseas Bank Limited Dollar Hongkong Hongkong & Shanghai Banking Corporation Citibank GBP Inggris Allied Irish Bank Euro ING Bank N.V DFL Bank

Assets and liabilities that relate jointly to two or more segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.

CASH AND CASH EQUIVALENTS 2006 Rp

13.431.851.197

7.079.106.594

46.797.371.263 753.544.951 704.719.855 676.265.443

16.484.759.377 565.380.504 195.710.491

817.593.391

361.701.248

710.051.815.942 190.950.004.008 118.978.820.158

7.708.703.742 310.671.941.423

16.849.926.207

10.912.089.500

11.345.236.558 11.215.505.838 9.483.074.914 8.814.510.715 4.679.982.832 2.866.627.062 2.098.572.409

31.488.495.280 24.086.781.598 53.407.239 1.292.603.343 2.935.997.643

2.077.891.587

591.268.126

5.513.239.713

4.268.095.297

6.035.125.068

3.488.855.181

1.130.870.948

-

1.084.724.737

228.041.300

867.721.574 382.383.896 346.137.324

128.586.922 2.389.671.306

390.420.941 28.740.854 271.268.686.366 199.287.767 145.875.256

- 27 -

276.705.767.289 -

Cash on hand Cash in banks Rupiah Bank INA Perdana Bank Mandiri Bank Mega Citibank Others (below Rp 500,000,000 each) U.S. Dollars United Overseas Bank Limited Nordea Bank Citibank DVB Group Merchant Bank (Asia) Ltd. Hongkong & Shanghai Banking Corporation Bank of China DBS Bank Indonesia Bank Central Asia Deutsche Bank Fortis Bank S.A./ N.V. Bank Mandiri J.P. Morgan International Bank Limited Others (below Rp 2,000,000,000 each) Chinese Renmimbi Bank of China Japanese Yen Nordea Bank Norge ASA Others (below Rp 1,000,000,000 each) Singapore Dollar Citibank Deutsche Bank United Overseas Bank Limited Hongkong Dollar Hongkong & Shanghai Banking Corporation Citibank British Poundsterling Allied Irish Bank Euro ING Bank N.V DFL Bank




2007 Rp Deposito berjangka Dollar Amerika Serikat Fortis Bank S.A./ N.V. Bank of China DNB NOR Bank ASA J.P. Morgan International Bank Limited Citibank Bank Sumitomo Mitsui Indonesia United Overseas Bank Limited UBS Bank Barclays Capital Bank Resona Perdania Dollar Singapura United Overseas Bank Limited Rupiah Bank Negara Indonesia Jumlah Tingkat bunga deposito berjangka per tahun Dollar Amerika Serikat Dollar Singapura Rupiah

4.

2006 Rp

273.621.950.000 125.556.698.203 57.455.900.000

89.435.741.714 45.363.242.476 -

37.676.000.000 26.515.561.097 9.588.657.849 6.954.080.384 1.669.317.785 528.647.215 -

22.550.000.000 24.735.174.647 482.414.315 1.384.962.190

369.239.588 500.000.000

502.208.219

1.980.422.580.895

886.090.706.964

Total

2,61% - 5,24% 4,79% - 7,95%

Interest rates per annum on time deposits U.S. Dollar Singapore Dollar Rupiah

2,81% - 6,63% 0,825% 6,5% - 9,75%

INVESTASI TERSEDIA UNTUK DIJUAL

4.

Perincian investasi tersedia untuk dijual adalah sebagai berikut: 2007 Rp Biaya perolehan PT Danatama Makmur Reksadana Nusadana Kombinasi Maxima Laba yang belum direalisasi PT Danatama Makmur Reksadana Nusadana Kombinasi Maxima Nilai wajar

-

Time Deposits U.S. Dollars Fortis Bank S.A./ N.V. Bank of China DNB NOR Bank ASA J.P. Morgan International Bank Limited Citibank Bank Sumitomo Mitsui Indonesia United Overseas Bank Limited UBS Bank Barclays Capital Bank Resona Perdania Singapore Dollar United Overseas Bank Limited Rupiah Bank Negara Indonesia

AVAILABLE-FOR-SALE INVESTMENTS The details of available for sale investments are as follows: 2006 Rp

658.808.027.298 2.000.000.000 19.940.475.112 218.770.408 680.967.272.818

Berdasarkan perjanjian kontrak jasa manajer investasi tanggal 18 Desember 2007 dan 15 Desember 2006, Perusahaan menunjuk PT Danatama Makmur sebagai pengelola dana sebesar USD 69.944.583 dan USD 48.000.000 masing-masing pada tahun 2007 dan 2006, yang akan diinvestasikan sebagian atau seluruhnya dalam bentuk tunai, deposito, obligasi, surat hutang, saham, mata uang asing, obligasi konversi, waran, opsi, kontrak derivatif dan efek lainnya serta skema investasi kolektif. Perjanjian berlaku selama 1 bulan sejak kontrak ditandatangani dan dapat diperpanjang setiap bulannya untuk jangka waktu yang sama (1 bulan) dengan instruksi tertulis dari Perusahaan kepada PT Danatama Makmur.

- 28 -

432.960.000.000 612.295.640 433.572.295.640

Cost PT Danatama Makmur Nusadana Kombinasi Maxima mutual fund Unrealized gain PT Danatama Makmur Nusadana Kombinasi Maxima Mutual Fund Fair value

Under the Investment Management Contract Service Agreement dated December 18, 2007 and December 15, 2006, the Company appointed PT Danatama Makmur to manage funds of USD 69,944,583 and USD 48,000,000 in 2007 and 2006, repectively, which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme. The agreement is valid for 1 month from signing of the contract and can be extended on a monthly basis (1 month) upon the written instruction from the Company to PT Danatama Makmur.




Perusahaan sebagai pemilik dana dapat mencairkan seluruh atau sebagian dana tersebut yang telah diinvestasikan sebelum jatuh tempo dengan memberikan instruksi tertulis minimal dalam jangka waktu 2 hari perdagangan kepada PT Danatama Makmur sebelum hari penarikan atas dana investasi tersebut. 5.

5.

PIUTANG USAHA 2007 Rp a. Berdasarkan pelanggan Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte. Ltd. Lain-lain (masing-masing di bawah Rp 500.000.000) Jumlah

The Company as the owner of the funds can liquidate all or part of the funds that have been invested before the due date with written notice within a minimum of 2 (two) trading days to PT Danatama Makmur before the withdrawal date of investment funds.

TRADE ACCOUNTS RECEIVABLE 2006 Rp a. By Debtor

-

11.804.122.097

-

313.878.692

-

12.118.000.789

Related parties Pan Union Agencies Pte. Ltd. Others (below Rp 500,000,000 each) Total

Pihak ketiga Kapal yang dimiliki dan disewa Jasa perantara perkapalan

615.283.133.834 98.148.727.423

423.542.608.500 71.384.300.772

Third parties Owned and chartered vessels Agency

Jumlah

713.431.861.257

494.926.909.272

Total

Jumlah Piutang Usaha

713.431.861.257

507.044.910.061

Total Trade Accounts Receivable

b. Berdasarkan umur (hari) Belum jatuh tempo Lewat jatuh tempo 1 - 60 hari 61 - 120 hari 121 - 180 hari > 180 hari Jumlah c. Berdasarkan mata uang Dollar Amerika Serikat Rupiah Mata uang lainnya Jumlah

273.646.321.474

152.513.961.146

176.485.249.947 168.973.078.271 89.309.884.517 5.017.327.048

244.382.911.333 88.371.939.240 17.942.670.231 3.833.428.111

713.431.861.257

507.044.910.061

668.581.285.192 18.433.612.660 26.416.963.405

459.159.582.200 5.904.311.600 41.981.016.261

713.431.861.257

507.044.910.061

b. By Age Category Not yet due Past due 1 - 60 days 61 - 120 days 121 - 180 days > 180 days Total c. By Currency U.S. Dollars Rupiah Other currencies Total

Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan. Dari saldo piutang pada akhir tahun sebesar Rp 59.039.874.392 adalah piutang kepada PT Pertamina (Persero) (Pertamina) yang merupakan pelanggan Perusahaan (Catatan 26 dan 39). Tidak ada pelanggan lain yang saldonya melebihi 6% daripada total saldo piutang usaha tersebut.

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. Of the trade receivables balance at the end of the year, Rp 59,039,874,392 is due from PT Pertamina (Persero) (Pertamina), the Company’s largest customer (Notes 26 and 39). There are no other customers who represent more than 6% of the total balance of trade accounts receivables.

Perusahaan dan anak perusahaan tidak menerima jaminan atas saldo-saldo tersebut di atas. Berdasarkan penelaahan atas status masing-masing piutang tersebut pada akhir tahun manajemen Perusahaan memutuskan bahwa tidak terdapat perubahan signifikan terhadap kualitas kredit dan semua piutang usaha tersebut dapat tertagih sehingga tidak mengadakan penyisihan piutang ragu-ragu.

The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided.

- 29 -


6.



PIUTANG LAIN-LAIN

6.

OTHER ACCOUNTS RECEIVABLE

2007 Rp

7.

8.

2006 Rp

Deposit untuk biaya sandar Klaim pengganti peralatan Klaim asuransi Bagian piutang lain-lain jangka panjang yang jatuh tempo dalam satu tahun (Catatan 9) Lain-lain

5.755.649.492 3.707.930.635 -

3.550.858.300 9.499.268.680

Deposit for port charges Claims for equipment replacement Insurance claims

16.778.674.717

1.570.138.460 15.842.622.604

Current portion of other long-term accounts receivable (Note 9) Others

Jumlah

26.242.254.844

30.462.888.044

Total

7.

REKENING BANK YANG DIBATASI PENGGUNAANNYA

RESTRICTED CASH IN BANK

Akun ini merupakan saldo pada Nordea Bank Norge ASA, Grand Cayman sebesar USD 29.200.000 yang dijadikan jaminan sehubungan dengan fasilitas Irrecovable Letter of Credit (L/C) yang diperoleh dari bank yang sama.

This account represents current account in Nordea Bank Norge ASA, Grand Cayman amounting to USD 29,200,000, which is used as security in relation with Irrecovable Letter of Credit (L/C) facility obtained from the same bank.

Tingkat bunga rata-rata per tahun selama tahun 2007 sebesar 4,17%.

The average interest per annum of this restricted cash during the year 2007 was 4.17%

INVESTASI PADA PERUSAHAAN ASOSIASI

8.

Tempat Kedudukan/ Domicile

INVESTMENTS IN ASSOCIATES Persentase Kepemilikan/ Percentage of Ownership %

2007 Rp

2006 Rp

30 30 50

192.515.573.957 1.167.781.184 1.040.185.504

222.260.427.312 1.118.631.626 858.761.864

194.723.540.645

224.237.820.802

Metode Ekuitas/Equity Method Teekay BLT Corporation Thai Petra Transport Co. Ltd. PT Berlian Limatama

Marshall Islands Thailand Indonesia

Jumlah/Total

Mutasi investasi dengan metode ekuitas:

Teekay BLT Corporation Saldo awal Selisih kurs penjabaran Perubahan ekuitas perusahaan asosiasi Bagian rugi bersih perusahaan asosiasi Saldo Akhir

Changes in investments under the equity method: 2007 Rp

2006 Rp

222.260.427.312 9.819.307.004

242.654.584.116 (19.988.296.272)

(39.164.165.266)

-

(399.995.093) 192.515.573.957

(405.860.532) 222.260.427.312

- 30 -

Teekay BLT Corporation Balance at beginning of year Translation adjustment Difference due to change of equity in associate Equity in net loss of the associate Balance at end of year




2007 Rp Thai Petra Transport Co. Ltd. Saldo awal Selisih kurs penjabaran Bagian laba (rugi) bersih perusahaan asosiasi Saldo Akhir PT Berlian Limatama Saldo awal Bagian laba bersih perusahaan asosiasi Saldo Akhir

9.

2006 Rp

1.118.631.626 49.472.698

1.201.974.161 (99.304.754)

(323.140)

15.962.219

Thai Petra Transport Co. Ltd. Balance at beginning of year Translation adjustment Equity in net earnings (loss) of the the associate

1.167.781.184

1.118.631.626

Balance at end of year

858.761.864

703.618.667

181.423.640

155.143.197

Equity in net earnings of the associate

1.040.185.504

858.761.864


PT Berlian Limatama Balance at beginning of year

Pada tanggal 26 Juli 2005, BLT LNG Tangguh Corporation, anak perusahaan, membeli 150 saham Teekay BLT Corporation dari Teekay Tangguh Holding Corporation seharga USD 24.685.105. Seluruh saham tersebut digunakan sebagai jaminan hutang lain-lain jangka panjang (Catatan 18).

On July 26, 2005, BLT LNG Tangguh Corporation, a subsidiary, agreed to purchase 150 shares of Teekay BLT Corporation from Teekay Tangguh Holding Corporation for USD 24,685,105. All of these shares are used as collateral for other longterm payables (Note 18).

Teekay BLT Corporation bergerak dalam bidang jasa pelayaran / angkutan laut mulai beroperasi komersial pada tahun 2006.

Teekay BLT Corporation is engaged in providing cargo shipping service / sea cargo service and has commenced commercial operations in 2006.

Thai Petra Transport Co. Ltd. bergerak dalam bidang pengurusan pelabuhan (keagenan).

Thai Petra Transport Co. Ltd. is engaged in port services (agency).

PT Berlian Limatama bergerak dalam ekspedisi muatan kapal laut.

PT Berlian Limatama is engaged in providing cargo shipping services.

bidang

PIUTANG LAIN-LAIN JANGKA PANJANG

9.

Pada tahun 2006, akun ini merupakan piutang yang berasal dari penjualan kapal anak perusahaan kepada pihak ketiga. Piutang ini berbentuk pinjaman subordinasi dengan nilai USD 3.500.000. Menurut perjanjian, pembeli menyetujui untuk membayar kembali pinjaman dan bunga sebesar 5% per tahun secara basis anuitas dalam cicilan bulanan dengan jumlah yang sama, bersamaan dengan pembayaran sekaligus (balloon payment) sebesar USD 1.750.000 pada tanggal 12 Mei 2012. Bagian yang jatuh tempo dalam waktu satu tahun disajikan sebagai bagian aktiva lancar dalam akun piutang lain-lain. Seluruh piutang ini telah dilunasi pada bulan Nopember 2007.

- 31 -

OTHER LONG-TERM ACCOUNTS RECEIVABLE

In 2006, this account receivable arose from the sale of a subsidiary’s vessel to a third party. The receivable is in the form of a subordinated loan with original amount of USD 3,500,000. Under the loan agreement, the buyer agreed to repay the loan and interest thereon at the rate of 5% per annum on annuity basis in equal monthly installment, together with a balloon payment of USD 1,750,000 on May 12, 2012. The current maturity of the loan is presented as part of other long-term accounts receivable under current assets. All of the receivable amount had been paid in November 2007.




10. AKTIVA TETAP

10. PROPERTY, VESSELS AND EQUIPMENT 1 Januari 2007/ January 1, 2007 Rp

Selisih Kurs Penjabaran / Translation Adjustment Rp

292.311.294 6.931.042.868.588 11.102.725.938 6.324.991.631 12.684.232.014

242.592.271.126 1.376.787.283 280.623.051

11.831.142.000 7.043.350.702.682 7.850.750.000 5.041.505.504

5.915.511.774

2.427.598.524 6.544.595.805 424.302.962.191

62.118.371 216.603.035 8.355.160.161

310.560.853 14.202.549.685 617.302.483.728

Jumlah

7.394.722.285.985

252.883.563.027

Akumulasi penyusutan: Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor

1.613.912.010.111 9.225.061.672 4.324.423.814 8.020.028.937

Penambahan/ Additions Rp

Pengurangan/ Deductions Rp

Reklasifikasi/ Reclassification Rp

31 Desember 2007/ December 31, 2007 Rp

669.917.100.000 1.049.152.659 203.383.976

482.809.684.529 -

12.123.453.294 14.029.878.426.925 12.479.513.221 13.126.588.972 23.718.488.367

733.838.246 261.772.848 3.099.214.528.000 -

-

(482.809.684.529)

3.534.115.994 21.225.521.373 3.099.214.528.000 567.150.921.551

7.699.889.694.452

3.106.125.650.868

671.169.636.635

-

17.782.451.557.697

53.168.492.006 1.143.948.652 172.484.354

519.332.672.484 145.344.212 2.400.070.514 1.640.581.966

631.910.255

155.829.155.656 737.228.745 184.565.567

-

2.030.584.018.945 10.514.354.536 5.987.265.583 10.280.439.945

1.554.502.574 860.674.584

29.524.090 9.860.224

273.188.680 384.550.712

101.916.688 47.458.528.001 38.712.090

-

-

-

-

1.959.132.032 47.458.528.001 1.293.797.610

Jumlah

1.637.896.701.692

54.524.309.326

524.176.408.568

48.231.067.034

156.750.949.968

-

Jumlah Tercatat Biaya docking

5.756.825.584.293

Biaya perolehan: Tanah Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aktiva sewa pembiayaan Aktiva dalam penyelesaian

Peralatan kantor dan mess Aktiva sewa pembiayaan Bangunan

-

Akuisisi/ Acquisition Rp

2.108.077.536.652

Jumlah

1 Januari 2006/ January 1, 2006 Rp Biaya perolehan: Tanah Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor

Selisih Kurs Penjabaran / Translation Adjustment Rp

Penambahan/ Additions Rp

Pengurangan/ Deductions Rp

Reklasifikasi/ Reclassification Rp

Total Accumulated depreciation: Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Leased assets Buildings Total

15.674.374.021.045 136.344.704.510

Net book value Docking cost

15.810.718.725.555

Total

31 Desember 2006/ December 31, 2006 Rp

(508.842.369.288) (561.795.158) (361.201.096)

1.054.741.546.658 806.060 64.466.687 2.599.444.573

1.652.082.955 6.984.316.154 184.418.893.095

(52.595.058) (439.720.349) (12.941.588.165)

828.110.627 1.025.384.576.613

Jumlah

6.492.500.302.433

(523.199.269.114)

2.083.618.951.218

658.197.698.552

-

7.394.722.285.985

Akumulasi penyusutan: Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor

1.333.173.309.966 8.489.134.524 5.436.882.448 7.017.944.640

(105.320.810.983) (408.303.039) (228.026.665)

386.059.511.128 1.144.230.187 1.446.474.699 1.230.110.962

2.558.933.333 -

-

1.613.912.010.111 9.225.061.672 4.324.423.814 8.020.028.937

1.009.354.005 502.079.026

(37.564.009) -

582.712.578 358.595.558

-

1.554.502.574 860.674.584

Jumlah

1.355.628.704.609

(105.994.704.696)

390.821.635.112

-

1.637.896.701.692

Total

Jumlah Tercatat Biaya docking

5.136.871.597.824

5.756.825.584.293 147.106.128.088

Net book value Docking cost

5.903.931.712.381

Total

Peralatan kantor dan mess Bangunan

-

772.558.919.352 -

292.311.294 6.931.042.868.588 11.102.725.938 6.324.991.631 12.684.232.014

(772.558.919.352)

2.427.598.524 6.544.595.805 424.302.962.191

Cost: Land Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings Construction in progress

292.311.294 6.268.126.870.418 11.663.715.036 8.916.124.944 10.445.988.537

Peralatan kantor dan mess Bangunan Aktiva dalam penyelesaian

655.542.098.552 2.655.600.000 -

Cost: Land Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings Leased assets Construction in progress

2.558.933.333

Jumlah

Jumlah aktiva tetap di neraca termasuk biaya docking kapal yang belum diamortisasi dengan rincian sebagai berikut: Biaya Docking Kapal/ Docking Cost

2007 2006

Saldo Awal/ Beginning Balance Rp 147.106.128.088 47.902.705.399

Accumulated depreciation: Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings

The balance sheet carrying amount of property, vessels and equipment included the unamortized docking costs of the vessels are as follows:

Penambahan/ Addition Rp

Pengurangan, Amortisasi/ Deduction, Amortization Rp

101.830.147.722 182.692.961.004

117.090.924.965 70.279.336.273

- 32 -

Total

Selisih Kurs Penjabaran/ Translation Adjustment Rp 4.499.353.665 (13.210.202.042)

Saldo Akhir/ Ending Balance Rp 136.344.704.510 147.106.128.088




Penambahan kapal pada tahun 2007 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai di bangun (M.T. Purwati, M.T. Gas Sulawesi dan M.T. Gas Papua) dan pembelian kapal anak perusahaan (MT Trirasa, MT Fatmawati dan M.T.Tridonawati, M.T. Chembulk Bercelona, M.T. Chembulk Gibraltar, M.T. Chembulk Kobe, M.T. Chembulk New York, M.T. Chembulk Savannah, M.T. Chembulk Shanghai, M.T. Chembulk Hong Kong, M.T. Chembuck Houston, M.T. Chembulk Ulsan, M.T. Chembulk Virgin Gorda dan M.T. Chembulk Yokohama) dan akuisisi kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Minneapolis, M.T. Chembulk New Orleans, M.T. Chembulk Singapore, M.T. Chembulk Tortola dan M.T. Chembulk Westport).

The additions in vessels in 2007 consist of the subsidiaries vessels whose construction had been completed (M.T. Purwati, M.T. Gas Sulawesi and M.T. Gas Papua) and purchase of vessels by the subsidiaries (MT Trirasa, MT Fatmawati and MT Tridonawati, M.T. Chembulk Bercelona, M.T. Chembulk Gibraltar, M.T. Chembulk Kobe, M.T. Chembulk New York, M.T. Chembulk Savannah, M.T. Chembulk Shanghai, M.T. Chembulk Hong Kong, M.T. Chembuck Houston, M.T. Chembulk Ulsan, M.T. Chembulk Virgin Gorda and M.T. Chembulk Yokohama) and acquisition of subsidiaries’ vessels under leasing arrangement (M.T. Chembulk Minneapolis, M.T. Chembulk New Orleans, M.T. Chembulk Singapore, M.T. Chembulk Tortola and M.T. Chembulk Westport).

Penambahan kapal pada tahun 2006 terutama merupakan pembelian kapal anak perusahaan (M.T. Bramani, M.T. Anjani, M.T. Anggraini, dan FPSO Brotojoyo).

The additions in vessels in 2006 represent purchase of vessels by the subsidiaries (M.T. Bramani, M.T. Anjani, M.T. Anggraini, and FPSO Brotojoyo).

Pengurangan kapal pada tahun 2007 merupakan penjualan kapal anak perusahaan (MT Bandondari, MT Tribuana dan MT Triwati d/h MT Trijata).

The reduction in vessels in 2007 included sale of vessels of the subsidiary (M.T. Bandondari, M.T. Tribuana and M.T. Triwati, formerly MT Trijata).

Pengurangan kapal pada tahun 2006 merupakan penjualan kapal anak perusahaan (M.T. Pertiwi, M.T. Pujawati, dan M.T. Prita Dewi).

The reduction in vessels in 2006 included sale of vessels of the subsidiary (M.T. Pertiwi, M.T. Pujawati, and M.T. Prita Dewi).

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) yang diaktakan dengan akta No. 30 tanggal 21 Juni 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memperoleh persetujuan dari Para Pemegang Saham untuk menjual aktiva tetap, kapal M.T. Pertiwi milik anak perusahaan (Fatmarini Maritime Pte. Ltd.) dan M.T. Pujawati milik anak perusahaan (Frabandari Maritime Pte. Ltd.) dengan harga masing-masing sebesar USD 45.000.000.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated June 21, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the stockholders approved to sell two vessels in progress of its subsidiaries, M.T. Pertiwi (owned by Fatmarini Maritime Pte. Ltd.) and M.T. Pujawati (owned by Frabandari Maritime Pte. Ltd.) at a price of USD 45,000,000 each.

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) yang diaktakan dengan akta No. 12 pada tanggal 11 September 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memperoleh persetujuan dari Para Pemegang Saham untuk menjual aktiva tetap, kapal M.T. Prita Dewi milik anak perusahaan (Prita Dewi Maritime Pte. Ltd.) dengan harga sebesar USD 45.000.000.

At the Extraordinary General Meeting of stockholders as stated in notarial deed No. 12 dated September 11, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the stockholders approved to sell vessels in progress of its subsidiary, M.T. Prita Dewi, (owned by Prita Dewi Maritime Pte. Ltd.) at a price of USD 45,000,000.

Seluruh penjualan dilakukan kepada pihak ketiga. Keuntungan penjualan aktiva tetap selama tahun 2007 dan 2006 masing-masing sebesar Rp 27.198.658.553 dan Rp 482.910.734.691 dengan perincian sebagai berikut:

All sales are made with third parties. Gain on sale of vessels and vehicles in 2007 and 2006 amounted to Rp 27,198,658,553 and Rp 482,910,734,691, respectively, with details as shown below:

2007 Rp Harga jual Nilai tercatat

2006 Rp

561.716.545.220 (514.418.686.667)

1.219.016.249.910 Proceeds from sale of fixed asset (655.638.765.219) Net carrying account

Bersih Komisi

47.297.858.553 20.099.200.000

563.377.484.691 80.466.750.000

Net Commission

Keuntungan penjualan aktiva tetap

27.198.658.553

482.910.734.691

Gain on sale of vessels and vehicles

- 33 -




Perusahaan dan anak perusahaan menerima hasil penjualan kapal-kapal tersebut pada bulan Oktober dan Nopember 2007 serta Juli dan Oktober 2006.

The Company received the proceeds from such sale of vessels in October and November 2007, July and October 2006.

Beban penyusutan dialokasi sebagai berikut:

Depreciation following:

2007 Rp

expense

was

allocated

to

the

2006 Rp

Beban usaha Kapal dan tangki yang dimiliki (Catatan 27) Umum dan administrasi (Catatan 28) Selisih kurs penjabaran

507.676.298.336 4.801.041.439 11.699.068.793

Operating expenses Owned vessels and tanks 392.828.876.726 (Note 27) 3.688.786.067 General and administrative (Note 28) (5.696.027.681) Translation adjustment

Jumlah

524.176.408.568

390.821.635.112

Total

Kapal dan peralatan digunakan sebagai jaminan atas hutang bank dan kewajiban sewa pembiayaan (Catatan 12, 16 dan 21).

Vessels and equipment are used as collateral for the bank loans and obligation under finance lease (Notes 12, 16 and 21).

Perusahaan memiliki beberapa bidang tanah yang terletak di kota Dumai, Riau dengan hak legal berupa Hak Guna Bangunan yang berjangka waktu 20 (dua puluh) tahun yang akan jatuh tempo pada tahun 2024, 2036 dan 2037. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai.

The Company owns several parcels of land located in Dumai, Riau with Building Use Right (Hak Guna Bangunan or HGB) for a period of 20 years until 2024, 2036 and 2037. Management believes that there will be no difficulty in the extension of the landright since the land was acquired legally and supported by sufficient evidence of ownership.

Kapal Perusahaan diasuransikan terhadap kerusakan lambung dan kerusakan kapal (Hull Machinery) dan risiko perang, Increase Value and Additional Owners Interest (I.V & A.O.I.) dengan jumlah pertanggungan masing-masing sebesar USD 1.749.550.000 dan USD 933.550.000 pada tahun 2007 dan 2006 melalui LCH Insurance (s) Pte. Ltd. dan Sompo Japan Insurance Inc.

The vessels and equipment were insured for hull and machinery damages and war risk, Increased Value and Additional Owners Interest (I.V. & A.O.I) for USD 1,749,550,000 in 2007 and USD 933,550,000 in 2006, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.

Kapal Perusahaan dan anak perusahaan diasuransikan juga terhadap perlindungan dan penggantian terhadap pihak ketiga serta ganti rugi yang disebabkan karena pencemaran lingkungan, sehubungan dengan pengoperasian kapal (Protection & Indemnity atau P & I).

Those vessels and equipment were also insured for losses of third parties from vessel operations such as environmental pollution caused by accident (Protection and Indemnity or P & I).

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aktiva yang dipertanggungkan.

Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.

Aktiva dalam penyelesaian terutama merupakan 10 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2008 - 2011 (Catatan 39c).

Construction in progress mainly consists of 10 vessels under construction which are estimated to be completed in 2008 - 2011 (Note 39c).

- 34 -


11.



GOODWILL – BERSIH

11. GOODWILL - NET

Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aktiva bersih yang diperoleh dengan rincian sebagai berikut:

2007 Rp

This account represents the difference between acquisition cost of subsidiaries and fair value of net assets acquired as follows:

2006 Rp

Harga perolehan Penambahan tahun berjalan Akumulasi amortisasi

61.842.037.155 681.499.228.939 (30.034.912.776)

Goodwill - Bersih

713.306.353.318

61.842.037.155 Cost Addition during the year (25.675.178.468) Accumulated amortization 36.166.858.687

Goodwill - Net

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa tanggal 18 Desember 2007, sebagaimana yang tercantum dalam akta notaris Amrul Partomuan Pohan, SH., LL.M, No. 16 tanggal 18 Desember 2007, para pemegang saham menyetujui untuk melakukan akuisisi/pembelian Chembulk Tankers LLC.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 16 dated December 18, 2007 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to acquire Chembulk Tankers LLC.

Pada tanggal 19 Desember 2007 (tanggal akuisisi) Asean Maritime Corporation, melalui BLT Chembulk Corp, anak perusahaan, membeli 100% saham milik Chembulk Holding Inc pada Chembulk Tankers LLC. Pada tanggal akuisisi, nilai wajar atas aktiva bersih Chembulk Tankers LLC sebesar Rp 2.069.294.704.197. Perbedaan antara nilai wajar dari aktiva bersih yang diakuisisi dan biaya perolehan akuisisi dicatat sebagai goodwill.

As of December 19, 2007 (the effective date of the acquisition), Asean Maritime Corporation purchased through its wholly-owned subsidiary, BLT Chembulk Corp, 100% of the shares owned by Chembulk Holdings Inc. in Chembulk Tankers LLC. As of acquisition date, the fair value of the net assets of Chembulk Tankers LLC, amounted to Rp 2,069,294,704,197. The difference between the fair value of the net assets acquired and the cost of acquisition, is accounted for as goodwill.

Pada tanggal yang sama, BLT Chembulk Corp. juga membeli 11 kapal dari Chembulk Holding Inc. sebesar USD 618.000.000.

On the same date, BLT Chembulk Corp. also purchased eleven vessels from Chembulk Holding Inc. at a purchase price USD 618,000,000.

Pada tanggal akuisisi Perusahaan mengakui/ mencatat aktiva tetap dan kewajiban Chembulk Tankers LLC sebagai berikut:

The Company recognized, at the acquisition date, the following assets and liabilities of Chembulk Tankers LLC: Nilai buku sebelum diakuisisi/ Book value prior to acquisition Rp Assets 1.389.939.017.182 Property and equipment - net 479.577.804 Other non current assets 51.097.924.296 Inventories 72.484.310.098 Receivables Prepayment and other current 19.978.857.537 assets 275.034.800.000 Restricted cash 197.509.921.471 Cash

Nilai wajar/ Fair value Rp Aktiva Aktiva tetap - bersih Aktiva tidak lancar lain-lain Persediaan Piutang Biaya dibayar dimuka dan aktiva lancar lain-lain Kas yang dibatasi penggunaannya Kas Jumlah Kewajiban Kewajiban sewa pembiayaan Hutang usaha Kewajiban lain-lain Jumlah Aktiva bersih yang diakuisisi Goodwill pada saat akuisisi Biaya perolehan akuisisi

3.057.894.578.937 479.577.804 51.097.924.296 72.484.310.098 19.978.857.537 275.034.800.000 197.509.921.471 3.674.479.970.143

2.006.524.408.388

1.355.708.223.650 93.794.854.112 155.682.188.184

1.355.708.223.650 93.794.854.112 155.682.214.651

1.605.185.265.946

1.605.185.292.413

2.069.294.704.197

401.339.115.975

681.499.228.939 2.750.793.933.136

- 35 -

Total Liabilities Obligations under finance lease Trade payables Other current liabilities Total Net assets acquired Goodwill on acquisition Acquisition cost




Harga perolehan akuisisi di atas termasuk biayabiaya yang timbul dalam rangka perjanjian akuisisi. Harga perolehan dibayar secara tunai, arus kas keluar bersih pada saat akuisisi sebesar Rp 2.553.284.011.665 (harga perolehan Rp 2.750.793.933.136 dikurangi kas yang diperoleh sebesar Rp 197.509.921.471).

The acquisition cost above includes directly attributable acquisition costs incurred in developing the acquisition contracts. The acquisition cost was paid in cash, and the net cash outflow on acquisition expressed in Rupiah amounted to Rp 2,553,284,011,665 (acquisition cost of Rp 2,750,793,933,136 less cash acquired of Rp 197,509,921,471).

Perusahaan mempertimbangkan untuk menyajikan informasi laporan laba rugi konsolidasi proforma untuk tahun yang berakhir 31 Desember 2007, seolah-olah Chembulk Tankers LLC telah diakuisisi sejak awal tahun 2007. Dalam penyusunan informasi laporan laba rugi konsolidasi proforma, manajemen telah menghitung penyusutan aktiva tetap yang diakuisisi tidak menggunakan nilai tercatat aktiva berdasarkan laporan keuangan sebelum akuisisi terjadi melainkan menggunakan nilai wajar yang timbul saat penggabungan usaha pertama kali dilakukan, dan tidak memperhitungkan keuntungan atas distribusi kepada pemegang saham lama yang dianggap sebagai suatu transaksi sebelum akuisisi serta tidak memperhitungkan penghasilan (beban) yang bukan berasal dari operasi normal. Informasi laporan laba rugi konsolidasi proforma tersebut adalah sebagai berikut:

The Company has considered to present proforma consolidated statement of income for the year ended December 31, 2007 as if Chembulk Tankers LLC had been acquired at the beginning of 2007. In determining the information on the proforma consolidated statement of income, the management had calculated depreciation of property, vessels and equipment acquired to the basis of the fair values arising in the initial accounting for the business combination rather than the carrying amounts recognised in the pre-acquisition financial statements and deducted the gain on distribution to former stockholders as a one-off pre-acquisition transaction and not calculated revenues and expenses not derived from normal operations. The proforma consolidated statements of income information is as follows:

2007 (Tidak diaudit)/ (Unaudited) Rp Pendapatan usaha Beban langsung Laba kotor Beban usaha

5.263.290.792.407 (3.430.561.871.442) 1.832.728.920.965 (333.958.177.810)

Laba usaha Beban lain-lain - bersih

Operating revenue Direct cost Gross profit Operating expenses

1.498.770.743.155 (657.506.071.694)

Income from operations Other charges - net

Laba sebelum pajak Beban pajak

841.264.671.461 (9.099.928.173)

Income before tax Tax expense

Laba bersih

832.164.743.288

Net income

12. HUTANG BANK

DnB NOR Bank, ASA, Singapura USD 250.000.000 Bank Sumitomo Mitsui Indonesia, Jakarta USD 17.000.000 Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta Bank Central Asia, Jakarta Bank Negara Indonesia, Jakarta USD 3.110.000 Bank China Trust Indonesia, Jakarta Jumlah Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Rupiah

12. SHORT-TERM BANK LOANS 2007 Rp

2006 Rp

2.354.750.000.000

-

160.123.000.000 150.000.000.000 130.000.000.000 20.000.000.000

130.000.000.000 20.000.000.000

-

28.052.200.000 15.000.000.000

2.814.873.000.000

193.052.200.000

1% - 3,25% diatas/ 3,25% diatas/ above LIBOR/SIBOR above LIBOR/SIBOR 6,2% - 13,5% 7,5% - 16,25%

- 36 -

DnB NOR Bank, ASA, Singapore USD 250,000,000 Bank Sumitomo Mitsui Indonesia, Jakarta USD 17,000,000 Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta Bank Central Asia, Jakarta Bank Negara Indonesia, Jakarta USD 3,110,000 Bank China Trust Indonesia, Jakarta Total Interest rate per annum during the year U.S. Dollar Rupiah




A.

Pada bulan Desember 2007, anak perusahaan memperoleh pinjaman “secured revolving credit facilities” dari DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank ASA bertindak sebagai agen dan wali bagi para kreditur. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk perolehan kapal dan untuk tujuan modal kerja. Pinjaman ini jatuh tempo pada tanggal 19 Desember 2008 dan dijamin dengan kapal anak perusahaan (MT Bauhinia, MT Cendanawati, MT Dewayani, MT Dewi Sri, MT Fatmawati, MT Gagarmayang, MT Gandini, MT Gas Bali, MT Gerbera, MT Indradi, MT Jembawati, MT Tirtasari, MT Tromso Trust dan MT Trirasa). Tingkat bunga sebesar 1,5% diatas LIBOR, dimana pembayarannya 1-3 bulan.

A.

On December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. The loan is due on December 19, 2008 and collateralized by subsidiaries’ vessels (MT Bauhinia, MT Cendanawati, MT Dewayani, MT Dewi Sri, MT Fatmawati, MT Gagarmayang, MT Gandini, MT Gas Bali, MT Gerbera, MT Indradi, MT Jembawati, MT Tirtasari, MT Tromso Trust and MT Trirasa). Interest rate is 1.5% above LIBOR, which is paid between 1-3 months

B.

Pada bulan Juni 2007, Perusahaan memperoleh fasilitas kredit revolving dari Bank Sumitomo Mitsui Indonesia dengan jumlah maksimum Rp 150.000.000.000 atau ekuivalen dalam USD 17.000.000 dan akan jatuh tempo pada bulan Juni 2008. Tingkat bunga sebesar 1% diatas LIBOR, dimana pembayarannya setiap bulan.

B.

In June 2007, the Company obtained a revolving credit facility from Bank Sumitomo Mitsui Indonesia with maximum credit of Rp 150,000,000,000 or equivalent to USD 17,000,000 and due on June 2008. Interest rate is at 1% above LIBOR, which is paid on monthly basis.

C. Pinjaman dari Bank UOB Indonesia merupakan fasilitas kredit modal kerja dengan maksimum berjumlah Rp 150.000.000.000 jatuh tempo pada tanggal 12 Desember 2008. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha atas pendapatan charter ke Pertamina dari kapal M.T. Anjani. Tingkat bunga sebesar SBI ditambah 1,2% per tahun, dimana pembayarannya setiap bulan

C. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150,000,000,000 due in December 12, 2008. This loan is secured by subsidiaries vessel (M.T. Anjani), Company’s trade accounts receivable from Pertamina in respect of M.T. Anjani. Interest rate per annum is the SBI plus 1.2% , which is paid monthly.

D. Pinjaman dari Bank Mizuho Indonesia merupakan fasilitas kredit time loan revolving dengan jumlah maksimum Rp 50.000.000.000 dan akan jatuh tempo pada tanggal 18 April 2008. Tingkat bunga sebesar cost of fund bank ditambah 1,2%, dimana pembayarannya antara 7 - 30 hari. Pada tahun 2006, pinjaman ini dijamin dengan kapal milik Perusahaan M.T. Gas Jawa.

D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with maximum credit of Rp 50,000,000,000 due on April 18, 2008. Interest rate is at the bank’s cost of funds plus 1.2%, which is paid between 7 - 30 days. In 2006, the loan was collateralized by the Company’s vessel, M.T. Gas Jawa.

Pada bulan April 2005, Perusahaan mendapatkan tambahan pinjaman dari Bank Mizuho Indonesia dengan maksimum kredit sebesar Rp 35.000.000.000 jatuh tempo April 2008. Tingkat bunga sebesar cost of fund bank ditambah 1,2%, dimana pembayarannya antara 7 - 30 hari.

In April 2005, the Company obtained additional loan from Bank Mizuho Indonesia with maximum credit of Rp 35,000,000,000 due in April 2008. Interest rate is at the bank’s cost of funds plus 1.2%, which is paid between 7 - 30 days.

Pada bulan Juli 2006, Bank Mizuho Indonesia sepakat untuk menambah pinjaman baru senilai Rp 45.000.000.000 jatuh tempo April 2008. Tingkat bunga sebesar cost of fund bank ditambah 1,2%, dimana pembayarannya antara 7 - 30 hari.

In July 2006, the Company obtained additional loan from Bank Mizuho Indonesia with a maximum credit of Rp 45,000,000,000 due in April 2008. Interest rate is at the bank’s cost of funds plus 1.2% which is paid between 7 - 30 days.

- 37 -




E.

Pinjaman dari Bank Central Asia merupakan kredit modal kerja dengan jumlah maksimum Rp 20.000.000.000 (Catatan 16b). Tingkat bunga per tahun 10,25% - 13,5% pada tahun 2007, dimana pembayarannya setiap bulan.

E.

Loan obtained from Bank Central Asia is a working capital credit facility with maximum credit of Rp 20,000,000,000 (Note 16b). Interest rate per annum is at 10.25% - 13.5% in 2007, which is paid on a monthly basis.

F.

Pinjaman dari Bank Negara Indonesia merupakan kredit modal kerja dengan jumlah maksimum USD 3.110.000 jatuh tempo 2007. Tingkat bunga per tahun 3,25% diatas SIBOR, dimana pembayarannya setiap bulan. Pinjaman in telah dilunasi seluruhnya pada bulan Mei 2007.

F.

Loan obtained from Bank Negara Indonesia is a working capital credit facility with maximum credit of USD 3,110,000 due in 2007. Interest rate per annum is at 3.25% above SIBOR, which is paid on a monthly basis. This loan has been fully paid in May 2007.

G. Pinjaman dari Bank Chinatrust Indonesia merupakan kredit modal kerja dengan jumlah maksimum Rp 15.000.000.000 dan akan jatuh tempo pada tanggal 23 Agustus 2007. Tingkat bunga per tahun berdasarkan tingkat suku bunga SBI ditambah 2%, dimana pembayarannya setiap bulan. Pinjaman ini dijamin dengan aktiva Perusahaan sebesar nilai yang terhutang kepada Bank Chinatrust Indonesia. Pinjaman ini telah dilunasi seluruhnya pada bulan Mei 2007. 13.

HUTANG USAHA

13. TRADE ACCOUNTS PAYABLE

2007 Rp a. Berdasarkan pemasok: Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama Thai Petra Transport Co. Ltd. Lain-lain

G. Loan obtained from Bank Chinatrust Indonesia is a working capital credit facility with maximum credit of Rp 15,000,000,000 due on August 23, 2007. Interest rate is SBI interest rate plus 2% which is paid monthly. This loan is secured by the Company’s asset equivalent to the outstanding balance of the liability to Bank Chinatrust Indonesia. This loan was fully paid in May 2007.

2006 Rp a. By creditor

24.044.843.734 2.194.458.023 46.027.262 -

1.249.893.056 4.661.618.324 372.408.165 679.927

Related parties Pan Union Agencies Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama Thai Petra Transport Co. Ltd. Others

Jumlah

26.285.329.019

6.284.599.472

Total

Pihak ketiga Pemasok Jasa perantara perkapalan

74.003.235.590 42.325.951.279

73.154.779.993 9.344.776.761

Third parties Suppliers Agents

Jumlah

116.329.186.869

82.499.556.754

Total

Jumlah Hutang Usaha

142.614.515.888

88.784.156.226

Total Trade Accounts Payable

b. Berdasarkan mata uang: Rupiah Dollar Amerika Serikat Mata uang lainnya

15.000.696.951 75.810.676.195 51.803.142.742

918.551.700 87.635.496.740 230.107.786

142.614.515.888

88.784.156.226

Jumlah

Hutang jasa perantara perkapalan pihak ketiga merupakan kewajiban kepada perusahaan yang ditunjuk sebagai perantara dan sub perantara. Hutang pemasok pihak ketiga merupakan kewajiban atas pembelian bahan bakar, suku cadang, peralatan kapal dan pengeluaran lainnya (disbursements).

- 38 -

b. By currency Rupiah U.S. Dollars Other currencies Total

The accounts payable to third parties represent liabilities to other shipping companies as agents and to sub-agents, and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements.


14.



PAJAK PENGHASILAN

14.

Hutang pajak terdiri dari:

Details of taxes payable are as follows:

2007 Rp Hutang pajak penghasilan badan Perusahaan Tahun 2007 Tahun 2006 Pajak penghasilan Pasal 21 Pasal 23 Pasal 25 Pasal 26 Pajak Pertambahan Nilai - Bersih Hutang pajak final Pasal 4(2) Pasal 15 Jumlah

INCOME TAXES

2006 Rp

8.638.921 -

9.405.889

8.783.556.955 169.929.294 29.155.067 21.048.664 13.996.528.671

3.204.829.379 184.887.171 22.832.992 51.359.109 13.886.033.354

349.009 442.682.686

643.447 184.634.986

23.451.889.267

17.544.626.327

Beban pajak terdiri dari:

Corporate income tax The Company 2007 2006 Income taxes Article 21 Article 23 Article 25 Article 26 Value Added Tax - Net Final tax payable Article 4(2) Article 15 Total

Details of tax expense are as follows: 2007 Rp

2006 Rp

Kapal dan operasional Jasa penyimpanan Jasa perantara perkapalan

8.464.774.406 252.620.267 382.533.500

8.171.785.102 233.980.345 349.860.800

Vessel and charter operation Storage services Agency services

Jumlah

9.099.928.173

8.755.626.247

Total

<

Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan untuk tahun-tahun yang berakhir 31 Desember 2007 dan 2006 adalah sebagai berikut:

2007 Rp Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian kapal (Perusahaan) Pajak atas pendapatan sewa kapal 1,2% x Rp 106.615.348.231 tahun 2007 dan Rp 111.563.726.605 tahun 2006 Pajak penghasilan anak perusahaan Jumlah beban Pembayaran selama tahun berjalan Hutang Pajak Penghasilan Final

The computation of final tax on revenues related to charter and operation of vessels of the Company for the years ended December 31, 2007 and 2006, was as follows:

2006 Rp

106.615.348.231

111.563.726.605

Revenue from charter and operation of vessels (the Company)

1.279.384.179

1.338.764.719

Tax on vessel revenues 1.2% x Rp 106,615,348,231 in 2007 and Rp 111,563,726,605 in 2006

7.185.390.227

6.833.020.383

Income tax of subsidiaries

8.464.774.406

8.171.785.102

Tax expense

8.022.091.720

7.987.150.116

Payments during the year

442.682.686

184.634.986

- 39 -

Final tax payable


Perhitungan pendapatan yang pajaknya bersifat final adalah sebagai berikut:

Pajak penghasilan anak perusahaan yang berhubungan dengan jasa penyimpanan dan perantara perkapalan Pendapatan dari jasa perantara perkapalan Beban yang berhubungan dengan jasa perantara perkapalan Pendapatan lain-lain Penghasilan bunga Pendapatan yang pajaknya tidak bersifat final sebelum pajak penghasilan



tidak

The computation of tax on revenues not subject to final tax is as follows:

2007 Rp

2006 Rp

252.620.267

233.980.345

5.900.938.169

5.525.896.118

(4.309.686.672) 1.265.895.757 (1.523.702.254)

15.

Revenue from agency

(4.568.561.030) Agency expenses 3.093.949.957 Other income (2.826.749.045) Interest income

1.333.445.000

1.224.536.000

Perhitungan pajak penghasilan dengan hutang pajak penghasilan:

Income not subject to final tax

Tax expense and income tax payable are computed as follows:

2007 Rp

2006 Rp

10% x Rp 50.000.000 15% x Rp 50.000.000 30% x Rp 1.233.445.000 tahun 2007 dan Rp 1.124.536.000 tahun 2006

5.000.000 7.500.000 370.033.500 -

5.000.000 7.500.000 337.360.800

Pajak Penghasilan Perusahaan Dikurangi pembayaran pajak dimuka Pajak penghasilan pasal 25

382.533.500

349.860.800

Hutang Pajak Penghasilan

Income tax of the subsidiary on storage and agency services

10% x Rp 50,000,000 15% x Rp 50,000,000 30% x Rp 1,233,445,000 in 2007 and Rp 1,124,536,000 in 2006

Tax expense of the Company Prepayment of tax (340.454.911) Income tax - Article 25

(373.894.579) 8.638.921

9.405.889

Income tax payable

Tidak terdapat perbedaan temporer yang berhubungan dengan pendapatan tidak bersifat final sehingga tidak terdapat pengakuan aktiva dan kewajiban pajak tangguhan.

There were no temporary differences requiring recognition of deferred tax assets or liabilities.

Laba kena pajak dan hutang pajak penghasilan Perusahaan tahun 2006 sudah sesuai dengan Surat Pemberitahuan Pajak (SPT) yang disampaikan ke Kantor Pelayanan Pajak.

Income after tax and Income Tax Payable of the Company for 2006 are in accordance with the annual tax return (SPT) submitted to the Tax Service Office.

BIAYA MASIH HARUS DIBAYAR

15.

2007 Rp

ACCRUED EXPENSES

2006 Rp

Operasi kapal dan docking Bunga Lain-lain

180.629.478.497 78.544.575.491 40.038.546.960

128.591.451.718 27.781.045.224 16.038.962.229

Operation and docking Interest Others

Jumlah

299.212.600.948

172.411.459.171

Total

- 40 -


16.



HUTANG BANK JANGKA PANJANG

16. LONG-TERM BANK LOANS

2007 Rp DnB NOR Bank, ASA, Singapura USD 561.744.999,97 USD 114.137.500 Bank Central Asia, Jakarta USD 29,142,857,14 USD 34.000.000 Rupiah Fortis Bank S.A./N.V., Singapura USD 30.250.000 USD 125.000.000 DVB Group Merchant Bank (Asia) Ltd., Singapura USD 28.375.000 USD 34.875.000 ING Bank N. V., Singapura USD 15.920.000 USD 17.910.000 Bank UOB Indonesia, Jakarta USD 10.560.000 USD 12.000.000 Dialease Maritime S.A., Jepang USD 9.001.384 USD 30.660.529 The Royal Bank of Scotland PLC, Skotlandia USD 1.110.000 HSH Nordbank, Singapura USD 49.864.783 Bank Negara Indonesia, Jakarta USD 8.461.600 Jumlah Bagian yang jatuh tempo dalam waktu satu tahun Hutang Bank Jangka Panjang Bersih Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Rupiah

2006 Rp

5.291.076.154.717 -

1.029.520.250.000

274.496.571.429 52.083.333.333

306.680.000.000 77.083.333.334

284.924.750.000 -

1.127.499.998.737

267.264.125.094 -

314.572.500.090

149.950.480.000 -

161.548.200.000

99.464.640.000 -

108.240.000.000

84.784.035.708 -

276.557.968.243

10.455.090.000

-

-

449.780.342.660

-

76.323.632.000

6.514.499.180.281

3.927.806.225.064

807.474.522.140

733.080.342.009

5.707.024.658.141

3.194.725.883.055

DnB NOR Bank, ASA, Singapore USD 561,744,999.97 USD 114,137,500 Bank Central Asia, Jakarta USD 29,142,857.14 USD 34,000,000 Rupiah Fortis Bank S.A./N.V., Singapore USD 30,250,000 USD 125,000,000 DVB Group Merchant Bank (Asia) Ltd., Singapore USD 28,375,000 USD 34,875,000 ING Bank N. V., Singapore USD 15,920,000 USD 17,910,000 Bank UOB Indonesia, Jakarta USD 10,560,000 USD 12,000,000 Dialease Maritime S.A., Japan USD 9,001,384 USD 30,660,529 The Royal Bank of Scotland PLC, Scotland USD 1,110,000 HSH Nordbank, Singapore USD 49,864,783 Bank Negara Indonesia, Jakarta USD 8,461,600 Total Current maturities

Long-Term Portion - Net Interest rates per annum

0,8% - 3,75% diatas/ above LIBOR/SIBOR 10,25% - 13%

- 41 -

0,85% - 3,75% diatas/ above LIBOR/SIBOR 13% - 15%

U.S. Dollar Rupiah




Jadwal pembayaran kembali hutang bank jangka panjang adalah sebagai berikut:

The long-term bank loans are repayable as follows:

2007 Rp

2006 Rp

Dalam satu tahun Dalam tahun kedua Dalam tahun ketiga Dalam tahun keempat Dalam tahun kelima Setelah lima tahun

807.474.522.140 794.758.872.138 745.939.955.473 747.697.087.529 640.474.507.033 2.778.154.235.968

733.080.342.009 643.603.132.761 572.554.920.526 546.577.261.960 432.690.674.050 999.299.893.758

Jumlah

6.514.499.180.281

3.927.806.225.064

Within one year In the second year In the third year In the fourth year In the fifth year After five years Total

Rincian hutang bank jangka panjang adalah sebagai berikut:

Details of the loans are as follows:

A.

A.

DnB NOR Bank, ASA, Singapura:

Pada bulan Desember 2007, anak perusahaan memperoleh pinjaman “secured term-loan and reducing revolving credit facilities” dari DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank ASA bertindak sebagai agen dan penjamin. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk perolehan kapal dan untuk tujuan modal kerja.

DnB NOR Bank, ASA, Singapore:

In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA. acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes.

Pinjaman ini terdiri dari:

The facilities consist of:

x Fasilitas A adalah “term loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 400.000.000. Pinjaman ini dibayar dalam 40 kali cicilan setiap 3 bulan sebesar USD 8.000.000 untuk cicilan ke 1 sampai ke - 39 dan USD 88.000.000 untuk cicilan ke - 40. Tingkat bunga sebesar 1,75% di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayaranya antara 1 - 3 bulan.

x Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 400,000,000. This facility shall be repaid in 40 consecutive quarterly installments of USD 8,000,000 for the 1st to 39th installments and USD 88,000,000 for the 40th installment. Interest rate is at 1.75% above LIBOR depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

x Fasilitas B adalah “reducing revolving loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 100.000.000. Pinjaman ini dibayar secara triwulan dalam 20 kali cicilan sebesar USD 5.000.000 sampai dengan tahun 2012. Tingkat bunga sebesar 1,5% di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapalkapal yang dijaminkan dimana pembayaranya antara 1 - 3 bulan.

x Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 100,000,000. This facility is payable in 20 quarterly installments of USD 5,000,000 until 2012. Interest rate is at 1.5% above LIBOR depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Bercelona, M.T. Chembulk Houston dan M.T. Chembulk Ulsan). Pada kondisi tertentu, pinjaman ini juga dapat dijamin dengan jaminan dari Perusahaan dan Goldbridge Corporation (corporate guarantee).

The loans are collateralized by the subsidiary’s vessels (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Bercelona, M.T. Chembulk Houston and M.T. Chembulk Ulsan). In certain conditions, the loans are also secured by corporate guarantee from the Company and Goldbridge Corporation.

- 42 -




Pada bulan Maret 2007, anak perusahaan tertentu memperoleh pinjaman dengan kredit maksimum berjumlah USD 65.000.000. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2015 dan dijamin oleh Perusahaan, Gold Bridge Shipping Corporation, dan kapal anak perusahaan M.T. Gas Sulawesi, M.T Gas Papua dan M.T Purwati. Tingkat bunga sebesar 0,7-0,8% diatas LIBOR, dimana pembayarannya antara 1 - 3 bulan.

In March 2007 certain subsidiaries obtained loan with maximum credit of USD 65,000,000. This loan is payable in 32 quarterly installments until 2015 and collateralized by corporate guarantee from the Company, Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessel, M.T Gas Sulawesi, M.T Gas Papua and M.T Purwati. Interest rate is at 0.7-0.8 % above LIBOR, which is paid between 1 - 3 months.

Pada bulan Juni 2006, anak perusahaan memperoleh pinjaman dengan kredit maksimum berjumlah USD 19.500.000. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2014 dan dijamin oleh Perusahaan, Gold Bridge Shipping Corporation, anak perusahaan dan kapal anak perusahaan M.T. Anggraini. Tingkat bunga sebesar 0,9% diatas LIBOR, dimana pembayarannya antara 1 - 3 bulan.

In June 2006, a subsidiary obtained loan with maximum credit of USD 19,500,000. This loan is payable in 32 quarterly installments until 2014 and collateralized by corporate guarantee from the Company, Gold Bridge Shipping Corporation, a subsidiary, and the subsidiary’s vessel, M.T. Anggraini. Interest rate is at 0.9% above LIBOR, which is paid between 1 - 3 months.

Pinjaman ini telah dilunasi seluruhnya pada bulan Mei 2007

Pada bulan April 2006, anak perusahaan memperoleh pinjaman dengan kredit maksimum berjumlah USD 18.500.000. Pinjaman ini dibayar secara angsuran dalam 24 kali cicilan setiap 3 bulan sampai tahun 2012 dan dijamin dengan kapal anak perusahaan M.T. Bramani. Tingkat bunga sebesar 1,1% atau 1% diatas LIBOR, tergantung rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan (LTV), dimana pembayarannya antara 1 - 3 bulan.

This loan was fully paid in May 2007.



Pada bulan Juni 2005, anak perusahaan memperoleh tambahan pinjaman dengan kredit maksimum berjumlah USD 70.000.000. Pinjaman ini dibayar secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai tahun 2012 dan dijamin dengan kapal anak perusahaan, M.T. Triwati, M.T. Tribuana dan M.T. Barawati. Tingkat bunga sebesar 1,25% diatas LIBOR, dimana pembayarannya setiap bulan.


Pada bulan Pebruari 2005, anak perusahaan memperoleh pinjaman dengan kredit maksimum berjumlah USD 51.200.000. Pinjaman ini dibayar secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai tahun 2012 dan dijamin oleh Perusahaan (corporate guarantee), Gold Bridge Shipping Corporation, anak perusahaan dan kapal anak perusahaan M.T. Badraini dan M.T. Barunawati. Tingkat bunga sebesar 1,25% diatas LIBOR, dimana pembayarannya antara 1 - 3 bulan. - 43 -

In April 2006, a subsidiary obtained loan with maximum credit of USD 18,500,000. This loan is payable in 24 quarterly installments until 2012 and collateralized by the subsidiary’s vessel, M.T. Bramani. Interest rate is at 1.1% or 1% above LIBOR, depending on the Loan to Vessels Value (LTV) percentage of the Company, which is paid between 1 - 3 months.

In June 2005, subsidiaries obtained loan with maximum credit of USD 70,000,000. This loan is payable in 28 quarterly installments until 2012 and collateralized by the subsidiaries’ vessels, M.T. Triwati, M.T. Tribuana and M.T. Barawati. Interest rate is at 1.25% above LIBOR, which is paid monthly.


In February 2005, subsidiaries obtained loan with maximum credit of USD 51,200,000. This loan is payable in 28 quarterly installments until 2012 and collateralized by corporate guarantee from the Company, Gold Bridge Shipping Corporation, a subsidiary and the subsidiaries’ vessels, M.T. Badraini and M.T. Barunawati. Interest rate is at 1.25% above LIBOR, which is paid between 1 - 3 months.




Pinjaman ini telah dilunasi seluruhnya pada bulan Mei 2007 B.

Bank Central Asia, Jakarta:

This loan was fully paid in May 2007. B.

Bank Central Asia, Jakarta:

Jenis pinjaman yang diperoleh antara lain:

The loans obtained were as follows:

Pada bulan Nopember 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 34.000.000. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai tahun 2013 dan dijamin dengan kapal anak perusahaan (FPSO Brotojoyo). Tingkat bunga sebesar 1,5% diatas SIBOR, dimana pembayarannya setiap bulan.

In November 2006, the Company obtained investment credit facility with maximum credit of USD 34,000,000. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s’ vessel, FPSO Brotojoyo. Interest rate is at 1.5% above SIBOR, which is paid monthly.

Pada bulan Januari 2005, Perusahaan memperoleh kredit investasi dengan jumlah maksimum sebesar Rp 125.000.000.000 berlaku selama 5 tahun. Tingkat bunga per tahun 10,25% 13%, dimana pembayarannya setiap bulan. Perusahaan juga memperoleh fasilitas kredit Time Revolving Loan dengan jumlah kredit maksimum sebesar Rp 20.000.000.000, yang jatuh tempo pada April 2008 (Catatan 12e). Pinjaman ini dijamin dengan kapal M.T. Gas Indonesia dan M.T. Gas Kalimantan dan jaminan saham Perusahaan milik PT Tunggaladhi Baskara masingmasing 66.188.311 saham dan 167.142.857 saham pada 31 Desember 2007 dan 2006 (Catatan 34).

In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125,000,000,000, due in 5 years. Interest rates per annum are set at 10.25% - 13%, which is paid monthly. The Company also has a time loan revolving credit facility with maximum credit of Rp 20,000,000,000, due in April 2008 (Note 12e). The loans are collateralized by the vessels M.T. Gas Indonesia and M.T. Gas Kalimantan and pledge of the Company’s 66,188,311 shares and 167,142,857 shares owned by PT Tunggaladhi Baskara as of December 31, 2007 and 2006, respectively (Note 34).

C. Fortis Bank S.A/N.V.

C. Fortis Bank S.A/ N.V.:

Pada bulan September 2005, anak perusahaan memperoleh pinjaman “secured term-loan and reducing revolving credit facilities” dari Fortis Bank S.A/N.V., Calyon dan NIB Capital Bank Ltd. sebagai pihak pemberi pinjaman utama. Fortis Bank S.A/N.V. bertindak sebagai agen dan wali bagi para kreditur. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk membayar semua sisa hutang yang berhubungan dengan kapal dan untuk tujuan modal kerja.

In September 2005, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from Fortis Bank S.A./N.V., Calyon, and NIB Capital Bank Ltd. as original lenders. Fortis Bank S.A./N.V. acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing any existing financial indebtedness in relation to the vessels and for general working capital purposes.

Pinjaman ini terdiri dari: x Fasilitas A adalah “term loan facility” dalam Dollar Amerika Serikat dengan jumlah maksimum USD 100.000.000. Pinjaman ini dibayar secara angsuran dalam 40 kali cicilan setiap 3 bulan sebesar USD 3.250.000 untuk cicilan ke-1 sampai ke-8, USD 2.500.000 untuk cicilan ke-9 sampai ke-12, USD 1.875.000 untuk cicilan ke-13 sampai ke-39 dan USD 13.375.000 untuk cicilan ke40. Tingkat bunga sebesar 1% atau 0,85% diatas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 - 3 bulan.

The facilities consist of: x Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 100,000,000. This facility shall be repaid in 40 consecutive quarterly installments of USD 3,250,000 for the 1st to 8th installments, USD 2,500,000 for the 9th to 12th installment, USD 1,875,000 for the 13th to 39th installment and USD 13,375,000 for the 40th installment. Interest rate is at 1% or 0.85% above LIBOR depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

- 44 -


x



Fasilitas B adalah “reducing revolving loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah agregat USD 55.000.000. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan sebesar USD 2.750.000 sampai dengan tahun 2010. Tingkat bunga sebesar 1% atau 0,85% diatas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 3 bulan.

x

Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 55,000,000. This facility is payable in 20 quarterly installments of USD 2,750,000 until 2010. Interest rate is at 1% or 0.85% above LIBOR depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Celosia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Dragonaria, M.T. Erowati, M.T. Freesia, M.T. Gandini, M.T. Indradi, M.T. Jembawati, M.T. Kunti, M.T. Larasati, M.T. Mustokoweni, M.T. Ontari, M.T. Pergiwo, M.T. Setyawati dan M.T. Ulupi) termasuk pendapatan dan asuransi dari kapalkapal tersebut.

The loans are collateralized by the subsidiary’s vessels (M.T. Celosia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Dragonaria, M.T. Erowati, M.T. Freesia, M.T. Gandini, M.T. Indradi, M.T. Jembawati, M.T. Kunti, M.T. Larasati, M.T. Mustokoweni, M.T. Ontari, M.T. Pergiwo, M.T. Setyawati and M.T. Ulupi) and assignment of earnings and insurance in respect of the vessels.

Pada kondisi tertentu, pinjaman ini juga dapat dijamin dengan deposito berjangka milik anak perusahaan pada Fortis Bank S.A./N.V., Singapura serta jaminan Perusahaan (corporate guarantee).

In certain conditions, the loans are also secured by the subsidiaries time deposit with Fortis Bank S.A./N.V., Singapore, and corporate guarantee from the Company.

Pinjaman ini telah dilunasi seluruhnya pada bulan Juni 2007.

This loan was fully paid in June 2007.

Pada bulan Desember 2007, anak perusahaan menggunakan kembali fasilitas B yang tersedia sebesar USD 30.250.000. Pinjaman ini dibayar secara angsuran dalam 11 kali cicilan sebesar USD 2.750.000 sampai dengan tahun 2010. Tingkat bunga sebesar 1% atau 0,85% diatas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 – 3 bulan.

In December 2007, subsidiary reused available facility B amounting to USD 30,250,000. This facility is payable in 11 quarterly installment of USD 2,750,000 until 2010. Interest rate is at 1% or 0.85% above LIBOR depending on the value maintenance ratio of the secured vessel, which is paid between 1 – 3 months.

Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Ulupi, M.T. Erowati. M.T. Dragonaria, M.T. Larasati dan M.T. Setyawati) termasuk pendapatan dan asuransi dari kapalkapal tersebut.

The loan is collateralized by the subsidiaries’ vessels (M.T. Ulupi, M.T. Erowati. M.T. Dragonaria, M.T. Larasati and M.T. Setyawati) and assignment of earnings and insurance in respect of the vessels.

D. DVB Group Singapura:

Merchant

Bank

(Asia)

Ltd.,

Pada bulan September 2005, anak perusahaan memperoleh pinjaman dengan jumlah maksimum sebesar USD 43.000.000. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Tingkat bunga sebesar 1% atau 0,85% diatas LIBOR berdasarkan pada persentase LTV dari Perusahaan, dimana pembayarannya antara 1 - 3 bulan.

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D. DVB Group Singapore:

Merchant

Bank

(Asia)

Ltd.,

In September 2005, subsidiaries obtained loan with maximum credit of USD 43,000,000. This loan is payable in 32 quarterly installments until 2013 and collateralized by the corporate guarantee from the Company and the subsidiaries’ vessels (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Interest rate is at 1% or 0.85% above LIBOR depending on the LTV percentage of the Company, which is paid between 1 - 3 months.




E.

Pada bulan Nopember 2005, anak perusahaan memperoleh pinjaman dari ING Bank N.V., Singapura dengan jumlah maksimum USD 19.900.000. Pinjaman ini dibayar secara angsuran setiap enam bulan sampai bulan Nopember 2015 dan dijamin dengan kapal anak perusahaan M.T. Eustoma dan M.T. Gas Maluku. Tingkat bunga sebesar 1% atau 0,8% diatas LIBOR, dimana pembayarannya setiap 6 bulan.

E.

In November 2005, subsidiaries obtained loan from ING Bank N.V., Singapore with maximum credit of USD 19,900,000. This loan is payable in semi-annual installments until November 2015 and collateralized by subsidiaries vessels, M.T. Eustoma and M.T. Gas Maluku. Interest rate is at 1% or 0.8% above LIBOR, which is paid every 6 months.

F.

Pada bulan Oktober 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 12.000.000 dari Bank UOB Indonesia. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap bulan sampai dengan tahun 2011 dan dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha atas pendapatan charter ke Pertamina dari kapal M.T. Anjani. Tingkat bunga sebesar 1,375% diatas SIBOR, dimana pembayarannya setiap 3 bulan.

F.

In October 2006, the Company obtained investment credit facility with maximum credit of USD 12,000,000 from Bank UOB Indonesia. This loan is payable in 20 quarterly installments until 2011 and collateralized by the subsidiary’s’ vessel, M.T. Anjani, and trade accounts receivable from Pertamina in respect of M.T. Anjani. Interest rate is at 1.375% above SIBOR, which is paid every 3 months.

G. Dialease Maritime S.A., Jepang:

G. Dialease Maritime S.A., Japan:

Pada bulan Desember 2004 anak perusahaan memperoleh pinjaman dengan kredit maksimum sebesar JPY 1.347.250.000 (ekuivalen USD 12.859.120). Pinjaman ini dibayarkan secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai dengan tahun 2011 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan M.T. Rasawulan. Tingkat bunga sebesar 1,35% diatas LIBOR, dimana pembayarannya setiap 3 bulan.

In December 2004, a subsidiary obtained loan with maximum credit of JPY 1,347,250,000 (equivalent to USD 12,859,120). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel, M.T. Rasawulan. Interest rate is at 1.35% above LIBOR, which is paid quarterly.

Pada bulan April 2004 anak perusahaan memperoleh pinjaman dengan kredit maksimum sebesar USD 15.600.000. Pinjaman ini dibayarkan secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai dengan tahun 2011 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan M.T. Tirtasari dan M.T. Bauhinia. Tingkat bunga sebesar 1,5% diatas LIBOR, dimana pembayarannya setiap 3 bulan.

In April 2004, subsidiaries obtained loan with maximum credit of USD 15,600,000. This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiaries’ vessels, M.T. Tirtasari and M.T. Bauhinia. Interest rate is at 1.5% above LIBOR, which is paid quarterly.

This loan was fully paid in July 2007.

Pinjaman ini telah dilunasi seluruhnya pada bulan Juli 2007.

Pada tahun 2003 anak perusahaan memperoleh pinjaman dengan kredit maksimum sebesar JPY 1.287.750.000 (ekuivalen USD 11.481.687). Pinjaman harus dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai dengan tahun 2011. Pinjaman ini dijamin oleh kapal anak perusahaan (M.T. Gerbera). Tingkat bunga sebesar 1,5% diatas LIBOR, dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi seluruhnya pada bulan Juli 2007.

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In 2003, subsidiaries obtained loan with maximum credit of JPY 1,287,750,000 (equivalent to USD 11,481,687). This loan is payable in 32 quarterly installments until 2011 and collateralized by subsidiary’s vessel (M.T. Gerbera). Interest rate is at 1.5% above LIBOR, which is paid quarterly.

This loan was fully paid in July 2007.




H. The Royal Bank of Scotland PLC, Skotlandia

H. The Royal Bank of Scotland PLC, Scotland In October 2007, the subsidiary (GBLT Shipmanagement UK) obtained an investment credit facility with maximum credit of USD 1,110,000 from The Royal Bank of Scotland PLC. This loan is payable in 39 quarterly installments until 2016 and collateralized by the subsidiary’s land and building. Interest rate is at 1.25% above the bank’s currency lending rate for United State Dollars, which is paid quarterly.

Pada bulan Oktober 2007, anak perusahaan (GBLT Shipmanagement UK) memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 1.110.000 dari The Royal Bank of Scotland PLC. Pinjaman ini dibayar secara angsuran dalam 39 kali cicilan setiap 3 bulan sampai dengan tahun 2016 dan dijamin dengan bangunan dan tanah milik anak perusahaan tersebut. Tingkat bunga sebesar 1,25% diatas tingkat bunga pinjaman bank untuk mata uang Dollar Amerika Serikat, dimana pembayarannya setiap 3 bulan. I.

HSH Nordbank, Singapura:

I.

Fasilitas kredit dengan jumlah maksimum sebesar USD 30.400.000 yang diperoleh oleh anak perusahaan pada bulan Juli 2005. Pinjaman ini dibayar secara angsuran dalam 22 kali cicilan setiap 3 bulan sampai dengan tahun 2010 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Pradapa dan M.T. Pergiwati). Tingkat bunga sebesar 1,2% diatas LIBOR, dimana pembayarannya antara 1 - 3 bulan.

Credit facility with maximum of USD 30,400,000 obtained by subsidiary in July 2005. This loan is payable in 22 quarterly installments until 2010 and collateralized by corporate guarantee from the Company and the subsidiaries’ vessels (M.T. Pradapa and M.T. Pergiwati). Interest rate is at 1.2% above LIBOR, which is paid between 1 - 3 months.

Fasilitas kredit dengan jumlah maksimum sebesar USD 33.500.000 yang diperoleh oleh anak perusahaan pada bulan Desember 2004. Pinjaman ini dibayar secara angsuran dalam 40 kali cicilan setiap 3 bulan sampai dengan tahun 2014 dan dijamin oleh jaminan Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Gagarmayang). Tingkat bunga sebesar 1,4% diatas LIBOR, dimana pembayarannya antara 1 - 3 bulan.

Credit facility with maximum of USD 33,500,000 obtained by subsidiary in December 2004. This loan is payable in 40 quarterly installments until 2014 and collateralized by corporate guarantee from the Company and the subsidiary vessel (M.T. Gagarmayang). Interest rate is at 1.4% above LIBOR, which is paid between 1 - 3 months.

These loans were fully paid in May 2007.

Pinjaman ini telah dilunasi seluruhnya pada bulan Mei 2007. J.

HSH Nordbank, Singapore:

Pada bulan Juni 2005, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 10.000.000 dari Bank Negara Indonesia. Pinjaman ini dibayar secara angsuran dalam 78 kali cicilan setiap bulan sampai dengan tanggal 28 Juni 2012. Pinjaman ini dijamin dengan kapal Perusahaan, M.T. Gas Sumatera, dan kapal anak perusahaan M.T. Bandondari. Tingkat bunga sebesar 3,75% diatas SIBOR, dimana pembayarannya setiap bulan. Pinjaman ini telah dilunasi seluruhnya pada bulan Mei 2007.

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J.

In June 2005, the Company obtained investment credit facility with maximum credit of USD 10,000,000 from Bank Negara Indonesia. This loan is payable in 78 monthly installments until June 28, 2012 and collateralized by the Company’s vessel, M.T. Gas Sumatera, and subsidiary vessel M.T. Bandondari. Interest rate per annum is at 3.75% above SIBOR, which is paid monthly.



17.



Sehubungan dengan fasilitas pinjaman di atas, Perusahaan dan anak perusahaan diwajibkan memenuhi batasan-batasan tertentu yang telah disepakati bersama sesuai perjanjian termasuk mempertahankan rasio-rasio keuangan tertentu.

In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants including among others the maintainance of certain financial ratios.

Sehubungan dengan akuisisi dari Chembulk Tankers LLC dan anak perusahaan dan pembelian 11 kapal pada bulan Desember 2007 yang menimbulkan kenaikan hutang yang besar, rasio hutang terhadap ekuitas Perusahaan dan anak perusahaan pada tanggal 31 Desember 2007 menjadi sebesar 419% berdasarkan laporan keuangan yang disusun sesuai prinsip akuntansi yang berlaku umum di Indonesia (PSAK) dan sebesar 256% berdasarkan laporan keuangan yang disusun sesuai Standard Pelaporan Keuangan Internasional (IFRS) (Catatan 37). Para kreditur dari Perusahaan dan anak perusahaan mensyaratkan maksimum rasio hutang bersih terhadap ekuitas sebesar 250% (pada tanggal 31 Desember 2007) dan kreditur BLT Chembulk Corp. dan anak perusahaan mensyaratkan rasio hutang bersih terhadap ekuitas sebesar 200% (pada tanggal 30 Juni 2008). Seperti yang tercantum dalam perjanjian kredit, apabila terjadi kegagalan oleh Perusahaan dan anak perusahaan untuk memenuhi persyaratan maksimum rasio hutang bersih terhadap ekuitas, pihak bank dapat menyatakan antara lain, seluruh atau sebagian dari hutang-hutang tersebut menjadi jatuh tempo. Seperti diungkapkan pada Catatan 36, manajemen Perusahaan dan anak perusahaan merencanakan untuk menurunkan rasio hutang terhadap ekuitas menjadi 150% pada akhir tahun 2008.

Due to the significant amount of borrowings incurred in the acquisition of Chembulk Tankers LLC and subsidiaries and the related 11 vessels in December 2007, the Company and its subsidiaries’ debt to equity ratio as of December 31, 2007 amounted to 419% based on accounting principles generally accepted in Indonesia (PSAK) and 256% based on IFRS (Note 37). The lenders of the Company and its subsidiaries require a maximum net debt to equity ratio of 250% (as of December 31, 2007) and the lender of BLT Chembulk Corp. and subsidiaries (a wholly-owned subsidiary) require a net debt to equity ratio of 200% (as of June 30, 2008). As stated in the credit agreements, upon failure by the Company and its subsidiaries to meet such maximum net debt to equity ratio, the banks can declare, among others, that all or any part of the loans be payable on demand. As discussed in Note 36, the Company’s management plans to reduce its net debt to equity ratio to 150% at the end of 2008.

HUTANG OBLIGASI

17. BONDS PAYABLE

2007 Rp Nilai nominal Obligasi Berlian Laju Tanker II Obligasi Berlian Laju Tanker III Obligasi Syari'ah Mudharabah Sukuk Ijarah Diskonto yang belum diamortisasi Jumlah Bagian yang jatuh tempo dalam waktu satu tahun Hutang obligasi - bersih

2006 Rp

340.000.000.000 700.000.000.000 60.000.000.000 200.000.000.000 (9.545.099.221) 1.290.454.900.779 399.116.836.908 891.338.063.871

Jumlah amortisasi diskonto sebesar Rp 3.082.028.750 dan Rp 2.119.591.404 masing-masing untuk tahun 2007 dan 2006.

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Nominal value 340.000.000.000 Berlian Laju Tanker II Bond Berlian Laju Tanker III Bond 60.000.000.000 Syari'ah Mudharabah Bond Sukuk Ijarah (3.002.754.510) Unamortized discount 396.997.245.490 396.997.245.490

Total Current maturities Bond payable - net

Amortization of discount amounted to Rp 3,082,028,750 and Rp 2,119,591,404, in 2007 and 2006, respectively.




Obligasi Berlian Laju Tanker II

Berlian Laju Tanker II Bond

Pada tanggal 28 Mei 2003 Perusahaan menerbitkan obligasi rupiah dengan tingkat bunga tetap dan bunga mengambang yang dibayar setiap 3 bulan. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 28 Mei 2008. Hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Tingkat bunga tetap 14,75% per tahun untuk obligasi seri A dengan nilai sebesar Rp 294.800.000.000 dan untuk obligasi seri B dengan nilai sebesar Rp 45.200.000.000 dengan tingkat bunga 14,75% per tahun untuk tahun pertama dan tingkat bunga mengambang untuk tahun kedua hingga tahun ke 5 (lima) yang dihitung berdasarkan rata-rata tingkat bunga deposito berjangka 3 (tiga) bulan dalam valuta Rupiah dari PT Bank Central Asia Tbk, PT Bank Permata Tbk dan PT Bank Buana Indonesia Tbk, sebelum penentuan tingkat suku bunga mengambang ditambah marjin sebesar 2,5% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat (Catatan 43d).

On May 28, 2003, the Company issued Rupiah Bonds with fixed and floating interest rates, payable every three months. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. Bondholders’ right is pari-passu without preferential rights with other creditors of the Company. Series A Bonds with a nominal value of Rp 294,800,000,000 bear fixed interest rate at 14.75% per annum, while Series B Bonds with a nominal value of Rp 45,200,000,000 bear fixed interest rate at 14.75% per annum for the first year and floating rates for the second year until the fifth year based on the average of the 3-month time deposit rates in Rupiah currency from PT Bank Central Asia Tbk, PT Bank Permata Tbk, and PT Bank Buana Indonesia Tbk before closing of floating interest rate plus 2.5% fixed margin, which is payable on quarterly basis. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri Tbk (Persero) as trustee (Note 43d).

Berdasarkan pemeringkatan yang diterbitkan oleh PT Pefindo tanggal 7 Mei 2007 peringkat obligasi adalah IdAA.

Based on PT Pefindo’s rating dated May 7, 2007, the bonds are rated as IdAA.

Obligasi Berlian Laju Tanker III

Berlian Laju Tanker III Bond

Pada tanggal 5 Juli 2007 Perusahaan menerbitkan obligasi Rupiah sebesar Rp 700.000.000.000 dengan tingkat bunga tetap yang dibayar setiap 3 bulan. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Tingkat bunga tetap obligasi adalah 10,35% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat.

On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000,000,000 with fixed interest rate at 10.35% per annum payable every three months. The Bonds are unsecured and have a term of 5 years, due on July 5, 2012. Bondholders’ right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri Tbk (Persero) as trustee.

Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat yang baru.

On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee.

Berdasarkan pemeringkatan yang diterbitkan oleh PT Pefindo tanggal 7 Mei 2007 peringkat obligasi adalah idAA-.

Based on PT Pefindo’s rating dated May 7, 2007, the bonds are rated as idAA-.

Obligasi Syari’ah Mudharabah

Syari’ah Mudharabah Bond

Pada tanggal 28 Mei 2003 Perusahaan menerbitkan obligasi Syari’ah Mudharabah senilai Rp 60.000.000.000 dengan PT Bank Mandiri Tbk (Persero) sebagai wali amanatnya. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 28 Mei 2008. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surbaya). Obligasi ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Obligasi Syari’ah sejumlah Pendapatan Bagi Hasil setiap 3 (tiga) bulan sejak Tanggal Emisi yaitu pada setiap Tanggal Pembayaran Pendapatan Bagi Hasil. Pendapatan yang Dibagihasilkan merujuk kepada Pendapatan Usaha hasil pengoperasian kapal tanker M.T. Gandini.

On May 28, 2003, the Company issued Syari’ah Mudharabah Bonds amounting to Rp 60,000,000,000 with PT Bank Mandiri Tbk (Persero) as trustee. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange). These bonds were offered under the condition that the Company shall pay to Syariah Bondholders a sum of Profit Sharing every three months since the issuance date, i.e., every Profit Sharing Payment Date. The Profit Sharing is computed based on the revenue from M.T. Gandini vessel operations.

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Besarnya persentase Nisbah Pemegang Obligasi Syari’ah terhadap Pendapatan Yang Dibagihasilkan adalah tetap setiap tahunnya sebesar 25% dari pendapatan kapal M.T. Gandini.

The percentage of Nisbah Syari’ah bondholders to Profit Sharing is fixed at 25% from the revenue of M.T. Gandini vessel operation.

Pembayaran Pendapatan Bagi Hasil kepada masingmasing Pemegang Obligasi Syari’ah akan dilakukan secara proporsional sesuai dengan porsi kepemilikan Obligasi Syari’ah yang dimiliki dibandingkan dengan jumlah dana Obligasi Syari’ah yang belum dibayar kembali.

The payment of Profit Sharing to each Syari’ah Bondholder is in proportion with the Syari’ah Bonds held compared with the total outstanding Syari’ah bonds.

Perhitungan besarnya Bagi Hasil untuk Obligasi Syari’ah Berlian Laju Tanker Tahun 2007:

The computation of the Profit Sharing for Syari’ah bonds in 2007 is as follows:

a.

a.

b. c. d. e.

Jumlah bulan pengoperasian kapal M.T. Gandini sejak 1 Januari – 31 Desember 2007 adalah 12 bulan (A) Tarif sewa: Rp 98.100 per Dead Weight Ton (DWT) per bulan (B) Dasar DWT perhitungan sewa berdasarkan Perjanjian Sewa Pertamina: 30.000 DWT (C) Besarnya Pendapatan Yang Dibagihasilkan: A X B X C = 12 X Rp 98.100 X 30.000 DWT = Rp 35.316.000.000 (D) Besarnya Bagi Hasil: D X 25% = Rp 8.829.000.000

b. c. d. e.

Total months of M.T. Gandini vessel operations since January 1 – December 31, 2007 is 12 months (A) Charter Rate: Rp 98,100 per Dead Weight Ton (DWT) per month (B) DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C) Revenue for Profit Sharing: A x B x C = 12 x Rp 98,100 x 30,000 DWT = Rp 35,316,000,000 (D) Profit Sharing: D x 25% = Rp 8,829,000,000

Jumlah yang telah dibayar sebagai Bagi Hasil untuk Obligasi Syari’ah selama tahun 2007 adalah sebesar Rp 8.829.000.000, sisanya sebesar Rp 809.325.000 akan dibayarkan pada bulan Pebruari 2008.

Amount paid as Profit Sharing for Syari’ah Bonds in 2007 was Rp 8,829,000,000, and the remaining balance of Rp 809,325,000 will be paid in February 2008.

Perhitungan besarnya Bagi Hasil untuk Obligasi Syari’ah Berlian Laju Tanker Tahun 2006:

The computation of the Profit Sharing for Syari’ah bonds in 2006 are:

a.

a.

b. c. d. e.

Jumlah hari pengoperasian kapal M.T. Gandini sejak 1 Januari – 31 Desember 2006 adalah 12 bulan (A) Tarif sewa: Rp 98.100 per Dead Weight Ton (DWT) per bulan (B) Dasar DWT perhitungan sewa berdasarkan Perjanjian Sewa Pertamina: 30.000 DWT (C) Besarnya Pendapatan Yang Dibagihasilkan : A X B X C = 12 X Rp 98.100 X 30.000 DWT = Rp 35.316.000.000 (D) Besarnya Bagi Hasil: D X 25% = Rp 8.829.000.000

b. c. d. e.

Total days of M.T. Gandini vessel operations since January 1 – December 31, 2006 is 12 months (A) Charter Rate: Rp 98,100 per Dead Weight Ton (DWT) per month (B) DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C) Revenue for Profit Sharing: A x B x C = 12 x Rp 98,100 x 30,000 DWT = Rp 35,316,000,000 (D) Profit Sharing: D x 25% = Rp 8,829,000,000

Jumlah yang telah dibayar sebagai Bagi Hasil untuk Obligasi Syari’ah selama tahun 2006 adalah sebesar Rp 8.850.360.484, sisanya sebesar Rp 809.325.000 telah dibayarkan pada bulan Pebruari 2007.

Amount paid as Profit Sharing for Syariah Bonds in 2006 was Rp 8,850,360,484, and the remaining balance of Rp 809,325,000 was paid in February 2007.



Berdasarkan pemeringkatan yang diterbitkan oleh PT Pefindo tanggal 7 Mei 2007 peringkat obligasi adalah IdAA- (sy).

Based on PT Pefindo’s rating dated May 7, 2007, the bonds are rated as IdAA- (sy).

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18.



Sukuk Ijarah

Sukuk Ijarah

Pada tanggal 5 Juli 2007 Perusahaan menerbitkan Sukuk Ijarah senilai Rp 200.000.000.000 dengan PT Bank Mandiri Tbk (Persero) sebagai wali amanatnya. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Obligasi ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.600.000.000 per tahun. Para pemegang Sukuk Ijarah mempunyai hak pari-passu yang sama dengan kreditur lain Perusahaan. Setiap saat setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali sesuai dengan nilai pasar yang berlaku. Seluruh sukuk ijarah dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya).

On July 5, 2007 the Company issued Sukuk Ijarah amounting to Rp 200,000,000,000 with PT Bank Mandiri Tbk (Persero) as trustee. The Sukuk Ijarah Bonds are unsecured and have a term of 5 years, due on July 5, 2012. These bonds were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600,000,000 per annum. The Sukuk Ijarah bondholders’ right is paripassu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah Bonds, the Company may redeem the Bonds at prevailing market price. All sukuk ijarah were sold at nominal value and are listed on the Indonesia stock Exchange (formerly Surabaya Stock Exchange).



Berdasarkan pemeringkatan yang diterbitkan oleh PT Pefindo tanggal 7 Mei 2007 peringkat obligasi adalah idAA-(sy).

Based on PT Pefindo’s rating dated May 7, 2007, the bonds are rated as idAA-(sy).

HUTANG LAIN-LAIN JANGKA PANJANG

18. OTHER LONG-TERM PAYABLES

Akun ini merupakan pinjaman sebesar USD 13.000.000 kepada Teekay Shipping Corporation. Pinjaman ini dibayar dalam 22 kali setiap 6 bulan dengan tingkat bunga 8% per tahun dan dijamin dengan kepemilikan Perusahaan pada Teekay BLT Corporation. Efektif pada tahun 2006, pembayaran 6 bulan pertama jatuh tempo dalam sembilan bulan setelah pengiriman kapal yang diestimasi pada bulan Januari 2009.

This account represents a loan of USD 13,000,000 owed to Teekay Shipping Corporation. The loan is payable in 22 semi-annual installments, bears annual interest of 8% payable on a quarterly basis, and is secured by the Company’s ownership interest in Teekay BLT Corporation. Effective in 2006, the first semi-annual installment is due nine (9) months after the delivery of the vessels, which is expected to be on January 2009.

Jadwal pembayaran kembali hutang lain-lain jangka panjang adalah sebagai berikut:

Other long-term payable are repayable as follows:

Jangka pendek Jatuh tempo tahun pertama Jangka panjang Jatuh tempo tahun kedua Jatuh tempo tahun ketiga Jatuh tempo tahun keempat Jatuh tempo tahun kelima Setelah lima tahun Jumlah

2007 Rp

2006 Rp

-

-

5.565.771.871 11.131.543.742 11.131.543.742 11.131.543.742 83.486.596.903

5.329.999.180 10.659.998.360 10.659.998.360 90.610.004.100

122.447.000.000

117.260.000.000

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Current portion Within one year Long term portion In the second year In the third year In the fourth year In the fifth year After the fifth year Total


19.



19. NOTES PAYABLE

WESEL BAYAR

Pada tanggal 4 Mei 2007, anak perusahaan (BLT Finance B.V) menerbitkan Guaranteed Senior Notes sebesar USD 400.000.000 dengan tingkat bunga tetap sebesar 7,5% per tahun yang dibayar tiap 6 bulan dimuka mulai 15 Nopember 2007. Wesel bayar tersebut berjangka waktu 7 tahun dan akan jatuh tempo pada tanggal 15 Mei 2014. Harga jual wesel bayar pada saat penawaran adalah sebesar 100% dari nilai nominal obligasi dan tercatat di Bursa Efek Singapura. Wesel bayar dijamin oleh Perusahaan dan anak perusahaan dan jaminan tersebut tanpa syarat dan tidak dapat dibatalkan.

On May 4, 2007, the subsidiary (BLT Finance B.V) issued Guaranteed Senior Notes (the Notes) amounting to USD 400,000,000 with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The notes payable have a term of seven years and its due on May 15, 2014. The notes payable were offered at 100% of the nominal value and are listed on the Singapore Exchange Securities Trading Limited. The Notes payable are unconditionally and irrevocably guaranteed by the Company and certain subsidiaries.

BLT Finance BV (BLTFBV) memiliki opsi untuk membeli kembali wesel bayar dengan kondisi sebagai berikut:

The Notes may be redeemed at the option of BLT Finance BV (BLTF BV) as follows:

i.

Setiap saat sebelum tanggal 15 Mei 2011 sampai dengan 35% dari nilai wesel bayar dengan hasil bersih atas 1 atau lebih penawaran ekuitas kepada publik dengan harga dibeli kembali seharga 107,5% dari nilai pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika kondisi-kondisi tertentu terpenuhi;

i.

At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;

ii.

Pada saat atau setelah tanggal 15 Mei 2012, seluruh atau sebagian daripada wesel bayar dengan harga pembelian kembali setara dengan 100% daripada jumlah pokok ditambah applicable premium (seperti yang didefinisikan dalam syarat dan kondisi) dan bunga yang masih harus dan belum dibayar jika ada sampai dengan tanggal pembelian kembali.

ii.

On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption;

iii. Sejak tanggal 15 Mei 2012 sampai dengan tanggal 14 Mei 2013 seluruh atau sebagian wesel bayar pada tanggal pembelian kembali setara dengan 103,75% daripada jumlah pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal pembelian kembali.

iii. On May 15, 2012 until May 14, 2013 all or part

iv. Pada tanggal 15 Mei 2013 sampai dengan tanggal 14 Mei 2014 seluruh atau sebagian wesel bayar pada tanggal pembelian kembali setara dengan 100% daripada jumlah pokok ditambah dengan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal pembelian kembali, atau

iv. On May 15, 2013 until May 14, 2014 all or part

v.

v. At anytime in the event of certain changes

Setiap saat jika terjadi perubahan tertentu yang berkaitan dengan perpajakan di Indonesia dan Belanda, jika seluruh atau sebagian jumlah pokok ditambah jumlah tambahan lainnya yang terhutang dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal pembelian kembali.

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of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption;

of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or

affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption.


20.



Jika terjadi perubahan terhadap pengendalian pemegang wesel bayar memiliki hak untuk meminta kepada BLT FBV untuk membeli kembali seluruh atau sebagian daripada wesel bayar seharga 101% dari jumlah pokok ditambah bunga yang masih harus dibayar dan yang belum dibayar jika ada sampai dengan tanggal penerbitan.

In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption.

Nilai wajar yang dihitung ditentukan berdasarkan harga kuotasi pasar adalah sebesar Rp 3.255.835.589.200 pada tanggal 31 Desember 2007. Perubahan nilai wajar dicatat pada laporan laba rugi.

The fair value at December 31, 2007 amounted to Rp 3,255,835,589,200, which is determined based on quoted market price. The change in fair value is recognized in the statement of income.

Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd., peringkat wesel bayar pada bulan Januari 2008 adalah B+.

Based on the rating issued by Fitch Ratings Ltd., in January 2008 the Notes are B+.

IMBALAN PASCA KERJA

20.

POST-EMPLOYMENT BENEFITS OBLIGATION

Perusahaan dan anak perusahaan membukukan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Jumlah karyawan yang berhak atas imbalan pasca kerja tersebut adalah 206 dan 162 karyawan di tahun 2007 dan 2006.

The Company provides post-employment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits is 206 in 2007 and 162 in 2006.

Beban imbalan pasca kerja yang diakui di laporan laba rugi adalah:

Amounts recognized in income in respect of these post-employment benefits are as follows:

2007 Rp Biaya jasa kini Biaya bunga Kerugian aktuarial bersih Amortisasi biaya jasa lalu Biaya jasa lalu (vested) Jumlah

2006 Rp

2.931.773.654 2.233.454.366 4.963.636.993 130.709.947 -

893.444.238 967.596.430 3.372.784.558 (163.311.433) (866.330.728)

Current service cost Interest costs Net actuarial losses Amortization of past service cost Past service cost (vested)

10.259.574.960

4.204.183.065

Total

Kewajiban imbalan pasca kerja di neraca adalah sebagai berikut:

The amounts included in the balance sheets arising from the Company’s obligation in respect of these post-employment benefits are as follows:

2007 Rp Nilai kini kewajiban yang tidak didanai Kerugian aktuarial yang belum diakui Biaya jasa masa lalu yang tidak diakui Kewajiban bersih

2006 Rp

37.366.415.415 (15.895.986.058) (32.601.487) 21.437.827.870

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27.482.739.121

Present value of unfunded obligations

(16.141.174.778) Unrecognized actuarial losses (163.311.433) Unrecognized past service cost 11.178.252.910

Net liability




Mutasi kewajiban bersih di neraca adalah sebagai berikut:

Movements in the net liability recognized in the balance sheet are as follows:

2007 Rp

2006 Rp

Saldo awal Beban tahun berjalan

11.178.252.910 10.259.574.960

6.974.069.845 4.204.183.065

Saldo akhir

21.437.827.870

11.178.252.910

Perhitungan imbalan pasca kerja dihitung oleh aktuaris independen PT Padma Radya Aktuaria pada tahun 2007 dan 2006. Asumsi utama yang digunakan dalam menentukan penilaian aktuarial adalah sebagai berikut:

Beginning of the year Employee benefits cost for the year End of the year

The cost of providing post-employment benefits is calculated by independent actuary, PT Padma Radya Aktuaria in 2007 and 2006. The actuarial valuation was carried out using the following key assumptions:

2007 dan/and 2006 Tingkat diskonto Tingkat kenaikan gaji Tingkat kematian Tingkat pengunduran diri

21.

10% 15% 100%/TMI2 Umur/Age 0 - 36 : 10% per tahun/ per annum Umur/Age 37 - 55 : 0% per tahun/ per annum

KEWAJIBAN SEWA PEMBIAYAAN

Discount rate Salary increment rate Mortality rate Resignation rate

21. OBLIGATIONS UNDER FINANCE LEASE

2007 Nilai kini pembayaran Pembayaran sewa minimal/ sewa minimal/ Present value Minimum lease of minimum lease payment payment Rp Rp Kurang dari 1 tahun 1 - 2 tahun Lebih dari 2 tahun Jumlah Dikurangi beban keuangan masa depan Nilai kini pembayaran sewa minimal

669.446.797.196 133.881.788.447 768.274.863.500

545.628.795.813 55.335.409.949 754.743.985.675

1.571.603.449.143

1.355.708.191.437

215.895.257.706 1.355.708.191.437

Kewajiban sewa pembiayaan ini terkait dengan penyewaan kapal dengan jangka waktu 3 sampai dengan 10 tahun, dimana anak perusahaan memiliki opsi untuk membeli kapal tersebut dibawah nilai wajar pada akhir masa perjanjian sewa. Kewajiban sewa pembayaran anak perusahaan ini dijamin dengan kapal milik anak perusahaan tersebut.

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1.355.708.191.437

Less than 1 year 1 - 2 year More than 2 year Total Less future finance charges Present value of minimum lease payment

The finance lease relate to lease of vessels with lease terms of 3 years until 10 years and where its subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligatons under finance lease are secured by the lessors’ title to the leased vessels.


22.



OBLIGASI KONVERSI

22. CONVERTIBLE BONDS

Rincian dari obligasi konversi adalah sebagai berikut:

2007 Rp Obligasi konversi yang jatuh tempo pada tahun 2012 - Nilai wajar Obligasi konversi yang jatuh tempo pada tahun 2010 - biaya perolehan yang diamortisasi

Details of convertible bonds are as follows:

2006 Rp

1.210.730.033.750

-

Convertible bonds due 2012 - at fair value Convertible bonds due 2010

-

29.315.000.000

1.210.730.033.750

- at amortized cost

29.315.000.000

Obligasi Konversi jatuh tempo 2012

Convertible Bonds due in 2012

Pada tanggal 17 Mei 2007, BLT Finance B.V (BLTF BV), anak perusahaan, menerbitkan obligasi konversi Zero Coupon Guaranteed dengan denominasi USD 100.000 dan kelipatan integral USD 1.000 dengan jumlah pokok USD 125.000.000. Obligasi ini diterbitkan sebesar 100% dari face value, dan dijamin tanpa syarat dan tidak dapat dibatalkan oleh Perusahaan.

On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary issued Zero Coupon Guaranteed Convertible Bonds in denomination of USD 100,000 each and integral multiples of USD 1,000, with aggregate principal amount of USD 125,000,000. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company.

Pemegang obligasi memiliki hak untuk mengkonversikan obligasi ini menjadi saham biasa Perusahaan, dengan nilai nominal Rp 62,50 per saham dari tanggal 27 Juni 2007 sampai dengan 17 April 2012. Jumlah saham yang akan dikonversi akan ditentukan, berdasarkan saham yang tercatat pada SGX-ST, dengan cara membagi nilai obligasi yang akan dikonversikan (menggunakan kurs tetap SGD 1,5143 per USD 1 atau Rp 8.894 per USD 1) dengan harga konversi yang berlaku pada saat konversi. Harga konversi awal adalah SGD 0,4965 per saham. Apabila saham yang dikonversi adalah saham yang tercatat di Indonesia, jumlah saham yang akan dikonversi akan ditentukan dengan metode yang sama untuk saham tercatat pada SGXST, kecuali, pada kejadian ini, untuk tujuan perhitungan rasio, nilai obligasi akan tetap dalam USD dan harga konversi akan ditranslasi dari Rupiah ke USD. Walaupun terdapat hak konversi dari pemegang obligasi, BLTF BV memiliki opsi untuk membayar kepada pemegang obligasi tersebut secara tunai dalam ekuivalen mata uang Dollar Amerika Serikat dengan nilai rata-rata tertimbang harga pasar dari saham yang dikonversi, untuk memenuhi hak konversi.

The bondholders have the right to convert the bonds into ordinary shares, with par value of Rp 62.50 each, of the Company from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at fixed rate of SGD 1.5143 per USD 1 or Rp 8,894 per USD 1) by the conversion price in effect at the conversion date. The initial conversion price is SGD 0.4965 per share. In the event the Shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGXST Listed Shares, except that, in such an event, for purposes of calculating the ratio the principal amount of the bond to be converted shall remain in USD and the conversion price shall be translated from Rupiah to USD. Notwithstanding the Conversion Right of the bondholders, BLTF BV has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right.

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BLTF BV juga memiliki opsi untuk membeli kembali obligasi beserta bunga yang masih harus dan belum dibayar pada Early Redemption Amount (ERA) secara keseluruhan dengan ketentuan sebagai berikut ini:

The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part:

I. Pada atau setiap saat setelah tanggal 17 Mei 2009, tetapi tidak kurang dari 20 hari sebelum tanggal jatuh tempo, jika harga penutupan saham (ditranslasikan ke Dollar Amerika Serikat) setiap tanggal perdagangan secara berturut-turut selama 25 hari kerja sebelum tanggal pemberitahuan pembelian kembali dipublikasikan adalah sekurang-kurangnya 125% dari ERA dibagi rasio konversi.

I. On or at anytime after May 17, 2009 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published is at least 125% of ERA divided by the conversion ratio.

II. Jumlah agregat pokok obligasi adalah 10 persen atau kurang dari nilai agregat jumlah pokok saat pertama kali diterbitkan.

II. If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued.

III. Setiap saat dimana terjadi perubahan tertentu yang berkaitan dengan perpajakan di Belanda atau Republik Indonesia.

III. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia.

Pemegang obligasi memiliki hak untuk meminta BLTF BV untuk membeli kembali semua atau sebagian obligasi pada 116,82% dari nilai pokok pada tanggal 17 Mei 2010. Pemegang obligasi juga memiliki opsi untuk meminta BLTF BV untuk membeli kembali obligasi pada nilai ERA-nya bila terjadi perubahan pengendalian atau terjadinya delisting saham Perusahaan.

The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the principal amount on May 17, 2010. The bondholders have also the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares.

ERA dari obligasi untuk setiap USD 100.000 nilai pokok, untuk penyelesaian sebelum tanggal jatuh tempo pada harga antara USD 102.625,00 sampai dengan USD 129.578,13, hasil (yield) kotor kepada investor sebesar 5,25% pada basis semi-annualy.

ERA of the bonds, for each USD 100,000 principal amount, pertains to settlement before the maturity date at price ranging from USD 102,625.00 to USD 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annually basis.

Kecuali telah dibeli kembali, dibatalkan atau telah dikonversi, BLTF BV akan membeli kembali setiap obligasi konversi pada harga 129,58% daripada nilai pokok pada tanggal 17 Mei 2012.

Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012.

Obligasi konversi, termasuk derivatif melekat didalamnya, diukur seluruhnya pada nilai wajarnya, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar diakui pada laporan laba rugi. Nilai wajar pada tanggal neraca ditentukan berdasarkan kuotasi harga pasar. Pada tanggal 31 Desember 2007, nilai wajar obligasi konversi adalah sebesar 102,833% atau Rp 1.210.730.033.750. Perubahan atas nilai wajar dicatat pada laporan laba rugi.

These bonds, which include embedded derivatives, are measured entirely at fair value with changes in the fair value recognized in earnings. The fair value at balance sheet date is determined based on quoted price. On December 31, 2007, fair value amounted to 102.833% or Rp 1,210,730,033,750. The change in fair value is recognized in the statement of income.

Obligasi Konversi jatuh tempo 2010

Convertible Bonds due 2010

Pada tanggal 14 Desember 2005, BLT Finance Corporation (BLT FC), anak perusahaan, menerbitkan 50.000 obligasi konversi dengan denominasi USD 1.000 atau dengan jumlah agregat pokok USD 50.000.000 dengan tingkat bunga 1,25% per tahun yang dibayar tiap enam bulan sekali setiap tanggal 14 Juni dan 14 Desember. Obligasi ini diterbitkan dengan 100% dari face value, dan dijamin tanpa syarat dan tidak dapat dibatalkan oleh Perusahaan.

On December 14, 2005, BLT Finance Corporation (BLT FC), a subsidiary, issued 50,000 convertible bonds in denomination of USD 1,000 each, or aggregate principal amount of USD 50,000,000, with interest rate of 1.25% per annum payable semi-annually on June 14 and December 14. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company.

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Pemegang obligasi memiliki hak untuk mengkonversikan obligasi ini menjadi saham biasa Perusahaan, dengan nilai nominal Rp 62,5 per saham dari tanggal 24 Januari 2006 sampai dengan 14 Nopember 2010. Jumlah saham yang akan dikonversi ditentukan dengan cara membagi nilai obligasi yang akan dikonversikan (menggunakan kurs tetap Rp 10.078 per USD 1) dengan harga konversi yang berlaku pada saat konversi. Harga konversi awal adalah Rp 1.250 per saham. Walaupun terdapat hak konversi dari pemegang obligasi, BLT FC memiliki opsi untuk membayar kepada pemegang obligasi tersebut secara tunai dalam ekuivalen mata uang Dollar Amerika Serikat dengan nilai rata-rata tertimbang harga pasar dari saham yang dikonversi. Efektif 2 Januari 2006, BLT FC mencabut dan melepaskan hak opsinya secara tetap serta tidak lagi mengakui opsi penyelesaian secara kas atas obligasi konversi, berdasarkan akta pelepasan hak tanggal 2 Januari 2006.

The bondholders have the right to convert the bonds into ordinary shares, with par value of Rp 62.50 each, of the Company from January 24, 2006 to November 14, 2010. The number of shares to be delivered on conversion will be determined by dividing the principal amount of the bond to be converted (translated into Rupiah at fixed rate of Rp 10,078 per USD 1) by the conversion price in effect at the time of conversion. The initial conversion price is Rp 1,250 per share. Notwithstanding the Conversion Right of the bondholders, BLT FC has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. Effective January 2, 2006, BLT FC irrevocably and permanently waived and renounced its cash settlement option contained in the convertible bonds based on the Deed of Waiver dated January 2, 2006.

BLT FC obligasi dibayar secara berikut:

The bonds may also be redeemed at the option of BLT FC at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part:

juga memiliki opsi untuk membeli kembali beserta bunga yang masih dan belum pada Early Redemption Amount (ERA) keseluruhan dengan ketentuan sebagai

i.

Pada atau setiap saat setelah tanggal 14 Desember 2008, tetapi tidak kurang dari 20 hari sebelum tanggal jatuh tempo, jika harga penutupan saham (ditranslasikan ke Dollar Amerika Serikat) setiap tanggal perdagangan secara berturut-turut selama 25 hari kerja sebelum tanggal pemberitahuan pembelian kembali dipublikasikan adalah sekurangkurangnya 125% dari ERA dibagi rasio konversi.

i.

On or at anytime after December 14, 2008 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published is at least 125% of ERA divided by the conversion ratio.

ii.

Jumlah agregat pokok obligasi adalah 10 persen atau kurang dari nilai agregat jumlah pokok saat pertama kali diterbitkan.

ii.

If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued.

iii.

Setiap saat dimana terjadi perubahan tertentu yang berkaitan dengan perpajakan di British Virgin Island atau Republik Indonesia.

iii.

At anytime in the event of certain changes relating to taxation in British Virgin Island or the Republic of Indonesia.

Pemegang obligasi memiliki hak untuk meminta BLT FC untuk membeli kembali semua atau sebagian obligasi pada 112,12% dari nilai pokok beserta bunga yang masih harus dan belum dibayar pada tanggal 14 Desember 2007. Pemegang obligasi juga memiliki opsi untuk meminta BLT FC untuk membeli kembali obligasi pada nilai ERA-nya bila terjadi perubahan pengendalian atau terjadinya delisting saham Perusahaan.

The bondholders have the right to require BLT FC to redeem all or some of the bonds at 112.12% of the principal amount together with accrued and unpaid interest on December 14, 2007. The bondholders have also the right at their option to require BLT FC to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares.

ERA dari obligasi untuk setiap USD 1.000 nilai pokok, untuk penyelesaian sebelum tanggal jatuh tempo pada harga antara USD 1.028,75 sampai dengan USD 1.269,41, hasil (yield) kotor kepada investor adalah sebesar 7% untuk pembelian kembali pada saat atau sebelum tanggal 14 Desember 2007 dan 6,5% untuk pembelian kembali setelah tanggal tersebut.

ERA of the bonds, for each USD 1,000 principal amount, pertains to settlement before the maturity date at price ranging from USD 1,028.75 to USD 1,269.41, representing a gross yield to the investor of 7% for redemption on or before December 14, 2007 and 6.5% for redemption thereafter.

Kecuali telah kembali atau telah dikonversi, BLT FC akan membeli kembali setiap obligasi konversi pada harga 130,44% daripada nilai pokok pada 14 Desember 2010.

Unless previously redeemed, converted or purchased, BLT FC will redeem each bond at 130.44% of the principal amount on December 14, 2010.

- 57 -




Pada tanggal 14 Desember 2005, pada saat penerbitan obligasi konversi diukur pada nilai wajar, laba atau rugi yang timbul sebagai hasil perubahan nilai wajar diakui dalam laporan laba rugi.

On December 14, 2005, at the time of issue, the convertible bonds were measured at fair value with changes in fair value recognized in earnings.

Efektif sejak 2 Januari 2006, obligasi konversi tidak lagi ditetapkan sebagai nilai wajar sejak BLT Finance Corp secara tetap dan tanpa syarat membatalkan dan merubah opsi penyelesaian seperti yang didiskusikan di atas.

Effective January 2, 2006, the convertible bonds were no longer measured at fair value since BLT FC has irrevocably and permanently waived and renounced its cash settlement option as discussed above.

Obligasi konversi dicatat dan dinilai sebagai berikut:

The bonds are recorded and measured as follows: Rp

Obligasi konversi jatuh tempo 2010 pada harga nominal Konversi saham Pengaruh nilai selisih kurs

Convertible bonds due 2010 491.500.000.000 at amortized cost (471.146.500.000) Conversion to shares 8.961.500.000 Foreign exchange difference

Saldo per 31 Desember 2006

29.315.000.000

In 2007, bondholders have converted all of the remaining bonds amounting to USD 3,250,000 using a fixed rate of (1 USD = Rp 10,078) or equivalent to Rp 32,753,500,000 converted into 26,202,800 shares.

Selama tahun 2007, pemegang obligasi telah mengkonversi seluruh sisa obligasi konversi sebesar USD 3.250.000 dengan menggunakan kurs tetap (1 USD = Rp 10.078) setara dengan Rp 32.753.500.000 menjadi 26.202.800 saham. 23.

MODAL SAHAM

23.

Nama Pemegang Saham

CAPITAL STOCK

The composition of stockholders based on the Share Registration Bureau (Registrasi Biro Administrasi Efek) and PT Kustodian Sentral Efek Indonesia as of December 31, 2007 and 2006 are as follows:

Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan PT Kustodian Sentral Efek Indonesia tanggal 31 Desember 2007 dan 2006 adalah sebagai berikut:


Balance December 31, 2006

2007 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Modal Disetor/ Total Paid-up Capital Rp

Name of Stockholder

PT Tunggaladhi Baskara Tn. Widihardja Tanudjaja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%)

2.047.793.764 2.620.800 62.400 2.422.056 2.106.111.416

49,24 0,06 0,00 0,06 50,64

127.987.110.250 163.800.000 3.900.000 151.378.500 131.631.963.500

PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Siana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each)

Jumlah

4.159.010.436

100,00

259.938.152.250

Total

Nama Pemegang Saham


2006 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Modal Disetor/ Total Paid-up Capital Rp

Name of Stockholder

PT Tunggaladhi Baskara Tn. Widihardja Tanudjaja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%)

1.885.536.792 2.620.800 62.400 2.422.056 2.266.930.388

45,35 0,06 0,00 0,06 54,53

117.846.049.500 163.800.000 3.900.000 151.378.500 141.683.149.250

PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Siana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each)

Jumlah

4.157.572.436

100,00

259.848.277.250

Total

- 58 -




Mutasi modal disetor Perusahaan adalah sebagai berikut: 2007 Rp

Movements in share capital are as follows: 2006 Rp

Saldo awal Pelaksanaan waran

259.848.277.250 89.875.000

259.825.902.250 22.375.000

Beginning of the year Exercise of warrants

Saldo akhir

259.938.152.250

259.848.277.250

End of the year

Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut: 2007 Lembar/share

Details of the company’s number of shares outstanding are as follows: 2006 Lembar/share

Saldo awal Pelaksanaan waran Perolehan saham diperoleh kembali Penerbitan saham diperoleh kembali melalui konversi atas obligasi konversi

4.008.118.636 1.438.000

26.202.800

376.917.200

Saldo akhir

3.746.659.436

4.008.118.636

(289.100.000)

3.771.031.436 358.000

Beginning of the year Exercise of warrants

(140.188.000) Acquisition of treasury stock Issuance of treasury stock through conversion of convertible bonds End of the year

Pada tanggal 31 Desember 2007 dan 2006, jumlah waran yang belum dilaksanakan adalah 430.990.764 dan 432.428.764 waran (Catatan 1c).

At December 31, 2007 and 2006, 430,990,764 and 432,428,764 warrants have not been exercised (Note 1c).

Pada tanggal 31 Desember 2007 dan 2006 sebanyak 66.188.311 dan 167.142.857 saham milik PT Tunggaladhi Baskara dijaminkan sehubungan dengan pinjaman Perusahaan dari Bank Central Asia (Catatan 12, 16b dan 34c).

At December 31, 2007 and 2006, 66,188,311 and 167,142,857 shares, repectively, owned by PT Tunggaladhi Baskara are used as guarantee in relation with the Company’s loan from Bank Central Asia (Notes 12, 16b and 34c).

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 18 tanggal 18 Mei 2005 dari Dr. A Partomuan Pohan, SH., LLM, notaris di Jakarta, pemegang saham memutuskan untuk melakukan pemecahan saham (stock split) dimana setiap saham dengan nilai nominal Rp 62,5 dipecah menjadi Rp 31,25 per saham yang mana dapat dilaksanakan dalam 1 tahun dari tanggal RUPSLB tersebut. Pada tanggal 18 Mei 2006, rencana pemecahan saham tersebut belum dilaksanakan.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 18 dated May 18, 2005 of Dr. A Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders approved a stock split on the Company’s shares wherein every share with a nominal value of Rp 62.50 will be split to become Rp 31.25 per share, which can be carried out within one year from the date of the Extraordinary General Meeting of Stockholders. As at May 18, 2006, the stock split has not been executed.

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 47 tanggal 31 Mei 2006 dari Dr. A Partomuan Pohan, SH., LL.M, notaris di Jakarta, pemegang saham menyetujui untuk merubah jangka waktu pelaksanaan pemecahan nilai nominal saham (stock split), seperti yang telah disebutkan diatas diperpanjang sampai dengan tanggal 30 Juni 2007. Jika rencana stock split ini terjadi, maka berdasarkan hasil evaluasi Perusahaan bahwa pergerakan harga saham Perusahaan tidak menguntungkan untuk Perusahaan, sehingga rencana ini tidak dilaksanakan. Selain itu, para pemegang saham juga memberi kuasa kepada direktur Perusahaan untuk menentukan rasio stock split yang tidak merugikan bagi pemegang saham Perusahaan.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 47 dated May 31, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders agreed to change the term to carry out the stock split, as mentioned above, to extend until June 30, 2007. It further stated that if, based on the Company’s evaluation, the movements of the Company’s share price is not advantageous to the Company, such stock split will not be executed. Also, the stockholders authorized the Company’s Directors to determine the stock split ratio which should not be disadvantageous to the Company’s stockholders.

- 59 -


24.



Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 30 tanggal 21 Juni 2006 dari Dr. A Partomuan Pohan, SH., LL.M, notaris di Jakarta, para pemegang saham menyetujui untuk menerbitkan saham baru melalui penerbitan saham tanpa hak untuk memesan terlebih dahulu dengan jumlah maksimum 5% dari saham yang diterbitkan hingga tanggal 6 Mei 2007.

Based on the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated June 21, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares up to May 6, 2007.

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 32 tanggal 24 Mei 2007 dari Dr. A Partomuan Pohan, SH., LL.M, notaris di Jakarta, para pemegang saham menyetujui untuk memperpanjang jangka waktu penerbitan saham baru melalui penerbitan saham tanpa hak untuk memesan terlebih dahulu sampai dengan tanggal Rapat Umum Pemegang Saham Tahunan berikutnya. Sampai dengan tanggal 31 Desember 2007, penerbitan saham baru tersebut belum dilaksanakan.

Based on the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 32 dated May 24, 2007 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to extend the period of issuance of new shares through a right issue without preemptive rights until the next Annual General Meeting of Stockholders. As of December 31, 2007, the issuance of new shares has not been executed.

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 18 tanggal 18 Mei 2005 dari Dr. A Partomuan Pohan, SH., LLM, notaris di Jakarta, pemegang saham memutuskan untuk melakukan pemecahan saham (stock split) dimana setiap saham dengan nilai nominal Rp 62,5 dipecah menjadi Rp 31,25 per saham yang mana dapat dilaksanakan dalam 1 tahun dari tanggal RUPSLB tersebut. Pada tanggal 18 Mei 2006, rencana pemecahan saham tersebut belum dilaksanakan.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 18 dated May 18, 2005 of Dr. A Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders approved a stock split on the Company’s shares wherein every share with a nominal value of Rp 62.50 will be split to become Rp 31.25 per share, which can be carried out within one year from the date of the Extraordinary General Meeting of Stockholders. As at May 18, 2006, the stock split has not been executed. 24. ADDITIONAL PAID-IN CAPITAL

AGIO SAHAM

Rp Saldo agio saham per 31 Desember 2005 Pelaksanaan waran 358.000 saham Jumlah yang dicatat sebagai modal disetor Bersih Pelaksanaan obligasi konversi sebanyak 376.917.200 saham yang berasal dari saham diperoleh kembali Jumlah yang dicatat sebagai saham (Catatan 25)

409.095.309.366 53.700.000 (22.375.000) 31.325.000

471.146.500.000 (355.432.919.600)

Bersih

115.713.580.400

Saldo agio saham per 31 Desember 2006

524.840.214.766

Balance of additional paid-in capital as of December 31, 2005 Issuance of 358,000 shares through exercise of warrants Amount recorded as paid-in capital Net Issuance of 376,917,200 treasury shares through the conversion of convertible bonds Amount recorded as paid-in capital (Note 25) Net Balance of additional paid-in capital as of December 31, 2006

Pelaksanaan waran 1.438.000 saham Jumlah yang dicatat sebagai modal disetor

215.700.000 (89.875.000)

Issuance of 1,438,000 shares through exercise of warrants Amount recorded as paid-in capital

Bersih

125.825.000

Net

Pelaksanaan obligasi konversi sebanyak 26.202.800 saham yang berasal dari saham diperoleh kembali Jumlah yang dicatat sebagai saham (Catatan 25) Bersih Saldo agio saham per 31 Desember 2007

32.753.500.000 (24.709.240.400) 8.044.259.600 533.010.299.366

- 60 -

Issuance of 26,202,800 treasury shares through the conversion of convertible bonds Amount recorded as paid-in capital (Note 25) Net Balance of additional paid-in capital as of December 31, 2007


25.


SAHAM DIPEROLEH KEMBALI

25.

TREASURY STOCKS

Pada Rapat Umum Pemegang Saham Luar Biasa, sebagaimana tercantum dalam akta No. 47 tanggal 31 Mei 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui untuk membeli kembali (buy back) saham Perusahaan yang telah dikeluarkan di bursa sebanyak-banyaknya 10% dari modal ditempatkan dan disetor penuh dengan harga Rp 2.750 per saham sampai dengan 31 Mei 2007.

At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 47 dated May 31, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at purchase price of Rp 2,750 per share until May 31, 2007.

Pada tanggal 31 Desember 2007 dan 2006 jumlah saham diperoleh kembali adalah sebagai berikut:

As of December 31, 2007 and 2006, the total number of treasury stocks are as follows:

2007 Persentase terhadap saham yang dikeluarkan/ Percentage to issued shares %

Number of shares

Biaya/ Cost Rp

Saham diperoleh kembali awal

149.453.800

3,59

250.323.928.150

Treasury stocks, beginning

Ditambah: Perolehan Dikurangi: Penerbitan saham diperoleh kembali atas obligasi konversi (Catatan 24)

289.100.000

6,95

555.306.953.751

26.202.800

0,63

24.709.240.400

Add: Acquisition Less : Issuance of treasury stocks from conversion of convertible bonds (Note 24)

Saham diperoleh kembali akhir

412.351.000

9,91

780.921.641.501

Number of shares

26.


2006 Persentase terhadap saham yang dikeluarkan/ Percentage to issued shares %

Treasury stocks, end

Biaya/ Cost Rp

Saham diperoleh kembali awal

386.183.000

9,29

359.414.045.000


Ditambah: Perolehan Dikurangi: Penerbitan saham diperoleh kembali atas obligasi konversi (Catatan 24)

140.188.000

3,37

246.342.802.750

376.917.200

9,07

355.432.919.600

Add: Acquisition Less : Issuance of treasury stocks from conversion of convertible bonds (Note 24)

Saham diperoleh kembali akhir

149.453.800

3,59

250.323.928.150


PENDAPATAN USAHA

26. 2007 Rp

OPERATING REVENUES 2006 Rp

Kapal yang dimiliki Kapal yang disewa Jasa perantara perkapalan Jasa penyimpanan

2.834.658.208.470 795.811.821.382 6.878.842.434 4.424.046.515

2.410.652.629.872 650.378.917.530 6.437.456.635 6.318.606.473

Owned vessels Chartered vessels Agency fees Storage fees

Bersih

3.641.772.918.801

3.073.787.610.510

Total

- 61 -


27.



0,07% dari pendapatan usaha pada tahun 2006 dilakukan dengan pihak hubungan istimewa (Catatan 34a).

0.07% of the total operating revenues in 2006 was from related parties (Note 34a).

Pendapatan usaha termasuk pendapatan dari Pertamina masing-masing sebesar Rp 396.736.653.801 dan Rp 470.092.278.975 pada tahun 2007 dan 2006, dimana merupakan pendapatan usaha yang melebihi 10% dari pendapatan usaha bersih.

Operating revenues include revenues from Pertamina of Rp 396,736,653,801 and Rp 470,092,278,975 in 2007 and 2006, which represent more than 10% of the total operating revenues for the respective years.

27.

BEBAN LANGSUNG 2007 Rp Kapal Yang Dimiliki Penyusutan (Catatan 10) Bahan bakar Biaya sandar Gaji Docking Suku cadang Asuransi Pelumas Transportasi Perbaikan dan pemeliharaan Pengurusan dokumen Bahan lain Uang makan Lain-lain

DIRECT COST 2006 Rp Owned vessels Depreciation (Note 10) Fuel Port charges Salaries Docking Spare parts Insurance Lubricant Transportation Repairs and maintenance Processing of documents Supplies Employees' meal allowances Others

507.676.298.336 464.058.782.288 212.920.320.241 211.153.404.623 134.807.106.778 80.379.639.831 49.844.201.488 47.326.206.390 33.306.862.163 28.431.537.804 21.778.196.767 19.858.296.191 15.170.136.826 22.725.067.921

392.828.876.726 389.465.017.027 172.069.284.121 152.406.510.301 59.139.548.315 76.494.562.189 41.186.141.319 45.108.921.500 21.442.581.890 45.484.650.818 16.299.228.262 15.187.205.458 12.156.784.531 18.129.283.629

1.849.436.057.647

1.457.398.596.086

Kapal Yang Disewa Sewa Bahan bakar Biaya sandar Gaji Suku cadang Perbaikan dan pemeliharaan Pelumas Asuransi Bahan lain Transportasi Pengurusan dokumen Uang makan Lain-lain

269.783.632.466 159.619.033.266 96.332.249.088 58.317.527.769 14.181.468.190 13.812.900.663 10.813.647.791 7.274.818.557 5.984.173.187 5.019.020.658 4.790.645.873 1.436.740.699 7.878.678.830

189.517.116.356 124.974.506.564 69.597.912.682 41.725.692.639 11.784.408.611 16.482.062.444 10.507.633.952 6.977.782.570 4.229.920.483 3.853.239.410 4.399.075.149 999.461.041 9.046.945.639

Chartered vessels Rental Fuel Port charges Salaries Spare parts Repairs and maintenance Lubricant Insurance Supplies Transportation Processing of documents Employees' meal allowances Others

Jumlah

655.244.537.037

494.095.757.540

Total

2.504.680.594.684

1.951.494.353.626

Jumlah

Jumlah beban usaha langsung

Total

Total direct cost

0,84% dan 1,67% dari jumlah beban usaha langsung masing-masing pada tahun 2007 dan 2006 dilakukan dengan pihak hubungan istimewa (Catatan 34b).

0.84% and 1.67% of the above direct cost in 2007 and 2006, respectively, were from related parties (Note 34b).

Tidak terdapat beban yang berasal dari pihak tertentu yang melebihi 10% dari seluruh beban usaha langsung.

There is no expense from specific party that exceeds 10% of the total direct cost.

- 62 -


28.



28.

BEBAN UMUM DAN ADMINISTRASI 2007 Rp Gaji Tenaga ahli Beban kantor Imbalan pasca kerja (Catatan 20) Perjalanan dinas Telekomunikasi Pemasaran Penyusutan (Catatan 10) Beban bank Representasi Amortisasi (Catatan 17) Pendidikan dan pelatihan Lain-lain Jumlah

29.

2006 Rp

94.185.081.432 66.109.365.587 22.213.583.662 10.259.574.960 9.348.664.469 6.839.420.994 5.075.158.712 4.801.041.439 3.811.236.136 3.601.877.927 3.082.028.750 2.711.624.706 6.982.556.778

62.845.764.906 53.304.326.240 16.052.603.140 4.204.183.065 8.705.719.642 6.514.232.837 3.331.306.161 3.688.786.067 3.430.570.417 1.780.103.808 2.119.591.404 1.380.594.786 8.543.679.184

239.021.215.552

175.901.461.657

29.

BEBAN KEUANGAN

2007 Rp Beban keuangan dari: Hutang bank Hutang lain-lain jangka panjang Obligasi

Salaries Professional fees Office expenses Post-employment benefits (Note 20) Transportation Telecommunication Marketing Depreciation (Note 10) Bank charges Representation Amortization (Note 17) Training and education Others Total

FINANCE COSTS

2006 Rp

216.109.549.089 10.648.096.305 269.021.509.267

272.880.161.381 8.803.490.169 46.433.958.986

Jumlah beban pinjaman Kerugian (keuntungan) transaksi derivatif - bersih (Catatan 33) Bagi hasil obligasi Syariah

495.779.154.661

328.117.610.536

Mudharabah dan Sukuk Ijarah

13.979.000.000

Jumlah 30.

GENERAL AND ADMINISTRATIVE EXPENSE

Total borrowing cost Net loss (gain) on derivative (103.189.055.870) transactions (Note 33) Profit sharing allocation on Syariah Mudharabah and Sukuk Ijarah 8.829.000.000 Bonds

112.265.276.635

622.023.431.296

PENDAPATAN INVESTASI

233.757.554.666 30.

Akun ini merupakan penghasilan bunga dari:

Finance costs on: Bank loans Other long-term payable Bonds

Total

INVESTMENT INCOME

This account consists of interest on: 2007 Rp

2006 Rp

Jasa giro dan lain-lain Deposito berjangka

50.127.764.270 32.486.417.362

15.505.407.869 20.470.844.628

Current accounts and others Time deposits

Jumlah pendapatan bunga Keuntungan pemilikan efek yang sudah direalisasi

82.614.181.632

35.976.252.497

Total interest income

25.511.490.453

19.672.551.397

Realized gain on securities

108.125.672.085

55.648.803.894

Total

Jumlah

- 63 -


31.



LABA PER SAHAM

31.

Laba Bersih

Net Income

2007 Rp Laba bersih untuk perhitungan laba per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif: Perubahan nilai wajar obligasi konversi yang belum diamortisasi Bunga atas obligasi konversi Laba bersih untuk perhitungan laba per saham dilusian

EARNINGS PER SHARE

2006 Rp

758.981.783.247

1.205.279.899.017

33.355.033.750 -

372.531.250

792.336.816.997

1.205.652.430.267

Laba Per Saham

Net income for the computation of basic earnings per share Potential effect of dilutive common share: Unrealized fair value change of convertible bonds Interest on convertible bonds Net income for the computation of diluted earnings per share

Earnings Per Share 2007 Rp

2006 Rp

Laba bersih untuk perhitungan laba per saham dasar

758.981.783.247

1.205.279.899.017

Net income for the computation of basic earnings per shares

Laba bersih untuk perhitungan laba per saham dilusian

792.336.816.997

1.205.652.430.267

Net income for the computation of dillutive earnings per share

Jumlah rata-rata tertimbang saham biasa untuk laba per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif : - Obligasi konversi - Waran Jumlah rata-rata tertimbang saham biasa untuk perhitungan laba per saham dilusian Harga pelaksanaan waran Nilai wajar rata-rata per saham biasa Laba per saham - Dasar - Dilusian

Weighted average number of shares used in calculating basic earnings per share 3.810.882.703

3.973.969.589

249.064.587 397.784.338

125.739.847 393.697.897

4.457.731.628

4.493.407.333

Rp

150

Rp

150

Rp

1.918

Rp

1.674

Rp Rp

199 178

Rp Rp

303 268

Pada tanggal penerbitan laporan keuangan konsolidasi, manajemen Perusahaan telah memutuskan tidak akan melaksanakan pemecahan nilai nominal saham sampai rencana pemecahan tersebut disetujui didalam RUPSLB (Catatan 23). Oleh karena itu, pengaruh dari pemecahan nilai nominal saham pada laba per lembar saham tidak diperhitungkan dalam perhitungan laba per lembar saham dilusian.

- 64 -

Effect of dilutive potential ordinary share: - Convertible bonds - Warrants Weighted average of common share for computation of diluted earning per share Exercise price of warrants Average fair value of common share Earnings per share - Basic - Diluted

As of the issuance date of the consolidated financial statements, the Company’s management has decided that they will not carry-out the stock split until after such stock split is approved in a Extraordinary Stockholders’ Meeting (Note 23). Accordingly, the effect of the stock split on the earnings per share was not considered in the earnings per share calculation.


32.

33.



DIVIDEN DAN CADANGAN

32.

DIVIDENDS AND APPROPRIATION GENERAL RESERVES

FOR

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 31 tanggal 24 Mei 2007 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2006 sebesar Rp 40 per saham dan membentuk cadangan sebesar Rp 310.000.000 dari saldo laba.

At the Annual General Meeting of Stockholders, as stated in notarial deed No. 31 dated May 24, 2007 of Amrul Partomuan Pohan, SH., LLM, notary public in Jakarta, the stockholders decided to declare dividends of Rp 40 per share for 2006 and appropriate Rp 310,000,000 from retained earnings for general reserve.

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 46 tanggal 31 Mei 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2005 sebesar Rp 20 per saham dan membentuk cadangan sebesar Rp 160.362.000 dari saldo laba.

At the Annual General Meeting of Stockholders, as stated in notarial deed No. 46 dated May 31, 2006 of Amrul Partomuan Pohan, SH., LLM, notary public in Jakarta, the stockholders decided to declare dividends of Rp 20 per share for 2005 and appropriate Rp 160,362,000 from retained earnings for general reserve.

INSTRUMEN KEUANGAN DERIVATIF

33.

DERIVATIVE FINANCIAL INSTRUMENTS

Perusahaan menggunakan kontrak swap mata uang dan suku bunga untuk mengelola risiko dari kemungkinan pergerakan mata uang asing dan suku bunga. Instrumen derivatif yang dimiliki Perusahaan pada tanggal 31 Desember 2007 dan 2006 terutama terdiri dari kontrak swap mata uang yang berlaku antara bulan Mei 2008 sampai dengan Juli 2012 yang memiliki nilai wajar bersih sebesar Rp 194.227.058.505 dan Rp 33.717.422.539.

The Company utilizes currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement. The outstanding derivative financial instruments, consisting mainly of cross currency swaps expire between May 2008 to July 2012 and have net fair values of Rp 194,227,058,505 and Rp 33,717,422,539 as of December 31, 2007 and 2006, respectively.

Pada tanggal 31 Desember 2007 dan 2006 kontrak derivatif memiliki nilai nosional masing-masing sebesar Rp 1.473.906.250.000 (USD 170.473.362) dan Rp 587.031.250.000 (USD 69.744.753). Kontrak swap mata uang membutuhkan pertukaran (pembayaran) secara periodik berdasarkan tingkat bunga Rupiah dan Dollar Amerika Serikat dari jumlah nosional dan pertukaran (pembayaran) akhir atau net settlement dari jumlah nosional (pokok) pada saat jatuh tempo kontrak.

At December 31, 2007 and 2006, the derivative contracts have notional amounts of Rp 1,473,906,250,000 (USD 170,473,362) and Rp 587,031,250,000 (USD 69,744,753), respectively. The cross currency swaps require periodic exchange of interest based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amount on maturity of the contracts.

Untuk tujuan akuntansi, kontrak-kontrak ini tidak diidentifikasikan dan didokumentasikan sebagai instrumen lindung nilai, oleh sebab itu akuntansi lindung nilai tidak diperlakukan. Keuntungan atau kerugian dari kontrak-kontrak ini diakui di laporan laba rugi yang terdiri dari perubahan nilai wajar dari kontrak dan pembayaran bersih secara periodik dari bunga atas nilai nosional dalam Rupiah dan Dollar Amerika Serikat, dengan rincian sebagai berikut:

For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on the Rupiah and US Dollar notional amount, details of which are as follows

2007 Rp

2006 Rp

Perubahan nilai wajar - bersih Bunga dari transaksi swap - bersih

(160.509.635.966) 48.244.359.331

79.721.001.922 23.468.053.948

Keuntungan (kerugian) swap - bersih

(112.265.276.635)

103.189.055.870

- 65 -

Net change in fair value Net settlement of interest Net gain (loss) - net




Derivatif-derivatif ini diukur menggunakan nilai sekarang dari estimasi arus kas masa depan yang didiskontokan berdasarkan kurva hasil selama jangka waktu dari instrumen-instrumen tersebut. 34.

SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA

Derivatives are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves for the duration of the instruments. 34.

NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES

Sifat Hubungan Istimewa

Nature of Relationship

x

PT Bagusnusa Samudera Gemilang (Bagusnusa) merupakan pihak pengendali utama terhadap Perusahaan dan anak perusahaan.

x

The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa).

x

PT Tunggaladhi Baskara merupakan pemegang saham mayoritas Perusahaan.

x

PT Tunggaladhi Baskara is a major stockholder of the Company.

x

Bagusnusa merupakan perusahaan induk dari PT Tunggaladhi Baskara, pemegang saham mayoritas Bagusnusa adalah Bapak Hadi Surya, yang sekaligus menjabat sebagai komisaris Perusahaan.

x

Bagusnusa is the parent company of PT Tunggaladhi Baskara, the majority shareholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s commissioners.

x

Bagusnusa merupakan pemegang saham mayoritas dari PT Garuda Mahakam Pratama.

x

Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama.

x

Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte Ltd, dan Pan Union Shipping Pte Ltd, merupakan anak perusahaan baik secara langsung maupun tidak langsung dimiliki seluruhnya oleh Ibu Siana Anggraeni Surya yang sekaligus menjabat sebagai direktur Perusahaan.

x

Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte Ltd, and Pan Union Shipping Pte Ltd are wholly-owned subsidiaries, directly or indirectly, of Ms. Siana Anggraeni Surya, one of the Company’s directors.

x

PT Arpeni Pratama Ocean Line Tbk dimiliki oleh keluarga dekat Bapak Hadi Surya.

x

PT Arpeni Pratama Ocean Line Tbk is owned by a close member of the family of Mr. Hadi Surya.

Transaksi Hubungan Istimewa

Transactions with Related Parties

Dalam kegiatan usahanya, Perusahaan dan anak perusahaan mengadakan transaksi tertentu dengan pihak-pihak yang mempunyai hubungan istimewa. Manajemen berpendapat bahwa transaksi tersebut dilakukan dengan kondisi dan persyaratan yang sama seperti yang dilakukan dengan pihak-pihak yang tidak mempunyai hubungan istimewa. Transaksi-transaksi tersebut meliputi antara lain:

In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. Management believes that these transactions were made at normal terms and conditions as those conducted with non related parties. These transactions included the following:

a.

0,07% (Rp 2.077.991.700) dari jumlah pendapatan usaha pada tahun 2006 merupakan jasa uang tambang, perantaraan kapal dan sewa yang berasal dari PT Arpeni Pratama Ocean Line Tbk (pihak yang mempunyai hubungan istimewa).

a. Manning, agency and charter fees from PT Arpeni Pratama Ocean Line Tbk (related party) accounted for 0.07% (Rp 2,077,991,700) in 2006 of the total operating revenues.

b.

0,84% dan 1,67% dari jumlah beban usaha langsung atas kapal yang dimiliki dan disewa pada tahun 2007 dan 2006 merupakan beban yang dibayarkan kepada pihak-pihak yang mempunyai hubungan istimewa.

b. Expenses paid to related parties accounted for 0.84% in 2007 and 1.67% in 2006 of total operating expenses for owned and chartered vessels.

- 66 -




The details of expenses from related parties are as follows:

Rincian beban yang dibayarkan kepada pihak hubungan istimewa sebagai berikut:

2007 Rp

2006 Rp

Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama

15.436.985.636 4.092.484.995 1.407.709.248 107.082.642

22.181.481.150 5.656.353.933 4.798.008.093

Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama

Jumlah

21.044.262.521

32.635.843.176

Total

b. Saham Perusahaan milik PT Tunggaladhi Baskara sebanyak 66.188.311 saham dan 167.142.857 saham pada tahun 2007 dan 2006 dijadikan jaminan atas hutang bank Perusahaan kepada Bank Central Asia pada tahun 2007 dan 2006 (Catatan 12 dan 16b).

c.

PT Tunggaladhi Baskara’s 66,188,311 shares and 167,142,857 shares in 2007 and 2006 in the Company’s capital stock were used as collateral for the Company’s loan to Bank Central Asia in 2007 and 2006 (Notes 12 and 16b).

c. Total kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut:

d.

Total compensation of the Company’s key management (commissioners and directors) during the year are as follows:

2007 Rp

35.

2006 Rp

Imbalan jangka pendek Imbalan pasca kerja

15.525.716.100 6.223.818.905

6.500.675.527 2.980.988.055

Short-term benefits Post-employment benefits

Jumlah

21.749.535.005

9.481.663.582

Total

INFORMASI SEGMEN USAHA

35. SEGMENT INFORMATION

Segmen Usaha

Business Segment

Untuk kepentingan tujuan manajemen, saat ini Perusahaan dan anak perusahaan diorganisasikan berdasarkan tipe kapal charter seperti kimia, gas, minyak dan FPSO. Berikut ini disajikan informasi segmen utama yang merupakan dasar pelaporan bagi Perusahaan dan anak perusahaan.

For management purpose, the Company and its subsidiaries are currently organized based on type of vessels chartered - chemical, gas, oil and FPSO. These segments are the basis on which the Company and its subsidiaries report their primary segment information.

- 67 -




2007 Chemical Rp PENDAPATAN Pendapatan eksternal Jumlah pendapatan segmen Tidak dialokasi

Gas Rp

Oil Rp

FPSO Rp

1.997.253.554.461

199.181.621.427

1.333.993.916.388

100.040.937.576

3.630.470.029.852

REVENUES External revenues

1.997.253.554.461

199.181.621.427

1.333.993.916.388

100.040.937.576

3.630.470.029.852 11.302.888.949

Total segment revenues Unallocated

3.641.772.918.801

Total revenues per consolidated statement of income

Jumlah pendapatan per laporan laba rugi konsolidasi Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

206.070.552.977 392.667.669.257

5.949.312.867 20.213.852.688

97.123.807.846 210.796.293.609

108.895.638 -

Jumlah Biaya Pelayaran

598.738.222.234

26.163.165.555

307.920.101.455

108.895.638

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan Lain-lain

239.771.872.466

Jumlah Operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil Segmen

Total Rp

-

30.011.760.000

-

309.252.569.328 623.677.815.554

Segment expenses Voyage Expenses Port Charges Fuel

932.930.384.882

Total Voyage Expenses

269.783.632.466

Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Meal allowances Others

158.855.166.455 71.366.567.399 52.904.496.746 33.508.504.856 20.299.980.302 19.482.884.682 13.589.266.721 14.804.747.091 9.122.220.891 20.526.366.713

24.678.554.396 14.159.255.662 12.667.819.475 5.063.634.308 1.853.883.132 5.948.585.819 3.211.698.424 3.483.821.474 2.077.837.226 2.843.042.287

77.851.473.859 91.457.939.276 27.679.803.718 18.942.889.907 26.526.367.071 9.677.187.643 9.278.021.073 6.582.816.188 4.061.695.157 5.210.234.431

8.085.737.682 67.782.908 1.308.988.082 624.825.110 8.438.789.540 3.217.224.676 489.856.423 971.084.626 1.345.124.251 2.024.103.320

269.470.932.392 177.051.545.245 94.561.108.021 58.139.854.181 57.119.020.045 38.325.882.820 26.568.842.641 25.842.469.379 16.606.877.525 30.603.746.751

414.460.201.856 161.591.071.077

75.988.132.203 34.754.847.486

277.268.428.323 264.191.510.769

26.573.516.618 47.138.869.004

794.290.279.000 507.676.298.336

1.414.561.367.633

136.906.145.244

879.391.800.547

73.821.281.260

2.504.680.594.684

Total segment expenses

582.692.186.828

62.275.476.183

454.602.115.841

26.219.656.316

1.125.789.435.168

Segment result

Pendapatan dan biaya yang tidak dialokasikan Biaya agen dan pergudangan

11.302.888.949

Biaya Umum dan adminitrasi Biaya keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Perubahan nilai wajar atas obligasi konversi dari wesel bayar melalui laba rugi Keuntungan (kerugian) lain-lain

(239.021.215.552) (622.023.431.296) 108.125.672.085 (218.894.593)

378.867.386.679 5.259.869.980

Total Ship Operating Expenses Vessel Depreciation

Unallocated income and expenses Agency and storage fees General and administrative expenses Finance costs Investment income Equity in net loss of associates Change in fair value of convertible bonds and notes payable Other gains and losses *)


768.081.711.420 (9.099.928.173)

Profit before tax Tax expense

Laba tahun berjalan

758.981.783.247

Profit for the year

Informasi lain-lain Penambahan modal Tidak dialokasikan Jumlah penambahan modal Penyusutan Aktiva Aktiva segmen Tidak dialokasikan

9.501.081.585.176

184.836.860.122

993.798.690.000

63.240.168.935

161.591.071.077

34.754.847.486

264.191.510.769

47.138.869.004

12.005.427.248.653

944.419.650.959

3.266.046.634.464

426.960.433.333

Jumlah aktiva konsolidasi Kewajiban Kewajiban segmen

10.742.957.304.233 63.058.041.087

Other Information Capital additions Unallocated

10.806.015.345.320 507.676.298.336

Total capital additions Depreciation

16.642.853.967.409 4.025.770.580.631

Assets Segment assets Unallocated

20.668.624.548.040

1.709.036.725.518

38.616.491.316

80.485.326.221

5.226.875.951

1.833.365.419.006

Consolidated total assets Liabilities Segment liabilities

Tidak dialokasikan

15.519.677.432.525

Unallocated

Jumlah kewajiban konsolidasi

17.353.042.851.531

Consolidated total liabilities

*) Merupakan ”Jumlah keuntungan penjualan aktiva tetap, klaim asuransi, kerugian kurs mata uang asing – bersih dan lain-lain.

- 68 -

*) Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange and others - net.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 2006

Chemical Rp PENDAPATAN Pendapatan eksternal Jumlah pendapatan segmen Tidak dialokasi

Gas Rp

Oil Rp

Total Rp

1.594.940.729.553

148.477.468.347

1.317.613.349.502

3.061.031.547.402

REVENUES External revenues

1.594.940.729.553

148.477.468.347

1.317.613.349.502

3.061.031.547.402 12.756.063.108

Total segment revenues Unallocated

3.073.787.610.510


Jumlah pendapatan per laporan laba rugi konsolidasi Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

174.489.703.455 346.058.918.090

5.662.816.816 14.185.179.910

63.023.724.011 154.225.386.212

243.176.244.282 514.469.484.212


Jumlah Biaya Pelayaran

520.548.621.545

19.847.996.726

217.249.110.223

757.645.728.494


Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan Lain-lain

247.586.526.954

21.566.161.431

269.152.688.385

Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Meal allowances Others

Jumlah Operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil Segmen

-

76.296.121.393 46.888.073.304 42.286.938.409 25.558.212.480 13.817.807.707 9.922.365.899 5.425.900.312 6.930.708.680 8.484.723.614 19.801.930.821

11.669.097.206 8.860.472.102 7.194.338.527 4.588.493.109 2.305.542.384 2.790.253.419 1.350.233.166 1.835.262.672 1.341.096.592 2.468.887.942

71.853.940.798 48.875.653.727 27.013.285.253 20.005.783.188 25.062.791.228 8.729.962.572 9.523.094.784 6.421.234.105 2.330.964.326 12.233.890.302

159.819.159.397 104.624.199.133 76.494.562.189 50.152.488.777 41.186.141.319 21.442.581.890 16.299.228.262 15.187.205.457 12.156.784.532 34.504.709.065

255.412.782.619 128.894.168.301

44.403.677.119 20.211.814.383

232.050.600.283 243.722.894.042

531.867.060.021 392.828.876.726

1.152.442.099.419

84.463.488.228

714.588.765.979

1.951.494.353.626


442.498.630.134

64.013.980.119

603.024.583.523

1.109.537.193.776

Segment result

Pendapatan dan biaya yang tidak dialokasikan Biaya agen dan pergudangan Biaya Umum dan adminitrasi Biaya keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Keuntungan dan kerugian lain-lain


Unallocated income and expenses Agency and storage fees General and administrative expenses Finance costs Investment income Equity in net loss of associates

12.756.063.108 (175.901.461.657) (233.757.554.666) 55.648.803.894 (234.755.116) 445.987.235.925

*)

Other gains and losses


1.214.035.525.264 (8.755.626.247)

Profit before tax Tax expense

Laba tahun berjalan

1.205.279.899.017

Profit for the year

2.080.126.123.271 3.492.827.947

Other Information Capital additions Unallocated

2.083.618.951.218 392.828.876.726

Total capital additions Depreciation

7.125.225.728.866 1.080.730.222.706

Assets Segment assets Unallocated

Informasi lain-lain Penambahan modal Tidak dialokasikan Jumlah penambahan modal Penyusutan Aktiva Aktiva segmen Tidak dialokasikan

860.048.587.539

390.383.725.199

829.693.810.533

128.894.168.301

20.211.814.383

243.722.894.042

2.876.796.204.456

183.099.280.211

4.065.330.244.199

Jumlah aktiva konsolidasi Kewajiban Kewajiban segmen

1.422.266.742.022

1.471.734.955.594

Tidak dialokasikan

2.123.281.396.273

8.205.955.951.572

Consolidated total assets

5.017.283.093.889

Liabilities Segment liabilities

57.513.311.183

Jumlah kewajiban konsolidasi

5.074.796.405.072

*) Merupakan ”Jumlah keuntungan penjualan aktiva tetap, klaim asuransi, keuntungan (kerugian) kurs mata uang asing – bersih dan lain-lain.

- 69 -

Unallocated Consolidated total liabilities

*) Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange and others - net.




Segmen Geografis

Geographic Segment

Perusahaan dan anak perusahaan berdomisili di dua area geografis utama: Malaysia dan Indonesia.

The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia.

Berikut ini adalah informasi segmen berdasarkan segmen geografis:

Segment information based on geographic segment is presented below: 2007

Malaysia Rp

Indonesia Rp

Eliminasi/ Eliminated Rp

Konsolidasi/ Consolidated Rp

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

3.244.437.335.795 261.823.321.361

397.335.583.006 -

(261.823.321.361)

3.641.772.918.801 -

REVENUES External revenues Inter-segment revenues

Jumlah pendapatan

3.506.260.657.156

397.335.583.006

(261.823.321.361)

3.641.772.918.801

Total revenues

2006

36.

Malaysia Rp

Indonesia Rp

Eliminasi/ Eliminated Rp

Konsolidasi/ Consolidated Rp

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

2.836.576.654.096 228.952.559.569

237.210.956.414 -

(228.952.559.569)

3.073.787.610.510 -

REVENUES External revenues Inter-segment revenues

Jumlah pendapatan

3.065.529.213.665

237.210.956.414

(228.952.559.569)

3.073.787.610.510

Total revenues

36. CAPITAL RISK MANAGEMENT

MANAJEMEN RISIKO MODAL

Perusahaan dan anak perusahaan mengelola modalnya untuk menjamin bahwa Perusahaan dan anak perusahaan mampu untuk melanjutkan kelangsungan hidup selain juga memaksimalkan keuntungan para pemegang saham melalui optimalisasi saldo hutang dan ekuitas.

The Company and its subsidiaries manages their capital to ensure that they will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

Struktur modal Perusahaan dan anak perusahaan terdiri dari hutang, dimana didalamnya termasuk pinjaman yang dijelaskan pada Catatan 12, 16, 17, 18, 19, 21 dan 22, kas, investasi tersedia untuk dijual dan ekuitas yang berasal dari ekuitas induk Perusahaan yang terdiri dari penerbitan saham, cadangan dan laba ditahan yang dijelaskan pada Catatan 4, 8, 23, 24 dan 25.

The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 12, 16, 17, 18, 19, 21 and 22, cash, available-forsale investments, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 4, 8, 23, 24 and 25.

Dewan Direksi Perusahaan secara periodik melakukan review terhadap struktur modal Perusahaan. Sebagai bagian dari proses review, Dewan Direksi mempertimbangkan biaya modal dan risiko yang berhubungan. Perusahaan juga memiliki pencapaian target rasio sebesar 150% yang ditentukan dengan proporsi hutang bersih terhadap ekuitas.

The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks. The Company also has a target gearing ratio of 150% determined as the proportion of net debt to equity.

- 70 -




Rasio hutang bersih terhadap ekuitas per tanggal 31 Desember 2007 dan 2006 adalah sebagai berikut: 2007 Rp

2006 Rp

Hutang Kas dan investasi tersedia untuk dijual

16.564.547.895.447

4.664.430.670.554

2.661.389.853.713

1.319.663.002.604

Debt Cash and available-for-sale investments

Hutang - bersih Ekuitas

13.903.158.041.734 3.315.581.696.509

3.344.767.667.950 3.131.159.546.500

Net debt Equity

Rasio hutang bersih terhadap ekuitas

37.

The gearing ratio as of December 31, 2007 and 2006 are as follows:

419%

107%

Net debt to equity ratio

Manajemen Perusahaan mempunyai beberapa rencana yang akan dilakukan pada semester pertama tahun 2008 untuk Perusahaan dan anak perusahaan dengan melakukan deleveraging yang diharapkan akan mengurangi rasio hutang bersih terhadap ekuitas menjadi 150% pada akhir tahun 2008. Hal ini termasuk rencana untuk membayar terlebih dahulu pinjaman sementara sebesar US$ 250.000.000 dan pendanaan ekuitas (equity financing) (Catatan 16).

The Company’s management has several plans to be executed in the first semester of 2008 for the Company and its subsidiaries deleveraging exercise which is expected to reduce the net gearing ratio to 150% at the end of 2008. This includes the plan to prepay the US$ 250,000,000 bridging loan and equity financing (Note 16).

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS)

37. RECONCILIATION OF IFRS AND INDONESIAN GAAP

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku di Indonesia (PSAK).

The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (PSAK).

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura, Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standard Pelaporan Keuangan Internasional (International Financial Reporting Standard / IFRS).

In connection with the listing of the Company’s shares on the Singapore Exchange Securities Trading Limited, the Company also issued consolidated financial statements prepared under IFRS.

Perbedaan signifikan antara dijelaskan sebagai berikut:

Significant differences between PSAK and IFRS are described below:

PSAK

dan

IFRS

a. Goodwill

a. Goodwill

Berdasarkan PSAK, goodwill yang timbul dari akuisisi usaha diakui sebagai aktiva dan diamortisasi menjadi beban selama masa manfaatnya menggunakan metode garis lurus. Periode amortisasi tidak boleh melebihi lima tahun, kecuali masa manfaat yang lebih panjang namun tidak lebih dari 20 tahun dapat dijustifikasi. Perusahaan mengamortisasikan goodwill selama 20 tahun. Pada setiap tanggal neraca, manajemen menilai apakah terdapat indikasi penurunan nilai pada setiap unit penghasil-kas yang mengandung goodwill tersebut.

Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to.

Berdasarkan IFRS, goodwill yang timbul dari akuisisi usaha pada awalnya diakui sebesar biaya perolehan, dan selanjutnya diukur sebesar biaya perolehan dikurangi akumulasi penurunan nilai.

Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses.

- 71 -




Ketika IFRS diterapkan, Perusahaan menghentikan amortisasi terhadap goodwill yang sudah dimulai 1 Januari 2003. Pada tanggal 31 Desember 2002 nilai akumulasi amortisasi sebesar Rp 10.192.917.729 yang diakui berdasarkan PSAK telah dieliminasi dengan memperhatikan penurunan nilai perolehan atas goodwill. Nilai amortisasi goodwill untuk tahun yang berakhir 31 Desember 2007 dan 2006 berdasarkan PSAK, sebesar Rp 4.359.734.306 dan Rp 3.260.541.999 telah dijurnal balik berdasarkan IFRS. b.

Aktiva Tetap

In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003. The accumulated amortization of Rp 10,192,917,729 recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of Rp 4,359,734,306 and Rp 3,260,541,999 for the years ended December 31, 2007 and 2006 recognized under Indonesian GAAP has also been reversed under IFRS. b. Property, Plant and Equipment

PSAK pada dasarnya tidak mengijinkan perusahaan untuk mengakui kenaikan nilai aktiva tetap yang terjadi setelah perolehan awal, namun pengecualian diberikan untuk revaluasi yang dilakukan berdasarkan peraturan Pemerintah. Berdasarkan ketentuan tersebut, Perusahaan dan anak perusahaan tidak mengakui kenaikan nilai akibat revaluasi dan mengukur aktiva tetapnya sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi penurunan nilai.

While Indonesian GAAP does not generally allows companies to recognize increases in value of property, plant and equipment that occur subsequent to acquisition, an exception is provided for revaluations made in accordance with government regulations. For Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases and continue to measure property, plant and equipment at cost less accumulated depreciation and any accumulated impairment losses.

Setelah pengakuan awal, apabila suatu aktiva tetap dapat diukur nilai wajarnya secara andal, maka IFRS mengijinkan aktiva tetap tersebut dicatat sebesar nilai revaluasinya, yang mencerminkan nilai wajar pada tanggal revaluasi, dikurangi akumulasi penyusutan dan akumulasi penurunan nilai, jika ada (Model Revaluasi sesuai IAS 16).

After initial recognition, IFRS allows an item of property, plant and equipment whose fair value can be measured reliably, to be carried at revalued amount, being the fair value at the date of revaluation, less subsequent accumulated depreciation and accumulated impairment losses, if any (the “Revaluation Model” under IAS 16).

Dalam laporan keuangan berdasarkan IFRS, Perusahaan dan anak perusahaan menerapkan Model Revaluasi untuk mengukur nilai tercatat kapal setelah pengakuan awal.

For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition.

Jika nilai tercatat kapal meningkat akibat revaluasi, kenaikan tersebut dikreditkan ke ekuitas dalam akun selisih revaluasi. Namun, kenaikan tersebut harus diakui terlebih dahulu dalam laporan laba rugi sebesar jumlah penurunan nilai akibat revaluasi sebelumnya atas kapal yang sama. Jika nilai tercatat kapal menurun akibat revaluasi, penurunan tersebut harus diakui dalam laporan laba-rugi. Namun, penurunan tersebut harus didebitkan terlebih dahulu ke ekuitas pada akun selisih revaluasi sebesar saldo kredit selisih revaluasi yang tersedia untuk kapal tersebut.

If the vessel’s carrying amount is increased as a result of a revaluation, the increase is credited directly to equity under the heading of revaluation reserve. However, the increase shall be recognized in profit or loss to the extent that it reverses a revaluation decrease of the same vessel previously recognized in profit of loss. If the vessel’s carrying amount is decreased as a result of revaluation, the decrease shall be recognized in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation surplus in respect of that vessel.

Berdasarkan PSAK, harga perolehan hak atas tanah dikapitalisasi kedalam nilai tanah dan tidak disusutkan. Sesuai dengan IFRS, hak atas tanah dipertimbangkan sebagai sewa dan hak semacam itu diamortisasi selama periode pemegang hak atas tanah memiliki hak tersebut.

Also, under Indonesian GAAP, the cost of acquired landrights are capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights.

- 72 -


c.

d.



Instrumen Keuangan

c. Financial Instruments

Berdasarkan PSAK, pinjaman bank jangka pendek dan jangka panjang dinyatakan pada nilai nominal, yang merupakan nilai pokok hutang. Biaya transaksi atas pinjaman bank diklasifikasikan sebagai biaya tangguhan dan diamortisasi menggunakan metode garis lurus sepanjang periode pinjaman. Untuk hutang obligasi, biaya penerbitan obligasi dikurangkan langsung dari hasil penerbitan obligasi. Selisih antara hasil penerbitan bersih dan nilai nominal obligasi diamortisasi menggunakan metode garis lurus sepanjang periode obligasi. Seluruh hasil penerbitan obligasi konversi diakui sebagai kewajiban.

Under Indonesian GAAP, short-term and longterm bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from issuance of convertible bonds are recognized as liabilities.

Berdasarkan IFRS, kewajiban keuangan dinyatakan sebesar nilai yang telah diamortisasi. Obligasi konversi yang jatuh tempo tahun 2010 dipisahkan sebagai komponen kewajiban dan komponen ekuitas.

Under IFRS, financial liabilities are measured at amortized cost. Convertible bonds due in 2010 are separated into its liability component and its equity component.

Pengukuran dan Mata Uang Pelaporan

d. Measurement and Reporting Currency

Berdasarkan PSAK, mata uang pelaporan yang digunakan oleh perusahaan di Indonesia adalah Rupiah. Perusahaan dapat menggunakan mata uang lainnya, hanya jika mata uang lainnya tersebut memenuhi definisi mata uang fungsional. Untuk tujuan pelaporan di Indonesia pembukuan Perusahaan dilakukan dalam mata uang Rupiah dan Perusahaan juga menyajikan laporan keuangan konsolidasi dalam Rupiah.

Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Company maintains its books of accounts in Rupiah and presents the consolidated financial statements also in Rupiah.

Berdasarkan IFRS, perusahaan wajib mengukur transaksi berdasarkan mata uang fungsional. IFRS mengijinkan penggunaan suatu mata uang penyajian laporan keuangan yang berbeda dengan mata uang fungsional.

Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency.

Dalam penyusunan laporan keuangan berdasarkan IFRS, manajemen memutuskan bahwa mata uang fungsional Perusahaan adalah Dolar Amerika Serikat. Untuk tujuan pelaporan berdasarkan IFRS, transaksi diukur dengan mata uang fungsional dari masing-masing perusahaan.

In preparing the consolidated financial statements based on IFRS, management has determined that the Company’s functional currency is the US Dollar. For IFRS reporting purposes, the transactions were measured in terms of the functional currency of the respective entity.

Berikut merupakan penyesuaian yang signifikan terhadap laba bersih konsolidasi untuk tahun yang berakhir 31 Desember 2007 dan 2006 serta laporan perubahan ekuitas per 31 Desember 2007 dan 2006 dari PSAK ke IFRS:

A summary of the significant adjustments to consolidated net income for the years ended December 31, 2007 and 2006 and to consolidated stockholders’ equity as of December 31, 2007 and 2006 from Indonesian GAAP to IFRS are set forth below:

- 73 -


Penyesuaian IFRS - kenaikan (penurunan): Amortisasi goodwill Penyusutan kapal dan peralatan yg dinilai kembali Penurunan nilai revaluasi Kerugian penjualan aktiva tetap kapal berdasarkan kapal yang telah direvaluasi Pemulihan atas penurunan penilaian kembali Amortisasi hak atas tanah Kewajiban keuangan yang disajikan dalam biaya amortisasi

Rp USD

758.981.783.247 87.147.221

1.205.279.899.017 127.312.935

(b)

USD USD

(4.598.403) -

(b)

USD

(12.855.487)

-

Depreciation of revalued vessels Revaluation decrease Loss on sale of property adjustment based on revalued amounts of vessels

(b)

USD USD

5.537.610 (43.033)

-

Recovery of revaluation decrease Amortization of landrights

(c)

USD

678.282

4.539.784

Measurement of financial liabilities at amortized cost

Rp USD

794.504

IFRS adjustments - increase (decrease) due to: Amortization of goodwill

USD

Ekuitas sesuai dengan Neraca Konsolidasi dalam PSAK

911.202

Profit for the year according to the consolidated statements of income prepared under Indonesian GAAP

(a)

Total penyesuaian Laba konsolidasi sesuai dengan IFRS

Penyesuaian IFRS - kenaikan (penurunan): Amortisasi of goodwill Selisih revaluasi Penyusutan kapal dan peralatan yg dinilai kembali Kerugian penjualan aktiva tetap kapal berdasarkan kapal yang telah direvaluasi Perbedaan antara beban penyusutan berdasarkan nilai revaluasi dengan harga perolehan Amortisasi hak atas tanah Penurunan dalam revaluasi kapal dan peralatan Kerugian selisih kurs Opsi premium atas obligasi konversi Kewajiban keuangan yang disajikan dalam biaya amortisasi


31 Desember/December 31, 2007 2006

Catatan/ Note

Laba konsolidasi sesuai dengan standar PSAK


(8.376.793) (16.780.781)

(10.369.829)

(19.823.286)

76.777.392

107.489.649

3.315.581.696.509 368.251.538

3.131.159.546.500 358.293.829

(a) (b)

USD USD

4.089.214 208.571.169

3.178.012 170.315.215

(b)

USD

(12.951.431)

(8.353.028)

(b)

USD

(13.690.815)

(835.328)

(b)

USD USD

36.387.039 (43.033)

16.366.646 -

(b) (c)

USD USD

(15.340.980) (189.842)

(20.878.590) (189.842)

(c)

USD

177.244

25.470

(34.470)

(712.752)

Total adjustments Profit for the year in accordance with IFRS Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Revaluation reserve Depreciation of revalued vessels Loss on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease Foreign exchange loss Option premium on convertible bonds Measurement of financial liabilities at amortized cost

Total Penyesuaian

206.974.095

158.915.803

Total adjustments

Ekuitas berdasarkan IFRS

575.225.633

517.209.632

Equity in accodance with IFRS

- 74 -


38.



38.

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS)

RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

a. Rekonsiliasi neraca antara IFRS dengan PSAK 31 Desember 2007 dan 2006.

a.

Reconciliation of balance sheet between IFRS and Indonesian GAAP at December 31, 2007 and 2006.

2007 PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling Items USD

GAAP IDR (dalam ribuan)/ (in thousand) Aktiva tetap - bersih

USD

IFRS USD

15.810.718.725

1.689.981.767

201.644.453

1.891.626.220

7.911.960 194.723.541 1.030.653.493

840.000 20.715.570 113.871.313

1.143.580

840.000 20.715.570 115.014.893

17.044.007.719

1.825.408.650

202.788.033

2.028.196.683

Piutang usaha Investasi tersedia untuk dijual Kas Aktiva lancar lainnya

713.431.861 680.967.273 1.980.422.581 249.795.114

75.668.908 72.297.194 210.315.293 26.562.555

Jumlah Aktiva Lancar

3.624.616.829

Jumlah Aktiva Modal saham Agio saham

Uang muka pembelian aktiva tetap Investasi pada perusahaan asosiasi Aktiva tidak lancar lainnya Jumlah Aktiva Tidak Lancar

Pembelian saham kembali

-

Property, vessels and equipment - net Advances for the purchase of property, vessels and equipment Investments in associates Other non-current assets Total Non-current Assets

45.040

75.668.908 72.297.194 210.315.293 26.607.595

Trade accounts receivable Available-for-sale investments Cash Other current assets

384.843.950

45.040

384.888.990

Total Current Assets

20.668.624.548

2.210.252.600

202.833.073

2.413.085.673

259.938.152 533.010.299

59.347.625 60.841.768

177.244

59.347.625 61.019.012

(780.921.641)

(86.628.085)

-

(86.628.085)

192.459.876

(91.428)

-

(91.428)

-

2.140.275

Total Assets Share capital Additional paid-in capital Treasury stock

Selisih kurs karena penjabaran laporan keuangan Laba yang belum direalisasi atas investasi yang tersedia untuk dijual Selisih transaksi perubahan ekuitas perusahaan asosiasi Selisih revaluasi Saldo laba

(39.164.165) 3.130.099.930

(4.157.996) 336.799.379

208.571.169 (1.774.318)

(4.157.996) 208.571.169 335.025.061

Unrealized gain on available-for-sale investments Difference due to change of equity in associate Revaluation reserve Retained earnings

Jumlah Ekuitas

3.315.581.697

368.251.538

206.974.095

575.225.633

Total Equity

Long-term liabilities - net of current maturities Bank loans Bonds payable Obligations under finance lease Convertible bonds Notes payable Other non-current liabilities

Kewajiban jangka panjang setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Hutang bank Hutang obligasi Sewa pembiayaan Obligasi konversi Wesel bayar Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar Hutang bank jangka pendek Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar Jumlah Ekuitas dan Kewajiban

20.159.246

2.140.275

Translation adjustment

5.707.024.658 891.338.064 810.079.396 1.210.730.033 3.255.835.589 279.204.449

605.932.904 94.597.194 86.004.820 128.541.250 345.666.800 29.642.685

(3.317.844) 10.161 -

602.615.060 94.607.355 86.004.820 128.541.250 345.666.800 29.642.685

12.154.212.189

1.290.385.653

(3.307.683)

1.287.077.970

2.814.873.000 142.614.516

298.850.515 15.416.568

-

298.850.515 15.416.568

Short-term bank loans Trade accounts payable

1.752.220.155 489.122.991

185.990.621 51.357.705

(833.339) -

185.157.282 51.357.705

Current maturities of long-term liabilities Other current liabilities

5.198.830.662

551.615.409

20.668.624.548

2.210.252.600

- 75 -

(833.339) 202.833.073

550.782.070 2.413.085.673

Total Non-current Liabilities

Total Current Liabilities Total Equity and Liabilities




PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling Items USD

GAAP IDR (dalam ribuan)/ (in thousand) Aktiva tetap - bersih

USD

5.903.931.712

660.941.570

13.779.904

1.527.705

224.237.821 91.529.890

24.898.122 14.891.906

501.976

24.898.122 15.393.882

Investments in associates Other non-current assets

6.233.479.327

702.259.303

157.116.891

859.376.194

Total Non-current Assets

507.044.910 433.572.296 886.090.707 145.768.712

56.093.192 48.067.882 98.237.167 16.215.018

-

56.093.192 48.067.882 98.237.167 16.215.018

Jumlah Aktiva Lancar

1.972.476.625

218.613.259

-

218.613.259

Jumlah Aktiva

8.205.955.952

920.872.562

Modal saham Agio saham

259.848.277 524.840.215

59.337.930 60.067.002

-

59.337.930 60.067.002

Pembelian saham kembali

(250.323.928)

(27.188.806)

-

(27.188.806)

Uang muka pembelian aktiva tetap Investasi pada perusahaan asosiasi Aktiva tidak lancar lainnya Jumlah Aktiva Tidak Lancar Piutang usaha Investasi tersedia untuk dijual Kas Aktiva lancar lainnya

156.614.915

IFRS USD

-

817.556.485 1.527.705

157.116.891

1.077.989.453

Opsi premium atas obligasi konversi Selisih kurs karena penjabaran laporan keuangan Laba yang belum direalisasi atas investasi yang tersedia untuk dijual Selisih revaluasi Saldo laba Jumlah Ekuitas

Property, vessels and equipment - net Advances for the purchase of property, vessels and equipment

Trade accounts receivable Available-for-sale investments Cash Other current assets Total Current Assets Total Assets Share capital Additional paid-in capital Treasury stock Option premium on convertible

-

-

25.470

75.251.643

(9.355)

612.296

67.882

2.520.931.044 3.131.159.547

-

25.470 (9.355)

bonds Translation adjustment

266.019.176

170.315.215 (11.424.882)

67.882 170.315.215 254.594.294

Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings

358.293.829

158.915.803

517.209.632

Total Equity

Kewajiban jangka panjang setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Hutang bank Hutang obligasi Obligasi konversi Kewajiban tidak lancar lainnya

3.194.725.883 396.997.246 29.315.000 167.294.943

354.182.471 43.984.820 3.250.000 18.547.111

(1.420.316) (50.905) 151.774 -

352.762.155 43.933.915 3.401.774 18.547.111

Long-term liabilities - net of current maturities Bank loans Bonds payable Convertible bonds Other non-current liabilities

Jumlah Kewajiban Tidak Lancar

3.788.333.072

419.964.402

(1.319.447)

418.644.955


193.052.200 88.784.156

21.402.683 9.857.959

-

21.402.683 9.857.959

Short-term bank loans Trade accounts payable

733.080.342 271.546.635

81.272.765 30.080.924

(479.465) -

80.793.300 30.080.924

Current maturities of long-term bank loans Other current liabilities

Jumlah Kewajiban Lancar

1.286.463.333

142.614.331

(479.465)

142.134.866

Jumlah Ekuitas dan Kewajiban

8.205.955.952

920.872.562

Hutang bank jangka pendek Hutang usaha Hutang bank jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya

- 76 -

157.116.891

1.077.989.453

Total Current Liabilities Total Equity and Liabilities


b.



Rekonsiliasi laporan laba rugi antara IFRS dan PSAK untuk tahun yang berakhir 31 Desember 2007 dan 2006

b.

Reconciliation of statements of income between IFRS and Indonesian GAAP for the year ended December 31, 2007 and 2006

2007 PSAK/ INDONESIAN GAAP IDR (dalam ribuan)/ (in thousands) Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Pendapatan (beban) keuangan dan lain-lain bersih Beban keuangan Pendapatan investasi Bagian rugi perusahaan asosiasi Keuntungan dan kerugian lain-lain

USD

Rekonsiliasi/ Reconciling Items USD

IFRS USD

3.641.772.919 (932.930.385) *

398.642.549 (103.789.795) *

-

398.642.549 (103.789.795)

2.708.842.534 (269.783.633) *

294.852.754 (29.529.732) *

-

294.852.754 (29.529.732)

(659.483.172) * (642.483.405) *

(72.181.523) * (71.251.576) *

(3.095.934)

(72.181.523) (74.347.510)

Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(1.301.966.577)

(143.433.099)

(3.095.934)

(146.529.033)

1.137.092.324

121.889.923

(3.095.934)

118.793.989

Gross profit

(239.021.216)

(24.593.152)

2.623.330

(21.969.822)

General and administrative

898.071.108

97.296.771

(472.604)

96.824.167

Income before financial and other items

(622.023.431) 108.125.672

(67.289.569) 11.814.557

(1.988.081) -

(69.277.650) 11.814.557

(218.895)

(24.556)

-

(24.556)

Net financial and other items Finance costs Investment income Equity in net loss of associates

384.127.257

46.345.910

(7.909.144)

38.436.766

(129.989.397)

(9.153.658)

(9.897.225)

(19.050.883)


768.081.711 (9.099.928)

88.143.113 (995.892)

(10.369.829) -

77.773.284 (995.892)


Laba tahun berjalan

758.981.783

87.147.221

(10.369.829)

76.777.392

Profit for the year

* Merupakan "Jumlah biaya langsung" menurut PSAK * Presented as "Total direct costs" in Indonesian GAAP

- 77 -





PSAK/ INDONESIAN GAAP IDR

Rekonsiliasi/ Reconciling Items USD

USD

IFRS USD

(dalam ribuan)/ (in thousands) Pendapatan usaha Biaya pelayaran

3.073.787.611 (757.645.728) *

335.216.811 (82.537.773) *

-

335.216.811 (82.537.773)

2.316.141.883 (269.152.688) *

252.679.038 (29.351.438) *

-

252.679.038 (29.351.438)

(467.450.605) * (457.245.333) *

(50.895.135) * (50.738.523) *

Pendapatan operasi setelah biaya pelayaran Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

Operating revenues after

(924.695.938) Laba kotor Beban umum dan administrasi

1.122.293.257

Pendapatan (beban) keuangan dan lain-lain bersih Beban keuangan Pendapatan investasi Bagian rugi perusahaan asosiasi Keuntungan dan kerugian lain-lain

voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

124.780 (8.376.793)

(50.770.355) (59.115.316)

(101.633.658)

(8.252.013)

(109.885.671)

121.693.942

(8.252.013)

113.441.929

Gross profit

(18.520.558)


(175.901.462)

(19.219.842)

699.284

946.391.795

102.474.100

(7.552.729)

94.921.371

(233.757.555) 55.648.804

(26.413.276) 6.124.646

3.715.720 -

(22.697.556) 6.124.646

(234.755)

(25.319)

Laba sebelum biaya keuangan dan lain-lain

Operating revenues Voyage expenses

Income before financial and

-

(25.319)

other items

Net financial and other items Finance costs Investment income Equity in net loss of associates

445.987.236

46.107.629

(15.986.277)

30.121.352


267.643.730

25.793.680

(12.270.557)

13.523.123


1.214.035.525 (8.755.626)

128.267.780 (954.845)

(19.823.286) -

108.444.494 (954.845)


Laba tahun berjalan

1.205.279.899

127.312.935

(19.823.286)

107.489.649

Profit for the year

* Merupakan "Jumlah biaya langsung" menurut PSAK * Presented as "Total direct costs" in Indonesian GAAP

39.

IKATAN

a.

39.

Perusahaan dan anak perusahaan memiliki beberapa kontrak pengangkutan muatan dengan Pertamina dengan nilai kontrak sebesar USD 7.000.000 – USD 44.000.000 per tahun dengan akhir kontrak bervariasi antara tahun 2008 – 2011.

- 78 -

COMMITMENTS

a.

The Company and its subsidiaries have some charter contracts with Pertamina with contract amount of USD 7,000,000 – USD 44,000,000 per year, which will end between 2008 – 2011.




Pada tanggal neraca Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan adalah sebagai berikut:

At the balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:

2007 Rp

2006 Rp

Dalam satu tahun Dari tahun kedua sampai kelima

400.677.734.720 499.750.071.840

485.589.991.992 823.167.149.700

Jumlah

900.427.806.560

1.308.757.141.692

Perusahaan mencatat pendapatan dari kontrakkontrak tersebut sebesar Rp 396.796.653.801 dan Rp 470.092.278.975 masing-masing untuk tahun 2007 dan 2006. b.

Perusahaan dan anak perusahaan memiliki beberapa kontrak carter dengan pihak ketiga senilai USD 8.000.000 – USD 36.500.000 per tahun, dimana kontrak akan berakhir antara tahun 2009 - 2013.

Within one year In the second to fifth years inclusive Total

Revenues earned by the Company on these contracts amounted to Rp 396,796,653,801 in 2007 and Rp 470,092,278,975 in 2006. b.

Pada tanggal neraca, Perusahaan dan anak perusahaan memiliki perjanjian dengan perincian sebagai berikut:

The Company and its subsidiaries have some charter contracts with third parties amounting to USD 8,000,000 – USD 36,500,000 per year, which will end between 2009-2013. At balance sheet date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, which fall due as follows:

2007 Rp

2006 Rp

Dalam satu tahun Dari tahun kedua sampai kelima Setelah lima tahun

298.833.888.885 1.224.641.995.814 -

249.787.853.771 994.062.197.834 71.516.940.040

Jumlah

1.523.475.884.699

1.315.366.991.645

Pembayaran sewa minimum berdasarkan perjanjian dicatat sebagai beban sebesar Rp 269.783.631.552 tahun 2007 dan Rp 268.154.737.568 tahun 2006.

Within one year In the second to fifth years inclusive After five years Total

The minimum lease payments under charter contracts recognized as an expense amounted to Rp 269,783,631,552 and Rp 268,154,737,568 in 2007 and 2006, respectively.

c.

Perusahaan dan anak perusahaan memiliki beberapa kontrak pembangunan kapal baru dengan galangan kapal di Jepang dengan total nilai kontrak sekitar JPY 26.695.400.000 (USD 235.450.697) tahun 2007 dan JPY 19.510.900.000 (USD 163.957.143) dan USD 185.762.556 tahun 2006.

c.

The Company and its subsidiaries have several contracts with the shipyard in Japan for the construction of new vessels with total contract price of approximately JPY 26,695,400,000 (USD 235,450,697) in 2007 and JPY 19,510,900,000 (USD 163,957,143) and USD 185,762,556 in 2006.

d.

Chembulk Trading II LLC (anak perusahaan) memperoleh fasilitas L/C sejumlah USD 29.200.000 dari Nordea Bank Norge ASA, Grand Cayman. Fasilitas ini dijamin dengan rekening koran sebesar USD 29.200.000 yang disajikan pada akun Rekening Bank Yang Dibatasi Penggunaannya.

d.

Chembulk Trading II LLC (a subsidiary) obtained a letter of credit facility amounting to USD 29,200,000 from Nordea Bank Norge ASA, Grand Cayman Branch. Such facility is secured by a current account amounting to USD 29,200,000 which is presented under Restricted Cash in Bank.

- 79 -


40.



AKTIVA DAN KEWAJIBAN MONETER DALAM MATA UANG ASING

40. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2007 dan 2006, Perusahaan dan anak perusahaan PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama dan PT Bayu Lestari Tanaya mempunyai aktiva dan kewajiban moneter dalam mata uang asing sebagai berikut:

At December 31, 2007 and 2006, the Company and its subsidiaries, PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama, PT Bayu Lestari Tanaya had monetary assets and liabilities in foreign currencies as follows:

2007 Mata Uang Asing/ Foreign Currencies Aktiva Kas dan setara kas

Investasi tersedia untuk dijual Piutang usaha - Pihak hubungan istimewa - Pihak ketiga

2006

Ekuivalen Rupiah/ Equivalent to Rupiah' 000

Ekuivalen Rupiah/ Equivalent to Rupiah' 000

USD SGD JPY HKD GBP USD

7.119.465 95.209 1.875.692 12.391.834 72.061.631

67.058.238 619.084 155.814 233.017.409 678.748.502

3.201.621 34.492 2.629.276 705 14.065.149 48.067.882

28.878.623 191.012 199.287 818 248.908.141 433.572.296

USD SGD USD JPY THB

1.905.051 127.732 4.155.036 665.516 1.393

12.387.364 1.203.110 39.136.279 55.284 389

2.846.411 6.078.599 -

25.674.629 54.828.962 -

Jumlah aktiva

1.032.381.473

Kewajiban Hutang usaha - Pihak hubungan istimewa - Pihak ketiga Hutang bank jangka panjang Hutang lain-lain

USD USD USD USD

20.619 4.076.422 56.702.857 13.000.000

194.206 38.395.817 534.084.212 122.447.000

244.484 3.670.939 57.571.600 13.002.675

Assets Cash and cash equivalents

Available-for-sale investments Trade accounts receivable - Related parties - Third parties

792.253.768

Total assets

2.205.246 33.111.866 519.295.832 117.284.129

Liabilities Trade accounts payable - Related parties - Third parties Long-term bank loans Other accounts payable

Jumlah kewajiban

695.121.235

671.897.073

Total liabilities

Jumlah Aktiva Bersih

337.260.238

120.356.695

Net Assets

Pada tanggal 31 Desember 2007 dan 2006, kurs konversi yang digunakan sebagai berikut:

Mata Uang 1 Dollar Amerika Serikat 1 Dollar Singapura 1 Dollar Hong Kong 1 Yen Jepang 1 Poundsterling Inggris 1 Bath Thailand

41.

Mata Uang Asing/ Foreign Currencies

PERISTIWA NERACA

PENTING

SETELAH

The conversion rates used by the Company and its subsidiaries on December 31, 2007 and 2006 were as follows:

2007 Rp

2006 Rp

9.419,00 6.502,38 1.027,95 83,07 18.804,11 279,00

9.020,00 5.878,73 1.160,41 75,80 17.696,80 254,45

TANGGAL

Foreign Currency USD 1 SGD 1 HKD 1 JPY 1 GBP 1 THB 1

41. SUBSEQUENT EVENTS

a. Pada tanggal 18 dan 20 Januari 2008, anak

a. On January 18 and 20, 2008, subsidiaries,

perusahaan Lenani Maritime Inc. dan Melani Maritime Inc mengadakan perjanjian kerjasama pembangunan kapal gas dan kimia (M.T. Gas Madura, M.T. Gas Bangka, M.T. Gas Batam, M.T. Gas Karimun, M.T. Watari dan M.T. Wardani) dengan pihak ketiga Venus Ocean Navigation S.A. dan Mitsubishi Corp. dengan total nilai JPY 17.763.414.000.

Lenani Maritime Inc. and Melani Maritime Inc entered into memorandum of agreements with third parties Venus Ocean Navigation S.A. and Mitsubishi Corp. to build gas and chemical tankers (M.T. Gas Madura, M.T. Gas Bangka, M.T. Gas Batam, M.T. Gas Karimun, M.T. Watari and M.T. Wardani) with a total contract price of JPY 17,763,414,000.

- 80 -




b. Pada

bulan Januari 2008, Perusahaan memperoleh pinjaman dalam bentuk kredit modal kerja dari Bank Mandiri dengan jumlah Rp 350.000.000.000. Jatuh tempo pada bulan Januari 2009 dengan tingkat bunga 8,9% per tahun, dimana pembayarannya setiap bulan.

c. Sampai dengan tanggal 31 Desember 2007 sisa waran yang kadaluarsa sebesar 720.024, waran ini tidak dapat dilaksanakan lagi karena berdasarkan akta No. 32 tanggal 17 Oktober 2002 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta bahwa jangka waktu waran berakhir pada 18 Januari 2008 dan Perusahaan memutuskan untuk tidak memperpanjang jangka waktu pelaksanaannya

42.

b. In January 2008, the Company obtained a working capital credit facility from Bank Mandiri with maximum credit of Rp 350,000,000,000 due in January 2009. Interest rate per annum is 8.9%, which is paid on monthly basis.

c. Warrants

amounting to 720,024 up to December 31, 2007 are no longer exercisable because based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the warrants expired on January 18, 2008 and the Company decided not to extend those warrants.

d. Pada tanggal 22 Januari 2008, pemegang

d. On January 22, 2008, the Bondholders of

obligasi Berlian Laju Tanker II menyetujui pengantian PT Bank Mandiri (Persero) Tbk sebagai wali amanat dan penunjukan PT Bank Niaga Tbk sebagai wali amanat yang baru.

Berlian Laju Tanker II Bond approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as a the new Trustee.

PERNYATAAN STANDAR KEUANGAN (PSAK) BARU

AKUNTANSI

42. NEW FINANCIAL (PSAK)

ACCOUNTING

STANDARD

Sampai dengan tanggal penerbitan laporan keuangan konsolidasi Perusahaan belum menerapkan beberapa pernyataan standar akuntansi keuangan (PSAK) baru yang telah diterbitkan sebagai berikut :

As of the issuance date of the consolidated financial statements the following revise accounting standard were issue but not yet adopted :

PSAK 16 (Revisi 2007), Aktiva Tetap

PSAK 16 (Revised 2007), Property, Plant and Equipment

Pada bulan Mei 2007, DSAK mengeluarkan standar akuntansi untuk aset tetap, menggantikan PSAK 16, Aktiva Tetap dan Aktiva Lain-lain dan PSAK 17, Akuntansi Penyusutan. PSAK 16 revisi antara lain mengharuskan pengakuan estimasi awal biaya pembongkaran dan pemindahan aset tetap dan restorasi lokasi aset sebagai bagian dan biaya perolehan aset yang bersangkutan, serta memperbolehkan penggunaan model Biaya atau model Revaluasi dalam pengukuran aset tetap setelah pengakuan awal. Nilai residu dan estimasi umur manfaat setiap aset harus ditelaah (review) minimum setiap akhir tahun buku. Biaya-biaya yang timbul setelah perolehan awal dievaluasi pada saat terjadinya sesuai dengan prinsip pengakuan yang berlaku umum. Transaksi pertukaran aset tetap harus diukur pada nilai wajar, kecuali jika transaksi pertukaran tidak memiliki substansi komersial.

In May 2007, the DSAK issued the revised accounting standard on property, plant and equipment, which supersedes PSAK 16, Fixed Assets and Other Assets and PSAK 17, Depreciation. The revised PSAK 16 requires among other things the recognition in the cost of an asset the initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located, and allows the use of the Cost or Revaluation model in measuring the asset subsequent to initial recognition. The residual value and estimated useful life of an asset shall be reviewed at least at each financial year end. In accounting for subsequent costs, an entity evaluates under the general recognition principle all property, plant and equipment costs at the time they are incurred. Asset exchange transactions shall be measured at fair value unless the exchange transaction lacks commercial substance.

Standar ini berlaku efektif untuk laporan keuangan yang mencakup periode yang dimulai pada atau setelah tanggal 1 Januari 2008 dan mengatur beberapa ketentuan transisi. Manajemen sedang mengevaluasi dampak dari standar ini terhadap laporan keuangan Perusahaan.

This standard is effective for financial statements beginning on or after January 1, 2008. Management is evaluating the effect of this standard on the Company’s financial statements.

- 81 -




PSAK 50 (Revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan

PSAK 50 (Revised 2006), Financial Instruments: Presentation and Disclosures

Pada bulan Desember 2006, DSAK mengeluarkan PSAK 50 (Revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan, menggantikan ketentuan penyajian dan pengungkapan yang diatur dalam PSAK 50 (1998), Akuntansi Investasi Efek Tertentu, dan PSAK 55 (Revisi 1999), Akuntansi Instrumen Derivatif dan Aktivitas Lindung Nilai.

In December 2006, DSAK issued PSAK 50 (Revised 2006), Financial Instruments: Presentation and Disclosures, which supersedes the presentation and disclosure requirements of PSAK 50 (1998), Accounting for Investments in Certain Securities, and PSAK 55 (Revised 1999), Accounting for Derivatives and Hedging Activities.

Tujuan standar revisi ini adalah untuk menetapkan prinsip-prinsip penyajian dan pengungkapan instrumen keuangan sebagai kewajiban atau ekuitas dan saling hapus aset keuangan dan kewajiban keuangan. Standar ini berlaku terhadap klasifikasi instrumen keuangan, dan perspektif penerbit, dalam aset keuangan, kewajiban keuangan, dan instrumen ekuitas; pengklasifikasian yang terkait dengan suku bunga, dividen, kerugian dan keuntungan; dan keadaan dimana aset keuangan dan kewajiban keuangan akan saling hapus. Prinsip-prinsip dalam standar ini melengkapi prinsip untuk pengakuan dan pengukuran aset keuangan dan kewajiban keuangan dalam PSAK 55 (Revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran.

The objective of the revised standard is to establish principles for the presentation and disclosures of financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of the related interests, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. The principles in this standard complement the principles for recognizing and measuring financial assets and financial liabilities in PSAK 55 (Revised 2006), Financial Instruments: Recognition and Measurement.

Standar ini diterapkan secara prospektif untuk periode yang dimulai pada atau setelah tanggal 1 Januari 2009. Meskipun penerapan Iebih dini dianjurkan, standar ini tidak dapat diterapkan untuk periode tahunan yang dimulai sebelum 1 Januari 2009, kecuali jika entitas tersebut juga menerapkan PSAK 55 (Revisi 2006). Jika entitas menerapkan standar ini untuk periode sebelum 1 Januari 2009, maka fakta ini harus diungkapkan.

This standard should be applied prospectively for periods beginning on or after January 1, 2009. Although earlier application is encouraged this standard should not be adopted for periods beginning before January 1, 2009 unless PSAK 55 (Revised 2006) is also adopted. If an entity applies this standard for periods beginning before January 1, 2009, that fact should be disclosed.

Manajemen sedang mengevaluasi dampak dan standar ini terhadap laporan keuangan Perusahaan.

Management is evaluating the effect of this standard on the Company’s financial statements.

PSAK 55 (Revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran

PSAK 55 (Revised 2006), Financial Instruments: Recognition and Measurement

Pada bulan Desember 2006, DSAK mengeluarkan PSAK 55 (Revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran.

In December. 2006, DSAK issued PSAK 55 (Revised 2006), Financial Instruments: Recognition and Measurement.

Standar ini menetapkan prinsip-prinsip dasar pengakuan dan pengukuran aset keuangan, kewajiban keuangan dan kontrak pembelian atau penjualan item non keuangan. Standar ini juga menetapkan pedoman untuk penghentian pengakuan; jika aset dan kewajiban keuangan dinilai pada nilal wajar, bagaimana menentukan nilai wajar dan mengevaluasi penurunan nilai; setelah akuntansi lindung nilai.

This standard establishes the principles for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. The standard also provides guidance on derecognition, when financial assets and liabilities may be measured at fair value, how to determine fair value and assess impairment, as well as hedge accounting.

Standar ini menggantikan ketentuan pengakuan dan pengukuran yang diatur dalam standar akuntansi tertentu yang telah diterbitkan sebelumnya.

This standard supersedes the principles of financial instruments recognition and measurement prescribed in certain previously issued accounting standards.

- 82 -


43.



Entitas harus menerapkan standar ini secara prospektif untuk laporan keuangan yang mencakup periode yang dimulai pada atau setelah 1 Januari 2009. Penerapan Iebih dini diperkenankan. Dalam ketentuan transisi pada awal penerapan, entitas diperkenankan untuk mengakui, baik dalam laba rugi atau ekuitas, dampak dan pengakuan dan pengukuran sesuai ketentuan yang ada dalam standar ini atas instrumen keuangan yang ada pada akhir periode laporan keuangan sebelum tanggal efektif standar ini.

Entities shall apply this standard prospectively for financial statements covering the periods beginning on or after January 1, 2009. Early application is permitted. Among the transitional provisions on initial application, entities are allowed to recognize either in profit or loss or in equity the effect of the recognition and measurement prescribed by the standard to financial instruments existing before the effective date of the standard.

Manajemen sedang mengevaluasi dampak dari standar ini terhadap laporan keuangan Perusahaan.

Management is evaluating the effect of this standard on the Company’s financial statements.

PERSETUJUAN KONSOLIDASI

LAPORAN

KEUANGAN

43.

Laporan keuangan konsolidasi dari halaman 3 sampai dengan 83 telah disetujui Direksi Perusahaan untuk diterbitkan tanggal 27 Pebruari 2008.

********

- 83 -

APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements on pages 3 to 83 were approved by the Company’s Directors and authorized for issue on February 27, 2008.

This page has been intentionally left blank.

INDEPENDENT AUDITOR’S REPORT Laporan Auditor Independen


Annual Report 2007

Annual Report 2007


P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED 1. GENERAL a. Establishment and General Information P.T. Berlian Laju Tanker Tbk (the Company) is a limited liability company incorporated in Indonesia. Its activities comprise mainly of local and overseas shipping services. The Company is domiciled in Jakarta and has two branches in Merak and Dumai. Its head office is located at Wisma BSG, 10th Floor, Jl. Abdul Muis No. 40, Jakarta. The Company is one of the companies owned by the Bina Surya Group (BSG). b. Public Offering of Shares and Bonds The Company's offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990. On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (Bapepam) (currently the Capital Market and Financial Institutions Supervisory Agency or Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges on May 24, 1993. On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II to stockholders totaling to 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998. The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004 thus, the warrants’ exercise price since 2005 became Rp 150 per share. On June 29, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-1577/PM/2000 for its public offering of Berlian Laju Tanker I Bonds year 2000 with a nominal value of Rp 200,000,000,000 at fixed and/or floating rates. On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with a nominal value of Rp 500 per share at a price of Rp 1,100 per share. On May 12, 2003, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-1006/PM/2003 for its public offering of Berlian Laju Tanker II Bonds year 2003 and Syari’ah Mudharabah Bonds totaling Rp 400,000,000,000. On December 14, 2005, BLT Finance Corporation, a subsidiary, offered 1.25% guaranteed convertible bonds with a principal value of US$ 50,000,000. These convertible bonds are registered on the Singapore Exchange Securities Trading Limited (SGX-ST). On September 22, 2006, the Company obtained the eligibility to list all of the Company’s shares on the SGX-mainboard based on letter No. RMR/IR/YCH/260407 from the SGX-ST. In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006. On May 4, 2007, and May 17, 2007, BLT Finance B.V., a subsidiary, issued US$ 400,000,000 7.5% Guaranteed Senior Notes due 2014 and US$ 125,000,000 Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST.

-8-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Sukuk Ijarah Bonds year 2007 amounting to Rp 200,000,000,000 and Berlian Laju Tanker III Bonds year 2007 amounting to Rp 700,000,000,000. As of December 31, 2007, 4,159,010,436 issued shares have been listed on the stock exchanges in Indonesia and Singapore. 2.

ADOPTION OF NEW AND REVISED STANDARDS In the current year, the Company and its subsidiaries have adopted IFRS 7, Financial Instruments: Disclosures, which is effective for annual reporting periods beginning on or after January 1, 2007, and the consequential amendments to IAS 1, Presentation of Financial Statements. The impact of the adoption of IFRS 7 and the consequential changes to IAS 1 has been to expand the disclosures provided in these consolidated financial statements regarding the Company and its subsidiaries financial instruments and management of capital (see Note 41). Four interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) are effective for the current year. These are IFRIC 7, Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies; IFRIC 8, Scope of IFRS 2; IFRIC 9, Reassessment of Embedded Derivatives; and IFRIC 10, Interim Financial Reporting and Impairment. The adoption of these Interpretations has not led to any material changes in the Company and its subsidiaries’ accounting policies. As of the date of the authorization of the consolidated financial statements, the following standards and interpretations are not yet effective: x IAS 1 (Revised), Presentation of Financial Statements

Effective for accounting periods beginning on or after January 1, 2009.

x IAS 2 (Revised), Share Based Payment


x IAS 23 (Revised), Borrowing Costs


x IAS 27 (Revised), Consolidated and Separate Financial Statements

Effective for accounting periods beginning on or after July 1, 2009.

x IAS 28 (Revised), Investments in Associates


x IAS 31 (Revised), Interests in Joint Ventures


x IAS 32 (Revised), Financial Instruments : Presentation


x IFRS 3 (Revised), Business Combinations


x IFRS 8, Operating Segments


x IFRIC 11, IFRS 2: Group Treasury Share Transactions

Effective for accounting periods beginning on or after March 1, 2007.

x IFRIC 12, Service Concession Arrangements


-9-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) x IFRIC 13, Customer Loyalty Programmes


x IFRIC 14, IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction


The Directors anticipate that the adoption of these standards and interpretations in future periods will have no material financial impact on the consolidated financial statements of the Company and its subsidiaries. For statutory reporting purposes in Indonesia, management prepares consolidated financial statements in accordance with accounting principles generally accepted in Indonesia (Indonesian GAAP). Description of the differences between Indonesian GAAP and IFRS and the reconciliations of the profit for the year and equity reported under Indonesian GAAP and IFRS are presented in Note 40. 3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statements of Compliance and Basis of Preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in relation to the Company’s listing of equity securities on the SGX-ST. Such IFRS consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of vessels and certain financial instruments. Further, such IFRS consolidated financial statements are presented in US Dollars, which is the currency of the primary economic environment in which the Company and the majority of its subsidiaries operate (their functional currency). b. Principles of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of operations of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in-line with those used by the Company. All intra-company transactions, balances, income and expenses are eliminated on consolidation. c. Business Combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date, except for non-current assets (or disposal groups), if any, that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised and measured at fair value less costs to sell.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss. d. Investments in Associates An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor an interest in a joint venture. Significant influence, is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The results of operations and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except when classified as held for sale, in which case it is accounted for in accordance with IFRS 5 “Noncurrent Assets Held for Sale and Discontinued Operations”. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Company’s share in the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized, unless the Company has incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Company’s share in the fair values of the identifiable net assets of the associates at the date of acquisition is recognized as goodwill. Goodwill is included within the carrying amount of investment and is assessed for impairment as part of the investment. Any excess of the Company’s share in the fair values of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized in profit and loss in the year of acquisition. Where the Company or its subsidiaries transact with an associate of the Company, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provision is made for impairment. e. Segment Information Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while secondary segment information is based on geographical segment. A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group related products or services and that is subject to risks and returns that are different from those of other business segments. A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different from those of components operating in other economic environments. Assets and liabilities that relate jointly to two or more segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) f.

Foreign Currency Transactions and Translation Functional and presentation currency The individual financial statements of each of the consolidated entities are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in US Dollar, which is the Company’s functional currency and presentation currency of the consolidated financial statements. Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Translation differences on non-monetary financial assets and liabilities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets classified as available-for-sale are included in the fair value reserve in equity. Group Companies The results and financial position of all the entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the group presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each balance sheet presented are translated at the closing rate at balance sheet date; (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (iii) all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

g. Property, Vessels and Equipment Vessels Vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years. Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation reserve in the equity section, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation reserve relating to a previous revaluation of such vessels.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Depreciation on revalued vessels is charged to profit or loss. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings. A transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels’ original cost. Vessels in the course of construction are carried at cost less any impairment loss. Cost, including professional fees, incurred while under construction are capitalized in accordance with the Company’s accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use. The vessels’ residual values and estimated useful lives are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss. Dry docking cost Included in the balance of property, vessels and equipment is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: Years Buildings and premises Transportation equipment Office furniture and fixtures Office and dormitory equipment

20 5 5 5

The cost of maintenance and repairs is charged to operations as incurred. Other subsequent expenditures which meet the asset recognition criteria are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations. Construction in progress (CIP) is stated at cost, which includes the progress billing paid in accordance with the construction contracts. Construction in progress is transferred to the respective property and equipment account when completed and ready for use. Depreciation begins when the property and equipment become available for use. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the year the item is derecognized. The asset’s residual values, useful lives and depreciation method are reviewed at each balance sheet dates, with the affect of any changes in accounting estimate accounted for on a prospective basis.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) h. Goodwill Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the identifiable assets, liabilities and contingent liabilities at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Company and its subsidiaries’ cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. i.

Inventories Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method.

j.

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.

k. Post-Employment Benefits The Company provides defined post-employment benefits to its employees in accordance with Indonesian Labor Law No. 13/2003. No funding has been made to this defined benefit plan. The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, or otherwise amortized on a straight-line basis over the average years until the benefits become vested. The post-employment benefits obligation recognized in the consolidated balance sheets represent the present value of the defined benefit liability, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. l.

Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Company and the subsidiaries’ liability for current tax is calculated using tax rates that have been enacted or substantially enacted at the balance sheet date.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investment in subsidiaries and associates except when the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled or the asset realized. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company and subsidiaries expect, at the reporting date, to recover or settle the carrying amount of their assets and liabilities. Deferred tax is charged or credited in the consolidated statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity. Deferred tax assets and liabilities are offset in the consolidated balance sheet when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and management intends to settle the current tax assets and current tax liabilities on a net basis. Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the consolidated statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable. m. Financial Instruments Financial assets and financial liabilities are recognized on the consolidated balance sheet when the Company or its subsidiaries become parties to the contractual provision of the instrument. Financial assets Available-for-Sale Investments Short-term investments categorized as available-for-sale are recognized and derecognized on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within a time frame established by the market concerned, and are initially measured at fair value, plus directly attributable transaction costs. At subsequent reporting dates, available-for-sale investments are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognized in equity is included in the profit or loss for the year. Trade and Other Accounts Receivables Trade and other accounts receivables are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest method.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Cash Cash comprise of cash on hand and in banks and all unrestricted time deposits with maturity of three months or less and are subjected to an insignificant risk of change in value. Impairment of Financial Assets Financial assets, other than those carried at fair value through profit and loss, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For financial assets carried at amortized cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. Financial Liabilities and Equity Instruments Financial liabilities and equity instruments of the Company and its subsidiaries are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. The accounting policies adopted for specific financial liabilities are set out below. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Bank Borrowings and Bonds Interest-bearing bank loans and bonds payable are initially measured at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost using the effective interest rate method. Convertible Bonds These instruments are considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the convertible bonds due 2010 and 2012 were designated as fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Effective January 2, 2006, the convertible bonds due 2010 were no longer designated as fair value through profit and loss since BLT Finance Corporation (BLT FC) has irrevocably and permanently waived and renounced its cash settlement option. Also on that date, the convertible bonds due 2010 were separated into its liability component and its equity component. The fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt. The difference between the proceeds of the convertible bonds due 2010 and the fair value assigned to the liability component, representing the embedded option for the holder to convert the bonds into equity of the Company, is included in equity and is not subsequently measured. Issue costs are apportioned between the liability and equity components of the convertible bond due 2010 based on their relative fair value. The portion relating to the equity component is charged directly to equity. The interest expense on the liability component is calculated by applying the prevailing market interest rate for similar non-convertible debt to the liability component of the instrument. The difference between this amount and the interest paid is added to the carrying amount of the convertible bond due 2010.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Notes Payable At the time of issue, the Notes Payable were designated as fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Trade and Other Payables Trade and other payables are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest rate method. Derivative Financial Instruments Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting. Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with unrealized gains or losses reported in profit or loss. A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors consistent with the Company’s risk management strategy. The Company does not use derivative financial instruments for speculative purposes. Derecognition of Financial Instruments The derecognition of financial instruments takes place when the contractual rights or obligations to the cash flows of financial instruments expires or extinguishes or discharged and when substantially all risks and rewards of ownership of the financial instruments are transferred to third party. A substantial modification of the terms of an existing financial instrument is accounted for as an extinguishment of the original financial instrument and the recognition of a new financial instrument. n. Revenue and Expense Recognition Revenue from freight operations is recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability. Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage. Revenues from agency services and storage services are recognized when the services are rendered to customers. Interest income on interest-bearing instruments is recognized on a time basis by reference to the principal amount outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. Expenses are recognized when incurred. o. Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) The Company or its Subsidiaries as Lessor Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Company or its Subsidiaries as Lessee Assets held under finance leases are initially recognised as assets of the Company or subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to profit or loss. Contingent rentals are recognised as expenses in the periods in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. p. Finance cost Interest expense and similar charges are expensed in the year when they are incurred. q. Earnings per Share Basic earnings per share is computed by dividing profit for the year by the weighted average number of shares outstanding during the year. Diluted earnings per share is computed by dividing profit for the year by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares. r.

Impairment of Tangible Assets At each balance sheet date, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Where an impairment loss subsequently reverses, the carrying amount of the asset (cashgenerating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. s. Provisions Provisions are recognized when the Company and its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that the Company and its subsidiaries will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if its is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 4.

CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Critical judgments in applying the Company and its subsidiaries’ accounting policies In the process of applying the Company and its subsidiaries’ accounting policies, which are described in Note 2, management has not made any critical judgments that have a significant effect on the amounts recognized in the consolidated financial statements, apart from those involving estimations, which are dealt with below. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Vessels lives and impairment The carrying value of each of the vessels of the Company and its subsidiaries represent the revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent impairment losses. The carrying value of revalued vessels at December 31, 2007 and 2006 amounted to US$ 1,826,000,000 and US$ 769,500,000, respectively. Management depreciates vessels on a straight-line basis over a vessel’s estimated useful life of 25 years, from the date the vessel was originally delivered from the shipyard, or a shorter period if regulations prevent management from operating the vessels to 25 years. In the shipping industry, the use of the 25-year vessel life has become the prevailing standard. However, the actual life of a vessel may be different, with a shorter life potentially resulting in an impairment loss.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Management reviews vessels and equipment for impairment whenever there is an indication that the carrying amount of the vessel may not be recoverable. Management measures the recoverability of an asset by comparing its carrying amount against its recoverable amount. Recoverable amount is the higher of the fair value less cost to sell and value in use, which is the future cash flows that the vessel is expected to generate over its remaining useful life, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. If a vessel is considered to be impaired, impairment loss is recognized to an amount equal to the excess of the carrying value of the asset over its recoverable amount. Impairment of Goodwill Goodwill is not amortized, but reviewed for impairment annually, and whenever impairment indicators arise. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. The fair values of the cash-generating units to which goodwill is identified is estimated based on discounted expected future cash flows. The estimates and assumptions regarding expected cash flows and the discount rate require considerable judgment and are based upon existing contracts, historical experience, financial forecasts, and industry trends and conditions. The carrying value of goodwill at December 31, 2007 and 2006 amounted to US$ 84,285,784 and US$ 11,932,110, respectively. 5.

CONSOLIDATED SUBSIDIARIES Details of the Company’s subsidiaries, whether owned directly or indirectly, are as follows: Percentage of Ownership and Voting Power Held Subsidiary

Domicile

1. 1.1.

Indigo Pacific Corporation Indigo Pacific Corporation

Labuan, Malaysia British Virgin Islands Panama

1.1.1.

Melani Maritime Inc.

1.1.2. 1.1.3.

Zona Overseas International Shipping S.A. Wigati Maritime S.A.

1.1.4.

Kunti Maritime Pte. Ltd.

Singapore

1.1.5.

Jembawati Maritime Pte. Ltd.

Singapore

1.1.6.

Tirtasari Maritime Pte. Ltd.

Singapore

1.1.7.

Pergiwo Navigation Pte. Ltd.

Singapore

1.1.8.

Fatmarini Maritime Pte. Ltd.

Singapore

1.1.9.

Harsanadi Maritime Pte. Ltd.

Singapore

1.1.10.

Hartati Maritime Pte. Ltd.

Singapore

1.1.11.

BLT Finance Corporation

1.1.12.

Pujawati Maritime Pte. Ltd.

British Virgin Islands Singapore

1.1.13.

Pertiwi Maritime Pte. Ltd.

Singapore

1.1.14.

Anggraini Maritime Pte. Ltd.

Singapore

1.1.15.

Emerald Maritime Pte. Ltd.

Singapore

1.1.16. 1.1.17.

BLT Finance B.V. Tridonawati Maritime Corporation

1.1.18.

Purbasari Maritime Pte. Ltd.

Panama Panama

The Netherlands Liberia Singapore

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Type of Business

2007

2006

Investment holding Investment holding

100% 100%

100% 100%

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing Owner and operator of vessel Owner and operator of vessel

100%

100%

100%

100%

100%

100%

100%

100%

100% 100%

-

100%

-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary

Domicile

Type of Business

2007

2006

1.1.19.

Tridonawati Maritime Pte. Ltd.

Singapore

Owner and operator of vessel

100%

-

1.1.20.

Trirasa Maritime Pte. Ltd.

Singapore

100%

-

2.

Labuan, Malaysia

100%

100%

2.1.

Diamond Pacific International Corporation Diamond Pacific International

Owner and operator of vessel Investment holding

British Virgin

Investment holding

100%

100%

2.1.1.

Corporation Lenani Maritime Inc.

100%

100%

2.1.1.1.

Ontari Maritime Pte. Ltd.

Owner and operator of vessel Owner and operator of vessel Shipping agent

100%

100%

100%

100%

100%

100%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

100%

100%

100% 100% 100%

100% 100% 100%

100%

100%


100% 100%

100% 100%

Owner and operator of vessel Owner and operator of vessel Shipping agency Shipping agency

100%

100%

100%

100%

100% 100%

100% 100%

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Islands Panama Singapore

2.1.2.

Averina Maritime S.A.

2.1.3.

Gandari Navigation Pte. Ltd.

Panama

2.1.4. 2.1.4.1. 2.1.4.1.1. 2.1.4.1.2. 2.1.4.1.3. 2.1.4.1.4. 2.1.4.1.5. 2.1.4.1.6. 2.1.4.1.7. 2.1.5.

GBLT Shipmanagement Pte. Ltd. GBLT Shipmanagement Ltd. Harsanadi Shipping Ltd. Hartati Shipping Ltd. Frabandari Shipping Ltd. Fatmarini Shipping Ltd. Nogogini Shipping Ltd. Nolowati Shipping Ltd. Ratih Shipping Ltd. Cendanawati Navigation Pte. Ltd.

2.1.6.

Frabandari Maritime Pte. Ltd.

Singapore

2.1.7. 2.1.8. 2.1.9.

Brotojoyo Maritime Pte. Ltd. Berlian Laju Tanker Pte. Ltd. Anjasmoro Maritime Pte. Ltd.

Singapore Singapore Singapore

2.2.

BLT LNG Tangguh Corporation

3. 3.1. 3.1.1.

Asean Maritime Corporation Gold Bridge Shipping Corporation Bauhinia Navigation S.A.

3.1.2.

Cempaka Navigation S.A.

3.1.3. 3.1.3.1

Gold Bridge Shipping Ltd. BLT Shipping Shanghai Co. Ltd.

3.1.4.

Great Tirta Shipping S.A.

3.1.4.1.

Dewayani Maritime Pte. Ltd.

3.1.5.

Hopeway Marine Inc.

Panama

3.1.6.

Panama

3.1.6.1.

Lestari International Shipping S.A. Gandini Maritime Pte. Ltd.

3.1.7.

Quimera Maritime S.A.

Panama

3.1.8.

Panama

3.1.9.

South Eastern Overseas Navigation S.A. Zenith Overseas Maritime S.A.

3.1.9.1.

Gandari Maritime Pte. Ltd.

3.1.10.

Zona Shipping S.A.

3.1.10.1.

Dewi Sri Maritime Pte. Ltd.

Singapore Singapore United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Singapore

Marshall Islands

Labuan, Malaysia British Virgin Islands Panama Panama Hong Kong China Panama Singapore

Singapore

Panama Singapore Panama Singapore

- 21 -

Owner and operator of vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel Operator of Vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.11. Dahlia Navigation S.A.

Domicile Panama

Type of Business Owner and operator

2007

2006

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

of vessel 3.1.12. Eglantine Navigation S.A.

Panama


3.1.13. W ulansari Maritime Pte. Ltd.

Singapore


3.1.14. Yanaseni Maritime Pte. Ltd.

Singapore


3.1.15. Indradi Maritime Pte. Ltd.

Singapore


3.1.16. Gold Bridge Logistic Ltd. 3.1.16.1 Beihai New Resources Logistic

Hong Kong

Investment holding

100%

100%

China

Owner and operator

100%

100%

Corporation

of vessel

3.1.17. Gold Bridge Shipping Agencies S.A.

Hong Kong

Shipping agent

100%

100%

3.1.18. Elite Bauhinia Navigation Pte. Ltd.

Singapore

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

of vessel 3.1.19. Cempaka Navigation Pte. Ltd.

Singapore


3.1.20. Dahlia Navigation Pte. Ltd.

Singapore


3.1.21. Freesia Navigation S.A.

Panama


3.1.22. Gerbera Navigation S.A.

Panama


3.1.23. Mustokoweni Maritime Pte. Ltd.

Panama


3.1.24. Ulupi Maritime Pte. Ltd.

Singapore


3.1.25. Erowati Maritime Pte. Ltd.

Singapore


3.1.26. Gas Papua Maritime Pte. Ltd.

Singapore


3.1.27. Rasawulan Maritime Pte. Ltd.

Singapore


3.1.28. Gas Sulawesi Maritime Pte. Ltd.

Singapore


3.1.29. Tribuana Maritime Pte. Ltd.

Singapore


3.1.30. Gagarmayang Maritime Pte. Ltd.

Singapore


3.1.31. Prita Dewi Maritime Pte. Ltd.

Singapore


3.1.32. Purwati Martime Pte. Ltd.

Singapore


3.1.33. Trijata Maritime Pte. Ltd.

Singapore


3.1.34. Pradapa Maritime Pte. Ltd.

Singapore


3.1.35. Pergiwati Maritime Pte. Ltd.

Singapore


3.1.36. Badraini Maritime Pte. Ltd.

Singapore


3.1.37. Barunawati Maritime Pte. Ltd.

Singapore


3.1.38. Gas Maluku Maritime Pte. Ltd.

Singapore


3.1.39. Barawati Maritime Pte. Ltd.

Singapore


- 22 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary

Domicile

3.1.40. Arimbi Maritime Pte. Ltd.

Singapore

3.1.41. Gas Bali Maritime Pte. Ltd.

Singapore

3.1.42. Eustoma Navigation S.A.

Singapore

3.1.43. Puspawati Maritime Pte. Ltd.

Singapore

3.1.44. Diamond Flow Ltd. 3.1.45. Likabula International Limited

Hong Kong British Virgin Islands British Virgin

3.2.

BLT Chembulk Corp. BVI

3.2.1 Chembulk Tankers LLC 3.2.1.1 Chembulk Trading II LLC 3.2.1.2 Chembulk Management LLC 3.2.1.3 Chembulk Management B.V. 3.2.1.4 Chembulk Management Pte. Ltd

Type of Business

United States of America The Netherlands Singapore

Chembulk Barcelona Pte. Ltd.

Singapore

3.2.3

Chembulk Gibraltar Pte. Ltd.

Singapore

3.2.4

Chembulk Hong Kong Pte. Ltd.

Singapore

3.2.5

Chembulk Houston Pte. Ltd.

Singapore

3.2.6

Chembulk Kobe Pte. Ltd.

Singapore

3.2.7

Chembulk New York Pte. Ltd.

Singapore

3.2.8

Chembulk Savannah Pte. Ltd.

Singapore

3.2.9

Chembulk Shanghai Pte. Ltd.

Singapore

3.2.10

Chembulk Ulsan Pte. Ltd.

Singapore

3.2.11

Chembulk Virgin Gorda Pte. Ltd.

Singapore

2006

-

100%

100%

100%

Owner and operator of vessel Owner and operator of vessel

100%

100%

100%

100%


100% 100%

-

Investment holding

100%

-

Investment holding Owner and operator of vessel

100% 100%

-

Ship management

100%

-

Ship management Ship management

100% 100%

-


100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

100%

100%

100%


Islands Marshall Islands Marshall Islands

3.2.2

2007

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator

3.2.12

Chembulk Yokohama Pte. Ltd.

Singapore

4.

PT Banyu Laju Shipping

Indonesia

of vessel Owner and operator of vessel Owner and operator

Labuan, Malaysia

of vessel Investment holding

4.1.

Banyu Laju Corporation

4.1.1.

Banyu Laju Maritime S.A.

5.

PT Brotojoyo Maritime

Indonesia

-

100%

100%

100%

Indonesia

Owner and operator of vessel Operator of vessel

5.1.

PT Gemilang Bina Lintas Tirta

5.1.1. 6. 6.1. 6.2.

PT PT PT PT

100%

100%

Indonesia Indonesia Indonesia Indonesia

Crew Agent Operator of vessel Operator of vessel Operator of vessel

100% 100% 100% 100%

100% 100% 100% 100%

6.3. 6.4. 6.5.

PT Ruby Maritime PT Sapphire Maritime PT Citrine Maritime

Indonesia Indonesia Indonesia

Operator of vessel Operator of vessel Owner and operator of vessel

100% 100% 100%

100% 100% 100%

6.6.

PT Diamond Maritime

Indonesia

100%

100%

6.7.

PT Emerald Maritime

Indonesia


100%

100%

7.

PT Bayu Lestari Tanaya

Indonesia

Shipping agency

100%

100%

7.1

PT Berlian Dumai Logistics

Indonesia

General Trading

100%

-

Karya Bakti Adil Buana Listya Tama Anjasmoro Maritime Pearl Maritime

Panama

Operator of vessel

- 23 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 6.

PROPERTY, VESSELS AND EQUIPMENT January 1, 2007 US$ Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Building in progress Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Accumulated depreciation: Owned vessels Leased vessels Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises

983,428,518 46,313,806 -

Deductions US$

Reclassification US$

-

761,096,310 63,959,072 1,847,271

329,038,595 -

85,678,793 -

51,259,124 (51,259,124) -

Revaluation US$ 63,813,957 -

Total US$

December 31, 2007 Cost Valuation US$ US$

1,773,919,116 329,038,595 59,013,754 1,847,271

59,013,754 1,847,271

1,773,919,116 329,038,595 -

862,777 551,965

326,970 77,910

123,288 21,630

-

-

1,324,930 1,920,732 2,624,803

1,324,930 1,920,732 2,624,803

-

466,596 739,977

2,023 -

33,662 1,508,104

301,070 27,792

31,441

-

-

803,351 2,244,432

803,351 2,244,432

-

1,035,047,999

98,682

829,859,161

329,772,337

85,855,152

-

63,813,957

2,172,736,984

69,779,273

69,749,107 -

5,038,595

16,356,912 -

-

4,598,403 -

271,919,116 5,038,595

22,585 10,820

86,669 19,631

-

-

1,116,291 811,897 1,680,043

-

-

-

406,415 138,407

16,463,212

-

213,928,518 1,022,734 608,631 1,507,104 331,401 93,126

Net Carrying Amount

817,556,485

January 1, 2006 US$

Accumulated depreciation: Vessels Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises

Additions from Acquisition US$

94,029 2,630

217,491,514

Total

Additions US$

1,230,901 854,273 2,013,928

Total

Cost/ Valuation : Vessels Vessels under construction Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises

Exchange Difference US$

811,313,202 18,760,824 1,186,625 1,100,686 1,898,075 215,766 739,977

78,127 1,652

15,430 267,350 180,098

528

29,982 41,171

44,504 4,110

80,307

70,283,138

5,120,614

-

Exchange Difference US$ -

-

250,830 -

-

158,067,517

Net Carrying Amount

677,147,638

134,206,316 113,202,530 -

154,813,202

Total

Additions US$

44,276 23

44,299

145,418 53,712

4,598,403

281,110,764 1,891,626,220

835,215,155

863,595 687,437 1,504,153

-

2,102,957,711

19,921 115,830

247,795,427

50,738,523

32,284 400

126,855 176,768 2,551

-

185,983 39,414

32,684

51,270,094

Deductions US$ 72,676,508 266,334 72,942,842

255,574 255,574

Reclassification US$ 85,649,548 (85,649,548)

Revaluation US$ 24,935,960 -

Total US$

December 31, 2006 Cost Valuation US$ US$

983,428,518 46,313,806

46,313,806

983,428,518 -

-

-

1,230,901 854,273 2,013,928

1,230,901 854,273 2,013,928

-

-

-

466,596 739,977

466,596 739,977

-

51,619,481

-

24,935,960

1,035,047,999

-

8,376,793

213,928,518

-

-

1,022,734 608,631 1,507,104

-

-

331,401 93,126

-

8,376,793

983,428,518

217,491,514 817,556,485

The vessels are stated at their revalued amount being the fair value as of December 31, 2007 and 2006, reviewed by management, and supported by independent professional valuation carried out on January 7, 2008 and February 14, 2007, respectively. Had the vessels been carried at historical cost less accumulated depreciation, their carrying values would have been approximately US$ 1,623,025,022 and US$ 596,576,204 as of December 31, 2007 and 2006, respectively. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated June 21, 2006 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to sell two vessels, M.T. Pertiwi of Fatmarini Maritime Pte. Ltd. and M.T. Pujawati of Frabandari Maritime Pte. Ltd., at a price of US$ 45,000,000 each.

- 24 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 12 dated September 11, 2006 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to sell a vessel, M.T. Prita Dewi of Prita Dewi Maritime Pte. Ltd., at a price of US$ 45,000,000. Net gain (loss) on sale of vessels in 2007 and 2006 amounting to (US$ 10,291,794) and US$ 53,548,492, respectively, is included under other gains and losses (Note 35). All of the sales are made with third parties. Details of the sale of vessels are as follows:

2007 US$ Selling price of vessels Net carrying amount Net Commission Gain (loss) on sale of vessels - net

2006 US$

61,230,087 (69,321,881)

135,000,000 (72,676,508)

(8,091,794) (2,200,000)

62,323,492 (8,775,000)

(10,291,794)

53,548,492

The Company received the proceeds from such sale of vessels in October 2007 and November 2007, July 2006 and October 2006. Depreciation expense charged to operations is US$ 74,347,510 and US$ 59,115,316 in 2007 and 2006, respectively. Vessels and equipment with carrying amount of US$ 1,598,369,125 and US$ 734,009,508 as of December 31, 2007 and 2006, respectively, were used as collateral to guarantee obligations under finance lease, the long-term bank loans and short-term bank loans (Notes 17, 20 and 25). Vessels under construction as of December 31, 2007 and 2006 consist of 10 vessels and 9 vessels, respectively, which are estimated to be completed between 2008 to 2011. For the years ended December 31, 2007 and 2006, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net increase in depreciation expense by US$ 2,800,532 in 2007 and US$ 701,073 in 2006. 7.

GOODWILL

2007 US$ Balance at beginning of year Additional amounts recognized from acquisition during the year

11,932,110


84,285,784

72,353,674

2006 US$ 11,932,110 11,932,110

Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the assets and liabilities of the acquired subsidiaries. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 16 dated December 18, 2007 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to acquire Chembulk Tankers LLC.

- 25 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)

On December 19, 2007 (the effective date of the acquisition), Asean Maritime Corporation purchased through its wholly-owned subsidiary, BLT Chembulk Corp., 100% of the shares owned by Chembulk Holdings Inc. in Chembulk Tankers LLC. As of acquisition date, the fair value of the net assets of Chembulk Tankers LLC, amounted to US$ 219,693,670. The difference between the fair value of the net assets acquired and the cost of acquisition, is accounted for as goodwill. On the same date, BLT Chembulk Corp. also purchased eleven vessels from Chembulk Holdings Inc. at a purchase price of US$ 618 million. The Company recognized, at the acquisition date, the following assets and liabilities of Chembulk Tankers LLC: Book value prior Fair value to acquisition US$ US$

Assets Property, vessels and equipment - net Other non current assets Inventories Receivables Prepayment and other current assets Restricted cash Cash Total Liabilities Obligations under finance lease Trade payables Other current liabilities Total Net assets acquired Goodwill on acquisition

324,651,723 50,916 5,424,984 7,695,542 2,121,123 29,200,000 20,969,309

147,567,578 50,916 5,424,984 7,695,542 2,121,123 29,200,000 20,969,309

390,113,597

213,029,452

143,933,350 9,958,048 16,528,529

143,933,350 9,958,048 16,528,529

170,419,927

170,419,927

219,693,670

42,609,525

72,353,674

Acquisition cost

292,047,344

The acquisition cost above includes directly attributable acquisition costs incurred in developing the acquisition contracts. The acquisition cost was paid in cash, and the net cash outflow on acquisition amounted to US$ 271,078,035 (acquisition cost of US$ 292,047,344 less cash acquired of US$ 20,969,309). If the acquisition had taken effect on January 1, 2007, the consolidated entity would have recorded total operating revenues of US$ 576,129,181 and net profit for the year of US$ 127,212,325. Management considers these “pro-forma” numbers to represent an approximate measure of the performance of the combined group on an annualised basis and to provide a reference point for comparison in future periods.

- 26 -


In determining the “pro-forma” revenue and profit of the Company and subsidiaries had Chembulk Tankers LLC been acquired at the beginning of the current reporting period, the management had calculated depreciation of property, vessels and equipment acquired to the basis of the fair values arising in the initial accounting for the business combination rather than the carrying amounts recognised in the pre-acquisition financial statements and deducted the gain on distribution to former stockholders as a one-off pre-acquisition transaction and revenues and expenses not derived from operations. The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to Asean Maritime Corporation (AMC), the cash generating unit determined by the Company that is expected to benefit from the business combination. The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cash-generating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The Company and its subsidiaries prepare cash flow forecast derived from the most recent financial budgets approved by management for the next 5 years. This rate does not exceed the average long-term growth rate for the relevant markets. The rate used to discount the forecast cash flows from Asean Maritime Corporation is AMC’s average borrowing rate at balance sheet date. There were no impairment provisions on goodwill in 2007 and 2006. 8.

INVESTMENTS IN ASSOCIATES

2007 US$

2006 US$

Cost Share of post-acquisition profit (loss), net of dividends received Share of changes in associates' equity

24,806,092

Total

20,715,570

67,474 (4,157,996)

24,806,092 92,030 24,898,122

Details of the associates are as follows: Name of Associate

Place of Incorporation

PT Berlian Limatama Teekay BLT Corporation Thai Petra Transport Co. Ltd.

Indonesia Marshall Islands Thailand

Place of Operation

Nature of Business

Indonesia Cargo shipping services Indonesia Cargo shipping services Thailand Port services (agency)

Percentage of Ownership and Voting Power Held 2007 2006 % % 50 30 30

50 30 30

All of the shares in Teekay BLT Corporation are used as collateral for other long-term payable (Note 21).

- 27 -


Summarized financial information in respect of the Company and its subsidiaries’ associates is set out below: 2007 2006 US$ US$

Total assets Total liabilities

300,456,645 231,574,654

85,263,937 2,523,998

Net assets

68,881,991

82,739,939

Company and subsidiaries' share of associates' net assets

20,715,570

24,898,122

Revenue

493,131

613,624

Loss for the year

107,536

107,330

24,556

25,319

Company and subsidiaries' share of associates' loss for the year 9.

INVENTORIES

Inventories mainly consist of bunker fuel. 10. TRADE ACCOUNTS RECEIVABLE

2007 US$

2006 US$

Related parties Third parties

75,668,908

1,343,459 54,749,733

Total

75,668,908

56,093,192

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. Of the trade accounts receivable balance at the end of the year, US$ 6,268,168 is due from PT Pertamina (Persero) (Pertamina), the Company’s largest customer (see Notes 29, 41 and 42).There are no other customers who represent more than 6% of the total balance of trade accounts receivable. The table below shows the aging of past due but unimpaired trade receivables: 2007 US$

2006 US$

1 - 60 days 60 - 120 days 120 - 180 days More than 180 days

18,737,154 17,939,599 9,481,886 525,711

26,973,236 9,797,333 1,989,210 424,992

Total

46,684,350

39,184,771

The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided.

- 28 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 11. AVAILABLE-FOR-SALE INVESTMENTS

Available-for-sale investments consist of funds under investment management and investments in mutual funds, and are carried at fair value as follows: 2007 2006 US$ US$

Funds under investment management Mutual funds

72,061,631 235,563

48,067,882 -

Total

72,297,194

48,067,882

Under the Investment Management Contract Service Agreement dated December 18, 2007 and December 15, 2006, the Company appointed PT Danatama Makmur to manage funds amounting to US$ 69,944,583 and US$ 48,000,000 in 2007 and 2006, respectively, which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme. The agreement is valid for 1 month from signing of the contract and can be extended on a monthly basis (1 month) upon the written instruction of the Company to PT Danatama Makmur. The Company as the owner of the funds can liquidate all or part of the funds that have been invested before the due date with written notice within a minimum of 2 (two) trading days to PT Danatama Makmur before the draw date of investment funds. There were no impairment provisions on available for-sale investments in 2007 and 2006. 12. CASH

2007 US$

2006 US$

Cash on hand Cash in banks Time deposits

1,426,498 151,511,573 57,377,222

784,129 77,008,191 20,444,847

Total

210,315,293

98,237,167

2.81% - 6.63% 6.5% - 9.75% 0.825%

2.61% - 5.24% 4.79% - 7.95% -

Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar 13. SHARE CAPITAL

The Company has authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. Movements in share capital are as follows:

2007 US$

2006 US$

Balance at beginning of the year Exercise of warrants

59,337,930 9,695

59,335,543 2,387

Balance at end of the year

59,347,625

59,337,930

- 29 -


Details of the Company’s number of shares outstanding are as follows: 2007

2006

Balance at beginning of the year Exercise of warrants Treasury stock acquired Issuance of treasury stock through conversion of convertible bonds

4,008,118,636 1,438,000 (289,100,000)

3,771,031,436 358,000 (140,188,000)

26,202,800

376,917,200

Balance at end of the year

3,746,659,436

4,008,118,636

At December 31, 2007 and 2006, 430,990,764 and 432,428,764 warrants, respectively, have not been exercised. At December 31, 2007 and 2006, 66,188,311 shares and 167,142,857 shares owned by PT Tunggaladhi Baskara are used as guarantee in relation with the Company’s loan from Bank Central Asia (Notes 17 and 38). At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 18 dated May 18, 2005 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved a stock split of the Company’s shares wherein every share with a nominal value of Rp 62.50 will be split to become Rp 31.25 per share, which can be carried out within one year from the date of the Extraordinary General Meeting of Stockholders. As at May 18, 2006, the stock split has not been executed. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 47 dated May 31, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders agreed to extend the term to carry out the stock split, as mentioned above, until June 30, 2007. It further stated that if, based on the Company’s evaluation, the movements of the Company’s share price is not advantageous to the Company, such stock split will not be executed. Also, the stockholders authorized the Company’s Directors to determine the stock split ratio which should not be disadvantageous to the Company’s stockholders. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated June 21, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares up to May 6, 2007. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 32 dated May 24, 2007 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares until the next Annual General Meeting of Stockholders. As of December 31, 2007, the issuance of new shares has not been executed. 14. ADDITIONAL PAID-IN CAPITAL

This account represents additional paid-in capital in connection with the following : US$ Balance of additional paid-in capital as of January 1, 2006

49,114,188

Issuance of shares through exercise of warrants Amount recorded as paid-up capital Excess of amortized cost of converted bonds over the cost of treasury stock Transfer of the equity component related to conversion of bonds

5,729 (2,387) 10,583,095 366,377

Balance of additional paid-in capital as of January 1, 2007 Issuance of shares through exercise of warrants Amount recorded as paid-up capital Excess of amortized cost of converted bonds over the cost of treasury stock Transfer of the equity component related to conversion of bonds

60,067,002 23,268 (9,695) 912,967 25,470

Balance of additional paid-in capital as of December 31, 2007

61,019,012

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 15. TREASURY STOCKS

At the Extraordinary General Meeting of Stockholders in May 2006, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at a purchase price of Rp 2,750 per share. As of December 31, 2007 and 2006, the details of treasury stocks are as follows:

Number of shares

2007 Percentage to issued shares %

Cost US$


149,453,800

3.59

27,188,806

Add: Acquisition Less: Issuance of treasury stocks from conversion of convertible bonds

289,100,000

6.95

61,928,085

26,202,800

0.63

2,488,806


412,351,000

9.91

86,628,085

Number of shares

2006 Percentage to issued shares %

Cost US$


386,183,000

9.29

36,057,280

Add: Acquisition Less: Issuance of treasury stocks from conversion of convertible bonds

140,188,000

3.37

26,932,054

376,917,200

9.07

35,800,528


149,453,800

3.59

27,188,806

16. REVALUATION RESERVE

2007 US$

2006 US$

Balance at beginning of year Revaluation increase from vessels Revaluation decrease Transfer to retained earnings

170,315,215 69,505,970 (11,229,623) (20,020,393)

142,597,250 58,497,522 (16,780,781) (13,998,776)


208,571,169

170,315,215

The revaluation reserve arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserve that relates to that vessel, and is effectively realized, is transferred directly to retained earnings.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 17. LONG-TERM BANK LOANS

2007 US$

2006 US$

At amortized cost: DnB NOR Bank, ASA, Singapore Bank Central Asia, Jakarta Fortis Bank S.A./N.V., Singapore DVB Group Merchant Bank (Asia) Ltd., Singapore ING Bank N.V., Singapore Bank UOB Indonesia Dialease Maritime S.A., Japan The Royal Bank of Scotland Plc HSH Nordbank, Singapore Bank Negara Indonesia , Jakarta

557,990,336 34,539,154 30,250,000 28,277,779 15,820,388 10,519,670 8,987,354 1,110,000 -

113,598,848 42,364,826 124,452,127 34,738,817 17,784,554 11,944,082 30,603,747 49,638,788 8,429,666

Total Current maturities

687,494,681 84,879,621

433,555,455 80,793,300

Long-term Portion - Net

602,615,060

352,762,155

The range of average interest rates per annum are as follows:

U.S. Dollar

Rupiah

2007

2006

0.8% - 3.75% above LIBOR/ SIBOR 10.25% - 13.0%

0.85% - 3.75% above LIBOR/ SIBOR 13% - 15%

The details of the loans are as follows: A. DnB NOR Bank, ASA, Singapore:

In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA. acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. The facilities consist of: x Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 400,000,000. This facility shall be repaid in 40 consecutive quarterly installments of US$ 8,000,000 for the 1st to 39th installments, US$ 88,000,000 for the 40th installment. Interest rate is at LIBOR plus 1.75% depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months. x Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 100,000,000. This facility is payable in 20 quarterly installments of US$ 5,000,000 until 2012. Interest rate is at LIBOR plus 1.5% depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

The loans are collateralized by the subsidiaries’ vessels. The loans are also secured with corporate guarantee from the Company and Goldbridge Corporation.

- 32 -


In March 2007, certain subsidiaries obtained loan with maximum credit of US$ 65,000,000. This loan is payable in thirty-two (32) quarterly installments until 2015 and is collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessels, M.T. Gas Sulawesi, M.T. Gas Papua and M.T. Purwati. Interest rate is at LIBOR plus 0.7%-0.8%, which is paid between one to three months.

In June 2006, a subsidiary obtained loan with maximum credit of US$ 19,500,000. This loan is payable in 32 quarterly installments until 2014 and collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary and the subsidiary’s vessel. Interest rate is at LIBOR plus 0.90%, which is paid between one to three months. This loan was paid in May 2007.

In April 2006, a subsidiary obtained loan with maximum credit of US$ 18,500,000. This loan is payable in 24 quarterly installments until 2012 and collateralized by the subsidiary’s vessel. Interest rate is at LIBOR plus 1.1% or 1% depending on the Loan to Vessels Value (LTV) percentage of the Company, which is paid between one to three months. This loan was paid in May 2007.

In June 2005, subsidiaries obtained loan with maximum credit of US$ 70,000,000. This loan is payable in 28 quarterly installments until 2012 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus 1.25%, which is paid monthly. This loan was paid in May 2007.

In February 2005, subsidiaries obtained loan with maximum credit of US$ 51,200,000. This loan is payable in 28 quarterly installments until 2012 and collateralized by corporate guarantee from the Company, Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessels. Interest rate is at LIBOR plus 1.25%, which is paid between one to three months. This loan was paid in May 2007.

B. Bank Central Asia (BCA), Jakarta:

In November 2006, the Company obtained investment credit facility with a maximum credit of US$ 34,000,000. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s vessel. Interest rate is at SIBOR plus 1.5%, which is paid monthly.

In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125,000,000,000, due in 5 years. Interest rates for these loans are set at 10.25% 13%, which is paid monthly. The Company also has a time loan revolving credit facility with maximum credit of Rp 20,000,000,000, due in April 2008 (Note 25E). The loans are collateralized by the vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, and pledge of the Company’s shares owned by PT Tunggaladhi Baskara as of December 31, 2007 and 2006, respectively (Note 38).

C. In September 2005, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from Fortis Bank S.A./N.V., Calyon, and NIB Capital Bank Ltd. as original lenders. Fortis Bank S.A./N.V. acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing any existing financial indebtedness in relation to the vessels and for general working capital purposes.

- 33 -


The facilities consist of: x

Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 100,000,000. This facility shall be repaid in 40 consecutive quarterly installments of US$ 3,250,000 for the 1st to 8th installments, US$ 2,500,000 for the 9th to 12th installment, US$ 1,875,000 for the 13th to 39th installment and US$ 13,375,000 for the 40th installment. Interest rate is at LIBOR plus 1% or 0.85% depending on the value maintenance ratio of the secured vessels which is paid between one to three months.

x

Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 55,000,000. This facility is payable in twenty quarterly installments of US$ 2,750,000 until 2010. Interest rate is at LIBOR plus 1% or 0.85% depending on the value maintenance ratio of the secured vessels, which is paid between one to three months.

The loans are collateralized by the subsidiary’s vessels, assignment of earnings and insurance in respect of the vessels and corporate guarantee from the Company. A repayment of the outstanding loan was made in June 2007. However in December 2007, subsidiary reused the available Facility B amounting to US$ 30,250,000. The loan is payable in 11 quarterly installments of US$ 2,750,000 until 2010. Interest rate is at LIBOR plus 1% or 0.85% depending on the value maintenance ratio of the secured vessels, which is paid between 1 – 3 months. This loan is collateralized by the subsidiaries’ vessels and assignment of earnings and insurance in respect of the vessels. D. In September 2005, subsidiaries obtained loan from DVB Group Merchant Bank (Asia) Ltd., Singapore with maximum credit of US$ 43,000,000. This loan is payable in 32 quarterly installments until 2013 and collateralized by the corporate guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus 1% or 0.85% depending on the LTV percentage of the Company, which is paid between one to three months. E. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of US$ 19,900,000. These loan facilities are payable in semi annual installments until November 2015 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus 1% or 0.8%, which is paid every six months. F. In October 2006, the Company obtained an investment credit facility from Bank UOB Indonesia with a maximum credit of US$ 12,000,000 payable in 20 quarterly installments until 2011. The loan is secured by a subsidiary’s vessel and an assignment of earnings from Pertamina in respect of the vessel used as collateral. Interest rate is at SIBOR plus 1.375%, which is paid every three months. G. Dialease Maritime S.A., Japan:

In December 2004, a subsidiary obtained loan with maximum credit of JPY 1,347,250,000 (equivalent to US$ 12,859,120). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel. Interest rate is at LIBOR plus 1.35%, which is paid quarterly.

In April 2004, subsidiaries obtained loan with maximum credit of US$ 15,600,000. This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus 1.5%, which is paid quarterly. This loan was paid in July 2007.

- 34 -


In 2003, subsidiaries obtained loan with maximum credit of JPY 1,287,750,000 (equivalent to US$ 11,481,687). This loan is payable in 32 quarterly installments until 2011 and collateralized by subsidiary’s vessel. Interest rate is at LIBOR plus 1.5%, which is paid quarterly. This loan was paid in July 2007.

H. In October 2007, the subsidiary (GBLT Shipmanagement UK) obtained an investment credit facility with maximum credit of US$ 1,110,000 from The Royal Bank of Scotland PLC. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiary’s land and building and bears interest rate of 1.25% above the bank’s currency lending rate for United States Dollars which is paid quarterly. I.

HSH Nordbank, Singapore (formerly Hamburgische Landesbank-Girozentrale, Singapore):

Credit facility with maximum of US$ 30,400,000 obtained by a subsidiary in July 2005. This loan is payable in 22 quarterly installments until 2010 and collateralized by corporate guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus 1.2%, which is paid between one to three months.

Credit facility with maximum of US$ 33,500,000 obtained by a subsidiary in December 2004. This loan is payable in 40 quarterly installments until 2014 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel. Interest rate is at LIBOR plus 1.4%, which is paid between one to three months. These loans were paid in May 2007.

J. In June 2005, the Company obtained investment credit facility with maximum credit of US$ 10,000,000 from Bank Negara Indonesia. This loan is payable in 78 monthly installments until June 28, 2012 and collateralized by the Company’s and the subsidiary’s vessels. Interest rate is at SIBOR plus 3.75%, which is paid monthly. This loan was paid in May 2007. In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others, the maintenance of certain financial ratios. Due to the significant amount of borrowings incurred in the acquisition of Chembulk Tankers LLC and subsidiaries and the related 11 vessels in December 2007, the Company and its subsidiaries’ net debt to equity ratio as of December 31, 2007 amounted to 256% (Note 41A). The lenders of the Company and its subsidiaries require a maximum net debt to equity ratio of 250% (as of December 31, 2007) and the lender of BLT Chembulk Corp. and subsidiaries (a wholly-owned subsidiary) require a net debt to equity ratio of 200% (as of June 30, 2008). As stated in the credit agreements, upon failure by the Company and its subsidiaries to meet such maximum debt to equity ratio, the lenders can declare, among others, that all or any part of the loans be payable on demand. As discussed in Note 41A, the Company’s management plans to reduce its net debt to equity ratio to 150% at the end of 2008. 18. BONDS PAYABLE

2007 US$ At amortized costs: Berlian Laju Tanker II Bond Syari'ah Mudharabah Bond Berlian Laju Tanker III Bond Sukuk Ijarah Bond Total Current maturities Long-Term Portion - Net

- 35 -

2006 US$

35,994,829 6,354,305 73,583,482 21,023,873

37,332,420 6,601,495 -

136,956,489 42,349,134

43,933,915 -

94,607,355

43,933,915

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Berlian Laju Tanker II Bond

On May 28, 2003, the Company issued Rupiah Bonds with fixed and floating interest rates, payable every three months. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. The bondholders’ right is pari-passu without preferential rights with other creditors of the Company. Series A Bonds with a nominal value of Rp 294,800,000,000 bear fixed interest rate at 14.75% per annum, while Series B Bonds with a nominal value of Rp 45,200,000,000 bear fixed interest rate at 14.75% per annum for the first year and floating rates for the second year until the fifth year based on the average of the 3-month time deposit rates in Rupiah currency from PT Bank Central Asia Tbk, PT Bank Permata Tbk, and PT Bank Buana Indonesia Tbk before closing of floating interest rate plus fixed margin of 2.5% annually, which is payable on a quarterly basis. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee (see Note 43d). Syari’ah Mudharabah Bond

On May 28, 2003, the Company issued Syari’ah Mudharabah Bonds amounting Rp 60,000,000,000 with PT Bank Mandiri (Persero) Tbk as trustee. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange). These were offered under the condition that the Company shall pay to Syari’ah Bondholders a sum of Profit Sharing every three months since the issuance date which is every Profit Sharing payment date. The Profit Sharing is computed based on the revenue from M.T. Gandini vessel operations. The percentage of Nisbah Syari’ah bondholders to Profit Sharing is fixed at 25% from the revenue of M.T. Gandini vessel operation. The derivative embedded in the Syari’ah Mudharabah Bonds, with the revenue as the underlying, has not been separated because management believes that the effect of separating the embedded derivative is not significant. The payment of Profit Sharing to each Syari’ah Bondholder is in proportion with the Syari’ah Bonds held compared with the total outstanding Syari’ah Bonds. The computation of the Profit Sharing for Syari’ah Bonds in 2007 is as follows: a. Total months of M.T. Gandini vessel operations since January 1 – December 31, 2007 is 12 months (A) b. Charter Rate: Rp 98,100 (US$ 10.90) per Dead Weight Ton (DWT) per month (B) c. DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C) d. Revenue for Profit Sharing: A x B x C = 12 x US$ 10.90 x 30,000 DWT = US$ 3,924,000 (D) e. Profit Sharing payable based on agreement: D x 25% = US$ 981,000 Amount paid as Profit Sharing for Syari’ah Bonds in 2007 was Rp 8,829,000,000 (US$ 981,000), and the remaining balance of Rp 809,325,000 (US$ 89,925) will be paid in February 2008. The computation of the Profit Sharing for Syari’ah Bonds in 2006 is as follows: a. Total months of M.T. Gandini vessel operations since January 1 – December 31, 2006 is 12 months (A) b. Charter Rate: Rp 98,100 (US$ 10.90) per Dead Weight Ton (DWT) per month (B) c. DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C) d. Revenue for Profit Sharing: A x B x C = 12 x US$ 10.90 x 30,000 DWT = US$ 3,924,000 (D) e. Total Profit Sharing payable based on agreement: D x 25% = US$ 981,000 Amount paid as Profit Sharing for Syari’ah Bonds for the year ended December 31, 2006 was Rp 8,850,360,484 (US$ 983,373), and the remaining balance of Rp 809,325,000 (US$ 89,925) was paid in February 2007. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Berlian Laju Tanker III Bond

On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000,000,000 with fixed interest rate at 10.35% per annum, payable every three months. The bonds are unsecured and have a term of 5 years, due on July 5, 2012. The bondholders’ right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee. Sukuk Ijarah Bond

On July 5, 2007, the Company issued Sukuk Ijarah Bonds amounting to Rp 200,000,000,000. The Sukuk Ijarah Bonds are unsecured and have a term of 5 years, due on July 5, 2012. The Sukuk Ijarah Bonds were offered under the condition that the Company shall pay to Sukuk Ijarah bondholders a sum of Ijarah Benefit Installment amounting to Rp 20,600,000,000 per annum. The Sukuk Ijarah bondholders’ right is pari-passu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah Bonds, the Company may redeem the Bonds at prevailing market price. All of the Sukuk Ijarah Bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee. 19. NOTES PAYABLE

On May 4, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Guaranteed Senior Notes (the Notes) amounting to US$ 400,000,000 with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007 . The Notes have a term of seven years and is due on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries. The Notes may be redeemed at the option of BLTF BV as follows: i.

At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met; ii. On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption; iii. On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption; iv. On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or v. At anytime in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption. In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption. The Notes are designated as fair value through profit or loss on initial recognition because of the embedded prepayment option. The fair value is determined based on quoted market price.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 20. OBLIGATIONS UNDER FINANCE LEASE

2007 Present value Minimum lease of minimum payments lease payments US$ US$ Less than 1 year 1 - 2 years More than 2 years

71,074,084 14,214,013 81,566,503

57,928,527 5,874,871 80,129,949

Total Less future finance charges

166,854,600 22,921,253

143,933,347 -

Present value of minimum lease payments

143,933,347

143,933,347

The finance lease relate to lease of vessels with lease terms of 3 years to 10 years and where its subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels. 21. OTHER LONG-TERM PAYABLE

This account represents a loan of US$ 13,000,000 owed to Teekay Shipping Corporation. The loan is payable in 22 semi-annual installments, bears annual interest of 8%, payable on a quarterly basis, and is secured by the Company’s ownership interest in Teekay BLT Corporation (Note 8). Effective in 2006, the first semi-annual installment is due nine (9) months after the delivery of the vessels, which is expected to be on January 2009. 22. POST-EMPLOYMENT BENEFITS

The Company provides post-employment benefits to its qualifying employees in accordance with Indonesian Labor Law No. 13/2003. The number of employees entitled to the benefits is 206 and 162 in December 31, 2007 and 2006, respectively. Amounts recognized in profit of loss in respect of these post-employment benefits are as follows:

2007 US$ Current service cost Interest costs Net actuarial losses Amortization of past service cost (non-vested) Past service cost Total

2006 US$

320,904 244,467 543,305 14,307 -

97,431 105,518 367,806 (17,809) (94,475)

1,122,983

458,471

The amounts included in the balance sheets arising from the Company’s obligation in respect of these post-employment benefits are as follows: 2007 2006 US$ US$ Present value of unfunded obligations Unrecognized actuarial losses Unrecognized past service cost Net liability

- 38 -

3,967,132 (1,687,651) (3,461)

3,046,867 (1,789,487) (18,106)

2,276,020

1,239,274


Movements in the present value of unfunded obligations are as follows: 2007 US$

2006 US$

Beginning of the year Current service cost Interest cost Translation adjustment Actuarial (gain)/loss Past service cost Others

3,046,867 224,534 244,467 (143,160) 594,424 -

1,372,563 97,431 105,518 125,061 1,637,304 (94,474) (196,536)

End of the year

3,967,132

3,046,867

Movements in the net liability recognized in the balance sheet are as follows: 2007 US$

2006 US$

Beginning of the year Employee benefits cost for the year (Note 32) Translation adjustment

1,239,274 1,122,983 (86,237)

709,468 458,471 71,335

End of the year

2,276,020

1,239,274

The cost of providing post-employment benefits is computed using the following key assumptions: Discount rate Salary increment rate Mortality rate Resignation rate

: : : :

2007 and 2006: 10% per annum 2007 and 2006: 15% per annum 2007 and 2006: Mortality Table 2 of Indonesia 2007 and 2006: 10% per annum until age 36 then decreasing linearly to 0% until age 55

The history of experience adjustments is as follows: 2007 US$ Present value of unfunded obligations Experience adjustments

3,967,132 594,424

2006 US$ 3,046,867 1,637,304

2005 US$

2004 US$

1,372,563 560,214

2003 US$

713,781 114,944

565,829 37,554

23. CONVERTIBLE BONDS

Details of convertible bonds are as follows:

2007 US$ At fair value through profit or loss: Convertible bonds due 2012 At amortized cost: Convertible bonds due 2010

128,541,250 -

Total

128,541,250

- 39 -

2006 US$

3,401,774 3,401,774

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Convertible Bonds due in 2012

On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Zero Coupon Guaranteed Convertible Bonds in denomination of US$ 100,000 each and integral multiples of US$ 1,000, with aggregate principal amount of US$ 125,000,000. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company. The bondholders have the right to convert the bonds into ordinary shares, with par value of Rp 62.50 each, of the Company from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at a fixed rate of SGD 1.5143 per US$ 1 or Rp 8,894 per US$ 1) by the conversion price in effect at the time of conversion date. The initial conversion price is SGD 0.4965 per share. In the event the shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGX-ST Listed Shares, except that, in such an event, for purposes of calculating the ratio the principal amount of the bond to be converted shall remain in US Dollar and all the conversion price shall be translated from Rupiah to US Dollar. Notwithstanding the Conversion Right of the bondholders, BLTF BV has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part: i.

On or at anytime after May 17, 2009 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published at least 125% of ERA divided by the conversion ratio. ii. If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued. iii. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia. The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the principal amount on May 17, 2010. The bondholders also have the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares. ERA of the bonds, for each US$ 100,000 principal amount, pertains to settlement before the maturity date at price ranging from US$ 102,625.00 to US$ 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annual basis. Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012. These bonds are designated as at fair value through profit and loss at issuance date. The fair value at balance sheet date is determined based on quoted market price. Convertible Bonds Due 2010

On December 14, 2005, BLT Finance Corporation (BLT FC), a subsidiary, issued 50,000 convertible bonds in denomination of US$1,000 each, or aggregate principal amount of US$50,000,000, with interest rate of 1.25% per annum payable semi-annually on June 14 and December 14. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company. The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, from January 24, 2006 to November 14, 2010. The number of shares to be delivered on conversion will be determined by dividing the principal amount of the bond to be converted (translated into Rupiah at a fixed exchange rate of Rp 10,078 per US$1) by the conversion price in effect at the time of conversion. The initial conversion price is Rp 1,250 per share.

- 40 -


Notwithstanding the Conversion Right of the bondholders, BLT FC has the option to pay (Cash Settlement Option) to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. Effective January 2, 2006, BLT FC irrevocably and permanently waived and renounced its cash settlement option contained in the convertible bonds based on the Deed of Waiver dated January 2, 2006. The bonds may also be redeemed at the option of BLT FC at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part: i.

On or at anytime after December 14, 2008 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published at least 125% of ERA divided by the conversion ratio. ii. If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued. iii. At anytime in the event of certain changes relating to taxation in British Virgin Island or the Republic of Indonesia. The bondholders have the right to require BLT FC to redeem all or some of the bonds at 112.12% of the principal amount together with accrued and unpaid interest on December 14, 2007. The bondholders also have the right at their option to require BLT FC to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares. ERA of the bonds, for each US$ 1,000 principal amount, pertains to settlement before the maturity date at price ranging from US$ 1,028.75 to US$ 1,269.41, representing a gross yield to the investor of 7% for redemption on or before December 14, 2007 and 6.5% for redemption thereafter. Unless previously redeemed, converted or purchased, BLT FC will redeem each bond at 130.44% of the principal amount on December 14, 2010. On December 14, 2005, at the time of issue, the convertible bonds were designated as fair value through profit and loss. Effective January 2, 2006, the convertible bonds were no longer designated as fair value through profit and loss since BLT FC has irrevocably and permanently waived and renounced its cash settlement option as discussed above. On January 2, 2006, the nominal value of the convertible bonds have been split between its liability component and its equity component, representing the fair value of the embedded option to convert the liability into equity of the Company, as follows:

US$ Nominal value of convertible bonds issued Equity component

50,000,000 (391,847)

Liability component Converted to share capital through issuance of treasury stock Interest charged

49,608,153 (46,383,623) 177,244

Liability component at December 31, 2007 Converted to share capital through issuance of treasury stock

3,401,774 (3,401,774)

Net

-

- 41 -


The interest charged for the year is calculated by applying an effective interest prevailing in the market. The fair value of the convertible bonds at market prices by reference to the last published quotation is US$ 4,412,980 as of December 31, 2006. As of December 31, 2007, all of the bonds have been converted to shares. 24. DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement. The outstanding derivative financial instruments, consisting mainly of cross currency swaps, expire between May 2008 to July 2012 and have net fair values of US$ 20,620,772 and US$ 3,738,073 as of December 31, 2007 and 2006, respectively. At December 31, 2007 and 2006, the derivative contracts have notional amounts of Rp 1,473,906,250,000 (US$ 170,473,362) and Rp 587,031,250,000 (US$ 69,744,753), respectively. The cross currency swaps require periodic exchange of interest based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amount on maturity of the contracts. For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on the Rupiah and US Dollar notional amount, details of which are as follows: 2007 2006 US$ US$ Net change in fair value Net settlement of interest

(16,882,699) 5,314,757

11,209,299 2,570,132

Net gain (loss) (Note 33)

(11,567,942)

13,779,431

The derivatives are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves for the duration of the instruments. 25. SHORT-TERM BANK LOANS 2007 US$

2006 US$

At amortized cost: DnB NOR Bank, ASA, Singapore Bank Sumitomo Mitsui Indonesia Bank UOB Indonesia Bank Mizuho Indonesia Bank Central Asia Bank Negara Indonesia Bank Chinatrust Indonesia

250,000,000 17,000,000 15,925,257 13,801,890 2,123,368 -

14,412,417 2,217,295 3,110,000 1,662,971

Total

298,850,515

21,402,683

2007 Interest rate per annum during the period U.S. Dollar

2006

1% - 3.25% 3.25% above LIBOR/SIBOR above LIBOR/SIBOR 6.2% - 13.5% 7.5% - 16.25%

Rupiah

- 42 -


A. On December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank, ASA, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and will be secured by the subsidiaries’ vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus 1.5%, which is paid between 1 – 3 months. B. Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150,000,000,000 or equivalent to US$ 17,000,000 and is due on June 2008. Interest rate is at LIBOR plus 1%, which is paid on a monthly basis. C. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150,000,000,000 due on December 12, 2008. This loan is secured by a subsidiary’s vessel and trade accounts receivable from Pertamina of M.T. Anjani with interest rate per annum at SBI plus 1.2%, which is paid monthly. D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with maximum credit of Rp 50,000,000,000 due on April 18, 2008. Interest rate per annum is at the bank’s cost of funds plus 1.2%, which is paid between 7 - 30 days. In April 2005, the Company obtained additional loan from Bank Mizuho with maximum credit of Rp 35,000,000,000 due in April 2008. Interest rate per annum is at the bank’s cost of funds plus 1.2%, which is paid between 7 - 30 days. In July 2006, the Company obtained additional loan from Bank Mizuho with maximum credit of Rp 45,000,000,000 due in April 2008. Interest rate per annum is at the bank’s cost of funds plus 1.2%, which is paid between 7 - 30 days. E. Loan obtained from Bank Central Asia is a working capital credit facility with maximum credit of Rp 20,000,000,000 and bears interest of 10.25% - 13.5%, which is paid monthly (Note 17B). F. Loan obtained from Bank Negara Indonesia is a working capital facility with maximum credit of US$ 3,110,000 due in 2007. Interest rate is at SIBOR plus 3.25%, which is paid monthly. This loan has been fully paid in May 2007. G. Loan obtained from Bank Chinatrust Indonesia is a working capital credit facility with maximum credit of Rp 15,000,000,000 due on August 23, 2007. Interest rate is SBI interest rate plus 2%, which is paid monthly. This loan is secured by the Company’s asset equivalent to the outstanding balance of the liability to Bank Chinatrust Indonesia. This loan was paid in May 2007. 26. TRADE ACCOUNTS PAYABLE

2007 US$

2006 US$

Related parties Third parties

2,790,671 12,625,897

696,674 9,161,285

Total

15,416,568

9,857,959

The accounts payable to third parties represent liabilities to other shipping companies as agents and to sub-agents and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements.

- 43 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 27. TAXATION

a. Details of taxes payable included in the consolidated balance sheets are as follows: 2007 US$

2006 US$

Corporate income tax of the Company Income taxes Article 21 Article 23 Article 25 Article 26 Value added tax Final tax payable

1,095

699

909,286 18,319 3,080 2,260 1,478,458 47,527

353,547 20,269 2,531 5,679 1,538,354 20,764

Total

2,460,025

1,941,843

b. Details of tax expense included in the consolidated statements of income are as follows:

Income tax of foreign and local subsidiaries Final tax on vessel revenue - Company Income tax on agency operations - Company Final tax on storage revenue and agency Total

2007 US$ 786,497 140,038 41,706 27,651

2006 US$ 745,378 145,961 37,990 25,516

995,892

954,845

c. A reconciliation of tax expense included in the consolidated statements of income and the amount computed by applying the applicable tax rates is as follows:

2007 US$

2006 US$

398,642,549

335,216,811

4,783,711

4,022,602

(3,360,466) 26,764

(2,982,479) 25,488

(5,811) (7,748) (509,915) 27,651 41,706

(8,269) (7,225) (158,778) 25,516 37,990

Total tax expense per consolidated statements of income

995,892

954,845

Tax on agency operating income is computed as follows: Agency revenue Non-taxable income

645,900 (449,945)

602,063 (469,069)

195,955

132,994

41,706

37,990

Operating revenues Final tax at 1.2% of gross revenues Tax effect of: Revenue of foreign subsidiaries not subject to tax Revenue of foreign subsidiaries subject to different final tax Revenue subject to different tax rate: Storage revenue Agency revenue Others Tax on storage revenue Tax on agency operating income (see below)

Taxable income Tax at applicable tax rate

- 44 -


At balance sheet date, no deferred tax liability has been recognized in respect of the temporary differences associated with undistributed earnings of subsidiaries because the Company is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. 28. ACCRUED EXPENSES

2007 US$

2006 US$

Operating and docking Interest Others

19,169,237 8,363,456 4,000,133

14,451,694 3,130,346 1,523,387

Total

31,532,826

19,105,427

29. OPERATING REVENUES

2007 US$

2006 US$

Owned vessels Chartered vessels Agency fees Storage fees

310,298,478 87,107,249 752,579 484,243

262,900,862 70,924,636 702,261 689,052

Total

398,642,549

335,216,811

0.07% of the above operating revenues were made with related parties in 2006 (Note 38). Revenues from Pertamina included in the operating revenues amounted to US$ 43,425,641 and US$ 51,264,153 in 2007 and 2006, respectively. 30. VOYAGE EXPENSES

2007 US$ Fuel Port charges Total

- 45 -

2006 US$

68,354,969 35,434,826

56,017,916 26,519,857

103,789,795

82,537,773

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 31. SHIP OPERATING EXPENSES

2007 US$

2006 US$

Salaries Spare parts Lubricants Insurance Repairs and maintenance Transportation Processing of documents Supplies Employees' meal allowances Others

29,493,620 10,344,325 6,363,630 6,260,890 4,622,630 4,191,583 2,910,692 2,827,906 1,818,211 3,348,036

17,433,108 8,337,680 5,464,425 4,486,808 4,187,761 2,336,949 1,782,226 1,653,846 1,326,577 3,760,975

Total

72,181,523

50,770,355

32. GENERAL AND ADMINISTRATIVE

2007 US$

2006 US$

Salaries Professional fees Office expenses Pension benefits (Note 22) Transportation Telecommunication Marketing Depreciation Representation Bank charges Training and education Others

10,292,893 3,368,582 2,433,014 1,122,983 1,023,825 748,618 556,262 534,031 394,177 391,500 296,833 807,104

6,874,790 5,800,862 1,735,971 458,471 950,062 710,679 363,659 531,571 193,719 373,311 150,271 377,192

Total

21,969,822

18,520,558

33. FINANCE COSTS

2007 US$

2006 US$

Interest expense on: Bonds Bank loans

29,712,616 26,403,479

5,176,131 30,321,943

Total borrowing cost Net loss (gain) on derivative transactions (Note 24) Profit sharing allocation

56,116,095 11,567,942 1,593,613

35,498,074 (13,779,431) 978,913

Total

69,277,650

22,697,556

- 46 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 34. INVESTMENT INCOME

2007 US$

2006 US$

Interest income from: Current accounts and others Time deposits

5,492,078 3,557,953

1,691,394 2,286,618

Total interest income Realized gain on available-for-sale investments

9,050,031 2,764,526

3,978,012 2,146,634

11,814,557

6,124,646

Total

35. OTHER GAINS AND LOSSES

2007 US$ Change in fair value of convertible bonds and notes payable designated as at fair value through profit and loss Foreign exchange gain (loss) - net Net recovery of revaluation decrease Net gain (loss) on disposal of property, vessels and equipment (Note 6) Gain (loss) on insurance claim Revaluation decrease Others - net Total

2006 US$

50,791,950 6,834,128 5,537,610

(4,635,311) -

(11,344,973) (283,575) (13,098,374)

53,537,732 222,949 (16,780,781) (2,223,237)

38,436,766

30,121,352

2007 US$

2006 US$

36. EARNINGS PER SHARE Profit for the year

Profit for the year for the computation of basic earnings per share Unrealized fair value change of convertible bonds designated as FVTPL Potential effect of dilutive common shares: Interest of convertible bonds Profit for the year for the computation of diluted earnings per share

76,777,392 3,541,250 80,318,642

- 47 -

107,489,649 217,869 107,707,518

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Earnings Per Share

2007

2006

Net Residual Income - Basic

$76,777,392

$107,489,649

Net Residual Income - Diluted

$80,318,642

$107,707,518

Weighted average outstanding shares for the purposes of basic earnings per share Potential effect of dilutive common shares: Convertible bonds Warrants Weighted average outstanding shares for the purposes of diluted earnings per share

3,810,882,703

3,973,969,589

249,064,587 397,784,338

125,739,847 393,697,897

4,457,731,628

4,493,407,333

Exercise price of warrants Average fair value of common share Potential effect of dilutive common shares: Earnings per share - Basic - Diluted

Rp 150 Rp 1,918

Rp 150 Rp 1,674

0.0201 0.0180

0.0270 0.0240

As of the issuance date of the consolidated financial statements, the Company’s management has decided that the Company will not carry-out the stock split (as discussed in Note 13) until after such stock split is approved in a Extraordinary General Stockholders’ Meeting. Accordingly, the dilutive effect of the stock split on the earnings per share was not considered in the dilutive earnings per share calculation. 37. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES

At the Annual General Meeting of Stockholders held on May 2007, the stockholders approved the declaration of dividends for 2006 amounting to Rp 40 per share (totaling US$ 16,367,018) and appropriate Rp 310,000,000 (US$ 35,510) from retained earnings for general reserve. At the Annual General Meeting of Stockholders held on May 2006, the stockholders approved the declaration of dividends for 2005 amounting to Rp 20 per share (totaling US$ 8,927,727) and appropriate Rp 160,362,000 (US$ 17,393) from retained earnings for general reserve. 38. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship

a. The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa). b. PT Tunggaladhi Baskara is a major stockholder of the Company. c. Bagusnusa is the parent company of PT Tunggaladhi Baskara. The majority stockholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s commissioners. d. Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama.

- 48 -


e. Pan Union Agencies Pte. Ltd. Poseidon Elite Navigation Pte. Ltd. and Pan Union Shipping Pte. Ltd. are wholly-owned, directly or indirectly, by Ms. Siana Anggaeni, one of the Company’s directors. f. PT Arpeni Pratama Ocean Line Tbk is owned by a close member of the family of Mr. Hadi Surya. Transactions with Related Parties

In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. These transactions included the following: a. Agency fees from related parties accounted 0.07% in 2006. Details of revenues from related parties are as follows: 2006 US$ PT Arpeni Pratama Ocean Line Tbk

226,608

Total

226,608

b. Expenses paid to related parties accounted for 0.82% and 1.60% in 2007 and 2006, respectively. The details of expenses from related parties are as follows: 2007 US$

2006 US$

Pan Union Agencies Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk Thai Petra Transport Co. Ltd. PT Garuda Mahakam Pratama

1,689,688 154,084 447,952 11,721

2,418,918 616,832 523,229

Total

2,303,445

3,558,979

c. PT Tunggaladhi Baskara’s 66,188,311 shares in 2007 and 167,142,857 shares in 2006, respectively, were pledged for the Company’s loan to Bank Central Asia (Note 17B). d. The remuneration of the Company’s key management (commissioners and directors) during the year are as follows: 2007 US$

2006 US$

Short-term benefits Post-employment benefits

1,699,400 681,241

708,907 325,080

Total

2,380,641

1,033,987

39. SEGMENT INFORMATION

For management purpose, the Company and its subsidiaries are currently organized based on type of vessels chartered – chemical, gas, oil and asphalt. These segments are the basis on which the Company and its subsidiaries report their primary segment information.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Business Segment

2007 Business Segment Chemical US$ REVENUES External revenues Total segment revenues Unallocated

Gas US$

Floating, production, storage and off-loading US$

Oil US$

Total US$

218,982,536

21,192,986

10,950,190

146,280,015

397,405,727

218,982,536

21,192,986

10,950,190

146,280,015

397,405,727 1,236,822


398,642,549


23,612,008 43,127,055

681,685 2,124,681


66,739,063

2,806,366

Charter Expenses Vessel Depreciation and Ship Operating Expenses

26,244,732

-

11,920

11,129,213 23,103,233

35,434,826 68,354,969

11,920

34,232,446

103,789,795

-

3,285,000

29,529,732

-

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others

17,538,873 3,455,403 5,787,383 2,225,107 1,620,063 2,130,783 998,750 1,488,743 3,667,634 2,245,575

2,701,070 178,184 1,385,771 203,207 381,230 650,578 227,493 351,851 554,234 311,028

732,882 7,419 143,278 923,685 106,292 352,148 147,233 53,618 68,392 221,552

8,520,795 981,624 3,027,893 2,908,891 720,321 1,058,074 444,735 1,016,480 2,073,370 569,881

29,493,620 4,622,630 10,344,325 6,260,890 2,827,906 4,191,583 1,818,211 2,910,692 6,363,630 3,348,036


41,158,314 31,294,722

6,944,646 5,979,194

2,756,499 4,548,988

21,322,064 32,524,606

72,181,523 74,347,510


165,436,831

15,730,206

7,317,407

91,364,116

279,848,560

53,545,705

5,462,780

3,632,783

54,915,899

117,557,167

Segment result Unallocated income and expenses Agency and storage fees General and administrative expenses Finance costs Investment income Share in net loss of associates Loss from sale of vessels and equipment Other gains and losses - net Profit before tax Tax expense

1,236,822 (21,969,822) (69,277,650) 11,814,557 (24,556) (11,344,973) 49,781,739 77,773,284 (995,892)

Profit for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated

76,777,392 1,015,101,377 31,294,722

20,049,559 5,979,194

6,714,106 4,548,988

112,213,523 32,524,606

1,154,078,565 74,347,510

1,372,341,079

136,517,673

45,932,966

421,274,910

1,976,066,628 437,019,045 2,413,085,673

178,459,800

3,773,515

510,758

7,864,841

190,608,914 1,647,251,126


1,837,860,040

- 50 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 2006 Business Segment Chemical US$ Revenue External revenues Total segment revenues Unallocated

Gas US$

Oil US$

173,932,944

16,188,863

143,703,691

333,825,498

173,932,944

16,188,863

143,703,691

333,825,498 1,391,313

Total revenues per consolidated statement of income Segment expenses Voyage Expenses Port Charges Fuel

Total US$

335,216,811

18,066,847 37,735,744

586,993 1,530,348

7,866,017 16,751,824

26,519,857 56,017,916


55,802,591

2,117,341

24,617,841

82,537,773

Charter Expenses

26,066,438

3,285,000

29,351,438

-

Vessel Depreciation and Ship Operating Expenses Ship Operating Expenses Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment results Unallocated income and expenses Agency and storage fees General and administrative expenses Finance costs Investment income Share in loss of associates Other gains and losses - net Profit before tax Tax expense

8,320,048 355,283 4,610,994 1,506,283 755,199 1,081,862 925,199 592,601 2,787,167 2,446,864

1,274,959 690,439 782,016 249,955 199,318 302,847 146,716 150,598 501,169 220,422

7,838,101 3,142,039 2,944,670 2,730,570 699,329 952,240 254,662 1,039,027 2,176,089 1,093,689

17,433,108 4,187,761 8,337,680 4,486,808 1,653,846 2,336,949 1,326,577 1,782,226 5,464,425 3,760,975

23,381,500

4,518,439

22,870,416

50,770,355

28,182,028

4,451,290

26,481,998

59,115,316

133,432,557

11,087,070

77,255,255

221,774,882

40,500,387

5,101,793

66,448,436

112,050,616 1,391,313 (18,520,558) (22,697,556) 6,124,646 (25,319) 30,121,352 108,444,494 (954,845)

Profit for the year Other information Capital additions Depreciation Assets Segment assets Unallocated

107,489,649 99,647,486 28,182,028

58,659,423 4,451,290

89,101,937 26,481,998

247,408,846 59,115,316

359,247,409

103,045,821

406,158,537

868,451,767 209,537,686

Consolidated total assets Liabilities Segment liabilities Unallocated

1,077,989,453 14,699,237


2,526,851

8,725,102

25,951,190 534,828,631 560,779,821

- 51 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Geographic Segment

The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia. Segment information based on geographic segment is presented below:

2007

Malaysia US$

Indonesia US$

Elimination US$

Consolidated US$

REVENUES External revenues Inter-segment sales

384,048,147 28,921,086

14,594,402 -

(28,921,086)

398,642,549 -

Total revenues

412,969,233

14,594,402

(28,921,086)

398,642,549

2006

Malaysia US$

Indonesia US$

Elimination US$

Consolidated US$

REVENUES External revenues Inter-segment sales

309,332,241 24,967,568

25,884,570 -

(24,967,568)

335,216,811 -

Total revenues

334,299,809

25,884,570

(24,967,568)

335,216,811

40. RECONCILIATION OF IFRS AND INDONESIAN GAAP For statutory reporting purposes in Indonesia, the Company continues to prepare consolidated financial statements in accordance with Indonesian GAAP. IFRS varies in certain significant respect from Indonesian GAAP. The application of IFRS that affected the preparation and presentation of the consolidated financial statements is discussed below. a. Goodwill Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to. Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses. In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003. The accumulated amortization of US$ 3,747,237 recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of US$ 911,202 and US$ 794,504 for the years ended December 31, 2007 and 2006, respectively, recognized under Indonesian GAAP has also been reversed under IFRS.

- 52 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) b. Property, Plant and Equipment While Indonesian GAAP does not generally allow companies to recognized increases in value of property, plant and equipment that occur subsequent to acquisition, an exception is provided for revaluations made in accordance with government regulations. For Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases and continue to measure property, plant and equipment at cost less accumulated depreciation and any accumulated impairment losses. After initial recognition, IFRS allows an item of property, plant and equipment whose fair value can be measured reliably, to be carried at revalued amount, being the fair value at the date of revaluation, less subsequent accumulated depreciation and accumulated impairment losses, if any (the “Revaluation Model” under IAS 16). For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition. If the vessel’s carrying amount is increased as a result of a revaluation, the increase is credited directly to equity under the heading of revaluation reserve. However, the increase shall be recognized in profit or loss to the extent that it reverses a revaluation decrease of the same vessel previously recognized in profit of loss. If the vessel’s carrying amount is decreased as a result of revaluation, the decrease shall be recognized in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation surplus in respect of that vessel. Also, under Indonesian GAAP, the cost of acquired landrights are capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights. c. Financial Instruments Under Indonesian GAAP, short-term and long-term bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from the issuance of convertible bonds are recognized as liabilities. Under IFRS, financial liabilities are measured at amortized cost. Convertible bonds due 2010 are separated into its liability component and its equity component. The change had an impact on amounts of reported net profits and retained earnings as follows: 2007 2006 US$ US$

Net profits Retained earnings

678,282 34,470

4,539,784 712,752

d. Measurement and Reporting Currency Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Company maintains its books of accounts in Rupiah and presents the consolidated financial statements also in Rupiah. Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency. Management has determined that the Company’s functional currency is the US Dollar. For IFRS reporting purposes, the transactions were measured in terms of the functional currency as discussed in Note 3f. Management has chosen the US Dollar as the group presentation currency.

- 53 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) A summary of the significant adjustments to consolidated profit for the years ended December 31, 2007 and 2006 and to consolidated stockholders’ equity as of December 31, 2007 and 2006 from Indonesian GAAP to IFRS are set forth below: December 31, Note Profit for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Depreciation of revalued vessels Revaluation decrease Loss on sale of property adjustment based on revalued amounts of vessels Recovery of revaluation decrease Amortization of landrights Measurement of financial liabilities at amortized cost

2007

2006

Rp US$

758,981,783,247 87,147,221

1,205,279,899,017 127,312,935

(a) (b) (b)

US$ US$ US$

911,202 (4,598,403) -

794,504 (8,376,793) (16,780,781)

(b) (b) (b)

US$ US$ US$

(12,855,487) 5,537,610 (43,033)

(c)

US$

678,282

4,539,784

(10,369,829)

(19,823,286)

76,777,392

107,489,649

Total adjustments Profit for the year in accordance with IFRS

-

December 31, Note

2007

2006

Rp US$

3,315,581,696,509 368,251,538

3,131,159,546,500 358,293,829

(a) (b) (b)

US$ US$ US$

4,089,214 208,571,169 (12,951,431)

3,178,012 170,315,215 (8,353,028)

(b)

US$

(13,690,815)

(835,328)

(b) (b) (b) (c) (c)

US$ US$ US$ US$ US$

36,387,039 (43,033) (15,340,980) (189,842) 177,244

16,366,646 (20,878,590) (189,842) 25,470

(c)

US$

(34,470)

(712,752)

Total adjustments

206,974,095

158,915,803

Equity in accordance with IFRS

575,225,633

517,209,632

Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Revaluation reserve Depreciation of revalued vessels Loss on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease Foreign exchange loss Option premium on convertible bonds Measurement of financial liabilities at amortized cost

- 54 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) a. Reconciliation of consolidated balance sheet between IFRS and Indonesian GAAP at December 31, 2007. INDONESIAN GAAP

INDONESIAN GAAP

Reconciling Items

IFRS

IDR (in thousand)

US$

US$

US$

Property, vessels and equipment - net Advances for the purchase of property, vessels and equipment Investments in associates Other non-current assets

15,810,718,725

1,689,981,767

201,644,453

1,891,626,220

7,911,960 194,723,541 1,030,653,493

840,000 20,715,570 113,871,313

1,143,580

840,000 20,715,570 115,014,893

Total Non-Current Assets

17,044,007,719

1,825,408,650

202,788,033

2,028,196,683


713,431,861 680,967,273 1,980,422,581 249,795,114

75,668,908 72,297,194 210,315,293 26,562,555

45,040

75,668,908 72,297,194 210,315,293 26,607,595


3,624,616,829

384,843,950

45,040

384,888,990

20,668,624,548

2,210,252,600

202,833,073

2,413,085,673

Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Share of changes in associates' equity Revaluation reserve Retained earnings

259,938,152 533,010,299 (780,921,641) 192,459,876

59,347,625 60,841,768 (86,628,085) (91,428)

177,244 -

59,347,625 61,019,012 (86,628,085) (91,428)

20,159,246 (39,164,165) 3,130,099,930

2,140,275 (4,157,996) 336,799,379

208,571,169 (1,774,318)

2,140,275 (4,157,996) 208,571,169 335,025,061

Total Equity

3,315,581,697

368,251,538

206,974,095

575,225,633

Long-term liabilities - net of current maturities Bank loans Bonds payable Obligations under finance lease Convertible bonds Notes payable Other non-current liabilities

5,707,024,658 891,338,064 810,079,396 1,210,730,033 3,255,835,589 279,204,449

605,932,904 94,597,194 86,004,820 128,541,250 345,666,800 29,642,685

(3,317,844) 10,161 -

602,615,060 94,607,355 86,004,820 128,541,250 345,666,800 29,642,685

12,154,212,189

1,290,385,653

(3,307,683)

1,287,077,970

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

2,814,873,000 142,614,516 1,752,220,155 489,122,991

298,850,515 15,416,568 185,990,621 51,357,705

(833,339) -

298,850,515 15,416,568 185,157,282 51,357,705

Total Current Liabilities

5,198,830,662

551,615,409

(833,339)

550,782,070

20,668,624,548

2,210,252,600

202,833,073

2,413,085,673


Total Equity and Liabilities

- 55 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) b. Reconciliation of consolidated balance sheet between IFRS and Indonesian GAAP at December 31, 2006. INDONESIAN GAAP

INDONESIAN GAAP

Reconciling Items

IFRS

IDR (in thousand)

US$

US$

US$

Property, vessels and equipment - net Advances for the purchase of property, vessels and equipment Investments in associates Other non-current assets

5,903,931,712

660,941,570

156,614,915

817,556,485

13,779,904 224,237,821 91,529,890

1,527,705 24,898,122 14,891,906

501,976

1,527,705 24,898,122 15,393,882

Total Non-current Assets

6,233,479,327

702,259,303

157,116,891

859,376,194

507,044,910 433,572,296 886,090,707 145,768,712

56,093,192 48,067,882 98,237,167 16,215,018

-

56,093,192 48,067,882 98,237,167 16,215,018


1,972,476,625

218,613,259

-

218,613,259

Total Assets

8,205,955,952

920,872,562

157,116,891

59,337,930 60,067,002 (27,188,806) (9,355)

-


Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Option premium on convertible bonds Revaluation reserve Retained earnings

612,296 2,520,931,044

67,882 266,019,176

25,470 170,315,215 (11,424,882)

67,882 25,470 170,315,215 254,594,294

Total Equity

3,131,159,547

358,293,829

158,915,803

517,209,632

Long-term liabilities - net of current maturities Bank loans Bonds payable Convertible bonds Other non-current liabilities

3,194,725,883 396,997,246 29,315,000 167,294,943

354,182,471 43,984,820 3,250,000 18,547,111

(1,420,316) (50,905) 151,774 -

352,762,155 43,933,915 3,401,774 18,547,111


3,788,333,072

419,964,402

(1,319,447)

418,644,955

193,052,200 88,784,156

21,402,683 9,857,959

733,080,342 271,546,635

81,272,765 30,080,924

(479,465) -

80,793,300 30,080,924

Total Current Liabilities

1,286,463,333

142,614,331

(479,465)

142,134,866

Total Equity and Liabilities

8,205,955,952

920,872,562

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term bank loans Other current liabilities

259,848,277 524,840,215 (250,323,928) 75,251,643

1,077,989,453

- 56 -

-

157,116,891

59,337,930 60,067,002 (27,188,806) (9,355)

21,402,683 9,857,959

1,077,989,453

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) c. Reconciliation of consolidated statement of income between IFRS and Indonesian GAAP for the year ended December 31, 2007. INDONESIAN GAAP IDR (in thousands) Operating revenues Voyage expenses Operating revenues after voyage expenses

3,641,772,919 (932,930,385)

2,708,842,534

INDONESIAN GAAP US$

398,642,549

Reconciling Items US$

IFRS US$

-

398,642,549

-

(103,789,795)

294,852,754

-

294,852,754

(103,789,795) *

Charter expenses

(269,783,633)

(29,529,732) *

-

(29,529,732)

Vessel depreciation and ship operating expenses Ship operating expenses

(659,483,172)

(72,181,523) *

-

(72,181,523)

(642,483,405)

(71,251,576) *

Vessel depreciation

(3,095,934)

(74,347,510)

(1,301,966,577)

(143,433,099)

(3,095,934)

(146,529,033)

1,137,092,324

121,889,923

(3,095,934)

118,793,989


(239,021,216)

(24,593,152)

2,623,330

(21,969,822)


898,071,108

97,296,771

(472,604)

96,824,167

Finance costs

(622,023,431)

(67,289,569)

(1,988,081)

(69,277,650)

Investment income

108,125,672

11,814,557

-

11,814,557

(218,895)

(24,556)

-

(24,556)

384,127,257

46,345,910

(7,909,144)

38,436,766

(129,989,397)

(9,153,658)

(9,897,225)

(19,050,883)

768,081,711

88,143,113

(10,369,829)

77,773,284

(9,099,928)

(995,892)

758,981,783

87,147,221

Gross profit

Net financial and other items

Share in losses of associates Other gains and losses

Income before tax Tax expense Profit for the year

*

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

- 57 -

(10,369,829)

(995,892) 76,777,392

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) d. Reconciliation of consolidated statement of income between IFRS and Indonesian GAAP for the year ended at December 31, 2006. INDONESIAN GAAP IDR (in thousands) Operating revenues Voyage expenses

3,073,787,611 (757,645,728) *

INDONESIAN GAAP US$

Reconciling Items US$

IFRS US$

335,216,811

-

335,216,811

(82,537,773) *

-

(82,537,773)

252,679,038

-

252,679,038

Operating revenues after voyage expenses

2,316,141,883 (269,152,688) *

(29,351,438) *

Ship operating expenses

(467,450,605) *

(50,895,135) *

124,780

(50,770,355)

Vessel depreciation

(457,245,333) *

(50,738,523) *

(8,376,793)

(59,115,316)

Charter expenses

-

(29,351,438)

Vessel depreciation and ship operating expenses

(924,695,938)

(101,633,658)

(8,252,013)

(109,885,671)

1,122,293,257

121,693,942

(8,252,013)

113,441,929


(175,901,462)

(19,219,842)

699,284

(18,520,558)


946,391,795

102,474,100

(7,552,729)

94,921,371

(233,757,555)

(26,413,276)

3,715,720

(22,697,556)

55,648,804

6,124,646

-

6,124,646

(234,755)

(25,319)

-

(25,319)

445,987,236

46,107,629

(15,986,277)

30,121,352

267,643,730

25,793,680

(12,270,557)

13,523,123

1,214,035,525

128,267,780

(19,823,286)

108,444,494

(8,755,626)

(954,845)

1,205,279,899

127,312,935

Gross profit

Net financial and other items Finance costs Investment income Share in losses of associates Other gains and losses

Income before tax Tax expense Profit for the year

*

(19,823,286)

(954,845) 107,489,649

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

41. FINANCIAL INSTRUMENTS A. Capital risk management The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 17, 18, 19, 20, 21, 23 and 25, cash, available-for-sale investments and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 8, 11, 13, 14, 15 and 16.

- 58 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors consider the cost of capital and the related risks. The Company also has a target gearing ratio of 150% determined as the proportion of net debt to equity. The gearing ratio as of December 31, 2007 and 2006 are as follows:

2006 US$

2007 US$ Debt Cash and available-for-sale investments

1,754,443,082 282,612,487

515,293,827 146,305,049

Net debt Equity

1,471,830,595 575,225,633

368,988,778 517,209,632

Net debt to equity ratio

256%

71%

The Company’s management has several plans to be executed in the first semester of 2008 for the Company and its subsidiaries deleveraging exercise which is expected to reduce the net gearing ratio to 150% at the end of 2008. This includes the plan to prepay the US$ 250 million bridging loan and equity financing (see also Note 17). B. Significant Accounting Policies Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. C. Categories of Financial Instruments

As of December 31, 2007 Restricted cash Derivative financial instruments Trade accounts receivable Other accounts receivable Available-for-sale investments Cash

As of December 31, 2006 Other long-term accounts receivable Derivative financial instruments Trade accounts receivable Other accounts receivable Available-for-sale investments Cash

Financial assets at FVTPL US$

Available-forinvestments US$

Loans and receivables US$

Held-to-maturity investments US$

132,081 -

72,297,194 -

29,200,000 75,668,908 2,787,968 210,315,293

-

132,081

72,297,194

317,972,169

-

569,764 -

48,067,882 -

2,631,317 56,093,192 3,391,306 98,237,167

-

569,764

48,067,882

160,352,982

-

- 59 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities As of December 31, 2007 Financial liabilities at Other financial FVTPL liabilities US$ US$

As of December 31, 2006 Financial liabilities at Other financial FVTPL liabilities US$ US$

Bank loans Bonds payable Notes payable 345,666,800 Other long-term payable Convertible bonds 128,541,250 Obligations under finance lease Derivative financial instruments 20,752,853 Short-term bank loans Trade accounts payable Other accounts payable -

687,494,681 136,956,489 13,000,000 143,933,347 298,850,515 15,416,568 6,651,110

4,307,837 -

433,555,455 43,933,915 13,000,000 3,401,774 -

494,960,903

1,302,302,710

4,307,837

532,349,803

21,402,683 9,857,959 7,198,017

In 2007, the convertible bonds and notes payable were designated at fair value through profit or loss (FVTPL). The difference between the carrying amount and maturity amount and the change in fair value attributable to change in credit risk recognized during the period are presented as follows: Convertible bonds US$ Contractual amount to be paid at maturity Carrying amount at fair value

Change in fair value attributable to change in credit risk

Notes payable US$

161,975,000 128,541,250

400,000,000 345,666,800

33,433,750

54,333,200

(21,452,070)

(79,164,160)

The change in fair value attributable to change in credit risk is determined as the residual of the change in fair value attributable to the change in market risk from the total change in fair value of the financial liabilities. The change in fair value attributable to its change in market risk was computed using the benchmark interest rates as at the balance sheet date. The decrease in fair value is represented by a downgrade of the Company’s credit rating from BB- to B+ since October 2007. D. Financial Risk Management Objective The Company and its subsidiaries’ financial risk management and policy seeks to ensure that adequate financial resources are available for the development of the Company and its subsidiaries’ business while managing their foreign exchange, interest rate, credit and liquidity risks. The Company and its subsidiaries operate within defined guidelines that are approved by the Board of Directors, and policies in respect of the major areas of treasury activity.

- 60 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Foreign Exchange Risk Management The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years. It is the Company and its subsidiaries’ policy to manage foreign exchange risks within prudent levels so as to maximize its profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks. Foreign exchange risk exposures are measured using a sensitivity analysis as shown below. The carrying amounts of the Company and its subsidiaries monetary assets and monetary liabilities denominated in currencies other than their respective functional currency at the reporting dates are as follows:

Assets 2007 US$ Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

Liabilities 2006 US$

7,821,145 301,908 28,899,735 2,519,405 664,066 910,713 332,766 41,449,738

2,821,688 62,069 30,805,080 1,842,754 390,866 49,008 1,552,516 37,523,982

2007 US$ 176,100,069 362,225 9,016 138,138 2,314 34,527 5,211,144 181,857,433

2006 US$ 70,874,257 309 38,852 599 70,914,017

The following table details the Company and its subsidiaries’ sensitivity to changes in US Dollar against the above currencies. The sensitivity rate below are used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for the change in foreign currency exchange rates. A positive number below indicates an increase in profit and equity where the above currencies strengthen at certain percentage against the U.S. Dollar. For the same percentage of weakening of the above currencies against the U.S. Dollar, there would be an equal and opposite impact on profit and equity. Effect on profit or loss and equity Sensitivity rate 2007 2006 US$ US$

Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

2% 5% 5% 3% 3% 1% 3%

(3,365,578) (1,810) 1,444,536 119,063 19,853 8,762 (146,351)

(1,361,051) 1,853 1,540,254 90,195 11,726 490 46,558

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year-end exposure does not reflect the exposure during the year.

- 61 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) It is also the policy of the Company and its subsidiaries to enter into cross currency swap contracts to cover exposures on specific foreign currency principal and interest payments. These contracts are entered into as economic hedge of the risk exposure although hedge accounting has not been applied. The following table details the cross currency swap contracts outstanding as at reporting date: Notional Amounts In Indonesian Rupiah ('000) In U.S. Dollar 2007 2006 2007 2006 Less than 1 year 1 to 2 years 2 to 5 years

Fair value 2007

2006

451,406,250 60,000,000 962,500,000

464,531,250 122,500,000

54,858,044 6,666,667 108,948,651

56,402,162 13,342,591

6,386,188 132,194 14,102,391

4,307,837 (569,764)

1,473,906,250

587,031,250

170,473,362

69,744,753

20,620,773

3,738,073

Interest Rate Risk Management The Company is also exposed to interest rate risk as they also borrow funds in Rupiah and U.S. Dollar at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings and minimizing the exposure through cross currency swap contracts (combined interest rate swap contracts and forward foreign exchange contracts). The Company’s exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates had been 50 basis points higher or lower and all other variables were held constant, the Company and its subsidiaries’ profit for the year ended December 31, 2007 would decrease/increase by US$ 2,421,926 (2006: decrease/increase by US$ 1,369,202). This is mainly attributable to the exposure to interest rates on its variable rate borrowings. Credit risk management The Company and its subsidiaries’ exposure to credit risk is primarily attributable to trade accounts receivable, investments and bank balances. In determining the credit terms for customers, they consider the following factors: the financial strength of the customer, the customer’s historical payment record, the length of the relationship with the customer and the distance or duration of a specific voyage. Based on these factors, the Company and its subsidiaries’ credit terms may vary. The credit terms may also be modified based on negotiations with each customer. It is the Company and its subsidiaries’ policy to monitor the financial standing of these receivables on an on-going basis to ensure that the Company and its subsidiaries are exposed to minimal credit risk. Bank balances and investments are placed with credit worthy financial institutions. Although the Company and its subsidiaries generate more than 10% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina. The carrying amount of financial assets recorded in the consolidated financial statements (Note 41C), represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Company and its subsidiaries’ short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manage liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity and interest rate risk tables The following tables detail the Company and its subsidiaries remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial assets based on the contract and obligations of the counterparty and financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Company and its subsidiaries that are not included in the tables are non-interest bearing and are therefore not subject to interest rate risk. The Company and its subsidiaries’ policy is to borrow principally on the floating rate basis but to retain a proportion of fixed rate debt. The objectives for the mix between fix and floating rate borrowings are set to reduce the impact of an upward change in interest rate while enabling benefits to be enjoyed if interest rates fall. Financial Liabilities Weighted average effective interest rate 2007 Non interest bearing Obligations under finance lease Bank loans Floating interest rate Fixed interest rate

2006 Non interest bearing Floating interest rate Fixed interest rate

Less than 1 month US$

1-3 months US$

3 months to 1 year US$

16,561,385

3,560,931

10.00%

2,088,857

8.02% 11.07%

7.17% 13.38%

1 - 5 years US$

After 5 years US$

Total US$

1,945,369

161,975,000

-

184,042,685

4,042,950

64,942,277

95,780,516

-

166,854,600

3,286,297 2,496,284

27,972,408 1,467,214

400,529,258 72,950,958

362,776,467 260,314,947

317,171,155 456,522,729

1,111,735,586 793,752,132

24,432,823

37,043,503

540,367,862

880,846,930

773,693,884

2,256,385,003

9,026,494 11,428,856 27,716 20,483,066

6,449,133 17,933,453 1,260,615 25,643,201

1,580,349 99,834,438 6,026,857 107,441,644

4,239,300 326,140,019 41,912,383 372,291,702

113,151,837 13,460,910 126,612,747

21,295,276 568,488,603 62,688,482 652,472,361

The following table details the Company and its subsidiaries’ expected maturity for its nonderivative financial assets. The tables below have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Company and its subsidiaries anticipates that the cash flow will occur in a different period.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Financial Assets W eighted average effective interest rate %


1 - 3 months US$


1- 5 years US$

After 5 years US$

Total US$

6.34%

36,109,014 9,568,711

19,967,406 62,516,147

22,380,456 212,336

29,200,000

-

78,456,876 101,497,194

45,677,725

82,483,553

22,592,792

29,200,000

-

179,954,070

27,572,706 25,865 48,067,882

22,165,935 51,730 -

9,745,757 232,785 -

1,241,520 -

1,853,460 -

59,484,398 3,405,360 48,067,882

27,598,571

22,217,665

9,978,542

1,241,520

1,853,460

110,957,640

2007 Non interest bearing Floating interest rate

2006 Non interest bearing Fixed interest rate Floating interest rate

5.00% 8.00%

The Company and its subsidiaries expect to meet their other obligations from operating cash flows, proceeds of maturing financial assets and equity financing. The Company and its subsidiaries expects to maintain a net debt to equity ratio of 150%. The following table details the Company and its subsidiaries liquidity analysis for its derivative financial instruments. The table has been drawn up based on the undiscounted net cash inflows/(outflows) on the derivative instrument that settle on a net basis and the undiscounted gross inflows and (outflows) on those derivatives that require gross or net settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the reporting date.

2007 Cross currency swap 2006 Cross currency swap


1-3 months US$


1- 5 years US$

After five years US$

Total US$

528,375

633,242

(5,038,487)

(16,183,348)

-

(20,060,218)

631,124

1,727,301

(6,647,980)

-

(4,297,455)

(7,900)

Other price risks The Company is exposed to market price risks because of the convertible bonds and notes payable issued by BLTF BV and classified on the consolidated balance sheet as financial liability at fair value through profit or loss (see Notes 19 and 23). To manage its price risk arising on convertible bonds, the Company’s management supervises and monitors the Company and its subsidiaries’ performance. As of December 31, 2007, if the market price of the financial liabilities had increased/decreased by the following sensitivity rates with all other variables held constant, post-tax profit for the year would have been lower/higher as follows, mainly as a result of the change in the fair value of the convertible bonds and notes payable recognized in profit or loss.

Sensitivity Rate Convertible bonds Notes payable

1% 9%

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Effect on profit or loss and equity US$ 1,444,547 29,728,382

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) Fair value of financial instruments Except as detailed in the following table, the management considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements (Note 41C) approximate their fair values: 2007

Borrowings: Bonds payable Convertible bonds Other long-term payable at fixed rate

2006

Carrying amount US$

Fair value US$

Carrying amount US$

Fair value US$

136,956,489 -

137,989,506 -

43,933,915 3,401,774

45,662,909 4,412,980

13,000,000

12,712,103

13,000,000

12,263,493

The fair values of financial assets and financial liabilities are determined as follows: x the fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets is determined with reference to quoted market prices; x the fair value of other financial assets and financial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments; x the fair value of derivative instruments is calculated using quoted prices. Where such prices are not available, use is made of discounted cash flow analysis using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives; and

42. COMMITMENTS a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to US$ 7,000,000 - US$ 44,000,000 per year, which will end between 2008 - 2011. At the balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts: 2007 US$

2006 US$

Within one year In the second to fifth years inclusive

43,857,020 54,701,190

52,954,198 89,767,410

Total

98,558,210

142,721,608

Revenues earned by the Company on those contracts amounted to US$ 43,425,641 and US$ 51,264,153 in 2007 and 2006, respectively. b. The Company and its subsidiaries have some charter contracts with third parties amounting to US$ 8,000,000 to US$ 36,500,000 per year, which will end between 2009-2013.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) At the balance sheet date, the Company and its subsidiaries has outstanding commitments under non-cancelable charter contracts, which fall due as follows: 2007 US$

2006 US$

Within one year In the second to fifth years inclusive After five years

32,709,489 134,045,753 -

27,239,679 108,403,729 7,799,012

Total

166,755,242

143,442,420

The minimum lease payments under charter contracts recognized as an expense amounted to US$ 29,529,732 and US$ 29,351,438 in 2007 and 2006, respectively. c. The Company and its subsidiaries have several contracts with the shipyard in Japan for the construction of new vessels with total contract price of approximately JPY 26,695,400,000 (US$ 235,450,697) in 2007 and JPY 19,510,900,000 (US$ 163,957,143) and US$ 185,762,556 in 2006. d. Chembulk Trading II LLC (a subsidiary) obtained a letter of credit facility amounting to US$ 29,200,000 from Nordea Bank Norge ASA, Grand Cayman Branch. Such facility is secured by a current account amounting to US$ 29,200,000 which is presented under Restricted Cash. 43. SUBSEQUENT EVENTS a. On January 18 and 20, 2008, subsidiaries, Lenani Maritime Inc. and Melani Maritime Inc. entered into memorandum of agreements with third parties, Venus Ocean Navigation S.A. and Mitsubishi Corp., to build gas and chemical tankers at a total price of JPY 17,763,414,000. b. In January 2008, the Company obtained a working capital credit facility from Bank Mandiri with maximum credit of Rp 350,000,000,000 which is due on January 2009. Interest rate per annum is 8.9%, which is paid on a monthly basis. c. Warrants amounting to 720,024 up to December 31, 2007 are no longer exercisable because based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the warrants expired on January 18, 2008 and the Company decided not to extend those warrants. d. On January 22, 2008, the Bondholders of Berlian Laju Tanker II Bond approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued) 44. RECLASSIFICATION OF ACCOUNTS Derivative financial liability and derivative financial asset amounting to US$ 4,307,837 and US$ 569,764, respectively, as of December 31, 2006 were reclassified from current asset and current liability to non-current asset and non-current liability in accordance with the May 2007 IFRIC clarification that held-for-trading classification under IAS 39 is not intended as a presentation guidance.

45. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors and authorized for issue on February 27, 2008. *******

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Group Addresses Head Office: PT Berlian Laju Tanker Tbk Head Office Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300 Fax : +62 21 30060389, +62 21 30060391 Email : [email protected], [email protected]

Branch Office: PT Berlian Laju Tanker Tbk Dumai Branch Graha Berlian Dumai, 3rd floor Jalan Yos Sudarso No.159 Dumai 28814 – Indonesia Phone : +62 765 38466, 439143 Fax : +62 765 31884 Email : [email protected], [email protected] PT Berlian Laju Tanker Tbk Merak Branch Jalan Pulorida No.18, Desa Tamansari, Merak Banten 42438 – Indonesia Phone : +62 254 570560, 570561 Fax : +62 350 5406 Email : [email protected]

Subsidiaries: PT Banyu Laju Shipping Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300, +62 21 3505390 Fax : +62 21 3505406 Email : [email protected] PT Karya Bakti Adil Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300, +62 21 3505390 Fax : +62 21 30060461 Email : [email protected] Gold Bridge Shipping Ltd China Insurance Group Building, 20th floor, Room 2007-10 141 Des Voeux Road, Central Hongkong Phone : +852 28542318, +852 28542592 Telex : 682112 OVIEW HX Fax : +852 28544704, +852 28544341 Email : [email protected] GBLT Shipmanagement Pte Ltd 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone : +65 6508 8380 Fax : +65 6508 8381 , +65 6508 8382 Email : [email protected], [email protected] GBLT Shipmanagement (UK) Limited 301 Springhill Parkway Glasgow, G69 6GA Scotland, United Kingdom Phone : + 44 141 773 2110 Fax : +44 141 771 9530 Email : [email protected]

Chembulk Tankers LLC - United States 11 Wilton Road, 2nd Floor Westport, Connecticut 06880 Phone : 203 682 1700 Main Fax : 203 227-0833, 203 227-0176, 203 227-0141 Email : [email protected], [email protected] Chembulk Management Private Ltd. 120 Lower Delta Road #08-02 Singapore 169208 Phone : +65 6508 8377 Fax : +65 6508 8376 Email : [email protected], operationschembulktankers.com.sg Chembulk Management B.V Nobelstraat 19b. 3231 BA Brielle – The Netherland Phone : +31(0)181 419333 Fax : +31(0)181 411733 Email : [email protected]

Representative: BLT Beijing Room 701, BLK 3, Huaqiao Building No.24 Jian Guo Men Wai Road Chao Yang District, Beijing 100022, China Phone : +86 10 65150116 Fax : +86 10 65159590 Email : [email protected] BLT Shanghai Room 3007-08, 30th floor Hongkong Plaza, South Building No.283 Huai Hai Zhong Road Shanghai 200021, China Phone : +86 21 63906060 Fax : +86 2163906060 Email : [email protected], [email protected] BLT Taiwan 5th floor, Tai Hong Building No.71 Nanking East Road, Sec.2 Taipei, Taiwan, R.O.C Phone : +886 2 25428611, 2563140-42 Fax : +886 2 25718119, 25517990 Email : [email protected] BLT Dubai 3rd floor, Mashreg Bank Building (Barwil Dubai Office area) Khor Baranch, Bur Dubai, Dubai, UEA Phone : +971 4 3533737 Fax : +971 4 3533828 Email : [email protected] BLT Mumbai Liaison Room 243, DBS Business Center 2nd Floor Raheja Chamber Free Press Journal Road 213 Nariman Point Mumbai 400 021, India Phone : +91 22 40509243 Fax : +91 22 22872640 Email : [email protected] BLT Xiamen Room 3202, 32/F, The Bank Centre, No. 189 Xiahe Road, Xiamen City Fujian Province, China Phone + 86 592 2218172 Email : [email protected]

PT Berlian Laju Tanker Tbk

GBLT Shipmanagement Pte Ltd

Wisma BSG, 10th Floor

120, Lower Delta Road

Jl. Abdul Muis No. 40

#08-02, Cendex Centre

Jakarta 10160 - INDONESIA

Singapore 169208

Ph + 62 21 3006 0300

Phone: +65 6508 8380

Fx + 62 21 3006 0389, 3006 0391

Fax:

Email: [email protected] [email protected]

+65 6508 8381

h t t p ://www. b l t .c o. id

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